Intrinsic value of Equity Residential - EQR

Previous Close

$67.16

  Intrinsic Value

$6.99

stock screener

  Rating & Target

str. sell

-90%

  Value-price divergence*

+4%

Previous close

$67.16

 
Intrinsic value

$6.99

 
Up/down potential

-90%

 
Rating

str. sell

 
Value-price divergence*

+4%

Our model is not good at valuating stocks of financial companies, such as EQR.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of EQR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 24.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -11.62
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,426
  2,475
  2,531
  2,596
  2,670
  2,750
  2,839
  2,936
  3,041
  3,153
  3,274
  3,404
  3,542
  3,689
  3,845
  4,011
  4,187
  4,373
  4,570
  4,778
  4,997
  5,229
  5,473
  5,731
  6,002
  6,288
  6,589
  6,905
  7,239
  7,589
  7,958
Variable operating expenses, $m
 
  1,287
  1,316
  1,350
  1,388
  1,430
  1,476
  1,527
  1,581
  1,640
  1,703
  1,770
  1,842
  1,918
  2,000
  2,086
  2,177
  2,274
  2,376
  2,485
  2,599
  2,719
  2,846
  2,980
  3,121
  3,270
  3,426
  3,591
  3,764
  3,946
  4,138
Fixed operating expenses, $m
 
  324
  332
  340
  349
  358
  366
  376
  385
  395
  405
  415
  425
  436
  446
  458
  469
  481
  493
  505
  518
  531
  544
  558
  572
  586
  600
  616
  631
  647
  663
Total operating expenses, $m
  1,570
  1,611
  1,648
  1,690
  1,737
  1,788
  1,842
  1,903
  1,966
  2,035
  2,108
  2,185
  2,267
  2,354
  2,446
  2,544
  2,646
  2,755
  2,869
  2,990
  3,117
  3,250
  3,390
  3,538
  3,693
  3,856
  4,026
  4,207
  4,395
  4,593
  4,801
Operating income, $m
  856
  864
  883
  906
  933
  963
  996
  1,034
  1,074
  1,119
  1,167
  1,219
  1,275
  1,335
  1,399
  1,468
  1,541
  1,618
  1,701
  1,788
  1,881
  1,979
  2,083
  2,193
  2,309
  2,432
  2,562
  2,699
  2,844
  2,996
  3,157
EBITDA, $m
  1,562
  1,585
  1,621
  1,663
  1,711
  1,764
  1,824
  1,889
  1,961
  2,038
  2,122
  2,211
  2,307
  2,410
  2,520
  2,637
  2,761
  2,893
  3,033
  3,181
  3,337
  3,503
  3,678
  3,863
  4,059
  4,265
  4,482
  4,712
  4,953
  5,208
  5,476
Interest expense (income), $m
  482
  431
  440
  452
  465
  480
  497
  515
  535
  557
  580
  605
  632
  661
  691
  723
  757
  794
  832
  873
  916
  961
  1,009
  1,060
  1,113
  1,169
  1,228
  1,290
  1,356
  1,424
  1,497
Earnings before tax, $m
  4,476
  432
  443
  454
  467
  482
  499
  518
  539
  562
  587
  614
  643
  675
  708
  745
  783
  824
  868
  915
  965
  1,018
  1,074
  1,134
  1,197
  1,263
  1,334
  1,409
  1,488
  1,572
  1,660
Tax expense, $m
  1
  117
  120
  123
  126
  130
  135
  140
  146
  152
  158
  166
  174
  182
  191
  201
  211
  223
  234
  247
  261
  275
  290
  306
  323
  341
  360
  380
  402
  424
  448
Net income, $m
  4,292
  316
  324
  332
  341
  352
  365
  378
  394
  410
  429
  448
  470
  492
  517
  544
  572
  602
  634
  668
  704
  743
  784
  828
  874
  922
  974
  1,029
  1,086
  1,147
  1,212

