• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    Equity Residential Reports First Quarter 2025 Results

    4/29/25 4:15:00 PM ET
    $EQR
    Real Estate Investment Trusts
    Real Estate
    Get the next $EQR alert in real time by email

    Results Exceed First Quarter 2025 Guidance Expectations

    Equity Residential (NYSE:EQR) today reported results for the quarter ended March 31, 2025.

    First Quarter 2025 Results

    All per share results are reported as available to common shares/units on a diluted basis.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Quarter Ended March 31,

     

     

     

     

     

    2025

     

     

    2024

     

     

    $ Change

     

     

    % Change

     

     

     

    Earnings Per Share (EPS)

     

    $

    0.67

     

     

    $

    0.77

     

     

    $

    (0.10

    )

     

     

    (13.0

    %)

     

     

    Funds from Operations (FFO) per share

     

    $

    0.94

     

     

    $

    0.87

     

     

    $

    0.07

     

     

     

    8.0

    %

     

     

    Normalized FFO (NFFO) per share

     

    $

    0.95

     

     

    $

    0.93

     

     

    $

    0.02

     

     

     

    2.2

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Recent Highlights

    • The Company's first quarter revenue growth exceeded our expectations driven by strength in New York and Washington, D.C. as well as continued improvement in both San Francisco and Seattle. The Washington, D.C. market continues to show resilient demand despite recently announced government job cuts.
    • For the first quarter of 2025 compared to the first quarter of 2024, same store revenues increased 2.2%, same store expenses increased 4.1% and same store Net Operating Income (NOI) increased 1.3%. The Company's resident Turnover of only 7.9% in the first quarter of 2025 was the lowest in its history.
    • During the first quarter of 2025, the Company sold two properties, consisting of 546 apartment units, for an aggregate sale price of approximately $225.6 million at a weighted average Disposition Yield of 5.2%.

    "We are encouraged to begin the year with operating performance that exceeded our expectations and that leaves us well positioned going into our primary leasing season," said Mark J. Parrell, Equity Residential's President and CEO. "We expect our business to be resilient in the face of heightened economic uncertainty. Demand, supply and lifestyle preferences all favor our high quality apartment rental business, and our diversified portfolio and efficient operating platform should maximize performance in any economic climate."

    Results Per Share

    The change in EPS for the quarter ended March 31, 2025 compared to the same period of 2024 is due primarily to lower property sale gains, higher depreciation expense, the various adjustment items listed on page 26 of this release and the items described below.

    The per share change in FFO for the quarter ended March 31, 2025 compared to the same period of 2024 is due primarily to the various adjustment items listed on page 26 of this release and the items described below.

    The per share change in Normalized FFO is due primarily to:

     

     

    Positive/(Negative) Impact

     

     

     

    First Quarter 2025 vs.

    First Quarter 2024

     

    Residential same store NOI

     

    $

    0.02

     

    2025 and 2024 transaction activity impact on NOI, net

     

    0.02

     

    Interest expense, net

     

     

    (0.01

    )

    Corporate overhead (1)

     

     

    (0.01

    )

    Net

     

    $

    0.02

     

    (1)

    Corporate overhead includes property management and general administrative expenses.

    The Company has a glossary of defined terms and related reconciliations of Non-GAAP financial measures on pages 28 through 33 of this release. Reconciliations and definitions of FFO and Normalized FFO are provided on pages 6, 30 and 31 of this release.

    Same Store Results

    The following table shows the total same store results for the periods presented (includes Residential and Non-Residential).

     

     

    First Quarter 2025 vs.

    First Quarter 2024

     

    First Quarter 2025 vs.

    Fourth Quarter 2024

    Apartment Units

     

    75,362

     

    80,818

    Physical Occupancy

     

    96.5% vs. 96.3%

     

    96.4% vs. 96.0%

     

     

     

     

     

    Revenues (1)

     

    2.2%

     

    0.8%

    Expenses

     

    4.1%

     

    5.7%

    NOI

     

    1.3%

     

    (1.4%)

    (1)

    Non-Residential operations reduced quarterly same store revenue growth by 0.50%, primarily due to higher reinstatement of straight-line receivable balances during the first quarter of 2024 (compared to the first quarter of 2025).

    The following table reflects the detail of the change in Same Store Residential Revenues, which is presented on a GAAP basis showing Leasing Concessions on a straight-line basis.

     

     

    First Quarter 2025 vs.

    First Quarter 2024

     

    First Quarter 2025 vs.

    Fourth Quarter 2024

     

     

    % Change

     

    % Change

    Same Store Residential Revenues-

     

     

     

    comparable period

    Lease rates

     

    1.9%

     

    0.2%

    Leasing Concessions

     

    0.0%

     

    0.0%

    Vacancy gain (loss)

     

    0.2%

     

    0.4%

    Bad Debt, Net (1)

     

    0.2%

     

    0.0%

    Other (2)

     

    0.4%

     

    0.1%

    Same Store Residential Revenues-

     

     

    current period

    2.7%

     

    0.7%

    (1)

    Change in rental income due to bad debt write-offs and reserves, net of amounts (including governmental rental assistance payments) collected on previously written-off or reserved accounts. See page 12 for more detail.

    (2)

    Includes ancillary income, utility recoveries, early lease termination income, miscellaneous income and other items.

    See page 11 for detail and reconciliations of Same Store Residential Revenues on a GAAP basis to Same Store Residential Revenues with Leasing Concessions on a cash basis.

    Residential Same Store Operating Statistics

    The following table includes select operating metrics for Residential Same Store Properties (for 75,362 same store apartment units):

     

     

    Q1 2025

     

    Q4 2024

     

    Q1 2024

    Physical Occupancy

     

    96.5%

     

    96.1%

     

    96.3%

    Percentage of Residents Renewing by quarter

    62.0%

     

    61.3%

     

    61.1%

     

     

     

     

     

     

     

    New Lease Change

     

    (2.2%)

     

    (4.4%)

     

    (2.3%)

    Renewal Rate Achieved

     

    4.9%

     

    5.0%

     

    4.7%

    Blended Rate (1)

     

    1.8%

     

    1.0%

     

    1.5%

    (1)

    Blended Rates for Established Markets were 2.3%, 1.4% and 1.8% for Q1 2025, Q4 2024 and Q1 2024, respectively. See page 15.

    In the first quarter of 2025, Blended Rate met our expectations and was consistent with seasonal patterns while Physical Occupancy exceeded our expectations. For the second quarter of 2025, Blended Rate is expected to be between 2.8% and 3.4%.

    Investment Activity

    The Company did not acquire any operating properties during the first quarter of 2025. During the first quarter of 2025, the Company sold two properties consisting of 546 apartment units, located in the San Diego and Seattle markets, for an aggregate sale price of approximately $225.6 million at a weighted average Disposition Yield of 5.2%. The Company also sold one land parcel for a sale price of approximately $4.3 million. The operating properties sold during the first quarter of 2025 have an average age of 24 years.

    During the first quarter of 2025, the Company completed a joint venture development project in each of its New York and Denver markets, consisting of an aggregate of 720 apartment units, for a total cost of approximately $285.9 million. During the first quarter of 2025, the Company also completed one wholly owned development project in its San Francisco market, consisting of 225 apartment units, for a total cost of approximately $152.6 million.

    Second Quarter 2025 Guidance

    As is common for the first quarter, the Company is not revising any of its annual operating or other guidance, including EPS, FFO per share and Normalized FFO per share, provided as part of its fourth quarter 2024 earnings release. See page 27.

    The Company has established guidance ranges for the second quarter of 2025 EPS, FFO per share and Normalized FFO per share as listed below:

     

     

    Q2 2025

    Guidance

    EPS

     

    $0.49 to $0.53

    FFO per share

     

    $0.95 to $0.99

    Normalized FFO per share

     

    $0.96 to $1.00

    The difference between the first quarter of 2025 actual EPS of $0.67 and the second quarter of 2025 EPS guidance midpoint of $0.51 is due primarily to lower expected property sale gains, lower expected depreciation expense and the items described below.

    The difference between the first quarter of 2025 actual FFO of $0.94 per share and the second quarter of 2025 FFO guidance midpoint of $0.97 per share is due primarily to the items described below.

    The difference between the first quarter of 2025 actual Normalized FFO of $0.95 per share and the second quarter of 2025 Normalized FFO guidance midpoint of $0.98 per share is due primarily to:

     

     

    Expected

    Positive/(Negative)

    Impact

     

     

     

    Second Quarter 2025 vs.

    First Quarter 2025

     

    Residential same store NOI

     

    $

    0.03

     

    Interest expense, net

     

     

    (0.01

    )

    Other items

     

     

    0.01

     

    Net

     

    $

    0.03

     

    About Equity Residential

    Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters. Equity Residential owns or has investments in 312 properties consisting of 84,648 apartment units, with an established presence in Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas/Ft. Worth and Austin. For more information on Equity Residential, please visit our website at www.equityapartments.com.

    Forward-Looking Statements

    In addition to historical information, this press release contains forward-looking statements and information within the meaning of the federal securities laws. These statements are based on current expectations, estimates, projections and assumptions made by management. While Equity Residential's management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks, including, without limitation, changes in general market conditions, including the rate of job growth and cost of labor and construction material, the level of new multifamily construction and development, government regulations and competition. These and other risks and uncertainties are described under the heading "Risk Factors" in our Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC) and available on our website, www.equityapartments.com. Many of these uncertainties and risks are difficult to predict and beyond management's control. Forward-looking statements are not guarantees of future performance, results or events. Equity Residential assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

    A live web cast of the Company's conference call discussing these results will take place tomorrow, Wednesday, April 30, 2025 at 10:00 a.m. CT. Please visit the Investor section of the Company's website at www.equityapartments.com for the webcast link.

     

    Equity Residential

    Consolidated Statements of Operations

    (Amounts in thousands except per share data)

    (Unaudited)

     

     

     

    Quarter Ended March 31,

     

     

    2025

     

     

    2024

     

    REVENUES

     

     

     

     

     

     

    Rental income

     

    $

    760,810

     

     

    $

    730,818

     

     

     

     

     

     

     

     

    EXPENSES

     

     

     

     

     

     

    Property and maintenance

     

     

    143,973

     

     

     

    134,630

     

    Real estate taxes and insurance

     

     

    111,752

     

     

     

    108,927

     

    Property management

     

     

    35,816

     

     

     

    35,458

     

    General and administrative

     

     

    18,255

     

     

     

    15,720

     

    Depreciation

     

     

    256,746

     

     

     

    225,695

     

    Total expenses

     

     

    566,542

     

     

     

    520,430

     

     

     

     

     

     

     

     

    Net gain (loss) on sales of real estate properties

     

     

    154,152

     

     

     

    188,185

     

    Interest and other income

     

     

    1,692

     

     

     

    9,329

     

    Other expenses

     

     

    (4,156

    )

     

     

    (31,738

    )

    Interest:

     

     

     

     

     

     

    Expense incurred, net

     

     

    (72,114

    )

     

     

    (67,212

    )

    Amortization of deferred financing costs

     

     

    (2,144

    )

     

     

    (1,918

    )

    Income before income and other taxes, income (loss) from

    investments in unconsolidated entities and net gain (loss)

    on sales of land parcels

     

     

    271,698

     

     

     

    307,034

     

    Income and other tax (expense) benefit

     

     

    (422

    )

     

     

    (304

    )

    Income (loss) from investments in unconsolidated entities

     

     

    (6,411

    )

     

     

    (1,698

    )

    Net gain (loss) on sales of land parcels

     

     

    (67

    )

     

     

    —

     

    Net income

     

     

    264,798

     

     

     

    305,032

     

    Net (income) loss attributable to Noncontrolling Interests:

     

     

     

     

     

     

    Operating Partnership

     

     

    (7,102

    )

     

     

    (8,275

    )

    Partially Owned Properties

     

     

    (1,104

    )

     

     

    (970

    )

    Net income attributable to controlling interests

     

     

    256,592

     

     

     

    295,787

     

    Preferred distributions

     

     

    (356

    )

     

     

    (547

    )

    Premium on redemption of Preferred Shares

     

     

    —

     

     

     

    (1,444

    )

    Net income available to Common Shares

     

    $

    256,236

     

     

    $

    293,796

     

     

     

     

     

     

     

     

    Earnings per share – basic:

     

     

     

     

     

     

    Net income available to Common Shares

     

    $

    0.68

     

     

    $

    0.78

     

    Weighted average Common Shares outstanding

     

     

    379,208

     

     

     

    378,812

     

     

     

     

     

     

     

     

    Earnings per share – diluted:

     

     

     

     

     

     

    Net income available to Common Shares

     

    $

    0.67

     

     

    $

    0.77

     

    Weighted average Common Shares outstanding

     

     

    391,179

     

     

     

    390,561

     

     

     

     

     

     

     

     

    Distributions declared per Common Share outstanding

     

    $

    0.6925

     

     

    $

    0.675

     

     

    Equity Residential

    Consolidated Statements of Funds From Operations and Normalized Funds From Operations

    (Amounts in thousands except per share and Unit data)

    (Unaudited)

     

     

     

    Quarter Ended March 31,

     

     

    2025

     

     

    2024

     

    Net income

     

    $

    264,798

     

     

    $

    305,032

     

    Net (income) loss attributable to Noncontrolling Interests – Partially

    Owned Properties

     

    (1,104

    )

     

     

    (970

    )

    Preferred distributions

     

     

    (356

    )

     

     

    (547

    )

    Premium on redemption of Preferred Shares

     

