Equity Residential Reports Third Quarter 2025 Results

CHICAGO--( BUSINESS WIRE)--Equity Residential (NYSE: EQR) today reported results for the quarter and nine months ended September 30, 2025.

Third Quarter 2025 Results

All per share results are reported as available to common shares/units on a diluted basis.

Quarter Ended September 30,

2025

2024

$ Change

% Change

Earnings Per Share (EPS)

0.76

0.38

100.0

Funds from Operations (FFO) per share

1.05

0.99

0.06

6.1

Normalized FFO (NFFO) per share

1.02

0.98

0.04

4.1

Nine Months Ended September 30,

2025

2024

$ Change

% Change

Earnings Per Share (EPS)

1.93

1.62

0.31

19.1

Funds from Operations (FFO) per share

2.97

2.79

0.18

6.5

Normalized FFO (NFFO) per share

2.96

2.89

0.07

2.4

Recent Highlights

“Our portfolio, with its unique exposure to the well performing urban centers of San Francisco and New York, produced good results in the quarter and our sophisticated operating platform continues to deliver efficiency and convenience to our customers, as well as financial benefit to our shareholders. Going forward, we expect our accelerating investment in technology to enhance both financial and customer service results,” said Mark J. Parrell, Equity Residential’s President and CEO. “We continue to see a favorable outlook for our business given the low levels of housing supply expected to be delivered over the next several years, particularly in our Coastal markets, powerful cost and social dynamics favoring rentership and a customer base that remains well employed with rising incomes.”

Full Year 2025 Guidance

The Company has provided guidance for its full year 2025 same store operating performance, EPS, FFO per share, Normalized FFO per share and transactions as listed below:

Revised

Change at Midpoint

Same Store (includes Residential and Non-Residential):

Physical Occupancy

96.4%

0.0%

Revenue change

2.5% to 3.0%

2.6% to 3.2%

(0.15%)

Expense change

3.5% to 4.0%

0.0%

NOI change

2.1% to 2.6%

2.2% to 2.8%

(0.15%)

EPS

$2.52 to $2.56

$2.96 to $3.02

$(0.45)

Growth at midpoint vs. 2024 actual

(6.6%)

9.9%

FFO per share

$3.98 to $4.02

$4.03 to $4.09

$(0.06)

Growth at midpoint vs. 2024 actual

6.4%

8.0%

Normalized FFO per share

$3.98 to $4.02

$3.97 to $4.03

$0.00

Growth at midpoint vs. 2024 actual

2.8%

Transactions:

Consolidated rental acquisitions

$750.0M

$1.0B

Consolidated rental dispositions

$750.0M

$1.0B

Transaction Accretion (Dilution)

(25 basis points)

The Company reset the midpoint of same store revenue guidance to reflect a weakening of demand late in the third quarter of 2025, especially in Washington D.C., along with delays in the rollout of certain other income initiatives.

The change in the full year 2025 EPS guidance range is due primarily to lower expected property sale gains and other items including those described below.

The change in the full year 2025 FFO per share guidance range is due primarily to higher expected non-operating asset gains, higher expected insurance/litigation/environmental settlement or reserve expense (see page 28) and the items described below.

There is no change to the midpoint of the Company's full year 2025 Normalized FFO per share guidance as better expected property management expense and other items are anticipated to offset the expected reduction in the growth of same store NOI noted above.

The Company has a glossary of defined terms and related reconciliations of Non-GAAP financial measures on pages 30 through 35 of this release. Reconciliations and definitions of FFO and Normalized FFO are provided on pages 7, 32 and 33 of this release.

Results Per Share

The changes in EPS for the quarter and nine months ended September 30, 2025 compared to the same periods of 2024 are due primarily to higher property sale gains, higher depreciation expense, the various adjustment items listed on page 28 of this release and the items described below.

The per share changes in FFO for the quarter and nine months ended September 30, 2025 compared to the same periods of 2024 are due primarily to the various adjustment items listed on page 28 of this release and the items described below.

The per share changes in Normalized FFO are due primarily to:

Positive/(Negative) Impact

Third Quarter 2025 vs.

Third Quarter 2024

September YTD 2025 vs.

September YTD 2024

Residential same store NOI

0.03

0.08

Non-Residential same store NOI

–

(0.01

)

Lease-Up NOI

0.01

2025 and 2024 transaction activity impact on NOI, net

0.01

0.05

Interest expense, net

(0.02

)

(0.05

)

Other items (including corporate overhead) (1)

0.01

(0.01

)

Net

0.04

0.07

(1)

Corporate overhead includes property management and general administrative expenses.

Same Store Results

The following table shows the total same store results for the periods presented (includes Residential and Non-Residential).

Third Quarter 2025 vs.

Third Quarter 2024

Third Quarter 2025 vs.

Second Quarter 2025

September YTD 2025 vs.

September YTD 2024

Apartment Units

75,473

80,846

74,595

Physical Occupancy

96.3% vs. 96.1%

96.3% vs. 96.5%

96.5% vs. 96.2%

Revenues

3.0%

0.7%

2.6%

Expenses

3.6%

2.5%

3.9%

NOI

2.8%

(0.2%)

2.0%

The following table reflects the detail of the change in Same Store Residential Revenues, which is presented on a GAAP basis showing Leasing Concessions on a straight-line basis.

Third Quarter 2025 vs.

Third Quarter 2024

Third Quarter 2025 vs.

Second Quarter 2025

September YTD 2025 vs.

September YTD 2024

% Change

Same Store Residential Revenues-

comparable period

Lease rates

2.0

0.8

2.0

Leasing Concessions

(0.1

Vacancy gain (loss)

0.2

(0.4

0.2

Bad Debt, Net (1)

0.2

0.1

Other (2)

0.7

0.2

0.6

Same Store Residential Revenues-

current period

3.0

0.6

2.8

(1)

Change in rental income due to bad debt write-offs and reserves, net of amounts (including governmental rental assistance payments) collected on previously written-off or reserved accounts. See page 13 for more detail.

(2)

Includes ancillary income, utility recoveries, early lease termination income, miscellaneous income and other items.

See page 12 for detail and reconciliations of Same Store Residential Revenues on a GAAP basis to Same Store Residential Revenues with Leasing Concessions on a cash basis.

Residential Same Store Operating Statistics

The following table includes select operating metrics for Residential Same Store Properties (for 74,595 same store apartment units):

Q3 2025

Q2 2025

Q3 2024

Physical Occupancy

96.3%

96.6%

96.1%

Percentage of Residents Renewing by quarter

58.5%

60.1%

56.7%

New Lease Change

(1.0%)

(0.1%)

(1.3%)

Renewal Rate Achieved

4.5%

5.1%

4.6%

Blended Rate (1)

2.2%

3.0%

2.0%

(1)

Blended Rates for Established Markets were 2.5%, 3.4% and 2.4% for Q3 2025, Q2 2025 and Q3 2024, respectively. See page 17.

In the third quarter of 2025, Blended Rate was at the low end of expectations and for the fourth quarter of 2025, Blended Rate is expected to be between 0.25% and 0.75%.

Investment Activity

During the third quarter of 2025, the Company acquired a 375-unit property located in Arlington, TX for an acquisition price of approximately $103.0 million at an Acquisition Cap Rate of 5.0%. The acquired property was constructed in 2023. During the first nine months of 2025, the Company acquired nine properties, consisting of 2,439 apartment units, for an aggregate acquisition price of approximately $636.8 million at a weighted average Acquisition Cap Rate of 5.1%. The acquired properties are 14 years old on average.

During the third quarter of 2025, the Company sold two properties, one in suburban Boston and one in Arlington, VA, consisting of 495 apartment units, for an aggregate sale price of approximately $247.9 million at a weighted average Disposition Yield of 5.1%. The operating properties sold during the quarter ended September 30, 2025 have an average age of 29 years. During the first nine months of 2025, the Company sold five properties consisting of 1,330 apartment units, for an aggregate sale price of approximately $594.5 million at a weighted average Disposition Yield of 5.1%. The Company also sold one land parcel for a sale price of approximately $4.3 million during the first quarter of 2025. The operating properties sold during the first nine months of 2025 have an average age of 23 years.

During the first nine months of 2025, the Company completed a wholly owned development project in each of its San Francisco and Denver markets, consisting of an aggregate of 495 apartment units, for a total cost of approximately $237.8 million. During the first nine months of 2025, the Company also completed one joint venture development project in its New York market, consisting of 450 apartment units, for a total cost of approximately $201.2 million.

Capital Markets Activity

During the third quarter of 2025 and subsequent to the end of the third quarter of 2025, the Company repurchased and retired approximately 1.5 million of its common shares at a weighted average purchase price of $64.26 per share, for an aggregate purchased amount of approximately $99.1 million.

Fourth Quarter 2025 Guidance

The Company has established guidance ranges for the fourth quarter of 2025 EPS, FFO per share and Normalized FFO per share as listed below:

Q4 2025

Guidance

EPS

$0.59 to $0.63

FFO per share

$1.01 to $1.05

Normalized FFO per share

$1.02 to $1.06

The difference between the third quarter of 2025 actual EPS of $0.76 and the fourth quarter of 2025 EPS guidance midpoint of $0.61 is due primarily to lower expected property sale gains and other items including those described below.

The difference between the third quarter of 2025 actual FFO of $1.05 per share and the fourth quarter of 2025 FFO guidance midpoint of $1.03 per share is due primarily to lower expected non-operating asset gains and the items described below.