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  77
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  20,704
  20,971
  21,453
  22,004
  22,623
  23,309
  24,062
  24,881
  25,768
  26,724
  27,749
  28,846
  30,017
  31,264
  32,589
  33,994
  35,484
  37,061
  38,729
  40,491
  42,351
  44,314
  46,384
  48,567
  50,866
  53,287
  55,837
  58,521
  61,345
  64,315
  67,440
Adjusted assets (=assets-cash), $m
  20,627
  20,971
  21,453
  22,004
  22,623
  23,309
  24,062
  24,881
  25,768
  26,724
  27,749
  28,846
  30,017
  31,264
  32,589
  33,994
  35,484
  37,061
  38,729
  40,491
  42,351
  44,314
  46,384
  48,567
  50,866
  53,287
  55,837
  58,521
  61,345
  64,315
  67,440
Revenue / Adjusted assets
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
Average production assets, $m
  20,152
  20,553
  21,026
  21,566
  22,173
  22,845
  23,583
  24,386
  25,255
  26,192
  27,197
  28,273
  29,420
  30,642
  31,940
  33,318
  34,778
  36,324
  37,958
  39,685
  41,509
  43,433
  45,462
  47,601
  49,854
  52,227
  54,726
  57,356
  60,124
  63,036
  66,099
Working capital, $m
  0
  -79
  -81
  -83
  -85
  -88
  -91
  -94
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -167
  -175
  -183
  -192
  -201
  -211
  -221
  -232
  -243
  -255
Total debt, $m
  8,987
  9,165
  9,410
  9,690
  10,005
  10,353
  10,735
  11,152
  11,602
  12,088
  12,609
  13,166
  13,761
  14,394
  15,067
  15,781
  16,538
  17,339
  18,186
  19,081
  20,026
  21,024
  22,075
  23,184
  24,352
  25,582
  26,877
  28,240
  29,675
  31,184
  32,772
Total liabilities, $m
  10,475
  10,653
  10,898
  11,178
  11,493
  11,841
  12,223
  12,640
  13,090
  13,576
  14,097
  14,654
  15,249
  15,882
  16,555
  17,269
  18,026
  18,827
  19,674
  20,569
  21,514
  22,512
  23,563
  24,672
  25,840
  27,070
  28,365
  29,728
  31,163
  32,672
  34,260
Total equity, $m
  10,229
  10,317
  10,555
  10,826
  11,131
  11,468
  11,838
  12,241
  12,678
  13,148
  13,653
  14,192
  14,768
  15,382
  16,034
  16,725
  17,458
  18,234
  19,054
  19,921
  20,837
  21,803
  22,821
  23,895
  25,026
  26,217
  27,472
  28,792
  30,182
  31,643
  33,181
Total liabilities and equity, $m
  20,704
  20,970
  21,453
  22,004
  22,624
  23,309
  24,061
  24,881
  25,768
  26,724
  27,750
  28,846
  30,017
  31,264
  32,589
  33,994
  35,484
  37,061
  38,728
  40,490
  42,351
  44,315
  46,384
  48,567
  50,866
  53,287
  55,837
  58,520
  61,345
  64,315
  67,441
Debt-to-equity ratio
  0.879
  0.890
  0.890
  0.900
  0.900
  0.900
  0.910
  0.910
  0.920
  0.920
  0.920
  0.930
  0.930
  0.940
  0.940
  0.940
  0.950
  0.950
  0.950
  0.960
  0.960
  0.960
  0.970
  0.970
  0.970
  0.980
  0.980
  0.980
  0.980
  0.990
  0.990
Adjusted equity ratio
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4,292
  316
  324
  332
  341
  352
  365
  378
  394
  410
  429
  448
  470
  492
  517
  544
  572
  602
  634
  668
  704
  743
  784
  828
  874
  922
  974
  1,029
  1,086
  1,147
  1,212
Depreciation, amort., depletion, $m
  706
  721
  738
  757
  778
  802
  827
  856
  886
  919
  954
  992