     

    —

     

     

     

    (1,444

    )

    Net income available to Common Shares and Units

     

     

    263,338

     

     

     

    302,071

     

     

     

     

     

     

     

     

    Adjustments:

     

     

     

     

     

     

    Depreciation

     

     

    256,746

     

     

     

    225,695

     

    Depreciation – Non-real estate additions

     

     

    (950

    )

     

     

    (955

    )

    Depreciation – Partially Owned Properties

     

     

    (478

    )

     

     

    (542

    )

    Depreciation – Unconsolidated Properties

     

     

    4,395

     

     

     

    335

     

    Net (gain) loss on sales of unconsolidated entities - operating

    assets

     

     

    36

     

     

     

    —

     

    Net (gain) loss on sales of real estate properties

     

     

    (154,152

    )

     

     

    (188,185

    )

    FFO available to Common Shares and Units

     

     

    368,935

     

     

     

    338,419

     

     

     

     

     

     

     

     

    Adjustments (see note for additional detail):

     

     

     

     

     

     

    Write-off of pursuit costs

     

     

    1,321

     

     

     

    548

     

    Debt extinguishment and preferred share redemption (gains)

    losses

     

     

    97

     

     

     

    1,444

     

    Non-operating asset (gains) losses

     

     

    438

     

     

     

    (6,106

    )

    Other miscellaneous items

     

     

    1,727

     

     

     

    30,591

     

    Normalized FFO available to Common Shares and Units

     

    $

    372,518

     

     

    $

    364,896

     

     

     

     

     

     

     

     

    FFO

     

    $

    369,291

     

     

    $

    340,410

     

    Preferred distributions

     

     

    (356

    )

     

     

    (547

    )

    Premium on redemption of Preferred Shares

     

     

    —

     

     

     

    (1,444

    )

    FFO available to Common Shares and Units

     

    $

    368,935

     

     

    $

    338,419

     

    FFO per share and Unit – basic

     

    $

    0.95

     

     

    $

    0.87

     

    FFO per share and Unit – diluted

     

    $

    0.94

     

     

    $

    0.87

     

     

     

     

     

     

     

     

    Normalized FFO

     

    $

    372,874

     

     

    $

    365,443

     

    Preferred distributions

     

     

    (356

    )

     

     

    (547

    )

    Normalized FFO available to Common Shares and Units

     

    $

    372,518

     

     

    $

    364,896

     

    Normalized FFO per share and Unit – basic

     

    $

    0.96

     

     

    $

    0.94

     

    Normalized FFO per share and Unit – diluted

     

    $

    0.95

     

     

    $

    0.93

     

     

     

     

     

     

     

     

    Weighted average Common Shares and Units outstanding – basic

     

    389,719

     

     

     

    389,481

     

    Weighted average Common Shares and Units outstanding – diluted

     

    391,179

     

     

     

    390,561

     

    Note: See Adjustments from FFO to Normalized FFO for additional detail regarding the adjustments from FFO to Normalized FFO. See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for the definitions of non-GAAP financial measures and other terms as well as the reconciliations of EPS to FFO per share and Normalized FFO per share.

     

    Equity Residential

    Consolidated Balance Sheets

    (Amounts in thousands except for share amounts)

    (Unaudited)

     

     

     

    March 31,

     

     

    December 31,

     

     

     

    2025

     

     

    2024

     

    ASSETS

     

     

     

     

     

     

    Land

     

    $

    5,572,591

     

     

    $

    5,606,531

     

    Depreciable property

     

     

    24,158,601

     

     

     

    24,039,412

     

    Projects under development

     

     

    144,706

     

     

     

    261,706

     

    Land held for development

     

     

    59,772

     

     

     

    63,142

     

    Investment in real estate

     

     

    29,935,670

     

     

     

    29,970,791

     

    Accumulated depreciation

     

     

    (10,611,129

    )

     

     

    (10,412,463

    )

    Investment in real estate, net

     

     

    19,324,541

     

     

     

    19,558,328

     

    Investments in unconsolidated entities1

     

     

    411,973

     

     

     

    386,531

     

    Cash and cash equivalents

     

     

    39,849

     

     

     

    62,302

     

    Restricted deposits

     

     

    101,694

     

     

     

    97,864

     

    Right-of-use assets

     

     

    452,783

     

     

     

    455,445

     

    Other assets

     

     

    231,345

     

     

     

    273,706

     

    Total assets

     

    $

    20,562,185

     

     

    $

    20,834,176

     

     

     

     

     

     

     

     

    LIABILITIES AND EQUITY

     

     

     

     

     

     

    Liabilities:

     

     

     

     

     

     

    Mortgage notes payable, net

     

    $

    1,593,803

     

     

    $

    1,630,690

     

    Notes, net

     

     

    5,949,081

     

     

     

    5,947,376

     

    Line of credit and commercial paper

     

     

    304,000

     

     

     

    543,679

     

    Accounts payable and accrued expenses

     

     

    149,342

     

     

     

    99,347

     

    Accrued interest payable

     

     

    50,316

     

     

     

    74,176

     

    Lease liabilities

     

     

    304,148

     

     

     

    304,897

     

    Other liabilities

     

     

    274,374

     

     

     

    310,559

     

    Security deposits

     

     

    77,312

     

     

     

    75,611

     

    Distributions payable

     

     

    270,679

     

     

     

    263,494

     

    Total liabilities

     

     

    8,973,055

     

     

     

    9,249,829

     

     

     

     

     

     

     

     

    Commitments and contingencies

     

     

     

     

     

     

     

     

     

     

     

     

     

    Redeemable Noncontrolling Interests – Operating Partnership

     

     

    337,699

     

     

     

    338,563

     

    Equity:

     

     

     

     

     

     

    Shareholders' equity:

     

     

     

     

     

     

    Preferred Shares of beneficial interest, $0.01 par value;

    100,000,000 shares authorized; 343,100 shares issued and

    outstanding as of March 31, 2025 and December 31, 2024

     

     

    17,155

     

     

     

    17,155

     

    Common Shares of beneficial interest, $0.01 par value;

    1,000,000,000 shares authorized; 379,840,678 shares issued

    and outstanding as of March 31, 2025 and 379,475,383

    shares issued and outstanding as of December 31, 2024

     

     

    3,798

     

     

     

    3,795

     

    Paid in capital

     

     

    9,622,470

     

     

     

    9,611,826

     

    Retained earnings

     

     

    1,400,511

     

     

     

    1,407,570

     

    Accumulated other comprehensive income (loss)

     

     

    3,396

     

     

     

    4,214

     

    Total shareholders' equity

     

     

    11,047,330

     

     

     

    11,044,560

     

    Noncontrolling Interests:

     

     

     

     

     

     

    Operating Partnership

     

     

    207,090

     

     

     

    201,942

     

    Partially Owned Properties

     

     

    (2,989

    )

     

     

    (718

    )

    Total Noncontrolling Interests

     

     

    204,101

     

     

     

    201,224

     

    Total equity

     

     

    11,251,431

     

     

     

    11,245,784

     

    Total liabilities and equity

     

    $

    20,562,185

     

     

    $

    20,834,176

     

    1 Includes $349.0 million and $324.0 million in unconsolidated development and lease-up projects as of March 31, 2025 and December 31, 2024, respectively. See Development and Lease-Up Projects for additional detail on unconsolidated projects.

    Equity Residential

    Portfolio Summary

    As of March 31, 2025

     

     

     

     

     

     

     

     

    % of

    Stabilized

     

     

    Average

     

     

     

     

     

     

    Apartment

     

     

    Budgeted

     

     

    Rental

     

    Markets/Metro Areas

     

    Properties

     

     

    Units

     

     

    NOI

     

     

    Rate

     

    Established Markets:

     

     

     

     

     

     

     

     

     

     

     

     

    Los Angeles

     

     

    58

     

     

     

    14,733

     

     

     

    16.6

    %

     

    $

    2,958

     

    Orange County

     

     

    12

     

     

     

    3,718

     

     

     

    4.7

    %

     

     

    2,964

     

    San Diego

     

     

    10

     

     

     

    2,209

     

     

     

    3.1

    %

     

     

    3,284

     

    Subtotal – Southern California

     

     

    80

     

     

     

    20,660

     

     

     

    24.4

    %

     

     

    2,994

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    San Francisco

     

     

    41

     

     

     

    11,540

     

     

     

    15.2

    %

     

     

    3,415

     

    Washington, D.C.

     

     

    43

     

     

     

    13,846

     

     

     

    15.1

    %

     

     

    2,798

     

    New York

     

     

    35

     

     

     

    8,986

     

     

     

    14.5

    %

     

     

    4,662

     

    Boston

     

     

    27

     

     

     

    7,237

     

     

     

    11.2

    %

     

     

    3,635

     

    Seattle

     

     

    41

     

     

     

    8,748

     

     

     

    9.8

    %

     

     

    2,647

     

    Subtotal – Established Markets

     

     

    267

     

     

     

    71,017

     

     

     

    90.2

    %

     

     

    3,259

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Expansion Markets:

     

     

     

     

     

     

     

     

     

     

     

     

    Denver

     

     

    16

     

     

     

    4,678

     

     

     

    4.2

    %

     

     

    2,335

     

    Atlanta

     

     

    14

     

     

     

    4,356

     

     

     

    3.1

    %

     

     

    1,994

     

    Dallas/Ft. Worth

     

     

    12

     

     

     

    3,855

     

     

     

    2.1

    %

     

     

    1,942

     

    Austin

     

     

    3

     

     

     

    742

     

     

     

    0.4

    %

     

     

    1,735

     

    Subtotal – Expansion Markets

     

     

    45

     

     

     

    13,631

     

     

     

    9.8

    %

     

     

    2,082

     

    Total

     

     

    312

     

     

     

    84,648

     

     

     

    100.0

    %

     

    $

    3,072

     

     

     

    Properties

     

    Apartment Units

    Wholly Owned Properties

     

    294

     

    80,010

    Partially Owned Properties – Consolidated

     

    12

     

    2,656

    Partially Owned Properties – Unconsolidated

     

    6

     

    1,982

     

     

    312

     

    84,648

    Note: Projects under development are not included in the Portfolio Summary until construction has been completed.

    Equity Residential

     

    Portfolio Rollforward Q1 2025

    ($ in thousands)

     

     

     

    Properties

     

     

    Apartment

    Units

     

     

    Sales Price

     

     

    Disposition

    Yield

     

    12/31/2024

     

     

    311

     

     

     

    84,249

     

     

     

     

     

     

     

    Dispositions:

     

     

     

     

     

     

     

     

     

     

     

     

    Consolidated Rental Properties

     

     

    (2

    )

     

     

    (546

    )

     

    $

    (225,600

    )

     

     

    (5.2

    %)

    Consolidated Land Parcels

     

     

    —

     

     

     

    —

     

     

    $

    (4,300

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Completed Developments – Consolidated

     

     

    1

     

     

     

    225

     

     

     

     

     

     

     

    Completed Developments – Unconsolidated

     

     

    2

     

     

     

    720

     

     

     

     

     

     

     

    3/31/2025

     

     

    312

     

     

     

    84,648

     

     

     

     

     

     

     

     

    Equity Residential

     

    First Quarter 2025 vs. First Quarter 2024

    Same Store Results/Statistics Including 75,362 Same Store Apartment Units

    (includes Residential and Non-Residential)

    ($ in thousands except for Average Rental Rate)

     

     

     

    Results

     

     

    Statistics

     

    Description

     

    Revenues

     

     

    Expenses

     

     

    NOI

     

     

    Average

    Rental

    Rate

     

     

    Physical

    Occupancy

     

     

    Turnover

     

    Q1 2025

     

    $

    715,800

     

     

    $

    235,241

     

     

    $

    480,559

     

     

    $

    3,160

     

     

     

    96.5

    %

     

     

    7.9

    %

    Q1 2024

     

    $

    700,443

     

     

    $

    225,958

     

     

    $

    474,485

     

     

    $

    3,086

     

     

     

    96.3

    %

     

     

    8.6

    %

    Change

     

    $

    15,357

     

     

    $

    9,283

     

     

    $

    6,074

     

     

    $

    74

     

     

     

    0.2

    %

     

     

    (0.7

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Change

     

     

    2.2

    %

    (1)

     

    4.1

    %

     

     

    1.3

    %

     

     

    2.4

    %

     

     

     

     

     

     

     

     

    First Quarter 2025 vs. Fourth Quarter 2024

    Same Store Results/Statistics Including 80,818 Same Store Apartment Units

    (includes Residential and Non-Residential)

    ($ in thousands except for Average Rental Rate)

     

     

     

    Results

     

     

    Statistics

     

    Description

     

    Revenues

     

     

    Expenses

     

     

    NOI

     

     

    Average

    Rental

    Rate

     

     

    Physical

    Occupancy

     

     

    Turnover

     

    Q1 2025

     

    $

    749,876

     

     

    $

    246,864

     

     

    $

    503,012

     

     

    $

    3,092

     

     

     

    96.4

    %

     

     

    7.9

    %

    Q4 2024

     

    $

    743,687

     

     

    $

    233,557

     

     

    $

    510,130

     

     

    $

    3,084

     

     

     

    96.0

    %

     

     

    9.2

    %

    Change

     

    $

    6,189

     

     

    $

    13,307

     

     

    $

    (7,118

    )

     

    $

    8

     

     

     

    0.4

    %

     

     

    (1.3

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Change

     

     

    0.8

    %

     

     

    5.7

    %

     

     

    (1.4

    %)

     

     

    0.3

    %

     

     

     

     

     

     

    (1)

    Non-Residential operations reduced quarterly same store revenue growth by 0.50%, primarily due to higher reinstatement of straight-line receivable balances during the first quarter of 2024 (compared to the first quarter of 2025).

