Equity Residential (NYSE: EQR) Q1 2026 EPS falls as Normalized FFO grows

Rhea-AI Filing Summary

Equity Residential reported first quarter 2026 results showing mixed trends. Diluted EPS was $0.24, down from $0.67 a year earlier, mainly due to much lower gains on property sales and various adjustment items. Rental income rose to $779.8 million from $760.8 million, and net income attributable to common shares was $89.7 million.

Key REIT metrics were steadier: FFO per share was $0.89 versus $0.94, while Normalized FFO per share increased to $0.99 from $0.95, helped by same store NOI growth and corporate overhead and share repurchase impacts. Same store revenues grew 2.2% and same store NOI increased 1.4%, with physical occupancy at 96.5% and resident turnover at a record low 7.8%.

The company repurchased and retired about 3.5 million common shares at a weighted average price of $63.42, totaling roughly $219.4 million, and increased the annual dividend to $2.81 per share. For second quarter 2026, guidance calls for EPS of $0.28–$0.32, FFO per share of $0.97–$1.01 and Normalized FFO per share of $0.98–$1.02.

Insights

REIT earnings analyst

Core cash metrics held up despite weaker GAAP earnings and higher expenses.

Equity Residential posted first quarter 2026 diluted EPS of $0.24, sharply lower than $0.67 a year ago, largely because prior-year property sale gains were not repeated and because of adjustment items. However, rental income increased to $779.8M and net income was $93.1M, showing the underlying portfolio continues to generate sizable earnings.

For REIT investors, Funds From Operations and Normalized FFO matter most. FFO per share slipped to $0.89 from $0.94, but Normalized FFO per share rose to $0.99, up 4.2%. Same store revenues grew 2.2% and same store NOI rose 1.4%, supported by strong coastal markets, a record-low turnover rate of 7.8% and blended rent growth.

The company was active on capital allocation, repurchasing about $219.4M of stock and raising the annual dividend to $2.81 per share. Leverage remains moderate, with total debt of $8.34B at a weighted average rate of 3.78% and unsecured debt covenants showing debt to adjusted total assets at 27.9%. Second quarter 2026 guidance implies relatively stable Normalized FFO per share of $0.98–$1.02 and modest sequential same store NOI improvement.

8-K Event Classification

5 items: 0.01, 0.10, 0.12, 2.02, 9.01

5 items

Item 0.01 Item 0.01

Item 0.10 Item 0.10

Item 0.12 Item 0.12

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Diluted EPS Q1 2026: $0.24 per share FFO per share Q1 2026: $0.89 per share Normalized FFO per share Q1 2026: $0.99 per share +5 more

8 metrics

Diluted EPS Q1 2026 $0.24 per share Quarter ended March 31, 2026 vs $0.67 in Q1 2025

FFO per share Q1 2026 $0.89 per share Quarter ended March 31, 2026 vs $0.94 in Q1 2025

Normalized FFO per share Q1 2026 $0.99 per share Quarter ended March 31, 2026 vs $0.95 in Q1 2025

Same store revenue growth 2.2% First quarter 2026 vs first quarter 2025

Same store NOI growth 1.4% First quarter 2026 vs first quarter 2025

Share repurchases $219.4M (3.5M shares at $63.42) Common shares repurchased and retired in Q1 2026

Annual dividend $2.81 per share 2026 annual dividend, up 1.4% over 2025 annualized dividend

Total debt and rate $8.34B at 3.78% Total debt and weighted average interest rate as of March 31, 2026

Key Terms

Funds From Operations (FFO), Normalized FFO, Same Store Net Operating Income (NOI), EBITDAre, +2 more

6 terms

Funds From Operations (FFO) financial

"Funds from Operations (FFO) per share | | $ | 0.89 | | | $ | 0.94"

Funds from operations (FFO) is a performance measure commonly used for real estate companies that adjusts net income by adding back non‑cash items like building depreciation and removing one‑time gains or losses from property sales, to show recurring operating earnings. Investors use FFO to judge a property portfolio’s ability to generate cash for dividends and growth — think of it as measuring a car’s regular fuel efficiency rather than its accounting value or one‑off resale price.

Normalized FFO financial

"Normalized FFO (NFFO) per share | | $ | 0.99 | | | $ | 0.95"

Normalized FFO is a cash-focused measure of a real estate company's recurring operating performance, adjusted to remove one-time gains, losses, or unusual items so results reflect what the business typically earns. Think of it like reporting a restaurant’s average monthly sales after removing a single big catering event or a rare repair bill: it gives investors a clearer, apples-to-apples view of ongoing cash generation used to pay dividends and value the company.

Same Store Net Operating Income (NOI) financial

"same store revenues increased 2.2%, same store expenses increased 3.7% and same store Net Operating Income (NOI) increased 1.4%"

EBITDAre financial

"Equity Residential Normalized EBITDAre Reconciliations (Amounts in thousands)"

EBITDARE is a financial measure that shows a company's earnings before accounting for interest, taxes, depreciation, amortization, and restructuring costs. It helps investors understand how well a business is performing by focusing on its core operations, ignoring one-time or non-operational expenses. Think of it as checking a company's true earning power, similar to assessing a car’s performance by its engine without considering external factors like fuel costs or repairs.

Commercial Paper Program financial

"Unsecured – Commercial Paper Program (2) | | | 748,417 | | | | 9.0 | %"

A commercial paper program is a formal way a company issues very short-term IOUs to raise quick cash, typically for days to months, without using a bank loan. Investors care because it shows how the company manages short-term funding and how trustworthy it appears—like watching whether someone keeps using and repaying a credit card; frequent use or higher costs can signal cash strain, while smooth issuance suggests healthy liquidity.

Turnover financial

"The Company's resident Turnover of 7.8% in the first quarter of 2026 was the lowest in its history."

Earnings Snapshot

Rental income: $779.8M · Guidance included

Q1 2026

Rental income $779.8M $760.8M prior-year quarter

Diluted EPS $0.24 -64.2% vs $0.67 in Q1 2025

FFO per share $0.89 -5.3% vs $0.94 in Q1 2025

Normalized FFO per share $0.99 +4.2% vs $0.95 in Q1 2025

Same store revenue growth 2.2% vs Q1 2025

Same store NOI growth 1.4% vs Q1 2025

Guidance

For Q2 2026, Equity Residential guides to EPS of $0.28–$0.32, FFO per share of $0.97–$1.01, and Normalized FFO per share of $0.98–$1.02.

Understanding 8-K Material Events →

false000090610700009061072026-04-282026-04-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 28, 2026

EQUITY RESIDENTIAL

(Exact Name of Registrant as Specified in its Charter)

Maryland	1-12252	13-3675988
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

	Two North Riverside Plaza Chicago, Illinois	60606
	(Address of Principal Executive Offices)	(Zip Code)

Registrant's telephone number, including area code: (312) 474-1300

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Shares of Beneficial Interest, $0.01 Par Value		EQR		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 28, 2026, Equity Residential issued a press release announcing its results of operations and financial condition as of March 31, 2026 and for the quarter then ended. The press release is furnished as Exhibit 99.1. The information contained in this Item 2.02 on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any registration statement or other document filed by Equity Residential under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.

Item 9.01. Financial Statements and Exhibits.

