Key Takeaways EQR is expanding into growth markets and using tech to boost efficiency and same-store performance. Strong Q2 absorption and steady occupancy signal solid demand for EQR's professionally managed units. EQR holds $2.2B in liquidity with 90.5% unencumbered NOI and a well-laddered debt maturity schedule.Equity Residential (EQR) , which has a dominating presence in Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California, is expanding into Denver, Atlanta, Dallas/Ft. Wo ...

Key Takeaways The U.S. apartment market absorbed more than 227K units in Q2, signaling strong renter demand. AVB saw a 3% rise in same-store residential revenues and occupancy of 96.3% through May. EQR, ESS and UDR also posted strong occupancy, aided by tech markets and low homeownership affordability.The U.S. apartment market remained impressively resilient in the second quarter of 2025, absorbing more than 227,000 units between April and June, a robust second-quarter figure. According to RealPage data, ...

Equity Residential (EQR) FY 2025 Annual General Meeting June 26, 2025 09:00 AM ET Speaker0 Farrell, President, Chief Executive Officer and a trustee of Equity Residential, and I will act as Chairman of today's meeting. It is my pleasure on behalf of the Board of Trustees to welcome you to the company's twenty twenty five Annual Meeting of Shareholders. The meeting is being held as a virtual meeting to facilitate an opportunity for participation by a wide group of our shareholders. We have shareholders atten ...

JUNE 2024 See pages 32 through 37 for information about forward-looking statements, a glossary of defined terms and a related reconciliation of non-GAAP financial measures including the reconciliations of Earnings Per Share ("EPS") to Funds From Operations ("FFO") per share and Normalized Funds From Operations ("Normalized FFO") per share. Creating Communities Where People AVENIR – BOSTON, MA See pages 37 through 44 for information about forward-looking statements, a glossary of defined terms and a related ...

Summary of Equity Residential (EQR) 2025 Conference Call Company Overview - **Company**: Equity Residential (EQR) - **Industry**: Real Estate Investment Trust (REIT), specifically focused on multifamily residential properties Key Points and Arguments Operational Performance - Operations are running ahead of expectations set at the beginning of the year, indicating strong performance in the residential business [2][3] - EQR is acquiring an eight-property portfolio in the Atlanta Metro Area for $535 million, with a projected cap rate of approximately 5.1% [3][4] Market Dynamics - Atlanta is experiencing a significant decline in supply, which is expected to positively impact future funds from operations (FFO) despite a flat first year [5][11] - The company has sold $350 million of older assets in coastal markets to fund new acquisitions, indicating a strategic shift towards more desirable returns [5][6] Demand and Demographics - Strong demand is driven by millennials and Gen Z, with millennials delaying home purchases due to lifestyle choices and high housing costs [16][19] - The rentership pool is projected to grow by approximately 7% by 2030, reaching around 84 to 85 million individuals [19][20] Urban vs. Suburban Markets - EQR's urban-centric portfolio is positioned well for recovery, particularly in markets like San Francisco and Seattle, which are showing strong pricing power and application volume [8][25][26] - The company anticipates less development in urban centers compared to suburban areas, which may lead to prolonged outperformance in urban markets [13][14] Capital Allocation and Financial Strategy - EQR plans to balance acquisitions and dispositions, with an initial guidance of $1 billion in acquisitions and $1 billion in sales, aiming for a net acquisition of $500 million [63][64] - The company is cautious about leveraging due to high debt costs relative to cap rates, opting for a more balanced approach in the current market [64][70] Regional Market Insights - **San Francisco and Seattle**: Both markets are recovering well, with strong demand and pricing power [25][26] - **Washington D.C.**: Despite negative headlines, the market remains strong with over 97% occupancy [28][29] - **Southern California**: Mixed performance, with Orange County and San Diego performing well, while LA faces challenges due to lack of momentum in the film industry [38][39] - **Boston**: Strong recovery observed after a slower start to the leasing season, with good pricing power [41][42] Risks and Considerations - EQR is cautious about regulatory risks in markets like New York and California compared to Texas and Georgia, which have more favorable conditions [46][47] - The company is monitoring insurance costs and resilience risks in Florida, indicating a cautious approach to potential investments in that market [60][62] Conclusion - EQR is well-positioned for future growth with a focus on urban markets, strong demand dynamics, and a strategic approach to capital allocation. The company aims to leverage its operational efficiencies to maximize cash flow growth while managing risks associated with market volatility and regulatory environments [14][48][72]

