Earnings release
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Third Quarter 2025 Results Table of Contents ............................................................................................................................Earnings Release 1 - 5 .....................................................................................Consolidated Statements of Operations 6 ................................................................................................................. Consolidated Statements of Funds From Operations and Normalized Funds From Operations 7 .......................................................................................................Consolidated Balance Sheets 8 ..........................................................................................................................Portfolio Summary 9 .......................................................................................................................Portfolio Rollforward 10 ........................................................................................................................Same Store Results 11 - 18 .................................................................................................................................Debt Summary 19 - 21 ..............................................................................................................................Capital Structure 22 ......................................Common Share and Unit Weighted Average Amounts Outstanding 23 ............................................................................................................Partially Owned Properties 24 ..........................................................................................Development and Lease-Up Projects 25 .......................................................................Residential Capital Expenditures to Real Estate 26 ........................................................................................Normalized EBITDAre Reconciliations 27 ................................................................................Adjustments from FFO to Normalized FFO 28 ............................................................................Normalized FFO Guidance and Assumptions 29 ......................................................................................... Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms 30 - 35 Corporate Headquarters: Two North Riverside Plaza Chicago, IL 60606 (312) 474-1300 Information included in this supplemental package is unaudited.
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Table of Contents 1 NEWS RELEASE - FOR IMMEDIATE RELEASE October 28, 2025 Equity Residential Reports Third Quarter 2025 Results Results Reflect Strong Cash Flow Growth and Highest Q3 Retention Rate in Company's History Chicago, IL – October 28, 2025 - Equity Residential (NYSE: EQR) today reported results for the quarter and nine months ended September 30, 2025. Third Quarter 2025 Results All per share results are reported as available to common shares/units on a diluted basis. Quarter Ended September 30, 2025 2024 $ Change % Change Earnings Per Share (EPS) $ 0.76 $ 0.38 $ 0.38 100.0% Funds from Operations (FFO) per share $ 1.05 $ 0.99 $ 0.06 6.1% Normalized FFO (NFFO) per share $ 1.02 $ 0.98 $ 0.04 4.1% Nine Months Ended September 30, 2025 2024 $ Change % Change Earnings Per Share (EPS) $ 1.93 $ 1.62 $ 0.31 19.1% Funds from Operations (FFO) per share $ 2.97 $ 2.79 $ 0.18 6.5% Normalized FFO (NFFO) per share $ 2.96 $ 2.89 $ 0.07 2.4% Recent Highlights • The Company’s third quarter revenue growth was driven by continued healthy operating fundamentals across most of its markets led by outsized performance in San Francisco and New York. For the third quarter of 2025 compared to the third quarter of 2024, same store revenues increased 3.0%, same store expenses increased 3.6% and same store Net Operating Income (NOI) increased 2.8%. During the third quarter of 2025, the Company achieved the highest third quarter resident retention rate in its history. • During the third quarter of 2025 and subsequent to the end of the third quarter of 2025, the Company repurchased and retired approximately 1.5 million of its common shares at a weighted average purchase price of $64.26 per share, for an aggregate purchased amount of approximately $99.1 million. • During the third quarter of 2025, the Company acquired a 375-unit property located in Arlington, TX for a purchase price of approximately $103.0 million and sold two properties, one in suburban Boston and one in Arlington, VA, for an aggregate sale price of approximately $247.9 million. • Three of the Company's recent developments at a total cost of $379.0 million reached stabilization in the third quarter of 2025 at a weighted average Development Yield of 6.0%. See page 25 for details. “Our portfolio, with its unique exposure to the well performing urban centers of San Francisco and New York, produced good results in the quarter and our sophisticated operating platform continues to deliver efficiency and convenience to our customers, as well as financial benefit to our shareholders. Going forward, we expect our accelerating investment in technology to enhance both financial and customer service results,” said Mark J. Parrell, Equity Residential’s President and CEO. “We continue to see a favorable outlook for our business given the low levels of housing supply expected to be
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Table of Contents 2 delivered over the next several years, particularly in our Coastal markets, powerful cost and social dynamics favoring rentership and a customer base that remains well employed with rising incomes.” Full Year 2025 Guidance The Company has provided guidance for its full year 2025 same store operating performance, EPS, FFO per share, Normalized FFO per share and transactions as listed below: Revised Previous Change at Midpoint Same Store (includes Residential and Non-Residential): Physical Occupancy 96.4% 96.4% 0.0% Revenue change 2.5% to 3.0% 2.6% to 3.2% (0.15%) Expense change 3.5% to 4.0% 3.5% to 4.0% 0.0% NOI change 2.1% to 2.6% 2.2% to 2.8% (0.15%) EPS $2.52 to $2.56 $2.96 to $3.02 $(0.45) Growth at midpoint vs. 2024 actual (6.6%) 9.9% FFO per share $3.98 to $4.02 $4.03 to $4.09 $(0.06) Growth at midpoint vs. 2024 actual 6.4% 8.0% Normalized FFO per share $3.98 to $4.02 $3.97 to $4.03 $0.00 Growth at midpoint vs. 2024 actual 2.8% 2.8% Transactions: Consolidated rental acquisitions $750.0M $1.0B Consolidated rental dispositions $750.0M $1.0B Transaction Accretion (Dilution) (25 basis points) (25 basis points) The Company reset the midpoint of same store revenue guidance to reflect a weakening of demand late in the third quarter of 2025, especially in Washington D.C., along with delays in the rollout of certain other income initiatives. The change in the full year 2025 EPS guidance range is due primarily to lower expected property sale gains and other items including those described below. The change in the full year 2025 FFO per share guidance range is due primarily to higher expected non-operating asset gains, higher expected insurance/litigation/environmental settlement or reserve expense (see page 28) and the items described below. There is no change to the midpoint of the Company's full year 2025 Normalized FFO per share guidance as better expected property management expense and other items are anticipated to offset the expected reduction in the growth of same store NOI noted above. The Company has a glossary of defined terms and related reconciliations of Non-GAAP financial measures on pages 30 through 35 of this release. Reconciliations and definitions of FFO and Normalized FFO are provided on pages 7, 32 and 33 of this release. Results Per Share The changes in EPS for the quarter and nine months ended September 30, 2025 compared to the same periods of 2024 are due primarily to higher property sale gains, higher depreciation expense, the various adjustment items listed on page 28 of this release and the items described below. The per share changes in FFO for the quarter and nine months ended September 30, 2025 compared to the same periods of 2024 are due primarily to the various adjustment items listed on page 28 of this release and the items described below.
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Table of Contents 3 The per share changes in Normalized FFO are due primarily to: Positive/(Negative) Impact Third Quarter 2025 vs. Third Quarter 2024 September YTD 2025 vs. September YTD 2024 Residential same store NOI $ 0.03 $ 0.08 Non-Residential same store NOI – (0.01) Lease-Up NOI 0.01 0.01 2025 and 2024 transaction activity impact on NOI, net 0.01 0.05 Interest expense, net (0.02) (0.05) Other items (including corporate overhead) (1) 0.01 (0.01) Net $ 0.04 $ 0.07 (1) Corporate overhead includes property management and general administrative expenses. Same Store Results The following table shows the total same store results for the periods presented (includes Residential and Non- Residential). Third Quarter 2025 vs. Third Quarter 2024 Third Quarter 2025 vs. Second Quarter 2025 September YTD 2025 vs. September YTD 2024 Apartment Units 75,473 80,846 74,595 Physical Occupancy 96.3% vs. 96.1% 96.3% vs. 96.5% 96.5% vs. 96.2% Revenues 3.0% 0.7% 2.6% Expenses 3.6% 2.5% 3.9% NOI 2.8% (0.2%) 2.0% The following table reflects the detail of the change in Same Store Residential Revenues, which is presented on a GAAP basis showing Leasing Concessions on a straight-line basis. Third Quarter 2025 vs. Third Quarter 2024 Third Quarter 2025 vs. Second Quarter 2025 September YTD 2025 vs. September YTD 2024 % Change % Change % Change Same Store Residential Revenues- comparable period Lease rates 2.0% 0.8% 2.0% Leasing Concessions (0.1%) (0.1%) (0.1%) Vacancy gain (loss) 0.2% (0.4%) 0.2% Bad Debt, Net (1) 0.2% 0.1% 0.1% Other (2) 0.7% 0.2% 0.6% Same Store Residential Revenues- current period 3.0% 0.6% 2.8% (1) Change in rental income due to bad debt write-offs and reserves, net of amounts (including governmental rental assistance payments) collected on previously written-off or reserved accounts. See page 13 for more detail. (2) Includes ancillary income, utility recoveries, early lease termination income, miscellaneous income and other items. See page 12 for detail and reconciliations of Same Store Residential Revenues on a GAAP basis to Same Store Residential Revenues with Leasing Concessions on a cash basis.
