Equity Residential (EQR) 10-Q 30 Apr 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 26, 2021
Document Information [Line Items]
Entity Registrant Name	EQUITY RESIDENTIAL
Entity Central Index Key	0000906107
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Trading Symbol	EQR
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		374,005,379
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	1-12252
Entity Tax Identification Number	13-3675988
Entity Address, Address Line One	Two North Riverside Plaza
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	474-1300
Entity Incorporation, State or Country Code	MD
Title of 12(b) Security	Common Shares of Beneficial Interest,$0.01 Par Value (Equity Residential)
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
ERPOP [Member]
Document Information [Line Items]
Entity Registrant Name	ERP OPERATING LIMITED PARTNERSHIP
Entity Central Index Key	0000931182
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
No Trading Symbol Flag	true
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	0-24920
Entity Tax Identification Number	36-3894853
Entity Address, Address Line One	Two North Riverside Plaza
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	474-1300
Entity Incorporation, State or Country Code	IL
Title of 12(b) Security	7.57% Notes due August 15, 2026(ERP Operating Limited Partnership)
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Land	$ 5,785,367	$ 5,785,367
Depreciable property	20,952,067	20,920,654
Projects under development	476,010	411,134
Land held for development	88,360	86,170
Investment in real estate	27,301,804	27,203,325
Accumulated depreciation	(8,059,619)	(7,859,657)
Investment in real estate, net	19,242,185	19,343,668
Investments in unconsolidated entities	53,274	52,782
Cash and cash equivalents	35,453	42,591
Restricted deposits	62,383	57,137
Right-of-use assets	484,999	499,287
Other assets	290,721	291,426
Total assets	20,169,015	20,286,891
Liabilities:
Mortgage notes payable, net	2,270,700	2,293,890
Notes, net	5,337,103	5,335,536
Line of credit and commercial paper	429,753	414,830
Accounts payable and accrued expenses	168,028	107,366
Accrued interest payable	55,489	65,896
Lease liabilities	316,838	329,130
Other liabilities	335,664	345,064
Security deposits	60,939	60,480
Distributions payable	232,737	232,262
Total liabilities	9,207,251	9,184,454
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	409,523	338,951
Shareholders' equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of March 31, 2021 and December 31, 2020	37,280	37,280
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 372,917,413 shares issued and outstanding as of March 31, 2021 and 372,302,000 shares issued and outstanding as of December 31, 2020	3,729	3,723
Paid in capital	9,083,346	9,128,599
Retained earnings	1,231,808	1,399,715
Accumulated other comprehensive income (loss)	(41,363)	(43,666)
Total shareholders’ equity	10,314,800	10,525,651
Noncontrolling Interests:
Operating Partnership	234,969	233,162
Partially Owned Properties	2,472	4,673
Total Noncontrolling Interests	237,441	237,835
Total equity	10,552,241	10,763,486
Total liabilities and equity/capital	$ 20,169,015	$ 20,286,891

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Shares Issued	745,600	745,600
Preferred Stock, Shares Outstanding	745,600	745,600
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	372,917,413	372,302,000
Common Stock, Shares, Outstanding	372,917,413	372,302,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES
Rental income	$ 597,602	$ 682,305
EXPENSES
Property and maintenance	117,054	115,816
Real estate taxes and insurance	103,470	97,732
Property management	26,130	27,709
General and administrative	15,383	14,518
Depreciation	199,962	212,422
Total expenses	461,999	468,197
Net gain (loss) on sales of real estate properties	(43)	207,977
Operating income	135,560	422,085
Interest and other income	216	1,960
Other expenses	(4,110)	(2,533)
Interest:
Expense incurred, net	(67,358)	(85,590)
Amortization of deferred financing costs	(2,185)	(2,041)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	62,123	333,881
Income and other tax (expense) benefit	(153)	(53)
Income (loss) from investments in unconsolidated entities	(1,611)	(1,157)
Net gain (loss) on sales of land parcels	5
Net income	60,364	332,671
Net (income) loss attributable to Noncontrolling Interests:
Operating Partnership	(2,143)	(11,535)
Partially Owned Properties	(682)	(12,530)
Net income attributable to controlling interests	57,539	308,606
Preferred distributions	(773)	(773)
Net income available to Common Shares	$ 56,766	$ 307,833
Earnings per share – basic:
Net income available to Common Shares	$ 0.15	$ 0.83
Weighted average Common Shares outstanding	372,280	371,582
Earnings per share – diluted:
Net income available to Common Shares	$ 0.15	$ 0.83
Weighted average Common Shares outstanding	386,916	386,949

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Comprehensive income:
Net income	$ 60,364	$ 332,671
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period		(967)
Losses reclassified into earnings from other comprehensive income	2,303	5,634
Other comprehensive income (loss)	2,303	4,667
Comprehensive income	62,667	337,338
Comprehensive (income) attributable to Noncontrolling Interests	(2,909)	(24,234)
Comprehensive income attributable to controlling interests	$ 59,758	$ 313,104

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 60,364	$ 332,671
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	199,962	212,422
Amortization of deferred financing costs	2,185	2,041
Amortization of above/below market lease intangibles	(18)	(18)
Amortization of discounts and premiums on debt	1,294	1,276
Amortization of deferred settlements on derivative instruments	2,301	5,631
Amortization of right-of-use assets	2,980	3,007
Write-off of pursuit costs	1,331	1,627
(Income) loss from investments in unconsolidated entities	1,611	1,157
Distributions from unconsolidated entities – return on capital		100
Net (gain) loss on sales of real estate properties	43	(207,977)
Net (gain) loss on sales of land parcels	(5)
Realized/unrealized (gain) loss on derivative instruments		25
Compensation paid with Company Common Shares	8,678	7,844
Other operating activities, net	133	1,805
Changes in assets and liabilities:
(Increase) decrease in other assets	20,746	(18,386)
Increase (decrease) in accounts payable and accrued expenses	59,116	62,573
Increase (decrease) in accrued interest payable	(10,407)	(927)
Increase (decrease) in lease liabilities	(868)	(621)
Increase (decrease) in other liabilities	(3,852)	(20,811)
Increase (decrease) in security deposits	459	(988)
Net cash provided by operating activities	346,053	382,451
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – development/other	(64,599)	(52,204)
Capital expenditures to real estate	(28,679)	(38,342)
Non-real estate capital additions	(589)	(4,516)
Interest capitalized for real estate under development	(3,769)	(1,834)
Proceeds from disposition of real estate, net		368,364
Investments in unconsolidated entities	(2,378)	(5,458)
Distributions from unconsolidated entities – return of capital	4
Other investing activities, net	(26,335)	(1)
Net cash provided by (used for) investing activities	(126,345)	266,009
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs	(318)	(181)
Mortgage notes payable, net:
Proceeds	37,492	78
Lump sum payoffs	(59,880)
Scheduled principal repayments	(1,871)	(1,941)
Line of credit and commercial paper:
Line of credit proceeds		720,000
Line of credit repayments		(740,000)
Commercial paper proceeds	1,184,923	1,905,818
Commercial paper repayments	(1,170,000)	(2,291,000)
Proceeds from (payments on) settlement of derivative instruments		(25)
Finance ground lease principal payments	(116)
Proceeds from Employee Share Purchase Plan (ESPP)	1,731	869
Proceeds from exercise of options	22,882	11,151
