EQUITY RESIDENTIAL

Listed Company

EQRCIK 0000906107NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$1.12B

Total Assets

$20.75B

Equity

$11.04B

Shares Out

374.67M

Op. Cash Flow

$1.65B

EQR$69.00+2.57% · past yearDBEQ Basic

Daily closing prices

Business

Equity Residential is a publicly traded REIT that owns and operates multifamily rental apartment properties across major U.S. metropolitan areas. The company focuses on high-quality rental communities in coastal markets including Boston, New York, Washington D.C., Los Angeles, San Francisco, and Seattle, with additional presence in Denver, Atlanta, Dallas/Fort Worth, and Austin. EQR's strategy emphasizes serving affluent, knowledge-based workers through technology-enabled operations, disciplined capital allocation, and a diversified portfolio balanced between urban and suburban submarkets.

Summary from 10-K filed 2026-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental income	3,094	2,980	2,874	3,094	2,464
Property and maintenance	565	530	515	484	454
Real estate taxes and insurance	450	432	412	388	397
Property management	133	133	120	110	98
General and administrative	65	62	61	59	57
Depreciation	1,010	952	889	882	838
Total expenses	2,224	2,108	1,996	1,923	1,844
Net gain (loss) on sales of real estate properties	626	547	283	304	1,072
Interest and other income	52	30	22	2	26
Other expenses	−60	−74	−29	−14	−19
Expense incurred, net	−307	−286	−270	−283	−272
Amortization of deferred financing costs	−9	−8	−9	−9	−9
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	1,173	1,081	875	813	1,401
Income and other tax (expense) benefit	−2	−1	−1	−900,000	−915,000
Income (loss) from investments in unconsolidated entities	−19	−9	−5	−5	−3
Net gain (loss) on sales of land parcels	−80,000	—	—	—	5,000
Net income	1,152	1,071	868	807	1,397
Operating Partnership	−27	−29	−27	−26	−46
Partially Owned Properties	−4	−6	−6	−4	−18
Net income attributable to controlling interests	1,120	1,036	835	777	1,333
Preferred distributions	−1	−2	−3	−3	−3
Premium on redemption of Preferred Shares	—	−1	—	—	—
Net income available to Common Shares	1,119	1,033	832	774	1,330
Net income available to Common Shares (per share)	2.95	2.73	2.2	2.06	3.56
Weighted average Common Shares outstanding	380	379	379	376	374
Net income available to Common Shares (per share)	2.94	2.72	2.2	2.05	3.54
Weighted average Common Shares outstanding	390	391	391	389	388

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	5,563	5,607	5,582	5,581	5,815
Depreciable property	24,706	24,039	22,938	22,334	22,371
Projects under development	101	262	78	113	24
Land held for development	86	63	114	61	63
Investment in real estate	30,456	29,971	28,713	28,089	28,273
Accumulated depreciation	−11,017	−10,412	−9,810	−9,028	−8,354
Investment in real estate, net	19,439	19,558	18,902	19,061	19,919
Investments in unconsolidated entities	326	387	282	279	127
Cash and cash equivalents	56	62	51	54	124
Restricted deposits	103	98	89	83	236
Right-of-use assets	455	455	457	463	475
Other assets	367	274	253	278	288
Total assets	20,746	20,834	20,035	20,218	21,169
Mortgage notes payable, net	1,590	1,631	1,633	1,953	2,191
Notes, net	5,998	5,947	5,348	5,342	5,835
Line of credit and commercial paper	587	544	409	130	315
Accounts payable and accrued expenses	109	99	87	96	107
Accrued interest payable	74	74	66	66	70
Lease liabilities	305	305	312	309	312
Other liabilities	325	311	273	307	353
Security deposits	82	76	69	69	66
Distributions payable	268	263	259	245	234
Total liabilities	9,337	9,250	8,456	8,517	9,483
Commitments and contingencies	—	—	—	—	—
Redeemable Noncontrolling Interests Operating Partnership	176	339	289	318	499
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 343,100 shares issued and outstanding as of December 31, 2025 and December 31, 2024	17	17	37	37	37
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 377,806,173 shares issued and outstanding as of December 31, 2025 and 379,475,383 shares issued and outstanding as of December 31, 2024	4	4	4	4	4
Paid in capital	9,824	9,612	9,602	9,476	9,121
Retained earnings	1,194	1,408	1,437	1,659	1,827
Accumulated other comprehensive income (loss)	2	4	6	−3	−34
Total shareholders equity	11,041	11,045	11,086	11,173	10,955
Operating Partnership	192	202	202	210	214
Partially Owned Properties	−789,000	−718,000	994,000	−721,000	18
Total Noncontrolling Interests	191	201	203	209	232
Total equity	11,233	11,246	11,289	11,383	11,187
Total liabilities and equity/capital	20,746	20,834	20,035	20,218	21,169

