# EDGAR Filing Document

**Accession Number:** 0000906107
**File Stem:** 0000950170-25-091221
**Filing Date:** 2025-6
**Character Count:** 18375
**Document Hash:** 737a5f25b240e0c512533b5183b129a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-091221.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0000950170-25-091221

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20250626

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EQUITY RESIDENTIAL
- **CENTRAL INDEX KEY:** 0000906107
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 363877868
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12252
- **FILM NUMBER:** 251088874

**BUSINESS ADDRESS:**
- **STREET 1:** EQUITY RESIDENTIAL
- **STREET 2:** TWO NORTH RIVERSIDE PLAZA, SUITE 400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3129281178

**MAIL ADDRESS:**
- **STREET 1:** TWO NORTH RIVERSIDE PLAZA
- **STREET 2:** SUITE 400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EQUITY RESIDENTIAL PROPERTIES TRUST
- **DATE OF NAME CHANGE:** 19930524
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ERP OPERATING LTD PARTNERSHIP
- **CENTRAL INDEX KEY:** 0000931182
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 363894853
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-24920
- **FILM NUMBER:** 251088875

**BUSINESS ADDRESS:**
- **STREET 1:** TWO N RIVERSIDE PLZ
- **STREET 2:** STE 400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3124741300

**MAIL ADDRESS:**
- **STREET 1:** TWO N RIVERSIDE PLAZA
- **STREET 2:** SUITE 450
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## **FORM** 8-K

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**CURRENT REPORT**

Pursuant **to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** June 26, 2025<br>

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EQUITY RESIDENTIAL

**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| Maryland | 1-12252 | 13-3675988 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERP OPERATING LIMITED PARTNERSHIP<br>**(Exact name of Registrant as Specified in Its Charter)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERP OPERATING LIMITED PARTNERSHIP<br>**(Exact name of Registrant as Specified in Its Charter)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERP OPERATING LIMITED PARTNERSHIP<br>**(Exact name of Registrant as Specified in Its Charter)** |
| Illinois | 0-24920 | 36-3894853 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>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<br>

Not applicable

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

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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:

☐ 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))

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

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Shares of Beneficial Interest, $0.01 Par Value (Equity Residential) | EQR | The New York Stock Exchange |
| 7.57% Notes due August 15, 2026 <br>(ERP Operating Limited Partnership) | N/A | The New York Stock Exchange |

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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. ☐

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## **Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** 
On June 30, 2025, Equity Residential (the "Company") announced that Alexander Brackenridge, 61, its Executive Vice President and Chief Investment Officer since 2020, will step down from his role as Chief Investment Officer as of August 7, 2025 (the "Transition Date"), and retire from the Company at the end of 2025. The Company also announced that Mr. Brackenridge will be succeeded as Chief Investment Officer by Robert A. Garechana, currently Executive Vice President and Chief Financial Officer of the Company, effective as of the Transition Date. From the Transition Date through his retirement, Mr. Brackenridge shall serve as Executive Vice President – Investments, reporting directly to the Chief Executive Officer and assisting in the transition of his responsibilities to Mr. Garechana. The Company further announced that Bret D. McLeod has been appointed as Executive Vice President – Finance, reporting directly to the Chief Executive Officer effective July 22, 2025, and will succeed Mr. Garechana as Chief Financial Officer, effective as of the Transition Date.

Mr. Garechana, 46, has been Executive Vice President and Chief Financial Officer of the Company since September 2018. Mr. Garechana served as Senior Vice President of the Company from December 2012 to September 2018 and Treasurer of the Company from January 2008 to September 2018 and has held various positions within the Company's finance group since November 2004. The Company has not entered into any new compensation arrangements with Mr. Garechana in connection with this transition.

Mr. McLeod, 42, has served as Executive Vice President and Chief Financial Officer of Great Wolf Resorts, a family waterpark and entertainment company, since February 2024, where he is responsible for a wide range of activities, including financial reporting, treasury, capital markets, tax, procurement, risk, financial planning and analysis and strategy. Mr. McLeod served as Chief Financial Officer of Citycon (OMXH: CTY1S.HE), an owner of grocery-anchored shopping centers in Nordic countries, from August 2021 to January 2024. He was Co-Founder, Managing Partner and Chief Financial Officer of Lakewood Hotel Group, an investment firm that made hotel investments on behalf of institutional investment partners, from January 2019 to July 2021. Prior to forming Lakewood, Mr. McLeod spent nearly 15 years at Host Hotels & Resorts (NYSE: HST), a lodging REIT, where he last served as Senior Vice President, Treasurer, Head of Strategy and Investor Relations.

Pursuant to a Retirement Agreement entered into between Mr. Brackenridge and the Company on June 26, 2025, Mr. Brackenridge will be eligible to receive a cash bonus and equity grant in early 2026 for his 2025 service, determined by the Company's Board of Trustees at the same time and in the same manner as for the Company's other executive officers. Mr. Brackenridge will also be entitled to certain retirement benefits generally consistent with the "Rule of 70" benefits summarized in the Company's definitive proxy statement on Schedule 14A, filed with the Securities and Exchange Commission ("SEC") on April 15, 2025 (the "Proxy Statement"). No severance will be payable to Mr. Brackenridge in connection with his retirement.