    Equity Residential

    Same Store Residential Revenues – GAAP to Cash Basis (1)

    ($ in thousands)

     

     

    First Quarter 2025 vs. First Quarter 2024

     

    First Quarter 2025 vs. Fourth Quarter 2024

     

    75,362 Same Store Apartment Units

     

    80,818 Same Store Apartment Units

     

    Q1 2025

     

    Q1 2024

     

    Q1 2025

     

    Q4 2024

    Same Store Residential Revenues (GAAP Basis)

    $

    688,857

     

     

    $

    671,039

     

     

    $

    722,351

     

     

    $

    717,211

     

    Leasing Concessions amortized

     

    5,176

     

     

     

    5,052

     

     

     

    5,800

     

     

     

    5,522

     

    Leasing Concessions granted

     

    (5,972

    )

     

     

    (4,836

    )

     

     

    (6,977

    )

     

     

    (6,619

    )

    Same Store Residential Revenues with Leasing

    Concessions on a cash basis

    $

    688,061

     

     

    $

    671,255

     

     

    $

    721,174

     

     

    $

    716,114

     

     

     

     

     

     

     

     

     

     

     

     

     

    % change - GAAP revenue

     

    2.7

    %

     

     

     

     

     

    0.7

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    % change - cash revenue

     

    2.5

    %

     

     

     

     

     

    0.7

    %

     

     

     

    (1)

    See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional detail.

     

     

    Same Store Net Operating Income By Quarter

    Including 75,362 Same Store Apartment Units

    (includes Residential and Non-Residential)

    ($ in thousands)

     

     

     

    Q1 2025

     

     

    Q4 2024

     

     

    Q3 2024

     

     

    Q2 2024

     

     

    Q1 2024

     

    Same store revenues

     

    $

    715,800

     

     

    $

    709,646

     

     

    $

    706,976

     

     

    $

    704,060

     

     

    $

    700,443

     

    Same store expenses

     

     

    235,241

     

     

     

    221,822

     

     

     

    226,647

     

     

     

    219,926

     

     

     

    225,958

     

    Same store NOI

     

    $

    480,559

     

     

    $

    487,824

     

     

    $

    480,329

     

     

    $

    484,134

     

     

    $

    474,485

     

    Equity Residential

     

    Same Store Residential Accounts Receivable Balances

    Including 75,362 Same Store Apartment Units

    ($ in thousands)

     

    Balance Sheet (Other assets):

     

    March 31, 2025

     

     

    December 31, 2024

     

     

    March 31, 2024

     

    Residential accounts receivable balances

     

    $

    13,972

     

     

    $

    14,328

     

     

    $

    17,787

     

    Allowance for doubtful accounts

     

     

    (9,132

    )

     

     

    (9,431

    )

     

     

    (12,885

    )

    Net receivable balances

    $

    4,840

     

     

    $

    4,897

     

     

    $

    4,902

     

     

     

     

     

     

     

     

     

     

     

    Straight-line receivable balances

     

    $

    9,649

     

    (1)

    $

    8,854

     

     

    $

    8,287

     

    (1)

    Total same store Residential Leasing Concessions granted in the first quarter of 2025 were approximately $6.0 million. The straight-line receivable balance of $9.6 million reflects Residential Leasing Concessions that the Company expects will be primarily recognized as a reduction of rental revenues in the remainder of 2025 and the first quarter of 2026.

     

     

    Same Store Residential Bad Debt

    Including 75,362 Same Store Apartment Units

    ($ in thousands)

     

    Income Statement (Rental income):

     

    Q1 2025

     

     

    Q4 2024

     

     

    Q1 2024

     

    Bad debts before governmental rental assistance

     

    $

    7,419

     

     

    $

    7,780

     

     

    $

    8,846

     

    Governmental rental assistance received

     

    (268

    )

     

     

    (367

    )

     

     

    (442

    )

    Bad Debt, Net

     

    $

    7,151

     

     

    $

    7,413

     

     

    $

    8,404

     

     

     

     

     

     

     

     

     

     

     

    Bad Debt, Net as a % of Same Store Residential Revenues

     

    1.0

    %

     

     

    1.1

    %

     

     

    1.3

    %

    Equity Residential

    First Quarter 2025 vs. First Quarter 2024

    Same Store Residential Results/Statistics by Market

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Increase (Decrease) from Prior Year's Quarter

     

    Markets/Metro Areas

     

    Apartment

    Units

     

    Q1 2025

    % of

    Actual

    NOI

     

    Q1 2025

    Average

    Rental

    Rate

     

    Q1 2025

    Weighted

    Average

    Physical

    Occupancy %

     

    Q1 2025

    Turnover

     

    Revenues

     

    Expenses

     

    NOI

     

    Average

    Rental

    Rate

     

    Physical

    Occupancy

     

    Turnover

    Los Angeles

     

    14,136

     

     

    17.7

    %

     

    $

    2,956

     

     

    95.7

    %

     

    9.0

    %

     

    1.4

    %

     

    2.6

    %

     

    0.9

    %

     

    1.2

    %

     

    0.2

    %

     

    (0.6

    %)

    Orange County

     

    3,718

     

     

    5.3

    %

     

     

    2,964

     

     

    96.3

    %

     

    7.2

    %

     

    2.4

    %

     

    5.2

    %

     

    1.6

    %

     

    2.2

    %

     

    0.2

    %

     

    (0.2

    %)

    San Diego

     

    2,209

     

     

    3.5

    %

     

     

    3,284

     

     

    96.3

    %

     

    8.8

    %

     

    2.0

    %

     

    7.8

    %

     

    0.4

    %

     

    1.8

    %

     

    0.1

    %

     

    1.3

    %

    Subtotal – Southern California

    20,063

     

     

    26.5

    %

     

     

    2,994

     

     

    95.9

    %

     

    8.7

    %

     

    1.7

    %

     

    3.4

    %

     

    1.0

    %

     

    1.4

    %

     

    0.2

    %

     

    (0.2

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    San Francisco

     

    11,093

     

     

    16.3

    %

     

     

    3,387

     

     

    96.8

    %

     

    8.3

    %

     

    3.3

    %

     

    3.3

    %

     

    3.3

    %

     

    3.0

    %

     

    0.3

    %

     

    (1.2

    %)

    Washington, D.C.

     

    13,534

     

     

    16.1

    %

     

     

    2,800

     

     

    97.3

    %

     

    6.0

    %

     

    4.6

    %

     

    8.2

    %

     

    3.0

    %

     

    4.4

    %

     

    0.2

    %

     

    (1.0

    %)

    New York

     

    8,536

     

     

    14.5

    %

     

     

    4,710

     

     

    97.6

    %

     

    6.3

    %

     

    3.2

    %

     

    2.9

    %

     

    3.4

    %

     

    2.6

    %

     

    0.6

    %

     

    (0.2

    %)

    Boston

     

    7,077

     

     

    11.2

    %

     

     

    3,657

     

     

    95.8

    %

     

    7.1

    %

     

    2.9

    %

     

    6.2

    %

     

    1.5

    %

     

    2.8

    %

     

    0.1

    %

     

    (0.3

    %)

    Seattle

     

    8,747

     

     

    10.3

    %

     

     

    2,647

     

     

    96.5

    %

     

    9.0

    %

     

    3.7

    %

     

    2.1

    %

     

    4.4

    %

     

    3.3

    %

     

    0.4

    %

     

    (0.7

    %)

    Denver

     

    2,792

     

     

    2.8

    %

     

     

    2,354

     

     

    95.5

    %

     

    10.6

    %

     

    (3.0

    %)

     

    (0.2

    %)

     

    (4.3

    %)

     

    (2.3

    %)

     

    (0.7

    %)

     

    0.1

    %

    Other Expansion Markets

     

    3,520

     

     

    2.3

    %

     

     

    1,879

     

     

    95.1

    %

     

    9.5

    %

     

    (4.8

    %)

     

    2.8

    %

     

    (9.9

    %)

     

    (4.7

    %)

     

    (0.1

    %)

     

    (3.7

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total

     

    75,362

     

     

    100.0

    %

     

    $

    3,160

     

     

    96.5

    %

     

    7.9

    %

     

    2.7

    %

     

    4.0

    %

     

    2.0

    %

     

    2.4

    %

     

    0.2

    %

     

    (0.7

    %)

    Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the quarter ended March 31, 2025.

    Equity Residential

    First Quarter 2025 vs. Fourth Quarter 2024

    Same Store Residential Results/Statistics by Market

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Increase (Decrease) from Prior Quarter

     

    Markets/Metro Areas

     

    Apartment

    Units

     

    Q1 2025

    % of

    Actual

    NOI

     

    Q1 2025

    Average

    Rental

    Rate

     

    Q1 2025

    Weighted

    Average

    Physical

    Occupancy %

     

    Q1 2025

    Turnover

     

    Revenues

     

    Expenses

     

    NOI

     

    Average

    Rental

    Rate

     

    Physical

    Occupancy

     

    Turnover

    Los Angeles

     

    14,136

     

     

    16.8

    %

     

    $

    2,956

     

     

    95.7

    %

     

    9.0

    %

     

    0.5

    %

     

    5.2

    %

     

    (1.6

    %)

     

    0.6

    %

     

    (0.1

    %)

     

    (0.6

    %)

    Orange County

     

    3,718

     

     

    5.1

    %

     

     

    2,964

     

     

    96.3

    %

     

    7.2

    %

     

    1.2

    %

     

    2.3

    %

     

    1.0

    %

     

    0.5

    %

     

    0.7

    %

     

    (2.2

    %)

    San Diego

     

    2,209

     

     

    3.4

    %

     

     

    3,284

     

     

    96.3

    %

     

    8.8

    %

     

    1.0

    %

     

    5.7

    %

     

    (0.3

    %)

     

    0.6

    %

     

    0.4

    %

     

    (1.2

    %)

    Subtotal – Southern California

    20,063

     

     

    25.3

    %

     

     

    2,994

     

     

    95.9

    %

     

    8.7

    %

     

    0.7

    %

     

    4.8

    %

     

    (0.9

    %)

     

    0.6

    %

     

    0.2

    %

     

    (0.9

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    San Francisco

     

    11,315

     

     

    15.9

    %

     

     

    3,387

     

     

    96.8

    %

     

    8.3

    %

     

    1.7

    %

     

    8.0

    %

     

    (0.8

    %)

     

    1.0

    %

     

    0.7

    %

     

    (2.0

    %)

    Washington, D.C.

     

    13,846

     

     

    15.7

    %

     

     

    2,798

     

     

    97.3

    %

     

    6.1

    %

     

    1.1

    %

     

    9.3

    %

     

    (2.5

    %)

     

    0.3

    %

     

    0.7

    %

     

    (1.9

    %)

    New York

     

    8,536

     

     

    13.9

    %

     

     

    4,710

     

     

    97.6

    %

     

    6.3

    %

     

    0.7

    %

     

    5.1

    %

     

    (2.4

    %)

     

    0.4

    %

     

    0.2

    %

     

    (0.2

    %)

    Boston

     

    7,237

     

     

    10.8

    %

     

     

    3,635

     

     

    95.8

    %

     

    7.0

    %

     

    0.3

    %

     

    7.8

    %

     

    (2.7

    %)

     

    (0.2

    %)

     

    0.5

    %

     

    (0.8

    %)

    Seattle

     

    8,747

     

     

    9.8

    %

     

     

    2,647

     

     

    96.5

    %

     

    9.0

    %

     

    0.6

    %

     

    2.2

    %

     

    0.0

    %

     

    0.4

    %

     

    0.2

    %

     

    0.0

    %

    Denver

     

    3,972

     

     

    3.7

    %

     

     

    2,319

     

     

    95.1

    %

     

    10.8

    %

     

    (1.5

    %)

     

    1.5

    %

     

    (2.8

    %)

     

    (1.7

    %)

     

    0.2

    %

     

    (2.1

    %)

    Other Expansion Markets

     

    7,102

     

     

    4.9

    %

     

     

    1,922

     

     

    95.4

    %

     

    9.2

    %

     

    (0.5

    %)

     

    1.7

    %

     

    (1.9

    %)

     

    (1.4

    %)

     

    0.8

    %

     

    (1.6

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total

     

    80,818

     

     

    100.0

    %

     

    $

    3,092

     

     

    96.4

    %

     

    7.9

    %

     

    0.7

    %

     

    5.7

    %

     

    (1.6

    %)

     

    0.3

    %

     

    0.4

    %

     

    (1.3

    %)

    Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the quarter ended March 31, 2025.

    Equity Residential

     

    Same Store Residential Net Effective Lease Pricing Statistics

    For 75,362 Same Store Apartment Units

     

     

     

    New Lease Change (1)

     

     

    Renewal Rate Achieved (1)

     

     

    Blended Rate (1)

     

    Markets/Metro Areas

     

    Q1 2025

     

     

    Q4 2024

     

     

    Q1 2025

     

     

    Q4 2024

     

     

    Q1 2025

     

     

    Q4 2024

     

    Southern California

     

     

    (2.1

    %)

     

     

    (4.9

    %)

     

     

    4.6

    %

     

     

    4.4

    %

     

     

    1.6

    %

     

     

    0.4

    %

    San Francisco

     

     

    0.6

    %

     

     

    (2.8

    %)

     

     

    5.4

    %

     

     

    6.6

    %

     

     

    3.3

    %

     

     

    2.5

    %

    Washington, D.C.

