DDM Analysis: EQR

Valuation Snapshot

Stable Growth	$29.00 - $45.31	$36.51
Multi-Stage	$47.56 - $52.03	$49.75
Blended Fair Value	$43.13
Current Price	$64.73
Upside	-33.37%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.16%	2.75%	2.60	2.53	2.38	2.30	2.26	2.12	2.00	1.89	12.20	2.01
YoY Growth	-	-	2.92%	6.26%	3.48%	1.87%	6.36%	6.26%	5.78%	-84.51%	508.06%	1.04%
Dividend Yield	-	-	3.64%	4.12%	3.97%	2.56%	3.15%	3.44%	2.67%	3.07%	19.60%	2.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,157.11
(-) Cash Dividends Paid (M)	1,038.63
(=) Cash Retained (M)	118.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	231.42	144.64	86.78
Cash Retained (M)	118.49	118.49	118.49
(-) Cash Required (M)	-231.42	-144.64	-86.78
(=) Excess Retained (M)	-112.94	-26.15	31.70
(/) Shares Outstanding (M)	391.21	391.21	391.21
(=) Excess Retained per Share	-0.29	-0.07	0.08
LTM Dividend per Share	2.65	2.65	2.65
(+) Excess Retained per Share	-0.29	-0.07	0.08
(=) Adjusted Dividend	2.37	2.59	2.74
WACC / Discount Rate	8.15%	8.15%	8.15%
Growth Rate	-0.01%	0.99%	1.99%
Fair Value	$29.00	$36.51	$45.31
Upside / Downside	-55.20%	-43.59%	-30.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,157.11	1,168.55	1,180.10	1,191.77	1,203.55	1,215.45	1,251.91
Payout Ratio	89.76%	89.81%	89.86%	89.90%	89.95%	90.00%	92.50%
Projected Dividends (M)	1,038.63	1,049.46	1,060.40	1,071.45	1,082.62	1,093.90	1,158.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.15%	8.15%	8.15%
Growth Rate	-0.01%	0.99%	1.99%
Year 1 PV (M)	960.79	970.40	980.01
Year 2 PV (M)	888.78	906.65	924.69
Year 3 PV (M)	822.17	847.09	872.50
Year 4 PV (M)	760.55	791.44	823.26
Year 5 PV (M)	703.55	739.45	776.79
PV of Terminal Value (M)	14,470.27	15,208.49	15,976.53
Equity Value (M)	18,606.13	19,463.51	20,353.78
Shares Outstanding (M)	391.21	391.21	391.21
Fair Value	$47.56	$49.75	$52.03
Upside / Downside	-26.52%	-23.14%	-19.62%

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Financial Statements

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Ticker

Industry

Sector

Equity Residential (EQR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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