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Equity Residential: Positioned For A Double-Digit Total Return

Aug. 02, 2023 2:24 AM ETEquity Residential (EQR)5 Comments


  • Equity Residential is a residential REIT with a focus on legacy markets on both coasts, which have lower valuations and more favorable supply-demand dynamics.
  • EQR has a strong tenant base with high-income households, which allows for aggressive rent increases during good times and steadier cash flows during bad times.
  • EQR's latest results show positive growth in same-store NOI.
  • I do much more than just articles at High Yield Landlord: Members get access to model portfolios, regular updates, a chat room, and more. Learn More »

Apartment buildings in a residential area


Dear readers/followers,

Equity Residential (NYSE:EQR) is a residential REIT very similar to AvalonBay Communities (AVB), yet for some reason it seems to be less talked about here on Seeking Alpha. I find it strange because Equity Residential

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This article was written by

David Ksir profile picture

David Ksir has extensive private equity experience in finance and European real estate. He manages a small 8-figure family office focused on generating reliable dividend income through value investing.

David also contributes to the High Yield Landlord which is led by Jussi Askola and has a team of 5 other top Seeking Alpha REIT and income analysts. They help investors become passive landlords with their 8% yielding real estate portfolio. Service features include: three portfolios (core, retirement, international), community through chat room, buy/sell alerts, and educational content.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of EQR either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (5)

"Double-Digit Total Return" - double digit negative return to be precise.
Emerald profile picture
Perhaps a high single digit total return for EQR. This would be in line with their history. Using third part developers (merchant builders) produces a mediocre multi family product that starts to leak between 5-10 years. Yes, less risk, but not a meaningful reward. EQR’s size means it’s growth will be average.
David Ksir profile picture
@Emerald Thanks for pointing out the quality of construction, I've never heard of that, but will look for evidence in the future.
I very much appreciate this analysis. One question: You made precisely the opposite arguments in Feburary in recommending (CPT) Camden Property Trust. You admired their in-house development capacity and advised exposure to fast-growing Sunbelt markets, despite the ease of adding supply in those states. Have you changed your view on these two big factors?
David Ksir profile picture
@metamotion Thanks for the question. I'm working on an article on MAA today which will clarify the differences between coastal markets and the sunbelt.
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