Equity Residential Reports Fourth Quarter 2025 Results

Press Release Company Release - 2/5/2026 Provides 2026 Guidance Equity Residential (NYSE: EQR) today reported results for the quarter and year ended December 31, 2025 and has posted a Q4 2025 Management Presentation to its website as referenced below. Fourth Quarter 2025 Results All per share results are reported as available to common shares/units on a diluted basis. Quarter Ended December 31, 2025 2024 $ Change % Change Earnings Per Share (EPS) $ 1.00 $ 1.10 $ (0.10 ) (9.1 %) Funds from Operations (FFO) per share $ 0.97 $ 0.97 $ - 0.0 % Normalized FFO (NFFO) per share $ 1.03 $ 1.00 $ 0.03 3.0 % Year Ended December 31, 2025 2024 $ Change % Change Earnings Per Share (EPS) $ 2.94 $ 2.72 $ 0.22 8.1 % Funds from Operations (FFO) per share $ 3.94 $ 3.76 $ 0.18 4.8 % Normalized FFO (NFFO) per share $ 3.99 $ 3.89 $ 0.10 2.6 % Recent Highlights For the full year of 2025 compared to the full year of 2024, same store revenues increased 2.6%, same store expenses increased 3.7% and same store Net Operating Income (NOI) increased 2.2%. During 2025, the Company achieved the highest full year resident retention in its history.The Company has provided guidance for the full year of 2026 with same store revenue growth expected to be between 1.2% and 3.2%, same store expense growth expected to be between 3.0% and 4.0% and same store NOI growth expected to be between 0.5% and 2.5%.During 2025, the Company was a net seller of assets, disposing of 11 properties for approximately $1.1 billion while purchasing nine properties for approximately $636.8 million. During the fourth quarter of 2025, the Company sold six properties, consisting of 1,138 apartment units, for an aggregate sale price of approximately $527.6 million at a weighted average Disposition Yield of 5.6%, using the majority of those proceeds to repurchase common shares.During and just subsequent to the end of the fourth quarter of 2025, the Company repurchased and retired approximately 3.4 million of its common shares at a weighted average purchase price of $61.06 per share, for an aggregate purchased amount of approximately $205.7 million. During and just subsequent to the end of the full year of 2025, the Company repurchased and retired approximately 4.8 million of its common shares (or 1.3% of its outstanding common shares just prior to beginning repurchases in August 2025) at a weighted average purchase price of $62.03, for an aggregate purchased amount of approximately $300.0 million. The Company's Board of Trustees reauthorized the share repurchase program on December 11, 2025, giving the Company the authority to repurchase up to 13.0 million common shares. Through its common share repurchases and dividend payments, the Company returned approximately $1.38 billion to shareholders over the past year. “With new apartment supply dramatically declining, continued social and cost considerations that favor rental housing and a portfolio that is well positioned with high current occupancy and significant exposure to the strong San Francisco and New York markets, we expect operating momentum to improve as we move through the year," said Mark J. Parrell, Equity Residential's President and CEO. "In the meantime, we continue to be opportunistic and agile with our investors’ capital. We repurchased approximately $300 million of our stock during the year using sale proceeds from properties with slower forward growth prospects. At this price, and with the positive near term prospects we see for our business, we feel that our stock is a bargain.” Full Year 2026 Guidance The Company has provided guidance for its full year 2026 same store operating performance, EPS, FFO per share and Normalized FFO per share as listed below: Same Store (includes Residential and Non-Residential): Physical Occupancy 96.4% Revenue change 1.2% to 3.2% Expense change 3.0% to 4.0% NOI change 0.5% to 2.5% EPS $1.44 to $1.56 Growth at midpoint vs. 2025 actual (49.0%) FFO per share $3.98 to $4.10 Growth at midpoint vs. 2025 actual 2.5% Normalized FFO per share $4.02 to $4.14 Growth at midpoint vs. 2025 actual 2.3% The Company's guidance assumes that excess disposition proceeds from 2025 of approximately $200 million are invested in share repurchases in the first half of 2026. No operating property acquisitions or dispositions are included in 2026 guidance. The difference between the Company's full year 2025 actual EPS of $2.94 and the full year 2026 EPS guidance midpoint of $1.50 is due primarily to lower expected property sale gains, lower expected depreciation expense and the items described below. The difference between the Company's full year 2025 actual FFO of $3.94 per share and the full year 2026 FFO guidance midpoint of $4.04 per share is due primarily to the items described below. The difference between the Company's full year 2025 actual Normalized FFO of $3.99 per share and the full year 2026 Normalized FFO guidance midpoint of $4.08 per share is due primarily to: Expected Positive/(Negative) Impact Full Year 2026 vs. Full Year 2025 Residential same store NOI $ 0.08 Lease-Up NOI 0.06 2025 transaction activity impact on NOI, net (0.06 ) Interest expense, net (0.05 ) Corporate overhead(1) (0.01 ) Other items (primarily share repurchase impacts) 0.07 Net $ 0.09 (1) Corporate overhead includes property management and general administrative expenses. 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 change in EPS for the quarter ended December 31, 2025 compared to the same period of 2024 is due primarily to lower property sale gains, the various adjustment items listed on page 28 of this release and the items described below. The change in EPS for the year ended December 31, 2025 compared to the same period of 2024 is 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 year ended December 31, 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 Fourth Quarter 2025 vs. Fourth Quarter 2024 Full Year 2025 vs. Full Year 2024 Residential same store NOI $ 0.03 $ 0.11 Non-Residential same store NOI – (0.01 ) Lease-Up NOI 0.01 0.02 2025 and 2024 transaction activity impact on NOI, net (0.02 ) 0.03 Interest expense, net – (0.05 ) Other items (including corporate overhead) 0.01 – Net $ 0.03 $ 0.10 Same Store Results The following table shows the total same store results for the periods presented (includes Residential and Non-Residential). Fourth Quarter 2025 vs. Fourth Quarter 2024 Fourth Quarter 2025 vs. Third Quarter 2025 Full Year 2025 vs. Full Year 2024 Apartment Units 78,921 81,780 73,465 Physical Occupancy 96.2% vs. 96.0% 96.1% vs. 96.2% 96.4% vs. 96.2% Revenues 2.5% (0.1%) 2.6% Expenses 2.9% (2.6%) 3.7% NOI 2.3% 1.1% 2.2% 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. Fourth Quarter 