Exhibit Number		Exhibit
99.1		Press Release dated April 28, 2026, announcing the results of operations and financial condition of Equity Residential as of March 31, 2026 and for the quarter then ended.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		EQUITY RESIDENTIAL
Date: April 28, 2026		By:	/s/ Ian S. Kaufman
		Name:	Ian S. Kaufman
		Its:	Senior Vice President and Chief Accounting Officer
			(Principal Accounting Officer)

First Quarter 2026 Results

Table of Contents

Earnings Release		1 - 4
Consolidated Statements of Operations		5
Consolidated Statements of Funds From Operations and Normalized Funds From Operations		6
Consolidated Balance Sheets		7
Portfolio Summary		8
Portfolio Rollforward		9
Same Store Results		10 - 14
Debt Summary		15 - 17
Capital Structure		18
Common Share and Unit Weighted Average Amounts Outstanding		19
Partially Owned Properties		20
Development and Lease-Up Projects		21
Residential Capital Expenditures to Real Estate		22
Normalized EBITDAre Reconciliations		23
Adjustments from FFO to Normalized FFO		24
Normalized FFO Guidance and Assumptions		25
Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms		26 - 31

Corporate Headquarters:
Two North Riverside Plaza
Chicago, IL 60606
(312) 474-1300

Information included in this supplemental package is unaudited.

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NEWS RELEASE - FOR IMMEDIATE RELEASE

April 28, 2026

Equity Residential Reports First Quarter 2026 Results

San Francisco and New York Continue to Produce Strong Results

Chicago, IL – April 28, 2026 - Equity Residential (NYSE: EQR) today reported results for the quarter ended March 31, 2026.

First Quarter 2026 Results

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

			Quarter Ended March 31,
			2026				2025				$ Change				% Change
	Earnings Per Share (EPS)		$	0.24			$	0.67			$	(0.43	)			(64.2	%)
	Funds from Operations (FFO) per share		$	0.89			$	0.94			$	(0.05	)			(5.3	%)
	Normalized FFO (NFFO) per share		$	0.99			$	0.95			$	0.04				4.2	%

Recent Highlights

•For the first quarter of 2026 compared to the first quarter of 2025, same store revenues increased 2.2%, same store expenses increased 3.7% and same store Net Operating Income (NOI) increased 1.4%. The Company's resident Turnover of 7.8% in the first quarter of 2026 was the lowest in its history.

•First quarter 2026 Blended Rate growth demonstrated a 130 basis point sequential improvement from the fourth quarter of 2025 to 1.5%.

•On a same store cash basis, Leasing Concessions in the first quarter of 2026 were down 21% versus the first quarter of 2025, reflecting continued improvement in leasing amidst declining supply in our markets.

•Compared to the first quarter of 2025, Physical Occupancy improved 10 basis points and Bad Debt, Net improved 10 basis points in the first quarter of 2026, reflecting solid demand and customer standing.

•As previously announced, during the first quarter of 2026, the Company repurchased and retired approximately 3.5 million of its common shares at a weighted average purchase price of $63.42 per share, for an aggregate purchased amount of approximately $219.4 million.

•During the first quarter of 2026, the Company increased the annual dividend on its common shares to $2.81 per share, a 1.4% increase over the 2025 annualized dividend.

“We have gotten off to a solid start to 2026 and are well positioned entering the peak leasing season. Our substantial exposure to the well performing San Francisco and New York markets drove operating performance in the first quarter that exceeded our expectations. These two markets are characterized by strong demand from our target higher earning renter demographic for our well-located apartment homes and modest levels of new supply,” said Mark J. Parrell, Equity Residential's President and CEO. "With new apartment supply levels set to decline for the foreseeable future across all our markets, we are continuing to see concessions decline, which provides the setup for pricing power in the latter half of the year. Combine that with a resilient U.S. economy, lifestyle preferences and cost considerations that favor rental housing and a country that remains significantly underhoused, we expect revenue performance to improve more broadly across our portfolio as the job market accelerates.”

Results Per Share

The change in EPS for the quarter ended March 31, 2026 compared to the same period of 2025 is due primarily to lower property sale gains, the various adjustment items listed on page 24 of this release and the items described below.

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The per share change in FFO for the quarter ended March 31, 2026 compared to the same period of 2025 is due primarily to the various adjustment items listed on page 24 of this release and the items described below.

The per share change in Normalized FFO is due primarily to:

		Positive/(Negative) Impact
		First Quarter 2026 vs. First Quarter 2025
Residential same store NOI		$	0.02
Lease-Up NOI			0.01
2025 transaction activity impact on NOI, net			(0.01	)
Interest expense, net			(0.01	)
Other items (primarily corporate overhead and share repurchase impacts) (1)			0.03
Net		$	0.04

(1)Corporate overhead includes property management and general administrative expenses.

The Company has a glossary of defined terms and related reconciliations of Non-GAAP financial measures on pages 26 through 31 of this release. Reconciliations and definitions of FFO and Normalized FFO are provided on pages 6, 28 and 29 of this release.

Same Store Results

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

		First Quarter 2026 vs. First Quarter 2025		First Quarter 2026 vs. Fourth Quarter 2025
Apartment Units		78,885		81,821
Physical Occupancy		96.5% vs. 96.4%		96.4% vs. 96.1%
Revenues		2.2%		0.5%
Expenses		3.7%		6.0%
NOI		1.4%		(2.1%)

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.

		First Quarter 2026 vs. First Quarter 2025				First Quarter 2026 vs. Fourth Quarter 2025
		% Change				% Change
Same Store Residential Revenues-   comparable period
Lease rates			1.7	%			0.1	%
Leasing Concessions			(0.2	%)			0.0	%
Vacancy gain (loss)			0.1	%			0.2	%
Bad Debt, Net			0.1	%			0.1	%
Other (1)			0.6	%			0.1	%
Same Store Residential Revenues-   current period			2.3	%			0.5	%

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

See page 11 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.

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Residential Same Store Operating Statistics

The following table includes select operating metrics for Residential Same Store Properties (for 78,885 same store apartment units):

		April 2026 (1)		Q1 2026		Q4 2025		Q1 2025
Physical Occupancy		96.3%		96.5%		96.2%		96.4%
Percentage of Residents Renewing by month/quarter		61.5%		61.6%		61.1%		61.5%
New Lease Change		(1.1%)		(2.8%)		(5.4%)		(2.6%)
Renewal Rate Achieved		5.3%		4.7%		4.4%		4.8%
Blended Rate		3.0%		1.5%		0.2%		1.5%

(1)April 2026 results are preliminary as of April 28th.

Investments Activity

The Company did not acquire or sell any properties during the first quarter of 2026.

Capital Markets and Balance Sheet Activity

During the first quarter of 2026, the Company repurchased and retired approximately 3.5 million of its common shares at a weighted average purchase price of $63.42 per share, for an aggregate purchased amount of approximately $219.4 million. All common share repurchases were funded with excess disposition proceeds from 2025 sale activity.

Second Quarter 2026 Guidance

The Company has established guidance ranges for the second quarter of 2026 EPS, FFO per share and Normalized FFO per share as listed below:

		Q2 2026 Guidance
EPS		$0.28 to $0.32
FFO per share		$0.97 to $1.01
Normalized FFO per share		$0.98 to $1.02

The difference between the first quarter of 2026 actual EPS of $0.24 and the second quarter of 2026 EPS guidance midpoint of $0.30 is due primarily to lower expected property sale gains, lower expected other expenses and the items described below.

