Core Viewpoint - Equity Residential (EQR) is a leading real estate investment trust (REIT) focused on high-quality apartment properties in urban and high-density suburban areas, primarily in major coastal cities, competing with other large REITs like AvalonBay Communities and Essex Property Trust [1] Group 1: Company Performance - In 2025, EQR faced challenges due to uneven demand and increased new supply in certain markets, but remains optimistic about 2026, anticipating a decrease in competitive deliveries and aiming to maintain high portfolio occupancy [3][6] - EQR's same-store net operating income (NOI) for 2025 aligned with initial guidance, with strong rental growth in coastal markets, particularly in San Francisco and New York, despite midyear revenue momentum slowing due to policy and geopolitical uncertainties [4][6] Group 2: Stock Performance and Analyst Ratings - On February 9, 2026, Cantor Fitzgerald adjusted its rating for EQR to Neutral, maintaining a hold action, while raising the price target from $61 to $64, indicating cautious optimism about the company's future performance [2][6] - As of the latest update, EQR's stock price is $63.89, reflecting a 3.43% increase, with a market capitalization of approximately $24.31 billion and a trading volume of 3,794,591 shares [5]

COO Michael Manelis said fourth-quarter revenue reflected continued high physical occupancy of 96.4%, supported by “solid demand, strong retention, and fewer lease expirations.” Blended rate growth was 0.5% in the quarter, which he said came in at the midpoint of guidance, driven by achieved renewal rate growth of 4.5% offset by negative new lease rates in every market except San Francisco.Parrell attributed the midyear slowdown to heightened policy and geopolitical uncertainty that weighed on consumer and ...

Cadastral Raises $9.5M Back to Home Tweet NEW YORK, NY, Cadastral has announced that it has raised $9.5 million in funding. Cadastral, an AI-native software company building vertically specific intelligence for the commercial real estate (CRE) industry, has raised $9.5 million in funding from Navitas, JLL Spark Global Ventures, AvalonBay, Equity Residential, and 1Sharpe. The capital will be used to accelerate product development and expand go-to-market efforts as Cadastral builds the industry's leadin ...

Financial Data and Key Metrics Changes - 2025 Same Store NOI results matched initial guidance, but the path to those results was not straightforward [5] - Portfolio occupancy currently over 96%, with significant improvement expected in supply conditions [9] - The company purchased approximately $206 million of its stock during Q4 and a total of $300 million in 2025 [11] Business Line Data and Key Metrics Changes - Revenue results for Q4 reflect a physical occupancy of 96.4%, driven by solid demand and strong retention [16] - Blended rate growth of 0.5% in Q4 was driven by a strong renewal rate of 4.5%, offset by negative new lease rates in most markets except San Francisco [16] - Other income growth was slightly below expectations due to less income from bulk internet rollout and bad debt net improvement [16] Market Data and Key Metrics Changes - Strong rental growth was observed in coastal markets during the first half of 2025, followed by a deceleration in revenue momentum in the latter half, except for San Francisco and New York [6] - The D.C. market showed strength in the first half of 2025 but eroded later due to federal job cuts and uncertainty [24] - Atlanta is showing improved pricing power, while Denver is experiencing the worst performance among expansion markets [25] Company Strategy and Development Direction - The company remains committed to a diversified portfolio strategy, investing in all 12 markets through renovations, acquisitions, and development activities [10] - The focus is on selling properties with lower forward return profiles to buy back stock, improving the growth rate of the existing portfolio [11] - The company plans to start some development projects in 2026, having acquired land parcels at the end of Q4 2025 [88] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a broad range of possible outcomes for the U.S. economy, particularly regarding job growth [7] - The company expects a significant improvement in the supply picture in the second half of 2026, which could lead to accelerated revenue growth [9] - Management remains optimistic about the forward prospects of the business, citing a decline in competitive new supply in their markets [12] Other Important Information - The company returned over $1.3 billion to shareholders in 2025 through dividends and stock repurchases [12] - The anticipated Same Store expense growth for 2026 is between 3%-4%, with controllable expenses expected to remain stable [28] - The company ended 2025 with a net debt to normalized EBITDAre of 4.3x, reflecting a strong balance sheet [35] Q&A Session All Questions and Answers Question: Can you talk about the assets you're selling and the fund that repurchases? - The assets being sold are typically older, non-core properties with higher CapEx loads, which are expected to improve the growth rate of the existing portfolio [38] Question: Can you provide more color on your comment around the renewals at 4.5%? - The renewals are expected to land around 4.5%, with confidence in the stability of the portfolio despite economic conditions [45] Question: On the 2026 supply outlook, can you give us some background on how you come up with your competitive supply set? - The company uses both data from providers and a boots-on-the-ground approach to evaluate competitive supply, confirming a meaningful decline in 2026 [50] Question: Are you factoring in regulatory costs when assessing different markets? - Yes, the company factors in litigation costs and biases its portfolio allocation away from markets with excessive regulatory costs [54] Question: What is the expected cadence of Same Store revenue growth through the year? - The cadence is expected to be steady, with the second half being stronger due to reduced competitive supply [85]

Equity Residential (NYSE:EQR) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Company ParticipantsAlexander Goldfarb - Managing DirectorBob Garechana - Chief Investment OfficerBrad Heffern - DirectorBret McLeod - CFOHaendel St. Juste - Managing DirectorJamie Feldman - Managing DirectorJohn Pawlowski - Managing DirectorLinda Tsai - Senior Vice PresidentMark Parrell - President and CEOMartin McKenna - Head of Investor RelationsMichael Manelis - Chief Operating OfficerRich Hightower - Managing DirectorConf ...

