EQR

EX-99.1

2 eqr-ex99_1.htm

EX-99.1

EX-99.1

Second Quarter 2026 Results

Table of Contents

Earnings Release

1 - 7

Consolidated Statements of Operations

8

Consolidated Statements of Funds From Operations and Normalized Funds From Operations

9

Consolidated Balance Sheets

10

Portfolio Summary

11

Portfolio Rollforward

12

Same Store Results

13 - 18

Debt Summary

19 - 21

Capital Structure

22

Common Share and Unit Weighted Average Amounts Outstanding

23

Partially Owned Properties

24

Development and Lease-Up Projects

25

Residential Capital Expenditures to Real Estate

26

Normalized EBITDAre Reconciliations

27

Adjustments from FFO to Normalized FFO

28

Additional Reconciliations and Definitions of Non-GAAP

Financial Measures and Other Terms

29 - 34

Corporate Headquarters: Two North Riverside Plaza Chicago, IL 60606 (312) 474-1300

Information included in this supplemental package is unaudited.

Table of Contents

NEWS RELEASE - FOR IMMEDIATE RELEASE

July 22, 2026

Equity Residential Reports Second Quarter 2026 Results

Raises Full Year Operating Guidance

Chicago, IL – July 22, 2026 - Equity Residential (NYSE: EQR) today reported results for the quarter and six months ended June 30, 2026 and has posted a Q2 2026 Management Presentation to its website as referenced below.

Second Quarter 2026 Results

All per share results are reported as available to common shares/units on a diluted basis.

Quarter Ended June 30,

2026

2025

$ Change

% Change

Earnings Per Share (EPS)

$

0.30

$

0.50

$

(0.20

)

(40.0

%)

Funds from Operations (FFO) per share

$

1.00

$

0.98

$

0.02

2.0

%

Normalized FFO (NFFO) per share

$

1.02

$

0.99

$

0.03

3.0

%

Six Months Ended June 30,

2026

2025

$ Change

% Change

Earnings Per Share (EPS)

$

0.54

$

1.18

$

(0.64

)

(54.2

%)

Funds from Operations (FFO) per share

$

1.88

$

1.92

$

(0.04

)

(2.1

%)

Normalized FFO (NFFO) per share

$

2.01

$

1.94

$

0.07

3.6

%

Recent Highlights

• On May 21, 2026, the Company and AvalonBay Communities, Inc. (NYSE: AVB) ("AvalonBay") announced a definitive agreement to combine in an all-stock merger of equals, creating one of the country's leading real estate companies with the differentiated scale, capabilities, and balance sheet strength to expand margins, accelerate growth, and redefine leadership in rental housing. The combined company will have a pro forma equity market capitalization of approximately $53 billion and a total enterprise value of approximately $71 billion, with more than 180,000 rental apartments.

• For the second quarter of 2026 compared to the second quarter of 2025, same store revenues increased 1.9%, same store expenses increased 3.0% and same store Net Operating Income (NOI) increased 1.4%. Same store revenue growth is being driven by strong Physical Occupancy and better than anticipated Renewal Rate Achieved.

• The Company raised the midpoint of its guidance range for same store revenues and NOI. The same store revenue improvement is primarily being driven by strong momentum in the San Francisco market along with improvements in Bad Debt, Net across the portfolio. These midpoints reflect what Equity Residential would expect to achieve if it operated as a standalone entity for the full year of 2026.

• During the second quarter of 2026, the Company sold two properties, one in the Los Angeles market and one in the San Francisco market, consisting of 515 apartment units, for an aggregate sale price of approximately $164.0 million.

1

Table of Contents

“We are pleased to increase our same store revenue and NOI annual guidance as a result of a solid demand environment characterized by occupancy and resident retention that remain at historically high levels. An increasingly supportive job market combined with declining levels of new supply in most of our markets sets the combined company up for great success," said Mark J. Parrell, Equity Residential’s President and CEO. “We are proud of the legacy we have created at Equity Residential and very excited about what the future holds for the combined company.”

Full Year 2026 Guidance

The Company has provided guidance for its full year 2026 same store operating performance as listed below:

Revised

Previous

Change at Midpoint

Same Store (includes Residential and Non-Residential):

Physical Occupancy

96.3%

96.4%

(0.1%)

Revenue change

2.1% to 2.7%

1.2% to 3.2%

0.2%

Expense change

3.0% to 4.0%

3.0% to 4.0%

0.0%

NOI change

1.5% to 2.1%

0.5% to 2.5%

0.3%

The above guidance is solely with respect to the Company's existing Same Store Properties, reflects what we would expect to achieve if we operated as a standalone entity for the full year of 2026.

The Company has withdrawn its EPS, FFO per share and Normalized FFO per share guidance (and related components of these measures such as interest expense) due to the pendency of the merger.

The Company has a glossary of defined terms and related reconciliations o

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8-K

false000090610700009061072026-02-052026-02-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): February 5, 2026

EQUITY RESIDENTIAL

(Exact Name of Registrant as Specified in its Charter)

Maryland

1-12252

13-3675988

(State or Other Jurisdiction of Incorporation or Organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

Two North Riverside Plaza Chicago, Illinois

60606

(Address of Principal Executive Offices)

(Zip Code)

Registrant's telephone number, including area code: (312) 474-1300 Not applicable (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares of Beneficial Interest, $0.01 Par Value

EQR

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition. On February 5, 2026, Equity Residential issued a press release announcing its results of operations and financial condition as of December 31, 2025 and for the year and quarter then ended. The press release is furnished as Exhibit 99.1. The information contained in this Item 2.02 on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any registration statement or other document filed by Equity Residential under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing. Item 9.01. Financial Statements and Exhibits.

Exhibit Number

Exhibit

99.1

Press Release dated February 5, 2026, announcing the results of operations and financial condition of Equity Residential as of December 31, 2025 and for the year and quarter then ended.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EQUITY RESIDENTIAL

Date: February 5, 2026

By:

/s/ Ian S. Kaufman

Name:

Ian S. Kaufman

Its:

Senior Vice President and Chief Accounting Officer

(Principal Accounting Officer)