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EQR

Equity Residential

EQR

Equity Residential • NYSE
$61.75 ▲ 0.28% (+0.17)
Market Cap $23.49 B
52w High $76.39
52w Low $58.38
Dividend Yield 2.75%
P/E 20.31
Volume 839.64K
Outstanding Shares 380.47M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $782.411M ▲ $269.321M ▲ $289.051M ▲ 36.944% ▲ $0.76 ▲ $632.061M ▲
Q2-2025 $768.827M ▲ $259.42M ▲ $192.356M ▼ 25.019% ▼ $0.51 ▼ $523.611M ▲
Q1-2025 $760.81M ▼ $18.255M ▲ $256.592M ▼ 33.726% ▼ $0.69 ▼ $451.014M ▼
Q4-2024 $766.779M ▲ $12.751M ▼ $419.115M ▲ 54.659% ▲ $1.1 ▲ $479.873M ▲
Q3-2024 $748.348M $14.551M $143.446M 19.168% $0.39 $461.21M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $93.092M ▲ $21.065B ▲ $9.6B ▲ $11.085B ▲
Q2-2025 $31.276M ▼ $21.028B ▲ $9.501B ▲ $11.008B ▼
Q1-2025 $39.849M ▼ $20.562B ▼ $8.973B ▼ $11.047B ▲
Q4-2024 $62.302M ▲ $20.834B ▼ $9.25B ▼ $11.045B ▲
Q3-2024 $28.61M $20.926B $9.521B $10.854B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $296.868M ▲ $476.661M ▲ $-104.103M ▲ $-305.01M ▼ $67.548M ▲ $374.281M ▲
Q2-2025 $198.785M ▼ $359.545M ▼ $-616.336M ▼ $247.202M ▲ $-9.589M ▲ $274.302M ▼
Q1-2025 $264.798M ▼ $425.525M ▲ $97.341M ▼ $-541.489M ▼ $-18.623M ▼ $358.718M ▲
Q4-2024 $433.871M ▲ $354.225M ▼ $187.132M ▲ $-507.75M ▼ $33.607M ▲ $277.912M ▼
Q3-2024 $148.517M $401.414M $-1.361B $947.983M $-11.862M $320.157M

Revenue by Products

Product Q4-2020Q1-2021Q2-2021Q3-2021
Other Rental Income
Other Rental Income
 $10.00M ▲$20.00M ▲$20.00M ▲$30.00M ▲
Other Revenue
Other Revenue
 $0 ▲$20.00M ▲$20.00M ▲$20.00M ▲
Parking Revenue
Parking Revenue
 $0 ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, with operating profits moving generally in the same positive direction. This suggests a stable core business with good pricing power and cost control. Net income and earnings per share, however, have been more jumpy year to year, which is common for a real estate trust because gains, write‑downs, and transaction timing can distort reported earnings. Overall, the trend points to a mature business that is slowly expanding its rental income base while keeping margins healthy, but not one delivering perfectly smooth bottom‑line results.

Balance Sheet

Balance Sheet The balance sheet looks relatively steady, with total assets and equity inching up over time. Debt levels are significant, as is typical for a property owner, but have not exploded higher and appear to be managed within a consistent range. Cash on hand is kept lean, again standard for a REIT that relies more on recurring cash flow and financing lines than on large idle cash piles. In plain terms, the company appears to be running a fairly balanced structure: meaningful leverage, backed by a large property base and a solid equity cushion, but still exposed to interest rate and refinancing conditions.

Cash Flow

Cash Flow Cash generated from operations has risen gradually, indicating that the apartment portfolio is producing more cash each year. After funding regular property investments and improvements, there is still a healthy level of free cash flow left over. Capital spending has increased somewhat, which fits with a strategy of upgrading and selectively expanding the portfolio rather than standing still. The picture is one of a cash‑generative platform that comfortably funds its needs and still has room for distributions and reinvestment, though continued access to capital markets remains important for larger moves.

Competitive Edge

Competitive Edge Equity Residential occupies a strong niche in upscale multifamily housing, concentrating on prime, supply‑constrained urban and near‑urban markets. By targeting affluent renters, it taps into a group that tends to be more resilient in downturns and better able to absorb rent increases. Its large scale, high occupancy levels, and sophisticated operating platform help keep costs in check and support steady rent growth. The flip side is concentration risk: heavy exposure to expensive coastal cities and regulatory environments, and competition from other high‑end landlords and new developments in emerging markets. Overall, it looks like a well‑positioned, high‑quality operator with meaningful but not insurmountable competitive threats.

Innovation and R&D

Innovation and R&D While this is not a traditional research‑heavy company, it invests heavily in operational technology and process innovation. Online leasing, resident portals, and data‑driven pricing tools are designed to improve efficiency and reduce vacancies. Use of artificial intelligence for leasing workflows and collections, along with smart building features like digital locks and energy‑saving systems, aims to trim expenses and enhance the resident experience. Programs like “Rent with Equity” and a visible sustainability push further differentiate the brand. The opportunity is to widen its lead in efficiency and resident satisfaction; the risks lie in execution, technology adoption, and the need to keep upgrading systems as digital expectations and regulatory standards evolve.

Summary

Altogether, Equity Residential looks like a mature, well‑run residential REIT with slow‑but‑steady revenue growth, solid operating profitability, and a consistent, cash‑generating property base. Its balance sheet reflects typical real estate leverage but appears reasonably controlled, supported by stable assets and growing cash flow. The company’s focus on affluent renters in high‑barrier coastal markets, backed by scale and technology‑enabled operations, gives it a clear competitive edge, balanced by exposure to regulatory shifts, local economic cycles, and interest‑rate conditions. Future performance will depend on its ability to keep upgrading properties, successfully expand into select growth markets, and continue extracting efficiency gains from technology and sustainability initiatives, while navigating the usual real estate and macroeconomic uncertainties.

NEWS

October 28, 2025 · 4:29 PM UTC

Equity Residential Reports Third Quarter 2025 Results

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October 23, 2025 · 4:15 PM UTC

Equity Residential Issues 2025 Corporate Responsibility Report

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October 7, 2025 · 5:00 PM UTC

Equity Residential Announces Third Quarter 2025 Earnings Release Date

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September 12, 2025 · 7:30 AM UTC

Equity Residential Declares Third Quarter Dividends

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September 8, 2025 · 4:15 PM UTC

Equity Residential to Participate in Bank of America 2025 Global Real Estate Conference

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