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NOVEMBER 5, 2026 3Q26 EARNINGS PRESENTATION Vivmark Residential (NYSE: VMRK)
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This presentation complements the Company’s conference call to discuss its Third Quarter 2026 earnings on November 5, 2026 and should be read in conjunction with the Company’s earnings release dated November 4, 2026. See pages 15 through 22 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 Core Funds From Operations (“Core FFO”) per share. Copyright Vivmark Residential (Footer Text)2
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3 Key Messages 3Q26 Earnings Integration advancing ahead of plan • Increased projected gross synergies by $10M to $185M over 18 months • Lowered Merger-related costs(1) forecast to $725M, now including transaction and integration costs • Increased Projected Core FFO per share accretion to ~3% on a run rate basis (from ~2% at announcement)(2) Operating fundamentals stronger than expected • Raised FY26 Merged Same Store Residential revenue growth guidance +20bps to 2.2%(3) Anticipated Vivmark ’27 Tailwinds & Building Blocks • Continued operating momentum with projected earn-in at year-end of ~1.0% (~2x 2026 starting points) • Projected synergy benefits to exceed upfront merger costs in 2H27 • $70M of projected incremental Development NOI in ’27 providing ~150bps of CFFO growth above the base business (1) Merger-related costs include transaction and integration costs, as well as Merger-related compensation costs. Merger-related compensation costs were $80M for the three and nine months ended September 30th, 2026, and are recognized in general and administrative expenses on the Company's Consolidated Statements of Operations. See Attachment 2 in the Company’s 3Q26 Earnings Release. (2) Based on the midpoint of AVB’s and EQR’s most recently issued full-year 2026 guidance prior to transaction announcement on a full cash basis, as provided in each company’s 1Q 2026 earnings releases dated April 27th, 2026 (AVB) and April 28th, 2026 (EQR), respectively, prior to each company suspending forward FFO guidance. (3) Relative to the Company’s guidance published September 15th, 2026. + 3.1% 3Q26 Blended Rate • Accelerated +150bps y/y from 1.6% in 3Q25 • Driven by strong Renewal Rate Achieved of 5.3% + 95.8% Physical Occupancy • Strong position provides pricing power • Consistent with 3Q25 (95.9%) + 4.0% Net Effective Asking Rent Growth Y/Y as of 10.30.26 • Pricing Trend exhibiting normal seasonality in ’26 providing momentum into ’27 3Q26 Operating KPIs Merged Same Store Residential Communities
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4 M aking our Scale and Capabilities a Performance E dge Integration Ahead of Plan Merger Update Source: Internal company reports. See Appendix for a definition of In-Place Run Rate Net Synergies. (1) Relative to the Company’s guidance published September 15th, 2026. • Seamless Day 1 experience for residents • Operations better than expected (1) with integrated dashboard and reporting in place • Reaffirmed In-Place Run Rate Net Synergies outlook of $125M over 18 months • Increased In-Place Run Rate Net Synergies outlook to $135M over 18 months, with additional opportunities emerging • Organizational design completed and leadership selected across all business functions • All major technology systems selected with sequenced implementation • Rating upgrade to “A” by S&P Global Ratings • New maintenance service system deployed portfolio wide providing enhanced resident experience and VMRK data richness LEADING OPERATINGRESULTS COSTOFCAPITAL ADVANTAGE AMPLIFIEDEXTERNALGROW TH The Vivmark Effect Self - reinforcing performance cycle that delivers structurally higher growth At Close To Date
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5 Net Synergy Target Increased to $135M , Fully I n - Place in 18 Months Creating One of the Most Efficient Operators in the Industry Merger Update Source: Internal company reports. See Appendix for definitions of In-Place Run Rate Gross Synergies, In-Place Run Rate Net Synergies, and Synergy Capture. (1) Based on the midpoint of AVB’s and EQR’s most recently issued full-year 2026 guidance prior to transaction announcement on a full cash basis, as provided in each company’s 1Q 2026 earnings releases dated April 27, 2026 (AVB) and April 28, 2026 (EQR), respectively, prior to each company suspending forward FFO guidance in connection with the merger. (2) Reflects anticipated increases in Merger-related property tax assessments attributable to AVB California communities. The Company expects this increase to result in approximately $16M of additional operating expenses in Full Year 2026, with an estimated annual