Equity Residential Reports Solid 2Q; Guidance Raise a Better Match to Our Forecast
Equity Residential produced solid second-quarter results within our expectations, leading us to maintain our $64 fair value estimate and no-moat rating. The company reported same-store revenue growth of 2.2% while same-store expense growth was 3.2%, leading to same-store net operating income growth of 1.8%, slightly below our estimate of 2.2% for the quarter. However, the company raised its outlook for the year to be more in line with our forecasts. Our 2018 forecast for 1.5% NOI growth moves fr...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.
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