Equity Residential: 10-K Risk Factor Changes

Garden 99 27,046 273 Mid/High-Rise 213 58,144 273 312 85,190 273 Garden is generally defined as properties with two and/or three story buildings while mid/high-rise is generally defined as properties with greater than three story buildings. These two property types typically provide residents with amenities, such as rooftop decks and swimming pools, fitness centers and community rooms. In addition, many of our urban properties have non-residential components, such as parking garages and/or retail spaces. The Company’s properties are summarized by ownership type in the following table: Properties

Wholly Owned Properties 297 81,518 Partially Owned Properties – Consolidated 12 2,656 Partially Owned Properties – Unconsolidated 3 1,016 312 85,190 25 25 Table of Contents Table of Contents Table of Contents The following table sets forth certain information by market relating to the Company’s properties at December 31, 2025: Portfolio Summary Markets/Metro Areas Properties ApartmentUnits % ofStabilizedBudgetedNOI AverageRentalRate Established Markets: Los Angeles 56 14,431 16.0 % $ 2,977 Orange County 12 3,718 4.9 % 3,011 San Diego 10 2,217 3.1 % 3,329 Subtotal – Southern California 78 20,366 24.0 % 3,022 San Francisco 41 11,558 16.4 % 3,546 Washington, D.C. 42 13,553 14.7 % 2,854 New York 34 8,685 14.4 % 4,832 Boston 25 6,907 10.7 % 3,716 Seattle 38 8,051 9.1 % 2,726 Subtotal – Established Markets 258 69,120 89.3 % 3,342 Expansion Markets: Atlanta 22 6,420 4.4 % 1,938 Denver 16 4,678 3.6 % 2,195 Dallas/Ft. Worth 13 4,230 2.4 % 1,937 Austin 3 742 0.3 % 1,686 Subtotal – Expansion Markets 54 16,070 10.7 % 2,002 Total 312 85,190 100.0 % $ 3,092 Note: Projects under development are not included in the Portfolio Summary until construction has been completed.The following tables provide a rollforward of the apartment units included in Same Store Properties (please refer to the Definitions section in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations) and a reconciliation of apartment units included in Same Store Properties to those included in Total Properties for the year ended December 31, 2025: December 31, 2025 Properties ApartmentUnits Same Store Properties at December 31, 2024 281 75,299 2023 acquisitions 3 839 2025 dispositions (11 ) (2,468 ) Properties removed from same store (1) (1 ) (230 ) Other — 25 Same Store Properties at December 31, 2025 272 73,465 December 31, 2025 Properties ApartmentUnits Same Store 272 73,465 Non-Same Store: 2025 acquisitions 9 2,439 2024 acquisitions 18 5,373 2023 acquisitions not yet stabilized 1 344 Properties removed from same store (1) 3 1,049 Lease-up properties not yet stabilized (2) 8 2,519 Other 1 1 Total Non-Same Store 40 11,725 Total Properties and Apartment Units 312 85,190 Note: Properties are considered “stabilized” when they have achieved 90% Physical Occupancy for three consecutive months. Properties are included in same store when they are stabilized for all of the current and comparable periods presented.(1)Consists of three properties which were removed from the same store portfolio as discussed further below: The following table sets forth certain information by market relating to the Company’s properties at December 31, 2025:

Los Angeles 56 14,431 16.0 % $ 2,977 Orange County 12 3,718 4.9 % 3,011 San Diego 10 2,217 3.1 % 3,329 Subtotal – Southern California 78 20,366 24.0 % 3,022 San Francisco 41 11,558 16.4 % 3,546 Washington, D.C. 42 13,553 14.7 % 2,854 New York 34 8,685 14.4 % 4,832 Boston 25 6,907 10.7 % 3,716 Seattle 38 8,051 9.1 % 2,726 Subtotal – Established Markets 258 69,120 89.3 % 3,342

Atlanta 22 6,420 4.4 % 1,938 Denver 16 4,678 3.6 % 2,195 Dallas/Ft. Worth 13 4,230 2.4 % 1,937 Austin 3 742 0.3 % 1,686 Subtotal – Expansion Markets 54 16,070 10.7 % 2,002 Total 312 85,190 100.0 % $ 3,092 Note: Projects under development are not included in the Portfolio Summary until construction has been completed. The following tables provide a rollforward of the apartment units included in Same Store Properties (please refer to the Definitions section in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations) and a reconciliation of apartment units included in Same Store Properties to those included in Total Properties for the year ended December 31, 2025:

Same Store 272 73,465 Non-Same Store: 2025 acquisitions 9 2,439 2024 acquisitions 18 5,373 2023 acquisitions not yet stabilized 1 344 Properties removed from same store (1) 3 1,049 Lease-up properties not yet stabilized (2) 8 2,519 Other 1 1 Total Non-Same Store 40 11,725 Total Properties and Apartment Units 312 85,190 Note: Properties are considered “stabilized” when they have achieved 90% Physical Occupancy for three consecutive months. Properties are included in same store when they are stabilized for all of the current and comparable periods presented. (1)Consists of three properties which were removed from the same store portfolio as discussed further below: Consists of three properties which were removed from the same store portfolio as discussed further below: 26 26 Table of Contents Table of Contents Table of Contents a.Lorien Ivy (fka Laguna Clara) located in Santa Clara, CA containing 222 apartment units was removed from the same store portfolio in the second quarter of 2022 due to a major renovation and redevelopment project, including the demolition of 42 apartment units. As of December 31, 2025, the property had a Physical Occupancy of 99.1%. This property will return to the same store portfolio in 2026 as it was stabilized for all of 2025.b.Pearl MDR located in Marina Del Rey, CA containing 597 apartment units was removed from the same store portfolio in the third quarter of 2022 due to a large scale re-piping and renovation project in which significant portions of the property are being taken offline for extended time periods. As of December 31, 2025, the property had a Physical Occupancy of 77.3%. This property will not return to the same store portfolio until it is stabilized for all of the current and comparable periods presented.c.Juniper Sandy Springs located in Sandy Springs, GA containing 230 apartment units was removed from the same store portfolio in the first quarter of 2025 due to a large scale roofing repair project, which required a significant number of units to be vacated. As of December 31, 2025, the property had a Physical Occupancy of 69.6%. This property will not return to the same store portfolio until it is stabilized for all of the current and comparable periods presented.(2)Consists of properties in various stages of lease-up and properties where lease-up has been completed but the properties were not stabilized for the comparable periods presented.For the year ended December 31, 2025, the Company’s same store Physical Occupancy was 96.4% and its total portfolio-wide Physical Occupancy, which includes completed development properties in various stages of lease-up, was 95.6%. Certain of the Company’s properties are encumbered by mortgages and additional detail can be found on Schedule III – Real Estate and Accumulated Depreciation. The properties in various stages of development and lease-up at December 31, 2025 are included in the following table: Development and Lease-Up Projects as of December 31, 2025 (Amounts in thousands except for project and apartment unit amounts) Estimated/Actual Projects Location OwnershipPercentage No. ofApartmentUnits TotalBudgeted CapitalCost TotalBook Valueto Date TotalDebt (1) PercentageCompleted StartDate Initial Occupancy CompletionDate StabilizationDate PercentageLeased / Occupied CONSOLIDATED: Projects Under Development: The Basin Wakefield, MA 95% 440 $ 232,172 $ 204,846 $ — 93% Q1 2024 Q3 2025 Q3 2026 Q2 2027 25% / 21% Projects Under Development - Consolidated 440 232,172 204,846 — Projects Completed Not Stabilized: Lorien (fka Laguna Clara II) Santa Clara, CA 100% 225 152,621 149,229 — 100% Q2 2022 Q1 2025 Q1 2025 Q1 2026 95% / 94% Projects Completed Not Stabilized - Consolidated 225 152,621 149,229 — Projects Completed and Stabilized During the Quarter: Jade Beeler Park (fka Solana Beeler Park) Denver, CO 100% 270 85,206 85,132 — 100% Q4 2021 Q3 2024 Q1 2025 Q4 2025 97% / 96% Lyle (2) Dallas, TX 100% 334 84,032 83,983 — 100% Q3 2022 Q1 2024 Q4 2024 Q4 2025 95% / 95% Projects Completed and Stabilized During the Quarter - Consolidated 604 169,238 169,115 — UNCONSOLIDATED: Projects Under Development: Modera Bridle Trails Kirkland, WA 95% 369 185,282 134,857 30,484 72% Q3 2024 Q3 2026 Q3 2026 Q1 2028 – / – Modera South Shore Marshfield, MA 95% 270 121,918 97,628 36,379 83% Q3 2024 Q3 2025 Q4 2026 Q2 2027 23% / 13% Projects Under Development - Unconsolidated 639 307,200 232,485 66,863 Projects Completed and Stabilized During the Quarter: Alloy Sunnyside Denver, CO 80% 209 70,004 69,045 34,773 100% Q3 2021 Q2 2024 Q2 2024 Q4 2025 95% / 91% Projects Completed and Stabilized During the Quarter - Unconsolidated 209 70,004 69,045 34,773 Total Development Projects - Consolidated 1,269 554,031 523,190 — Total Development Projects - Unconsolidated 848 377,204 301,530 101,636 Total Development Projects 2,117 $ 931,235 $ 824,720 $ 101,636 (1)All unconsolidated projects are being partially funded with third-party, project-specific construction loans, none of which are recourse to the Company.(2)The land parcel under this project is subject to a long-term ground lease.Item 3. Legal ProceedingsAs of December 31, 2025, 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 15 in the Notes to Consolidated Financial Statements for further discussion. a.Lorien Ivy (fka Laguna Clara) located in Santa Clara, CA containing 222 apartment units was removed from the same store portfolio in the second quarter of 2022 due to a major renovation and redevelopment project, including the demolition of 42 apartment units. As of December 31, 2025, the property had a Physical Occupancy of 99.1%. This property will return to the same store portfolio in 2026 as it was stabilized for all of 2025. Lorien Ivy (fka Laguna Clara) located in Santa Clara, CA containing 222 apartment units was removed from the same store portfolio in the second quarter of 2022 due to a major renovation and redevelopment project, including the demolition of 42 apartment units. As of December 31, 2025, the property had a Physical Occupancy of 99.1%. This property will return to the same store portfolio in 2026 as it was stabilized for all of 2025. b.Pearl MDR located in Marina Del Rey, CA containing 597 apartment units was removed from the same store portfolio in the third quarter of 2022 due to a large scale re-piping and renovation project in which significant portions of the property are being taken offline for extended time periods. As of December 31, 2025, the property had a Physical Occupancy of 77.3%. This property will not return to the same store portfolio until it is stabilized for all of the current and comparable periods presented. Pearl MDR located in Marina Del Rey, CA containing 597 apartment units was removed from the same store portfolio in the third quarter of 2022 due to a large scale re-piping and renovation project in which significant portions of the property are being taken offline for extended time periods. As of December 31, 2025, the property had a Physical Occupancy of 77.3%. This property will not return to the same store portfolio until it is stabilized for all of the current and comparable periods presented. c.Juniper Sandy Springs located in Sandy Springs, GA containing 230 apartment units was removed from the same store portfolio in the first quarter of 2025 due to a large scale roofing repair project, which required a significant number of units to be vacated. As of December 31, 2025, the property had a Physical Occupancy of 69.6%. This property will not return to the same store portfolio until it is stabilized for all of the current and comparable periods presented. Juniper Sandy Springs located in Sandy Springs, GA containing 230 apartment units was removed from the same store portfolio in the first quarter of 2025 due to a large scale roofing repair project, which required a significant number of units to be vacated. As of December 31, 2025, the property had a Physical Occupancy of 69.6%. This property will not return to the same store portfolio until it is stabilized for all of the current and comparable periods presented. (2)Consists of properties in various stages of lease-up and properties where lease-up has been completed but the properties were not stabilized for the comparable periods presented. Consists of properties in various stages of lease-up and properties where lease-up has been completed but the properties were not stabilized for the comparable periods presented. For the year ended December 31, 2025, the Company’s same store Physical Occupancy was 96.4% and its total portfolio-wide Physical Occupancy, which includes completed development properties in various stages of lease-up, was 95.6%. Certain of the Company’s properties are encumbered by mortgages and additional detail can be found on Schedule III – Real Estate and Accumulated Depreciation. The properties in various stages of development and lease-up at December 31, 2025 are included in the following table:

2,117 $ 931,235 $ 824,720 $ 101,636 (1)All unconsolidated projects are being partially funded with third-party, project-specific construction loans, none of which are recourse to the Company. All unconsolidated projects are being partially funded with third-party, project-specific construction loans, none of which are recourse to the Company. (2)The land parcel under this project is subject to a long-term ground lease. The land parcel under this project is subject to a long-term ground lease. Item 3. Legal Proceedings As of December 31, 2025, 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 15 in the Notes to Consolidated Financial Statements for further discussion. 27 27 Table of Contents Table of Contents Table of Contents Item 4. Mine Safety DisclosuresNot applicable. Item 4. Mine Safety Disclosures Not applicable. 28 28 Table of Contents Table of Contents Table of Contents PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity SecuritiesCommon Share/Unit Information (Equity Residential and ERP Operating Limited Partnership)The Company’s Common Shares trade on the New York Stock Exchange under the trading symbol EQR. There is no established public market for the Operating Partnership’s Units (OP Units and restricted units). At February 6, 2026, the number of record holders of Common Shares in the Company was approximately 1,530 and 377,547,108 Common Shares were outstanding. At February 6, 2026, the number of record holders of Units in the Operating Partnership was approximately 430 and 386,851,863 Units were outstanding.Unregistered Common Shares Issued in the Quarter Ended December 31, 2025 (Equity Residential)During the quarter ended December 31, 2025, EQR issued 304,188 Common Shares in exchange for 304,188 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 December 31, 2025The Company repurchased and retired the following Common Shares during the quarter ended December 31, 2025: 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) October 1, 2025 - October 31, 2025 75,000 $ 64.33 75,000 11,458,182 November 1, 2025 - November 30, 2025 1,199,767 $ 59.67 1,199,767 10,258,415 December 1, 2025 - December 31, 2025 1,785,155 $ 61.61 1,785,155 11,614,845 Total 3,059,922 $ 60.91 3,059,922 (1)The Common Shares repurchased during the quarter ended December 31, 2025 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 increase to its 13.0 million shares capacity was publicly announced on August 4, 2016. 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. Following the Company's share repurchase activity in 2024, its Board of Trustees reauthorized and replenished the share repurchase program in March 2025, giving the Company the authority to repurchase up to 13.0 million Common Shares. Following additional repurchases during 2025, the Company's Board of Trustees replenished the share repurchase program again on December 11, 2025, giving the Company the authority to repurchase up to 13.0 million 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 6. Reserved PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Common Share/Unit Information (Equity Residential and ERP Operating Limited Partnership) The Company’s Common Shares trade on the New York Stock Exchange under the trading symbol EQR. There is no established public market for the Operating Partnership’s Units (OP Units and restricted units). At February 6, 2026, the number of record holders of Common Shares in the Company was approximately 1,530 and 377,547,108 Common Shares were outstanding. At February 6, 2026, the number of record holders of Units in the Operating Partnership was approximately 430 and 386,851,863 Units were outstanding. Unregistered Common Shares Issued in the Quarter Ended December 31, 2025 (Equity Residential) During the quarter ended December 31, 2025, EQR issued 304,188 Common Shares in exchange for 304,188 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 December 31, 2025 The Company repurchased and retired the following Common Shares during the quarter ended December 31, 2025: Period

