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Investment Strategy29 May 2023
Sam Zell: 8 lessons
Sam Zell focuses on understanding the intrinsic value of assets rather than following market trends, making investments that logically make sense based on in-depth industry analysis.
Equity Residential
Equity Residential (EQR) investor relations material
Equity Residential Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Feb, 2026
Executive summary
2025 was challenging for the rental housing sector, with strong first-half rental growth offset by deceleration in the second half, except in San Francisco and New York, which outperformed and are expected to continue strong in 2026.
2025 same store NOI was slightly below guidance due to lower other income growth, while expenses were in line with expectations.
Achieved highest full-year resident retention in company history and maintained high physical occupancy at 96.4%.
Shareholder returns totaled $1.38 billion in the past year through dividends and share repurchases.
The company is optimistic for 2026, expecting improved performance as new supply declines and demand remains steady, especially in key markets.
Financial highlights
2025 same store revenue grew 2.6% year-over-year, with expense growth at 3.7%.
Achieved blended rent growth of 0.5% in Q4 2025, with a 4.5% renewal rate offset by negative new lease rates except in San Francisco.
2025 EPS was $2.94, FFO per share was $3.94, and Normalized FFO per share was $3.99.
2026 guidance: EPS of $1.44–$1.56, FFO per share of $3.98–$4.10, and Normalized FFO per share of $4.02–$4.14.
Returned over $1.3 billion to shareholders in 2025 via dividends and stock repurchases.
Outlook and guidance
2026 same store revenue growth expected between 1.2% and 3.2%, with expense growth of 3.0% to 4.0%.
NOI growth guidance for 2026 is 0.5% to 2.5%.
Portfolio occupancy targeted at 96.4% for 2026, with continued strong retention and low turnover.
35% decline in new multifamily supply, especially in 2H26, is expected to support stronger operating results.
Guidance assumes flat job growth, with upside if job market improves.
2026 share repurchase impact on NFFO
Lease pricing trends: Established vs. Expansion
Future NOI from lease-up projects
Long-term growth impact of asset sales
How does declining supply shape 2026 revenue?
Quantify future payroll reduction from innovation
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Next Equity Residential earnings date
Q1 202629 Apr, 2026
Equity Residential
Next Equity Residential earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
A Residential REIT
Equity Residential is an American real estate investment trust (REIT) that focuses on the acquisition, development, and management of rental apartment properties. The company has a significant presence across various key urban markets in the United States, including New York City, Boston, Washington, D.C., Seattle, and San Francisco. Its portfolio primarily consists of high-rise and garden-style apartments. Equity Residential is headquartered in Chicago, Illinois, and its shares are listed on the NYSE.
Founded by Sam Zell
What would later go on to become Equity Residential was founded in 1969 by real estate investor Sam Zell. Initially operating as Equity Finance and Management Company, the company acquired a large number of properties in 1993 and went public the same year. From its IPO to public day, the company has grown by acquiring a large number of residential properties, as well as through strategic acquisitions of companies operating in the same sector.
The Properties
Equity Residential, a real estate investment trust (REIT), primarily owns and manages residential properties. Their portfolio predominantly consists of high-rise and garden-style apartment buildings. These properties are typically located in urban and high-density suburban areas, with a significant presence in key markets such as New York, Boston, Washington D.C., Seattle, San Francisco, and Southern California. Equity Residential focuses on acquiring, developing, and managing multifamily residential properties, aiming to cater to a diverse tenant base. Their properties often feature various amenities and are designed to appeal to residents seeking convenient, upscale urban living. The company's strategy involves investment in markets with high growth potential, driven by factors like strong employment and vibrant local economies.
Equity Residential is a REIT
A Real Estate Investment Trust (REIT) is a company that owns, operates, or finances income-producing real estate, and must follow a set of rules for how they operate. The most notable of these is that, by law, REITs must distribute at least 90% of their taxable income to shareholders in the form of dividends. REITs offer investors a way to access the real estate sector with the liquidity of publicly traded securities, and without having to purchase any real estate themselves. Other companies operating as REITs in the same sector as Equity Residential includes AvalonBay Communities, Mid-America Apartment Communities, and UDR.
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