CHICAGO--(BUSINESS WIRE)--Equity Residential (NYSE: EQR) today announced that the company expects to report same store revenue growth of approximately 4.0% to 4.2% for the second quarter of 2016 and, as a result, expects to produce same store revenue growth of between 4.0% and 4.5% for the full year 2016, down from its previous guidance range of 4.5% to 5.0%. The revision is being driven by continued weakness in its New York portfolio and recent underperformance in the company’s San Francisco portfolio. While occupancies and renewal rates in these markets continue to perform in line with the company’s expectations, new lease rates are not meeting original projections due to new rental apartment supply.
Based on the company’s most recent same store expense growth guidance of between 2.5% and 3.0%, full year 2016 same store net operating income growth would be between 4.5% and 5.5%, down from 5.0% to 6.0%.
Please see the company’s press release dated April 26, 2016 for a glossary of defined terms.
Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top U.S. growth markets. Equity Residential owns or has investments in 314 properties consisting of 78,351 apartment units. 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 local government regulation. 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.