October 1, 2025 - October 31, 2025 75,000 $ 64.33 75,000 11,458,182 November 1, 2025 - November 30, 2025 1,199,767 $ 59.67 1,199,767 10,258,415 December 1, 2025 - December 31, 2025 1,785,155 $ 61.61 1,785,155 11,614,845 Total 3,059,922 $ 60.91 3,059,922 (1)The Common Shares repurchased during the quarter ended December 31, 2025 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 increase to its 13.0 million shares capacity was publicly announced on August 4, 2016. 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. Following the Company's share repurchase activity in 2024, its Board of Trustees reauthorized and replenished the share repurchase program in March 2025, giving the Company the authority to repurchase up to 13.0 million Common Shares. Following additional repurchases during 2025, the Company's Board of Trustees replenished the share repurchase program again on December 11, 2025, giving the Company the authority to repurchase up to 13.0 million Common Shares. The Common Shares repurchased during the quarter ended December 31, 2025 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 increase to its 13.0 million shares capacity was publicly announced on August 4, 2016. 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. Following the Company's share repurchase activity in 2024, its Board of Trustees reauthorized and replenished the share repurchase program in March 2025, giving the Company the authority to repurchase up to 13.0 million Common Shares. Following additional repurchases during 2025, the Company's Board of Trustees replenished the share repurchase program again on December 11, 2025, giving the Company the authority to repurchase up to 13.0 million Common Shares. (2)Weighted average price paid per share excludes costs associated with the repurchases. 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. 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 6. Reserved 29 29 Table of Contents Table of Contents Table of Contents Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe following discussion and analysis of the results of operations and financial condition of the Company and the Operating Partnership should be read in connection with the Consolidated Financial Statements and Notes thereto. Due to the Company’s ability to control the Operating Partnership and its subsidiaries, the Operating Partnership and each such subsidiary entity has been consolidated with the Company for financial reporting purposes, except for any unconsolidated properties/entities. Capitalized terms used herein and not defined are as defined elsewhere in this Annual Report on Form 10-K. In addition, please refer to the Definitions section below for various capitalized terms not immediately defined in this Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.Forward-Looking StatementsForward-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 this Annual Report on Form 10-K, 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 See Item 1, Business, for discussion regarding the Company’s overview. Business Objectives and Operating and Investing StrategiesSee Item 1, Business, for discussion regarding the Company’s business objectives and operating and investing strategies. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the results of operations and financial condition of the Company and the Operating Partnership should be read in connection with the Consolidated Financial Statements and Notes thereto. Due to the Company’s ability to control the Operating Partnership and its subsidiaries, the Operating Partnership and each such subsidiary entity has been consolidated with the Company for financial reporting purposes, except for any unconsolidated properties/entities. Capitalized terms used herein and not defined are as defined elsewhere in this Annual Report on Form 10-K. In addition, please refer to the Definitions section below for various capitalized terms not immediately defined in this Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

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 this Annual Report on Form 10-K, 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 See Item 1, Business, for discussion regarding the Company’s overview.

See Item 1, Business , for discussion regarding the Company’s business objectives and operating and investing strategies. 30 30 Table of Contents Table of Contents Table of Contents Results of Operations2024 and 2025 TransactionsIn conjunction with our business objectives and operating and investing strategies, the following table provides a rollforward of the transactions that occurred during the years ended December 31, 2024 and 2025: Portfolio Rollforward($ in thousands) Properties ApartmentUnits Purchase Price AcquisitionCap Rate 12/31/2023 302 80,191 Acquisitions: Consolidated Rental Properties 16 4,986 $ 1,438,250 5.1 % Consolidated Rental Properties – Not Stabilized 2 387 $ 153,845 5.5 % Unconsolidated Land Parcels — — $ 33,394 Sales Price DispositionYield Dispositions: Consolidated Rental Properties (13 ) (2,598 ) $ (975,641 ) (5.4 )% Completed Developments – Unconsolidated 4 1,262 Configuration Changes — 21 12/31/2024 311 84,249 Purchase Price AcquisitionCap Rate Acquisitions: Consolidated Rental Properties 9 2,439 $ 636,843 5.1 % Consolidated Land Parcels — — $ 22,847 Sales Price DispositionYield Dispositions: Consolidated Rental Properties (11 ) (2,468 ) $ (1,122,061 ) (5.4 )% Consolidated Land Parcels — — $ (4,300 ) Unconsolidated Land Parcels — — $ (8,813 ) Completed Developments – Consolidated 2 495 Completed Developments – Unconsolidated 1 450 Configuration Changes — 25 12/31/2025 312 85,190 Acquisitions•The consolidated properties acquired in 2024 are located in the Atlanta (7), Boston, Dallas/Ft. Worth (5) and Denver (5) markets;•Acquired its joint venture partner's 8.0% interest in a 312-unit apartment property in 2024, located in the Washington, D.C. market, for $3.1 million in cash. The property is now wholly owned;•The consolidated properties acquired in 2025 are located in the Atlanta (8) and Dallas/Ft. Worth markets; and•The consolidated land parcels acquired in 2025 are located in the Atlanta (2) market.Dispositions•The consolidated properties disposed of in 2024 were located in the Boston, Orange County, San Francisco (3), Washington, D.C. (5), Seattle (2) and San Diego markets;•The consolidated properties disposed of in 2025 were located in the Boston (2), Los Angeles (2), New York, San Diego,

Dispositions: Consolidated Rental Properties (11 ) (2,468 ) $ (1,122,061 ) (5.4 )% Consolidated Land Parcels — — $ (4,300 ) Unconsolidated Land Parcels — — $ (8,813 ) Completed Developments – Consolidated 2 495 Completed Developments – Unconsolidated 1 450 Configuration Changes — 25 12/31/2025 312 85,190 Acquisitions •The consolidated properties acquired in 2024 are located in the Atlanta (7), Boston, Dallas/Ft. Worth (5) and Denver (5) markets; The consolidated properties acquired in 2024 are located in the Atlanta (7), Boston, Dallas/Ft. Worth (5) and Denver (5) markets; •Acquired its joint venture partner's 8.0% interest in a 312-unit apartment property in 2024, located in the Washington, D.C. market, for $3.1 million in cash. The property is now wholly owned; Acquired its joint venture partner's 8.0% interest in a 312-unit apartment property in 2024, located in the Washington, D.C. market, for $3.1 million in cash. The property is now wholly owned; •The consolidated properties acquired in 2025 are located in the Atlanta (8) and Dallas/Ft. Worth markets; and The consolidated properties acquired in 2025 are located in the Atlanta (8) and Dallas/Ft. Worth markets; and •The consolidated land parcels acquired in 2025 are located in the Atlanta (2) market. The consolidated land parcels acquired in 2025 are located in the Atlanta (2) market. Dispositions •The consolidated properties disposed of in 2024 were located in the Boston, Orange County, San Francisco (3), Washington, D.C. (5), Seattle (2) and San Diego markets; The consolidated properties disposed of in 2024 were located in the Boston, Orange County, San Francisco (3), Washington, D.C. (5), Seattle (2) and San Diego markets; •The consolidated properties disposed of in 2025 were located in the Boston (2), Los Angeles (2), New York, San Diego, The consolidated properties disposed of in 2025 were located in the Boston (2), Los Angeles (2), New York, San Diego, 31 31 Table of Contents Table of Contents Table of Contents Seattle (4) and Washington, D.C. markets; and•The consolidated land parcel disposed of in 2025 was located in the New York market.Developments•Consolidated:•Completed construction on two wholly owned consolidated apartment properties during 2025, located in the San Francisco and Denver markets, consisting of an aggregate of 495 apartment units totaling approximately $237.8 million of development costs; and•Acquired its joint venture partners' interests (ranging from 10% to 25%) in three previously unconsolidated properties, consisting of an aggregate of 966 apartment units, in 2025, located in the Dallas/Ft. Worth (2) and Denver markets, for approximately $16.4 million in cash and also contributed approximately $151.9 million for the respective joint ventures to repay the construction loans encumbering the properties, one of which was held by the Company. The properties are now wholly owned. •Unconsolidated:•Completed construction on four unconsolidated apartment properties during 2024, located in the Denver and Dallas/Ft. Worth (3) markets, consisting of 1,262 apartment units totaling approximately $338.0 million of development costs;•Previously entered into two separate unconsolidated joint ventures for the purpose of developing vacant land parcels in the Boston and Seattle markets. During 2024, the joint ventures acquired their respective land parcels for the total purchase price listed above; and•Completed construction on one unconsolidated apartment property during 2025, located in the New York market, consisting of 450 apartment units totaling approximately $201.2 million of development costs.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 year ended December 31, 2025 to the year ended December 31, 2024 The following table presents a reconciliation of diluted earnings per share/unit for the year ended December 31, 2025 as compared to the same period in 2024: Year Ended December 31 Diluted earnings per share/unit for full year 2024 $ 2.72 Property NOI 0.15 Interest expense (0.05 ) Corporate overhead (1) (0.01 ) Net gain/loss on property sales 0.21 Depreciation expense (0.17 ) Other 0.09 Diluted earnings per share/unit for full year 2025 $ 2.94 (1)Corporate overhead includes property management and general and administrative expenses.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. Seattle (4) and Washington, D.C. markets; and Seattle (4) and Washington, D.C. markets; and •The consolidated land parcel disposed of in 2025 was located in the New York market. The consolidated land parcel disposed of in 2025 was located in the New York market. Developments •Consolidated: Consolidated: •Completed construction on two wholly owned consolidated apartment properties during 2025, located in the San Francisco and Denver markets, consisting of an aggregate of 495 apartment units totaling approximately $237.8 million of development costs; and Completed construction on two wholly owned consolidated apartment properties during 2025, located in the San Francisco and Denver markets, consisting of an aggregate of 495 apartment units totaling approximately $237.8 million of development costs; and •Acquired its joint venture partners' interests (ranging from 10% to 25%) in three previously unconsolidated properties, consisting of an aggregate of 966 apartment units, in 2025, located in the Dallas/Ft. Worth (2) and Denver markets, for approximately $16.4 million in cash and also contributed approximately $151.9 million for the respective joint ventures to repay the construction loans encumbering the properties, one of which was held by the Company. The properties are now wholly owned. Acquired its joint venture partners' interests (ranging from 10% to 25%) in three previously unconsolidated properties, consisting of an aggregate of 966 apartment units, in 2025, located in the Dallas/Ft. Worth (2) and Denver markets, for approximately $16.4 million in cash and also contributed approximately $151.9 million for the respective joint ventures to repay the construction loans encumbering the properties, one of which was held by the Company. The properties are now wholly owned. •Unconsolidated: Unconsolidated: •Completed construction on four unconsolidated apartment properties during 2024, located in the Denver and Dallas/Ft. Worth (3) markets, consisting of 1,262 apartment units totaling approximately $338.0 million of development costs; Completed construction on four unconsolidated apartment properties during 2024, located in the Denver and Dallas/Ft. Worth (3) markets, consisting of 1,262 apartment units totaling approximately $338.0 million of development costs; •Previously entered into two separate unconsolidated joint ventures for the purpose of developing vacant land parcels in the Boston and Seattle markets. During 2024, the joint ventures acquired their respective land parcels for the total purchase price listed above; and Previously entered into two separate unconsolidated joint ventures for the purpose of developing vacant land parcels in the Boston and Seattle markets. During 2024, the joint ventures acquired their respective land parcels for the total purchase price listed above; and •Completed construction on one unconsolidated apartment property during 2025, located in the New York market, consisting of 450 apartment units totaling approximately $201.2 million of development costs. Completed construction on one unconsolidated apartment property during 2025, located in the New York market, consisting of 450 apartment units totaling approximately $201.2 million of development costs. 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.

