Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 28, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | EQUITY RESIDENTIAL | |
Entity Central Index Key | 0000906107 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | EQR | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 372,210,138 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 1-12252 | |
Entity Tax Identification Number | 13-3675988 | |
Entity Address, Address Line One | Two North Riverside Plaza | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | 312 | |
Local Phone Number | 474-1300 | |
Entity Incorporation, State or Country Code | MD | |
Title of 12(b) Security | Common Shares of Beneficial Interest,$0.01 Par Value (Equity Residential) | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
ERPOP [Member] | ||
Document Information [Line Items] | ||
Entity Registrant Name | ERP OPERATING LIMITED PARTNERSHIP | |
Entity Central Index Key | 0000931182 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
No Trading Symbol Flag | true | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 0-24920 | |
Entity Tax Identification Number | 36-3894853 | |
Entity Address, Address Line One | Two North Riverside Plaza | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | 312 | |
Local Phone Number | 474-1300 | |
Entity Incorporation, State or Country Code | IL | |
Title of 12(b) Security | 7.57% Notes due August 15, 2026(ERP Operating Limited Partnership) | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Land | $ 5,789,307 | $ 5,936,188 |
Depreciable property | 20,997,903 | 21,319,101 |
Projects under development | 274,825 | 181,630 |
Land held for development | 102,361 | 96,688 |
Investment in real estate | 27,164,396 | 27,533,607 |
Accumulated depreciation | (7,537,713) | (7,276,786) |
Investment in real estate, net | 19,626,683 | 20,256,821 |
Investments in unconsolidated entities | 55,310 | 52,238 |
Cash and cash equivalents | 187,416 | 45,753 |
Restricted deposits | 58,117 | 71,246 |
Right-of-use assets | 505,077 | 512,774 |
Other assets | 282,348 | 233,937 |
Total assets | 20,714,951 | 21,172,769 |
Liabilities: | ||
Mortgage notes payable, net | 2,340,757 | 1,941,610 |
Notes, net | 6,081,102 | 6,077,513 |
Line of credit and commercial paper | 1,017,833 | |
Accounts payable and accrued expenses | 109,776 | 94,350 |
Accrued interest payable | 67,589 | 66,852 |
Lease liabilities | 330,135 | 331,334 |
Other liabilities | 315,208 | 346,963 |
Security deposits | 64,005 | 70,062 |
Distributions payable | 232,208 | 218,326 |
Total liabilities | 9,540,780 | 10,164,843 |
Commitments and contingencies | ||
Redeemable Noncontrolling Interests – Operating Partnership | 336,695 | 463,400 |
Shareholders' equity: | ||
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of June 30, 2020 and December 31, 2019 | 37,280 | 37,280 |
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 372,209,012 shares issued and outstanding as of June 30, 2020 and 371,670,884 shares issued and outstanding as of December 31, 2019 | 3,722 | 3,717 |
Paid in capital | 9,118,332 | 8,965,577 |
Retained earnings | 1,505,694 | 1,386,495 |
Accumulated other comprehensive income (loss) | (67,355) | (77,563) |
Total shareholders’ equity | 10,597,673 | 10,315,506 |
Noncontrolling Interests: | ||
Operating Partnership | 235,169 | 227,837 |
Partially Owned Properties | 4,634 | 1,183 |
Total Noncontrolling Interests | 239,803 | 229,020 |
Total equity | 10,837,476 | 10,544,526 |
Total liabilities and equity/capital | $ 20,714,951 | $ 21,172,769 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 745,600 | 745,600 |
Preferred Stock, Shares Outstanding | 745,600 | 745,600 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 372,209,012 | 371,670,884 |
Common Stock, Shares, Outstanding | 372,209,012 | 371,670,884 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
REVENUES | ||||
Rental income | $ 653,532 | $ 669,374 | $ 1,335,837 | $ 1,331,676 |
EXPENSES | ||||
Property and maintenance | 104,452 | 108,461 | 220,268 | 223,531 |
Real estate taxes and insurance | 95,038 | 91,446 | 192,770 | 182,888 |
Property management | 23,608 | 24,369 | 51,317 | 50,765 |
General and administrative | 11,835 | 14,329 | 26,353 | 29,710 |
Depreciation | 205,976 | 200,508 | 418,398 | 404,723 |
Total expenses | 440,909 | 439,113 | 909,106 | 891,617 |
Net gain (loss) on sales of real estate properties | 144,266 | 138,856 | 352,243 | 138,835 |
Operating income | 356,889 | 369,117 | 778,974 | 578,894 |
Interest and other income | 1,511 | 1,152 | 3,471 | 1,925 |
Other expenses | (1,694) | (5,117) | (4,227) | (8,392) |
Interest: | ||||
Expense incurred, net | (81,885) | (108,902) | (167,475) | (203,840) |
Amortization of deferred financing costs | (2,111) | (3,647) | (4,152) | (5,783) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 272,710 | 252,603 | 606,591 | 362,804 |
Income and other tax (expense) benefit | (187) | (246) | (240) | (484) |
Income (loss) from investments in unconsolidated entities | (1,042) | 68,765 | (2,199) | 68,058 |
Net gain (loss) on sales of land parcels | 177 | 178 | ||
Net income | 271,481 | 321,299 | 604,152 | 430,556 |
Net (income) loss attributable to Noncontrolling Interests: | ||||
Operating Partnership | (9,713) | (11,510) | (21,248) | (15,429) |
Partially Owned Properties | (880) | (821) | (13,410) | (1,620) |
Net income attributable to controlling interests | 260,888 | 308,968 | 569,494 | 413,507 |
Preferred distributions | (772) | (772) | (1,545) | (1,545) |
Net income available to Common Shares | $ 260,116 | $ 308,196 | $ 567,949 | $ 411,962 |
Earnings per share – basic: | ||||
Net income available to Common Shares | $ 0.70 | $ 0.83 | $ 1.53 | $ 1.11 |
Weighted average Common Shares outstanding | 371,795 | 370,342 | 371,689 | 369,952 |
Earnings per share – diluted: | ||||
Net income available to Common Shares | $ 0.70 | $ 0.83 | $ 1.53 | $ 1.11 |
Weighted average Common Shares outstanding | 385,913 | 386,107 | 386,272 | 385,644 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Comprehensive income: | ||||
Net income | $ 271,481 | $ 321,299 | $ 604,152 | $ 430,556 |
Other comprehensive income (loss) – derivative instruments: | ||||
Unrealized holding gains (losses) arising during the period | (223) | (19,345) | (1,190) | (33,765) |
Losses reclassified into earnings from other comprehensive income | 5,764 | 4,509 | 11,398 | 8,902 |
Other comprehensive income (loss) | 5,541 | (14,836) | 10,208 | (24,863) |
Comprehensive income | 277,022 | 306,463 | 614,360 | 405,693 |
Comprehensive (income) attributable to Noncontrolling Interests | (10,792) | (11,797) | (35,026) | (16,150) |
Comprehensive income attributable to controlling interests | $ 266,230 | $ 294,666 | $ 579,334 | $ 389,543 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 604,152 | $ 430,556 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 418,398 | 404,723 |
Amortization of deferred financing costs | 4,152 | 5,783 |
Amortization of above/below market lease intangibles | (35) | (35) |
Amortization of discounts and premiums on debt | 2,553 | 17,795 |
Amortization of deferred settlements on derivative instruments | 11,392 | 8,896 |
Amortization of right-of-use assets | 5,892 | 6,952 |
Write-off of pursuit costs | 3,278 | 2,987 |
(Income) loss from investments in unconsolidated entities | 2,199 | (68,058) |
Distributions from unconsolidated entities – return on capital | 100 | 2,387 |
Net (gain) loss on sales of real estate properties | (352,243) | (138,835) |
Net (gain) loss on sales of land parcels | (178) | |
Realized/unrealized (gain) loss on derivative instruments | 25 | |
Compensation paid with Company Common Shares | 13,475 | 16,782 |
Other operating activities, net | 1,805 | |
Changes in assets and liabilities: | ||
(Increase) decrease in other assets | (61,422) | 1,610 |
Increase (decrease) in accounts payable and accrued expenses | 5,954 | 22,435 |
Increase (decrease) in accrued interest payable | 737 | 1,536 |
Increase (decrease) in lease liabilities | (1,199) | (1,171) |
Increase (decrease) in other liabilities | (18,070) | (25,161) |
Increase (decrease) in security deposits | (6,057) | 1,769 |
Net cash provided by operating activities | 635,086 | 690,773 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in real estate – acquisitions | (653,132) | |
Investment in real estate – development/other | (95,215) | (93,210) |
Capital expenditures to real estate | (61,265) | (81,528) |
Non-real estate capital additions | (15,536) | (1,466) |
Interest capitalized for real estate under development | (4,102) | (2,679) |
Proceeds from disposition of real estate, net | 747,600 | 393,439 |
Investments in unconsolidated entities | (5,626) | (8,572) |
Distributions from unconsolidated entities – return of capital | 78,262 | |
Purchase of investment securities and other investments | (509) | (269) |
Net cash provided by (used for) investing activities | 565,347 | (369,155) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt financing costs | (2,907) | (6,069) |
Mortgage notes payable, net: | ||
Proceeds | 495,145 | 295,620 |
Lump sum payoffs | (91,500) | (95,500) |
Scheduled principal repayments | (3,873) | (3,110) |
Notes, net: | ||
Proceeds | 597,480 | |
Line of credit and commercial paper: | ||
Line of credit proceeds | 1,870,000 | 1,995,000 |
Line of credit repayments | (1,890,000) | (1,995,000) |
Commercial paper proceeds | 6,726,167 | 7,775,817 |
Commercial paper repayments | (7,724,000) | (8,275,000) |
Proceeds from (payments on) settlement of derivative instruments | (1,215) | (41,616) |
Proceeds from Employee Share Purchase Plan (ESPP) | 2,359 | 1,652 |
Proceeds from exercise of options | 11,322 | 48,487 |
Payment of offering costs | (155) | |
Other financing activities, net | (31) | (49) |
Contributions – Noncontrolling Interests – Partially Owned Properties | 341 | 4,594 |
Contributions – Noncontrolling Interests – Operating Partnership | 12 | |
Distributions: | ||
Common Shares | (435,427) | (409,943) |
Preferred Shares | (1,545) | (773) |
Noncontrolling Interests – Operating Partnership | (16,478) | (14,728) |
Noncontrolling Interests – Partially Owned Properties | (10,269) | (5,170) |
Net cash provided by (used for) financing activities | (1,071,899) | (128,463) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 128,534 | 193,155 |
Cash and cash equivalents and restricted deposits, beginning of period | 116,999 | 116,313 |
Cash and cash equivalents and restricted deposits, end of period | 245,533 | 309,468 |
Cash and cash equivalents | 187,416 | 251,273 |
Restricted deposits | 58,117 | 58,195 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 148,164 | 171,116 |
Net cash paid (received) for income and other taxes | 428 | 754 |
Amortization of deferred financing costs: | ||
Investment in real estate, net | (120) | |
Other assets | 1,169 | 1,206 |
Mortgage notes payable, net | 876 | 2,344 |
Notes, net | 2,227 | 2,233 |
Amortization of discounts and premiums on debt: | ||
Mortgage notes payable, net | 1,191 | 16,426 |
Notes, net | 1,362 | 1,369 |
Amortization of deferred settlements on derivative instruments: | ||
Other liabilities | (6) | (6) |
Accumulated other comprehensive income | 11,398 | 8,902 |
Write-off of pursuit costs: | ||
Investment in real estate, net | 3,122 | 2,947 |
Other assets | 140 | 37 |
Accounts payable and accrued expenses | 16 | 3 |
(Income) loss from investments in unconsolidated entities: | ||
Investments in unconsolidated entities | 1,554 | (68,735) |
Other liabilities | 645 | 677 |
Realized/unrealized (gain) loss on derivative instruments: | ||
Other assets | 2,002 | |
Notes, net | 2,253 | |
Other liabilities | 1,215 | 29,510 |
Accumulated other comprehensive income | (1,190) | (33,765) |
Investments in unconsolidated entities: | ||
Investments in unconsolidated entities | (4,726) | (6,472) |
Other liabilities | (900) | (2,100) |
Debt financing costs: | ||
Other assets | (215) | 145 |
Mortgage notes payable, net | $ (2,692) | (2,237) |
Notes, net | (5,213) | |
Other liabilities | 1,236 | |
Right-of-use assets and lease liabilities initial measurement and reclassifications: | ||
Right-of-use assets | (438,705) | |
Other assets | 184,116 | |
Lease liabilities | 282,791 | |
Other liabilities | $ (28,202) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands | Total | PREFERRED SHARES | COMMON SHARES, $0.01 PAR VALUE | PAID IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | DISTRIBUTIONS | OPERATING PARTNERSHIP | PARTIALLY OWNED PROPERTIES |
Balance, beginning of year at Dec. 31, 2018 | $ 37,280 | $ 3,694 | $ 8,935,453 | $ 1,261,763 | $ (64,986) | ||||
Balance, beginning of year at Dec. 31, 2018 | $ 228,738 | $ (2,293) | |||||||
COMMON SHARES, $0.01 PAR VALUE | |||||||||
Conversion of OP Units into Common Shares | 2 | 4,869 | |||||||
Exercise of share options | 10 | 48,477 | |||||||
Employee Share Purchase Plan (ESPP) | 1,652 | ||||||||
Share-based employee compensation expense: | |||||||||
Restricted shares | 2 | 7,980 | |||||||
Share options | 1,682 | ||||||||
ESPP discount | 365 | ||||||||
Offering costs | (155) | ||||||||
Supplemental Executive Retirement Plan (SERP) | (1,539) | ||||||||
Change in market value of Redeemable Noncontrolling Interests –Operating Partnership | $ 56,974 | (56,974) | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 7,771 | (7,771) | |||||||
PAID IN CAPITAL | |||||||||
Conversion of OP Units into Common Shares | 2 | 4,869 | |||||||
Exercise of share options | 10 | 48,477 | |||||||
Employee Share Purchase Plan (ESPP) | 1,652 | ||||||||
RETAINED EARNINGS | |||||||||
Net income attributable to controlling interests | 413,507 | 413,507 | |||||||
Common Share distributions | (420,916) | ||||||||
Preferred Share distributions | (1,545) | ||||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Unrealized holding gains (losses) arising during the period | (33,765) | (33,765) | |||||||
Losses reclassified into earnings from other comprehensive income | (8,902) | 8,902 | |||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Common Share outstanding | $ 1.135 | ||||||||
NONCONTROLLING INTERESTS | |||||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (4,871) | ||||||||
Equity compensation associated with Noncontrolling Interests | 10,829 | ||||||||
Net income attributable to Noncontrolling Interests | 15,429 | 15,429 | 1,620 | ||||||
Distributions to Noncontrolling Interests | (15,079) | (5,219) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership | (45) | 45 | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 7,771 | (7,771) | |||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 15,429 | 15,429 | 1,620 | ||||||
Contributions by Noncontrolling Interests | 4,594 | ||||||||
Distributions to Noncontrolling Interests | (15,079) | (5,219) | |||||||
Balance, end of period at Jun. 30, 2019 | 37,280 | 3,708 | 8,949,581 | 1,252,809 | (89,849) | ||||
Balance, end of period at Jun. 30, 2019 | 227,320 | (1,298) | |||||||
Balance, beginning of year at Mar. 31, 2019 | 37,280 | 3,705 | 8,925,882 | 1,155,032 | (75,013) | ||||
Balance, beginning of year at Mar. 31, 2019 | 225,081 | (5,462) | |||||||
COMMON SHARES, $0.01 PAR VALUE | |||||||||
Conversion of OP Units into Common Shares | 84 | ||||||||
Exercise of share options | 3 | 18,624 | |||||||
Employee Share Purchase Plan (ESPP) | 526 | ||||||||
Share-based employee compensation expense: | |||||||||
Restricted shares | 3,404 | ||||||||
Share options | 889 | ||||||||
ESPP discount | 98 | ||||||||
Offering costs | (155) | ||||||||
Supplemental Executive Retirement Plan (SERP) | (937) | ||||||||
Change in market value of Redeemable Noncontrolling Interests –Operating Partnership | (1,953) | ||||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 3,119 | (3,119) | |||||||
PAID IN CAPITAL | |||||||||
Conversion of OP Units into Common Shares | 84 | ||||||||
Exercise of share options | 3 | 18,624 | |||||||
Employee Share Purchase Plan (ESPP) | 526 | ||||||||
RETAINED EARNINGS | |||||||||
Net income attributable to controlling interests | 308,968 | 308,968 | |||||||
Common Share distributions | (210,419) | ||||||||
Preferred Share distributions | (772) | ||||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Unrealized holding gains (losses) arising during the period | (19,345) | (19,345) | |||||||
Losses reclassified into earnings from other comprehensive income | (4,509) | 4,509 | |||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Common Share outstanding | 0.5675 | ||||||||
NONCONTROLLING INTERESTS | |||||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (84) | ||||||||
Equity compensation associated with Noncontrolling Interests | 2,926 | ||||||||
Net income attributable to Noncontrolling Interests | 11,510 | 11,510 | 821 | ||||||
Distributions to Noncontrolling Interests | (7,474) | (1,251) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership | (1,520) | ||||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 3,119 | (3,119) | |||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 11,510 | 11,510 | 821 | ||||||
Contributions by Noncontrolling Interests | 4,594 | ||||||||
Distributions to Noncontrolling Interests | (7,474) | (1,251) | |||||||
Balance, end of period at Jun. 30, 2019 | 37,280 | 3,708 | 8,949,581 | 1,252,809 | (89,849) | ||||
Balance, end of period at Jun. 30, 2019 | 227,320 | (1,298) | |||||||
Balance, beginning of year at Dec. 31, 2019 | 10,315,506 | 37,280 | 3,717 | 8,965,577 | 1,386,495 | (77,563) | |||
Balance, beginning of year at Dec. 31, 2019 | 229,020 | 227,837 | 1,183 | ||||||
COMMON SHARES, $0.01 PAR VALUE | |||||||||
Conversion of OP Units into Common Shares | 1 | 3,855 | |||||||
Exercise of share options | 2 | 11,320 | |||||||
Employee Share Purchase Plan (ESPP) | 2,359 | ||||||||
Share-based employee compensation expense: | |||||||||
Restricted shares | 2 | 7,252 | |||||||
Share options | 1,293 | ||||||||
ESPP discount | 416 | ||||||||
Supplemental Executive Retirement Plan (SERP) | (506) | ||||||||
Change in market value of Redeemable Noncontrolling Interests –Operating Partnership | (128,753) | 128,753 | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | (1,987) | 1,987 | |||||||
PAID IN CAPITAL | |||||||||
Conversion of OP Units into Common Shares | 1 | 3,855 | |||||||
Exercise of share options | 2 | 11,320 | |||||||
Employee Share Purchase Plan (ESPP) | 2,359 | ||||||||
RETAINED EARNINGS | |||||||||
Net income attributable to controlling interests | 569,494 | 569,494 | |||||||
Common Share distributions | (448,750) | ||||||||
Preferred Share distributions | (1,545) | ||||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Unrealized holding gains (losses) arising during the period | (1,190) | (1,190) | |||||||
Losses reclassified into earnings from other comprehensive income | (11,398) | 11,398 | |||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Common Share outstanding | 1.205 | ||||||||
NONCONTROLLING INTERESTS | |||||||||
Issuance of restricted units to Noncontrolling Interests | 12 | ||||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (3,856) | ||||||||
Equity compensation associated with Noncontrolling Interests | 7,026 | ||||||||
