ERP OPERATING LTD PARTNERSHIP

Garden · 99 · 27,046 · 273

Mid/High-Rise · 213 · 58,144 · 273

312 · 85,190 · 273

Garden is generally defined as properties with two and/or three story buildings while mid/high-rise is generally defined as properties with greater than three story buildings. These two property types typically provide residents with amenities, such as rooftop decks and swimming pools, fitness centers and community rooms. In addition, many of our urban properties have non-residential components, such as parking garages and/or retail spaces.

The Company’s properties are summarized by ownership type in the following table:

Properties · Apartment Units

Wholly Owned Properties · 297 · 81,518

Partially Owned Properties – Consolidated · 12 · 2,656

Partially Owned Properties – Unconsolidated · 3 · 1,016

312 · 85,190

The following table sets forth certain information by market relating to the Company’s properties at December 31, 2025:

Portfolio Summary

Markets/Metro Areas · Properties · ApartmentUnits · % ofStabilizedBudgetedNOI · AverageRentalRate

Established Markets:

Los Angeles · 56 · 14,431 · 16.0 · 2,977

Orange County · 12 · 3,718 · 4.9 · 3,011

San Diego · 10 · 2,217 · 3.1 · 3,329

Subtotal – Southern California · 78 · 20,366 · 24.0 · 3,022

San Francisco · 41 · 11,558 · 16.4 · 3,546

Washington, D.C. · 42 · 13,553 · 14.7 · 2,854

New York · 34 · 8,685 · 14.4 · 4,832

Boston · 25 · 6,907 · 10.7 · 3,716

Seattle · 38 · 8,051 · 9.1 · 2,726

Subtotal – Established Markets · 258 · 69,120 · 89.3 · 3,342

Expansion Markets:

Atlanta · 22 · 6,420 · 4.4 · 1,938

Denver · 16 · 4,678 · 3.6 · 2,195

Dallas/Ft. Worth · 13 · 4,230 · 2.4 · 1,937

Austin · 3 · 742 · 0.3 · 1,686

Subtotal – Expansion Markets · 54 · 16,070 · 10.7 · 2,002

Total · 312 · 85,190 · 100.0 · 3,092

Note: Projects under development are not included in the Portfolio Summary until construction has been completed.

The following tables provide a rollforward of the apartment units included in Same Store Properties (please refer to the Definitions section in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations) and a reconciliation of apartment units included in Same Store Properties to those included in Total Properties for the year ended December 31, 2025:

Properties · ApartmentUnits

Same Store Properties at December 31, 2024 · 281 · 75,299

2023 acquisitions · 3 · 839

2025 dispositions · (11 · (2,468

Properties removed from same store (1) · (1 · (230

Same Store Properties at December 31, 2025 · 272 · 73,465

Properties · ApartmentUnits

Same Store · 272 · 73,465

Non-Same Store:

2025 acquisitions · 9 · 2,439

2024 acquisitions · 18 · 5,373

2023 acquisitions not yet stabilized · 1 · 344

Properties removed from same store (1) · 3 · 1,049

Lease-up properties not yet stabilized (2) · 8 · 2,519

Other · 1 · 1

Total Non-Same Store · 40 · 11,725

Total Properties and Apartment Units · 312 · 85,190

Note: Properties are considered “stabilized” when they have achieved 90% Physical Occupancy for three consecutive months. Properties are included in same store when they are stabilized for all of the current and comparable periods presented.

Consists of three properties which were removed from the same store portfolio as discussed further below:

Lorien Ivy (fka Laguna Clara) located in Santa Clara, CA containing 222 apartment units was removed from the same store portfolio in the second quarter of 2022 due to a major renovation and redevelopment project, including the demolition of 42 apartment units. As of December 31, 2025, the property had a Physical Occupancy of 99.1%. This property will return to the same store portfolio in 2026 as it was stabilized for all of 2025.

