Barclays Maintains an 'Equalweight' on Equity Residential (EQR); Selling Assets as Rents and Valuations Rise

Barclays maintains an 'Equalweight' on Equity Residential (NYSE: EQR), PT $56.

Barclays analyst says, "Leasing spreads continue to be strong for EQR, with renewal rents up 6% in the early weeks of spring leasing season. Year-over-year rent comps on renewals and releasing should get somewhat harder as the year goes on, given the 8%+ street rent growth over the course of 2010, but we think that the company will still realize rent growth of 4.5% for the full year with occupancy at 95%, driving 4.7% revenue growth and 6.8% same-store NOI growth."

"We are reducing our 2011 FFO estimate by $0.05 to $2.43 to reflect increased transaction and debt extinguishment costs, as well as the timing of dispositions and acquisitions. Our estimate is toward the high end of management's $2.35-$2.45 guidance range. Our operating FFO estimate of $2.45 implies 10% growth over 2010, and our five-year expected FFO growth rate is 10%."

For more ratings news on Equity Residential click here and for the rating history of Equity Residential click here.

Shares of Equity Residential closed at $59.26 yesterday.

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