San Francisco and New York Continue to Produce Strong Results

Equity Residential (NYSE:EQR) today reported results for the quarter ended March 31, 2026.

First Quarter 2026 Results

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


	Quarter Ended March 31,
	2026		2025		$ Change			% Change
Earnings Per Share (EPS)	$	0.24	$	0.67	$	(0.43	)		(64.2	%)
Funds from Operations (FFO) per share	$	0.89	$	0.94	$	(0.05	)		(5.3	%)
Normalized FFO (NFFO) per share	$	0.99	$	0.95	$	0.04			4.2	%

Recent Highlights

For the first quarter of 2026 compared to the first quarter of 2025, same store revenues increased 2.2%, same store expenses increased 3.7% and same store Net Operating Income (NOI) increased 1.4%. The Company's resident Turnover of 7.8% in the first quarter of 2026 was the lowest in its history.
First quarter 2026 Blended Rate growth demonstrated a 130 basis point sequential improvement from the fourth quarter of 2025 to 1.5%.
On a same store cash basis, Leasing Concessions in the first quarter of 2026 were down 21% versus the first quarter of 2025, reflecting continued improvement in leasing amidst declining supply in our markets.
Compared to the first quarter of 2025, Physical Occupancy improved 10 basis points and Bad Debt, Net improved 10 basis points in the first quarter of 2026, reflecting solid demand and customer standing.
As previously announced, during the first quarter of 2026, the Company repurchased and retired approximately 3.5 million of its common shares at a weighted average purchase price of $63.42 per share, for an aggregate purchased amount of approximately $219.4 million.
During the first quarter of 2026, the Company increased the annual dividend on its common shares to $2.81 per share, a 1.4% increase over the 2025 annualized dividend.

"We have gotten off to a solid start to 2026 and are well positioned entering the peak leasing season. Our substantial exposure to the well performing San Francisco and New York markets drove operating performance in the first quarter that exceeded our expectations. These two markets are characterized by strong demand from our target higher earning renter demographic for our well-located apartment homes and modest levels of new supply," said Mark J. Parrell, Equity Residential's President and CEO. "With new apartment supply levels set to decline for the foreseeable future across all our markets, we are continuing to see concessions decline, which provides the setup for pricing power in the latter half of the year. Combine that with a resilient U.S. economy, lifestyle preferences and cost considerations that favor rental housing and a country that remains significantly underhoused, we expect revenue performance to improve more broadly across our portfolio as the job market accelerates."

Results Per Share

The change in EPS for the quarter ended March 31, 2026 compared to the same period of 2025 is due primarily to lower property sale gains, the various adjustment items listed on page 24 of this release and the items described below.

The per share change in FFO for the quarter ended March 31, 2026 compared to the same period of 2025 is due primarily to the various adjustment items listed on page 24 of this release and the items described below.

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

	Positive/(Negative) Impact
	First Quarter 2026 vs. First Quarter 2025
Residential same store NOI	$	0.02
Lease-Up NOI		0.01
2025 transaction activity impact on NOI, net		(0.01	)
Interest expense, net		(0.01	)
Other items (primarily corporate overhead and share repurchase impacts) ⁽¹⁾		0.03
Net	$	0.04

(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 26 through 31 of this release. Reconciliations and definitions of FFO and Normalized FFO are provided on pages 6, 28 and 29 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 2026 vs. First Quarter 2025	First Quarter 2026 vs. Fourth Quarter 2025
Apartment Units	78,885	81,821
Physical Occupancy	96.5% vs. 96.4%	96.4% vs. 96.1%

Revenues	2.2%	0.5%
Expenses	3.7%	6.0%
NOI	1.4%	(2.1%)

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 2026 vs. First Quarter 2025			First Quarter 2026 vs. Fourth Quarter 2025
	% Change			% Change
Same Store Residential Revenues-
comparable period
Lease rates		1.7	%		0.1	%
Leasing Concessions		(0.2	%)		0.0	%
Vacancy gain (loss)		0.1	%		0.2	%
Bad Debt, Net		0.1	%		0.1	%
Other ⁽¹⁾		0.6	%		0.1	%
Same Store Residential Revenues-
current period		2.3	%		0.5	%

(1)	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 78,885 same store apartment units):

	April 2026 (1)	Q1 2026	Q4 2025	Q1 2025
Physical Occupancy	96.3%	96.5%	96.2%	96.4%
Percentage of Residents Renewing by month/quarter	61.5%	61.6%	61.1%	61.5%

New Lease Change	(1.1%)	(2.8%)	(5.4%)	(2.6%)
Renewal Rate Achieved	5.3%	4.7%	4.4%	4.8%
Blended Rate	3.0%	1.5%	0.2%	1.5%

(1)	April 2026 results are preliminary as of April 28th.