Contributions – Noncontrolling Interests – Partially Owned Properties		341
Contributions – Noncontrolling Interests – Operating Partnership		12
Distributions:
Common Shares	(224,308)	(211,239)
Preferred Shares	(773)	(773)
Noncontrolling Interests – Operating Partnership	(8,479)	(8,484)
Noncontrolling Interests – Partially Owned Properties	(2,883)	(9,315)
Net cash provided by (used for) financing activities	(221,600)	(624,689)
Net increase (decrease) in cash and cash equivalents and restricted deposits	(1,892)	23,771
Cash and cash equivalents and restricted deposits, beginning of period	99,728	116,999
Cash and cash equivalents and restricted deposits, end of period	97,836	140,770
Cash and cash equivalents	35,453	82,335
Restricted deposits	62,383	58,435
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	74,058	75,561
Net cash paid (received) for income and other taxes	752	266
Amortization of deferred financing costs:
Investment in real estate, net	(60)	(60)
Other assets	585	584
Mortgage notes payable, net	703	403
Notes, net	957	1,114
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	684	595
Notes, net	610	681
Amortization of deferred settlements on derivative instruments:
Other liabilities	(2)	(3)
Accumulated other comprehensive income	2,303	5,634
Write-off of pursuit costs:
Investment in real estate, net	1,209	1,586
Other assets	114	33
Accounts payable and accrued expenses	8	8
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	1,282	830
Other liabilities	329	327
Realized/unrealized (gain) loss on derivative instruments:
Other liabilities		992
Accumulated other comprehensive income		(967)
Investments in unconsolidated entities:
Investments in unconsolidated entities	(1,778)	(4,558)
Other liabilities	(600)	(900)
Debt financing costs:
Other assets		$ (181)
Mortgage notes payable, net	(318)
Right-of-use assets and lease liabilities initial measurement and reclassifications:
Right-of-use assets	11,308
Lease liabilities	$ (11,308)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	PREFERRED SHARES	COMMON SHARES, $0.01 PAR VALUE	PAID IN CAPITAL	RETAINED EARNINGS	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	DISTRIBUTIONS	OPERATING PARTNERSHIP	PARTIALLY OWNED PROPERTIES
Balance, beginning of year at Dec. 31, 2019		$ 37,280	$ 3,717	$ 8,965,577	$ 1,386,495	$ (77,563)
Balance, beginning of year at Dec. 31, 2019								$ 227,837	$ 1,183
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares				1,844
Exercise of share options			2	11,149
Employee Share Purchase Plan (ESPP)				869
Share-based employee compensation expense:
Issuance of restricted units/shares			2	4,021				12
Share options				670
ESPP discount				153
Supplemental Executive Retirement Plan (SERP)				149
Change in market value of Redeemable Noncontrolling Interests ?Operating Partnership	$ (111,449)			111,449
Adjustment for Noncontrolling Interests ownership in Operating Partnership				(3,440)				3,440
PAID IN CAPITAL
Conversion of OP Units into Common Shares				1,844
Exercise of share options			2	11,149
Employee Share Purchase Plan (ESPP)				869
RETAINED EARNINGS
Net income attributable to controlling interests	308,606				308,606
Common Share distributions					(224,507)
Preferred Share distributions					(773)
Accumulated other comprehensive income (loss) - derivative instruments:
Unrealized holding gains (losses) arising during the period	(967)					(967)
Losses reclassified into earnings from other comprehensive income	(5,634)					5,634
DISTRIBUTIONS
Distributions declared per Common Share outstanding							$ 0.6025
NONCONTROLLING INTERESTS
Issuance of restricted units/shares			2	4,021				12
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner								(1,844)
Equity compensation associated with Noncontrolling Interests								5,067
Net income attributable to Noncontrolling Interests	11,535							11,535	12,530
Distributions to Noncontrolling Interests								(9,076)	(9,315)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	1,391							(1,391)
