Full Year Guidance Ranges Raised as Broad-Based Recovery Continues
Equity Residential (NYSE: EQR) today reported results for the quarter ended March 31, 2021 and has posted a Q1 2021 Management Presentation to its website as referenced below.
First Quarter 2021 Results
All per share results are reported as available to common shares/units on a diluted basis.
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Quarter Ended March 31, |
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2021 |
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2020 |
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$ Change |
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% Change |
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Earnings Per Share (EPS) |
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$ |
0.15 |
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$ |
0.83 |
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$ |
(0.68 |
) |
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(81.9 |
%) |
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Funds from Operations (FFO) per share |
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$ |
0.67 |
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$ |
0.86 |
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$ |
(0.19 |
) |
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(22.1 |
%) |
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Normalized FFO per share |
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$ |
0.68 |
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$ |
0.87 |
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$ |
(0.19 |
) |
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(21.8 |
%) |
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“While the first quarter’s results reflect the significant impact of the pandemic on our business, we continue to see substantial signs of improvement as cities begin to reopen and affluent renters return. We are producing occupancy and pricing trends better than our original expectations and are therefore pleased to raise our full year same store revenue guidance range by 100 basis points to -6.0% to -8.0%,” said Mark J. Parrell, Equity Residential’s President and CEO. “As we head into the seasonally highest demand period of the year, we see considerable positive momentum in our operations and we expect to further reduce concessions and increase rental rates in light of the strong demand we see across our markets.”
Highlights
- The Company has seen a 1.6% improvement in same store Physical Occupancy since the end of the fourth quarter 2020 (94.4% on December 31, 2020 to 96.0% on April 22, 2021).
- Pricing Trends continue to improve across all markets with an approximately 14% sequential improvement portfolio-wide from December 2020 through April 2021. See the Management Presentation for details.
- The Company collected approximately 97% of its expected Residential revenues in the first quarter of 2021.
- The Company expanded its efforts to improve access to affordable housing with a $5.0 million commitment to a fund dedicated to preserving affordable housing.
Results Per Share
The change in EPS for the quarter ended March 31, 2021 compared to the same period of 2020 is due primarily to lower property sale gains in the first quarter of 2021, the various adjustment items listed on page 23 of this release and the items described below.
The per share change in FFO for the quarter ended March 31, 2021 compared to the same period of 2020, is due primarily to the various adjustment items listed on page 23 of this release and the items described below.
The per share change in Normalized FFO is due primarily to:
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Positive/(Negative) Impact |
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First Quarter 2021 vs.
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Residential same store Net Operating Income (NOI) |
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$ |
(0.20 |
) |
2020 transaction activity impact on NOI, net |
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(0.03 |
) |
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Interest expense, net |
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0.05 |
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Other items |
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(0.01 |
) |
Net |
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$ |
(0.19 |
) |
The Company has a glossary of defined terms and related reconciliations of Non-GAAP financial measures on pages 25 through 30 of this release. Reconciliations and definitions of FFO and Normalized FFO are provided on pages 6, 27 and 28 of this release.
Same Store Results
The Company has provided a breakout of Residential and Non-Residential same store results on page 9 of this release with definitions that can be found on page 29 of this release. Non-Residential operations account for approximately 3.8% of total revenues for the quarter ended March 31, 2021. The table below reflects same store Residential only results for the first quarter 2021 to first quarter 2020 comparison, which includes 77,060 apartment units, as well as for the first quarter 2021 to fourth quarter 2020 comparison, which includes 77,281 apartment units. The Company’s Physical Occupancy was 95.0% for the first quarter of 2021 compared to 94.2% for the fourth quarter of 2020 and 96.4% for the first quarter of 2020.
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First Quarter 2021 vs.
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First Quarter 2021 vs.
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Revenues |
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(10.6%) |
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(2.3%) |
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Expenses |
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3.9% |
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5.6% |
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NOI |
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(17.1%) |
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(6.2%) |
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The following table reflects the detail of the change in Same Store Residential Revenues, which is presented on a GAAP basis showing Leasing Concessions on a straight-line basis. See page 10 for detail and reconciliations of Same Store Residential Revenues on a GAAP basis to Same Store Residential Revenues with Leasing Concessions on a cash basis.
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First Quarter 2021 vs.
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First Quarter 2021 vs.
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% Change |
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% Change |
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Same Store Residential Revenues- |
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comparable period |
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Lease rates |
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(6.6 |
%) |
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(2.3 |
%) |
Leasing Concessions (1) |
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(1.6 |
%) |
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(0.6 |
%) |
Vacancy loss |
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(1.0 |
%) |
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1.1 |
% |
Bad Debt, Net (2) |
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(1.6 |
%) |
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(0.1 |
%) |
Other (3) |
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0.2 |
% |
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(0.4 |
%) |
Same Store Residential Revenues- |
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current period |
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(10.6 |
%) |
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(2.3 |
%) |
(1) |
Reflects upfront discounts on both new move-in and renewal leases on a straight-line basis. |
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(2) |
Reduction in rental income due to bad debt write-offs and reserves, net of amounts collected on previously written-off or reserved accounts. |
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(3) |
Includes ancillary income, utility recoveries, early lease termination income, miscellaneous income and other items. |
Residential Same Store Operating Statistics
The following table includes select operating metrics for Residential Same Store Properties:
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Q4 2020 |
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Q1 2021 |
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April 2021 (1) |
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Physical Occupancy (2) |
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94.4% |
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95.6% |
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96.0% |
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Percentage of Residents Renewing by quarter/month |
51.0% |
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53.0% |
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56.0% |
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New Lease Change |
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(20.5%) |
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(17.7%) |
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(11.4%) |
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Renewal Rate Achieved |
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(3.4%) |
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(5.1%) |
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(2.1%) |
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Blended Rate |
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(13.0%) |
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(12.1%) |
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(7.2%) |
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(1) |
April 2021 results are preliminary. |
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(2) |
Physical Occupancy is as of month-end December for Q4 2020, month-end March for Q1 2021 and as of April 22 for April 2021. |
Investment Activity
The Company did not acquire or sell any assets during the first quarter of 2021.
Second Quarter 2021 Guidance
The Company has established guidance ranges for the second quarter of 2021 EPS, FFO per share and Normalized FFO per share as listed below:
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Q2 2021 Guidance |
EPS |
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$0.66 to $0.70 |
FFO per share |
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$0.66 to $0.70 |
Normalized FFO per share |
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$0.67 to $0.71 |
The difference between the first quarter 2021 actual EPS of $0.15 and the second quarter of 2021 EPS guidance midpoint of $0.68 is due primarily to higher expected property sale gains and lower expected corporate overhead.
The difference between the first quarter 2021 actual FFO of $0.67 per share and the second quarter of 2021 FFO guidance midpoint of $0.68 per share is due primarily to lower expected corporate overhead.
The difference between the first quarter 2021 actual Normalized FFO of $0.68 per share and the second quarter of 2021 Normalized FFO guidance midpoint of $0.69 per share is due primarily to lower expected corporate overhead.
Full Year 2021 Guidance
The Company has revised its guidance for its full year 2021 same store operating performance as well as EPS, FFO per share and Normalized FFO per share as listed below:
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Revised |
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Previous |
Same Store (includes Residential and Non-Residential): |
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Physical Occupancy |
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95.0% to 96.0% |
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94.8% to 95.8% |
Revenue change |
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(8.0%) to (6.0%) |
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(9.0%) to (7.0%) |
Expense change |
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3.0% to 4.0% |
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3.0% to 4.0% |
NOI change |
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(13.0%) to (11.0%) |
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(15.0%) to (12.0%) |
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EPS |
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$2.57 to $2.67 |
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$2.55 to $2.75 |
FFO per share |
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$2.67 to $2.77 |
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$2.58 to $2.78 |
Normalized FFO per share |
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$2.70 to $2.80 |
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$2.60 to $2.80 |
The change in the full year 2021 EPS guidance range is due primarily to lower expected property sale gains and higher expected same store NOI.
The change in the full year 2021 FFO per share guidance range is due primarily to higher expected same store NOI.
