Apt. REITs’ FFO Reflects Sector’s Strength
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Neithercut expects “another very strong year” for Equity Residential.
CHICAGO—With three of the five largest apartment REITs by market capitalization having announced their second-quarter results over the past week, it becomes clearer that although interest-rate jitters have taken their toll on returns across the sector, multifamily trusts’ operating fundamentals have remained strong. In the most recent of the three earnings announcements, Equity Residential posted normalized funds from operations of 85 cents per share, in line with the Zacks Equity Research consensus and seven cents per share ahead of Q2 2014.
Zacks notes that EQR’s year-over-year upside in normalized FFO was driven mainly by higher same-store year-over-year NOI, as well as NOI from non-same store properties currently in lease-up mode. Revenues were $679.1 million for Q2, up 4.1% Y-O-Y…
