Equity Residential (EQR) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 25, 2024
Document Information [Line Items]
Entity Registrant Name	EQUITY RESIDENTIAL
Entity Central Index Key	0000906107
Document Type	10-Q
Document Period End Date	Mar. 31, 2024
Amendment Flag	false
Document Fiscal Year Focus	2024
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		378,971,999
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, 2024
Amendment Flag	false
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023
ASSETS
Land	$ 5,550,882	$ 5,581,876
Depreciable property	22,930,036	22,938,426
Projects under development	155,729	78,036
Land held for development	64,466	114,300
Investment in real estate	28,701,113	28,712,638
Accumulated depreciation	(9,978,012)	(9,810,337)
Investment in real estate, net	18,723,101	18,902,301
Investments in unconsolidated entities	289,272	282,049
Cash and cash equivalents	44,535	50,743
Restricted deposits	152,025	89,252
Right-of-use assets	454,035	457,266
Other assets	231,829	252,953
Total assets	19,894,797	20,034,564
Liabilities:
Mortgage notes payable, net	1,633,870	1,632,902
Notes, net	5,349,938	5,348,417
Line of credit and commercial paper	225,921	409,131
Accounts payable and accrued expenses	146,072	87,377
Accrued interest payable	49,190	65,716
Lease liabilities	310,422	311,640
Other liabilities	274,919	272,596
Security deposits	68,818	69,178
Distributions payable	263,615	259,231
Total liabilities	8,322,765	8,456,188
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	298,219	289,248
Shareholders' equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 343,100 shares issued and outstanding as of March 31, 2024 and 745,600 shares issued and outstanding as of December 31, 2023	17,155	37,280
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 378,939,751 shares issued and outstanding as of March 31, 2024 and 379,291,417 shares issued and outstanding as of December 31, 2023	3,789	3,793
Paid in capital	9,603,743	9,601,866
Retained earnings	1,436,671	1,437,185
Accumulated other comprehensive income (loss)	6,314	5,704
Total shareholders’ equity	11,067,672	11,085,828
Noncontrolling Interests:
Operating Partnership	207,272	202,306
Partially Owned Properties	(1,131)	994
Total Noncontrolling Interests	206,141	203,300
Total equity	11,273,813	11,289,128
Total liabilities and equity/capital	$ 19,894,797	$ 20,034,564

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	343,100	745,600
Preferred Stock, Shares Outstanding	343,100	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	378,939,751	379,291,417
Common Stock, Shares, Outstanding	378,939,751	379,291,417

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES
Rental income	$ 730,818	$ 705,088
EXPENSES
Property and maintenance	134,630	137,579
Real estate taxes and insurance	108,927	106,669
Property management	35,458	31,466
General and administrative	15,720	16,165
Depreciation	225,695	215,830
Total expenses	520,430	507,709
Net gain (loss) on sales of real estate properties	188,185	100,209
Interest and other income	9,329	1,538
Other expenses	(31,738)	(8,995)
Interest:
Expense incurred, net	(67,212)	(66,401)
Amortization of deferred financing costs	(1,918)	(1,979)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	307,034	221,751
Income and other tax (expense) benefit	(304)	(298)
Income (loss) from investments in unconsolidated entities	(1,698)	(1,382)
Net income	305,032	220,071
Net (income) loss attributable to Noncontrolling Interests:
Operating Partnership	(8,275)	(7,059)
Partially Owned Properties	(970)	(977)
Net income attributable to controlling interests	295,787	212,035
Preferred distributions	(547)	(772)
Premium on redemption of Preferred Shares	(1,444)
Net income available to Common Shares	$ 293,796	$ 211,263
Earnings per share – basic:
Net income available to Common Shares	$ 0.78	$ 0.56
Weighted average Common Shares outstanding	378,812	378,341
Earnings per share – diluted:
Net income available to Common Shares	$ 0.77	$ 0.56
Weighted average Common Shares outstanding	390,561	390,664

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Comprehensive income:
Net income	$ 305,032	$ 220,071
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period		(9,780)
Losses reclassified into earnings from other comprehensive income	610	1,095
Other comprehensive income (loss)	610	(8,685)
Comprehensive income	305,642	211,386
Comprehensive (income) attributable to Noncontrolling Interests	(9,262)	(7,755)
Comprehensive income attributable to controlling interests	$ 296,380	$ 203,631

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 305,032
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	225,695
Amortization of deferred financing costs	1,918
Amortization of discounts and premiums on debt	1,267
Amortization of deferred settlements on derivative instruments	608
Amortization of right-of-use assets	3,231
Write-off of pursuit costs	548
(Income) loss from investments in unconsolidated entities	1,698
Distributions from unconsolidated entities – return on capital	159
Net (gain) loss on sales of real estate properties	(188,185)
Unrealized (gain) loss on investment securities	(7,061)
Compensation paid with Company Common Shares	9,469
Changes in assets and liabilities:
(Increase) decrease in other assets	22,737
Increase (decrease) in accounts payable and accrued expenses	54,289
Increase (decrease) in accrued interest payable	(16,526)
Increase (decrease) in lease liabilities	(499)
Increase (decrease) in other liabilities	7,011
Increase (decrease) in security deposits	(360)
Net cash provided by operating activities	421,031
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	(837)
Investment in real estate – development/other	(25,491)
Capital expenditures to real estate	(73,520)
Non-real estate capital additions	(534)
Interest capitalized for real estate and unconsolidated entities under development	(3,150)
Proceeds from disposition of real estate, net	247,334
Investments in unconsolidated entities - development/other	(7,812)
Distributions from unconsolidated entities – return of capital	16
Net cash provided by (used for) investing activities	136,006
Mortgage notes payable, net:
Proceeds	0
Lump sum payoffs	0
Line of credit and commercial paper:
Commercial paper proceeds	1,186,790
Commercial paper repayments	(1,370,000)
Finance ground lease principal payments	(719)
Proceeds from Employee Share Purchase Plan (ESPP)	1,644
Proceeds from exercise of options	4,401
Common Shares repurchased and retired	(38,474)
Redemption of Preferred Shares	(20,125)
Premium on redemption of Preferred Shares	(1,444)
Other financing activities, net	(7)
Contributions – Noncontrolling Interests – Partially Owned Properties	235
Contributions – Noncontrolling Interests – Operating Partnership	2
Distributions:
Common Shares	(251,334)
Preferred Shares	(964)
Noncontrolling Interests – Operating Partnership	(8,154)
Noncontrolling Interests – Partially Owned Properties	(2,323)
Net cash provided by (used for) financing activities	(500,472)
Net increase (decrease) in cash and cash equivalents and restricted deposits	56,565
Cash and cash equivalents and restricted deposits, beginning of period	139,995
Cash and cash equivalents and restricted deposits, end of period	196,560
Cash and cash equivalents	44,535
Restricted deposits	152,025
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	77,149
Net cash paid (received) for income and other taxes	410
Amortization of deferred financing costs:
Other assets	696
Mortgage notes payable, net	262
Notes, net	960
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	706
Notes, net	561
Amortization of deferred settlements on derivative instruments:
Other liabilities	(2)
Accumulated other comprehensive income	610
Write-off of pursuit costs:
Investment in real estate, net	128
Investments in unconsolidated entities	355
Other assets	65
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	1,390
Other liabilities	308
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	1,159
Investments in unconsolidated entities	(1,991)
Investments in unconsolidated entities - development/other:
Investments in unconsolidated entities	(7,152)
Other liabilities	(660)
Non-cash change in Supplemental Executive Retirement Plan (SERP) balances:
Other assets	4,561
Other liabilities	4,334
Paid in capital	$ (227)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Preferred Stock 8.29% Series K Cumulative Redeemable 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, 2022		$ 37,280		$ 3,784	$ 9,476,085	$ 1,658,837	$ (2,547)
Balance, beginning of year at Dec. 31, 2022									$ 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 (Loss)	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		37,280		3,789	9,488,320	1,619,131	(11,232)
Balance, end of period at Mar. 31, 2023									211,718	(2,553)
Balance, beginning of year at Dec. 31, 2023	11,085,828	37,280		3,793	9,601,866	1,437,185	5,704
Partial redemption			$ (20,125)
Balance, beginning of year at Dec. 31, 2023	203,300								202,306	994
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares					254
Exercise of share options				1	4,400
Common shares repurchased and retired	38,500			(7)		(38,467)
Employee Share Purchase Plan (ESPP)					1,644
Share-based employee compensation expense:
Issuance of restricted units/shares				2	4,494				2
Share options					1,289
ESPP discount					296
Supplemental Executive Retirement Plan (SERP)					(227)
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership	8,815				(8,815)
Adjustment for Noncontrolling Interests ownership in Operating Partnership					(1,458)				1,458
PAID IN CAPITAL
Conversion of OP Units into Common Shares					254
Exercise of share options				1	4,400
Employee Share Purchase Plan (ESPP)					1,644
RETAINED EARNINGS
Net Income (Loss)	295,787					295,787
Common Share distributions						(255,843)
Preferred Share distributions						(547)
Premium on redemption of Preferred Shares - cash charge	(1,444)	(1,400)				(1,444)
Accumulated other comprehensive income (loss) - derivative instruments:
Losses reclassified into earnings from other comprehensive income	610						610
DISTRIBUTIONS
Distributions declared per Common Share outstanding								$ 0.675
NONCONTROLLING INTERESTS
Issuance of restricted units/shares				2	4,494				2
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner									(254)
Equity compensation associated with Noncontrolling Interests									4,087
Net income attributable to Noncontrolling Interests	8,275								8,275	970
Distributions to Noncontrolling Interests									(8,446)	(2,330)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	156								(156)
Adjustment for Noncontrolling Interests ownership in Operating Partnership					(1,458)				1,458
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	8,275								8,275	970
Contributions by Noncontrolling Interests										235
Distributions to Noncontrolling Interests									(8,446)	(2,330)
Other										(1,000)
Balance, end of period at Mar. 31, 2024	11,067,672	$ 17,155		$ 3,789	$ 9,603,743	$ 1,436,671	$ 6,314
Balance, end of period at Mar. 31, 2024	$ 206,141								$ 207,272	$ (1,131)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
8.29% Series K Cumulative Redeemable Preferred Stock
Partial Redemption Percentage	8.29%	8.29%

