EQUITY RESIDENTIAL — Call Transcript 2025

Parrell, President, Chief Executive Officer, and a Trustee of Equity Residential, and I will act as Chairman of today's meeting. It is my pleasure, on behalf of the Board of Trustees, to welcome you to the company's 2025 Annual Meeting of Shareholders. The meeting is being held as a virtual meeting to facilitate an opportunity for participation by a wide group of our shareholders. We have shareholders attending via the web portal, and we are very pleased to have you here with us today. Please observe the rules of conduct and procedures for the meeting set forth in the web portal. Let me start out today by making a few introductions. Joining me is Scott Fenster, Executive Vice President, General Counsel, and Corporate Secretary of the company. I would also like to acknowledge the other members of the company's Board of Trustees who are virtually present today. We have an outstanding board. They come from very diverse backgrounds but are alike in their intelligence, interest, and dedication to our company. We are very fortunate to have their services. I would also like to mention the presence of representatives of Ernst & Young, our independent registered public accounting firm, via the web portal. They will be available during the consideration of the proposal to ratify the selection of our public accounting firm for any questions you might have of them. Finally, I would like to introduce Jeannie Carr of MacKenzie Partners, who will serve as the Inspector of Elections. As is our custom, we will conduct the business portion of our Annual Meeting of Shareholders first, and upon adjournment, there will be a period to raise general questions. Only validated shareholders may ask questions in a designated field on the web portal. Out of consideration for others, please limit yourself to one question. Please also note that this meeting is being recorded. However, no one attending via webcast is permitted to use any audio recording device. As indicated on the agenda for today's meeting, we will consider three items of business. I will describe each item, and you will have the opportunity to ask questions about such item at that time. We will announce the preliminary voting results, and the meeting will conclude. Now we will turn to the formal portion of our meeting. Before considering the items of business, we need to address certain matters required by Maryland law. Scott, if you could please report on these matters. Thank you, Mark. I have received an affidavit of mailing from Broadridge, establishing that the notice of this meeting was duly given. Ms. Carr will determine the validity of the proxies, the number of shares represented in person or by proxy, and the number of votes cast on the matters voted on. I have been advised that there are present at this annual meeting votes represented in person or by proxy of more than a majority of the outstanding shares entitled to vote. Based on this count, a quorum is present, and this annual meeting is lawfully convened and may proceed to transact business. Thank you, Scott. Since a quorum is present, I declare the meeting open for business. I will describe proposals one through three, after which time you will have the opportunity to ask questions about such proposals. Proposal one is to elect the 10 current trustees set forth in the proxy statement to a one-year term. Proposal two is to consider and vote on the ratification of the company's selection of Ernst & Young as its independent registered public accounting firm for 2025. Proposal three is an advisory vote on the executive compensation disclosed in the company's proxy statement. If any shareholder has a question regarding proposals one through three, please submit your question through the web portal. All right, so any shareholder who has not yet voted or wishes to change their vote may do so by clicking on the voting button in the web portal and following the instructions there. Shareholders who have sent in proxies or voted via telephone or internet and do not want to change their vote do not need to take any further action. Okay, we've covered each of the proposals in the proxy statement, so Scott, please report on the preliminary voting results. The polls are now closed. We have been informed by the Inspector of Elections that the preliminary vote report shows that the Board's 10 trustee nominees have each been elected for a one-year term. Ernst & Young's service as the company's independent registered public accounting firm has been approved, and the company's executive compensation has been approved. This concludes the business to come before this Annual Meeting, and the meeting is now adjourned. We would now like to open up the meeting to germane questions submitted through the web portal. If you submit a question, please include your email address for our Investor Relations Department to respond in case we do not have an opportunity to address it today. Please also be advised that certain matters discussed during this question and answer period may constitute forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to certain economic risks and uncertainties. The company assumes no obligation to update or supplement these statements that become untrue because of subsequent events. All right, we have one question. I'm going to read it, and then we will respond. The calculation of CEO compensation actually paid total in the pay versus performance table for the past several years can dramatically differ from the CEO total compensation amount in the summary compensation table. How does the Compensation Committee use the compensation actually paid total compensation figures in its calculation of the CEO target total compensation award for the upcoming year? This is a question we received from Mr. D. Rafael. Thank you for that question. I'm going to refer you to our proxy, and in it, you can see that the primary sources of information the Compensation Committee uses is comparable data of us as compared to some of our peers that are listed on page 48 of the proxy and how they compensate their executives. The company also considers, and its Compensation Committee considers, the performance of the stock as compared to my compensation. You can see that listed on page 47. The pay versus performance table, which is a highly technical calculation, as you know, is not a primary source that the Compensation Committee uses to determine compensation for the executives. It mostly relates to comparable executives at firms that the committee has determined are comparable to us, as well as our performance. I would note on 47, you can see that our compensation has varied greatly depending on how well the company's shareholders have performed over a period of time. We have variations here where compensation in the COVID year for me was in the 40% of attainment range, and when the performance was above the average a fair bit, the compensation was around 145% of target. I think the committee does a good job of tracking exact compensation to actual shareholder performance. Thank you for that question. Seeing no other germane questions at this time, this concludes the question and answer period. I thank you all for joining us this morning. This now concludes the meeting. Thank you for joining. You may now disconnect and have a pleasant day.