The difference between the third quarter of 2025 actual Normalized FFO of $1.02 per share and the fourth quarter of 2025 Normalized FFO guidance midpoint of $1.04 per share is due primarily to:

Expected

Positive/(Negative)

Impact

Fourth Quarter 2025 vs.

Third Quarter 2025

Residential same store NOI

0.02

Lease-Up NOI

0.01

Corporate overhead

(0.01

)

Net

0.02

About Equity Residential

Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, owns and manages 318 rental properties consisting of 86,320 apartment units in dynamic metro areas across the U.S. with a primary concentration in major coastal markets, diversified by a targeted presence in the high-growth metro areas of Atlanta, Austin, Dallas/Ft. Worth and Denver. For more information on Equity Residential, please visit our website at www.equityapartments.com.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements and information within the meaning of the federal securities laws. These statements are based on current expectations, estimates, projections and assumptions made by management. While Equity Residential’s management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks, including, without limitation, changes in general market conditions, including the rate of job growth and cost of labor and construction material, the level of new multifamily construction and development, government regulations and competition. These and other risks and uncertainties are described under the heading “Risk Factors” in our Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC) and available on our website, www.equityapartments.com. Many of these uncertainties and risks are difficult to predict and beyond management’s control. Forward-looking statements are not guarantees of future performance, results or events. Equity Residential assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

A live web cast of the Company’s conference call discussing these results will take place tomorrow, Wednesday, October 29, 2025 at 10:00 a.m. CT. Please visit the Investor section of the Company’s website at www.equityapartments.com for the webcast link.

Equity Residential

Consolidated Statements of Operations

(Amounts in thousands except per share data)

(Unaudited)

Nine Months Ended September 30,

Quarter Ended September 30,

2025

2024

2025

2024

REVENUES

Rental income

2,312,048

2,213,329

782,411

748,348

EXPENSES

Property and maintenance

424,868

396,349

144,621

135,221

Real estate taxes and insurance

335,917

320,452

111,833

105,954

Property management

100,691

100,381

30,089

31,412

General and administrative

51,450

48,902

14,664

14,551

Depreciation

752,292

688,041

254,657

237,948

Total expenses

1,665,218

1,554,125

555,864

525,086

Net gain (loss) on sales of real estate properties

355,117

227,829

142,685

(165

)

Interest and other income

49,040

26,501

45,219

15,844

Other expenses

(39,903

)

(59,094

)

(30,942

)

(13,971

)

Interest:

Expense incurred, net

(227,572

)

(205,762

)

(80,141

)

(72,722

)

Amortization of deferred financing costs

(6,369

)

(5,784

)

(2,122

)

(1,948

)

Income before income and other taxes, income (loss) from

investments in unconsolidated entities and net gain (loss)

on sales of land parcels

777,143

642,894

301,246

150,300

Income and other tax (expense) benefit

(1,224

)

(925

)

(395

)

(290

)

Income (loss) from investments in unconsolidated entities

(15,388

)

(4,865

)

(3,981

)

(1,493

)

Net gain (loss) on sales of land parcels

(80

)

—

)

—

Net income

760,451

637,104

296,868

148,517

Net (income) loss attributable to Noncontrolling Interests:

Operating Partnership

(19,044

)

(17,290

)

(6,716

)

(4,012

)

Partially Owned Properties

(3,408

)

(3,098

)

(1,101

)

(1,059

)

Net income attributable to controlling interests

737,999

616,716

289,051

143,446

Preferred distributions

(1,067

)

(1,258

)

(356

)

(356

)

Premium on redemption of Preferred Shares

—

(1,444

)

—

Net income available to Common Shares

736,932

614,014

288,695

143,090

Earnings per share – basic:

Net income available to Common Shares

1.94

1.62

0.76

0.38

Weighted average Common Shares outstanding

379,775

378,718

380,593

378,756

Earnings per share – diluted:

Net income available to Common Shares

1.93

1.62

0.76

0.38

Weighted average Common Shares outstanding

391,127

390,688

390,966

391,026

Distributions declared per Common Share outstanding

2.0775

2.025

0.6925

0.675

Equity Residential

Consolidated Statements of Funds From Operations and Normalized Funds From Operations

(Amounts in thousands except per share and Unit data)

(Unaudited)

Nine Months Ended September 30,

Quarter Ended September 30,

2025

2024

2025

2024

Net income

760,451

637,104

296,868

148,517

Net (income) loss attributable to Noncontrolling Interests – Partially

Owned Properties

(3,408

)

(3,098

)

(1,101

)

(1,059

)

Preferred distributions

(1,067

)

(1,258

)

(356

)

(356

)

Premium on redemption of Preferred Shares

—

(1,444

)

—

Net income available to Common Shares and Units

755,976

631,304

295,411

147,102

Adjustments:

Depreciation

752,292

688,041

254,657

237,948

Depreciation – Non-real estate additions

(2,697

)

(2,839

)

(863

)

(942

)

Depreciation – Partially Owned Properties

(1,467

)

(1,645

)

(504

)

(556

)

Depreciation – Unconsolidated Properties

12,918

3,881

4,183

2,429

Net (gain) loss on sales of unconsolidated entities - operating

assets

(138

)

(710

)

—

(710

)

Net (gain) loss on sales of real estate properties

(355,117

)

(227,829

)

(142,685

)

165

FFO available to Common Shares and Units

1,161,767

1,090,203

410,199

385,436

Adjustments (see note for additional detail):

Write-off of pursuit costs

6,122

1,905

4,074

536

Debt extinguishment and preferred share redemption (gains)

losses

1,444

—

Non-operating asset (gains) losses

(23,717

)

(17,452

)

(24,341

)

(14,236

)

Other miscellaneous items

14,189

53,432

9,218

12,758

Normalized FFO available to Common Shares and Units

1,158,458

1,129,532

399,150

384,494

FFO

1,162,834

1,092,905

410,555

385,792

Preferred distributions

(1,067

)

(1,258

)

(356

)

(356

)

Premium on redemption of Preferred Shares

—

(1,444

)

—

FFO available to Common Shares and Units

1,161,767

1,090,203

410,199

385,436

FFO per share and Unit – basic

2.98

2.80

1.05

0.99

FFO per share and Unit – diluted

2.97

2.79

1.05

0.99

Normalized FFO

1,159,525

1,130,790

399,506

384,850

Preferred distributions

(1,067

)

(1,258

)

(356

)

(356

)

Normalized FFO available to Common Shares and Units

1,158,458

1,129,532

399,150

384,494

Normalized FFO per share and Unit – basic

2.97

2.90

1.02

0.99

Normalized FFO per share and Unit – diluted

2.96

2.89

1.02

0.98

Weighted average Common Shares and Units outstanding – basic

389,667

389,379

389,446

389,379

Weighted average Common Shares and Units outstanding – diluted

391,127

390,688

390,966

391,026

Note: See Adjustments from FFO to Normalized FFO for additional detail regarding the adjustments from FFO to Normalized FFO. See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Term s for the definitions of non-GAAP financial measures and other terms as well as the reconciliations of EPS to FFO per share and Normalized FFO per share.

Equity Residential

Consolidated Balance Sheets

(Amounts in thousands except for share amounts)

(Unaudited)

September 30,

December 31,

2025

2024

ASSETS

Land

5,615,228

5,606,531

Depreciable property

24,767,133

24,039,412

Projects under development

163,194

261,706

Land held for development

56,953

63,142

Investment in real estate

30,602,508

29,970,791

Accumulated depreciation

(10,976,770

)

(10,412,463

)

Investment in real estate, net

19,625,738

19,558,328

Investments in unconsolidated entities 1

400,077

386,531

Cash and cash equivalents

93,092

62,302

Restricted deposits

106,410

97,864

Right-of-use assets

449,670

455,445

Other assets

390,076

273,706

Total assets

21,065,063

20,834,176

LIABILITIES AND EQUITY

Liabilities:

Mortgage notes payable, net

1,592,935

1,630,690

Notes, net

5,996,686

5,947,376

Line of credit and commercial paper

846,166

543,679

Accounts payable and accrued expenses

154,003

99,347

Accrued interest payable

54,644

74,176

Lease liabilities

304,814

304,897

Other liabilities

298,336

310,559

Security deposits

82,577

75,611

Distributions payable

269,873

263,494

Total liabilities

9,600,034

9,249,829

Commitments and contingencies

Redeemable Noncontrolling Interests – Operating Partnership

181,625

338,563

Equity:

Shareholders' equity:

Preferred Shares of beneficial interest, $0.01 par value;

100,000,000 shares authorized; 343,100 shares issued and

outstanding as of September 30, 2025 and December 31, 2024

17,155

Common Shares of beneficial interest, $0.01 par value;

1,000,000,000 shares authorized; 380,546,634 shares issued

and outstanding as of September 30, 2025 and 379,475,383

shares issued and outstanding as of December 31, 2024

3,805

3,795

Paid in capital

9,801,972

9,611,826

Retained earnings

1,260,124

1,407,570

Accumulated other comprehensive income (loss)

1,893

4,214

Total shareholders’ equity

11,084,949

11,044,560

Noncontrolling Interests:

Operating Partnership

200,246

201,942

Partially Owned Properties

(1,791

)

(718

)

Total Noncontrolling Interests

198,455

201,224

Total equity

11,283,404

11,245,784

Total liabilities and equity

21,065,063

20,834,176

(1)

Includes $335.8 million and $324.0 million in unconsolidated development and lease-up projects as of September 30, 2025 and December 31, 2024, respectively. See Development and Lease-Up Projects for additional detail on unconsolidated projects.

