Equity Residential Provides Operations Update
June 01 2020 - 8:28AM
Business Wire
Equity Residential (NYSE: EQR) today provided various
quarter-to-date (QTD) statistics related to its Residential same
store operations for the second quarter 2020.
Preliminary Second Quarter 2020 to Date Residential Same
Store Operating Statistics
These preliminary statistics along with the comparative numbers
for the first quarter of 2020 are set forth below:
Q2 2020
QTD
Q1
2020
New Lease Change
(4.8%)
(0.7%)
Renewal Rate Achieved
1.5%
4.2%
Blended Rate
(0.7%)
1.8%
The Company continues to experience a recovery in demand with
initial leads, Traffic and applications now in-line with the same
period last year. This increased activity has led to improvements
in Physical Occupancy, which is 94.9% quarter to date. During May
2020, Residential Cash Collections remained strong and consistent
with April 2020.
Definitions:
Blended Rate - The weighted average of New Lease Change
and Renewal Rate Achieved.
New Lease Change – The change in rent 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 and
without concessions or discounts being applied.
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 change in rent 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 and without concessions or discounts
being applied.
Residential – Consists of multifamily apartment revenues
and expenses.
Residential Cash Collections - – Represents the amount of
Residential cash collected for all properties from all current and
former residents during a specified month.
Traffic - Consists of an expression of interest in an
apartment by completing an in-person tour, self-guided tour or
virtual tour that may result in an application to lease.
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 rental apartment
properties located in urban and high-density suburban communities
where today’s renters want to live, work and play. Equity
Residential owns or has investments in 305 properties consisting of
78,927 apartment units, located in Boston, New York, Washington,
D.C., Seattle, San Francisco, Southern California and Denver. 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 and the impact of operational changes we
have 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200601005450/en/
Marty McKenna (312) 928-1901
Equity Residential (NYSE:EQR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Equity Residential (NYSE:EQR)
Historical Stock Chart
From Apr 2023 to Apr 2024