Equity Residential Q2 2026 Earnings Release and Merger Update

Equity Residential reported its second quarter 2026 results, with Funds from Operations (FFO) per share at $1.00 and Normalized FFO (NFFO) per share at $1.02. The company raised its full-year operating guidance for same-store revenues and Net Operating Income (NOI), driven by strong demand and improved market conditions. In a significant development, Equity Residential announced a definitive agreement to merge with AvalonBay Communities, Inc. in an all-stock transaction, creating a combined entity with a pro forma equity market capitalization of approximately $53 billion. The company also reported selling two properties for $164.0 million in the second quarter. Despite the merger, the company has withdrawn its EPS, FFO per share, and NFFO per share guidance for the full year due to the pending transaction. Same-store revenues increased by 1.9% and NOI by 1.4% compared to the second quarter of 2025, with notable performance in the San Francisco market.