The change in the full year 2021 Normalized FFO per share guidance range is due primarily to higher expected same store NOI.
About Equity Residential
Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract high quality long-term renters. Equity Residential owns or has investments in 304 properties consisting of 77,889 apartment units, located in Boston, New York, Washington, D.C., Seattle, San Francisco, Southern California and Denver. For more information on Equity Residential, please visit our website at www.equityapartments.com.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements and information within the meaning of the federal securities laws. These statements are based on current expectations, estimates, projections and assumptions made by management. While Equity Residential’s management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks, including, without limitation, changes in general market conditions, including the rate of job growth and cost of labor and construction material, the level of new multifamily construction and development, competition and government regulation. In addition, these forward-looking statements are subject to risks related to the COVID-19 pandemic, many of which are unknown, including the duration and severity of the pandemic, the extent of the adverse health impact on the general population and on our residents, customers and employees in particular, its impact on the employment rate and the economy and the corresponding impact on our residents’ and tenants’ ability to pay their rent on time or at all, the extent and impact of governmental responses, the rollout and effectiveness of vaccines and the impact of operational changes we have implemented and may implement in response to the pandemic. Other risks and uncertainties are described under the heading “Risk Factors” in our Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC) and available on our website, www.equityapartments.com. Many of these uncertainties and risks are difficult to predict and beyond management’s control. Forward-looking statements are not guarantees of future performance, results or events. Equity Residential assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
A live web cast of the Company’s conference call discussing these results will take place tomorrow, Wednesday, April 28, 2021 at 10:00 a.m. CT. In connection with the conference call, the Company is also providing a Management Presentation on its website. Please visit the Investor section of the Company’s website at www.equityapartments.com for the web cast link and the presentation.
Equity Residential Consolidated Statements of Operations (Amounts in thousands except per share data) (Unaudited) |
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Quarter Ended March 31, |
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2021 |
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2020 |
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REVENUES |
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Rental income |
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$ |
597,602 |
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$ |
682,305 |
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EXPENSES |
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Property and maintenance |
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117,054 |
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115,816 |
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Real estate taxes and insurance |
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103,470 |
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97,732 |
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Property management |
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26,130 |
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27,709 |
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General and administrative |
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15,383 |
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14,518 |
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Depreciation |
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199,962 |
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212,422 |
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Total expenses |
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461,999 |
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468,197 |
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Net gain (loss) on sales of real estate properties |
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(43 |
) |
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207,977 |
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Operating income |
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135,560 |
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422,085 |
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Interest and other income |
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216 |
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1,960 |
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Other expenses |
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(4,110 |
) |
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(2,533 |
) |
Interest: |
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Expense incurred, net |
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(67,358 |
) |
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(85,590 |
) |
Amortization of deferred financing costs |
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(2,185 |
) |
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(2,041 |
) |
Income before income and other taxes, income (loss) from |
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investments in unconsolidated entities and net gain (loss) |
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on sales of land parcels |
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62,123 |
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333,881 |
|
Income and other tax (expense) benefit |
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(153 |
) |
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|
(53 |
) |
Income (loss) from investments in unconsolidated entities |
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|
(1,611 |
) |
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|
(1,157 |
) |
Net gain (loss) on sales of land parcels |
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|
5 |
|
|
|
— |
|
Net income |
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|
60,364 |
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|
332,671 |
|
Net (income) loss attributable to Noncontrolling Interests: |
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|
|
Operating Partnership |
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|
(2,143 |
) |
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|
(11,535 |
) |
Partially Owned Properties |
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|
(682 |
) |
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|
(12,530 |
) |
Net income attributable to controlling interests |
|
|
57,539 |
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|
308,606 |
|
Preferred distributions |
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|
(773 |
) |
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|
(773 |
) |
Net income available to Common Shares |
|
$ |
56,766 |
|
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$ |
307,833 |
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Earnings per share – basic: |
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|
|
Net income available to Common Shares |
|
$ |
0.15 |
|
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$ |
0.83 |
|
Weighted average Common Shares outstanding |
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|
372,280 |
|
|
|
371,582 |
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Earnings per share – diluted: |
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|
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|
|
Net income available to Common Shares |
|
$ |
0.15 |
|
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$ |
0.83 |
|
Weighted average Common Shares outstanding |
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|
386,916 |
|
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|
386,949 |
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Distributions declared per Common Share outstanding |
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$ |
0.6025 |
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$ |
0.6025 |
|
Equity Residential Consolidated Statements of Funds From Operations and Normalized Funds From Operations (Amounts in thousands except per share data) (Unaudited) |
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Quarter Ended March 31, |
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|
2021 |
|
|
2020 |
|
||
Net income |
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$ |
60,364 |
|
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$ |
332,671 |
|
Net (income) loss attributable to Noncontrolling Interests – Partially |
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Owned Properties |
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(682 |
) |
|
|
(12,530 |
) |
Preferred distributions |
|
|
(773 |
) |
|
|
(773 |
) |
Net income available to Common Shares and Units |
|
|
58,909 |
|
|
|
319,368 |
|
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|
|
|
|
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|
|
Adjustments: |
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|
|
|
|
|
|
|
Depreciation |
|
|
199,962 |
|
|
|
212,422 |
|
Depreciation – Non-real estate additions |
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|
(1,100 |
) |
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|
(1,287 |
) |
Depreciation – Partially Owned Properties |
|
|
(828 |
) |
|
|
(856 |
) |
Depreciation – Unconsolidated Properties |
|
|
617 |
|
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|
613 |
|
Net (gain) loss on sales of unconsolidated entities - operating |
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assets |
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(4 |
) |
|
|
— |
|
Net (gain) loss on sales of real estate properties |
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|
43 |
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(207,977 |
) |
Noncontrolling Interests share of gain (loss) on sales |
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of real estate properties |
|
|
— |
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|
|
11,655 |
|
FFO available to Common Shares and Units |
|
|
257,599 |
|
|
|
333,938 |
|
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|
Adjustments (see note for additional detail): |
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|
|
Impairment – non-operating assets |
|
|
— |
|
|
|
— |
|
Write-off of pursuit costs |
|
|
1,331 |
|
|
|
1,627 |
|
Debt extinguishment and preferred share redemption (gains) |
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losses |
|
|
264 |
|
|
|
— |
|
Non-operating asset (gains) losses |
|
|
854 |
|
|
|
441 |
|
Other miscellaneous items |
|
|
2,242 |
|
|
|
(918 |
) |
Normalized FFO available to Common Shares and Units |
|
$ |
262,290 |
|
|
$ |
335,088 |
|
|
|
|
|
|
|
|
|
|
FFO |
|
$ |
258,372 |
|
|
$ |
334,711 |
|
Preferred distributions |
|
|
(773 |
) |
|
|
(773 |
) |
FFO available to Common Shares and Units |
|
$ |
257,599 |
|
|
$ |
333,938 |
|
FFO per share and Unit – basic |
|
$ |
0.67 |
|
|
$ |
0.87 |
|
FFO per share and Unit – diluted |
|
$ |
0.67 |
|
|
$ |
0.86 |
|
|
|
|
|
|
|
|
|
|
Normalized FFO |
|
$ |
263,063 |
|
|
$ |
335,861 |
|
Preferred distributions |
|
|
(773 |
) |
|
|
(773 |
) |
Normalized FFO available to Common Shares and Units |
|
$ |
262,290 |
|
|
$ |
335,088 |
|
Normalized FFO per share and Unit – basic |
|
$ |
0.68 |
|
|
$ |
0.87 |
|
Normalized FFO per share and Unit – diluted |
|
$ |
0.68 |
|
|
$ |
0.87 |
|
|
|
|
|
|
|
|
|
|
Weighted average Common Shares and Units outstanding – basic |
|
|
385,330 |
|
|
|
384,586 |
|
Weighted average Common Shares and Units outstanding – diluted |
|
|
386,916 |
|
|
|
386,949 |
|
Note: See Adjustments from FFO to Normalized FFO for additional detail regarding the adjustments from FFO to Normalized FFO. See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for the definitions of non-GAAP financial measures and other terms as well as the reconciliations of EPS to FFO per share and Normalized FFO per share.
