ERP Operating Ltd Partnership Enters Material Agreement

TL;DR

ERP Operating Ltd Partnership just signed a big deal, creating a new financial obligation.

AI Summary

On December 3, 2025, ERP Operating Ltd Partnership, a subsidiary of Equity Residential, entered into a material definitive agreement. This filing also indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement by the registrant. The filing includes financial statements and exhibits.

Why It Matters

This filing signals a significant new financial commitment or obligation for ERP Operating Ltd Partnership, potentially impacting its financial structure and future operations.

Risk Assessment

Risk Level: medium — The creation of a new financial obligation or definitive agreement introduces potential financial risks and requires further analysis of the agreement's terms.

Key Players & Entities

• ERP Operating Ltd Partnership (company) — Filer and party to agreement
• Equity Residential (company) — Parent company of ERP Operating Ltd Partnership
• 0001193125-25-308127 (filing_id) — Accession number for the filing
• 20251203 (date) — Date of report
• 20251204 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — Common Shares of Beneficial Interest, $0.01 Par Value (Equity Residential) EQR
• $2.5 billion — Equity Residential, entered into a new $2.5 billion unsecured revolving credit agreement (t
• $1.0 billion — e available borrowings by an additional $1.0 billion by adding lenders to the facility, obta

Filing Documents

• eqr-20251203.htm (8-K) — 70KB
• eqr-ex10_1.htm (EX-10.1) — 1618KB
• gfx14497822_0.gif (GRAPHIC) — 0KB
• 0001193125-25-308127.txt ( ) — 2062KB
• eqr-20251203.xsd (EX-101.SCH) — 52KB
• eqr-20251203_htm.xml (XML) — 8KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. See Item 2.03 below. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On December 3, 2025, ERP Operating Limited Partnership (the "Operating Partnership"), the operating partnership of Equity Residential, entered into a new $2.5 billion unsecured revolving credit agreement (the "Revolving Credit Agreement") with Bank of America, N.A., as Administrative Agent, and the financial institutions from time to time party thereto. The new credit facility replaced the Operating Partnership's then existing $2.5 billion revolving credit facility, which was scheduled to mature on October 26, 2027. The new credit facility matures on December 3, 2030. The Operating Partnership has the ability to increase available borrowings by an additional $1.0 billion by adding lenders to the facility, obtaining the agreement of existing lenders to increase their commitments, or incurring one or more term loans. The interest rate on advances under the Revolving Credit Agreement will generally be Term SOFR or Daily Simple SOFR plus a spread, which is currently 72.5 basis points per annum. In addition, there is a facility fee that accrues on the aggregate commitments under the Revolving Credit Agreement, paid quarterly in arrears, which is currently 12.5 basis points per annum. Both the spread and the facility fee are dependent on the credit rating of the Operating Partnership's long-term debt. The Revolving Credit Agreement contains customary representations, financial and other affirmative and negative covenants and events of default. The above description of the new credit facility does not purport to be complete and is qualified in its entirety by reference to the Revolving Credit Agreement, a copy of which is attached hereto as Exhibit 10.1 to this Current Report on Form 8-K, and the terms of which are incorporated herein by reference. Capitalized terms

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1* Revolving Credit Agreement, dated as of December 3, 2025, among ERP Operating Limited Partnership, Bank of America, N.A., as Administrative Agent, and the financial institutions party thereto . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). * Pursuant to Item 601(a)(5) of Regulation S-K, certain schedules and exhibits have been omitted. The registrants hereby agree to furnish a copy of any omitted schedule or exhibit to the Securities and Exchange Commission (the "SEC") upon request by the SEC.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EQUITY RESIDENTIAL Date: December 4, 2025 By: /s/ Scott J. Fenster Name: Scott J. Fenster Its: Executive Vice President and General Counsel ERP OPERATING LIMITED PARTNERSHIP By: Equity Residential, its general partner Date: December 4, 2025 By: /s/ Scott J. Fenster Name: Scott J. Fenster Its: Executive Vice President and General Counsel

View Full Filing

View this 8-K filing on SEC EDGAR