Provides 2025 Guidance
Equity Residential (NYSE: EQR) today reported results for the quarter and year ended December 31, 2024 and has posted a Q4 2024 Management Presentation to its website as referenced below.
Fourth Quarter 2024 Results
All per share results are reported as available to common shares/units on a diluted basis.
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Quarter Ended December 31,
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2024
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2023
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$ Change
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% Change
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Earnings Per Share (EPS)
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$
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1.10
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$
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0.82
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$
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0.28
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34.1
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%
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Funds from Operations (FFO) per share
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$
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0.97
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$
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1.00
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$
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(0.03
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)
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(3.0
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%)
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Normalized FFO (NFFO) per share
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$
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1.00
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$
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1.00
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$
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-
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0.0
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%
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Year Ended December 31,
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2024
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2023
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$ Change
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% Change
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Earnings Per Share (EPS)
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$
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2.72
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$
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2.20
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$
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0.52
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23.6
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%
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Funds from Operations (FFO) per share
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$
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3.76
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$
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3.75
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$
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0.01
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0.3
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%
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Normalized FFO (NFFO) per share
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$
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3.89
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$
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3.78
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$
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0.11
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2.9
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%
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Recent Highlights
- For the full year of 2024 compared to the full year of 2023, same store revenues increased 3.0%, same store expenses increased 2.9% and same store Net Operating Income (NOI) increased 3.1%.
- The Company has provided guidance for the full year of 2025 with same store revenue growth expected to be between 2.25% and 3.25%.
- During the fourth quarter of 2024, the Company acquired three properties, consisting of 795 apartment units, for an aggregate acquisition price of approximately $274.3 million at a weighted average Acquisition Cap Rate of 5.2%. These assets are located in the Company’s Expansion Markets of Atlanta and Denver. Also during the quarter, the company sold seven properties, consisting of 1,629 apartment units, for an aggregate sale price of approximately $610.1 million at a weighted average Disposition Yield of 5.2%.
- The Company's Board of Trustees has voted to increase the Company's 2025 annual common share dividend by 2.6% to $2.77 per share reflecting confidence in the prospects of the business going forward. All dividend payments remain subject to declaration by the Board of Trustees in its sole discretion.
- The Company was recognized for its commitment to sustainability with its inclusion in both the Dow Jones Sustainability World and North American Indices. The Company is the first residential REIT to receive this distinction. The Company was also recently honored with Nareit’s Residential Sector Leader in the Light award, further demonstrating its leadership in this area.
“Our 2024 operating results were solid and generally consistent with our expectations. We expect a steady improvement in our same store revenue results as we go through 2025 driven by higher lease rate growth, continued elevated occupancy levels and significant contributions from other income in 2025. Our view is underpinned by an assumption that the economy remains steady and is supported by continuing subdued levels of supply in our mostly coastal footprint, an expectation of positive employment conditions for our higher earning renter demographic and continued value creation by our industry leading operations platform. With new apartment supply in 2026 at decade lows in our coastal markets and declining significantly in our Expansion Markets of Atlanta, Dallas and Denver, the longer term set up for our business is outstanding,” said Mark J. Parrell, Equity Residential’s President and CEO.
Full Year 2025 Guidance
The Company has provided guidance for its full year 2025 same store operating performance, EPS, FFO per share, Normalized FFO per share and transactions as listed below:
Same Store (includes Residential and Non-Residential):
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Physical Occupancy
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96.2%
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Revenue change
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2.25% to 3.25%
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Expense change
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3.5% to 4.5%
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NOI change
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1.4% to 3.0%
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EPS
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$3.00 to $3.10
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FFO per share
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$3.87 to $3.97
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Normalized FFO per share
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$3.90 to $4.00
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Transactions (1):
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Consolidated rental acquisitions
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$1.5B
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Consolidated rental dispositions
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$1.0B
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Transaction Accretion (Dilution)
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(25 basis points)
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(1) |
The Company expects to fund its acquisition activity with a combination of proceeds from dispositions and/or debt issuance.
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The difference between the Company's full year 2024 actual EPS of $2.72 and the full year 2025 EPS guidance midpoint of $3.05 is due primarily to higher expected property sale gains, lower expected other expenses, lower expected non-operating asset gains and the items described below.
The difference between the Company's full year 2024 actual FFO of $3.76 per share and the full year 2025 FFO guidance midpoint of $3.92 per share is due primarily to lower expected other expenses, lower expected non-operating asset gains and the items described below.
The difference between the Company's full year 2024 actual Normalized FFO of $3.89 per share and the full year 2025 Normalized FFO guidance midpoint of $3.95 per share is due primarily to:
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Expected
Positive/(Negative)
Impact
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Full Year 2025 vs.
Full Year 2024
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Residential same store NOI
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$
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0.12
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Non-Residential same store NOI
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(0.01
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)
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Lease-Up NOI (1)
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0.01
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2025 and 2024 transaction activity impact on NOI, net (2)
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0.05
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Interest expense, net (3)
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(0.08
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)
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Corporate overhead (4)
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(0.02
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)
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Other items
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(0.01
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Net
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$
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0.06
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(1)
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Lease-Up NOI reflects the contribution from consolidated lease-up properties only. The Company does not expect a contribution to growth in 2025 from recently completed unconsolidated joint venture development projects given the current lease-up velocity and cessation of capitalized interest on construction loans. See the income (loss) from investments in unconsolidated entities line item on page 28 for 2025 guidance on this matter.
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(2)
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Transaction activity impact on NOI, net represents acquisition NOI net of disposition NOI.
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(3)
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Interest expense, net is driven by higher rates on refinancing and higher balances due to 2024 and 2025 net investment activity.
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(4)
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Corporate overhead includes property management and general and administrative expenses.
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The Company has a glossary of defined terms and related reconciliations of Non-GAAP financial measures on pages 29 through 34 of this release. Reconciliations and definitions of FFO and Normalized FFO are provided on pages 7, 31 and 32 of this release.
Results Per Share
The changes in EPS for the quarter and year ended December 31, 2024 compared to the same periods of 2023 are due primarily to higher property sale gains, higher depreciation expense, the various adjustment items listed on page 27 of this release and the items described below.
The per share changes in FFO for the quarter and year ended December 31, 2024 compared to the same periods of 2023 are due primarily to the various adjustment items listed on page 27 of this release and the items described below.
The per share changes in Normalized FFO are due primarily to:
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Positive/(Negative) Impact
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Fourth Quarter 2024 vs.
Fourth Quarter 2023
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Full Year 2024 vs.
Full Year 2023
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Residential same store NOI
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$
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0.02
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$
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0.14
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Non-Residential same store NOI
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-
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0.01
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Lease-Up NOI
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-
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0.01
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2024 and 2023 transaction activity impact on NOI, net
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0.04
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0.02
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Interest expense, net
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(0.03
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)
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(0.04
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Corporate overhead
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(0.01
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(0.04
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Other items
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(0.02
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)
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0.01
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Net
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$
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-
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$
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0.11
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Same Store Results
The following table shows the total same store results for the periods presented (includes Residential and Non-Residential).
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Fourth Quarter 2024 vs.
Fourth Quarter 2023
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Fourth Quarter 2024 vs.
Third Quarter 2024
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Full Year 2024 vs.
Full Year 2023
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Apartment Units
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75,876
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77,016
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75,299
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Physical Occupancy
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96.1% vs. 95.8%
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96.1% vs. 96.1%
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96.2% vs. 95.9%
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Revenues
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2.4%
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0.4%
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3.0%
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Expenses
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4.3%
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(2.0%)
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2.9%
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NOI
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1.6%
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1.5%
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3.1%
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The following table reflects the detail of the change in Same Store Residential Revenues, which is presented on a GAAP basis showing Leasing Concessions on a straight-line basis.
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Fourth Quarter 2024 vs.
Fourth Quarter 2023
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Fourth Quarter 2024 vs.
Third Quarter 2024
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Full Year 2024 vs.
Full Year 2023
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% Change
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% Change
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% Change
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Same Store Residential Revenues-
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comparable period
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Lease rates
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1.8
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%
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0.1
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%
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2.3
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%
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Leasing Concessions
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0.0
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%
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0.0
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%
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(0.2
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%)
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Vacancy gain (loss)
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0.3
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%
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0.2
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%
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0.4
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%
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Bad Debt, Net (1)
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0.2
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%
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0.0
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%
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0.2
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%
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Other (2)
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0.2
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%
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0.1
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%
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0.3
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%
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Same Store Residential Revenues-
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current period
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2.5
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%
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0.4
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%
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3.0
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%
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(1)
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Change in rental income due to bad debt write-offs and reserves, net of amounts (including governmental rental assistance payments) collected on previously written-off or reserved accounts. The full year 2024 vs. full year 2023 improvement in Bad Debt, Net was less than assumed in the midpoint of our same store revenue guidance range. See page 13 for more detail.
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(2)
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Includes ancillary income, utility recoveries, early lease termination income, miscellaneous income and other items.
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See page 12 for detail and reconciliations of Same Store Residential Revenues on a GAAP basis to Same Store Residential Revenues with Leasing Concessions on a cash basis.
