Form 8-K

8-K — EQUITY RESIDENTIAL

Accession: 0001193125-26-187339

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0000906107

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — eqr-20260428.htm (Primary)

EX-99.1 (eqr-ex99_1.htm)

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8-K

8-K (Primary)

Filename: eqr-20260428.htm · Sequence: 1

8-K

false000090610700009061072026-04-282026-04-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 28, 2026

EQUITY RESIDENTIAL

(Exact Name of Registrant as Specified in its Charter)

Maryland

1-12252

13-3675988

(State or Other Jurisdiction

of Incorporation or Organization)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

Two North Riverside Plaza

Chicago, Illinois

60606

(Address of Principal Executive Offices)

(Zip Code)

Registrant's telephone number, including area code: (312) 474-1300

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Shares of Beneficial Interest,

$0.01 Par Value

EQR

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 28, 2026, Equity Residential issued a press release announcing its results of operations and financial condition as of March 31, 2026 and for the quarter then ended. The press release is furnished as Exhibit 99.1. The information contained in this Item 2.02 on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any registration statement or other document filed by Equity Residential under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.

Item 9.01. Financial Statements and Exhibits.

Exhibit

Number

Exhibit

99.1

Press Release dated April 28, 2026, announcing the results of operations and financial condition of Equity Residential as of March 31, 2026 and for the quarter then ended.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EQUITY RESIDENTIAL

Date: April 28, 2026

By:

/s/ Ian S. Kaufman

Name:

Ian S. Kaufman

Its:

Senior Vice President and Chief Accounting Officer

(Principal Accounting Officer)

EX-99.1

EX-99.1

Filename: eqr-ex99_1.htm · Sequence: 2

EX-99.1

First Quarter 2026 Results

Table of Contents

Earnings Release

1 - 4

Consolidated Statements of Operations

5

Consolidated Statements of Funds From Operations and Normalized

Funds From Operations

6

Consolidated Balance Sheets

7

Portfolio Summary

8

Portfolio Rollforward

9

Same Store Results

10 - 14

Debt Summary

15 - 17

Capital Structure

18

Common Share and Unit Weighted Average Amounts Outstanding

19

Partially Owned Properties

20

Development and Lease-Up Projects

21

Residential Capital Expenditures to Real Estate

22

Normalized EBITDAre Reconciliations

23

Adjustments from FFO to Normalized FFO

24

Normalized FFO Guidance and Assumptions

25

Additional Reconciliations and Definitions of Non-GAAP

Financial Measures and Other Terms

26 - 31

Corporate Headquarters:

Two North Riverside Plaza

Chicago, IL 60606

(312) 474-1300

Information included in this supplemental package is unaudited.

Table of Contents

NEWS RELEASE - FOR IMMEDIATE RELEASE

April 28, 2026

Equity Residential Reports First Quarter 2026 Results

San Francisco and New York Continue to Produce Strong Results

Chicago, IL – April 28, 2026 - Equity Residential (NYSE: EQR) today reported results for the quarter ended March 31, 2026.

First Quarter 2026 Results

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

Quarter Ended March 31,

2026

2025

$ Change

% Change

Earnings Per Share (EPS)

$

0.24

$

0.67

$

(0.43

)

(64.2

%)

Funds from Operations (FFO) per share

$

0.89

$

0.94

$

(0.05

)

(5.3

%)

Normalized FFO (NFFO) per share

$

0.99

$

0.95

$

0.04

4.2

%

Recent Highlights

•

For the first quarter of 2026 compared to the first quarter of 2025, same store revenues increased 2.2%, same store expenses increased 3.7% and same store Net Operating Income (NOI) increased 1.4%. The Company's resident Turnover of 7.8% in the first quarter of 2026 was the lowest in its history.

•

First quarter 2026 Blended Rate growth demonstrated a 130 basis point sequential improvement from the fourth quarter of 2025 to 1.5%.

•

On a same store cash basis, Leasing Concessions in the first quarter of 2026 were down 21% versus the first quarter of 2025, reflecting continued improvement in leasing amidst declining supply in our markets.

•

Compared to the first quarter of 2025, Physical Occupancy improved 10 basis points and Bad Debt, Net improved 10 basis points in the first quarter of 2026, reflecting solid demand and customer standing.

•

As previously announced, during the first quarter of 2026, the Company repurchased and retired approximately 3.5 million of its common shares at a weighted average purchase price of $63.42 per share, for an aggregate purchased amount of approximately $219.4 million.

•

During the first quarter of 2026, the Company increased the annual dividend on its common shares to $2.81 per share, a 1.4% increase over the 2025 annualized dividend.

“We have gotten off to a solid start to 2026 and are well positioned entering the peak leasing season. Our substantial exposure to the well performing San Francisco and New York markets drove operating performance in the first quarter that exceeded our expectations. These two markets are characterized by strong demand from our target higher earning renter demographic for our well-located apartment homes and modest levels of new supply,” said Mark J. Parrell, Equity Residential's President and CEO. "With new apartment supply levels set to decline for the foreseeable future across all our markets, we are continuing to see concessions decline, which provides the setup for pricing power in the latter half of the year. Combine that with a resilient U.S. economy, lifestyle preferences and cost considerations that favor rental housing and a country that remains significantly underhoused, we expect revenue performance to improve more broadly across our portfolio as the job market accelerates.”

Results Per Share

The change in EPS for the quarter ended March 31, 2026 compared to the same period of 2025 is due primarily to lower property sale gains, the various adjustment items listed on page 24 of this release and the items described below.

1

Table of Contents

The per share change in FFO for the quarter ended March 31, 2026 compared to the same period of 2025 is due primarily to the various adjustment items listed on page 24 of this release and the items described below.

