Skip to Content

Equity Residential - Stock Quote EQR

Rating as of

Morningstar's Equity Residential Stock Analysis

Valuation
Currency in USD
Is it the right time to buy or sell?
Find out with Morningstar Premium
Is it the right time to buy or sell?
Find out with Morningstar Premium

1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Equity Residential's Strong Q1 Results Match Expectations Thanks to Low Tenant Turnover

Kevin Brown, CFA Equity Analyst

Analyst Note

| Kevin Brown, CFA |

Equity Residential reported first-quarter results that were relatively in line with our expectations, leading us to reaffirm our $88 fair value estimate. Occupancy for the same-store portfolio fell 20 basis points sequentially to 96.4%, slightly worse than our assumption of flat occupancy for the quarter. Same-store average rental rates improved 6.2% year over year, matching our estimate for the quarter, and same-store revenue improved 7.8% year over year. Same-store operating expenses only increased 2.5%, leading to same-store net operating income growth of 10.7%, in line with our 10.3% assumption. However, while the company reported portfolio operations that matched our assumptions, it reported slightly higher corporate general and administrative expenses in the quarter, leading to normalized funds from operations of $0.77 per share—up from $0.68 reported in the first quarter of 2021 but slightly missing our $0.80 estimate.

Read Full Analysis

Equity Residential's Company Profile

Business Description

Equity Residential owns a portfolio of 310 apartment communities with around 80,000 units and is developing three additional properties with 1,136 units. The company focuses on owning large, high-quality properties in the urban and suburban submarkets of Southern California, San Francisco, Washington, D.C., New York, Seattle, and Boston.

Contact
Two North Riverside Plaza
Chicago, IL, 60606
T +1 312 474-1300
Sector Real Estate
Industry REIT - Residential
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 2,400

Equity Residential's Related Articles & News