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Dec 31, 2025
Equity Residential Q4 2025 Earnings Report
Equity Residential reported its financial results for the fourth quarter and full year ended December 31, 2025.
Key Takeaways
Equity Residential reported a decrease in EPS for Q4 2025 compared to Q4 2024, but FFO per share remained flat. For the full year 2025, the company saw an increase in both EPS and FFO per share. The company was a net seller of assets in 2025, disposing of 11 properties for approximately $1.1 billion and repurchasing common shares.
Q4 2025 EPS decreased by 9.1% to $1.00 per share compared to $1.10 in Q4 2024.
Q4 2025 FFO per share remained flat at $0.97 per share compared to Q4 2024.
Full year 2025 EPS increased by 8.1% to $2.94 per share compared to $2.72 in 2024.
Full year 2025 FFO per share increased by 4.8% to $3.94 per share compared to $3.76 in 2024.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Equity Residential provided guidance for the full year 2026, expecting same store revenue growth between 1.2% and 3.2%, same store expense growth between 3.0% and 4.0%, and same store NOI growth between 0.5% and 2.5%. The company also provided Q1 2026 guidance for EPS, FFO per share, and Normalized FFO per share.
Positive Outlook
- Expected full year 2026 same store revenue growth between 1.2% and 3.2%.
- Expected full year 2026 same store NOI growth between 0.5% and 2.5%.
- Expected full year 2026 FFO per share growth at midpoint vs. 2025 actual of 2.5%.
- Expected full year 2026 Normalized FFO per share growth at midpoint vs. 2025 actual of 2.3%.
- Guidance assumes excess disposition proceeds from 2025 of approximately $200 million are invested in share repurchases in the first half of 2026.
Challenges Ahead
- Expected full year 2026 EPS growth at midpoint vs. 2025 actual of (49.0%).
- Lower expected property sale gains contributing to lower EPS guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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