Residential Same Store Operating Statistics
The following table includes select operating metrics for Residential Same Store Properties (for 75,299 same store apartment units):
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Q4 2024
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Q3 2024
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Q4 2023
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Physical Occupancy
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96.1%
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96.1%
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95.8%
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Percentage of Residents Renewing by quarter
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61.3%
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56.7%
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59.0%
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New Lease Change
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(4.3%)
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(1.2%)
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(4.6%)
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Renewal Rate Achieved
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5.0%
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4.6%
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5.1%
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Blended Rate (1)
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1.0%
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2.0%
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0.7%
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(1) |
Blended Rates for Established Markets were 1.4%, 2.4% and 0.9% for Q4 2024, Q3 2024 and Q4 2023, respectively. See page 17.
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In the fourth quarter of 2024, Physical Occupancy and Blended Rate met our expectations and were consistent with seasonal patterns. For the first quarter of 2025, Blended Rate is expected to be between 1.4% and 2.2%.
Investment Activity
During the fourth quarter of 2024, the Company acquired three properties consisting of 795 apartment units, located in the Company’s Expansion Markets of Atlanta and Denver, for an aggregate acquisition price of approximately $274.3 million at a weighted average Acquisition Cap Rate of 5.2%. The acquired properties are one year old on average. During the fourth quarter of 2024, the Company sold seven properties, located in the Washington, D.C., Seattle, San Francisco and San Diego markets, consisting of 1,629 apartment units, for an aggregate sale price of approximately $610.1 million at a weighted average Disposition Yield of 5.2%. The properties sold during the fourth quarter of 2024 have an average age of 29 years.
During the full year of 2024, the Company acquired 18 properties, consisting of 5,373 apartment units, for an aggregate purchase price of approximately $1.6 billion at a weighted average Acquisition Cap Rate of 5.1%. The acquired properties are five years old on average. Also during the full year of 2024, the Company sold 13 properties consisting of 2,598 apartment units, for an aggregate sale price of approximately $975.6 million at a weighted average Disposition Yield of 5.4%. The properties sold during 2024 have an average age of 35 years.
During 2024, the Company completed four joint venture development projects in its Expansion Markets of Dallas/Ft. Worth and Denver, consisting of 1,262 apartment units, for a total cost of approximately $338.0 million. See the income (loss) from investments in unconsolidated entities line item on page 28 for the Company's 2025 guidance assumption for these and other unconsolidated assets. The Company also commenced construction in 2024 on three joint venture development projects in suburban Boston (two projects) and Seattle, consisting of 1,079 apartment units, for a total anticipated cost of approximately $539.4 million.
“We are particularly pleased with our progress in 2024 in adding almost $2 billion of newer, high quality assets to our Atlanta, Dallas and Denver Expansion Market portfolios, which we funded with a combination of older asset sales and opportunistically sourced long term debt. While operating conditions in these markets continue to be challenging given historically high new supply levels, we remain enthusiastic about the balance these markets will create in our portfolio from the strong rental growth we expect to see in future years once this supply is absorbed,” said Mr. Parrell.
First Quarter 2025 Guidance
The Company has established guidance ranges for the first quarter of 2025 EPS, FFO per share and Normalized FFO per share as listed below:
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Q1 2025
Guidance
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EPS
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$0.63 to $0.67
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FFO per share
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$0.89 to $0.93
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Normalized FFO per share
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$0.90 to $0.94
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The difference between the fourth quarter of 2024 actual EPS of $1.10 and the first quarter of 2025 EPS guidance midpoint of $0.65 is due primarily to lower expected property sale gains and the items described below.
The difference between the fourth quarter of 2024 actual FFO of $0.97 per share and the first quarter of 2025 FFO guidance midpoint of $0.91 per share is due primarily to the items described below.
The difference between the fourth quarter of 2024 actual Normalized FFO of $1.00 per share and the first quarter of 2025 Normalized FFO guidance midpoint of $0.92 per share is due primarily to:
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Expected
Positive/(Negative)
Impact
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First Quarter 2025 vs.
Fourth Quarter 2024
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Residential same store NOI
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$
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(0.03
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)
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2025 and 2024 transaction activity impact on NOI, net
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(0.02
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)
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Interest expense, net
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0.01
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Corporate overhead
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(0.03
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)
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Other items
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(0.01
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)
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Net
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$
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(0.08
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)
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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 affluent long-term renters. Equity Residential owns or has investments in 311 properties consisting of 84,249 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/Ft. Worth 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, government regulations and competition. These and 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.
A live web cast of the Company’s conference call discussing these results will take place tomorrow, Tuesday, February 4, 2025 at 10:00 a.m. CT. In connection with the conference call, the Company is also providing a Management Presentation on its website. Please visit the Investor section of the Company’s website at www.equityapartments.com for the webcast link.
Equity Residential
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Consolidated Statements of Operations
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(Amounts in thousands except per share data)
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(Unaudited)
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Year Ended December 31,
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Quarter Ended December 31,
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2024
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2023
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2024
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2023
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REVENUES
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Rental income
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$
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2,980,108
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|
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$
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2,873,964
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|
|
$
|
766,779
|
|
|
$
|
727,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and maintenance
|
|
|
529,737
|
|
|
|
514,575
|
|
|
|
133,388
|
|
|
|
123,138
|
|
Real estate taxes and insurance
|
|
|
432,089
|
|
|
|
412,114
|
|
|
|
111,637
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|
|
|
99,507
|
|
Property management
|
|
|
132,739
|
|
|
|
119,804
|
|
|
|
32,358
|
|
|
|
29,490
|
|
General and administrative
|
|
|
61,653
|
|
|
|
60,716
|
|
|
|
12,751
|
|
|
|
11,581
|
|
Depreciation
|
|
|
952,191
|
|
|
|
888,709
|
|
|
|
264,150
|
|
|
|
226,788
|
|
Total expenses
|
|
|
2,108,409
|
|
|
|
1,995,918
|
|
|
|
554,284
|
|
|
|
490,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain (loss) on sales of real estate properties
|
|
|
546,797
|
|
|
|
282,539
|
|
|
|
318,968
|
|
|
|
155,505
|
|
Interest and other income
|
|
|
30,329
|
|
|
|
22,345