impact of $50M beginning in 2027. In-Place Run Rate Gross Synergies Projected % of Total, at Quarter End 20% 25% 50% 85% 100% - 50% 100% 9/30/26 12/31/26 6/30/27 12/31/27 3/31/28 ↑ ~3% Projected Core FFO per Share Accretion(1) • Increased accretion driven by higher projected net synergy achievement & lower projected Merger-related costs • Accretion net of Merger-related property tax reassessments ($50M) and financing of Merger-related costs (~$40M) ~85% Projected In-Place Run Rate Gross Synergies by YE27 • In FY27, projected Gross Synergy Capture of ~$90M, offset by Merger-related property tax reassessments and financing of Merger-related costs • In 2H27, expected ramp in earnings accretion based on In- Place Run Rate Gross Synergies achievement of 50% by end of 2Q27 Initial ($M) Current ($M) Corporate Overhead (“G&A”) $50 $50 Property Management Overhead (“PMOH”) $65 $65 Portfolio NOI $60 ↑$70 Gross Synergies $175M ↑ $185M Merger-related property tax reassessments(2) ($50) ($50) Annual Net Operating Synergies $125M ↑ $135M Increased Gross & Net Synergy Projections Current and Initial ↑ Portfolio NOI • Telecom Procurement • Screening Processes • Parking Rate Optimization
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6 Projected Value Creation Initial Current Net Value Created ~$ 1.25B ↑ ~$ 1.45B → STARTING POINT FOR FUTURE VALUE CREATION (+) Value Creation from Synergies ~$ 2.0B ↑ ~$ 2.2B • $135M of Run Rate Net Synergies multiplied by Equity Residential’s forward FFO multiple at announcement (~16x(2)) • Increased In-Place Run Rate Net Synergy forecast by $10M (vs. initial $125M) (-) Merger-related costs(1) $ 750M ↓ $ 725M • $725M current estimate reduced from initial underwriting, now including merger & integration costs • Low end of typical range for deals of comparable size (1%-2% of Combined Enterprise Value) (-) Premium Paid N/A N/A • No premium, all-stock merger of equals True Merger of Equals Creates Upfront Value Tangible Drivers of Incremental Growth and Value Creation Source: Internal company reports, S&P Capital IQ For additional details, see the definitive proxy statement/prospectus filed by Equity Residential with the SEC on July 13th, 2026. See Appendix for a definition of In-Place Run Rate Net Synergies. (1) Merger-related costs include transaction and integration costs, as well as Merger-related compensation costs. Merger-related compensation costs were $80M for the three and nine months ended September 30th, 2026 and are recognized in general and administrative expenses on the Company's Consolidated Statements of Operations. Please see Attachment 2 in the Company’s 3Q26 Earnings Release. (2) Represents EQR’s closing price of $66.28 and the midpoint of EQR's most recently issued full-year 2026 Normalized FFO guidance ($4.08), as provided in EQR’s 1Q 2026 earnings release dated April 28th, 2026, prior to each company suspending forward FFO guidance in connection with the merger. Merger Update
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7 4Q26 Core FFO per Share Guidance 4Q CFFO per Share Outlook Source: Internal company reports. (1) Please refer to page 23 in the Company’s 3Q26 Earnings Release for a reconciliation from Projected EPS to Projected 4Q26 Core FFO per share. (2) Please refer to Attachment 5 in the Company’s 3Q26 Earnings Release for 3Q26 Merged Same Store Residential results, and for additional details regarding the Company’s Other Community Merged NOI disclosure. (3) Includes NOI from expected dispositions, asset management fees, and corporate NOI. (2) 4Q26 Core FFO Outlook Components(1) Projected 4Q263Q26 Merger Completion • 8/17/2026 (“Merger Date”) EQR and AVB completed their merger of equals, forming Vivmark Residential • Accounted for as reverse acquisition: legal acquirer (EQR) and accounting acquirer (AVB) • 3Q26 results represent only AVB prior to the Merger Date, and VMRK from the Merger Date onwards Low Mid High Merged Same Store Residential NOI(2) $977M - $982M Other Community Merged NOI(2) Merged Development/Redevelopment NOI $24M - $27M Merged Other Stabilized & Non-Residential NOI $53M - $57M Other Income(3) $12M - $14M Property Management, G&A, and Other Overhead ($102M) - ($99M) Interest Expense and Other Items ($164M) - ($156M) Projected 4Q26 Core FFO ~$800M - ~$825M 3Q26 Period End, Total Shares and Units ~787.5M Projected 4Q26 Core FFO per Share $1.01 $1.03 $1.05 Other Income is Held for Sale ($2M), EQR SL Rent Adj. ($8M), AVB Renter Insurance ($1M), AVB Mgmt Fees ($2M)
