Equity Residential Q1 2023 Earnings Report

Equity Residential's Q1 2023 performance was marked by strong demand and improved delinquency, driving results above expectations.

Key Takeaways

Equity Residential reported a strong first quarter in 2023, driven by robust demand and improvements in delinquency, particularly in Southern California. The company saw increases in EPS, FFO per share, and normalized FFO per share compared to the same period in 2022. Same-store revenue also increased, while expense growth was higher than expected due to specific factors like California rain storms.

Reported a 194.7% increase in EPS, a 10.4% increase in FFO per share, and a 13.0% increase in Normalized FFO per share compared to Q1 2022.

Same store revenue increased by 9.2% compared to the first quarter of 2022.

Same store expense growth was 7.2%, higher than expected due to repairs and maintenance expenses from California rain storms and increased property-related legal and administrative expenses.

Sold a portfolio of seven properties in Los Angeles for approximately $135.3 million and purchased a 262-unit apartment property in Atlanta for approximately $78.6 million.