Financial Performance - For Q4 2024, Earnings Per Share (EPS) increased to $1.10, a 34.1% rise from $0.82 in Q4 2023[5] - Funds from Operations (FFO) per share decreased by 3.0% to $0.97 compared to $1.00 in Q4 2023, while Normalized FFO remained stable at $1.00[5] - Net income for the year ended December 31, 2024, was $1,070,975, up from $868,488 in 2023, representing a growth of about 23.3%[39] - FFO per share for the year ended December 31, 2024, was $3.77, compared to $3.75 in 2023, indicating a slight increase[39] - Normalized FFO available to Common Shares and Units for the year ended December 31, 2024, was $1,521,606, compared to $1,477,081 in 2023, showing an increase of approximately 3.0%[39] - The company’s total revenues for the year ended December 31, 2024, were $2,716,579, compared to $2,638,467 in 2023, marking a 3.0% increase[59] - Total operating expenses for 2024 were $961,826, up from $926,689 in 2023, with Q4 2024 operating expenses at $245,025 compared to $222,645 in Q4 2023[166] - Diluted EPS for 2024 was $2.72, up from $2.20 in 2023, with Q4 2024 EPS at $1.10 compared to $0.82 in Q4 2023[160] Revenue and Income Growth - Same store revenues for 2024 increased by 3.0%, with same store Net Operating Income (NOI) rising by 3.1%[8] - The total rental income for the year ended December 31, 2024, was $2,980,108, compared to $2,873,964 in 2023, reflecting an increase of approximately 3.7%[36] - Same Store Residential Revenues for Q4 2024 were $688,118, representing a 2.5% increase compared to Q4 2023's $671,373[59] - The average rental rate for Q4 2024 was $3,147, up from $3,080 in Q4 2023, indicating a 2.2% increase[53] - The company reported a net income of $1,070,975 for 2024, compared to $868,488 in 2023, with Q4 2024 net income at $433,871 versus $322,269 in Q4 2023[164] Property Acquisitions and Sales - The company acquired three properties with 795 apartment units for approximately $274.3 million at a 5.2% Acquisition Cap Rate during Q4 2024[8] - The company sold seven properties consisting of 1,629 apartment units for approximately $610.1 million at a 5.2% Disposition Yield in Q4 2024[8] - The company acquired 18 properties for approximately $1.6 billion in 2024, with a weighted average Acquisition Cap Rate of 5.1%[26] - The company acquired 16 consolidated rental properties in 2024 for a total purchase price of $1,438,250, with a cap rate of 5.1%[48] Future Guidance - The company expects 2025 same store revenue growth between 2.25% and 3.25%[8] - Full year 2025 EPS guidance is set between $3.00 and $3.10, with FFO per share guidance between $3.87 and $3.97[10] - First quarter 2025 guidance for EPS is set between $0.63 and $0.67, FFO per share between $0.89 and $0.93, and Normalized FFO per share between $0.90 and $0.94[29] - The company expects 2025 Normalized FFO per share to be between $3.90 and $4.00, with a projected revenue change of 2.25% to 3.25%[125] Debt and Financial Management - The total debt as of December 31, 2024, was $8,121,745,000, with a weighted average interest rate of 3.73%[91] - Unsecured debt accounted for 79.9% of total debt, amounting to $6,491,055,000[91] - Debt to adjusted total assets ratio improved to 27.7% from 28.4% in the previous quarter, remaining well below the 60% limit[99] - Total debt to normalized EBITDAre ratio decreased to 4.43x from 4.60x, indicating improved leverage[101] - The Company maintains compliance with its unsecured debt covenants for all periods presented, reflecting adherence to financial ratios[140] Sustainability and Community Engagement - The company was recognized for sustainability, being included in the Dow Jones Sustainability World and North American Indices[8] - Advocacy contributions for the year ended December 31, 2024, amounted to $21,515, significantly higher than $2,142 in the previous year, showing increased community engagement[120] Operational Metrics - The occupancy rate for Q4 2024 was 96.1%, slightly up from 95.8% in Q4 2023[53] - The average occupancy rate across all markets was 96.2%, with a turnover rate of 42.5%[75] - The total number of Same Store Apartment Units was 75,876, with a physical occupancy rate of 96.1% in Q4 2024[68] - The total number of Same Store Apartment Units is 75,299, which accounts for over 96.0% of total revenues for the year ended December 31, 2024[76] Capital Expenditures and Development Projects - Capital expenditures to real estate totaled $301.434 million, with $273.997 million for same-store properties and $27.437 million for non-same-store properties[112] - Projects under development (consolidated) have a total budgeted capital cost of $384.793 million, with an expected NOI contribution of $1,591 million[112] - The company plans to spend approximately $295 million on capital expenditures for residential same-store properties in 2025[125] - The company plans to continue expanding its market presence through new developments and renovations, focusing on sustainability and technology enhancements[114]
Equity Residential(EQR) - 2024 Q4 - Annual Results