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Q4 2025 Management Presentation FEBRUARY 2026 This presentation is complementary to the Company’s conference call to discuss its Fourth Quarter 2025 earnings on February 6 , 2026 and should be read in conjunction with the Company’s earnings release dated February 5, 2026. See the Appendix on pages 10 through 15 for information about forward -looking statements, a glossary of defined terms and a related reconciliation of non-GAAP financial measures including the reconciliations of Earnings Per Share (“EPS”) to Funds From Operations (“FFO”) per share and Normalized Funds F rom Operations (“Normalized FFO”) per share. LYRIC SUGAR HILL – SUGAR HILL, GA STILLHOUSE VININGS | ATLANTA, GA
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Equity Residential’s Portfolio is Well- Positioned to Drive Long-Term Cash Flow Growth 2 • Long-term undersupply of housing of all types in the United States. • Lower exposure to oversupplied Sunbelt markets in the near-term. • ~30% of NOI in high growth/low supply markets of New York and San Francisco. • The EQR customer (Average Household Income: $177,000) is well-employed and better able to weather inflationary pressures. DENVER 4% NOI 21% Urban 79% Suburban SEATTLE 9% NOI 60% Urban 40% Suburban SAN FRAN 16% NOI 30% Urban 70% Suburban SoCAL(1) 24% NOI 27% Urban 73% Suburban BOSTON 11% NOI 70% Urban 30% Suburban WASH. DC 15% NOI 76% Urban 24% Suburban NEW YORK 14% NOI 96% Urban 4% Suburban ATLANTA 4% NOI 18% Urban 82% Suburban AUSTIN < 1% NOI 0% Urban 100% Suburban DALLAS(2) 2% NOI 19% Urban 81% Suburban PORTFOLIO SUMMARY as of December 31, 2025 — 85,190 total apartment units (1) Includes Los Angeles, San Diego and Orange County. (2) Includes Ft. Worth. I MANAGEMENT PRESENTATION FEBRUARY 2026
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• 2025 same store NOI results were modestly less than the Company’s guidance with same store revenues slightly less due to lower-than-expected other income growth and same store expenses in-line. • The Company introduced initial same-store, full-year 2026 guidance that is predicated on the following: • Same store annual revenue growth guidance of 1.2% to 3.2%. The Company expects to benefit from a more typical leasing season than in 2025 with better year over year Blended Rate growth, especially in 2H26, due to lower new supply. The Company’s guidance also includes a benefit from continued high levels of resident retention and strong Renewal Rate Achieved. The Company also expects its exposure to the well-performing San Francisco and New York markets (together 30% of NOI) to positively contribute. • Same store expense growth guidance for 2026 is 3.0% to 4.0%. The Company utilizes its best-in-class operating platform to drive controllable expenses at inflationary, or sub-inflationary, levels. The Company does expect continued pressure from utilities as well as incremental connectivity expense from its bulk wi-fi rollout (which is more than offset by incremental revenue). • The Company has introduced 2026 EPS, FFO per share and NFFO per share guidance, which is primarily driven by its same store operating assumptions, investment and refinancing activity, as detailed on pages 9 and 11-12. • The Company repurchased $300 million of stock in the 2H25 with property disposition proceeds. The Company's Board of Trustees has authorized the replenishment of its share repurchase program back up to 13 million shares, which had been reduced as a result of the recent share repurchase activity. • Through its common share repurchases and dividend payments, the Company returned approximately $1.38 billion to shareholders over the past year. Key Same Store Operating Metrics Executive Summary 3 I MANAGEMENT PRESENTATION FEBRUARY 2026 2026 Guidance 2025 Actual 2025 Q4 Actual Physical Occupancy 96.4% 96.4% 96.2% Same Store Revenue Change 1.2% to 3.2% 2.6% 2.5% Same Store Expense Change 3.0% to 4.0% 3.7% 2.9% Same Store NOI Change 0.5% to 2.5% 2.2% 2.3% EPS $1.44 to $1.56 $2.94 $1.00 FFO Per Share $3.98 to $4.10 $3.94 $0.97 Normalized FFO (“NFFO”) Per Share $4.02 to $4.14 $3.99 $1.03 (1) Blended Rate 1.5% to 3.0% 2.0% 0.5% Embedded Growth(2) 0.60% 0.80% n/a (1) Based on respective period same store sets. (2) 2026 Same Store Embedded Growth is negatively impacted by 0.2% due to the inclusion of approximately 5,000 units in the Company’s Expansion Markets in the Company’s 2026 same store set. (1)
