Equity Residential
- Open
- 68.84
- Day high
- 69.32
- Day low
- 68.56
- Prev close
- 69.00
- Volume
- 2.1M
- Mkt cap
- $26.1B
- P/E (TTM)
- 27.3
- EPS (TTM)
- $2.52
- P/B
- 2.4
- P/S
- 8.4
- Yield
- 4.06%
- Per share
- $2.79
Equity Residential (EQR) is a Real Estate company listed on NYSE. The stock is up 3% over the past year.
Equity Residential (EQR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 12 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
EQR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $0.95 | $0.99 | +4.2% | $780M | -0.2% |
| Feb 5, 2026 | $1.04 | $1.03 | -1.0% | $789M | -0.5% |
| Oct 28, 2025 | $1.02 | $1.02 | +0.0% | $782M | -0.5% |
| Feb 3, 2025 | $1.00 | $1.00 | +0.0% | $767M | +1.6% |
| Oct 30, 2024 | $0.98 | $0.98 | +0.0% | $748M | +0.5% |
| Jan 30, 2024 | $0.43 | $0.82 | +90.7% | $736M | +1.3% |
| Oct 31, 2023 | $0.97 | $0.96 | -1.0% | $724M | -0.5% |
| Jul 27, 2023 | $0.94 | $0.94 | +0.0% | $717M | -1.2% |
| Feb 9, 2023 | $0.94 | $0.94 | +0.0% | $700M | -0.5% |
| Jul 26, 2022 | $0.85 | $0.89 | +4.7% | $687M | +2.0% |
| Feb 1, 2022 | $0.80 | $0.82 | +2.5% | $645M | +1.8% |
| Jul 27, 2021 | $0.24 | $0.84 | +250.0% | $598M | -1.5% |
EQR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 23, 2026 | Jones Nina Pdirector | Grant | 3,276 | — |
| Jun 23, 2026 | NEITHERCUT DAVID Jdirector, other: Chairman of the Board | Grant | 27,716 | $64.09 |
| Jun 23, 2026 | Carr Chrisdirector | Grant | 3,561 | — |
| Jun 23, 2026 | Huque Tahsinul Ziadirector | Grant | 3,561 | — |
| Jun 23, 2026 | NEITHERCUT DAVID Jdirector, other: Chairman of the Board | Grant | 23,281 | $64.09 |
| Jun 23, 2026 | HABEN MARY KAYdirector | Grant | 3,276 | — |
| Jun 23, 2026 | SHAPIRO MARK Sdirector | Grant | 3,561 | — |
| Jun 23, 2026 | Aman Angela Mdirector | Grant | 3,561 | — |
| Jun 23, 2026 | Hoff Anndirector | Grant | 3,276 | — |
| Jun 23, 2026 | STERRETT STEPHEN Edirector | Grant | 3,276 | — |
| May 18, 2026 | Kaufman Ianofficer: Chief Accounting Officer | Grant | 32 | $53.31 |
| Mar 4, 2026 | Kaufman Ianofficer: Chief Accounting Officer | Grant | 150 | $52.65 |
| Feb 19, 2026 | Carraway Catherineofficer: EVP & CHRO | Sell | 749 | $63.56 |
| Feb 19, 2026 | Kaufman Ianofficer: Chief Accounting Officer | Sell | 909 | $63.56 |
| Feb 19, 2026 | Manelis Michael Lofficer: Executive Vice President & COO | Sell | 2,429 | $63.56 |
Source: EQR SEC Form 4 filings, latest Jun 23, 2026. For informational purposes only — not investment advice.
See the full EQR insider & 13F page →Equity Residential company profile
Overview
Equity Residential (NYSE:EQR) is one of the largest publicly traded residential real estate investment trusts (REITs) in the United States. Founded in 1969 and going public in 1993, the company has grown to become a major player in the multifamily rental housing sector. The company is a member of the S&P 500 and owns or has investments in 305 properties consisting of 78,568 apartment units across major metropolitan areas including Boston, New York, Washington D.C., Seattle, San Francisco, Southern California, and Denver.
Business
Equity Residential operates in the residential real estate investment trust (REIT) sector, specifically focusing on multifamily rental properties. A REIT is a company that owns, operates, or finances income-generating real estate and allows individual investors to earn dividends from real estate investments without having to buy, manage, or finance properties themselves. The company's core business involves the acquisition, development, and management of apartment communities in high-growth metropolitan markets. These properties primarily consist of modern apartment complexes that cater to affluent, well-educated renters who value urban and suburban living in dynamic cities. The company's portfolio is strategically concentrated in markets with strong job growth, particularly in sectors that employ college-educated workers. Equity Residential's business can be divided into two main geographic segments: 1. **Coastal Established Markets** (approximately 94% of Net Operating Income): This includes properties in Boston, New York, Washington D.C., Seattle, San Francisco, and Southern California. These markets typically command higher rents and have shown more stable performance, benefiting from limited new supply and strong employment in high-paying industries like technology and finance. 2. **Expansion Markets** (approximately 6% of Net Operating Income): This includes newer investments in Atlanta, Austin, Dallas-Fort Worth, and Denver. These Sunbelt markets represent the company's strategic diversification effort, though they currently face supply pressures from new construction that has temporarily impacted rental growth.
