Equity Residential (EQR) 10-Q 28 Apr 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 21, 2023
Document Information [Line Items]
Entity Registrant Name	EQUITY RESIDENTIAL
Entity Central Index Key	0000906107
Document Type	10-Q
Document Period End Date	Mar. 31, 2023
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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		378,904,669
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	Mar. 31, 2023
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Land	$ 5,559,883	$ 5,580,878
Depreciable property	22,343,556	22,334,369
Projects under development	132,341	112,940
Land held for development	60,665	60,567
Investment in real estate	28,096,445	28,088,754
Accumulated depreciation	(9,207,194)	(9,027,850)
Investment in real estate, net	18,889,251	19,060,904
Investments in unconsolidated entities	292,279	279,024
Cash and cash equivalents	133,460	53,869
Restricted deposits	85,625	83,303
Right-of-use assets	466,911	462,956
Other assets	235,000	278,206
Total assets	20,102,526	20,218,262
Liabilities:
Mortgage notes payable, net	1,968,243	1,953,438
Notes, net	5,343,851	5,342,329
Line of credit and commercial paper		129,955
Accounts payable and accrued expenses	144,660	96,028
Accrued interest payable	49,776	66,310
Lease liabilities	314,854	308,748
Other liabilities	283,418	306,941
Security deposits	68,728	68,940
Distributions payable	258,992	244,621
Total liabilities	8,432,522	8,517,310
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	323,551	318,273
Shareholders' equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of March 31, 2023 and December 31, 2022	37,280	37,280
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 378,898,221 shares issued and outstanding as of March 31, 2023 and 378,429,708 shares issued and outstanding as of December 31, 2022	3,789	3,784
Paid in capital	9,488,320	9,476,085
Retained earnings	1,619,131	1,658,837
Accumulated other comprehensive income (loss)	(11,232)	(2,547)
Total shareholders’ equity	11,137,288	11,173,439
Noncontrolling Interests:
Operating Partnership	211,718	209,961
Partially Owned Properties	(2,553)	(721)
Total Noncontrolling Interests	209,165	209,240
Total equity	11,346,453	11,382,679
Total liabilities and equity	$ 20,102,526	$ 20,218,262

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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	378,898,221	378,429,708
Common Stock, Shares, Outstanding	378,898,221	378,429,708

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES
Rental income	$ 705,088	$ 653,348
EXPENSES
Property and maintenance	137,579	124,874
Real estate taxes and insurance	106,669	100,688
Property management	31,466	30,747
General and administrative	16,165	17,238
Depreciation	215,830	229,961
Total expenses	507,709	503,508
Net gain (loss) on sales of real estate properties	100,209	(102)
Operating income	297,588	149,738
Interest and other income	1,538	3,528
Other expenses	(8,995)	(3,056)
Interest:
Expense incurred, net	(66,401)	(72,792)
Amortization of deferred financing costs	(1,979)	(2,077)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	221,751	75,341
Income and other tax (expense) benefit	(298)	(282)
Income (loss) from investments in unconsolidated entities	(1,382)	(1,261)
Net income	220,071	73,798
Net (income) loss attributable to Noncontrolling Interests:
Operating Partnership	(7,059)	(2,394)
Partially Owned Properties	(977)	(639)
Net income attributable to controlling interests	212,035	70,765
Preferred distributions	(772)	(772)
Net income available to Common Shares	$ 211,263	$ 69,993
Earnings per share – basic:
Net income available to Common Shares	$ 0.56	$ 0.19
Weighted average Common Shares outstanding	378,341	375,509
Earnings per share – diluted:
Net income available to Common Shares	$ 0.56	$ 0.19
Weighted average Common Shares outstanding	390,664	389,628

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Comprehensive income:
Net income	$ 220,071	$ 73,798
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period	(9,780)
Losses reclassified into earnings from other comprehensive income	1,095	2,425
Other comprehensive income (loss)	(8,685)	2,425
Comprehensive income	211,386	76,223
Comprehensive (income) attributable to Noncontrolling Interests	(7,755)	(3,113)
Comprehensive income attributable to controlling interests	$ 203,631	$ 73,110

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 220,071
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	215,830
Amortization of deferred financing costs	1,979
Amortization of discounts and premiums on debt	868
Amortization of deferred settlements on derivative instruments	1,092
Amortization of right-of-use assets	3,150
Write-off of pursuit costs	1,332
(Income) loss from investments in unconsolidated entities	1,382
Distributions from unconsolidated entities – return on capital	151
Net (gain) loss on sales of real estate properties	(100,209)
Realized (gain) loss on sale of investment securities	87
Compensation paid with Company Common Shares	9,044
Changes in assets and liabilities:
(Increase) decrease in other assets	26,257
Increase (decrease) in accounts payable and accrued expenses	45,357
Increase (decrease) in accrued interest payable	(16,534)
Increase (decrease) in lease liabilities	(334)
Increase (decrease) in other liabilities	(16,032)
Increase (decrease) in security deposits	(212)
Net cash provided by operating activities	393,279
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – development/other	(16,786)
Capital expenditures to real estate	(55,392)
Non-real estate capital additions	(600)
Interest capitalized for real estate and unconsolidated entities under development	(3,393)
Proceeds from disposition of real estate, net	133,916
Investments in unconsolidated entities - development/other	(14,480)
Distributions from unconsolidated entities – return of capital	6
Proceeds from sale of investment securities	452
Net cash provided by (used for) investing activities	43,723
Mortgage notes payable, net:
Proceeds	14,090
Scheduled principal repayments	(40)
Line of credit and commercial paper:
Commercial paper proceeds	1,323,145
Commercial paper repayments	(1,453,100)
Finance ground lease principal payments	(665)
Proceeds from Employee Share Purchase Plan (ESPP)	1,452
Proceeds from exercise of options	8,112
Distributions:
Common Shares	(236,561)
Preferred Shares	(1,544)
Noncontrolling Interests – Operating Partnership	(7,380)
Noncontrolling Interests – Partially Owned Properties	(2,598)
Net cash provided by (used for) financing activities	(355,089)
Net increase (decrease) in cash and cash equivalents and restricted deposits	81,913
Cash and cash equivalents and restricted deposits, beginning of period	137,172
Cash and cash equivalents and restricted deposits, end of period	219,085
Cash and cash equivalents	133,460
Restricted deposits	85,625
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	79,693
Net cash paid (received) for income and other taxes	348
Amortization of deferred financing costs:
Investment in real estate, net	(127)
Other assets	697
Mortgage notes payable, net	449
Notes, net	960
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	306
Notes, net	562
Amortization of deferred settlements on derivative instruments:
Other liabilities	(3)
Accumulated other comprehensive income	1,095
Write-off of pursuit costs:
Investment in real estate, net	225
Investments in unconsolidated entities	649
Other assets	458
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	1,071
Other liabilities	311
Realized/unrealized (gain) loss on derivative instruments:
Other assets	7,410
Other liabilities	2,370
Accumulated other comprehensive income	(9,780)
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	(1,422)
Investments in unconsolidated entities	(1,971)
Investments in unconsolidated entities - development/other:
Investments in unconsolidated entities	(13,700)
Other liabilities	(780)
Right-of-use assets and lease liabilities initial measurement and reclassifications:
Right-of-use assets	(7,105)
Lease liabilities	7,105
Non Cash Share Distribution From Unconsolidated Entities [Abstract]
Non Cash Share Distribution From Unconsolidated Entities Investments In Unconsolidated Entities	539
Non Cash Share Distribution From Unconsolidated Entities Changes In Other Assets	$ (539)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	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, 2021		$ 37,280	$ 3,755	$ 9,121,122	$ 1,827,063	$ (34,272)
Balance, beginning of year at Dec. 31, 2021								$ 214,094	$ 18,166
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares				174
Exercise of share options			3	14,341
Employee Share Purchase Plan (ESPP)				969
Share-based employee compensation expense:
Issuance of restricted units/shares			2	3,609				1
Share options				876
ESPP discount				171
Offering costs				(114)
Supplemental Executive Retirement Plan (SERP)				(163)
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership	$ (939)			939
Adjustment for Noncontrolling Interests ownership in Operating Partnership				1,045				(1,045)
PAID IN CAPITAL
Conversion of OP Units into Common Shares				174
Exercise of share options			3	14,341
Employee Share Purchase Plan (ESPP)				969
RETAINED EARNINGS
Net income attributable to controlling interests	70,765				70,765
Common Share distributions					(235,351)
Preferred Share distributions					(772)
Accumulated other comprehensive income (loss) - derivative instruments:
Losses reclassified into earnings from other comprehensive income	(2,425)					2,425
DISTRIBUTIONS
Distributions declared per Common Share outstanding							$ 0.625
NONCONTROLLING INTERESTS
Issuance of restricted units/shares			2	3,609				1
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner								(174)
Equity compensation associated with Noncontrolling Interests								7,798
Net income attributable to Noncontrolling Interests	2,394							2,394	639
Distributions to Noncontrolling Interests								(7,895)	(15,836)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	(2,278)							2,278
Adjustment for Noncontrolling Interests ownership in Operating Partnership				1,045				(1,045)
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	2,394							2,394	639
Contributions by Noncontrolling Interests									446
Distributions to Noncontrolling Interests								(7,895)	(15,836)
Balance, end of period at Mar. 31, 2022		37,280	3,760	9,142,969	1,661,705	(31,847)
Balance, end of period at Mar. 31, 2022								217,451	3,415
Balance, beginning of year at Dec. 31, 2022	11,173,439	37,280	3,784	9,476,085	1,658,837	(2,547)
Balance, beginning of year at Dec. 31, 2022	209,240							209,961	(721)
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares			2	3,671
Exercise of share options			2	8,110
Employee Share Purchase Plan (ESPP)				1,452
Share-based employee compensation expense:
Issuance of restricted units/shares			1	3,653
Share options				1,497
ESPP discount				260
Supplemental Executive Retirement Plan (SERP)				491
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership	5,946			(5,946)
Adjustment for Noncontrolling Interests ownership in Operating Partnership				(953)				953
PAID IN CAPITAL
Conversion of OP Units into Common Shares			2	3,671
Exercise of share options			2	8,110
Employee Share Purchase Plan (ESPP)				1,452
RETAINED EARNINGS
Net income attributable to controlling interests	212,035				212,035
Common Share distributions					(250,969)
Preferred Share distributions					(772)
Accumulated other comprehensive income (loss) - derivative instruments:
Unrealized holding gains (losses) arising during the period	(9,780)					(9,780)
Losses reclassified into earnings from other comprehensive income	(1,095)					1,095
DISTRIBUTIONS
Distributions declared per Common Share outstanding							$ 0.6625
NONCONTROLLING INTERESTS
Issuance of restricted units/shares			1	3,653
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner								(3,673)
Equity compensation associated with Noncontrolling Interests								4,654
Net income attributable to Noncontrolling Interests	7,059							7,059	977
Distributions to Noncontrolling Interests								(7,904)	(2,809)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	(668)							668
Adjustment for Noncontrolling Interests ownership in Operating Partnership				(953)				953
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	7,059							7,059	977
Distributions to Noncontrolling Interests								(7,904)	(2,809)
Balance, end of period at Mar. 31, 2023	11,137,288	$ 37,280	$ 3,789	$ 9,488,320	$ 1,619,131	$ (11,232)
Balance, end of period at Mar. 31, 2023	$ 209,165							$ 211,718	$ (2,553)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
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	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Land	$ 5,559,883	$ 5,580,878
Depreciable property	22,343,556	22,334,369
Projects under development	132,341	112,940
Land held for development	60,665	60,567
Investment in real estate	28,096,445	28,088,754
Accumulated depreciation	(9,207,194)	(9,027,850)
Investment in real estate, net	18,889,251	19,060,904
Investments in unconsolidated entities	292,279	279,024
Cash and cash equivalents	133,460	53,869
Restricted deposits	85,625	83,303
Right-of-use assets	466,911	462,956
Other assets	235,000	278,206
Total assets	20,102,526	20,218,262
Liabilities:
Mortgage notes payable, net	1,968,243	1,953,438
Notes, net	5,343,851	5,342,329
Line of credit and commercial paper		129,955
Accounts payable and accrued expenses	144,660	96,028
Accrued interest payable	49,776	66,310
Lease liabilities	314,854	308,748
Other liabilities	283,418	306,941
Security deposits	68,728	68,940
Distributions payable	258,992	244,621
Total liabilities	8,432,522	8,517,310
Commitments and contingencies
Redeemable Limited Partners	323,551	318,273
Partners’ Capital:
Accumulated other comprehensive income (loss)	(11,232)	(2,547)
Noncontrolling Interests – Partially Owned Properties	(2,553)	(721)
Total liabilities and equity	20,102,526	20,218,262
ERPOP [Member]
ASSETS
Land	5,559,883	5,580,878
Depreciable property	22,343,556	22,334,369
Projects under development	132,341	112,940
Land held for development	60,665	60,567
Investment in real estate	28,096,445	28,088,754
Accumulated depreciation	(9,207,194)	(9,027,850)
Investment in real estate, net	18,889,251	19,060,904
Investments in unconsolidated entities	292,279	279,024
Cash and cash equivalents	133,460	53,869
Restricted deposits	85,625	83,303
Right-of-use assets	466,911	462,956
Other assets	235,000	278,206
Total assets	20,102,526	20,218,262
Liabilities:
Mortgage notes payable, net	1,968,243	1,953,438
Notes, net	5,343,851	5,342,329
Line of credit and commercial paper		129,955
Accounts payable and accrued expenses	144,660	96,028
Accrued interest payable	49,776	66,310
Lease liabilities	314,854	308,748
Other liabilities	283,418	306,941
Security deposits	68,728	68,940
Distributions payable	258,992	244,621
Total liabilities	8,432,522	8,517,310
Commitments and contingencies
Redeemable Limited Partners	323,551	318,273
Partners’ Capital:
Preference Units	37,280	37,280
General Partner	11,111,240	11,138,706
Limited Partners	211,718	209,961
Accumulated other comprehensive income (loss)	(11,232)	(2,547)
Total partners’ capital	11,349,006	11,383,400
Noncontrolling Interests – Partially Owned Properties	(2,553)	(721)
Total capital	11,346,453	11,382,679
Total liabilities and equity	$ 20,102,526	$ 20,218,262

