# EDGAR Filing Document

**Accession Number:** 0000906107
**File Stem:** 0001193125-26-197417
**Filing Date:** 2026-4
**Character Count:** 219905
**Document Hash:** fe9e08d6e11b9449e0f456ae83ac4ba2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-197417.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-197417

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 103

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12252
- **FILM NUMBER:** 26925892

**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:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-24920
- **FILM NUMBER:** 26925893

**BUSINESS ADDRESS:**
- **STREET 1:** TWO N RIVERSIDE PLZ
- **STREET 2:** STE 400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312 474-1300

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

?xml version='1.0' encoding='ASCII'? 10-Q

[<u>**Table of Contents**</u>](#tableofcontents)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM** 10-Q

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** **For the quarterly period ended** March 31, 2026

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** **For the transition period from to**

**Commission File Number:** 1-12252 **(Equity Residential)** 

**Commission File Number:** 0-24920 **(ERP Operating Limited Partnership)**

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

(**Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| Maryland **(Equity Residential)** | 13-3675988 **(Equity Residential)** |
| Illinois **(ERP Operating Limited Partnership)** | 36-3894853 **(ERP Operating Limited Partnership)** |
| **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |
| Two North Riverside Plaza**,** Chicago**,** Illinois 60606 | **(**312**)** 474-1300 |
| **(Address of principal executive offices) (Zip Code)** | **(Registrant's telephone number, including area code)** |

---

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,<br>$0.01 Par Value (Equity Residential) | EQR | New York Stock Exchange |
| 7.57% Notes due August 15, 2026<br>(ERP Operating Limited Partnership) | N/A | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Equity Residential Yes ☒ No ☐ ERP Operating Limited Partnership Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Equity Residential Yes ☒ No ☐ ERP Operating Limited Partnership Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Equity Residential:

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ |  |  |

---

l

ERP Operating Limited Partnership:

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
| 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.

Equity Residential ☐ ERP Operating Limited Partnership ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Equity Residential Yes ☐ No ☒ ERP Operating Limited Partnership Yes ☐ No ☒

The number of EQR Common Shares of Beneficial Interest, $0.01 par value, outstanding on April 24, 2026 was 374,671,735.

------

[<u>**Table of Contents**</u>](#tableofcontents)

**<u>EXPLANATORY NOTE</u>**

This report combines the reports on Form 10-Q for the quarterly period ended March 31, 2026 of Equity Residential and ERP Operating Limited Partnership. Unless stated otherwise or the context otherwise requires, references to "EQR" mean Equity Residential, a Maryland real estate investment trust ("REIT"), and references to "ERPOP" mean ERP Operating Limited Partnership, an Illinois limited partnership. References to the "Company," "we," "us" or "our" mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the "Operating Partnership" mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. The following chart illustrates the Company's and the Operating Partnership's corporate structure:

![img7605565_0.gif](img7605565_0.gif)

EQR is the general partner of, and as of March 31, 2026 owned an approximate 97.6% ownership interest in, ERPOP. The remaining 2.4% interest is owned by limited partners. As the sole general partner of ERPOP, EQR has exclusive control of ERPOP's day-to-day management. Management operates the Company and the Operating Partnership as one business. The management of EQR consists of the same members as the management of ERPOP.

The Company is structured as an umbrella partnership REIT ("UPREIT") and EQR contributes all net proceeds from its various equity offerings to ERPOP. In return for those contributions, EQR receives a number of OP Units (see definition below) in ERPOP equal to the number of Common Shares it has issued in the equity offering. The Company may acquire properties in transactions that include the issuance of OP Units as consideration for the acquired properties. Such transactions may, in certain circumstances, enable the sellers to defer in whole or in part, the recognition of taxable income or gain that might otherwise result from the sales. This is one of the reasons why the Company is structured in the manner shown above. Based on the terms of ERPOP's partnership agreement, OP Units can be exchanged with Common Shares on a one-for-one basis because the Company maintains a one-for-one relationship between the OP Units of ERPOP issued to EQR and the outstanding Common Shares.

The Company believes that combining the reports on Form 10-Q of EQR and ERPOP into this single report provides the following benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enhances investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

------

[<u>**Table of Contents**</u>](#tableofcontents)

The Company believes it is important to understand the few differences between EQR and ERPOP in the context of how EQR and ERPOP operate as a consolidated company. All of the Company's property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR's primary function is acting as the general partner of ERPOP. EQR also issues equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP. EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company's ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by EQR (which are contributed to the capital of ERPOP in exchange for additional partnership interests in ERPOP ("OP Units") (on a one-for-one Common Share per OP Unit basis) or additional preference units in ERPOP (on a one-for-one preferred share per preference unit basis)), the Operating Partnership generates all remaining capital required by the Company's business. These sources include the Operating Partnership's working capital, net cash provided by operating activities, borrowings under its revolving credit facility and/or commercial paper program, the issuance of secured and unsecured debt and partnership interests, and proceeds received from disposition of certain properties and joint venture interests.

Shareholders' equity, partners' capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The limited partners of the Operating Partnership are accounted for as partners' capital in the Operating Partnership's financial statements and as noncontrolling interests in the Company's financial statements. The noncontrolling interests in the Operating Partnership's financial statements include the interests of unaffiliated partners in various consolidated partnerships. The noncontrolling interests in the Company's financial statements include the same noncontrolling interests at the Operating Partnership level and limited partner OP Unit holders of the Operating Partnership. The differences between shareholders' equity and partners' capital result from differences in the equity issued at the Company and Operating Partnership levels.

To help investors understand the differences between the Company and the Operating Partnership, this report provides separate consolidated financial statements for the Company and the Operating Partnership; a single set of consolidated notes to such financial statements that includes separate discussions of each entity's debt, noncontrolling interests and shareholders' equity or partners' capital, as applicable; and a combined Management's Discussion and Analysis of Financial Condition and Results of Operations section that includes discrete information related to each entity.

This report also includes separate Part I, Item 4, *Controls and Procedures*, sections and separate Exhibits 31 and 32 certifications for each of the Company and the Operating Partnership in order to establish that the requisite certifications have been made and that the Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and 18 U.S.C. §1350.

In order to highlight the differences between the Company and the Operating Partnership, the separate sections in this report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership. In the sections that combine disclosure of the Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the Company is one business and the Company operates that business through the Operating Partnership.

As general partner with control of ERPOP, EQR consolidates ERPOP for financial reporting purposes, and EQR essentially has no assets or liabilities other than its investment in ERPOP. Therefore, the assets and liabilities of the Company and the Operating Partnership are the same on their respective financial statements. The separate discussions of the Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

------

[<u>**Table of Contents**</u>](#tableofcontents)

**TABLE OF** **CONTENTS**

---

| | |
|:---|:---|
|  | **PAGE** |
| **PART I.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 1. Financial Statements of Equity Residential:</u>](#consolidated_balance_sheets1) |  |
| &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;[<u>Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025</u>](#consolidated_balance_sheets1) | 2 |
| &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;[<u>Consolidated Statements of Operations and Comprehensive Income for the quarters ended March 31, 2026 and 2025</u>](#consolidated_statements_of_operations) | 3 |
| &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;[<u>Consolidated Statements of Cash Flows for the quarters ended March 31, 2026 and 2025</u>](#consolidated_statements_cash_flows) | 5 |
| &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;[<u>Consolidated Statements of Changes in Equity for the quarters ended March 31, 2026 and 2025</u>](#consolidated_statement_changes_in_equity) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Financial Statements of ERP Operating Limited Partnership</u>](#consolidated_balance_sheets)<u>:</u> |  |
| &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;[<u>Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025</u>](#consolidated_balance_sheets) | 10 |
| &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;[<u>Consolidated Statements of Operations and Comprehensive Income for the quarters ended March 31, 2026 and 2025</u>](#consolidated_statements_operations_compr) | 11 |
| &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;[<u>Consolidated Statements of Cash Flows for the quarters ended March 31, 2026 and 2025</u>](#erp_statements_cash_flows) | 13 |
| &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;[<u>Consolidated Statements of Changes in Capital for the quarters ended March 31, 2026 and 2025</u>](#consolidatedstatementchangesincapita) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Consolidated Financial Statements of Equity Residential and ERP Operating Limited Partnership</u>](#notes_to_consolidated) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion_analysis_f) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 3. Quantitative and Qualitative Disclosures about Market Risk</u>](#item_3_quantitative_qualitative_disclosu) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 4. Controls and Procedures</u>](#item_4_controls_procedures) | 42 |
| **PART II.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 1. Legal Proceedings</u>](#item_1_legal_proceedings) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 1A. Risk Factors</u>](#item_1a_risk_factors) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 2. Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_equity_securit) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 3. Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior_securities) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 4. Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 5. Other Information</u>](#item_5_or_information) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 6. Exhibits</u>](#item_6_exhibits_see_exhibit_index) | 44 |

---

------

[<u>**Table of Contents**</u>](#tableofcontents)

**EQUITY RESIDENTIAL**

**CONSOLIDATED BALANCE SHEETS**

**(Amounts in thousands except for share amounts)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **March 31,** | **December 31,** |
|  | **2026** | **2025** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $5573564 | $5563407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciable property | 24828057 | 24705540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Projects under development | 85966 | 100561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land held for development | 57919 | 86341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in real estate | 30545506 | 30455849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (11264396) | (11016900) |
| Investment in real estate, net | 19281110 | 19438949 |
| Investments in unconsolidated entities | 325566 | 325939 |
| Cash and cash equivalents | 34677 | 55904 |
| Restricted deposits | 104432 | 102950 |
| Right-of-use assets | 452318 | 454916 |
| Other assets | 319050 | 367365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**20517153** | $**20746023** |
| **LIABILITIES AND EQUITY** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage notes payable, net | $1590859 | $1589904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes, net | 6000230 | 5998458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Line of credit and commercial paper | 748417 | 586648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 141575 | 109165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | 52479 | 73860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 303813 | 304575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 306187 | 324616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Security deposits | 82306 | 82155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions payable | 269392 | 267508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **9495258** | **9336889** |
| Commitments and contingencies |  |  |
| **Redeemable Noncontrolling Interests – Operating Partnership** | **165420** | **176289** |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Shares of beneficial interest, $0.01 par value; <br> 100,000,000 shares authorized; 343,100 shares issued and<br> outstanding as of March 31, 2026 and December 31, 2025 | 17155 | 17155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shares of beneficial interest, $0.01 par value;<br> 1,000,000,000 shares authorized; 374,674,719 shares issued <br> and outstanding as of March 31, 2026 and 377,806,173<br> shares issued and outstanding as of December 31, 2025 | 3747 | 3778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | 9846857 | 9824460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 800704 | 1193931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 2460 | 2175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 10670923 | 11041499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling Interests: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership | 187137 | 192135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partially Owned Properties | (1585) | (789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Noncontrolling Interests | 185552 | 191346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | **10856475** | **11232845** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $**20517153** | $**20746023** |

---

See accompanying notes

------

[<u>**Table of Contents**</u>](#tableofcontents)

**EQUITY RESIDENTIAL**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

**(Amounts in thousands except per share data)** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
|  | **2026** | **2025** |
| **REVENUES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental income | $779846 | $760810 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and maintenance | 149656 | 143973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes and insurance | 117026 | 111752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management | 35141 | 35816 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 16865 | 18255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 247496 | 256746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 566184 | 566542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) on sales of real estate properties | (32) | 154152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other income | 2238 | 1692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | (40788) | (4156) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense incurred, net | (77370) | (72114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | (2145) | (2144) |
| Income before income and other taxes, income (loss) from<br> investments in unconsolidated entities and net gain (loss)<br> on sales of land parcels | 95565 | 271698 |
| Income and other tax (expense) benefit | (422) | (422) |
| Income (loss) from investments in unconsolidated entities | (2042) | (6411) |
| Net gain (loss) on sales of land parcels |  | (67) |
| Net income | 93101 | 264798 |
| Net (income) loss attributable to Noncontrolling Interests: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership | (1953) | (7102) |
| &nbsp;&nbsp;&nbsp;&nbsp;Partially Owned Properties | (1069) | (1104) |
| Net income attributable to controlling interests | 90079 | 256592 |
| Preferred distributions | (356) | (356) |
| Net income available to Common Shares | $89723 | $256236 |
| **Earnings per share – basic:** |  |  |
| Net income available to Common Shares | $0.24 | $0.68 |
| Weighted average Common Shares outstanding | 375643 | 379208 |
| **Earnings per share – diluted:** |  |  |
| Net income available to Common Shares | $0.24 | $0.67 |
| Weighted average Common Shares outstanding | 385108 | 391179 |

---

See accompanying notes

------

[<u>**Table of Contents**</u>](#tableofcontents)

**EQUITY RESIDENTIAL**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Continued)**

**(Amounts in thousands except per share data)** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
|  | **2026** | **2025** |
| Comprehensive income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $93101 | $264798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) – derivative instruments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding gains (losses) arising during the period |  | (1504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses reclassified into earnings from other comprehensive <br> income | 285 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | 285 | (818) |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income | 93386 | 263980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive (income) attributable to Noncontrolling Interests | (3028) | (8184) |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income attributable to controlling interests | $90358 | $255796 |

---

See accompanying notes

------

[<u>**Table of Contents**</u>](#tableofcontents)

**EQUITY RESIDENTIAL**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
|  | **2026** | **2025** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| Net income | $93101 | $264798 |
| *Adjustments to reconcile net income to net cash provided by operating activities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 247496 | 256746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 2145 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of discounts and premiums on debt | 1300 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred settlements on derivative instruments | 282 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | 3191 | 3189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of pursuit costs | 954 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Income) loss from investments in unconsolidated entities | 2042 | 6411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from unconsolidated entities – return on capital | 1515 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on sales of real estate properties | 32 | (154152) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on sales of land parcels |  | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized (gain) loss on investment securities |  | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation paid with Company Common Shares | 9600 | 10370 |
| *Changes in assets and liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | 31225 | 25405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accounts payable and accrued expenses | 31615 | 51306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued interest payable | (21381) | (23860) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in lease liabilities | (616) | (541) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in other liabilities | (2137) | (21564) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in security deposits | 151 | 1701 |
| Net cash provided by operating activities | 400515 | 425525 |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in real estate – development/other | (23674) | (30971) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures to real estate | (62002) | (61950) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-real estate capital additions | (1259) | (935) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest capitalized for real estate and unconsolidated entities under development | (2630) | (3922) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of real estate, net |  | 226749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated entities – development/other | (2590) | (32320) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from unconsolidated entities – return of capital |  | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investment securities |  | 359 |
| Net cash provided by (used for) investing activities | (92155) | 97341 |

---

See accompanying notes

------

[<u>**Table of Contents**</u>](#tableofcontents)

**EQUITY RESIDENTIAL**

**CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)**

**(Amounts in thousands)** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
|  | **2026** | **2025** |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Mortgage notes payable, net:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lump sum payoffs | $— | $(37940) |
| &nbsp;&nbsp;&nbsp;&nbsp;*Line of credit and commercial paper:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Line of credit proceeds | 1000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Line of credit repayments | (1000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial paper proceeds | 6855874 | 11238316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial paper repayments | (6694105) | (11477995) |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance ground lease principal payments | (739) | (735) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Employee Share Purchase Plan (ESPP) | 1086 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of options | 425 | 4360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Shares repurchased and retired | (219385) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities, net | (7) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions – Noncontrolling Interests – Operating Partnership |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Distributions:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shares | (261921) | (256401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Shares | (356) | (356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling Interests – Operating Partnership | (7119) | (8309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling Interests – Partially Owned Properties | (1858) | (3368) |
| Net cash provided by (used for) financing activities | (328105) | (541489) |
| Net increase (decrease) in cash and cash equivalents and restricted deposits | (19745) | (18623) |
| Cash and cash equivalents and restricted deposits, beginning of period | 158854 | 160166 |
| Cash and cash equivalents and restricted deposits, end of period | $139109 | $141543 |
| Cash and cash equivalents and restricted deposits, end of period |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $34677 | $39849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted deposits | 104432 | 101694 |
| Total cash and cash equivalents and restricted deposits, end of period | $139109 | $141543 |

