ERP OPERATING LTD PARTNERSHIP
VRMKdata completeness 63%3 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'stockholdersEquity'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'epsDiluted'
i. The business — what you’d actually own
| Figure | FY 2007 | FY 2008 | FY 2009 |
|---|---|---|---|
| Revenue | $1.82B1 | $1.98B1 | $1.94B1 |
| Net income | $1.05B2 | $433.8M2 | $382.6M2 |
| Operating cash flow | $793.2M3 | $755.3M3 | $672.5M3 |
| Capital expenditure | $252.7M4 | $169.8M4 | $123.9M4 |
| Free cash flow (derived) | $540.6M3 | $585.4M3 | $548.5M3 |
| Total debt | — | — | — |
| Cash & equivalents | $50.8M5 | $890.8M5 | $193.3M5 |
| Diluted shares | — | — | — |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
iii. Is this a good business?
Moat signal · return on equity
— avg · 3y
Not enough data in the filings for a return-on-capital reading.
seeing a moat in the numbers →Management signal · capital allocation
— shares · 3y
Not enough history to read capital allocation.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined
Different models answer different questions — which to trust when →
Sources — the receipts
- 10-K · period ending 2007-12-31 · accession 0001193125-10-040148 (Revenues)
- 10-K · period ending 2007-12-31 · accession 0001193125-10-040148 (NetIncomeLoss)
- 10-K · period ending 2007-12-31 · accession 0001193125-10-040148 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2007-12-31 · accession 0001193125-10-040148 (PaymentsForCapitalImprovements)
- 10-K · period ending 2007-12-31 · accession 0001193125-10-040148 (CashAndCashEquivalentsAtCarryingValue)