Equity Residential (EQR) Tops Q4 EPS by 42c; Provides Q1 & FY20 EPS Outlook

Equity Residential (NYSE: EQR) reported Q4 EPS of $0.77, $0.42 better than the analyst estimate of $0.35. Revenue for the quarter came in at $683.92 million versus the consensus estimate of $685.28 million.

“Equity Residential had a very good 2019. Strong demand and record resident satisfaction and retention drove same store revenue growth to the high end of our original expectations. Also, Normalized FFO grew by a healthy 7.4%, which was above our expectations. Thanks to the entire Equity Residential team for all they did to accomplish this,” said Mark J. Parrell, Equity Residential’s President and CEO. “We expect a consistently growing economy in 2020 to create steady demand to absorb the continuing elevated levels of new supply that will be delivered in most of our markets. This, combined with the impact of the new rent control regulations in California and New York, leads us to anticipate same store revenue growth slightly below our 2019 result.”

GUIDANCE:

Equity Residential sees Q1 2020 EPS of $0.98-$1.02, versus the consensus of $0.31.

Equity Residential sees FY2020 EPS of $2.64-$2.74, versus the consensus of $1.47.

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

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