Equity ResidentialNYSE: EQR
Real Estate · Multi-Family Residential REITs
$65.31
-0.11%
Vol: 1.4M
Research Digest
Friday, May 1, 2026
Equity Residential Q1 FFO $0.89; exploring merger with AvalonBay; lowest turnover in history at 7.8%
Equity Residential reported Q1 2026 with revenue of $779.85M up 2.5% YoY, same-store revenues up 2.2%, and record low resident turnover of 7.8%. EPS came in at $0.99 vs. $0.67 in year-ago quarter. Company repurchased $220M shares in Q1 and $500M total since August 2025. Bloomberg reported April 29 that EQR and AvalonBay are exploring potential merger worth ~$50B. RBC Capital and Evercore ISI raised price targets to $69-$70. New apartment supply expected to decline 35% in 2026.
Previous Market Intelligence
13 daysApr 30Equity Residential and AvalonBay exploring potential merger; EQR beats Q1 earnings with $0.99 EPS vs $0.32 consensus (April 28-29)Positive▶
Equity Residential reported strong Q1 2026 with EPS of $0.99 (beat $0.32 consensus by $0.67) and same-store NOI up 1.4%. The company achieved record-low 7.8% resident turnover and 130bp sequential improvement in blended rate growth to 1.5%. Management cited strength in San Francisco and New York markets exceeding expectations. Most significantly, Bloomberg reported on April 29 that AvalonBay Communities and Equity Residential are exploring a potential merger that could reshape the U.S. apartment sector. Wells Fargo raised PT to $64 from $62, and Barclays boosted to $76 from $75 with Overweight rating.
Apr 29Equity Residential Q1 2026: Same-store revenue +2.2%, NOI +1.4%, FFO $0.99 beat consensus; lowest resident turnover in history at 7.8%.Positive▶
Equity Residential reported Q1 2026 same-store revenue growth of 2.2% with same-store NOI up 1.4%. FFO came in at $0.99 vs. consensus of $0.95, demonstrating resilience. Resident turnover reached a historic low of 7.8%. Blended rate growth improved 130 basis points sequentially to 1.5%, and leasing concessions fell 21% versus Q1 2025. FY2026 EPS guidance is $4.020-$4.140 vs. consensus of $4.070. Evercore raised price target to $70 ('outperform'), Barclays lifted guidance to $76 ('overweight'). The company settled a $56 million antitrust lawsuit regarding RealPage software use.
Apr 16Equity Residential settles $56M antitrust lawsuit; Q1 2026 earnings due April 28 with dividend yield of 4.58%.Mixed▶
Equity Residential agreed to a $56 million settlement in an antitrust class action lawsuit alleging misuse of revenue management software in the multifamily housing sector, with no material impact expected on liquidity or operations. The REIT maintains a 34-year dividend streak and recently increased quarterly dividend to $0.7025 per share, signaling confidence despite downward EPS pressure. Q1 2026 earnings are scheduled for April 28, 2026, after market close. Morgan Stanley upgraded EQR to Overweight with a $74.00 price target, though Jefferies cut its target from $65 to $64 with Hold rating. Zacks reduced Q2 2027 EPS estimate from $1.08 to $1.07 due to weaker performance. The company operates 318 multifamily properties with 86,320 apartment units. Stock is down 7.4% over 30 days and 13.4% year-over-year but up 15.9% over 3 years.
Apr 15Equity Residential raised dividend to $0.703/share; Morgan Stanley upgraded to Overweight with $74 price target.Positive▶
Equity Residential increased its quarterly dividend to 70.3 cents per share. Morgan Stanley upgraded the stock to Overweight with a $74 price target. 2025 FFO of $3.94 per share (up 4.8% YoY). Same-store revenue rose 2.6% while occupancy remains solid at historically low 40.2% turnover. Q1 2026 earnings release scheduled April 28.
