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Equity Residential Closes Out Q1 with Big Gains in EPS, FFO

Chicago-based apartment REIT Equity Residential (EQR) reported first-quarter results after the markets closed on Tuesday. The company reported a 194.7% increase in EPS, 10.4% increase in FFO per share and 13.0% increase in normalized FFO per share for Q1 compared to the year-ago period. Same store revenue increased by a better-than-anticipated 9.2% year over year. 

“We had a very good first quarter, with our same store revenue results benefitting from continued robust demand as well as improvements in delinquency in Southern California that exceeded our expectations,” said Mark J. Parrell, EQR’s president and CEO. “Our business continues to benefit from durable employment in our affluent renter demographic and limited competition from both new apartment supply and single-family home ownership.” 

Accordingly, EQR raised its annual common share dividend by 6.0%, reflecting what it called the current strength of its business and confidence in the prospects for the business going forward. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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