Barclays Maintains an 'Equalweight' on Equity Residential (EQR); Rent Growth Hasn't Slowed
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Price: $63.66 --0%
Rating Summary:
12 Buy, 29 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
12 Buy, 29 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Barclays maintains an 'Equalweight' on Equity Residential (NYSE: EQR) price target raised $2 to $58.
Barclays analyst says, "Despite negative macro-economic headlines during much of the quarter, the company was able to raise renewal rents by 6.4%, up from 6.0% during 2Q11. And it did not have to give up occupancy in the process. The company continues to achieve its best results in supply-constrained coastal markets-Boston, San Francisco, Washington DC, and Virginia-although management said that results in Southern California are starting to accelerate and should drive growth in 2012. Partly as a result of the widespread improvement-and partly due to pricing-management is planning $500 million of acquisitions and $300 million of new developments for 4Q11. It is also holding off on dispositions for the balance of the year, reducing its disposition guidance by $100 million (to $1.4 billion)...We are raising our 2011 FFO estimate by $0.01 to $2.42 primarily to reflect the quarter's results."
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 $58.75 yesterday.
Barclays analyst says, "Despite negative macro-economic headlines during much of the quarter, the company was able to raise renewal rents by 6.4%, up from 6.0% during 2Q11. And it did not have to give up occupancy in the process. The company continues to achieve its best results in supply-constrained coastal markets-Boston, San Francisco, Washington DC, and Virginia-although management said that results in Southern California are starting to accelerate and should drive growth in 2012. Partly as a result of the widespread improvement-and partly due to pricing-management is planning $500 million of acquisitions and $300 million of new developments for 4Q11. It is also holding off on dispositions for the balance of the year, reducing its disposition guidance by $100 million (to $1.4 billion)...We are raising our 2011 FFO estimate by $0.01 to $2.42 primarily to reflect the quarter's results."
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 $58.75 yesterday.
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