Vivmark Residential · Earnings release

Fourth Quarter 2024 Results

Table of Contents

Earnings Release

Consolidated Statements of Operations

6

Consolidated Statements of Funds From Operations and Normalized

Funds From Operations

7

Consolidated Balance Sheets

8

Portfolio Summary

9

Portfolio Rollforward

Same Store Results

Debt Summary

Capital Structure

Common Share and Unit Weighted Average Amounts Outstanding

Development and Lease-Up Projects

Capital Expenditures to Real Estate

Normalized EBITDAre Reconciliations

Adjustments from FFO to Normalized FFO

Normalized FFO Guidance and Assumptions

Additional Reconciliations and Definitions of Non-GAAP

Financial Measures and Other Terms

Corporate Headquarters:

Two North Riverside Plaza

Information included in this supplemental package is unaudited.

Table of Contents

NEWS RELEASE - FOR IMMEDIATE RELEASE

Equity Residential Reports Fourth Quarter 2024 Results

Chicago, IL – February 3, 2025 - Equity Residential (NYSE: EQR) today reported results for the quarter and year ended December 31, 2024 and has posted a Q4 2024 Management Presentation to its website as referenced below.

Fourth Quarter 2024 Results

All per share results are reported as available to common shares/units on a diluted basis.

Quarter Ended December 31,

$ Change

% Change

Earnings Per Share (EPS)

$

$

$

%

Funds from Operations (FFO) per share

$

$

$

)

%)

Normalized FFO (NFFO) per share

$

$

$

-

%

Year Ended December 31,

$ Change

% Change

Earnings Per Share (EPS)

$

$

$

%

Funds from Operations (FFO) per share

$

$

$

%

Normalized FFO (NFFO) per share

$

$

$

%

Recent Highlights

•

For the full year of 2024 compared to the full year of 2023, same store revenues increased 3.0%, same store expenses increased 2.9% and same store Net Operating Income (NOI) increased 3.1%.

•

The Company has provided guidance for the full year of 2025 with same store revenue growth expected to be between 2.25% and 3.25%.

•

During the fourth quarter of 2024, the Company acquired three properties, consisting of 795 apartment units, for an aggregate acquisition price of approximately $274.3 million at a weighted average Acquisition Cap Rate of 5.2%. These assets are located in the Company’s Expansion Markets of Atlanta and Denver. Also during the quarter, the company sold seven properties, consisting of 1,629 apartment units, for an aggregate sale price of approximately $610.1 million at a weighted average Disposition Yield of 5.2%.

•

The Company's Board of Trustees has voted to increase the Company's 2025 annual common share dividend by 2.6% to $2.77 per share reflecting confidence in the prospects of the business going forward. All dividend payments remain subject to declaration by the Board of Trustees in its sole discretion.

•

The Company was recognized for its commitment to sustainability with its inclusion in both the Dow Jones Sustainability World and North American Indices. The Company is the first residential REIT to receive this distinction. The Company was also recently honored with Nareit’s Residential Sector Leader in the Light award, further demonstrating its leadership in this area.

“Our 2024 operating results were solid and generally consistent with our expectations. We expect a steady improvement in our same store revenue results as we go through 2025 driven by higher lease rate growth, continued elevated occupancy levels and significant contributions from other income in 2025. Our view is underpinned by an assumption that the economy remains steady and is supported by continuing subdued levels of supply in our mostly coastal footprint, an expectation of

1

Table of Contents

positive employment conditions for our higher earning renter demographic and continued value creation by our industry leading operations platform. With new apartment supply in 2026 at decade lows in our coastal markets and declining significantly in our Expansion Markets of Atlanta, Dallas and Denver, the longer term set up for our business is outstanding,” said Mark J. Parrell, Equity Residential’s President and CEO.

The Company has provided guidance for its full year 2025 same store operating performance, EPS, FFO per share, Normalized FFO per share and transactions as listed below:

Same Store (includes Residential and Non-Residential):

Physical Occupancy

G1Revenue change

G2Expense change

G3NOI change

G4EPS

G5FFO per share

G6Normalized FFO per share

Transactions (1):

G7Consolidated rental acquisitions

G8Consolidated rental dispositions

Transaction Accretion (Dilution)

(25 basis points)

(1)

The Company expects to fund its acquisition activity with a combination of proceeds from dispositions and/or debt issuance.

The difference between the Company's full year 2024 actual EPS of $2.72 and the full year 2025 EPS guidance midpoint of $3.05 is due primarily to higher expected property sale gains, lower expected other expenses, lower expected non-operating asset gains and the items described below.

The difference between the Company's full year 2024 actual FFO of $3.76 per share and the full year 2025 FFO guidance midpoint of $3.92 per share is due primarily to lower expected other expenses, lower expected non-operating asset gains and the items described below.

The difference between the Company's full year 2024 actual Normalized FFO of $3.89 per share and the full year 2025 Normalized FFO guidance midpoint of $3.95 per share is due primarily to:

Expected

Positive/(Negative)

Impact

Residential same store NOI

$

Non-Residential same store NOI

)

Lease-Up NOI (1)

Interest expense, net (3)

)

Corporate overhead (4)

)

Other items

)

Net

$

(1)

Lease-Up NOI reflects the contribution from consolidated lease-up properties only. The Company does not expect a contribution to growth in 2025 from recently completed unconsolidated joint venture development projects given the current lease-up velocity and cessation of capitalized interest on construction loans. See the income (loss) from investments in unconsolidated entities line item on page 28 for 2025 guidance on this matter.

(2)

Transaction activity impact on NOI, net represents acquisition NOI net of disposition NOI.

(3)

Interest expense, net is driven by higher rates on refinancing and higher balances due to 2024 and 2025 net investment activity.

(4)

Corporate overhead includes property management and general and administrative expenses.

2

Table of Contents

The Company has a glossary of defined terms and related reconciliations of Non-GAAP financial measures on pages 29 through 34 of this release. Reconciliations and definitions of FFO and Normalized FFO are provided on pages 7, 31 and 32 of this release.

Results Per Share

The changes in EPS for the quarter and year ended December 31, 2024 compared to the same periods of 2023 are due primarily to higher property sale gains, higher depreciation expense, the various adjustment items listed on page 27 of this release and the items described below.

The per share changes in FFO for the quarter and year ended December 31, 2024 compared to the same periods of 2023 are due primarily to the various adjustment items listed on page 27 of this release and the items described below.

The per share changes in Normalized FFO are due primarily to:

Positive/(Negative) Impact

Residential same store NOI

$

$

Non-Residential same store NOI

-

Lease-Up NOI

-

Interest expense, net

)

)

Corporate overhead

)

)

Other items

)

Net

$

-

$

Same Store Results

The following table shows the total same store results for the periods presented (includes Residential and Non-Residential).

Apartment Units

Physical Occupancy

Revenues

Expenses

NOI

The following table reflects the detail of the change in Same Store Residential Revenues, which is presented on a GAAP basis showing Leasing Concessions on a straight-line basis.

% Change

% Change

% Change

Same Store Residential Revenues-

comparable period

Lease rates

%

%

%

Leasing Concessions

%

%

%)

Vacancy gain (loss)

%

%

%

Bad Debt, Net (1)

%

%

%

Other (2)

%

%

%

Same Store Residential Revenues-

current period

%

%

%

(1)

Change in rental income due to bad debt write-offs and reserves, net of amounts (including governmental rental assistance payments) collected on previously written-off or reserved accounts. The full year 2024 vs. full year 2023 improvement in Bad Debt, Net was less than assumed in the midpoint of our same store revenue guidance range. See page 13 for more detail.

(2)

Includes ancillary income, utility recoveries, early lease termination income, miscellaneous income and other items.

3

Table of Contents

See page 12 for detail and reconciliations of Same Store Residential Revenues on a GAAP basis to Same Store Residential Revenues with Leasing Concessions on a cash basis.

Residential Same Store Operating Statistics

The following table includes select operating metrics for Residential Same Store Properties (for 75,299 same store apartment units):

Physical Occupancy

Percentage of Residents Renewing by quarter

New Lease Change

Renewal Rate Achieved

Blended Rate (1)

(1)

Blended Rates for Established Markets were 1.4%, 2.4% and 0.9% for Q4 2024, Q3 2024 and Q4 2023, respectively. See page 17.