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of deferred financing costs	9	8	9	9	9
Amortization of discounts and premiums on debt	5	5	4	5	5
Amortization of deferred settlements on derivative instruments	1	2	4	11	9
Amortization of right-of-use assets	13	15	13	12	13
Write-off of pursuit costs	8	5	4	5	7
Distributions from unconsolidated entities return on capital	5	555,000	559,000	398,000	56,000
Net (gain) loss on sales of land parcels	80,000	—	—	—	—
Realized (gain) loss on investment securities	51,000	2	−2	−2	−23
Unrealized (gain) loss on investment securities	−25	−20	−13	—	—
Compensation paid with Company Common Shares	32	31	32	30	28
(Increase) decrease in other assets	−9	−12	−10	11	6
Increase (decrease) in accounts payable and accrued expenses	15	3	9	−266,000	15
Increase (decrease) in accrued interest payable	−316,000	8	−594,000	−3	4
Increase (decrease) in lease liabilities	−2	−4	−2	−2	−5
Increase (decrease) in other liabilities	36	37	5	−13	4
Increase (decrease) in security deposits	6	6	238,000	3	6
Net cash provided by operating activities	1,649	1,574	1,533	1,455	1,260
Investment in real estate acquisitions	−662	−1,595	−324	−113	−1,712
Investment in real estate development/other	−112	−130	−78	−109	−206
Capital expenditures to real estate	−342	−301	−319	−221	−151
Non-real estate capital additions	−5	−3	−2	−4	−2
Interest capitalized for real estate and unconsolidated entities under development	−12	−14	−12	−7	−16
Proceeds from disposition of real estate, net	1,107	960	374	720	1,708
Investments in unconsolidated entities acquisitions	—	−31	−3	−50	−49
Investments in unconsolidated entities - development/other	−86	−78	−47	−110	−31
Distributions from unconsolidated entities return of capital	14	1	42,000	300,000	2
Purchase of investment securities and other investments	−250,000	—	−3	−2	−168
Proceeds from sale of investment securities	1	15	3	4	191
Mortgage receivables from unconsolidated entities - issuances	−102	—	—	—	—
Mortgage receivables from unconsolidated entities - repayments	46	—	—	—	—
Consolidation of previously unconsolidated entities	−168	—	2	—	—
Net cash provided by (used for) investing activities	−321	−1,176	−410	108	−435
Debt financing costs	−14	−5	−4	−10	−6
Proceeds	—	—	573	48	58
Lump sum payoffs	−38	—	−933	−286	−157
Scheduled principal repayments	−7	−6	−3	−3	−7
Proceeds	499	598	—	—	497
Lump sum payoffs	−450	—	—	−500	—
Line of credit proceeds	—	392	—	—	10
Line of credit repayments	—	−392	—	—	−10
Commercial paper proceeds	47,905	33,116	6,124	6,036	7,590
Commercial paper repayments	−47,862	−32,982	−5,845	−6,221	−7,690
Proceeds from (payments on) settlement of derivative instruments	−4	−4	25	—	—
Finance ground lease principal payments	−3	−3	−3	−2	−365,000
Proceeds from Employee Share Purchase Plan (ESPP)	3	4	4	4	4
Proceeds from exercise of options	5	23	24	25	85
Common Shares repurchased and retired	−281	−38	−49	—	—
Redemption of Preferred Shares	—	−20	—	—	—
Premium on redemption of Preferred Shares	—	−1	—	—	—
Payment of offering costs	−763,000	—	—	−783,000	−428,000
Other financing activities, net	−105,000	−94,000	−75,000	−63,000	−63,000
Acquisition of Noncontrolling Interests - Partially Owned Properties	—	−3	−4	−32	—
Contributions Noncontrolling Interests Partially Owned Properties	—	583,000	9,000	603,000	1