Equity Residential Consolidated Balance Sheets (Amounts in thousands except for share amounts) (Unaudited) |
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|
|
March 31, |
|
|
December 31, |
|
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|
|
2021 |
|
|
2020 |
|
||
ASSETS |
|
|
|
|
|
|
|
|
Land |
|
$ |
5,785,367 |
|
|
$ |
5,785,367 |
|
Depreciable property |
|
|
20,952,067 |
|
|
|
20,920,654 |
|
Projects under development |
|
|
476,010 |
|
|
|
411,134 |
|
Land held for development |
|
|
88,360 |
|
|
|
86,170 |
|
Investment in real estate |
|
|
27,301,804 |
|
|
|
27,203,325 |
|
Accumulated depreciation |
|
|
(8,059,619 |
) |
|
|
(7,859,657 |
) |
Investment in real estate, net |
|
|
19,242,185 |
|
|
|
19,343,668 |
|
Investments in unconsolidated entities |
|
|
53,274 |
|
|
|
52,782 |
|
Cash and cash equivalents |
|
|
35,453 |
|
|
|
42,591 |
|
Restricted deposits |
|
|
62,383 |
|
|
|
57,137 |
|
Right-of-use assets |
|
|
484,999 |
|
|
|
499,287 |
|
Other assets |
|
|
290,721 |
|
|
|
291,426 |
|
Total assets |
|
$ |
20,169,015 |
|
|
$ |
20,286,891 |
|
|
|
|
|
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|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Mortgage notes payable, net |
|
$ |
2,270,700 |
|
|
$ |
2,293,890 |
|
Notes, net |
|
|
5,337,103 |
|
|
|
5,335,536 |
|
Line of credit and commercial paper |
|
|
429,753 |
|
|
|
414,830 |
|
Accounts payable and accrued expenses |
|
|
168,028 |
|
|
|
107,366 |
|
Accrued interest payable |
|
|
55,489 |
|
|
|
65,896 |
|
Lease liabilities |
|
|
316,838 |
|
|
|
329,130 |
|
Other liabilities |
|
|
335,664 |
|
|
|
345,064 |
|
Security deposits |
|
|
60,939 |
|
|
|
60,480 |
|
Distributions payable |
|
|
232,737 |
|
|
|
232,262 |
|
Total liabilities |
|
|
9,207,251 |
|
|
|
9,184,454 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable Noncontrolling Interests – Operating Partnership |
|
|
409,523 |
|
|
|
338,951 |
|
Equity: |
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
Preferred Shares of beneficial interest, $0.01 par value; |
||||||||
100,000,000 shares authorized; 745,600 shares issued and |
||||||||
outstanding as of March 31, 2021 and December 31, 2020 |
|
|
37,280 |
|
|
|
37,280 |
|
Common Shares of beneficial interest, $0.01 par value; |
||||||||
1,000,000,000 shares authorized; 372,917,413 shares issued |
||||||||
and outstanding as of March 31, 2021 and 372,302,000 |
||||||||
shares issued and outstanding as of December 31, 2020 |
|
|
3,729 |
|
|
|
3,723 |
|
Paid in capital |
|
|
9,083,346 |
|
|
|
9,128,599 |
|
Retained earnings |
|
|
1,231,808 |
|
|
|
1,399,715 |
|
Accumulated other comprehensive income (loss) |
|
|
(41,363 |
) |
|
|
(43,666 |
) |
Total shareholders’ equity |
|
|
10,314,800 |
|
|
|
10,525,651 |
|
Noncontrolling Interests: |
|
|
|
|
|
|
|
|
Operating Partnership |
|
|
234,969 |
|
|
|
233,162 |
|
Partially Owned Properties |
|
|
2,472 |
|
|
|
4,673 |
|
Total Noncontrolling Interests |
|
|
237,441 |
|
|
|
237,835 |
|
Total equity |
|
|
10,552,241 |
|
|
|
10,763,486 |
|
Total liabilities and equity |
|
$ |
20,169,015 |
|
|
$ |
20,286,891 |
|
Equity Residential Portfolio Summary As of March 31, 2021 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
% of |
|
|
|
|
||
|
|
|
|
|
|
|
Stabilized |
|
|
Average |
||||||
|
|
|
|
|
|
Apartment |
|
|
Budgeted |
|
|
Rental |
|
|||
Markets/Metro Areas |
|
Properties |
|
|
Units |
|
|
NOI |
|
|
Rate |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Los Angeles |
|
|
72 |
|
|
|
16,603 |
|
|
|
21.5 |
% |
|
$ |
2,424 |
|
Orange County |
|
|
13 |
|
|
|
4,028 |
|
|
|
5.4 |
% |
|
|
2,205 |
|
San Diego |
|
|
11 |
|
|
|
2,706 |
|
|
|
3.8 |
% |
|
|
2,376 |
|
Subtotal – Southern California |
|
|
96 |
|
|
|
23,337 |
|
|
|
30.7 |
% |
|
|
2,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco |
|
|
48 |
|
|
|
12,707 |
|
|
|
18.3 |
% |
|
|
2,903 |
|
Washington DC |
|
|
47 |
|
|
|
14,731 |
|
|
|
17.2 |
% |
|
|
2,325 |
|
Seattle |
|
|
46 |
|
|
|
9,454 |
|
|
|
11.4 |
% |
|
|
2,242 |
|
New York |
|
|
37 |
|
|
|
9,606 |
|
|
|
11.3 |
% |
|
|
3,464 |
|
Boston |
|
|
25 |
|
|
|
6,430 |
|
|
|
9.4 |
% |
|
|
2,853 |
|
Denver |
|
|
5 |
|
|
|
1,624 |
|
|
|
1.7 |
% |
|
|
1,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
304 |
|
|
|
77,889 |
|
|
|
100.0 |
% |
|
$ |
2,597 |
|
|
|
Properties |
|
|
Apartment Units |
|
||
|
|
|
|
|
|
|
|
|
Wholly Owned Properties |
|
|
287 |
|
|
|
74,328 |
|
Master-Leased Properties – Consolidated |
|
|
1 |
|
|
|
162 |
|
Partially Owned Properties – Consolidated |
|
|
16 |
|
|
|
3,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
304 |
|
|
|
77,889 |
|
Note: Projects under development are not included in the Portfolio Summary until construction has been completed.
Note: The Company did not acquire or sell any assets during the first quarter of 2021.
