eqr equity residential sept 2010 presentation slides deck
TRANSCRIPT
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Barclays Financial Services ConferenceSeptember 13, 2010
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Focused on the acquisition, development and management ofhigh-quality apartment properties in top U.S. growth markets
$2.0 billion in annual revenues
Total capitalization of over $22 billion Portfolio of 492 properties consisting of 137,091 apartment
units in 23 states and the District of Columbia
S&P 500 company
Equity Residential (NYSE: EQR)
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RiverTowerNEW YORK CITY, NY 1401 Joyce on Pentagon RowARLINGTON, VA Harbor StepsSEATTLE, WA
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INCOME
Occupancy at optimum:94% 95%
Increasing rental rates
Decreased turnover
Very favorable demographics
Household formation outpacingnew multifamily construction
Cost to rent favorable comparedto cost to own
VA LUE
Portfolio concentrated inhigh-barrier, high-growthmarkets
Opportunistic acquisitionsand dispositions
Opportunistic development
Equity Residential: Growth in Income and Value
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Source: Green Street Advisors
as of 12/20/09
Echo Boomers Will Drive Demand
Population Aged 20-34 (in millions)
68
66
64
62
60
58
56
54
1990 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20
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Source: U.S. Census Bureau, NMHC and company reports
Multifamily Construction Being Held in Check
Total Multifamily Starts (units in thousands)
1,000
800
600
400
200
0
64 67 70 73 76 79 82 85 88 91 94 97 00 03 06 09
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Declining Homeownership is CreatingRenter Households
Source: U.S. Census Bureau
2009 and 2010 data is Moodys Economy.com estimate.
64.2%
69.0%
67.8%
67.4%
66.7%
Homeownership Rate (% of households)
69
68
67
66
65
64
63
62
61
1981 83 85 87 89 91 93 95 97 99 01 03 05 07 09 10E
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$76
$507
5.4%San Francisco
Bay Area
(in thousands)
% of EQR2010 NOI
$600
$500
$400
$300
$200
$100
012.0%New York
Metro Area
$63
$433
8.8%SouthFlorida
7.5%Los Angeles
$54
$283
6.7%Seattle
$63
$315
15.8%Washington
D.C. Metro Area
$83
$307
8.0%Boston
Metro Area
$64
$347
U.S.Average
$51
$173
Source: Claritas, Moodys Economy.com and company data 2010 estimates
$49
$213
Median Home Price Median Income
Expensive to Own in Equity Residential Key Markets
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Equity Residential Portfolio
Our Portfolio is Positioned in Markets that willDeliver the Best Long-Term Operating Results
Percent of 2010 NOI
As of 6/30/10
less than 5% 5 10% 10%+
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Occupancy
2010
Very Strong Base Rent and Occupancy Trends
$1,180
$1,160
$1,140
$1,120
$1,100
$1,080
$1,060
96%
95%
94%
93%JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG
Base Rent
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Very Strong Renewal Rate Trends
6%
4%
2%
0%
-2%MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG
2010
% Renewal Rate Increase
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Ratings Moodys: Baa1
S&P: BBB+
Fitch: A-
Maintain strong liquidity
with access to multiplesources of financing
Issued $600 million ofunsecured notes in July
with a 10-year maturity
and a yield to maturity
of 4.84%
Have more than $1.02billion available on our
unsecured line
Sound Balance Sheet to Fund Future Growth
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INCOME
Occupancy at optimum:94% 95%
Increasing rental rates
Decreased turnover
Very favorable demographics
Household formation outpacingnew multifamily construction
Cost to rent favorable comparedto cost to own
VA LUE
Portfolio concentrated inhigh-barrier, high-growthmarkets
Opportunistic acquisitionsand dispositions
Opportunistic development
Equity Residential: Growth in Income and Value
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SEPT EMBER 2010
Safe Harbor Statement
Under the Private Securities Litigation Reform Act of 1995:
The forward-looking statements contained in this presentation are subject to
certain economic risks and uncertainties described under the heading RiskFactors in the companys 2009 Annual Report on Form 10-K. The company
assumes no obligation to update or supplement forward-looking statementsthat become untrue because of subsequent events. All projections are basedon 2010 budgets and proforma expectations on recent acquisitions.
The Pier Jersey City, NJ