28 May 2025 | 6:30AM EDT Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Americas Real Estate: REITs: June 2025 question book: NAREIT meet ...

[Explanatory Note](index=2&type=section&id=Explanatory%20Note) This report combines quarterly Form 10-Q filings for Equity Residential (EQR) and ERP Operating Limited Partnership (ERPOP), providing a consolidated view of their UPREIT operations - The report is a combined filing for Equity Residential (EQR) and ERP Operating Limited Partnership (ERPOP), which operate as a **single business**[9](index=9&type=chunk) - EQR is a REIT and the general partner of ERPOP, owning approximately **97.0%** of the partnership as of March 31, 2025. The remaining 3.0% is held by limited partners[11](index=11&type=chunk) - All property ownership, development, and debt are held at the **Operating Partnership (ERPOP) level**. EQR's primary assets are its investment in ERPOP, and it has no material liabilities[14](index=14&type=chunk) - The main differences in the financial statements between EQR and ERPOP relate to **shareholders' equity, partners' capital, and noncontrolling interests**[15](index=15&type=chunk) [PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section presents the unaudited consolidated financial statements and management's discussion and analysis for Equity Residential and ERPOP [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited consolidated financial statements for EQR and ERPOP, including balance sheets, income statements, cash flows, and detailed notes [Financial Statements of Equity Residential](index=5&type=section&id=Financial%20Statements%20of%20Equity%20Residential) EQR reported total assets of **$20.56 billion** and net income available to common shares of **$256.2 million** or **$0.67** per diluted share for Q1 2025 EQR Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | $20,562,185 | $20,834,176 | | Total Liabilities | $8,973,055 | $9,249,829 | | Total Shareholders' Equity | $11,047,330 | $11,044,560 | EQR Consolidated Statement of Operations Highlights (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Rental Income | $760,810 | $730,818 | | Net Gain on Sales of Real Estate | $154,152 | $188,185 | | Net Income | $264,798 | $305,032 | | Net Income Available to Common Shares | $256,236 | $293,796 | | Diluted EPS | $0.67 | $0.77 | EQR Consolidated Cash Flow Highlights (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $425,525 | $421,031 | | Net Cash from Investing Activities | $97,341 | $136,006 | | Net Cash used for Financing Activities | ($541,489) | ($500,472) | [Financial Statements of ERP Operating Limited Partnership](index=13&type=section&id=Financial%20Statements%20of%20ERP%20Operating%20Limited%20Partnership) ERPOP's financial statements mirror EQR's, reporting **$264.8 million** net income for Q1 2025, with key distinctions in the capital section detailing Partners' Capital - ERPOP's total assets and liabilities are **identical to EQR's**, as EQR consolidates ERPOP and has no other material assets or liabilities[19](index=19&type=chunk)[39](index=39&type=chunk) ERPOP Capital Structure (in thousands) | Capital Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | General Partner | $11,026,779 | $11,023,191 | | Limited Partners | $207,090 | $201,942 | | Total Partners' Capital | $11,254,420 | $11,246,502 | ERPOP Net Income Allocation (in thousands, except per unit data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Income | $264,798 | $305,032 | | Net Income Available to Units | $263,338 | $302,071 | | Diluted EPU | $0.67 | $0.77 | [Notes to Consolidated Financial Statements](index=21&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail the company's portfolio of **312 properties** with **84,648 units**, **$7.85 billion** total debt, **1.3%** Same Store NOI growth, and ongoing litigation Property Portfolio as of March 31, 2025 | Ownership Type | Properties | Apartment Units | | :--- | :--- | :--- | | Wholly Owned | 294 | 80,010 | | Partially Owned – Consolidated | 12 | 2,656 | | Partially Owned – Unconsolidated | 6 | 1,982 | | **Total** | **312** | **84,648** | - In Q1 2025, the company disposed of **2 consolidated rental properties** for **$225.6 million**, realizing a net gain of **$154.2 million**[84](index=84&type=chunk) - The company has **ongoing litigation**, including an **antitrust case** concerning revenue management software and a class action in California regarding late fees. The company believes the lawsuits are **without merit**[124](index=124&type=chunk)[126](index=126&type=chunk) Same Store vs. Non-Same Store NOI (in thousands) | Segment | Q1 2025 NOI | Q1 2024 NOI | % Change | | :--- | :--- | :--- | :--- | | Same Store | $480,559 | $474,485 | 1.3% | | Non-Same Store/Other | $24,526 | $12,776 | 92.0% | | **Total NOI** | **$505,085** | **$487,261** | **3.7%** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 performance, highlighting **1.3%** Same Store NOI growth, **$2.2 billion** liquidity, and **$0.67** diluted EPS, with Normalized FFO increasing to **$0.95** per share [Results of Operations](index=46&type=section&id=Results%20of%20Operations) Q1 2025 results show **1.3%** Same Store NOI growth and **2.2%** rental income increase, with diluted EPS declining to **$0.67** primarily due to lower property sales gains Diluted EPS/Unit Reconciliation (Q1 2024 vs Q1 2025) | Component | Impact on EPS/Unit | | :--- | :--- | | 2024 Diluted EPS/Unit | $0.77 | | Property NOI | $0.04 | | Net gain/loss on property sales | ($0.09) | | Depreciation expense | ($0.08) | | Other | $0.03 | | **2025 Diluted EPS/Unit** | **$0.67** | Same Store Operating Performance (Q1 2025 vs Q1 2024) | Metric | % Change | | :--- | :--- | | Rental Income | 2.2% | | Operating Expenses | 4.1% | | **NOI** | **1.3%** | - Operating performance was **strong in New York and Washington, D.C.