Equity Residential (EQR) 10-Year Financial Performance & Capital Metrics

EQR • • REIT / Real Estate

Real EstateResidential REITsMultifamily ApartmentsNational Multifamily Operators

AboutEquity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract high quality long-term renters. Equity Residential owns or has investments in 305 properties consisting of 78,568 apartment units, located in Boston, New York, Washington, D.C., Seattle, San Francisco, Southern California and Denver.Show more

Revenue $2.98B +3.7%
FFO $2B +15.3%
FFO/Share 5.13 +15.3%
FFO Payout 50.89% -10.7%
FFO per Share 5.13 +15.3%
NOI Margin 63.27% -0.5%
FFO Margin 67.2% +11.2%
ROE 8.94% +24.6%
ROA 5.07% +22.1%
Debt/Assets 40.45% +5.2%
Net Debt/EBITDA 3.00 +4.5%
Book Value/Share 29.65

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 18.2% TTM
✓Sustainable FFO payout ratio of 50.9%
✓High NOI margin of 63.3%
✓Healthy dividend yield of 4.3%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.32%

5Y1.99%

3Y6.54%

TTM4.69%

Profit (Net Income) CAGR

10Y5.08%

5Y1.31%

3Y-8.06%

TTM24.63%

EPS CAGR

10Y5%

5Y1.7%

3Y-8.41%

TTM25.42%

ROCE

10Y Avg6.81%

5Y Avg8.4%

3Y Avg8.96%

Latest9.34%

Peer Comparison

National Multifamily Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UDRUDR, Inc.	12.25B	37.08	142.62	2.72%	8.8%	3.61%	4.94%	1.35
CPTCamden Property Trust	11.53B	108.35	72.23	0.12%	17.15%	5.84%	3.31%	0.73
MAAMid-America Apartment Communities, Inc.	15.86B	135.44	30.16	1.98%	25.23%	9.24%	4.89%	0.81
AVBAvalonBay Communities, Inc.	25.6B	180.80	23.79	5.27%	38.81%	9.61%	5.51%	0.69
EQREquity Residential	23.27B	61.17	22.49	3.69%	37.58%	10.09%	5.39%	0.73
AIVApartment Investment and Management Company	854.37M	5.93	-8.01	11.6%	125.34%	95.46%		3.82