Equity Residential

Portfolio Summary

As of September 30, 2025

% of

Stabilized

Average

Apartment

Budgeted

Rental

Markets/Metro Areas

Properties

Units

NOI

Rate

Established Markets:

Los Angeles

14,733

16.5

2,983

Orange County

3,718

4.7

3,003

San Diego

2,209

3.1

3,350

Subtotal – Southern California

20,660

24.3

3,026

San Francisco

11,558

15.1

3,503

Washington, D.C.

13,553

14.6

2,862

New York

8,986

14.4

4,802

Boston

7,034

10.9

3,711

Seattle

8,459

9.4

2,703

Subtotal – Established Markets

264

70,250

88.7

3,332

Expansion Markets:

Atlanta

6,420

4.4

1,959

Denver

4,678

4.2

2,287

Dallas/Ft. Worth

4,230

2.4

1,935

Austin

742

0.3

1,687

Subtotal – Expansion Markets

16,070

11.3

2,036

Total

318

86,320

100.0

3,094

Properties

Apartment Units

Wholly Owned Properties

301

81,952

Partially Owned Properties – Consolidated

2,656

Partially Owned Properties – Unconsolidated

1,712

318

86,320

Note: Projects under development are not included in the Portfolio Summary until construction has been completed.

Equity Residential

Portfolio Rollforward Q3 2025

($ in thousands)

Properties

Apartment

Units

Purchase

Price

Acquisition

Cap Rate

6/30/2025

319

86,422

Acquisitions:

Consolidated Rental Properties

375

103,000

5.0

Sales Price

Disposition

Yield

Dispositions:

Consolidated Rental Properties

)

(495

)

(247,850

)

(5.1

Configuration Changes

—

9/30/2025

318

86,320

Portfolio Rollforward 2025

($ in thousands)

Properties

Apartment

Units

Purchase

Price

Acquisition

Cap Rate

12/31/2024

311

84,249

Acquisitions:

Consolidated Rental Properties

2,439

636,843

5.1

Sales Price

Disposition

Yield

Dispositions:

Consolidated Rental Properties

)

(1,330

)

(594,450

)

(5.1

Consolidated Land Parcels

—

(4,300

)

Completed Developments – Consolidated

495

Completed Developments – Unconsolidated

450

Configuration Changes

—

9/30/2025

318

86,320

Equity Residential

Third Quarter 2025 vs. Third Quarter 2024

Same Store Results/Statistics Including 75,473 Same Store Apartment Units

(includes Residential and Non-Residential)

($ in thousands except for Average Rental Rate)

Results

Statistics

Description

Revenues

Expenses

NOI

Average

Rental

Rate

Physical

Occupancy

Turnover

Q3 2025

727,555

234,572

492,983

3,218

96.3

13.1

Q3 2024

706,135

226,494

479,641

3,133

96.1

13.3

Change

21,420

8,078

13,342

0.2

(0.2

Change

3.0

3.6

2.8

2.7

Third Quarter 2025 vs. Second Quarter 2025

Same Store Results/Statistics Including 80,846 Same Store Apartment Units

(includes Residential and Non-Residential)

($ in thousands except for Average Rental Rate)

Results

Statistics

Description

Revenues

Expenses

NOI

Average

Rental

Rate

Physical

Occupancy

Turnover

Q3 2025

760,107

245,582

514,525

3,141

96.3

13.3

Q2 2025

754,909

239,555

515,354

3,114

96.5

11.2

Change

5,198

6,027

(829

)

(0.2

2.1

Change

0.7

2.5

(0.2

0.9

September YTD 2025 vs. September YTD 2024

Same Store Results/Statistics Including 74,595 Same Store Apartment Units

(includes Residential and Non-Residential)

($ in thousands except for Average Rental Rate)

Results

Statistics

Description

Revenues

Expenses

NOI

Average

Rental

Rate

Physical

Occupancy

Turnover

September YTD 2025

2,145,055

691,712

1,453,343

3,194

96.5

32.1

September YTD 2024

2,090,438

665,731

1,424,707

3,114

96.2

33.6

Change

54,617

25,981

28,636

0.3

(1.5

Change

2.6

3.9

2.0

2.6

Equity Residential

Same Store Residential Revenues – GAAP to Cash Basis (1)

($ in thousands)

Third Quarter 2025 vs. Third Quarter 2024

Third Quarter 2025 vs. Second Quarter 2025

Sept. YTD 2025 vs. Sept. YTD 2024

75,473 Same Store Apartment Units

80,846 Same Store Apartment Units

74,595 Same Store Apartment Units

Q3 2025

Q3 2024

Q3 2025

Q2 2025

Sept. YTD 2025

Sept. YTD 2024

Same Store Residential Revenues (GAAP Basis)

701,383

681,200

733,147

728,526

2,066,935

2,010,703

Leasing Concessions amortized

5,853

5,119

6,820

6,419

16,386

14,720

Leasing Concessions granted

(7,012

)

(6,047

)

(8,056

)

(6,376

)

(17,868

)

(14,281

)

Same Store Residential Revenues with Leasing

Concessions on a cash basis

700,224

680,272

731,911

728,569

2,065,453

2,011,142

% change - GAAP revenue

3.0

0.6

2.8

% change - cash revenue

2.9

0.5

2.7

(1)

See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional detail.

Same Store Net Operating Income By Quarter

Including 74,595 Same Store Apartment Units

(includes Residential and Non-Residential)

($ in thousands)

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

Same store revenues

721,110

715,449

708,496

702,485

699,820

Same store expenses

232,767

226,059

232,886

219,601

224,318

Same store NOI

488,343

489,390

475,610

482,884

475,502

Equity Residential

Same Store Residential Accounts Receivable Balances

Including 74,595 Same Store Apartment Units

($ in thousands)

Balance Sheet (Other assets):

September 30, 2025

June 30, 2025

September 30, 2024

Residential accounts receivable balances

12,135

12,815

14,903

Allowance for doubtful accounts

(6,975

)

(7,831

)

(9,594

)

Net receivable balances

5,160

4,984

5,309

Straight-line receivable balances

10,269

(1)

9,167

8,011

(1)

Total same store Residential Leasing Concessions granted in the third quarter of 2025 were approximately $6.9 million. The straight-line receivable balance of $10.3 million reflects Residential Leasing Concessions that the Company expects will be primarily recognized as a reduction of rental revenues in the remainder of 2025 and the first three quarters of 2026.

Same Store Residential Bad Debt

Including 74,595 Same Store Apartment Units

($ in thousands)

Income Statement (Rental income):

Q3 2025

Q2 2025

Q3 2024

Bad debts before governmental rental assistance

6,269

6,929

7,136

Governmental rental assistance received

(173

)

(268

)

(47

)

Bad Debt, Net

6,096

6,661

7,089

Bad Debt, Net as a % of Same Store Residential Revenues

0.9

1.0

1.1

Equity Residential

Third Quarter 2025 vs. Third Quarter 2024

Same Store Residential Results/Statistics by Market

Increase (Decrease) from Prior Year's Quarter

Markets/Metro Areas

Apartment

Units

Q3 2025

% of

Actual

NOI

Q3 2025

Average

Rental

Rate

Q3 2025

Weighted

Average

Physical

Occupancy %

Q3 2025

Turnover

Revenues

Expenses

NOI

Average

Rental

Rate

Physical

Occupancy

Turnover

Los Angeles

14,136

17.4

2,982

95.9

12.0

1.8

3.9

0.9

1.4

0.4

(0.5

Orange County

3,718

5.2

3,003

96.2

12.1

2.3

2.5

2.3

0.1

1.4

San Diego

2,209

3.5

3,350

96.1

12.1

3.2

5.5

2.6

3.0

0.2

(1.0

Subtotal – Southern California

20,063

26.1

3,027

95.9

12.0

2.1

3.8

1.4

1.8

0.2

(0.2

San Francisco

11,333

17.0

3,476

96.9

11.7

5.4

3.0

6.5

4.3

1.1

(0.9

Washington, D.C.

13,553

15.7

2,862

96.3

14.4

3.4

4.7

2.7

3.6

(0.3

0.4

New York

8,536

15.1

4,852

97.6

12.0

4.2

3.9

4.3

3.9

0.2

1.0

Boston

6,874

11.0

3,732

96.3

15.1

2.6

8.0

0.5

2.3

0.2

Seattle

8,458

9.8

2,703

96.2

12.4

2.9

2.1

3.2

2.7

0.1

(1.7

Denver

2,792

2.7

2,319

95.0

18.5

(4.1

(3.7

(4.3

(3.5

(0.8

0.7

Other Expansion Markets

3,864

2.6

1,879

94.8

15.2

(3.3

(7.5

(0.3

(2.8

(0.4

(0.8

Total

75,473

100.0

3,218

96.3

13.1

3.0

3.4

2.7

0.2

(0.2

Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the nine months ended September 30, 2025.

Equity Residential

Third Quarter 2025 vs. Second Quarter 2025

Same Store Residential Results/Statistics by Market

Increase (Decrease) from Prior Quarter

Markets/Metro Areas

Apartment

Units

Q3 2025

% of

Actual

NOI

Q3 2025

Average

Rental

Rate

Q3 2025

Weighted

Average

Physical

Occupancy %

Q3 2025

Turnover

Revenues

Expenses

NOI

Average

Rental

Rate

Physical

Occupancy

Turnover

Los Angeles

14,136

16.7

2,982

95.9

12.0

0.5

2.9

(0.5

0.4

0.2

1.2

Orange County

3,718

5.0

3,003

96.2

12.1

0.8

7.5

(1.1

1.2

(0.3

2.6

San Diego

2,209

3.3

3,350

96.1

12.1

0.9

2.8

0.4

1.6

(0.7

1.1

Subtotal – Southern California

20,063

25.0

3,027

95.9

12.0

0.6

3.5

(0.5

0.7

(0.1

1.4

San Francisco

11,333

16.2

3,476

96.9

11.7

1.4

4.0

0.3

1.7

(0.3

1.6

Washington, D.C.