     

     

    0.0

    %

     

     

    (2.8

    %)

     

     

    5.7

    %

     

     

    5.5

    %

     

     

    3.2

    %

     

     

    1.8

    %

    New York

     

     

    1.4

    %

     

     

    (1.6

    %)

     

     

    4.8

    %

     

     

    4.3

    %

     

     

    3.5

    %

     

     

    2.3

    %

    Boston

     

     

    (5.3

    %)

     

     

    (4.8

    %)

     

     

    4.5

    %

     

     

    4.4

    %

     

     

    0.0

    %

     

     

    1.1

    %

    Seattle

     

     

    (3.4

    %)

     

     

    (6.0

    %)

     

     

    5.5

    %

     

     

    6.9

    %

     

     

    1.7

    %

     

     

    0.5

    %

    Subtotal – Established Markets

     

     

    (1.3

    %)

     

     

    (3.8

    %)

     

     

    5.0

    %

     

     

    5.1

    %

     

     

    2.3

    %

     

     

    1.4

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Denver

     

     

    (13.1

    %)

     

     

    (11.8

    %)

     

     

    3.9

    %

     

     

    3.1

    %

     

     

    (6.1

    %)

     

     

    (4.7

    %)

    Other Expansion Markets

     

     

    (14.7

    %)

     

     

    (12.9

    %)

     

     

    1.5

    %

     

     

    1.8

    %

     

     

    (8.8

    %)

     

     

    (6.3

    %)

    Subtotal – Expansion Markets

     

     

    (13.9

    %)

     

     

    (12.3

    %)

     

     

    2.8

    %

     

     

    2.5

    %

     

     

    (7.4

    %)

     

     

    (5.4

    %)

    Total

     

     

    (2.2

    %)

     

     

    (4.4

    %)

     

     

    4.9

    %

     

     

    5.0

    %

     

     

    1.8

    %

     

     

    1.0

    %

    (1)

    See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for definitions.

    Equity Residential

     

    First Quarter 2025 vs. First Quarter 2024

    Total Same Store Operating Expenses Including 75,362 Same Store Apartment Units

    (includes Residential and Non-Residential)

    ($ in thousands)

     

     

     

    Q1 2025

     

     

    Q1 2024

     

     

    $

    Change (1)

     

     

    %

    Change

     

     

    % of

    Q1 2025

    Operating

    Expenses

     

    Real estate taxes

     

    $

    94,556

     

     

    $

    91,907

     

     

    $

    2,649

     

     

     

    2.9

    %

     

     

    40.2

    %

    On-site payroll

     

     

    43,444

     

     

     

    42,019

     

     

     

    1,425

     

     

     

    3.4

    %

     

     

    18.5

    %

    Utilities

     

     

    39,479

     

     

     

    36,145

     

     

     

    3,334

     

     

     

    9.2

    %

     

     

    16.8

    %

    Repairs and maintenance

     

     

    29,437

     

     

     

    29,091

     

     

     

    346

     

     

     

    1.2

    %

     

     

    12.5

    %

    Insurance

     

     

    9,240

     

     

     

    9,134

     

     

     

    106

     

     

     

    1.2

    %

     

     

    3.9

    %

    Leasing and advertising

     

     

    2,720

     

     

     

    2,313

     

     

     

    407

     

     

     

    17.6

    %

     

     

    1.1

    %

    Other on-site operating expenses

     

     

    16,365

     

     

     

    15,349

     

     

     

    1,016

     

     

     

    6.6

    %

     

     

    7.0

    %

    Total Same Store Operating Expenses (2)

     

    $

    235,241

     

     

    $

    225,958

     

     

    $

    9,283

     

     

     

    4.1

    %

     

     

    100.0

    %

    (1)

    The quarter-over-quarter changes were primarily driven by the following factors:

     

    Real estate taxes – Increase due to escalation in rates and assessed values including an approximately one percentage point contribution to growth from 421-a tax abatement burnoffs in New York City. Once the burnoffs are completed, previously rent-restricted apartment units will transition to market.

     

    On-site payroll – Increase primarily driven by higher wages, partially offset by the impact of various innovation initiatives.

     

    Utilities – Increase primarily driven by higher commodity prices for gas and electric and higher water, sewer and trash expense along with a challenging comparable period.

     

    Insurance – Property insurance premiums declined in the 2025 policy renewal but were offset by other insurance-related costs.

     

    Leasing and advertising – Increase primarily driven by higher advertising expenses and processing fees.

     

    Other on-site operating expenses – Increase primarily due to higher ground lease rent, association fees and other expenses, partially offset by lower property-related legal expenses.

    (2)

    See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details.

    Equity Residential

     

    Debt Summary as of March 31, 2025

    ($ in thousands)

     

     

     

    Debt

    Balances (1)

     

     

    % of Total

     

     

    Weighted

    Average

    Rates (1)

     

     

    Weighted

    Average

    Maturities

    (years)

     

    Secured

     

    $

    1,593,803

     

     

     

    20.3

    %

     

     

    3.77

    %

     

     

    6.6

     

    Unsecured

     

     

    6,253,081

     

     

     

    79.7

    %

     

     

    3.74

    %

     

     

    7.4

     

    Total

     

    $

    7,846,884

     

     

     

    100.0

    %

     

     

    3.74

    %

     

     

    7.2

     

    Fixed Rate Debt:

     

     

     

     

     

     

     

     

     

     

     

     

    Secured – Conventional

     

    $

    1,401,811

     

     

     

    17.9

    %

     

     

    3.89

    %

     

     

    6.2

     

    Unsecured – Public

     

     

    5,949,081

     

     

     

    75.8

    %

     

     

    3.68

    %

     

     

    7.7

     

    Fixed Rate Debt

     

     

    7,350,892

     

     

     

    93.7

    %

     

     

    3.72

    %

     

     

    7.4

     

    Floating Rate Debt:

     

     

     

     

     

     

     

     

     

     

     

     

    Secured – Tax Exempt

     

     

    191,992

     

     

     

    2.4

    %

     

     

    2.87

    %

     

     

    9.9

     

    Unsecured – Revolving Credit Facility

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2.6

     

    Unsecured – Commercial Paper Program (2)

     

     

    304,000

     

     

     

    3.9

    %

     

     

    4.55

    %

     

     

    —

     

    Floating Rate Debt

     

     

    495,992

     

     

     

    6.3

    %

     

     

    3.98

    %

     

     

    4.0

     

    Total

     

    $

    7,846,884

     

     

     

    100.0

    %

     

     

    3.74

    %

     

     

    7.2

     

    (1)

    See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details.

    (2)

    At March 31, 2025, the weighted average maturity of commercial paper outstanding was 1 day. The weighted average amount outstanding for the quarter ended March 31, 2025 was approximately $390.2 million.

    Note: The Company capitalized interest of approximately $3.9 million and $3.1 million during the quarters ended March 31, 2025 and 2024, respectively.

    Equity Residential

     

    Debt Maturity Schedule as of March 31, 2025

    ($ in thousands)

     

    Year

     

    Fixed

    Rate

     

     

    Floating

    Rate

     

     

    Total

     

     

    % of Total

     

     

    Weighted

    Average Coupons

    on Fixed

    Rate Debt (1)

     

     

    Weighted

    Average

    Coupons on

    Total Debt (1)

     

    2025

     

    $

    450,000

     

     

    $

    310,900

     

    (2)

    $

    760,900

     

     

     

    9.6

    %

     

     

    3.38

    %

     

     

    3.84

    %

    2026

     

     

    592,025

     

     

     

    7,400

     

     

     

    599,425

     

     

     

    7.6

    %

     

     

    3.58

    %

     

     

    3.58

    %

    2027

     

     

    400,000

     

     

     

    8,200

     

     

     

    408,200

     

     

     

    5.2

    %

     

     

    3.25

    %

     

     

    3.24

    %

    2028

     

     

    900,000

     

     

     

    9,000

     

     

     

    909,000

     

     

     

    11.5

    %

     

     

    3.79

    %

     

     

    3.78

    %

    2029

     

     

    888,120

     

     

     

    9,700

     

     

     

    897,820

     

     

     

    11.3

    %

     

     

    3.30

    %

     

     

    3.30

    %

    2030

     

     

    1,148,462

     

     

     

    10,800

     

     

     

    1,159,262

     

     

     

    14.6

    %

     

     

    2.53

    %

     

     

    2.53

    %

    2031

     

     

    528,500

     

     

     

    37,700

     

     

     

    566,200

     

     

     

    7.2

    %

     

     

    1.94

    %

     

     

    2.00

    %

    2032

     

     

    —

     

     

     

    26,000

     

     

     

    26,000

     

     

     

    0.3

    %

     

     

    —

     

     

     

    3.09

    %

    2033

     

     

    550,000

     

     

     

    —

     

     

     

    550,000

     

     

     

    6.9

    %

     

     

    5.22

    %

     

     

    5.22

    %

    2034

     

     

    600,000

     

     

     

    —

     

     

     

    600,000

     

     

     

    7.6

    %

     

     

    4.65

    %

     

     

    4.65

    %

    2035+

     

     

    1,350,850

     

     

     

    86,960

     

     

     

    1,437,810

     

     

     

    18.2

    %

     

     

    4.39

    %

     

     

    4.22

    %

    Subtotal

     

     

    7,407,957

     

     

     

    506,660

     

     

     

    7,914,617

     

     

     

    100.0

    %

     

     

    3.62

    %

     

     

    3.62

    %

    Deferred Financing Costs and Unamortized (Discount)

     

     

    (57,065

    )

     

     

    (10,668

    )

     

     

    (67,733

    )

     

    N/A

     

     

    N/A

     

     

    N/A

     

    Total

     

    $

    7,350,892

     

     

    $

    495,992

     

     

    $

    7,846,884

     

     

     

    100.0

    %

     

     

    3.62

    %

     

     

    3.62

    %

    (1)

    See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details.

    (2)

    Includes $304.0 million in principal outstanding on the Company's Commercial Paper Program.

    Equity Residential

     

    Selected Unsecured Public Debt Covenants

     

     

     

    March 31,

     

    December 31,

     

     

    2025

     

    2024

    Debt to Adjusted Total Assets (not to exceed 60%)

     

    26.8%

     

    27.7%

     

     

     

     

     

    Secured Debt to Adjusted Total Assets (not to exceed 40%)

     

    6.2%

     

    6.3%

     

     

     

     

     

    Consolidated Income Available for Debt Service to

     

     

     

    Maximum Annual Service Charges

     

     

     

    (must be at least 1.5 to 1)

     

    6.00

     

    5.67

     

     

     

     

     

    Total Unencumbered Assets to Unsecured Debt

     

     

     

    (must be at least 125%)

     

    493.3%

     

    473.7%

    Note: These selected covenants represent the most restrictive financial covenants relating to ERP Operating Limited Partnership's ("ERPOP") outstanding public debt securities. Equity Residential is the general partner of ERPOP.

     

    Selected Credit Ratios

     

     

     

    March 31,

     

    December 31,

     

     

    2025

     

    2024

    Total debt to Normalized EBITDAre

     

    4.25x

     

    4.43x

     

     

     

     

     

    Net debt to Normalized EBITDAre

     

    4.21x

     

    4.38x

     

     

     

     

     

    Unencumbered NOI as a % of total NOI

     

    90.5%

     

    89.7%

    Note: See Normalized EBITDAre Reconciliations for detail.