Financial Data and Key Metrics Changes - 2025 Same Store NOI results matched initial guidance, but the path to those results was not straightforward, with stronger rental growth in the first half followed by a deceleration in the latter half of the year [4][5] - The company purchased approximately $206 million of its stock during Q4 2025, totaling $300 million in stock purchases for the year [10] - The normalized FFO per share for 2025 was $3.99, with a guidance midpoint for 2026 at $4.08, reflecting a 2.25% improvement [27] Business Line Data and Key Metrics Changes - The blended rate for Q4 was 0.5%, driven by a strong renewal rate of 4.5%, while new lease rates were negative across most markets except San Francisco [14] - Other income growth was slightly below expectations due to less income from the bulk internet rollout and bad debt net improvement [14] Market Data and Key Metrics Changes - Coastal markets, particularly New York and San Francisco, showed strong performance, while Southern California markets and expansion markets experienced muted growth [14][21] - The company expects a significant decline in competitive new supply, with deliveries projected to decrease by 35% or about 40,000 units in 2026 compared to 2025 [11][12] Company Strategy and Development Direction - The company remains committed to a diversified portfolio strategy, investing in renovations, acquisitions, and development activities selectively [9] - The focus is on maximizing shareholder returns through a well-earning renter portfolio across various metropolitan areas [7] - The company plans to sell properties with lower forward return profiles and use proceeds for stock buybacks, enhancing forward growth rates [10] Management's Comments on Operating Environment and Future Outlook - Management noted heightened policy and geopolitical uncertainty impacted consumer and employer confidence, leading to a slowdown in job and rent growth [5] - The outlook for 2026 includes a broad range of possible outcomes for the U.S. economy, with expectations for steady demand and improved supply conditions [6][12] - The company anticipates a return to a more normalized peak leasing season due to reduced competitive supply and stable job growth [17] Other Important Information - The company returned over $1.3 billion to shareholders in 2025 through dividends and stock repurchases [11] - The company expects Same Store expense growth in 2026 to range between 3%-4%, with controllable expenses remaining stable [25] Q&A Session Questions and Answers Question: Can you talk about the assets you're selling and the fund that repurchases? - The assets being sold are typically older, non-core properties with higher CapEx loads, which are expected to improve the growth rate of the existing portfolio [35] Question: Can you provide more color on your comment around the renewals at 4.5%? - The renewal quotes are around 6%, with confidence in landing at 4.5% due to a strong centralized process and low economic hardship among residents [42][44] Question: On the 2026 supply outlook, can you give us some background on how you come up with your competitive supply set? - The company uses both data from providers and a boots-on-the-ground approach to evaluate competitive supply, confirming a meaningful decline in 2026 [46][47] Question: Are you factoring in regulatory costs when assessing different markets? - Yes, the company considers litigation costs and regulatory conditions in its underwriting and portfolio allocation decisions [51][53] Question: What is the expected cadence of Same Store revenue growth through the year? - The second half of the year is expected to be stronger than the first, primarily due to reduced competitive supply [83]

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Key Takeaways Equity Residential posted Q4 normalized FFO of $1.03, up 3% year over year but below expectations.Same-store NOI and physical occupancy rose year over year, while higher expenses tempered results.Equity Residential guided 2026 normalized FFO of $4.02-$4.14, with same-store NOI growth of 0.5-2.5%.Equity Residential (EQR) reported fourth-quarter 2025 normalized funds from operations (FFO) per share of $1.03, which missed the Zacks Consensus Estimate of $1.04. The figure improved 3% from the year ...

Fourth Quarter 2025 Results Table of Contents | Earnings Release | 1 - 5 | | --- | --- | | Consolidated Statements of Operations | 6 | | Consolidated Statements of Funds From Operations and Normalized | | | Funds From Operations | 7 | | Consolidated Balance Sheets | 8 | | Portfolio Summary | 9 | | Portfolio Rollforward | 10 | | Same Store Results 11 - 18 | | | Debt Summary 19 - 21 | | | Capital Structure | 22 | | Common Share and Unit Weighted Average Amounts Outstanding | 23 | | Partially Owned Properties ...

For the quarter ended December 2025, Equity Residential (EQR) reported revenue of $781.91 million, up 2% over the same period last year. EPS came in at $1.03, compared to $1.10 in the year-ago quarter.The reported revenue represents a surprise of -0.94% over the Zacks Consensus Estimate of $789.34 million. With the consensus EPS estimate being $1.04, the EPS surprise was -0.74%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determ ...