Equity Residential |
||||||||||||||||||||||||||||||||||||||
First Quarter 2021 vs. First Quarter 2020 Same Store Results/Statistics Including 77,060 Same Store Apartment Units $ in thousands (except for Average Rental Rate) |
||||||||||||||||||||||||||||||||||||||
First Quarter 2021 |
|
|
First Quarter 2020 |
|
||||||||||||||||||||||||||||||||||
|
Residential |
|
|
%
|
|
|
Non-
|
|
|
%
|
|
|
Total |
|
|
%
|
|
|
|
Residential |
|
|
Non-
|
|
|
Total |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Revenues |
$ |
570,927 |
|
(1) |
(10.6%) |
|
|
$ |
21,861 |
|
(2) |
(6.3%) |
|
|
$ |
592,788 |
|
|
(10.5%) |
|
|
Revenues |
$ |
638,683 |
|
|
$ |
23,338 |
|
|
$ |
662,021 |
|
|||||
Expenses |
$ |
205,959 |
|
|
3.9% |
|
|
$ |
6,093 |
|
|
3.4% |
|
|
$ |
212,052 |
|
|
3.8% |
|
|
Expenses |
$ |
198,306 |
|
|
$ |
5,895 |
|
|
$ |
204,201 |
|
|||||
NOI |
$ |
364,968 |
|
|
(17.1%) |
|
|
$ |
15,768 |
|
|
(9.6%) |
|
|
$ |
380,736 |
|
|
(16.8%) |
|
|
NOI |
$ |
440,377 |
|
|
$ |
17,443 |
|
|
$ |
457,820 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Average Rental Rate |
$ |
2,601 |
|
|
(9.3%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rental Rate |
$ |
2,867 |
|
|
|
|
|
|
|
|
|
|||
Physical Occupancy |
|
95.0 |
% |
|
(1.4%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Physical Occupancy |
|
96.4 |
% |
|
|
|
|
|
|
|
|
|||
Turnover |
|
9.9 |
% |
|
0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover |
|
9.7 |
% |
|
|
|
|
|
|
|
|
First Quarter 2021 vs. Fourth Quarter 2020 Same Store Results/Statistics Including 77,281 Same Store Apartment Units $ in thousands (except for Average Rental Rate) |
||||||||||||||||||||||||||||||||||||||
First Quarter 2021 |
|
|
Fourth Quarter 2020 |
|
||||||||||||||||||||||||||||||||||
|
Residential |
|
|
%
|
|
|
Non-
|
|
|
%
|
|
|
Total |
|
|
% Change |
|
|
|
Residential |
|
|
Non-
|
|
|
Total |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Revenues |
$ |
572,443 |
|
(1) |
(2.3%) |
|
|
$ |
21,861 |
|
(2) |
9.4% |
|
|
$ |
594,304 |
|
|
(1.9%) |
|
|
Revenues |
$ |
585,699 |
|
|
$ |
19,982 |
|
|
$ |
605,681 |
|
|||||
Expenses |
$ |
206,342 |
|
|
5.6% |
|
|
$ |
6,095 |
|
|
9.2% |
|
|
$ |
212,437 |
|
|
5.7% |
|
|
Expenses |
$ |
195,347 |
|
|
$ |
5,583 |
|
|
$ |
200,930 |
|
|||||
NOI |
$ |
366,101 |
|
|
(6.2%) |
|
|
$ |
15,766 |
|
|
9.5% |
|
|
$ |
381,867 |
|
|
(5.7%) |
|
|
NOI |
$ |
390,352 |
|
|
$ |
14,399 |
|
|
$ |
404,751 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Average Rental Rate |
$ |
2,600 |
|
|
(3.1%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rental Rate |
$ |
2,683 |
|
|
|
|
|
|
|
|
|
|||
Physical Occupancy |
|
95.0 |
% |
|
0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Physical Occupancy |
|
94.2 |
% |
|
|
|
|
|
|
|
|
|||
Turnover |
|
10.0 |
% |
|
(3.4%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover |
|
13.4 |
% |
|
|
|
|
|
|
|
|
(1) |
See page 10 for Same Store Residential Revenues with Leasing Concessions reflected on a cash basis. See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional detail. |
|
|
|
|
(2) |
Changes in same store Non-Residential revenues for the periods presented are driven by the following: |
|
|
• First Quarter 2021 vs. First Quarter 2020 – Primarily deferral/abatement of rents, higher bad debt and lower parking income. |
|
|
• First Quarter 2021 vs. Fourth Quarter 2020 – Primarily higher receipts from retail tenants, lower bad debt and higher parking income. |
Equity Residential |
|||||||||||||||
Same Store Residential Revenues – GAAP to Cash Basis (1) $ in thousands |
|||||||||||||||
|
First Quarter 2021 vs. First Quarter 2020 |
|
|
First Quarter 2021 vs. Fourth Quarter 2020 |
|
||||||||||
|
77,060 Same Store Apartment Units |
|
|
77,281 Same Store Apartment Units |
|
||||||||||
|
Q1 2021 |
|
|
Q1 2020 |
|
|
Q1 2021 |
|
|
Q4 2020 |
|
||||
Same Store Residential Revenues (GAAP Basis) |
$ |
570,927 |
|
|
$ |
638,683 |
|
|
$ |
572,443 |
|
|
$ |
585,699 |
|
Leasing Concessions amortized |
|
11,640 |
|
|
|
1,147 |
|
|
|
11,703 |
|
|
|
8,302 |
|
Leasing Concessions granted (2) |
|
(16,989 |
) |
|
|
(1,904 |
) |
|
|
(17,038 |
) |
|
|
(16,762 |
) |
Same Store Residential Revenues with Leasing |
|||||||||||||||
Concessions on a cash basis |
$ |
565,578 |
|
|
$ |
637,926 |
|
|
$ |
567,108 |
|
|
$ |
577,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change - GAAP revenue |
|
(10.6 |
%) |
|
|
|
|
|
|
(2.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change - cash revenue |
|
(11.3 |
%) |
|
|
|
|
|
|
(1.8 |
%) |
|
|
|
|
(1) |
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional detail. |
|
|
|
|
(2) |
Monthly Leasing Concessions granted began to decline in March 2021. Leasing Concessions granted in February, March and April (preliminary) 2021 are $6.1 million, $4.9 million and $3.6 million, respectively. |
Same Store Resident/Tenant Accounts Receivable Balances Including 77,060 Same Store Apartment Units $ in thousands |
||||||||||||||||
|
Residential |
|
|
Non-Residential |
|
|||||||||||
Balance Sheet (Other assets): |
March 31, 2021 |
|
|
December 31, 2020 |
|
|
March 31, 2021 |
|
|
December 31, 2020 |
|
|||||
Resident/tenant accounts receivable balances |
$ |
37,590 |
|
|
$ |
31,180 |
|
|
$ |
6,554 |
|
|
$ |
7,340 |
|
|
Allowance for doubtful accounts |
|
(31,596 |
) |
|
|
(23,873 |
) |
|
|
(5,724 |
) |
|
|
(6,527 |
) |
|
Net receivable balances |
$ |
5,994 |
|
(1) |
$ |
7,307 |
|
|
$ |
830 |
|
|
$ |
813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Straight-line receivable balances |
$ |
25,096 |
|
(2) |
$ |
19,747 |
|
|
$ |
13,392 |
|
|
$ |
13,399 |
|
(1) |
The Company held same store Residential security deposits approximating 31.9% of the net receivable balance at March 31, 2021. |
|
|
|
|
(2) |
Total same store Residential Leasing Concessions granted in the first quarter of 2021 were approximately $17.0 million. The straight-line receivable balance of $25.1 million reflects Residential Leasing Concessions that the Company expects will be primarily recognized as a reduction of rental revenues for the remainder of 2021 and the first quarter of 2022. |
|
