Equity Residential (EQR) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to the Equity Residential Fourth 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 Marty McKenna. McKenna, please go ahead. Good morning, and thanks for joining us to discuss Equity Residential's fourth quarter 2025 results and outlook for 2026. Our featured speakers today are Mark Perel, our president and CEO, Michael Manelis, our chief operating officer, and Brett McLeod, our CFO. Our chief investment officer is here with us as well for the Q&A. Our earnings release and a management 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 Perel. Thank you, Marty. Good morning, and thank you all for joining us today to discuss our fourth quarter and full year 2025 results and our outlook for 2026. I will start us off, then Michael Manelis, our Chief Operating Officer, will speak for our 2025 operating performance and 2026 revenue guidance. Brett McLeod, our Chief Financial Officer, will then cover our 2026 expense and NFFO guidance, and then we'll go ahead and take your questions. 2025 was a challenging year for the rental housing industry, including equity residential. While our 2025 same-store NOI results matched our initial guidance, The road to those results was not as straightforward as we had expected. In many of our coastal markets, we saw stronger than expected rental growth through the first half of the year, followed by...