Intrinsic value of Equity Residential - EQR

Previous Close

$68.14

  Intrinsic Value

$6.96

stock screener

  Rating & Target

str. sell

-90%

Previous close

$68.14

 
Intrinsic value

$6.96

 
Up/down potential

-90%

 
Rating

str. sell

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

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 25.0

 

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
  2.90
  3.11
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
Revenue, $m
  2,426
  2,496
  2,574
  2,659
  2,751
  2,851
  2,958
  3,073
  3,196
  3,327
  3,466
  3,614
  3,771
  3,937
  4,113
  4,298
  4,495
  4,702
  4,921
  5,151
  5,394
  5,650
  5,920
  6,203
  6,502
  6,816
  7,147
  7,494
  7,860
  8,244
  8,648
Variable operating expenses, $m
 
  1,298
  1,338
  1,383
  1,431
  1,482
  1,538
  1,598
  1,662
  1,730
  1,802
  1,879
  1,961
  2,047
  2,139
  2,235
  2,337
  2,445
  2,559
  2,679
  2,805
  2,938
  3,078
  3,226
  3,381
  3,544
  3,716
  3,897
  4,087
  4,287
  4,497
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
  1,622
  1,670
  1,723
  1,780
  1,840
  1,904
  1,974
  2,047
  2,125
  2,207
  2,294
  2,386
  2,483
  2,585
  2,693
  2,806
  2,926
  3,052
  3,184
  3,323
  3,469
  3,622
  3,784
  3,953
  4,130
  4,316
  4,513
  4,718
  4,934
  5,160
Operating income, $m
  856
  874
  904
  936
  972
  1,011
  1,053
  1,099
  1,149
  1,202
  1,259
  1,320
  1,385
  1,454
  1,528
  1,606
  1,688
  1,776
  1,869
  1,967
  2,071
  2,181
  2,297
  2,420
  2,549
  2,686
  2,830
  2,982
  3,142
  3,311
  3,488
EBITDA, $m
  1,562
  1,602
  1,654
  1,711
  1,774
  1,842
  1,915
  1,995
  2,080
  2,172
  2,269
  2,373
  2,484
  2,601
  2,726
  2,858
  2,998
  3,147
  3,303
  3,469
  3,643
  3,828
  4,023
  4,228
  4,444
  4,672
  4,913
  5,166
  5,433
  5,713
  6,009
Interest expense (income), $m
  482
  431
  444
  460
  478
  497
  518
  540
  564
  589
  616
  645
  675
  708
  742
  778
  817
  857
  900
  945
  993
  1,043
  1,096
  1,152
  1,210
  1,272
  1,337
  1,405
  1,477
  1,553
  1,632
Earnings before tax, $m
  4,476
  443
  459
  476
  494
  514
  536
  560
  585
  613
  643
  675
  710
  746
  785
  827
  872
  919
  969
  1,022
  1,078
  1,138
  1,201
  1,268
  1,339
  1,414
  1,493
  1,576
  1,665
  1,758
  1,856
Tax expense, $m
  1
  120
  124
  128
  133
  139
  145
  151
  158
  166
  174
  182
  192
  201
  212
  223
  235
  248
  262
  276
  291
  307
  324
  342
  362
  382
  403
  426
  449
  475
  501
Net income, $m
  4,292
  323
  335
  347
  360
  375
  391
  408
  427
  448
  469
  493
  518
  545
  573
  604
  636
  671
  707
  746
  787
  831
  877
  926
  977
  1,032
  1,090
  1,151
  1,215
  1,283
  1,355