**, with continued **improvement in San Francisco and Seattle**. Expansion markets faced **challenges from elevated new supply**[165](index=165&type=chunk)[166](index=166&type=chunk) - Same store operating expenses increased **4.1%**, driven by **higher real estate taxes** (including 421-a tax abatement burnoffs in NYC), **utilities**, and **on-site payroll costs**[161](index=161&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains **$2.2 billion** in available liquidity and **$7.85 billion** total debt, with **93.7%** fixed-rate, and declared a Q1 2025 dividend of **$0.6925** per share - The company has approximately **$2.2 billion** in readily available liquidity as of March 31, 2025, primarily from its **unsecured revolving credit facility**[168](index=168&type=chunk)[174](index=174&type=chunk) Debt Summary as of March 31, 2025 (in thousands) | Debt Type | Balance | % of Total | | :--- | :--- | :--- | | Secured | $1,593,803 | 20.3% | | Unsecured | $6,253,081 | 79.7% | | **Total** | **$7,846,884** | **100.0%** | | Fixed Rate | $7,350,892 | 93.7% | | Floating Rate | $495,992 | 6.3% | - The company declared a Q1 2025 dividend of **$0.6925 per share**, representing a **2.6% annualized increase** over 2024[178](index=178&type=chunk) - As of March 31, 2025, **89.9%** of the company's real estate investment (**$26.9 billion**) was **unencumbered**, providing significant financial flexibility[179](index=179&type=chunk) [Funds From Operations and Normalized Funds From Operations](index=53&type=section&id=Funds%20From%20Operations%20and%20Normalized%20Funds%20From%20Operations) Q1 2025 FFO available to common shares and units was **$368.9 million**, while Normalized FFO increased to **$372.5 million**, reflecting improved core operating performance FFO and Normalized FFO Reconciliation (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Income Available to Common Shares/Units | $263,338 | $302,071 | | Depreciation | $256,746 | $225,695 | | Net (gain) on sales of real estate | ($154,152) | ($188,185) | | **FFO available to Common Shares/Units** | **$368,935** | **$338,419** | | Adjustments for non-recurring items | $3,583 | $26,477 | | **Normalized FFO available to Common Shares/Units** | **$372,518** | **$364,896** | - FFO and Normalized FFO are **non-GAAP measures** used to evaluate the **operating performance** of real estate companies by excluding items like depreciation and gains/losses on property sales[185](index=185&type=chunk)[192](index=192&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=54&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes to its market risk profile since the 2024 Annual Report on Form 10-K - There have been **no material changes** to the company's market risk profile since the 2024 year-end 10-K filing[188](index=188&type=chunk) [Item 4. Controls and Procedures](index=54&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that disclosure controls and procedures for both EQR and ERPOP were **effective** as of March 31, 2025[189](index=189&type=chunk)[191](index=191&type=chunk) - **No material changes** to internal control over financial reporting occurred during the first quarter of 2025[190](index=190&type=chunk)[193](index=193&type=chunk) [PART II - OTHER INFORMATION](index=56&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers other information including legal proceedings, risk factors, equity security sales, and exhibits [Item 1. Legal Proceedings](index=56&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material changes to legal proceedings disclosed in its 2024 Annual Report, with no expected material adverse effects - There have been **no material changes** to previously disclosed legal proceedings[194](index=194&type=chunk) [Item 1A. Risk Factors](index=56&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the 2024 Annual Report on Form 10-K filing - **No material changes** to risk factors have occurred since the 2024 year-end 10-K filing[195](index=195&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=56&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2025, EQR issued **107,399** unregistered Common Shares in exchange for an equal number of OP Units from ERPOP limited partners - In Q1 2025, EQR issued **107,399 Common Shares** in exchange for **107,399 OP Units** on a **one-for-one basis**[196](index=196&type=chunk) [Item 6. Exhibits](index=56&type=section&id=Item%206.%20Exhibits) This section indexes exhibits filed with the Form 10-Q, including the 2025 Long-Term Incentive Plan Award Agreement and CEO/CFO certifications - The report includes exhibits such as the **2025 Long-Term Incentive Plan Award Agreement** and **CEO/CFO certifications**[203](index=203&type=chunk)

