Equity Residential Stock Research

Market Summary

USD60.04+1.51

Market Closed

2.58%

EQR Alerts

Big fall in earnings (Y/Y)

EQR Stock Price

EQR RSI Chart

EQR Valuation

Market Cap

22.1B

Price/Earnings (Trailing)

28.51

Price/Sales (Trailing)

8.16

EV/EBITDA

11.17

Price/Free Cashflow

15.23

EQR Price/Sales (Trailing)

EQR Profitability

EBT Margin

29.95%

Return on Equity

6.95%

Return on Assets

3.84%

Free Cashflow Yield

6.57%

EQR Fundamentals

EQR Revenue

Revenue (TTM)

2.7B

Revenue Y/Y

11.54%

Revenue Q/Q

1.17%

EQR Earnings

Earnings (TTM)

776.9M

Earnings Y/Y

-69.82%

Earnings Q/Q

-50.77%

Price Action

52 Week Range

54.6092.66

(Low)(High)

Last 7 days

5.9%

Last 30 days

-6.4%

Last 90 days

-0.8%

Trailing 12 Months

-34.9%

EQR Financial Health

Debt/Equity

0.77

Debt/Cashflow

0.16

EQR Investor Care

Shares Dilution (1Y)

0.77%

Diluted EPS (TTM)

2.05

Peers (Alternatives to Equity Residential)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	51.6B	4.2B	-1.44%	-22.08%	11.87	12.35	22.43%	122.66%
DLR	27.2B	4.7B	-9.28%	-32.35%	72.05	5.8	5.96%	-77.90%
EQR	22.1B	2.7B	-6.38%	-34.89%	28.51	8.16	11.91%	-41.71%
ARE	21.2B	2.6B	-17.23%	-37.62%	40.58	8.18	22.46%	-8.68%
KIM	13.2B	1.7B	-4.07%	-25.83%	104.43	7.61	26.61%	-85.07%
MID-CAP
FRT	7.8B	1.1B	-10.62%	-21.33%	20.14	7.23	12.95%	47.42%
KRG	4.4B	802.0M	-7.55%	-9.74%	-348.31	5.49	114.83%	84.36%
VNO	2.9B	1.8B	-24.12%	-65.61%	-8.31	1.6	13.26%	-296.88%
MAC	2.2B	859.2M	-14.73%	-33.89%	-33.2	2.55	1.38%	-563.21%
SMALL-CAP
SKT	2.0B	421.4M	-0.74%	11.36%	23.04	4.64	3.35%	1705.32%
SLG	1.5B	826.7M	-33.86%	-70.35%	-18.88	1.78	-2.04%	-117.36%
AIV	1.1B	190.3M	-2.00%	-1.08%	11.69	5.66	12.08%	1950.56%
PGRE	961.5M	740.4M	-15.75%	-58.73%	-26.41	1.3	1.87%	-78.85%

Financials for Equity Residential

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q3	2021Q2
Revenue	3.7%	2,714	2,618	2,499	2,425	2,391
S&GA Expenses	0.6%	60.00	60.00	58.00	-	-
Costs and Expenses	0.6%	1,937	1,925	1,885	-	-
EBITDA	-4.4%	2,384	2,494	2,560	-	-
EBITDA Margin	-7.8%	0.88*	0.95*	1.02*	-	-
Earnings Before Taxes	-8.5%	1,207	1,320	1,414	-	-
EBT Margin	-11.7%	0.44*	0.50*	0.56*	-	-
Interest Expenses	1.5%	287	283	278	-	-
Net Income	-8.7%	1,145	1,254	1,346	-	-
Net Income Margin	-11.9%	0.42*	0.48*	0.53*	-	-
Free Cahsflow	2.0%	1,402	1,375	1,282	-	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-0.2%	20,218	20,265	20,574	20,830	21,169
Cash Equivalents	20.3%	54.00	45.00	45.00	41.00	124
Liabilities	-1.3%	8,517	8,633	9,071	9,300	9,483
Long Term Debt	-	8,421	-	-	-	-
Shareholder's Equity	1.2%	11,173	11,045	10,890	10,814	10,955
Retained Earnings	-4.5%	1,659	1,737	1,650	1,662	1,827
Additional Paid-In Capital	2.3%	9,476	9,267	9,230	9,143	9,121
Shares Outstanding	0.6%	378	376	376	376	376
Minority Interest	-3.6%	209	217	215	221	232

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	3.7%	1,455	1,402	1,375	1,282	1,260
Share Based Compensation	-3.1%	30.00	30.00	30.00	28.00	28.00
Cashflow From Investing	-8.9%	108	118	-424	-505	-434
Cashflow From Financing	-9.8%	-1,785	-1,625	-1,224	-763	-565
Dividend Payments	1.0%	932	923	913	903	900

Risks for EQR

What is the probability of a big loss on EQR?

