Equity Residential (EQR)
NYSEReal EstateReit - ResidentialSnapshot 2026-07-07
$70.15+0.31%
Close 2026-07-07 · 1-day change
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Track EQR free→Warn: Management is running behind on a stated commitment.
Equity Residential grows same store revenue about 2.2% yearly. Profit margins stay stable with same store NOI rising 1.4%. The merger with AvalonBay could boost growth and market position. Earnings per share are expected near $1.50 in 2026.
High coastal exposure risks revenue growth. Expense growth at 3.7% may pressure margins. Merger concerns could slow growth and integration. Recent earnings misses and litigation add uncertainty.
The price is about 18% above our fair value near $59 and below the Street median near $72. Analysts expect 22% revenue growth, which is optimistic versus recent trends. Our view is more cautious on growth sustainability.
Breaks if: EPS guidance falls below $1.40 for FY26
Breaks if: same store expense growth exceeds 5% YoY next year
Standing thesis, reviewed periodically — not a price target or advice.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Continue efforts to control and manage same store expense growth effectively.
Stated in 5 of last 5 quarters. Same store expenses increased 3.7% in Q1 2026 compared to Q1 2025, from $239.6M to $248.6M. The expense growth is within the guidance range, indicating management's ongoing focus on cost control.
“Same store expenses increased 3.7% in Q1 2026.”
“Same store expenses increased 3.7% for the full year of 2025.”
“Expense growth guidance set between 3.0% and 4.0%.”
“Managing same store expense growth remains a priority.”
“Focus on managing same store expense growth.”
Breaks if: same store NOI growth falls below 0% YoY next year
Continue to drive growth in same store Net Operating Income (NOI).
Stated in 5 of last 5 quarters. Same store NOI increased 1.4% in Q1 2026 compared to Q1 2025, from $491.0M to $497.9M. The growth is within the guidance range, showing consistent focus on improving NOI.
“Same store NOI increased 1.4% in Q1 2026.”
“Same store NOI increased 2.2% for the full year of 2025.”
“NOI growth guidance set between 0.5% and 2.5%.”
“Achieving same store NOI growth remains a focus.”
“Focus on achieving same store NOI growth.”
Breaks if: same store revenue growth falls below 1% YoY next year
Continue to prioritize growth in same store revenue across the portfolio.
Stated in 6 of last 6 quarters. Same store revenues increased 2.2% in Q1 2026 compared to Q1 2025, from $730.6M to $746.5M. The trajectory shows consistent growth, aligning with management's focus on this priority.
“Same store revenues increased 2.2% in Q1 2026.”
“Same store revenues increased 2.6% for the full year of 2025.”
“Same store revenue growth guidance reaffirmed at 2.6% to 3.2%.”
“Same store revenue growth expected to be between 2.6% and 3.2%.”
“Focus on same store revenue growth continues.”
“Same store revenue growth was 2.6% for 2024.”