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2.6% 1.9% 0.2% 0.1% 0.6% (0.2%)2.8% Residential Non-Residential Total Same Store Revenue Leasing Rates Vacancy Gain Change in Bad Debt, Net Change in Other Income I MANAGEMENT PRESENTATION FEBRUARY 20264 • Same store revenue grew 2.6% in 2025. Physical Occupancy exceeded expectations, driven by the highest resident retention in the Company’s history. Other income, which provided a 0.6% contribution to growth, was strong but slightly lower than expected. • Annual same store expense growth of 3.7% was driven by higher costs in utilities and repairs and maintenance and moderate growth in real estate taxes and onsite payroll. Excluding connectivity expense related to the Company’s bulk wi-fi rollout, which generated incremental other income growth, same store expense growth would have been 3.2%. 2025 Same Store Results Same Store Revenue (Guidance Range: 2.5% to 3.0%) Same Store Expense (Guidance Range: 3.5% to 4.0%) Embedded Growth of 0.8% from 2024, plus 2025 contribution from Blended Rate growth. 3.7% 0.9% 0.3% 1.3% 0.5% 3.2% 0.5% Same Store (Ex-Impact of Connectivity Expense) Connectivity Expense Total Same Store Expense Real Estate Taxes Payroll Utilities Repairs and Maintenance Other 0.2%
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2026 Performance Considerations 5 A diversified portfolio across geographies and between urban and suburban areas allows the Company to better capture upside and weather regional disruptions. 35% decline in competitive new supply, particularly in the second half of the year, should support operating results. ~30% of NOI focus in strong markets of New York and San Francisco. Social and cost factors continue to favor renting over owned housing in our markets. Equity Residential’s resident remains financially resilient with average household incomes of $177,000. Innovation initiatives, including incremental roll out of bulk wi-fi, add to same store NOI. I MANAGEMENT PRESENTATION FEBRUARY 2026
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1.7 2.1 2.1 1.8 1.3 0.8 0.6 0.6 3.5 3.6 3.1 2.5 1.7 1.1 1.0 0.9 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 2024 1H 2024 2H 2025 1H 2025 2H 2026 1H 2026 2H 2027 1H 2027 2H Net New Supply as a % of Inventory, YOY % Change EQR Markets Total U.S. 35% Decline in Multifamily Deliveries Supports 2H26 Growth Outlook | MANAGEMENT PRESENTATION FEBRUARY 20266 Key EQR Markets will see a marked decline in new apartment supply deliveries in 2026: • Washington DC: 68% decline • Seattle: 51% decline • Atlanta: 49% decline • Dallas: 65% decline ~68% Washington DC ~65% Dallas ~51% Seattle ~49% Atlanta ~68% Washington DC ~65% Dallas ~51% Seattle ~49% Atlanta Source: Costar. New supply weighted by EQR same store NOI by market. Data through Q4 2025. As of 01/27/26. 2026 % of Inventory These Markets Total 31% of NOI
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3.5% 0.9% 0.5% 1.0% 0.2% 2.8% 0.7% Same Store (Ex-Impact of Connectivity Expense) Connectivity Expense Total Same Store Expense Real Estate Taxes Payroll Utilities Repairs and Maintenance Other 0.2% 2.2% 1.7% 0.1% 0.3% 0.0%2.2% 0.1% Residential Non-Residential Total Same Store Revenue Leasing Rates Vacancy Gain Change in Bad Debt, Net Change in Other Income 2026 Same Store Guidance Drivers (at the midpoint) I MANAGEMENT PRESENTATION FEBRUARY 20267 Same Store Revenue (Guidance Range: 1.2% to 3.2%) Same Store Expense (Guidance Range: 3.0% to 4.0%) (1) Leasing rates are driven by both Embedded Growth and the 2026 contribution from Blended Rate activity throughout the year. (1) • Leasing rates driven by Embedded Growth of 60 bps and a contribution of approximately 110 bps from Blended Rate growth of 1.5% to 3.0%. • Bad Debt, Net is expected to continue to improve slightly. • Other income growth is primarily driven by the continued rollout of various initiatives including connectivity for residents. • General assumption for inflationary growth in real estate taxes, payroll, and repairs and maintenance (excluding connectivity expense). • Utilities will be the largest contributor to expense growth, although we expect it to grow more slowly than 2025. Largest increases expected from electricity, water, and sewer. • Connectivity expense will add approximately $6.8 million of incremental expense in 2026.
