Earnings release
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Third Quarter 2026 Supplemental Operating and Financial Data Information included in this supplemental package is unaudited. Table of Contents ................................................................... Financial Results: Earnings Release 1 - 5 ....................................Vivmark Residential At-A-Glance 6 .....................Consolidated Statements of Operations 7 ......... Consolidated Statements of Funds From Operations and Core Funds From Operations 8 ..........................................Consolidated Balance Sheets 9 ................................................................ Portfolio: Portfolio Summary 10 ......................................... Merged Same Store Residential Results: Merged Same Store Residential Financial Information and Blended Rate 11 .............................................................. Merged Same Store Residential Results and Statistics by Region 12 - 14 .................................................................................. Merged Same Store Residential Operating Expenses 15 ................................................................... Capital Structure: Capital Structure 16 ............. Debt Information: Debt Summary and Debt Maturity Schedule 17 ............................................. Development: Development Communities 18 ......................................... Partially Owned: Partially Owned Communities 19 ...................................... Structured Investment Program: Structured Investment Program 20 .............. Reconciliations & Definitions: Additional Reconciliations and Definitions of Non- GAAP Financial Measures and Other Terms 21 - 27 Corporate Headquarters: Two North Riverside Plaza 4040 Wilson Blvd., Suite 1000 Chicago, IL 60606 Arlington, Virginia 22203 (312) 474-1300 (703) 329-6300
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 1 NEWS RELEASE - FOR IMMEDIATE RELEASE November 4, 2026 Vivmark Residential Reports Third Quarter 2026 Results and Provides Fourth Quarter and Full Year 2026 Guidance Arlington, VA / Chicago, IL – November 4, 2026 - Vivmark Residential (NYSE: VMRK) ("Vivmark" or the "Company") today reported results for the three and nine months ended September 30, 2026 as detailed below. Commenting on the Company's performance, Benjamin W. Schall, President and CEO of the Company, said, “In our first quarter as Vivmark, we delivered operating results ahead of plan and are increasing our expectations for synergies and upfront value creation. In addition to these strong financial results, we are advancing our priorities of using our scale and capabilities to deliver more responsive service, better digital tools and greater convenience for our residents. As we look ahead to 2027, our strong operating momentum and outsized contributions from development communities completing and in lease up set the table for superior earnings growth. My huge thank you to our Vivmark team members for maintaining our discipline, executing at a high level, and advancing on our integration priorities. You are displaying the power of Vivmark.” Merger Completion and Updates On August 17, 2026 (the “Merger Date”), Equity Residential (“EQR”) and AvalonBay Communities, Inc. (“AVB”) completed their merger of equals (the “Merger”), forming Vivmark Residential. The Merger was accounted for as a reverse acquisition. EQR was the legal acquirer and AVB was the accounting acquirer. As a result: • Historical financial statements. The Company’s financial statements continue those of AVB. Results for all periods before the Merger Date, including prior-period comparatives, are AVB’salone. • Results of operations. Results for the three and nine months ended September 30, 2026 reflect AVB alone before the Merger Date and the combined Company after it. • Balance sheet. AVB’sassets and liabilities remain at their historical carrying amounts. EQR’sassets acquired and liabilities assumed were recorded at fair value as of the Merger Date. • Legal and capital structure. The Company’slegal and capital structure, and outstanding equity securities are a continuation of EQR’s. Each AVB common share was exchanged for 2.793 Vivmark common shares (the “Exchange Ratio”). • Development and transaction activity. Activity for the three and nine months ended September 30, 2026 reflect AVB alone before the Merger Date and the combined Company after it. Since the Merger Date, the Company has made progress on several key aspects of the Merger, including: • Operating synergies. The Company has increased its expected annual net run-rate operating synergies by $10 million to $135 million, driven by increased portfolio NOI opportunities. The Company expects to reach the full run-rate by March 2028, 18 months after the Merger Date. • Merger-related costs. The Company now expects total Merger-related costs of approximately $725 million, $25 million below its initial estimate of $750 million. The initial estimate included transaction costs only, whereas the updated estimate includes both transaction and integration costs. See Attachment 2 for additional information on the impact of the Merger-related costs. • Credit rating. On August 18, 2026, following completion of the Merger, S&P Global Ratings raised the Company’slong-term issuer credit rating to ‘A’with a stable outlook from ‘A-’for both AVB and EQR.
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 2 Per share amounts and weighted average shares for periods before the Merger Date have been retroactively adjusted to reflect the Exchange Ratio. The operational and financial metrics disclosed in this earnings release and supplemental schedules represent a combination of those previously disclosed by AVB and EQR. The operational metrics generally reflect those previously presented by EQR and the financial metrics for development generally reflect those previously presented by AVB. Q3 and YTD 2026 Results Three Months Ended September 30, 2026 (1) 2025 $ Change % Change Earnings Per Share ("EPS") $ (1.27) $ 0.96 $ (2.23) (232.3%) Funds from Operations ("FFO") per share $ 0.08 $ 1.08 $ (1.00) (92.6%) Core FFO ("CFFO") per share $ 1.03 $ 0.98 $ 0.05 5.1% Nine Months Ended September 30, 2026 (1) 2025 $ Change % Change Earnings Per Share ("EPS") $ (0.57) $ 2.23 $ (2.80) (125.6%) Funds from Operations ("FFO") per share $ 1.77 $ 3.08 $ (1.31) (42.5%) Core FFO ("CFFO") per share $ 3.06 $ 3.01 $ 0.05 1.7% (1) EPS and FFO per share for the three months ended September 30, 2026 includes $0.92 per share of Merger-related costs that are excluded from CFFO per share. See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for further information about CFFO adjustments. Commenting on the Company's operating performance, Michael Manelis, COO of the Company, said, "We are pleased with the performance of our combined portfolio in the third quarter, with strong physical occupancy and improving pricing momentum across much of the portfolio. Our teams have maintained an intense focus on operating fundamentals throughout the integration, and that discipline is reflected in our results. These strong fundamentals position us well for growth in 2027 and beyond as we use our scale and operating expertise to improve the resident experience and create a lasting competitive advantage with significant opportunities to drive sustainable NOI growth.” Merged Same Store Residential Operating Statistics Following the Merger, the Company's Same Store Portfolio includes communities that were owned and had Stabilized Operations as of the beginning of the prior year. Because the EQR communities have been owned by the Company only since the Merger Date, they are not included in the Company's Same Store Portfolio. The EQR communities will not be eligible to enter the Company's Same Store Portfolio until January 1, 2028. To provide relevant operating metrics for the quarter and year-to-date results, and an understanding of the operating performance and growth potential of the combined company, stabilized EQR communities that would otherwise have met the Company's Same Store criteria are presented on a merged basis, as if owned by the Company during all periods presented. The Merged Same Store Portfolio presentation below represents the Company's Same Store Portfolio and the EQR Adjusted Same Store Portfolio as a single portfolio. See Attachment 13, "Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms," for more details.
