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Equity Residential - Stock Quote EQR

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Morningstar's Equity Residential Stock Analysis

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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.

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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.

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

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