In connection with his appointment as the Company's Executive Vice President and Chief Financial Officer, (i) Mr. McLeod's annual base salary will be $550,000, (ii) his target annual cash performance bonus will be $687,500, which will not be prorated, and (iii) his target annual performance equity grant will be $825,000, prorated for his service in 2025. His actual performance bonus and performance equity grant will be determined by the Company's Board of Trustees at the same time and in the same manner as for the Company's other executive officers under the Company's annual incentive plan. Mr. McLeod will also receive a retention equity award of restricted shares with a value of $1,250,000, which will cliff vest, in full, on the three-year anniversary of the grant date, subject to continuous employment provisions. Mr. McLeod will be a participant in the Company's Executive Severance Plan, which is summarized in the Proxy Statement. The Company will also enter into a Change in Control Agreement with Mr. McLeod in substantially the same form that the Company has entered into with its other executive officers and as summarized in the Proxy Statement and an Indemnification Agreement in substantially the same form that the Company has entered into with its other executive officers and trustees. The form of the Indemnification Agreement was filed as Exhibit 10.18 to the Company's Form 10-K for the year ended December 31, 2003, filed with the SEC on March 12, 2004.

Mr. McLeod was not appointed pursuant to any arrangement or understanding with any other person and has no family relationships with any trustee or executive officer of the Company. There are no transactions involving Mr. McLeod that would be required to be reported under Item 404(a) of Regulation S-K.

A copy of the press release announcing executive management team leadership transition plans is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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## **Item 9.01 Financial Statements and Exhibits.** 
**(d) Exhibits.**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [<u>Press Release, dated June 30, 2025, announcing executive management team leadership transition plans</u>](eqr-ex99_1.htm). |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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**SIGNATURES**

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

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| | |
|:---|:---|
|  | **EQUITY RESIDENTIAL** |
| Date: June 30, 2025 | By: <u>/s/ Scott J. Fenster</u> |
|  | Name: Scott J. Fenster |
|  | Its: Executive Vice President and General Counsel |
|  | **ERP OPERATING LIMITED PARTNERSHIP** |
|  | By: Equity Residential, its general partner |
| Date: June 30, 2025 | By: <u>/s/ Scott J. Fenster</u> |
|  | Name: Scott J. Fenster |
|  | Its: Executive Vice President and General Counsel |

---

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## Exhibit 99.1

**Exhibit 99.1**

![img201241695_0.jpg](img201241695_0.jpg)

**NEWS RELEASE -** FOR IMMEDIATE RELEASE

CONTACT:

Marty McKenna (312) 928-1901, mmckenna@eqr.com

June 30, 2025

**<u>Equity Residential Announces Executive Management Team Leadership Transition Plans</u>**

**Bob Garechana to become Chief Investment Officer; Bret McLeod joins as Chief Financial Officer; Alec Brackenridge to Retire as Chief Investment Officer**

**Chicago, IL – June 30, 2025 -** Equity Residential (NYSE: EQR) today announced changes to its executive management team.

**<u>Chief Investment Officer</u>**

Robert A. ("Bob") Garechana, 46, currently the Company's Executive Vice President and Chief Financial Officer ("CFO"), will assume the role of Executive Vice President and Chief Investment Officer ("CIO"). Alexander ("Alec") Brackenridge, 61, currently Executive Vice President and CIO, will transition to Executive Vice President – Investments and retire at the end of 2025. Mr. Garechana joined Equity Residential in 2004 and has served as the Company's CFO and a member of the Company's executive and investment committees since September 2018. Mr. Brackenridge joined the Company in 1993 and has served as CIO since September 2020.

**<u>Chief Financial Officer</u>**

Bret D. McLeod, 42, will join the Company in July 2025 as Executive Vice President - Finance and assume the Chief Financial Officer role on August 7, 2025. Mr. McLeod currently serves as Executive Vice President and CFO of Great Wolf Resorts. He is a seasoned senior financial executive with extensive experience in corporate strategy, capital markets, operations and investor relations at both public and private companies. Prior to Great Wolf, he served as CFO for Citycon, a publicly listed owner of Nordic shopping centers. Before that, he spent nearly 15 years at Host Hotels & Resorts (NASDAQ: HST), serving in positions of increasing responsibility, most recently as Senior Vice President, Treasurer, Head of Strategy & Investor Relations. Mr. McLeod has a BSBA in Finance and Management from Georgetown University and an MBA from Northwestern University's Kellogg School of Management.

"This is an exciting transition for Equity Residential that builds on our Company's history of thoughtful succession management. Bob has proven himself to be a talented and dynamic leader and we look forward to him continuing to advance our capital allocation strategy alongside the rest of our experienced investments team. We are also delighted to welcome Bret to Equity Residential. Bret brings a wealth of skills and experiences from outside the residential space to our Company and we look forward to him leading our finance team and advancing transformational initiatives across the Company," said Mark J. Parrell, Equity Residential's

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President and CEO. "I have been fortunate to call Alec a colleague and a friend for more than two decades. We are tremendously grateful to him for his many contributions to Equity Residential's success and wish him the very best in his retirement."

Ferguson Partners, a firm specializing in executive and board recruitment in the REIT industry, advised Equity Residential in recruiting Mr. McLeod for his new role.

**About Equity Residential**

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

**Forward-Looking Statements**

In addition to historical information, this press release contains forward-looking statements and information within the meaning of the federal securities laws. These statements are based on current expectations, estimates, projections and assumptions made by management. While Equity Residential's management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks, including, without limitation, changes in general market conditions, including the rate of job growth and cost of labor and construction material, the level of new multifamily construction and development, government regulations and competition. These and other risks and uncertainties are described under the heading "Risk Factors" in our Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC) and available on our website, www.equityapartments.com. Many of these uncertainties and risks are difficult to predict and beyond management's control. Forward-looking statements are not guarantees of future performance, results or events. Equity Residential assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

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