42.3%

Probability that Equity Residential stock will be more than 20% underwater in next one year

31.5%

Probability that Equity Residential stock will be more than 30% underwater in next one year.

6.2%

Probability that Equity Residential stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does EQR drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Equity Residential was unfortunately bought at previous high price.

Drawdowns

Returns for EQR

Cumulative Returns on EQR

5.4%

10-Year Cumulative Returns

0.2%

7-Year Cumulative Returns

5-Year Cumulative Returns

0.7%

3-Year Cumulative Returns

What are the long-term rolling returns for EQR?

FIve years rolling returns for Equity Residential.

Annualized Returns

Which funds bought or sold EQR recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-27	Neo Ivy Capital Management	new	-	1,184,000	1,184,000	0.80%
2023-03-23	MetLife Investment Management, LLC	reduced	-1.16	-806,104	5,277,370	0.04%
2023-03-17	American Portfolios Advisors	reduced	-15.15	-5,011	18,822	-%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-0.34	-2,187,700	15,283,300	0.02%
2023-03-07	Investure, LLC	unchanged	-	-2,168,440	15,564,200	3.04%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-8.05	-120,000	500,000	-%
2023-03-03	TIAA, FSB	sold off	-100	-674,000	-	-%
2023-02-28	Bull Street Advisors, LLC	unchanged	-	-67,000	484,000	0.25%
2023-02-28	Voya Investment Management LLC	added	5.59	-635,866	8,049,130	0.01%
2023-02-24	National Pension Service	added	8.67	-1,061,990	32,394,500	0.06%

Latest Funds Activity

Are funds buying EQR calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own EQR

No. of Funds

EQR Alerts

Big fall in earnings (Y/Y)

Equity Residential News

Schedule 13G FIlings of Equity Residential

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	price t rowe associates inc /md/	4.4%	16,647,643	SC 13G/A
Feb 14, 2023	norges bank	8.17%	30,886,593	SC 13G/A
Feb 09, 2023	vanguard group inc	15.25%	57,630,717	SC 13G/A
Feb 08, 2023	state street corp	6.30%	23,813,619	SC 13G/A
Jan 31, 2023	blackrock inc.	10.7%	40,577,530	SC 13G/A
Feb 14, 2022	price t rowe associates inc /md/	6.0%	22,793,532	SC 13G
Feb 11, 2022	state street corp	6.23%	23,380,170	SC 13G/A
Feb 10, 2022	vanguard group inc	15.01%	56,289,336	SC 13G/A
Feb 08, 2022	norges bank	8.04%	30,158,685	SC 13G/A
Jan 27, 2022	blackrock inc.	10.4%	39,022,849	SC 13G/A

EQR Fair Value

Equity Residential fair value in different scenarios

The table shows the Fair Value estimates for Equity Residential for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	41.61 -30.70%	68.21 13.61%	141.67 135.96%	518.88 764.22%	791.71 1218.64%
Current Inflation	39.79 -33.73%	62.65 4.35%	125.41 108.88%	445.00 641.17%	672.68 1020.39%
Very High Inflation	37.43 -37.66%	55.88 -6.93%	106.37 77.17%	360.41 500.28%	537.64 795.47%

Historical Equity Residential Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Equity Residential

View All Filings

Date Filed	Form Type	Document
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Feb 17, 2023	4	Insider Trading
Feb 17, 2023	4	Insider Trading
Feb 17, 2023	4	Insider Trading
Feb 17, 2023	4	Insider Trading
Feb 17, 2023	4	Insider Trading
Feb 17, 2023	4	Insider Trading
Feb 17, 2023	4	Insider Trading

Latest Insider Trading transactions for EQR

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-28	STERRETT STEPHEN E	acquired	99,961	53.03	1,885	-
2023-02-28	ZELL SAMUEL	acquired	99,961	53.03	1,885	-
2023-02-28	Kaufman Ian	acquired	7,371	53.03	139	chief accounting officer
2023-02-16	HABEN MARY KAY	acquired	161,327	48.1	3,354	-
2023-02-16	HABEN MARY KAY	sold	-222,135	66.23	-3,354	-
2023-02-15	Carraway Catherine	acquired	-	-	3,378	evp & chro
2023-02-15	Kaufman Ian	acquired	-	-	3,106	chief accounting officer
2023-02-15	Manelis Michael L	acquired	-	-	5,490	executive vice president & coo
2023-02-15	Brackenridge Alexander	acquired	-	-	20,273	executive vice president & cio
2023-02-14	Brackenridge Alexander	sold	-220,381	66.28	-3,325	executive vice president & cio

About Equity Residential

Mark J. Parrell

www.equityapartments.com

2400

Equity 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.