The per share change in Normalized FFO is due primarily to:

Positive/(Negative) Impact

First Quarter 2026 vs.

First Quarter 2025

Residential same store NOI

$

0.02

Lease-Up NOI

0.01

2025 transaction activity impact on NOI, net

(0.01

)

Interest expense, net

(0.01

)

Other items (primarily corporate overhead and share repurchase impacts) (1)

0.03

Net

$

0.04

(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 26 through 31 of this release. Reconciliations and definitions of FFO and Normalized FFO are provided on pages 6, 28 and 29 of this release.

Same Store Results

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

First Quarter 2026 vs.

First Quarter 2025

First Quarter 2026 vs.

Fourth Quarter 2025

Apartment Units

78,885

81,821

Physical Occupancy

96.5% vs. 96.4%

96.4% vs. 96.1%

Revenues

2.2%

0.5%

Expenses

3.7%

6.0%

NOI

1.4%

(2.1%)

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.

First Quarter 2026 vs.

First Quarter 2025

First Quarter 2026 vs.

Fourth Quarter 2025

% Change

% Change

Same Store Residential Revenues-

comparable period

Lease rates

1.7

%

0.1

%

Leasing Concessions

(0.2

%)

0.0

%

Vacancy gain (loss)

0.1

%

0.2

%

Bad Debt, Net

0.1

%

0.1

%

Other (1)

0.6

%

0.1

%

Same Store Residential Revenues-

current period

2.3

%

0.5

%

(1)

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

See page 11 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.

2

Table of Contents

Residential Same Store Operating Statistics

The following table includes select operating metrics for Residential Same Store Properties (for 78,885 same store apartment units):

April 2026 (1)

Q1 2026

Q4 2025

Q1 2025

Physical Occupancy

96.3%

96.5%

96.2%

96.4%

Percentage of Residents Renewing by month/quarter

61.5%

61.6%

61.1%

61.5%

New Lease Change

(1.1%)

(2.8%)

(5.4%)

(2.6%)

Renewal Rate Achieved

5.3%

4.7%

4.4%

4.8%

Blended Rate

3.0%

1.5%

0.2%

1.5%

(1)

April 2026 results are preliminary as of April 28th.

Investments Activity

The Company did not acquire or sell any properties during the first quarter of 2026.

Capital Markets and Balance Sheet Activity

During the first quarter of 2026, the Company repurchased and retired approximately 3.5 million of its common shares at a weighted average purchase price of $63.42 per share, for an aggregate purchased amount of approximately $219.4 million. All common share repurchases were funded with excess disposition proceeds from 2025 sale activity.

Second Quarter 2026 Guidance

The Company has established guidance ranges for the second quarter of 2026 EPS, FFO per share and Normalized FFO per share as listed below:

Q2 2026

Guidance

EPS

$0.28 to $0.32

FFO per share

$0.97 to $1.01

Normalized FFO per share

$0.98 to $1.02

The difference between the first quarter of 2026 actual EPS of $0.24 and the second quarter of 2026 EPS guidance midpoint of $0.30 is due primarily to lower expected property sale gains, lower expected other expenses and the items described below.

The difference between the first quarter of 2026 actual FFO of $0.89 per share and the second quarter of 2026 FFO guidance midpoint of $0.99 per share is due primarily to lower expected other expenses and the items described below.

The difference between the first quarter of 2026 actual Normalized FFO of $0.99 per share and the second quarter of 2026 Normalized FFO guidance midpoint of $1.00 per share is due primarily to:

Expected

Positive/(Negative)

Impact

Second Quarter 2026 vs.

First Quarter 2026

Residential same store NOI

$

0.03

Interest expense, net

(0.01

)

Corporate overhead

(0.01

)

Net

$

0.01

3

Table of Contents

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 85,211 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, Dallas/Austin 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, April 29, 2026 at 10:00 a.m. CT. Please visit the Investor section of the Company’s website at www.equityapartments.com for the webcast link.

4

Table of Contents

Equity Residential

Consolidated Statements of Operations

(Amounts in thousands except per share data)

(Unaudited)

Quarter Ended March 31,

2026

2025

REVENUES

Rental income

$

779,846

$

760,810

EXPENSES

Property and maintenance

149,656

143,973

Real estate taxes and insurance

117,026

111,752

Property management

35,141

35,816

General and administrative

16,865

18,255

Depreciation

247,496

256,746

Total expenses

566,184

566,542

Net gain (loss) on sales of real estate properties

(32

)

154,152

Interest and other income

2,238

1,692

Other expenses

(40,788

)

(4,156

)

Interest:

Expense incurred, net

(77,370

)

(72,114

)

Amortization of deferred financing costs

(2,145

)

(2,144

)

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

investments in unconsolidated entities and net gain (loss)

on sales of land parcels

95,565

271,698

Income and other tax (expense) benefit

(422

)

(422

)

Income (loss) from investments in unconsolidated entities

(2,042

)

(6,411

)

Net gain (loss) on sales of land parcels

—

(67

)

Net income

93,101

264,798

Net (income) loss attributable to Noncontrolling Interests:

Operating Partnership

(1,953

)

(7,102

)

Partially Owned Properties

(1,069

)

(1,104

)

Net income attributable to controlling interests

90,079

256,592

Preferred distributions

(356

)

(356

)

Net income available to Common Shares

$

89,723

$

256,236

Earnings per share – basic:

Net income available to Common Shares

$

0.24

$

0.68

Weighted average Common Shares outstanding

375,643

379,208

Earnings per share – diluted:

Net income available to Common Shares

$

0.24

$

0.67

Weighted average Common Shares outstanding

385,108

391,179

Distributions declared per Common Share outstanding

$

0.7025

$

0.6925

5

Table of Contents

Equity Residential

Consolidated Statements of Funds From Operations and Normalized Funds From Operations

