Equity Residential · NYSE:EQR

Equity Residential — Q1 2026 Earnings Presentation

70 slides from Equity Residential's earnings presentation, Apr 29, 2026

  1. Slide 1: Creating Communities Where People Thrive

    LOFTS AT KENDALL SQUARE – CAMBRIDGE, MA Creating Communities Where People Thrive INVESTOR PRESENTATION MARCH 2026 A First Multifamily REIT in the Dow Jones Sustainability Indices See pages 65 through 70 for information about forward-looking statements, a glossary of defined terms and a related recon

  2. Slide 2: Table of Contents

    03 Equity Residential at a Glance 06 Company Update 12 Why Equity Residential? 21 What’s Driving Our Business? Table of 29 38 Portfolio Strategy/Capital Allocation Superior Operating Platform – Innovation Contents 47 52 Balance Sheet Market Profiles, Guidance and Glossary of Terms OSPREY – ATLANTA,

  3. Slide 3: Equity Residential At a Glance

    Equity Residential At a Glance 312 85,190 12 $33B 51/49% Communities Apartment Strategic Enterprise Urban/Suburban Units Markets Value Mix 3 I INVESTOR PRESENTATION MARCH 2026 Source: EQR data as of 12/31/25.

  4. Slide 4: Portfolio 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 59% Urban 41% Suburban BOSTON 11% NOI • Long-term undersupply of housing 70% Urban 30% Suburban of all types in the United St

  5. Slide 5: Recognized Industry Leader

    Recognized Industry Leader Equity Residential, one of the largest apartment owners in the U.S., has been recognized as a leader in the industry since its IPO in 1993. 10.5% 5.8% >$1B Annual Total Shareholder Dividend CAGR Dividends Distributed Return Since 1993 IPO 2011 to 2025(1) Annually A- (Posit

  6. Slide 6: Company Update

    PRISM AT PARK AVENUE SOUTH – NEW YORK Company Update 6 I INVESTOR PRESENTATION MARCH 2026

  7. Slide 7: 2026 Outlook Highlights

    2026 Outlook Highlights • Highest Normalized FFO per share growth guidance of the peer group.(1) • Repurchased approximately $220 million of stock YTD at a weighted average price of $63.42 per share using excess 2025 disposition proceeds. • Expect a 35% decrease in new apartment supply in the Compan

  8. Slide 8: Recent Earnings Outperformance and Attractive Entry Point

    Recent Earnings Outperformance and Attractive Entry Point EQR Normalized FFO EQR Normalized FFO Multiple $ per Share Actual LTM 35.0x $4.50 $3.99 $4.08 $3.78 $3.89 $4.00 30.0x $3.52 $3.50 $3.00 25.0x 2022 2023 2024 2025 2026E Avg 20.1x 20.0x 16.0x Normalized FFO Per Share Growth 15.0x 2022 – 2025 CA

  9. Slide 9: Strong Growth Expected in 2026 vs Peers

    Straightforward business model results in NOI Strong Growth Expected in 2026 vs Peers growth that translates to NFFO growth, which is unique amongst the peer group. Guidance Same Store Revenue Change Same Store Expense Change Same Store NOI Change Normalized FFO Growth FY 2026 Guidance FY 2026 Guida

  10. Slide 10: 2026 YTD Operating Update

    2026 YTD Operating Update • 2026 is following normal seasonal patterns of accelerating rent growth since January 1 (see Pricing Trend chart on page 11). • Strong Physical Occupancy of 96.5% (as of February 24, 2026). • Solid Renewal Rate Achieved growth and low Turnover continue. • San Francisco and

  11. Slide 11: Same Store Revenue Drivers – Pricing Trend

    Pricing Trend has followed normal seasonal Same Store Revenue Drivers – Pricing Trend patterns through late February. Pricing Trend Seasonality – Total Same Store Cumulative Typical Year 2025 2026 % Change 0% 2H26 expected to align with “typical year” pattern Jan Feb Mar Apr May Jun Jul Aug Sep Oct

  12. Slide 12: Why Equity Residential?

    Why Equity Residential? 12 I INVESTOR PRESENTATION MARCH 2026 SAXTON - SEATTLE, WA

