Vivmark Residential · Earnings release

Second Quarter 2025 Results

Table of Contents

Earnings Release

Consolidated Statements of Operations

6

Consolidated Statements of Funds From Operations and Normalized

Funds From Operations

7

Consolidated Balance Sheets

8

Portfolio Summary

9

Portfolio Rollforward

Same Store Results

Debt Summary

Capital Structure

Common Share and Unit Weighted Average Amounts Outstanding

Partially Owned Properties

Development and Lease-Up Projects

Residential Capital Expenditures to Real Estate

Normalized EBITDAre Reconciliations

Adjustments from FFO to Normalized FFO

Normalized FFO Guidance and Assumptions

Additional Reconciliations and Definitions of Non-GAAP

Financial Measures and Other Terms

Corporate Headquarters:

Two North Riverside Plaza

Information included in this supplemental package is unaudited.

Table of Contents

NEWS RELEASE - FOR IMMEDIATE RELEASE

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 ended June 30, 2025.

Second Quarter 2025 Results

All per share results are reported as available to common shares/units on a diluted basis.

Quarter Ended June 30,

$ Change

% Change

Earnings Per Share (EPS)

$

$

$

%

Funds from Operations (FFO) per share

$

$

$

%

Normalized FFO (NFFO) per share

$

$

$

%

Six Months Ended June 30,

$ Change

% Change

Earnings Per Share (EPS)

$

$

$

)

%)

Funds from Operations (FFO) per share

$

$

$

%

Normalized FFO (NFFO) per share

$

$

$

%

Recent Highlights

•

The Company’s second quarter revenue growth was driven by continued solid operating fundamentals across most of its markets. For the second quarter of 2025 compared to the second quarter of 2024, same store revenues increased 2.7%, same store expenses increased 3.7% and same store Net Operating Income (NOI) increased 2.3%.

•

The Company raised the midpoint of its guidance range for same store revenues and NOI and lowered the midpoint for same store expenses. The same store revenue guidance improvement is primarily being driven by strong momentum in our San Francisco market along with continued resilient performance by our East Coast markets.

•

During the second quarter of 2025, the Company acquired a portfolio of eight properties, consisting of 2,064 apartment units, located in suburban Atlanta for an aggregate purchase price of approximately $533.8 million. Also during the second quarter of 2025, the Company sold one property in Seattle for $121.0 million.

“We are pleased to raise the midpoints for our same store revenue and net operating income guidance. We are seeing sustained demand and a financially resilient customer across all our markets with new supply levels the main determinant of market revenue performance,” said Mark J. Parrell, Equity Residential’s President and CEO. “Equity Residential’s unique exposure to the low supply urban centers of New York and San Francisco are driving current period results and demonstrate the benefits of our portfolio’s diversification between urban and suburban submarkets in both our coastal Established Markets and high demand Expansion Markets.”

1

Table of Contents

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):

G1Physical Occupancy

G2Revenue change

G3Expense change

G4NOI change

G5EPS

Growth at midpoint vs. 2024 actual

G6FFO per share

Growth at midpoint vs. 2024 actual

G7Normalized FFO per share

Growth at midpoint vs. 2024 actual

Transactions:

G8Consolidated rental acquisitions

Consolidated rental dispositions

G9Transaction Accretion (Dilution)

(25 basis points)

(25 basis points)

The change in the full year 2025 EPS guidance range is due primarily to lower expected property sale gains, higher expected depreciation expense and other items including those described below.

The change in the full year 2025 FFO per share guidance range is due primarily to higher expected non-operating asset gains, higher expected other income and the items described below.

The change in the full year 2025 Normalized FFO per share guidance range is due primarily to:

Expected

Positive/(Negative)

Impact

Residential same store NOI

$

Lease-Up NOI

)

Interest expense, net

Other items

Net

$

The Company has a glossary of defined terms and related reconciliations of Non-GAAP financial measures on pages 30 through 35 of this release. Reconciliations and definitions of FFO and Normalized FFO are provided on pages 7, 32 and 33 of this release.

Results Per Share

The change in EPS for the quarter ended June 30, 2025 compared to the same period of 2024 is due primarily to higher property sale gains, higher depreciation expense, the various adjustment items listed on page 28 of this release and the items described below. The change in EPS for the six months ended June 30, 2025 compared to the same period of 2024 is due primarily to lower property sale gains, higher depreciation expense, the various adjustment items listed on page 28 of this release and the items described below.

