Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 27, 2017 | |
Document And Entity Information [Line Items] | ||
Entity Registrant Name | EQUITY RESIDENTIAL | |
Entity Central Index Key | 906,107 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | EQR | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 367,484,786 | |
ERPOP [Member] | ||
Document And Entity Information [Line Items] | ||
Entity Registrant Name | ERP OPERATING LIMITED PARTNERSHIP | |
Entity Central Index Key | 931,182 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Investment in real estate | ||
Land | $ 5,985,004 | $ 5,899,862 |
Depreciable property | 19,571,402 | 18,730,579 |
Projects under development | 293,064 | 637,168 |
Land held for development | 99,073 | 118,816 |
Investment in real estate | 25,948,543 | 25,386,425 |
Accumulated depreciation | (5,849,110) | (5,360,389) |
Investment in real estate, net | 20,099,433 | 20,026,036 |
Cash and cash equivalents | 46,565 | 77,207 |
Investments in unconsolidated entities | 59,029 | 60,141 |
Deposits – restricted | 36,639 | 76,946 |
Escrow deposits – mortgage | 10,972 | 64,935 |
Other assets | 445,195 | 398,883 |
Total assets | 20,697,833 | 20,704,148 |
Liabilities: | ||
Mortgage notes payable, net | 3,619,180 | 4,119,181 |
Notes, net | 5,143,248 | 4,848,079 |
Line of credit and commercial paper | 229,844 | 19,998 |
Accounts payable and accrued expenses | 167,984 | 147,482 |
Accrued interest payable | 72,811 | 60,946 |
Other liabilities | 332,650 | 350,466 |
Security deposits | 65,230 | 62,624 |
Distributions payable | 192,569 | 192,296 |
Total liabilities | 9,823,516 | 9,801,072 |
Commitments and contingencies | ||
Redeemable Noncontrolling Interests – Operating Partnership | 380,541 | 442,092 |
Shareholders' equity: | ||
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of September 30, 2017 and December 31, 2016 | 37,280 | 37,280 |
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 367,462,480 shares issued and outstanding as of September 30, 2017 and 365,870,924 shares issued and outstanding as of December 31, 2016 | 3,675 | 3,659 |
Paid in capital | 8,848,739 | 8,758,422 |
Retained earnings | 1,464,249 | 1,543,626 |
Accumulated other comprehensive (loss) | (94,674) | (113,909) |
Total shareholders’ equity | 10,259,269 | 10,229,078 |
Noncontrolling Interests: | ||
Operating Partnership | 228,332 | 221,297 |
Partially Owned Properties | 6,175 | 10,609 |
Total Noncontrolling Interests | 234,507 | 231,906 |
Total equity | 10,493,776 | 10,460,984 |
Total liabilities and equity/capital | $ 20,697,833 | $ 20,704,148 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 745,600 | 745,600 |
Preferred Stock, Shares Outstanding | 745,600 | 745,600 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 367,462,480 | 365,870,924 |
Common Stock, Shares, Outstanding | 367,462,480 | 365,870,924 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
REVENUES | ||||
Rental income | $ 623,951 | $ 605,856 | $ 1,840,170 | $ 1,816,960 |
Fee and asset management | 171 | 218 | 532 | 3,351 |
Total revenues | 624,122 | 606,074 | 1,840,702 | 1,820,311 |
EXPENSES | ||||
Property and maintenance | 104,721 | 104,216 | 306,645 | 309,688 |
Real estate taxes and insurance | 84,087 | 81,343 | 253,318 | 238,954 |
Property management | 20,861 | 19,517 | 64,702 | 64,003 |
General and administrative | 12,567 | 12,395 | 40,366 | 47,408 |
Depreciation | 184,100 | 179,230 | 542,964 | 528,242 |
Total expenses | 406,336 | 396,701 | 1,207,995 | 1,188,295 |
Operating income | 217,786 | 209,373 | 632,707 | 632,016 |
Interest and other income | 3,945 | 5,509 | 5,708 | 65,092 |
Other expenses | (1,028) | (10,420) | (3,160) | (14,480) |
Interest: | ||||
Expense incurred, net | (91,145) | (86,352) | (288,579) | (386,316) |
Amortization of deferred financing costs | (2,064) | (2,261) | (6,447) | (10,000) |
Income before income and other taxes, (loss) income from investments in unconsolidated entities, net gain on sales of real estate properties and land parcels and discontinued operations | 127,494 | 115,849 | 340,229 | 286,312 |
Income and other tax (expense) benefit | (228) | (426) | (710) | (1,189) |
(Loss) income from investments in unconsolidated entities | (398) | 7,750 | (2,153) | 5,846 |
Net gain on sales of real estate properties | 17,328 | 90,036 | 141,761 | 3,870,871 |
Net gain on sales of land parcels | 4,037 | 19,170 | 15,759 | |
Income from continuing operations | 144,196 | 217,246 | 498,297 | 4,177,599 |
Discontinued operations, net | 0 | 246 | 0 | 124 |
Net income | 144,196 | 217,492 | 498,297 | 4,177,723 |
Net (income) attributable to Noncontrolling Interests: | ||||
Operating Partnership | (5,166) | (8,353) | (17,931) | (160,442) |
Partially Owned Properties | (801) | (823) | (2,354) | (2,368) |
Net income attributable to controlling interests | 138,229 | 208,316 | 478,012 | 4,014,913 |
Preferred distributions | (772) | (773) | (2,318) | (2,318) |
Net income available to Common Shares | $ 137,457 | $ 207,543 | $ 475,694 | $ 4,012,595 |
Earnings per share – basic: | ||||
Income from continuing operations available to Common Shares | $ 0.37 | $ 0.57 | $ 1.30 | $ 11 |
Net income available to Common Shares | $ 0.37 | $ 0.57 | $ 1.30 | $ 11 |
Weighted average Common Shares outstanding | 366,996 | 365,109 | 366,809 | 364,917 |
Earnings per share – diluted: | ||||
Income from continuing operations available to Common Shares | $ 0.37 | $ 0.56 | $ 1.29 | $ 10.92 |
Net income available to Common Shares | $ 0.37 | $ 0.56 | $ 1.29 | $ 10.92 |
Weighted average Common Shares outstanding | 382,945 | 382,373 | 382,640 | 382,284 |
Distributions declared per Common Share outstanding | $ 0.50375 | $ 3.50375 | $ 1.51125 | $ 12.51125 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Comprehensive income | ||||
Net income | $ 144,196 | $ 217,492 | $ 498,297 | $ 4,177,723 |
Other comprehensive income (loss) – derivative instruments: | ||||
Unrealized holding gains (losses) arising during the period | 1,709 | 227 | 5,216 | (4,240) |
Losses reclassified into earnings from other comprehensive income | 4,768 | 4,340 | 14,019 | 37,262 |
Other comprehensive income (loss) – foreign currency: | ||||
Currency translation adjustments arising during the period | 214 | 264 | ||
Other comprehensive income | 6,477 | 4,781 | 19,235 | 33,286 |
Comprehensive income | 150,673 | 222,273 | 517,532 | 4,211,009 |
Comprehensive (income) attributable to Noncontrolling Interests | (6,201) | (9,362) | (20,983) | (164,096) |
Comprehensive income attributable to controlling interests | $ 144,472 | $ 212,911 | $ 496,549 | $ 4,046,913 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 498,297 | $ 4,177,723 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 542,964 | 528,242 |
Amortization of deferred financing costs | 6,447 | 10,000 |
Amortization of above/below market lease intangibles | 2,729 | 2,566 |
Amortization of discounts and premiums on debt | 4,939 | (18,328) |
Amortization of deferred settlements on derivative instruments | 14,010 | 37,187 |
Write-off of pursuit costs | 2,329 | 3,379 |
Loss (income) from investments in unconsolidated entities | 2,153 | (5,846) |
Distributions from unconsolidated entities – return on capital | 2,031 | 2,165 |
Net (gain) on sales of investment securities and other investments | (58,416) | |
Net (gain) on sales of real estate properties | (141,761) | (3,870,871) |
Net (gain) on sales of land parcels | (19,170) | (15,759) |
Net (gain) on sales of discontinued operations | (43) | |
Compensation paid with Company Common Shares | 19,999 | 25,540 |
Changes in assets and liabilities: | ||
Decrease in deposits – restricted | 788 | 9,992 |
Decrease in mortgage deposits | 1,447 | 222 |
(Increase) decrease in other assets | (23,024) | 4,248 |
Increase in accounts payable and accrued expenses | 62,635 | 41,371 |
Increase (decrease) in accrued interest payable | 11,865 | (15,780) |
(Decrease) in other liabilities | (28,250) | (24,749) |
Increase (decrease) in security deposits | 2,606 | (13,522) |
Net cash provided by operating activities | 963,034 | 819,321 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in real estate – acquisitions | (466,395) | (205,881) |
Investment in real estate – development/other | (227,187) | (454,502) |
Capital expenditures to real estate | (143,258) | (124,551) |
Non-real estate capital additions | (776) | (4,467) |
Interest capitalized for real estate under development | (23,164) | (41,658) |
Proceeds from disposition of real estate, net | 350,000 | 6,584,126 |
Investments in unconsolidated entities | (5,324) | (3,826) |
Distributions from unconsolidated entities – return of capital | 329 | 13,798 |
Proceeds from sale of investment securities and other investments | 72,815 | |
Decrease (increase) in deposits on real estate acquisitions and investments, net | 39,519 | (83,668) |
(Increase) in mortgage deposits | (4,541) | (21) |
Net cash (used for) provided by investing activities | (480,797) | 5,752,165 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt financing costs | (6,272) | (507) |
Mortgage deposits | 57,057 | (6,249) |
Mortgage notes payable, net: | ||
Lump sum payoffs | (493,420) | (565,084) |
Scheduled principal repayments | (8,771) | (6,644) |
Notes, net: | ||
Proceeds | 692,466 | |
Lump sum payoffs | (394,077) | (1,500,000) |
Line of credit and commercial paper: | ||
Line of credit proceeds | 1,845,000 | 246,000 |
Line of credit repayments | (1,845,000) | (246,000) |
Commercial paper proceeds | 3,888,675 | 1,324,784 |
Commercial paper repayments | (3,681,750) | (1,712,472) |
Proceeds from settlement of derivative instruments | 1,296 | |
Proceeds from Employee Share Purchase Plan (ESPP) | 2,963 | 2,778 |
Proceeds from exercise of options | 12,967 | 26,939 |
Payment of offering costs | (36) | (304) |
Other financing activities, net | (40) | (33) |
Contributions – Noncontrolling Interests – Partially Owned Properties | 125 | |
Contributions – Noncontrolling Interests – Operating Partnership | 1 | |
Distributions: | ||
Common Shares | (554,267) | (3,490,838) |
Preferred Shares | (2,318) | (2,318) |
Noncontrolling Interests – Operating Partnership | (20,604) | (137,641) |
Noncontrolling Interests – Partially Owned Properties | (6,873) | (28,588) |
Net cash (used for) financing activities | (512,879) | (6,096,176) |
Net (decrease) increase in cash and cash equivalents | (30,642) | 475,310 |
Cash and cash equivalents, beginning of period | 77,207 | 42,276 |
Cash and cash equivalents, end of period | 46,565 | 517,586 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 257,805 | 383,374 |
Net cash paid for income and other taxes | 964 | 1,333 |
Real estate acquisitions/dispositions/other: | ||
Mortgage loans assumed | 43,400 | |
Amortization of deferred financing costs: | ||
Other assets | 1,810 | 2,291 |
Mortgage notes payable, net | 1,943 | 3,320 |
Notes, net | 2,694 | 4,389 |
Amortization of discounts and premiums on debt: | ||
Mortgage notes payable, net | 247 | (21,318) |
Notes, net | 1,771 | 2,578 |
Line of credit and commercial paper | 2,921 | 412 |
Amortization of deferred settlements on derivative instruments: | ||
Other liabilities | (9) | (75) |
Accumulated other comprehensive income | 14,019 | 37,262 |
Write-off of pursuit costs: | ||
Investment in real estate, net | 2,292 | 2,876 |
Other assets | 17 | 399 |
Accounts payable and accrued expenses | 20 | 104 |
Loss (income) from investments in unconsolidated entities: | ||
Investments in unconsolidated entities | 1,076 | (6,999) |
Other liabilities | 1,077 | 1,153 |
Realized/unrealized (gain) loss on derivative instruments: | ||
Other assets | (3,803) | (4,563) |
Notes, net | (1,413) | 4,563 |
Other liabilities | 4,240 | |
Accumulated other comprehensive income | 5,216 | (4,240) |
Investments in unconsolidated entities: | ||
Investments in unconsolidated entities | (2,324) | (1,726) |
Other liabilities | (3,000) | (2,100) |
Distributions from unconsolidated entities - return of capital: | ||
Investments in unconsolidated entities | 329 | 14,014 |
Other assets | (216) | |
Debt financing costs: | ||
Mortgage notes payable, net | (507) | |
Notes, net | $ (6,272) | |
Other: | ||
Foreign currency translation adjustments | $ (264) |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands | Total | PREFERRED SHARES | COMMON SHARES, $0.01 PAR VALUE | PAID IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE (LOSS) | OPERATING PARTNERSHIP | PARTIALLY OWNED PROPERTIES |
Balance, beginning of year at Dec. 31, 2016 | $ 10,229,078 | $ 37,280 | $ 3,659 | $ 8,758,422 | $ 1,543,626 | $ (113,909) | ||
Balance, beginning of year at Dec. 31, 2016 | 231,906 | $ 221,297 | $ 10,609 | |||||
COMMON SHARES, $0.01 PAR VALUE | ||||||||
Conversion of OP Units into Common Shares | 11 | 14,706 | (14,717) | |||||
Exercise of share options | 3 | 12,964 | ||||||
Employee Share Purchase Plan (ESPP) | 1 | 2,962 | ||||||
Restricted shares | 1 | 7,488 | ||||||
Share options | 6,384 | |||||||
ESPP discount | 586 | |||||||
PAID IN CAPITAL | ||||||||
Conversion of OP Units into Common Shares | 11 | 14,706 | (14,717) | |||||
Exercise of share options | 3 | 12,964 | ||||||
Employee Share Purchase Plan (ESPP) | 1 | 2,962 | ||||||
Share-based employee compensation expense | ||||||||
Offering costs | (36) | |||||||
Supplemental Executive Retirement Plan (SERP) | (594) | |||||||
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership | (29,551) | 29,551 | ||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 16,306 | (16,306) | ||||||
RETAINED EARNINGS | ||||||||
Net income attributable to controlling interests | 478,012 | 478,012 | ||||||
Common Share distributions | (555,071) | |||||||
Preferred Share distributions | (2,318) | |||||||
Accumulated other comprehensive income – derivative instruments: | ||||||||
Unrealized holding gains (losses) arising during the period | 5,216 | 5,216 | ||||||
Losses reclassified into earnings from other comprehensive income | (14,019) | 14,019 | ||||||
OPERATING PARTNERSHIP | ||||||||
Conversion of OP Units into Common Shares | 11 | 14,706 | (14,717) | |||||
Equity compensation associated with Noncontrolling Interests | 8,200 | |||||||
Net income | 498,297 | |||||||
Distributions to Noncontrolling Interests | (20,073) | (6,913) | ||||||
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | (32,000) | 32,000 | ||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 16,306 | (16,306) | ||||||
Net income attributable to Noncontrolling Interests | 17,931 | 17,931 | 2,354 | |||||
PARTIALLY OWNED PROPERTIES | ||||||||
Net income | 498,297 | |||||||
Distributions to Noncontrolling Interests | (20,073) | (6,913) | ||||||
Net income attributable to Noncontrolling Interests | 17,931 | 17,931 | 2,354 | |||||
Contributions – Noncontrolling Interests – Partially Owned Properties | 125 | 125 | ||||||
Balance, end of period at Sep. 30, 2017 | 10,259,269 | $ 37,280 | $ 3,675 | $ 8,848,739 | $ 1,464,249 | $ (94,674) | ||
Balance, end of period at Sep. 30, 2017 | $ 234,507 | $ 228,332 | $ 6,175 |
CONSOLIDATED BALANCE SHEETS OF
CONSOLIDATED BALANCE SHEETS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Investment in real estate | ||
Land | $ 5,985,004 | $ 5,899,862 |
Depreciable property | 19,571,402 | 18,730,579 |
Projects under development | 293,064 | 637,168 |
Land held for development | 99,073 | 118,816 |
Investment in real estate | 25,948,543 | 25,386,425 |
Accumulated depreciation | (5,849,110) | (5,360,389) |
Investment in real estate, net | 20,099,433 | 20,026,036 |
Cash and cash equivalents | 46,565 | 77,207 |
Investments in unconsolidated entities | 59,029 | 60,141 |
Deposits – restricted | 36,639 | 76,946 |
Escrow deposits – mortgage | 10,972 | 64,935 |
Other assets | 445,195 | 398,883 |
Total assets | 20,697,833 | 20,704,148 |
Liabilities: | ||
Mortgage notes payable, net | 3,619,180 | 4,119,181 |
Notes, net | 5,143,248 | 4,848,079 |
Line of credit and commercial paper | 229,844 | 19,998 |
Accounts payable and accrued expenses | 167,984 | 147,482 |
Accrued interest payable | 72,811 | 60,946 |
Other liabilities | 332,650 | 350,466 |
Security deposits | 65,230 | 62,624 |
Distributions payable | 192,569 | 192,296 |
Total liabilities | 9,823,516 | 9,801,072 |
Commitments and contingencies | ||
Partners' Capital: | ||
Accumulated other comprehensive (loss) | (94,674) | (113,909) |
Noncontrolling Interests – Partially Owned Properties | 6,175 | 10,609 |
Total liabilities and equity/capital | 20,697,833 | 20,704,148 |
ERPOP [Member] | ||
Investment in real estate | ||
Land | 5,985,004 | 5,899,862 |
Depreciable property | 19,571,402 | 18,730,579 |
Projects under development | 293,064 | 637,168 |
Land held for development | 99,073 | 118,816 |
Investment in real estate | 25,948,543 | 25,386,425 |
Accumulated depreciation | (5,849,110) | (5,360,389) |
Investment in real estate, net | 20,099,433 | 20,026,036 |
Cash and cash equivalents | 46,565 | 77,207 |
Investments in unconsolidated entities | 59,029 | 60,141 |
Deposits – restricted | 36,639 | 76,946 |
Escrow deposits – mortgage | 10,972 | 64,935 |
Other assets | 445,195 | 398,883 |
Total assets | 20,697,833 | 20,704,148 |
Liabilities: | ||
Mortgage notes payable, net | 3,619,180 | 4,119,181 |
Notes, net | 5,143,248 | 4,848,079 |
Line of credit and commercial paper | 229,844 | 19,998 |
Accounts payable and accrued expenses | 167,984 | 147,482 |
Accrued interest payable | 72,811 | 60,946 |
Other liabilities | 332,650 | 350,466 |
Security deposits | 65,230 | 62,624 |
Distributions payable | 192,569 | 192,296 |
Total liabilities | 9,823,516 | 9,801,072 |
Commitments and contingencies | ||
Redeemable Limited Partners | 380,541 | 442,092 |
Partners' Capital: | ||
Preference Units | 37,280 | 37,280 |
General Partner | 10,316,663 | 10,305,707 |
Limited Partners | 228,332 | 221,297 |
Accumulated other comprehensive (loss) | (94,674) | (113,909) |
Total partners' capital | 10,487,601 | 10,450,375 |
Noncontrolling Interests – Partially Owned Properties | 6,175 | 10,609 |
Total capital | 10,493,776 | 10,460,984 |
Total liabilities and equity/capital | $ 20,697,833 | $ 20,704,148 |
CONSOLIDATED STATEMENTS OF OPE9
CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
REVENUES | ||||
Rental income | $ 623,951 | $ 605,856 | $ 1,840,170 | $ 1,816,960 |
Fee and asset management | 171 | 218 | 532 | 3,351 |
Total revenues | 624,122 | 606,074 | 1,840,702 | 1,820,311 |
EXPENSES | ||||
Property and maintenance | 104,721 | 104,216 | 306,645 | 309,688 |
Real estate taxes and insurance | 84,087 | 81,343 | 253,318 | 238,954 |
Property management | 20,861 | 19,517 | 64,702 | 64,003 |
General and administrative | 12,567 | 12,395 | 40,366 | 47,408 |
Depreciation | 184,100 | 179,230 | 542,964 | 528,242 |
Total expenses | 406,336 | 396,701 | 1,207,995 | 1,188,295 |
Operating income | 217,786 | 209,373 | 632,707 | 632,016 |
Interest and other income | 3,945 | 5,509 | 5,708 | 65,092 |
Other expenses | (1,028) | (10,420) | (3,160) | (14,480) |
Interest: | ||||
Expense incurred, net | (91,145) | (86,352) | (288,579) | (386,316) |
Amortization of deferred financing costs | (2,064) | (2,261) | (6,447) | (10,000) |
Income before income and other taxes, (loss) income from investments in unconsolidated entities, net gain on sales of real estate properties and land parcels and discontinued operations | 127,494 | 115,849 | 340,229 | 286,312 |
Income and other tax (expense) benefit | (228) | (426) | (710) | (1,189) |
(Loss) income from investments in unconsolidated entities | (398) | 7,750 | (2,153) | 5,846 |
Net gain on sales of real estate properties | 17,328 | 90,036 | 141,761 | 3,870,871 |
Net gain on sales of land parcels | 4,037 | 19,170 | 15,759 | |
Income from continuing operations | 144,196 | 217,246 | 498,297 | 4,177,599 |
Discontinued operations, net | 0 | 246 | 0 | 124 |
Net income | 144,196 | 217,492 | 498,297 | 4,177,723 |
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties | (801) | (823) | (2,354) | (2,368) |
Net income attributable to controlling interests | $ 138,229 | $ 208,316 | $ 478,012 | $ 4,014,913 |
Earnings per Unit – basic: | ||||
Income from continuing operations available to Units | $ 0.37 | $ 0.57 | $ 1.30 | $ 11 |
Net income available to Units | 0.37 | 0.57 | 1.30 | 11 |
Earnings per Unit – diluted: | ||||
Income from continuing operations available to Units | 0.37 | 0.56 | 1.29 | 10.92 |
Net income available to Units | $ 0.37 | $ 0.56 | $ 1.29 | $ 10.92 |
Weighted average Units outstanding | 382,945 | 382,373 | 382,640 | 382,284 |
ERPOP [Member] | ||||
REVENUES | ||||
Rental income | $ 623,951 | $ 605,856 | $ 1,840,170 | $ 1,816,960 |
Fee and asset management | 171 | 218 | 532 | 3,351 |
Total revenues | 624,122 | 606,074 | 1,840,702 | 1,820,311 |
EXPENSES | ||||
Property and maintenance | 104,721 | 104,216 | 306,645 | 309,688 |
Real estate taxes and insurance | 84,087 | 81,343 | 253,318 | 238,954 |
Property management | 20,861 | 19,517 | 64,702 | 64,003 |
General and administrative | 12,567 | 12,395 | 40,366 | 47,408 |
Depreciation | 184,100 | 179,230 | 542,964 | 528,242 |
Total expenses | 406,336 | 396,701 | 1,207,995 | 1,188,295 |
Operating income | 217,786 | 209,373 | 632,707 | 632,016 |
Interest and other income | 3,945 | 5,509 | 5,708 | 65,092 |
Other expenses | (1,028) | (10,420) | (3,160) | (14,480) |
Interest: | ||||
Expense incurred, net | (91,145) | (86,352) | (288,579) | (386,316) |
Amortization of deferred financing costs | (2,064) | (2,261) | (6,447) | (10,000) |
Income before income and other taxes, (loss) income from investments in unconsolidated entities, net gain on sales of real estate properties and land parcels and discontinued operations | 127,494 | 115,849 | 340,229 | 286,312 |
Income and other tax (expense) benefit | (228) | (426) | (710) | (1,189) |
(Loss) income from investments in unconsolidated entities | (398) | 7,750 | (2,153) | 5,846 |
Net gain on sales of real estate properties | 17,328 | 90,036 | 141,761 | 3,870,871 |
Net gain on sales of land parcels | 4,037 | 19,170 | 15,759 | |
Income from continuing operations | 144,196 | 217,246 | 498,297 | 4,177,599 |
Discontinued operations, net | 0 | 246 | 0 | 124 |
Net income | 144,196 | 217,492 | 498,297 | 4,177,723 |
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties | (801) | (823) | (2,354) | (2,368) |
Net income attributable to controlling interests | 143,395 | 216,669 | 495,943 | 4,175,355 |
ALLOCATION OF NET INCOME: | ||||
Preference Units | 772 | 773 | 2,318 | 2,318 |
General Partner | 137,457 | 207,543 | 475,694 | 4,012,595 |
Limited Partners | 5,166 | 8,353 | 17,931 | 160,442 |
Net income available to Units | $ 142,623 | $ 215,896 | $ 493,625 | $ 4,173,037 |
Earnings per Unit – basic: | ||||
Income from continuing operations available to Units | $ 0.37 | $ 0.57 | $ 1.30 | $ 11 |
Net income available to Units | $ 0.37 | $ 0.57 | $ 1.30 | $ 11 |