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Table of Contents 4 Residential Same Store Operating Statistics The following table includes select operating metrics for Residential Same Store Properties (for 74,595 same store apartment units): Q3 2025 Q2 2025 Q3 2024 Physical Occupancy 96.3% 96.6% 96.1% Percentage of Residents Renewing by quarter 58.5% 60.1% 56.7% New Lease Change (1.0%) (0.1%) (1.3%) Renewal Rate Achieved 4.5% 5.1% 4.6% Blended Rate (1) 2.2% 3.0% 2.0% (1) Blended Rates for Established Markets were 2.5%, 3.4% and 2.4% for Q3 2025, Q2 2025 and Q3 2024, respectively. See page 17. In the third quarter of 2025, Blended Rate was at the low end of expectations and for the fourth quarter of 2025, Blended Rate is expected to be between 0.25% and 0.75%. Investment Activity During the third quarter of 2025, the Company acquired a 375-unit property located in Arlington, TX for an acquisition price of approximately $103.0 million at an Acquisition Cap Rate of 5.0%. The acquired property was constructed in 2023. During the first nine months of 2025, the Company acquired nine properties, consisting of 2,439 apartment units, for an aggregate acquisition price of approximately $636.8 million at a weighted average Acquisition Cap Rate of 5.1%. The acquired properties are 14 years old on average. During the third quarter of 2025, the Company sold two properties, one in suburban Boston and one in Arlington, VA, consisting of 495 apartment units, for an aggregate sale price of approximately $247.9 million at a weighted average Disposition Yield of 5.1%. The operating properties sold during the quarter ended September 30, 2025 have an average age of 29 years. During the first nine months of 2025, the Company sold five properties consisting of 1,330 apartment units, for an aggregate sale price of approximately $594.5 million at a weighted average Disposition Yield of 5.1%. The Company also sold one land parcel for a sale price of approximately $4.3 million during the first quarter of 2025. The operating properties sold during the first nine months of 2025 have an average age of 23 years. During the first nine months of 2025, the Company completed a wholly owned development project in each of its San Francisco and Denver markets, consisting of an aggregate of 495 apartment units, for a total cost of approximately $237.8 million. During the first nine months of 2025, the Company also completed one joint venture development project in its New York market, consisting of 450 apartment units, for a total cost of approximately $201.2 million. Capital Markets Activity During the third quarter of 2025 and subsequent to the end of the third quarter of 2025, the Company repurchased and retired approximately 1.5 million of its common shares at a weighted average purchase price of $64.26 per share, for an aggregate purchased amount of approximately $99.1 million. Fourth Quarter 2025 Guidance The Company has established guidance ranges for the fourth quarter of 2025 EPS, FFO per share and Normalized FFO per share as listed below: Q4 2025 Guidance EPS $0.59 to $0.63 FFO per share $1.01 to $1.05 Normalized FFO per share $1.02 to $1.06 The difference between the third quarter of 2025 actual EPS of $0.76 and the fourth quarter of 2025 EPS guidance midpoint of $0.61 is due primarily to lower expected property sale gains and other items including those described below. The difference between the third quarter of 2025 actual FFO of $1.05 per share and the fourth quarter of 2025 FFO guidance midpoint of $1.03 per share is due primarily to lower expected non-operating asset gains and the items described below.
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Table of Contents 5 The difference between the third quarter of 2025 actual Normalized FFO of $1.02 per share and the fourth quarter of 2025 Normalized FFO guidance midpoint of $1.04 per share is due primarily to: Expected Positive/(Negative) Impact Fourth Quarter 2025 vs. Third Quarter 2025 Residential same store NOI $ 0.02 Lease-Up NOI 0.01 Corporate overhead (0.01) Net $ 0.02 About Equity Residential Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, owns and manages 318 rental properties consisting of 86,320 apartment units in dynamic metro areas across the U.S. with a primary concentration in major coastal markets, diversified by a targeted presence in the high-growth metro areas of Atlanta, Austin, Dallas/Ft. Worth and Denver. For more information on Equity Residential, please visit our website at www.equityapartments.com. Forward-Looking Statements In addition to historical information, this press release contains forward-looking statements and information within the meaning of the federal securities laws. These statements are based on current expectations, estimates, projections and assumptions made by management. While Equity Residential’s management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks, including, without limitation, changes in general market conditions, including the rate of job growth and cost of labor and construction material, the level of new multifamily construction and development, government regulations and competition. These and other risks and uncertainties are described under the heading “Risk Factors” in our Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC) and available on our website, www.equityapartments.com. Many of these uncertainties and risks are difficult to predict and beyond management’s control. Forward-looking statements are not guarantees of future performance, results or events. Equity Residential assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. A live web cast of the Company’s conference call discussing these results will take place tomorrow, Wednesday, October 29, 2025 at 10:00 a.m. CT. Please visit the Investor section of the Company’s website at www.equityapartments.com for the webcast link.
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Table of Contents 6 Equity Residential Consolidated Statements of Operations (Amounts in thousands except per share data) (Unaudited) Nine Months Ended September 30, Quarter Ended September 30, 2025 2024 2025 2024 REVENUES Rental income $ 2,312,048 $ 2,213,329 $ 782,411 $ 748,348 EXPENSES Property and maintenance 424,868 396,349 144,621 135,221 Real estate taxes and insurance 335,917 320,452 111,833 105,954 Property management 100,691 100,381 30,089 31,412 General and administrative 51,450 48,902 14,664 14,551 Depreciation 752,292 688,041 254,657 237,948 Total expenses 1,665,218 1,554,125 555,864 525,086 Net gain (loss) on sales of real estate properties 355,117 227,829 142,685 (165) Interest and other income 49,040 26,501 45,219 15,844 Other expenses (39,903) (59,094) (30,942) (13,971) Interest: Expense incurred, net (227,572) (205,762) (80,141) (72,722) Amortization of deferred financing costs (6,369) (5,784) (2,122) (1,948) Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels 777,143 642,894 301,246 150,300 Income and other tax (expense) benefit (1,224) (925) (395) (290) Income (loss) from investments in unconsolidated entities (15,388) (4,865) (3,981) (1,493) Net gain (loss) on sales of land parcels (80) — (2) — Net income 760,451 637,104 296,868 148,517 Net (income) loss attributable to Noncontrolling Interests: Operating Partnership (19,044) (17,290) (6,716) (4,012) Partially Owned Properties (3,408) (3,098) (1,101) (1,059) Net income attributable to controlling interests 737,999 616,716 289,051 143,446 Preferred distributions (1,067) (1,258) (356) (356) Premium on redemption of Preferred Shares — (1,444) — — Net income available to Common Shares $ 736,932 $ 614,014 $ 288,695 $ 143,090 Earnings per share – basic: Net income available to Common Shares $ 1.94 $ 1.62 $ 0.76 $ 0.38 Weighted average Common Shares outstanding 379,775 378,718 380,593 378,756 Earnings per share – diluted: Net income available to Common Shares $ 1.93 $ 1.62 $ 0.76 $ 0.38 Weighted average Common Shares outstanding 391,127 390,688 390,966 391,026 Distributions declared per Common Share outstanding $ 2.0775 $ 2.025 $ 0.6925 $ 0.675
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Table of Contents 7 Equity Residential Consolidated Statements of Funds From Operations and Normalized Funds From Operations (Amounts in thousands except per share and Unit data) (Unaudited) Nine Months Ended September 30, Quarter Ended September 30, 2025 2024 2025 2024 Net income $ 760,451 $ 637,104 $ 296,868 $ 148,517 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (3,408) (3,098) (1,101) (1,059) Preferred distributions (1,067) (1,258) (356) (356) Premium on redemption of Preferred Shares — (1,444) — — Net income available to Common Shares and Units 755,976 631,304 295,411 147,102 Adjustments: Depreciation 752,292 688,041 254,657 237,948 Depreciation – Non-real estate additions (2,697) (2,839) (863) (942) Depreciation – Partially Owned Properties (1,467) (1,645) (504) (556) Depreciation – Unconsolidated Properties 12,918 3,881 4,183 2,429 Net (gain) loss on sales of unconsolidated entities - operating assets (138) (710) — (710) Net (gain) loss on sales of real estate properties (355,117) (227,829) (142,685) 165 FFO available to Common Shares and Units 1,161,767 1,090,203 410,199 385,436 Adjustments (see note for additional detail): Write-off of pursuit costs 6,122 1,905 4,074 536 Debt extinguishment and preferred share redemption (gains) losses 97 1,444 — — Non-operating asset (gains) losses (23,717) (17,452) (24,341) (14,236) Other miscellaneous items 14,189 53,432 9,218 12,758 Normalized FFO available to Common Shares and Units $ 1,158,458 $ 1,129,532 $ 399,150 $ 384,494 FFO $ 1,162,834 $ 1,092,905 $ 410,555 $ 385,792 Preferred distributions (1,067) (1,258) (356) (356) Premium on redemption of Preferred Shares — (1,444) — — FFO available to Common Shares and Units $ 1,161,767 $ 1,090,203 $ 410,199 $ 385,436 FFO per share and Unit – basic $ 2.98 $ 2.80 $ 1.05 $ 0.99 FFO per share and Unit – diluted $ 2.97 $ 2.79 $ 1.05 $ 0.99 Normalized FFO $ 1,159,525 $ 1,130,790 $ 399,506 $ 384,850 Preferred distributions (1,067) (1,258) (356) (356) Normalized FFO available to Common Shares and Units $ 1,158,458 $ 1,129,532 $ 399,150 $ 384,494 Normalized FFO per share and Unit – basic $ 2.97 $ 2.90 $ 1.02 $ 0.99 Normalized FFO per share and Unit – diluted $ 2.96 $ 2.89 $ 1.02 $ 0.98 Weighted average Common Shares and Units outstanding – basic 389,667 389,379 389,446 389,379 Weighted average Common Shares and Units outstanding – diluted 391,127 390,688 390,966 391,026 Note: See Adjustments from FFO to Normalized FFO for additional detail regarding the adjustments from FFO to Normalized FFO. See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for the definitions of non-GAAP financial measures and other terms as well as the reconciliations of EPS to FFO per share and Normalized FFO per share.
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Table of Contents 8 Equity Residential Consolidated Balance Sheets (Amounts in thousands except for share amounts) (Unaudited) September 30, December 31, 2025 2024 ASSETS Land $ 5,615,228 $ 5,606,531 Depreciable property 24,767,133 24,039,412 Projects under development 163,194 261,706 Land held for development 56,953 63,142 Investment in real estate 30,602,508 29,970,791 Accumulated depreciation (10,976,770) (10,412,463) Investment in real estate, net 19,625,738 19,558,328 Investments in unconsolidated entities1 400,077 386,531 Cash and cash equivalents 93,092 62,302 Restricted deposits 106,410 97,864 Right-of-use assets 449,670 455,445 Other assets 390,076 273,706 Total assets $ 21,065,063 $ 20,834,176 LIABILITIES AND EQUITY Liabilities: Mortgage notes payable, net $ 1,592,935 $ 1,630,690 Notes, net 5,996,686 5,947,376 Line of credit and commercial paper 846,166 543,679 Accounts payable and accrued expenses 154,003 99,347 Accrued interest payable 54,644 74,176 Lease liabilities 304,814 304,897 Other liabilities 298,336 310,559 Security deposits 82,577 75,611 Distributions payable 269,873 263,494 Total liabilities 9,600,034 9,249,829 Commitments and contingencies Redeemable Noncontrolling Interests – Operating Partnership 181,625 338,563 Equity: Shareholders' equity: Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 343,100 shares issued and outstanding as of September 30, 2025 and December 31, 2024 17,155 17,155 Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 380,546,634 shares issued and outstanding as of September 30, 2025 and 379,475,383 shares issued and outstanding as of December 31, 2024 3,805 3,795 Paid in capital 9,801,972 9,611,826 Retained earnings 1,260,124 1,407,570 Accumulated other comprehensive income (loss) 1,893 4,214 Total shareholders’ equity 11,084,949 11,044,560 Noncontrolling Interests: Operating Partnership 200,246 201,942 Partially Owned Properties (1,791) (718) Total Noncontrolling Interests 198,455 201,224 Total equity 11,283,404 11,245,784 Total liabilities and equity $ 21,065,063 $ 20,834,176 1 Includes $335.8 million and $324.0 million in unconsolidated development and lease-up projects as of September 30, 2025 and December 31, 2024, respectively. See Development and Lease-Up Projects for additional detail on unconsolidated projects.