|
|
|
|
3,828
|
|
|
|
11,049
|
|
Other expenses
|
|
|
(74,051
|
)
|
|
|
(29,419
|
)
|
|
|
(14,957
|
)
|
|
|
(8,902
|
)
|
Interest:
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense incurred, net
|
|
|
(285,735
|
)
|
|
|
(269,556
|
)
|
|
|
(79,973
|
)
|
|
|
(68,674
|
)
|
Amortization of deferred financing costs
|
|
|
(7,834
|
)
|
|
|
(8,941
|
)
|
|
|
(2,050
|
)
|
|
|
(1,918
|
)
|
Income before income and other taxes, income (loss) from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investments in unconsolidated entities and net gain (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
on sales of land parcels
|
|
|
1,081,205
|
|
|
|
875,014
|
|
|
|
438,311
|
|
|
|
324,056
|
|
Income and other tax (expense) benefit
|
|
|
(1,256
|
)
|
|
|
(1,148
|
)
|
|
|
(331
|
)
|
|
|
(256
|
)
|
Income (loss) from investments in unconsolidated entities
|
|
|
(8,974
|
)
|
|
|
(5,378
|
)
|
|
|
(4,109
|
)
|
|
|
(1,531
|
)
|
Net income
|
|
|
1,070,975
|
|
|
|
868,488
|
|
|
|
433,871
|
|
|
|
322,269
|
|
Net (income) loss attributable to Noncontrolling Interests:
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Partnership
|
|
|
(28,932
|
)
|
|
|
(26,710
|
)
|
|
|
(11,642
|
)
|
|
|
(9,536
|
)
|
Partially Owned Properties
|
|
|
(6,212
|
)
|
|
|
(6,340
|
)
|
|
|
(3,114
|
)
|
|
|
(1,041
|
)
|
Net income attributable to controlling interests
|
|
|
1,035,831
|
|
|
|
835,438
|
|
|
|
419,115
|
|
|
|
311,692
|
|
Preferred distributions
|
|
|
(1,613
|
)
|
|
|
(3,090
|
)
|
|
|
(355
|
)
|
|
|
(772
|
)
|
Premium on redemption of Preferred Shares
|
|
|
(1,444
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Net income available to Common Shares
|
|
$
|
1,032,774
|
|
|
$
|
832,348
|
|
|
$
|
418,760
|
|
|
$
|
310,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share – basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to Common Shares
|
|
$
|
2.73
|
|
|
$
|
2.20
|
|
|
$
|
1.10
|
|
|
$
|
0.82
|
|
Weighted average Common Shares outstanding
|
|
|
378,795
|
|
|
|
378,773
|
|
|
|
379,023
|
|
|
|
379,247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share – diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to Common Shares
|
|
$
|
2.72
|
|
|
$
|
2.20
|
|
|
$
|
1.10
|
|
|
$
|
0.82
|
|
Weighted average Common Shares outstanding
|
|
|
390,740
|
|
|
|
390,897
|
|
|
|
391,195
|
|
|
|
390,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions declared per Common Share outstanding
|
|
$
|
2.70
|
|
|
$
|
2.65
|
|
|
$
|
0.675
|
|
|
$
|
0.6625
|
|
Equity Residential
|
Consolidated Statements of Funds From Operations and Normalized Funds From Operations
|
(Amounts in thousands except per share and Unit data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
Quarter Ended December 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
Net income
|
|
$
|
1,070,975
|
|
|
$
|
868,488
|
|
|
$
|
433,871
|
|
|
$
|
322,269
|
|
Net (income) loss attributable to Noncontrolling Interests – Partially
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned Properties
|
|
(6,212
|
)
|
|
|
(6,340
|
)
|
|
|
(3,114
|
)
|
|
|
(1,041
|
)
|
Preferred distributions
|
|
|
(1,613
|
)
|
|
|
(3,090
|
)
|
|
|
(355
|
)
|
|
|
(772
|
)
|
Premium on redemption of Preferred Shares
|
|
|
(1,444
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Net income available to Common Shares and Units
|
|
|
1,061,706
|
|
|
|
859,058
|
|
|
|
430,402
|
|
|
|
320,456
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
952,191
|
|
|
|
888,709
|
|
|
|
264,150
|
|
|
|
226,788
|
|
Depreciation – Non-real estate additions
|
|
|
(3,791
|
)
|
|
|
(4,268
|
)
|
|
|
(952
|
)
|
|
|
(977
|
)
|
Depreciation – Partially Owned Properties
|
|
|
(2,132
|
)
|
|
|
(2,130
|
)
|
|
|
(487
|
)
|
|
|
(531
|
)
|
Depreciation – Unconsolidated Properties
|
|
|
7,191
|
|
|
|
2,860
|
|
|
|
3,310
|
|
|
|
939
|
|
Net (gain) loss on sales of unconsolidated entities - operating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
|
|
|
(515
|
)
|
|
|
—
|
|
|
|
195
|
|
|
|
—
|
|
Net (gain) loss on sales of real estate properties
|
|
|
(546,797
|
)
|
|
|
(282,539
|
)
|
|
|
(318,968
|
)
|
|
|
(155,505
|
)
|
Noncontrolling Interests share of gain (loss) on sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of real estate properties
|
|
|
1,857
|
|
|
|
2,336
|
|
|
|
1,857
|
|
|
|
—
|
|
FFO available to Common Shares and Units
|
|
|
1,469,710
|
|
|
|
1,464,026
|
|
|
|
379,507
|
|
|
|
391,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (see note for additional detail):
|
|
|
|
|
|
|
|
|
|
|
|
|
Write-off of pursuit costs
|
|
|
5,155
|
|
|
|
3,647
|
|
|
|
3,250
|
|
|
|
908
|
|
Debt extinguishment and preferred share redemption (gains)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses
|
|
|
1,444
|
|
|
|
1,143
|
|
|
|
—
|
|
|
|
—
|
|
Non-operating asset (gains) losses
|
|
|
(16,311
|
)
|
|
|
(13,323
|
)
|
|
|
1,141
|
|
|
|
(8,588
|
)
|
Other miscellaneous items
|
|
|
61,608
|
|
|
|
21,588
|
|
|
|
8,176
|
|
|
|
6,757
|
|
Normalized FFO available to Common Shares and Units
|
|
$
|
1,521,606
|
|
|
$
|
1,477,081
|
|
|
$
|
392,074
|
|
|
$
|
390,247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO
|
|
$
|
1,472,767
|
|
|
$
|
1,467,116
|
|
|
$
|
379,862
|
|
|
$
|
391,942
|
|
Preferred distributions
|
|
|
(1,613
|
)
|
|
|
(3,090
|
)
|
|
|
(355
|
)
|
|
|
(772
|
)
|
Premium on redemption of Preferred Shares
|
|
|
(1,444
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
FFO available to Common Shares and Units
|
|
$
|
1,469,710
|
|
|
$
|
1,464,026
|
|
|
$
|
379,507
|
|
|
$
|
391,170
|
|
FFO per share and Unit – basic
|
|
$
|
3.77
|
|
|
$
|
3.75
|
|
|
$
|
0.97
|
|
|
$
|
1.00
|
|
FFO per share and Unit – diluted
|
|
$
|
3.76
|
|
|
$
|
3.75
|
|
|
$
|
0.97
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Normalized FFO
|
|
$
|
1,523,219
|
|
|
$
|
1,480,171
|
|
|
$
|
392,429
|
|
|
$
|
391,019
|
|
Preferred distributions
|
|
|
(1,613
|
)
|
|
|
(3,090
|
)
|
|
|
(355
|
)
|
|
|
(772
|
)
|
Normalized FFO available to Common Shares and Units
|
|
$
|
1,521,606
|
|
|
$
|
1,477,081
|
|
|
$
|
392,074
|
|
|
$
|
390,247
|
|
Normalized FFO per share and Unit – basic
|
|
$
|
3.91
|
|
|
$
|
3.79
|
|
|
$
|
1.01
|
|
|
$
|
1.00
|
|
Normalized FFO per share and Unit – diluted
|
|
$
|
3.89
|
|
|
$
|
3.78
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average Common Shares and Units outstanding – basic
|
|
389,425
|
|
|
|
389,954
|
|
|
|
389,560
|
|
|
|
389,844
|
|
Weighted average Common Shares and Units outstanding – diluted
|
|
390,740
|
|
|
|
390,897
|
|
|
|
391,195
|
|
|
|
390,787
|
|
Note: See Adjustments from FFO to Normalized FFO for additional detail regarding the adjustments from FFO to Normalized FFO. See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for the definitions of non-GAAP financial measures and other terms as well as the reconciliations of EPS to FFO per share and Normalized FFO per share.
Equity Residential
|
Consolidated Balance Sheets
|
(Amounts in thousands except for share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
ASSETS
|
|
|
|
|
|
|
Land
|
|
$
|
5,606,531
|
|
|
$
|
5,581,876
|
|
Depreciable property
|
|
|
24,039,412
|
|
|
|
22,938,426
|
|
Projects under development
|
|
|
261,706
|
|
|
|
78,036
|
|
Land held for development
|
|
|
63,142
|
|
|
|
114,300
|
|
Investment in real estate
|
|
|
29,970,791
|
|
|
|
28,712,638
|
|
Accumulated depreciation
|
|
|
(10,412,463
|
)
|
|
|
(9,810,337
|
)
|
Investment in real estate, net
|
|
|
19,558,328
|
|
|
|
18,902,301
|
|
Investments in unconsolidated entities1
|
|
|
386,531
|
|
|
|
282,049
|
|
Cash and cash equivalents
|
|
|
62,302
|
|
|
|
50,743
|
|
Restricted deposits
|
|
|
97,864
|
|
|
|
89,252
|
|
Right-of-use assets
|
|
|
455,445
|
|
|
|
457,266
|
|
Other assets
|
|
|
273,706
|
|
|
|
252,953
|
|
Total assets
|
|
$
|
20,834,176
|
|
|
$
|
20,034,564
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
Mortgage notes payable, net
|
|
$
|
1,630,690
|
|
|
$
|
1,632,902
|
|
Notes, net
|
|
|
5,947,376
|
|
|
|
5,348,417
|
|
Line of credit and commercial paper
|
|
|
543,679
|
|
|
|
409,131
|
|
Accounts payable and accrued expenses
|
|
|
99,347
|
|
|
|
87,377
|
|
Accrued interest payable
|
|
|
74,176
|
|
|
|
65,716
|
|
Lease liabilities
|
|
|
304,897
|
|
|
|
311,640
|
|
Other liabilities
|
|
|
310,559
|
|
|
|
272,596
|
|
Security deposits
|
|
|
75,611
|
|
|
|
69,178
|
|
Distributions payable
|
|
|
263,494
|
|
|
|
259,231
|
|
Total liabilities
|
|
|
9,249,829
|
|
|
|
8,456,188
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable Noncontrolling Interests – Operating Partnership
|
|
|
338,563
|
|
|
|
289,248
|
|
Equity:
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
Preferred Shares of beneficial interest, $0.01 par value;
|
|
|
|
|
|
|
|
|
100,000,000 shares authorized; 343,100 shares issued and
|
|
|
|
|
|
|
|
|
outstanding as of December 31, 2024 and 745,600 shares issued
|
|
|
|
|
|
|
|
|
and outstanding as of December 31, 2023
|
|
|
17,155
|
|
|
|
37,280
|
|
Common Shares of beneficial interest, $0.01 par value;
|
|
|
|
|
|
|
|
|
1,000,000,000 shares authorized; 379,475,383 shares issued
|
|
|
|
|
|
|
|
|
and outstanding as of December 31, 2024 and 379,291,417
|
|
|
|
|
|
|
|
|
shares issued and outstanding as of December 31, 2023
|
|
|
3,795
|
|
|
|
3,793
|
|
Paid in capital
|
|
|
9,611,826
|
|
|
|
9,601,866
|
|
Retained earnings
|
|
|
1,407,570
|
|
|
|
1,437,185
|
|
Accumulated other comprehensive income (loss)
|
|
|
4,214
|
|
|
|
5,704
|
|
Total shareholders’ equity
|
|
|
11,044,560
|
|
|
|
11,085,828
|
|
Noncontrolling Interests:
|
|
|
|
|
|
|
Operating Partnership
|
|
|
201,942
|
|
|
|
202,306
|
|
Partially Owned Properties
|
|
|
(718
|
)
|
|
|
994
|
|
Total Noncontrolling Interests
|
|
|
201,224
|
|
|
|
203,300
|
|
Total equity
|
|
|
11,245,784
|
|
|
|
11,289,128
|
|
Total liabilities and equity
|
|
$
|
20,834,176
|
|
|
$
|
20,034,564
|
|
1 Includes $324.0 million and $220.2 million in unconsolidated projects (primarily development) as of December 31, 2024 and December 31, 2023, respectively. See Development and Lease-Up Projects for additional detail on unconsolidated projects.
