Equity Residential (NYSE: EQR) reported Q1 EPS of $0.28, $0.01 worse than the analyst estimate of $0.29. Revenue for the quarter came in at $662.49 million versus the consensus estimate of $655.46 million.

“We reported operating results that exceeded our expectations driven by strong demand across all our markets combined with reduced new supply in New York and Boston,” said Mark J. Parrell, Equity Residential’s President and CEO. “As we enter the busiest leasing period of the year, we are well positioned to deliver full year results near the top end of our guidance range if current trends continue. The strength of our business currently and our confidence in its long term prospects led our Board of Trustees to increase our common dividend by 5.1% in March 2019.”

Highlights

• The Company produced same store revenue growth of 3.1% for the first quarter of 2019, which was above its expectations, with Physical Occupancy of 96.3% and Renewal Rate Achieved growth of 4.9%.
• The Company produced Normalized FFO per share growth of 6.5% for the first quarter of 2019.
• During the first quarter of 2019, the Company acquired three apartment properties, totaling 579 apartment units, for an aggregate purchase price of approximately $258.7 million.

GUIDANCE:

Equity Residential sees Q2 2019 EPS of $0.80-$0.84, versus the consensus of $1.34.

For earnings history and earnings-related data on Equity Residential (EQR) click here.