Intrinsic value of Equity Residential - EQR

Previous Close

$56.99

  Intrinsic Value

$6.91

stock screener

  Rating & Target

str. sell

-88%

Previous close

$56.99

 
Intrinsic value

$6.91

 
Up/down potential

-88%

 
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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  3.00
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
Revenue, $m
  2,426
  2,499
  2,579
  2,666
  2,760
  2,862
  2,971
  3,088
  3,213
  3,346
  3,488
  3,638
  3,797
  3,965
  4,143
  4,332
  4,530
  4,740
  4,961
  5,194
  5,440
  5,699
  5,971
  6,258
  6,560
  6,877
  7,211
  7,563
  7,932
  8,320
  8,728
Variable operating expenses, $m
 
  1,299
  1,341
  1,386
  1,435
  1,488
  1,545
  1,606
  1,671
  1,740
  1,814
  1,892
  1,974
  2,062
  2,155
  2,252
  2,356
  2,465
  2,580
  2,701
  2,829
  2,963
  3,105
  3,254
  3,411
  3,576
  3,750
  3,933
  4,125
  4,327
  4,539
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
  1,623
  1,673
  1,726
  1,784
  1,846
  1,911
  1,982
  2,056
  2,135
  2,219
  2,307
  2,399
  2,498
  2,601
  2,710
  2,825
  2,946
  3,073
  3,206
  3,347
  3,494
  3,649
  3,812
  3,983
  4,162
  4,350
  4,549
  4,756
  4,974
  5,202
Operating income, $m
  856
  876
  906
  939
  976
  1,016
  1,060
  1,107
  1,157
  1,212
  1,270
  1,331
  1,397
  1,468
  1,542
  1,621
  1,705
  1,794
  1,889
  1,988
  2,093
  2,205
  2,322
  2,446
  2,577
  2,715
  2,861
  3,015
  3,176
  3,347
  3,527
EBITDA, $m
  1,562
  1,604
  1,657
  1,716
  1,781
  1,850
  1,926
  2,007
  2,094
  2,187
  2,286
  2,392
  2,504
  2,623
  2,750
  2,884
  3,026
  3,176
  3,334
  3,502
  3,679
  3,866
  4,062
  4,270
  4,489
  4,720
  4,963
  5,219
  5,488
  5,772
  6,071
Interest expense (income), $m
  482
  431
  445
  461
  479
  499
  520
  543
  567
  593
  620
  649
  680
  713
  748
  785
  824
  865
  908
  954
  1,002
  1,053
  1,106
  1,162
  1,222
  1,284
  1,350
  1,419
  1,491
  1,568
  1,648
Earnings before tax, $m
  4,476
  444
  461
  478
  497
  517
  540
  564
  591
  619
  650
  682
  717
  755
  794
  837
  882
  930
  980
  1,034
  1,091
  1,152
  1,216
  1,284
  1,355
  1,431
  1,511
  1,596
  1,685
  1,779
  1,879
Tax expense, $m
  1
  120
  124
  129
  134
  140
  146
  152
  159
  167
  175
  184
  194
  204
  214
  226
  238
  251
  265
  279
  295
  311
  328
  347
  366
  386
  408
  431
  455
  480
  507
Net income, $m
  4,292
  324
  336
  349
  363
  378
  394
  412
  431
  452
  474
  498
  524
  551
  580
  611
  644
  679
  716
  755
  797
  841
  888
  937
  989
  1,045
  1,103
  1,165
  1,230
  1,299
  1,372