Equity Residential
|
Portfolio Summary
|
As of December 31, 2024
|
|
|
|
|
|
|
|
|
% of
Stabilized
|
|
|
Average
|
|
|
|
|
|
|
Apartment
|
|
|
Budgeted
|
|
|
Rental
|
|
Markets/Metro Areas
|
|
Properties
|
|
|
Units
|
|
|
NOI
|
|
|
Rate
|
|
Established Markets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Los Angeles
|
|
|
58
|
|
|
|
14,733
|
|
|
|
16.7
|
%
|
|
$
|
2,942
|
|
Orange County
|
|
|
12
|
|
|
|
3,718
|
|
|
|
4.7
|
%
|
|
|
2,949
|
|
San Diego
|
|
|
11
|
|
|
|
2,649
|
|
|
|
3.7
|
%
|
|
|
3,189
|
|
Subtotal – Southern California
|
|
|
81
|
|
|
|
21,100
|
|
|
|
25.1
|
%
|
|
|
2,974
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington, D.C.
|
|
|
43
|
|
|
|
13,846
|
|
|
|
15.1
|
%
|
|
|
2,788
|
|
San Francisco
|
|
|
40
|
|
|
|
11,315
|
|
|
|
14.8
|
%
|
|
|
3,351
|
|
New York
|
|
|
34
|
|
|
|
8,536
|
|
|
|
14.1
|
%
|
|
|
4,690
|
|
Boston
|
|
|
27
|
|
|
|
7,237
|
|
|
|
11.3
|
%
|
|
|
3,643
|
|
Seattle
|
|
|
42
|
|
|
|
8,854
|
|
|
|
9.9
|
%
|
|
|
2,636
|
|
Subtotal – Established Markets
|
|
|
267
|
|
|
|
70,888
|
|
|
|
90.3
|
%
|
|
|
3,232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expansion Markets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Denver
|
|
|
15
|
|
|
|
4,408
|
|
|
|
4.0
|
%
|
|
|
2,369
|
|
Atlanta
|
|
|
14
|
|
|
|
4,356
|
|
|
|
3.1
|
%
|
|
|
2,020
|
|
Dallas/Ft. Worth
|
|
|
12
|
|
|
|
3,855
|
|
|
|
2.3
|
%
|
|
|
1,965
|
|
Austin
|
|
|
3
|
|
|
|
742
|
|
|
|
0.3
|
%
|
|
|
1,754
|
|
Subtotal – Expansion Markets
|
|
|
44
|
|
|
|
13,361
|
|
|
|
9.7
|
%
|
|
|
2,105
|
|
Total
|
|
|
311
|
|
|
|
84,249
|
|
|
|
100.0
|
%
|
|
$
|
3,056
|
|
|
|
Properties
|
|
Apartment Units
|
Wholly Owned Properties
|
|
295
|
|
80,331
|
Partially Owned Properties – Consolidated
|
|
12
|
|
2,656
|
Partially Owned Properties – Unconsolidated
|
|
4
|
|
1,262
|
|
|
311
|
|
84,249
|
Note: Projects under development are not included in the Portfolio Summary until construction has been completed.
Equity Residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Rollforward Q4 2024
|
($ in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Properties
|
|
|
Apartment
Units
|
|
|
Purchase
Price
|
|
|
Acquisition
Cap Rate
|
|
9/30/2024
|
|
|
312
|
|
|
|
84,018
|
|
|
|
|
|
|
|
Acquisitions:
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Rental Properties
|
|
|
2
|
|
|
|
568
|
|
|
$
|
183,000
|
|
|
|
5.0
|
%
|
Consolidated Rental Properties – Not Stabilized (1)
|
|
|
1
|
|
|
|
227
|
|
|
$
|
91,250
|
|
|
|
5.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales Price
|
|
|
Disposition
Yield
|
|
Dispositions:
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Rental Properties
|
|
|
(7
|
)
|
|
|
(1,629
|
)
|
|
$
|
(610,141
|
)
|
|
|
(5.2
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Completed Developments – Unconsolidated
|
|
|
3
|
|
|
|
1,053
|
|
|
|
|
|
|
|
Configuration Changes
|
|
|
—
|
|
|
|
12
|
|
|
|
|
|
|
|
12/31/2024
|
|
|
311
|
|
|
|
84,249
|
|
|
|
|
|
|
|
Portfolio Rollforward 2024
|
($ in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Properties
|
|
|
Apartment
Units
|
|
|
Purchase
Price
|
|
|
Acquisition
Cap Rate
|
|
12/31/2023
|
|
|
302
|
|
|
|
80,191
|
|
|
|
|
|
|
|
Acquisitions:
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Rental Properties
|
|
|
16
|
|
|
|
4,986
|
|
|
$
|
1,438,250
|
|
|
|
5.1
|
%
|
Consolidated Rental Properties – Not Stabilized (1)
|
|
|
2
|
|
|
|
387
|
|
|
$
|
153,845
|
|
|
|
5.5
|
%
|
Unconsolidated Land Parcels (2)
|
|
|
—
|
|
|
|
—
|
|
|
$
|
33,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales Price
|
|
|
Disposition
Yield
|
|
Dispositions:
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Rental Properties
|
|
|
(13
|
)
|
|
|
(2,598
|
)
|
|
$
|
(975,641
|
)
|
|
|
(5.4
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Completed Developments – Unconsolidated
|
|
|
4
|
|
|
|
1,262
|
|
|
|
|
|
|
|
Configuration Changes
|
|
|
—
|
|
|
|
21
|
|
|
|
|
|
|
|
12/31/2024
|
|
|
311
|
|
|
|
84,249
|
|
|
|
|
|
|
|
(1)
|
The Company acquired two properties during the year ended December 31, 2024, including a property in the Denver market in the fourth quarter of 2024, that are in lease-up and are expected to stabilize in their second year of ownership at the weighted average Acquisition Cap Rates listed above.
|
(2)
|
The Company previously entered into separate unconsolidated joint ventures for the purpose of developing vacant land parcels in suburban Boston, MA and suburban Seattle, WA. The joint ventures acquired their respective land parcels during the year ended December 31, 2024 for the total purchase price listed. The Company's total investment in these two joint ventures is approximately $90.9 million as of December 31, 2024. See Development and Lease-Up Projects for additional detail.