2025 vs. Fourth Quarter 2024 Fourth Quarter 2025 vs. Third Quarter 2025 Full Year 2025 vs. Full Year 2024 % Change % Change % Change Same Store Residential Revenues- comparable period Lease rates 1.8 % 0.0 % 2.0 % Leasing Concessions (0.2 %) (0.1 %) (0.1 %) Vacancy gain (loss) 0.3 % 0.2 % 0.2 % Bad Debt, Net(1) 0.0 % (0.2 %) 0.1 % Other(2) 0.5 % 0.0 % 0.6 % Same Store Residential Revenues- current period 2.4 % (0.1 %) 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 73,465 same store apartment units): Q4 2025 Q3 2025 Q4 2024 Physical Occupancy 96.3% 96.3% 96.1% Percentage of Residents Renewing by quarter 62.1% 58.5% 61.4% New Lease Change (4.7%) (1.0%) (4.4%) Renewal Rate Achieved 4.4% 4.5% 5.0% Blended Rate(1) 0.5% 2.2% 1.0% (1) Blended Rates for Established Markets were 1.0%, 2.6% and 1.4% for Q4 2025, Q3 2025 and Q4 2024, respectively. See page 17. Investments Activity The Company did not acquire any properties in the fourth quarter of 2025. During the full year 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 fourth quarter of 2025, the Company sold six properties, two in the Los Angeles market, two in Seattle, WA, one in Cambridge, MA and one in Hoboken, NJ, consisting of 1,138 apartment units, for an aggregate sale price of approximately $527.6 million at a weighted average Disposition Yield of 5.6%. The operating properties sold during the quarter ended December 31, 2025 have an average age of 24 years. During the full year of 2025, the Company sold 11 properties consisting of 2,468 apartment units, for an aggregate sale price of approximately $1.1 billion at a weighted average Disposition Yield of 5.4%. The operating properties sold during 2025 have an average age of 24 years. The Company did not commence construction on any new development projects in 2025. During the full year of 2025, the Company completed a wholly owned development project in each of its San Francisco and Denver markets, consisting of 495 apartment units in the aggregate, for a total cost of approximately $237.8 million, as well as 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 and Balance Sheet Activity During and just subsequent to the end of the fourth quarter of 2025, the Company repurchased and retired approximately 3.4 million of its common shares at a weighted average purchase price of $61.06 per share, for an aggregate purchased amount of approximately $205.7 million. During and just subsequent to the end of the full year of 2025, the Company repurchased and retired approximately 4.8 million of its common shares (or 1.3% of its outstanding common shares just prior to beginning repurchases in August 2025) at a weighted average purchase price of $62.03, for an aggregate purchased amount of approximately $300.0 million. All common share repurchases were funded with excess disposition proceeds. During the fourth quarter of 2025, the Company entered into a new $2.5 billion unsecured revolving credit agreement. The new facility matures in December 2030 and has an interest rate of SOFR plus a spread (currently 0.725%) and an annual facility fee (currently 0.125%). Both the spread and the facility fee are dependent on the credit rating of the Company’s long-term debt. This facility replaced the Company's existing $2.5 billion facility, which was scheduled to mature in October 2027. During 2025, the Company's annual common share dividend was $2.77 per share, totaling over $1.0 billion. First Quarter 2026 Guidance The Company has established guidance ranges for the first quarter of 2026 EPS, FFO per share and Normalized FFO per share as listed below: Q1 2026 Guidance EPS $0.29 to $0.33 FFO per share $0.93 to $0.97 Normalized FFO per share $0.94 to $0.98 The difference between the fourth quarter of 2025 actual EPS of $1.00 and the first quarter of 2026 EPS guidance midpoint of $0.31 is due primarily to lower expected property sale gains, lower expected depreciation expense, lower expected other expenses and the items described below. The difference between the fourth quarter of 2025 actual FFO of $0.97 per share and the first quarter of 2026 FFO guidance midpoint of $0.95 per share is due primarily to lower expected other expenses and the items described below. The difference between the fourth quarter of 2025 actual Normalized FFO of $1.03 per share and the first quarter of 2026 Normalized FFO guidance midpoint of $0.96 per share is due primarily to: Expected Positive/(Negative) Impact First Quarter 2026 vs. Fourth Quarter 2025 Residential same store NOI $ (0.03 ) 2025 transaction activity impact on NOI, net (0.02 ) Corporate overhead (0.03 ) Other items 0.01 Net $ (0.07 ) 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 312 rental properties consisting of 85,190 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, Friday, February 6, 2026 at 9:00 a.m. CT. In connection with the conference call, the Company is also providing a Management Presentation on its website. 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) Year Ended December 31, Quarter Ended December 31, 2025 2024 2025 2024 REVENUES Rental income $ 3,093,959 $ 2,980,108 $ 781,911 $ 766,779 EXPENSES Property and maintenance 564,704 529,737 139,836 133,388 Real estate taxes and insurance 450,454 432,089 114,537 111,637 Property management 133,369 132,739 32,678 32,358 General and administrative 65,280 61,653 13,830 12,751 Depreciation 1,010,400 952,191 258,108 264,150 Total expenses 2,224,207 2,108,409 558,989 554,284 Net gain (loss) on sales of real estate properties 626,388 546,797 271,271 318,968 Interest and other income 52,440 30,329 3,400 3,828 Other expenses (60,485 ) (74,051 ) (20,582 ) (14,957 ) Interest: Expense incurred, net (306,798 ) (285,735 ) (79,226 ) (79,973 ) Amortization of deferred financing costs (8,768 ) (7,834 ) (2,399 ) (2,050 ) Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels 1,172,529 1,081,205 395,386 438,311 Income and other tax (expense) benefit (1,585 ) (1,256 ) (361 ) (331 ) Income (loss) from investments in unconsolidated entities (18,915 ) (8,974 ) (3,527 ) (4,109 ) Net gain (loss) on sales of land parcels (80 ) — — — Net income 1,151,949 1,070,975 391,498 433,871 Net (income) loss attributable to Noncontrolling Interests: Operating Partnership (27,405 ) (28,932 ) (8,361 ) (11,642 ) Partially Owned Properties (4,455 ) (6,212 ) (1,047 ) (3,114 ) Net income attributable to controlling interests 1,120,089 1,035,831 382,090 419,115 Preferred distributions (1,422 ) (1,613 ) (355 ) (355 ) Premium on redemption of Preferred Shares — (1,444 ) — — Net income available to Common Shares $ 1,118,667 $ 1,032,774 $ 381,735 $ 418,760 Earnings per share – basic: Net income available to Common Shares $ 2.95 $ 2.73 $ 1.01 $ 1.10 Weighted average Common Shares outstanding 379,610 