CONSOLIDATED BALANCE SHEETS OF

CONSOLIDATED BALANCE SHEETS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Land	$ 5,550,882	$ 5,581,876
Depreciable property	22,930,036	22,938,426
Projects under development	155,729	78,036
Land held for development	64,466	114,300
Investment in real estate	28,701,113	28,712,638
Accumulated depreciation	(9,978,012)	(9,810,337)
Investment in real estate, net	18,723,101	18,902,301
Investments in unconsolidated entities	289,272	282,049
Cash and cash equivalents	44,535	50,743
Restricted deposits	152,025	89,252
Right-of-use assets	454,035	457,266
Other assets	231,829	252,953
Total assets	19,894,797	20,034,564
Liabilities:
Mortgage notes payable, net	1,633,870	1,632,902
Notes, net	5,349,938	5,348,417
Line of credit and commercial paper	225,921	409,131
Accounts payable and accrued expenses	146,072	87,377
Accrued interest payable	49,190	65,716
Lease liabilities	310,422	311,640
Other liabilities	274,919	272,596
Security deposits	68,818	69,178
Distributions payable	263,615	259,231
Total liabilities	8,322,765	8,456,188
Commitments and contingencies
Redeemable Limited Partners	298,219	289,248
Partners’ Capital:
Accumulated other comprehensive income (loss)	6,314	5,704
Noncontrolling Interests – Partially Owned Properties	(1,131)	994
Total liabilities and equity/capital	19,894,797	20,034,564
ERPOP [Member]
ASSETS
Land	5,550,882	5,581,876
Depreciable property	22,930,036	22,938,426
Projects under development	155,729	78,036
Land held for development	64,466	114,300
Investment in real estate	28,701,113	28,712,638
Accumulated depreciation	(9,978,012)	(9,810,337)
Investment in real estate, net	18,723,101	18,902,301
Investments in unconsolidated entities	289,272	282,049
Cash and cash equivalents	44,535	50,743
Restricted deposits	152,025	89,252
Right-of-use assets	454,035	457,266
Other assets	231,829	252,953
Total assets	19,894,797	20,034,564
Liabilities:
Mortgage notes payable, net	1,633,870	1,632,902
Notes, net	5,349,938	5,348,417
Line of credit and commercial paper	225,921	409,131
Accounts payable and accrued expenses	146,072	87,377
Accrued interest payable	49,190	65,716
Lease liabilities	310,422	311,640
Other liabilities	274,919	272,596
Security deposits	68,818	69,178
Distributions payable	263,615	259,231
Total liabilities	8,322,765	8,456,188
Commitments and contingencies
Redeemable Limited Partners	298,219	289,248
Partners’ Capital:
Preference Units	17,155	37,280
General Partner	11,044,203	11,042,844
Limited Partners	207,272	202,306
Accumulated other comprehensive income (loss)	6,314	5,704
Total partners’ capital	11,274,944	11,288,134
Noncontrolling Interests – Partially Owned Properties	(1,131)	994
Total capital	11,273,813	11,289,128
Total liabilities and equity/capital	$ 19,894,797	$ 20,034,564

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, 2024	Mar. 31, 2023
REVENUES
Rental income	$ 730,818	$ 705,088
EXPENSES
Property and maintenance	134,630	137,579
Real estate taxes and insurance	108,927	106,669
Property management	35,458	31,466
General and administrative	15,720	16,165
Depreciation	225,695	215,830
Total expenses	520,430	507,709
Net gain (loss) on sales of real estate properties	188,185	100,209
Interest and other income	9,329	1,538
Other expenses	(31,738)	(8,995)
Interest:
Expense incurred, net	(67,212)	(66,401)
Amortization of deferred financing costs	(1,918)	(1,979)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	307,034	221,751
Income and other tax (expense) benefit	(304)	(298)
Income (loss) from investments in unconsolidated entities	(1,698)	(1,382)
Net income	305,032	220,071
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(970)	(977)
Net income attributable to controlling interests	295,787	$ 212,035
ALLOCATION OF NET INCOME:
Premium on redemption of Preference Units	$ 1,444
Earnings per Unit – basic:
Net income available to Units	$ 0.78	$ 0.56
Earnings per Unit – diluted:
Net income available to Units	$ 0.77	$ 0.56
Weighted average Units outstanding	390,561	390,664
ERPOP [Member]
REVENUES
Rental income	$ 730,818	$ 705,088
EXPENSES
Property and maintenance	134,630	137,579
Real estate taxes and insurance	108,927	106,669
Property management	35,458	31,466
General and administrative	15,720	16,165
Depreciation	225,695	215,830
Total expenses	520,430	507,709
Net gain (loss) on sales of real estate properties	188,185	100,209
Interest and other income	9,329	1,538
Other expenses	(31,738)	(8,995)
Interest:
Expense incurred, net	(67,212)	(66,401)
Amortization of deferred financing costs	(1,918)	(1,979)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	307,034	221,751
Income and other tax (expense) benefit	(304)	(298)
Income (loss) from investments in unconsolidated entities	(1,698)	(1,382)
Net income	305,032	220,071
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(970)	(977)
Net income attributable to controlling interests	304,062	219,094
ALLOCATION OF NET INCOME:
Preference Units	547	772
Premium on redemption of Preference Units	1,444
General Partner	293,796	211,263
Limited Partners	8,275	7,059
Net income available to Units	$ 302,071	$ 218,322
Earnings per Unit – basic:
Net income available to Units	$ 0.78	$ 0.56
Weighted average Units outstanding	389,481	389,851
Earnings per Unit – diluted:
Net income available to Units	$ 0.77	$ 0.56
Weighted average Units outstanding	390,561	390,664

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Comprehensive income:
Net income	$ 305,032	$ 220,071
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period		(9,780)
Losses reclassified into earnings from other comprehensive income	610	1,095
Other comprehensive income (loss)	610	(8,685)
Comprehensive income	305,642	211,386
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties	(9,262)	(7,755)
Comprehensive income attributable to controlling interests	296,380	203,631
ERPOP [Member]
Comprehensive income:
Net income	305,032	220,071
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period		(9,780)
Losses reclassified into earnings from other comprehensive income	610	1,095
Other comprehensive income (loss)	610	(8,685)
Comprehensive income	305,642	211,386
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties	(970)	(977)
Comprehensive income attributable to controlling interests	$ 304,672	$ 210,409

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 305,032	$ 220,071
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	225,695	215,830
Amortization of deferred financing costs	1,918	1,979
Amortization of discounts and premiums on debt	1,267	868
Amortization of deferred settlements on derivative instruments	608	1,092
Amortization of right-of-use assets	3,231	3,150
Write-off of pursuit costs	548	1,332
(Income) loss from investments in unconsolidated entities	1,698	1,382
Distributions from unconsolidated entities – return on capital	159	151
Net (gain) loss on sales of real estate properties	(188,185)	(100,209)
Realized (gain) loss on investment securities		87
Unrealized (gain) loss on investment securities	(7,061)
Compensation paid with Company Common Shares	9,469	9,044
Changes in assets and liabilities:
(Increase) decrease in other assets	22,737	26,257
Increase (decrease) in accounts payable and accrued expenses	54,289	45,357
Increase (decrease) in accrued interest payable	(16,526)	(16,534)
Increase (decrease) in lease liabilities	(499)	(334)
Increase (decrease) in other liabilities	7,011	(16,032)
Increase (decrease) in security deposits	(360)	(212)
Net cash provided by operating activities	421,031	393,279
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	(837)
Investment in real estate – development/other	(25,491)	(16,786)
Capital expenditures to real estate	(73,520)	(55,392)
Non-real estate capital additions	(534)	(600)
Interest capitalized for real estate and unconsolidated entities under development	(3,150)	(3,393)
Proceeds from disposition of real estate, net	247,334	133,916
Investments in unconsolidated entities - development/other	(7,812)	(14,480)
Distributions from unconsolidated entities – return of capital	16	6
Proceeds from sale of investment securities		452
Net cash provided by (used for) investing activities	136,006	43,723
Mortgage notes payable, net:
Proceeds	0	14,090
Lump sum payoffs	0
Scheduled principal repayments		(40)
Line of credit and commercial paper:
Commercial paper proceeds	1,186,790	1,323,145
Commercial paper repayments	(1,370,000)	(1,453,100)
Finance ground lease principal payments	(719)	(665)
Proceeds from EQR's Employee Share Purchase Plan (ESPP)	1,644	1,452
Proceeds from exercise of EQR options	4,401	8,112
Redemption of Preference Units	(20,125)
Other financing activities, net	(7)
Contributions – Noncontrolling Interests – Partially Owned Properties	235
Contributions – Limited Partners	2
Distributions:
OP Units – General Partner	(251,334)	(236,561)
Preference Units	(964)	(1,544)
OP Units – Limited Partners	(8,154)	(7,380)
Noncontrolling Interests – Partially Owned Properties	(2,323)	(2,598)
Net cash provided by (used for) financing activities	(500,472)	(355,089)
Net increase (decrease) in cash and cash equivalents and restricted deposits	56,565	81,913
Cash and cash equivalents and restricted deposits, beginning of period	139,995	137,172
Cash and cash equivalents and restricted deposits, end of period	196,560	219,085
Cash and cash equivalents	44,535	133,460
Restricted deposits	152,025	85,625
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	77,149	79,693
Net cash paid (received) for income and other taxes	410	348
Amortization of deferred financing costs:
Investment in real estate, net		(127)
Other assets	696	697
Mortgage notes payable, net	262	449
Notes, net	960	960
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	706	306
Notes, net	561	562
Amortization of deferred settlements on derivative instruments:
Other liabilities	(2)	(3)
Accumulated other comprehensive income	610	1,095
Write-off of pursuit costs:
Investment in real estate, net	128	225
Investments in unconsolidated entities	355	649
Other assets	65	458
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	1,390	1,071
Other liabilities	308	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	(1,159)	(1,422)
Investments in unconsolidated entities	(1,991)	(1,971)
Investments in unconsolidated entities - development/other:
Investments in unconsolidated entities	(7,152)	(13,700)
Other liabilities	(660)	(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
Other assets		(539)
Non-cash change in Supplemental Executive Retirement Plan (SERP) balances:
Other assets	4,561	8,373
Other liabilities	(4,334)	(8,864)
Paid in capital	(227)	491
ERPOP [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	305,032	220,071
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	225,695	215,830
Amortization of deferred financing costs	1,918	1,979
Amortization of discounts and premiums on debt	1,267	868
Amortization of deferred settlements on derivative instruments	608	1,092
Amortization of right-of-use assets	3,231	3,150
Write-off of pursuit costs	548	1,332
(Income) loss from investments in unconsolidated entities	1,698	1,382
Distributions from unconsolidated entities – return on capital	159	151
Net (gain) loss on sales of real estate properties	(188,185)	(100,209)
Realized (gain) loss on investment securities		87
Unrealized (gain) loss on investment securities	(7,061)
Compensation paid with Company Common Shares	9,469	9,044
Changes in assets and liabilities:
(Increase) decrease in other assets	22,737	26,257
Increase (decrease) in accounts payable and accrued expenses	54,289	45,357
Increase (decrease) in accrued interest payable	(16,526)	(16,534)
Increase (decrease) in lease liabilities	(499)	(334)
Increase (decrease) in other liabilities	7,011	(16,032)
Increase (decrease) in security deposits	(360)	(212)
Net cash provided by operating activities	421,031	393,279
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	(837)
Investment in real estate – development/other	(25,491)	(16,786)
Capital expenditures to real estate	(73,520)	(55,392)
Non-real estate capital additions	(534)	(600)
Interest capitalized for real estate and unconsolidated entities under development	(3,150)	(3,393)
Proceeds from disposition of real estate, net	247,334	133,916
Investments in unconsolidated entities - development/other	(7,812)	(14,480)
Distributions from unconsolidated entities – return of capital	16	6
Proceeds from sale of investment securities		452
Net cash provided by (used for) investing activities	136,006	43,723
Mortgage notes payable, net:
Proceeds		14,090
Scheduled principal repayments		(40)
Line of credit and commercial paper:
Commercial paper proceeds	1,186,790	1,323,145
Commercial paper repayments	(1,370,000)	(1,453,100)
Finance ground lease principal payments	(719)	(665)
Proceeds from EQR's Employee Share Purchase Plan (ESPP)	1,644	1,452
Proceeds from exercise of EQR options	4,401	8,112
OP Units repurchased and retired	(38,474)
Redemption of Preference Units	(20,125)
Premium on redemption of Preference Units	(1,444)
Other financing activities, net	(7)
Contributions – Noncontrolling Interests – Partially Owned Properties	235
Contributions – Limited Partners	2
Distributions:
OP Units – General Partner	(251,334)	(236,561)
Preference Units	(964)	(1,544)
OP Units – Limited Partners	(8,154)	(7,380)
Noncontrolling Interests – Partially Owned Properties	(2,323)	(2,598)
Net cash provided by (used for) financing activities	(500,472)	(355,089)
Net increase (decrease) in cash and cash equivalents and restricted deposits	56,565	81,913
Cash and cash equivalents and restricted deposits, beginning of period	139,995	137,172
Cash and cash equivalents and restricted deposits, end of period	196,560	219,085
Cash and cash equivalents	44,535	133,460
Restricted deposits	152,025	85,625
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	77,149	79,693
Net cash paid (received) for income and other taxes	410	348
Amortization of deferred financing costs:
Investment in real estate, net		(127)
Other assets	696	697
Mortgage notes payable, net	262	449
Notes, net	960	960
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	706	306
Notes, net	561	562
Amortization of deferred settlements on derivative instruments:
Other liabilities	(2)	(3)
Accumulated other comprehensive income	610	1,095
Write-off of pursuit costs:
Investment in real estate, net	128	225
Investments in unconsolidated entities	355	649
Other assets	65	458
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	1,390	1,071
Other liabilities	308	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	(1,159)	(1,422)
Investments in unconsolidated entities	(1,991)	(1,971)
Investments in unconsolidated entities - development/other:
Investments in unconsolidated entities	(7,152)	(13,700)
Other liabilities	(660)	(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
Other assets		(539)
Non-cash change in Supplemental Executive Retirement Plan (SERP) balances:
Other assets	4,561	8,373
Other liabilities	(4,334)	(8,864)
Paid in capital	$ (227)	$ 491