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Table of Contents 3rd Quarter 2025 Earnings Release 9 Equity Residential Portfolio Summary As of September 30, 2025 % of Stabilized Average Apartment Budgeted Rental Markets/Metro Areas Properties Units NOI Rate Established Markets: Los Angeles 58 14,733 16.5% $ 2,983 Orange County 12 3,718 4.7% 3,003 San Diego 10 2,209 3.1% 3,350 Subtotal – Southern California 80 20,660 24.3% 3,026 San Francisco 41 11,558 15.1% 3,503 Washington, D.C. 42 13,553 14.6% 2,862 New York 35 8,986 14.4% 4,802 Boston 26 7,034 10.9% 3,711 Seattle 40 8,459 9.4% 2,703 Subtotal – Established Markets 264 70,250 88.7% 3,332 Expansion Markets: Atlanta 22 6,420 4.4% 1,959 Denver 16 4,678 4.2% 2,287 Dallas/Ft. Worth 13 4,230 2.4% 1,935 Austin 3 742 0.3% 1,687 Subtotal – Expansion Markets 54 16,070 11.3% 2,036 Total 318 86,320 100.0% $ 3,094 Properties Apartment Units Wholly Owned Properties 301 81,952 Partially Owned Properties – Consolidated 12 2,656 Partially Owned Properties – Unconsolidated 5 1,712 318 86,320 Note: Projects under development are not included in the Portfolio Summary until construction has been completed.
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Table of Contents 3rd Quarter 2025 Earnings Release 10 Equity Residential Portfolio Rollforward Q3 2025 ($ in thousands) Properties Apartment Units Purchase Price Acquisition Cap Rate 6/30/2025 319 86,422 Acquisitions: Consolidated Rental Properties 1 375 $ 103,000 5.0% Sales Price Disposition Yield Dispositions: Consolidated Rental Properties (2) (495) $ (247,850) (5.1%) Configuration Changes — 18 9/30/2025 318 86,320 Portfolio Rollforward 2025 ($ in thousands) Properties Apartment Units Purchase Price Acquisition Cap Rate 12/31/2024 311 84,249 Acquisitions: Consolidated Rental Properties 9 2,439 $ 636,843 5.1% Sales Price Disposition Yield Dispositions: Consolidated Rental Properties (5) (1,330) $ (594,450) (5.1%) Consolidated Land Parcels — — $ (4,300) Completed Developments – Consolidated 2 495 Completed Developments – Unconsolidated 1 450 Configuration Changes — 17 9/30/2025 318 86,320
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Table of Contents 3rd Quarter 2025 Earnings Release 11 Equity Residential Third Quarter 2025 vs. Third Quarter 2024 Same Store Results/Statistics Including 75,473 Same Store Apartment Units (includes Residential and Non-Residential) ($ in thousands except for Average Rental Rate) Results Statistics Description Revenues Expenses NOI Average Rental Rate Physical Occupancy Turnover Q3 2025 $ 727,555 $ 234,572 $ 492,983 $ 3,218 96.3% 13.1% Q3 2024 $ 706,135 $ 226,494 $ 479,641 $ 3,133 96.1% 13.3% Change $ 21,420 $ 8,078 $ 13,342 $ 85 0.2% (0.2%) Change 3.0% 3.6% 2.8% 2.7% Third Quarter 2025 vs. Second Quarter 2025 Same Store Results/Statistics Including 80,846 Same Store Apartment Units (includes Residential and Non-Residential) ($ in thousands except for Average Rental Rate) Results Statistics Description Revenues Expenses NOI Average Rental Rate Physical Occupancy Turnover Q3 2025 $ 760,107 $ 245,582 $ 514,525 $ 3,141 96.3% 13.3% Q2 2025 $ 754,909 $ 239,555 $ 515,354 $ 3,114 96.5% 11.2% Change $ 5,198 $ 6,027 $ (829) $ 27 (0.2%) 2.1% Change 0.7% 2.5% (0.2%) 0.9% September YTD 2025 vs. September YTD 2024 Same Store Results/Statistics Including 74,595 Same Store Apartment Units (includes Residential and Non-Residential) ($ in thousands except for Average Rental Rate) Results Statistics Description Revenues Expenses NOI Average Rental Rate Physical Occupancy Turnover September YTD 2025 $ 2,145,055 $ 691,712 $ 1,453,343 $ 3,194 96.5% 32.1% September YTD 2024 $ 2,090,438 $ 665,731 $ 1,424,707 $ 3,114 96.2% 33.6% Change $ 54,617 $ 25,981 $ 28,636 $ 80 0.3% (1.5%) Change 2.6% 3.9% 2.0% 2.6%
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Table of Contents 3rd Quarter 2025 Earnings Release 12 Equity Residential Same Store Residential Revenues – GAAP to Cash Basis (1) ($ in thousands) Third Quarter 2025 vs. Third Quarter 2024 Third Quarter 2025 vs. Second Quarter 2025 Sept. YTD 2025 vs. Sept. YTD 2024 75,473 Same Store Apartment Units 80,846 Same Store Apartment Units 74,595 Same Store Apartment Units Q3 2025 Q3 2024 Q3 2025 Q2 2025 Sept. YTD 2025 Sept. YTD 2024 Same Store Residential Revenues (GAAP Basis) $ 701,383 $ 681,200 $ 733,147 $ 728,526 $ 2,066,935 $ 2,010,703 Leasing Concessions amortized 5,853 5,119 6,820 6,419 16,386 14,720 Leasing Concessions granted (7,012) (6,047) (8,056) (6,376) (17,868) (14,281) Same Store Residential Revenues with Leasing Concessions on a cash basis $ 700,224 $ 680,272 $ 731,911 $ 728,569 $ 2,065,453 $ 2,011,142 % change - GAAP revenue 3.0% 0.6% 2.8% % change - cash revenue 2.9% 0.5% 2.7% (1) See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional detail. Same Store Net Operating Income By Quarter Including 74,595 Same Store Apartment Units (includes Residential and Non-Residential) ($ in thousands) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Same store revenues $ 721,110 $ 715,449 $ 708,496 $ 702,485 $ 699,820 Same store expenses 232,767 226,059 232,886 219,601 224,318 Same store NOI $ 488,343 $ 489,390 $ 475,610 $ 482,884 $ 475,502
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Table of Contents 3rd Quarter 2025 Earnings Release 13 Equity Residential Same Store Residential Accounts Receivable Balances Including 74,595 Same Store Apartment Units ($ in thousands) Balance Sheet (Other assets): September 30, 2025 June 30, 2025 September 30, 2024 Residential accounts receivable balances $ 12,135 $ 12,815 $ 14,903 Allowance for doubtful accounts (6,975) (7,831) (9,594) Net receivable balances $ 5,160 $ 4,984 $ 5,309 Straight-line receivable balances $ 10,269 (1) $ 9,167 $ 8,011 (1) Total same store Residential Leasing Concessions granted in the third quarter of 2025 were approximately $6.9 million. The straight-line receivable balance of $10.3 million reflects Residential Leasing Concessions that the Company expects will be primarily recognized as a reduction of rental revenues in the remainder of 2025 and the first three quarters of 2026. Same Store Residential Bad Debt Including 74,595 Same Store Apartment Units ($ in thousands) Income Statement (Rental income): Q3 2025 Q2 2025 Q3 2024 Bad debts before governmental rental assistance $ 6,269 $ 6,929 $ 7,136 Governmental rental assistance received (173) (268) (47) Bad Debt, Net $ 6,096 $ 6,661 $ 7,089 Bad Debt, Net as a % of Same Store Residential Revenues 0.9% 1.0% 1.1%
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Table of Contents 3rd Quarter 2025 Earnings Release 14 Equity Residential Third Quarter 2025 vs. Third Quarter 2024 Same Store Residential Results/Statistics by Market Increase (Decrease) from Prior Year's Quarter Markets/Metro Areas Apartment Units Q3 2025 % of Actual NOI Q3 2025 Average Rental Rate Q3 2025 Weighted Average Physical Occupancy % Q3 2025 Turnover Revenues Expenses NOI Average Rental Rate Physical Occupancy Turnover Los Angeles 14,136 17.4% $ 2,982 95.9% 12.0% 1.8% 3.9% 0.9% 1.4% 0.4% (0.5%) Orange County 3,718 5.2% 3,003 96.2% 12.1% 2.3% 2.5% 2.3% 2.3% 0.1% 1.4% San Diego 2,209 3.5% 3,350 96.1% 12.1% 3.2% 5.5% 2.6% 3.0% 0.2% (1.0%) Subtotal – Southern California 20,063 26.1% 3,027 95.9% 12.0% 2.1% 3.8% 1.4% 1.8% 0.2% (0.2%) San Francisco 11,333 17.0% 3,476 96.9% 11.7% 5.4% 3.0% 6.5% 4.3% 1.1% (0.9%) Washington, D.C. 13,553 15.7% 2,862 96.3% 14.4% 3.4% 4.7% 2.7% 3.6% (0.3%) 0.4% New York 8,536 15.1% 4,852 97.6% 12.0% 4.2% 3.9% 4.3% 3.9% 0.2% 1.0% Boston 6,874 11.0% 3,732 96.3% 15.1% 2.6% 8.0% 0.5% 2.3% 0.2% 0.2% Seattle 8,458 9.8% 2,703 96.2% 12.4% 2.9% 2.1% 3.2% 2.7% 0.1% (1.7%) Denver 2,792 2.7% 2,319 95.0% 18.5% (4.1%) (3.7%) (4.3%) (3.5%) (0.8%) 0.7% Other Expansion Markets 3,864 2.6% 1,879 94.8% 15.2% (3.3%) (7.5%) (0.3%) (2.8%) (0.4%) (0.8%) Total 75,473 100.0% $ 3,218 96.3% 13.1% 3.0% 3.4% 2.7% 2.7% 0.2% (0.2%) Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the nine months ended September 30, 2025.
