Equity Residential Q2 2022 Earnings Report
Key Takeaways
Equity Residential reported strong Q2 2022 results, driven by robust demand and continued cost controls. The company delivered a 13.6% increase in same-store revenue and raised its full-year same-store revenue, NOI, and Normalized FFO guidance.
Reported a 13.6% increase in same store revenue for the second quarter of 2022 compared to the same period of 2021, driven by strong Physical Occupancy and continued growth in pricing power.
Same store expense growth continued to remain in check at 3.1% driven by favorable real estate tax and payroll expense.
Increased the midpoint of its full year 2022 same store revenue guidance to 10.5% from 9.0%.
Sold a 354-unit apartment property in New York for approximately $265.7 million in April 2022 and in July 2022 sold a 455-unit apartment property in New York for $415.0 million.
Equity Residential
Equity Residential
Forward Guidance
The Company has established guidance ranges for the third quarter of 2022 EPS, FFO per share and Normalized FFO per share.
Positive Outlook
- Residential Same Store NOI $ 0.01
- 2022 transaction activity impact on NOI, net (0.01 )
- Interest expense, net 0.01
- Other items 0.01
- Net $ 0.02
Challenges Ahead
- changes in general market conditions, including the rate of job growth and cost of labor and construction material
- the level of new multifamily construction and development
- competition and government regulation
- risks related to the COVID-19 pandemic, many of which are unknown, including the duration and severity of the pandemic
- the extent of the adverse health impact on the general population and on our residents, customers and employees in particular