Equity Residential · NYSE:EQR
Equity Residential — Q4 2024 Earnings Presentation
14 slides from Equity Residential's earnings presentation, Jan 28, 2025
Slide 1: Q4 2024 Management Presentation
LYRIC SUGAR HILL – SUGAR HILL, GA Q4 2024 Management Presentation STILLHOUSE VININGS | ATLANTA, GA FEBRUARY 2025 This presentation is complementary to the Company’s conference call to discuss its Fourth Quarter 2024 earnings on February 4, 2025 and should be read in conjunction with the Company’s ea
Slide 2: Equity Residential's Portfolio is Well-Positioned to Drive Long-Term Cash Flow Growth
Equity Residential’s PORTFOLIO SUMMARY Portfolio is Well- as of December 31, 2024 — 84,249 total apartment units Positioned to Drive Long-Term Cash SEATTLE Flow Growth 10% NOI 63% Urban 37% Suburban BOSTON 11% NOI 72% Urban • Long-term undersupply of housing 28% Suburban NEW YORK of all types in the
Slide 3: Executive Summary
Executive • • Our 2024 operational results were solid and generally consistent with our expectations. See page 4 for details. 2024 Normalized FFO of $3.89 per share was at the midpoint of our guidance Summary • range. The Company introduced same store full year 2025 revenue growth guidance of 2.25%
Slide 4: 2024 Same Store Results
• Same store revenue grew 3.0% in 2024. Physical Occupancy and Blended Rate met expectations, but Bad Debt, Net improved less than anticipated. 2024 Same • Annual same store expense growth was low with full year onsite payroll Store Results effectively flat, reflective of our platform’s efficiency a
Slide 5: 2025 Guidance Considerations
2025 Guidance Considerations • Long-term fundamentals in Equity Residential’s markets support a healthy 2025 multifamily operating environment. Factors Supporting 2025 Growth West Coast markets of Seattle and Modest new supply, particularly in Job market expectations remain San Francisco continue to
Slide 6: 2025 Same Store Guidance Drivers (at the midpoint)
2025 Same Store Guidance Drivers (at the midpoint) Same Store Revenue Same Store Expense (Guidance Range: 2.25% to 3.25%) (Guidance Range: 3.5% to 4.5%) (1) Leasing Rates Change in Bad Debt, Net Change in Other Income Real Estate Taxes Payroll Utilities Repairs and Maintenance Other 4.0% 0.4% 3.0% (
Slide 7: Same Store Revenue Drivers – Pricing Trend
2024 Pricing Trend ended strong. Same Store Revenue Drivers – Pricing Trend 2025 is off to a solid start. Pricing Trend Seasonality – Total Same Store Typical Year 2024 2025 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 7 I MANAGEMENT PRESENTATION FEBRUARY 2025 Note: Data presented as of 2/3/2025.
Slide 8: 2025 Normalized FFO Projections
2025 Normalized FFO guidance is 2025 Normalized FFO Projections $3.90 - $4.00 per share. • Primary drivers of NFFO growth in 2025 are same store NOI – Residential and transaction NOI, net (acquisition NOI net of disposition NOI) partially offset by interest expense, net and corporate overhead. The m
Slide 9: Appendix
CREST AT PARK CENTRAL – DALLAS, TX Appendix 9 I MANAGEMENT PRESENTATION FEBRUARY 2025
Slide 10: 2025 Normalized FFO Guidance and Assumptions
2025 Normalized FFO Guidance and Assumptions The guidance/projections provided below are based on current expectations and are forward-looking. All guidance is given on a Normalized FFO basis. Therefore, certain items excluded from Normalized FFO, such as debt extinguishment costs/prepayment penalti
Slide 11: Non-GAAP Financial Measures
Non-GAAP Financial Measures Equity Residential Non-GAAP Financial Measures - Reconciliations of EPS to FFO per share and Normalized FFO per share (All per share data is diluted) The guidance/projections below are based on current expectations and are forward-looking. Actual Expected Expected Actual
Slide 12: Glossary of Terms
Glossary of Terms Please reference the Company’s “Fourth Quarter 2024 Earnings Release and Supplemental Financial Information" from February 3, 2025, including "Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms" for terms such as Earnings Per Share ("EPS"), Fu
Slide 13: Glossary of Terms
Glossary of Terms Please reference the Company’s “Fourth Quarter 2024 Earnings Release and Supplemental Financial Information" from February 3, 2025, including "Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms" for terms such as Earnings Per Share ("EPS"), Fu
Slide 14: Forward-Looking Statements
AYLA AT STONEBRIAR – FRISCO, TX Forward-Looking Statements In addition to historical information, this presentation contains forward-looking statements and information within the meaning of the federal securities laws. These statements are based on current expectations, estimates, projections and as