DDM Analysis: EQR

Valuation Snapshot

Stable Growth	$35.81 - $60.57	$46.62
Multi-Stage	$67.94 - $74.52	$71.17
Blended Fair Value	$58.89
Current Price	$64.73
Upside	-9.02%
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	6.60%	6.60%	6.60%
Growth Rate	-0.01%	0.99%	1.99%
Fair Value	$35.81	$46.62	$60.57
Upside / Downside	-44.68%	-27.98%	-6.42%

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	6.60%	6.60%	6.60%
Growth Rate	-0.01%	0.99%	1.99%
Year 1 PV (M)	974.78	984.53	994.27
Year 2 PV (M)	914.85	933.24	951.81
Year 3 PV (M)	858.61	884.62	911.16
Year 4 PV (M)	805.82	838.54	872.25
Year 5 PV (M)	756.28	794.86	835.00
PV of Terminal Value (M)	22,268.69	23,404.75	24,586.71
Equity Value (M)	26,579.02	27,840.54	29,151.22
Shares Outstanding (M)	391.21	391.21	391.21
Fair Value	$67.94	$71.17	$74.52
Upside / Downside	4.96%	9.94%	15.12%

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Sector

Equity Residential (EQR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener