Here is a brief analogy for Equity Residential (EQR):

• The Marriott or Hilton of apartment buildings.

• Apartment Rentals: Leasing residential apartment units directly to tenants in various major U.S. markets.

Equity Residential (EQR) is a Real Estate Investment Trust (REIT) that owns and operates apartment communities. As such, the company primarily sells its services (apartment rentals) to individuals rather than other companies.

Here are up to three categories of individual customers that Equity Residential serves:

• Urban and Suburban Professionals: This category includes young to mid-career professionals and couples who are drawn to high-quality apartment living in dynamic urban and dense suburban areas. They prioritize convenience, proximity to employment centers, public transportation, dining, and entertainment, as well as modern apartment features and amenities. EQR's focus on coastal, high-barrier-to-entry markets (e.g., New York, Boston, Washington D.C., Seattle, San Francisco, Southern California) strongly targets this demographic.
• Affluent Lifestyle Renters: This group comprises individuals and households (including empty nesters or those choosing a long-term rental lifestyle) who prioritize a maintenance-free, amenity-rich living experience in highly desirable locations. They value the flexibility of renting, access to premium building amenities and services, and a vibrant community atmosphere without the responsibilities of homeownership.
• Relocating Professionals: Individuals moving into EQR's key markets for new job opportunities, corporate transfers, or other life changes. These customers often seek immediate, high-quality, and well-located housing solutions as they establish themselves in a new city.

Mark J. Parrell, President & Chief Executive Officer

Mark J. Parrell has served as President and Chief Executive Officer of Equity Residential since January 2019 and September 2018, respectively. He joined the company in 1995 and previously held the role of Executive Vice President and Chief Financial Officer from October 2007 to September 2018. Mr. Parrell has over two decades of experience in real estate, capital markets, mergers and acquisitions, and investment. He has also served as an independent director on the boards of Brookdale Senior Living Inc. and Aviv REIT, Inc., with Aviv REIT, Inc. merging into Omega Healthcare in 2015.

Bret D. McLeod, Executive Vice President and Chief Financial Officer

Bret D. McLeod assumed the role of Executive Vice President and Chief Financial Officer on August 7, 2025, having joined Equity Residential in July 2025 as Executive Vice President - Finance. Prior to joining Equity Residential, he was the Executive Vice President and Chief Financial Officer of Great Wolf Resorts and also served as CFO for Citycon, a publicly listed owner of Nordic shopping centers. Mr. McLeod was also a Co-Founder, Managing Partner, and CFO of Lakewood Hotel Group, an investment firm. He spent nearly 15 years at Host Hotels & Resorts, a lodging REIT, where he held positions including Senior Vice President, Treasurer, and Head of Strategy and Investor Relations. His experience includes working with both public and private companies.

Michael L. Manelis, Executive Vice President and Chief Operating Officer

Michael L. Manelis has served as Executive Vice President and Chief Operating Officer of Equity Residential since July 2018. He has held various positions within the company's operations group since joining in 1999, including Executive Vice President – Property Operations and Senior Vice President of Operations and Information Technology. Before his tenure at Equity Residential, Mr. Manelis was a Senior Manager at Ernst & Young LLP from 1995 to 1999. He also served as an Advisory Board Member at Home Partners of America.

Robert A. Garechana, Executive Vice President and Chief Investment Officer

Robert A. Garechana became Executive Vice President and Chief Investment Officer in August 2025. He joined Equity Residential in 2004 and previously served as Executive Vice President and Chief Financial Officer from September 2018 to August 2025. His earlier roles at the company included Senior Vice President and Treasurer. Prior to Equity Residential, Mr. Garechana was a Manager of Financial Risk at Cardinal Health.

Catherine M. Carraway, Executive Vice President and Chief Human Resources Officer

Catherine M. Carraway has been Executive Vice President and Chief Human Resources Officer at Equity Residential since April 2021. She has held various positions within the company's human resources department since March 2001, including Executive Vice President – Human Resources and Senior Vice President – Human Resources. Ms. Carraway also serves as Vice President of the Board of Directors of Connections for Abused Women and their Children and as co-chair of the Chicago Board of the All Stars Project.

A sustained shift towards remote or hybrid work models, coupled with persistent affordability challenges in Equity Residential's core coastal urban and high-density suburban markets, could lead to a long-term moderation or reduction in demand for premium rental housing in these concentrated areas. This trend, if it continues to influence where high-income professionals choose to live and work, fundamentally alters the demand drivers that have historically supported strong rent growth and property valuations for EQR's portfolio.

The addressable market for Equity Residential's main product, apartment rentals, is the broader U.S. apartment rental and multifamily housing market.

The market size for the apartment rental industry in the United States is estimated to be $295.3 billion in 2025. The United States multifamily market, which includes apartments, was valued at $265 billion in 2022 and is projected to grow to $466 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 7.31% from 2023 to 2030.

Equity Residential (EQR) specializes in acquiring, developing, and managing high-quality apartment properties. The company's operations are concentrated in dynamic metro areas across the U.S., particularly in major coastal markets such as Boston, New York, Washington, D.C., Seattle, San Francisco, and Southern California, with an expanding presence in high-growth metro areas like Atlanta, Austin, Dallas/Ft. Worth, and Denver. EQR focuses on attracting affluent, long-term renters in these supply-constrained markets.

1. Sustained Rental Rate Growth and Pricing Power: Equity Residential anticipates continued revenue growth through its ability to implement rent increases, particularly in its established coastal markets. The company reported same-store revenue growth of 2.2% in Q1 2025 and 2.7% in Q2 2025, with expectations for blended rate growth to be between 2.2% and 2.8% for Q3 2025. Strong performance in urban centers like San Francisco and New York has consistently driven results, and management expects solid rental demand to support continued leasing resilience.

2. High Occupancy Rates and Strong Resident Retention: A key driver is Equity Residential's consistent ability to maintain high physical occupancy rates, which have been above 96%, and achieve strong resident retention. The firm reported its lowest resident turnover in history for the first quarter of 2025 and a record high third-quarter resident retention rate in 2025, indicating that renters are choosing to stay in their properties. This strong retention minimizes vacancy costs and provides a stable revenue base.

3. Strategic Acquisitions and Expansion in High-Growth Markets: Equity Residential is focused on expanding its presence in high-demand "Expansion Markets" such as Atlanta, Dallas/Fort Worth, Denver, and Austin. The company has been acquiring properties in these markets to achieve scale and diversification, expecting them to yield strong cash flow growth as competitive supply levels decline. For example, in Q2 2025, EQR acquired a portfolio of eight properties in suburban Atlanta and previously in Q3 2024, it acquired 14 properties across Atlanta, Dallas/Fort Worth, and Denver.

4. Declining New Supply in Core and Expansion Markets: A significant tailwind for future revenue growth is the anticipated reduction in competitive new apartment supply. Management projects a decline of approximately 35%, or about 40,000 units, in new supply deliveries across its markets in 2026 compared to 2025 levels. This decrease in new housing supply, especially in core urban centers and eventually in expansion markets like Washington, D.C., is expected to create a more favorable supply/demand dynamic, supporting above-average revenue growth.

5. Leveraging Technology for Operational Efficiency and Customer Service: Equity Residential plans to boost its investment in technology to improve financial outcomes and enhance customer service. Initiatives include accelerating the rollout of AI leasing applications, aiming for full deployment by year-end 2025, and deploying new AI for delinquency management. These technological advancements are expected to drive efficiencies, potentially reducing costs and indirectly contributing to revenue growth by optimizing net operating income and improving the resident experience.

Share Repurchases

• Equity Residential repurchased approximately $100 million of stock in Q3 2025 and after the quarter end.

Outbound Investments

• The company reduced its acquisition guidance for the full year 2025 from $1.5 billion to $1 billion.
• In 2024, Equity Residential anticipated $1.6 billion in acquisitions, funding these through a mix of fixed-rate debt, dispositions, and commercial paper; acquisitions were accelerated in expansion markets such as Atlanta, Dallas, and Denver, focusing on newer assets.
• During the first nine months of 2023, Equity Residential acquired four operating properties, totaling 1,183 apartment units, for an aggregate of approximately $366.3 million, with these properties averaging about one year in age.

Capital Expenditures

• Equity Residential's high-quality property portfolio typically requires lower capital expenditures, averaging approximately 7% of its revenues annually, which is less than the 10-15% observed for most of its peer group.
• A significant portion of capital expenditures is allocated to an active property and unit renovation program, which the company aims to accelerate where appropriate.