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 3 Operating results for the Merged Same Store Portfolio of 157,377 apartment homes are presented below: Q3 2026 vs. Q3 2025 YTD 2026 vs. YTD 2025 Physical Occupancy 95.8% vs. 95.9% 95.9% vs. 96.0% Turnover 12.7% vs. 13.2% 31.8% vs. 32.8% Revenues 2.4% 2.1% Expenses 3.6% 3.7% NOI 1.7% 1.3% Q3 2026 Q2 2026 Q1 2026 Physical Occupancy 95.8% 95.9% 96.0% New Lease Change 0.4% 1.1% (3.4%) Renewal Rate Achieved 5.3% 4.9% 4.0% Blended Rate 3.1% 3.2% 0.5% Development Activity As of quarter-end, the Company's development activity, including communities under construction and those completed this quarter, represented a Total Capital Cost of $3.8 billion and a weighted average Projected NOI as a percentage of Total Capital Cost of 6.2%. During the quarter and year-to-date, the Company reported the following development activity, which reflects AVB alone before the Merger Date and the combined Company after it: Q3 2026 YTD 2026 Development Completions: Wholly-Owned Communities Communities 2 4 Total apartment homes 761 1,516 Total Capital Cost $291 million $539 million Partially Owned Communities – Unconsolidated Communities 1 1 Total apartment homes 270 270 Total Capital Cost $122 million $122 million Development Starts: Wholly-Owned Communities Communities 1 6 Total apartment homes 281 1,528 Total Capital Cost $98 million $571 million Transaction Activity During the quarter and year-to-date, the Company completed the following transactions, which reflects AVB alone before the Merger Date and the combined Company after it: Q3 2026 YTD 2026 Dispositions: Wholly-owned communities 2 5 Total apartment homes 467 1,351 Sales price $208 million $549 million GAAP gain $108 million $288 million Economic Gain $51 million $87 million
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 4 Capital Markets & Balance Sheet: As of quarter-end, the Company had: Unsecured Revolving Credit Facility commitment $5.0 billion Commercial paper balance outstanding (1.0) billion Available liquidity $4.0 billion Total outstanding shares and units 787,476,763 Distributions declared per Common Share and Unit outstanding $0.7025 During the quarter, the Company completed the following activity: Total Principal Amount Weighted Average Contractual Rate Debt Repayments: Unsecured notes (at par) (1) $92.0 million 7.57% Fixed-rate secured mortgages $185.1 million 3.61% (1) Subsequent to quarter-end, the Company repaid $300.0 million principal amount of its 2.90% coupon unsecured notes and $500.0 million principal amount of its 2.85% coupon unsecured notes, each at par upon maturity. Shares Net Proceeds Equity Issuances: Settlement of forward equity contracts (1) 2.57 million $202.0 million (1) As previously disclosed, in July 2026 AVB settled all remaining outstanding forward equity contracts entered into during 2024. The 2.57 million shares presented have been adjusted by the Exchange Ratio. In addition, in August 2026, prior to completing the Merger, EQR issued $600.0 million aggregate principal amount of 4.95% coupon notes due October 1, 2031, and $400.0 million aggregate principal amount of 5.45% coupon notes due October 1, 2036, in a public offering. Fourth Quarter 2026 and Full Year 2026 Guidance The Company has established the following guidance for fourth quarter 2026 EPS, FFO per share and Core FFO per share, and full year 2026 Merged Same Store operating performance: Q4 2026 Low Midpoint High Projected EPS $(0.95) $(0.93) $(0.91) Projected FFO per share $0.92 $0.94 $0.96 Projected Core FFO per share $1.01 $1.03 $1.05 Full Year 2026 Low Midpoint High Revenue change 2.0% 2.2% 2.4% Expense change 4.1% 4.4% (1) 4.7% NOI change 0.8% 1.1% 1.4% (1) Reflects anticipated increases in Merger-related property tax assessments attributable to AVB California communities. The Company expects this increase to result in approximately $16 million of additional operating expenses in Full Year 2026, with an estimated annual impact of $50 million beginning in 2027. Excluding the impact of this increase, the midpoint of the expense change guidance for Full Year 2026 would be 3.6%. About Vivmark Residential Vivmark Residential (NYSE: VMRK), a S&P 500 company, sets the mark for what home can be, and our vision is to be the most trusted and best-performing rental housing company in America, one that only gets better as it grows. Our people, scale and capabilities create a self-reinforcing performance cycle that is designed to deliver structurally higher growth. With more than 185,000 apartment homes across premier U.S. markets and $4.4 billion of Development
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 5 Underway, Vivmark is redefining what rental housing can be. For more details, please visit www.VivmarkResidential.com. Forward-Looking Statements, Definitions and Non-GAAP Reconciliations See Attachment 13 for information about forward-looking statements and definitions and reconciliations of non-GAAP financial measures and other terms. For the reasons described in the referenced forward-looking statements, the Company's historical results may not be indicative of future results. The Company will hold a conference call on November 5, 2026 at 1:00 PM ET to discuss and answer questions about these results. Please visit the Investor section of the Company’s website at www.VivmarkResidential.com for the webcast link.
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 6
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 7 Attachment 1 Consolidated Statements of Operations (Amounts in thousands except per share data) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 REVENUES Rental income $ 1,193,530 $ 764,926 $ 2,737,962 $ 2,267,665 Management, development and other fees 1,954 1,870 5,568 5,204 Total revenues 1,195,484 766,796 2,743,530 2,272,869 EXPENSES Property operating, excluding property taxes 245,277 164,342 559,223 464,748 Property taxes 147,492 89,749 327,715 257,611 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 Total expenses 2,060,829 615,140 3,323,361 1,791,249 Gain (loss) on sale of communities 108,304 180,155 287,877 336,081 Income (loss) from unconsolidated 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 Income (loss) before income taxes (747,813) 383,996 (262,791) 889,842 Tax benefit (expense) 672 166 832 772 Net income (loss) (747,141) 384,162 (261,959) 890,614 Net (income) loss attributable to noncontrolling interests: Operating Partnership and DownREIT Units 11,027 (2,856) 7,294 (4,046) Partially Owned Communities 966 — 966 — Net income (loss) attributable to controlling interests (735,148) 381,306 (253,699) 886,568 Preferred distributions (355) — (355) — Net income (loss) available to Common Shares $ (735,503) $ 381,306 $ (254,054) $ 886,568 Earnings per share – diluted: Net income (loss) available to Common Shares $ (1.27) $ 0.96 $ (0.57) $ 2.23 Weighted average Common Shares outstanding 585,438 397,934 457,324 398,032
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 8 Attachment 2 Consolidated Statements of Funds From Operations and Core Funds From Operations (Amounts in thousands except per share and Unit data) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net income (loss) $ (747,141) $ 384,162 $ (261,959) $ 890,614 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Communities 966 — 966 — Preferred distributions (355) — (355) — Net income (loss) available to Common Shares and Units (746,530) 384,162 (261,348) 890,614 Adjustments: Real estate depreciation 898,675 227,962 1,359,596 674,853 Net (gain) loss on sale of real estate (108,304) (180,155) (287,877) (336,081) Casualty loss on real estate 2,374 — 6,993 858 FFO available to Common Shares and Units 46,215 431,969 817,364 1,230,244 Adjustments: Unconsolidated investment activity 530 — 1,777 — Loan reserve adjustment (202) 236 (365) 6 Hedge accounting activity 159 2 171 24 Advocacy contributions — 150 2,659 237 Severance 40 751 1,227 953 Expensed development and pursuit costs 4,075 503 13,374 5,798 Merger-related costs (1) 544,040 — 556,407 — (Gain) loss on extinguishment of debt 2,028 — 2,028 — Merger accounting interest expense adjustment (2) 8,344 — 8,344 — Non-operating (gains) losses (3,587) (42,477) (5,489) (43,759) Legal settlements and costs 7,409 3,252 16,500 8,828 Tax benefit (expense) (809) (193) (1,033) (840) Core FFO available to Common Shares and Units $ 608,242 $ 394,193 $ 1,412,964 $ 1,201,491 FFO available to Common Shares and Units $ 46,215 $ 431,969 $ 817,364 $ 1,230,244 FFO per share and Unit – diluted $ 0.08 $ 1.08 $ 1.77 $ 3.08 Core FFO available to Common Shares and Units $ 608,242 $ 394,193 $ 1,412,964 $ 1,201,491 Core FFO per share and Unit – diluted $ 1.03 $ 0.98 $ 3.06 $ 3.01 Weighted average Common Shares and Units outstanding – diluted 589,531 400,894 461,058 399,692 (1) Merger-related costs include transaction and integration costs, as well as Merger-related compensation costs. Merger-related compensation costs were $80 million for the three and nine months ended September 30, 2026 and are recognized in general and administrative expenses on the Company's Consolidated Statements of Operations. (2) Merger accounting interest expense adjustment (i) excludes the non-cash amortization of the fair value discount recorded on legacy EQR debt with the Merger and (ii) reduces Core FFO by the amortization of legacy EQR original issue discounts that were eliminated in purchase accounting.
