In 2023, the company acquired 4 consolidated rental properties for about $324.5 million in cash, sold 11 consolidated rental properties for net proceeds of about $374.0 million, and invested $319.3 million in capital expenditures to real estate.

1. 01

   In 2023, the company acquired 4 consolidated rental properties for about $324.5 million in cash, sold 11 consolidated rental properties for net proceeds of about $374.0 million, and invested $319.3 million in capital expenditures to real estate.

2. 02

   The company said that in 2023, average physical occupancy was 95.9%. It cited strong demand and limited new supply as factors behind the increase in same store rental revenue, partially offset by a non-cash write-off of about $1.5 million in straight-line receivables due to the bankruptcy of Rite Aid.

3. 03

   Equity Residential repaid $936.0 million of mortgage loans in 2023, including scheduled principal repayments. It paid about $1.0 billion in dividends and distributions and repurchased and retired 864,386 common shares at a weighted average price of $56.79 per share, for an aggregate amount of about $49.1 million.

4. 04

   Interest expense, including amortization of deferred financing costs, fell about $13.2 million (4.5%) in 2023 compared with 2022. The company attributed the decrease to lower overall debt balances and higher capitalized interest, partially offset by higher rates on floating rate debt. Excluding debt extinguishment costs and prepayment penalties, the effective interest cost on all indebtedness was 3.82% in 2023, compared with 3.68% in 2022.

Key figures

Fiscal year ended December 31, 2023

Operating income

$1.2B

Net income

$835M

EPS

$2.20

Operating cash flow

$1.5B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.