VIVMARK RESIDENTIAL

Same Store:

Company's Same Store Portfolio– Represents consolidated communities that were owned and had Stabilized Operations, as defined below, as of the beginning of the respective prior year period, are not conducting or are not probable to conduct substantial redevelopment activities and are not held for sale or probable for disposition within the current year. Excludes communities included in the EQR Adjusted Same Store Portfolio.

EQR Adjusted Same Store Portfolio – Represents the EQR communities that would have been included in the Company's Same Store Portfolio had the communities instead been owned by the Company since January 1, 2025. Operating results for periods prior to the Merger Date are derived from the accounting records of EQR. Because these communities have been owned by the Company only since the Merger Date, they are not included in the Company's Same Store Portfolio. See the Company's Same Store Portfolio for more information regarding inclusion. These communities have been identified in certain tables to provide Merged Same Store results as if the communities had been owned by the Company in prior periods. These communities will be eligible to enter the Vivmark Same Store Portfolio on January 1, 2028.

Merged Same Store Portfolio– Merged Same Store Portfolio represents the Company's Same Store Portfolio and the EQR Adjusted Same Store Portfolio considered as a single portfolio, as if the EQR Adjusted Same Store Portfolio was owned by the Company during all periods presented. See EQR Adjusted Same Store Portfolio for more details. The Company presents the Merged Same Store Portfolio to provide an understanding of the operating performance and growth potential of the combined company.

Merged Same Store Residential Revenue, Operating Expenses and NOI– Merged Same Store Residential revenue and operating expenses represent the residential revenue and community-level operating expenses of all communities in the Merged Same Store Portfolio for each period presented. Merged Same Store NOI is Merged Same Store Residential revenue less Merged Same Store operating expenses. It excludes depreciation and amortization, corporate-level property management expenses and other indirect operating expenses. Merged Same Store Residential revenue reflects concessions granted prior to the Merger on legacy EQR leases, amortized over the balance of the remaining lease term. The impact of concessions, which were eliminated in purchase accounting, is being included to provide comparability in results across periods.

For periods before the Merger, these measures include the operating results of the communities in the legacy EQR Adjusted Same Store Portfolio. Those results are not included in the Company’s consolidated financial statements for those periods. They are derived from legacy EQR’s historical accounting records and are unaudited. As a result, Merged Same Store results for those periods are not indicative of the results the combined company would have achieved had the Merger occurred at the beginning of the earliest period presented.

Merged Same Store NOI is a non-GAAP financial measure. It should not be considered an alternative to net income, as determined in accordance with GAAP, as an indicator of financial performance. The Company believes Merged Same Store NOI is useful to investors in evaluating the operating performance of the combined company’s communities. It presents community-level results on a comparable basis across periods, excluding corporate-level expenses and other items not related to community operations. The Company’s computation of Merged Same Store NOI may differ from the methodology other companies use and therefore may not be comparable. A reconciliation of Merged Same Store NOI to net income is presented in the definition of NOI.