---

See accompanying notes

------

[<u>**Table of Contents**</u>](#tableofcontents)

**EQUITY RESIDENTIAL**

**CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
|  | **2026** | **2025** |
| **SUPPLEMENTAL INFORMATION:** |  |  |
| Cash paid for interest, net of amounts capitalized | $90494 | $89541 |
| Net cash paid (received) for income and other taxes | $459 | $371 |
| *Amortization of deferred financing costs:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | $718 | $697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage notes payable, net | $256 | $355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes, net | $1171 | $1092 |
| *Amortization of discounts and premiums on debt:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage notes payable, net | $699 | $698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes, net | $601 | $613 |
| *Amortization of deferred settlements on derivative instruments:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | $(3) | $(3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | $285 | $686 |
| *Write-off of pursuit costs:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in real estate, net | $78 | $82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated entities | $676 | $1151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | $200 | $88 |
| *(Income) loss from investments in unconsolidated entities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated entities | $2030 | $6104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | $12 | $307 |
| *Realized/unrealized (gain) loss on derivative instruments:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | $— | $(555) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | $— | $2059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | $— | $(1504) |
| *Interest capitalized for real estate and unconsolidated entities under development:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in real estate, net | $(1372) | $(2404) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated entities | $(1258) | $(1518) |
| *Investments in unconsolidated entities – development/other:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated entities | $(2590) | $(31660) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | $— | $(660) |
| *Right-of-use assets and lease liabilities initial measurement and reclassifications:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets | $(593) | $(527) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | $593 | $527 |
| *Non-cash change in Supplemental Executive Retirement Plan (SERP) balances:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | $16165 | $16213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | $(16301) | $(16324) |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $136 | $111 |

---

See accompanying notes

------

[<u>**Table of Contents**</u>](#tableofcontents)

**EQUITY RESIDENTIAL**

**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

**(Amounts in thousands except per share data)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
|  | **2026** | **2025** |
| **<u>SHAREHOLDERS' EQUITY</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**PREFERRED SHARES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $17155 | $17155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $17155 | $17155 |
| &nbsp;&nbsp;&nbsp;&nbsp;**COMMON SHARES, $0.01 PAR VALUE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $3778 | $3795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of OP Units into Common Shares | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shares repurchased and retired | (35) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based employee compensation expense: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted shares | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $3747 | $3798 |
| &nbsp;&nbsp;&nbsp;&nbsp;**PAID IN CAPITAL** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $9824460 | $9611826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Share Issuance: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of OP Units into Common Shares | 1694 | 4406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise of share options | 425 | 4360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee Share Purchase Plan (ESPP) | 1086 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based employee compensation expense: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted shares | 7108 | 4436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share options | 1223 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESPP discount | 217 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Executive Retirement Plan (SERP) | 136 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in market value of Redeemable Noncontrolling Interests –<br> Operating Partnership | 8725 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for Noncontrolling Interests ownership in Operating<br> Partnership | 1783 | (5839) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $9846857 | $9622470 |
| &nbsp;&nbsp;&nbsp;&nbsp;**RETAINED EARNINGS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $1193931 | $1407570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to controlling interests | 90079 | 256592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Share distributions | (263600) | (263295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Share distributions | (356) | (356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shares repurchased and retired | (219350) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $800704 | $1400511 |
| &nbsp;&nbsp;&nbsp;&nbsp;**ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $2175 | $4214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) – derivative<br> instruments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding gains (losses) arising during the period |  | (1504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses reclassified into earnings from other comprehensive<br> income | 285 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $2460 | $3396 |
| &nbsp;&nbsp;&nbsp;&nbsp;**DISTRIBUTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions declared per Common Share outstanding | $0.7025 | $0.6925 |

---

See accompanying notes

------

[<u>**Table of Contents**</u>](#tableofcontents)

**EQUITY RESIDENTIAL**

**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)**

**(Amounts in thousands except per share data)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
|  | **2026** | **2025** |
| **<u>NONCONTROLLING INTERESTS</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**OPERATING PARTNERSHIP** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $192135 | $201942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of restricted units to Noncontrolling Interests |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of OP Units held by Noncontrolling Interests into OP<br> Units held by General Partner | (1695) | (4407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity compensation associated with Noncontrolling Interests | 1707 | 5101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Noncontrolling Interests | 1953 | 7102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Noncontrolling Interests | (7324) | (8600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in book value of Redeemable Noncontrolling Interests –<br> Operating Partnership | 2144 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for Noncontrolling Interests ownership in Operating<br> Partnership | (1783) | 5839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $187137 | $207090 |
| &nbsp;&nbsp;&nbsp;&nbsp;**PARTIALLY OWNED PROPERTIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $(789) | $(718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Noncontrolling Interests | 1069 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Noncontrolling Interests | (1865) | (3375) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $(1585) | $(2989) |

---

See accompanying notes

------

[<u>**Table of Contents**</u>](#tableofcontents)

**ERP OPERATING LIMITED PARTNERSHIP**

**CONSOLIDATED BALANCE SHEETS**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **March 31,** | **December 31,** |
|  | **2026** | **2025** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $5573564 | $5563407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciable property | 24828057 | 24705540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Projects under development | 85966 | 100561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land held for development | 57919 | 86341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in real estate | 30545506 | 30455849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (11264396) | (11016900) |
| Investment in real estate, net | 19281110 | 19438949 |
| Investments in unconsolidated entities | 325566 | 325939 |
| Cash and cash equivalents | 34677 | 55904 |
| Restricted deposits | 104432 | 102950 |
| Right-of-use assets | 452318 | 454916 |
| Other assets | 319050 | 367365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**20517153** | $**20746023** |
| **LIABILITIES AND CAPITAL** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage notes payable, net | $1590859 | $1589904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes, net | 6000230 | 5998458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Line of credit and commercial paper | 748417 | 586648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 141575 | 109165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | 52479 | 73860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 303813 | 304575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 306187 | 324616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Security deposits | 82306 | 82155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions payable | 269392 | 267508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **9495258** | **9336889** |
| Commitments and contingencies |  |  |
| **Redeemable Limited Partners** | **165420** | **176289** |
| Capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' Capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preference Units | 17155 | 17155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Partner | 10651308 | 11022169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Partners | 187137 | 192135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 2460 | 2175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total partners' capital | 10858060 | 11233634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling Interests – Partially Owned Properties | (1585) | (789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total capital** | **10856475** | **11232845** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and capital** | $**20517153** | $**20746023** |

---

See accompanying notes

------

[<u>**Table of Contents**</u>](#tableofcontents)

**ERP OPERATING LIMITED PARTNERSHIP**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

**(Amounts in thousands except per Unit data)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
|  | **2026** | **2025** |
| **REVENUES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental income | $779846 | $760810 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and maintenance | 149656 | 143973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes and insurance | 117026 | 111752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management | 35141 | 35816 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 16865 | 18255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 247496 | 256746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 566184 | 566542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) on sales of real estate properties | (32) | 154152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other income | 2238 | 1692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | (40788) | (4156) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense incurred, net | (77370) | (72114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | (2145) | (2144) |
| Income before income and other taxes, income (loss) from<br> investments in unconsolidated entities and net gain (loss)<br> on sales of land parcels | 95565 | 271698 |
| Income and other tax (expense) benefit | (422) | (422) |
| Income (loss) from investments in unconsolidated entities | (2042) | (6411) |
| Net gain (loss) on sales of land parcels |  | (67) |
| Net income | 93101 | 264798 |
| Net (income) loss attributable to Noncontrolling Interests – Partially Owned<br> Properties | (1069) | (1104) |
| Net income attributable to controlling interests | $92032 | $263694 |
| **ALLOCATION OF NET INCOME:** |  |  |
| Preference Units | $356 | $356 |
| General Partner | $89723 | $256236 |
| Limited Partners | 1953 | 7102 |
| Net income available to Units | $91676 | $263338 |
| **Earnings per Unit – basic:** |  |  |
| Net income available to Units | $0.24 | $0.68 |
| Weighted average Units outstanding | 383819 | 389719 |
| **Earnings per Unit – diluted:** |  |  |
| Net income available to Units | $0.24 | $0.67 |
| Weighted average Units outstanding | 385108 | 391179 |

---

See accompanying notes

------

[<u>**Table of Contents**</u>](#tableofcontents)

**ERP OPERATING LIMITED PARTNERSHIP**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Continued)**

**(Amounts in thousands except per Unit data)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
|  | **2026** | **2025** |
| Comprehensive income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $93101 | $264798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) – derivative instruments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding gains (losses) arising during the period |  | (1504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses reclassified into earnings from other comprehensive <br> income | 285 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | 285 | (818) |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income | 93386 | 263980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive (income) attributable to Noncontrolling Interests –<br> Partially Owned Properties | (1069) | (1104) |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income attributable to controlling interests | $92317 | $262876 |

---

See accompanying notes

------

[<u>**Table of Contents**</u>](#tableofcontents)

**ERP OPERATING LIMITED PARTNERSHIP**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
|  | **2026** | **2025** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| Net income | $93101 | $264798 |
| *Adjustments to reconcile net income to net cash provided by operating activities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 247496 | 256746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 2145 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of discounts and premiums on debt | 1300 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred settlements on derivative instruments | 282 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | 3191 | 3189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of pursuit costs | 954 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Income) loss from investments in unconsolidated entities | 2042 | 6411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from unconsolidated entities – return on capital | 1515 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on sales of real estate properties | 32 | (154152) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on sales of land parcels |  | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized (gain) loss on investment securities |  | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation paid with Company Common Shares | 9600 | 10370 |
| *Changes in assets and liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | 31225 | 25405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accounts payable and accrued expenses | 31615 | 51306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued interest payable | (21381) | (23860) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in lease liabilities | (616) | (541) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in other liabilities | (2137) | (21564) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in security deposits | 151 | 1701 |
| Net cash provided by operating activities | 400515 | 425525 |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in real estate – development/other | (23674) | (30971) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures to real estate | (62002) | (61950) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-real estate capital additions | (1259) | (935) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest capitalized for real estate and unconsolidated entities under development | (2630) | (3922) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of real estate, net |  | 226749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated entities – development/other | (2590) | (32320) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from unconsolidated entities – return of capital |  | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investment securities |  | 359 |
| Net cash provided by (used for) investing activities | (92155) | 97341 |

---

See accompanying notes

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[<u>**Table of Contents**</u>](#tableofcontents)

**ERP OPERATING LIMITED PARTNERSHIP**

**CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
|  | **2026** | **2025** |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Mortgage notes payable, net:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lump sum payoffs | $— | $(37940) |
| &nbsp;&nbsp;&nbsp;&nbsp;*Line of credit and commercial paper:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Line of credit proceeds | 1000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Line of credit repayments | (1000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial paper proceeds | 6855874 | 11238316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial paper repayments | (6694105) | (11477995) |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance ground lease principal payments | (739) | (735) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from EQR's Employee Share Purchase Plan (ESPP) | 1086 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of EQR options | 425 | 4360 |
| &nbsp;&nbsp;&nbsp;&nbsp;OP Units repurchased and retired | (219385) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities, net | (7) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions – Limited Partners |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Distributions:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OP Units – General Partner | (261921) | (256401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preference Units | (356) | (356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OP Units – Limited Partners | (7119) | (8309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling Interests – Partially Owned Properties | (1858) | (3368) |
| Net cash provided by (used for) financing activities | (328105) | (541489) |
| Net increase (decrease) in cash and cash equivalents and restricted deposits | (19745) | (18623) |
| Cash and cash equivalents and restricted deposits, beginning of period | 158854 | 160166 |
| Cash and cash equivalents and restricted deposits, end of period | $139109 | $141543 |
| Cash and cash equivalents and restricted deposits, end of period |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $34677 | $39849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted deposits | 104432 | 101694 |
| Total cash and cash equivalents and restricted deposits, end of period | $139109 | $141543 |

---

See accompanying notes

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[<u>**Table of Contents**</u>](#tableofcontents)

**ERP OPERATING LIMITED PARTNERSHIP**

**CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
|  | **2026** | **2025** |
| **SUPPLEMENTAL INFORMATION:** |  |  |
| Cash paid for interest, net of amounts capitalized | $90494 | $89541 |
| Net cash paid (received) for income and other taxes | $459 | $371 |
| *Amortization of deferred financing costs:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | $718 | $697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage notes payable, net | $256 | $355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes, net | $1171 | $1092 |
| *Amortization of discounts and premiums on debt:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage notes payable, net | $699 | $698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes, net | $601 | $613 |
| *Amortization of deferred settlements on derivative instruments:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | $(3) | $(3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | $285 | $686 |
| *Write-off of pursuit costs:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in real estate, net | $78 | $82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated entities | $676 | $1151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | $200 | $88 |
| *(Income) loss from investments in unconsolidated entities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated entities | $2030 | $6104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | $12 | $307 |
| *Realized/unrealized (gain) loss on derivative instruments:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | $— | $(555) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | $— | $2059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | $— | $(1504) |
| *Interest capitalized for real estate and unconsolidated entities under development:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in real estate, net | $(1372) | $(2404) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated entities | $(1258) | $(1518) |
| *Investments in unconsolidated entities – development/other:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated entities | $(2590) | $(31660) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | $— | $(660) |
| *Right-of-use assets and lease liabilities initial measurement and reclassifications:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets | $(593) | $(527) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | $593 | $527 |
| *Non-cash change in Supplemental Executive Retirement Plan (SERP) balances:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | $16165 | $16213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | $(16301) | $(16324) |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $136 | $111 |

---

See accompanying notes

------

[<u>**Table of Contents**</u>](#tableofcontents)

**ERP OPERATING LIMITED PARTNERSHIP** 

**CONSOLIDATED STATEMENTS** **OF CHANGES IN CAPITAL**

**(Amounts in thousands except per Unit data)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
|  | **2026** | **2025** |
| **<u>PARTNERS' CAPITAL</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**PREFERENCE UNITS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $17155 | $17155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $17155 | $17155 |
| &nbsp;&nbsp;&nbsp;&nbsp;**GENERAL PARTNER** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $11022169 | $11023191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OP Unit Issuance: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of OP Units held by Limited Partners into OP Units<br> held by General Partner | 1695 | 4407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise of EQR share options | 425 | 4360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQR's Employee Share Purchase Plan (ESPP) | 1086 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based employee compensation expense: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQR restricted shares | 7111 | 4438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQR share options | 1223 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQR ESPP discount | 217 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OP Units repurchased and retired | (219385) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income available to Units – General Partner | 89723 | 256236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OP Units – General Partner distributions | (263600) | (263295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Executive Retirement Plan (SERP) | 136 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in market value of Redeemable Limited Partners | 8725 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for Limited Partners ownership in Operating Partnership | 1783 | (5839) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $10651308 | $11026779 |
| &nbsp;&nbsp;&nbsp;&nbsp;**LIMITED PARTNERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $192135 | $201942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of restricted units to Limited Partners |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of OP Units held by Limited Partners into OP Units held<br> by General Partner | (1695) | (4407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity compensation associated with Units – Limited Partners | 1707 | 5101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income available to Units – Limited Partners | 1953 | 7102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units – Limited Partners distributions | (7324) | (8600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in book value of Redeemable Limited Partners | 2144 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for Limited Partners ownership in Operating Partnership | (1783) | 5839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $187137 | $207090 |
| &nbsp;&nbsp;&nbsp;&nbsp;**ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $2175 | $4214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) – derivative<br> instruments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding gains (losses) arising during the period |  | (1504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses reclassified into earnings from other comprehensive<br> income | 285 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $2460 | $3396 |
| &nbsp;&nbsp;&nbsp;&nbsp;**DISTRIBUTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions declared per Unit outstanding | $0.7025 | $0.6925 |

---

See accompanying notes

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[<u>**Table of Contents**</u>](#tableofcontents)

**ERP OPERATING LIMITED PARTNERSHIP**

**CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Continued)**

**(Amounts in thousands except per Unit data)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
|  | **2026** | **2025** |
| **<u>NONCONTROLLING INTERESTS</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**NONCONTROLLING INTERESTS – PARTIALLY OWNED<br> PROPERTIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $(789) | $(718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Noncontrolling Interests | 1069 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Noncontrolling Interests | (1865) | (3375) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $(1585) | $(2989) |

---

See accompanying notes

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[<u>**Table of Contents**</u>](#tableofcontents)

**EQUITY RESIDENTIAL**

**ERP OPERATING LIMITED PARTNERSHIP** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**1.** **Business**

Equity Residential ("EQR") is an S&P 500 company that owns and manages rental properties in dynamic metro areas across the U.S., a business that is conducted on its behalf by ERP Operating Limited Partnership ("ERPOP"). EQR is a Maryland real estate investment trust ("REIT") formed in March 1993 and ERPOP is an Illinois limited partnership formed in May 1993. References to the "Company," "we," "us" or "our" mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the "Operating Partnership" mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership.