Investments Activity

The Company did not acquire or sell any properties during the first quarter of 2026.

Capital Markets and Balance Sheet Activity

During the first quarter of 2026, the Company repurchased and retired approximately 3.5 million of its common shares at a weighted average purchase price of $63.42 per share, for an aggregate purchased amount of approximately $219.4 million. All common share repurchases were funded with excess disposition proceeds from 2025 sale activity.

Second Quarter 2026 Guidance

The Company has established guidance ranges for the second quarter of 2026 EPS, FFO per share and Normalized FFO per share as listed below:

		Q2 2026 Guidance
EPS		$0.28 to $0.32
FFO per share		$0.97 to $1.01
Normalized FFO per share		$0.98 to $1.02

The difference between the first quarter of 2026 actual EPS of $0.24 and the second quarter of 2026 EPS guidance midpoint of $0.30 is due primarily to lower expected property sale gains, lower expected other expenses and the items described below.

The difference between the first quarter of 2026 actual FFO of $0.89 per share and the second quarter of 2026 FFO guidance midpoint of $0.99 per share is due primarily to lower expected other expenses and the items described below.

The difference between the first quarter of 2026 actual Normalized FFO of $0.99 per share and the second quarter of 2026 Normalized FFO guidance midpoint of $1.00 per share is due primarily to:

	Expected Positive/(Negative) Impact
	Second Quarter 2026 vs. First Quarter 2026
Residential same store NOI	$	0.03
Interest expense, net		(0.01	)
Corporate overhead		(0.01	)
Net	$	0.01

About Equity Residential

Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, owns and manages 312 rental properties consisting of 85,211 apartment units in dynamic metro areas across the U.S. with a primary concentration in major coastal markets, diversified by a targeted presence in the high-growth metro areas of Atlanta, Dallas/Austin and Denver. 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 29, 2026 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,
	2026			2025
REVENUES
Rental income	$	779,846		$	760,810

EXPENSES
Property and maintenance		149,656			143,973
Real estate taxes and insurance		117,026			111,752
Property management		35,141			35,816
General and administrative		16,865			18,255
Depreciation		247,496			256,746
Total expenses		566,184			566,542

Net gain (loss) on sales of real estate properties		(32	)		154,152
Interest and other income		2,238			1,692
Other expenses		(40,788	)		(4,156	)
Interest:
Expense incurred, net		(77,370	)		(72,114	)
Amortization of deferred financing costs		(2,145	)		(2,144	)
Income before income and other taxes, income (loss) from
investments in unconsolidated entities and net gain (loss)
on sales of land parcels		95,565			271,698
Income and other tax (expense) benefit		(422	)		(422	)
Income (loss) from investments in unconsolidated entities		(2,042	)		(6,411	)
Net gain (loss) on sales of land parcels		—			(67	)
Net income		93,101			264,798
Net (income) loss attributable to Noncontrolling Interests:
Operating Partnership		(1,953	)		(7,102	)
Partially Owned Properties		(1,069	)		(1,104	)
Net income attributable to controlling interests		90,079			256,592
Preferred distributions		(356	)		(356	)
Net income available to Common Shares	$	89,723		$	256,236

Earnings per share – basic:
Net income available to Common Shares	$	0.24		$	0.68
Weighted average Common Shares outstanding		375,643			379,208

Earnings per share – diluted:
Net income available to Common Shares	$	0.24		$	0.67
Weighted average Common Shares outstanding		385,108			391,179

Distributions declared per Common Share outstanding	$	0.7025		$	0.6925

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,
	2026			2025
Net income	$	93,101		$	264,798
Net (income) loss attributable to Noncontrolling Interests – Partially
Owned Properties		(1,069	)		(1,104	)
Preferred distributions		(356	)		(356	)
Net income available to Common Shares and Units		91,676			263,338

Adjustments:
Depreciation		247,496			256,746
Depreciation – Non-real estate additions		(1,009	)		(950	)
Depreciation – Partially Owned Properties		(616	)		(478	)
Depreciation – Unconsolidated Properties		3,332			4,395
Net (gain) loss on sales of unconsolidated entities - operating
assets		—			36
Net (gain) loss on sales of real estate properties		32			(154,152	)
FFO available to Common Shares and Units		340,911			368,935

Adjustments (see note for additional detail):
Write-off of pursuit costs		954			1,321
Debt extinguishment and preferred share redemption (gains)
losses		—			97
Non-operating asset (gains) losses		416			438
Other miscellaneous items		38,811			1,727
Normalized FFO available to Common Shares and Units	$	381,092		$	372,518