378,795 379,121 379,023 Earnings per share – diluted: Net income available to Common Shares $ 2.94 $ 2.72 $ 1.00 $ 1.10 Weighted average Common Shares outstanding 390,411 390,740 388,748 391,195 Distributions declared per Common Share outstanding $ 2.77 $ 2.70 $ 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) Year Ended December 31, Quarter Ended December 31, 2025 2024 2025 2024 Net income $ 1,151,949 $ 1,070,975 $ 391,498 $ 433,871 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (4,455 ) (6,212 ) (1,047 ) (3,114 ) Preferred distributions (1,422 ) (1,613 ) (355 ) (355 ) Premium on redemption of Preferred Shares — (1,444 ) — — Net income available to Common Shares and Units 1,146,072 1,061,706 390,096 430,402 Adjustments: Depreciation 1,010,400 952,191 258,108 264,150 Depreciation – Non-real estate additions (3,600 ) (3,791 ) (903 ) (952 ) Depreciation – Partially Owned Properties (2,013 ) (2,132 ) (546 ) (487 ) Depreciation – Unconsolidated Properties 16,890 7,191 3,972 3,310 Net (gain) loss on sales of unconsolidated entities - operating assets (2,781 ) (515 ) (2,643 ) 195 Net (gain) loss on sales of real estate properties (626,388 ) (546,797 ) (271,271 ) (318,968 ) Noncontrolling Interests share of gain (loss) on sales of real estate properties — 1,857 — 1,857 FFO available to Common Shares and Units 1,538,580 1,469,710 376,813 379,507 Adjustments (see note for additional detail): Write-off of pursuit costs 7,735 5,155 1,613 3,250 Debt extinguishment and preferred share redemption (gains) losses 366 1,444 269 — Non-operating asset (gains) losses (20,777 ) (16,311 ) 2,940 1,141 Other miscellaneous items 32,499 61,608 18,310 8,176 Normalized FFO available to Common Shares and Units $ 1,558,403 $ 1,521,606 $ 399,945 $ 392,074 FFO $ 1,540,002 $ 1,472,767 $ 377,168 $ 379,862 Preferred distributions (1,422 ) (1,613 ) (355 ) (355 ) Premium on redemption of Preferred Shares — (1,444 ) — — FFO available to Common Shares and Units $ 1,538,580 $ 1,469,710 $ 376,813 $ 379,507 FFO per share and Unit – basic $ 3.95 $ 3.77 $ 0.97 $ 0.97 FFO per share and Unit – diluted $ 3.94 $ 3.76 $ 0.97 $ 0.97 Normalized FFO $ 1,559,825 $ 1,523,219 $ 400,300 $ 392,429 Preferred distributions (1,422 ) (1,613 ) (355 ) (355 ) Normalized FFO available to Common Shares and Units $ 1,558,403 $ 1,521,606 $ 399,945 $ 392,074 Normalized FFO per share and Unit – basic $ 4.01 $ 3.91 $ 1.03 $ 1.01 Normalized FFO per share and Unit – diluted $ 3.99 $ 3.89 $ 1.03 $ 1.00 Weighted average Common Shares and Units outstanding – basic 389,101 389,425 387,424 389,560 Weighted average Common Shares and Units outstanding – diluted 390,411 390,740 388,748 391,195 Note: See Adjustments from FFO to Normalized FFO for additional detail regarding the adjustments from FFO to Normalized FFO. See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for the definitions of non-GAAP financial measures and other terms as well as the reconciliations of EPS to FFO per share and Normalized FFO per share. Equity Residential Consolidated Balance Sheets (Amounts in thousands except for share amounts) (Unaudited) December 31, December 31, 2025 2024 ASSETS Land $ 5,563,407 $ 5,606,531 Depreciable property 24,705,540 24,039,412 Projects under development 100,561 261,706 Land held for development 86,341 63,142 Investment in real estate 30,455,849 29,970,791 Accumulated depreciation (11,016,900 ) (10,412,463 ) Investment in real estate, net 19,438,949 19,558,328 Investments in unconsolidated entities1 325,939 386,531 Cash and cash equivalents 55,904 62,302 Restricted deposits 102,950 97,864 Right-of-use assets 454,916 455,445 Other assets 367,365 273,706 Total assets $ 20,746,023 $ 20,834,176 LIABILITIES AND EQUITY Liabilities: Mortgage notes payable, net $ 1,589,904 $ 1,630,690 Notes, net 5,998,458 5,947,376 Line of credit and commercial paper 586,648 543,679 Accounts payable and accrued expenses 109,165 99,347 Accrued interest payable 73,860 74,176 Lease liabilities 304,575 304,897 Other liabilities 324,616 310,559 Security deposits 82,155 75,611 Distributions payable 267,508 263,494 Total liabilities 9,336,889 9,249,829 Commitments and contingencies Redeemable Noncontrolling Interests – Operating Partnership 176,289 338,563 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 December 31, 2025 and December 31, 2024 17,155 17,155 Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 377,806,173 shares issued and outstanding as of December 31, 2025 and 379,475,383 shares issued and outstanding as of December 31, 2024 3,778 3,795 Paid in capital 9,824,460 9,611,826 Retained earnings 1,193,931 1,407,570 Accumulated other comprehensive income (loss) 2,175 4,214 Total shareholders’ equity 11,041,499 11,044,560 Noncontrolling Interests: Operating Partnership 192,135 201,942 Partially Owned Properties (789 ) (718 ) Total Noncontrolling Interests 191,346 201,224 Total equity 11,232,845 11,245,784 Total liabilities and equity $ 20,746,023 $ 20,834,176 1 Includes $261.4 million and $324.0 million in unconsolidated development and lease-up projects as of December 31, 2025 and December 31, 2024, respectively. See Development and Lease-Up Projects for additional detail on unconsolidated projects. Equity Residential Portfolio Summary As of December 31, 2025 % of Stabilized Average Apartment Budgeted Rental Markets/Metro Areas Properties Units NOI Rate Established Markets: Los Angeles 56 14,431 16.0 % $ 2,977 Orange County 12 3,718 4.9 % 3,011 San Diego 10 2,217 3.1 % 3,329 Subtotal – Southern California 78 20,366 24.0 % 3,022 San Francisco 41 11,558 16.4 % 3,546 Washington, D.C. 42 13,553 14.7 % 2,854 New York 34 8,685 14.4 % 4,832 Boston 25 6,907 10.7 % 3,716 Seattle 38 8,051 9.1 % 2,726 Subtotal – Established Markets 258 69,120 89.3 % 3,342 Expansion Markets: Atlanta 22 6,420 4.4 % 1,938 Denver 16 4,678 3.6 % 2,195 Dallas/Ft. Worth 13 4,230 2.4 % 1,937 Austin 3 742 0.3 % 1,686 Subtotal – Expansion Markets 54 16,070 10.7 % 2,002 Total 312 85,190 100.0 % $ 3,092 Properties Apartment Units Wholly Owned Properties (1) 297 81,518 Partially Owned Properties – Consolidated 12 2,656 Partially Owned Properties – Unconsolidated (1) 3 1,016 312 85,190 (1) During the fourth quarter of 2025, the Company acquired its joint venture partner's 25% interest in two previously unconsolidated properties, located in the Dallas/Ft. Worth market and totaling 696 apartment units, and now wholly-owns both properties. The Company paid approximately $18.8 million in cash and contributed approximately $101.6 million for the repayment of the construction loans, one of which was held by the Company. See Development and Lease-Up Projects for additional detail. Note: Projects under development are not included in the Portfolio Summary until construction has been