EQR is the general partner of, and as of March 31, 2026 owned an approximate 97.6% ownership interest in, ERPOP. All of the Company's property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR issues equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company's ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity.

As of March 31, 2026, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 312 properties located in 10 states and the District of Columbia consisting of 85,211 apartment units. The ownership breakdown includes (table does not include any uncompleted development properties):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Properties** | **Properties** | **Apartment Units** | **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 |

---

**2.** **Summary of Significant Accounting Policies**

*Basis of Presentation*

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Operating results for the quarter ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

In preparation of the Company's financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

The balance sheets at December 31, 2025 have been derived from the audited financial statements at that date but do not include all of the information and footnotes required by GAAP for complete financial statements.

For further information, including definitions of capitalized terms not defined herein, refer to the consolidated financial statements and footnotes thereto included in the Company's and the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2025.

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[<u>**Table of Contents**</u>](#tableofcontents)

*Income and Other Taxes*

EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary ("TRS") status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses.

*Recent Accounting Pronouncements*

In December 2025, the Financial Accounting Standards Board ("FASB") issued an amendment to the interim reporting standards which is intended to improve the navigability of the required interim reporting disclosures and clarify when that guidance is applicable. The update provides a comprehensive list of interim disclosures required under GAAP and incorporates a disclosure principle that requires disclosures at interim periods when an event or change that has a material effect on an entity has occurred since the previous year end. The standard will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of the new rules on its disclosures.

In November 2024, the FASB issued a new standard on disaggregation of income statement expenses, which requires an entity to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items in a tabular format in the notes to the financial statements. The standard will be effective for annual reporting periods beginning after December 15, 2026 and for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of the new rules on its disclosures.

In December 2023, the FASB issued an amendment to the income tax standards which requires disclosure enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The Company adopted the standard when effective for annual periods beginning January 1, 2025 on a prospective basis. Due to the nature of the Company's operations and the immaterial amount of income taxes incurred/paid due to its status as a REIT, adoption of the standard had no impact on its disclosures. See the *Income and Other Taxes* section above for additional discussion.

In November 2023, the FASB issued an amendment to the segment reporting standards which requires disclosure for each reportable segment, on an interim and annual basis, of the significant expense categories and amounts that are regularly provided to the chief operating decision maker and included in each reported measure of a segment's profit or loss. Additionally, it requires disclosure of the title and position of the individual or the name of the group or committee identified as the chief operating decision maker. The Company adopted the standard when effective for annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025 on a retrospective basis. See Note 12 for further discussion.

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[<u>**Table of Contents**</u>](#tableofcontents)

**3.** **Equity, Capital and Other Interests**

The Company refers to "Common Shares" and "Units" (which refer to both OP Units and restricted units) as equity securities for EQR and "General Partner Units" and "Limited Partner Units" as equity securities for ERPOP. To provide a streamlined and more readable presentation of the disclosures for the Company and the Operating Partnership, several sections below refer to the respective terminology for each with the same financial information and separate sections are provided, where needed, to further distinguish any differences in financial information and terminology.

The following table presents the changes in the Company's issued and outstanding Common Shares and Units for the quarters ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| **<u>Common Shares</u>** |  |  |
| Common Shares outstanding at January 1, | 377806173 | 379475383 |
| <u>Common Shares Issued:</u> |  |  |
| Conversion of OP Units | 29282 | 107399 |
| Exercise of share options | 6994 | 67804 |
| Employee Share Purchase Plan (ESPP) | 20644 | 15062 |
| Restricted share grants, net | 270020 | 175030 |
| <u>Common Shares Other:</u> |  |  |
| Repurchased and retired | (3458394) |  |
| **Common Shares outstanding at March 31,** | **374674719** | **379840678** |
| **<u>Units</u>** |  |  |
| Units outstanding at January 1, | 9325363 | 11543773 |
| Restricted unit grants, net | 29467 | 286898 |
| Conversion of OP Units to Common Shares | (29282) | (107399) |
| **Units outstanding at March 31,** | **9325548** | **11723272** |
| **Total Common Shares and Units outstanding at March 31,** | **384000267** | **391563950** |
| Units Ownership Interest in Operating Partnership | 2.4% | 3.0% |

---

The following table presents the changes in the Operating Partnership's issued and outstanding General Partner Units and Limited Partner Units for the quarters ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| **<u>General and Limited Partner Units</u>** |  |  |
| General and Limited Partner Units outstanding at January 1, | 387131536 | 391019156 |
| <u>Issued to General Partner:</u> |  |  |
| Exercise of EQR share options | 6994 | 67804 |
| EQR's Employee Share Purchase Plan (ESPP) | 20644 | 15062 |
| EQR's restricted share grants, net | 270020 | 175030 |
| <u>Issued to Limited Partners:</u> |  |  |
| Restricted unit grants, net | 29467 | 286898 |
| <u>General Partner Other:</u> |  |  |
| OP Units repurchased and retired | (3458394) |  |
| **General and Limited Partner Units outstanding at March 31,** | **384000267** | **391563950** |
| **<u>Limited Partner Units</u>** |  |  |
| Limited Partner Units outstanding at January 1, | 9325363 | 11543773 |
| Limited Partner restricted unit grants, net | 29467 | 286898 |
| Conversion of Limited Partner OP Units to EQR Common Shares | (29282) | (107399) |
| **Limited Partner Units outstanding at March 31,** | **9325548** | **11723272** |
| Limited Partner Units Ownership Interest in Operating Partnership | 2.4% | 3.0% |

---

The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of restricted units, are collectively referred to as the "Noncontrolling Interests – Operating Partnership" and "Limited Partners Capital," respectively, for the Company and the Operating Partnership. Subject to certain exceptions (including the "book-up" requirements of restricted units), the Noncontrolling Interests – Operating Partnership/Limited Partners Capital may exchange their Units with EQR for Common Shares on a one-for-one basis. The book value of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital (including redeemable interests) is allocated based on

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[<u>**Table of Contents**</u>](#tableofcontents)

the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total plus the total number of Common Shares/General Partner Units. Net income is allocated to the Noncontrolling Interests – Operating Partnership/Limited Partners Capital based on the weighted average ownership percentage during the period.

The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Noncontrolling Interests – Operating Partnership/Limited Partners Capital requesting an exchange of their Noncontrolling Interests – Operating Partnership/Limited Partners Capital with EQR. Once the Operating Partnership elects not to redeem the Noncontrolling Interests – Operating Partnership/Limited Partners Capital for cash, EQR is obligated to deliver Common Shares to the exchanging holder of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital.

The Noncontrolling Interests – Operating Partnership/Limited Partners Capital are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Noncontrolling Interests – Operating Partnership/Limited Partners Capital are differentiated and referred to as "Redeemable Noncontrolling Interests – Operating Partnership" and "Redeemable Limited Partners," respectively. Instruments that require settlement in registered shares cannot be classified in permanent equity as it is not always completely within an issuer's control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are adjusted to the greater of book value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital that are classified in permanent equity at March 31, 2026 and December 31, 2025.

The book value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is allocated based on the number of Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total. Such percentage of the total book value of Units/Limited Partner Units which is ascribed to the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is then adjusted to the greater of book value or fair market value as described above. As of March 31, 2026 and 2025, the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners have a redemption value of approximately $165.4 million and $337.7 million, respectively, which represents the value of Common Shares that would be issued in exchange for the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners.

The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners for the quarters ended March 31, 2026 and 2025, respectively (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| Balance at January 1, | $176289 | $338563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in market value | (8725) | (755) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in book value | (2144) | (109) |
| Balance at March 31, | $165420 | $337699 |

---

Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings and proceeds from exercise of options for Common Shares are contributed by EQR to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the Preferred Shares issued in the equity offering). As a result, the net proceeds from Common Shares and Preferred Shares are allocated for the Company between shareholders' equity and Noncontrolling Interests – Operating Partnership and for the Operating Partnership between General Partner's Capital and Limited Partners Capital to account for the change in their respective percentage ownership of the underlying equity.

The Company's declaration of trust authorizes it to issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share (the "Preferred Shares"), with specific rights, preferences and other attributes as the Board of Trustees may determine, which may include preferences, powers and rights that are senior to the rights of holders of the Company's Common Shares.

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[<u>**Table of Contents**</u>](#tableofcontents)

The following table presents the Company's issued and outstanding Preferred Shares/Preference Units as of March 31, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Amounts in thousands** | **Amounts in thousands** |
|  |  | **Annual** |  |  |
|  | **Call** | **Dividend Per** | **March 31,** | **December 31,** |
|  | **Date (1)** | **Share/Unit (2)** | **2026** | **2025** |
| Preferred Shares/Preference Units of beneficial interest, $0.01 par value;<br> 100,000,000 shares authorized: |  |  |  |  |
| 8.29% Series K Cumulative Redeemable Preferred Shares/Preference <br> Units; liquidation value $50 per share/unit; 343,100 shares/units issued<br> and outstanding as of March 31, 2026 and December 31, 2025 | 12/10/2026 | $4.145 | $17155 | $17155 |
|  |  |  | $17155 | $17155 |

---

(1)On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any.

(2)Dividends on Preferred Shares/Preference Units are payable quarterly.

*Other*

EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC in May 2025 and expires in May 2028. Per the terms of ERPOP's partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis).

The Company has an At-The-Market ("ATM") share offering program which allows EQR to issue Common Shares from time to time into the existing trading market at current market prices or through negotiated transactions, including under forward sale arrangements. The current program matures in May 2028 and gives us the authority to issue up to 13.0 million shares, all of which remain available for issuance as of March 31, 2026.

During the quarter ended March 31, 2026, the Company repurchased and subsequently retired approximately $219.4 million (3,458,394 shares at a weighted average price per share of $63.42) of its Common Shares in the open market under its share repurchase program. Concurrent with these transactions, ERPOP repurchased and retired the same amount of OP Units previously issued to EQR. As of March 31, 2026, 8,156,451 shares remained available for repurchase under this program.

**4.** **Real Estate** 

The following table summarizes the carrying amounts for the Company's investment in real estate (at cost) as of March 31, 2026 and December 31, 2025 (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Land | $5573564 | $5563407 |
| Depreciable property: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 21130692 | 21057954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Furniture, fixtures and equipment | 3124249 | 3074470 |
| &nbsp;&nbsp;&nbsp;&nbsp;In-Place lease intangibles | 573116 | 573116 |
| Projects under development: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | 31539 | 19278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction-in-progress | 54427 | 81283 |
| Land held for development: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | 42538 | 64856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction-in-progress | 15381 | 21485 |
| Investment in real estate | 30545506 | 30455849 |
| Accumulated depreciation | (11264396) | (11016900) |
| Investment in real estate, net | $19281110 | $19438949 |

---

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[<u>**Table of Contents**</u>](#tableofcontents)

**5.** **Investments in Partially Owned Entities**

The Company has invested in various entities with unrelated third parties which are either consolidated or accounted for under the equity method of accounting (unconsolidated).

*Consolidated Variable Interest Entities ("VIEs")*

In accordance with accounting standards for consolidation of VIEs, the Company consolidates ERPOP on EQR's financial statements. As the sole general partner of ERPOP, EQR has exclusive control of ERPOP's day-to-day management. The limited partners are not able to exercise substantive kick-out or participating rights. As a result, ERPOP qualifies as a VIE. EQR has a controlling financial interest in ERPOP and, thus, is ERPOP's primary beneficiary. EQR has the power to direct the activities of ERPOP that most significantly impact ERPOP's economic performance as well as the obligation to absorb losses or the right to receive benefits from ERPOP that could potentially be significant to ERPOP.

The Company has various equity interests in certain joint ventures that have been deemed to be VIEs, and the Company is the VIEs' primary beneficiary. As a result, the joint ventures are required to be consolidated on the Company's financial statements. The following table summarizes the Company's consolidated joint ventures as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | **Consolidated Joint Ventures (VIE)** | **Consolidated Joint Ventures (VIE)** |  |
|  | **Properties/Projects** | **Apartment Units** |  |
| Operating Properties | 12 | 2656 |  |
| Projects Under Development (1) | 1 | 440 | (2) |
| Total | 13 | 3096 |  |

---

(1)Represents separate consolidated joint ventures for the purpose of developing multifamily rental properties.

(2)Represents the intended number of apartment units to be developed.

The following table provides consolidated assets and liabilities related to the Company's VIEs as of March 31, 2026 and December 31, 2025 (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Consolidated Assets | $594532 | $596013 |
| Consolidated Liabilities | $45594 | $46821 |

---

*Investments in Unconsolidated Entities*

The Company has various equity interests in certain joint ventures that are unconsolidated and accounted for using the equity method of accounting. Most of these have been deemed to be VIEs and the Company is not the VIEs' primary beneficiary. The remaining have been deemed not to be VIEs and the Company does not have a controlling voting interest.

The following table summarizes the Company's investments in unconsolidated entities as of March 31, 2026 and December 31, 2025 (amounts in thousands except for ownership percentage):

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** | **Ownership Percentage** |
| Investments in Unconsolidated Entities: |  |  |  |
| &nbsp;&nbsp;Various Real Estate Holdings (VIE) | $33954 | $34356 | Varies |
| &nbsp;&nbsp;Operating Properties (VIE) | 114105 | 115180 | 62% - 80% (1) |
| &nbsp;&nbsp;Development and Lease-Up Projects and Land Held for Development (VIE) | 146802 | 146247 | 95% (1) |
| &nbsp;&nbsp;Real Estate Technology Funds/Companies (VIE) | 30972 | 30420 | Varies |
| &nbsp;&nbsp;Other | (267) | (264) | Varies |
| Investments in Unconsolidated Entities | $325566 | $325939 |  |

---

(1)In certain instances, the joint venture agreements contain provisions for promoted interests in favor of our joint venture partner. If the terms of the promoted interest are attained, then our share of the proceeds from a sale or other capital event of the unconsolidated entity may be less than the indicated ownership percentage.

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[<u>**Table of Contents**</u>](#tableofcontents)

The following table summarizes the Company's unconsolidated real estate joint ventures that were deemed to be VIEs as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | **Unconsolidated Joint Ventures (VIE)** | **Unconsolidated Joint Ventures (VIE)** |  |
|  | **Properties/Projects/Entities** | **Apartment Units** |  |
| Operating Properties | 3 | 1016 |  |
| Real Estate Holdings (1) | 3 |  |  |
| Projects Under Development (2) | 2 | 639 | (3) |
| Total | 8 | 1655 |  |

---

(1)Represents entities that hold various real estate investments.

(2)Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties.

(3)Represents the intended number of apartment units to be developed.

**6.** **Restricted Deposits**

The following table presents the Company's restricted deposits as of March 31, 2026 and December 31, 2025 (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Mortgage escrow deposits: |  |  |
| &nbsp;&nbsp;Real estate taxes and insurance | $141 | $198 |
| &nbsp;&nbsp;Mortgage principal reserves/sinking funds | 35593 | 33143 |
| Mortgage escrow deposits | 35734 | 33341 |
| Restricted cash: |  |  |
| &nbsp;&nbsp;Restricted deposits on real estate investments | 4806 | 5483 |
| &nbsp;&nbsp;Resident security and utility deposits | 47564 | 48533 |
| &nbsp;&nbsp;Replacement reserves | 13538 | 12803 |
| &nbsp;&nbsp;Other | 2790 | 2790 |
| Restricted cash | 68698 | 69609 |
| Restricted deposits | $104432 | $102950 |

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[<u>**Table of Contents**</u>](#tableofcontents)

**7.** **Leases**

***Lessor Accounting***

The Company is the lessor for its residential and non-residential leases and these leases are accounted for as operating leases under the lease standard.

