Equity Residential's first quarter 2026 results and outlook produced a neutral market response, with shares closing up 0.4% following earnings. Operating metrics generally tracked previous expectations, with solid performance in New York and San Francisco balancing slower trends in Boston and Seattle.

• Same-store revenue and expenses for the quarter were stated as in line with management’s guidance, supported by strong demand and 96.3% physical occupancy.
• The portfolio saw net effective prices rise just over 4% since January 1, consistent with seasonal trends; blended rate growth was 1.5%, matching the prior year’s first quarter and a sequential improvement from Q4 2025.
• High-performing markets (New York and San Francisco, 30% of NOI) exceeded expectations and reported minimal concession use, positive migration patterns, and limited new supply through 2026.
• Lower-than-expected results in Boston and Seattle partially offset outperformance elsewhere, reflecting continued market variability.
• $220 million in share repurchases occurred in Q1, with updated guidance indicating likely sale of select older or concentrated assets over the remainder of 2026.