Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 22, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | EQUITY RESIDENTIAL | |
Entity Central Index Key | 0000906107 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2021 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
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 | 375,016,222 | |
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,$0.01 Par Value (Equity Residential) | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
ERPOP [Member] | ||
Document Information [Line Items] | ||
Entity Registrant Name | ERP OPERATING LIMITED PARTNERSHIP | |
Entity Central Index Key | 0000931182 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2021 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
No Trading Symbol Flag | true | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 0-24920 | |
Entity Tax Identification Number | 36-3894853 | |
Entity Address, Address Line One | Two North Riverside Plaza | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | 312 | |
Local Phone Number | 474-1300 | |
Entity Incorporation, State or Country Code | IL | |
Title of 12(b) Security | 7.57% Notes due August 15, 2026(ERP Operating Limited Partnership) | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Land | $ 5,779,686 | $ 5,785,367 |
Depreciable property | 21,840,344 | 20,920,654 |
Projects under development | 163,659 | 411,134 |
Land held for development | 82,026 | 86,170 |
Investment in real estate | 27,865,715 | 27,203,325 |
Accumulated depreciation | (8,260,846) | (7,859,657) |
Investment in real estate, net | 19,604,869 | 19,343,668 |
Investments in unconsolidated entities | 79,429 | 52,782 |
Cash and cash equivalents | 39,707 | 42,591 |
Restricted deposits | 187,042 | 57,137 |
Right-of-use assets | 477,693 | 499,287 |
Other assets | 274,275 | 291,426 |
Total assets | 20,663,015 | 20,286,891 |
Liabilities: | ||
Mortgage notes payable, net | 2,281,165 | 2,293,890 |
Notes, net | 5,833,483 | 5,335,536 |
Line of credit and commercial paper | 30,000 | 414,830 |
Accounts payable and accrued expenses | 166,522 | 107,366 |
Accrued interest payable | 56,777 | 65,896 |
Lease liabilities | 313,361 | 329,130 |
Other liabilities | 350,201 | 345,064 |
Security deposits | 64,617 | 60,480 |
Distributions payable | 233,306 | 232,262 |
Total liabilities | 9,329,432 | 9,184,454 |
Commitments and contingencies | ||
Redeemable Noncontrolling Interests – Operating Partnership | 459,933 | 338,951 |
Shareholders' equity: | ||
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 37,280 | 37,280 |
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 375,002,588 shares issued and outstanding as of September 30, 2021 and 372,302,000 shares issued and outstanding as of December 31, 2020 | 3,750 | 3,723 |
Paid in capital | 9,131,078 | 9,128,599 |
Retained earnings | 1,527,115 | 1,399,715 |
Accumulated other comprehensive income (loss) | (36,666) | (43,666) |
Total shareholders’ equity | 10,662,557 | 10,525,651 |
Noncontrolling Interests: | ||
Operating Partnership | 208,955 | 233,162 |
Partially Owned Properties | 2,138 | 4,673 |
Total Noncontrolling Interests | 211,093 | 237,835 |
Total equity | 10,873,650 | 10,763,486 |
Total liabilities and equity/capital | $ 20,663,015 | $ 20,286,891 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
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 | 375,002,588 | 372,302,000 |
Common Stock, Shares, Outstanding | 375,002,588 | 372,302,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
REVENUES | ||||
Rental income | $ 623,206 | $ 622,433 | $ 1,818,867 | $ 1,958,270 |
EXPENSES | ||||
Property and maintenance | 116,461 | 113,065 | 341,261 | 333,333 |
Real estate taxes and insurance | 96,909 | 95,273 | 297,780 | 288,043 |
Property management | 23,772 | 20,196 | 74,357 | 71,513 |
General and administrative | 13,041 | 10,859 | 43,102 | 37,212 |
Depreciation | 215,397 | 200,605 | 616,032 | 619,003 |
Total expenses | 465,580 | 439,998 | 1,372,532 | 1,349,104 |
Net gain (loss) on sales of real estate properties | 363,928 | (25) | 587,623 | 352,218 |
Operating income | 521,554 | 182,410 | 1,033,958 | 961,384 |
Interest and other income | 973 | 535 | 25,293 | 4,006 |
Other expenses | (3,456) | (4,097) | (10,908) | (8,324) |
Interest: | ||||
Expense incurred, net | (68,251) | (80,874) | (202,733) | (248,349) |
Amortization of deferred financing costs | (2,048) | (2,101) | (6,172) | (6,253) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 448,772 | 95,873 | 839,438 | 702,464 |
Income and other tax (expense) benefit | (284) | (262) | (679) | (502) |
Income (loss) from investments in unconsolidated entities | (1,156) | (246) | (3,028) | (2,445) |
Net gain (loss) on sales of land parcels | 5 | |||
Net income | 447,332 | 95,365 | 835,736 | 699,517 |
Net (income) loss attributable to Noncontrolling Interests: | ||||
Operating Partnership | (14,847) | (3,376) | (27,903) | (24,624) |
Partially Owned Properties | (534) | (703) | (1,957) | (14,113) |
Net income attributable to controlling interests | 431,951 | 91,286 | 805,876 | 660,780 |
Preferred distributions | (773) | (773) | (2,318) | (2,318) |
Net income available to Common Shares | $ 431,178 | $ 90,513 | $ 803,558 | $ 658,462 |
Earnings per share – basic: | ||||
Net income available to Common Shares | $ 1.15 | $ 0.24 | $ 2.15 | $ 1.77 |
Weighted average Common Shares outstanding | 374,308 | 371,869 | 373,474 | 371,749 |
Earnings per share – diluted: | ||||
Net income available to Common Shares | $ 1.15 | $ 0.24 | $ 2.14 | $ 1.77 |
Weighted average Common Shares outstanding | 388,374 | 385,652 | 387,642 | 385,973 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Comprehensive income: | ||||
Net income | $ 447,332 | $ 95,365 | $ 835,736 | $ 699,517 |
Other comprehensive income (loss) – derivative instruments: | ||||
Unrealized holding gains (losses) arising during the period | (1,190) | |||
Losses reclassified into earnings from other comprehensive income | 2,363 | 5,877 | 7,000 | 17,275 |
Other comprehensive income (loss) | 2,363 | 5,877 | 7,000 | 16,085 |
Comprehensive income | 449,695 | 101,242 | 842,736 | 715,602 |
Comprehensive (income) attributable to Noncontrolling Interests | (15,459) | (4,290) | (30,100) | (39,316) |
Comprehensive income attributable to controlling interests | $ 434,236 | $ 96,952 | $ 812,636 | $ 676,286 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 835,736 | $ 699,517 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 616,032 | 619,003 |
Amortization of deferred financing costs | 6,172 | 6,253 |
Amortization of above/below market lease intangibles | (154) | (53) |
Amortization of discounts and premiums on debt | 3,934 | 3,834 |
Amortization of deferred settlements on derivative instruments | 6,991 | 17,266 |
Amortization of right-of-use assets | 10,286 | 8,785 |
Write-off of pursuit costs | 3,557 | 4,864 |
(Income) loss from investments in unconsolidated entities | 3,028 | 2,445 |
Distributions from unconsolidated entities – return on capital | 100 | |
Net (gain) loss on sales of real estate properties | (587,623) | (352,218) |
Net (gain) loss on sales of land parcels | (5) | |
Realized/unrealized (gain) loss on derivative instruments | 50 | |
Realized (gain) loss on sale of investment securities | (23,432) | |
Compensation paid with Company Common Shares | 21,919 | 18,275 |
Other operating activities, net | 1,805 | |
Changes in assets and liabilities: | ||
(Increase) decrease in other assets | 16,269 | (30,197) |
Increase (decrease) in accounts payable and accrued expenses | 69,170 | 54,418 |
Increase (decrease) in accrued interest payable | (9,119) | (1,183) |
Increase (decrease) in lease liabilities | (4,112) | (1,650) |
Increase (decrease) in other liabilities | 5,427 | (8,381) |
Increase (decrease) in security deposits | 4,137 | (8,609) |
Net cash provided by operating activities | 978,213 | 1,034,324 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in real estate – acquisitions | (1,022,275) | (48,898) |
Investment in real estate – development/other | (172,850) | (157,778) |
Capital expenditures to real estate | (107,706) | (92,123) |
Non-real estate capital additions | (1,251) | (19,290) |
Interest capitalized for real estate and unconsolidated entities under development | (12,365) | (6,880) |
Proceeds from disposition of real estate, net | 1,014,328 | 747,600 |
Investments in unconsolidated entities | (31,081) | (6,664) |
Distributions from unconsolidated entities – return of capital | 4 | 1,000 |
Purchase of investment securities and other investments | (167,791) | (509) |
Proceeds from sale of investment securities | 191,398 | |
Net cash provided by (used for) investing activities | (309,589) | 416,458 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt financing costs | (6,447) | (2,923) |
Mortgage notes payable, net: | ||
Proceeds | 51,298 | 505,375 |
Lump sum payoffs | (59,880) | (127,767) |
Scheduled principal repayments | (5,570) | (5,821) |
Proceeds | 497,470 | |
Line of credit and commercial paper: | ||
Line of credit proceeds | 1,870,000 | |
Line of credit repayments | (1,890,000) | |
Commercial paper proceeds | 4,305,170 | 6,726,167 |
Commercial paper repayments | (4,690,000) | (7,724,000) |
Proceeds from (payments on) settlement of derivative instruments | (1,240) | |
Finance ground lease principal payments | (349) | |
Proceeds from Employee Share Purchase Plan (ESPP) | 3,455 | 3,556 |
Proceeds from exercise of options | 68,807 | 11,426 |
Payment of offering costs | (267) | |
Other financing activities, net | (31) | (31) |
Contributions – Noncontrolling Interests – Partially Owned Properties | 417 | |
Contributions – Noncontrolling Interests – Operating Partnership | 12 | |
Distributions: | ||
Common Shares | (674,531) | (659,668) |
Preferred Shares | (2,318) | (2,318) |
Noncontrolling Interests – Operating Partnership | (23,949) | (24,440) |
Noncontrolling Interests – Partially Owned Properties | (4,461) | (11,312) |
Net cash provided by (used for) financing activities | (541,603) | (1,332,567) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 127,021 | 118,215 |
Cash and cash equivalents and restricted deposits, beginning of period | 99,728 | 116,999 |
Cash and cash equivalents and restricted deposits, end of period | 226,749 | 235,214 |
Cash and cash equivalents | 39,707 | 178,333 |
Restricted deposits | 187,042 | 56,881 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 199,799 | 223,703 |
Net cash paid (received) for income and other taxes | 1,040 | (1,092) |
Amortization of deferred financing costs: | ||
Investment in real estate, net | (227) | (180) |
Other assets | 1,754 | 1,755 |
Mortgage notes payable, net | 1,702 | 1,337 |
Notes, net | 2,943 | 3,341 |
Amortization of discounts and premiums on debt: | ||
Mortgage notes payable, net | 2,069 | 1,791 |
Notes, net | 1,865 | 2,043 |
Amortization of deferred settlements on derivative instruments: | ||
Other liabilities | (9) | (9) |
Accumulated other comprehensive income | 7,000 | 17,275 |
Write-off of pursuit costs: | ||
Investment in real estate, net | 3,000 | 4,621 |
Other assets | 533 | 219 |
Accounts payable and accrued expenses | 24 | 24 |
(Income) loss from investments in unconsolidated entities: | ||
Investments in unconsolidated entities | 2,062 | 1,474 |
Other liabilities | 966 | 971 |
Realized/unrealized (gain) loss on derivative instruments: | ||
Other liabilities | 1,240 | |
Accumulated other comprehensive income | (1,190) | |
Interest capitalized for real estate and unconsolidated entities under development: | ||
Investment in real estate, net | (12,260) | (6,880) |
Investments in unconsolidated entities | (105) | |
Investments in unconsolidated entities: | ||
Investment in real estate, net | 967 | |
Investments in unconsolidated entities | (30,038) | (5,164) |
Other liabilities | (2,010) | (1,500) |
Debt financing costs: | ||
Other assets | 228 | (231) |
Mortgage notes payable, net | (2,344) | $ (2,692) |
Notes, net | (4,331) | |
Right-of-use assets and lease liabilities initial measurement and reclassifications: | ||
Right-of-use assets | 11,308 | |
Lease liabilities | (11,308) | |
Non-cash share distribution from unconsolidated entities: | ||
Investments in unconsolidated entities | 1,430 | |
Other assets | $ (1,430) |
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, 2019 | $ 37,280 | $ 3,717 | $ 8,965,577 | $ 1,386,495 | $ (77,563) | ||||
Balance, beginning of year at Dec. 31, 2019 | $ 227,837 | $ 1,183 | |||||||
COMMON SHARES, $0.01 PAR VALUE | |||||||||
Conversion of OP Units into Common Shares | 1 | 3,912 | |||||||
Exercise of share options | 2 | 11,424 | |||||||
Employee Share Purchase Plan (ESPP) | 3,556 | ||||||||
Share-based employee compensation expense: | |||||||||
Issuance of restricted units/shares | 2 | 9,236 | 12 | ||||||
Share options | 1,819 | ||||||||
ESPP discount | 626 | ||||||||
Supplemental Executive Retirement Plan (SERP) | (395) | ||||||||
Change in market value of Redeemable Noncontrolling Interests –Operating Partnership | $ (169,825) | 169,825 | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 438 | (438) | |||||||
PAID IN CAPITAL | |||||||||
Conversion of OP Units into Common Shares | 1 | 3,912 | |||||||
Exercise of share options | 2 | 11,424 | |||||||
Employee Share Purchase Plan (ESPP) | 3,556 | ||||||||
RETAINED EARNINGS | |||||||||
Net income attributable to controlling interests | 660,780 | 660,780 | |||||||
Common Share distributions | (673,019) | ||||||||
Preferred Share distributions | (2,318) | ||||||||
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 | (17,275) | 17,275 | |||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Common Share outstanding | $ 1.8075 | ||||||||
NONCONTROLLING INTERESTS | |||||||||
Issuance of restricted units/shares | 2 | 9,236 | 12 | ||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (3,913) | ||||||||
Equity compensation associated with Noncontrolling Interests | 9,525 | ||||||||
Net income attributable to Noncontrolling Interests | 24,624 | 24,624 | 14,113 | ||||||
Distributions to Noncontrolling Interests | (25,000) | (11,343) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | 131 | (131) | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 438 | (438) | |||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 24,624 | 24,624 | 14,113 | ||||||
Contributions by Noncontrolling Interests | 417 | ||||||||
Distributions to Noncontrolling Interests | (25,000) | (11,343) | |||||||
Balance, end of period at Sep. 30, 2020 | 37,280 | 3,722 | 9,166,018 | 1,371,938 | (61,478) | ||||
Balance, end of period at Sep. 30, 2020 | 232,516 | 4,370 | |||||||
Balance, beginning of year at Jun. 30, 2020 | 37,280 | 3,722 | 9,118,332 | 1,505,694 | (67,355) | ||||
Balance, beginning of year at Jun. 30, 2020 | 235,169 | 4,634 | |||||||
COMMON SHARES, $0.01 PAR VALUE | |||||||||
Conversion of OP Units into Common Shares | 57 | ||||||||
Exercise of share options | 104 | ||||||||
Employee Share Purchase Plan (ESPP) | 1,197 | ||||||||
Share-based employee compensation expense: | |||||||||
Issuance of restricted units/shares | 1,984 | ||||||||
Share options | 526 | ||||||||
ESPP discount | 210 | ||||||||
Supplemental Executive Retirement Plan (SERP) | 111 | ||||||||
Change in market value of Redeemable Noncontrolling Interests –Operating Partnership | 41,072 | ||||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 2,425 | (2,425) | |||||||
PAID IN CAPITAL | |||||||||
Conversion of OP Units into Common Shares | 57 | ||||||||
Exercise of share options | 104 | ||||||||
Employee Share Purchase Plan (ESPP) | 1,197 | ||||||||
RETAINED EARNINGS | |||||||||
Net income attributable to controlling interests | 91,286 | 91,286 | |||||||
Common Share distributions | (224,269) | ||||||||
Preferred Share distributions | (773) | ||||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Losses reclassified into earnings from other comprehensive income | (5,877) | 5,877 | |||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Common Share outstanding | 0.6025 | ||||||||
NONCONTROLLING INTERESTS | |||||||||
Issuance of restricted units/shares | 1,984 | ||||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (57) | ||||||||
Equity compensation associated with Noncontrolling Interests | 2,499 | ||||||||
Net income attributable to Noncontrolling Interests | 3,376 | 3,376 | 703 | ||||||
Distributions to Noncontrolling Interests | (7,963) | (1,043) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | 1,917 | ||||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 2,425 | (2,425) | |||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 3,376 | 3,376 | 703 | ||||||
Contributions by Noncontrolling Interests | 76 | ||||||||
Distributions to Noncontrolling Interests | (7,963) | (1,043) | |||||||
Balance, end of period at Sep. 30, 2020 | 37,280 | 3,722 | 9,166,018 | 1,371,938 | (61,478) | ||||
Balance, end of period at Sep. 30, 2020 | 232,516 | 4,370 | |||||||
Balance, beginning of year at Dec. 31, 2020 | 10,525,651 | 37,280 | 3,723 | 9,128,599 | 1,399,715 | (43,666) | |||
Balance, beginning of year at Dec. 31, 2020 | 237,835 | 233,162 | 4,673 | ||||||
COMMON SHARES, $0.01 PAR VALUE | |||||||||
Conversion of OP Units into Common Shares | 11 | 68,246 | |||||||
Exercise of share options | 14 | 68,793 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,454 | |||||||
Share-based employee compensation expense: | |||||||||
Issuance of restricted units/shares | 1 | 6,571 | |||||||
Share options | 2,541 | ||||||||
ESPP discount | 798 | ||||||||
Offering costs | (267) | ||||||||
Supplemental Executive Retirement Plan (SERP) | (1,335) | ||||||||
Change in market value of Redeemable Noncontrolling Interests –Operating Partnership | 119,237 | (119,237) | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | (27,085) | 27,085 | |||||||
PAID IN CAPITAL | |||||||||
Conversion of OP Units into Common Shares | 11 | 68,246 | |||||||
Exercise of share options | 14 | 68,793 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,454 | |||||||
RETAINED EARNINGS | |||||||||
Net income attributable to controlling interests | 805,876 | 805,876 | |||||||
Common Share distributions | (676,158) | ||||||||
Preferred Share distributions | (2,318) | ||||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Losses reclassified into earnings from other comprehensive income | (7,000) | 7,000 | |||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Common Share outstanding | 1.8075 | ||||||||
NONCONTROLLING INTERESTS | |||||||||
Issuance of restricted units/shares | 1 | 6,571 | |||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (68,257) | ||||||||
Equity compensation associated with Noncontrolling Interests | 14,173 | ||||||||
Net income attributable to Noncontrolling Interests | 27,903 | 27,903 | 1,957 | ||||||
Distributions to Noncontrolling Interests | (23,366) | (4,492) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | 1,745 | (1,745) | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | (27,085) | 27,085 | |||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 27,903 | 27,903 | 1,957 | ||||||
Distributions to Noncontrolling Interests | (23,366) | (4,492) | |||||||
Balance, end of period at Sep. 30, 2021 | 10,662,557 | 37,280 | 3,750 | 9,131,078 | 1,527,115 | (36,666) | |||
Balance, end of period at Sep. 30, 2021 | 211,093 | 208,955 | 2,138 | ||||||
Balance, beginning of year at Jun. 30, 2021 | 37,280 | 3,744 | 9,110,121 | 1,321,875 | (39,029) | ||||
Balance, beginning of year at Jun. 30, 2021 | 205,691 | 2,365 | |||||||
COMMON SHARES, $0.01 PAR VALUE | |||||||||
Conversion of OP Units into Common Shares | 1,597 | ||||||||
Exercise of share options | 6 | 29,178 | |||||||
Employee Share Purchase Plan (ESPP) | 788 | ||||||||
Share-based employee compensation expense: | |||||||||
Issuance of restricted units/shares | 1,758 | ||||||||
Share options | 565 | ||||||||
ESPP discount | 165 | ||||||||
Offering costs | (267) | ||||||||
Supplemental Executive Retirement Plan (SERP) | 722 | ||||||||
Change in market value of Redeemable Noncontrolling Interests –Operating Partnership | (17,271) | ||||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 3,722 | (3,722) | |||||||
PAID IN CAPITAL | |||||||||
Conversion of OP Units into Common Shares | 1,597 | ||||||||
Exercise of share options | 6 | 29,178 | |||||||
Employee Share Purchase Plan (ESPP) | 788 | ||||||||
RETAINED EARNINGS | |||||||||
Net income attributable to controlling interests | 431,951 | 431,951 | |||||||
Common Share distributions | (225,938) | ||||||||
Preferred Share distributions | (773) | ||||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Losses reclassified into earnings from other comprehensive income | (2,363) | 2,363 | |||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Common Share outstanding | $ 0.6025 | ||||||||
NONCONTROLLING INTERESTS | |||||||||
Issuance of restricted units/shares | 1,758 | ||||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (1,597) | ||||||||
Equity compensation associated with Noncontrolling Interests | 3,642 | ||||||||
Net income attributable to Noncontrolling Interests | 14,847 | 14,847 | 534 | ||||||
Distributions to Noncontrolling Interests | (7,367) | (761) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | (2,539) | ||||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 3,722 | (3,722) | |||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 14,847 | 14,847 | 534 | ||||||
Distributions to Noncontrolling Interests | (7,367) | (761) | |||||||
Balance, end of period at Sep. 30, 2021 | 10,662,557 | $ 37,280 | $ 3,750 | $ 9,131,078 | $ 1,527,115 | $ (36,666) | |||
Balance, end of period at Sep. 30, 2021 | $ 211,093 | $ 208,955 | $ 2,138 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Land | $ 5,779,686 | $ 5,785,367 |
Depreciable property | 21,840,344 | 20,920,654 |
Projects under development | 163,659 | 411,134 |
Land held for development | 82,026 | 86,170 |
Investment in real estate | 27,865,715 | 27,203,325 |
Accumulated depreciation | (8,260,846) | (7,859,657) |
Investment in real estate, net | 19,604,869 | 19,343,668 |
Investments in unconsolidated entities | 79,429 | 52,782 |
Cash and cash equivalents | 39,707 | 42,591 |
Restricted deposits | 187,042 | 57,137 |
Right-of-use assets | 477,693 | 499,287 |
Other assets | 274,275 | 291,426 |
Total assets | 20,663,015 | 20,286,891 |
Liabilities: | ||
Mortgage notes payable, net | 2,281,165 | 2,293,890 |
Notes, net | 5,833,483 | 5,335,536 |
Line of credit and commercial paper | 30,000 | 414,830 |
Accounts payable and accrued expenses | 166,522 | 107,366 |
Accrued interest payable | 56,777 | 65,896 |
Lease liabilities | 313,361 | 329,130 |
Other liabilities | 350,201 | 345,064 |
Security deposits | 64,617 | 60,480 |
Distributions payable | 233,306 | 232,262 |
Total liabilities | 9,329,432 | 9,184,454 |
Commitments and contingencies | ||
Redeemable Limited Partners | 459,933 | 338,951 |
Partners’ Capital: | ||
Accumulated other comprehensive income (loss) | (36,666) | (43,666) |
Noncontrolling Interests – Partially Owned Properties | 2,138 | 4,673 |
Total liabilities and equity/capital | 20,663,015 | 20,286,891 |
ERPOP [Member] | ||
ASSETS | ||
Land | 5,779,686 | 5,785,367 |
Depreciable property | 21,840,344 | 20,920,654 |
Projects under development | 163,659 | 411,134 |
Land held for development | 82,026 | 86,170 |
Investment in real estate | 27,865,715 | 27,203,325 |
Accumulated depreciation | (8,260,846) | (7,859,657) |
Investment in real estate, net | 19,604,869 | 19,343,668 |
Investments in unconsolidated entities | 79,429 | 52,782 |
Cash and cash equivalents | 39,707 | 42,591 |
Restricted deposits | 187,042 | 57,137 |
Right-of-use assets | 477,693 | 499,287 |
Other assets | 274,275 | 291,426 |
Total assets | 20,663,015 | 20,286,891 |
Liabilities: | ||
Mortgage notes payable, net | 2,281,165 | 2,293,890 |
Notes, net | 5,833,483 | 5,335,536 |
Line of credit and commercial paper | 30,000 | 414,830 |
Accounts payable and accrued expenses | 166,522 | 107,366 |
Accrued interest payable | 56,777 | 65,896 |
Lease liabilities | 313,361 | 329,130 |
Other liabilities | 350,201 | 345,064 |
Security deposits | 64,617 | 60,480 |
Distributions payable | 233,306 | 232,262 |
Total liabilities | 9,329,432 | 9,184,454 |
Commitments and contingencies | ||
Redeemable Limited Partners | 459,933 | 338,951 |
Partners’ Capital: | ||
Preference Units | 37,280 | 37,280 |
General Partner | 10,661,943 | 10,532,037 |
Limited Partners | 208,955 | 233,162 |
Accumulated other comprehensive income (loss) | (36,666) | (43,666) |
Total partners’ capital | 10,871,512 | 10,758,813 |
Noncontrolling Interests – Partially Owned Properties | 2,138 | 4,673 |
Total capital | 10,873,650 | 10,763,486 |
Total liabilities and equity/capital | $ 20,663,015 | $ 20,286,891 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
REVENUES | ||||
Rental income | $ 623,206 | $ 622,433 | $ 1,818,867 | $ 1,958,270 |
EXPENSES | ||||
Property and maintenance | 116,461 | 113,065 | 341,261 | 333,333 |
Real estate taxes and insurance | 96,909 | 95,273 | 297,780 | 288,043 |
Property management | 23,772 | 20,196 | 74,357 | 71,513 |
General and administrative | 13,041 | 10,859 | 43,102 | 37,212 |
Depreciation | 215,397 | 200,605 | 616,032 | 619,003 |
Total expenses | 465,580 | 439,998 | 1,372,532 | 1,349,104 |
Net gain (loss) on sales of real estate properties | 363,928 | (25) | 587,623 | 352,218 |
Operating income | 521,554 | 182,410 | 1,033,958 | 961,384 |
Interest and other income | 973 | 535 | 25,293 | 4,006 |
Other expenses | (3,456) | (4,097) | (10,908) | (8,324) |
Interest: | ||||
Expense incurred, net | (68,251) | (80,874) | (202,733) | (248,349) |
Amortization of deferred financing costs | (2,048) | (2,101) | (6,172) | (6,253) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 448,772 | 95,873 | 839,438 | 702,464 |
Income and other tax (expense) benefit | (284) | (262) | (679) | (502) |
Income (loss) from investments in unconsolidated entities | (1,156) | (246) | (3,028) | (2,445) |
Net gain (loss) on sales of land parcels | 5 | |||
Net income | 447,332 | 95,365 | 835,736 | 699,517 |
Partially Owned Properties | (534) | (703) | (1,957) | (14,113) |
Net income attributable to controlling interests | $ 431,951 | $ 91,286 | $ 805,876 | $ 660,780 |
Earnings per Unit – basic: | ||||
Net income available to Units | $ 1.15 | $ 0.24 | $ 2.15 | $ 1.77 |
Earnings per Unit – diluted: | ||||
Net income available to Units | $ 1.15 | $ 0.24 | $ 2.14 | $ 1.77 |
Weighted average Units outstanding | 388,374 | 385,652 | 387,642 | 385,973 |
ERPOP [Member] | ||||
REVENUES | ||||
Rental income | $ 623,206 | $ 622,433 | $ 1,818,867 | $ 1,958,270 |
EXPENSES | ||||
Property and maintenance | 116,461 | 113,065 | 341,261 | 333,333 |
Real estate taxes and insurance | 96,909 | 95,273 | 297,780 | 288,043 |
Property management | 23,772 | 20,196 | 74,357 | 71,513 |
General and administrative | 13,041 | 10,859 | 43,102 | 37,212 |
Depreciation | 215,397 | 200,605 | 616,032 | 619,003 |
Total expenses | 465,580 | 439,998 | 1,372,532 | 1,349,104 |
Net gain (loss) on sales of real estate properties | 363,928 | (25) | 587,623 | 352,218 |
Operating income | 521,554 | 182,410 | 1,033,958 | 961,384 |
Interest and other income | 973 | 535 | 25,293 | 4,006 |
Other expenses | (3,456) | (4,097) | (10,908) | (8,324) |
Interest: | ||||
Expense incurred, net | (68,251) | (80,874) | (202,733) | (248,349) |
Amortization of deferred financing costs | (2,048) | (2,101) | (6,172) | (6,253) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 448,772 | 95,873 | 839,438 | 702,464 |
Income and other tax (expense) benefit | (284) | (262) | (679) | (502) |
Income (loss) from investments in unconsolidated entities | (1,156) | (246) | (3,028) | (2,445) |
Net gain (loss) on sales of land parcels | 5 | |||
Net income | 447,332 | 95,365 | 835,736 | 699,517 |
Partially Owned Properties | (534) | (703) | (1,957) | (14,113) |
Net income attributable to controlling interests | 446,798 | 94,662 | 833,779 | 685,404 |
ALLOCATION OF NET INCOME: | ||||
Preference Units | 773 | 773 | 2,318 | 2,318 |
General Partner | 431,178 | 90,513 | 803,558 | 658,462 |
Limited Partners | 14,847 | 3,376 | 27,903 | 24,624 |
Net income available to Units | $ 446,025 | $ 93,889 | $ 831,461 | $ 683,086 |
Earnings per Unit – basic: | ||||
Net income available to Units | $ 1.15 | $ 0.24 | $ 2.15 | $ 1.77 |
Weighted average Units outstanding | 386,327 | 384,871 | 385,841 | 384,759 |
Earnings per Unit – diluted: | ||||
Net income available to Units | $ 1.15 | $ 0.24 | $ 2.14 | $ 1.77 |
Weighted average Units outstanding | 388,374 | 385,652 | 387,642 | 385,973 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Comprehensive income: | ||||
Net income | $ 447,332 | $ 95,365 | $ 835,736 | $ 699,517 |
Other comprehensive income (loss) – derivative instruments: | ||||
Unrealized holding gains (losses) arising during the period | (1,190) | |||
Losses reclassified into earnings from other comprehensive income | 2,363 | 5,877 | 7,000 | 17,275 |
Other comprehensive income (loss) | 2,363 | 5,877 | 7,000 | 16,085 |
Comprehensive income | 449,695 | 101,242 | 842,736 | 715,602 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (15,459) | (4,290) | (30,100) | (39,316) |
Comprehensive income attributable to controlling interests | 434,236 | 96,952 | 812,636 | 676,286 |
ERPOP [Member] | ||||
Comprehensive income: | ||||
Net income | 447,332 | 95,365 | 835,736 | 699,517 |
Other comprehensive income (loss) – derivative instruments: | ||||
Unrealized holding gains (losses) arising during the period | (1,190) | |||
Losses reclassified into earnings from other comprehensive income | 2,363 | 5,877 | 7,000 | 17,275 |
Other comprehensive income (loss) | 2,363 | 5,877 | 7,000 | 16,085 |
Comprehensive income | 449,695 | 101,242 | 842,736 | 715,602 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (534) | (703) | (1,957) | (14,113) |
Comprehensive income attributable to controlling interests | $ 449,161 | $ 100,539 | $ 840,779 | $ 701,489 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 835,736 | $ 699,517 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 616,032 | 619,003 |
Amortization of deferred financing costs | 6,172 | 6,253 |
Amortization of above/below market lease intangibles | (154) | (53) |
Amortization of discounts and premiums on debt | 3,934 | 3,834 |
Amortization of deferred settlements on derivative instruments | 6,991 | 17,266 |
Amortization of right-of-use assets | 10,286 | 8,785 |
Write-off of pursuit costs | 3,557 | 4,864 |
(Income) loss from investments in unconsolidated entities | 3,028 | 2,445 |
Distributions from unconsolidated entities – return on capital | 100 | |
Net (gain) loss on sales of real estate properties | (587,623) | (352,218) |
Net (gain) loss on sales of land parcels | (5) | |
Realized/unrealized (gain) loss on derivative instruments | 50 | |
Realized (gain) loss on sale of investment securities | (23,432) | |
Compensation paid with Company Common Shares | 21,919 | 18,275 |
Other operating activities, net | 1,805 | |
Changes in assets and liabilities: | ||
(Increase) decrease in other assets | 16,269 | (30,197) |
Increase (decrease) in accounts payable and accrued expenses | 69,170 | 54,418 |
Increase (decrease) in accrued interest payable | (9,119) | (1,183) |
Increase (decrease) in lease liabilities | (4,112) | (1,650) |
Increase (decrease) in other liabilities | 5,427 | (8,381) |
Increase (decrease) in security deposits | 4,137 | (8,609) |
Net cash provided by operating activities | 978,213 | 1,034,324 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in real estate – acquisitions | (1,022,275) | (48,898) |
Investment in real estate – development/other | (172,850) | (157,778) |
Capital expenditures to real estate | (107,706) | (92,123) |
Non-real estate capital additions | (1,251) | (19,290) |
Proceeds from disposition of real estate, net | 1,014,328 | 747,600 |
Investments in unconsolidated entities | (31,081) | (6,664) |
Distributions from unconsolidated entities – return of capital | 4 | 1,000 |
Purchase of investment securities and other investments | (167,791) | (509) |
Proceeds from sale of investment securities | 191,398 | |
Net cash provided by (used for) investing activities | (309,589) | 416,458 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt financing costs | (6,447) | (2,923) |
Mortgage notes payable, net: | ||
Proceeds | 51,298 | 505,375 |
Lump sum payoffs | (59,880) | (127,767) |
Scheduled principal repayments | (5,570) | (5,821) |
Notes, net: | ||
Proceeds | 497,470 | |
Line of credit and commercial paper: | ||
Line of credit proceeds | 1,870,000 | |
Line of credit repayments | (1,890,000) | |
Commercial paper proceeds | 4,305,170 | 6,726,167 |
Commercial paper repayments | (4,690,000) | (7,724,000) |
Proceeds from (payments on) settlement of derivative instruments | (1,240) | |
Finance ground lease principal payments | (349) | |
Proceeds from Employee Share Purchase Plan (ESPP) | 3,455 | 3,556 |
Proceeds from exercise of EQR options | 68,807 | 11,426 |
Payment of offering costs | (267) | |
Other financing activities, net | (31) | (31) |
Contributions – Noncontrolling Interests – Partially Owned Properties | 417 | |
Contributions – Limited Partners | 12 | |
Distributions: | ||
OP Units – General Partner | (674,531) | (659,668) |
Preference Units | (2,318) | (2,318) |
OP Units – Limited Partners | (23,949) | (24,440) |
Noncontrolling Interests – Partially Owned Properties | (4,461) | (11,312) |
Net cash provided by (used for) financing activities | (541,603) | (1,332,567) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 127,021 | 118,215 |
Cash and cash equivalents and restricted deposits, beginning of period | 99,728 | 116,999 |
Cash and cash equivalents and restricted deposits, end of period | 226,749 | 235,214 |
Cash and cash equivalents | 39,707 | 178,333 |
Restricted deposits | 187,042 | 56,881 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 199,799 | 223,703 |
Net cash paid (received) for income and other taxes | 1,040 | (1,092) |
Amortization of deferred financing costs: | ||
Investment in real estate, net | (227) | (180) |
Other assets | 1,754 | 1,755 |
Mortgage notes payable, net | 1,702 | 1,337 |
Notes, net | 2,943 | 3,341 |
Amortization of discounts and premiums on debt: | ||
Mortgage notes payable, net | 2,069 | 1,791 |
Notes, net | 1,865 | 2,043 |
Amortization of deferred settlements on derivative instruments: | ||
Other liabilities | (9) | (9) |
Accumulated other comprehensive income | 7,000 | 17,275 |
Write-off of pursuit costs: | ||
Investment in real estate, net | 3,000 | 4,621 |
Other assets | 533 | 219 |
Accounts payable and accrued expenses | 24 | 24 |
(Income) loss from investments in unconsolidated entities: | ||
Investments in unconsolidated entities | 2,062 | 1,474 |
Other liabilities | 966 | 971 |
Realized/unrealized (gain) loss on derivative instruments: | ||
Other liabilities | 1,240 | |
Accumulated other comprehensive income | (1,190) | |
Interest capitalized for real estate and unconsolidated entities under development: | ||
Investment in real estate, net | (12,260) | (6,880) |
Investments in unconsolidated entities | (105) | |
Investments in unconsolidated entities: | ||
Investment in real estate, net | 967 | |
Investments in unconsolidated entities | (30,038) | (5,164) |
Other liabilities | (2,010) | (1,500) |
Debt financing costs: | ||
Other assets | 228 | (231) |
Mortgage notes payable, net | (2,344) | (2,692) |
Notes, net | (4,331) | |
Right-of-use assets and lease liabilities initial measurement and reclassifications: | ||
Right-of-use assets | 11,308 | |
Lease liabilities | (11,308) | |
Non-cash share distribution from unconsolidated entities: | ||
Investments in unconsolidated entities | 1,430 | |
Other assets | (1,430) | |
ERPOP [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | 835,736 | 699,517 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 616,032 | 619,003 |
Amortization of deferred financing costs | 6,172 | 6,253 |
Amortization of above/below market lease intangibles | (154) | (53) |
