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Equity Residential (EQR) is a company focused on the acquisition, development, and management of multifamily residential properties, primarily generating income through leasing apartment units to residents . The company's operations are geographically evaluated by market and include both same store and non-same store properties, with residential operations accounting for the vast majority of its revenue . EQR also maintains a small non-residential presence, designed as an amenity for residents, contributing a minor portion to total revenues . The company strategically optimizes its portfolio by targeting dynamic cities that attract affluent long-term renters, expanding in markets like Denver, Atlanta, Dallas/Ft. Worth, and Austin, while maintaining a strong presence in established markets such as Boston, New York, Washington, D.C., Southern California, San Francisco, and Seattle .
- Residential Operations - Manages and leases multifamily residential properties, focusing on generating rental income from apartment units across various dynamic and established markets.
- Non-Residential Amenities - Provides non-residential spaces designed as amenities for residential residents, contributing a minor portion to the company's overall revenue.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Alexander Brackenridge Executive | Executive Vice President and Chief Investment Officer | NMHC Member, ULI Member | Advanced capital allocation strategy, improved portfolio quality, and led sustainability policy efforts. | |
Barry S. Altshuler Executive | Executive Vice President – Investments | Real Estate Board of New York Executive Committee, University of Florida Real Estate Advisory Board, NMHC Member, ULI Member | Significant role in investment strategies and asset management, former President of California Apartment Association. | |
Catherine M. Carraway Executive | Executive Vice President and Chief Human Resources Officer | Co-Chair of All Stars-Chicago Board, Board Member of Connections for Abused Women and their Children | Over two decades of HR leadership at EQR, shaping HR strategies and policies. | |
Mark J. Parrell Executive | Chief Executive Officer and President | T. Rowe Price mutual funds Board Member, Real Estate Roundtable Board Member, Treasurer of Nareit, Advisory Board for Weiser Center for Real Estate, NMHC Member, Greater Chicago Food Depository Board Member | Extensive experience in capital markets, capital allocation, and real estate finance. CEO since January 2019 and President since September 2018. | View Report → |
Michael L. Manelis Executive | Executive Vice President and Chief Operating Officer | N/A | Leads property operations, achieved $2.9 billion in revenues, and implemented data analytics processes. | |
Robert A. Garechana Executive | Executive Vice President and Chief Financial Officer | N/A | Oversees finance and accounting functions, managed refinancing of $800 million secured debt, and improved ESG reporting. | |
Scott J. Fenster Executive | Executive Vice President, General Counsel, and Corporate Secretary | N/A | Managed legal aspects of transactions, compliance, and capital markets activities, achieving high performance bonus targets. | |
David J. Neithercut Board | Chairman of the Board of Trustees | Trustee of Americold Realty Trust, Lead Independent Trustee of Public Storage (until May 7, 2024) | Leading industry authority in real estate investments, former CEO of EQR, and recipient of industry leadership awards. | |
Stephen E. Sterrett Board | Lead Trustee | Chairman of Berry Global Group, Butler University Board of Trustees, First Tee Board Member | Former CFO of Simon Property Group, responsible for board evaluations and shareholder communication. |
- With your current preference for acquiring existing assets over development due to challenges like construction costs and funding issues, how do you plan to finance these acquisitions without negatively impacting shareholder value in a market where transaction volumes are increasing?
- In light of the significant supply pressures in your expansion markets such as Atlanta and Austin, how confident are you in your underwriting assumptions for rent recovery, and what risks do you foresee if supply levels remain elevated longer than expected?
- Given the substantial increase in advocacy costs related to regulatory challenges like rent control initiatives in California, how do you anticipate these regulatory pressures impacting your operations and financial performance, and what strategies are you implementing to address them?
- Considering the rising resident turnover and increased price sensitivity in markets like Southern California, how are you balancing rent growth with occupancy levels to maintain margins without driving residents to more affordable alternatives?
- With supply pressures expected to peak later this year in established markets like Seattle, how is this influencing your portfolio strategy, and what measures are you taking to mitigate potential impacts on occupancy and rent growth in these areas?
Recent press releases and 8-K filings for EQR.
- Debt issuance announcement: Equity Residential’s operating partnership, ERP Operating Limited Partnership, has agreed to issue $500 million 4.95% Notes due June 15, 2032 as part of a public offering, with the Terms Agreement dated May 1, 2025.
- Underwriting and pricing details: The offering is underwritten by firms including Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and others, with the public price at 99.716% and estimated net proceeds of approximately $495.5 million before expenses.
- Strong operating performance with same-store revenue growth beyond expectations, 96.5% occupancy and a record low resident turnover of 7.9%, positioning the company well for the leasing season.
- Guidance remains unchanged with plans for $1.5B in acquisitions and $1B in dispositions for 2025, despite economic uncertainty and evolving market conditions.
- Consistent performance across key markets—such as D.C., Seattle, and San Francisco—and cautious monitoring of risks like rent control measures support a positive near-term outlook.
- Q1 2025 results showed an EPS of $0.67, FFO per share of $0.94, and Normalized FFO per share of $0.95, reflecting a 13% decrease in EPS and modest increases in FFO and Normalized FFO compared to Q1 2024.
- The company achieved strong operational performance with same store revenue growth of 2.2%, and notable transaction activity including the sale of two properties (546 apartment units) for approximately $225.6M at a weighted average yield of 5.2%.
- Q2 2025 guidance was provided, with EPS expected between $0.49 and $0.53, FFO per share between $0.95 and $0.99, and Normalized FFO per share between $0.96 and $1.00, driven by ongoing operational adjustments.