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Table of Contents 3rd Quarter 2025 Earnings Release 15 Equity Residential Third Quarter 2025 vs. Second Quarter 2025 Same Store Residential Results/Statistics by Market Increase (Decrease) from Prior Quarter Markets/Metro Areas Apartment Units Q3 2025 % of Actual NOI Q3 2025 Average Rental Rate Q3 2025 Weighted Average Physical Occupancy % Q3 2025 Turnover Revenues Expenses NOI Average Rental Rate Physical Occupancy Turnover Los Angeles 14,136 16.7% $ 2,982 95.9% 12.0% 0.5% 2.9% (0.5%) 0.4% 0.2% 1.2% Orange County 3,718 5.0% 3,003 96.2% 12.1% 0.8% 7.5% (1.1%) 1.2% (0.3%) 2.6% San Diego 2,209 3.3% 3,350 96.1% 12.1% 0.9% 2.8% 0.4% 1.6% (0.7%) 1.1% Subtotal – Southern California 20,063 25.0% 3,027 95.9% 12.0% 0.6% 3.5% (0.5%) 0.7% (0.1%) 1.4% San Francisco 11,333 16.2% 3,476 96.9% 11.7% 1.4% 4.0% 0.3% 1.7% (0.3%) 1.6% Washington, D.C. 13,553 15.1% 2,862 96.3% 14.4% 0.5% 7.5% (2.6%) 1.1% (0.5%) 2.4% New York 8,536 14.5% 4,852 97.6% 12.0% 1.2% 0.4% 1.7% 1.5% (0.3%) 2.3% Boston 7,034 10.7% 3,711 96.3% 15.0% 0.6% 4.5% (1.0%) 0.9% (0.4%) 3.8% Seattle 8,458 9.4% 2,703 96.2% 12.4% 0.8% 1.6% 0.5% 1.0% (0.2%) 0.5% Denver 4,199 3.7% 2,283 95.1% 18.3% (2.3%) (0.3%) (3.3%) (1.8%) (0.7%) 4.8% Other Expansion Markets 7,670 5.4% 1,923 95.4% 14.6% (0.7%) (7.5%) 3.8% (0.8%) 0.1% 1.7% Total 80,846 100.0% $ 3,141 96.3% 13.3% 0.6% 2.5% (0.2%) 0.9% (0.2%) 2.1% Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the nine months ended September 30, 2025.
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Table of Contents 3rd Quarter 2025 Earnings Release 16 Equity Residential September YTD 2025 vs. September YTD 2024 Same Store Residential Results/Statistics by Market Increase (Decrease) from Prior Year Markets/Metro Areas Apartment Units Sept. YTD 25 % of Actual NOI Sept. YTD 25 Average Rental Rate Sept. YTD 25 Weighted Average Physical Occupancy % Sept. YTD 25 Turnover Revenues Expenses NOI Average Rental Rate Physical Occupancy Turnover Los Angeles 14,136 17.7% $ 2,969 95.8% 31.8% 1.5% 3.9% 0.4% 1.3% 0.2% (1.9%) Orange County 3,718 5.3% 2,979 96.3% 28.8% 2.4% 2.8% 2.3% 2.1% 0.3% (0.1%) San Diego 2,209 3.5% 3,310 96.4% 31.9% 2.5% 7.3% 1.3% 2.1% 0.4% (0.6%) Subtotal – Southern California 20,063 26.5% 3,009 95.9% 31.3% 1.8% 4.1% 0.9% 1.5% 0.2% (1.4%) San Francisco 11,111 16.6% 3,425 96.9% 30.3% 4.3% 4.2% 4.3% 3.4% 0.7% (3.5%) Washington, D.C. 13,241 15.8% 2,830 96.8% 32.2% 4.1% 5.1% 3.6% 4.1% (0.1%) (0.5%) New York 8,536 15.0% 4,781 97.7% 27.9% 3.9% 3.4% 4.2% 3.4% 0.4% 0.8% Boston 6,874 11.1% 3,703 96.3% 33.4% 2.5% 5.8% 1.1% 2.4% 0.1% (0.2%) Seattle 8,458 9.9% 2,676 96.3% 33.3% 3.2% 2.1% 3.7% 3.0% 0.2% (2.7%) Denver 2,792 2.8% 2,340 95.5% 42.6% (3.6%) (1.6%) (4.5%) (2.9%) (0.8%) 0.3% Other Expansion Markets 3,520 2.3% 1,883 95.1% 39.6% (3.8%) 1.3% (7.3%) (3.6%) (0.1%) (5.7%) Total 74,595 100.0% $ 3,194 96.5% 32.1% 2.8% 3.8% 2.3% 2.6% 0.3% (1.5%) Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the nine months ended September 30, 2025.
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Table of Contents 3rd Quarter 2025 Earnings Release 17 Equity Residential Same Store Residential Net Effective Lease Pricing Statistics For 74,595 Same Store Apartment Units New Lease Change (1) Renewal Rate Achieved (1) Blended Rate (1) Markets/Metro Areas Q3 2025 Q2 2025 Q3 2025 Q2 2025 Q3 2025 Q2 2025 Southern California (3.6%) (3.2%) 4.4% 4.6% 0.9% 1.3% San Francisco 6.0% 5.2% 6.6% 6.1% 6.3% 5.7% Washington, D.C. (1.2%) 2.1% 4.5% 6.4% 2.1% 4.7% New York 2.8% 4.0% 3.5% 4.8% 3.3% 4.5% Boston (1.4%) (0.2%) 4.1% 4.6% 1.7% 2.5% Seattle (3.5%) (2.5%) 5.0% 5.2% 1.5% 2.0% Subtotal – Established Markets (0.3%) 0.7% 4.5% 5.2% 2.5% 3.4% Denver (12.1%) (9.6%) 2.8% 3.5% (4.8%) (3.5%) Other Expansion Markets (10.2%) (13.2%) 3.4% 3.3% (3.0%) (4.3%) Subtotal – Expansion Markets (11.2%) (11.4%) 3.1% 3.4% (3.9%) (3.9%) Total (1.0%) (0.1%) 4.5% 5.1% 2.2% 3.0% (1) See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for definitions.
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Table of Contents 3rd Quarter 2025 Earnings Release 18 Equity Residential Third Quarter 2025 vs. Third Quarter 2024 Total Same Store Operating Expenses Including 75,473 Same Store Apartment Units (includes Residential and Non-Residential) ($ in thousands) Q3 2025 Q3 2024 $ Change % Change % of Q3 2025 Operating Expenses Real estate taxes $ 93,747 $ 91,782 $ 1,965 2.1% 40.0% On-site payroll 42,078 42,854 (776) (1.8%) 17.9% Utilities 38,692 35,918 2,774 7.7% 16.5% Repairs and maintenance 34,220 31,230 2,990 9.6% 14.6% Insurance 9,314 9,195 119 1.3% 4.0% Leasing and advertising 3,335 2,891 444 15.4% 1.4% Other on-site operating expenses 13,186 12,624 562 4.5% 5.6% Total Same Store Operating Expenses (2) $ 234,572 $ 226,494 $ 8,078 3.6% 100.0% September YTD 2025 vs. September YTD 2024 Total Same Store Operating Expenses Including 74,595 Same Store Apartment Units (includes Residential and Non-Residential) ($ in thousands) YTD 2025 YTD 2024 $ Change (1) % Change % of YTD 2025 Operating Expenses Real estate taxes $ 279,841 $ 273,035 $ 6,806 2.5% 40.5% On-site payroll 126,836 125,189 1,647 1.3% 18.3% Utilities 111,015 102,389 8,626 8.4% 16.1% Repairs and maintenance 95,097 90,064 5,033 5.6% 13.7% Insurance 27,567 27,201 366 1.3% 4.0% Leasing and advertising 8,919 7,721 1,198 15.5% 1.3% Other on-site operating expenses 42,437 40,132 2,305 5.7% 6.1% Total Same Store Operating Expenses (2) $ 691,712 $ 665,731 $ 25,981 3.9% 100.0% (1) The year-over-year changes were primarily driven by the following factors: Real estate taxes – Increase due to escalation in rates and assessed values including an approximately one percentage point contribution to growth from 421-a tax abatement burnoffs in New York City. Once the burnoffs are completed, previously rent-restricted apartment units will transition to market. On-site payroll – Sub-inflationary growth due to the impact of various innovation initiatives and lower employee benefit costs. Utilities – Increase primarily driven by higher commodity prices, higher sewer and trash rates and higher water usage in Southern California along with a challenging comparable period. Repairs and maintenance – Increase primarily driven by costs associated with the implementation of various resident technology initiatives (including bulk Wi-Fi programs). Insurance – Sub-inflationary growth due to property premium reductions in the 2025 policy renewal offset by other insurance renewal costs. Leasing and advertising – Increase primarily driven by higher advertising expenses and processing fees. Broker fees are not driving growth and remain an immaterial portion of this expense category. Other on-site operating expenses – Increase primarily due to higher ground lease rent, association fees and other expenses. (2) See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details.
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Table of Contents 3rd Quarter 2025 Earnings Release 19 Equity Residential Debt Summary as of September 30, 2025 ($ in thousands) Debt Balances (1) % of Total Weighted Average Rates (1) Weighted Average Maturities (years) Secured $ 1,592,935 18.9% 3.76% 6.1 Unsecured 6,842,852 81.1% 3.76% 6.8 Total $ 8,435,787 100.0% 3.76% 6.7 Fixed Rate Debt: Secured – Conventional $ 1,403,050 16.6% 3.87% 5.6 Unsecured – Public 5,996,686 71.1% 3.69% 7.8 Fixed Rate Debt 7,399,736 87.7% 3.72% 7.4 Floating Rate Debt: Secured – Tax Exempt 189,885 2.3% 2.92% 9.5 Unsecured – Revolving Credit Facility — — — 2.1 Unsecured – Commercial Paper Program (2) 846,166 10.0% 4.59% — Floating Rate Debt 1,036,051 12.3% 4.13% 1.8 Total $ 8,435,787 100.0% 3.76% 6.7 (1) See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details. (2) At September 30, 2025, the weighted average maturity of commercial paper outstanding was 4 days. The weighted average amount outstanding for the nine months ended September 30, 2025 was approximately $513.6 million. Note: The Company capitalized interest of approximately $9.6 million and $10.7 million during the nine months ended September 30, 2025 and 2024, respectively. The Company capitalized interest of approximately $2.9 million and $3.8 million during the quarters ended September 30, 2025 and 2024, respectively.