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
  21,176
  21,854
  22,592
  23,393
  24,255
  25,182
  26,173
  27,231
  28,358
  29,557
  30,828
  32,176
  33,603
  35,113
  36,708
  38,392
  40,169
  42,044
  44,020
  46,102
  48,295
  50,604
  53,034
  55,592
  58,283
  61,113
  64,090
  67,220
  70,511
  73,970
Adjusted assets (=assets-cash), $m
  20,627
  21,176
  21,854
  22,592
  23,393
  24,255
  25,182
  26,173
  27,231
  28,358
  29,557
  30,828
  32,176
  33,603
  35,113
  36,708
  38,392
  40,169
  42,044
  44,020
  46,102
  48,295
  50,604
  53,034
  55,592
  58,283
  61,113
  64,090
  67,220
  70,511
  73,970
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
  20,755
  21,419
  22,143
  22,927
  23,773
  24,681
  25,652
  26,690
  27,794
  28,969
  30,215
  31,536
  32,935
  34,414
  35,977
  37,628
  39,370
  41,207
  43,144
  45,185
  47,334
  49,597
  51,979
  54,486
  57,124
  59,898
  62,815
  65,883
  69,108
  72,498
Working capital, $m
  0
  -80
  -83
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -112
  -116
  -121
  -127
  -133
  -139
  -145
  -152
  -159
  -166
  -174
  -182
  -191
  -200
  -210
  -220
  -231
  -242
  -254
  -266
  -279
Total debt, $m
  8,987
  9,269
  9,614
  9,989
  10,395
  10,834
  11,304
  11,808
  12,346
  12,918
  13,527
  14,173
  14,858
  15,582
  16,349
  17,159
  18,015
  18,918
  19,870
  20,874
  21,932
  23,046
  24,219
  25,453
  26,753
  28,120
  29,558
  31,070
  32,660
  34,331
  36,089
Total liabilities, $m
  10,475
  10,757
  11,102
  11,477
  11,883
  12,322
  12,792
  13,296
  13,834
  14,406
  15,015
  15,661
  16,346
  17,070
  17,837
  18,647
  19,503
  20,406
  21,358
  22,362
  23,420
  24,534
  25,707
  26,941
  28,241
  29,608
  31,046
  32,558
  34,148
  35,819
  37,577
Total equity, $m
  10,229
  10,419
  10,752
  11,115
  11,509
  11,934
  12,389
  12,877
  13,398
  13,952
  14,542
  15,168
  15,831
  16,533
  17,275
  18,060
  18,889
  19,763
  20,685
  21,658
  22,682
  23,761
  24,897
  26,093
  27,351
  28,675
  30,068
  31,532
  33,072
  34,691
  36,393
Total liabilities and equity, $m
  20,704
  21,176
  21,854
  22,592
  23,392
  24,256
  25,181
  26,173
  27,232
  28,358
  29,557
  30,829
  32,177
  33,603
  35,112
  36,707
  38,392
  40,169
  42,043
  44,020
  46,102
  48,295
  50,604
  53,034
  55,592
  58,283
  61,114
  64,090
  67,220
  70,510
  73,970
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
  0.980
  0.980
  0.980
  0.980
  0.990
  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
  324
  336
  349
  363
  378
  394
  412
  431
  452
  474
  498
  524
  551
  580
  611
  644
  679
  716
  755
  797
  841
  888
  937
  989
  1,045
  1,103
  1,165
  1,230
  1,299
  1,372
Depreciation, amort., depletion, $m
  706
  728
  752
  777
  804
  834
  866
  900
  936
  975
  1,016
  1,060
  1,107
  1,156
  1,208
  1,262
  1,320
  1,381
  1,446
  1,514
  1,585
  1,661
  1,740
  1,824
  1,912
  2,004
  2,102
  2,204
  2,312
  2,425
  2,544
Funds from operations, $m
  1,082
  1,052
  1,088
  1,126
  1,167
  1,212
  1,260
  1,312
  1,368
  1,427
  1,491
  1,558
  1,630
  1,706
  1,787
  1,873
  1,964
  2,060
  2,162
  2,269
  2,382
  2,502
  2,628
  2,761
  2,901
  3,049
  3,205
  3,369
  3,542
  3,724
  3,915
Change in working capital, $m
  -29
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -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
  1,055
  1,091
  1,129
  1,170
  1,215
  1,264
  1,316
  1,372
  1,431
  1,495
  1,563
  1,635
  1,712
  1,793
  1,879
  1,970
  2,067
  2,169
  2,276
  2,390
  2,510
  2,637
  2,770
  2,911
  3,059
  3,216
  3,380
  3,554
  3,736
  3,928
Maintenance CAPEX, $m
  0
  -707
  -728
  -752
  -777
  -804
  -834
  -866
  -900
  -936
  -975
  -1,016
  -1,060
  -1,107
  -1,156
  -1,208
  -1,262
  -1,320
  -1,381
  -1,446
  -1,514
  -1,585
  -1,661
  -1,740
  -1,824
  -1,912
  -2,004
  -2,102
  -2,204
  -2,312
  -2,425
New CAPEX, $m
  -951
  -603
  -664
  -724
  -784
  -846
  -908
  -972
  -1,037
  -1,105
  -1,174
  -1,246
  -1,321
  -1,399
  -1,479
  -1,563
  -1,651
  -1,742
  -1,837
  -1,937
  -2,041
  -2,149
  -2,263
  -2,382
  -2,507
  -2,637
  -2,774
  -2,917
  -3,068
  -3,225
  -3,390
Cash from investing activities, $m
  5,872
  -1,310
  -1,392
  -1,476
  -1,561
  -1,650
  -1,742
  -1,838
  -1,937
  -2,041
  -2,149
  -2,262
  -2,381
  -2,506
  -2,635
  -2,771
  -2,913
  -3,062
  -3,218
  -3,383
  -3,555
  -3,734
  -3,924
  -4,122
  -4,331
  -4,549
  -4,778
  -5,019
  -5,272
  -5,537
  -5,815
Free cash flow, $m
  6,983
  -256
  -302
  -347
  -391
  -435
  -478
  -522
  -566
  -610
  -654
  -700
  -746
  -793
  -842
  -892
  -943
  -995
  -1,050
  -1,106
  -1,164
  -1,225
  -1,287
  -1,352
  -1,420
  -1,490
  -1,563
  -1,639
  -1,718
  -1,801
  -1,887
Issuance/(repayment) of debt, $m
  -1,603
  282
  344
  375
  407
  438
  471
  504
  538
  573
  609
  646
  685
  725
  767
  810
  856
  903
  952
  1,004
  1,058
  1,114
  1,173
  1,235
  1,299
  1,367
  1,438
  1,512
  1,590
  1,672
  1,757
Issuance/(repurchase) of shares, $m
  40
  0
  0
  15
  31
  47
  62
  76
  90
  103
  115
  128
  140
  151
  163
  174
  185
  196
  207
  217
  228
  238
  248
  259
  269
  279
  289
  300
  310
  320
  330
Cash from financing (excl. dividends), $m  
  -2,175
  282
  344
  390
  438
  485
  533
  580
  628
  676
  724
  774
  825
  876
  930
  984
  1,041
  1,099
  1,159
  1,221
  1,286
  1,352
  1,421
  1,494
  1,568
  1,646
  1,727
  1,812
  1,900
  1,992
  2,087
Total cash flow (excl. dividends), $m
  4,809
  27
  42
  43
  46
  50
  54
  58
  61
  65
  70
  74
  78
  83
  88
  93
  98
  103
  109
  115
  121
  127
  134
  141
  148
  156
  164
  173
  182
  191
  201
Retained Cash Flow (-), $m
  241
  -267
  -333
  -363
  -394
  -424
  -456
  -488
  -521
  -555
  -590
  -626
  -663
  -702
  -743
  -785
  -829
  -874
  -922
  -972
  -1,024
  -1,079
  -1,136
  -1,196
  -1,258
  -1,324
  -1,393
  -1,465
  -1,540
  -1,619
  -1,702
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
 
