Equity Residential Q2 2020 Earnings Report
Key Takeaways
Equity Residential reported results for the quarter ended June 30, 2020. EPS was $0.70, FFO per share was $0.86, and Normalized FFO per share was $0.86. The Company experienced a recovery in demand by late May 2020 and collected on average 97% of its total monthly Residential rental income during the second quarter of 2020.
The Company experienced a recovery in demand by late May 2020. Initial leads, Traffic and applications continue to be in-line with the same time last year.
During the second quarter of 2020, the Company collected on average 97% of its total monthly Residential rental income. July 2020 collections continue to trend on a similar pace to prior months.
Strong expense control, along with continued enhancements in our operating platform, led to a decline in same store expenses for the second quarter.
Resident retention was the highest for the second quarter in the Company’s history.
Equity Residential
Equity Residential
Forward Guidance
Looking forward, we believe the rate of improvement in our business will be dictated by how effectively the virus can be controlled and more normal economic activity restored. In the meantime, our strong balance sheet, state of the art operating platform and opportunistic mindset leaves us well positioned to weather the storm and to take advantage should conditions allow.