Profile: Equity Residential (EQR.N)
1 May 2015
Equity Residential (EQR), incorporated on July 21, 1992, is a real estate investment trust (REIT). The Company is focused on the acquisition, development and management of apartment properties. As of December 31, 2013, EQR owned an approximate 96.2% ownership interest in, ERP Operating Limited Partnership (ERPOP), which conducts multifamily residential property business of Equity Residential. The remaining 3.8% interest is owned by limited partners. All of the Company's property ownership, development and related business operations are conducted through the Operating Partnership.
As of December 31, 2013, the Company, directly or indirectly through investments owned all or a portion of 390 properties located in approximately 12 states and the District of Columbia consisting of 109,855 apartment units. As of December 31, 2013, the Company had 362 Wholly Owned Properties with 98,468 apartment units, three Master-Leased Properties (consolidated and unconsolidated) with 853 apartment units, 23 Partially Owned Properties with 5421 apartment units and two Military Housing Properties with 5,113 apartment units.
The Company’s properties had an average occupancy of approximately 93.8% as of December 31, 2013. Resident leases are generally for twelve months in length and can require security deposits. The garden-style properties are generally defined as properties with two or three story buildings while the mid-rise or high-rise are defined as properties with greater than three story buildings. These two property types typically provide residents with amenities, which may include a clubhouse, swimming pool, laundry facilities and cable television access. Certain of these properties offer additional amenities, such as saunas, whirlpools, spas, sports courts and exercise rooms or other amenities. In addition, many of its urban properties have parking garage and retail components. The military housing properties are defined as those properties located on military bases. During the year ended December 31, 2013, the Company acquired 73 consolidated properties consisting of 20,914 apartment units, one unconsolidated property consisting of 336 apartment units, three consolidated master-leased properties consisting of 853 apartment units, four projects in various stages of development (two consolidated and two unconsolidated) and 15 land parcels.
2 N Riverside Plz Ste 400
CHICAGO IL 60606-2624