Financial Performance - Net income attributable to common shares for the six months ended June 30, 2024, was $470,924 thousand, compared to $349,693 thousand for the same period in 2023, marking an increase of approximately 34.6%[24] - Earnings per share (EPS) for the six months ended June 30, 2024, was $1.24, up from $0.92 in the same period of 2023, indicating a growth of approximately 34.78%[24] - Comprehensive income for the six months ended June 30, 2024, was $489,797 thousand, compared to $371,188 thousand for the same period in 2023, representing an increase of approximately 32.0%[26] - Net income for the six months ended June 30, 2024, was $488,587, compared to $364,933 in 2023, representing a 33.9% increase[29] - Net income attributable to controlling interests for the six months ended June 30, 2024, was $473,270,000, up from $351,238,000 in 2023, representing a 35% increase[39] - The Company reported a net income of $488,587,000 for the six months ended June 30, 2024, compared to $364,933,000 for the same period in 2023, representing a 33.9% increase[136] Revenue and Income Sources - Rental income for the six months ended June 30, 2024, increased to $1,464,981 thousand, up from $1,422,397 thousand in the same period of 2023, reflecting a growth of about 2.98%[24] - The company reported a net gain on sales of real estate properties of $227,994 thousand for the six months ended June 30, 2024, compared to $100,122 thousand in the same period of 2023, reflecting a significant increase of approximately 127.5%[24] - Total lease revenue for the six months ended June 30, 2024, was $1,400,453 thousand, an increase from $1,360,948 thousand for the same period in 2023, reflecting a growth of approximately 2.9%[98] - Same store rental income increased by 3.5% year-over-year, reaching $1.43 billion for the six months ended June 30, 2024[162] Assets and Liabilities - Total assets decreased to $19,779,568 thousand as of June 30, 2024, from $20,034,564 thousand as of December 31, 2023, representing a decline of approximately 1.27%[22] - Total liabilities decreased to $8,272,303 thousand as of June 30, 2024, from $8,456,188 thousand as of December 31, 2023, a reduction of about 2.18%[22] - The company’s investment in real estate, net, was $18,634,037 thousand as of June 30, 2024, down from $18,902,301 thousand as of December 31, 2023, a decrease of approximately 1.42%[22] - Cash and cash equivalents decreased to $38,298 thousand as of June 30, 2024, from $50,743 thousand as of December 31, 2023, a decline of about 24.5%[22] Cash Flow and Financing - Net cash provided by operating activities increased to $817,968 in 2024 from $745,980 in 2023, reflecting a growth of 9.6%[29] - The company reported a net cash used for financing activities of $(817,185) in 2024, compared to $(487,231) in 2023, indicating an increase in cash outflow[31] - The Company had approximately $2.3 billion in readily available liquidity as of June 30, 2024, positioning it well to meet future obligations[181] - The Company had total mortgage notes payable of $1,634,838,000 as of June 30, 2024, with a weighted average interest rate of 3.86%[105][106] Investments and Acquisitions - During the six months ended June 30, 2024, the company acquired rental properties for a total purchase price of $62,595 thousand, including 160 apartment units[85] - The company disposed of 5 rental properties for a sales price of $334,000 thousand, resulting in a net gain of $227,994 thousand[87] - The Company has invested approximately $40.5 million in ten separate real estate technology and other fund investments, with remaining commitments of about $17.5 million as of June 30, 2024[125] Shareholder Returns and Distributions - Distributions declared per common share increased from $1.325 to $1.35 for the quarter ended June 30, 2024[36] - The Company declared a dividend of $0.675 per share/unit for Q1 and Q2 2024, representing a 2.0% annualized increase over 2023[190] - Total dividends paid in July 2024 amounted to $263.7 million, excluding distributions on Partially Owned Properties[191] Operational Metrics - Total expenses for the six months ended June 30, 2024, were $1,029,039, compared to $1,006,470 in 2023, reflecting a 2.2% increase[43] - The total net operating income (NOI) for the six months ended June 30, 2024, was $989,355,000, up from $950,298,000 in 2023, indicating a growth of 4.1%[136] - Same store NOI for Southern California increased to $254,346,000 in 2024 from $240,604,000 in 2023, reflecting a 5.7% rise[136] Market and Economic Conditions - The Company expects continued demand across its markets, supported by a solid job market and high employment for its target demographic[178] - The Company does not anticipate that the outcome of the ongoing legal matters will have a material adverse effect on its financial condition[131] Legal and Regulatory Matters - The Company is involved in ongoing legal proceedings related to antitrust violations, with motions to dismiss denied, but believes the lawsuits are without merit[130] - The Company has elected taxable REIT subsidiary status for certain corporate subsidiaries, which will incur federal and state income taxes on taxable income[65] Accounting and Compliance - The Company’s critical accounting policies and estimates have not changed materially from the previous year[196] - Market risk has not changed materially from the previous reporting period[202]

Equity Residential (NYSE:EQR) Q2 2024 Earnings Conference Call July 30, 2024 11:00 AM ET Company Participants Marty McKenna - Vice President, Investor Relations Mark Parrell - President & Chief Executive Officer Michael Manelis - Executive Vice President & Chief Operating Officer Robert Garechana - Executive Vice President & Chief Financial Officer Alexander Brackenridge - Executive Vice President and Chief Investment Officer Conference Call Participants Eric Wolfe - Citi Steve Sakwa - Evercore ISI Adam Kra ...

