Equity Residential Properties Trust

Strong First Quarter Performance: Equity Residential reported first quarter results that exceeded expectations, with same-store revenue growth supported by physical occupancy at 96.5% and a record low resident turnover rate of 7.9%. Blended rate growth was 1.8%, in line with expectations, particularly benefiting from strong demand in key markets like New York and Washington, D.C.

Market Uncertainty but Favorable Conditions: Despite a heightened level of uncertainty regarding economic conditions (due to tariffs and broader economic policy), the company maintains confidence in strong demand for rental housing stemming from long-term undersupply and favorable demographic trends. Equity Residential is well-positioned for the primary leasing season, with strong job growth and lower anticipated new supply reported.

Investment Strategy Maintained: The company has reiterated its guidance for $1.5 billion of acquisitions and $1 billion of dispositions in 2025. The acquisition market has shown increased activity recently, particularly in multifamily assets, while asset pricing remains stable. Equity Residential is focused on recycling capital from dispositions and using it for investments in existing assets.