Equity Residential Taking A Beating ($EQR)

Equity Residential (ticker: EQR) reports challenging Q3 operating conditions with declines in urban rental portfolio lease rates and occupancy. Shares drop 7%, now down 46% YTD. Distribution yield currently 5.2%.

Perhaps most interestingly, here is their breakdown of occupancy rates:

Asset ClassOctober 22, 2020June 30, 2020
Suburban95.8%96.4%
Urban94.4%94.7%
Urban Core88.9%92.5%

About Equity Residential: Equity Residential owns or has investments in 305 properties consisting of 78,568 apartment units, located in Boston, New York, Washington, D.C., Seattle, San Francisco, Southern California and Denver.

Source: Q3 2020 Earnings Release

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