公平住屋 2025年度报告

Dear Fellow Shareholders, On behalf of the entire Equity Residential team, we want to express our sincereappreciation for your continued support and trust in our company. As we reflecton the past year and look ahead, we are pleased to share an update on ourperformance, strategic direction, and outlook for the future. Equity Residentialhas remained steadfast in our mission to generate superior long-term returns toour shareholders by owning, developing and operating high-quality apartmentcommunities in the most attractive places in the United States for our target well-earning renter demographic to live, work and play. Portfolio Growth and Asset Management We own and manage a portfolio of 312 high-quality, well-located apartmentproperties, consisting of 85,190 apartment units, in Boston, New York,Washington, D.C., Seattle, San Francisco, Southern California, Dallas, Denver,Atlanta and Austin. Our strategic focus is on metropolitan areas with strong employment trends andpopulation growth in our target higher earning renter segment as well as elevatedsingle family housing costs, which create sustained demand for quality rentalhousing. We believe our portfolio balances the opportunities and risks created bylocal supply and demand dynamics. We also invest in desirable urban andsuburban submarkets, positioning us to benefit from the wave of both youngerGen Z (ages 14 to 29) traditional renters as well as Millennials (ages 30 to 45)seeking more space in the suburbs and staying renters longer due to lifestyle andelevated home ownership costs. Our long experience teaches us that having thisbalance, on top of the most efficient operating platform in the business, shouldlead to the highest long-term operating cash flow growth with the lowest volatilitypossible. In 2025, we acquired over $600 million in high growth properties and sold over$1.1 billion of properties with both slower revenue growth and higher capitalinvestment needs. We used the excess proceeds to strategically repurchase$500 million of our shares at what we believe is a discount to net asset value. Alltold, through dividends and share repurchases, we returned approximately $1.38billion to our investors in 2025 and early 2026. Additionally, we continued to invest in our existing portfolio through thesuccessful completion of renovations at dozens of properties, modernizingamenities and improving energy efficiency. These efforts have resulted in higherresident satisfaction and increased rental rates, further enhancing our overallasset value. In 2025, we were recognized for our commitment to sustainability with ourcontinued inclusion in both the Dow Jones Sustainability World and NorthAmerica Indices. We were the first residential REIT to receive this distinction. Wewere also honored with inclusion as a member of the S&P Global SustainabilityYearbook. Operating Performance We had solid operating performance with a 2.6% increase in same storerevenues in 2025. San Francisco and New York, which make up over 30% of ournet operating income (NOI), led the way with strong results. Our best-in-classoperating platform also continued to create efficiencies and improve customeroutcomes across all our markets. We finished 2025 with continued good demandin many of our markets and, combined with our focus on delivering exceptionalcustomer service, that demand drove physical occupancy of more than 96% forthe year and the lowest resident turnover in our history. Our annual same storeexpenses grew by 3.7% and our same store NOI improved by 2.2%.(1)Thisgrowth led to an increase of 2.6% in our Normalized FFO per share for 2025(2)and led our Board of Trustees to increase our annual dividend in the first quarterof 2026 by 1.4% to $2.81 pershare.(3) On the operations side of the business, we’re leveraging technology and AI todrive enterprise-wide transformation—enhancing the resident experience,empowering our teams, and operating more efficiently at scale. This is how we’reevolving the way we work and positioning the business for long-termoutperformance. During the year we continued our practice of prudently managing our balancesheet to maintain flexibility for future growth opportunities while creating stabilityin an evolving interest rate environment. Our debt maturities have been carefullyladdered, leaving us less susceptible to the current higher rate environment thanour competitors, and we have a strong liquidity position. Leadership Transitions Strong and steady leadership has long been a hallmark at Equity Residential.2025 saw major changes in our leadership team as Alec Brackenridge, our ChiefInvestment Officer (CIO), retired after more than 30 years in key roles in ourorganization. Bob Garechana, our Chief Financial Officer (CFO), gave up thatrole to become our new CIO and we welcomed Bret McLeod as our new CFO. We are very fortunate to have a Board of Trustees made up of professionals withsubstantial and diverse business experience derived from their past