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8 1.2% 3.0% 1.6% 0.5% 3.2% 3.1% 0.0% 2.0% 4.0% 1Q 2Q 3Q 2025 2026 96.00% 100.00% 104.00% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025 Actual 2026 Actual (YTD) Pricing Trend Exhibiting Normal Seasonality into ’27 Building on ’26 Operating Momentum VMRK ’27 Tailwinds Source: Internal company reports. (1) October data as of October 30th, 2026. Pricing Trend(1) Merged Same Store Residential Communities +4.0% Net Effective Asking Rent Growth Y/Y Blended Rate Merged Same Store Residential Communities 0% 4Q26 expected to benefit from easier comps +150bps
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9 ~$1,900 per month More affordable to rent vs. own Expensive For - Sale Housing Alternatives Support Renter Demand, While Turnover Continues to Decline to Historical Lows Source: Moody's Analytics, NAR, Freddie Mac, NAHB, CoStar, Vivmark Market Research (1) As of 3Q26, based on a median monthly mortgage payment (30-year fixed rate, 20% down payment, average property tax) minus monthly apartment rent (80+ unit buildings) Median Mortgage Less Median Rent(1) -$500 $500 $1,500 $2,500 2010 2012 2014 2016 2018 2020 2022 2024 2026 VMRK Regions U.S. 8.1% 11.5% 13.2% 7.8% 11.2% 12.7% 0% 5% 10% 15% 1Q 2Q 3Q 2025 2026 Turnover Merged Same Store Residential Communities VMRK ’27 Tailwinds Demand – job and wage growth side – not material acceleration but OK + this supporting fundamentals {BRESLIN CMMT} BWS = job forecast doesn’t serve VMRK More so to convey not expecting changes in the macro “NOT EXPECTING CHGS in the Macro” Incomes Demand – job and wage growth side – not material acceleration but OK + this supporting fundamentals [TOTAL PERSONAL INCOME JOBS and wage growth slide] Y/Y Decline −0.3% −0.3% −0.5%
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10 ’27 Deliveries Projected to Decline ~20% y/y to Historically Low Levels VMRK ’27 Tailwinds Source: Internal company reports; Vivmark Market Research. VMRK Coastal represents Boston, Mid-Atlantic, NY / NJ Metro, Southern California, Northern California, and Seattle. VMRK Sunbelt markets include Atlanta, Austin, Charlotte, Dallas, Denver, Raleigh-Durham, and SE Florida. (1) Represents weighted average based on projected ’27 Merged Same Store Portfolio. Projected New Deliveries as a % of Existing Stock VMRK Regions 1.3% 3.2% 1.0% 2.5% 1.8% 4.1% - 2.5% 5.0% VMRK Coastal VMRK Sunbelt 2026F 2027F LT Avg 2016-2025 ~1.2% ’27 Projected Supply as a % of Existing Stock(1) ▼~20% y/y Lowest since 2013 VMRK Coastal regions ~90% ~10% PROJECTED ’27 MERGED SAME STORE BY REGION ’27 New Deliveries as a % of Stock | y/y Projected Decline in Deliveries Select VMRK Coastal Regions VMRK WEST VMRK EAST ↓ ~35% Southern California ↓ ~30% Mid-Atlantic ↓ ~20% Northern California ↓ ~30% Boston New Deliveries as a % of Existing Stock VMRK Regions
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11 ’27 Merged Same Store Residential Revenue Building Blocks An Operating Edge That Grows Source: Internal company reports. 2027 Earn-In Merged Same Store Communities 0.6% 0.6% ~1.0% - 0.4% 0.8% 1.2% AVB YE25 EQR YE25 VMRK YE26f ’27 Baseline Additional Opportunities Physical Occupancy ✓ Strong starting point of ~96% provides foundation for improved pricing power o Renewal optimization o Reduce vacant days ’27 Blended Rate Expectations ✓ Continued strength from NorCal and NY/NJ Metro ✓ Projected 2027 Merged Same Store is ~90% Coastal o Meaningful declines in supply supporting fundamentals (DC, Boston, NorCal, SoCal) Shared Best Practices & Other Income Initiatives ✓ Continued improvement in Bad Debt via shared best practices, data analytics, and enhanced screening tools o Progress on identified ancillary income initiatives (Furnished, Renters Insurance) o Storage and Parking Income =/+ ↑ =/+↑ 2027 Merged Same Store Residential Revenue Guidance Components Expectations relative to projected full year 2026 growth rates +0.8% – +1.2% Typical Year ’27 Outlook
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12 Merged Same Store Residential Expense Growth & Building Blocks 2027 Operating Expense Guidance Items Source: Internal company reports. Categories rounded to nearest 5%. See Attachment 7 in the Company’s 3Q26 Earnings Release for more information. (1) Reflects anticipated increases in Merger-related property tax assessments attributable to AVB California communities. The Company expects this increase to result in approximately $16M of additional operating expenses in Full Year 2026, with an estimated annual impact of $50M beginning in 2027. Excluding the impact of this increase, the midpoint of the expense change guidance for Full Year 2026 would be 3.6%. Merged Same Store Residential Expense Growth 3Q26 Actual & FY 2026 Projected 3.5% 3.6% 0.1% 0.8% - 2.5% 5.0% 3Q26 FY 2026 Expense Growth (ex Tax Reassessments) Merger-related Tax Reassessments(1) 2027 Merged Same Store Operating Expense Guidance Items Expectations relative to projected full year 