    Equity Residential

     

    Capital Structure as of March 31, 2025

    (Amounts in thousands except for share/unit and per share amounts)

     

    Secured Debt

     

     

     

     

     

     

     

    $

    1,593,803

     

     

     

    20.3

    %

     

     

     

    Unsecured Debt

     

     

     

     

     

     

     

     

    6,253,081

     

     

     

    79.7

    %

     

     

     

    Total Debt

     

     

     

     

     

     

     

     

    7,846,884

     

     

     

    100.0

    %

     

     

    21.9

    %

    Common Shares (includes Restricted Shares)

     

     

    379,840,678

     

     

     

    97.0

    %

     

     

     

     

     

     

     

     

     

    Units (includes OP Units and Restricted Units)

     

     

    11,723,272

     

     

     

    3.0

    %

     

     

     

     

     

     

     

     

     

    Total Shares and Units

     

     

    391,563,950

     

     

     

    100.0

    %

     

     

     

     

     

     

     

     

     

    Common Share Price at March 31, 2025

     

    $

    71.58

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    28,028,148

     

     

     

    99.9

    %

     

     

     

    Perpetual Preferred Equity (see below)

     

     

     

     

     

     

     

     

    17,155

     

     

     

    0.1

    %

     

     

     

    Total Equity

     

     

     

     

     

     

     

     

    28,045,303

     

     

     

    100.0

    %

     

     

    78.1

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total Market Capitalization

     

     

     

     

     

     

     

    $

    35,892,187

     

     

     

     

     

     

    100.0

    %

     

    Perpetual Preferred Equity as of March 31, 2025

    (Amounts in thousands except for share and per share amounts)

     

    Series

     

    Call Date

     

    Outstanding

    Shares

     

     

    Liquidation

    Value

     

     

    Annual

    Dividend

    Per Share

     

     

    Annual

    Dividend

    Amount

     

    Preferred Shares:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    8.29% Series K

     

    12/10/26

     

     

    343,100

     

     

    $

    17,155

     

     

    $

    4.145

     

     

    $

    1,422

     

     

    Equity Residential

    Common Share and Unit

    Weighted Average Amounts Outstanding

     

     

    Q1 2025

     

     

    Q1 2024

     

    Weighted Average Amounts Outstanding for Net Income Purposes:

     

     

     

     

     

     

    Common Shares - basic

     

     

    379,207,994

     

     

     

    378,811,922

     

    Shares issuable from assumed conversion/vesting of:

     

     

     

     

     

     

    - OP Units

     

     

    10,511,169

     

     

     

    10,669,346

     

    - long-term compensation shares/units

     

     

    1,460,268

     

     

     

    1,079,917

     

    Total Common Shares and Units - diluted

     

     

    391,179,431

     

     

     

    390,561,185

     

     

     

     

     

     

     

     

    Weighted Average Amounts Outstanding for FFO and Normalized FFO Purposes:

     

     

     

     

     

     

    Common Shares - basic

     

     

    379,207,994

     

     

     

    378,811,922

     

    OP Units - basic

     

     

    10,511,169

     

     

     

    10,669,346

     

    Total Common Shares and OP Units - basic

     

     

    389,719,163

     

     

     

    389,481,268

     

    Shares issuable from assumed conversion/vesting of:

     

     

     

     

     

     

    - long-term compensation shares/units

     

     

    1,460,268

     

     

     

    1,079,917

     

    Total Common Shares and Units - diluted

     

     

    391,179,431

     

     

     

    390,561,185

     

     

     

     

     

     

     

     

    Period Ending Amounts Outstanding:

     

     

     

     

     

     

    Common Shares (includes Restricted Shares)

     

     

    379,840,678

     

     

     

    378,939,751

     

    Units (includes OP Units and Restricted Units)

     

     

    11,723,272

     

     

     

    11,732,622

     

    Total Shares and Units

     

     

    391,563,950

     

     

     

    390,672,373

     

    Equity Residential

    Partially Owned Properties as of March 31, 2025

    (Amounts in thousands except for project/property and apartment unit amounts) 

    Partially Owned Properties

     

    Weighted

    Average

    Ownership

    Percentage

     

    Total

    Properties

     

     

    Total

    Apartment

    Units

     

     

    Q1 2025

    NOI

     

     

    Q1 2025

    Interest

    Expense

     

     

    Total Debt

     

    CONSOLIDATED:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating properties (stabilized)

     

    86.2%

     

    12

     

     

     

    2,656

     

     

    $

    16,175

     

     

    $

    255

     

     

    $

    28,312

     

    Projects Under Development (1) (3)

     

    95.0%

     

     

    —

     

     

     

    —

     

     

     

    (83

    )

     

     

    —

     

     

     

    —

     

    Total Partially Owned Properties - Consolidated

     

     

     

     

    12

     

     

     

    2,656

     

     

     

    16,092

     

     

     

    255

     

     

     

    28,312

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    UNCONSOLIDATED:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Projects Under Development (2) (3)

     

    95.0%

     

     

    —

     

     

     

    —

     

     

     

    26

     

     

     

    91

     

     

     

    —

     

    Projects Completed Not Stabilized (3)

     

    77.9%

     

     

    6

     

     

     

    1,982

     

     

     

    2,706

     

     

     

    3,785

     

     

     

    339,269

     

    Total Partially Owned Properties - Unconsolidated

     

     

     

     

    6

     

     

     

    1,982

     

     

     

    2,732

     

     

     

    3,876

     

     

     

    339,269

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total Partially Owned Properties

     

     

     

     

    18

     

     

     

    4,638

     

     

    $

    18,824

     

     

    $

    4,131

     

     

    $

    367,581

     

    (1)

    The Company is currently developing one property, which is expected to add 440 apartment units upon completion.

    (2)

    The Company is currently developing two properties, which are expected to add 639 apartment units upon completion.

    (3)

    See Development and Lease-Up Projects for more information.

    Note: Partially owned consolidated and unconsolidated amounts are presented at 100% of the project/property.

    Equity Residential

    Development and Lease-Up Projects as of March 31, 2025

    (Amounts in thousands except for project and apartment unit amounts)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Estimated/Actual

     

     

    Projects

     

    Location

     

    Ownership

    Percentage

     

    No. of

    Apartment

    Units

     

     

    Total

    Budgeted

    Capital

    Cost

     

     

    Total

    Book Value

    to Date

     

     

    Total

    Debt (1)

     

     

    Percentage

    Completed

     

    Start

    Date

     

    Initial

    Occupancy

     

    Completion

    Date

     

    Stabilization

    Date

     

    Percentage

    Leased /

    Occupied

    CONSOLIDATED:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Projects Under Development:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    The Basin

     

    Wakefield, MA

     

    95%

     

    440

     

     

    $

    232,172

     

     

    $

    144,706

     

     

    $

    —

     

     

    57%

     

    Q1 2024

     

    Q4 2025

     

    Q3 2026

     

    Q2 2027

     

    – / –

    Projects Under Development - Consolidated

     

     

     

     

    440

     

     

     

    232,172

     

     

     

    144,706

     

     

     

    —

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Projects Completed Not Stabilized:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Lorien (fka Laguna Clara II)

     

    Santa Clara, CA

     

    100%

     

    225

     

     

     

    152,621

     

     

     

    146,406

     

     

     

    —

     

     

    99%

     

    Q2 2022

     

    Q1 2025

     

    Q1 2025

     

    Q4 2025

     

    22% / 18%

    Projects Completed Not Stabilized - Consolidated

     

     

     

     

    225

     

     

     

    152,621

     

     

     

    146,406

     

     

     

    —

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    UNCONSOLIDATED:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Projects Under Development:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Modera Bridle Trails

     

    Kirkland, WA

     

    95%

     

    369

     

     

     

    185,282

     

     

     

    75,997

     

     

     

    —

     

     

    29%

     

    Q3 2024

     

    Q2 2027

     

    Q3 2027

     

    Q4 2028

     

    – / –

    Modera South Shore

     

    Marshfield, MA

     

    95%

     

    270

     

     

     

    121,918

     

     

     

    48,364

     

     

     

    —

     

     

    30%

     

    Q3 2024

     

    Q1 2026

     

    Q4 2026

     

    Q2 2027

     

    – / –

    Projects Under Development - Unconsolidated

     

     

     

     

    639

     

     

     

    307,200

     

     

     

    124,361

     

     

     

    —

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Projects Completed Not Stabilized:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Alloy Sunnyside

     

    Denver, CO

     

    80%

     

    209

     

     

     

    70,004

     

     

     

    69,366

     

     

     

    35,862

     

     

    100%

     

    Q3 2021

     

    Q2 2024

     

    Q2 2024

     

    Q3 2025

     

    74% / 60%

    Remy (Toll)

     

    Frisco, TX

     

    75%

     

    357

     

     

     

    98,937

     

     

     

    97,408

     

     

     

    51,725

     

     

    98%

     

    Q1 2022

     

    Q2 2024

     

    Q4 2024

     

    Q3 2025

     

    81% / 76%

    Sadie (fka Settler) (Toll)

     

    Fort Worth, TX

     

    75%

     

    362

     

     

     

    82,775

     

     

     

    78,606

     

     

     

    41,598

     

     

    98%

     

    Q2 2022

     

    Q2 2024

     

    Q4 2024

     

    Q3 2025

     

    81% / 77%

    Lyle (Toll) (2)

     

    Dallas, TX

     

    75%

     

    334

     

     

     

    86,332

     

     

     

    83,845

     

     

     

    49,034

     

     

    99%

     

    Q3 2022

     

    Q1 2024

     

    Q4 2024

     

    Q4 2025

     

    71% / 66%

    Alexan Harrison

     

    Harrison, NY

     

    62%

     

    450

     

     

     

    200,664

     

     

     

    198,701

     

     

     

    111,147

     

     

    100%

     

    Q3 2021

     

    Q1 2024

     

    Q1 2025

     

    Q4 2025

     

    85% / 78%

    Solana Beeler Park

     

    Denver, CO

     

    90%

     

    270

     

     

     

    85,206

     

     

     

    84,645

     

     

     

    49,903

     

     

    100%

     

    Q4 2021

     

    Q3 2024

     

    Q1 2025

     

    Q4 2025

     

    38% / 32%

    Projects Completed Not Stabilized - Unconsolidated

     

     

     

    1,982

     

     

     

    623,918

     

     

     

    612,571

     

     

     

    339,269

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total Development Projects - Consolidated

     

     

     

    665

     

     

     

    384,793

     

     

     

    291,112

     

     

     

    —

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total Development Projects - Unconsolidated

     

     

     

    2,621

     

     

     

    931,118

     

     

     

    736,932

     

     

     

    339,269

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total Development Projects

     

     

     

    3,286

     

     

    $

    1,315,911

     

     

    $

    1,028,044

     

     

    $

    339,269

     

     

     

     

     

     

     

     

     

     

     

     

     

    NOI CONTRIBUTION FROM DEVELOPMENT PROJECTS

    Total Budgeted

    Capital Cost

     

     

    Q1 2025

    NOI

     

    Projects Under Development - Consolidated

    $

    232,172

     

     

    $

    (83

    )

    Projects Completed Not Stabilized - Consolidated

     

    152,621

     

     

     

    (145

    )

    Projects Under Development - Unconsolidated

     

    307,200

     

     

     

    26

     

    Projects Completed Not Stabilized - Unconsolidated

     

    623,918

     

     

     

    2,706

     

     

    $

    1,315,911

     

     

    $

    2,504

     

    (1)

    All unconsolidated projects are being partially funded with project-specific construction loans. None of these loans are recourse to the Company.

    (2)

    The land parcel under this project is subject to a long-term ground lease.

    Equity Residential

    Residential Capital Expenditures to Real Estate

    For the Quarter Ended March 31, 2025

    (Amounts in thousands except for apartment unit and per apartment unit amounts)

     

     

    Same Store

    Properties

     

    Non-Same Store

    Properties

     

    Total Consolidated

    Properties

     

    Same Store Avg.

    Per Apartment Unit

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total Consolidated Apartment Units

     

     

    75,362

     

     

     

    7,304

     

     

     

    82,666

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Recurring Capital Expenditures

     

    $

    31,149

     

     

    $

    3,620

     

     

    $

    34,769

     

     

    $

    413

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    NOI-Enhancing Expenditures:

     

     

     

     

     

     

     

     

     

     

     

     

    Renovation Expenditures

     

     

    18,848

     

    (1)

     

    2,939

     

    (3)

     

    21,787

     

     

     

    250

     

    Other (2)

     

     

    2,105

     

     

     

    444

     

     

     

    2,549

     

     

     

    28

     

    Total NOI-Enhancing Expenditures

     

     

    20,953

     

     

     

    3,383

     

     

     

    24,336

     

     

     

    278

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total Capital Expenditures to Real Estate (4)

     

    $

    52,102

     

     

    $

    7,003

     

     

    $

    59,105

     

     

    $

    691

     

    (1)

    Renovation Expenditures on 608 same store apartment units for the quarter ended March 31, 2025 approximated $31,000 per apartment unit renovated.

    (2)

    Other includes sustainability, property-level technology and Accessory Dwelling Units (ADU) spend.

    (3)

    Includes expenditures for one property that has been removed from same store while undergoing major renovations requiring a significant number of apartment units to be vacated to accommodate the extensive planned improvements. The renovation is expected to continue through the fourth quarter of 2026.

    (4)

    See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details.

    Note: Non-Residential Capital Expenditures to Real Estate were approximately $2.8 million, $0.0 million and $2.8 million for Same Store Properties, Non-Same Store Properties and Total Consolidated Properties, respectively.