Equity Residential (EQR) reported second-quarter 2024 normalized funds from operations (FFO) per share of 97 cents, which surpassed the Zacks Consensus Estimate of 96 cents. The quarterly rental income of $734.16 million also marginally beat the consensus mark of $734.14 million.Results reflect decent same-store performances, backed by healthy demand, modest supply and a focus on expense efficiency. The company also raised its 2024 guidance.On a year-over-year basis, the normalized FFO per share grew 3.2%, ...

For the quarter ended June 2024, Equity Residential (EQR) reported revenue of $734.16 million, up 2.4% over the same period last year. EPS came in at $0.97, compared to $0.37 in the year-ago quarter.The reported revenue represents no surprise over the Zacks Consensus Estimate of $734.14 million. With the consensus EPS estimate being $0.96, the EPS surprise was +1.04%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expect ...

Equity Residential (EQR) came out with quarterly funds from operations (FFO) of $0.97 per share, beating the Zacks Consensus Estimate of $0.96 per share. This compares to FFO of $0.94 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 1.04%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.91 per share when it actually produced FFO of $0.93, delivering a surprise of 2.20%.Over the last four qu ...

를 Equity Residential Second Quarter 2024 Second Quarter 2024 Results Table of Contents | Earnings Release | 1 - 5 | | --- | --- | | Consolidated Statements of Operations | 6 | | Consolidated Statements of Funds From Operations and Normalized | | | Funds From Operations | 7 | | Consolidated Balance Sheets | 8 | | Portfolio Summary | 9 | | Portfolio Rollforward | 10 | | Same Store Results | 11 - 18 | | Debt Summary | 19 - 21 | | Capital Structure | 22 | | Common Share and Unit Weighted Average Amounts Outstan ...

Equity Residential (EQR) is slated to report second-quarter 2024 results after the closing bell on Jul 29. The company’s quarterly results are likely to reflect growth in revenues and funds from operations (FFO) per share.In the last reported quarter, this Chicago, IL-based residential real estate investment trust (REIT) came up with a positive surprise of 2.20% in terms of normalized FFO per share. Results reflected decent same-store performances, backed by healthy demand, modest supply and a focus on expe ...

Wall Street analysts expect Equity Residential (EQR) to post quarterly earnings of $0.96 per share in its upcoming report, which indicates a year-over-year increase of 2.1%. Revenues are expected to be $734.14 million, up 2.4% from the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Before a company announces its earnings, it ...

Equity Residential (EQR) is well-positioned to benefit from its portfolio of high-quality apartment units in some of the key markets of the United States that have an affluent tenant base. Its diversification efforts in suburban locations and technological enhancements also augur well, while a decent financial position makes the dividend distribution sustainable. However, the elevated supply of rental units and high interest rates are concerning.What’s Aiding EQR? EQR is particularly targeting places where ...

Core Viewpoint - Equity Residential (EQR) is considered a solid investment opportunity due to its strong fundamentals, including an A-rating, over 4.1% yield, and low debt levels, despite current market challenges [2][3][4]. Company Overview - EQR is a multifamily REIT that focuses on attractive residential properties and is currently undervalued compared to historical metrics [4]. - The company benefits from a strong demand for rental housing amid an overall undersupply in the market [4]. Financial Performance and Guidance - EQR expects to deliver higher-end guidance for 2024, with a growth estimate of 3-5% driven by sustained high demand and pricing recovery in key markets [4][7]. - The company’s physical occupancy rate is trending upwards, exceeding 96.2% as of May [6]. Market Trends - The West Coast markets, including cities like Seattle and San Francisco, are showing signs of recovery, with improved leasing rates and significant investments in infrastructure [6][8]. - EQR's portfolio consists of nearly 80,000 apartment units across 12 markets, catering primarily to affluent renters who are better positioned to handle inflationary pressures [8][9]. Valuation and Investment Considerations - EQR is currently trading at a P/FFO of 16.8, which is below its typical 5-year average of 20-22x, indicating potential for upside [11][22]. - The company is projected to have an annual return of around 11-12%, with a price target of approximately $77 per share, reflecting a 10-12% annualized upside [12][14]. Competitive Position - While EQR is a strong investment, comparisons with other REITs like Mid-America Apartment Communities (MAA) suggest that MAA may present a better opportunity due to higher current yield and lower debt [12][14].