Earnings Per Share and Earnings Per Unit

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Share And Earnings Per Unit

10.Earnings Per Share and Earnings Per Unit

Equity Residential

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):

	Six Months Ended June 30,						Quarter Ended June 30,
	2025			2024			2025			2024
Numerator for net income per share – basic:
Net income	$	463,583		$	488,587		$	198,785		$	183,555
Allocation to Noncontrolling Interests – Operating Partnership		(12,328	)		(13,278	)		(5,226	)		(5,003	)
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,307	)		(2,039	)		(1,203	)		(1,069	)
Preferred distributions		(711	)		(902	)		(355	)		(355	)
Premium on redemption of Preferred Shares		—			(1,444	)		—			—
Numerator for net income per share – basic	$	448,237		$	470,924		$	192,001		$	177,128
Numerator for net income per share – diluted:
Net income	$	463,583		$	488,587		$	198,785		$	183,555
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,307	)		(2,039	)		(1,203	)		(1,069	)
Preferred distributions		(711	)		(902	)		(355	)		(355	)
Premium on redemption of Preferred Shares		—			(1,444	)		—			—
Numerator for net income per share – diluted	$	460,565		$	484,202		$	197,227		$	182,131
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		379,359			378,699			379,508			378,578
Effect of dilutive securities:
OP Units		10,420			10,681			10,329			10,693
Long-term compensation shares/units		1,566			1,168			1,661			1,271
Denominator for net income per share – diluted		391,345			390,548			391,498			390,542
Net income per share – basic	$	1.18		$	1.24		$	0.51		$	0.47
Net income per share – diluted	$	1.18		$	1.24		$	0.50		$	0.47

ERP Operating Limited Partnership

The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts):

	Six Months Ended June 30,						Quarter Ended June 30,
	2025			2024			2025			2024
Numerator for net income per Unit – basic and diluted:
Net income	$	463,583		$	488,587		$	198,785		$	183,555
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,307	)		(2,039	)		(1,203	)		(1,069	)
Allocation to Preference Units		(711	)		(902	)		(355	)		(355	)
Allocation to premium on redemption of Preference Units		—			(1,444	)		—			—
Numerator for net income per Unit – basic and diluted	$	460,565		$	484,202		$	197,227		$	182,131
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		389,779			389,380			389,837			389,271
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting    of the Company’s long-term compensation shares/units		1,566			1,168			1,661			1,271
Denominator for net income per Unit – diluted		391,345			390,548			391,498			390,542
Net income per Unit – basic	$	1.18		$	1.24		$	0.51		$	0.47
Net income per Unit – diluted	$	1.18		$	1.24		$	0.50		$	0.47