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Investment Strategy29 May 2023
Sam Zell: 8 lessons
Sam Zell focuses on understanding the intrinsic value of assets rather than following market trends, making investments that logically make sense based on in-depth industry analysis.
Equity Residential (EQR) investor relations material
Equity Residential Investor Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Presentation summary1 Dec, 2025
Operating performance and market trends
Q3 2025 same-store revenue grew 3.0% year-over-year, with blended rate growth of 2.2%, led by San Francisco and New York; physical occupancy remained high at 96.3%.
Competitive apartment supply declined in 2025 and is expected to drop ~35% further in 2026, with DC seeing a ~65% decrease.
San Francisco and Seattle are in recovery, with San Francisco showing 6.3% blended rate growth and 96.9% occupancy; Seattle posted 1.5% blended rate growth and 96.2% occupancy.
Pricing trends peaked earlier and lower than usual in 2025 but remained stable before a typical seasonal decline.
Potential revenue recovery in San Francisco and Seattle could total $48M and $9M, respectively, if rental income returns to pre-COVID growth trends.
Portfolio strategy and capital allocation
Acquired nine properties (2,439 units) for $637M at a 5.1% cap rate in 2025, mainly in Dallas and Atlanta; sold five properties (1,330 units) for $594M at a 5.1% yield.
Repurchased ~$100M of shares in Q3 2025, viewing this as accretive given the disconnect between public and private asset values.
Focused on long-term ownership, value-add investments, and internally funded development; no new developments started in 2025.
Portfolio is 52% urban and 48% suburban, with 318 communities and 86,320 units across 12 strategic markets.
Coastal and urban markets like San Francisco, New York, and DC account for the majority of NOI.
Financial performance and guidance
2025 guidance: physical occupancy 96.4%, same-store revenue growth 2.5–3.0%, expense growth 3.5–4.0%, NOI growth 2.1–2.6%.
2025 EPS expected at $2.52–$2.56; FFO per share at $3.98–$4.02; Normalized FFO per share at $3.98–$4.02.
Maintains A- (Positive)/A3 (Stable) credit ratings, 6.1x fixed charge coverage, and 4.4x net debt to normalized EBITDAre.
90.4% of NOI is unencumbered, with a weighted average debt maturity of 6.7 years and 12.3% floating rate debt.
Over $1B in annual dividends distributed, with a 5.8% dividend CAGR from 2011 to 2025.
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Next Equity Residential earnings date
Q4 202530 Jan, 2026
Next Equity Residential earnings date
Q4 202530 Jan, 2026
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Frequently asked questions
A Residential REIT
Equity Residential is an American real estate investment trust (REIT) that focuses on the acquisition, development, and management of rental apartment properties. The company has a significant presence across various key urban markets in the United States, including New York City, Boston, Washington, D.C., Seattle, and San Francisco. Its portfolio primarily consists of high-rise and garden-style apartments. Equity Residential is headquartered in Chicago, Illinois, and its shares are listed on the NYSE.
Founded by Sam Zell
What would later go on to become Equity Residential was founded in 1969 by real estate investor Sam Zell. Initially operating as Equity Finance and Management Company, the company acquired a large number of properties in 1993 and went public the same year. From its IPO to public day, the company has grown by acquiring a large number of residential properties, as well as through strategic acquisitions of companies operating in the same sector.
The Properties
Equity Residential, a real estate investment trust (REIT), primarily owns and manages residential properties. Their portfolio predominantly consists of high-rise and garden-style apartment buildings. These properties are typically located in urban and high-density suburban areas, with a significant presence in key markets such as New York, Boston, Washington D.C., Seattle, San Francisco, and Southern California. Equity Residential focuses on acquiring, developing, and managing multifamily residential properties, aiming to cater to a diverse tenant base. Their properties often feature various amenities and are designed to appeal to residents seeking convenient, upscale urban living. The company's strategy involves investment in markets with high growth potential, driven by factors like strong employment and vibrant local economies.
Equity Residential is a REIT
A Real Estate Investment Trust (REIT) is a company that owns, operates, or finances income-producing real estate, and must follow a set of rules for how they operate. The most notable of these is that, by law, REITs must distribute at least 90% of their taxable income to shareholders in the form of dividends. REITs offer investors a way to access the real estate sector with the liquidity of publicly traded securities, and without having to purchase any real estate themselves. Other companies operating as REITs in the same sector as Equity Residential includes AvalonBay Communities, Mid-America Apartment Communities, and UDR.
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