Equity Residential Provides Operating Update
21 Settembre 2021 - 10:18PM
Business Wire
Equity Residential (NYSE: EQR) today provided an update
regarding certain same store Residential operating trends in its
business.
Same store revenue growth remains on track to meet or slightly
exceed the Company’s expectations described in its second quarter
2021 earnings release as the Company is finishing a strong leasing
season with very healthy demand and pricing for its apartment
units.
The Company also provided the following same store Residential
operating metrics:
June
2021
July
2021
August
2021
September 2021 (1)
Blended Rate:
0.6%
5.1%
8.2%
9.7%
Physical Occupancy (2):
96.3%
96.7%
96.7%
96.9%
Percentage of Residents Renewing by
Month:
53%
54%
58%
62%
1.
September 2021 results are
preliminary.
2.
Physical Occupancy is as of month
end, with the exception of September 2021, when it is as of
September 21, 2021.
About Equity Residential
Equity Residential is committed to creating communities where
people thrive. The Company, a member of the S&P 500, is focused
on the acquisition, development and management of residential
properties located in and around dynamic cities that attract high
quality long-term renters. Equity Residential owns or has
investments in 307 properties consisting of 79,322 apartment units,
with an established presence in Boston, New York, Washington, D.C.,
Seattle, San Francisco and Southern California, and an expanding
presence in Denver, Atlanta, Dallas and Austin. For more
information on Equity Residential, please visit our website at
www.equityapartments.com.
Forward-Looking Statements
In addition to historical information, this press release
contains forward-looking statements and information within the
meaning of the federal securities laws. These statements are based
on current expectations, estimates, projections and assumptions
made by management. While Equity Residential’s management believes
the assumptions underlying its forward-looking statements are
reasonable, such information is inherently subject to uncertainties
and may involve certain risks, including, without limitation,
changes in general market conditions, including the rate of job
growth and cost of labor and construction material, the level of
new multifamily construction and development, competition and local
government regulation. In addition, these forward-looking
statements are subject to risks related to the COVID-19 pandemic,
many of which are unknown, including the duration and severity of
the pandemic, the extent of the adverse health impact on the
general population and on our residents, customers and employees in
particular, its impact on the employment rate and the economy and
the corresponding impact on our residents’ and tenants’ ability to
pay their rent on time or at all, the extent and impact of
governmental responses, the rollout and effectiveness of vaccines
and the impact of operational changes we have implemented and may
implement in response to the pandemic. Other risks and
uncertainties are described under the heading “Risk Factors” in our
Annual Report on Form 10-K and subsequent periodic reports filed
with the Securities and Exchange Commission (SEC) and available on
our website, www.equityapartments.com.
Many of these uncertainties and risks are difficult to predict and
beyond management’s control. Forward-looking statements are not
guarantees of future performance, results or events. Equity
Residential assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events.
Terms and Definitions:
Blended Rate – The weighted average of New Lease Change
and Renewal Rate Achieved.
Leasing Concessions – Reflects upfront discount on both
new move-in and renewal leases on a straight-line basis.
New Lease Change – The net effective change in rent
(inclusive of Leasing Concessions) for a lease with a new or
transferring resident compared to the rent for the prior lease of
the identical apartment unit, regardless of lease term.
Percentage of Residents Renewing – Leases renewed
expressed as a percentage of total renewal offers extended during
the reporting period.
Physical Occupancy – The weighted average occupied
apartment units for the reporting period divided by the average of
total apartment units available for rent for the reporting
period.
Renewal Rate Achieved – The net effective change in rent
(inclusive of Leasing Concessions) for a new lease on an apartment
unit where the lease has been renewed as compared to the rent for
the prior lease of the identical apartment unit, regardless of
lease term.
Residential – Consists of multifamily apartment revenues
and expenses.
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version on businesswire.com: https://www.businesswire.com/news/home/20210921006080/en/
Marty McKenna (312) 928-1901 mmckenna@eqr.com
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