Part I [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements for EQR and ERPOP, detailing balance sheets, operations, cash flows, and equity changes, with notes [Financial Statements of Equity Residential (EQR)](index=4&type=section&id=Financial%20Statements%20of%20Equity%20Residential) EQR's financial statements show total assets decreased to **$20.27 billion**, with nine-month net income at **$641.6 million** and diluted EPS at **$1.63** EQR Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$20,265,405** | **$21,169,241** | | Total Liabilities | $8,633,131 | $9,483,056 | | **Total Equity** | **$11,261,737** | **$11,187,208** | EQR Consolidated Statement of Operations Highlights (in thousands, except per share data) | Metric | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Rental Income | $2,035,477 | $1,818,867 | | Net Gain on Sales of Real Estate | $304,346 | $587,623 | | **Net Income** | **$641,641** | **$835,736** | | **Diluted EPS** | **$1.63** | **$2.14** | EQR Consolidated Cash Flow Highlights (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $1,120,228 | $978,213 | | Net Cash from Investing Activities | $243,336 | ($309,589) | | Net Cash from Financing Activities | ($1,602,333) | ($541,603) | [Financial Statements of ERP Operating Limited Partnership (ERPOP)](index=13&type=section&id=Financial%20Statements%20of%20ERP%20Operating%20Limited%20Partnership) ERPOP's financial statements mirror EQR's assets and liabilities, with nine-month net income at **$641.6 million**, differing in capital structure ERPOP Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$20,265,405** | **$21,169,241** | | Total Liabilities | $8,633,131 | $9,483,056 | | **Total Capital** | **$11,261,737** | **$11,187,208** | ERPOP Consolidated Statement of Operations Highlights (in thousands, except per unit data) | Metric | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Rental Income | $2,035,477 | $1,818,867 | | Net Gain on Sales of Real Estate | $304,346 | $587,623 | | **Net Income** | **$641,641** | **$835,736** | | **Diluted EPU** | **$1.63** | **$2.14** | [Notes to Consolidated Financial Statements](index=21&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail the company's business structure, accounting policies, real estate transactions, debt, and segment performance - As of September 30, 2022, the company owned a portfolio of **308 properties** consisting of **79,594 apartment units**[83](index=83&type=chunk)[84](index=84&type=chunk) Real Estate Transactions (Nine Months Ended Sep 30, 2022) | Transaction Type | Properties | Apartment Units | Price (in thousands) | | :--- | :--- | :--- | :--- | | Acquisitions | 1 | 172 | $113,000 | | Dispositions | 3 | 945 | $746,150 | Debt Summary as of September 30, 2022 (in thousands) | Debt Type | Balance | % of Total | | :--- | :--- | :--- | | Secured | $1,967,827 | 26.2% | | Unsecured | $5,530,364 | 73.8% | | **Total Debt** | **$7,498,191** | **100.0%** | Same Store NOI Growth by Market (Nine Months Ended Sep 30, 2022 vs 2021) | Market | 2022 NOI (in thousands) | 2021 NOI (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Los Angeles | $248,775 | $216,369 | +15.0% | | San Francisco | $218,829 | $195,653 | +11.8% | | Washington, D.C. | $203,597 | $192,848 | +5.6% | | New York | $179,635 | $133,917 | +34.1% | | Seattle | $150,789 | $129,294 | +16.6% | | Boston | $134,637 | $116,475 | +15.6% | | **Total Same Store** | **$1,281,194** | **$1,111,032** | **+15.3%** | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=38&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong nine-month 2022 performance to healthy demand, resulting in **96.5% physical occupancy** and **15.3% same-store NOI growth** - For the nine months ended September 30, 2022, same-store NOI increased by **15.3%** compared to the prior year, driven by an **11.1%** increase in rental income and a **3.0%** increase in operating expenses[203](index=203&type=chunk) - Key operating drivers for 2022 performance include strong pricing, high physical occupancy of **96.5%**, and low resident turnover of **33.6%**[214](index=214&type=chunk)[215](index=215&type=chunk) - The company maintains a strong balance sheet with approximately **$2.3 billion** in readily available liquidity and **87.0%** of its real estate portfolio unencumbered as of September 30, 2022[218](index=218&type=chunk)[231](index=231&type=chunk) Reconciliation of Diluted EPS (YTD 2022 vs YTD 2021) | Component | Change in EPS | | :--- | :--- | | Diluted EPS for period ended 2021 | $2.14 | | Property NOI | $0.49 | | Net gain/loss on property sales | ($0.73) | | Depreciation expense | ($0.13) | | Other | ($0.14) | | **Diluted EPS for period ended 2022** | **$1.63** | [Quantitative and Qualitative Disclosures about Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company reports no material changes to its market risk disclosures since the 2021 Annual Report on Form 10-K - There have been no material changes to the company's market risk disclosures since the 2021 Form 10-K[242](index=242&type=chunk) [Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of September 30, 2022, with no material changes to internal control - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2022[243](index=243&type=chunk)[245](index=245&type=chunk) - No material changes to internal control over financial reporting occurred during the third quarter of 2022[244](index=244&type=chunk)[247](index=247&type=chunk) Part II [Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no pending or threatened litigation expected to have a material adverse effect - As of September 30, 2022, the company is not aware of any litigation that is reasonably expected to have a material adverse effect[248](index=248&type=chunk) [Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported from the company's 2021 Annual Report on Form 10-K - No material changes to risk factors were reported from the company's 2021 Form 10-K[249](index=249&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q3 2022, EQR issued **6,572 Common Shares** for OP Units from limited partners, relying on a registration exemption - In Q3 2022, EQR issued **6,572 Common Shares** in exchange for **6,572 OP Units** from limited partners, utilizing a registration exemption[250](index=250&type=chunk) [Defaults Upon Senior Securities](index=50&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[251](index=251&type=chunk) [Other Information](index=50&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item - None[251](index=251&type=chunk) [Exhibits](index=50&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q report, including executive plan amendments and CEO/CFO certifications