The following table presents the lease income types relating to total lease revenue along with the total other rental income for the quarters ended March 31, 2026 and 2025 (amounts in thousands):

---

| | | |
|:---|:---|:---|
| **Income Type** | **March 31, 2026** | **March 31, 2025** |
| &nbsp;&nbsp;Residential and non-residential rent | $711957 | $697109 |
| &nbsp;&nbsp;Utility recoveries (RUBS income) (1) | 26994 | 25498 |
| &nbsp;&nbsp;Parking rent | 12122 | 12263 |
| &nbsp;&nbsp;Other lease revenue, net (2) | 6157 | 2287 |
| Total lease revenue | 757230 | 737157 |
| &nbsp;&nbsp;Parking revenue | 10644 | 10674 |
| &nbsp;&nbsp;Other revenue | 11972 | 12979 |
| Total other rental income (3) | 22616 | 23653 |
| Rental income | $779846 | $760810 |

---

(1)RUBS income primarily consists of variable payments representing the recovery of utility costs from residents.

(2)Other lease revenue consists of the revenue adjustment related to bad debt, service fees, pet rent and other miscellaneous lease revenue.

(3)Other rental income is accounted for under the revenue recognition standard and primarily consists of third-party transient parking revenue, termination settlement income and ancillary income such as cable and laundry revenue and renters insurance.

**8.** **Debt**

EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. Weighted average interest rates noted below for the quarter ended March 31, 2026 include the effect of any derivative instruments and amortization of premiums/discounts/OCI (other comprehensive income) on debt and derivatives.

*Mortgage Notes Payable*

The following table summarizes the Company's mortgage notes payable activity for the quarter ended March 31, 2026 (amounts in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mortgage notes <br>payable, net as of <br>December 31, 2025** | **Proceeds** | **Lump sum <br>payoffs** | **Scheduled <br>principal <br>repayments** | **Amortization <br>of premiums/<br>discounts** | **Amortization <br>of deferred <br>financing <br>costs, net (1)** | **Mortgage notes <br>payable, net as of <br>March 31, 2026** |
| Fixed Rate Debt: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Secured – Conventional | $1403671 | $— | $— | $— | $392 | $221 | $1404284 |
| Floating Rate Debt: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Secured – Tax Exempt | 186233 |  |  |  | 307 | 35 | 186575 |
| Total | $1589904 | $— | $— | $— | $699 | $256 | $1590859 |

---

(1)Represents amortization of deferred financing costs, net of debt financing costs.

The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2026:

---

| | |
|:---|:---|
|  | **March 31, 2026** |
| Interest Rate Ranges (ending) | 0.10% - 5.25% |
| Weighted Average Interest Rate | 3.68% |
| Maturity Date Ranges | 2029-2061 |

---

As of March 31, 2026, the Company had $195.9 million of secured tax-exempt bonds subject to third-party credit enhancement.

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[<u>**Table of Contents**</u>](#tableofcontents)

*Notes*

The following table summarizes the Company's notes activity for the quarter ended March 31, 2026 (amounts in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Notes, net as of <br>December 31, 2025** | **Proceeds** | **Lump sum <br>payoffs** | **Amortization <br>of premiums/<br>discounts** | **Amortization <br>of deferred <br>financing <br>costs, net (1)** | **Notes, net as of <br>March 31, 2026** |
| Fixed Rate Debt: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured – Public | $5998458 | $— | $— | $601 | $1171 | $6000230 |

---

(1)Represents amortization of deferred financing costs, net of debt financing costs.

The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2026:

---

| | |
|:---|:---|
|  | **March 31, 2026** |
| Interest Rate Ranges (ending) | 1.85% - 7.57% |
| Weighted Average Interest Rate | 3.79% |
| Maturity Date Ranges | 2026-2047 |

---

The Company's unsecured public notes contain certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for the quarter ended March 31, 2026.

*Line of Credit and Commercial Paper*

The Company has a $2.5 billion unsecured revolving credit facility maturing on December 3, 2030. The Company has the ability to increase available borrowings by an additional $1.0 billion by adding lenders to the facility, obtaining the agreement of existing lenders to increase their commitments or incurring one or more term loans. The interest rate on advances under the facility will generally be the Secured Overnight Financing Rate ("SOFR") plus a spread (currently 0.725%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 0.125%). Both the spread and the facility fee are dependent on the Company's senior unsecured credit rating. The weighted average interest rate on the revolving credit facility was 4.40% for the quarter ended March 31, 2026.

The Company has an unsecured commercial paper note program under which it may borrow up to a maximum of $1.5 billion subject to market conditions. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Company's other unsecured senior indebtedness.

The following table summarizes certain weighted average interest rate, maturity and amount outstanding information for the commercial paper program as of and for the quarter ended March 31, 2026:

---

| | |
|:---|:---|
|  | **March 31, 2026** |
| Weighted Average Interest Rate (1) | 3.91% |
| Weighted Average Maturity (in days) | 14 |
| Weighted Average Amount Outstanding | $683.4 million |

---

(1)The notes bear interest at various floating rates.

The Company limits its utilization of the revolving credit 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 as of March 31, 2026 (amounts in thousands):

---

| | |
|:---|:---|
|  | **March 31, 2026** |
| Unsecured revolving credit facility commitment | $2500000 |
| Commercial paper balance outstanding | (749520) |
| Unsecured revolving credit facility balance outstanding |  |
| Other restricted amounts | (3464) |
| Unsecured revolving credit facility availability | $1747016 |

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[<u>**Table of Contents**</u>](#tableofcontents)

**9.** **Fair Value Measurements**

A three-level valuation hierarchy exists for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The following table summarizes the inputs to the valuations for each type of fair value measurement:

---

| | |
|:---|:---|
| **Fair Value Measurement Type** | **Valuation Inputs** |
| Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the "SERP") | Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets. |
| Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners | Quoted market price of Common Shares. |
| Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable) | Indicative rates provided by lenders of similar loans. |
| Public unsecured notes | Quoted market prices for each underlying issuance. |
| Derivatives | Readily observable market parameters such as forward yield curves and credit default swap data. |

---

The fair values of the Company's financial instruments (other than the items listed above and the investments disclosed below) approximate their carrying or contract value. The following table provides a summary of the carrying and fair values for the Company's mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at March 31, 2026 and December 31, 2025, respectively (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Carrying Value** | **Estimated Fair<br>Value (Level 2)** | **Carrying Value** | **Estimated Fair<br>Value (Level 2)** |
| Mortgage notes payable, net | $1590859 | $1526246 | $1589904 | $1532421 |
| Unsecured debt, net | 6748647 | 6426732 | 6585106 | 6333952 |
| Total debt, net | $8339506 | $7952978 | $8175010 | $7866373 |

---

The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at March 31, 2026 and December 31, 2025, respectively (amounts in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** |
| **Description** | **Balance Sheet<br>Location** | **3/31/2026** | **Quoted Prices in<br>Active Markets for<br>Identical Assets/Liabilities<br>(Level 1)** | **Significant Other<br>Observable Inputs<br>(Level 2)** | **Significant<br>Unobservable <br>Inputs<br>(Level 3)** |
| ***Assets*** |  |  |  |  |  |
| Supplemental Executive Retirement Plan | Other Assets | $91200 | $91200 | $— | $— |
| ***Liabilities*** |  |  |  |  |  |
| Supplemental Executive Retirement Plan | Other Liabilities | $91200 | $91200 | $— | $— |
| Redeemable Noncontrolling Interests – |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership/Redeemable |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Partners | Mezzanine | $165420 | $— | $165420 | $— |

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[<u>**Table of Contents**</u>](#tableofcontents)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** |
| **Description** | **Balance Sheet<br>Location** | **12/31/2025** | **Quoted Prices in<br>Active Markets for<br>Identical Assets/Liabilities<br>(Level 1)** | **Significant Other <br>Observable Inputs <br>(Level 2)** | **Significant <br>Unobservable<br>Inputs<br>(Level 3)** |
| ***Assets*** |  |  |  |  |  |
| Supplemental Executive Retirement Plan | Other Assets | $107365 | $107365 | $— | $— |
| ***Liabilities*** |  |  |  |  |  |
| Supplemental Executive Retirement Plan | Other Liabilities | $107365 | $107365 | $— | $— |
| Redeemable Noncontrolling Interests – |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership/Redeemable |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Partners | Mezzanine | $176289 | $— | $176289 | $— |

---

The following tables provide a summary of the effect of cash flow hedges on the Company's accompanying consolidated statements of operations and comprehensive income for the quarters ended March 31, 2026 and 2025, respectively (amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **March 31, 2026<br>Type of Cash Flow Hedge** | **Amount of<br>Gain/(Loss) <br>Recognized in OCI <br>on Derivative** | **Location of<br>Gain/(Loss) <br>Reclassified from <br>Accumulated OCI <br>into Income** | **Amount of<br>Gain/(Loss) <br>Reclassified from <br>Accumulated <br>OCI into Income** |
| Derivatives designated as hedging instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Starting Swaps | $— | Interest expense | $(285) |
| Total | $— |  | $(285) |

---

---

| | | | |
|:---|:---|:---|:---|
| **March 31, 2025<br>Type of Cash Flow Hedge** | **Amount of <br>Gain/(Loss) <br>Recognized in OCI <br>on Derivative** | **Location of<br>Gain/(Loss) <br>Reclassified from <br>Accumulated OCI <br>into Income** | **Amount of<br>Gain/(Loss) <br>Reclassified from <br>Accumulated <br>OCI into Income** |
| Derivatives designated as hedging instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Starting Swaps | $(1504) | Interest expense | $(686) |
| Total | $(1504) |  | $(686) |

---

As of March 31, 2026 and December 31, 2025, there were approximately $2.5 million and $2.2 million in deferred gains, net, included in accumulated other comprehensive income (loss), respectively, related to previously settled and/or unsettled derivative instruments, of which an estimated $0.9 million may be recognized as additional interest expense during the twelve months ending March 31, 2027.

 *Other*

The Company has invested in various equity securities without readily determinable fair values and has elected to measure them using the measurement alternative in accordance with the applicable accounting standards for equity securities. These investments are carried at cost less any impairment and adjusted to fair value if there are observable price changes for an identical or similar investment of the same issuer.

The following table summarizes the Company's real estate technology investment securities included in other assets as of March 31, 2026 and December 31, 2025 (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Real Estate Technology Investments | $47409 | $47409 |

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[<u>**Table of Contents**</u>](#tableofcontents)

**10.** **Earnings Per Share and Earnings Per Unit**

*Equity Residential*

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
|  | **2026** | **2025** |
| **Numerator for net income per share – basic:** |  |  |
| Net income | $93101 | $264798 |
| Allocation to Noncontrolling Interests – Operating Partnership | (1953) | (7102) |
| Net (income) loss attributable to Noncontrolling<br> Interests – Partially Owned Properties | (1069) | (1104) |
| Preferred distributions | (356) | (356) |
| Numerator for net income per share – basic | $89723 | $256236 |
| **Numerator for net income per share – diluted:** |  |  |
| Net income | $93101 | $264798 |
| Net (income) loss attributable to Noncontrolling<br> Interests – Partially Owned Properties | (1069) | (1104) |
| Preferred distributions | (356) | (356) |
| Numerator for net income per share – diluted | $91676 | $263338 |
| **Denominator for net income per share – basic and diluted:** |  |  |
| Denominator for net income per share – basic | 375643 | 379208 |
| Effect of dilutive securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OP Units | 8176 | 10511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term compensation shares/units | 1289 | 1460 |
| Denominator for net income per share – diluted | 385108 | 391179 |
| **Net income per share – basic** | $0.24 | $0.68 |
| **Net income per share – diluted** | $0.24 | $0.67 |

---

*ERP Operating Limited Partnership*

The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts):

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
|  | **2026** | **2025** |
| **Numerator for net income per Unit – basic and diluted:** |  |  |
| Net income | $93101 | $264798 |
| Net (income) loss attributable to Noncontrolling<br> Interests – Partially Owned Properties | (1069) | (1104) |
| Allocation to Preference Units | (356) | (356) |
| Numerator for net income per Unit – basic and diluted | $91676 | $263338 |
| **Denominator for net income per Unit – basic and diluted:** |  |  |
| Denominator for net income per Unit – basic | 383819 | 389719 |
| Effect of dilutive securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilution for Units issuable upon assumed exercise/vesting<br> of the Company's long-term compensation shares/units | 1289 | 1460 |
| Denominator for net income per Unit – diluted | 385108 | 391179 |
| **Net income per Unit – basic** | $0.24 | $0.68 |
| **Net income per Unit – diluted** | $0.24 | $0.67 |

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[<u>**Table of Contents**</u>](#tableofcontents)

**11.** **Commitments and Contingencies**

**Commitments**

*Real Estate Development Commitments* 

As of March 31, 2026, the Company has both consolidated and unconsolidated real estate projects under development. The following table summarizes the gross remaining total project costs for the Company's projects under development at March 31, 2026 (total project costs remaining in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Projects** | **Apartment Units** | **Total Project Costs Remaining (1)** |
| **Projects Under Development** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated | 3 | 960 | $150131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unconsolidated | 2 | 639 | 56895 |
| **Total Projects Under Development** | 5 | 1599 | $207026 |

---

(1)The Company's share of the $207.0 million in total project costs remaining approximates $150.1 million, with the balance funded by the applicable construction loans (approximately $56.9 million).

We have entered into, and may continue in the future to enter into, joint venture agreements with third-party partners for the development of multifamily rental properties. The joint venture agreements with each development partner include buy-sell provisions that provide the right, but not the obligation, for the Company to acquire each respective partner's interests or sell its interests at any time following the occurrence of certain pre-defined events described in the joint venture agreements. See Note 5 for additional discussion.

*Other Commitments*

We have entered into, and may continue in the future to enter into, real estate technology and other real estate fund investments. As of March 31, 2026, the Company has invested in eleven separate such investments totaling $50.6 million with aggregate remaining commitments of approximately $17.4 million.

**Contingencies**

*Litigation and Legal Matters* 

The Company, as an owner of real estate, is subject to various federal, state and local laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future.

The Company is involved in various pending and threatened legal proceedings which arise in the ordinary course of business. The Company evaluates these litigation matters on an ongoing basis, but in no event less than quarterly, in assessing the adequacy of its accruals and disclosures. For legal proceedings in which it has been determined that a loss is both probable and reasonably estimable, the Company records new accruals and/or adjusts existing accruals that represent its best estimate of the loss incurred based on the facts and circumstances known at that time. As of March 31, 2026 and December 31, 2025, the Company's litigation accruals approximated $101.4 million and $70.6 million, respectively, and are included in other liabilities in the consolidated balance sheets. Actual losses may differ materially from the amounts noted above and the ultimate outcome of these legal proceedings is generally not yet determinable. As of March 31, 2026 and December 31, 2025, the Company does not believe there is any litigation pending or threatened against it that, either individually or in the aggregate and inclusive of the matters accrued for as noted above and the matters discussed below, may reasonably be expected to have a material adverse effect on the Company and its financial condition.

The Company has been named as a defendant in a number of cases filed by private plaintiffs in late 2022 and 2023 alleging antitrust violations by RealPage, Inc., a seller of revenue management software products, and various owners and/or operators of multifamily housing, including us, that have utilized these products. The complaints allege collusion among the defendants to illegally fix and inflate the pricing of multifamily rents and seek monetary damages, injunctive relief, fees and costs. All of the cases except for one have been consolidated into a single putative class action in the United States District Court for the Middle District of Tennessee. On December 28, 2023, motions to dismiss this consolidated action, filed by RealPage, Inc. as well as us and our multifamily co-defendants, were denied by the Court and the case is proceeding. On April 13, 2026, the Company entered into a settlement agreement to fully resolve the consolidated putative class action litigation at an amount totaling $56.0 million, which is included in the litigation accruals noted above. The settlement remains subject to court approval. The Company also continues to vigorously defend another case with similar allegations filed by the District of Columbia against RealPage, Inc. and a number of multifamily owners and/or

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operators, including us, and no assurance can be given that similar additional cases will not be filed in the future. The resolution of these proceedings cannot be predicted with certainty.