Net income attributable to Noncontrolling Interests | 21,248 | 21,248 | 13,410 | ||||||
Distributions to Noncontrolling Interests | (17,037) | (10,300) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership | 2,048 | (2,048) | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | (1,987) | 1,987 | |||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 21,248 | 21,248 | 13,410 | ||||||
Contributions by Noncontrolling Interests | 341 | ||||||||
Distributions to Noncontrolling Interests | (17,037) | (10,300) | |||||||
Balance, end of period at Jun. 30, 2020 | 10,597,673 | 37,280 | 3,722 | 9,118,332 | 1,505,694 | (67,355) | |||
Balance, end of period at Jun. 30, 2020 | 239,803 | 235,169 | 4,634 | ||||||
Balance, beginning of year at Mar. 31, 2020 | 37,280 | 3,721 | 9,092,441 | 1,469,821 | (72,896) | ||||
Balance, beginning of year at Mar. 31, 2020 | 235,580 | 4,739 | |||||||
COMMON SHARES, $0.01 PAR VALUE | |||||||||
Conversion of OP Units into Common Shares | 1 | 2,011 | |||||||
Exercise of share options | 171 | ||||||||
Employee Share Purchase Plan (ESPP) | 1,490 | ||||||||
Share-based employee compensation expense: | |||||||||
Restricted shares | 3,231 | ||||||||
Share options | 623 | ||||||||
ESPP discount | 263 | ||||||||
Supplemental Executive Retirement Plan (SERP) | (655) | ||||||||
Change in market value of Redeemable Noncontrolling Interests –Operating Partnership | 17,304 | ||||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 1,453 | (1,453) | |||||||
PAID IN CAPITAL | |||||||||
Conversion of OP Units into Common Shares | 1 | 2,011 | |||||||
Exercise of share options | 171 | ||||||||
Employee Share Purchase Plan (ESPP) | 1,490 | ||||||||
RETAINED EARNINGS | |||||||||
Net income attributable to controlling interests | 260,888 | 260,888 | |||||||
Common Share distributions | (224,243) | ||||||||
Preferred Share distributions | (772) | ||||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Unrealized holding gains (losses) arising during the period | (223) | (223) | |||||||
Losses reclassified into earnings from other comprehensive income | (5,764) | 5,764 | |||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Common Share outstanding | $ 0.6025 | ||||||||
NONCONTROLLING INTERESTS | |||||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (2,012) | ||||||||
Equity compensation associated with Noncontrolling Interests | 1,959 | ||||||||
Net income attributable to Noncontrolling Interests | 9,713 | 9,713 | 880 | ||||||
Distributions to Noncontrolling Interests | (7,961) | (985) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership | (657) | ||||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 1,453 | (1,453) | |||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 9,713 | 9,713 | 880 | ||||||
Distributions to Noncontrolling Interests | (7,961) | (985) | |||||||
Balance, end of period at Jun. 30, 2020 | 10,597,673 | $ 37,280 | $ 3,722 | $ 9,118,332 | $ 1,505,694 | $ (67,355) | |||
Balance, end of period at Jun. 30, 2020 | $ 239,803 | $ 235,169 | $ 4,634 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Statement Of Stockholders Equity [Abstract] | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
CONSOLIDATED BALANCE SHEETS OF
CONSOLIDATED BALANCE SHEETS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Land | $ 5,789,307 | $ 5,936,188 |
Depreciable property | 20,997,903 | 21,319,101 |
Projects under development | 274,825 | 181,630 |
Land held for development | 102,361 | 96,688 |
Investment in real estate | 27,164,396 | 27,533,607 |
Accumulated depreciation | (7,537,713) | (7,276,786) |
Investment in real estate, net | 19,626,683 | 20,256,821 |
Investments in unconsolidated entities | 55,310 | 52,238 |
Cash and cash equivalents | 187,416 | 45,753 |
Restricted deposits | 58,117 | 71,246 |
Right-of-use assets | 505,077 | 512,774 |
Other assets | 282,348 | 233,937 |
Total assets | 20,714,951 | 21,172,769 |
Liabilities: | ||
Mortgage notes payable, net | 2,340,757 | 1,941,610 |
Notes, net | 6,081,102 | 6,077,513 |
Line of credit and commercial paper | 1,017,833 | |
Accounts payable and accrued expenses | 109,776 | 94,350 |
Accrued interest payable | 67,589 | 66,852 |
Lease liabilities | 330,135 | 331,334 |
Other liabilities | 315,208 | 346,963 |
Security deposits | 64,005 | 70,062 |
Distributions payable | 232,208 | 218,326 |
Total liabilities | 9,540,780 | 10,164,843 |
Commitments and contingencies | ||
Redeemable Limited Partners | 336,695 | 463,400 |
Partners’ Capital: | ||
Accumulated other comprehensive income (loss) | (67,355) | (77,563) |
Noncontrolling Interests – Partially Owned Properties | 4,634 | 1,183 |
Total liabilities and equity/capital | 20,714,951 | 21,172,769 |
ERPOP [Member] | ||
ASSETS | ||
Land | 5,789,307 | 5,936,188 |
Depreciable property | 20,997,903 | 21,319,101 |
Projects under development | 274,825 | 181,630 |
Land held for development | 102,361 | 96,688 |
Investment in real estate | 27,164,396 | 27,533,607 |
Accumulated depreciation | (7,537,713) | (7,276,786) |
Investment in real estate, net | 19,626,683 | 20,256,821 |
Investments in unconsolidated entities | 55,310 | 52,238 |
Cash and cash equivalents | 187,416 | 45,753 |
Restricted deposits | 58,117 | 71,246 |
Right-of-use assets | 505,077 | 512,774 |
Other assets | 282,348 | 233,937 |
Total assets | 20,714,951 | 21,172,769 |
Liabilities: | ||
Mortgage notes payable, net | 2,340,757 | 1,941,610 |
Notes, net | 6,081,102 | 6,077,513 |
Line of credit and commercial paper | 1,017,833 | |
Accounts payable and accrued expenses | 109,776 | 94,350 |
Accrued interest payable | 67,589 | 66,852 |
Lease liabilities | 330,135 | 331,334 |
Other liabilities | 315,208 | 346,963 |
Security deposits | 64,005 | 70,062 |
Distributions payable | 232,208 | 218,326 |
Total liabilities | 9,540,780 | 10,164,843 |
Commitments and contingencies | ||
Redeemable Limited Partners | 336,695 | 463,400 |
Partners’ Capital: | ||
Preference Units | 37,280 | 37,280 |
General Partner | 10,627,748 | 10,355,789 |
Limited Partners | 235,169 | 227,837 |
Accumulated other comprehensive income (loss) | (67,355) | (77,563) |
Total partners’ capital | 10,832,842 | 10,543,343 |
Noncontrolling Interests – Partially Owned Properties | 4,634 | 1,183 |
Total capital | 10,837,476 | 10,544,526 |
Total liabilities and equity/capital | $ 20,714,951 | $ 21,172,769 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
REVENUES | ||||
Rental income | $ 653,532 | $ 669,374 | $ 1,335,837 | $ 1,331,676 |
EXPENSES | ||||
Property and maintenance | 104,452 | 108,461 | 220,268 | 223,531 |
Real estate taxes and insurance | 95,038 | 91,446 | 192,770 | 182,888 |
Property management | 23,608 | 24,369 | 51,317 | 50,765 |
General and administrative | 11,835 | 14,329 | 26,353 | 29,710 |
Depreciation | 205,976 | 200,508 | 418,398 | 404,723 |
Total expenses | 440,909 | 439,113 | 909,106 | 891,617 |
Net gain (loss) on sales of real estate properties | 144,266 | 138,856 | 352,243 | 138,835 |
Operating income | 356,889 | 369,117 | 778,974 | 578,894 |
Interest and other income | 1,511 | 1,152 | 3,471 | 1,925 |
Other expenses | (1,694) | (5,117) | (4,227) | (8,392) |
Interest: | ||||
Expense incurred, net | (81,885) | (108,902) | (167,475) | (203,840) |
Amortization of deferred financing costs | (2,111) | (3,647) | (4,152) | (5,783) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 272,710 | 252,603 | 606,591 | 362,804 |
Income and other tax (expense) benefit | (187) | (246) | (240) | (484) |
Income (loss) from investments in unconsolidated entities | (1,042) | 68,765 | (2,199) | 68,058 |
Net gain (loss) on sales of land parcels | 177 | 178 | ||
Net income | 271,481 | 321,299 | 604,152 | 430,556 |
Partially Owned Properties | (880) | (821) | (13,410) | (1,620) |
Net income attributable to controlling interests | $ 260,888 | $ 308,968 | $ 569,494 | $ 413,507 |
Earnings per Unit – basic: | ||||
Net income available to Units | $ 0.70 | $ 0.83 | $ 1.53 | $ 1.11 |
Earnings per Unit – diluted: | ||||
Net income available to Units | $ 0.70 | $ 0.83 | $ 1.53 | $ 1.11 |
Weighted average Units outstanding | 385,913 | 386,107 | 386,272 | 385,644 |
ERPOP [Member] | ||||
REVENUES | ||||
Rental income | $ 653,532 | $ 669,374 | $ 1,335,837 | $ 1,331,676 |
EXPENSES | ||||
Property and maintenance | 104,452 | 108,461 | 220,268 | 223,531 |
Real estate taxes and insurance | 95,038 | 91,446 | 192,770 | 182,888 |
Property management | 23,608 | 24,369 | 51,317 | 50,765 |
General and administrative | 11,835 | 14,329 | 26,353 | 29,710 |
Depreciation | 205,976 | 200,508 | 418,398 | 404,723 |
Total expenses | 440,909 | 439,113 | 909,106 | 891,617 |
Net gain (loss) on sales of real estate properties | 144,266 | 138,856 | 352,243 | 138,835 |
Operating income | 356,889 | 369,117 | 778,974 | 578,894 |
Interest and other income | 1,511 | 1,152 | 3,471 | 1,925 |
Other expenses | (1,694) | (5,117) | (4,227) | (8,392) |
Interest: | ||||
Expense incurred, net | (81,885) | (108,902) | (167,475) | (203,840) |
Amortization of deferred financing costs | (2,111) | (3,647) | (4,152) | (5,783) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 272,710 | 252,603 | 606,591 | 362,804 |
Income and other tax (expense) benefit | (187) | (246) | (240) | (484) |
Income (loss) from investments in unconsolidated entities | (1,042) | 68,765 | (2,199) | 68,058 |
Net gain (loss) on sales of land parcels | 177 | 178 | ||
Net income | 271,481 | 321,299 | 604,152 | 430,556 |
Partially Owned Properties | (880) | (821) | (13,410) | (1,620) |
Net income attributable to controlling interests | 270,601 | 320,478 | 590,742 | 428,936 |
ALLOCATION OF NET INCOME: | ||||
Preference Units | 772 | 772 | 1,545 | 1,545 |
General Partner | 260,116 | 308,196 | 567,949 | 411,962 |
Limited Partners | 9,713 | 11,510 | 21,248 | 15,429 |
Net income available to Units | $ 269,829 | $ 319,706 | $ 589,197 | $ 427,391 |
Earnings per Unit – basic: | ||||
Net income available to Units | $ 0.70 | $ 0.83 | $ 1.53 | $ 1.11 |
Weighted average Units outstanding | 384,818 | 383,227 | 384,702 | 382,854 |
Earnings per Unit – diluted: | ||||
Net income available to Units | $ 0.70 | $ 0.83 | $ 1.53 | $ 1.11 |
Weighted average Units outstanding | 385,913 | 386,107 | 386,272 | 385,644 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Comprehensive income: | ||||
Net income | $ 271,481 | $ 321,299 | $ 604,152 | $ 430,556 |
Other comprehensive income (loss) – derivative instruments: | ||||
Unrealized holding gains (losses) arising during the period | (223) | (19,345) | (1,190) | (33,765) |
Losses reclassified into earnings from other comprehensive income | 5,764 | 4,509 | 11,398 | 8,902 |
Other comprehensive income (loss) | 5,541 | (14,836) | 10,208 | (24,863) |
Comprehensive income | 277,022 | 306,463 | 614,360 | 405,693 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (10,792) | (11,797) | (35,026) | (16,150) |
Comprehensive income attributable to controlling interests | 266,230 | 294,666 | 579,334 | 389,543 |
ERPOP [Member] | ||||
Comprehensive income: | ||||
Net income | 271,481 | 321,299 | 604,152 | 430,556 |
Other comprehensive income (loss) – derivative instruments: | ||||
Unrealized holding gains (losses) arising during the period | (223) | (19,345) | (1,190) | (33,765) |
Losses reclassified into earnings from other comprehensive income | 5,764 | 4,509 | 11,398 | 8,902 |
Other comprehensive income (loss) | 5,541 | (14,836) | 10,208 | (24,863) |
Comprehensive income | 277,022 | 306,463 | 614,360 | 405,693 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (880) | (821) | (13,410) | (1,620) |
Comprehensive income attributable to controlling interests | $ 276,142 | $ 305,642 | $ 600,950 | $ 404,073 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 604,152 | $ 430,556 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 418,398 | 404,723 |
Amortization of deferred financing costs | 4,152 | 5,783 |
Amortization of above/below market lease intangibles | (35) | (35) |
Amortization of discounts and premiums on debt | 2,553 | 17,795 |
Amortization of deferred settlements on derivative instruments | 11,392 | 8,896 |
Amortization of right-of-use assets | 5,892 | 6,952 |
Write-off of pursuit costs | 3,278 | 2,987 |
(Income) loss from investments in unconsolidated entities | 2,199 | (68,058) |
Distributions from unconsolidated entities – return on capital | 100 | 2,387 |
Net (gain) loss on sales of real estate properties | (352,243) | (138,835) |
Net (gain) loss on sales of land parcels | (178) | |
Realized/unrealized (gain) loss on derivative instruments | 25 | |
Compensation paid with Company Common Shares | 13,475 | 16,782 |
Other operating activities, net | 1,805 | |
Changes in assets and liabilities: | ||
(Increase) decrease in other assets | (61,422) | 1,610 |
Increase (decrease) in accounts payable and accrued expenses | 5,954 | 22,435 |
Increase (decrease) in accrued interest payable | 737 | 1,536 |
Increase (decrease) in lease liabilities | (1,199) | (1,171) |
Increase (decrease) in other liabilities | (18,070) | (25,161) |
Increase (decrease) in security deposits | (6,057) | 1,769 |
Net cash provided by operating activities | 635,086 | 690,773 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in real estate – acquisitions | (653,132) | |
Investment in real estate – development/other | (95,215) | (93,210) |
Capital expenditures to real estate | (61,265) | (81,528) |
Non-real estate capital additions | (15,536) | (1,466) |
Interest capitalized for real estate under development | (4,102) | (2,679) |
Proceeds from disposition of real estate, net | 747,600 | 393,439 |
Investments in unconsolidated entities | (5,626) | (8,572) |
Distributions from unconsolidated entities – return of capital | 78,262 | |
Purchase of investment securities and other investments | (509) | (269) |
Net cash provided by (used for) investing activities | 565,347 | (369,155) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt financing costs | (2,907) | (6,069) |
Mortgage notes payable, net: | ||
Proceeds | 495,145 | 295,620 |
Lump sum payoffs | (91,500) | (95,500) |
Scheduled principal repayments | (3,873) | (3,110) |
Notes, net: | ||
Proceeds | 597,480 | |
Line of credit and commercial paper: | ||
Line of credit proceeds | 1,870,000 | 1,995,000 |
Line of credit repayments | (1,890,000) | (1,995,000) |
Commercial paper proceeds | 6,726,167 | 7,775,817 |
Commercial paper repayments | (7,724,000) | (8,275,000) |
Proceeds from (payments on) settlement of derivative instruments | (1,215) | (41,616) |
Proceeds from Employee Share Purchase Plan (ESPP) | 2,359 | 1,652 |
Proceeds from exercise of EQR options | 11,322 | 48,487 |
Payment of offering costs | (155) | |
Other financing activities, net | (31) | (49) |
Contributions – Noncontrolling Interests – Partially Owned Properties | 341 | 4,594 |
Contributions – Limited Partners | 12 | |
Distributions: | ||
OP Units – General Partner | (435,427) | (409,943) |
Preference Units | (1,545) | (773) |
OP Units – Limited Partners | (16,478) | (14,728) |
Noncontrolling Interests – Partially Owned Properties | (10,269) | (5,170) |
Net cash provided by (used for) financing activities | (1,071,899) | (128,463) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 128,534 | 193,155 |
Cash and cash equivalents and restricted deposits, beginning of period | 116,999 | 116,313 |
Cash and cash equivalents and restricted deposits, end of period | 245,533 | 309,468 |
Cash and cash equivalents | 187,416 | 251,273 |
Restricted deposits | 58,117 | 58,195 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 148,164 | 171,116 |
Net cash paid (received) for income and other taxes | 428 | 754 |
Amortization of deferred financing costs: | ||
Investment in real estate, net | 120 | |
Other assets | 1,169 | 1,206 |
Mortgage notes payable, net | 876 | 2,344 |
Notes, net | 2,227 | 2,233 |
Amortization of discounts and premiums on debt: | ||
Mortgage notes payable, net | 1,191 | 16,426 |
Notes, net | 1,362 | 1,369 |
Amortization of deferred settlements on derivative instruments: | ||
Other liabilities | (6) | (6) |
Accumulated other comprehensive income | 11,398 | 8,902 |
Write-off of pursuit costs: | ||
Investment in real estate, net | 3,122 | 2,947 |
Other assets | 140 | 37 |
Accounts payable and accrued expenses | 16 | 3 |
(Income) loss from investments in unconsolidated entities: | ||
Investments in unconsolidated entities | 1,554 | (68,735) |
Other liabilities | 645 | 677 |
Realized/unrealized (gain) loss on derivative instruments: | ||
Other assets | 2,002 | |
Notes, net | 2,253 | |
Other liabilities | 1,215 | 29,510 |
Accumulated other comprehensive income | (1,190) | (33,765) |
Investments in unconsolidated entities: | ||
Investments in unconsolidated entities | (4,726) | (6,472) |
Other liabilities | (900) | (2,100) |
Debt financing costs: | ||
Other assets | (215) | 145 |
Mortgage notes payable, net | (2,692) | (2,237) |
Notes, net | (5,213) | |
Other liabilities | 1,236 | |
Right-of-use assets and lease liabilities initial measurement and reclassifications: | ||
Right-of-use assets | (438,705) | |
Other assets | 184,116 | |
Lease liabilities | 282,791 | |
Other liabilities | 28,202 | |
ERPOP [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | 604,152 | 430,556 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 418,398 | 404,723 |
Amortization of deferred financing costs | 4,152 | 5,783 |
Amortization of above/below market lease intangibles | (35) | (35) |
Amortization of discounts and premiums on debt | 2,553 | 17,795 |
Amortization of deferred settlements on derivative instruments | 11,392 | 8,896 |
Amortization of right-of-use assets | 5,892 | 6,952 |
Write-off of pursuit costs | 3,278 | 2,987 |
(Income) loss from investments in unconsolidated entities | 2,199 | (68,058) |
Distributions from unconsolidated entities – return on capital | 100 | 2,387 |
Net (gain) loss on sales of real estate properties | (352,243) | (138,835) |
Net (gain) loss on sales of land parcels | (178) | |
Realized/unrealized (gain) loss on derivative instruments | 25 | |
Compensation paid with Company Common Shares | 13,475 | 16,782 |
Other operating activities, net | 1,805 | |
Changes in assets and liabilities: | ||
(Increase) decrease in other assets | (61,422) | 1,610 |
Increase (decrease) in accounts payable and accrued expenses | 5,954 | 22,435 |
Increase (decrease) in accrued interest payable | 737 | 1,536 |
Increase (decrease) in lease liabilities | (1,199) | (1,171) |
Increase (decrease) in other liabilities | (18,070) | (25,161) |
Increase (decrease) in security deposits | (6,057) | 1,769 |
Net cash provided by operating activities | 635,086 | 690,773 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in real estate – acquisitions | (653,132) | |
Investment in real estate – development/other | (95,215) | (93,210) |
Capital expenditures to real estate | (61,265) | (81,528) |
Non-real estate capital additions | (15,536) | (1,466) |
Interest capitalized for real estate under development | (4,102) | (2,679) |
Proceeds from disposition of real estate, net | 747,600 | 393,439 |
Investments in unconsolidated entities | (5,626) | (8,572) |
Distributions from unconsolidated entities – return of capital | 78,262 | |