Speaker 1: Parrell, President, Chief Executive Officer, and a Trustee of Equity Residential, and I will act as Chairman of today's meeting. It is my pleasure, on behalf of the Board of Trustees, to welcome you to the company's 2025 Annual Meeting of Shareholders. The meeting is being held as a virtual meeting to facilitate an opportunity for participation by a wide group of our shareholders. We have shareholders attending via the web portal, and we are very pleased to have you here with us today. Please observe the rules of conduct and procedures for the meeting set forth in the web portal. Let me start out today by making a few introductions. Joining me is Scott Fenster, Executive Vice President, General Counsel, and Corporate Secretary of the company. I would also like to acknowledge the other members of the company's Board of Trustees who are virtually present today. Parrell, President, Chief Executive Officer, and a Trustee of Equity Residential, and I will act as Chairman of today's meeting. parrell president chief executive officer and a trustee of equity residential and i will act as chairman of today's meeting It is my pleasure, on behalf of the Board of Trustees, to welcome you to the company's 2025 Annual Meeting of Shareholders. it is my pleasure on behalf of the board of trustees to welcome you to the company's 2025 annual meeting of shareholders The meeting is being held as a virtual meeting to facilitate an opportunity for participation by a wide group of our shareholders. the meeting is being held as a virtual meeting to facilitate an opportunity for participation by a wide group of our shareholders We have shareholders attending via the web portal, and we are very pleased to have you here with us today. we have shareholders attending via the web portal and we are very pleased to have you here with us today Please observe the rules of conduct and procedures for the meeting set forth in the web portal. please observe the rules of conduct and procedures for the meeting set forth in the web portal Let me start out today by making a few introductions. let me start out today by making a few introductions Joining me is Scott Fenster, Executive Vice President, General Counsel, and Corporate Secretary of the company. joining me is scott fenster executive vice president general counsel and corporate secretary of the company I would also like to acknowledge the other members of the company's Board of Trustees who are virtually present today. i would also like to acknowledge the other members of the company's board of trustees who are virtually present today We have an outstanding board. They come from very diverse backgrounds but are alike in their intelligence, interest, and dedication to our company. We are very fortunate to have their services. I would also like to mention the presence of representatives of Ernst & Young, our independent registered public accounting firm, via the web portal. They will be available during the consideration of the proposal to ratify the selection of our public accounting firm for any questions you might have of them. Finally, I would like to introduce Jeannie Carr of MacKenzie Partners, who will serve as the Inspector of Elections. As is our custom, we will conduct the business portion of our Annual Meeting of Shareholders first, and upon adjournment, there will be a period to raise general questions. Only validated shareholders may ask questions in a designated field on the web portal. We have an outstanding board. we have an outstanding board They come from very diverse backgrounds but are alike in their intelligence, interest, and dedication to our company. they come from very diverse backgrounds but are alike in their intelligence interest and dedication to our company We are very fortunate to have their services. we are very fortunate to have their services I would also like to mention the presence of representatives of Ernst & Young, our independent registered public accounting firm, via the web portal. i would also like to mention the presence of representatives of ernst & young our independent registered public accounting firm via the web portal They will be available during the consideration of the proposal to ratify the selection of our public accounting firm for any questions you might have of them. they will be available during the consideration of the proposal to ratify the selection of our public accounting firm for any questions you might have of them Finally, I would like to introduce Jeannie Carr of MacKenzie Partners, who will serve as the Inspector of Elections. finally i would like to introduce jeannie carr of mackenzie partners who will serve as the inspector of elections As is our custom, we will conduct the business portion of our Annual Meeting of Shareholders first, and upon adjournment, there will be a period to raise general questions. as is our custom we will conduct the business portion of our annual meeting of shareholders first and upon adjournment there will be a period to raise general questions Only validated shareholders may ask questions in a designated field on the web portal. only validated shareholders may ask questions in a designated field on the web portal Out of consideration for others, please limit yourself to one question. Please also note that this meeting is being recorded. However, no one attending via webcast is permitted to use any audio recording device. As indicated on the agenda for today's meeting, we will consider three items of business. I