Slide 1: Q4 2025 Management Presentation
LYRIC SUGAR HILL – SUGAR HILL, GA Q4 2025 Management Presentation STILLHOUSE VININGS | ATLANTA, GA FEBRUARY 2026 This presentation is complementary to the Company’s conference call to discuss its Fourth Quarter 2025 earnings on February 6, 2026 and should be read in conjunction with the Company’s ea
Slide 2: Equity Residential's Portfolio is Well-Positioned to Drive Long-Term Cash Flow Growth
Equity Residential’s PORTFOLIO SUMMARY Portfolio is Well- as of December 31, 2025 — 85,190 total apartment units Positioned to Drive Long-Term Cash SEATTLE Flow Growth 9% NOI 60% Urban 40% Suburban BOSTON 11% NOI • Long-term undersupply of housing 70% Urban 30% Suburban of all types in the United St
Slide 3: Executive Summary
Executive • 2025 same store NOI results were modestly less than the Company’s guidance with same store revenues slightly less due to lower-than-expected other income growth and same store expenses in-line. Summary • The Company introduced initial same-store, full-year 2026 guidance that is predicate
Slide 4: 2025 Same Store Results
• Same store revenue grew 2.6% in 2025. Physical Occupancy exceeded expectations, driven by the highest resident retention in the Company’s history. Other income, which 2025 Same provided a 0.6% contribution to growth, was strong but slightly lower than expected. • Annual same store expense growth o
Slide 5: 2026 Performance Considerations
2026 Performance Considerations A diversified portfolio across 35% decline in competitive new geographies and between urban and ~30% of NOI focus in strong markets supply, particularly in the second half suburban areas allows the Company of New York and San Francisco. of the year, should support ope
Slide 6: 35% Decline in Multifamily Deliveries Supports 2H26 Growth Outlook
35% Decline in Multifamily Deliveries Supports 2H26 Growth Outlook % of Inventory Net New Supply as a % of Inventory, YOY % Change 4.0 3.6 3.5 3.5 ~68% ~65% ~51% ~49% Washington Dallas Seattle Atlanta 3.1 DC These Markets Total 31% of NOI 3.0 2.5 2.5 2.1 2.1 2.0 2026 1.7 1.8 1.7 1.5 1.3 1.1 1.0 0.9
Slide 7: 2026 Same Store Guidance Drivers (at the midpoint)
2026 Same Store Guidance Drivers (at the midpoint) Same Store Revenue Same Store Expense (Guidance Range: 1.2% to 3.2%) (Guidance Range: 3.0% to 4.0%) (1) Leasing Rates Vacancy Gain Change in Bad Debt, Net Change in Other Income Real Estate Taxes Payroll Utilities Repairs and Maintenance Other 3.5%
Slide 8: Same Store Revenue Drivers – Pricing Trend
The Company expects 2026 Pricing Trend to follow a more typical seasonal pattern than Same Store Revenue Drivers – Pricing Trend 2025 with improvement more evident in 2H26. Pricing Trend Seasonality – Total Same Store Cumulative Typical Year 2025 2026 % Change 0% 2H26 expected to align with “typical
Slide 9: 2026 Normalized FFO Projections
2026 Normalized FFO guidance is $4.02 - $4.14 per share. 2026 Normalized FFO Projections • Primary drivers of NFFO growth in 2026 are same store NOI – Residential and Lease-Up NOI, partially offset by increases in interest expense, net and corporate overhead. The majority of the increase in interest
Slide 10: Appendix
CREST AT PARK CENTRAL – DALLAS, TX Appendix 10 I MANAGEMENT PRESENTATION FEBRUARY 2026
Slide 11: 2026 Normalized FFO Guidance and Assumptions
2026 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 penalti
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures Equity Residential Non-GAAP Financial Measures - Reconciliations of EPS to FFO per share and Normalized FFO per share (All per share data is diluted) The guidance/projections below are based on current expectations and are forward-looking. Actual Expected Expected Actual
Slide 13: Glossary of Terms
Glossary of Terms Please reference the Company’s “Fourth Quarter 2025 Earnings Release and Supplemental Financial Information" from February 5, 2026, including "Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms" for terms such as Earnings Per Share ("EPS"), Fu
Slide 14: Glossary of Terms
Glossary of Terms Please reference the Company’s “Fourth Quarter 2025 Earnings Release and Supplemental Financial Information" from February 5, 2026, including "Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms" for terms such as Earnings Per Share ("EPS"), Fu
Slide 15: Forward-Looking Statements
AYLA AT STONEBRIAR – FRISCO, TX Forward-Looking Statements In addition to historical information, this presentation contains forward-looking statements and information within the meaning of the federal securities laws. These statements are based on current expectations, estimates, projections and as