In the fourth quarter of 2024, Physical Occupancy and Blended Rate met our expectations and were consistent with seasonal patterns. For the first quarter of 2025, Blended Rate is expected to be between 1.4% and 2.2%.

Investment Activity

During the fourth quarter of 2024, the Company acquired three properties consisting of 795 apartment units, located in the Company’s Expansion Markets of Atlanta and Denver, for an aggregate acquisition price of approximately $274.3 million at a weighted average Acquisition Cap Rate of 5.2%. The acquired properties are one year old on average. During the fourth quarter of 2024, the Company sold seven properties, located in the Washington, D.C., Seattle, San Francisco and San Diego markets, consisting of 1,629 apartment units, for an aggregate sale price of approximately $610.1 million at a weighted average Disposition Yield of 5.2%. The properties sold during the fourth quarter of 2024 have an average age of 29 years.

During the full year of 2024, the Company acquired 18 properties, consisting of 5,373 apartment units, for an aggregate purchase price of approximately $1.6 billion at a weighted average Acquisition Cap Rate of 5.1%. The acquired properties are five years old on average. Also during the full year of 2024, the Company sold 13 properties consisting of 2,598 apartment units, for an aggregate sale price of approximately $975.6 million at a weighted average Disposition Yield of 5.4%. The properties sold during 2024 have an average age of 35 years.

During 2024, the Company completed four joint venture development projects in its Expansion Markets of Dallas/Ft. Worth and Denver, consisting of 1,262 apartment units, for a total cost of approximately $338.0 million. See the income (loss) from investments in unconsolidated entities line item on page 28 for the Company's 2025 guidance assumption for these and other unconsolidated assets. The Company also commenced construction in 2024 on three joint venture development projects in suburban Boston (two projects) and Seattle, consisting of 1,079 apartment units, for a total anticipated cost of approximately $539.4 million.

“We are particularly pleased with our progress in 2024 in adding almost $2 billion of newer, high quality assets to our Atlanta, Dallas and Denver Expansion Market portfolios, which we funded with a combination of older asset sales and opportunistically sourced long term debt. While operating conditions in these markets continue to be challenging given historically high new supply levels, we remain enthusiastic about the balance these markets will create in our portfolio from the strong rental growth we expect to see in future years once this supply is absorbed,” said Mr. Parrell.

First Quarter 2025 Guidance

The Company has established guidance ranges for the first quarter of 2025 EPS, FFO per share and Normalized FFO per share as listed below:

Guidance

G9EPS

G10FFO per share

G11Normalized FFO per share

4

Table of Contents

The difference between the fourth quarter of 2024 actual EPS of $1.10 and the first quarter of 2025 EPS guidance midpoint of $0.65 is due primarily to lower expected property sale gains and the items described below.

The difference between the fourth quarter of 2024 actual FFO of $0.97 per share and the first quarter of 2025 FFO guidance midpoint of $0.91 per share is due primarily to the items described below.

The difference between the fourth quarter of 2024 actual Normalized FFO of $1.00 per share and the first quarter of 2025 Normalized FFO guidance midpoint of $0.92 per share is due primarily to:

Expected

Positive/(Negative)

Impact

Residential same store NOI

$

)

)

Interest expense, net

Corporate overhead

)

Other items

)

Net

$

)

About Equity Residential

Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters. Equity Residential owns or has investments in 311 properties consisting of 84,249 apartment units, with an established presence in Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas/Ft. Worth and Austin. For more information on Equity Residential, please visit our website at www.equityapartments.com.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements and information within the meaning of the federal securities laws. These statements are based on current expectations, estimates, projections and assumptions made by management. While Equity Residential’s management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks, including, without limitation, changes in general market conditions, including the rate of job growth and cost of labor and construction material, the level of new multifamily construction and development, government regulations and competition. These and other risks and uncertainties are described under the heading “Risk Factors” in our Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC) and available on our website, www.equityapartments.com.

Many of these uncertainties and risks are difficult to predict and beyond management’s control. Forward-looking statements are not guarantees of future performance, results or events. Equity Residential assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

A live web cast of the Company’s conference call discussing these results will take place tomorrow, Tuesday, February 4, 2025 at 10:00 a.m. CT. In connection with the conference call, the Company is also providing a Management Presentation on its website. Please visit the Investor section of the Company’s website at www.equityapartments.com for the webcast link.

5

Table of Contents

Equity Residential

Consolidated Statements of Operations

(Amounts in thousands except per share data)

(Unaudited)

Year Ended December 31,

Quarter Ended December 31,

REVENUES

Rental income

$

$

$

$

EXPENSES

Property and maintenance

Real estate taxes and insurance

Property management

General and administrative

Depreciation

Total expenses

Net gain (loss) on sales of real estate properties

Interest and other income

Other expenses

)

)

)

)

Interest:

Expense incurred, net

)

)

)

)

Amortization of deferred financing costs

)

)

)

)

Income before income and other taxes, income (loss) from

investments in unconsolidated entities and net gain (loss)

on sales of land parcels

Income and other tax (expense) benefit

)

)

)

)

Income (loss) from investments in unconsolidated entities

)

)

)

)

Net income

Net (income) loss attributable to Noncontrolling Interests:

Operating Partnership

)

)

)

)

Partially Owned Properties

)

)

)

)

Net income attributable to controlling interests

Preferred distributions

)

)

)

)

Premium on redemption of Preferred Shares

)

—

—

—

Net income available to Common Shares

$

$

$

$

Earnings per share – basic:

Net income available to Common Shares

$

$

$

$

Weighted average Common Shares outstanding

Earnings per share – diluted:

Net income available to Common Shares

$

$

$

$

Weighted average Common Shares outstanding

Distributions declared per Common Share outstanding

$

$

$

$

6

Table of Contents

Equity Residential

Consolidated Statements of Funds From Operations and Normalized Funds From Operations

(Amounts in thousands except per share and Unit data)

(Unaudited)

Year Ended December 31,

Quarter Ended December 31,

Net income

$

$

$

$

Net (income) loss attributable to Noncontrolling Interests – Partially

Owned Properties

)

)

)

)

Preferred distributions

)

)

)

)

Premium on redemption of Preferred Shares

)

—

—

—

Net income available to Common Shares and Units

Adjustments:

Depreciation

Depreciation – Non-real estate additions

)

)

)

)

Depreciation – Partially Owned Properties

)

)

)

)

Depreciation – Unconsolidated Properties

Net (gain) loss on sales of unconsolidated entities - operating

assets

)

—

—

Net (gain) loss on sales of real estate properties

)

)

)

)

Noncontrolling Interests share of gain (loss) on sales

of real estate properties

—

FFO available to Common Shares and Units

Adjustments (see note for additional detail):

Write-off of pursuit costs

Debt extinguishment and preferred share redemption (gains)

losses

—

—

Non-operating asset (gains) losses

)

)

)

Other miscellaneous items

Normalized FFO available to Common Shares and Units

$

$

$

$

FFO

$

$

$

$

Preferred distributions

)

)

)

)

Premium on redemption of Preferred Shares

)

—

—

—

FFO available to Common Shares and Units

$

$

$

$

FFO per share and Unit – basic

$

$

$

$

FFO per share and Unit – diluted

$

$

$

$

Normalized FFO

$

$

$

$

Preferred distributions

)

)

)

)

Normalized FFO available to Common Shares and Units

$

$

$

$

Normalized FFO per share and Unit – basic

$

$

$

$

Normalized FFO per share and Unit – diluted

$

$

$

$

Weighted average Common Shares and Units outstanding – basic

Weighted average Common Shares and Units outstanding – diluted

Note: See Adjustments from FFO to Normalized FFO for additional detail regarding the adjustments from FFO to Normalized FFO. See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for the definitions of non-GAAP financial measures and other terms as well as the reconciliations of EPS to FFO per share and Normalized FFO per share.

