• Equity Residential average operating margin for 2023 was 40.71%, a 28.19% increase from 2022.
• Equity Residential average operating margin for 2022 was 56.69%, a 7.94% decline from 2021.
• Equity Residential average operating margin for 2021 was 52.52%, a 3.76% increase from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.