Weighted average Units outstanding | 379,906 | 379,008 | 379,716 | 378,745 |
Earnings per Unit – diluted: | ||||
Income from continuing operations available to Units | $ 0.37 | $ 0.56 | $ 1.29 | $ 10.92 |
Net income available to Units | $ 0.37 | $ 0.56 | $ 1.29 | $ 10.92 |
Weighted average Units outstanding | 382,945 | 382,373 | 382,640 | 382,284 |
Distributions declared per Unit outstanding | $ 0.50375 | $ 3.50375 | $ 1.51125 | $ 12.51125 |
CONSOLIDATED STATEMENTS OF CO10
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Comprehensive income | ||||
Net income | $ 144,196 | $ 217,492 | $ 498,297 | $ 4,177,723 |
Other comprehensive income (loss) – derivative instruments: | ||||
Unrealized holding gains (losses) arising during the period | 1,709 | 227 | 5,216 | (4,240) |
Losses reclassified into earnings from other comprehensive income | 4,768 | 4,340 | 14,019 | 37,262 |
Other comprehensive income (loss) – foreign currency: | ||||
Currency translation adjustments arising during the period | 214 | 264 | ||
Other comprehensive income | 6,477 | 4,781 | 19,235 | 33,286 |
Comprehensive income | 150,673 | 222,273 | 517,532 | 4,211,009 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (6,201) | (9,362) | (20,983) | (164,096) |
Comprehensive income attributable to controlling interests | 144,472 | 212,911 | 496,549 | 4,046,913 |
ERPOP [Member] | ||||
Comprehensive income | ||||
Net income | 144,196 | 217,492 | 498,297 | 4,177,723 |
Other comprehensive income (loss) – derivative instruments: | ||||
Unrealized holding gains (losses) arising during the period | 1,709 | 227 | 5,216 | (4,240) |
Losses reclassified into earnings from other comprehensive income | 4,768 | 4,340 | 14,019 | 37,262 |
Other comprehensive income (loss) – foreign currency: | ||||
Currency translation adjustments arising during the period | 214 | 264 | ||
Other comprehensive income | 6,477 | 4,781 | 19,235 | 33,286 |
Comprehensive income | 150,673 | 222,273 | 517,532 | 4,211,009 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (801) | (823) | (2,354) | (2,368) |
Comprehensive income attributable to controlling interests | $ 149,872 | $ 221,450 | $ 515,178 | $ 4,208,641 |
CONSOLIDATED STATEMENTS OF CA11
CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 498,297 | $ 4,177,723 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 542,964 | 528,242 |
Amortization of deferred financing costs | 6,447 | 10,000 |
Amortization of above/below market lease intangibles | 2,729 | 2,566 |
Amortization of discounts and premiums on debt | 4,939 | (18,328) |
Amortization of deferred settlements on derivative instruments | 14,010 | 37,187 |
Write-off of pursuit costs | 2,329 | 3,379 |
Loss (income) from investments in unconsolidated entities | 2,153 | (5,846) |
Distributions from unconsolidated entities – return on capital | 2,031 | 2,165 |
Net (gain) on sales of investment securities and other investments | (58,416) | |
Net (gain) on sales of real estate properties | (141,761) | (3,870,871) |
Net (gain) on sales of land parcels | (19,170) | (15,759) |
Net (gain) on sales of discontinued operations | (43) | |
Compensation paid with Company Common Shares | 19,999 | 25,540 |
Changes in assets and liabilities: | ||
Decrease in deposits – restricted | 788 | 9,992 |
Decrease in mortgage deposits | 1,447 | 222 |
(Increase) decrease in other assets | (23,024) | 4,248 |
Increase in accounts payable and accrued expenses | 62,635 | 41,371 |
Increase (decrease) in accrued interest payable | 11,865 | (15,780) |
(Decrease) in other liabilities | (28,250) | (24,749) |
Increase (decrease) in security deposits | 2,606 | (13,522) |
Net cash provided by operating activities | 963,034 | 819,321 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in real estate – acquisitions | (466,395) | (205,881) |
Investment in real estate – development/other | (227,187) | (454,502) |
Capital expenditures to real estate | (143,258) | (124,551) |
Non-real estate capital additions | (776) | (4,467) |
Interest capitalized for real estate under development | (23,164) | (41,658) |
Proceeds from disposition of real estate, net | 350,000 | 6,584,126 |
Investments in unconsolidated entities | (5,324) | (3,826) |
Distributions from unconsolidated entities – return of capital | 329 | 13,798 |
Proceeds from sale of investment securities and other investments | 72,815 | |
Decrease (increase) in deposits on real estate acquisitions and investments, net | 39,519 | (83,668) |
(Increase) in mortgage deposits | (4,541) | (21) |
Net cash (used for) provided by investing activities | (480,797) | 5,752,165 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt financing costs | (6,272) | (507) |
Mortgage deposits | 57,057 | (6,249) |
Mortgage notes payable, net: | ||
Lump sum payoffs | (493,420) | (565,084) |
Scheduled principal repayments | (8,771) | (6,644) |
Notes, net: | ||
Proceeds | 692,466 | |
Lump sum payoffs | (394,077) | (1,500,000) |
Line of credit and commercial paper: | ||
Line of credit proceeds | 1,845,000 | 246,000 |
Line of credit repayments | (1,845,000) | (246,000) |
Commercial paper proceeds | 3,888,675 | 1,324,784 |
Commercial paper repayments | (3,681,750) | (1,712,472) |
Proceeds from settlement of derivative instruments | 1,296 | |
Proceeds from EQR's Employee Share Purchase Plan (ESPP) | 2,963 | 2,778 |
Proceeds from exercise of EQR options | 12,967 | 26,939 |
Payment of offering costs | (36) | (304) |
Other financing activities, net | (40) | (33) |
Contributions – Noncontrolling Interests – Partially Owned Properties | 125 | |
Contributions – Limited Partners | 1 | |
Distributions: | ||
OP Units – General Partner | (554,267) | (3,490,838) |
Preference Units | (2,318) | (2,318) |
OP Units – Limited Partners | (20,604) | (137,641) |
Noncontrolling Interests – Partially Owned Properties | (6,873) | (28,588) |
Net cash (used for) financing activities | (512,879) | (6,096,176) |
Net (decrease) increase in cash and cash equivalents | (30,642) | 475,310 |
Cash and cash equivalents, beginning of period | 77,207 | 42,276 |
Cash and cash equivalents, end of period | 46,565 | 517,586 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 257,805 | 383,374 |
Net cash paid for income and other taxes | 964 | 1,333 |
Real estate acquisitions/dispositions/other: | ||
Mortgage loans assumed | 43,400 | |
Amortization of deferred financing costs: | ||
Other assets | 1,810 | 2,291 |
Mortgage notes payable, net | 1,943 | 3,320 |
Notes, net | 2,694 | 4,389 |
Amortization of discounts and premiums on debt: | ||
Mortgage notes payable, net | 247 | (21,318) |
Notes, net | 1,771 | 2,578 |
Line of credit and commercial paper | 2,921 | 412 |
Amortization of deferred settlements on derivative instruments: | ||
Other liabilities | (9) | (75) |
Accumulated other comprehensive income | 14,019 | 37,262 |
Write-off of pursuit costs: | ||
Investment in real estate, net | 2,292 | 2,876 |
Other assets | 17 | 399 |
Accounts payable and accrued expenses | 20 | 104 |
Loss (income) from investments in unconsolidated entities: | ||
Investments in unconsolidated entities | 1,076 | (6,999) |
Other liabilities | 1,077 | 1,153 |
Realized/unrealized (gain) loss on derivative instruments: | ||
Other assets | (3,803) | (4,563) |
Notes, net | (1,413) | 4,563 |
Other liabilities | 4,240 | |
Accumulated other comprehensive income | 5,216 | (4,240) |
Investments in unconsolidated entities: | ||
Investments in unconsolidated entities | (2,324) | (1,726) |
Other liabilities | (3,000) | (2,100) |
Distributions from unconsolidated entities - return of capital: | ||
Investments in unconsolidated entities | 329 | 14,014 |
Other assets | (216) | |
Debt financing costs: | ||
Mortgage notes payable, net | (507) | |
Notes, net | (6,272) | |
Other: | ||
Foreign currency translation adjustments | (264) | |
ERPOP [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | 498,297 | 4,177,723 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 542,964 | 528,242 |
Amortization of deferred financing costs | 6,447 | 10,000 |
Amortization of above/below market lease intangibles | 2,729 | 2,566 |
Amortization of discounts and premiums on debt | 4,939 | (18,328) |
Amortization of deferred settlements on derivative instruments | 14,010 | 37,187 |
Write-off of pursuit costs | 2,329 | 3,379 |
Loss (income) from investments in unconsolidated entities | 2,153 | (5,846) |
Distributions from unconsolidated entities – return on capital | 2,031 | 2,165 |
Net (gain) on sales of investment securities and other investments | (58,416) | |
Net (gain) on sales of real estate properties | (141,761) | (3,870,871) |
Net (gain) on sales of land parcels | (19,170) | (15,759) |
Net (gain) on sales of discontinued operations | (43) | |
Compensation paid with Company Common Shares | 19,999 | 25,540 |
Changes in assets and liabilities: | ||
Decrease in deposits – restricted | 788 | 9,992 |
Decrease in mortgage deposits | 1,447 | 222 |
(Increase) decrease in other assets | (23,024) | 4,248 |
Increase in accounts payable and accrued expenses | 62,635 | 41,371 |
Increase (decrease) in accrued interest payable | 11,865 | (15,780) |
(Decrease) in other liabilities | (28,250) | (24,749) |
Increase (decrease) in security deposits | 2,606 | (13,522) |
Net cash provided by operating activities | 963,034 | 819,321 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in real estate – acquisitions | (466,395) | (205,881) |
Investment in real estate – development/other | (227,187) | (454,502) |
Capital expenditures to real estate | (143,258) | (124,551) |
Non-real estate capital additions | (776) | (4,467) |
Interest capitalized for real estate under development | (23,164) | (41,658) |
Proceeds from disposition of real estate, net | 350,000 | 6,584,126 |
Investments in unconsolidated entities | (5,324) | (3,826) |
Distributions from unconsolidated entities – return of capital | 329 | 13,798 |
Proceeds from sale of investment securities and other investments | 72,815 | |
Decrease (increase) in deposits on real estate acquisitions and investments, net | 39,519 | (83,668) |
(Increase) in mortgage deposits | (4,541) | (21) |
Net cash (used for) provided by investing activities | (480,797) | 5,752,165 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt financing costs | (6,272) | (507) |
Mortgage deposits | 57,057 | (6,249) |
Mortgage notes payable, net: | ||
Lump sum payoffs | (493,420) | (565,084) |
Scheduled principal repayments | (8,771) | (6,644) |
Notes, net: | ||
Proceeds | 692,466 | |
Lump sum payoffs | (394,077) | (1,500,000) |
Line of credit and commercial paper: | ||
Line of credit proceeds | 1,845,000 | 246,000 |
Line of credit repayments | (1,845,000) | (246,000) |
Commercial paper proceeds | 3,888,675 | 1,324,784 |
Commercial paper repayments | (3,681,750) | (1,712,472) |
Proceeds from settlement of derivative instruments | 1,296 | |
Proceeds from EQR's Employee Share Purchase Plan (ESPP) | 2,963 | 2,778 |
Proceeds from exercise of EQR options | 12,967 | 26,939 |
Payment of offering costs | (36) | (304) |
Other financing activities, net | (40) | (33) |
Contributions – Noncontrolling Interests – Partially Owned Properties | 125 | |
Contributions – Limited Partners | 1 | |
Distributions: | ||
OP Units – General Partner | (554,267) | (3,490,838) |
Preference Units | (2,318) | (2,318) |
OP Units – Limited Partners | (20,604) | (137,641) |
Noncontrolling Interests – Partially Owned Properties | (6,873) | (28,588) |
Net cash (used for) financing activities | (512,879) | (6,096,176) |
Net (decrease) increase in cash and cash equivalents | (30,642) | 475,310 |
Cash and cash equivalents, beginning of period | 77,207 | 42,276 |
Cash and cash equivalents, end of period | 46,565 | 517,586 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 257,805 | 383,374 |
Net cash paid for income and other taxes | 964 | 1,333 |
Real estate acquisitions/dispositions/other: | ||
Mortgage loans assumed | 43,400 | |
Amortization of deferred financing costs: | ||
Other assets | 1,810 | 2,291 |
Mortgage notes payable, net | 1,943 | 3,320 |
Notes, net | 2,694 | 4,389 |
Amortization of discounts and premiums on debt: | ||
Mortgage notes payable, net | 247 | (21,318) |
Notes, net | 1,771 | 2,578 |
Line of credit and commercial paper | 2,921 | 412 |
Amortization of deferred settlements on derivative instruments: | ||
Other liabilities | (9) | (75) |
Accumulated other comprehensive income | 14,019 | 37,262 |
Write-off of pursuit costs: | ||
Investment in real estate, net | 2,292 | 2,876 |
Other assets | 17 | 399 |
Accounts payable and accrued expenses | 20 | 104 |
Loss (income) from investments in unconsolidated entities: | ||
Investments in unconsolidated entities | 1,076 | (6,999) |
Other liabilities | 1,077 | 1,153 |
Realized/unrealized (gain) loss on derivative instruments: | ||
Other assets | (3,803) | (4,563) |
Notes, net | (1,413) | 4,563 |
Other liabilities | 4,240 | |
Accumulated other comprehensive income | 5,216 | (4,240) |
Investments in unconsolidated entities: | ||
Investments in unconsolidated entities | (2,324) | (1,726) |
Other liabilities | (3,000) | (2,100) |
Distributions from unconsolidated entities - return of capital: | ||
Investments in unconsolidated entities | 329 | 14,014 |
Other assets | (216) | |
Debt financing costs: | ||
Mortgage notes payable, net | (507) | |
Notes, net | $ (6,272) | |
Other: | ||
Foreign currency translation adjustments | $ (264) |
CONSOLIDATED STATEMENT OF CHA12
CONSOLIDATED STATEMENT OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands | Total | ERPOP [Member] | PREFERRED SHARESERPOP [Member] | General Partner [Member]ERPOP [Member] | Limited Partner [Member]ERPOP [Member] | ACCUMULATED OTHER COMPREHENSIVE (LOSS) [Member]ERPOP [Member] | PARTIALLY OWNED PROPERTIES [Member]ERPOP [Member] |
Balance, beginning of year at Dec. 31, 2016 | $ 37,280 | $ 10,305,707 | $ 221,297 | $ (113,909) | |||
Balance, beginning of year at Dec. 31, 2016 | $ 10,609 | ||||||
OP Unit Issuance: | |||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 14,717 | (14,717) | |||||
Exercise of EQR share options | 12,967 | ||||||
EQR's Employee Share Purchase Plan (ESPP) | 2,963 | ||||||
Share-based employee compensation expense: | |||||||
EQR restricted shares | 7,489 | ||||||
EQR share options | 6,384 | ||||||
EQR ESPP discount | 586 | ||||||
Net income available to Units – General Partner | $ 475,694 | 475,694 | |||||
OP Units – General Partner distributions | (555,071) | ||||||
Offering costs | (36) | ||||||
Supplemental Executive Retirement Plan (SERP) | (594) | ||||||
Change in market value of Redeemable Limited Partners | 29,551 | ||||||
Adjustment for Limited Partners ownership in Operating Partnership | 16,306 | (16,306) | |||||
LIMITED PARTNERS | |||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 14,717 | (14,717) | |||||
Equity compensation associated with Units – Limited Partners | 8,200 | ||||||
Net income available to Units – Limited Partners | 17,931 | 17,931 | |||||
Units – Limited Partners distributions | (20,073) | ||||||
Change in carrying value of Redeemable Limited Partners | 32,000 | ||||||
Adjustment for Limited Partners ownership in Operating Partnership | 16,306 | (16,306) | |||||
Accumulated other comprehensive income – derivative instruments: | |||||||
Unrealized holding gains (losses) arising during the period | $ 5,216 | 5,216 | 5,216 | ||||
Losses reclassified into earnings from other comprehensive income | (14,019) | (14,019) | 14,019 | ||||
NONCONTROLLING INTERESTS – PARTIALLY OWNED PROPERTIES | |||||||
Net income attributable to Noncontrolling Interests | 498,297 | 498,297 | 2,354 | ||||
Contributions – Noncontrolling Interests – Partially Owned Properties | $ 125 | $ 125 | 125 | ||||
Distributions to Noncontrolling Interests | (6,913) | ||||||
Balance, end of period at Sep. 30, 2017 | $ 37,280 | $ 10,316,663 | $ 228,332 | $ (94,674) | |||
Balance, end of period at Sep. 30, 2017 | $ 6,175 |
Business
Business | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Business | 1. Business Equity Residential (“EQR”), a Maryland real estate investment trust (“REIT”) formed in March 1993, is an S&P 500 company focused on the acquisition, development and management of rental apartment properties in urban and high-density suburban coastal gateway markets. ERP Operating Limited Partnership ("ERPOP"), an Illinois limited partnership, was formed in May 1993 to conduct the multifamily residential property business of Equity Residential. EQR has elected to be REIT. ERPOP. ERPOP. EQR is the general partner of, and as of September 30, 2017 owned an approximate 96.4% ownership interest in, ERPOP. All of the Company's property ownership, development and related business operations are conducted through the Operating Partnership ERPOP. ERPOP, As of September 30, 2017, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 305 properties located in 10 states and the District of Columbia consisting of 78,302 apartment units. The ownership breakdown includes (table does not include various uncompleted development properties): Properties Apartment Units Wholly Owned Properties 283 73,289 Master-Leased Properties – Consolidated 3 853 Partially Owned Properties – Consolidated 17 3,215 Partially Owned Properties – Unconsolidated 2 945 305 78,302 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Certain reclassifications have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications did not have an impact on net income previously reported. Operating results for the nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. 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, 2016 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, 2016. Income and Other Taxes Due to the structure of EQR as a REIT and the nature of the operations of its operating properties, no provision for federal income taxes has been made at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their proportionate 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. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates for which the temporary differences are expected to be recovered or settled. The effects of changes in tax rates on deferred tax assets and liabilities are recognized in earnings in the period enacted. The Company’s deferred tax assets were generally the result of tax affected suspended interest deductions, net operating losses, differing depreciable lives on capitalized assets and the timing of expense recognition for certain accrued liabilities. As of September 30, 2017, the Company has elected REIT status for its primary TRS upon filing the 2016 tax return in the third quarter of 2017, with the election retroactive to January 1, 2016. As a result, the Company wrote-off its deferred tax assets, which were fully reserved, as of September 30, 2017. Recently Issued Accounting Pronouncements In "FASB") Revenue from Contracts with Customers any, In FASB In • Lessors – Leases will be accounted for using an approach that is substantially equivalent to existing guidance for operating, sales-type and financing leases, but aligned with the new revenue recognition standard. Lessors will be required to allocate lease payments to separate lease and non-lease components of each lease agreement, with the non-lease components evaluated under the new revenue recognition standard. • Lessees – Leases will be accounted for using a dual approach, classifying leases as either operating or finance based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized on a straight-line basis over the term of the lease (for operating leases) or based on an effective interest method with a front-loaded expense recognition (for finance leases). A lessee is also required to record a right-of-use asset and a lease liability on its balance sheet for all leases with a term of greater than 12 months regardless of their classification as operating or finance leases. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. The new standard will be effective for the Company beginning on January 1, 2019, with early adoption permitted, though the Company currently anticipates adopting the new standard on the effective date. The new standard must be adopted using a modified retrospective method, which requires application of the new guidance at the beginning of the earliest comparative period presented and provides for certain practical expedients, which the Company currently anticipates electing. The Company anticipates that its residential and retail/commercial leases where it is the lessor will continue to be accounted for as operating leases under the new standard. Therefore, the Company does not currently anticipate significant changes in the accounting for its lease revenues. The Company is also the lessee under various corporate office and ground leases, which it will be required to recognize right of use assets and related lease liabilities on its consolidated balance sheets upon adoption. The Company currently anticipates that its corporate office leases where it is the lessee will continue to be accounted for as operating leases under the new standard. Based on its anticipated election of the practical expedients, the Company would not be required to reassess the classification of existing ground leases and therefore these leases would continue to be accounted for as operating leases. However, in the event we modify existing ground leases and/or enter into new ground leases after adoption of the new standard, such leases will likely be classified as finance leases. The Company will continue to evaluate the impact of adopting the new leases standard on its consolidated results of operations and financial position. In June 2016, the FASB In FASB • Cash payments related to debt prepayments or extinguishment costs are to be classified within financing • The portion of the cash payment made to settle a zero-coupon bond or a bond with an insignificant cash coupon attributable to accreted interest related to a debt discount is to be classified as a cash outflow within operating activities, and the portion attributable to the principal is to be classified within financing • Insurance settlement proceeds are to be classified based on the nature of the • Companies must elect to classify distributions received from equity method investees using either a cumulative earnings approach or a look-through approach and the election must be disclosed; • Restricted Total The The Company does not expect overall cash flows to change; however, there will be material changes between cash flow classifications due to the substantial debt prepayment penalties that the Company has incurred in the comparative period. In FASB clarifies the accounting treatment for partial sales of nonfinancial assets (i.e. real estate). The standard clarifies that partial sales transactions include contributions of nonfinancial assets to a joint venture or other noncontrolled investee. Companies must recognize a full gain or loss on transfers of nonfinancial assets to equity method investees. The standard requires companies to derecognize distinct nonfinancial assets or distinct in substance nonfinancial assets in partial sale transactions when it does not have a controlling financial interest in the legal entity that holds the asset and transfers control of the asset. Once the distinct nonfinancial asset is transferred, the company is required to measure any non-controlling interest it receives or retains at fair value and recognize a full gain or loss on the transaction. If a company transfers ownership interests in a consolidated subsidiary and continues to maintain a controlling financial interest, the company does not derecognize the assets or liabilities, and accounts for the transaction as an equity transaction and no gain or loss is recognized. The new standard will be effective for the Company beginning on January 1, 2018 and early adoption was permitted beginning on January 1, 2017. The Company anticipates adopting the new standard concurrently with the new revenue recognition standard. The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect recognized as of the date of adoption. The Company has not had a partial sale of nonfinancial assets in the current or comparative periods. Therefore, the Company does not currently believe that the adoption of this standard will have a material impact on its consolidated results of operations and financial position. In August 2017, the FASB issued a final standard which makes changes to the hedge accounting model to enable entities to better portray their risk management activities in the financial statements. The new standard expands an entity’s ability to hedge nonfinancial and financial risk components, reduces complexity in fair value hedges of interest rate risk and eases certain documentation and assessment requirements. The new standard also eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of any hedging instrument to be presented in the same income statement line as the hedged instrument. The new standard will be effective for the Company beginning on January 1, 2019 and early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position. Recently Adopted Accounting Pronouncements In FASB Generally, In FASB In FASB Other The Company is the controlling partner in various consolidated partnerships owning 17 properties and 3,215 apartment units having a noncontrolling interest book value of $6.2 million at September 30, 2017. The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated entities described above, the Company is the controlling partner in limited-life partnerships owning four properties having a noncontrolling interest deficit balance of $7.3 million. These four partnership agreements contain provisions that require the partnerships to be liquidated through the sale of their assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute the proceeds of liquidation to the Noncontrolling Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of their assets warrant a distribution based on the partnership agreements. As of September 30, 2017, the Company estimates the value of Noncontrolling Interest distributions for these four properties would have been approximately $65.8 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third party consideration realized by the partnerships upon disposition of the four Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Noncontrolling Interests in the Company's Partially Owned Properties is subject to change. To the extent that the partnerships' underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Noncontrolling Interests in these Partially Owned Properties |
Equity, Capital and Other Inter
Equity, Capital and Other Interests | 9 Months Ended |
Sep. 30, 2017 | |
Equity Capital And Other Interests [Abstract] | |
Equity, Capital and Other Interests | 3. Equity, Capital and Other Equity and Redeemable Noncontrolling Interests of Equity Residential The following tables present the changes in the Company’s issued and outstanding Common Shares and “Units” (which includes OP Units and restricted units) for the nine months ended September 30, 2017: 2017 Common Shares Common Shares outstanding at January 1, 365,870,924 Common Shares Issued: Conversion of OP Units 1,107,735 Exercise of share options 343,527 Employee Share Purchase Plan (ESPP) 54,843 Restricted share grants, net 85,451 Common Shares Outstanding at September 30, 367,462,480 Units Units outstanding at January 1, 14,626,075 Restricted unit grants, net 291,647 Conversion of OP Units to Common Shares (1,107,735 ) Units outstanding at September 30, 13,809,987 Total Common Shares and Units outstanding at September 30, 381,272,467 Units Ownership Interest in Operating Partnership 3.6 % The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of restricted units, are collectively referred to as the “Noncontrolling Interests – Operating Partnership”. Subject to certain exceptions (including the “book-up” requirements of restricted units), the Noncontrolling Interests – Operating Partnership may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Noncontrolling Interests – Operating Partnership (including redeemable interests) is allocated based on the number of Noncontrolling Interests – Operating Partnership Units in total in proportion to the number of Noncontrolling Interests – Operating Partnership Units in total plus the number of Common Shares. Net income is allocated to the Noncontrolling Interests – Operating Partnership 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 Units requesting an exchange of their OP Units with EQR. Once the Operating Partnership elects not to redeem the Noncontrolling Interests – Operating Partnership Units for cash, EQR is obligated to deliver Common Shares to the exchanging holder of the Noncontrolling Interests – Operating Partnership Units. The law, 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 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 Units that are classified in permanent equity at September 30, 2017 and December 31, 2016. The The 2017 Balance at January 1, $ 442,092 Change in market value (29,551 ) Change in carrying value (32,000 ) Balance at September 30, $ 380,541 Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings 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 offering proceeds from Common Shares and Preferred Shares are allocated between shareholders’ equity and Noncontrolling Interests – Operating Partnership to account for the change in their respective percentage ownership of the underlying equity of ERPOP. The The Amounts in thousands Annual Call Dividend per September 30, December 31, Date (1) Share (2) 2017 2016 Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized: 8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 745,600 shares issued and outstanding at September 30, 2017 and December 31, 2016 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable preferred shares may be redeemed for cash at the option of the Company, in whole or in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares are payable quarterly. Capital and Redeemable Limited Partners of ERP Operating Limited Partnership The following tables present the changes in the Operating Partnership’s issued and outstanding Units and in the limited partners’ Units for the nine months ended September 30, 2017: 2017 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 380,496,999 Issued to General Partner: Exercise of EQR share options 343,527 EQR’s Employee Share Purchase Plan (ESPP) 54,843 EQR's restricted share grants, net 85,451 Issued to Limited Partners: Restricted unit grants, net 291,647 General and Limited Partner Units outstanding at September 30, 381,272,467 Limited Partner Units Limited Partner Units outstanding at January 1, 14,626,075 Limited Partner restricted unit grants, net 291,647 Conversion of Limited Partner OP Units to EQR Common Shares (1,107,735 ) Limited Partner Units outstanding at September 30, 13,809,987 Limited Partner Units Ownership Interest in Operating Partnership 3.6 % The Limited Partners of the Operating Partnership as of September 30, 2017 include 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. Subject to certain exceptions (including the “book-up” requirements of restricted units), Limited Partners may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Limited Partner Units (including redeemable interests) is allocated based on the number of Limited Partner Units in total in proportion to the number of Limited Partner Units in total plus the number of General Partner Units. Net income is allocated to the Limited Partner Units 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 Limited Partner Units requesting an exchange of their OP Units with EQR. Once the Operating Partnership elects not to redeem the Limited Partner Units for cash, EQR is obligated to deliver Common Shares to the exchanging limited partner. The Limited Partner Units 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 Limited Partner Units are differentiated and referred to as “Redeemable Limited Partner Units”. 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 Limited Partner Units 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 Limited Partner Units that are classified in permanent equity at September 30, 2017 and . The carrying value of the Redeemable Limited Partner Units is allocated based on the number of Redeemable Limited Partner The following table presents the changes in the redemption value of the Redeemable Limited Partners for the nine months ended September 30, 2017 (amounts in thousands): 2017 Balance at January 1, $ 442,092 Change in market value (29,551 ) Change in carrying value (32,000 ) Balance at September 30, $ 380,541 EQR contributes all net proceeds from its various equity offerings (including proceeds from exercise of options for Common ERPOP. The December 31, 2016 Amounts in thousands Annual Call Dividend Per September 30, December 31, Date (1) Unit (2) 2017 2016 Preference Units: 8.29% Series K Cumulative Redeemable Preference Units; liquidation value $50 per unit; 745,600 units issued and outstanding at September 30, 2017 and December 31, 2016 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable preference units may be redeemed for cash at the option of the Operating Partnership, in whole or in part, at a redemption price equal to the liquidation price per unit, plus accrued and unpaid distributions, if any, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares. (2) Dividends on Preference Units are payable quarterly. Other In September 2009, the Company announced the establishment of an At-The-Market (“ATM”) The Company may repurchase up to 13.0 million Common Shares under its share repurchase program. No shares were repurchased during the nine months ended September 30, 2017 and as a result, EQR has remaining authorization to repurchase up to 13.0 million of its shares under the repurchase program as of September 30, 2017. |
Real Estate and Lease Intangibl
Real Estate and Lease Intangibles | 9 Months Ended |
Sep. 30, 2017 | |
Real Estate [Abstract] | |
Real Estate and Lease Intangibles | 4. Real Estate and Lease Intangibles The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of September 30, 2017 and December 31, 2016 (amounts in thousands): September 30, 2017 December 31, 2016 Land $ 5,985,004 $ 5,899,862 Depreciable property: Buildings and improvements 17,601,348 16,913,430 Furniture, fixtures and equipment 1,500,963 1,346,300 In-Place lease intangibles 469,091 470,849 Projects under development: Land 61,047 115,876 Construction-in-progress 232,017 521,292 Land held for development: Land 63,439 84,440 Construction-in-progress 35,634 34,376 Investment in real estate 25,948,543 25,386,425 Accumulated depreciation (5,849,110 ) (5,360,389 ) Investment in real estate, net $ 20,099,433 $ 20,026,036 The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of September 30, 2017 and December 31, 2016 (amounts in thousands): Description Balance Sheet Location September 30, 2017 December 31, 2016 Assets Ground lease intangibles – below market Other Assets $ 191,918 $ 178,251 Retail lease intangibles – above market Other Assets 1,260 1,260 Lease intangible assets 193,178 179,511 Accumulated amortization (21,305 ) (17,972 ) Lease intangible assets, net $ 171,873 $ 161,539 Liabilities Ground lease intangibles – above market Other Liabilities $ 2,400 $ 2,400 Retail lease intangibles – below market Other Liabilities 5,270 5,270 Lease intangible liabilities 7,670 7,670 Accumulated amortization (5,113 ) (4,509 ) Lease intangible liabilities, net $ 2,557 $ 3,161 The following table provides a summary of the effect of the amortization for above and below market ground and retail lease intangibles on Nine Months Ended Quarter Ended September 30, September 30, Description Income Statement Location 2017 2016 2017 2016 Ground lease intangible amortization Property and Maintenance $ (3,253 ) $ (3,241 ) $ (1,092 ) $ (1,080 ) Retail lease intangible amortization Rental Income 524 675 80 222 Total amortization of above/below market lease intangibles $ (2,729 ) $ (2,566 ) $ (1,012 ) $ (858 ) The following table provides a summary of the aggregate amortization for above and below market ground and retail lease intangibles for each of the next five years (amounts in thousands): Remaining 2017 2018 2019 2020 2021 2022 Ground lease intangibles $ (1,116 ) $ (4,463 ) $ (4,463 ) $ (4,463 ) $ (4,463 ) $ (4,463 ) Retail lease intangibles 16 71 71 71 71 27 Total $ (1,100 ) $ (4,392 ) $ (4,392 ) $ (4,392 ) $ (4,392 ) $ (4,436 ) During the nine months ended September 30, 2017, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated (1) 4 947 $ 468,050 Total 4 947 $ 468,050 (1) Purchase price includes an allocation of approximately $68.3 million to land, $386.2 million to depreciable property (inclusive of capitalized closing costs) and $13.7 million to ground lease intangible (included in other assets). For one of the property acquisitions, the Company owns the building and improvements and leases the land underlying the improvements under a long-term ground lease that expires in 2113. This property is consolidated and reflected as a real estate asset while the ground lease is accounted for as an operating lease. During the nine months ended September 30, 2017 , the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 4 1,024 $ 319,700 Land Parcels (one) — — 33,450 Total 4 1,024 $ 353,150 The Company recognized a net gain on sales of real estate properties of approximately $141.8 million and a net gain on sales of land parcels of approximately $19.2 million on the above sales. |
Commitments to Acquire_Dispose
Commitments to Acquire/Dispose of Real Estate | 9 Months Ended |
Sep. 30, 2017 | |
Commitments To Acquire Dispose Of Real Estate [Abstract] | |
Commitments to Acquire/Dispose of Real Estate | 5. Commitments to Acquire/Dispose of Real The Company has not entered into any separate agreements to acquire rental properties or land parcels as of October 27, 2017. The Company has entered into a separate agreement to dispose of the following (sales price in thousands): Properties Apartment Units Sales Price Land Parcels (one) — — $ 2,700 Total — — $ 2,700 The closing of this pending transaction is subject to certain conditions and restrictions, therefore, there can be no assurance that this transaction will be consummated or that the final terms will not differ in material respects from those summarized above. |
Investments in Partially Owned
Investments in Partially Owned Entities | 9 Months Ended |
Sep. 30, 2017 | |
Investments In Partially Owned Entities [Abstract] | |
Investments in Partially Owned Entities | 6. Investments in Partially Owned The September 30, 2017 Consolidated Unconsolidated (VIE) (Non-VIE) (VIE) (1) Total Total properties 17 2 — 2 Total apartment units 3,215 945 — 945 Balance sheet information at 9/30/2017 (at 100%): ASSETS Investment in real estate $ 648,839 $ 236,630 $ 172,995 $ 409,625 Accumulated depreciation (226,607 ) (40,840 ) (48,670 ) (89,510 ) Investment in real estate, net 422,232 195,790 124,325 320,115 Cash and cash equivalents 22,914 7,194 139 7,333 Investments in unconsolidated entities 45,035 — — — Deposits – restricted 385 258 — 258 Other assets 26,246 450 105 555 Total assets $ 516,812 $ 203,692 $ 124,569 $ 328,261 LIABILITIES AND EQUITY/CAPITAL Mortgage notes payable, net (2) $ 302,037 $ 145,424 $ — $ 145,424 Accounts payable & accrued expenses 2,975 2,644 150 2,794 Accrued interest payable 1,024 691 — 691 Other liabilities 453 308 27 335 Security deposits 2,037 488 — 488 Total liabilities 308,526 149,555 177 149,732 Noncontrolling Interests – Partially Owned Properties/Partners' equity 6,175 54,336 84,682 139,018 Company equity/General and Limited Partners' Capital 202,111 (199 ) 39,710 39,511 Total equity/capital 208,286 54,137 124,392 178,529 Total liabilities and equity/capital $ 516,812 $ 203,692 $ 124,569 $ 328,261 Consolidated Unconsolidated (VIE) (Non-VIE) (VIE) (1) Total Operating information for the nine months ended 9/30/2017 (at 100%): Operating revenue $ 69,917 $ 20,050 $ 3,805 $ 23,855 Operating expenses 17,056 6,746 1,573 8,319 Net operating income 52,861 13,304 2,232 15,536 Property management 2,463 584 56 640 General and administrative/other 239 1 127 128 Depreciation 15,569 7,960 4,126 12,086 Operating income (loss) 34,590 4,759 (2,077 ) 2,682 Interest and other income 45 — — — Interest: Expense incurred, net (9,977 ) (6,217 ) — (6,217 ) Amortization of deferred financing costs (203 ) (1 ) — (1 ) Income (loss) before income and other taxes and (loss) from investments in unconsolidated entities 24,455 (1,459 ) (2,077 ) (3,536 ) Income and other tax (expense) benefit (34 ) (13 ) — (13 ) (Loss) from investments in unconsolidated entities (1,155 ) — — — Net income (loss) $ 23,266 $ (1,472 ) $ (2,077 ) $ (3,549 ) (1) Includes the Company’s unconsolidated interest in an entity that owns the land underlying our Wisconsin Place apartment property and owns and operates the parking facility. This entity is excluded from the property and apartment unit count. (2) All debt is non-recourse to the Company. Note: The above tables exclude EQR's ownership interest in ERPOP, private equity fund investments, and the Company's interests in unconsolidated joint ventures established in connection with the acquisition of certain real estate related assets from Archstone Enterprise LP ("Archstone"). Operating Properties The Company has various equity interests in certain limited partnerships owning 16 properties containing 2,783 apartment units. Each partnership owns a multifamily property. The Company is the general partner of these limited partnerships and is responsible for managing the operations and affairs of the partnerships as well as making all decisions regarding the businesses of the partnerships. The limited partners are not able to exercise substantive kick-out or participating rights. As a result, the partnerships qualify as VIEs. The Company has a controlling financial interest in the VIEs and, thus, is the VIEs' primary beneficiary. The Company has both the power to direct the activities of the VIEs that most significantly impact the VIEs' economic performance as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. As a result, the partnerships are required to be consolidated on the Company's financial statements. The Company has a 75% equity interest in the Wisconsin Place joint venture. The project contains a mixed-use site located in Chevy Chase, Maryland consisting of residential, retail, office and accessory uses, including underground parking facilities. The joint venture owns the 432 unit residential component, but has no ownership interest in the retail and office components. At September 30, 2017, the residential component had a net book value of $167.0 million. The Company is the managing member and is responsible for conducting all administrative day-to-day matters and affairs of the joint venture as well as implementing all decisions with respect to the joint venture. The limited partner is not able to exercise substantive kick-out or participating rights. As a result, the joint venture qualifies as a VIE. The Company has a controlling financial interest in the VIE and, thus, is the VIE's primary beneficiary. The Company has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance as well as the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result, the entity that owns the residential component is required to be consolidated on the Company's financial statements. The Wisconsin Place joint venture also retains an unconsolidated interest in an entity that owns the land underlying the entire project and owns and operates the parking facility. At September 30, 2017, the basis of this investment was $45.0 million. The joint venture, as a limited partner, does not have substantive kick-out or participating rights in the entity. As a result, the entity qualifies as a VIE. The joint venture does not have a controlling financial interest in the VIE and is not the VIE's primary beneficiary. The joint venture does not have the power to direct the activities of the VIE that most significantly impact the VIE's economic performance or the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result, the entity that owns the land and owns and operates the parking facility is unconsolidated and recorded using the equity method of accounting. The Company has a 20% equity interest in each of the Nexus Sawgrass and Domain joint ventures. The Nexus Sawgrass joint venture owns a 501 unit apartment property located in Sunrise, Florida and the Company's interest had a basis of $4.4 million at September 30, 2017. The Domain joint venture owns a 444 unit apartment property located in San Jose, California and the Company's interest had a basis of $8.4 million at September 30, 2017. Both properties were funded with long-term, non-recourse secured loans from the partner. The mortgage loan on Nexus Sawgrass has a current unconsolidated outstanding balance of $48.6 million, bears interest at 5.60% and matures January 1, 2021. The mortgage loan on Domain has a current unconsolidated outstanding balance of $96.8 million, bears interest at 5.75% and matures January 1, 2022. While the Company is the managing member of both of the joint ventures, the joint venture partner has significant participating rights and has active involvement in and oversight of the operations. As a result, the entities do not qualify as VIEs. The Company alone does not have the power to direct the activities of the entities that most significantly impact the entities' economic performance and as a result, the entities are unconsolidated and recorded using the equity method of accounting. Other 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. As a result, ERPOP is required to be consolidated on EQR's financial statements. The Company agreed to a maximum investment of $5.0 million each for two private equity funds, both of which primarily focus on real estate technology investments. The Company accounts for both investments under the equity method of accounting. As of September 30, 2017, the Company’s interest in these investments had a combined basis of $1.6 million. On February 27, 2013, in connection with the acquisition of Archstone, subsidiaries of the Company entered into three limited liability company agreements (collectively, the “Residual JV”). The Residual JV owned certain Archstone assets and succeeded to certain residual Archstone liabilities/litigation. The Residual JV is owned 60% by the Company and 40% by its joint venture partner. The On February 27, 2013, in connection with the acquisition of Archstone, a subsidiary of the Company entered into a limited liability company agreement (the “Legacy JV”), through which they assumed obligations of Archstone in the form of preferred interests, some of which are governed by tax protection arrangements. At September 30, 2017, the remaining preferred interests had an aggregate liquidation value of $37.4 million, our share of which is included in other liabilities in the accompanying consolidated balance sheets. Obligations of the Legacy JV are borne 60% by the Company and 40% by its joint venture partner. The Legacy JV is managed by a Management Committee consisting of two members from each of the Company and its joint venture partner. Both partners have equal participation in the Management Committee and all significant participating rights are shared by both partners. As a result, the Legacy JV does not qualify as a VIE. The Company alone does not have the power to direct the activities of the Legacy JV that most significantly impact the Legacy JV's economic performance and as a result, the Legacy JV is unconsolidated and recorded using the equity method of accounting. |
