How did EQR's Q4 2024 earnings surprise analysts?

Equity Residential (EQR) exceeded analysts' expectations in its Q4 2024 earnings report with a significant beat on Earnings Per Share (EPS) and a slight miss on revenue, but overall, the results were positive. 1. **EPS Surprise**: - EQR reported an Actual EPS of $1.10 for Q4 2024. - The estimated EPS was $0.42. - This resulted in a substantial beat, with EQR surpassing estimates by approximately $1.10 - $0.42 = $0.68 per share. 2. **Revenue Performance**: - The Actual Revenue for Q4 2024 was $766.78 million. - EQR had guided towards revenue growth, although the specific revenue figure was not provided in the earnings release. - The company's same-store revenues increased by 3.0% year-over-year, indicating steady growth in core operations. 3. **Other Key Metrics**: - Funds from Operations (FFO) per share slightly decreased by 3.0% to $0.97. - EQR acquired three properties with 795 units for $274.3 million and sold seven properties with 1,629 units for $610.1 million. - The company reported strong Q4 results and a positive 2025 outlook. 4. **Analyst Reaction**: - Analysts had concerns about shorter-term financial pressures and a decline in the new lease change for residential same-store properties. - However, the company's performance in Q4 2024 demonstrated resilience and operational efficiency. In conclusion, EQR's Q4 2024 earnings exceeded analysts' expectations, particularly in the EPS category, with revenue showing steady growth. Despite some minor setbacks, the company's strategic property acquisitions and positive outlook for 2025 suggest a confident forward view.