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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