The difference between the first quarter of 2026 actual FFO of $0.89 per share and the second quarter of 2026 FFO guidance midpoint of $0.99 per share is due primarily to lower expected other expenses and the items described below.

The difference between the first quarter of 2026 actual Normalized FFO of $0.99 per share and the second quarter of 2026 Normalized FFO guidance midpoint of $1.00 per share is due primarily to:

		Expected Positive/(Negative) Impact
		Second Quarter 2026 vs. First Quarter 2026
Residential same store NOI		$	0.03
Interest expense, net			(0.01	)
Corporate overhead			(0.01	)
Net		$	0.01

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About Equity Residential

Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, owns and manages 312 rental properties consisting of 85,211 apartment units in dynamic metro areas across the U.S. with a primary concentration in major coastal markets, diversified by a targeted presence in the high-growth metro areas of Atlanta, Dallas/Austin and Denver. 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, Wednesday, April 29, 2026 at 10:00 a.m. CT. Please visit the Investor section of the Company’s website at www.equityapartments.com for the webcast link.

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Equity Residential

Consolidated Statements of Operations

(Amounts in thousands except per share data)

(Unaudited)

		Quarter Ended March 31,
		2026				2025
REVENUES
Rental income		$	779,846			$	760,810
EXPENSES
Property and maintenance			149,656				143,973
Real estate taxes and insurance			117,026				111,752
Property management			35,141				35,816
General and administrative			16,865				18,255
Depreciation			247,496				256,746
Total expenses			566,184				566,542
Net gain (loss) on sales of real estate properties			(32	)			154,152
Interest and other income			2,238				1,692
Other expenses			(40,788	)			(4,156	)
Interest:
Expense incurred, net			(77,370	)			(72,114	)
Amortization of deferred financing costs			(2,145	)			(2,144	)
Income before income and other taxes, income (loss) from    investments in unconsolidated entities and net gain (loss)    on sales of land parcels			95,565				271,698
Income and other tax (expense) benefit			(422	)			(422	)
Income (loss) from investments in unconsolidated entities			(2,042	)			(6,411	)
Net gain (loss) on sales of land parcels			—				(67	)
Net income			93,101				264,798
Net (income) loss attributable to Noncontrolling Interests:
Operating Partnership			(1,953	)			(7,102	)
Partially Owned Properties			(1,069	)			(1,104	)
Net income attributable to controlling interests			90,079				256,592
Preferred distributions			(356	)			(356	)
Net income available to Common Shares		$	89,723			$	256,236
Earnings per share – basic:
Net income available to Common Shares		$	0.24			$	0.68
Weighted average Common Shares outstanding			375,643				379,208
Earnings per share – diluted:
Net income available to Common Shares		$	0.24			$	0.67
Weighted average Common Shares outstanding			385,108				391,179
Distributions declared per Common Share outstanding		$	0.7025			$	0.6925

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Equity Residential

Consolidated Statements of Funds From Operations and Normalized Funds From Operations

(Amounts in thousands except per share and Unit data)

(Unaudited)

		Quarter Ended March 31,
		2026				2025
Net income		$	93,101			$	264,798
Net (income) loss attributable to Noncontrolling Interests – Partially    Owned Properties			(1,069	)			(1,104	)
Preferred distributions			(356	)			(356	)
Net income available to Common Shares and Units			91,676				263,338
Adjustments:
Depreciation			247,496				256,746
Depreciation – Non-real estate additions			(1,009	)			(950	)
Depreciation – Partially Owned Properties			(616	)			(478	)
Depreciation – Unconsolidated Properties			3,332				4,395
Net (gain) loss on sales of unconsolidated entities - operating    assets			—				36
Net (gain) loss on sales of real estate properties			32				(154,152	)
FFO available to Common Shares and Units			340,911				368,935
Adjustments (see note for additional detail):
Write-off of pursuit costs			954				1,321
Debt extinguishment and preferred share redemption (gains)    losses			—				97
Non-operating asset (gains) losses			416				438
Other miscellaneous items			38,811				1,727
Normalized FFO available to Common Shares and Units		$	381,092			$	372,518
FFO		$	341,267			$	369,291
Preferred distributions			(356	)			(356	)
FFO available to Common Shares and Units		$	340,911			$	368,935
FFO per share and Unit – basic		$	0.89			$	0.95
FFO per share and Unit – diluted		$	0.89			$	0.94
Normalized FFO		$	381,448			$	372,874
Preferred distributions			(356	)			(356	)
Normalized FFO available to Common Shares and Units		$	381,092			$	372,518
Normalized FFO per share and Unit – basic		$	0.99			$	0.96
Normalized FFO per share and Unit – diluted		$	0.99			$	0.95
Weighted average Common Shares and Units outstanding – basic			383,819				389,719
Weighted average Common Shares and Units outstanding – diluted			385,108				391,179

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.

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Equity Residential

Consolidated Balance Sheets

(Amounts in thousands except for share amounts)

(Unaudited)

		March 31,				December 31,
		2026				2025
ASSETS
Land		$	5,573,564			$	5,563,407
Depreciable property			24,828,057				24,705,540
Projects under development			85,966				100,561
Land held for development			57,919				86,341
Investment in real estate			30,545,506				30,455,849
Accumulated depreciation			(11,264,396	)			(11,016,900	)
Investment in real estate, net			19,281,110				19,438,949
Investments in unconsolidated entities1			325,566				325,939
Cash and cash equivalents			34,677				55,904
Restricted deposits			104,432				102,950
Right-of-use assets			452,318				454,916
Other assets			319,050				367,365
Total assets		$	20,517,153			$	20,746,023
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net		$	1,590,859			$	1,589,904
Notes, net			6,000,230				5,998,458
Line of credit and commercial paper			748,417				586,648
Accounts payable and accrued expenses			141,575				109,165
Accrued interest payable			52,479				73,860
Lease liabilities			303,813				304,575
Other liabilities			306,187				324,616
Security deposits			82,306				82,155
Distributions payable			269,392				267,508
Total liabilities			9,495,258				9,336,889
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership			165,420				176,289
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 March 31, 2026 and December 31, 2025			17,155				17,155
Common Shares of beneficial interest, $0.01 par value;    1,000,000,000 shares authorized; 374,674,719 shares issued    and outstanding as of March 31, 2026 and 377,806,173    shares issued and outstanding as of December 31, 2025			3,747				3,778
Paid in capital			9,846,857				9,824,460
Retained earnings			800,704				1,193,931
Accumulated other comprehensive income (loss)			2,460				2,175
Total shareholders’ equity			10,670,923				11,041,499
Noncontrolling Interests:
Operating Partnership			187,137				192,135
Partially Owned Properties			(1,585	)			(789	)
Total Noncontrolling Interests			185,552				191,346
Total equity			10,856,475				11,232,845
Total liabilities and equity		$	20,517,153			$	20,746,023

1 Includes $260.9 million and $261.4 million in unconsolidated development and operating projects as of March 31, 2026 and December 31, 2025, respectively. See Partially Owned Properties and/or Development and Lease-Up Projects for additional detail on unconsolidated projects.

