Equity Residential (EQR) reported solid first-quarter 2024 results, with funds from operations (FFO) exceeding analyst estimates. The company’s President and CEO, Mark J. Parrell, attributed the positive performance to strong demand from affluent renters, limited new apartment supply, and effective expense management.
For the second quarter, EQR expects normalized FFO per share of $0.92-$0.96, in line with the consensus estimate of $0.96. Same-store net operating income is expected to increase during the quarter.
In Q1, EQR sold three properties for a total of approximately $248.5 million.
Overall, EQR’s strong demand dynamics, limited new supply, and focus on expense control continue to drive positive results.