Equity Residential sees Q3 same-store revenue growth on track with guidance

Kirpal Kooner/iStock via Getty Images

• Equity Residential (NYSE:EQR) said on Wednesday that its same-store revenue growth remains on track with the guidance the apartment REIT issued in July.
• Consistent with normal demand patterns, rents peaked in early August, and Equity Residential (EQR) expects rents to moderate for the rest of the year. In July, the REIT said it expects 2023 same-store revenue to increase 5.5%-6.25%, unchnanged from its previous guidance.
• For Q3 through Aug. 31, the company's same-store residential blended rate increased 3.5%, compared with the 4.3% increase it saw in Q2 2023.
• Same-store physical occupancy ticked up to 96.0% in the first two months of Q3 from 95.9% in Q2.
• The percentage of residents renewing, on same-store basis, slipped to 53.0% in Q3-to-date from 57.0% in Q2.

More on Equity Residential

• Seeking Alpha’s Quant Rating on Equity Residential
• Historical earnings data for Equity Residential
• Dividend scorecard for Equity Residential
• Equity Residential: Less Exposed To New Supply, Shares Fairly Valued
• Equity Residential: Positioned For A Double-Digit Total Return
• Equity Residential FFO of $0.94 in-line, revenue of $717.31M in-line