Equity Residential Stock Earnings Reports

Equity Residential reported a resilient Q3 2025: portfolio occupancy remained high (~96.3%) and resident retention hit record third-quarter levels driven by strong renewals and rising resident incomes. Same-store revenue guidance midpoint was adjusted down modestly to 2.75% (15 bps reduction to the midpoint versus the prior outlook) largely due to earlier-than-normal seasonality, late-September demand softness (notably in Washington, D.C.), and a slight pushout of some other-income (bulk WiFi) rollout into 2026. Same-store expense guidance was held at 3.5%–4.0%; same-store NOI midpoint is 2.35% (revised) and normalized FFO per share guidance was tightened to $3.98–$4.02 with a $4.00 midpoint. Market performance is bifurcated: San Francisco and New York are outperforming (San Francisco expected to be the best-performing market in 2025), while several Sunbelt/expansion markets (Denver, Dallas-Fort Worth, Austin, Atlanta) are under pressure from high recent supply and weak pricing power; D.C. saw late-quarter softness tied to federal hiring uncertainty and the government shutdown. Capital allocation: ~$100M of share buybacks in Q3 and post-quarter, one acquisition closed (375-unit Arlington, TX), two dispositions completed; full-year acquisition and disposition guidance reduced to $750M each. Operational initiatives include AI-driven leasing and service tools (application processing cut time by ~50%) and bulk WiFi (revenue rollout partly deferred into 2026). Company highlights risks (macro, jobs, timing of supply absorption) but emphasizes portfolio diversification, strong coastal positioning, and the potential for improved 2026 results as competitive new supply declines in many markets.