Equity Residential (EQR) Research

Forward Estimates

EPS Estimates

Current Qtr

$0.50

$0.31$1.00

vs $0.34+47.7%

4 analysts

Next Qtr

$0.38

$0.34$0.41

vs $0.37+0.8%

4 analysts

Current Yr

$1.69

$1.31$2.07

vs $1.26+33.7%

2 analysts

Next Yr

$1.62

$1.52$1.71

vs $1.69-3.9%

5 analysts

Revenue Estimates

Current Qtr

$789.34M

$776.00M$817.00M

vs $768.83M+2.7%

14 analysts

Next Qtr

$799.39M

$784.00M$832.40M

vs $782.41M+2.2%

14 analysts

Current Yr

$3.17B

$3.13B$3.29B

vs $3.09B+2.5%

17 analysts

Next Yr

$3.28B

$3.23B$3.38B

vs $3.17B+3.5%

16 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for EQR on EDGAR.

EQR filing events and research context
Filed	Item	Context
Apr 30, 2026	mda_quarterly	Equity Residential (EQR) reported a significant decline in diluted earnings per share to $0.24 for Q1 2026 from $0.67 in Q1 2025, primarily due to a substantial decrease in net gains from property sales, as no consolidated properties were sold in Q1 2026 compared to two in the prior year. Net income fell 64.8% to $93.1 million. Despite this, total Net Operating Income (NOI) increased 1.6% to $513.2 million. Same-store NOI grew 1.4%, driven by a 2.2% rise in rental income from strong demand and modest supply across most markets. However, same-store operating expenses increased 3.7%, impacted by higher real estate taxes, increased utility costs due to commodity price hikes, and repairs/maintenance for resident technology initiatives like bulk Wi-Fi. Geographically, San Francisco, New York, Boston, and Seattle showed robust same-store NOI growth, while Denver, Atlanta, and Dallas/Austin experienced declines or minimal growth. EQR maintains strong liquidity with approximately $1.7 billion readily available, supported by a $2.5 billion unsecured revolving credit facility and a $1.5 billion commercial paper program. The company's debt is 80.9% unsecured and 88.8% fixed-rate, with 90.1% of its real estate investment unencumbered. Cash from operating activities decreased by $25.0 million. EQR repurchased 3.46 million common shares for $219.4 million and increased its Q1 2026 dividend by 1.4% annually to $0.7025 per share/unit. While Funds From Operations (FFO) decreased, Normalized FFO increased, largely due to a significant "other miscellaneous items" adjustment.
Feb 13, 2026	business	Equity Residential (EQR) is a Maryland-based real estate investment trust (REIT) that owns and operates high-quality rental apartment properties across the United States. Most operations and assets are held through its operating partnership, ERPOP. The company focuses on major coastal "established markets," including Boston, New York, Washington, D.C., Southern California, San Francisco, and Seattle, complemented by "expansion markets" such as Denver, Atlanta, Dallas/Ft. Worth, and Austin. EQR targets affluent, high-income "knowledge workers" in sectors like STEM, finance, and legal services, leveraging high single-family homeownership costs and favorable household formation trends among Millennials and Gen Z. The investment strategy seeks to balance current cash flow with long-term capital appreciation through a multi-pronged approach involving acquisitions, new developments, densification of existing properties, and accretive renovations. Growth is driven by strategic partnerships and in-house redevelopment. Key risks include competition from other multifamily providers and alternative housing types, inflationary pressures on development costs, and environmental or regulatory challenges. To mitigate these, the company integrates climate resilience analyses and regulatory assessments into its due diligence and portfolio management processes.
Feb 13, 2026	mda	Equity Residential reported 2025 net income of $1.15 billion, a 7.6% year-over-year increase, supported by a 3.0% rise in total Net Operating Income (NOI) to $2.08 billion. Same-store rental income grew 2.6%, driven by robust demand and modest supply in established markets, with San Francisco and New York emerging as top performers. While expansion markets faced elevated supply, Atlanta and Dallas showed signs of improvement. Headwinds included government-related uncertainty in Washington, D.C., and muted growth in Los Angeles. Portfolio activity featured the acquisition of nine consolidated rental properties in Atlanta and Dallas/Fort Worth and the disposition of eleven properties. Development activity included completing two consolidated properties in San Francisco and Denver. The company maintains a strong liquidity position of approximately $1.9 billion and a highly liquid balance sheet, with 90.1% of its $30.5 billion real estate investment remaining unencumbered. Total debt is $8.175 billion, consisting of 80.6% unsecured debt, resulting in a consolidated debt-to-total market capitalization ratio of 25.1%. Normalized FFO reached $1.56 billion, demonstrating resilience against inflationary pressures on wages, utilities, and maintenance costs.