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
  21,156
  21,813
  22,533
  23,315
  24,159
  25,068
  26,041
  27,082
  28,191
  29,371
  30,625
  31,954
  33,362
  34,852
  36,428
  38,091
  39,848
  41,701
  43,654
  45,713
  47,882
  50,166
  52,571
  55,101
  57,764
  60,565
  63,511
  66,609
  69,867
  73,291
Adjusted assets (=assets-cash), $m
  20,627
  21,156
  21,813
  22,533
  23,315
  24,159
  25,068
  26,041
  27,082
  28,191
  29,371
  30,625
  31,954
  33,362
  34,852
  36,428
  38,091
  39,848
  41,701
  43,654
  45,713
  47,882
  50,166
  52,571
  55,101
  57,764
  60,565
  63,511
  66,609
  69,867
  73,291
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
  20,735
  21,380
  22,085
  22,851
  23,679
  24,569
  25,523
  26,543
  27,630
  28,787
  30,016
  31,319
  32,699
  34,159
  35,703
  37,334
  39,055
  40,871
  42,786
  44,804
  46,930
  49,168
  51,525
  54,005
  56,615
  59,361
  62,248
  65,284
  68,477
  71,833
Working capital, $m
  0
  -80
  -82
  -85
  -88
  -91
  -95
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -150
  -157
  -165
  -173
  -181
  -189
  -199
  -208
  -218
  -229
  -240
  -252
  -264
  -277
Total debt, $m
  8,987
  9,259
  9,593
  9,959
  10,356
  10,785
  11,246
  11,741
  12,270
  12,833
  13,433
  14,069
  14,745
  15,460
  16,217
  17,017
  17,862
  18,755
  19,696
  20,688
  21,734
  22,836
  23,996
  25,218
  26,504
  27,856
  29,279
  30,776
  32,350
  34,004
  35,744
Total liabilities, $m
  10,475
  10,747
  11,081
  11,447
  11,844
  12,273
  12,734
  13,229
  13,758
  14,321
  14,921
  15,557
  16,233
  16,948
  17,705
  18,505
  19,350
  20,243
  21,184
  22,176
  23,222
  24,324
  25,484
  26,706
  27,992
  29,344
  30,767
  32,264
  33,838
  35,492
  37,232
Total equity, $m
  10,229
  10,409
  10,732
  11,086
  11,471
  11,886
  12,333
  12,812
  13,324
  13,870
  14,451
  15,067
  15,721
  16,414
  17,147
  17,922
  18,741
  19,605
  20,517
  21,478
  22,491
  23,558
  24,682
  25,865
  27,110
  28,420
  29,798
  31,248
  32,772
  34,374
  36,059
Total liabilities and equity, $m
  20,704
  21,156
  21,813
  22,533
  23,315
  24,159
  25,067
  26,041
  27,082
  28,191
  29,372
  30,624
  31,954
  33,362
  34,852
  36,427
  38,091
  39,848
  41,701
  43,654
  45,713
  47,882
  50,166
  52,571
  55,102
  57,764
  60,565
  63,512
  66,610
  69,866
  73,291
Debt-to-equity ratio
  0.879
  0.890
  0.890
  0.900
  0.900
  0.910
  0.910
  0.920
  0.920
  0.930
  0.930
  0.930
  0.940
  0.940
  0.950
  0.950
  0.950
  0.960
  0.960
  0.960
  0.970
  0.970
  0.970
  0.970
  0.980
  0.980
  0.980
  0.980
  0.990
  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
  323
  335
  347
  360
  375
  391
  408
  427
  448
  469
  493
  518
  545
  573
  604
  636
  671
  707
  746
  787
  831
  877
  926
  977
  1,032
  1,090
  1,151
  1,215
  1,283
  1,355
Depreciation, amort., depletion, $m
  706
  728
  750
  775
  802
  831
  862
  896
  931
  969
  1,010
  1,053
  1,099
  1,147
  1,199
  1,253
  1,310
  1,370
  1,434
  1,501
  1,572
  1,647
  1,725
  1,808
