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CHICAGO-Equity Residential, based here, will abandon its plan for five planned developments, citing rocky market conditions. In doing so, the company will incur a $115 million, or 39 cents per share, charge in Q4, reflecting lowered values of the five properties once slated for development. The charge represents the difference between the estimated fair value of the land and their current capitalized carrying value, including pursuit costs, said company officials in a statement.

“We have said for some time that maintaining ample liquidity and credit capacity are our foremost priorities, and as a result we would be very cautious regarding new development projects,” David Neithercut, president and CEO, said. “Our decision to take these charges is a result of our annual review of the company’s investment activities and operating strategy in light of current and anticipated conditions in the economy and capital and real estate markets. Our view on development was solidified by the significant acceleration last fall in the deterioration in the credit markets and economy as a whole. While development of high quality assets in our core markets will continue to be an important part of Equity Residential’s growth, we will not start any new projects for our own account until capital markets and the economy show signs of improvement.”

The company will maintain $250 million in land for other development following the charge. Equity currently has plans for 10 other properties, under construction for apartment projects, which will be completed and leased up as planned. The remaining stages of construction are expected to cost Equity an additional $623 million, $418 million of which comes from existing construction loans and $205 million of which will be funded by the company. A company official did not return a call for comment. It’s not clear where the canceled projects are located.

Other changes made as a result of recent economic changes include reduction of the company’s development staff. Equity says they will continue to evaluate its staff, investment activities and finances and may continue to make further changes as needed in the future based on the state of the real estate markets. The company maintains $1 billion of unrestricted cash and $1.3 billion available in credit. Equity’s stock was at $24.80 a share at noon today, down more than $2 from Friday morning’s open.

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