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Equity Residential sees Q4 FFO/share 84 cents-86 cents; consensus 85 cents

Published 10/23/2018, 05:43 PM
© Reuters.  Equity Residential sees Q4 FFO/share 84 cents-86 cents; consensus 85 cents
EQR
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  • Equity Residential (NYSE:EQR) sees Q4 normalized FFO per share of 84 cents-86 cents, factoring in a positive impact of about 1 cent from increased same-store NOI and another penny from lower total interest expense.
  • Consensus for Q4 FFO per share is 85 cents.
  • Revises 2018 same-store revenue growth to 2.3%, which was the top of its previous guidance range.
  • For the year, normalized FFO per share guidance tightens to $3.24-$3.27 from prior forecast of $3.22-$3.28.
  • Q3 normalized FFO per share of 83 cents came in-line with consensus, while revenue of $652.9M beat consensus by $8.1M. Q3 FFO includes:
  • Positive impact of 2 cents per share from increased same-store NOI;
  • Positive impact of about 2 cents per share from lease-up NOI;
  • Negative impact of about 1 cent per share from higher total interest expense.
    • Q3 same-store revenue growth 2.3% Y/Y; same-store NOI rose 1.7%; same-store physical occupancy rate flat at 96.2%.
    • Previously: Equity Residential FFO in-line, beats on revenue (Oct. 23)
    • Now read: 3 High Yields You May Have Missed Out On


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