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES
Rental income	$ 705,088	$ 653,348
EXPENSES
Property and maintenance	137,579	124,874
Real estate taxes and insurance	106,669	100,688
Property management	31,466	30,747
General and administrative	16,165	17,238
Depreciation	215,830	229,961
Total expenses	507,709	503,508
Net gain (loss) on sales of real estate properties	100,209	(102)
Operating income	297,588	149,738
Interest and other income	1,538	3,528
Other expenses	(8,995)	(3,056)
Interest:
Expense incurred, net	(66,401)	(72,792)
Amortization of deferred financing costs	(1,979)	(2,077)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	221,751	75,341
Income and other tax (expense) benefit	(298)	(282)
Income (loss) from investments in unconsolidated entities	(1,382)	(1,261)
Net income	220,071	73,798
Partially Owned Properties	(977)	(639)
Net income attributable to controlling interests	$ 212,035	$ 70,765
Earnings per Unit – basic:
Net income available to Units	$ 0.56	$ 0.19
Earnings per Unit – diluted:
Net income available to Units	$ 0.56	$ 0.19
Weighted average Units outstanding	390,664	389,628
ERPOP [Member]
REVENUES
Rental income	$ 705,088	$ 653,348
EXPENSES
Property and maintenance	137,579	124,874
Real estate taxes and insurance	106,669	100,688
Property management	31,466	30,747
General and administrative	16,165	17,238
Depreciation	215,830	229,961
Total expenses	507,709	503,508
Net gain (loss) on sales of real estate properties	100,209	(102)
Operating income	297,588	149,738
Interest and other income	1,538	3,528
Other expenses	(8,995)	(3,056)
Interest:
Expense incurred, net	(66,401)	(72,792)
Amortization of deferred financing costs	(1,979)	(2,077)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	221,751	75,341
Income and other tax (expense) benefit	(298)	(282)
Income (loss) from investments in unconsolidated entities	(1,382)	(1,261)
Net income	220,071	73,798
Partially Owned Properties	(977)	(639)
Net income attributable to controlling interests	219,094	73,159
ALLOCATION OF NET INCOME:
Preference Units	772	772
General Partner	211,263	69,993
Limited Partners	7,059	2,394
Net income available to Units	$ 218,322	$ 72,387
Earnings per Unit – basic:
Net income available to Units	$ 0.56	$ 0.19
Weighted average Units outstanding	389,851	387,397
Earnings per Unit – diluted:
Net income available to Units	$ 0.56	$ 0.19
Weighted average Units outstanding	390,664	389,628

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Comprehensive income:
Net income	$ 220,071	$ 73,798
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period	(9,780)
Losses reclassified into earnings from other comprehensive income	1,095	2,425
Other comprehensive income (loss)	(8,685)	2,425
Comprehensive income	211,386	76,223
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties	(7,755)	(3,113)
Comprehensive income attributable to controlling interests	203,631	73,110
ERPOP [Member]
Comprehensive income:
Net income	220,071	73,798
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period	(9,780)
Losses reclassified into earnings from other comprehensive income	1,095	2,425
Other comprehensive income (loss)	(8,685)	2,425
Comprehensive income	211,386	76,223
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties	(977)	(639)
Comprehensive income attributable to controlling interests	$ 210,409	$ 75,584

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 220,071	$ 73,798
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	215,830	229,961
Amortization of deferred financing costs	1,979	2,077
Amortization of discounts and premiums on debt	868	1,358
Amortization of deferred settlements on derivative instruments	1,092	2,422
Amortization of right-of-use assets	3,150	3,046
Write-off of pursuit costs	1,332	1,463
(Income) loss from investments in unconsolidated entities	1,382	1,261
Distributions from unconsolidated entities – return on capital	151	79
Net (gain) loss on sales of real estate properties	(100,209)	102
Realized (gain) loss on sale of investment securities	87	(2,066)
Compensation paid with Company Common Shares	9,044	9,203
Changes in assets and liabilities:
(Increase) decrease in other assets	26,257	30,174
Increase (decrease) in accounts payable and accrued expenses	45,357	54,553
Increase (decrease) in accrued interest payable	(16,534)	(12,634)
Increase (decrease) in lease liabilities	(334)	(902)
Increase (decrease) in other liabilities	(16,032)	(27,213)
Increase (decrease) in security deposits	(212)	1,374
Net cash provided by operating activities	393,279	368,056
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions		(113,046)
Investment in real estate – development/other	(16,786)	(24,255)
Capital expenditures to real estate	(55,392)	(35,285)
Non-real estate capital additions	(600)	(971)
Interest capitalized for real estate and unconsolidated entities under development	(3,393)	(1,017)
Proceeds from disposition of real estate, net	133,916
Investments in unconsolidated entities - development/other	(14,480)	(24,897)
Distributions from unconsolidated entities – return of capital	6	9
Purchase of investment securities and other investments		(1,009)
Proceeds from sale of investment securities	452	3,434
Net cash provided by (used for) investing activities	43,723	(197,037)
Mortgage notes payable, net:
Proceeds	14,090	2,689
Scheduled principal repayments	(40)	(1,933)
Line of credit and commercial paper:
Commercial paper proceeds	1,323,145	1,424,086
Commercial paper repayments	(1,453,100)	(1,609,121)
Finance ground lease principal payments	(665)	(140)
Proceeds from Employee Share Purchase Plan (ESPP)	1,452	969
Proceeds from exercise of EQR options	8,112	14,344
Payment of offering costs		(114)
Contributions – Noncontrolling Interests – Partially Owned Properties		446
Contributions – Limited Partners		1
Distributions:
OP Units – General Partner	(236,561)	(226,639)
Preference Units	(1,544)	(772)
OP Units – Limited Partners	(7,380)	(7,535)
Noncontrolling Interests – Partially Owned Properties	(2,598)	(15,836)
Net cash provided by (used for) financing activities	(355,089)	(419,555)
Net increase (decrease) in cash and cash equivalents and restricted deposits	81,913	(248,536)
Cash and cash equivalents and restricted deposits, beginning of period	137,172	360,236
Cash and cash equivalents and restricted deposits, end of period	219,085	111,700
Cash and cash equivalents	133,460	41,140
Restricted deposits	85,625	70,560
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	79,693	81,391
Net cash paid (received) for income and other taxes	348	350
Amortization of deferred financing costs:
Investment in real estate, net	(127)	(127)
Other assets	697	585
Mortgage notes payable, net	449	557
Notes, net	960	1,062
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	306	685
Notes, net	562	673
Amortization of deferred settlements on derivative instruments:
Other liabilities	(3)	(3)
Accumulated other comprehensive income	1,095	2,425
Write-off of pursuit costs:
Investment in real estate, net	225	375
Investments in unconsolidated entities	649	1,070
Other assets	458	18
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	1,071	946
Other liabilities	311	315
Realized/unrealized (gain) loss on derivative instruments:
Other assets	7,410
Other liabilities	2,370
Accumulated other comprehensive income	(9,780)
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	(1,422)	(307)
Investments in unconsolidated entities	1,971	710
Investments in unconsolidated entities - development/other:
Investments in unconsolidated entities	(13,700)	(24,897)
Right-of-use assets and lease liabilities initial measurement and reclassifications:
Right-of-use assets	(7,105)
Lease liabilities	7,105
Non-cash share distribution and other transfers from unconsolidated entities:
Investments in unconsolidated entities	539	859
Other assets	(539)	(859)
ERPOP [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	220,071	73,798
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	215,830	229,961
Amortization of deferred financing costs	1,979	2,077
Amortization of discounts and premiums on debt	868	1,358
Amortization of deferred settlements on derivative instruments	1,092	2,422
Amortization of right-of-use assets	3,150	3,046
Write-off of pursuit costs	1,332	1,463
(Income) loss from investments in unconsolidated entities	1,382	1,261
Distributions from unconsolidated entities – return on capital	151	79
Net (gain) loss on sales of real estate properties	(100,209)	102
Realized (gain) loss on sale of investment securities	(87)	(2,066)
Compensation paid with Company Common Shares	9,044	9,203
Changes in assets and liabilities:
(Increase) decrease in other assets	26,257	30,174
Increase (decrease) in accounts payable and accrued expenses	45,357	54,553
Increase (decrease) in accrued interest payable	(16,534)	(12,634)
Increase (decrease) in lease liabilities	(334)	(902)
Increase (decrease) in other liabilities	(16,032)	(27,213)
Increase (decrease) in security deposits	(212)	1,374
Net cash provided by operating activities	393,279	368,056
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions		(113,046)
Investment in real estate – development/other	(16,786)	(24,255)
Capital expenditures to real estate	(55,392)	(35,285)
Non-real estate capital additions	(600)	(971)
Interest capitalized for real estate and unconsolidated entities under development	(3,393)	(1,017)
Proceeds from disposition of real estate, net	133,916
Investments in unconsolidated entities - development/other	(14,480)	(24,897)
Distributions from unconsolidated entities – return of capital	6	9
Purchase of investment securities and other investments		(1,009)
Proceeds from sale of investment securities	452	3,434
Net cash provided by (used for) investing activities	43,723	(197,037)
Mortgage notes payable, net:
Proceeds	14,090	2,689
Scheduled principal repayments	(40)	(1,933)
Line of credit and commercial paper:
Commercial paper proceeds	1,323,145	1,424,086
Commercial paper repayments	(1,453,100)	(1,609,121)
Finance ground lease principal payments	(665)	(140)
Proceeds from Employee Share Purchase Plan (ESPP)	1,452	969
Proceeds from exercise of EQR options	8,112	14,344
Payment of offering costs		(114)
Contributions – Noncontrolling Interests – Partially Owned Properties		446
Contributions – Limited Partners		1
Distributions:
OP Units – General Partner	(236,561)	(226,639)
Preference Units	(1,544)	(772)
OP Units – Limited Partners	(7,380)	(7,535)
Noncontrolling Interests – Partially Owned Properties	(2,598)	(15,836)
Net cash provided by (used for) financing activities	(355,089)	(419,555)
Net increase (decrease) in cash and cash equivalents and restricted deposits	81,913	(248,536)
Cash and cash equivalents and restricted deposits, beginning of period	137,172	360,236
Cash and cash equivalents and restricted deposits, end of period	219,085	111,700
Cash and cash equivalents	133,460	41,140
Restricted deposits	85,625	70,560
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	79,693	81,391
Net cash paid (received) for income and other taxes	348	350
Amortization of deferred financing costs:
Investment in real estate, net	(127)	(127)
Other assets	697	585
Mortgage notes payable, net	449	557
Notes, net	562	673
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	306	685
Notes, net	960	1,062
Amortization of deferred settlements on derivative instruments:
Other liabilities	(3)	(3)
Accumulated other comprehensive income	1,095	2,425
Write-off of pursuit costs:
Investment in real estate, net	225	375
Investments in unconsolidated entities	649	1,070
Other assets	458	18
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	1,071	946
Other liabilities	311	315
Realized/unrealized (gain) loss on derivative instruments:
Other assets	7,410
Other liabilities	2,370
Accumulated other comprehensive income	(9,780)
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	(1,422)	(307)
Investments in unconsolidated entities	(1,971)	(710)
Investments in unconsolidated entities - development/other:
Investments in unconsolidated entities	(13,700)	(24,897)
Other liabilities	(780)
Right-of-use assets and lease liabilities initial measurement and reclassifications:
Right-of-use assets	(7,105)
Lease liabilities	7,105
Non-cash share distribution and other transfers from unconsolidated entities:
Investments in unconsolidated entities	539	859
Other assets	$ (539)	$ (859)