Contributions Noncontrolling Interests Operating Partnership	5,000	2,000	1,000	1,000	—
Common Shares	−1,046	−1,019	−990	−932	−900
Preferred Shares	−1	−2	−3	−2	−3
Noncontrolling Interests Operating Partnership	−30	−30	−30	−30	−31
Noncontrolling Interests Partially Owned Properties	−4	−3	−6	−18	−6
Net cash provided by (used for) financing activities	−1,329	−377	−1,120	−1,786	−565
Net increase (decrease) in cash and cash equivalents and restricted deposits	−1	20	3	−223	261
Cash paid for interest, net of amounts capitalized	274	241	249	268	253
Net cash paid (received) for income and other taxes	1	1	1	748,000	1
Mortgage loans assumed	—	—	42	—	—
Investment in real estate, net	—	—	−211,000	−506,000	−353,000
Other assets	3	3	3	3	2
Mortgage notes payable, net	1	1	3	2	3
Notes, net	5	4	4	4	4
Mortgage notes payable, net	3	3	2	2	3
Notes, net	2	2	2	3	3
Other liabilities	−12,000	−11,000	−12,000	−12,000	−12,000
Investment in real estate, net	4	3	527,000	1	6
Investments in unconsolidated entities	3	2	2	3	—
Other assets	366,000	629,000	934,000	732,000	582,000
Investments in unconsolidated entities	18	8	4	4	2
Other liabilities	479,000	1	1	1	1
Other assets	−89,000	—	−4	−22	—
Other liabilities	4	4	−765,000	1	—
Investment in real estate, net	−662	−1,574	−324	−113	—
Right-of-use assets	—	−13	—	—	—
Other assets	—	−8	—	—	—
Investment in real estate, net	−7	−6	−4	−2	−15
Investments in unconsolidated entities	−6	−8	−8	−5	−614,000
Investments in unconsolidated entities	−65	−76	−46	−109	−31
Other liabilities	−21	−2	−1	−1	−2
Investment in real estate, net	−257	—	−50	—	—
Investments in unconsolidated entities	90	—	46	—	—
Right-of-use assets	−7	—	—	—	—
Other assets	3,000	—	—	—	—
Accounts payable and accrued expenses	5	—	75,000	—	—
Other liabilities	269,000	—	2	—	—
Security deposits	480,000	—	—	—	—
Noncontrolling Interests - Partially Owned Properties	—	—	4	—	—
Other assets	−9	—	—	−10	229,000
Mortgage notes payable, net	—	—	−4	−228,000	−2
Notes, net	−5	−5	—	−100,000	−4
Other assets	89,000	—	26	—	—
Other liabilities	−4	−4	−444,000	—	—
Right-of-use assets	−5	—	−7	−400,000	11
Lease liabilities	5	—	7	400,000	−11
Investments in unconsolidated entities	692,000	—	636,000	4	1
Other assets	−692,000	—	−636,000	−4	−1
Other assets	3	−1	25	31	—
Other liabilities	−2	2	−57	−31	—
Paid in capital	−502,000	−594,000	32	−269,000	—

Filings

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Frequently asked questions

What is EQUITY RESIDENTIAL's CIK number?

EQUITY RESIDENTIAL's SEC CIK number is 0000906107 (906107). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find EQUITY RESIDENTIAL's SEC filings?

All of EQUITY RESIDENTIAL's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did EQUITY RESIDENTIAL last report earnings?

EQUITY RESIDENTIAL (EQR) most recently filed an earnings 8-K with the SEC on Apr 28, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-187339). This is EQUITY RESIDENTIAL's most recent earnings filing of record — not a forecast of its next earnings date.

What is EQUITY RESIDENTIAL's most recent earnings 8-K?

EQUITY RESIDENTIAL's latest earnings 8-K (Item 2.02) was filed Apr 28, 2026 under accession 0001193125-26-187339. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View EQUITY RESIDENTIAL's latest earnings 8-K →
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