(Amounts in thousands except per share and Unit data)

(Unaudited)

Quarter Ended March 31,

2026

2025

Net income

$

93,101

$

264,798

Net (income) loss attributable to Noncontrolling Interests – Partially

Owned Properties

(1,069

)

(1,104

)

Preferred distributions

(356

)

(356

)

Net income available to Common Shares and Units

91,676

263,338

Adjustments:

Depreciation

247,496

256,746

Depreciation – Non-real estate additions

(1,009

)

(950

)

Depreciation – Partially Owned Properties

(616

)

(478

)

Depreciation – Unconsolidated Properties

3,332

4,395

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

assets

—

36

Net (gain) loss on sales of real estate properties

32

(154,152

)

FFO available to Common Shares and Units

340,911

368,935

Adjustments (see note for additional detail):

Write-off of pursuit costs

954

1,321

Debt extinguishment and preferred share redemption (gains)

losses

—

97

Non-operating asset (gains) losses

416

438

Other miscellaneous items

38,811

1,727

Normalized FFO available to Common Shares and Units

$

381,092

$

372,518

FFO

$

341,267

$

369,291

Preferred distributions

(356

)

(356

)

FFO available to Common Shares and Units

$

340,911

$

368,935

FFO per share and Unit – basic

$

0.89

$

0.95

FFO per share and Unit – diluted

$

0.89

$

0.94

Normalized FFO

$

381,448

$

372,874

Preferred distributions

(356

)

(356

)

Normalized FFO available to Common Shares and Units

$

381,092

$

372,518

Normalized FFO per share and Unit – basic

$

0.99

$

0.96

Normalized FFO per share and Unit – diluted

$

0.99

$

0.95

Weighted average Common Shares and Units outstanding – basic

383,819

389,719

Weighted average Common Shares and Units outstanding – diluted

385,108

391,179

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.

6

Table of Contents

Equity Residential

Consolidated Balance Sheets

(Amounts in thousands except for share amounts)

(Unaudited)

March 31,

December 31,

2026

2025

ASSETS

Land

$

5,573,564

$

5,563,407

Depreciable property

24,828,057

24,705,540

Projects under development

85,966

100,561

Land held for development

57,919

86,341

Investment in real estate

30,545,506

30,455,849

Accumulated depreciation

(11,264,396

)

(11,016,900

)

Investment in real estate, net

19,281,110

19,438,949

Investments in unconsolidated entities1

325,566

325,939

Cash and cash equivalents

34,677

55,904

Restricted deposits

104,432

102,950

Right-of-use assets

452,318

454,916

Other assets

319,050

367,365

Total assets

$

20,517,153

$

20,746,023

LIABILITIES AND EQUITY

Liabilities:

Mortgage notes payable, net

$

1,590,859

$

1,589,904

Notes, net

6,000,230

5,998,458

Line of credit and commercial paper

748,417

586,648

Accounts payable and accrued expenses

141,575

109,165

Accrued interest payable

52,479

73,860

Lease liabilities

303,813

304,575

Other liabilities

306,187

324,616

Security deposits

82,306

82,155

Distributions payable

269,392

267,508

Total liabilities

9,495,258

9,336,889

Commitments and contingencies

Redeemable Noncontrolling Interests – Operating Partnership

165,420

176,289

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 March 31, 2026 and December 31, 2025

17,155

17,155

Common Shares of beneficial interest, $0.01 par value;

1,000,000,000 shares authorized; 374,674,719 shares issued

and outstanding as of March 31, 2026 and 377,806,173

shares issued and outstanding as of December 31, 2025

3,747

3,778

Paid in capital

9,846,857

9,824,460

Retained earnings

800,704

1,193,931

Accumulated other comprehensive income (loss)

2,460

2,175

Total shareholders’ equity

10,670,923

11,041,499

Noncontrolling Interests:

Operating Partnership

187,137

192,135

Partially Owned Properties

(1,585

)

(789

)

Total Noncontrolling Interests

185,552

191,346

Total equity

10,856,475

11,232,845

Total liabilities and equity

$

20,517,153

$

20,746,023

1 Includes $260.9 million and $261.4 million in unconsolidated development and operating projects as of March 31, 2026 and December 31, 2025, respectively. See Partially Owned Properties and/or Development and Lease-Up Projects for additional detail on unconsolidated projects.

7

Table of Contents

Equity Residential

Portfolio Summary

As of March 31, 2026

% of

Stabilized

Average

Apartment

Budgeted

Rental

Markets/Metro Areas

Properties

Units

NOI

Rate

Los Angeles

56

14,433

16.0

%

$

2,985

Orange County

12

3,718

4.9

%

3,040

San Diego

10

2,225

3.1

%

3,313

Subtotal – Southern California

78

20,376

24.0

%

3,031

San Francisco

41

11,569

16.4

%

3,558

Washington, D.C.

