Equity Residential : Q2 2021 Management Presentation

Second Quarter 2021 Earnings

MANAGEMENT

PRESENTATION

This presentation is complementary to the Company's conference call to discuss second quarter 2021 earnings on July 28, 2021, and should be read in conjunction with the Company's earnings release dated July 27, 2021. See pages 15 through 18 for information about forward-looking statements, a glossary of defined terms and a related reconciliation of non-GAAP financial measures including the reconciliations of Earnings Per Share ("EPS") to Funds From Operations ("FFO") per share and Normalized Funds From Operations ("Normalized FFO") per share.

Executive Summary

• Same Store Revenue and Normalized FFO results for the second quarter of 2021 were better than originally anticipated and forward operating indicators continue to be favorable. While results remained negative compared to the same period of 2020, second quarter 2021 sequential Same Store Revenue and NOI were positive for the first time since the pandemic began.
• Strong demand is driving both improved Physical Occupancy in all of our markets and a return of pricing power. The pace of the recovery across our portfolio continues to exceed our expectations with both Pricing Trend and Physical Occupancy now at or above pre-pandemicand peak 2019 levels in most of our markets.
• These positive trends drove the revision upward to our full year same store revenue, NOI and Normalized FFO guidance. Our guidance range for annual same store revenues now anticipates a decline of 4.0% to 5.0%, up from a decline of 6.0% to 8.0%, leading to NOI guidance of a decline of 7.5% to 8.5%, which is 400 bps better at the midpoint than our previous guidance range. Our revised Normalized FFO per share guidance midpoint of $2.90 is a 5.5% increase from our previous guidance midpoint. With high Physical Occupancy during our peak seasonal demand period, we are well positioned to recover on an accelerated basis as cities and businesses return to more normal activity levels.
• We are focused on owning and operating an apartment portfolio that has the highest long-term risk-adjustedreturns with an emphasis on consistently growing cash flow over time. We are doing so by allocating capital to places where affluent renters want to live, work and play including integrating recent migration trends of affluent renters into the Company's strategy by acquiring and developing properties in suburban locations of our established markets and adding select new markets like our recent entry into Atlanta and Austin. During the second quarter and in July 2021, we executed on this strategy with approximately $646 million in acquisitions and approximately $435 million in dispositions that were achieved without dilution.

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Performance Update

Percentage of Residents Renewing by Month

Aug 2019 - Jul 2020	Aug 2020 - Jul 2021
75%
70%	The Percentage of Residents
65%	Renewing has stabilized.
60%
55%
50%
45%
40%
35%
Aug Sep Oct Nov Dec	Jan Feb Mar Apr May Jun	Jul

• The Percentage of Residents Renewing steadily improved from the end of the third quarter 2020 and has now stabilized in the mid 50s.
• Renewal pricing has turned positive with June 2021 Renewal Rate Achieved at 1.9% and July 2021

expected to be 3.6%.

Renewal pricing continues to improve and

Physical Occupancy has recovered and stabilized.

Physical Occupancy

	Aug 2019 - Jul 2020	Aug 2020 - Jul 2021
97.5%		140 bps above prior year
97.0%
96.5%
96.0%
95.5%	220 bps
95.0%
94.5%
94.0%
93.5%
	Aug Sep Oct Nov Dec Jan	Feb Mar Apr May Jun	Jul

• Physical Occupancy was 96.1% for the second quarter of 2021, tracking our 2019 performance at the portfolio level driven by strong performance in Southern California.
• We expect Physical Occupancy to remain near these levels as we increasingly focus on improving

rates.

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Note: Data presented as of 07/22/2021. Reflects 2021 Same Store Properties. Charts and data for July 2021 are preliminary.

Performance Update

Pricing Trend now exceeds pre-pandemic levels driven

by strong second quarter 2021 improvement.

Pricing Trend

$3,000	Jan 2019- Jul 2020	Jan 2020- Jul 2021

Pricing Trend now exceeds pre-pandemic and July 2019 levels.

