$VMRK

EQUITY RESIDENTIAL

CIK:0000906107|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES
Rental income	$ 785,049	$ 768,827	$ 1,564,895	$ 1,529,637
EXPENSES
Property and maintenance	142,754	136,274	292,410	280,247
Real estate taxes and insurance	122,257	112,332	239,283	224,084
Property management	38,149	34,786	73,290	70,602
General and administrative	16,640	18,531	33,505	36,786
Depreciation	246,379	240,889	493,875	497,635
Total expenses	566,179	542,812	1,132,363	1,109,354
Net gain (loss) on sales of real estate properties	(16,744)	58,280	(16,776)	212,432
Interest and other income	12,954	2,129	15,192	3,821
Other expenses	(10,004)	(4,805)	(50,792)	(8,961)
Interest:
Expense incurred, net	(82,462)	(75,317)	(159,832)	(147,431)
Amortization of deferred financing costs	(2,145)	(2,103)	(4,290)	(4,247)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	120,469	204,199	216,034	475,897
Income and other tax (expense) benefit	(411)	(407)	(833)	(829)
Income (loss) from investments in unconsolidated entities	(2,318)	(4,996)	(4,360)	(11,407)
Net gain (loss) on sales of land parcels		(11)		(78)
Net income	117,740	198,785	210,841	463,583
Net (income) loss attributable to Noncontrolling Interests:
Operating Partnership	(2,501)	(5,226)	(4,454)	(12,328)
Partially Owned Properties	(1,104)	(1,203)	(2,173)	(2,307)
Net income attributable to controlling interests	114,135	192,356	204,214	448,948
Preferred distributions	(355)	(355)	(711)	(711)
Net income available to Common Shares	$ 113,780	$ 192,001	$ 203,503	$ 448,237
Earnings per share – basic:
Net income available to Common Shares	$ 0.3	$ 0.51	$ 0.54	$ 1.18
Weighted average Common Shares outstanding	374,179	379,508	374,907	379,359
Earnings per share – diluted:
Net income available to Common Shares	$ 0.3	$ 0.5	$ 0.54	$ 1.18
Weighted average Common Shares outstanding	383,878	391,498	384,528	391,345

