Equity Residential reports Q3 normalized FFO 98c, consensus 98c

Reports Q3 revenue $748.35M, consensus $742.89M. Same store revenue increased 2.7% for the third quarter of 2024 compared to the third quarter of 2023. “We delivered solid same store revenue results in the quarter with the underlying drivers mostly in line with expectations. Our business continues to benefit from high employment levels among our well earning resident base, wage growth across the economy and limited home ownership and rental options in most of our markets, making our well-located apartment properties an appealing choice,” said Mark J. Parrell, Equity Residential’s (EQR) President and CEO. “Looking ahead, we continue to be excited about the prospects for our business as lower levels of competitive new supply in future years, especially in our Established Markets on the coasts, along with a positive forward employment picture for our higher earning customer, positions us well to continue to grow cash flows.”