Core Insights - Equity Residential (EQR) reported second-quarter 2025 normalized funds from operations (FFO) per share of 99 cents, matching the Zacks Consensus Estimate and reflecting a 2.1% year-over-year improvement [1][10] - The company raised its guidance for 2025 normalized FFO per share, indicating strong rental demand and operational performance [10][11] Financial Performance - Rental income for the quarter was $768.8 million, slightly below the consensus estimate of $769.3 million, but up 4.7% year over year [2] - Same-store revenues increased by 2.7% year over year, surpassing the estimate of 1.8%, while same-store expenses rose by 3.7% [3] - Same-store net operating income (NOI) grew by 2.3% year over year, exceeding the estimate of 1.8% [3] - The average rental rate increased by 2.6% year over year to $3,187, with physical occupancy improving by 20 basis points to 96.6% [4] Portfolio Activity - In Q2 2025, EQR sold a property in Seattle for $121 million and acquired a portfolio of eight properties in suburban Atlanta for approximately $533.8 million [6] - The company completed a joint venture development project in New York with 450 apartment units for around $201.2 million, and two wholly owned projects in San Francisco and Denver totaling 495 units for nearly $237.8 million [7] Balance Sheet - EQR ended Q2 2025 with cash and cash equivalents of $31.3 million, down from $39.8 million at the end of Q1 2025 [8] - The net debt to normalized EBITDAre ratio increased to 4.45X from 4.21X in the previous quarter [8] Future Guidance - For Q3 2025, EQR projects normalized FFO per share between 99 cents and $1.03, with the full-year guidance raised to $3.97-$4.03 from $3.90-$4.00 [10] - The full-year guidance includes projections for same-store revenue growth of 2.6-3.2%, expense increases of 3.5-4.0%, and NOI expansion of 2.2-2.8% [11]

Core Insights - Camden Property Trust (CPT) is expected to report second-quarter 2025 results on July 31, with anticipated year-over-year revenue growth but a potential decline in funds from operations (FFO) per share [1][9] U.S. Apartment Market Overview - The U.S. apartment market showed resilience in Q2 2025, absorbing over 227,000 units, surpassing the peak leasing surge of 2021 and early 2022 despite economic uncertainties [3] - National occupancy rose to 95.6% in June, up 140 basis points year-over-year, while rent growth remained muted at 0.19% [4] - Over 535,000 units were completed in the past year, with approximately 108,000 delivered in Q2 2025, indicating a strong market capacity to absorb new supply [5] Regional Market Dynamics - Tech-driven markets like San Francisco, San Jose, Boston, and New York gained momentum, supported by easing supply and return-to-office trends [6] - Sun Belt markets such as Dallas, Atlanta, and Jacksonville showed recovery, while tourism-dependent cities like Las Vegas and Orlando experienced slight declines [6] Camden Property Trust's Performance Factors - Camden is expected to benefit from sustained renter demand in high-growth markets, supporting occupancy and blended lease rate gains [7] - The company's strategic presence in urban and suburban areas, along with a focus on technology and operational efficiency, is likely to enhance performance [8] - Camden projects Q2 core FFO per share between $1.67 and $1.71, reflecting a 1.17% year-over-year decline at the midpoint, with revenue estimates at $393.82 million, indicating 1.7% growth from the prior year [9][10] Analyst Expectations - The Zacks Consensus Estimate for Camden's core FFO per share has remained unchanged at $1.69, suggesting a decline year-over-year [11] - The current Earnings ESP for Camden is 0.00%, indicating uncertainty regarding a surprise in FFO performance this quarter [12]