42

13,553

14.7

%

2,864

New York

34

8,685

14.4

%

4,864

Boston

25

6,907

10.7

%

3,719

Seattle

38

8,051

9.1

%

2,723

Atlanta

22

6,420

4.4

%

1,917

Denver

16

4,678

3.6

%

2,135

Dallas/Austin

16

4,972

2.7

%

1,886

Total

312

85,211

100.0

%

$

3,094

Properties

Apartment Units

Wholly Owned Properties

297

81,539

Partially Owned Properties – Consolidated

12

2,656

Partially Owned Properties – Unconsolidated

3

1,016

312

85,211

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

1st Quarter 2026 Earnings Release

8

Table of Contents

Equity Residential

Portfolio Rollforward Q1 2026

($ in thousands)

Properties

Apartment

Units

12/31/2025

312

85,190

Configuration Changes

—

21

3/31/2026

312

85,211

1st Quarter 2026 Earnings Release

9

Table of Contents

Equity Residential

First Quarter 2026 vs. First Quarter 2025

Same Store Results/Statistics Including 78,885 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

Q1 2026

$

746,478

$

248,558

$

497,920

$

3,154

96.5

%

7.8

%

Q1 2025

$

730,628

$

239,621

$

491,007

$

3,086

96.4

%

7.9

%

Change

$

15,850

$

8,937

$

6,913

$

68

0.1

%

(0.1

%)

Change

2.2

%

3.7

%

1.4

%

2.2

%

First Quarter 2026 vs. Fourth Quarter 2025

Same Store Results/Statistics Including 81,821 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

Q1 2026

$

763,082

$

254,689

$

508,393

$

3,113

96.4

%

7.8

%

Q4 2025

$

759,439

$

240,351

$

519,088

$

3,106

96.1

%

8.3

%

Change

$

3,643

$

14,338

$

(10,695

)

$

7

0.3

%

(0.5

%)

Change

0.5

%

6.0

%

(2.1

%)

0.2

%

1st Quarter 2026 Earnings Release

10

Table of Contents

Equity Residential

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

($ in thousands)

First Quarter 2026 vs. First Quarter 2025

First Quarter 2026 vs. Fourth Quarter 2025

78,885 Same Store Apartment Units

81,821 Same Store Apartment Units

Q1 2026

Q1 2025

Q1 2026

Q4 2025

Same Store Residential Revenues (GAAP Basis)

$

719,667

$

703,612

$

736,271

$

732,488

Leasing Concessions amortized

6,946

5,681

7,459

7,291

Leasing Concessions granted

(5,443

)

(6,924

)

(5,975

)

(7,963

)

Same Store Residential Revenues with Leasing

Concessions on a cash basis

$

721,170

$

702,369

$

737,755

$

731,816

% change - GAAP revenue

2.3

%

0.5

%

% change - cash revenue

2.7

%

0.8

%

(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 78,885 Same Store Apartment Units

(includes Residential and Non-Residential)

($ in thousands)

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Same store revenues

$

746,478

$

742,894

$

742,962

$

737,998

$

730,628

Same store expenses

248,558

234,570

239,401

233,991

239,621

Same store NOI

$

497,920

$

508,324

$

503,561

$

504,007

$

491,007

1st Quarter 2026 Earnings Release

11

Table of Contents

Equity Residential

First Quarter 2026 vs. First Quarter 2025

Same Store Residential Results/Statistics by Market

Increase (Decrease) from Prior Year's Quarter

Markets/Metro Areas

Apartment

Units

Q1 2026

% of

Actual

NOI

Q1 2026

Average

Rental

Rate

Q1 2026

Weighted

Average

Physical

Occupancy %

Q1 2026

Turnover

Revenues

Expenses

NOI

Average

Rental

Rate

Physical

Occupancy

Turnover

Los Angeles

13,836

16.5

%

$

2,984

95.7

%

8.6

%

0.7

%

4.5

%

(1.0

%)

0.7

%

0.0

%

(0.4

%)

Orange County

3,718

5.2

%

3,040

95.9

%

7.9

%

2.1

%

1.7

%

2.2

%

2.6

%

(0.4

%)

0.7

%

San Diego

2,225

3.4

%

3,313

96.0

%

8.8

%

1.3

%

2.5

%

1.0

%

1.7

%

(0.3

%)

0.1

%

Subtotal – Southern California

19,779

25.1

%

3,031

95.8

%

8.5

%

1.1

%

3.9

%

(0.1

%)

1.2

%

(0.1

%)

(0.1

%)

San Francisco

11,344

17.4

%

3,553

97.7

%

8.4

%

6.5

%

1.5

%

8.7

%

5.6

%

0.9

%

0.1

%

Washington, D.C.

12,928

14.9

%

2,879

96.3

%

6.2

%

1.7

%

4.7

%

0.2

%

2.8

%

(1.1

%)

0.1

%

New York

8,235

14.3

%

4,916

97.9

%

5.6

%

4.6

%

2.3

%

6.4

%

4.3

%

0.3

%

(0.7

%)

Boston

6,907

10.4

%

3,719

95.8

%

6.9

%

1.5

%

7.1

%

(0.9

%)

1.4

%

0.0

%

(0.2

%)

Seattle

8,050

9.2

%

2,723

96.1

%

9.0

%

2.0

%

5.7

%

0.4

%

2.4

%

(0.4

%)

0.3

%

Denver

3,972

3.4

%

2,140

96.8

%

9.0

%

(5.9

%)

2.6

%

(9.8

%)

(7.7

%)

1.7

%

(1.8

%)

Atlanta

4,126

3.1

%

1,946

96.2

%

8.7

%

(2.0

%)

6.3

%

(6.2

%)

(2.6

%)

0.6

%

0.4

%

Dallas/Austin

3,544

2.2

%

1,810

95.7

%

9.5

%

(1.3

%)

(3.6

%)

0.4

%

(2.0

%)

0.6

%

(0.6

%)

Total

78,885

100.0

%

$

3,154

96.5

%

7.8

%

2.3

%

3.5

%

1.7

%

2.2

%

0.1

%

(0.1

%)

Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the quarter ended March 31, 2026.

