EQR Equity Residential Jun 2009 Presentation

8/14/2019 EQR Equity Residential Jun 2009 Presentation

1/24

Vnsitinekd cnr VkrcnrajegkH [ E K 0 6 6 9

Ciek Jrts @uiodiem @krlkoky, GJ


2/24

Truap Vojgk Ekw Ynrl, EY

:26 Pivkrsidk


3/24

Kquity Pksidketijo bjs j pnrtcnoin nc bimb-qujoity jsskts cnguskd iebimb-mrnwtb ajrlkts wbkrk vkry oittok ekw auoticjaioy suppoyis `kiem ùiot. Cjvnrjòk dkanmrjpbigs, tbk bimb gnst nc nweiemj bnak ie nur ajrlkts jed tbk dkgoiek ie bnaknwekrsbip wioognetieuk tn drivk dkajed. Kquity Pksidketijo bjs j strnem `jojegksbkkt jed japok oiquidity tn akkt its ejegiem ekkds. Joo nc tbisakjes tbjt Kquity Pksidketijo is pnsitinekd ent neoy tn wkjtbkr tbkgurrket kgnenay, ùt tn tjlk jdvjetjmk nc tbk nppnrtueitiks tbjt wioo

`k grkjtkd `y tbis ajrlkt turanio.

:36 Pivkrsidk :46 Pivkrsidk

7


4/24

Cjvnrj`ok dkanmrjpbigs jed j dkgoieiem bnaknwekrsbiprjtk akje pnsitivk cuedjaketjo dkajed cnr jpjrtakets.

Mnnd onem-tkra dkajed cnrrketjo jpjrtakets

Aktrn ne Cirst Wkjttok, ]J4


5/24

Tbkrk jrk anrk tbje4.; aiooine anrk rketkrbnuskbnods tndjy tbjetbkrk wkrk ie 0664 wbkebnaknwekrsbip pkjlkdjt 39%.

Tntjo Bnuskbnods Nwekr Pketkr

Anrk tbje :.2 aiooine rketkrbnuskbnods wioo `k grkjtkdie 0669.

W n u r g k 8 A n n

d y s

K g n e n a y . g n a

W n u r g k 8 [

. W . G

k e s u s

@ u r k j u

0 6 6 2 j e

d 0 6 6 9 d j t j

i s A n n

d y s


k s t

i a j t k

.

:92: 27 2; 2= 29 9: 97 9; 9= 99 6: 67 6; 6= 69K

34.0%

39.6%

3=.2%

33.;%

Dkgoieiem Bnaknwekrsbip is Grkjtiem Pketkr Bnuskbnods

Bnaknwekrsbip Pjtk (% nc bnuskbnods)

0669 Kstiajtkd

33.;%

77.;%

=3.4 A

72.; A

0662 Kstiajtkd

3=.2%

70.0%

==.0 A

73.= A

;


6/24

Bnak Vrigks Gnapjrkd tn Iegnak]biok tbk akdije prigk nc j bnak bjs dkgoiekd rkgketoy, bnak prigks jrk stioo bimbgnapjrkd tn iegnaks. Tbk dkgisine tn uy j bnak is josn `kiem drivke y pknpoksj`ioity tn qujoicy cnr j onje jed prnvidk j 06% dnwe pjyaket.

Akdije Bnak Vrigks jed Akdije Iegnak (ie tbnusjeds)

Akdije Bnak Vrigk

Akdije Iegnak

T n p = 9

[ . W . A

j r l k t s j s n

c 9 / 7 6 / 6 2

W n u r g k 8 M r k k e

W t r k k t

J d v i s n r s : :

/ : 4

/ 6 2

:996 90 94 93 92 66 60 64 63 62 :6 :0 :4 :3 :2 06

32

33

34

30

36

;2

;3

;4

Kgbn @nnakrs jrk j Lky Dkajed Drivkr cnr Jpjrtaket Pketjos Tbk Kgbn @nnakr mkekrjtine is grkjtiem dkajed cnr rketjos. Ekjroy cnur aiooinepknpok ture :2 kjgb ykjr uetio 0606 jed jrk grkjtiem ekw bnuskbnods.

