Slide 1: Q3 2024 Management Presentation
ARBOUR SQUARE – WESTMINSTER, CO UNION AT CARROLLTON SQUARE APARTMENTS CARROLLTON, TX Q3 2024 Management Presentation OCTOBER 2024 This presentation is complementary to the Company’s conference call to discuss its Third Quarter 2024 earnings on October 31, 2024 and should be read in conjunction with
Slide 2: Portfolio Summary
Equity Residential’s PORTFOLIO SUMMARY Portfolio is Well- as of September 30, 2024— 84,018 total apartment units Positioned to Drive Long-Term Cash SEATTLE Flow Growth 10% NOI 61% Urban 39% Suburban BOSTON 11% NOI 72% Urban • Long-term undersupply of housing 28% Suburban NEW YORK of all types in the
Slide 3: Executive Summary
Executive • During Q3 2024, the Company acquired 14 properties (4,418 units, 5.1% weighted average Acquisition Cap Rate, 7 years Avg. Age) for approximately $1.26 billion. These properties are appealing to Summary • the Company’s higher-end renter base and were acquired at a favorable basis to Repla
Slide 4: 2024 Same Store Revenue Growth Drivers
The Company’s outlook for 2024 Same Store 2024 Same Store Revenue Growth Drivers revenue growth remains unchanged. Performance Relative to Expectation Physical • Low Turnover continues to lead to slightly better than expected Physical Occupancy. Most notably, Seattle Physical Occupancy of 96.1% for
Slide 5: 2024 Same Store Revenue Drivers – Pricing Trend
Pricing Trend has generally been on track with Management’s 2024 Same Store Revenue Drivers – Pricing Trend expectations and usual seasonal patterns with some specific market weakness in Q3 2024. Pricing Trend Seasonality – Total Same Store Typical Year 2023 2024 Q3 2024 pricing decelerated more qui
Slide 6: Drivers of Expense Performance
2024 Same Store Expense Growth Drivers of Expense Performance Guidance Range: 2.5% to 3.5% (unchanged). Equity Residential has a track record of superior expense management. While cost pressures continue to be widespread, execution on operating initiatives should continue to dampen growth. % Total 2
Slide 7: 2025 Performance Considerations
2025 Performance Considerations • Long-term fundamentals in Equity Residential’s markets support a healthy multifamily operating environment. Factors Supporting 2025 Growth Job market expectations remain Lower new supply, particularly constructive with low West Coast markets of Seattle in our Establ
Slide 8: Market Spotlight: Seattle and San Francisco
Market Seattle San Francisco Spotlight EQR Portfolio Stats(1) EQR Portfolio Stats(1) 10.1% 61%/39% 14.6% 30%/70% % of Stabilized Budgeted NOI Urban/Suburban Mix % of Stabilized Budgeted NOI Urban/Suburban Mix Seattle and San ~$150,000 19.0% ~$180,000 20.6% Francisco show Avg Household Income Rent as
Slide 9: Driver of Same Store Revenue Growth for 2025: Forecasted Embedded Growth
Performance in 2024 sets up 2025 for solid Same Store Revenue Growth. • Forecasted Embedded Growth is the positive or negative contribution to revenue growth implied by annualizing total lease income anticipated for the last month of the current Driver of Same Store year (without regard to vacancy)
Slide 10: Capital Allocation
Blackstone Portfolio Acquisition • Successfully acquired 11 assets for $962M at a wtd. avg. Acquisition Cap Rate of 5%. Purchase price reflects a Capital 15% discount to replacement cost for high-quality, well-located properties in the Company’s Expansion Markets. • Financed non-dilutively with $600
Slide 11: Appendix
CREST AT PARK CENTRAL – DALLAS, TX Appendix 11 I MANAGEMENT PRESENTATION OCTOBER 2024
Slide 12: 2024 Revised Normalized FFO Guidance and Assumptions
2024 Revised 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
Slide 13: 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. Expected Expected Q4 2024 2024 P
Slide 14: Glossary of Terms
Glossary of Terms Please reference the Company’s “Third Quarter 2024 Earnings Release and Supplemental Financial Information" from October 30, 2024, including "Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms" for terms such as Earnings Per Share ("EPS"), Fun
Slide 15: Glossary of Terms
Glossary of Terms Please reference the Company’s “Third Quarter 2024 Earnings Release and Supplemental Financial Information" from October 30, 2024, including "Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms" for terms such as Earnings Per Share ("EPS"), Fun
Slide 16: Glossary of Terms
Glossary of Terms Please reference the Company’s “Third Quarter 2024 Earnings Release and Supplemental Financial Information" from October 30, 2024, including "Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms" for terms such as Earnings Per Share ("EPS"), Fun
Slide 17: 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