COO Michael Manelis said fourth-quarter revenue reflected continued high physical occupancy of 96.4%, supported by “solid demand, strong retention, and fewer lease expirations.” Blended rate growth was 0.5% in the quarter, which he said came in at the midpoint of guidance, driven by achieved renewal rate growth of 4.5% offset by negative new lease rates in every market except San Francisco.Parrell attributed the midyear slowdown to heightened policy and geopolitical uncertainty that weighed on consumer and ...

Cadastral Raises $9.5M Back to Home Tweet NEW YORK, NY, Cadastral has announced that it has raised $9.5 million in funding. Cadastral, an AI-native software company building vertically specific intelligence for the commercial real estate (CRE) industry, has raised $9.5 million in funding from Navitas, JLL Spark Global Ventures, AvalonBay, Equity Residential, and 1Sharpe. The capital will be used to accelerate product development and expand go-to-market efforts as Cadastral builds the industry's leadin ...

Financial Data and Key Metrics Changes - 2025 Same Store NOI results matched initial guidance, but the path to those results was not straightforward [5] - Portfolio occupancy currently over 96%, with significant improvement expected in supply conditions [9] - The company purchased approximately $206 million of its stock during Q4 and a total of $300 million in 2025 [11] Business Line Data and Key Metrics Changes - Revenue results for Q4 reflect a physical occupancy of 96.4%, driven by solid demand and strong retention [16] - Blended rate growth of 0.5% in Q4 was driven by a strong renewal rate of 4.5%, offset by negative new lease rates in most markets except San Francisco [16] - Other income growth was slightly below expectations due to less income from bulk internet rollout and bad debt net improvement [16] Market Data and Key Metrics Changes - Strong rental growth was observed in coastal markets during the first half of 2025, followed by a deceleration in revenue momentum in the latter half, except for San Francisco and New York [6] - The D.C. market showed strength in the first half of 2025 but eroded later due to federal job cuts and uncertainty [24] - Atlanta is showing improved pricing power, while Denver is experiencing the worst performance among expansion markets [25] Company Strategy and Development Direction - The company remains committed to a diversified portfolio strategy, investing in all 12 markets through renovations, acquisitions, and development activities [10] - The focus is on selling properties with lower forward return profiles to buy back stock, improving the growth rate of the existing portfolio [11] - The company plans to start some development projects in 2026, having acquired land parcels at the end of Q4 2025 [88] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a broad range of possible outcomes for the U.S. economy, particularly regarding job growth [7] - The company expects a significant improvement in the supply picture in the second half of 2026, which could lead to accelerated revenue growth [9] - Management remains optimistic about the forward prospects of the business, citing a decline in competitive new supply in their markets [12] Other Important Information - The company returned over $1.3 billion to shareholders in 2025 through dividends and stock repurchases [12] - The anticipated Same Store expense growth for 2026 is between 3%-4%, with controllable expenses expected to remain stable [28] - The company ended 2025 with a net debt to normalized EBITDAre of 4.3x, reflecting a strong balance sheet [35] Q&A Session All Questions and Answers Question: Can you talk about the assets you're selling and the fund that repurchases? - The assets being sold are typically older, non-core properties with higher CapEx loads, which are expected to improve the growth rate of the existing portfolio [38] Question: Can you provide more color on your comment around the renewals at 4.5%? - The renewals are expected to land around 4.5%, with confidence in the stability of the portfolio despite economic conditions [45] Question: On the 2026 supply outlook, can you give us some background on how you come up with your competitive supply set? - The company uses both data from providers and a boots-on-the-ground approach to evaluate competitive supply, confirming a meaningful decline in 2026 [50] Question: Are you factoring in regulatory costs when assessing different markets? - Yes, the company factors in litigation costs and biases its portfolio allocation away from markets with excessive regulatory costs [54] Question: What is the expected cadence of Same Store revenue growth through the year? - The cadence is expected to be steady, with the second half being stronger due to reduced competitive supply [85]

Equity Residential (NYSE:EQR) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Company ParticipantsAlexander Goldfarb - Managing DirectorBob Garechana - Chief Investment OfficerBrad Heffern - DirectorBret McLeod - CFOHaendel St. Juste - Managing DirectorJamie Feldman - Managing DirectorJohn Pawlowski - Managing DirectorLinda Tsai - Senior Vice PresidentMark Parrell - President and CEOMartin McKenna - Head of Investor RelationsMichael Manelis - Chief Operating OfficerRich Hightower - Managing DirectorConf ...