Equity Residential (NYSE:EQR) Q3 2022 Results Conference Call October 26, 2022 11:00 AM ET Company Participants Marty McKenna - Investor Relations Mark Parrell - President and Chief Executive Officer Michael Manelis - Chief Operating Officer Bob Garechana - Chief Financial Officer Conference Call Participants Nick Joseph - Citi Steve Sakwa - Evercore ISI Nick Yulico - Scotiabank Chandni Luthra - Goldman Sachs Haendel St. Juste - Mizuho Rich Anderson - SMBC Robyn Luu - Green Street Joshua Dennerlein - Bank o ...

Table of Contents 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 June 30, 2022 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 OPERA ...

Equity Residential (NYSE:EQR) Q2 2022 Earnings Conference Call July 27, 2022 11:00 AM ET Company Participants Marty McKenna - Investor Relations Mark Parrell - President and Chief Executive Officer Michael Manelis - Chief Operating Officer Bob Garechana - Chief Financial Officer Alex Brackenridge - Chief Investment Officer Conference Call Participants Nick Joseph - Citi Chandni Luthra - Goldman Sachs Steve Sakwa - Evercore ISI John Pawlowski - Green Street Joshua Dennerlein - Bank of America Brad Heffern - ...

Equity Residential (NYSE:EQR) Q1 2022 Earnings Conference Call April 27, 2022 11:00 AM ET Company Participants Marty McKenna – Investor Relations Mark Parrell – President and Chief Executive Officer Michael Manelis – Chief Operating Officer Bob Garechana – Chief Financial Officer Alec Brackenridge – Chief Investment Officer Conference Call Participants Nick Joseph – Citi Steve Sakwa – Evercore ISI John Pawlowski – Green Street Rich Hill – Morgan Stanley Chandni Luthra – Goldman Sachs Nick Yulico – Scotiaban ...

