Equity Residential Q2 2021 Earnings Report

Reported results for the second quarter and raised full year guidance ranges as strong recovery continued across the portfolio.

Key Takeaways

Equity Residential reported strong second quarter results driven by an accelerating economy and the reopening of cities. Operations continue to recover rapidly with robust demand for apartments, leading to high occupancy and increased pricing power. The company raised its annual guidance ranges for same store revenues and NOI, as well as EPS, FFO per share and Normalized FFO per share, and reduced the range for same store expenses.

Quarterly sequential same store revenue and NOI were positive in the second quarter for the first time since the beginning of the pandemic, driven by strong Physical Occupancy and rapid improvement in other same store operating metrics.

The Company raised its annual guidance ranges for same store revenues and NOI, as well as EPS, FFO per share and Normalized FFO per share, and reduced the range for same store expenses.

During the second quarter and July 2021, the Company acquired seven operating properties, consisting of 1,894 apartment units, for an aggregate purchase price of approximately $645.7 million at a weighted average Acquisition Cap Rate of 4.0%.

During the second quarter and July 2021, the Company sold six operating properties, consisting of 866 apartment units, for an aggregate sales price of approximately $434.8 million at a weighted average Disposition Yield of 3.8%.