Financial Data and Key Metrics Changes - 2025 Same Store NOI results matched initial guidance, but the path to those results was not straightforward, with stronger rental growth in the first half followed by a deceleration in the latter half of the year [4][5] - The company purchased approximately $206 million of its stock during Q4 2025, totaling $300 million in stock purchases for the year [10] - The normalized FFO per share for 2025 was $3.99, with a guidance midpoint for 2026 at $4.08, reflecting a 2.25% improvement [27] Business Line Data and Key Metrics Changes - The blended rate for Q4 was 0.5%, driven by a strong renewal rate of 4.5%, while new lease rates were negative across most markets except San Francisco [14] - Other income growth was slightly below expectations due to less income from the bulk internet rollout and bad debt net improvement [14] Market Data and Key Metrics Changes - Coastal markets, particularly New York and San Francisco, showed strong performance, while Southern California markets and expansion markets experienced muted growth [14][21] - The company expects a significant decline in competitive new supply, with deliveries projected to decrease by 35% or about 40,000 units in 2026 compared to 2025 [11][12] Company Strategy and Development Direction - The company remains committed to a diversified portfolio strategy, investing in renovations, acquisitions, and development activities selectively [9] - The focus is on maximizing shareholder returns through a well-earning renter portfolio across various metropolitan areas [7] - The company plans to sell properties with lower forward return profiles and use proceeds for stock buybacks, enhancing forward growth rates [10] Management's Comments on Operating Environment and Future Outlook - Management noted heightened policy and geopolitical uncertainty impacted consumer and employer confidence, leading to a slowdown in job and rent growth [5] - The outlook for 2026 includes a broad range of possible outcomes for the U.S. economy, with expectations for steady demand and improved supply conditions [6][12] - The company anticipates a return to a more normalized peak leasing season due to reduced competitive supply and stable job growth [17] Other Important Information - The company returned over $1.3 billion to shareholders in 2025 through dividends and stock repurchases [11] - The company expects Same Store expense growth in 2026 to range between 3%-4%, with controllable expenses remaining stable [25] Q&A Session Questions and Answers Question: Can you talk about the assets you're selling and the fund that repurchases? - The assets being sold are typically older, non-core properties with higher CapEx loads, which are expected to improve the growth rate of the existing portfolio [35] Question: Can you provide more color on your comment around the renewals at 4.5%? - The renewal quotes are around 6%, with confidence in landing at 4.5% due to a strong centralized process and low economic hardship among residents [42][44] Question: On the 2026 supply outlook, can you give us some background on how you come up with your competitive supply set? - The company uses both data from providers and a boots-on-the-ground approach to evaluate competitive supply, confirming a meaningful decline in 2026 [46][47] Question: Are you factoring in regulatory costs when assessing different markets? - Yes, the company considers litigation costs and regulatory conditions in its underwriting and portfolio allocation decisions [51][53] Question: What is the expected cadence of Same Store revenue growth through the year? - The second half of the year is expected to be stronger than the first, primarily due to reduced competitive supply [83]

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Key Takeaways Equity Residential posted Q4 normalized FFO of $1.03, up 3% year over year but below expectations.Same-store NOI and physical occupancy rose year over year, while higher expenses tempered results.Equity Residential guided 2026 normalized FFO of $4.02-$4.14, with same-store NOI growth of 0.5-2.5%.Equity Residential (EQR) reported fourth-quarter 2025 normalized funds from operations (FFO) per share of $1.03, which missed the Zacks Consensus Estimate of $1.04. The figure improved 3% from the year ...

Fourth Quarter 2025 Results Table of Contents | Earnings Release | 1 - 5 | | --- | --- | | Consolidated Statements of Operations | 6 | | Consolidated Statements of Funds From Operations and Normalized | | | Funds From Operations | 7 | | Consolidated Balance Sheets | 8 | | Portfolio Summary | 9 | | Portfolio Rollforward | 10 | | Same Store Results 11 - 18 | | | Debt Summary 19 - 21 | | | Capital Structure | 22 | | Common Share and Unit Weighted Average Amounts Outstanding | 23 | | Partially Owned Properties ...

For the quarter ended December 2025, Equity Residential (EQR) reported revenue of $781.91 million, up 2% over the same period last year. EPS came in at $1.03, compared to $1.10 in the year-ago quarter.The reported revenue represents a surprise of -0.94% over the Zacks Consensus Estimate of $789.34 million. With the consensus EPS estimate being $1.04, the EPS surprise was -0.74%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determ ...

Equity Residential (EQR) came out with quarterly funds from operations (FFO) of $1.03 per share, missing the Zacks Consensus Estimate of $1.04 per share. This compares to FFO of $1 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -0.74%. A quarter ago, it was expected that this real estate investment trust would post FFO of $1.02 per share when it actually produced FFO of $1.02, delivering no surprise.Over the last four quarters, th ...