|
Equity Residential
|
|
|
|
|
|
|
|
Fourth Quarter 2024 vs. Fourth Quarter 2023
|
Same Store Results/Statistics Including 75,876 Same Store Apartment Units
|
(includes Residential and Non-Residential)
|
($ in thousands except for Average Rental Rate)
|
|
|
|
|
|
|
|
|
|
Results
|
|
|
Statistics
|
|
Description
|
|
Revenues
|
|
|
Expenses
|
|
|
NOI
|
|
|
Average
Rental
Rate
|
|
|
Physical
Occupancy
|
|
|
Turnover
|
|
Q4 2024
|
|
$
|
713,789
|
|
|
$
|
223,039
|
|
|
$
|
490,750
|
|
|
$
|
3,147
|
|
|
|
96.1
|
%
|
|
|
9.0
|
%
|
Q4 2023
|
|
$
|
696,874
|
|
|
$
|
213,905
|
|
|
$
|
482,969
|
|
|
$
|
3,080
|
|
|
|
95.8
|
%
|
|
|
9.4
|
%
|
Change
|
|
$
|
16,915
|
|
|
$
|
9,134
|
|
|
$
|
7,781
|
|
|
$
|
67
|
|
|
|
0.3
|
%
|
|
|
(0.4
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
|
|
|
2.4
|
%
|
|
|
4.3
|
%
|
|
|
1.6
|
%
|
|
|
2.2
|
%
|
|
|
|
|
|
|
Fourth Quarter 2024 vs. Third Quarter 2024
|
Same Store Results/Statistics Including 77,016 Same Store Apartment Units
|
(includes Residential and Non-Residential)
|
($ in thousands except for Average Rental Rate)
|
|
|
|
|
|
|
|
|
|
Results
|
|
|
Statistics
|
|
Description
|
|
Revenues
|
|
|
Expenses
|
|
|
NOI
|
|
|
Average
Rental
Rate
|
|
|
Physical
Occupancy
|
|
|
Turnover
|
|
Q4 2024
|
|
$
|
721,504
|
|
|
$
|
224,814
|
|
|
$
|
496,690
|
|
|
$
|
3,135
|
|
|
|
96.1
|
%
|
|
|
9.0
|
%
|
Q3 2024
|
|
$
|
718,813
|
|
|
$
|
229,507
|
|
|
$
|
489,306
|
|
|
$
|
3,125
|
|
|
|
96.1
|
%
|
|
|
13.3
|
%
|
Change
|
|
$
|
2,691
|
|
|
$
|
(4,693
|
)
|
|
$
|
7,384
|
|
|
$
|
10
|
|
|
|
0.0
|
%
|
|
|
(4.3
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
|
|
|
0.4
|
%
|
|
|
(2.0
|
%)
|
|
|
1.5
|
%
|
|
|
0.3
|
%
|
|
|
|
|
|
|
2024 vs. 2023
|
Same Store Results/Statistics Including 75,299 Same Store Apartment Units
|
(includes Residential and Non-Residential)
|
($ in thousands except for Average Rental Rate)
|
|
|
|
|
|
|
|
|
|
Results
|
|
|
Statistics
|
|
Description
|
|
Revenues
|
|
|
Expenses
|
|
|
NOI
|
|
|
Average
Rental
Rate
|
|
|
Physical
Occupancy
|
|
|
Turnover
|
|
2024
|
|
$
|
2,823,418
|
|
|
$
|
894,477
|
|
|
$
|
1,928,941
|
|
|
$
|
3,127
|
|
|
|
96.2
|
%
|
|
|
42.5
|
%
|
2023
|
|
$
|
2,740,193
|
|
|
$
|
869,635
|
|
|
$
|
1,870,558
|
|
|
$
|
3,047
|
|
|
|
95.9
|
%
|
|
|
44.0
|
%
|
Change
|
|
$
|
83,225
|
|
|
$
|
24,842
|
|
|
$
|
58,383
|
|
|
$
|
80
|
|
|
|
0.3
|
%
|
|
|
(1.5
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
|
|
|
3.0
|
%
|
|
|
2.9
|
%
|
|
|
3.1
|
%
|
|
|
2.6
|
%
|
|
|
|
|
|
|
Equity Residential
|
|
|
|
|
|
|
|
|
|
Same Store Residential Revenues – GAAP to Cash Basis (1)
|
($ in thousands)
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2024 vs. Fourth Quarter 2023
|
|
|
Fourth Quarter 2024 vs. Third Quarter 2024
|
|
|
2024 vs. 2023
|
|
|
75,876 Same Store Apartment Units
|
|
|
77,016 Same Store Apartment Units
|
|
|
75,299 Same Store Apartment Units
|
|
|
Q4 2024
|
|
|
Q4 2023
|
|
|
Q4 2024
|
|
|
Q3 2024
|
|
|
2024
|
|
|
2023
|
|
Same Store Residential Revenues (GAAP Basis)
|
$
|
688,118
|
|
|
$
|
671,373
|
|
|
$
|
695,808
|
|
|
$
|
693,324
|
|
|
$
|
2,716,579
|
|
|
$
|
2,638,467
|
|
Leasing Concessions amortized
|
|
5,036
|
|
|
|
4,724
|
|
|
|
5,326
|
|
|
|
5,217
|
|
|
|
19,698
|
|
|
|
14,508
|
|
Leasing Concessions granted
|
|
(5,822
|
)
|
|
|
(5,322
|
)
|
|
|
(5,944
|
)
|
|
|
(6,108
|
)
|
|
|
(20,125
|
)
|
|
|
(18,664
|
)
|
Same Store Residential Revenues with Leasing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concessions on a cash basis
|
$
|
687,332
|
|
|
$
|
670,775
|
|
|
$
|
695,190
|
|
|
$
|
692,433
|
|
|
$
|
2,716,152
|
|
|
$
|
2,634,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change - GAAP revenue
|
|
2.5
|
%
|
|
|
|
|
|
0.4
|
%
|
|
|
|
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change - cash revenue
|
|
2.5
|
%
|
|
|
|
|
|
0.4
|
%
|
|
|
|
|
|
3.1
|
%
|
|
|
|
(1) |
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional detail.
|
Same Store Net Operating Income By Quarter
|
Including 75,299 Same Store Apartment Units
|
(includes Residential and Non-Residential)
|
($ in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2024
|
|
|
Q3 2024
|
|
|
Q2 2024
|
|
|
Q1 2024
|
|
|
Q4 2023
|
|
Same store revenues
|
|
$
|
710,216
|
|
|
$
|
707,513
|
|
|
$
|
704,663
|
|
|
$
|
701,026
|
|
|
$
|
693,156
|
|
Same store expenses
|
|
|
222,179
|
|
|
|
225,459
|
|
|
|
220,203
|
|
|
|
226,636
|
|
|
|
212,904
|
|
Same store NOI
|
|
$
|
488,037
|
|
|
$
|
482,054
|
|
|
$
|
484,460
|
|
|
$
|
474,390
|
|
|
$
|
480,252
|
|
Equity Residential
|
|
|
|
|
|
|
|
|
|
|
Same Store Residential Accounts Receivable Balances
|
Including 75,299 Same Store Apartment Units
|
($ in thousands)
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet (Other assets):
|
|
December 31, 2024
|
|
|
September 30, 2024
|
|
|
December 31, 2023
|
|
Residential accounts receivable balances
|
|
$
|
14,453
|
|
|
$
|
15,088
|
|
|
$
|
20,528
|
|
Allowance for doubtful accounts
|
|
|
(9,536
|
)
|
|
|
(9,691
|
)
|
|
|
(15,210
|
)
|
Net receivable balances
|
$
|
4,917
|
|
|
$
|
5,397
|
|
|
$
|
5,318
|
|
|
|
|
|
|
|
|
|
|
|
Straight-line receivable balances
|
|
$
|
8,779
|
|
(1)
|
$
|
7,976
|
|
|
$
|
8,352
|
|
(1)
|
Total same store Residential Leasing Concessions granted in the fourth quarter of 2024 were approximately $5.8 million. The straight-line receivable balance of $8.8 million reflects Residential Leasing Concessions that the Company expects will be primarily recognized as a reduction of rental revenues in 2025.
|
Same Store Residential Bad Debt
|
Including 75,299 Same Store Apartment Units
|
($ in thousands)
|
|
|
|
|
|
|
|
|
|
|
Income Statement (Rental income):
|
|
Q4 2024
|
|
|
Q3 2024
|
|
|
Q4 2023
|
|
Bad debts before governmental rental assistance
|
|
$
|
7,927
|
|
|
$
|
7,513
|
|
|
$
|
9,060
|
|
Governmental rental assistance received
|
|
(362
|
)
|
|
|
(290
|
)
|
|
|
(376
|
)
|
Bad Debt, Net
|
|
$
|
7,565
|
|
|
$
|
7,223
|
|
|
$
|
8,684
|
|
|
|
|
|
|
|
|
|
|
|
Bad Debt, Net as a % of Same Store Residential Revenues (1)
|
|
1.1
|
%
|
|
|
1.1
|
%
|
|
|
1.3
|
%
|
(1) |
Bad Debt, Net remained relatively constant in Q4 2024 versus Q4 2023 as compared to the Company's guidance assumption of continuing improvement.
|
Equity Residential
|
Fourth Quarter 2024 vs. Fourth Quarter 2023
|
Same Store Residential Results/Statistics by Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) from Prior Year's Quarter
|
|
Markets/Metro Areas
|
|
Apartment
Units
|
|
Q4 2024
% of
Actual
NOI
|
|
Q4 2024
Average
Rental
Rate
|
|
Q4 2024
Weighted
Average
Physical
Occupancy %
|
|
Q4 2024
Turnover
|
|
Revenues
|
|
Expenses
|
|
NOI
|
|
Average
Rental
Rate
|
|
Physical
Occupancy
|
|
Turnover
|
Los Angeles
|
|
|
14,136
|
|
|
|
17.5
|
%
|
|
$
|
2,939
|
|
|
|
95.8
|
%
|
|
|
9.6
|
%
|
|
|
1.8
|
%
|
|
|
4.8
|
%
|
|
|
0.5
|
%
|
|
|
1.0
|
%
|
|
|
0.7
|
%
|
|
|
(1.3
|
%)
|
Orange County
|
|
|
3,718
|
|
|
|
5.2
|
%
|
|
|
2,949
|
|
|
|
95.6
|
%
|
|
|
9.4
|
%
|
|
|
1.4
|
%
|
|
|
8.0
|
%
|
|
|
(0.4
|
%)
|
|
|
2.1
|
%
|
|
|
(0.7
|
%)
|
|
|
0.7
|
%
|
San Diego
|
|
|
2,649
|
|
|
|
4.1
|
%
|
|
|
3,189
|
|
|
|
95.8
|
%
|
|
|
9.6
|
%
|
|
|
2.0
|
%
|
|
|
0.9
|
%
|
|
|
2.3
|
%
|
|
|
1.3
|
%
|
|
|
0.6
|
%
|
|
|
(1.4
|
%)
|
Subtotal – Southern California
|
|
20,503
|
|
|
|
26.8
|
%
|
|
|
2,973
|
|
|
|
95.7
|
%
|
|
|
9.5
|
%
|
|
|
1.7
|
%
|
|
|
4.8
|
%
|
|
|
0.6
|
%
|
|
|
1.3
|
%
|
|
|
0.4
|
%
|
|
|
(1.0
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco
|
|
|
11,093
|
|
|
|
16.2
|
%
|
|
|
3,355
|
|
|
|
96.1
|
%
|
|
|
10.4
|
%
|
|
|
2.1
|
%
|
|
|
(0.6
|
%)
|
|
|
3.2
|
%
|
|
|
1.4
|
%
|
|
|
0.7
|
%
|
|
|
(0.5
|
%)
|
Washington, D.C.
