Equity Residential (EQR) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates

Core Insights - Equity Residential (EQR) reported revenue of $734.16 million for the quarter ended June 2024, reflecting a 2.4% increase year-over-year, with EPS at $0.97 compared to $0.37 in the same quarter last year [1] - The reported revenue was in line with the Zacks Consensus Estimate of $734.14 million, while the EPS exceeded the consensus estimate of $0.96 by 1.04% [1] Financial Performance Metrics - Physical Occupancy Rate stood at 96.4%, slightly above the average estimate of 96.3% from four analysts [2] - Total Apartment Units were reported at 79,738, compared to the average estimate of 79,872 from three analysts [2] - Change in Same Store Revenue Growth was 2.9%, below the average estimate of 3.1% from two analysts [2] - Rental income from Same Store was $718.17 million, surpassing the estimated $717.17 million by two analysts, representing a 3% increase year-over-year [2] - Net Earnings Per Share (Diluted) was reported at $0.47, exceeding the average estimate of $0.39 from nine analysts [2] Stock Performance - Equity Residential shares have returned +2.1% over the past month, outperforming the Zacks S&P 500 composite, which saw a -0.2% change [2] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [2]