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Equity Residential (EQR) SEC Filing 8-K Material Event for the period ending Tuesday, April 26, 2022

Equity Residential

CIK: 906107 Ticker: EQR

 

 

 

 


 

 

First Quarter 2022 Results

Table of Contents

 

 

 

Corporate Headquarters:
Two North Riverside Plaza
Chicago, IL 60606
(312) 474-1300

Information included in this supplemental package is unaudited.

 

 

 


Table of Contents

 

 

 

 

NEWS RELEASE - FOR IMMEDIATE RELEASE

 

April 26, 2022

 

Equity Residential Reports First Quarter 2022 Results

 

 

Chicago, IL – April 26, 2022 - Equity Residential (NYSE: EQR) today reported results for the quarter ended March 31, 2022. All per share results are reported as available to common shares/units on a diluted basis. For the first quarter of 2022, the Company reported earnings per share (EPS), Funds from Operations (FFO) per share and Normalized FFO per share of $0.19, $0.77 and $0.77, respectively.

 

“We delivered very good revenue growth in the first quarter driven by lease rates that accelerated faster than we expected due to exceptionally strong demand partially offset by higher than anticipated levels of new delinquency in Southern California,” said Mark J. Parrell, Equity Residential’s President and CEO. “Operating expense growth remains in check due to a combination of muted property tax increases and continuing efficiencies from our innovation initiatives, leading to 10.7% same store NOI growth for the quarter.  As we head into our primary leasing season, we remain well positioned to generate excellent cash flow growth for our shareholders.”

 

Recent Highlights

 

Strong demand drove a 26.7% increase in EPS, 14.9% increase in FFO per share and 13.2% increase in Normalized FFO per share during the first quarter of 2022 compared to the same period of 2021.

 

The Company reported a 7.8% increase in same store revenue for the first quarter of 2022 compared to the same period of 2021, driven by strong Physical Occupancy and significant growth in pricing power.

 

The Company reported a 2.5% increase in same store expenses for the first quarter of 2022, reflecting the Company’s continued success in managing controllable expenses and modest growth in real estate tax expense.

 

The Company reported same store Turnover of 8.7% for the first quarter of 2022, the lowest in the Company’s history, reflecting a continued trend of historically high resident retention.

 

The Company acquired one operating property in the first quarter of 2022, a 172-unit apartment property in San Diego, for a purchase price of $113.0 million. The Company did not sell any properties during the first quarter of 2022, but sold a 354-unit apartment property in New York for approximately $265.7 million in April 2022.

 

First Quarter 2022 Results

The change in EPS for the quarter ended March 31, 2022 compared to the same period of 2021 is due primarily to higher depreciation expense, offset by the various adjustment items listed on page 25 of this release and the items described below.

 

The per share change in FFO for the quarter ended March 31, 2022 compared to the same period of 2021 is due primarily to the various adjustment items listed on page 25 of this release and the items described below.

 

The per share change in Normalized FFO is due primarily to:

 

 

 

Positive/(Negative) Impact

 

 

 

First Quarter 2022 vs.

First Quarter 2021

 

Residential same store Net Operating Income (NOI)

 

$

0.10

 

Lease-Up NOI

 

 

0.01

 

2022 and 2021 transaction activity impact on NOI, net

 

0.01

 

Interest expense, net

 

 

(0.02

)

Other items

 

 

(0.01

)

Net

 

$

0.09

 

 

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Table of Contents

 

The Company has a glossary of defined terms and related reconciliations of Non-GAAP financial measures on pages 27 through 32 of this release. Reconciliations and definitions of FFO and Normalized FFO are provided on pages 6, 29 and 30 of this release.

 

First Quarter 2022 Same Store Results

The following table shows the total same store results for the periods presented.

 

 

 

First Quarter 2022 vs.

First Quarter 2021

 

 

First Quarter 2022 vs.

Fourth Quarter 2021

 

Apartment Units

 

74,675

 

 

77,276

 

Physical Occupancy

 

96.4% vs. 95.0%

 

 

96.4% vs. 96.6%

 

 

 

 

 

 

 

 

 

 

Revenues

 

7.8%

 

 

0.9%

 

Expenses

 

2.5%

 

 

5.7%

 

NOI

 

10.7%

 

 

(1.5%)

 

 

On page 10 of this release, the Company has provided a breakout of Residential and Non-Residential same store results with definitions that can be found on page 31 of this release.  Non-Residential operations account for approximately 3.8% of total revenues for the quarter ended March 31, 2022.

 

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. 