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	2.74B	2.43B	2.47B	2.58B	2.7B	2.57B	2.46B	2.74B	2.87B	2.98B
Revenue Growth %	0.05%	-0.12%	0.02%	0.04%	0.05%	-0.05%	-0.04%	0.11%	0.05%	0.04%
Property Operating Expenses	905.17M	806.23M	826.27M	879.63M	908.33M	916.38M	948.79M	982.58M	1.05B	1.09B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	830.56M	763.49M	640.61M	583.43M	436.2M	337.33M	-160.64M	58.71M	60.72M	61.65M
G&A Expenses	64.66M	57.84M	52.22M	53.81M	52.76M	48.3M	56.51M	58.71M	60.72M	61.65M
EBITDA+	1.78B	1.57B	1.75B	1.9B	2.19B	2.14B	2.51B	2.59B	2.67B	2.79B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	769.28M	709.08M	747.58M	790.12M	831.08M	820.83M	838.27M	894.33M	901.5M	966.74M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	1.01B	856.09M	1B	1.11B	1.36B	1.32B	1.68B	1.69B	1.77B	1.82B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	0	0	0	0	0	0	0	0	0	285.74M
Interest Coverage	-	-	-	-	-	-	-	-	-	6.38x
Non-Operating Income	0	0	155.36M	256.11M	447.64M	531.81M	1.06B	882.17M	888.71M	952.19M
Pretax Income+	908.54M	4.48B	628.86M	686.07M	1.01B	963.35M	1.4B	807.89M	869.64M	1.07B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	917K	1.61M	478K	878K	-2.28M	852K	915K	900K	1.15M	1.26M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	870.12M	4.29B	603.45M	657.53M	970.38M	913.64M	1.33B	776.91M	835.44M	1.04B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.38%	3.93%	-0.86%	0.09%	0.48%	-0.06%	0.46%	-0.42%	0.08%	0.24%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.18%	2.05%	-0.73%	0.07%	0.24%	-0.04%	0.25%	-0.23%	0.04%	0.15%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	2.29	11.24	1.58	1.71	2.50	2.27	3.54	2.05	2.13	2.72
EPS Growth %	0.37%	3.91%	-0.86%	0.08%	0.46%	-0.09%	0.56%	-0.42%	0.04%	0.28%
EPS (Basic)	2.39	11.76	1.64	1.79	2.61	2.36	3.56	2.06	2.20	2.73
Diluted Shares Outstanding	380.62M	381.99M	382.68M	383.69M	386.33M	385.87M	388.09M	389.45M	390.9M	390.74M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	23.16B	20.7B	20.57B	20.39B	21.17B	20.29B	21.17B	20.22B	20.03B	20.83B
Asset Growth %	0.01%	-0.11%	-0.01%	-0.01%	0.04%	-0.04%	0.04%	-0.04%	-0.01%	0.04%
Real Estate & Other Assets+	20.71B	20.42B	20.41B	20.22B	20.49B	19.64B	20.21B	19.34B	19.16B	19.83B
PP&E (Net)	20.12B	19.91B	19.89B	19.72B	512.77M	499.29M	474.71M	462.96M	457.27M	455.44M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	2.34B	219.09M	100.76M	116.31M	117M	99.73M	360.24M	137.17M	140M	160.17M
Cash & Equivalents	42.28M	77.21M	50.65M	47.44M	45.75M	42.59M	123.83M	53.87M	50.74M	62.3M
Receivables	0	0	0	0	0	0	0	0	0	1000K
Other Current Assets	112.84M	141.88M	50.12M	68.87M	71.25M	57.14M	236.4M	83.3M	89.25M	82.38M
Intangible Assets	166.06M	161.54M	170.74M	166.23M	0	0	0	0	0	0
Total Liabilities	11.89B	9.8B	9.73B	9.62B	10.16B	9.18B	9.48B	8.52B	8.46B	9.25B
Total Debt+	10.97B	8.99B	8.96B	8.82B	9.37B	8.37B	8.65B	7.73B	7.7B	8.43B
Net Debt	10.93B	8.91B	8.91B	8.77B	9.32B	8.33B	8.53B	7.68B	7.65B	8.36B
Long-Term Debt	10.53B	8.97B	8.66B	8.32B	8.02B	7.63B	8.03B	7.3B	6.98B	7.58B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	37.28M	37.28M	37.28M	331.33M	329.13M	312.33M	308.75M	311.64M	304.9M
Total Current Liabilities+	869M	420.72M	665.39M	870.88M	1.4B	820.35M	725.05M	536.91M	821.46M	980.7M
Accounts Payable	187.12M	147.48M	114.77M	102.47M	94.35M	107.37M	107.01M	96.03M	87.38M	99.35M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	443.97M	413.09M	406.86M	425.82M	417.02M	405.54M	419.24M	375.88M	341.77M	386.17M
Total Equity+	11.26B	10.9B	10.84B	10.78B	11.01B	11.1B	11.69B	11.7B	11.58B	11.58B
Equity Growth %	0%	-0.03%	-0.01%	-0.01%	0.02%	0.01%	0.05%	0%	-0.01%	0%
Shareholders Equity	10.47B	10.23B	10.24B	10.17B	10.32B	10.53B	10.95B	11.17B	11.09B	11.04B
Minority Interest	792.77M	674M	598.35M	605.55M	692.42M	576.79M	731.24M	527.51M	492.55M	539.79M
Common Stock	3.65M	3.66M	3.68M	3.69M	3.72M	3.72M	3.75M	3.78M	3.79M	3.79M
Additional Paid-in Capital	8.57B	8.76B	8.89B	8.94B	8.97B	9.13B	9.12B	9.48B	9.6B	9.61B
Retained Earnings	2.01B	1.54B	1.4B	1.26B	1.39B	1.4B	1.83B	1.66B	1.44B	1.41B
Preferred Stock	37.28M	37.28M	37.28M	37.28M	37.28M	37.28M	37.28M	37.28M	37.28M	17.16M
Return on Assets (ROA)	0.04%	0.2%	0.03%	0.03%	0.05%	0.04%	0.06%	0.04%	0.04%	0.05%
Return on Equity (ROE)	0.08%	0.39%	0.06%	0.06%	0.09%	0.08%	0.12%	0.07%	0.07%	0.09%
Debt / Assets	0.47%	0.43%	0.44%	0.43%	0.44%	0.41%	0.41%	0.38%	0.38%	0.4%
Debt / Equity	0.97x	0.82x	0.83x	0.82x	0.85x	0.75x	0.74x	0.66x	0.67x	0.73x
Net Debt / EBITDA	6.14x	5.69x	5.08x	4.60x	4.26x	3.90x	3.39x	2.97x	2.87x	3.00x
Book Value per Share	29.59	28.54	28.33	28.09	28.49	28.77	30.11	30.04	29.62	29.65