CONSOLIDATED STATEMENTS OF CH_3

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	Total	ERPOP [Member]	PREFERRED SHARES [Member] ERPOP [Member]	GENERAL PARTNER [Member] ERPOP [Member]	LIMITED PARTNERS [Member] ERPOP [Member]	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Member] ERPOP [Member]	DISTRIBUTIONS [Member] ERPOP [Member]	PARTIALLY OWNED PROPERTIES [Member] ERPOP [Member]
Balance, beginning of year at Dec. 31, 2021			$ 37,280	$ 10,951,940	$ 214,094	$ (34,272)
Balance, beginning of year at Dec. 31, 2021								$ 18,166
Conversion of OP Units held by Limited Partners into OP Units held by General Partner				174	(174)
Exercise of EQR share options				14,344
EQR's Employee Share Purchase Plan (ESPP)				969
EQR restricted shares				3,611	1
EQR share options				876
EQR ESPP discount				171
Net income available to Units - General Partner		$ 69,993		69,993
OP Units General Partner distributions				(235,351)
Offering costs				(114)
Supplemental Executive Retirement Plan (SERP)				(163)
Change in market value of Redeemable Limited Partners				939
Adjustment for Limited Partners ownership in Operating Partnership				1,045	(1,045)
Equity compensation associated with Units - Limited Partners					7,798
Net income available to Units - Limited Partners		2,394			2,394
Units - Limited Partners distributions					(7,895)
Change in carrying value of Redeemable Limited Partners					2,278
Losses reclassified into earnings from other comprehensive income	$ (2,425)	(2,425)				2,425
Distributions declared per Unit outstanding							$ 0.625
Net income attributable to Noncontrolling Interests	73,798	73,798						639
Contributions by Noncontrolling Interests								446
Distributions to Noncontrolling Interests								(15,836)
Balance, end of period at Mar. 31, 2022			37,280	10,808,434	217,451	(31,847)
Balance, end of period at Mar. 31, 2022								3,415
Balance, beginning of year at Dec. 31, 2022			37,280	11,138,706	209,961	(2,547)
Balance, beginning of year at Dec. 31, 2022								(721)
Conversion of OP Units held by Limited Partners into OP Units held by General Partner				3,673	(3,673)
Exercise of EQR share options				8,112
EQR's Employee Share Purchase Plan (ESPP)				1,452
EQR restricted shares				3,654
EQR share options				1,497
EQR ESPP discount				260
Net income available to Units - General Partner		211,263		211,263
OP Units General Partner distributions				(250,969)
Supplemental Executive Retirement Plan (SERP)				491
Change in market value of Redeemable Limited Partners				(5,946)
Adjustment for Limited Partners ownership in Operating Partnership				(953)	953
Equity compensation associated with Units - Limited Partners					4,654
Net income available to Units - Limited Partners		7,059			7,059
Units - Limited Partners distributions					(7,904)
Change in carrying value of Redeemable Limited Partners					668
Unrealized holding gains (losses) arising during the period	(9,780)	(9,780)				(9,780)
Losses reclassified into earnings from other comprehensive income	(1,095)	(1,095)				1,095
Distributions declared per Unit outstanding							$ 0.6625
Net income attributable to Noncontrolling Interests	$ 220,071	$ 220,071						977
Distributions to Noncontrolling Interests								(2,809)
Balance, end of period at Mar. 31, 2023			$ 37,280	$ 11,111,240	$ 211,718	$ (11,232)
Balance, end of period at Mar. 31, 2023								$ (2,553)

Business

Business	3 Months Ended
	Mar. 31, 2023
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 affluent 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. References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership. EQR is the general partner of, and as of March 31, 2023 owned an approximate 96.8 % ownership interest in, ERPOP. All of the Company’s property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR issues equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. As of March 31, 2023, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 301 properties located in 10 states and the District of Columbia consisting of 79,351 apartment units. The ownership breakdown includes (table does not include any uncompleted development properties): Properties Apartment Units Wholly Owned Properties 286 76,237 Partially Owned Properties – Consolidated 15 3,114 301 79,351

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 (“GAAP”) 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 quarter ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. 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. The balance sheets at December 31, 2022 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, 2022 . 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. Recent 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. The Company adopted the standard when effective on January 1, 2022 and it had no impact 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. The new standard was effective for the Company upon issuance and elections could be made through December 31, 2024. The Company elected to apply the hedge accounting expedients and 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.

Equity, Capital and Other Inter

Equity, Capital and Other Interests	3 Months Ended
	Mar. 31, 2023
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 quarters ended March 31, 2023 and 2022: 2023 2022 Common Shares Common Shares outstanding at January 1, 378,429,708 375,527,195 Common Shares Issued: Conversion of OP Units 144,567 6,756 Exercise of share options 173,249 269,665 Employee Share Purchase Plan (ESPP) 27,393 13,374 Restricted share grants, net 123,304 157,080 Common Shares outstanding at March 31, 378,898,221 375,974,070 Units Units outstanding at January 1, 12,429,737 12,659,027 Restricted unit grants, net 229,913 220,333 Conversion of OP Units to Common Shares ( 144,567 ) ( 6,756 ) Units outstanding at March 31, 12,515,083 12,872,604 Total Common Shares and Units outstanding at March 31, 391,413,304 388,846,674 Units Ownership Interest in Operating Partnership 3.2 % 3.3 % The following table presents the changes in the Operating Partnership’s issued and outstanding General Partner Units and Limited Partner Units for the quarters ended March 31, 2023 and 2022: 2023 2022 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 390,859,445 388,186,222 Issued to General Partner: Exercise of EQR share options 173,249 269,665 EQR’s Employee Share Purchase Plan (ESPP) 27,393 13,374 EQR’s restricted share grants, net 123,304 157,080 Issued to Limited Partners: Restricted unit grants, net 229,913 220,333 General and Limited Partner Units outstanding at March 31, 391,413,304 388,846,674 Limited Partner Units Limited Partner Units outstanding at January 1, 12,429,737 12,659,027 Limited Partner restricted unit grants, net 229,913 220,333 Conversion of Limited Partner OP Units to EQR Common Shares ( 144,567 ) ( 6,756 ) Limited Partner Units outstanding at March 31, 12,515,083 12,872,604 Limited Partner Units Ownership Interest in Operating Partnership 3.2 % 3.3 % 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 March 31, 2023 and December 31, 2022. 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 March 31, 2023 and 2022, the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners have a redemption value of approximately $ 323.6 million and $ 495.8 million, respectively, which represents the value of Common Shares that would be issued in exchange for the 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 quarters ended March 31, 2023 and 2022, respectively (amounts in thousands): 2023 2022 Balance at January 1, $ 318,273 $ 498,977 Change in market value 5,946 ( 939 ) Change in carrying value ( 668 ) ( 2,278 ) Balance at March 31, $ 323,551 $ 495,760 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 Company’s declaration of trust authorizes it to issue up to 100,000,000 preferred shares of beneficial interest, $ 0.01 par value per share (the “Preferred Shares”), with specific rights, preferences and other attributes as the Board of Trustees may determine, which may include preferences, powers and rights that are senior to the rights of holders of the Company’s Common Shares. The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as of March 31, 2023 and December 31, 2022: Amounts in thousands Annual Call Dividend Per March 31, December 31, Date (1) Share/Unit (2) 2023 2022 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 50 per share/unit; 745,600 shares/units issued 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 May 2022 and expires in May 2025. 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 May 2025 and gives us the authority to issue up to 13.0 million shares, all of which remain available for issuance as of March 31, 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. As of March 31, 2023 , EQR has remaining authorization to repurchase up to 13.0 million of its shares.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Land $ 5,559,883 $ 5,580,878 Depreciable property: Buildings and improvements 19,444,618 19,471,503 Furniture, fixtures and equipment 2,388,137 2,352,050 In-Place lease intangibles 510,801 510,816 Projects under development: Land 3,201 3,201 Construction-in-progress 129,140 109,739 Land held for development: Land 46,160 46,160 Construction-in-progress 14,505 14,407 Investment in real estate 28,096,445 28,088,754 Accumulated depreciation ( 9,207,194 ) ( 9,027,850 ) Investment in real estate, net $ 18,889,251 $ 19,060,904 During th e quarter ended March 31, 2023, the Company disposed of the following to unaffiliated parties (sales price and net gain in thousands): Properties Apartment Units Sales Price Net Gain Rental Properties – Consolidated 7 247 $ 135,300 $ 100,209 Total 7 247 $ 135,300 $ 100,209

Commitments to Acquire_Dispose

Commitments to Acquire/Dispose of Real Estate	3 Months Ended
	Mar. 31, 2023
Commitments To Acquire Dispose Of Real Estate [Abstract]
Commitments to Acquire/Dispose of Real Estate	5. Commitments to Acquire/Dispose of Real Estate 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 an agreement to dispose of the following (sales price and net book value in thousands): Properties Apartment Units Sales Price Net Book Value at Land Parcels (one) — — $ 16,000 $ 15,000 Total — — $ 16,000 $ 15,000 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 March 31, 2023 .

Investments in Partially Owned

Investments in Partially Owned Entities	3 Months Ended
	Mar. 31, 2023
Investments In Partially Owned Entities [Abstract]
Investments in Partially Owned Entities	6. Investments in Partially Owned Entities The Company has invested in various entities with unrelated third parties which are either consolidated or accounted for under the equity method of accounting (unconsolidated). Consolidated Variable Interest Entities (“VIEs”) In accordance with accounting standards for consolidation of VIEs, the Company consolidates ERPOP on EQR’s financial statements. 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 that have been deemed to be 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 following table summarizes the Company’s consolidated joint ventures as of March 31, 2023: Operating Properties Project Under Development (1) Properties Apartment Units Project Apartment Units Consolidated Joint Ventures (VIE) 15 3,114 1 312 (1) The land under this project is subject to a long-term ground lease. The following table provides consolidated assets and liabilities related to the VIEs discussed above as of March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Consolidated Assets $ 685,218 $ 691,880 Consolidated Liabilities $ 169,122 $ 158,932 Certain consolidated joint ventures in which we have investments obtained mortgage debt to finance a portion of their activities. The following table and information summarizes the variable rate construction mortgage debt that is non-recourse to the Company at March 31, 2023 (aggregate and amounts borrowed under loan commitments in thousands): Recently Completed Operating Property Project Under Development Number of joint ventures with debt financing 1 1 Aggregate loan commitments $ 67,589 $ 73,344 Amounts borrowed under loan commitments (1) $ 64,735 $ 59,070 Maturity dates 2023 2025 (1) See Note 9 for the proceeds of secured conventional floating rate debt under Mortgage Notes Payable . Investments in Unconsolidated Entities The Company has various equity interests in certain joint ventures that are unconsolidated and accounted for using the equity method of accounting. Most of these have been deemed to be VIEs and the Company is not the VIEs' primary beneficiary. The remaining have been deemed not to be VIEs and the Company does not have a controlling voting interest. The following table and information summarizes the Company’s investments in unconsolidated entities as of March 31, 2023 and December 31, 2022 (amounts in thousands except for ownership percentage): March 31, 2023 December 31, 2022 Ownership Percentage Investments in Unconsolidated Entities: Various Real Estate Holdings (VIE) $ 36,195 $ 35,974 Varies Projects Under Development and Land Held for Development (VIE) 231,735 218,043 62 % - 95 % (1) Real Estate Technology Funds/Companies (VIE) 24,594 25,249 Varies Other ( 245 ) ( 242 ) Varies Investments in Unconsolidated Entities $ 292,279 $ 279,024 (1) In certain instances, the joint venture agreements contain provisions for promoted interests in favor of our joint venture partner. If the terms of the promoted interest are attained, then our share of the proceeds from a sale or other capital event of the unconsolidated entity may be less than the indicated ownership percentage. The following table summarizes the Company’s unconsolidated joint ventures that were deemed to be VIEs as of March 31, 2023: Real Estate Holdings (1) Projects Under Development (2), (5) Projects Held for Development (2), (3) Entities Projects Apartment Units (4) Projects Apartment Units (4) Unconsolidated Joint Ventures (VIE) 2 6 1,982 3 966 (1) Represents entities that hold various real estate investments. (2) Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties. (3) Represents separate unconsolidated joint ventures that have not yet started. (4) Represents the intended number of apartment units to be developed. (5) The land parcel under one of the projects is subject to a long-term ground lease.