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Table of Contents 3rd Quarter 2025 Earnings Release 20 Equity Residential Debt Maturity Schedule as of September 30, 2025 ($ in thousands) Year Fixed Rate Floating Rate Total % of Total Weighted Average Coupons on Fixed Rate Debt (1) Weighted Average Coupons on Total Debt (1) 2025 $ — $ 850,500 (2) $ 850,500 10.0% — 4.28% 2026 592,025 7,400 599,425 7.0% 3.58% 3.58% 2027 400,000 8,200 408,200 4.8% 3.25% 3.25% 2028 900,000 9,000 909,000 10.7% 3.79% 3.78% 2029 888,120 9,700 897,820 10.6% 3.30% 3.30% 2030 1,148,462 10,800 1,159,262 13.6% 2.53% 2.54% 2031 528,500 37,700 566,200 6.7% 1.94% 2.02% 2032 500,000 26,100 526,100 6.2% 4.95% 4.85% 2033 550,000 — 550,000 6.5% 5.22% 5.22% 2034 600,000 — 600,000 7.0% 4.65% 4.65% 2035+ 1,350,850 86,960 1,437,810 16.9% 4.39% 4.23% Subtotal 7,457,957 1,046,360 8,504,317 100.0% 3.72% 3.75% Deferred Financing Costs and Unamortized (Discount) (58,221) (10,309) (68,530) N/A N/A N/A Total $ 7,399,736 $ 1,036,051 $ 8,435,787 100.0% 3.72% 3.75% (1) See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details. (2) Includes $846.5 million in principal outstanding on the Company's Commercial Paper Program.
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Table of Contents 3rd Quarter 2025 Earnings Release 21 Equity Residential Selected Unsecured Public Debt Covenants September 30, June 30, 2025 2025 Debt to Adjusted Total Assets (not to exceed 60%) 28.0% 28.0% Secured Debt to Adjusted Total Assets (not to exceed 40%) 6.1% 6.1% Consolidated Income Available for Debt Service to Maximum Annual Service Charges (must be at least 1.5 to 1) 5.59 5.41 Total Unencumbered Assets to Unsecured Debt (must be at least 125%) 462.3% 464.8% Note: These selected covenants represent the most restrictive financial covenants relating to ERP Operating Limited Partnership's ("ERPOP") outstanding public debt securities. Equity Residential is the general partner of ERPOP. Selected Credit Ratios September 30, June 30, 2025 2025 Total debt to Normalized EBITDAre 4.47x 4.49x Net debt to Normalized EBITDAre 4.41x 4.45x Unencumbered NOI as a % of total NOI 90.4% 90.4% Note: See Normalized EBITDAre Reconciliations for detail.
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Table of Contents 3rd Quarter 2025 Earnings Release 22 Equity Residential Capital Structure as of September 30, 2025 (Amounts in thousands except for share/unit and per share amounts) Secured Debt $ 1,592,935 18.9% Unsecured Debt 6,842,852 81.1% Total Debt 8,435,787 100.0% 25.0% Common Shares (includes Restricted Shares) 380,546,634 97.5% Units (includes OP Units and Restricted Units) 9,629,551 2.5% Total Shares and Units 390,176,185 100.0% Common Share Price at September 30, 2025 $ 64.73 25,256,104 99.9% Perpetual Preferred Equity (see below) 17,155 0.1% Total Equity 25,273,259 100.0% 75.0% Total Market Capitalization $ 33,709,046 100.0% Perpetual Preferred Equity as of September 30, 2025 (Amounts in thousands except for share and per share amounts) Series Call Date Outstanding Shares Liquidation Value Annual Dividend Per Share Annual Dividend Amount Preferred Shares: 8.29% Series K 12/10/26 343,100 $ 17,155 $ 4.145 $ 1,422
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Table of Contents 3rd Quarter 2025 Earnings Release 23 Equity Residential Common Share and Unit Weighted Average Amounts Outstanding Sept. YTD 2025 Sept. YTD 2024 Q3 2025 Q3 2024 Weighted Average Amounts Outstanding for Net Income Purposes: Common Shares - basic 379,774,584 378,718,147 380,592,582 378,755,925 Shares issuable from assumed conversion/vesting of: - OP Units 9,892,052 10,661,328 8,853,827 10,622,681 - long-term compensation shares/units 1,460,027 1,308,755 1,519,480 1,647,562 Total Common Shares and Units - diluted 391,126,663 390,688,230 390,965,889 391,026,168 Weighted Average Amounts Outstanding for FFO and Normalized FFO Purposes: Common Shares - basic 379,774,584 378,718,147 380,592,582 378,755,925 OP Units - basic 9,892,052 10,661,328 8,853,827 10,622,681 Total Common Shares and OP Units - basic 389,666,636 389,379,475 389,446,409 389,378,606 Shares issuable from assumed conversion/vesting of: - long-term compensation shares/units 1,460,027 1,308,755 1,519,480 1,647,562 Total Common Shares and Units - diluted 391,126,663 390,688,230 390,965,889 391,026,168 Period Ending Amounts Outstanding: Common Shares (includes Restricted Shares) 380,546,634 379,354,738 Units (includes OP Units and Restricted Units) 9,629,551 11,562,954 Total Shares and Units 390,176,185 390,917,692
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Table of Contents 3rd Quarter 2025 Earnings Release 24 Equity Residential Partially Owned Properties as of September 30, 2025 (Amounts in thousands except for project/property and apartment unit amounts) Partially Owned Properties Weighted Average Ownership Percentage Total Properties Total Apartment Units Sept. YTD 2025 NOI Sept. YTD 2025 Interest Expense Total Debt CONSOLIDATED: Projects Under Development (1) (4) 95.0% — — $ (138) $ — $ — Operating properties (stabilized) 86.0% 12 2,656 48,895 765 28,328 Total Partially Owned Properties - Consolidated 12 2,656 48,757 765 28,328 UNCONSOLIDATED: Projects Under Development (2) (4) 95.0% — — (149) 178 39,298 Projects Completed Not Stabilized (4) 77.2% 2 543 2,291 4,296 90,741 Operating properties (stabilized) (4) 76.1% 3 1,169 13,056 7,747 223,385 (3) Total Partially Owned Properties - Unconsolidated 5 1,712 15,198 12,221 353,424 Total Partially Owned Properties 17 4,368 $ 63,955 $ 12,986 $ 381,752 (1) The Company is currently developing one property, which is expected to add 440 apartment units upon completion. (2) The Company is currently developing two properties, which are expected to add 639 apartment units upon completion. (3) During the third quarter of 2025, the Company paid off the third party construction loans for Remy and Sadie and is now the lender for these projects. (4) See Development and Lease-Up Projects for more information. Note: Partially owned consolidated and unconsolidated amounts are presented at 100% of the project/property.
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Table of Contents 3rd Quarter 2025 Earnings Release 25 Equity Residential Development and Lease-Up Projects as of September 30, 2025 (Amounts in thousands except for project and apartment unit amounts) Estimated/Actual Projects Location Ownership Percentage No. of Apartment Units Total Budgeted Capital Cost Total Book Value to Date Total Debt (1) Percentage Completed Start Date Initial Occupancy Completion Date Stabilization Date Percentage Leased / Occupied CONSOLIDATED: Projects Under Development: The Basin Wakefield, MA 95% 440 $ 232,172 $ 189,095 $ — 84% Q1 2024 Q3 2025 Q3 2026 Q2 2027 15% / 12% Projects Under Development - Consolidated 440 232,172 189,095 — Projects Completed Not Stabilized: Lorien (fka Laguna Clara II) Santa Clara, CA 100% 225 152,621 149,071 — 100% Q2 2022 Q1 2025 Q1 2025 Q1 2026 82% / 80% Beeler Park (fka Solana Beeler Park) (2) Denver, CO 100% 270 85,206 85,132 — 100% Q4 2021 Q3 2024 Q1 2025 Q4 2025 92% / 90% Projects Completed Not Stabilized - Consolidated 495 237,827 234,203 — UNCONSOLIDATED: Projects Under Development: Modera Bridle Trails Kirkland, WA 95% 369 185,282 108,465 16,898 56% Q3 2024 Q3 2026 Q3 2026 Q1 2028 – / – Modera South Shore Marshfield, MA 95% 270 121,918 82,240 22,400 69% Q3 2024 Q3 2025 Q4 2026 Q2 2027 8% / 1% Projects Under Development - Unconsolidated 639 307,200 190,705 39,298 Projects Completed Not Stabilized: Alloy Sunnyside Denver, CO 80% 209 70,004 69,045 35,251 100% Q3 2021 Q2 2024 Q2 2024 Q4 2025 95% / 92% Lyle (Toll) (3) Dallas, TX 75% 334 86,332 83,833 55,490 100% Q3 2022 Q1 2024 Q4 2024 Q4 2025 95% / 93% Projects Completed Not Stabilized - Unconsolidated 543 156,336 152,878 90,741 Projects Completed and Stabilized During the Quarter: Remy (Toll) Frisco, TX 75% 357 97,987 97,755 56,755 100% Q1 2022 Q2 2024 Q4 2024 Q3 2025 94% / 93% Sadie (fka Settler) (Toll) Fort Worth, TX 75% 362 79,875 79,648 45,535 100% Q2 2022 Q2 2024 Q4 2024 Q3 2025 97% / 93% Alexan Harrison Harrison, NY 62% 450 201,159 201,021 121,095 100% Q3 2021 Q1 2024 Q1 2025 Q3 2025 97% / 96% Projects Completed and Stabilized During the Quarter - Unconsolidated 1,169 379,021 378,424 223,385 Total Development Projects - Consolidated 935 469,999 423,298 — Total Development Projects - Unconsolidated 2,351 842,557 722,007 353,424 Total Development Projects 3,286 $ 1,312,556 $ 1,145,305 $ 353,424 NOI CONTRIBUTION FROM DEVELOPMENT PROJECTS Total Budgeted Capital Cost Sept. YTD 2025 NOI Projects Under Development - Consolidated $ 232,172 $ (138) Projects Completed Not Stabilized - Consolidated 237,827 2,020 Projects Under Development - Unconsolidated 307,200 (149) Projects Completed Not Stabilized - Unconsolidated 156,336 2,291 Projects Completed and Stabilized During the Quarter - Unconsolidated 379,021 13,056 $ 1,312,556 $ 17,080 (1) All unconsolidated projects are being partially funded with third party, project-specific construction loans, none of which are recourse to the Company, except for Remy and Sadie where the Company paid off the third party construction loans in the third quarter of 2025 and is now the lender for these projects. (2) The Company acquired its joint venture partner’s interest during the nine months ended September 30, 2025 and now wholly-owns the Beeler Park project. The book value shown reflects total project costs only and excludes the step-up in basis from the acquisition. The underlying construction loan was repaid in conjunction with the joint venture interest buyout. (3) The land parcel under this project is subject to a long-term ground lease.
