Company type | Public company |
---|---|
NYSE: EQR S&P 500 component | |
Industry | Apartments |
Founded | 1969 |
Founder | Sam Zell |
Headquarters | Riverside Plaza Chicago, Illinois |
Key people | Mark J. Parrell, CEO David J. Neithercut, Chairman Robert A. Garechana, CFO |
Services | Property Management |
Revenue | $2.735 billion (2022) |
$0.773 billion (2022) | |
Total assets | $20.218 billion (2022) |
Total equity | $11.382 billion (2022) |
Number of employees | 2,400 (2022) |
Website | equityapartments |
Footnotes /references [1] |
Equity Residential is a United States-based publicly traded real estate investment trust that invests in apartments.
As of December 31, 2022, the company owned or had investments in 308 properties consisting of 79,597 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 5th largest owner of apartments in the United States and the 16th largest apartment property manager in the United States. [2]
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 Barry Sternlicht in exchange for a 20% stake in the company. Sternlicht had acquired the properties via government auctions after the savings and loan crisis. [4]
On August 11, 1993, the company became a public company via an initial public offering. [5] At that time, the company owned 22,000 apartments. [6]
In 1997, the company acquired Wellsford Residential Property Trust for $620 million in stock and the assumption of $346 million of debt [7] [8] and acquired Evans Withycombe Residential for $625 million in stock and the assumption of $432 million in debt. [9]
In 1998, the company acquired a portfolio of 5,774 apartments from Lincoln Property Company for $465 million [10] and 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. [11] [12]
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. [13]
In 2001, the company was added to the S&P 500. [14]
In January 2003, CEO Douglas Crocker retired. During his tenure, the company increased its ownership from 22,000 apartments to 227,000 apartments. [6]
In 2006, the company sold its Lexford affordable housing division, which included 27,115 apartment units, for $1.09 billion. [15] [16]
On February 27, 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]
Equity Residential was sued in a class action in 2017 due to allegations that it charged late payment fees in violation of California law. [20] [21]
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. [22]
Starwood Hotels and Resorts Worldwide, Inc. was one of the largest companies that owned, operated, franchised and managed hotels, resorts, spas, residences, and vacation ownership properties. It was acquired by Marriott International in 2016.
Samuel Zell was an American billionaire businessman and philanthropist primarily engaged in real estate investment. Companies founded by or controlled by Zell include Equity Residential, Equity International, EQ Office, Covanta, Tribune Media, and Anixter.
David Lichtenstein is an American billionaire, entrepreneur, and real estate investor. He is the founder and CEO of The Lightstone Group, which he founded in 1988.
Lennar Corporation is a home construction company based in the Waterford District, an unincorporated area of Miami-Dade County, Florida. As of 2023, the company was the second-largest home construction company in the United States based on the number of homes sold. In 2023, the company was ranked 119th on the Fortune 500.
Extended Stay America, Inc., headquartered in Charlotte, North Carolina, is the operator of an economy apartment hotel chain in the United States and Canada. As of December 31, 2019, the company owned and operated 557 hotel properties consisting of approximately 61,900 rooms and franchised or managed 73 hotel properties consisting of approximately 7,500 rooms. Prior to June 2021, when the company was acquired by Blackstone Real Estate and the Starwood Capital Group, it was publicly traded as a "paired share" with ESH Hospitality, Inc., a real estate investment trust and the owner of the hotels. As of 2022, there are 650+ Extended Stay America branded hotels.
Archstone was a real estate investment trust that invested in apartments. In 2007, the company was acquired by Tishman Speyer and Lehman Brothers and, in 2013, the company's assets were acquired by Equity Residential and AvalonBay Communities.
Apollo Global Management, Inc. is an American private equity firm. It provides investment management and invests in credit, private equity, and real assets. As of 2022, the company had $548 billion of assets under management, including $392 billion invested in credit, including mezzanine capital, hedge funds, non-performing loans, and collateralized loan obligations, $99 billion invested in private equity, and $46.2 billion invested in real assets, which includes real estate and infrastructure. The company invests money on behalf of pension funds, financial endowments, and sovereign wealth funds, as well as other institutional and individual investors.
Barry Stuart Sternlicht is an American billionaire and the co-founder, chairman, and CEO of Starwood Capital Group, an investment fund with over $100 billion in assets under management. He is also chairman of Starwood Property Trust. He is the founder of Starwood Hotels and Resorts Worldwide and served as its Chairman and CEO from 1995 to 2005. As of May 2023, his net worth was estimated at $4.6 billion.
Starwood Capital Group is an investment firm headquartered in Miami Beach, Florida. It is managed by Barry Sternlicht. It was co-founded by Sternlicht and Robert Faith in 1991. In 1993, Faith left Starwood to found Greystar Real Estate Partners.
Crow Holdings is a privately owned real estate investment and development firm based in Dallas, Texas, US, which has been operating since 1948. Originally founded by Trammell Crow, the firm was expanded under the direction of his son, Harlan Crow, chairman and former CEO. As of 2018, the company employed 450 people through its operating businesses in locations throughout the US. As of 2020, Crow Holdings managed $19.6 billion.
Camden Property Trust is a publicly-traded real estate investment trust that invests in apartments in the United States. As of November 30, 2021, the company owned interests in 171 apartment communities containing 58,588 apartment homes in the United States.
AvalonBay Communities, Inc. is a publicly traded real estate investment trust that invests in apartments.
David Bistricer is a New York-based real estate developer and the founder and principal of Clipper Equity. His firm focuses on the conversion of non-residential buildings to residential uses. One of Bistricer's latest ventures, in partnership with Chetrit Group, is the transformation of the shuttered four-building Cabrini Medical Center at 220 and 230 East 20th Street and 215 and 225 East 19th Street into a residential a condo project, Gramercy Square, with 223 units. The Woods Bagot-designed development features a different style for each property: a modern, a prewar, a boutique and a tower building. It also has about 38,000 square feet of amenities including a 75' sky-lit pool, a gym, a theater, a meditation room exclusively programmed by MNDFL and a wine cellar. And there's ample green space with a courtyard, a greenhouse and landscaping around the buildings.
Veris Residential, Inc. is a real estate investment trust headquartered in Jersey City, New Jersey, that invests primarily in residential real estate in New Jersey.
Timbercreek Asset Management is a Canadian real estate company based in Toronto, Ontario. It has $7.5 billion in assets under management, through a number of affiliates, including one listed on the Toronto Stock Exchange. As of August 2016, it owned 200 multi-residential properties worth $3.5 billion, making it the fifth-largest landlord in Canada.
Greystar Real Estate Partners is an international real estate developer and manager based in the United States. As of 2023, Greystar had over $74 billion in gross assets under management, and operated in 17 countries.
Robert Alan Faith is an American businessman, and the founder, chairman and chief executive officer (CEO) of Greystar Real Estate Partners.
Domio was an apartment-hotel rental service catering to group travelers. It is headquartered in New York City and has locations in several cities in the United States. The company leased parts of residential buildings, furnished the units, and then rented them to travelers.
Invitation Homes Inc. is a public company traded on the New York Stock Exchange. It is headquartered in the Comerica Bank Tower in Dallas, Texas. Dallas B. Tanner serves as chief executive officer. As of 2017, the company was reportedly the largest owner of single-family rental homes in the United States. As of December 2022, the company owned about 83,000 rental homes in 16 markets.
Tricon Residential is a Canadian real estate company. The company invests in single-family rental and multi-family rental homes, and owns about 31,000 properties across the United States and Canada. As of February 2021, the company had about $8.2 billion of assets under management.