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Mar 31, 2024
Equity Residential Q1 2024 Earnings Report
Equity Residential's Q1 2024 performance was marked by strong same-store results and strategic capital allocation.
Key Takeaways
Equity Residential reported strong first-quarter results, driven by healthy demand and modest supply across most of its markets. Same-store revenue increased by 4.1%, and Normalized FFO per share reached $0.93, reflecting the company's focus on expense efficiency and limited exposure to higher interest rates.
Same store revenue increased 4.1% for the first quarter of 2024 compared to the first quarter of 2023, driven by healthy demand and modest supply across most of our markets.
The Company's continued focus on expense efficiency has delivered a five-year compounded annual growth rate of same store expenses of 3.1%.
The company achieved the lowest quarterly same store Turnover in its history of 8.6%.
During the first quarter of 2024, the Company repurchased and retired 652,452 of its common shares, at a weighted average purchase price of $58.95 per share, for an aggregate purchased amount of approximately $38.5 million.
Revenue by Segment
Forward Guidance
The Company has established guidance ranges for the second quarter of 2024 EPS, FFO per share and Normalized FFO per share as listed below: Q2 2024Guidance EPS $0.45 to $0.49 FFO per share $0.91 to $0.95 Normalized FFO per share $0.92 to $0.96
Historical Earnings Impact
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Avg. Return Before/After Earnings
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