7

Table of Contents

Equity Residential

Portfolio Summary

As of March 31, 2026

										% of Stabilized				Average
						Apartment				Budgeted				Rental
Markets/Metro Areas		Properties				Units				NOI				Rate
Los Angeles			56				14,433				16.0	%		$	2,985
Orange County			12				3,718				4.9	%			3,040
San Diego			10				2,225				3.1	%			3,313
Subtotal – Southern California			78				20,376				24.0	%			3,031
San Francisco			41				11,569				16.4	%			3,558
Washington, D.C.			42				13,553				14.7	%			2,864
New York			34				8,685				14.4	%			4,864
Boston			25				6,907				10.7	%			3,719
Seattle			38				8,051				9.1	%			2,723
Atlanta			22				6,420				4.4	%			1,917
Denver			16				4,678				3.6	%			2,135
Dallas/Austin			16				4,972				2.7	%			1,886
Total			312				85,211				100.0	%		$	3,094

		Properties		Apartment Units
Wholly Owned Properties		297		81,539
Partially Owned Properties – Consolidated		12		2,656
Partially Owned Properties – Unconsolidated		3		1,016
		312		85,211

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

1st Quarter 2026 Earnings Release 8

Table of Contents

Equity Residential

Portfolio Rollforward Q1 2026

($ in thousands)

		Properties				Apartment Units
12/31/2025			312				85,190
Configuration Changes			—				21
3/31/2026			312				85,211

1st Quarter 2026 Earnings Release 9

Table of Contents

Equity Residential

First Quarter 2026 vs. First Quarter 2025

Same Store Results/Statistics Including 78,885 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
Q1 2026		$	746,478			$	248,558			$	497,920			$	3,154				96.5	%			7.8	%
Q1 2025		$	730,628			$	239,621			$	491,007			$	3,086				96.4	%			7.9	%
Change		$	15,850			$	8,937			$	6,913			$	68				0.1	%			(0.1	%)
Change			2.2	%			3.7	%			1.4	%			2.2	%

First Quarter 2026 vs. Fourth Quarter 2025

Same Store Results/Statistics Including 81,821 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
Q1 2026		$	763,082			$	254,689			$	508,393			$	3,113				96.4	%			7.8	%
Q4 2025		$	759,439			$	240,351			$	519,088			$	3,106				96.1	%			8.3	%
Change		$	3,643			$	14,338			$	(10,695	)		$	7				0.3	%			(0.5	%)
Change			0.5	%			6.0	%			(2.1	%)			0.2	%

1st Quarter 2026 Earnings Release 10

Table of Contents

Equity Residential

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

($ in thousands)

	First Quarter 2026 vs. First Quarter 2025								First Quarter 2026 vs. Fourth Quarter 2025
	78,885 Same Store Apartment Units								81,821 Same Store Apartment Units
	Q1 2026				Q1 2025				Q1 2026				Q4 2025
Same Store Residential Revenues (GAAP Basis)	$	719,667			$	703,612			$	736,271			$	732,488
Leasing Concessions amortized		6,946				5,681				7,459				7,291
Leasing Concessions granted		(5,443	)			(6,924	)			(5,975	)			(7,963	)
Same Store Residential Revenues with Leasing   Concessions on a cash basis	$	721,170			$	702,369			$	737,755			$	731,816
% change - GAAP revenue		2.3	%							0.5	%
% change - cash revenue		2.7	%							0.8	%

(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 78,885 Same Store Apartment Units

(includes Residential and Non-Residential)

($ in thousands)

		Q1 2026				Q4 2025				Q3 2025				Q2 2025				Q1 2025
Same store revenues		$	746,478			$	742,894			$	742,962			$	737,998			$	730,628
Same store expenses			248,558				234,570				239,401				233,991				239,621
Same store NOI		$	497,920			$	508,324			$	503,561			$	504,007			$	491,007

1st Quarter 2026 Earnings Release 11

Table of Contents

Equity Residential

First Quarter 2026 vs. First Quarter 2025

Same Store Residential Results/Statistics by Market

																						Increase (Decrease) from Prior Year's Quarter
Markets/Metro Areas		Apartment Units				Q1 2026 % of Actual NOI				Q1 2026 Average Rental Rate				Q1 2026 Weighted Average Physical Occupancy %				Q1 2026 Turnover				Revenues				Expenses				NOI				Average Rental Rate				Physical Occupancy				Turnover
Los Angeles			13,836				16.5	%		$	2,984				95.7	%			8.6	%			0.7	%			4.5	%			(1.0	%)			0.7	%			0.0	%			(0.4	%)
Orange County			3,718				5.2	%			3,040				95.9	%			7.9	%			2.1	%			1.7	%			2.2	%			2.6	%			(0.4	%)			0.7	%
San Diego			2,225				3.4	%			3,313				96.0	%			8.8	%			1.3	%			2.5	%			1.0	%			1.7	%			(0.3	%)			0.1	%
Subtotal – Southern California			19,779				25.1	%			3,031				95.8	%			8.5	%			1.1	%			3.9	%			(0.1	%)			1.2	%			(0.1	%)			(0.1	%)
San Francisco			11,344				17.4	%			3,553				97.7	%			8.4	%			6.5	%			1.5	%			8.7	%			5.6	%			0.9	%			0.1	%
Washington, D.C.			12,928				14.9	%			2,879				96.3	%			6.2	%			1.7	%			4.7	%			0.2	%			2.8	%			(1.1	%)			0.1	%
New York			8,235				14.3	%			4,916				97.9	%			5.6	%			4.6	%			2.3	%			6.4	%			4.3	%			0.3	%			(0.7	%)
Boston			6,907				10.4	%			3,719				95.8	%			6.9	%			1.5	%			7.1	%			(0.9	%)			1.4	%			0.0	%			(0.2	%)
Seattle			8,050				9.2	%			2,723				96.1	%			9.0	%			2.0	%			5.7	%			0.4	%			2.4	%			(0.4	%)			0.3	%
Denver			3,972				3.4	%			2,140				96.8	%			9.0	%			(5.9	%)			2.6	%			(9.8	%)			(7.7	%)			1.7	%			(1.8	%)
Atlanta			4,126				3.1	%			1,946				96.2	%			8.7	%			(2.0	%)			6.3	%			(6.2	%)			(2.6	%)			0.6	%			0.4	%
Dallas/Austin			3,544				2.2	%			1,810				95.7	%			9.5	%			(1.3	%)			(3.6	%)			0.4	%			(2.0	%)			0.6	%			(0.6	%)
Total			78,885				100.0	%		$	3,154				96.5	%			7.8	%			2.3	%			3.5	%			1.7	%			2.2	%			0.1	%			(0.1	%)

Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the quarter ended March 31, 2026.

