Equity Residential EQR

Same-Store NOI Growth Settling Into Long-Term Historical Average for Equity Residential

Equity Residential focuses on owning and operating high-quality multifamily buildings in urban coastal markets with demographics that support high occupancies and strong rent growth. The company has sold out of inland and Southern markets and increased its operations in high-growth core markets: Los Angeles, San Diego, San Francisco, Washington, D.C., New York, Boston, and Seattle. These markets exhibit traits that drive demand for apartments, such as job and income growth, declining homeownership rates, high relative cost of single-family housing, and attractive urban centers that draw younger people. The company regularly recycles capital by selling noncore assets or exiting markets and using the proceeds for its development pipeline or acquisitions, a strategy that has produced strong returns.