Equity Residential (EQR) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates

Core Insights - Equity Residential (EQR) reported revenue of $730.82 million for Q1 2024, a year-over-year increase of 3.7% and an EPS of$ 0.93 compared to $0.56 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of$ 729.83 million by 0.14%, while the EPS surpassed the consensus estimate of $0.91 by 2.20% [1] Financial Performance Metrics - Physical Occupancy Rate was 96.3%, higher than the estimated 95.9% [2] - Total Apartment Units stood at 79,688, slightly below the estimated 80,256 [2] - Same Store Revenue Growth increased by 4.1%, exceeding the two-analyst average estimate of 3% [2] - Rental income from Same Store was reported at$ 716.67 million, above the estimated $703.05 million, reflecting a year-over-year change of +5.1% [2] - Net Earnings Per Share (Diluted) was$ 0.77, significantly higher than the estimated $0.32 [2] Stock Performance - Shares of Equity Residential have returned +1.6% over the past month, contrasting with the Zacks S&P 500 composite's -4.2% change [2] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [2]