1st Quarter 2026 Earnings Release 12

Table of Contents

Equity Residential

First Quarter 2026 vs. Fourth Quarter 2025

Same Store Residential Results/Statistics by Market

																						Increase (Decrease) from Prior Quarter
Markets/Metro Areas		Apartment Units				Q1 2026 % of Actual NOI				Q1 2026 Average Rental Rate				Q1 2026 Weighted Average Physical Occupancy %				Q1 2026 Turnover				Revenues				Expenses				NOI				Average Rental Rate				Physical Occupancy				Turnover
Los Angeles			13,836				16.1	%		$	2,984				95.7	%			8.6	%			0.1	%			5.1	%			(2.3	%)			0.3	%			(0.2	%)			(0.3	%)
Orange County			3,718				5.1	%			3,040				95.9	%			7.9	%			0.2	%			3.3	%			(0.6	%)			1.0	%			(0.6	%)			(0.1	%)
San Diego			2,225				3.4	%			3,313				96.0	%			8.8	%			(0.1	%)			2.2	%			(0.7	%)			(0.1	%)			0.0	%			(2.0	%)
Subtotal – Southern California			19,779				24.6	%			3,031				95.8	%			8.5	%			0.1	%			4.6	%			(1.7	%)			0.4	%			(0.2	%)			(0.5	%)
San Francisco			11,344				17.0	%			3,553				97.7	%			8.4	%			2.2	%			5.2	%			1.0	%			1.4	%			0.8	%			(0.9	%)
Washington, D.C.			12,928				14.6	%			2,879				96.3	%			6.2	%			0.2	%			9.9	%			(4.1	%)			0.1	%			0.0	%			(1.0	%)
New York			8,235				14.0	%			4,916				97.9	%			5.6	%			1.1	%			3.5	%			(0.6	%)			0.8	%			0.3	%			(0.2	%)
Boston			6,907				10.1	%			3,719				95.8	%			6.9	%			(0.1	%)			11.5	%			(4.8	%)			0.1	%			(0.2	%)			0.4	%
Seattle			8,050				9.1	%			2,723				96.1	%			9.0	%			(0.3	%)			8.2	%			(3.5	%)			(0.1	%)			(0.2	%)			1.1	%
Atlanta			6,190				4.5	%			1,922				96.0	%			8.3	%			0.8	%			4.8	%			(1.3	%)			(0.9	%)			1.5	%			(0.9	%)
Denver			4,469				3.7	%			2,143				96.8	%			9.1	%			(1.5	%)			0.4	%			(2.4	%)			(2.8	%)			1.3	%			(1.7	%)
Dallas/Austin			3,919				2.4	%			1,853				95.3	%			9.8	%			0.0	%			2.0	%			(1.4	%)			(0.9	%)			0.8	%			(1.3	%)
Total			81,821				100.0	%		$	3,113				96.4	%			7.8	%			0.5	%			5.8	%			(2.0	%)			0.2	%			0.3	%			(0.5	%)

Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the quarter ended March 31, 2026.

1st Quarter 2026 Earnings Release 13

Table of Contents

Equity Residential

First Quarter 2026 vs. First Quarter 2025

Total Same Store Operating Expenses Including 78,885 Same Store Apartment Units

(includes Residential and Non-Residential)

($ in thousands)

		Q1 2026				Q1 2025				$ Change (1)				% Change				% of Q1 2026 Operating Expenses
Real estate taxes		$	98,680			$	95,910			$	2,770				2.9	%			39.7	%
On-site payroll			44,593				44,517				76				0.2	%			17.9	%
Utilities			42,813				40,120				2,693				6.7	%			17.2	%
Repairs and maintenance			32,435				30,243				2,192				7.2	%			13.1	%
Insurance			9,994				9,568				426				4.5	%			4.0	%
Leasing and advertising			3,534				2,924				610				20.8	%			1.4	%
Other on-site operating expenses			16,509				16,339				170				1.0	%			6.7	%
Total Same Store Operating Expenses (2)		$	248,558			$	239,621			$	8,937				3.7	%			100.0	%

(1)The quarter-over-quarter changes were primarily driven by the following factors:

Real estate taxes – Increase due to escalation in rates and assessed values.

On-site payroll – Sub-inflationary growth due to the impact of various innovation initiatives and lower employee benefit costs.

Utilities – Increase primarily driven by higher commodity prices, particularly impacting electricity and gas.

Repairs and maintenance – Increase primarily driven by costs associated with the implementation of various resident technology initiatives (including bulk Wi-Fi programs), which is more than offset by a corresponding increase in same store revenues.

Insurance – Increase primarily driven by higher general liability premiums and property casualty losses, partially offset by lower property premiums.

Leasing and advertising – Increase primarily driven by higher interactive marketing/advertising costs and certain one-time broker fee costs related to Non-Residential leasing activity.

Other on-site operating expenses – Increase primarily due to higher association fees and other expenses.

(2)See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details.

1st Quarter 2026 Earnings Release 14

Table of Contents

Equity Residential

Debt Summary as of March 31, 2026

($ in thousands)

		Debt Balances (1)				% of Total				Weighted Average Rates (1)				Weighted Average Maturities (years)
Secured		$	1,590,859				19.1	%			3.68	%			5.7
Unsecured			6,748,647				80.9	%			3.80	%			6.5
Total		$	8,339,506				100.0	%			3.78	%			6.3
Fixed Rate Debt:
Secured – Conventional		$	1,404,284				16.9	%			3.86	%			5.2
Unsecured – Public			6,000,230				71.9	%			3.79	%			7.3
Fixed Rate Debt			7,404,514				88.8	%			3.80	%			6.9
Floating Rate Debt:
Secured – Tax Exempt			186,575				2.2	%			2.32	%			9.2
Unsecured – Revolving Credit Facility			—				—				4.40	%			4.7
Unsecured – Commercial Paper Program (2)			748,417				9.0	%			3.91	%			—
Floating Rate Debt			934,992				11.2	%			3.56	%			1.9
Total		$	8,339,506				100.0	%			3.78	%			6.3

(1)See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details.

(2)At March 31, 2026, the weighted average maturity of commercial paper outstanding was 14 days. The weighted average amount outstanding for the quarter ended March 31, 2026 was approximately $683.4 million.

Note: The Company capitalized interest of approximately $2.6 million and $3.9 million during the quarters ended March 31, 2026 and 2025, respectively.

1st Quarter 2026 Earnings Release 15

Table of Contents

Equity Residential

Debt Maturity Schedule as of March 31, 2026

($ 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)
2026		$	592,025			$	756,920		(2)	$	1,348,945				16.1	%			3.58	%			3.87	%
2027			400,000				8,200				408,200				4.9	%			3.25	%			3.23	%
2028			900,000				9,000				909,000				10.8	%			3.79	%			3.78	%
2029			888,120				9,700				897,820				10.7	%			3.30	%			3.30	%
2030			1,148,462				10,800				1,159,262				13.8	%			2.53	%			2.53	%
2031			528,500				37,700				566,200				6.7	%			1.94	%			1.97	%
2032			500,000				26,100				526,100				6.3	%			4.95	%			4.84	%
2033			550,000				—				550,000				6.5	%			5.22	%			5.22	%
2034			600,000				—				600,000				7.1	%			4.65	%			4.65	%
2035			—				25,175				25,175				0.3	%			—				1.65	%
2036+			1,350,850				61,785				1,412,635				16.8	%			4.39	%			4.26	%
Subtotal			7,457,957				945,380				8,403,337				100.0	%			3.72	%			3.72	%
Deferred Financing Costs and Unamortized (Discount)			(53,443	)			(10,388	)			(63,831	)		N/A				N/A				N/A
Total		$	7,404,514			$	934,992			$	8,339,506				100.0	%			3.72	%			3.72	%

(1)See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details.

(2)Includes $749.5 million in principal outstanding on the Company's Commercial Paper Program.

