Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-12252 (Equity Residential) Commission File Number: 0-24920 (ERP Operating Limited Partnership) EQUITY RESIDENTIAL ERP OPER ...

Equity Residential (EQR) reported first-quarter 2025 normalized funds from operations (FFO) per share of 95 cents, which outpaced the Zacks Consensus Estimate of 93 cents. The figure also improved 2.2% from the year-ago quarter.Results reflect a rise in same-store revenues and physical occupancy on a year-over-year basis. The company reaffirmed its guidance for 2025.Rental income of $760.8 million missed the consensus mark of $766.8 million. Rental income was up 4.1% year over year.According to Mark J. Parr ...

Equity Residential (EQR) Q1 2025 Earnings Call April 30, 2025 11:00 AM ET Speaker0 Good day, and welcome to the Equity Residential First Quarter twenty twenty five Earnings Conference Call and Webcast. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Marty McKenna. Please go ahead, sir. Speaker1 Good morning, and thanks for joining us to discuss Equity Residential's First Quarter twenty twenty five Results. Our featured speakers today are Mark Perel, our Pr ...

Equity Residential (EQR) Q1 2025 Earnings Call April 30, 2025 11:00 AM ET Company Participants Marty McKenna - IRMark Parrell - President, CEO & TrusteeMichael Manelis - EVP & COOEric Wolfe - DirectorAlexander Brackenridge - EVP & CIOSteve Sakwa - Senior Managing DirectorRobert Garechana - EVP & CFOJeffrey Spector - Managing DirectorAmi Probandt - Equity Research AssociateNone - ExecutiveRich Hightower - Managing Director, U.S. REIT ResearchAlexander Goldfarb - Managing DirectorNicholas Yulico - Managing Di ...

Financial Performance - Equity Residential (EQR) reported revenue of $760.81 million for the quarter ended March 2025, a year-over-year increase of 4.1% [1] - The EPS for the same period was $0.95, compared to $0.77 a year ago, indicating a positive growth in earnings [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $766.84 million, resulting in a surprise of -0.79% [1] - The company delivered an EPS surprise of +2.15%, with the consensus EPS estimate being $0.93 [1] Key Metrics - The physical occupancy rate was 96.5%, exceeding the average estimate of 96.1% from four analysts [4] - Total apartment units stood at 84,648, surpassing the three-analyst average estimate of 83,881 [4] - Change in same-store revenue growth was 2.2%, slightly below the 2.4% estimated by two analysts [4] - Rental income from same-store properties was $715.80 million, compared to the estimated $722.99 million, reflecting a -0.1% change year-over-year [4] - Net earnings per share (diluted) were $0.67, significantly higher than the average estimate of $0.32 based on eight analysts [4] Stock Performance - Shares of Equity Residential have returned -3.2% over the past month, while the Zacks S&P 500 composite changed by -0.8% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Equity Residential (EQR) came out with quarterly funds from operations (FFO) of $0.95 per share, beating the Zacks Consensus Estimate of $0.93 per share. This compares to FFO of $0.93 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 2.15%. A quarter ago, it was expected that this real estate investment trust would post FFO of $1 per share when it actually produced FFO of $1, delivering no surprise.Over the last four quarters, the co ...

First Quarter 2025 Results Table of Contents | Earnings Release | 1 - 4 | | --- | --- | | Consolidated Statements of Operations | 5 | | Consolidated Statements of Funds From Operations and Normalized | | | Funds From Operations | 6 | | Consolidated Balance Sheets | 7 | | Portfolio Summary | 8 | | Portfolio Rollforward | 9 | | Same Store Results | 10 - 16 | | Debt Summary | 17 - 19 | | Capital Structure | 20 | | Common Share and Unit Weighted Average Amounts Outstanding | 21 | | Partially Owned Properties | ...

Equity Residential (EQR) is slated to report first-quarter 2025 results after the closing bell on April 29. While the company’s quarterly results are likely to reflect growth in revenues, funds from operations (FFO) per share are expected to remain flat.In the last reported quarter, this Chicago, IL-based residential real estate investment trust (REIT) came up with an in-line performance in terms of normalized FFO per share. Results reflected healthy same-store revenue performance and high occupancy.Over th ...

Group 1 - The article emphasizes the potential of high-quality REITs (Real Estate Investment Trusts) with strong balance sheets to navigate the current high-interest-rate environment, suggesting that they may be long-term winners despite the apparent challenges [2]. Group 2 - The focus of iREIT+HOYA Capital is on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging, indicating a strategic approach to investment [1].

Industry Overview - The Zacks REIT and Equity Trust - Residential industry includes companies that own, develop, and manage various residential properties, generating revenues by renting spaces to tenants [3] - The industry is currently facing economic uncertainty, slower job growth, federal job cuts, and new tariffs, which are affecting consumer confidence and household formation, potentially dampening residential real estate demand [1][4] Current Market Conditions - Elevated supply in certain regions, particularly in the Sun Belt metros, is placing downward pressure on rents despite strong national demand [6][7] - Rental demand remains historically strong, supported by favorable demographics and the growing affordability gap between renting and homeownership [2][8] - The transition from renting to homeownership is challenging due to high mortgage rates, making renting a more viable option [9] Financial Performance - The Zacks Industry Rank for the REIT and Equity Trust - Residential industry is 158, placing it in the bottom 36% of around 250 Zacks industries, indicating dim near-term prospects [10][11] - The industry's funds from operations (FFO) per share estimates for 2025 and 2026 have been revised down by 4.8% and 4.5%, respectively, reflecting a loss of confidence in growth potential [12] Stock Market Performance - The industry has underperformed the broader Zacks Finance sector and the S&P 500 over the past year, returning 8% compared to the S&P 500's increase of 8.1% and the Finance sector's rally of 15.8% [14] - The industry is currently trading at a forward 12-month price-to-FFO ratio of 16.35X, higher than the Finance sector's 15.30X but lower than the S&P 500's 19.88X [16] Notable Companies - **Equity Residential**: Positioned to benefit from favorable apartment market conditions, with a strong presence in urban areas and a healthy balance sheet with nearly $1.95 billion of liquidity [18][20] - **Essex Property Trust**: Benefits from healthy demand in the West Coast market, where median household income has grown faster than rents, indicating potential for future rent growth [22][25] - **UMH Properties, Inc.**: Operates 141 manufactured home communities and has seen occupancy increases, with a rental home occupancy rate of 94.7% [27][29]