J P M O R G A N North America Equity Research 22 July 2026 Equity Residential 2Q NFFO Beats w/ Better NOI From Lower Op Ex; Top Line Guidance Increase Was Expected, Not As Much July Rate Acceleration vs. AVB Equity Residential reported 2Q26 Normalized FFO/share of $1.02 (+3.0% y/y), ahead of our estimate and Bloomberg consensus of $1.01. We go into the drivers of the $0.01 beat below, but "other" expenses helped drive the beat relative to our forecast. In the core, same-store revenue, expense, and NOI growt ...