 | |
| 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]
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Transcription
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 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]
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.[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]
References
- ^ a b "Equity Residential 2022 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "NMHC 50 Largest Apartment Owners". National Multifamily Housing Council.
- ^ "Our Story".
- ^ Goldfarb, Jeffrey (October 26, 2015). "Keep one eye on Sam Zell's "For Sale" sign". Reuters.
- ^ "SCHEDULE 14A". U.S. Securities and Exchange Commission.
- ^ a b Gallun, Alby (June 7, 2007). "Veteran apartment buyer Crocker now in residence at Transwestern". Crain Communications.
- ^ "Apartment Deal For Zell's REIT". The New York Times. Bloomberg News. January 18, 1997.
- ^ Allen, J. Linn (January 18, 1997). "Zell-backed Trust To Buy Wellsford". Chicago Tribune.
- ^ "EQUITY RESIDENTIAL TO PAY $625 MILLION FOR RIVAL". The New York Times. Dow Jones & Company. August 29, 1997.
- ^ "EQUITY RESIDENTIAL IN DEAL WITH LINCOLN PROPERTY". The New York Times. Dow Jones & Company. May 30, 1998.
- ^ Holson, Laura M. (July 9, 1998). "Equity Residential to Acquire Merry Land for Stock and Debt". The New York Times.
- ^ "Zell REIT Announces Agreement To Buy Merry Land & Investment". The Wall Street Journal. July 8, 1998.
- ^ "EQUITY RESIDENTIAL IN $203 MILLION DEAL FOR LEXFORD". The New York Times. Bloomberg News. July 2, 1999.
- ^ "Change in S.& P. 500". The New York Times. Bloomberg News. November 28, 2001.
- ^ "Equity Residential Announces Sale of Its Lexford Housing Division for $1.1 Billion" (Press release). June 28, 2006 – via Business Wire.
- ^ Ball, Brian R. (July 10, 2006). "Equity Residential selling Lexford for $1.09 billion". American City Business Journals.
- ^ "Equity Residential Announces Closing of $9 Billion Archstone Acquisition" (Press release). February 27, 2013 – via Business Wire.
- ^ "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.
- ^ "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.
- ^ "Class-action lawsuit against Equity Residential to proceed in California". Real Estate Weekly. December 12, 2017.
- ^ "Calif. Tenants Get Class Cert. In Late Fees Suit". Law360. October 24, 2017.
- ^ "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.
External links
- Official website
- Business data for Equity Residential:
This page was last edited on 9 March 2024, at 14:09