Analyst Consensus ?
ConsensusHold45 ratings
Bullish1226.7%
Neutral3271.1%
Bearish12.2%
Equity Residential · EQR · FY2025 Q1 · Calendar Q2 2025
Equity Residential: Strong occupancy, unchanged capital plan, new AI leasing push
The supplied analysis supports a cautiously constructive view of Equity Residential's operating trajectory: strong occupancy, record-low turnover, undersupplied core markets and leasing automation provide support, while unchanged capital guidance and identified regulatory and macro risks temper the case.
Reported After market closeNYSEReal Estate
$23.87B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.93
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $769.4M
Revenue surprise
—
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+1.0%
Event window
SPY move
+0.0%
Same window
Abnormal move
+1.0%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
-0.4%
Up to 20 sessions
EQRSPY benchmark
Ask FN2 about EQR FY2025 Q1
Transcript, numbers and history already loaded
What drove EQR's +1.0% move after FY2025 Q1 earnings?What changed in EQR's guidance and outlook in FY2025 Q1?Give me the bull and bear case for EQR after FY2025 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, management added a clearer operating priority around conversational AI across the leasing journey, reported record-low Q1 resident turnover of 7.9%, and continued to hold its 2025 acquisition and disposition guidance unchanged. The risk discussion emphasized potential rent-control measures in Washington State and Maryland alongside existing California concerns.
Guidance delta
Maintained: 2025 acquisition and disposition guidance was unchanged from the prior quarter.
Key takeaways
- Q1 performance exceeded expectations, with 96.5% occupancy and record-low resident turnover of 7.9%.
- Management retained its 2025 plan for $1.5 billion of acquisitions and $1 billion of dispositions.
- Conversational AI across the leasing journey is targeted for rollout by next year.
- Supply-demand support in desirable multifamily markets remains a core growth driver, while regulation and macro uncertainty remain risks.
Management priorities
- Complete the conversational-AI rollout across the leasing journey by next year.
- Pursue selective acquisitions and modest new development projects with targeted yields of 6% or more.
- Recycle disposition proceeds across acquisitions, development and potential share buybacks.
- Maintain the dividend and use the balance sheet to navigate economic headwinds.
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Analyst 52W Price Targets
$63.66Previous close
$63Low
$76.89Average
$104High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Aug 19, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Evercore ISI Group | In Line | In Line | Maintain | Jul 23, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Jul 21, 2026 |
| Barclays | Equal Weight | Overweight | Downgrade | Jul 14, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Jul 9, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jun 16, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jun 10, 2026 |
| RBC Capital | Sector Perform | Outperform | Downgrade | Jun 9, 2026 |
| Stifel | Buy | Buy | Maintain | May 27, 2026 |
| UBS | Buy | Buy | Maintain | May 14, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | May 5, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | May 4, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Apr 23, 2026 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Mar 26, 2026 |
| BMO Capital | Market Perform | Outperform | Downgrade | Jan 9, 2026 |
| B of A Securities | Neutral | Buy | Downgrade | Sep 24, 2024 |
| Deutsche Bank | Buy | Hold | Upgrade | Sep 10, 2024 |
| Wedbush | Neutral | Neutral | Maintain | Aug 5, 2024 |