Restricted Deposits

Restricted Deposits	3 Months Ended
	Mar. 31, 2023
Deposits Restricted [Abstract]
Restricted Deposits	7. Restricted Deposits The following table presents the Company’s restricted deposits as of March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Mortgage escrow deposits: Replacement reserves $ 12,960 $ 12,549 Mortgage principal reserves/sinking funds 27,017 25,304 Mortgage escrow deposits 39,977 37,853 Restricted cash: Earnest money on pending acquisitions 4,500 4,500 Restricted deposits on real estate investments 226 229 Resident security and utility deposits 38,640 38,432 Other 2,282 2,289 Restricted cash 45,648 45,450 Restricted deposits $ 85,625 $ 83,303

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	8. Leases Lessor Accounting The Company is the lessor for its residential and non-residential leases and these leases are accounted for as operating leases under the lease 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 March 31, 2023 and 2022 (amounts in thousands): Quarter Ended March 31, 2023 Quarter Ended March 31, 2022 Income Type Residential Non-Residential Total Residential Non-Residential Total Residential and non-residential rent $ 634,752 $ 15,986 $ 650,738 $ 587,780 $ 15,874 $ 603,654 Utility recoveries (RUBS income) (1) 21,383 207 21,590 19,598 181 19,779 Parking rent 10,882 109 10,991 10,783 98 10,881 Other lease revenue (2) ( 7,589 ) 669 ( 6,920 ) ( 6,301 ) ( 43 ) ( 6,344 ) Total lease revenue $ 659,428 $ 16,971 676,399 $ 611,860 $ 16,110 627,970 Parking revenue 10,203 8,808 Other revenue 18,486 16,570 Total other rental income (3) 28,689 25,378 Rental income $ 705,088 $ 653,348 (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 residential and non-residential accounts receivable and straight-line receivable balances for the Company’s properties as of March 31, 2023 and December 31, 2022 (amounts in thousands): Residential Non-Residential Balance Sheet (Other assets): March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Resident/tenant accounts receivable balances $ 32,781 $ 35,688 $ 2,451 $ 2,820 Allowance for doubtful accounts ( 28,861 ) ( 31,405 ) ( 1,500 ) ( 2,152 ) Net receivable balances $ 3,920 $ 4,283 $ 951 $ 668 Straight-line receivable balances $ 5,815 $ 4,398 $ 13,680 $ 13,795 The following table presents residential bad debt for the Company’s properties for the quarters ended March 31, 2023 and 2022 (amounts in thousands): Quarter Ended March 31, Income Statement (Rental income): 2023 2022 Bad debt, net (1) $ 10,755 $ 9,895 % of rental income 1.6 % 1.6 % (1) Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $ 1.0 million and $ 10.0 million for the quarters ended March 31, 2023 and 2022 , respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	9. Debt EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. Weighted average interest rates noted below for the quarter ended March 31, 2023 include the effect of any derivative instruments and amortization of premiums/discounts/OCI (other comprehensive income) on debt and derivatives. Mortgage Notes Payable The following table summarizes the Company’s mortgage notes payable activity for the quarter ended March 31, 2023 (amounts in thousands): Mortgage notes Proceeds Lump sum Scheduled Amortization Amortization Mortgage notes Fixed Rate Debt: Secured – Conventional $ 1,608,838 $ — $ — $ — $ — $ 230 $ 1,609,068 Floating Rate Debt: Secured – Conventional 108,378 14,090 (2) — ( 40 ) — 184 122,612 Secured – Tax Exempt 236,222 — — — 306 35 236,563 Floating Rate Debt 344,600 14,090 — ( 40 ) 306 219 359,175 Total $ 1,953,438 $ 14,090 $ — $ ( 40 ) $ 306 $ 449 $ 1,968,243 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) See Note 6 for additional discussion of the variable rate construction mortgage debt. The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2023: March 31, 2023 Interest Rate Ranges 0.10 % - 7.58 % Weighted Average Interest Rate 3.82 % Maturity Date Ranges 2023 - 2061 As of March 31, 2023, 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 quarter ended March 31, 2023 (amounts in thousands): Notes, net as of Proceeds Lump sum Amortization Amortization Notes, net as of Fixed Rate Debt: Unsecured – Public $ 5,342,329 $ — $ — $ 562 $ 960 $ 5,343,851 (1) Represents amortization of deferred financing costs, net of debt financing costs. The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2023: March 31, 2023 Interest Rate Ranges 1.85 % - 7.57 % Weighted Average Interest Rate 3.56 % Maturity Date Ranges 2025 - 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 quarter ended March 31, 2023. Line of Credit and Commercial Paper The Company has a $ 2.5 billion unsecured revolving credit facility maturing on October 26, 2027 . 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 the Secured Overnight Financing Rate ("SOFR") plus a spread (currently 0.725 %), 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 no t borrow any amounts under its revolving credit facility during the quarter ended March 31, 2023. The Company has an unsecured commercial paper note program under 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 following table summarizes certain weighted average interest rate and amount outstanding information for the commercial paper program as of and for the quarter ended March 31, 2023: March 31, 2023 Weighted Average Interest Rate (1) 4.70 % Weighted Average Amount Outstanding $ 109.0 million (1) The notes bear interest at various floating rates. 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 March 31, 2023 (amounts in thousands): March 31, 2023 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding — Unsecured revolving credit facility balance outstanding — Other restricted amounts ( 3,484 ) Unsecured revolving credit facility availability $ 2,496,516

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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. A three-level valuation hierarchy exists for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • 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 measurement. The Company’s derivative positions are valued using models developed by the respective counterparty as well as models applied internally by the Company that use as their inputs readily observable market parameters (such as forward yield curves and credit default swap data). 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 March 31, 2023 and December 31, 2022, respectively (amounts in thousands): March 31, 2023 December 31, 2022 Carrying Value Estimated Fair Carrying Value Estimated Fair Mortgage notes payable, net $ 1,968,243 $ 1,845,907 $ 1,953,438 $ 1,803,525 Unsecured debt, net 5,343,851 4,855,336 5,472,284 4,874,490 Total debt, net $ 7,312,094 $ 6,701,243 $ 7,425,722 $ 6,678,015 The following table summarizes the Company’s consolidated derivative instruments at March 31, 2023 (dollar amounts are in thousands): Forward Starting Current Notional Balance $ 450,000 Lowest Interest Rate 2.4470 % Highest Interest Rate 3.6995 % Maturity Date 2033 (1) Forward Starting Swaps – Designed to partially fix interest rates in advance of planned future debt issuances. These swaps have mandatory counterparty terminations i n 2024 and are targeted for certain 2023 d ebt issuances. The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at March 31, 2023 and December 31, 2022, respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet 3/31/2023 Quoted Prices in Significant Other Significant Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Assets $ 14,455 $ — $ 14,455 $ — Supplemental Executive Retirement Plan Other Assets 124,872 124,872 — — Total $ 139,327 $ 124,872 $ 14,455 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Liabilities $ 3,580 $ — $ 3,580 $ — Supplemental Executive Retirement Plan Other Liabilities 124,872 124,872 — — Total $ 128,452 $ 124,872 $ 3,580 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 323,551 $ — $ 323,551 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet 12/31/2022 Quoted Prices in Significant Other Significant Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Assets $ 21,864 $ — $ 21,864 $ — Supplemental Executive Retirement Plan Other Assets 133,245 133,245 — — Total $ 155,109 $ 133,245 $ 21,864 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Liabilities $ 1,210 $ — $ 1,210 $ — Supplemental Executive Retirement Plan Other Liabilities 133,245 133,245 — — Total $ 134,455 $ 133,245 $ 1,210 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 318,273 $ — $ 318,273 $ — The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the quarters ended March 31, 2023 and 2022, respectively (amounts in thousands): March 31, 2023 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ ( 9,780 ) Interest expense $ ( 1,095 ) Total $ ( 9,780 ) $ ( 1,095 ) March 31, 2022 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ — Interest expense $ ( 2,425 ) Total $ — $ ( 2,425 ) As of March 31, 2023 and December 31, 2022 , there were approximately $ 11.2 million and $ 2.5 million in deferred losses, net, included in accumulated other comprehensive income (loss), respectively, related to previously settled and unsettled derivative instruments, of which an estimated $ 3.9 million may be recognized as additional interest expense during the twelve months ending March 31, 2024.

Earnings Per Share and Earnings

Earnings Per Share and Earnings Per Unit	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share And Earnings Per Unit	11. Earnings Per Share and Earnings Per Unit Equity Residential The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts): Quarter Ended March 31, 2023 2022 Numerator for net income per share – basic: Net income $ 220,071 $ 73,798 Allocation to Noncontrolling Interests – Operating Partnership ( 7,059 ) ( 2,394 ) Net (income) loss attributable to Noncontrolling ( 977 ) ( 639 ) Preferred distributions ( 772 ) ( 772 ) Numerator for net income per share – basic $ 211,263 $ 69,993 Numerator for net income per share – diluted: Net income $ 220,071 $ 73,798 Net (income) loss attributable to Noncontrolling ( 977 ) ( 639 ) Preferred distributions ( 772 ) ( 772 ) Numerator for net income per share – diluted $ 218,322 $ 72,387 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 378,341 375,509 Effect of dilutive securities: OP Units 11,510 11,888 Long-term compensation shares/units 813 2,090 ATM forward sales — 141 Denominator for net income per share – diluted 390,664 389,628 Net income per share – basic $ 0.56 $ 0.19 Net income per share – diluted $ 0.56 $ 0.19 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): Quarter Ended March 31, 2023 2022 Numerator for net income per Unit – basic and diluted: Net income $ 220,071 $ 73,798 Net (income) loss attributable to Noncontrolling ( 977 ) ( 639 ) Allocation to Preference Units ( 772 ) ( 772 ) Numerator for net income per Unit – basic and diluted $ 218,322 $ 72,387 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 389,851 387,397 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting 813 2,090 ATM forward sales — 141 Denominator for net income per Unit – diluted 390,664 389,628 Net income per Unit – basic $ 0.56 $ 0.19 Net income per Unit – diluted $ 0.56 $ 0.19

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Commitments Real Estate Development Commitments As of March 31, 2023 , the Company has both consolidated and unconsolidated real estate projects under development. The following table summarizes the gross remaining total project costs for the Company’s projects under development at March 31, 2023 (total project costs remaining in thousands): Projects Apartment Units Total Project Costs Remaining (1) Projects Under Development Consolidated 2 537 $ 128,307 Unconsolidated 6 1,982 305,454 Total Projects Under Development 8 2,519 $ 433,761 (1) The Company’s share of the $ 433.8 million in total project costs remaining approximates $ 128.9 million, with the balance funded by the Company’s joint venture partners (approximately $ 6.4 million) and/or applicable construction loans (approximately $ 298.5 million). We have entered into, and may continue in the future to enter into, joint venture agreements with third-party partners for the development of multifamily rental properties. The joint venture agreements with each development partner include buy-sell provisions that provide 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. Other Commitments We have entered into, and may continue in the future to enter into, real estate technology and other real estate fund investments. At March 31, 2023, t he Company has invested in nine separate such investments with aggregate remaining commitments of approximately $ 18.7 million. Contingencies Litigation and Legal Matters The Company, as an owner of real estate, is subject to various federal, state and local 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 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.