Adjustment for Noncontrolling Interests ownership in Operating Partnership				(3,440)				3,440
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	11,535							11,535	12,530
Contributions by Noncontrolling Interests									341
Distributions to Noncontrolling Interests								(9,076)	(9,315)
Balance, end of period at Mar. 31, 2020		37,280	3,721	9,092,441	1,469,821	(72,896)
Balance, end of period at Mar. 31, 2020								235,580	4,739
Balance, beginning of year at Dec. 31, 2020	10,525,651	37,280	3,723	9,128,599	1,399,715	(43,666)
Balance, beginning of year at Dec. 31, 2020	237,835							233,162	4,673
COMMON SHARES, $0.01 PAR VALUE
Exercise of share options			5	22,877
Employee Share Purchase Plan (ESPP)				1,731
Share-based employee compensation expense:
Issuance of restricted units/shares			1	2,273
Share options				988
ESPP discount				444
Supplemental Executive Retirement Plan (SERP)				(1,229)
Change in market value of Redeemable Noncontrolling Interests ?Operating Partnership	72,956			(72,956)
Adjustment for Noncontrolling Interests ownership in Operating Partnership				619				(619)
PAID IN CAPITAL
Exercise of share options			5	22,877
Employee Share Purchase Plan (ESPP)				1,731
RETAINED EARNINGS
Net income attributable to controlling interests	57,539				57,539
Common Share distributions					(224,673)
Preferred Share distributions					(773)
Accumulated other comprehensive income (loss) - derivative instruments:
Losses reclassified into earnings from other comprehensive income	(2,303)					2,303
DISTRIBUTIONS
Distributions declared per Common Share outstanding							$ 0.6025
NONCONTROLLING INTERESTS
Issuance of restricted units/shares			1	2,273
Equity compensation associated with Noncontrolling Interests								6,488
Net income attributable to Noncontrolling Interests	2,143							2,143	682
Distributions to Noncontrolling Interests								(8,589)	(2,883)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	(2,384)							2,384
Adjustment for Noncontrolling Interests ownership in Operating Partnership				619				(619)
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	2,143							2,143	682
Distributions to Noncontrolling Interests								(8,589)	(2,883)
Balance, end of period at Mar. 31, 2021	10,314,800	$ 37,280	$ 3,729	$ 9,083,346	$ 1,231,808	$ (41,363)
Balance, end of period at Mar. 31, 2021	$ 237,441							$ 234,969	$ 2,472

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01

CONSOLIDATED BALANCE SHEETS OF

CONSOLIDATED BALANCE SHEETS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Land	$ 5,785,367	$ 5,785,367
Depreciable property	20,952,067	20,920,654
Projects under development	476,010	411,134
Land held for development	88,360	86,170
Investment in real estate	27,301,804	27,203,325
Accumulated depreciation	(8,059,619)	(7,859,657)
Investment in real estate, net	19,242,185	19,343,668
Investments in unconsolidated entities	53,274	52,782
Cash and cash equivalents	35,453	42,591
Restricted deposits	62,383	57,137
Right-of-use assets	484,999	499,287
Other assets	290,721	291,426
Total assets	20,169,015	20,286,891
Liabilities:
Mortgage notes payable, net	2,270,700	2,293,890
Notes, net	5,337,103	5,335,536
Line of credit and commercial paper	429,753	414,830
Accounts payable and accrued expenses	168,028	107,366
Accrued interest payable	55,489	65,896
Lease liabilities	316,838	329,130
Other liabilities	335,664	345,064
Security deposits	60,939	60,480
Distributions payable	232,737	232,262
Total liabilities	9,207,251	9,184,454
Commitments and contingencies
Redeemable Limited Partners	409,523	338,951
Partners’ Capital:
Accumulated other comprehensive income (loss)	(41,363)	(43,666)
Noncontrolling Interests – Partially Owned Properties	2,472	4,673
Total liabilities and equity/capital	20,169,015	20,286,891
ERPOP [Member]
ASSETS
Land	5,785,367	5,785,367
Depreciable property	20,952,067	20,920,654
Projects under development	476,010	411,134
Land held for development	88,360	86,170
