Equity Residential (EQR)

Over the past six months, Equity Residential's stock price has underperformed the S&P 500 Index by -3.82%. As of June 20, 2025, shares were trading -0.43% below their 200-day moving average. Key events include the Q4 2024 earnings release, which showed increased same-store revenues, expenses, and NOI. The 2025 guidance projected same-store revenue growth between 2.25% and 3.25%, but FFO guidance was below analysts' expectations. The Q1 2025 earnings release exceeded expectations due to strong demand and limited new supply. Equity Residential declared its second-quarter dividends on June 13, 2025, continuing its 32-year history of consistent dividend payments. Analysts have shown a moderately positive outlook for EQR.

Demand for Equity Residential's rental apartments exhibits seasonality. Management expects seasonal deceleration in the third and fourth quarters, with blended rents projected to average 2.5% in Q3 and 1.4% in Q4. The first quarter typically sees strong demand, positioning the company well for the primary leasing season. Overall demand across all markets shows seasonal improvement heading into the peak leasing season.

Equity Residential is a REIT specializing in the acquisition, development, and management of high-quality apartment properties across major U.S. cities. The company generates revenue from rental income derived from its residential properties. As of December 31, 2024, EQR owned 311 properties comprising 84,249 apartment units, an increase from 302 properties and 80,191 units at the end of 2023. The company focuses on high-demand urban and suburban markets that attract affluent, long-term renters.

Equity Residential has a significant presence in major U.S. cities, including Boston, New York, Washington, D.C., Southern California, San Francisco, and Seattle. The company is also expanding its footprint into Denver, Atlanta, Dallas/Fort Worth, and Austin. As of June 2025, EQR owns or has investments in 312 properties consisting of 84,648 apartment units.

Equity Residential's brand reputation has seen both positive recognition and negative scrutiny in the past year. It received Nareit's 2024 Leader in the Light Award and was named to TIME's list of the world's most sustainable companies. However, it has been implicated in the "price-fixing RealPage scandal" and criticized for opposing rent control expansion in California. Some tenant reviews indicate concerns about high lease renewal prices and utility balances.

Equity Residential has significant institutional ownership. As of June 13, 2025, EQR has 1,402 institutional owners and shareholders holding a total of 370,774,260 shares, representing 83.61% ownership. Equity Residential insiders own 3.22%, and retail investors own 13.17%. Major institutional owners include Vanguard Group Inc, BlackRock, Inc., and State Street Corp. The largest individual shareholder is Samuel Zell, owning 5.56 million shares, representing 1.46% of the company.