Equity Residential (EQR) is a real estate investment trust (REIT) focused on acquiring, developing, and managing high-quality rental apartment properties in dynamic U.S. cities. The company's core business model centers on attracting affluent, long-term renters by providing exceptional living experiences and leveraging technology for efficient operations. EQR's primary revenue streams are derived from rental income, with a geographic presence concentrated in major metropolitan areas across the United States. The company seeks to optimize its portfolio by balancing risk and maximizing returns through strategic investments in both established and expansion markets. EQR operates in a competitive landscape with other multifamily property owners and managers, as well as single-family housing providers.

• Employees: 2,400 (approximately)
• Geographic Footprint: 10 states and the District of Columbia
• Headquarters: Chicago, Illinois
• Founded: March 1993 (EQR), May 1993 (ERPOP)
• Number of locations/facilities: 302 properties
• Revenue: $2.87 billion (FY2023)
• Market Capitalization: Approximately $31.3 billion (as of December 31, 2023)
• Key Subsidiaries/Brands: ERP Operating Limited Partnership (ERPOP)

• Board Chair: David J. Neithercut
• Other Key Executives: Not explicitly mentioned in the provided 10K.

David J. Neithercut was appointed as Chairman in May 2023, after the passing of Samuel Zell. The management of EQR consists of the same members as the management of ERPOP.

• Annual Revenue: $2.87 billion (FY2023)
• Net Income: $868.5 million (FY2023)
• Market Cap: Approximately $31.3 billion (as of December 31, 2023)
• Total Assets: $20.0 billion (as of December 31, 2023)
• Number of Employees: 2,400 (approximately)
• Key Financial Highlights: Same store revenue increased by 5.6% year-over-year.

EQR's main offerings are high-quality rental apartment properties. The company focuses on providing a superior resident experience through:

• Apartment Rentals: Leasing of residential apartment units in various property types, including garden and mid/high-rise buildings.
• Non-Residential Spaces: Leasing of retail and public parking garage spaces, often as amenities for residents.
• Resident Services: Providing amenities and services that enhance the resident experience, including fitness centers, community rooms, and technology-driven solutions.

The Company operates primarily within one business segment: multifamily residential properties. The company evaluates performance geographically by market and both on a same store and non-same store basis. The Company's geographic consolidated same store operating segments represent its reportable segments. The company also has a non-residential component, which is designed as an amenity for its residential residents. The company does not provide a revenue breakdown by segment.

EQR's business strategy focuses on maximizing risk-adjusted total returns through investments in strategically targeted markets. Key strategic initiatives include:

• Portfolio Optimization: Balancing risk and maximizing returns by investing in markets with strong economic drivers and high costs of single-family home ownership.
• Development and Redevelopment: Actively pursuing development and redevelopment opportunities to enhance the value and quality of its portfolio.
• Technology and Innovation: Investing in technology to improve customer service, operational efficiency, and resident engagement.
• Sustainability: Implementing sustainable practices across all aspects of the business, including investment activities, development, and property operations.
• Geographic Diversification: Expanding into new markets that meet specific criteria, while reducing exposure in older or lower-returning assets.

The company's long-term goals include creating communities where people thrive, enhancing financial performance, and strengthening its organization's sense of purpose.

EQR operates in the multifamily residential real estate industry. Key market trends affecting the business include:

• High Cost of Home Ownership: Elevated single-family home ownership costs are driving demand for rental housing.
• Strong Job Growth: EQR's markets are knowledge centers with high-quality job growth, attracting affluent renters.
• Household Formation: Demand for rental housing is driven by household formations from younger generations.
• Competition: EQR faces competition from other multifamily properties, single-family homes, and other rental options.

The company's market position is as one of the largest publicly-traded owners and operators of high-quality rental apartment properties in the U.S. The company does not provide specific market share information.

• Market Risks: Competition from other housing options, potential oversupply in certain markets, and changes in resident preferences.
• Operational Risks: Construction and development risks, including cost overruns and delays, and the potential for operations from new acquisitions, developments, and renovations to fail to perform as expected.
• Financial Risks: Exposure to rising interest rates, disruptions in financial markets, and the potential for insufficient cash flow to service existing debt.
• Regulatory Risks: Changes in rent control or rent stabilization regulations, as well as compliance with various federal, state, and local requirements.
• Cybersecurity Risks: The risk of cyber incidents, data breaches, and disruptions to information technology systems.