Equity Residential (EQR) reported first-quarter 2025 normalized funds from operations (FFO) per share of 95 cents, which outpaced the Zacks Consensus Estimate of 93 cents. The figure also improved 2.2% from the year-ago quarter.Results reflect a rise in same-store revenues and physical occupancy on a year-over-year basis. The company reaffirmed its guidance for 2025.Rental income of $760.8 million missed the consensus mark of $766.8 million. Rental income was up 4.1% year over year.According to Mark J. Parr ...

Equity Residential (EQR) Q1 2025 Earnings Call April 30, 2025 11:00 AM ET Company Participants Marty McKenna - IRMark Parrell - President, CEO & TrusteeMichael Manelis - EVP & COOEric Wolfe - DirectorAlexander Brackenridge - EVP & CIOSteve Sakwa - Senior Managing DirectorRobert Garechana - EVP & CFOJeffrey Spector - Managing DirectorAmi Probandt - Equity Research AssociateNone - ExecutiveRich Hightower - Managing Director, U.S. REIT ResearchAlexander Goldfarb - Managing DirectorNicholas Yulico - Managing Di ...

Equity Residential (EQR) Q1 2025 Earnings Call April 30, 2025 11:00 AM ET Speaker0 Good day, and welcome to the Equity Residential First Quarter twenty twenty five Earnings Conference Call and Webcast. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Marty McKenna. Please go ahead, sir. Speaker1 Good morning, and thanks for joining us to discuss Equity Residential's First Quarter twenty twenty five Results. Our featured speakers today are Mark Perel, our Pr ...