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The following factors may have a negative impact on EQR’s

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Canada Goose Jackets KEY ASSUMPTIONS Fitch’s key assumptions for EQR in our base case include: SSNOI cheap canada goose growth is in the low single digits for 2016 2017; $500 million of annual acquisitions at a 5% capitalization rate and $500 million of annual dispositions at a 6% capitalization rate; $600 million of development completions in each of the three years of the forecast period; Adjusted funds from operations payout ratio between 69% 77%; Secured debt is refinanced dollar for dollar in all three years of the forecast period. RATING SENSITIVITIES The following factors may have a Canada Goose Outlet positive impact on EQR’s ratings or Outlook: Combined with EQR management’s commitment, Fitch’s expectation of leverage sustaining below 6.5x throughout cycles (Fitch expects leverage to sustain between 6.5x 7.0x on a longer term basis; leverage was 4.9x as of June 30, 2016); Fitch’s Cheap Canada Goose expectation of FCC sustaining above 3.5x (coverage was 3.3x for TTM ended June 30, 2016). The following factors may have a negative impact on EQR’s ratings or Outlook: A deviation from EQR’s current portfolio, capitalization or financing strategy that could result in a deterioration in the company’s market leading access to capital on an absolute or relative basis; Fitch’s expectation of leverage sustaining above 7.5x; Fitch’s expectation of FCC sustaining below 2.5x; A liquidity coverage ratio sustaining below 1.0x. Canada Goose Jackets

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