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Mar 31, 2025
Equity Residential Q1 2025 Earnings Report
Equity Residential exceeded its Q1 2025 guidance expectations with strong performance across major markets.
Key Takeaways
Equity Residential reported strong Q1 2025 results, beating internal expectations, with robust rental income growth and historically low resident turnover.
Revenue reached $760,810,000, surpassing internal forecasts.
EPS was $0.67 and Adjusted (Normalized FFO) EPS was $0.95.
Net Income was $256,236,000 for the quarter.
Resident turnover dropped to a historic low of 7.9%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Equity Residential expects stable performance for Q2 2025, supported by strong demand and portfolio resilience despite economic uncertainty.
Positive Outlook
- Expected increase in residential same store NOI.
- Blended rent growth anticipated between 2.8% and 3.4%.
- Resilient demand expected across core markets.
- Completion of development projects will contribute to income.
- Continued historically low resident turnover.
Challenges Ahead
- Potential macroeconomic uncertainty impacting leasing.
- Expected lower property sale gains versus Q1.
- Ongoing pressure on operating expenses, particularly utilities.
- Interest expense likely to be slightly higher.
- Challenges from job cuts in government impacting Washington, D.C. market.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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