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Equity Residential (EQR) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

Equity Residential

CIK: 906107 Ticker: EQR

 

Exhibit 99.1

 

 

 

 

NEWS RELEASE - FOR IMMEDIATE RELEASE

 

JULY 25, 2017

 

Equity Residential Reports Second Quarter 2017 Results

Strong Demand Drives Revenue Guidance Increase

 

Chicago, IL – July 25, 2017 - Equity Residential (NYSE: EQR) today reported results for the quarter and six months ended June 30, 2017.  All per share results are reported as available to common shares/units on a diluted basis.

 

“Strong and steady demand for rental housing in our gateway, coastal markets continues to drive high occupancy, retention and renewal pricing despite elevated levels of new supply, ” said David J. Neithercut, Equity Residential’s President and CEO. “We are pleased to now expect full year same store revenue growth towards the upper end of our original guidance driven by Seattle, San Francisco and New York City which should meet our most optimistic projections for the year.  This, combined with slightly higher than expected expense growth, should produce same store net operating income growth for the year in the upper half of our original range of expectations.”

 

Second Quarter 2017

Earnings Per Share (EPS) for the second quarter of 2017 was $0.53 compared to $0.59 in the second quarter of 2016.  The difference is due primarily to higher property sale gains in the second quarter of 2017, the various adjustment items listed on page 24 of this release and the items described below.

 

FFO (Funds from Operations), as defined by the National Association of Real Estate Investment Trusts (NAREIT), was $0.77 per share for the second quarter of 2017 compared to $0.90 per share in the second quarter of 2016.  The difference is due primarily to the various adjustment items listed on page 24 of this release and the items described below.

 

Normalized FFO for the second quarter of 2017 was $0.77 per share compared to $0.76 per share in the second quarter of 2016.  The following items impacted Normalized FFO per share in the quarter:

 

 

A positive impact of approximately $0.01 per share from increased same store net operating income (NOI);

 

 

A positive impact of approximately $0.02 per share from Lease-Up NOI;

 

 

A positive impact of approximately $0.01 per share from lower corporate overhead (property management and general and administrative expenses);

 

 

A negative impact of approximately $0.01 per share from higher interest expense; and

 