Amortization of discounts and premiums on debt | 3,934 | 3,834 |
Amortization of deferred settlements on derivative instruments | 6,991 | 17,266 |
Amortization of right-of-use assets | 10,286 | 8,785 |
Write-off of pursuit costs | 3,557 | 4,864 |
(Income) loss from investments in unconsolidated entities | 3,028 | 2,445 |
Distributions from unconsolidated entities – return on capital | 100 | |
Net (gain) loss on sales of real estate properties | (587,623) | (352,218) |
Net (gain) loss on sales of land parcels | (5) | |
Realized/unrealized (gain) loss on derivative instruments | 50 | |
Realized (gain) loss on sale of investment securities | (23,432) | |
Compensation paid with Company Common Shares | 21,919 | 18,275 |
Other operating activities, net | 1,805 | |
Changes in assets and liabilities: | ||
(Increase) decrease in other assets | 16,269 | (30,197) |
Increase (decrease) in accounts payable and accrued expenses | 69,170 | 54,418 |
Increase (decrease) in accrued interest payable | (9,119) | (1,183) |
Increase (decrease) in lease liabilities | (4,112) | (1,650) |
Increase (decrease) in other liabilities | 5,427 | (8,381) |
Increase (decrease) in security deposits | 4,137 | (8,609) |
Net cash provided by operating activities | 978,213 | 1,034,324 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in real estate – acquisitions | (1,022,275) | (48,898) |
Investment in real estate – development/other | (172,850) | (157,778) |
Capital expenditures to real estate | (107,706) | (92,123) |
Non-real estate capital additions | (1,251) | (19,290) |
Interest capitalized for real estate and unconsolidated entities under development | (12,365) | (6,880) |
Proceeds from disposition of real estate, net | 1,014,328 | 747,600 |
Investments in unconsolidated entities | (31,081) | (6,664) |
Distributions from unconsolidated entities – return of capital | 4 | 1,000 |
Purchase of investment securities and other investments | (167,791) | (509) |
Proceeds from sale of investment securities | 191,398 | |
Net cash provided by (used for) investing activities | (309,589) | 416,458 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt financing costs | (6,447) | (2,923) |
Mortgage notes payable, net: | ||
Proceeds | 51,298 | 505,375 |
Lump sum payoffs | (59,880) | (127,767) |
Scheduled principal repayments | (5,570) | (5,821) |
Notes, net: | ||
Proceeds | 497,470 | |
Line of credit and commercial paper: | ||
Line of credit proceeds | 1,870,000 | |
Line of credit repayments | (1,890,000) | |
Commercial paper proceeds | 4,305,170 | 6,726,167 |
Commercial paper repayments | (4,690,000) | (7,724,000) |
Proceeds from (payments on) settlement of derivative instruments | (1,240) | |
Finance ground lease principal payments | (349) | |
Proceeds from Employee Share Purchase Plan (ESPP) | 3,455 | 3,556 |
Proceeds from exercise of EQR options | 68,807 | 11,426 |
Payment of offering costs | (267) | |
Other financing activities, net | (31) | (31) |
Contributions – Noncontrolling Interests – Partially Owned Properties | 417 | |
Contributions – Limited Partners | 12 | |
Distributions: | ||
OP Units – General Partner | (674,531) | (659,668) |
Preference Units | (2,318) | (2,318) |
OP Units – Limited Partners | (23,949) | (24,440) |
Noncontrolling Interests – Partially Owned Properties | (4,461) | (11,312) |
Net cash provided by (used for) financing activities | (541,603) | (1,332,567) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 127,021 | 118,215 |
Cash and cash equivalents and restricted deposits, beginning of period | 99,728 | 116,999 |
Cash and cash equivalents and restricted deposits, end of period | 226,749 | 235,214 |
Cash and cash equivalents | 39,707 | 178,333 |
Restricted deposits | 187,042 | 56,881 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 199,799 | 223,703 |
Net cash paid (received) for income and other taxes | 1,040 | (1,092) |
Amortization of deferred financing costs: | ||
Investment in real estate, net | (227) | (180) |
Other assets | 1,754 | 1,755 |
Mortgage notes payable, net | 1,702 | 1,337 |
Notes, net | 2,943 | 3,341 |
Amortization of discounts and premiums on debt: | ||
Mortgage notes payable, net | 2,069 | 1,791 |
Notes, net | 1,865 | 2,043 |
Amortization of deferred settlements on derivative instruments: | ||
Other liabilities | (9) | (9) |
Accumulated other comprehensive income | 7,000 | 17,275 |
Write-off of pursuit costs: | ||
Investment in real estate, net | 3,000 | 4,621 |
Other assets | 533 | 219 |
Accounts payable and accrued expenses | 24 | 24 |
(Income) loss from investments in unconsolidated entities: | ||
Investments in unconsolidated entities | 2,062 | 1,474 |
Other liabilities | 966 | 971 |
Realized/unrealized (gain) loss on derivative instruments: | ||
Other liabilities | 1,240 | |
Accumulated other comprehensive income | (1,190) | |
Interest capitalized for real estate and unconsolidated entities under development: | ||
Investment in real estate, net | (12,260) | (6,880) |
Investments in unconsolidated entities | (105) | |
Investments in unconsolidated entities: | ||
Investment in real estate, net | 967 | |
Investments in unconsolidated entities | (30,038) | (5,164) |
Other liabilities | (2,010) | (1,500) |
Debt financing costs: | ||
Other assets | 228 | (231) |
Mortgage notes payable, net | (2,344) | $ (2,692) |
Notes, net | (4,331) | |
Right-of-use assets and lease liabilities initial measurement and reclassifications: | ||
Right-of-use assets | 11,308 | |
Lease liabilities | (11,308) | |
Non-cash share distribution from unconsolidated entities: | ||
Investments in unconsolidated entities | 1,430 | |
Other assets | $ (1,430) |
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]ERPOP [Member] | Limited PartnerERPOP [Member] | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)ERPOP [Member] | DISTRIBUTIONS [Member]ERPOP [Member] | PARTIALLY OWNED PROPERTIES [Member]ERPOP [Member] |
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 | |||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 3,913 | (3,913) | ||||||
Exercise of EQR share options | 11,426 | |||||||
EQR's Employee Share Purchase Plan (ESPP) | 3,556 | |||||||
EQR restricted shares | 9,238 | 12 | ||||||
EQR share options | 1,819 | |||||||
EQR ESPP discount | 626 | |||||||
Net income available to Units - General Partner | $ 658,462 | 658,462 | ||||||
OP Units General Partner distributions | (673,019) | |||||||
Supplemental Executive Retirement Plan (SERP) | (395) | |||||||
Change in market value of Redeemable Limited Partners | 169,825 | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | 438 | (438) | ||||||
Equity compensation associated with Units - Limited Partners | 9,525 | |||||||
Net income available to Units - Limited Partners | 24,624 | 24,624 | ||||||
Units - Limited Partners distributions | (25,000) | |||||||
Change in carrying value of Redeemable Limited Partners | (131) | |||||||
Unrealized holding (losses) arising during the period | $ 14,113 | 14,113 | (1,190) | |||||
Losses reclassified into earnings from other comprehensive income | (17,275) | (17,275) | 17,275 | |||||
Distributions declared per Unit outstanding | $ 1.8075 | |||||||
Net income attributable to Noncontrolling Interests | 699,517 | 699,517 | 14,113 | |||||
Contributions by Noncontrolling Interests | 417 | |||||||
Distributions to Noncontrolling Interests | (11,343) | |||||||
Balance, end of period at Sep. 30, 2020 | 37,280 | 10,541,678 | 232,516 | (61,478) | ||||
Balance, end of period at Sep. 30, 2020 | 4,370 | |||||||
Balance, beginning of year at Jun. 30, 2020 | 37,280 | 10,627,748 | 235,169 | (67,355) | ||||
Balance, beginning of year at Jun. 30, 2020 | 4,634 | |||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 57 | (57) | ||||||
Exercise of EQR share options | 104 | |||||||
EQR's Employee Share Purchase Plan (ESPP) | 1,197 | |||||||
EQR restricted shares | 1,984 | |||||||
EQR share options | 526 | |||||||
EQR ESPP discount | 210 | |||||||
Net income available to Units - General Partner | 90,513 | 90,513 | ||||||
OP Units General Partner distributions | (224,269) | |||||||
Supplemental Executive Retirement Plan (SERP) | 111 | |||||||
Change in market value of Redeemable Limited Partners | 41,072 | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | 2,425 | (2,425) | ||||||
Equity compensation associated with Units - Limited Partners | 2,499 | |||||||
Net income available to Units - Limited Partners | 3,376 | 3,376 | ||||||
Units - Limited Partners distributions | (7,963) | |||||||
Change in carrying value of Redeemable Limited Partners | 1,917 | |||||||
Unrealized holding (losses) arising during the period | 703 | 703 | ||||||
Losses reclassified into earnings from other comprehensive income | (5,877) | (5,877) | 5,877 | |||||
Distributions declared per Unit outstanding | 0.6025 | |||||||
Net income attributable to Noncontrolling Interests | 95,365 | 95,365 | 703 | |||||
Contributions by Noncontrolling Interests | 76 | |||||||
Distributions to Noncontrolling Interests | (1,043) | |||||||
Balance, end of period at Sep. 30, 2020 | 37,280 | 10,541,678 | 232,516 | (61,478) | ||||
Balance, end of period at Sep. 30, 2020 | 4,370 | |||||||
Balance, beginning of year at Dec. 31, 2020 | 37,280 | 10,532,037 | 233,162 | (43,666) | ||||
Balance, beginning of year at Dec. 31, 2020 | 4,673 | |||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 68,257 | (68,257) | ||||||
Exercise of EQR share options | 68,807 | |||||||
EQR's Employee Share Purchase Plan (ESPP) | 3,455 | |||||||
EQR restricted shares | 6,572 | |||||||
EQR share options | 2,541 | |||||||
EQR ESPP discount | 798 | |||||||
Net income available to Units - General Partner | 803,558 | 803,558 | ||||||
OP Units General Partner distributions | (676,158) | |||||||
Offering costs | (267) | |||||||
Supplemental Executive Retirement Plan (SERP) | (1,335) | |||||||
Change in market value of Redeemable Limited Partners | (119,237) | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | (27,085) | 27,085 | ||||||
Equity compensation associated with Units - Limited Partners | 14,173 | |||||||
Net income available to Units - Limited Partners | 27,903 | 27,903 | ||||||
Units - Limited Partners distributions | (23,366) | |||||||
Change in carrying value of Redeemable Limited Partners | (1,745) | |||||||
Unrealized holding (losses) arising during the period | 1,957 | 1,957 | ||||||
Losses reclassified into earnings from other comprehensive income | (7,000) | (7,000) | 7,000 | |||||
Distributions declared per Unit outstanding | 1.8075 | |||||||
Net income attributable to Noncontrolling Interests | 835,736 | 835,736 | 1,957 | |||||
Distributions to Noncontrolling Interests | (4,492) | |||||||
Balance, end of period at Sep. 30, 2021 | 37,280 | 10,661,943 | 208,955 | (36,666) | ||||
Balance, end of period at Sep. 30, 2021 | 2,138 | |||||||
Balance, beginning of year at Jun. 30, 2021 | 37,280 | 10,435,740 | 205,691 | (39,029) | ||||
Balance, beginning of year at Jun. 30, 2021 | 2,365 | |||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 1,597 | (1,597) | ||||||
Exercise of EQR share options | 29,184 | |||||||
EQR's Employee Share Purchase Plan (ESPP) | 788 | |||||||
EQR restricted shares | 1,758 | |||||||
EQR share options | 565 | |||||||
EQR ESPP discount | 165 | |||||||
Net income available to Units - General Partner | 431,178 | 431,178 | ||||||
OP Units General Partner distributions | (225,938) | |||||||
Offering costs | (267) | |||||||
Supplemental Executive Retirement Plan (SERP) | 722 | |||||||
Change in market value of Redeemable Limited Partners | (17,271) | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | 3,722 | (3,722) | ||||||
Equity compensation associated with Units - Limited Partners | 3,642 | |||||||
Net income available to Units - Limited Partners | 14,847 | 14,847 | ||||||
Units - Limited Partners distributions | (7,367) | |||||||
Change in carrying value of Redeemable Limited Partners | (2,539) | |||||||
Unrealized holding (losses) arising during the period | 534 | 534 | ||||||
Losses reclassified into earnings from other comprehensive income | (2,363) | (2,363) | 2,363 | |||||
Distributions declared per Unit outstanding | $ 0.6025 | |||||||
Net income attributable to Noncontrolling Interests | $ 447,332 | $ 447,332 | 534 | |||||
Distributions to Noncontrolling Interests | (761) | |||||||
Balance, end of period at Sep. 30, 2021 | $ 37,280 | $ 10,661,943 | $ 208,955 | $ (36,666) | ||||
Balance, end of period at Sep. 30, 2021 | $ 2,138 |
Business
Business | 9 Months Ended |
Sep. 30, 2021 | |
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 residential properties located in and around dynamic cities that attract high quality long-term renters, 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 September 30, 2021 owned an approximate 96.7% 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 September 30, 2021, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 307 properties located in 10 states and the District of Columbia consisting of 79,322 apartment units. The ownership breakdown includes (table does not include various uncompleted development properties): Properties Apartment Units Wholly Owned Properties 290 75,548 Partially Owned Properties – Consolidated 17 3,774 307 79,322 Note: Effective July 31, 2021, the Company took over management of its last remaining third-party master-leased property containing 162 apartment units located in the Washington D.C. market COVID-19 Pandemic The Company continues to monitor the effects of and take various actions in response to the novel coronavirus (“COVID-19”) pandemic and its accompanying variants. Its duration, severity and the extent of the adverse health impact on the general population, our residents and employees, the rate of vaccine distribution and effectiveness of vaccinations, the overall reopening progress in the cities in which we operate and the potential long-term changes in customer preferences for living in our communities, are among the many unknowns that have had or could continue to have a significant future impact on the Company. These, among other items, have impacted 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. There have been no material changes to the overall COVID-19 disclosures that were discussed in the notes to the consolidated financial statements of the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
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 nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. 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 COVID-19 pandemic, management evaluated whether its estimates , such as lease collectibility (discuss ed below in Recently Adopted Accounting Pronouncements ) and impairment, require d revised approaches and generally concluded that no revisions were necessary at this time . The balance sheets at December 31, 2020 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, 2020. 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”). Included in the CARES Act were tax provisions which increased allowable interest expense deductions for 2019 and 2020 and increased the ability for taxpayers to use net operating losses. These provisions did not result in a material impact to the Company’s taxable income or tax liabilities. Recently Issued Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued an amendment to the debt and equity financial instruments standards which simplifies the accounting for convertible instruments and accounting for contracts in an entity’s own equity. Instead of being required to assess whether an equity contract permits settlement in unregistered shares, which may require a legal analysis under the securities laws, entities will only analyze whether cash settlements are explicitly required when registered shares are unavailable. As a result, such contracts may be classified in permanent rather than mezzanine equity, which may affect the way the Company’s OP Units are presented on its financial statements. The update is effective for the Company beginning on January 1, 2022 as the Company did not early adopt the standard as allowed on January 1, 2021. The Company is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position. Recently Adopted Accounting Pronouncements In August 2021, the FASB issued an amendment to the presentation of financial statements standard which aligns the financial statements and disclosure requirements with those of the final rules released by the SEC in May 2020. The amendment changes the significance tests that determine what disclosures about significant business acquisitions are required, the periods the financial statements must cover and the pro forma financial information that must be included in certain reports. The amendment was effective for the Company upon issuance on August 9, 2021. The Company has not yet acquired businesses that exceed the threshold as defined by the standard, therefore, the amendment did not have a material effect on its consolidated results of operations and financial position. In March 2020, the 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 elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. 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. See Note 8 for additional discussion. In June 2016, the FASB issued a standard which requires companies to adopt a new approach for estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans. The standard requires entities to estimate a lifetime expected credit loss for most financial instruments, including trade receivables. In November 2018, the FASB issued an amendment excluding operating lease receivables accounted for under the lease standard from the scope of the credit losses standard. The Company adopted this standard as required effective January 1, 2020 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 | 9 Months Ended |
Sep. 30, 2021 | |
Equity Capital And Other Interests [Abstract] | |
Equity, Capital and Other Interests | 3. Equity, Capital and Other Interests 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 nine months ended September 30, 2021 and 2020: 2021 2020 Common Shares Common Shares outstanding at January 1, 372,302,000 371,670,884 Common Shares Issued: Conversion of OP Units 1,153,963 99,737 Exercise of share options 1,401,755 219,922 Employee Share Purchase Plan (ESPP) 59,297 69,986 Restricted share grants, net 85,573 178,720 Common Shares outstanding at September 30, 375,002,588 372,239,249 Units Units outstanding at January 1, 13,858,073 13,731,315 Restricted unit grants, net 155,638 247,822 Conversion of OP Units to Common Shares (1,153,963 ) (99,737 ) Units outstanding at September 30, 12,859,748 13,879,400 Total Common Shares and Units outstanding at September 30, 387,862,336 386,118,649 Units Ownership Interest in Operating Partnership 3.3 % 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 nine months ended September 30, 2021 and 2020: 2021 2020 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 386,160,073 385,402,199 Issued to General Partner: Exercise of EQR share options 1,401,755 219,922 EQR’s Employee Share Purchase Plan (ESPP) 59,297 69,986 EQR’s restricted share grants, net 85,573 178,720 Issued to Limited Partners: Restricted unit grants, net 155,638 247,822 General and Limited Partner Units outstanding at September 30, 387,862,336 386,118,649 Limited Partner Units Limited Partner Units outstanding at January 1, 13,858,073 13,731,315 Limited Partner restricted unit grants, net 155,638 247,822 Conversion of Limited Partner OP Units to EQR Common Shares (1,153,963 ) (99,737 ) Limited Partner Units outstanding at September 30, 12,859,748 13,879,400 Limited Partner Units Ownership Interest in Operating Partnership 3.3 % 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 September 30, 2021 and December 31, 2020. 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 September 30, 2021 and 2020, 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 nine months ended September 30, 2021 and 2020, respectively (amounts in 2021 2020 Balance at January 1, $ 338,951 $ 463,400 Change in market value 119,237 (169,825 ) Change in carrying value 1,745 131 Balance at September 30, $ 459,933 $ 293,706 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 September 30, 2021 and December 31, 2020 Amounts in thousands Annual Call Dividend Per September 30, December 31, Date (1) Share/Unit (2) 2021 2020 Preferred Shares/Preference Units of beneficial interest, $0.01 par value; 100,000,000 shares authorized: 8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share/unit; 745,600 shares/units issued and outstanding as of September 30, 2021 and December 31, 2020 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 issue Common Shares from time to time into the existing trading market at current market prices or through negotiated transactions, including under forward sale arrangements. The current program matures in June 2022 and gives EQR the authority to issue up to 13.0 million shares, all of which remain outstanding as of September 30, 2021, pending the settlement of any outstanding forward sale agreements. As of September 30, 2021, the Company had entered into such forward sale agreements under this program for a total of approximately 1.7 million Common Shares at a weighted average initial forward price per share of $83.25. These forward sale agreements allow the Company, at its election, to settle the agreements by issuing Common Shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreement or, alternatively, to settle the agreements in whole or in part through the delivery or receipt of Common Shares or cash. Issuances of shares under these forward sale agreements are classified as equity transactions. Accordingly, no amounts relating to the forward sale agreements are recorded in the consolidated financial statements until settlement occurs. Prior to any settlements, the only impact to the consolidated financial statements is the potential inclusion of incremental shares, if any, within the calculation of diluted net income per share using the treasury stock method. The actual forward price per share to be received by the Company upon settlement will be determined on the applicable settlement date based on adjustments made to the initial forward price to reflect the then-current overnight federal funds rate and the amount of dividends paid to holders of the Company’s Common Shares over the term of the forward sale agreement. As of September 30, 2021, no shares under the forward sale agreements have been settled. These forward sale agreements must be settled by March 2023 . 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 September 30, 2021, EQR has remaining authorization to repurchase up to 13.0 million of its shares. |
Real Estate
Real Estate | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and December 31, 2020 (amounts in thousands): September 30, 2021 December 31, 2020 Land $ 5,779,686 $ 5,785,367 Depreciable property: Buildings and improvements 19,211,662 18,464,484 Furniture, fixtures and equipment 2,125,441 1,970,033 In-Place lease intangibles 503,241 486,137 Projects under development: Land 4,121 23,531 Construction-in-progress 159,538 387,603 Land held for development: Land 46,160 46,160 Construction-in-progress 35,866 40,010 Investment in real estate 27,865,715 27,203,325 Accumulated depreciation (8,260,846 ) (7,859,657 ) Investment in real estate, net $ 19,604,869 $ 19,343,668 During the nine months ended September 30, 2021, the Company acquired the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated (1) 11 2,921 $ 1,020,425 Total 11 2,921 $ 1,020,425 (1) Purchase price includes an allocation of approximately $134.2 million to land and $888.1 million to depreciable property (inclusive of capitalized closing costs). During the nine months ended September 30, 2021, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 10 1,842 $ 1,021,800 Total 10 1,842 $ 1,021,800 The Company recognized a net gain on sales of real estate properties of approximately $587.6 million on the above sales. |
Commitments to Acquire_Dispose
Commitments to Acquire/Dispose of Real Estate | 9 Months Ended |
Sep. 30, 2021 | |
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 at September 30, 2021 Rental Properties - Consolidated 2 744 $ 410,000 $ 130,762 Total 2 744 $ 410,000 $ 130,762 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 September 30, 2021. |
Investments in Partially Owned
Investments in Partially Owned Entities | 9 Months Ended |
Sep. 30, 2021 | |
Investments In Partially Owned Entities [Abstract] | |
Investments in Partially Owned Entities | 6. Investments in Partially Owned The entities 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 17 properties containing 3,774 apartment units. The Company has determined that these joint ventures are VIEs and the Company is the VIEs’ primary beneficiary. As a result, the joint ventures are required to be consolidated on the Company’s financial statements. The Company also has a separate consolidated joint venture which leases a land parcel that is currently being developed into a multifamily rental property. This joint venture has been deemed to be a VIE and is consolidated due to the Company being the primary beneficiary. The consolidated assets and liabilities related to the VIEs discussed above were approximately $839.3 million and $247.9 million, respectively, at September 30, 2021 and approximately $784.1 million and $224.0 million, respectively, at December 31, 2020. Investments in Unconsolidated Entities During the nine months ended September 30, 2021, the Company acquired two land parcels through separate unconsolidated joint ventures for the purpose of developing multifamily rental properties for an aggregate gross purchase price of approximately $55.4 million, with the Company’s share approximating $21.8 million. The Company, as a limited partner in both joint ventures, does not have substantive kick-out or voting rights in the entities. As a result, the entities qualify as VIEs. The Company has the obligation to absorb losses and the right to receive benefits from the VIE that could potentially be significant to the VIE, but does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. As a result, the Company is not the primary beneficiary and these entities are unconsolidated and recorded using the equity method of accounting. 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 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Ownership Percentage Investments in Unconsolidated Entities: Operating Property (VIE) (1) $ 36,652 $ 38,288 33.3% Projects Under Development (VIE) (2) 24,927 — Varies Real Estate Technology (3) 18,127 14,866 Varies Other (277 ) (372 ) Varies Investments in Unconsolidated Entities $ 79,429 $ 52,782 (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. (2) Represents unconsolidated interests in the two unconsolidated joint ventures noted above. (3) Represents unconsolidated investments in six separate real estate technology funds/companies. |
Restricted Deposits
Restricted Deposits | 9 Months Ended |
Sep. 30, 2021 | |
Deposits Restricted [Abstract] | |
Restricted Deposits | 7. Restricted Deposits The following table presents the Company’s restricted deposits as of September 30, 2021 and December 31, 2020 (amounts in thousands): September 30, 2021 December 31, 2020 Mortgage escrow deposits: Replacement reserves $ 10,830 $ 9,877 Mortgage principal reserves/sinking funds 17,828 14,168 Mortgage escrow deposits 28,658 24,045 Restricted cash: Tax-deferred (1031) exchange proceeds 121,799 — Restricted deposits on real estate investments 292 307 Resident security and utility deposits 34,459 31,412 Other 1,834 1,373 Restricted cash 158,384 33,092 Restricted deposits $ 187,042 $ 57,137 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
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 lease standard. For the nine months ended September 30, 2021, approximately 97% 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 nine months ended September 30, 2021, approximately 3% 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 nine months ended September 30, 2021 and 2020 (amounts in thousands): Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Income Type Residential Leases Non-Residential Leases Total Residential Leases Non-Residential Leases Total Residential and non-residential rent $ 1,629,778 $ 45,680 $ 1,675,458 $ 1,783,298 $ 36,263 $ 1,819,561 Utility recoveries (RUBS income) (1) 55,331 519 55,850 52,538 509 53,047 Parking rent 30,403 465 30,868 29,052 324 29,376 Other lease revenue (2) (19,442 ) 2,914 (16,528 ) (19,000 ) (5,530 ) (24,530 ) Total lease revenue $ 1,696,070 $ 49,578 1,745,648 $ 1,845,888 $ 31,566 1,877,454 Parking revenue 18,455 16,648 Other revenue 54,764 64,168 Total other rental income (3) 73,219 80,816 Rental income $ 1,818,867 $ 1,958,270 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other lease revenue consists of the revenue adjustment related to bad debt and other miscellaneous lease revenue. (3) 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 quarters ended September 30, 2021 and 2020 (amounts in thousands): Quarter Ended September 30, 2021 Quarter Ended September 30, 2020 Income Type Residential Leases Non-Residential Leases Total Residential Leases Non-Residential Leases Total Residential and non-residential rent $ 551,474 $ 14,443 $ 565,917 $ 576,192 $ 6,042 $ 582,234 Utility recoveries (RUBS income) (1) 18,798 189 18,987 17,306 134 17,440 Parking rent 10,513 103 10,616 9,592 101 9,693 Other lease revenue (2) (472 ) 1,776 1,304 (12,727 ) (4,299 ) (17,026 ) Total lease revenue $ 580,313 $ 16,511 596,824 $ 590,363 $ 1,978 592,341 Parking revenue 6,883 5,336 Other revenue 19,499 24,756 Total other rental income (3) 26,382 30,092 Rental income $ 623,206 $ 622,433 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other lease revenue consists of the revenue adjustment related to bad debt and other miscellaneous lease revenue. (3) Other rental income is accounted for under the revenue recognition standard. The economic impact of the pandemic on a subset of our residents and tenants has led to elevated levels of bad debt, which was reduced, in part, by governmental rental assistance payments paid on their behalf. We continue to work with our residents and tenants on payment plans and collections and our bad debt allowance policies remain consistent from those existing prior to the pandemic. The following table presents residential and non-residential accounts receivable and straight-line receivable balances for the Company’s properties as of September 30, 2021 and December 31, 2020 (amounts in thousands): Residential Non-Residential Balance Sheet (Other assets): September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Resident/tenant accounts receivable balances $ 42,126 $ 30,856 $ 4,001 $ 7,598 Allowance for doubtful accounts (37,669 ) (24,021 ) (3,442 ) (6,527 ) Net receivable balances $ 4,457 (1) $ 6,835 $ 559 $ 1,071 Straight-line receivable balances $ 12,650 $ 19,992 $ 12,759 $ 13,413 (1) The Company held residential security deposits approximating 58.4% of the net receivable balance at September 30, 2021 The following table presents residential bad debt for the Company’s properties for the nine months and quarters ended September 30, 2021 and 2020 (amounts in thousands): Nine Months Ended September 30, Quarter Ended September 30, Income Statement (Rental income): 2021 2020 2021 2020 Bad debt, net (1) $ 29,751 $ 29,419 $ 3,979 $ 16,071 % of rental income 1.7 % 1.5 % 0.7 % 2.6 % (1) The nine months and quarter ended September 30, 2021 benefited from additional resident payments due to governmental rental assistance programs. Due to the impact of COVID-19 and the resulting economic impact on our non-residential tenants, we recognized a non-cash write-off of non-residential straight-line lease receivables of approximately $0.1 million and $12.9 million during the nine months ended September 30, 2021 and 2020, respectively. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 9 . Debt EQR Mortgage Notes Payable The following table summarizes the Company’s mortgage notes payable activity for the nine months ended September 30, 2021 (amounts in thousands): Mortgage notes payable, net as of December 31, 2020 Proceeds Lump sum payoffs Scheduled principal repayments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Mortgage notes payable, net as of September 30, 2021 Fixed Rate Debt: Secured – Conventional $ 1,901,091 $ 28,500 (2) $ (28,200 ) $ (5,570 ) $ 1,140 $ 689 $ 1,897,650 Floating Rate Debt: Secured – Conventional 31,494 22,798 — — — (1,719 ) 52,573 Secured – Tax Exempt 361,305 — (31,680 ) — 929 388 330,942 Floating Rate Debt 392,799 22,798 (31,680 ) — 929 (1,331 ) 383,515 Total $ 2,293,890 $ 51,298 $ (59,880 ) $ (5,570 ) $ 2,069 $ (642 ) $ 2,281,165 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) Obtained 3.58% fixed rate mortgage debt maturing on March 1, 2031. The following table summarizes certain interest rate and maturity date information as of and for the nine months ended September 30, 2021: September 30, 2021 Interest Rate Ranges 0.06% - 4.21% Weighted Average Interest Rate 3.16% Maturity Date Ranges 2022-2061 As of September 30, 2021, the Company had $250.0 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 nine months ended September 30, 2021 (amounts in thousands): Notes, net as of December 31, 2020 Proceeds Lump sum payoffs Realized/unrealized (gain) loss on derivative instruments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Notes, net as of September 30, 2021 Fixed Rate Debt: Unsecured – Public $ 5,335,536 $ 497,470 (2) $ — $ — $ 1,865 $ (1,388 ) $ 5,833,483 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) Issued $500.0 million of ten-year 1.85% unsecured notes, receiving net proceeds before underwriting fees and other expenses. The following table summarizes certain interest rate and maturity date information as of and for the nine months ended September 30, 2021: September 30, 2021 Interest Rate Ranges 1.85% - 7.57% Weighted Average Interest Rate 3.69% Maturity Date Ranges 2023-2047 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 nine months ended September 30, 2021. Line of Credit and Commercial Paper The Company has 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 Company did not borrow any amounts under its revolving credit facility during the nine months ended September 30, 2021. The Company has an unsecured commercial paper note program in which it may borrow up to a maximum of $1.0 billion subject to market conditions. The notes will be sold under customary terms in the United States commercial paper note market 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 0.28% for the nine months ended September 30, 2021 and a weighted average maturity of 1 day as of September 30, 2021. The weighted average amount outstanding for the nine months ended September 30, 2021 was approximately $556.7 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 September 30, 2021 (amounts in thousands): September 30, 2021 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding (30,000 ) Unsecured revolving credit facility balance outstanding — Other restricted amounts (100,442 ) Unsecured revolving credit facility availability $ 2,369,558 Other The following table summarizes the Company’s total debt extinguishment costs recorded as additional interest expense during the nine months ended September 30, 2021 September 30, 2021 Write-offs of unamortized deferred financing costs $ 264 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 10 . Fair Value Measurements 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 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. During the nine months ended September 30, 2021 w 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 following table summarizes the inputs to the valuations for each type of fair value measurement: Fair Value Measurement Type Valuation Inputs Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”) Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Quoted market price of Common Shares. Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable) Indicative rates provided by lenders of similar loans. Public unsecured notes Quoted market prices for each underlying issuance. 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 following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at September 30, 2021 and December 31, 2020 , respectively (amounts in thousands): September 30, 2021 December 31, 2020 Carrying Value Estimated Fair Value (Level 2) Carrying Value Estimated Fair Value (Level 2) Mortgage notes payable, net $ 2,281,165 $ 2,303,890 $ 2,293,890 $ 2,313,263 Unsecured debt, net 5,863,483 6,534,974 5,750,366 6,686,612 Total debt, net $ 8,144,648 $ 8,838,864 $ 8,044,256 $ 8,999,875 The Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 9/30/2021 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 $ 160,914 $ 160,914 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 160,914 $ 160,914 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 459,933 $ — $ 459,933 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2020 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 $ 160,293 $ 160,293 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 160,293 $ 160,293 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 338,951 $ — $ 338,951 $ — The September 30, 2021 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 $ — Interest expense $ (7,000 ) Total $ — $ (7,000 ) September 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 $ (17,275 ) Total $ (1,190 ) $ (17,275 ) As |
