EQ
Equity Residential
EQR—
Equity Residential AI Insights
Informational only. Not investment advice.Snapshot
- EPS declined 32% over 3Y while paying out 3x earnings in dividends (5Y avg payout ratio 301%) - unsustainable without asset sales[EPS Growth 3Y / Dividend Payout Ratio Avg 5Y]
- Net margin 37.6% TTM vs industry median 14.7% - 2.6x advantage from premium urban apartment portfolio[Net Margin TTM]
- Debt/equity 0.79 with 8.7B total debt vs 93M cash - interest expense 308M TTM consumes 20% of EBIT[Debt to Equity / Total Debt]
Watch Triggers
- EPS TTM: Falls below $1.00 or rises above $1.80 — Current $1.32 EPS cannot support $2.75 dividend; inflection determines payout sustainability
- Gain on Sale of Security: Declines below $50M annually — 143M asset sale gains currently subsidizing dividend; depletion signals cut risk
- Interest Expense TTM: Exceeds $350M — Currently 308M; refinancing 846M current debt at higher rates compresses margins
Bull Case
Premium urban apartment REIT with 37.6% net margin (2.6x industry) and 1.3B FCF TTM provides durable cash generation from irreplaceable coastal assets
Net Margin TTMFree Cash Flow TTM
ROE 10.6% and ROIC 5.9% both exceed industry medians (4.5% and 1.6%) despite high-rate environment headwinds
ROE TTMROIC TTM
Bear Case
P/E 46x vs industry median 31x (50% premium) with declining EPS (-32% 3Y) suggests valuation assumes recovery not yet visible
PE RatioEPS Growth 3Y
8.7B debt (79% of equity) with only 93M cash creates refinancing risk as 846M current debt matures
Total DebtCurrent DebtCash and Equivalents
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
40%
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Forward Thesis
Dividend sustainability at risk without continued asset dispositions or EPS recovery
1-3yhigh
- 301% 5Y avg payout ratio mathematically unsustainable
- 142M gain on security sales masks operating weakness
- EPS -32% 3Y trend continuing
Dividend $2.75/share vs EPS $1.32 TTMGain on sale of security 143M TTMEPS Growth 3Y: -32.3%
Valuation Context
Caveats
Public Strategies Rankings
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EQR Fundamentals
Real Estate and Rental and Leasing → Real Estate
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$24.26B | — | ||
$32.9B | — | ||
47 | — | ||
$3.08B | +4.7% | — | |
$1.32 | -5.3% | — | |
27.9% | -2.6% | — | |
37.6% | +6.0% | — | |
$1.29B | +4.6% | — | |
0.11 | +2.1% | — | |
Beta 5Y (Monthly) | unknown | — |
EQR Dividend History
105 dividends
2026
$0.692501/02/26$0.6925
2025
$2.752509/25/25$0.6925
06/24/25$0.6925
03/31/25$0.6925
