Equity Residential Stock Price, News & Analysis

Equity Residential (EQR) reported strong financial results for Q1 2023, with earnings per share (EPS) of $0.56, a remarkable 194.7% increase from $0.19 in Q1 2022. Funds from Operations (FFO) per share rose by 10.4% to $0.85, while Normalized FFO increased 13.0% to $0.87. Same store revenues surged 9.2%, driven by robust demand and improved delinquency rates in Southern California. However, same store expenses grew 7.2%, influenced by higher maintenance costs due to severe weather. The company also sold seven properties in LA for approximately $135.3 million and acquired a 262-unit property in Atlanta for $78.6 million. A 6.0% dividend increase reflects confidence in its business outlook. Q2 2023 guidance estimates EPS between $0.59 and $0.63, with anticipated growth in FFO and Normalized FFO.

Equity Residential (NYSE: EQR) will announce its first quarter 2023 operating results on April 25, 2023 after market close. A conference call will follow on April 26, 2023 at 10:00 a.m. Central to discuss these results, accessible via the company's website.

Equity Residential operates in the residential property sector, focusing on acquisitions and management in affluent urban areas. The company owns or has investments in 308 properties, totaling 79,594 apartment units, primarily in cities like Boston, New York, Washington D.C., Seattle, San Francisco, and Southern California, with recent expansions in Denver, Atlanta, Dallas/Ft. Worth, and Austin.

Equity Residential (NYSE: EQR) announced a 6.0% increase in its annualized dividend, now set at $2.65 per share. The first quarter dividend of $0.6625 will be paid on April 14, 2023 to shareholders on record by March 27, 2023. Additionally, a quarterly dividend of $1.03625 will be distributed on March 31, 2023 for Series K Preferred Shares. The Company’s Annual Meeting of Shareholders is scheduled for June 15, 2023. This dividend increase reflects the strength of Equity Residential's business and aims to enhance long-term value for shareholders.

Equity Residential (NYSE: EQR) has released an updated Investor Presentation ahead of its upcoming investor meetings. Interested parties can view the presentation on the company’s investor webpage at www.equityapartments.com. As a member of the S&P 500, Equity Residential specializes in the acquisition, development, and management of residential properties primarily located in urban areas. The company owns or has investments in 308 properties, totaling 79,597 apartment units across key markets including Boston, New York, Washington D.C., and San Francisco, among others.

Equity Residential (NYSE: EQR) reported its 2022 results, highlighting a significant decrease in EPS to $2.05, down 42.1% from 2021. However, FFO per share rose by 19.3% to $3.53. The company anticipates strong growth in 2023 with same store revenue growth projected between 4.5% and 6.0%. Notably, the company sold $633.2 million in non-core properties to improve liquidity, and it established a new $2.5 billion revolving credit facility. Despite strong fundamentals, projected revenue growth may be negatively affected by 0.9% due to bad debt issues. The first quarter of 2023 EPS guidance ranges from $0.28 to $0.32.