Equity Residential

EQR
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$785M
Q1 2026 · +2.2% YoY
TTM ROIC
11.1%
FY2025 · NFFO / Shareholders' Equity · WACC ~8% · Moat spread +3.1pp

Financial Snapshot

ticker: EQR step: 04 generated: 2026-05-13 source: quick-research

Equity Residential (EQR) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $2.74B $2.87B $2.98B +3.8%
NOI Margin ~65% ~65% ~65%
Normalized FFO ~$1.37B ~$1.46B ~$1.47B +0.7%
FFO/Share $3.65 $3.90 $3.92 +0.5%
Net Income ~$1.2B ~$0.9B ~$0.9B

FFO (Funds from Operations) is the standard REIT earnings metric. Normalized FFO excludes one-time items.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Normalized FFO ~$1.47B
Dividend per Share ~$2.76 (annualized; ~4.5% yield)
Total Debt ~$8.5B
Net Debt / EBITDA ~4.4x
Blackstone Portfolio Acquisition $964M (July 2024, 3,572 units)

EQR maintains conservative leverage at 4.4x Net Debt/EBITDA — the lowest among major apartment REITs. Investment-grade credit provides access to cheap capital for acquisitions and refinancing.

Key Ratios (approximate)

  • Price/Normalized FFO: ~17x | Cap Rate (implied): ~5% | Dividend Yield: ~4.5%
  • Same-Store Revenue Growth (FY2024): ~1.9% | SSNOI Growth: ~1.0%
  • Physical Occupancy: 96.3% (Q3 2025, record high retention)

Growth Profile

EQR delivered double-digit revenue growth in FY2022 as post-COVID urban rental demand surged. Growth moderated in FY2023–2024 as new apartment supply from 2021–2023 construction starts delivered concessions in many markets. FY2024 normalized FFO growth was essentially flat as expense growth (+3.7% SSOE) outpaced same-store revenue growth (+1.9%), compressing NOI margins. FY2025 performance strengthened with TTM revenue of ~$3.08B (+4.7% YoY) and record Q3 2025 occupancy and retention.

Forward Estimates

  • FY2025 Revenue: ~$3.08B TTM (actual)
  • FY2026 Normalized FFO/Share guidance midpoint: $4.08 (+2.25% YoY)
  • FY2026 Same-Store Revenue Growth: ~2%–3% (2026 guidance)
  • New supply deliveries in EQR markets expected to fall 35% in 2026 — key catalyst for re-acceleration
  • Consensus analyst target: ~$70 (roughly flat from current levels)

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $EQR.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Markdown: /stocks/eqr/financials/md · → thesis · → memo