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 9 Attachment 3 Consolidated Balance Sheets (Amounts in thousands except for share amounts) (Unaudited) September 30, December 31, 2026 2025 ASSETS Operating real estate $ 61,109,854 $ 27,709,945 Less accumulated depreciation (9,898,933) (8,686,084) Operating real estate, net 51,210,921 19,023,861 Construction in progress ("CIP"), including land 1,689,500 1,458,795 Land held for development 133,943 123,751 Real estate assets held for sale, net 166,642 150,262 Total real estate, net 53,201,006 20,756,669 Unconsolidated real estate investments and advances 448,162 123,173 Cash and cash equivalents 111,876 187,234 Restricted cash 275,828 165,849 Deferred development costs 74,161 73,237 Right of use lease assets 690,130 147,537 Notes receivable 310,208 259,051 Prepaid expenses and other assets 867,925 479,387 Total assets $ 55,979,296 $ 22,192,137 LIABILITIES AND EQUITY Liabilities: Unsecured debt, net $ 13,941,316 $ 7,879,380 Line of credit and commercial paper, net 1,021,255 739,608 Mortgage notes payable, net 2,039,437 709,564 Distributions payable 552,975 250,548 Lease liabilities 415,652 165,200 Accounts payable and accrued expenses 1,198,928 480,120 Other liabilities 221,723 133,400 Total liabilities 19,391,286 10,357,820 Redeemable Noncontrolling Interests – Operating Partnership 169,781 — 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, 2026 and 0 shares issued and outstanding as of December 31, 2025 17,155 — Common Shares of beneficial interest, $0.01 par value; 2,000,000,000 shares authorized; 773,374,666 shares issued and outstanding as of September 30, 2026 and 391,245,275 shares issued and outstanding as of December 31, 2025 7,734 3,912 Additional paid-in-capital 36,739,697 11,209,785 Retained earnings (loss) (1,038,322) 371,157 Accumulated other comprehensive income (loss) 57,580 26,486 Total shareholders’equity 35,783,844 11,611,340 Noncontrolling interests: Operating Partnership and DownREIT Units 533,158 222,977 Partially Owned Communities 101,227 — Total noncontrolling interests 634,385 222,977 Total equity 36,418,229 11,834,317 Total liabilities and equity $ 55,979,296 $ 22,192,137
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 10 Attachment 4 Portfolio Summary As of September 30, 2026 Regions Communities Apartment Homes Boston, MA 69 18,103 Metro NY/NJ 89 26,007 Mid-Atlantic 85 29,048 North Carolina 15 4,167 Atlanta, GA 24 6,940 Southeast FL 13 4,154 Texas 33 10,599 Denver, CO 28 7,944 Seattle, WA 60 14,412 Northern California 81 24,667 Southern California 139 39,171 Total 636 185,212 Communities Apartment Homes Operating Communities 575 166,327 Development Communities 35 11,740 Wholly Owned Communities 610 178,067 Operating Communities 13 3,096 Partially Owned Communities – Consolidated 13 3,096 Operating Communities 13 4,049 Partially Owned Communities – Unconsolidated 13 4,049 Total 636 185,212 Note: Development Communities are included in the Portfolio Summary upon the start of construction.
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 11 Attachment 5 Merged Same Store Residential Financial Information by Quarter 157,377 Merged Same Store Apartment Homes | ($ in thousands) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Revenues $ 1,473,916 $ 1,460,333 $ 1,443,526 $ 1,438,657 $ 1,440,041 Expenses 497,374 474,552 482,127 464,242 480,025 NOI $ 976,542 $ 985,781 $ 961,399 $ 974,415 $ 960,016 Merged Same Store Residential Blended Rate by Region 157,377 Merged Same Store Apartment Homes Regions Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Boston, MA 2.3% 3.5% (1.0%) (1.5%) 2.1% Metro NY/NJ 4.4% 5.2% 1.8% 0.8% 2.1% Mid-Atlantic 0.4% 1.1% (2.9%) (2.2%) 1.5% North Carolina 1.9% 0.5% (1.5%) (4.4%) (4.2%) Atlanta, GA 1.8% 2.6% (3.9%) (4.3%) (2.2%) Southeast FL 1.1% (1.1%) 0.3% 0.2% 0.9% Texas 0.2% 0.4% (4.8%) (5.7%) (3.5%) Denver, CO (2.7%) (1.1%) (8.1%) (9.3%) (5.3%) Seattle, WA 0.8% 0.9% (1.0%) (2.0%) (0.5%) Northern California 10.2% 8.8% 5.8% 3.0% 4.9% Southern California 1.4% 1.2% 0.7% (0.4%) 1.0% Total 3.1% 3.2% 0.5% (0.6%) 1.6% Other Community Merged NOI ($ in thousands) In addition to the Merged SS NOI presented above, the following table presents Merged NOI for Q3 2026 from the Company’s residential communities not included in the Merged Same Store Portfolio and from its commercial operations, providing a complete view of NOI for the combined portfolio, excluding communities disposed or classified as held-for-sale. Q3 2026 Merged Other Stabilized & Non-Residential NOI $ 55,106 Merged Development/Redevelopment NOI 17,754 Total Other Community Merged NOI $ 72,860