  13. Slide 13: Why Own EQR?

    Why Own EQR? A diversified portfolio across 35% decline in competitive new geographies 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 operating to better captur

  14. Slide 14: 35% Decline in Multifamily Deliveries Supports 2H26 Growth Outlook

    35% Decline in Multifamily Deliveries Supports 2H26 Growth Outlook Net New Supply as a % of Inventory US EQR Sunbelt 2026 Decline in New Supply 6.0% 5.6% ~62% ~42% ~34% ~32% Washington Dallas Atlanta Seattle DC These Markets Total 31% of NOI 5.0% 4.0% 3.8% 3.6% 3.0% 2.6% 2.4% 2.1% 2.0% 1.8% 1.7% 1.6

  15. Slide 15: Elevated Cost of Construction Limiting New Supply

    Elevated Cost of Construction Limiting New Supply Turner Construction Cost 1,600 9% 8.0% 8% • Continued pressures on 7% labor and material costs. 1,350 6.0% Construction Cost Index 6% Year-over-Year % Chg. 5.6% 5.5% 4.9% 5.0% • Cost of capital is also 4.5% 5% 4.4% expected to remain 1,100 4.1% 3.9%

  16. Slide 16: Desirable Customer Base Able to Pay for a Great Product

    Equity Residential Has a Very Desirable Customer Base Able to Pay for a Great Product Approximate Household Income Resident Profile(1) for 2025 47.5% 38.9% EQR Average $177,000 8.6% 5.0% 600 Washington | Manhattan, NY US Average(2) $121,000 33 yrs. 19.6% 2.9% Median 2025 average EQR Unemployment res

  17. Slide 17: Operating Platform Has a History of Superior Efficiency

    Equity Residential Operating Platform Has a History of Superior Efficiency Equity Residential’s operating platform has a history of scaling Overhead as % and managing expenses well. Same Store Expenses of Total Revenues The Company expects to continue this legacy of 7.1% incorporating technology and

  18. Slide 18: Efficiency Generates Superior Cash Flow to Investors

    That Efficiency Generates Superior Cash Flow to Investors Equity Residential continues to Cash Flow Margin Comparison (1) outperform the peer average by driving more cash flow per revenue dollar to the bottom line, which 43% supports strong dividend growth 41% Given our size, our and investment capa

  19. Slide 19: Strong History of Dividend Growth

    Strong History of Dividend Growth Equity Residential has delivered strong and consistent dividend growth while maintaining a manageable Dividend Payout Ratio.(1) Contributing to Total Return… >$1.0B in 2025 Dividend per Share $10.00 Annual Dividend Special Dividend $11.00 $7.00 $2.00 $2.65 $2.70 $2.

  20. Slide 20: Then and Now: Strong Fundamentals Should Drive Above Trend Growth

    Then and Now: Strong Fundamentals Should Drive Above Trend Growth Same Store NOI Performance Post-Great Financial Crisis Post-Pandemic ~3.3% Average 14.1% ~5.7% Average Above Average SS NOI Growth SS NOI Growth Growth 7.7% 7.6% 5.6% 6.5% 6.2% 5.0% 3.9% 3.0% 3.1% 2.0% 1.7% 2.2% 1.5% (0.8%) (6.6%) (6.

  21. Slide 21: What's Driving Our Business?

    REVERB – WASHINGTON, D.C. What’s Driving Our Business? 21 I INVESTOR PRESENTATION MARCH 2026

  22. Slide 22: Well Positioned to Take Advantage of Favorable Industry Trends

    Equity Residential is Well Positioned to Take Advantage of Favorable Industry Trends Industry Trends Historical underproduction of housing (rental and owned) and high cost / low Supply availability of owned housing support performance. Demand for multifamily is primed for strong future growth, given

  23. Slide 23: Undersupply of Housing, Starts at Level of 60 Years Ago

    There is an Undersupply of Housing, with Housing Starts at the Same Level as 60 Years Ago while the Population has Nearly Doubled U.S. Housing Starts 3 Mo. Average (Thousands of Units) 3000 1 0.9 2500 Prolonged shortage of housing supply following the GFC 0.8 When housing starts (for sale and rental

