를 Equity Residential Second Quarter 2024 Second Quarter 2024 Results Table of Contents | Earnings Release | 1 - 5 | | --- | --- | | Consolidated Statements of Operations | 6 | | Consolidated Statements of Funds From Operations and Normalized | | | Funds From Operations | 7 | | Consolidated Balance Sheets | 8 | | Portfolio Summary | 9 | | Portfolio Rollforward | 10 | | Same Store Results | 11 - 18 | | Debt Summary | 19 - 21 | | Capital Structure | 22 | | Common Share and Unit Weighted Average Amounts Outstan ...

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 March 31, 2024 OR 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 (Eq ...

Equity Residential (NYSE:EQR) Q1 2024 Earnings Conference Call April 24, 2024 11:00 AM ET Company Participants Marty McKenna - IR and Public Relations Mark Parrell - President and CEO Michael Manelis - EVP and COO Alexander Brackenridge - EVP and CIO Robert Garechana - EVP and CFO Conference Call Participants Eric Wolfe - Citi John Pawlowski - Green Street Steve Sakwa - Evercore ISI Josh Dennerlein - Bank of America Derrick Metzler - Morgan Stanley Michael Goldsmith - UBS Haendel St. Juste - Mizuho Jamie Fe ...

를 Equity Residential First Quarter 2024 Earnings Release & Supplemental Information Alexan Remy - Frisco, TX EQR + Toll Brothers Joint Development imated Completion: Q4 2024 GRESB Investor Relations Marty McKenna (312) 474-1300 investorrelations@eqr.com PENNER HAR First Quarter 2024 Results Table of Contents | Earnings Release | 1 - 4 | | --- | --- | | Consolidated Statements of Operations | 5 | | Consolidated Statements of Funds From Operations and Normalized | | | Funds From Operations | 6 | | Consolidate ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 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 ...

Equity Residential (NYSE:EQR) Q4 2023 Earnings Conference Call January 31, 2024 11:00 AM ET Company Participants Marty McKenna - Investor Relations and Public Relations Mark J. Parrell - President and Chief Executive Officer Robert A. Garechana - Executive Vice President and Chief Financial Officer Alexander Brackenridge - Executive Vice President and Chief Investment Officer Michael L. Manelis - Executive Vice President and Chief Operating Officer Conference Call Participants Steve Sakwa - Evercore Eric Wo ...

Financial Data and Key Metrics Changes - The company adjusted its same-store revenue guidance expectation for the year to 5.5% from 5.875% due to underperformance in San Francisco and Seattle, as well as a noncash write-off of a $1.5 million straight-line rent receivable [7][8] - Portfolio-wide bad debt before rental relief funds was about 1.3% in Q3 2023, down from 2.4% in 2022 [6][7] - The company expects 2024 same-store expense growth to be slightly below this year, with continued pressure on repair and maintenance lines [21] Business Line Data and Key Metrics Changes - Residential same-store revenue growth was 4.4% in Q3 2023, driven by healthy fundamentals and some improvement in delinquency [11] - The East Coast markets continue to outperform the West Coast, with strong demand and occupancy, particularly in Washington, D.C. [11][12] - New lease change rates in Seattle and San Francisco are running in the high negative single digits, with increased concession use contributing significantly to the decline [25][26] Market Data and Key Metrics Changes - The company noted lower levels of new apartment construction in established markets, which should continue for the next several years [5] - The average new supply as a percent of total inventory in established markets is around 2%, compared to approximately 6% in Sunbelt markets [19] - The job market for college-educated individuals remains strong, with unemployment at 2.1%, supporting demand for rentals [4][18] Company Strategy and Development Direction - The company is focusing on capital allocation by selling older assets and acquiring newer properties in suburban markets, particularly in Atlanta [8][10] - The long-term outlook remains positive, with favorable demographics driving demand and limited new supply in most markets [22] - The company is cautious about acquisitions in politically charged municipalities due to regulatory risks [47][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term recovery of San Francisco and Seattle, despite current challenges [51][53] - The company anticipates solid growth in 2024, led by East Coast markets, while acknowledging the need for improved fundamentals in San Francisco and Seattle [20][38] - Management highlighted that the credit quality of residents remains strong, and they expect gradual improvement in bad debt levels [20][32] Other Important Information - The company is experiencing a significant increase in same-store CapEx, now at $3,600 per apartment unit, due to various factors including storm damage and new projects [67] - The eviction process is taking longer than pre-pandemic levels, impacting bad debt [20][34] Q&A Session Summary Question: Can you elaborate on the October numbers regarding new lease rates? - Management confirmed that new lease change rates in Seattle and San Francisco are running in the high negative single digits, with increased concession use contributing to the decline [25][26] Question: What is the current state of the transaction market? - Management indicated that the transaction market is uncertain, with upward pressure on cap rates and limited properties available [28][29] Question: How much more would bad debt have decreased if the court process had been quicker? - Management estimated that bad debt would have been about 10 basis points lower if the court process had progressed as expected [30][32] Question: What are the expectations for same-store revenue next year? - Management stated that they are in the middle of the budget process and cannot provide specific guidance yet, but they expect solid growth in certain markets [62] Question: How is the company addressing the Rite Aid bankruptcy issue? - Management confirmed that a new lease is already in place for the space previously occupied by Rite Aid, which is expected to be a good amenity for residents [64][65]

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Two North Riverside Plaza, Chicago, Illinois 60606 (312) 474-1300 ☐ 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 ...