CONSOLIDATED STATEMENTS OF CH_3

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	Total	ERPOP [Member]	Preferred Stock [Member] ERPOP [Member]	Preferred Stock [Member] ERPOP [Member] 8.29% Series K Cumulative Redeemable Preferred Stock	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, 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)
Balance, beginning of year at Dec. 31, 2023			37,280		11,042,844	202,306	5,704
Balance, beginning of year at Dec. 31, 2023									994
Partial redemption				$ (20,125)
Conversion of OP Units held by Limited Partners into OP Units held by General Partner					254	(254)
Exercise of EQR share options					4,401
EQR's Employee Share Purchase Plan (ESPP)					1,644
EQR restricted shares					4,496	2
EQR share options					1,289
EQR ESPP discount					296
OP Units repurchased and retired	38,500				(38,474)
Net income available to Units - General Partner		293,796			293,796
OP Units - General Partner distributions					(255,843)
Supplemental Executive Retirement Plan (SERP)					(227)
Change in market value of Redeemable Limited Partners					(8,815)
Adjustment for Limited Partners ownership in Operating Partnership					(1,458)	1,458
Equity compensation associated with Units - Limited Partners						4,087
Net income available to Units - Limited Partners		8,275				8,275
Units - Limited Partners distributions						(8,446)
Change in carrying value of Redeemable Limited Partners						(156)
Losses reclassified into earnings from other comprehensive income	610	610					610
Distributions declared per Unit outstanding								$ 0.675
Net income attributable to Noncontrolling Interests	$ 305,032	$ 305,032							970
Contributions by Noncontrolling Interests									235
Distributions to Noncontrolling Interests									(2,330)
Other									(1,000)
Balance, end of period at Mar. 31, 2024			$ 17,155		$ 11,044,203	$ 207,272	$ 6,314
Balance, end of period at Mar. 31, 2024									$ (1,131)

CONSOLIDATED STATEMENTS OF CH_4

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP (Parenthetical) - Eight Point Two Nine Percentage Series K Cumulative Redeemable Preferred Stock [Member]	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Partial Redemption Percentage	8.29%	8.29%
ERPOP [Member]
Partial Redemption Percentage	8.29%	8.29%

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 295,787	$ 212,035

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the quarter ended March 31, 2024 , no trustee or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.
Trustee or Officer [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business

Business	3 Months Ended
	Mar. 31, 2024
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, 2024 owned an approximate 97.0 % 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, 2024, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 299 properties located in 10 states and the District of Columbia consisting of 79,688 apartment units. The ownership breakdown includes (table does not include any uncompleted development properties): Properties Apartment Units Wholly Owned Properties 285 76,628 Partially Owned Properties – Consolidated 14 3,060 299 79,688

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023 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, 2023 . 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 March 2024, the Securities and Exchange Commission ("SEC") adopted final rules that will require certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. The new rules include a requirement to disclose material climate-related risks, descriptions of board and management oversight and risk management activities, the material impacts of these risks on a registrant’s strategy, business model and outlook, and any material climate-related targets or goals, as well as material effects and costs of severe weather events and other natural conditions and greenhouse gas emissions. Prior to the stay of the new rules, they would have been effective for annual periods beginning January 1, 2025, except for the greenhouse gas emissions disclosures, which would have been effective for annual periods beginning January 1, 2026. The Company is currently evaluating the impact of the new rules on its disclosures. In December 2023, the Financial Accounting Standards Board (“FASB”) issued an amendment to the income tax standards which requires disclosure enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The new standard will be effective for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the impact of adopting the standard on its consolidated results of operations and financial position. In November 2023, the FASB issued an amendment to the segment reporting standards which requires disclosure for each reportable segment, on an interim and annual basis, the significant expense categories and amounts that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s profit or loss. Additionally, it requires disclosure of the title and position of the individual or the name of the group or committee identified as the chief operating decision maker. The new standard will be effective for annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025 on a retrospective basis. The Company is currently evaluating the impact of adopting the standard 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, 2024
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, 2024 and 2023: 2024 2023 Common Shares Common Shares outstanding at January 1, 379,291,417 378,429,708 Common Shares Issued: Conversion of OP Units 7,967 144,567 Exercise of share options 82,742 173,249 Employee Share Purchase Plan (ESPP) 32,496 27,393 Restricted share grants, net 177,581 123,304 Common Shares Other: Repurchased and retired ( 652,452 ) — Common Shares outstanding at March 31, 378,939,751 378,898,221 Units Units outstanding at January 1, 11,581,306 12,429,737 Restricted unit grants, net 159,283 229,913 Conversion of OP Units to Common Shares ( 7,967 ) ( 144,567 ) Units outstanding at March 31, 11,732,622 12,515,083 Total Common Shares and Units outstanding at March 31, 390,672,373 391,413,304 Units Ownership Interest in Operating Partnership 3.0 % 3.2 % 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, 2024 and 2023: 2024 2023 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 390,872,723 390,859,445 Issued to General Partner: Exercise of EQR share options 82,742 173,249 EQR’s Employee Share Purchase Plan (ESPP) 32,496 27,393 EQR’s restricted share grants, net 177,581 123,304 Issued to Limited Partners: Restricted unit grants, net 159,283 229,913 General Partner Other: OP Units repurchased and retired ( 652,452 ) — General and Limited Partner Units outstanding at March 31, 390,672,373 391,413,304 Limited Partner Units Limited Partner Units outstanding at January 1, 11,581,306 12,429,737 Limited Partner restricted unit grants, net 159,283 229,913 Conversion of Limited Partner OP Units to EQR Common Shares ( 7,967 ) ( 144,567 ) Limited Partner Units outstanding at March 31, 11,732,622 12,515,083 Limited Partner Units Ownership Interest in Operating Partnership 3.0 % 3.2 % 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, 2024 and December 31, 2023. 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, 2024 and 2023, the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners have a redemption value of approximately $ 298.2 million and $ 323.6 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, 2024 and 2023, respectively (amounts in thousands): 2024 2023 Balance at January 1, $ 289,248 $ 318,273 Change in market value 8,815 5,946 Change in carrying value 156 ( 668 ) Balance at March 31, $ 298,219 $ 323,551 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, 2024 and December 31, 2023: Amounts in thousands Annual Call Dividend Per March 31, December 31, Date (1) Share/Unit (2) 2024 2023 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; 343,100 shares/units issued 745,600 share/units issued 12/10/2026 $ 4.145 $ 17,155 $ 37,280 $ 17,155 $ 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. (3) During the first quarter of 2024, the Company repurchased and retired 402,500 Series K Preferred Shares/Preference Units with a liquidation value of approximately $ 20.1 million for total cash consideration of approximately $ 21.8 million, inclusive of premiums and accrued dividends through the redemption date. As a result of this partial redemption, the Company incurred a cash charge of approximately $ 1.4 million which was recorded as a premium on the redemption of Preferred Shares/Preference Units. 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 t o 13.0 million shares, all of which remain available for issuance as of March 31, 2024. During the quarter ended March 31, 2024 , the Company repurchased and subsequently retired approximately $ 38.5 million ( 652,452 shares at a weighted average price per share of $ 58.95 ) of its Common Shares in the open market under its share repurchase program. Concurrent with these transactions, ERPOP repurchased and retired the same amount of OP Units previously issued to EQR. Prior to the share repurchase activity in the first quarter of 2024, the Company had the authority to repurchase up to 13.0 million Common Shares under its share repurchase program, of which 12,347,548 shares remain authorized to repurchase as of March 31, 2024 .

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023 (amounts in thousands): March 31, 2024 December 31, 2023 Land $ 5,550,882 $ 5,581,876 Depreciable property: Buildings and improvements 19,763,823 19,809,432 Furniture, fixtures and equipment 2,648,670 2,609,600 In-Place lease intangibles 517,543 519,394 Projects under development: Land 39,833 3,201 Construction-in-progress 115,896 74,835 Land held for development: Land 46,160 82,026 Construction-in-progress 18,306 32,274 Investment in real estate 28,701,113 28,712,638 Accumulated depreciation ( 9,978,012 ) ( 9,810,337 ) Investment in real estate, net $ 18,723,101 $ 18,902,301 During the quarter ended March 31, 2024, 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 3 504 $ 248,500 $ 188,185 Total 3 504 $ 248,500 $ 188,185

Investments in Partially Owned

Investments in Partially Owned Entities	3 Months Ended
	Mar. 31, 2024
Investments In Partially Owned Entities [Abstract]
Investments in Partially Owned Entities	5. 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, 2024: Operating Properties (1) Projects Under Development (2) Properties Apartment Units Projects Apartment Units (3) Consolidated Joint Ventures (VIE) 14 3,060 1 440 (1) The land parcel under one of the properties is subject to a long-term ground lease. (2) Represents separate consolidated joint ventures for the purpose of developing multifamily rental properties. (3) Represents the intended number of apartment units to be developed. The following table provides consolidated assets and liabilities related to the Company's VIEs as of March 31, 2024 and December 31, 2023 (amounts in thousands): March 31, 2024 December 31, 2023 Consolidated Assets $ 602,865 $ 599,788 Consolidated Liabilities $ 45,943 $ 41,153 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, 2024 and December 31, 2023 (amounts in thousands except for ownership percentage): March 31, 2024 December 31, 2023 Ownership Percentage Investments in Unconsolidated Entities: Various Real Estate Holdings (VIE) $ 35,267 $ 35,421 Varies Projects Under Development and Land Held for Development (VIE) 227,349 220,192 62 % - 95 % (1) Real Estate Technology Funds/Companies (VIE) 26,903 26,691 Varies Other ( 247 ) ( 255 ) Varies Investments in Unconsolidated Entities $ 289,272 $ 282,049 (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, 2024: 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) 3 6 1,982 4 1,164 (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, 2024
Deposits Restricted [Abstract]
Restricted Deposits	6. Restricted Deposits The following table presents the Company’s restricted deposits as of March 31, 2024 and December 31, 2023 (amounts in thousands): March 31, 2024 December 31, 2023 Mortgage escrow deposits: Real estate taxes and insurance $ 510 $ 307 Mortgage principal reserves/sinking funds 31,203 29,270 Mortgage escrow deposits 31,713 29,577 Restricted cash: Tax-deferred (1031) exchange proceeds 59,310 — Earnest money on pending acquisitions 500 524 Restricted deposits on real estate investments 2,199 2,181 Resident security and utility deposits 40,638 40,149 Replacement reserves 16,342 15,571 Other 1,323 1,250 Restricted cash 120,312 59,675 Restricted deposits $ 152,025 $ 89,252