01/02/25$0.6750
2024
$2.025009/24/24$0.6750
07/01/24$0.6750
03/22/24$0.6750
2023
$2.650012/29/23$0.6625
09/25/23$0.6625
06/23/23$0.6625
03/24/23$0.6625
2022
$2.500012/30/22$0.6250
09/23/22$0.6250
06/24/22$0.6250
03/25/22$0.6250
2021
$2.410012/31/21$0.6025
09/24/21$0.6025
06/25/21$0.6025
03/26/21$0.6025
2020
$2.410012/31/20$0.6025
09/24/20$0.6025
06/19/20$0.6025
03/20/20$0.6025
2019
$2.270012/31/19$0.5675
09/27/19$0.5675
06/27/19$0.5675
03/22/19$0.5675
2018
$2.160012/31/18$0.5400
09/21/18$0.5400
06/22/18$0.5400
03/23/18$0.5400
2017
$2.015012/29/17$0.5038
09/22/17$0.5038
06/22/17$0.5038
03/23/17$0.5038
2016
$13.015012/22/16$0.5038
09/22/16$3.5038
06/23/16$0.5038
03/22/16$0.5038
03/01/16$8.0000
2015
$2.210012/23/15$0.5525
09/17/15$0.5525
06/24/15$0.5525
03/19/15$0.5525
2014
$2.000012/23/14$0.5000
09/18/14$0.5000
06/19/14$0.5000
03/20/14$0.5000
2013
$1.850012/24/13$0.6500
09/19/13$0.4000
06/20/13$0.4000
03/20/13$0.4000
2012
$1.780012/19/12$0.7675
09/19/12$0.3375
06/20/12$0.3375
03/21/12$0.3375
2011
$1.580012/15/11$0.5675
09/16/11$0.3375
06/16/11$0.3375
03/17/11$0.3375
2010
$1.470012/16/10$0.4575
09/16/10$0.3375
06/16/10$0.3375
03/11/10$0.3375
2009
$1.640012/17/09$0.3375
09/17/09$0.3375
06/11/09$0.4825
03/12/09$0.4825
2008
$1.930012/18/08$0.4825
09/11/08$0.4825
06/12/08$0.4825
03/13/08$0.4825
2007
$1.870012/20/07$0.4825
09/13/07$0.4625
06/14/07$0.4625
03/15/07$0.4625
2006
$1.790012/20/06$0.4625
09/14/06$0.4425
06/15/06$0.4425
03/16/06$0.4425
2005
$1.740012/15/05$0.4425
09/15/05$0.4325
06/15/05$0.4325
03/16/05$0.4325
2004
$1.730012/15/04$0.4325
09/15/04$0.4325
06/16/04$0.4325
03/17/04$0.4325
2003
$1.730012/17/03$0.4325
09/17/03$0.4325
06/18/03$0.4325
03/18/03$0.4325
2002
$1.730012/18/02$0.4325
09/18/02$0.4325
06/18/02$0.4325
03/18/02$0.4325
2001
$2.112512/18/01$0.4325
09/18/01$0.8650
06/18/01$0.4075
03/16/01$0.4075
2000
$1.575012/15/00$0.4075
09/18/00$0.4075
06/16/00$0.3800
03/16/00$0.3800
EQR Stock Splits
1 stock split
10/12/010.5:1 split
EQR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/30/25 | 09/30/25 | 10-Q | |
08/06/25 | 06/30/25 | 10-Q | |
04/30/25 | 03/31/25 | 10-Q | |
02/13/25 | 12/31/24 | Unknown | |
11/04/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/15/24 | 12/31/23 | 10-K | |
11/02/23 | 09/30/23 | 10-Q | |
08/02/23 | 06/30/23 | 10-Q | |
04/28/23 | 03/31/23 | 10-Q | |
02/16/23 | 12/31/22 | 10-K | |
10/28/22 | 09/30/22 | 10-Q | |
07/29/22 | 06/30/22 | 10-Q | |
04/29/22 | 03/31/22 | 10-Q | |
02/17/22 | 12/31/21 | 10-K | |
10/29/21 | 09/30/21 | 10-Q | |
07/30/21 | 06/30/21 | 10-Q | |
04/30/21 | 03/31/21 | 10-Q | |