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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 primarily to:

Positive/(Negative) Impact

Residential same store NOI

$

$

Non-Residential same store NOI

-

)

Interest expense, net

)

)

Other items (including corporate overhead) (1)

)

)

Net

$

$

(1)

Corporate overhead includes property management and general administrative expenses.

Same Store Results

The following table shows the total same store results for the periods presented (includes Residential and Non-Residential).

Apartment Units

Physical Occupancy

Revenues

Expenses

NOI

The following table reflects the detail of the change in Same Store Residential Revenues, which is presented on a GAAP basis showing Leasing Concessions on a straight-line basis.

% Change

% Change

% Change

Same Store Residential Revenues-

comparable period

Lease rates

%

%

%

Leasing Concessions

%

%)

%)

Vacancy gain (loss)

%

%

%

Bad Debt, Net (1)

%

%

%

Other (2)

%

%

%

Same Store Residential Revenues-

current period

%

%

%

(1)

Change in rental income due to bad debt write-offs and reserves, net of amounts (including governmental rental assistance payments) collected on previously written-off or reserved accounts. See page 13 for more detail.

(2)

Includes ancillary income, utility recoveries, early lease termination income, miscellaneous income and other items.

See page 12 for detail and reconciliations of Same Store Residential Revenues on a GAAP basis to Same Store Residential Revenues with Leasing Concessions on a cash basis.

3

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Residential Same Store Operating Statistics

The following table includes select operating metrics for Residential Same Store Properties (for 75,072 same store apartment units):

Physical Occupancy

Percentage of Residents Renewing by quarter

New Lease Change

Renewal Rate Achieved

Blended Rate (1)

(1)

Blended Rates for Established Markets were 3.4%, 2.3% and 3.3% for Q2 2025, Q1 2025 and Q2 2024, respectively. See page 17.

In the second quarter of 2025, Blended Rate met our expectations and was consistent with seasonal patterns while Physical Occupancy exceeded our expectations. For the third quarter of 2025, G10Blended Rate is expected to be between 2.2% and 2.8%.

Investment Activity

During the second quarter of 2025, the Company acquired a portfolio of eight properties consisting of 2,064 apartment units, located in the Company's Expansion Market of Atlanta, for an aggregate acquisition price of approximately $533.8 million at a weighted average Acquisition Cap Rate of 5.1%. The acquired properties are 16 years old on average. The Company did not acquire any operating properties during the first quarter of 2025.

During the second quarter of 2025, the Company sold one property in Seattle, consisting of 289 apartment units, for a sale price of approximately $121.0 million at a Disposition Yield of 4.9%. During the first six months of 2025, the Company sold three properties consisting of 835 apartment units, located in the San Diego and Seattle markets, for an aggregate sale price of approximately $346.6 million at a weighted average Disposition Yield of 5.1%. The Company also sold one land parcel for a sale price of approximately $4.3 million during the first quarter of 2025. The operating properties sold during the first six months of 2025 have an average age of 20 years.

During the first six months of 2025, the Company completed a wholly owned development project in each of its San Francisco and Denver markets, consisting of an aggregate of 495 apartment units, for a total cost of approximately $237.8 million. During the first six months of 2025, the Company also completed one joint venture development project in its New York market, consisting of 450 apartment units, for a total cost of approximately $201.2 million.

Capital Markets Activity

On May 12, 2025, the Company closed on the issuance of $500.0 million of 7-year unsecured notes at a coupon rate of 4.95% and an all-in effective yield of 5.23%. Proceeds from the offering were primarily used to fund the payoff of the Company's $450.0 million 3.375% unsecured notes which matured in June 2025.

Third Quarter 2025 Guidance

The Company has established guidance ranges for the third quarter of 2025 EPS, FFO per share and Normalized FFO per share as listed below:

Guidance

G11EPS

G12FFO per share

G13Normalized FFO per share

The difference between the second quarter of 2025 actual EPS of $0.50 and the third quarter of 2025 EPS guidance midpoint of $0.80 is due primarily to higher expected property sale gains and other items including those described below.