W n u r g k 8 M r k k e

W t r k k t

J d v i s n r s

Vknpok jmkd 06 tn 74bjvk j 36% tn =6% prnpkesity tn rket.

Ekjroy cnur aiooinepknpok jrk tureiem :2kjgb ykjr.

Vnpuojtine Jmkd 06-74 (ie aiooines)

:99: 97 9; 9= 99 6: 67 6; 6= 62

$7;6

$766

$0;6

$066

$:;6

$:66

$;6

$6

3


7/24

Tbkrk Bjvk Jowjys @kke Wiemok-Cjaioy Bnak Pketjos Tbk vjst ajhnrity nc rketkrs gbnnsk jpjrtakets nvkr siemok-cjaioy bnaks.

Pketkr Bnuskbnod @rkjlnut :9970662 (ie aiooines)

:997 9; 9= 99 6: 67 6; 6= 62K 69K

46

7;

76

0;

06

:;

:6

;

6 W n u r g k 8 J a k r i g j e

B n u s i e m

W u r v k y ,

[ . W . G

k e s u s

@ u r k j u

, K Z P K s t

i a j t k s

Wiemok-Cjaioy Bnaks

Jpjrtakets

=


8/24

Tbkrk is vkry oittok ekw jpjrtaket suppoy gurrketoy `kiem`uiot jed joanst en ekw prnhkgts wioo `k stjrtkd ie tbkekxt skvkrjo ykjrs. Js j rksuot, wk jrk vkry wkoo pnsitinekdtn rkjp tbk `kek ts nc je kgnenaig rkgnvkry.

0466 A ]jsbiemtne, D.G.

Oiaitkd Ekw Jpjrtaket Wuppoy

0466A ]jsbiemtne, D.G.2


9/24


10/24

Sigtnr ne Skeigk Ons Jemkoks, GJ

Kquity Pksidketijo bjs trjescnrakd its pnrtcnoin. Wiegk 0666,wk bjvk snod anrk tbje $:: ìooine nc jsskts jed kxitkdskgnedjry ajrlkts. ]k bjvk ievkstkd joanst $:6 ìooine iebimb-qujoity jsskts ie onem-tkra mrnwtb ajrlkts. Nvkr tbkojst tbrkk ykjrs wk bjvk `kke j ekt skookr nc jpprnxiajtkoy$:.; ìooine nc jsskts. ]k bjvk uskd tbksk dispnsitineprngkkds tn cued dkvkonpaket, iaprnvk nur oiquidity jedstrkemtbke nur `jojegk sbkkt.

@uiodiem Sjouk witb Bimb-ZujoityVrnpkrtiks ie Ajhnr Ajrlkts

Sigtnr ne Skeigk Ons Jemkoks, G:6


11/24

:336 Vkjgbtrkk Jtojetj, MJ

Onemvikw Vojgk ]jotbja, AJ

=: @rnjdwjy Ekw Ynrl, EY ::


12/24

Vrnakejdk jt Jvketurj Jvketurj, CO

Mjij @uiodiem @krlkoky, GJ

Skstj, Tbk ]kst Ked Jpjrtakets @nstne, AJ

:0


13/24

Bjr`nr Wtkps Wkjttok, ]J :7


14/24

]k bjvk cnguskd nur pnrtcnoin ie ajrlkts tbjt wiooprndugk `kttkr onem-tkra rktures. Tbksk ajrlkts bjvkonem-tkra hn` mrnwtb jed bnuskbnod cnrajtine tbjtnutpjgk kxpkgtjtines cnr tbk ejtinejo jvkrjmk, jed jrktbk pojgks tbjt wioo jttrjgt tbk Kgbn @nnakr mkekrjtinejs tbky eisb sgbnno jed bkjd ietn tbk wnrlpojgk. Tbkyjrk josn ajrlkts ie wbigb tbk bimb gnst nc bnusiem ajlksrketiem j vkry jttrjgtivk nptine.