Earnings Per Share and Earnings
Earnings Per Share and Earnings Per Unit | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share And Earnings Per Unit | 1 1 . Earnings Per Share and Earnings Per Equity Residential The Nine Months Ended September 30, Quarter Ended September 30, 2021 2020 2021 2020 Numerator for net income per share – basic: Net income $ 835,736 $ 699,517 $ 447,332 $ 95,365 Allocation to Noncontrolling Interests – Operating Partnership (27,903 ) (24,624 ) (14,847 ) (3,376 ) Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (1,957 ) (14,113 ) (534 ) (703 ) Preferred distributions (2,318 ) (2,318 ) (773 ) (773 ) Numerator for net income per share – basic $ 803,558 $ 658,462 $ 431,178 $ 90,513 Numerator for net income per share – diluted: Net income $ 835,736 $ 699,517 $ 447,332 $ 95,365 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (1,957 ) (14,113 ) (534 ) (703 ) Preferred distributions (2,318 ) (2,318 ) (773 ) (773 ) Numerator for net income per share – diluted $ 831,461 $ 683,086 $ 446,025 $ 93,889 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 373,474 371,749 374,308 371,869 Effect of dilutive securities: OP Units 12,367 13,010 12,019 13,002 Long-term compensation shares/units 1,801 1,214 2,047 781 Denominator for net income per share – diluted 387,642 385,973 388,374 385,652 Net income per share – basic $ 2.15 $ 1.77 $ 1.15 $ 0.24 Net income per share – diluted $ 2.14 $ 1.77 $ 1.15 $ 0.24 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): Nine Months Ended September 30, Quarter Ended September 30, 2021 2020 2021 2020 Numerator for net income per Unit – basic and diluted: Net income $ 835,736 $ 699,517 $ 447,332 $ 95,365 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (1,957 ) (14,113 ) (534 ) (703 ) Allocation to Preference Units (2,318 ) (2,318 ) (773 ) (773 ) Numerator for net income per Unit – basic and diluted $ 831,461 $ 683,086 $ 446,025 $ 93,889 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 385,841 384,759 386,327 384,871 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units 1,801 1,214 2,047 781 Denominator for net income per Unit – diluted 387,642 385,973 388,374 385,652 Net income per Unit – basic $ 2.15 $ 1.77 $ 1.15 $ 0.24 Net income per Unit – diluted $ 2.14 $ 1.77 $ 1.15 $ 0.24 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021, the Company has two consolidated projects (one wholly owned and one partially owned) and two unconsolidated projects totaling 1,441 apartment units in various stages of development with remaining commitments to fund of approximately $328.8 million (inclusive of applicable construction loans and joint venture partner obligations) and estimated completion dates ranging through June 30, 2024, as well as two consolidated completed development projects (one wholly owned and one partially owned) that are in lease-up. As of September 30, 2021, the Company has two consolidated joint venture agreements with third-party partners for the development of multifamily rental properties, one of which is currently under construction as noted above and one of which was substantially completed during the quarter ended June 30, 2021. The Company also has two unconsolidated joint venture agreements with third-party partners for the development of multifamily rental properties, both of which are currently under construction as noted above. 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. As of September 30, 2021, the Company entered into a commitment agreement (the “Commitment Agreement”) with Toll Brothers, Inc. (“Toll”) to pursue the joint development of multifamily rental properties. Over the next three years, the Company intends to invest 75% of the equity for each selected project and Toll intends to invest 25%. It is expected that each project will also be financed with approximately 60% non-recourse construction debt. The parties have targeted an initial minimum co-investment of approximately $750.0 million in combined equity. As of September 30, 2021, the Company and Toll had not yet entered into any joint venture agreements under the Commitment Agreement. |
Reportable Segments
Reportable Segments | 9 Months Ended |
Sep. 30, 2021 | |
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 accounts for approximately 3.8% of total revenues for the nine months ended September 30, 2021 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 consolidated same store operating segments 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 Nine Months Ended September 30, Quarter Ended September 30, 2021 2020 2021 2020 Rental income $ 1,818,867 $ 1,958,270 $ 623,206 $ 622,433 Property and maintenance expense (341,261 ) (333,333 ) (116,461 ) (113,065 ) Real estate taxes and insurance expense (297,780 ) (288,043 ) (96,909 ) (95,273 ) Total operating expenses (639,041 ) (621,376 ) (213,370 ) (208,338 ) Net operating income $ 1,179,826 $ 1,336,894 $ 409,836 $ 414,095 The following tables present NOI for each segment from our rental real estate for the nine months and quarters ended September 30, 2021 and 2020, respectively, as well as total assets and capital expenditures at September 30, 2021 (amounts in thousands): Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 337,153 $ 109,997 $ 227,156 $ 346,599 $ 108,594 $ 238,005 Orange County 80,773 18,937 61,836 79,241 18,539 60,702 San Diego 58,211 13,920 44,291 56,001 13,684 42,317 Subtotal - Southern California 476,137 142,854 333,283 481,841 140,817 341,024 San Francisco 302,043 93,983 208,060 346,089 90,849 255,240 Washington D.C. 298,165 99,369 198,796 311,119 95,799 215,320 New York 299,320 152,228 147,092 324,866 148,145 176,721 Seattle 181,908 58,616 123,292 195,198 55,845 139,353 Boston 171,871 57,041 114,830 182,502 53,727 128,775 Denver 28,732 8,614 20,118 28,584 8,320 20,264 Total same store 1,758,176 612,705 1,145,471 1,870,199 593,502 1,276,697 Non-same store/other (2) (3) Non-same store 28,581 10,916 17,665 11,440 2,534 8,906 Other (3) 32,110 15,420 16,690 76,631 25,340 51,291 Total non-same store/other 60,691 26,336 34,355 88,071 27,874 60,197 Totals $ 1,818,867 $ 639,041 $ 1,179,826 $ 1,958,270 $ 621,376 $ 1,336,894 (1) For the nine months ended September 30, 2021 and 2020, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2020, less properties subsequently sold, which represented 75,288 apartment (2) For the nine months ended September 30, 2021 and 2020, non-same store primarily includes properties acquired after January 1, 2020, 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 September 30, 2021 Quarter Ended September 30, 2020 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 117,542 $ 36,929 $ 80,613 $ 112,201 $ 36,783 $ 75,418 Orange County 28,264 6,480 21,784 26,229 6,457 19,772 San Diego 20,282 4,735 15,547 18,637 4,652 13,985 Subtotal - Southern California 166,088 48,144 117,944 157,067 47,892 109,175 San Francisco 102,166 31,542 70,624 109,908 30,913 78,995 Washington D.C. 100,019 34,397 65,622 103,160 32,979 70,181 New York 103,015 49,939 53,076 98,333 49,915 48,418 Seattle 61,888 20,117 41,771 62,748 18,972 43,776 Boston 58,864 19,504 39,360 59,527 18,601 40,926 Denver 9,812 2,940 6,872 9,509 2,892 6,617 Total same store 601,852 206,583 395,269 600,252 202,164 398,088 Non-same store/other (2) (3) Non-same store 16,563 6,777 9,786 2,481 539 1,942 Other (3) 4,791 10 4,781 19,700 5,635 14,065 Total non-same store/other 21,354 6,787 14,567 22,181 6,174 16,007 Totals $ 623,206 $ 213,370 $ 409,836 $ 622,433 $ 208,338 $ 414,095 (1) For the quarters ended September 30, 2021 and 2020, same store primarily includes all properties acquired or completed that were stabilized prior to July 1, 2020, less properties subsequently sold, which represented 75,509 apartment (2) For the quarters ended September 30, 2021 and 2020 , non-same store primarily includes properties acquired a fter July 1, 20 20 , plus any properties in lease-u p and not stabilized as of July 1, 20 20 . (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Nine Months Ended September 30, 2021 Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,926,617 $ 13,959 Orange County 375,365 4,124 San Diego 234,733 2,060 Subtotal - Southern California 3,536,715 20,143 San Francisco 3,264,017 15,853 Washington D.C. 3,270,172 20,392 New York 3,902,715 22,641 Seattle 1,975,574 10,234 Boston 1,710,489 15,766 Denver 496,969 1,101 Total same store 18,156,651 106,130 Non-same store/other (2) (3) Non-same store 1,484,091 659 Other (3) 1,022,273 917 Total non-same store/other 2,506,364 1,576 Totals $ 20,663,015 $ 107,706 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2020, less properties subsequently sold, which represented 75,288 apartment (2) Non-same store primarily includes properties acquired after January 1, 2020, 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 | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 1 4 . Subsequent Subsequent to September 30, 2021, the Company: • Contributed $5.8 million for an unconsolidated land parcel subject to a long-term ground lease and $11.6 million for two unconsolidated land parcel acquisitions in connection with the formation of separate joint ventures with Toll under the Commitment Agreement; and • Contributed $1.1 million for an unconsolidated land parcel acquisition as part of the formation of a joint venture with a third-party. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
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 nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. 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 COVID-19 pandemic, management evaluated whether its estimates , such as lease collectibility (discuss ed below in Recently Adopted Accounting Pronouncements ) and impairment, require d revised approaches and generally concluded that no revisions were necessary at this time . The balance sheets at December 31, 2020 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, 2020. |
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”). Included in the CARES Act were tax provisions which increased allowable interest expense deductions for 2019 and 2020 and increased the ability for taxpayers to use net operating losses. These provisions did not result in a material impact to the Company’s taxable income or tax liabilities. |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued an amendment to the debt and equity financial instruments standards which simplifies the accounting for convertible instruments and accounting for contracts in an entity’s own equity. Instead of being required to assess whether an equity contract permits settlement in unregistered shares, which may require a legal analysis under the securities laws, entities will only analyze whether cash settlements are explicitly required when registered shares are unavailable. As a result, such contracts may be classified in permanent rather than mezzanine equity, which may affect the way the Company’s OP Units are presented on its financial statements. The update is effective for the Company beginning on January 1, 2022 as the Company did not early adopt the standard as allowed on January 1, 2021. The Company is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position. Recently Adopted Accounting Pronouncements In August 2021, the FASB issued an amendment to the presentation of financial statements standard which aligns the financial statements and disclosure requirements with those of the final rules released by the SEC in May 2020. The amendment changes the significance tests that determine what disclosures about significant business acquisitions are required, the periods the financial statements must cover and the pro forma financial information that must be included in certain reports. The amendment was effective for the Company upon issuance on August 9, 2021. The Company has not yet acquired businesses that exceed the threshold as defined by the standard, therefore, the amendment did not have a material effect on its consolidated results of operations and financial position. In March 2020, the 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 elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. 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. See Note 8 for additional discussion. In June 2016, the FASB issued a standard which requires companies to adopt a new approach for estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans. The standard requires entities to estimate a lifetime expected credit loss for most financial instruments, including trade receivables. In November 2018, the FASB issued an amendment excluding operating lease receivables accounted for under the lease standard from the scope of the credit losses standard. The Company adopted this standard as required effective January 1, 2020 and it did not have a material effect on its consolidated results of operations and financial position. |
Business (Tables)
Business (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 290 75,548 Partially Owned Properties – Consolidated 17 3,774 307 79,322 Note: Effective July 31, 2021, the Company took over management of its last remaining third-party master-leased property containing 162 apartment units located in the Washington D.C. market |
Equity, Capital and Other Int_2
Equity, Capital and Other Interests (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 nine months ended September 30, 2021 and 2020: 2021 2020 Common Shares Common Shares outstanding at January 1, 372,302,000 371,670,884 Common Shares Issued: Conversion of OP Units 1,153,963 99,737 Exercise of share options 1,401,755 219,922 Employee Share Purchase Plan (ESPP) 59,297 69,986 Restricted share grants, net 85,573 178,720 Common Shares outstanding at September 30, 375,002,588 372,239,249 Units Units outstanding at January 1, 13,858,073 13,731,315 Restricted unit grants, net 155,638 247,822 Conversion of OP Units to Common Shares (1,153,963 ) (99,737 ) Units outstanding at September 30, 12,859,748 13,879,400 Total Common Shares and Units outstanding at September 30, 387,862,336 386,118,649 Units Ownership Interest in Operating Partnership 3.3 % 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 nine months ended September 30, 2021 and 2020, respectively (amounts in 2021 2020 Balance at January 1, $ 338,951 $ 463,400 Change in market value 119,237 (169,825 ) Change in carrying value 1,745 131 Balance at September 30, $ 459,933 $ 293,706 |
Issued and Outstanding Preferred Shares and Preference Units | The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as September 30, 2021 and December 31, 2020 Amounts in thousands Annual Call Dividend Per September 30, December 31, Date (1) Share/Unit (2) 2021 2020 Preferred Shares/Preference Units of beneficial interest, $0.01 par value; 100,000,000 shares authorized: 8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share/unit; 745,600 shares/units issued and outstanding as of September 30, 2021 and December 31, 2020 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 nine months ended September 30, 2021 and 2020: 2021 2020 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 386,160,073 385,402,199 Issued to General Partner: Exercise of EQR share options 1,401,755 219,922 EQR’s Employee Share Purchase Plan (ESPP) 59,297 69,986 EQR’s restricted share grants, net 85,573 178,720 Issued to Limited Partners: Restricted unit grants, net 155,638 247,822 General and Limited Partner Units outstanding at September 30, 387,862,336 386,118,649 Limited Partner Units Limited Partner Units outstanding at January 1, 13,858,073 13,731,315 Limited Partner restricted unit grants, net 155,638 247,822 Conversion of Limited Partner OP Units to EQR Common Shares (1,153,963 ) (99,737 ) Limited Partner Units outstanding at September 30, 12,859,748 13,879,400 Limited Partner Units Ownership Interest in Operating Partnership 3.3 % 3.6 % |
Real Estate (Tables)
Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and December 31, 2020 (amounts in thousands): September 30, 2021 December 31, 2020 Land $ 5,779,686 $ 5,785,367 Depreciable property: Buildings and improvements 19,211,662 18,464,484 Furniture, fixtures and equipment 2,125,441 1,970,033 In-Place lease intangibles 503,241 486,137 Projects under development: Land 4,121 23,531 Construction-in-progress 159,538 387,603 Land held for development: Land 46,160 46,160 Construction-in-progress 35,866 40,010 Investment in real estate 27,865,715 27,203,325 Accumulated depreciation (8,260,846 ) (7,859,657 ) Investment in real estate, net $ 19,604,869 $ 19,343,668 |