completed. Equity Residential Portfolio Rollforward Q4 2025 ($ in thousands) Properties Apartment Units Purchase Price Acquisition Cap Rate 9/30/2025 318 86,320 Acquisitions: Consolidated Land Parcels — — $ 22,847 Sales Price Disposition Yield Dispositions: Consolidated Rental Properties (6 ) (1,138 ) $ (527,611 ) (5.6 %) Unconsolidated Land Parcels — — $ (8,813 ) Configuration Changes — 8 12/31/2025 312 85,190 Portfolio Rollforward 2025 ($ in thousands) Properties Apartment Units Purchase Price Acquisition Cap Rate 12/31/2024 311 84,249 Acquisitions: Consolidated Rental Properties 9 2,439 $ 636,843 5.1 % Consolidated Land Parcels — — $ 22,847 Sales Price Disposition Yield Dispositions: Consolidated Rental Properties (11 ) (2,468 ) $ (1,122,061 ) (5.4 %) Consolidated Land Parcels — — $ (4,300 ) Unconsolidated Land Parcels — — $ (8,813 ) Completed Developments – Consolidated 2 495 Completed Developments – Unconsolidated 1 450 Configuration Changes — 25 12/31/2025 312 85,190 Equity Residential Fourth Quarter 2025 vs. Fourth Quarter 2024 Same Store Results/Statistics Including 78,921 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 Q4 2025 $ 743,543 $ 234,690 $ 508,853 $ 3,152 96.2 % 8.3 % Q4 2024 $ 725,673 $ 228,132 $ 497,541 $ 3,085 96.0 % 9.2 % Change $ 17,870 $ 6,558 $ 11,312 $ 67 0.2 % (0.9 %) Change 2.5 % 2.9 % 2.3 % 2.2 % Fourth Quarter 2025 vs. Third Quarter 2025 Same Store Results/Statistics Including 81,780 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 Q4 2025 $ 759,306 $ 240,165 $ 519,141 $ 3,111 96.1 % 8.3 % Q3 2025 $ 760,111 $ 246,539 $ 513,572 $ 3,111 96.2 % 13.2 % Change $ (805 ) $ (6,374 ) $ 5,569 $ — (0.1 %) (4.9 %) Change (0.1 %) (2.6 %) 1.1 % 0.0 % 2025 vs. 2024 Same Store Results/Statistics Including 73,465 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 2025 $ 2,821,804 $ 904,887 $ 1,916,917 $ 3,203 96.4 % 40.2 % 2024 $ 2,749,354 $ 872,799 $ 1,876,555 $ 3,124 96.2 % 42.6 % Change $ 72,450 $ 32,088 $ 40,362 $ 79 0.2 % (2.4 %) Change 2.6 % 3.7 % 2.2 % 2.5 % Equity Residential Same Store Residential Revenues – GAAP to Cash Basis (1) ($ in thousands) Fourth Quarter 2025 vs. Fourth Quarter 2024 Fourth Quarter 2025 vs. Third Quarter 2025 2025 vs. 2024 78,921 Same Store Apartment Units 81,780 Same Store Apartment Units 73,465 Same Store Apartment Units Q4 2025 Q4 2024 Q4 2025 Q3 2025 2025 2024 Same Store Residential Revenues (GAAP Basis) $ 717,476 $ 700,506 $ 733,240 $ 734,004 $ 2,720,779 $ 2,647,730 Leasing Concessions amortized 6,813 5,332 7,123 6,672 21,773 19,179 Leasing Concessions granted (7,112 ) (6,533 ) (7,633 ) (7,881 ) (23,338 ) (19,511 ) Same Store Residential Revenues with Leasing Concessions on a cash basis $ 717,177 $ 699,305 $ 732,730 $ 732,795 $ 2,719,214 $ 2,647,398 % change - GAAP revenue 2.4 % (0.1 %) 2.8 % % change - cash revenue 2.6 % 0.0 % 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 73,465 Same Store Apartment Units (includes Residential and Non-Residential) ($ in thousands) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Same store revenues $ 709,996 $ 709,911 $ 704,405 $ 697,492 $ 691,631 Same store expenses 222,862 229,542 222,844 229,639 216,398 Same store NOI $ 487,134 $ 480,369 $ 481,561 $ 467,853 $ 475,233 Equity Residential Same Store Residential Accounts Receivable Balances Including 73,465 Same Store Apartment Units ($ in thousands) Balance Sheet (Other assets): December 31, 2025 September 30, 2025 December 31, 2024 Residential accounts receivable balances $ 12,123 $ 12,015 $ 14,107 Allowance for doubtful accounts (7,673 ) (6,919 ) (9,310 ) Net receivable balances $ 4,450 $ 5,096 $ 4,797 Straight-line receivable balances $ 10,194 (1) $ 9,918 $ 8,630 (1) Total same store Residential Leasing Concessions granted in the fourth quarter of 2025 were approximately $6.1 million. The straight-line receivable balance of $10.2 million reflects Residential Leasing Concessions that the Company expects will be primarily recognized as a reduction of rental revenues in 2026. Same Store Residential Bad Debt Including 73,465 Same Store Apartment Units ($ in thousands) Income Statement (Rental income): Q4 2025 Q3 2025 Q4 2024 Bad debts before governmental rental assistance $ 7,337 $ 6,192 $ 7,651 Governmental rental assistance received (215 ) (170 ) (358 ) Bad Debt, Net $ 7,122 $ 6,022 $ 7,293 Bad Debt, Net as a % of Same Store Residential Revenues 1.0 % 0.9 % 1.1 % Equity Residential Fourth Quarter 2025 vs. Fourth Quarter 2024 Same Store Residential Results/Statistics by Market Increase (Decrease) from Prior Year's Quarter Markets/Metro Areas Apartment Units Q4 2025 % of Actual NOI Q4 2025 Average Rental Rate Q4 2025 Weighted Average Physical Occupancy % Q4 2025 Turnover Revenues Expenses NOI Average Rental Rate Physical Occupancy Turnover Los Angeles 13,834 16.5 % $ 2,976 95.9 % 8.9 % 1.2 % 4.9 % (0.5 %) 1.0 % 0.1 % (0.7 %) Orange County 3,718 5.2 % 3,011 96.5 % 8.0 % 3.1 % (0.5 %) 4.2 % 2.1 % 0.9 % (1.4 %) San Diego 2,217 3.4 % 3,329 95.9 % 10.9 % 2.4 % 5.5 % 1.5 % 2.3 % 0.0 % 1.0 % Subtotal – Southern California 19,769 25.1 % 3,022 96.0 % 9.0 % 1.7 % 4.1 % 0.7 % 1.4 % 0.2 % (0.6 %) San Francisco 11,333 16.9 % 3,520 96.9 % 9.3 % 6.0 % 3.6 % 7.0 % 5.1 % 0.8 % (1.0 %) Washington, D.C. (1) 13,553 15.6 % 2,854 96.0 % 7.4 % 2.1 % 6.0 % 0.4 % 2.7 % (0.5 %) (0.6 %) New York 8,235 14.3 % 4,884 97.6 % 5.8 % 4.2 % 1.2 % 6.3 % 4.0 % 0.2 % (0.6 %) Boston 6,907 10.5 % 3,716 96.0 % 6.5 % 1.8 % 6.8 % (0.1 %) 1.2 % 0.7 % (1.4 %) Seattle 8,050 9.3 % 2,726 96.3 % 7.9 % 2.8 % 1.7 % 3.3 % 2.8 % 0.1 % (1.2 %) Denver 3,972 3.5 % 2,201 95.6 % 10.6 % (5.8 %) (3.1 %) (7.1 %) (6.7 %) 0.7 % (2.3 %) Other Expansion Markets 7,102 4.8 % 1,900 94.7 % 10.0 % (2.4 %) (4.1 %) (1.4 %) (2.6 %) 0.1 % (0.8 %) Total 78,921 100.0 % $ 3,152 96.2 % 8.3 % 2.4 % 2.9 % 2.2 % 2.2 % 0.2 % (0.9 %) (1) Same store results include the negative impact from a single property undergoing a major repositioning/capital project. Excluding this property, same store revenues, expenses and NOI growth would have been 2.7%, 5.6% and 1.4%, respectively. Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the year ended December 31, 2025. Equity Residential Fourth Quarter 2025 vs. Third Quarter 2025 Same Store Residential Results/Statistics by Market Increase (Decrease) from Prior Quarter Markets/Metro Areas Apartment Units Q4 2025 % of Actual NOI Q4 2025 Average Rental Rate Q4 2025 Weighted Average Physical Occupancy % Q4 2025 Turnover Revenues Expenses NOI Average Rental Rate Physical Occupancy Turnover Los Angeles 13,834 16.1 % $ 2,976 95.9 % 8.9 % (0.4 %) (0.5 %) (0.3 %) (0.4 %) 0.0 % (3.0 %) Orange County 3,718 5.1 % 3,011 96.5 % 8.0 % 0.7 % (5.7 %) 2.6 % 0.3 % 0.3 % (4.1 %) San Diego 2,217 3.3 % 3,329 95.9 % 10.9 % (0.4 %) (1.5 %) (0.1 %) (0.3 %) (0.2 %) (1.1 %) Subtotal – Southern California 19,769 24.5 % 3,022 96.0 % 9.0 % (0.2 %) (1.4 %) 0.3 % (0.3 %) 0.0 % (3.0 %) San Francisco 11,333 16.6 % 3,520 96.9 % 9.3 % 1.3 % (3.1 %) 3.1 % 1.3 % 0.0 % (2.4 %) Washington, D.C. (1) 13,553 15.3 % 2,854 96.0 % 7.4 % (0.6 %) (6.2 %) 2.2 % (0.3 %) (0.3 %) (7.0 %) New York 8,235 14.0 % 4,884 97.6 % 5.8 % 0.4 % (1.9 %) 2.1 % 0.4 % 0.0 % (6.1 %) Boston 6,907 10.3 % 3,716 96.0 % 6.5 % (0.6 %) 0.8 % (1.2 %) (0.2 %) (0.4 %) (8.5 %) Seattle 8,050 9.1 % 2,726 96.3 % 7.9 % 0.5 % (3.7 %) 2.3 % 0.4 % 0.1 % (4.6 %) Denver 4,199 3.6 % 2,212 95.5 % 11.0 % (2.7 %) (2.7 %) (2.7 %) (3.1 %) 0.4 % (7.3 %) Other Expansion Markets 9,734 6.6 % 1,902 94.6 % 9.7 % (1.6 %) (1.5 %) (1.7 %) (1.0 %) (0.6 %) (4.4 %) Total 81,780 100.0 % $ 3,111 96.1 % 8.3 % (0.1 %) (2.5 %) 1.1 % 0.0 % (0.1 %) (4.9 %) (1) Same store results include the negative impact from a single property undergoing a major repositioning/capital project. Excluding this property, same store revenues, expenses and NOI growth would have been (0.2%), (6.4%) and 2.8%, respectively. Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the year ended December 31, 2025. Equity Residential 2025 vs. 2024 Same Store Residential Results/Statistics by Market Increase (Decrease) from Prior Year Markets/Metro Areas Apartment Units 2025 % of Actual NOI 2025 Average Rental Rate 2025 Weighted Average Physical Occupancy % 2025 Turnover Revenues Expenses NOI Average Rental Rate Physical Occupancy Turnover Los Angeles 13,834 17.5 % $ 2,976 95.8 % 40.6 % 1.5 % 4.2 % 0.3 % 1.3 % 0.2 % (2.5 %) Orange County 3,718 5.4 % 2,987 96.4 % 36.8 % 2.6 % 2.0 % 2.8 % 2.1 % 0.5 % (1.4 %) San Diego 2,217 3.6 % 3,305 96.3 % 42.7 % 2.5 % 6.8 % 1.3 % 2.2 % 0.3 % 0.4 % Subtotal – Southern California 19,769 26.5 % 3,015 96.0 % 40.1 % 1.8 % 4.1 % 0.9 % 1.5 % 0.3 % (2.0 %) San Francisco 11,111 17.0 % 3,448 96.9 % 39.6 % 4.7 % 3.9 % 5.0 % 3.8 % 0.8 % (4.5 %) Washington, D.C. (1) 13,241 16.0 % 2,837 96.6 % 39.6 % 3.6 % 5.2 % 2.9 % 3.7 % (0.2 %) (1.1 %) New York 8,235 14.6 % 4,815 97.7 % 33.7 % 4.0 % 2.8 % 4.9 % 3.6 % 0.4 % 0.3 % Boston 6,747 11.1 % 3,721 96.2 % 39.8 % 2.3 % 6.0 % 0.8 % 2.1 % 0.2 % (1.7 %) Seattle 8,050 9.7 % 2,697 96.4 % 40.6 % 3.1 % 2.2 % 3.5 % 2.9 % 0.2 % (4.2 %) Denver 2,792 2.8 % 2,316 95.5 % 53.1 % (4.2 %) (2.1 %) (5.1 %) (3.6 %) (0.7 %) (1.2 %) Other Expansion Markets 3,520 2.3 % 1,875 94.9 % 49.1 % (3.7 %) 0.1 % (6.4 %) (3.5 %) (0.3 %) (6.8 %) Total 73,465 100.0 % $ 3,203 96.4 % 40.2 % 2.8 % 3.7 % 2.3 % 2.5 % 0.2 % (2.4 %) (1) Same store results include the negative impact from a single property undergoing a major repositioning/capital project. Excluding this property, same store revenues, expenses and NOI growth would have been 3.9%, 5.4% and 3.2%, respectively. Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the year ended December 31, 2025. Equity Residential Same Store Residential Net Effective Lease Pricing Statistics For 73,465 Same Store Apartment Units New Lease Change (1) Renewal Rate Achieved (1) Blended Rate (1) Markets/Metro Areas Q4 2025 Q3 2025 Q4 2025 Q3 2025 Q4 2025 Q3 2025 Southern California (6.0 %) (3.6 %) 3.9 % 4.4 % (0.6 %) 0.9 % San Francisco 2.6 % 5.9 % 7.0 % 6.6 % 5.1 % 6.3 % Washington, D.C. (7.5 %) (1.2 %) 3.7 % 4.5 % (0.9 %) 2.1 % New York (0.9 %) 3.0 % 3.9 % 3.6 % 2.3 % 3.4 % Boston (7.0 %) (1.4 %) 3.5 % 4.1 % (0.6 %) 1.7 % Seattle (7.7 %) (3.8 %) 4.9 % 5.0 % (1.6 %) 1.4 % Subtotal – Established Markets (3.9 %) (0.2 %) 4.5 % 4.5 % 1.0 % 2.6 % Denver (18.0 %) (12.1 %) 2.5 % 2.8 % (7.5 %) (4.8 %) Other Expansion Markets (11.8 %) (10.3 %) 3.5 % 3.4 % (5.7 %) (3.0 %) Subtotal – Expansion Markets (14.8 %) (11.3 %) 2.9 % 3.1 % (6.7 %) (3.9 %) Total (4.7 %) (1.0 %) 4.4 % 4.5 % 0.5 % 2.2 % (1) See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for definitions. Equity Residential Fourth Quarter 2025 vs. Fourth Quarter 2024 Total Same Store Operating Expenses Including 78,921 Same Store Apartment Units (includes Residential and Non-Residential) ($ in thousands) Q4 2025 Q4 2024 $ Change % Change % of Q4 2025 Operating Expenses Real estate taxes $ 95,018 $ 93,828 $ 1,190 1.3 % 40.5 % On-site payroll 43,533 43,034 499 1.2 % 18.6 % Utilities 39,436 36,468 2,968 8.1 % 16.8 % Repairs and maintenance 30,329 29,038 1,291 4.4 % 12.9 % Insurance 9,457 9,402 55 0.6 % 4.0 % Leasing and advertising 3,790 3,442 348 10.1 % 1.6 % Other on-site operating expenses 13,127 12,920 207 1.6 % 5.6 % Total Same Store Operating Expenses(2) $ 234,690 $ 228,132 $ 6,558 2.9 % 100.0 % 2025 vs. 2024 Total Same Store Operating Expenses Including 73,465 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 $ 366,792 $ 358,681 $ 8,111 2.3 % 40.5 % On-site payroll 166,131 164,029 2,102 1.3 % 18.4 % Utilities 146,950 135,688 11,262 8.3 % 16.2 % Repairs and maintenance 121,764 115,599 6,165 5.3 % 13.5 % Insurance 36,222 35,763 459 1.3 % 4.0 % Leasing and advertising 12,206 10,651 1,555 14.6 % 1.3 % Other on-site operating expenses 54,822 52,388 2,434 4.6 % 6.1 % Total Same Store Operating Expenses (2) $ 904,887 $ 872,799 $ 32,088 3.7 % 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. 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. 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 increases in other insurance-related 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 December 31, 2025 ($ in thousands) Debt Balances (1) % of Total Weighted Average Rates (1) Weighted Average Maturities (years) Secured $ 1,589,904 19.4 % 3.75 % 5.9 Unsecured 6,585,106 80.6 % 3.76 % 6.8 Total $ 8,175,010 100.0 % 3.76 % 6.7 Fixed Rate Debt: Secured – Conventional $ 1,403,671 17.1 % 3.87 % 5.4 Unsecured – Public 5,998,458 73.4 % 3.69 % 7.5 Fixed Rate Debt 7,402,129 90.5 % 3.73 % 7.1 Floating Rate Debt: Secured – Tax Exempt 186,233 2.3 % 2.94 % 9.5 Unsecured – Revolving Credit Facility — — — 4.9 Unsecured – Commercial Paper Program (2) 586,648 7.2 % 4.43 % — Floating Rate Debt 772,881 9.5 % 4.06 % 2.4 Total $ 8,175,010 100.0 % 3.76 % 6.7 (1) See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details. (2) At December 31, 2025, the weighted average maturity of commercial paper outstanding was 13 days. The weighted average amount outstanding for the year ended December 31, 2025 was approximately $583.2 million. Note: The Company capitalized interest of approximately $12.4 million and $14.5 million during the years ended December 31, 2025 and 2024, respectively. The Company capitalized interest of approximately $2.8 million and $3.8 million during the quarters ended December 31, 2025 and 2024, respectively. Equity Residential Debt Maturity Schedule as of December 31, 2025 ($ 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) 2026 $ 592,025 $ 594,825 (2) $ 1,186,850 14.4 % 3.58 % 3.74 % 2027 400,000 8,200 408,200 4.9 % 3.25 % 3.23 % 2028 900,000 9,000 909,000 11.0 % 3.79 % 3.78 % 2029 888,120 9,700 897,820 10.9 % 3.30 % 3.30 % 2030 1,148,462 10,800 1,159,262 14.1 % 2.53 % 2.53 % 2031 528,500 37,700 566,200 6.9 % 1.94 % 1.97 % 2032 500,000 26,100 526,100 6.4 % 4.95 % 4.83 % 2033 550,000 — 550,000 6.7 % 5.22 % 5.22 % 2034 600,000 — 600,000 7.3 % 4.65 % 4.65 % 2035 — 25,175 25,175 0.3 % — 2.25 % 2036+ 1,350,850 61,785 1,412,635 17.1 % 4.39 % 4.30 % Subtotal 7,457,957 783,285 8,241,242 100.0 % 3.72 % 3.70 % Deferred Financing Costs and Unamortized (Discount) (55,828 ) (10,404 ) (66,232 ) N/A N/A N/A Total $ 7,402,129 $ 772,881 $ 8,175,010 100.0 % 3.72 % 3.70 % (1) See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details. (2) Includes $587.4 million in principal outstanding on the Company's Commercial Paper Program. Equity Residential Selected Unsecured Public Debt Covenants December 31, September 30, 2025 2025 Debt to Adjusted Total Assets (not to exceed 60%) 27.4% 28.0% Secured Debt to Adjusted Total Assets (not to exceed 40%) 6.1% 6.1% Consolidated Income Available for Debt Service to Maximum Annual Service Charges (must be at least 1.5 to 1) 5.77 5.59 Total Unencumbered Assets to Unsecured Debt (must be at least 125%) 477.1% 462.3% 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 December 31, September 30, 2025 2025 Total debt to Normalized EBITDAre 4.32x 4.47x Net debt to Normalized EBITDAre 4.27x 4.41x Unencumbered NOI as a % of total NOI 90.3% 90.4% Note: See Normalized EBITDAre Reconciliations for detail. Equity Residential Capital Structure as of December 31, 2025 (Amounts in thousands except for share/unit and per share amounts) Secured Debt $ 1,589,904 19.4 % Unsecured Debt 6,585,106 80.6 % Total Debt 8,175,010 100.0 % 25.1 % Common Shares (includes Restricted Shares) 377,806,173 97.6 % Units (includes OP Units and Restricted Units) 9,325,363 2.4 % Total Shares and Units 387,131,536 100.0 % Common Share Price at December 31, 2025 $ 63.04 24,404,772 99.9 % Perpetual Preferred Equity (see below) 17,155 0.1 % Total Equity 24,421,927 100.0 % 74.9 % Total Market Capitalization $ 32,596,937 100.0 % Perpetual Preferred Equity as of December 31, 2025 (Amounts in thousands except for share and per share amounts) Series Call Date Outstanding Shares Liquidation Value Annual Dividend Per Share Annual Dividend Amount Preferred Shares: 8.29% Series K 12/10/26 343,100 $ 17,155 $ 4.145 $ 1,422 Equity Residential Common Share and Unit Weighted Average Amounts Outstanding 2025 2024 Q4 2025 Q4 2024 Weighted Average Amounts Outstanding for Net Income Purposes: Common Shares - basic 379,609,794 378,794,889 379,120,798 379,023,449 Shares issuable from assumed conversion/vesting of: - OP Units 9,491,664 10,630,008 8,303,555 10,536,726 - long-term compensation shares/units 1,309,538 1,315,217 1,323,244 1,634,401 Total Common Shares and Units - diluted 390,410,996 390,740,114 388,747,597 391,194,576 Weighted Average Amounts Outstanding for FFO and Normalized FFO Purposes: Common Shares - basic 379,609,794 378,794,889 379,120,798 379,023,449 OP Units - basic 9,491,664 10,630,008 8,303,555 10,536,726 Total Common Shares and OP Units - basic 389,101,458 389,424,897 387,424,353 389,560,175 Shares issuable from assumed conversion/vesting of: - long-term compensation shares/units 1,309,538 1,315,217 1,323,244 1,634,401 Total Common Shares and Units - diluted 390,410,996 390,740,114 388,747,597 391,194,576 Period Ending Amounts Outstanding: Common Shares (includes Restricted Shares) 377,806,173 379,475,383 Units (includes OP Units and Restricted Units) 9,325,363 11,543,773 Total Shares and Units 387,131,536 391,019,156 Equity Residential Partially Owned Properties as of December 31, 2025 (Amounts in thousands except for project/property and apartment unit amounts) Partially Owned Properties Weighted Average Ownership Percentage Total Properties Total Apartment Units December YTD 2025 NOI December YTD 2025 Interest Expense Total Debt CONSOLIDATED: Projects Under Development (1) (3) 95.0% — — $ 174 $ — $ — Operating properties (stabilized) 86.2% 12 2,656 65,118 1,020 28,336 Total Partially Owned Properties - Consolidated 12 2,656 65,292 1,020 28,336 UNCONSOLIDATED: Projects Under Development (2) (3) 95.0% — — (389 ) 291 66,863 Operating properties (stabilized) (3) 80.0% 3 1,016 17,644 10,177 212,782 Total Partially Owned Properties - Unconsolidated 3 1,016 17,255 10,468 279,645 Total Partially Owned Properties 15 3,672 $ 82,547 $ 11,488 $ 307,981 (1) The Company is currently developing one property, which is expected to add 440 apartment units upon completion. (2) The Company is currently developing two properties, which are expected to add 639 apartment units upon completion. (3) See Development and Lease-Up Projects for more information. Note: Partially owned consolidated and unconsolidated amounts are presented at 100% of the project/property. This schedule only includes those projects/properties that are partially owned at December 31, 2025. Equity Residential Development and Lease-Up Projects as of December 31, 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 $ 204,846 $ — 93% Q1 2024 Q3 2025 Q3 2026 Q2 2027 25% / 21% Projects Under Development - Consolidated 440 232,172 204,846 — Projects Completed Not Stabilized: Lorien (fka Laguna Clara II) Santa Clara, CA 100% 225 152,621 149,229 — 100% Q2 2022 Q1 2025 Q1 2025 Q1 2026 95% / 94% Projects Completed Not Stabilized - Consolidated 225 152,621 149,229 — Projects Completed and Stabilized During the Quarter: Jade Beeler Park (fka Solana Beeler Park) Denver, CO 100% 270 85,206 85,132 — 100% Q4 2021 Q3 2024 Q1 2025 Q4 2025 97% / 96% Lyle (2) Dallas, TX 100% 334 84,032 83,983 — 100% Q3 2022 Q1 2024 Q4 2024 Q4 2025 95% / 95% Projects Completed and Stabilized During the Quarter - Consolidated 604 169,238 169,115 — UNCONSOLIDATED: Projects Under Development: Modera Bridle Trails Kirkland, WA 95% 369 185,282 134,857 30,484 72% Q3 2024 Q3 2026 Q3 2026 Q1 2028 – / – Modera South Shore Marshfield, MA 95% 270 121,918 97,628 36,379 83% Q3 2024 Q3 2025 Q4 2026 Q2 2027 23% / 13% Projects Under Development - Unconsolidated 639 307,200 232,485 66,863 Projects Completed and Stabilized During the Quarter: Alloy Sunnyside Denver, CO 80% 209 70,004 69,045 34,773 100% Q3 2021 Q2 2024 Q2 2024 Q4 2025 95% / 91% Projects Completed and Stabilized During the Quarter - Unconsolidated 209 70,004 69,045 34,773 Total Development Projects - Consolidated 1,269 554,031 523,190 — Total Development Projects - Unconsolidated 848 377,204 301,530 101,636 Total Development Projects 2,117 $ 931,235 $ 824,720 $ 101,636 NOI CONTRIBUTION FROM DEVELOPMENT PROJECTS Total Budgeted Capital Cost December YTD 2025 NOI Projects Under Development - Consolidated $ 232,172 $ 174 Projects Completed