  24. Slide 24: Strong Demographic Tailwinds Continue to Support the Business

    Strong Demographic Tailwinds Continue to Support the Business Population by Birth Year Equity Residential’s Grey shading indicates Equity Residential’s (millions) median resident age is 33 current demographic set of 25-40 years old. 5 4.5 4 3.5 3 2.5 2 1.5 1 0.5 0 2006 2016 1924 1926 1928 1930 1932

  25. Slide 25: Gen Z is the Bedrock for Future Renter Demand

    Gen Z is the Bedrock for Future Renter Demand Individuals in the Workforce by Generation Renter Households By Generation (millions) 60 Baby Boomers 46M Millennials 50.6 43M 43M 50 6.1% 17.3% 38M 35M 35.0% 25.3% 40 14.3% 38.5% 42.2 36.4% Gen X 30 42.1% 36.1% 31.8% 25.8% 21.7 22.6% 20 31.7% 28.3% 24.6

  26. Slide 26: Less Competition from Single Family Home Ownership

    Equity Residential Also Has Less Competition in the Portfolio from Single Family Home Ownership… 12.1 11.9 11.9 Market Home Price to Income Ratio • Only 7.4% of EQR 10.1 9.9 move outs bought a 11.0 9.2 home in 2025. 2024 • This is one of the 7.2 2010 lowest rates in Equity 6.3 6.1 Residential’s hist

  27. Slide 27: Renting Remains More Attractive Versus High Home Ownership Costs

    Renting Remains Substantially More Attractive Versus High Home Ownership Costs Inflation Adjusted Monthly Cost of Housing $4,000 Widest Gap in 25+ Years $3,500 $3,000 $2,500 $2,000 $1,500 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20

  28. Slide 28: Benefits from Resident Lifestyle Choices

    Delayed family formation provides further Equity Residential Benefits from Resident tailwind for renting with EQR. Lifestyle Choices Median age at first marriage Average Age of Mother at First Birth 32 29 31 28 30 27.6 27 28 28 26 25 26 24 24 23 22 22 21 20 20 1970 1982 1968 1972 1974 1976 1978 1980

  29. Slide 29: Portfolio Strategy/Capital Allocation

    ALEXAN HARRISON – HARRISON, NY Portfolio Strategy/ Capital Allocation 29 I INVESTOR PRESENTATION MARCH 2026

  30. Slide 30: Thoughtful Capital Allocation

    Capital allocation starts with cost of capital. EQR will invest in these areas depending on where its Thoughtful Capital Allocation cost of capital advantage lies. • Target long-term ownership of portfolio optimized to generate consistent, replicable and superior risk-adjusted returns. Long-Term • C

  31. Slide 31: The Equity Residential Investment Framework

    The Equity Residential Investment Framework Resilience Regulation Supply Optimized Portfolio Data-Driven Submarket & Market Property Deal Analysis Selection Selection Quality of Life Cost of Home Ownership Demand CUSTOMER 31 | INVESTOR PRESENTATION MARCH 2026

  32. Slide 32: Chooses Markets Balancing Supply and Demand Opportunities and Risks

    Equity Residential Chooses Markets Balancing the Opportunities and Risks of Supply and Demand Population Growth Multifamily Starts as % of Inventory (2019-2025) US EQR Sunbelt 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% Cumulative % Growth 1.0% (3%) to 0.4% 0.4% to 3.2% 0.0% > 3.2% 2012 2013 2014 2015 2016 2017 2

  33. Slide 33: Demand Varies at Submarket and Product Type Level

    But Demand Can Also Vary Within Markets at the Submarket and Product Type Level Net Domestic Migration by New York Submarket 60,000 40,000 Equity Residential is concentrated in submarkets of New York (i.e. Manhattan) where there is growth. 20,000 0 -20,000 -40,000 -60,000 -80,000 Manhattan South Wes

  34. Slide 34: Capturing Demand Across Well-Earning Customer Segments

    Capturing the Demand Across Well-Earning Customer Segments % of AMI ($ in thousands) Income Targets by Market by Market 120% 220 186 162 159 159 160 156 EQR 156 145 145 Median 128 134 125 125 127 120 120 123 124 108 110 108 106 106 104 92 97 97 88 84 80% 85 83 83 68 73 72 San Orange Boston San Diego

