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Jun 30, 2025
Equity Residential Q2 2025 Earnings Report
Equity Residential reported solid second quarter results with stable revenue growth and strong urban market performance.
Key Takeaways
Equity Residential delivered steady results in Q2 2025, driven by robust demand in high-density urban markets like San Francisco and New York. The company saw increases in EPS, revenue, and net income, supported by higher occupancy and leasing rates.
EPS increased to $0.50, supported by property sale gains.
Normalized FFO per share reached $0.99, slightly up from last year.
Same store revenue rose 2.7% year-over-year, led by coastal urban markets.
Physical occupancy remained high at 96.6% across residential properties.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Equity Residential raised guidance on same store revenue and NOI, while slightly reducing EPS expectations due to lower anticipated property sale gains.
Positive Outlook
- Raised midpoint of same store revenue growth guidance to 2.9%.
- Upgraded same store NOI growth guidance to 2.5%.
- Increased expectations for non-operating asset gains.
- Expecting stronger performance from San Francisco and East Coast markets.
- Improved occupancy outlook at 96.4%.
Challenges Ahead
- Full-year EPS guidance lowered due to fewer anticipated property sale gains.
- Higher depreciation expense anticipated for the full year.
- Same store expense guidance remains elevated at 3.5–4.0%.
- Transaction dilution estimated at 25 basis points.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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