Equity ResidentialNYSE: EQR
Real Estate · Multi-Family Residential REITs
$67.20
+2.19%
Vol: 154K
Research Digest
Monday, June 15, 2026
No significant overnight updates
No material news in the last 48 hours.
Previous Market Intelligence
13 daysJun 14No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 21Equity Residential to merge with AvalonBay in all-stock deal creating $69B-EV apartment REIT giantPositive▶
Bloomberg confirmed May 20 that EQR and AvalonBay are nearing a definitive merger of equals: EQR shareholders would exchange shares at 2.793 EQR per AVB, with EQR closing at $66.28 on May 20. The pro forma entity would have a $52B equity market cap, $69B enterprise value, and more than 180,000 rental units. Earlier on May 13, EQR Q1 EPS of $0.67 missed the consensus $0.93 estimate by 28%, though normalized FFO of $0.99 was inline; BofA raised PT to $75 from $73 and JPMorgan raised to $72 from $71. Risk: regulatory antitrust risk to merger completion and integration complexity, plus the Q1 EPS miss highlighting that fundamentals are slowing.
May 20Equity Residential reported Q1 FFO of $0.99 with $220M buyback amid mixed coastal market conditions; JPMorgan raised target to $72Mixed▶
Equity Residential reported Q1 2026 normalized FFO of $0.99 per share and same-store NOI growth of 1.7%, though EPS of $0.24 missed analyst estimates by 18% (down from $0.68 in Q1 2025). The company repurchased $220M of common shares in Q1, bringing total buybacks since August 2025 to $500M. Occupancy remained strong above 96% with notable performance in San Francisco and New York. Shares are down ~1% over the past week but up ~6% over the past month at $65.02. Analyst activity in May was constructive: Barclays maintained Buy on May 11, JPMorgan raised target to $72 from $71 on May 5, and Bank of America raised to $75 from $73 on May 4. Outlook remains mixed amid softer coastal market fundamentals.
May 19No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 18Equity Residential Q1 normalized FFO of $0.99/share matched expectations but EPS of $0.24 missed by 18%; JPMorgan, BofA, RBC raised PTs in May.Mixed▶
Equity Residential reported Q1 2026 normalized FFO of $0.99 per share and same-store NOI growth of 1.7%, but GAAP EPS came in at $0.24 (down from $0.68 YoY) missing estimates by 18%. Revenue of $779.8M was up 2.5% YoY. The company guided Q2 EPS of $0.28-$0.32 and full-year EPS of $1.28-$1.40. Strong performance in San Francisco and New York drove portfolio occupancy above 96%, and management expects a 35% decline in new apartment deliveries in 2026 vs 2025. EQR repurchased $220M of shares in Q1 (totaling $500M since August 2025). In May, JPMorgan raised its PT to $72 from $71, Bank of America to $75 from $73, RBC Capital to $69 from $67, and Cantor Fitzgerald to $66 from $64. Barclays reiterated a Buy on May 11. Shares traded around $65.02.
May 15Equity Residential misses Q1 EPS on May 13 ($0.67 vs. $0.93 consensus) and agrees to $56M RealPage rent-fixing settlementMixed▶
Equity Residential reported Q1 2026 earnings on May 13 with EPS of $0.67, below the $0.93 Zacks consensus; net income fell 65% YoY to $89.7M while revenue rose 2.5% to $779.8M. Normalized FFO was $0.99/share with same-store NOI up 1.7%; portfolio occupancy stayed above 96% with San Francisco and New York leading. EQR also agreed to pay $56M to settle a RealPage rent price-fixing class action. Merger speculation with AvalonBay has added strategic uncertainty. Stock traded around $66.18-$66.25, slightly below an analyst fair value near $69.88. JPMorgan raised PT to $72 from $71 on May 5, Bank of America raised to $75 from $73 on May 4, and Barclays maintained a Buy on May 11.
May 14Equity Residential agreed to pay $56M to settle RealPage rent price-fixing class action; S&P affirmed A- with positive outlook on May 8Mixed▶
Equity Residential agreed to pay $56M to resolve claims it participated in a rent-price-fixing scheme using RealPage revenue management software. The settlement includes governance commitments around nonpublic data use, which the company said reflect current practices. S&P Global affirmed EQR A- credit rating with positive outlook on May 8. Q1 2026 results showed strong market performance and strategic share repurchases. Recent analyst actions: Barclays maintained Buy May 11, JPMorgan raised PT to $72 (from $71) May 5, BofA raised to $75 (from $73) May 4. Market cap ~$25.25B.