Same Store Residential Bad Debt Including 77,060 Same Store Apartment Units $ in thousands |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement (Rental income): |
|
Q1 2021 |
|
|
Q4 2020 |
|
|
Q1 2020 |
|
|||
Bad Debt, Net |
|
$ |
13,689 |
|
|
$ |
13,199 |
|
|
$ |
3,687 |
|
% of Same Store Residential Revenues |
|
|
2.4 |
% |
|
|
2.3 |
% |
|
|
0.6 |
% |
Equity Residential First Quarter 2021 vs. First Quarter 2020 Same Store Residential Results/Statistics by Market |
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) from Prior Year's Quarter |
|
||||||||||||||||||||||
Markets/Metro Areas |
|
Apartment
|
|
|
Q1 2021
|
|
|
Q1 2021
|
|
|
Q1 2021
|
|
|
Q1 2021
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average
|
|
|
Physical
|
|
|
Turnover |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Los Angeles |
|
|
16,533 |
|
|
|
20.9 |
% |
|
$ |
2,423 |
|
|
|
95.8 |
% |
|
|
10.1 |
% |
|
|
(8.1 |
%) |
|
|
1.1 |
% |
|
|
(12.2 |
%) |
|
|
(7.9 |
%) |
|
|
(0.2 |
%) |
|
|
(1.0 |
%) |
Orange County |
|
|
4,028 |
|
|
|
5.3 |
% |
|
|
2,205 |
|
|
|
97.0 |
% |
|
|
7.8 |
% |
|
|
(3.2 |
%) |
|
|
2.7 |
% |
|
|
(4.9 |
%) |
|
|
(3.3 |
%) |
|
|
0.2 |
% |
|
|
(1.2 |
%) |
San Diego |
|
|
2,706 |
|
|
|
3.9 |
% |
|
|
2,376 |
|
|
|
97.2 |
% |
|
|
10.5 |
% |
|
|
(0.2 |
%) |
|
|
1.2 |
% |
|
|
(0.6 |
%) |
|
|
(0.6 |
%) |
|
|
0.4 |
% |
|
|
(0.8 |
%) |
Subtotal – Southern California |
|
|
23,267 |
|
|
|
30.1 |
% |
|
|
2,380 |
|
|
|
96.2 |
% |
|
|
9.7 |
% |
|
|
(6.5 |
%) |
|
|
1.3 |
% |
|
|
(9.6 |
%) |
|
|
(6.4 |
%) |
|
|
(0.1 |
%) |
|
|
(1.1 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco |
|
|
12,707 |
|
|
|
19.5 |
% |
|
|
2,903 |
|
|
|
93.8 |
% |
|
|
11.4 |
% |
|
|
(15.7 |
%) |
|
|
4.7 |
% |
|
|
(22.6 |
%) |
|
|
(13.1 |
%) |
|
|
(2.9 |
%) |
|
|
1.7 |
% |
Washington DC |
|
|
14,569 |
|
|
|
17.6 |
% |
|
|
2,325 |
|
|
|
95.9 |
% |
|
|
9.7 |
% |
|
|
(5.5 |
%) |
|
|
4.0 |
% |
|
|
(9.6 |
%) |
|
|
(5.2 |
%) |
|
|
(0.3 |
%) |
|
|
1.1 |
% |
New York |
|
|
9,606 |
|
|
|
11.0 |
% |
|
|
3,464 |
|
|
|
91.4 |
% |
|
|
8.3 |
% |
|
|
(16.9 |
%) |
|
|
4.4 |
% |
|
|
(34.0 |
%) |
|
|
(12.2 |
%) |
|
|
(5.3 |
%) |
|
|
1.1 |
% |
Seattle |
|
|
8,941 |
|
|
|
10.7 |
% |
|
|
2,258 |
|
|
|
95.7 |
% |
|
|
11.1 |
% |
|
|
(10.3 |
%) |
|
|
6.0 |
% |
|
|
(16.5 |
%) |
|
|
(9.0 |
%) |
|
|
(1.4 |
%) |
|
|
0.0 |
% |
Boston |
|
|
6,346 |
|
|
|
9.4 |
% |
|
|
2,852 |
|
|
|
95.3 |
% |
|
|
8.9 |
% |
|
|
(10.8 |
%) |
|
|
4.9 |
% |
|
|
(17.2 |
%) |
|
|
(10.3 |
%) |
|
|
(0.5 |
%) |
|
|
(0.2 |
%) |
Denver |
|
|
1,624 |
|
|
|
1.7 |
% |
|
|
1,984 |
|
|
|
96.1 |
% |
|
|
12.3 |
% |
|
|
(2.7 |
%) |
|
|
9.5 |
% |
|
|
(7.7 |
%) |
|
|
(3.4 |
%) |
|
|
0.6 |
% |
|
|
(2.1 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
77,060 |
|
|
|
100.0 |
% |
|
$ |
2,601 |
|
|
|
95.0 |
% |
|
|
9.9 |
% |
|
|
(10.6 |
%) |
(1) |
|
3.9 |
% |
|
|
(17.1 |
%) |
|
|
(9.3 |
%) |
|
|
(1.4 |
%) |
|
|
0.2 |
% |
(1) |
With Leasing Concessions reflected on a cash basis, Same Store Residential Revenues decreased 11.3% in the first quarter of 2021 compared to the first quarter of 2020. See page 10 for additional detail and reconciliations. |
Note: The above table reflects Residential same store results only. Residential operations account for approximately 96.2% of total revenues for the quarter ended March 31, 2021.
Equity Residential First Quarter 2021 vs. Fourth Quarter 2020 Same Store Residential Results/Statistics by Market |
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) from Prior Quarter |
|
|||||||||||||||||||||
Markets/Metro Areas |
|
Apartment
|
|
|
Q1 2021
|
|
|
Q1 2021
|
|
|
Q1 2021
|
|
|
Q1 2021
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average
|
|
|
Physical
|
|
|
Turnover |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Los Angeles |
|
|
16,533 |
|
|
|
20.8 |
% |
|
$ |
2,423 |
|
|
|
95.8 |
% |
|
|
10.1 |
% |
|
|
(1.4 |
%) |
|
|
3.5 |
% |
|
|
(3.7 |
%) |
|
|
(1.4 |
%) |
|
|
0.0 |
% |
|
|
(3.6 |
%) |
Orange County |
|
|
4,028 |
|
|
|
5.3 |
% |
|
|
2,205 |
|
|
|
97.0 |
% |
|
|
7.8 |
% |
|
|
(0.6 |
%) |
|
|
5.5 |
% |
|
|
(2.4 |
%) |
|
|
(0.8 |
%) |
|
|
0.2 |
% |
|
|
(2.9 |
%) |
San Diego |
|
|
2,706 |
|
|
|
3.9 |
% |
|
|
2,376 |
|
|
|
97.2 |
% |
|
|
10.5 |
% |
|
|
0.0 |
% |
|
|
3.3 |
% |
|
|
(1.0 |
%) |
|
|
0.1 |
% |
|
|
(0.1 |
%) |
|
|
(0.9 |
%) |
Subtotal – Southern California |
|
|
23,267 |
|
|
|
30.0 |
% |
|
|
2,380 |
|
|
|
96.2 |
% |
|
|
9.7 |
% |
|
|
(1.1 |
%) |
|
|
3.7 |
% |
|
|
(3.1 |
%) |
|
|
(1.1 |
%) |
|
|
0.1 |
% |
|
|
(3.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco |
|
|
12,707 |
|
|
|
19.4 |
% |
|
|
2,903 |
|
|
|
93.8 |
% |
|
|
11.4 |
% |
|
|
(3.7 |
%) |
|
|
6.6 |
% |
|
|
(7.8 |
%) |
|
|
(4.9 |
%) |
|
|
1.1 |
% |
|
|
(4.3 |
%) |
Washington DC |
|
|
14,569 |
|
|
|
17.6 |
% |
|
|
2,325 |
|
|
|
95.9 |
% |
|
|
9.7 |
% |
|
|
(2.1 |
%) |
|
|
6.1 |
% |
|
|
(5.8 |
%) |
|
|
(2.6 |
%) |
|
|
0.5 |
% |
|
|
(3.1 |
%) |
New York |
|
|
9,606 |
|
|
|
11.0 |
% |
|
|
3,464 |
|
|
|
91.4 |
% |
|
|
8.3 |
% |
|
|
(2.4 |
%) |
|
|
5.8 |
% |
|
|
(11.3 |
%) |
|
|
(4.2 |
%) |
|
|
1.6 |
% |
|
|
(3.5 |
%) |
Seattle |
|
|
9,078 |
|
|
|
10.8 |
% |
|
|
2,255 |
|
|
|
95.7 |
% |
|
|
11.1 |
% |
|
|
(3.4 |
%) |
|
|
5.6 |
% |
|
|
(7.2 |
%) |
|
|
(4.6 |
%) |
|
|
1.2 |
% |
|
|
(3.0 |
%) |
Boston |
|
|
6,430 |
|
|
|
9.5 |
% |
|
|
2,853 |
|
|
|
95.3 |
% |
|
|
8.9 |
% |
|
|
(2.1 |
%) |
|
|
6.8 |
% |
|
|
(6.1 |
%) |
|
|
(3.6 |
%) |
|
|
1.4 |
% |
|
|
(4.0 |
%) |
Denver |
|
|
1,624 |
|
|
|
1.7 |
% |
|
|
1,984 |
|
|
|
96.1 |
% |
|
|
12.3 |
% |
|
|
0.1 |
% |
|
|
11.6 |
% |
|
|
(4.6 |
%) |
|
|
(0.9 |
%) |
|
|
1.0 |
% |
|
|
(3.6 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
77,281 |
|
|
|
100.0 |
% |
|
$ |
2,600 |
|
|
|
95.0 |
% |
|
|
10.0 |
% |
|
|
(2.3 |
%) |
(1) |
|
5.6 |
% |
|
|
(6.2 |
%) |
|
|
(3.1 |
%) |
|
|
0.8 |
% |
|
|
(3.4 |
%) |
(1) |
With Leasing Concessions reflected on a cash basis, Same Store Residential Revenues decreased 1.8% in the first quarter of 2021 compared to the fourth quarter of 2020. See page 10 for additional detail and reconciliations. |
Note: The above table reflects Residential same store results only. Residential operations account for approximately 96.2% of total revenues for the quarter ended March 31, 2021.