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 12 Attachment 6 (a) Merged Same Store Residential Financial and Operational Information by Region Q3 2026 vs. Q3 2025 ($ in thousands) Revenues Expenses NOI Regions Apt. Homes Q3 2026 Physical Occupancy Q3 2026 Q3 2025 % Change Q3 2026 Q3 2025 % Change Q3 2026 Q3 2025 % Change Boston, MA 16,606 95.8% $ 181,558 $ 178,412 1.8% $ 61,268 $ 57,854 5.9% $ 120,290 $ 120,558 (0.2%) Metro NY/NJ 21,030 96.3% 272,351 263,810 3.2% 100,613 99,103 1.5% 171,738 164,707 4.3% Mid-Atlantic 26,208 95.0% 209,855 208,588 0.6% 73,916 70,849 4.3% 135,939 137,739 (1.3%) North Carolina 1,225 93.0% 6,871 6,955 (1.2%) 2,894 2,732 5.9% 3,977 4,223 (5.8%) Atlanta, GA 4,126 95.8% 23,997 23,652 1.5% 8,475 8,137 4.2% 15,522 15,515 0.0% Southeast FL 3,091 95.8% 27,731 27,276 1.7% 10,571 9,705 8.9% 17,160 17,571 (2.3%) Texas 5,519 95.4% 29,728 29,816 (0.3%) 13,152 12,992 1.2% 16,576 16,824 (1.5%) Denver, CO 6,164 95.2% 37,873 40,370 (6.2%) 13,837 13,782 0.4% 24,036 26,588 (9.6%) Seattle, WA 13,674 95.6% 115,657 114,742 0.8% 36,363 34,309 6.0% 79,294 80,433 (1.4%) Northern California 22,438 97.0% 237,571 220,470 7.8% 69,401 69,200 0.3% 168,170 151,270 11.2% Southern California 37,296 95.5% 330,724 325,950 1.5% 106,884 101,362 5.4% 223,840 224,588 (0.3%) Total 157,377 95.8% $ 1,473,916 $ 1,440,041 2.4% $ 497,374 $ 480,025 3.6% $ 976,542 $ 960,016 1.7%
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 13 Attachment 6 (b) Merged Same Store Residential Financial and Operational Information by Region Q3 2026 vs. Q2 2026 ($ in thousands) Revenues Expenses NOI Regions Apt. Homes Q3 2026 Physical Occupancy Q3 2026 Q2 2026 % Change Q3 2026 Q2 2026 % Change Q3 2026 Q2 2026 % Change Boston, MA 16,606 95.8% $ 181,558 $ 179,649 1.1% $ 61,268 $ 57,523 6.5% $ 120,290 $ 122,126 (1.5%) Metro NY/NJ 21,030 96.3% 272,351 268,956 1.3% 100,613 100,644 (0.0%) 171,738 168,312 2.0% Mid-Atlantic 26,208 95.0% 209,855 208,961 0.4% 73,916 68,837 7.4% 135,939 140,124 (3.0%) North Carolina 1,225 93.0% 6,871 6,745 1.9% 2,894 2,881 0.5% 3,977 3,864 2.9% Atlanta, GA 4,126 95.8% 23,997 23,751 1.0% 8,475 8,496 (0.2%) 15,522 15,255 1.8% Southeast FL 3,091 95.8% 27,731 27,572 0.6% 10,571 10,498 0.7% 17,160 17,074 0.5% Texas 5,519 95.4% 29,728 29,668 0.2% 13,152 12,832 2.5% 16,576 16,836 (1.5%) Denver, CO 6,164 95.2% 37,873 38,679 (2.1%) 13,837 13,172 5.0% 24,036 25,507 (5.8%) Seattle, WA 13,674 95.6% 115,657 114,646 0.9% 36,363 35,503 2.4% 79,294 79,143 0.2% Northern California 22,438 97.0% 237,571 232,192 2.3% 69,401 63,554 9.2% 168,170 168,638 (0.3%) Southern California 37,296 95.5% 330,724 329,514 0.4% 106,884 100,612 6.2% 223,840 228,902 (2.2%) Total 157,377 95.8% $ 1,473,916 $ 1,460,333 0.9% $ 497,374 $ 474,552 4.8% $ 976,542 $ 985,781 (0.9%)
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 14 Attachment 6 (c) Merged Same Store Residential Financial and Operational Information by Region YTD 2026 vs. YTD 2025 ($ in thousands) Revenues Expenses NOI Regions Apt. Homes YTD 2026 Physical Occupancy YTD 2026 YTD 2025 % Change YTD 2026 YTD 2025 % Change YTD 2026 YTD 2025 % Change Boston, MA 16,606 95.6% $ 537,646 $ 530,721 1.3% $ 178,393 $ 169,128 5.5% $ 359,253 $ 361,593 (0.6%) Metro NY/NJ 21,030 96.6% 807,096 782,643 3.1% 303,153 289,835 4.6% 503,943 492,808 2.3% Mid-Atlantic 26,208 95.3% 626,938 621,086 0.9% 213,230 200,937 6.1% 413,708 420,149 (1.5%) North Carolina 1,225 92.3% 20,410 20,833 (2.0%) 8,558 8,050 6.3% 11,852 12,783 (7.3%) Atlanta, GA 4,126 95.9% 71,220 71,401 (0.3%) 25,532 24,519 4.1% 45,688 46,882 (2.5%) Southeast FL 3,091 96.1% 82,967 82,059 1.1% 30,852 28,593 7.9% 52,115 53,466 (2.5%) Texas 5,519 95.5% 88,844 89,141 (0.3%) 38,055 40,039 (5.0%) 50,789 49,102 3.4% Denver, CO 6,164 95.7% 115,073 122,141 (5.8%) 39,883 40,911 (2.5%) 75,190 81,230 (7.4%) Seattle, WA 13,674 95.7% 343,927 341,593 0.7% 106,631 101,014 5.6% 237,296 240,579 (1.4%) Northern California 22,438 97.1% 696,947 654,876 6.4% 201,561 202,294 (0.4%) 495,386 452,582 9.5% Southern California 37,296 95.7% 986,707 972,425 1.5% 308,205 297,111 3.7% 678,502 675,314 0.5% Total 157,377 95.9% $ 4,377,775 $ 4,288,919 2.1% $ 1,454,053 $ 1,402,431 3.7% $ 2,923,722 $ 2,886,488 1.3%
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 15 Attachment 7 Merged Same Store Residential Operating Expenses Q3 2026 vs. Q3 2025 157,377 Merged Same Store Apartment Homes | ($ in thousands) Q3 2026 Q3 2025 $ Change % Change % of Q3 2026 Operating Expenses Property taxes $ 177,114 $ 172,107 $ 5,007 2.9% 35.6% Payroll 82,915 79,537 3,378 4.2% 16.7% Repairs and maintenance 80,963 78,993 1,970 2.5% 16.3% Utilities 94,243 87,973 6,270 7.1% 18.9% Office operations 34,847 34,272 575 1.7% 7.0% Insurance 19,754 20,094 (340) (1.7%) 4.0% Marketing 7,538 7,049 489 6.9% 1.5% Total Operating Expenses $ 497,374 $ 480,025 $ 17,349 3.6% 100.0% Merged Same Store Residential Operating Expenses YTD 2026 vs. YTD 2025 157,377 Merged Same Store Apartment Homes | ($ in thousands) YTD 2026 YTD 2025 $ Change % Change % of YTD 2026 Operating Expenses Property taxes (1) $ 524,053 $ 508,484 $ 15,569 3.1% 36.0% Payroll 244,987 239,239 5,748 2.4% 16.9% Repairs and maintenance 219,270 214,686 4,584 2.1% 15.1% Utilities (2) 276,374 253,490 22,884 9.0% 19.0% Office operations 108,749 107,641 1,108 1.0% 7.5% Insurance 60,284 59,369 915 1.5% 4.1% Marketing 20,336 19,522 814 4.2% 1.4% Total Operating Expenses $ 1,454,053 $ 1,402,431 $ 51,622 3.7% 100.0% (1) Property taxes – Increase primarily driven by Merger-related property tax assessments attributable to AVB California communities. (2) Utilities – Increase primarily driven by higher bulk telecommunication costs (which is more than offset by a corresponding increase in Merged Same Store Revenues), electricity, water and sewer, and trash and recycling costs.