|
|
|
13,534
|
|
|
|
16.0
|
%
|
|
|
2,792
|
|
|
|
96.6
|
%
|
|
|
8.0
|
%
|
|
|
4.2
|
%
|
|
|
6.6
|
%
|
|
|
3.2
|
%
|
|
|
4.7
|
%
|
|
|
(0.4
|
%)
|
|
|
0.0
|
%
|
New York
|
|
|
8,536
|
|
|
|
14.5
|
%
|
|
|
4,690
|
|
|
|
97.4
|
%
|
|
|
6.5
|
%
|
|
|
3.6
|
%
|
|
|
4.8
|
%
|
|
|
2.7
|
%
|
|
|
2.7
|
%
|
|
|
0.8
|
%
|
|
|
(0.4
|
%)
|
Boston
|
|
|
7,077
|
|
|
|
11.1
|
%
|
|
|
3,665
|
|
|
|
95.3
|
%
|
|
|
7.8
|
%
|
|
|
2.2
|
%
|
|
|
6.6
|
%
|
|
|
0.5
|
%
|
|
|
2.7
|
%
|
|
|
(0.5
|
%)
|
|
|
(0.8
|
%)
|
Seattle
|
|
|
8,853
|
|
|
|
10.3
|
%
|
|
|
2,636
|
|
|
|
96.3
|
%
|
|
|
9.1
|
%
|
|
|
4.1
|
%
|
|
|
3.3
|
%
|
|
|
4.4
|
%
|
|
|
3.1
|
%
|
|
|
1.0
|
%
|
|
|
0.9
|
%
|
Denver
|
|
|
2,792
|
|
|
|
2.8
|
%
|
|
|
2,383
|
|
|
|
96.0
|
%
|
|
|
12.0
|
%
|
|
|
(1.2
|
%)
|
|
|
5.6
|
%
|
|
|
(3.9
|
%)
|
|
|
(1.2
|
%)
|
|
|
0.0
|
%
|
|
|
0.2
|
%
|
Other Expansion Markets
|
|
|
3,488
|
|
|
|
2.3
|
%
|
|
|
1,913
|
|
|
|
94.8
|
%
|
|
|
10.9
|
%
|
|
|
(4.8
|
%)
|
|
|
0.4
|
%
|
|
|
(8.3
|
%)
|
|
|
(4.8
|
%)
|
|
|
0.0
|
%
|
|
|
(1.9
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
75,876
|
|
|
|
100.0
|
%
|
|
$
|
3,147
|
|
|
|
96.1
|
%
|
|
|
9.0
|
%
|
|
|
2.5
|
%
|
|
|
4.2
|
%
|
|
|
1.7
|
%
|
|
|
2.2
|
%
|
|
|
0.3
|
%
|
|
|
(0.4
|
%)
|
Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the year ended December 31, 2024.
Equity Residential
|
Fourth Quarter 2024 vs. Third Quarter 2024
|
Same Store Residential Results/Statistics by Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) from Prior Quarter
|
|
Markets/Metro Areas
|
|
Apartment
Units
|
|
Q4 2024
% of
Actual
NOI
|
|
Q4 2024
Average
Rental
Rate
|
|
Q4 2024
Weighted
Average
Physical
Occupancy %
|
|
Q4 2024
Turnover
|
|
Revenues
|
|
Expenses
|
|
NOI
|
|
Average
Rental
Rate
|
|
Physical
Occupancy
|
|
Turnover
|
Los Angeles
|
|
|
14,136
|
|
|
|
17.3
|
%
|
|
$
|
2,939
|
|
|
|
95.8
|
%
|
|
|
9.6
|
%
|
|
|
0.3
|
%
|
|
|
(2.5
|
%)
|
|
|
1.5
|
%
|
|
|
0.0
|
%
|
|
|
0.3
|
%
|
|
|
(2.9
|
%)
|
Orange County
|
|
|
3,718
|
|
|
|
5.1
|
%
|
|
|
2,949
|
|
|
|
95.6
|
%
|
|
|
9.4
|
%
|
|
|
(0.1
|
%)
|
|
|
(2.1
|
%)
|
|
|
0.5
|
%
|
|
|
0.4
|
%
|
|
|
(0.5
|
%)
|
|
|
(1.3
|
%)
|
San Diego
|
|
|
2,649
|
|
|
|
4.0
|
%
|
|
|
3,189
|
|
|
|
95.8
|
%
|
|
|
9.6
|
%
|
|
|
0.7
|
%
|
|
|
(6.9
|
%)
|
|
|
2.9
|
%
|
|
|
0.5
|
%
|
|
|
0.1
|
%
|
|
|
(2.7
|
%)
|
Subtotal – Southern California
|
|
20,503
|
|
|
|
26.4
|
%
|
|
|
2,973
|
|
|
|
95.7
|
%
|
|
|
9.5
|
%
|
|
|
0.3
|
%
|
|
|
(2.9
|
%)
|
|
|
1.5
|
%
|
|
|
0.1
|
%
|
|
|
0.1
|
%
|
|
|
(2.6
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco
|
|
|
11,315
|
|
|
|
16.4
|
%
|
|
|
3,352
|
|
|
|
96.1
|
%
|
|
|
10.3
|
%
|
|
|
0.7
|
%
|
|
|
(6.6
|
%)
|
|
|
3.9
|
%
|
|
|
0.4
|
%
|
|
|
0.3
|
%
|
|
|
(2.3
|
%)
|
Washington, D.C.
|
|
|
13,846
|
|
|
|
16.2
|
%
|
|
|
2,788
|
|
|
|
96.6
|
%
|
|
|
8.0
|
%
|
|
|
0.6
|
%
|
|
|
(6.3
|
%)
|
|
|
4.0
|
%
|
|
|
0.6
|
%
|
|
|
0.0
|
%
|
|
|
(6.1
|
%)
|
New York
|
|
|
8,536
|
|
|
|
14.3
|
%
|
|
|
4,690
|
|
|
|
97.4
|
%
|
|
|
6.5
|
%
|
|
|
0.5
|
%
|
|
|
0.8
|
%
|
|
|
0.2
|
%
|
|
|
0.5
|
%
|
|
|
0.0
|
%
|
|
|
(4.5
|
%)
|
Boston
|
|
|
7,077
|
|
|
|
10.9
|
%
|
|
|
3,665
|
|
|
|
95.3
|
%
|
|
|
7.8
|
%
|
|
|
0.3
|
%
|
|
|
5.8
|
%
|
|
|
(1.9
|
%)
|
|
|
1.1
|
%
|
|
|
(0.8
|
%)
|
|
|
(7.1
|
%)
|
Seattle
|
|
|
8,853
|
|
|
|
10.2
|
%
|
|
|
2,636
|
|
|
|
96.3
|
%
|
|
|
9.1
|
%
|
|
|
0.4
|
%
|
|
|
(7.3
|
%)
|
|
|
3.7
|
%
|
|
|
0.3
|
%
|
|
|
0.2
|
%
|
|
|
(4.9
|
%)
|
Denver
|
|
|
2,792
|
|
|
|
2.8
|
%
|
|
|
2,383
|
|
|
|
96.0
|
%
|
|
|
12.0
|
%
|
|
|
(0.6
|
%)
|
|
|
(1.9
|
%)
|
|
|
(0.1
|
%)
|
|
|
(0.8
|
%)
|
|
|
0.2
|
%
|
|
|
(5.8
|
%)
|
Other Expansion Markets
|
|
|
4,094
|
|
|
|
2.8
|
%
|
|
|
1,904
|
|
|
|
95.0
|
%
|
|
|
10.7
|
%
|
|
|
(1.6
|
%)
|
|
|
12.2
|
%
|
(1)
|
|
(9.3
|
%)
|
|
|
(1.5
|
%)
|
|
|
(0.1
|
%)
|
|
|
(5.3
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
77,016
|
|
|
|
100.0
|
%
|
|
$
|
3,135
|
|
|
|
96.1
|
%
|
|
|
9.0
|
%
|
|
|
0.4
|
%
|
|
|
(2.2
|
%)
|
|
|
1.6
|
%
|
|
|
0.3
|
%
|
|
|
0.0
|
%
|
|
|
(4.3
|
%)
|
(1) |
Expense increase primarily due to favorable Texas real estate taxes in the third quarter of 2024.
|
Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the year ended December 31, 2024.
