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.

Revenue model

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

Products and services

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

Customers and end markets

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

Value-chain role

Apartment property owner and operator; acquires, develops, and manages residential rental housing as a REIT structured through an operating partnership.

Geographic exposure

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

Source: SEC 10-K, filed 2026-02-13

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