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EQR
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Equity Residential Reports Fourth Quarter 2024 Results

1. EQR's Q4 2024 EPS increased by 34.1% to $1.10, exceeding expectations. 2. Same store NOI rose 3.1% in 2024, driven by a 3.0% increase in revenue. 3. 2025 guidance foresees 2.25%-3.25% revenue growth amid steady demand. 4. EQR plans $1.5B in acquisitions and $1B in property sales in 2025. 5. Sustainability achievements enhance EQR's brand, boosting investor confidence.

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Why Bullish?

EQR's solid earnings growth and positive guidance suggest strong market performance. For instance, historically, consistent revenue growth leads to increased share prices.

How important is it?

The article outlines key financial metrics and strategic plans that directly influence investor decisions and market positioning for EQR.

Why Long Term?

The projected steady revenue growth and market expansion will enhance long-term valuations. EQR's strategies in new acquisitions position it well for sustained profitability.

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EQRSPGAVBESS
CHICAGO--(BUSINESS WIRE)--Equity Residential (NYSE: EQR) today reported results for the quarter and year ended December 31, 2024 and has posted a Q4 2024 Management Presentation to its website as referenced below. Fourth Quarter 2024 Results All per share results are reported as available to common shares/units on a diluted basis. Quarter Ended December 31, 2024 2023 $ Change % Change Earnings Per Share (EPS) $ 1.10 $ 0.82 $ 0.28 34.1 % Funds from Operations (FFO) per share $ 0.97 $ 1.00 $ (0.03 ) (3.0 %) Normalized FFO (NFFO) per share $ 1.00 $ 1.00 $ - 0.0 % Year Ended December 31, 2024 2023 $ Change % Change Earnings Per Share (EPS) $ 2.72 $ 2.20 $ 0.52 23.6 % Funds from Operations (FFO) per share $ 3.76 $ 3.75 $ 0.01 0.3 % Normalized FFO (NFFO) per share $ 3.89 $ 3.78 $ 0.11 2.9 % Recent Highlights For the full year of 2024 compared to the full year of 2023, same store revenues increased 3.0%, same store expenses increased 2.9% and same store Net Operating Income (NOI) increased 3.1%. The Company has provided guidance for the full year of 2025 with same store revenue growth expected to be between 2.25% and 3.25%. During the fourth quarter of 2024, the Company acquired three properties, consisting of 795 apartment units, for an aggregate acquisition price of approximately $274.3 million at a weighted average Acquisition Cap Rate of 5.2%. These assets are located in the Company’s Expansion Markets of Atlanta and Denver. Also during the quarter, the company sold seven properties, consisting of 1,629 apartment units, for an aggregate sale price of approximately $610.1 million at a weighted average Disposition Yield of 5.2%. The Company's Board of Trustees has voted to increase the Company's 2025 annual common share dividend by 2.6% to $2.77 per share reflecting confidence in the prospects of the business going forward. All dividend payments remain subject to declaration by the Board of Trustees in its sole discretion. The Company was recognized for its commitment to sustainability with its inclusion in both the Dow Jones Sustainability World and North American Indices. The Company is the first residential REIT to receive this distinction. The Company was also recently honored with Nareit’s Residential Sector Leader in the Light award, further demonstrating its leadership in this area. “Our 2024 operating results were solid and generally consistent with our expectations. We expect a steady improvement in our same store revenue results as we go through 2025 driven by higher lease rate growth, continued elevated occupancy levels and significant contributions from other income in 2025. Our view is underpinned by an assumption that the economy remains steady and is supported by continuing subdued levels of supply in our mostly coastal footprint, an expectation of positive employment conditions for our higher earning renter demographic and continued value creation by our industry leading operations platform. With new apartment supply in 2026 at decade lows in our coastal markets and declining significantly in our Expansion Markets of Atlanta, Dallas and Denver, the longer term set up for our business is outstanding,” said Mark J. Parrell, Equity Residential’s President and CEO. Full Year 2025 Guidance 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: Same Store (includes Residential and Non-Residential): Physical Occupancy 96.2% Revenue change 2.25% to 3.25% Expense change 3.5% to 4.5% NOI change 1.4% to 3.0% EPS $3.00 to $3.10 FFO per share $3.87 to $3.97 Normalized FFO per share $3.90 to $4.00 Transactions (1): Consolidated rental acquisitions $1.5B Consolidated rental dispositions $1.0B Transaction Accretion (Dilution) (25 basis points) (1) The Company expects to fund its acquisition activity with a combination of proceeds from dispositions and/or debt issuance. The difference between the Company's full year 2024 actual EPS of $2.72 and the full year 2025 EPS guidance midpoint of $3.05 is due primarily to higher expected property sale gains, lower expected other expenses, lower expected non-operating asset gains and the items described below. The difference between the Company's full year 2024 actual FFO of $3.76 per share and the full year 2025 FFO guidance midpoint of $3.92 per share is due primarily to lower expected other expenses, lower expected non-operating asset gains and the items described below. The difference between the Company's full year 2024 actual Normalized FFO of $3.89 per share and the full year 2025 Normalized FFO guidance midpoint of $3.95 per share is due primarily to: Expected Positive/(Negative) Impact Full Year 2025 vs. Full Year 2024 Residential same store NOI $ 0.12 Non-Residential same store NOI (0.01 ) Lease-Up NOI (1) 0.01 2025 and 2024 transaction activity impact on NOI, net (2) 0.05 Interest expense, net (3) (0.08 ) Corporate overhead (4) (0.02 ) Other items (0.01 ) Net $ 0.06 (1) Lease-Up NOI reflects the contribution from consolidated lease-up properties only. The Company does not expect a contribution to growth in 2025 from recently completed unconsolidated joint venture development projects given the current lease-up velocity and cessation of capitalized interest on construction loans. See the income (loss) from investments in unconsolidated entities line item on page 28 for 2025 guidance on this matter. (2) Transaction activity impact on NOI, net represents acquisition NOI net of disposition NOI. (3) Interest expense, net is driven by higher rates on refinancing and higher balances due to 2024 and 2025 net investment activity. (4) Corporate overhead includes property management and general and administrative expenses. The Company has a glossary of defined terms and related reconciliations of Non-GAAP financial measures on pages 29 through 34 of this release. Reconciliations and definitions of FFO and Normalized FFO are provided on pages 7, 31 and 32 of this release. Results Per Share The changes in EPS for the quarter and year ended December 31, 2024 compared to the same periods of 2023 are due primarily to higher property sale gains, higher depreciation expense, the various adjustment items listed on page 27 of this release and the items described below. The per share changes in FFO for the quarter and year ended December 31, 2024 compared to the same periods of 2023 are due primarily to the various adjustment items listed on page 27 of this release and the items described below. The per share changes in Normalized FFO are due primarily to: Positive/(Negative) Impact Fourth Quarter 2024 vs. Fourth Quarter 2023 Full Year 2024 vs. Full Year 2023 Residential same store NOI $ 0.02 $ 0.14 Non-Residential same store NOI - 0.01 Lease-Up NOI - 0.01 2024 and 2023 transaction activity impact on NOI, net 0.04 0.02 Interest expense, net (0.03 ) (0.04 ) Corporate overhead (0.01 ) (0.04 ) Other items (0.02 ) 0.01 Net $ - $ 0.11 Same Store Results The following table shows the total same store results for the periods presented (includes Residential and Non-Residential). Fourth Quarter 2024 vs. Fourth Quarter 2023 Fourth Quarter 2024 vs. Third Quarter 2024 Full Year 2024 vs. Full Year 2023 Apartment Units 75,876 77,016 75,299 Physical Occupancy 96.1% vs. 95.8% 96.1% vs. 96.1% 96.2% vs. 95.9% Revenues 2.4% 0.4% 3.0% Expenses 4.3% (2.0%) 2.9% NOI 1.6% 1.5% 3.1% 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. Fourth Quarter 2024 vs. Fourth Quarter 2023 Fourth Quarter 2024 vs. Third Quarter 2024 Full Year 2024 vs. Full Year 2023 % Change % Change % Change Same Store Residential Revenues- comparable period Lease rates 1.8 % 0.1 % 2.3 % Leasing Concessions 0.0 % 0.0 % (0.2 %) Vacancy gain (loss) 0.3 % 0.2 % 0.4 % Bad Debt, Net (1) 0.2 % 0.0 % 0.2 % Other (2) 0.2 % 0.1 % 0.3 % Same Store Residential Revenues- current period 2.5 % 0.4 % 3.0 % (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. The full year 2024 vs. full year 2023 improvement in Bad Debt, Net was less than assumed in the midpoint of our same store revenue guidance range. 