Reportable Segments

Reportable Segments	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Reportable Segments	13. Reportable Segments 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 operating decision maker. The chief operating decision maker decides how resources are allocated and assesses performance on a recurring basis at least quarterly. 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 quarter ended March 31, 2023 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 revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the quarters ended March 31, 2023 and 2022, respectively. The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense and 2) real estate taxes and insurance expense (all as reflected in the accompanying consolidated statements of operations and comprehensive income). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment properties. Revenues for all leases are reflected on a straight-line basis in accordance with GAAP for the current and comparable periods. The following table presents a reconciliation of NOI from our rental real estate for the quarters ended March 31, 2023 and 2022, respectively (amounts in thousands): Quarter Ended March 31, 2023 2022 Rental income $ 705,088 $ 653,348 Property and maintenance expense ( 137,579 ) ( 124,874 ) Real estate taxes and insurance expense ( 106,669 ) ( 100,688 ) Total operating expenses ( 244,248 ) ( 225,562 ) Net operating income $ 460,840 $ 427,786 The following tables present NOI from our rental real estate for each segment for the quarters ended March 31, 2023 and 2022, respectively, as well as total assets and capital expenditures at March 31, 2023 (amounts in thousands): Quarter Ended March 31, 2023 Quarter Ended March 31, 2022 Rental Operating NOI Rental Operating NOI Same store (1) Los Angeles $ 115,681 $ 37,801 $ 77,880 $ 108,969 $ 34,184 $ 74,785 Orange County 31,588 7,187 24,401 28,767 6,531 22,236 San Diego 22,441 5,189 17,252 20,940 4,952 15,988 Subtotal - Southern California 169,710 50,177 119,533 158,676 45,667 113,009 San Francisco 107,479 34,005 73,474 100,616 31,673 68,943 Washington, D.C. 107,623 36,268 71,355 100,705 34,211 66,494 New York 118,045 49,771 68,274 99,830 47,875 51,955 Seattle 74,561 20,479 54,082 68,537 19,927 48,610 Boston 70,658 22,636 48,022 64,663 21,059 43,604 Denver 17,597 5,491 12,106 16,232 4,633 11,599 Other Expansion Markets 16,002 7,963 8,039 15,107 6,490 8,617 Total same store 681,675 226,790 454,885 624,366 211,535 412,831 Non-same store/other Non-same store (2) 20,970 7,409 13,561 15,050 7,752 7,298 Other (3) 2,443 10,049 ( 7,606 ) 13,932 6,275 7,657 Total non-same store/other 23,413 17,458 5,955 28,982 14,027 14,955 Totals $ 705,088 $ 244,248 $ 460,840 $ 653,348 $ 225,562 $ 427,786 (1) For the quarters ended March 31, 2023 and 2022 , same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2022, less properties subsequently sold, which represented 76,952 apartment units. (2) For the quarters ended March 31, 2023 and 2022, non-same store primarily includes properties acquired after January 1, 2022, plus any properties in lease-up and not stabilized as of January 1, 2022, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Quarter Ended March 31, 2023 Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,536,079 $ 8,189 Orange County 352,643 1,678 San Diego 229,293 4,055 Subtotal - Southern California 3,118,015 13,922 San Francisco 3,046,849 7,954 Washington, D.C. 3,064,106 8,674 New York 3,377,729 5,450 Seattle 2,157,123 5,311 Boston 1,792,839 5,145 Denver 848,783 561 Other Expansion Markets 803,845 1,120 Total same store 18,209,289 48,137 Non-same store/other Non-same store (2) 1,007,584 7,196 Other (3) 885,653 59 Total non-same store/other 1,893,237 7,255 Totals $ 20,102,526 $ 55,392 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2022, less properties subsequently sold, which represented 76,952 apartment units. (2) Non-same store primarily includes properties acquired after January 1, 2022, plus any properties in lease-up and not stabilized as of January 1, 2022, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and capital expenditures for properties sold.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events Subsequent to March 31, 2023, the Company: • Acquired the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated 2 549 $ 186,600 Total 2 549 $ 186,600 • Acquired a third-party joint venture partner's 10.0 % interest in a consolidated operating property for approximately $ 4.6 million, of which the Company paid $ 3.7 million in cash and issued $ 0.9 million of 3.00 % Series Q Cumulative Redeemable Preference Units of the Operating Partnership. The Company also repaid $ 64.7 million of mortgage debt at par prior to maturity in conjunction with the buyout.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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 (“GAAP”) 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 quarter ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. 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. The balance sheets at December 31, 2022 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, 2022 .
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.
Recent Accounting Pronouncements	Recent 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. The Company adopted the standard when effective on January 1, 2022 and it had no impact 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. The new standard was effective for the Company upon issuance and elections could be made through December 31, 2024. The Company elected to apply the hedge accounting expedients and 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.

Business (Tables)

Business (Tables)	3 Months Ended
	Mar. 31, 2023
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Ownership Breakdown	The ownership breakdown includes (table does not include any uncompleted development properties): Properties Apartment Units Wholly Owned Properties 286 76,237 Partially Owned Properties – Consolidated 15 3,114 301 79,351

Equity, Capital and Other Int_2

Equity, Capital and Other Interests (Tables)	3 Months Ended
	Mar. 31, 2023
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 quarters ended March 31, 2023 and 2022: 2023 2022 Common Shares Common Shares outstanding at January 1, 378,429,708 375,527,195 Common Shares Issued: Conversion of OP Units 144,567 6,756 Exercise of share options 173,249 269,665 Employee Share Purchase Plan (ESPP) 27,393 13,374 Restricted share grants, net 123,304 157,080 Common Shares outstanding at March 31, 378,898,221 375,974,070 Units Units outstanding at January 1, 12,429,737 12,659,027 Restricted unit grants, net 229,913 220,333 Conversion of OP Units to Common Shares ( 144,567 ) ( 6,756 ) Units outstanding at March 31, 12,515,083 12,872,604 Total Common Shares and Units outstanding at March 31, 391,413,304 388,846,674 Units Ownership Interest in Operating Partnership 3.2 % 3.3 %
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 quarters ended March 31, 2023 and 2022, respectively (amounts in thousands): 2023 2022 Balance at January 1, $ 318,273 $ 498,977 Change in market value 5,946 ( 939 ) Change in carrying value ( 668 ) ( 2,278 ) Balance at March 31, $ 323,551 $ 495,760
Issued and Outstanding Preferred Shares and Preference Units	The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as of March 31, 2023 and December 31, 2022: Amounts in thousands Annual Call Dividend Per March 31, December 31, Date (1) Share/Unit (2) 2023 2022 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 50 per share/unit; 745,600 shares/units issued 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 quarters ended March 31, 2023 and 2022: 2023 2022 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 390,859,445 388,186,222 Issued to General Partner: Exercise of EQR share options 173,249 269,665 EQR’s Employee Share Purchase Plan (ESPP) 27,393 13,374 EQR’s restricted share grants, net 123,304 157,080 Issued to Limited Partners: Restricted unit grants, net 229,913 220,333 General and Limited Partner Units outstanding at March 31, 391,413,304 388,846,674 Limited Partner Units Limited Partner Units outstanding at January 1, 12,429,737 12,659,027 Limited Partner restricted unit grants, net 229,913 220,333 Conversion of Limited Partner OP Units to EQR Common Shares ( 144,567 ) ( 6,756 ) Limited Partner Units outstanding at March 31, 12,515,083 12,872,604 Limited Partner Units Ownership Interest in Operating Partnership 3.2 % 3.3 %

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Land $ 5,559,883 $ 5,580,878 Depreciable property: Buildings and improvements 19,444,618 19,471,503 Furniture, fixtures and equipment 2,388,137 2,352,050 In-Place lease intangibles 510,801 510,816 Projects under development: Land 3,201 3,201 Construction-in-progress 129,140 109,739 Land held for development: Land 46,160 46,160 Construction-in-progress 14,505 14,407 Investment in real estate 28,096,445 28,088,754 Accumulated depreciation ( 9,207,194 ) ( 9,027,850 ) Investment in real estate, net $ 18,889,251 $ 19,060,904
Disposed Properties to Unaffiliated Parties	During th e quarter ended March 31, 2023, the Company disposed of the following to unaffiliated parties (sales price and net gain in thousands): Properties Apartment Units Sales Price Net Gain Rental Properties – Consolidated 7 247 $ 135,300 $ 100,209 Total 7 247 $ 135,300 $ 100,209

Commitments to Acquire_Dispos_2

Commitments to Acquire/Dispose of Real Estate (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments To Acquire Dispose Of Real Estate [Abstract]
Summary of Separate Agreements to Dispose	The Company has entered into an agreement to dispose of the following (sales price and net book value in thousands): Properties Apartment Units Sales Price Net Book Value at Land Parcels (one) — — $ 16,000 $ 15,000 Total — — $ 16,000 $ 15,000

Investments in Partially Owne_2

Investments in Partially Owned Entities (Tables)	3 Months Ended
	Mar. 31, 2023
Investments In Partially Owned Entities [Abstract]
Summary of Company's Consolidated Joint Ventures	The following table summarizes the Company’s consolidated joint ventures as of March 31, 2023: Operating Properties Project Under Development (1) Properties Apartment Units Project Apartment Units Consolidated Joint Ventures (VIE) 15 3,114 1 312 (1) The land under this project is subject to a long-term ground lease.
Summary of Consolidated Assets and Liabilities Related to the VIEs	The following table provides consolidated assets and liabilities related to the VIEs discussed above as of March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Consolidated Assets $ 685,218 $ 691,880 Consolidated Liabilities $ 169,122 $ 158,932
Summary of Variable Rate Construction Mortgage Debt	The following table and information summarizes the variable rate construction mortgage debt that is non-recourse to the Company at March 31, 2023 (aggregate and amounts borrowed under loan commitments in thousands): Recently Completed Operating Property Project Under Development Number of joint ventures with debt financing 1 1 Aggregate loan commitments $ 67,589 $ 73,344 Amounts borrowed under loan commitments (1) $ 64,735 $ 59,070 Maturity dates 2023 2025 (1) See Note 9 for the proceeds of secured conventional floating rate debt under Mortgage Notes Payable .
Summary of Company's Investment in Unconsolidated Entities	The following table and information summarizes the Company’s investments in unconsolidated entities as of March 31, 2023 and December 31, 2022 (amounts in thousands except for ownership percentage): March 31, 2023 December 31, 2022 Ownership Percentage Investments in Unconsolidated Entities: Various Real Estate Holdings (VIE) $ 36,195 $ 35,974 Varies Projects Under Development and Land Held for Development (VIE) 231,735 218,043 62 % - 95 % (1) Real Estate Technology Funds/Companies (VIE) 24,594 25,249 Varies Other ( 245 ) ( 242 ) Varies Investments in Unconsolidated Entities $ 292,279 $ 279,024 (1) In certain instances, the joint venture agreements contain provisions for promoted interests in favor of our joint venture partner. If the terms of the promoted interest are attained, then our share of the proceeds from a sale or other capital event of the unconsolidated entity may be less than the indicated ownership percentage.
Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs	The following table summarizes the Company’s unconsolidated joint ventures that were deemed to be VIEs as of March 31, 2023: Real Estate Holdings (1) Projects Under Development (2), (5) Projects Held for Development (2), (3) Entities Projects Apartment Units (4) Projects Apartment Units (4) Unconsolidated Joint Ventures (VIE) 2 6 1,982 3 966 (1) Represents entities that hold various real estate investments. (2) Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties. (3) Represents separate unconsolidated joint ventures that have not yet started. (4) Represents the intended number of apartment units to be developed. (5) The land parcel under one of the projects is subject to a long-term ground lease.

Restricted Deposits (Tables)

Restricted Deposits (Tables)	3 Months Ended
	Mar. 31, 2023
Deposits Restricted [Abstract]
Restricted Deposits	The following table presents the Company’s restricted deposits as of March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Mortgage escrow deposits: Replacement reserves $ 12,960 $ 12,549 Mortgage principal reserves/sinking funds 27,017 25,304 Mortgage escrow deposits 39,977 37,853 Restricted cash: Earnest money on pending acquisitions 4,500 4,500 Restricted deposits on real estate investments 226 229 Resident security and utility deposits 38,640 38,432 Other 2,282 2,289 Restricted cash 45,648 45,450 Restricted deposits $ 85,625 $ 83,303

