Wall Street analysts expect Equity Residential (EQR) to post quarterly earnings of $0.96 per share in its upcoming report, which indicates a year-over-year increase of 2.1%. Revenues are expected to be $734.14 million, up 2.4% from the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Before a company announces its earnings, it ...

Equity Residential (EQR) is well-positioned to benefit from its portfolio of high-quality apartment units in some of the key markets of the United States that have an affluent tenant base. Its diversification efforts in suburban locations and technological enhancements also augur well, while a decent financial position makes the dividend distribution sustainable. However, the elevated supply of rental units and high interest rates are concerning.What’s Aiding EQR? EQR is particularly targeting places where ...

LawrenceSawyer/E+ via Getty Images This article was co-produced with Wolf Report As many know, Sam Zell was famously called the "grave dancer" for his strategy of profiting from distressed real estate, and he once cautioned: "He who dances closest to the graves always has to be careful he doesn't fall in." The billionaire investor passed away earlier this year, and he was well known to many REIT investors as he created three REITs, including Equity Residential (NYSE:EQR), Equity LifeStyle (ELS), and Equity ...

Equity Residential (EQR) expects its 2024 same-store revenues, net operating income (NOI) and normalized funds from operations (FFO) per share results toward the higher end of its existing guidance ranges. This latest projection comes with the residential REIT experiencing sustained high demand across its market, which is pushing physical occupancy above expectations. Also, strong pricing power in its East Coast markets and continued recovery in its West Coast markets are tailwinds. Equity Residential noted ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-12252 (Equity Residential) Commission File Number: 0-24920 (ERP Operating Limited Partnership) EQUITY RESIDENTIAL ERP OPER ...

文章核心观点 - 房地产投资信托(REITs)的收益和价格通常呈周期性波动 [1] - 本文主要关注REITs的资本市场周期,分析资本成本对公司业务策略的影响 [1] 资本市场周期 - 公寓REITs的隐含资本化率与美国10年期国债收益率存在较强的相关性,两者的利差通常为285个基点 [2][3][4] - 目前利差收窄至205个基点,表明投资者对该资产类别的风险溢价降低,可能会选择相对较高收益的固定收益工具 [4] - 公寓REITs与BBB级公司债券收益率的利差也较历史偏窄,对于追求收益的投资者来说,固定收益工具可能更具吸引力 [5][6] 股本成本 - REITs必须分配90%的应税收益,因此需要不断融资以推动外部增长 [7] - 根据CAPM模型,EQR的股本成本约为7.45% [12][13][14][15] 债务成本 - EQR的信用评级为A-/Baa1,目前发行的一只2031年到期债券收益率为5.29% [10][11] 加权平均资本成本 - 综合考虑债务、股权和优先股,EQR的加权平均资本成本为6.96% [16][17] 收购影响 - 目前市场上可收购的优质公寓资产的资本化率在4.5%-5.0%,低于EQR的加权平均资本成本,不利于进行收购 [19][20] - 因此EQR在2024年第一季度未进行任何收购 [20][21][22] 资产出售 - EQR在2023年第四季度和2024年第一季度出售了一些较老资产,获得5.6%-5.8%的处置收益率 [23] 股票回购 - EQR在2023年第四季度和2024年第一季度以平均价格57.72美元回购了8750万美元的股票 [25][31] 估值分析 - 以EQR当前的企业价值和2024年预测NOI计算,其隐含资本化率为6.33%,低于6.96%的加权平均资本成本 [28][29] - 若以57.72美元的平均回购价计算,EQR的隐含资本化率为6.87%,与加权平均资本成本的差距缩小至9个基点,更为合理 [30]