The Company is named as a defendant in a class action in the United States District Court for the Northern District of California filed in 2016 which alleges that the amount of late fees charged by the Company were improperly determined under California law. The plaintiffs are seeking monetary damages and other relief. On April 8, 2024, the Court issued certain findings of facts and conclusions of law that are adverse to the Company's legal position. During the fourth quarter of 2025, the parties reached a settlement in principle to fully resolve these matters at an amount approximating $42.7 million, which is included in the litigation accruals noted above. In February 2026, the court granted preliminary approval of the settlement but it remains subject to final court approval.

**12.** **Reportable Segments**

Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker, who is the Company's chief executive officer, decides how resources are allocated and assesses performance on a recurring basis at least quarterly.

The Company's primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company's operating performance of our apartment communities geographically by market on a same store basis and in total on a non-same store basis, which represent our operating segments.

The Company has aggregated its geographic same store operating segments into one reportable segment called same store. Management believes the properties in the same store reportable segment have similar economic characteristics, facilities, services and residents, which is in alignment with the required aggregation criteria. The following reflects the two reportable segments for the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Same store primarily includes all properties acquired or completed that were stabilized (defined as having achieved 90% physical occupancy for three consecutive months) for all of the current and comparable periods presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-same store primarily includes all properties acquired during the current and prior year, any properties in lease-up and not stabilized for all of the current and comparable periods presented and any properties undergoing major renovations.

The Company has non-residential activities included in each of its reportable segments, which account for less than 4.0% of total revenues for the quarters ended March 31, 2026 and 2025, respectively, and serve as an amenity for our residential residents. All revenues are from external customers and there is no customer who contributed 10% or more of the Company's total revenues during the quarters ended March 31, 2026 and 2025, respectively.

The primary financial measure for the Company's reportable segments is net operating income ("NOI"), which represents rental income less: 1) property and maintenance expense and 2) real estate taxes and insurance expense (all as reflected in the accompanying consolidated statements of operations and comprehensive income). 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. Revenues for all leases are reflected on a straight-line basis in accordance with GAAP for the current and comparable periods.

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The following table presents a reconciliation of net income per the consolidated statements of operations to NOI for the quarters ended March 31, 2026 and 2025, respectively (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2025** |
| Net income | $93101 | $264798 |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management | 35141 | 35816 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 16865 | 18255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 247496 | 256746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on sales of real estate properties | 32 | (154152) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other income | (2238) | (1692) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 40788 | 4156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense incurred, net | 77370 | 72114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 2145 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income and other tax expense (benefit) | 422 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Income) loss from investments in<br> unconsolidated entities | 2042 | 6411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on sales of land parcels |  | 67 |
| Total NOI | $513164 | $505085 |

---

The following table presents NOI from our rental real estate for the quarters ended March 31, 2026 and 2025, respectively (amounts in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  | **Rental <br>Income** | **Operating <br>Expenses** | **NOI** | **Rental <br>Income** | **Operating <br>Expenses** | **NOI** |
| Same store (1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Los Angeles | $119451 | $39751 | $79700 | $118511 | $37960 | $80551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orange County | 32506 | 7354 | 25152 | 31846 | 7233 | 24613 |
| &nbsp;&nbsp;&nbsp;&nbsp;San Diego | 21377 | 4784 | 16593 | 21105 | 4670 | 16435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal - Southern California | 173334 | 51889 | 121445 | 171462 | 49863 | 121599 |
| &nbsp;&nbsp;&nbsp;&nbsp;San Francisco | 120147 | 35364 | 84783 | 113002 | 34796 | 78206 |
| &nbsp;&nbsp;&nbsp;&nbsp;New York | 127161 | 52827 | 74334 | 121798 | 51652 | 70146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington, D.C. | 109627 | 36419 | 73208 | 107833 | 34740 | 73093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston | 81075 | 26997 | 54078 | 79721 | 25156 | 54565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seattle | 67051 | 19981 | 47070 | 66245 | 18763 | 47482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denver | 25698 | 8641 | 17057 | 27134 | 8457 | 18677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Atlanta | 23756 | 8538 | 15218 | 24546 | 8015 | 16531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dallas/Austin | 18629 | 7902 | 10727 | 18887 | 8179 | 10708 |
| Total same store | 746478 | 248558 | 497920 | 730628 | 239621 | 491007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-same store | 32002 | 13172 | 18830 | 10460 | 5163 | 5297 |
| Total reportable segments | 778480 | 261730 | 516750 | 741088 | 244784 | 496304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (2) | 1366 | 4952 | (3586) | 19722 | 10941 | 8781 |
| Totals | $779846 | $266682 | $513164 | $760810 | $255725 | $505085 |

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(1)For the quarters ended March 31, 2026 and 2025, same store represented 78,885 apartment units.

(2)Other includes development, other corporate operations and operations prior to disposition for properties sold.

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The following table presents a reconciliation of operating expenses for each reportable segment for the quarters ended March 31, 2026 and 2025, respectively (amounts in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  | **Same Store (1)** | **Non-Same Store** | **Total** | **Same Store (1)** | **Non-Same Store** | **Total** |
| Operating expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes | $98680 | $4792 | $103472 | $95910 | $1317 | $97227 |
| &nbsp;&nbsp;&nbsp;&nbsp;On-site payroll | 44593 | 2466 | 47059 | 44517 | 1034 | 45551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 42813 | 2054 | 44867 | 40120 | 956 | 41076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 32435 | 1956 | 34391 | 30243 | 835 | 31078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (2) | 30037 | 1904 | 31941 | 28831 | 1021 | 29852 |
| Total | $248558 | $13172 | $261730 | $239621 | $5163 | $244784 |

---

(1)For the quarters ended March 31, 2026 and 2025, same store represented 78,885 apartment units.

(2)Other operating expenses for each reportable segment includes insurance, leasing and advertising and other on-site operating expenses.

The following table presents a reconciliation of total assets and capital expenditures as of and for the quarter ended March 31, 2026 (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Same Store (1)** | **Non-Same Store** | **Other (2)** | **Total** |
| Total assets | $18112820 | $1545477 | $858856 | $20517153 |
| Capital expenditures | $55644 | $6339 | $19 | $62002 |

---

(1)For the quarter ended March 31, 2026, same store represented 78,885 apartment units.

(2)Other includes development, other corporate operations and capital expenditures for properties sold.

**13.** **Subsequent Events**

There have been no material subsequent events occurring since March 31, 2026.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

For further information including definitions for capitalized terms not defined herein, refer to the Company's and the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2025.

**Forward-Looking Statements**

Forward-looking statements are intended to be made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates, projections and assumptions made by management. While the Company's management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks, which could cause actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Many of these uncertainties and risks are difficult to predict and beyond management's control. Additional factors that might cause such differences are discussed in Part I of the Company's and the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2025, particularly those under Item 1A, *Risk Factors.* Forward-looking statements and related uncertainties are also included in the Notes to Consolidated Financial Statements in this report*.* Forward-looking statements are not guarantees of future performance, results or events. The forward-looking statements contained herein are made as of the date hereof and the Company undertakes no obligation to update or supplement these forward-looking statements.

**Overview**

Equity Residential ("EQR") is committed to creating communities where people thrive. The Company, a member of the S&P 500, owns and manages rental properties in dynamic metro areas across the U.S. ERP Operating Limited Partnership ("ERPOP") is focused on conducting the multifamily property business of EQR. EQR is a Maryland real estate investment trust ("REIT") formed in March 1993 and ERPOP is an Illinois limited partnership formed in May 1993. References to the "Company," "we," "us" or "our" mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the "Operating Partnership" mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP.

EQR is the general partner of, and as of March 31, 2026 owned an approximate 97.6% ownership interest in, ERPOP. All of the Company's property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR issues equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company's ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity.

The Company's corporate headquarters is located in Chicago, Illinois and the Company also operates regional property management offices in most of its markets.

# Available Information
You may access our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, our proxy statements and any amendments to any of those reports/statements we file with or furnish to the Securities and Exchange Commission ("SEC") free of charge on our website, www.equityapartments.com. These reports/statements are made available on our website as soon as reasonably practicable after we file them with or furnish them to the SEC. The information contained on our website, including any information referred to in this report as being available on our website, is not a part of or incorporated into this report.

# Business Objectives and Operating and Investing Strategies
The Company's and the Operating Partnership's overall business objectives and operating and investing strategies have not changed from the information included in the Company's and the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2025.

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**Results of Operations** 

***2026 Transactions***

In conjunction with our business objectives and operating and investing strategies, the following table provides a rollforward of the transactions that occurred during the quarter ended March 31, 2026:

**Portfolio Rollforward**

($ in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Properties** | **Properties** | **Apartment<br>Units** | **Apartment<br>Units** |
| 12/31/2025 |  | 312 |  | 85,190 |
| Configuration Changes |  |  |  | 21 |
| 3/31/2026 |  | 312 |  | 85,211 |

---

See Notes 4 and 5 in the Notes to Consolidated Financial Statements for additional discussion regarding the Company's real estate investments and investments in partially owned entities.

***Comparison of the quarter ended March 31, 2026 to the quarter ended March 31, 2025***

The following table presents a reconciliation of diluted earnings per share/unit for the quarter ended March 31, 2026 as compared to the same period in 2025:

---

| | |
|:---|:---|
|  | **Quarter Ended <br>March 31** |
| Diluted earnings per share/unit for period ended 2025 | $0.67 |
| Property NOI | 0.02 |
| Interest expense | (0.01) |
| Net gain/loss on property sales | (0.39) |
| Depreciation expense | 0.01 |
| Other | (0.06) |
| Diluted earnings per share/unit for period ended 2026 | $0.24 |

---

The Company's primary financial measure for evaluating each of its apartment communities is net operating income ("NOI"). NOI represents 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.

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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 (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
|  | **2026** | **2025** | **$ Change** | **%<br>Change** |
| Net income | $93101 | $264798 | $(171697) | (64.8)% |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management | 35141 | 35816 | (675) | (1.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 16865 | 18255 | (1390) | (7.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 247496 | 256746 | (9250) | (3.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on sales of real estate properties | 32 | (154152) | 154184 | (100.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other income | (2238) | (1692) | (546) | 32.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 40788 | 4156 | 36632 | 881.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense incurred, net | 77370 | 72114 | 5256 | 7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 2145 | 2144 | 1 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income and other tax expense (benefit) | 422 | 422 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Income) loss from investments in unconsolidated entities | 2042 | 6411 | (4369) | (68.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on sales of land parcels |  | 67 | (67) | 100.0% |
| Total NOI | $513164 | $505085 | $8079 | 1.6% |
| Rental income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Same store | $746478 | $730628 | $15850 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-same store/other | 33368 | 30182 | 3186 | 10.6% |
| Total rental income | 779846 | 760810 | 19036 | 2.5% |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Same store | 248558 | 239621 | 8937 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-same store/other | 18124 | 16104 | 2020 | 12.5% |
| Total operating expenses | 266682 | 255725 | 10957 | 4.3% |
| NOI: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Same store | 497920 | 491007 | 6913 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-same store/other | 15244 | 14078 | 1166 | 8.3% |
| Total NOI | $513164 | $505085 | $8079 | 1.6% |

---

Properties that the Company owned and were stabilized for all of both of the quarters ended March 31, 2026 and 2025, which represented 78,885 apartment units, drove the Company's results of operations. Properties are considered "stabilized" when they have achieved 90% Physical Occupancy for three consecutive months.

The following table provides results and statistics related to our Residential same store operations for the quarters ended March 31, 2026 and 2025:

First Quarter 2026 vs. First Quarter 2025

Same Store Residential Results/Statistics by Market

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **Increase (Decrease) from Prior Year** | **Increase (Decrease) from Prior Year** | **Increase (Decrease) from Prior Year** | **Increase (Decrease) from Prior Year** | **Increase (Decrease) from Prior Year** | **Increase (Decrease) from Prior Year** |
| **Markets/Metro Areas** | **Apartment<br>Units** | **Q1 2026 % of <br>Actual <br>NOI** | **Q1 2026 <br>Average <br>Rental <br>Rate** | **Q1 2026 <br>Weighted <br>Average <br>Physical <br>Occupancy %** | **Q1 2026 <br>Turnover** | **Revenues** | **Expenses** | **NOI** | **Average<br>Rental <br>Rate** | **Physical<br>Occupancy** | **Turnover** |
| Los Angeles | 13836 | 16.5% | $2984 | 95.7% | 8.6% | 0.7% | 4.5% | (1.0%) | 0.7% | 0.0% | (0.4%) |
| Orange County | 3718 | 5.2% | 3040 | 95.9% | 7.9% | 2.1% | 1.7% | 2.2% | 2.6% | (0.4%) | 0.7% |
| San Diego | 2225 | 3.4% | 3313 | 96.0% | 8.8% | 1.3% | 2.5% | 1.0% | 1.7% | (0.3%) | 0.1% |
| Subtotal – Southern California | 19779 | 25.1% | 3031 | 95.8% | 8.5% | 1.1% | 3.9% | (0.1%) | 1.2% | (0.1%) | (0.1%) |
| San Francisco | 11344 | 17.4% | 3553 | 97.7% | 8.4% | 6.5% | 1.5% | 8.7% | 5.6% | 0.9% | 0.1% |
| Washington, D.C. | 12928 | 14.9% | 2879 | 96.3% | 6.2% | 1.7% | 4.7% | 0.2% | 2.8% | (1.1%) | 0.1% |
| New York | 8235 | 14.3% | 4916 | 97.9% | 5.6% | 4.6% | 2.3% | 6.4% | 4.3% | 0.3% | (0.7%) |
| Boston | 6907 | 10.4% | 3719 | 95.8% | 6.9% | 1.5% | 7.1% | (0.9%) | 1.4% | 0.0% | (0.2%) |
| Seattle | 8050 | 9.2% | 2723 | 96.1% | 9.0% | 2.0% | 5.7% | 0.4% | 2.4% | (0.4%) | 0.3% |
| Denver | 3972 | 3.4% | 2140 | 96.8% | 9.0% | (5.9%) | 2.6% | (9.8%) | (7.7%) | 1.7% | (1.8%) |
| Atlanta | 4126 | 3.1% | 1946 | 96.2% | 8.7% | (2.0%) | 6.3% | (6.2%) | (2.6%) | 0.6% | 0.4% |
| Dallas/Austin | 3544 | 2.2% | 1810 | 95.7% | 9.5% | (1.3%) | (3.6%) | 0.4% | (2.0%) | 0.6% | (0.6%) |
| **Total** | 78885 | 100.0% | $3154 | 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.

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See Note 12 in the Notes to Consolidated Financial Statements for our disclosure of reportable segments.

The comparison discussions provided below detail the changes in results for the quarter ended March 31, 2026 as compared to the prior year period.

• The increase in same store rental income is primarily driven by good demand and modest supply across most of our markets.

• The increase in same store operating expenses is due primarily to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Real estate taxes – A $2.8 million increase due to escalation in rates and assessed values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Utilities – A $2.7 million increase primarily driven by higher commodity prices, particularly impacting electricity and gas; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Repairs and maintenance - A $2.2 million 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.

• Non-same store/other NOI results consist primarily of properties acquired in 2025, operations from the Company's development properties, other corporate operations and operations prior to disposition from 2025 sold properties. The increase in NOI is primarily a result of the lease-up activity from the Company's development activities, partially offset by the 2025 net disposition activity.

• The increase in consolidated total NOI is a result of the Company's higher NOI from non-same store properties as noted above and higher NOI from same store properties, largely due to improvement in same store revenues and the Company's continued focus on same store expense efficiency.

