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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

EQR

EQR fundamentals

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