Purchase of investment securities and other investments | (509) | (269) |
Net cash provided by (used for) investing activities | 565,347 | (369,155) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt financing costs | (2,907) | (6,069) |
Mortgage notes payable, net: | ||
Proceeds | 495,145 | 295,620 |
Lump sum payoffs | (91,500) | (95,500) |
Scheduled principal repayments | (3,873) | (3,110) |
Notes, net: | ||
Proceeds | 597,480 | |
Line of credit and commercial paper: | ||
Line of credit proceeds | 1,870,000 | 1,995,000 |
Line of credit repayments | (1,890,000) | (1,995,000) |
Commercial paper proceeds | 6,726,167 | 7,775,817 |
Commercial paper repayments | (7,724,000) | (8,275,000) |
Proceeds from (payments on) settlement of derivative instruments | (1,215) | (41,616) |
Proceeds from Employee Share Purchase Plan (ESPP) | 2,359 | 1,652 |
Proceeds from exercise of EQR options | 11,322 | 48,487 |
Payment of offering costs | (155) | |
Other financing activities, net | (31) | (49) |
Contributions – Noncontrolling Interests – Partially Owned Properties | 341 | 4,594 |
Contributions – Limited Partners | 12 | |
Distributions: | ||
OP Units – General Partner | (435,427) | (409,943) |
Preference Units | (1,545) | (773) |
OP Units – Limited Partners | (16,478) | (14,728) |
Noncontrolling Interests – Partially Owned Properties | (10,269) | (5,170) |
Net cash provided by (used for) financing activities | (1,071,899) | (128,463) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 128,534 | 193,155 |
Cash and cash equivalents and restricted deposits, beginning of period | 116,999 | 116,313 |
Cash and cash equivalents and restricted deposits, end of period | 245,533 | 309,468 |
Cash and cash equivalents | 187,416 | 251,273 |
Restricted deposits | 58,117 | 58,195 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 148,164 | 171,116 |
Net cash paid (received) for income and other taxes | 428 | 754 |
Amortization of deferred financing costs: | ||
Investment in real estate, net | (120) | |
Other assets | 1,169 | 1,206 |
Mortgage notes payable, net | 876 | 2,344 |
Notes, net | 2,227 | 2,233 |
Amortization of discounts and premiums on debt: | ||
Mortgage notes payable, net | 1,191 | 16,426 |
Notes, net | 1,362 | 1,369 |
Amortization of deferred settlements on derivative instruments: | ||
Other liabilities | (6) | (6) |
Accumulated other comprehensive income | 11,398 | 8,902 |
Write-off of pursuit costs: | ||
Investment in real estate, net | 3,122 | 2,947 |
Other assets | 140 | 37 |
Accounts payable and accrued expenses | 16 | 3 |
(Income) loss from investments in unconsolidated entities: | ||
Investments in unconsolidated entities | 1,554 | (68,735) |
Other liabilities | 645 | 677 |
Realized/unrealized (gain) loss on derivative instruments: | ||
Other assets | 2,002 | |
Notes, net | 2,253 | |
Other liabilities | 1,215 | 29,510 |
Accumulated other comprehensive income | (1,190) | (33,765) |
Investments in unconsolidated entities: | ||
Investments in unconsolidated entities | (4,726) | (6,472) |
Other liabilities | (900) | (2,100) |
Debt financing costs: | ||
Other assets | (215) | 145 |
Mortgage notes payable, net | $ (2,692) | (2,237) |
Notes, net | (5,213) | |
Other liabilities | 1,236 | |
Right-of-use assets and lease liabilities initial measurement and reclassifications: | ||
Right-of-use assets | (438,705) | |
Other assets | 184,116 | |
Lease liabilities | 282,791 | |
Other liabilities | $ (28,202) |
CONSOLIDATED STATEMENTS OF CH_3
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands | Total | ERPOP [Member] | PREFERRED SHARESERPOP [Member] | General Partner [Member] | General Partner [Member]ERPOP [Member] | Limited PartnerERPOP [Member] | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)ERPOP [Member] | DISTRIBUTIONS [Member] | PARTIALLY OWNED PROPERTIES [Member]ERPOP [Member] |
Balance, beginning of year at Dec. 31, 2018 | $ 37,280 | $ 10,200,910 | $ 228,738 | $ (64,986) | |||||
Balance, beginning of year at Dec. 31, 2018 | $ (2,293) | ||||||||
OP Unit Issuance: | |||||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 4,871 | (4,871) | |||||||
Exercise of EQR share options | 48,487 | ||||||||
EQR's Employee Share Purchase Plan (ESPP) | $ 1,652 | ||||||||
Share-based employee compensation expense: | |||||||||
EQR restricted shares | 7,982 | ||||||||
EQR share options | 1,682 | ||||||||
EQR ESPP discount | 365 | ||||||||
Net income available to Units - General Partner | $ 411,962 | 411,962 | |||||||
OP Units General Partner distributions | (420,916) | ||||||||
Offering costs | (155) | ||||||||
Supplemental Executive Retirement Plan (SERP) | (1,539) | ||||||||
Change in market value of Redeemable Limited Partners | (56,974) | ||||||||
Adjustment for Limited Partners ownership in Operating Partnership | 7,771 | (7,771) | |||||||
LIMITED PARTNERS | |||||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 4,871 | (4,871) | |||||||
Equity compensation associated with Units - Limited Partners | 10,829 | ||||||||
Net income available to Units - Limited Partners | 15,429 | 15,429 | |||||||
Units - Limited Partners distributions | (15,079) | ||||||||
Change in carrying value of Redeemable Limited Partners | 45 | ||||||||
Adjustment for Limited Partners ownership in Operating Partnership | 7,771 | (7,771) | |||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Unrealized holding gains (losses) arising during the period | $ (33,765) | (33,765) | (33,765) | ||||||
Losses reclassified into earnings from other comprehensive income | (8,902) | (8,902) | 8,902 | ||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Unit outstanding | $ 1.135 | ||||||||
NONCONTROLLING INTERESTS – PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 430,556 | 430,556 | |||||||
Contributions by Noncontrolling Interests | 4,594 | ||||||||
Distributions to Noncontrolling Interests | (5,219) | ||||||||
Net income attributable to Noncontrolling Interests | 1,620 | 1,620 | 1,620 | ||||||
Balance, end of period at Jun. 30, 2019 | 37,280 | 10,206,098 | 227,320 | (89,849) | |||||
Balance, end of period at Jun. 30, 2019 | (1,298) | ||||||||
Balance, beginning of year at Mar. 31, 2019 | 37,280 | 10,084,619 | 225,081 | (75,013) | |||||
Balance, beginning of year at Mar. 31, 2019 | (5,462) | ||||||||
OP Unit Issuance: | |||||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 84 | (84) | |||||||
Exercise of EQR share options | 18,627 | ||||||||
EQR's Employee Share Purchase Plan (ESPP) | 526 | ||||||||
Share-based employee compensation expense: | |||||||||
EQR restricted shares | 3,404 | ||||||||
EQR share options | 889 | ||||||||
EQR ESPP discount | 98 | ||||||||
Net income available to Units - General Partner | 308,196 | 308,196 | |||||||
OP Units General Partner distributions | (210,419) | ||||||||
Offering costs | (155) | ||||||||
Supplemental Executive Retirement Plan (SERP) | (937) | ||||||||
Change in market value of Redeemable Limited Partners | (1,953) | ||||||||
Adjustment for Limited Partners ownership in Operating Partnership | 3,119 | (3,119) | |||||||
LIMITED PARTNERS | |||||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 84 | (84) | |||||||
Equity compensation associated with Units - Limited Partners | 2,926 | ||||||||
Net income available to Units - Limited Partners | 11,510 | 11,510 | |||||||
Units - Limited Partners distributions | (7,474) | ||||||||
Change in carrying value of Redeemable Limited Partners | (1,520) | ||||||||
Adjustment for Limited Partners ownership in Operating Partnership | 3,119 | (3,119) | |||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Unrealized holding gains (losses) arising during the period | (19,345) | (19,345) | (19,345) | ||||||
Losses reclassified into earnings from other comprehensive income | (4,509) | (4,509) | 4,509 | ||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Unit outstanding | 0.5675 | ||||||||
NONCONTROLLING INTERESTS – PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 321,299 | 321,299 | |||||||
Contributions by Noncontrolling Interests | 4,594 | ||||||||
Distributions to Noncontrolling Interests | (1,251) | ||||||||
Net income attributable to Noncontrolling Interests | 821 | 821 | 821 | ||||||
Balance, end of period at Jun. 30, 2019 | 37,280 | 10,206,098 | 227,320 | (89,849) | |||||
Balance, end of period at Jun. 30, 2019 | (1,298) | ||||||||
Balance, beginning of year at Dec. 31, 2019 | 37,280 | 10,355,789 | 227,837 | (77,563) | |||||
Balance, beginning of year at Dec. 31, 2019 | 1,183 | ||||||||
OP Unit Issuance: | |||||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 3,856 | (3,856) | |||||||
Exercise of EQR share options | 11,322 | ||||||||
EQR's Employee Share Purchase Plan (ESPP) | 2,359 | ||||||||
Share-based employee compensation expense: | |||||||||
EQR restricted shares | 7,254 | ||||||||
EQR share options | 1,293 | ||||||||
EQR ESPP discount | 416 | ||||||||
Net income available to Units - General Partner | 567,949 | 567,949 | |||||||
OP Units General Partner distributions | (448,750) | ||||||||
Supplemental Executive Retirement Plan (SERP) | (506) | ||||||||
Change in market value of Redeemable Limited Partners | 128,753 | ||||||||
Adjustment for Limited Partners ownership in Operating Partnership | (1,987) | 1,987 | |||||||
LIMITED PARTNERS | |||||||||
Issuance of restricted units to Limited Partners | 12 | ||||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 3,856 | (3,856) | |||||||
Equity compensation associated with Units - Limited Partners | 7,026 | ||||||||
Net income available to Units - Limited Partners | 21,248 | 21,248 | |||||||
Units - Limited Partners distributions | (17,037) | ||||||||
Change in carrying value of Redeemable Limited Partners | (2,048) | ||||||||
Adjustment for Limited Partners ownership in Operating Partnership | (1,987) | 1,987 | |||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Unrealized holding gains (losses) arising during the period | (1,190) | (1,190) | (1,190) | ||||||
Losses reclassified into earnings from other comprehensive income | (11,398) | (11,398) | 11,398 | ||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Unit outstanding | 1.205 | ||||||||
NONCONTROLLING INTERESTS – PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 604,152 | 604,152 | |||||||
Contributions by Noncontrolling Interests | 341 | ||||||||
Distributions to Noncontrolling Interests | (10,300) | ||||||||
Net income attributable to Noncontrolling Interests | 13,410 | 13,410 | 13,410 | ||||||
Balance, end of period at Jun. 30, 2020 | 37,280 | 10,627,748 | 235,169 | (67,355) | |||||
Balance, end of period at Jun. 30, 2020 | 4,634 | ||||||||
Balance, beginning of year at Mar. 31, 2020 | 37,280 | 10,565,983 | 235,580 | (72,896) | |||||
Balance, beginning of year at Mar. 31, 2020 | 4,739 | ||||||||
OP Unit Issuance: | |||||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 2,012 | (2,012) | |||||||
Exercise of EQR share options | 171 | ||||||||
EQR's Employee Share Purchase Plan (ESPP) | $ 1,490 | ||||||||
Share-based employee compensation expense: | |||||||||
EQR restricted shares | 3,231 | ||||||||
EQR share options | 623 | ||||||||
EQR ESPP discount | 263 | ||||||||
Net income available to Units - General Partner | 260,116 | 260,116 | |||||||
OP Units General Partner distributions | (224,243) | ||||||||
Supplemental Executive Retirement Plan (SERP) | (655) | ||||||||
Change in market value of Redeemable Limited Partners | 17,304 | ||||||||
Adjustment for Limited Partners ownership in Operating Partnership | 1,453 | (1,453) | |||||||
LIMITED PARTNERS | |||||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 2,012 | (2,012) | |||||||
Equity compensation associated with Units - Limited Partners | 1,959 | ||||||||
Net income available to Units - Limited Partners | 9,713 | 9,713 | |||||||
Units - Limited Partners distributions | (7,961) | ||||||||
Change in carrying value of Redeemable Limited Partners | (657) | ||||||||
Adjustment for Limited Partners ownership in Operating Partnership | 1,453 | (1,453) | |||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Unrealized holding gains (losses) arising during the period | (223) | (223) | (223) | ||||||
Losses reclassified into earnings from other comprehensive income | (5,764) | (5,764) | 5,764 | ||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Unit outstanding | $ 0.6025 | ||||||||
NONCONTROLLING INTERESTS – PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 271,481 | 271,481 | |||||||
Distributions to Noncontrolling Interests | (985) | ||||||||
Net income attributable to Noncontrolling Interests | $ 880 | $ 880 | 880 | ||||||
Balance, end of period at Jun. 30, 2020 | $ 37,280 | $ 10,627,748 | $ 235,169 | $ (67,355) | |||||
Balance, end of period at Jun. 30, 2020 | $ 4,634 |
Business
Business | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Business | 1. Business Equity Residential (“EQR”) is an S&P 500 company focused on the acquisition, development and management of rental apartment properties located in urban and high-density suburban communities, a business that is conducted on its behalf by ERP Operating Limited Partnership (“ERPOP”). EQR is a Maryland real estate investment trust (“REIT”) formed in March 1993 and ERPOP is an Illinois limited partnership formed in May 1993. ERPOP. ERPOP. EQR is the general partner of, and as of June 30, 2020 owned an approximate 96.4% ownership interest in, ERPOP. All of the Company’s property ownership, development and related business operations are conducted through the Operating Partnership ERPOP. ERPOP, As of June 30, 2020, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 304 properties located in 9 states and the District of Columbia consisting of 78,410 apartment units. The ownership breakdown includes (table does not include various uncompleted development properties): Properties Apartment Units Wholly Owned Properties 287 74,849 Master-Leased Property – Consolidated 1 162 Partially Owned Properties – Consolidated 16 3,399 304 78,410 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. In response to the novel coronavirus (“COVID-19”) pandemic, management evaluated whether its estimates, such as lease collectibility (see discussion below) and impairment, required revised approaches and generally concluded that no revisions were necessary at this time. The balance sheets at December 31, 2019 have been derived from the audited financial statements at that date but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. For further information, including definitions of capitalized terms not defined herein, refer to the consolidated financial statements and footnotes thereto included in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2019 . Income and Other Taxes EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act was enacted to provide economic relief to companies and individuals in response to the COVID-19 pandemic. Included in the CARES Act are tax provisions which increase allowable interest expense deductions for 2019 and 2020 and increase the ability for taxpayers to use net operating losses. While we do not expect these provisions to result in a material impact to the Company’s taxable income or tax liabilities, the Company will continue to analyze the provisions of the CARES Act and related guidance as it is published. The CARES Act also allows corporations to request accelerated refunds of their alternative minimum tax (“AMT”) credit. Prior to enactment of this provision, the remaining credits would have been refunded in installments in 2020, 2021 and 2022. We have filed a claim and expect to receive a refund of our remaining $1.6 million of AMT credit in 2020. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued an amendment to the reference rate reform standard which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. An example of such reform is the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. Entities that make this optional expedient election would not have to remeasure the contracts at the modification date or reassess the accounting treatment if certain criteria are met and would continue applying hedge accounting for relationships affected by reference rate reform. The new standard was effective for the Company upon issuance and elections can be made through December 31, 2022. The Company is currently evaluating its options with regards to existing contracts and hedging relationships and the impact of adopting this update on its consolidated results of operations and financial position. Recently Adopted Accounting Pronouncements In April 2020, a FASB staff question and answer document was issued which intended to reduce the challenges of evaluating the enforceable rights and obligations of leases for concessions granted to lessees in response to the COVID-19 pandemic. We elected not to evaluate whether qualifying concessions provided by the Company in response to the COVID-19 pandemic are a lease modification, subject to the criteria that the total payments under the amended lease cannot result in a substantial increase in the rights of the lessor or obligations of the lessee . We also elected to treat the concessions as though they were contemplated as part of the existing contracts and therefore will not apply lease modification rules to the qualifying lease concession amendments. As such, deferrals deemed collectible are recorded as rental receivables with no change to timing of rental revenues and deferrals deemed non-collectible and abatements reduce rental revenues in the deferral/abatement period and cause rental revenues to effectively follow a cash basis related to the changes. The accounting elections provided by the FASB mainly apply to the Company’s non-residential leases and the majority of the amendments will not require a straight-line adjustment. During the quarter ended June 30, 2020, we have granted rent payment deferrals/abatements to our non-residential tenants of $4.5 million, of which $4.1 million reduced rental revenues. In June 2016, the FASB In The Company elected the practical expedient to not reassess the classification of existing operating leases. As of January 1, 2019, any new or modified ground leases may be classified as financing leases unless they meet certain conditions. When there is a material lease modification, the Company is required to reassess the classification and remeasure the lease liability. The Company also elected the practical expedient to account for both its lease and non-lease components as a single component under the leases standard. See Note 8 for additional discussion regarding the lease standard. In August 2017, the FASB issued a final standard which makes changes to the hedge accounting model to enable entities to better portray their risk management activities in the financial statements. The standard expands an entity’s ability to hedge nonfinancial and financial risk components, reduces complexity in fair value hedges of interest rate risk and eases certain documentation and assessment requirements. The standard also eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of any hedging instrument to be presented in the same income statement line as the hedged instrument. The Company adopted this standard as required effective January 1, 2019 and it did not have a material effect on its consolidated results of operations and financial position. |
