Equity Residential(US:EQR)2025-10-30 20:21Financial Performance - Net income for the nine months ended September 30, 2025, reached $760,451 thousand, compared to $637,104 thousand for the same period in 2024, indicating a growth of approximately 19.3%[25] - Earnings per share (basic) for the nine months ended September 30, 2025, was $1.94, compared to $1.62 for the same period in 2024, reflecting an increase of about 19.8%[25] - Comprehensive income for the nine months ended September 30, 2025, was $758,130 thousand, compared to $634,934 thousand for the same period in 2024, showing an increase of about 19.4%[26] - For the nine months ended September 30, 2025, net income attributable to controlling interests was $737,999,000, compared to $616,716,000 for the same period in 2024, representing a 19.6% increase[38] - Total net income for the nine months ended September 30, 2025, was $760.5 million, a 19.4% increase from $637.1 million in 2024[170] Revenue and Income Sources - Rental income for the nine months ended September 30, 2025, was $2,312,048 thousand, up from $2,213,329 thousand in the same period of 2024, representing an increase of about 4.5%[25] - The Company reported total lease revenue of $2,232.7 million for the nine months ended September 30, 2025, compared to $2,134.4 million for the same period in 2024[104] - Total rental income for the nine months ended September 30, 2025, rose to $2.31 billion, up 4.5% from $2.21 billion in 2024[170] - Same store rental income increased by 2.6% to $2.15 billion for the nine months ended September 30, 2025, compared to $2.09 billion in 2024[171] Assets and Liabilities - Total assets increased to $21,065,063 thousand as of September 30, 2025, compared to $20,834,176 thousand as of December 31, 2024, reflecting a growth of approximately 1.1%[24] - Total liabilities increased to $9,600,034 thousand as of September 30, 2025, from $9,249,829 thousand as of December 31, 2024, marking an increase of approximately 3.8%[24] - Total shareholders' equity as of September 30, 2025, was $11,084,949 thousand, slightly up from $11,044,560 thousand as of December 31, 2024, indicating a growth of approximately 0.4%[24] - The balance of cash and cash equivalents increased to $93,092,000 as of September 30, 2025, from $62,302,000 at the end of 2024, a significant increase of 49.5%[42] Cash Flow and Investments - Net cash provided by operating activities for the nine months ended September 30, 2025, was $1,261,731, up from $1,219,382 in 2024, indicating an increase of about 3.5%[29] - Net cash used for investing activities was $(623,098) in 2025, a decrease from $(1,363,616) in 2024, showing an improvement of approximately 54.3%[29] - The Company acquired rental properties for a total purchase price of $636.8 million during the nine months ended September 30, 2025[89] - The Company disposed of 5 rental properties for a total sales price of $598.8 million, resulting in a net gain of $355.0 million[91] Shareholder Distributions - Common shares repurchased and retired totaled $(94,287) in 2025, compared to $(38,474) in 2024, indicating an increase in share buybacks of about 144.5%[31] - Common share distributions for the nine months ended September 30, 2025, totaled $790,106,000, an increase from $767,779,000 in 2024, reflecting a 2.9% rise[38] - The Company declared a quarterly dividend of $0.6925 per share/unit, reflecting a 2.6% annualized increase over 2024[197] Debt and Financing - Total debt, net, as of September 30, 2025, was $8,435,787,000, compared to $8,121,745,000 as of December 31, 2024, indicating an increase of 3.9%[123] - The Company has a $2.5 billion unsecured revolving credit facility, with $1.650052 billion available as of September 30, 2025[119] - The Company issued $500 million of seven-year unsecured notes at a 4.95% interest rate, increasing total unsecured public notes to $5.996686 billion[114] Operational Metrics - Physical occupancy across the portfolio was 96.5%, with a turnover rate of 32.1% for the same period[1] - Total net operating income (NOI) for the nine months ended September 30, 2025, was $1,551.3 million, compared to $1,496.5 million for the same period in 2024, reflecting an increase of about 3.7%[142] - Same store net operating income (NOI) for the quarter ended September 30, 2025, was $493.0 million, up from $479.6 million in the prior year, reflecting a year-over-year increase of 2.8%[144] Market and Economic Conditions - The Company expects continued positive trends due to elevated single-family home ownership costs and low competitive new supply in established markets[186] - The Seattle market showed improvement due to large employers' return to office policies, although recovery is slower compared to San Francisco[185] Legal and Regulatory Matters - The Company has been named as a defendant in multiple antitrust lawsuits related to revenue management software, with ongoing legal proceedings that may impact future financial conditions[134] - The Company has elected taxable REIT subsidiary status for certain corporate subsidiaries, which will incur federal and state income taxes on taxable income[67]