Equity Residential Closes Out Q1 with Big Gains in EPS, FFO
Chicago-based apartment REIT Equity Residential (EQR) reported first-quarter results after the markets closed on Tuesday. The company reported a 194.7% increase in EPS, 10.4% increase in FFO per share and 13.0% increase in normalized FFO per share for Q1 compared to the year-ago period. Same store revenue increased by a better-than-anticipated 9.2% year over year.
“We had a very good first quarter, with our same store revenue results benefitting from continued robust demand as well as improvements in delinquency in Southern California that exceeded our expectations,” said Mark J. Parrell, EQR’s president and CEO. “Our business continues to benefit from durable employment in our affluent renter demographic and limited competition from both new apartment supply and single-family home ownership.”
Accordingly, EQR raised its annual common share dividend by 6.0%, reflecting what it called the current strength of its business and confidence in the prospects for the business going forward.
Equity Residential Closes Out Q1 with Big Gains in EPS, FFO
Equity Residential Closes Out Q1 with Big Gains in EPS, FFO
Chicago-based apartment REIT Equity Residential (EQR) reported first-quarter results after the markets closed on Tuesday. The company reported a 194.7% increase in EPS, 10.4% increase in FFO per share and 13.0% increase in normalized FFO per share for Q1 compared to the year-ago period. Same store revenue increased by a better-than-anticipated 9.2% year over year.
“We had a very good first quarter, with our same store revenue results benefitting from continued robust demand as well as improvements in delinquency in Southern California that exceeded our expectations,” said Mark J. Parrell, EQR’s president and CEO. “Our business continues to benefit from durable employment in our affluent renter demographic and limited competition from both new apartment supply and single-family home ownership.”
Accordingly, EQR raised its annual common share dividend by 6.0%, reflecting what it called the current strength of its business and confidence in the prospects for the business going forward.
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