Equity Residential

Type| Public

Traded as

* NYSE: EQR
* S&P 500 component

Industry| Apartments
Founded| 1969; 57 years ago (1969)
Founder| Sam Zell
Headquarters| Riverside Plaza
Chicago, Illinois, U.S.

Key people

|  Mark J. Parrell (CEO)
David J. Neithercut (Chairman)
Robert A. Garechana (CFO)
Services| Property management
Revenue|  US$2.980 billion (2024)

Net income

|  US$1.032 billion (2024)
Total assets|  US$20.834 billion (2024)
Total equity|  US$11.044 billion (2024)

Number of employees

| Approximately 2,500 (2024)
Website| equityapartments.com
Footnotes / references
[1]

Equity Residential is a United States–based publicly traded real estate investment trust that invests in apartments.

As of December 31, 2024, the company owned or had investments in 311 properties consisting of 84,249 apartment units in Southern California, San Francisco, Washington, D.C., New York City, Boston, Seattle, Denver, Atlanta, Dallas/Ft. Worth, and Austin.[1]

It is the 6th largest owner of apartments in the United States and the 18th largest apartment property manager in the United States.[2]

## Contents

* 1 History
* 1.1 Merger with AvalonBay Communities (2026)
* 2 Legal issues
* 3 References
* 4 External links

## History

The company had its origins in Equity Finance and Management Company, founded in 1969 by real-estate investor Sam Zell.[3]

In 1993, the company acquired a large portfolio of properties from Starwood Capital Group, owned by Barry Sternlicht and Bob Faith, in exchange for a 20% stake in the company. Starwood had acquired the properties via government auctions after the savings and loan crisis.[4][5]

On August 11, 1993, the company became a public company via an initial public offering.[6] At that time, the company owned 22,000 apartments.[7]

In 1997, the company acquired Wellsford Residential Property Trust for $620 million in stock and the assumption of $346 million of debt.[8][9] It also acquired Evans Withycombe Residential for $625 million in stock and the assumption of $432 million in debt.[10]

In 1998, the company acquired a portfolio of 5,774 apartments from Lincoln Property Company for $465 million.[11] It also acquired Merry Land, which owned 34,990 units in the southeast United States, for $1.17 billion in stock as well as $656 million in debt and $270 million in preferred stock.[12][13]

In 1999, the company acquired Lexford Residential Trust for $203 million in stock and the assumption of $530 million of debt. Lexford owned mainly one-story affordable housing units, rented to households with incomes between $25,000 and $35,000.[14]

In January 2003, CEO Douglas Crocker retired. During his tenure, the company increased its ownership from 22,000 apartments to 227,000 apartments.[7]

In 2006, the company sold its Lexford affordable housing division, which included 27,115 apartment units, for $1.09 billion.[15][16]

In February 2013, Equity Residential and AvalonBay Communities closed a $9 billion deal to acquire Archstone from Lehman Brothers.[17]

In 2013, the company sold 8,010 apartment units to a joint venture of Goldman Sachs and Greystar Real Estate Partners for $1.5 billion.[18]

In 2016, the company sold 23,262 apartments to Starwood Capital Group for $5.365 billion.[19]

### Merger with AvalonBay Communities (2026)

In May 2026, Equity Residential and AvalonBay Communities agreed to combine in an all-stock merger of equals, a transaction valued at approximately $69 billion that would form one of the largest residential real estate investment trusts in the United States.[20][21][22] Under the terms of the agreement, each AvalonBay share would be exchanged for 2.793 shares of Equity Residential common stock, with AvalonBay shareholders expected to hold approximately 51.2% of the combined company upon closing.[22][23]

The transaction was unanimously approved by the boards of directors of both companies and was expected to close in the second half of 2026, pending regulatory review and shareholder approval.[23] The combined portfolio would encompass over 182,000 apartment homes across the United States, establishing the entity as the largest corporate apartment owner in the country.[20] The companies cited a 95% overlap in markets served as a foundation for neighborhood-level operational efficiencies, projecting gross synergies of $175 million within 18 months of closing.[21]

Equity Residential CEO Mark Parrell announced he would step down upon completion of the transaction, with AvalonBay CEO Benjamin Schall designated to lead the merged company.[20] The merger marked the second significant joint undertaking between the two companies, following their $9 billion acquisition of Archstone from Lehman Brothers in 2013.[21]

## Legal issues

Equity Residential was sued in a class action in 2017 due to allegations that it charged late payment fees in violation of California law.[24][25]

In 2022, the company agreed to pay approximately $2 million to settle a lawsuit filed by Attorney General for the District of Columbia Karl Racine alleging that the company offered misleading rent discounts on a rent-controlled building in Washington, D.C.[26]

In 2022 and 2023, the company was one of 34 landlords named as co-defendants in antitrust lawsuits against RealPage alleging illegal "collusion-by-algorithm" to fix and inflate rent prices.[27]