2026 growth rates I'm seeing the following impacts from Prop 13 in CA for: Sep - 3.55M unfavorable 4Q - 12.5M unfavorable Total - 16.1M unfavorable in FY SS EXP OUTLOOK. Also, attached is the latest PILOT Impact exhibit I had (from Q1 2026), which estimated a headwind of about 6.8M in 2027 FOR AVB. David Conklin - Also, EQR has a burn-off of about $5M for 2027. Merger-related tax reassessments(1) 3Q26 4Q26 Run-rate FY27 ~$3.5M ~$12.6M ~$50M 3.6% 4.4% ’27 Outlook Property Taxes ~35% of year-to-date OpEx → $50M run-rate from Merger-related tax reassessments(1) (unchanged from announcement) Repairs & Maintenance, Payroll ~35% of year-to-date OpEx → Identified payroll and procurement initiatives Marketing, Insurance, Office Operations ~10% of year-to-date OpEx → Utilizing economies of scale and density benefits Utilities ~20% of year-to-date OpEx → Bulk-Wifi program roll-out headwind y/y in ’27 anticipated, which is more than offset by a corresponding increase in revenues =/+ ↑ ↓ ↓ ↓
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13 Projected ~150bps of CFFO growth from Development in ’27 Incremental Development NOI 2027 Projected +$70M Incremental Spend on Development Limited y/y Impact CFFO ’26 to ’27 Capitalized Interest Limited y/y Impact CFFO ’26 to ’27 Development Expected to Drive Meaningful Earnings Growth in ’ 27 Development and Investment Expertise That Amplifies Growth Source: Internal company reports. (1) Please refer to AVB’s 1Q26 Investor Presentation published April 28, 2026, for additional details. (2) Annual leverage-neutral self-funding capacity is comprised of combined retained cash flow after dividends and maintenance capital expenditures, asset sale capacity reflecting estimated annual combined disposition capacity, and an application of the designated leverage multiple to the projected year-over-year increase in EBITDAre. $47M 2026 $49M 2026 ~$70M 2027 +$70M 2027 - $65M $130M 2026 AVB Pre-Merger Forecast 2026 VMRK Forecast ’27 Outlook ~$120M The takeaway is that $1B of starts = $300-$400M/year of spend in year 1 WTD AVG EFF RATE 4.29% DMS Contractual 3.795% Impute Cap int of 3.97%(1) Projected Investment in Development ’26 ~$1.3B Comparable to ’27 Expectations Annual Self-Funding Capacity(2) ~$2B • Combined FCF • Dispositions • Leverage-neutral debt capacity Projected Wtd. Avg. Construction in progress (CIP), including land ’26 ~$1.7B Comparable to ’27 Expectations Projected ’26 Capitalized Interest $65M - $70M Comparable to ’27 Expectations
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14 • Seamless Day 1 – no disruption to operations or resident experience • Outperforming initial synergy expectations • One team – new culture • VMRK operating model delivering margin expansion • Annual development start volume meaningfully scaled • Technology and AI advantages compounding • Providing superior rental housing solutions and customer service • Expanding housing supply • Superior earnings growth and TSR performance • Absolute and relative multiple expansion What Success Looks Like Redefining Rental Housing Leadership Integration Excellence Platform Acceleration Market Leadership YEARS 2-3 YEARS 3+ YEAR 1
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15 Cautionary Statement Regarding Forward - Looking Statements In addition to historical information, this presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These statements, among other things, are based on current expectations, estimates and projections about the industry and markets in which Vivmark Residential (“Vivmark,” “we,” “us” or “our”) (f/k/a Equity Residential) operates, as well as beliefs and assumptions of Vivmark. Words such as “anticipate,” “become,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “possible,” “predict,” “project,” “target,” “seek,” “shall,” “should,” “will,” or “would,” including variations of such words and similar expressions, are intended to identify forward-looking statements. All statements that address operating performance, events or developments that Vivmark expects or anticipates will occur in the future are forward-looking statements, including statements relating to the anticipated synergies, cost savings and other benefits of the Merger (as defined below), integration plans, projected dividends, development net operating income, accretion and value creation, multifamily market conditions, development, redevelopment, acquisition or disposition activity, general conditions in the geographic areas where Vivmark operates and Vivmark’s debt, capital structure and financial position. Such forward-looking statements are based on the current expectations of our management, are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors that are difficult to