13,553

15.1

2,862

96.3

14.4

0.5

7.5

(2.6

1.1

(0.5

2.4

New York

8,536

14.5

4,852

97.6

12.0

1.2

0.4

1.7

1.5

(0.3

2.3

Boston

7,034

10.7

3,711

96.3

15.0

0.6

4.5

(1.0

0.9

(0.4

3.8

Seattle

8,458

9.4

2,703

96.2

12.4

0.8

1.6

0.5

1.0

(0.2

0.5

Denver

4,199

3.7

2,283

95.1

18.3

(2.3

(0.3

(3.3

(1.8

(0.7

4.8

Other Expansion Markets

7,670

5.4

1,923

95.4

14.6

(0.7

(7.5

3.8

(0.8

0.1

1.7

Total

80,846

100.0

3,141

96.3

13.3

0.6

2.5

(0.2

0.9

(0.2

2.1

Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the nine months ended September 30, 2025.

Equity Residential

September YTD 2025 vs. September YTD 2024

Same Store Residential Results/Statistics by Market

Increase (Decrease) from Prior Year

Markets/Metro Areas

Apartment

Units

Sept. YTD 25

% of

Actual

NOI

Sept. YTD 25

Average

Rental

Rate

Sept. YTD 25

Weighted

Average

Physical

Occupancy %

Sept. YTD 25

Turnover

Revenues

Expenses

NOI

Average

Rental

Rate

Physical

Occupancy

Turnover

Los Angeles

14,136

17.7

2,969

95.8

31.8

1.5

3.9

0.4

1.3

0.2

(1.9

Orange County

3,718

5.3

2,979

96.3

28.8

2.4

2.8

2.3

2.1

0.3

(0.1

San Diego

2,209

3.5

3,310

96.4

31.9

2.5

7.3

1.3

2.1

0.4

(0.6

Subtotal – Southern California

20,063

26.5

3,009

95.9

31.3

1.8

4.1

0.9

1.5

0.2

(1.4

San Francisco

11,111

16.6

3,425

96.9

30.3

4.3

4.2

4.3

3.4

0.7

(3.5

Washington, D.C.

13,241

15.8

2,830

96.8

32.2

4.1

5.1

3.6

4.1

(0.1

(0.5

New York

8,536

15.0

4,781

97.7

27.9

3.9

3.4

4.2

3.4

0.4

0.8

Boston

6,874

11.1

3,703

96.3

33.4

2.5

5.8

1.1

2.4

0.1

(0.2

Seattle

8,458

9.9

2,676

96.3

33.3

3.2

2.1

3.7

3.0

0.2

(2.7

Denver

2,792

2.8

2,340

95.5

42.6

(3.6

(1.6

(4.5

(2.9

(0.8

0.3

Other Expansion Markets

3,520

2.3

1,883

95.1

39.6

(3.8

1.3

(7.3

(3.6

(0.1

(5.7

Total

74,595

100.0

3,194

96.5

32.1

2.8

3.8

2.3

2.6

0.3

(1.5

Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the nine months ended September 30, 2025.

Equity Residential

Same Store Residential Net Effective Lease Pricing Statistics

For 74,595 Same Store Apartment Units

New Lease Change (1)

Renewal Rate Achieved (1)

Blended Rate (1)

Markets/Metro Areas

Q3 2025

Q2 2025

Q3 2025

Q2 2025

Q3 2025

Q2 2025

Southern California

(3.6

(3.2

4.4

4.6

0.9

1.3

San Francisco

6.0

5.2

6.6

6.1

6.3

5.7

Washington, D.C.

(1.2

2.1

4.5

6.4

2.1

4.7

New York

2.8

4.0

3.5

4.8

3.3

4.5

Boston

(1.4

(0.2

4.1

4.6

1.7

2.5

Seattle

(3.5

(2.5

5.0

5.2

1.5

2.0

Subtotal – Established Markets

(0.3

0.7

4.5

5.2

2.5

3.4

Denver

(12.1

(9.6

2.8

3.5

(4.8

(3.5

Other Expansion Markets

(10.2

(13.2

3.4

3.3

(3.0

(4.3

Subtotal – Expansion Markets

(11.2

(11.4

3.1

3.4

(3.9

Total

(1.0

(0.1

4.5

5.1

2.2

3.0

(1)

See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for definitions.

Equity Residential

Third Quarter 2025 vs. Third Quarter 2024

Total Same Store Operating Expenses Including 75,473 Same Store Apartment Units

(includes Residential and Non-Residential)

($ in thousands)

Q3 2025

Q3 2024

Change

% of

Q3 2025

Operating

Expenses

Real estate taxes

93,747

91,782

1,965

2.1

40.0

On-site payroll

42,078

42,854

(776

)

(1.8

17.9

Utilities

38,692

35,918

2,774

7.7

16.5

Repairs and maintenance

34,220

31,230

2,990

9.6

14.6

Insurance

9,314

9,195

119

1.3

4.0

Leasing and advertising

3,335

2,891

444

15.4

1.4

Other on-site operating expenses

13,186

12,624

562

4.5

5.6

Total Same Store Operating Expenses (2)

234,572

226,494

8,078

3.6

100.0

September YTD 2025 vs. September YTD 2024

Total Same Store Operating Expenses Including 74,595 Same Store Apartment Units

(includes Residential and Non-Residential)

($ in thousands)

YTD 2025

YTD 2024

Change (1)

Change

% of

YTD 2025

Operating

Expenses

Real estate taxes

279,841

273,035

6,806

2.5

40.5

On-site payroll

126,836

125,189

1,647

1.3

18.3

Utilities

111,015

102,389

8,626

8.4

16.1

Repairs and maintenance

95,097

90,064

5,033

5.6

13.7

Insurance

27,567

27,201

366

1.3

4.0

Leasing and advertising

8,919

7,721

1,198

15.5

1.3

Other on-site operating expenses

42,437

40,132

2,305

5.7

6.1

Total Same Store Operating Expenses (2)

691,712

665,731

25,981

3.9

100.0

(1)

The year-over-year changes were primarily driven by the following factors:

Real estate taxes – Increase due to escalation in rates and assessed values including an approximately one percentage point contribution to growth from 421-a tax abatement burnoffs in New York City. Once the burnoffs are completed, previously rent-restricted apartment units will transition to market.

On-site payroll – Sub-inflationary growth due to the impact of various innovation initiatives and lower employee benefit costs.

Utilities – Increase primarily driven by higher commodity prices, higher sewer and trash rates and higher water usage in Southern California along with a challenging comparable period.

Repairs and maintenance – Increase primarily driven by costs associated with the implementation of various resident technology initiatives (including bulk Wi-Fi programs).

Insurance – Sub-inflationary growth due to property premium reductions in the 2025 policy renewal offset by other insurance renewal costs.

Leasing and advertising – Increase primarily driven by higher advertising expenses and processing fees. Broker fees are not driving growth and remain an immaterial portion of this expense category.

Other on-site operating expenses – Increase primarily due to higher ground lease rent, association fees and other expenses.

(2)

See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details.

Equity Residential

Debt Summary as of September 30, 2025

($ in thousands)

Debt

Balances (1)

% of Total

Weighted

Average

Rates (1)

Weighted

Average

Maturities

(years)

Secured

1,592,935

18.9

3.76

6.1

Unsecured

6,842,852

81.1

3.76

6.8

Total

8,435,787

100.0

3.76

6.7

Fixed Rate Debt:

Secured – Conventional

1,403,050

16.6

3.87

5.6

Unsecured – Public

5,996,686

71.1

3.69

7.8

Fixed Rate Debt

7,399,736

87.7

3.72

7.4

Floating Rate Debt:

Secured – Tax Exempt

189,885

2.3

2.92

9.5

Unsecured – Revolving Credit Facility

—

2.1

Unsecured – Commercial Paper Program (2)

846,166

10.0

4.59

—

Floating Rate Debt

1,036,051

12.3

4.13

1.8

Total

8,435,787

100.0

3.76

6.7

(1)

See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details.

(2)

At September 30, 2025, the weighted average maturity of commercial paper outstanding was 4 days. The weighted average amount outstanding for the nine months ended September 30, 2025 was approximately $513.6 million.

Note: The Company capitalized interest of approximately $9.6 million and $10.7 million during the nine months ended September 30, 2025 and 2024, respectively. The Company capitalized interest of approximately $2.9 million and $3.8 million during the quarters ended September 30, 2025 and 2024, respectively.

Equity Residential

Debt Maturity Schedule as of September 30, 2025

($ in thousands)

Year

Fixed

Rate

Floating

Rate

Total

% of Total

Weighted

Average Coupons

on Fixed

Rate Debt (1)

Weighted

Average

Coupons on

Total Debt (1)

2025

—

850,500

(2)

850,500

10.0

—

4.28

2026

592,025

7,400

599,425

7.0

3.58

2027

400,000

8,200

408,200

4.8

3.25

2028

900,000

9,000

909,000

10.7

3.79

3.78

2029

888,120

9,700

897,820

10.6

3.30

2030

1,148,462

10,800

1,159,262

13.6

2.53

2.54

2031

528,500

37,700

566,200

6.7

1.94

2.02

2032

500,000

26,100

526,100

6.2

4.95

4.85

2033

550,000

—

550,000

6.5

5.22

2034

600,000

—

600,000

7.0

4.65

2035+

1,350,850

86,960

1,437,810

16.9

4.39

4.23

Subtotal

7,457,957

1,046,360

8,504,317

100.0

3.72

3.75

Deferred Financing Costs and Unamortized (Discount)

(58,221

)

(10,309

)

(68,530

)

N/A

Total

7,399,736

1,036,051

8,435,787

100.0

3.72

3.75

(1)

See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details.