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Same Store Revenue Drivers – Pricing Trend 8 Pricing Trend Seasonality – Total Same Store Note: Data presented as of 01/27/26. Reflects 2026 Same Store Properties.I MANAGEMENT PRESENTATION FEBRUARY 2026 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Typical Year 2025 2026 Pricing Trend outperformed early in 2025 but fell behind typical year leasing trends during the summer. Cumulative % Change 0% The Company expects 2026 Pricing Trend to follow a more typical seasonal pattern than 2025 with improvement more evident in 2H26. 2H26 expected to align with “typical year” pattern
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$3.99 $4.02 - $4.14+$0.08 +$0.06 +$0.01 $0.00 -$0.05 -$0.01 2025 NFFO Per Share Actual Same Store NOI - Residential Lease-Up NOI Other Items Transaction NOI, net Interest Expense, net Corporate Overhead 2026 NFFO Per Share Guidance 2026 Normalized FFO Projections I MANAGEMENT PRESENTATION FEBRUARY 2026 2026 Normalized FFO guidance is $4.02 - $4.14 per share. 9 The guidance/projections provided 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 pages 12 through 14 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. • Primary drivers of NFFO growth in 2026 are same store NOI – Residential and Lease-Up NOI, partially offset by increases in interest expense, net and corporate overhead. The majority of the increase in interest expense is coming from higher average debt balances due to transaction activity including development JVs and refinancing activity at higher rates. (3) (1) Reflects the contribution from consolidated lease-up properties only. (2) Includes impact from disposition proceeds used for share repurchases. (3) Increase in interest expense, net is primarily driven by transaction activity including development JVs and refinancing activity at higher rates. (1) (2)
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Appendix CREST AT PARK CENTRAL – DALLAS, TX I MANAGEMENT PRESENTATION FEBRUARY 202610
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2026 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 pages 12 through 14 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. (1) Approximately 20 basis point change in NOI percentage = $0.01 per share change in EPS/FFO per share/Normalized FFO per share.I MANAGEMENT PRESENTATION FEBRUARY 202611 Q1 2026 Full Year 2026 2026 Normalized FFO Guidance (per share diluted) Expected Normalized FFO Per Share $0.94 to $0.98 $4.02 to $4.14 2026 Same Store Assumptions (includes Residential and Non-Residential) Physical Occupancy 96.4% Revenue change 1.2% to 3.2% Expense change 3.0% to 4.0% NOI change (1) 0.5% to 2.5% 2026 Transaction Assumptions 2026 Debt Assumptions Weighted average debt outstanding $8.33B to $8.53B Interest expense, net (on a Normalized FFO basis) $321.0M to $327.0M Capitalized interest $6.3M to $8.3M 2026 Capital Expenditures to Real Estate Assumptions for Residential Same Store Properties NOI-Enhancing Capital Expenditures for Residential Same Store Properties $125.0M Recurring Capital Expenditures for Residential Same Store Properties $185.0M Capital Expenditures to Real Estate for Residential Same Store Properties $310.0M 2026 Other Guidance Assumptions Property management expense $142.0M to $144.0M General and administrative expense $59.0M to $64.0M Income (loss) from investments in unconsolidated entities (on a Normalized FFO basis) $1.0M to $5.0M Debt offerings $500.0M to $1.0B Weighted average Common Shares and Units - Diluted 384.2M The Company’s guidance assumes that excess disposition proceeds from 2025 of approximately $200.0 million are invested in share repurchases in the first half of 2026. No operating property acquisitions or dispositions are included in 2026 guidance.