Apr 14Evercore ISI lowered price target to $67 while maintaining Outperform; Q1 2026 earnings April 28.Neutral▶
Equity Residential Q1 2026 earnings release April 28 after market close. Evercore ISI trimmed price target from $70 to $67 on April 6 but maintained Outperform. Increased dividend by 1.4% to annualized $2.81 per share. Consensus Hold with 7 Buy, 12 Hold among 20 analysts.
Apr 13Morgan Stanley upgraded to Overweight; dividend increased 1.4%; Q1 guidance 0.94-0.98 EPS.Positive▶
Morgan Stanley upgraded Equity Residential to Overweight, citing resilient core markets and West Coast strength. Company raised annualized dividend by 1.4% to $2.81 per share. Q1 2026 EPS guidance 0.94-0.98; FY 2026 guidance 4.02-4.14. Stock up 1.21% on April 13.
Apr 10Morgan Stanley Upgrades EQR to Overweight; Dividend Raised 1.4%Positive▶
Morgan Stanley upgraded to Overweight. Annualized dividend raised to $2.81. Q1 2026 EPS guidance: $0.940-$0.980.
Apr 9Equity Residential earnings beat guidance; Morgan Stanley upgrades to Overweight.Positive▶
Equity Residential beat Q4 EPS estimate (+163%) with record-low resident turnover and strong occupancy (96.4%). Morgan Stanley upgraded to Overweight, target $74. Evercore ISI lowered target to $67 from $70 (Outperform). 2026 FFO guidance $4.08 (+2.25%). Same-store revenue 1.5-3% growth expected. Earnings April 28.
Apr 8Equity Residential rises 1.21% overnight following Morgan Stanley upgrade and dividend increase.Positive▶
EQR closed $60.27 +$0.72 (1.21%). Morgan Stanley upgraded to Overweight $74 PT March 26. Raised dividend to 70.3c.
Apr 7Morgan Stanley Upgrades Equity Residential on West Coast ResilienceNeutral▶
Equity Residential received upgrade from Morgan Stanley to Overweight with $74 price target on March 26, citing greater supply resilience and positive West Coast exposure. Company raised dividend to 70.3c per share and focuses on Sunbelt expansion. Evercore ISI lowered target to $67 from $70 while maintaining Outperform, reflecting mixed analyst sentiment.
Apr 6Morgan Stanley upgrades Equity Residential to Overweight citing coastal portfolio strength and West Coast pivotPositive▶
Morgan Stanley upgraded Equity Residential from Equalweight to Overweight, highlighting the resilience of core coastal markets, increased West Coast exposure, pause on Sun Belt acquisitions, and funding share repurchases with asset sale proceeds. EQR raised quarterly dividend to 70.3 cents from 69.3 cents. The REIT operates 318 properties with 86,320 apartment units across U.S. dynamic metros. Consensus rating is Hold with average 12-month price target of $69.73.
Apr 3Morgan Stanley upgrades Equity Residential to Overweight; raises price target to $74.Mixed▶
Morgan Stanley upgraded Equity Residential from Equalweight to Overweight on March 26, lifting the price target to $74, citing greater resilience from a supply standpoint. Consensus Hold rating from 20 analysts with average target of $69.73. The company offers a $2.81 annualized dividend (4.7% yield).
Apr 2Morgan Stanley upgraded Equity Residential to Overweight with $74 price target; dividend raised to 70.3 centsPositive▶
Equity Residential raised quarterly dividend to 70.3 cents per share from 69.3 cents on March 26. Morgan Stanley upgraded the stock from Equalweight to Overweight with price target of $74 (up from $72), citing resilience of company markets and anticipated outperformance of urban assets relative to suburban ones. Stock closed at $60.27, up 1.21%. Despite recent weakness, the REIT is experiencing mixed analyst sentiment with dividend increases and strategic asset management aimed at enhancing shareholder value amid challenges.
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Price above both MAs — bullish structure.