EQR 10-Q report for 2025-09-30

EQR 10-Q report for 2025-09-30 10-Q Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-12252 (Equity Residential) Commission File Number: 0-24920 (ERP Operating Limited Partnership) EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP ( Exact name of registrant as specified in its charter) Maryland  (Equity Residential) 13-3675988  (Equity Residential) Illinois  (ERP Operating Limited Partnership) 36-3894853  (ERP Operating Limited Partnership) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Two North Riverside Plaza , Chicago , Illinois 60606 ( 312 ) 474-1300 (Address of principal executive offices) (Zip Code) (Registrant’s telephone number, including area code) 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 (Equity Residential) EQR New York Stock Exchange 7.57% Notes due August 15, 2026 (ERP Operating Limited Partnership) N/A New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Equity Residential Yes ☒   No ☐ ERP Operating Limited Partnership Yes ☒   No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Equity Residential Yes ☒   No ☐ ERP Operating Limited Partnership Yes ☒   No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Equity Residential: Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ l ERP Operating Limited Partnership: Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ 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. Equity Residential ☐ ERP Operating Limited Partnership ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Equity Residential Yes ☐   No ☒ ERP Operating Limited Partnership Yes ☐   No ☒ The number of EQR Common Shares of Beneficial Interest, $0.01 par value, outstanding on October 24, 2025 was 380,474,721 . Table of Contents EXPLANATORY NOTE This report combines the reports on Form 10-Q for the quarterly period ended September 30, 2025 of Equity Residential and ERP Operating Limited Partnership. Unless stated otherwise or the context otherwise requires, references to “EQR” mean Equity Residential, a Maryland real estate investment trust (“REIT”), and references to “ERPOP” mean ERP Operating Limited Partnership, an Illinois limited partnership. References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. The following chart illustrates the Company’s and the Operating Partnership’s corporate structure: EQR is the general partner of, and as of September 30, 2025 owned an approximate 97.5% ownership interest in, ERPOP. The remaining 2.5% interest is owned by limited partners. As the sole general partner of ERPOP, EQR has exclusive control of ERPOP’s day-to-day management. Management operates the Company and the Operating Partnership as one business. The management of EQR consists of the same members as the management of ERPOP. The Company is structured as an umbrella partnership REIT (“UPREIT”) and EQR contributes all net proceeds from its various equity offerings to ERPOP. In return for those contributions, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 39 Item 3. Quantitative and Qualitative Disclosures about Market Risk 49 Item 4. Controls and Procedures 49 PART II. Item 1. Legal Proceedings 50 Item 1A. Risk Factors 50 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 3. Defaults Upon Senior Securities 51 Item 4. Mine Safety Disclosures 51 Item 5. Other Information 51 Item 6. Exhibits 51 1 Table of Contents EQUITY RESIDENTIAL CONSOLIDATED B ALANCE SHEETS (Amounts in thousands except for share amounts) (Unaudited) September 30, December 31, 2025 2024 ASSETS Land $ 5,615,228 $ 5,606,531 Depreciable property 24,767,133 24,039,412 Projects under development 163,194 261,706 Land held for development 56,953 63,142 Investment in real estate 30,602,508 29,970,791 Accumulated depreciation ( 10,976,770 ) ( 10,412,463 ) Investment in