EQUITY RESIDENTIAL (EQR) Company Report

Third-quarter results included a 2.2% blended rent increase, 4.5% renewal rate growth, and 96.3% occupancy, led by strong performance in San Francisco and New York, with leasing traffic softening in late September, notably in Washington, DC.
2025 same-store revenue guidance revised to 2.5%–3.0% (midpoint 2.75%), same-store expenses held at 3.5%–4.0%, implying same-store NOI of 2.1%–2.6% (mid 2.35%), and normalized FFO per share of $3.98–$4.02 (mid $4.00).
Returned capital through $100 million of share repurchases in the quarter and narrowed full-year acquisitions and dispositions guidance to $750 million each.
Management expects an elongated recovery in high-supply Sunbelt markets (Denver, Dallas, Austin, Atlanta), anticipates significant supply declines in 2026 to support growth, and foresees continued deceleration in fourth-quarter pricing trends.

Oct 29, 2025, 3:00 PM

Transcript

Equity Residential reports Q3 2025 results

EQR

Earnings

Guidance Update

Share Buyback

Strong third-quarter operations: Renewal rate +4.5%, blended rent +2.2%, and occupancy at 96.3%; new lease rates dipped to –1% in Q3 2025.
2025 guidance updated: Full-year same-store revenue of 2.5%–3.0% (midpoint 2.75%), same-store expenses of 3.5%–4.0%, same-store NOI of 2.1%–2.6% (midpoint 2.35%), and NFFO per share of $3.98–$4.02.
Market trends: San Francisco and New York continued to outperform; competitive new supply across the portfolio is forecast to decline 35% in 2026, with Washington, DC supply down 65% year-over-year.
Capital deployment: Repurchased $100 million of common stock in Q3, completed a 375-unit Arlington, TX acquisition, and lowered full-year acquisition and disposition guidance to $750 million each.

Oct 29, 2025, 3:00 PM

Transcript

Equity Residential reports Q3 2025 results

EQR

Earnings

Guidance Update

Demand Weakening

Q3 demand and retention remain robust, with record-high resident retention and portfolio-wide occupancy in the mid-96% range, led by strong performances in San Francisco and New York.
Full-year same-store revenue guidance midpoint lowered 15 bps to 2.75%; same-store NOI range revised to 2.1%–2.6% with a midpoint of 2.35%.
Normalized FFO per share guidance tightened to $3.98–$4.02, with the midpoint maintained at $4.00.
Market outlook: San Francisco projected as the best-performing market; Washington, DC saw late-Q3 demand softening; expansion markets in Atlanta, Dallas, Denver, and Austin remain pressured by elevated new supply.

Oct 29, 2025, 3:00 PM

Transcript

Equity Residential reports third quarter 2025 results

EQR

Earnings

Share Buyback

Guidance Update

Equity Residential reported Q3 2025 EPS of $0.76, a 100% increase YoY; FFO per share was $1.05 (+6.1%) and Normalized FFO per share $1.02 (+4.1%).
Nine months ended September 30, 2025 results included EPS of $1.93 (+19.1%), FFO per share $2.97 (+6.5%) and Normalized FFO per share $2.96 (+2.4%).
Same store revenues rose 3.0%, expenses increased 3.6% and NOI grew 2.8% YoY, led by San Francisco and New York markets; achieved the highest Q3 resident retention rate in company history.
During Q3 2025, the company repurchased 1.5 million shares for ~$99.1 million, acquired a 375-unit Arlington, TX property for $103.0 million and sold two properties for $247.9 million.
Full year 2025 guidance was revised to EPS of $2.52–$2.56, FFO per share $3.98–$4.02 and Normalized FFO per share $3.98–$4.02.

Oct 28, 2025, 8:37 PM

8-K

Equity Residential reports third-quarter 2025 results

EQR

Earnings

Share Buyback

New Projects/Investments

Equity Residential reported Q3 2025 EPS of $0.76, a 100% increase year-over-year.
Funds from operations per share rose to $1.05 (up 6.1% YoY) and normalized FFO per share to $1.02 (up 4.1%).
Same store revenues increased 3.0%, same store NOI grew 2.8%, and the company achieved its highest Q3 resident retention rate.
The company repurchased 1.5 million shares at an average price of $64.26 for a total of $99.1 million.
During the quarter, Equity Residential acquired a 375-unit property in Arlington, TX for $103 million and sold two properties for $247.9 million.

