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Equity Residential
🇺🇸 NYSE:EQR
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OverviewEarningsDividends
•
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

Total Revenue
$717M
Previous year: $687M
+4.4%
EPS
$0.94
Previous year: $0.89
+5.6%
Same Store Revenue Growth
5.5%
Previous year: 13.6%
-59.6%
Physical Occupancy
95.9%
Previous year: 96.7%
-0.8%
Cash and Equivalents
$35.7M
Previous year: $45M
-20.7%
Total Assets
$20.1B
Previous year: $20.6B
-2.1%

Equity Residential

Equity Residential

Equity Residential Revenue by Geographic Location

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

Company Overview

Full financial data and analysis

View Equity Residential