will describe each item, and you will have the opportunity to ask questions about such item at that time. We will announce the preliminary voting results, and the meeting will conclude. Now we will turn to the formal portion of our meeting. Before considering the items of business, we need to address certain matters required by Maryland law. Scott, if you could please report on these matters. Out of consideration for others, please limit yourself to one question. out of consideration for others please limit yourself to one question Please also note that this meeting is being recorded. please also note that this meeting is being recorded However, no one attending via webcast is permitted to use any audio recording device. however no one attending via webcast is permitted to use any audio recording device As indicated on the agenda for today's meeting, we will consider three items of business. as indicated on the agenda for today's meeting we will consider three items of business I will describe each item, and you will have the opportunity to ask questions about such item at that time. i will describe each item and you will have the opportunity to ask questions about such item at that time We will announce the preliminary voting results, and the meeting will conclude. we will announce the preliminary voting results and the meeting will conclude Now we will turn to the formal portion of our meeting. now we will turn to the formal portion of our meeting Before considering the items of business, we need to address certain matters required by Maryland law. before considering the items of business we need to address certain matters required by maryland law Scott, if you could please report on these matters. scott if you could please report on these matters

Speaker 2: Thank you, Mark. I have received an affidavit of mailing from Broadridge, establishing that the notice of this meeting was duly given. Ms. Carr will determine the validity of the proxies, the number of shares represented in person or by proxy, and the number of votes cast on the matters voted on. I have been advised that there are present at this annual meeting votes represented in person or by proxy of more than a majority of the outstanding shares entitled to vote. Based on this count, a quorum is present, and this annual meeting is lawfully convened and may proceed to transact business. Thank you, Mark. thank you mark I have received an affidavit of mailing from Broadridge, establishing that the notice of this meeting was duly given. i have received an affidavit of mailing from broadridge establishing that the notice of this meeting was duly given Ms. Carr will determine the validity of the proxies, the number of shares represented in person or by proxy, and the number of votes cast on the matters voted on. ms carr will determine the validity of the proxies the number of shares represented in person or by proxy and the number of votes cast on the matters voted on I have been advised that there are present at this annual meeting votes represented in person or by proxy of more than a majority of the outstanding shares entitled to vote. i have been advised that there are present at this annual meeting votes represented in person or by proxy of more than a majority of the outstanding shares entitled to vote Based on this count, a quorum is present, and this annual meeting is lawfully convened and may proceed to transact business. based on this count a quorum is present and this annual meeting is lawfully convened and may proceed to transact business

Speaker 1: Thank you, Scott. Since a quorum is present, I declare the meeting open for business. I will describe proposals one through three, after which time you will have the opportunity to ask questions about such proposals. Proposal one is to elect the 10 current trustees set forth in the proxy statement to a one-year term. Proposal two is to consider and vote on the ratification of the company's selection of Ernst & Young as its independent registered public accounting firm for 2025. Proposal three is an advisory vote on the executive compensation disclosed in the company's proxy statement. If any shareholder has a question regarding proposals one through three, please submit your question through the web portal. Thank you, Scott. thank you scott Since a quorum is present, I declare the meeting open for business. since a quorum is present i declare the meeting open for business I will describe proposals one through three, after which time you will have the opportunity to ask questions about such proposals. i will describe proposals one through three after which time you will have the opportunity to ask questions about such proposals Proposal one is to elect the 10 current trustees set forth in the proxy statement to a one-year term. proposal one is to elect the 10 current trustees set forth in the proxy statement to a one-year term Proposal two is to consider and vote on the ratification of the company's selection of Ernst & Young as its independent registered public accounting firm for 2025. proposal two is to consider and vote on the ratification of the company's selection of ernst & young as its independent registered public accounting firm for 2025 Proposal three is an advisory vote on the executive compensation disclosed in the company's proxy statement. proposal three is an advisory vote on the executive compensation disclosed in the company's proxy statement If any shareholder has a question regarding proposals one