The difference between the second quarter of 2025 actual FFO of $0.98 per share and the third quarter of 2025 FFO guidance midpoint of $1.10 per share is due primarily to higher expected non-operating asset gains, higher expected other income and the items described below.

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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

Residential same store NOI

$

Interest expense, net

)

Corporate overhead

Net

$

About Equity Residential

Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters. Equity Residential owns or has investments in 319 properties consisting of 86,422 apartment units, with an established presence in Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas/Ft. Worth and Austin. For more information on Equity Residential, please visit our website at www.equityapartments.com.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements and information within the meaning of the federal securities laws. These statements are based on current expectations, estimates, projections and assumptions made by management. While Equity Residential’s management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks, including, without limitation, changes in general market conditions, including the rate of job growth and cost of labor and construction material, the level of new multifamily construction and development, government regulations and competition. These and other risks and uncertainties are described under the heading “Risk Factors” in our Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC) and available on our website, www.equityapartments.com.

Many of these uncertainties and risks are difficult to predict and beyond management’s control. Forward-looking statements are not guarantees of future performance, results or events. Equity Residential assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

A live web cast of the Company’s conference call discussing these results will take place tomorrow, Tuesday, August 5, 2025 at 10:00 a.m. CT. Please visit the Investor section of the Company’s website at www.equityapartments.com for the webcast link.

5

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Equity Residential

Consolidated Statements of Operations

(Amounts in thousands except per share data)

(Unaudited)

Six Months Ended June 30,

Quarter Ended June 30,

REVENUES

Rental income

$

$

$

$

EXPENSES

Property and maintenance

Real estate taxes and insurance

Property management

General and administrative

Depreciation

Total expenses

Net gain (loss) on sales of real estate properties

Interest and other income

Other expenses

)

)

)

)

Interest:

Expense incurred, net

)

)

)

)

Amortization of deferred financing costs

)

)

)

)

Income before income and other taxes, income (loss) from

investments in unconsolidated entities and net gain (loss)

on sales of land parcels

Income and other tax (expense) benefit

)

)

)

)

Income (loss) from investments in unconsolidated entities

)

)

)

)

Net gain (loss) on sales of land parcels

)

—

)

—

Net income

Net (income) loss attributable to Noncontrolling Interests:

Operating Partnership

)

)

)

)

Partially Owned Properties

)

)

)

)

Net income attributable to controlling interests

Preferred distributions

)

)

)

)

Premium on redemption of Preferred Shares

—

)

—

—

Net income available to Common Shares

$

$

$

$

Earnings per share – basic:

Net income available to Common Shares

$

$

$

$

Weighted average Common Shares outstanding

Earnings per share – diluted:

Net income available to Common Shares

$

$

$

$

Weighted average Common Shares outstanding

Distributions declared per Common Share outstanding

$

$

$

$

6

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,

Net income

$

$

$

$

Net (income) loss attributable to Noncontrolling Interests – Partially

Owned Properties

)

)

)

)

Preferred distributions

)

)

)

)

Premium on redemption of Preferred Shares

—

)

—

—

Net income available to Common Shares and Units

Adjustments:

Depreciation

Depreciation – Non-real estate additions

)

)

)

)

Depreciation – Partially Owned Properties

)

)

)

)

Depreciation – Unconsolidated Properties

Net (gain) loss on sales of unconsolidated entities - operating

assets

)

—

)

—

Net (gain) loss on sales of real estate properties

)

)

)

)

FFO available to Common Shares and Units

Adjustments (see note for additional detail):

Write-off of pursuit costs

Debt extinguishment and preferred share redemption (gains)

losses

—

—

Non-operating asset (gains) losses

)

Other miscellaneous items

Normalized FFO available to Common Shares and Units

$

$

$

$

FFO

$

$

$

$

Preferred distributions

)

)

)

)

Premium on redemption of Preferred Shares

—

)

—

—

FFO available to Common Shares and Units

$

$

$

$

FFO per share and Unit – basic

$

$

$

$

FFO per share and Unit – diluted

$

$

$

$

Normalized FFO

$

$

$

$

Preferred distributions

)

)

)

)

Normalized FFO available to Common Shares and Units

$

$

$

$

Normalized FFO per share and Unit – basic

$

$

$

$

Normalized FFO per share and Unit – diluted

$

$

$

$

Weighted average Common Shares and Units outstanding – basic

Weighted average Common Shares and Units outstanding – diluted

Note: See Adjustments from FFO to Normalized FFO for additional detail regarding the adjustments from FFO to Normalized FFO. See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for the definitions of non-GAAP financial measures and other terms as well as the reconciliations of EPS to FFO per share and Normalized FFO per share.