1st Quarter 2026 Earnings Release 16

Table of Contents

Equity Residential

Selected Unsecured Public Debt Covenants

		March 31,		December 31,
		2026		2025
Debt to Adjusted Total Assets (not to exceed 60%)		27.9%		27.4%
Secured Debt to Adjusted Total Assets (not to exceed 40%)		6.1%		6.1%
Consolidated Income Available for Debt Service to    Maximum Annual Service Charges    (must be at least 1.5 to 1)		5.60		5.77
Total Unencumbered Assets to Unsecured Debt    (must be at least 125%)		466.1%		477.1%

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

		March 31,		December 31,
		2026		2025
Total debt to Normalized EBITDAre		4.38x		4.32x
Net debt to Normalized EBITDAre		4.35x		4.27x
Unencumbered NOI as a % of total NOI		90.1%		90.3%

Note: See Normalized EBITDAre Reconciliations for detail.

1st Quarter 2026 Earnings Release 17

Table of Contents

Equity Residential

Capital Structure as of March 31, 2026

(Amounts in thousands except for share/unit and per share amounts)

Secured Debt										$	1,590,859				19.1	%
Unsecured Debt											6,748,647				80.9	%
Total Debt											8,339,506				100.0	%			26.8	%
Common Shares (includes Restricted Shares)			374,674,719				97.6	%
Units (includes OP Units and Restricted Units)			9,325,548				2.4	%
Total Shares and Units			384,000,267				100.0	%
Common Share Price at March 31, 2026		$	59.15
											22,713,616				99.9	%
Perpetual Preferred Equity (see below)											17,155				0.1	%
Total Equity											22,730,771				100.0	%			73.2	%
Total Market Capitalization										$	31,070,277								100.0	%

Perpetual Preferred Equity as of March 31, 2026

(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

1st Quarter 2026 Earnings Release 18

Table of Contents

Equity Residential

Common Share and Unit

Weighted Average Amounts Outstanding

		Q1 2026				Q1 2025
Weighted Average Amounts Outstanding for Net Income Purposes:
Common Shares - basic			375,642,927				379,207,994
Shares issuable from assumed conversion/vesting of:
- OP Units			8,175,672				10,511,169
- long-term compensation shares/units			1,288,946				1,460,268
Total Common Shares and Units - diluted			385,107,545				391,179,431
Weighted Average Amounts Outstanding for FFO and Normalized FFO Purposes:
Common Shares - basic			375,642,927				379,207,994
OP Units - basic			8,175,672				10,511,169
Total Common Shares and OP Units - basic			383,818,599				389,719,163
Shares issuable from assumed conversion/vesting of:
- long-term compensation shares/units			1,288,946				1,460,268
Total Common Shares and Units - diluted			385,107,545				391,179,431
Period Ending Amounts Outstanding:
Common Shares (includes Restricted Shares)			374,674,719				379,840,678
Units (includes OP Units and Restricted Units)			9,325,548				11,723,272
Total Shares and Units			384,000,267				391,563,950

1st Quarter 2026 Earnings Release 19

Table of Contents

Equity Residential

Partially Owned Properties as of March 31, 2026

(Amounts in thousands except for project/property and apartment unit amounts)

Partially Owned Properties		Weighted Average Ownership Percentage		Total Properties				Total Apartment Units				Q1 2026 NOI				Q1 2026 Interest Expense				Total Debt
CONSOLIDATED:
Projects Under Development (1) (3)		95.0%			—				—			$	523			$	—			$	—
Operating properties (stabilized)		86.0%			12				2,656				16,406				255				28,344
Total Partially Owned Properties - Consolidated					12				2,656				16,929				255				28,344
UNCONSOLIDATED:
Projects Under Development (2) (3)		95.0%			—				—				77				206				99,301
Operating properties (stabilized)		72.2%			3				1,016				5,460				2,520				212,499
Total Partially Owned Properties - Unconsolidated					3				1,016				5,537				2,726				311,800
Total Partially Owned Properties					15				3,672			$	22,466			$	2,981			$	340,144

(1)The Company is currently developing one property, which is expected to add 440 apartment units upon completion.

(2)The Company is currently developing two properties, which are expected to add 639 apartment units upon completion.

(3)See Development and Lease-Up Projects for more information.

Note: Partially owned consolidated and unconsolidated amounts are presented at 100% of the project/property. This schedule only includes those projects/properties that are partially owned at March 31, 2026.

1st Quarter 2026 Earnings Release 20

Table of Contents

Equity Residential

Development and Lease-Up Projects as of March 31, 2026

(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:
The Basin		Wakefield, MA		95%			440			$	232,172			$	211,966			$	—			96%		Q1 2024		Q3 2025		Q2 2026		Q2 2027		43% / 35%
173 Reservoir		Canton, GA		100%			240				60,812				15,238				—			10%		Q1 2026		Q3 2027		Q1 2028		Q4 2028		– / –
Continuum		Alpharetta, GA		100%			280				113,649				29,298				—			8%		Q1 2026		Q3 2027		Q2 2028		Q4 2028		– / –
Projects Under Development - Consolidated							960				406,633				256,502				—
Projects Completed and Stabilized During the Quarter:
Lorien (fka Laguna Clara II)		Santa Clara, CA		100%			225				149,521				149,338				—			100%		Q2 2022		Q1 2025		Q1 2025		Q1 2026		99% / 98%
Projects Completed and Stabilized During the Quarter - Consolidated							225				149,521				149,338				—
UNCONSOLIDATED:
Projects Under Development:
Modera Bridle Trails		Kirkland, WA		95%			369				185,282				145,787				52,996			83%		Q3 2024		Q3 2026		Q3 2026		Q1 2028		– / –
Modera South Shore		Marshfield, MA		95%			270				121,918				104,518				46,305			89%		Q3 2024		Q3 2025		Q4 2026		Q2 2027		36% / 28%
Projects Under Development - Unconsolidated							639				307,200				250,305				99,301
Total Development Projects - Consolidated							1,185				556,154				405,840				—
Total Development Projects - Unconsolidated							639				307,200				250,305				99,301
Total Development Projects							1,824			$	863,354			$	656,145			$	99,301

NOI CONTRIBUTION FROM DEVELOPMENT PROJECTS	Total Budgeted Capital Cost				Q1 2026 NOI
Projects Under Development - Consolidated	$	406,633			$	523
Projects Completed and Stabilized During the Quarter - Consolidated		149,521				1,705
Projects Under Development - Unconsolidated		307,200				77
	$	863,354			$	2,305

(1)All unconsolidated projects are being partially funded with third party, project-specific construction loans, none of which are recourse to the Company.

1st Quarter 2026 Earnings Release 21

Table of Contents

Equity Residential

Residential Capital Expenditures to Real Estate

For the Quarter Ended March 31, 2026

(Amounts in thousands except for apartment unit and per apartment unit amounts)

		Same Store Properties				Non-Same Store Properties				Total Consolidated Properties				Same Store Avg. Per Apartment Unit
Total Consolidated Apartment Units			78,885				5,310				84,195
Recurring Capital Expenditures		$	32,068			$	3,512			$	35,580			$	407
NOI-Enhancing Expenditures:
Renovation Expenditures			15,229		(1)		1,575		(3)		16,804				193
Other (2)			4,967				1,271				6,238				63
Total NOI-Enhancing Expenditures			20,196				2,846				23,042				256
Total Capital Expenditures to Real Estate (4)		$	52,264			$	6,358			$	58,622			$	663

(1)Renovation Expenditures on 533 same store apartment units for the quarter ended March 31, 2026 approximated $29,000 per apartment unit renovated.