Equity, Capital and Other Inter
Equity, Capital and Other Interests | 6 Months Ended |
Jun. 30, 2020 | |
Equity Capital And Other Interests [Abstract] | |
Equity, Capital and Other Interests | 3. Equity, Capital and Other The Company refers to “Common Shares” and “Units” (which refer to both OP Units and restricted units) as equity securities for EQR and “General Partner Units” and “Limited Partner Units” as equity securities for ERPOP. To provide a streamlined and more readable presentation of the disclosures for the Company and the Operating Partnership, several sections below refer to the respective terminology for each with the same financial information and separate sections are provided, where needed, to further distinguish any differences in financial information and terminology. The following table presents the changes in the Company’s issued and outstanding Common Shares and Units for the six months ended June 30, 2020 and 2019: 2020 2019 Common Shares Common Shares outstanding at January 1, 371,670,884 369,405,161 Common Shares Issued: Conversion of OP Units 97,363 188,406 Exercise of share options 217,935 1,059,674 Employee Share Purchase Plan (ESPP) 44,110 27,131 Restricted share grants, net 178,720 158,438 Common Shares outstanding at June 30, 372,209,012 370,838,810 Units Units outstanding at January 1, 13,731,315 13,904,035 Restricted unit grants, net 245,999 140,055 Conversion of OP Units to Common Shares (97,363 ) (188,406 ) Units outstanding at June 30, 13,879,951 13,855,684 Total Common Shares and Units outstanding at June 30, 386,088,963 384,694,494 Units Ownership Interest in Operating Partnership 3.6 % 3.6 % The following table presents the changes in the Operating Partnership’s issued and outstanding General Partner Units and Limited Partner Units for the six months ended June 30, 2020 and 2019: 2020 2019 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 385,402,199 383,309,196 Issued to General Partner: Exercise of EQR share options 217,935 1,059,674 EQR’s Employee Share Purchase Plan (ESPP) 44,110 27,131 EQR’s restricted share grants, net 178,720 158,438 Issued to Limited Partners: Restricted unit grants, net 245,999 140,055 General and Limited Partner Units outstanding at June 30, 386,088,963 384,694,494 Limited Partner Units Limited Partner Units outstanding at January 1, 13,731,315 13,904,035 Limited Partner restricted unit grants, net 245,999 140,055 Conversion of Limited Partner OP Units to EQR Common Shares (97,363 ) (188,406 ) Limited Partner Units outstanding at June 30, 13,879,951 13,855,684 Limited Partner Units Ownership Interest in Operating Partnership 3.6 % 3.6 % The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of restricted units, are collectively referred to as the “Noncontrolling Interests – Operating Partnership” and “Limited Partners Capital,” respectively, for the Company and the Operating Partnership. Subject to certain exceptions (including the “book-up” requirements of restricted units), the Noncontrolling Interests – Operating Partnership/Limited Partners Capital may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital (including redeemable interests) is allocated based on the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total plus the total number of Common Shares/General Partner Units. Net income is allocated to the Noncontrolling Interests – Operating Partnership/Limited Partners Capital based on the weighted average ownership percentage during the period. The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Noncontrolling Interests – Operating Partnership/Limited Partners Capital requesting an exchange of their Noncontrolling Interests – Operating Partnership/Limited Partners Capital with EQR. Once the Operating Partnership elects not to redeem the Noncontrolling Interests – Operating Partnership/Limited Partners Capital for cash, EQR is obligated to deliver Common Shares to the exchanging holder of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital. The Noncontrolling Interests – Operating Partnership/Limited Partners Capital are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Noncontrolling Interests – Operating Partnership/Limited Partners Capital are differentiated and referred to as “Redeemable Noncontrolling Interests – Operating Partnership” and “Redeemable Limited Partners,” respectively. Instruments that require settlement in registered shares cannot be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital that are classified in permanent equity at June 30, 2020 and December 31, 2019. The carrying value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is allocated based on the number of Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total. Such percentage of the total carrying value of Units/Limited Partner Units which is ascribed to the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is then adjusted to the greater of carrying value or fair market value as described above. As of June 30, 2020 and 2019, the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners have a redemption value of approximately The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners for the six months ended June 30, 2020 and 2019 (amounts in 2020 2019 Balance at January 1, $ 463,400 $ 379,106 Change in market value (128,753 ) 56,974 Change in carrying value 2,048 (45 ) Balance at June 30, $ 336,695 $ 436,035 Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings and proceeds from exercise of options for Common Shares are contributed by EQR to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the Preferred Shares issued in the equity offering). As a result, the net proceeds from Common Shares and Preferred Shares are allocated for the Company between shareholders’ equity and Noncontrolling Interests – Operating Partnership and for the Operating Partnership between General Partner’s Capital and Limited Partners Capital to account for the change in their respective percentage ownership of the underlying equity. The 100,000,000 The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as December 31, 2019 Amounts in thousands Annual Call Dividend Per June 30, December 31, Date (1) Share/Unit (2) 2020 2019 Preferred Shares/Preference Units of beneficial interest, $0.01 par value; 100,000,000 shares authorized: 8.29% Units; liquidation value $50 and outstanding as of June 30, 2020 and December 31, 2019 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares/Preference Units are payable quarterly. Other EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC in June 2019 and expires in June 2022. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis). The Company has an At-The-Market (“ATM”) share offering program which allows EQR to sell Common Shares from time to time into the existing trading market at current market prices as well as through negotiated transactions. In June 2019, the Company extended the program maturity to June 2022. In connection with the extension, the Company may now also sell Common Shares under forward sale agreements. The use of a forward sale agreement would allow the Company to lock in a price on the sale of Common Shares at the time the agreement is executed, but defer receiving the proceeds from the sale until a later date. EQR has the authority to issue 13.0 million shares but has not issued any shares under this program since September 2012. The Company may repurchase up to 13.0 million Common Shares under its share repurchase program. No open market repurchases have occurred since 2008, and no repurchases of any kind have occurred since February 2014. As of June 30, 2020, EQR has remaining authorization to repurchase up to 13.0 million of its shares. |
Real Estate
Real Estate | 6 Months Ended |
Jun. 30, 2020 | |
Real Estate [Abstract] | |
Real Estate | 4. Real Estate The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of June 30, 2020 and December 31, 2019 (amounts in thousands): June 30, 2020 December 31, 2019 Land $ 5,789,307 $ 5,936,188 Depreciable property: Buildings and improvements 18,574,877 18,904,686 Furniture, fixtures and equipment 1,936,039 1,916,458 In-Place lease intangibles 486,987 497,957 Projects under development: Land 23,531 23,531 Construction-in-progress 251,294 158,099 Land held for development: Land 64,460 64,460 Construction-in-progress 37,901 32,228 Investment in real estate 27,164,396 27,533,607 Accumulated depreciation (7,537,713 ) (7,276,786 ) Investment in real estate, net $ 19,626,683 $ 20,256,821 During the six months ended June 30, 2020, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 5 1,552 $ 754,361 Total 5 1,552 $ 754,361 The Company recognized a net gain on sales of real estate properties of approximately $352.2 million on the above sales. |
Commitments to Acquire_Dispose
Commitments to Acquire/Dispose of Real Estate | 6 Months Ended |
Jun. 30, 2020 | |
Commitments To Acquire Dispose Of Real Estate [Abstract] | |
Commitments to Acquire/Dispose of Real Estate | 5. Commitments to Acquire/Dispose of Real The Company has not entered into any agreements to acquire rental properties or land parcels as of the date of filing. The Company has entered into separate agreements to dispose of the following (sales price and net book value in thousands): Properties Apartment Units Sales Price Net Book Value Land Parcels (two) — — $ 55,150 $ 19,445 Total — — $ 55,150 $ 19,445 The closing of pending transactions is subject to certain conditions and restrictions; therefore, there can be no assurance that the transactions will be consummated or that the final terms will not differ in material respects from any agreements summarized above. See Note 14 for discussion of the properties acquired or disposed of, if any, subsequent to June 30, 2020. |
Investments in Partially Owned
Investments in Partially Owned Entities | 6 Months Ended |
Jun. 30, 2020 | |
Investments In Partially Owned Entities [Abstract] | |
Investments in Partially Owned Entities | 6. Investments in Partially Owned The Consolidated Variable Interest Entities (“VIEs”) In accordance with accounting standards for consolidation of VIEs , the As the sole general partner of ERPOP, EQR has exclusive control of ERPOP’s day-to-day management. The limited partners are not able to exercise substantive kick-out or participating rights. As a result, ERPOP qualifies as a VIE. EQR has a controlling financial interest in ERPOP and, thus, is ERPOP’s primary beneficiary. EQR has the power to direct the activities of ERPOP that most significantly impact ERPOP’s economic performance as well as the obligation to absorb losses or the right to receive benefits from ERPOP that could potentially be significant to ERPOP. The Company has various equity interests in certain joint ventures owning 16 properties containing 3,399 apartment units. The Company is the general partner or managing member of these joint ventures and is responsible for managing the operations and affairs of the joint ventures as well as making all decisions regarding the businesses of the joint ventures. The limited partners or non-managing members are not able to exercise substantive kick-out or participating rights. As a result, the joint ventures qualify as VIEs. The Company has a controlling financial interest in the VIEs and, thus, is the VIEs’ primary beneficiary. The Company has both the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. As a result, the joint ventures are required to be consolidated on the Company’s financial statements. The Company also has entered into two separate consolidated joint ventures which each own land parcels that are being/will be developed into multifamily rental properties. These joint ventures have been deemed to be VIEs and are consolidated due to the Company being the primary beneficiary. The consolidated assets and liabilities related to the VIEs discussed above were approximately $753.7 million and $236.6 million, respectively, at June 30, 2020 Investments in Unconsolidated Entities The following table and information summarizes the Company’s investments in unconsolidated entities, which are accounted for under the equity method of accounting as the requirements for consolidation are not met, as of June 30, 2020 and December 31, 2019 June 30, 2020 December 31, 2019 Ownership Percentage Investments in Unconsolidated Entities: Operating Property (VIE) (1) $ 39,385 $ 40,361 33.3% Real Estate Technology/Other 15,925 11,877 Varies Investments in Unconsolidated Entities $ 55,310 $ 52,238 (1) Represents an unconsolidated interest in an entity that owns the land underlying one of the consolidated joint venture properties noted above and owns and operates a related parking facility. The joint venture, as a limited partner, does not have substantive kick-out or participating rights in the entity. As a result, the entity qualifies as a VIE. The joint venture does not have a controlling financial interest in the VIE and is not the VIE’s primary beneficiary. The joint venture does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance or the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result, the entity that owns the land and owns and operates the parking facility is unconsolidated and recorded using the equity method of accounting. |
Restricted Deposits
Restricted Deposits | 6 Months Ended |
Jun. 30, 2020 | |
Deposits Restricted [Abstract] | |
Restricted Deposits | 7. Restricted Deposits The following table presents the Company’s restricted deposits as of June 30, 2020 and December 31, 2019 (amounts in thousands): June 30, 2020 December 31, 2019 Mortgage escrow deposits: Replacement reserves $ 9,233 $ 8,543 Mortgage principal reserves/sinking funds 11,895 9,689 Mortgage escrow deposits 21,128 18,232 Restricted cash: Tax-deferred (1031) exchange proceeds — 14,232 Restricted deposits on real estate investments 747 658 Resident security and utility deposits 34,869 37,140 Other 1,373 984 Restricted cash 36,989 53,014 Restricted deposits $ 58,117 $ 71,246 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | 8 . Leases Lessor Accounting The Company is the lessor for its residential and non-residential leases and these leases will continue to be accounted for as operating leases under the standard as described in Note 2. For the six months ended June 30, 2020, approximately 97.6% of the Company’s total lease revenue is generated from residential apartment leases that are generally twelve months or less in length. The residential apartment leases may include lease income related to such items as utility recoveries, parking, storage and pet rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. The collection of lease payments at lease commencement is probable and therefore the Company subsequently recognizes lease income over the lease term on a straight-line basis. Residential leases are renewable upon consent of both parties on an annual or monthly basis. For the six months ended June 30, 2020, approximately 2.4% of the Company’s total lease revenue is generated by non-residential leases that are generally for terms ranging between five to ten years. The non-residential leases generally consist of ground floor retail spaces and master-leased parking garages that serve as additional amenities for our residents. The non-residential leases may include lease income related to such items as utility recoveries, parking rent and storage rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. The collection of lease payments at lease commencement is probable and therefore the Company subsequently recognizes lease income over the lease term on a straight-line basis. Non-residential leases are renewable with market-based renewal options. The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the six months and quarter ended June 30, 2020 (amounts in thousands): Six Months Ended June 30, 2020 Quarter Ended June 30, 2020 Income Type Residential Leases Non-Residential Leases Total Residential Leases Non-Residential Leases Total Residential and non-residential rent $ 1,207,106 $ 30,221 $ 1,237,327 $ 594,626 $ 12,127 $ 606,753 Utility recoveries (RUBS income) (1) 35,232 375 35,607 17,814 147 17,961 Parking rent 19,460 223 19,683 9,627 126 9,753 Storage rent 1,913 40 1,953 951 21 972 Pet rent 5,740 — 5,740 2,839 — 2,839 Total lease revenue $ 1,269,451 $ 30,859 1,300,310 $ 625,857 $ 12,421 638,278 Total other rental income (2) 35,527 15,254 Rental income $ 1,335,837 $ 653,532 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other rental income is accounted for under the revenue recognition standard. The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the six months and quarter ended June 30, 2019 (amounts in thousands): Six Months Ended June 30, 2019 Quarter Ended June 30, 2019 Income Type Residential Leases Non-Residential Leases Total Residential Leases Non-Residential Leases Total Residential and non-residential rent $ 1,190,729 $ 36,163 $ 1,226,892 $ 598,209 $ 17,693 $ 615,902 Utility recoveries (RUBS income) (1) 33,303 412 33,715 16,858 209 17,067 Parking rent 18,469 159 18,628 9,332 87 9,419 Storage rent 1,856 32 1,888 937 (12 ) 925 Pet rent 5,798 — 5,798 2,911 — 2,911 Total lease revenue $ 1,250,155 $ 36,766 1,286,921 $ 628,247 $ 17,977 646,224 Total other rental income (2) 44,755 23,150 Rental income $ 1,331,676 $ 669,374 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other rental income is accounted for under the revenue recognition standard. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 9 . Debt EQR Mortgage Notes Payable The following table summarizes the Company’s mortgage notes payable activity for the six months ended June 30, 2020 (amounts in thousands): Mortgage notes payable, net as of December 31, 2019 Proceeds Lump sum payoffs Scheduled principal repayments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Mortgage notes payable, net as of June 30, 2020 Fixed Rate Debt: Secured – Conventional $ 1,574,699 $ 495,000 (2) $ (91,500 ) $ (3,873 ) $ 571 $ (2,035 ) $ 1,972,862 Floating Rate Debt: Secured – Conventional 7,050 145 — — — 120 7,315 Secured – Tax Exempt 359,861 — — — 620 99 360,580 Floating Rate Debt 366,911 145 — — 620 219 367,895 Total $ 1,941,610 $ 495,145 $ (91,500 ) $ (3,873 ) $ 1,191 $ (1,816 ) $ 2,340,757 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2 ) Obtained a 2.60% fixed rate mortgage loan pool maturing on May 1, 2030. The following table summarizes the Company’s debt extinguishment costs on mortgages recorded as additional interest expense during the six months ended June 30, 2020 (amounts in thousands): Description Amount Write-offs of unamortized deferred financing costs $ 32 The following table summarizes certain interest rate and maturity date information as of and for the six months ended June 30, 2020: June 30, 2020 Interest Rate Ranges 0.07% - 5.29% Weighted Average Interest Rate 3.51% Maturity Date Ranges 2020-2061 As of June 30, 2020, the Company had $281.7 million of secured debt (primarily tax-exempt bonds) subject to third party credit enhancement. Notes The following table summarizes the Company’s notes activity for the six months ended June 30, 2020 (amounts in thousands): Notes, net as of December 31, 2019 Proceeds Lump sum payoffs Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Notes, net as of June 30, 2020 Fixed Rate Debt: Unsecured – Public $ 6,077,513 $ — $ — $ 1,362 $ 2,227 $ 6,081,102 (1) Represents amortization of deferred financing costs, net of debt financing costs. The following table summarizes certain interest rate and maturity date information as of and for the six months ended June 30, 2020: June 30, 2020 Interest Rate Ranges 2.50% - 7.57% Weighted Average Interest Rate 4.06% Maturity Date Ranges 2021-2047 The Company’s unsecured public notes contain certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for the six months ended June 30, 2020. Line of Credit and Commercial Paper On November 1, 2019, the Company replaced its existing $2.0 billion facility with a $2.5 billion unsecured revolving credit facility maturing November 1, 2024. The Company has the ability to increase available borrowings by an additional $750.0 million 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 facility will generally be LIBOR plus a spread (currently 0.775%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 0.125%). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating. The weighted average interest rate on the revolving credit facility was 1.47% for the six months ended June 30, 2020. The Company has an unsecured commercial paper note program in the United States. On November 4, 2019, the Company increased the maximum aggregate amount outstanding for the commercial paper program from $500.0 million to $1.0 billion. The notes will be sold under customary terms in the United States commercial paper note market subject to market conditions and will rank pari passu with all of the Company’s other unsecured senior indebtedness. The notes bear interest at various floating rates with a weighted average interest rate of 1.81% for the six months ended June 30, 2020. The weighted average amount outstanding for the six months ended June 30, 2020 was approximately $522.7 million. The Company limits its utilization of the revolving credit facility in order to maintain liquidity to support its $1.0 billion commercial paper program along with certain other obligations. The following table presents the availability on the Company’s unsecured revolving credit facility as of June 30, 2020 (amounts in thousands): June 30, 2020 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding — Unsecured revolving credit facility balance outstanding — Other restricted amounts (100,949 ) Unsecured revolving credit facility availability $ 2,399,051 |
