S&P 500 component
| Mark J. Parrell, CEO|
Sam Zell, Chairman
Robert A. Garechana, CFO
|Revenue||$2.571 billion (2020)|
|$962 million (2020)|
|Total assets||$20.286 billion (2020)|
|Total equity||$10.763 billion (2020)|
Number of employees
|Footnotes / references|
As of December 31, 2020, the company owned or had investments in 309 properties consisting of 77,889 apartment units in Southern California, San Francisco, Washington, D.C., New York City, Boston, Seattle, and Denver.
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.
In 1997, the company acquired Wellsford Residential Property Trust for $620 million in stock and the assumption of $346 million of debt and acquired Evans Withycombe Residential for $625 million in stock and the assumption of $432 million in debt.
In 1998, the company acquired a portfolio of 5,774 apartments from Lincoln Property Company for $465 million 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.
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.
In January 2003, CEO Douglas Crocker retired. During his tenure, the company increased its ownership from 22,000 apartments to 227,000 apartments.
Equity Residential was sued in a class action in 2017 due to allegations that it charged late payment fees in violation of California law. Washington, D.C. attorney general Karl Racine also filed a suit against the company in December 2017, challenging the rent concessions offered by Equity Residential for the purpose of attracting new tenants.