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Dec 31, 2022
Equity Residential Q4 2022 Earnings Report
Equity Residential reported Q4 2022 results, expecting continued above trend growth in 2023.
Key Takeaways
Equity Residential reported strong Q4 2022 results, with EPS at $0.42, FFO per share at $0.97, and Normalized FFO per share at $0.94. The company expects continued above trend same store operating results in 2023, driven by solid demand and limited expense growth.
Reported a 10.6% increase in same store revenue for the full year 2022 compared to the full year 2021, driven by strong demand.
Provided full year 2023 guidance with same store revenue growth expected to be between 4.5% and 6.0%.
During 2022, the Company was a net seller of approximately $633.2 million of attractively priced non-core properties, the proceeds from which were utilized to pay down near-term debt maturities, reducing refinancing needs for 2023.
In October 2022, the Company further enhanced liquidity and financial flexibility by entering into a new $2.5 billion unsecured revolving credit facility maturing in 2027 that replaces the prior facility of the same size that was set to mature in 2024.
Forward Guidance
The Company has established guidance ranges for the first quarter of 2023 EPS, FFO per share and Normalized FFO per share as listed below: Q1 2023Guidance EPS $0.28 to $0.32 FFO per share $0.83 to $0.87 Normalized FFO per share $0.84 to $0.88
Historical Earnings Impact
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Avg. Return Before/After Earnings
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