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Table of Contents 3rd Quarter 2025 Earnings Release 26 Equity Residential Residential Capital Expenditures to Real Estate For the Nine Months Ended September 30, 2025 (Amounts in thousands except for apartment unit and per apartment unit amounts) Same Store Properties Non-Same Store Properties Total Consolidated Properties Same Store Avg. Per Apartment Unit Total Consolidated Apartment Units 74,595 10,013 84,608 Recurring Capital Expenditures $ 119,349 $ 15,986 $ 135,335 $ 1,600 NOI-Enhancing Expenditures: Renovation Expenditures 65,426 (1) 11,381 (3) 76,807 877 Other (2) 15,758 6,159 21,917 211 Total NOI-Enhancing Expenditures 81,184 17,540 98,724 1,088 Total Capital Expenditures to Real Estate (4) $ 200,533 $ 33,526 $ 234,059 $ 2,688 (1) Renovation Expenditures on 2,173 same store apartment units for the nine months ended September 30, 2025 approximated $30,000 per apartment unit renovated. (2) Includes sustainability, property-level technology and Accessory Dwelling Units (ADU) spend. (3) Includes expenditures for one property that has been removed from same store while undergoing major renovations requiring a significant number of apartment units to be vacated to accommodate the extensive planned improvements. The renovation is expected to continue through the fourth quarter of 2026 and is being paid for, in part, by funds from a replacement reserve account required by the ground lease arrangement. (4) See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details. Note: Non-Residential Capital Expenditures to Real Estate were approximately $9.0 million, $0.5 million and $9.5 million for Same Store Properties, Non-Same Store Properties and Total Consolidated Properties, respectively.
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Table of Contents 3rd Quarter 2025 Earnings Release 27 Equity Residential Normalized EBITDAre Reconciliations (Amounts in thousands) Trailing Twelve Months 2025 2024 September 30, 2025 June 30, 2025 Q3 Q2 Q1 Q4 Q3 Net income $ 1,194,322 $ 1,045,971 $ 296,868 $ 198,785 $ 264,798 $ 433,871 $ 148,517 Interest expense incurred, net 307,545 300,126 80,141 75,317 72,114 79,973 72,722 Amortization of deferred financing costs 8,419 8,245 2,122 2,103 2,144 2,050 1,948 Amortization of above/below market lease intangibles 4,610 4,585 1,153 1,153 1,152 1,152 1,128 Depreciation 1,016,442 999,733 254,657 240,889 256,746 264,150 237,948 Income and other tax expense (benefit) 1,555 1,450 395 407 422 331 290 EBITDA 2,532,893 2,360,110 635,336 518,654 597,376 781,527 462,553 Net (gain) loss on sales of real estate properties (674,085) (531,235) (142,685) (58,280) (154,152) (318,968) 165 Net (gain) loss on sales of unconsolidated entities - operating assets 57 (653) — (174) 36 195 (710) EBITDAre 1,858,865 1,828,222 492,651 460,200 443,260 462,754 462,008 Write-off of pursuit costs (other expenses) 9,372 5,834 4,074 727 1,321 3,250 536 (Income) loss from investments in unconsolidated entities - operations 19,440 17,662 3,981 5,170 6,375 3,914 2,203 Net (gain) loss on sales of land parcels 80 78 2 11 67 — — Realized (gain) loss on investment securities (interest and other income) 727 725 2 9 40 676 — Unrealized (gain) loss on investment securities (interest and other income) (25,399) (14,135) (25,399) — — — (14,135) Insurance/litigation settlement or reserve income (interest and other income) (3,062) (3,087) — (101) (98) (2,863) (25) Insurance/litigation/environmental settlement or reserve expense (other expenses) (1) 32,295 9,637 25,857 3,149 1,712 1,577 3,199 Advocacy contributions (other expenses) 9,838 19,214 208 185 213 9,232 9,584 Employment tax refund (interest and other income) (16,867) — (16,867) — — — — Other 161 141 20 11 (100) 230 — Normalized EBITDAre $ 1,885,450 $ 1,864,291 $ 484,529 $ 469,361 $ 452,790 $ 478,770 $ 463,370 Balance Sheet Items: September 30, 2025 June 30, 2025 Total debt $ 8,435,787 $ 8,371,826 Cash and cash equivalents (93,092) (31,276) Mortgage principal reserves/sinking funds (34,941) (35,660) Net debt $ 8,307,754 $ 8,304,890 (1) Insurance/litigation/environmental settlement or reserve expense includes reserves relating to various legal proceedings being defended by the Company. Note: EBITDA, EBITDAre and Normalized EBITDAre do not include any adjustments for the Company’s share of partially owned unconsolidated entities due to the immaterial size of the Company’s partially owned unconsolidated portfolio.
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Table of Contents 3rd Quarter 2025 Earnings Release 28 Equity Residential Adjustments from FFO to Normalized FFO (Amounts in thousands) Nine Months Ended September 30, Quarter Ended September 30, 2025 2024 Variance 2025 2024 Variance Impairment – non-operating real estate assets $ — $ — $ — $ — $ — $ — Write-off of pursuit costs (other expenses) 6,122 1,905 4,217 4,074 536 3,538 Write-off of unamortized deferred financing costs (interest expense) 97 — 97 — — — Premium on redemption of Preferred Shares — 1,444 (1,444) — — — Debt extinguishment and preferred share redemption (gains) losses 97 1,444 (1,347) — — — Net (gain) loss on sales of land parcels 80 — 80 2 — 2 (Income) loss from investments in unconsolidated entities ─ non-operating assets 1,551 1,112 439 1,054 (101) 1,155 Realized (gain) loss on investment securities (interest and other income) 51 1,316 (1,265) 2 — 2 Unrealized (gain) loss on investment securities (interest and other income) (25,399) (19,880) (5,519) (25,399) (14,135) (11,264) Non-operating asset (gains) losses (23,717) (17,452) (6,265) (24,341) (14,236) (10,105) Insurance/litigation settlement or reserve income (interest and other income) (199) (1,584) 1,385 — (25) 25 Insurance/litigation/environmental settlement or reserve expense (other expenses) (1) 30,718 43,068 (12,350) 25,857 3,199 22,658 Advocacy contributions (other expenses) 606 12,283 (11,677) 208 9,584 (9,376) Employment tax refund (interest and other income) (16,867) — (16,867) (16,867) — (16,867) Other (69) (335) 266 20 — 20 Other miscellaneous items 14,189 53,432 (39,243) 9,218 12,758 (3,540) Adjustments from FFO to Normalized FFO $ (3,309) $ 39,329 $ (42,638) $ (11,049) $ (942) $ (10,107) (1) Insurance/litigation/environmental settlement or reserve expense includes reserves relating to various legal proceedings being defended by the Company. Note: See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for the definitions of non-GAAP financial measures and other terms as well as the reconciliations of EPS to FFO per share and Normalized FFO per share.
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Table of Contents 3rd Quarter 2025 Earnings Release 29 Equity Residential Normalized FFO Guidance and Assumptions The guidance/projections provided below are based on current expectations and are forward-looking. All guidance is given on a Normalized FFO basis. Therefore, certain items excluded from Normalized FFO, such as debt extinguishment costs/prepayment penalties and the write-off of pursuit costs, are not included in the estimates provided on this page. See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for the definitions of non-GAAP financial measures and other terms as well as the reconciliations of EPS to FFO per share and Normalized FFO per share. Q4 2025 Revised Full Year 2025 Previous Full Year 2025 2025 Normalized FFO Guidance (per share diluted) Expected Normalized FFO Per Share $1.02 to $1.06 $3.98 to $4.02 $3.97 to $4.03 2025 Same Store Assumptions (includes Residential and Non-Residential) Physical Occupancy 96.4% 96.4% Revenue change 2.5% to 3.0% 2.6% to 3.2% Expense change 3.5% to 4.0% 3.5% to 4.0% NOI change (1) 2.1% to 2.6% 2.2% to 2.8% 2025 Transaction Assumptions Consolidated rental acquisitions $750.0M $1.0B Consolidated rental dispositions $750.0M $1.0B Transaction Accretion (Dilution) (25 basis points) (25 basis points) 2025 Debt Assumptions Weighted average debt outstanding $8.225B to $8.275B $8.15B to $8.25B Interest expense, net (on a Normalized FFO basis) $306.0M to $310.0M $304.5M to $308.5M Capitalized interest $12.0M to $13.0M $12.5M to $13.5M 2025 Capital Expenditures to Real Estate Assumptions for Residential Same Store Properties NOI-Enhancing Capital Expenditures for Residential Same Store Properties (2) $115.0M $115.0M Recurring Capital Expenditures for Residential Same Store Properties $165.0M $165.0M Capital Expenditures to Real Estate for Residential Same Store Properties $280.0M $280.0M 2025 Other Guidance Assumptions Property management expense $133.0M to $135.0M $135.5M to $137.5M General and administrative expense $63.5M to $67.5M $63.5M to $67.5M Income (loss) from investments in unconsolidated entities (on a Normalized FFO basis) (3) $(1.0M) to $1.0M $(2.0M) to $1.0M Debt offerings $500.0M $500.0M Weighted average Common Shares and Units - Diluted 390.9M 391.5M (1) Approximately 20 basis point change in NOI percentage = $0.01 per share change in EPS/FFO per share/Normalized FFO per share. (2) During 2025, the Company expects to spend approximately $90.0 million for apartment unit Renovation Expenditures on approximately 2,850 Residential same store apartment units at an average cost of approximately $31,500 per apartment unit renovated. The remainder of the NOI- Enhancing spend includes other items, such as sustainability, property-level technology and ADU expenditures. (3) Income (loss) from investments in unconsolidated entities (on a Normalized FFO basis) primarily consists of our share of both Lease-Up NOI and interest expense, net that is no longer being capitalized from the recently completed unconsolidated development projects referenced on pages 24 and 25.
