Equity Residential reports Q1 normalized FFO 99c, consensus 95c

Reports Q1 revenue $779.85M, consensus $784.24M. “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 (EQR) 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.”