02/18/21 | 12/31/20 | 10-K | |
10/30/20 | 09/30/20 | 10-Q | |
08/03/20 | 06/30/20 | 10-Q | |
05/07/20 | 03/31/20 | 10-Q | |
02/20/20 | 12/31/19 | 10-K | |
10/30/19 | 09/30/19 | 10-Q | |
08/02/19 | 06/30/19 | 10-Q | |
05/06/19 | 03/31/19 | 10-Q | |
02/21/19 | 12/31/18 | 10-K | |
10/30/18 | 09/30/18 | 10-Q | |
08/02/18 | 06/30/18 | 10-Q | |
05/03/18 | 03/31/18 | 10-Q | |
02/22/18 | 12/31/17 | 10-K | |
11/01/17 | 09/30/17 | 10-Q | |
08/04/17 | 06/30/17 | 10-Q | |
05/04/17 | 03/31/17 | 10-Q | |
02/23/17 | 12/31/16 | 10-K | |
11/02/16 | 09/30/16 | 10-Q | |
08/04/16 | 06/30/16 | 10-Q | |
05/05/16 | 03/31/16 | 10-Q | |
02/25/16 | 12/31/15 | 10-K | |
11/05/15 | 09/30/15 | 10-Q | |
08/06/15 | 06/30/15 | 10-Q | |
05/06/15 | 03/31/15 | 10-Q | |
02/26/15 | 12/31/14 | 10-K | |
11/06/14 | 09/30/14 | 10-Q | |
08/07/14 | 06/30/14 | 10-Q | |
05/08/14 | 03/31/14 | 10-Q | |
02/27/14 | 12/31/13 | 10-K | |
11/07/13 | 09/30/13 | 10-Q | |
08/08/13 | 06/30/13 | 10-Q | |
05/09/13 | 03/31/13 | 10-Q | |
02/21/13 | 12/31/12 | 10-K | |
11/01/12 | 09/30/12 | 10-Q | |
08/02/12 | 06/30/12 | 10-Q | |
05/03/12 | 03/31/12 | 10-Q | |
02/24/12 | 12/31/11 | 10-K | |
11/04/11 | 09/30/11 | 10-Q | |
08/05/11 | 06/30/11 | 10-Q | |
05/05/11 | 03/31/11 | 10-Q | |
02/24/11 | 12/31/10 | 10-K | |
11/04/10 | 09/30/10 | 10-Q | |
08/05/10 | 06/30/10 | 10-Q | |
05/06/10 | 03/31/10 | 10-Q | |
02/25/10 | 12/31/09 | 10-K | |
11/05/09 | 09/30/09 | 10-Q | |
08/06/09 | 06/30/09 | 10-Q | |
05/07/09 | 03/31/09 | 10-Q | |
02/26/09 | 12/31/08 | 10-K | |
11/06/08 | 09/30/08 | 10-Q | |
08/07/08 | 06/30/08 | 10-Q | |
05/08/08 | 03/31/08 | 10-Q | |
02/27/08 | 12/31/07 | 10-K | |
11/07/07 | 09/30/07 | 10-Q | |
08/07/07 | 06/30/07 | 10-Q | |
05/09/07 | 03/31/07 | 10-Q | |
02/28/07 | 12/31/06 | 10-K | |
11/06/06 | 09/30/06 | 10-Q | |
08/07/06 | 06/30/06 | 10-Q | |
05/08/06 | 03/31/06 | 10-Q | |
03/08/06 | 12/31/05 | 10-K | |
11/07/05 | 09/30/05 | 10-Q | |
08/08/05 | 06/30/05 | 10-Q | |
05/09/05 | 03/31/05 | 10-Q | |
03/14/05 | 12/31/04 | 10-K | |
11/08/04 | 09/30/04 | 10-Q | |
08/06/04 | 06/30/04 | 10-Q | |
05/07/04 | 03/31/04 | 10-Q | |
03/12/04 | 12/31/03 | 10-K | |
11/13/03 | 09/30/03 | 10-Q | |
08/13/03 | 06/30/03 | 10-Q | |
05/13/03 | 03/31/03 | 10-Q | |
03/14/03 | 12/31/02 | 10-K | |
11/13/02 | 09/30/02 | 10-Q | |
08/13/02 | 06/30/02 | 10-Q | |
05/13/02 | 03/31/02 | 10-Q | |
03/07/02 | 12/31/01 | 10-K | |
11/13/01 | 09/30/01 | 10-Q | |
08/13/01 | 06/30/01 | 10-Q | |
05/11/01 | 03/31/01 | 10-Q | |
02/20/01 | 12/31/00 | 10-K | |
11/13/00 | 09/30/00 | 10-Q | |
08/10/00 | 06/30/00 | 10-Q | |
05/11/00 | 03/31/00 | 10-Q |