  1,032
  1,075
  1,121
  1,169
  1,220
  1,275
  1,332
  1,392
  1,456
  1,524
  1,595
  1,670
  1,749
  1,833
  1,920
  2,013
  2,110
  2,212
  2,319
Funds from operations, $m
  1,082
  1,037
  1,061
  1,088
  1,119
  1,154
  1,192
  1,234
  1,280
  1,329
  1,383
  1,440
  1,502
  1,568
  1,638
  1,713
  1,792
  1,876
  1,966
  2,061
  2,161
  2,267
  2,379
  2,498
  2,623
  2,755
  2,894
  3,041
  3,196
  3,359
  3,531
Change in working capital, $m
  -29
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Cash from operations, $m
  1,111
  1,038
  1,063
  1,090
  1,122
  1,156
  1,195
  1,237
  1,283
  1,333
  1,387
  1,444
  1,506
  1,572
  1,643
  1,718
  1,798
  1,882
  1,972
  2,067
  2,168
  2,274
  2,387
  2,506
  2,632
  2,764
  2,904
  3,051
  3,207
  3,370
  3,543
Maintenance CAPEX, $m
  0
  -707
  -721
  -738
  -757
  -778
  -802
  -827
  -856
  -886
  -919
  -954
  -992
  -1,032
  -1,075
  -1,121
  -1,169
  -1,220
  -1,275
  -1,332
  -1,392
  -1,456
  -1,524
  -1,595
  -1,670
  -1,749
  -1,833
  -1,920
  -2,013
  -2,110
  -2,212
New CAPEX, $m
  -951
  -402
  -473
  -540
  -607
  -672
  -738
  -803
  -869
  -937
  -1,005
  -1,075
  -1,147
  -1,222
  -1,298
  -1,378
  -1,460
  -1,546
  -1,634
  -1,727
  -1,823
  -1,924
  -2,029
  -2,139
  -2,253
  -2,373
  -2,499
  -2,630
  -2,768
  -2,912
  -3,063
Cash from investing activities, $m
  5,872
  -1,109
  -1,194
  -1,278
  -1,364
  -1,450
  -1,540
  -1,630
  -1,725
  -1,823
  -1,924
  -2,029
  -2,139
  -2,254
  -2,373
  -2,499
  -2,629
  -2,766
  -2,909
  -3,059
  -3,215
  -3,380
  -3,553
  -3,734
  -3,923
  -4,122
  -4,332
  -4,550
  -4,781
  -5,022
  -5,275
Free cash flow, $m
  6,983
  -70
  -131
  -188
  -242
  -294
  -344
  -393
  -442
  -490
  -538
  -585
  -633
  -682
  -731
  -781
  -831
  -884
  -937
  -992
  -1,048
  -1,106
  -1,166
  -1,228
  -1,292
  -1,359
  -1,428
  -1,499
  -1,574
  -1,651
  -1,732
Issuance/(repayment) of debt, $m
  -1,603
  178
  245
  280
  314
  348
  382
  416
  451
  485
  521
  557
  595
  633
  673
  714
  757
  801
  847
  895
  945
  997
  1,052
  1,109
  1,168
  1,230
  1,295
  1,363
  1,435
  1,509
  1,587
Issuance/(repurchase) of shares, $m
  40
  0
  0
  0
  0
  0
  6
  25
  43
  60
  76
  92
  106
  121
  135
  148
  161
  174
  186
  199
  211
  223
  234
  246
  258
  269
  280
  292
  303
  314
  326
Cash from financing (excl. dividends), $m  
  -2,175
  178
  245
  280
  314
  348
  388
  441
  494
  545
  597
  649
  701
  754
  808
  862
  918
  975
  1,033
  1,094
  1,156
  1,220
  1,286
  1,355
  1,426
  1,499
  1,575
  1,655
  1,738
  1,823
  1,913
Total cash flow (excl. dividends), $m
  4,809
  108
  114
  92
  73
  55
  44
  48
  51
  55
  60
  64
  68
  72
  77
  82
  86
  92
  97
  102
  108
  114
  120
  127
  133
  141
  148
  156
  164
  172
  181
Retained Cash Flow (-), $m
  241
  -165
  -237
  -271
  -305
  -337
  -370
  -403
  -436
  -470
  -505
  -540
  -576
  -613
  -652
  -692
  -733
  -776
  -820
  -867
  -915
  -966
  -1,019
  -1,074
  -1,131
  -1,191
  -1,254
  -1,320
  -1,389
  -1,462
  -1,537
Prev. year cash balance distribution, $m
 