real estate, net 19,625,738 19,558,328 Investments in unconsolidated entities 400,077 386,531 Cash and cash equivalents 93,092 62,302 Restricted deposits 106,410 97,864 Right-of-use assets 449,670 455,445 Other assets 390,076 273,706 Total assets $ 21,065,063 $ 20,834,176 LIABILITIES AND EQUITY Liabilities: Mortgage notes payable, net $ 1,592,935 $ 1,630,690 Notes, net 5,996,686 5,947,376 Line of credit and commercial paper 846,166 543,679 Accounts payable and accrued expenses 154,003 99,347 Accrued interest payable 54,644 74,176 Lease liabilities 304,814 304,897 Other liabilities 298,336 310,559 Security deposits 82,577 75,611 Distributions payable 269,873 263,494 Total liabilities 9,600,034 9,249,829 Commitments and contingencies Redeemable Noncontrolling Interests – Operating Partnership 181,625 338,563 Equity: Shareholders' equity: Preferred Shares of beneficial interest, $ 0.01  par value; 100,000,000  shares authorized; 343,100  shares issued and    outstanding as of September 30, 2025 and December 31, 2024 17,155 17,155 Common Shares of beneficial interest, $ 0.01  par value; 1,000,000,000  shares authorized; 380,546,634  shares issued    and outstanding as of September 30, 2025 and 379,475,383    shares issued and outstanding as of December 31, 2024 3,805 3,795 Paid in capital 9,801,972 9,611,826 Retained earnings 1,260,124 1,407,570 Accumulated other comprehensive income (loss) 1,893 4,214 Total shareholders’ equity 11,084,949 11,044,560 Noncontrolling Interests: Operating Partnership 200,246 201,942 Partially Owned Properties ( 1,791 ) ( 718 ) Total Noncontrolling Interests 198,455 201,224 Total equity 11,283,404 11,245,784 Total liabilities and equity $ 21,065,063 $ 20,834,176 See accompanying notes 2 Table of Contents EQUITY RESIDENTIAL CONSOLIDATED STATEMENTS OF O PERATIONS AND COMPREHENSIVE INCOME (Amounts in thousands except per share data) (Unaudited) Nine Months Ended September 30, Quarter Ended September 30, 2025 2024 2025 2024 REVENUES Rental income $ 2,312,048 $ 2,213,329 $ 782,411 $ 748,348 EXPENSES Property and maintenance 424,868 396,349 144,621 135,221 Real estate taxes and insurance 335,917 320,452 111,833 105,954 Property management 100,691 100,381 30,089 31,412 General and administrative 51,450 48,902 14,664 14,551 Depreciation 752,292 688,041 254,657 237,948 Total expenses 1,665,218 1,554,125 555,864 525,086 Net gain (loss) on sales of real estate properties 355,117 227,829 142,685 ( 165 ) Interest and other income 49,040 26,501 45,219 15,844 Other expenses ( 39,903 ) ( 59,094 ) ( 30,942 ) ( 13,971 ) Interest: Expense incurred, net ( 227,572 ) ( 205,762 ) ( 80,141 ) ( 72,722 ) Amortization of deferred financing costs ( 6,369 ) ( 5,784 ) ( 2,122 ) ( 1,948 ) Income before income and other taxes, income (loss) from    investments in unconsolidated entities and net gain (loss)    on sales of land parcels 777,143 642,894 301,246 150,300 Income and other tax (expense) benefit ( 1,224 ) ( 925 ) ( 395 ) ( 290 ) Income (loss) from investments in unconsolidated entities ( 15,388 ) ( 4,865 ) ( 3,981 ) ( 1,493 ) Net gain (loss) on sales of land parcels ( 80 ) — ( 2 ) — Net income 760,451 637,104 296,868 148,517 Net (income) loss attributable to Noncontrolling Interests: Operating Partnership ( 19,044 ) ( 17,290 ) ( 6,716 ) ( 4,012 ) Partially Owned Properties ( 3,408 ) ( 3,098 ) ( 1,101 ) ( 1,059 ) Net income attributable to controlling interests 737,999 616,716 289,051 143,446 Preferred distributions ( 1,067 ) ( 1,258 ) ( 356 ) ( 356 ) Premium on redemption of Preferred Shares — ( 1,444 ) — — Net income available to Common Shares $ 736,932 $ 614,014 $ 288,695 $ 143,090 Earnings per share – basic: Net income available to Common Shares $ 1.94 $ 1.62 $ 0.76 $ 0.38 Weighted average Common Shares outstanding 379,775 