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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
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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