| Raymond James | Market Perform | Underperform | Upgrade | Mar 18, 2024 |
| Citigroup | Neutral | Neutral | Maintain | Feb 15, 2023 |
| BTIG | Neutral | Buy | Downgrade | Jan 11, 2023 |
| Credit Suisse | Neutral | Outperform | Downgrade | Jan 9, 2023 |
| Argus Research | Buy | Hold | Upgrade | Nov 17, 2022 |
| Jefferies | Hold | Hold | Maintain | Oct 19, 2022 |
| Goldman Sachs | Neutral | Neutral | Maintain | Oct 18, 2022 |
| Wolfe Research | Perform | Peer Perform | Maintain | Jun 15, 2021 |
| CFRA | Hold | Buy | Downgrade | May 6, 2020 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Apr 2, 2020 |
| Baird | Neutral | Underperform | Upgrade | Mar 17, 2020 |
| Zelman | Hold | Sell | Upgrade | Jan 31, 2020 |
| Argus | Buy | Buy | Maintain | Oct 30, 2018 |
| Stifel Nicolaus | Hold | Hold | Maintain | Jul 26, 2018 |
| Bank of America | Buy | Buy | Maintain | Jun 8, 2018 |
| Edward Jones | Buy | Hold | Upgrade | Jan 16, 2018 |
| Janney Montgomery Scott | Neutral | Buy | Downgrade | Jan 10, 2017 |
| Janney Capital | Neutral | Buy | Downgrade | Jan 10, 2017 |
| BTIG Research | Neutral | Neutral | Maintain | Aug 25, 2016 |
| BB&T Capital | Buy | Hold | Upgrade | May 24, 2016 |
| JMP Securities | Market Perform | Market Outperform | Downgrade | Jan 19, 2016 |
| Miller Tabak | Sell | Hold | Downgrade | Nov 9, 2015 |
| Sandler O'Neill | Hold | Hold | Maintain | Oct 27, 2015 |
| Capital One Financial | Equal Weight | Equal Weight | Maintain | Sep 2, 2014 |
| BWS Financial | Buy | Buy | Maintain | Jan 23, 2014 |
| Imperial Capital | In Line | In Line | Maintain | Aug 1, 2013 |
| ISI Group | Buy | Hold | Upgrade | Sep 11, 2012 |
| Compass Point | Neutral | Neutral | Maintain | May 30, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $63.66. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Piper Sandler | Analyst unavailable | $75 | $68.8 | +17.8% | Jul 21, 2026 |
| Deutsche Bank | Peter Abramowitz | $72 | $68.8 | +13.1% | Jul 20, 2026 |
| Scotiabank | Nicholas Yulico | $70 | $68.35 | +10.0% | Jul 9, 2026 |
| Truist Financial | Michael Lewis | $72 | $66.18 | +13.1% | Jun 16, 2026 |
| Mizuho Securities | Analyst unavailable | $70 | $67.86 | +10.0% | Jun 10, 2026 |
| RBC Capital | Analyst unavailable | $70 | $67.34 | +10.0% | Jun 8, 2026 |
| Piper Sandler | Analyst unavailable | $72 | $66.26 | +13.1% | May 29, 2026 |
| Stifel Nicolaus | Simon Yarmak | $79 | $66.13 | +24.1% | May 27, 2026 |
| UBS | Analyst unavailable | $73 | $65.8 | +14.7% | May 14, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $66 | $65.17 | +3.7% | May 4, 2026 |
| Barclays | Analyst unavailable | $76 | $62.26 | +19.4% | Apr 27, 2026 |
| Argus Research | Marie Ferguson | $70 | $60.16 | +10.0% | Mar 12, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $64 | $64.33 | +0.5% | Feb 9, 2026 |
| Stifel Nicolaus | Analyst unavailable | $78.5 | $61.77 | +23.3% | Feb 6, 2026 |
| Piper Sandler | Analyst unavailable | $78 | $62.12 | +22.5% | Jan 27, 2026 |
| Deutsche Bank | Analyst unavailable | $63 | $62.04 | -1.0% | Jan 20, 2026 |
| Barclays | Richard Hightower | $78 | $59.64 | +22.5% | Jan 13, 2026 |
| BMO Capital | Analyst unavailable | $68 | $62.87 | +6.8% | Jan 9, 2026 |
| UBS | Analyst unavailable | $71 | $61.94 | +11.5% | Jan 8, 2026 |
| Barclays | Analyst unavailable | $77 | $60.55 | +21.0% | Nov 25, 2025 |
| Mizuho Securities | Analyst unavailable | $65 | $60.55 | +2.1% | Nov 24, 2025 |
| Evercore ISI | Analyst unavailable | $68 | $59.44 | +6.8% | Nov 3, 2025 |
| Stifel Nicolaus | Analyst unavailable | $79.75 | $61.46 | +25.3% | Oct 29, 2025 |
| Evercore ISI | Steve Sakwa | $71 | $61.65 | +11.5% | Oct 13, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $35 | $64.73 | -45.0% | Oct 1, 2025 |
| Barclays | Analyst unavailable | $80 | $64.12 | +25.7% | Sep 30, 2025 |
