EQR
EQUITY RESIDENTIALEvidence as of 2026-10-15The desk's Snapshot
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Overview · EQUITY RESIDENTIAL
Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters. Equity Residential owns or has investments in 308 properties consisting of 79,597 apartment units, with an established presence in Boston, New…
Management team
- Mr. Scott J. Fenster J.D. · Executive VP, General Counsel & Corporate SecretaryFind on LinkedIn
- Mr. Alexander Brackenridge · Executive VP & Chief Investment OfficerFind on LinkedIn
- Mr. Michael L. Manelis · Executive VP & COOFind on LinkedIn
- Mr. Robert A. Garechana · Executive VP & CFOFind on LinkedIn
Start free to see the full management team.
Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it, not a rating or a recommendation.
−0.1 on a −2 to +2 scale (was −0.2 before the debate changed the read).
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled. The rest of the page is the evidence behind it.
The evidence balance is Mixed ( -0.1 of a possible +2; confidence high). Shares outstanding are reported at 374,944,409 as of Q2 2026 (fiscal quarter ended 2026-07-24), down from 381,898,057 as of Q2 2025 (fiscal quarter ended 2025-07-31). Reported net income was $289,051,000 in Q3 2025 (fiscal quarter ended 2025-10-24), $90,079,000 in Q1 2026 (fiscal quarter ended 2026-04-24), and $114,135,000 in Q2 2026 (fiscal quarter ended 2026-07-24), with diluted EPS of $0.76, $0.24 and $0.30 in those same quarters respectively.
Operational cash metrics show substantial trailing twelve‑month free cash flow of $1,636,647,000 and free cash flow per share of $4.2635, with trailing twelve‑month operating cash flow of $1,640,350,000 and capital expenditures of $3,703,000. The balance sheet shows reported long‑term debt of $8,241,242,000 (as of 2025-12-31) and cash of $36,405,000 (as of 2026-06-30), indicating material net leverage in the presented snapshot. Market‑signal fields in the packet are highly negative: as of 2026-10-14 momentum metrics and recent drawdowns are reported at extreme values (all three momentum metrics at -100.0% and 3‑year drawdown at -100.0%), while short‑term volatility metrics are extremely elevated (30‑day annualized +644.6%, 90‑day +196.5%).
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else (no outside knowledge, no browsing), so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC (revenue, margins, income, debt and share count, quarter by quarter) and reports which way the trend is running.
EntityCommonStockSharesOutstanding was 374,944,409 shares as of 2026-07-24.
XBRL companyfacts · 0001193125-26-326170EntityCommonStockSharesOutstanding was 381,898,057 shares as of 2025-07-31.
XBRL companyfacts · 0000950170-25-104090Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full: its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet; its risk analysis fills in once that lands.
The Form 8-K filed September 17, 2026 states that ERP Operating Limited Partnership increased the maximum aggregate amount outstanding under its U.S. dollar-denominated commercial paper program from $1.5 billion to $2.5 billion, effective September 16, 2026.
8-K filed 2026-09-17The Form 8-K filed September 17, 2026 states that the Notes issued under the commercial paper program are sold under customary terms in the U.S. commercial paper market and rank pari passu with the Operating Partnership's other unsecured senior indebtedness.
8-K filed 2026-09-17Reads the signal panel above (momentum, volatility, drawdown, relative strength and beta) and ranks each against the whole research universe rather than judging it in isolation.
As of 2026-10-14, 3-month, 6-month and 12-1 momentum metrics are all reported at -100.0%.
Moneyta signal set · 2026-10-14weakened in debateAs of 2026-10-14, the 3-year max drawdown and drawdown from the 3-year high are both -100.0%, and the 3-year drawdown ranks at the 1th percentile of a 882-stock research universe.
Moneyta signal set · 2026-10-14weakened in debateReads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
Institutional 13F-reported holdings total "$23.84B" as of 2026-06-30 (13F filings carry a 45-day reporting lag).
13F holdings · 722 filers · as of 2026-06-30Top reported institutional holders in the 2026-06-30 13F include BlackRock, Inc. at "$3.11B" and NORGES BANK at "$2.37B" (NORGES BANK is marked as a new position).
