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Companies Equity Residential

Equity Residential (EQR): executive pay, fiscal 2025

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CEO total pay$12,759,187CEO Mark Parrell · source
CEO vs. named peers50th pct.Of 16 peer CEOs

CEO pay, last three years

  • $11,361,059FY2023
  • $11,359,954FY2024
  • $12,759,187FY2025

CEO total pay was $12,759,187 in fiscal 2025, up from $11,359,954 in fiscal 2024.

FY2025: salary $900,000 · bonus $0 · stock awards $8,023,668 · option awards $1,498,741

Executives and directors

Frequently asked questions

Who was the highest-paid executive at Equity Residential in fiscal 2025?
As disclosed, Mark Parrell (President & Chief Executive Officer) was the highest-paid executive at Equity Residential in fiscal 2025, with total compensation of $12,759,187.
How does Equity Residential's chief executive pay compare to its disclosed peer group?
As disclosed, Mark Parrell's total compensation ranked at the 50th percentile of Equity Residential's disclosed peer group.
How much does Equity Residential spend in total on board compensation for fiscal 2025?
As disclosed, Equity Residential reported total board compensation of $3,155,374 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Mark Parrell$900,000$0$8,023,668$1,498,741$2,317,613$0$19,165$12,759,187
President & Chief Executive Officer
Michael Manelis675,00003,434,08601,165,084022,6565,296,826
Executive Vice President & Chief Operating Officer
Robert Garechana625,00002,640,380359,2991,102,219021,4864,748,384
Executive Vice President & Chief Investment Officer
Alexander Brackenridge625,00002,883,38701,149,094011,9474,669,428
Executive Vice President - Investments
Scott Fenster550,00001,542,2660759,462018,9352,870,663
Executive Vice President & General Counsel
Bret McLeod245,61601,249,9440825,48102,8222,323,863
Executive Vice President & Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Mark Parrell$12,759,187$11,359,954$11,361,059↑ +1,399,233
Michael Manelis5,296,8264,792,7324,570,246↑ +504,094
Robert Garechana4,748,3844,194,2094,130,355↑ +554,175
Alexander Brackenridge4,669,4284,164,9914,057,618↑ +504,437
Scott Fenster2,870,6632,641,3322,601,332↑ +229,331
Bret McLeod2,323,86300↑ +2,323,863

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

The Company's 2025 Executive Compensation Program is based on a strong performance-oriented compensation philosophy to align executive and shareholder interests and is designed to attract, retain and motivate talented executives. Approximately 92% of the CEO's pay and an average of 84% of other NEO pay is tied solely to performance.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantFerguson Partners Consulting
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Michael ManelisPSU2025-01-0111,06522,130—44,260$1,687,470
Alexander BrackenridgePSU2025-01-018,81617,632—35,2641,374,943
Scott FensterRSU2025-02-05——12,197—827,323
Alexander BrackenridgeRSU2025-02-05——20,971—1,508,444
Scott FensterPSU2025-01-014,6889,376—18,752714,943
Michael ManelisRSU2025-02-05——25,383—1,746,616
Bret McLeodRSU2025-08-07——19,564—1,249,944