Equity Residential Same Store Residential Net Effective Lease Pricing Statistics For 77,060 Same Store Apartment Units |
||||||||||||||||||||||||
|
|
New Lease Change (1) |
|
|
Renewal Rate Achieved (1) |
|
|
Blended Rate (1) |
|
|||||||||||||||
Markets/Metro Areas |
|
Q1 2021 |
|
|
Q4 2020 |
|
|
Q1 2021 |
|
|
Q4 2020 |
|
|
Q1 2021 |
|
|
Q4 2020 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Los Angeles |
|
|
(7.6 |
%) |
|
|
(8.9 |
%) |
|
|
(0.2 |
%) |
|
|
(0.5 |
%) |
|
|
(4.0 |
%) |
|
|
(4.6 |
%) |
Orange County |
|
|
0.1 |
% |
|
|
(2.8 |
%) |
|
|
3.0 |
% |
|
|
2.1 |
% |
|
|
1.7 |
% |
|
|
0.0 |
% |
San Diego |
|
|
2.1 |
% |
|
|
(0.1 |
%) |
|
|
3.9 |
% |
|
|
2.5 |
% |
|
|
3.1 |
% |
|
|
1.4 |
% |
Subtotal – Southern California |
|
|
(5.5 |
%) |
|
|
(7.3 |
%) |
|
|
0.8 |
% |
|
|
0.3 |
% |
|
|
(2.3 |
%) |
|
|
(3.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco |
|
|
(22.0 |
%) |
|
|
(26.8 |
%) |
|
|
(9.9 |
%) |
|
|
(7.2 |
%) |
|
|
(17.3 |
%) |
|
|
(19.1 |
%) |
Washington DC |
|
|
(14.4 |
%) |
|
|
(18.6 |
%) |
|
|
(2.9 |
%) |
|
|
(1.9 |
%) |
|
|
(9.0 |
%) |
|
|
(11.5 |
%) |
New York |
|
|
(28.0 |
%) |
|
|
(27.1 |
%) |
|
|
(9.3 |
%) |
|
|
(6.5 |
%) |
|
|
(20.5 |
%) |
|
|
(18.5 |
%) |
Seattle |
|
|
(20.7 |
%) |
|
|
(26.8 |
%) |
|
|
(10.1 |
%) |
|
|
(6.6 |
%) |
|
|
(15.9 |
%) |
|
|
(19.2 |
%) |
Boston |
|
|
(20.4 |
%) |
|
|
(27.0 |
%) |
|
|
(7.6 |
%) |
|
|
(5.0 |
%) |
|
|
(14.8 |
%) |
|
|
(18.3 |
%) |
Denver |
|
|
(7.1 |
%) |
|
|
(10.4 |
%) |
|
|
3.5 |
% |
|
|
1.6 |
% |
|
|
(3.5 |
%) |
|
|
(6.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
(17.7 |
%) |
|
|
(20.5 |
%) |
|
|
(5.1 |
%) |
|
|
(3.4 |
%) |
|
|
(12.1 |
%) |
|
|
(13.0 |
%) |
(1) |
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for definitions. See page 3 for April 2021 preliminary data. |
Equity Residential |
||||||||||||||||||||
First Quarter 2021 vs. First Quarter 2020 Total Same Store Operating Expenses Including 77,060 Same Store Apartment Units $ in thousands |
||||||||||||||||||||
|
|
Q1 2021 |
|
|
Q1 2020 |
|
|
$
|
|
|
%
|
|
|
% of
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate taxes |
|
$ |
90,767 |
|
|
$ |
88,323 |
|
|
$ |
2,444 |
|
|
|
2.8 |
% |
|
|
42.8 |
% |
On-site payroll |
|
|
42,993 |
|
|
|
43,009 |
|
|
|
(16 |
) |
|
|
0.0 |
% |
|
|
20.3 |
% |
Utilities |
|
|
29,945 |
|
|
|
27,674 |
|
|
|
2,271 |
|
|
|
8.2 |
% |
|
|
14.1 |
% |
Repairs and maintenance |
|
|
25,835 |
|
|
|
23,439 |
|
|
|
2,396 |
|
|
|
10.2 |
% |
|
|
12.2 |
% |
Insurance |
|
|
7,040 |
|
|
|
6,321 |
|
|
|
719 |
|
|
|
11.4 |
% |
|
|
3.3 |
% |
Leasing and advertising |
|
|
2,803 |
|
|
|
2,337 |
|
|
|
466 |
|
|
|
19.9 |
% |
|
|
1.3 |
% |
Other on-site operating expenses |
|
|
12,669 |
|
|
|
13,098 |
|
|
|
(429 |
) |
|
|
(3.3 |
%) |
|
|
6.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Same Store Operating Expenses (2) (includes Residential and Non-Residential) |
|
$ |
212,052 |
|
|
$ |
204,201 |
|
|
$ |
7,851 |
|
|
|
3.8 |
% |
|
|
100.0 |
% |
(1) |
The quarter-over-quarter changes were primarily affected by the following factors: |
|
|
|
|
|
Real estate taxes – Increase is lower than prior expectations due to lower rates and assessed values. |
|
|
|
|
|
On-site payroll – Improved sales and service staff utilization from various technology initiatives offset other general payroll pressures. |
|
|
|
|
|
Utilities – Increase driven by higher usage of water, sewer and trash. |
|
|
|
|
|
Repairs and maintenance – Increase primarily driven by non-comparable items like greater snowfall on the East Coast and higher turnover expense from accelerated leasing as well as increases in minimum wage on contract services. |
|
|
|
|
|
Insurance – Increase due to higher premiums on property insurance renewal due to challenging conditions in the insurance market. |
|
|
|
|
|
Leasing and advertising – Increase due primarily to increased digital advertising and selective use of outside broker fees on targeted leasing activity. |
|
|
|
|
|
Other on-site operating expenses – Decrease primarily driven by lower ground lease costs due to a lease modification at one property. |
|
|
|
|
(2) |
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details. |
Equity Residential |
||||||||||||||||
Debt Summary as of March 31, 2021 ($ in thousands) |
||||||||||||||||
|
|
Debt Balances (1) |
|
|
% of Total |
|
|
Weighted Average Rates (1) |
|
|
Weighted Average Maturities (years) |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured |
|
$ |
2,270,700 |
|
|
|
28.3 |
% |
|
|
3.18 |
% |
|
|
6.1 |
|
Unsecured |
|
|
5,766,856 |
|
|
|
71.7 |
% |
|
|
3.49 |
% |
|
|
10.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
8,037,556 |
|
|
|
100.0 |
% |
|
|
3.40 |
% |
|
|
8.9 |
|
Fixed Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured – Conventional |
|
$ |
1,899,917 |
|
|
|
23.7 |
% |
|
|
3.70 |
% |
|
|
4.7 |
|
Unsecured – Public |
|
|
5,337,103 |
|
|
|
66.4 |
% |
|
|
3.77 |
% |
|
|
10.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate Debt |
|
|
7,237,020 |
|
|
|
90.1 |
% |
|
|
3.75 |
% |
|
|
9.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured – Conventional |
|
|
40,546 |
|
|
|
0.5 |
% |
|
|
2.38 |
% |
|
|
1.2 |
|
Secured – Tax Exempt |
|
|
330,237 |
|
|
|
4.1 |
% |
|
|
0.45 |
% |
|
|
15.4 |
|
Unsecured – Revolving Credit Facility |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.6 |
|
Unsecured – Commercial Paper Program (2) |
|
|
429,753 |
|
|
|
5.3 |
% |
|
|
0.30 |
% |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Debt |
|
|
800,536 |
|
|
|
9.9 |
% |
|
|
0.45 |
% |
|
|
6.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
8,037,556 |
|
|
|
100.0 |
% |
|
|
3.40 |
% |
|
|
8.9 |
|
(1) |
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details. |
|
(2) |
At March 31, 2021, the weighted average maturity of commercial paper outstanding was 69 days. The weighted average amount outstanding for the quarter ended March 31, 2021 was approximately $457.3 million. |
Note: The Company capitalized interest of approximately $3.8 million and $1.8 million during the quarters ended March 31, 2021 and 2020, respectively.