predict and may cause the actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors, risks and uncertainties that could cause actual results to differ materially from such plans, estimates or expectations include but are not limited to: the inability to realize the anticipated benefits of the Merger (the “Merger”) between AvalonBay Communities, Inc. (“AvalonBay”) and Equity Residential (which Merger formed Vivmark), including as a result of an integration of the two businesses that is unsuccessful or that is more difficult, time-consuming or costly than expected; unknown or inestimable liabilities that arise as a result of the Merger; potential litigation relating to the Merger that could be instituted against Vivmark or its trustees or officers; the risk that disruptions related to post-Merger integration and other efforts will harm Vivmark’s business; increased costs of labor and construction material; potential failure to secure development opportunities due to an inability to reach agreements with third parties to obtain land at attractive prices or to obtain desired zoning and other local approvals; abandonment or deferment of development opportunities for a number of reasons, including changes in local market conditions, increases in costs of development, increases in the cost of capital or lack of capital availability, resulting in losses; construction costs of a community may exceed original estimates; inability to complete construction and lease-up of communities under development or redevelopment on schedule, resulting in increased interest costs and construction costs and a decrease in expected rental revenues; occupancy rates and market rents being adversely affected by competition and local economic and market conditions which are beyond our control; geopolitical conditions and instability, and international trade disputes, including any related tariffs, which may lead to rising inflation, adverse impacts to supply chains, and disruption of, or lack of access to, the capital markets, as well as potential volatility in Vivmark’s share price; our cash flows from operations and access to cost-effective capital potentially being insufficient for the development of our pipeline, which could limit our pursuit of opportunities; our cash flows potentially being insufficient to meet required payments of principal and interest, and inability to refinance existing indebtedness or the terms of such refinancing may not be as favorable as the terms of existing indebtedness; new or existing laws and regulations that adversely impact the markets in which we operate or our business, including those relating to rent control or rent stabilization, or that otherwise limit our ability to increase rents, charge non-rent fees or evict tenants, which may impact our revenue or increase our costs; risks related to our reliance on information technology systems, data and artificial intelligence or other automated tools, including cybersecurity incidents and other privacy or data security events, evolving regulation of the collection and use of resident data and of automated or algorithmic tools, and the failure of such systems or tools to perform as intended; investments made under our structured investment program may not be repaid as expected or the development may not be completed on schedule, which could require us to engage in litigation, foreclosure actions, and/or first party project completion to recover our investment, which may not be recovered in full or at all in such event; and those risks and uncertainties set forth in Equity Residential’s and AvalonBay’s respective Annual Reports on Form 10-K for the year ended December 31, 2025 under the headings “Forward-Looking Statements” and “Risk Factors,” as such risk factors were amended, supplemented or superseded from time to time by subsequent reports filed by Equity Residential and AvalonBay, respectively, including those risks described under “Risk Factors” in the definitive joint proxy statement/prospectus of Equity Residential and AvalonBay, dated July 13, 2026, and which may be further amended, supplemented or superseded from time to time by Vivmark’s subsequent filings with the Securities and Exchange Commission (the “SEC”), in each case which are available via the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other forward-looking statements. Forward-looking statements relate only to events as of the date on which the statements are made. Vivmark does not undertake any obligation to publicly update or revise any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise. Vivmark cautions not to place undue reliance on any of Vivmark’s forward-looking statements. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect Vivmark.
