Equity Residential (NYSE: EQR) today reaffirmed its full year same store revenue growth guidance range of 3.5% to 4.0% as provided in the Company’s updated 2016 guidance published on July 26, 2016. The Company also released the attached operating data which is consistent with the Company’s expectations for third quarter same store operations.
The Company today also posted a new investor presentation to its website, which can be accessed in the Investor Section of www.equityapartments.com.
Equity Residential is an S&P 500 company focused on the acquisition, development and management of rental apartment properties in urban and high-density suburban coastal gateway markets where today’s affluent renters want to live, work and play. Equity Residential owns or has investments in 306 properties consisting of 78,181 apartment units, primarily in Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California. For more information on Equity Residential, please visit our website at www.equityapartments.com.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements and information within the meaning of the federal securities laws. These statements are based on current expectations, estimates, projections and assumptions made by management. While Equity Residential’s management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks, including, without limitation, changes in general market conditions, including the rate of job growth and cost of labor and construction material, the level of new multifamily construction and development, competition and local government regulation. Other risks and uncertainties are described under the heading “Risk Factors” in our Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC) and available on our website, www.equityapartments.com. Many of these uncertainties and risks are difficult to predict and beyond management’s control. Forward-looking statements are not guarantees of future performance, results or events. Equity Residential assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
| Operating Data - September 2016 | |||||||||||||||||||
New Lease Pricing*** | Renewal Lease Pricing*** | Weighted Avg Occ% | |||||||||||||||||
| Jun YTD 16 | |||||||||||||||||||
| Annual SS | % of Actual | Q3 QTD | Q3 | Q3 QTD | Q3 | Q3 | Q3 | ||||||||||||
| Total Units | NOI | 2016** | 2015 | 2016** | 2015 | 2016 | 2015 | ||||||||||||
| Los Angeles | 13,698 | 16.6% | 2.4% | 4.1% | 6.9% | 7.6% | 96.2% | 96.1% | |||||||||||
| San Diego | 3,505 | 4.1% | 4.3% | 6.1% | 7.6% | 7.1% | 96.6% | 96.5% | |||||||||||
| Orange County | 3,490 | 3.8% | 4.5% | 2.9% | 7.6% | 7.0% | 96.2% | 95.8% | |||||||||||
| Southern California | 20,693 | 24.5% | 3.0% | 4.2% | 7.1% | 7.4% | 96.2% | 96.1% | |||||||||||
| New York | 10,007 | 19.2% | -1.9% | 2.1% | 3.0% | 5.8% | 96.2% | 96.7% | |||||||||||
| Washington DC | 15,475 | 19.0% | 0.3% | -1.9% | 4.7% | 3.8% | 96.1% | 96.2% | |||||||||||
| San Francisco | 10,846 | 17.7% | 0.1% | 9.6% | 6.6% | 10.6% | 95.6% | 96.4% | |||||||||||
| Boston | 7,136 | 11.5% | 1.8% | 3.6% | 4.9% | 6.0% | 95.9% | 96.3% | |||||||||||
| Seattle | 6,011 | 7.0% | 5.5% | 4.1% | 8.1% | 8.1% | 95.8% | 95.4% | |||||||||||
| Consolidated SS 2016* | 70,168 | 98.9% | 1.1% | 3.6% | 5.4% | 6.8% | 96.0% | 96.2% | |||||||||||
| *Excludes 1,320 units in non-core markets of New England & Phoenix | |||||||||||||||||||
| **Q3 QTD 2016 includes the period July 1, 2016 to September 19, 2016 | |||||||||||||||||||
| ***New Lease and Renewal Pricing includes residential activity only | |||||||||||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20160927005976/en/
Contacts:
Marty McKenna, (312) 928-1901