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.36B	1.21B	1.27B	1.36B	1.46B	1.27B	1.26B	1.45B	1.53B	1.57B
Operating CF Growth %	0.02%	-0.11%	0.04%	0.07%	0.07%	-0.13%	-0%	0.15%	0.05%	0.03%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	908.02M	4.48B	628.38M	685.19M	1.01B	962.5M	1.4B	807M	868.49M	1.07B
Depreciation & Amortization	769.28M	709.08M	747.58M	790.12M	842.78M	832.44M	851.38M	894.33M	901.5M	966.74M
Stock-Based Compensation	34.61M	30.53M	25M	27.13M	24.45M	23.17M	27.81M	29.51M	31.82M	31.29M
Other Non-Cash Items	-321.7M	-3.96B	-122.26M	-171.79M	-449.49M	-478.54M	-1.05B	-271.38M	-271.17M	-534.53M
Working Capital Changes	-33.57M	-40.57M	-12.91M	25.65M	29.54M	-74.04M	29.73M	-4.69M	2.16M	39.13M
Cash from Investing+	-695.81M	5.9B	-594.3M	-376.83M	-771.82M	663.59M	-434.62M	107.79M	-409.5M	-1.18B
Acquisitions (Net)	-23.02M	-5.27M	-6.03M	-6.57M	-9.6M	-5.78M	-79.79M	-159.7M	-47.87M	-109.72M
Purchase of Investments	-23.02M	-5.27M	0	0	-269K	-773K	-168.29M	-2.06M	-2.5M	0
Sale of Investments	1000K	1000K	0	0	0	0	1000K	1000K	1000K	1000K
Other Investing	-648.32M	5.85B	-586.76M	-365.76M	-757M	690.23M	-376.24M	270.02M	-360.32M	-1.08B
Cash from Financing+	-666.17M	-7.05B	-789.82M	-963.91M	-684.47M	-1.95B	-565.06M	-1.79B	-1.12B	-376.95M
Dividends Paid	-788.11M	-4.77B	-742.47M	-785.99M	-834.2M	-887.03M	-903.56M	-934.1M	-993.24M	-1.02B
Common Dividends	-784.75M	-4.77B	-739.38M	-782.12M	-831.11M	-883.94M	-900.47M	-931.78M	-990.15M	-1.02B
Debt Issuance (Net)	1000K	-1000K	-1000K	-1000K	1000K	-1000K	1000K	-1000K	-1000K	1000K
Share Repurchases	-16.21M	0	0	0	0	0	0	0	-49.1M	-38.47M
Other Financing	6M	-317.81M	-17.48M	-16.01M	-24.6M	-57.28M	47.05M	-61.8M	8.41M	-19M
Net Change in Cash+	-5.35M	63.97M	-118.33M	15.55M	686K	-17.27M	260.51M	-223.06M	2.82M	20.17M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	160.47M	155.12M	219.09M	100.76M	116.31M	117M	99.73M	360.24M	137.17M	140M
Cash at End	155.12M	219.09M	100.76M	116.31M	117M	99.73M	360.24M	137.17M	140M	160.17M
Free Cash Flow+	1.11B	984.76M	1.04B	1.16B	1.27B	1.1B	1.09B	1.22B	1.2B	1.25B
FCF Growth %	0.03%	-0.11%	0.05%	0.12%	0.09%	-0.13%	-0.01%	0.12%	-0.02%	0.05%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	4.31	13.09	3.53	3.77	4.66	4.49	5.59	4.29	4.44	5.13
FFO Payout Ratio	47.87%	95.41%	54.73%	54.03%	46.14%	50.96%	41.47%	55.75%	57.01%	50.89%
NOI Margin	67.02%	66.76%	66.57%	65.88%	66.37%	64.37%	61.49%	64.08%	63.59%	63.27%
Net Debt / EBITDA	6.14x	5.69x	5.08x	4.60x	4.26x	3.90x	3.39x	2.97x	2.87x	3.00x
Debt / Assets	47.37%	43.41%	43.54%	43.24%	44.25%	41.27%	40.88%	38.25%	38.44%	40.45%
Interest Coverage	-	-	-	-	-	-	-	-	-	6.38x
Book Value / Share	29.59	28.54	28.33	28.09	28.49	28.77	30.11	30.04	29.62	29.65
Revenue Growth	4.98%	-11.63%	1.88%	4.3%	4.77%	-4.78%	-4.19%	11.01%	5.07%	3.69%