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16 Definitions and Reconciliations of Non - GAAP Financial Measures and Other Terms Bad Debt, Net – Amount of previously recognized revenue that the Company estimates it will not collect. Blended Rate – The weighted average of New Lease Change and Renewal Rate Achieved. Credit Ratings, as provided in this presentation, may not reflect the potential impact of risks relating to the structure or trading of the Company's securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency's rating should be evaluated independently of any other agency's rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies. Development – Is composed of communities that are either currently under construction or for which construction has completed, but were not stabilized as of January 1 of the current year. These communities may be partially or fully complete and operating. Earn-In – The positive or negative contribution to revenue growth implied by annualizing total lease income anticipated for the last month 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. 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 community dispositions and the resulting gains/losses on sales, actual EPS could differ materially from expected EPS. EBITDA for Real Estate and Core 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 communities, impairment write-downs of depreciated operating communities, impairment write-downs of investments in unconsolidated entities caused by a decrease in value of depreciated operating communities 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 communities, EBITDAre can help compare the Company’s credit strength between periods or as compared to different companies. Core Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Core 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. Core EBITDAre, total debt to Core EBITDAre and net debt to Core EBITDAre are important metrics in evaluating the credit strength of the Company and its ability to service its debt obligations. The Company believes that Core EBITDAre, total debt to Core EBITDAre, and net debt to Core 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.
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17 Definitions and Reconciliations of Non - GAAP Financial Measures and Other Terms FFO and Core FFO: Funds From Operations (“FFO”) – is defined by The National Association of Real Estate Investment Trusts (“Nareit” – 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 can help compare the operating performance of a company’s real estate between periods or as compared to different companies. Core Funds From Operations ("Core FFO" or "CFFO") – Core FFO is the Company's FFO as adjusted for non-core items outlined in the table below. Expected Core FFO per share is calculated on a basis consistent with actual Core FFO per share and is considered an appropriate supplemental measure of expected operating performance when compared to expected EPS. The Company believes that Core FFO and Core 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, Core FFO and Core 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, Core FFO and Core 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, Core FFO and Core 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 Core FFO available to Common Shares and Units are calculated on a basis consistent with net income available to Common Shares and reflect adjustments to net income for preferred distributions and premiums on redemption of preferred shares in accordance with GAAP.
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18 Definitions and Reconciliations of Non - GAAP Financial Measures and Other Terms The following table presents reconciliations of EPS to FFO per share and Core FFO per share for Consolidated Statements of Funds From Operations and Core Funds From Operations. Per share, diluted Actual Q3 2026 Actual Q3 2025 Actual Sept. YTD 2026 Actual Sept. YTD 2025 Expected Q4 2026 Expected 2026 EPS–Diluted $ (1.27) $ 0.96 $ (0.57) $ 2.23 $(0.95) to $(0.91) $(1.85) to $(1.81) Depreciation expense 1.52 0.57 2.95 1.69 1.99 5.40 Net (gain) loss on sale (0.18) (0.45) (0.62) (0.84) (0.12) (0.71) Casualty loss on real estate 0.01 — 0.01 — — 0.01 FFO per share–Diluted 0.08 1.08 1.77 3.08 0.92 to 0.96 2.85 to 2.89 Adjustments: Expensed development and pursuit costs 0.01 — 0.03 0.02 — 0.03 Merger-related costs 0.92 — 1.21 — 0.06 1.11 Merger accounting interest expense adjustment 0.02 — 0.02 — 0.02 0.04 Non-operating (gains) losses (0.01) (0.11) (0.01) (0.11) 0.01 — Legal settlements and costs 0.01 0.01 0.04 0.02 0.01 0.05 Core FFO per share–Diluted $ 1.03 $ 0.98 $ 3.06 $ 3.01 $1.01 to $1.05 $4.08 to $4.12 In-Place Run Rate Gross Synergies – are the annualized value of current and projected gross synergies at the end of a given period, reflecting actions that have been implemented and are expected to generate future benefits. In-Place Run Rate Net Synergies – are the annualized value of current and projected net synergies at the end of a given period, reflecting actions that have been implemented and are expected to generate future benefits. Leasing Concessions – Reflects upfront discounts on both new move-in and renewal leases on a straight-line basis.
