EQUITY RESIDENTIAL（EQR）の決算・業績分析
EQUITY RESIDENTIALの2025年有価証券報告書をAI分析。売上高$3.1B(+3.8%)。Real Estate。
目次
EQUITY RESIDENTIALの2025年度 業績サマリー
EQUITY RESIDENTIAL（証券コード: EQR）の2025年度決算・業績分析。売上高は$3.1B（前年比+3.8%）。純利益は$1.1B（前年比+8.1%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
EQUITY RESIDENTIALの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue increased 11.0% YoY to $2.7B (XBRL), but operating income fell 51.5% YoY to $813M (XBRL).
- Net income declined 41.7% YoY to $777M (XBRL), with a payout ratio of 119.9% (XBRL) driven by $932M in dividends.
- Net debt rose to $8.1B (4.8x EBITDA) (XBRL), despite $1.6B in free cash flow (XBRL).
EQUITY RESIDENTIALの売上高変化の要因
- •FY2024 revenue grew 11.0% YoY to $2.7B (XBRL), reversing a slight decline from FY2023 ($2.5B) (XBRL). The historical time series shows revenue fluctuated between $2.5B and $2.7B over the past five years, with a projected $3.1B in FY2025 (XBRL). Growth drivers include demand for rental housing in dynamic cities, though operating income fell sharply due to cost pressures.
EQUITY RESIDENTIALの営業利益変化の要因
- •Operating income dropped 51.5% YoY to $813M (XBRL), with operating margin at 29.7% (XBRL). EBITDA remained strong at $1.7B (62.0% margin) (XBRL), but net income fell 41.7% YoY to $777M (XBRL), with net margin at 28.4% (XBRL). The decline in operating income contrasts with stable EBITDA, suggesting cost management challenges.
EQUITY RESIDENTIALの事業リスクと対応
Real estate investment risks tied to local economic conditions and political climates (10-K).
Geographic concentration in Established Markets increases exposure to regional downturns (10-K).
Competition from other housing options and tech-driven amenities (10-K).
Short-term leases increase vulnerability to rent declines (10-K).
Illiquidity of real estate limits portfolio flexibility (10-K).
EQUITY RESIDENTIALの事業内容
Equity Residential (EQR) is a REIT focused on acquiring, developing, and managing high-quality rental apartment properties in major U.S. cities like Boston, New York, and San Francisco (10-K). Its primary revenue source is rental income from these properties, with FY2024 revenue at $2.7B (XBRL). The company emphasizes customer service, location in high-demand markets, and a disciplined balance sheet as key competitive advantages (10-K). No distinct business segments are explicitly listed in the data.
EQUITY RESIDENTIALのAI業績分析レポート（2024年度）
Equity Residential (EQR) FY2024 Annual Report Analysis
Highlights
Business Overview
Equity Residential (EQR) is a REIT focused on acquiring, developing, and managing high-quality rental apartment properties in major U.S. cities like Boston, New York, and San Francisco (10-K). Its primary revenue source is rental income from these properties, with FY2024 revenue at $2.7B (XBRL). The company emphasizes customer service, location in high-demand markets, and a disciplined balance sheet as key competitive advantages (10-K). No distinct business segments are explicitly listed in the data.
Revenue Analysis
FY2024 revenue grew 11.0% YoY to $2.7B (XBRL), reversing a slight decline from FY2023 ($2.5B) (XBRL). The historical time series shows revenue fluctuated between $2.5B and $2.7B over the past five years, with a projected $3.1B in FY2025 (XBRL). Growth drivers include demand for rental housing in dynamic cities, though operating income fell sharply due to cost pressures.
Profitability Analysis
Operating income dropped 51.5% YoY to $813M (XBRL), with operating margin at 29.7% (XBRL). EBITDA remained strong at $1.7B (62.0% margin) (XBRL), but net income fell 41.7% YoY to $777M (XBRL), with net margin at 28.4% (XBRL). The decline in operating income contrasts with stable EBITDA, suggesting cost management challenges.
Balance Sheet Analysis
Equity ratio stood at 55.3% (XBRL), with debt-to-equity (D/E) at 0.76x (XBRL). Net debt reached $8.1B (4.8x EBITDA) (XBRL), despite $54M in cash (XBRL). Total assets declined to $20.0B (XBRL), while total equity remained stable at $11.1B (XBRL).
Cash Flow Analysis
Operating cash flow was $1.5B (XBRL), with free cash flow (FCF) at $1.6B (XBRL). Investing cash flow was $108M (XBRL), while financing cash flow was -$1.8B (XBRL), driven by $932M in dividends paid (XBRL) and $49M in share repurchases (XBRL).
Working Capital Analysis
N/A
Risks
Outlook
N/A
Historical Time Series
Metric FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
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Revenue N/A 2.7B 2.6B 2.5B 2.7B 3.1B
Operating Income 1.1B 1.4B 1.3B 1.7B 813M N/A
Net Income 658M 970M 914M 1.3B 777M 835M
Total Assets 21.2B 20.3B 21.2B 20.2B 20.0B 20.8B
Total Equity 10.3B 10.5B 11.0B 11.2B 11.1B 11.0B
Operating Cash Flow 1.4B 1.5B 1.3B 1.3B 1.5B 1.5B
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