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 16 Attachment 8 Capital Structure as of September 30, 2026 (Amounts in thousands except for share/unit and per share amounts) Secured Debt $ 2,039,437 12.0% Unsecured Debt 14,962,571 88.0% Total debt 17,002,008 100.0% 26.2% Common Shares (includes Restricted Shares) 774,755,233 98.4% Units (includes DownREIT Units, OP Units and Restricted Units) 12,721,530 1.6% Total Shares and Units 787,476,763 100.0% Common Share Price at September 30, 2026 $ 60.76 Market value of Shares and Units 47,847,088 100.0% Perpetual Preferred Equity (1) 17,155 0.0% Total Equity 47,864,243 100.0% 73.8% Total Market Capitalization $ 64,866,251 100.0% (1) As of September 30, 2026, 343,100 shares of the Company's 8.29% Series K perpetual preferred equity were outstanding, with an aggregate liquidation value of $17.2 million and annual dividends of approximately $1.4 million ($4.145 per share). The Series K preferred shares are callable beginning December 10, 2026.
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 17 Attachment 9 Debt Summary as of September 30, 2026 ($ in thousands) Debt Balances % of Total Weighted Average Effective Rates Weighted Average Maturities (years) Secured $ 2,039,437 12.0% 4.30% 6.1 Unsecured 14,962,571 88.0% 4.29% 6.1 Total debt $ 17,002,008 100.0% 4.29% 6.1 Fixed Rate Debt: Secured – Conventional $ 1,475,957 8.7% 3.92% 4.6 Unsecured – Public 13,391,316 78.9% 4.30% 6.7 Unsecured – Term Loan 550,000 3.2% 4.44% 2.5 Fixed Rate Debt $ 15,417,273 90.8% 4.27% 6.3 Floating Rate Debt: Secured – Tax Exempt $ 563,480 3.3% 5.34% 10.4 Unsecured – Revolving Credit Facilities — — — 3.8 Unsecured – Commercial Paper Program 1,021,255 5.9% 4.04% — Floating Rate Debt $ 1,584,735 9.2% 4.58% 3.7 Total debt $ 17,002,008 100.0% 4.29% 6.1 Commercial Paper Program Weighted average maturity as of September 30, 2026 15 days Weighted average amount outstanding for September YTD 2026 $805.2 million Capitalized Interest Q3 YTD 2026 2025 2026 2025 $ 17,919 $ 13,724 $ 48,406 $ 36,107 Debt Maturity Schedule as of September 30, 2026 ($ in thousands) Year Fixed Rate Floating Rate Total % of Total Weighted Average Contractual Rate on Fixed Rate Debt Weighted Average Contractual Rate on Total Debt 2026 $ 800,284 $ 1,028,000 (1) $ 1,828,284 10.4% 2.87% 3.53% 2027 852,159 19,500 871,659 5.0% 3.25% 3.26% 2028 1,751,202 21,700 1,772,902 10.1% 3.21% 3.22% 2029 1,976,282 47,800 2,024,082 11.5% 3.63% 3.64% 2030 2,248,462 14,100 2,262,562 12.9% 2.78% 2.79% 2031 1,728,500 41,200 1,769,700 10.1% 3.16% 3.18% 2032 1,200,000 30,100 1,230,100 7.0% 3.26% 3.27% 2033 1,300,000 5,000 1,305,000 7.4% 5.19% 5.18% 2034 1,000,000 10,900 1,010,900 5.8% 4.93% 4.92% 2035 400,000 38,575 438,575 2.5% 5.00% 4.91% 2036+ 2,705,913 339,135 3,045,048 17.3% 4.45% 4.39% Total principal $ 15,962,802 $ 1,596,010 $ 17,558,812 100.0% 3.71% 3.74% Deferred Financing Costs and Unamortized Discount (2) (545,529) (11,275) (556,804) Total debt $ 15,417,273 $ 1,584,735 $ 17,002,008 (1) Includes $1.0 billion in principal outstanding on the Company's Commercial Paper Program. (2) In connection with the Merger, the Company recorded an approximate $516 million fair value discount on existing EQR debt.