Equity Residential |
||||||||||||||||||||||||
Debt Maturity Schedule as of March 31, 2021 ($ in thousands) |
||||||||||||||||||||||||
Year |
|
Fixed Rate |
|
|
Floating
|
|
|
Total |
|
|
% of Total |
|
|
Weighted
|
|
|
Weighted
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
$ |
5,593 |
|
|
$ |
430,000 |
|
(2) |
$ |
435,593 |
|
|
|
5.4 |
% |
|
|
3.27 |
% |
|
|
0.32 |
% |
2022 |
|
|
264,185 |
|
|
|
40,846 |
|
|
|
305,031 |
|
|
|
3.8 |
% |
|
|
3.25 |
% |
|
|
3.12 |
% |
2023 |
|
|
1,325,588 |
|
|
|
3,500 |
|
|
|
1,329,088 |
|
|
|
16.4 |
% |
|
|
3.74 |
% |
|
|
3.73 |
% |
2024 |
|
|
— |
|
|
|
6,100 |
|
|
|
6,100 |
|
|
|
0.1 |
% |
|
N/A |
|
|
|
0.06 |
% |
|
2025 |
|
|
450,000 |
|
|
|
8,200 |
|
|
|
458,200 |
|
|
|
5.6 |
% |
|
|
3.38 |
% |
|
|
3.32 |
% |
2026 |
|
|
592,025 |
|
|
|
9,000 |
|
|
|
601,025 |
|
|
|
7.4 |
% |
|
|
3.58 |
% |
|
|
3.53 |
% |
2027 |
|
|
400,000 |
|
|
|
9,800 |
|
|
|
409,800 |
|
|
|
5.0 |
% |
|
|
3.25 |
% |
|
|
3.17 |
% |
2028 |
|
|
900,000 |
|
|
|
10,700 |
|
|
|
910,700 |
|
|
|
11.2 |
% |
|
|
3.79 |
% |
|
|
3.75 |
% |
2029 |
|
|
888,120 |
|
|
|
11,500 |
|
|
|
899,620 |
|
|
|
11.1 |
% |
|
|
3.30 |
% |
|
|
3.26 |
% |
2030 |
|
|
1,095,000 |
|
|
|
12,600 |
|
|
|
1,107,600 |
|
|
|
13.6 |
% |
|
|
2.55 |
% |
|
|
2.52 |
% |
2031+ |
|
|
1,379,350 |
|
|
|
275,535 |
|
|
|
1,654,885 |
|
|
|
20.4 |
% |
|
|
4.37 |
% |
|
|
3.66 |
% |
Subtotal |
|
|
7,299,861 |
|
|
|
817,781 |
|
|
|
8,117,642 |
|
|
|
100.0 |
% |
|
|
3.55 |
% |
|
|
3.23 |
% |
Deferred Financing Costs and Unamortized (Discount) |
|
|
(62,841 |
) |
|
|
(17,245 |
) |
|
|
(80,086 |
) |
|
N/A |
|
|
N/A |
|
|
N/A |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
7,237,020 |
|
|
$ |
800,536 |
|
|
$ |
8,037,556 |
|
|
|
100.0 |
% |
|
|
3.55 |
% |
|
|
3.23 |
% |
(1) |
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details. |
|
(2) |
Represents principal outstanding on the Company’s commercial paper program. |
Equity Residential |
||||||
Selected Unsecured Public Debt Covenants |
||||||
|
|
March 31, |
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
Debt to Adjusted Total Assets (not to exceed 60%) |
|
30.4% |
|
|
30.5% |
|
|
|
|
|
|
|
|
Secured Debt to Adjusted Total Assets (not to exceed 40%) |
|
9.4% |
|
|
9.6% |
|
|
|
|
|
|
|
|
Consolidated Income Available for Debt Service to |
|
|
|
|
||
Maximum Annual Service Charges |
|
|
|
|
||
(must be at least 1.5 to 1) |
|
5.30 |
|
|
5.42 |
|
|
|
|
|
|
|
|
Total Unencumbered Assets to Unsecured Debt |
|
|
|
|
||
(must be at least 125%) |
|
454.1% |
|
|
458.3% |
|
Note: These selected covenants represent the most restrictive financial covenants relating to ERP Operating Limited Partnership's ("ERPOP") outstanding public debt securities. Equity Residential is the general partner of ERPOP.
Selected Credit Ratios |
||||||||
|
|
March 31, |
|
|
December 31, |
|
||
|
|
2021 |
|
|
2020 |
|
||
Total debt to Normalized EBITDAre |
|
5.29x |
|
|
4.99x |
|
||
|
|
|
|
|
|
|
|
|
Net debt to Normalized EBITDAre |
|
5.25x |
|
|
4.96x |
|
||
|
|
|
|
|
|
|
|
|
Unencumbered NOI as a % of total NOI |
|
87.5% |
|
|
86.6% |
|
Note: See Normalized EBITDAre Reconciliations for detail.
Equity Residential |
||||||||||||||||||||
Capital Structure as of March 31, 2021 (Amounts in thousands except for share/unit and per share amounts) |
||||||||||||||||||||
Secured Debt |
|
|
|
|
|
|
|
|
|
$ |
2,270,700 |
|
|
|
28.3 |
% |
|
|
|
|
Unsecured Debt |
|
|
|
|
|
|
|
|
|
|
5,766,856 |
|
|
|
71.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt |
|
|
|
|
|
|
|
|
|
|
8,037,556 |
|
|
|
100.0 |
% |
|
|
22.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares (includes Restricted Shares) |
|
|
372,917,413 |
|
|
|
96.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Units (includes OP Units and Restricted Units) |
|
|
14,042,374 |
|
|
|
3.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Shares and Units |
|
|
386,959,787 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Common Share Price at March 31, 2021 |
|
$ |
71.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,717,930 |
|
|
|
99.9 |
% |
|
|
|
|
Perpetual Preferred Equity (see below) |
|
|
|
|
|
|
|
|
|
|
37,280 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity |
|
|
|
|
|
|
|
|
|
|
27,755,210 |
|
|
|
100.0 |
% |
|
|
77.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Market Capitalization |
|
|
|
|
|
|
|
|
|
$ |
35,792,766 |
|
|
|
|
|
|
|
100.0 |
% |
Perpetual Preferred Equity as of March 31, 2021 (Amounts in thousands except for share and per share amounts) |
||||||||||||||||||
Series |
|
Call Date |
|
Outstanding
|
|
|
Liquidation
|
|
|
Annual
|
|
|
Annual
|
|
||||
Preferred Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.29% Series K |
|
12/10/26 |
|
|
745,600 |
|
|
$ |
37,280 |
|
|
$ |
4.145 |
|
|
$ |
3,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Residential Common Share and Unit Weighted Average Amounts Outstanding |
||||||||
|
|
Q1 2021 |
|
|
Q1 2020 |
|
||
|
|
|
|
|
|
|
|
|
Weighted Average Amounts Outstanding for Net Income Purposes: |
|
|
|
|
|
|
|
|
Common Shares - basic |
|
|
372,279,711 |
|
|
|
371,582,086 |
|
Shares issuable from assumed conversion/vesting of: |
|
|
|
|
|
|
|
|
- OP Units |
|
|
13,050,142 |
|
|
|
13,003,900 |
|
- long-term compensation shares/units |
|
|
1,586,077 |
|
|
|
2,363,095 |
|
|
|
|
|
|
|
|
|
|
Total Common Shares and Units - diluted |
|
|
386,915,930 |
|
|
|
386,949,081 |
|
|
|
|
|
|
|
|
|
|
Weighted Average Amounts Outstanding for FFO and Normalized FFO Purposes: |
|
|
|
|
|
|
|
|
Common Shares - basic |
|
|
372,279,711 |
|
|
|
371,582,086 |
|
OP Units - basic |
|
|
13,050,142 |
|
|
|
13,003,900 |
|
|
|
|
|
|
|
|
|
|
Total Common Shares and OP Units - basic |
|
|
385,329,853 |
|
|
|
384,585,986 |
|
Shares issuable from assumed conversion/vesting of: |
|
|
|
|
|
|
|
|
- long-term compensation shares/units |
|
|
1,586,077 |
|
|
|
2,363,095 |
|
|
|
|
|
|
|
|
|
|
Total Common Shares and Units - diluted |
|
|
386,915,930 |
|
|
|
386,949,081 |
|
|
|
|
|
|
|
|
|
|
Period Ending Amounts Outstanding: |
|
|
|
|
|
|
|
|
Common Shares (includes Restricted Shares) |
|
|
