Shares of apartment giant Equity Residential (NYSE: EQR) have plunged more than 30% this year. That sell-off has driven the real estate investment trust's dividend yield up to 3.9%.

What's odd is that, while shares have tumbled on recessionary fears, the company isn't seeing any signs of an economic downturn impacting demand. That was evident in its third-quarter earnings. Because of that, the beaten-down dividend stock is starting to look really attractive for those seeking passive income.

Equity Residential is having an exceptional year. The apartment REIT reported an impressive 19.5% increase in its normalized funds from operations (FFO) per share during the third quarter. Meanwhile, normalized FFO per share was up 18.9% through the first nine months, compared to the prior-year period.

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Source Fool.com