7

Table of Contents

Equity Residential

Consolidated Balance Sheets

(Amounts in thousands except for share amounts)

(Unaudited)

ASSETS

Land

$

$

Depreciable property

Projects under development

Land held for development

Investment in real estate

Accumulated depreciation

)

)

Investment in real estate, net

Investments in unconsolidated entities1

Cash and cash equivalents

Restricted deposits

Right-of-use assets

Other assets

Total assets

$

$

LIABILITIES AND EQUITY

Liabilities:

Mortgage notes payable, net

$

$

Notes, net

Line of credit and commercial paper

Accounts payable and accrued expenses

Accrued interest payable

Lease liabilities

Other liabilities

Security deposits

Distributions payable

Total liabilities

Commitments and contingencies

Redeemable Noncontrolling Interests – Operating Partnership

Equity:

Shareholders' equity:

Preferred Shares of beneficial interest, $0.01 par value;

Common Shares of beneficial interest, $0.01 par value;

shares issued and outstanding as of December 31, 2024

Paid in capital

Retained earnings

Accumulated other comprehensive income (loss)

Total shareholders’ equity

Noncontrolling Interests:

Operating Partnership

Partially Owned Properties

)

)

Total Noncontrolling Interests

Total equity

Total liabilities and equity

$

$

1 Includes $339.0 million and $324.0 million in unconsolidated development and lease-up projects as of June 30, 2025 and December 31, 2024, respectively. See Development and Lease-Up Projects for additional detail on unconsolidated projects.

8

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Equity Residential

Portfolio Summary

% of

Stabilized

Average

Apartment

Budgeted

Rental

Markets/Metro Areas

Properties

Units

NOI

Rate

Established Markets:

Los Angeles

%

$

Orange County

%

San Diego

%

Subtotal – Southern California

%

San Francisco

%

Washington, D.C.

%

New York

%

Boston

%

Seattle

%

Subtotal – Established Markets

%

Expansion Markets:

Atlanta

%

Denver

%

Dallas/Ft. Worth

%

Austin

3

%

Subtotal – Expansion Markets

%

Total

%

$

Properties

Apartment Units

Wholly Owned Properties (1)

Partially Owned Properties – Consolidated

Partially Owned Properties – Unconsolidated (1)

5

(1)

During the second quarter of 2025, the Company acquired its joint venture partner's 10% interest in a previously unconsolidated 270-unit apartment property in Denver, CO for approximately $3.6 million and also contributed $50.5 million for the joint venture to repay the third party construction loan encumbering the property. The property is now wholly owned. See Development and Lease-Up Projects for additional detail.

Note: Projects under development are not included in the Portfolio Summary until construction has been completed.

9

Table of Contents

Equity Residential

($ in thousands)

Properties

Apartment

Units

Purchase

Price

Acquisition

Cap Rate

Acquisitions:

Consolidated Rental Properties

8

$

%

Sales Price

Disposition

Yield

Dispositions:

Consolidated Rental Properties

(1

)

)

$

)

%)

Configuration Changes

—

(1

)

($ in thousands)

Properties

Apartment

Units

Purchase

Price

Acquisition

Cap Rate

Acquisitions:

Consolidated Rental Properties

8

$

%

Sales Price

Disposition

Yield

Dispositions:

Consolidated Rental Properties

(3

)

)

$

)

%)

Consolidated Land Parcels

—

—

$

)

Completed Developments – Consolidated

2

Completed Developments – Unconsolidated

1

Configuration Changes

—

(1

)

Table of Contents

Equity Residential

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

Description

Revenues

Expenses

NOI

Average

Rental

Rate

Physical

Occupancy

Turnover

$

$

$

$

%

%

$

$

$

$

%

%

Change

$

$

$

$

%

%)

Change

%

%

%

%

Same Store Results/Statistics Including 81,096 Same Store Apartment Units

(includes Residential and Non-Residential)