378,718 380,593 378,756 Earnings per share – diluted: Net income available to Common Shares $ 1.93 $ 1.62 $ 0.76 $ 0.38 Weighted average Common Shares outstanding 391,127 390,688 390,966 391,026 See accompanying notes 3 Table of Contents EQUITY RESIDENTIAL CONSOLIDATED STATEMENTS OF OPERATIO NS AND COMPREHENSIVE INCOME (Continued) (Amounts in thousands except per share data) (Unaudited) Nine Months Ended September 30, Quarter Ended September 30, 2025 2024 2025 2024 Comprehensive income: Net income $ 760,451 $ 637,104 $ 296,868 $ 148,517 Other comprehensive income (loss): Other comprehensive income (loss) – derivative instruments: Unrealized holding gains (losses) arising during the period ( 3,550 ) ( 3,989 ) — ( 3,989 ) Losses reclassified into earnings from other comprehensive    income 1,229 1,819 278 609 Other comprehensive income (loss) ( 2,321 ) ( 2,170 ) 278 ( 3,380 ) Comprehensive income 758,130 634,934 297,146 145,137 Comprehensive (income) attributable to Noncontrolling Interests ( 22,389 ) ( 20,330 ) ( 7,823 ) ( 4,980 ) Comprehensive income attributable to controlling interests $ 735,741 $ 614,604 $ 289,323 $ 140,157 See accompanying notes 4 Table of Contents EQUITY RESIDENTIAL CONSOLIDATED STATEM ENTS OF CASH FLOWS (Amounts in thousands) (Unaudited) Nine Months Ended September 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 760,451 $ 637,104 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 752,292 688,041 Amortization of deferred financing costs 6,369 5,784 Amortization of discounts and premiums on debt 3,953 3,823 Amortization of deferred settlements on derivative instruments 1,220 1,811 Amortization of right-of-use assets 9,565 11,320 Write-off of pursuit costs 6,122 1,905 (Income) loss from investments in unconsolidated entities 15,388 4,865 Distributions from unconsolidated entities – return on capital 2,708 446 Net (gain) loss on sales of real estate properties ( 355,117 ) ( 227,829 ) Net (gain) loss on sales of land parcels 80 — Realized (gain) loss on investment securities 51 1,316 Unrealized (gain) loss on investment securities ( 25,399 ) ( 19,880 ) Compensation paid with Company Common Shares 26,967 26,781 Changes in assets and liabilities: (Increase) decrease in other assets 3,335 5,551 Increase (decrease) in accounts payable and accrued expenses 55,776 71,360 Increase (decrease) in accrued interest payable ( 19,532 ) ( 15,083 ) Increase (decrease) in lease liabilities ( 1,666 ) ( 3,363 ) Increase (decrease) in other liabilities 12,299 20,258 Increase (decrease) in security deposits 6,869 5,172 Net cash provided by operating activities 1,261,731 1,219,382 CASH FLOWS FROM INVESTING ACTIVITIES: Investment in real estate – acquisitions ( 637,932 ) ( 1,320,592 ) Investment in real estate – development/other ( 81,953 ) ( 90,718 ) Capital expenditures to real estate ( 243,569 ) ( 230,107 ) Non-real estate capital additions ( 1,293 ) ( 1,572 ) Interest capitalized for real estate and unconsolidated entities under development ( 9,568 ) ( 10,697 ) Proceeds from disposition of real estate, net 589,091 360,850 Investments in unconsolidated entities – acquisitions — ( 31,286 ) Investments in unconsolidated entities – development/other ( 83,561 ) ( 48,360 ) Distributions from unconsolidated entities – return of capital 1,018 1,409 Proceeds from sale of investment securities 1,040 7,457 Mortgage receivables from unconsolidated entities ( 102,290 ) — Consolidation of previously unconsolidated entities ( 54,081 ) — Net cash provided by (used for) investing activities ( 623,098 ) ( 1,363,616 ) See accompanying notes 5 Table of Contents EQUITY RESIDENTIAL CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Amounts in thousands) (Unaudited) Nine Months Ended September 30, 2025 2024 CASH FLOWS FROM FINANCING ACTIVITIES: Debt financing costs $ ( 4,518 ) $ ( 5,307 ) Mortgage notes payable, net: Lump sum payoffs ( 37,940 ) — Scheduled principal repayments ( 2,800 ) ( 2,400 ) Notes, net: Proceeds 498,580 597,954 Lump sum payoffs ( 450,000 ) — Line of credit and commercial paper: Line of credit proceeds — 198,000 Line of credit repayments — ( 198,000 ) Commercial paper proceeds 33,442,982 8,610,430 Commercial paper repayments ( 33,140,495 ) ( 8,233,000 ) Proceeds from (payments on) settlement of derivative instruments ( 3,550 ) ( 3,989 ) Finance ground lease principal payments ( 2,207 ) ( 2,158 ) Proceeds from Employee Share Purchase Plan (ESPP) 1,963 2,830 Proceeds from exercise of options 5,358 17,315 Common Shares repurchased and retired ( 94,287 ) ( 38,474 ) Redemption of Preferred Shares — ( 20,125 ) Premium on redemption of Preferred Shares — ( 1,444 ) Payment of offering costs ( 763 ) — Other financing activities, net ( 60 ) ( 52 ) Contributions – Noncontrolling Interests – Partially Owned Properties — 458 Contributions – Noncontrolling Interests – Operating Partnership 5 2 Distributions: Common Shares ( 782,569 ) ( 762,990 ) Preferred Shares ( 1,067 ) ( 2,031 ) Noncontrolling Interests – Operating Partnership ( 23,508 ) ( 23,058 ) Noncontrolling Interests – Partially Owned Properties ( 4,421 ) ( 3,163 ) Net cash provided by (used for) financing activities ( 599,297 ) 130,798 Net increase (decrease) in cash and cash equivalents and restricted deposits 39,336 ( 13,436 ) Cash and cash equivalents and restricted deposits, beginning of period 160,166 139,995 Cash and cash equivalents and restricted deposits, end of period $ 199,502 $ 126,559 Cash and cash equivalents and restricted deposits, end of period Cash and cash equivalents $ 93,092 $ 28,610 Restricted deposits 106,410 97,949 Total cash and cash equivalents and restricted deposits, end of period $ 199,502 $ 126,559 See accompanying notes 6 Table of Contents EQUITY RESIDENTIAL CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Amounts in thousands) (Unaudited) Nine Months Ended September 30, 2025 2024 SUPPLEMENTAL INFORMATION: Cash paid for interest, net of amounts capitalized $ 224,055 $ 197,587 Net cash paid (received) for income and other taxes $ 1,070 $ 1,097 Amortization of deferred financing costs: Other assets $ 2,089 $ 2,089 Mortgage notes payable, net $ 866 $ 786 Notes, net $ 3,414 $ 2,909 Amortization of discounts and premiums on debt: Mortgage notes payable, net $ 2,119 $ 2,126 Notes, net $ 1,834 $ 1,697 Amortization of deferred settlements on derivative instruments: Other liabilities $ ( 9 ) $ ( 8 ) Accumulated other comprehensive income $ 1,229 $ 1,819 Write-off of pursuit costs: Investment in real estate, net $ 3,838 $ 401 Investments in unconsolidated entities $ 2,186 $ 1,292 Other assets $ 98 $ 212 (Income) loss from investments in unconsolidated entities: Investments in unconsolidated entities $ 14,511 $ 3,927 Other liabilities $ 877 $ 938 Realized/unrealized (gain) loss on derivative instruments: Other assets $ ( 89 ) $ — Other liabilities $ 3,639 $ 3,989 Accumulated other comprehensive income $ ( 3,550 ) $ ( 3,989 ) Investment in real estate – acquisitions: Investment in real estate, net $ ( 637,932 ) $ ( 1,307,865 ) Right-of-use assets $ — $ ( 12,727 ) Interest capitalized for real estate and unconsolidated entities under development: Investment in real estate, net $ ( 5,302 ) $ ( 4,308 ) Investments in unconsolidated entities $ ( 4,266 ) $ ( 6,389 ) Investments in unconsolidated entities – development/other: Investments in unconsolidated entities $ ( 62,765 ) $ ( 47,160 ) Other liabilities $ ( 20,796 ) $ ( 1,200 ) Consolidation of previously unconsolidated entities: Investment in real estate, net $ ( 88,356 ) $ — Investments in unconsolidated entities $ 32,370 $ — Other