Tbk Pkskrvk jt Vntnajg Yjrd Jokxjedrij, SJ

Kquity Pksidketijo is Cnguskdne Bimbkr Mrnwtb Ajrlkts

:4


15/24

Kquity Pksidketijo Vnrtcnoin

Akdije Iegnak vs. Akdije Bnak Vrigk Vkr Ajrlkt (ie tbnusjeds)

Akdije Iegnak

Akdije Bnak Vrigk

% nc KZP 0669 ENI

4 - =%

= - :6%

:6% +

Vkrgket nc @udmktkd ENI

:6.6%Ekw Ynrl

$793

2.4%WnutbConridj

$030

=.2%Ons Jemkoks

$760

=.;%Wkjttok

$7;0

2.2%D.G.

E. Sirmieij

$76;

$370

3.;%Wje Crjegisgn

@jy Jrkj

3.4%@nstne

$746

$;66

$466

$766

$066

$:66

6

$;9 $4= $;4 $;9$== $=6 $3;

@ j s k

d n e

0 6 6 9 @ u

d m k t k

d E N I .

9 : % n

c t n t j

o E N I .

W n u r g k 8 G

o j r i t j s ,

A n n

d y s


:;


16/24

Kquity Pksidketijo is Cnguskd

ne Npkrjtines

Tbk ]kst Ked Jpjrtakets @nstne, AJ

Ie tbis gbjookemiem kgnenay, Kquity Pksidketijo wioo cngus nerktjieiem gurrket rksidkets jed driviem qujoi kd prnspkgtstn nur prnpkrtiks. ]k jrk gnetieuiem nur suggksscuo trjglrkgnrd nc gnetrnooiem npkrjtiem jed jdaieistrjtivk kxpkesks.]k bjvk j skjsnekd ajejmkaket tkja tbjt bjs ajejmkdtbrnumb dnwetures `kcnrk, wk bjvk j stjtk-nc-tbk-jrtnpkrjtiem pojtcnra cnr prigiem, prngurkaket, jed prnpkrtyajejmkaket jed wk bjvk j tkrri g gnookgtine nc jsskts ietbk ajrlkts wk `koikvk wioo prnvidk tbk `kst rktures ie tbkonem-tkra.

Tbk ]kst Ked Jpjrtakets @nstne, AJ:3


17/24

Ajrlkt [eits:Z 0669 % nc

Jgtujo ENI:Z 0669 Jvm.

Pketjo PjtkGbjemk iePkvkeuks

Ekw Ynrl Aktrn Jrkj 3,043 :6.7% $0,=06 6.;%

Wnutb Conridj ::,=3: 2.4% :,02= (:.;%)

D.G./ Enrtbkre Sirmieij =,33: 2.7% :,3;7 :.:%

Ons Jemkoks 3,273 =.2% :,=44 6.6%

Wkjttok/Tjgnaj 2,=62 =.7% :,7;3 :.6%

Wje Crjegisgn @jy Jrkj 3,066 3.2% :,=:3 0.4%

@nstne ;,26; 3.4% :,96: :.4%

Vbnkeix :6,072 ;.7% 223 (3.0%)

Dkevkr 2,6;9 ;.7% :,663 :.:%

Wje Dikmn 4,49: 4.2% :,3;6 :.:%

Nrojedn =,;0; 4.4% :,664 (4.4%)

Jtojetj =,392 4.:% 92: (6.7%)

Ieojed Kapirk, GJ 4,7;; 7.2% :,749 (6.:%)

Nrjemk Gnuety, GJ 7,:=; 7.;% :,;93 6.:%

Wu`ur`je Ajryojed 7,9== 0.=% :,:;4 7.6%

Ekw Kemojed (kxgoudiem @nstne) 4,:0: 0.:% :,622 (6.9%)

