- Equity Residential press release ( NYSE: EQR ): Q3 FFO of $0.92 in-line.
- Revenue of $695.1M (+11.5% Y/Y) misses by $2.58M .
- The Company reported an 11.8% increase in same store revenue for the third quarter of 2022 compared to the same period of 2021, driven by healthy demand during the primary leasing season. Moderate same store expense growth of 3.5% continued to be driven by favorable real estate tax and payroll expenses.
- The Company now expects its full year 2022 same store revenue growth to be approximately 10.6%, slightly above its prior midpoint.
- The Company sold two properties during the quarter for a total sale price of $480.5 million and used the proceeds to pay down $500.0 million in debt due in 2023.
- Revised 2022 Guidance: EPS of $2.02 to $2.04; Normalized FFO per share $3.52 to $3.54.
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Equity Residential FFO of $0.92 in-line, revenue of $695.1M misses by $2.58M