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19 Definitions and Reconciliations of Non - GAAP Financial Measures and Other Terms Net Operating Income (“NOI”) – NOI is the Company’s primary financial measure for evaluating each of its apartment homes. 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 communities. 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 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: Q3 2026 Q3 2025 YTD 2026 YTD 2025 Net (loss) income $ (747,141) $ 384,162 $ (261,959) $ 890,614 Adjustments: Mgmt., development and other fee revenue (1,954) (1,870) (5,568) (5,204) Property management 56,273 39,062 136,471 116,653 General and administrative 118,308 22,052 167,521 64,828 Expensed development and pursuit costs 5,017 1,392 16,042 8,629 Transaction costs 464,321 — 476,688 — Depreciation 897,976 230,371 1,364,056 679,989 Interest expense 123,791 68,172 268,652 197,933 Casualty and impairment loss 2,374 — 6,993 858 (Gain) loss on sale of communities (108,304) (180,155) (287,877) (336,081) (Income) loss from unconsol. real estate investments 5,811 (137) 6,286 (552) Non-operating (gains) losses (3,593) (42,454) (5,516) (43,849) Other (income) expense, net (11,446) (9,594) (29,933) (27,740) Tax (benefit) expense (672) (166) (832) (772) Total NOI $ 800,761 $ 510,835 $ 1,851,024 $ 1,545,306 Q3 2026 Q3 2025 YTD 2026 YTD 2025 Revenues: Merged Residential Same Store $ 1,473,916 $ 1,440,041 $ 4,377,775 $ 4,288,919 Non-Residential same store 21,218 21,784 63,265 64,748 Total same store 1,495,134 1,461,825 4,441,040 4,353,667 Non-same store/other (1) (301,604) (696,899) (1,703,078) (2,086,002) Total revenues 1,193,530 764,926 2,737,962 2,267,665 Operating expenses: Merged Residential Same Store 497,374 480,025 1,454,053 1,402,431 Non-Residential same store 6,355 6,114 19,394 17,849 Total same store 503,729 486,139 1,473,447 1,420,280 Non-same store/other (1) (110,960) (232,048) (586,509) (697,921) Total operating expenses 392,769 254,091 886,938 722,359 NOI: Merged Residential Same Store 976,542 960,016 2,923,722 2,886,488 Non-Residential same store 14,863 15,670 43,871 46,899 Total same store 991,405 975,686 2,967,593 2,933,387 Non-same store/other (1) (190,644) (464,851) (1,116,569) (1,388,081) Total NOI $ 800,761 $ 510,835 $ 1,851,024 $ 1,545,306 (1) Includes NOI from the legacy EQR communities for periods before the Merger. That NOI is included in the Merged Same Store Portfolio’s operating results but is not part of the Company’s reported results, which include legacy EQR only from the Merger date.
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20 Definitions and Reconciliations of Non - GAAP Financial Measures and Other Terms 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 Same Store Financial Information from retail and public parking garage operations. Physical Occupancy – represents the weighted average occupied apartment units for the reporting period divided by the weighted average of total apartment units available 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. Redevelopment – Is composed of consolidated communities where substantial redevelopment is in progress or is probable to begin during the current year. Redevelopment is considered substantial when (i) capital invested during the reconstruction effort is expected to exceed the lesser of $5,000,000 or 10% of the community’s pre-redevelopment basis and (ii) Physical Occupancy is below or is expected to be below 90% during or as a result of the redevelopment activity. 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 community Merged Same Store Financial and Operating Information.