Diluted earnings per share/unit for full year 2024 $ 2.72 Property NOI 0.15 Interest expense (0.05 ) Corporate overhead (1) (0.01 ) Net gain/loss on property sales 0.21 Depreciation expense (0.17 ) Other 0.09 Diluted earnings per share/unit for full year 2025 $ 2.94 (1)Corporate overhead includes property management and general and administrative expenses. Corporate overhead includes property management and general and administrative expenses. 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. 32 32 Table of Contents Table of Contents Table of Contents 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): Year Ended December 31, 2025 2024 $Change %Change Net income $ 1,151,949 $ 1,070,975 $ 80,974 7.6 % Adjustments: Property management 133,369 132,739 630 0.5 % General and administrative 65,280 61,653 3,627 5.9 % Depreciation 1,010,400 952,191 58,209 6.1 % Net (gain) loss on sales of real estate properties (626,388 ) (546,797 ) (79,591 ) 14.6 % Interest and other income (52,440 ) (30,329 ) (22,111 ) 72.9 % Other expenses 60,485 74,051 (13,566 ) (18.3 )% Interest: Expense incurred, net 306,798 285,735 21,063 7.4 % Amortization of deferred financing costs 8,768 7,834 934 11.9 % Income and other tax expense (benefit) 1,585 1,256 329 26.2 % (Income) loss from investments in unconsolidated entities 18,915 8,974 9,941 110.8 % Net (gain) loss on sales of land parcels 80 — 80 100.0 % Total NOI $ 2,078,801 $ 2,018,282 $ 60,519 3.0 % Rental income: Same store $ 2,821,804 $ 2,749,354 $ 72,450 2.6 % Non-same store/other 272,155 230,754 41,401 17.9 % Total rental income 3,093,959 2,980,108 113,851 3.8 % Operating expenses: Same store 904,887 872,799 32,088 3.7 % Non-same store/other 110,271 89,027 21,244 23.9 % Total operating expenses 1,015,158 961,826 53,332 5.5 % NOI: Same store 1,916,917 1,876,555 40,362 2.2 % Non-same store/other 161,884 141,727 20,157 14.2 % Total NOI $ 2,078,801 $ 2,018,282 $ 60,519 3.0 % See Note 16 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 year ended December 31, 2025 as compared to the year ended December 31, 2024. •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:•Real estate taxes – An $8.1 million increase due to escalation in rates and assessed values;•Utilities – An $11.3 million increase primarily driven by higher commodity prices, higher sewer and trash rates and higher water usage in Southern California; and•Repairs and maintenance – A $6.2 million increase primarily driven by costs associated with the implementation of various resident technology initiatives (including bulk Wi-Fi programs).•Non-same store/other NOI results consist primarily of properties acquired in calendar years 2024 and 2025, operations from the Company’s development properties, other corporate operations and operations prior to disposition from 2024 and 2025 sold properties. The increase in NOI is primarily a result of the Company's 2025 and significant second half of 2024 net acquisition activity, which is positively impacting 2025 results.•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 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):

2025 2024 $Change %Change Net income $ 1,151,949 $ 1,070,975 $ 80,974 7.6 % Adjustments: Property management 133,369 132,739 630 0.5 % General and administrative 65,280 61,653 3,627 5.9 % Depreciation 1,010,400 952,191 58,209 6.1 % Net (gain) loss on sales of real estate properties (626,388 ) (546,797 ) (79,591 ) 14.6 % Interest and other income (52,440 ) (30,329 ) (22,111 ) 72.9 % Other expenses 60,485 74,051 (13,566 ) (18.3 )% Interest: Expense incurred, net 306,798 285,735 21,063 7.4 % Amortization of deferred financing costs 8,768 7,834 934 11.9 % Income and other tax expense (benefit) 1,585 1,256 329 26.2 % (Income) loss from investments in unconsolidated entities 18,915 8,974 9,941 110.8 % Net (gain) loss on sales of land parcels 80 — 80 100.0 % Total NOI $ 2,078,801 $ 2,018,282 $ 60,519 3.0 % Rental income: Same store $ 2,821,804 $ 2,749,354 $ 72,450 2.6 % Non-same store/other 272,155 230,754 41,401 17.9 % Total rental income 3,093,959 2,980,108 113,851 3.8 % Operating expenses: Same store 904,887 872,799 32,088 3.7 % Non-same store/other 110,271 89,027 21,244 23.9 % Total operating expenses 1,015,158 961,826 53,332 5.5 % NOI: Same store 1,916,917 1,876,555 40,362 2.2 % Non-same store/other 161,884 141,727 20,157 14.2 % Total NOI $ 2,078,801 $ 2,018,282 $ 60,519 3.0 % See Note 16 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 year ended December 31, 2025 as compared to the year ended December 31, 2024. •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 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: The increase in same store operating expenses is due primarily to: •Real estate taxes – An $8.1 million increase due to escalation in rates and assessed values; Real estate taxes – An $8.1 million increase due to escalation in rates and assessed values; •Utilities – An $11.3 million increase primarily driven by higher commodity prices, higher sewer and trash rates and higher water usage in Southern California; and Utilities – An $11.3 million increase primarily driven by higher commodity prices, higher sewer and trash rates and higher water usage in Southern California; and •Repairs and maintenance – A $6.2 million increase primarily driven by costs associated with the implementation of various resident technology initiatives (including bulk Wi-Fi programs). Repairs and maintenance – A $6.2 million increase primarily driven by costs associated with the implementation of various resident technology initiatives (including bulk Wi-Fi programs). •Non-same store/other NOI results consist primarily of properties acquired in calendar years 2024 and 2025, operations from the Company’s development properties, other corporate operations and operations prior to disposition from 2024 and 2025 sold properties. The increase in NOI is primarily a result of the Company's 2025 and significant second half of 2024 net acquisition activity, which is positively impacting 2025 results. Non-same store/other NOI results consist primarily of properties acquired in calendar years 2024 and 2025, operations from the Company’s development properties, other corporate operations and operations prior to disposition from 2024 and 2025 sold properties. The increase in NOI is primarily a result of the Company's 2025 and significant second half of 2024 net acquisition activity, which is positively impacting 2025 results. •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 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 33 33 Table of Contents Table of Contents Table of Contents on same store expense efficiency.See the Same Store Results section below for additional discussion of those results. 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 increase during the year ended December 31, 2025 as compared to 2024 is primarily attributable to increases in training and marketing expenses, information technology expenses and legal and professional fees, partially offset by decreases in workforce/contractors costs and payroll-related costs.General and administrative expenses, which include corporate operating expenses, increased during the year ended December 31, 2025 as compared to 2024, primarily due to increases in payroll-related costs and other public company costs. Depreciation expense increased during the year ended December 31, 2025 as compared to 2024, primarily as a result of additional depreciation expense on properties acquired in 2024 and 2025 and development properties placed in service during 2024 and 2025, partially offset by lower depreciation from properties sold in 2024 and 2025.Net gain on sales of real estate properties increased during the year ended December 31, 2025 as compared to 2024, primarily as a result of a higher dollar sales volume and the mix of properties sold in 2025 vs. 2024. Interest and other income increased during the year ended December 31, 2025 as compared to 2024, primarily due to a net increase in realized/unrealized gains on various investment securities, interest income on mortgages receivable and an employment tax refund received in 2025 but not in 2024, partially offset by lower insurance/litigation settlement proceeds received during 2025 as compared to 2024.Other expenses decreased during the year ended December 31, 2025 as compared to 2024, primarily due to a decrease in advocacy contributions, partially offset by increases in litigation accruals and the write-off of development pursuit costs and overhead.Interest expense, including amortization of deferred financing costs, increased during the year ended December 31, 2025 as compared to 2024, 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 year ended December 31, 2025 was 3.93% as compared to 3.91% in 2024. The Company capitalized interest of approximately $12.4 million and $14.5 million during the years ended December 31, 2025 and 2024, respectively. Loss from investments in unconsolidated entities increased during the year ended December 31, 2025 as compared to 2024, primarily as a result of losses incurred on our unconsolidated development properties which recently started lease-up activities as well as those that recently stabilized and on our real estate technology and other real estate fund investments. For comparison of the year ended December 31, 2024 to the year ended December 31, 2023, refer to Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2024.Same Store ResultsProperties that the Company owned and were stabilized for all of both 2025 and 2024, which represented 73,465 apartment units, drove the Company’s results of operations. Properties are considered “stabilized” when they have achieved 90% Physical Occupancy for three consecutive months. on same store expense efficiency. on same store expense efficiency. See the Same Store Results section below for additional discussion of those results. 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 increase during the year ended December 31, 2025 as compared to 2024 is primarily attributable to increases in training and marketing expenses, information technology expenses and legal and professional fees, partially offset by decreases in workforce/contractors costs and payroll-related costs. General and administrative expenses, which include corporate operating expenses, increased during the year ended December 31, 2025 as compared to 2024, primarily due to increases in payroll-related costs and other public company costs. Depreciation expense increased during the year ended December 31, 2025 as compared to 2024, primarily as a result of additional depreciation expense on properties acquired in 2024 and 2025 and development properties placed in service during 2024 and 2025, partially offset by lower depreciation from properties sold in 2024 and 2025. Net gain on sales of real estate properties increased during the year ended December 31, 2025 as compared to 2024, primarily as a result of a higher dollar sales volume and the mix of properties sold in 2025 vs. 2024. Interest and other income increased during the year ended December 31, 2025 as compared to 2024, primarily due to a net increase in realized/unrealized gains on various investment securities, interest income on mortgages receivable and an employment tax refund received in 2025 but not in 2024, partially offset by lower insurance/litigation settlement proceeds received during 2025 as compared to 2024. Other expenses decreased during the year ended December 31, 2025 as compared to 2024, primarily due to a decrease in advocacy contributions, partially offset by increases in litigation accruals and the write-off of development pursuit costs and overhead. Interest expense, including amortization of deferred financing costs, increased during the year ended December 31, 2025 as compared to 2024, 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 year ended December 31, 2025 was 3.93% as compared to 3.91% in 2024. The Company capitalized interest of approximately $12.4 million and $14.5 million during the years ended December 31, 2025 and 2024, respectively. Loss from investments in unconsolidated entities increased during the year ended December 31, 2025 as compared to 2024, primarily as a result of losses incurred on our unconsolidated development properties which recently started lease-up activities as well as those that recently stabilized and on our real estate technology and other real estate fund investments. For comparison of the year ended December 31, 2024 to the year ended December 31, 2023, refer to Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2024.

Properties that the Company owned and were stabilized for all of both 2025 and 2024, which represented 73,465 apartment units, drove the Company’s results of operations. Properties are considered “stabilized” when they have achieved 90% Physical Occupancy for three consecutive months. 34 34 Table of Contents Table of Contents Table of Contents The following table provides results and statistics related to our Residential same store operations for the years ended December 31, 2025 and 2024: 2025 vs. 2024 Same Store Residential Results/Statistics by Market Increase (Decrease) from Prior Year Markets/Metro Areas ApartmentUnits 2025 % of Actual NOI 2025 Average Rental Rate 2025 Weighted Average Physical Occupancy % 2025 Turnover AverageRental Rate PhysicalOccupancy Turnover Los Angeles 13,834 17.5 % $ 2,976 95.8 % 40.6 % 1.3 % 0.2 % (2.5 %) Orange County 3,718 5.4 % 2,987 96.4 % 36.8 % 2.1 % 0.5 % (1.4 %) San Diego 2,217 3.6 % 3,305 96.3 % 42.7 % 2.2 % 0.3 % 0.4 % Subtotal – Southern California 19,769 26.5 % 3,015 96.0 % 40.1 % 1.5 % 0.3 % (2.0 %) San Francisco 11,111 17.0 % 3,448 96.9 % 39.6 % 3.8 % 0.8 % (4.5 %) Washington, D.C. 13,241 16.0 % 2,837 96.6 % 39.6 % 3.7 % (0.2 %) (1.1 %) New York 8,235 14.6 % 4,815 97.7 % 33.7 % 3.6 % 0.4 % 0.3 % Boston 6,747 11.1 % 3,721 96.2 % 39.8 % 2.1 % 0.2 % (1.7 %) Seattle 8,050 9.7 % 2,697 96.4 % 40.6 % 2.9 % 0.2 % (4.2 %) Denver 2,792 2.8 % 2,316 95.5 % 53.1 % (3.6 %) (0.7 %) (1.2 %) Other Expansion Markets 3,520 2.3 % 1,875 94.9 % 49.1 % (3.5 %) (0.3 %) (6.8 %) Total 73,465 100.0 % $ 3,203 96.4 % 40.2 % 2.5 % 0.2 % (2.4 %) Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the year ended December 31, 2025.During the year ended December 31, 2025, the Company's operating business was solid, driven by sustained demand across most of its markets and supported by the Company’s record-high resident retention and continued low levels of unemployment, in addition to wage growth among its target renter demographic. Competitive new supply was modest in most of the Established Markets, but remained elevated in Expansion Markets, resulting in a more challenging new lease pricing environment, although tenant renewal pricing was strong. On a positive note, Atlanta and Dallas are beginning to show indications of improvement as competitive supply declines.San Francisco and New York were the Company’s best performing markets throughout 2025. Each of these markets has experienced healthy demand as evidenced by strong Physical Occupancy, healthy pricing, low Turnover and modest new supply. The Seattle market improved due to large employers' return to office policies and continued investment from technology companies, though higher supply levels are resulting in a slower recovery than in San Francisco. Washington, D.C. experienced a market slowdown during the second half of 2025, a result of several factors, including uncertainty from government cuts, national guard deployment and the government shutdown. Los Angeles continues to face ongoing challenges as growth from the entertainment industry remains muted, limiting pricing power, despite early signs of an improving quality of life ahead of the World Cup and Olympics in 2026 and 2028, respectively.Overall, the fundamentals of the Company’s business are solid and remain resilient despite macroeconomic uncertainty. Long-term, expected continued positive secular tailwinds remain due to elevated single family home ownership costs, positive household formation trends, historically low competitive new supply in the Established Markets and moderating competitive new supply in the Expansion Markets. There continues to be an overall deficit in housing across the country, which we believe leaves the Company well positioned for the future as its resident base is more resilient to economic uncertainty, including elevated inflation, due to higher levels of disposable income and lower relative rent-to-income ratios. The following table provides results and statistics related to our Residential same store operations for the years ended December 31, 2025 and 2024: 2025 vs. 2024 Same Store Residential Results/Statistics by Market