  -163
  -291
  -321
  -347
  -374
  -402
  -430
  -459
  -489
  -520
  -552
  -585
  -619
  -655
  -692
  -731
  -771
  -813
  -857
  -903
  -952
  -1,002
  -1,055
  -1,110
  -1,168
  -1,228
  -1,292
  -1,358
  -1,428
  -1,501
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
 
  -150
  -246
  -246
  -241
  -232
  -220
  -206
  -190
  -173
  -155
  -137
  -119
  -102
  -86
  -71
  -57
  -45
  -35
  -27
  -20
  -15
  -10
  -7
  -5
  -3
  -2
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  99.9
  99.8
  99.6
  99.4
  99.1
  98.7
  98.4
  98.0
  97.6
  97.1
  96.7
  96.2
  95.7
  95.3
  94.8
  94.3
  93.8
  93.4
  92.9
  92.4
  92.0
  91.5
  91.1
  90.6
  90.2
  89.7
  89.3
  88.9

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 4.9
Price to Sales 8.6
Price to Book 2
Price to Tangible Book
Price to Cash Flow 18.8
Price to Free Cash Flow 130.3
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 3% 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 370.237 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 $21.1 billion.

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COMPANY NEWS

▶ REIT Dividends Speak Louder Than Earnings   [Feb-05-18 10:00AM  Forbes]
▶ Equity Residential reports 4Q results   [Jan-30-18 05:03PM  Associated Press]
▶ Income Stocks With A Trump Tax Bonus   [Jan-29-18 10:28AM  Forbes]
▶ 52-Week Company Lows   [Jan-25-18 10:41AM  GuruFocus.com]
▶ Stocks That Fell to 3-Year Lows in the Week of Jan. 19   [Jan-20-18 04:19PM  GuruFocus.com]
▶ 52-Week Company Lows   [Jan-18-18 10:58AM  GuruFocus.com]
▶ 3 Dividend Stocks to Buy for 2018   [Jan-17-18 07:24AM  Motley Fool]
▶ 52-Week Company Lows   [Jan-11-18 10:35AM  GuruFocus.com]
▶ What Do Wall Street Analysts Think of Equity Residential?   [Jan-10-18 09:02AM  Market Realist]
▶ How Does Equity Residentials Balance Sheet Look?   [Jan-09-18 10:34AM  Market Realist]
▶ Equity Residentials Strategic Properties Give It an Edge   [Jan-08-18 02:25PM  Market Realist]
▶ Equity Residential Declares Fourth Quarter Dividends   [Dec-19-17 05:05PM  Business Wire]
▶ The Future of Real Estate, Part 1: The Public REIT Problem   [Nov-29-17 05:06PM  GuruFocus.com]
▶ 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]
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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