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Dec 31, 2021
Equity Residential Q4 2021 Earnings Report
Reported results for the quarter and year ended December 31, 2021.
Key Takeaways
Equity Residential reported strong Q4 2021 results, driven by robust demand and high occupancy. EPS was $1.40, FFO per share was $0.76, and Normalized FFO per share was $0.82. The company's capital allocation plan remains on track with acquisitions in expansion markets and dispositions in established markets.
EPS increased by 105.9%, FFO per share increased by 4.1%, and Normalized FFO per share increased by 7.9% during the fourth quarter of 2021 compared to the same period of 2020.
Same store revenue increased by 4.9% for the fourth quarter of 2021 compared to the same period of 2020, driven by strong Physical Occupancy, a substantial improvement in pricing power and an increase in Non-Residential revenues.
Same store Turnover was 9.4% for the fourth quarter of 2021, the lowest in the Company’s history, demonstrating the depth of demand from its residents.
The Company continued to successfully execute on its capital allocation strategy during the fourth quarter of 2021 with the acquisition of six operating properties in its expansion markets for an aggregate purchase price of approximately $689.0 million and the disposition of four operating properties in its California and Washington, D.C. markets for an aggregate sale price of approximately $695.0 million.
Forward Guidance
The Company has established guidance ranges for the first quarter of 2022 EPS, FFO per share and Normalized FFO per share as listed below: Q1 2022 Guidance EPS $0.85 to $0.89 FFO per share $0.75 to $0.79 Normalized FFO per share $0.76 to $0.80
Positive Outlook
- Same Store NOI $ 0.48
- Lease-Up NOI 0.06
Challenges Ahead
- Interest expense, net (0.04 )
- Corporate overhead (0.04 )
Historical Earnings Impact
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Avg. Return Before/After Earnings
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