    Equity Residential

    Normalized EBITDAre Reconciliations

    (Amounts in thousands)

     

     

    Trailing Twelve Months

     

    2025

     

    2024

     

     

    March 31, 2025

     

    December 31, 2024

     

    Q1

     

     

    Q4

     

     

    Q3

     

     

    Q2

     

     

    Q1

     

    Net income

     

    $

    1,030,741

     

     

    $

    1,070,975

     

     

    $

    264,798

     

     

    $

    433,871

     

     

    $

    148,517

     

     

    $

    183,555

     

     

    $

    305,032

     

    Interest expense incurred, net

     

     

    290,637

     

     

     

    285,735

     

     

     

    72,114

     

     

     

    79,973

     

     

     

    72,722

     

     

     

    65,828

     

     

     

    67,212

     

    Amortization of deferred financing costs

     

     

    8,060

     

     

     

    7,834

     

     

     

    2,144

     

     

     

    2,050

     

     

     

    1,948

     

     

     

    1,918

     

     

     

    1,918

     

    Amortization of above/below market lease intangibles

     

     

    4,548

     

     

     

    4,512

     

     

     

    1,152

     

     

     

    1,152

     

     

     

    1,128

     

     

     

    1,116

     

     

     

    1,116

     

    Depreciation

     

     

    983,242

     

     

     

    952,191

     

     

     

    256,746

     

     

     

    264,150

     

     

     

    237,948

     

     

     

    224,398

     

     

     

    225,695

     

    Income and other tax expense (benefit)

     

     

    1,374

     

     

     

    1,256

     

     

     

    422

     

     

     

    331

     

     

     

    290

     

     

     

    331

     

     

     

    304

     

    EBITDA

     

     

    2,318,602

     

     

     

    2,322,503

     

     

     

    597,376

     

     

     

    781,527

     

     

     

    462,553

     

     

     

    477,146

     

     

     

    601,277

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net (gain) loss on sales of real estate properties

     

     

    (512,764

    )

     

     

    (546,797

    )

     

     

    (154,152

    )

     

     

    (318,968

    )

     

     

    165

     

     

     

    (39,809

    )

     

     

    (188,185

    )

    Net (gain) loss on sales of unconsolidated entities - operating assets

     

     

    (479

    )

     

     

    (515

    )

     

     

    36

     

     

     

    195

     

     

     

    (710

    )

     

     

    —

     

     

     

    —

     

    EBITDAre

     

     

    1,805,359

     

     

     

    1,775,191

     

     

     

    443,260

     

     

     

    462,754

     

     

     

    462,008

     

     

     

    437,337

     

     

     

    413,092

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Write-off of pursuit costs (other expenses)

     

     

    5,928

     

     

     

    5,155

     

     

     

    1,321

     

     

     

    3,250

     

     

     

    536

     

     

     

    821

     

     

     

    548

     

    (Income) loss from investments in unconsolidated entities - operations

     

     

    14,166

     

     

     

    9,489

     

     

     

    6,375

     

     

     

    3,914

     

     

     

    2,203

     

     

     

    1,674

     

     

     

    1,698

     

    Net (gain) loss on sales of land parcels

     

     

    67

     

     

     

    —

     

     

     

    67

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Realized (gain) loss on investment securities (interest and other income)

     

     

    2,032

     

     

     

    1,992

     

     

     

    40

     

     

     

    676

     

     

     

    —

     

     

     

    1,316

     

     

     

    —

     

    Unrealized (gain) loss on investment securities (interest and other income)

     

     

    (12,819

    )

     

     

    (19,880

    )

     

     

    —

     

     

     

    —

     

     

     

    (14,135

    )

     

     

    1,316

     

     

     

    (7,061

    )

    Insurance/litigation settlement or reserve income (interest and other income)

     

     

    (4,440

    )

     

     

    (4,447

    )

     

     

    (98

    )

     

     

    (2,863

    )

     

     

    (25

    )

     

     

    (1,454

    )

     

     

    (105

    )

    Insurance/litigation/environmental settlement or reserve expense (other expenses)

     

     

    15,879

     

     

     

    44,645

     

     

     

    1,712

     

     

     

    1,577

     

     

     

    3,199

     

     

     

    9,391

     

     

     

    30,478

     

    Advocacy contributions (other expenses)

     

     

    21,587

     

     

     

    21,515

     

     

     

    213

     

     

     

    9,232

     

     

     

    9,584

     

     

     

    2,558

     

     

     

    141

     

    Other

     

     

    (282

    )

     

     

    (105

    )

     

     

    (100

    )

     

     

    230

     

     

     

    —

     

     

     

    (412

    )

     

     

    77

     

    Normalized EBITDAre

     

    $

    1,847,477

     

     

    $

    1,833,555

     

     

    $

    452,790

     

     

    $

    478,770

     

     

    $

    463,370

     

     

    $

    452,547

     

     

    $

    438,868

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Balance Sheet Items:

     

    March 31, 2025

     

    December 31, 2024

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total debt

     

    $

    7,846,884

     

     

    $

    8,121,745

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cash and cash equivalents

     

     

    (39,849

    )

     

     

    (62,302

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Mortgage principal reserves/sinking funds

     

     

    (33,314

    )

     

     

    (31,208

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net debt

     

    $

    7,773,721

     

     

    $

    8,028,235

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Note: EBITDA, EBITDAre and Normalized EBITDAre do not include any adjustments for the Company's share of partially owned unconsolidated entities or the minority partner's share of partially owned consolidated entities due to the immaterial size of the Company's partially owned portfolio.

    Equity Residential

    Adjustments from FFO to Normalized FFO

    (Amounts in thousands)

     

     

    Quarter Ended March 31,

     

     

     

    2025

     

     

    2024

     

     

    Variance

     

     

     

     

     

     

     

     

     

     

     

    Impairment – non-operating real estate assets

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

     

     

     

     

     

     

     

     

     

    Write-off of pursuit costs (other expenses)

     

     

    1,321

     

     

     

    548

     

     

     

    773

     

     

     

     

     

     

     

     

     

     

     

    Write-off of unamortized deferred financing costs (interest expense)

     

     

    97

     

     

     

    —

     

     

     

    97

     

    Premium on redemption of Preferred Shares

     

     

    —

     

     

     

    1,444

     

     

     

    (1,444

    )

    Debt extinguishment and preferred share redemption (gains) losses

     

     

    97

     

     

     

    1,444

     

     

     

    (1,347

    )

     

     

     

     

     

     

     

     

     

     

    Net (gain) loss on sales of land parcels

     

     

    67

     

     

     

    —

     

     

     

    67

     

    (Income) loss from investments in unconsolidated entities ─ non-operating assets

     

     

    331

     

     

     

    955

     

     

     

    (624

    )

    Realized (gain) loss on investment securities (interest and other income)

     

     

    40

     

     

     

    —

     

     

     

    40

     

    Unrealized (gain) loss on investment securities (interest and other income)

     

     

    —

     

     

     

    (7,061

    )

     

     

    7,061

     

    Non-operating asset (gains) losses

     

     

    438

     

     

     

    (6,106

    )

     

     

    6,544

     

     

     

     

     

     

     

     

     

     

     

    Insurance/litigation settlement or reserve income (interest and other income)

     

     

    (98

    )

     

     

    (105

    )

     

     

    7

     

    Insurance/litigation/environmental settlement or reserve expense (other expenses) (1)

     

     

    1,712

     

     

     

    30,478

     

     

     

    (28,766

    )

    Advocacy contributions (other expenses)

     

     

    213

     

     

     

    141

     

     

     

    72

     

    Other

     

     

    (100

    )

     

     

    77

     

     

     

    (177

    )

    Other miscellaneous items

     

     

    1,727

     

     

     

    30,591

     

     

     

    (28,864

    )

     

     

     

     

     

     

     

     

     

     

    Adjustments from FFO to Normalized FFO

     

    $

    3,583

     

     

    $

    26,477

     

     

    $

    (22,894

    )

    (1)

    Insurance/litigation/environmental settlement or reserve expense for the quarter ended March 31, 2024 primarily relates to a reserve increase regarding litigation over late fees charged by the Company.

    Note: See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for the definitions of non-GAAP financial measures and other terms as well as the reconciliations of EPS to FFO per share and Normalized FFO per share.

    Equity Residential

    Normalized FFO Guidance and Assumptions

    The guidance/projections provided below are based on current expectations and are forward-looking. All guidance is given on a Normalized FFO basis. Therefore, certain items excluded from Normalized FFO, such as debt extinguishment costs/prepayment penalties and the write-off of pursuit costs, are not included in the estimates provided on this page. See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for the definitions of non-GAAP financial measures and other terms as well as the reconciliations of EPS to FFO per share and Normalized FFO per share.

     

     

    Q2 2025

     

    Full Year 2025

     

     

     

     

    (no change from previous Full Year 2025)

    2025 Normalized FFO Guidance (per share diluted)

     

     

     

     

     

     

     

     

     

    Expected Normalized FFO Per Share

     

    $0.96 to $1.00

     

    $3.90 to $4.00

     

     

     

     

     

    2025 Same Store Assumptions (includes Residential and Non-Residential)

     

     

     

     

     

     

     

    Physical Occupancy

     

     

     

    96.2%

    Revenue change

     

     

     

    2.25% to 3.25%

    Expense change

     

     

     

    3.5% to 4.5%

    NOI change (1)

     

     

     

    1.4% to 3.0%

     

     

     

     

     

    2025 Transaction Assumptions

     

     

     

     

     

     

     

     

     

    Consolidated rental acquisitions

     

     

     

    $1.5B

    Consolidated rental dispositions

     

     

     

    $1.0B

    Transaction Accretion (Dilution)

     

     

     

    (25 basis points)

     

     

     

     

     

    2025 Debt Assumptions

     

     

     

     

     

     

     

     

     

    Weighted average debt outstanding

     

     

     

    $8.20B to $8.40B

    Interest expense, net (on a Normalized FFO basis)

     

     

     

    $313.5M to $319.5M

    Capitalized interest

     

     

     

    $12.6M to $13.6M

     

     

     

     

     

    2025 Capital Expenditures to Real Estate Assumptions for Residential Same Store Properties

     

     

     

     

     

    NOI-Enhancing Capital Expenditures for Residential Same Store Properties (2)

     

    $130.0M

    Recurring Capital Expenditures for Residential Same Store Properties

     

    $165.0M

    Capital Expenditures to Real Estate for Residential Same Store Properties

     

     

     

    $295.0M

     

     

     

     

     

    2025 Other Guidance Assumptions

     

     

     

     

     

     

     

     

     

    Property management expense

     

     

     

    $139.0M to $141.0M

    General and administrative expense

     

     

     

    $60.0M to $64.0M

    Income (loss) from investments in unconsolidated entities (on a Normalized FFO basis) (3)

     

    $(3.0M) to $1.0M

    Debt offerings

     

     

     

    $500.0M to $1.0B

    Weighted average Common Shares and Units - Diluted

     

    391.5M

    (1)

    Approximately 20 basis point change in NOI percentage = $0.01 per share change in EPS/FFO per share/Normalized FFO per share.

    (2)

    During 2025, the Company expects to spend approximately $95.8 million for apartment unit Renovation Expenditures on approximately 2,900 Residential same store apartment units at an average cost of approximately $33,000 per apartment unit renovated. The remainder of the NOI-Enhancing spend includes other items, such as sustainability, property-level technology and ADU expenditures.

    (3)

    Income (loss) from investments in unconsolidated entities (on a Normalized FFO basis) primarily consists of our share of both Lease-Up NOI and interest expense, net that is no longer being capitalized from the recently completed unconsolidated development projects referenced on pages 22 and 23.

    Equity Residential

    Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms

    (Amounts in thousands except per share and per apartment unit data)

    (All per share data is diluted)

    This Earnings Release and Supplemental Financial Information includes certain non-GAAP financial measures and other terms that management believes are helpful in understanding our business. The definitions and calculations of these non-GAAP financial measures and other terms may differ from the definitions and methodologies used by other real estate investment trusts ("REIT") and, accordingly, may not be comparable. These non-GAAP financial measures should not be considered as an alternative to net earnings or any other measurement of performance computed in accordance with accounting principles generally accepted in the United States ("GAAP") or as an alternative to cash flows from specific operating, investing or financing activities. Furthermore, these non-GAAP financial measures are not intended to be a measure of cash flow or liquidity.

    Acquisition Capitalization Rate or Cap Rate – NOI that the Company anticipates receiving in the next 12 months (or the year two or three stabilized NOI for properties that are in lease-up at acquisition) less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $100-$450 per apartment unit depending on the age and condition of the asset) divided by the gross purchase price of the asset. The weighted average Acquisition Cap Rate for acquired properties is weighted based on the projected NOI streams and the relative purchase price for each respective property.

    Average Rental Rate – Total Residential rental revenues reflected on a straight-line basis in accordance with GAAP divided by the weighted average occupied apartment units for the reporting period presented.

    Bad Debt, Net – Change in rental income due to bad debt write-offs and reserves, net of amounts collected on previously written-off or reserved accounts.

    Blended Rate – The weighted average of New Lease Change and Renewal Rate Achieved.

    Capital Expenditures to Real Estate:

    Accessory Dwelling Units (ADU) – Includes costs to convert existing underutilized spaces of our properties into new apartment units.

    NOI-Enhancing – Primarily includes Renovation Expenditures as well as sustainability, property-level technology and ADU expenditures that are intended to increase revenues or decrease expenses.

    Recurring – Capital expenditures necessary to help preserve the value of and maintain the functionality of our apartment properties.

    Renovation Expenditures – Apartment unit renovation costs (primarily kitchens and baths) designed to reposition these units for higher rental levels in their respective markets.

    Debt Balances:

    Commercial Paper Program – The Company may borrow up to a maximum of $1.5 billion under its Commercial Paper Program subject to market conditions. The notes bear interest at various floating rates.

    Revolving Credit Facility – The Company's $2.5 billion unsecured revolving credit facility matures October 26, 2027. The interest rate on advances under the facility will generally be SOFR plus a spread (currently 0.725%), or based on bids received from the lending group, and an annual facility fee (currently 0.125%). Both the spread and the facility fee are dependent on the Company's senior unsecured credit rating and other terms and conditions per the agreement. In addition, the Company limits its utilization of the facility in order to maintain liquidity to support its $1.5 billion Commercial Paper Program along with certain other obligations. The following table presents the availability on the Company's unsecured revolving credit facility:

     

     

    March 31, 2025

     

    Unsecured revolving credit facility commitment

     

    $

    2,500,000

     

    Commercial paper balance outstanding

     

     

    (304,000

    )

    Unsecured revolving credit facility balance outstanding

     

     

    —

     

    Other restricted amounts

     

     

    (3,438

    )

    Unsecured revolving credit facility availability

     

    $

    2,192,562

     

    Debt Covenant Compliance – Our unsecured debt includes certain financial and operating covenants including, among other things, maintenance of certain financial ratios. These provisions are contained in the indentures applicable to each notes payable or the credit agreement for our line of credit. The Debt Covenant Compliance ratios that are provided show the Company's compliance with certain covenants governing our public unsecured debt. These covenants generally reflect our most restrictive financial covenants. The Company was in compliance with its unsecured debt covenants for all periods presented.