Deposits - Restricted and Escro
Deposits - Restricted and Escrow Deposits - Mortgage | 9 Months Ended |
Sep. 30, 2017 | |
Deposits Restricted [Abstract] | |
Deposits - Restricted and Escrow Deposits - Mortgage | 7. Deposits – Restricted and Escrow Deposits – Mortgage The following table presents the Company’s restricted deposits as of September 30, 2017 and December 31, 2016 (amounts in thousands): September 30, 2017 December 31, 2016 Tax-deferred (1031) exchange proceeds $ — $ 38,847 Restricted deposits on real estate investments 61 733 Resident security and utility deposits 35,667 37,007 Other 911 359 Totals $ 36,639 $ 76,946 The following table presents the Company’s escrow deposits for mortgages as of September 30, 2017 and December 31, 2016 (amounts in thousands): September 30, 2017 December 31, 2016 Real estate taxes and insurance $ 556 $ 2,003 Replacement reserves 7,969 3,428 Mortgage principal reserves/sinking funds 1,595 58,652 Other 852 852 Totals $ 10,972 $ 64,935 During the nine months ended September 30, 2017, the Company received approximately $60.5 million from the return of various mortgage principal reserves/sinking funds on certain tax-exempt mortgage bond deals. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 8. Debt EQR Mortgage Notes Payable As of September 30, 2017, the Company had outstanding mortgage debt of approximately $3.6 billion. During the nine months ended September 30, 2017, the Company: • Repaid $300.0 million of 5.987% mortgage debt held in a Fannie Mae loan pool maturing in 2019 and incurred a prepayment penalty of approximately $10.8 million; • Repaid $193.4 million of conventional fixed-rate mortgage loans maturing in 2017 through 2048 and incurred a prepayment penalty of approximately $1.5 million; and • Repaid $8.8 million of scheduled principal repayments on various mortgage debt. The Company recorded $0.3 million of write-offs of unamortized deferred financing costs during the nine months ended September 30, 2017 as additional interest expense related to debt extinguishment of mortgages. The Company also recorded $0.7 million of write-offs of net unamortized premiums during the nine months ended September 30, 2017 as a reduction of interest expense related to debt extinguishment of mortgages. As of September 30, 2017, the Company had $598.7 million of secured debt subject to third party credit enhancement. As September 30, 2017 Notes As of September 30, 2017, the Company had outstanding unsecured notes of approximately $5.1 billion. During the nine months ended September 30, 2017, the Company: • Repaid $394.1 million of 5.75% unsecured notes at maturity; • Issued $400.0 million of ten-year 3.25% fixed rate public notes, receiving net proceeds of approximately $399.3 million before underwriting fees, hedge termination costs and other expenses, at an all-in effective interest rate of 3.32% after termination of four forward starting swaps in conjunction with the issuance (see Note 9 for further discussion); and • Issued $300.0 million of thirty-year 4.00% fixed rate public notes, receiving net proceeds of approximately $293.2 million before underwriting fees and other expenses, at an all-in effective interest rate of 4.11%. As September 30, 2017 Line of Credit and Commercial Paper On November 3, 2016, the Company replaced its existing $2.5 billion facility with a $2.0 billion unsecured revolving credit facility maturing January 10, 2022. The Company has the ability to increase available borrowings by an additional $750.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments. The interest rate on advances under the facility will generally be LIBOR plus a spread (currently 0.825%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 12.5 basis points). Both the spread and the facility fee are dependent on the credit rating of the Company’s long term debt. On September 30, 2017 As September 30, 2017 Other On April 24, 2017, the Company executed a new letter of credit facility with a third party financial institution which is not backed by or collateralized by borrowings on the Company’s unsecured revolving credit facility. As of September 30, 2017 |
Derivative and Other Fair Value
Derivative and Other Fair Value Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Derivative and Other Fair Value Instruments | 9. Derivative and Other Fair Value The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business. A • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value The Company’s derivative positions are valued using models developed by the respective counterparty as well as models developed internally by the Company that use as their basis readily observable market parameters (such as forward yield curves and credit default swap data). Employee holdings other than Common Shares within the supplemental executive retirement plan (the “SERP”) are valued using quoted market prices for identical assets and are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are valued using the quoted market price of Common Shares. The fair values disclosed for mortgage notes payable and unsecured debt (including its commercial paper) were calculated using indicative rates provided by lenders of similar loans in the case of mortgage notes payable and the private unsecured debt (including its commercial paper) and quoted market prices for each underlying issuance in the case of the public unsecured notes. The fair values of the Company’s financial instruments (other than mortgage notes payable, unsecured notes, commercial paper, line of credit and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract value. The September 30, 2017 December 31, 2016 Estimated Fair Value (Level 2) Carrying Value Estimated Fair Value (Level 2) Carrying Value Mortgage notes payable, net $ 3,630,477 $ 3,619,180 $ 4,161,001 $ 4,119,181 Unsecured debt, net 5,640,095 5,373,092 5,030,330 4,868,077 Total debt, net $ 9,270,572 $ 8,992,272 $ 9,191,331 $ 8,987,258 The September 30, 2017 Fair Value Hedges (1) Forward Starting Swaps (2) Current Notional Balance $ 450,000 $ 250,000 Lowest Interest Rate 2.375 % 2.1478 % Highest Interest Rate 2.375 % 2.2895 % Earliest Maturity Date 2019 2028 Latest Maturity Date 2019 2029 (1) Fair Value Hedges – Converts outstanding fixed rate unsecured notes ($450.0 million 2.375% notes due July 1, 2019) to a floating interest rate of 90-Day LIBOR plus 0.61%. (2) Forward Starting Swaps – Designed to partially fix interest rates in advance of planned future debt issuances. Of the $250.0 million notional balance, $200.0 million of these swaps have mandatory counterparty terminations in 2019 and are targeted for 2018 debt issuances while $50.0 million of these swaps have mandatory counterparty terminations in 2020 and are targeted for 2019 debt issuances. The Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 9/30/2017 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Fair Value Hedges Other Assets $ 444 $ — $ 444 $ — Forward Starting Swaps Other Assets 3,921 — 3,921 — Supplemental Executive Retirement Plan Other Assets 136,774 136,774 — — Total $ 141,139 $ 136,774 $ 4,365 $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 136,774 $ 136,774 $ — $ — Total $ 136,774 $ 136,774 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 380,541 $ — $ 380,541 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2016 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Fair Value Hedges Other Assets $ 1,857 $ — $ 1,857 $ — Supplemental Executive Retirement Plan Other Assets 124,420 124,420 — — Total $ 126,277 $ 124,420 $ 1,857 $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 124,420 $ 124,420 $ — $ — Total $ 124,420 $ 124,420 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 442,092 $ — $ 442,092 $ — The September 30, 2017 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ (1,413 ) Fixed rate debt Interest expense $ 1,413 Total $ (1,413 ) $ 1,413 September 30, 2016 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ 4,563 Fixed rate debt Interest expense $ (4,563 ) Total $ 4,563 $ (4,563 ) The Effective Portion Ineffective Portion September 30, 2017 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ 5,216 Interest expense $ (14,019 ) N/A $ — Total $ 5,216 $ (14,019 ) $ — Effective Portion Ineffective Portion September 30, 2016 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (4,240 ) Interest expense $ (37,262 ) N/A $ — Total $ (4,240 ) $ (37,262 ) $ — As September 30, 2017 September 30, 2017 In August 2017, the Company received $1.3 million to settle four forward starting ten-year swaps in conjunction with the issuance of $400.0 million of ten-year fixed rate public notes. The entire $1.3 million was initially deferred as a component of accumulated other comprehensive (loss) and will be recognized as a decrease to interest expense over the ten-year term of the notes. |
Earning Per Share and Earnings
Earning Per Share and Earnings Per Unit | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earning Per Share And Earnings Per Unit | 10. Earning Per Share and Earnings Per Equity Residential The Nine Months Ended September 30, Quarter Ended September 30, 2017 2016 2017 2016 Numerator for net income per share – basic: Income from continuing operations $ 498,297 $ 4,177,599 $ 144,196 $ 217,246 Allocation to Noncontrolling Interests – Operating Partnership, net (17,931 ) (160,437 ) (5,166 ) (8,344 ) Net (income) attributable to Noncontrolling Interests – Partially Owned Properties (2,354 ) (2,368 ) (801 ) (823 ) Preferred distributions (2,318 ) (2,318 ) (772 ) (773 ) Income from continuing operations available to Common Shares, net of Noncontrolling Interests 475,694 4,012,476 137,457 207,306 Discontinued operations, net of Noncontrolling Interests — 119 — 237 Numerator for net income per share – basic $ 475,694 $ 4,012,595 $ 137,457 $ 207,543 Numerator for net income per share – diluted: Income from continuing operations $ 498,297 $ 4,177,599 $ 144,196 $ 217,246 Net (income) attributable to Noncontrolling Interests – Partially Owned Properties (2,354 ) (2,368 ) (801 ) (823 ) Preferred distributions (2,318 ) (2,318 ) (772 ) (773 ) Income from continuing operations available to Common Shares 493,625 4,172,913 142,623 215,650 Discontinued operations, net — 124 — 246 Numerator for net income per share – diluted $ 493,625 $ 4,173,037 $ 142,623 $ 215,896 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 366,809 364,917 366,996 365,109 Effect of dilutive securities: OP Units 12,907 13,828 12,910 13,899 Long-term compensation shares/units 2,924 3,539 3,039 3,365 Denominator for net income per share – diluted 382,640 382,284 382,945 382,373 Net income per share – basic $ 1.30 $ 11.00 $ 0.37 $ 0.57 Net income per share – diluted $ 1.29 $ 10.92 $ 0.37 $ 0.56 Net income per share – basic: Income from continuing operations available to Common Shares, net of Noncontrolling Interests $ 1.30 $ 11.00 $ 0.37 $ 0.57 Discontinued operations, net of Noncontrolling Interests — — — — Net income per share – basic $ 1.30 $ 11.00 $ 0.37 $ 0.57 Net income per share – diluted: Income from continuing operations available to Common Shares $ 1.29 $ 10.92 $ 0.37 $ 0.56 Discontinued operations, net — — — — Net income per share – diluted $ 1.29 $ 10.92 $ 0.37 $ 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): Nine Months Ended September 30, Quarter Ended September 30, 2017 2016 2017 2016 Numerator for net income per Unit – basic and diluted: Income from continuing operations $ 498,297 $ 4,177,599 $ 144,196 $ 217,246 Net (income) attributable to Noncontrolling Interests – Partially Owned Properties (2,354 ) (2,368 ) (801 ) (823 ) Allocation to Preference Units (2,318 ) (2,318 ) (772 ) (773 ) Income from continuing operations available to Units 493,625 4,172,913 142,623 215,650 Discontinued operations, net — 124 — 246 Numerator for net income per Unit – basic and diluted $ 493,625 $ 4,173,037 $ 142,623 $ 215,896 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 379,716 378,745 379,906 379,008 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units 2,924 3,539 3,039 3,365 Denominator for net income per Unit – diluted 382,640 382,284 382,945 382,373 Net income per Unit – basic $ 1.30 $ 11.00 $ 0.37 $ 0.57 Net income per Unit – diluted $ 1.29 $ 10.92 $ 0.37 $ 0.56 Net income per Unit – basic: Income from continuing operations available to Units $ 1.30 $ 11.00 $ 0.37 $ 0.57 Discontinued operations, net — — — — Net income per Unit – basic $ 1.30 $ 11.00 $ 0.37 $ 0.57 Net income per Unit – diluted: Income from continuing operations available to Units $ 1.29 $ 10.92 $ 0.37 $ 0.56 Discontinued operations, net — — — — Net income per Unit – diluted $ 1.29 $ 10.92 $ 0.37 $ 0.56 |
Individually Significant Dispos
Individually Significant Dispositions | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Individually Significant Dispositions | 11. Individually The Company executed an agreement with controlled affiliates of Starwood Capital Group ("Starwood") on October 23, 2015 to sell a portfolio of 72 operating properties consisting of 23,262 apartment units located in five markets across the United States for $5.365 billion (the "Starwood Transaction" or “Starwood Portfolio”). The Starwood Portfolio represented substantially all of the assets in the Company’s South Florida and Denver markets and certain suburban assets in the Washington D.C., Seattle and Los Angeles markets. On January 26 and 27, 2016, the Company closed on the sale of the entire portfolio described above. The Company concluded that the Starwood Transaction did not qualify for discontinued operations reporting as it did not represent a strategic shift that had a major effect on the Company’s operations and financial results. The Company has been investing only in its six coastal markets (Boston, New York, Washington D.C., Southern California, San Francisco and Seattle) and has not been acquiring or developing any new assets in its other markets. Over the past several years, the Company has been repositioning its portfolio by selling its suburban assets located in markets outside its six core coastal markets. The sale of the Starwood Portfolio represented the continuation of the above strategy. However, the Company concluded that the Starwood Transaction did qualify as an individually significant component of the Company as the amount received upon disposal exceeded 10% of total assets, and NOI (see definition in Note 13) of the Starwood Portfolio represented approximately 1.6% of consolidated NOI (for the approximate one-month period owned in 2016) for the nine months ended September 30, 2016 and approximately 15.7% of consolidated NOI for the year ended December 31, 2015. As a result, the following table summarizes the results of operations attributable to the Starwood Transaction for the nine months and quarter ended September 30, 2016 (amounts in thousands): Nine Months Ended Quarter Ended September 30, 2016 September 30, 2016 REVENUES Rental income $ 30,660 $ 239 Total revenues 30,660 239 EXPENSES Property and maintenance 7,839 (84 ) Real estate taxes and insurance 2,933 1 Property management 2 — General and administrative 19 4 Total expenses 10,793 (79 ) Operating income 19,867 318 Interest and other income 21 10 Interest: Expense incurred, net (380 ) (6 ) Amortization of deferred financing costs (707 ) — Income and other tax (expense) benefit (1 ) — Net gain (loss) on sales of real estate properties 3,161,097 (103 ) Income from operations attributable to controlling interests – Operating Partnership 3,179,897 219 Income from operations attributable to Noncontrolling Interests – Operating Partnership (122,146 ) (8 ) Income from operations attributable to controlling interests – Company $ 3,057,751 $ 211 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments And Contingencies [Abstract] | |
Commitments and Contingencies | 12. The Company, as an owner of real estate, is subject to various Federal, state and local environmental laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future. As of September 30, 2017, the Company does have environmental reserves totaling approximately $5.7 million related to two of its properties. The The Company does not believe there is any other litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company. As of September 30, 2017, the Company has four wholly owned projects totaling 1,285 apartment units in various stages of development with commitments to fund of approximately $127.3 million and estimated completion dates ranging through September 30, 2019, as well as other completed development projects that are in various stages of lease up or are stabilized. As September 30, 2017 |
Reportable Segments
Reportable Segments | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Reportable Segments | 13. Reportable Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company's operating performance geographically by market and both on a same store and non-same store basis. The Company’s same store operating segments located in its coastal markets represent its reportable segments. The Company's operating segments located in its other markets (Phoenix) that are not material have also been included in the tables presented below. The Company’s fee and asset management and development activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the "Other" category in the tables presented below. All The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents The Nine Months Ended September 30, Quarter Ended September 30, 2017 2016 2017 2016 Rental income $ 1,840,170 $ 1,816,960 $ 623,951 $ 605,856 Property and maintenance expense (306,645 ) (309,688 ) (104,721 ) (104,216 ) Real estate taxes and insurance expense (253,318 ) (238,954 ) (84,087 ) (81,343 ) Total operating expenses (559,963 ) (548,642 ) (188,808 ) (185,559 ) Net operating income $ 1,280,207 $ 1,268,318 $ 435,143 $ 420,297 The following tables present NOI for each segment from our rental real estate specific to continuing operations for the nine months and quarters ended September 30, 2017 and 2016, September 30, 2017 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 296,345 $ 83,927 $ 212,418 $ 285,463 $ 83,459 $ 202,004 Orange County 66,081 16,355 49,726 63,005 15,529 47,476 San Diego 66,052 17,386 48,666 63,171 16,884 46,287 Subtotal - Southern California 428,478 117,668 310,810 411,639 115,872 295,767 Washington DC 322,307 98,043 224,264 317,879 95,187 222,692 New York 345,656 126,226 219,430 345,434 120,390 225,044 San Francisco 283,654 69,053 214,601 277,666 68,246 209,420 Boston 170,545 47,538 123,007 168,118 47,308 120,810 Seattle 133,279 37,205 96,074 125,910 34,979 90,931 Other Markets 1,384 499 885 1,342 428 914 Total same store 1,685,303 496,232 1,189,071 1,647,988 482,410 1,165,578 Non-same store/other (2) (3) Non-same store 144,975 53,367 91,608 78,287 29,173 49,114 Other (3) 9,892 10,364 (472 ) 90,685 37,059 53,626 Total non-same store/other 154,867 63,731 91,136 168,972 66,232 102,740 Totals $ 1,840,170 $ 559,963 $ 1,280,207 $ 1,816,960 $ 548,642 $ 1,268,318 (1) For the nine months ended September 30, 2017 and 2016, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2016, less properties subsequently sold, which represented 70,285 apartment (2) For the nine months ended September 30, 2017 and 2016, non-same store primarily includes properties acquired after January 1, 2016, plus any properties in lease-up and not stabilized as of January 1, (3) Other includes development, other corporate operations and operations prior to sale for properties sold from 2014 through 2017 that do not meet the discontinued operations Quarter Ended September 30, 2017 Quarter Ended September 30, 2016 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 102,566 $ 27,768 $ 74,798 $ 98,542 $ 29,362 $ 69,180 Orange County 22,427 5,500 16,927 21,455 5,362 16,093 San Diego 22,432 5,867 16,565 21,516 5,740 15,776 Subtotal - Southern California 147,425 39,135 108,290 141,513 40,464 101,049 New York 125,351 46,219 79,132 124,709 44,223 80,486 Washington DC 108,763 33,459 75,304 107,340 32,817 74,523 San Francisco 98,805 24,875 73,930 97,259 24,487 72,772 Boston 57,071 16,351 40,720 56,368 16,399 39,969 Seattle 49,268 13,647 35,621 46,948 12,493 34,455 Other Markets 459 158 301 457 136 321 Total same store 587,142 173,844 413,298 574,594 171,019 403,575 Non-same store/other (2) (3) Non-same store 33,974 10,371 23,603 14,128 6,120 8,008 Other (3) 2,835 4,593 (1,758 ) 17,134 8,420 8,714 Total non-same store/other 36,809 14,964 21,845 31,262 14,540 16,722 Totals $ 623,951 $ 188,808 $ 435,143 $ 605,856 $ 185,559 $ 420,297 (1) For the quarters ended September 30, 2017 and 2016, same store primarily includes all properties acquired or completed that were stabilized prior to July 1, 2016, less properties subsequently sold, which represented 72,049 apartment (2) For the quarters ended September 30, 2017 and 2016, non-same store primarily includes properties acquired after July 1, 2016, plus any properties in lease-up and not stabilized as of July 1, (3) Other includes development, other corporate operations and operations prior to sale for properties sold from 2014 through 2017 that do not meet the discontinued operations Nine Months Ended September 30, Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,620,672 $ 18,952 Orange County 330,580 6,671 San Diego 425,241 3,776 Subtotal - Southern California 3,376,493 29,399 Washington DC 3,836,992 26,308 New York 4,181,890 23,547 San Francisco 2,480,069 25,896 Boston 1,670,467 18,906 Seattle 1,172,356 15,499 Other Markets 12,778 83 Total same store 16,731,045 139,638 Non-same store/other (2) (3) Non-same store 3,080,697 3,206 Other (3) 886,091 414 Total non-same store/other 3,966,788 3,620 Totals $ 20,697,833 $ 143,258 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2016, less properties subsequently sold, which represented 70,285 apartment (2) Non-same store primarily includes properties acquired after January 1, 2016, plus any properties in lease-up and not stabilized as of January 1, (3) Other includes development, other corporate operations and capital expenditures for properties |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Subsequent to September 30, 2017, the Company repaid $103.9 million of 7.125% unsecured notes at maturity. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Certain reclassifications have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications did not have an impact on net income previously reported. Operating results for the nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. 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, 2016 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, 2016. |
