UBS reiterates Buy Rating on Equity Residential (EQR)He said, "We believe EQRs 4Q24 results and 2025 guidance suggest stable demand with a generally supportive macro backdrop. Seasonality to start 2025 is in-line with 2024 and stronger than a typical year. FY midpoint blended rate growth of 2.5% compares positively to 2024 of 1.9%. EQRs blended spreads in 4Q24 of 1.0% met its forecast but decelerated from 3Q24 by -100 bps (UDR 4Q24 of -0.6%, decel of -240 bps). Importantly, renewals were up 5.0%, above 3Q24 by 40 bps. We think this, combined with turnover -40 bps yr/yr signals a healthy renter base. Supply pressure in the shoulder season was impactful with new leases down -4.3% (4Q23 of -4.5%). For 1Q25, EQR forecasts blended rent growth of 1.4%-2.2% (1Q24 1.6%). Assuming renewals are flat yr/yr at 4.7%, this implies new lease of down -1.8%. 4Q24 occupancy remained strong at 96.1%, up 30 bps over the prior year. Net bad debt in 4Q24 was 1.1%, (3Q24 of 1.1%, 4Q23 of 1.3%). We expect this to be choppy, but trend toward its historical level of 50 bps. We think an improving supply/demand outlook in 2025 RTO driving demand for more urban properties should be supportive of EQRs valuation. It trades at a relative premium to Apts of 7% (5-yr avg 6%)."