Equity Residential (EQR) Proxy filing summary

Executive summary

• Achieved strong financial and operational results in 2025, including EPS of $2.94, FFO of $3.94 per share, and Normalized FFO of $3.99 per share, with year-over-year growth in all key metrics.

• Efficiently allocated capital by disposing of $1.1B in older properties and acquiring $636.8M in expansion markets, while repurchasing $300M in common shares at a discount to NAV.

• Completed construction on three projects valued 10% above development costs and invested $277.5M in NOI-enhancing renovations and sustainability initiatives.

• Maintained a conservative balance sheet, issued $500M in unsecured debt, and entered a new $2.5B revolving credit facility.

• Returned $1.38B to shareholders through dividends and share repurchases.

Voting matters and shareholder proposals

• Shareholders will vote to elect ten trustees, ratify Ernst & Young LLP as independent auditor for 2026, and approve executive compensation on an advisory basis.

• Board recommends voting FOR all proposals.

Board of directors and corporate governance

• 8 of 10 trustee nominees are independent; 40% are women and 20% are racially/ethnically diverse.

• Board leadership is separated between Chairman and CEO; Lead Trustee role ensures independent oversight.

• Committees (Audit, Compensation, Governance) are fully independent and meet NYSE standards.

• Ongoing board refreshment and succession planning, with average tenure of independent trustees at 7.5 years.

• Shareholder engagement is robust, with direct outreach to holders of nearly 43% of shares.