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. Residential Same Store Operating Statistics The following table includes select operating metrics for Residential Same Store Properties (for 75,299 same store apartment units): Q4 2024 Q3 2024 Q4 2023 Physical Occupancy 96.1% 96.1% 95.8% Percentage of Residents Renewing by quarter 61.3% 56.7% 59.0% New Lease Change (4.3%) (1.2%) (4.6%) Renewal Rate Achieved 5.0% 4.6% 5.1% Blended Rate (1) 1.0% 2.0% 0.7% (1) Blended Rates for Established Markets were 1.4%, 2.4% and 0.9% for Q4 2024, Q3 2024 and Q4 2023, respectively. See page 17. In the fourth quarter of 2024, Physical Occupancy and Blended Rate met our expectations and were consistent with seasonal patterns. For the first quarter of 2025, Blended Rate is expected to be between 1.4% and 2.2%. Investment Activity During the fourth quarter of 2024, the Company acquired three properties consisting of 795 apartment units, located in the Company’s Expansion Markets of Atlanta and Denver, for an aggregate acquisition price of approximately $274.3 million at a weighted average Acquisition Cap Rate of 5.2%. The acquired properties are one year old on average. During the fourth quarter of 2024, the Company sold seven properties, located in the Washington, D.C., Seattle, San Francisco and San Diego markets, consisting of 1,629 apartment units, for an aggregate sale price of approximately $610.1 million at a weighted average Disposition Yield of 5.2%. The properties sold during the fourth quarter of 2024 have an average age of 29 years. During the full year of 2024, the Company acquired 18 properties, consisting of 5,373 apartment units, for an aggregate purchase price of approximately $1.6 billion at a weighted average Acquisition Cap Rate of 5.1%. The acquired properties are five years old on average. Also during the full year of 2024, the Company sold 13 properties consisting of 2,598 apartment units, for an aggregate sale price of approximately $975.6 million at a weighted average Disposition Yield of 5.4%. The properties sold during 2024 have an average age of 35 years. During 2024, the Company completed four joint venture development projects in its Expansion Markets of Dallas/Ft. Worth and Denver, consisting of 1,262 apartment units, for a total cost of approximately $338.0 million. See the income (loss) from investments in unconsolidated entities line item on page 28 for the Company's 2025 guidance assumption for these and other unconsolidated assets. The Company also commenced construction in 2024 on three joint venture development projects in suburban Boston (two projects) and Seattle, consisting of 1,079 apartment units, for a total anticipated cost of approximately $539.4 million. “We are particularly pleased with our progress in 2024 in adding almost $2 billion of newer, high quality assets to our Atlanta, Dallas and Denver Expansion Market portfolios, which we funded with a combination of older asset sales and opportunistically sourced long term debt. While operating conditions in these markets continue to be challenging given historically high new supply levels, we remain enthusiastic about the balance these markets will create in our portfolio from the strong rental growth we expect to see in future years once this supply is absorbed,” said Mr. Parrell. First Quarter 2025 Guidance The Company has established guidance ranges for the first quarter of 2025 EPS, FFO per share and Normalized FFO per share as listed below: Q1 2025 Guidance EPS $0.63 to $0.67 FFO per share $0.89 to $0.93 Normalized FFO per share $0.90 to $0.94 The difference between the fourth quarter of 2024 actual EPS of $1.10 and the first quarter of 2025 EPS guidance midpoint of $0.65 is due primarily to lower expected property sale gains and the items described below. The difference between the fourth quarter of 2024 actual FFO of $0.97 per share and the first quarter of 2025 FFO guidance midpoint of $0.91 per share is due primarily to the items described below. The difference between the fourth quarter of 2024 actual Normalized FFO of $1.00 per share and the first quarter of 2025 Normalized FFO guidance midpoint of $0.92 per share is due primarily to: Expected Positive/(Negative) Impact First Quarter 2025 vs. Fourth Quarter 2024 Residential same store NOI $ (0.03 ) 2025 and 2024 transaction activity impact on NOI, net (0.02 ) Interest expense, net 0.01 Corporate overhead (0.03 ) Other items (0.01 ) Net $ (0.08 ) 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 311 properties consisting of 84,249 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, February 4, 2025 at 10:00 a.m. CT. In connection with the conference call, the Company is also providing a Management Presentation on its website. Please visit the Investor section of the Company’s website at www.equityapartments.com for the webcast link. Equity Residential Consolidated Statements of Operations (Amounts in thousands except per share data) (Unaudited)   Year Ended December 31, Quarter Ended December 31, 2024 2023 2024 2023 REVENUES Rental income $ 2,980,108 $ 2,873,964 $ 766,779 $ 727,500 EXPENSES Property and maintenance 529,737 514,575 133,388 123,138 Real estate taxes and insurance 432,089 412,114 111,637 99,507 Property management 132,739 119,804 32,358 29,490 General and administrative 61,653 60,716 12,751 11,581 Depreciation 952,191 888,709 264,150 226,788 Total expenses 2,108,409 1,995,918 554,284 490,504 Net gain (loss) on sales of real estate properties 546,797 282,539 318,968 155,505 Interest and other income 30,329 22,345 3,828 11,049 Other expenses (74,051 ) (29,419 ) (14,957 ) (8,902 ) Interest: Expense incurred, net (285,735 ) (269,556 ) (79,973 ) (68,674 ) Amortization of deferred financing costs (7,834 ) (8,941 ) (2,050 ) (1,918 ) Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels 1,081,205 875,014 438,311 324,056 Income and other tax (expense) benefit (1,256 ) (1,148 ) (331 ) (256 ) Income (loss) from investments in unconsolidated entities (8,974 ) (5,378 ) (4,109 ) (1,531 ) Net income 1,070,975 868,488 433,871 322,269 Net (income) loss attributable to Noncontrolling Interests: Operating Partnership (28,932 ) (26,710 ) (11,642 ) (9,536 ) Partially Owned Properties (6,212 ) (6,340 ) (3,114 ) (1,041 ) Net income attributable to controlling interests 1,035,831 835,438 419,115 311,692 Preferred distributions (1,613 ) (3,090 ) (355 ) (772 ) Premium on redemption of Preferred Shares (1,444 ) — — — Net income available to Common Shares $ 1,032,774 $ 832,348 $ 418,760 $ 310,920 Earnings per share – basic: Net income available to Common Shares $ 2.73 $ 2.20 $ 1.10 $ 0.82 Weighted average Common Shares outstanding 378,795 378,773 379,023 379,247 Earnings per share – diluted: Net income available to Common Shares $ 2.72 $ 2.20 $ 1.10 $ 0.82 Weighted average Common Shares outstanding 390,740 390,897 391,195 390,787 Distributions declared per Common Share outstanding $ 2.70 $ 2.65 $ 0.675 $ 0.6625 Equity Residential Consolidated Statements of Funds From Operations and Normalized Funds From Operations (Amounts in thousands except per share and Unit data) (Unaudited)   Year Ended December 31, Quarter Ended December 31, 2024 2023 2024 2023 Net income $ 1,070,975 $ 868,488 $ 433,871 $ 322,269 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (6,212 ) (6,340 ) (3,114 ) (1,041 ) Preferred distributions (1,613 ) (3,090 ) (355 ) (772 ) Premium on redemption of Preferred Shares (1,444 ) — — — Net income available to Common Shares and Units 1,061,706 859,058 430,402 320,456 Adjustments: Depreciation 952,191 888,709 264,150 226,788 Depreciation – Non-real estate additions (3,791 ) (4,268 ) (952 ) (977 ) Depreciation – Partially Owned Properties (2,132 ) (2,130 ) (487 ) (531 ) Depreciation – Unconsolidated Properties 7,191 2,860 3,310 939 Net (gain) loss on sales of unconsolidated entities - operating assets (515 ) — 195 — Net (gain) loss on sales of real estate properties (546,797 ) (282,539 ) (318,968 ) (155,505 ) Noncontrolling Interests share of gain (loss) on sales of real estate properties 1,857 2,336 1,857 — FFO available to Common Shares and Units 1,469,710 1,464,026 379,507 391,170 Adjustments (see note for additional detail): Write-off of pursuit costs 5,155 3,647 3,250 908 Debt extinguishment and preferred share redemption (gains) losses 1,444 1,143 — — Non-operating asset (gains) losses (16,311 ) (13,323 ) 1,141 (8,588 ) Other miscellaneous items 61,608 21,588 8,176 6,757 Normalized FFO available to Common Shares and Units $ 1,521,606 $ 1,477,081 $ 392,074 $ 390,247 FFO $ 1,472,767 $ 1,467,116 $ 379,862 $ 391,942 Preferred distributions (1,613 ) (3,090 ) (355 ) (772 ) Premium on redemption of Preferred Shares (1,444 ) — — — FFO available to Common Shares and Units $ 1,469,710 $ 1,464,026 $ 379,507 $ 391,170 FFO per share and Unit – basic $ 3.77 $ 3.75 $ 0.97 $ 1.00 FFO per share and Unit – diluted $ 3.76 $ 3.75 $ 0.97 $ 1.00 Normalized FFO $ 1,523,219 $ 1,480,171 $ 392,429 $ 391,019 Preferred distributions (1,613 ) (3,090 ) (355 ) (772 ) Normalized FFO available to Common Shares and Units $ 1,521,606 $ 1,477,081 $ 392,074 $ 390,247 Normalized FFO per share and Unit – basic $ 3.91 $ 3.79 $ 1.01 $ 1.00 Normalized FFO per share and Unit – diluted $ 3.89 $ 3.78 $ 1.00 $ 1.00 Weighted average Common Shares and Units outstanding – basic 389,425 389,954 389,560 389,844 Weighted average Common Shares and Units outstanding – diluted 390,740 390,897 391,195 390,787 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. Equity Residential Consolidated Balance Sheets (Amounts in thousands except for share amounts) (Unaudited)   December 31, December 31, 2024 2023 ASSETS Land $ 5,606,531 $ 5,581,876 Depreciable property 24,039,412 22,938,426 Projects under development 261,706 78,036 Land held for development 63,142 114,300 Investment in real estate 