See the reconciliation table of net income per the consolidated statements of operations to NOI above for the dollar and percentage changes related to the comparison discussions provided below.

Property management expenses include off-site expenses associated with the self-management of the Company's properties as well as management fees paid to any third-party management companies. The decrease during the quarter ended March 31, 2026 as compared to the prior year period is primarily attributable to decreases in payroll-related costs, training and marketing expenses and information technology expenses, partially offset by increases in legal and professional fees.

General and administrative expenses, which include corporate operating expenses, decreased during the quarter ended March 31, 2026 as compared to the prior year period, primarily due to decreases in payroll-related costs and other public company costs, partially offset by increases in information technology expenses and legal and professional fees.

Depreciation expense decreased during the quarter ended March 31, 2026 as compared to the prior year period, primarily as a result of in-place leases for 2024 acquisitions still being depreciated in the first quarter of 2025 and lower depreciation from properties sold in 2025, partially offset by additional depreciation expense on properties acquired in 2025 and development properties placed in service during 2025.

Net gain on sales of real estate properties decreased during the quarter ended March 31, 2026 as compared to the prior year period, primarily as a result of no consolidated property sales in the first quarter of 2026 as compared to the sale of two consolidated properties in the same period in 2025.

Interest and other income increased during the quarter ended March 31, 2026 as compared to the prior year period, primarily due to an increase in interest income on mortgages receivable and insurance/litigation settlement proceeds received in 2026 but not in 2025, partially offset by a forfeiture of earnest money deposits that occurred in 2025 but not 2026.

Other expenses increased during the quarter ended March 31, 2026 as compared to the prior year period, primarily due to increases in litigation accruals and advocacy contributions.

Interest expense, including amortization of deferred financing costs, increased during the quarter ended March 31, 2026 as compared to the prior year period, primarily due to higher overall debt balances outstanding and higher overall rates. The effective interest cost on all indebtedness, excluding debt extinguishment costs/prepayment penalties, for the quarter ended March 31, 2026 was 3.96% as compared to 3.92% for the prior year period. The Company capitalized interest of approximately $2.6 million and $3.9 million during the quarters ended March 31, 2026 and 2025, respectively.

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Loss from investments in unconsolidated entities decreased during the quarter ended March 31, 2026 as compared to the prior year period, primarily as a result of lower net losses incurred on our unconsolidated development properties that recently stabilized, partially offset by losses incurred on our unconsolidated development property which recently started lease-up activities.

**Liquidity and Capital Resources**

With approximately $1.7 billion in readily available liquidity, a strong balance sheet, well-staggered debt maturities, very strong credit metrics and ample access to capital markets, the Company believes it is well positioned to meet its future obligations and take advantage of opportunities. See further discussion below.

***Statements of Cash Flows*** 

The following table sets forth our sources and uses of cash flows for the quarters ended March 31, 2026 and 2025 (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Cash flows provided by (used for): |  |  |
| &nbsp;&nbsp;Operating activities | $400515 | $425525 |
| &nbsp;&nbsp;Investing activities | $(92155) | $97341 |
| &nbsp;&nbsp;Financing activities | $(328105) | $(541489) |

---

The following provides information regarding the Company's cash flows from operating, investing and financing activities for the quarter ended March 31, 2026.

*Operating Activities*

Our operating cash flows are primarily impacted by NOI and its components, such as Average Rental Rates, Physical Occupancy levels and operating expenses related to our properties. Cash provided by operating activities for the quarter ended March 31, 2026 as compared to the prior year period decreased by approximately $25.0 million primarily as a result of the NOI and other changes discussed above in *Results of Operations*, as well as the timing of certain expense payments.

*Investing Activities*

Our investing cash flows are primarily impacted by our transaction activity (acquisitions/dispositions), development spend and capital expenditures. For the quarter ended March 31, 2026, key drivers were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Invested $23.7 million primarily in consolidated development projects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Invested $62.0 million in capital expenditures to real estate.

*Financing Activities*

Our financing cash flows primarily relate to our borrowing activity (debt proceeds or repayment), distributions/dividends to shareholders/unitholders and other Common Share activity. For the quarter ended March 31, 2026, key drivers were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Received net proceeds of $161.8 million from our unsecured commercial paper note program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Paid dividends/distributions on Common Shares, Preferred Shares, Units (including OP Units and restricted units) and noncontrolling interests in partially owned properties totaling approximately $271.3 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Repurchased and retired 3,458,394 Common Shares, at a weighted average purchase price of $63.42 per share, for an aggregate purchased amount of approximately $219.4 million. See Note 3 in the Notes to Consolidated Financial Statements for further discussion.

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[<u>**Table of Contents**</u>](#tableofcontents)

***Short-Term Liquidity and Cash Proceeds***

The Company generally expects to meet its short-term liquidity requirements, including capital expenditures related to maintaining its existing properties and scheduled unsecured note and mortgage note repayments, through its working capital, net cash provided by operating activities and borrowings under the Company's revolving credit facility and commercial paper program. Currently, the Company considers its cash provided by operating activities to be adequate to meet operating requirements and payments of distributions.

The following table presents the Company's balances for cash and cash equivalents, restricted deposits and the available borrowing capacity on its revolving credit facility as of March 31, 2026 and December 31, 2025 (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Cash and cash equivalents | $34677 | $55904 |
| Restricted deposits | $104432 | $102950 |
| Unsecured revolving credit facility availability | $1747016 | $1909127 |

---

*Credit Facility and Commercial Paper Program*

The Company has a $2.5 billion unsecured revolving credit facility maturing December 3, 2030. The Company has the ability to increase available borrowings by an additional $1.0 billion by adding lenders to the facility, obtaining the agreement of existing lenders to increase their commitments or incurring one or more term loans. The interest rate on advances under the facility will generally be the Secured Overnight Financing Rate ("SOFR") plus a spread (currently 0.725%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 0.125%). Both the spread and the facility fee are dependent on the Company's senior unsecured credit rating. See Note 8 in the Notes to Consolidated Financial Statements for additional discussion of the Company's credit facility.

The Company has an unsecured commercial paper note program under which it may borrow up to a maximum of $1.5 billion subject to market conditions. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Company's other unsecured senior indebtedness.

The Company limits its utilization of the revolving credit 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 as of April 24, 2026 (amounts in thousands):

---

| | |
|:---|:---|
|  | **April 24, 2026** |
| Unsecured revolving credit facility commitment | $2500000 |
| Commercial paper balance outstanding | (922500) |
| Unsecured revolving credit facility balance outstanding |  |
| Other restricted amounts | (3464) |
| Unsecured revolving credit facility availability | $1574036 |

---

*Dividend Policy*

The Company declared a dividend/distribution for the first quarter of 2026 of $0.7025 per share/unit, an annualized increase of 1.4% over the amount paid in 2025. All future dividends/distributions remain subject to the discretion of the Company's Board of Trustees.

Total dividends/distributions paid in April 2026 amounted to $269.4 million (excluding distributions on Partially Owned Properties), which consisted of certain distributions declared during the quarter ended March 31, 2026.

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[<u>**Table of Contents**</u>](#tableofcontents)

***Long-Term Financing and Capital Needs***

The Company expects to meet its long-term liquidity requirements, such as lump sum unsecured note and mortgage debt maturities, property acquisitions and financing of development activities, through the issuance of secured and unsecured debt and equity securities (including additional OP Units), proceeds received from the disposition of certain properties and joint ventures, along with cash generated from operations after all distributions. The Company has a significant number of unencumbered properties available to secure additional mortgage borrowings should unsecured capital be unavailable or the cost of alternative sources of capital be too high. The value of and cash flow from these unencumbered properties are in excess of the requirements the Company must maintain in order to comply with covenants under its unsecured notes and line of credit. Of the $30.5 billion in investment in real estate on the Company's balance sheet at March 31, 2026, $27.5 billion or 90.1% was unencumbered. However, there can be no assurances that these sources of capital will be available to the Company in the future on acceptable terms or otherwise. For additional details, see Item 1A, *Risk Factors,* of the Company's and the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2025.

EQR issues equity and guarantees certain debt of the Operating Partnership from time to time. EQR does not have any indebtedness as all debt is incurred by the Operating Partnership.

The Company's total debt summary schedule as of March 31, 2026 is as follows:

**Debt Summary as of March 31, 2026** 

**($ in thousands)**

---

| | | |
|:---|:---|:---|
|  | **Debt<br>Balances** | **% of Total** |
| Secured | $1590859 | 19.1% |
| Unsecured | 6748647 | 80.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $8339506 | 100.0% |
| Fixed Rate Debt: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Secured – Conventional | $1404284 | 16.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured – Public | 6000230 | 71.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Rate Debt | 7404514 | 88.8% |
| Floating Rate Debt: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Secured – Tax Exempt | 186575 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured – Revolving Credit Facility |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured – Commercial Paper Program | 748417 | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floating Rate Debt | 934992 | 11.2% |
| Total | $8339506 | 100.0% |

---

The Company's long-term financing and capital needs and sources have not changed materially from the information included in the Company's and the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2025.

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[<u>**Table of Contents**</u>](#tableofcontents)

**Critical Accounting Policies and Estimates**

The Company's and the Operating Partnership's critical accounting policies and estimates have not changed from the information included in the Company's and the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2025.

**Funds From Operations and Normalized Funds From Operations**

The following is the Company's and the Operating Partnership's reconciliation of net income to FFO available to Common Shares and Units / Units and Normalized FFO available to Common Shares and Units / Units for the quarters ended March 31, 2026 and 2025:

**Funds From Operations and Normalized Funds From Operations**

***(Amounts in thousands)***

---

| | | |
|:---|:---|:---|
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Net income | $93101 | $264798 |
| Net (income) loss attributable to Noncontrolling <br> Interests – Partially Owned Properties | (1069) | (1104) |
| Preferred/preference distributions | (356) | (356) |
| Net income available to Common Shares and Units / Units | 91676 | 263338 |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 247496 | 256746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation – Non-real estate additions | (1009) | (950) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation – Partially Owned Properties | (616) | (478) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation – Unconsolidated Properties | 3332 | 4395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on sales of unconsolidated entities - operating assets |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on sales of real estate properties | 32 | (154152) |
| FFO available to Common Shares and Units / Units (1) (3) (4) | 340911 | 368935 |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of pursuit costs | 954 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment and preferred share/preference unit redemption <br> (gains) losses |  | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating asset (gains) losses | 416 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other miscellaneous items | 38811 | 1727 |
| Normalized FFO available to Common Shares and Units / Units (2) (3) (4) | $381092 | $372518 |
| FFO (1) (3) | $341267 | $369291 |
| Preferred/preference distributions | (356) | (356) |
| FFO available to Common Shares and Units / Units (1) (3) (4) | $340911 | $368935 |
| Normalized FFO (2) (3) | $381448 | $372874 |
| Preferred/preference distributions | (356) | (356) |
| Normalized FFO available to Common Shares and Units / Units (2) (3) (4) | $381092 | $372518 |

---

*(1) The National Association of Real Estate Investment Trusts ("Nareit") defines funds from operations ("FFO") (December 2018 White Paper) as net income (computed in accordance with accounting principles generally accepted in the United States ("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 funds from operations on the same basis.* 

*(2) Normalized funds from operations ("Normalized FFO") begins with FFO and excludes:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *the impact of any expenses relating to non-operating real estate asset impairment;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *pursuit cost write-offs;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *gains and losses from early debt extinguishment and preferred share/preference unit redemptions;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *gains and losses from non-operating assets; and*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *other miscellaneous items.*

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[<u>**Table of Contents**</u>](#tableofcontents)

*(3) The Company believes that FFO and FFO available to Common Shares and Units / 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 / Units can help compare the operating performance of a company's real estate between periods or as compared to different companies. The Company also believes that Normalized FFO and Normalized FFO available to Common Shares and Units / 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 / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units do not represent net income, net income available to Common Shares / Units or net cash flows from operating activities in accordance with GAAP. Therefore, FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units should not be exclusively considered as alternatives to net income, net income available to Common Shares / Units 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 / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / 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.* 

*(4) FFO available to Common Shares and Units / Units and Normalized FFO available to Common Shares and Units / Units are calculated on a basis consistent with net income available to Common Shares / Units and reflects adjustments to net income for preferred distributions and premiums on redemption of preferred shares/preference units 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.*

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

The Company's and the Operating Partnership's market risk has not changed materially from the amounts and information reported in Part II, Item 7A, *Quantitative and Qualitative Disclosures About Market Risk*, to the Company's and the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2025.

**Item 4. Controls** **and Procedures**

*Equity Residential*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Evaluation of Disclosure Controls and Procedures:**

Effective as of March 31, 2026, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company's disclosure controls and procedures pursuant to Exchange Act Rules 13a-15 and 15d-15. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in its Exchange Act filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Changes in Internal Control over Financial Reporting:**

There were no changes to the internal control over financial reporting of the Company identified in connection with the Company's evaluation referred to above that occurred during the first quarter of 2026 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

*ERP Operating Limited Partnership*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Evaluation of Disclosure Controls and Procedures:**

Effective as of March 31, 2026, the Operating Partnership carried out an evaluation, under the supervision and with the participation of the Operating Partnership's management, including the Chief Executive Officer and Chief Financial Officer of EQR, of the effectiveness of the Operating Partnership's disclosure controls and procedures pursuant to Exchange Act Rules 13a-15 and 15d-15. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures are effective to ensure that information required to be disclosed by the Operating Partnership in its Exchange Act filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Changes in Internal Control over Financial Reporting:**

There were no changes to the internal control over financial reporting of the Operating Partnership identified in connection with the Operating Partnership's evaluation referred to above that occurred during the first quarter of 2026 that have materially affected, or are reasonably likely to materially affect, the Operating Partnership's internal control over financial reporting.

**PART II. OTHER INFORMATION**

# Item 1. Lega l Proceedings
As of March 31, 2026, the Company does not believe there is any litigation pending or threatened against it that, either individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company and its financial condition. See Note 11 in the Notes to Consolidated Financial Statements for further discussion.

# Item 1A. R isk Factors
There have been no material changes to the risk factors that were discussed in Part I, Item 1A of the Company's and the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2025.

# Item 2. Unregistered Sales of Equi ty Securities and Use of Proceeds
*Unregistered Common Shares Issued in the Quarter Ended March 31, 2026 (Equity Residential)* 

During the quarter ended March 31, 2026, EQR issued 29,282 Common Shares in exchange for 29,282 OP Units held by various limited partners of ERPOP. OP Units are generally exchangeable into Common Shares on a one-for-one basis or, at the option of ERPOP, the cash equivalent thereof, at any time one year after the date of issuance. These shares were either registered under the Securities Act of 1933, as amended (the "Securities Act"), or issued in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act and the rules and regulations promulgated thereunder, as these were transactions by an issuer not involving a public offering. In light of the manner of the sale and information obtained by EQR from the limited partners in connection with these transactions, EQR believes it may rely on these exemptions.

*Common Shares Repurchased in the Quarter Ended March 31, 2026*

The Company repurchased and retired the following Common Shares during the quarter ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Common Shares Purchased (1)** | **Weighted Average Price Paid Per Share (1), (2)** | **Total Number of Common Shares Purchased as Part of Publicly Announced Plans or Programs (1)** | **Maximum Number of Common Shares that May Yet Be Purchased Under the Plans or Programs (1), (3)** |
| January 1, 2026 - January 31, 2026 | 308964 | $62.55 | 308964 | 11305881 |
| February 1, 2026 - February 28, 2026 | 3149430 | $63.50 | 3149430 | 8156451 |
| March 1, 2026 - March 31, 2026 |  | $— |  | 8156451 |
| Total | 3458394 | $63.42 | 3458394 |  |

---

(1)The Common Shares repurchased during the quarter ended March 31, 2026 represent Common Shares repurchased under the Company's publicly announced share repurchase program approved by its Board of Trustees. The Company's share repurchase program was publicly announced on July 30, 2013 and the Company's Board of Trustees most recently replenished the share repurchase program on December 11, 2025, giving the Company the authority to repurchase up to 13.0 million Common Shares. The program does not have an expiration date and may be suspended or discontinued at any time and does not obligate the Company to make any repurchases of its Common Shares.