(2)

Includes $846.5 million in principal outstanding on the Company's Commercial Paper Program.

Equity Residential

Selected Unsecured Public Debt Covenants

September 30,

June 30,

2025

Debt to Adjusted Total Assets (not to exceed 60%)

28.0%

Secured Debt to Adjusted Total Assets (not to exceed 40%)

6.1%

Consolidated Income Available for Debt Service to

Maximum Annual Service Charges

(must be at least 1.5 to 1)

5.59

5.41

Total Unencumbered Assets to Unsecured Debt

(must be at least 125%)

462.3%

464.8%

Note: These selected covenants represent the most restrictive financial covenants relating to ERP Operating Limited Partnership's ("ERPOP") outstanding public debt securities. Equity Residential is the general partner of ERPOP.

Selected Credit Ratios

September 30,

June 30,

2025

Total debt to Normalized EBITDAre

4.47x

4.49x

Net debt to Normalized EBITDAre

4.41x

4.45x

Unencumbered NOI as a % of total NOI

90.4%

Note: See Normalized EBITDAre Reconciliations for detail.

Equity Residential

Capital Structure as of September 30, 2025

(Amounts in thousands except for share/unit and per share amounts)

Secured Debt

1,592,935

18.9

Unsecured Debt

6,842,852

81.1

Total Debt

8,435,787

100.0

25.0

Common Shares (includes Restricted Shares)

380,546,634

97.5

Units (includes OP Units and Restricted Units)

9,629,551

2.5

Total Shares and Units

390,176,185

100.0

Common Share Price at September 30, 2025

64.73

25,256,104

99.9

Perpetual Preferred Equity (see below)

17,155

0.1

Total Equity

25,273,259

100.0

75.0

Total Market Capitalization

33,709,046

100.0

Perpetual Preferred Equity as of September 30, 2025

(Amounts in thousands except for share and per share amounts)

Series

Call Date

Outstanding

Liquidation

Value

Annual

Dividend

Per Share

Annual

Dividend

Amount

Preferred Shares:

8.29% Series K

12/10/26

343,100

17,155

4.145

1,422

Equity Residential

Common Share and Unit

Weighted Average Amounts Outstanding

Sept. YTD 2025

Sept. YTD 2024

Q3 2025

Q3 2024

Weighted Average Amounts Outstanding for Net Income Purposes:

Common Shares - basic

379,774,584

378,718,147

380,592,582

378,755,925

Shares issuable from assumed conversion/vesting of:

- OP Units

9,892,052

10,661,328

8,853,827

10,622,681

- long-term compensation shares/units

1,460,027

1,308,755

1,519,480

1,647,562

Total Common Shares and Units - diluted

391,126,663

390,688,230

390,965,889

391,026,168

Weighted Average Amounts Outstanding for FFO and Normalized FFO Purposes:

Common Shares - basic

379,774,584

378,718,147

380,592,582

378,755,925

OP Units - basic

9,892,052

10,661,328

8,853,827

10,622,681

Total Common Shares and OP Units - basic

389,666,636

389,379,475

389,446,409

389,378,606

Shares issuable from assumed conversion/vesting of:

- long-term compensation shares/units

1,460,027

1,308,755

1,519,480

1,647,562

Total Common Shares and Units - diluted

391,126,663

390,688,230

390,965,889

391,026,168

Period Ending Amounts Outstanding:

Common Shares (includes Restricted Shares)

380,546,634

379,354,738

Units (includes OP Units and Restricted Units)

9,629,551

11,562,954

Total Shares and Units

390,176,185

390,917,692

Equity Residential

Partially Owned Properties as of September 30, 2025

(Amounts in thousands except for project/property and apartment unit amounts)

Partially Owned Properties

Weighted Average Ownership Percentage

Total

Properties

Total

Apartment

Units

Sept. YTD 2025

NOI

Sept. YTD 2025

Interest

Expense

Total Debt

CONSOLIDATED:

Projects Under Development (1) (4)

95.0%

—

(138

)

—

Operating properties (stabilized)

86.0%

2,656

48,895

765

28,328

Total Partially Owned Properties - Consolidated

2,656

48,757

765

28,328

UNCONSOLIDATED:

Projects Under Development (2) (4)

95.0%

—

(149

)

178

39,298

Projects Completed Not Stabilized (4)

77.2%

543

2,291

4,296

90,741

Operating properties (stabilized) (4)

76.1%

1,169

13,056

7,747

223,385

(3)

Total Partially Owned Properties - Unconsolidated

1,712

15,198

12,221

353,424

Total Partially Owned Properties

4,368

63,955

12,986

381,752

The Company is currently developing one property, which is expected to add 440 apartment units upon completion.

(2)

The Company is currently developing two properties, which are expected to add 639 apartment units upon completion.

(3)

The Company is currently developing two properties, which are expected to add 639 apartment units upon completion.

(4)

See Development and Lease-Up Projects for more information.

Note: Partially owned consolidated and unconsolidated amounts are presented at 100% of the project/property.

Equity Residential

Development and Lease-Up Projects as of September 30, 2025

(Amounts in thousands except for project and apartment unit amounts)

Estimated/Actual

Projects

Location

Ownership

Percentage

No. of

Apartment

Units

Total

Budgeted Capital

Cost

Total

Book Value

to Date

Total

Debt (1)

Percentage

Completed

Start

Date

Initial

Occupancy

Completion

Date

Stabilization

Date

Percentage

Leased / Occupied

CONSOLIDATED:

Projects Under Development:

The Basin

Wakefield, MA

95%

440

232,172

189,095

—

84%

Q1 2024

Q3 2025

Q3 2026

Q2 2027

15% / 12%

Projects Under Development - Consolidated

440

232,172

189,095

—

Projects Completed Not Stabilized:

Lorien (fka Laguna Clara II)

Santa Clara, CA

100%

225

152,621

149,071

—

100%

Q2 2022

Q1 2025

Q1 2026

82% / 80%

Beeler Park (fka Solana Beeler Park) (2)

Denver, CO

100%

270

85,206

85,132

—

100%

Q4 2021

Q3 2024

Q1 2025

Q4 2025

92% / 90%

Projects Completed Not Stabilized - Consolidated

495

237,827

234,203

—

UNCONSOLIDATED:

Projects Under Development:

Modera Bridle Trails

Kirkland, WA

95%

369

185,282

108,465

16,898

56%

Q3 2024

Q3 2026

Q1 2028

– / –

Modera South Shore

Marshfield, MA

95%

270

121,918

82,240

22,400

69%

Q3 2024

Q3 2025

Q4 2026

Q2 2027

8% / 1%

Projects Under Development - Unconsolidated

639

307,200

190,705

39,298

Projects Completed Not Stabilized:

Alloy Sunnyside

Denver, CO

80%

209

70,004

69,045

35,251

100%

Q3 2021

Q2 2024

Q4 2025

95% / 92%

Lyle (Toll) (3)

Dallas, TX

75%

334

86,332

83,833

55,490

100%

Q3 2022

Q1 2024

Q4 2024

Q4 2025

95% / 93%

Projects Completed Not Stabilized - Unconsolidated

543

156,336

152,878

90,741

Projects Completed and Stabilized During the Quarter:

Remy (Toll)

Frisco, TX

75%

357

97,987

97,755

56,755

100%

Q1 2022

Q2 2024

Q4 2024

Q3 2025

94% / 93%

Sadie (fka Settler) (Toll)

Fort Worth, TX

75%

362

79,875

79,648

45,535

100%

Q2 2022

Q2 2024

Q4 2024

Q3 2025

97% / 93%

Alexan Harrison

Harrison, NY

62%

450

201,159

201,021

121,095

100%

Q3 2021

Q1 2024

Q1 2025

Q3 2025

97% / 96%

Projects Completed and Stabilized During the Quarter - Unconsolidated

1,169

379,021

378,424

223,385

Total Development Projects - Consolidated

935

469,999

423,298

—

Total Development Projects - Unconsolidated

2,351

842,557

722,007

353,424

Total Development Projects

3,286

1,312,556

1,145,305

353,424

NOI CONTRIBUTION FROM DEVELOPMENT PROJECTS

Total Budgeted

Capital Cost

Sept. YTD 2025

NOI

Projects Under Development - Consolidated

232,172

(138

)

Projects Completed Not Stabilized - Consolidated

237,827

2,020

Projects Under Development - Unconsolidated

307,200

(149

)

Projects Completed Not Stabilized - Unconsolidated

156,336

2,291

Projects Completed and Stabilized During the Quarter - Unconsolidated

379,021

13,056

1,312,556

17,080

(1)

All unconsolidated projects are being partially funded with third party, project-specific construction loans, none of which are recourse to the Company, except for Remy and Sadie where the Company paid off the third party construction loans in the third quarter of 2025 and is now the lender for these projects.

(2)

The Company acquired its joint venture partner’s interest during the nine months ended September 30, 2025 and now wholly-owns the Beeler Park project. The book value shown reflects total project costs only and excludes the step-up in basis from the acquisition. The underlying construction loan was repaid in conjunction with the joint venture interest buyout.