29,970,791 28,712,638 Accumulated depreciation (10,412,463 ) (9,810,337 ) Investment in real estate, net 19,558,328 18,902,301 Investments in unconsolidated entities1 386,531 282,049 Cash and cash equivalents 62,302 50,743 Restricted deposits 97,864 89,252 Right-of-use assets 455,445 457,266 Other assets 273,706 252,953 Total assets $ 20,834,176 $ 20,034,564 LIABILITIES AND EQUITY Liabilities: Mortgage notes payable, net $ 1,630,690 $ 1,632,902 Notes, net 5,947,376 5,348,417 Line of credit and commercial paper 543,679 409,131 Accounts payable and accrued expenses 99,347 87,377 Accrued interest payable 74,176 65,716 Lease liabilities 304,897 311,640 Other liabilities 310,559 272,596 Security deposits 75,611 69,178 Distributions payable 263,494 259,231 Total liabilities 9,249,829 8,456,188 Commitments and contingencies Redeemable Noncontrolling Interests – Operating Partnership 338,563 289,248 Equity: Shareholders' equity: Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 343,100 shares issued and outstanding as of December 31, 2024 and 745,600 shares issued and outstanding as of December 31, 2023 17,155 37,280 Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 379,475,383 shares issued and outstanding as of December 31, 2024 and 379,291,417 shares issued and outstanding as of December 31, 2023 3,795 3,793 Paid in capital 9,611,826 9,601,866 Retained earnings 1,407,570 1,437,185 Accumulated other comprehensive income (loss) 4,214 5,704 Total shareholders’ equity 11,044,560 11,085,828 Noncontrolling Interests: Operating Partnership 201,942 202,306 Partially Owned Properties (718 ) 994 Total Noncontrolling Interests 201,224 203,300 Total equity 11,245,784 11,289,128 Total liabilities and equity $ 20,834,176 $ 20,034,564 1 Includes $324.0 million and $220.2 million in unconsolidated projects (primarily development) as of December 31, 2024 and December 31, 2023, respectively. See Development and Lease-Up Projects for additional detail on unconsolidated projects. Equity Residential Portfolio Summary As of December 31, 2024 % of Stabilized Average Apartment Budgeted Rental Markets/Metro Areas Properties Units NOI Rate Established Markets: Los Angeles 58 14,733 16.7 % $ 2,942 Orange County 12 3,718 4.7 % 2,949 San Diego 11 2,649 3.7 % 3,189 Subtotal – Southern California 81 21,100 25.1 % 2,974 Washington, D.C. 43 13,846 15.1 % 2,788 San Francisco 40 11,315 14.8 % 3,351 New York 34 8,536 14.1 % 4,690 Boston 27 7,237 11.3 % 3,643 Seattle 42 8,854 9.9 % 2,636 Subtotal – Established Markets 267 70,888 90.3 % 3,232 Expansion Markets: Denver 15 4,408 4.0 % 2,369 Atlanta 14 4,356 3.1 % 2,020 Dallas/Ft. Worth 12 3,855 2.3 % 1,965 Austin 3 742 0.3 % 1,754 Subtotal – Expansion Markets 44 13,361 9.7 % 2,105 Total 311 84,249 100.0 % $ 3,056 Properties Apartment Units Wholly Owned Properties 295 80,331 Partially Owned Properties – Consolidated 12 2,656 Partially Owned Properties – Unconsolidated 4 1,262 311 84,249 Note: Projects under development are not included in the Portfolio Summary until construction has been completed. Equity Residential   Portfolio Rollforward Q4 2024 ($ in thousands)   Properties Apartment Units Purchase Price Acquisition Cap Rate 9/30/2024 312 84,018 Acquisitions: Consolidated Rental Properties 2 568 $ 183,000 5.0 % Consolidated Rental Properties – Not Stabilized (1) 1 227 $ 91,250 5.4 % Sales Price Disposition Yield Dispositions: Consolidated Rental Properties (7 ) (1,629 ) $ (610,141 ) (5.2 %) Completed Developments – Unconsolidated 3 1,053 Configuration Changes — 12 12/31/2024 311 84,249 Portfolio Rollforward 2024 ($ in thousands)   Properties Apartment Units Purchase Price Acquisition Cap Rate 12/31/2023 302 80,191 Acquisitions: Consolidated Rental Properties 16 4,986 $ 1,438,250 5.1 % Consolidated Rental Properties – Not Stabilized (1) 2 387 $ 153,845 5.5 % Unconsolidated Land Parcels (2) — — $ 33,394 Sales Price Disposition Yield Dispositions: Consolidated Rental Properties (13 ) (2,598 ) $ (975,641 ) (5.4 %) Completed Developments – Unconsolidated 4 1,262 Configuration Changes — 21 12/31/2024 311 84,249 (1) The Company acquired two properties during the year ended December 31, 2024, including a property in the Denver market in the fourth quarter of 2024, that are in lease-up and are expected to stabilize in their second year of ownership at the weighted average Acquisition Cap Rates listed above. (2) The Company previously entered into separate unconsolidated joint ventures for the purpose of developing vacant land parcels in suburban Boston, MA and suburban Seattle, WA. The joint ventures acquired their respective land parcels during the year ended December 31, 2024 for the total purchase price listed. The Company's total investment in these two joint ventures is approximately $90.9 million as of December 31, 2024. See Development and Lease-Up Projects for additional detail. Equity Residential   Fourth Quarter 2024 vs. Fourth Quarter 2023 Same Store Results/Statistics Including 75,876 Same Store Apartment Units (includes Residential and Non-Residential) ($ in thousands except for Average Rental Rate)   Results Statistics Description Revenues Expenses NOI Average Rental Rate Physical Occupancy Turnover Q4 2024 $ 713,789 $ 223,039 $ 490,750 $ 3,147 96.1 % 9.0 % Q4 2023 $ 696,874 $ 213,905 $ 482,969 $ 3,080 95.8 % 9.4 % Change $ 16,915 $ 9,134 $ 7,781 $ 67 0.3 % (0.4 %) Change 2.4 % 4.3 % 1.6 % 2.2 % Fourth Quarter 2024 vs. Third Quarter 2024 Same Store Results/Statistics Including 77,016 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 Q4 2024 $ 721,504 $ 224,814 $ 496,690 $ 3,135 96.1 % 9.0 % Q3 2024 $ 718,813 $ 229,507 $ 489,306 $ 3,125 96.1 % 13.3 % Change $ 2,691 $ (4,693 ) $ 7,384 $ 10 0.0 % (4.3 %) Change 0.4 % (2.0 %) 1.5 % 0.3 % 2024 vs. 2023 Same Store Results/Statistics Including 75,299 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 2024 $ 2,823,418 $ 894,477 $ 1,928,941 $ 3,127 96.2 % 42.5 % 2023 $ 2,740,193 $ 869,635 $ 1,870,558 $ 3,047 95.9 % 44.0 % Change $ 83,225 $ 24,842 $ 58,383 $ 80 0.3 % (1.5 %) Change 3.0 % 2.9 % 3.1 % 2.6 % Equity Residential   Same Store Residential Revenues – GAAP to Cash Basis (1) ($ in thousands)   Fourth Quarter 2024 vs. Fourth Quarter 2023 Fourth Quarter 2024 vs. Third Quarter 2024 2024 vs. 2023 75,876 Same Store Apartment Units 77,016 Same Store Apartment Units 75,299 Same Store Apartment Units Q4 2024 Q4 2023 Q4 2024 Q3 2024 2024 2023 Same Store Residential Revenues (GAAP Basis) $ 688,118 $ 671,373 $ 695,808 $ 693,324 $ 2,716,579 $ 2,638,467 Leasing Concessions amortized 5,036 4,724 5,326 5,217 19,698 14,508 Leasing Concessions granted (5,822 ) (5,322 ) (5,944 ) (6,108 ) (20,125 ) (18,664 ) Same Store Residential Revenues with Leasing Concessions on a cash basis $ 687,332 $ 670,775 $ 695,190 $ 692,433 $ 2,716,152 $ 2,634,311 % change - GAAP revenue 2.5 % 0.4 % 3.0 % % change - cash revenue 2.5 % 0.4 % 3.1 % (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 75,299 Same Store Apartment Units (includes Residential and Non-Residential) ($ in thousands)   Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Same store revenues $ 710,216 $ 707,513 $ 704,663 $ 701,026 $ 693,156 Same store expenses 222,179 225,459 220,203 226,636 212,904 Same store NOI $ 488,037 $ 482,054 $ 484,460 $ 474,390 $ 480,252 Equity Residential   Same Store Residential Accounts Receivable Balances Including 75,299 Same Store Apartment Units ($ in thousands)   Balance Sheet (Other assets): December 31, 2024 September 30, 2024 December 31, 2023 Residential accounts receivable balances $ 14,453 $ 15,088 $ 20,528 Allowance for doubtful accounts (9,536 ) (9,691 ) (15,210 ) Net receivable balances $ 4,917 $ 5,397 $ 5,318 Straight-line receivable balances $ 8,779 (1) $ 7,976 $ 8,352 (1) Total same store Residential Leasing Concessions granted in the fourth quarter of 2024 were approximately $5.8 million. The straight-line receivable balance of $8.8 million reflects Residential Leasing Concessions that the Company expects will be primarily recognized as a reduction of rental revenues in 2025. Same Store Residential Bad Debt Including 75,299 Same Store Apartment Units ($ in thousands)   Income Statement (Rental income): Q4 2024 Q3 2024 Q4 2023 Bad debts before governmental rental assistance $ 7,927 $ 7,513 $ 9,060 Governmental rental assistance received (362 ) (290 ) (376 ) Bad Debt, Net $ 7,565 $ 7,223 $ 8,684 Bad Debt, Net as a % of Same Store Residential Revenues (1) 1.1 % 1.1 % 1.3 % (1) Bad Debt, Net remained relatively constant in Q4 2024 versus Q4 2023 as compared to the Company's guidance assumption of continuing improvement. Equity Residential Fourth Quarter 2024 vs. Fourth Quarter 2023 Same Store Residential Results/Statistics by Market   Increase (Decrease) from Prior Year's Quarter Markets/Metro Areas Apartment Units Q4 2024 % of Actual NOI Q4 2024 Average Rental Rate Q4 2024 Weighted Average Physical Occupancy % Q4 2024 Turnover Revenues Expenses NOI Average Rental Rate Physical Occupancy Turnover Los Angeles 14,136 17.5 % $ 2,939 95.8 % 9.6 % 1.8 % 4.8 % 0.5 % 1.0 % 0.7 % (1.3 %) Orange County 3,718 5.2 % 2,949 95.6 % 9.4 % 1.4 % 8.0 % (0.4 %) 2.1 % (0.7 %) 0.7 % San Diego 2,649 4.1 % 3,189 95.8 % 9.6 % 2.0 % 0.9 % 2.3 % 1.3 % 0.6 % (1.4 %) Subtotal – Southern California 20,503 26.8 % 2,973 95.7 % 9.5 % 1.7 % 4.8 % 0.6 % 1.3 % 0.4 % (1.0 %) San Francisco 11,093 16.2 % 3,355 96.1 % 10.4 % 2.1 % (0.6 %) 3.2 % 1.4 % 0.7 % (0.5 %) Washington, D.C. 13,534 16.0 % 2,792 96.6 % 8.0 % 4.2 % 6.6 % 3.2 % 4.7 % (0.4 %) 0.0 % New York 