(2)Weighted average price paid per share excludes costs associated with the repurchases.

(3)The number of shares available for purchase under the Company's publicly announced share repurchase program authorized by the Board of Trustees. The Company may repurchase Common Shares under its share repurchase program in open market or privately negotiated transactions. The timing and actual number of shares repurchased under the repurchase program depend on a variety of factors, including price, general business and market conditions and other investment opportunities.

# Item 3. Defaults Up on Senior Securities
None.

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[<u>**Table of Contents**</u>](#tableofcontents)

# Item 4. Mine Saf ety Disclosures
Not applicable.

# Item 5. Other Information
During the quarter ended March 31, 2026, no trustee or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

**Item 6. Exhibits** – See the Exhibit Index.

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[<u>**Table of Contents**</u>](#tableofcontents)

**EXHIBIT INDEX**

The exhibits listed below are filed as part of this report. References to exhibits or other filings under the caption "Location" indicate that the exhibit or other filing has been filed, that the indexed exhibit and the exhibit referred to are the same and that the exhibit referred to is incorporated by reference. The Commission file numbers for our Exchange Act filings referenced below are 1-12252 (Equity Residential) and 0-24920 (ERP Operating Limited Partnership).

---

| | | |
|:---|:---|:---|
| Exhibit | Description | Location |
| 10.1 | [<u>Form of 2026 Long-Term Incentive Plan Award Agreement.</u>](eqr-ex10_1.htm) | Attached herein. |
| 31.1 | [<u>Equity Residential – Certification of Mark J. Parrell, Chief Executive Officer.</u>](eqr-ex31_1.htm) | Attached herein. |
| 31.2 | [<u>Equity Residential – Certification of Bret D. McLeod, Chief Financial Officer.</u>](eqr-ex31_2.htm) | Attached herein. |
| 31.3 | [<u>ERP Operating Limited Partnership – Certification of Mark J. Parrell, Chief Executive Officer of Registrant's General Partner.</u>](eqr-ex31_3.htm) | Attached herein. |
| 31.4 | [<u>ERP Operating Limited Partnership – Certification of Bret D. McLeod, Chief Financial Officer of Registrant's General Partner.</u>](eqr-ex31_4.htm) | Attached herein. |
| 32.1 | [<u>Equity Residential – Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Mark J. Parrell, Chief Executive Officer of the Company.</u>](eqr-ex32_1.htm) | Attached herein. |
| 32.2 | [<u>Equity Residential – Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Bret D. McLeod, Chief Financial Officer of the Company.</u>](eqr-ex32_2.htm) | Attached herein. |
| 32.3 | [<u>ERP Operating Limited Partnership – Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Mark J. Parrell, Chief Executive Officer of Registrant's General Partner.</u>](eqr-ex32_3.htm) | Attached herein. |
| 32.4 | [<u>ERP Operating Limited Partnership – Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Bret D. McLeod, Chief Financial Officer of Registrant's General Partner.</u>](eqr-ex32_4.htm) | Attached herein. |
| 101.INS  | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |  |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents. |  |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |  |

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[<u>**Table of Contents**</u>](#tableofcontents)

# 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 thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  | EQUITY RESIDENTIAL | EQUITY RESIDENTIAL |
| Date: | <u>April 30, 2026</u> | By: | /s/ Bret D. McLeod |
|  |  |  | Bret D. McLeod |
|  |  |  | Executive Vice President and Chief Financial Officer |
|  |  |  | (Principal Financial Officer) |
| Date: | <u>April 30, 2026</u> | By: | /s/ Ian S. Kaufman |
|  |  |  | Ian S. Kaufman |
|  |  |  | Senior Vice President and Chief Accounting Officer |
|  |  |  | (Principal Accounting Officer) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | ERP OPERATING LIMITED PARTNERSHIP <br>BY: EQUITY RESIDENTIAL<br>ITS GENERAL PARTNER | ERP OPERATING LIMITED PARTNERSHIP <br>BY: EQUITY RESIDENTIAL<br>ITS GENERAL PARTNER |
| Date: | <u>April 30, 2026</u> | By: | /s/ Bret D. McLeod  |
|  |  |  | Bret D. McLeod |
|  |  |  | Executive Vice President and Chief Financial Officer |
|  |  |  | (Principal Financial Officer) |
| Date: | <u>April 30, 2026</u> | By: | /s/ Ian S. Kaufman |
|  |  |  | Ian S. Kaufman |
|  |  |  | Senior Vice President and Chief Accounting Officer |
|  |  |  | (Principal Accounting Officer) |

---

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## Exhibit 10.1

&nbsp;&nbsp;&nbsp;&nbsp;

**Exhibit 10.1**

**EQUITY RESIDENTIAL<br>2026 LONG-TERM INCENTIVE PLAN AWARD AGREEMENT**

This 2026 Long-Term Incentive Plan Award Agreement (the "<u>Award Agreement</u>") is made as of January 1, 2026 between Equity Residential (the "<u>Company</u>") and _______________ (the "<u>Grantee</u>").

**<u>RECITALS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Company, acting pursuant to authorization from its Board of Trustees and its Compensation Committee (the "<u>Compensation Committee</u>"), hereby grants the Grantee a Long-Term Incentive Plan Award ("<u>Award</u>") as of the date hereof and as more fully set forth on <u>Schedule A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The Grantee can be issued, or retain, as the case may be, from 0% to 200% of the target number of Restricted Shares and/or Restricted Units that comprise the Award based on the Company's relative Total Shareholder Return ("<u>TSR</u>") and achievement of Normalized Funds From Operations ("<u>NFFO</u>") and Net Debt to Normalized EBITDAre (defined herein) relative to a target, as further described herein, for the period beginning January 1, 2026 and ending December 31, 2028 (the "<u>Performance Period</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Restricted Shares are unvested common shares of beneficial interest of the Company. Restricted Units are a special class of interest in ERP Operating Limited Partnership ("<u>ERP</u>"), the Company's operating partnership. Both Restricted Shares and Restricted Units are subject to vesting and other tax considerations. Each Restricted Unit is convertible, under certain conditions, into one OP Unit, which is a class of partnership interest in ERP that can be exchanged for a common share in the Company. Any Restricted Units issued under the Award will be known as the Series 2026A Restricted Units and are issued subject to the terms and conditions contained in the Certificate of Designation of Series 2026A Restricted Units of ERP Operating Limited Partnership dated of even date herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.The Award, issued pursuant to the Company's 2026 Long-Term Incentive Plan ("<u>LTI Plan</u>") and its 2019 Share Incentive Plan ("<u>2019 Share Plan</u>"), references a target number of Restricted Shares and/or Restricted Units. The Grantee previously made an election to have the Award settled after the end of the Performance Period in the form of either Restricted Shares and/or Restricted Units. To the extent that the Grantee elected to receive Restricted Units, the Restricted Units are being issued as of the date hereof at the maximum 200% of the target amount, but the ultimate number of Restricted Units to be retained by Grantee is subject to final determination at the end of the Performance Period as provided in Section 1(f) hereof. To the extent that the Grantee elected to receive Restricted Shares, such shares are not being issued as of the date hereof, but the Award will be settled after the end of the Performance Period in the form of Restricted Shares.

**NOW, THEREFORE,** the Company and the Grantee agree as follows:

------

1.**Performance Metrics**

The following "Performance Metrics" will determine the actual number of Restricted Shares and/or Restricted Units the Grantee may earn pursuant to the Award at the end of the Performance Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**Company TSR relative to Apartment Index Weighted Average TSR:** A percentage of 35% of the target Award will be earned based on the relative performance of the Company's TSR to the weighted average of the TSR of the member companies comprising the FTSE Nareit Equity Apartments Index, as adjusted to exclude the Company from the index (the "<u>Apartment Index</u>"), for the Performance Period as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Company TSR Performance relative to Apartment Index Weighted Average TSR</u>** | &nbsp;&nbsp;**Percentage of**<br>**<u>35% Earned</u>** |
| &nbsp;&nbsp;more than 400 basis points below average | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0% |
| &nbsp;&nbsp;400 basis points below average ("threshold") | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% |
| &nbsp;&nbsp;Equal to the average ("target") | &nbsp;&nbsp; 100% |
| &nbsp;&nbsp;400 basis points or more above average ("maximum") | &nbsp;&nbsp; 200% |

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Notwithstanding the foregoing, if the Company's TSR is negative over the Performance Period, the percentage of 35% of the target Award earned shall be limited to target (i.e., 100%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.**Company TSR relative to Equity Index Weighted Average TSR:** A percentage of 20% of the target Award will be earned based on the relative performance of the Company's TSR to the weighted average of the TSR of the member companies comprising the FTSE Nareit Equity REIT Index, including the Company (the "<u>Equity Index</u>"), for the Performance Period as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Company TSR Performance relative to Equity Index Weighted Average TSR</u>** | &nbsp;&nbsp;**Percentage of**<br>**<u>20% Earned</u>** |
| &nbsp;&nbsp;more than 500 basis points below average | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0% |
| &nbsp;&nbsp;500 basis points below average ("threshold") | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% |
| &nbsp;&nbsp;Equal to the average ("target") | &nbsp;&nbsp; 100% |
| &nbsp;&nbsp;500 basis points or more above average ("maximum") | &nbsp;&nbsp; 200% |

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Notwithstanding the foregoing, if the Company's TSR is negative over the Performance Period, the percentage of 20% of the target Award earned shall be limited to target (i.e., 100%).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.**Net Debt to Normalized EBITDAre relative to a target established for each period:** A percentage of 22.5% of the target Award will be earned based on the Company's achievement of Net Debt to Normalized EBITDAre relative to a target established by the Compensation Committee at the beginning of the Performance Period as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Net Debt to Normalized EBITDAre relative to Company's target Net Debt to Normalized EBITDAre expectations</u>** | &nbsp;&nbsp;**Percentage of <u>22.5% Earned</u>** |
| &nbsp;&nbsp;More than 6.00x | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;6.00x ("threshold") | &nbsp;&nbsp;50% |
| &nbsp;&nbsp;5.50x to 4.00x ("target") | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;3.00x ("maximum") | &nbsp;&nbsp;200% |

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The achievement of this metric shall be determined on a quarterly basis and the average of the twelve quarters of each quarterly computation in the Company's quarterly earnings releases shall be used in the final determination of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.**NFFO relative to a target established for each calendar year:** A percentage of 22.5% of the target Award will be earned based on the Company's achievement of NFFO relative to a target established by the Compensation Committee for each year of the three-year Performance Period.

No later than March 31 of each calendar year, the Compensation Committee shall establish the threshold, target and maximum NFFO performance level metrics for such calendar year. In no event will target be less than the midpoint of the Company's range of NFFO expectations for the year, provided that the Compensation Committee may specify a range above and below the midpoint to be paid at target and except as provided in Section 2(e). The achievement of this metric shall be determined on an annual basis and the average of the three years shall be used in the final determination of the Award.

To the extent the Company is using a NFFO performance metric with threshold (50%) and maximum (200%) limits in its Annual Incentive Plan Corporate Goals for any calendar year, it shall use the same threshold and maximum metrics in the NFFO metric hereunder.

The following is an example of a sample NFFO performance metric:

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| | |
|:---|:---|
| &nbsp;&nbsp; <br>**<u>NFFO relative to Company's target NFFO expectations</u>** | &nbsp;&nbsp;**Percentage of <u>22.5% Earned</u>** |
| &nbsp;&nbsp;Less than threshold | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;$XXXX ("threshold") | &nbsp;&nbsp;50% |
| &nbsp;&nbsp;$XXXX ("target") | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;$XXXX ("maximum") | &nbsp;&nbsp;200% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.For results between threshold and target, or between target and maximum, the appropriate percentage of the target Award earned shall be based on interpolation. Performance against each metric is also measured separately of the others. As an example:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;TSR relative to <br>Apartment Index Weighted Average TSR<br>(35% of Award) | &nbsp;&nbsp;TSR relative to <br>Equity Index Weighted Average TSR<br>(20% of Award) | &nbsp;&nbsp;Net Debt to Normalized EBITDAre<br>(22.5% of Award) | &nbsp;&nbsp;NFFO relative to <br>annual target<br>(22.5% of Award) |
| &nbsp;&nbsp;Result = Equal to the average<br>Equal to the average = 100% of target<br>Pct of 35% earned = 100%<br>35% x 100% = **35%** | &nbsp;&nbsp;Result = 108 basis points above the average<br>108 basis points = 127% of target<br>Pct of 20% earned = 127%<br>20% x 127% = **25.4%** | &nbsp;&nbsp;Result = 5.50x<br>5.50x = 100% of target<br>Pct of 22.5% earned = 100%<br>22.5% x 100% = **22.5%** | &nbsp;&nbsp;Result = target (100%)<br>Pct of 22.5% earned = 100%<br>22.5% x 100% = **22.5%** |
| &nbsp;&nbsp;**Final Calculation of Award = 35% + 25.4% + 22.5% + 22.5% = 105.4% of Target** | &nbsp;&nbsp;**Final Calculation of Award = 35% + 25.4% + 22.5% + 22.5% = 105.4% of Target** | &nbsp;&nbsp;**Final Calculation of Award = 35% + 25.4% + 22.5% + 22.5% = 105.4% of Target** | &nbsp;&nbsp;**Final Calculation of Award = 35% + 25.4% + 22.5% + 22.5% = 105.4% of Target** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.The Compensation Committee as promptly as practicable (but in no event later than 45 days) following the conclusion of the Performance Period shall (i) determine the performance of the Company's TSR, Net Debt to Normalized EBITDAre and NFFO over the Performance Period as compared against the Performance Metrics established for the period; (ii) determine and issue to the Grantee the number of resulting Restricted Shares in settlement of the Award; (iii) determine the actual number of Restricted Units that are retained by the Grantee; and (iv) make any dividend equivalent payments and cash distributions required pursuant to Section 5(a) and 5(b) hereof. Any Restricted Units the Grantee was awarded that are in excess of the actual resulting number at the end of the Performance Period, as determined by the Compensation Committee, shall be forfeited and become null and void. Fractional shares and units will not be issued, with any securities issued as an Award rounded down to the nearest whole amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.To the extent the Company changes or discontinues its use of any of the above Performance Metrics, or if any of such Performance Metrics become inapplicable for its intended purpose, the Compensation Committee retains the discretion to substitute alternate metrics, so long as the substitution is done in an equitable manner.

2.**Definitions of Performance Metrics; Adjustments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>TSR</u>. The Company's TSR represents the compounded annual return of an investment in one common share in the Company over the Performance Period, expressed as a percentage (and sometimes commonly referred to as the "compound annual growth rate", or "CAGR"), assuming the following:

&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;(i)Beginning Share Price: $61.76, which represents the average closing price of a common share in the Company over the last 20 trading days prior to the beginning of the Performance Period and is equal to the "Ending Share Price" under the 2023 LTI Plan.

&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;(ii) Ending Share Price: average closing price of a common share in the Company over the last 20 trading days of the Performance Period,

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except as set forth in the Change in Control provisions of Section 3 or in the Qualifying Severance Plan Termination provisions of Section 4(b)(ii).

&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;(iii) Dividends are reinvested in additional common shares in the Company on the ex-dividend date for such dividend at the closing price of a common share in the Company.

The TSR of each of the member companies comprising the Apartment Index and Equity Index over the Performance Period shall be calculated using the methodologies analogous in all material respects to those used for the calculation of the Company's TSR as described in Section 2(a) to provide a fair comparison of TSRs, and as is the case with the Company (see Section 2(e)), the Compensation Committee shall make equitable adjustments to the TSR of such member companies to take into account any extraordinary, unusual or non-recurring corporate events as described in Section 14 of the 2019 Share Plan affecting such member companies, such as spin-offs, stock splits, reverse splits, special dividends, recapitalizations, reclassifications and similar events. The Compensation Committee has discretion in how the required adjustments are determined as long as they are done equitably.

