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Sep 30, 2023
Equity Residential Q3 2023 Earnings Report
Equity Residential's performance was impacted by weaker revenue in San Francisco and Seattle along with Rite Aid bankruptcy, but East Coast portfolio performed well.
Key Takeaways
Equity Residential reported its Q3 2023 results, noting a same-store revenue increase of 4.1%. The company acquired two apartment properties in suburban Atlanta and sold one in Seattle during the quarter. Full-year guidance was revised, with same-store revenue growth expected to be 5.5%.
Same store revenue increased 4.1% due to weaker revenue performance in San Francisco and Seattle as well as the Rite Aid bankruptcy.
Bad debt before governmental rental assistance improved substantially for the nine months ended September 2023.
Same store expense growth was 3.1% for the third quarter of 2023.
The company acquired two suburban Atlanta apartment properties and sold a 166-unit apartment property in Seattle during the third quarter of 2023.
Revenue by Geographic Location
Forward Guidance
The company has established guidance ranges for the fourth quarter of 2023 EPS, FFO per share and Normalized FFO per share.
Positive Outlook
- Residential same store NOI $ 0.02
- Non-Residential same store NOI 0.01
- Corporate overhead 0.01
- Net $ 0.04
Historical Earnings Impact
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Avg. Return Before/After Earnings
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