 

 

 

First Quarter 2022 vs.

First Quarter 2021

 

 

First Quarter 2022 vs.

Fourth Quarter 2021

 

 

 

% Change

 

 

% Change

 

Same Store Residential Revenues-

  comparable period

 

 

 

 

 

 

 

Lease rates

 

 

4.2

%

 

 

1.9

%

Leasing Concessions

 

 

1.5

%

 

 

0.6

%

Vacancy gain (loss)

 

 

1.2

%

 

 

(0.2

%)

Bad Debt, Net (1)

 

 

0.6

%

 

 

(1.2

%)

Other (2)

 

 

0.3

%

 

 

0.0

%

Same Store Residential Revenues-

  current period

 

7.8

%

 

 

1.1

%

 

(1)

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.

(2)

Includes ancillary income, utility recoveries, early lease termination income, miscellaneous income and other items.

 

See page 11 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.

 

As indicated in our March 2022 Investor Update1, both quarter-over-quarter and sequential Same Store Residential Revenues in the first quarter of 2022 were impacted by higher than expected delinquency in Southern California caused by residents that were previously in good standing failing to pay their rent as they applied for funds under the California rental assistance program as it was expanded and extended into 2022. The Company continues to actively pursue payment and is seeing early signs of improved resident payment behavior in April 2022 with the expiration of the program’s eligibility period on March 31, 2022.

 

For the first quarter of 2022, better than expected lease rates partially offset this increased delinquency.  For the full year of 2022, we expect these higher lease rates to more than fully offset the increased delinquency, which we now expect to moderate later in the second half of 2022.

 

1 

The March 2022 Investor Update is included in the Investor section on the Company’s website.

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Residential Same Store Operating Statistics

The following table includes select operating metrics for Residential Same Store Properties:

 

 

 

Q4 2021

 

 

Q1 2022

 

 

April 2022 (1)

 

Physical Occupancy (2)

 

96.4%

 

 

96.3%

 

 

96.6%

 

Percentage of Residents Renewing by quarter/month

61.2%

 

 

60.0%

 

 

60.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Lease Change

 

10.6%

 

 

15.3%

 

 

17.6%

 

Renewal Rate Achieved

 

10.7%

 

 

11.9%

 

 

12.5%

 

Blended Rate

 

10.7%

 

 

13.3%

 

 

14.7%

 

 

(1)

April 2022 results are preliminary.

(2)

Physical Occupancy is as of month-end December for Q4 2021, month-end March for Q1 2022 and as of April 21st for April 2022.

 

Investment Activity and Portfolio Strategy

The Company continues to optimize its portfolio by allocating capital to desirable suburban locations within its established markets and through expansion into certain new markets that attract a renter demographic that values our exceptional product offering.  In support of this strategy, the Company acquired a 172-unit apartment property in San Diego, built in 2020, during the first quarter of 2022 for $113.0 million at an Acquisition Cap Rate of 3.5%. 

 

The Company did not sell any properties in the first quarter of 2022, but subsequent to the quarter, sold a 354-unit apartment property in New York, built in 2003, for approximately $265.7 million at a Disposition Yield of 3.3%.

 

Second Quarter 2022 Guidance

The Company has established guidance ranges for the second quarter of 2022 EPS, FFO per share and Normalized FFO per share as listed below:

 

 

 

Q2 2022

Guidance

EPS

 

$1.00 to $1.04

FFO per share

 

$0.82 to $0.86

Normalized FFO per share

 

$0.82 to $0.86

 

The difference between the first quarter of 2022 actual EPS of $0.19 and the second quarter of 2022 EPS guidance midpoint of $1.02 is due primarily to higher expected same store NOI and property sale gains.

 

The difference between the first quarter of 2022 actual FFO and Normalized FFO of $0.77 per share and the second quarter of 2022 FFO and Normalized FFO guidance midpoint of $0.84 per share is due primarily to higher expected same store NOI. 

 

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 80,581 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, competition and 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, the rollout and effectiveness of vaccines and the impact of operational changes we have implemented 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

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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, Wednesday, April 27, 2022 at 10:00 a.m. CT.  Please visit the Investor section of the Company’s website at www.equityapartments.com for the webcast link.