Income and Other Taxes | Income and Other Taxes Due to the structure of EQR as a REIT and the nature of the operations of its operating properties, no provision for federal income taxes has been made at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their proportionate 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. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates for which the temporary differences are expected to be recovered or settled. The effects of changes in tax rates on deferred tax assets and liabilities are recognized in earnings in the period enacted. The Company’s deferred tax assets were generally the result of tax affected suspended interest deductions, net operating losses, differing depreciable lives on capitalized assets and the timing of expense recognition for certain accrued liabilities. As of September 30, 2017, the Company has elected REIT status for its primary TRS upon filing the 2016 tax return in the third quarter of 2017, with the election retroactive to January 1, 2016. As a result, the Company wrote-off its deferred tax assets, which were fully reserved, as of September 30, 2017. |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements In "FASB") Revenue from Contracts with Customers any, In FASB In • Lessors – Leases will be accounted for using an approach that is substantially equivalent to existing guidance for operating, sales-type and financing leases, but aligned with the new revenue recognition standard. Lessors will be required to allocate lease payments to separate lease and non-lease components of each lease agreement, with the non-lease components evaluated under the new revenue recognition standard. • Lessees – Leases will be accounted for using a dual approach, classifying leases as either operating or finance based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized on a straight-line basis over the term of the lease (for operating leases) or based on an effective interest method with a front-loaded expense recognition (for finance leases). A lessee is also required to record a right-of-use asset and a lease liability on its balance sheet for all leases with a term of greater than 12 months regardless of their classification as operating or finance leases. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. The new standard will be effective for the Company beginning on January 1, 2019, with early adoption permitted, though the Company currently anticipates adopting the new standard on the effective date. The new standard must be adopted using a modified retrospective method, which requires application of the new guidance at the beginning of the earliest comparative period presented and provides for certain practical expedients, which the Company currently anticipates electing. The Company anticipates that its residential and retail/commercial leases where it is the lessor will continue to be accounted for as operating leases under the new standard. Therefore, the Company does not currently anticipate significant changes in the accounting for its lease revenues. The Company is also the lessee under various corporate office and ground leases, which it will be required to recognize right of use assets and related lease liabilities on its consolidated balance sheets upon adoption. The Company currently anticipates that its corporate office leases where it is the lessee will continue to be accounted for as operating leases under the new standard. Based on its anticipated election of the practical expedients, the Company would not be required to reassess the classification of existing ground leases and therefore these leases would continue to be accounted for as operating leases. However, in the event we modify existing ground leases and/or enter into new ground leases after adoption of the new standard, such leases will likely be classified as finance leases. The Company will continue to evaluate the impact of adopting the new leases standard on its consolidated results of operations and financial position. In June 2016, the FASB In FASB • Cash payments related to debt prepayments or extinguishment costs are to be classified within financing • The portion of the cash payment made to settle a zero-coupon bond or a bond with an insignificant cash coupon attributable to accreted interest related to a debt discount is to be classified as a cash outflow within operating activities, and the portion attributable to the principal is to be classified within financing • Insurance settlement proceeds are to be classified based on the nature of the • Companies must elect to classify distributions received from equity method investees using either a cumulative earnings approach or a look-through approach and the election must be disclosed; • Restricted Total The The Company does not expect overall cash flows to change; however, there will be material changes between cash flow classifications due to the substantial debt prepayment penalties that the Company has incurred in the comparative period. In FASB clarifies the accounting treatment for partial sales of nonfinancial assets (i.e. real estate). The standard clarifies that partial sales transactions include contributions of nonfinancial assets to a joint venture or other noncontrolled investee. Companies must recognize a full gain or loss on transfers of nonfinancial assets to equity method investees. The standard requires companies to derecognize distinct nonfinancial assets or distinct in substance nonfinancial assets in partial sale transactions when it does not have a controlling financial interest in the legal entity that holds the asset and transfers control of the asset. Once the distinct nonfinancial asset is transferred, the company is required to measure any non-controlling interest it receives or retains at fair value and recognize a full gain or loss on the transaction. If a company transfers ownership interests in a consolidated subsidiary and continues to maintain a controlling financial interest, the company does not derecognize the assets or liabilities, and accounts for the transaction as an equity transaction and no gain or loss is recognized. The new standard will be effective for the Company beginning on January 1, 2018 and early adoption was permitted beginning on January 1, 2017. The Company anticipates adopting the new standard concurrently with the new revenue recognition standard. The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect recognized as of the date of adoption. The Company has not had a partial sale of nonfinancial assets in the current or comparative periods. Therefore, the Company does not currently believe that the adoption of this standard will have a material impact on its consolidated results of operations and financial position. In August 2017, the FASB issued a final standard which makes changes to the hedge accounting model to enable entities to better portray their risk management activities in the financial statements. The new standard expands an entity’s ability to hedge nonfinancial and financial risk components, reduces complexity in fair value hedges of interest rate risk and eases certain documentation and assessment requirements. The new standard also eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of any hedging instrument to be presented in the same income statement line as the hedged instrument. The new standard will be effective for the Company beginning on January 1, 2019 and early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position. Recently Adopted Accounting Pronouncements In FASB Generally, In FASB In FASB |
Other | Other The Company is the controlling partner in various consolidated partnerships owning 17 properties and 3,215 apartment units having a noncontrolling interest book value of $6.2 million at September 30, 2017. The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated entities described above, the Company is the controlling partner in limited-life partnerships owning four properties having a noncontrolling interest deficit balance of $7.3 million. These four partnership agreements contain provisions that require the partnerships to be liquidated through the sale of their assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute the proceeds of liquidation to the Noncontrolling Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of their assets warrant a distribution based on the partnership agreements. As of September 30, 2017, the Company estimates the value of Noncontrolling Interest distributions for these four properties would have been approximately $65.8 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third party consideration realized by the partnerships upon disposition of the four Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Noncontrolling Interests in the Company's Partially Owned Properties is subject to change. To the extent that the partnerships' underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Noncontrolling Interests in these Partially Owned Properties |
Business (Tables)
Business (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Ownership Breakdown | The ownership breakdown includes (table does not include various uncompleted development properties): Properties Apartment Units Wholly Owned Properties 283 73,289 Master-Leased Properties – Consolidated 3 853 Partially Owned Properties – Consolidated 17 3,215 Partially Owned Properties – Unconsolidated 2 945 305 78,302 |
Equity, Capital and Other Int29
Equity, Capital and Other Interests (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Changes in Issued and Outstanding Common Shares and Units | The following tables present the changes in the Company’s issued and outstanding Common Shares and “Units” (which includes OP Units and restricted units) for the nine months ended September 30, 2017: 2017 Common Shares Common Shares outstanding at January 1, 365,870,924 Common Shares Issued: Conversion of OP Units 1,107,735 Exercise of share options 343,527 Employee Share Purchase Plan (ESPP) 54,843 Restricted share grants, net 85,451 Common Shares Outstanding at September 30, 367,462,480 Units Units outstanding at January 1, 14,626,075 Restricted unit grants, net 291,647 Conversion of OP Units to Common Shares (1,107,735 ) Units outstanding at September 30, 13,809,987 Total Common Shares and Units outstanding at September 30, 381,272,467 Units Ownership Interest in Operating Partnership 3.6 % |
Changes in Redemption Value of Redeemable Noncontrolling Interests and Limited Partners Interest | The 2017 Balance at January 1, $ 442,092 Change in market value (29,551 ) Change in carrying value (32,000 ) Balance at September 30, $ 380,541 |
Issued and Outstanding Preferred Shares and Preference Units | The Amounts in thousands Annual Call Dividend per September 30, December 31, Date (1) Share (2) 2017 2016 Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized: 8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 745,600 shares issued and outstanding at September 30, 2017 and December 31, 2016 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable preferred shares may be redeemed for cash at the option of the Company, in whole or in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares are payable quarterly. |
ERPOP [Member] | |
Changes in Issued and Outstanding Common Shares and Units | The following tables present the changes in the Operating Partnership’s issued and outstanding Units and in the limited partners’ Units for the nine months ended September 30, 2017: 2017 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 380,496,999 Issued to General Partner: Exercise of EQR share options 343,527 EQR’s Employee Share Purchase Plan (ESPP) 54,843 EQR's restricted share grants, net 85,451 Issued to Limited Partners: Restricted unit grants, net 291,647 General and Limited Partner Units outstanding at September 30, 381,272,467 Limited Partner Units Limited Partner Units outstanding at January 1, 14,626,075 Limited Partner restricted unit grants, net 291,647 Conversion of Limited Partner OP Units to EQR Common Shares (1,107,735 ) Limited Partner Units outstanding at September 30, 13,809,987 Limited Partner Units Ownership Interest in Operating Partnership 3.6 % |
Changes in Redemption Value of Redeemable Noncontrolling Interests and Limited Partners Interest | The following table presents the changes in the redemption value of the Redeemable Limited Partners for the nine months ended September 30, 2017 (amounts in thousands): 2017 Balance at January 1, $ 442,092 Change in market value (29,551 ) Change in carrying value (32,000 ) Balance at September 30, $ 380,541 |
Issued and Outstanding Preferred Shares and Preference Units | The December 31, 2016 Amounts in thousands Annual Call Dividend Per September 30, December 31, Date (1) Unit (2) 2017 2016 Preference Units: 8.29% Series K Cumulative Redeemable Preference Units; liquidation value $50 per unit; 745,600 units issued and outstanding at September 30, 2017 and December 31, 2016 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable preference units may be redeemed for cash at the option of the Operating Partnership, in whole or in part, at a redemption price equal to the liquidation price per unit, plus accrued and unpaid distributions, if any, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares. (2) Dividends on Preference Units are payable quarterly. |
Real Estate and Lease Intangi30
Real Estate and Lease Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Real Estate [Abstract] | |
Summary of Carrying Amounts of Investment in Real Estate | The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of September 30, 2017 and December 31, 2016 (amounts in thousands): September 30, 2017 December 31, 2016 Land $ 5,985,004 $ 5,899,862 Depreciable property: Buildings and improvements 17,601,348 16,913,430 Furniture, fixtures and equipment 1,500,963 1,346,300 In-Place lease intangibles 469,091 470,849 Projects under development: Land 61,047 115,876 Construction-in-progress 232,017 521,292 Land held for development: Land 63,439 84,440 Construction-in-progress 35,634 34,376 Investment in real estate 25,948,543 25,386,425 Accumulated depreciation (5,849,110 ) (5,360,389 ) Investment in real estate, net $ 20,099,433 $ 20,026,036 |
Summary of Carrying Amounts of Above and Below Market Ground And Retail Lease Intangibles | The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of September 30, 2017 and December 31, 2016 (amounts in thousands): Description Balance Sheet Location September 30, 2017 December 31, 2016 Assets Ground lease intangibles – below market Other Assets $ 191,918 $ 178,251 Retail lease intangibles – above market Other Assets 1,260 1,260 Lease intangible assets 193,178 179,511 Accumulated amortization (21,305 ) (17,972 ) Lease intangible assets, net $ 171,873 $ 161,539 Liabilities Ground lease intangibles – above market Other Liabilities $ 2,400 $ 2,400 Retail lease intangibles – below market Other Liabilities 5,270 5,270 Lease intangible liabilities 7,670 7,670 Accumulated amortization (5,113 ) (4,509 ) Lease intangible liabilities, net $ 2,557 $ 3,161 |
Summary of the Effect of the Amortization for Above and Below Market Ground and Retail Lease Intangibles | The following table provides a summary of the effect of the amortization for above and below market ground and retail lease intangibles on Nine Months Ended Quarter Ended September 30, September 30, Description Income Statement Location 2017 2016 2017 2016 Ground lease intangible amortization Property and Maintenance $ (3,253 ) $ (3,241 ) $ (1,092 ) $ (1,080 ) Retail lease intangible amortization Rental Income 524 675 80 222 Total amortization of above/below market lease intangibles $ (2,729 ) $ (2,566 ) $ (1,012 ) $ (858 ) |
Summary of Aggregate Amortization for Above and Below Market Ground And Retail Lease Intangibles | The following table provides a summary of the aggregate amortization for above and below market ground and retail lease intangibles for each of the next five years (amounts in thousands): Remaining 2017 2018 2019 2020 2021 2022 Ground lease intangibles $ (1,116 ) $ (4,463 ) $ (4,463 ) $ (4,463 ) $ (4,463 ) $ (4,463 ) Retail lease intangibles 16 71 71 71 71 27 Total $ (1,100 ) $ (4,392 ) $ (4,392 ) $ (4,392 ) $ (4,392 ) $ (4,436 ) |
Acquired Properties From Unaffiliated Parties | During the nine months ended September 30, 2017, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated (1) 4 947 $ 468,050 Total 4 947 $ 468,050 (1) Purchase price includes an allocation of approximately $68.3 million to land, $386.2 million to depreciable property (inclusive of capitalized closing costs) and $13.7 million to ground lease intangible (included in other assets). For one of the property acquisitions, the Company owns the building and improvements and leases the land underlying the improvements under a long-term ground lease that expires in 2113. This property is consolidated and reflected as a real estate asset while the ground lease is accounted for as an operating lease. |
Disposed Properties to Unaffiliated Parties | During the nine months ended September 30, 2017 , the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 4 1,024 $ 319,700 Land Parcels (one) — — 33,450 Total 4 1,024 $ 353,150 |
Commitments To Acquire_Dispos31
Commitments To Acquire/Dispose of Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments To Acquire Dispose Of Real Estate [Abstract] | |
Separate Agreement to Dispose of | The Company has entered into a separate agreement to dispose of the following (sales price in thousands): Properties Apartment Units Sales Price Land Parcels (one) — — $ 2,700 Total — — $ 2,700 |
Investments in Partially Owne32
Investments in Partially Owned Entities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments In Partially Owned Entities [Abstract] | |
Partially Owned Property Balance Sheet Schedule | The following tables and information summarize the Company’s investments September 30, 2017 Consolidated Unconsolidated (VIE) (Non-VIE) (VIE) (1) Total Total properties 17 2 — 2 Total apartment units 3,215 945 — 945 Balance sheet information at 9/30/2017 (at 100%): ASSETS Investment in real estate $ 648,839 $ 236,630 $ 172,995 $ 409,625 Accumulated depreciation (226,607 ) (40,840 ) (48,670 ) (89,510 ) Investment in real estate, net 422,232 195,790 124,325 320,115 Cash and cash equivalents 22,914 7,194 139 7,333 Investments in unconsolidated entities 45,035 — — — Deposits – restricted 385 258 — 258 Other assets 26,246 450 105 555 Total assets $ 516,812 $ 203,692 $ 124,569 $ 328,261 LIABILITIES AND EQUITY/CAPITAL Mortgage notes payable, net (2) $ 302,037 $ 145,424 $ — $ 145,424 Accounts payable & accrued expenses 2,975 2,644 150 2,794 Accrued interest payable 1,024 691 — 691 Other liabilities 453 308 27 335 Security deposits 2,037 488 — 488 Total liabilities 308,526 149,555 177 149,732 Noncontrolling Interests – Partially Owned Properties/Partners' equity 6,175 54,336 84,682 139,018 Company equity/General and Limited Partners' Capital 202,111 (199 ) 39,710 39,511 Total equity/capital 208,286 54,137 124,392 178,529 Total liabilities and equity/capital $ 516,812 $ 203,692 $ 124,569 $ 328,261 |
Partially Owned Property Income Statement Schedule | Consolidated Unconsolidated (VIE) (Non-VIE) (VIE) (1) Total Operating information for the nine months ended 9/30/2017 (at 100%): Operating revenue $ 69,917 $ 20,050 $ 3,805 $ 23,855 Operating expenses 17,056 6,746 1,573 8,319 Net operating income 52,861 13,304 2,232 15,536 Property management 2,463 584 56 640 General and administrative/other 239 1 127 128 Depreciation 15,569 7,960 4,126 12,086 Operating income (loss) 34,590 4,759 (2,077 ) 2,682 Interest and other income 45 — — — Interest: Expense incurred, net (9,977 ) (6,217 ) — (6,217 ) Amortization of deferred financing costs (203 ) (1 ) — (1 ) Income (loss) before income and other taxes and (loss) from investments in unconsolidated entities 24,455 (1,459 ) (2,077 ) (3,536 ) Income and other tax (expense) benefit (34 ) (13 ) — (13 ) (Loss) from investments in unconsolidated entities (1,155 ) — — — Net income (loss) $ 23,266 $ (1,472 ) $ (2,077 ) $ (3,549 ) (1) Includes the Company’s unconsolidated interest in an entity that owns the land underlying our Wisconsin Place apartment property and owns and operates the parking facility. This entity is excluded from the property and apartment unit count. (2) All debt is non-recourse to the Company. Note: The above tables exclude EQR's ownership interest in ERPOP, private equity fund investments, and the Company's interests in unconsolidated joint ventures established in connection with the acquisition of certain real estate related assets from Archstone Enterprise LP ("Archstone"). |
Deposits - Restricted and Esc33