Derivative and Other Fair Value
Derivative and Other Fair Value Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Derivative and Other Fair Value Instruments | 10 . Derivative and Other Fair Value The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company may seek to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business. A • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value The Company’s derivative positions are valued using models developed by the respective counterparty as well as models applied internally by the Company that use as their inputs readily observable market parameters (such as forward yield curves and credit default swap data). Employee holdings other than Common Shares within the supplemental executive retirement plan (the “SERP”) are valued using quoted market prices for identical assets and are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are valued using the quoted market price of Common Shares. The fair values disclosed for mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) were calculated using indicative rates provided by lenders of similar loans in the case of mortgage notes payable and the private unsecured debt (including its commercial paper and line of credit, if applicable) and quoted market prices for each underlying issuance in the case of the public unsecured notes. The fair values of the Company’s financial instruments (other than mortgage notes payable, unsecured notes, commercial paper, line of credit and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract value. The June 30, 2020 December 31, 2019 Carrying Value Estimated Fair Value (Level 2) Carrying Value Estimated Fair Value (Level 2) Mortgage notes payable, net $ 2,340,757 $ 2,370,036 $ 1,941,610 $ 1,930,710 Unsecured debt, net 6,081,102 7,012,755 7,095,346 7,677,289 Total debt, net $ 8,421,859 $ 9,382,791 $ 9,036,956 $ 9,607,999 The Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 6/30/2020 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Supplemental Executive Retirement Plan Other Assets $ 139,649 $ 139,649 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 139,649 $ 139,649 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 336,695 $ — $ 336,695 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2019 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Supplemental Executive Retirement Plan Other Assets $ 151,889 $ 151,889 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 151,889 $ 151,889 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 463,400 $ — $ 463,400 $ — The June 30, 2020 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps N/A $ — N/A N/A $ — Total $ — $ — June 30, 2019 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ 2,253 Fixed rate debt Interest expense $ (2,253 ) Total $ 2,253 $ (2,253 ) The Effective Portion June 30, 2020 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (1,190 ) Interest expense $ (11,398 ) Total $ (1,190 ) $ (11,398 ) Effective Portion June 30, 2019 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (33,765 ) Interest expense $ (8,902 ) Total $ (33,765 ) $ (8,902 ) As June 30, 2020 In April 2020, the Company paid approximately $1.2 million to settle two forward starting swaps in conjunction with the issuance of $495.0 million of ten-year |
Earnings Per Share and Earnings
Earnings Per Share and Earnings Per Unit | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share And Earnings Per Unit | 1 1 . Earnings Per Share and Earnings Per Equity Residential The Six Months Ended June 30, Quarter Ended June 30, 2020 2019 2020 2019 Numerator for net income per share – basic: Net income $ 604,152 $ 430,556 $ 271,481 $ 321,299 Allocation to Noncontrolling Interests – Operating Partnership (21,248 ) (15,429 ) (9,713 ) (11,510 ) Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (13,410 ) (1,620 ) (880 ) (821 ) Preferred distributions (1,545 ) (1,545 ) (772 ) (772 ) Numerator for net income per share – basic $ 567,949 $ 411,962 $ 260,116 $ 308,196 Numerator for net income per share – diluted: Net income $ 604,152 $ 430,556 $ 271,481 $ 321,299 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (13,410 ) (1,620 ) (880 ) (821 ) Preferred distributions (1,545 ) (1,545 ) (772 ) (772 ) Numerator for net income per share – diluted $ 589,197 $ 427,391 $ 269,829 $ 319,706 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 371,689 369,952 371,795 370,342 Effect of dilutive securities: OP Units 13,013 12,902 13,023 12,885 Long-term compensation shares/units 1,570 2,790 1,095 2,880 Denominator for net income per share – diluted 386,272 385,644 385,913 386,107 Net income per share – basic $ 1.53 $ 1.11 $ 0.70 $ 0.83 Net income per share – diluted $ 1.53 $ 1.11 $ 0.70 $ 0.83 ERP Operating Limited Partnership The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): Six Months Ended June 30, Quarter Ended June 30, 2020 2019 2020 2019 Numerator for net income per Unit – basic and diluted: Net income $ 604,152 $ 430,556 $ 271,481 $ 321,299 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (13,410 ) (1,620 ) (880 ) (821 ) Allocation to Preference Units (1,545 ) (1,545 ) (772 ) (772 ) Numerator for net income per Unit – basic and diluted $ 589,197 $ 427,391 $ 269,829 $ 319,706 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 384,702 382,854 384,818 383,227 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units 1,570 2,790 1,095 2,880 Denominator for net income per Unit – diluted 386,272 385,644 385,913 386,107 Net income per Unit – basic $ 1.53 $ 1.11 $ 0.70 $ 0.83 Net income per Unit – diluted $ 1.53 $ 1.11 $ 0.70 $ 0.83 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 2 . The Company, as an owner of real estate, is subject to various Federal, state and local laws, including, but not limited to, rent regulations and environmental laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations, whether related to COVID-19 or otherwise, on its current properties or on properties that it may acquire in the future. The Company does not believe there is any litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company. As of June 30, 2020, the Company has two wholly owned projects and one partially owned project totaling 824 apartment units in various stages of development with remaining commitments to fund of approximately $328.0 million (inclusive of applicable construction mortgage and joint venture partner obligations) and estimated completion dates ranging through September 30, 2021. Estimated completion dates and budgeted capital costs for projects under development currently remain unchanged from the Company’s estimates in the fourth quarter of 2019. The Company will reevaluate these dates and costs as the impact of COVID-19 becomes clearer. The Company has two projects that were completed and stabilized during the quarter ended June 30, 2020. As of June 30, 2020, the Company has two joint venture agreements with third party partners for the consolidated development of multifamily rental properties, one of which is currently under construction as noted above. The development commitment to fund the project under construction is included in the development funding totals above for one of the joint ventures. The joint venture agreements with each partner include a buy-sell provision that provides the right, but not the obligation, for the Company to acquire each respective partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events described in the joint venture agreements. See Note 6 for additional discussion. |
Reportable Segments
Reportable Segments | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Reportable Segments | 1 3 . Reportable Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company’s operating performance geographically by market and both on a same store and non-same store basis. While the Company does maintain a non-residential presence, it historically has accounted for approximately 4.0% of total revenues and is designed as an amenity for our residential residents. The chief operating decision maker evaluates the performance of each property on a consolidated residential and non-residential basis. The Company’s geographic same store operating segments located in urban and high-density suburban communities represent its reportable segments. The Company’s development activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the “Other” category in the tables presented below. All The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents The Six Months Ended June 30, Quarter Ended June 30, 2020 2019 2020 2019 Rental income $ 1,335,837 $ 1,331,676 $ 653,532 $ 669,374 Property and maintenance expense (220,268 ) (223,531 ) (104,452 ) (108,461 ) Real estate taxes and insurance expense (192,770 ) (182,888 ) (95,038 ) (91,446 ) Total operating expenses (413,038 ) (406,419 ) (199,490 ) (199,907 ) Net operating income $ 922,799 $ 925,257 $ 454,042 $ 469,467 The following tables present NOI for each segment from our rental real estate for the six months and quarters ended June 30, 2020 and 2019, respectively, as well as total assets and capital expenditures at June 30, 2020 (amounts in thousands): Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 239,914 $ 71,930 $ 167,984 $ 240,751 $ 72,145 $ 168,606 Orange County 53,013 12,167 40,846 51,887 12,142 39,745 San Diego 47,848 12,417 35,431 47,023 12,126 34,897 Subtotal - Southern California 340,775 96,514 244,261 339,661 96,413 243,248 San Francisco 236,580 59,313 177,267 234,514 57,629 176,885 Washington D.C. 196,601 59,331 137,270 195,453 59,389 136,064 New York 227,179 98,581 128,598 230,808 96,067 134,741 Seattle 127,073 35,440 91,633 124,029 34,634 89,395 Boston 123,673 35,144 88,529 124,671 35,639 89,032 Denver 8,944 2,419 6,525 9,125 2,417 6,708 Total same store 1,260,825 386,742 874,083 1,258,261 382,188 876,073 Non-same store/other (2) (3) Non-same store 58,629 17,748 40,881 14,374 4,423 9,951 Other (3) 16,383 8,548 7,835 59,041 19,808 39,233 Total non-same store/other 75,012 26,296 48,716 73,415 24,231 49,184 Totals $ 1,335,837 $ 413,038 $ 922,799 $ 1,331,676 $ 406,419 $ 925,257 (1) For the six months ended June 30, 2020 and 2019, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2019, less properties subsequently sold, which represented 74,264 apartment (2) For the six months ended June 30, 2020 and 2019, non-same store primarily includes properties acquired after January 1, 2019, plus any properties in lease-up and not stabilized as of January 1, (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Quarter Ended June 30, 2020 Quarter Ended June 30, 2019 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 117,994 $ 35,013 $ 82,981 $ 121,216 $ 35,688 $ 85,528 Orange County 26,318 5,953 20,365 26,058 5,966 20,092 San Diego 23,706 6,100 17,606 23,720 5,978 17,742 Subtotal - Southern California 168,018 47,066 120,952 170,994 47,632 123,362 San Francisco 116,303 29,045 87,258 118,044 28,528 89,516 Washington D.C. 97,527 28,680 68,847 98,571 29,409 69,162 New York 111,949 48,130 63,819 117,457 47,626 69,831 Seattle 63,378 18,383 44,995 63,695 17,853 45,842 Boston 59,990 16,984 43,006 62,751 17,398 45,353 Denver 6,110 1,733 4,377 6,403 1,831 4,572 Total same store 623,275 190,021 433,254 637,915 190,277 447,638 Non-same store/other (2) (3) Non-same store 24,631 7,212 17,419 4,000 1,124 2,876 Other (3) 5,626 2,257 3,369 27,459 8,506 18,953 Total non-same store/other 30,257 9,469 20,788 31,459 9,630 21,829 Totals $ 653,532 $ 199,490 $ 454,042 $ 669,374 $ 199,907 $ 469,467 (1) For the quarters ended June 30, 2020 and 2019, same store primarily includes all properties acquired or completed that were stabilized prior to April 1, 2019, less properties subsequently sold, which represented 74,843 apartment (2) For the quarters ended June 30, 2020 and 2019, non-same store primarily includes properties acquired after April 1, 2019, plus any properties in lease-up and not stabilized as of April 1, (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Six Months Ended June 30, 2020 Total Assets Capital Expenditures Same store (1) Los Angeles $ 3,064,404 $ 13,070 Orange County 397,148 3,458 San Diego 382,082 1,993 Subtotal - Southern California 3,843,634 18,521 San Francisco 3,288,932 6,940 Washington D.C. 3,120,074 10,534 New York 4,001,050 10,429 Seattle 1,838,484 4,334 Boston 1,790,996 8,631 Denver 251,427 245 Total same store 18,134,597 59,634 Non-same store/other (2) (3) Non-same store 1,642,289 1,129 Other (3) 938,065 502 Total non-same store/other 2,580,354 1,631 Totals $ 20,714,951 $ 61,265 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2019, less properties subsequently sold, which represented 74,264 apartment (2) Non-same store primarily includes properties acquired after January 1, 2019, plus any properties in lease-up and not stabilized as of January 1, (3) Other includes development, other corporate operations and capital expenditures for properties |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 1 4 . Subsequent The continued rapid development and fast-changing nature of the COVID-19 pandemic creates many unknowns that could have a future material impact on the Company. Its duration and severity and the extent of the adverse health impact on the general population, our residents and our employees, as well as the potential changes in customer preferences for living in the urban and dense suburban locations in which many of the Company’s properties are located, are among the unknowns. These, among other items, will likely impact the economy, the unemployment rate and our operations and could materially affect our future consolidated results of operations, financial condition, liquidity, investments and overall performance. Subsequent to June 30, 2020, the Company: • Repaid $19.7 million of mortgage debt at par prior to maturity. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. In response to the novel coronavirus (“COVID-19”) pandemic, management evaluated whether its estimates, such as lease collectibility (see discussion below) and impairment, required revised approaches and generally concluded that no revisions were necessary at this time. The balance sheets at December 31, 2019 have been derived from the audited financial statements at that date but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. For further information, including definitions of capitalized terms not defined herein, refer to the consolidated financial statements and footnotes thereto included in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2019 . |