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	7. 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, 2024 and 2023 (amounts in thousands): Quarter Ended March 31, 2024 Quarter Ended March 31, 2023 Income Type Residential Non-Residential Total Residential Non-Residential Total Residential and non-residential rent $ 652,361 $ 18,823 $ 671,184 $ 634,752 $ 15,986 $ 650,738 Utility recoveries (RUBS income) (1) 22,669 227 22,896 21,383 207 21,590 Parking rent 11,424 220 11,644 10,882 109 10,991 Other lease revenue (2) ( 5,945 ) ( 92 ) ( 6,037 ) ( 7,589 ) 669 ( 6,920 ) Total lease revenue $ 680,509 $ 19,178 699,687 $ 659,428 $ 16,971 676,399 Parking revenue 10,678 10,203 Other revenue 20,453 18,486 Total other rental income (3) 31,131 28,689 Rental income $ 730,818 $ 705,088 (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 (see below for further discussion) and other miscellaneous lease revenue. (3) Other rental income is accounted for under the revenue recognition standard and primarily consists of third-party transient parking revenue and ancillary income such as cable and laundry revenue. The following table presents residential accounts receivable and straight-line receivable balances for the Company’s properties as of March 31, 2024 and December 31, 2023 (amounts in thousands): Balance Sheet (Other assets): March 31, 2024 December 31, 2023 Residential accounts receivable balances $ 18,710 $ 21,477 Allowance for doubtful accounts ( 13,571 ) ( 15,846 ) Net receivable balances $ 5,139 $ 5,631 Straight-line receivable balances $ 9,091 $ 9,183 The following table presents residential bad debt for the Company’s properties for the quarters ended March 31, 2024 and 2023 (amounts in thousands): Quarter Ended March 31, Income Statement (Rental income): 2024 2023 Bad debt, net (1) $ 9,215 $ 10,755 % of residential rental income 1.3 % 1.6 % (1) Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $ 0.4 million and $ 1.2 million for the quarters ended March 31, 2024 and 2023 , respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	8. 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, 2024 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, 2024 (amounts in thousands): Mortgage notes Proceeds Lump sum Scheduled Amortization Amortization Mortgage notes Fixed Rate Debt: Secured – Conventional $ 1,398,598 $ — $ — $ — $ 396 $ 227 $ 1,399,221 Floating Rate Debt: Secured – Tax Exempt 234,304 — — — 310 35 234,649 Total $ 1,632,902 $ — $ — $ — $ 706 $ 262 $ 1,633,870 (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, 2024: March 31, 2024 Interest Rate Ranges (ending) 0.10 % - 5.25 % Weighted Average Interest Rate 3.84 % Maturity Date Ranges 2029 - 2061 As of March 31, 2024, the Company had $ 246.7 million of secured 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, 2024 (amounts in thousands): Notes, net as of Proceeds Lump sum Amortization Amortization Notes, net as of Fixed Rate Debt: Unsecured – Public $ 5,348,417 $ — $ — $ 561 $ 960 $ 5,349,938 (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, 2024: March 31, 2024 Interest Rate Ranges (ending) 1.85 % - 7.57 % Weighted Average Interest Rate 3.53 % 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, 2024. 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 0.715 %), 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 and other terms and conditions per the agreement. The Company did no t borrow any amounts under its revolving credit facility during the quarter ended March 31, 2024. 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, maturity and amount outstanding information for the commercial paper program as of and for the quarter ended March 31, 2024: March 31, 2024 Weighted Average Interest Rate (1) 5.60 % Weighted Average Maturity (in days) 3 Weighted Average Amount Outstanding $ 333.1 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, 2024 (amounts in thousands): March 31, 2024 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding ( 226,000 ) Unsecured revolving credit facility balance outstanding — Other restricted amounts ( 3,438 ) Unsecured revolving credit facility availability $ 2,270,562

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	9. 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 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. Derivatives Readily observable market parameters such as forward yield curves and credit default swap data. 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, 2024 and December 31, 2023, respectively (amounts in thousands): March 31, 2024 December 31, 2023 Carrying Value Estimated Fair Carrying Value Estimated Fair Mortgage notes payable, net $ 1,633,870 $ 1,498,775 $ 1,632,902 $ 1,509,706 Unsecured debt, net 5,575,859 5,100,252 5,757,548 5,346,488 Total debt, net $ 7,209,729 $ 6,599,027 $ 7,390,450 $ 6,856,194 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, 2024 and December 31, 2023, respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet 3/31/2024 Quoted Prices in Significant Other Significant Assets Supplemental Executive Retirement Plan Other Assets $ 103,917 $ 103,917 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 103,917 $ 103,917 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 298,219 $ — $ 298,219 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet 12/31/2023 Quoted Prices in Significant Other Significant Assets Supplemental Executive Retirement Plan Other Assets $ 108,478 $ 108,478 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 108,478 $ 108,478 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 289,248 $ — $ 289,248 $ — 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, 2024 and 2023, respectively (amounts in thousands): March 31, 2024 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ — Interest expense $ ( 610 ) Total $ — $ ( 610 ) 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 ) As of March 31, 2024 and December 31, 2023 , there were approximately $ 6.3 million and $ 5.7 million in deferred gains, net, included in accumulated other comprehensive income (loss), respectively, related to previously settled and/or unsettled derivative instruments, of which an estimated $ 2.2 million may be recognized as additional interest expense during the twelve months ending March 31, 2025. Other The Company has invested in various equity securities without readily determinable fair values and has elected to measure them using the measurement alternative in accordance with the applicable accounting standards for equity securities. These investments are carried at cost less any impairment and adjusted to fair value if there are observable price changes for an identical or similar investment of the same issuer. The following table summarizes the Company’s real estate technology investment securities included in other assets as of March 31, 2024 and December 31, 2023 (amounts in thousands): March 31, 2024 December 31, 2023 Real Estate Technology Investments $ 26,373 $ 19,312 During the quarter ended March 31, 2024 , the Company adjusted certain of these investment securities to observable market prices and recorded a net unrealized gain of approximately $ 7.1 million, which is included in interest and other income in the consolidated statements of operations.

Earnings Per Share and Earnings

Earnings Per Share and Earnings Per Unit	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share And Earnings Per Unit	10. 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, 2024 2023 Numerator for net income per share – basic: Net income $ 305,032 $ 220,071 Allocation to Noncontrolling Interests – Operating Partnership ( 8,275 ) ( 7,059 ) Net (income) loss attributable to Noncontrolling ( 970 ) ( 977 ) Preferred distributions ( 547 ) ( 772 ) Premium on redemption of Preferred Shares ( 1,444 ) — Numerator for net income per share – basic $ 293,796 $ 211,263 Numerator for net income per share – diluted: Net income $ 305,032 $ 220,071 Net (income) loss attributable to Noncontrolling ( 970 ) ( 977 ) Preferred distributions ( 547 ) ( 772 ) Premium on redemption of Preferred Shares ( 1,444 ) — Numerator for net income per share – diluted $ 302,071 $ 218,322 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 378,812 378,341 Effect of dilutive securities: OP Units 10,669 11,510 Long-term compensation shares/units 1,080 813 Denominator for net income per share – diluted 390,561 390,664 Net income per share – basic $ 0.78 $ 0.56 Net income per share – diluted $ 0.77 $ 0.56 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, 2024 2023 Numerator for net income per Unit – basic and diluted: Net income $ 305,032 $ 220,071 Net (income) loss attributable to Noncontrolling ( 970 ) ( 977 ) Allocation to Preference Units ( 547 ) ( 772 ) Allocation to premium on redemption of Preference Units ( 1,444 ) — Numerator for net income per Unit – basic and diluted $ 302,071 $ 218,322 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 389,481 389,851 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting 1,080 813 Denominator for net income per Unit – diluted 390,561 390,664 Net income per Unit – basic $ 0.78 $ 0.56 Net income per Unit – diluted $ 0.77 $ 0.56

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Commitments Real Estate Development Commitments As of March 31, 2024 , 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, 2024 (total project costs remaining in thousands): Projects Apartment Units Total Project Costs Remaining (1) Projects Under Development Consolidated 2 665 $ 229,064 Unconsolidated 6 1,982 96,303 Total Projects Under Development 8 2,647 $ 325,367 (1) The Company’s share of the $ 325.4 million in total project costs remaining approximates $ 229.5 million, with the balance funded by the Company’s joint venture partners (approximately $ 0.2 million) and/or applicable construction loans (approximately $ 95.7 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 5 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. As of March 31, 2024, t he Company has invested in ten separate such investments totaling $ 40.0 million with aggregate remaining commitments of approximately $ 18.0 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 is involved in various pending and threatened legal proceedings which arise in the ordinary course of business. The Company evaluates these litigation matters on an ongoing basis, but in no event less than quarterly, in assessing the adequacy of its accruals and disclosures. For legal proceedings in which it has been determined that a loss is both probable and reasonably estimable, the Company records new accruals and/or adjusts existing accruals that represent its best estimate of the loss incurred based on the facts and circumstances known at that time. As of March 31, 2024 and December 31, 2023, the Company’s litigation accruals approximated $ 45.6 million and $ 17.1 million, respectively, and are included in other liabilities in the consolidated balance sheets. Actual losses may differ materially from the amounts noted above and the ultimate outcome of these legal proceedings is generally not yet determinable. As of March 31, 2024 and December 31, 2023, the Company does not believe there is any litigation pending or threatened against it that, either individually or in the aggregate and inclusive of the matters accrued for as noted above, may reasonably be expected to have a material adverse effect on the Company and its financial condition. The Company has been named as a defendant in a number of cases filed in late 2022 and 2023 alleging antitrust violations by RealPage, Inc., a seller of revenue management software products, and various owners and/or operators of multifamily housing, including us, that have utilized these products. The complaints allege collusion among the defendants to illegally fix and inflate the pricing of multifamily rents and seek monetary damages, injunctive relief, fees and costs. All of the cases except for one have been consolidated into a single putative class action in the United States District Court for the Middle District of Tennessee. On December 28, 2023, motions to dismiss this consolidated action, filed by RealPage, Inc. as well as us and our multifamily co-defendants, were denied by the Court and the case is proceeding. Another case with similar allegations has been filed by the District of Columbia against RealPage, Inc. and a number of multifamily owners and/or operators, including us. We believe these various lawsuits are without merit and we intend to vigorously defend against them. As these proceedings are in the early stages, it is not possible for the Company to predict the outcome nor is it possible to estimate the amount of loss, if any, which may be associated with an adverse decision in any of these cases. The Company is named as a defendant in a class action in the United States District Court for the Northern District of California filed in 2016 which alleges that the amount of late fees charged by the Company were improperly determined under California law. The plaintiffs are seeking monetary damages and other relief. On April 8, 2024, the Court issued certain findings of facts and conclusions of law that are adverse to the Company’s legal position. At this time, the Company is continuing to defend the action. While the resolution of this matter cannot be predicted with certainty, the Company does not believe that the eventual outcome will have a material adverse effect on the Company and its financial condition.