7

Table of Contents

Equity Residential

Consolidated Balance Sheets

(Amounts in thousands except for share amounts)

(Unaudited)

ASSETS

Land

$

$

Depreciable property

Projects under development

Land held for development

Investment in real estate

Accumulated depreciation

)

)

Investment in real estate, net

Investments in unconsolidated entities1

Cash and cash equivalents

Restricted deposits

Right-of-use assets

Other assets

Total assets

$

$

LIABILITIES AND EQUITY

Liabilities:

Mortgage notes payable, net

$

$

Notes, net

Line of credit and commercial paper

Accounts payable and accrued expenses

Accrued interest payable

Lease liabilities

Other liabilities

Security deposits

Distributions payable

Total liabilities

Commitments and contingencies

Redeemable Noncontrolling Interests – Operating Partnership

Equity:

Shareholders' equity:

Preferred Shares of beneficial interest, $0.01 par value;

Common Shares of beneficial interest, $0.01 par value;

shares issued and outstanding as of December 31, 2023

Paid in capital

Retained earnings

Accumulated other comprehensive income (loss)

Total shareholders’ equity

Noncontrolling Interests:

Operating Partnership

Partially Owned Properties

)

Total Noncontrolling Interests

Total equity

Total liabilities and equity

$

$

1 Includes $324.0 million and $220.2 million in unconsolidated projects (primarily development) as of December 31, 2024 and December 31, 2023, respectively. See Development and Lease-Up Projects for additional detail on unconsolidated projects.

8

Table of Contents

Equity Residential

Portfolio Summary

% of

Stabilized

Average

Apartment

Budgeted

Rental

Markets/Metro Areas

Properties

Units

NOI

Rate

Established Markets:

Los Angeles

%

$

Orange County

%

San Diego

%

Subtotal – Southern California

%

Washington, D.C.

%

San Francisco

%

New York

%

Boston

%

Seattle

%

Subtotal – Established Markets

%

Expansion Markets:

Denver

%

Atlanta

%

Dallas/Ft. Worth

%

Austin

3

%

Subtotal – Expansion Markets

%

Total

%

$

Properties

Apartment Units

Wholly Owned Properties

Partially Owned Properties – Consolidated

Partially Owned Properties – Unconsolidated

4

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

9

Table of Contents

Equity Residential

($ in thousands)

Properties

Apartment

Units

Purchase Price

Acquisition

Cap Rate

Acquisitions:

Consolidated Rental Properties

2

$

%

Consolidated Rental Properties – Not Stabilized (1)

1

$

%

Sales Price

Disposition

Yield

Dispositions:

Consolidated Rental Properties

(7

)

)

$

)

%)

Completed Developments – Unconsolidated

3

Configuration Changes

—

($ in thousands)

Properties

Apartment

Units

Purchase

Price

Acquisition

Cap Rate

Acquisitions:

Consolidated Rental Properties

$

%

Consolidated Rental Properties – Not Stabilized (1)

2

$

%

Unconsolidated Land Parcels (2)

—

—

$

Sales Price

Disposition

Yield

Dispositions:

Consolidated Rental Properties

)

)

$

)

%)

Completed Developments – Unconsolidated

4

Configuration Changes

—

(1)

The Company acquired two properties during the year ended December 31, 2024, including a property in the Denver market in the fourth quarter of 2024, that are in lease-up and are expected to stabilize in their second year of ownership at the weighted average Acquisition Cap Rates listed above.

(2)

The Company previously entered into separate unconsolidated joint ventures for the purpose of developing vacant land parcels in suburban Boston, MA and suburban Seattle, WA. The joint ventures acquired their respective land parcels during the year ended December 31, 2024 for the total purchase price listed. The Company's total investment in these two joint ventures is approximately $90.9 million as of December 31, 2024. See Development and Lease-Up Projects for additional detail.

Table of Contents

Equity Residential

Same Store Results/Statistics Including 75,876 Same Store Apartment Units

(includes Residential and Non-Residential)

($ in thousands except for Average Rental Rate)

Results

Statistics

Description

Revenues

Expenses

NOI

Average

Rental

Rate

Physical

Occupancy

Turnover

$

$

$

$

%

%

$

$

$

$

%

%

Change

$

$

$

$

%

%)

Change

%

%

%

%

Same Store Results/Statistics Including 77,016 Same Store Apartment Units

(includes Residential and Non-Residential)

($ in thousands except for Average Rental Rate)

Results

Statistics

Description

Revenues

Expenses

NOI

Average

Rental

Rate

Physical

Occupancy

Turnover

$

$

$

$

%

%

$

$

$

$

%

%

Change

$

$

)

