NYSE$EQR
Equity Residential · Q1 2022 earnings
Q1 2022 earnings · · Investor relations
Briefing
Equity Residential reported strong first quarter results, driven by revenue growth and efficient expense management.
Equity Residential reported a strong first quarter in 2022, with EPS of $0.19, FFO per share of $0.77, and Normalized FFO per share of $0.77. Revenue growth was driven by exceptionally strong demand, partially offset by higher than anticipated levels of new delinquency in Southern California. The company also saw same store NOI growth of 10.7% due to muted property tax increases and continuing efficiencies from innovation initiatives.
- EPS increased by 26.7%, FFO per share increased by 14.9%, and Normalized FFO per share increased by 13.2% compared to the same period of 2021.
- Same store revenue increased by 7.8% compared to the same period of 2021, driven by strong Physical Occupancy and significant growth in pricing power.
- Same store expenses increased by 2.5%, reflecting the Company’s continued success in managing controllable expenses and modest growth in real estate tax expense.
- Same store Turnover of 8.7% is the lowest in the Company’s history, reflecting a continued trend of historically high resident retention.
Headline financials
Revenue & EPS history
Equity Residential · Revenue · Quarterly
$653M
Forward 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
Tailwinds
- Higher expected same store NOI.
- Property sale gains.
- Physical Occupancy 96.5%
- Revenue change 8.0% to 10.0%
- Expense change 2.5% to 3.5%
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2022
-0.1%
Avg return
Earnings day
+0.2%
Avg return
5 days after
+1.0%
Avg return
30 days after
47%
34 / 72 earnings
Positive
+8.8%
Q2 2008
Best reaction
-9.2%
Q2 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.0% | +0.1% | +0.5% | |
| Q4 2025 | +3.4% | +4.7% | +1.5% | |
| Q3 2025 | -4.2% | -3.9% | +0.5% | |
| Q1 2025 | +1.0% | +1.9% | +0.9% | |
| Q4 2024 | +0.4% | +1.4% | +2.2% | |
| Q3 2024 | -5.2% | -5.4% | +3.3% | |
| Q2 2024 | -1.7% | -0.8% | +4.8% | |
| Q1 2024 | +3.3% | +4.2% | +4.5% | |
| Q4 2023 | +1.2% | +1.2% | +1.2% | |
| Q3 2023 | -2.3% | +2.3% | +4.4% | |
| Q2 2023 | -3.8% | -2.4% | -4.5% | |
| Q1 2023 | -1.6% | +3.3% | -2.8% | |
| Q4 2022 | -0.6% | +1.6% | -10.4% | |
| Q3 2022 | -0.5% | -1.6% | -2.6% | |
| Q2 2022 | +3.0% | +6.7% | +5.7% | |
| Q1 2022 | -4.6% | -9.7% | -15.4% | |
| Q4 2021 | +3.7% | +1.6% | -2.3% | |
| Q3 2021 | +2.2% | +1.3% | +3.0% | |
| Q2 2021 | -0.4% | -0.4% | -2.0% | |
| Q1 2021 | -1.5% | -0.7% | +2.6% | |
| Q4 2020 | +2.8% | +2.3% | +11.4% | |
| Q3 2020 | -8.8% | -7.3% | +19.2% | |
| Q2 2020 | +0.5% | +0.6% | +6.2% | |
| Q1 2020 | -2.4% | +2.8% | -1.3% | |
| Q4 2019 | -0.1% | +0.9% | -4.7% | |
| Q3 2019 | -1.0% | -1.2% | -4.1% | |
| Q2 2019 | -0.9% | +1.1% | +5.9% | |
| Q1 2019 | +1.6% | +1.7% | +0.7% | |
| Q4 2018 | +0.4% | +0.4% | +2.7% | |
| Q3 2018 | +3.0% | +2.0% | +9.4% | |
| Q2 2018 | +2.2% | +1.3% | +5.7% | |
| Q1 2018 | -0.2% | +2.5% | +1.3% | |
| Q4 2017 | +0.7% | -2.1% | -8.0% | |
| Q3 2017 | +0.3% | +1.5% | +2.2% | |
| Q2 2017 | +1.1% | +1.6% | +2.0% | |
| Q1 2017 | +1.7% | +0.6% | +1.4% | |
| Q4 2016 | -1.3% | -0.5% | +4.2% | |
| Q3 2016 | +0.7% | -0.9% | -2.5% | |
| Q2 2016 | -6.0% | -3.1% | -6.5% | |
| Q1 2016 | -3.5% | — | — | |
| Q4 2015 | -1.4% | — | — | |
| Q3 2015 | +0.2% | — | — | |
| Q2 2015 | -0.8% | — | — | |
| Q1 2015 | -1.7% | — | — | |
| Q4 2014 | +2.4% | — | — | |
| Q3 2014 | -0.1% | — | — | |
| Q2 2014 | +1.1% | — | — | |
| Q1 2014 | +0.5% | — | — | |
| Q4 2013 | +1.8% | — | — | |
| Q3 2013 | -2.8% | — | — | |
| Q2 2013 | -3.1% | — | — | |
| Q1 2013 | -0.5% | — | — | |
| Q4 2012 | +1.4% | — | — | |
| Q3 2012 | +0.2% | — | — | |
| Q2 2012 | -0.9% | — | — | |
| Q1 2012 | -1.3% | — | — | |
| Q4 2011 | +0.2% | — | — | |
| Q3 2011 | -0.1% | — | — | |
| Q2 2011 | -9.2% | — | — | |
| Q1 2011 | -1.1% | — | — | |
| Q4 2010 | +0.1% | — | — | |
| Q3 2010 | +4.1% | — | — | |
| Q2 2010 | -2.1% | — | — | |
| Q1 2009 | -6.1% | — | — | |
| Q1 2010 | -0.9% | — | — | |
| Q4 2009 | -0.1% | — | — | |
| Q4 2007 | -0.1% | — | — | |
| Q3 2008 | +1.1% | — | — | |
| Q3 2009 | +1.1% | — | — | |
| Q4 2008 | +8.8% | — | — | |
| Q2 2009 | +8.8% | — | — | |
| Q2 2008 | +8.8% | — | — |
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