Slide 1: Second Quarter 2025 Earnings Release and Supplemental Information
| The Falls at Forsyth Cumming, GA ae AT FORSYTH Tre BNSBBAR i Fe A] mam Equity Residential Second Quarter 2025 Earnings Release and Supplemental Information Q2 2025 Total Acquisitions of $534M Investor Relations Marty McKenna (312) 474-1300 investorrelations@eqr.com | REGIONAL First Multifamily REI
Slide 2: Second Quarter 2025 Results Table of Contents
Second Quarter 2025 Results Table of Contents Earnings Release ............................................................................................................................ 1-5 Consolidated Statements of Operations.......................................................................
Slide 3: Equity Residential Reports Second Quarter 2025 Results
Table of Contents NEWS RELEASE - FOR IMMEDIATE RELEASE August 4, 2025 Equity Residential Reports Second Quarter 2025 Results Guidance Updated to Reflect Solid Operating Fundamentals Chicago, IL – August 4, 2025 - Equity Residential (NYSE: EQR) today reported results for the quarter and six months en
Slide 4: Full Year 2025 Guidance
Table of Contents Full Year 2025 Guidance The Company has provided guidance for its full year 2025 same store operating performance, EPS, FFO per share, Normalized FFO per share and transactions as listed below: Revised Previous Change at Midpoint Same Store (includes Residential and Non-Residential
Slide 5: Per share changes in FFO and Same Store Results
Table of Contents The per share changes in FFO for the quarter and six months ended June 30, 2025 compared to the same periods of 2024 are due primarily to the various adjustment items listed on page 28 of this release and the items described below. The per share changes in Normalized FFO are due pr
Slide 6: Residential Same Store Operating Statistics
Table of Contents Residential Same Store Operating Statistics The following table includes select operating metrics for Residential Same Store Properties (for 75,072 same store apartment units): Q2 2025 Q1 2025 Q2 2024 Physical Occupancy 96.6% 96.5% 96.4% Percentage of Residents Renewing by quarter
Slide 7: Third Quarter Guidance Bridge and About Equity Residential
Table of Contents The difference between the second quarter of 2025 actual Normalized FFO of $0.99 per share and the third quarter of 2025 Normalized FFO guidance midpoint of $1.01 per share is due primarily to: Expected Positive/(Negative) Impact Third Quarter 2025 vs. Second Quarter 2025 Residenti
Slide 8: Consolidated Statements of Operations
Table of Contents Equity Residential Consolidated Statements of Operations (Amounts in thousands except per share data) (Unaudited) Six Months Ended June 30, Quarter Ended June 30, 2025 2024 2025 2024 REVENUES Rental income $ 1,529,637 $ 1,464,981 $ 768,827 $ 734,163 EXPENSES Property and maintenanc
Slide 9: Consolidated Statements of FFO and Normalized FFO
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) Six Months Ended June 30, Quarter Ended June 30, 2025 2024 2025 2024 Net income $ 463,583 $ 488,587 $ 198,785 $
Slide 10: Consolidated Balance Sheets
Table of Contents Equity Residential Consolidated Balance Sheets (Amounts in thousands except for share amounts) (Unaudited) June 30, December 31, 2025 2024 ASSETS Land $ 5,636,458 $ 5,606,531 Depreciable property 24,711,740 24,039,412 Projects under development 168,626 261,706 Land held for develop
Slide 11: Portfolio Summary
Table of Contents Equity Residential Portfolio Summary As of June 30, 2025 % of Stabilized Average Apartment Budgeted Rental Markets/Metro Areas Properties Units NOI Rate Established Markets: Los Angeles 58 14,733 16.4% $ 2,971 Orange County 12 3,718 4.7% 2,969 San Diego 10 2,209 3.1% 3,296 Subtotal
Slide 12: Portfolio Rollforward Q2 2025