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Equity Residential

Consolidated Statements of Operations

(Amounts in thousands except per share data)

(Unaudited)

 

 

 

Quarter Ended March 31,

 

 

 

2022

 

 

2021

 

REVENUES

 

 

 

 

 

 

 

 

Rental income

 

$

653,348

 

 

$

597,602

 

 

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

 

Property and maintenance

 

 

124,874

 

 

 

117,054

 

Real estate taxes and insurance

 

 

100,688

 

 

 

103,470

 

Property management

 

 

30,747

 

 

 

26,130

 

General and administrative

 

 

17,238

 

 

 

15,383

 

Depreciation

 

 

229,961

 

 

 

199,962

 

Total expenses

 

 

503,508

 

 

 

461,999

 

 

 

 

 

 

 

 

 

 

Net gain (loss) on sales of real estate properties

 

 

(102

)

 

 

(43

)

 

 

 

 

 

 

 

 

 

Operating income

 

 

149,738

 

 

 

135,560

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

3,528

 

 

 

216

 

Other expenses

 

 

(3,056

)

 

 

(4,110

)

Interest:

 

 

 

 

 

 

 

 

Expense incurred, net

 

 

(72,792

)

 

 

(67,358

)

Amortization of deferred financing costs

 

 

(2,077

)

 

 

(2,185

)

Income before income and other taxes, income (loss) from

   investments in unconsolidated entities and net gain (loss)

   on sales of land parcels

 

 

75,341

 

 

 

62,123

 

Income and other tax (expense) benefit

 

 

(282

)

 

 

(153

)

Income (loss) from investments in unconsolidated entities

 

 

(1,261

)

 

 

(1,611

)

Net gain (loss) on sales of land parcels

 

 

 

 

 

5

 

Net income

 

 

73,798

 

 

 

60,364

 

Net (income) loss attributable to Noncontrolling Interests:

 

 

 

 

 

 

 

 

Operating Partnership

 

 

(2,394

)

 

 

(2,143

)

Partially Owned Properties

 

 

(639

)

 

 

(682

)

Net income attributable to controlling interests

 

 

70,765

 

 

 

57,539

 

Preferred distributions

 

 

(772

)

 

 

(773

)

Net income available to Common Shares

 

$

69,993

 

 

$

56,766

 

 

 

 

 

 

 

 

 

 

Earnings per share – basic:

 

 

 

 

 

 

 

 

Net income available to Common Shares

 

$

0.19

 

 

$

0.15

 

Weighted average Common Shares outstanding

 

 

375,509

 

 

 

372,280

 

 

 

 

 

 

 

 

 

 

Earnings per share – diluted:

 

 

 

 

 

 

 

 

Net income available to Common Shares

 

$

0.19

 

 

$

0.15

 

Weighted average Common Shares outstanding

 

 

389,628

 

 

 

386,916

 

 

 

 

 

 

 

 

 

 

Distributions declared per Common Share outstanding

 

$

0.625

 

 

$

0.6025

 

 

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Equity Residential

Consolidated Statements of Funds From Operations and Normalized Funds From Operations

(Amounts in thousands except per share data)

(Unaudited)

 

 

 

Quarter Ended March 31,

 

 

 

 

2022

 

 

2021

 

 

Net income

 

$

73,798

 

 

$

60,364

 

 

Net (income) loss attributable to Noncontrolling Interests – Partially

   Owned Properties

 

 

(639

)

 

 

(682

)

 

Preferred distributions

 

 

(772

)

 

 

(773

)

 

Net income available to Common Shares and Units

 

 

72,387

 

 

 

58,909

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

Depreciation

 

 

229,961

 

 

 

199,962

 

 

Depreciation – Non-real estate additions

 

 

(1,052

)

 

 

(1,100

)

 

Depreciation – Partially Owned Properties

 

 

(893

)

 

 

(828

)

 

Depreciation – Unconsolidated Properties

 

 

620

 

 

 

617

 

 

Net (gain) loss on sales of unconsolidated entities - operating

   assets

 

 

(9

)

 

 

(4

)

 

Net (gain) loss on sales of real estate properties

 

 

102

 

 

 

43

 

 

FFO available to Common Shares and Units

 

 

301,116

 

 

 

257,599

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments (see note for additional detail):

 

 

 

 

 

 

 

 

 

Impairment non-operating assets

 

 

 

 

 

 

 

Write-off of pursuit costs

 

 

1,463

 

 

 

1,331

 

 

Debt extinguishment and preferred share redemption (gains)

   losses

 

 

 

 

 

264

 

 

Non-operating asset (gains) losses

 

 

(1,642

)

 

 

854

 

 

Other miscellaneous items

 

 

(371

)

 

 

2,242

 

 

Normalized FFO available to Common Shares and Units

 

$

300,566

 

 

$

262,290

 

 

 

 

 

 

 

 

 