(3)

The land parcel under this project is subject to a long-term ground lease.

Equity Residential

Residential Capital Expenditures to Real Estate

For the Nine Months Ended September 30, 2025

(Amounts in thousands except for apartment unit and per apartment unit amounts)

Same Store Properties

Non-Same Store

Properties

Total Consolidated

Properties

Same Store Avg.

Per Apartment Unit

Total Consolidated Apartment Units

74,595

10,013

84,608

Recurring Capital Expenditures

119,349

15,986

135,335

1,600

NOI-Enhancing Expenditures:

Renovation Expenditures

65,426

(1)

11,381

(3)

76,807

877

Other (2)

15,758

6,159

21,917

211

Total NOI-Enhancing Expenditures

81,184

17,540

98,724

1,088

Total Capital Expenditures to Real Estate (4)

200,533

33,526

234,059

2,688

(1)

Renovation Expenditures on 2,173 same store apartment units for the nine months ended September 30, 2025 approximated $30,000 per apartment unit renovated.

(2)

Includes sustainability, property-level technology and Accessory Dwelling Units (ADU) spend.

(3)

Includes expenditures for one property that has been removed from same store while undergoing major renovations requiring a significant number of apartment units to be vacated to accommodate the extensive planned improvements. The renovation is expected to continue through the fourth quarter of 2026 and is being paid for, in part, by funds from a replacement reserve account required by the ground lease arrangement.

(4)

See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details.

Note: Non-Residential Capital Expenditures to Real Estate were approximately $9.0 million, $0.5 million and $9.5 million for Same Store Properties, Non-Same Store Properties and Total Consolidated Properties, respectively.

Equity Residential

Normalized EBITDAre Reconciliations

(Amounts in thousands)

Trailing Twelve Months

2025

2024

September 30, 2025

June 30, 2025

Net income

1,194,322

1,045,971

296,868

198,785

264,798

433,871

148,517

Interest expense incurred, net

307,545

300,126

80,141

75,317

72,114

79,973

72,722

Amortization of deferred financing costs

8,419

8,245

2,122

2,103

2,144

2,050

1,948

Amortization of above/below market lease intangibles

4,610

4,585

1,153

1,152

1,128

Depreciation

1,016,442

999,733

254,657

240,889

256,746

264,150

237,948

Income and other tax expense (benefit)

1,555

1,450

395

407

422

331

290

EBITDA

2,532,893

2,360,110

635,336

518,654

597,376

781,527

462,553

Net (gain) loss on sales of real estate properties

(674,085

)

(531,235

)

(142,685

)

(58,280

)

(154,152

)

(318,968

)

165

Net (gain) loss on sales of unconsolidated entities - operating assets

(653

)

—

(174

)

195

(710

)

EBITDAre

1,858,865

1,828,222

492,651

460,200

443,260

462,754

462,008

Write-off of pursuit costs (other expenses)

9,372

5,834

4,074

727

1,321

3,250

536

(Income) loss from investments in unconsolidated entities - operations

19,440

17,662

3,981

5,170

6,375

3,914

2,203

Net (gain) loss on sales of land parcels

—

Realized (gain) loss on investment securities (interest and other income)

727

725

676

—

Unrealized (gain) loss on investment securities (interest and other income)

(25,399

)

(14,135

)

(25,399

)

—

(14,135

)

Insurance/litigation settlement or reserve income (interest and other income)

(3,062

)

(3,087

)

—

(101

)

(98

)

(2,863

)

(25

)

Insurance/litigation/environmental settlement or reserve expense (other expenses) (1)

32,295

9,637

25,857

3,149

1,712

1,577

3,199

Advocacy contributions (other expenses)

9,838

19,214

208

185

213

9,232

9,584

Employment tax refund (interest and other income)

(16,867

)

—

(16,867

)

—

Other

161

141

(100

)

230

—

Normalized EBITDAre

1,885,450

1,864,291

484,529

469,361

452,790

478,770

463,370

Balance Sheet Items:

September 30, 2025

June 30, 2025

Total debt

8,435,787

8,371,826

Cash and cash equivalents

(93,092

)

(31,276

)

Mortgage principal reserves/sinking funds

(34,941

)

(35,660

)

Net debt

8,307,754

8,304,890

(1)

Insurance/litigation/environmental settlement or reserve expense includes reserves relating to various legal proceedings being defended by the Company.

Note: EBITDA, EBITDAre and Normalized EBITDAre do not include any adjustments for the Company’s share of partially owned unconsolidated entities due to the immaterial size of the Company’s partially owned unconsolidated portfolio.

Equity Residential

Adjustments from FFO to Normalized FFO

(Amounts in thousands)

Nine Months Ended September 30,

Quarter Ended September 30,

2025

2024

Variance

2025

2024

Variance

Impairment – non-operating real estate assets

—

Write-off of pursuit costs (other expenses)

6,122

1,905

4,217

4,074

536

3,538

Write-off of unamortized deferred financing costs (interest expense)

—

Premium on redemption of Preferred Shares

—

1,444

(1,444

)

—

Debt extinguishment and preferred share redemption (gains) losses

1,444

(1,347

)

—

Net (gain) loss on sales of land parcels

—

(Income) loss from investments in unconsolidated entities ─ non-operating assets

1,551

1,112

439

1,054

(101

)

1,155

Realized (gain) loss on investment securities (interest and other income)

1,316

(1,265

)

—

Unrealized (gain) loss on investment securities (interest and other income)

(25,399

)

(19,880

)

(5,519

)

(25,399

)

(14,135

)

(11,264

)

Non-operating asset (gains) losses

(23,717

)

(17,452

)

(6,265

)

(24,341

)

(14,236

)

(10,105

)

Insurance/litigation settlement or reserve income (interest and other income)

(199

)

(1,584

)

1,385

—

(25

)

Insurance/litigation/environmental settlement or reserve expense (other expenses) (1)

30,718

43,068

(12,350

)

25,857

3,199

22,658

Advocacy contributions (other expenses)

606

12,283

(11,677

)

208

9,584

(9,376

)

Employment tax refund (interest and other income)

(16,867

)

—

(16,867

)

(16,867

)

—

(16,867

)

Other

(69

)

(335

)

266

—

Other miscellaneous items

14,189

53,432

(39,243

)

9,218

12,758

(3,540

)

Adjustments from FFO to Normalized FFO

(3,309

)

39,329

(42,638

)

(11,049

)

(942

)

(10,107

)

(1)

Insurance/litigation/environmental settlement or reserve expense includes reserves relating to various legal proceedings being defended by the Company.

Note: See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for the definitions of non-GAAP financial measures and other terms as well as the reconciliations of EPS to FFO per share and Normalized FFO per share.

Equity Residential

Normalized FFO Guidance and Assumptions

The guidance/projections provided below are based on current expectations and are forward-looking. All guidance is given on a Normalized FFO basis. Therefore, certain items excluded from Normalized FFO, such as debt extinguishment costs/prepayment penalties and the write-off of pursuit costs, are not included in the estimates provided on this page. See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for the definitions of non-GAAP financial measures and other terms as well as the reconciliations of EPS to FFO per share and Normalized FFO per share.

Q4 2025

Revised Full Year 2025

Previous Full Year 2025

2025 Normalized FFO Guidance (per share diluted)

Expected Normalized FFO Per Share

$1.02 to $1.06

$3.98 to $4.02

$3.97 to $4.03

2025 Same Store Assumptions (includes Residential and Non-Residential)

Physical Occupancy

96.4%

Revenue change

2.5% to 3.0%

2.6% to 3.2%

Expense change

3.5% to 4.0%

NOI change (1)

2.1% to 2.6%

2.2% to 2.8%

2025 Transaction Assumptions

Consolidated rental acquisitions

$750.0M

$1.0B

Consolidated rental dispositions

$750.0M

$1.0B

Transaction Accretion (Dilution)

(25 basis points)

2025 Debt Assumptions

Weighted average debt outstanding

$8.225B to $8.275B

$8.15B to $8.25B

Interest expense, net (on a Normalized FFO basis)

$306.0M to $310.0M

$304.5M to $308.5M

Capitalized interest

$12.0M to $13.0M

$12.5M to $13.5M

2025 Capital Expenditures to Real Estate Assumptions for Residential Same Store Properties

NOI-Enhancing Capital Expenditures for Residential Same Store Properties (2)

$115.0M

Recurring Capital Expenditures for Residential Same Store Properties

$165.0M

Capital Expenditures to Real Estate for Residential Same Store Properties

$280.0M

2025 Other Guidance Assumptions

Property management expense

$133.0M to $135.0M

$135.5M to $137.5M

General and administrative expense

$63.5M to $67.5M

Income (loss) from investments in unconsolidated entities (on a Normalized FFO basis) (3)

$(1.0M) to $1.0M

$(2.0M) to $1.0M

Debt offerings

$500.0M

Weighted average Common Shares and Units - Diluted

390.9M

391.5M

(1)

Approximately 20 basis point change in NOI percentage = $0.01 per share change in EPS/FFO per share/Normalized FFO per share.

(2)

During 2025, the Company expects to spend approximately $90.0 million for apartment unit Renovation Expenditures on approximately 2,850 Residential same store apartment units at an average cost of approximately $31,500 per apartment unit renovated. The remainder of the NOI-Enhancing spend includes other items, such as sustainability, property-level technology and ADU expenditures.

(3)

Income (loss) from investments in unconsolidated entities (on a Normalized FFO basis) primarily consists of our share of both Lease-Up NOI and interest expense, net that is no longer being capitalized from the recently completed unconsolidated development projects referenced on pages 24 and 25.

