Equity Residential Provides Third Quarter Operating Update; Reaffirms Full Year Same Store Revenue Guidance
September 27 2016 - 8:05AM
Business Wire
Equity Residential (NYSE: EQR) today reaffirmed its full year
same store revenue growth guidance range of 3.5% to 4.0% as
provided in the Company’s updated 2016 guidance published on July
26, 2016. The Company also released the attached operating data
which is consistent with the Company’s expectations for third
quarter same store operations.
The Company today also posted a new investor presentation to its
website, which can be accessed in the Investor Section of
www.equityapartments.com.
Equity Residential is an S&P 500 company focused on the
acquisition, development and management of rental apartment
properties in urban and high-density suburban coastal gateway
markets where today’s affluent renters want to live, work and play.
Equity Residential owns or has investments in 306 properties
consisting of 78,181 apartment units, primarily in Boston, New
York, Washington, D.C., Seattle, San Francisco and Southern
California. 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. 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.
Operating Data - September 2016
New Lease Pricing***
Renewal Lease Pricing***
Weighted Avg Occ% Jun YTD 16 Annual SS
% of Actual Q3 QTD Q3 Q3 QTD Q3
Q3 Q3 Total Units NOI 2016**
2015 2016** 2015 2016 2015 Los
Angeles 13,698 16.6% 2.4% 4.1% 6.9% 7.6% 96.2% 96.1% San Diego
3,505 4.1% 4.3% 6.1% 7.6% 7.1% 96.6% 96.5% Orange County
3,490 3.8% 4.5% 2.9% 7.6%
7.0% 96.2% 95.8%
Southern
California 20,693 24.5% 3.0% 4.2%
7.1% 7.4% 96.2% 96.1% New
York 10,007 19.2% -1.9% 2.1%
3.0% 5.8% 96.2% 96.7% Washington
DC 15,475 19.0% 0.3% -1.9%
4.7% 3.8% 96.1% 96.2% San
Francisco 10,846 17.7% 0.1% 9.6%
6.6% 10.6% 95.6% 96.4% Boston
7,136 11.5% 1.8% 3.6% 4.9%
6.0% 95.9% 96.3% Seattle 6,011
7.0% 5.5% 4.1% 8.1% 8.1%
95.8% 95.4% Consolidated SS 2016*
70,168 98.9% 1.1% 3.6% 5.4%
6.8% 96.0% 96.2% *Excludes 1,320 units
in non-core markets of New England & Phoenix **Q3 QTD 2016
includes the period July 1, 2016 to September 19, 2016 ***New Lease
and Renewal Pricing includes residential activity only
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160927005976/en/
Equity ResidentialMarty McKenna, (312) 928-1901
Equity Residential (NYSE:EQR)
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