Equity Residential
|
2024 vs. 2023
|
Same Store Residential Results/Statistics by Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) from Prior Year
|
|
Markets/Metro Areas
|
|
Apartment
Units
|
|
2024
% of
Actual
NOI
|
|
2024
Average
Rental
Rate
|
|
2024
Weighted
Average
Physical
Occupancy %
|
|
2024
Turnover
|
|
Revenues
|
|
Expenses
|
|
NOI
|
|
Average
Rental
Rate
|
|
Physical
Occupancy
|
|
Turnover
|
Los Angeles
|
|
|
14,136
|
|
|
|
17.7
|
%
|
|
$
|
2,933
|
|
|
|
95.6
|
%
|
|
|
43.3
|
%
|
|
|
2.9
|
%
|
|
|
2.8
|
%
|
|
|
2.9
|
%
|
|
|
2.5
|
%
|
|
|
0.3
|
%
|
|
|
(1.2
|
%)
|
Orange County
|
|
|
3,718
|
|
|
|
5.3
|
%
|
|
|
2,925
|
|
|
|
95.9
|
%
|
|
|
38.2
|
%
|
|
|
3.4
|
%
|
|
|
5.4
|
%
|
|
|
2.8
|
%
|
|
|
3.7
|
%
|
|
|
(0.4
|
%)
|
|
|
0.6
|
%
|
San Diego
|
|
|
2,649
|
|
|
|
4.1
|
%
|
|
|
3,167
|
|
|
|
95.9
|
%
|
|
|
40.6
|
%
|
|
|
4.1
|
%
|
|
|
1.5
|
%
|
|
|
4.8
|
%
|
|
|
3.5
|
%
|
|
|
0.5
|
%
|
|
|
(1.3
|
%)
|
Subtotal – Southern California
|
|
20,503
|
|
|
|
27.1
|
%
|
|
|
2,962
|
|
|
|
95.7
|
%
|
|
|
42.0
|
%
|
|
|
3.1
|
%
|
|
|
3.0
|
%
|
|
|
3.1
|
%
|
|
|
2.9
|
%
|
|
|
0.2
|
%
|
|
|
(0.9
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco
|
|
|
11,093
|
|
|
|
16.1
|
%
|
|
|
3,326
|
|
|
|
96.1
|
%
|
|
|
44.2
|
%
|
|
|
1.6
|
%
|
|
|
0.3
|
%
|
|
|
2.2
|
%
|
|
|
1.1
|
%
|
|
|
0.5
|
%
|
|
|
(0.1
|
%)
|
Washington, D.C.
|
|
|
13,534
|
|
|
|
15.9
|
%
|
|
|
2,743
|
|
|
|
96.8
|
%
|
|
|
40.7
|
%
|
|
|
4.6
|
%
|
|
|
3.9
|
%
|
|
|
5.0
|
%
|
|
|
4.6
|
%
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
New York
|
|
|
8,536
|
|
|
|
14.6
|
%
|
|
|
4,640
|
|
|
|
97.3
|
%
|
|
|
33.6
|
%
|
|
|
3.6
|
%
|
|
|
4.2
|
%
|
|
|
3.2
|
%
|
|
|
3.0
|
%
|
|
|
0.5
|
%
|
|
|
(3.6
|
%)
|
Boston
|
|
|
7,077
|
|
|
|
11.3
|
%
|
|
|
3,615
|
|
|
|
96.0
|
%
|
|
|
41.5
|
%
|
|
|
3.6
|
%
|
|
|
2.3
|
%
|
|
|
4.1
|
%
|
|
|
3.6
|
%
|
|
|
0.0
|
%
|
|
|
(2.6
|
%)
|
Seattle
|
|
|
8,853
|
|
|
|
10.2
|
%
|
|
|
2,607
|
|
|
|
96.2
|
%
|
|
|
45.2
|
%
|
|
|
2.3
|
%
|
|
|
4.5
|
%
|
|
|
1.4
|
%
|
|
|
1.2
|
%
|
|
|
1.0
|
%
|
|
|
(3.1
|
%)
|
Denver
|
|
|
2,505
|
|
|
|
2.6
|
%
|
|
|
2,410
|
|
|
|
96.2
|
%
|
|
|
54.9
|
%
|
|
|
0.0
|
%
|
|
|
1.1
|
%
|
|
|
(0.5
|
%)
|
|
|
0.2
|
%
|
|
|
(0.1
|
%)
|
|
|
(3.2
|
%)
|
Other Expansion Markets
|
|
|
3,198
|
|
|
|
2.2
|
%
|
|
|
1,946
|
|
|
|
95.1
|
%
|
|
|
56.9
|
%
|
|
|
(1.7
|
%)
|
|
|
(4.3
|
%)
|
(1)
|
|
0.2
|
%
|
|
|
(2.2
|
%)
|
|
|
0.3
|
%
|
|
|
(1.0
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
75,299
|
|
|
|
100.0
|
%
|
|
$
|
3,127
|
|
|
|
96.2
|
%
|
|
|
42.5
|
%
|
|
|
3.0
|
%
|
|
|
2.8
|
%
|
|
|
3.1
|
%
|
|
|
2.6
|
%
|
|
|
0.3
|
%
|
|
|
(1.5
|
%)
|
(1) |
Expense decline primarily due to favorable Texas real estate taxes in the third quarter of 2024.
|
Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the year ended December 31, 2024.
Equity Residential
|
|
|
|
|
|
|
|
|
|
|
Same Store Residential Net Effective Lease Pricing Statistics
|
For 75,299 Same Store Apartment Units
|
|
|
|
|
|
|
|
|
|
|
|
|
New Lease Change (1)
|
|
|
Renewal Rate Achieved (1)
|
|
|
Blended Rate (1)
|
|
Markets/Metro Areas
|
|
Q4 2024
|
|
|
Q3 2024
|
|
|
Q4 2024
|
|
|
Q3 2024
|
|
|
Q4 2024
|
|
|
Q3 2024
|
|
Southern California
|
|
|
(4.8
|
%)
|
|
|
(2.7
|
%)
|
|
|
4.4
|
%
|
|
|
4.2
|
%
|
|
|
0.4
|
%
|
|
|
0.9
|
%
|
San Francisco
|
|
|
(2.7
|
%)
|
|
|
(1.2
|
%)
|
|
|
6.6
|
%
|
|
|
5.3
|
%
|
|
|
2.5
|
%
|
|
|
2.0
|
%
|
Washington, D.C.
|
|
|
(2.7
|
%)
|
|
|
2.3
|
%
|
|
|
5.5
|
%
|
|
|
5.2
|
%
|
|
|
1.9
|
%
|
|
|
3.9
|
%
|
New York
|
|
|
(1.6
|
%)
|
|
|
0.9
|
%
|
|
|
4.3
|
%
|
|
|
4.1
|
%
|
|
|
2.3
|
%
|
|
|
2.9
|
%
|
Boston
|
|
|
(4.7
|
%)
|
|
|
1.5
|
%
|
|
|
4.4
|
%
|
|
|
5.1
|
%
|
|
|
1.1
|
%
|
|
|
3.6
|
%
|
Seattle
|
|
|
(6.1
|
%)
|
|
|
(4.0
|
%)
|
|
|
6.9
|
%
|
|
|
4.8
|
%
|
|
|
0.5
|
%
|
|
|
0.8
|
%
|
Subtotal – Established Markets
|
|
|
(3.7
|
%)
|
|
|
(0.5
|
%)
|
|
|
5.1
|
%
|
|
|
4.7
|
%
|
|
|
1.4
|
%
|
|
|
2.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denver
|
|
|
(12.5
|
%)
|
|
|
(10.0
|
%)
|
|
|
2.8
|
%
|
|
|
4.3
|
%
|
|
|
(5.4
|
%)
|
|
|
(3.1
|
%)
|
Other Expansion Markets
|
|
|
(13.5
|
%)
|
|
|
(13.9
|
%)
|
|
|
1.7
|
%
|
|
|
1.3
|
%
|
|
|
(7.0
|
%)
|
|
|
(6.9
|
%)
|
Subtotal – Expansion Markets
|
|
|
(13.0
|
%)
|
|
|
(11.8
|
%)
|
|
|
2.3
|
%
|
|
|
2.9
|
%
|
|
|
(6.1
|
%)
|
|
|
(4.9
|
%)
|
Total
|
|
|
(4.3
|
%)
|
|
|
(1.2
|
%)
|
|
|
5.0
|
%
|
|
|
4.6
|
%
|
|
|
1.0
|
%
|
|
|
2.0
|
%
|
(1) |
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for definitions.