Equity Residential

Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms

(Amounts in thousands except per share and per apartment unit data)

(All per share data is diluted)

This Earnings Release and Supplemental Financial Information includes certain non-GAAP financial measures and other terms that management believes are helpful in understanding our business. The definitions and calculations of these non-GAAP financial measures and other terms may differ from the definitions and methodologies used by other real estate investment trusts (“REIT”) and, accordingly, may not be comparable. These non-GAAP financial measures should not be considered as an alternative to net earnings or any other measurement of performance computed in accordance with accounting principles generally accepted in the United States (“GAAP”) or as an alternative to cash flows from specific operating, investing or financing activities. Furthermore, these non-GAAP financial measures are not intended to be a measure of cash flow or liquidity.

Acquisition Capitalization Rate or Cap Rate – NOI that the Company anticipates receiving in the next 12 months (or the year two or three stabilized NOI for properties that are in lease-up at acquisition) less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $100-$450 per apartment unit depending on the age and condition of the asset) divided by the gross purchase price of the asset. The weighted average Acquisition Cap Rate for acquired properties is weighted based on the projected NOI streams and the relative purchase price for each respective property.

Average Rental Rate – Total Residential rental revenues reflected on a straight-line basis in accordance with GAAP divided by the weighted average occupied apartment units for the reporting period presented.

Bad Debt, Net – Change in rental income due to bad debt write-offs and reserves, net of amounts collected on previously written-off or reserved accounts.

Blended Rate – The weighted average of New Lease Change and Renewal Rate Achieved.

Capital Expenditures to Real Estate:

Accessory Dwelling Units (ADU) – Includes costs to convert existing underutilized spaces of our properties into new apartment units.

NOI-Enhancing – Primarily includes Renovation Expenditures as well as sustainability, property-level technology and ADU expenditures that are intended to increase revenues or decrease expenses.

Recurring – Capital expenditures necessary to help preserve the value of and maintain the functionality of our apartment properties.

Renovation Expenditures – Apartment unit renovation costs (primarily kitchens and baths) designed to reposition these units for higher rental levels in their respective markets.

Debt Balances:

Commercial Paper Program – The Company may borrow up to a maximum of $1.5 billion under its Commercial Paper Program subject to market conditions. The notes bear interest at various floating rates.

Revolving Credit Facility – The Company’s $2.5 billion unsecured revolving credit facility matures October 26, 2027. The interest rate on advances under the facility will generally be SOFR plus a spread (currently 0.725%), or based on bids received from the lending group, and an annual facility fee (currently 0.125%). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating and other terms and conditions per the agreement. In addition, the Company limits its utilization of the facility in order to maintain liquidity to support its $1.5 billion Commercial Paper Program along with certain other obligations. The following table presents the availability on the Company’s unsecured revolving credit facility:

September 30, 2025

Unsecured revolving credit facility commitment

2,500,000

Commercial paper balance outstanding

(846,500

)

Unsecured revolving credit facility balance outstanding

—

Other restricted amounts

(3,448

)

Unsecured revolving credit facility availability

1,650,052

Debt Covenant Compliance – Our unsecured debt includes certain financial and operating covenants including, among other things, maintenance of certain financial ratios. These provisions are contained in the indentures applicable to each notes payable or the credit agreement for our line of credit. The Debt Covenant Compliance ratios that are provided show the Company's compliance with certain covenants governing our public unsecured debt. These covenants generally reflect our most restrictive financial covenants. The Company was in compliance with its unsecured debt covenants for all periods presented.

Development Yield – NOI that the Company anticipates receiving in the next 12 months following stabilization less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $50-$150 per apartment unit depending on the type of asset) divided by the Total Budgeted Capital Cost of the asset. The weighted average Development Yield for development properties is weighted based on the projected NOI streams and the relative Total Budgeted Capital Cost for each respective property.

Disposition Yield – NOI that the Company anticipates giving up in the next 12 months less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $150-$450 per apartment unit depending on the age and condition of the asset) divided by the gross sales price of the asset. The weighted average Disposition Yield for sold properties is weighted based on the projected NOI streams and the relative sales price for each respective property.

Earnings Per Share ("EPS") – Net income per share calculated in accordance with GAAP. Expected EPS is calculated on a basis consistent with actual EPS. Due to the uncertain timing and extent of property dispositions and the resulting gains/losses on sales, actual EPS could differ materially from expected EPS.

EBITDA for Real Estate and Normalized EBITDA for Real Estate:

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) – The National Association of Real Estate Investment Trusts (“Nareit”) defines EBITDAre (September 2017 White Paper) as net income (computed in accordance with GAAP) before interest expense, income taxes, depreciation and amortization expense, and further adjusted for gains and losses from sales of depreciated operating properties, impairment write-downs of depreciated operating properties, impairment write-downs of investments in unconsolidated entities caused by a decrease in value of depreciated operating properties within the joint venture and adjustments to reflect the Company’s share of EBITDAre of investments in unconsolidated entities.

The Company believes that EBITDAre is useful to investors, creditors and rating agencies as a supplemental measure of the Company’s ability to incur and service debt because it is a recognized measure of performance by the real estate industry, and by excluding gains or losses related to sales or impairment of depreciated operating properties, EBITDAre can help compare the Company’s credit strength between periods or as compared to different companies.

Normalized Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Normalized EBITDAre”) – Represents net income (computed in accordance with GAAP) before interest expense, income taxes, depreciation and amortization expense, and further adjusted for non-comparable items. Normalized EBITDAre, total debt to Normalized EBITDAre and net debt to Normalized EBITDAre are important metrics in evaluating the credit strength of the Company and its ability to service its debt obligations. The Company believes that Normalized EBITDAre, total debt to Normalized EBITDAre, and net debt to Normalized EBITDAre are useful to investors, creditors and rating agencies because they allow investors to compare the Company’s credit strength to prior reporting periods and to other companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual credit quality.

Economic Gain (Loss) – Economic Gain (Loss) is calculated as the net gain (loss) on sales of real estate properties in accordance with GAAP, excluding accumulated depreciation. The Company generally considers Economic Gain (Loss) to be an appropriate supplemental measure to net gain (loss) on sales of real estate properties in accordance with GAAP because it is one indication of the gross value created by the Company's acquisition, development, renovation, management and ultimate sale of a property and because it helps investors to understand the relationship between the cash proceeds from a sale and the cash invested in the sold property. The following table presents a reconciliation of net gain (loss) on sales of real estate properties in accordance with GAAP to Economic Gain (Loss):

Nine Months Ended September 30, 2025

Quarter Ended September 30, 2025

Net Gain (Loss) on Sales of Real Estate Properties

355,117

142,685

Accumulated Depreciation Gain

(187,985

)

(94,467

)

Economic Gain (Loss)

167,132

48,218

Established Markets – Includes Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California (Los Angeles, Orange County and San Diego).

Expansion Markets – Includes Denver, Atlanta, Dallas/Ft. Worth and Austin.

FFO and Normalized FFO:

Funds From Operations (“FFO”) – Nareit defines FFO (December 2018 White Paper) as net income (computed in accordance with GAAP), excluding gains or losses from sales and impairment write-downs of depreciable real estate and land when connected to the main business of a REIT, impairment write-downs of investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and depreciation and amortization related to real estate. Adjustments for partially owned consolidated and unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. Expected FFO per share is calculated on a basis consistent with actual FFO per share and is considered an appropriate supplemental measure of expected operating performance when compared to expected EPS.

The Company believes that FFO and FFO available to Common Shares and Units are helpful to investors as supplemental measures of the operating performance of a real estate company, because they are recognized measures of performance by the real estate industry and by excluding gains or losses from sales and impairment write-downs of depreciable real estate and excluding depreciation related to real estate (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO available to Common Shares and Units can help compare the operating performance of a company’s real estate between periods or as compared to different companies.

Normalized Funds From Operations ("Normalized FFO" or "NFFO") – Normalized FFO begins with FFO and excludes:

Expected Normalized FFO per share is calculated on a basis consistent with actual Normalized FFO per share and is considered an appropriate supplemental measure of expected operating performance when compared to expected EPS.

The Company believes that Normalized FFO and Normalized FFO available to Common Shares and Units are helpful to investors as supplemental measures of the operating performance of a real estate company because they allow investors to compare the Company's operating performance to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company's actual operating results.

FFO, FFO available to Common Shares and Units, Normalized FFO and Normalized FFO available to Common Shares and Units do not represent net income, net income available to Common Shares or net cash flows from operating activities in accordance with GAAP. Therefore, FFO, FFO available to Common Shares and Units, Normalized FFO and Normalized FFO available to Common Shares and Units should not be exclusively considered as alternatives to net income, net income available to Common Shares or net cash flows from operating activities as determined by GAAP or as a measure of liquidity. The Company's calculation of FFO, FFO available to Common Shares and Units, Normalized FFO and Normalized FFO available to Common Shares and Units may differ from other real estate companies due to, among other items, variations in cost capitalization policies for capital expenditures and, accordingly, may not be comparable to such other real estate companies.

FFO available to Common Shares and Units and Normalized FFO available to Common Shares and Units are calculated on a basis consistent with net income available to Common Shares and reflects adjustments to net income for preferred distributions and premiums on redemption of preferred shares in accordance with GAAP. The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units are collectively referred to as the "Noncontrolling Interests – Operating Partnership". Subject to certain restrictions, the Noncontrolling Interests – Operating Partnership may exchange their OP Units for Common Shares on a one-for-one basis.