  35. Slide 35: Balance of Urban and Suburban Properties

    Equity Residential’s Careful Balance of Urban and Suburban Properties Captures Generational Demand in Varying Life Stages and Preferences Urban / Suburban Portfolio Mix Suburban Urban 49% 51% Helix Apartments | Weymouth, MA 35 | INVESTOR PRESENTATION MARCH 2026

  36. Slide 36: Opportunities to Renovate Existing Assets

    Opportunities to renovate existing assets provide attractive risk-adjusted returns “Turn-Key” Unit Luxury Vinyl 2022 2023 2024 2025 2026F Renovations Flooring Avg. ROI 10.4% 10.0% 10.0% 9.6% 10.4% 2,000 - 5,000 1,000 – 3,500 Opportunity units per year units per year $25-35k $3-6k Typical Cost per un

  37. Slide 37: Accessory Dwelling Units and Residential Unit Conversions

    Enhancing Value and Rental Income Potential Through Accessory Dwelling Units and Residential Unit Conversions Accessory Dwelling Units (ADUs) Residential Unit Conversions Completed Future ✓ Increased density 350+ units $80M and revenue Near-Term Total Expected since 2015 Opportunity ✓ Meets demand f

  38. Slide 38: Superior Operating Platform - Innovation

    THE ALTON - IRVINE, CA Superior Operating Platform - Innovation 38 I INVESTOR PRESENTATION MARCH 2026

  39. Slide 39: Creating Value Across the Entire Operations Lifecycle

    Creating Value Invest in People, Process, Across the Entire and Technology Operations Lifecycle Build capabilities with innovative tools, AI, skilled teams, and efficient processes. Generate Achieve Better Business Better Financial Insights Leverage data to Results understand trends, Higher retentio

  40. Slide 40: Our Innovation Arc – Putting it All Together

    Our Innovation Arc – Putting it All Together $100M+ NOI to be realized $25M $20 - $25M Identified Potential Phase II Phase III 2026 - 2028 2029 - 2030 $55M Phase I Phase IV $50M Delivered 2020 - 2025 2030 and beyond Potential 40 | INVESTOR PRESENTATION MARCH 2026

  41. Slide 41: Transforming The Business Through Innovation

    Phase II scales proven pilots to drive Transforming The Business Through Innovation smarter decisions, better resident outcomes, and recurring impact. Focused on operational excellence and a seamless customer experience Phase I Phase II 2020-2025 2026-2028 What we delivered What we are scaling & add

  42. Slide 42: Delivering Tangible Results and Driving Competitive Advantage

    Delivering Tangible Results and Driving Competitive Advantage Initiatives to date have focused on reducing on-site payroll and contract services (R&M). Our approach maximizes efficiency and increases cash flow. R&M + Payroll + Overhead as % of Rent per SS Unit(1) Payroll Growth per SS Unit (2) R&M G

  43. Slide 43: Utilizing Data and Analytics to Drive Better Results

    Utilizing Data and Analytics to Drive Better Results EQR Today Invest in Analytics Modernize Data Optimize Business Talent Infrastructure Decisions - Data Science - - Cloud Enabled - - Data Driven - - Data Engineering - - Platform Agnostic - - Powered by AI - - Business Intelligence - - Governed End

  44. Slide 44: Leveraging the Power of Scale and Best-in-Class Infrastructure

    Leveraging the Power of Scale and a Best-in-Class Infrastructure Internal Pricing >500,000,000 Data Points Resident Surveys Financial Transactions >10,000,000 >250,000,000 Data Points Data Points Historical Resident Data Service Requests >1,000,000 >1,000,000 Data Points Data Points >1 Billion Data

  45. Slide 45: Building a Scalable, Tech-Driven Operating Platform

    Creating a durable, tech- Building a Scalable, Tech-Driven Operating Platform enabled competitive advantage across the portfolio. Enterprise Capabilities Automation Artificial Intelligence Analytics Machine Learning Standardized, scalable Embedded decision support Single source of truth and Self-imp