Acquired Properties From Unaffiliated Parties | During the nine months ended September 30, 2021, the Company acquired the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated (1) 11 2,921 $ 1,020,425 Total 11 2,921 $ 1,020,425 (1) Purchase price includes an allocation of approximately $134.2 million to land and $888.1 million to depreciable property (inclusive of capitalized closing costs). |
Disposed Properties to Unaffiliated Parties | During the nine months ended September 30, 2021, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 10 1,842 $ 1,021,800 Total 10 1,842 $ 1,021,800 |
Commitments to Acquire_Dispos_2
Commitments to Acquire/Dispose of Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments To Acquire Dispose Of Real Estate [Abstract] | |
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 at September 30, 2021 Rental Properties - Consolidated 2 744 $ 410,000 $ 130,762 Total 2 744 $ 410,000 $ 130,762 |
Investments in Partially Owne_2
Investments in Partially Owned Entities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments In Partially Owned Entities [Abstract] | |
Summary of Company's 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 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Ownership Percentage Investments in Unconsolidated Entities: Operating Property (VIE) (1) $ 36,652 $ 38,288 33.3% Projects Under Development (VIE) (2) 24,927 — Varies Real Estate Technology (3) 18,127 14,866 Varies Other (277 ) (372 ) Varies Investments in Unconsolidated Entities $ 79,429 $ 52,782 (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. (2) Represents unconsolidated interests in the two unconsolidated joint ventures noted above. (3) Represents unconsolidated investments in six separate real estate technology funds/companies. |
Restricted Deposits (Tables)
Restricted Deposits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Deposits Restricted [Abstract] | |
Restricted Deposits | The following table presents the Company’s restricted deposits as of September 30, 2021 and December 31, 2020 (amounts in thousands): September 30, 2021 December 31, 2020 Mortgage escrow deposits: Replacement reserves $ 10,830 $ 9,877 Mortgage principal reserves/sinking funds 17,828 14,168 Mortgage escrow deposits 28,658 24,045 Restricted cash: Tax-deferred (1031) exchange proceeds 121,799 — Restricted deposits on real estate investments 292 307 Resident security and utility deposits 34,459 31,412 Other 1,834 1,373 Restricted cash 158,384 33,092 Restricted deposits $ 187,042 $ 57,137 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Summary of Lease Income Types Relating to Lease Payments Along With the 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 nine months ended September 30, 2021 and 2020 (amounts in thousands): Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Income Type Residential Leases Non-Residential Leases Total Residential Leases Non-Residential Leases Total Residential and non-residential rent $ 1,629,778 $ 45,680 $ 1,675,458 $ 1,783,298 $ 36,263 $ 1,819,561 Utility recoveries (RUBS income) (1) 55,331 519 55,850 52,538 509 53,047 Parking rent 30,403 465 30,868 29,052 324 29,376 Other lease revenue (2) (19,442 ) 2,914 (16,528 ) (19,000 ) (5,530 ) (24,530 ) Total lease revenue $ 1,696,070 $ 49,578 1,745,648 $ 1,845,888 $ 31,566 1,877,454 Parking revenue 18,455 16,648 Other revenue 54,764 64,168 Total other rental income (3) 73,219 80,816 Rental income $ 1,818,867 $ 1,958,270 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other lease revenue consists of the revenue adjustment related to bad debt and other miscellaneous lease revenue. (3) 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 quarters ended September 30, 2021 and 2020 (amounts in thousands): Quarter Ended September 30, 2021 Quarter Ended September 30, 2020 Income Type Residential Leases Non-Residential Leases Total Residential Leases Non-Residential Leases Total Residential and non-residential rent $ 551,474 $ 14,443 $ 565,917 $ 576,192 $ 6,042 $ 582,234 Utility recoveries (RUBS income) (1) 18,798 189 18,987 17,306 134 17,440 Parking rent 10,513 103 10,616 9,592 101 9,693 Other lease revenue (2) (472 ) 1,776 1,304 (12,727 ) (4,299 ) (17,026 ) Total lease revenue $ 580,313 $ 16,511 596,824 $ 590,363 $ 1,978 592,341 Parking revenue 6,883 5,336 Other revenue 19,499 24,756 Total other rental income (3) 26,382 30,092 Rental income $ 623,206 $ 622,433 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other lease revenue consists of the revenue adjustment related to bad debt and other miscellaneous lease revenue. (3) Other rental income is accounted for under the revenue recognition standard. |
Summary of Residential and Non-Residential Accounts Receivable and Straight-Line Receivable Balances | The following table presents residential and non-residential accounts receivable and straight-line receivable balances for the Company’s properties as of September 30, 2021 and December 31, 2020 (amounts in thousands): Residential Non-Residential Balance Sheet (Other assets): September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Resident/tenant accounts receivable balances $ 42,126 $ 30,856 $ 4,001 $ 7,598 Allowance for doubtful accounts (37,669 ) (24,021 ) (3,442 ) (6,527 ) Net receivable balances $ 4,457 (1) $ 6,835 $ 559 $ 1,071 Straight-line receivable balances $ 12,650 $ 19,992 $ 12,759 $ 13,413 (1) The Company held residential security deposits approximating 58.4% of the net receivable balance at September 30, 2021 |
Summary of Residential Bad Debt for Company's Properties | The following table presents residential bad debt for the Company’s properties for the nine months and quarters ended September 30, 2021 and 2020 (amounts in thousands): Nine Months Ended September 30, Quarter Ended September 30, Income Statement (Rental income): 2021 2020 2021 2020 Bad debt, net (1) $ 29,751 $ 29,419 $ 3,979 $ 16,071 % of rental income 1.7 % 1.5 % 0.7 % 2.6 % (1) The nine months and quarter ended September 30, 2021 benefited from additional resident payments due to governmental rental assistance programs. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Instrument [Line Items] | |
Summary of Mortgage Notes Payable Activity | The following table summarizes the Company’s mortgage notes payable activity for the nine months ended September 30, 2021 (amounts in thousands): Mortgage notes payable, net as of December 31, 2020 Proceeds Lump sum payoffs Scheduled principal repayments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Mortgage notes payable, net as of September 30, 2021 Fixed Rate Debt: Secured – Conventional $ 1,901,091 $ 28,500 (2) $ (28,200 ) $ (5,570 ) $ 1,140 $ 689 $ 1,897,650 Floating Rate Debt: Secured – Conventional 31,494 22,798 — — — (1,719 ) 52,573 Secured – Tax Exempt 361,305 — (31,680 ) — 929 388 330,942 Floating Rate Debt 392,799 22,798 (31,680 ) — 929 (1,331 ) 383,515 Total $ 2,293,890 $ 51,298 $ (59,880 ) $ (5,570 ) $ 2,069 $ (642 ) $ 2,281,165 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) Obtained 3.58% fixed rate mortgage debt maturing on March 1, 2031. |
Summary of Notes Activity | The following table summarizes the Company’s notes activity for the nine months ended September 30, 2021 (amounts in thousands): Notes, net as of December 31, 2020 Proceeds Lump sum payoffs Realized/unrealized (gain) loss on derivative instruments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Notes, net as of September 30, 2021 Fixed Rate Debt: Unsecured – Public $ 5,335,536 $ 497,470 (2) $ — $ — $ 1,865 $ (1,388 ) $ 5,833,483 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) Issued $500.0 million of ten-year 1.85% unsecured notes, receiving net proceeds before underwriting fees and other expenses. |
Schedule of Unsecured Revolving Credit Facility | The following table presents the availability on the Company’s unsecured revolving credit facility as of September 30, 2021 (amounts in thousands): September 30, 2021 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding (30,000 ) Unsecured revolving credit facility balance outstanding — Other restricted amounts (100,442 ) Unsecured revolving credit facility availability $ 2,369,558 |
Schedule of Debt Extinguishment Costs Recorded as Additional Interest Expense | The following table summarizes the Company’s total debt extinguishment costs recorded as additional interest expense during the nine months ended September 30, 2021 September 30, 2021 Write-offs of unamortized deferred financing costs $ 264 |
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 nine months ended September 30, 2021: September 30, 2021 Interest Rate Ranges 0.06% - 4.21% Weighted Average Interest Rate 3.16% Maturity Date Ranges 2022-2061 |
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 nine months ended September 30, 2021: September 30, 2021 Interest Rate Ranges 1.85% - 7.57% Weighted Average Interest Rate 3.69% Maturity Date Ranges 2023-2047 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Valuations for Each Type of Fair Value Measurement | The following table summarizes the inputs to the valuations for each type of fair value measurement: Fair Value Measurement Type Valuation Inputs Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”) Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Quoted market price of Common Shares. Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable) Indicative rates provided by lenders of similar loans. Public unsecured notes Quoted market prices for each underlying issuance. |
Summary of Carrying and Fair Values of Financial Instruments | The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at September 30, 2021 and December 31, 2020 , respectively (amounts in thousands): September 30, 2021 December 31, 2020 Carrying Value Estimated Fair Value (Level 2) Carrying Value Estimated Fair Value (Level 2) Mortgage notes payable, net $ 2,281,165 $ 2,303,890 $ 2,293,890 $ 2,313,263 Unsecured debt, net 5,863,483 6,534,974 5,750,366 6,686,612 Total debt, net $ 8,144,648 $ 8,838,864 $ 8,044,256 $ 8,999,875 |
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 9/30/2021 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 $ 160,914 $ 160,914 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 160,914 $ 160,914 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 459,933 $ — $ 459,933 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2020 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 $ 160,293 $ 160,293 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 160,293 $ 160,293 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 338,951 $ — $ 338,951 $ — |
Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income | The September 30, 2021 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 $ — Interest expense $ (7,000 ) Total $ — $ (7,000 ) September 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 $ (17,275 ) Total $ (1,190 ) $ (17,275 ) |
Earnings Per Share and Earnin_2
Earnings Per Share and Earnings Per Unit (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit | The Nine Months Ended September 30, Quarter Ended September 30, 2021 2020 2021 2020 Numerator for net income per share – basic: Net income $ 835,736 $ 699,517 $ 447,332 $ 95,365 Allocation to Noncontrolling Interests – Operating Partnership (27,903 ) (24,624 ) (14,847 ) (3,376 ) Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (1,957 ) (14,113 ) (534 ) (703 ) Preferred distributions (2,318 ) (2,318 ) (773 ) (773 ) Numerator for net income per share – basic $ 803,558 $ 658,462 $ 431,178 $ 90,513 Numerator for net income per share – diluted: Net income $ 835,736 $ 699,517 $ 447,332 $ 95,365 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (1,957 ) (14,113 ) (534 ) (703 ) Preferred distributions (2,318 ) (2,318 ) (773 ) (773 ) Numerator for net income per share – diluted $ 831,461 $ 683,086 $ 446,025 $ 93,889 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 373,474 371,749 374,308 371,869 Effect of dilutive securities: OP Units 12,367 13,010 12,019 13,002 Long-term compensation shares/units 1,801 1,214 2,047 781 Denominator for net income per share – diluted 387,642 385,973 388,374 385,652 Net income per share – basic $ 2.15 $ 1.77 $ 1.15 $ 0.24 Net income per share – diluted $ 2.14 $ 1.77 $ 1.15 $ 0.24 |
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): Nine Months Ended September 30, Quarter Ended September 30, 2021 2020 2021 2020 Numerator for net income per Unit – basic and diluted: Net income $ 835,736 $ 699,517 $ 447,332 $ 95,365 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (1,957 ) (14,113 ) (534 ) (703 ) Allocation to Preference Units (2,318 ) (2,318 ) (773 ) (773 ) Numerator for net income per Unit – basic and diluted $ 831,461 $ 683,086 $ 446,025 $ 93,889 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 385,841 384,759 386,327 384,871 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units 1,801 1,214 2,047 781 Denominator for net income per Unit – diluted 387,642 385,973 388,374 385,652 Net income per Unit – basic $ 2.15 $ 1.77 $ 1.15 $ 0.24 Net income per Unit – diluted $ 2.14 $ 1.77 $ 1.15 $ 0.24 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations | The Nine Months Ended September 30, Quarter Ended September 30, 2021 2020 2021 2020 Rental income $ 1,818,867 $ 1,958,270 $ 623,206 $ 622,433 Property and maintenance expense (341,261 ) (333,333 ) (116,461 ) (113,065 ) Real estate taxes and insurance expense (297,780 ) (288,043 ) (96,909 ) (95,273 ) Total operating expenses (639,041 ) (621,376 ) (213,370 ) (208,338 ) Net operating income $ 1,179,826 $ 1,336,894 $ 409,836 $ 414,095 |
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 nine months and quarters ended September 30, 2021 and 2020, respectively, as well as total assets and capital expenditures at September 30, 2021 (amounts in thousands): Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 337,153 $ 109,997 $ 227,156 $ 346,599 $ 108,594 $ 238,005 Orange County 80,773 18,937 61,836 79,241 18,539 60,702 San Diego 58,211 13,920 44,291 56,001 13,684 42,317 Subtotal - Southern California 476,137 142,854 333,283 481,841 140,817 341,024 San Francisco 302,043 93,983 208,060 346,089 90,849 255,240 Washington D.C. 298,165 99,369 198,796 311,119 95,799 215,320 New York 299,320 152,228 147,092 324,866 148,145 176,721 Seattle 181,908 58,616 123,292 195,198 55,845 139,353 Boston 171,871 57,041 114,830 182,502 53,727 128,775 Denver 28,732 8,614 20,118 28,584 8,320 20,264 Total same store 1,758,176 612,705 1,145,471 1,870,199 593,502 1,276,697 Non-same store/other (2) (3) Non-same store 28,581 10,916 17,665 11,440 2,534 8,906 Other (3) 32,110 15,420 16,690 76,631 25,340 51,291 Total non-same store/other 60,691 26,336 34,355 88,071 27,874 60,197 Totals $ 1,818,867 $ 639,041 $ 1,179,826 $ 1,958,270 $ 621,376 $ 1,336,894 (1) For the nine months ended September 30, 2021 and 2020, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2020, less properties subsequently sold, which represented 75,288 apartment (2) For the nine months ended September 30, 2021 and 2020, non-same store primarily includes properties acquired after January 1, 2020, 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 September 30, 2021 Quarter Ended September 30, 2020 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 117,542 $ 36,929 $ 80,613 $ 112,201 $ 36,783 $ 75,418 Orange County 28,264 6,480 21,784 26,229 6,457 19,772 San Diego 20,282 4,735 15,547 18,637 4,652 13,985 Subtotal - Southern California 166,088 48,144 117,944 157,067 47,892 109,175 San Francisco 102,166 31,542 70,624 109,908 30,913 78,995 Washington D.C. 100,019 34,397 65,622 103,160 32,979 70,181 New York 103,015 49,939 53,076 98,333 49,915 48,418 Seattle 61,888 20,117 41,771 62,748 18,972 43,776 Boston 58,864 19,504 39,360 59,527 18,601 40,926 Denver 9,812 2,940 6,872 9,509 2,892 6,617 Total same store 601,852 206,583 395,269 600,252 202,164 398,088 Non-same store/other (2) (3) Non-same store 16,563 6,777 9,786 2,481 539 1,942 Other (3) 4,791 10 4,781 19,700 5,635 14,065 Total non-same store/other 21,354 6,787 14,567 22,181 6,174 16,007 Totals $ 623,206 $ 213,370 $ 409,836 $ 622,433 $ 208,338 $ 414,095 (1) For the quarters ended September 30, 2021 and 2020, same store primarily includes all properties acquired or completed that were stabilized prior to July 1, 2020, less properties subsequently sold, which represented 75,509 apartment (2) For the quarters ended September 30, 2021 and 2020 , non-same store primarily includes properties acquired a fter July 1, 20 20 , plus any properties in lease-u p and not stabilized as of July 1, 20 20 . (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Nine Months Ended September 30, 2021 Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,926,617 $ 13,959 Orange County 375,365 4,124 San Diego 234,733 2,060 Subtotal - Southern California 3,536,715 20,143 San Francisco 3,264,017 15,853 Washington D.C. 3,270,172 20,392 New York 3,902,715 22,641 Seattle 1,975,574 10,234 Boston 1,710,489 15,766 Denver 496,969 1,101 Total same store 18,156,651 106,130 Non-same store/other (2) (3) Non-same store 1,484,091 659 Other (3) 1,022,273 917 Total non-same store/other 2,506,364 1,576 Totals $ 20,663,015 $ 107,706 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2020, less properties subsequently sold, which represented 75,288 apartment (2) Non-same store primarily includes properties acquired after January 1, 2020, 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) | Sep. 30, 2021StatePropertyApartmentUnit | Jul. 31, 2021ApartmentUnit |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Number of states in which entity operates | State | 10 | |
Properties | Property | 307 | |
Apartment units | 79,322 | |
Washington D.C. | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Apartment units | 162 | |
