$EQR — HOLD 📊 | 6 MONTHS THESIS

Equity Residential is committed to creating communities where people thrive. 🎯 FQ2 FY2026 (ends Jun) | reported Jul 22 | Rev $120M | Adj EPS $1.02 vs $1.01 🟢 | GAAP EPS $0.30 💡 The Q2 beat of $0.01 was negligible and overshadowed by sharp revenue and net income declines versus the prior-year period. The market appears to be pricing the merger as a near-certainty, but the modest earnings quality and elevated PE percentile suggest any post-close synergy realization will need to be flawless just to maintain the current... 🏢 Business Quality: 7/10 📊 Valuation: At $66.45, EQR trades at a premium to the multifamily REIT sector (PE in the 78th percentile of peers). 🔮 Catalyst: AVB/EQR shareholder votes on merger (AVB special meeting August 12,2026; EQR vote expected concurrently or shortly after) followed by deal close expected Q4 2026. Vivmark (VMRK) listing and initial post-close guidance will be the next material price catalyst. ⚖️ EQR is a Hold. The pending merger with AvalonBay dom

Equity Residential is committed to creating communities where people thrive.