Investment in real estate	27,301,804	27,203,325
Accumulated depreciation	(8,059,619)	(7,859,657)
Investment in real estate, net	19,242,185	19,343,668
Investments in unconsolidated entities	53,274	52,782
Cash and cash equivalents	35,453	42,591
Restricted deposits	62,383	57,137
Right-of-use assets	484,999	499,287
Other assets	290,721	291,426
Total assets	20,169,015	20,286,891
Liabilities:
Mortgage notes payable, net	2,270,700	2,293,890
Notes, net	5,337,103	5,335,536
Line of credit and commercial paper	429,753	414,830
Accounts payable and accrued expenses	168,028	107,366
Accrued interest payable	55,489	65,896
Lease liabilities	316,838	329,130
Other liabilities	335,664	345,064
Security deposits	60,939	60,480
Distributions payable	232,737	232,262
Total liabilities	9,207,251	9,184,454
Commitments and contingencies
Redeemable Limited Partners	409,523	338,951
Partners’ Capital:
Preference Units	37,280	37,280
General Partner	10,318,883	10,532,037
Limited Partners	234,969	233,162
Accumulated other comprehensive income (loss)	(41,363)	(43,666)
Total partners’ capital	10,549,769	10,758,813
Noncontrolling Interests – Partially Owned Properties	2,472	4,673
Total capital	10,552,241	10,763,486
Total liabilities and equity/capital	$ 20,169,015	$ 20,286,891

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES
Rental income	$ 597,602	$ 682,305
EXPENSES
Property and maintenance	117,054	115,816
Real estate taxes and insurance	103,470	97,732
Property management	26,130	27,709
General and administrative	15,383	14,518
Depreciation	199,962	212,422
Total expenses	461,999	468,197
Net gain (loss) on sales of real estate properties	(43)	207,977
Operating income	135,560	422,085
Interest and other income	216	1,960
Other expenses	(4,110)	(2,533)
Interest:
Expense incurred, net	(67,358)	(85,590)
Amortization of deferred financing costs	(2,185)	(2,041)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	62,123	333,881
Income and other tax (expense) benefit	(153)	(53)
Income (loss) from investments in unconsolidated entities	(1,611)	(1,157)
Net gain (loss) on sales of land parcels	5
Net income	60,364	332,671
Partially Owned Properties	(682)	(12,530)
Net income attributable to controlling interests	$ 57,539	$ 308,606
Earnings per Unit – basic:
Net income available to Units	$ 0.15	$ 0.83
Earnings per Unit – diluted:
Net income available to Units	$ 0.15	$ 0.83
Weighted average Units outstanding	386,916	386,949
ERPOP [Member]
REVENUES
Rental income	$ 597,602	$ 682,305
EXPENSES
Property and maintenance	117,054	115,816
Real estate taxes and insurance	103,470	97,732
Property management	26,130	27,709
General and administrative	15,383	14,518
Depreciation	199,962	212,422
Total expenses	461,999	468,197
Net gain (loss) on sales of real estate properties	(43)	207,977
Operating income	135,560	422,085
Interest and other income	216	1,960
Other expenses	(4,110)	(2,533)
Interest:
Expense incurred, net	(67,358)	(85,590)
Amortization of deferred financing costs	(2,185)	(2,041)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	62,123	333,881
Income and other tax (expense) benefit	(153)	(53)
Income (loss) from investments in unconsolidated entities	(1,611)	(1,157)
Net gain (loss) on sales of land parcels	5
Net income	60,364	332,671
Partially Owned Properties	(682)	(12,530)
Net income attributable to controlling interests	59,682	320,141
ALLOCATION OF NET INCOME:
Preference Units	773	773
General Partner	56,766	307,833
Limited Partners	2,143	11,535
Net income available to Units	$ 58,909	$ 319,368
Earnings per Unit – basic:
Net income available to Units	$ 0.15	$ 0.83
Weighted average Units outstanding	385,330	384,586
Earnings per Unit – diluted:
Net income available to Units	$ 0.15	$ 0.83
Weighted average Units outstanding	386,916	386,949

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Comprehensive income:
Net income	$ 60,364	$ 332,671
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period		(967)
Losses reclassified into earnings from other comprehensive income	2,303	5,634