EQR Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUES
Rental income	$ 2,735,180	$ 2,463,997	$ 2,571,705
EXPENSES
Property and maintenance	483,865	453,532	440,998
Real estate taxes and insurance	388,412	397,105	381,562
Property management	110,304	98,155	93,825
General and administrative	58,710	56,506	48,305
Depreciation	882,168	838,272	820,832
Total expenses	1,923,459	1,843,570	1,785,522
Net gain (loss) on sales of real estate properties	304,325	1,072,183	531,807
Impairment		(16,769)
Operating income	1,116,046	1,675,841	1,317,990
Interest and other income	2,193	25,666	5,935
Other expenses	(13,664)	(19,275)	(17,510)
Interest:
Expense incurred, net	(282,920)	(272,473)	(365,073)
Amortization of deferred financing costs	(8,729)	(8,737)	(8,939)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	812,926	1,401,022	932,403
Income and other tax (expense) benefit	(900)	(915)	(852)
Income (loss) from investments in unconsolidated entities	(5,031)	(3,398)	(3,284)
Net gain (loss) on sales of land parcels		5	34,234
Net income	806,995	1,396,714	962,501
Net (income) loss attributable to Noncontrolling Interests:
Operating Partnership	(26,310)	(45,900)	(34,010)
Net (income) loss attributable to Noncontrolling Interests - Partially Owned Properties	(3,774)	(17,964)	(14,855)
Net income attributable to controlling interests	776,911	1,332,850	913,636
Preferred distributions	(3,090)	(3,090)	(3,090)
Net income available to Common Shares	$ 773,821	$ 1,329,760	$ 910,546
Earnings per share – basic:
Net income available to Common Shares	$ 2.06	$ 3.56	$ 2.45
Weighted average Common Shares outstanding	376,209	373,833	371,791
Earnings per share – diluted:
Net income available to Common Shares	$ 2.05	$ 3.54	$ 2.45
Weighted average Common Shares outstanding	389,450	388,089	385,874

EQR Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Land	$ 5,580,878	$ 5,814,790
Depreciable property	22,334,369	22,370,811
Projects under development	112,940	24,307
Land held for development	60,567	62,998
Investment in real estate	28,088,754	28,272,906
Accumulated depreciation	(9,027,850)	(8,354,282)
Investment in real estate, net	19,060,904	19,918,624
Investments in unconsolidated entities	279,024	127,448
Cash and cash equivalents	53,869	123,832
Restricted deposits	83,303	236,404
Right-of-use assets	462,956	474,713
Other assets	278,206	288,220
Total assets	20,218,262	21,169,241
Liabilities:
Mortgage notes payable, net	1,953,438	2,191,201
Notes, net	5,342,329	5,835,222
Line of credit and commercial paper	129,955	315,030
Accounts payable and accrued expenses	96,028	107,013
Accrued interest payable	66,310	69,510
Lease liabilities	308,748	312,335
Other liabilities	306,941	353,102
Security deposits	68,940	66,141
Distributions payable	244,621	233,502
Total liabilities	8,517,310	9,483,056
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	318,273	498,977
Shareholders' equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of December 31, 2022 and December 31, 2021	37,280	37,280
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 375,527,195 shares issued and outstanding as of December 31, 2022 and 372,302,000 shares issued and outstanding as of December 31, 2021	3,784	3,755
Paid in capital	9,476,085	9,121,122
Retained earnings	1,658,837	1,827,063
Accumulated other comprehensive income (loss)	(2,547)	(34,272)
Total shareholders’ equity	11,173,439	10,954,948
Noncontrolling Interests:
Operating Partnership	209,961	214,094
Partially Owned Properties	(721)	18,166
Total Noncontrolling Interests	209,240	232,260
Total equity	11,382,679	11,187,208
Total liabilities and equity/capital	$ 20,218,262	$ 21,169,241