Equity Residential

Latest Results (29.08.2026):

Equity Residential — Second Quarter 2026: The company reported Q2 2026 GAAP EPS of $0.30 (down 40% YoY) and FFO per share of $1.00 (up 2% YoY); Normalized FFO per share was $1.02 (up 3% YoY). Same‑store revenues rose 1.9%, same‑store expenses rose 3.0% and same‑store NOI increased 1.4%. Physical occupancy remained high at ~96.2% for Q2 2026. Equity Residential also announced an all‑stock merger of equals with AvalonBay and raised the midpoint of its full‑year 2026 same‑store revenue and NOI guidance while withdrawing EPS/FFO guidance due to the pending transaction.

Key financials (Q2 2026)

EPS: $0.30 vs $0.50 (Q2 2025). FFO per share (diluted): $1.00 vs $0.98. Normalized FFO per share (diluted): $1.02 vs $0.99. Six‑month FFO per share (YTD): $1.88 vs $1.92; Normalized FFO YTD: $2.01 vs $1.94. Net income available to common shares for the quarter: $113.8M.

Same‑store operating performance

Same‑store (includes residential & non‑residential) — Q2 2026 vs Q2 2025: revenues +1.9%, expenses +3.0%, NOI +1.4%. Residential same‑store drivers: lease rates +1.8%, Bad Debt, Net +0.2%, leasing concessions roughly neutral; Q2 physical occupancy ~96.2%, renewal rate achieved ~5.2%, blended rate ~2.8%.

Guidance update

Equity Residential raised the midpoint of its full‑year 2026 same‑store guidance (standalone basis): revised same‑store revenue change range 2.1%–2.7% (midpoint up vs prior), expense change 3.0%–4.0%, and NOI change 1.5%–2.1% at the revised midpoint. The company has withdrawn EPS, FFO and Normalized FFO per share guidance because of the pending merger.

Portfolio and transactions

Q2 dispositions: two properties (Los Angeles and San Francisco), 515 units, aggregate sale price ≈ $164.0M, weighted average disposition yield ~5.3%. Completions: consolidated development in suburban Boston (440 units, ~$232.2M) and an unconsolidated suburban Seattle project (369 units, ~$185.3M). No acquisitions in Q2.

Merger and corporate actions

On May 21, 2026, Equity Residential and AvalonBay announced a definitive merger of equals (all‑stock). Pro forma metrics: ~180,000+ apartments, pro forma equity market cap ≈ $53B and enterprise value ≈ $71B (as of July 17, 2026). Governance and leadership for the combined company were announced; a special shareholder meeting is scheduled for August 12, 2026. Due to the merger, the company did not host a Q2 earnings call and withdrew certain public guidance.

Other operational notes

Management cited strong resident retention and historically high occupancy, supportive job markets and slowing new supply in many markets as drivers of improved revenue momentum, particularly in San Francisco. The company also disclosed adjustments impacting per‑share results (lower property sale gains, corporate overhead and other items) and highlighted that same‑store midpoints reflect standalone expectations for 2026.