Income and Other Taxes | Income and Other Taxes EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act was enacted to provide economic relief to companies and individuals in response to the COVID-19 pandemic. Included in the CARES Act are tax provisions which increase allowable interest expense deductions for 2019 and 2020 and increase the ability for taxpayers to use net operating losses. While we do not expect these provisions to result in a material impact to the Company’s taxable income or tax liabilities, the Company will continue to analyze the provisions of the CARES Act and related guidance as it is published. The CARES Act also allows corporations to request accelerated refunds of their alternative minimum tax (“AMT”) credit. Prior to enactment of this provision, the remaining credits would have been refunded in installments in 2020, 2021 and 2022. We have filed a claim and expect to receive a refund of our remaining $1.6 million of AMT credit in 2020. |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued an amendment to the reference rate reform standard which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. An example of such reform is the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. Entities that make this optional expedient election would not have to remeasure the contracts at the modification date or reassess the accounting treatment if certain criteria are met and would continue applying hedge accounting for relationships affected by reference rate reform. The new standard was effective for the Company upon issuance and elections can be made through December 31, 2022. The Company is currently evaluating its options with regards to existing contracts and hedging relationships and the impact of adopting this update on its consolidated results of operations and financial position. Recently Adopted Accounting Pronouncements In April 2020, a FASB staff question and answer document was issued which intended to reduce the challenges of evaluating the enforceable rights and obligations of leases for concessions granted to lessees in response to the COVID-19 pandemic. We elected not to evaluate whether qualifying concessions provided by the Company in response to the COVID-19 pandemic are a lease modification, subject to the criteria that the total payments under the amended lease cannot result in a substantial increase in the rights of the lessor or obligations of the lessee . We also elected to treat the concessions as though they were contemplated as part of the existing contracts and therefore will not apply lease modification rules to the qualifying lease concession amendments. As such, deferrals deemed collectible are recorded as rental receivables with no change to timing of rental revenues and deferrals deemed non-collectible and abatements reduce rental revenues in the deferral/abatement period and cause rental revenues to effectively follow a cash basis related to the changes. The accounting elections provided by the FASB mainly apply to the Company’s non-residential leases and the majority of the amendments will not require a straight-line adjustment. During the quarter ended June 30, 2020, we have granted rent payment deferrals/abatements to our non-residential tenants of $4.5 million, of which $4.1 million reduced rental revenues. In June 2016, the FASB In The Company elected the practical expedient to not reassess the classification of existing operating leases. As of January 1, 2019, any new or modified ground leases may be classified as financing leases unless they meet certain conditions. When there is a material lease modification, the Company is required to reassess the classification and remeasure the lease liability. The Company also elected the practical expedient to account for both its lease and non-lease components as a single component under the leases standard. See Note 8 for additional discussion regarding the lease standard. In August 2017, the FASB issued a final standard which makes changes to the hedge accounting model to enable entities to better portray their risk management activities in the financial statements. The standard expands an entity’s ability to hedge nonfinancial and financial risk components, reduces complexity in fair value hedges of interest rate risk and eases certain documentation and assessment requirements. The standard also eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of any hedging instrument to be presented in the same income statement line as the hedged instrument. The Company adopted this standard as required effective January 1, 2019 and it did not have a material effect on its consolidated results of operations and financial position. |
Business (Tables)
Business (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Ownership Breakdown | The ownership breakdown includes (table does not include various uncompleted development properties): Properties Apartment Units Wholly Owned Properties 287 74,849 Master-Leased Property – Consolidated 1 162 Partially Owned Properties – Consolidated 16 3,399 304 78,410 |
Equity, Capital and Other Int_2
Equity, Capital and Other Interests (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Class Of Stock [Line Items] | |
Changes in Issued and Outstanding Common Shares and Units | The following table presents the changes in the Company’s issued and outstanding Common Shares and Units for the six months ended June 30, 2020 and 2019: 2020 2019 Common Shares Common Shares outstanding at January 1, 371,670,884 369,405,161 Common Shares Issued: Conversion of OP Units 97,363 188,406 Exercise of share options 217,935 1,059,674 Employee Share Purchase Plan (ESPP) 44,110 27,131 Restricted share grants, net 178,720 158,438 Common Shares outstanding at June 30, 372,209,012 370,838,810 Units Units outstanding at January 1, 13,731,315 13,904,035 Restricted unit grants, net 245,999 140,055 Conversion of OP Units to Common Shares (97,363 ) (188,406 ) Units outstanding at June 30, 13,879,951 13,855,684 Total Common Shares and Units outstanding at June 30, 386,088,963 384,694,494 Units Ownership Interest in Operating Partnership 3.6 % 3.6 % |
Changes in Redemption Value of Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners for the six months ended June 30, 2020 and 2019 (amounts in 2020 2019 Balance at January 1, $ 463,400 $ 379,106 Change in market value (128,753 ) 56,974 Change in carrying value 2,048 (45 ) Balance at June 30, $ 336,695 $ 436,035 |
Issued and Outstanding Preferred Shares and Preference Units | The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as December 31, 2019 Amounts in thousands Annual Call Dividend Per June 30, December 31, Date (1) Share/Unit (2) 2020 2019 Preferred Shares/Preference Units of beneficial interest, $0.01 par value; 100,000,000 shares authorized: 8.29% Units; liquidation value $50 and outstanding as of June 30, 2020 and December 31, 2019 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares/Preference Units are payable quarterly. |
ERPOP [Member] | |
Class Of Stock [Line Items] | |
Changes in Issued and Outstanding Common Shares and Units | The following table presents the changes in the Operating Partnership’s issued and outstanding General Partner Units and Limited Partner Units for the six months ended June 30, 2020 and 2019: 2020 2019 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 385,402,199 383,309,196 Issued to General Partner: Exercise of EQR share options 217,935 1,059,674 EQR’s Employee Share Purchase Plan (ESPP) 44,110 27,131 EQR’s restricted share grants, net 178,720 158,438 Issued to Limited Partners: Restricted unit grants, net 245,999 140,055 General and Limited Partner Units outstanding at June 30, 386,088,963 384,694,494 Limited Partner Units Limited Partner Units outstanding at January 1, 13,731,315 13,904,035 Limited Partner restricted unit grants, net 245,999 140,055 Conversion of Limited Partner OP Units to EQR Common Shares (97,363 ) (188,406 ) Limited Partner Units outstanding at June 30, 13,879,951 13,855,684 Limited Partner Units Ownership Interest in Operating Partnership 3.6 % 3.6 % |
Real Estate (Tables)
Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Real Estate [Abstract] | |
Summary of Carrying Amounts of Investment in Real Estate | The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of June 30, 2020 and December 31, 2019 (amounts in thousands): June 30, 2020 December 31, 2019 Land $ 5,789,307 $ 5,936,188 Depreciable property: Buildings and improvements 18,574,877 18,904,686 Furniture, fixtures and equipment 1,936,039 1,916,458 In-Place lease intangibles 486,987 497,957 Projects under development: Land 23,531 23,531 Construction-in-progress 251,294 158,099 Land held for development: Land 64,460 64,460 Construction-in-progress 37,901 32,228 Investment in real estate 27,164,396 27,533,607 Accumulated depreciation (7,537,713 ) (7,276,786 ) Investment in real estate, net $ 19,626,683 $ 20,256,821 |
Disposed Properties to Unaffiliated Parties | During the six months ended June 30, 2020, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 5 1,552 $ 754,361 Total 5 1,552 $ 754,361 |
Commitments to Acquire_Dispos_2
Commitments to Acquire/Dispose of Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments To Acquire Dispose Of Real Estate [Abstract] | |
Separate Agreements to Dispose | The Company has entered into separate agreements to dispose of the following (sales price and net book value in thousands): Properties Apartment Units Sales Price Net Book Value Land Parcels (two) — — $ 55,150 $ 19,445 Total — — $ 55,150 $ 19,445 |
Investments in Partially Owne_2
Investments in Partially Owned Entities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments In Partially Owned Entities [Abstract] | |
Summary of Companys Investment in Unconsolidated Entities | The following table and information summarizes the Company’s investments in unconsolidated entities, which are accounted for under the equity method of accounting as the requirements for consolidation are not met, as of June 30, 2020 and December 31, 2019 June 30, 2020 December 31, 2019 Ownership Percentage Investments in Unconsolidated Entities: Operating Property (VIE) (1) $ 39,385 $ 40,361 33.3% Real Estate Technology/Other 15,925 11,877 Varies Investments in Unconsolidated Entities $ 55,310 $ 52,238 (1) Represents an unconsolidated interest in an entity that owns the land underlying one of the consolidated joint venture properties noted above and owns and operates a related parking facility. The joint venture, as a limited partner, does not have substantive kick-out or participating rights in the entity. As a result, the entity qualifies as a VIE. The joint venture does not have a controlling financial interest in the VIE and is not the VIE’s primary beneficiary. The joint venture does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance or the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result, the entity that owns the land and owns and operates the parking facility is unconsolidated and recorded using the equity method of accounting. |
Restricted Deposits (Tables)
Restricted Deposits (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Deposits Restricted [Abstract] | |
Restricted Deposits | The following table presents the Company’s restricted deposits as of June 30, 2020 and December 31, 2019 (amounts in thousands): June 30, 2020 December 31, 2019 Mortgage escrow deposits: Replacement reserves $ 9,233 $ 8,543 Mortgage principal reserves/sinking funds 11,895 9,689 Mortgage escrow deposits 21,128 18,232 Restricted cash: Tax-deferred (1031) exchange proceeds — 14,232 Restricted deposits on real estate investments 747 658 Resident security and utility deposits 34,869 37,140 Other 1,373 984 Restricted cash 36,989 53,014 Restricted deposits $ 58,117 $ 71,246 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Summary of Lease Income Types Relating to Lease Payments along with Total Other Rental Income | The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the six months and quarter ended June 30, 2020 (amounts in thousands): Six Months Ended June 30, 2020 Quarter Ended June 30, 2020 Income Type Residential Leases Non-Residential Leases Total Residential Leases Non-Residential Leases Total Residential and non-residential rent $ 1,207,106 $ 30,221 $ 1,237,327 $ 594,626 $ 12,127 $ 606,753 Utility recoveries (RUBS income) (1) 35,232 375 35,607 17,814 147 17,961 Parking rent 19,460 223 19,683 9,627 126 9,753 Storage rent 1,913 40 1,953 951 21 972 Pet rent 5,740 — 5,740 2,839 — 2,839 Total lease revenue $ 1,269,451 $ 30,859 1,300,310 $ 625,857 $ 12,421 638,278 Total other rental income (2) 35,527 15,254 Rental income $ 1,335,837 $ 653,532 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other rental income is accounted for under the revenue recognition standard. The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the six months and quarter ended June 30, 2019 (amounts in thousands): Six Months Ended June 30, 2019 Quarter Ended June 30, 2019 Income Type Residential Leases Non-Residential Leases Total Residential Leases Non-Residential Leases Total Residential and non-residential rent $ 1,190,729 $ 36,163 $ 1,226,892 $ 598,209 $ 17,693 $ 615,902 Utility recoveries (RUBS income) (1) 33,303 412 33,715 16,858 209 17,067 Parking rent 18,469 159 18,628 9,332 87 9,419 Storage rent 1,856 32 1,888 937 (12 ) 925 Pet rent 5,798 — 5,798 2,911 — 2,911 Total lease revenue $ 1,250,155 $ 36,766 1,286,921 $ 628,247 $ 17,977 646,224 Total other rental income (2) 44,755 23,150 Rental income $ 1,331,676 $ 669,374 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other rental income is accounted for under the revenue recognition standard. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Instrument [Line Items] | |
Summary of Mortgage Notes Payable Activity | The following table summarizes the Company’s mortgage notes payable activity for the six months ended June 30, 2020 (amounts in thousands): Mortgage notes payable, net as of December 31, 2019 Proceeds Lump sum payoffs Scheduled principal repayments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Mortgage notes payable, net as of June 30, 2020 Fixed Rate Debt: Secured – Conventional $ 1,574,699 $ 495,000 (2) $ (91,500 ) $ (3,873 ) $ 571 $ (2,035 ) $ 1,972,862 Floating Rate Debt: Secured – Conventional 7,050 145 — — — 120 7,315 Secured – Tax Exempt 359,861 — — — 620 99 360,580 Floating Rate Debt 366,911 145 — — 620 219 367,895 Total $ 1,941,610 $ 495,145 $ (91,500 ) $ (3,873 ) $ 1,191 $ (1,816 ) $ 2,340,757 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2 ) Obtained a 2.60% fixed rate mortgage loan pool maturing on May 1, 2030. The following table summarizes the Company’s debt extinguishment costs on mortgages recorded as additional interest expense during the six months ended June 30, 2020 (amounts in thousands): Description Amount Write-offs of unamortized deferred financing costs $ 32 |
Summary of Notes Activity | The following table summarizes the Company’s notes activity for the six months ended June 30, 2020 (amounts in thousands): Notes, net as of December 31, 2019 Proceeds Lump sum payoffs Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Notes, net as of June 30, 2020 Fixed Rate Debt: Unsecured – Public $ 6,077,513 $ — $ — $ 1,362 $ 2,227 $ 6,081,102 (1) Represents amortization of deferred financing costs, net of debt financing costs. |
Schedule of Unsecured Revolving Credit Facility | The following table presents the availability on the Company’s unsecured revolving credit facility as of June 30, 2020 (amounts in thousands): June 30, 2020 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding — Unsecured revolving credit facility balance outstanding — Other restricted amounts (100,949 ) Unsecured revolving credit facility availability $ 2,399,051 |
Mortgages [Member] | |
Debt Instrument [Line Items] | |
Summary of Certain Interest Rate and Maturity Date Information | The following table summarizes certain interest rate and maturity date information as of and for the six months ended June 30, 2020: June 30, 2020 Interest Rate Ranges 0.07% - 5.29% Weighted Average Interest Rate 3.51% Maturity Date Ranges 2020-2061 |
Notes [Member] | |
Debt Instrument [Line Items] | |
Summary of Certain Interest Rate and Maturity Date Information | The following table summarizes certain interest rate and maturity date information as of and for the six months ended June 30, 2020: June 30, 2020 Interest Rate Ranges 2.50% - 7.57% Weighted Average Interest Rate 4.06% Maturity Date Ranges 2021-2047 |
Derivative and Other Fair Val_2
Derivative and Other Fair Value Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Carrying and Fair Values of Financial Instruments | The June 30, 2020 December 31, 2019 Carrying Value Estimated Fair Value (Level 2) Carrying Value Estimated Fair Value (Level 2) Mortgage notes payable, net $ 2,340,757 $ 2,370,036 $ 1,941,610 $ 1,930,710 Unsecured debt, net 6,081,102 7,012,755 7,095,346 7,677,289 Total debt, net $ 8,421,859 $ 9,382,791 $ 9,036,956 $ 9,607,999 |
Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis | The Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 6/30/2020 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Supplemental Executive Retirement Plan Other Assets $ 139,649 $ 139,649 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 139,649 $ 139,649 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 336,695 $ — $ 336,695 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2019 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Supplemental Executive Retirement Plan Other Assets $ 151,889 $ 151,889 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 151,889 $ 151,889 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 463,400 $ — $ 463,400 $ — |
Summary of Effect of Fair Value Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income | The June 30, 2020 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps N/A $ — N/A N/A $ — Total $ — $ — June 30, 2019 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ 2,253 Fixed rate debt Interest expense $ (2,253 ) Total $ 2,253 $ (2,253 ) |
Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income | The Effective Portion June 30, 2020 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (1,190 ) Interest expense $ (11,398 ) Total $ (1,190 ) $ (11,398 ) Effective Portion June 30, 2019 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (33,765 ) Interest expense $ (8,902 ) Total $ (33,765 ) $ (8,902 ) |
Earnings Per Share and Earnin_2
Earnings Per Share and Earnings Per Unit (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit | The Six Months Ended June 30, Quarter Ended June 30, 2020 2019 2020 2019 Numerator for net income per share – basic: Net income $ 604,152 $ 430,556 $ 271,481 $ 321,299 Allocation to Noncontrolling Interests – Operating Partnership (21,248 ) (15,429 ) (9,713 ) (11,510 ) Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (13,410 ) (1,620 ) (880 ) (821 ) Preferred distributions (1,545 ) (1,545 ) (772 ) (772 ) Numerator for net income per share – basic $ 567,949 $ 411,962 $ 260,116 $ 308,196 Numerator for net income per share – diluted: Net income $ 604,152 $ 430,556 $ 271,481 $ 321,299 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (13,410 ) (1,620 ) (880 ) (821 ) Preferred distributions (1,545 ) (1,545 ) (772 ) (772 ) Numerator for net income per share – diluted $ 589,197 $ 427,391 $ 269,829 $ 319,706 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 371,689 369,952 371,795 370,342 Effect of dilutive securities: OP Units 13,013 12,902 13,023 12,885 Long-term compensation shares/units 1,570 2,790 1,095 2,880 Denominator for net income per share – diluted 386,272 385,644 385,913 386,107 Net income per share – basic $ 1.53 $ 1.11 $ 0.70 $ 0.83 Net income per share – diluted $ 1.53 $ 1.11 $ 0.70 $ 0.83 |
ERPOP [Member] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit | The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): Six Months Ended June 30, Quarter Ended June 30, 2020 2019 2020 2019 Numerator for net income per Unit – basic and diluted: Net income $ 604,152 $ 430,556 $ 271,481 $ 321,299 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (13,410 ) (1,620 ) (880 ) (821 ) Allocation to Preference Units (1,545 ) (1,545 ) (772 ) (772 ) Numerator for net income per Unit – basic and diluted $ 589,197 $ 427,391 $ 269,829 $ 319,706 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 384,702 382,854 384,818 383,227 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units 1,570 2,790 1,095 2,880 Denominator for net income per Unit – diluted 386,272 385,644 385,913 386,107 Net income per Unit – basic $ 1.53 $ 1.11 $ 0.70 $ 0.83 Net income per Unit – diluted $ 1.53 $ 1.11 $ 0.70 $ 0.83 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations | The Six Months Ended June 30, Quarter Ended June 30, 2020 2019 2020 2019 Rental income $ 1,335,837 $ 1,331,676 $ 653,532 $ 669,374 Property and maintenance expense (220,268 ) (223,531 ) (104,452 ) (108,461 ) Real estate taxes and insurance expense (192,770 ) (182,888 ) (95,038 ) (91,446 ) Total operating expenses (413,038 ) (406,419 ) (199,490 ) (199,907 ) Net operating income $ 922,799 $ 925,257 $ 454,042 $ 469,467 |
