REIT - Why Residential REIT Equity Residential Shares Are Up Today | Benzinga
Equity Residential (NYSE:EQR) shares are surging premarket today after it released fourth-quarter FY23 results yesterday.
The rental income of $727.5 million beat the consensus of $725.0 million. Same-store revenue increased 3.9% Y/Y, driven by strong demand.
The company’s apartment achieved a physical occupancy of 95.8% in the fourth quarter (flat Y/Y).
The residential REIT reported a normalized FFO per share of $1.00, up 6.4% Y/Y and in line with Street view.
In the quarter, the company sold three properties in West Coast markets (San Francisco, Seattle, ...