The real estate landscape is synonymous with fluctuating trends and market sway, yet one sector stands out for its resilience—apartment real estate investment trusts (REITs). Despite the ebb and flow of the rental market, one particular player has managed to navigate through the challenges and emerge as a beacon of stability and growth.Navigating the rental market landscapeWhat are apartment REITs?Apartment real estate investment trusts (REITs) are companies that own, operate, or finance residential rental ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-12252 (Equity Residential) Commission File Number: 0-24920 (ERP Operating Limited Partnership) EQUITY RESIDENTIAL ERP OPERATING ...

d3sign/Moment via Getty Images Apartment REIT and S&P 500 component, Equity Residential (NYSE:EQR), recently reported better than expected results for its Q4 reporting period ended December 31. The stock, however, has trended downwards in the last five days, down nearly 5%. The declines mirror weakness elsewhere in the REIT sector. Last Friday, the broader sector of REITs ended their third straight week in the negative. Driving the continued weakness is a prevailing belief that interest rates will stay high ...

Equity Residential (NYSE:EQR) Q4 2023 Earnings Conference Call January 31, 2024 11:00 AM ET Company Participants Marty McKenna - Investor Relations and Public Relations Mark J. Parrell - President and Chief Executive Officer Robert A. Garechana - Executive Vice President and Chief Financial Officer Alexander Brackenridge - Executive Vice President and Chief Investment Officer Michael L. Manelis - Executive Vice President and Chief Operating Officer Conference Call Participants Steve Sakwa - Evercore Eric Wo ...

For the quarter ended December 2023, Equity Residential (EQR) reported revenue of $727.5 million, up 4% over the same period last year. EPS came in at $1.00, compared to $0.42 in the year-ago quarter.The reported revenue represents a surprise of -0.01% over the Zacks Consensus Estimate of $727.55 million. With the consensus EPS estimate being $1.00, the company has not delivered EPS surprise.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectat ...

Equity Residential (EQR) is slated to report fourth-quarter and full-year 2023 results after the closing bell on Jan 30. 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’s (REIT) normalized FFO per share of 96 cents narrowly missed the Zacks Consensus Estimate of 97 cents. Rental income lagged the consensus mark, and results reflected a weak performa ...

The upcoming report from Equity Residential (EQR) is expected to reveal quarterly earnings of $1 per share, indicating an increase of 6.4% compared to the year-ago period. Analysts forecast revenues of $727.55 million, representing an increase of 4% year over year.Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.Before a company announc ...

CHICAGO--(BUSINESS WIRE)--Equity Residential (NYSE: EQR) today announced that the Company will release its fourth quarter 2023 operating results on Tuesday, January 30, 2024 after the close of market and host a conference call to discuss those results on Wednesday, January 31, 2024 at 10:00 a.m. Central. The conference call will be available via web cast on the Investor section of www.equityapartments.com. About Equity Residential Equity Residential is committed to creating communities where people thrive ...

Financial Data and Key Metrics Changes - The company adjusted its same-store revenue guidance expectation for the year to 5.5% from 5.875% due to underperformance in San Francisco and Seattle, as well as a noncash write-off of a $1.5 million straight-line rent receivable [7][8] - Portfolio-wide bad debt before rental relief funds was about 1.3% in Q3 2023, down from 2.4% in 2022 [6][7] - The company expects 2024 same-store expense growth to be slightly below this year, with continued pressure on repair and maintenance lines [21] Business Line Data and Key Metrics Changes - Residential same-store revenue growth was 4.4% in Q3 2023, driven by healthy fundamentals and some improvement in delinquency [11] - The East Coast markets continue to outperform the West Coast, with strong demand and occupancy, particularly in Washington, D.C. [11][12] - New lease change rates in Seattle and San Francisco are running in the high negative single digits, with increased concession use contributing significantly to the decline [25][26] Market Data and Key Metrics Changes - The company noted lower levels of new apartment construction in established markets, which should continue for the next several years [5] - The average new supply as a percent of total inventory in established markets is around 2%, compared to approximately 6% in Sunbelt markets [19] - The job market for college-educated individuals remains strong, with unemployment at 2.1%, supporting demand for rentals [4][18] Company Strategy and Development Direction - The company is focusing on capital allocation by selling older assets and acquiring newer properties in suburban markets, particularly in Atlanta [8][10] - The long-term outlook remains positive, with favorable demographics driving demand and limited new supply in most markets [22] - The company is cautious about acquisitions in politically charged municipalities due to regulatory risks [47][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term recovery of San Francisco and Seattle, despite current challenges [51][53] - The company anticipates solid growth in 2024, led by East Coast markets, while acknowledging the need for improved fundamentals in San Francisco and Seattle [20][38] - Management highlighted that the credit quality of residents remains strong, and they expect gradual improvement in bad debt levels [20][32] Other Important Information - The company is experiencing a significant increase in same-store CapEx, now at $3,600 per apartment unit, due to various factors including storm damage and new projects [67] - The eviction process is taking longer than pre-pandemic levels, impacting bad debt [20][34] Q&A Session Summary Question: Can you elaborate on the October numbers regarding new lease rates? - Management confirmed that new lease change rates in Seattle and San Francisco are running in the high negative single digits, with increased concession use contributing to the decline [25][26] Question: What is the current state of the transaction market? - Management indicated that the transaction market is uncertain, with upward pressure on cap rates and limited properties available [28][29] Question: How much more would bad debt have decreased if the court process had been quicker? - Management estimated that bad debt would have been about 10 basis points lower if the court process had progressed as expected [30][32] Question: What are the expectations for same-store revenue next year? - Management stated that they are in the middle of the budget process and cannot provide specific guidance yet, but they expect solid growth in certain markets [62] Question: How is the company addressing the Rite Aid bankruptcy issue? - Management confirmed that a new lease is already in place for the space previously occupied by Rite Aid, which is expected to be a good amenity for residents [64][65]

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Two North Riverside Plaza, Chicago, Illinois 60606 (312) 474-1300 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-12252 (Equity Residential) Commission File Number: 0 ...