  1,895
  1,986
  2,083
  2,184
  2,291
  2,403
  2,520
Funds from operations, $m
  1,082
  1,051
  1,085
  1,122
  1,162
  1,206
  1,253
  1,304
  1,359
  1,417
  1,480
  1,546
  1,617
  1,692
  1,772
  1,857
  1,946
  2,041
  2,141
  2,247
  2,359
  2,477
  2,602
  2,734
  2,872
  3,019
  3,173
  3,335
  3,506
  3,686
  3,875
Change in working capital, $m
  -29
  -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
  -12
  -13
Cash from operations, $m
  1,111
  1,053
  1,088
  1,125
  1,165
  1,209
  1,257
  1,308
  1,363
  1,421
  1,484
  1,551
  1,622
  1,697
  1,778
  1,863
  1,952
  2,048
  2,148
  2,255
  2,367
  2,486
  2,611
  2,743
  2,882
  3,029
  3,183
  3,346
  3,518
  3,698
  3,888
Maintenance CAPEX, $m
  0
  -707
  -728
  -750
  -775
  -802
  -831
  -862
  -896
  -931
  -969
  -1,010
  -1,053
  -1,099
  -1,147
  -1,199
  -1,253
  -1,310
  -1,370
  -1,434
  -1,501
  -1,572
  -1,647
  -1,725
  -1,808
  -1,895
  -1,986
  -2,083
  -2,184
  -2,291
  -2,403
New CAPEX, $m
  -951
  -583
  -645
  -705
  -766
  -828
  -890
  -954
  -1,020
  -1,087
  -1,157
  -1,229
  -1,303
  -1,380
  -1,460
  -1,544
  -1,631
  -1,721
  -1,816
  -1,915
  -2,018
  -2,126
  -2,239
  -2,357
  -2,480
  -2,610
  -2,745
  -2,887
  -3,036
  -3,192
  -3,356
Cash from investing activities, $m
  5,872
  -1,290
  -1,373
  -1,455
  -1,541
  -1,630
  -1,721
  -1,816
  -1,916
  -2,018
  -2,126
  -2,239
  -2,356
  -2,479
  -2,607
  -2,743
  -2,884
  -3,031
  -3,186
  -3,349
  -3,519
  -3,698
  -3,886
  -4,082
  -4,288
  -4,505
  -4,731
  -4,970
  -5,220
  -5,483
  -5,759
Free cash flow, $m
  6,983
  -237
  -285
  -331
  -376
  -420
  -465
  -509
  -553
  -597
  -642
  -688
  -734
  -782
  -830
  -880
  -931
  -984
  -1,038
  -1,094
  -1,152
  -1,212
  -1,275
  -1,339
  -1,406
  -1,476
  -1,549
  -1,624
  -1,703
  -1,785
  -1,870
Issuance/(repayment) of debt, $m
  -1,603
  272
  334
  366
  397
  429
  461
  495
  529
  564
  600
  637
  675
  715
  757
  800
  845
  892
  941
  992
  1,046
  1,102
  1,160
  1,222
  1,286
  1,353
  1,423
  1,497
  1,574
  1,655
  1,740
Issuance/(repurchase) of shares, $m
  40
  0
  0
  7
  24
  40
  56
  71
  85
  98
  111
  124
  136
  148
  160
  171
  182
  193
  204
  215
  226
  236
  247
  257
  268
  278
  288
  299
  309
  319
  330
Cash from financing (excl. dividends), $m  
  -2,175
  272
  334
  373
  421
  469
  517
  566
  614
  662
  711
  761
  811
  863
  917
  971
  1,027
  1,085
  1,145
  1,207
  1,272
  1,338
  1,407
  1,479
  1,554
  1,631
  1,711
  1,796
  1,883
  1,974
  2,070
Total cash flow (excl. dividends), $m
  4,809
  35
  50
  42
  45
  49
  53
  57
  60
  64
  69
  73
  77
  82
  87
  91
  97
  102
  108
  113
  120
  126
  133
  140
  147
  155
  163
  171
  180
  189
  199
Retained Cash Flow (-), $m
  241
  -257
  -324
  -354
  -385
  -415
  -447
  -479
  -512
  -546
  -581
  -617
  -654
  -693
  -733
  -775
  -819
  -864
  -912
  -961
  -1,013
  -1,067
  -1,124
  -1,183
  -1,245
  -1,310
  -1,378
  -1,449
  -1,524
  -1,603
  -1,685
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
 