Deposits - Restricted and Escrow Deposits - Mortgage (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Deposits Restricted [Abstract] | |
Restricted Deposits | The following table presents the Company’s restricted deposits as of September 30, 2017 and December 31, 2016 (amounts in thousands): September 30, 2017 December 31, 2016 Tax-deferred (1031) exchange proceeds $ — $ 38,847 Restricted deposits on real estate investments 61 733 Resident security and utility deposits 35,667 37,007 Other 911 359 Totals $ 36,639 $ 76,946 |
Escrow Deposits for Mortgages | The following table presents the Company’s escrow deposits for mortgages as of September 30, 2017 and December 31, 2016 (amounts in thousands): September 30, 2017 December 31, 2016 Real estate taxes and insurance $ 556 $ 2,003 Replacement reserves 7,969 3,428 Mortgage principal reserves/sinking funds 1,595 58,652 Other 852 852 Totals $ 10,972 $ 64,935 |
Derivative and Other Fair Val34
Derivative and Other Fair Value Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Carrying and Fair Values of Financial Instruments | The September 30, 2017 December 31, 2016 Estimated Fair Value (Level 2) Carrying Value Estimated Fair Value (Level 2) Carrying Value Mortgage notes payable, net $ 3,630,477 $ 3,619,180 $ 4,161,001 $ 4,119,181 Unsecured debt, net 5,640,095 5,373,092 5,030,330 4,868,077 Total debt, net $ 9,270,572 $ 8,992,272 $ 9,191,331 $ 8,987,258 |
Summary of Consolidated Derivative Instruments | The September 30, 2017 Fair Value Hedges (1) Forward Starting Swaps (2) Current Notional Balance $ 450,000 $ 250,000 Lowest Interest Rate 2.375 % 2.1478 % Highest Interest Rate 2.375 % 2.2895 % Earliest Maturity Date 2019 2028 Latest Maturity Date 2019 2029 (1) Fair Value Hedges – Converts outstanding fixed rate unsecured notes ($450.0 million 2.375% notes due July 1, 2019) to a floating interest rate of 90-Day LIBOR plus 0.61%. (2) Forward Starting Swaps – Designed to partially fix interest rates in advance of planned future debt issuances. Of the $250.0 million notional balance, $200.0 million of these swaps have mandatory counterparty terminations in 2019 and are targeted for 2018 debt issuances while $50.0 million of these swaps have mandatory counterparty terminations in 2020 and are targeted for 2019 debt issuances. |
Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis | The Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 9/30/2017 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Fair Value Hedges Other Assets $ 444 $ — $ 444 $ — Forward Starting Swaps Other Assets 3,921 — 3,921 — Supplemental Executive Retirement Plan Other Assets 136,774 136,774 — — Total $ 141,139 $ 136,774 $ 4,365 $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 136,774 $ 136,774 $ — $ — Total $ 136,774 $ 136,774 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 380,541 $ — $ 380,541 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2016 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Fair Value Hedges Other Assets $ 1,857 $ — $ 1,857 $ — Supplemental Executive Retirement Plan Other Assets 124,420 124,420 — — Total $ 126,277 $ 124,420 $ 1,857 $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 124,420 $ 124,420 $ — $ — Total $ 124,420 $ 124,420 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 442,092 $ — $ 442,092 $ — |
Summary of Effect of Fair Value Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income | The September 30, 2017 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ (1,413 ) Fixed rate debt Interest expense $ 1,413 Total $ (1,413 ) $ 1,413 September 30, 2016 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ 4,563 Fixed rate debt Interest expense $ (4,563 ) Total $ 4,563 $ (4,563 ) |
Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income | The Effective Portion Ineffective Portion September 30, 2017 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ 5,216 Interest expense $ (14,019 ) N/A $ — Total $ 5,216 $ (14,019 ) $ — Effective Portion Ineffective Portion September 30, 2016 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (4,240 ) Interest expense $ (37,262 ) N/A $ — Total $ (4,240 ) $ (37,262 ) $ — |
Earning Per Share and Earning35
Earning Per Share and Earnings Per Unit (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Schedule of Calculation of Numerator and Denominator in Earning Per Share and Earnings Per Unit | The Nine Months Ended September 30, Quarter Ended September 30, 2017 2016 2017 2016 Numerator for net income per share – basic: Income from continuing operations $ 498,297 $ 4,177,599 $ 144,196 $ 217,246 Allocation to Noncontrolling Interests – Operating Partnership, net (17,931 ) (160,437 ) (5,166 ) (8,344 ) Net (income) attributable to Noncontrolling Interests – Partially Owned Properties (2,354 ) (2,368 ) (801 ) (823 ) Preferred distributions (2,318 ) (2,318 ) (772 ) (773 ) Income from continuing operations available to Common Shares, net of Noncontrolling Interests 475,694 4,012,476 137,457 207,306 Discontinued operations, net of Noncontrolling Interests — 119 — 237 Numerator for net income per share – basic $ 475,694 $ 4,012,595 $ 137,457 $ 207,543 Numerator for net income per share – diluted: Income from continuing operations $ 498,297 $ 4,177,599 $ 144,196 $ 217,246 Net (income) attributable to Noncontrolling Interests – Partially Owned Properties (2,354 ) (2,368 ) (801 ) (823 ) Preferred distributions (2,318 ) (2,318 ) (772 ) (773 ) Income from continuing operations available to Common Shares 493,625 4,172,913 142,623 215,650 Discontinued operations, net — 124 — 246 Numerator for net income per share – diluted $ 493,625 $ 4,173,037 $ 142,623 $ 215,896 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 366,809 364,917 366,996 365,109 Effect of dilutive securities: OP Units 12,907 13,828 12,910 13,899 Long-term compensation shares/units 2,924 3,539 3,039 3,365 Denominator for net income per share – diluted 382,640 382,284 382,945 382,373 Net income per share – basic $ 1.30 $ 11.00 $ 0.37 $ 0.57 Net income per share – diluted $ 1.29 $ 10.92 $ 0.37 $ 0.56 Net income per share – basic: Income from continuing operations available to Common Shares, net of Noncontrolling Interests $ 1.30 $ 11.00 $ 0.37 $ 0.57 Discontinued operations, net of Noncontrolling Interests — — — — Net income per share – basic $ 1.30 $ 11.00 $ 0.37 $ 0.57 Net income per share – diluted: Income from continuing operations available to Common Shares $ 1.29 $ 10.92 $ 0.37 $ 0.56 Discontinued operations, net — — — — Net income per share – diluted $ 1.29 $ 10.92 $ 0.37 $ 0.56 |
ERPOP [Member] | |
Schedule of Calculation of Numerator and Denominator in Earning Per Share and Earnings Per Unit | The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): Nine Months Ended September 30, Quarter Ended September 30, 2017 2016 2017 2016 Numerator for net income per Unit – basic and diluted: Income from continuing operations $ 498,297 $ 4,177,599 $ 144,196 $ 217,246 Net (income) attributable to Noncontrolling Interests – Partially Owned Properties (2,354 ) (2,368 ) (801 ) (823 ) Allocation to Preference Units (2,318 ) (2,318 ) (772 ) (773 ) Income from continuing operations available to Units 493,625 4,172,913 142,623 215,650 Discontinued operations, net — 124 — 246 Numerator for net income per Unit – basic and diluted $ 493,625 $ 4,173,037 $ 142,623 $ 215,896 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 379,716 378,745 379,906 379,008 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units 2,924 3,539 3,039 3,365 Denominator for net income per Unit – diluted 382,640 382,284 382,945 382,373 Net income per Unit – basic $ 1.30 $ 11.00 $ 0.37 $ 0.57 Net income per Unit – diluted $ 1.29 $ 10.92 $ 0.37 $ 0.56 Net income per Unit – basic: Income from continuing operations available to Units $ 1.30 $ 11.00 $ 0.37 $ 0.57 Discontinued operations, net — — — — Net income per Unit – basic $ 1.30 $ 11.00 $ 0.37 $ 0.57 Net income per Unit – diluted: Income from continuing operations available to Units $ 1.29 $ 10.92 $ 0.37 $ 0.56 Discontinued operations, net — — — — Net income per Unit – diluted $ 1.29 $ 10.92 $ 0.37 $ 0.56 |
Individually Significant Disp36
Individually Significant Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Starwood Portfolio [Member] | Disposal Group, Not Discontinued Operations [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Schedule of Results of Operations Attributable to Starwood Transaction | As a result, the following table summarizes the results of operations attributable to the Starwood Transaction for the nine months and quarter ended September 30, 2016 (amounts in thousands): Nine Months Ended Quarter Ended September 30, 2016 September 30, 2016 REVENUES Rental income $ 30,660 $ 239 Total revenues 30,660 239 EXPENSES Property and maintenance 7,839 (84 ) Real estate taxes and insurance 2,933 1 Property management 2 — General and administrative 19 4 Total expenses 10,793 (79 ) Operating income 19,867 318 Interest and other income 21 10 Interest: Expense incurred, net (380 ) (6 ) Amortization of deferred financing costs (707 ) — Income and other tax (expense) benefit (1 ) — Net gain (loss) on sales of real estate properties 3,161,097 (103 ) Income from operations attributable to controlling interests – Operating Partnership 3,179,897 219 Income from operations attributable to Noncontrolling Interests – Operating Partnership (122,146 ) (8 ) Income from operations attributable to controlling interests – Company $ 3,057,751 $ 211 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations | The Nine Months Ended September 30, Quarter Ended September 30, 2017 2016 2017 2016 Rental income $ 1,840,170 $ 1,816,960 $ 623,951 $ 605,856 Property and maintenance expense (306,645 ) (309,688 ) (104,721 ) (104,216 ) Real estate taxes and insurance expense (253,318 ) (238,954 ) (84,087 ) (81,343 ) Total operating expenses (559,963 ) (548,642 ) (188,808 ) (185,559 ) Net operating income $ 1,280,207 $ 1,268,318 $ 435,143 $ 420,297 |
Schedule of NOI for Each Segment from Rental Real Estate Specific to Continuing Operations | The following tables present NOI for each segment from our rental real estate specific to continuing operations for the nine months and quarters ended September 30, 2017 and 2016, September 30, 2017 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 296,345 $ 83,927 $ 212,418 $ 285,463 $ 83,459 $ 202,004 Orange County 66,081 16,355 49,726 63,005 15,529 47,476 San Diego 66,052 17,386 48,666 63,171 16,884 46,287 Subtotal - Southern California 428,478 117,668 310,810 411,639 115,872 295,767 Washington DC 322,307 98,043 224,264 317,879 95,187 222,692 New York 345,656 126,226 219,430 345,434 120,390 225,044 San Francisco 283,654 69,053 214,601 277,666 68,246 209,420 Boston 170,545 47,538 123,007 168,118 47,308 120,810 Seattle 133,279 37,205 96,074 125,910 34,979 90,931 Other Markets 1,384 499 885 1,342 428 914 Total same store 1,685,303 496,232 1,189,071 1,647,988 482,410 1,165,578 Non-same store/other (2) (3) Non-same store 144,975 53,367 91,608 78,287 29,173 49,114 Other (3) 9,892 10,364 (472 ) 90,685 37,059 53,626 Total non-same store/other 154,867 63,731 91,136 168,972 66,232 102,740 Totals $ 1,840,170 $ 559,963 $ 1,280,207 $ 1,816,960 $ 548,642 $ 1,268,318 (1) For the nine months ended September 30, 2017 and 2016, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2016, less properties subsequently sold, which represented 70,285 apartment (2) For the nine months ended September 30, 2017 and 2016, non-same store primarily includes properties acquired after January 1, 2016, plus any properties in lease-up and not stabilized as of January 1, (3) Other includes development, other corporate operations and operations prior to sale for properties sold from 2014 through 2017 that do not meet the discontinued operations Quarter Ended September 30, 2017 Quarter Ended September 30, 2016 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 102,566 $ 27,768 $ 74,798 $ 98,542 $ 29,362 $ 69,180 Orange County 22,427 5,500 16,927 21,455 5,362 16,093 San Diego 22,432 5,867 16,565 21,516 5,740 15,776 Subtotal - Southern California 147,425 39,135 108,290 141,513 40,464 101,049 New York 125,351 46,219 79,132 124,709 44,223 80,486 Washington DC 108,763 33,459 75,304 107,340 32,817 74,523 San Francisco 98,805 24,875 73,930 97,259 24,487 72,772 Boston 57,071 16,351 40,720 56,368 16,399 39,969 Seattle 49,268 13,647 35,621 46,948 12,493 34,455 Other Markets 459 158 301 457 136 321 Total same store 587,142 173,844 413,298 574,594 171,019 403,575 Non-same store/other (2) (3) Non-same store 33,974 10,371 23,603 14,128 6,120 8,008 Other (3) 2,835 4,593 (1,758 ) 17,134 8,420 8,714 Total non-same store/other 36,809 14,964 21,845 31,262 14,540 16,722 Totals $ 623,951 $ 188,808 $ 435,143 $ 605,856 $ 185,559 $ 420,297 (1) For the quarters ended September 30, 2017 and 2016, same store primarily includes all properties acquired or completed that were stabilized prior to July 1, 2016, less properties subsequently sold, which represented 72,049 apartment (2) For the quarters ended September 30, 2017 and 2016, non-same store primarily includes properties acquired after July 1, 2016, plus any properties in lease-up and not stabilized as of July 1, (3) Other includes development, other corporate operations and operations prior to sale for properties sold from 2014 through 2017 that do not meet the discontinued operations Nine Months Ended September 30, Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,620,672 $ 18,952 Orange County 330,580 6,671 San Diego 425,241 3,776 Subtotal - Southern California 3,376,493 29,399 Washington DC 3,836,992 26,308 New York 4,181,890 23,547 San Francisco 2,480,069 25,896 Boston 1,670,467 18,906 Seattle 1,172,356 15,499 Other Markets 12,778 83 Total same store 16,731,045 139,638 Non-same store/other (2) (3) Non-same store 3,080,697 3,206 Other (3) 886,091 414 Total non-same store/other 3,966,788 3,620 Totals $ 20,697,833 $ 143,258 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2016, less properties subsequently sold, which represented 70,285 apartment (2) Non-same store primarily includes properties acquired after January 1, 2016, plus any properties in lease-up and not stabilized as of January 1, (3) Other includes development, other corporate operations and capital expenditures for properties |
Business - Additional Informati
Business - Additional Information (Details) | Sep. 30, 2017StatePropertyApartmentUnit |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Number of States in which Entity Operates | State | 10 |
Properties | Property | 305 |
Apartment Units | ApartmentUnit | 78,302 |
ERPOP [Member] | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 96.40% |
Business - Ownership Breakdown
Business - Ownership Breakdown (Details) | Sep. 30, 2017PropertyApartmentUnit |
Property/Unit schedule | |
Properties | Property | 305 |
Apartment Units | ApartmentUnit | 78,302 |
Wholly Owned Properties | |
Property/Unit schedule | |
Properties | Property | 283 |
Apartment Units | ApartmentUnit | 73,289 |
Master-Leased Properties – Consolidated | |
Property/Unit schedule | |
Properties | Property | 3 |
Apartment Units | ApartmentUnit | 853 |
Partially Owned Properties – Consolidated | |
Property/Unit schedule | |
Properties | Property | 17 |
Apartment Units | ApartmentUnit | 3,215 |
Partially Owned Properties – Unconsolidated | |
Property/Unit schedule | |
Properties | Property | 2 |
Apartment Units | ApartmentUnit | 945 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Feb. 28, 2017USD ($) | Sep. 30, 2017USD ($)PropertyApartmentUnit | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)PropertyApartmentUnit | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Provision for income tax | $ 228,000 | $ 426,000 | $ 710,000 | $ 1,189,000 | ||
Properties | Property | 305 | 305 | ||||
Apartment Units | ApartmentUnit | 78,302 | 78,302 | ||||
Partially Owned Properties | $ 6,175,000 | $ 6,175,000 | $ 10,609,000 | |||
Partially Owned Properties – Consolidated | ||||||
Properties | Property | 17 | 17 | ||||
Apartment Units | ApartmentUnit | 3,215 | 3,215 | ||||
Limited Life Partnership Properties [Member] | ||||||
Properties | Property | 4 | 4 | ||||
Partially Owned Properties | $ 7,300,000 | $ 7,300,000 | ||||
Noncontrolling Interests Settlement Value | $ 65,800,000 | 65,800,000 | ||||
Adjustments for New Accounting Principle, Early Adoption | ||||||
Gain (loss) on equity transaction | $ 0 | |||||
Federal [Member] | ||||||
Provision for income tax | $ 0 |
Equity, Capital and Other Int41
Equity, Capital and Other Interests - Changes in Issued and Outstanding Common Shares and Units (Details) | 9 Months Ended |
Sep. 30, 2017shares | |
Equity Capital And Other Interests [Abstract] | |
Common Stock, Shares, Outstanding | 365,870,924 |
Common Shares Issued: | |
Conversion of OP Units | 1,107,735 |
Exercise of share options | 343,527 |
Employee Share Purchase Plan (ESPP) | 54,843 |
Restricted share grants, net | 85,451 |
Common Stock, Shares, Outstanding | 367,462,480 |
Units | |
Total Units Outstanding | 14,626,075 |
Restricted unit grants, net | 291,647 |
Conversion of OP Units to Common Shares | (1,107,735) |
Total Units Outstanding | 13,809,987 |
Common Shares And Units Outstanding | 381,272,467 |
Units Ownership Interest in Operating Partnership | 3.60% |
Equity, Capital and Other Int42
Equity, Capital and Other Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Class Of Stock [Line Items] | ||
Redeemable Noncontrolling Interests – Operating Partnership | $ 380,541 | $ 442,092 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
ERPOP [Member] | ||
Class Of Stock [Line Items] | ||
Redeemable Limited Partners | $ 380,541 | $ 442,092 |
Equity, Capital and Other Int43
Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Noncontrolling Interests - Operating Partnership (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Equity Capital And Other Interests [Abstract] | |
Redeemable Noncontrolling Interests – Operating Partnership | $ 442,092 |
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership | (29,551) |
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | (32,000) |
Redeemable Noncontrolling Interests – Operating Partnership | $ 380,541 |
Equity, Capital and Other Int44
Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Class Of Stock [Line Items] | ||
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 745,600 shares issued and outstanding at September 30, 2017 and December 31, 2016 | $ 37,280 | $ 37,280 |
ERPOP [Member] | ||
Class Of Stock [Line Items] | ||
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 745,600 shares issued and outstanding at September 30, 2017 and December 31, 2016 | $ 37,280 | 37,280 |
Series K Preferred Stock [Member] | ||
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; liquidation value $50 per share; 745,600 shares issued and outstanding at September 30, 2017 and December 31, 2016 | $ 37,280 | 37,280 |
Series K Preferred Stock [Member] | ERPOP [Member] | ||
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; liquidation value $50 per share; 745,600 shares issued and outstanding at September 30, 2017 and December 31, 2016 | $ 37,280 | $ 37,280 |
Equity, Capital and Other Int45
Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Parenthetical) (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
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 |
Series K Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred Stock Preference Units Issued | 745,600 | 745,600 |
Preferred Stock Preference Units Outstanding | 745,600 | 745,600 |
Preferred Stock Preference Units Redemption Price Per Share Unit | $ 50 | $ 50 |
Preferred Stock Preference Units Dividend Rate Percentage | 8.29% | 8.29% |
Series K Preferred Stock [Member] | ERPOP [Member] | ||
Class Of Stock [Line Items] | ||
Preferred Stock Preference Units Issued | 745,600 | 745,600 |
Preferred Stock Preference Units Outstanding | 745,600 | 745,600 |
Preferred Stock Preference Units Redemption Price Per Share Unit | $ 50 | $ 50 |
Preferred Stock Preference Units Dividend Rate Percentage | 8.29% | 8.29% |
Equity, Capital and Other Int46
Equity, Capital and Other Interests - Changes in Operating Partnership's Issued and Outstanding Units (Details) | 9 Months Ended |
Sep. 30, 2017shares | |
General and Limited Partner Units | |
Exercise of share options | 343,527 |
Employee Share Purchase Plan (ESPP) | 54,843 |
Restricted share grants, net | 85,451 |
Restricted unit grants, net | 291,647 |
Common Shares And Units Outstanding | 381,272,467 |
LIMITED PARTNERS | |
Total Units Outstanding | 14,626,075 |
Restricted unit grants, net | 291,647 |
Conversion of Limited Partner OP Units to EQR Common Shares | (1,107,735) |
Total Units Outstanding | 13,809,987 |
Units Ownership Interest in Operating Partnership | 3.60% |
ERPOP [Member] | |
General and Limited Partner Units | |
Common Shares And Units Outstanding | 380,496,999 |
Exercise of share options | 343,527 |
Employee Share Purchase Plan (ESPP) | 54,843 |
Restricted share grants, net | 85,451 |
Restricted unit grants, net | 291,647 |
Common Shares And Units Outstanding | 381,272,467 |
LIMITED PARTNERS | |
Total Units Outstanding | 14,626,075 |
Restricted unit grants, net | 291,647 |
Conversion of Limited Partner OP Units to EQR Common Shares | (1,107,735) |
Total Units Outstanding | 13,809,987 |
Units Ownership Interest in Operating Partnership | 3.60% |
Equity, Capital and Other Int47
Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Limited Partners Interest (Details) - ERPOP [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Redeemable Limited Partners | $ 442,092 |
Limited Partners Change In Redemption Value | (29,551) |
Limited Partners Change In Carrying Value | (32,000) |
Redeemable Limited Partners | $ 380,541 |
Equity, Capital and Other Int48
Equity, Capital and Other Interests - Other - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2017shares | |
Equity Capital And Other Interests [Abstract] | |
Additional Common Shares Authorized | 13,000,000 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 13,000,000 |
Stock Repurchased and Retired During Period, Shares | 0 |
Real Estate and Lease Intangi49
Real Estate and Lease Intangibles - Summary of Carrying Amounts of Investment in Real Estate (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Land | $ 5,985,004 | $ 5,899,862 |
Depreciable property: | ||
Buildings and improvements | 17,601,348 | 16,913,430 |
Furniture, fixtures and equipment | 1,500,963 | 1,346,300 |
In-Place lease intangibles | 469,091 | 470,849 |
Projects under development: | ||
Construction-in-progress | 293,064 | 637,168 |
Land held for development: | ||
Land | 99,073 | 118,816 |
Construction-in-progress | 293,064 | 637,168 |
Investment in real estate | 25,948,543 | 25,386,425 |
Accumulated depreciation | (5,849,110) | (5,360,389) |
