Analyst Report: Equity Residential Properties

Summary

Equity Residential, based in Chicago, is one of the largest apartment real estate investment trusts in the U.S. The company focuses on high-quality properties and has benefited from the high cost of home ownership. Prior to the pandemic, the company’s properties were primarily in large coastal cities in four core states. Its new growth strategy is focused on 12 Sunbelt and other non-coastal markets, including expansion projects in suburban Raleigh, Atlanta, Austin, and Denver. The average EQR tenant is a professional in his or her early 30s; a group that has enjoyed recent strong employment demographics. Current average rental rates are about $3,061. About 42% of the portfolio is in California, 20% is in New York and Boston, and 8% in expansion markets. EQR owns or ha