Equity Residential appoints former Sweetgreen COO to board of trustees

CHICAGO - Equity Residential (NYSE:EQR), a prominent player in the Residential REITs industry with a market capitalization of $26.49 billion, announced Thursday the appointment of Chris Carr to its Board of Trustees, effective immediately until the next annual meeting of shareholders. The company’s stock currently trades at $67.65, and according to InvestingPro analysis, appears to be trading near its Fair Value.

Carr, 61, previously served as Chief Operating Officer of restaurant chain Sweetgreen, Inc. (NYSE:SG). His appointment increases the company’s board to 11 members, with nine qualifying as independent trustees under New York Stock Exchange standards. This governance structure has helped maintain the company’s strong financial health, earning a "GOOD" rating from InvestingPro’s comprehensive analysis framework.

The new appointee will serve on Equity Residential’s Audit and Corporate Governance Committees. Prior to joining Sweetgreen, Carr held senior executive positions at Starbucks (NASDAQ:SBUX), most recently as Executive Vice President and Chief Procurement Officer. His career also includes 18 years at ExxonMobil developing retail strategies for global fuels marketing.

"We are very pleased to welcome Chris to the Equity Residential board," said Mark J. Parrell, Equity Residential’s President and CEO, in a press release statement.

Carr currently serves as a director for Hilton Worldwide, Inc. (NYSE:HLT) and chairs the Board of Recreational Equipment Inc. (REI). He also holds board trustee positions at Howard University and the University of San Diego.

The appointment aligns with Equity Residential’s board refreshment strategy, which aims to incorporate new perspectives while maintaining institutional knowledge. Over the past six years, the company has added five new trustees, reducing the average tenure of independent trustees to 7.5 years.

Equity Residential, an S&P 500 member, focuses on residential property acquisition, development and management in major U.S. cities. The company owns or has investments in 319 properties comprising 86,422 apartment units across markets including Boston, New York, Washington D.C., Seattle, San Francisco, and Southern California.

In other recent news, Equity Residential has received an upgrade from Evercore ISI, moving from In Line to Outperform, with a revised price target of $75.00. This upgrade is based on strong performance in coastal markets, with quarterly and annual funds from operations estimates remaining at $0.99 for Q2 and $3.99 for fiscal year 2025. Additionally, Equity Residential held its 2025 Annual Meeting of Shareholders, where all ten nominees for the board of trustees were elected for one-year terms.

In a separate development, Stifel analysts maintained their Buy rating on Equity Residential, keeping the price target at $69.01, despite a slight downgrade in RevPAR estimates for 2025/2026 by STR. Equity Residential has also announced a new distribution agreement and forward sale agreements, which could lead to the sale of up to 13 million common shares. This agreement involves several banks, including JPMorgan Chase Bank and Barclays Bank PLC, and allows for "at the market" offerings.

Meanwhile, concerns have arisen regarding potential rent control policies in New York City, following Zohran Mamdani’s lead in the Democratic mayoral primary, which has impacted several real estate investment trusts, including Equity Residential.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.