--- sites/all/modules/field_collection/field_collection.module	(revision )
+++ sites/all/modules/field_collection/field_collection.module	(revision )
@@ -1608,7 +1608,7 @@
   elseif (isset($item['value'])) {
     // By default always load the default revision, so caches get used.
     $entity = field_collection_item_load($item['value']);
-    if ($entity->revision_id != $item['revision_id']) {
+    if (FALSE !== $entity AND $entity->revision_id != $item['revision_id']) {
       // A non-default revision is a referenced, so load this one.
       $entity = field_collection_item_revision_load($item['revision_id']);
     }