Equity Residential (EQR) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, and welcome to the Equity Residential Third Quarter 2025 Earnings Conference Call and Webcast. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Marty McKenna. Please go ahead, sir. Good morning, and thanks for joining us to discuss Equity Residential's Third Quarter 2025 results. Our featured speakers today are Mark Correll, our President and CEO, Michael Manelis, our chief operating officer, and Brett McLeod, our chief CFO. Bob Gershanna, our chief investment officer, is here with us as well for the Q&A. Our earnings release is posted in the investor section of equityapartments.com. Please be advised that certain matters discussed during this conference call may constitute forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to certain economic risks and uncertainties. The company assumes no obligation to update or supplement these statements that become untrue because of subsequent events. Now, I will turn the call over to Mark Burrell. Thank you, Marty. Good morning, and thanks for joining us today. I will lead us off with some broader commentary, then Michael Manelis will provide color on our third quarter revenue performance, as well as what he is seeing in the markets today, followed by Brett McLeod, our new Chief Financial Officer, who will address expenses and our NFFO guidance, and then we'll go ahead and take your questions. Our third quarter results reflect the resilience of our business. Despite what is generally a mixed macroeconomic picture, we continue to see good demand and excellent resident retention across most of our markets, with results strongest in San Francisco and New York, where continuing high demand has meant m...