Oct 28, 2025, 8:29 PM

Press Release

Equity Residential outlines robust 2025 operations and capital strategy

EQR

CFO Change

Guidance Update

Share Buyback

Appointed Brett McLeod as new CFO, bringing hospitality and retail finance expertise to the role.
At the latest earnings update, raised revenue, NOI, and FFO guidance on the back of strong renewal rates, retention, and 96.5% occupancy, with the urban portfolio outperforming suburban by 60 bps YTD.
Projects lower new-supply levels across key markets (e.g., ~1,000 units in SF, 4,000–5,000 in LA next year) and sees San Francisco rents up 8% YoY amid improving return-to-office trends.
Board authorized a 13 million-share buyback to be funded via dispositions, as acquisitions at 4.75%–5% cap rates and selective development pose higher hurdles in the current rate environment.

Sep 10, 2025, 7:45 PM

Transcript

Equity Residential reports Q2 2025 results and updates guidance

EQR

Earnings

Guidance Update

Management Change

Q2 results beat expectations with sustained demand: 96.6% physical occupancy, 5.2% renewal rate, and 3.0% blended rent growth driving performance.
Full-year guidance revised: acquisitions cut to $1.0 billion from $1.5 billion**, same-store revenue midpoint up 15 bps, expense midpoint down 25 bps, same-store NOI midpoint up 30 bps, and Q3 blended rent growth of 2.2%–2.8%.
Market highlights: San Francisco led with 5.8% blended rate growth, New York posted the highest occupancy, while expansion markets (e.g., Atlanta, Denver) continue to navigate elevated supply.
Management changes: Bob Yarshana moves to CIO and Brett McLeod joins as CFO in Q3.

Aug 5, 2025, 9:45 PM

Equity Residential announces CIO and CFO leadership changes

EQR

Management Change

CFO Change

Bob Garechana, EVP & CFO, will become Executive Vice President and Chief Investment Officer on August 7, 2025; Alec Brackenridge will transition to EVP–Investments and retire at year-end 2025.
Bret D. McLeod, EVP & CFO of Great Wolf Resorts, will join as EVP–Finance in July 2025 and assume the Chief Financial Officer role on August 7, 2025.
Mr. McLeod’s compensation package includes an annual base salary of $550,000, target cash performance bonus of $687,500, and prorated equity grant of $825,000 for 2025.
He will also receive a $1.25 million restricted share retention award and participate in the Company’s executive severance, change-in-control, and indemnification agreements.

Jun 30, 2025, 12:00 AM

8-K

Equity Residential Outlines Urban-Focused Growth Strategy at 2025 Investor Conference

EQR

New Projects/Investments

M&A

Strategic Update: Equity Residential emphasized its unique urban-centric portfolio with strong performances in major markets including New York, DC, San Francisco, and Seattle while signaling a cautious approach on headline risks in specific locations.
Acquisition and Capital Allocation: The company detailed an acquisition in Atlanta comprising 8 properties valued at $535M aimed at enhancing scale and displacing older assets through matched disposals, underlining a balanced capital allocation strategy.
Operational Efficiency: Management highlighted their cost efficiency and robust operating platform, which supports strong rent growth and long-term cash flow expansion through effective expense management and strategic market positioning.

Jun 4, 2025, 2:26 AM

Equity Residential Initiates Share Distribution Agreement

EQR

Equity Residential entered into a Distribution Agreement on May 15, 2025, under which it may issue and sell up to 13,000,000 common shares via its ATM Program, involving multiple forward purchasers and agents.
The securities issuance is supported by a registration statement on Form S-3, which became effective on May 13, 2025, ensuring that the shares will be properly authorized, fully paid, and compliant under the applicable securities laws.

May 15, 2025, 12:00 AM

8-K

Filings & Transcripts

View All Documents

Recent SEC filings and earnings call transcripts for EQR.

No recent filings or transcripts found for EQR.