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Sep 30, 2025
Equity Residential Q3 2025 Earnings Report
Equity Residential reported strong Q3 2025 results with record retention rates and solid growth in urban markets like San Francisco and New York.
Key Takeaways
Equity Residential delivered solid Q3 2025 performance, with EPS doubling from the prior year and positive momentum in high-demand urban markets. Revenue, EPS, and net income all saw strong increases, with record retention and healthy operating fundamentals across the portfolio.
EPS grew 100% YoY to $0.76; Normalized FFO per share rose to $1.02.
Revenue reached $782,411,000 for the quarter, up from $748,348,000 YoY.
Net income increased to $288,695,000 for Q3 2025.
Achieved highest Q3 retention rate in company history and saw outsized growth in San Francisco and New York.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Equity Residential issued cautious but stable guidance for Q4 2025, reflecting softness in Washington D.C. and delays in ancillary income initiatives. EPS and FFO are expected to be slightly lower QoQ, while Normalized FFO remains consistent.
Positive Outlook
- Normalized FFO per share guidance unchanged at $3.98–$4.02
- Strong leasing performance in San Francisco and New York expected to continue
- Stabilized developments contributing positively to NOI
- Cost controls helping offset revenue softness
- Better expected property management expense forecast
Challenges Ahead
- Demand weakened late in Q3, especially in Washington D.C.
- EPS lowered due to lower property sale gains
- Delays in rollout of other income initiatives
- Normalized NOI growth midpoint revised downward
Historical Earnings Impact
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Avg. Return Before/After Earnings
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