  -145
  -274
  -312
  -339
  -366
  -394
  -422
  -452
  -481
  -512
  -544
  -577
  -611
  -647
  -684
  -722
  -762
  -804
  -848
  -893
  -941
  -991
  -1,043
  -1,098
  -1,155
  -1,216
  -1,278
  -1,344
  -1,413
  -1,486
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
 
  -134
  -232
  -240
  -235
  -227
  -215
  -202
  -187
  -170
  -153
  -135
  -117
  -100
  -84
  -70
  -57
  -45
  -35
  -27
  -20
  -14
  -10
  -7
  -5
  -3
  -2
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  99.9
  99.7
  99.5
  99.3
  99.0
  98.8
  98.4
  98.1
  97.7
  97.4
  97.0
  96.6
  96.2
  95.8
  95.4
  95.0
  94.5
  94.1
  93.7
  93.3
  93.0
  92.6
  92.2
  91.8
  91.4
  91.1
  90.7

Equity Residential is a real estate investment trust. The Company's primary business is the acquisition, development and management of multifamily residential properties. Its segments include Boston, New York, Washington D.C., Southern California, San Francisco, Seattle and Other Markets. Southern California includes Los Angeles, San Diego and Orange County. Other Markets includes Phoenix. It is engaged in leasing of apartment units to residents. It focuses on rental apartment properties in urban and high-density suburban coastal gateway markets. As of December 31, 2016, the Company owned 302 properties located in 10 states and the District of Columbia consisting of 77,458 apartment units. The Company's projects include The Alton, 455 Eye Street, 855 Brannan, Cascade, One Henry Adams, 340 Fremont and Vista 99. ERP Operating Limited Partnership (ERPOP) conducts the multifamily residential property business of Equity Residential.

FINANCIAL RATIOS  of  Equity Residential (EQR)

Valuation Ratios
P/E Ratio 5.8
Price to Sales 10.3
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 22.4
Price to Free Cash Flow 155.8
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 2.9% 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 367.251 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 $25.0 billion.

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COMPANY NEWS

▶ Households Think Its a Good Time to Buy a Home   [Nov-22-17 04:20PM  Market Realist]
▶ Warehouse, infrastructure owners buck sluggish REIT market   [Nov-16-17 03:08PM  Associated Press]
▶ Equity Residential reports 3Q results   [Oct-24-17 05:25PM  Associated Press]
▶ 3 Stocks for Whipping Inflation   [Oct-22-17 12:15PM  Motley Fool]
▶ Equity Residential Declares Third Quarter Dividends   [Sep-15-17 04:26PM  Business Wire]
▶ 3 Real Estate Stocks You Can Keep Forever   [Aug-22-17 10:46AM  Motley Fool]
▶ Why apartment REITS are not a good home for your money   [Aug-15-17 08:26AM  MarketWatch]
▶ How AvalonBay Compares after 2Q17   [Aug-11-17 07:35AM  Market Realist]
▶ Refinancing Helped Simon Propertys Balance Sheet in 2Q17   [Aug-07-17 09:09AM  Market Realist]
▶ Vornados New Leases Drove Revenue in 2Q17   [Aug-03-17 11:40AM  Market Realist]
▶ Whats Equity Residentials Valuation after 2Q17 Results?   [Aug-01-17 09:06AM  Market Realist]
▶ Why Equity Residentials Expenses Soared in 2Q17   [Jul-31-17 10:37AM  Market Realist]
▶ What Marred EQRs Growth in 2Q17?   [09:08AM  Market Realist]
▶ Why Equity Residentials Revenues Rose in 2Q17   [07:39AM  Market Realist]
▶ Why Equity Residentials Top Line Soared in 2Q17   [Jul-28-17 12:35PM  Market Realist]
▶ Equity Residential reports 2Q results   [Jul-25-17 09:39PM  Associated Press]
▶ 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]
Financial statements 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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