$2,800

$2,600

$2,400

$2,200

$2,000

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

(month end)

$2,285

$2,357

$2,415

$2,493

$2,649

$2,706

$2,895

$2,949

• Pricing Trend (which includes the impact of consistently growing since December 2020. 2020, it now exceeds July 2019 levels.

Leasing Concessions) stabilized in November 2020 and has been After an approximately 29% sequential improvement since December

• Monthly Leasing Concessions granted continue to decline. Leasing Concessions granted in June 2021 were $2.0M and preliminary July 2021 were $1.5M relative to $6.1M at their peak in February 2021. In July 2021, fewer than 3% of our applicants received a Leasing Concession.

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Note: Data presented as of 07/22/2021. Reflects 2021 Same Store Properties. Charts and data for July 2021 are preliminary.

Market Updates

Boston (10% NOI)
	2021
98.0%	$3,400
97.0%	$3,300
$3,200
96.0%
$3,100
95.0%	$3,000
94.0%	$2,900
$2,800
93.0%
$2,700
92.0%	$2,600
91.0%	$2,500
$2,400
90.0%
$2,300
89.0%	$2,200
Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan
Physical Occupancy	Pricing Trend

• Boston performed strongly during the second quarter and into July 2021. Students (both domestic and international) are returning. We expect some new supply pressure in the back half of the year but good demand should be sufficient to facilitate absorption.
• Physical Occupancy is currently below expectations but improvement is expected in the third quarter of 2021. Pricing Trend continues to grow and is now above pre-pandemic March 2020 levels.
• Percentage of Residents Renewing has improved to 52% in June 2021, which is slightly below pre- pandemic levels.
• Leasing Concession use has dropped to less than 3% of applications receiving an average of about two weeks. This is down from 10% of applications

receiving four weeks in May 2021.

New York (11% NOI)
	2021
98.0%	$4,200
97.0%	$4,100
$4,000
96.0%
$3,900
95.0%	$3,800
94.0%	$3,700
$3,600
93.0%
$3,500
92.0%	$3,400
91.0%	$3,300
$3,200
90.0%
$3,100
89.0%	$3,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
Physical Occupancy	Pricing Trend

• We experienced a surge of demand at the beginning of the leasing season with nine consecutive weeks of record application volume. As New York employers continue to implement return to office plans, we expect another potential surge in late summer/early fall.
• Physical Occupancy and Pricing Trend continued to improve significantly through July 2021 with Pricing Trend improvement of 27% since March 2021. In July 2021, Pricing Trend crossed over pre-pandemic peaks from July 2019.
• Percentage of Residents Renewing has continued to show improvement and now stands at approximately 56%, still slightly below historical levels.
• Leasing Concession use has decreased dramatically with only 3% of July 2021 applications receiving a concession at an average of two weeks compared to about 40% of applications in May 2021 receiving an

average concession of six weeks.

Washington D.C. (17% NOI)

	2021
98.0%	$2,600
97.0%	$2,500
$2,400
96.0%
$2,300
95.0%	$2,200
94.0%	$2,100
$2,000
93.0%
$1,900
92.0%	$1,800
91.0%	$1,700
$1,600
90.0%
$1,500
89.0%	$1,400
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
Physical Occupancy	Pricing Trend

• D.C. has shown relatively steady performance with good momentum through the second quarter and into July of 2021. Absorption of new supply is at record levels, fueling growth in this market despite the high volume of new supply.
• Physical Occupancy has been relatively stable and Pricing Trend has continued to improve.
• Percentage of Residents Renewing has improved since Q4 2020 to approximately 49% in June 2021, which remains slightly below historical levels.
• Leasing Concessions are being used infrequently with less than 2% of applications receiving a concession, down from approximately 10% of applications receiving four weeks in May 2021.

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Note: Data presented as of 07/22/2021. Reflects 2021 Same Store Properties. Charts and data for July 2021 are preliminary.