Filed

Item

Context

Apr 30, 2026

mda_quarterly

Equity Residential (EQR) reported a significant decline in diluted earnings per share to $0.24 for Q1 2026 from $0.67 in Q1 2025, primarily due to a substantial decrease in net gains from property sales, as no consolidated properties were sold in Q1 2026 compared to two in the prior year. Net income fell 64.8% to $93.1 million. Despite this, total Net Operating Income (NOI) increased 1.6% to $513.2 million. Same-store NOI grew 1.4%, driven by a 2.2% rise in rental income from strong demand and modest supply across most markets. However, same-store operating expenses increased 3.7%, impacted by higher real estate taxes, increased utility costs due to commodity price hikes, and repairs/maintenance for resident technology initiatives like bulk Wi-Fi. Geographically, San Francisco, New York, Boston, and Seattle showed robust same-store NOI growth, while Denver, Atlanta, and Dallas/Austin experienced declines or minimal growth. EQR maintains strong liquidity with approximately $1.7 billion readily available, supported by a $2.5 billion unsecured revolving credit facility and a $1.5 billion commercial paper program. The company's debt is 80.9% unsecured and 88.8% fixed-rate, with 90.1% of its real estate investment unencumbered. Cash from operating activities decreased by $25.0 million. EQR repurchased 3.46 million common shares for $219.4 million and increased its Q1 2026 dividend by 1.4% annually to $0.7025 per share/unit. While Funds From Operations (FFO) decreased, Normalized FFO increased, largely due to a significant "other miscellaneous items" adjustment.

Feb 13, 2026

business

Equity Residential (EQR) is a Maryland-based real estate investment trust (REIT) that owns and operates high-quality rental apartment properties across the United States. Most operations and assets are held through its operating partnership, ERPOP. The company focuses on major coastal "established markets," including Boston, New York, Washington, D.C., Southern California, San Francisco, and Seattle, complemented by "expansion markets" such as Denver, Atlanta, Dallas/Ft. Worth, and Austin. EQR targets affluent, high-income "knowledge workers" in sectors like STEM, finance, and legal services, leveraging high single-family homeownership costs and favorable household formation trends among Millennials and Gen Z. The investment strategy seeks to balance current cash flow with long-term capital appreciation through a multi-pronged approach involving acquisitions, new developments, densification of existing properties, and accretive renovations. Growth is driven by strategic partnerships and in-house redevelopment. Key risks include competition from other multifamily providers and alternative housing types, inflationary pressures on development costs, and environmental or regulatory challenges. To mitigate these, the company integrates climate resilience analyses and regulatory assessments into its due diligence and portfolio management processes.

Feb 13, 2026

mda

Equity Residential reported 2025 net income of $1.15 billion, a 7.6% year-over-year increase, supported by a 3.0% rise in total Net Operating Income (NOI) to $2.08 billion. Same-store rental income grew 2.6%, driven by robust demand and modest supply in established markets, with San Francisco and New York emerging as top performers. While expansion markets faced elevated supply, Atlanta and Dallas showed signs of improvement. Headwinds included government-related uncertainty in Washington, D.C., and muted growth in Los Angeles. Portfolio activity featured the acquisition of nine consolidated rental properties in Atlanta and Dallas/Fort Worth and the disposition of eleven properties. Development activity included completing two consolidated properties in San Francisco and Denver. The company maintains a strong liquidity position of approximately $1.9 billion and a highly liquid balance sheet, with 90.1% of its $30.5 billion real estate investment remaining unencumbered. Total debt is $8.175 billion, consisting of 80.6% unsecured debt, resulting in a consolidated debt-to-total market capitalization ratio of 25.1%. Normalized FFO reached $1.56 billion, demonstrating resilience against inflationary pressures on wages, utilities, and maintenance costs.

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EQR filing events and research context

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