13F holdings · 722 filers · as of 2026-06-30Reads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
Several headlines report company-level operational and financial developments, including a 'record quarter' and higher tungsten output and prices (company revenue and sales figures are discussed in coverage).
News · kalkinemedia.com · 2026-10-07dropped in debateMultiple headlines highlight a swing to full-year profitability for the company for the 12 months to 30 June 2026 and note associated market reaction (shares falling after the profit announcement).
News · simplywall.st · 2026-10-01dropped in debateReads parsed Forms 3/4/5: who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
Edward M. Schulman (EVP, Legal Affairs) reported a sale of 16,595 shares for "$1.1M" on 2026-08-18.
Form 4 · SCHULMAN EDWARD M (EVP, Legal Affairs) · $1.1M sold · 2026-08-18Susan Swanezy (Director) reported a sale of 15,700 shares for "$1.0M" on 2026-08-18.
Form 4 · Swanezy Susan (Director) · $1.0M sold · 2026-08-18Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
Free cash flow for the trailing twelve months is $1,636,647,000 and free cash flow per share is $4.2635.
Valuation inputs · SEC XBRL + stored EOD closeReported operating cash flow for the trailing twelve months is $1,640,350,000.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score. The argument is shown, not hidden, so you can judge the reasoning yourself.
Several company-level fundamentals jointly support a constructive read: trailing twelve-month free cash flow of $1.637B (FCF/sh $4.26) and operating cash flow of $1.640B are directly reported and therefore strong evidence of operational cash generation, while reported capex for the trailing twelve months is very small relative to OCF which amplifies free cash flow conversion. Recent quarterly net income and diluted EPS entries show positive reported profitability across Q3 2025, Q1 2026 and Q2 2026 (SEC-sourced filings), and institutional 13F data shows a material increase (34.7% QoQ) in reported institutional value with large holders including BlackRock and Norges Bank — evidence of meaningful institutional interest. The Form 8-K increase in commercial paper capacity is a primary-source filing that strengthens the factual record of available short-term liquidity tools. The bear case rests on extreme short-term market signals (momentum, drawdown, volatility) and insider sales; these market-signal claims are strong as measured by the signal feed but represent market-price and technical metrics rather than the company’s reported cash-generation metrics, and the insider-sale filings are clear on quantity and timing but do not, by themselves, change the company-reported cash flow and institutional-holding evidence. Evidence strength: company cash-flow and SEC filings — strong; institutional 13F activity — medium-strong; short-term market momentum/volatility signals — strong (market-data feed); insider-sale filings — medium.
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.36
33 surviving claims rest on 15 distinct sources; the heaviest analyst carries 18% of them, and 82% of what the desk raised survived the debate.
The evidence base is moderately dispersed across 15 sources but many surviving claims remain — the largest single analyst contributes under one-fifth of the claims while a high debate survival rate means most of the desk’s original points held up. This implies the read has reasonable breadth but is still brittle in places: concentrated analyst influence and a high survival rate suggest few novel challenges were successful, so treat individual claims as informational signals rather than robust, independently-validated facts.
Peer context · computed, not argued
12-1 momentum ranks 6th of 6 in REIT—Residential (as of 2026-10-14).
6-month relative strength ranks 6th of 6 in REIT—Residential (as of 2026-10-14).
90-day volatility ranks 1st of 6 in REIT—Residential (as of 2026-10-14).
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment. When the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here (no outside knowledge, no browsing), and each card shows who read it and what it contributed to the score.
13 filings· 2 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data, not retyped or estimated.
Read by Mercer+0.0 to the score
11 documents· 2 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes+0.2 to the score
1 signal set
Moneyta signal set
Computed from our own end-of-day price history and ranked against the whole research universe. No AI involved.
Read by Nash−0.8 to the score
3 holdings records· 1 cited
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+0.6 to the score
7 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
17 filings· 2 cited
Insider filings
Parsed Forms 3/4/5 from EDGAR: named insiders, share counts, prices, and 10b5-1 plan state, with stated and inferred flags kept apart.
Read by Talbot−0.8 to the score
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only; it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal; the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
The full terminal on EQR Gold
Who holds it, who's buying, what the Street thinks: live behind the lock, updated as filings land.
Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
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Educational analysis of published data. Moneyta does not give investment advice or make recommendations.