  77
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  19
  -123
  -179
  -232
  -283
  -327
  -356
  -385
  -415
  -445
  -476
  -508
  -541
  -575
  -610
  -646
  -684
  -724
  -765
  -807
  -852
  -898
  -947
  -998
  -1,051
  -1,106
  -1,165
  -1,225
  -1,289
  -1,356
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  18
  -104
  -138
  -161
  -175
  -178
  -170
  -159
  -146
  -133
  -118
  -103
  -89
  -75
  -62
  -51
  -40
  -31
  -24
  -18
  -13
  -9
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.7
  99.6
  99.3
  99.0
  98.7
  98.4
  98.0
  97.7
  97.3
  96.9
  96.5
  96.0
  95.6
  95.2
  94.8
  94.4
  93.9
  93.5
  93.1
  92.7
  92.3
  91.9
  91.5

Equity Residential, a real estate investment trust (REIT), engages in the acquisition, development, and management of multifamily properties in the United States. As of December 31, 2007, it owned and invested in 579 properties in 24 states and the District of Columbia consisting of 152,821 units. The company qualifies as a REIT for federal income tax purposes. As a REIT, it would not be subject to federal income tax to the extent that it distributes at least 90% of its taxable income to its shareholders. Equity Residential was founded in 1966 and is headquartered in Chicago, Illinois.

FINANCIAL RATIOS  of  Equity Residential (EQR)

Valuation Ratios
P/E Ratio 5.7
Price to Sales 10.1
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 22.1
Price to Free Cash Flow 153.6
Growth Rates
Sales Growth Rate -11.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -18.8%
Cap. Spend. - 3 Yr. Gr. Rate 8.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 87.9%
Total Debt to Equity 87.9%
Interest Coverage 10
Management Effectiveness
Return On Assets 21.8%
Ret/ On Assets - 3 Yr. Avg. 10.7%
Return On Total Capital 21.1%
Ret/ On T. Cap. - 3 Yr. Avg. 9.4%
Return On Equity 41.5%
Return On Equity - 3 Yr. Avg. 18.6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 66.8%
Gross Margin - 3 Yr. Avg. 66.7%
EBITDA Margin 233.5%
EBITDA Margin - 3 Yr. Avg. 127.1%
Operating Margin 35.3%
Oper. Margin - 3 Yr. Avg. 35.8%
Pre-Tax Margin 184.5%
Pre-Tax Margin - 3 Yr. Avg. 80.8%
Net Profit Margin 176.9%
Net Profit Margin - 3 Yr. Avg. 77.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0.1%
Payout Ratio 111.2%

EQR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EQR stock intrinsic value calculation we used $2426 million for the last fiscal year's total revenue generated by Equity Residential. The default revenue input number comes from 2016 income statement of Equity Residential. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our EQR stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.3%, whose default value for EQR is calculated based on our internal credit rating of Equity Residential, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Equity Residential.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of EQR stock the variable cost ratio is equal to 52%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $316 million in the base year in the intrinsic value calculation for EQR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.8% for Equity Residential.

Corporate tax rate of 27% is the nominal tax rate for Equity Residential. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the EQR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for EQR are equal to 830.6%.

