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Equity Residential FFO of $0.94 in-line, revenue of $717.31M in-line

Jul. 27, 2023 4:22 PM ETEquity Residential (EQR)By: Mary Christine Joy, SA News Editor1 Comment
  • Equity Residential press release (NYSE:EQR): Q2 FFO of $0.94 in-line.
  • Revenue of $717.31M (+4.4% Y/Y) in-line.
  • FY23 Normalized FFO per share Guidance revised to $3.77 to $3.83 from $3.73 to $3.83, vs. consensus of $3.77
  • Same store revenue increased 5.5% for the

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Comments (1)

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Nice numbers. Apartment reits have been hit significantly perhaps because of some data claiming rents are declining. Well not here. EQR raised their guidance and rents are still positive. Normalized FFO was $0.94 in the quarter but forecast for 3Q is $0.95-$0.99 or 3 cents higher at the midpoint. That’s 3% higher for the coming third quarter at the midpoint. The 2Q results were 5.6% ahead of last year. I don’t have last year’s 3Q immediately at hand but EQR just raised its yearend normalized FFO by another 2 cents.

All in all solid performance though nothing spectacular. Suspect stock will move higher and recover the past several days selloff.

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