Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Equity Office Properties Trust, the nation’s largest office REIT, joins the parade of companies projecting lower than expected earnings for 2002 because of a slowing economy exacerbated by the Sept. 11 terrorist attacks on the US. Among REITs forecasting earnings lower than previous targets include Equity Residential Properties as well as another local multifamily REIT, AMLI Residential.

Equity Office says its 2002 funds from operations will fall in a range of $3.40 to $3.50 per share, down from its previously stated $3.57 to $3.62 per share.

“We stated on our second quarter earnings call that our 2002 FFO guidance was predicated on an increase in office space demand beginning in the latter part of 2001 and into 2002,” says President and CEO Tim Callahan. “The continued general economic weakness across U.S. markets, and the added uncertainty from the tragic events of September 11th, have caused us to revise certain of the assumptions in our earlier 2002 FFO guidance.”

With its merger with Speiker Properties, Equity Office’s portfolio now consists of 670 buildings totaling 125 million sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.