    Development Yield – NOI that the Company anticipates receiving in the next 12 months following stabilization less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $50-$150 per apartment unit depending on the type of asset) divided by the Total Budgeted Capital Cost of the asset. The weighted average Development Yield for development properties is weighted based on the projected NOI streams and the relative Total Budgeted Capital Cost for each respective property.

    Disposition Yield – NOI that the Company anticipates giving up in the next 12 months less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $150-$450 per apartment unit depending on the age and condition of the asset) divided by the gross sales price of the asset. The weighted average Disposition Yield for sold properties is weighted based on the projected NOI streams and the relative sales price for each respective property.

    Earnings Per Share ("EPS") – Net income per share calculated in accordance with GAAP. Expected EPS is calculated on a basis consistent with actual EPS. Due to the uncertain timing and extent of property dispositions and the resulting gains/losses on sales, actual EPS could differ materially from expected EPS.

    EBITDA for Real Estate and Normalized EBITDA for Real Estate:

    Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") – The National Association of Real Estate Investment Trusts ("Nareit") defines EBITDAre (September 2017 White Paper) as net income (computed in accordance with GAAP) before interest expense, income taxes, depreciation and amortization expense, and further adjusted for gains and losses from sales of depreciated operating properties, impairment write-downs of depreciated operating properties, impairment write-downs of investments in unconsolidated entities caused by a decrease in value of depreciated operating properties within the joint venture and adjustments to reflect the Company's share of EBITDAre of investments in unconsolidated entities.

    The Company believes that EBITDAre is useful to investors, creditors and rating agencies as a supplemental measure of the Company's ability to incur and service debt because it is a recognized measure of performance by the real estate industry, and by excluding gains or losses related to sales or impairment of depreciated operating properties, EBITDAre can help compare the Company's credit strength between periods or as compared to different companies.

    Normalized Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Normalized EBITDAre") – Represents net income (computed in accordance with GAAP) before interest expense, income taxes, depreciation and amortization expense, and further adjusted for non-comparable items. Normalized EBITDAre, total debt to Normalized EBITDAre and net debt to Normalized EBITDAre are important metrics in evaluating the credit strength of the Company and its ability to service its debt obligations. The Company believes that Normalized EBITDAre, total debt to Normalized EBITDAre, and net debt to Normalized EBITDAre are useful to investors, creditors and rating agencies because they allow investors to compare the Company's credit strength to prior reporting periods and to other companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company's actual credit quality.

    Economic Gain (Loss) – Economic Gain (Loss) is calculated as the net gain (loss) on sales of real estate properties in accordance with GAAP, excluding accumulated depreciation. The Company generally considers Economic Gain (Loss) to be an appropriate supplemental measure to net gain (loss) on sales of real estate properties in accordance with GAAP because it is one indication of the gross value created by the Company's acquisition, development, renovation, management and ultimate sale of a property and because it helps investors to understand the relationship between the cash proceeds from a sale and the cash invested in the sold property. The following table presents a reconciliation of net gain (loss) on sales of real estate properties in accordance with GAAP to Economic Gain (Loss):

     

     

    Quarter Ended March 31, 2025

     

    Net Gain (Loss) on Sales of Real Estate Properties

    $

    154,152

     

    Accumulated Depreciation Gain

     

     

    (58,079

    )

    Economic Gain (Loss)

     

    $

    96,073

     

    Established Markets – Includes Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California (Los Angeles, Orange County and San Diego).

    Expansion Markets – Includes Denver, Atlanta, Dallas/Ft. Worth and Austin.

    FFO and Normalized FFO:

    Funds From Operations ("FFO") – Nareit defines FFO (December 2018 White Paper) as net income (computed in accordance with GAAP), excluding gains or losses from sales and impairment write-downs of depreciable real estate and land when connected to the main business of a REIT, impairment write-downs of investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and depreciation and amortization related to real estate. Adjustments for partially owned consolidated and unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. Expected FFO per share is calculated on a basis consistent with actual FFO per share and is considered an appropriate supplemental measure of expected operating performance when compared to expected EPS.

    The Company believes that FFO and FFO available to Common Shares and Units are helpful to investors as supplemental measures of the operating performance of a real estate company, because they are recognized measures of performance by the real estate industry and by excluding gains or losses from sales and impairment write-downs of depreciable real estate and excluding depreciation related to real estate (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO available to Common Shares and Units can help compare the operating performance of a company's real estate between periods or as compared to different companies.

    Normalized Funds From Operations ("Normalized FFO" or "NFFO") – Normalized FFO begins with FFO and excludes:

    • the impact of any expenses relating to non-operating real estate asset impairment;
    • pursuit cost write-offs;
    • gains and losses from early debt extinguishment and preferred share redemptions;
    • gains and losses from non-operating assets; and
    • other miscellaneous items.

    Expected Normalized FFO per share is calculated on a basis consistent with actual Normalized FFO per share and is considered an appropriate supplemental measure of expected operating performance when compared to expected EPS.

    The Company believes that Normalized FFO and Normalized FFO available to Common Shares and Units are helpful to investors as supplemental measures of the operating performance of a real estate company because they allow investors to compare the Company's operating performance to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company's actual operating results.

    FFO, FFO available to Common Shares and Units, Normalized FFO and Normalized FFO available to Common Shares and Units do not represent net income, net income available to Common Shares or net cash flows from operating activities in accordance with GAAP. Therefore, FFO, FFO available to Common Shares and Units, Normalized FFO and Normalized FFO available to Common Shares and Units should not be exclusively considered as alternatives to net income, net income available to Common Shares or net cash flows from operating activities as determined by GAAP or as a measure of liquidity. The Company's calculation of FFO, FFO available to Common Shares and Units, Normalized FFO and Normalized FFO available to Common Shares and Units may differ from other real estate companies due to, among other items, variations in cost capitalization policies for capital expenditures and, accordingly, may not be comparable to such other real estate companies.

    FFO available to Common Shares and Units and Normalized FFO available to Common Shares and Units are calculated on a basis consistent with net income available to Common Shares and reflects adjustments to net income for preferred distributions and premiums on redemption of preferred shares in accordance with GAAP. The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units are collectively referred to as the "Noncontrolling Interests – Operating Partnership". Subject to certain restrictions, the Noncontrolling Interests – Operating Partnership may exchange their OP Units for Common Shares on a one-for-one basis.

    The following table presents reconciliations of EPS to FFO per share and Normalized FFO per share for Consolidated Statements of Funds From Operations and Normalized Funds From Operations.

     

     

    Actual

     

     

    Actual

     

     

    Expected

     

     

    Expected

     

     

     

    Q1 2025

     

     

    Q1 2024

     

     

    Q2 2025

     

     

    2025

     

     

     

    Per Share

     

     

    Per Share

     

     

    Per Share

     

     

    Per Share

     

    EPS – Diluted

     

    $

    0.67

     

     

    $

    0.77

     

     

    $0.49 to $0.53

     

     

    $3.00 to $3.10

     

    Depreciation expense

     

     

    0.66

     

     

     

    0.58

     

     

     

    0.61

     

     

     

    2.46

     

    Net (gain) loss on sales

     

     

    (0.39

    )

     

     

    (0.48

    )

     

     

    (0.15

    )

     

     

    (1.59

    )

    Impairment – operating real estate assets

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    FFO per share – Diluted

     

     

    0.94

     

     

     

    0.87

     

     

    0.95 to 0.99

     

     

    3.87 to 3.97

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjustments (1):

     

     

     

     

     

     

     

     

     

     

     

    Impairment – non-operating real estate assets

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Write-off of pursuit costs

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    0.01

     

    Debt extinguishment and preferred

    share redemption (gains) losses

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Non-operating asset (gains) losses

     

     

    —

     

     

     

    (0.02

    )

     

     

    —

     

     

     

    —

     

    Other miscellaneous items

     

     

    0.01

     

     

     

    0.08

     

     

     

    0.01

     

     

     

    0.02

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Normalized FFO per share – Diluted

     

    $

    0.95

     

     

    $

    0.93

     

     

    $0.96 to $1.00

     

     

    $3.90 to $4.00

     

    (1)

    See Adjustments from FFO to Normalized FFO for additional detail.

    Lease-Up NOI – Represents NOI for development properties: (i) in various stages of lease-up; and (ii) where lease-up has been completed but the properties were not stabilized (defined as having achieved 90% Physical Occupancy for three consecutive months) for all of the current and comparable periods presented.

    Leasing Concessions – Reflects upfront discounts on both new move-in and renewal leases on a straight-line basis.

    Net Operating Income ("NOI") – NOI is the Company's primary financial measure for evaluating each of its apartment properties. NOI is defined as rental income less direct property operating expenses (including real estate taxes and insurance). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company's apartment properties. NOI does not include an allocation of property management expenses either in the current or comparable periods. Rental income for all leases and operating expense for ground leases (for both same store and non-same store properties) are reflected on a straight-line basis in accordance with GAAP for the current and comparable periods.

    The following tables present reconciliations of net income per the consolidated statements of operations to NOI, along with rental income, operating expenses and NOI per the consolidated statements of operations allocated between same store and non-same store/other results and further allocated between Residential same store and Non-Residential same store results (see Same Store Results):

     

     

    Quarter Ended March 31,

     

     

     

    2025

     

     

    2024

     

    Net income

     

    $

    264,798

     

     

    $

    305,032

     

    Adjustments:

     

     

     

     

     

     

    Property management

     

     

    35,816

     

     

     

    35,458

     

    General and administrative

     

     

    18,255

     

     

     

    15,720

     

    Depreciation

     

     

    256,746

     

     

     

    225,695

     

    Net (gain) loss on sales of real estate

    properties

     

     

    (154,152

    )

     

     

    (188,185

    )

    Interest and other income

     

     

    (1,692

    )

     

     

    (9,329

    )

    Other expenses

     

     

    4,156

     

     

     

    31,738

     

    Interest:

     

     

     

     

     

     

    Expense incurred, net

     

     

    72,114

     

     

     

    67,212

     

    Amortization of deferred financing costs

     

     

    2,144

     

     

     

    1,918

     

    Income and other tax expense (benefit)

     

    422

     

     

     

    304

     

    (Income) loss from investments in unconsolidated

    entities

     

    6,411

     

     

     

    1,698

     

    Net (gain) loss on sales of land parcels

     

    67

     

     

     

    —

     

    Total NOI

     

    $

    505,085

     

     

    $

    487,261

     

     

     

    Quarter Ended March 31,

     

    Rental income:

     

    2025

     

     

    2024

     

    Residential same store

     

    $

    688,857

     

     

    $

    671,039

     

    Non-Residential same store

     

     

    26,943

     

     

     

    29,404

     

    Total same store

     

     

    715,800

     

     

     

    700,443

     

    Non-same store/other

     

     

    45,010

     

     

     

    30,375

     

    Total rental income

     

     

    760,810

     

     

     

    730,818

     

    Operating expenses:

     

     

     

     

     

     

    Residential same store

     

     

    227,360

     

     

     

    218,512

     

    Non-Residential same store

     

     

    7,881

     

     

     

    7,446

     

    Total same store

     

     

    235,241

     

     

     

    225,958

     

    Non-same store/other

     

     

    20,484

     

     

     

    17,599

     

    Total operating expenses

     

     

    255,725

     

     

     

    243,557

     

    NOI:

     

     

     

     

     

     

    Residential same store

     

     

    461,497

     

     

     

    452,527

     

    Non-Residential same store

     

     

    19,062

     

     

     

    21,958

     

    Total same store

     

     

    480,559

     

     

     

    474,485

     

    Non-same store/other

     

     

    24,526

     

     

     

    12,776

     

    Total NOI

     

    $

    505,085

     

     

    $

    487,261

     

    New Lease Change – The net effective change in rent (inclusive of Leasing Concessions) for a lease with a new or transferring resident compared to the rent for the prior lease of the identical apartment unit, regardless of lease term.

    Non-Residential – Consists of revenues and expenses from retail and public parking garage operations.

    Non-Same Store Properties – For annual comparisons, primarily includes all properties acquired during 2024 and 2025, plus any properties in lease-up and not stabilized as of January 1, 2024. Unless otherwise noted, includes both Residential and Non-Residential operations for these properties.

    Percentage of Residents Renewing – Leases renewed expressed as a percentage of total renewal offers extended during the reporting period.

    Physical Occupancy – The weighted average occupied apartment units for the reporting period divided by the average of total apartment units available for rent for the reporting period.

    Pricing Trend – Weighted average of 12-month base rent including amenity amount less Leasing Concessions on 12-month signed leases for the reporting period.

    Renewal Rate Achieved – The net effective change in rent (inclusive of Leasing Concessions) for a new lease on an apartment unit where the lease has been renewed as compared to the rent for the prior lease of the identical apartment unit, regardless of lease term.

    Residential – Consists of multifamily apartment revenues and expenses.

    Same Store Operating Expenses:

    Insurance – Includes third-party insurance premiums, broker fees and other insurance-related procurement fees along with an allocation of estimated uninsured losses.

    On-site Payroll – Includes payroll and related expenses for on-site personnel including property managers, leasing consultants and maintenance staff.

    Other On-site Operating Expenses – Includes ground lease costs and administrative costs such as office supplies, telephone and data charges and association and business licensing fees.

    Repairs and Maintenance – Includes general maintenance costs, apartment unit turnover costs including interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof and parking lot repairs and other miscellaneous building repair and maintenance costs.

    Utilities – Represents gross expenses prior to any recoveries under the Resident Utility Billing System ("RUBS"). Recoveries are reflected in rental income.

