Equity Residential Q4 2020 Earnings Report

Equity Residential reported results for the quarter and year ended December 31, 2020 and provided full year 2021 guidance.

Key Takeaways

Equity Residential reported a decrease in EPS, FFO per share, and Normalized FFO per share for Q4 2020 compared to Q4 2019. The company sold Vantage Pointe for $312.5 million and two land parcels for $55.5 million during the quarter. They are optimistic about recovery in 2021.

The Company has seen a 0.9% improvement in same store Physical Occupancy since the end of the third quarter 2020 (94.2% on September 30, 2020 to 95.1% on January 31, 2021).

Pricing Trends stabilized in November 2020 and modestly improved in December 2020 and January 2021 for the first time since the beginning of the pandemic.

The Company collected approximately 97% of its expected Residential revenues in the fourth quarter of 2020.

The Company used the proceeds from the sale described below as well as cash on hand and borrowings under its commercial paper program to satisfy its obligations on its $750.0 million 4.625% unsecured notes due in December 2021, by discharging them pursuant to their indenture.