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Equity Residential

equityapartments.com

Equity Residential (NYSE: EQR) is a real estate investment trust (REIT) that owns, operates, and acquires residential apartment properties. The company generates revenue primarily through rental income collected from residents living in its apartment communities. EQR is structured as a Maryland REIT, with all property ownership, development, and related business operations conducted through its operating partnership, ERP Operating Limited Partnership (ERPOP), an Illinois limited partnership. EQR functions as the general partner of ERPOP and holds no material assets or liabilities outside of its investment in ERPOP. All debt is incurred at the ERPOP level. EQR issues equity periodically, contributing net proceeds to ERPOP in exchange for additional partnership units on a one-for-one basis. The company filed its combined annual report on Form 10-K for the fiscal year ended December 31, 2025, on February 13, 2026, with accession number 0001193125-26-051433.

Products & Services

Residential apartment communities owned, operated, and acquired through ERP Operating Limited Partnership, including joint venture ownership interests in apartment properties.

Revenue Model

Rental income from residential apartment leases collected from residents of the company's apartment communities, operated through ERP Operating Limited Partnership.

Customers & Markets

Individual residential renters occupying apartments within the company's portfolio of multifamily communities.

Geographic Exposure

The filing excerpts do not specify individual markets or geographic revenue breakdown.

Financial Snapshot

Revenue
TTM
$3.129B
Gross Margin
TTM
62.34%
Net Income
TTM
$874.6M
Current Assets
2026 Q2
$36.41M
Current Liabilities
2026 Q2
$1.518B
Current Ratio
2026 Q2
2.4%
Total Assets
2026 Q2
$20.28B
Total Liabilities
2026 Q2
$9.761B
Book Value
2026 Q2
10.51B
Cash
2026 Q2
$36.41M
P/E
TTM
28.48
Free Cash Flow
TTM
$797.2M

Stock Price

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Market Cap: $24.913 Billion

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