Life of production assets of 28.5 years is the average useful life of capital assets used in Equity Residential operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for EQR is equal to -3.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $10229 million for Equity Residential - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 366.074 million for Equity Residential is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Equity Residential at the current share price and the inputted number of shares is $24.6 billion.

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COMPANY NEWS

▶ How Wall Street Analysts View Equity Residential   [Jul-19-17 10:36AM  Market Realist]
▶ The Factors behind Equity Residentials Profits in 2Q17   [Jul-18-17 09:08AM  Market Realist]
▶ Will Higher Supply Dampen Equity Residentials Rent Growth?   [Jul-17-17 05:35PM  Market Realist]
▶ Equity Residential Compared to Its Peers   [02:17PM  Market Realist]
▶ How Does Wall Street Rate Essex Property Trust?   [Jul-12-17 09:06AM  Market Realist]
▶ How Well Does Essex Property Manage Its Balance Sheet?   [Jul-11-17 10:36AM  Market Realist]
▶ Where Vornado Stands among Its Peers   [Jul-10-17 10:35AM  Market Realist]
▶ Essex Property and Residential REITs Are Poised to Grow   [Jul-07-17 05:35PM  Market Realist]
▶ How Wall Street Analysts View AvalonBay Stock   [Jun-19-17 07:35AM  Market Realist]
▶ [$$] Sam Zell Speaks His Mind   [Jun-17-17 12:53AM  Barrons.com]
▶ AvalonBayComparison with Other Retail REITs in Its Industry   [Jun-16-17 10:35AM  Market Realist]
▶ Equity Residential Declares Second Quarter Dividends   [Jun-15-17 04:23PM  Business Wire]
▶ How Equity Residential combined old and new to create 455 Eye Apartments   [Jun-06-17 03:53PM  American City Business Journals]
▶ How Wall Street Analysts View Equity Residential   [May-29-17 10:35AM  Market Realist]
▶ Equity Residential: A Peer Comparison   [09:05AM  Market Realist]
▶ Equity Residential: A Shareholder-Friendly Company   [May-26-17 10:36AM  Market Realist]
▶ Equity Residentials Geographic Expansion   [09:07AM  Market Realist]
▶ How Rising Interest Rates Could Affect Equity Residential   [May-25-17 10:37AM  Market Realist]
▶ How Wall Street Analysts View Simon Property Group   [May-23-17 07:36AM  Market Realist]
▶ SPG Fights Rate Headwinds with Product Diversification   [May-19-17 10:36AM  Market Realist]
▶ Simon Property Group: A Must-Know Overview   [May-18-17 09:07AM  Market Realist]
▶ [$$] Fifth Wall Targets Real Estate Startups with $212 Million Fund   [May-02-17 07:30AM  The Wall Street Journal]
▶ Equity Residential reports 1Q results   [Apr-25-17 04:34PM  Associated Press]
▶ 2 Cheap High-Yield Dividend Stocks You Can Buy Right Now   [Apr-24-17 07:07AM  Motley Fool]
▶ 5 Reasons to Buy HCP, Inc. Now   [Mar-24-17 03:16PM  Motley Fool]
▶ 5 Reasons to Buy HCP, Inc. Now   [03:16PM  at Motley Fool]
▶ Equity Residential Declares First Quarter Dividends   [Mar-16-17 04:47PM  Business Wire]
▶ 5 Top Dividend Stocks in Residential REITs   [Mar-14-17 08:27AM  Motley Fool]
▶ 5 Top Dividend Stocks in Residential REITs   [08:27AM  at Motley Fool]
▶ REITs Will Be All Right Despite Rising Rates   [Mar-09-17 03:03PM  TheStreet.com]
▶ 7 Ultra-Cheap Value Stocks to Buy Now   [09:20AM  at Kiplinger]
▶ 2016's Leading Loser REITs That are Now Worth a Look   [Jan-10-17 12:24PM  at Motley Fool]
Stock chart of EQR Financial statements of EQR Annual reports of EQR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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