assets $ 56 $ — Accounts payable and accrued expenses $ 1,725 $ — Other liabilities $ 27 $ — Security deposits $ 97 $ — Debt financing costs: Notes, net $ ( 4,518 ) $ ( 5,307 ) Proceeds from (payments on) settlement of derivative instruments: Other assets $ 89 $ — Other liabilities $ ( 3,639 ) $ ( 3,989 ) See accompanying notes 7 Table of Contents EQUITY RESIDENTIAL CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Amounts in thousands) (Unaudited) Nine Months Ended September 30, 2025 2024 Right-of-use assets and lease liabilities initial measurement and reclassifications: Right-of-use assets $ ( 3,790 ) $ — Lease liabilities $ 3,790 $ — Non-cash share distribution and other transfers from uncons Item 1A. Risk Factors 50 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 3. Defaults Upon Senior Securities 51 Item 4. Mine Safety Disclosures 51 Item 5. Other Information 51 Item 6. Exhibits 51 1 Table of Contents EQUITY RESIDENTIAL CONSOLIDATED B ALANCE SHEETS (Amounts in thousands except for share amounts) (Unaudited) September 30, December 31, 2025 2024 ASSETS Land $ 5,615,228 $ 5,606,531 Depreciable property 24,767,133 24,039,412 Projects under development 163,194 261,706 Land held for development 56,953 63,142 Investment in real estate 30,602,508 29,970,791 Accumulated depreciation ( 10,976,770 ) ( 10,412,463 ) Investment in real estate, net 19,625,738 19,558,328 Investments in unconsolidated entities 400,077 386,531 Cash and cash equivalents 93,092 62,302 Restricted deposits 106,410 97,864 Right-of-use assets 449,670 455,445 Other assets 390,076 273,706 Total assets $ 21,065,063 $ 20,834,176 LIABILITIES AND EQUITY Liabilities: Mortgage notes payable, net $ 1,592,935 $ 1,630,690 Notes, net 5,996,686 5,947,376 Line of credit and commercial paper 846,166 543,679 Accounts payable and accrued expenses 154,003 99,347 Accrued interest payable 54,644 74,176 Lease liabilities 304,814 304,897 Other liabilities 298,336 310,559 Security deposits 82,577 75,611 Distributions payable 269,873 263,494 Total liabilities 9,600,034 9,249,829 Commitments and contingencies Redeemable Noncontrolling Interests – Operating Partnership 181,625 338,563 Equity: Shareholders' equity: Preferred Shares of beneficial interest, $ 0.01  par value; 100,000,000  shares authorized; 343,100  shares issued and    outstanding as of September 30, 2025 and December 31, 2024 17,155 17,155 Common Shares of beneficial interest, $ 0.01  par value; 1,000,000,000  shares authorized; 380,546,634  shares issued    and outstanding as of September 30, 2025 and 379,475,383    shares issued and outstanding as of December 31, 2024 3,805 3,795 Paid in capital 9,801,972 9,611,826 Retained earnings 1,260,124 1,407,570 Accumulated other comprehensive income (loss) 1,893 4,214 Total shareholders’ equity 11,084,949 11,044,560 Noncontrolling Interests: Operating Partnership 200,246 201,942 Partially Owned Properties ( 1,791 ) ( 718 ) Total Noncontrolling Interests 198,455 201,224 Total equity 11,283,404 11,245,784 Total liabilities and equity $ 21,065,063 $ 20,834,176 See accompanying notes 2 Table of Contents EQUITY RESIDENTIAL CONSOLIDATED STATEMENTS OF O PERATIONS AND COMPREHENSIVE INCOME (Amounts in thousands except per share data) (Unaudited) Nine Months Ended September 30, Quarter Ended September 30, 2025 2024 2025 2024 REVENUES Rental income $ 2,312,048 $ 2,213,329 $ 782,411 $ 748,348 EXPENSES Property and maintenance 424,868 396,349 144,621 135,221 Real estate taxes and insurance 335,917 320,452 111,833 105,954 Property management 100,691 100,381 30,089 31,412 General and administrative 51,450 48,902 14,664 14,551 Depreciation 752,292 688,041 254,657 237,948 Total expenses 1,665,218 1,554,125 555,864 525,086 Net gain (loss) on sales of real estate properties 355,117 227,829 