Vnrtojed, NP 7,469 0.6% 9== :.4%

Hjglsneviook 7,=:: :.2% 22; (4.9%)

Tjapj 0,;92 :.7% 9;: (0.4%)

Pjokimb/Durbja 0,333 :.7% 203 (6.0%)Tnp 06 Ajrlkts ::9,03= 9=.=% :,7;0 (6.0%)

Joo Ntbkr Ajrlkts 7,2;7 0.7% :,66= :.2%

Tntjo :07,:06 :66.6% $:,74: (6.0%)

Cirst Zujrtkr 0669 Wjak-Wtnrk Vkrcnrajegk

Jvkrjmk rketjo rjtk is dk ekd js tntjo rketjo rkvkeuks dividkd `y tbk wkimbtkd jvkrjmk nggupikd ueits cnr tbk pkrind.

:=


18/24

:2

Kquity Pksidketijo bjs j Wnoid @jojegk

Wbkkt jed Wu giket Oiquidity tn Akktits Gjpitjo Pkquirkakets

Pkueine jt Pkdaned Pidmk Pkdaned, ]J:2


19/24

Pkskrvk jt Tnwe Gketkr Vntnajg Cjoos, SJ JPTkgb @uiodiem @krlkoky, GJ

Kquity Pksidketijo is rjtkd @jj: `yAnndys, @@@+ `y W&V, jed J- `y Citgb.

KZP gnvkrs its xkd gbjrmks anrk tbje0.7x jed bjs j ;:% okvkrjmk rjtin. Tbkgnapjey, wbiok andkstoy okvkrjmkd,bjs `kke onwkriem dk`t okvkos tbrnumbjsskt sjoks ejegkd `y poketicuo MWKdk`t gjpitjo.

]k ajietjie strnem oiquidity witbjggkss tn auotipok snurgks nc ejegiem8Cjeeik Ajk jed Crkddik Ajg (tbkMWKs), oick gnapjeiks jed ueskgurkddk`t ajrlkts.

]k bjvk `kke, jed wioo gnetieuk tn `k,prn-jgtivk ie jddrkssiem nur ajturitiks

jed dkvkonpaket cuediems. Ie 0662,wk nrrnwkd $:.3 iooine crna tbk MWKsjt 3% tn prk-cued nur ejegiem ekkdstbrnumb 06:6 jed ietn 06::.

]k bjvk j ojrmk ueskgurkd pnno ncjsskts miviem us $7 `iooine nc jdditinejoskgurkd `nrrnwiem gjpjgity.

]k bjvk uerkstrigtkd gjsb ne bjed ncjpprnxiajtkoy $3:: aiooine.

]k bjvk je uedrjwe $:.7 `iooineueskgurkd oiek nc grkdit, witb j 0;-`jel syedigjtk, tbjt dnks ent ajturkuetio 06:0.

Pkskrvk jt Tnwe Gketkr Vntnajg Cjoos, SJ

JPTkgb @uiodiem @krlkoky, GJ

JPTkgb @uiodiem @krlkoky, GJ

:9


20/24

=6 Mrkkek Hkrsky Gity, EH

Nur dkvkonpaket jgtivity is andkst ie sizk jed is cuooycuedkd. Ie tbis gurrket kgnenay, wk dn ent poje nestjrtiem ekw dkvkonpaket prnhkgts ie 0669.

Nur Dkvkonpaket Gjpj`ioity is jWnurgk nc Jttrjgtivkoy Vrigkd Jssktsie Bimb-Mrnwtb Ajrlkts

=6 Mrkkek Hkrsky Gity, E06


21/24

Dkvkonpaket Ajrlkts

]k gurrketoy bjvk jpprnxiajtkoy $:.:3 `iooine nc prnhkgts uedkr dkvkonpaket8$43= aiooine tn `k gnapoktkd ie 0669< $47= aiooine tn `k gnapoktkd ie 06:6

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EQR Equity Residential Jun 2009 Presentation