1st Quarter 2026 Earnings Release

12

Table of Contents

Equity Residential

First Quarter 2026 vs. Fourth Quarter 2025

Same Store Residential Results/Statistics by Market

Increase (Decrease) from Prior Quarter

Markets/Metro Areas

Apartment

Units

Q1 2026

% of

Actual

NOI

Q1 2026

Average

Rental

Rate

Q1 2026

Weighted

Average

Physical

Occupancy %

Q1 2026

Turnover

Revenues

Expenses

NOI

Average

Rental

Rate

Physical

Occupancy

Turnover

Los Angeles

13,836

16.1

%

$

2,984

95.7

%

8.6

%

0.1

%

5.1

%

(2.3

%)

0.3

%

(0.2

%)

(0.3

%)

Orange County

3,718

5.1

%

3,040

95.9

%

7.9

%

0.2

%

3.3

%

(0.6

%)

1.0

%

(0.6

%)

(0.1

%)

San Diego

2,225

3.4

%

3,313

96.0

%

8.8

%

(0.1

%)

2.2

%

(0.7

%)

(0.1

%)

0.0

%

(2.0

%)

Subtotal – Southern California

19,779

24.6

%

3,031

95.8

%

8.5

%

0.1

%

4.6

%

(1.7

%)

0.4

%

(0.2

%)

(0.5

%)

San Francisco

11,344

17.0

%

3,553

97.7

%

8.4

%

2.2

%

5.2

%

1.0

%

1.4

%

0.8

%

(0.9

%)

Washington, D.C.

12,928

14.6

%

2,879

96.3

%

6.2

%

0.2

%

9.9

%

(4.1

%)

0.1

%

0.0

%

(1.0

%)

New York

8,235

14.0

%

4,916

97.9

%

5.6

%

1.1

%

3.5

%

(0.6

%)

0.8

%

0.3

%

(0.2

%)

Boston

6,907

10.1

%

3,719

95.8

%

6.9

%

(0.1

%)

11.5

%

(4.8

%)

0.1

%

(0.2

%)

0.4

%

Seattle

8,050

9.1

%

2,723

96.1

%

9.0

%

(0.3

%)

8.2

%

(3.5

%)

(0.1

%)

(0.2

%)

1.1

%

Atlanta

6,190

4.5

%

1,922

96.0

%

8.3

%

0.8

%

4.8

%

(1.3

%)

(0.9

%)

1.5

%

(0.9

%)

Denver

4,469

3.7

%

2,143

96.8

%

9.1

%

(1.5

%)

0.4

%

(2.4

%)

(2.8

%)

1.3

%

(1.7

%)

Dallas/Austin

3,919

2.4

%

1,853

95.3

%

9.8

%

0.0

%

2.0

%

(1.4

%)

(0.9

%)

0.8

%

(1.3

%)

Total

81,821

100.0

%

$

3,113

96.4

%

7.8

%

0.5

%

5.8

%

(2.0

%)

0.2

%

0.3

%

(0.5

%)

Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the quarter ended March 31, 2026.

1st Quarter 2026 Earnings Release

13

Table of Contents

Equity Residential

First Quarter 2026 vs. First Quarter 2025

Total Same Store Operating Expenses Including 78,885 Same Store Apartment Units

(includes Residential and Non-Residential)

($ in thousands)

Q1 2026

Q1 2025

$

Change (1)

%

Change

% of

Q1 2026

Operating

Expenses

Real estate taxes

$

98,680

$

95,910

$

2,770

2.9

%

39.7

%

On-site payroll

44,593

44,517

76

0.2

%

17.9

%

Utilities

42,813

40,120

2,693

6.7

%

17.2

%

Repairs and maintenance

32,435

30,243

2,192

7.2

%

13.1

%

Insurance

9,994

9,568

426

4.5

%

4.0

%

Leasing and advertising

3,534

2,924

610

20.8

%

1.4

%

Other on-site operating expenses

16,509

16,339

170

1.0

%

6.7

%

Total Same Store Operating Expenses (2)

$

248,558

$

239,621

$

8,937

3.7

%

100.0

%

(1)

The quarter-over-quarter 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, particularly impacting electricity and gas.

Repairs and maintenance – Increase primarily driven by costs associated with the implementation of various resident technology initiatives (including bulk Wi-Fi programs), which is more than offset by a corresponding increase in same store revenues.

Insurance – Increase primarily driven by higher general liability premiums and property casualty losses, partially offset by lower property premiums.

Leasing and advertising – Increase primarily driven by higher interactive marketing/advertising costs and certain one-time broker fee costs related to Non-Residential leasing activity.

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

(2)

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

1st Quarter 2026 Earnings Release

14

Table of Contents

Equity Residential

Debt Summary as of March 31, 2026

($ in thousands)

Debt

Balances (1)

% of Total

Weighted

Average

Rates (1)

Weighted

Average

Maturities

(years)

Secured

$

1,590,859

19.1

%

3.68

%

5.7

Unsecured

6,748,647

80.9

%

3.80

%

6.5

Total

$

8,339,506

100.0

%

3.78

%

6.3

Fixed Rate Debt:

Secured – Conventional

$

1,404,284

16.9

%

3.86

%

5.2

Unsecured – Public

6,000,230

71.9

%

3.79

%

7.3

Fixed Rate Debt

7,404,514

88.8

%

3.80

%

6.9

Floating Rate Debt:

Secured – Tax Exempt

186,575

2.2

%

2.32

%

9.2

Unsecured – Revolving Credit Facility

—

—

4.40

%

4.7

Unsecured – Commercial Paper Program (2)

748,417

9.0

%

3.91

%

—

Floating Rate Debt

934,992

11.2

%

3.56

%

1.9

Total

$

8,339,506

100.0

%

3.78

%

6.3

(1)

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

(2)

At March 31, 2026, the weighted average maturity of commercial paper outstanding was 14 days. The weighted average amount outstanding for the quarter ended March 31, 2026 was approximately $683.4 million.

