Equity Residential reported second-quarter 2026 results with total rental income of $785.0 million and net income of $117.7 million for the quarter. Normalized FFO per diluted share was $1.02 and FFO per diluted share was $1.00 for Q2 2026; the company raised its same store revenue and NOI guidance midpoints for full-year 2026. Equity Residential also disclosed a definitive all‑stock merger of equals with AvalonBay and withdrew EPS and FFO guidance due to the pending transaction.

Financial Highlights

  • Total rental income for the quarter ended June 30, 2026: $785,049 thousand.
  • Net income for the quarter ended June 30, 2026: $117,740 thousand (Net income available to common shares — diluted EPS $0.30).
  • FFO per share and unit — diluted for Q2 2026: $1.00; FFO available to common shares and units for Q2 2026: $382,461 thousand.
  • Normalized FFO per share and unit — diluted for Q2 2026: $1.02; Normalized FFO available to common shares and units for Q2 2026: $393,369 thousand.
  • Consolidated balance sheet highlights as of June 30, 2026: Total assets $20,275,577 thousand; Total debt $8,261,669 thousand; Total equity $10,696,638 thousand.

Business Highlights

  • Same store performance (includes Residential and Non‑Residential) — Q2 2026 vs Q2 2025: revenues up 1.9%, expenses up 3.0%, and NOI up 1.4% across 78,612 same store apartment units.
  • Residential same store metrics: physical occupancy remained high at 96.2% in Q2 2026; renewal rate achieved of 5.2% for Q2 and blended rent growth of 2.8% versus Q1 2026.
  • Portfolio activity: sold two properties (Los Angeles and San Francisco) totaling 515 units for aggregate proceeds of approximately $164.0 million; completed one consolidated development (440 units, suburban Boston) and one unconsolidated development (369 units, suburban Seattle) during Q2.
  • Full‑year 2026 same store guidance revised at midpoint: revenue change 2.1% (range 2.1%‑2.7%), expense change 3.0%‑4.0%, NOI change 1.5%‑2.1%; guidance for EPS, FFO and NFFO withdrawn due to pending merger.
  • Merger of equals announced with AvalonBay to create a combined company with pro forma ~180,000 rental apartments and an estimated pro forma equity market capitalization of ~$53 billion; special shareholder meetings scheduled for August 12, 2026.

Original SEC Filing:

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