Schedule of NOI for Each Segment from Rental Real Estate Specific to Continuing Operations | The following tables present NOI for each segment from our rental real estate for the six months and quarters ended June 30, 2020 and 2019, respectively, as well as total assets and capital expenditures at June 30, 2020 (amounts in thousands): Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 239,914 $ 71,930 $ 167,984 $ 240,751 $ 72,145 $ 168,606 Orange County 53,013 12,167 40,846 51,887 12,142 39,745 San Diego 47,848 12,417 35,431 47,023 12,126 34,897 Subtotal - Southern California 340,775 96,514 244,261 339,661 96,413 243,248 San Francisco 236,580 59,313 177,267 234,514 57,629 176,885 Washington D.C. 196,601 59,331 137,270 195,453 59,389 136,064 New York 227,179 98,581 128,598 230,808 96,067 134,741 Seattle 127,073 35,440 91,633 124,029 34,634 89,395 Boston 123,673 35,144 88,529 124,671 35,639 89,032 Denver 8,944 2,419 6,525 9,125 2,417 6,708 Total same store 1,260,825 386,742 874,083 1,258,261 382,188 876,073 Non-same store/other (2) (3) Non-same store 58,629 17,748 40,881 14,374 4,423 9,951 Other (3) 16,383 8,548 7,835 59,041 19,808 39,233 Total non-same store/other 75,012 26,296 48,716 73,415 24,231 49,184 Totals $ 1,335,837 $ 413,038 $ 922,799 $ 1,331,676 $ 406,419 $ 925,257 (1) For the six months ended June 30, 2020 and 2019, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2019, less properties subsequently sold, which represented 74,264 apartment (2) For the six months ended June 30, 2020 and 2019, non-same store primarily includes properties acquired after January 1, 2019, plus any properties in lease-up and not stabilized as of January 1, (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Quarter Ended June 30, 2020 Quarter Ended June 30, 2019 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 117,994 $ 35,013 $ 82,981 $ 121,216 $ 35,688 $ 85,528 Orange County 26,318 5,953 20,365 26,058 5,966 20,092 San Diego 23,706 6,100 17,606 23,720 5,978 17,742 Subtotal - Southern California 168,018 47,066 120,952 170,994 47,632 123,362 San Francisco 116,303 29,045 87,258 118,044 28,528 89,516 Washington D.C. 97,527 28,680 68,847 98,571 29,409 69,162 New York 111,949 48,130 63,819 117,457 47,626 69,831 Seattle 63,378 18,383 44,995 63,695 17,853 45,842 Boston 59,990 16,984 43,006 62,751 17,398 45,353 Denver 6,110 1,733 4,377 6,403 1,831 4,572 Total same store 623,275 190,021 433,254 637,915 190,277 447,638 Non-same store/other (2) (3) Non-same store 24,631 7,212 17,419 4,000 1,124 2,876 Other (3) 5,626 2,257 3,369 27,459 8,506 18,953 Total non-same store/other 30,257 9,469 20,788 31,459 9,630 21,829 Totals $ 653,532 $ 199,490 $ 454,042 $ 669,374 $ 199,907 $ 469,467 (1) For the quarters ended June 30, 2020 and 2019, same store primarily includes all properties acquired or completed that were stabilized prior to April 1, 2019, less properties subsequently sold, which represented 74,843 apartment (2) For the quarters ended June 30, 2020 and 2019, non-same store primarily includes properties acquired after April 1, 2019, plus any properties in lease-up and not stabilized as of April 1, (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Six Months Ended June 30, 2020 Total Assets Capital Expenditures Same store (1) Los Angeles $ 3,064,404 $ 13,070 Orange County 397,148 3,458 San Diego 382,082 1,993 Subtotal - Southern California 3,843,634 18,521 San Francisco 3,288,932 6,940 Washington D.C. 3,120,074 10,534 New York 4,001,050 10,429 Seattle 1,838,484 4,334 Boston 1,790,996 8,631 Denver 251,427 245 Total same store 18,134,597 59,634 Non-same store/other (2) (3) Non-same store 1,642,289 1,129 Other (3) 938,065 502 Total non-same store/other 2,580,354 1,631 Totals $ 20,714,951 $ 61,265 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2019, less properties subsequently sold, which represented 74,264 apartment (2) Non-same store primarily includes properties acquired after January 1, 2019, plus any properties in lease-up and not stabilized as of January 1, (3) Other includes development, other corporate operations and capital expenditures for properties |
Business - Additional Informati
Business - Additional Information (Details) | Jun. 30, 2020StatePropertyApartmentUnit |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Number of states in which entity operates | State | 9 |
Properties | Property | 304 |
Apartment units | ApartmentUnit | 78,410 |
ERPOP [Member] | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Noncontrolling interest, ownership percentage by parent | 96.40% |
Business - Ownership Breakdown
Business - Ownership Breakdown (Details) | Jun. 30, 2020PropertyApartmentUnit |
Property/Unit schedule | |
Properties | Property | 304 |
Apartment Units | ApartmentUnit | 78,410 |
Wholly Owned Properties | |
Property/Unit schedule | |
Properties | Property | 287 |
Apartment Units | ApartmentUnit | 74,849 |
Master-Leased Property Consolidated | |
Property/Unit schedule | |
Properties | Property | 1 |
Apartment Units | ApartmentUnit | 162 |
Partially Owned Properties – Consolidated | |
Property/Unit schedule | |
Properties | Property | 16 |
Apartment Units | ApartmentUnit | 3,399 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jan. 01, 2019 | |
Provision for income tax | $ 187,000 | $ 246,000 | $ 240,000 | $ 484,000 | |
Remaining AMT refunds | 1,600,000 | 1,600,000 | |||
Rent payment deferrals | 4,500,000 | ||||
Decrease in rental revenues | $ 4,100,000 | ||||
Right-of-use assets | $ 434,200,000 | ||||
Lease liabilities | $ 278,300,000 | ||||
Federal [Member] | |||||
Provision for income tax | $ 0 |
Equity, Capital and Other Int_3
Equity, Capital and Other Interests - Changes in Company's Issued and Outstanding Common Shares and Units (Details) - shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Equity Capital And Other Interests [Abstract] | ||
Common Stock, Shares, Outstanding | 371,670,884 | 369,405,161 |
Common Shares Issued: | ||
Conversion of OP Units | 97,363 | 188,406 |
Exercise of share options | 217,935 | 1,059,674 |
Employee Share Purchase Plan (ESPP) | 44,110 | 27,131 |
Restricted share grants, net | 178,720 | 158,438 |
Common Stock, Shares, Outstanding | 372,209,012 | 370,838,810 |
Units | ||
Total Units Outstanding | 13,731,315 | 13,904,035 |
Restricted unit grants, net | 245,999 | 140,055 |
Conversion of OP Units to Common Shares | (97,363) | (188,406) |
Total Units Outstanding | 13,879,951 | 13,855,684 |
Common Shares And Units Outstanding | 386,088,963 | 384,694,494 |
Units Ownership Interest in Operating Partnership | 3.60% | 3.60% |
Equity, Capital and Other Int_4
Equity, Capital and Other Interests - Changes in Operating Partnership's Issued and Outstanding General Partner Units and Limited Partner Units (Details) - shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
General and Limited Partner Units | ||
Exercise of share options | 217,935 | 1,059,674 |
Employee Share Purchase Plan (ESPP) | 44,110 | 27,131 |
Restricted share grants, net | 178,720 | 158,438 |
Restricted unit grants, net | 245,999 | 140,055 |
Common Shares And Units Outstanding | 386,088,963 | 384,694,494 |
Limited Partner Units | ||
Total Units Outstanding | 13,731,315 | 13,904,035 |
Restricted unit grants, net | 245,999 | 140,055 |
Conversion of Limited Partner OP Units to EQR Common Shares | (97,363) | (188,406) |
Total Units Outstanding | 13,879,951 | 13,855,684 |
Units Ownership Interest in Operating Partnership | 3.60% | 3.60% |
ERPOP [Member] | ||
General and Limited Partner Units | ||
Common Shares And Units Outstanding | 385,402,199 | 383,309,196 |
Exercise of share options | 217,935 | 1,059,674 |
Employee Share Purchase Plan (ESPP) | 44,110 | 27,131 |
Restricted share grants, net | 178,720 | 158,438 |
Restricted unit grants, net | 245,999 | 140,055 |
Common Shares And Units Outstanding | 386,088,963 | 384,694,494 |
Limited Partner Units | ||
Total Units Outstanding | 13,731,315 | 13,904,035 |
Restricted unit grants, net | 245,999 | 140,055 |
Conversion of Limited Partner OP Units to EQR Common Shares | (97,363) | (188,406) |
Total Units Outstanding | 13,879,951 | 13,855,684 |
Units Ownership Interest in Operating Partnership | 3.60% | 3.60% |
Equity, Capital and Other Int_5
Equity, Capital and Other Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Equity Capital And Other Interests [Abstract] | ||||
Redeemable noncontrolling interests - operating partnership | $ 336,695 | $ 463,400 | $ 436,035 | $ 379,106 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | ||
Preferred stock, par or stated value per share | $ 0.01 | $ 0.01 |
Equity, Capital and Other Int_6
Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Noncontrolling Interests - Operating Partnership (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Equity Capital And Other Interests [Abstract] | ||
Redeemable Noncontrolling Interests - Operating Partnership Units | $ 463,400 | $ 379,106 |
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership | (128,753) | 56,974 |
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | 2,048 | (45) |
Redeemable Noncontrolling Interests - Operating Partnership Units | $ 336,695 | $ 436,035 |
Equity, Capital and Other Int_7
Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Limited Partners Interest (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Equity Capital And Other Interests [Abstract] | ||
Redeemable Limited Partners | $ 463,400 | $ 379,106 |
Limited Partners Change In Redemption Value | (128,753) | 56,974 |
Limited Partners Change In Carrying Value | 2,048 | (45) |
Redeemable Limited Partners | $ 336,695 | $ 436,035 |
Equity, Capital and Other Int_8
Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Details) - ERPOP [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Class Of Stock [Line Items] | ||
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share; 745,600 shares issued and outstanding as of June 30, 2020 and December 31, 2019 | $ 37,280 | $ 37,280 |
Preferred Stock | ||
Class Of Stock [Line Items] | ||
Preferred Stocks Preference Units Call Date | Dec. 10, 2026 | |
Annual Dividend Per Preferred Share Preference Unit | $ 4.145 | |
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share; 745,600 shares issued and outstanding as of June 30, 2020 and December 31, 2019 | $ 37,280 | $ 37,280 |
Equity, Capital and Other Int_9
Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Parenthetical) (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Class Of Stock [Line Items] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock | ||
Class Of Stock [Line Items] | ||
Preferred Stock Preference Units Issued | 745,600 | 745,600 |
Preferred Stock Preference Units Outstanding | 745,600 | 745,600 |
Preferred Stock Preference Units Redemption Price Per Share | $ 50 | $ 50 |
Preferred Stock Preference Units Dividend Rate Percentage | 8.29% | 8.29% |
Equity, Capital and Other In_10
Equity, Capital and Other Interests - Other - Additional Information (Details) | 77 Months Ended | 150 Months Ended |
Jun. 30, 2020shares | Jun. 30, 2020shares | |
Equity Capital And Other Interests [Abstract] | ||
Additional common shares authorized | 13,000,000 | 13,000,000 |
Stock repurchase program, number of shares authorized to be repurchased | 13,000,000 | 13,000,000 |
Stock open market repurchased and retired during period, shares | 0 | 0 |
Stock repurchase program, remaining number of shares authorized to be repurchased | 13,000,000 | 13,000,000 |
Real Estate - Summary of Carryi
Real Estate - Summary of Carrying Amounts of Investment in Real Estate (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Land | $ 5,789,307 | $ 5,936,188 |
Depreciable property: | ||
Buildings and improvements | 18,574,877 | 18,904,686 |
Furniture, fixtures and equipment | 1,936,039 | 1,916,458 |
In-Place lease intangibles | 486,987 | 497,957 |
Projects under development: | ||
Projects under development | 274,825 | 181,630 |
Land held for development: | ||
Land held for development | 102,361 | 96,688 |
Investment in real estate | 27,164,396 | 27,533,607 |
Accumulated depreciation | (7,537,713) | (7,276,786) |
Investment in real estate, net | 19,626,683 | 20,256,821 |
Land [Member] | ||
Projects under development: | ||
Projects under development | 23,531 | 23,531 |
Land held for development: | ||
Land held for development | 64,460 | 64,460 |
Construction-in-progress [Member] | ||
Projects under development: | ||
Projects under development | 251,294 | 158,099 |
Land held for development: | ||
Land held for development | $ 37,901 | $ 32,228 |
Real Estate - Disposed Properti
Real Estate - Disposed Properties to Unaffiliated Parties (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($)PropertyApartmentUnit | |
Properties disposed | Property | 5 |
Property Units disposed | ApartmentUnit | 1,552 |
Sales Price | $ | $ 754,361 |
Rental Properties – Consolidated [Member] | |
Properties disposed | Property | 5 |
Property Units disposed | ApartmentUnit | 1,552 |
Sales Price | $ | $ 754,361 |
Real Estate - Additional Inform
Real Estate - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Real Estate [Abstract] | ||||
Net gain on sales of real estate properties | $ 144,266 | $ 138,856 | $ 352,243 | $ 138,835 |
Commitments to Acquire_Dispos_3
Commitments to Acquire/Dispose of Real Estate - Separate Agreements to Dispose (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Property/Unit schedule | |
Sales Price | $ 55,150 |
Net Book Value | 19,445 |
Land [Member] | |
Property/Unit schedule | |
Sales Price | 55,150 |
Net Book Value | $ 19,445 |
Investments in Partially Owne_3
Investments in Partially Owned Entities - Consolidated Variable Interest Entities ("VIEs") - Additional Information (Details) $ in Thousands | Jun. 30, 2020USD ($)PropertyApartmentUnit | Dec. 31, 2019USD ($) |
Variable Interest Entity [Line Items] | ||
Properties | Property | 304 | |
Apartment units | ApartmentUnit | 78,410 | |
Total assets | $ 20,714,951 | $ 21,172,769 |
Total liabilities | $ 9,540,780 | 10,164,843 |
Consolidated VIE [Member] | ||
Variable Interest Entity [Line Items] | ||
Properties | Property | 16 | |
Apartment units | ApartmentUnit | 3,399 | |
Total assets | $ 753,700 | 754,700 |
Total liabilities | $ 236,600 | $ 323,100 |
Investments in Partially Owne_4
Investments in Partially Owned Entities - Summary of Companys Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 55,310 | $ 52,238 |
Real Estate Technology/Other [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | 15,925 | 11,877 |
Unconsolidated VIE [Member] | Operating Property [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 39,385 | $ 40,361 |
Ownership Percentage | 33.30% |
Restricted Deposits - Restricte
Restricted Deposits - Restricted Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Mortgage escrow deposits: | |||
Replacement reserves | $ 9,233 | $ 8,543 | |
Mortgage principal reserves/sinking funds | 11,895 | 9,689 | |
Mortgage escrow deposits | 21,128 | 18,232 | |
Restricted cash: | |||
Tax-deferred (1031) exchange proceeds | 14,232 | ||
Restricted deposits on real estate investments | 747 | 658 | |
Resident security and utility deposits | 34,869 | 37,140 | |
Other | 1,373 | 984 | |
Restricted cash | 36,989 | 53,014 | |
Restricted deposits | $ 58,117 | $ 71,246 | $ 58,195 |
Leases - Additional Information
Leases - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Residential Apartment Leases [Member] | |
Operating Leased Assets [Line Items] | |
Percentage of rental income | 97.60% |
Non-residential Leases [Member] | |
Operating Leased Assets [Line Items] | |
Percentage of rental income | 2.40% |
Non-residential Leases [Member] | Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Retail leases term | 5 years |
Non-residential Leases [Member] | Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Retail leases term | 10 years |
Leases - Summary of Lease Incom
Leases - Summary of Lease Income Types Relating to Lease Payments along with Total Other Rental Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating Leased Assets [Line Items] | ||||
Residential and non-residential rent | $ 638,278 | $ 646,224 | $ 1,300,310 | $ 1,286,921 |
Rental income | 653,532 | 669,374 | 1,335,837 | 1,331,676 |
Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Residential and non-residential rent | 625,857 | 628,247 | 1,269,451 | 1,250,155 |
Non-Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Residential and non-residential rent | 12,421 | 17,977 | 30,859 | 36,766 |
Residential and Non-Residential Rent [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Residential and non-residential rent | 606,753 | 615,902 | 1,237,327 | 1,226,892 |
Residential and Non-Residential Rent [Member] | Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Residential and non-residential rent | 594,626 | 598,209 | 1,207,106 | 1,190,729 |
Residential and Non-Residential Rent [Member] | Non-Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Residential and non-residential rent | 12,127 | 17,693 | 30,221 | 36,163 |
Utility Recoveries (RUBS Income) [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Residential and non-residential rent | 17,961 | 17,067 | 35,607 | 33,715 |
Utility Recoveries (RUBS Income) [Member] | Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Residential and non-residential rent | 17,814 | 16,858 | 35,232 | 33,303 |
Utility Recoveries (RUBS Income) [Member] | Non-Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Residential and non-residential rent | 147 | 209 | 375 | 412 |
Parking Rent [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Residential and non-residential rent | 9,753 | 9,419 | 19,683 | 18,628 |
Parking Rent [Member] | Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Residential and non-residential rent | 9,627 | 9,332 | 19,460 | 18,469 |
Parking Rent [Member] | Non-Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Residential and non-residential rent | 126 | 87 | 223 | 159 |
Storage Rent [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Residential and non-residential rent | 972 | 925 | 1,953 | 1,888 |
Storage Rent [Member] | Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Residential and non-residential rent | 951 | 937 | 1,913 | 1,856 |
Storage Rent [Member] | Non-Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Residential and non-residential rent | 21 | (12) | 40 | 32 |
Pet Rent [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Residential and non-residential rent | 2,839 | 2,911 | 5,740 | 5,798 |
Pet Rent [Member] | Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Residential and non-residential rent | 2,839 | 2,911 | 5,740 | 5,798 |
Other Rental Income [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Rental income | $ 15,254 | $ 23,150 | $ 35,527 | $ 44,755 |