1


The following information was filed by Equity Residential (EQR) on Tuesday, July 25, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Equity Residential's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (parenthetical) (unaudited)
Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets Of Erp Operating Limited Partnership (unaudited)
Consolidated Statement Of Changes In Capital Of Erp Operating Limited Partnership (unaudited)
Consolidated Statement Of Changes In Equity (unaudited)
Consolidated Statements Of Cash Flows (unaudited)
Consolidated Statements Of Cash Flows Of Erp Operating Limited Partnership (unaudited)
Consolidated Statements Of Comprehensive Income (unaudited)
Consolidated Statements Of Comprehensive Income Of Erp Operating Limited Partnership (unaudited)
Consolidated Statements Of Operations (unaudited)
Consolidated Statements Of Operations Of Erp Operating Limited Partnership (unaudited)
Business
Business (tables)
Business - Additional Information (details)
Business - Ownership Breakdown (details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (details)
Commitments To Acquire/dispose Of Real Estate
Commitments To Acquire/dispose Of Real Estate (tables)
Commitments To Acquire/dispose Of Real Estate - Separate Agreement To Acquire (details)
Commitments To Acquire/dispose Of Real Estate - Separate Agreements To Dispose Of (details)
Commitments To Acquire/dispose Of Real Estate - Separate Agreements To Dispose Of (parenthetical) (details)
Debt
Debt - Line Of Credit And Commercial Paper - Additional Information (details)
Debt - Mortgage Notes Payable - Additional Information (details)
Debt - Notes - Additional Information (details)
Debt - Other - Additional Information (details)
Deposits ??? Restricted And Escrow Deposits ??? Mortgage
Deposits ??? Restricted And Escrow Deposits ??? Mortgage (tables)
Deposits ??? Restricted And Escrow Deposits ??? Mortgage - Additional Information (details)
Deposits Restricted And Escrow Deposits Mortgage - Escrow Deposits For Mortgages (details)
Deposits Restricted And Escrow Deposits Mortgage - Restricted Deposits (details)
Derivative And Other Fair Value Instruments
Derivative And Other Fair Value Instruments (tables)
Derivative And Other Fair Value Instruments - Additional Information (details)
Derivative And Other Fair Value Instruments - Summary Of Consolidated Derivative Instruments (details)
Derivative And Other Fair Value Instruments - Summary Of Consolidated Derivative Instruments (parenthetical) (details)
Derivative And Other Fair Value Instruments - Summary Of Effect Of Cash Flow Hedges On The Accompanying Consolidated Statements Of Operations And Comprehensive Income (details)
Derivative And Other Fair Value Instruments - Summary Of Effect Of Fair Value Hedges On The Accompanying Consolidated Statements Of Operations And Comprehensive Income (details)
Derivative And Other Fair Value Instruments - Summary Of Fair Value Measurements For Each Major Category Of Assets And Liabilities Measured At Fair Value On Recurring Basis (details)
Earning Per Share And Earnings Per Unit
Earning Per Share And Earnings Per Unit (tables)
Earning Per Share And Earnings Per Unit - Computation Of Net Income Per Share Basic And Net Income Per Share Diluted (details)
Earning Per Share And Earnings Per Unit - Computation Of Net Income Per Unit Basic And Net Income Per Unit Diluted For Operating Partnership (details)
Equity, Capital And Other Interests
Equity, Capital And Other Interests (tables)
Equity, Capital And Other Interests - Additional Information (details)
Equity, Capital And Other Interests - Changes In Issued And Outstanding Common Shares And Units (details)
Equity, Capital And Other Interests - Changes In Operating Partnership's Issued And Outstanding Units (details)
Equity, Capital And Other Interests - Changes In Redemption Value Of Redeemable Limited Partners Interest (details)
Equity, Capital And Other Interests - Changes In Redemption Value Of Redeemable Noncontrolling Interests - Operating Partnership (details)
Equity, Capital And Other Interests - Issued And Outstanding Preferred Shares And Preference Units (details)
Equity, Capital And Other Interests - Issued And Outstanding Preferred Shares And Preference Units (parenthetical) (details)
Equity, Capital And Other Interests - Other - Additional Information (details)
Individually Significant Dispositions
Individually Significant Dispositions (tables)
Individually Significant Dispositions - Additional Information (details)
Individually Significant Dispositions - Results Of Operations Attributable To Starwood Transaction (details)
Investments In Partially Owned Entities
Investments In Partially Owned Entities (tables)
Investments In Partially Owned Entities - Operating Properties - Additional Information (details)
Investments In Partially Owned Entities - Other - Additional Information (details)
Investments In Partially Owned Entities - Partially Owned Property Balance Sheet Schedule (details)
Investments In Partially Owned Entities - Partially Owned Property Income Statement Schedule (details)
Investments In Partially Owned Entities - Partially Owned Property Income Statement Schedule (parenthetical) (details)
Real Estate And Lease Intangibles
Real Estate And Lease Intangibles (tables)
Real Estate And Lease Intangibles - Acquisitions And Dispositions - Additional Information (details)
Real Estate And Lease Intangibles - Additional Information (details)
Real Estate And Lease Intangibles - Real Estate Acquisitions And Dispositions (details)
Real Estate And Lease Intangibles - Real Estate Acquisitions And Dispositions (parenthetical) (details)
Real Estate And Lease Intangibles - Summary Of Aggregate Amortization Expense For Above And Below Market Ground And Retail Lease Intangibles (details)
Real Estate And Lease Intangibles - Summary Of Carrying Amounts Of Above And Below Market Ground And Retail Lease Intangibles (details)
Real Estate And Lease Intangibles - Summary Of Carrying Amounts Of Investment In Real Estate (details)
Reportable Segments
Reportable Segments (tables)
Reportable Segments - Additional Information (details)
Reportable Segments - Noi For Each Segment From Our Rental Real Estate Specific To Continuing Operations (details)
Reportable Segments - Noi For Each Segment From Our Rental Real Estate Specific To Continuing Operations (parenthetical) (details)
Reportable Segments - Reconciliation Of Noi From Rental Real Estate Specific To Continuing Operations (details)
Subsequent Events
Subsequent Events - Additional Information (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies - Additional Information (details)
Ticker: EQR
CIK: 906107
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-17-015496
Submitted to the SEC: Fri Aug 04 2017 6:18:49 AM EST
Accepted by the SEC: Fri Aug 04 2017
Period: Friday, June 30, 2017
Industry: Real Estate Investment Trusts

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