Equity Residential
Climate Impact & Sustainability Data (2023-09-30)
Reporting Period: 2023-09-30
Environmental Metrics
ESG Focus Areas
- Environmental
- Social
- Governance
Climate Goals & Targets
Environmental Challenges
- Weaker than expected revenue performance in San Francisco and Seattle due to lower recent job growth in the target affluent renter demographic.
- Rite Aid bankruptcy resulting in a non-cash write-off of approximately $1.5 million in straight-line receivables.
- Modestly more delinquency than previous goal due to lengthy and uneven legal processes associated with COVID-era delinquency.
Mitigation Strategies
- Adjusted guidance to reflect weaker performance in San Francisco and Seattle markets.
- Sale of properties in West Coast markets (San Francisco, Seattle, and Los Angeles).