Core Viewpoint - Equity Residential (EQR) has significantly underperformed the broader market and industry benchmarks over the past year, with stock prices declining sharply despite some positive revenue growth in Q3 [2][3][4]. Company Performance - EQR's stock prices have dropped 16.9% year-to-date and 18.4% over the past 52 weeks, contrasting with the S&P 500 Index's gains of 16.5% in 2025 and 14.5% over the past year [2]. - The company's same-store residential revenues increased by 3% year-over-year, while overall topline revenue rose 4.6% to $748.3 million, exceeding consensus estimates by 13 basis points [4]. - Normalized funds from operations (NFFO) per share increased by 4.1% year-over-year to $1.02, aligning with market expectations [4]. Analyst Expectations - For the full fiscal year 2025, analysts project EQR to deliver an NFFO of $4 per share, reflecting a 2.8% year-over-year increase [5]. - EQR has a solid history of meeting or exceeding NFFO projections, having done so in each of the past four quarters [5]. - Among 27 analysts covering EQR, the consensus rating is a "Moderate Buy," consisting of 10 "Strong Buys," one "Moderate Buy," and 16 "Holds" [5]. Recent Developments - Following the release of mixed Q3 results, EQR's stock declined by 2.9% in the trading session [4]. - Analyst sentiment has slightly shifted, with Wells Fargo maintaining an "Equal-Weight" rating but lowering the price target from $68 to $62 [6].

Company Overview - Welltower Inc. is a leading Ohio-based real estate investment trust (REIT) focusing on healthcare infrastructure, including senior housing, post-acute care facilities, and outpatient medical properties with a market cap of $116.5 billion [1] Q3 Earnings Expectations - Analysts expect Welltower to report normalized funds from operations (NFFO) of $1.29 per share for Q3, representing a 16.2% increase from $1.11 per share in the same quarter last year [2] - The company has consistently surpassed Wall Street's NFFO projections in the past four quarters [2] Future NFFO Projections - For fiscal 2025, analysts anticipate an NFFO of $5.12 per share, an 18.5% increase from $4.32 per share in fiscal 2024 [3] - In fiscal 2026, NFFO is expected to grow by 13.5% year-over-year to $5.81 per share [3] Stock Performance - Welltower's stock has increased by 39.2% over the past 52 weeks, outperforming the S&P 500 Index's 17.9% gains and the Real Estate Select Sector SPDR Fund's 3.9% decline during the same period [4] Analyst Ratings - The stock maintains a consensus "Strong Buy" rating, with 15 "Strong Buys," two "Moderate Buys," and four "Holds" among the 21 analysts covering it [5] - The mean price target for Welltower is $188.05, indicating a modest 8.7% upside potential from current price levels [5]

Core Insights - American Healthcare REIT, Inc. reported strong second quarter results for 2025, leading to an increase in full-year guidance for Same-Store NOI growth and NFFO [1][3][12] Financial Performance - The Company achieved Same-Store NOI growth of 13.9% for Q2 2025 compared to Q2 2024, with significant contributions from the ISHC and SHOP segments, which grew by 18.3% and 23.0% respectively [4][5][6] - Reported GAAP net income attributable to controlling interest was $9.9 million, translating to $0.06 per diluted share for Q2 2025 [6][30] - Normalized Funds from Operations (NFFO) for Q2 2025 was reported at $0.42 per diluted share [6][32] Operational Highlights - The Company has seen a broad-based increase in demand across its operating portfolio, with occupancy rates improving significantly, particularly in independent and assisted living units [5][11] - The total portfolio Same-Store NOI growth guidance for the year ending December 31, 2025, has been increased to a range of 11.0% to 14.0% [6][12] Capital Markets Activity - During Q2 2025, the Company issued 5,451,577 shares of common stock through its ATM program, raising approximately $188.6 million [10][11] - The Company has closed on approximately $255 million of new investments year-to-date 2025 [6][10] Balance Sheet and Liquidity - As of June 30, 2025, the Company reported total consolidated indebtedness of $1.55 billion and total liquidity of approximately $733.5 million [9][28] - The Net Debt-to-Annualized Adjusted EBITDA improved to 3.7x from 4.5x as of March 31, 2025 [6][9] Future Outlook - The Company anticipates continued strong performance in the second half of 2025, driven by ongoing occupancy improvements and effective asset management strategies [5][11] - Full-year guidance for NFFO has been increased to a range of $1.64 to $1.68 per diluted share, reflecting improved expectations for NOI growth [6][12]