## References

1. ↑ 1.0 1.1 "Equity Residential 2024 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 13, 2025. https://www.sec.gov/ix?doc=/Archives/edgar/data/0000906107/000095017025019894/eqr-20241231.htm.
2. ↑ "NMHC 50 Largest Apartment Owners". National Multifamily Housing Council. https://www.nmhc.org/research-insight/the-nmhc-50/top-50-lists/.
3. ↑ "Our Story". https://www.equityapartments.com/corporate/who.html.
4. ↑ Goldfarb, Jeffrey (October 26, 2015). "Keep one eye on Sam Zell's "For Sale" sign". Reuters. https://www.reuters.com/article/idUS208935102620151026.
5. ↑ Broffman, Wendy (August 1, 2014). "A history of Faith". Yield Pro. https://yieldpro.com/2014/08/a-history-of-faith/.
6. ↑ "SCHEDULE 14A". U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/906107/000120677403000308/d12420.htm.
7. ↑ 7.0 7.1 Gallun, Alby (June 7, 2007). "Veteran apartment buyer Crocker now in residence at Transwestern". Crain Communications. https://www.chicagobusiness.com/article/20070607/CRED01/200025269/veteran-apartment-buyer-crocker-now-in-residence-at-transwestern.
8. ↑ "Apartment Deal For Zell's REIT". The New York Times. Bloomberg News. January 18, 1997. https://www.nytimes.com/1997/01/18/business/apartment-deal-for-zell-s-reit.html.
9. ↑ Allen, J. Linn (January 18, 1997). "Zell-backed Trust To Buy Wellsford". Chicago Tribune. https://www.chicagotribune.com/news/ct-xpm-1997-01-18-9701180199-story.html.
10. ↑ "EQUITY RESIDENTIAL TO PAY $625 MILLION FOR RIVAL". The New York Times. Dow Jones & Company. August 29, 1997. https://www.nytimes.com/1997/08/29/business/equity-residential-to-pay-625-million-for-rival.html.
11. ↑ "EQUITY RESIDENTIAL IN DEAL WITH LINCOLN PROPERTY". The New York Times. Dow Jones & Company. May 30, 1998. https://www.nytimes.com/1998/05/30/business/company-news-equity-residential-in-deal-with-lincoln-property.html.
12. ↑ Holson, Laura M. (July 9, 1998). "Equity Residential to Acquire Merry Land for Stock and Debt". The New York Times. https://www.nytimes.com/1998/07/09/business/equity-residential-to-acquire-merry-land-for-stock-and-debt.html.
13. ↑ "Zell REIT Announces Agreement To Buy Merry Land & Investment". The Wall Street Journal. July 8, 1998. https://www.wsj.com/articles/SB899917281394045000.
14. ↑ "EQUITY RESIDENTIAL IN $203 MILLION DEAL FOR LEXFORD". The New York Times. Bloomberg News. July 2, 1999. https://www.nytimes.com/1999/07/02/business/company-news-equity-residential-in-203-million-deal-for-lexford.html.
15. ↑ "Equity Residential Announces Sale of Its Lexford Housing Division for $1.1 Billion" (Press release). June 28, 2006 - via Business Wire.
16. ↑ Ball, Brian R. (July 10, 2006). "Equity Residential selling Lexford for $1.09 billion". American City Business Journals. https://www.bizjournals.com/columbus/stories/2006/07/10/focus5.html.
17. ↑ "Equity Residential Announces Closing of $9 Billion Archstone Acquisition" (Press release). February 27, 2013 - via Business Wire.
18. ↑ "Equity Residential Agrees to Sell $1.5 Billion of Assets to a Joint Venture of Goldman Sachs and Greystar" (Press release). January 7, 2013 - via Business Wire.
19. ↑ "Equity Residential Announces Closing of Sale of 23,262 Apartment Units to Starwood Capital Group for $5.365 Billion" (Press release). January 27, 2016 - via Business Wire.
20. ↑ 20.0 20.1 20.2 "Equity Residential and AvalonBay to merge in mega U.S. real estate deal". CNBC. May 21, 2026. https://www.cnbc.com/2026/05/21/equity-residential-eqr-and-avalonbay-avb-to-merge.html.
21. ↑ 21.0 21.1 21.2 "AvalonBay Communities and Equity Residential announce merger of equals". Reuters. May 21, 2026. https://www.reuters.com/legal/transactional/equity-residential-avalonbay-merge-mega-real-estate-deal-2026-05-21/.
22. ↑ 22.0 22.1 Thomas, Lauren (20 May 2026). "Apartment Owners AvalonBay and Equity Residential Agree to Merge". The Wall Street Journal. https://www.wsj.com/business/deals/apartment-owners-avalonbay-and-equity-residential-near-deal-to-combine-7706cbf8.
23. ↑ 23.0 23.1 "Apartment Owners AvalonBay, Equity Residential to Merge". MarketWatch. May 21, 2026. https://www.marketwatch.com/story/apartment-owners-avalonbay-equity-residential-to-merge-830260f9.
24. ↑ "Class-action lawsuit against Equity Residential to proceed in California". Real Estate Weekly. December 12, 2017. https://rew-online.com/class-action-lawsuit-equity-residential-proceed-california/.
25. ↑ "Calif. Tenants Get Class Cert. In Late Fees Suit". Law360. October 24, 2017. https://www.law360.com/articles/977534/calif-tenants-get-class-cert-in-late-fees-suit.
26. ↑ "AG Racine Secures Nearly $2 Million For Victims of Rent Hike Scam and District Through Trial Victory" (Press release). Attorney General for the District of Columbia. May 25, 2022.
27. ↑ "Landlords are accused of colluding to raise rents. See where.". The Washington Post. January 8, 2025. https://www.washingtonpost.com/business/interactive/2025/realpage-lawsuit-rent-map/.

## External links

* Official website
* Business data for Equity Residential:

* Google Finance
* Yahoo! Finance
* SEC filings

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