 

 

 

FFO

 

$

301,888

 

 

$

258,372

 

 

Preferred distributions

 

 

(772

)

 

 

(773

)

 

FFO available to Common Shares and Units

 

$

301,116

 

 

$

257,599

 

 

FFO per share and Unit basic

 

$

0.78

 

 

$

0.67

 

 

FFO per share and Unit diluted

 

$

0.77

 

 

$

0.67

 

 

 

 

 

 

 

 

 

 

 

 

Normalized FFO

 

$

301,338

 

 

$

263,063

 

 

Preferred distributions

 

 

(772

)

 

 

(773

)

 

Normalized FFO available to Common Shares and Units

 

$

300,566

 

 

$

262,290

 

 

Normalized FFO per share and Unit basic

 

$

0.78

 

 

$

0.68

 

 

Normalized FFO per share and Unit diluted

 

$

0.77

 

 

$

0.68

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average Common Shares and Units outstanding basic

 

 

387,397

 

 

 

385,330

 

 

Weighted average Common Shares and Units outstanding diluted

 

 

389,628

 

 

 

386,916

 

 

 

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.

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Equity Residential

Consolidated Balance Sheets

(Amounts in thousands except for share amounts)

(Unaudited)

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

Land

 

$

5,836,951

 

 

$

5,814,790

 

Depreciable property

 

 

22,496,307

 

 

 

22,370,811

 

Projects under development

 

 

36,718

 

 

 

24,307

 

Land held for development

 

 

66,980

 

 

 

62,998

 

Investment in real estate

 

 

28,436,956

 

 

 

28,272,906

 

Accumulated depreciation

 

 

(8,578,131

)

 

 

(8,354,282

)

Investment in real estate, net

 

 

19,858,825

 

 

 

19,918,624

 

Investments in unconsolidated entities (1)

 

 

150,092

 

 

 

127,448

 

Cash and cash equivalents

 

 

41,140

 

 

 

123,832

 

Restricted deposits

 

 

70,560

 

 

 

236,404

 

Right-of-use assets

 

 

471,667

 

 

 

474,713

 

Other assets

 

 

237,953

 

 

 

288,220

 

Total assets

 

$

20,830,237

 

 

$

21,169,241

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Mortgage notes payable, net

 

$

2,193,199

 

 

$

2,191,201

 

Notes, net

 

 

5,836,957

 

 

 

5,835,222

 

Line of credit and commercial paper

 

 

129,995

 

 

 

315,030

 

Accounts payable and accrued expenses

 

 

157,681

 

 

 

107,013

 

Accrued interest payable

 

 

56,876

 

 

 

69,510

 

Lease liabilities

 

 

311,293

 

 

 

312,335

 

Other liabilities

 

 

303,654

 

 

 

353,102

 

Security deposits

 

 

67,515

 

 

 

66,141

 

Distributions payable

 

 

242,574

 

 

 

233,502

 

Total liabilities

 

 

9,299,744

 

 

 

9,483,056

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable Noncontrolling Interests – Operating Partnership

 

 

495,760

 

 

 

498,977

 

Equity:

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Preferred Shares of beneficial interest, $0.01 par value;

   100,000,000 shares authorized; 745,600 shares issued and

   outstanding as of March 31, 2022 and December 31, 2021

 

 

37,280

 

 

 

37,280

 

Common Shares of beneficial interest, $0.01 par value;

   1,000,000,000 shares authorized; 375,974,070 shares issued

   and outstanding as of March 31, 2022 and 375,527,195

   shares issued and outstanding as of December 31, 2021

 

 

3,760

 

 

 

3,755

 

Paid in capital

 

 

9,142,969

 

 

 

9,121,122

 

Retained earnings

 

 

1,661,705

 

 

 

1,827,063

 

Accumulated other comprehensive income (loss)

 

 

(31,847

)

 

 

(34,272

)

Total shareholders’ equity

 

 

10,813,867

 

 

 

10,954,948

 

Noncontrolling Interests:

 

 

 

 

 

 

 

 

Operating Partnership

 

 

217,451

 

 

 

214,094

 

Partially Owned Properties

 

 

3,415

 

 

 

18,166

 

Total Noncontrolling Interests

 

 

220,866

 

 

 

232,260

 

Total equity

 

 

11,034,733

 

 

 

11,187,208

 

Total liabilities and equity

 

$

20,830,237

 

 

$

21,169,241

 

 

 

(1)

Includes $89.7 million and $72.5 million in unconsolidated development projects as of March 31, 2022 and December 31, 2021, respectively.  See Development and Lease-Up Projects for additional details on unconsolidated development projects.