Not Stabilized - Consolidated 152,621 3,231 Projects Completed and Stabilized During the Quarter - Consolidated 169,238 3,677 Projects Under Development - Unconsolidated 307,200 (389 ) Projects Completed and Stabilized During the Quarter - Unconsolidated 70,004 1,325 $ 931,235 $ 8,018 (1) All unconsolidated projects are being partially funded with third party, project-specific construction loans, none of which are recourse to the Company. (2) The land parcel under this project is subject to a long-term ground lease. Equity Residential Residential Capital Expenditures to Real Estate For the Year Ended December 31, 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 73,465 10,709 84,174 Recurring Capital Expenditures $ 168,828 $ 25,003 $ 193,831 $ 2,298 NOI-Enhancing Expenditures: Renovation Expenditures 83,048 (1) 17,555 (3) 100,603 1,130 Other (2) 25,635 8,534 34,169 349 Total NOI-Enhancing Expenditures 108,683 26,089 134,772 1,479 Total Capital Expenditures to Real Estate (4) $ 277,511 $ 51,092 $ 328,603 $ 3,777 (1) Renovation Expenditures on 2,732 same store apartment units for the year ended December 31, 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 $12.4 million, $1.0 million and $13.4 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 December 31, 2025 September 30, 2025 Q4 Q3 Q2 Q1 Q4 Net income $ 1,151,949 $ 1,194,322 $ 391,498 $ 296,868 $ 198,785 $ 264,798 $ 433,871 Interest expense incurred, net 306,798 307,545 79,226 80,141 75,317 72,114 79,973 Amortization of deferred financing costs 8,768 8,419 2,399 2,122 2,103 2,144 2,050 Amortization of above/below market lease intangibles 4,610 4,610 1,152 1,153 1,153 1,152 1,152 Depreciation 1,010,400 1,016,442 258,108 254,657 240,889 256,746 264,150 Income and other tax expense (benefit) 1,585 1,555 361 395 407 422 331 EBITDA 2,484,110 2,532,893 732,744 635,336 518,654 597,376 781,527 Net (gain) loss on sales of real estate properties (626,388 ) (674,085 ) (271,271 ) (142,685 ) (58,280 ) (154,152 ) (318,968 ) Net (gain) loss on sales of unconsolidated entities - operating assets (2,781 ) 57 (2,643 ) — (174 ) 36 195 EBITDAre 1,854,941 1,858,865 458,830 492,651 460,200 443,260 462,754 Write-off of pursuit costs (other expenses) 7,735 9,372 1,613 4,074 727 1,321 3,250 (Income) loss from investments in unconsolidated entities - operations 21,089 19,440 5,563 3,981 5,170 6,375 3,914 Net (gain) loss on sales of unconsolidated entities - non-operating assets 607 — 607 — — — — Net (gain) loss on sales of land parcels 80 80 — 2 11 67 — Realized (gain) loss on investment securities (interest and other income) 51 727 — 2 9 40 676 Unrealized (gain) loss on investment securities (interest and other income) (25,399 ) (25,399 ) — (25,399 ) — — — Insurance/litigation settlement or reserve income (interest and other income) (199 ) (3,062 ) — — (101 ) (98 ) (2,863 ) Insurance/litigation/environmental settlement or reserve expense (other expenses) (1) 48,668 32,295 17,950 25,857 3,149 1,712 1,577 Advocacy contributions (other expenses) 966 9,838 360 208 185 213 9,232 Employment tax refund (interest and other income) (16,867 ) (16,867 ) — (16,867 ) — — — Other (69 ) 161 — 20 11 (100 ) 230 Normalized EBITDAre $ 1,891,603 $ 1,885,450 $ 484,923 $ 484,529 $ 469,361 $ 452,790 $ 478,770 Balance Sheet Items: December 31, 2025 September 30, 2025 Total debt $ 8,175,010 $ 8,435,787 Cash and cash equivalents (55,904 ) (93,092 ) Mortgage principal reserves/sinking funds (33,143 ) (34,941 ) Net debt $ 8,085,963 $ 8,307,754 (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) Year Ended December 31, Quarter Ended December 31, 2025 2024 Variance 2025 2024 Variance Impairment – non-operating real estate assets $ — $ — $ — $ — $ — $ — Write-off of pursuit costs (other expenses) 7,735 5,155 2,580 1,613 3,250 (1,637 ) Write-off of unamortized deferred financing costs (interest expense) 366 — 366 269 — 269 Premium on redemption of Preferred Shares — 1,444 (1,444 ) — — — Debt extinguishment and preferred share redemption (gains) losses 366 1,444 (1,078 ) 269 — 269 Net (gain) loss on sales of land parcels 80 — 80 — — — (Income) loss from investments in unconsolidated entities ─ non-operating assets 4,491 1,577 2,914 2,940 465 2,475 Realized (gain) loss on investment securities (interest and other income) 51 1,992 (1,941 ) — 676 (676 ) Unrealized (gain) loss on investment securities (interest and other income) (25,399 ) (19,880 ) (5,519 ) — — — Non-operating asset (gains) losses (20,777 ) (16,311 ) (4,466 ) 2,940 1,141 1,799 Insurance/litigation settlement or reserve income (interest and other income) (199 ) (4,447 ) 4,248 — (2,863 ) 2,863 Insurance/litigation/environmental settlement or reserve expense (other expenses) (1) 48,668 44,645 4,023 17,950 1,577 16,373 Advocacy contributions (other expenses) 966 21,515 (20,549 ) 360 9,232 (8,872 ) Employment tax refund (interest and other income) (16,867 ) — (16,867 ) — — — Other (69 ) (105 ) 36 — 230 (230 ) Other miscellaneous items 32,499 61,608 (29,109 ) 18,310 8,176 10,134 Adjustments from FFO to Normalized FFO $ 19,823 $ 51,896 $ (32,073 ) $ 23,132 $ 12,567 $ 10,565 (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. Q1 2026 Full Year 2026 2026 Normalized FFO Guidance (per share diluted) Expected Normalized FFO Per Share $0.94 to $0.98 $4.02 to $4.14 2026 Same Store Assumptions (includes Residential and Non-Residential) Physical Occupancy 96.4% Revenue change 1.2% to 3.2% Expense change 3.0% to 4.0% NOI change (1) 0.5% to 2.5% 2026 Transaction Assumptions (2) 2026 Debt Assumptions Weighted average debt outstanding $8.33B to $8.53B Interest expense, net (on a Normalized FFO basis) $321.0M to $327.0M Capitalized interest $6.3M to $8.3M 2026 Capital Expenditures to Real Estate Assumptions for Residential Same Store Properties NOI-Enhancing Capital Expenditures for Residential Same Store Properties (3) $125.0M Recurring Capital Expenditures for Residential Same Store Properties $185.0M Capital Expenditures to Real Estate for Residential Same Store Properties $310.0M 2026 Other Guidance Assumptions Property management expense $142.0M to $144.0M General and administrative expense $59.0M to $64.0M Income (loss) from investments in unconsolidated entities (on a Normalized FFO basis) (4) $1.0M to $5.0M Debt offerings $500.0M to $1.0B Weighted average Common Shares and Units - Diluted 384.2M (1) Approximately 20 basis point change in NOI percentage = $0.01 per share change in EPS/FFO per share/Normalized FFO per share. (2) The Company's guidance assumes that excess disposition proceeds from 2025 of approximately $200 million are invested in share repurchases in the first half of 2026. No operating property acquisitions or dispositions are included in 2026 guidance. (3) During 2026, the Company expects to spend approximately $90.0 million for apartment unit Renovation Expenditures on approximately 2,900 Residential same store apartment units at an average cost of approximately $31,000 per apartment unit renovated. The remainder of the NOI-Enhancing spend includes other items, such as sustainability, property-level technology and ADU expenditures. (4) 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 December 3, 2030. 