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Jun 30, 2023
Equity Residential Q2 2023 Earnings Report
Reported strong second quarter results driven by coastal market demand and updated guidance due to favorable refinancing activity and lower same-store expenses.
Key Takeaways
Equity Residential reported second quarter 2023 results with EPS of $0.37, FFO per share of $0.93, and Normalized FFO per share of $0.94. Same store revenue increased 5.5%. Guidance was updated, reflecting strong demand in coastal markets and favorable refinancing activity.
Same store revenue increased 5.5% for the second quarter of 2023 compared to the second quarter of 2022.
Same store expense growth for the second quarter of 2023 compared to the second quarter of 2022 was 5.5%.
The Company lowered its EPS guidance and increased its FFO and Normalized FFO per share guidance
In July 2023, the Company locked the interest rate on secured loans totaling $530.0 million
Equity Residential
Equity Residential
Equity Residential Revenue by Geographic Location
Revenue by Geographic Location
Los Angeles Revenue
CapyFin.comOrange County Revenue
CapyFin.comSan Diego Revenue
CapyFin.comSan Francisco Revenue
CapyFin.comNew York Revenue
CapyFin.comBoston Revenue
CapyFin.comSeattle Revenue
CapyFin.comDenver Revenue
CapyFin.com Forward Guidance
The Company has established guidance ranges for the third quarter of 2023 EPS, FFO per share and Normalized FFO per share
Positive Outlook
- Residential same store NOI $ 0.01
- Corporate overhead 0.02
- Net $ 0.03