Equity Residential

Q2 FY2026 EarningsQ2 2026 results were highlighted by a major all-stock merger announcement with AvalonBay (AVB), creating a $71B enterprise value entity. Normalized FFO per share rose 3.0% YoY to $1.02, while Same Store NOI grew 1.4% behind a 1.9% revenue increase. Portfolio physical occupancy remained solid at 96.2%, though EPS fell 40% YoY to $0.30 due to lower property sale gains. Full-year operating guidance for revenue and NOI midpoints was raised by 0.2% and 0.3% respectively, reflecting strong San Francisco momentum and improving bad debt trends.