The Company's TSR will be compared to the Apartment Index using a same store approach (all constituents must be included in the index for all three years), while the comparison to the Equity Index will not use this same store approach. In comparison to the Apartment Index, the Equity Index is much larger and weighted through daily rebalancing so no further adjustments are necessary for changes in the constituents who comprise the index. Accordingly, for purposes of the Apartment Index, companies that are not public throughout the entire Performance Period will be excluded from the TSR calculations. In addition, a member company of the Apartment Index will be excluded from the TSR calculations if on the last day of the Performance Period such company is under a definitive agreement to be acquired or merged out of existence during the next 12 months. Also, any such member company of the Apartment Index that files for bankruptcy during the Performance Period shall have a minus 100% value assigned to its TSR for purposes of the TSR calculations.

The market capitalization of the companies in the Apartment Index shall be weighted

based on the market capitalization weighting method used by FTSE one time at the beginning of the Performance Period (using the average of the last 20 trading days prior to the beginning of the Performance Period) to determine each company's weighted share of the final results. For example, if there are five companies in the index as of the beginning of the Performance Period with the identical market capitalization, each company's share of the final results shall be 20%. If one of the companies is excluded from the TSR calculations, as provided above, then each of the remaining company's weighted share shall be 25%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Net Debt</u>. "Net Debt" means the Company's total debt less cash and cash equivalents and mortgage principal reserves/sinking funds as calculated in the Company's quarterly earnings releases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Normalized EBITDAre</u>. "Normalized EBITDAre" means the Company's "Normalized Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate" as

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defined in the Company's most recent quarterly earnings release at any given time, subject to adjustment as described in Section 1(g) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>NFFO</u>. "NFFO" means the Company's "Normalized Funds from Operations" as defined in the Company's most recent Form 10-K or 10-Q at any given time, subject to adjustment as described in Section 1(g) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Adjustments</u>. The Compensation Committee shall make equitable adjustments to the Award granted hereunder and/or the Performance Metrics contained herein to take into account any extraordinary, unusual or non-recurring corporate events affecting the Company as described in Section 14 of the 2019 Share Plan (such as spin-offs, stock splits, reverse splits, special dividends, recapitalizations, reclassifications and similar events), so that the total value of the Award shall not be changed by such events.

Furthermore, the Compensation Committee shall make equitable adjustments to the Award granted hereunder and/or the Performance Metrics contained herein to take into account any other significant or unforeseen events which occur (as an example only, such as a purchase or sale of a significant number of assets which would justify a change in the NFFO Performance Metric), so that the total value of the Award shall not be changed by such events.

The Compensation Committee has discretion in how the required adjustments are determined as long as they are done equitably.

3.**Change in Control**

If a Change in Control occurs at any time prior to the end of the Performance Period, the Award shall be valued as though the Performance Period had ended on the date of the Change in Control, and for purposes of calculating TSR, the Ending Share Price for the Company and the relevant index companies shall be the closing price of each company's common shares on the date of the Change in Control (as opposed to a trailing average), which together with the Net Debt to Normalized EBITDAre and NFFO Performance Metrics (as appropriately prorated) shall determine the actual number of Restricted Shares issued and/or Restricted Units retained by the Grantee, which shall be a percentage (from zero to 200%) of the target Award. While the valuation of the Award shall be fixed as set forth above in the event of a Change in Control, vesting of the Award upon a Change in Control is governed by the terms of the 2019 Share Plan. Dividend equivalent payments and distributions payable pursuant to Section 5 hereof would be paid at the time of vesting of the Award based on the actual number of Restricted Shares issued and/or Restricted Units retained. In the event of any conflict between the terms of this Section 3 and the terms set forth in the 2019 Share Plan and any "change in control" agreement between the Company and the Grantee entered into prior to or as of the date hereof, the terms of this Section 3 shall control; provided, however, that any Restricted Shares issued, Restricted Units retained, and other payments made pursuant to this Section 3 are expressly subject to "modified cutback" language contained in any "change in control" agreement between the Company and the Grantee.

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4.**Vesting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Employees</u>. All Restricted Shares and/or Restricted Units that are the result of the settlement of an Award shall, subject to the proration provisions in Section 4(b) below, fully vest on the issuance date for Restricted Shares and on the date of the determination of the resulting number of retained Restricted Units, as provided in Section 1 hereof, subject to continued employment, and the other vesting provisions described below in Sections 4(b)(i) and 4(b)(ii), provided that if the vesting date occurs within a trading lockout imposed by the Company, the vesting date for grantees subject to Section 16 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), at the time of vesting will be automatically extended to the first business day after expiration of the lockout.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Termination of Employment</u>.

&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;(i) <u>Qualified Termination under the 2019 Share Plan</u>. If a "Qualified Termination" of employment occurs during the first year of the Performance Period, the Grantee's Award shall be prorated in the proportion that the number of days employed during such year bears to 365 (or 366 if such year is a leap year), as the award represents payment for services to be provided during the first year of the Performance Period. For example, if the Grantee had a Qualified Termination of employment on October 1, 2026, Grantee's prorated portion would be 9/12 of the Award, and 3/12 of the Award would be forfeited. The number of resulting Restricted Shares and/or Restricted Units (based on the pro-rated Award) will continue to be determined at the end of the Performance Period. All dividend equivalent payments and Partial Distributions described in Section 5 shall be based on the pro-rated Award from and after the date of the Qualified Termination. "<u>Qualified Termination</u>" is defined as a termination of employment due to:

&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;(a) Death,

&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;(b) Disability,

&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;(c) Retirement at or after age 62, provided that (i) the Grantee's service at the Company commenced prior to January 1, 2009 and (ii) the Grantee was at least 59 years old as of February 1, 2019, or

&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;(d) Retirement in accordance with the Rule of 70.

Vesting is immediate for a Qualified Termination due to (i) the events described above in Section 4(b)(i)(a)-(b) and (ii) the event described above in Section 4(b)(i)(c), provided the Grantee signs a release in a form that is reasonably satisfactory to the Company releasing the Company from customary claims. For a Qualified Termination due to the event described above in Section 4(b)(i)(d), vesting continues after retirement, provided the Grantee signs a release in a form that is reasonably satisfactory to the Company releasing the Company from customary claims and also containing non-competition and employee non-solicitation provisions and complies with such non-competition and employee non-solicitation provisions.

&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;(ii) <u>Qualifying Termination under the Severance Plan</u>. If the Grantee terminates his or her employment with "Good Reason" or if the Company terminates the

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Grantee without "Cause" (as such terms are defined in the Company's Executive Severance Plan (the "<u>Severance Plan</u>") and each, a "<u>Qualifying Severance Plan Termination</u>") during the Performance Period, the Grantee's Award shall be prorated in the proportion that the number of days employed during the Performance Period bears to the full 36 months in the Performance Period. For example, if the Grantee had a Qualifying Severance Plan Termination of employment on September 30, 2026, Grantee's prorated portion would be 25% of the Award (9/36 months). The Award shall be valued as though the Performance Period had ended on the date of the Qualifying Severance Plan Termination (or, if the date of Qualifying Severance Plan Termination occurs on a date within a trading lockout imposed by the Company, as of market close on the fifth trading day after the expiration of the lockout), and for purposes of calculating TSR, the Ending Share Price for the Company and the relevant index companies shall be the closing price of each company's common shares on the date of the Qualifying Severance Plan Termination (as opposed to a trailing average). With respect to the Net Debt to Normalized EBITDAre and NFFO Performance Metrics, the valuation will be appropriately measured based on a combination of (A) the Company's actual performance through the most recently completed fiscal quarter for which the Company has calculated or is in the process of calculating results and (B) the Company's most recent internal reforecast for the remainder of the fiscal year. Following the Company's valuation, the resulting amount will be vested and paid in cash in equal monthly installments over the remaining applicable severance payment period set forth in the Severance Plan. Dividend equivalent payments and distributions payable pursuant to Section 5 hereof would be determined as of the date of the Qualifying Severance Plan Termination based on the prorated Award and paid in a lump sum following the Company's calculation.

&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;(iii) If a Grantee's employment terminates prior to vesting of the Award for any reason other than pursuant to a Qualified Termination, Qualifying Severance Plan Termination or Change in Control, any unvested Awards shall be forfeited, unless the Compensation Committee determines otherwise. For the avoidance of doubt, if a Grantee incurs a Qualifying Severance Plan Termination after the end of the Performance Period but prior to vesting of the Award, the Award will be valued and vested in the normal course as provided in Sections 1 and 4(a) hereof.

5.**Dividend Equivalent Payments/Cash Distributions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.With respect to an Award granted to the Grantee which will be settled in the form of Restricted Shares after the end of the Performance Period, the Company shall not pay the Grantee any dividends on such Award. Once the number of resulting Restricted Shares has been determined by the Compensation Committee after the end of the Performance Period pursuant to Section 1(f) hereof, the Company shall make a payment without interest to the Grantee, as required under Section 1, in an amount equal to the amount of any and all dividends that would have been paid on those Restricted Shares had they been outstanding and entitled to dividends during the period from the grant date of the Award to the date of issuance, except to the extent such dividends have already been taken into account in adjustments made to the target number of Restricted Shares as required by Section 2(e) for purposes of ensuring that the total value of the

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Award has not changed, and except as set forth in Section 5(c). This payment will be considered compensation for all purposes, and will be received by the Grantee in its capacity as an employee, and not in such person's capacity as a shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.With respect to any Restricted Units granted to the Grantee, the Company shall cause ERP to pay the Grantee a distribution in the amount of 10 percent of any and all cash distributions ("<u>Partial Distributions</u>") paid on OP Units during the period from the grant date to the date of final determination of resulting Restricted Units except as set forth in Section 5(c). Partial Distributions are non-forfeitable when paid, whether or not the underlying Restricted Units are eventually retained pursuant to the terms of this Award Agreement. Once the number of resulting Restricted Units has been determined by the Compensation Committee at the end of the Performance Period pursuant to Section 1(f) hereof, ERP shall promptly make a payment in cash without interest to the Grantee, as required under Section 1, in the amount of any and all cash distributions that would have been paid on those resulting Restricted Units had they been outstanding and entitled to full distributions during the period from the grant date of the Award to such determination, less any previously paid Partial Distributions, except to the extent any such distributions have already been taken into account in adjustments made to the target number of Restricted Units as required by Section 2(e) for purposes of ensuring that the total value of the Award has not changed, and except as set forth in Section 5(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Notwithstanding the foregoing, for purposes of this Award Agreement the Grantee shall not be entitled to any dividend equivalent payments or distributions (including, without limitation, any Partial Distributions) that relate to the dividends and/or distributions declared by the Company on December 11, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.It is the intention of this Award Agreement, subject to the discretion of the Compensation Committee to make equitable adjustments, that the dividend equivalent payments and distributions payable to grantees under Section 5 should normally take into account dividends and distributions that have been or would have been typically and customarily paid on issued Restricted Shares and retained Restricted Units had the determination of the number of Restricted Shares issued and Restricted Units retained hereunder been finalized as of close of business on December 31, 2028.

6.**Notices**

Any notice to be given under the terms of this Award Agreement to the Company shall be addressed to the Company in care of its Secretary, and any notice to be given to the Grantee shall be addressed to the address as set forth in the Company's records. Either party may hereafter designate a different address for notices to be given to it or him or her.

7.**Titles; Interpretation**

Titles and captions are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Award Agreement. Capitalized terms used but not defined herein shall have the respective meanings ascribed thereto in the 2019 Share Plan or as the context otherwise reasonably indicates. The Compensation Committee shall have the exclusive discretion and authority to conclusively construe and interpret this Award Agreement

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and the LTI Plan, and to decide any and all questions of fact, interpretation, definition, computation or administration. The determinations of the Compensation Committee shall be binding on all parties.

8.**Amendment**

This Award Agreement may be amended only by a writing executed by the parties hereto which specifically states that it is amending this Award Agreement.

9.**Governing Law**

The laws of the State of Maryland shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Award Agreement regardless of the law that might be applied under principles of conflicts of laws.

10.**Counterparts**

This Award Agreement may be executed in multiple counterparts, and on separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. Any counterpart or other signature hereupon delivered by electronic means (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) shall be deemed for all purposes as constituting good and valid execution and delivery of this Award Agreement by such party.

[Signature Page Follows]

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IN WITNESS WHEREOF, the undersigned have caused this Award Agreement to be executed as of the aforesaid date.

EQUITY RESIDENTIAL

By:

Scott J. Fenster

Executive Vice President and General Counsel

The foregoing Award Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.

GRANTEE

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**<u>SCHEDULE A</u>**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Grantee** |  |
| &nbsp;&nbsp;**Target number of Restricted Units** | &nbsp;&nbsp;_______<br>200% of this target number, or _______ Restricted Units, will be issued to the Grantee, subject to the Compensation Committee's determination of the Company's performance results for the Performance Period and the determination of the resulting number of retained Restricted Units.<br>|
| &nbsp;&nbsp;**Target number of Restricted Shares** | &nbsp;&nbsp;________<br>|
| &nbsp;&nbsp;**Performance Period**  | &nbsp;&nbsp;January 1, 2026 to December 31, 2028<br>|

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## Exhibit 31.1

**Exhibit 31.1**

**Equity Residential** 

**CERTIFICATIONS**

I, Mark J. Parrell, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Equity Residential;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 30, 2026

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| |
|:---|
| /s/ Mark J. Parrell |
| &nbsp;&nbsp;&nbsp;&nbsp;Mark J. Parrell |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**Equity Residential** 

**CERTIFICATIONS**

I, Bret D. McLeod, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Equity Residential;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 30, 2026

---

| |
|:---|
| /s/ Bret D. McLeod |
| &nbsp;&nbsp;&nbsp;&nbsp;Bret D. McLeod |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

---

------

## Exhibit 31.3

**Exhibit 31.3**

**ERP Operating Limited Partnership**

**CERTIFICATIONS**

I, Mark J. Parrell, certify that:

1. I have reviewed this quarterly report on Form 10-Q of ERP Operating Limited Partnership;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 30, 2026

---

| |
|:---|
| /s/ Mark J. Parrell |
| &nbsp;&nbsp;&nbsp;&nbsp;Mark J. Parrell |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer of Registrant's General Partner |

---

------

## Exhibit 31.4

**Exhibit 31.4**

**ERP Operating Limited Partnership** 

**CERTIFICATIONS**

I, Bret D. McLeod, certify that:

1. I have reviewed this quarterly report on Form 10-Q of ERP Operating Limited Partnership;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 30, 2026

---

| |
|:---|
| /s/ Bret D. McLeod |
| &nbsp;&nbsp;&nbsp;&nbsp;Bret D. McLeod |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer of Registrant's General Partner |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**Equity Residential** 

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Equity Residential (the "Company") on Form 10-Q for the period ending March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Mark J. Parrell, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Mark J. Parrell |
| Mark J. Parrell |
| Chief Executive Officer <br>April 30, 2026 |

---

------

## Exhibit 32.2

**Exhibit 32.2**

**Equity Residential**

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Equity Residential (the "Company") on Form 10-Q for the period ending March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Bret D. McLeod, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Bret D. McLeod |
| Bret D. McLeod |
| Chief Financial Officer <br>April 30, 2026 |

---

------

## Exhibit 32.3

**Exhibit 32.3**

**ERP Operating Limited Partnership**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of ERP Operating Limited Partnership (the "Operating Partnership") on Form 10-Q for the period ending March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Mark J. Parrell, Chief Executive Officer of Equity Residential, general partner of the Operating Partnership, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

---

| |
|:---|
| /s/ Mark J. Parrell |
| Mark J. Parrell  |
| Chief Executive Officer <br>of Registrant's General Partner <br>April 30, 2026 |

---

------

## Exhibit 32.4

**Exhibit 32.4** 

**ERP Operating Limited Partnership** 

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of ERP Operating Limited Partnership (the "Operating Partnership") on Form 10-Q for the period ending March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Bret D. McLeod, Chief Financial Officer of Equity Residential, general partner of the Operating Partnership, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

---

| |
|:---|
| /s/ Bret D. McLeod |
| Bret D. McLeod |
| Chief Financial Officer<br>of Registrant's General Partner <br>April 30, 2026 |

---

------