Shares of Equity Residential EQR rose 1.3% in morning trading, to buck the weakness in its peer group and the broader stock market, after the residential real estate investment trust raised its full-year earnings outlook, citing strong demand in New York. The company said late Tuesday that it now expects 2023 earnings per share of $2.02 to $2.12, up from previous guidance of $1.99 to $2.09. The company also raised its guidance ranges for normalized fund from operations per share to $3.73 to $3.
The company said late Tuesday that it now expects 2023 earnings per share of $2.02 to $2.12, up from previous guidance of $1.99 to $2.09. The company also raised its guidance ranges for normalized fund from operations per share to $3.73 to $3.83 from $3.70 to $3.80, for year-over-year same-store revenue growth to 5.5% to 6.25% from 4.5% to 6.0% and for net operating income growth to 6.0% to 7.0% from 4.75% to 6.25%, but trimmed its outlook for same-store physical occupancy to 96.0% from 96.2%.