Turnover Los Angeles 13,834 17.5 % $ 2,976 95.8 % 40.6 % 1.3 % 0.2 % (2.5 %) Orange County 3,718 5.4 % 2,987 96.4 % 36.8 % 2.1 % 0.5 % (1.4 %) San Diego 2,217 3.6 % 3,305 96.3 % 42.7 % 2.2 % 0.3 % 0.4 % Subtotal – Southern California 19,769 26.5 % 3,015 96.0 % 40.1 % 1.5 % 0.3 % (2.0 %) San Francisco 11,111 17.0 % 3,448 96.9 % 39.6 % 3.8 % 0.8 % (4.5 %) Washington, D.C. 13,241 16.0 % 2,837 96.6 % 39.6 % 3.7 % (0.2 %) (1.1 %) New York 8,235 14.6 % 4,815 97.7 % 33.7 % 3.6 % 0.4 % 0.3 % Boston 6,747 11.1 % 3,721 96.2 % 39.8 % 2.1 % 0.2 % (1.7 %) Seattle 8,050 9.7 % 2,697 96.4 % 40.6 % 2.9 % 0.2 % (4.2 %) Denver 2,792 2.8 % 2,316 95.5 % 53.1 % (3.6 %) (0.7 %) (1.2 %) Other Expansion Markets 3,520 2.3 % 1,875 94.9 % 49.1 % (3.5 %) (0.3 %) (6.8 %) Total 73,465 100.0 % $ 3,203 96.4 % 40.2 % 2.5 % 0.2 % (2.4 %) Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the year ended December 31, 2025. During the year ended December 31, 2025, the Company's operating business was solid, driven by sustained demand across most of its markets and supported by the Company’s record-high resident retention and continued low levels of unemployment, in addition to wage growth among its target renter demographic. Competitive new supply was modest in most of the Established Markets, but remained elevated in Expansion Markets, resulting in a more challenging new lease pricing environment, although tenant renewal pricing was strong. On a positive note, Atlanta and Dallas are beginning to show indications of improvement as competitive supply declines. San Francisco and New York were the Company’s best performing markets throughout 2025. Each of these markets has experienced healthy demand as evidenced by strong Physical Occupancy, healthy pricing, low Turnover and modest new supply. The Seattle market improved due to large employers' return to office policies and continued investment from technology companies, though higher supply levels are resulting in a slower recovery than in San Francisco. Washington, D.C. experienced a market slowdown during the second half of 2025, a result of several factors, including uncertainty from government cuts, national guard deployment and the government shutdown. Los Angeles continues to face ongoing challenges as growth from the entertainment industry remains muted, limiting pricing power, despite early signs of an improving quality of life ahead of the World Cup and Olympics in 2026 and 2028, respectively. Overall, the fundamentals of the Company’s business are solid and remain resilient despite macroeconomic uncertainty. Long-term, expected continued positive secular tailwinds remain due to elevated single family home ownership costs, positive household formation trends, historically low competitive new supply in the Established Markets and moderating competitive new supply in the Expansion Markets. There continues to be an overall deficit in housing across the country, which we believe leaves the Company well positioned for the future as its resident base is more resilient to economic uncertainty, including elevated inflation, due to higher levels of disposable income and lower relative rent-to-income ratios. 35 35 Table of Contents Table of Contents Table of Contents Liquidity and Capital Resources With approximately $1.9 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 years ended December 31, 2025, 2024 and 2023 (amounts in thousands): December 31, 2025 2024 2023 Cash flows provided by (used for): Operating activities $ 1,648,763 $ 1,573,607 $ 1,532,798 Investing activities $ (321,362 ) $ (1,176,484 ) $ (409,504 ) Financing activities $ (1,328,713 ) $ (376,952 ) $ (1,120,471 ) The following provides information regarding the Company’s cash flows from operating, investing and financing activities for the year ended December 31, 2025.Operating ActivitiesOur 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 year ended December 31, 2025 as compared to 2024 increased by approximately $75.2 million primarily as a result of the NOI and other changes discussed above in Results of Operations.Investing ActivitiesOur investing cash flows are primarily impacted by our transaction activity (acquisitions/dispositions), development spend and capital expenditures. For the year ended December 31, 2025, key drivers were:•Acquired nine consolidated rental properties and two consolidated land parcels for approximately $661.6 million;•Disposed of eleven consolidated rental properties and one consolidated land parcel, receiving net proceeds of approximately $1.1 billion;•Invested $111.8 million primarily in consolidated development projects;•Invested $85.8 million primarily in unconsolidated development joint venture entities as well as unconsolidated investments in real estate technology funds/companies for various technology initiatives and the repayment of certain preferred interests in one joint venture; •Acquired its joint venture partners' interests (ranging from 10% to 25%) in three previously unconsolidated properties for approximately $16.4 million in cash and also contributed approximately $151.9 million for the respective joint ventures to repay the construction loans encumbering the properties, one of which was held by the Company. See Note 5 in the Notes to Consolidated Financial Statements for further discussion;•Advanced $102.3 million as replacement loans to two of its unconsolidated development joint ventures following the Company's repayment of outstanding principal balances on the third-party construction mortgages for these joint ventures. Subsequently, one of the joint ventures repaid the outstanding principal balance of $45.5 million to the Company in connection with the buyout of the partner. See Note 5 in the Notes to Consolidated Financial Statements for further discussion; and

With approximately $1.9 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.

2025 2024 2023 Cash flows provided by (used for): Operating activities $ 1,648,763 $ 1,573,607 $ 1,532,798 Investing activities $ (321,362 ) $ (1,176,484 ) $ (409,504 ) Financing activities $ (1,328,713 ) $ (376,952 ) $ (1,120,471 ) The following provides information regarding the Company’s cash flows from operating, investing and financing activities for the year ended December 31, 2025. 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 year ended December 31, 2025 as compared to 2024 increased by approximately $75.2 million primarily as a result of the NOI and other changes discussed above in Results of Operations. Investing Activities Our investing cash flows are primarily impacted by our transaction activity (acquisitions/dispositions), development spend and capital expenditures. For the year ended December 31, 2025, key drivers were: •Acquired nine consolidated rental properties and two consolidated land parcels for approximately $661.6 million; Acquired nine consolidated rental properties and two consolidated land parcels for approximately $661.6 million; •Disposed of eleven consolidated rental properties and one consolidated land parcel, receiving net proceeds of approximately $1.1 billion; Disposed of eleven consolidated rental properties and one consolidated land parcel, receiving net proceeds of approximately $1.1 billion; •Invested $111.8 million primarily in consolidated development projects; Invested $111.8 million primarily in consolidated development projects; •Invested $85.8 million primarily in unconsolidated development joint venture entities as well as unconsolidated investments in real estate technology funds/companies for various technology initiatives and the repayment of certain preferred interests in one joint venture; Invested $85.8 million primarily in unconsolidated development joint venture entities as well as unconsolidated investments in real estate technology funds/companies for various technology initiatives and the repayment of certain preferred interests in one joint venture; •Acquired its joint venture partners' interests (ranging from 10% to 25%) in three previously unconsolidated properties for approximately $16.4 million in cash and also contributed approximately $151.9 million for the respective joint ventures to repay the construction loans encumbering the properties, one of which was held by the Company. See Note 5 in the Notes to Consolidated Financial Statements for further discussion; Acquired its joint venture partners' interests (ranging from 10% to 25%) in three previously unconsolidated properties for approximately $16.4 million in cash and also contributed approximately $151.9 million for the respective joint ventures to repay the construction loans encumbering the properties, one of which was held by the Company. See Note 5 in the Notes to Consolidated Financial Statements for further discussion; •Advanced $102.3 million as replacement loans to two of its unconsolidated development joint ventures following the Company's repayment of outstanding principal balances on the third-party construction mortgages for these joint ventures. Subsequently, one of the joint ventures repaid the outstanding principal balance of $45.5 million to the Company in connection with the buyout of the partner. See Note 5 in the Notes to Consolidated Financial Statements for further discussion; and Advanced $102.3 million as replacement loans to two of its unconsolidated development joint ventures following the Company's repayment of outstanding principal balances on the third-party construction mortgages for these joint ventures. Subsequently, one of the joint ventures repaid the outstanding principal balance of $45.5 million to the Company in connection with the buyout of the partner. See Note 5 in the Notes to Consolidated Financial Statements for further discussion; and 36 36 Table of Contents Table of Contents Table of Contents •Invested $342.0 million in capital expenditures to real estate presented in the table below.For the year ended December 31, 2025, our actual capital expenditures to real estate included the following (dollar amounts in thousands):Capital Expenditures to Real EstateFor the Year Ended December 31, 2025 Same Store Properties Non-Same Store Properties Total ConsolidatedProperties Total Consolidated Apartment Units 73,465 10,709 84,174 Total Capital Expenditures to Real Estate $ 289,916 $ 52,124 $ 342,040 Financing ActivitiesOur financing cash flows primarily relate to our borrowing activity (debt proceeds or repayment), distributions/dividends to shareholders/unitholders and repurchase and other Common Share activity. For the year ended December 31, 2025, key drivers were:•Repaid $44.7 million on mortgage loans (inclusive of scheduled principal repayments);•Repaid $450.0 million of 3.375% unsecured notes;•Received net proceeds of $43.0 million from our unsecured commercial paper note program;•Paid dividends/distributions on Common Shares, Preferred Shares, Units (including OP Units and restricted units) and noncontrolling interests in partially owned properties totaling approximately $1.1 billion;•Issued $500.0 million of seven-year 4.95% unsecured notes, receiving net proceeds of approximately $498.6 million before underwriting fees, hedge termination costs and other expenses; and•Repurchased and retired 4,526,740 Common Shares, at a weighted average purchase price of $62.00 per share, for an aggregate purchased amount of approximately $280.7 million. See Note 3 in the Notes to Consolidated Financial Statements for further discussion. Short-Term Liquidity and Cash ProceedsThe 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 December 31, 2025 and 2024 (amounts in thousands): December 31, 2025 December 31, 2024 Cash and cash equivalents $ 55,904 $ 62,302 Restricted deposits $ 102,950 $ 97,864 Unsecured revolving credit facility availability $ 1,909,127 $ 1,952,067 Credit Facility and Commercial Paper ProgramThe 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, •Invested $342.0 million in capital expenditures to real estate presented in the table below. Invested $342.0 million in capital expenditures to real estate presented in the table below. For the year ended December 31, 2025, our actual capital expenditures to real estate included the following (dollar amounts in thousands):

Total Consolidated Apartment Units 73,465 10,709 84,174 Total Capital Expenditures to Real Estate $ 289,916 $ 52,124 $ 342,040 Financing Activities Our financing cash flows primarily relate to our borrowing activity (debt proceeds or repayment), distributions/dividends to shareholders/unitholders and repurchase and other Common Share activity. For the year ended December 31, 2025, key drivers were: •Repaid $44.7 million on mortgage loans (inclusive of scheduled principal repayments); Repaid $44.7 million on mortgage loans (inclusive of scheduled principal repayments); •Repaid $450.0 million of 3.375% unsecured notes; Repaid $450.0 million of 3.375% unsecured notes; •Received net proceeds of $43.0 million from our unsecured commercial paper note program; Received net proceeds of $43.0 million from our unsecured commercial paper note program; •Paid dividends/distributions on Common Shares, Preferred Shares, Units (including OP Units and restricted units) and noncontrolling interests in partially owned properties totaling approximately $1.1 billion; Paid dividends/distributions on Common Shares, Preferred Shares, Units (including OP Units and restricted units) and noncontrolling interests in partially owned properties totaling approximately $1.1 billion; •Issued $500.0 million of seven-year 4.95% unsecured notes, receiving net proceeds of approximately $498.6 million before underwriting fees, hedge termination costs and other expenses; and Issued $500.0 million of seven-year 4.95% unsecured notes, receiving net proceeds of approximately $498.6 million before underwriting fees, hedge termination costs and other expenses; and •Repurchased and retired 4,526,740 Common Shares, at a weighted average purchase price of $62.00 per share, for an aggregate purchased amount of approximately $280.7 million. See Note 3 in the Notes to Consolidated Financial Statements for further discussion. Repurchased and retired 4,526,740 Common Shares, at a weighted average purchase price of $62.00 per share, for an aggregate purchased amount of approximately $280.7 million. See Note 3 in the Notes to Consolidated Financial Statements for further discussion.

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 December 31, 2025 and 2024 (amounts in thousands):

Cash and cash equivalents $ 55,904 $ 62,302 Restricted deposits $ 102,950 $ 97,864 Unsecured revolving credit facility availability $ 1,909,127 $ 1,952,067 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, 37 37 Table of Contents Table of Contents Table of Contents 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 February 6, 2026 (amounts in thousands): February 6, 2026 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding (594,300 ) Unsecured revolving credit facility balance outstanding — Other restricted amounts (3,448 ) Unsecured revolving credit facility availability $ 1,902,252 Dividend PolicyThe Company declared a dividend/distribution for each quarter in 2025 of $0.6925 per share/unit, an annualized increase of 2.6% over the amount paid in 2024. All future dividends/distributions remain subject to the discretion of the Company’s Board of Trustees. Total dividends/distributions paid in January 2026 amounted to $267.5 million (excluding distributions on Partially Owned Properties), which consisted of certain distributions declared during the quarter ended December 31, 2025.Long-Term Financing and Capital NeedsThe 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 December 31, 2025, $27.4 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.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. 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 February 6, 2026 (amounts in thousands):

Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding (594,300 ) Unsecured revolving credit facility balance outstanding — Other restricted amounts (3,448 ) Unsecured revolving credit facility availability $ 1,902,252 Dividend Policy The Company declared a dividend/distribution for each quarter in 2025 of $0.6925 per share/unit, an annualized increase of 2.6% over the amount paid in 2024. All future dividends/distributions remain subject to the discretion of the Company’s Board of Trustees. Total dividends/distributions paid in January 2026 amounted to $267.5 million (excluding distributions on Partially Owned Properties), which consisted of certain distributions declared during the quarter ended December 31, 2025.

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 December 31, 2025, $27.4 billion or 90.1% was unencumbered. However, there can be no assurances that these sources of capital will be available to the Company in the future on acceptable terms or otherwise. For additional details, see Item 1A, Risk Factors. EQR issues equity and guarantees certain debt of the Operating Partnership from time to time. EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. 38 38 Table of Contents Table of Contents Table of Contents The Company’s total debt summary schedule as of December 31, 2025 is as follows:Debt Summary as of December 31, 2025($ in thousands) DebtBalances % of Total Secured $ 1,589,904 19.4 % Unsecured 6,585,106 80.6 % Total $ 8,175,010 100.0 % Fixed Rate Debt: Secured – Conventional $ 1,403,671 17.1 % Unsecured – Public 5,998,458 73.4 % Fixed Rate Debt 7,402,129 90.5 % Floating Rate Debt: Secured – Tax Exempt 186,233 2.3 % Unsecured – Revolving Credit Facility — — Unsecured – Commercial Paper Program 586,648 7.2 % Floating Rate Debt 772,881 9.5 % Total $ 8,175,010 100.0 % The following table summarizes the Company’s debt maturity schedule as of December 31, 2025:Debt Maturity Schedule as of December 31, 2025($ in thousands) Year FixedRate FloatingRate Total % of Total 2026 $ 592,025 $ 594,825 (1) $ 1,186,850 14.4 % 2027 400,000 8,200 408,200 4.9 % 2028 900,000 9,000 909,000 11.0 % 2029 888,120 9,700 897,820 10.9 % 2030 1,148,462 10,800 1,159,262 14.1 % 2031 528,500 37,700 566,200 6.9 % 2032 500,000 26,100 526,100 6.4 % 2033 550,000 — 550,000 6.7 % 2034 600,000 — 600,000 7.3 % 2035 — 25,175 25,175 0.3 % 2036+ 1,350,850 61,785 1,412,635 17.1 % Subtotal 7,457,957 783,285 8,241,242 100.0 % Deferred Financing Costs and Unamortized (Discount) (55,828 ) (10,404 ) (66,232 ) N/A Total $ 7,402,129 $ 772,881 $ 8,175,010 100.0 % (1)Includes $587.4 million in principal outstanding on the Company’s commercial paper program.Interest expected to be incurred on the Company’s secured and unsecured debt based on obligations outstanding at December 31, 2025, inclusive of capitalized interest, approximates $221.9 million annually for the next five years, with total remaining obligations of approximately $2.2 billion. For floating rate debt, the current rate in effect for the most recent payment through December 31, 2025 is assumed to be in effect through the respective maturity date of each instrument.See Note 8 in the Notes to Consolidated Financial Statements for additional discussion of debt at December 31, 2025. See also Notes 7 and 15 in the Notes to Consolidated Financial Statements for additional discussion of contractual obligations and commitments as of December 31, 2025. The Company’s total debt summary schedule as of December 31, 2025 is as follows:

% of Total Secured $ 1,589,904 19.4 % Unsecured 6,585,106 80.6 % Total $ 8,175,010 100.0 % Fixed Rate Debt: Secured – Conventional $ 1,403,671 17.1 % Unsecured – Public 5,998,458 73.4 % Fixed Rate Debt 7,402,129 90.5 % Floating Rate Debt: Secured – Tax Exempt 186,233 2.3 % Unsecured – Revolving Credit Facility — — Unsecured – Commercial Paper Program 586,648 7.2 % Floating Rate Debt 772,881 9.5 % Total $ 8,175,010 100.0 % The following table summarizes the Company’s debt maturity schedule as of December 31, 2025:

Total % of Total 2026 $ 592,025 $ 594,825 (1) $ 1,186,850 14.4 % 2027 400,000 8,200 408,200 4.9 % 2028 900,000 9,000 909,000 11.0 % 2029 888,120 9,700 897,820 10.9 % 2030 1,148,462 10,800 1,159,262 14.1 % 2031 528,500 37,700 566,200 6.9 % 2032 500,000 26,100 526,100 6.4 % 2033 550,000 — 550,000 6.7 % 2034 600,000 — 600,000 7.3 % 2035 — 25,175 25,175 0.3 % 2036+ 1,350,850 61,785 1,412,635 17.1 % Subtotal 7,457,957 783,285 8,241,242 100.0 % Deferred Financing Costs and Unamortized (Discount) (55,828 ) (10,404 ) (66,232 ) N/A Total $ 7,402,129 $ 772,881 $ 8,175,010 100.0 % (1)Includes $587.4 million in principal outstanding on the Company’s commercial paper program. Includes $587.4 million in principal outstanding on the Company’s commercial paper program. Interest expected to be incurred on the Company’s secured and unsecured debt based on obligations outstanding at December 31, 2025, inclusive of capitalized interest, approximates $221.9 million annually for the next five years, with total remaining obligations of approximately $2.2 billion. For floating rate debt, the current rate in effect for the most recent payment through December 31, 2025 is assumed to be in effect through the respective maturity date of each instrument. See Note 8 in the Notes to Consolidated Financial Statements for additional discussion of debt at December 31, 2025. See also Notes 7 and 15 in the Notes to Consolidated Financial Statements for additional discussion of contractual obligations and commitments as of December 31, 2025. 39 39 Table of Contents Table of Contents Table of Contents Capital StructureThe Company’s “Consolidated Debt-to-Total Market Capitalization Ratio” as of December 31, 2025 is presented in the following table. The Company calculates the equity component of its market capitalization as the sum of (i) the total outstanding Common Shares and assumed conversion of all Units at the equivalent market value of the closing price of the Company’s Common Shares on the New York Stock Exchange and (ii) the liquidation value of all perpetual preferred shares outstanding.Equity ResidentialCapital Structure as of December 31, 2025(Amounts in thousands except for share/unit and per share amounts) Secured Debt $ 1,589,904 19.4 % Unsecured Debt 6,585,106 80.6 % Total Debt 8,175,010 100.0 % 25.1 % Common Shares (includes Restricted Shares) 377,806,173 97.6 % Units (includes OP Units and Restricted Units) 9,325,363 2.4 % Total Shares and Units 387,131,536 100.0 % Common Share Price at December 31, 2025 $ 63.04 24,404,772 99.9 % Perpetual Preferred Equity 17,155 0.1 % Total Equity 24,421,927 100.0 % 74.9 % Total Market Capitalization $ 32,596,937 100.0 % The Operating Partnership’s “Consolidated Debt-to-Total Market Capitalization Ratio” as of December 31, 2025 is presented in the following table. The Operating Partnership calculates the equity component of its market capitalization as the sum of (i) the total outstanding Units at the equivalent market value of the closing price of the Company’s Common Shares on the New York Stock Exchange and (ii) the liquidation value of all perpetual preference units outstanding.ERP Operating Limited PartnershipCapital Structure as of December 31, 2025(Amounts in thousands except for unit and per unit amounts) Secured Debt $ 1,589,904 19.4 % Unsecured Debt 6,585,106 80.6 % Total Debt 8,175,010 100.0 % 25.1 % Total Outstanding Units 387,131,536 Common Share Price at December 31, 2025 $ 63.04 24,404,772 99.9 % Perpetual Preference Units 17,155 0.1 % Total Equity 24,421,927 100.0 % 74.9 % Total Market Capitalization $ 32,596,937 100.0 % Financial FlexibilityEQR 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 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 February 6, 2026. Capital Structure The Company’s “Consolidated Debt-to-Total Market Capitalization Ratio” as of December 31, 2025 is presented in the following table. The Company calculates the equity component of its market capitalization as the sum of (i) the total outstanding Common Shares and assumed conversion of all Units at the equivalent market value of the closing price of the Company’s Common Shares on the New York Stock Exchange and (ii) the liquidation value of all perpetual preferred shares outstanding.

Secured Debt $ 1,589,904 19.4 % Unsecured Debt 6,585,106 80.6 % Total Debt 8,175,010 100.0 % 25.1 % Common Shares (includes Restricted Shares) 377,806,173 97.6 % Units (includes OP Units and Restricted Units) 9,325,363 2.4 % Total Shares and Units 387,131,536 100.0 % Common Share Price at December 31, 2025 $ 63.04 24,404,772 99.9 % Perpetual Preferred Equity 17,155 0.1 %

$ 32,596,937 100.0 % The Operating Partnership’s “Consolidated Debt-to-Total Market Capitalization Ratio” as of December 31, 2025 is presented in the following table. The Operating Partnership calculates the equity component of its market capitalization as the sum of (i) the total outstanding Units at the equivalent market value of the closing price of the Company’s Common Shares on the New York Stock Exchange and (ii) the liquidation value of all perpetual preference units outstanding.

$ 32,596,937 100.0 % Financial Flexibility 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 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 February 6, 2026. 40 40 Table of Contents Table of Contents Table of Contents Forward sale agreements under the ATM program allow the Company, at its election, to settle the agreements by issuing Common Shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreement or, alternatively, to settle the agreements in whole or in part through the delivery or receipt of Common Shares or cash. Issuances of shares under these forward sale agreements are classified as equity transactions. Accordingly, no amounts relating to the forward sale agreements are recorded in the consolidated financial statements until settlement occurs. Prior to any settlements, the only impact to the consolidated financial statements is the inclusion of incremental shares, if any, within the calculation of diluted net income per share using the treasury stock method (see Note 10, if applicable, in the Notes to Consolidated Financial Statements). The actual forward price per share to be received by the Company upon settlement will be determined on the applicable settlement date based on adjustments made to the initial forward price to reflect the then-current overnight federal funds rate and the amount of dividends paid to holders of the Company’s Common Shares over the term of the forward sale agreement. During the year ended December 31, 2025, the Company repurchased and subsequently retired approximately $280.7 million (4,526,740 shares at a weighted average price per share of $62.00) 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. The Company's Board of Trustees reauthorized and replenished the share repurchase program in the first quarter of 2025, giving the Company the authority to repurchase up to 13.0 million Common Shares. The Company's Board of Trustees replenished the share repurchase program again on December 11, 2025, giving the Company the authority to repurchase up to 13.0 million Common Shares. As of February 6, 2026, EQR has remaining authorization to repurchase up to 11,305,881 of its shares. We believe our ability to access the capital markets is enhanced by ERPOP’s long-term senior debt ratings and short-term commercial paper ratings, as well as EQR’s long-term preferred equity ratings. As of February 6, 2026, the ratings are as follows: Standard & Poor’s Moody's ERPOP's long-term senior debt rating A- A3 ERPOP's short-term commercial paper rating A-2 P-2 EQR's long-term preferred equity rating BBB Baa1 See Note 17 in the Notes to Consolidated Financial Statements for discussion of the events, if any, which occurred subsequent to December 31, 2025.InflationInflation primarily impacts our results of operations as a result of wage/payroll pressures, increases in utilities through escalation of commodity costs and increases in repair and maintenance costs through higher contractor costs. In addition, inflation could also impact the interest we pay on our floating rate debt and upon refinancing of fixed rate debt in a high-inflationary environment, our cost of capital and our cost of development, renovation and capital expenditure activities. However, the majority of our apartment leases have initial terms of 12 months or less, which generally enables us to compensate for inflationary effects by increasing rents on our apartment homes, subject to supply and demand conditions. Although an extreme or sustained escalation in costs could have a negative impact on our residents and their ability to absorb rent increases, we do not believe inflation had a material impact on our results of operations for the years ended December 31, 2025, 2024 and 2023. Forward sale agreements under the ATM program allow the Company, at its election, to settle the agreements by issuing Common Shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreement or, alternatively, to settle the agreements in whole or in part through the delivery or receipt of Common Shares or cash. Issuances of shares under these forward sale agreements are classified as equity transactions. Accordingly, no amounts relating to the forward sale agreements are recorded in the consolidated financial statements until settlement occurs. Prior to any settlements, the only impact to the consolidated financial statements is the inclusion of incremental shares, if any, within the calculation of diluted net income per share using the treasury stock method (see Note 10, if applicable, in the Notes to Consolidated Financial Statements). The actual forward price per share to be received by the Company upon settlement will be determined on the applicable settlement date based on adjustments made to the initial forward price to reflect the then-current overnight federal funds rate and the amount of dividends paid to holders of the Company’s Common Shares over the term of the forward sale agreement. During the year ended December 31, 2025, the Company repurchased and subsequently retired approximately $280.7 million (4,526,740 shares at a weighted average price per share of $62.00) 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. The Company's Board of Trustees reauthorized and replenished the share repurchase program in the first quarter of 2025, giving the Company the authority to repurchase up to 13.0 million Common Shares. The Company's Board of Trustees replenished the share repurchase program again on December 11, 2025, giving the Company the authority to repurchase up to 13.0 million Common Shares. As of February 6, 2026, EQR has remaining authorization to repurchase up to 11,305,881 of its shares. We believe our ability to access the capital markets is enhanced by ERPOP’s long-term senior debt ratings and short-term commercial paper ratings, as well as EQR’s long-term preferred equity ratings. As of February 6, 2026, the ratings are as follows:

Moody's ERPOP's long-term senior debt rating A- A3 ERPOP's short-term commercial paper rating A-2 P-2 EQR's long-term preferred equity rating BBB Baa1 See Note 17 in the Notes to Consolidated Financial Statements for discussion of the events, if any, which occurred subsequent to December 31, 2025. Inflation Inflation primarily impacts our results of operations as a result of wage/payroll pressures, increases in utilities through escalation of commodity costs and increases in repair and maintenance costs through higher contractor costs. In addition, inflation could also impact the interest we pay on our floating rate debt and upon refinancing of fixed rate debt in a high-inflationary environment, our cost of capital and our cost of development, renovation and capital expenditure activities. However, the majority of our apartment leases have initial terms of 12 months or less, which generally enables us to compensate for inflationary effects by increasing rents on our apartment homes, subject to supply and demand conditions. Although an extreme or sustained escalation in costs could have a negative impact on our residents and their ability to absorb rent increases, we do not believe inflation had a material impact on our results of operations for the years ended December 31, 2025, 2024 and 2023. 41 41 Table of Contents Table of Contents Table of Contents DefinitionsThe definition of certain terms described above or below are as follows: •Acquisition Capitalization Rate or Cap Rate – NOI that the Company anticipates receiving in the next 12 months (or the year two or three stabilized NOI for properties that are in lease-up at acquisition) less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $100-$450 per apartment unit depending on the age and condition of the asset) divided by the gross purchase price of the asset. The weighted average Acquisition Cap Rate for acquired properties is weighted based on the projected NOI streams and the relative purchase price for each respective property.•Average Rental Rate – Total Residential rental revenues reflected on a straight-line basis in accordance with GAAP divided by the weighted average occupied apartment units for the reporting period presented. •Disposition Yield – NOI that the Company anticipates giving up in the next 12 months less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $150-$450 per apartment unit depending on the age and condition of the asset) divided by the gross sales price of the asset. The weighted average Disposition Yield for sold properties is weighted based on the projected NOI streams and the relative sales price for each respective property.•Established Markets – Includes Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California (Los Angeles, Orange County and San Diego).•Expansion Markets – Includes Denver, Atlanta, Dallas/Ft. Worth and Austin.•Non-Residential – Consists of revenues and expenses from retail and public parking garage operations.•Non-Same Store Properties – For annual comparisons, primarily includes all properties acquired during 2024 and 2025, plus any properties in lease-up and not stabilized as of January 1, 2024. Unless otherwise noted, includes both Residential and Non-Residential operations for these properties.•Physical Occupancy – The weighted average occupied apartment units for the reporting period divided by the average of total apartment units available for rent for the reporting period. •Residential – Consists of multifamily apartment revenues and expenses. •Same Store Properties – For annual comparisons, primarily includes all properties acquired or completed that are stabilized prior to January 1, 2024, less properties subsequently sold. Properties are included in Same Store when they are stabilized for all of the current and comparable periods presented. Unless otherwise noted, includes both Residential and Non-Residential operations for these properties.•% of Stabilized Budgeted NOI – Represents original budgeted 2026 NOI for stabilized properties and projected annual NOI at stabilization (defined as having achieved 90% Physical Occupancy for three consecutive months) for properties that are in lease-up.•Total Budgeted Capital Cost – Estimated remaining cost for projects under development and/or developed plus all capitalized costs incurred to date, including land acquisition costs, construction costs, capitalized real estate taxes and insurance, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees, plus any estimates of costs remaining to be funded for all projects, all in accordance with GAAP. Amounts for partially owned consolidated and unconsolidated properties are presented at 100% of the project.•Turnover – Total Residential move-outs (including inter-property and intra-property transfers) divided by total Residential apartment units. Retention rate is the opposite of Turnover.