| Evercore ISI | Analyst unavailable | $72 | $66.44 | +13.1% | Sep 15, 2025 |
| Truist Financial | Michael Lewis | $75 | $65.18 | +17.8% | Aug 29, 2025 |
| Scotiabank | Nicholas Yulico | $77 | $63.54 | +21.0% | Aug 14, 2025 |
| Morgan Stanley | Adam Kramer | $75 | $62.89 | +17.8% | Aug 13, 2025 |
| Stifel Nicolaus | Simon Yarmak | $80.5 | $63.41 | +26.5% | Aug 5, 2025 |
| Stifel Nicolaus | Simon Yarmak | $82.25 | $70.62 | +29.2% | Feb 4, 2025 |
| Barclays | Richard Hightower | $79 | $68.19 | +24.1% | Jan 24, 2025 |
| Stifel Nicolaus | Simon Yarmak | $81.5 | $71.35 | +28.0% | Nov 13, 2024 |
| CFRA | Kenneth Leon | $81 | $70.37 | +27.2% | Oct 31, 2024 |
| Bank of America Securities | Jeffrey Spector | $82 | $77.44 | +28.8% | Sep 24, 2024 |
| Scotiabank | Nicholas Yulico | $81 | $78.08 | +27.2% | Sep 16, 2024 |
| Deutsche Bank | Omotayo Okusanya | $83 | $75.1 | +30.4% | Sep 10, 2024 |
| CFRA | Kenneth Leon | $85 | $75.48 | +33.5% | Sep 4, 2024 |
| Goldman Sachs | Julien Blouin | $81 | $75.66 | +27.2% | Sep 4, 2024 |
| Evercore ISI | Steve Sakwa | $74 | $73.44 | +16.2% | Aug 28, 2024 |
| Wells Fargo | James Feldman | $77 | $73.63 | +21.0% | Aug 26, 2024 |
| Scotiabank | Nicholas Yulico | $73 | $71.41 | +14.7% | Aug 7, 2024 |
| Piper Sandler | Alexander Goldfarb | $85 | $69.57 | +33.5% | Jul 31, 2024 |
| Piper Sandler | Alexander Goldfarb | $80 | $68.31 | +25.7% | Jun 28, 2024 |
| CFRA | Kenneth Leon | $77 | $65.22 | +21.0% | Jun 6, 2024 |
| Scotiabank | Nicholas Yulico | $72 | $66.95 | +13.1% | May 14, 2024 |
| Piper Sandler | Alexander Goldfarb | $70 | $65.45 | +10.0% | Apr 29, 2024 |
| RBC Capital | Brad Heffern | $69 | $64.61 | +8.4% | Apr 25, 2024 |
| Evercore ISI | Steve Sakwa | $70 | $64.61 | +10.0% | Apr 24, 2024 |
| BMO Capital | John Kim | $70 | $62.54 | +10.0% | Apr 22, 2024 |
| BMO Capital | John Kim | $64 | $63.36 | +0.5% | Jun 5, 2023 |
| BMO Capital | Analyst unavailable | $61 | $62.76 | -4.2% | Dec 16, 2022 |
| Argus Research | Jacob Kilstein | $72 | $61.78 | +13.1% | Nov 17, 2022 |
| Evercore ISI | Steve Sakwa | $94 | $91.35 | +47.7% | Feb 2, 2022 |
| BMO Capital | John Kim | $99 | $87.48 | +55.5% | Feb 1, 2022 |
| BTIG | James Sullivan | $104 | $88.59 | +63.4% | Jan 19, 2022 |
| Barclays | Anthony Powell | $97 | $89.61 | +52.4% | Jan 18, 2022 |
| Scotiabank | Nicholas Yulico | $90 | $86.92 | +41.4% | Dec 16, 2021 |
| Citigroup | Nicholas Joseph | $93 | $86.76 | +46.1% | Dec 13, 2021 |
| Wells Fargo | Tammi Fique | $86 | $84.05 | +35.1% | Nov 22, 2021 |
| Goldman Sachs | Chandni Luthra | $86 | $80.71 | +35.1% | Sep 23, 2021 |
| Piper Sandler | Alexander Goldfarb | $88 | $82.7 | +38.2% | Jul 29, 2021 |
Track every rating change on EQR the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationEquity Residential is committed to cultivating vibrant living environments where residents can flourish. This S&P 500 firm specializes in the acquisition, development, and ongoing management of rental properties, strategically located within or near thriving metropolitan areas that attract desirable, long-term tenants. The company's substantial portfolio includes ownership or investment in 305 properties, comprising a total of 78,568 apartment units, situated in key markets such as Boston, New York, Washington, D.C., Seattle, San Francisco, Southern California, and Denver.
Historical context
All EQR earningsLatest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the EQR recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-04-15T00:03:42.498162+00:00
- Polygon adjusted daily market bars · 2026-10-05T10:10:47.391263+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-05T10:10:47.388413+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-05. For educational purposes only; not investment advice.