[Explanatory Note](index=2&type=section&id=Explanatory%20Note) [Corporate Structure and Reporting](index=2&type=section&id=Corporate%20Structure%20and%20Reporting) This report combines EQR and ERPOP financial statements, with EQR as the general partner holding a **96.8%** interest in the UPREIT structure - EQR is the general partner of ERPOP and held an approximate **96.8%** ownership interest as of June 30, 2023, with the remaining **3.2%** owned by limited partners[8](index=8&type=chunk) - The company is structured as an UPREIT, allowing it to acquire properties by issuing OP Units, which can provide tax deferral benefits to sellers[9](index=9&type=chunk) - All property ownership, development, and debt are held at the Operating Partnership (ERPOP) level, with EQR's main assets being its investment in ERPOP and its primary function to act as the general partner and issue equity[11](index=11&type=chunk) - The main differences between EQR's and ERPOP's financial statements are in the equity section, where limited partners of ERPOP are treated as noncontrolling interests in EQR's statements and as partners' capital in ERPOP's statements[12](index=12&type=chunk) [PART I - Financial Information](index=5&type=section&id=PART%20I%20-%20Financial%20Information) [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Unaudited consolidated financial statements for EQR and ERPOP show **$1.42 billion** in revenue and **$349.7 million** net income for the first half of 2023 Equity Residential - Key Financials (Six Months Ended June 30, 2023 vs 2022) | Metric | Six Months Ended June 30, 2023 (in thousands) | Six Months Ended June 30, 2022 (in thousands) | | :--- | :--- | :--- | | **Rental Income** | $1,422,397 | $1,340,378 | | **Operating Income** | $516,049 | $459,672 | | **Net Income Available to Common Shares** | $349,693 | $293,321 | | **Diluted EPS** | $0.92 | $0.78 | | **Net Cash from Operating Activities** | $745,980 | $690,874 | Equity Residential - Balance Sheet Summary | Metric | June 30, 2023 (in thousands) | December 31, 2022 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | $20,145,729 | $20,218,262 | | **Total Liabilities** | $8,563,867 | $8,517,310 | | **Total Equity** | $11,226,543 | $11,382,679 | [Notes to Consolidated Financial Statements](index=21&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes cover business overview, accounting policies, and real estate transactions, including the acquisition of two properties for **$186.6 million** and disposition of seven for **$135.3 million** in H1 2023 Portfolio Overview (as of June 30, 2023) | Ownership | Properties | Apartment Units | | :--- | :--- | :--- | | Wholly Owned Properties | 289 | 76,986 | | Partially Owned Properties – Consolidated | 15 | 3,226 | | **Total** | **304** | **80,212** | Real Estate Transactions (Six Months Ended June 30, 2023) | Transaction Type | Properties | Apartment Units | Price (in thousands) | | :--- | :--- | :--- | :--- | | **Acquisitions** | 2 | 549 | $186,600 | | **Dispositions** | 7 | 247 | $135,300 | - Subsequent to June 30, 2023, the company repaid **$67.9 million** of mortgage debt, locked an interest rate of approximately **4.7%** on **$530.0 million** of secured notes, and received **$27.1 million** to settle nine forward starting swaps[134](index=134&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting **7.7%** same-store NOI growth in H1 2023, supported by **$2.3 billion** in available liquidity Diluted EPS Reconciliation (2022 vs 2023) | Description | Six Months Ended June 30 | Quarter Ended June 30 | | :--- | :--- | :--- | | **Diluted EPS 2022** | **$0.78** | **$0.59** | | Property NOI | $0.17 | $0.06 | | Interest expense | $0.03 | $0.01 | | Corporate overhead | ($0.01) | ($0.02) | | Net gain/loss on property sales | ($0.03) | ($0.28) | | Depreciation expense | $0.05 | $0.02 | | Other | ($0.07) | ($0.01) | | **Diluted EPS 2023** | **$0.92** | **$0.37** | Same Store NOI Change (Six Months Ended June 30, 2023 vs 2022) | Metric | 2023 (in thousands) | 2022 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | **Same Store Rental Income** | $1,375,078 | $1,281,947 | 7.3% | | **Same Store Operating Expenses** | $444,251 | $417,686 | 6.4% | | **Same Store NOI** | $930,827 | $864,261 | 7.7% | - The company maintains a strong liquidity position, with approximately **$2.3 billion** in readily available liquidity as of June 30, 2023, consisting of cash and availability on its unsecured revolving credit facility[169](index=169&type=chunk)[175](index=175&type=chunk) [Results of Operations](index=43&type=section&id=Results%20of%20Operations) Results show strong same-store performance with **7.7%** NOI growth driven by **7.3%** rental income