Pearl MDR located in Marina Del Rey, CA containing 597 apartment units was removed from the same store portfolio in the third quarter of 2022 due to a large scale re-piping and renovation project in which significant portions of the property are being taken offline for extended time periods. As of December 31, 2025, the property had a Physical Occupancy of 77.3%. This property will not return to the same store portfolio until it is stabilized for all of the current and comparable periods presented.

Juniper Sandy Springs located in Sandy Springs, GA containing 230 apartment units was removed from the same store portfolio in the first quarter of 2025 due to a large scale roofing repair project, which required a significant number of units to be vacated. As of December 31, 2025, the property had a Physical Occupancy of 69.6%. This property will not return to the same store portfolio until it is stabilized for all of the current and comparable periods presented.

Consists of properties in various stages of lease-up and properties where lease-up has been completed but the properties were not stabilized for the comparable periods presented.

For the year ended December 31, 2025, the Company’s same store Physical Occupancy was 96.4% and its total portfolio-wide Physical Occupancy, which includes completed development properties in various stages of lease-up, was 95.6%. Certain of the Company’s properties are encumbered by mortgages and additional detail can be found on Schedule III – Real Estate and Accumulated Depreciation.

The properties in various stages of development and lease-up at December 31, 2025 are included in the following table:

Development and Lease-Up Projects as of December 31, 2025

• We are subject to risks related to our properties that are subject to ground leases.
• We face certain risks related to our Non-Residential operating activities.
• The Company’s real estate assets may be subject to impairment charges.
• Corporate responsibility, specifically related to sustainability efforts, may expose us to new risks.
• Our various technology-related initiatives to improve our operating margins and customer experience may fail to perform as expected.
• Risks Related to our Financing Strategy and Capital Structure
• Disruptions in the financial markets could hinder our ability to obtain debt and equity financing and impact our acquisitions and dispositions.
• Changes in market conditions and volatility of share prices could decrease the market price of our Common Shares.
• Our financial counterparties may not perform their obligations.
• Rising interest rates can increase costs and impact the value of the Company’s assets.
• Failure to hedge effectively against interest rate changes may adversely affect our results of operations.
• Insufficient cash flow could affect our ability to service existing debt and create refinancing risk.
• A significant downgrade in our credit ratings could adversely affect our performance.
• Financial covenants could limit operational flexibility and affect our overall financial position.
• We may change the dividend policy for our securities in the future.
• Issuances or sales of our Common Shares or Units may be dilutive.
• Regulatory and Tax Risks
• The adoption of, or changes in, rent control, rent stabilization, eviction and/or other regulations/restrictions could have an adverse effect on our operations and property values.
• Compliance or failure to comply with regulatory requirements could result in substantial costs.
• Environmental problems are possible and can be costly.
• Changes in U.S. accounting standards may materially and adversely affect the reporting of our operations.
• Any weaknesses identified in our internal control over financial reporting could result in a decrease of our share price.
• Our failure to qualify as a REIT would have serious adverse consequences to our security holders.
• Gain on disposition of assets held for sale in the ordinary course of business is subject to 100% tax.
• We may be subject to legislative or regulatory tax changes that could negatively impact our financial condition.
• REIT distribution requirements could limit our available cash.
• Tax elections regarding distributions may impact future liquidity of the Company or our shareholders.
• Certain provisions of our Declaration of Trust and Bylaws and Maryland law and certain REIT tax requirements could inhibit changes in control.
• General Risk Factors
• The occurrence of cyber incidents, or a deficiency in our cybersecurity, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our reputation and business relationships, all of which could negatively impact our financial results.
• Our business and operations rely on specialized information technology systems, the failure of or inadequacy of which could impact our business.
• Our approach to artificial intelligence may not be successful and could adversely affect our business.
• Litigation risk could affect our business.
• Insurance policies can be costly and may not cover all losses, which may adversely affect our financial condition or results of operations.
• Significant inflation could negatively impact our business.
• We depend on our key personnel.
• Risk of Pandemics or Other Health Crises.