Equity Residential delivered its fourth-quarter 2025 earnings results, showcasing stable core performance amid a challenging market. The company reported normalized funds from operations (NFFO) per share of $1.03, marking a 3.0% increase from the prior year, while physical occupancy reached 96.2%.5018
Q4 2025 Financial Highlights
Same-store net operating income (NOI) rose 2.3%, driven by 2.5% revenue growth offset by 2.9% expense increases. Rental revenues for same-store properties totaled $743.5 million across 78,921 units. Total rental income stood at $781.91 million, reflecting a 2% year-over-year gain. Funds from operations (FFO) per share remained flat at $0.97, and earnings per share (EPS) came in at $1.00.5018
Equity Residential sold six properties totaling 1,138 units for $527.6 million, achieving a 5.6% disposition yield. The company also repurchased 3.4 million shares for $205.7 million, with resident retention hitting 62.1%.50
Full-Year 2025 Performance
For the entire year, NFFO per share climbed 2.6% to $3.99, FFO per share increased 4.8% to $3.94, and EPS grew 8.1% to $2.94. Same-store NOI advanced 2.2%, supported by 2.6% revenue growth and physical occupancy of 96.4%. Total rental income reached $3.09 billion, up from the previous year.50
Shareholders received $1.38 billion through dividends and repurchases. The firm disposed of 11 properties for $1.1 billion while acquiring nine for $636.8 million, posting a net seller position.50
2026 Outlook and Q1 Guidance
Looking ahead, Equity Residential forecasts FFO per share between $3.98 and $4.10, with NFFO at $4.02 to $4.14. Same-store revenue growth projects 1.2% to 3.2%, expenses 3.0% to 4.0%, and NOI 0.5% to 2.5%, with occupancy steady at 96.4%. EPS guidance ranges from $1.44 to $1.56.
For Q1 2026, expectations include EPS of $0.29 to $0.33, FFO of $0.93 to $0.97, and NFFO of $0.94 to $0.98. Plans involve deploying $200 million in excess 2025 proceeds for share repurchases in the first half.50
CEO Commentary
Mark J. Parrell, President and CEO, stated, “With new apartment supply dramatically declining, continued social and cost considerations that favor rental housing and a portfolio that is well positioned with high current occupancy and significant exposure to the strong San Francisco and New York markets, we expect operating momentum to improve as we move through the year. In the meantime, we continue to be opportunistic and agile with our investors’ capital.”50