372,917,413 |
|
|
|
372,104,054 |
|
Units (includes OP Units and Restricted Units) |
|
|
14,042,374 |
|
|
|
13,932,433 |
|
|
|
|
|
|
|
|
|
|
Total Shares and Units |
|
|
386,959,787 |
|
|
|
386,036,487 |
|
Equity Residential Development and Lease-Up Projects as of March 31, 2021 (Amounts in thousands except for project and apartment unit amounts) |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
No. of |
|
|
Total
|
|
|
Total
|
|
|
Total Book
|
|
|
|
|
|
|
|
|
|
|
Estimated/Actual |
|
|
|
|
|
|
|
|
||||||||||
Projects |
|
Location |
|
Apartment
|
|
|
Capital
|
|
|
Value
|
|
|
Placed in
|
|
|
Total
|
|
|
Percentage
|
|
|
Initial
|
|
|
Completion
|
|
Stabilization
|
|
Percentage
|
|
|
Percentage
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projects Under Development - Wholly Owned: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Alcott Apartments (fka West End Tower) |
|
Boston, MA |
|
|
470 |
|
|
$ |
409,749 |
|
|
$ |
310,132 |
|
|
$ |
310,132 |
|
|
$ |
— |
|
|
78% |
|
|
Q3 2021 |
|
|
Q4 2021 |
|
Q1 2023 |
|
|
— |
|
|
|
— |
|
||
The Edge (fka 4885 Edgemoor Lane) (A) |
|
Bethesda, MD |
|
|
154 |
|
|
|
75,271 |
|
|
|
62,007 |
|
|
|
62,007 |
|
|
|
— |
|
|
86% |
|
|
Q3 2021 |
|
|
Q3 2021 |
|
Q3 2022 |
|
|
— |
|
|
|
— |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projects Under Development - Wholly Owned |
|
|
624 |
|
|
|
485,020 |
|
|
|
372,139 |
|
|
|
372,139 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projects Under Development - Partially Owned: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Aero Apartments (B) |
|
Alameda, CA |
|
|
200 |
|
|
|
117,794 |
|
|
|
103,871 |
|
|
|
103,871 |
|
|
|
40,546 |
|
|
92% |
|
|
Q2 2021 |
|
|
Q2 2021 |
|
Q2 2022 |
|
3% |
|
|
|
— |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projects Under Development - Partially Owned |
|
|
200 |
|
|
|
117,794 |
|
|
|
103,871 |
|
|
|
103,871 |
|
|
|
40,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Projects Under Development |
|
|
|
|
824 |
|
|
$ |
602,814 |
|
|
$ |
476,010 |
|
|
$ |
476,010 |
|
|
$ |
40,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land Held for Development |
|
|
|
N/A |
|
|
N/A |
|
|
$ |
88,360 |
|
|
$ |
88,360 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI CONTRIBUTION FROM DEVELOPMENT PROJECTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
Q1 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Projects Under Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
602,814 |
|
|
$ |
(57 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(A) |
The Edge – The land under this project is subject to a long-term ground lease. This project is adjacent to an existing apartment property owned by the Company. |
|
|
|
|
(B) |
Aero Apartments – This development project is owned 90% by the Company and 10% by a third party partner in a joint venture consolidated by the Company. Construction is being partially funded with a construction loan that is non-recourse to the Company. The joint venture partner has funded $4.7 million for its allocated share of the project equity and serves as the developer of the project. |
Equity Residential Capital Expenditures to Real Estate For the Quarter Ended March 31, 2021 (Amounts in thousands except for apartment unit and per apartment unit amounts) |
|||||||||||||||||
|
|
|
Same Store
|
|
|
Non-Same Store
|
|
|
Total |
|
|
Same Store Avg.
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Apartment Units |
|
|
|
77,060 |
|
|
|
829 |
|
|
|
77,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Building Improvements |
|
|
$ |
15,976 |
|
|
$ |
38 |
|
|
$ |
16,014 |
|
|
$ |
207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renovation Expenditures (1) |
|
|
|
5,261 |
|
|
|
— |
|
|
|
5,261 |
|
|
|
68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Replacements |
|
|
|
7,381 |
|
|
|
23 |
|
|
|
7,404 |
|
|
|
96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures to Real Estate (2) |
|
|
$ |
28,618 |
|
|
$ |
61 |
|
|
$ |
28,679 |
|
|
$ |
371 |
|
(1) |
Renovation Expenditures on 222 same store apartment units for the quarter ended March 31, 2021 approximated $23,701 per apartment unit renovated. |
|
|
|
|
(2) |
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details. |
Equity Residential Normalized EBITDAre Reconciliations (Amounts in thousands) |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
Trailing Twelve Months |
|
|
2021 |
|
|
2020 |
|
|||||||||||||||||||
|
|
March 31, 2021 |
|
|
December 31, 2020 |
|
|
Q1 |
|
|
Q4 |
|
|
Q3 |
|
|
Q2 |
|
|
Q1 |
|
|||||||
Net income |
|
$ |
690,194 |
|
|
$ |
962,501 |
|
|
$ |
60,364 |
|
|
$ |
262,984 |
|
|
$ |
95,365 |
|
|
$ |
271,481 |
|
|
$ |
332,671 |
|
Interest expense incurred, net |
|
|
346,841 |
|
|
|
365,073 |
|
|
|
67,358 |
|
|
|
116,724 |
|
|
|
80,874 |
|
|
|
81,885 |
|
|
|
85,590 |
|
Amortization of deferred financing costs |
|
|
9,083 |
|
|
|
8,939 |
|
|
|
2,185 |
|
|
|
2,686 |
|
|
|
2,101 |
|
|
|
2,111 |
|
|
|
2,041 |
|
Amortization of above/below market lease intangibles |
|
|
4,392 |
|
|
|
4,391 |
|
|
|
1,098 |
|
|
|
1,098 |
|
|
|
1,098 |
|
|
|
1,098 |
|
|
|
1,097 |
|
Depreciation |
|
|
808,372 |
|
|
|
820,832 |
|
|
|
199,962 |
|
|
|
201,829 |
|
|
|
200,605 |
|
|
|
205,976 |
|
|
|
212,422 |
|
Income and other tax expense (benefit) |
|
|
952 |
|
|
|
852 |
|
|
|
153 |
|
|
|
350 |
|
|
|
262 |
|
|
|
187 |
|
|
|
53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
1,859,834 |
|
|
|
2,162,588 |
|
|
|
331,120 |
|
|
|
585,671 |
|
|
|
380,305 |
|
|
|
562,738 |
|
|
|
633,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (gain) loss on sales of real estate properties |
|
|
(323,787 |
) |
|
|
(531,807 |
) |
|
|
43 |
|
|
|
(179,589 |
) |
|
|
25 |
|
|
|
(144,266 |
) |
|
|
(207,977 |
) |
Net (gain) loss on sales of unconsolidated entities - operating assets |
|
|
(1,640 |
) |
|
|
(1,636 |
) |
|
|
(4 |
) |
|
|
(636 |
) |
|
|
(1,000 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAre |
|
|
1,534,407 |
|
|
|
1,629,145 |
|
|
|
331,159 |
|
|
|
405,446 |
|
|
|
379,330 |
|
|
|
418,472 |
|
|
|
425,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|