Reportable Segments

Reportable Segments	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Reportable Segments	12. 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 less than 5.0 % of total revenues for the quarter ended March 31, 2024 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, 2024 and 2023, 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, 2024 and 2023, respectively (amounts in thousands): Quarter Ended March 31, 2024 2023 Rental income $ 730,818 $ 705,088 Property and maintenance expense ( 134,630 ) ( 137,579 ) Real estate taxes and insurance expense ( 108,927 ) ( 106,669 ) Total operating expenses ( 243,557 ) ( 244,248 ) Net operating income $ 487,261 $ 460,840 The following tables present NOI from our rental real estate for each segment for the quarters ended March 31, 2024 and 2023, respectively, as well as total assets and capital expenditures at March 31, 2024 (amounts in thousands): Quarter Ended March 31, 2024 Quarter Ended March 31, 2023 Rental Operating NOI Rental Operating NOI Same store (1) Los Angeles $ 119,267 $ 37,825 $ 81,442 $ 113,489 $ 37,311 $ 76,178 Orange County 31,101 6,927 24,174 29,372 6,694 22,678 San Diego 25,824 5,880 19,944 24,234 5,814 18,420 Subtotal - Southern California 176,192 50,632 125,560 167,095 49,819 117,276 Washington, D.C. 116,387 36,528 79,859 110,255 37,153 73,102 San Francisco 109,313 34,967 74,346 107,286 34,246 73,040 New York 123,964 51,275 72,689 118,045 49,488 68,557 Boston 80,451 23,738 56,713 76,878 24,163 52,715 Seattle 73,832 21,277 52,555 72,778 20,221 52,557 Denver 17,808 5,447 12,361 17,596 5,474 12,122 Other Expansion Markets 18,718 8,041 10,677 18,370 8,397 9,973 Total same store 716,665 231,905 484,760 688,303 228,961 459,342 Non-same store/other Non-same store (2) 12,948 6,092 6,856 4,903 2,860 2,043 Other (3) 1,205 5,560 ( 4,355 ) 11,882 12,427 ( 545 ) Total non-same store/other 14,153 11,652 2,501 16,785 15,287 1,498 Totals $ 730,818 $ 243,557 $ 487,261 $ 705,088 $ 244,248 $ 460,840 (1) For the quarters ended March 31, 2024 and 2023 , same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represented 77,373 apartment units. (2) For the quarters ended March 31, 2024 and 2023, non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, 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, 2024 Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,473,271 $ 11,267 Orange County 335,110 2,569 San Diego 336,081 3,167 Subtotal - Southern California 3,144,462 17,003 Washington, D.C. 3,098,097 12,202 San Francisco 3,043,672 13,622 New York 3,284,640 6,085 Boston 2,068,351 6,026 Seattle 2,061,322 8,590 Denver 816,012 1,007 Other Expansion Markets 888,330 1,536 Total same store 18,404,886 66,071 Non-same store/other Non-same store (2) 665,260 7,381 Other (3) 824,651 68 Total non-same store/other 1,489,911 7,449 Totals $ 19,894,797 $ 73,520 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represented 77,373 apartment units. (2) Non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, 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, 2024
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events There have been no material subsequent events occurring since March 31, 2024.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023 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, 2023 .
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 March 2024, the Securities and Exchange Commission ("SEC") adopted final rules that will require certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. The new rules include a requirement to disclose material climate-related risks, descriptions of board and management oversight and risk management activities, the material impacts of these risks on a registrant’s strategy, business model and outlook, and any material climate-related targets or goals, as well as material effects and costs of severe weather events and other natural conditions and greenhouse gas emissions. Prior to the stay of the new rules, they would have been effective for annual periods beginning January 1, 2025, except for the greenhouse gas emissions disclosures, which would have been effective for annual periods beginning January 1, 2026. The Company is currently evaluating the impact of the new rules on its disclosures. In December 2023, the Financial Accounting Standards Board (“FASB”) issued an amendment to the income tax standards which requires disclosure enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The new standard will be effective for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the impact of adopting the standard on its consolidated results of operations and financial position. In November 2023, the FASB issued an amendment to the segment reporting standards which requires disclosure for each reportable segment, on an interim and annual basis, the significant expense categories and amounts that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s profit or loss. Additionally, it requires disclosure of the title and position of the individual or the name of the group or committee identified as the chief operating decision maker. The new standard will be effective for annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025 on a retrospective basis. The Company is currently evaluating the impact of adopting the standard 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, 2024
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 285 76,628 Partially Owned Properties – Consolidated 14 3,060 299 79,688

Equity, Capital and Other Int_2

Equity, Capital and Other Interests (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023: 2024 2023 Common Shares Common Shares outstanding at January 1, 379,291,417 378,429,708 Common Shares Issued: Conversion of OP Units 7,967 144,567 Exercise of share options 82,742 173,249 Employee Share Purchase Plan (ESPP) 32,496 27,393 Restricted share grants, net 177,581 123,304 Common Shares Other: Repurchased and retired ( 652,452 ) — Common Shares outstanding at March 31, 378,939,751 378,898,221 Units Units outstanding at January 1, 11,581,306 12,429,737 Restricted unit grants, net 159,283 229,913 Conversion of OP Units to Common Shares ( 7,967 ) ( 144,567 ) Units outstanding at March 31, 11,732,622 12,515,083 Total Common Shares and Units outstanding at March 31, 390,672,373 391,413,304 Units Ownership Interest in Operating Partnership 3.0 % 3.2 %
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, 2024 and 2023, respectively (amounts in thousands): 2024 2023 Balance at January 1, $ 289,248 $ 318,273 Change in market value 8,815 5,946 Change in carrying value 156 ( 668 ) Balance at March 31, $ 298,219 $ 323,551
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, 2024 and December 31, 2023: Amounts in thousands Annual Call Dividend Per March 31, December 31, Date (1) Share/Unit (2) 2024 2023 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; 343,100 shares/units issued 745,600 share/units issued 12/10/2026 $ 4.145 $ 17,155 $ 37,280 $ 17,155 $ 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. (3) During the first quarter of 2024, the Company repurchased and retired 402,500 Series K Preferred Shares/Preference Units with a liquidation value of approximately $ 20.1 million for total cash consideration of approximately $ 21.8 million, inclusive of premiums and accrued dividends through the redemption date. As a result of this partial redemption, the Company incurred a cash charge of approximately $ 1.4 million which was recorded as a premium on the redemption of Preferred Shares/Preference Units.
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, 2024 and 2023: 2024 2023 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 390,872,723 390,859,445 Issued to General Partner: Exercise of EQR share options 82,742 173,249 EQR’s Employee Share Purchase Plan (ESPP) 32,496 27,393 EQR’s restricted share grants, net 177,581 123,304 Issued to Limited Partners: Restricted unit grants, net 159,283 229,913 General Partner Other: OP Units repurchased and retired ( 652,452 ) — General and Limited Partner Units outstanding at March 31, 390,672,373 391,413,304 Limited Partner Units Limited Partner Units outstanding at January 1, 11,581,306 12,429,737 Limited Partner restricted unit grants, net 159,283 229,913 Conversion of Limited Partner OP Units to EQR Common Shares ( 7,967 ) ( 144,567 ) Limited Partner Units outstanding at March 31, 11,732,622 12,515,083 Limited Partner Units Ownership Interest in Operating Partnership 3.0 % 3.2 %

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023 (amounts in thousands): March 31, 2024 December 31, 2023 Land $ 5,550,882 $ 5,581,876 Depreciable property: Buildings and improvements 19,763,823 19,809,432 Furniture, fixtures and equipment 2,648,670 2,609,600 In-Place lease intangibles 517,543 519,394 Projects under development: Land 39,833 3,201 Construction-in-progress 115,896 74,835 Land held for development: Land 46,160 82,026 Construction-in-progress 18,306 32,274 Investment in real estate 28,701,113 28,712,638 Accumulated depreciation ( 9,978,012 ) ( 9,810,337 ) Investment in real estate, net $ 18,723,101 $ 18,902,301
Disposed Properties to Unaffiliated Parties	During the quarter ended March 31, 2024, 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 3 504 $ 248,500 $ 188,185 Total 3 504 $ 248,500 $ 188,185

Investments in Partially Owne_2

Investments in Partially Owned Entities (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024: Operating Properties (1) Projects Under Development (2) Properties Apartment Units Projects Apartment Units (3) Consolidated Joint Ventures (VIE) 14 3,060 1 440 (1) The land parcel under one of the properties is subject to a long-term ground lease. (2) Represents separate consolidated joint ventures for the purpose of developing multifamily rental properties. (3) Represents the intended number of apartment units to be developed.
Summary of Consolidated Assets and Liabilities Related to the Company's VIEs	The following table provides consolidated assets and liabilities related to the Company's VIEs as of March 31, 2024 and December 31, 2023 (amounts in thousands): March 31, 2024 December 31, 2023 Consolidated Assets $ 602,865 $ 599,788 Consolidated Liabilities $ 45,943 $ 41,153
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, 2024 and December 31, 2023 (amounts in thousands except for ownership percentage): March 31, 2024 December 31, 2023 Ownership Percentage Investments in Unconsolidated Entities: Various Real Estate Holdings (VIE) $ 35,267 $ 35,421 Varies Projects Under Development and Land Held for Development (VIE) 227,349 220,192 62 % - 95 % (1) Real Estate Technology Funds/Companies (VIE) 26,903 26,691 Varies Other ( 247 ) ( 255 ) Varies Investments in Unconsolidated Entities $ 289,272 $ 282,049 (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, 2024: 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) 3 6 1,982 4 1,164 (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, 2024
Deposits Restricted [Abstract]
Restricted Deposits	The following table presents the Company’s restricted deposits as of March 31, 2024 and December 31, 2023 (amounts in thousands): March 31, 2024 December 31, 2023 Mortgage escrow deposits: Real estate taxes and insurance $ 510 $ 307 Mortgage principal reserves/sinking funds 31,203 29,270 Mortgage escrow deposits 31,713 29,577 Restricted cash: Tax-deferred (1031) exchange proceeds 59,310 — Earnest money on pending acquisitions 500 524 Restricted deposits on real estate investments 2,199 2,181 Resident security and utility deposits 40,638 40,149 Replacement reserves 16,342 15,571 Other 1,323 1,250 Restricted cash 120,312 59,675 Restricted deposits $ 152,025 $ 89,252