  46. Slide 46: Wayfinder: Tech-enabled Platform Driving Renewal Outperformance

    Wayfinder: Tech-enabled Platform Driving Renewal Outperformance Wayfinder is a Proprietary Renewal Platform Data-Guided Centralized Renewal Measured Financial Lease Expiration Renewal Pricing Execution Outcome Support ✓ Integrate portfolio dynamics and real time market conditions ✓ Optimizes the ret

  47. Slide 47: Balance Sheet

    EVIVA ON CHEROKEE - DENVER, CO Balance Sheet Strategic focus on maintaining a strong & flexible balance sheet 47 I INVESTOR PRESENTATION MARCH 2026

  48. Slide 48: Prudent Capital Structure

    Prudent Capital Structure A- (Positive)/ • Industry leading credit ratings and debt A3 (Stable) 4.3x metrics reflect balance sheet strength. Investment Grade Net Debt to Credit Ratings(1) Normalized EBITDAre(2) • One of the lowest costs of debt in the REIT space. 90.3% 9.5% Unencumbered NOI Floating

  49. Slide 49: Long-Duration Debt Portfolio Provides Significant Financial Flexibility

    Long-Duration Debt Portfolio Provides Significant Financial Flexibility 75% December 2030 8% Avg % of long-term of long-term debt(1) $2.5B Revolver debt(1) maturing annually matures in 2029+ maturity (1) over next 3 years Long-Duration Debt Portfolio and Well-Staggered Substantial Liquidity and Mana

  50. Slide 50: Conservative Leverage Profile With Ample Balance Sheet Capacity

    Conservative Leverage Profile Net Debt to EBITDAre and Fixed Charge Coverage (2014-2025) With Ample Balance Sheet Net Debt to Normalized EBITDAre Fixed Charge Coverage Ratio Capacity 6.4x 6.2x 6.2x 6.1x 5.8x 5.6x 5.6x 5.6x 5.7x 5.3x 5.4x 5.1x ✓ Ensures ample growth capital 4.5x 5.1x 5.0x 5.1x 4.4x ✓

  51. Slide 51: Flexible Annual Funding Sources

    Flexible Annual Funding Sources ~$900M available annually for capital Leverage Neutral Annual Debt Capacity Growth allocation to: (~$200M) ✓ Repurchase shares Annual Investable ✓ Invest in NOI enhancing renovations, Cash Flow After Dividends accessory dwelling units, and other value and Recurring CA

  52. Slide 52: Market Profiles, Guidance and Glossary of Terms

    THE HESBY – LOS ANGELES, CA Market Profiles, Guidance and Glossary of Terms 52 I INVESTOR PRESENTATION MARCH 2026

  53. Slide 53: Boston Market Profile

    THE BASIN – WAKEFIELD, MA Market Data Resident Profile Home Median Median Household Single-Family Affordability Income Home Price Ratio 45.1% 43.4% U.S. $83,013 $401,416 4.8X Boston $120,168 $759,767 6.3X EQR Resident Data (as of 12/31/25)* 6.7% 4.8% Average Household Income $208,979 Average Monthly

  54. Slide 54: New York/Manhattan Market Profile

    600 WASHINGTON – NEW YORK, NY Market Data Resident Profile Home Median Median Household Single-Family Affordability Income Home Price Ratio 47.3% 40.0% U.S. $83,013 $401,416 4.8X Manhattan $108,044 $1,280,793 11.9X EQR Resident Data (as of 12/31/25)* 7.1% 5.6% Average Household Income $287,985 Avera

  55. Slide 55: Washington, DC Market Profile

    BELLE PRE – ALEXANDRIA, VA Market Data Resident Profile Home Median Median Household Single-Family 55.3% Affordability Income Home Price Ratio U.S. $83,013 $401,416 4.8X 36.2% Washington, DC $127,689 $652,730 5.1X EQR Resident Data (as of 12/31/25)* 6.1% Average Household Income $164,009 2.4% Averag

  56. Slide 56: Seattle Market Profile

    Market Data SAXTON – SEATTLE, WA Resident Profile Home Median Median Household Single-Family Affordability Income Home Price Ratio 58.6% U.S. $83,013 $401,416 4.8X Seattle $113,252 $813,549 7.2X 34.5% EQR Resident Data (as of 12/31/25)* Average Household Income $154,478 4.7% 2.2% Average Monthly Ren

