Equity Residential - EQR STOCK NEWS

Equity Residential (NYSE: EQR) has provided an update on its same store operating trends. The company reports that its same store revenue growth remains within the guidance range outlined in its Q2 2024 earnings release. As the primary leasing season concludes, EQR is experiencing healthy demand and pricing for its apartment units. The company maintains its expectations for the third quarter of 2024, projecting a Blended Rate growth of 2.0% to 3.0%. For the full year 2024, EQR anticipates achieving a Physical Occupancy rate of 96.2%.

Equity Residential (NYSE: EQR) has agreed to acquire 11 apartment properties from Blackstone Real Estate strategies for approximately $964 million. The portfolio consists of 3,572 apartment units located in Atlanta, Dallas/Ft. Worth, and Denver. These properties, averaging eight years old, align with Equity Residential's expansion strategy in high-growth markets.

The transaction is expected to close in the third quarter of 2024, subject to customary conditions. Equity Residential aims to leverage its operating platform to unlock additional value from these properties. The company reaffirmed its earnings guidance provided in the Second Quarter 2024 Earnings Release.

This acquisition marks a significant step towards Equity Residential's goal of increasing its net operating income from these expansion markets. The deal also highlights the strong institutional demand for high-quality rental housing assets in attractive markets.

Equity Residential (NYSE: EQR) reported strong Q2 2024 results, exceeding expectations and prompting improved guidance. Key highlights include:

- Same store revenue increased 2.9% YoY
- Same store NOI increased 3.0% YoY
- EPS of $0.47, up 27.0% YoY
- Normalized FFO per share of $0.97, up 3.2% YoY

The company raised its full-year 2024 guidance, including:
- Same store revenue growth: 2.9% to 3.5% (up 70 bps at midpoint)
- Same store NOI growth: 3.0% to 3.5% (up 145 bps at midpoint)
- Normalized FFO per share: $3.86 to $3.92 (up $0.04 at midpoint)

EQR's portfolio benefits from steady demand from well-employed, higher-earning renters, elevated single-family housing costs, and manageable new apartment supply in most markets.

Equity Residential has reopened the Harbor Steps Apartments' staircase plaza in downtown Seattle after a year-long renovation. The public plaza, known as 'The Steps,' connects downtown to the Seattle Waterfront with 107 steps. The redesign by GGLO includes:

• Four redesigned fountains
• Added bench seating
• 350% more landscaped planters
• New wayfinding and interpretive signage
• Sustainability features like LED lighting and water-efficient irrigation

The plaza now offers 30,000 square feet of retail space with various dining and shopping options. A grand reopening celebration is scheduled for July 23, 2024, featuring a ribbon-cutting ceremony, restaurant specials, live music, and activities.

Equity Residential (NYSE: EQR) has announced the release date for its second quarter 2024 operating results. The company will publish the results on Monday, July 29, 2024, after the market closes. A conference call to discuss these results is scheduled for Tuesday, July 30, 2024, at 10:00 a.m. Central Time. The call will be accessible via webcast on the Investor section of the company's website, www.equityapartments.com.

Equity Residential (NYSE: EQR) has announced the declaration of quarterly dividends for its common and preferred shares. A dividend of $0.675 per common share is set for the second quarter, payable on July 12, 2024, to shareholders recorded by July 1, 2024.

Additionally, the Series K Preferred Shares will yield a dividend of $1.03625 per share, paid on July 1, 2024 to those on record by June 20, 2024.

Equity Residential (NYSE: EQR) announced that its senior management, including CEO Mark J. Parrell, will participate in the Nareit REITweek 2024 Investor Conference. The roundtable presentation is scheduled for Tuesday, June 4 at 4:30 p.m. ET. The live web cast and an updated Investor Presentation will be available on the Company’s website, www.equityapartments.com.

Equity Residential (NYSE: EQR) announced updates during the Nareit REITWeek 2024 Investor Conference. The company revealed that Earnings Per Share (EPS) and Funds from Operations (FFO) per share are projected to be in the lower half of the previously announced guidance ranges due to a litigation reserve adjustment in Q1 2024. However, normalized FFO per share, same store revenue, and same store net operating income (NOI) are trending towards the upper end of their respective guidance ranges. Key operating metrics for May 2024 include a physical occupancy rate of 96.5%, a 57.0% resident renewal rate, and a 2.9% blended rate for new and renewed leases.

Equity Residential (NYSE: EQR) reported strong first quarter 2024 results with earnings per share (EPS) up by 37.5% to $0.77, Funds from Operations (FFO) per share up by 2.4% to $0.87, and Normalized FFO per share up by 6.9% to $0.93. Same store revenue increased by 4.1%, expenses by 1.3%, and Net Operating Income (NOI) by 5.5%. The company focused on expense efficiency, leading to a historical low same store turnover rate of 8.6%. Equity Residential also sold three properties and repurchased $38.5 million worth of common shares during the quarter.