FFO	$	341,267		$	369,291
Preferred distributions		(356	)		(356	)
FFO available to Common Shares and Units	$	340,911		$	368,935
FFO per share and Unit – basic	$	0.89		$	0.95
FFO per share and Unit – diluted	$	0.89		$	0.94

Normalized FFO	$	381,448		$	372,874
Preferred distributions		(356	)		(356	)
Normalized FFO available to Common Shares and Units	$	381,092		$	372,518
Normalized FFO per share and Unit – basic	$	0.99		$	0.96
Normalized FFO per share and Unit – diluted	$	0.99		$	0.95

Weighted average Common Shares and Units outstanding – basic		383,819			389,719
Weighted average Common Shares and Units outstanding – diluted		385,108			391,179

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,
	2026			2025
ASSETS
Land	$	5,573,564		$	5,563,407
Depreciable property		24,828,057			24,705,540
Projects under development		85,966			100,561
Land held for development		57,919			86,341
Investment in real estate		30,545,506			30,455,849
Accumulated depreciation		(11,264,396	)		(11,016,900	)
Investment in real estate, net		19,281,110			19,438,949
Investments in unconsolidated entities¹		325,566			325,939
Cash and cash equivalents		34,677			55,904
Restricted deposits		104,432			102,950
Right-of-use assets		452,318			454,916
Other assets		319,050			367,365
Total assets	$	20,517,153		$	20,746,023

LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net	$	1,590,859		$	1,589,904
Notes, net		6,000,230			5,998,458
Line of credit and commercial paper		748,417			586,648
Accounts payable and accrued expenses		141,575			109,165
Accrued interest payable		52,479			73,860
Lease liabilities		303,813			304,575
Other liabilities		306,187			324,616
Security deposits		82,306			82,155
Distributions payable		269,392			267,508
Total liabilities		9,495,258			9,336,889

Commitments and contingencies

Redeemable Noncontrolling Interests – Operating Partnership		165,420			176,289
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, 2026 and December 31, 2025		17,155			17,155
Common Shares of beneficial interest, $0.01 par value;
1,000,000,000 shares authorized; 374,674,719 shares issued
and outstanding as of March 31, 2026 and 377,806,173
shares issued and outstanding as of December 31, 2025		3,747			3,778
Paid in capital		9,846,857			9,824,460
Retained earnings		800,704			1,193,931
Accumulated other comprehensive income (loss)		2,460			2,175
Total shareholders' equity		10,670,923			11,041,499
Noncontrolling Interests:
Operating Partnership		187,137			192,135
Partially Owned Properties		(1,585	)		(789	)
Total Noncontrolling Interests		185,552			191,346
Total equity		10,856,475			11,232,845
Total liabilities and equity	$	20,517,153		$	20,746,023

¹ Includes $260.9 million and $261.4 million in unconsolidated development and operating projects as of March 31, 2026 and December 31, 2025, respectively. See Partially Owned Properties and/or Development and Lease-Up Projects for additional detail on unconsolidated projects.

Equity Residential

Portfolio Summary

As of March 31, 2026

					% of Stabilized			Average
			Apartment		Budgeted			Rental
Markets/Metro Areas	Properties		Units		NOI			Rate
Los Angeles		56		14,433		16.0	%	$	2,985
Orange County		12		3,718		4.9	%		3,040
San Diego		10		2,225		3.1	%		3,313
Subtotal – Southern California		78		20,376		24.0	%		3,031

San Francisco		41		11,569		16.4	%		3,558
Washington, D.C.		42		13,553		14.7	%		2,864
New York		34		8,685		14.4	%		4,864
Boston		25		6,907		10.7	%		3,719
Seattle		38		8,051		9.1	%		2,723
Atlanta		22		6,420		4.4	%		1,917
Denver		16		4,678		3.6	%		2,135
Dallas/Austin		16		4,972		2.7	%		1,886
Total		312		85,211		100.0	%	$	3,094

	Properties	Apartment Units
Wholly Owned Properties	297	81,539
Partially Owned Properties – Consolidated	12	2,656
Partially Owned Properties – Unconsolidated	3	1,016
	312	85,211

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

Equity Residential

Portfolio Rollforward Q1 2026 ($ in thousands)
	Properties		Apartment Units
12/31/2025		312		85,190

Configuration Changes		—		21
3/31/2026		312		85,211

Equity Residential

First Quarter 2026 vs. First Quarter 2025 Same Store Results/Statistics Including 78,885 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 2026	$	746,478	$	248,558	$	497,920	$	3,154		96.5	%		7.8	%
Q1 2025

Equity Residential Reports First Quarter 2026 Results