Other comprehensive income (loss)	2,303	4,667
Comprehensive income	62,667	337,338
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties	(2,909)	(24,234)
Comprehensive income attributable to controlling interests	59,758	313,104
ERPOP [Member]
Comprehensive income:
Net income	60,364	332,671
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period		(967)
Losses reclassified into earnings from other comprehensive income	2,303	5,634
Other comprehensive income (loss)	2,303	4,667
Comprehensive income	62,667	337,338
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties	(682)	(12,530)
Comprehensive income attributable to controlling interests	$ 61,985	$ 324,808

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 60,364	$ 332,671
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	199,962	212,422
Amortization of deferred financing costs	2,185	2,041
Amortization of above/below market lease intangibles	(18)	(18)
Amortization of discounts and premiums on debt	1,294	1,276
Amortization of deferred settlements on derivative instruments	2,301	5,631
Amortization of right-of-use assets	2,980	3,007
Write-off of pursuit costs	1,331	1,627
(Income) loss from investments in unconsolidated entities	1,611	1,157
Distributions from unconsolidated entities – return on capital		100
Net (gain) loss on sales of real estate properties	43	(207,977)
Net (gain) loss on sales of land parcels	(5)
Realized/unrealized (gain) loss on derivative instruments		25
Compensation paid with Company Common Shares	8,678	7,844
Other operating activities, net	133	1,805
Changes in assets and liabilities:
(Increase) decrease in other assets	20,746	(18,386)
Increase (decrease) in accounts payable and accrued expenses	59,116	62,573
Increase (decrease) in accrued interest payable	(10,407)	(927)
Increase (decrease) in lease liabilities	(868)	(621)
Increase (decrease) in other liabilities	(3,852)	(20,811)
Increase (decrease) in security deposits	459	(988)
Net cash provided by operating activities	346,053	382,451
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – development/other	(64,599)	(52,204)
Capital expenditures to real estate	(28,679)	(38,342)
Non-real estate capital additions	(589)	(4,516)
Interest capitalized for real estate under development	(3,769)	(1,834)
Proceeds from disposition of real estate, net		368,364
Investments in unconsolidated entities	(2,378)	(5,458)
Distributions from unconsolidated entities – return of capital	4
Other investing activities, net	(26,335)	(1)
Net cash provided by (used for) investing activities	(126,345)	266,009
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs	(318)	(181)
Mortgage notes payable, net:
Proceeds	37,492	78
Lump sum payoffs	(59,880)
Scheduled principal repayments	(1,871)	(1,941)
Line of credit and commercial paper:
Line of credit proceeds		720,000
Line of credit repayments		(740,000)
Commercial paper proceeds	1,184,923	1,905,818
Commercial paper repayments	(1,170,000)	(2,291,000)
Proceeds from (payments on) settlement of derivative instruments		(25)
Finance ground lease principal payments	(116)
Proceeds from Employee Share Purchase Plan (ESPP)	1,731	869
Proceeds from exercise of EQR options	22,882	11,151
Contributions – Noncontrolling Interests – Partially Owned Properties		341
Contributions – Limited Partners		12
Distributions:
OP Units – General Partner	(224,308)	(211,239)
Preference Units	(773)	(773)
OP Units – Limited Partners	(8,479)	(8,484)
Noncontrolling Interests – Partially Owned Properties	(2,883)	(9,315)
Net cash provided by (used for) financing activities	(221,600)	(624,689)
Net increase (decrease) in cash and cash equivalents and restricted deposits	(1,892)	23,771
Cash and cash equivalents and restricted deposits, beginning of period	99,728	116,999
Cash and cash equivalents and restricted deposits, end of period	97,836	140,770
Cash and cash equivalents	35,453	82,335
Restricted deposits	62,383	58,435