142,685 ( 165 ) Interest and other income 49,040 26,501 45,219 15,844 Other expenses ( 39,903 ) ( 59,094 ) ( 30,942 ) ( 13,971 ) Interest: Expense incurred, net ( 227,572 ) ( 205,762 ) ( 80,141 ) ( 72,722 ) Amortization of deferred financing costs ( 6,369 ) ( 5,784 ) ( 2,122 ) ( 1,948 ) Income before income and other taxes, income (loss) from    investments in unconsolidated entities and net gain (loss)    on sales of land parcels 777,143 642,894 301,246 150,300 Income and other tax (expense) benefit ( 1,224 ) ( 925 ) ( 395 ) ( 290 ) Income (loss) from investments in unconsolidated entities ( 15,388 ) ( 4,865 ) ( 3,981 ) ( 1,493 ) Net gain (loss) on sales of land parcels ( 80 ) — ( 2 ) — Net income 760,451 637,104 296,868 148,517 Net (income) loss attributable to Noncontrolling Interests: Operating Partnership ( 19,044 ) ( 17,290 ) ( 6,716 ) ( 4,012 ) Partially Owned Properties ( 3,408 ) ( 3,098 ) ( 1,101 ) ( 1,059 ) Net income attributable to controlling interests 737,999 616,716 289,051 143,446 Preferred distributions ( 1,067 ) ( 1,258 ) ( 356 ) ( 356 ) Premium on redemption of Preferred Shares — ( 1,444 ) — — Net income available to Common Shares $ 736,932 $ 614,014 $ 288,695 $ 143,090 Earnings per share – basic: Net income available to Common Shares $ 1.94 $ 1.62 $ 0.76 $ 0.38 Weighted average Common Shares outstanding 379,775 378,718 380,593 378,756 Earnings per share – diluted: Net income available to Common Shares $ 1.93 $ 1.62 $ 0.76 $ 0.38 Weighted average Common Shares outstanding 391,127 390,688 390,966 391,026 See accompanying notes 3 Table of Contents EQUITY RESIDENTIAL CONSOLIDATED STATEMENTS OF OPERATIO NS AND COMPREHENSIVE INCOME (Continued) (Amounts in thousands except per share data) (Unaudited) Nine Months Ended September 30, Quarter Ended September 30, 2025 2024 2025 2024 Comprehensive income: Net income $ 760,451 $ 637,104 $ 296,868 $ 148,517 Other comprehensive income (loss): Other comprehensive income (loss) – derivative instruments: Unrealized holding gains (losses) arising during the period ( 3,550 ) ( 3,989 ) — ( 3,989 ) Losses reclassified into earnings from other comprehensive    income 1,229 1,819 278 609 Other comprehensive income (loss) ( 2,321 ) ( 2,170 ) 278 ( 3,380 ) Comprehensive income 758,130 634,934 297,146 145,137 Comprehensive (income) attributable to Noncontrolling Interests ( 22,389 ) ( 20,330 ) ( 7,823 ) ( 4,980 ) Comprehensive income attributable to controlling interests $ 735,741 $ 614,604 $ 289,323 $ 140,157 See accompanying notes 4 Table of Contents EQUITY RESIDENTIAL CONSOLIDATED STATEM ENTS OF CASH FLOWS (Amounts in thousands) (Unaudited) Nine Months Ended September 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 760,451 $ 637,104 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 752,292 688,041 Amortization of deferred financing costs 6,369 5,784 Amortization of discounts and premiums on debt 3,953 3,823 Amortization of deferred settlements on derivative instruments 1,220 1,811 Amortization of right-of-use assets 9,565 11,320 Write-off of pursuit costs 6,122 1,905 (Income) loss from investments in unconsolidated entities 15,388 4,865 Distributions from unconsolidated entities – return on capital 2,708 446 Net (gain) loss on sales of real estate properties ( 355,117 ) ( 227,829 ) Net (gain) loss on sales of land parcels 80 — Realized (gain) loss on investment securities 51 1,316 Unrealized (gain) loss on investment securities ( 25,399 ) ( 19,880 ) Compensation paid with Company Common Shares 26,967 26,781 Changes in assets and liabilities: (Increase) decrease in other assets 3,335 5,551 Increase (decrease) in accounts payable and accrued expenses 55,776 71,360 Increase (decrease) in accrued interest payable ( 19,532 ) ( 15,083 ) Increase (decrease) in lease liabilities ( 1,666 ) ( 3,363 ) Increase (decrease) in other liabilities 12,299 20,258 Increase (decrease) in security deposits 6,869 5,172 Net cash provided by operating activities 1,261,731 1,219,382 CASH FLOWS FROM INVESTING ACTIVITIES: Investment in real estate – acquisitions ( 637,932 ) ( 1,320,592 ) Investment in real estate – development/other ( 81,953 ) ( 90,718 ) Capital expenditures to real estate ( 243,569 ) ( 230,107 ) Non-real estate capital additions ( 1,293 ) ( 1,572 ) Interest capitalized for real estate Results of Operations section that includes discrete information related to each entity. This report also includes separate Part I, Item 4, Controls and Procedures , sections and separate Exhibits 31 and 32 certifications for each of the Company and the Operating Partnership in order to establish that the requisite certifications have been made and that the Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. §1350. In order to highlight the differences between the Company and the Operating Partnership, the separate sections in this report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership. In the sections that combine disclosure of the Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the Company is one business and the Company operates that business through the Operating Partnership. As general partner with control of ERPOP, EQR consolidates ERPOP for financial reporting purposes, and EQR essentially has no assets or liabilities other than its investment in ERPOP. Therefore, the assets and liabilities of the Company and the Operating Partnership are the same on their respective financial statements. The separate discussions of the Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company. Table of Contents TABLE OF CONTENTS PAGE PART I. Item 1. Financial Statements of Equity Residential: Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 2 Consolidated Statements of Operations and Comprehensive Income for the nine months and quarters ended September 30, 2025 and 2024 3 Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 5 Consolidated Statements of Changes in Equity for the nine months and quarters ended September 30, 2025 and 2024 9 Financial Statements of ERP Operating Limited Partnership : Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 11 Consolidated Statements of Operations and Comprehensive Income for the nine months and quarters ended September 30, 2025 and 2024 12 Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 14 Consolidated Statements of Changes in Capital for the nine months and quarters ended September 30, 2025 and 2024 18 Notes to Consolidated Financial Statements of Equity Residential and ERP Operating Limited Partnership 20 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 39 Item 3. Quantitative and Qualitative Disclosures about Market Risk 49 Item 4. Controls and Procedures 49 PART II. Item 1. Legal Proceedings 50 Item 1A. Risk Factors 50 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 3. Defaults Upon Senior Securities 51 Item 4. Mine Safety Disclosures 51 Item 5. Other Information 51 Item 6. Exhibits 51 1 Table of Contents EQUITY RESIDENTIAL CONSOLIDATED B ALANCE SHEETS (Amounts in thousands except for share amounts) (Unaudited) September 30, December 31, 2025 2024 ASSETS Land $ 5,615,228 $ 5,606,531 Depreciable property 24,767,133 24,039,412 Projects under development 163,194 261,706 Land held for development 56,953 63,142 Investment in real estate 30,602,508 29,970,791 Accumulated depreciation ( 10,976,770 ) ( 10,412,463 ) Investment in real estate, net 19,625,738 19,558,328 Investments in unconsolidated entities 400,077 386,531 Cash and cash equivalents 93,092 62,302 Restricted deposits 106,410 97,864 Right-of-use assets 449,670 455,445 Other assets 390,076 273,706 