Equity Residential said ERP Operating Limited Partnership entered into a new $2.5 billion unsecured revolving credit agreement on December 3, 2025 with Bank of America, N.A. as Administrative Agent.

1. 01

   Equity Residential said ERP Operating Limited Partnership entered into a new $2.5 billion unsecured revolving credit agreement on December 3, 2025 with Bank of America, N.A. as Administrative Agent.

2. 02

   The company said the new credit facility replaced the Operating Partnership's existing $2.5 billion revolving credit facility, which was scheduled to mature on October 26, 2027, and the new credit facility matures on December 3, 2030.

3. 03

   Equity Residential said the interest rate on advances under the credit agreement will generally be Term SOFR or Daily Simple SOFR plus a spread, which is currently 72.5 basis points per annum, and there is a facility fee that accrues on the aggregate commitments, which is currently 12.5 basis points per annum. It added that both the spread and the facility fee are dependent on the credit rating of the Operating Partnership's long-term debt.

4. 04

   The company said 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.

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