through three, please submit your question through the web portal. if any shareholder has a question regarding proposals one through three please submit your question through the web portal All right, so any shareholder who has not yet voted or wishes to change their vote may do so by clicking on the voting button in the web portal and following the instructions there. Shareholders who have sent in proxies or voted via telephone or internet and do not want to change their vote do not need to take any further action. Okay, we've covered each of the proposals in the proxy statement, so Scott, please report on the preliminary voting results. All right, so any shareholder who has not yet voted or wishes to change their vote may do so by clicking on the voting button in the web portal and following the instructions there. all right so any shareholder who has not yet voted or wishes to change their vote may do so by clicking on the voting button in the web portal and following the instructions there Shareholders who have sent in proxies or voted via telephone or internet and do not want to change their vote do not need to take any further action. shareholders who have sent in proxies or voted via telephone or internet and do not want to change their vote do not need to take any further action Okay, we've covered each of the proposals in the proxy statement, so Scott, please report on the preliminary voting results. okay we've covered each of the proposals in the proxy statement so scott please report on the preliminary voting results

Speaker 2: The polls are now closed. We have been informed by the Inspector of Elections that the preliminary vote report shows that the Board's 10 trustee nominees have each been elected for a one-year term. Ernst & Young's service as the company's independent registered public accounting firm has been approved, and the company's executive compensation has been approved. The polls are now closed. the polls are now closed We have been informed by the Inspector of Elections that the preliminary vote report shows that the Board's 10 trustee nominees have each been elected for a one-year term. we have been informed by the inspector of elections that the preliminary vote report shows that the board's 10 trustee nominees have each been elected for a one-year term Ernst & Young's service as the company's independent registered public accounting firm has been approved, and the company's executive compensation has been approved. ernst & young's service as the company's independent registered public accounting firm has been approved and the company's executive compensation has been approved

Speaker 1: This concludes the business to come before this Annual Meeting, and the meeting is now adjourned. We would now like to open up the meeting to germane questions submitted through the web portal. If you submit a question, please include your email address for our Investor Relations Department to respond in case we do not have an opportunity to address it today. Please also be advised that certain matters discussed during this question and answer period may constitute forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to certain economic risks and uncertainties. The company assumes no obligation to update or supplement these statements that become untrue because of subsequent events. All right, we have one question. I'm going to read it, and then we will respond. This concludes the business to come before this Annual Meeting, and the meeting is now adjourned. this concludes the business to come before this annual meeting and the meeting is now adjourned We would now like to open up the meeting to germane questions submitted through the web portal. we would now like to open up the meeting to germane questions submitted through the web portal If you submit a question, please include your email address for our Investor Relations Department to respond in case we do not have an opportunity to address it today. if you submit a question please include your email address for our investor relations department to respond in case we do not have an opportunity to address it today Please also be advised that certain matters discussed during this question and answer period may constitute forward-looking statements within the meaning of the federal securities laws. please also be advised that certain matters discussed during this question and answer period may constitute forward-looking statements within the meaning of the federal securities laws These forward-looking statements are subject to certain economic risks and uncertainties. these forward-looking statements are subject to certain economic risks and uncertainties The company assumes no obligation to update or supplement these statements that become untrue because of subsequent events. the company assumes no obligation to update or supplement these statements that become untrue because of subsequent events All right, we have one question. all right we have one question I'm going to read it, and then we will respond. i'm going to read it and then we will respond The calculation of CEO compensation actually paid total in the pay versus performance table for the past several years can dramatically differ from the CEO total compensation amount in the summary compensation table. How does the Compensation Committee use the compensation actually paid total compensation figures in its calculation of the CEO target total compensation award for the upcoming year? This is a question we