  57. Slide 57: San Francisco Market Profile

    HUXLEY - REDWOOD CITY, CA Market Data Resident Profile Home Median Median Household Single-Family Affordability Income Home Price Ratio 42.5% 40.5% U.S. $83,013 $401,416 4.8X San Francisco $137,505 $1,390,665 10.1X EQR Resident Data (as of 12/31/25)* 10.5% 6.5% Average Household Income $204,656 Aver

  58. Slide 58: Los Angeles Market Profile

    RADIUS KOREATOWN – LOS ANGELES, CA Market Data Resident Profile Home Median Median Household Single-Family Affordability Income Home Price Ratio 42.0% 40.0% U.S. $83,013 $401,416 4.8X Los Angeles $92,422 $916,119 9.9X 11.7% EQR Resident Data (as of 12/31/25)* 6.3% Average Household Income $154,980 A

  59. Slide 59: Orange County Market Profile

    THE ALTON– IRVINE, CA Market Data Resident Profile Home Median Median Household Single-Family Affordability Income Home Price Ratio 43.1% U.S. $83,013 $401,416 4.8X 28.4% Orange County $117,007 $1,410,784 12.1X 17.9% EQR Resident Data (as of 12/31/25)* 10.6% Average Household Income $147,925 Average

  60. Slide 60: San Diego Market Profile

    MARA PACIFIC BEACH – SAN DIEGO, CA Market Data Resident Profile Home Median Median Household Single-Family Affordability Income Home Price Ratio 45.5% U.S. $83,013 $401,416 4.8X San Diego $111,105 $1,023,588 9.2X 27.3% 17.3% EQR Resident Data (as of 12/31/25)* 9.9% Average Household Income $161,518

  61. Slide 61: Denver Market Profile

    JADE BEELER PARK – DENVER, CO Market Data Resident Profile Home Median Median Household Single-Family Affordability Income Home Price Ratio 55.5% U.S. $83,013 $401,416 4.8X 36.7% Denver $109,459 $667,237 6.1X EQR Resident Data (as of 12/31/25)* 5.8% Average Household Income $111,746 2.0% Average Mon

  62. Slide 62: Atlanta Market Profile

    THE BAXTER – DECATUR, GA Market Data Resident Profile Home Median Median Household Single-Family Affordability Income Home Price Ratio 66.7% U.S. $83,013 $401,416 4.8X Atlanta $93,778 $382,674 4.1X 26.0% EQR Resident Data (as of 12/31/25)* Average Household Income $123,447 4.6% 2.7% Average Monthly

  63. Slide 63: Austin Market Profile

    ST. JOHNS WEST – AUSTIN, TX Market Data Resident Profile Home Median Median Household Single-Family Affordability Income Home Price Ratio 77.0% U.S. $83,013 $401,416 4.8X Austin $100,418 $489,941 4.9X 20.0% EQR Resident Data (as of 12/31/25)* Average Household Income $101,805 1.7% 1.3% Average Month

  64. Slide 64: Dallas/Ft. Worth Market Profile

    THE SADIE – FORT WORTH, TX Market Data Resident Profile Home Median Median Household Single-Family Affordability Income Home Price Ratio 63.5% U.S. $83,013 $401,416 4.8X 29.2% Dallas/ $94,429 $392,163 4.2x Ft. Worth EQR Resident Data (as of 12/31/25)* 5.1% Average Household Income $117,330 2.2% Aver

  65. Slide 65: 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

  66. Slide 66: 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

  67. Slide 67: Non-GAAP Financial Measures – Cash Flow Margin

    Non-GAAP Financial Measures Equity Residential Non-GAAP Financial Measures – Cash Flow Margin (Amounts in thousands) 2025 2024 2023 2022 2021 Consolidated Statements of Cashflows: Net cash provided by operating activities $ 1,648,763 $ 1,573,607 $ 1,532,798 $ 1,454,756 $ 1,260,184 Capital expenditur

  68. Slide 68: 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

  69. Slide 69: 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

  70. Slide 70: 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

Equity Residential — Q1 2026 Earnings Presentation on 6ix