The definition of certain terms described above or below are as follows: •Acquisition Capitalization Rate or Cap Rate – NOI that the Company anticipates receiving in the next 12 months (or the year two or three stabilized NOI for properties that are in lease-up at acquisition) less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $100-$450 per apartment unit depending on the age and condition of the asset) divided by the gross purchase price of the asset. The weighted average Acquisition Cap Rate for acquired properties is weighted based on the projected NOI streams and the relative purchase price for each respective property. Acquisition Capitalization Rate or Cap Rate – NOI that the Company anticipates receiving in the next 12 months (or the year two or three stabilized NOI for properties that are in lease-up at acquisition) less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $100-$450 per apartment unit depending on the age and condition of the asset) divided by the gross purchase price of the asset. The weighted average Acquisition Cap Rate for acquired properties is weighted based on the projected NOI streams and the relative purchase price for each respective property. •Average Rental Rate – Total Residential rental revenues reflected on a straight-line basis in accordance with GAAP divided by the weighted average occupied apartment units for the reporting period presented. Average Rental Rate – Total Residential rental revenues reflected on a straight-line basis in accordance with GAAP divided by the weighted average occupied apartment units for the reporting period presented. •Disposition Yield – NOI that the Company anticipates giving up in the next 12 months less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $150-$450 per apartment unit depending on the age and condition of the asset) divided by the gross sales price of the asset. The weighted average Disposition Yield for sold properties is weighted based on the projected NOI streams and the relative sales price for each respective property. Disposition Yield – NOI that the Company anticipates giving up in the next 12 months less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $150-$450 per apartment unit depending on the age and condition of the asset) divided by the gross sales price of the asset. The weighted average Disposition Yield for sold properties is weighted based on the projected NOI streams and the relative sales price for each respective property. •Established Markets – Includes Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California (Los Angeles, Orange County and San Diego). Established Markets – Includes Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California (Los Angeles, Orange County and San Diego). •Expansion Markets – Includes Denver, Atlanta, Dallas/Ft. Worth and Austin. Expansion Markets – Includes Denver, Atlanta, Dallas/Ft. Worth and Austin. •Non-Residential – Consists of revenues and expenses from retail and public parking garage operations. Non-Residential – Consists of revenues and expenses from retail and public parking garage operations. •Non-Same Store Properties – For annual comparisons, primarily includes all properties acquired during 2024 and 2025, plus any properties in lease-up and not stabilized as of January 1, 2024. Unless otherwise noted, includes both Residential and Non-Residential operations for these properties. Non-Same Store Properties – For annual comparisons, primarily includes all properties acquired during 2024 and 2025, plus any properties in lease-up and not stabilized as of January 1, 2024. Unless otherwise noted, includes both Residential and Non-Residential operations for these properties. •Physical Occupancy – The weighted average occupied apartment units for the reporting period divided by the average of total apartment units available for rent for the reporting period. Physical Occupancy – The weighted average occupied apartment units for the reporting period divided by the average of total apartment units available for rent for the reporting period. •Residential – Consists of multifamily apartment revenues and expenses. Residential – Consists of multifamily apartment revenues and expenses. •Same Store Properties – For annual comparisons, primarily includes all properties acquired or completed that are stabilized prior to January 1, 2024, less properties subsequently sold. Properties are included in Same Store when they are stabilized for all of the current and comparable periods presented. Unless otherwise noted, includes both Residential and Non-Residential operations for these properties. Same Store Properties – For annual comparisons, primarily includes all properties acquired or completed that are stabilized prior to January 1, 2024, less properties subsequently sold. Properties are included in Same Store when they are stabilized for all of the current and comparable periods presented. Unless otherwise noted, includes both Residential and Non-Residential operations for these properties. •% of Stabilized Budgeted NOI – Represents original budgeted 2026 NOI for stabilized properties and projected annual NOI at stabilization (defined as having achieved 90% Physical Occupancy for three consecutive months) for properties that are in lease-up. % of Stabilized Budgeted NOI – Represents original budgeted 2026 NOI for stabilized properties and projected annual NOI at stabilization (defined as having achieved 90% Physical Occupancy for three consecutive months) for properties that are in lease-up. •Total Budgeted Capital Cost – Estimated remaining cost for projects under development and/or developed plus all capitalized costs incurred to date, including land acquisition costs, construction costs, capitalized real estate taxes and insurance, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees, plus any estimates of costs remaining to be funded for all projects, all in accordance with GAAP. Amounts for partially owned consolidated and unconsolidated properties are presented at 100% of the project. Total Budgeted Capital Cost – Estimated remaining cost for projects under development and/or developed plus all capitalized costs incurred to date, including land acquisition costs, construction costs, capitalized real estate taxes and insurance, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees, plus any estimates of costs remaining to be funded for all projects, all in accordance with GAAP. Amounts for partially owned consolidated and unconsolidated properties are presented at 100% of the project. •Turnover – Total Residential move-outs (including inter-property and intra-property transfers) divided by total Residential apartment units. Retention rate is the opposite of Turnover. Turnover – Total Residential move-outs (including inter-property and intra-property transfers) divided by total Residential apartment units. Retention rate is the opposite of Turnover. 42 42 Table of Contents Table of Contents Table of Contents Critical Accounting Policies and EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to use judgment in the application of accounting policies, including making estimates and assumptions. If our judgment or interpretation of the facts and circumstances relating to various transactions had been different or different assumptions were made, it is possible that different accounting policies would have been applied, resulting in different financial results or different presentation of our financial statements.The Company’s significant accounting policies are described in Note 2 in the Notes to Consolidated Financial Statements. These policies were followed in preparing the consolidated financial statements at and for the year ended December 31, 2025.The Company has identified the significant accounting policies below as critical accounting policies. These critical accounting policies are those that have the most impact on the reporting of our financial condition and those requiring significant judgments and estimates. With respect to these critical accounting policies, management believes that the application of judgments and estimates is consistently applied and produces financial information that fairly presents the results of operations for all periods presented.Impairment of Long-Lived AssetsThe Company evaluates its long-lived assets, including its investment in real estate, for indicators of impairment at least quarterly. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, legal, regulatory and environmental concerns, the Company’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted. Assessing impairment can be complex and involves a high degree of subjectivity in determining if indicators are present and in estimating the future undiscounted cash flows or the fair value of an asset. In particular, these estimates are sensitive to significant assumptions, including the estimation of future rental revenues, operating expenses, discount and capitalization rates and our intent and ability to hold the related asset, all of which could be affected by our expectations about future market or economic conditions. Assumptions are primarily subject to property-specific characteristics, especially with respect to our intent and ability to hold the related asset. While these property-specific assumptions can have a significant impact on the undiscounted cash flows or estimated fair value of a particular asset, our evaluation of the reported carrying values of long-lived assets during the current year were not particularly sensitive to external or market assumptions.Acquisition of Investment PropertiesThe Company allocates the purchase price of properties that meet the definition of an asset acquisition to net tangible and identified intangible assets acquired based on their relative fair values using assumptions primarily based upon property-specific characteristics. In making estimates of relative fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired or developed and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible and intangible assets/liabilities acquired.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to use judgment in the application of accounting policies, including making estimates and assumptions. If our judgment or interpretation of the facts and circumstances relating to various transactions had been different or different assumptions were made, it is possible that different accounting policies would have been applied, resulting in different financial results or different presentation of our financial statements. The Company’s significant accounting policies are described in Note 2 in the Notes to Consolidated Financial Statements. These policies were followed in preparing the consolidated financial statements at and for the year ended December 31, 2025. The Company has identified the significant accounting policies below as critical accounting policies. These critical accounting policies are those that have the most impact on the reporting of our financial condition and those requiring significant judgments and estimates. With respect to these critical accounting policies, management believes that the application of judgments and estimates is consistently applied and produces financial information that fairly presents the results of operations for all periods presented. Impairment of Long-Lived Assets The Company evaluates its long-lived assets, including its investment in real estate, for indicators of impairment at least quarterly. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, legal, regulatory and environmental concerns, the Company’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted. Assessing impairment can be complex and involves a high degree of subjectivity in determining if indicators are present and in estimating the future undiscounted cash flows or the fair value of an asset. In particular, these estimates are sensitive to significant assumptions, including the estimation of future rental revenues, operating expenses, discount and capitalization rates and our intent and ability to hold the related asset, all of which could be affected by our expectations about future market or economic conditions. Assumptions are primarily subject to property-specific characteristics, especially with respect to our intent and ability to hold the related asset. While these property-specific assumptions can have a significant impact on the undiscounted cash flows or estimated fair value of a particular asset, our evaluation of the reported carrying values of long-lived assets during the current year were not particularly sensitive to external or market assumptions. Acquisition of Investment Properties The Company allocates the purchase price of properties that meet the definition of an asset acquisition to net tangible and identified intangible assets acquired based on their relative fair values using assumptions primarily based upon property-specific characteristics. In making estimates of relative fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired or developed and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible and intangible assets/liabilities acquired. 43 43 Table of Contents Table of Contents Table of Contents Funds From Operations and Normalized Funds From OperationsThe 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 each of the three years ended December 31, 2025:Funds From Operations and Normalized Funds From Operations(Amounts in thousands) Year Ended December 31, 2025 2024 2023 Net income $ 1,151,949 $ 1,070,975 $ 868,488 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (4,455 ) (6,212 ) (6,340 ) Preferred/preference distributions (1,422 ) (1,613 ) (3,090 ) Premium on redemption of Preferred Shares/Preference Units — (1,444 ) — Net income available to Common Shares and Units / Units 1,146,072 1,061,706 859,058 Adjustments: Depreciation 1,010,400 952,191 888,709 Depreciation – Non-real estate additions (3,600 ) (3,791 ) (4,268 ) Depreciation – Partially Owned Properties (2,013 ) (2,132 ) (2,130 ) Depreciation – Unconsolidated Properties 16,890 7,191 2,860 Net (gain) loss on sales of unconsolidated entities - operating assets (2,781 ) (515 ) — Net (gain) loss on sales of real estate properties (626,388 ) (546,797 ) (282,539 ) Noncontrolling Interests share of gain (loss) on sales of real estate properties — 1,857 2,336 FFO available to Common Shares and Units / Units (1) (3) (4) 1,538,580 1,469,710 1,464,026 Adjustments: Write-off of pursuit costs 7,735 5,155 3,647 Debt extinguishment and preferred share/preference unit redemption (gains) losses 366 1,444 1,143 Non-operating asset (gains) losses (20,777 ) (16,311 ) (13,323 ) Other miscellaneous items 32,499 61,608 21,588 Normalized FFO available to Common Shares and Units / Units (2) (3) (4) $ 1,558,403 $ 1,521,606 $ 1,477,081 FFO (1) (3) $ 1,540,002 $ 1,472,767 $ 1,467,116 Preferred/preference distributions (1,422 ) (1,613 ) (3,090 ) Premium on redemption of Preferred Shares/Preference Units — (1,444 ) — FFO available to Common Shares and Units / Units (1) (3) (4) $ 1,538,580 $ 1,469,710 $ 1,464,026 Normalized FFO (2) (3) $ 1,559,825 $ 1,523,219 $ 1,480,171 Preferred/preference distributions (1,422 ) (1,613 ) (3,090 ) Normalized FFO available to Common Shares and Units / Units (2) (3) (4) $ 1,558,403 $ 1,521,606 $ 1,477,081 (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 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:•the impact of any expenses relating to non-operating real estate asset impairment;•pursuit cost write-offs;•gains and losses from early debt extinguishment and preferred share/preference unit redemptions; •gains and losses from non-operating assets; and