Note: The Company capitalized interest of approximately $2.6 million and $3.9 million during the quarters ended March 31, 2026 and 2025, respectively.

1st Quarter 2026 Earnings Release

15

Table of Contents

Equity Residential

Debt Maturity Schedule as of March 31, 2026

($ 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

$

756,920

(2)

$

1,348,945

16.1

%

3.58

%

3.87

%

2027

400,000

8,200

408,200

4.9

%

3.25

%

3.23

%

2028

900,000

9,000

909,000

10.8

%

3.79

%

3.78

%

2029

888,120

9,700

897,820

10.7

%

3.30

%

3.30

%

2030

1,148,462

10,800

1,159,262

13.8

%

2.53

%

2.53

%

2031

528,500

37,700

566,200

6.7

%

1.94

%

1.97

%

2032

500,000

26,100

526,100

6.3

%

4.95

%

4.84

%

2033

550,000

—

550,000

6.5

%

5.22

%

5.22

%

2034

600,000

—

600,000

7.1

%

4.65

%

4.65

%

2035

—

25,175

25,175

0.3

%

—

1.65

%

2036+

1,350,850

61,785

1,412,635

16.8

%

4.39

%

4.26

%

Subtotal

7,457,957

945,380

8,403,337

100.0

%

3.72

%

3.72

%

Deferred Financing Costs and Unamortized (Discount)

(53,443

)

(10,388

)

(63,831

)

N/A

N/A

N/A

Total

$

7,404,514

$

934,992

$

8,339,506

100.0

%

3.72

%

3.72

%

(1)

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

(2)

Includes $749.5 million in principal outstanding on the Company's Commercial Paper Program.

1st Quarter 2026 Earnings Release

16

Table of Contents

Equity Residential

Selected Unsecured Public Debt Covenants

March 31,

December 31,

2026

2025

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

27.9%

27.4%

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)

5.60

5.77

Total Unencumbered Assets to Unsecured Debt

(must be at least 125%)

466.1%

477.1%

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

March 31,

December 31,

2026

2025

Total debt to Normalized EBITDAre

4.38x

4.32x

Net debt to Normalized EBITDAre

4.35x

4.27x

Unencumbered NOI as a % of total NOI

90.1%

90.3%

Note: See Normalized EBITDAre Reconciliations for detail.

1st Quarter 2026 Earnings Release

17

Table of Contents

Equity Residential

Capital Structure as of March 31, 2026

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

Secured Debt

$

1,590,859

19.1

%

Unsecured Debt

6,748,647

80.9

%

Total Debt

8,339,506

100.0

%

26.8

%

Common Shares (includes Restricted Shares)

374,674,719

97.6

%

Units (includes OP Units and Restricted Units)

9,325,548

2.4

%

Total Shares and Units

384,000,267

100.0

%

Common Share Price at March 31, 2026

$

59.15

22,713,616

99.9

%

Perpetual Preferred Equity (see below)

17,155

0.1

%

Total Equity

22,730,771

100.0

%

73.2

%

Total Market Capitalization

$

31,070,277

100.0

%

Perpetual Preferred Equity as of March 31, 2026

(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

1st Quarter 2026 Earnings Release

18

Table of Contents

Equity Residential

Common Share and Unit

Weighted Average Amounts Outstanding

Q1 2026

Q1 2025

Weighted Average Amounts Outstanding for Net Income Purposes:

Common Shares - basic

375,642,927

379,207,994

Shares issuable from assumed conversion/vesting of:

- OP Units

8,175,672

10,511,169

- long-term compensation shares/units

1,288,946

1,460,268

Total Common Shares and Units - diluted

385,107,545

391,179,431

Weighted Average Amounts Outstanding for FFO and Normalized FFO Purposes:

Common Shares - basic

375,642,927

379,207,994

OP Units - basic

8,175,672

10,511,169

Total Common Shares and OP Units - basic

383,818,599

389,719,163

Shares issuable from assumed conversion/vesting of:

- long-term compensation shares/units

1,288,946

1,460,268

Total Common Shares and Units - diluted

385,107,545

391,179,431

Period Ending Amounts Outstanding:

Common Shares (includes Restricted Shares)

374,674,719

379,840,678

Units (includes OP Units and Restricted Units)

9,325,548

11,723,272

Total Shares and Units

384,000,267

391,563,950

1st Quarter 2026 Earnings Release

19

Table of Contents

Equity Residential

Partially Owned Properties as of March 31, 2026

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

Partially Owned Properties

Weighted Average Ownership Percentage

Total

Properties

Total

Apartment

Units

Q1 2026

NOI

Q1 2026

Interest

Expense

Total Debt

CONSOLIDATED:

Projects Under Development (1) (3)

95.0%

—

—

$

523

$

—

$

—

Operating properties (stabilized)

86.0%

12

2,656

16,406

255

28,344

Total Partially Owned Properties - Consolidated

12

2,656

16,929

255

28,344

UNCONSOLIDATED:

Projects Under Development (2) (3)

95.0%

—

—

77

206

99,301

Operating properties (stabilized)

72.2%

3

1,016

5,460

2,520

212,499

Total Partially Owned Properties - Unconsolidated

3

1,016

5,537

2,726

311,800

Total Partially Owned Properties

15

3,672

$

22,466

$

2,981

$

340,144

(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 March 31, 2026.