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 18 Attachment 10 Development Communities as of September 30, 2026 ($ in thousands) Actual/Projected Schedule Development Communities Location No. of Apt. Homes Total Capital Cost Average Monthly Revenue per Home Start Date Initial Occupancy Complete Stabilized % Complete % Leased / Occupied Communities Under Construction: Avalon West Windsor (1) West Windsor, NJ 535 $ 209,588 $ 3,150 Q2 2022 Q3 2025 Q4 2026 Q3 2027 77% 60% / 56% Avalon Pleasanton Pleasanton, CA 362 218,299 3,790 Q2 2024 Q3 2025 Q3 2027 Q4 2027 23% 22% / 22% Avalon at Becker Farm Roseland, NJ 533 186,483 3,215 Q2 2024 Q4 2025 Q4 2026 Q2 2027 82% 70% / 65% Avalon Tech Ridge I Austin, TX 544 152,589 2,130 Q3 2024 Q1 2026 Q2 2027 Q3 2027 51% 48% / 42% Avalon Carmel (2) Charlotte, NC 360 118,016 2,125 Q3 2024 Q2 2026 Q4 2026 Q3 2027 84% 41% / 30% Avalon Plano (2) Plano, TX 155 57,507 2,950 Q3 2024 Q4 2026 Q4 2027 Q2 2028 — - / - Avalon Oakridge I Durham, NC 459 148,971 2,325 Q3 2024 Q1 2027 Q1 2028 Q3 2028 — - / - AVA Brewer's Hill Baltimore, MD 418 132,422 2,650 Q4 2024 Q4 2026 Q4 2027 Q2 2028 — 1% / - Kanso Hillcrest San Diego, CA 182 84,860 3,245 Q4 2024 Q1 2027 Q2 2027 Q4 2027 — - / - Avalon Parker Parker, CO 312 123,232 2,670 Q1 2025 Q3 2026 Q2 2027 Q4 2027 17% 11% / 5% Avalon North Palm Beach (1) Lake Park, FL 279 117,981 3,290 Q1 2025 Q1 2027 Q3 2027 Q1 2028 — - / - Avalon Brier Creek Durham, NC 400 126,087 2,365 Q2 2025 Q3 2026 Q3 2027 Q1 2028 7% 6% / 1% Avalon Kendall (2) Kendall, FL 224 82,938 2,935 Q2 2025 Q1 2027 Q2 2027 Q1 2028 — - / - Avalon Mission Valley (1) San Diego, CA 621 302,318 3,690 Q3 2025 Q1 2028 Q1 2029 Q3 2029 — - / - Avalon Southpoint (2) Durham, NC 394 131,720 2,595 Q3 2025 Q1 2027 Q2 2028 Q3 2028 — - / - Avalon Northwest Hills Austin, TX 252 89,968 2,725 Q4 2025 Q1 2028 Q3 2028 Q1 2029 — - / - Kanso Parsippany Parsippany, NJ 280 104,157 2,830 Q4 2025 Q2 2027 Q4 2027 Q2 2028 — - / - Avalon Billerica Billerica, MA 200 71,572 2,945 Q4 2025 Q2 2027 Q4 2027 Q2 2028 — - / - Avalon Townhome Collection Arundel Mills (2) Hanover, MD 90 45,058 3,870 Q4 2025 Q4 2026 Q4 2026 Q4 2027 — 1% / - Avalon San Ramon San Ramon, CA 456 250,467 4,080 Q4 2025 Q2 2028 Q2 2029 Q3 2029 — - / - Avalon Somerville Station II Somerville, NJ 171 64,991 3,035 Q1 2026 Q3 2027 Q4 2027 Q3 2028 — - / - Avalon Saddle River Saddle River, NJ 275 123,157 3,710 Q1 2026 Q4 2027 Q3 2028 Q4 2028 — - / - Loxley (2) Canton, GA 240 59,612 1,885 Q1 2026 Q3 2027 Q1 2028 Q1 2029 — - / - Wilder at Windward (1) (2) Alpharetta, GA 280 112,149 2,700 Q1 2026 Q3 2027 Q2 2028 Q1 2029 — - / - Kanso Plymouth Plymouth, MA 300 95,207 2,735 Q2 2026 Q3 2027 Q3 2028 Q4 2028 — - / - Avalon Townhome Collection Central Park (2) Denver, CO 146 68,437 3,460 Q2 2026 Q2 2027 Q4 2027 Q3 2028 — - / - Avalon Dulles Innovation Herndon, VA 355 120,217 2,585 Q2 2026 Q1 2028 Q3 2028 Q1 2029 — - / - Avalon Downtown Cary Cary, NC 281 98,421 2,550 Q3 2026 Q2 2028 Q4 2028 Q3 2029 — - / - Total / Weighted Average Under Construction 9,104 3,496,424 2,920 Communities Completed this Quarter: Avalon Wayne Wayne, NJ 473 169,635 3,315 Q4 2023 Q2 2025 Q3 2026 Q1 2027 100% 84% / 82% Avalon Quincy Adams Quincy, MA 288 121,685 3,260 Q2 2024 Q1 2026 Q3 2026 Q1 2027 100% 81% / 73% Total / Weighted Average Communities Completed this Quarter 761 291,320 3,295 Total / Weighted Average Under Construction and Completed this Quarter 9,865 $ 3,787,744 $ 2,945 Total Weighted Average Projected NOI as a % of Total Capital Cost 6.2% (1) Developments containing at least 10,000 square feet of commercial space include Avalon West Windsor (18,600 square feet), Avalon North Palm Beach (10,300 square feet), Avalon Mission Valley (31,200 square feet) and Wilder at Windward (10,500 square feet). (2) Represents communities being constructed by third-party multifamily developers, which the Company will own and operate. Asset Cost Basis (1) Total Capital Cost Development Underway $ 4,415,424 Disbursed to date (2,882,298) Remaining to invest $ 1,533,125 (1) Includes the communities presented and four additional communities with 1,553 apartment homes representing $628 million in Total Capital Cost which have completed construction but not yet achieved Stabilized Operations for the full quarter. YTD 2026 NOI and Capitalized Interest NOI Capitalized Interest (1) Communities Under Construction $ 5,860 $ 37,114 Communities Completed this Quarter 4,290 3,390 Total $ 10,150 $ 40,504 (1) The $40.5 million represents capitalized interest attributable to the communities listed above and is included in the Company's total capitalized interest of $48.4 million, as presented in Attachment 9.
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 19 Attachment 11 Partially Owned Operating Communities as of September 30, 2026 (Amounts in thousands except for project/community and apartment homes amounts) NOI Debt Weighted Average Ownership Total Communities Total Apartment Homes Q3 2026 YTD 2026 Total Debt Weighted Average Effective Rates Consolidated Communities 86.6% 13 3,096 $ 10,243 $ 10,243 $ 26,274 5.84% Unconsolidated Communities 69.0% 13 4,049 20,335 53,755 920,002 5.74% Total partially owned communities 26 7,145 $ 30,578 $ 63,998 $ 946,276 5.74% Note: Partially owned consolidated and unconsolidated amounts are presented at 100% of the community. This schedule only includes those communities that are partially owned at September 30, 2026.
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 20 Attachment 12 Structured Investment Program ("SIP") as of September 30, 2026 (Amounts in thousands except for number of commitments and maturity) Year of Commitment Number of Commitments (1) Commitments Weighted Average Quarter of Final Maturity (2) 2022 2 $ 79,575 Q4 2027 2023 4 99,210 Q3 2028 2024 — — — 2025 2 48,000 Q4 2029 2026 1 15,000 Q2 2031 Total 9 $ 241,785 Q4 2028 (1) Consists of investments with a weighted average return of 11.8% based on total commitments. The Company has fully funded these commitments as of September 30, 2026. (2) Includes the impact of contractual extension options which typically allow the borrower to extend the maturity of their loan by up to two years from the initial maturity. The Company recognized interest income from the SIP portfolio of $8.6 million and $23.7 million for the three and nine months ended September 30, 2026, respectively, included in Other income (expense), net on the Consolidated Statements of Operations. Subsequent to quarter-end, the Company received full repayment of $71.9 million, inclusive of principal and accrued interest, on one SIP commitment.