2025 2024 2023 Net income $ 1,151,949 $ 1,070,975 $ 868,488 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (4,455 ) (6,212 ) (6,340 ) Preferred/preference distributions (1,422 ) (1,613 ) (3,090 ) Premium on redemption of Preferred Shares/Preference Units — (1,444 ) — Net income available to Common Shares and Units / Units 1,146,072 1,061,706 859,058 Adjustments: Depreciation 1,010,400 952,191 888,709 Depreciation – Non-real estate additions (3,600 ) (3,791 ) (4,268 ) Depreciation – Partially Owned Properties (2,013 ) (2,132 ) (2,130 ) Depreciation – Unconsolidated Properties 16,890 7,191 2,860 Net (gain) loss on sales of unconsolidated entities - operating assets (2,781 ) (515 ) — Net (gain) loss on sales of real estate properties (626,388 ) (546,797 ) (282,539 ) Noncontrolling Interests share of gain (loss) on sales of real estate properties — 1,857 2,336 FFO available to Common Shares and Units / Units (1) (3) (4) 1,538,580 1,469,710 1,464,026 Adjustments: Write-off of pursuit costs 7,735 5,155 3,647 Debt extinguishment and preferred share/preference unit redemption (gains) losses 366 1,444 1,143 Non-operating asset (gains) losses (20,777 ) (16,311 ) (13,323 ) Other miscellaneous items 32,499 61,608 21,588 Normalized FFO available to Common Shares and Units / Units (2) (3) (4) $ 1,558,403 $ 1,521,606 $ 1,477,081 FFO (1) (3) $ 1,540,002 $ 1,472,767 $ 1,467,116 Preferred/preference distributions (1,422 ) (1,613 ) (3,090 ) Premium on redemption of Preferred Shares/Preference Units — (1,444 ) — FFO available to Common Shares and Units / Units (1) (3) (4) $ 1,538,580 $ 1,469,710 $ 1,464,026 Normalized FFO (2) (3) $ 1,559,825 $ 1,523,219 $ 1,480,171 Preferred/preference distributions (1,422 ) (1,613 ) (3,090 ) Normalized FFO available to Common Shares and Units / Units (2) (3) (4) $ 1,558,403 $ 1,521,606 $ 1,477,081 (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 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. 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 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: Normalized funds from operations (“Normalized FFO”) begins with FFO and excludes: •the impact of any expenses relating to non-operating real estate asset impairment; the impact of any expenses relating to non-operating real estate asset impairment; •pursuit cost write-offs; pursuit cost write-offs; •gains and losses from early debt extinguishment and preferred share/preference unit redemptions; gains and losses from early debt extinguishment and preferred share/preference unit redemptions; •gains and losses from non-operating assets; and gains and losses from non-operating assets; and 44 44 Table of Contents Table of Contents Table of Contents •other miscellaneous items.(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 7A. Quantitative and Qualitative Disclosures about Market RiskThe Company is exposed to market risk from financial instruments primarily from changes in interest rates. Such risks derive from the refinancing of debt maturities, from exposure to interest rate fluctuations on floating rate debt and from derivative instruments utilized to swap fixed rate debt to floating or to hedge rates in anticipation of future debt issuances. Our operating results are, therefore, affected by changes in short-term interest rates, primarily SOFR and Securities Industry and Financial Markets Association (“SIFMA”) indices, which directly impact borrowings under our revolving credit facility and/or interest on secured and unsecured borrowings contractually tied to such rates. Short-term interest rates also indirectly affect the discount on notes issued under our commercial paper program. Additionally, we have exposure to long-term interest rates, particularly U.S. Treasuries, as they are utilized to price our long-term borrowings and therefore affect the cost of refinancing existing debt or incurring additional debt.The Company monitors and manages interest rates as part of its risk management process, by targeting adequate levels of floating rate exposure and an appropriate debt maturity profile. From time to time, we may utilize derivative instruments to manage interest rate exposure and to comply with the requirements of certain lenders, but not for trading or speculative purposes. As of December 31, 2025 and 2024, the Company had total variable rate debt of $0.8 billion, representing 9.5% of total debt for both periods. If interest rates had been 100 basis points higher in 2025 and 2024 and average balances coincided with year end balances, our annual interest expense would have been $7.7 million higher for both periods. Unsecured notes issued under the Company’s commercial paper program are treated as variable rate debt for the purposes of this calculation even though they do not have a stated interest rate, given their short-term nature. The effect of derivatives, if applicable, is also considered when computing the total amount of variable rate debt.Changes in interest rates also affect the estimated fair market value of our fixed rate debt, computed using a discounted cash flow model. As of December 31, 2025, the Company had total outstanding fixed rate debt of $7.4 billion, or 90.5% of total debt, with an estimated fair market value of $7.1 billion. If interest rates had been 100 basis points lower as of December 31, 2025, the estimated fair market value would have increased by approximately $394.7 million. As of December 31, 2024, the Company had total outstanding fixed rate debt of $7.3 billion, or 90.5% of total debt, with an estimated fair market value of $6.8 billion. If interest rates had been 100 basis points lower as of December 31, 2024, the estimated fair market value would have increased by approximately $400.3 million.These amounts were determined by considering the impact of hypothetical interest rates on the Company’s financial instruments. These analyses do not consider the effects of the changes in overall economic activity that could exist in such an environment. Further, in the event of changes of such magnitude, management would likely take actions to further mitigate its exposure to these changes. However, due to the uncertainty of the specific actions that would be taken and their possible effects, this analysis assumes no changes in the Company’s financial structure or results. •other miscellaneous items. other miscellaneous items. (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. 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. 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 7A. Quantitative and Qualitative Disclosures about Market Risk The Company is exposed to market risk from financial instruments primarily from changes in interest rates. Such risks derive from the refinancing of debt maturities, from exposure to interest rate fluctuations on floating rate debt and from derivative instruments utilized to swap fixed rate debt to floating or to hedge rates in anticipation of future debt issuances. Our operating results are, therefore, affected by changes in short-term interest rates, primarily SOFR and Securities Industry and Financial Markets Association (“SIFMA”) indices, which directly impact borrowings under our revolving credit facility and/or interest on secured and unsecured borrowings contractually tied to such rates. Short-term interest rates also indirectly affect the discount on notes issued under our commercial paper program. Additionally, we have exposure to long-term interest rates, particularly U.S. Treasuries, as they are utilized to price our long-term borrowings and therefore affect the cost of refinancing existing debt or incurring additional debt. The Company monitors and manages interest rates as part of its risk management process, by targeting adequate levels of floating rate exposure and an appropriate debt maturity profile. From time to time, we may utilize derivative instruments to manage interest rate exposure and to comply with the requirements of certain lenders, but not for trading or speculative purposes. As of December 31, 2025 and 2024, the Company had total variable rate debt of $0.8 billion, representing 9.5% of total debt for both periods. If interest rates had been 100 basis points higher in 2025 and 2024 and average balances coincided with year end balances, our annual interest expense would have been $7.7 million higher for both periods. Unsecured notes issued under the Company’s commercial paper program are treated as variable rate debt for the purposes of this calculation even though they do not have a stated interest rate, given their short-term nature. The effect of derivatives, if applicable, is also considered when computing the total amount of variable rate debt. Changes in interest rates also affect the estimated fair market value of our fixed rate debt, computed using a discounted cash flow model. As of December 31, 2025, the Company had total outstanding fixed rate debt of $7.4 billion, or 90.5% of total debt, with an estimated fair market value of $7.1 billion. If interest rates had been 100 basis points lower as of December 31, 2025, the estimated fair market value would have increased by approximately $394.7 million. As of December 31, 2024, the Company had total outstanding fixed rate debt of $7.3 billion, or 90.5% of total debt, with an estimated fair market value of $6.8 billion. If interest rates had been 100 basis points lower as of December 31, 2024, the estimated fair market value would have increased by approximately $400.3 million. These amounts were determined by considering the impact of hypothetical interest rates on the Company’s financial instruments. These analyses do not consider the effects of the changes in overall economic activity that could exist in such an environment. Further, in the event of changes of such magnitude, management would likely take actions to further mitigate its exposure to these changes. However, due to the uncertainty of the specific actions that would be taken and their possible effects, this analysis assumes no changes in the Company’s financial structure or results. 45 45 Table of Contents Table of Contents Table of Contents The Company cannot predict the effect of adverse changes in interest rates on its debt and derivative instruments and, therefore, its exposure to market risk, nor can there be any assurance that long-term debt will be available at advantageous pricing. Consequently, future results may differ materially from the estimated adverse changes discussed above.Item 8. Financial Statements and Supplementary DataSee Index to Consolidated Financial Statements and Schedule on page 6 of this Form 10-K.Item 9. Changes in and Disagreements with Accountants on Accounting and Financial DisclosureNone.Item 9A. Controls and ProceduresEquity Residential(a) Evaluation of Disclosure Controls and Procedures:Effective as of December 31, 2025, 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.(b) Management’s Report on Internal Control over Financial Reporting:Equity Residential’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Exchange Act. Under the supervision and with the participation of management, including the Company’s Chief Executive Officer and Chief Financial Officer, management conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework).Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can only provide reasonable assurance with respect to financial statement preparation and presentation.Based on the Company’s evaluation under the framework in Internal Control – Integrated Framework, management concluded that its internal control over financial reporting was effective as of December 31, 2025. Our internal control over financial reporting has been audited as of December 31, 2025 by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report which is included herein.(c) 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 fourth quarter of 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.ERP Operating Limited Partnership(a) Evaluation of Disclosure Controls and Procedures:Effective as of December 31, 2025, 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. The Company cannot predict the effect of adverse changes in interest rates on its debt and derivative instruments and, therefore, its exposure to market risk, nor can there be any assurance that long-term debt will be available at advantageous pricing. Consequently, future results may differ materially from the estimated adverse changes discussed above. Item 8. Financial Statements and Supplementary Data See Index to Consolidated Financial Statements and Schedule on page 6 of this Form 10-K. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None. Item 9A. Controls and Procedures Equity Residential

Effective as of December 31, 2025, 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.

Equity Residential’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Exchange Act. Under the supervision and with the participation of management, including the Company’s Chief Executive Officer and Chief Financial Officer, management conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can only provide reasonable assurance with respect to financial statement preparation and presentation. Based on the Company’s evaluation under the framework in Internal Control – Integrated Framework, management concluded that its internal control over financial reporting was effective as of December 31, 2025. Our internal control over financial reporting has been audited as of December 31, 2025 by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report which is included herein.

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 fourth quarter of 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. ERP Operating Limited Partnership

Effective as of December 31, 2025, 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. 46 46 Table of Contents Table of Contents Table of Contents (b) Management’s Report on Internal Control over Financial Reporting:ERP Operating Limited Partnership’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Exchange Act. Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer of EQR, management conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework).Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can only provide reasonable assurance with respect to financial statement preparation and presentation.Based on the Operating Partnership’s evaluation under the framework in Internal Control – Integrated Framework, management concluded that its internal control over financial reporting was effective as of December 31, 2025. Our internal control over financial reporting has been audited as of December 31, 2025 by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report which is included herein.(c) 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 fourth quarter of 2025 that have materially affected, or are reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting.Item 9B. Other InformationDuring the quarter ended December 31, 2025, 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 9C. Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsNot applicable.

ERP Operating Limited Partnership’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Exchange Act. Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer of EQR, management conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can only provide reasonable assurance with respect to financial statement preparation and presentation. Based on the Operating Partnership’s evaluation under the framework in Internal Control – Integrated Framework, management concluded that its internal control over financial reporting was effective as of December 31, 2025. Our internal control over financial reporting has been audited as of December 31, 2025 by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report which is included herein.

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 fourth quarter of 2025 that have materially affected, or are reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting. Item 9B. Other Information During the quarter ended December 31, 2025, 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. adopted terminated Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. 47 47 Table of Contents Table of Contents Table of Contents PART IIIItems 10, 11, 12, 13 and 14.Trustees, Executive Officers and Corporate Governance; Executive Compensation; Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters; Certain Relationships and Related Transactions, and Trustee Independence; and Principal Accountant Fees and ServicesThe information required by Item 10, Item 11, Item 12 (with the exception of the Equity Compensation Plan Information provided below), Item 13 and Item 14 is incorporated by reference to, and will be contained in, Equity Residential’s Proxy Statement, which the Company intends to file no later than 120 days after the end of its fiscal year ended December 31, 2025, and thus these items have been omitted in accordance with General Instruction G(3) to Form 10-K. Equity Residential is the general partner and 97.6% owner of ERP Operating Limited Partnership.Equity Compensation Plan InformationThe following table provides information as of December 31, 2025 with respect to the Company’s Common Shares that may be issued under its existing equity compensation plans. Plan Category Number of securitiesto be issued uponexercise ofoutstanding options,warrants and rights Weighted-averageexercise price ofoutstandingoptions, warrants and rights Number of securitiesremaining availablefor future issuanceunder equitycompensation plans(excluding securitiesin column (a)) (a) (1) (b) (1) (c) (2) Equity compensation plans approved by shareholders 3,993,585 $65.25 9,146,120 Equity compensation plans not approved by shareholders N/A N/A N/A (1)The amounts shown in columns (a) and (b) of the above table do not include 463,795 outstanding Common Shares (all of which are restricted and subject to vesting requirements) that were granted under the Company’s 2019 Share Incentive Plan, as amended (the “2019 Plan”), and outstanding Common Shares that have been purchased by employees and trustees under the Company’s ESPP.(2)Includes 6,841,622 Common Shares that may be issued under the 2019 Plan and 2,304,498 Common Shares that may be sold to employees and trustees under the ESPP. On June 27, 2019, the shareholders of EQR approved the Company's 2019 Plan and the Company filed a Form S-8 registration statement to register 11,331,958 Common Shares under this plan. As of December 31, 2025, 6,841,622 shares were available for future issuance. The 2019 Plan expires on June 27, 2029.Any Common Shares issued pursuant to EQR’s incentive equity compensation and employee share purchase plans will result in ERPOP issuing OP Units to EQR on a one-for-one basis, with ERPOP receiving the net cash proceeds of such issuances. PART III

The information required by Item 10, Item 11, Item 12 (with the exception of the Equity Compensation Plan Information provided below), Item 13 and Item 14 is incorporated by reference to, and will be contained in, Equity Residential’s Proxy Statement, which the Company intends to file no later than 120 days after the end of its fiscal year ended December 31, 2025, and thus these items have been omitted in accordance with General Instruction G(3) to Form 10-K. Equity Residential is the general partner and 97.6% owner of ERP Operating Limited Partnership. Equity Compensation Plan Information The following table provides information as of December 31, 2025 with respect to the Company’s Common Shares that may be issued under its existing equity compensation plans.

(a) (1) (b) (1) (c) (2) Equity compensation plans approved by shareholders 3,993,585 $65.25 9,146,120 Equity compensation plans not approved by shareholders N/A N/A N/A (1)The amounts shown in columns (a) and (b) of the above table do not include 463,795 outstanding Common Shares (all of which are restricted and subject to vesting requirements) that were granted under the Company’s 2019 Share Incentive Plan, as amended (the “2019 Plan”), and outstanding Common Shares that have been purchased by employees and trustees under the Company’s ESPP. The amounts shown in columns (a) and (b) of the above table do not include 463,795 outstanding Common Shares (all of which are restricted and subject to vesting requirements) that were granted under the Company’s 2019 Share Incentive Plan, as amended (the “2019 Plan”), and outstanding Common Shares that have been purchased by employees and trustees under the Company’s ESPP. (2)Includes 6,841,622 Common Shares that may be issued under the 2019 Plan and 2,304,498 Common Shares that may be sold to employees and trustees under the ESPP. Includes 6,841,622 Common Shares that may be issued under the 2019 Plan and 2,304,498 Common Shares that may be sold to employees and trustees under the ESPP. On June 27, 2019, the shareholders of EQR approved the Company's 2019 Plan and the Company filed a Form S-8 registration statement to register 11,331,958 Common Shares under this plan. As of December 31, 2025, 6,841,622 shares were available for future issuance. The 2019 Plan expires on June 27, 2029. Any Common Shares issued pursuant to EQR’s incentive equity compensation and employee share purchase plans will result in ERPOP issuing OP Units to EQR on a one-for-one basis, with ERPOP receiving the net cash proceeds of such issuances. 48 48 Table of Contents Table of Contents Table of Contents PART IVItem 15. Exhibits and Financial Statement Schedules(a) The following documents are filed as part of this Report:(1)Financial Statements: See Index to Consolidated Financial Statements and Schedule on page 6 of this Form 10-K.(2)Exhibits: See the Exhibit Index.(3)Financial Statement Schedules: See Index to Consolidated Financial Statements and Schedule on page 6 of this Form 10-K.Item 16. Form 10-K SummaryNone. PART IV Item 15. Exhibits and Financial Statement Schedules (a) The following documents are filed as part of this Report: (1)Financial Statements: See Index to Consolidated Financial Statements and Schedule on page 6 of this Form 10-K. Financial Statements: See Index to Consolidated Financial Statements and Schedule on page 6 of this Form 10-K. (2)Exhibits: See the Exhibit Index. Exhibits: See the Exhibit Index. (3)Financial Statement Schedules: See Index to Consolidated Financial Statements and Schedule on page 6 of this Form 10-K. Financial Statement Schedules: See Index to Consolidated Financial Statements and Schedule on page 6 of this Form 10-K. Item 16. Form 10-K Summary None. 49 49 Table of Contents Table of Contents Table of Contents EXHIBIT INDEXThe 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 3.1 Articles of Restatement of Declaration of Trust of Equity Residential dated December 9, 2004. Included as Exhibit 3.1 to Equity Residential’s Form 10-K for the year ended December 31, 2004. 3.2 Ninth Amended and Restated Bylaws of Equity Residential, effective September 19, 2024. Included as Exhibit 3.1 to Equity Residential's Form 8-K dated September 19, 2024, filed on September 24, 2024. 3.3 Seventh Amended and Restated Agreement of Limited Partnership for ERP Operating Limited Partnership, dated as of March 18, 2021 and effective as of January 1, 2020. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated March 18, 2021, filed on March 24, 2021. 3.4 Form of Preference Unit Term Sheet for 3.00% Series Q Cumulative Redeemable Preference Units. Included as Exhibit 3.1 to ERP Operating Limited Partnership's Form 8-K dated April 13, 2023, filed on April 19, 2023. 4.1 Description of Equity Residential Common Shares Registered Under Section 12 of the Securities Exchange Act of 1934. Included as Exhibit 4.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-K for the year ended December 31, 2024. 4.2 Description of ERP Operating Limited Partnership Notes Registered Under Section 12 of the Securities Exchange Act of 1934. Included as Exhibit 4.2 to Equity Residential's and ERP Operating Limited Partnership's Form 10-K for the year ended December 31, 2019. 4.3 Description of ERP Operating Limited Partnership OP Units Registered Under Section 12 of the Securities Exchange Act of 1934. Included as Exhibit 4.3 to Equity Residential's and ERP Operating Limited Partnership's Form 10-K for the year ended December 31, 2023. 4.4 Indenture, dated October 1, 1994, between the Operating Partnership and The Bank of New York Mellon Trust Company, N.A., as successor trustee (“Indenture”). Included as Exhibit 4(a) to ERP Operating Limited Partnership’s Form S-3 filed on October 7, 1994. ** 4.5 First Supplemental Indenture to Indenture, dated as of September 9, 2004. Included as Exhibit 4.2 to ERP Operating Limited Partnership’s Form 8-K, filed on September 10, 2004. 4.6 Second Supplemental Indenture to Indenture, dated as of August 23, 2006. Included as Exhibit 4.1 to ERP Operating Limited Partnership’s Form 8-K dated August 16, 2006, filed on August 23, 2006. 4.7 Third Supplemental Indenture to Indenture, dated as of June 4, 2007. Included as Exhibit 4.1 to ERP Operating Limited Partnership’s Form 8-K dated May 30, 2007, filed on June 1, 2007. 4.8 Fourth Supplemental Indenture to Indenture, dated as of December 12, 2011. Included as Exhibit 4.2 to ERP Operating Limited Partnership's Form 8-K dated December 7, 2011, filed on December 9, 2011. 4.9 Fifth Supplemental Indenture to Indenture, dated as of February 1, 2016. Included as Exhibit 4.6 to Equity Residential's and ERP Operating Limited Partnership's Form 10-K for the year ended December 31, 2015. 4.10 Terms Agreement regarding 7.57% Notes due August 15, 2026. Included as Exhibit 1 to ERP Operating Limited Partnership’s Form 8-K, filed on August 13, 1996. 4.11 Form of 2.850% Note due November 1, 2026. Included as Exhibit 4.1 to ERP Operating Limited Partnership's Form 8-K dated October 4, 2016, filed on October 7, 2016. 4.12 Form of 3.250% Note due August 1, 2027. Included as Exhibit 4.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated July 31, 2017, filed on August 2, 2017. 4.13 Form of 3.500% Note due March 1, 2028. Included as Exhibit 4.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated February 1, 2018, filed on February 6, 2018. 4.14 Form of 4.150% Note due December 1, 2028. Included as Exhibit 4.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated November 28, 2018, filed on November 29, 2018. 4.15 Form of 3.000% Note due July 1, 2029. Included as Exhibit 4.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated June 17, 2019, filed on June 20, 2019.