8,536 14.5 % 4,690 97.4 % 6.5 % 3.6 % 4.8 % 2.7 % 2.7 % 0.8 % (0.4 %) Boston 7,077 11.1 % 3,665 95.3 % 7.8 % 2.2 % 6.6 % 0.5 % 2.7 % (0.5 %) (0.8 %) Seattle 8,853 10.3 % 2,636 96.3 % 9.1 % 4.1 % 3.3 % 4.4 % 3.1 % 1.0 % 0.9 % Denver 2,792 2.8 % 2,383 96.0 % 12.0 % (1.2 %) 5.6 % (3.9 %) (1.2 %) 0.0 % 0.2 % Other Expansion Markets 3,488 2.3 % 1,913 94.8 % 10.9 % (4.8 %) 0.4 % (8.3 %) (4.8 %) 0.0 % (1.9 %) Total 75,876 100.0 % $ 3,147 96.1 % 9.0 % 2.5 % 4.2 % 1.7 % 2.2 % 0.3 % (0.4 %) Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the year ended December 31, 2024. Equity Residential Fourth Quarter 2024 vs. Third Quarter 2024 Same Store Residential Results/Statistics by Market   Increase (Decrease) from Prior Quarter Markets/Metro Areas Apartment Units Q4 2024 % of Actual NOI Q4 2024 Average Rental Rate Q4 2024 Weighted Average Physical Occupancy % Q4 2024 Turnover Revenues Expenses NOI Average Rental Rate Physical Occupancy Turnover Los Angeles 14,136 17.3 % $ 2,939 95.8 % 9.6 % 0.3 % (2.5 %) 1.5 % 0.0 % 0.3 % (2.9 %) Orange County 3,718 5.1 % 2,949 95.6 % 9.4 % (0.1 %) (2.1 %) 0.5 % 0.4 % (0.5 %) (1.3 %) San Diego 2,649 4.0 % 3,189 95.8 % 9.6 % 0.7 % (6.9 %) 2.9 % 0.5 % 0.1 % (2.7 %) Subtotal – Southern California 20,503 26.4 % 2,973 95.7 % 9.5 % 0.3 % (2.9 %) 1.5 % 0.1 % 0.1 % (2.6 %) San Francisco 11,315 16.4 % 3,352 96.1 % 10.3 % 0.7 % (6.6 %) 3.9 % 0.4 % 0.3 % (2.3 %) Washington, D.C. 13,846 16.2 % 2,788 96.6 % 8.0 % 0.6 % (6.3 %) 4.0 % 0.6 % 0.0 % (6.1 %) New York 8,536 14.3 % 4,690 97.4 % 6.5 % 0.5 % 0.8 % 0.2 % 0.5 % 0.0 % (4.5 %) Boston 7,077 10.9 % 3,665 95.3 % 7.8 % 0.3 % 5.8 % (1.9 %) 1.1 % (0.8 %) (7.1 %) Seattle 8,853 10.2 % 2,636 96.3 % 9.1 % 0.4 % (7.3 %) 3.7 % 0.3 % 0.2 % (4.9 %) Denver 2,792 2.8 % 2,383 96.0 % 12.0 % (0.6 %) (1.9 %) (0.1 %) (0.8 %) 0.2 % (5.8 %) Other Expansion Markets 4,094 2.8 % 1,904 95.0 % 10.7 % (1.6 %) 12.2 % (1) (9.3 %) (1.5 %) (0.1 %) (5.3 %) Total 77,016 100.0 % $ 3,135 96.1 % 9.0 % 0.4 % (2.2 %) 1.6 % 0.3 % 0.0 % (4.3 %) (1) Expense increase primarily due to favorable Texas real estate taxes in the third quarter of 2024. Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the year ended December 31, 2024. Equity Residential 2024 vs. 2023 Same Store Residential Results/Statistics by Market Increase (Decrease) from Prior Year Markets/Metro Areas Apartment Units 2024 % of Actual NOI 2024 Average Rental Rate 2024 Weighted Average Physical Occupancy % 2024 Turnover Revenues Expenses NOI Average Rental Rate Physical Occupancy Turnover Los Angeles 14,136 17.7 % $ 2,933 95.6 % 43.3 % 2.9 % 2.8 % 2.9 % 2.5 % 0.3 % (1.2 %) Orange County 3,718 5.3 % 2,925 95.9 % 38.2 % 3.4 % 5.4 % 2.8 % 3.7 % (0.4 %) 0.6 % San Diego 2,649 4.1 % 3,167 95.9 % 40.6 % 4.1 % 1.5 % 4.8 % 3.5 % 0.5 % (1.3 %) Subtotal – Southern California 20,503 27.1 % 2,962 95.7 % 42.0 % 3.1 % 3.0 % 3.1 % 2.9 % 0.2 % (0.9 %) San Francisco 11,093 16.1 % 3,326 96.1 % 44.2 % 1.6 % 0.3 % 2.2 % 1.1 % 0.5 % (0.1 %) Washington, D.C. 13,534 15.9 % 2,743 96.8 % 40.7 % 4.6 % 3.9 % 5.0 % 4.6 % 0.0 % 0.0 % New York 8,536 14.6 % 4,640 97.3 % 33.6 % 3.6 % 4.2 % 3.2 % 3.0 % 0.5 % (3.6 %) Boston 7,077 11.3 % 3,615 96.0 % 41.5 % 3.6 % 2.3 % 4.1 % 3.6 % 0.0 % (2.6 %) Seattle 8,853 10.2 % 2,607 96.2 % 45.2 % 2.3 % 4.5 % 1.4 % 1.2 % 1.0 % (3.1 %) Denver 2,505 2.6 % 2,410 96.2 % 54.9 % 0.0 % 1.1 % (0.5 %) 0.2 % (0.1 %) (3.2 %) Other Expansion Markets 3,198 2.2 % 1,946 95.1 % 56.9 % (1.7 %) (4.3 %) (1) 0.2 % (2.2 %) 0.3 % (1.0 %) Total 75,299 100.0 % $ 3,127 96.2 % 42.5 % 3.0 % 2.8 % 3.1 % 2.6 % 0.3 % (1.5 %) (1) Expense decline primarily due to favorable Texas real estate taxes in the third quarter of 2024. Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the year ended December 31, 2024. Equity Residential   Same Store Residential Net Effective Lease Pricing Statistics For 75,299 Same Store Apartment Units   New Lease Change (1) Renewal Rate Achieved (1) Blended Rate (1) Markets/Metro Areas Q4 2024 Q3 2024 Q4 2024 Q3 2024 Q4 2024 Q3 2024 Southern California (4.8 %) (2.7 %) 4.4 % 4.2 % 0.4 % 0.9 % San Francisco (2.7 %) (1.2 %) 6.6 % 5.3 % 2.5 % 2.0 % Washington, D.C. (2.7 %) 2.3 % 5.5 % 5.2 % 1.9 % 3.9 % New York (1.6 %) 0.9 % 4.3 % 4.1 % 2.3 % 2.9 % Boston (4.7 %) 1.5 % 4.4 % 5.1 % 1.1 % 3.6 % Seattle (6.1 %) (4.0 %) 6.9 % 4.8 % 0.5 % 0.8 % Subtotal – Established Markets (3.7 %) (0.5 %) 5.1 % 4.7 % 1.4 % 2.4 % Denver (12.5 %) (10.0 %) 2.8 % 4.3 % (5.4 %) (3.1 %) Other Expansion Markets (13.5 %) (13.9 %) 1.7 % 1.3 % (7.0 %) (6.9 %) Subtotal – Expansion Markets (13.0 %) (11.8 %) 2.3 % 2.9 % (6.1 %) (4.9 %) Total (4.3 %) (1.2 %) 5.0 % 4.6 % 1.0 % 2.0 % (1) See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for definitions. Equity Residential   Fourth Quarter 2024 vs. Fourth Quarter 2023 Total Same Store Operating Expenses Including 75,876 Same Store Apartment Units (includes Residential and Non-Residential) ($ in thousands)   Q4 2024 Q4 2023 $ Change % Change % of Q4 2024 Operating Expenses Real estate taxes $ 92,665 $ 89,587 $ 3,078 3.4 % 41.5 % On-site payroll 41,772 41,315 457 1.1 % 18.7 % Utilities 35,655 33,764 1,891 5.6 % 16.0 % Repairs and maintenance 27,998 26,495 1,503 5.7 % 12.6 % Insurance 9,179 8,344 835 10.0 % 4.1 % Leasing and advertising 3,162 2,625 537 20.5 % 1.4 % Other on-site operating expenses 12,608 11,775 833 7.1 % 5.7 % Total Same Store Operating Expenses (2) $ 223,039 $ 213,905 $ 9,134 4.3 % 100.0 % 2024 vs. 2023 Total Same Store Operating Expenses Including 75,299 Same Store Apartment Units (includes Residential and Non-Residential) ($ in thousands) 2024 2023 $ Change (1) % Change % of 2024 Operating Expenses Real estate taxes $ 368,087 $ 356,847 $ 11,240 3.1 % 41.1 % On-site payroll 168,006 167,486 520 0.3 % 18.8 % Utilities 139,116 135,721 3,395 2.5 % 15.6 % Repairs and maintenance 118,829 116,529 2,300 2.0 % 13.3 % Insurance 36,551 33,227 3,324 10.0 % 4.1 % Leasing and advertising 10,935 10,302 633 6.1 % 1.2 % Other on-site operating expenses 52,953 49,523 3,430 6.9 % 5.9 % Total Same Store Operating Expenses (2) $ 894,477 $ 869,635 $ 24,842 2.9 % 100.0 % (1) The year-over-year changes were primarily driven by the following factors: Real estate taxes – Increase due to escalation in rates and assessed values including an approximately one percentage point contribution to growth from 421-a tax abatement burnoffs in New York City. Once the burnoffs are completed, previously rent-restricted apartment units will transition to market. On-site payroll – Modest increase primarily driven by higher wages, partially offset by the impact of various innovation initiatives. Utilities – Increase primarily driven by higher water, sewer and trash expense, partially offset by lower commodity prices for gas and electric. Repairs and maintenance – Increase primarily driven by higher minimum wage on contracted services, partially offset by lower resident Turnover compared to the same period of 2023. Insurance – Increase due to higher premiums on property insurance renewal due to conditions in the insurance market that while less difficult than recent years, remain challenging. Other on-site operating expenses – Increase primarily driven by higher property-related legal expenses. (2) See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details. Equity Residential   Debt Summary as of December 31, 2024 ($ in thousands)   Debt Balances (1) % of Total Weighted Average Rates (1) Weighted Average Maturities (years) Secured $ 1,630,690 20.1 % 3.84 % 6.9 Unsecured 6,491,055 79.9 % 3.70 % 7.3 Total $ 8,121,745 100.0 % 3.73 % 7.2 Fixed Rate Debt: Secured – Conventional $ 1,401,099 17.3 % 3.89 % 6.4 Unsecured – Public 5,947,376 73.2 % 3.54 % 8.0 Fixed Rate Debt 7,348,475 90.5 % 3.61 % 7.7 Floating Rate Debt: Secured – Tax Exempt 229,591 2.8 % 3.54 % 9.9 Unsecured – Revolving Credit Facility — — 5.98 % 2.8 Unsecured – Commercial Paper Program (2) 543,679 6.7 % 5.25 % — Floating Rate Debt 773,270 9.5 % 4.74 % 3.0 Total $ 8,121,745 100.0 % 3.73 % 7.2 (1) See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details. (2) At December 31, 2024, the weighted average maturity of commercial paper outstanding was 13 days. The weighted average amount outstanding for the year ended December 31, 2024 was approximately $535.7 million. Note: The Company capitalized interest of approximately $14.5 million and $12.3 million during the years ended December 31, 2024 and 2023, respectively. The Company capitalized interest of approximately $3.8 million and $2.7 million during the quarters ended December 31, 2024 and 2023, respectively. Equity Residential   Debt Maturity Schedule as of December 31, 2024 ($ in thousands)   Year Fixed Rate Floating Rate Total % of Total Weighted Average Coupons on Fixed Rate Debt (1) Weighted Average Coupons on Total Debt (1) 2025 $ 450,000 $ 552,595 (2) $ 1,002,595 12.2 % 3.38 % 4.04 % 2026 592,025 9,000 601,025 7.3 % 3.58 % 3.58 % 2027 400,000 9,800 409,800 5.0 % 3.25 % 3.25 % 2028 900,000 10,700 910,700 11.1 % 3.79 % 3.78 % 2029 888,120 11,500 899,620 11.0 % 3.30 % 3.30 % 2030 1,148,462 12,700 1,161,162 14.2 % 2.53 % 2.54 % 2031 528,500 39,800 568,300 6.9 % 1.94 % 2.03 % 2032 — 28,100 28,100 0.4 % — 3.58 % 2033 550,000 2,300 552,300 6.7 % 5.22 % 5.21 % 2034 600,000 2,400 602,400 7.4 % 4.65 % 4.64 % 2035+ 1,350,850 106,200 1,457,050 17.8 % 4.39 % 4.24 % Subtotal 7,407,957 785,095 8,193,052 100.0 % 3.62 % 3.66 % Deferred Financing Costs and Unamortized (Discount) (59,482 ) (11,825 ) (71,307 ) N/A N/A N/A Total $ 7,348,475 $ 773,270 $ 8,121,745 100.0 % 3.62 % 3.66 % (1) See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details. (2) Includes $544.5 million in principal outstanding on the Company's Commercial Paper Program. Equity Residential   Selected Unsecured Public Debt Covenants   December 31, September 30, 2024 2024 Debt to Adjusted Total Assets (not to exceed 60%) 27.7% 28.4% Secured Debt to Adjusted Total Assets (not to exceed 40%) 6.3% 6.3% Consolidated Income Available for Debt Service to Maximum Annual Service Charges (must be at least 1.5 to 1) 5.67 5.97 Total Unencumbered Assets to Unsecured Debt (must be at least 125%) 473.7% 457.7% Note: These selected covenants represent the most restrictive financial covenants relating to ERP Operating Limited Partnership's ("ERPOP") outstanding public debt securities. Equity Residential is the general partner of ERPOP. Selected Credit Ratios   December 31, September 30, 2024 2024 Total debt to Normalized EBITDAre 4.43x 4.60x Net debt to Normalized EBITDAre 4.38x 4.56x Unencumbered NOI as a % of total NOI 89.7% 89.7% Note: See Normalized EBITDAre Reconciliations for detail. Equity Residential Capital Structure as of December 31, 2024 (Amounts in thousands except for share/unit and per share amounts)   Secured Debt $ 1,630,690 20.1 % Unsecured Debt 6,491,055 79.9 % Total Debt 8,121,745 100.0 % 22.4 % Common Shares (includes Restricted Shares) 379,475,383 97.0 % Units (includes OP Units and Restricted Units) 11,543,773 3.0 % Total Shares and Units 391,019,156 100.0 % Common Share Price at December 31, 2024 $ 71.76 28,059,535 99.9 % Perpetual Preferred Equity (see below) 17,155 0.1 % Total Equity 28,076,690 100.0 % 77.6 % Total Market Capitalization $ 36,198,435 100.0 % Perpetual Preferred Equity as of December 31, 2024 (Amounts in thousands except for share and per share amounts)   Series Call Date Outstanding Shares Liquidation Value Annual Dividend Per Share Annual Dividend Amount Preferred Shares: 8.29% Series K 12/10/26 343,100 $ 17,155 $ 4.145 $ 1,422   Equity Residential Common Share and Unit Weighted Average Amounts Outstanding 2024 2023 Q4 2024 Q4 2023 Weighted Average Amounts Outstanding for Net Income Purposes: Common Shares - basic 378,794,889 378,773,303 379,023,449 379,247,194 Shares issuable from assumed conversion/vesting of: - OP Units 10,630,008 11,180,536 10,536,726 10,596,465 - long-term compensation shares/units 1,315,217 942,712 1,634,401 942,942 Total Common Shares and Units - diluted 390,740,114 390,896,551 391,194,576 390,786,601 Weighted Average Amounts Outstanding for FFO and Normalized FFO Purposes: Common Shares - basic 378,794,889 378,773,303 379,023,449 379,247,194 OP Units - basic 10,630,008 11,180,536 10,536,726 10,596,465 Total Common Shares and OP Units - basic 389,424,897 389,953,839 389,560,175 389,843,659 Shares issuable from assumed conversion/vesting of: - long-term compensation shares/units 1,315,217 942,712 1,634,401 942,942 Total Common Shares and Units - diluted 390,740,114 390,896,551 391,194,576 390,786,601 Period Ending Amounts Outstanding: Common Shares (includes Restricted Shares) 379,475,383 379,291,417 Units (includes OP Units and Restricted Units) 11,543,773 11,581,306 Total Shares and Units 391,019,156 390,872,723 Equity Residential Development and Lease-Up Projects as of December 31, 2024 (Amounts in thousands except for project and apartment unit amounts) Estimated/Actual Projects Location Ownership Percentage No. of Apartment Units Total Budgeted Capital Cost Total Book Value to Date Total Debt (1) Percentage Completed Start Date Initial Occupancy Completion Date Stabilization Date Percentage Leased / Occupied CONSOLIDATED: Projects Under Development: Lorien (fka Laguna Clara II) Santa Clara, CA 100% 225 $ 152,621 $ 140,939 $ — 97% Q2 2022 Q1 2025 Q1 2025 Q4 2025 2% / – The Basin Wakefield, MA 95% 440 232,172 120,767 — 43% Q1 2024 Q4 2025 Q3 2026 Q2 2027 – / – Projects Under Development - Consolidated 665 384,793 261,706 — UNCONSOLIDATED: Projects Under Development: Alexan Harrison Harrison, NY 62% 450 200,664 198,595 108,413 99% Q3 2021 Q1 2024 Q1 2025 Q2 2026 67% / 62% Solana Beeler Park Denver, CO 90% 270 85,206 82,803 48,063 98% Q4 2021 Q3 2024 Q2 2025 Q4 2025 19% / 15% Modera Bridle Trails Kirkland, WA 95% 369 185,282 66,603 — 19% Q3 2024 Q2 2027 Q3 2027 Q4 2028 – / – Modera South Shore Marshfield, MA 95% 270 121,918 38,486 — 17% Q3 2024 Q1 2026 Q4 2026 Q2 2027 – / – Projects Under Development - Unconsolidated 1,359 593,070 386,487 156,476 Projects Completed Not Stabilized: Alloy Sunnyside Denver, CO 80% 209 70,004 69,277 35,815 100% Q3 2021 Q2 2024 Q2 2024 Q3 2025 40% / 31% Remy (Toll) Frisco, TX 75% 357 98,937 96,869 49,855 97% Q1 2022 Q2 2024 Q4 2024 Q3 2025 68% / 64% Sadie (fka Settler) (Toll) Fort Worth, TX 75% 362 82,775 77,311 37,374 98% Q2 2022 Q2 2024 Q4 2024 Q3 2025 60% / 55% Lyle (Toll) (2) Dallas, TX 75% 334 86,332 82,949 46,676 98% Q3 2022 Q1 2024 Q4 2024 Q1 2026 60% / 55% Projects Completed Not Stabilized - Unconsolidated 1,262 338,048 326,406 169,720 Total Development Projects - Consolidated 665 384,793 261,706 — Total Development Projects - Unconsolidated 2,621 931,118 712,893 326,196 Total Development Projects 3,286 $ 1,315,911 $ 974,599 $ 326,196 NOI CONTRIBUTION FROM DEVELOPMENT PROJECTS Total Budgeted Capital Cost Q4 2024 NOI Projects Under Development - Consolidated $ 384,793 $ (52 ) Projects Under Development - Unconsolidated 593,070 1,591 Projects Completed Not Stabilized - Unconsolidated 338,048 1,428 $ 1,315,911 $ 2,967 (1) All unconsolidated projects are being partially funded with project-specific construction loans. None of these loans are recourse to the Company. (2) The land parcel under this project is subject to a long-term ground lease. Equity Residential Capital Expenditures to Real Estate For the Year Ended December 31, 2024 (Amounts in thousands except for apartment unit and per apartment unit amounts) Same Store Properties Non-Same Store Properties/Other Total Consolidated Properties Same Store Avg. Per Apartment Unit Total Consolidated Apartment Units 75,299 7,688 82,987 Building Improvements $ 122,515 $ 12,781 (2) $ 135,296 $ 1,627 Renovation Expenditures 100,456 (1) 10,837 (2) 111,293 1,334 Replacements 51,026 3,819 54,845 678 Capital Expenditures to Real Estate (3) 273,997 27,437 301,434 3,639 Less: NOI-Enhancing Expenditures (3) (123,724 ) (4) (11,203 ) (134,927 ) (1,643 ) Recurring Capital Expenditures to Real Estate (3) $ 150,273 $ 16,234 $ 166,507 $ 1,996 (1) Renovation Expenditures on 3,353 same store apartment units for the year ended December 31, 2024 approximated $30,000 per apartment unit renovated. (2) Includes expenditures for two properties that have been removed from same store while undergoing major renovations requiring a significant number of apartment units to be vacated to accommodate the extensive planned improvements. The renovation at one property was substantially completed in the second quarter of 2024, while the renovation of the other is ongoing and expected to continue into 2026. (3) See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details. (4) The $123.7 million of NOI-Enhancing Expenditures for Same Store Properties noted above consists of the $100.5 million of Renovation Expenditures for Same Store Properties noted above with the remainder concentrated in sustainability and property-level technology spend Equity Residential Normalized EBITDAre Reconciliations (Amounts in thousands) Trailing Twelve Months 2024 2023 December 31, 2024 September 30, 2024 Q4 Q3 Q2 Q1 Q4 Net income $ 1,070,975 $ 959,373 $ 433,871 $ 148,517 $ 183,555 $ 305,032 $ 322,269 Interest expense incurred, net 285,735 274,436 79,973 72,722 65,828 67,212 68,674 Amortization of deferred financing costs 7,834 7,702 2,050 1,948 1,918 1,918 1,918 Amortization of above/below market lease intangibles 4,512 4,476 1,152 1,128 1,116 1,116 1,116 Depreciation 952,191 914,829 264,150 237,948 224,398 225,695 226,788 Income and other tax expense (benefit) 1,256 1,181 331 290 331 304 256 EBITDA 2,322,503 2,161,997 781,527 462,553 477,146 601,277 621,021 Net (gain) loss on sales of real estate properties (546,797 ) (383,334 ) (318,968 ) 165 (39,809 ) (188,185 ) (155,505 ) Net (gain) loss on sales of unconsolidated entities - operating assets (515 ) (710 ) 195 (710 ) — — — EBITDAre 1,775,191 1,777,953 462,754 462,008 437,337 413,092 465,516 Write-off of pursuit costs (other expenses) 5,155 2,813 3,250 536 821 548 908 (Income) loss from investments in unconsolidated entities - operations 9,489 7,106 3,914 2,203 1,674 1,698 1,531 Realized (gain) loss on investment securities (interest and other income) 1,992 1,323 676 — 1,316 — 7 Unrealized (gain) loss on investment securities (interest and other income) (19,880 ) (28,885 ) — (14,135 ) 1,316 (7,061 ) (9,005 ) Insurance/litigation settlement or reserve income (interest and other income) (4,447 ) (1,584 ) (2,863 ) (25 ) (1,454 ) (105 ) — Insurance/litigation/environmental settlement or reserve expense (other expenses) 44,645 48,762 1,577 3,199 9,391 30,478 5,694 Advocacy contributions (other expenses) 21,515 13,948 9,232 9,584 2,558 141 1,665 Other (105 ) (937 ) 230 — (412 ) 77 (602 ) Normalized EBITDAre $ 1,833,555 $ 1,820,499 $ 478,770 $ 463,370 $ 452,547 $ 438,868 $ 465,714 Balance Sheet Items: December 31, 2024 September 30, 2024 Total debt $ 8,121,745 $ 8,365,645 Cash and cash equivalents (62,302 ) (28,610 ) Mortgage principal reserves/sinking funds (31,208 ) (33,124 ) Net debt $ 8,028,235 $ 8,303,911 Note: EBITDA, EBITDAre and Normalized EBITDAre