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Did Equity Residential beat or miss consensus estimates last quarter?

- **Record Revenue Growth**: 15% YoY same-store revenue driven by San Francisco and New York, despite D.C. softness.
- **Exceptional Retention**: 59% renewal rate and 96.3% occupancy, highest on record.
- **Strategic Buybacks**: $100M stock buyback in Q3, with 2026 supply down 35% to reduce competition.
- **AI Innovation**: AI processing cuts application time by 50%, with service module testing in Q4.
- **Market分化**: San Francisco NOI +15%, D.C. NOI -7%, Sunbelt recovery elongated.

**【CEO Summary Section】**
- **Revenue Growth**: 15% year-over-year (YoY) increase in same-store revenue, driven by strong demand in San Francisco and New York. Adjusted annual same-store revenue guidance to 2.75% midpoint due to late September softness in Washington, D.C. and delayed bulk WiFi rollout.
- **Resident Retention**: Record-high 59% renewal rate, with 96.3% physical occupancy, lowest turnover in history. Renewal rates offset new lease softness (-1% YoY).
- **Market Performance**: San Francisco NOI up 15%, D.C. NOI down 7% YoY, and Sunbelt markets (Austin, Denver) facing supply challenges. Expansion markets (Dallas, Atlanta) expected to improve in 2026.
- **Capital Allocation**: $100M stock buyback in Q3, with focus on selling lower-growth assets. 2026 new supply down 35% YoY, reducing competitive pressure.

**【COO Commentary】
- **Leasing Trends**: New lease rates down 1% YoY in Q3, with D.C. seeing 4% net effective price decline. Renewal rates up 4.5%, but back-and-forth negotiations in D.C. and L.A.
- **Market Insights**: San Francisco NOI expected to lead in 2025, D.C. supply to drop 65% in 2026. L.A. faces challenges, while Seattle benefits from AI investment.
- **AI Initiatives**: AI-driven application processing reduces time by 50%, with service request module testing in Q4.

**【CFO Financial Commentary】
- **Financial Metrics**: NFFO guidance of $3.98-$4.02 per share, down 15bps YoY due to slower WiFi rollout. Same-store expenses 3.5%-4% YoY, with sub-inflationary trends in payroll and taxes.
- **Expense Management**: 40bps expense impact from bulk WiFi rollout, offset by other income growth. 2026 NOI expected to benefit from reduced supply and AI-driven efficiency.

**【Q&A Highlights】
- **Capital Allocation**: Buybacks prioritized over acquisitions due to 5% cap rates. D.C. recovery tied to 2026 supply decline, while Sunbelt markets face elongated recovery.
- **AI Impact**: AI enhances resident experience, with potential job shifts in tech hubs. Renewal success remains strong despite hesitation in D.C.
- **Market Outlook**: 2026 embedded growth similar to 2025, with coastal markets outperforming Sunbelt. Focus on operational efficiency and technology integration.

Equity Residential (EQR) Q3 2025 Earnings Call Transcript

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