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023 (amounts in thousands): Quarter Ended March 31, 2024 Quarter Ended March 31, 2023 Income Type Residential Non-Residential Total Residential Non-Residential Total Residential and non-residential rent $ 652,361 $ 18,823 $ 671,184 $ 634,752 $ 15,986 $ 650,738 Utility recoveries (RUBS income) (1) 22,669 227 22,896 21,383 207 21,590 Parking rent 11,424 220 11,644 10,882 109 10,991 Other lease revenue (2) ( 5,945 ) ( 92 ) ( 6,037 ) ( 7,589 ) 669 ( 6,920 ) Total lease revenue $ 680,509 $ 19,178 699,687 $ 659,428 $ 16,971 676,399 Parking revenue 10,678 10,203 Other revenue 20,453 18,486 Total other rental income (3) 31,131 28,689 Rental income $ 730,818 $ 705,088 (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 (see below for further discussion) and other miscellaneous lease revenue. (3) Other rental income is accounted for under the revenue recognition standard and primarily consists of third-party transient parking revenue and ancillary income such as cable and laundry revenue.
Summary of Residential Accounts Receivable and Straight-Line Receivable Balances	The following table presents residential accounts receivable and straight-line receivable balances for the Company’s properties as of March 31, 2024 and December 31, 2023 (amounts in thousands): Balance Sheet (Other assets): March 31, 2024 December 31, 2023 Residential accounts receivable balances $ 18,710 $ 21,477 Allowance for doubtful accounts ( 13,571 ) ( 15,846 ) Net receivable balances $ 5,139 $ 5,631 Straight-line receivable balances $ 9,091 $ 9,183
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, 2024 and 2023 (amounts in thousands): Quarter Ended March 31, Income Statement (Rental income): 2024 2023 Bad debt, net (1) $ 9,215 $ 10,755 % of residential rental income 1.3 % 1.6 % (1) Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $ 0.4 million and $ 1.2 million for the quarters ended March 31, 2024 and 2023 , respectively.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 (amounts in thousands): Mortgage notes Proceeds Lump sum Scheduled Amortization Amortization Mortgage notes Fixed Rate Debt: Secured – Conventional $ 1,398,598 $ — $ — $ — $ 396 $ 227 $ 1,399,221 Floating Rate Debt: Secured – Tax Exempt 234,304 — — — 310 35 234,649 Total $ 1,632,902 $ — $ — $ — $ 706 $ 262 $ 1,633,870 (1) Represents amortization of deferred financing costs, net of debt financing costs.
Summary of Notes Activity	The following table summarizes the Company’s notes activity for the quarter ended March 31, 2024 (amounts in thousands): Notes, net as of Proceeds Lump sum Amortization Amortization Notes, net as of Fixed Rate Debt: Unsecured – Public $ 5,348,417 $ — $ — $ 561 $ 960 $ 5,349,938 (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, 2024 (amounts in thousands): March 31, 2024 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding ( 226,000 ) Unsecured revolving credit facility balance outstanding — Other restricted amounts ( 3,438 ) Unsecured revolving credit facility availability $ 2,270,562
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, 2024: March 31, 2024 Interest Rate Ranges (ending) 0.10 % - 5.25 % Weighted Average Interest Rate 3.84 % Maturity Date Ranges 2029 - 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, 2024: March 31, 2024 Interest Rate Ranges (ending) 1.85 % - 7.57 % Weighted Average Interest Rate 3.53 % 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, maturity and amount outstanding information for the commercial paper program as of and for the quarter ended March 31, 2024: March 31, 2024 Weighted Average Interest Rate (1) 5.60 % Weighted Average Maturity (in days) 3 Weighted Average Amount Outstanding $ 333.1 million (1) The notes bear interest at various floating rates.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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. Derivatives Readily observable market parameters such as forward yield curves and credit default swap data.
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, 2024 and December 31, 2023, respectively (amounts in thousands): March 31, 2024 December 31, 2023 Carrying Value Estimated Fair Carrying Value Estimated Fair Mortgage notes payable, net $ 1,633,870 $ 1,498,775 $ 1,632,902 $ 1,509,706 Unsecured debt, net 5,575,859 5,100,252 5,757,548 5,346,488 Total debt, net $ 7,209,729 $ 6,599,027 $ 7,390,450 $ 6,856,194
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, 2024 and December 31, 2023, respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet 3/31/2024 Quoted Prices in Significant Other Significant Assets Supplemental Executive Retirement Plan Other Assets $ 103,917 $ 103,917 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 103,917 $ 103,917 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 298,219 $ — $ 298,219 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet 12/31/2023 Quoted Prices in Significant Other Significant Assets Supplemental Executive Retirement Plan Other Assets $ 108,478 $ 108,478 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 108,478 $ 108,478 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 289,248 $ — $ 289,248 $ —
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, 2024 and 2023, respectively (amounts in thousands): March 31, 2024 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ — Interest expense $ ( 610 ) Total $ — $ ( 610 ) 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 )
Summary of Real Estate Technology Investment Securities included in Other Assets	The following table summarizes the Company’s real estate technology investment securities included in other assets as of March 31, 2024 and December 31, 2023 (amounts in thousands): March 31, 2024 December 31, 2023 Real Estate Technology Investments $ 26,373 $ 19,312

Earnings Per Share and Earnin_2

Earnings Per Share and Earnings Per Unit (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 Numerator for net income per share – basic: Net income $ 305,032 $ 220,071 Allocation to Noncontrolling Interests – Operating Partnership ( 8,275 ) ( 7,059 ) Net (income) loss attributable to Noncontrolling ( 970 ) ( 977 ) Preferred distributions ( 547 ) ( 772 ) Premium on redemption of Preferred Shares ( 1,444 ) — Numerator for net income per share – basic $ 293,796 $ 211,263 Numerator for net income per share – diluted: Net income $ 305,032 $ 220,071 Net (income) loss attributable to Noncontrolling ( 970 ) ( 977 ) Preferred distributions ( 547 ) ( 772 ) Premium on redemption of Preferred Shares ( 1,444 ) — Numerator for net income per share – diluted $ 302,071 $ 218,322 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 378,812 378,341 Effect of dilutive securities: OP Units 10,669 11,510 Long-term compensation shares/units 1,080 813 Denominator for net income per share – diluted 390,561 390,664 Net income per share – basic $ 0.78 $ 0.56 Net income per share – diluted $ 0.77 $ 0.56
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, 2024 2023 Numerator for net income per Unit – basic and diluted: Net income $ 305,032 $ 220,071 Net (income) loss attributable to Noncontrolling ( 970 ) ( 977 ) Allocation to Preference Units ( 547 ) ( 772 ) Allocation to premium on redemption of Preference Units ( 1,444 ) — Numerator for net income per Unit – basic and diluted $ 302,071 $ 218,322 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 389,481 389,851 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting 1,080 813 Denominator for net income per Unit – diluted 390,561 390,664 Net income per Unit – basic $ 0.78 $ 0.56 Net income per Unit – diluted $ 0.77 $ 0.56

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 (total project costs remaining in thousands): Projects Apartment Units Total Project Costs Remaining (1) Projects Under Development Consolidated 2 665 $ 229,064 Unconsolidated 6 1,982 96,303 Total Projects Under Development 8 2,647 $ 325,367 (1) The Company’s share of the $ 325.4 million in total project costs remaining approximates $ 229.5 million, with the balance funded by the Company’s joint venture partners (approximately $ 0.2 million) and/or applicable construction loans (approximately $ 95.7 million).

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023, respectively (amounts in thousands): Quarter Ended March 31, 2024 2023 Rental income $ 730,818 $ 705,088 Property and maintenance expense ( 134,630 ) ( 137,579 ) Real estate taxes and insurance expense ( 108,927 ) ( 106,669 ) Total operating expenses ( 243,557 ) ( 244,248 ) Net operating income $ 487,261 $ 460,840
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, 2024 and 2023, respectively, as well as total assets and capital expenditures at March 31, 2024 (amounts in thousands): Quarter Ended March 31, 2024 Quarter Ended March 31, 2023 Rental Operating NOI Rental Operating NOI Same store (1) Los Angeles $ 119,267 $ 37,825 $ 81,442 $ 113,489 $ 37,311 $ 76,178 Orange County 31,101 6,927 24,174 29,372 6,694 22,678 San Diego 25,824 5,880 19,944 24,234 5,814 18,420 Subtotal - Southern California 176,192 50,632 125,560 167,095 49,819 117,276 Washington, D.C. 116,387 36,528 79,859 110,255 37,153 73,102 San Francisco 109,313 34,967 74,346 107,286 34,246 73,040 New York 123,964 51,275 72,689 118,045 49,488 68,557 Boston 80,451 23,738 56,713 76,878 24,163 52,715 Seattle 73,832 21,277 52,555 72,778 20,221 52,557 Denver 17,808 5,447 12,361 17,596 5,474 12,122 Other Expansion Markets 18,718 8,041 10,677 18,370 8,397 9,973 Total same store 716,665 231,905 484,760 688,303 228,961 459,342 Non-same store/other Non-same store (2) 12,948 6,092 6,856 4,903 2,860 2,043 Other (3) 1,205 5,560 ( 4,355 ) 11,882 12,427 ( 545 ) Total non-same store/other 14,153 11,652 2,501 16,785 15,287 1,498 Totals $ 730,818 $ 243,557 $ 487,261 $ 705,088 $ 244,248 $ 460,840 (1) For the quarters ended March 31, 2024 and 2023 , same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represented 77,373 apartment units. (2) For the quarters ended March 31, 2024 and 2023, non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, 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, 2024 Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,473,271 $ 11,267 Orange County 335,110 2,569 San Diego 336,081 3,167 Subtotal - Southern California 3,144,462 17,003 Washington, D.C. 3,098,097 12,202 San Francisco 3,043,672 13,622 New York 3,284,640 6,085 Boston 2,068,351 6,026 Seattle 2,061,322 8,590 Denver 816,012 1,007 Other Expansion Markets 888,330 1,536 Total same store 18,404,886 66,071 Non-same store/other Non-same store (2) 665,260 7,381 Other (3) 824,651 68 Total non-same store/other 1,489,911 7,449 Totals $ 19,894,797 $ 73,520 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represented 77,373 apartment units. (2) Non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and capital expenditures for properties sold.

Business - Additional Informati

Business - Additional Information (Details)	Mar. 31, 2024 Property ApartmentUnit State
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of states in which entity operates | State	10
Properties | Property	299
Apartment units | ApartmentUnit	79,688
ERPOP [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Noncontrolling interest, ownership percentage by parent	97%

Business - Ownership Breakdown

Business - Ownership Breakdown (Details)	Mar. 31, 2024 ApartmentUnit Property
Property/Unit schedule
Properties | Property	299
Apartment Units | ApartmentUnit	79,688
Wholly Owned Properties
Property/Unit schedule
Properties | Property	285
Apartment Units | ApartmentUnit	76,628
Partially Owned Properties - Consolidated
Property/Unit schedule
Properties | Property	14
Apartment Units | ApartmentUnit	3,060

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Provision for income tax	$ 304,000	$ 298,000
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, 2024	Mar. 31, 2023
Equity Capital And Other Interests [Abstract]
Common Stock, Shares, Outstanding	379,291,417	378,429,708
Common Shares Issued:
Conversion of OP Units	7,967	144,567
Exercise of share options	82,742	173,249
Employee Share Purchase Plan (ESPP)	32,496	27,393
Restricted share grants, net	177,581	123,304
Common Shares Other:
Repurchased and retired	(652,452)
Common Stock, Shares, Outstanding	378,939,751	378,898,221
Units
Total Units Outstanding	11,581,306	12,429,737
Restricted unit grants, net	159,283	229,913
Conversion of OP Units to Common Shares	(7,967)	(144,567)
Total Units Outstanding	11,732,622	12,515,083
Common Shares And Units Outstanding	390,672,373	391,413,304
Units Ownership Interest in Operating Partnership	3%	3.20%

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, 2024	Mar. 31, 2023
General and Limited Partner Units
Exercise of share options	82,742	173,249
Employee Share Purchase Plan (ESPP)	32,496	27,393
Restricted share grants, net	177,581	123,304
Restricted unit grants, net	159,283	229,913
Common Shares And Units Outstanding	390,672,373	391,413,304
Limited Partner Units
Total Units Outstanding	11,581,306	12,429,737
Restricted unit grants, net	159,283	229,913
Conversion of Limited Partner OP Units to EQR Common Shares	(7,967)	(144,567)
Total Units Outstanding	11,732,622	12,515,083
Units Ownership Interest in Operating Partnership	3%	3.20%
ERPOP [Member]
General and Limited Partner Units
Common Shares And Units Outstanding	390,872,723	390,859,445
Exercise of share options	82,742	173,249
Employee Share Purchase Plan (ESPP)	32,496	27,393
Restricted share grants, net	177,581	123,304
Restricted unit grants, net	159,283	229,913
OP Units repurchased and retired	(652,452)
Common Shares And Units Outstanding	390,672,373	391,413,304
Limited Partner Units
Total Units Outstanding	11,581,306	12,429,737
Restricted unit grants, net	159,283	229,913
Conversion of Limited Partner OP Units to EQR Common Shares	(7,967)	(144,567)
Total Units Outstanding	11,732,622	12,515,083
Units Ownership Interest in Operating Partnership	3%	3.20%