May 13No significant overnight updatesNeutral▶
No material news in last 48 hours.
May 12S&P affirmed Equity Residential's A- credit rating with positive outlook on May 8 amid merger speculation with AvalonBay, with multiple analysts raising price targets.Mixed▶
S&P Global Ratings affirmed Equity Residential's A- rating with a positive outlook on May 8, 2026. The stock has drawn attention amid reports of potential merger discussions with AvalonBay Communities, with shares trading around $66.18 versus a narrative fair value near $69.88. Q1 2026 results showed normalized FFO of $0.99 per share with same-store NOI growth of 1.7%, though EPS missed estimates by 18%. The company repurchased $220 million of shares in Q1 totaling $500M since August 2025 and expects a 35% decrease in new apartment deliveries in 2026 vs 2025. Analyst price target activity: JPMorgan to $72 from $71 on May 5, Bank of America to $75 from $73 on May 4, Cantor Fitzgerald to $66 from $64. Risk: merger speculation creates uncertainty.
May 11Equity Residential gets analyst price target hikes amid AvalonBay merger speculation and $500M buyback totalPositive▶
Equity Residential received multiple price target increases in early May 2026: JPMorgan raised to $72 from $71 (May 5), Bank of America to $75 from $73 (May 4), and Cantor Fitzgerald to $66 from $64 (May 4). The company reported Q1 normalized FFO of $0.99 per share and same-store NOI growth of 1.7%, with EPS of $0.24 (down from $0.68 in Q1 2025) and revenue up 2.5% to $779.8 million. EQR repurchased $220 million of common shares in Q1, totaling $500 million since August 2025. The company expects 35% decrease in new apartment deliveries in 2026 vs 2025, positively impacting future performance. Reports of possible merger discussions with AvalonBay add strategic uncertainty. Full-year 2026 EPS guidance set at $1.28-$1.40.
May 8Equity Residential Q1 2026 earnings show 1.4% same-store NOI growth with record-low 7.8% turnover; analyst price targets raised to $72-$75.Positive▶
Equity Residential reported Q1 2026 results with same-store revenues increasing 2.2%, expenses up 3.7%, and same-store Net Operating Income increasing 1.4%. Resident turnover of 7.8% was the lowest in company history. Blended rate growth improved 130 basis points sequentially to 1.5%, while leasing concessions declined 21% year-over-year, indicating improving market conditions. JPMorgan raised price target to $72 from $71, Bank of America to $75 from $73, and Cantor Fitzgerald to $66 from $64 on May 4-5. Dividend increased 1.4% to $2.81 annualized. Company agreed to pay $56 million to settle RealPage rent price-fixing lawsuit.
May 7Equity Residential reported Q1 2026 same-store NOI up 1.4% with record-low 7.8% resident turnover; multiple analyst raises on valuation.Positive▶
Equity Residential reported Q1 2026 same-store revenue +2.2% and NOI +1.4% with lowest resident turnover in history at 7.8%. Agreed to $56M settlement resolving RealPage rent price-fixing allegations. JPMorgan, BoA, RBC, and Evercore ISI all raised price targets, signaling confidence. Dividend raised 1.4% to $2.81 annualized. EPS missed estimates by 18% but revenue in line. Reported early-stage merger discussions with AvalonBay, though unconfirmed.
May 6Equity Residential reports record low turnover and Q1 FFO growth with merger talks underwayPositive▶
Equity Residential reported Q1 2026 FFO of $340.9M or $0.89 per share on revenue of $779.8M. The company achieved record low resident turnover of 7.8% and blended rate growth improved 130 basis points sequentially to 1.5%. EQR repurchased $220M of shares in Q1, totaling $500M since August 2025. The company announced an annualized dividend of $2.81 per share, up 1.4% from 2025. Strong performance in San Francisco and New York driven by high demand and low new supply. Early-stage merger talks with AvalonBay are being explored. Multiple analysts raised price targets including JPMorgan to $72, BofA to $75, and Cantor Fitzgerald to $66.
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52-Week Range
Moving Averages
Price above both MAs — bullish structure.