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21 Definitions and Reconciliations of Non - GAAP Financial Measures and Other Terms Same Store: Company's Same Store Portfolio – Represents consolidated communities that were owned and had Stabilized Operations, as defined below, as of the beginning of the respective prior year period, are not conducting or are not probable to conduct substantial redevelopment activities and are not held for sale or probable for disposition within the current year. Excludes communities included in the EQR Adjusted Same Store Portfolio. EQR Adjusted Same Store Portfolio – Represents the EQR communities that would have been included in the Company's Same Store Portfolio had the communities instead been owned by the Company since January 1, 2025. Operating results for periods prior to the Merger Date are derived from the accounting records of EQR. Because these communities have been owned by the Company only since the Merger Date, they are not included in the Company's Same Store Portfolio. See the Company's Same Store Portfolio for more information regarding inclusion. These communities have been identified in certain tables to provide Merged Same Store results as if the communities had been owned by the Company in prior periods. These communities will be eligible to enter the Vivmark Same Store Portfolio on January 1, 2028. Merged Same Store Portfolio – Merged Same Store Portfolio represents the Company's Same Store Portfolio and the EQR Adjusted Same Store Portfolio considered as a single portfolio, as if the EQR Adjusted Same Store Portfolio was owned by the Company during all periods presented. See EQR Adjusted Same Store Portfolio for more details. The Company presents the Merged Same Store Portfolio to provide an understanding of the operating performance and growth potential of the combined company. Merged Same Store Residential Revenue, Operating Expenses and NOI – Merged Same Store Residential revenue and operating expenses represent the residential revenue and community-level operating expenses of all communities in the Merged Same Store Portfolio for each period presented. Merged Same Store NOI is Merged Same Store Residential revenue less Merged Same Store operating expenses. It excludes depreciation and amortization, corporate-level property management expenses and other indirect operating expenses. Merged Same Store Residential revenue reflects concessions granted prior to the Merger on legacy EQR leases, amortized over the balance of the remaining lease term. The impact of concessions, which were eliminated in purchase accounting, is being included to provide comparability in results across periods. For periods before the Merger, these measures include the operating results of the communities in the legacy EQR Adjusted Same Store Portfolio. Those results are not included in the Company’s consolidated financial statements for those periods. They are derived from legacy EQR’s historical accounting records and are unaudited. As a result, Merged Same Store results for those periods are not indicative of the results the combined company would have achieved had the Merger occurred at the beginning of the earliest period presented. Merged Same Store NOI is a non-GAAP financial measure. It should not be considered an alternative to net income, as determined in accordance with GAAP, as an indicator of financial performance. The Company believes Merged Same Store NOI is useful to investors in evaluating the operating performance of the combined company’s communities. It presents community- level results on a comparable basis across periods, excluding corporate-level expenses and other items not related to community operations. The Company’s computation of Merged Same Store NOI may differ from the methodology other companies use and therefore may not be comparable. A reconciliation of Merged Same Store NOI to net income is presented in the definition of NOI.
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22 Definitions and Reconciliations of Non - GAAP Financial Measures and Other Terms Same Store: Same Store Operating Expenses: Insurance – Includes property and liability insurance premiums, deductibles and other insurance-related costs, net of applicable recoveries. Marketing – Includes advertising and promotional costs, resident acquisition and retention programs, referral and broker fees, call cente r services, signage and other leasing-related marketing costs. Office Operations – Includes general and administrative costs associated with operating the Company’s apartment communities, including technology , professional services, office and occupancy costs and other administrative expenses. Payroll – Includes salaries, bonuses, payroll taxes, employee benefits and other payroll-related costs for on-site personnel, including community managers, leasing consultants and maintenance staff. Property Taxes – Includes real estate and personal property taxes and related tax service and abatement costs associated with the Company’s ap artment communities. Repairs and Maintenance – Includes costs associated with maintaining apartment communities, including grounds, unit turnover, cleaning, painting, build ing systems, equipment, safety and other routine maintenance and repair costs. Utilities – Represents gross utility expenses, including electricity, gas, water and sewer, telecommunications and other utility-related costs, prior to resident utility recoveries. Recoveries are reflected in rental income. Stabilized Operations – Operations of a community that occur after the earlier of (i) attainment of 90% Physical Occupancy or (ii) the one-year anniversary of completion of Development or Redevelopment. Synergies Captured – represents the portion of those synergy benefits realized during the reporting period and reflected in the Company’s financial results. Turnover – Total Residential move-outs (including inter-community and intra-community transfers) divided by total Residential apartment units. Retention rate is the opposite of Turnover. Operating Partnership Units ("OP Units") – The equity positions of various individuals and entities that contributed their communities to the Company 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.