Q3 2024 Equity Residential Earnings Call Transcript
Key Points
- Equity Residential (EQR) posted solid performance in the third quarter, driven by strong demand and limited new supply in established markets.
- The company successfully accelerated acquisitions in expansion markets like Atlanta, Dallas, and Denver, acquiring properties at favorable prices.
- Equity Residential (EQR) achieved a low same-store expense growth of 3.2% for the quarter, showcasing effective cost control.
- The company issued $600 million in fixed-rate debt at a favorable 4.65% coupon, the lowest in the REIT space since 2022.
- Equity Residential (EQR) is leveraging AI technology to handle resident inquiries, aiming to improve operational efficiencies and reduce costs.
- Blended rate growth was at the low end of expectations, primarily due to lower-than-expected new lease changes in Los Angeles and expansion markets.
- Expansion markets like Atlanta are facing challenges with high supply levels, impacting occupancy and rate growth.
- The company anticipates continued supply-driven weakness in expansion markets, delaying revenue recovery until 2026.
- Equity Residential (EQR) is experiencing pressure from excess inventory due to eviction-related existing and new supply in some markets.
- The company faces economic and geopolitical uncertainties that could impact business performance and the broader economy.
Good day, and welcome to the Equity Residential third-quarter 2024 earnings conference call and Webcast. Today's conference is being recorded. At this time, I'd like to turn the conference over to Marty McKenna. Please go ahead, sir.
Good morning, and thanks for joining us to discuss Equity Residential's Third Quarter 2024 Results. Our featured speakers today are Mark Parrell, our President and CEO; Alex Brackenridge, our Chief Investment Officer; and Michael Manelis, Chief Operating Officer. Bob Garechana, our CFO, is here with us as well for the Q&A. Our earnings release and management presentation are posted in the Investors section of equityapartments.com.
Please be advised that certain matters discussed during this conference call may constitute forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to certain economic risks and uncertainties. The company assumes no obligation to update or supplement these statements that
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
