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Equity Residential boosts 2023 guidance, helped by strong demand in New York

May 30, 2023 4:57 PM ETEquity Residential (EQR)By: Liz Kiesche, SA News Editor7 Comments
The Big Apple - Manhattan - New York City


  • Equity Residential (NYSE:EQR), an apartment REIT focused mostly in coastal markets, increased its 2023 earnings guidance due to strong demand for apartments, particularly in New York, and lower than previously anticipated delinquency in southern California.
  • "We are also benefiting from

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Comments (7)

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Increase in FFO guidance does not seem to match the increase in NOI.
Emerald profile picture
@algo41 No REIT analyst tracks "NOI". They track FFO and AFFO. NOI includes large non-cash depreciation expense. IF you use $3.75, as the estimated FFO for 2023, at 16 times, you get a stock price of $60 as fair value.
@Emerald And very soon we’ll be applying that multiple to 2024 FFO.
@Emerald EQR gave NOI guidance. Now from investopedia:
" To calculate net operating income, subtract operating expenses from the revenue generated by a property. Revenue from real estate includes rental income, parking fees, service changes, vending machines, laundry machines, and so on.

Operating expenses include all of the costs associated with operating the property. These include property management fees, insurance, utilities, property taxes, repairs, and maintenance. " I do not see depreciation, nor did I expect to.
So much for the baloney that rents are falling.

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