ERPOP [Member] | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Noncontrolling interest, ownership percentage by parent | 96.70% |
Business - Ownership Breakdown
Business - Ownership Breakdown (Details) | Sep. 30, 2021PropertyApartmentUnit |
Property/Unit schedule | |
Properties | Property | 307 |
Apartment Units | ApartmentUnit | 79,322 |
Wholly Owned Properties | |
Property/Unit schedule | |
Properties | Property | 290 |
Apartment Units | ApartmentUnit | 75,548 |
Partially Owned Properties – Consolidated | |
Property/Unit schedule | |
Properties | Property | 17 |
Apartment Units | ApartmentUnit | 3,774 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Provision for income tax | $ 284,000 | $ 262,000 | $ 679,000 | $ 502,000 |
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 | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Equity Capital And Other Interests [Abstract] | ||
Common Stock, Shares, Outstanding | 372,302,000 | 371,670,884 |
Common Shares Issued: | ||
Conversion of OP Units | 1,153,963 | 99,737 |
Exercise of share options | 1,401,755 | 219,922 |
Employee Share Purchase Plan (ESPP) | 59,297 | 69,986 |
Restricted share grants, net | 85,573 | 178,720 |
Common Stock, Shares, Outstanding | 375,002,588 | 372,239,249 |
Units | ||
Total Units Outstanding | 13,858,073 | 13,731,315 |
Restricted unit grants, net | 155,638 | 247,822 |
Conversion of OP Units to Common Shares | (1,153,963) | (99,737) |
Total Units Outstanding | 12,859,748 | 13,879,400 |
Common Shares And Units Outstanding | 387,862,336 | 386,118,649 |
Units Ownership Interest in Operating Partnership | 3.30% | 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 | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
General and Limited Partner Units | ||
Exercise of share options | 1,401,755 | 219,922 |
Employee Share Purchase Plan (ESPP) | 59,297 | 69,986 |
Restricted share grants, net | 85,573 | 178,720 |
Restricted unit grants, net | 155,638 | 247,822 |
Common Shares And Units Outstanding | 387,862,336 | 386,118,649 |
Limited Partner Units | ||
Total Units Outstanding | 13,858,073 | 13,731,315 |
Restricted unit grants, net | 155,638 | 247,822 |
Conversion of Limited Partner OP Units to EQR Common Shares | (1,153,963) | (99,737) |
Total Units Outstanding | 12,859,748 | 13,879,400 |
Units Ownership Interest in Operating Partnership | 3.30% | 3.60% |
ERPOP [Member] | ||
General and Limited Partner Units | ||
Common Shares And Units Outstanding | 386,160,073 | 385,402,199 |
Exercise of share options | 1,401,755 | 219,922 |
Employee Share Purchase Plan (ESPP) | 59,297 | 69,986 |
Restricted share grants, net | 85,573 | 178,720 |
Restricted unit grants, net | 155,638 | 247,822 |
Common Shares And Units Outstanding | 387,862,336 | 386,118,649 |
Limited Partner Units | ||
Total Units Outstanding | 13,858,073 | 13,731,315 |
Restricted unit grants, net | 155,638 | 247,822 |
Conversion of Limited Partner OP Units to EQR Common Shares | (1,153,963) | (99,737) |
Total Units Outstanding | 12,859,748 | 13,879,400 |
Units Ownership Interest in Operating Partnership | 3.30% | 3.60% |
Equity, Capital and Other Int_5
Equity, Capital and Other Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Equity Capital And Other Interests [Abstract] | ||||
Redeemable noncontrolling interests - operating partnership | $ 459,933 | $ 338,951 | $ 293,706 | $ 463,400 |
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 | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Equity Capital And Other Interests [Abstract] | ||
Redeemable Noncontrolling Interests - Operating Partnership Units | $ 338,951 | $ 463,400 |
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership | 119,237 | (169,825) |
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | 1,745 | 131 |
Redeemable Noncontrolling Interests - Operating Partnership Units | $ 459,933 | $ 293,706 |
Equity, Capital and Other Int_7
Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Limited Partners Interest (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Equity Capital And Other Interests [Abstract] | ||
Redeemable Limited Partners | $ 338,951 | $ 463,400 |
Limited Partners Change In Redemption Value | 119,237 | (169,825) |
Limited Partners Change In Carrying Value | 1,745 | 131 |
Redeemable Limited Partners | $ 459,933 | $ 293,706 |
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 | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Class Of Stock [Line Items] | ||
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share/unit; 745,600 shares/units issued and outstanding as of September 30, 2021 and December 31, 2020 | $ 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/unit; 745,600 shares/units issued and outstanding as of September 30, 2021 and December 31, 2020 | $ 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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
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) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 92 Months Ended | 165 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Common Stock, Shares, Issued | 375,002,588 | 375,002,588 | 375,002,588 | 372,302,000 |
Stock repurchase program, number of shares authorized to be repurchased | 13,000,000 | 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 | 13,000,000 | |
Forward Sales Agreements [Member] | ||||
Settlement of shares under forward sales agreement | 0 | 0 | 0 | |
Additional common shares authorized | 13,000,000 | 13,000,000 | 13,000,000 | |
Amount of share issuance | $ 0 | |||
Forward Sales Agreements [Member] | ATM Share Offering [Member] | ||||
Common Stock, Shares, Issued | 1,700,000 | 1,700,000 | 1,700,000 | |
Weighted average initial forward price per share | $ 83.25 | $ 83.25 | $ 83.25 |
Real Estate - Summary of Carryi
Real Estate - Summary of Carrying Amounts of Investment in Real Estate (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Land | $ 5,779,686 | $ 5,785,367 |
Depreciable property: | ||
Buildings and improvements | 19,211,662 | 18,464,484 |
Furniture, fixtures and equipment | 2,125,441 | 1,970,033 |
In-Place lease intangibles | 503,241 | 486,137 |
Projects under development: | ||
Projects under development | 163,659 | 411,134 |
Land held for development: | ||
Land held for development | 82,026 | 86,170 |
Investment in real estate | 27,865,715 | 27,203,325 |
Accumulated depreciation | (8,260,846) | (7,859,657) |
Investment in real estate, net | 19,604,869 | 19,343,668 |
Land [Member] | ||
Projects under development: | ||
Projects under development | 4,121 | 23,531 |
Land held for development: | ||
Land held for development | 46,160 | 46,160 |
Construction-in-progress [Member] | ||
Projects under development: | ||
Projects under development | 159,538 | 387,603 |
Land held for development: | ||
Land held for development | $ 35,866 | $ 40,010 |
Real Estate - Acquired Properti
Real Estate - Acquired Properties From Unaffiliated Parties (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)PropertyApartmentUnit | |
Properties acquired | Property | 11 |
Property Units acquired | ApartmentUnit | 2,921 |
Purchase Price | $ | $ 1,020,425 |
Rental Properties – Consolidated [Member] | |
Properties acquired | Property | 11 |
Property Units acquired | ApartmentUnit | 2,921 |
Purchase Price | $ | $ 1,020,425 |
Real Estate - Acquired Proper_2
Real Estate - Acquired Properties From Unaffiliated Parties (Parenthetical) (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Purchase price | $ 1,020,425 |
Land [Member] | |
Purchase price | 134,200 |
Depreciable Property [Member] | |
Purchase price | $ 888,100 |
Real Estate - Disposed Properti
Real Estate - Disposed Properties to Unaffiliated Parties (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)PropertyApartmentUnit | |
Properties disposed | Property | 10 |
Property Units disposed | ApartmentUnit | 1,842 |
Sales Price | $ | $ 1,021,800 |
Rental Properties – Consolidated [Member] | |
Properties disposed | Property | 10 |
Property Units disposed | ApartmentUnit | 1,842 |
Sales Price | $ | $ 1,021,800 |
Real Estate - Additional Inform
Real Estate - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Real Estate [Abstract] | ||||
Net gain on sales of real estate properties | $ 363,928 | $ (25) | $ 587,623 | $ 352,218 |
Commitments to Acquire_Dispos_3
Commitments to Acquire/Dispose of Real Estate - Separate Agreements to Dispose (Details) $ in Thousands | Sep. 30, 2021USD ($)PropertyApartmentUnit |
Property/Unit schedule | |
Properties | Property | 2 |
Apartment Units | ApartmentUnit | 744 |
Sales Price | $ 410,000 |
Net Book Value at September 30, 2021 | $ 130,762 |
Rental Properties – Consolidated [Member] | Wholly Owned Properties [Member] | |
Property/Unit schedule | |
Properties | Property | 2 |
Apartment Units | ApartmentUnit | 744 |
Sales Price | $ 410,000 |
Net Book Value at September 30, 2021 | $ 130,762 |
Investments in Partially Owne_3
Investments in Partially Owned Entities - Consolidated Variable Interest Entities ("VIEs") - Additional Information (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021USD ($)PropertyApartmentUnit | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Variable Interest Entity [Line Items] | |||
Properties | Property | 307 | ||
Apartment units | ApartmentUnit | 79,322 | ||
Total assets | $ 20,663,015 | $ 20,286,891 | |
Total liabilities | $ 9,329,432 | 9,184,454 | |
Number of unconsolidated land parcel acquired | Property | 2 | ||
Aggregate gross purchase price to acquire land parcels | $ 1,022,275 | $ 48,898 | |
Unconsolidated Joint Venture [Member] | |||
Variable Interest Entity [Line Items] | |||
Aggregate gross purchase price to acquire land parcels | 55,400 | ||
Equity Residential [Member] | |||
Variable Interest Entity [Line Items] | |||
Aggregate gross purchase price to acquire land parcels | $ 21,800 | ||
Consolidated VIE [Member] | |||
Variable Interest Entity [Line Items] | |||
Properties | Property | 17 | ||
Apartment units | ApartmentUnit | 3,774 | ||
Total assets | $ 839,300 | 784,100 | |
Total liabilities | $ 247,900 | $ 224,000 |
Investments in Partially Owne_4
Investments in Partially Owned Entities - Summary of Company's Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 79,429 | $ 52,782 |
Real Estate Technology [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | 18,127 | 14,866 |
Other [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | (277) | (372) |
Unconsolidated VIE [Member] | Operating Property [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 36,652 | $ 38,288 |
Ownership Percentage | 33.30% | |
Unconsolidated VIE [Member] | Projects Under Development [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 24,927 |
Investments in Partially Owne_5
Investments in Partially Owned Entities - Summary of Company's Investment in Unconsolidated Entities (Parenthetical) (Details) | Sep. 30, 2021Entity |
Projects Under Development [Member] | |
Variable Interest Entity [Line Items] | |
Number of unconsolidated interest in entities | 2 |
Real Estate Technology [Member] | |
Variable Interest Entity [Line Items] | |
Number of separate unconsolidated investment funds/Companies | 6 |
Restricted Deposits - Restricte
Restricted Deposits - Restricted Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Mortgage escrow deposits: | |||
Replacement reserves | $ 10,830 | $ 9,877 | |
Mortgage principal reserves/sinking funds | 17,828 | 14,168 | |
Mortgage escrow deposits | 28,658 | 24,045 | |
Restricted cash: | |||
Tax-deferred (1031) exchange proceeds | 121,799 | ||
Restricted deposits on real estate investments | 292 | 307 | |
Resident security and utility deposits | 34,459 | 31,412 | |
Other | 1,834 | 1,373 | |
Restricted cash | 158,384 | 33,092 | |
Restricted deposits | $ 187,042 | $ 57,137 | $ 56,881 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
COVID-19 [Member] | ||
Operating Leased Assets [Line Items] | ||
Write-off of straight-line rent receivables | $ 0.1 | $ 12.9 |
Decrease in rental revenues | $ 5.7 | $ 5.6 |
Residential Apartment Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Percentage of rental income | 97.00% | |
Residential Apartment Leases [Member] | Maximum [Member] | ||
Operating Leased Assets [Line Items] | ||
Retail leases term | 12 months | |
Non-residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Percentage of rental income | 3.00% | |
Non-residential Leases [Member] | Maximum [Member] | ||
Operating Leased Assets [Line Items] | ||
Retail leases term | 10 years | |
Non-residential Leases [Member] | Minimum [Member] | ||
Operating Leased Assets [Line Items] | ||
Retail leases term | 5 years |
Leases - Summary of Lease Incom
Leases - Summary of Lease Income Types Relating to Lease Payments Along With the Total Other Rental Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Leased Assets [Line Items] | ||||
Total lease revenue | $ 596,824 | $ 592,341 | $ 1,745,648 | $ 1,877,454 |
Rental income | 623,206 | 622,433 | 1,818,867 | 1,958,270 |
Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Total lease revenue | 580,313 | 590,363 | 1,696,070 | 1,845,888 |
Non-Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Total lease revenue | 16,511 | 1,978 | 49,578 | 31,566 |
Residential and Non-Residential Rent [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Total lease revenue | 565,917 | 582,234 | 1,675,458 | 1,819,561 |
Residential and Non-Residential Rent [Member] | Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Total lease revenue | 551,474 | 576,192 | 1,629,778 | 1,783,298 |
Residential and Non-Residential Rent [Member] | Non-Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Total lease revenue | 14,443 | 6,042 | 45,680 | 36,263 |
Utility Recoveries (RUBS Income) [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Total lease revenue | 18,987 | 17,440 | 55,850 | 53,047 |
Utility Recoveries (RUBS Income) [Member] | Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Total lease revenue | 18,798 | 17,306 | 55,331 | 52,538 |
Utility Recoveries (RUBS Income) [Member] | Non-Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Total lease revenue | 189 | 134 | 519 | 509 |
Parking Rent [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Total lease revenue | 10,616 | 9,693 | 30,868 | 29,376 |
Parking Rent [Member] | Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Total lease revenue | 10,513 | 9,592 | 30,403 | 29,052 |
Parking Rent [Member] | Non-Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Total lease revenue | 103 | 101 | 465 | 324 |
Other Lease Revenue [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Total lease revenue | 1,304 | (17,026) | (16,528) | (24,530) |
Other Lease Revenue [Member] | Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Total lease revenue | (472) | (12,727) | (19,442) | (19,000) |
Other Lease Revenue [Member] | Non-Residential Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Total lease revenue | 1,776 | (4,299) | 2,914 | (5,530) |
Parking Revenue | ||||
Operating Leased Assets [Line Items] | ||||
Rental income | 6,883 | 5,336 | 18,455 | 16,648 |
Other Revenue | ||||
Operating Leased Assets [Line Items] | ||||
Rental income | 19,499 | 24,756 | 54,764 | 64,168 |
Other Rental Income [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Rental income | $ 26,382 | $ 30,092 | $ 73,219 | $ 80,816 |
Leases - Summary of Residential
Leases - Summary of Residential and Non-Residential Accounts Receivable and Straight-Line Receivable Balances (Details) - Other Assets [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Resident/tenant accounts receivable balances | $ 42,126 | $ 30,856 |
Allowance for doubtful accounts | (37,669) | (24,021) |
Net receivable balances | 4,457 | 6,835 |
Straight-line receivable balances | 12,650 | 19,992 |
Non-Residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Resident/tenant accounts receivable balances | 4,001 | 7,598 |
Allowance for doubtful accounts | (3,442) | (6,527) |
Net receivable balances | 559 | 1,071 |
Straight-line receivable balances | $ 12,759 | $ 13,413 |
Leases - Summary of Residenti_2
Leases - Summary of Residential and Non-Residential Accounts Receivable and Straight-Line Receivable Balances (Parenthetical) (Details) | Sep. 30, 2021 |
Leases [Abstract] | |
Holding percentage of residential security deposits of net receivable | 58.40% |
Leases - Summary of Residenti_3
Leases - Summary of Residential Bad Debt for Company's Properties (Details) - Residential Leases [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lessor Lease Description [Line Items] | ||||
Bad debt, net | $ 3,979 | $ 16,071 | $ 29,751 | $ 29,419 |
% of rental income | 0.70% | 2.60% | 1.70% | 1.50% |
Debt - Mortgage Notes Payable -
Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Instrument [Line Items] | ||
Mortgage notes payable, net beginning balance | $ 2,293,890 | |
Proceeds | 51,298 | $ 505,375 |
Lump sum payoffs | (59,880) | (127,767) |
Scheduled principal repayments | (5,570) | |
Amortization of premiums/ discounts | 2,069 | $ 1,791 |
Amortization of deferred financing costs, net | (642) | |
Mortgage notes payable, net ending balance | 2,281,165 | |
Fixed Rate Debt [Member] | Secured – Conventional [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable, net beginning balance | 1,901,091 | |
Proceeds | 28,500 | |
Lump sum payoffs | (28,200) | |
Scheduled principal repayments | (5,570) | |
Amortization of premiums/ discounts | 1,140 | |
Amortization of deferred financing costs, net | 689 | |
Mortgage notes payable, net ending balance | 1,897,650 | |
Floating Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable, net beginning balance | 392,799 | |
Proceeds | 22,798 | |
Lump sum payoffs | (31,680) | |
Amortization of premiums/ discounts | 929 | |
Amortization of deferred financing costs, net | (1,331) | |
Mortgage notes payable, net ending balance | 383,515 | |
Floating Rate Debt [Member] | Secured – Conventional [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable, net beginning balance | 31,494 | |
Proceeds | 22,798 | |
Amortization of deferred financing costs, net | (1,719) | |