Investment in real estate, net | 20,099,433 | 20,026,036 |
Projects under development [Member] | ||
Projects under development: | ||
Land | 61,047 | 115,876 |
Construction-in-progress | 232,017 | 521,292 |
Land held for development: | ||
Construction-in-progress | 232,017 | 521,292 |
Land held for development [Member] | ||
Projects under development: | ||
Construction-in-progress | 35,634 | 34,376 |
Land held for development: | ||
Land | 63,439 | 84,440 |
Construction-in-progress | $ 35,634 | $ 34,376 |
Real Estate and Lease Intangi50
Real Estate and Lease Intangibles - Summary of Carrying Amounts of Above and Below Market Ground And Retail Lease Intangibles (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Other Assets [Member] | ||
Lease intangible assets | $ 193,178 | $ 179,511 |
Finite-Lived Intangible Assets, Accumulated Amortization | (21,305) | (17,972) |
Lease intangible assets, net | 171,873 | 161,539 |
Other Assets [Member] | Ground Lease [Member] | ||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 191,918 | 178,251 |
Other Assets [Member] | Retail Lease [Member] | ||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 1,260 | 1,260 |
Other Liabilities [Member] | ||
Lease Intangible Liabilities | 7,670 | 7,670 |
Finite Lived Intangible Liabilities Accumulated Amortization | (5,113) | (4,509) |
Lease intangible liabilities, net | 2,557 | 3,161 |
Other Liabilities [Member] | Ground Lease [Member] | ||
Finite-Lived Intangible Liabilities, Off-market Lease, Unfavorable, Gross | 2,400 | 2,400 |
Other Liabilities [Member] | Retail Lease [Member] | ||
Finite-Lived Intangible Liabilities, Off-market Lease, Unfavorable, Gross | $ 5,270 | $ 5,270 |
Real Estate and Lease Intangi51
Real Estate and Lease Intangibles - Summary of the Effect of the Amortization for Above and Below Market Ground and Retail Lease Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Total amortization of above/below market lease intangibles | $ (1,012) | $ (858) | $ (2,729) | $ (2,566) |
Ground Lease [Member] | Property and Maintenance [Member] | ||||
Total amortization of above/below market lease intangibles | (1,092) | (1,080) | (3,253) | (3,241) |
Retail Lease [Member] | Rental Income [Member] | ||||
Total amortization of above/below market lease intangibles | $ 80 | $ 222 | $ 524 | $ 675 |
Real Estate and Lease Intangi52
Real Estate and Lease Intangibles - Summary of Aggregate Amortization for Above and Below Market Ground And Retail Lease Intangibles (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Finite-lived intangible assets, amortization expense, remainder of fiscal year 2017 | $ (1,100) |
Finite-lived intangible assets, amortization expense, year 2018 | (4,392) |
Finite-lived intangible assets, amortization expense, year 2019 | (4,392) |
Finite-lived intangible assets, amortization expense, year 2020 | (4,392) |
Finite-lived intangible assets, amortization expense, year 2021 | (4,392) |
Finite-lived intangible assets, amortization expense, year 2022 | (4,436) |
Ground Lease [Member] | |
Finite-lived intangible assets, amortization expense, remainder of fiscal year 2017 | (1,116) |
Finite-lived intangible assets, amortization expense, year 2018 | (4,463) |
Finite-lived intangible assets, amortization expense, year 2019 | (4,463) |
Finite-lived intangible assets, amortization expense, year 2020 | (4,463) |
Finite-lived intangible assets, amortization expense, year 2021 | (4,463) |
Finite-lived intangible assets, amortization expense, year 2022 | (4,463) |
Retail Lease [Member] | |
Finite lived intangible assets amortization income, reminder of fiscal year 2017 | 16 |
Finite-lived intangible assets; amortization income, year 2018 | 71 |
Finite-lived intangible assets; amortization income, year 2019 | 71 |
Finite-lived intangible assets; amortization income, year 2020 | 71 |
Finite-lived intangible assets; amortization income, year 2021 | 71 |
Finite-lived intangible assets; amortization income, year 2022 | $ 27 |
Real Estate and Lease Intangi53
Real Estate and Lease Intangibles - Real Estate Acquisitions and Dispositions (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)PropertyApartmentUnit | |
Properties acquired | Property | 4 |
Property Units acquired | ApartmentUnit | 947 |
Purchase Price | $ 468,050 |
Properties disposed | Property | 4 |
Property Units disposed | ApartmentUnit | 1,024 |
Sales Price | $ 353,150 |
Rental Properties – Consolidated [Member] | |
Properties acquired | Property | 4 |
Property Units acquired | ApartmentUnit | 947 |
Purchase Price | $ 468,050 |
Properties disposed | Property | 4 |
Property Units disposed | ApartmentUnit | 1,024 |
Sales Price | $ 319,700 |
Land [Member] | |
Purchase Price | 68,300 |
Sales Price | $ 33,450 |
Real Estate and Lease Intangi54
Real Estate and Lease Intangibles - Real Estate Acquisitions and Dispositions (Parenthetical) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Purchase Price | $ 468,050 | |
Ground Lease [Member] | Other Assets [Member] | ||
Acquired ground lease intangibles – below market | 191,918 | $ 178,251 |
Land [Member] | ||
Purchase Price | 68,300 | |
Depreciable Property [Member] | ||
Purchase Price | 386,200 | |
Rental Properties – Consolidated [Member] | ||
Purchase Price | $ 468,050 | |
Rental Properties – Consolidated [Member] | Ground Lease [Member] | ||
Lease expiration year | 2,113 | |
Rental Properties – Consolidated [Member] | Ground Lease [Member] | Other Assets [Member] | ||
Acquired ground lease intangibles – below market | $ 13,700 |
Real Estate and Lease Intangi55
Real Estate and Lease Intangibles - Acquisitions and Dispositions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Real Estate [Abstract] | ||||
Net gain on sales of real estate properties | $ 17,328 | $ 90,036 | $ 141,761 | $ 3,870,871 |
Net gain (loss) on sales of land parcels | $ 4,037 | $ 19,170 | $ 15,759 |
Commitments to Acquire_Dispos56
Commitments to Acquire/Dispose of Real Estate - Separate Agreement to Dispose of (Details) - Subsequent Event [Member] $ in Thousands | Oct. 27, 2017USD ($) |
Property/Unit schedule | |
Sales Price | $ 2,700 |
Land [Member] | |
Property/Unit schedule | |
Sales Price | $ 2,700 |
Commitments to Acquire_Dispos57
Commitments to Acquire/Dispose of Real Estate - Separate Agreement to Dispose of (Parenthetical) (Details) | Oct. 27, 2017Land |
Subsequent Event [Member] | Land [Member] | |
Property/Unit schedule | |
Land Parcels | 1 |
Investments in Partially Owne58
Investments in Partially Owned Entities - Partially Owned Property Balance Sheet Schedule (Details) $ in Thousands | Sep. 30, 2017USD ($)PropertyApartmentUnit | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Partially Owned Property Balance Sheet Schedule | ||||
Total properties | Property | 305 | |||
Total apartment units | ApartmentUnit | 78,302 | |||
ASSETS | ||||
Investment in real estate | $ 25,948,543 | $ 25,386,425 | ||
Accumulated depreciation | (5,849,110) | (5,360,389) | ||
Investment in real estate, net | 20,099,433 | 20,026,036 | ||
Cash and cash equivalents | 46,565 | 77,207 | $ 517,586 | $ 42,276 |
Investments in unconsolidated entities | 59,029 | 60,141 | ||
Deposits – restricted | 36,639 | 76,946 | ||
Other assets | 445,195 | 398,883 | ||
Total assets | 20,697,833 | 20,704,148 | ||
LIABILITIES AND EQUITY | ||||
Mortgage notes payable, net | 3,619,180 | 4,119,181 | ||
Accounts payable and accrued expenses | 167,984 | 147,482 | ||
Accrued interest payable | 72,811 | 60,946 | ||
Other liabilities | 332,650 | 350,466 | ||
Security deposits | 65,230 | 62,624 | ||
Total liabilities | 9,823,516 | 9,801,072 | ||
Partially Owned Properties | 6,175 | 10,609 | ||
Total equity | 10,493,776 | 10,460,984 | ||
Total liabilities and equity/capital | $ 20,697,833 | $ 20,704,148 | ||
Unconsolidated Non-VIE | ||||
Partially Owned Property Balance Sheet Schedule | ||||
Total properties | Property | 2 | |||
Total apartment units | ApartmentUnit | 945 | |||
ASSETS | ||||
Investment in real estate | $ 236,630 | |||
Accumulated depreciation | (40,840) | |||
Investment in real estate, net | 195,790 | |||
Cash and cash equivalents | 7,194 | |||
Investments in unconsolidated entities | 0 | |||
Deposits – restricted | 258 | |||
Other assets | 450 | |||
Total assets | 203,692 | |||
LIABILITIES AND EQUITY | ||||
Mortgage notes payable, net | 145,424 | |||
Accounts payable and accrued expenses | 2,644 | |||
Accrued interest payable | 691 | |||
Other liabilities | 308 | |||
Security deposits | 488 | |||
Total liabilities | 149,555 | |||
Partially Owned Properties | 54,336 | |||
Company equity/General and Limited Partners' Capital | (199) | |||
Total equity | 54,137 | |||
Total liabilities and equity/capital | $ 203,692 | |||
Consolidated VIE | ||||
Partially Owned Property Balance Sheet Schedule | ||||
Total properties | Property | 17 | |||
Total apartment units | ApartmentUnit | 3,215 | |||
ASSETS | ||||
Investment in real estate | $ 648,839 | |||
Accumulated depreciation | (226,607) | |||
Investment in real estate, net | 422,232 | |||
Cash and cash equivalents | 22,914 | |||
Investments in unconsolidated entities | 45,035 | |||
Deposits – restricted | 385 | |||
Other assets | 26,246 | |||
Total assets | 516,812 | |||
LIABILITIES AND EQUITY | ||||
Mortgage notes payable, net | 302,037 | |||
Accounts payable and accrued expenses | 2,975 | |||
Accrued interest payable | 1,024 | |||
Other liabilities | 453 | |||
Security deposits | 2,037 | |||
Total liabilities | 308,526 | |||
Partially Owned Properties | 6,175 | |||
Company equity/General and Limited Partners' Capital | 202,111 | |||
Total equity | 208,286 | |||
Total liabilities and equity/capital | $ 516,812 | |||
Unconsolidated VIE | ||||
Partially Owned Property Balance Sheet Schedule | ||||
Total properties | Property | 0 | |||
Total apartment units | ApartmentUnit | 0 | |||
ASSETS | ||||
Investment in real estate | $ 172,995 | |||
Accumulated depreciation | (48,670) | |||
Investment in real estate, net | 124,325 | |||
Cash and cash equivalents | 139 | |||
Investments in unconsolidated entities | 0 | |||
Deposits – restricted | 0 | |||
Other assets | 105 | |||
Total assets | 124,569 | |||
LIABILITIES AND EQUITY | ||||
Mortgage notes payable, net | 0 | |||
Accounts payable and accrued expenses | 150 | |||
Accrued interest payable | 0 | |||
Other liabilities | 27 | |||
Security deposits | 0 | |||
Total liabilities | 177 | |||
Partially Owned Properties | 84,682 | |||
Company equity/General and Limited Partners' Capital | 39,710 | |||
Total equity | 124,392 | |||
Total liabilities and equity/capital | $ 124,569 | |||
Partially Owned Properties – Unconsolidated | ||||
Partially Owned Property Balance Sheet Schedule | ||||
Total properties | Property | 2 | |||
Total apartment units | ApartmentUnit | 945 | |||
ASSETS | ||||
Investment in real estate | $ 409,625 | |||
Accumulated depreciation | (89,510) | |||
Investment in real estate, net | 320,115 | |||
Cash and cash equivalents | 7,333 | |||
Investments in unconsolidated entities | 0 | |||
Deposits – restricted | 258 | |||
Other assets | 555 | |||
Total assets | 328,261 | |||
LIABILITIES AND EQUITY | ||||
Mortgage notes payable, net | 145,424 | |||
Accounts payable and accrued expenses | 2,794 | |||
Accrued interest payable | 691 | |||
Other liabilities | 335 | |||
Security deposits | 488 | |||
Total liabilities | 149,732 | |||
Partially Owned Properties | 139,018 | |||
Company equity/General and Limited Partners' Capital | 39,511 | |||
Total equity | 178,529 | |||
Total liabilities and equity/capital | $ 328,261 |
Investments in Partially Owne59
Investments in Partially Owned Entities - Partially Owned Property Income Statement Schedule (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Partially Owned Property Income Statement Schedule | ||||
Operating revenue | $ 624,122 | $ 606,074 | $ 1,840,702 | $ 1,820,311 |
Property management | 20,861 | 19,517 | 64,702 | 64,003 |
General and administrative | 12,567 | 12,395 | 40,366 | 47,408 |
Depreciation | 184,100 | 179,230 | 542,964 | 528,242 |
Operating income | 217,786 | 209,373 | 632,707 | 632,016 |
Interest and other income | 3,945 | 5,509 | 5,708 | 65,092 |
Interest: | ||||
Expense incurred, net | (91,145) | (86,352) | (288,579) | (386,316) |
Amortization of deferred financing costs | (2,064) | (2,261) | (6,447) | (10,000) |
Income before income and other taxes, (loss) income from investments in unconsolidated entities, net gain on sales of real estate properties and land parcels and discontinued operations | 127,494 | 115,849 | 340,229 | 286,312 |
Income and other tax (expense) benefit | (228) | (426) | (710) | (1,189) |
(Loss) from investments in unconsolidated entities | (398) | 7,750 | (2,153) | 5,846 |
Net income | $ 144,196 | $ 217,492 | 498,297 | $ 4,177,723 |
Unconsolidated Non-VIE | ||||
Partially Owned Property Income Statement Schedule | ||||
Operating revenue | 20,050 | |||
Operating expenses | 6,746 | |||
Net operating income | 13,304 | |||
Property management | 584 | |||
General and administrative | 1 | |||
Depreciation | 7,960 | |||
Operating income | 4,759 | |||
Interest and other income | 0 | |||
Interest: | ||||
Expense incurred, net | (6,217) | |||
Amortization of deferred financing costs | (1) | |||
Income before income and other taxes, (loss) income from investments in unconsolidated entities, net gain on sales of real estate properties and land parcels and discontinued operations | (1,459) | |||
Income and other tax (expense) benefit | (13) | |||
(Loss) from investments in unconsolidated entities | 0 | |||
Net income | (1,472) | |||
Consolidated VIE | ||||
Partially Owned Property Income Statement Schedule | ||||
Operating revenue | 69,917 | |||
Operating expenses | 17,056 | |||
Net operating income | 52,861 | |||
Property management | 2,463 | |||
General and administrative | 239 | |||
Depreciation | 15,569 | |||
Operating income | 34,590 | |||
Interest and other income | 45 | |||
Interest: | ||||
Expense incurred, net | (9,977) | |||
Amortization of deferred financing costs | (203) | |||
Income before income and other taxes, (loss) income from investments in unconsolidated entities, net gain on sales of real estate properties and land parcels and discontinued operations | 24,455 | |||
Income and other tax (expense) benefit | (34) | |||
(Loss) from investments in unconsolidated entities | (1,155) | |||
Net income | 23,266 | |||
Unconsolidated VIE | ||||
Partially Owned Property Income Statement Schedule | ||||
Operating revenue | 3,805 | |||
Operating expenses | 1,573 | |||
Net operating income | 2,232 | |||
Property management | 56 | |||
General and administrative | 127 | |||
Depreciation | 4,126 | |||
Operating income | (2,077) | |||
Interest and other income | 0 | |||
Interest: | ||||
Expense incurred, net | 0 | |||
Amortization of deferred financing costs | 0 | |||
Income before income and other taxes, (loss) income from investments in unconsolidated entities, net gain on sales of real estate properties and land parcels and discontinued operations | (2,077) | |||
Income and other tax (expense) benefit | 0 | |||
(Loss) from investments in unconsolidated entities | 0 | |||
Net income | (2,077) | |||
Partially Owned Properties – Unconsolidated | ||||
Partially Owned Property Income Statement Schedule | ||||
Operating revenue | 23,855 | |||
Operating expenses | 8,319 | |||
Net operating income | 15,536 | |||
Property management | 640 | |||
General and administrative | 128 | |||
Depreciation | 12,086 | |||
Operating income | 2,682 | |||
Interest and other income | 0 | |||
Interest: | ||||
Expense incurred, net | (6,217) | |||
Amortization of deferred financing costs | (1) | |||
Income before income and other taxes, (loss) income from investments in unconsolidated entities, net gain on sales of real estate properties and land parcels and discontinued operations | (3,536) | |||
Income and other tax (expense) benefit | (13) | |||
(Loss) from investments in unconsolidated entities | 0 | |||
Net income | $ (3,549) |
Investments in Partially Owne60
Investments in Partially Owned Entities - Partially Owned Property Income Statement Schedule (Parenthetical) (Details) - Unconsolidated Non-VIE $ in Millions | Sep. 30, 2017USD ($) |
Legacy JV [Member] | |
Liquidation Value Preferred Interests | $ 37.4 |
PARTIALLY OWNED PROPERTIES | |
Joint venture ownership percentage owned by company | 60.00% |
Residual JV [Member] | |
PARTIALLY OWNED PROPERTIES | |
Joint venture ownership percentage owned by company | 60.00% |
Investments in Partially Owne61
Investments in Partially Owned Entities - Operating Properties - Additional Information (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017USD ($)PropertyApartmentUnit | Dec. 31, 2016USD ($) | |
Variable Interest Entity [Line Items] | ||
Properties | Property | 305 | |
Apartment Units | ApartmentUnit | 78,302 | |
Investments in unconsolidated entities | $ 59,029 | $ 60,141 |
Secured Debt | $ 3,619,180 | $ 4,119,181 |
Nexus Sawgrass [Member] | ||
Variable Interest Entity [Line Items] | ||
Apartment Units | ApartmentUnit | 501 | |
Investments in unconsolidated entities | $ 4,400 | |
Equity Method Investment, Ownership Percentage | 20.00% | |
Secured Debt | $ 48,600 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | |
Debt Instrument, Maturity Date | Jan. 1, 2021 | |
Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Properties | Property | 17 | |
Apartment Units | ApartmentUnit | 3,215 | |
Investments in unconsolidated entities | $ 45,035 | |
Secured Debt | $ 302,037 | |
Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Properties | Property | 0 | |
Apartment Units | ApartmentUnit | 0 | |
Investments in unconsolidated entities | $ 0 | |
Secured Debt | $ 0 | |
Operating Property [Member] | Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Properties | Property | 16 | |
Apartment Units | ApartmentUnit | 2,783 | |
Wisconsin Place [Member] | Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Apartment Units | ApartmentUnit | 432 | |
Joint venture ownership percentage owned by company | 75.00% | |
Basis of joint venture | $ 167,000 | |
Wisconsin Place [Member] | Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated entities | $ 45,000 | |
Domain [Member] | ||
Variable Interest Entity [Line Items] | ||
Apartment Units | ApartmentUnit | 444 | |
Investments in unconsolidated entities | $ 8,400 | |
Equity Method Investment, Ownership Percentage | 20.00% | |
Secured Debt | $ 96,800 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |
Debt Instrument, Maturity Date | Jan. 1, 2022 |
Investments in Partially Owne62
Investments in Partially Owned Entities - Other - Additional Information (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated entities | $ 59,029,000 | $ 60,141,000 |
Unconsolidated Non-VIE | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated entities | 0 | |
Unconsolidated Non-VIE | Residual JV [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated entities | $ 400,000 | |
Joint venture ownership percentage owned by company | 60.00% | |
Joint Venture Partner Ownership Percentage | 40.00% | |
Unconsolidated Non-VIE | Legacy JV [Member] | ||
Variable Interest Entity [Line Items] | ||
Joint venture ownership percentage owned by company | 60.00% | |
Joint Venture Partner Ownership Percentage | 40.00% | |
Liquidation Value Preferred Interests | $ 37,400,000 | |
Private Equity Fund | Capital Commitment | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated entities | 1,600,000 | |
Private Equity Fund | Maximum [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated entities | $ 5,000,000 |
Deposits Restricted and Escrow
Deposits Restricted and Escrow Deposits Mortgage - Restricted Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Cash And Cash Equivalents [Abstract] | ||
Tax-deferred (1031) exchange proceeds | $ 38,847 | |
Restricted deposits on real estate investments | $ 61 | 733 |
Resident security and utility deposits | 35,667 | 37,007 |
Other | 911 | 359 |
Totals | $ 36,639 | $ 76,946 |
Deposits Restricted and Escro64
Deposits Restricted and Escrow Deposits Mortgage - Escrow Deposits for Mortgages (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Cash And Cash Equivalents [Abstract] | ||
Real estate taxes and insurance | $ 556 | $ 2,003 |
Replacement reserves | 7,969 | 3,428 |
Mortgage principal reserves/sinking funds | 1,595 | 58,652 |
Other | 852 | 852 |
Totals | $ 10,972 | $ 64,935 |
Deposits - Restricted and Esc65
Deposits - Restricted and Escrow Deposits - Mortgage - Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Cash And Cash Equivalents [Abstract] | |
Proceeds from return of various mortgage principal reserves/sinking funds | $ 60.5 |
Debt - Mortgage Notes Payable -
Debt - Mortgage Notes Payable - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 3,619,180 | $ 4,119,181 |
Conventional Mortgage Loan [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of Long-term Debt | 193,400 | |
Prepayment penalty charges | $ 1,500 | |
Debt instrument maturity year, start | 2,017 | |
Debt instrument maturity year, end | 2,048 | |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of Long-term Debt | $ 8,800 | |
Write off of Deferred Debt Issuance Cost | 300 | |
Write off unamortized (premium) discount | $ (700) | |
Debt Instrument, Maturity Date | May 28, 2061 | |
Weighted Average Mortgage Debt Interest Rate | 4.33% | |
Mortgages [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.10% | |
Mortgages [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.90% | |
Credit enhanced debt [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 598,700 | |
Fannie Mae Pool 3 [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of Long-term Debt | $ 300,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.987% | |
Debt instrument, maturity year | 2,019 | |
Prepayment penalty charges | $ 10,800 |
Debt - Notes - Additional Infor
Debt - Notes - Additional Information (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Unsecured notes | $ 5,143,248,000 | $ 4,848,079,000 | |
Repayments of Notes Payable | $ 394,077,000 | $ 1,500,000,000 | |
Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Aug. 1, 2047 | ||
Weighted Average Interest Rate | 4.41% | ||
Notes Payable, Other Payables [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.375% | ||
Notes Payable, Other Payables [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.57% | ||
5.75 % Notes [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Notes Payable | $ 394,100,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||
3.25% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Public Notes, Face Value | $ 400,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||
Proceeds from Debt, Net of Issuance Costs | $ 399,300,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.32% | ||
4.00% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Public Notes, Face Value | $ 300,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||
