Consistent Growth Throughout the Portfolio Leads to an In-Line 1Q for Equity Residential
Equity Residential reported an in-line first quarter for 2019, leading us to maintain our $69 fair value estimate and no-moat rating. Same-store occupancy was up sequentially 10 basis points to 96.3%, above our 96.1% estimate. Same-store rate growth was also slightly ahead of our assumptions, with 2.8% year-over-year growth, leading to same-store revenue growth of 3.1% for the quarter. However, same-store expense growth was also higher than we anticipated at 4.4% growth in the quarter mainly due...Equity Residential is a real estate investment trust. The company focuses on the acquisition, development and management of rental apartment properties. The company is the general partner of, and owns an ownership interest in ERP Operating Limited Partnership (ERPOP). All of the company's property ownership, development and related business operations are conducted through ERPOP and those entities/subsidiaries owned or controlled by ERPOP (collectively, Operating Partnership). The Operating Partnership holds substantially all of the assets of the company The company, directly or indirectly through investments in title holding entities, owns all or a portion of its properties located in several states and the District of Columbia.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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