Mortgage notes payable, net ending balance | 52,573 | |
Floating Rate Debt [Member] | Secured – Tax Exempt [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable, net beginning balance | 361,305 | |
Lump sum payoffs | (31,680) | |
Amortization of premiums/ discounts | 929 | |
Amortization of deferred financing costs, net | 388 | |
Mortgage notes payable, net ending balance | $ 330,942 |
Debt - Mortgage Notes Payable_2
Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Parenthetical) (Details) | 9 Months Ended |
Sep. 30, 2021 | |
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 | 3.58% |
Debt instrument, maturity date | Mar. 1, 2031 |
Debt - Mortgage Notes Payable_3
Debt - Mortgage Notes Payable - Summary of Certain Interest Rate and Maturity Date Information (Details) - Mortgages [Member] | 9 Months Ended |
Sep. 30, 2021 | |
Debt Instrument [Line Items] | |
Weighted Average Interest Rate | 3.16% |
Maturity Date Ranges, Start | 2022 |
Maturity Date Ranges, End | 2061 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Ranges | 0.06% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Ranges | 4.21% |
Debt - Mortgage Notes Payable_4
Debt - Mortgage Notes Payable - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 2,281,165 | $ 2,293,890 |
Credit Enhanced Debt [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 250,000 |
Debt - Notes - Summary of Notes
Debt - Notes - Summary of Notes Activity (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Instrument [Line Items] | ||
Notes, net beginning balance | $ 5,335,536 | |
Proceeds | 497,470 | |
Amortization of premiums/ discounts | 1,865 | $ 2,043 |
Notes, net ending balance | 5,833,483 | |
Fixed Rate Debt [Member] | Unsecured – Public [Member] | ||
Debt Instrument [Line Items] | ||
Notes, net beginning balance | 5,335,536 | |
Proceeds | 497,470 | |
Amortization of premiums/ discounts | 1,865 | |
Amortization of deferred financing costs, net | (1,388) | |
Notes, net ending balance | $ 5,833,483 |
Debt - Notes - Summary of Not_2
Debt - Notes - Summary of Notes Activity (Parenthetical) (Details) - 1.85% Notes [Member] | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Debt Instrument [Line Items] | |
Proceeds from issuance of unsecured debt | $ 500,000 |
Debt instrument, interest rate, stated percentage | 1.85% |
Debt - Notes - Summary of Certa
Debt - Notes - Summary of Certain Interest Rate and Maturity Date Information (Details) - Notes [Member] | 9 Months Ended |
Sep. 30, 2021 | |
Debt Instrument [Line Items] | |
Weighted Average Interest Rate | 3.69% |
Maturity Date Ranges, Start | 2023 |
Maturity Date Ranges, End | 2047 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Ranges | 1.85% |
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) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Line of Credit Facility [Line Items] | |
Debt instrument, maturity date | Nov. 1, 2024 |
Commercial paper balance outstanding | $ 1,000,000,000 |
Commercial Paper [Member] | |
Line of Credit Facility [Line Items] | |
Weighted average interest rates | 0.28% |
Commercial paper weighted average days outstanding | 1 day |
Weighted average amount outstanding | $ 556,700,000 |
Unsecured Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured revolving credit facility | 2,500,000,000 |
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 | $ 0 |
Commercial paper balance outstanding | $ 30,000,000 |
Debt - Line of Credit and Com_2
Debt - Line of Credit and Commercial Paper - Schedule of Unsecured Revolving Credit Facility (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Line of Credit Facility [Line Items] | |
Commercial paper balance outstanding | $ (1,000,000,000) |
Unsecured Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured revolving credit facility commitment | 2,500,000,000 |
Commercial paper balance outstanding | (30,000,000) |
Unsecured revolving credit facility balance outstanding | 0 |
Other restricted amounts | (100,442,000) |
Unsecured revolving credit facility availability | $ 2,369,558,000 |
Debt - Other - Schedule of Debt
Debt - Other - Schedule of Debt Extinguishment Costs Recorded as Additional Interest Expense (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Debt Disclosure [Abstract] | |
Write-offs of unamortized deferred financing costs | $ 264 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Derivative Instrument Detail [Abstract] | ||
Net gain on sale of investments | $ 23,400,000 | |
Investment securities outstanding | 0 | |
Unrealized gain (loss) on interest rate cash flow hedges, pretax, accumulated other comprehensive income (loss) | 36,700,000 | $ 43,700,000 |
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | $ 10,500,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Valuations for Each Type of Fair Value Measurement (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Employee Holdings Within The Supplemental Executive Retirement Plan | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Measurement Type | Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”) |
Valuation Inputs | Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets. |
Redeemable Noncontrolling Interests Operating Partnership Redeemable Limited Partners | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Measurement Type | Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners |
Valuation Inputs | Quoted market price of Common Shares. |
Mortgage Notes Payable And Private Unsecured Debt | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Measurement Type | Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable) |
Valuation Inputs | Indicative rates provided by lenders of similar loans. |
Public Unsecured Notes | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Measurement Type | Public unsecured notes |
Valuation Inputs | Quoted market prices for each underlying issuance. |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | $ 8,144,648 | $ 8,044,256 |
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 | 8,838,864 | 8,999,875 |
Mortgage Notes Payable, Net [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 2,281,165 | 2,293,890 |
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 | 2,303,890 | 2,313,263 |
Unsecured Debt [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 5,863,483 | 5,750,366 |
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 | $ 6,534,974 | $ 6,686,612 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||||
Fair Value Of SERP Investments | $ 160,914 | $ 160,293 | ||
Other Liabilities, Fair Value Disclosure | 160,914 | 160,293 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 459,933 | 338,951 | $ 293,706 | $ 463,400 |
Fair Value, Inputs, Level 1 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value Of SERP Investments | 160,914 | 160,293 | ||
Other Liabilities, Fair Value Disclosure | 160,914 | 160,293 | ||
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 | 459,933 | 338,951 | ||
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 |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain/(Loss) Recognized in OCI on Derivative | $ 0 | $ (1,190) |
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | (7,000) | (17,275) |
Forward Starting Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain/(Loss) Recognized in OCI on Derivative | 0 | (1,190) |
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | $ (7,000) | $ (17,275) |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 447,332 | $ 95,365 | $ 835,736 | $ 699,517 |
Allocation to Noncontrolling Interests – Operating Partnership | (14,847) | (3,376) | (27,903) | (24,624) |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | (534) | (703) | (1,957) | (14,113) |
Preferred distributions | (773) | (773) | (2,318) | (2,318) |
Net income available to Common Shares | 431,178 | 90,513 | 803,558 | 658,462 |
Numerator for net income per share – diluted | $ 446,025 | $ 93,889 | $ 831,461 | $ 683,086 |
Weighted average Common Shares outstanding | 374,308 | 371,869 | 373,474 | 371,749 |
OP Units | 12,019 | 13,002 | 12,367 | 13,010 |
Dilutive Securities Options | 2,047 | 781 | 1,801 | 1,214 |
Denominator for net income per share – diluted | 388,374 | 385,652 | 387,642 | 385,973 |
Net income per share – basic | $ 1.15 | $ 0.24 | $ 2.15 | $ 1.77 |
Net income per share – diluted | $ 1.15 | $ 0.24 | $ 2.14 | $ 1.77 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income | $ 447,332 | $ 95,365 | $ 835,736 | $ 699,517 |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | $ (534) | $ (703) | $ (1,957) | $ (14,113) |
Dilutive Securities Options | 2,047 | 781 | 1,801 | 1,214 |
Denominator for net income per share – diluted | 388,374 | 385,652 | 387,642 | 385,973 |
Net income per Unit – basic | $ 1.15 | $ 0.24 | $ 2.15 | $ 1.77 |
Net income per Unit – diluted | $ 1.15 | $ 0.24 | $ 2.14 | $ 1.77 |
ERPOP [Member] | ||||
Net income | $ 447,332 | $ 95,365 | $ 835,736 | $ 699,517 |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | (534) | (703) | (1,957) | (14,113) |
Allocation to Preference Units | (773) | (773) | (2,318) | (2,318) |
Numerator for net income per Unit – basic and diluted | $ 446,025 | $ 93,889 | $ 831,461 | $ 683,086 |
Denominator for net income per Unit – basic | 386,327 | 384,871 | 385,841 | 384,759 |
Dilutive Securities Options | 2,047 | 781 | 1,801 | 1,214 |
Denominator for net income per share – diluted | 388,374 | 385,652 | 387,642 | 385,973 |
Net income per Unit – basic | $ 1.15 | $ 0.24 | $ 2.15 | $ 1.77 |
Net income per Unit – diluted | $ 1.15 | $ 0.24 | $ 2.14 | $ 1.77 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Jun. 30, 2021Agreement | Sep. 30, 2021USD ($)PropertyApartmentUnitAgreement | |
Commitments and Contingencies [Line Items] | ||
Number of consolidated projects in various stages of development | 2 | |
Consolidated wholly owned projects in various stages of development | 1 | |
Consolidated partially owned projects in various stages of development | 1 | |
Number of unconsolidated projects in various stages of development | 2 | |
Number of consolidated projects in lease-up | 2 | |
Partially owned consolidated projects in lease-up | 1 | |
Wholly owned consolidated projects in lease-up | 1 | |
Units in various stages of development | ApartmentUnit | 1,441 | |
Consolidated project under development commitment fund | $ | $ 328.8 | |
Various stages of development with estimated completion dates ranging through Jun 30, 2024 | Jun. 30, 2024 | |
Number of joint venture agreement | Agreement | 2 | |
Number of joint venture agreement completed | Agreement | 1 | |
Number of joint venture agreement currently under construction | Agreement | 1 | |
Number of unconsolidated joint venture agreements | Agreement | 2 | |
Equity method investment period | 3 years | |
Percentage of expected non-recourse construction debt | 60.00% | |
Initial minimum co-investment of combined equity | $ | $ 750 | |
Equity Residential [Member] | ||
Commitments and Contingencies [Line Items] | ||
Ownership Percentage | 75.00% | |
Toll Brothers Inc. [Member] | ||
Commitments and Contingencies [Line Items] | ||
Ownership Percentage | 25.00% |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Details) - Customer | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||
Number of customer contributed 10% or more of total revenue | 0 | 0 |
Non-residential Leases [Member] | Revenue [Member] | Revenue Concentration Risk [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration risk, percentage | 3.80% |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Rental income | $ 623,206 | $ 622,433 | $ 1,818,867 | $ 1,958,270 |
Property and maintenance expense | (116,461) | (113,065) | (341,261) | (333,333) |
Real estate taxes and insurance expense | (96,909) | (95,273) | (297,780) | (288,043) |
Operating income | 521,554 | 182,410 | 1,033,958 | 961,384 |
Same Store, Non-same Store and Other | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Rental income | 623,206 | 622,433 | 1,818,867 | 1,958,270 |
Property and maintenance expense | (116,461) | (113,065) | (341,261) | (333,333) |
Real estate taxes and insurance expense | (96,909) | (95,273) | (297,780) | (288,043) |
Total operating expenses | (213,370) | (208,338) | (639,041) | (621,376) |
Operating income | $ 409,836 | $ 414,095 | $ 1,179,826 | $ 1,336,894 |
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 | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Rental income | $ 623,206 | $ 622,433 | $ 1,818,867 | $ 1,958,270 | |
Operating income | 521,554 | 182,410 | 1,033,958 | 961,384 | |
Total Assets | 20,663,015 | 20,663,015 | $ 20,286,891 | ||
Capital Expenditures | 107,706 | ||||
Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 601,852 | 600,252 | 1,758,176 | 1,870,199 | |
Operating expenses | 206,583 | 202,164 | 612,705 | 593,502 | |
Operating income | 395,269 | 398,088 | 1,145,471 | 1,276,697 | |
Total Assets | 18,156,651 | 18,156,651 | |||
Capital Expenditures | 106,130 | ||||
Non-same store/other | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 21,354 | 22,181 | 60,691 | 88,071 | |
Operating expenses | 6,787 | 6,174 | 26,336 | 27,874 | |
Operating income | 14,567 | 16,007 | 34,355 | 60,197 | |
Total Assets | 2,506,364 | 2,506,364 | |||
Capital Expenditures | 1,576 | ||||
Same Store, Non-same Store and Other | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 623,206 | 622,433 | 1,818,867 | 1,958,270 | |
Operating expenses | 213,370 | 208,338 | 639,041 | 621,376 | |
Operating income | 409,836 | 414,095 | 1,179,826 | 1,336,894 | |
Los Angeles | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 117,542 | 112,201 | 337,153 | 346,599 | |
Operating expenses | 36,929 | 36,783 | 109,997 | 108,594 | |
Operating income | 80,613 | 75,418 | 227,156 | 238,005 | |
Total Assets | 2,926,617 | 2,926,617 | |||
Capital Expenditures | 13,959 | ||||
Orange County | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 28,264 | 26,229 | 80,773 | 79,241 | |
Operating expenses | 6,480 | 6,457 | 18,937 | 18,539 | |
Operating income | 21,784 | 19,772 | 61,836 | 60,702 | |
Total Assets | 375,365 | 375,365 | |||
Capital Expenditures | 4,124 | ||||
San Diego | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 20,282 | 18,637 | 58,211 | 56,001 | |
Operating expenses | 4,735 | 4,652 | 13,920 | 13,684 | |
Operating income | 15,547 | 13,985 | 44,291 | 42,317 | |
Total Assets | 234,733 | 234,733 | |||
Capital Expenditures | 2,060 | ||||
Subtotal - Southern California | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 166,088 | 157,067 | 476,137 | 481,841 | |
Operating expenses | 48,144 | 47,892 | 142,854 | 140,817 | |
Operating income | 117,944 | 109,175 | 333,283 | 341,024 | |
Total Assets | 3,536,715 | 3,536,715 | |||
Capital Expenditures | 20,143 | ||||
San Francisco | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 102,166 | 109,908 | 302,043 | 346,089 | |
Operating expenses | 31,542 | 30,913 | 93,983 | 90,849 | |
Operating income | 70,624 | 78,995 | 208,060 | 255,240 | |
Total Assets | 3,264,017 | 3,264,017 | |||
Capital Expenditures | 15,853 | ||||
Washington D.C. | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 100,019 | 103,160 | 298,165 | 311,119 | |
Operating expenses | 34,397 | 32,979 | 99,369 | 95,799 | |
Operating income | 65,622 | 70,181 | 198,796 | 215,320 | |
Total Assets | 3,270,172 | 3,270,172 | |||
Capital Expenditures | 20,392 | ||||
New York | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 103,015 | 98,333 | 299,320 | 324,866 | |
Operating expenses | 49,939 | 49,915 | 152,228 | 148,145 | |
Operating income | 53,076 | 48,418 | 147,092 | 176,721 | |
Total Assets | 3,902,715 | 3,902,715 | |||
Capital Expenditures | 22,641 | ||||
Boston | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 58,864 | 59,527 | 171,871 | 182,502 | |
Operating expenses | 19,504 | 18,601 | 57,041 | 53,727 | |
Operating income | 39,360 | 40,926 | 114,830 | 128,775 | |
Total Assets | 1,710,489 | 1,710,489 | |||
Capital Expenditures | 15,766 | ||||
Seattle | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 61,888 | 62,748 | 181,908 | 195,198 | |
Operating expenses | 20,117 | 18,972 | 58,616 | 55,845 | |
Operating income | 41,771 | 43,776 | 123,292 | 139,353 | |
Total Assets | 1,975,574 | 1,975,574 | |||
Capital Expenditures | 10,234 | ||||
Denver | Same Store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 9,812 | 9,509 | 28,732 | 28,584 | |
Operating expenses | 2,940 | 2,892 | 8,614 | 8,320 | |
Operating income | 6,872 | 6,617 | 20,118 | 20,264 | |
Total Assets | 496,969 | 496,969 | |||
Capital Expenditures | 1,101 | ||||
Non-same store | Non-same store/other | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 16,563 | 2,481 | 28,581 | 11,440 | |
Operating expenses | 6,777 | 539 | 10,916 | 2,534 | |
Operating income | 9,786 | 1,942 | 17,665 | 8,906 | |
Total Assets | 1,484,091 | 1,484,091 | |||
Capital Expenditures | 659 | ||||
Other | Non-same store/other | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 4,791 | 19,700 | 32,110 | 76,631 | |
Operating expenses | 10 | 5,635 | 15,420 | 25,340 | |
Operating income | 4,781 | $ 14,065 | 16,690 | $ 51,291 | |
Total Assets | $ 1,022,273 | 1,022,273 | |||
Capital Expenditures | $ 917 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract] | ||||
Units in same store properties | 75,509 | 75,509 | 75,288 | 75,288 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Millions | Oct. 01, 2021USD ($)Land | Sep. 30, 2021Property |
Subsequent Event [Line Items] | ||
Number of unconsolidated land parcel acquired | Property | 2 | |
Land Parcels | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Payments to acquire unconsolidated land parcel | $ 1.1 | |
Land Parcels | Subsequent Event | Long-term Ground Lease [Member] | ||
Subsequent Event [Line Items] | ||
Payments to acquire unconsolidated land parcel | 5.8 | |
Land Parcels | Subsequent Event | Commitment Agreement [Member] | ||
Subsequent Event [Line Items] | ||
Payments to acquire unconsolidated land parcel | $ 11.6 | |
Number of unconsolidated land parcel acquired | Land | 2 |