EQR Report 12/7/18
Equity Residential's third quarter was better than we expected, though we don't anticipate any material changes to our fair value estimate for the no-moat-rated company. Occupancy remained flat at 96.1% and same-store rate growth was 2.1%, with continued strength coming from Southern California (3.6% growth) and San Francisco (3.2%) while New York (0.4%) and Washington, D.C. (0.8%) continue to lag. As a result, same-store revenue growth was 2.3%, above our 1.4% estimate for the quarter. However,...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.
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