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Table of Contents 3rd Quarter 2025 Earnings Release 30 Equity Residential Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms (Amounts in thousands except per share and per apartment unit data) (All per share data is diluted) This Earnings Release and Supplemental Financial Information includes certain non-GAAP financial measures and other terms that management believes are helpful in understanding our business. The definitions and calculations of these non-GAAP financial measures and other terms may differ from the definitions and methodologies used by other real estate investment trusts (“REIT”) and, accordingly, may not be comparable. These non-GAAP financial measures should not be considered as an alternative to net earnings or any other measurement of performance computed in accordance with accounting principles generally accepted in the United States (“GAAP”) or as an alternative to cash flows from specific operating, investing or financing activities. Furthermore, these non-GAAP financial measures are not intended to be a measure of cash flow or liquidity. Acquisition Capitalization Rate or Cap Rate – NOI that the Company anticipates receiving in the next 12 months (or the year two or three stabilized NOI for properties that are in lease-up at acquisition) less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $100-$450 per apartment unit depending on the age and condition of the asset) divided by the gross purchase price of the asset. The weighted average Acquisition Cap Rate for acquired properties is weighted based on the projected NOI streams and the relative purchase price for each respective property. Average Rental Rate – Total Residential rental revenues reflected on a straight-line basis in accordance with GAAP divided by the weighted average occupied apartment units for the reporting period presented. Bad Debt, Net – Change in rental income due to bad debt write-offs and reserves, net of amounts collected on previously written-off or reserved accounts. Blended Rate – The weighted average of New Lease Change and Renewal Rate Achieved. Capital Expenditures to Real Estate: Accessory Dwelling Units (ADU) – Includes costs to convert existing underutilized spaces of our properties into new apartment units. NOI-Enhancing – Primarily includes Renovation Expenditures as well as sustainability, property-level technology and ADU expenditures that are intended to increase revenues or decrease expenses. Recurring – Capital expenditures necessary to help preserve the value of and maintain the functionality of our apartment properties. Renovation Expenditures – Apartment unit renovation costs (primarily kitchens and baths) designed to reposition these units for higher rental levels in their respective markets. Debt Balances: Commercial Paper Program – The Company may borrow up to a maximum of $1.5 billion under its Commercial Paper Program subject to market conditions. The notes bear interest at various floating rates. Revolving Credit Facility – The Company’s $2.5 billion unsecured revolving credit facility matures October 26, 2027. The interest rate on advances under the facility will generally be SOFR plus a spread (currently 0.725%), or based on bids received from the lending group, and an annual facility fee (currently 0.125%). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating and other terms and conditions per the agreement. In addition, the Company limits its utilization of the facility in order to maintain liquidity to support its $1.5 billion Commercial Paper Program along with certain other obligations. The following table presents the availability on the Company’s unsecured revolving credit facility: September 30, 2025 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding (846,500) Unsecured revolving credit facility balance outstanding — Other restricted amounts (3,448) Unsecured revolving credit facility availability $ 1,650,052 Debt Covenant Compliance – Our unsecured debt includes certain financial and operating covenants including, among other things, maintenance of certain financial ratios. These provisions are contained in the indentures applicable to each notes payable or the credit agreement for our line of credit. The Debt Covenant Compliance ratios that are provided show the Company's compliance with certain covenants governing our public unsecured debt. These covenants generally reflect our most restrictive financial covenants. The Company was in compliance with its unsecured debt covenants for all periods presented.
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Table of Contents Equity Residential Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms – Continued (Amounts in thousands except per share and per apartment unit data) (All per share data is diluted) 3rd Quarter 2025 Earnings Release 31 Development Yield – NOI that the Company anticipates receiving in the next 12 months following stabilization less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $50-$150 per apartment unit depending on the type of asset) divided by the Total Budgeted Capital Cost of the asset. The weighted average Development Yield for development properties is weighted based on the projected NOI streams and the relative Total Budgeted Capital Cost for each respective property. Disposition Yield – NOI that the Company anticipates giving up in the next 12 months less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $150-$450 per apartment unit depending on the age and condition of the asset) divided by the gross sales price of the asset. The weighted average Disposition Yield for sold properties is weighted based on the projected NOI streams and the relative sales price for each respective property. Earnings Per Share ("EPS") – Net income per share calculated in accordance with GAAP. Expected EPS is calculated on a basis consistent with actual EPS. Due to the uncertain timing and extent of property dispositions and the resulting gains/losses on sales, actual EPS could differ materially from expected EPS. EBITDA for Real Estate and Normalized EBITDA for Real Estate: Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) – The National Association of Real Estate Investment Trusts (“Nareit”) defines EBITDAre (September 2017 White Paper) as net income (computed in accordance with GAAP) before interest expense, income taxes, depreciation and amortization expense, and further adjusted for gains and losses from sales of depreciated operating properties, impairment write-downs of depreciated operating properties, impairment write-downs of investments in unconsolidated entities caused by a decrease in value of depreciated operating properties within the joint venture and adjustments to reflect the Company’s share of EBITDAre of investments in unconsolidated entities. The Company believes that EBITDAre is useful to investors, creditors and rating agencies as a supplemental measure of the Company’s ability to incur and service debt because it is a recognized measure of performance by the real estate industry, and by excluding gains or losses related to sales or impairment of depreciated operating properties, EBITDAre can help compare the Company’s credit strength between periods or as compared to different companies. Normalized Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Normalized EBITDAre”) – Represents net income (computed in accordance with GAAP) before interest expense, income taxes, depreciation and amortization expense, and further adjusted for non-comparable items. Normalized EBITDAre, total debt to Normalized EBITDAre and net debt to Normalized EBITDAre are important metrics in evaluating the credit strength of the Company and its ability to service its debt obligations. The Company believes that Normalized EBITDAre, total debt to Normalized EBITDAre, and net debt to Normalized EBITDAre are useful to investors, creditors and rating agencies because they allow investors to compare the Company’s credit strength to prior reporting periods and to other companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual credit quality. Economic Gain (Loss) – Economic Gain (Loss) is calculated as the net gain (loss) on sales of real estate properties in accordance with GAAP, excluding accumulated depreciation. The Company generally considers Economic Gain (Loss) to be an appropriate supplemental measure to net gain (loss) on sales of real estate properties in accordance with GAAP because it is one indication of the gross value created by the Company's acquisition, development, renovation, management and ultimate sale of a property and because it helps investors to understand the relationship between the cash proceeds from a sale and the cash invested in the sold property. The following table presents a reconciliation of net gain (loss) on sales of real estate properties in accordance with GAAP to Economic Gain (Loss): Nine Months Ended September 30, 2025 Quarter Ended September 30, 2025 Net Gain (Loss) on Sales of Real Estate Properties $ 355,117 $ 142,685 Accumulated Depreciation Gain (187,985) (94,467) Economic Gain (Loss) $ 167,132 $ 48,218 Established Markets – Includes Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California (Los Angeles, Orange County and San Diego). Expansion Markets – Includes Denver, Atlanta, Dallas/Ft. Worth and Austin.
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Table of Contents Equity Residential Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms – Continued (Amounts in thousands except per share and per apartment unit data) (All per share data is diluted) 3rd Quarter 2025 Earnings Release 32 FFO and Normalized FFO: Funds From Operations (“FFO”) – Nareit defines FFO (December 2018 White Paper) as net income (computed in accordance with GAAP), excluding gains or losses from sales and impairment write-downs of depreciable real estate and land when connected to the main business of a REIT, impairment write-downs of investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and depreciation and amortization related to real estate. Adjustments for partially owned consolidated and unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. Expected FFO per share is calculated on a basis consistent with actual FFO per share and is considered an appropriate supplemental measure of expected operating performance when compared to expected EPS. The Company believes that FFO and FFO available to Common Shares and Units are helpful to investors as supplemental measures of the operating performance of a real estate company, because they are recognized measures of performance by the real estate industry and by excluding gains or losses from sales and impairment write-downs of depreciable real estate and excluding depreciation related to real estate (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO available to Common Shares and Units can help compare the operating performance of a company’s real estate between periods or as compared to different companies. Normalized Funds From Operations ("Normalized FFO" or "NFFO") – Normalized FFO begins with FFO and excludes: • the impact of any expenses relating to non-operating real estate asset impairment; • pursuit cost write-offs; • gains and losses from early debt extinguishment and preferred share redemptions; • gains and losses from non-operating assets; and • other miscellaneous items. Expected Normalized FFO per share is calculated on a basis consistent with actual Normalized FFO per share and is considered an appropriate supplemental measure of expected operating performance when compared to expected EPS. The Company believes that Normalized FFO and Normalized FFO available to Common Shares and Units are helpful to investors as supplemental measures of the operating performance of a real estate company because they allow investors to compare the Company's operating performance to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company's actual operating results. FFO, FFO available to Common Shares and Units, Normalized FFO and Normalized FFO available to Common Shares and Units do not represent net income, net income available to Common Shares or net cash flows from operating activities in accordance with GAAP. Therefore, FFO, FFO available to Common Shares and Units, Normalized FFO and Normalized FFO available to Common Shares and Units should not be exclusively considered as alternatives to net income, net income available to Common Shares or net cash flows from operating activities as determined by GAAP or as a measure of liquidity. The Company's calculation of FFO, FFO available to Common Shares and Units, Normalized FFO and Normalized FFO available to Common Shares and Units may differ from other real estate companies due to, among other items, variations in cost capitalization policies for capital expenditures and, accordingly, may not be comparable to such other real estate companies. FFO available to Common Shares and Units and Normalized FFO available to Common Shares and Units are calculated on a basis consistent with net income available to Common Shares and reflects adjustments to net income for preferred distributions and premiums on redemption of preferred shares in accordance with GAAP. The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units are collectively referred to as the "Noncontrolling Interests – Operating Partnership". Subject to certain restrictions, the Noncontrolling Interests – Operating Partnership may exchange their OP Units for Common Shares on a one-for-one basis.
