Equity Residential (EQR) Issues Operating Update

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May 28, 2024 4:15 PM UTC

Equity Residential (NYSE: EQR) today announced that members of the Company’s senior management team, including the Company’s President and CEO, Mark J. Parrell, will participate in meetings with investors and analysts at the Nareit REITWeek 2024 Investor Conference. In connection with these meetings, the Company has posted an updated Investor Presentation to the Investor section of the Company’s website at www.equityapartments.com.

Operating Update

The Company’s Earnings Per Share (EPS) and Funds from Operations(FFO) per share are expected to be in the bottom half of the full year guidance ranges reaffirmed in the Company’s Q1 2024 Earnings Release made public on April 23, 2024 due to the litigation reserve adjustment made during the first quarter. Normalized FFO per share, same store revenue and same store net operating income (NOI) are trending towards the top of their respective full year guidance ranges.

The Company provided the following updated operating statistics in the Investor Presentation:

Residential Same Store Operating Statistics

The following table includes select operating metrics for Residential Same Store Properties (for 77,211 same store apartment units):

May 2024(1)

Q1 2024

Q4 2023

Physical Occupancy

96.5%

96.3%

95.8%

Percentage of Residents Renewing

by quarter/month

57.0%

61.1%

59.1%

New Lease Change

0.4%

(2.2%)

(4.6%)

Renewal Rate Achieved

5.0%

4.7%

5.1%

Blended Rate

2.9%

1.6%

0.7%

  1. May 2024 results are preliminary as of May 24, 2024

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