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Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, owns and manages 312 rental properties consisting of 85,190 apartment units in dynamic metro areas across the U.S. with a primary concentration in major coastal markets, diversified by a targeted presence in the high-growth metro areas of Atlanta, Austin, Dallas/Ft. Worth and Denver. Equity Residential was incorporated in 1993 in Maryland, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.1B | $2.5B | $1.1B | $1.3B | 10.2% | 3.8% | 8.1% |
| 2024 | $3.0B | $2.3B | $1.0B | $1.3B | 9.4% | 3.7% | 24.0% |
| 2023 | $2.9B | $2.0B | $835M | $1.2B | 7.6% | 5.1% | 7.5% |
| 2022 | $2.7B | $2.0B | $777M | $1.2B | 7.0% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,735.18 | 2,873.96 | 2,980.11 | 3,093.96 |
| Cost Of Revenue | - | 982.58 | 1,046.49 | 1,094.56 | 1,148.53 |
| Gross Profit | - | 1,752.60 | 1,827.47 | 1,885.54 | 1,945.43 |
| Operating Expense | - | 940.88 | 949.42 | 1,013.84 | 1,075.68 |
| Operating Income | - | 811.72 | 878.05 | 871.70 | 869.75 |
| EBITDA | - | 1,990.17 | 2,046.07 | 2,333.68 | 2,502.56 |
| EBIT | - | 1,095.85 | 1,144.57 | 1,366.94 | 1,479.33 |
| Pretax Income | - | 812.93 | 875.01 | 1,081.20 | 1,172.53 |
| Tax Provision | - | 0.90 | 1.15 | 1.26 | 1.58 |
| Net Income | - | 776.91 | 835.44 | 1,035.83 | 1,120.09 |
| Net Income Common Stockholders | - | 773.82 | 832.35 | 1,032.77 | 1,118.67 |
| Total Expenses | - | 1,923.46 | 1,995.92 | 2,108.41 | 2,224.21 |
| Interest Expense | - | 282.92 | 269.56 | 285.74 | 306.80 |
| Interest Income | - | 2.19 | 22.34 | 30.33 | 52.44 |
| Selling General And Administration | - | 58.71 | 60.72 | 61.65 | 65.28 |
| Normalized EBITDA | - | 1,685.85 | 1,763.54 | 1,786.88 | 1,876.17 |
| Normalized Income | - | 472.92 | 553.27 | 489.67 | 494.63 |
| Market Cap | 23,327.25 | 23,327.25 | 23,327.25 | 23,327.25 | 23,327.25 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Equity Residentialthis co. | EQR | $23.6B | 20.83↓ discount | 2.12 | 10.2% | 12.69 |
| VICI Properties Inc. | VICI | $30.2B | 10.95 | 1.09 | 10.0% | 12.95 |
| Extra Space Storage Inc. | EXR | $30.2B | 30.81 | 2.23 | 7.3% | 18.17 |
| SBA Communications Corporation | SBAC | $23.6B | 22.09 | -4.80 | -21.7% | 19.06 |
| Weyerhaeuser Company | WY | $18.0B |
| - |
| - |
| - |
| - |
| - |
| 55.70 |
| 1.91 |
| 3.4% |
| 22.25 |
| Kimco Realty Corporation | KIM | $16.9B | 27.32 | 1.54 | 5.6% | 16.59 |
| Essex Property Trust, Inc. | ESS | $16.4B | 24.59 | 2.97 | 12.1% | 14.82 |
| Regency Centers Corporation | REG | $15.0B | 28.42 | 2.24 | 7.9% | 17.55 |
| Mid-America Apartment Communities, Inc. | MAA | $14.8B | 32.71 | 2.57 | 7.9% | 15.77 |
| Peer Median | - | 27.87 | 2.07 | 7.6% | 17.07 | |