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	74,058	75,561
Net cash paid (received) for income and other taxes	752	266
Amortization of deferred financing costs:
Investment in real estate, net	(60)	(60)
Other assets	585	584
Mortgage notes payable, net	703	403
Notes, net	957	1,114
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	684	595
Notes, net	610	681
Amortization of deferred settlements on derivative instruments:
Other liabilities	(2)	(3)
Accumulated other comprehensive income	2,303	5,634
Write-off of pursuit costs:
Investment in real estate, net	1,209	1,586
Other assets	114	33
Accounts payable and accrued expenses	8	8
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	1,282	830
Other liabilities	329	327
Realized/unrealized (gain) loss on derivative instruments:
Other liabilities		992
Accumulated other comprehensive income		(967)
Investments in unconsolidated entities:
Investments in unconsolidated entities	(1,778)	(4,558)
Other liabilities	(600)	(900)
Debt financing costs:
Other assets		(181)
Mortgage notes payable, net	(318)
Right-of-use assets and lease liabilities initial measurement and reclassifications:
Right-of-use assets	11,308
Lease liabilities	(11,308)
ERPOP [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	60,364	332,671
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	199,962	212,422
Amortization of deferred financing costs	2,185	2,041
Amortization of above/below market lease intangibles	(18)	(18)
Amortization of discounts and premiums on debt	1,294	1,276
Amortization of deferred settlements on derivative instruments	2,301	5,631
Amortization of right-of-use assets	2,980	3,007
Write-off of pursuit costs	1,331	1,627
(Income) loss from investments in unconsolidated entities	1,611	1,157
Distributions from unconsolidated entities – return on capital		100
Net (gain) loss on sales of real estate properties	43	(207,977)
Net (gain) loss on sales of land parcels	(5)
Realized/unrealized (gain) loss on derivative instruments		25
Compensation paid with Company Common Shares	8,678	7,844
Other operating activities, net	133	1,805
Changes in assets and liabilities:
(Increase) decrease in other assets	20,746	(18,386)
Increase (decrease) in accounts payable and accrued expenses	59,116	62,573
Increase (decrease) in accrued interest payable	(10,407)	(927)
Increase (decrease) in lease liabilities	(868)	(621)
Increase (decrease) in other liabilities	(3,852)	(20,811)
Increase (decrease) in security deposits	459	(988)
Net cash provided by operating activities	346,053	382,451
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – development/other	(64,599)	(52,204)
Capital expenditures to real estate	(28,679)	(38,342)
Non-real estate capital additions	(589)	(4,516)
Interest capitalized for real estate under development	(3,769)	(1,834)
Proceeds from disposition of real estate, net		368,364
Investments in unconsolidated entities	(2,378)	(5,458)
Distributions from unconsolidated entities – return of capital	4
Other investing activities, net	(26,335)	(1)
Net cash provided by (used for) investing activities	(126,345)	266,009
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs	(318)	(181)
Mortgage notes payable, net:
Proceeds	37,492	78
Lump sum payoffs	(59,880)
Scheduled principal repayments	(1,871)	(1,941)
Line of credit and commercial paper:
Line of credit proceeds		720,000
Line of credit repayments		(740,000)
Commercial paper proceeds	1,184,923	1,905,818
Commercial paper repayments	(1,170,000)	(2,291,000)
Proceeds from (payments on) settlement of derivative instruments		(25)
Finance ground lease principal payments	(116)
Proceeds from Employee Share Purchase Plan (ESPP)	1,731	869
Proceeds from exercise of EQR options	22,882	11,151
Contributions – Noncontrolling Interests – Partially Owned Properties		341
Contributions – Limited Partners		12
Distributions:
OP Units – General Partner	(224,308)	(211,239)
Preference Units	(773)	(773)
OP Units – Limited Partners	(8,479)	(8,484)
