2023-04-25 16:21:30 ET
- Equity Residential press release ( NYSE: EQR ): Q1 FFO of $0.87 misses by $0.01 .
- Revenue of $705.09M (+7.9% Y/Y) beats by $3.1M .
- Same store revenue increased 9.2% for the first quarter of 2023 compared to the first quarter of 2022, which was better than anticipated due to continued healthy demand and lower than anticipated Bad Debt, Net.
- During the first quarter of 2023, the Company sold a small portfolio of seven properties in Los Angeles, consisting of 247 apartment units, for approximately $135.3 million. Subsequent to the end of the first quarter of 2023, the Company purchased a 262-unit apartment property in Atlanta for approximately $78.6 million.
- The Company raised its annual common share dividend by 6.0% reflecting the current strength of the Company’s business and confidence in the prospects for the business going forward.
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Equity Residential FFO of $0.87 misses by $0.01, revenue of $705.09M beats by $3.1M