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 210,841	$ 463,583
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	493,875	497,635
Amortization of deferred financing costs	4,290	4,247
Amortization of discounts and premiums on debt	2,608	2,637
Amortization of deferred settlements on derivative instruments	567	945
Amortization of right-of-use assets	6,396	6,395
Write-off of pursuit costs	1,610	2,048
(Income) loss from investments in unconsolidated entities	4,360	11,407
Distributions from unconsolidated entities – return on capital	4,332	243
Net (gain) loss on sales of real estate properties	16,776	(212,432)
Net (gain) loss on sales of land parcels		78
Realized (gain) loss on investment securities	(10,116)	49
Unrealized (gain) loss on investment securities	(241)
Compensation paid with Company Common Shares	19,174	21,564
Changes in assets and liabilities:
(Increase) decrease in other assets	(16,867)	(18,706)
Increase (decrease) in accounts payable and accrued expenses	6,404	10,901
Increase (decrease) in accrued interest payable	(410)	1,518
Increase (decrease) in lease liabilities	(1,221)	(1,106)
Increase (decrease) in other liabilities	(40,901)	(11,407)
Increase (decrease) in security deposits	921	5,471
Net cash provided by operating activities	702,398	785,070
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	(1,332)	(534,855)
Investment in real estate – development/other	(40,096)	(59,713)
Capital expenditures to real estate	(160,328)	(144,368)
Non-real estate capital additions	(1,953)	(1,019)
Interest capitalized for real estate and unconsolidated entities under development	(4,684)	(6,663)
Proceeds from disposition of real estate, net	153,204	343,064
Investments in unconsolidated entities - development/other	(6,419)	(62,050)
Distributions from unconsolidated entities – return of capital	2,044	331
Proceeds from sale of investment securities	14,581	359
Consolidation of previously unconsolidated entities		(54,081)
Net cash provided by (used for) investing activities	(44,983)	(518,995)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs		(4,518)
Mortgage notes payable, net:
Lump sum payoffs		(37,940)
Notes, net:
Proceeds		498,580
Lump sum payoffs		(450,000)
Line of credit and commercial paper:
Line of credit proceeds	1,000
Line of credit repayments	(1,000)
Commercial paper proceeds	26,916,823	18,803,963
Commercial paper repayments	(26,835,625)	(18,565,495)
Proceeds from (payments on) settlement of derivative instruments		(3,550)
Finance ground lease principal payments	(1,477)	(1,471)
Proceeds from Employee Share Purchase Plan (ESPP)	1,526	1,413
Proceeds from exercise of options	6,924	5,357
Common Shares repurchased and retired	(219,385)
Payment of offering costs		(481)
Other financing activities, net	(53)	(53)
Contributions – Noncontrolling Interests – Operating Partnership	2	4
Distributions:
Common Shares	(525,122)	(519,437)
Preferred Shares	(711)	(711)
Noncontrolling Interests – Operating Partnership	(13,302)	(15,949)
Noncontrolling Interests – Partially Owned Properties	(2,489)	(3,999)
Net cash provided by (used for) financing activities	(672,889)	(294,287)
Net increase (decrease) in cash and cash equivalents and restricted deposits	(15,474)	(28,212)
Cash and cash equivalents and restricted deposits, beginning of period	158,854	160,166
Cash and cash equivalents and restricted deposits, end of period	143,380	131,954
Cash and cash equivalents	36,405	31,276
Restricted deposits	106,975	100,678
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	142,770	133,733
Net cash paid (received) for income and other taxes	1,265	920
Amortization of deferred financing costs:
Other assets	1,437	1,393
Mortgage notes payable, net	512	611
Notes, net	2,341	2,243
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	1,405	1,404
Notes, net	1,203	1,233
Amortization of deferred settlements on derivative instruments:
Other liabilities	(6)	(6)
Accumulated other comprehensive income	573	951
Write-off of pursuit costs:
Investment in real estate, net	156	187
Investments in unconsolidated entities	1,231	1,740
Other assets	223	121
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	4,348	10,804
Other liabilities	12	603
Realized/unrealized (gain) loss on derivative instruments:
Other assets		(89)
Other liabilities		3,639
Accumulated other comprehensive income		(3,550)
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	(2,232)	(3,812)
Investments in unconsolidated entities	(2,452)	(2,851)
Investments in unconsolidated entities - development/other:
Investments in unconsolidated entities	(6,419)	(60,550)
Other liabilities		(1,500)
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)
Proceeds from (payments on) settlement of derivative instruments:
Other assets		89
Other liabilities		(3,639)
Right-of-use assets and lease liabilities initial measurement and reclassifications:
Right-of-use assets	(1,954)	(527)
Lease liabilities	1,954	527
Non-cash share distribution and other transfers from unconsolidated entities:
Investments in unconsolidated entities	(487)	676
Other assets		(676)
Other liabilities	487
Non-cash change in Supplemental Executive Retirement Plan (SERP) balances:
Other assets	6,786	8,915
Other liabilities	(6,922)	(8,175)
Paid in capital	$ 136	$ (740)

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Land	$ 5,516,087	$ 5,563,407
Depreciable property	24,808,104	24,705,540
Projects under development	58,312	100,561
Land held for development	58,318	86,341
Investment in real estate	30,440,821	30,455,849
Accumulated depreciation	(11,453,919)	(11,016,900)
Investment in real estate, net	18,986,902	19,438,949
Investments in unconsolidated entities	323,342	325,939
Cash and cash equivalents	36,405	55,904
Restricted deposits	106,975	102,950
Right-of-use assets	450,474	454,916
Other assets	371,479	367,365
Total assets	20,275,577	20,746,023
Liabilities:
Mortgage notes payable, net	1,591,821	1,589,904
Notes, net	6,002,002	5,998,458
Line of credit and commercial paper	667,846	586,648
Accounts payable and accrued expenses	120,197	109,165
Accrued interest payable	73,450	73,860
Lease liabilities	303,831	304,575
Other liabilities	277,286	324,616
Security deposits	83,076	82,155
Distributions payable	269,489	267,508
Total liabilities	9,388,998	9,336,889
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	189,941	176,289
Shareholders' equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 343,100 shares issued and outstanding as of June 30, 2026 and December 31, 2025	17,155	17,155
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 374,893,890 shares issued and outstanding as of June 30, 2026 and 377,806,173 shares issued and outstanding as of December 31, 2025	3,749	3,778
Paid in capital	9,840,190	9,824,460
Retained earnings	651,138	1,193,931
Accumulated other comprehensive income (loss)	2,748	2,175
Total shareholders’ equity	10,514,980	11,041,499
Noncontrolling Interests:
Operating Partnership	182,816	192,135
Partially Owned Properties	(1,158)	(789)
Total Noncontrolling Interests	181,658	191,346
Total equity	10,696,638	11,232,845
Total liabilities and equity/capital	$ 20,275,577	$ 20,746,023