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Equity ResidentialNYSE: EQR

Real Estate · Multi-Family Residential REITs

$67.20

+2.19%

Vol: 154K

Research Digest

Monday, June 15, 2026

Neutral

No significant overnight updates

No material news in the last 48 hours.

Price 50d 200d

Previous Market Intelligence

13 days
Jun 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.

Sector Peers

CompanyPriceDay1MFwd P/EBetaMkt Cap
AVBAVALONBAY$186.77+1.44%-0.6%37.9x0.80$25.6B
EQREQUITY$67.20+2.19%+0.5%42.4x0.77$25.4B
ESSESSEX$283.15+3.41%+0.6%46.3x0.73$18.9B
MAAMID$138.65+6.64%+1.4%33.4x0.76$15.5B
UDRUDR$39.33+4.85%+0.1%62.5x0.72$13.9B
CPTCAMDEN$114.80+8.13%+1.5%86.8x0.82$10.5B

Key Fundamentals

Market Cap$25.4B
P/E (TTM)26.3
Forward P/E42.4
Beta0.77
Div Yield424.00%
Prev Close$65.76

RSI (14-Day)

68Neutral
0305070100

52-Week Range

$57.57$67.20$70.31
From High-4.4%
From Low+16.7%

Moving Averages

50d SMA
$61.96+8.5%
200d SMA
$61.94+8.5%

Price above both MAs — bullish structure.

Historical Returns

1W
+3.4%
1M
+11.1%
3M
+5.2%
6M
+14.0%
1Y
+0.5%
YTD
+8.3%

Volume

Today154K
20d Avg2.0M
Ratio0.08x