BofA Securities Debt Capital Markets Conference

November 2021

2021 Gold Nareit

Chloe on Madison - Seattle, WA | LEED Home Platinum

Corporate Diversity,

Winner of the U.S. Green Building Council 2021 LEED

Equity and Inclusion

Sector Leader 2021

1

Award Recipient

Homes Award for Outstanding Multifamily Project

Equity Residential Highlights

307

Properties 79,322 Apartment Units

Founded and Chaired by Sam Zell

87%

Unencumbered

NOI as a % of

Total NOI

Premier

Owner and

Operator of

Residential

Properties

Located in

and Around

Dynamic

Cities That

Attract High

Quality

Long-Term

Renters

S&P 500 Company

$1.4 Billion in

Annual

Normalized

EBITDAre

Sold $11.6 Billion

of Apartment Properties Producing Unlevered IRR of 11.2% since the beginning of 2015

$39.6 Billion

Total Market

Capitalization

Over $2.4

Billion in

Annual Revenue

4.9x Fixed Charge Coverage

12.6% Annual Total

Shareholder Return

Since 1993 IPO

4-Star Rated by

GRESB

One of the Strongest Balance Sheets in

the REIT Sector A-/A3/A Rated

2

Note: As of 9/30/21. Please see Glossary of Terms and Reconciliations.

What Makes Equity Residential a Leader in Multifamily?

Robust Post Pandemic

Outlook

Strategic Capital Allocation

Leading Operating Platform

Differentiated

Development Model

Financial Strength

  • Well positioned for recovery in 2022 with 13.6% Loss to Lease (net effective), favorable resident demand outlook, and a track record of strong recovery post downturns.
  • Diversification into new markets through attractive and non-dilutive capital recycling.
  • Industry-leadingefficiency in on-site operations.
  • Demonstrated leader in harnessing technology to drive innovation.
  • Toll Brothers' strategic partnership and in-house development pipeline is expected to eventually deliver $1.0B+ in annual completions at attractive yields with modest overhead and reduced risk.
  • Strong credit metrics create balance sheet capacity and financial flexibility to drive growth.

Durable Cash Flow Growth with Strong Capital Appreciation.

3

Performance Update

While Pricing Trend has begun moderating in line with typical

seasonal patterns, overall pricing levels remain strong.

Pricing Trend

$3,100

$2,900

Jan 2019- Oct 2020

Jan 2020- Oct 2021

Pricing Trend has moderated consistent with typical seasonal

trends while remaining above pre-pandemic levels.

$2,700

$2,500

$2,300

$2,100

Jan Feb Mar Apr May Jun

Jul

Aug Sep Oct Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

(month end 2020-2021)

$2,281

$2,380

$2,409

$2,489

$2,623

$2,704

$2,894

$3,019

$2,974

$2,947

$2,918

  • Pricing Trend (which includes the impact of Leasing Concessions) has seen a 28% sequential improvement since December 2020 and is solidly above pre-pandemic rent levels.
  • Pricing Trend has declined recently consistent with normal seasonal patterns and our prior expectations.
  • Monthly residential Leasing Concessions granted have dramatically declined. Residential Leasing Concessions granted in July 2021 were $1.5M, August 2021 were $510K, September 2021 were $167K and October 2021 is expected to be less than $50K. In October 2020, Residential Leasing Concessions were $5.1M.

4

Note: Data presented as of 10/21/2021. Reflects 2021 Same Store Properties. Charts and data for October 2021 are preliminary.

Future Performance

We expect to see meaningful growth as in-place leases expire and are renewed over the course of next year at or close

to the current market prices.

  • Current rent levels imply meaningful revenue growth as in-place leases expire and are renewed or replaced at market levels. This "Loss to Lease" will be a primary driver of 2022 performance.
  • EQR's in-place lease rates are approximately 12.6% below market prices (13.6% net of Leasing Concessions) as of October 2021.

Historical Gross Loss to Lease Comparison Before Leasing Concessions (1)

Above

Below

Leases Below Market (%)

100%

80%

60%

40%

20%45%

0% 0.6%

-20%

54%

-40%

-60%

-80%

-100%

2018

Leases Above Market (%)

Total In Place Lease Price Compared to Market Price ("Loss to Lease") (1)

15%

9.1%

10%

74%

5%

45%

14%

0%

-0.8%

25%

54%

-5%

86%

-10%

-12.6%

-15%

2019

2020

2021

Note: Data presented as of 10/21/21 and reflects leases from Same Store Properties.

(1) Includes leases above, below and at market pricing.

5

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Disclaimer

Equity Residential published this content on 18 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2021 15:12:06 UTC.