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 21 Attachment 13 Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms ($ in thousands except where otherwise indicated, per share and per apartment home data) (All per share data is diluted) The operational and financial metrics disclosed in this earnings release and supplemental schedules represent a combination of those previously disclosed by AVB and EQR. The operational metrics generally reflect those previously presented by EQR and the financial metrics for development generally consist of those previously provided by AVB. 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 operating, investing or financing activities. Furthermore, these non- GAAP financial measures are not intended to be a measure of cash flow or liquidity. Average Monthly Revenue per Home – As calculated for certain Development communities under construction and in lease-up, reflects management’s projected stabilized rents net of estimated stabilized concessions, including estimated stabilized other revenue and excluding projected Non-Residential revenue. 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. Debt Balances: Commercial Paper Program – The Company may borrow up to a maximum of $2.5 billion under its Commercial Paper Program subject to market conditions. Revolving Credit Facilities – The Company may borrow up to a maximum of $5 billion under two separate unsecured Revolving Credit Facilities. One of the Company’s$2.5 billion Revolving Credit Facilities matures April 3, 2030, and the other matures December 3, 2030. The interest rate on advances under both facilities will generally be SOFR plus a spread (currently 0.70%), or based on bids received from the lending group, and an annual facility fee (currently 0.10%). Both the spread and the facility fee are dependent on the Company’ssenior unsecured credit rating. In addition, the Company limits its utilization of the facilities in order to maintain liquidity to support its $2.5 billion Commercial Paper Program along with certain other obligations. The following table presents the available liquidity on the Company’stotal unsecured Revolving Credit Facilities: September 30, 2026 Unsecured Revolving Credit Facilities commitment $ 5,000,000 Commercial Paper Program balance outstanding (1,022,900) Unsecured Revolving Credit Facilities balance outstanding — Other restricted amounts (4,328) Available liquidity $ 3,972,772 Term Loan Facility – As of September 30, 2026, the Company had $550 million outstanding under its senior unsecured term loan facility, the full amount available under the facility. The facility matures on April 3, 2029 and bears interest at SOFR plus a spread, which is based on the credit ratings of the Company’slong-term unsecured debt and was 0.800% as of September 30, 2026. The Company has entered into interest rate swaps that effectively fix the interest rate on the full $550 million facility. 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 note payable and the credit agreements for our Revolving Credit Facilities. The Company was in compliance with its unsecured debt covenants for all periods presented. 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. Development Underway – Development Underway refers to the Company’swholly-owned communities under construction as of September 30, 2026 and Development completions that have not yet achieved Stabilized Operations.
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 22 Disposition Yield – The Projected NOI that the Company expects to give up over the 12 months following the sale of a community to a third party, divided by the sum of (i) the gross sales price and (ii) any significant capital expenditures the Company expects to avoid over the same 12 months. The weighted average Disposition Yield for communities sold during the period is calculated by weighting each community’sDisposition Yield by its relative gross sales price. 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’sability 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’scredit 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’scredit 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’sactual credit quality. Economic Gain (Loss) – Economic Gain (Loss) is calculated as the net gain (loss) on sales of real estate communities 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 communities 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 community and because it helps investors to understand the relationship between the cash proceeds from a sale and the cash invested in the sold community. 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.
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 23 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. The following table presents reconciliations of EPS to FFO per share and Core FFO per share: Actual Actual Actual Actual Expected Expected Q3 2026 Q3 2025 YTD 2026 YTD 2025 Q4 2026 2026 Per Share Per Share Per Share Per Share Per Share Per Share 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 (1): 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 (1) Core FFO per share also includes the following adjustments, which are presented in Attachment 2 and are not shown separately above: unconsolidated investment activity, loan reserve adjustment, hedge accounting activity, advocacy contributions, severance, (gain) loss on extinguishment of debt and tax benefit (expense). In the aggregate, these adjustments were less than $0.01 per share for each period presented, except for the nine months ended September 30, 2026, when they were approximately $0.01 per share. Per share amounts may not sum due to rounding. Leasing Concessions – Reflects upfront discounts on both new move-in and renewal leases on a straight-line basis. Market Cap Rate – is defined by the Company as Projected NOI of a single community, less an estimate of typical capital expenditure allowance per apartment home, divided by the gross sales price for the community. The Market Cap Rate, which may be determined in a different manner by others, is a measure frequently used in the real estate industry when determining the appropriate purchase price for a community or estimating the value for a community. Buyers may assign different Market Cap Rates to different communities when determining the appropriate value because they (i) may project different rates of change in operating expenses and capital expenditure estimates and (ii) may project different rates of change in future rental revenue due to
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 24 different estimates for changes in rent and occupancy levels. The weighted average Market Cap Rate is weighted based on the gross sales price of each community. Net Operating Income ("NOI") – NOI is the Company’sprimary 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 Q2 2026 Q1 2026 Q4 2025 Q3 2025 YTD 2026 YTD 2025 Net (loss) income $ (747,141) $ 156,892 $ 328,290 $ 165,983 $ 384,162 $ (261,959) $ 890,614 Adjustments: Management, development and other fee revenue (1,954) (1,782) (1,832) (1,838) (1,870) (5,568) (5,204) Property management expense 56,273 40,265 39,933 37,939 39,062 136,471 116,653 General and administrative expense 118,308 27,138 22,075 21,880 22,052 167,521 64,828 Expensed development and pursuit costs 5,017 7,609 3,416 2,217 1,392 16,042 8,629 Transaction costs 464,321 12,367 — — — 476,688 — Depreciation 897,976 232,975 233,105 233,387 230,371 1,364,056 679,989 Interest expense 123,791 71,826 73,035 71,043 68,172 268,652 197,933 Casualty and impairment loss 2,374 — 4,619 418 — 6,993 858 (Gain) loss on sale of communities (108,304) 338 (179,911) 368 (180,155) (287,877) (336,081) (Income) loss from unconsolidated real estate investments 5,811 268 207 88 (137) 6,286 (552) Non-operating (gains) losses (3,593) (8,147) 6,224 484 (42,454) (5,516) (43,849) Other (income) expense, net (11,446) (9,459) (9,028) (9,530) (9,594) (29,933) (27,740) Tax (benefit) expense (672) 104 (264) (247) (166) (832) (772) Total NOI $ 800,761 $ 530,394 $ 519,869 $ 522,192 $ 510,835 $ 1,851,024 $ 1,545,306 Revenues: Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 YTD 2026 YTD 2025 Merged residential same store $ 1,473,916 $ 1,460,333 $ 1,443,526 $ 1,438,657 $ 1,440,041 $ 4,377,775 $ 4,288,919 Merged non-residential same store 21,218 19,829 22,218 21,263 21,784 63,265 64,748 Merged total same store 1,495,134 1,480,162 1,465,744 1,459,920 1,461,825 4,441,040 4,353,667 Non-same store/other (1) (301,604) (704,176) (697,298) (693,902) (696,899) (1,703,078) (2,086,002) Total revenues 1,193,530 775,986 768,446 766,018 764,926 2,737,962 2,267,665 Operating expenses: Merged residential same store 497,374 474,552 482,127 464,242 480,025 1,454,053 1,402,431 Merged non-residential same store 6,355 6,325 6,714 6,157 6,114 19,394 17,849 Merged total same store 503,729 480,877 488,841 470,399 486,139 1,473,447 1,420,280 Non-same store/other (1) (110,960) (235,285) (240,264) (226,573) (232,048) (586,509) (697,921) Total operating expenses 392,769 245,592 248,577 243,826 254,091 886,938 722,359 NOI: Merged residential same store 976,542 985,781 961,399 974,415 960,016 2,923,722 2,886,488 Merged non-residential same store 14,863 13,504 15,504 15,106 15,670 43,871 46,899 Merged total same store 991,405 999,285 976,903 989,521 975,686 2,967,593 2,933,387 Non-same store/other (1) (190,644) (468,891) (457,034) (467,329) (464,851) (1,116,569) (1,388,081) Total NOI $ 800,761 $ 530,394 $ 519,869 $ 522,192 $ 510,835 $ 1,851,024 $ 1,545,306