Table of Contents Equity Residential Portfolio Rollforward Q2 2025 ($ in thousands) Apartment Purchase Acquisition Properties Units Price Cap Rate 3/31/2025 312 84,648 Acquisitions: Consolidated Rental Properties 8 2,064 $ 533,843 5.1% Disposition Sales Price Yield Dispositions: Consolidated Rental
Slide 13: Same Store Results/Statistics Including 75,950 Same Store Apartment Units
Table of Contents Equity Residential Second Quarter 2025 vs. Second Quarter 2024 Same Store Results/Statistics Including 75,950 Same Store Apartment Units (includes Residential and Non-Residential) ($ in thousands except for Average Rental Rate) Results Statistics Average Rental Physical Description
Slide 14: Same Store Residential Revenues – GAAP to Cash Basis
Table of Contents Equity Residential Same Store Residential Revenues – GAAP to Cash Basis (1) ($ in thousands) Second Quarter 2025 vs. Second Quarter 2024 Second Quarter 2025 vs. First Quarter 2025 June YTD 2025 vs. June YTD 2024 75,950 Same Store Apartment Units 81,096 Same Store Apartment Units 75
Slide 15: Same Store Residential Accounts Receivable Balances
Table of Contents Equity Residential Same Store Residential Accounts Receivable Balances Including 75,072 Same Store Apartment Units ($ in thousands) Balance Sheet (Other assets): June 30, 2025 March 31, 2025 June 30, 2024 Residential accounts receivable balances $ 12,833 $ 13,931 $ 15,915 Allowance
Slide 16: Same Store Residential Results/Statistics by Market
Table of Contents Equity Residential Second Quarter 2025 vs. Second Quarter 2024 Same Store Residential Results/Statistics by Market Increase (Decrease) from Prior Year's Quarter Q2 2025 Q2 2025 Q2 2025 Weighted % of Average Average Average Apartment Actual Rental Physical Q2 2025 Rental Physical Ma
Slide 17: Same Store Residential Results by Market, Q2 vs Q1 2025
Table of Contents Equity Residential Second Quarter 2025 vs. First Quarter 2025 Same Store Residential Results/Statistics by Market Increase (Decrease) from Prior Quarter Q2 2025 Q2 2025 Q2 2025 Weighted % of Average Average Average Apartment Actual Rental Physical Q2 2025 Rental Physical Markets/Me
Slide 18: Same Store Residential Results by Market, June YTD
Table of Contents Equity Residential June YTD 2025 vs. June YTD 2024 Same Store Residential Results/Statistics by Market Increase (Decrease) from Prior Year June YTD 25 June YTD 25 June YTD 25 Weighted % of Average Average Average Apartment Actual Rental Physical June YTD 25 Rental Physical Markets/
Slide 19: Same Store Residential Net Effective Lease Pricing Statistics
Table of Contents Equity Residential Same Store Residential Net Effective Lease Pricing Statistics For 75,072 Same Store Apartment Units New Lease Change (1) Renewal Rate Achieved (1) Blended Rate (1) Markets/Metro Areas Q2 2025 Q1 2025 Q2 2025 Q1 2025 Q2 2025 Q1 2025 Southern California (3.2%) (2.1
Slide 20: Total Same Store Operating Expenses
Table of Contents Equity Residential Second Quarter 2025 vs. Second Quarter 2024 Total Same Store Operating Expenses Including 75,950 Same Store Apartment Units (includes Residential and Non-Residential) ($ in thousands) % of Q2 2025 $ % Operating Q2 2025 Q2 2024 Change Change Expenses Real estate t
Slide 21: Debt Summary
Table of Contents Equity Residential Debt Summary as of June 30, 2025 ($ in thousands) Weighted Weighted Average Debt Average Maturities Balances (1) % of Total Rates (1) (years) Secured $ 1,594,765 19.0% 3.77% 6.4 Unsecured 6,777,061 81.0% 3.73% 7.1 Total $ 8,371,826 100.0% 3.74% 7.0 Fixed Rate Deb
Slide 22: Debt Maturity Schedule
Table of Contents Equity Residential Debt Maturity Schedule as of June 30, 2025 ($ in thousands) Weighted Weighted Average Coupons Average Fixed Floating on Fixed Coupons on Year Rate Rate Total % of Total Rate Debt (1) Total Debt (1) 2025 $ — $ 791,900 (2) $ 791,900 9.4% — 4.63% 2026 592,025 7,400
Slide 23: Selected Unsecured Public Debt Covenants