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. 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: December 31, 2025 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding (587,425 ) Unsecured revolving credit facility balance outstanding — Other restricted amounts (3,448 ) Unsecured revolving credit facility availability $ 1,909,127 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): Year Ended December 31, 2025 Quarter Ended December 31, 2025 Net Gain (Loss) on Sales of Real Estate Properties $ 626,388 $ 271,271 Accumulated Depreciation Gain (404,223 ) (216,238 ) Economic Gain (Loss) $ 222,165 $ 55,033 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: the impact of any expenses relating to non-operating real estate asset impairment;pursuit cost write-offs;gains and losses from early debt extinguishment and preferred share redemptions;gains and losses from non-operating assets; andother miscellaneous items. Expected Normalized FFO per share is calculated on a basis consistent with actual Normalized FFO per share and is considered an appropriate supplemental measure of expected operating performance when compared to expected EPS. The Company believes that Normalized FFO and Normalized FFO available to Common Shares and Units are helpful to investors as supplemental measures of the operating performance of a real estate company because they allow investors to compare the Company's operating performance to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company's actual operating results. FFO, FFO available to Common Shares and Units, Normalized FFO and Normalized FFO available to Common Shares and Units do not represent net income, net income available to Common Shares or net cash flows from operating activities in accordance with GAAP. Therefore, FFO, FFO available to Common Shares and Units, Normalized FFO and Normalized FFO available to Common Shares and Units should not be exclusively considered as alternatives to net income, net income available to Common Shares or net cash flows from operating activities as determined by GAAP or as a measure of liquidity. The Company's calculation of FFO, FFO available to Common Shares and Units, Normalized FFO and Normalized FFO available to Common Shares and Units may differ from other real estate companies due to, among other items, variations in cost capitalization policies for capital expenditures and, accordingly, may not be comparable to such other real estate companies. FFO available to Common Shares and Units and Normalized FFO available to Common Shares and Units are calculated on a basis consistent with net income available to Common Shares and reflects adjustments to net income for preferred distributions and premiums on redemption of preferred shares in accordance with GAAP. The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units are collectively referred to as the "Noncontrolling Interests – Operating Partnership". Subject to certain restrictions, the Noncontrolling Interests – Operating Partnership may exchange their OP Units for Common Shares on a one-for-one basis. 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 Actual Expected Expected Actual 2025 Actual 2024 Q4 2025 Q4 2024 Q1 2026 2026 Per Share Per Share Per Share Per Share Per Share Per Share EPS – Diluted $ 2.94 $ 2.72 $ 1.00 $ 1.10 $0.29 to $0.33 $1.44 to $1.56 Depreciation expense 2.61 2.44 0.67 0.68 0.64 2.54 Net (gain) loss on sales (1.61 ) (1.40 ) (0.70 ) (0.81 ) — — Impairment – operating real estate assets — — — — — — FFO per share – Diluted 3.94 3.76 0.97 0.97 0.93 to 0.97 3.98 to 4.10 Adjustments(1): Impairment – non-operating real estate assets — — — — — — Write-off of pursuit costs 0.02 0.01 — 0.01 — 0.01 Debt extinguishment and preferred share redemption (gains) losses — — — — — — Non-operating asset (gains) losses (0.05 ) (0.04 ) 0.01 — — — Other miscellaneous items 0.08 0.16 0.05 0.02 0.01 0.03 Normalized FFO per share – Diluted $ 3.99 $ 3.89 $ 1.03 $ 1.00 $0.94 to $0.98 $4.02 to $4.14 (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): Year Ended December 31, Quarter Ended December 31, 2025 2024 2025 2024 Net income $ 1,151,949 $ 1,070,975 $ 391,498 $ 433,871 Adjustments: Property management 133,369 132,739 32,678 32,358 General and administrative 65,280 61,653 13,830 12,751 Depreciation 1,010,400 952,191 258,108 264,150 Net (gain) loss on sales of real estate properties (626,388 ) (546,797 ) (271,271 ) (318,968 ) Interest and other income (52,440 ) (30,329 ) (3,400 ) (3,828 ) Other expenses 60,485 74,051 20,582 14,957 Interest: Expense incurred, net 306,798 285,735 79,226 79,973 Amortization of deferred financing costs 8,768 7,834 2,399 2,050 Income and other tax expense (benefit) 1,585 1,256 361 331 (Income) loss from investments in unconsolidated entities 18,915 8,974 3,527 4,109 Net (gain) loss on sales of land parcels 80 — — — Total NOI $ 2,078,801 $ 2,018,282 $ 527,538 $ 521,754 Year Ended December 31, Quarter Ended December 31, Rental income: 2025 2024 2025 2024 Residential same store $ 2,720,779 $ 2,647,730 $ 717,476 $ 700,506 Non-Residential same store 101,025 101,624 26,067 25,167 Total same store 2,821,804 2,749,354 743,543 725,673 Non-same store/other 272,155 230,754 38,368 41,106 Total rental income 3,093,959 2,980,108 781,911 766,779 Operating expenses: Residential same store 875,150 844,317 227,310 220,822 Non-Residential same store 29,737 28,482 7,380 7,310 Total same store 904,887 872,799 234,690 228,132 Non-same store/other 110,271 89,027 19,683 16,893 Total operating expenses 1,015,158 961,826 254,373 245,025 NOI: Residential same store 1,845,629 1,803,413 490,166 479,684 Non-Residential same store 71,288 73,142 18,687 17,857 Total same store 1,916,917 1,876,555 508,853 497,541 Non-same store/other 161,884 141,727 18,685 24,213 Total NOI $ 2,078,801 $ 2,018,282 $ 527,538 $ 521,754 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 2026 NOI for stabilized properties and projected annual NOI at stabilization (defined as having achieved 90% Physical Occupancy for three consecutive months) for properties that are in lease-up. 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 December 31, 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 year ended December 31, 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. Source: Equity Residential