EQUITY RESIDENTIAL
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
VMRK$65.51+0.4%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
| PAGE | |
|---|---|
| PART I. | |
| Item 1. Financial Statements of Equity Residential: | |
| Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 | 2 |
| Consolidated Statements of Operations and Comprehensive Income for the nine months and quarters ended September 30, 2025 and 2024 | 3 |
| Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 | 5 |
| Consolidated Statements of Changes in Equity for the nine months and quarters ended September 30, 2025 and 2024 | 9 |
| Financial Statements of ERP Operating Limited Partnership: | |
| Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 | 11 |
| Consolidated Statements of Operations and Comprehensive Income for the nine months and quarters ended September 30, 2025 and 2024 | 12 |
| Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 | 14 |
| Consolidated Statements of Changes in Capital for the nine months and quarters ended September 30, 2025 and 2024 | 18 |
| Notes to Consolidated Financial Statements of Equity Residential and ERP Operating Limited Partnership | 20 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 39 |
| Item 3. Quantitative and Qualitative Disclosures about Market Risk | 49 |
| Item 4. Controls and Procedures | 49 |
| PART II. | |
| Item 1. Legal Proceedings | 50 |
| Item 1A. Risk Factors | 50 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 50 |
| Item 3. Defaults Upon Senior Securities | 51 |
| Item 4. Mine Safety Disclosures | 51 |
| Item 5. Other Information | 51 |
| Item 6. Exhibits | 51 |
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands except for share amounts)
| September 30, | December 31, | |
|---|---|---|
| 2025 | 2024 | |
| ASSETS | ||
| Land | $5,615,228 | $5,606,531 |
| Depreciable property | 24,767,133 | 24,039,412 |
| Projects under development | 163,194 | 261,706 |
| Land held for development | 56,953 | 63,142 |
| Investment in real estate | 30,602,508 | 29,970,791 |
| Accumulated depreciation | (10,976,770) | (10,412,463) |
| Investment in real estate, net | 19,625,738 | 19,558,328 |
| Investments in unconsolidated entities | 400,077 | 386,531 |
| Cash and cash equivalents | 93,092 | 62,302 |
| Restricted deposits | 106,410 | 97,864 |
| Right-of-use assets | 449,670 | 455,445 |
| Other assets | 390,076 | 273,706 |
| Total assets | $21,065,063 | $20,834,176 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Mortgage notes payable, net | $1,592,935 | $1,630,690 |
| Notes, net | 5,996,686 | 5,947,376 |
| Line of credit and commercial paper | 846,166 | 543,679 |
| Accounts payable and accrued expenses | 154,003 | 99,347 |
| Accrued interest payable | 54,644 | 74,176 |
| Lease liabilities | 304,814 | 304,897 |
| Other liabilities | 298,336 | 310,559 |
| Security deposits | 82,577 | 75,611 |
| Distributions payable | 269,873 | 263,494 |
| Total liabilities | 9,600,034 | 9,249,829 |
| Commitments and contingencies | ||
| Redeemable Noncontrolling Interests – Operating Partnership | 181,625 | 338,563 |
| Equity: | ||
| Shareholders' equity: | ||
| Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 343,100 shares issued and outstanding as of September 30, 2025 and December 31, 2024 | 17,155 | 17,155 |
| Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 380,546,634 shares issued and outstanding as of September 30, 2025 and 379,475,383 shares issued and outstanding as of December 31, 2024 | 3,805 | 3,795 |
| Paid in capital | 9,801,972 | 9,611,826 |
| Retained earnings | 1,260,124 | 1,407,570 |
| Accumulated other comprehensive income (loss) | 1,893 | 4,214 |
| Total shareholders’ equity | 11,084,949 | 11,044,560 |
| Noncontrolling Interests: | ||
| Operating Partnership | 200,246 | 201,942 |
| Partially Owned Properties | (1,791) | (718) |
| Total Noncontrolling Interests | 198,455 | 201,224 |
| Total equity | 11,283,404 | 11,245,784 |
| Total liabilities and equity | $21,065,063 | $20,834,176 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
| Nine Months Ended September 30, | Quarter Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| REVENUES | ||||
| Rental income | $2,312,048 | $2,213,329 | $782,411 | $748,348 |
| EXPENSES | ||||
| Property and maintenance | 424,868 | 396,349 | 144,621 | 135,221 |
| Real estate taxes and insurance | 335,917 | 320,452 | 111,833 | 105,954 |
| Property management | 100,691 | 100,381 | 30,089 | 31,412 |
| General and administrative | 51,450 | 48,902 | 14,664 | 14,551 |
| Depreciation | 752,292 | 688,041 | 254,657 | 237,948 |
| Total expenses | 1,665,218 | 1,554,125 | 555,864 | 525,086 |
| Net gain (loss) on sales of real estate properties | 355,117 | 227,829 | 142,685 | (165) |
| Interest and other income | 49,040 | 26,501 | 45,219 | 15,844 |
| Other expenses | (39,903) | (59,094) | (30,942) | (13,971) |
| Interest: | ||||
| Expense incurred, net | (227,572) | (205,762) | (80,141) | (72,722) |
| Amortization of deferred financing costs | (6,369) | (5,784) | (2,122) | (1,948) |
| Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 777,143 | 642,894 | 301,246 | 150,300 |
| Income and other tax (expense) benefit | (1,224) | (925) | (395) | (290) |
| Income (loss) from investments in unconsolidated entities | (15,388) | (4,865) | (3,981) | (1,493) |
| Net gain (loss) on sales of land parcels | (80) | — | (2) | — |
| Net income | 760,451 | 637,104 | 296,868 | 148,517 |
| Net (income) loss attributable to Noncontrolling Interests: | ||||
| Operating Partnership | (19,044) | (17,290) | (6,716) | (4,012) |
| Partially Owned Properties | (3,408) | (3,098) | (1,101) | (1,059) |
| Net income attributable to controlling interests | 737,999 | 616,716 | 289,051 | 143,446 |
| Preferred distributions | (1,067) | (1,258) | (356) | (356) |
| Premium on redemption of Preferred Shares | — | (1,444) | — | — |
| Net income available to Common Shares | $736,932 | $614,014 | $288,695 | $143,090 |
| Earnings per share – basic: | ||||
| Net income available to Common Shares | $1.94 | $1.62 | $0.76 | $0.38 |
| Weighted average Common Shares outstanding | 379,775 | 378,718 | 380,593 | 378,756 |
| Earnings per share – diluted: | ||||
| Net income available to Common Shares | $1.93 | $1.62 | $0.76 | $0.38 |
| Weighted average Common Shares outstanding | 391,127 | 390,688 | 390,966 | 391,026 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Continued)
| Nine Months Ended September 30, | Quarter Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Comprehensive income: | ||||
| Net income | $760,451 | $637,104 | $296,868 | $148,517 |
| Other comprehensive income (loss): | ||||
| Other comprehensive income (loss) – derivative instruments: | ||||
| Unrealized holding gains (losses) arising during the period | (3,550) | (3,989) | — | (3,989) |
| Losses reclassified into earnings from other comprehensive income | 1,229 | 1,819 | 278 | 609 |
| Other comprehensive income (loss) | (2,321) | (2,170) | 278 | (3,380) |
| Comprehensive income | 758,130 | 634,934 | 297,146 | 145,137 |
| Comprehensive (income) attributable to Noncontrolling Interests | (22,389) | (20,330) | (7,823) | (4,980) |
| Comprehensive income attributable to controlling interests | $735,741 | $614,604 | $289,323 | $140,157 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.