(2)Includes sustainability, property-level technology and Accessory Dwelling Units (ADU) spend.

(3)Includes expenditures for one property that has 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 is expected to continue through the fourth quarter of 2026 and is being paid for, in part, by funds from a replacement reserve account required by the ground lease arrangement.

(4)See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details.

Note: Non-Residential Capital Expenditures to Real Estate were approximately $3.4 million for both Same Store Properties and Total Consolidated Properties.

1st Quarter 2026 Earnings Release 22

Table of Contents

Equity Residential

Normalized EBITDAre Reconciliations

(Amounts in thousands)

		Trailing Twelve Months								2026				2025
		March 31, 2026				December 31, 2025				Q1				Q4				Q3				Q2				Q1
Net income		$	980,252			$	1,151,949			$	93,101			$	391,498			$	296,868			$	198,785			$	264,798
Interest expense incurred, net			312,054				306,798				77,370				79,226				80,141				75,317				72,114
Amortization of deferred financing costs			8,769				8,768				2,145				2,399				2,122				2,103				2,144
Amortization of above/below market lease intangibles			4,610				4,610				1,152				1,152				1,153				1,153				1,152
Depreciation			1,001,150				1,010,400				247,496				258,108				254,657				240,889				256,746
Income and other tax expense (benefit)			1,585				1,585				422				361				395				407				422
EBITDA			2,308,420				2,484,110				421,686				732,744				635,336				518,654				597,376
Net (gain) loss on sales of real estate properties			(472,204	)			(626,388	)			32				(271,271	)			(142,685	)			(58,280	)			(154,152	)
Net (gain) loss on sales of unconsolidated entities - operating assets			(2,817	)			(2,781	)			—				(2,643	)			—				(174	)			36
EBITDAre			1,833,399				1,854,941				421,718				458,830				492,651				460,200				443,260
Write-off of pursuit costs (other expenses)			7,368				7,735				954				1,613				4,074				727				1,321
(Income) loss from investments in unconsolidated entities - operations			16,723				21,089				2,009				5,563				3,981				5,170				6,375
Net (gain) loss on sales of unconsolidated entities - non-operating assets			640				607				33				607				—				—				—
Net (gain) loss on sales of land parcels			13				80				—				—				2				11				67
Realized (gain) loss on investment securities (interest and other income)			11				51				—				—				2				9				40
Unrealized (gain) loss on investment securities (interest and other income)			(25,399	)			(25,399	)			—				—				(25,399	)			—				—
Insurance/litigation settlement or reserve income (interest and other income)			(382	)			(199	)			(281	)			—				—				(101	)			(98	)
Insurance/litigation/environmental settlement or reserve expense (other expenses) (1)			83,583				48,668				36,627				17,950				25,857				3,149				1,712
Advocacy contributions (other expenses)			3,197				966				2,444				360				208				185				213
Employment tax refund (interest and other income)			(16,867	)			(16,867	)			—				—				(16,867	)			—				—
Other			52				(69	)			21				—				20				11				(100	)
Normalized EBITDAre		$	1,902,338			$	1,891,603			$	463,525			$	484,923			$	484,529			$	469,361			$	452,790
Balance Sheet Items:		March 31, 2026				December 31, 2025
Total debt		$	8,339,506			$	8,175,010
Cash and cash equivalents			(34,677	)			(55,904	)
Mortgage principal reserves/sinking funds			(35,593	)			(33,143	)
Net debt		$	8,269,236			$	8,085,963

(1)Insurance/litigation/environmental settlement or reserve expense includes reserves relating to various legal proceedings being defended by the Company.

Note: EBITDA, EBITDAre and Normalized EBITDAre do not include any adjustments for the Company’s share of partially owned unconsolidated entities due to the immaterial size of the Company’s partially owned unconsolidated portfolio.

1st Quarter 2026 Earnings Release 23

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Equity Residential

Adjustments from FFO to Normalized FFO

(Amounts in thousands)

		Quarter Ended March 31,
		2026				2025				Variance
Impairment – non-operating real estate assets		$	—			$	—			$	—
Write-off of pursuit costs (other expenses)			954				1,321				(367	)
Write-off of unamortized deferred financing costs (interest expense)			—				97				(97	)
Debt extinguishment and preferred share redemption (gains) losses			—				97				(97	)
Net (gain) loss on sales of land parcels			—				67				(67	)
(Income) loss from investments in unconsolidated entities ─ non-operating assets			416				331				85
Realized (gain) loss on investment securities (interest and other income)			—				40				(40	)
Non-operating asset (gains) losses			416				438				(22	)
Insurance/litigation settlement or reserve income (interest and other income)			(281	)			(98	)			(183	)
Insurance/litigation/environmental settlement or reserve expense (other expenses) (1)			36,627				1,712				34,915
Advocacy contributions (other expenses)			2,444				213				2,231
Other			21				(100	)			121
Other miscellaneous items			38,811				1,727				37,084
Adjustments from FFO to Normalized FFO		$	40,181			$	3,583			$	36,598

(1)Insurance/litigation/environmental settlement or reserve expense includes reserves relating to various legal proceedings being defended 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.

1st Quarter 2026 Earnings Release 24

Table of Contents

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.

		Q2 2026		Revised Full Year 2026		Previous Full Year 2026
2026 Normalized FFO Guidance (per share diluted)
Expected Normalized FFO Per Share		$0.98 to $1.02		$4.02 to $4.14		$4.02 to $4.14
2026 Same Store Assumptions (includes Residential and Non-Residential)
Physical Occupancy				96.4%		96.4%
Revenue change				1.2% to 3.2%		1.2% to 3.2%
Expense change				3.0% to 4.0%		3.0% to 4.0%
NOI change (1)				0.5% to 2.5%		0.5% to 2.5%
2026 Transaction Assumptions
Consolidated rental acquisitions				N/A		N/A
Consolidated rental dispositions				$165.0M		N/A
2026 Debt Assumptions
Weighted average debt outstanding				$8.28B to $8.48B		$8.33B to $8.53B
Interest expense, net (on a Normalized FFO basis)				$318.0M to $324.0M		$321.0M to $327.0M
Capitalized interest				$6.3M to $8.3M		$6.3M to $8.3M
2026 Capital Expenditures to Real Estate Assumptions for Residential Same Store Properties
NOI-Enhancing Capital Expenditures for Residential Same Store Properties (2)				$125.0M		$125.0M
Recurring Capital Expenditures for Residential Same Store Properties				$185.0M		$185.0M
Capital Expenditures to Real Estate for Residential Same Store Properties				$310.0M		$310.0M
2026 Other Guidance Assumptions
Property management expense				$142.0M to $144.0M		$142.0M to $144.0M
General and administrative expense				$59.0M to $64.0M		$59.0M to $64.0M
Income (loss) from investments in unconsolidated entities (on a Normalized FFO basis) (3)				$1.0M to $5.0M		$1.0M to $5.0M
Debt offerings				$500.0M to $1.0B		$500.0M to $1.0B
Weighted average Common Shares and Units - Diluted				384.2M		384.2M

(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 2026, the Company expects to spend approximately $90.0 million for apartment unit Renovation Expenditures on approximately 2,900 Residential same store apartment units at an average cost of approximately $31,000 per apartment unit renovated. The remainder of the NOI-Enhancing spend includes other items, such as sustainability, property-level technology and ADU 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 pages 20 and 21.

