Equity Residential (EQR) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.457 Good day and welcome to the Equity Residential 00:00:04.457 -- 00:00:09.304 Fourth Quarter 2025 Earnings Conference Call and Webcast. 00:00:09.304 -- 00:00:13.710 Today's conference is being recorded. At this time, I would like to turn the conference 00:00:13.710 -- 00:00:16.572 over to Marty 00:00:26.509 -- 00:00:26.909 McKenna. 00:00:26.709 -- 00:00:29.791 McKenna, please go ahead. 00:00:31.773 -- 00:00:35.520 Good morning, and thanks for joining us to discuss Equity Residential's fourth quarter 00:00:35.520 -- 00:00:39.527 2025 results and outlook for 2026. 00:00:39.527 -- 00:00:43.834 Our featured speakers today are Mark Perel, our president and CEO, Michael Manelis, our 00:00:43.834 -- 00:00:47.341 chief operating officer, and Brett McLeod, 00:00:47.341 -- 00:00:49.821 our CFO. 00:01:18.955 -- 00:01:23.022 Our chief investment officer is here with us as well for the Q&A. 00:01:23.022 -- 00:01:26.230 Our earnings release and a management 00:03:17.823 -- 00:03:22.307 discussed during this conference call may constitute forward-looking statements within 00:03:22.307 -- 00:03:24.589 the meaning of the federal securities laws. 00:03:24.589 -- 00:03:28.653 These forward-looking statements are subject to certain economic risks and uncertainties. 00:03:28.653 -- 00:03:33.017 The company assumes no obligation to update or supplement these statements that become 00:03:33.017 -- 00:03:38.161 untrue because of subsequent events. Now, I will turn the call over to Mark Perel. 00:03:38.161 -- 00:03:42.025 Thank you, Marty. Good morning, and thank you all for joining us today to discuss our 00:03:42.025 -- 00:03:47.455 fourth quarter and full year 2025 results and our outlook for 2026. 00:03:47.455 -- 00:03:51.840 I will start us off, then Mi...