Equity Residential (EQR) Q3 2025 10-Q Quarterly Report
Equity Residential (EQR) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 30, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Equity Residential Q3 2025 10-Q Analysis
Management Discussion & Analysis
- • Revenue $2.31B, up 4.5% YoY; same store rental income $2.15B, up 2.6%
- • Operating margin (NOI margin) approx. 67.1% vs 67.6% YoY; same store NOI increased 2.0% to $1.45B
- • Best performing market: New York; 97.7% occupancy, $4,781 average rent; Worst: Other Expansion Markets; revenue down 3.6%, occupancy down 0.1%
- • Operating cash flow $1.26B, up $42.3M YoY; invested $637.9M in acquisitions, disposed $589.1M properties, paid $811.6M dividends
- • Management sees strong demand, stable fundamentals; notes weakness in Washington, D.C., ongoing challenges in Los Angeles; expects housing deficit tailwinds and resilient resident base
Risk Factors
- • No material changes to risk factors since 2024 10-K carried forward
- • Market risk from rent growth fluctuations affecting revenue stability
- • Regulatory risk from compliance with evolving housing and zoning laws
- • Operational risk from property management and maintenance expenses
- • Financial risk of liquidity tied to debt maturities and capital market conditions
Equity Residential Q3 2025 Quarterly FinancialsXBRL
Revenue
$782M
▲ +4.6% YoY▲ +1.8% QoQ
Net Income
$289M
▲ +101.5% YoY▲ +50.3% QoQ
Net Margin
36.9%
▲ +1778bp YoY▲ +1192bp QoQ
ROE
2.6%
Total Assets
$21.1B
EPS (Diluted)
$0.75
▲ +97.4% YoY▲ +47.1% QoQ
Operating Cash Flow
$477M
▲ +18.7% YoY▲ +32.6% QoQ
Source: XBRL data from Equity Residential Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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