($ in thousands except for Average Rental Rate)

Results

Statistics

Description

Revenues

Expenses

NOI

Average

Rental

Rate

Physical

Occupancy

Turnover

$

$

$

$

%

%

$

$

$

$

%

%

Change

$

$

)

$

$

%

%

Change

%

%)

%

%

Same Store Results/Statistics Including 75,072 Same Store Apartment Units

(includes Residential and Non-Residential)

($ in thousands except for Average Rental Rate)

Results

Statistics

Description

Revenues

Expenses

NOI

Average

Rental

Rate

Physical

Occupancy

Turnover

$

$

$

$

%

%

$

$

$

$

%

%

Change

$

$

$

$

%

%)

Change

%

%

%

%

Table of Contents

Equity Residential

Same Store Residential Revenues – GAAP to Cash Basis (1)

($ in thousands)

Same Store Residential Revenues (GAAP Basis)

$

$

$

$

$

$

Leasing Concessions amortized

Leasing Concessions granted

)

)

)

)

)

)

Same Store Residential Revenues with Leasing

Concessions on a cash basis

$

$

$

$

$

$

% change - GAAP revenue

%

%

%

% change - cash revenue

%

%

%

(1)

See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional detail.

Same Store Net Operating Income By Quarter

Including 75,072 Same Store Apartment Units

(includes Residential and Non-Residential)

($ in thousands)

Same store revenues

$

$

$

$

$

Same store expenses

Same store NOI

$

$

$

$

$

Table of Contents

Equity Residential

Same Store Residential Accounts Receivable Balances

Including 75,072 Same Store Apartment Units

($ in thousands)

Balance Sheet (Other assets):

Residential accounts receivable balances

$

$

$

Allowance for doubtful accounts

)

)

)

Net receivable balances

$

$

$

Straight-line receivable balances

$

(1)

$

$

(1)

Total same store Residential Leasing Concessions granted in the second quarter of 2025 were approximately $5.1 million. The straight-line receivable balance of $9.2 million reflects Residential Leasing Concessions that the Company expects will be primarily recognized as a reduction of rental revenues in the remainder of 2025 and the first half of 2026.

Same Store Residential Bad Debt

Including 75,072 Same Store Apartment Units

($ in thousands)

Income Statement (Rental income):

Bad debts before governmental rental assistance

$

$

$

Governmental rental assistance received

)

)

)

Bad Debt, Net

$

$

$

Bad Debt, Net as a % of Same Store Residential Revenues

%

%

%

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Equity Residential

Same Store Residential Results/Statistics by Market

Increase (Decrease) from Prior Year's Quarter

Markets/Metro Areas

Apartment

Units

% of

Actual

NOI

Average

Rental

Rate

Weighted

Average

Physical

Occupancy %

Turnover

Revenues

Expenses

NOI

Average

Rental

Rate

Physical

Occupancy

Turnover

Los Angeles

%

$

%

%

%

%

%)

%

%

%)

Orange County

%

%

%

%

%

%

%

%

%)

San Diego

%

%

%

%

%

%

%

%

%)

Subtotal – Southern California

%

%

%

%

%

%

%

%

%)

San Francisco

%

%

%

%

%

%

%

%

%)

Washington, D.C.

%

%

%

%

%

%

%

%)

%

New York

%

%

%

%

%

%

%

%

%

Boston

%

%

%

%

%

%

%

%

%)

Seattle

%

%

%

%

%

%

%

%

%)

Denver

%

%

%

%)

%)

%)

%)

%)

%)

Other Expansion Markets

%

%

%

%)

%

%)

%)

%

%)

Total

%

$

%

%

%

%

%

%

%

%)

Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the six months ended June 30, 2025.

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Equity Residential

Same Store Residential Results/Statistics by Market

Increase (Decrease) from Prior Quarter

Markets/Metro Areas

Apartment

Units

% of

Actual

NOI

Average

Rental

Rate

Weighted

Average

Physical

Occupancy %

Turnover

Revenues

Expenses

NOI

Average

Rental

Rate

Physical

Occupancy

Turnover

Los Angeles

%

$

%

%

%

%)

%

%

%

%

Orange County

%

%

%

%

%)

%