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Non-GAAP Financial Measures I MANAGEMENT PRESENTATION FEBRUARY 202612 Please reference the Company’s “Fourth Quarter 2025 Earnings Release and Supplemental Financial Information" from February 5, 2026, including "Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms" for terms such as Earnings Per Share ("EPS"), Funds From Operations ("FFO") and Normalized Funds From Operations ("Normalized FFO"). Equity Residential Non-GAAP Financial Measures - Reconciliations of EPS to FFO per share and Normalized FFO per share (All per share data is diluted) The guidance/projections below are based on current expectations and are forward-looking. Actual Expected Expected Actual 2025 Q4 2025 Q1 2026 2026 Per Share Per Share Per Share Per Share EPS – Diluted $ 2.94 $ 1.00 $0.29 to $0.33 $1.44 to $1.56 Depreciation expense 2.61 0.67 0.64 2.54 Net (gain) loss on sales (1.61) (0.70) — — Impairment – operating real estate assets — — — — FFO per share – Diluted 3.94 0.97 0.93 to 0.97 3.98 to 4.10 Adjustments (1): Impairment – non-operating real estate assets — — — — Write-off of pursuit costs 0.02 — — 0.01 Debt extinguishment and preferred share redemption (gains) losses — — — — Non-operating asset (gains) losses (0.05) 0.01 — — Other miscellaneous items 0.08 0.05 0.01 0.03 Normalized FFO per share – Diluted $ 3.99 $ 1.03 $0.94 to $0.98 $4.02 to $4.14 (1) See Adjustments from FFO to Normalized FFO on page 28 of the Company’s “Fourth Quarter 2025 Earnings Release and Supplemental Financial Information" from February 5, 2026 for additional detail.
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Glossary of Terms Please reference the Company’s “Fourth Quarter 2025 Earnings Release and Supplemental Financial Information" from February 5, 2026, including "Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms" for terms such as Earnings Per Share ("EPS"), Funds From Operations ("FFO"), Normalized Funds From Operations ("Normalized FFO") and Net Operating Income (“NOI”). Terms Definition 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. Embedded Growth The positive or negative contribution to revenue growth implied by annualizing total lease income anticipated for the last mo nth of the current year (without regard to vacancy) compared to anticipated actual full year lease income for the current year (without regard to vacancy) and excluding the impact of Leasing Concessions and other income. This metric is a helpful data point in that it captures the impact of leases in existence at the end of the current year and their impact on rental income for the following year. 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. 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 compar able periods presented. Leasing Concessions Reflects upfront discounts on both new move-in and renewal leases on a straight-line basis. I MANAGEMENT PRESENTATION FEBRUARY 202613
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Glossary of Terms Please reference the Company’s “Fourth Quarter 2025 Earnings Release and Supplemental Financial Information" from February 5, 2026, including "Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms" for terms such as Earnings Per Share ("EPS"), Funds From Operations ("FFO"), Normalized Funds From Operations ("Normalized FFO") and Net Operating Income (“NOI”). I MANAGEMENT PRESENTATION FEBRUARY 202614 Terms Definition 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. Physical Occupancy The weighted average occupied apartment units for the reporting period divided by the average of total apartment units availa ble for rent for the reporting period. Pricing Trend Weighted average of changes in 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 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. % of Stabilized Budgeted NOI Represents original budgeted 2026 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.
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Forward-Looking Statements In addition to historical information, this presentation 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. AYLA AT STONEBRIAR – FRISCO, TX I MANAGEMENT PRESENTATION FEBRUARY 202615