Equity Residential公布2026年二季度业绩并小幅上调全年同店收入和NOI指引

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Press Release

Equity Residential Reports Second Quarter 2026 Results

Company Release - 7/22/2026

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Raises Full Year Operating Guidance

CHICAGO--(BUSINESS WIRE)--
Equity Residential (NYSE: EQR) today reported results for the quarter and six months ended June 30, 2026 and has posted a Q2 2026 Management Presentation to its website as referenced below.
Second Quarter 2026 Results
All per share results are reported as available to common shares/units on a diluted basis.

Quarter Ended June 30,

2026

2025

$ Change

% Change

Earnings Per Share (EPS)

$
0.30

$
0.50

$
(0.20
)

(40.0
%)

Funds from Operations (FFO) per share

$
1.00

$
0.98

$
0.02

2.0
%

Normalized FFO (NFFO) per share

$
1.02

$
0.99

$
0.03

3.0
%

Six Months Ended June 30,

2026

2025

$ Change

% Change

Earnings Per Share (EPS)

$
0.54

$
1.18

$
(0.64
)

(54.2
%)

Funds from Operations (FFO) per share

$
1.88

$
1.92

$
(0.04
)

(2.1
%)

Normalized FFO (NFFO) per share

$
2.01

$
1.94

$
0.07

3.6
%

Recent Highlights
On May 21, 2026, the Company and AvalonBay Communities, Inc. (NYSE: AVB) ("AvalonBay") announced a definitive agreement to combine in an all-stock merger of equals, creating one of the country's leading real estate companies with the differentiated scale, capabilities, and balance sheet strength to expand margins, accelerate growth, and redefine leadership in rental housing. The combined company will have a pro forma equity market capitalization of approximately $53 billion and a total enterprise value of approximately $71 billion, with more than 180,000 rental apartments.
For the second quarter of 2026 compared to the second quarter of 2025, same store revenues increased 1.9%, same store expenses increased 3.0% and same store Net Operating Income (NOI) increased 1.4%. Same store revenue growth is being driven by strong Physical Occupancy and better than anticipated Renewal Rate Achieved.
The Company raised the midpoint of its guidance range for same store revenues and NOI. The same store revenue improvement is primarily being driven by strong momentum in the San Francisco market along with improvements in Bad Debt, Net across the portfolio. These midpoints reflect what Equity Residential would expect to achieve if it operated as a standalone entity for the full year of 2026.
During the second quarter of 2026, the Company sold two properties, one in the Los Angeles market and one in the San Francisco market, consisting of 515 apartment units, for an aggregate sale price of approximately $164.0 million.
“We are pleased to increase our same store revenue and NOI annual guidance as a result of a solid demand environment characterized by occupancy and resident retention that remain at historically high levels. An increasingly supportive job market combined with declining levels of new supply in most of our markets sets the combined company up for great success," said Mark J. Parrell, Equity Residential’s President and CEO. “We are proud of the legacy we have created at Equity Residential and very excited about what the future holds for the combined company.”
Full Year 2026 Guidance
The Company has provided guidance for its full year 2026 same store operating performance as listed below:

Revised

Previous

Change at Midpoint

Same Store (includes Residential and Non-Residential) :

Physical Occupancy

96.3%

96.4%

(0.1%)

Revenue change

2.1% to 2.7%

1.2% to 3.2%

0.2%

Expense change

3.0% to 4.0%

3.0% to 4.0%

0.0%

NOI change

1.5% to 2.1%

0.5% to 2.5%

0.3%

The above guidance is solely with respect to the Company's existing Same Store Properties, reflects what we would expect to achieve if we operated as a standalone entity for the full year of 2026.
The Company has withdrawn its EPS, FFO per share and Normalized FFO per share guidance (and related components of these measures such as interest expense) due to the pendency of the merger.
The Company has a glossary of defined terms and related reconciliations of Non-GAAP financial measures on pages 29 through 34 of this release.
Results Per Share
The changes in EPS for the quarter and six months ended June 30, 2026 compared to the same periods of 2025 are due primarily to lower property sale gains, the various adjustment items listed on page 28 of this release and the items described below.
The per share changes in FFO for the quarter and six months ended June 30, 2026 compared to the same periods of 2025 are due primarily to the various adjustment items listed on page 28 of this release and the items described below.
The per share changes in Normalized FFO are due primarily to:

Positive/(Negative) Impact

Second Quarter 2026 vs.

Second Quarter 2025

June YTD 2026 vs.

June YTD 2025

Residential same store NOI

$
0.02

$
0.04

Lease-Up NOI

0.01

0.03

2026 and 2025 transaction activity impact on NOI, net

(0.01
)

(0.03
)

Interest expense, net

(0.01
)

(0.03
)

Other items (primarily corporate overhead and share repurchase

impacts) (1)

0.02

0.06

Net

$
0.03

$
0.07

(1)
Corporate overhead includes property management and general administrative expenses.

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

Second Quarter 2026 vs.

Second Quarter 2025

Second Quarter 2026 vs.

First Quarter 2026

June YTD 2026 vs.

June YTD 2025

Apartment Units

78,612

82,242

78,385

Physical Occupancy

96.2% vs. 96.6%

96.2% vs. 96.4%

96.3% vs. 96.5%

Revenues

1.9%

0.8%

2.0%

Expenses

3.0%

(2.9%)

3.4%

NOI

1.4%

2.6%

1.4%

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.

Second Quarter 2026 vs.

Second Quarter 2025

Second Quarter 2026 vs.

First Quarter 2026

June YTD 2026 vs.

June YTD 2025

% Change

% Change

% Change

Same Store Residential Revenues-

comparable period

Lease rates

1.8
%

0.8
%

1.7
%

Leasing Concessions

(0.1
%)

0.0
%

(0.1
%)

Vacancy gain (loss)

(0.3
%)

(0.3
%)

(0.1
%)

Bad Debt, Net

0.2
%

0.2
%

0.2
%

Other (1)

0.5
%

0.3
%

0.5
%

Same Store Residential Revenues-

current period

2.1
%

1.0
%

2.2
%

(1)
Includes ancillary income, utility recoveries, early lease termination income, miscellaneous income and other items.

See page 14 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 78,385 same store apartment units):

July 2026 (1)

Q2 2026

Q1 2026

Q2 2025

Physical Occupancy

96.2%

96.2%

96.5%

96.6%

Percentage of Residents Renewing by month/quarter
59.0%

60.0%

61.8%

59.3%

New Lease Change

(0.1%)

(0.7%)

(2.8%)

(0.6%)

Renewal Rate Achieved

4.9%

5.2%

4.7%

5.1%

Blended Rate

3.0%

2.8%

1.5%

2.7%

(1)
July 2026 results are preliminary as of July 15th.

“Positive trends around both supply and demand continue to drive our operating performance during the primary leasing season and we continue to observe growing rents as we work our way through the summer,” said Michael Manelis, Equity Residential’s Chief Operating Officer. “We are well positioned to benefit from this demand as we grow our operating platform at the combined company and harness the opportunities that will come from our focus on innovation and serving our customer.”
Investments Activity
The Company did not acquire any properties during the second quarter of 2026.
During the second quarter of 2026, the Company sold two properties, one i