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 3.1 Articles of Restatement of Declaration of Trust of Equity Residential dated December 9, 2004. Articles of Restatement of Declaration of Trust of Equity Residential dated December 9, 2004. Included as Exhibit 3.1 to Equity Residential’s Form 10-K for the year ended December 31, 2004. 3.2 Ninth Amended and Restated Bylaws of Equity Residential, effective September 19, 2024. Ninth Amended and Restated Bylaws of Equity Residential, effective September 19, 2024. Included as Exhibit 3.1 to Equity Residential's Form 8-K dated September 19, 2024, filed on September 24, 2024. 3.3 Seventh Amended and Restated Agreement of Limited Partnership for ERP Operating Limited Partnership, dated as of March 18, 2021 and effective as of January 1, 2020. Seventh Amended and Restated Agreement of Limited Partnership for ERP Operating Limited Partnership, dated as of March 18, 2021 and effective as of January 1, 2020. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated March 18, 2021, filed on March 24, 2021. 3.4 Form of Preference Unit Term Sheet for 3.00% Series Q Cumulative Redeemable Preference Units. Form of Preference Unit Term Sheet for 3.00% Series Q Cumulative Redeemable Preference Units. Included as Exhibit 3.1 to ERP Operating Limited Partnership's Form 8-K dated April 13, 2023, filed on April 19, 2023. 4.1 Description of Equity Residential Common Shares Registered Under Section 12 of the Securities Exchange Act of 1934. Description of Equity Residential Common Shares Registered Under Section 12 of the Securities Exchange Act of 1934. Included as Exhibit 4.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-K for the year ended December 31, 2024. 4.2 Description of ERP Operating Limited Partnership Notes Registered Under Section 12 of the Securities Exchange Act of 1934. Description of ERP Operating Limited Partnership Notes Registered Under Section 12 of the Securities Exchange Act of 1934. Included as Exhibit 4.2 to Equity Residential's and ERP Operating Limited Partnership's Form 10-K for the year ended December 31, 2019. 4.3 Description of ERP Operating Limited Partnership OP Units Registered Under Section 12 of the Securities Exchange Act of 1934. Description of ERP Operating Limited Partnership OP Units Registered Under Section 12 of the Securities Exchange Act of 1934. Included as Exhibit 4.3 to Equity Residential's and ERP Operating Limited Partnership's Form 10-K for the year ended December 31, 2023. 4.4 Indenture, dated October 1, 1994, between the Operating Partnership and The Bank of New York Mellon Trust Company, N.A., as successor trustee (“Indenture”). Included as Exhibit 4(a) to ERP Operating Limited Partnership’s Form S-3 filed on October 7, 1994. ** 4.5 First Supplemental Indenture to Indenture, dated as of September 9, 2004. First Supplemental Indenture to Indenture, dated as of September 9, 2004. Included as Exhibit 4.2 to ERP Operating Limited Partnership’s Form 8-K, filed on September 10, 2004. 4.6 Second Supplemental Indenture to Indenture, dated as of August 23, 2006. Second Supplemental Indenture to Indenture, dated as of August 23, 2006. Included as Exhibit 4.1 to ERP Operating Limited Partnership’s Form 8-K dated August 16, 2006, filed on August 23, 2006. 4.7 Third Supplemental Indenture to Indenture, dated as of June 4, 2007. Third Supplemental Indenture to Indenture, dated as of June 4, 2007. Included as Exhibit 4.1 to ERP Operating Limited Partnership’s Form 8-K dated May 30, 2007, filed on June 1, 2007. 4.8 Fourth Supplemental Indenture to Indenture, dated as of December 12, 2011. Fourth Supplemental Indenture to Indenture, dated as of December 12, 2011. Included as Exhibit 4.2 to ERP Operating Limited Partnership's Form 8-K dated December 7, 2011, filed on December 9, 2011. 4.9 Fifth Supplemental Indenture to Indenture, dated as of February 1, 2016. Fifth Supplemental Indenture to Indenture, dated as of February 1, 2016. Included as Exhibit 4.6 to Equity Residential's and ERP Operating Limited Partnership's Form 10-K for the year ended December 31, 2015. 4.10 Terms Agreement regarding 7.57% Notes due August 15, 2026. Terms Agreement regarding 7.57% Notes due August 15, 2026. Included as Exhibit 1 to ERP Operating Limited Partnership’s Form 8-K, filed on August 13, 1996. 4.11 Form of 2.850% Note due November 1, 2026. Form of 2.850% Note due November 1, 2026. Included as Exhibit 4.1 to ERP Operating Limited Partnership's Form 8-K dated October 4, 2016, filed on October 7, 2016. 4.12 Form of 3.250% Note due August 1, 2027. Form of 3.250% Note due August 1, 2027. Included as Exhibit 4.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated July 31, 2017, filed on August 2, 2017. 4.13 Form of 3.500% Note due March 1, 2028. Form of 3.500% Note due March 1, 2028. Included as Exhibit 4.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated February 1, 2018, filed on February 6, 2018. 4.14 Form of 4.150% Note due December 1, 2028. Form of 4.150% Note due December 1, 2028. Included as Exhibit 4.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated November 28, 2018, filed on November 29, 2018. 4.15 Form of 3.000% Note due July 1, 2029. Form of 3.000% Note due July 1, 2029. Included as Exhibit 4.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated June 17, 2019, filed on June 20, 2019. 50 50 Table of Contents Table of Contents Table of Contents 4.16 Form of 2.500% Note due February 15, 2030. Included as Exhibit 4.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated August 20, 2019, filed on August 22, 2019. 4.17 Form of 1.850% Note due August 1, 2031. Included as Exhibit 4.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated August 3, 2021, filed on August 5, 2021. 4.18 Form of 4.950% Note due June 15, 2032. Included as Exhibit 4.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated May 1, 2025, filed on May 2, 2025. 4.19 Form of 4.650% Note due September 15, 2034. Included as Exhibit 4.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated September 9, 2024, filed on September 10, 2024. 4.20 Form of 4.500% Note due July 1, 2044. Included as Exhibit 4.2 to ERP Operating Limited Partnership's Form 8-K dated June 16, 2014, filed on June 18, 2014. 4.21 Form of 4.500% Note due June 1, 2045. Included as Exhibit 4.2 to ERP Operating Limited Partnership's Form 8-K dated May 11, 2015, filed on May 13, 2015. 4.22 Form of 4.000% Note due August 1, 2047. Included as Exhibit 4.2 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated July 31, 2017, filed on August 2, 2017. 10.1 * Equity Residential Executive Severance Plan. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated December 12, 2024, filed on December 18, 2024. 10.2 Revolving Credit Agreement, dated as of December 3, 2025, among ERP Operating Limited Partnership, Bank of America, N.A., as Administrative Agent, and the financial institutions party thereto. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated December 3, 2025, filed on December 4, 2025. 10.3 Amended and Restated Limited Partnership Agreement of Lexford Properties, L.P. Included as Exhibit 10.16 to Equity Residential's Form 10-K for the year ended December 31, 1999. 10.4 * Equity Residential 2019 Share Incentive Plan. Included as Exhibit 99.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated June 27, 2019, filed on July 1, 2019. 10.5 * Equity Residential 2011 Share Incentive Plan. Included as Exhibit 99.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated June 16, 2011, filed on June 22, 2011. 10.6 * First Amendment to 2011 Share Incentive Plan. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended June 30, 2012. 10.7 * Second Amendment to 2011 Share Incentive Plan. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended September 30, 2013. 10.8 * Third Amendment to 2011 Share Incentive Plan. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended March 31, 2014. 10.9 * Fourth Amendment to 2011 Share Incentive Plan. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended September 30, 2014. 10.10 * Fifth Amendment to 2011 Share Incentive Plan. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended June 30, 2016. 10.11 * Sixth Amendment to 2011 Share Incentive Plan. Included as Exhibit 10.18 to Equity Residential's and ERP Operating Limited Partnership's Form 10-K for the year ended December 31, 2016. 10.12 * Seventh Amendment to 2011 Share Incentive Plan. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended September 30, 2017. 10.13 * Form of 2022 Long-Term Incentive Plan Award Agreement. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended March 31, 2022. 4.16 Form of 2.500% Note due February 15, 2030. Form of 2.500% Note due February 15, 2030. Included as Exhibit 4.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated August 20, 2019, filed on August 22, 2019. 4.17 Form of 1.850% Note due August 1, 2031. Form of 1.850% Note due August 1, 2031. Included as Exhibit 4.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated August 3, 2021, filed on August 5, 2021. 4.18 Form of 4.950% Note due June 15, 2032. Form of 4.950% Note due June 15, 2032. Included as Exhibit 4.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated May 1, 2025, filed on May 2, 2025. 4.19 Form of 4.650% Note due September 15, 2034. Form of 4.650% Note due September 15, 2034. Included as Exhibit 4.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated September 9, 2024, filed on September 10, 2024. 4.20 Form of 4.500% Note due July 1, 2044. Form of 4.500% Note due July 1, 2044. Included as Exhibit 4.2 to ERP Operating Limited Partnership's Form 8-K dated June 16, 2014, filed on June 18, 2014. 4.21 Form of 4.500% Note due June 1, 2045. Form of 4.500% Note due June 1, 2045. Included as Exhibit 4.2 to ERP Operating Limited Partnership's Form 8-K dated May 11, 2015, filed on May 13, 2015. 4.22 Form of 4.000% Note due August 1, 2047. Form of 4.000% Note due August 1, 2047. Included as Exhibit 4.2 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated July 31, 2017, filed on August 2, 2017. 10.1 * Equity Residential Executive Severance Plan. Equity Residential Executive Severance Plan. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated December 12, 2024, filed on December 18, 2024. 10.2 Revolving Credit Agreement, dated as of December 3, 2025, among ERP Operating Limited Partnership, Bank of America, N.A., as Administrative Agent, and the financial institutions party thereto. Revolving Credit Agreement, dated as of December 3, 2025, among ERP Operating Limited Partnership, Bank of America, N.A., as Administrative Agent, and the financial institutions party thereto. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated December 3, 2025, filed on December 4, 2025. 10.3 Amended and Restated Limited Partnership Agreement of Lexford Properties, L.P. Amended and Restated Limited Partnership Agreement of Lexford Properties, L.P. Included as Exhibit 10.16 to Equity Residential's Form 10-K for the year ended December 31, 1999. 10.4 * Equity Residential 2019 Share Incentive Plan. Equity Residential 2019 Share Incentive Plan. Included as Exhibit 99.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated June 27, 2019, filed on July 1, 2019. 10.5 * Equity Residential 2011 Share Incentive Plan. Equity Residential 2011 Share Incentive Plan. Included as Exhibit 99.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated June 16, 2011, filed on June 22, 2011. 10.6 * First Amendment to 2011 Share Incentive Plan. First Amendment to 2011 Share Incentive Plan. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended June 30, 2012. 10.7 * Second Amendment to 2011 Share Incentive Plan. Second Amendment to 2011 Share Incentive Plan. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended September 30, 2013. 10.8 * Third Amendment to 2011 Share Incentive Plan. Third Amendment to 2011 Share Incentive Plan. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended March 31, 2014. 10.9 * Fourth Amendment to 2011 Share Incentive Plan. Fourth Amendment to 2011 Share Incentive Plan. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended September 30, 2014. 10.10 * Fifth Amendment to 2011 Share Incentive Plan. Fifth Amendment to 2011 Share Incentive Plan. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended June 30, 2016. 10.11 * Sixth Amendment to 2011 Share Incentive Plan. Sixth Amendment to 2011 Share Incentive Plan. Included as Exhibit 10.18 to Equity Residential's and ERP Operating Limited Partnership's Form 10-K for the year ended December 31, 2016. 10.12 * Seventh Amendment to 2011 Share Incentive Plan. Seventh Amendment to 2011 Share Incentive Plan. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended September 30, 2017. 10.13 * Form of 2022 Long-Term Incentive Plan Award Agreement. Form of 2022 Long-Term Incentive Plan Award Agreement. Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended March 31, 2022.