Equity Residential Q1 normalized FFO per share rises on stable occupancy, demand

Vivmark Residential

28/04/2026 21:41

Overview

U.S. apartment landlord's Q1 normalized FFO per share rose 4.2% yr/yr

Q1 EPS fell 64% yr/yr, mainly due to lower property sale gains

Company repurchased $219 mln in shares and raised annual dividend 1.4%

Outlook

Equity Residential sees Q2 2026 EPS at $0.28 to $0.32

Company expects Q2 2026 FFO per share of $0.97 to $1.01

Company anticipates declining new apartment supply to support pricing power in H2 2026

Result Drivers

MARKET PERFORMANCE - Co said strong demand and limited new supply in San Francisco and New York drove operating performance in Q1

LEASING CONCESSIONS - Co reported a 21% yr/yr decline in leasing concessions, citing continued improvement in leasing and declining supply in its markets

RESIDENT TURNOVER - Resident turnover reached a record low of 7.8% in Q1, which the company said supported stable occupancy and demand

Company press release: ID:nBw7r8KL1a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
$0.24
Q1 Normalized FFO Per Share
$0.99


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 17 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the residential reits peer group is "buy."

Wall Street's median 12-month price target for Equity Residential is $70.00, about 12.3% above its April 27 closing price of $62.32

The stock recently traded at 43 times the next 12-month earnings vs. a P/E of 40 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)