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
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 quarters ended March 31, 2023 and 2022 (amounts in thousands): Quarter Ended March 31, 2023 Quarter Ended March 31, 2022 Income Type Residential Non-Residential Total Residential Non-Residential Total Residential and non-residential rent $ 634,752 $ 15,986 $ 650,738 $ 587,780 $ 15,874 $ 603,654 Utility recoveries (RUBS income) (1) 21,383 207 21,590 19,598 181 19,779 Parking rent 10,882 109 10,991 10,783 98 10,881 Other lease revenue (2) ( 7,589 ) 669 ( 6,920 ) ( 6,301 ) ( 43 ) ( 6,344 ) Total lease revenue $ 659,428 $ 16,971 676,399 $ 611,860 $ 16,110 627,970 Parking revenue 10,203 8,808 Other revenue 18,486 16,570 Total other rental income (3) 28,689 25,378 Rental income $ 705,088 $ 653,348 (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 March 31, 2023 and December 31, 2022 (amounts in thousands): Residential Non-Residential Balance Sheet (Other assets): March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Resident/tenant accounts receivable balances $ 32,781 $ 35,688 $ 2,451 $ 2,820 Allowance for doubtful accounts ( 28,861 ) ( 31,405 ) ( 1,500 ) ( 2,152 ) Net receivable balances $ 3,920 $ 4,283 $ 951 $ 668 Straight-line receivable balances $ 5,815 $ 4,398 $ 13,680 $ 13,795
Summary of Residential Bad Debt for Company's Properties	The following table presents residential bad debt for the Company’s properties for the quarters ended March 31, 2023 and 2022 (amounts in thousands): Quarter Ended March 31, Income Statement (Rental income): 2023 2022 Bad debt, net (1) $ 10,755 $ 9,895 % of rental income 1.6 % 1.6 % Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $ 1.0 million and $ 10.0 million for the quarters ended March 31, 2023 and 2022 , respectively.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Instrument [Line Items]
Summary of Mortgage Notes Payable Activity	The following table summarizes the Company’s mortgage notes payable activity for the quarter ended March 31, 2023 (amounts in thousands): Mortgage notes Proceeds Lump sum Scheduled Amortization Amortization Mortgage notes Fixed Rate Debt: Secured – Conventional $ 1,608,838 $ — $ — $ — $ — $ 230 $ 1,609,068 Floating Rate Debt: Secured – Conventional 108,378 14,090 (2) — ( 40 ) — 184 122,612 Secured – Tax Exempt 236,222 — — — 306 35 236,563 Floating Rate Debt 344,600 14,090 — ( 40 ) 306 219 359,175 Total $ 1,953,438 $ 14,090 $ — $ ( 40 ) $ 306 $ 449 $ 1,968,243 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) See Note 6 for additional discussion of the variable rate construction mortgage debt.
Summary of Notes Activity	The following table summarizes the Company’s notes activity for the quarter ended March 31, 2023 (amounts in thousands): Notes, net as of Proceeds Lump sum Amortization Amortization Notes, net as of Fixed Rate Debt: Unsecured – Public $ 5,342,329 $ — $ — $ 562 $ 960 $ 5,343,851 (1) Represents amortization of deferred financing costs, net of debt financing costs.
Schedule of Unsecured Revolving Credit Facility	The following table presents the availability on the Company’s unsecured revolving credit facility as of March 31, 2023 (amounts in thousands): March 31, 2023 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding — Unsecured revolving credit facility balance outstanding — Other restricted amounts ( 3,484 ) Unsecured revolving credit facility availability $ 2,496,516
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 quarter ended March 31, 2023: March 31, 2023 Interest Rate Ranges 0.10 % - 7.58 % Weighted Average Interest Rate 3.82 % Maturity Date Ranges 2023 - 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 quarter ended March 31, 2023: March 31, 2023 Interest Rate Ranges 1.85 % - 7.57 % Weighted Average Interest Rate 3.56 % Maturity Date Ranges 2025 - 2047
Commercial Paper [Member]
Debt Instrument [Line Items]
Summary of Certain Interest Rate and Maturity Date Information	The following table summarizes certain weighted average interest rate and amount outstanding information for the commercial paper program as of and for the quarter ended March 31, 2023: March 31, 2023 Weighted Average Interest Rate (1) 4.70 % Weighted Average Amount Outstanding $ 109.0 million (1) The notes bear interest at various floating rates.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022, respectively (amounts in thousands): March 31, 2023 December 31, 2022 Carrying Value Estimated Fair Carrying Value Estimated Fair Mortgage notes payable, net $ 1,968,243 $ 1,845,907 $ 1,953,438 $ 1,803,525 Unsecured debt, net 5,343,851 4,855,336 5,472,284 4,874,490 Total debt, net $ 7,312,094 $ 6,701,243 $ 7,425,722 $ 6,678,015
Summarizes Company’s Consolidated Derivative Instruments	The following table summarizes the Company’s consolidated derivative instruments at March 31, 2023 (dollar amounts are in thousands): Forward Starting Current Notional Balance $ 450,000 Lowest Interest Rate 2.4470 % Highest Interest Rate 3.6995 % Maturity Date 2033 (1) Forward Starting Swaps – Designed to partially fix interest rates in advance of planned future debt issuances. These swaps have mandatory counterparty terminations i n 2024 and are targeted for certain 2023 d ebt issuances.
Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at March 31, 2023 and December 31, 2022, respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet 3/31/2023 Quoted Prices in Significant Other Significant Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Assets $ 14,455 $ — $ 14,455 $ — Supplemental Executive Retirement Plan Other Assets 124,872 124,872 — — Total $ 139,327 $ 124,872 $ 14,455 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Liabilities $ 3,580 $ — $ 3,580 $ — Supplemental Executive Retirement Plan Other Liabilities 124,872 124,872 — — Total $ 128,452 $ 124,872 $ 3,580 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 323,551 $ — $ 323,551 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet 12/31/2022 Quoted Prices in Significant Other Significant Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Assets $ 21,864 $ — $ 21,864 $ — Supplemental Executive Retirement Plan Other Assets 133,245 133,245 — — Total $ 155,109 $ 133,245 $ 21,864 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Liabilities $ 1,210 $ — $ 1,210 $ — Supplemental Executive Retirement Plan Other Liabilities 133,245 133,245 — — Total $ 134,455 $ 133,245 $ 1,210 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 318,273 $ — $ 318,273 $ —
Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income	The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the quarters ended March 31, 2023 and 2022, respectively (amounts in thousands): March 31, 2023 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ ( 9,780 ) Interest expense $ ( 1,095 ) Total $ ( 9,780 ) $ ( 1,095 ) March 31, 2022 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ — Interest expense $ ( 2,425 ) Total $ — $ ( 2,425 )

Earnings Per Share and Earnin_2

Earnings Per Share and Earnings Per Unit (Tables)	3 Months Ended
	Mar. 31, 2023
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 share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts): Quarter Ended March 31, 2023 2022 Numerator for net income per share – basic: Net income $ 220,071 $ 73,798 Allocation to Noncontrolling Interests – Operating Partnership ( 7,059 ) ( 2,394 ) Net (income) loss attributable to Noncontrolling ( 977 ) ( 639 ) Preferred distributions ( 772 ) ( 772 ) Numerator for net income per share – basic $ 211,263 $ 69,993 Numerator for net income per share – diluted: Net income $ 220,071 $ 73,798 Net (income) loss attributable to Noncontrolling ( 977 ) ( 639 ) Preferred distributions ( 772 ) ( 772 ) Numerator for net income per share – diluted $ 218,322 $ 72,387 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 378,341 375,509 Effect of dilutive securities: OP Units 11,510 11,888 Long-term compensation shares/units 813 2,090 ATM forward sales — 141 Denominator for net income per share – diluted 390,664 389,628 Net income per share – basic $ 0.56 $ 0.19 Net income per share – diluted $ 0.56 $ 0.19
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): Quarter Ended March 31, 2023 2022 Numerator for net income per Unit – basic and diluted: Net income $ 220,071 $ 73,798 Net (income) loss attributable to Noncontrolling ( 977 ) ( 639 ) Allocation to Preference Units ( 772 ) ( 772 ) Numerator for net income per Unit – basic and diluted $ 218,322 $ 72,387 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 389,851 387,397 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting 813 2,090 ATM forward sales — 141 Denominator for net income per Unit – diluted 390,664 389,628 Net income per Unit – basic $ 0.56 $ 0.19 Net income per Unit – diluted $ 0.56 $ 0.19

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments And Contingencies Disclosure [Abstract]
Summary of Real Estate Development Commitments	The following table summarizes the gross remaining total project costs for the Company’s projects under development at March 31, 2023 (total project costs remaining in thousands): Projects Apartment Units Total Project Costs Remaining (1) Projects Under Development Consolidated 2 537 $ 128,307 Unconsolidated 6 1,982 305,454 Total Projects Under Development 8 2,519 $ 433,761 (1) The Company’s share of the $ 433.8 million in total project costs remaining approximates $ 128.9 million, with the balance funded by the Company’s joint venture partners (approximately $ 6.4 million) and/or applicable construction loans (approximately $ 298.5 million).

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations	The following table presents a reconciliation of NOI from our rental real estate for the quarters ended March 31, 2023 and 2022, respectively (amounts in thousands): Quarter Ended March 31, 2023 2022 Rental income $ 705,088 $ 653,348 Property and maintenance expense ( 137,579 ) ( 124,874 ) Real estate taxes and insurance expense ( 106,669 ) ( 100,688 ) Total operating expenses ( 244,248 ) ( 225,562 ) Net operating income $ 460,840 $ 427,786
Schedule of NOI from Our Rental Real Estate for Each Segment Specific to Continuing Operations	The following tables present NOI from our rental real estate for each segment for the quarters ended March 31, 2023 and 2022, respectively, as well as total assets and capital expenditures at March 31, 2023 (amounts in thousands): Quarter Ended March 31, 2023 Quarter Ended March 31, 2022 Rental Operating NOI Rental Operating NOI Same store (1) Los Angeles $ 115,681 $ 37,801 $ 77,880 $ 108,969 $ 34,184 $ 74,785 Orange County 31,588 7,187 24,401 28,767 6,531 22,236 San Diego 22,441 5,189 17,252 20,940 4,952 15,988 Subtotal - Southern California 169,710 50,177 119,533 158,676 45,667 113,009 San Francisco 107,479 34,005 73,474 100,616 31,673 68,943 Washington, D.C. 107,623 36,268 71,355 100,705 34,211 66,494 New York 118,045 49,771 68,274 99,830 47,875 51,955 Seattle 74,561 20,479 54,082 68,537 19,927 48,610 Boston 70,658 22,636 48,022 64,663 21,059 43,604 Denver 17,597 5,491 12,106 16,232 4,633 11,599 Other Expansion Markets 16,002 7,963 8,039 15,107 6,490 8,617 Total same store 681,675 226,790 454,885 624,366 211,535 412,831 Non-same store/other Non-same store (2) 20,970 7,409 13,561 15,050 7,752 7,298 Other (3) 2,443 10,049 ( 7,606 ) 13,932 6,275 7,657 Total non-same store/other 23,413 17,458 5,955 28,982 14,027 14,955 Totals $ 705,088 $ 244,248 $ 460,840 $ 653,348 $ 225,562 $ 427,786 (1) For the quarters ended March 31, 2023 and 2022 , same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2022, less properties subsequently sold, which represented 76,952 apartment units. (2) For the quarters ended March 31, 2023 and 2022, non-same store primarily includes properties acquired after January 1, 2022, plus any properties in lease-up and not stabilized as of January 1, 2022, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Quarter Ended March 31, 2023 Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,536,079 $ 8,189 Orange County 352,643 1,678 San Diego 229,293 4,055 Subtotal - Southern California 3,118,015 13,922 San Francisco 3,046,849 7,954 Washington, D.C. 3,064,106 8,674 New York 3,377,729 5,450 Seattle 2,157,123 5,311 Boston 1,792,839 5,145 Denver 848,783 561 Other Expansion Markets 803,845 1,120 Total same store 18,209,289 48,137 Non-same store/other Non-same store (2) 1,007,584 7,196 Other (3) 885,653 59 Total non-same store/other 1,893,237 7,255 Totals $ 20,102,526 $ 55,392 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2022, less properties subsequently sold, which represented 76,952 apartment units. (2) Non-same store primarily includes properties acquired after January 1, 2022, plus any properties in lease-up and not stabilized as of January 1, 2022, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and capital expenditures for properties sold.

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Summary of Acquired from Unaffiliated Parties	• Acquired the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated 2 549 $ 186,600 Total 2 549 $ 186,600

Business - Additional Informati

Business - Additional Information (Details)	Mar. 31, 2023 Property ApartmentUnit State
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of states in which entity operates | State	10
Properties | Property	301
Apartment units | ApartmentUnit	79,351
ERPOP [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Noncontrolling interest, ownership percentage by parent	96.80%

Business - Ownership Breakdown

Business - Ownership Breakdown (Details)	Mar. 31, 2023 ApartmentUnit Property
Property/Unit schedule
Properties | Property	301
Apartment Units | ApartmentUnit	79,351
Wholly Owned Properties
Property/Unit schedule
Properties | Property	286
Apartment Units | ApartmentUnit	76,237
Partially Owned Properties - Consolidated
Property/Unit schedule
Properties | Property	15
Apartment Units | ApartmentUnit	3,114

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Provision for income tax	$ 298,000	$ 282,000
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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity Capital And Other Interests [Abstract]
Common Stock, Shares, Outstanding	378,429,708	375,527,195
Common Shares Issued:
Conversion of OP Units	144,567	6,756
Exercise of share options	173,249	269,665
Employee Share Purchase Plan (ESPP)	27,393	13,374
Restricted share grants, net	123,304	157,080
Common Stock, Shares, Outstanding	378,898,221	375,974,070
Units
Total Units Outstanding	12,429,737	12,659,027
Restricted unit grants, net	229,913	220,333
Conversion of OP Units to Common Shares	(144,567)	(6,756)
Total Units Outstanding	12,515,083	12,872,604
Common Shares And Units Outstanding	391,413,304	388,846,674
Units Ownership Interest in Operating Partnership	3.20%	3.30%

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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
General and Limited Partner Units
Exercise of share options	173,249	269,665
Employee Share Purchase Plan (ESPP)	27,393	13,374
Restricted share grants, net	123,304	157,080
Restricted unit grants, net	229,913	220,333
Common Shares And Units Outstanding	391,413,304	388,846,674
Limited Partner Units
Total Units Outstanding	12,429,737	12,659,027
Restricted unit grants, net	229,913	220,333
Conversion of Limited Partner OP Units to EQR Common Shares	(144,567)	(6,756)
Total Units Outstanding	12,515,083	12,872,604
Units Ownership Interest in Operating Partnership	3.20%	3.30%
ERPOP [Member]
General and Limited Partner Units
Common Shares And Units Outstanding	390,859,445	388,186,222
Exercise of share options	173,249	269,665
Employee Share Purchase Plan (ESPP)	27,393	13,374
Restricted share grants, net	123,304	157,080
Restricted unit grants, net	229,913	220,333
Common Shares And Units Outstanding	391,413,304	388,846,674
Limited Partner Units
Total Units Outstanding	12,429,737	12,659,027
Restricted unit grants, net	229,913	220,333
Conversion of Limited Partner OP Units to EQR Common Shares	(144,567)	(6,756)
Total Units Outstanding	12,515,083	12,872,604
Units Ownership Interest in Operating Partnership	3.20%	3.30%

