EQUITY RESIDENTIAL Earnings Per Share Disclosure
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):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Numerator for net income per share – basic: |
|
|
|
|
|
|
|
|
|
|||
Net income |
|
$ |
1,151,949 |
|
|
$ |
1,070,975 |
|
|
$ |
868,488 |
|
Allocation to Noncontrolling Interests – Operating Partnership |
|
|
(27,405 |
) |
|
|
(28,932 |
) |
|
|
(26,710 |
) |
Net (income) loss attributable to Noncontrolling |
|
|
(4,455 |
) |
|
|
(6,212 |
) |
|
|
(6,340 |
) |
Preferred distributions |
|
|
(1,422 |
) |
|
|
(1,613 |
) |
|
|
(3,090 |
) |
Premium on redemption of Preferred Shares |
|
|
— |
|
|
|
(1,444 |
) |
|
|
— |
|
Numerator for net income per share – basic |
|
$ |
1,118,667 |
|
|
$ |
1,032,774 |
|
|
$ |
832,348 |
|
Numerator for net income per share – diluted: |
|
|
|
|
|
|
|
|
|
|||
Net income |
|
$ |
1,151,949 |
|
|
$ |
1,070,975 |
|
|
$ |
868,488 |
|
Net (income) loss attributable to Noncontrolling |
|
|
(4,455 |
) |
|
|
(6,212 |
) |
|
|
(6,340 |
) |
Preferred distributions |
|
|
(1,422 |
) |
|
|
(1,613 |
) |
|
|
(3,090 |
) |
Premium on redemption of Preferred Shares |
|
|
— |
|
|
|
(1,444 |
) |
|
|
— |
|
Numerator for net income per share – diluted |
|
$ |
1,146,072 |
|
|
$ |
1,061,706 |
|
|
$ |
859,058 |
|
Denominator for net income per share – basic and diluted: |
|
|
|
|
|
|
|
|
|
|||
Denominator for net income per share – basic |
|
|
379,610 |
|
|
|
378,795 |
|
|
|
378,773 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|||
OP Units |
|
|
9,491 |
|
|
|
10,630 |
|
|
|
11,181 |
|
Long-term compensation shares/units |
|
|
1,310 |
|
|
|
1,315 |
|
|
|
943 |
|
Denominator for net income per share – diluted |
|
|
390,411 |
|
|
|
390,740 |
|
|
|
390,897 |
|
Net income per share – basic |
|
$ |
2.95 |
|
|
$ |
2.73 |
|
|
$ |
2.20 |
|
Net income per share – diluted |
|
$ |
2.94 |
|
|
$ |
2.72 |
|
|
$ |
2.20 |
|
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):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Numerator for net income per Unit – basic and diluted: |
|
|
|
|
|
|
|
|
|
|||
Net income |
|
$ |
1,151,949 |
|
|
$ |
1,070,975 |
|
|
$ |
868,488 |
|
Net (income) loss attributable to Noncontrolling |
|
|
(4,455 |
) |
|
|
(6,212 |
) |
|
|
(6,340 |
) |
Allocation to Preference Units |
|
|
(1,422 |
) |
|
|
(1,613 |
) |
|
|
(3,090 |
) |
Allocation to premium on redemption of Preference Units |
|
|
— |
|
|
|
(1,444 |
) |
|
|
— |
|
Numerator for net income per Unit – basic and diluted |
|
$ |
1,146,072 |
|
|
$ |
1,061,706 |
|
|
$ |
859,058 |
|
Denominator for net income per Unit – basic and diluted: |
|
|
|
|
|
|
|
|
|
|||
Denominator for net income per Unit – basic |
|
|
389,101 |
|
|
|
389,425 |
|
|
|
389,954 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|||
Dilution for Units issuable upon assumed exercise/vesting |
|
|
1,310 |
|
|
|
1,315 |
|
|
|
943 |
|
Denominator for net income per Unit – diluted |
|
|
390,411 |
|
|
|
390,740 |
|
|
|
390,897 |
|
Net income per Unit – basic |
|
$ |
2.95 |
|
|
$ |
2.73 |
|
|
$ |
2.20 |
|
Net income per Unit – diluted |
|
$ |
2.94 |
|
|
$ |
2.72 |
|
|
$ |
2.20 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 25, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.