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Michael Manelis$1,746,616$1,687,470$049.1%
Alexander Brackenridge1,508,4441,374,943047.7%
Scott Fenster827,323714,943046.4%
Bret McLeod1,249,944000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Scott FensterOption5,18166.59—
Robert GarechanaOption8,88066.59—
Scott FensterOption11,40260.96—
Michael ManelisOption19,23966.59—
Bret McLeodRSU19,564—1,233,315
Robert GarechanaOption20,23660.96—
Michael ManelisOption22,43260.96—
Robert GarechanaOption27,19971.93—
Scott FensterPSU28,827—1,817,254
Scott FensterRSU30,816—1,942,641
Mark ParrellOption38,89060.96—
Mark ParrellOption38,91966.59—
Robert GarechanaRSU49,348—3,110,898
Alexander BrackenridgePSU55,182—3,478,673
Michael ManelisRSU55,614—3,505,907
Robert GarechanaPSU59,233—3,734,048
Alexander BrackenridgeRSU61,768—3,893,855
Michael ManelisPSU67,700—4,267,808
Mark ParrellRSU79,006—4,980,538
Mark ParrellOption113,45571.93—
Mark ParrellPSU270,159—17,030,823
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
David J. NeithercutBoard Chair$94,000$0$459,994——$553,994
Stephen E. SterrettIndependent · Audit · Compensation176,500209,9860——386,486
Mary Kay HabenIndependent · Compensation (Chair)147,500209,9860——357,486
Linda Walker BynoeIndependent · Audit145,000209,9860——354,986
Angela M. AmanIndependent · Audit (Chair)144,500209,9590——354,459
Nina P. JonesIndependent · Audit120,000209,9860——329,986
Tahsinul Zia HuqueIndependent · Compensation117,500209,9590——327,459
Mark S. ShapiroIndependent · Compensation117,500209,9590——327,459
Ann C. HoffIndependent · Audit · Compensation115,000209,9860——324,986
Chris CarrIndependent · Audit52,500189,8170——242,317
John E. Neal55,75000——55,750

Board fee structure and ownership guideline

Annual cash retainer$90,000
Annual equity retainer$210,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)35,000 / 30,000 / 25,000
Stock ownership guideline$450,000

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,285,750
Equity awards (grant-date value)$1,869,624
All other compensation$0
Total cost of the board$3,155,374

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Equity Residential as a peer

Companies that benchmark against EQR

24 companies name EQR as a compensation peer

Each company listed discloses EQR in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named EQR in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

The companies Equity Residential names as compensation peers that name it back in their own disclosed peer groups.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Welltower Inc.2025Shankh Mitra$1,300,000$813,178,818$0$6,500,000$821,090,355
2BXP, Inc.2025Owen Thomas950,00019,317,94302,758,90023,047,305
3Equinix, Inc.2025Adaire Fox-Martin1,000,00021,416,95104322,654,885
4Digital Realty Trust, Inc.2025Andrew Power978,84614,174,68403,700,00021,071,498
5Ventas, Inc.2025Debra Cafaro1,162,72012,015,05104,087,30317,501,073
6Prologis, Inc.2025Daniel Letter795,38512,500,9900—15,190,625
7Extra Space Storage Inc.2025Joseph Margolis940,00011,138,71501,616,21314,186,887
8Invitation Homes Inc.2025Dallas Tanner1,000,00010,965,04602,108,00014,096,335
9Equity Residential2025Mark Parrell900,0008,023,6681,498,7412,317,61312,759,187
10Simon Property Group, Inc.2025David Simon1,250,0007,000,2610011,663,678
11Essex Property Trust, Inc.2025Angela Kleiman944,5204,733,25404,362,21010,096,804
12UDR, Inc.2025Thomas Toomey900,0009,010,120009,933,438
13Public Storage2025Joseph Russell1,000,0003,982,3712,907,5832,005,8239,909,777
14Sun Communities, Inc.2025Charles Young218,7257,921,66101,725,0009,865,401
15AvalonBay Communities, Inc.2025Benjamin Schall1,000,0006,319,735482,3651,815,5409,663,500
16Mid-America Apartment Communities, Inc.2025A. Bradley Hill712,0193,412,40901,183,9005,453,480
17Camden Property Trust2025Alexander Jessett646,5963,010,54801,491,0315,151,175