$

$

%

%)

Change

%

%)

%

%

Same Store Results/Statistics Including 75,299 Same Store Apartment Units

(includes Residential and Non-Residential)

($ in thousands except for Average Rental Rate)

Results

Statistics

Description

Revenues

Expenses

NOI

Average

Rental

Rate

Physical

Occupancy

Turnover

$

$

$

$

%

%

$

$

$

$

%

%

Change

$

$

$

$

%

%)

Change

%

%

%

%

Table of Contents

Equity Residential

Same Store Residential Revenues – GAAP to Cash Basis (1)

($ in thousands)

Same Store Residential Revenues (GAAP Basis)

$

$

$

$

$

$

Leasing Concessions amortized

Leasing Concessions granted

)

)

)

)

)

)

Same Store Residential Revenues with Leasing

Concessions on a cash basis

$

$

$

$

$

$

% change - GAAP revenue

%

%

%

% change - cash revenue

%

%

%

(1)

See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional detail.

Same Store Net Operating Income By Quarter

Including 75,299 Same Store Apartment Units

(includes Residential and Non-Residential)

($ in thousands)

Same store revenues

$

$

$

$

$

Same store expenses

Same store NOI

$

$

$

$

$

Table of Contents

Equity Residential

Same Store Residential Accounts Receivable Balances

Including 75,299 Same Store Apartment Units

($ in thousands)

Balance Sheet (Other assets):

Residential accounts receivable balances

$

$

$

Allowance for doubtful accounts

)

)

)

Net receivable balances

$

$

$

Straight-line receivable balances

$

(1)

$

$

(1)

Total same store Residential Leasing Concessions granted in the fourth quarter of 2024 were approximately $5.8 million. The straight-line receivable balance of $8.8 million reflects Residential Leasing Concessions that the Company expects will be primarily recognized as a reduction of rental revenues in 2025.

Same Store Residential Bad Debt

Including 75,299 Same Store Apartment Units

($ in thousands)

Income Statement (Rental income):

Bad debts before governmental rental assistance

$

$

$

Governmental rental assistance received

)

)

)

Bad Debt, Net

$

$

$

Bad Debt, Net as a % of Same Store Residential Revenues (1)

%

%

%

(1)

Bad Debt, Net remained relatively constant in Q4 2024 versus Q4 2023 as compared to the Company's guidance assumption of continuing improvement.

Table of Contents

Equity Residential

Same Store Residential Results/Statistics by Market

Increase (Decrease) from Prior Year's Quarter

Markets/Metro Areas

Apartment

Units

% of

Actual

NOI

Average

Rental

Rate

Weighted

Average

Physical

Occupancy %

Turnover

Revenues

Expenses

NOI

Average

Rental

Rate

Physical

Occupancy

Turnover

Los Angeles

%

$

%

%

%

%

%

%

%

%)

Orange County

%

%

%

%

%

%)

%

%)

%

San Diego

%

%

%

%

%

%

%

%

%)

Subtotal – Southern California

%

%

%

%

%

%

%

%

%)

San Francisco

%

%

%

%

%)

%

%

%

%)

Washington, D.C.

%

%

%

%

%

%

%

%)

%

New York

%

%

%

%

%

%

%

%

%)

Boston

%

%

%

%

%

%

%

%)

%)

Seattle

%

%

%

%

%

%

%

%

%

Denver

%

%

%

%)

%

%)

%)

%

%

Other Expansion Markets

%

%

%

%)

%

%)

%)

%

%)

Total

%

$

%

%

%

%

%

%

%

%)

Note: The above table reflects Residential same store results only. Residential operations account for more than 96.0% of total revenues for the year ended December 31, 2024.

Table of Contents

Equity Residential

Same Store Residential Results/Statistics by Market

Increase (Decrease) from Prior Quarter

Markets/Metro Areas

Apartment

Units

% of

Actual

NOI

Average

Rental

Rate

Weighted

Average

Physical

Occupancy %

Turnover

Revenues

Expenses

NOI

Average

Rental

Rate

Physical

Occupancy

Turnover

Los Angeles

%

$

%

%

%

%)

%

%

%

%)

Orange County