    Same Store Properties – For annual comparisons, primarily includes all properties acquired or completed that are stabilized prior to January 1, 2024, less properties subsequently sold. Properties are included in Same Store when they are stabilized for all of the current and comparable periods presented. Unless otherwise noted, includes both Residential and Non-Residential operations for these properties.

    Same Store Residential Revenues – Revenues from our Residential Same Store Properties only presented on a GAAP basis which reflects the impact of Leasing Concessions on a straight-line basis.

    Same Store Residential Revenues with Leasing Concessions on a cash basis is presented in Same Store Results and is considered by the Company to be a supplemental measure to Same Store Residential Revenues in conformity with GAAP to help investors evaluate the impact of both current and historical Leasing Concessions on GAAP-based Same Store Residential Revenues and to more readily enable comparisons to revenue as reported by other companies. Same Store Residential Revenues with Leasing Concessions on a cash basis reflects the impact of Leasing Concessions used in the period and allows an investor to understand the historical trend in cash Leasing Concessions.

    % of Stabilized Budgeted NOI – Represents original budgeted 2025 NOI for stabilized properties and projected annual NOI at stabilization (defined as having achieved 90% Physical Occupancy for three consecutive months) for properties that are in lease-up.

    Total Budgeted Capital Cost – Estimated remaining cost for projects under development and/or developed plus all capitalized costs incurred to date, including land acquisition costs, construction costs, capitalized real estate taxes and insurance, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees, plus any estimates of costs remaining to be funded for all projects, all in accordance with GAAP. Amounts for partially owned consolidated and unconsolidated properties are presented at 100% of the project.

    Total Market Capitalization – The aggregate of the market value of the Company's outstanding common shares, including restricted shares, the market value of the Company's operating partnership units outstanding, including restricted units (based on the market value of the Company's common shares) and the outstanding principal balance of debt. The Company believes this is a useful measure of a real estate operating company's long-term liquidity and balance sheet strength, because it shows an approximate relationship between a company's total debt and the current total market value of its assets based on the current price at which the Company's common shares trade. However, because this measure of leverage changes with fluctuations in the Company's share price, which occur regularly, this measure may change even when the Company's earnings, interest and debt levels remain stable.

    Traffic – Consists of an expression of interest in an apartment by completing an in-person tour, self-guided tour or virtual tour that may result in an application to lease.

    Transaction Accretion (Dilution) – Represents the spread between the Acquisition Cap Rate and the Disposition Yield.

    Turnover – Total Residential move-outs (including inter-property and intra-property transfers) divided by total Residential apartment units.

    Unencumbered NOI % – Represents NOI generated by consolidated real estate assets unencumbered by outstanding secured debt as a percentage of total NOI generated by all of the Company's consolidated real estate assets.

    Weighted Average Coupons – Contractual interest rate for each debt instrument weighted by principal balances as of March 31, 2025. In case of debt for which fair value hedges are in place, the rate payable under the corresponding derivatives is used in lieu of the contractual interest rate.

    Weighted Average Rates – Interest expense for each debt instrument for the quarter ended March 31, 2025 weighted by its average principal balance for the same period. Interest expense includes amortization of premiums, discounts and other comprehensive income on debt and related derivative instruments. In case of debt for which derivatives are in place, the income or expense recognized under the corresponding derivatives is included in the total interest expense for the period.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250429492669/en/

    Marty McKenna

    [email protected]

    Get the next $EQR alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $EQR

    DatePrice TargetRatingAnalyst
    12/17/2024$83.00Overweight
    Barclays
    11/13/2024$77.75 → $81.50Hold → Buy
    Stifel
    9/24/2024$78.00 → $82.00Buy → Neutral
    BofA Securities
    9/11/2024$83.00Outperform
    Exane BNP Paribas
    9/10/2024$62.00 → $83.00Hold → Buy
    Deutsche Bank
    9/4/2024$81.00Neutral
    Goldman
    8/26/2024$69.00 → $77.00Overweight → Equal Weight
    Wells Fargo
    6/28/2024$70.00 → $80.00Neutral → Overweight
    Piper Sandler
    More analyst ratings

    $EQR
    Financials

    Live finance-specific insights

    See more
    • Equity Residential Reports First Quarter 2025 Results

      Results Exceed First Quarter 2025 Guidance Expectations Equity Residential (NYSE:EQR) today reported results for the quarter ended March 31, 2025. First Quarter 2025 Results All per share results are reported as available to common shares/units on a diluted basis.                                     Quarter Ended March 31,           2025     2024     $ Change     % Change       Earnings Per Share (EPS)   $ 0.67     $ 0.77     $ (0.10 )     (13.0 %)     Funds from Operations (FFO) per share   $ 0.94  

      4/29/25 4:15:00 PM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate
    • Equity Residential Announces First Quarter 2025 Earnings Release Date

      Equity Residential (NYSE:EQR) today announced that the Company will release its first quarter 2025 operating results on Tuesday, April 29, 2025 after the close of market and host a conference call to discuss those results on Wednesday, April 30, 2025 at 10:00 am Central. The conference call will be available via web cast on the Investor section of www.equityapartments.com. About Equity Residential Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters. Equity Residential

      4/7/25 4:15:00 PM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate
    • Equity Residential Declares First Quarter Dividends

      Increases Annualized Dividend by 2.6% Sets Record and Meeting Dates for 2025 Annual Meeting of Shareholders Equity Residential (NYSE:EQR) today announced that its Board of Trustees declared quarterly dividends on the Company's common and preferred shares. A regular common share dividend for the first quarter of $0.6925 per share will be paid on April 17, 2025 to shareholders of record on March 31, 2025. The annualized dividend of $2.77 per share is a 2.6% increase over the Company's 2024 common share dividend. "Our commitment to delivering long-term value to our shareholders remains unwavering. This dividend increase reflects our strong financial performance, disciplined capital allocati

      3/20/25 4:45:00 PM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate

    $EQR
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Chief Accounting Officer Kaufman Ian was granted 24 units of Common Shares Of Beneficial Interest, increasing direct ownership by 0.09% to 25,683 units (SEC Form 4)

      4 - EQUITY RESIDENTIAL (0000906107) (Issuer)

      5/15/25 4:19:03 PM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate
    • EVP & CHRO Carraway Catherine sold $71,044 worth of Common Shares Of Beneficial Interest (1,007 units at $70.55), decreasing direct ownership by 7% to 12,746 units (SEC Form 4)

      4 - EQUITY RESIDENTIAL (0000906107) (Issuer)

      5/5/25 4:14:55 PM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate
    • EVP & Chief Financial Officer Garechana Robert bought $279 worth of Common Shares Of Beneficial Interest (4 units at $69.81), increasing direct ownership by 0.03% to 14,112 units (SEC Form 4)

      4 - EQUITY RESIDENTIAL (0000906107) (Issuer)

      3/26/25 4:10:10 PM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate

    $EQR
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • EVP & Chief Financial Officer Garechana Robert bought $279 worth of Common Shares Of Beneficial Interest (4 units at $69.81), increasing direct ownership by 0.03% to 14,112 units (SEC Form 4)

      4 - EQUITY RESIDENTIAL (0000906107) (Issuer)

      3/26/25 4:10:10 PM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate

    $EQR
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Barclays initiated coverage on Equity Residential with a new price target

      Barclays initiated coverage of Equity Residential with a rating of Overweight and set a new price target of $83.00

      12/17/24 7:44:51 AM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate
    • Equity Residential upgraded by Stifel with a new price target

      Stifel upgraded Equity Residential from Hold to Buy and set a new price target of $81.50 from $77.75 previously

      11/13/24 7:47:26 AM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate
    • Equity Residential downgraded by BofA Securities with a new price target

      BofA Securities downgraded Equity Residential from Buy to Neutral and set a new price target of $82.00 from $78.00 previously

      9/24/24 7:45:21 AM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate

    $EQR
    SEC Filings

    See more
    • SEC Form 424B5 filed by Equity Residential

      424B5 - EQUITY RESIDENTIAL (0000906107) (Filer)

      5/15/25 8:55:08 AM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate
    • Equity Residential filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - EQUITY RESIDENTIAL (0000906107) (Filer)

      4/29/25 4:24:08 PM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate
    • SEC Form DEFA14A filed by Equity Residential

      DEFA14A - EQUITY RESIDENTIAL (0000906107) (Filer)

      4/15/25 4:23:00 PM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate

    $EQR
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Equity Residential Reports First Quarter 2025 Results

      Results Exceed First Quarter 2025 Guidance Expectations Equity Residential (NYSE:EQR) today reported results for the quarter ended March 31, 2025. First Quarter 2025 Results All per share results are reported as available to common shares/units on a diluted basis.                                     Quarter Ended March 31,           2025     2024     $ Change     % Change       Earnings Per Share (EPS)   $ 0.67     $ 0.77     $ (0.10 )     (13.0 %)     Funds from Operations (FFO) per share   $ 0.94  

      4/29/25 4:15:00 PM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate
    • Equity Residential Announces First Quarter 2025 Earnings Release Date

      Equity Residential (NYSE:EQR) today announced that the Company will release its first quarter 2025 operating results on Tuesday, April 29, 2025 after the close of market and host a conference call to discuss those results on Wednesday, April 30, 2025 at 10:00 am Central. The conference call will be available via web cast on the Investor section of www.equityapartments.com. About Equity Residential Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters. Equity Residential

      4/7/25 4:15:00 PM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate
    • Equity Residential Declares First Quarter Dividends

      Increases Annualized Dividend by 2.6% Sets Record and Meeting Dates for 2025 Annual Meeting of Shareholders Equity Residential (NYSE:EQR) today announced that its Board of Trustees declared quarterly dividends on the Company's common and preferred shares. A regular common share dividend for the first quarter of $0.6925 per share will be paid on April 17, 2025 to shareholders of record on March 31, 2025. The annualized dividend of $2.77 per share is a 2.6% increase over the Company's 2024 common share dividend. "Our commitment to delivering long-term value to our shareholders remains unwavering. This dividend increase reflects our strong financial performance, disciplined capital allocati

      3/20/25 4:45:00 PM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate

    $EQR
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • Amendment: SEC Form SC 13G/A filed by Equity Residential

      SC 13G/A - EQUITY RESIDENTIAL (0000906107) (Subject)

      11/14/24 1:22:34 PM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate
    • SEC Form SC 13G filed by Equity Residential

      SC 13G - EQUITY RESIDENTIAL (0000906107) (Subject)

      2/14/24 10:02:59 AM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate
    • SEC Form SC 13G/A filed by Equity Residential (Amendment)

      SC 13G/A - EQUITY RESIDENTIAL (0000906107) (Subject)

      2/13/24 5:04:39 PM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate

    $EQR
    Leadership Updates

    Live Leadership Updates

    See more
    • Equity Residential Appoints Ann C. Hoff and Nina P. Jones to Board of Trustees

      Equity Residential (NYSE:EQR) today announced the appointment of Ann C. Hoff and Nina P. Jones to the Company's Board of Trustees to serve until the next annual meeting of shareholders. Both Ms. Hoff and Ms. Jones qualify as independent trustees under the New York Stock Exchange's listing standards. Ms. Hoff will serve on the Audit Committee and Ms. Jones will serve on both the Audit and Corporate Governance Committees. With these appointments, the Company's Board will increase to 11 members. Ms. Hoff, 57, is the President and Chief Operating Officer of Bellagio and Park MGM at MGM Resorts International (NYSE:MGM), a global gaming and entertainment company. In this role, which she has hel

      3/19/24 4:15:00 PM ET
      $EQR
      $MGM
      $SPG
      Real Estate Investment Trusts
      Real Estate
      Hotels/Resorts
      Consumer Discretionary
    • BROAD STREET REALTY INC. APPOINTS DONNA BRANDIN TO THE BOARD OF DIRECTORS

      BETHESDA, Md., March 22, 2022 /PRNewswire/ -- Broad Street Realty, Inc. (OTCQX:BRST), a fully integrated and self-managed publicly owned real estate company uniquely focused on Essential grocery anchored and mixed-use assets, announces the appointment of Donna Brandin as a member of Board of Directors effective immediately. Michael Z. Jacoby, Chairman of the Board of Directors and Chief Executive Officer of the Company, said, "I am humbled that someone of Donna's caliber has agreed to serve on our Board and looking forward to working with her on the continued success at the company". Ms. Brandin serves on the board of directors of Nuveen Global Cities REIT, Inc., a public, non-listed real es

      3/22/22 3:00:00 PM ET
      $EQR
      Real Estate Investment Trusts
      Real Estate
    • Land & Buildings Nominates Donna Brandin and Jonathan Litt for Election to the Board of Lexington Realty Trust

      Believes Nominees Have the Independent Perspectives, Differentiated Real Estate Investment Experience and Shareholder-Focused Mindsets Needed to Help Reverse Lexington's Chronic Underperformance Objective and Independent New Voices are Needed in the Boardroom to Oversee Leadership Transition Process and Full Review to Determine the Right Path Forward for LXP LXP's Total Shareholder Returns Have Underperformed Proxy Peers and Industrial Peers by Nearly 500% During CEO's 18-year Tenure1 Today Land & Buildings Investment Management, LLC (together with its affiliates, "Land & Buildings"), a significant shareholder of Lexington Realty Trust ("LXP," "Lexington" or the "Company") (NYSE:LXP), an

      12/6/21 8:00:00 AM ET
      $CAH
      $CLI
      $EQR
      $LXP
      Other Pharmaceuticals
      Health Care
      Real Estate Investment Trusts
      Consumer Services