do not include any adjustments for the Company’s share of partially owned unconsolidated entities or the minority partner’s share of partially owned consolidated entities due to the immaterial size of the Company’s partially owned portfolio. Equity Residential Adjustments from FFO to Normalized FFO (Amounts in thousands) Year Ended December 31, Quarter Ended December 31, 2024 2023 Variance 2024 2023 Variance Impairment – non-operating real estate assets $ — $ — $ — $ — $ — $ — Write-off of pursuit costs (other expenses) 5,155 3,647 1,508 3,250 908 2,342 Write-off of unamortized deferred financing costs (interest expense) — 1,143 (1,143 ) — — — Premium on redemption of Preferred Shares 1,444 — 1,444 — — — Debt extinguishment and preferred share redemption (gains) losses 1,444 1,143 301 — — — (Income) loss from investments in unconsolidated entities ─ non-operating assets 1,577 1,647 (70 ) 465 410 55 Realized (gain) loss on investment securities (interest and other income) 1,992 (1,504 ) 3,496 676 7 669 Unrealized (gain) loss on investment securities (interest and other income) (19,880 ) (13,466 ) (6,414 ) — (9,005 ) 9,005 Non-operating asset (gains) losses (16,311 ) (13,323 ) (2,988 ) 1,141 (8,588 ) 9,729 Insurance/litigation settlement or reserve income (interest and other income) (4,447 ) (1,055 ) (3,392 ) (2,863 ) — (2,863 ) Insurance/litigation/environmental settlement or reserve expense (other expenses) (1) 44,645 17,310 27,335 1,577 5,694 (4,117 ) Advocacy contributions (other expenses) 21,515 2,142 19,373 9,232 1,665 7,567 Data transformation project (other expenses) — 3,780 (3,780 ) — — — Other (105 ) (589 ) 484 230 (602 ) 832 Other miscellaneous items 61,608 21,588 40,020 8,176 6,757 1,419 Adjustments from FFO to Normalized FFO $ 51,896 $ 13,055 $ 38,841 $ 12,567 $ (923 ) $ 13,490 (1) Insurance/litigation/environmental settlement or reserve expense for the year ended December 31, 2024 primarily relates to a reserve increased in the first quarter of 2024 regarding litigation over late fees charged by the Company. Note: 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. Equity Residential 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 penalties and the write-off of pursuit costs, are not included in the estimates provided on this page. 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. Q1 2025 Full Year 2025 2025 Normalized FFO Guidance (per share diluted) Expected Normalized FFO Per Share $0.90 to $0.94 $3.90 to $4.00 2025 Same Store Assumptions (includes Residential and Non-Residential) Physical Occupancy 96.2% Revenue change 2.25% to 3.25% Expense change 3.5% to 4.5% NOI change (1) 1.4% to 3.0% 2025 Transaction Assumptions Consolidated rental acquisitions $1.5B Consolidated rental dispositions $1.0B Transaction Accretion (Dilution) (25 basis points) 2025 Debt Assumptions Weighted average debt outstanding $8.20B to $8.40B Interest expense, net (on a Normalized FFO basis) $313.5M to $319.5M Capitalized interest $12.6M to $13.6M 2025 Capital Expenditures to Real Estate Assumptions for Residential Same Store Properties NOI-Enhancing Capital Expenditures for Residential Same Store Properties (2) $130.0M Recurring Capital Expenditures for Residential Same Store Properties $165.0M Capital Expenditures to Real Estate for Residential Same Store Properties $295.0M 2025 Other Guidance Assumptions Property management expense $139.0M to $141.0M General and administrative expense $60.0M to $64.0M Income (loss) from investments in unconsolidated entities (on a Normalized FFO basis) (3) $(3.0M) to $1.0M Debt offerings $500.0M to $1.0B Weighted average Common Shares and Units - Diluted 391.5M (1) Approximately 20 basis point change in NOI percentage = $0.01 per share change in EPS/FFO per share/Normalized FFO per share. (2) During 2025, the Company expects to spend approximately $95.8 million for apartment unit Renovation Expenditures on approximately 2,900 Residential same store apartment units at an average cost of approximately $33,000 per apartment unit renovated. The remainder of the NOI-Enhancing spend includes other items, such as sustainability and property-level technology expenditures. (3) Income (loss) from investments in unconsolidated entities (on a Normalized FFO basis) primarily consists of our share of both Lease-Up NOI and interest expense, net that is no longer being capitalized from the recently completed unconsolidated development projects referenced on page 24. Equity Residential Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms (Amounts in thousands except per share and per apartment unit data) (All per share data is diluted) This Earnings Release and Supplemental Financial Information includes certain non-GAAP financial measures and other terms that management believes are helpful in understanding our business. The definitions and calculations of these non-GAAP financial measures and other terms may differ from the definitions and methodologies used by other real estate investment trusts (“REIT”) and, accordingly, may not be comparable. These non-GAAP financial measures should not be considered as an alternative to net earnings or any other measurement of performance computed in accordance with accounting principles generally accepted in the United States (“GAAP”) or as an alternative to cash flows from specific operating, investing or financing activities. Furthermore, these non-GAAP financial measures are not intended to be a measure of cash flow or liquidity. Acquisition Capitalization Rate or Cap Rate – NOI that the Company anticipates receiving in the next 12 months (or the year two or three stabilized NOI for properties that are in lease-up at acquisition) less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $100-$450 per apartment unit depending on the age and condition of the asset) divided by the gross purchase price of the asset. The weighted average Acquisition Cap Rate for acquired properties is weighted based on the projected NOI streams and the relative purchase price for each respective property. Average Rental Rate – Total Residential rental revenues reflected on a straight-line basis in accordance with GAAP divided by the weighted average occupied apartment units for the reporting period presented. Bad Debt, Net – Change in rental income due to bad debt write-offs and reserves, net of amounts collected on previously written-off or reserved accounts. Blended Rate – The weighted average of New Lease Change and Renewal Rate Achieved. Capital Expenditures to Real Estate: Building Improvements – Includes roof replacement, paving, building mechanical equipment systems, exterior siding and painting, major landscaping, furniture, fixtures and equipment for amenities and common areas, vehicles and office and maintenance equipment. NOI-Enhancing – Primarily includes Renovation Expenditures as well as sustainability and property-level technology expenditures that are intended to increase revenues or decrease expenses. Recurring – Capital expenditures necessary to help preserve the value of and maintain the functionality at our apartment properties. Renovation Expenditures – Apartment unit renovation costs (primarily kitchens and baths) designed to reposition these units for higher rental levels in their respective markets. Replacements – Includes appliances, mechanical equipment, fixtures and flooring (including hardwood and carpeting). Debt Balances: Commercial Paper Program – The Company may borrow up to a maximum of $1.5 billion under its Commercial Paper Program subject to market conditions. The notes bear interest at various floating rates. Revolving Credit Facility – The Company’s $2.5 billion unsecured revolving credit facility matures October 26, 2027. The interest rate on advances under the facility will generally be SOFR plus a spread (currently 0.725%), or based on bids received from the lending group, and an annual facility fee (currently 0.125%). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating and other terms and conditions per the agreement. In addition, the Company limits its utilization of the facility in order to maintain liquidity to support its $1.5 billion Commercial Paper Program along with certain other obligations. The following table presents the availability on the Company’s unsecured revolving credit facility: December 31, 2024 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding (544,495 ) Unsecured revolving credit facility balance outstanding — Other restricted amounts (3,438 ) Unsecured revolving credit facility availability $ 1,952,067 Debt Covenant Compliance – Our unsecured debt includes certain financial and operating covenants including, among other things, maintenance of certain financial ratios. These provisions are contained in the indentures applicable to each notes payable or the credit agreement for our line of credit. The Debt Covenant Compliance ratios that are provided show the Company's compliance with certain covenants governing our public unsecured debt. These covenants generally reflect our most restrictive financial covenants. The Company was in compliance with its unsecured debt covenants for all periods presented. Development Yield – NOI that the Company anticipates receiving in the next 12 months following stabilization less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $50-$150 per apartment unit depending on the type of asset) divided by the Total Budgeted Capital Cost of the asset. The weighted average Development Yield for development properties is