The following table presents reconciliations of EPS to FFO per share and Normalized FFO per share for Consolidated Statements of Funds From Operations and Normalized Funds From Operations.

Actual Sept.

Actual

Expected

YTD 2025

YTD 2024

Q3 2025

Q3 2024

Q4 2025

2025

Per Share

EPS – Diluted

1.93

1.62

0.76

0.38

$0.59 to $0.63

$2.52 to $2.56

Depreciation expense

1.95

1.76

0.66

0.61

0.67

2.61

Net (gain) loss on sales

(0.91

)

(0.59

)

(0.37

)

—

(0.25

)

(1.15

)

Impairment – operating real estate assets

—

FFO per share – Diluted

2.97

2.79

1.05

0.99

1.01 to 1.05

3.98 to 4.02

Adjustments (1):

Impairment – non-operating real estate

assets

—

Write-off of pursuit costs

0.01

—

0.01

—

0.02

Debt extinguishment and preferred

share redemption (gains) losses

—

Non-operating asset (gains) losses

(0.06

)

(0.04

)

(0.06

)

(0.04

)

—

(0.06

)

Other miscellaneous items

0.04

0.14

0.02

0.03

0.01

0.04

Normalized FFO per share – Diluted

2.96

2.89

1.02

0.98

$1.02 to $1.06

$3.98 to $4.02

(1)

See Adjustments from FFO to Normalized FFO for additional detail.

Lease-Up NOI – Represents NOI for development properties: (i) in various stages of lease-up; and (ii) where lease-up has been completed but the properties were not stabilized (defined as having achieved 90% Physical Occupancy for three consecutive months) for all of the current and comparable periods presented.

Leasing Concessions – Reflects upfront discounts on both new move-in and renewal leases on a straight-line basis.

Net Operating Income (“NOI”) – NOI is the Company’s primary financial measure for evaluating each of its apartment properties. NOI is defined as rental income less direct property operating expenses (including real estate taxes and insurance). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company's apartment properties. NOI does not include an allocation of property management expenses either in the current or comparable periods. Rental income for all leases and operating expense for ground leases (for both same store and non-same store properties) are reflected on a straight-line basis in accordance with GAAP for the current and comparable periods.

The following tables present reconciliations of net income per the consolidated statements of operations to NOI, along with rental income, operating expenses and NOI per the consolidated statements of operations allocated between same store and non-same store/other results and further allocated between Residential same store and Non-Residential same store results (see Same Store Results):

Nine Months Ended September 30,

Quarter Ended September 30,

2025

2024

2025

2024

Net income

760,451

637,104

296,868

148,517

Adjustments:

Property management

100,691

100,381

30,089

31,412

General and administrative

51,450

48,902

14,664

14,551

Depreciation

752,292

688,041

254,657

237,948

Net (gain) loss on sales of real estate

properties

(355,117

)

(227,829

)

(142,685

)

165

Interest and other income

(49,040

)

(26,501

)

(45,219

)

(15,844

)

Other expenses

39,903

59,094

30,942

13,971

Interest:

Expense incurred, net

227,572

205,762

80,141

72,722

Amortization of deferred financing costs

6,369

5,784

2,122

1,948

Income and other tax expense (benefit)

1,224

925

395

290

(Income) loss from investments in unconsolidated

entities

15,388

4,865

3,981

1,493

Net (gain) loss on sales of land parcels

—

Total NOI

1,551,263

1,496,528

525,957

507,173

Nine Months Ended September 30,

Quarter Ended September 30,

Rental income:

2025

2024

2025

2024

Residential same store

2,066,935

2,010,703

701,383

681,200

Non-Residential same store

78,120

79,735

26,172

24,935

Total same store

2,145,055

2,090,438

727,555

706,135

Non-same store/other

166,993

122,891

54,856

42,213

Total rental income

2,312,048

2,213,329

782,411

748,348

Operating expenses:

Residential same store

668,707

643,984

226,772

219,253

Non-Residential same store

23,005

21,747

7,800

7,241

Total same store

691,712

665,731

234,572

226,494

Non-same store/other

69,073

51,070

21,882

14,681

Total operating expenses

760,785

716,801

256,454

241,175

NOI:

Residential same store

1,398,228

1,366,719

474,611

461,947

Non-Residential same store

55,115

57,988

18,372

17,694

Total same store

1,453,343

1,424,707

492,983

479,641

Non-same store/other

97,920

71,821

32,974

27,532

Total NOI

1,551,263

1,496,528

525,957

507,173

New Lease Change – The net effective change in rent (inclusive of Leasing Concessions) for a lease with a new or transferring resident compared to the rent for the prior lease of the identical apartment unit, regardless of lease term.

Non-Residential – Consists of revenues and expenses from retail and public parking garage operations.

Non-Same Store Properties – For annual comparisons, primarily includes all properties acquired during 2024 and 2025, plus any properties in lease-up and not stabilized as of January 1, 2024. Unless otherwise noted, includes both Residential and Non-Residential operations for these properties.

Percentage of Residents Renewing – Leases renewed expressed as a percentage of total renewal offers extended during the reporting period.

Physical Occupancy – The weighted average occupied apartment units for the reporting period divided by the average of total apartment units available for rent for the reporting period.

Pricing Trend – Weighted average of 12-month base rent including amenity amount less Leasing Concessions on 12-month signed leases for the reporting period.

Renewal Rate Achieved – The net effective change in rent (inclusive of Leasing Concessions) for a new lease on an apartment unit where the lease has been renewed as compared to the rent for the prior lease of the identical apartment unit, regardless of lease term.

Residential – Consists of multifamily apartment revenues and expenses.

Same Store Operating Expenses:

Insurance – Includes third-party insurance premiums, broker fees and other insurance-related procurement fees along with an allocation of estimated uninsured losses.

On-site Payroll – Includes payroll and related expenses for on-site personnel including property managers, leasing consultants and maintenance staff.

Other On-site Operating Expenses – Includes ground lease costs and administrative costs such as office supplies, telephone and data charges and association and business licensing fees.

Repairs and Maintenance – Includes general maintenance costs, apartment unit turnover costs including interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof and parking lot repairs and other miscellaneous building repair and maintenance costs.

Utilities – Represents gross expenses prior to any recoveries under the Resident Utility Billing System (“RUBS”). Recoveries are reflected in rental income.

Same Store Properties – For annual comparisons, primarily includes all properties acquired or completed that are stabilized prior to January 1, 2024, less properties subsequently sold. Properties are included in Same Store when they are stabilized for all of the current and comparable periods presented. Unless otherwise noted, includes both Residential and Non-Residential operations for these properties.

Same Store Residential Revenues – Revenues from our Residential Same Store Properties only presented on a GAAP basis which reflects the impact of Leasing Concessions on a straight-line basis.

Same Store Residential Revenues with Leasing Concessions on a cash basis is presented in Same Store Results and is considered by the Company to be a supplemental measure to Same Store Residential Revenues in conformity with GAAP to help investors evaluate the impact of both current and historical Leasing Concessions on GAAP-based Same Store Residential Revenues and to more readily enable comparisons to revenue as reported by other companies. Same Store Residential Revenues with Leasing Concessions on a cash basis reflects the impact of Leasing Concessions used in the period and allows an investor to understand the historical trend in cash Leasing Concessions.

% of Stabilized Budgeted NOI – Represents original budgeted 2025 NOI for stabilized properties and projected annual NOI at stabilization (defined as having achieved 90% Physical Occupancy for three consecutive months) for properties that are in lease-up.

Total Budgeted Capital Cost – Estimated remaining cost for projects under development and/or developed plus all capitalized costs incurred to date, including land acquisition costs, construction costs, capitalized real estate taxes and insurance, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees, plus any estimates of costs remaining to be funded for all projects, all in accordance with GAAP. Amounts for partially owned consolidated and unconsolidated properties are presented at 100% of the project.

Total Market Capitalization – The aggregate of the market value of the Company’s outstanding common shares, including restricted shares, the market value of the Company’s operating partnership units outstanding, including restricted units (based on the market value of the Company’s common shares) and the outstanding principal balance of debt. The Company believes this is a useful measure of a real estate operating company’s long-term liquidity and balance sheet strength, because it shows an approximate relationship between a company’s total debt and the current total market value of its assets based on the current price at which the Company’s common shares trade. However, because this measure of leverage changes with fluctuations in the Company’s share price, which occur regularly, this measure may change even when the Company’s earnings, interest and debt levels remain stable.

Traffic – Consists of an expression of interest in an apartment by completing an in-person tour, self-guided tour or virtual tour that may result in an application to lease.

Transaction Accretion (Dilution) – Represents the spread between the Acquisition Cap Rate and the Disposition Yield.

Turnover – Total Residential move-outs (including inter-property and intra-property transfers) divided by total Residential apartment units. Retention rate is the opposite of Turnover.

Unencumbered NOI % – Represents NOI generated by consolidated real estate assets unencumbered by outstanding secured debt as a percentage of total NOI generated by all of the Company's consolidated real estate assets.

Weighted Average Coupons – Contractual interest rate for each debt instrument weighted by principal balances as of September 30, 2025. In case of debt for which fair value hedges are in place, the rate payable under the corresponding derivatives is used in lieu of the contractual interest rate.

Weighted Average Rates – Interest expense for each debt instrument for the nine months ended September 30, 2025 weighted by its average principal balance for the same period. Interest expense includes amortization of premiums, discounts and other comprehensive income on debt and related derivative instruments. In case of debt for which derivatives are in place, the income or expense recognized under the corresponding derivatives is included in the total interest expense for the period.