Total assets $ 21,065,063 $ 20,834,176 LIABILITIES AND EQUITY Liabilities: Mortgage notes payable, net $ 1,592,935 $ 1,630,690 Notes, net 5,996,686 5,947,376 Line of credit and commercial paper 846,166 543,679 Accounts payable and accrued expenses 154,003 99,347 Accrued interest payable 54,644 74,176 Lease liabilities 304,814 304,897 Other liabilities 298,336 310,559 Security deposits 82,577 75,611 Distributions payable 269,873 263,494 Total liabilities 9,600,034 9,249,829 Commitments and contingencies Redeemable Noncontrolling Interests – Operating Partnership 181,625 338,563 Equity: Shareholders' equity: Preferred Shares of beneficial interest, $ 0.01  par value; 100,000,000  shares authorized; 343,100  shares issued and    outstanding as of September 30, 2025 and December 31, 2

The provided excerpt is only the Form 10‑Q cover page for GE Vernova Inc. (GEV) for quarter ended 2026‑06‑30, with no financial statements, MD&A, segment results, guidance, backlog, risks, or other performance details included. As-is, it contains almost no trade-relevant incremental information beyond confirming the filing/period and listing details.

This excerpt is only the cover page/header of Sleep Number’s Form 10-Q for the quarter ended April 4, 2026. It contains filing metadata (issuer, ticker, exchange, address) but no financial statements, MD&A, guidance, risks, or operational commentary. As a result, it is not directly actionable for trading beyond confirming the filing exists.

The provided excerpt is only the cover/filing header of SoundHound AI, Inc.’s 10‑Q for the quarter ended 2026‑03‑31. It contains listing/security identifiers (SOUN, SOUNW) but no financial statements, MD&A, guidance, risk updates, liquidity details, or material events. As a result, there is insufficient information to form high-confidence, actionable bullish/bearish theses beyond generic “company filed its 10‑Q” metadata.

The provided excerpt is only the boilerplate cover/filing-status section of Teucrium Commodity Trust’s Form 10‑Q for period ended 2026‑03‑31, with no portfolio holdings, performance, risk, or material updates included. As-is, it contains no actionable investment information beyond confirming the existence of the filing and the issuer/ticker identity (WEAT).

The provided text is only the cover/header portion of Archer Aviation’s Form 10‑Q for the quarter ended 2026‑03‑31 (issuer identity, exchange listing, and securities outstanding). It contains no operating/financial results, guidance, liquidity details, backlog, or risk-factor updates—so it is minimally actionable for trading beyond basic security identifiers and a generic dilution/optionality consideration from warrants.

This excerpt is essentially the cover page of CleanSpark, Inc.’s Form 10-Q for the quarter ended March 31, 2026. It contains identifiers (CIK/file no.), listing venue, and security descriptions (common stock and redeemable warrants with specific exercise terms), but no operating/financial results, guidance, risks, or MD&A detail. Actionability is therefore limited to capital-structure/dilution considerations around the listed warrant.

This excerpt of AST SpaceMobile’s 10‑Q is largely SEC cover-page/boilerplate (registrant info, exchange listing, filing compliance) and contains no financial results, guidance, liquidity, risk-factor updates, or operating metrics. As provided, it does not create a clear tradable catalyst beyond confirming continued reporting/listing status.

This excerpt only includes the cover page of Super Micro Computer, Inc.’s Form 10‑Q for the quarter ended March 31, 2026. It confirms the filing, issuer identity, listing (Nasdaq), and ticker (SMCI), but contains no financial results, guidance, risks, or MD&A content to support a directional investment view.