财务数据和关键指标变化 - 公司第一季度同店收入增长4.1%,同店费用仅增长1.3%,导致同店NOI增长5.5%,每股NFFO增长6.9% [9] - 公司的目标高收入租客群体失业率仅2%,远低于整体平均水平,支撑了需求 [11][12] - 高昂的房价、融资成本和保险税费等使得租房成为更具吸引力的选择 [13] 各条业务线数据和关键指标变化 - 公司在东海岸和南加州市场的表现领先,而在扩张市场面临供给过剩压力 [15][16] - 公司在管理费用方面表现出色,过去5年同店费用平均增长率仅3.1% [17][18] 各个市场数据和关键指标变化 - 东海岸和南加州市场需求强劲,供给有限,租金增长良好 [15] - 扩张市场需求旺盛,但面临大量新增供给,导致租金下降、优惠大量使用、入住率承压 [16] - 波士顿、纽约和华盛顿特区表现超预期,旧金山和西雅图表现良好但仍存在波动性 [43][46][49] - 洛杉矶市场正在从疫情期间的拖欠和坏账问题中恢复 [50][51] - 圣地亚哥和橙县表现强劲,缺乏住房供给支撑了高入住率 [52][53] - 旧金山和西雅图市中心表现较弱,但郊区表现较好 [54][57] - 扩张市场如达拉斯-沃斯堡、丹佛、亚特兰大和奥斯汀面临供给过剩压力,优惠使用较多 [60][61][62] 公司战略和发展方向及行业竞争 - 公司正在通过股票回购和偿还债务来部署资本,等待更好的收购机会 [23][24][25] - 公司将在2024年完成6个新开发项目的交付,主要位于达拉斯-沃斯堡、丹佛和纽约郊区 [26] - 纽约州新出台的租金管制法案对公司影响有限,因为大部分资产已经符合豁免条件 [28][33] - 行业普遍认为供给而非价格管制是解决住房问题的长期解决方案 [29][32] 管理层对经营环境和未来前景的评论 - 公司对目标客户群体的就业前景和对房屋所有权的偏好持乐观态度 [10][13][14] - 公司对旧金山和西雅图市场的长期前景保持谨慎乐观,但短期内仍存在波动性 [54][58] - 公司对扩张市场的长期前景持积极态度,但短期内面临供给过剩压力 [59][60][61][62] 问答环节重要的提问和回答 问题1 **Eric Wolfe 提问** 询问4月新租金增长较去年同期有所下降的原因 [76][77][78][79] **Michael Manelis 回答** 解释新租金增长下降主要是由于公司在第一季度采取了更多优惠措施,但随着租赁旺季的到来,新租金增长将会逐步提高 问题2 **John Pawlowski 提问** 询问公司资本支出是否会保持较高水平 [88][89] **Alexander Brackenridge 回答** 解释资本支出较高的原因包括一些增值项目投资以及疫情期间推迟的维修项目,未来几年资本支出水平预计会维持在较高水平 问题3 **Mark Parrell 回答** 对纽约州新出台的租金管制法案的影响进行解释,指出公司大部分资产已经符合豁免条件,因此影响有限 [221][222][223][224]

公司业绩 - Equity Residential (EQR)在2024年第一季度的标准化FFO每股93美分，超过了Zacks Consensus Estimate的91美分[1] - 标准化FFO每股同比增长6.9%，租金收入增长3.6%[3] 销售表现 - 公司在同店销售表现良好，受到健康需求、适度供应和费用效率的支持[2] 市场趋势 - 公司总裁兼首席执行官Mark J. Parrell表示，公司在富裕租户人群中的积极需求动态、现有主要沿海市场中有限的新公寓供应以及对费用管理的专注继续产生良好的结果[4]

Equity Residential (EQR) reported $730.82 million in revenue for the quarter ended March 2024, representing a year-over-year increase of 3.7%. EPS of $0.93 for the same period compares to $0.56 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $729.83 million, representing a surprise of +0.14%. The company delivered an EPS surprise of +2.20%, with the consensus EPS estimate being $0.91. While investors closely watch year-over-year changes in headline numbers -- revenue and earning ...

财务表现 - Equity Residential (EQR)在本季度的FFO为每股0.93美元，超过了Zacks Consensus Estimate的每股0.91美元[1] - 公司在过去四个季度中，只有一次超过了共识FFO预期[2] - Equity Residential本季度的营收为7.3082亿美元，超过了Zacks Consensus Estimate[3] - 公司当前的共识FFO预期为下一季度每股0.96美元，当前财年每股3.86美元[9] 股价表现 - 公司股价自年初以来上涨了约2.3%[5] 行业排名 - 行业前景对公司股价表现有重要影响，目前REIT and Equity Trust - Residential行业排名在Zacks行业中的倒数19%[10]