Equity, Capital and Other Int_5

Equity, Capital and Other Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Equity Capital And Other Interests [Abstract]
Redeemable noncontrolling interests - operating partnership	$ 323,551	$ 318,273	$ 495,760	$ 498,977
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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class Of Stock [Line Items]
Redeemable Noncontrolling Interests - Operating Partnership Units	$ 318,273	$ 498,977
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership	5,946	(939)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	(668)	(2,278)
Redeemable Noncontrolling Interests - Operating Partnership Units	323,551	495,760
E R P O P [Member]
Class Of Stock [Line Items]
Redeemable Noncontrolling Interests - Operating Partnership Units	318,273	498,977
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership	5,946	(939)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	(668)	(2,278)
Redeemable Noncontrolling Interests - Operating Partnership Units	$ 323,551	$ 495,760

Equity, Capital and Other Int_7

Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Limited Partners Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class Of Stock [Line Items]
Redeemable Limited Partners	$ 318,273	$ 498,977
Limited Partners Change In Redemption Value	5,946	(939)
Limited Partners Change In Carrying Value	(668)	(2,278)
Redeemable Limited Partners	323,551	495,760
E R P O P [Member]
Class Of Stock [Line Items]
Redeemable Limited Partners	318,273	498,977
Limited Partners Change In Redemption Value	5,946	(939)
Limited Partners Change In Carrying Value	(668)	(2,278)
Redeemable Limited Partners	$ 323,551	$ 495,760

Equity, Capital and Other Int_8

Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Details) - EQR and ERPOP [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
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 March 31, 2023 and December 31, 2022	$ 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 March 31, 2023 and December 31, 2022	$ 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	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
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) - shares	183 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Common Stock, Shares, Issued	378,898,221	378,429,708
Stock repurchase program, number of shares authorized to be repurchased	13,000,000
Stock open market repurchased and retired during period, shares	0
Stock repurchase program, remaining number of shares authorized to be repurchased	13,000,000
Forward Sales Agreements [Member]
Common shares available for issuance	13,000,000

Real Estate - Summary of Carryi

Real Estate - Summary of Carrying Amounts of Investment in Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Land	$ 5,559,883	$ 5,580,878
Depreciable property:
Buildings and improvements	19,444,618	19,471,503
Furniture, fixtures and equipment	2,388,137	2,352,050
In-Place lease intangibles	510,801	510,816
Projects under development:
Projects under development	132,341	112,940
Land held for development:
Land held for development	60,665	60,567
Investment in real estate	28,096,445	28,088,754
Accumulated depreciation	(9,207,194)	(9,027,850)
Investment in real estate, net	18,889,251	19,060,904
Land [Member]
Projects under development:
Projects under development	3,201	3,201
Land held for development:
Land held for development	46,160	46,160
Construction-in-progress [Member]
Projects under development:
Projects under development	129,140	109,739
Land held for development:
Land held for development	$ 14,505	$ 14,407

Real Estate - Acquired Properti

Real Estate - Acquired Properties From Unaffiliated Parties (Details)	Apr. 01, 2023 ApartmentUnit Property
Properties acquired | Property	2
Property Units acquired | ApartmentUnit	549

Real Estate - Disposed Properti

Real Estate - Disposed Properties to Unaffiliated Parties (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) Property ApartmentUnit	Mar. 31, 2022 USD ($)
Properties disposed | Property	7
Property Units disposed | ApartmentUnit	247
Sales Price	$ 135,300
Net Gain	$ 100,209	$ (102)
Rental Properties - Consolidated [Member]
Properties disposed | Property	7
Property Units disposed | ApartmentUnit	247
Sales Price	$ 135,300
Net Gain	$ 100,209

Commitments to Acquire_Dispos_3

Commitments to Acquire/Dispose of Real Estate - Summary of Separate Agreements to Dispose (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Property/Unit schedule
Sales Price	$ 16,000
Net Book Value at March 31, 2023	15,000
Land [Member]
Property/Unit schedule
Sales Price	16,000
Net Book Value at March 31, 2023	$ 15,000

Investments in Partially Owne_3

Investments in Partially Owned Entities - Summary of Company's Consolidated Joint Ventures (Details)	Mar. 31, 2023 ApartmentUnit Property Project
Variable Interest Entity [Line Items]
Properties | Property	301
Apartment units	79,351
Consolidated VIE [Member] | Operating Properties [Member]
Variable Interest Entity [Line Items]
Properties | Property	15
Apartment units	3,114
Consolidated VIE [Member] | Project Under Development [Member]
Variable Interest Entity [Line Items]
Apartment units	312
Project | Project	1

Investments in Partially Owne_4

Investments in Partially Owned Entities - Summary of Consolidated Assets and Liabilities Related to the VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Consolidated Assets	$ 20,102,526	$ 20,218,262
Consolidated Liabilities	8,432,522	8,517,310
Consolidated VIE [Member]
Variable Interest Entity [Line Items]
Consolidated Assets	685,218	691,880
Consolidated Liabilities	$ 169,122	$ 158,932

Investments in Partially Owne_5

Investments in Partially Owned Entities - Summary of Variable Rate Construction Mortgage Debt (Details) - Consolidated VIE [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) JointVenture
Recently Completed Operating Property [Member]
Variable Interest Entity [Line Items]
Number of joint ventures with debt financing | JointVenture	1
Aggregate loan commitments	$ 67,589
Amounts borrowed under loan commitments	$ 64,735
Maturity dates	2023
Project Under Development [Member]
Variable Interest Entity [Line Items]
Number of joint ventures with debt financing | JointVenture	1
Aggregate loan commitments	$ 73,344
Amounts borrowed under loan commitments	$ 59,070
Maturity dates	2025

Investments in Partially Owne_6

Investments in Partially Owned Entities - Summary of Company's Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 292,279	$ 279,024
Various Real Estate Holdings [Member] | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	36,195	35,974
Project under Development and Land Held for Development
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 231,735	218,043
Project under Development and Land Held for Development | Variable Interest Entity, Not Primary Beneficiary | Minimum [Member]
Variable Interest Entity [Line Items]
Ownership Percentage	62%
Project under Development and Land Held for Development | Variable Interest Entity, Not Primary Beneficiary | Maximum [Member]
Variable Interest Entity [Line Items]
Ownership Percentage	95%
Real Estate Technology Funds/Companies | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 24,594	25,249
Other [Member]
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ (245)	$ (242)

Investments in Partially Owne_7

Investments in Partially Owned Entities - Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs (Details)	Mar. 31, 2023 ApartmentUnit Project Entity
Variable Interest Entity [Line Items]
Apartment units	79,351
Variable Interest Entity, Not Primary Beneficiary | Real Estate Holdings [Member]
Variable Interest Entity [Line Items]
Entities | Entity	2
Variable Interest Entity, Not Primary Beneficiary | Projects Under Development [Member]
Variable Interest Entity [Line Items]
Project | Project	6
Apartment units	1,982
Variable Interest Entity, Not Primary Beneficiary | Projects Held for Development [Member]
Variable Interest Entity [Line Items]
Project | Project	3
Apartment units	966

Restricted Deposits - Restricte

Restricted Deposits - Restricted Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Mortgage escrow deposits:
Replacement reserves	$ 12,960	$ 12,549
Mortgage principal reserves/sinking funds	27,017	25,304
Mortgage escrow deposits	39,977	37,853
Restricted cash:
Earnest money on pending acquisitions	4,500	4,500
Restricted deposits on real estate investments	226	229
Resident security and utility deposits	38,640	38,432
Other	2,282	2,289
Restricted cash	45,648	45,450
Restricted deposits	$ 85,625	$ 83,303	$ 70,560

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
	Mar. 31, 2023	Mar. 31, 2022
Operating Leased Assets [Line Items]
Total lease revenue	$ 676,399	$ 627,970
Rental income	705,088	653,348
Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	659,428	611,860
Non-residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	16,971	16,110
Residential and Non-Residential Rent [Member]
Operating Leased Assets [Line Items]
Total lease revenue	650,738	603,654
Residential and Non-Residential Rent [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	634,752	587,780
Residential and Non-Residential Rent [Member] | Non-residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	15,986	15,874
Utility Recoveries (RUBS Income) [Member]
Operating Leased Assets [Line Items]
Total lease revenue	21,590	19,779
Utility Recoveries (RUBS Income) [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	21,383	19,598
Utility Recoveries (RUBS Income) [Member] | Non-residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	207	181
Parking Rent [Member]
Operating Leased Assets [Line Items]
Total lease revenue	10,991	10,881
Parking Rent [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	10,882	10,783
Parking Rent [Member] | Non-residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	109	98
Other Lease Revenue [Member]
Operating Leased Assets [Line Items]
Total lease revenue	(6,920)	(6,344)
Other Lease Revenue [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	(7,589)	(6,301)
Other Lease Revenue [Member] | Non-residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	669	(43)
Parking Revenue
Operating Leased Assets [Line Items]
Rental income	10,203	8,808
Other Revenue
Operating Leased Assets [Line Items]
Rental income	18,486	16,570
Other Rental Income [Member]
Operating Leased Assets [Line Items]
Rental income	$ 28,689	$ 25,378

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	Mar. 31, 2023	Dec. 31, 2022
Residential Leases [Member]
Operating Leased Assets [Line Items]
Resident/tenant accounts receivable balances	$ 32,781	$ 35,688
Allowance for doubtful accounts	(28,861)	(31,405)
Net receivable balances	3,920	4,283
Straight-line receivable balances	5,815	4,398
Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Resident/tenant accounts receivable balances	2,451	2,820
Allowance for doubtful accounts	(1,500)	(2,152)
Net receivable balances	951	668
Straight-line receivable balances	$ 13,680	$ 13,795

Leases - Summary of Residenti_2

Leases - Summary of Residential Bad Debt for Company's Properties (Details) - Residential Leases [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lessor Lease Description [Line Items]
Bad debt, net	$ 10,755	$ 9,895
% of rental income	1.60%	1.60%

Leases - Summary of Residenti_3

Leases - Summary of Residential Bad Debt for Company's Properties (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Bad debt, net from resident payments	$ 1	$ 10

Debt - Mortgage Notes Payable -

Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	$ 1,953,438
Proceeds	14,090	$ 2,689
Scheduled principal repayments	(40)
Amortization of premiums/ discounts	306	$ 685
Amortization of deferred financing costs, net	449
Mortgage notes payable, net ending balance	1,968,243
Fixed Rate Debt [Member] | Secured - Conventional [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	1,608,838
Amortization of deferred financing costs, net	230
Mortgage notes payable, net ending balance	1,609,068
Floating Rate Debt [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	344,600
Proceeds	14,090
Scheduled principal repayments	(40)
Amortization of premiums/ discounts	306
Amortization of deferred financing costs, net	219
Mortgage notes payable, net ending balance	359,175
Floating Rate Debt [Member] | Secured - Conventional [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	108,378
Proceeds	14,090
Scheduled principal repayments	(40)
Amortization of deferred financing costs, net	184
Mortgage notes payable, net ending balance	122,612
Floating Rate Debt [Member] | Secured - Tax Exempt [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	236,222
Amortization of premiums/ discounts	306
Amortization of deferred financing costs, net	35
Mortgage notes payable, net ending balance	$ 236,563

Debt - Mortgage Notes Payable_2

Debt - Mortgage Notes Payable - Summary of Certain Interest Rate and Maturity Date Information (Details) - Mortgages [Member]	3 Months Ended
	Mar. 31, 2023
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.82%
Maturity Date Ranges, Start	2023
Maturity Date Ranges, End	2061
Minimum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges	0.10%
Maximum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges	7.58%

Debt - Mortgage Notes Payable_3

Debt - Mortgage Notes Payable - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Mortgage notes payable	$ 1,968,243	$ 1,953,438
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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Notes, net beginning balance	$ 5,342,329
Amortization of premiums/ discounts	562	$ 673
Notes, net ending balance	5,343,851
Fixed Rate Debt [Member] | Unsecured - Public [Member]
Debt Instrument [Line Items]
Notes, net beginning balance	5,342,329
Amortization of premiums/ discounts	562
Amortization of deferred financing costs, net	960
Notes, net ending balance	$ 5,343,851

Debt - Notes - Summary of Certa

Debt - Notes - Summary of Certain Interest Rate and Maturity Date Information (Details) - Notes [Member]	3 Months Ended
	Mar. 31, 2023
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.56%
Maturity Date Ranges, Start	2025
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)	3 Months Ended
	Mar. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Debt instrument, maturity date	Oct. 26, 2027
Commercial paper balance outstanding	$ 1,000,000,000
Commercial Paper [Member]
Line of Credit Facility [Line Items]
Weighted average interest rates	4.70%
Weighted average amount outstanding	$ 109,000,000
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	0.725%
Percentage points of line of credit facility commitment fee	0.125%
Revolving credit facility	$ 0