Equity, Capital and Other Int_5

Equity, Capital and Other Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Equity Capital And Other Interests [Abstract]
Redeemable noncontrolling interests - operating partnership	$ 298,219	$ 289,248	$ 323,551	$ 318,273
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, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Redeemable Noncontrolling Interests - Operating Partnership Units	$ 289,248	$ 318,273
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership	8,815	5,946
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	156	(668)
Redeemable Noncontrolling Interests - Operating Partnership Units	298,219	323,551
E R P O P [Member]
Class of Stock [Line Items]
Redeemable Noncontrolling Interests - Operating Partnership Units	289,248	318,273
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership	8,815	5,946
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	156	(668)
Redeemable Noncontrolling Interests - Operating Partnership Units	$ 298,219	$ 323,551

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, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Redeemable Limited Partners	$ 289,248	$ 318,273
Limited Partners Change In Redemption Value	8,815	5,946
Limited Partners Change In Carrying Value	156	(668)
Redeemable Limited Partners	298,219	323,551
E R P O P [Member]
Class of Stock [Line Items]
Redeemable Limited Partners	289,248	318,273
Limited Partners Change In Redemption Value	8,815	5,946
Limited Partners Change In Carrying Value	156	(668)
Redeemable Limited Partners	$ 298,219	$ 323,551

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, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share/unit; 343,100 shares/units issued and outstanding as of March 31, 2024 and 745,600 share/units issued and outstanding as of December 31, 2023	$ 17,155	$ 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; 343,100 shares/units issued and outstanding as of March 31, 2024 and 745,600 share/units issued and outstanding as of December 31, 2023	$ 17,155	$ 37,280

Equity, Capital and Other Int_9

Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
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
Repurchased and retired	652,452
Premium on redemption of Preferred Shares	$ 1,444
Preferred Stock
Class Of Stock [Line Items]
Preferred Stock Preference Units Issued	343,100	745,600
Preferred Stock Preference Units Outstanding	343,100	745,600
Preferred Stock Preference Units Redemption Price Per Share	$ 50	$ 50
Preferred Stock Preference Units Dividend Rate Percentage	8.29%	8.29%
Repurchased and retired	402,500
Liquidation value	$ 20,100
Total cash consideration	21,800
Premium on redemption of Preferred Shares	$ 1,400

Equity, Capital and Other In_10

Equity, Capital and Other Interests - Other - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Stock repurchase program, number of shares authorized to be repurchased		13,000,000
Stock repurchase program, remaining number of shares authorized to be repurchased	12,347,548
Common shares repurchased and retired	$ 38,500
Repurchased and retired	652,452
Repurchase of stock, weighted average price per share	$ 58.95
ERPOP [Member]
Repurchased and retired	652,452
Preferred Stock [Member]
Repurchased and retired	402,500
Common Shares [Member]
Common shares repurchased and retired	$ (7)
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, 2024	Dec. 31, 2023
Land	$ 5,550,882	$ 5,581,876
Depreciable property:
Buildings and improvements	19,763,823	19,809,432
Furniture, fixtures and equipment	2,648,670	2,609,600
In-Place lease intangibles	517,543	519,394
Projects under development:
Projects under development	155,729	78,036
Land held for development:
Land held for development	64,466	114,300
Investment in real estate	28,701,113	28,712,638
Accumulated depreciation	(9,978,012)	(9,810,337)
Investment in real estate, net	18,723,101	18,902,301
Land [Member]
Projects under development:
Projects under development	39,833	3,201
Land held for development:
Land held for development	46,160	82,026
Construction-in-progress [Member]
Projects under development:
Projects under development	115,896	74,835
Land held for development:
Land held for development	$ 18,306	$ 32,274

Real Estate - Disposed Properti

Real Estate - Disposed Properties to Unaffiliated Parties (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) ApartmentUnit Property	Mar. 31, 2023 USD ($)
Properties disposed | Property	3
Property Units disposed | ApartmentUnit	504
Sales Price	$ 248,500
Net Gain	$ 188,185	$ 100,209
Rental Properties - Consolidated [Member]
Properties disposed | Property	3
Property Units disposed | ApartmentUnit	504
Sales Price	$ 248,500
Net Gain	$ 188,185

Investments in Partially Owne_3

Investments in Partially Owned Entities - Summary of Company's Consolidated Joint Ventures (Details)	Mar. 31, 2024 ApartmentUnit Project Property
Variable Interest Entity [Line Items]
Properties | Property	299
Apartment units	79,688
Consolidated VIE [Member] | Operating Properties [Member]
Variable Interest Entity [Line Items]
Properties | Property	14
Apartment units	3,060
Consolidated VIE [Member] | Projects Under Development [Member]
Variable Interest Entity [Line Items]
Project | Project	1
Apartment units	440

Investments in Partially Owne_4

Investments in Partially Owned Entities - Summary of Company's Consolidated Joint Ventures (Parenthetical) (Details)	Mar. 31, 2024 LandParcel
Consolidated VIE [Member] | Operating Properties [Member]
Variable Interest Entity [Line Items]
Number of project subject to long term ground lease for land parcel	1

Investments in Partially Owne_5

Investments in Partially Owned Entities - Summary of Consolidated Assets and Liabilities Related to the Company's VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Consolidated Assets	$ 19,894,797	$ 20,034,564
Consolidated Liabilities	8,322,765	8,456,188
Consolidated VIE [Member]
Variable Interest Entity [Line Items]
Consolidated Assets	602,865	599,788
Consolidated Liabilities	$ 45,943	$ 41,153

Investments in Partially Owne_6

Investments in Partially Owned Entities - Summary of Company's Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 289,272	$ 282,049
Various Real Estate Holdings [Member] | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	35,267	35,421
Projects Under Development and Land Held for Development (VIE) [Member]
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 227,349	220,192
Projects Under Development and Land Held for Development (VIE) [Member] | Variable Interest Entity, Not Primary Beneficiary | Minimum [Member]
Variable Interest Entity [Line Items]
Ownership Percentage	62%
Projects Under Development and Land Held for Development (VIE) [Member] | Variable Interest Entity, Not Primary Beneficiary | Maximum [Member]
Variable Interest Entity [Line Items]
Ownership Percentage	95%
Real Estate Technology Funds/Companies (VIE) [Member] | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 26,903	26,691
Other [Member]
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ (247)	$ (255)

Investments in Partially Owne_7

Investments in Partially Owned Entities - Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs (Details)	Mar. 31, 2024 ApartmentUnit Project Entity
Variable Interest Entity [Line Items]
Apartment units	79,688
Variable Interest Entity, Not Primary Beneficiary | Real Estate Holdings [Member]
Variable Interest Entity [Line Items]
Entities | Entity	3
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	4
Apartment units	1,164

Investments in Partially Owne_8

Investments in Partially Owned Entities - Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs (Parenthetical) (Details)	Mar. 31, 2024 LandParcel
Real Estate Holdings [Member] | Unconsolidated VIE [Member]
Variable Interest Entity [Line Items]
Number of project subject to long term ground lease for land parcel	1

Restricted Deposits - Restricte

Restricted Deposits - Restricted Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Mortgage escrow deposits:
Real estate taxes and insurance	$ 510	$ 307
Mortgage principal reserves/sinking funds	31,203	29,270
Mortgage escrow deposits	31,713	29,577
Restricted cash:
Tax-deferred (1031) exchange proceeds	59,310
Earnest money on pending acquisitions	500	524
Restricted deposits on real estate investments	2,199	2,181
Resident security and utility deposits	40,638	40,149
Replacement reserves	16,342	15,571
Other	1,323	1,250
Restricted cash	120,312	59,675
Restricted deposits	$ 152,025	$ 89,252	$ 85,625

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, 2024	Mar. 31, 2023
Operating Leased Assets [Line Items]
Total lease revenue	$ 699,687	$ 676,399
Rental income	730,818	705,088
Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	680,509	659,428
Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	19,178	16,971
Residential and Non-Residential Rent [Member]
Operating Leased Assets [Line Items]
Total lease revenue	671,184	650,738
Residential and Non-Residential Rent [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	652,361	634,752
Residential and Non-Residential Rent [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	18,823	15,986
Utility Recoveries (RUBS Income) [Member]
Operating Leased Assets [Line Items]
Total lease revenue	22,896	21,590
Utility Recoveries (RUBS Income) [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	22,669	21,383
Utility Recoveries (RUBS Income) [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	227	207
Parking Rent [Member]
Operating Leased Assets [Line Items]
Total lease revenue	11,644	10,991
Parking Rent [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	11,424	10,882
Parking Rent [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	220	109
Other Lease Revenue [Member]
Operating Leased Assets [Line Items]
Total lease revenue	(6,037)	(6,920)
Other Lease Revenue [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	(5,945)	(7,589)
Other Lease Revenue [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	(92)	669
Parking Revenue [Member]
Operating Leased Assets [Line Items]
Rental income	10,678	10,203
Other Revenue [Member]
Operating Leased Assets [Line Items]
Rental income	20,453	18,486
Other Rental Income [Member]
Operating Leased Assets [Line Items]
Rental income	$ 31,131	$ 28,689

Leases - Summary of Residential

Leases - Summary of Residential Accounts Receivable and Straight-Line Receivable Balances (Details) - Other Assets [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating Leased Assets [Line Items]
Residential accounts receivable balances	$ 18,710	$ 21,477
Allowance for doubtful accounts	(13,571)	(15,846)
Net receivable balances	5,139	5,631
Straight-line receivable balances	$ 9,091	$ 9,183

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, 2024	Mar. 31, 2023
Lessor Lease Description [Line Items]
Bad debt, net	$ 9,215	$ 10,755
% of residential rental income	1.30%	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, 2024	Mar. 31, 2023
Leases [Abstract]
Bad debt, net from resident payments	$ 0.4	$ 1.2

Debt - Mortgage Notes Payable -

Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	$ 1,632,902
Proceeds	0	$ 14,090
Lump sum payoffs	0
Scheduled principal repayments	0
Amortization of premiums/ discounts	706	$ 306
Amortization of deferred financing costs, net	262
Mortgage notes payable, net ending balance	1,633,870
Fixed Rate Debt [Member] | Secured - Conventional [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	1,398,598
Proceeds	0
Lump sum payoffs	0
Scheduled principal repayments	0
Amortization of premiums/ discounts	396
Amortization of deferred financing costs, net	227
Mortgage notes payable, net ending balance	1,399,221
Floating Rate Debt [Member] | Secured - Tax Exempt [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	234,304
Proceeds	0
Lump sum payoffs	0
Scheduled principal repayments	0
Amortization of premiums/ discounts	310
Amortization of deferred financing costs, net	35
Mortgage notes payable, net ending balance	$ 234,649

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, 2024
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.84%
Maturity Date Ranges, Start	2029
Maturity Date Ranges, End	2061
Minimum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges (ending)	0.10%
Maximum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges (ending)	5.25%

Debt - Mortgage Notes Payable_3

Debt - Mortgage Notes Payable - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 1,633,870	$ 1,632,902
Credit Enhanced Debt [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 246,700