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

Financial Data and Key Metrics Changes - The company anticipates a 9% growth in same-store revenue at the midpoint for 2022, with normalized funds from operations expected to grow by about 15%, marking the best performance in its history [5][6] - Cash flow is projected to grow strongly, driven by leases signed at higher rates and the ability to reset leases to current market levels [6][7] - The company reported the lowest resident turnover in its history, with record levels of lease renewals averaging nearly 11% increases in the fourth quarter [16][19] Business Line Data and Key Metrics Changes - The company had a very active year with $1.7 billion in acquisitions and dispositions, focusing on optimizing its portfolio by selling older assets and acquiring newer ones [7][8] - The average age of acquired properties is two years, compared to 30 years for disposed assets, indicating a strategic shift towards newer, less capital-intensive properties [8][12] - Development activities included $450 million in new projects commenced in 2021, with expectations to deliver high-quality properties in key markets [9][10] Market Data and Key Metrics Changes - The company is currently 96.5% occupied, with expectations of achieving 13.5% new lease growth in January [16][19] - Boston is expected to produce approximately 10% same-store revenue growth in 2022, while New York is projected to be the best-performing market with around 13% growth [20][21] - Seattle and San Francisco are slower to recover, with occupancy rates at 93% and 96% respectively, and expected revenue growth of 10% and 7% in 2022 [22][25] Company Strategy and Development Direction - The company is reshaping its portfolio to reflect demand trends, focusing on urban and suburban markets where affluent renters are moving [10][12] - The refined portfolio is expected to have about one-third of its assets in the Northeastern markets, one-third in California, and the remaining third in a diagonal from Seattle to Atlanta [12] - The company aims to balance its investments between urban and suburban markets while continuing to attract high-quality renters [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledges potential economic challenges such as high inflation and supply chain disruptions but remains optimistic about revenue growth due to signed leases at higher rates [6][7] - The company expects to continue capturing rental rate increases through lease resets, providing a natural hedge against inflation [7][19] - Management is confident in the demand for apartment living, particularly from Generation Z and millennials, as they seek affordable rental options [5][6] Other Important Information - The company has implemented innovative technologies to enhance operational efficiency, including AI for communication and self-guided tours, which have contributed to minimizing expense growth [28][30] - The company expects to see a reduction in bad debt, projecting a level around 1.5% for the year, down from higher levels during the pandemic [81][82] Q&A Session Summary Question: How does the company view the $2 billion in acquisitions and dispositions? - The company believes that the assets being acquired will yield higher IRRs over time due to better rent growth and lower capital demands [35][36] Question: What is the expectation for government rental assistance in 2022? - The company expects to receive about half of the rental assistance it received in 2021, which was approximately $34 million [39] Question: How does the company approach underwriting growth in different markets? - The company sees varying growth potential in Sunbelt versus Coastal markets, with a focus on balancing risks and opportunities [44][45] Question: What is the expected impact of concessions on new and renewal leases? - The company anticipates that new lease rates will outperform renewal rates in the early part of the year, with a convergence expected later [52][54] Question: How does the company view bad debt moving forward? - The company expects bad debt to be lower in 2022 compared to 2021, projecting a range of $15 million to $20 million in bad debt [82]

Equity Residential (NYSE:EQR) Q3 2021 Earnings Conference Call October 27, 2021 1:00 PM ET Company Participants Martin McKenna - VP of Investor & Public Relations Mark Parrell - President and CEO Alexander Brackenridge - EVP & CIO Michael Manelis - EVP & COO Robert Garechana - CFO Conference Call Participants Nick Joseph - Citigroup John Pawlowski - Green Street Advisors Rich Hightower - Evercore ISI Chandni Luthra - Goldman Sachs Jeff Spector - Bank of America Merrill Lynch Rich Hill - Morgan Stanley Rich ...