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Equity Residential Falls After Third Revenue-Forecast Cut

  • Landlord cites weakness in New York, San Francisco markets
  • Apartment owners dealing with more supply, sluggish job growth
Manhattan's Upper West Side.
Photographer: Craig Warga/Bloomberg
Updated on

Shares of apartment landlord Equity Residential fell the most since March after the company cut its revenue forecast for the third time this year, citing greater weakness than it anticipated in the Manhattan and San Francisco rental markets.

Equity Residential expects revenue growth from properties open at least a year to be 3.5 percent to 4 percent in 2016, according to the company’s second-quarter earnings statement Tuesday. The Chicago-based real estate investment trust in late April lowered the upper limit to 5 percent, then reduced it again in June to 4.5 percent.