increase, despite higher operating expenses Portfolio Rollforward (Six Months Ended June 30, 2023) | Description | Properties | Apartment Units | | :--- | :--- | :--- | | **Balance at 12/31/2022** | 308 | 79,597 | | Acquisitions | 2 | 549 | | Dispositions | (7) | (247) | | Completed Developments | 1 | 312 | | **Balance at 6/30/2023** | **304** | **80,212** | - Same-store residential NOI grew **7.8%** for the six months ended June 30, 2023, with an average rental rate increase of **8.0%** and physical occupancy of **95.9%**[161](index=161&type=chunk) - Key drivers for performance include strong pricing, particularly in New York; high physical occupancy at **95.9%**; and a high percentage of residents renewing (**57.0%** in Q2 2023), keeping turnover low[168](index=168&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$2.3 billion** available, supported by **$746.0 million** in operating cash flow and a **$24.9 billion** unencumbered asset pool Sources and Uses of Cash (Six Months Ended June 30, 2023) | Activity | Amount (in thousands) | | :--- | :--- | | **Net Cash from Operating Activities** | $745,980 | | **Net Cash used for Investing Activities** | ($271,279) | | **Net Cash used for Financing Activities** | ($487,231) | Debt Summary (as of June 30, 2023) | Debt Type | Balance (in thousands) | % of Total | | :--- | :--- | :--- | | **Secured** | $1,913,069 | 25.7% | | **Unsecured** | $5,529,847 | 74.3% | | **Total** | **$7,442,916** | **100.0%** | | **Fixed Rate** | $6,954,671 | 93.4% | | **Floating Rate** | $488,245 | 6.6% | - The company has a significant unencumbered asset pool valued at **$24.9 billion** (**87.6%** of total investment in real estate), providing substantial financial flexibility[182](index=182&type=chunk) FFO and Normalized FFO Reconciliation (Six Months Ended June 30, 2023) | Metric (in thousands) | Amount | | :--- | :--- | | **Net Income** | $364,933 | | **FFO available to Common Shares and Units** | $696,281 | | **Normalized FFO available to Common Shares and Units** | $710,695 | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company reports no material changes to its market risk profile since the December 31, 2022 Annual Report on Form 10-K - There have been no material changes to the company's market risk profile since the end of 2022[191](index=191&type=chunk) [Item 4. Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures for EQR and ERPOP were effective as of June 30, 2023, with no material changes to internal controls - The CEO and CFO concluded that the disclosure controls and procedures for both EQR and ERPOP were effective as of June 30, 2023[192](index=192&type=chunk)[194](index=194&type=chunk) - No changes occurred during the second quarter of 2023 that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[193](index=193&type=chunk)[195](index=195&type=chunk) [PART II - Other Information](index=53&type=section&id=PART%20II%20-%20Other%20Information) [Item 1. Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) As of June 30, 2023, the company reports no pending or threatened litigation expected to have a material adverse effect - The company is not aware of any litigation that is reasonably expected to have a material adverse effect[196](index=196&type=chunk) [Item 1A. Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the December 31, 2022 Annual Report on Form 10-K - No material changes to risk factors have occurred since the 2022 Form 10-K filing[197](index=197&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q2 2023, EQR issued **36,062** Common Shares in exchange for OP Units, relying on a Securities Act registration exemption - In Q2 2023, **36,062** Common Shares were issued in exchange for **36,062** OP Units in transactions exempt from registration[198](index=198&type=chunk) [Item 5. Other Information](index=53&type=section&id=Item%205.%20Other%20Information) EVP & CIO Alexander Brackenridge adopted a Rule 10b5-1 trading arrangement on June 15, 2023, for potential securities sales - EVP & CIO Alexander Brackenridge adopted a Rule 10b5-1 trading plan for selling up to **20,133** Common Shares and exercising options for up to **15,516** shares[201](index=201&type=chunk)

Equity Residential (NYSE:EQR) Q2 2023 Earnings Conference Call July 28, 2023 11:00 AM ET Company Participants Martin McKenna - First VP, Investor & Public Relations Mark Parrell - President, CEO & Trustee Michael Manelis - EVP & COO Alexander Brackenridge - EVP & CIO Robert Garechana - EVP & CFO Conference Call Participants Eric Wolfe - Citi John Pawlowski - Green Street Advisors Steve Sakwa - Evercore ISI Josh Dennerlein - Bank of America Merrill Lynch John Kim - BMO Capital Markets Jamie Feldman - Wells F ...