 

 

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Equity Residential

Portfolio Summary

As of March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

% of

Stabilized

 

 

Average

 

 

 

 

 

 

 

Apartment

 

 

Budgeted

 

 

Rental

 

Markets/Metro Areas

 

Properties

 

 

Units

 

 

NOI

 

 

Rate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Established Markets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Los Angeles

 

 

66

 

 

 

15,259

 

 

 

18.5

%

 

$

2,584

 

Orange County

 

 

13

 

 

 

4,028

 

 

 

5.3

%

 

 

2,450

 

San Diego

 

 

12

 

 

 

2,878

 

 

 

4.0

%

 

 

2,697

 

Subtotal – Southern California

 

 

91

 

 

 

22,165

 

 

 

27.8

%

 

 

2,575

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

San Francisco

 

 

44

 

 

 

11,830

 

 

 

16.0

%

 

 

3,013

 

Washington DC

 

 

48

 

 

 

14,851

 

 

 

15.5

%

 

 

2,380

 

New York

 

 

36

 

 

 

9,345

 

 

 

13.7

%

 

 

3,741

 

Boston

 

 

27

 

 

 

7,170

 

 

 

11.3

%

 

 

3,131

 

Seattle

 

 

46

 

 

 

9,525

 

 

 

11.0

%

 

 

2,388

 

Subtotal – Established Markets

 

 

292

 

 

 

74,886

 

 

 

95.3

%

 

 

2,781

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expansion Markets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denver

 

 

8

 

 

 

2,498

 

 

 

2.6

%

 

 

2,228

 

Atlanta

 

 

4

 

 

 

1,215

 

 

 

0.9

%

 

 

1,952

 

Dallas/Ft. Worth

 

 

4

 

 

 

1,241

 

 

 

0.8

%

 

 

1,837

 

Austin

 

 

3

 

 

 

741

 

 

 

0.4

%

 

 

1,723

 

Subtotal – Expansion Markets

 

 

19

 

 

 

5,695

 

 

 

4.7

%

 

 

2,020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

311

 

 

 

80,581

 

 

 

100.0

%

 

$

2,728

 

 

 

 

 

 

 

Properties

 

 

Apartment Units

 

 

 

 

 

 

 

 

 

 

Wholly Owned Properties

 

 

295

 

 

 

77,035

 

Partially Owned Properties – Consolidated

 

 

16

 

 

 

3,546

 

 

 

 

 

 

 

 

 

 

 

 

 

311

 

 

 

80,581

 

 

Note:  Projects under development are not included in the Portfolio Summary until construction has been completed.


 

 

1st Quarter 2022 Earnings Release

 

8

 


Table of Contents

 

 

Equity Residential

 

 

Portfolio Rollforward Q1 2022

($ in thousands)

 

 

 

 

 

Properties

 

 

Apartment

Units

 

 

Purchase

Price

 

 

Acquisition

Cap Rate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12/31/2021

 

 

310

 

 

 

80,407

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisitions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Rental Properties

 

 

 

 

1

 

 

 

172

 

 

$

113,000

 

 

 

3.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Configuration Changes

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3/31/2022

 

 

311

 

 

 

80,581

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

1st Quarter 2022 Earnings Release

 

9

 


Table of Contents

 

 

Equity Residential

 

 

 

First Quarter 2022 vs. First Quarter 2021

Same Store Results/Statistics Including 74,675 Same Store Apartment Units

$ in thousands (except for Average Rental Rate)

 

First Quarter 2022

 

 

First Quarter 2021

 

 

 

Residential

 

 

% Change

 

 

Non-

Residential

 

 

% Change

 

 

Total

 

 

% Change

 

 

 

 

Residential

 

 

Non-

Residential

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

595,325

 

(1)

7.8%

 

 

$

23,032

 

 

6.4%

 

 

$

618,357

 

 

7.8%

 

 

Revenues

 

$

552,111

 

 

$

21,641

 

 

$

573,752

 

Expenses

 

$

203,752

 

 

2.5%

 

 

$

6,239

 

 

2.2%

 

 

$

209,991

 

 

2.5%

 

 

Expenses

 

$

198,784

 

 

$

6,106

 

 

$

204,890

 

NOI

 

$

391,573

 

 

10.8%

 

 

$

16,793

 

 

8.1%

 

 

$

408,366

 

 

10.7%

 

 

NOI

 

$

353,327

 

 

$

15,535

 

 

$

368,862