Debt - Mortgage Notes Payable -
Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Debt Instrument [Line Items] | ||
Mortgage notes payable, net beginning balance | $ 1,941,610 | |
Proceeds | 495,145 | $ 295,620 |
Lump sum payoffs | (91,500) | (95,500) |
Scheduled principal repayments | (3,873) | |
Amortization of premiums/ discounts | 1,191 | $ 16,426 |
Amortization of deferred financing costs, net | (1,816) | |
Mortgage notes payable, net ending balance | 2,340,757 | |
Fixed Rate Debt [Member] | Secured – Conventional [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable, net beginning balance | 1,574,699 | |
Proceeds | 495,000 | |
Lump sum payoffs | (91,500) | |
Scheduled principal repayments | (3,873) | |
Amortization of premiums/ discounts | 571 | |
Amortization of deferred financing costs, net | (2,035) | |
Mortgage notes payable, net ending balance | 1,972,862 | |
Floating Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable, net beginning balance | 366,911 | |
Proceeds | 145 | |
Amortization of premiums/ discounts | 620 | |
Amortization of deferred financing costs, net | 219 | |
Mortgage notes payable, net ending balance | 367,895 | |
Floating Rate Debt [Member] | Secured – Conventional [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable, net beginning balance | 7,050 | |
Proceeds | 145 | |
Amortization of deferred financing costs, net | 120 | |
Mortgage notes payable, net ending balance | 7,315 | |
Floating Rate Debt [Member] | Secured – Tax Exempt [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable, net beginning balance | 359,861 | |
Amortization of premiums/ discounts | 620 | |
Amortization of deferred financing costs, net | 99 | |
Mortgage notes payable, net ending balance | $ 360,580 |
Debt - Mortgage Notes Payable_2
Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Parenthetical) (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Nov. 1, 2024 |
Fannie Mae Loan Pool [Member] | Mortgages [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate, stated percentage | 2.60% |
Debt instrument, maturity date | May 1, 2030 |
Debt - Mortgage Notes Payable_3
Debt - Mortgage Notes Payable - Summary of Debt Extinguishment Costs on Mortgages Recorded as Additional Interest Expense (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Debt Disclosure [Abstract] | |
Write-offs of unamortized deferred financing costs | $ 32 |
Debt - Mortgage Notes Payable_4
Debt - Mortgage Notes Payable - Summary of Certain Interest Rate and Maturity Date Information (Details) - Mortgages [Member] | 6 Months Ended |
Jun. 30, 2020 | |
Debt Instrument [Line Items] | |
Weighted Average Interest Rate | 3.51% |
Maturity Date Ranges, Start | 2020 |
Maturity Date Ranges, End | 2061 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Ranges | 0.07% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Ranges | 5.29% |
Debt - Mortgage Notes Payable_5
Debt - Mortgage Notes Payable - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 2,340,757 | $ 1,941,610 |
Credit Enhanced Debt [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 281,700 |
Debt - Notes - Summary of Notes
Debt - Notes - Summary of Notes Activity (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Debt Instrument [Line Items] | ||
Notes, net beginning balance | $ 6,077,513 | |
Proceeds | $ 597,480 | |
Amortization of premiums/ discounts | 1,362 | $ 1,369 |
Notes, net ending balance | 6,081,102 | |
Fixed Rate Debt [Member] | Unsecured – Public [Member] | ||
Debt Instrument [Line Items] | ||
Notes, net beginning balance | 6,077,513 | |
Amortization of premiums/ discounts | 1,362 | |
Amortization of deferred financing costs, net | 2,227 | |
Notes, net ending balance | $ 6,081,102 |
Debt - Notes - Summary of Certa
Debt - Notes - Summary of Certain Interest Rate and Maturity Date Information (Details) - Notes [Member] | 6 Months Ended |
Jun. 30, 2020 | |
Debt Instrument [Line Items] | |
Weighted Average Interest Rate | 4.06% |
Maturity Date Ranges, Start | 2021 |
Maturity Date Ranges, End | 2047 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Ranges | 2.50% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Ranges | 7.57% |
Debt - Line of Credit and Comme
Debt - Line of Credit and Commercial Paper - Additional Information (Details) - USD ($) | 6 Months Ended | ||||
Jun. 30, 2020 | Nov. 04, 2019 | Nov. 03, 2019 | Nov. 01, 2019 | Oct. 31, 2019 | |
Line of Credit Facility [Line Items] | |||||
Debt instrument, maturity date | Nov. 1, 2024 | ||||
Commercial paper balance outstanding | $ 1,000,000,000 | $ 1,000,000,000 | $ 500,000,000 | ||
Commercial Paper [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Weighted average interest rates | 1.81% | ||||
Weighted average amount outstanding | $ 522,700,000 | ||||
Unsecured Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Unsecured revolving credit facility | 2,500,000,000 | $ 2,500,000,000 | $ 2,000,000,000 | ||
Ability to increase LOC facility | $ 750,000,000 | ||||
Debt instrument, basis spread on variable rate | 0.775% | ||||
Percentage points of line of credit facility commitment fee | 0.125% | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Weighted average interest rates | 1.47% |
Debt - Line of Credit and Com_2
Debt - Line of Credit and Commercial Paper - Schedule of Unsecured Revolving Credit Facility (Details) - USD ($) | 6 Months Ended | ||||
Jun. 30, 2020 | Nov. 04, 2019 | Nov. 03, 2019 | Nov. 01, 2019 | Oct. 31, 2019 | |
Line of Credit Facility [Line Items] | |||||
Commercial paper balance outstanding | $ (1,000,000,000) | $ (1,000,000,000) | $ (500,000,000) | ||
Unsecured Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Unsecured revolving credit facility commitment | 2,500,000,000 | $ 2,500,000,000 | $ 2,000,000,000 | ||
Other restricted amounts | (100,949,000) | ||||
Unsecured revolving credit facility availability | $ 2,399,051,000 |
Derivative and Other Fair Val_3
Derivative and Other Fair Value Instruments - Summary of Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | $ 8,421,859 | $ 9,036,956 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 9,382,791 | 9,607,999 |
Mortgage Notes Payable, Net [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 2,340,757 | 1,941,610 |
Mortgage Notes Payable, Net [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 2,370,036 | 1,930,710 |
Unsecured Debt [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 6,081,102 | 7,095,346 |
Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | $ 7,012,755 | $ 7,677,289 |
Derivative and Other Fair Val_4
Derivative and Other Fair Value Instruments - Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||||
Fair Value Of SERP Investments | $ 139,649 | $ 151,889 | ||
Other Liabilities, Fair Value Disclosure | 139,649 | 151,889 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 336,695 | 463,400 | $ 436,035 | $ 379,106 |
Fair Value, Inputs, Level 1 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value Of SERP Investments | 139,649 | 151,889 | ||
Other Liabilities, Fair Value Disclosure | 139,649 | 151,889 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value Of SERP Investments | 0 | 0 | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 336,695 | 463,400 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value Of SERP Investments | 0 | 0 | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | $ 0 | $ 0 |
Derivative and Other Fair Val_5
Derivative and Other Fair Value Instruments - Summary of Effect of Fair Value Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Gain/(Loss) Recognized in Income on Derivative | $ 2,253 |
Amount of Gain/(Loss) Recognized in Income on Hedged Item | (2,253) |
Interest Rate Swap [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Gain/(Loss) Recognized in Income on Derivative | 2,253 |
Amount of Gain/(Loss) Recognized in Income on Hedged Item | $ (2,253) |
Derivative and Other Fair Val_6
Derivative and Other Fair Value Instruments - Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective Portion - Amount of Gain/(Loss) Recognized in OCI on Derivative | $ (1,190) | $ (33,765) |
Effective Portion - Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | (11,398) | (8,902) |
Forward Starting Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective Portion - Amount of Gain/(Loss) Recognized in OCI on Derivative | (1,190) | (33,765) |
Effective Portion - Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | $ (11,398) | $ (8,902) |
Derivative and Other Fair Val_7
Derivative and Other Fair Value Instruments - Additional Information (Details) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Apr. 30, 2020USD ($)DerivativeInstrument | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Derivative [Line Items] | |||
Unrealized gain (loss) on interest rate cash flow hedges, pretax, accumulated other comprehensive income (loss) | $ 67.4 | $ 77.6 | |
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | $ 25.7 | ||
Forward Starting Swaps [Member] | |||
Derivative [Line Items] | |||
Payments for settlement of derivative instruments | $ 1.2 | ||
Forward starting swaps settled | DerivativeInstrument | 2 | ||
Increase (decrease) in charges hedge termination activities | $ 1.2 | ||
Mortgage notes period | 5 years | ||
Mortgages [Member] | Forward Starting Swaps [Member] | |||
Derivative [Line Items] | |||
Debt instrument face amount | $ 495 | ||
Secured conventional mortgage notes period | 10 years |
Earnings Per Share and Earnin_3
Earnings Per Share and Earnings Per Unit - Computation of Net Income per Share Basic and Net Income per Share Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 271,481 | $ 321,299 | $ 604,152 | $ 430,556 |
Allocation to Noncontrolling Interests – Operating Partnership | (9,713) | (11,510) | (21,248) | (15,429) |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | (880) | (821) | (13,410) | (1,620) |
Preferred distributions | (772) | (772) | (1,545) | (1,545) |
Net income available to Common Shares | 260,116 | 308,196 | 567,949 | 411,962 |
Numerator for net income per share – diluted | $ 269,829 | $ 319,706 | $ 589,197 | $ 427,391 |
Weighted average Common Shares outstanding | 371,795 | 370,342 | 371,689 | 369,952 |
OP Units | 13,023 | 12,885 | 13,013 | 12,902 |
Dilutive Securities Options | 1,095 | 2,880 | 1,570 | 2,790 |
Denominator for net income per share – diluted | 385,913 | 386,107 | 386,272 | 385,644 |
Net income per share – basic | $ 0.70 | $ 0.83 | $ 1.53 | $ 1.11 |
Net income per share – diluted | $ 0.70 | $ 0.83 | $ 1.53 | $ 1.11 |
Earnings Per Share and Earnin_4
Earnings Per Share and Earnings Per Unit - Computation of Net Income per Unit Basic and Net Income per Unit Diluted for Operating Partnership (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net income | $ 271,481 | $ 321,299 | $ 604,152 | $ 430,556 |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | $ (880) | $ (821) | $ (13,410) | $ (1,620) |
Dilutive Securities Options | 1,095 | 2,880 | 1,570 | 2,790 |
Denominator for net income per share – diluted | 385,913 | 386,107 | 386,272 | 385,644 |
Net income per Unit – basic | $ 0.70 | $ 0.83 | $ 1.53 | $ 1.11 |
Net income per Unit – diluted | $ 0.70 | $ 0.83 | $ 1.53 | $ 1.11 |
ERPOP [Member] | ||||
Net income | $ 271,481 | $ 321,299 | $ 604,152 | $ 430,556 |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | (880) | (821) | (13,410) | (1,620) |
Allocation to Preference Units | (772) | (772) | (1,545) | (1,545) |
Numerator for net income per Unit – basic and diluted | $ 269,829 | $ 319,706 | $ 589,197 | $ 427,391 |
Denominator for net income per Unit – basic | 384,818 | 383,227 | 384,702 | 382,854 |
Dilutive Securities Options | 1,095 | 2,880 | 1,570 | 2,790 |
Denominator for net income per share – diluted | 385,913 | 386,107 | 386,272 | 385,644 |
Net income per Unit – basic | $ 0.70 | $ 0.83 | $ 1.53 | $ 1.11 |
Net income per Unit – diluted | $ 0.70 | $ 0.83 | $ 1.53 | $ 1.11 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020USD ($)PropertyApartmentUnit | Jun. 30, 2020USD ($)PropertyApartmentUnitAgreement | |
Projects in various stages of development | 2 | 2 |
Partially owned projects in various stages of development | 1 | 1 |
Units in various stages of development | ApartmentUnit | 824 | 824 |
Consolidated project under development commitment fund | $ | $ 328 | $ 328 |
Various stages of development with estimated completion dates ranging through September 30, 2021 | Sep. 30, 2021 | |
Number of projects completed and stabilized | 2 | |
Number of joint venture agreements | Agreement | 2 |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Details) - Customer | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||
Number of customer contributed 10% or more of total revenue | 0 | 0 |
Non-residential Leases [Member] | Revenue [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration risk, percentage | 4.00% |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Rental income | $ 653,532 | $ 669,374 | $ 1,335,837 | $ 1,331,676 |
Property and maintenance expense | (104,452) | (108,461) | (220,268) | (223,531) |
Real estate taxes and insurance expense | (95,038) | (91,446) | (192,770) | (182,888) |
Operating income | 356,889 | 369,117 | 778,974 | 578,894 |
Same Store, Non-same Store and Other | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Rental income | 653,532 | 669,374 | 1,335,837 | 1,331,676 |
Property and maintenance expense | (104,452) | (108,461) | (220,268) | (223,531) |
Real estate taxes and insurance expense | (95,038) | (91,446) | (192,770) | (182,888) |
Total operating expenses | (199,490) | (199,907) | (413,038) | (406,419) |
Operating income | $ 454,042 | $ 469,467 | $ 922,799 | $ 925,257 |
Reportable Segments - NOI for E
Reportable Segments - NOI for Each Segment from Our Rental Real Estate Specific to Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Rental income | $ 653,532 | $ 669,374 | $ 1,335,837 | $ 1,331,676 | |
Operating income | 356,889 | 369,117 | 778,974 | 578,894 | |
Total Assets | 20,714,951 | 20,714,951 | $ 21,172,769 | ||
Capital Expenditures | 61,265 | ||||
Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 623,275 | 637,915 | 1,260,825 | 1,258,261 | |
Operating expenses | 190,021 | 190,277 | 386,742 | 382,188 | |
Operating income | 433,254 | 447,638 | 874,083 | 876,073 | |
Total Assets | 18,134,597 | 18,134,597 | |||
Capital Expenditures | 59,634 | ||||
Non-same store/other | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 30,257 | 31,459 | 75,012 | 73,415 | |
Operating expenses | 9,469 | 9,630 | 26,296 | 24,231 | |
Operating income | 20,788 | 21,829 | 48,716 | 49,184 | |
Total Assets | 2,580,354 | 2,580,354 | |||
Capital Expenditures | 1,631 | ||||
Same Store, Non-same Store and Other | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 653,532 | 669,374 | 1,335,837 | 1,331,676 | |
Operating expenses | 199,490 | 199,907 | 413,038 | 406,419 | |
Operating income | 454,042 | 469,467 | 922,799 | 925,257 | |
Los Angeles | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 117,994 | 121,216 | 239,914 | 240,751 | |
Operating expenses | 35,013 | 35,688 | 71,930 | 72,145 | |
Operating income | 82,981 | 85,528 | 167,984 | 168,606 | |
Total Assets | 3,064,404 | 3,064,404 | |||
Capital Expenditures | 13,070 | ||||
Orange County | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 26,318 | 26,058 | 53,013 | 51,887 | |
Operating expenses | 5,953 | 5,966 | 12,167 | 12,142 | |
Operating income | 20,365 | 20,092 | 40,846 | 39,745 | |
Total Assets | 397,148 | 397,148 | |||
Capital Expenditures | 3,458 | ||||
San Diego | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 23,706 | 23,720 | 47,848 | 47,023 | |
Operating expenses | 6,100 | 5,978 | 12,417 | 12,126 | |
Operating income | 17,606 | 17,742 | 35,431 | 34,897 | |
Total Assets | 382,082 | 382,082 | |||
Capital Expenditures | 1,993 | ||||
Subtotal - Southern California | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 168,018 | 170,994 | 340,775 | 339,661 | |
Operating expenses | 47,066 | 47,632 | 96,514 | 96,413 | |
Operating income | 120,952 | 123,362 | 244,261 | 243,248 | |
Total Assets | 3,843,634 | 3,843,634 | |||
Capital Expenditures | 18,521 | ||||
San Francisco | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 116,303 | 118,044 | 236,580 | 234,514 | |
Operating expenses | 29,045 | 28,528 | 59,313 | 57,629 | |
Operating income | 87,258 | 89,516 | 177,267 | 176,885 | |
Total Assets | 3,288,932 | 3,288,932 | |||
Capital Expenditures | 6,940 | ||||
Washington DC | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 97,527 | 98,571 | 196,601 | 195,453 | |
Operating expenses | 28,680 | 29,409 | 59,331 | 59,389 | |
Operating income | 68,847 | 69,162 | 137,270 | 136,064 | |
Total Assets | 3,120,074 | 3,120,074 | |||
Capital Expenditures | 10,534 | ||||
New York | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 111,949 | 117,457 | 227,179 | 230,808 | |
Operating expenses | 48,130 | 47,626 | 98,581 | 96,067 | |
Operating income | 63,819 | 69,831 | 128,598 | 134,741 | |
Total Assets | 4,001,050 | 4,001,050 | |||
Capital Expenditures | 10,429 | ||||
Boston | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 59,990 | 62,751 | 123,673 | 124,671 | |
Operating expenses | 16,984 | 17,398 | 35,144 | 35,639 | |
Operating income | 43,006 | 45,353 | 88,529 | 89,032 | |
Total Assets | 1,790,996 | 1,790,996 | |||
Capital Expenditures | 8,631 | ||||
Seattle | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 63,378 | 63,695 | 127,073 | 124,029 | |
Operating expenses | 18,383 | 17,853 | 35,440 | 34,634 | |
Operating income | 44,995 | 45,842 | 91,633 | 89,395 | |
Total Assets | 1,838,484 | 1,838,484 | |||
Capital Expenditures | 4,334 | ||||
Denver | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 6,110 | 6,403 | 8,944 | 9,125 | |
Operating expenses | 1,733 | 1,831 | 2,419 | 2,417 | |
Operating income | 4,377 | 4,572 | 6,525 | 6,708 | |
Total Assets | 251,427 | 251,427 | |||
Capital Expenditures | 245 | ||||
Non-same store | Non-same store/other | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 24,631 | 4,000 | 58,629 | 14,374 | |
Operating expenses | 7,212 | 1,124 | 17,748 | 4,423 | |
Operating income | 17,419 | 2,876 | 40,881 | 9,951 | |
Total Assets | 1,642,289 | 1,642,289 | |||
Capital Expenditures | 1,129 | ||||
Other | Non-same store/other | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 5,626 | 27,459 | 16,383 | 59,041 | |
Operating expenses | 2,257 | 8,506 | 8,548 | 19,808 | |
Operating income | 3,369 | $ 18,953 | 7,835 | $ 39,233 | |
Total Assets | $ 938,065 | 938,065 | |||
Capital Expenditures | $ 502 |
Reportable Segments - NOI for_2
Reportable Segments - NOI for Each Segment from Our Rental Real Estate Specific to Continuing Operations (Parenthetical) (Details) - Property | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract] | ||||
Units in same store properties | 74,843 | 74,843 | 74,264 | 74,264 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands | Jul. 01, 2020 | Jun. 30, 2020 |
Subsequent Event [Line Items] | ||
Repayments of long-term debt | $ 3,873 | |
4.740% Mortgage [Member] | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Repayments of long-term debt | $ 19,700 |