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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 (EQR) investor relations material
Equity Residential Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Third quarter and nine-month results showed strong demand, record resident retention, and resilient fundamentals, especially in San Francisco and New York, with portfolio-wide occupancy above 96%.
Net income for the nine months was $760.5 million, up 19.4% year-over-year, with total revenues of $2.31 billion, and NOI up 3.7%.
Portfolio activity included nine acquisitions, five sales, and stabilization of new developments, with $1.7 billion in liquidity.
Repurchased about $100 million of stock in Q3 and after quarter end, and recognized industry sustainability awards.
Management highlights a healthy balance sheet and positive long-term outlook despite macroeconomic uncertainty.
Financial highlights
Same-store revenue guidance midpoint adjusted down to 2.75% for 2025; Q3 same-store blended rate increase was 2.2%.
Renewal rates up 4.5% with nearly 59% of leases renewing; lowest third quarter turnover in company history.
Physical occupancy for the quarter was 96.3%–96.5%.
Q3 2025 EPS was $0.76, up $0.38 year-over-year; FFO per share was $1.05, up 6.1%; Normalized FFO per share was $1.02, up 4.1%.
Net income for Q3 2025 was $296.9 million, up from $148.5 million in Q3 2024.
Outlook and guidance
2025 same-store revenue range revised to 2.5%–3%, midpoint 2.75%; annual same-store NOI range revised to 2.1%–2.6%.
Full year 2025 Normalized FFO per share guidance is $3.98–$4.02, midpoint unchanged; Q4 2025 EPS guidance is $0.59–$0.63.
Physical occupancy expected at 96.4% for full year 2025.
Management expects positive secular tailwinds from high home ownership costs and low new supply in core markets.
2026 expected to start with similar embedded growth as 2025, supported by supply declines in key markets.
Washington D.C. demand outlook for 2026
Technology investment impact on portfolio value?
NYC 421-a tax abatement burnoff impact?
2026 supply drop: Which markets benefit most?
Sunbelt acquisition pause: What drives this?
AI and tech: What are the key operational gains?
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Next Equity Residential earnings date
Q4 202530 Jan, 2026
Next Equity Residential earnings date
Q4 202530 Jan, 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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