Slide 1: Vivmark Residential
Vivmark Residential (NYSE: VMRK) BofA Securities Global Real Estate Conference September 15, 2026 investors.vivmarkresidential.com 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be c
Slide 3: Key Messages
Key Messages September Investor Update • Integration progressing well → Delivered seamless Day 1 experience for residents and prospects → Go-forward leadership team fully in place across all business units and regions • $125M of run-rate annual net operating synergies projected to drive ~200bps of e
Slide 4: Operating Update
Operating Update Building on 1H Operating Momentum Indexed Pricing Trend Seasonality • Pricing trend peaked up ~6.5% (indexed from VMRK Pro Forma Same Store Portfolio1 January) → Consistent with our expectations and in line with normal seasonality +3.6% → Company expects rents to follow normal 104.0
Slide 5: Full Year 2026 Same Store Residential Revenue Growth Outlook
Full Year 2026 Same Store Residential Revenue Growth Outlook Regional Outlooks & Commentary Same Store Revenue Growth Outlook by Market¹ Bucket Markets Expected Growth FY26 Same Store Revenue • Northern California & New York: Continued strength expected following strong peak leasing seasons in both
Slide 6: We are now operating as Vivmark Residential
We are now operating as Vivmark Residential Day 1 Success & Integration Momentum Pre Close Post Close Day 100 Priorities ✓Executive oversight of integration ✓Seamless Day 1 resident experience ✓Advance integration and synergy planning across 10 business lines achievement ✓Credit rating upgraded to “
Slide 7: Unique Tailwinds Heading into '27 & Beyond
Unique Tailwinds Heading into ’27 & Beyond Tangible Drivers of Incremental Growth and Value Creation Building on 1H26 1 Operating Momentum 2 Development NOI 3 Merger Synergies ⚫ EQR & AVB raised Full Year Same Store Revenue and NOI Outlooks ahead of merger with 2Q26 Earnings >$120M +$125M Cumulative
Slide 8: Who We Are
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Slide 9: The Vivmark Effect
We Set The Mark For What Home Can Be The Vivmark Effect Vivmark Vision TS AMP SUL LIF We will be the most trusted and best -performing rental housing company in RE IED NG I EX AT America, one that only gets better as it grows with homes residents love, TER LEADING OPER communities that improve peopl
Slide 10: Vivmark Creates One of the Country's Leading Real Estate Companies
Vivmark Creates One of the Country’s Leading Real Estate Companies Delivers earnings accretion to both AvalonBay and Equity Residential shareholders1 Expands margins and enhances the resident experience Fortress balance sheet provides capital to deploy across multiple growth channels Expands investm
Slide 11: EQR and AVB Create Vivmark Residential
EQR and AVB Create Vivmark Residential (NYSE: VMRK) Redefining Leadership in Rental Housing Most Efficient Operator in a Very Fragmented Sector + = Communities 322 312 634 Apartment Homes ~99,000 ~85,000 ~184,000 Overlapping Regions Non-Overlapping Regions Dividends Paid 95% ~2% 2Q26 annualized $1.0
Slide 12: Redefining Leadership in Rental Housing
Redefining Leadership in Rental Housing Residential REITs by Enterprise Value ($B) Total Units (thousands)¹ Apartment REITs 85 184 $68B >100% more homes vs. Apartment Peer Avg. >2.5x Residential REIT vs. nearest 99 105 Peer Avg. ~71k $26B $25B $21B $19B $18B 62 60 $16B 58 Source: Company filings as
Slide 13: Operational Strength & Stability
Operational Strength & Stability One Company, One Team Leadership • New and fundamentally stronger company with the people, scale and capabilities to redefine leadership in rental housing • Completed organizational redesign to combine Benjamin Schall Michael Manelis Kevin O’Shea complementary capabi
Slide 14: What We Are Building
O What We Are Building Vivmark 2
Slide 15: The Vivmark Effect: Self-Reinforcing Performance Cycle
The Vivmark Effect Self-Reinforcing Performance Cycle Leading Operating Results That Delivers Structurally Higher Growth • Tech-Enabled Efficiency: Combined investments in AI, automation, and centralization, coupled with increased scale, drive margin expansion and enhance the resident experience Our
Slide 16: Enhanced Operating Neighborhoods
Market Depth Enhanced Operating Neighborhoods An Operating Edge That Grows San Diego Case Study: Market Depth Regional Market Depth & Neighborhood Operating Model Lower Drive Times Expand Span of Control Local Economies of Scale Increased labor efficiency Enhanced org design Insourcing/vendor purcha
Slide 17: Scale Enables Technology Advantages
Technology & Innovation Scale Enables Technology Advantages An Operating Edge That Grows 1 2 3 Harness size and scale Increased capacity to invest Direct resident benefits to adopt and deploy emerging technology more in emerging technologies that will improve via faster response times, better digita
Slide 18: Expanded Data Sets to Optimize Operating & Investment Outcomes
Data Analytics Expanded Data Sets to Optimize Operating & Investment Outcomes An Operating Edge That Grows Combined Company Data Infrastructure Internal & External Growth Benefits Operational Outcomes • Larger proprietary data set to optimize new move-in pricing and lease renewals • Improved AI-powe
Slide 19: Leading Development Capabilities
Development Capabilities Leading Development Capabilities Development and Investment Expertise That Amplifies Growth Development Underway1 Development Rights Pipeline2 Built-in Earnings Growth & Value Creation Pathway to Meaningful Ramp in Future Development Starts ~$4.4B ~11,100 ~$4.2B ~9,900 Proje
Slide 20: Leading Capital Allocator
Capital Allocator Leading Capital Allocator Combination of Fortress Balance Sheets Credit Ratings Early Evidence of Success Moody’s | S&P >$2B A3 | A August 4, 2026: EQR $1.0B dual-tranche bond offering of cash flow and annual • $600M unsecured notes due 2031 leverage neutral self-funding capacity2
Slide 21: Roadmap for Success
Vivmark RESIDENTIAL O3 Roadmap for Success
Slide 22: True Merger Of Equals Creates Upfront Value
True Merger Of Equals Creates Upfront Value Projected Value Creation Net Value Created $ 1.25B + → STARTING POINT FOR FUTURE VALUE CREATION ⚫ $125M of net annual run rate operating synergies multiplied by (+) Value Creation from Synergies ~$ 2.0B Equity Residential’s forward FFO multiple at announce
Slide 23: Creating One of the Most Efficient Operators in the Industry
Creating One of the Most Efficient Operators in the Industry Synergies Expected to be Fully In-place by the End of 18 Months Estimated Impact Category Annual ($M) Commentary Corporate Overhead $50 • Duplicative public company costs, payroll, and other administrative expense savings Property Manageme
Slide 24: What Success Looks Like
What Success Looks Like Redefining Rental Housing Leadership Market Leadership • Providing superior rental housing solutions and customer service • Expanding housing supply Platform Acceleration • Superior earnings growth and TSR • Combined operating model performance delivering margin expansion • A
Slide 25: Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms
Definitions and Reconciliations of Non -GAAP Financial Measures and Other Terms Credit ratings, as provided in this presentation, may not reflect the potential impact of risks relating to the structure or trading of the Company's securities and are provided solely for informational purposes. Credit
Slide 26: Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms
Definitions and Reconciliations of Non -GAAP Financial Measures and Other Terms Net Operating Income (“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 taxe
Slide 27: Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms
Definitions and Reconciliations of Non -GAAP Financial Measures and Other Terms Residential represents results attributable to the Company's apartment rental operations, including parking and other ancillary Residential revenue. Same Store represents combined legacy AvalonBay (AVB) and legacy Equity