Revenue by Segment

	2010	2011	2012	2015	2016	2017	2018	2019	2020
Other Rental Income	-	-	-	-	-	-	-	92.6M	57.52M
Other Rental Income Growth	-	-	-	-	-	-	-	-	-37.89%
Other Revenue	-	-	-	-	-	-	69.55M	-	35.31M
Other Revenue Growth	-	-	-	-	-	-	-	-	-
Parking Revenue	-	-	-	-	-	-	26.74M	-	22.21M
Parking Revenue Growth	-	-	-	-	-	-	-	-	-
Utility Recoveries	-	-	-	-	-	-	63.22M	-	-
Utility Recoveries Growth	-	-	-	-	-	-	-	-	-
Same Store Non Same Store And Other	-	-	-	-	-	2.47B	-	-	-
Same Store Non Same Store And Other Growth	-	-	-	-	-	-	-	-	-
Same Store	-	-	-	-	-	1.84M	-	-	-
Same Store Growth	-	-	-	-	-	-	-	-	-
Starwood Portfolio	-	-	-	427.43M	30.79M	-	-	-	-
Starwood Portfolio Growth	-	-	-	-	-92.80%	-	-	-	-
Northeast	686.89M	742.31M	818.07M	-	-	-	-	-	-
Northeast Growth	-	8.07%	10.21%	-	-	-	-	-	-
Southwest	450.98M	471.96M	502.87M	-	-	-	-	-	-
Southwest Growth	-	4.65%	6.55%	-	-	-	-	-	-
Northwest	371.17M	387.25M	441.23M	-	-	-	-	-	-
Northwest Growth	-	4.33%	13.94%	-	-	-	-	-	-
Southeast	392.75M	373.42M	352.04M	-	-	-	-	-	-
Southeast Growth	-	-4.92%	-5.73%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Equity Residential (EQR) has a price-to-earnings (P/E) ratio of 22.5x. This is roughly in line with market averages.

Growth & Financials

Equity Residential (EQR) reported $3.08B in revenue for fiscal year 2024. This represents a 55% increase from $1.99B in 2011.

Equity Residential (EQR) grew revenue by 3.7% over the past year. Growth has been modest.

Yes, Equity Residential (EQR) is profitable, generating $1.16B in net income for fiscal year 2024 (34.8% net margin).

Dividend & Returns

Yes, Equity Residential (EQR) pays a dividend with a yield of 4.26%. This makes it attractive for income-focused investors.

Equity Residential (EQR) has a return on equity (ROE) of 8.9%. This is below average, suggesting room for improvement.

Industry Metrics

Equity Residential (EQR) generated Funds From Operations (FFO) of $2.18B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Equity Residential (EQR) offers a 4.26% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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