Morningstar

Morningstar, Inc.

Equity Bottom-Up

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…

United States

Equity Residential is a real estate investment trust. The trust acquires, develops, and manages apartment complexes in the United States.

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