Research · Sep 3, 2026
[EQR] Equity Residential Thesis 2026: Coastal Market Focus Delivers Steady FFO Per Share Growth
Equity Residential FY25 revenue $3.10B (+4%); op income $1.13B; NI $1.12B (+8%); EPS $2.91. Same-store revenue +2.75% FY25 (Q3 trim). Norm FFO ~$4.00/share FY25. Q4 occupancy 96.4%; blended rate 0.5%. Lowest resident turnover in company history. New York + San Francisco bright spots constituting 30% of NOI; expansion markets (Atlanta + Dallas + Denver + Austin) ~11% of NOI. AI-driven application processing tool deployed (-50% application time). FY26 guide: blended rate 1.5-3%; same-store expense 3-4%; norm FFO/share $4.08 (+2.25% midpoint); $500M-$1B debt issuance; net debt to normalized EBITDAre 4.3x.