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Table of Contents Equity Residential Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms – Continued (Amounts in thousands except per share and per apartment unit data) (All per share data is diluted) 3rd Quarter 2025 Earnings Release 33 The following table presents reconciliations of EPS to FFO per share and Normalized FFO per share for Consolidated Statements of Funds From Operations and Normalized Funds From Operations. Actual Sept. Actual Sept. Actual Actual Expected Expected YTD 2025 YTD 2024 Q3 2025 Q3 2024 Q4 2025 2025 Per Share Per Share Per Share Per Share Per Share Per Share EPS – Diluted $ 1.93 $ 1.62 $ 0.76 $ 0.38 $0.59 to $0.63 $2.52 to $2.56 Depreciation expense 1.95 1.76 0.66 0.61 0.67 2.61 Net (gain) loss on sales (0.91) (0.59) (0.37) — (0.25) (1.15) Impairment – operating real estate assets — — — — — — FFO per share – Diluted 2.97 2.79 1.05 0.99 1.01 to 1.05 3.98 to 4.02 Adjustments (1): Impairment – non-operating real estate assets — — — — — — Write-off of pursuit costs 0.01 — 0.01 — — 0.02 Debt extinguishment and preferred share redemption (gains) losses — — — — — — Non-operating asset (gains) losses (0.06) (0.04) (0.06) (0.04) — (0.06) Other miscellaneous items 0.04 0.14 0.02 0.03 0.01 0.04 Normalized FFO per share – Diluted $ 2.96 $ 2.89 $ 1.02 $ 0.98 $1.02 to $1.06 $3.98 to $4.02 (1) See Adjustments from FFO to Normalized FFO for additional detail. Lease-Up NOI – Represents NOI for development properties: (i) in various stages of lease-up; and (ii) where lease-up has been completed but the properties were not stabilized (defined as having achieved 90% Physical Occupancy for three consecutive months) for all of the current and comparable periods presented. Leasing Concessions – Reflects upfront discounts on both new move-in and renewal leases on a straight-line basis. Net Operating Income (“NOI”) – NOI is the Company’s primary financial measure for evaluating each of its apartment properties. NOI is defined as rental income less direct property operating expenses (including real estate taxes and insurance). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company's apartment properties. NOI does not include an allocation of property management expenses either in the current or comparable periods. Rental income for all leases and operating expense for ground leases (for both same store and non-same store properties) are reflected on a straight-line basis in accordance with GAAP for the current and comparable periods. The following tables present reconciliations of net income per the consolidated statements of operations to NOI, along with rental income, operating expenses and NOI per the consolidated statements of operations allocated between same store and non-same store/other results and further allocated between Residential same store and Non-Residential same store results (see Same Store Results): Nine Months Ended September 30, Quarter Ended September 30, 2025 2024 2025 2024 Net income $ 760,451 $ 637,104 $ 296,868 $ 148,517 Adjustments: Property management 100,691 100,381 30,089 31,412 General and administrative 51,450 48,902 14,664 14,551 Depreciation 752,292 688,041 254,657 237,948 Net (gain) loss on sales of real estate properties (355,117) (227,829) (142,685) 165 Interest and other income (49,040) (26,501) (45,219) (15,844) Other expenses 39,903 59,094 30,942 13,971 Interest: Expense incurred, net 227,572 205,762 80,141 72,722 Amortization of deferred financing costs 6,369 5,784 2,122 1,948 Income and other tax expense (benefit) 1,224 925 395 290 (Income) loss from investments in unconsolidated entities 15,388 4,865 3,981 1,493 Net (gain) loss on sales of land parcels 80 — 2 — Total NOI $ 1,551,263 $ 1,496,528 $ 525,957 $ 507,173
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Table of Contents Equity Residential Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms – Continued (Amounts in thousands except per share and per apartment unit data) (All per share data is diluted) 3rd Quarter 2025 Earnings Release 34 Nine Months Ended September 30, Quarter Ended September 30, Rental income: 2025 2024 2025 2024 Residential same store $ 2,066,935 $ 2,010,703 $ 701,383 $ 681,200 Non-Residential same store 78,120 79,735 26,172 24,935 Total same store 2,145,055 2,090,438 727,555 706,135 Non-same store/other 166,993 122,891 54,856 42,213 Total rental income 2,312,048 2,213,329 782,411 748,348 Operating expenses: Residential same store 668,707 643,984 226,772 219,253 Non-Residential same store 23,005 21,747 7,800 7,241 Total same store 691,712 665,731 234,572 226,494 Non-same store/other 69,073 51,070 21,882 14,681 Total operating expenses 760,785 716,801 256,454 241,175 NOI: Residential same store 1,398,228 1,366,719 474,611 461,947 Non-Residential same store 55,115 57,988 18,372 17,694 Total same store 1,453,343 1,424,707 492,983 479,641 Non-same store/other 97,920 71,821 32,974 27,532 Total NOI $ 1,551,263 $ 1,496,528 $ 525,957 $ 507,173 New Lease Change – The net effective change in rent (inclusive of Leasing Concessions) for a lease with a new or transferring resident compared to the rent for the prior lease of the identical apartment unit, regardless of lease term. Non-Residential – Consists of revenues and expenses from retail and public parking garage operations. Non-Same Store Properties – For annual comparisons, primarily includes all properties acquired during 2024 and 2025, plus any properties in lease-up and not stabilized as of January 1, 2024. Unless otherwise noted, includes both Residential and Non-Residential operations for these properties. Percentage of Residents Renewing – Leases renewed expressed as a percentage of total renewal offers extended during the reporting period. Physical Occupancy – The weighted average occupied apartment units for the reporting period divided by the average of total apartment units available for rent for the reporting period. Pricing Trend – Weighted average of 12-month base rent including amenity amount less Leasing Concessions on 12-month signed leases for the reporting period. Renewal Rate Achieved – The net effective change in rent (inclusive of Leasing Concessions) for a new lease on an apartment unit where the lease has been renewed as compared to the rent for the prior lease of the identical apartment unit, regardless of lease term. Residential – Consists of multifamily apartment revenues and expenses. Same Store Operating Expenses: Insurance – Includes third-party insurance premiums, broker fees and other insurance-related procurement fees along with an allocation of estimated uninsured losses. On-site Payroll – Includes payroll and related expenses for on-site personnel including property managers, leasing consultants and maintenance staff. Other On-site Operating Expenses – Includes ground lease costs and administrative costs such as office supplies, telephone and data charges and association and business licensing fees. Repairs and Maintenance – Includes general maintenance costs, apartment unit turnover costs including interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof and parking lot repairs and other miscellaneous building repair and maintenance costs. Utilities – Represents gross expenses prior to any recoveries under the Resident Utility Billing System (“RUBS”). Recoveries are reflected in rental income.
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Table of Contents Equity Residential Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms – Continued (Amounts in thousands except per share and per apartment unit data) (All per share data is diluted) 3rd Quarter 2025 Earnings Release 35 Same Store Properties – For annual comparisons, primarily includes all properties acquired or completed that are stabilized prior to January 1, 2024, less properties subsequently sold. Properties are included in Same Store when they are stabilized for all of the current and comparable periods presented. Unless otherwise noted, includes both Residential and Non-Residential operations for these properties. Same Store Residential Revenues – Revenues from our Residential Same Store Properties only presented on a GAAP basis which reflects the impact of Leasing Concessions on a straight-line basis. Same Store Residential Revenues with Leasing Concessions on a cash basis is presented in Same Store Results and is considered by the Company to be a supplemental measure to Same Store Residential Revenues in conformity with GAAP to help investors evaluate the impact of both current and historical Leasing Concessions on GAAP-based Same Store Residential Revenues and to more readily enable comparisons to revenue as reported by other companies. Same Store Residential Revenues with Leasing Concessions on a cash basis reflects the impact of Leasing Concessions used in the period and allows an investor to understand the historical trend in cash Leasing Concessions. % of Stabilized Budgeted NOI – Represents original budgeted 2025 NOI for stabilized properties and projected annual NOI at stabilization (defined as having achieved 90% Physical Occupancy for three consecutive months) for properties that are in lease-up. Total Budgeted Capital Cost – Estimated remaining cost for projects under development and/or developed plus all capitalized costs incurred to date, including land acquisition costs, construction costs, capitalized real estate taxes and insurance, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees, plus any estimates of costs remaining to be funded for all projects, all in accordance with GAAP. Amounts for partially owned consolidated and unconsolidated properties are presented at 100% of the project. Total Market Capitalization – The aggregate of the market value of the Company’s outstanding common shares, including restricted shares, the market value of the Company’s operating partnership units outstanding, including restricted units (based on the market value of the Company’s common shares) and the outstanding principal balance of debt. The Company believes this is a useful measure of a real estate operating company’s long-term liquidity and balance sheet strength, because it shows an approximate relationship between a company’s total debt and the current total market value of its assets based on the current price at which the Company’s common shares trade. However, because this measure of leverage changes with fluctuations in the Company’s share price, which occur regularly, this measure may change even when the Company’s earnings, interest and debt levels remain stable. Traffic – Consists of an expression of interest in an apartment by completing an in-person tour, self-guided tour or virtual tour that may result in an application to lease. Transaction Accretion (Dilution) – Represents the spread between the Acquisition Cap Rate and the Disposition Yield. Turnover – Total Residential move-outs (including inter-property and intra-property transfers) divided by total Residential apartment units. Retention rate is the opposite of Turnover. Unencumbered NOI % – Represents NOI generated by consolidated real estate assets unencumbered by outstanding secured debt as a percentage of total NOI generated by all of the Company's consolidated real estate assets. Weighted Average Coupons – Contractual interest rate for each debt instrument weighted by principal balances as of September 30, 2025. In case of debt for which fair value hedges are in place, the rate payable under the corresponding derivatives is used in lieu of the contractual interest rate. Weighted Average Rates – Interest expense for each debt instrument for the nine months ended September 30, 2025 weighted by its average principal balance for the same period. Interest expense includes amortization of premiums, discounts and other comprehensive income on debt and related derivative instruments. In case of debt for which derivatives are in place, the income or expense recognized under the corresponding derivatives is included in the total interest expense for the period.