1st Quarter 2026 Earnings Release

20

Table of Contents

Equity Residential

Development and Lease-Up Projects as of March 31, 2026

(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

$

211,966

$

—

96%

Q1 2024

Q3 2025

Q2 2026

Q2 2027

43% / 35%

173 Reservoir

Canton, GA

100%

240

60,812

15,238

—

10%

Q1 2026

Q3 2027

Q1 2028

Q4 2028

– / –

Continuum

Alpharetta, GA

100%

280

113,649

29,298

—

8%

Q1 2026

Q3 2027

Q2 2028

Q4 2028

– / –

Projects Under Development - Consolidated

960

406,633

256,502

—

Projects Completed and Stabilized During the Quarter:

Lorien (fka Laguna Clara II)

Santa Clara, CA

100%

225

149,521

149,338

—

100%

Q2 2022

Q1 2025

Q1 2025

Q1 2026

99% / 98%

Projects Completed and Stabilized During the Quarter - Consolidated

225

149,521

149,338

—

UNCONSOLIDATED:

Projects Under Development:

Modera Bridle Trails

Kirkland, WA

95%

369

185,282

145,787

52,996

83%

Q3 2024

Q3 2026

Q3 2026

Q1 2028

– / –

Modera South Shore

Marshfield, MA

95%

270

121,918

104,518

46,305

89%

Q3 2024

Q3 2025

Q4 2026

Q2 2027

36% / 28%

Projects Under Development - Unconsolidated

639

307,200

250,305

99,301

Total Development Projects - Consolidated

1,185

556,154

405,840

—

Total Development Projects - Unconsolidated

639

307,200

250,305

99,301

Total Development Projects

1,824

$

863,354

$

656,145

$

99,301

NOI CONTRIBUTION FROM DEVELOPMENT PROJECTS

Total Budgeted

Capital Cost

Q1 2026

NOI

Projects Under Development - Consolidated

$

406,633

$

523

Projects Completed and Stabilized During the Quarter - Consolidated

149,521

1,705

Projects Under Development - Unconsolidated

307,200

77

$

863,354

$

2,305

(1)

All unconsolidated projects are being partially funded with third party, project-specific construction loans, none of which are recourse to the Company.

1st Quarter 2026 Earnings Release

21

Table of Contents

Equity Residential

Residential Capital Expenditures to Real Estate

For the Quarter Ended March 31, 2026

(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

78,885

5,310

84,195

Recurring Capital Expenditures

$

32,068

$

3,512

$

35,580

$

407

NOI-Enhancing Expenditures:

Renovation Expenditures

15,229

(1)

1,575

(3)

16,804

193

Other (2)

4,967

1,271

6,238

63

Total NOI-Enhancing Expenditures

20,196

2,846

23,042

256

Total Capital Expenditures to Real Estate (4)

$

52,264

$

6,358

$

58,622

$

663

(1)

Renovation Expenditures on 533 same store apartment units for the quarter ended March 31, 2026 approximated $29,000 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 $3.4 million for both Same Store Properties and Total Consolidated Properties.

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Equity Residential

Normalized EBITDAre Reconciliations

(Amounts in thousands)

Trailing Twelve Months

2026

2025

March 31, 2026

December 31, 2025

Q1

Q4

Q3

Q2

Q1

Net income

$

980,252

$

1,151,949

$

93,101

$

391,498

$

296,868

$

198,785

$

264,798

Interest expense incurred, net

312,054

306,798

77,370

79,226

80,141

75,317

72,114

Amortization of deferred financing costs

8,769

8,768

2,145

2,399

2,122

2,103

2,144

Amortization of above/below market lease intangibles

4,610

4,610

1,152

1,152

1,153

1,153

1,152

Depreciation

1,001,150

1,010,400

247,496

258,108

254,657

240,889

256,746

Income and other tax expense (benefit)

1,585

1,585

422

361

395

407

422

EBITDA

2,308,420

2,484,110

421,686

732,744

635,336

518,654

597,376

Net (gain) loss on sales of real estate properties

(472,204

)

(626,388

)

32

(271,271

)

(142,685

)

(58,280

)

(154,152

)

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

(2,817

)

(2,781

)

—

(2,643

)

—

(174

)

36

EBITDAre

1,833,399

1,854,941

421,718

458,830

492,651

460,200

443,260

Write-off of pursuit costs (other expenses)

7,368

7,735

954

1,613

4,074

727

1,321

(Income) loss from investments in unconsolidated entities - operations

16,723

21,089

2,009

5,563

3,981

5,170

6,375

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

640

607

33

607

—

—

—

Net (gain) loss on sales of land parcels

13

80

—

—

2

11

67

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

11

51

—

—

2

9

40

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)

(382

)

(199

)

(281

)

—

—

(101

)

(98

)

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

83,583

48,668

36,627

17,950

25,857

3,149

1,712

Advocacy contributions (other expenses)

3,197

966

2,444

360

208

185

213

Employment tax refund (interest and other income)

(16,867

)

(16,867

)

—

—

(16,867

)

—

—

Other

52

(69

)

21

—

20

11

(100

)

Normalized EBITDAre

$

1,902,338

$

1,891,603

$

463,525

$

484,923

$

484,529

$

469,361

$

452,790

Balance Sheet Items:

March 31, 2026

December 31, 2025

Total debt

$

8,339,506

$

8,175,010

Cash and cash equivalents

(34,677

)

(55,904

)

Mortgage principal reserves/sinking funds

(35,593

)

(33,143

)

Net debt

$

8,269,236

$

8,085,963

(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.

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Equity Residential

Adjustments from FFO to Normalized FFO

(Amounts in thousands)

Quarter Ended March 31,

2026

2025

Variance

Impairment – non-operating real estate assets

$

—

$

—

$

—

Write-off of pursuit costs (other expenses)

954

1,321

(367

)

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

—

97

(97

)

Debt extinguishment and preferred share redemption (gains) losses

—

97

(97

)

Net (gain) loss on sales of land parcels

—

67

(67

)

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

416

331

85

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

—

40

(40

)

Non-operating asset (gains) losses

416

438

(22

)

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

(281

)

(98

)

(183

)

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

36,627

1,712

34,915

Advocacy contributions (other expenses)

2,444

213

2,231

Other

21

(100

)

121

Other miscellaneous items

38,811

1,727

37,084

Adjustments from FFO to Normalized FFO

$

40,181

$

3,583

$

36,598

(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.