|
Equity Residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2024 vs. Fourth Quarter 2023
|
Total Same Store Operating Expenses Including 75,876 Same Store Apartment Units
|
(includes Residential and Non-Residential)
|
($ in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2024
|
|
|
Q4 2023
|
|
|
$
Change
|
|
|
%
Change
|
|
|
% of
Q4 2024
Operating
Expenses
|
|
Real estate taxes
|
|
$
|
92,665
|
|
|
$
|
89,587
|
|
|
$
|
3,078
|
|
|
|
3.4
|
%
|
|
|
41.5
|
%
|
On-site payroll
|
|
|
41,772
|
|
|
|
41,315
|
|
|
|
457
|
|
|
|
1.1
|
%
|
|
|
18.7
|
%
|
Utilities
|
|
|
35,655
|
|
|
|
33,764
|
|
|
|
1,891
|
|
|
|
5.6
|
%
|
|
|
16.0
|
%
|
Repairs and maintenance
|
|
|
27,998
|
|
|
|
26,495
|
|
|
|
1,503
|
|
|
|
5.7
|
%
|
|
|
12.6
|
%
|
Insurance
|
|
|
9,179
|
|
|
|
8,344
|
|
|
|
835
|
|
|
|
10.0
|
%
|
|
|
4.1
|
%
|
Leasing and advertising
|
|
|
3,162
|
|
|
|
2,625
|
|
|
|
537
|
|
|
|
20.5
|
%
|
|
|
1.4
|
%
|
Other on-site operating expenses
|
|
|
12,608
|
|
|
|
11,775
|
|
|
|
833
|
|
|
|
7.1
|
%
|
|
|
5.7
|
%
|
Total Same Store Operating Expenses (2)
|
|
$
|
223,039
|
|
|
$
|
213,905
|
|
|
$
|
9,134
|
|
|
|
4.3
|
%
|
|
|
100.0
|
%
|
2024 vs. 2023
|
Total Same Store Operating Expenses Including 75,299 Same Store Apartment Units
|
(includes Residential and Non-Residential)
|
($ in thousands)
|
|
|
|
2024
|
|
|
2023
|
|
|
$
Change (1)
|
|
|
%
Change
|
|
|
% of
2024
Operating
Expenses
|
|
Real estate taxes
|
|
$
|
368,087
|
|
|
$
|
356,847
|
|
|
$
|
11,240
|
|
|
|
3.1
|
%
|
|
|
41.1
|
%
|
On-site payroll
|
|
|
168,006
|
|
|
|
167,486
|
|
|
|
520
|
|
|
|
0.3
|
%
|
|
|
18.8
|
%
|
Utilities
|
|
|
139,116
|
|
|
|
135,721
|
|
|
|
3,395
|
|
|
|
2.5
|
%
|
|
|
15.6
|
%
|
Repairs and maintenance
|
|
|
118,829
|
|
|
|
116,529
|
|
|
|
2,300
|
|
|
|
2.0
|
%
|
|
|
13.3
|
%
|
Insurance
|
|
|
36,551
|
|
|
|
33,227
|
|
|
|
3,324
|
|
|
|
10.0
|
%
|
|
|
4.1
|
%
|
Leasing and advertising
|
|
|
10,935
|
|
|
|
10,302
|
|
|
|
633
|
|
|
|
6.1
|
%
|
|
|
1.2
|
%
|
Other on-site operating expenses
|
|
|
52,953
|
|
|
|
49,523
|
|
|
|
3,430
|
|
|
|
6.9
|
%
|
|
|
5.9
|
%
|
Total Same Store Operating Expenses (2)
|
|
$
|
894,477
|
|
|
$
|
869,635
|
|
|
$
|
24,842
|
|
|
|
2.9
|
%
|
|
|
100.0
|
%
|
(1)
|
The year-over-year changes were primarily driven by the following factors:
|
|
|
|
Real estate taxes – Increase due to escalation in rates and assessed values including an approximately one percentage point contribution to growth from 421-a tax abatement burnoffs in New York City. Once the burnoffs are completed, previously rent-restricted apartment units will transition to market.
|
|
|
|
On-site payroll – Modest increase primarily driven by higher wages, partially offset by the impact of various innovation initiatives.
|
|
|
|
Utilities – Increase primarily driven by higher water, sewer and trash expense, partially offset by lower commodity prices for gas and electric.
|
|
|
|
Repairs and maintenance – Increase primarily driven by higher minimum wage on contracted services, partially offset by lower resident Turnover compared to the same period of 2023.
|
|
|
|
Insurance – Increase due to higher premiums on property insurance renewal due to conditions in the insurance market that while less difficult than recent years, remain challenging.
|
|
|
|
Other on-site operating expenses – Increase primarily driven by higher property-related legal expenses.
|
|
|
(2)
|
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details.
|
Equity Residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Summary as of December 31, 2024
|
($ in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
Balances (1)
|
|
|
% of Total
|
|
|
Weighted
Average
Rates (1)
|
|
|
Weighted
Average
Maturities
(years)
|
|
Secured
|
|
$
|
1,630,690
|
|
|
|
20.1
|
%
|
|
|
3.84
|
%
|
|
|
6.9
|
|
Unsecured
|
|
|
6,491,055
|
|
|
|
79.9
|
%
|
|
|
3.70
|
%
|
|
|
7.3
|
|
Total
|
|
$
|
8,121,745
|
|
|
|
100.0
|
%
|
|
|
3.73
|
%
|
|
|
7.2
|
|
Fixed Rate Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured – Conventional
|
|
$
|
1,401,099
|
|
|
|
17.3
|
%
|
|
|
3.89
|
%
|
|
|
6.4
|
|
Unsecured – Public
|
|
|
5,947,376
|
|
|
|
73.2
|
%
|
|
|
3.54
|
%
|
|
|
8.0
|
|
Fixed Rate Debt
|
|
|
7,348,475
|
|
|
|
90.5
|
%
|
|
|
3.61
|
%
|
|
|
7.7
|
|
Floating Rate Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured – Tax Exempt
|
|
|
229,591
|
|
|
|
2.8
|
%
|
|
|
3.54
|
%
|
|
|
9.9
|
|
Unsecured – Revolving Credit Facility
|
|
|
—
|
|
|
|
—
|
|
|
|
5.98
|
%
|
|
|
2.8
|
|
Unsecured – Commercial Paper Program (2)
|
|
|
543,679
|
|
|
|
6.7
|
%
|
|
|
5.25
|
%
|
|
|
—
|
|
Floating Rate Debt
|
|
|
773,270
|
|
|
|
9.5
|
%
|
|
|
4.74
|
%
|
|
|
3.0
|
|
Total
|
|
$
|
8,121,745
|
|
|
|
100.0
|
%
|
|
|
3.73
|
%
|
|
|
7.2
|
|
(1)
|
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details.
|
(2)
|
At December 31, 2024, the weighted average maturity of commercial paper outstanding was 13 days. The weighted average amount outstanding for the year ended December 31, 2024 was approximately $535.7 million.
|
Note: The Company capitalized interest of approximately $14.5 million and $12.3 million during the years ended December 31, 2024 and 2023, respectively. The Company capitalized interest of approximately $3.8 million and $2.7 million during the quarters ended December 31, 2024 and 2023, respectively.
Equity Residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Maturity Schedule as of December 31, 2024
|
($ in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
|
|
Fixed
Rate
|
|
|
Floating
Rate
|
|
|
Total
|
|
|
% of Total
|
|
|
Weighted
Average Coupons
on Fixed
Rate Debt (1)
|
|
|
Weighted
Average
Coupons on
Total Debt (1)
|
|
2025
|
|
$
|
450,000
|
|
|
$
|
552,595
|
|
(2)
|
$
|
1,002,595
|
|
|
|
12.2
|
%
|
|
|
3.38
|
%
|
|
|
4.04
|
%
|
2026
|
|
|
592,025
|
|
|
|
9,000
|
|
|
|
601,025
|
|
|
|
7.3
|
%
|
|
|
3.58
|
%
|
|
|
3.58
|
%
|
2027
|
|
|
400,000
|
|
|
|
9,800
|
|
|
|
409,800
|
|
|
|
5.0
|
%
|
|
|
3.25
|
%
|
|
|
3.25
|
%
|
2028
|
|
|
900,000
|
|
|
|
10,700
|
|
|
|
910,700
|
|
|
|
11.1
|
%
|
|
|
3.79
|
%
|
|
|
3.78
|
%
|
2029
|
|
|
888,120
|
|
|
|
11,500
|
|
|
|
899,620
|
|
|
|
11.0
|
%
|
|
|
3.30
|
%
|
|
|
3.30
|
%
|
2030
|
|
|
1,148,462
|
|
|
|
12,700
|
|
|
|
1,161,162
|
|
|
|
14.2
|
%
|
|
|
2.53
|
%
|
|
|
2.54
|
%
|
2031
|
|
|
528,500
|
|
|
|
39,800
|
|
|
|
568,300
|
|
|
|
6.9
|
%
|
|
|
1.94
|
%
|
|
|
2.03
|
%
|
2032
|
|
|
—
|
|
|
|
28,100
|
|
|
|
28,100
|
|
|
|
0.4
|
%
|
|
|
—
|
|
|
|
3.58
|
%
|
2033
|
|
|
550,000
|
|
|
|
2,300
|
|
|
|
552,300
|
|
|
|
6.7
|
%
|
|
|
5.22
|
%
|
|
|
5.21
|
%
|
2034
|
|
|
600,000
|
|
|
|
2,400
|
|
|
|
602,400
|
|
|
|
7.4
|
%
|
|
|
4.65
|
%
|
|
|
4.64
|
%
|
2035+
|
|
|
1,350,850
|
|
|
|
106,200
|
|
|
|
1,457,050
|
|
|
|
17.8
|
%
|
|
|
4.39
|
%
|
|
|
4.24
|
%
|
Subtotal
|
|
|
7,407,957
|
|
|
|
785,095
|
|
|
|
8,193,052
|
|
|
|
100.0
|
%
|
|
|
3.62
|
%
|
|
|
3.66
|
%
|
Deferred Financing Costs and Unamortized (Discount)
|
|
|
(59,482
|
)
|
|
|
(11,825
|
)
|
|
|
(71,307
|
)
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
Total
|
|
$
|
7,348,475
|
|
|
$
|
773,270
|
|
|
$
|
8,121,745
|
|
|
|
100.0
|
%
|
|
|
3.62
|
%
|
|
|
3.66
|
%
|
(1) |
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details.
|
(2) |
Includes $544.5 million in principal outstanding on the Company's Commercial Paper Program.
|
Equity Residential
|
|
|
|
|
|
Selected Unsecured Public Debt Covenants
|
|
|
|
|
|
|