Revenue model
Equity Residential generates revenue primarily through rental income from its apartment properties. Tenants pay monthly rent for their apartments, and the company also collects additional fees for services like parking, storage, and pet accommodations. The business model is relatively straightforward: acquire or develop apartment properties in desirable locations, lease them to qualified tenants, and maintain high occupancy rates while maximizing rental rates. The company's revenue streams include base rent payments, renewal rent increases (typically 4-7% annually), and new lease pricing that adjusts based on market conditions. The customer base consists primarily of affluent, college-educated renters aged 25-40 who choose to rent rather than buy homes, often due to lifestyle preferences, job mobility, or high homeownership costs in their markets. Several factors significantly impact the company's profitability margins. **Positive margin drivers** include limited new apartment supply in coastal markets, strong job growth in high-paying sectors, demographic trends favoring rental housing (delayed marriage and childbearing), high costs of homeownership that keep potential buyers in the rental market, and the company's operational efficiency initiatives including AI-powered leasing and property management technologies. **Negative margin pressures** come from new apartment supply in expansion markets, rising property taxes and insurance costs, inflation in maintenance and labor expenses, potential rent control legislation (particularly in California and Washington), and economic downturns that could impact employment in key job sectors. The company's expense growth has averaged 3.1% over the past five years, which management considers industry-leading cost control.
Competitive moat
Equity Residential's competitive moat is moderate and primarily derived from its strategic market positioning and operational scale. The company benefits from owning properties in supply-constrained coastal markets where zoning regulations, high construction costs, and lengthy permitting processes create significant barriers to new apartment development. This supply constraint provides some pricing power, particularly in markets like New York, Boston, and San Francisco. The company's scale advantages include operational efficiencies through centralized management, bulk purchasing power for maintenance and improvements, access to capital markets at favorable rates, and sophisticated data analytics capabilities for pricing optimization. Their investment in AI-powered leasing technology and automated property management systems provides some operational advantages over smaller competitors. However, the moat is not particularly strong or durable. The apartment rental business is inherently competitive with relatively low switching costs for tenants. New supply can eventually enter markets during favorable economic conditions, and the company faces competition from other large REITs, private apartment owners, and alternative housing options including single-family rentals and condominiums. Regulatory risks, particularly rent control measures, represent a significant threat that could undermine pricing power in key markets. The company's expansion into Sunbelt markets, while strategically diversifying, places it in more competitive, higher-supply environments where barriers to entry are lower.
Risks & safety
**Overall Assessment**: Moderate margin of safety with strong cash generation but elevated valuation metrics. **Cash and Debt Position**: - Cash and short-term investments: $62.3 million (Q4 2024) - Debt-to-equity ratio: 0.76 - Strong free cash flow generation: $1.25 billion annually - No significant solvency risk given stable rental income and asset backing **Valuation Metrics**: - P/E ratio: 26.2x (based on 2024 earnings) - EV/EBITDA: 14.3x (2024 full year) - Price-to-book: 2.46x - Trading above Graham number of $42.36 **Other Considerations**: - REIT structure requires 90% of taxable income distribution - Asset-backed business with $20.8 billion in real estate - Occupancy rates consistently above 96% - Dividend yield provides some downside protection
Recent development
Over the past few years, Equity Residential has executed several strategic initiatives to strengthen its market position and operational efficiency. The company has been actively **diversifying its geographic footprint**, reducing concentration in California, New York, and Washington D.C. while expanding into Sunbelt markets including Denver, Dallas, Austin, and Atlanta. This expansion strategy aims to achieve 20-25% of net operating income from these growth markets, up from the current 6%. **Technology and operational innovation** has been a major focus, with the company implementing AI-powered systems for resident inquiries and leasing processes. They have rolled out conversational AI capabilities that can handle 75-80% of resident inquiries and are developing self-guided tour applications. Management expects to have an almost entirely automated leasing process by 2025, which should reduce operational costs and improve efficiency. The company has maintained an active **capital recycling strategy**, acquiring newer, higher-quality properties while disposing of older assets. Recent acquisitions have focused on properties in expansion markets at approximately 5% cap rates, with expectations that rental growth will recover by 2026-2027 as new supply diminishes. They have maintained acquisition guidance of $1.5 billion and disposition guidance of $1 billion, though they have taken a cautious approach due to economic uncertainty. **Market positioning** has evolved with management focusing on properties that serve affluent, college-educated renters in markets with strong employment growth. The company has benefited from demographic trends including delayed homeownership, high costs of for-sale housing, and lifestyle preferences favoring rental living in dynamic urban areas.
EQR company profile · for informational purposes only — not investment advice.
Track EQR with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free