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Equity Residential Properties Trust

EQR is a registered REIT with a portfolio of commercial real estate properties focused on the multifamily space. EQR primarily operates in urban markets that generally have characteristics such as high barriers to entry, high home ownership costs, and strong economic growth. At 3Q18, EQR's consolidated portfolio was comprised of 286 wholly owned properties (74,618 apartment units), 1 master leased property (162), and 17 partially owned properties (3,535). Geographically diverse in the U.S., top metro areas include: New York (~15% of stabilized NOI), Washington D.C. (~17%), San Francisco (~20%), Los Angeles (~18%), Boston (~10%), and Seattle (~10%). The average rental rate for EQR apartments was highest in New York, with an average rental rate of $3,857 across 37 properties (9,741 units). (07 Dec 2018)

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IG Note: Equity Residential Issuing 10Y Green Bond

IG Note: 28 Nov 2018, 11:13 AM ET - EQR is in the market for the second time this year, issuing $350 mn of 10Y notes in what looks like its first Green Bond offering. We see room for ~15 bp of tightening from IPT, inside of which we would prefer AVB at equivalent spreads.
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Equity Residential: 3Q18 Earnings Quick Cuts

Worth Watching: 24 Oct 2018, 11:53 PM ET - Equity Residential (EQR) reported a solid 3Q18 as both FFO and revenue came in ahead of consensus estimates. The company continues to see strong tenant demand across its markets, and despite elevated levels of new supply, EQR posted solid renewa ..

Retail REITs: Sears Bankruptcy as Opportunity

Worth Watching: 15 Oct 2018, 1:28 PM ET - Retail REITs: With the news that Sears is (finally?) filing for bankruptcy, we size REIT exposures to the long-struggling retailer and see the impacts as broadly manageable. From an operating performance perspective, the vast majority of REITs see ..
Focused

REIT/CRE 3Q18 Preview: What We're Watching

Sector Analysis: 12 Oct 2018, 5:57 AM ET - We lay out what we're watching as we head into 3Q18 earnings, for property types, individual credits, and with a macro component given the breadth and depth of economic touch points for U.S. real estate.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
Focused

EQR: CEO Neithercut Retiring, Successor Named

Worth Watching: 04 Sep 2018, 1:43 PM ET - EQR (A3/A-/A) announced that President and CEO David Neithercut will retire at year-end after having served in those positions since 2006. Neithercut will remain a member of the company's board following retirement. EQR also announced that current ..
Focused

REITs/CRE 2Q18: How Are Property Types Performing?

Sector Analysis: 22 Aug 2018, 5:10 AM ET - In Part 2 of our REITs/CRE 2Q18 review, we delve into the recent trends—both operating fundamentals and capital markets—across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 2Q18: Themes, Trends and Takeaways

Sector Analysis: 13 Aug 2018, 5:32 AM ET - In part 1 of our REITs/CRE 2Q18 review, we discuss key themes emerging from earnings, including sector relative value, overall market conditions, the continue run-up in construction costs and more.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.
Focused

Equity Residential: 2Q18 Earnings Quick Cuts

Worth Watching: 25 Jul 2018, 8:38 PM ET - Equity Residential (EQR) helped its case in 2Q18, turning in a strong relative quarter as FFO came in ahead of consensus estimates. Operating results were generally better than expected, with solid same store NOI growth of 1.8% and higher occup ..
Focused

CA Goes to the Polls: A Rent Control Primer

Sector Analysis: 11 Jul 2018, 9:42 PM ET - In November, Californians will vote on a ballot initiative that seeks to repeal Costa-Hawkins, a 1995-era law restricting municipalities' ability to institute rent control policies, with implications for multifamily REITs in particular.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.
Focused

REITweek 2018: Cool, Calm, and Collected

Sector Analysis: 08 Jun 2018, 5:22 AM ET - We attended NAREIT's REITweek 2018 convention, providing our top level thoughts on the overall sector tone and analysis on individual company presentations.

REITs/CRE 1Q18: How Are Property Types Performing?

Sector Analysis: 17 May 2018, 4:27 AM ET - In Part 2 of our REITs/CRE 1Q18 review, we delve into the recent trends--both operating fundamentals and capital markets--across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 1Q18: Themes, Trends and Takeaways

Sector Analysis: 14 May 2018, 4:40 AM ET - In part 1 of our REITs/CRE 1Q18 review, we discuss key themes emerging from earnings, including construction cost overruns, public/private market valuation disconnect, sector relative value, and more.
Focused

Equity Residential: 1Q18 Earnings Quick Cuts

Worth Watching: 26 Apr 2018, 12:05 AM ET - Equity Residential (EQR) reported 1Q18 results in line with consensus estimates and operating results were generally solid for the seasonally slow first quarter. Same store NOI growth was decent at 1.5%, while occupancy ticked up 10 bp YoY to 96% ..

Retail REITs: TOYS Exposure aka Market Rents 'R Us

Worth Watching: 15 Mar 2018, 7:08 PM ET - Retail REITs: With Toys 'R Us (TOYS) looking like a straight liquidation rather than a restructuring, we take a quick look at exposures across the retail REIT universe (including names beyond our core coverage). Similar to past exercises with stru ..
Focused

Equity Residential: 4Q17 Earnings

Worth Watching: 04 Mar 2018, 9:52 PM ET - Equity Residential (EQR) turned in a solid 4Q17 as both FFO and revenue beat consensus estimates. Results were solid fundamentally but the company is still dealing with headwinds in some of its markets, New York in particular. The portfolio per ..
Focused

U.S. REITs/CRE: 4Q17 Review

Sector Analysis: 04 Mar 2018, 9:41 PM ET - We review U.S. CRE and REIT trends in the wake of solid 4Q17 earnings results and a generally positive, if slowing, operating backdrop for the broader property sectors. Fundamentals continue to support our broader O/P on the sector.

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