Debt - Notes - Summary of Notes

Debt - Notes - Summary of Notes Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Notes, net beginning balance	$ 5,348,417
Amortization of premiums/ discounts	561	$ 562
Notes, net ending balance	5,349,938
Fixed Rate Debt [Member] | Unsecured - Public [Member]
Debt Instrument [Line Items]
Notes, net beginning balance	5,348,417
Amortization of premiums/ discounts	561
Amortization of deferred financing costs, net	960
Notes, net ending balance	$ 5,349,938

Debt - Notes - Summary of Certa

Debt - Notes - Summary of Certain Interest Rate and Maturity Date Information (Details) - Notes [Member]	3 Months Ended
	Mar. 31, 2024
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.53%
Maturity Date Ranges, Start	2025
Maturity Date Ranges, End	2047
Minimum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges (ending)	1.85%
Maximum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges (ending)	7.57%

Debt - Line of Credit and Comme

Debt - Line of Credit and Commercial Paper - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Line of Credit Facility [Line Items]
Commercial paper balance outstanding	$ 1,000,000,000
Maximum [Member]
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	$ 2,500,000,000
Debt instrument, maturity date	Oct. 26, 2027
Ability to increase LOC facility	$ 750,000,000
Debt instrument, basis spread on variable rate	0.715%
Percentage points of line of credit facility commitment fee	0.125%
Commercial paper balance outstanding	$ 226,000,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Revolving credit facility	$ 0

Debt - Line of Credit and Com_2

Debt - Line of Credit and Commercial Paper - Summary of Certain Weighted Average Interest Rate, Maturity and Amount Outstanding Information for the Commercial Paper Program (Details) - Commercial Paper [Member] $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Weighted Average Interest Rate	5.60%
Weighted Average Maturity (in days)	3 days
Weighted Average Amount Outstanding	$ 333.1

Debt - Line of Credit and Com_3

Debt - Line of Credit and Commercial Paper - Schedule of Unsecured Revolving Credit Facility (Details)	3 Months Ended
	Mar. 31, 2024 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
Commercial paper balance outstanding	(226,000,000)
Other restricted amounts	(3,438,000)
Unsecured revolving credit facility availability	$ 2,270,562,000

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Valuations for Each Type of Fair Value Measurement (Details)	3 Months Ended
	Mar. 31, 2024
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.
Derivatives
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Measurement Type	Derivatives
Valuation Inputs	Readily observable market parameters such as forward yield curves and credit default swap data.

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	$ 7,209,729	$ 7,390,450
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	6,599,027	6,856,194
Mortgage Notes Payable, Net [Member] | Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	1,633,870	1,632,902
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	1,498,775	1,509,706
Unsecured Debt [Member] | Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	5,575,859	5,757,548
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	$ 5,100,252	$ 5,346,488

Fair Value Measurements - Sum_3

Fair Value Measurements - Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Derivatives Fair Value [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	$ 298,219	$ 289,248	$ 323,551	$ 318,273
SERP [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	103,917	108,478
Other Liabilities, Fair Value Disclosure	103,917	108,478
Fair Value, Inputs, Level 1 [Member]
Derivatives Fair Value [Line Items]
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	0	0
Fair Value, Inputs, Level 1 [Member] | SERP [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	103,917	108,478
Other Liabilities, Fair Value Disclosure	103,917	108,478
Fair Value, Inputs, Level 2 [Member]
Derivatives Fair Value [Line Items]
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	298,219	289,248
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]
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	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_4

Fair Value Measurements - Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in OCI on Derivative	$ 0	$ (9,780)
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income	$ (610)	$ (1,095)
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	$ 0	$ (9,780)
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income	$ (610)	$ (1,095)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Unrealized gain (loss) on interest rate cash flow hedges, pretax, accumulated other comprehensive income (loss)	$ 6,300	$ 5,700
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	2,200
Mortgage notes payable, net	1,633,870	$ 1,632,902
Unrealized gain on sale of investment securities	$ 7,100

Fair Value Measurements - Sum_5

Fair Value Measurements - Summary of Real Estate Technology Investment Securities included in Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Assets [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real Estate Technology Investments	$ 26,373	$ 19,312

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, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 305,032	$ 220,071
Allocation to Noncontrolling Interests – Operating Partnership	(8,275)	(7,059)
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(970)	(977)
Preferred distributions	(547)	(772)
Premium on redemption of Preferred Shares	(1,444)
Net income available to Common Shares	293,796	211,263
Numerator for net income per share – diluted	$ 302,071	$ 218,322
Weighted average Common Shares outstanding	378,812	378,341
OP Units	10,669	11,510
Dilutive Securities Options	1,080	813
Denominator for net income per share – diluted	390,561	390,664
Net income per share - basic	$ 0.78	$ 0.56
Net income per share - diluted	$ 0.77	$ 0.56

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, 2024	Mar. 31, 2023
Net income	$ 305,032	$ 220,071
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(970)	$ (977)
Premium on redemption of Preferred Shares	$ (1,444)
Dilutive Securities Options	1,080	813
Denominator for net income per share – diluted	390,561	390,664
Net income per share - basic	$ 0.78	$ 0.56
Net income per share - diluted	$ 0.77	$ 0.56
ERPOP [Member]
Net income	$ 305,032	$ 220,071
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(970)	(977)
Allocation to Preference Units	(547)	(772)
Premium on redemption of Preferred Shares	(1,444)
Numerator for net income per Unit – basic and diluted	$ 302,071	$ 218,322
Denominator for net income per Unit – basic	389,481	389,851
Dilutive Securities Options	1,080	813
Denominator for net income per share – diluted	390,561	390,664
Net income per share - basic	$ 0.78	$ 0.56
Net income per share - diluted	$ 0.77	$ 0.56

Commitments and Contingencies -

Commitments and Contingencies - Summary of Real Estate Development Commitments (Details) $ in Thousands	Mar. 31, 2024 USD ($) ApartmentUnit Project
Projects Under Development Consolidated [Member]
Projects/Investments/Units/Remaining Commitments schedule
Apartment Units | ApartmentUnit	665
Consolidated project under development commitment fund | $	$ 229,064
Number of consolidated projects in various stages of development | Project	2
Projects Under Development Unconsolidated [Member]
Projects/Investments/Units/Remaining Commitments schedule
Apartment Units | ApartmentUnit	1,982
Number of unconsolidated projects in various stages of development | Project	6
Unconsolidated project under development commitment fund | $	$ 96,303
Projects Under Development [Member]
Projects/Investments/Units/Remaining Commitments schedule
Apartment Units | ApartmentUnit	2,647
Project under development commitment fund | $	$ 325,367
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, 2024 USD ($)
Projects/Investments/Units/Remaining Commitments schedule
Total project costs remaining under development commitment fund	$ 325.4
Parent
Projects/Investments/Units/Remaining Commitments schedule
Total project costs remaining under development commitment fund	229.5
Corporate Joint Venture
Projects/Investments/Units/Remaining Commitments schedule
Total project costs remaining under development commitment fund	0.2
Construction Loans
Projects/Investments/Units/Remaining Commitments schedule
Total project costs remaining under development commitment fund	$ 95.7

Commitments and Contingencies_3

Commitments and Contingencies - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) Investment	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Number of real estate investment funds | Investment	10
Real estate investment funds	$ 40
Real estate technology and other real estate investments commitment funds	18
Other Liabilities [Member]
Loss Contingencies [Line Items]
Litigation accruals	$ 45.6	$ 17.1

Reportable Segments - Additiona

Reportable Segments - Additional Information (Details) - Customer	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Number of customer contributed 10% or more of total revenue	0	0
Non-residential Leases [Member] | Revenue [Member] | Revenue Concentration Risk [Member] | Maximum [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	5%

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, 2024	Mar. 31, 2023
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Rental income	$ 730,818	$ 705,088
Property and maintenance expense	(134,630)	(137,579)
Real estate taxes and insurance expense	(108,927)	(106,669)
Total operating expenses	(243,557)	(244,248)
Net operating income	$ 487,261	$ 460,840

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, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Rental income	$ 730,818	$ 705,088
Operating expenses	243,557	244,248
NOI	487,261	460,840
Total Assets	19,894,797		$ 20,034,564
Capital Expenditures	73,520
Same Store
Segment Reporting Information [Line Items]
Rental income	716,665	688,303
Operating expenses	231,905	228,961
NOI	484,760	459,342
Total Assets	18,404,886
Capital Expenditures	66,071
Non-same store/other
Segment Reporting Information [Line Items]
Rental income	14,153	16,785
Operating expenses	11,652	15,287
NOI	2,501	1,498
Total Assets	1,489,911
Capital Expenditures	7,449
Los Angeles | Same Store
Segment Reporting Information [Line Items]
Rental income	119,267	113,489
Operating expenses	37,825	37,311
NOI	81,442	76,178
Total Assets	2,473,271
Capital Expenditures	11,267
Orange County | Same Store
Segment Reporting Information [Line Items]
Rental income	31,101	29,372
Operating expenses	6,927	6,694
NOI	24,174	22,678
Total Assets	335,110
Capital Expenditures	2,569
San Diego | Same Store
Segment Reporting Information [Line Items]
Rental income	25,824	24,234
Operating expenses	5,880	5,814
NOI	19,944	18,420
Total Assets	336,081
Capital Expenditures	3,167
Subtotal - Southern California | Same Store
Segment Reporting Information [Line Items]
Rental income	176,192	167,095
Operating expenses	50,632	49,819
NOI	125,560	117,276
Total Assets	3,144,462
Capital Expenditures	17,003
Washington D.C. | Same Store
Segment Reporting Information [Line Items]
Rental income	116,387	110,255
Operating expenses	36,528	37,153
NOI	79,859	73,102
Total Assets	3,098,097
Capital Expenditures	12,202
San Francisco | Same Store
Segment Reporting Information [Line Items]
Rental income	109,313	107,286
Operating expenses	34,967	34,246
NOI	74,346	73,040
Total Assets	3,043,672
Capital Expenditures	13,622
New York | Same Store
Segment Reporting Information [Line Items]
Rental income	123,964	118,045
Operating expenses	51,275	49,488
NOI	72,689	68,557
Total Assets	3,284,640
Capital Expenditures	6,085
Boston | Same Store
Segment Reporting Information [Line Items]
Rental income	80,451	76,878
Operating expenses	23,738	24,163
NOI	56,713	52,715
Total Assets	2,068,351
Capital Expenditures	6,026
Seattle | Same Store
Segment Reporting Information [Line Items]
Rental income	73,832	72,778
Operating expenses	21,277	20,221
NOI	52,555	52,557
Total Assets	2,061,322
Capital Expenditures	8,590
Denver | Same Store
Segment Reporting Information [Line Items]
Rental income	17,808	17,596
Operating expenses	5,447	5,474
NOI	12,361	12,122
Total Assets	816,012
Capital Expenditures	1,007
Other Expansion Markets | Same Store
Segment Reporting Information [Line Items]
Rental income	18,718	18,370
Operating expenses	8,041	8,397
NOI	10,677	9,973
Total Assets	888,330
Capital Expenditures	1,536
Non-same store | Non-same store/other
Segment Reporting Information [Line Items]
Rental income	12,948	4,903
Operating expenses	6,092	2,860
NOI	6,856	2,043
Total Assets	665,260
Capital Expenditures	7,381
Other | Non-same store/other
Segment Reporting Information [Line Items]
Rental income	1,205	11,882
Operating expenses	5,560	12,427
NOI	(4,355)	$ (545)
Total Assets	824,651
Capital Expenditures	$ 68

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, 2024	Mar. 31, 2023
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Units in same store properties	77,373	77,373