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 25 (1) Includes NOI from non-same store communities offset by 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. 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 – Represents results attributable to the non-apartment components of the Company's mixed-use communities and other commercial operations. Other Community Merged NOI – Other Community Merged NOI is the NOI of the Company’s communities and commercial operations that are not included in the Merged Same Store Portfolio. It excludes communities disposed of or classified as held for sale as of period-end. Other Community Merged NOI includes legacy EQR communities not included in the Merged Same Store Portfolio if they were owned by the Company during the full period presented. For the portion of the period before the Merger, Other Community Merged NOI includes the operating results of the legacy EQR communities, which results are not included in the Company’sconsolidated financial statements for that period. They are derived from legacy EQR’shistorical accounting records and are unaudited. As a result, Other Community Merged NOI for those periods does not indicate the results the combined company would have achieved had the Merger occurred at the beginning of the period. The Company believes Other Community Merged NOI is useful to investors because, together with Merged Same Store NOI, it shows the community-level operating results of the combined company’sentire portfolio for the period, excluding corporate-level expenses and other items not related to community operations. The Company’scomputation may differ from the methodology other companies use and therefore may not be comparable. Percentage of Residents Renewing – Leases renewed expressed as a percentage of total renewal offers extended during the reporting period. 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. Projected NOI - as used within this release for certain Development communities and in calculating the Market Cap Rate, represents management’sestimate, as of the date of this release (or as of the date of the buyer’svaluation in the case of dispositions), of projected stabilized rental revenue minus projected stabilized operating expenses. For Development communities, Projected NOI is calculated based on the first twelve months of Stabilized Operations following the completion of construction. In calculating the Market Cap Rate, Projected NOI for dispositions is calculated for the first twelve months following the date of the buyer’svaluation (assuming no repositioning). Projected stabilized rental revenue represents management’sestimate of projected gross potential minus projected stabilized physical vacancy and adjusted for projected stabilized concessions plus projected stabilized other rental revenue. Projected stabilized operating expenses do not include interest, income taxes (if any), depreciation or amortization, or any allocation of corporate-level property management overhead or general and administrative costs. For Development communities, projected stabilized operating expenses also do not include property management fee expense. For Market Cap Rate, projected stabilized operating expenses include a management fee of 2.5% and an estimate of typical market costs for insurance, payroll and other operating expenses for which the Company may have proprietary advantages not available to a typical buyer. Projected gross potential for Development communities and dispositions is generally based on leased rents for occupied homes and management’sbest estimate of rental levels for homes which are currently unleased. The weighted average Projected NOI as a percentage of Total Capital Cost is weighted based on the Total Capital Cost of each community. 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’spre-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 – Represents results attributable to the Company's apartment rental operations, including parking and other ancillary revenue. Same Store:
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 26 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’sconsolidated financial statements for those periods. They are derived from legacy EQR’shistorical 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’scommunities. 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. 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 center 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’sapartment communities. Repairs and Maintenance – Includes costs associated with maintaining apartment communities, including grounds, unit turnover, cleaning, painting, building systems, equipment, safety and other routine maintenance and repair costs.
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 27 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. Structured Investment Program ("SIP") – The Company’sinvestments platform that provides mezzanine loans or preferred equity to third party multifamily developers. Total Capital Cost – Total Capital Cost includes all capitalized costs projected to be or actually incurred to develop the respective Development or Redevelopment community, including land acquisition costs, construction costs, real estate taxes, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees and a contingency estimate, offset by proceeds from the sale of any associated land or improvements, all as determined in accordance with GAAP. Total Capital Cost also includes costs incurred related to first generation commercial tenants, such as tenant improvements and leasing commissions. For Redevelopment communities, Total Capital Cost excludes costs incurred prior to the start of redevelopment when indicated. With respect to communities where development or redevelopment was completed in a prior period or the current period, Total Capital Cost reflects the actual cost incurred, plus any contingency estimate made by management. Total Capital Cost for communities identified as having joint venture ownership, either during construction or upon construction completion, represents the total projected joint venture contribution amount. For joint ventures not in construction, Total Capital Cost is equal to gross real estate cost. 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’sDownREIT units, operating partnership units outstanding, including restricted units (based on the market value of the Company’s common shares) and the outstanding GAAP balance of total debt. The Company believes this is a useful measure of a real estate operating company’slong-term liquidity and balance sheet strength, because it shows an approximate relationship between a company’stotal debt and the current total market value of its assets based on the current price at which the Company’scommon shares trade. However, because this measure changes with fluctuations in the Company’sshare price, which occur regularly, this measure may change even when the Company’searnings, interest and debt levels remain stable. 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. Units: DownREIT Units – Units representing limited partnership interests in the "DownREIT" partnership that acquired the Dallas/Fort Worth portfolio of six communities in April 2025. Each DownREIT Unit is entitled to receive quarterly distributions at the same rate as quarterly dividends on a Company common share. Each holder of a DownREIT Unit has the right to initiate a transaction in which each DownREIT Unit may be redeemed for a cash amount related to the then-current trading price of one Company common share or, at the Company’selection, one Company common share. 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. Weighted Average Contractual Rate – The contractual interest rate of each debt instrument, weighted by its principal balance as of period-end. For variable rate debt, the contractual rate is the rate in effect as of period-end. Weighted Average Effective Rates – The effective interest rate of each debt instrument for the period, weighted by its average principal balance during the period. The effective interest rate is annualized interest expense divided by average principal balance. Interest expense includes the amortization of premiums, discounts and debt issuance costs, and the impact of hedging activity.
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 28 Forward-Looking Statements In addition to historical information, this press release and accompanying supplemental information contain “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’sdebt, capital structure and financial position. Such forward-looking statements 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, including resulting expense and the effects of any outcomes related thereto; the risk that disruptions related to post-Merger integration and other efforts, and resulting diversion of the attention of Vivmark management from ongoing business operations, will harm Vivmark’s business; potential business uncertainty, including changes to existing business relationships with tenants, employees, joint venture partners and third parties, following the Merger that could affect Vivmark’sfinancial performance; increased costs of labor and construction material; maintenance of real estate investment trust status, tax structuring and changes in income tax laws and rates; 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; increases in Vivmark’sborrowing costs as a result of changes in interest rates, rising inflation and other factors; 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’sshare 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; an outbreak of disease or other public health event may affect the multifamily industry and general economy; 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; lack of success in our management of joint ventures and the REIT vehicles that are used with certain joint ventures; casualty loss, natural disaster or severe weather event, including those caused by climate change; an increase in the level of new multifamily communities construction and development, which may cause heightened competition for tenants and increased pressure on our rental rates; 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; our expectations, estimates and assumptions as of the date of this presentation regarding legal proceedings changing, including as a result of the Merger; and 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; a downgrade in our credit ratings that could increase our borrowing costs and adversely affect our liquidity and ability to access the capital markets, including the commercial paper market; 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
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Third Quarter 2026 Supplemental Operating and Financial Data Table of Contents 29 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’ssubsequent filings with the Securities and Exchange Commission (the “SEC”),in each case which are available via the SEC’swebsite 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’sforward-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.