Debt - Notes - Summary of Cer_2

Debt - Notes - Summary of Certain Weighted Average interest Rate And Amount Outstanding Information For The Commercial Paper Program (Details) - Commercial Paper [Member] $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.70%
Weighted Average Amount Outstanding	$ 109

Debt - Line of Credit and Com_2

Debt - Line of Credit and Commercial Paper - Schedule of Unsecured Revolving Credit Facility (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
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
Unsecured revolving credit facility balance outstanding	0
Other restricted amounts	(3,484,000)
Unsecured revolving credit facility availability	$ 2,496,516,000

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Valuations for Each Type of Fair Value Measurement (Details)	3 Months Ended
	Mar. 31, 2023
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	Mar. 31, 2023	Dec. 31, 2022
Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	$ 7,312,094	$ 7,425,722
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	6,701,243	6,678,015
Mortgage Notes Payable, Net [Member] | Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	1,968,243	1,953,438
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	1,845,907	1,803,525
Unsecured Debt [Member] | Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	5,343,851	5,472,284
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	$ 4,855,336	$ 4,874,490

Fair Value Measurements - Sum_3

Fair Value Measurements - Summarizes Company's Consolidated Derivative Instruments (Details) - Forward Starting Swaps [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Derivatives Fair Value [Line Items]
Current Notional Balance	$ 450,000
Maturity Date	2033
Minimum [Member]
Derivatives Fair Value [Line Items]
Interest Rate	2.447%
Maximum [Member]
Derivatives Fair Value [Line Items]
Interest Rate	3.6995%

Fair Value Measurements - Sum_4

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	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	$ 139,327	$ 155,109
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets
Other Liabilities, Fair Value Disclosure	$ 128,452	134,455
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	$ 323,551	318,273	$ 495,760	$ 498,977
Forward Starting Swaps [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	14,455	21,864
Other Liabilities, Fair Value Disclosure	3,580	1,210
SERP [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	124,872	133,245
Other Liabilities, Fair Value Disclosure	124,872	133,245
Fair Value, Inputs, Level 1 [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	124,872	133,245
Other Liabilities, Fair Value Disclosure	124,872	133,245
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	0	0
Fair Value, Inputs, Level 1 [Member] | Forward Starting Swaps [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	0	0
Other Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | SERP [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	124,872	133,245
Other Liabilities, Fair Value Disclosure	124,872	133,245
Fair Value, Inputs, Level 2 [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	14,455	21,864
Other Liabilities, Fair Value Disclosure	3,580	1,210
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	323,551	318,273
Fair Value, Inputs, Level 2 [Member] | Forward Starting Swaps [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	14,455	21,864
Other Liabilities, Fair Value Disclosure	3,580	1,210
Fair Value, Inputs, Level 2 [Member] | SERP [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	0	0
Other Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	0	0
Other Liabilities, Fair Value Disclosure	0	0
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	0	0
Fair Value, Inputs, Level 3 [Member] | Forward Starting Swaps [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	0	0
Other Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | SERP [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	0	0
Other Liabilities, Fair Value Disclosure	$ 0	$ 0

Fair Value Measurements - Sum_5

Fair Value Measurements - Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in OCI on Derivative	$ (9,780)	$ 0
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income	$ (1,095)	$ (2,425)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Expense incurred, net	Expense incurred, net
Forward Starting Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in OCI on Derivative	$ (9,780)	$ 0
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income	$ (1,095)	$ (2,425)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Derivative Instrument Detail [Abstract]
Unrealized gain (loss) on interest rate cash flow hedges, pretax, accumulated other comprehensive income (loss)	$ 11.2	$ 2.5
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	$ 3.9

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
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income	$ 220,071	$ 73,798
Allocation to Noncontrolling Interests – Operating Partnership	(7,059)	(2,394)
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(977)	(639)
Preferred distributions	(772)	(772)
Net income available to Common Shares	211,263	69,993
Numerator for net income per share – diluted	$ 218,322	$ 72,387
Weighted average Common Shares outstanding	378,341	375,509
OP Units	11,510	11,888
Dilutive Securities Options	813	2,090
ATM forward sales		141
Denominator for net income per share – diluted	390,664	389,628
Net income per share - basic	$ 0.56	$ 0.19
Net income per share - diluted	$ 0.56	$ 0.19

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
	Mar. 31, 2023	Mar. 31, 2022
Net income	$ 220,071	$ 73,798
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	$ (977)	$ (639)
Dilutive Securities Options	813	2,090
ATM forward sales		141
Denominator for net income per share – diluted	390,664	389,628
Net income per share - basic	$ 0.56	$ 0.19
Net income per share - diluted	$ 0.56	$ 0.19
ERPOP [Member]
Net income	$ 220,071	$ 73,798
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(977)	(639)
Allocation to Preference Units	(772)	(772)
Numerator for net income per Unit – basic and diluted	$ 218,322	$ 72,387
Denominator for net income per Unit – basic	389,851	387,397
Dilutive Securities Options	813	2,090
ATM forward sales		141
Denominator for net income per share – diluted	390,664	389,628
Net income per share - basic	$ 0.56	$ 0.19
Net income per share - diluted	$ 0.56	$ 0.19

Commitments and Contingencies -

Commitments and Contingencies - Summary of Real Estate Development Commitments (Details) $ in Thousands	Mar. 31, 2023 USD ($) Project Apartment
Projects Under Development Consolidated [Member]
Projects/Investments/Units/Remaining Commitments schedule
Apartment Units | Apartment	537
Consolidated project under development commitment fund | $	$ 128,307
Number of consolidated projects in various stages of development | Project	2
Projects Under Development Unconsolidated [Member]
Projects/Investments/Units/Remaining Commitments schedule
Apartment Units | Apartment	1,982
Unconsolidated project under development commitment fund | $	$ 305,454
Number of unconsolidated projects in various stages of development | Project	6
Projects Under Development [Member]
Projects/Investments/Units/Remaining Commitments schedule
Apartment Units | Apartment	2,519
Project under development commitment fund | $	$ 433,761
Number of projects in various stages of development | Project	8

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Real Estate Development Commitments (Parenthetical) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Projects/Investments/Units/Remaining Commitments schedule
Total project costs remaining under development commitment fund	$ 433.8
Parent
Projects/Investments/Units/Remaining Commitments schedule
Total project costs remaining under development commitment fund	128.9
Corporate Joint Venture
Projects/Investments/Units/Remaining Commitments schedule
Total project costs remaining under development commitment fund	6.4
Construction Loans
Projects/Investments/Units/Remaining Commitments schedule
Total project costs remaining under development commitment fund	$ 298.5

Commitments and Contingencies_3

Commitments and Contingencies - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) Investment
Commitments And Contingencies [Abstract]
Number of real estate investment funds | Investment	9
Real estate technology and other real estate investments commitment funds | $	$ 18.7

Reportable Segments - Additiona

Reportable Segments - Additional Information (Details) - Customer	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Number of customers 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
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Rental income	$ 705,088	$ 653,348
Property and maintenance expense	(137,579)	(124,874)
Real estate taxes and insurance expense	(106,669)	(100,688)
Operating income	297,588	149,738
Same Store, Non-same Store and Other
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Rental income	705,088	653,348
Property and maintenance expense	137,579	124,874
Real estate taxes and insurance expense	106,669	100,688
Total operating expenses	(244,248)	(225,562)
Operating income	$ 460,840	$ 427,786

Reportable Segments - NOI from

Reportable Segments - NOI from Our Rental Real Estate for Each Segment Specific to Continuing Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Rental income	$ 705,088	$ 653,348
Operating income	297,588	149,738
Total Assets	20,102,526		$ 20,218,262
Same Store
Segment Reporting Information [Line Items]
Rental income	681,675	624,366
Operating expenses	226,790	211,535
Operating income	454,885	412,831
Total Assets	18,209,289
Capital Expenditures	48,137
Non-same store/other
Segment Reporting Information [Line Items]
Rental income	23,413	28,982
Operating expenses	17,458	14,027
Operating income	5,955	14,955
Total Assets	1,893,237
Capital Expenditures	7,255
Same Store, Non-same Store and Other
Segment Reporting Information [Line Items]
Rental income	705,088	653,348
Operating expenses	244,248	225,562
Operating income	460,840	427,786
Total Assets	20,102,526
Capital Expenditures	55,392
Los Angeles | Same Store
Segment Reporting Information [Line Items]
Rental income	115,681	108,969
Operating expenses	37,801	34,184
Operating income	77,880	74,785
Total Assets	2,536,079
Capital Expenditures	8,189
Orange County | Same Store
Segment Reporting Information [Line Items]
Rental income	31,588	28,767
Operating expenses	7,187	6,531
Operating income	24,401	22,236
Total Assets	352,643
Capital Expenditures	1,678
San Diego | Same Store
Segment Reporting Information [Line Items]
Rental income	22,441	20,940
Operating expenses	5,189	4,952
Operating income	17,252	15,988
Total Assets	229,293
Capital Expenditures	4,055
Subtotal - Southern California | Same Store
Segment Reporting Information [Line Items]
Rental income	169,710	158,676
Operating expenses	50,177	45,667
Operating income	119,533	113,009
Total Assets	3,118,015
Capital Expenditures	13,922
San Francisco | Same Store
Segment Reporting Information [Line Items]
Rental income	107,479	100,616
Operating expenses	34,005	31,673
Operating income	73,474	68,943
Total Assets	3,046,849
Capital Expenditures	7,954
Washington D.C. | Same Store
Segment Reporting Information [Line Items]
Rental income	107,623	100,705
Operating expenses	36,268	34,211
Operating income	71,355	66,494
Total Assets	3,064,106
Capital Expenditures	8,674
New York | Same Store
Segment Reporting Information [Line Items]
Rental income	118,045	99,830
Operating expenses	49,771	47,875
Operating income	68,274	51,955
Total Assets	3,377,729
Capital Expenditures	5,450
Seattle | Same Store
Segment Reporting Information [Line Items]
Rental income	74,561	68,537
Operating expenses	20,479	19,927
Operating income	54,082	48,610
Total Assets	2,157,123
Capital Expenditures	5,311
Boston | Same Store
Segment Reporting Information [Line Items]
Rental income	70,658	64,663
Operating expenses	22,636	21,059
Operating income	48,022	43,604
Total Assets	1,792,839
Capital Expenditures	5,145
Denver | Same Store
Segment Reporting Information [Line Items]
Rental income	17,597	16,232
Operating expenses	5,491	4,633
Operating income	12,106	11,599
Total Assets	848,783
Capital Expenditures	561
Other Expansion Markets | Same Store
Segment Reporting Information [Line Items]
Rental income	16,002	15,107
Operating expenses	7,963	6,490
Operating income	8,039	8,617
Total Assets	803,845
Capital Expenditures	1,120
Non-same store | Non-same store/other
Segment Reporting Information [Line Items]
Rental income	20,970	15,050
Operating expenses	7,409	7,752
Operating income	13,561	7,298
Total Assets	1,007,584
Capital Expenditures	7,196
Other | Non-same store/other
Segment Reporting Information [Line Items]
Rental income	2,443	13,932
Operating expenses	10,049	6,275
Operating income	(7,606)	$ 7,657
Total Assets	885,653
Capital Expenditures	$ 59

Reportable Segments - NOI fro_2

Reportable Segments - NOI from Our Rental Real Estate for Each Segment Specific to Continuing Operations (Parenthetical) (Details) - Property	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract]
Units in same store properties	76,952	76,952

Subsequent Events - Summary of

Subsequent Events - Summary of Acquired from Unaffiliated Parties (Details) $ in Thousands	Apr. 01, 2023 USD ($) Property ApartmentUnit
Subsequent Event [Line Items]
Properties | Property	2
Apartment Units | ApartmentUnit	549
Purchase Price | $	$ 186,600
Rental Properties - Consolidated
Subsequent Event [Line Items]
Properties | Property	2
Apartment Units | ApartmentUnit	549
Purchase Price | $	$ 186,600

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Thousands		3 Months Ended		12 Months Ended
	Apr. 01, 2023 USD ($)	Mar. 31, 2023 ApartmentUnit	Mar. 31, 2022 USD ($)	Dec. 31, 2022
Subsequent Event [Line Items]
Apartment units | ApartmentUnit		79,351
Payments to acquire real estate			$ 113,046
Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock preference units dividend rate percentage		8.29%		8.29%
Subsequent Events [Member]
Subsequent Event [Line Items]
Percentage interest in consolidated operating property	10%
Payments to acquired interest in consolidated operating property	$ 4,600
Subsequent Events [Member] | Cash [Member]
Subsequent Event [Line Items]
Payments to acquired interest in consolidated operating property	3,700
Subsequent Events [Member] | Mortgages [Member]
Subsequent Event [Line Items]
Payments to acquired interest in consolidated operating property	64,700
Subsequent Events [Member] | Preferred Stock [Member]
Subsequent Event [Line Items]
Payments to acquired interest in consolidated operating property	$ 900
Preferred stock preference units dividend rate percentage	3%