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Equity Residentialnot disclosedLTI Awards 100not disclosedFerguson Partners Consulting
AvalonBay Communities, Inc.104.8%PSU 100NoFerguson Partners Consulting L.P.
BXP, Inc.117.4%PSU 55 · RSU 45Yes — Relative TSR with aTSR ModifierFW Cook
Camden Property Trustnot disclosedPSU 100Yes — Total Shareholder Return (TSR)CBIZ Talent and Compensation Solutions
Digital Realty Trust, Inc.378%PSU 60 · LTIP Units 40NoSemler Brossy
Equinix, Inc.99%PSU 59 · RSU 29Yes — rTSRCompensia
Essex Property Trust, Inc.153%PRSU 85 · RSU 15Yes — Relative TSR to Nareit Apartment IndexMercer LLC
Extra Space Storage Inc.98.25%PSU 75 · RSU 25Yes — Relative TSRMeridian
Invitation Homes Inc.105.4%PSU 75 · RSU 25Yes — TSR Relative to RMS Index CAGRFerguson Partners Consulting
Mid-America Apartment Communities, Inc.not disclosedPSU 80 · RSU 20Yes — Compounded Annualized Three-Year Relative Total Shareholder Return (TSR)Pearl Meyer
Prologis, Inc.137.5%PSU 100NoPay Governance
Public Storagenot disclosedPSU 80 · Options 20NoFerguson Partners Consulting
Simon Property Group, Inc.49.63%LTIP Units 75 · RSU 25Yes — TSR modifierSemler Brossy
Sun Communities, Inc.not disclosedPSU 60 · RSU 40Yes — Relative TSR vs. MSCI US REIT IndexFerguson Partners Consulting, LP
UDR, Inc.not disclosedPSU 100Yes — Relative cumulative TSR versus apartment peersFPL Associates
Ventas, Inc.not disclosedPSU 70 · RSU 30Yes — TSR Relative to the Nareit Health Care IndexSemler Brossy
Welltower Inc.200%not disclosedYes — TSR vs FTSE NAREIT Equity Health Care IndexFerguson Partners Consulting

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio

No say-on-pay vote is on file for this company.

Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (53 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Mark Parrell. DEF 14A, filed 2026-04-14. Section “Summary Compensation Table”. As printed: 12,759,187. View filing ↗
  • Section 01, Michael Manelis. DEF 14A, filed 2026-04-14. Section “Summary Compensation Table”. As printed: 5,296,826. View filing ↗
  • Section 01, Robert Garechana. DEF 14A, filed 2026-04-14. Section “Summary Compensation Table”. As printed: 4,748,384. View filing ↗
  • Section 01, Alexander Brackenridge. DEF 14A, filed 2026-04-14. Section “Summary Compensation Table”. As printed: 4,669,428. View filing ↗
  • Section 01, Scott Fenster. DEF 14A, filed 2026-04-14. Section “Summary Compensation Table”. As printed: 2,870,663. View filing ↗
  • Section 01, Bret McLeod. DEF 14A, filed 2026-04-14. Section “Summary Compensation Table”. As printed: 2,323,863. View filing ↗
  • Section 03, Michael Manelis PSU. DEF 14A, filed 2026-04-14. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Alexander Brackenridge PSU. DEF 14A, filed 2026-04-14. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Scott Fenster RSU. DEF 14A, filed 2026-04-14. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Alexander Brackenridge RSU. DEF 14A, filed 2026-04-14. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Scott Fenster PSU. DEF 14A, filed 2026-04-14. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Manelis RSU. DEF 14A, filed 2026-04-14. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Bret McLeod RSU. DEF 14A, filed 2026-04-14. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
  • Section 08, David J. Neithercut. DEF 14A, filed 2026-04-14. Section “Director Compensation”. As printed: 553,994. View filing ↗
  • Section 08, Stephen E. Sterrett. DEF 14A, filed 2026-04-14. Section “Director Compensation”. As printed: 386,486. View filing ↗
  • Section 08, Mary Kay Haben. DEF 14A, filed 2026-04-14. Section “Director Compensation”. As printed: 357,486. View filing ↗
  • Section 08, Linda Walker Bynoe. DEF 14A, filed 2026-04-14. Section “Director Compensation”. As printed: 354,986. View filing ↗
  • Section 08, Angela M. Aman. DEF 14A, filed 2026-04-14. Section “Director Compensation”. As printed: 354,459. View filing ↗
  • Section 08, Nina P. Jones. DEF 14A, filed 2026-04-14. Section “Director Compensation”. As printed: 329,986. View filing ↗
  • Section 08, Tahsinul Zia Huque. DEF 14A, filed 2026-04-14. Section “Director Compensation”. As printed: 327,459. View filing ↗
  • Section 08, Mark S. Shapiro. DEF 14A, filed 2026-04-14. Section “Director Compensation”. As printed: 327,459. View filing ↗
  • Section 08, Ann C. Hoff. DEF 14A, filed 2026-04-14. Section “Director Compensation”. As printed: 324,986. View filing ↗
  • Section 08, Chris Carr. DEF 14A, filed 2026-04-14. Section “Director Compensation”. As printed: 242,317. View filing ↗
  • Section 08, John E. Neal. DEF 14A, filed 2026-04-14. Section “Director Compensation”. As printed: 55,750. View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 1,285,750 + equity 1,869,624 + all other 0 = 3,155,374, summed across the director compensation table rows.
  • Welltower Inc., Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in Welltower Inc.'s own proxy. As printed: 821,090,355. View filing ↗
  • BXP, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in BXP, Inc.'s own proxy. As printed: 23,047,305. View filing ↗
  • Equinix, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Equinix, Inc.'s own proxy. As printed: 22,654,885. View filing ↗
  • Digital Realty Trust, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-17. CEO total compensation as printed in Digital Realty Trust, Inc.'s own proxy. As printed: 21,071,498. View filing ↗
  • Ventas, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in Ventas, Inc.'s own proxy. As printed: 17,501,073. View filing ↗
  • Prologis, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-19. CEO total compensation as printed in Prologis, Inc.'s own proxy. As printed: 15,190,625. View filing ↗
  • Extra Space Storage Inc., Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in Extra Space Storage Inc.'s own proxy. As printed: 14,186,887. View filing ↗
  • Invitation Homes Inc., Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in Invitation Homes Inc.'s own proxy. As printed: 14,096,335. View filing ↗
  • Equity Residential (subject), Section 10b CEO total. DEF 14A, filed 2026-04-14. CEO total compensation as printed in Equity Residential's own proxy. As printed: 12,759,187. View filing ↗
  • Simon Property Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in Simon Property Group, Inc.'s own proxy. As printed: 11,663,678. View filing ↗
  • Essex Property Trust, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Essex Property Trust, Inc.'s own proxy. As printed: 10,096,804. View filing ↗
  • UDR, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in UDR, Inc.'s own proxy. As printed: 9,933,438. View filing ↗
  • Public Storage, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Public Storage's own proxy. As printed: 9,909,777. View filing ↗
  • Sun Communities, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-30. CEO total compensation as printed in Sun Communities, Inc.'s own proxy. As printed: 9,865,401. View filing ↗
  • AvalonBay Communities, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-06. CEO total compensation as printed in AvalonBay Communities, Inc.'s own proxy. As printed: 9,663,500. View filing ↗
  • Mid-America Apartment Communities, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-06. CEO total compensation as printed in Mid-America Apartment Communities, Inc.'s own proxy. As printed: 5,453,480. View filing ↗
  • Camden Property Trust, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Camden Property Trust's own proxy. As printed: 5,151,175. View filing ↗
  • Section 10a, Camden Property Trust reciprocity. DEF 14A. Camden Property Trust names Equity Residential in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, UDR, Inc. reciprocity. DEF 14A. UDR, Inc. names Equity Residential in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Welltower Inc. reciprocity. DEF 14A. Welltower Inc. names Equity Residential in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Digital Realty Trust, Inc. reciprocity. DEF 14A. Digital Realty Trust, Inc. names Equity Residential in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Public Storage reciprocity. DEF 14A. Public Storage names Equity Residential in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Ventas, Inc. reciprocity. DEF 14A. Ventas, Inc. names Equity Residential in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Extra Space Storage Inc. reciprocity. DEF 14A. Extra Space Storage Inc. names Equity Residential in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Invitation Homes Inc. reciprocity. DEF 14A. Invitation Homes Inc. names Equity Residential in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Essex Property Trust, Inc. reciprocity. DEF 14A. Essex Property Trust, Inc. names Equity Residential in its own disclosed peer group (read from its most recent proxy). View filing ↗
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