Proceeds from Debt, Net of Issuance Costs | $ 293,200,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.11% |
Debt - Line of Credit and Comme
Debt - Line of Credit and Commercial Paper - Additional Information (Details) - USD ($) | Nov. 03, 2016 | Sep. 30, 2017 | Nov. 02, 2016 | Feb. 02, 2015 |
Commercial Paper [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Unsecured revolving credit facility | $ 500,000,000 | |||
Commercial Paper, net | $ 229,800,000 | |||
commercial paper principal outstanding | 230,000,000 | |||
Unamortized Discount | $ 200,000 | |||
Weighted average interest rate commercial paper | 1.37% | |||
Commercial Paper Weighted average days outstanding | 18 days | |||
Unsecured Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Unsecured revolving credit facility | $ 2,000,000,000 | $ 2,500,000,000 | ||
Debt Instrument, Maturity Date | Jan. 10, 2022 | |||
Ability to increase LOC facility | $ 750,000,000 | |||
Debt instrument, basis spread on variable rate | 0.825% | |||
Percentage points of line of credit facility commitment fee | 0.125% | |||
Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Remaining borrowing capacity | $ 1,760,000,000 | |||
Amount restricted/dedicated to support letters of credit | $ 11,100,000 |
Debt - Other - Additional Infor
Debt - Other - Additional Information (Details) $ in Millions | Sep. 30, 2017USD ($) |
Debt Disclosure [Abstract] | |
Letters of credit outstanding | $ 9 |
Derivative and Other Fair Val70
Derivative and Other Fair Value Instruments - Summary of Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | $ 9,270,572 | $ 9,191,331 |
Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 8,992,272 | 8,987,258 |
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 | 3,630,477 | 4,161,001 |
Mortgage Notes Payable, Net [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 3,619,180 | 4,119,181 |
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 | 5,640,095 | 5,030,330 |
Unsecured Debt [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | $ 5,373,092 | $ 4,868,077 |
Derivative and Other Fair Val71
Derivative and Other Fair Value Instruments - Summary of Consolidated Derivative Instruments (Details) | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Fair Value Hedges [Member] | |
Derivative [Line Items] | |
Current Notional Balance | $ 450,000,000 |
Earliest Maturity Date | 2,019 |
Latest Maturity Date | 2,019 |
Fair Value Hedges [Member] | Lowest [Member] | |
Derivative [Line Items] | |
Interest Rate | 2.375% |
Fair Value Hedges [Member] | Highest [Member] | |
Derivative [Line Items] | |
Interest Rate | 2.375% |
Forward Starting Swaps [Member] | |
Derivative [Line Items] | |
Current Notional Balance | $ 250,000,000 |
Earliest Maturity Date | 2,028 |
Latest Maturity Date | 2,029 |
Forward Starting Swaps [Member] | Lowest [Member] | |
Derivative [Line Items] | |
Interest Rate | 2.1478% |
Forward Starting Swaps [Member] | Highest [Member] | |
Derivative [Line Items] | |
Interest Rate | 2.2895% |
Derivative and Other Fair Val72
Derivative and Other Fair Value Instruments - Summary of Consolidated Derivative Instruments (Parenthetical) (Details) | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Forward Starting Swaps [Member] | |
Derivative [Line Items] | |
Current Notional Balance | $ 250,000,000 |
Forward Starting Swaps Mandatory Counterparty Terminations in 2019 [Member] | |
Derivative [Line Items] | |
Current Notional Balance | 200,000,000 |
Forward Starting Swaps Mandatory Counterparty Terminations in 2020 [Member] | |
Derivative [Line Items] | |
Current Notional Balance | 50,000,000 |
2.375% Notes [Member] | |
Derivative [Line Items] | |
Proceeds from issuance of unsecured debt | $ 450,000,000 |
Debt instrument, interest rate, stated percentage | 2.375% |
Debt instrument, maturity date | Jul. 1, 2019 |
Debt instrument, basis spread on variable rate | 0.61% |
2.375% Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Derivative [Line Items] | |
Debt instrument, description of variable rate basis | LIBOR plus 0.61% |
Derivative and Other Fair Val73
Derivative and Other Fair Value Instruments - Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Fair Value Of SERP Investments | $ 136,774 | $ 124,420 |
Assets, Fair Value Disclosure | 141,139 | 126,277 |
Other Liabilities, Fair Value Disclosure | 136,774 | 124,420 |
Liabilities, Fair Value Disclosure | 136,774 | 124,420 |
Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners | 380,541 | 442,092 |
Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 444 | 1,857 |
Forward Starting Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 3,921 | |
Fair Value, Inputs, Level 1 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Of SERP Investments | 136,774 | 124,420 |
Assets, Fair Value Disclosure | 136,774 | 124,420 |
Other Liabilities, Fair Value Disclosure | 136,774 | 124,420 |
Liabilities, Fair Value Disclosure | 136,774 | 124,420 |
Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Forward Starting Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Of SERP Investments | 0 | 0 |
Assets, Fair Value Disclosure | 4,365 | 1,857 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners | 380,541 | 442,092 |
Fair Value, Inputs, Level 2 [Member] | Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 444 | 1,857 |
Fair Value, Inputs, Level 2 [Member] | Forward Starting Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 3,921 | |
Fair Value, Inputs, Level 3 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Of SERP Investments | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 0 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | Forward Starting Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 0 |
Derivative and Other Fair Val74
Derivative and Other Fair Value Instruments - Summary of Effect of Fair Value Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain/(Loss) Recognized in Income on Derivative | $ (1,413) | $ 4,563 |
Amount of Gain/(Loss) Recognized in Income on Hedged Item | 1,413 | (4,563) |
Interest Rate Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain/(Loss) Recognized in Income on Derivative | (1,413) | 4,563 |
Amount of Gain/(Loss) Recognized in Income on Hedged Item | $ 1,413 | $ (4,563) |
Derivative and Other Fair Val75
Derivative and Other Fair Value Instruments - Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective Portion - Amount of Gain/(Loss) Recognized in OCI on Derivative | $ 5,216 | $ (4,240) |
Effective Portion - Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | (14,019) | (37,262) |
Ineffective Portion - Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income | 0 | 0 |
Forward Starting Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective Portion - Amount of Gain/(Loss) Recognized in OCI on Derivative | 5,216 | (4,240) |
Effective Portion - Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | (14,019) | (37,262) |
Ineffective Portion - Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income | $ 0 | $ 0 |
Derivative and Other Fair Val76
Derivative and Other Fair Value Instruments - Additional Information (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Aug. 31, 2017USD ($)DerivativeInstrument | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | |||
Unrealized gain (loss) on interest rate cash flow hedges, pretax, accumulated other comprehensive income (loss) | $ 94,700,000 | $ 113,900,000 | |
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | 21,400,000 | ||
Proceeds from settlement of derivative instruments | $ 1,296,000 | ||
Forward Starting Swaps [Member] | |||
Derivative [Line Items] | |||
Proceeds from settlement of derivative instruments | $ 1,300,000 | ||
Forward Starting Swaps settled | DerivativeInstrument | 4 | ||
Public Notes, Face Value | $ 400,000,000 | ||
Debt instrument, term | 10 years |
Earning Per Share and Earning77
Earning Per Share and Earnings Per Unit - Computation of Net Income per Share Basic and Net Income per Share Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Income (loss) from continuing operations | $ 144,196 | $ 217,246 | $ 498,297 | $ 4,177,599 |
Allocation to Noncontrolling Interests – Operating Partnership, net | (5,166) | (8,344) | (17,931) | (160,437) |
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties | (801) | (823) | (2,354) | (2,368) |
Preferred distributions | (772) | (773) | (2,318) | (2,318) |
Income from continuing operations available to Common Shares, net of Noncontrolling Interests | 137,457 | 207,306 | 475,694 | 4,012,476 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 237 | 0 | 119 |
Net income available to Common Shares | 137,457 | 207,543 | 475,694 | 4,012,595 |
Income From Continuing Operations Available To Common Shares | 142,623 | 215,650 | 493,625 | 4,172,913 |
Discontinued operations, net | 0 | 246 | 0 | 124 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 142,623 | $ 215,896 | $ 493,625 | $ 4,173,037 |
Weighted average Common Shares outstanding | 366,996 | 365,109 | 366,809 | 364,917 |
Dilutive Op Units | 12,910 | 13,899 | 12,907 | 13,828 |
Long-term compensation shares/units | 3,039 | 3,365 | 2,924 | 3,539 |
Weighted average Common Shares outstanding | 382,945 | 382,373 | 382,640 | 382,284 |
Net income available to Common Shares | $ 0.37 | $ 0.57 | $ 1.30 | $ 11 |
Net income available to Common Shares | 0.37 | 0.56 | 1.29 | 10.92 |
Income from continuing operations available to Common Shares | 0.37 | 0.57 | 1.30 | 11 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | 0 | 0 |
Earnings Per Share, Basic | 0.37 | 0.57 | 1.30 | 11 |
Income from continuing operations available to Common Shares | 0.37 | 0.56 | 1.29 | 10.92 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 | 0 | 0 |
Earnings Per Share, Diluted | $ 0.37 | $ 0.56 | $ 1.29 | $ 10.92 |
Earning Per Share and Earning78
Earning Per Share and Earnings Per Unit - Computation of Net Income per Unit Basic and Net Income per Unit Diluted for Operating Partnership (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income (loss) from continuing operations | $ 144,196 | $ 217,246 | $ 498,297 | $ 4,177,599 |
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties | (801) | (823) | (2,354) | (2,368) |
Discontinued operations, net | $ 0 | $ 246 | $ 0 | $ 124 |
Weighted average Common Shares outstanding | 382,945 | 382,373 | 382,640 | 382,284 |
Net income available to Common Shares | $ 0.37 | $ 0.57 | $ 1.30 | $ 11 |
Net income available to Common Shares | 0.37 | 0.56 | 1.29 | 10.92 |
Income from continuing operations available to Common Shares | 0.37 | 0.57 | 1.30 | 11 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | 0 | 0 |
Earnings Per Share, Basic | 0.37 | 0.57 | 1.30 | 11 |
Income from continuing operations available to Common Shares | 0.37 | 0.56 | 1.29 | 10.92 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 | 0 | 0 |
Earnings Per Share, Diluted | $ 0.37 | $ 0.56 | $ 1.29 | $ 10.92 |
ERPOP [Member] | ||||
Income (loss) from continuing operations | $ 144,196 | $ 217,246 | $ 498,297 | $ 4,177,599 |
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties | (801) | (823) | (2,354) | (2,368) |
Allocation to Preference Units | (772) | (773) | (2,318) | (2,318) |
Income Loss From Continuing Operations Available To Units | 142,623 | 215,650 | 493,625 | 4,172,913 |
Discontinued operations, net | 0 | 246 | 0 | 124 |
Numerator for net income per Unit – basic and diluted | $ 142,623 | $ 215,896 | $ 493,625 | $ 4,173,037 |
Weighted Average Limited Partnership and General Partnership Units Outstanding, Basic | 379,906 | 379,008 | 379,716 | 378,745 |
Dilutive Securities Options | 3,039 | 3,365 | 2,924 | 3,539 |
Weighted average Common Shares outstanding | 382,945 | 382,373 | 382,640 | 382,284 |
Net income available to Common Shares | $ 0.37 | $ 0.57 | $ 1.30 | $ 11 |
Net income available to Common Shares | 0.37 | 0.56 | 1.29 | 10.92 |
Income from continuing operations available to Common Shares | 0.37 | 0.57 | 1.30 | 11 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | 0 | 0 |
Earnings Per Share, Basic | 0.37 | 0.57 | 1.30 | 11 |
Income from continuing operations available to Common Shares | 0.37 | 0.56 | 1.29 | 10.92 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 | 0 | 0 |
Earnings Per Share, Diluted | $ 0.37 | $ 0.56 | $ 1.29 | $ 10.92 |
Individually Significant Disp79
Individually Significant Dispositions - Additional Information (Details) $ in Thousands | Oct. 23, 2015USD ($)Property | Sep. 30, 2017USD ($)PropertyApartmentUnit | Sep. 30, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposed Properties | Property | 4 | |||
Disposed Units | ApartmentUnit | 1,024 | |||
Proceeds From Sale Of Property | $ | $ 353,150 | |||
Starwood Portfolio [Member] | Disposal Group, Not Discontinued Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposed Properties | Property | 72 | |||
Disposed Units | 23,262 | |||
Proceeds From Sale Of Property | $ | $ 5,365,000 | |||
Percentage of consolidated NOI | 1.60% | 15.70% |
Individually Significant Disp80
Individually Significant Dispositions - Results of Operations Attributable to Starwood Transaction (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
REVENUES | ||||
Rental income | $ 623,951 | $ 605,856 | $ 1,840,170 | $ 1,816,960 |
Total revenues | 624,122 | 606,074 | 1,840,702 | 1,820,311 |
EXPENSES | ||||
Property and maintenance | 104,721 | 104,216 | 306,645 | 309,688 |
Real estate taxes and insurance | 84,087 | 81,343 | 253,318 | 238,954 |
Property management | 20,861 | 19,517 | 64,702 | 64,003 |
General and administrative | 12,567 | 12,395 | 40,366 | 47,408 |
Total expenses | 406,336 | 396,701 | 1,207,995 | 1,188,295 |
Operating income | 217,786 | 209,373 | 632,707 | 632,016 |
Interest and other income | 3,945 | 5,509 | 5,708 | 65,092 |
Interest: | ||||
Expense incurred, net | (91,145) | (86,352) | (288,579) | (386,316) |
Amortization of deferred financing costs | (2,064) | (2,261) | (6,447) | (10,000) |
Income and other tax (expense) benefit | (228) | (426) | (710) | (1,189) |
Net gain (loss) on sales of real estate properties | 17,328 | 90,036 | 141,761 | 3,870,871 |
Income from operations attributable to Noncontrolling Interests – Operating Partnership | (5,166) | (8,353) | (17,931) | (160,442) |
Net income attributable to controlling interests | $ 138,229 | 208,316 | $ 478,012 | 4,014,913 |
Starwood Portfolio [Member] | Disposal Group, Not Discontinued Operations [Member] | ||||
REVENUES | ||||
Rental income | 239 | 30,660 | ||
Total revenues | 239 | 30,660 | ||
EXPENSES | ||||
Property and maintenance | (84) | 7,839 | ||
Real estate taxes and insurance | 1 | 2,933 | ||
Property management | 0 | 2 | ||
General and administrative | 4 | 19 | ||
Total expenses | (79) | 10,793 | ||
Operating income | 318 | 19,867 | ||
Interest and other income | 10 | 21 | ||
Interest: | ||||
Expense incurred, net | (6) | (380) | ||
Amortization of deferred financing costs | 0 | (707) | ||
Income and other tax (expense) benefit | 0 | (1) | ||
Net gain (loss) on sales of real estate properties | (103) | 3,161,097 | ||
Income from operations attributable to controlling interests – Operating Partnership | 219 | 3,179,897 | ||
Income from operations attributable to Noncontrolling Interests – Operating Partnership | (8) | (122,146) | ||
Net income attributable to controlling interests | $ 211 | $ 3,057,751 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($)PropertyApartmentUnit | |
Accrual for Environmental Loss Contingencies | $ | $ 5.7 |
Number of properties with environmental reserves | Property | 2 |
Loss Contingency Accrual | $ | $ 0.9 |
Projects in various stages of development | Property | 4 |
Units in various stages of development | ApartmentUnit | 1,285 |
Consolidated Project Under Development Commitment Fund | $ | $ 127.3 |
Various stages of development with estimated completion dates ranging through September 30, 2017 | Sep. 30, 2019 |
Partially Owned Properties – Unconsolidated | |
Number Of Unconsolidated Projects | Property | 2 |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Details) - Customer | Sep. 30, 2017 | Sep. 30, 2016 |
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract] | ||
Number of customer contributed 10% or more of total revenue | 0 | 0 |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Rental income | $ 623,951 | $ 605,856 | $ 1,840,170 | $ 1,816,960 |
Property and maintenance expense | (104,721) | (104,216) | (306,645) | (309,688) |
Real estate taxes and insurance expense | (84,087) | (81,343) | (253,318) | (238,954) |
Operating income | 217,786 | 209,373 | 632,707 | 632,016 |
Same Store, Non-same Store and Other | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Rental income | 623,951 | 605,856 | 1,840,170 | 1,816,960 |
Property and maintenance expense | (104,721) | (104,216) | (306,645) | (309,688) |
Real estate taxes and insurance expense | (84,087) | (81,343) | (253,318) | (238,954) |
Total operating expenses | (188,808) | (185,559) | (559,963) | (548,642) |
Operating income | $ 435,143 | $ 420,297 | $ 1,280,207 | $ 1,268,318 |
Reportable Segments - NOI for E
Reportable Segments - NOI for Each Segment from Our Rental Real Estate Specific to Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Rental income | $ 623,951 | $ 605,856 | $ 1,840,170 | $ 1,816,960 | |
Operating income | 217,786 | 209,373 | 632,707 | 632,016 | |
Total Assets | 20,697,833 | 20,697,833 | $ 20,704,148 | ||
Capital Expenditures | 143,258 | ||||
Same store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 587,142 | 574,594 | 1,685,303 | 1,647,988 | |
Operating expenses | 173,844 | 171,019 | 496,232 | 482,410 | |
Operating income | 413,298 | 403,575 | 1,189,071 | 1,165,578 | |
Total Assets | 16,731,045 | 16,731,045 | |||
Capital Expenditures | 139,638 | ||||
Non-same store/other | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 36,809 | 31,262 | 154,867 | 168,972 | |
Operating expenses | 14,964 | 14,540 | 63,731 | 66,232 | |
Operating income | 21,845 | 16,722 | 91,136 | 102,740 | |
Total Assets | 3,966,788 | 3,966,788 | |||
Capital Expenditures | 3,620 | ||||
Same Store, Non-same Store and Other | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 623,951 | 605,856 | 1,840,170 | 1,816,960 | |
Operating expenses | 188,808 | 185,559 | 559,963 | 548,642 | |
Operating income | 435,143 | 420,297 | 1,280,207 | 1,268,318 | |
Other markets | Same store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 459 | 457 | 1,384 | 1,342 | |
Operating expenses | 158 | 136 | 499 | 428 | |
Operating income | 301 | 321 | 885 | 914 | |
Total Assets | 12,778 | 12,778 | |||
Capital Expenditures | 83 | ||||
Los Angeles | Same store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 102,566 | 98,542 | 296,345 | 285,463 | |
Operating expenses | 27,768 | 29,362 | 83,927 | 83,459 | |
Operating income | 74,798 | 69,180 | 212,418 | 202,004 | |
Total Assets | 2,620,672 | 2,620,672 | |||
Capital Expenditures | 18,952 | ||||
Orange County | Same store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 22,427 | 21,455 | 66,081 | 63,005 | |
Operating expenses | 5,500 | 5,362 | 16,355 | 15,529 | |
Operating income | 16,927 | 16,093 | 49,726 | 47,476 | |
Total Assets | 330,580 | 330,580 | |||
Capital Expenditures | 6,671 | ||||
San Diego | Same store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 22,432 | 21,516 | 66,052 | 63,171 | |
Operating expenses | 5,867 | 5,740 | 17,386 | 16,884 | |
Operating income | 16,565 | 15,776 | 48,666 | 46,287 | |
Total Assets | 425,241 | 425,241 | |||
Capital Expenditures | 3,776 | ||||
Subtotal - Southern California | Same store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 147,425 | 141,513 | 428,478 | 411,639 | |
Operating expenses | 39,135 | 40,464 | 117,668 | 115,872 | |
Operating income | 108,290 | 101,049 | 310,810 | 295,767 | |
Total Assets | 3,376,493 | 3,376,493 | |||
Capital Expenditures | 29,399 | ||||
Washington DC | Same store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 108,763 | 107,340 | 322,307 | 317,879 | |
Operating expenses | 33,459 | 32,817 | 98,043 | 95,187 | |
Operating income | 75,304 | 74,523 | 224,264 | 222,692 | |
Total Assets | 3,836,992 | 3,836,992 | |||
Capital Expenditures | 26,308 | ||||
New York | Same store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 125,351 | 124,709 | 345,656 | 345,434 | |
Operating expenses | 46,219 | 44,223 | 126,226 | 120,390 | |
Operating income | 79,132 | 80,486 | 219,430 | 225,044 | |
Total Assets | 4,181,890 | 4,181,890 | |||
Capital Expenditures | 23,547 | ||||
San Francisco | Same store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 98,805 | 97,259 | 283,654 | 277,666 | |
Operating expenses | 24,875 | 24,487 | 69,053 | 68,246 | |
Operating income | 73,930 | 72,772 | 214,601 | 209,420 | |
Total Assets | 2,480,069 | 2,480,069 | |||
Capital Expenditures | 25,896 | ||||
Boston | Same store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 57,071 | 56,368 | 170,545 | 168,118 | |
Operating expenses | 16,351 | 16,399 | 47,538 | 47,308 | |
Operating income | 40,720 | 39,969 | 123,007 | 120,810 | |
Total Assets | 1,670,467 | 1,670,467 | |||
Capital Expenditures | 18,906 | ||||
Seattle | Same store | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 49,268 | 46,948 | 133,279 | 125,910 | |
Operating expenses | 13,647 | 12,493 | 37,205 | 34,979 | |
Operating income | 35,621 | 34,455 | 96,074 | 90,931 | |
Total Assets | 1,172,356 | 1,172,356 | |||
Capital Expenditures | 15,499 | ||||
Non-same store | Non-same store/other | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 33,974 | 14,128 | 144,975 | 78,287 | |
Operating expenses | 10,371 | 6,120 | 53,367 | 29,173 | |
Operating income | 23,603 | 8,008 | 91,608 | 49,114 | |
Total Assets | 3,080,697 | 3,080,697 | |||
Capital Expenditures | 3,206 | ||||
Other | Non-same store/other | |||||
Segment Reporting Information [Line Items] | |||||
Rental income | 2,835 | 17,134 | 9,892 | 90,685 | |
Operating expenses | 4,593 | 8,420 | 10,364 | 37,059 | |
Operating income | (1,758) | $ 8,714 | (472) | $ 53,626 | |
Total Assets | $ 886,091 | 886,091 | |||
Capital Expenditures | $ 414 |
Reportable Segments - NOI for85
Reportable Segments - NOI for Each Segment from Our Rental Real Estate Specific to Continuing Operations (Parenthetical) (Details) - Property | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract] | ||||
Units in same store properties | 72,049 | 72,049 | 70,285 | 70,285 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands | Nov. 01, 2017 | Sep. 30, 2017 | Sep. 30, 2016 |
Subsequent Event [Line Items] | |||
Repayments of Notes Payable | $ 394,077 | $ 1,500,000 | |
Subsequent Event [Member] | 7.125% Notes [Member] | Unsecured Debt [Member] | |||
Subsequent Event [Line Items] | |||
Repayments of Notes Payable | $ 103,900 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.125% |