Equity Residential
Owner and operator of upscale rental apartments in U.S. coastal gateway cities.
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Profile
Equity Residential is a publicly traded apartment REIT that owns and operates roughly eighty-four thousand upscale apartments spread across coastal gateway cities and selected Sunbelt markets. Its revenue comes from leasing to higher-income renters in high-barrier urban locations, with growth driven by disciplined capital recycling between coastal and expansion markets.
Equity Residential owns and operates apartment communities targeting higher-income renters in the coastal gateway cities of the United States. Founded through Sam Zell's Equity Group Investments in 1968 and taken public in 1993 as an UPREIT on the NYSE, the company spent its first decade assembling a national multifamily portfolio under CEO Douglas Crocker, then pivoted sharply under David Neithercut to concentrate in high-barrier coastal markets — shedding affordable and Sunbelt assets and co-acquiring Archstone from Lehman Brothers' estate in 2013.
Under Mark Parrell since 2019, EQR has extended its coastal platform toward Sunbelt expansion markets — Atlanta, Dallas/Ft. Worth, Denver, and Austin — targeting a quarter of NOI from those markets. The portfolio spans roughly eighty-four thousand apartments across more than three hundred properties. The business depends on rent-growth conditions in supply-constrained urban markets and on regulatory environments in New York and California. In May 2026, EQR announced an all-stock merger of equals with AvalonBay Communities, pending shareholder approval.
Company facts
Categories
Key statistics
Year to date +2.6% · Average volume (30d) 3.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 21, 2026 | Piper Sandler | Reiterate | Neutral | $72 | $75 | |
| Jul 20, 2026 | Deutsche Bank | Reiterate | Hold | $63 | $72 | |
| Jul 14, 2026 | Barclays | Downgrade | Overweight | Equal Weight | ||
| Jul 9, 2026 | Scotiabank | Reiterate | Sector Perform | $77 | $70 | |
| Jun 16, 2026 | Truist Financial | Target | $75 | $72 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 22, 2026Q2 FY26 | $0.44 | $0.30 | −31.4% | $787.3M | $785.0M | −0.3% | −0.01% |
| Apr 28, 2026Q1 FY26 | $0.28 | $0.24 | −14.5% | $781.8M | $779.8M | −0.2% | +0.43% |
| Feb 5, 2026Q4 FY25 | $1.04 | $1.03 | −1.0% | $785.7M | $781.9M | −0.5% | +3.43% |
| Oct 28, 2025Q3 FY25 | $1.02 | $1.02 | 0.0% | $786.4M | $782.4M | −0.5% | −4.15% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $760.8M | $768.8M | $782.4M | $789.0M | $779.8M | $785.0M | |
| Gross profit | $469.3M | $485.4M | $495.9M | −$14.2M | $478.0M | $481.9M | |
| Operating income | $451.0M | $226.0M | $226.5M | $222.9M | $213.7M | $218.9M | |
| Net income | $256.6M | $192.4M | $289.1M | $382.1M | $90.1M | $114.1M | |
| Diluted EPS | $0.67 | $0.50 | $0.74 | $1.00 | $0.24 | $0.30 | |
| Gross margin | 61.7% | 63.1% | 63.4% | -1.8% | 61.3% | 61.4% | |
| Operating margin | 59.3% | 29.4% | 29.0% | 28.3% | 27.4% | 27.9% |
Fiscal years (4-quarter sums)FY21 $2.46B · FY22 $2.74B · FY23 $2.87B · FY24 $2.98B · FY25 $3.10B
Balance sheet, Jun 30, 2026Cash & short-term investments $36.4M · Total debt $8.57B · Total assets $20.28B · Shareholders' equity $10.51B
Dividends
Raised for 9 straight years — most recently to $0.7025 from $0.6925 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 29, 2026 | Jun 29 | Jul 10 | $0.7025 | |
| Mar 30, 2026 | Mar 30 | Apr 10 | $0.7025 | raised from $0.6925 |
| Jan 2, 2026 | Jan 2 | Jan 16 | $0.6925 | |
| Sep 25, 2025 | Sep 25 | Oct 10 | $0.6925 | |
| Jun 24, 2025 | Jun 24 | Jul 11 | $0.6925 | |
| Mar 31, 2025 | Mar 31 | Apr 17 | $0.6925 | raised from $0.675 |
| Jan 2, 2025 | Jan 2 | Jan 17 | $0.675 | |
| Sep 24, 2024 | Sep 24 | Oct 11 | $0.675 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 374.94M · Float 336.25M
This issuer lists more than one class and the share count spans them all, so a stake here reads as a share of the whole company, not of this class.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % of company | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 45.71M | 12.19% | 13F | Aug 7, 2026 |
| Norges Bank | 34.84M | 9.29% | 13F | Aug 12, 2026 |
| Vanguard Portfolio Management LLC | 31.09M | 8.29% | 13F | Aug 13, 2026 |
| State Street Corp | 23.77M | 6.34% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 23.41M | 6.24% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Feb 18, 2026 | Catherine Carraway | officer: EVP & CHRO | −749 | $63.56 |
| Feb 18, 2026 | Ian Kaufman | officer: Chief Accounting Officer | −909 | $63.56 |
| Feb 18, 2026 | Michael L. Manelis | officer: Executive Vice President & COO | −2,429 | $63.56 |
| Feb 10, 2026 | Catherine Carraway | officer: EVP & CHRO | −656 | $65.13 |
| Feb 10, 2026 | Robert Garechana | officer: EVP & Chief Investment Officer | −3,637 | $65.13 |
Peers
- AvalonBay Communities
Closest coastal peer — 95% market overlap; merger of equals announced May 2026.
- Essex Property Trust
Pure-play West Coast apartment REIT; 63,077 homes in CA and Seattle.
- UDR
Diversified multifamily REIT; coastal + Sunbelt overlap across 21 U.S. markets.
- Mid-America Apartment Communities
Dominant Sunbelt apartment REIT; ~105K homes; competes in EQR's expansion markets.
- Camden Property Trust
Sunbelt-dominant apartment REIT with ~60K homes; overlaps in Denver and DC.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Equity Residential | $63.66 | −3.50% | $23.87B | 27.9 | 42.5 | 7.6 | +2.1% |
| AvalonBay Communities | $184.06 | 0.00% | $26.28B | 25.4 | 35.5 | 8.5 | −6.3% |
| Essex Property Trust | $284.03 | 0.00% | $18.25B | 44.2 | 47.4 | 9.5 | +3.6% |
| UDR | $37.12 | −0.01% | $11.93B | 23.6 | 64.3 | 6.9 | −0.6% |
| Mid-America Apartment Communities | $128.57 | −0.84% | $15.08B | 37.9 | 41.5 | 6.8 | +1.0% |
| Camden Property Trust | $106.35 | +0.03% | $10.69B | 35.3 | 101.8 | 6.8 | −0.9% |
| Median | 35.3 | 47.4 | 6.9 | −0.6% |