received from Mr. D. Rafael. Thank you for that question. I'm going to refer you to our proxy, and in it, you can see that the primary sources of information the Compensation Committee uses is comparable data of us as compared to some of our peers that are listed on page 48 of the proxy and how they compensate their executives. The company also considers, and its Compensation Committee considers, the performance of the stock as compared to my compensation. The calculation of CEO compensation actually paid total in the pay versus performance table for the past several years can dramatically differ from the CEO total compensation amount in the summary compensation table. the calculation of ceo compensation actually paid total in the pay versus performance table for the past several years can dramatically differ from the ceo total compensation amount in the summary compensation table How does the Compensation Committee use the compensation actually paid total compensation figures in its calculation of the CEO target total compensation award for the upcoming year? how does the compensation committee use the compensation actually paid total compensation figures in its calculation of the ceo target total compensation award for the upcoming year This is a question we received from Mr. D. this is a question we received from mr d Rafael. rafael Thank you for that question. thank you for that question I'm going to refer you to our proxy, and in it, you can see that the primary sources of information the Compensation Committee uses is comparable data of us as compared to some of our peers that are listed on page 48 of the proxy and how they compensate their executives. i'm going to refer you to our proxy and in it you can see that the primary sources of information the compensation committee uses is comparable data of us as compared to some of our peers that are listed on page 48 of the proxy and how they compensate their executives The company also considers, and its Compensation Committee considers, the performance of the stock as compared to my compensation. the company also considers and its compensation committee considers the performance of the stock as compared to my compensation You can see that listed on page 47. The pay versus performance table, which is a highly technical calculation, as you know, is not a primary source that the Compensation Committee uses to determine compensation for the executives. It mostly relates to comparable executives at firms that the committee has determined are comparable to us, as well as our performance. I would note on 47, you can see that our compensation has varied greatly depending on how well the company's shareholders have performed over a period of time. We have variations here where compensation in the COVID year for me was in the 40% of attainment range, and when the performance was above the average a fair bit, the compensation was around 145% of target. I think the committee does a good job of tracking exact compensation to actual shareholder performance. You can see that listed on page 47. you can see that listed on page 47 The pay versus performance table, which is a highly technical calculation, as you know, is not a primary source that the Compensation Committee uses to determine compensation for the executives. the pay versus performance table which is a highly technical calculation as you know is not a primary source that the compensation committee uses to determine compensation for the executives It mostly relates to comparable executives at firms that the committee has determined are comparable to us, as well as our performance. it mostly relates to comparable executives at firms that the committee has determined are comparable to us as well as our performance I would note on 47, you can see that our compensation has varied greatly depending on how well the company's shareholders have performed over a period of time. i would note on 47 you can see that our compensation has varied greatly depending on how well the company's shareholders have performed over a period of time We have variations here where compensation in the COVID year for me was in the 40% of attainment range, and when the performance was above the average a fair bit, the compensation was around 145% of target. we have variations here where compensation in the covid year for me was in the 40% of attainment range and when the performance was above the average a fair bit the compensation was around 145% of target I think the committee does a good job of tracking exact compensation to actual shareholder performance. i think the committee does a good job of tracking exact compensation to actual shareholder performance Thank you for that question. Seeing no other germane questions at this time, this concludes the question and answer period. I thank you all for joining us this morning. Thank you for that question. thank you for that question Seeing no other germane questions at this time, this concludes the question and answer period. seeing no other germane questions at this time this concludes the question and answer period I thank you all for joining us this morning. i thank you all for joining us this morning

Speaker 3: This now concludes the meeting. Thank you for joining. You may now disconnect and have a pleasant day. This now concludes the meeting. this now concludes the meeting Thank you for joining. thank you for joining You may now disconnect and have a pleasant day. you may now disconnect and have a pleasant day