weighted based on the projected NOI streams and the relative Total Budgeted Capital Cost for each respective property. Disposition Yield – NOI that the Company anticipates giving up in the next 12 months less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $150-$450 per apartment unit depending on the age and condition of the asset) divided by the gross sales price of the asset. The weighted average Disposition Yield for sold properties is weighted based on the projected NOI streams and the relative sales price for each respective property. Earnings Per Share ("EPS") – Net income per share calculated in accordance with GAAP. Expected EPS is calculated on a basis consistent with actual EPS. Due to the uncertain timing and extent of property dispositions and the resulting gains/losses on sales, actual EPS could differ materially from expected EPS. EBITDA for Real Estate and Normalized EBITDA for Real Estate: Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) – The National Association of Real Estate Investment Trusts (“Nareit”) defines EBITDAre (September 2017 White Paper) as net income (computed in accordance with GAAP) before interest expense, income taxes, depreciation and amortization expense, and further adjusted for gains and losses from sales of depreciated operating properties, impairment write-downs of depreciated operating properties, impairment write-downs of investments in unconsolidated entities caused by a decrease in value of depreciated operating properties within the joint venture and adjustments to reflect the Company’s share of EBITDAre of investments in unconsolidated entities. The Company believes that EBITDAre is useful to investors, creditors and rating agencies as a supplemental measure of the Company’s ability to incur and service debt because it is a recognized measure of performance by the real estate industry, and by excluding gains or losses related to sales or impairment of depreciated operating properties, EBITDAre can help compare the Company’s credit strength between periods or as compared to different companies. Normalized Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Normalized EBITDAre”) – Represents net income (computed in accordance with GAAP) before interest expense, income taxes, depreciation and amortization expense, and further adjusted for non-comparable items. Normalized EBITDAre, total debt to Normalized EBITDAre and net debt to Normalized EBITDAre are important metrics in evaluating the credit strength of the Company and its ability to service its debt obligations. The Company believes that Normalized EBITDAre, total debt to Normalized EBITDAre, and net debt to Normalized EBITDAre are useful to investors, creditors and rating agencies because they allow investors to compare the Company’s credit strength to prior reporting periods and to other companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual credit quality. Economic Gain (Loss) – Economic Gain (Loss) is calculated as the net gain (loss) on sales of real estate properties in accordance with GAAP, excluding accumulated depreciation. The Company generally considers Economic Gain (Loss) to be an appropriate supplemental measure to net gain (loss) on sales of real estate properties in accordance with GAAP because it is one indication of the gross value created by the Company's acquisition, development, renovation, management and ultimate sale of a property and because it helps investors to understand the relationship between the cash proceeds from a sale and the cash invested in the sold property. The following table presents a reconciliation of net gain (loss) on sales of real estate properties in accordance with GAAP to Economic Gain (Loss): Year Ended December 31, 2024 Quarter Ended December 31, 2024 Net Gain (Loss) on Sales of Real Estate Properties $ 546,797 $ 318,968 Accumulated Depreciation Gain (350,066 ) (238,470 ) Economic Gain (Loss) $ 196,731 $ 80,498 Established Markets – Includes Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California (Los Angeles, Orange County and San Diego). Expansion Markets – Includes Denver, Atlanta, Dallas/Ft. Worth and Austin. FFO and Normalized FFO: Funds From Operations (“FFO”) – Nareit defines FFO (December 2018 White Paper) as net income (computed in accordance with GAAP), excluding gains or losses from sales and impairment write-downs of depreciable real estate and land when connected to the main business of a REIT, impairment write-downs of investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and depreciation and amortization related to real estate. Adjustments for partially owned consolidated and unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. Expected FFO per share is calculated on a basis consistent with actual FFO per share and is considered an appropriate supplemental measure of expected operating performance when compared to expected EPS. The Company believes that FFO and FFO available to Common Shares and Units are helpful to investors as supplemental measures of the operating performance of a real estate company, because they are recognized measures of performance by the real estate industry and by excluding gains or losses from sales and impairment write-downs of depreciable real estate and excluding depreciation related to real estate (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO available to Common Shares and Units can help compare the operating performance of a company’s real estate between periods or as compared to different companies. Normalized Funds From Operations ("Normalized FFO" or "NFFO") – Normalized FFO begins with FFO and excludes: the impact of any expenses relating to non-operating real estate asset impairment; pursuit cost write-offs; gains and losses from early debt extinguishment and preferred share redemptions; gains and losses from non-operating assets; and other miscellaneous items. Expected Normalized FFO per share is calculated on a basis consistent with actual Normalized FFO per share and is considered an appropriate supplemental measure of expected operating performance when compared to expected EPS. The Company believes that Normalized FFO and Normalized FFO available to Common Shares and Units are helpful to investors as supplemental measures of the operating performance of a real estate company because they allow investors to compare the Company's operating performance to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company's actual operating results. FFO, FFO available to Common Shares and Units, Normalized FFO and Normalized FFO available to Common Shares and Units do not represent net income, net income available to Common Shares or net cash flows from operating activities in accordance with GAAP. Therefore, FFO, FFO available to Common Shares and Units, Normalized FFO and Normalized FFO available to Common Shares and Units should not be exclusively considered as alternatives to net income, net income available to Common Shares or net cash flows from operating activities as determined by GAAP or as a measure of liquidity. The Company's calculation of FFO, FFO available to Common Shares and Units, Normalized FFO and Normalized FFO available to Common Shares and Units may differ from other real estate companies due to, among other items, variations in cost capitalization policies for capital expenditures and, accordingly, may not be comparable to such other real estate companies. FFO available to Common Shares and Units and Normalized FFO available to Common Shares and Units are calculated on a basis consistent with net income available to Common Shares and reflects adjustments to net income for preferred distributions and premiums on redemption of preferred shares in accordance with GAAP. The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units are collectively referred to as the "Noncontrolling Interests – Operating Partnership". Subject to certain restrictions, the Noncontrolling Interests – Operating Partnership may exchange their OP Units for Common Shares on a one-for-one basis. The following table presents reconciliations of EPS to FFO per share and Normalized FFO per share for Consolidated Statements of Funds From Operations and Normalized Funds From Operations. Actual Actual Expected Expected Actual 2024 Actual 2023 Q4 2024 Q4 2023 Q1 2025 2025 Per Share Per Share Per Share Per Share Per Share Per Share EPS – Diluted $ 2.72 $ 2.20 $ 1.10 $ 0.82 $0.63 to $0.67 $3.00 to $3.10 Depreciation expense 2.44 2.27 0.68 0.58 0.66 2.46 Net (gain) loss on sales (1.40 ) (0.72 ) (0.81 ) (0.40 ) (0.40 ) (1.59 ) Impairment – operating real estate assets — — — — — — FFO per share – Diluted 3.76 3.75 0.97 1.00 0.89 to 0.93 3.87 to 3.97 Adjustments (1): Impairment – non-operating real estate assets — — — — — — Write-off of pursuit costs 0.01 0.01 0.01 — — 0.01 Debt extinguishment and preferred share redemption (gains) losses — — — — — — Non-operating asset (gains) losses (0.04 ) (0.03 ) — (0.02 ) — — Other miscellaneous items 0.16 0.05 0.02 0.02 0.01 0.02 Normalized FFO per share – Diluted $ 3.89 $ 3.78 $ 1.00 $ 1.00 $0.90 to $0.94 $3.90 to $4.00 (1) See Adjustments from FFO to Normalized FFO for additional detail. Lease-Up NOI – Represents NOI for development properties: (i) in various stages of lease-up; and (ii) where lease-up has been completed but the properties were not stabilized (defined as having achieved 90% Physical Occupancy for three consecutive months) for all of the current and comparable periods presented. Leasing Concessions – Reflects upfront discounts on both new move-in and renewal leases on a straight-line basis. Net Operating Income (“NOI”) – 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 taxes and insurance). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company's apartment properties. NOI does not include an allocation of property management expenses either in the current or comparable periods. Rental income for all leases and operating expense for ground leases (for both same store and non-same store properties) are reflected on a straight-line basis in accordance with GAAP for the current and comparable periods. The following tables present reconciliations of net income per the consolidated statements of operations to NOI, along with rental income, operating expenses and NOI per the consolidated statements of operations allocated between same store and non-same store/other results and further allocated between Residential same store and Non-Residential same store results (see Same Store Results): Year Ended December 31, Quarter Ended December 31, 2024 2023 2024 2023 Net income $ 1,070,975 $ 868,488 $ 433,871 $ 322,269 Adjustments: Property management 132,739 119,804 32,358 29,490 General and administrative 61,653 60,716 12,751 11,581 Depreciation 952,191 888,709 264,150 226,788 Net (gain) loss on sales of real estate properties (546,797 ) (282,539 ) (318,968 ) (155,505 ) Interest and other income (30,329 ) (22,345 ) (3,828 ) (11,049 ) Other expenses 74,051 29,419 14,957 8,902 Interest: Expense incurred, net 285,735 269,556 79,973 68,674 Amortization of deferred financing costs 7,834 8,941 2,050 1,918 Income and other tax expense (benefit) 1,256 1,148 331 256 (Income) loss from investments in unconsolidated entities 8,974 5,378 4,109 1,531 Total NOI $ 2,018,282 $ 1,947,275 $ 521,754 $ 504,855 Year Ended December 31, Quarter Ended December 31, Rental income: 2024 2023 2024 2023 Residential same store $ 2,716,579 $ 2,638,467 $ 688,118 $ 671,373 Non-Residential same store 106,839 101,726 25,671 25,501 Total same store 2,823,418 2,740,193 713,789 696,874 Non-same store/other 156,690 133,771 52,990 30,626 Total rental income 2,980,108 2,873,964 766,779 727,500 Operating expenses: Residential same store 864,592 841,376 215,431 206,801 Non-Residential same store 29,885 28,259 7,608 7,104 Total same store 894,477 869,635 223,039 213,905 Non-same store/other 67,349 57,054 21,986 8,740 Total operating expenses 961,826 926,689 245,025 222,645 NOI: Residential same store 1,851,987 1,797,091 472,687 464,572 Non-Residential same store 76,954 73,467 18,063 18,397 Total same store 1,928,941 1,870,558 490,750 482,969 Non-same store/other 89,341 76,717 31,004 21,886 Total NOI $ 2,018,282 $ 1,947,275 $ 521,754 $ 504,855 New Lease Change – The net effective change in rent (inclusive of Leasing Concessions) for a lease with a new or transferring resident compared to the rent for the prior lease of the identical apartment unit, regardless of lease term. Non-Residential – Consists of revenues and expenses from retail and public parking garage operations. Non-Same Store Properties – For annual comparisons, primarily includes all properties acquired during 2023 and 2024, plus any properties in lease-up and not stabilized as of January 1, 2023. Unless otherwise noted, includes both Residential and Non-Residential operations for these properties. Percentage of Residents Renewing – Leases renewed expressed as a percentage of total renewal offers extended during the reporting period. Physical Occupancy – The weighted average occupied apartment units for the reporting period divided by the average of total apartment units available for rent for the reporting period. Pricing Trend – Weighted average of 12-month base rent including amenity amount less Leasing Concessions on 12-month signed leases for the reporting period. Renewal Rate Achieved – The net effective change in rent (inclusive of Leasing Concessions) for a new lease on an apartment unit where the lease has been renewed as compared to the rent for the prior lease of the identical apartment unit, regardless of lease term. Residential – Consists of multifamily apartment revenues and expenses. Same Store Operating Expenses: Insurance – Includes third-party insurance premiums, broker fees and other insurance-related procurement fees along with an allocation of estimated uninsured losses. On-site Payroll – Includes payroll and related expenses for on-site personnel including property managers, leasing consultants and maintenance staff. Other On-site Operating Expenses – Includes ground lease costs and administrative costs such as office supplies, telephone and data charges and association and business licensing fees. Repairs and Maintenance – Includes general maintenance costs, apartment unit turnover costs including interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof and parking lot repairs and other miscellaneous building repair and maintenance costs. Utilities – Represents gross expenses prior to any recoveries under the Resident Utility Billing System (“RUBS”). Recoveries are reflected in rental income. Same Store Properties – For annual comparisons, primarily includes all properties acquired or completed that are stabilized prior to January 1, 2023, less properties subsequently sold. Properties are included in Same Store when they are stabilized for all of the current and comparable periods presented. Unless otherwise noted, includes both Residential and Non-Residential operations for these properties. Same Store Residential Revenues – Revenues from our Residential Same Store Properties only presented on a GAAP basis which reflects the impact of Leasing Concessions on a straight-line basis. Same Store Residential Revenues with Leasing Concessions on a cash basis is presented in Same Store Results and is considered by the Company to be a supplemental measure to Same Store Residential Revenues in conformity with GAAP to help investors evaluate the impact of both current and historical Leasing Concessions on GAAP-based Same Store Residential Revenues and to more readily enable comparisons to revenue as reported by other companies. Same Store Residential Revenues with Leasing Concessions on a cash basis reflects the impact of Leasing Concessions used in the period and allows an investor to understand the historical trend in cash Leasing Concessions. % of Stabilized Budgeted NOI – Represents original budgeted 2025 NOI for stabilized properties and projected annual NOI at stabilization (defined as having achieved 90% Physical Occupancy for three consecutive months) for properties that are in lease-up. Total Budgeted Capital Cost – Estimated remaining cost for projects under development and/or developed plus all capitalized costs incurred to date, including land acquisition costs, construction costs, capitalized real estate taxes and insurance, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees, plus any estimates of costs remaining to be funded for all projects, all in accordance with GAAP. Amounts for partially owned consolidated and unconsolidated properties are presented at 100% of the project. Total Market Capitalization – The aggregate of the market value of the Company’s outstanding common shares, including restricted shares, the market value of the Company’s operating partnership units outstanding, including restricted units (based on the market value of the Company’s common shares) and the outstanding principal balance of debt. The Company believes this is a useful measure of a real estate operating company’s long-term liquidity and balance sheet strength, because it shows an approximate relationship between a company’s total debt and the current total market value of its assets based on the current price at which the Company’s common shares trade. However, because this measure of leverage changes with fluctuations in the Company’s share price, which occur regularly, this measure may change even when the Company’s earnings, interest and debt levels remain stable. Traffic – Consists of an expression of interest in an apartment by completing an in-person tour, self-guided tour or virtual tour that may result in an application to lease. Transaction Accretion (Dilution) – Represents the spread between the Acquisition Cap Rate and the Disposition Yield. Turnover – Total Residential move-outs (including inter-property and intra-property transfers) divided by total Residential apartment units. Unencumbered NOI % – Represents NOI generated by consolidated real estate assets unencumbered by outstanding secured debt as a percentage of total NOI generated by all of the Company's consolidated real estate assets. Weighted Average Coupons – Contractual interest rate for each debt instrument weighted by principal balances as of December 31, 2024. In case of debt for which fair value hedges are in place, the rate payable under the corresponding derivatives is used in lieu of the contractual interest rate. Weighted Average Rates – Interest expense for each debt instrument for the year ended December 31, 2024 weighted by its average principal balance for the same period. Interest expense includes amortization of premiums, discounts and other comprehensive income on debt and related derivative instruments. In case of debt for which derivatives are in place, the income or expense recognized under the corresponding derivatives is included in the total interest expense for the period.

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