1st Quarter 2026 Earnings Release 25

Table of Contents

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 3.0% 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:

Accessory Dwelling Units (ADU) – Includes costs to convert existing underutilized spaces of our properties into new apartment units.

NOI-Enhancing – Primarily includes Renovation Expenditures as well as sustainability, property-level technology and ADU expenditures that are intended to increase revenues or decrease expenses.

Recurring – Capital expenditures necessary to help preserve the value of and maintain the functionality of 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.

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 December 3, 2030. 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. 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:

		March 31, 2026
Unsecured revolving credit facility commitment		$	2,500,000
Commercial paper balance outstanding			(749,520	)
Unsecured revolving credit facility balance outstanding			—
Other restricted amounts			(3,464	)
Unsecured revolving credit facility availability		$	1,747,016

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.

1st Quarter 2026 Earnings Release 26

Table of Contents

Equity Residential

Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms – Continued

(Amounts in thousands except per share and per apartment unit data)

(All per share data is diluted)

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 3.0% 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 3.0% 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 $250-$600 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):

		Quarter Ended March 31, 2026
Net Gain (Loss) on Sales of Real Estate Properties		$	(32	)
Accumulated Depreciation Gain			—
Economic Gain (Loss)		$	(32	)

1st Quarter 2026 Earnings Release 27

Table of Contents

Equity Residential

Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms – Continued

(Amounts in thousands except per share and per apartment unit data)

(All per share data is diluted)

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.

1st Quarter 2026 Earnings Release 28

Table of Contents

Equity Residential

Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms – Continued

(Amounts in thousands except per share and per apartment unit data)

(All per share data is diluted)

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
		Q1 2026				Q1 2025				Q2 2026				2026
		Per Share				Per Share				Per Share				Per Share
EPS – Diluted		$	0.24			$	0.67			$0.28 to $0.32				$1.28 to $1.40
Depreciation expense			0.65				0.66				0.64				2.56
Net (gain) loss on sales			—				(0.39	)			0.05				0.05
Impairment – operating real estate assets			—				—				—				—
FFO per share – Diluted			0.89				0.94			0.97 to 1.01				3.89 to 4.01
Adjustments (1):
Impairment – non-operating real estate    assets			—				—				—				—
Write-off of pursuit costs			—				—				—				0.01
Debt extinguishment and preferred    share redemption (gains) losses			—				—				—				—
Non-operating asset (gains) losses			—				—				—				—
Other miscellaneous items			0.10				0.01				0.01				0.12
Normalized FFO per share – Diluted		$	0.99			$	0.95			$0.98 to $1.02				$4.02 to $4.14

(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):

		Quarter Ended March 31,
		2026				2025
Net income		$	93,101			$	264,798
Adjustments:
Property management			35,141				35,816
General and administrative			16,865				18,255
Depreciation			247,496				256,746
Net (gain) loss on sales of real estate    properties			32				(154,152	)
Interest and other income			(2,238	)			(1,692	)
Other expenses			40,788				4,156
Interest:
Expense incurred, net			77,370				72,114
Amortization of deferred financing costs			2,145				2,144
Income and other tax expense (benefit)			422				422
(Income) loss from investments in unconsolidated    entities			2,042				6,411
Net (gain) loss on sales of land parcels			—				67
Total NOI		$	513,164			$	505,085

1st Quarter 2026 Earnings Release 29

Table of Contents

Equity Residential

Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms – Continued

(Amounts in thousands except per share and per apartment unit data)

(All per share data is diluted)

		Quarter Ended March 31,
Rental income:		2026				2025
Residential same store		$	719,667			$	703,612
Non-Residential same store			26,811				27,016
Total same store			746,478				730,628
Non-same store/other			33,368				30,182
Total rental income			779,846				760,810
Operating expenses:
Residential same store			240,114				231,903
Non-Residential same store			8,444				7,718
Total same store			248,558				239,621
Non-same store/other			18,124				16,104
Total operating expenses			266,682				255,725
NOI:
Residential same store			479,553				471,709
Non-Residential same store			18,367				19,298
Total same store			497,920				491,007
Non-same store/other			15,244				14,078
Total NOI		$	513,164			$	505,085

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 2025 and 2026, plus any properties in lease-up and not stabilized as of January 1, 2025. 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.

1st Quarter 2026 Earnings Release 30

Table of Contents

Equity Residential

Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms – Continued

(Amounts in thousands except per share and per apartment unit data)

(All per share data is diluted)

Same Store Properties – For annual comparisons, primarily includes all properties acquired or completed that are stabilized prior to January 1, 2025, 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 2026 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. Retention rate is the opposite of Turnover.

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 March 31, 2026. 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 quarter ended March 31, 2026 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.

1st Quarter 2026 Earnings Release 31

FAQ

How did Equity Residential (EQR) perform financially in Q1 2026?

Equity Residential reported diluted EPS of $0.24 in Q1 2026, down from $0.67 a year earlier. Rental income grew to $779.8 million, and net income attributable to common shares reached $89.7 million, reflecting lower property sale gains but stable underlying operations.

What were Equity Residential’s Q1 2026 FFO and Normalized FFO per share?

In Q1 2026, Equity Residential generated FFO per share of $0.89, compared with $0.94 in Q1 2025. Normalized FFO per share increased to $0.99 from $0.95, supported by higher same store NOI and favorable corporate overhead and share repurchase impacts.

How did Equity Residential’s same store portfolio perform in Q1 2026?

For Q1 2026, Equity Residential’s same store revenues rose 2.2% and same store NOI increased 1.4% versus Q1 2025. Physical occupancy improved to 96.5%, and resident turnover fell to 7.8%, the lowest in the company’s history, indicating stable demand across the portfolio.

What share repurchases did Equity Residential complete in Q1 2026?

During Q1 2026, Equity Residential repurchased and retired approximately 3.5 million common shares at a weighted average price of $63.42. The aggregate purchase amount was about $219.4 million, funded with excess disposition proceeds from 2025 property sale activity.

Did Equity Residential change its dividend in 2026?

Yes. Equity Residential increased the annual dividend on its common shares to $2.81 per share in 2026. This represents a 1.4% increase over the 2025 annualized dividend and reflects the company’s approach to returning cash to shareholders through regular distributions.

What guidance did Equity Residential give for Q2 2026 earnings and FFO?

For Q2 2026, Equity Residential guided to diluted EPS of $0.28–$0.32, FFO per share of $0.97–$1.01, and Normalized FFO per share of $0.98–$1.02. The company expects higher residential same store NOI to offset somewhat higher interest expense and corporate overhead.

What is Equity Residential’s current debt profile and leverage?

As of March 31, 2026, Equity Residential had total debt of $8.34 billion with a weighted average interest rate of 3.78% and maturity of 6.3 years. Debt to adjusted total assets was 27.9%, and total unencumbered assets to unsecured debt stood at a strong 466.1%.

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