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Jun 30
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.
Equity Residential
Equity Residential
Equity Residential Revenue by Segment
Equity Residential Revenue by Geographic Location
Revenue by Segment
Rental Income Revenue
CapyFin.comRevenue by Geographic Location
Los Angeles Revenue
CapyFin.comOrange County Revenue
CapyFin.comSan Diego Revenue
CapyFin.comSan Francisco Revenue
CapyFin.comWashington, D.C. Revenue
CapyFin.comNew York Revenue
CapyFin.comBoston Revenue
CapyFin.comSeattle Revenue
CapyFin.comDenver Revenue
CapyFin.comOther Markets Revenue
CapyFin.com 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.
- Interest expense guidance increased slightly from previous quarter.