Same store revenue growth was driven by strong physical occupancy and better than anticipated renewal rates
Company cited strong momentum in the San Francisco market and improvements in bad debt across the portfolio as key drivers for raising guidance
High occupancy and resident retention at historically high levels supported operating performance, per CEO Mark J. Parrell
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 15 "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 $71.50, about 4.7% above its July 21 closing price of $68.29
The stock recently traded at 46 times the next 12-month earnings vs. a P/E of 41 three months ago
Q2 EPS falls on lower property sale gains
U.S. apartment REIT's Q2 EPS fell 40% yr/yr, mainly on lower property sale gains
Normalized FFO per share rose 3% yr/yr, helped by higher same store NOI
Company raised full-year same store revenue and NOI guidance, citing strong occupancy and renewals
Full-year guidance raised, with EPS and FFO withdrawn
Equity Residential raises full-year 2026 same store revenue growth guidance to 2.1%-2.7%
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