Equity Residential beats Q1 FFO estimates on strong rental demand [Yahoo! Finance]
Equity Residential Common Shares of Beneficial Interest (EQR)
Last equity residential common shares of beneficial interest earnings: 1/28 04:16 pm
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Source: Yahoo! Finance
estimates on Tuesday due to strong rental demand and relatively lower supply in East Coast markets such as New York and Boston. While rental supply remains elevated across the U.S., the supply pressure relative to demand is less acute on the East Coast as opposed to the Sunbelt region, which includes cities such as Austin and Los Angeles. About 95% of Equity Residential's net income has been coming from its established markets, where supply levels are more stable, with the company's customers on average spending about 20% of their income on rent. "The positive demand dynamics in our affluent renter demographic, limited new apartment supply in our existing predominantly coastal markets and our laser focus on expense management continue to produce good results," said CEO Mark Parrell. The percentage of residents renewing their leases in the first quarter dropped to 4.7%, compared with 6.2% last year, while physical occupancy marginally increased to at 96.3%. Equity Residential
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News
- 4 REITs With New Price Target Increases [Yahoo! Finance]Yahoo! Finance
- Equity Residential (NYSE: EQR) had its "neutral" rating re-affirmed by analysts at Wedbush. They now have a $68.00 price target on the stock.MarketBeat
- Equity Residential (NYSE: EQR) had its price target raised by analysts at Piper Sandler from $62.00 to $70.00. They now have a "neutral" rating on the stock.MarketBeat
- Equity Residential (NYSE:EQR) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Equity Residential (NYSE: EQR) had its price target raised by analysts at Evercore ISI from $67.00 to $70.00. They now have an "outperform" rating on the stock.MarketBeat
EQR
Earnings
- 4/23/24 - Miss
EQR
Sec Filings
- 4/30/24 - Form 4
- 4/30/24 - Form 4
- 4/26/24 - Form 144
- EQR's page on the SEC website