Equity Residential (NYSE:EQR) Q2 2024 Earnings Conference Call July 30, 2024 11:00 AM ET
Company Participants
Marty McKenna - Vice President, Investor Relations
Mark Parrell - President & Chief Executive Officer
Michael Manelis - Executive Vice President & Chief Operating Officer
Robert Garechana - Executive Vice President & Chief Financial Officer
Alexander Brackenridge - Executive Vice President and Chief Investment Officer
Conference Call Participants
Eric Wolfe - Citi
Steve Sakwa - Evercore ISI
Adam Kramer - Morgan Stanley
Josh Dennerlein - Bank of America
Anthony Paolone - JPMorgan
Michael Goldsmith - UBS
Nicholas Yulico - Scotiabank
John Kim - BMO Capital Markets
James Feldman - Wells Fargo
Haendel St. Juste - Mizuho
Alexander Goldfarb - Piper Sandler
Operator
Good day, and welcome to the Equity Residential Second Quarter 2024 Earnings Conference Call and Webcast. Today's conference is being recorded.
At this time, I would like to turn the conference over to Marty McKenna. Please go ahead.
Marty McKenna
Good morning, and thanks for joining us to discuss Equity Residential's Second Quarter 2024 Results. Our featured speakers today are Mark Parrell, our President and CEO; Michael Manelis, our Chief Operating Officer; and Bob Garechana, our Chief Financial Officer; Alex Brackenridge, our Chief Investment Officer, is here with us as well for the Q&A.
Our earnings release is posted in the Investors section of equityapartments.com. Please be advised that certain matters discussed during this conference call may constitute forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to certain economic risks and uncertainties. The company assumes no obligation to update or supplement these statements that become untrue because of subsequent events.
Now I will turn the call over to Mark Parrell.
Mark Parrell
Thank you, Marty. Good morning, and thank you all for joining us today. I will start us off, and then Michael Manelis, our Chief Operating Officer, will discuss our second quarter 2024 revenue results and outlook as well as give some recent highlights from what we call our property operations innovation machine. And then Bob Garechana, our Chief Financial Officer, will discuss our expense results and updated normalized funds from operations guidance, and then we'll take your questions.
Looking at our quarterly results. Same-store revenues increased 2.9%, and same-store expenses rose only 2.7%, which led to same-store NOI growth of 3% and an increase in our NFFO per share of 3.2%. So far this year, our revenue performance has exceeded expectations as steady demand across all of our markets has met limited supply in our coastal established markets. As a reminder, approximately 94% of our NOI comes from our coastal established markets. Michael will get into the details shortly, but the Northeastern markets of Boston, New York and Washington, D.C. as well as Seattle are standouts relative to our expectations back in January.