Equity Residential Q1 2021 Earnings Report

Equity Residential's performance was impacted by the pandemic, but showed substantial signs of improvement due to cities reopening and affluent renters returning.

Key Takeaways

Equity Residential reported first quarter 2021 results, with EPS at $0.15, FFO per share at $0.67, and Normalized FFO per share at $0.68. The company raised its full year same store revenue guidance range by 100 basis points to -6.0% to -8.0%.

The Company has seen a 1.6% improvement in same store Physical Occupancy since the end of the fourth quarter 2020 (94.4% on December 31, 2020 to 96.0% on April 22, 2021).

Pricing Trends continue to improve across all markets with an approximately 14% sequential improvement portfolio-wide from December 2020 through April 2021.

The Company collected approximately 97% of its expected Residential revenues in the first quarter of 2021.

The Company expanded its efforts to improve access to affordable housing with a $5.0 million commitment to a fund dedicated to preserving affordable housing.