Equity Residential Q4 FFO Meets Estimates, Rental Income Rises Y/Y

Core Viewpoint - Equity Residential (EQR) reported a 2.9% increase in shares after announcing fourth-quarter 2024 normalized funds from operations (FFO) per share of $1.00, aligning with expectations, and rental income of$766.8 million, exceeding estimates by 1.24% [1][2] Financial Performance - For full-year 2024, normalized FFO per share was $3.89, meeting estimates and showing an increase from$3.78 in the previous year, supported by a 3.7% rise in rental income to $2.98 billion [3] - Same-store revenues increased by 2.4$3,147, reflecting a 2.2% year-over-year increase, with physical occupancy improving by 30 basis points to 96.1% [4] Portfolio Activity - In Q4, Equity Residential acquired three properties with 795 units for $274.3 million and sold seven properties with 1,629 units for$610.1 million [6] Balance Sheet - At the end of Q4 2024, the company had cash and cash equivalents of $62.3 million, up from$28.6 million at the end of Q3 2024, with a net debt to normalized EBITDAre ratio of 4.38X, down from 4.56X [7] 2025 Guidance - For full-year 2025, EQR projects normalized FFO per share between $3.90 and$4.00, with same-store revenue growth expected at 2.25-3.25% and expenses increasing by 3.5-4.5% [9] - The company anticipates physical occupancy to be around 96.2% for 2025 [9] - For Q1 2025, normalized FFO per share is projected to be between 90 and 94 cents [10]