Table of Contents Equity Residential Selected Unsecured Public Debt Covenants June 30, March 31, 2025 2025 Debt to Adjusted Total Assets (not to exceed 60%) 28.0% 26.8% Secured Debt to Adjusted Total Assets (not to exceed 40%) 6.1% 6.2% Consolidated Income Available for Debt Service to Maximum Annua
Slide 24: Capital Structure
Table of Contents Equity Residential Capital Structure as of June 30, 2025 (Amounts in thousands except for share/unit and per share amounts) Secured Debt $ 1,594,765 19.0% Unsecured Debt 6,777,061 81.0% Total Debt 8,371,826 100.0% 24.0% Common Shares (includes Restricted Shares) 379,980,440 97.0% U
Slide 25: Common Share and Unit Weighted Average Amounts Outstanding
Table of Contents Equity Residential Common Share and Unit Weighted Average Amounts Outstanding June YTD 2025 June YTD 2024 Q2 2025 Q2 2024 Weighted Average Amounts Outstanding for Net Income Purposes: Common Shares - basic 379,358,806 378,699,050 379,507,960 378,578,395 Shares issuable from assumed
Slide 26: Partially Owned Properties
Table of Contents Equity Residential Partially Owned Properties as of June 30, 2025 (Amounts in thousands except for project/property and apartment unit amounts) Weighted Average Total June YTD 25 Ownership Total Apartment June YTD 25 Interest Partially Owned Properties Percentage Properties Units N
Slide 27: Development and Lease-Up Projects
Table of Contents Equity Residential Development and Lease-Up Projects as of June 30, 2025 (Amounts in thousands except for project and apartment unit amounts) Estimated/Actual Total No. of Budgeted Total Percentage Ownership Apartment Capital Book Value Total Percentage Start Initial Completion Sta
Slide 28: Residential Capital Expenditures to Real Estate
Table of Contents Equity Residential Residential Capital Expenditures to Real Estate For the Six Months Ended June 30, 2025 (Amounts in thousands except for apartment unit and per apartment unit amounts) Same Store Non-Same Store Total Consolidated Same Store Avg. Properties Properties Properties Pe
Slide 29: Normalized EBITDAre Reconciliations
Table of Contents Equity Residential Normalized EBITDAre Reconciliations (Amounts in thousands) Trailing Twelve Months 2025 2024 June 30, 2025 March 31, 2025 Q2 Q1 Q4 Q3 Q2 Net income $ 1,045,971 $ 1,030,741 $ 198,785 $ 264,798 $ 433,871 $ 148,517 $ 183,555 Interest expense incurred, net 300,126 290
Slide 30: Adjustments from FFO to Normalized FFO
Table of Contents Equity Residential Adjustments from FFO to Normalized FFO (Amounts in thousands) Six Months Ended June 30, Quarter Ended June 30, 2025 2024 Variance 2025 2024 Variance Impairment – non-operating real estate assets $ — $ — $ — $ — $ — $ — Write-off of pursuit costs (other expenses)
Slide 31: Normalized FFO Guidance and Assumptions
Table of Contents 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 extingu
Slide 32: Additional Reconciliations and Definitions of Non-GAAP Financial Measures
Table of Contents 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 cer
Slide 33: Additional Reconciliations and Definitions – Continued
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) Development Yield – NOI that the Company anticipates receivin
Slide 34: Additional Reconciliations and Definitions – Continued
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) FFO and Normalized FFO: Funds From Operations (“FFO”) – Narei
Slide 35: Additional Reconciliations and Definitions – Continued
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) The following table presents reconciliations of EPS to FFO pe
Slide 36: Additional Reconciliations and Definitions – Continued
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) Six Months Ended June 30, Quarter Ended June 30, Rental incom
Slide 37: Additional Reconciliations and Definitions – Continued
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 inc