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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.

Q2 2026

Revised Full Year 2026

Previous Full Year 2026

2026 Normalized FFO Guidance (per share diluted)

Expected Normalized FFO Per Share

$0.98 to $1.02

$4.02 to $4.14

$4.02 to $4.14

2026 Same Store Assumptions (includes Residential and Non-Residential)

Physical Occupancy

96.4%

96.4%

Revenue change

1.2% to 3.2%

1.2% to 3.2%

Expense change

3.0% to 4.0%

3.0% to 4.0%

NOI change (1)

0.5% to 2.5%

0.5% to 2.5%

2026 Transaction Assumptions

Consolidated rental acquisitions

N/A

N/A

Consolidated rental dispositions

$165.0M

N/A

2026 Debt Assumptions

Weighted average debt outstanding

$8.28B to $8.48B

$8.33B to $8.53B

Interest expense, net (on a Normalized FFO basis)

$318.0M to $324.0M

$321.0M to $327.0M

Capitalized interest

$6.3M to $8.3M

$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 (2)

$125.0M

$125.0M

Recurring Capital Expenditures for Residential Same Store Properties

$185.0M

$185.0M

Capital Expenditures to Real Estate for Residential Same Store Properties

$310.0M

$310.0M

2026 Other Guidance Assumptions

Property management expense

$142.0M to $144.0M

$142.0M to $144.0M

General and administrative expense

$59.0M to $64.0M

$59.0M to $64.0M

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

$1.0M to $5.0M

$1.0M to $5.0M

Debt offerings

$500.0M to $1.0B

$500.0M to $1.0B

Weighted average Common Shares and Units - Diluted

384.2M

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)

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.

(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 20 and 21.

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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 3.0% 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:

March 31, 2026

Unsecured revolving credit facility commitment

$

2,500,000

Commercial paper balance outstanding

(749,520

)

Unsecured revolving credit facility balance outstanding

—

Other restricted amounts

(3,464

)

Unsecured revolving credit facility availability

$

1,747,016

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.

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Equity Residential

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

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

(All per share data is diluted)

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 3.0% 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 3.0% 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 $250-$600 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):

Quarter Ended March 31, 2026

Net Gain (Loss) on Sales of Real Estate Properties

$

(32

)

Accumulated Depreciation Gain

—

Economic Gain (Loss)

$

(32

)

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Equity Residential

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

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

(All per share data is diluted)

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; and

•

other 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.

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Equity Residential

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

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

(All per share data is diluted)

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

Q1 2026

Q1 2025

Q2 2026

2026

Per Share

Per Share

Per Share

Per Share

EPS – Diluted

$

0.24

$

0.67

$0.28 to $0.32

$1.28 to $1.40

Depreciation expense

0.65

0.66

0.64

2.56

Net (gain) loss on sales

—

(0.39

)

0.05

0.05

Impairment – operating real estate assets

—

—

—

—

FFO per share – Diluted

0.89

0.94

0.97 to 1.01

3.89 to 4.01

Adjustments (1):

Impairment – non-operating real estate

assets

—

—

—

—

Write-off of pursuit costs

—

—

—

0.01

Debt extinguishment and preferred

share redemption (gains) losses

—

—

—

—

Non-operating asset (gains) losses

—

—

—

—

Other miscellaneous items

0.10

0.01

0.01

0.12

Normalized FFO per share – Diluted

$

0.99

$

0.95

$0.98 to $1.02

$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):

Quarter Ended March 31,

2026

2025

Net income

$

93,101

$

264,798

Adjustments:

Property management

35,141

35,816

General and administrative

16,865

18,255

Depreciation

247,496

256,746

Net (gain) loss on sales of real estate

properties

32

(154,152

)

Interest and other income

(2,238

)

(1,692

)

Other expenses

40,788

4,156

Interest:

Expense incurred, net

77,370

72,114

Amortization of deferred financing costs

2,145

2,144

Income and other tax expense (benefit)

422

422

(Income) loss from investments in unconsolidated

entities

2,042

6,411

Net (gain) loss on sales of land parcels

—

67

Total NOI

$

513,164

$

505,085

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Equity Residential

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

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

(All per share data is diluted)

Quarter Ended March 31,

Rental income:

2026

2025

Residential same store

$

719,667

$

703,612

Non-Residential same store

26,811

27,016

Total same store

746,478

730,628

Non-same store/other

33,368

30,182

Total rental income

779,846

760,810

Operating expenses:

Residential same store

240,114

231,903

Non-Residential same store

8,444

7,718

Total same store

248,558

239,621

Non-same store/other

18,124

16,104

Total operating expenses

266,682

255,725

NOI:

Residential same store

479,553

471,709

Non-Residential same store

18,367

19,298

Total same store

497,920

491,007

Non-same store/other

15,244

14,078

Total NOI

$

513,164

$

505,085

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 2025 and 2026, plus any properties in lease-up and not stabilized as of January 1, 2025. 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.

1st Quarter 2026 Earnings Release

30

Table of Contents

Equity Residential

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

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

(All per share data is diluted)

Same Store Properties – For annual comparisons, primarily includes all properties acquired or completed that are stabilized prior to January 1, 2025, 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 March 31, 2026. 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 quarter ended March 31, 2026 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.

1st Quarter 2026 Earnings Release

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