Equity Residential (VMRK)
Owner and operator of upscale rental apartments in U.S. coastal gateway cities.
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Equity Residential is a publicly traded apartment REIT that owns and operates roughly eighty-four thousand upscale apartments spread across coastal gateway cities and selected Sunbelt markets. Its revenue comes from leasing to higher-income renters in high-barrier urban locations, with growth driven by disciplined capital recycling between coastal and expansion markets.
Equity Residential owns and operates apartment communities targeting higher-income renters in the coastal gateway cities of the United States. Founded through Sam Zell's Equity Group Investments in 1968 and taken public in 1993 as an UPREIT on the NYSE, the company spent its first decade assembling a national multifamily portfolio under CEO Douglas Crocker, then pivoted sharply under David Neithercut to concentrate in high-barrier coastal markets — shedding affordable and Sunbelt assets and co-acquiring Archstone from Lehman Brothers' estate in 2013.
Under Mark Parrell since 2019, EQR has extended its coastal platform toward Sunbelt expansion markets — Atlanta, Dallas/Ft. Worth, Denver, and Austin — targeting a quarter of NOI from those markets. The portfolio spans roughly eighty-four thousand apartments across more than three hundred properties. The business depends on rent-growth conditions in supply-constrained urban markets and on regulatory environments in New York and California. In May 2026, EQR announced an all-stock merger of equals with AvalonBay Communities, pending shareholder approval.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 17, 2026 | Scotiabank | Reiterate | Rating: —Target: $70 | Target: $66 |
| Sep 15, 2026 | UBS | Reiterate | Rating: —Target: $73 | Target: $75 |
| Sep 8, 2026 | Mizuho Securities | Target | Target: $70 | Target: $73 |
| Sep 8, 2026 | Mizuho | Upgrade | ||
| Sep 2, 2026 | Barclays | Reiterate | Rating: —Target: $76 | Target: $75 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $36.4M · Total debt $8.57B · Total assets $20.28B · Shareholders' equity $10.51B
- Revenue
- $785.0M
- Operating income
- $218.9M
- Net income
- $114.1M
HistoryDividendAnnual yield
| Institutions | ≈ 99.07% | 371.46M shares | |
|---|---|---|---|
| 731 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.52% | 1.94M shares | |
| 30 holders · as of Sep 11, 2026 | |||
| Other | ≈ 0.41% | 1.54M shares | |
| remainder | |||
374.94M company shares as of Sep 6, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 12.19% | 45.71M | as of Jun 30, 2026 |
Norges BankInstitution | 9.29% | 34.84M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 8.29% | 31.09M | as of Jun 30, 2026 |
State Street CorpInstitution | 6.34% | 23.77M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 6.24% | 23.41M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 9, 2026 | Chris Carr | director | −1,130 | $65.28 |
| Aug 21, 2026 | Sean Thomas Willson | officer: Senior Vice President & CAO | −300 | $66.31 |
| Aug 18, 2026 | Edward M. Schulman | officer: EVP, Legal Affairs | −16,595 | $64.29 |
| Aug 19, 2026 | Sean Thomas Willson | officer: Senior Vice President & CAO | −250 | $64.32 |
| Aug 17, 2026 | Michael L. Manelis | officer: Executive Vice President & COO | −7,825 | $64.31 |
- Essex Property Trust
Pure-play West Coast apartment REIT; 63,077 homes in CA and Seattle.
- UDR
Diversified multifamily REIT; coastal + Sunbelt overlap across 21 U.S. markets.
- Mid-America Apartment Communities
Dominant Sunbelt apartment REIT; ~105K homes; competes in EQR's expansion markets.
- Camden Property Trust
Sunbelt-dominant apartment REIT with ~60K homes; overlaps in Denver and DC.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Equity Residential | $62.23 | +1.42% | $23.01B | 26.9 | 40.2 | 7.3 | +2.1% |
| Essex Property Trust | $274.87 | +1.28% | $17.44B | 42.2 | 45.5 | 9.1 | +4.1% |
| UDR | $34.26 | +1.08% | $10.89B | 21.6 | 58.2 | 6.3 | −0.0% |
| Mid-America Apartment Communities | $119.57 | +0.60% | $13.83B | 34.8 | 38.2 | 6.2 | +1.0% |
| Camden Property Trust | $99.78 | +0.97% | $9.93B | 32.8 | 105.3 | 6.3 | −0.9% |
| Median | 33.8 | 51.9 | 6.3 | +0.5% |