Jana Galan
Research Analyst
Great. Well, good afternoon. Welcome to Bank of America’s 2025 Global Real Estate Conference. I’m Jana Galan, and I cover the residential REITs at Bank of America. We’re very pleased to have with us Equity Residential’s President, Mark Parrell; EVP and CFO, Bret McLeod; and First VP, Investor Relations, Marty McKenna.
I’ll turn it over to Mark to give a few opening remarks, and then happy to take Q&A from the room or I have some questions prepared as well.
Mark Parrell
President, CEO & Trustee
All right. Well, thanks, Jana. Thanks for including Equity Residential in this event. We appreciate that. I want to make sure everyone knows we have Bret McLeod, who is our new Chief Financial Officer, comes to us from hospitality and retail background. Really excited to have him on board.
So just talking about operations year-to-date, then we’ll talk a little bit about the shape of ’26 and then hit on capital allocation real quick and then open it up to questions. So just in terms of how this year has gone so far, it’s been a solid year for Equity Residential. When we did our earnings about 5 weeks ago, we raised our revenue guidance, our NOI guidance and our FFO guidance on the back of better than we expected and better than historical average renewal rates, retention rates, meaning the percentage of people that are renewing with us and occupancy levels. Those were all very strong.
New lease rates were more modest than we expected. We had a leasing season that plateaued earlier, did
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