Noncontrolling Interests – Partially Owned Properties	(2,883)	(9,315)
Net cash provided by (used for) financing activities	(221,600)	(624,689)
Net increase (decrease) in cash and cash equivalents and restricted deposits	(1,892)	23,771
Cash and cash equivalents and restricted deposits, beginning of period	99,728	116,999
Cash and cash equivalents and restricted deposits, end of period	97,836	140,770
Cash and cash equivalents	35,453	82,335
Restricted deposits	62,383	58,435
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	74,058	75,561
Net cash paid (received) for income and other taxes	752	266
Amortization of deferred financing costs:
Investment in real estate, net	(60)	(60)
Other assets	585	584
Mortgage notes payable, net	703	403
Notes, net	957	1,114
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	684	595
Notes, net	610	681
Amortization of deferred settlements on derivative instruments:
Other liabilities	(2)	(3)
Accumulated other comprehensive income	2,303	5,634
Write-off of pursuit costs:
Investment in real estate, net	1,209	1,586
Other assets	114	33
Accounts payable and accrued expenses	8	8
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	1,282	830
Other liabilities	329	327
Realized/unrealized (gain) loss on derivative instruments:
Other liabilities		992
Accumulated other comprehensive income		(967)
Investments in unconsolidated entities:
Investments in unconsolidated entities	(1,778)	(4,558)
Other liabilities	(600)	(900)
Debt financing costs:
Other assets		$ (181)
Mortgage notes payable, net	(318)
Right-of-use assets and lease liabilities initial measurement and reclassifications:
Right-of-use assets	11,308
Lease liabilities	$ (11,308)

CONSOLIDATED STATEMENTS OF CH_3

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	Total	ERPOP [Member]	PREFERRED SHARESERPOP [Member]	General Partner [Member]ERPOP [Member]	Limited PartnerERPOP [Member]	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)ERPOP [Member]	DISTRIBUTIONS [Member]	PARTIALLY OWNED PROPERTIES [Member]ERPOP [Member]
Balance, beginning of year at Dec. 31, 2019			$ 37,280	$ 10,355,789	$ 227,837	$ (77,563)
Balance, beginning of year at Dec. 31, 2019								$ 1,183
Conversion of OP Units held by Limited Partners into OP Units held by General Partner				1,844	(1,844)
Exercise of EQR share options				11,151
EQR's Employee Share Purchase Plan (ESPP)				869
EQR restricted shares				4,023	12
EQR share options				670
EQR ESPP discount				153
Net income available to Units - General Partner		$ 307,833		307,833
OP Units General Partner distributions				(224,507)
Supplemental Executive Retirement Plan (SERP)				149
Change in market value of Redeemable Limited Partners				111,449
Adjustment for Limited Partners ownership in Operating Partnership				(3,440)	3,440
Equity compensation associated with Units - Limited Partners					5,067
Net income available to Units - Limited Partners		11,535			11,535
Units - Limited Partners distributions					(9,076)
Change in carrying value of Redeemable Limited Partners					(1,391)
Unrealized holding (losses) arising during the period	$ 12,530	12,530				(967)
Losses reclassified into earnings from other comprehensive income	(5,634)	(5,634)				5,634
Distributions declared per Unit outstanding							$ 0.6025
Net income attributable to Noncontrolling Interests	332,671	332,671						12,530
Contributions by Noncontrolling Interests								341
Distributions to Noncontrolling Interests								(9,315)
Balance, end of period at Mar. 31, 2020			37,280	10,565,983	235,580	(72,896)
Balance, end of period at Mar. 31, 2020								4,739
Balance, beginning of year at Dec. 31, 2020			37,280	10,532,037	233,162	(43,666)
Balance, beginning of year at Dec. 31, 2020								4,673
Exercise of EQR share options				22,882
EQR's Employee Share Purchase Plan (ESPP)				1,731
EQR restricted shares				2,274
EQR share options				988
EQR ESPP discount				444
Net income available to Units - General Partner		56,766		56,766
OP Units General Partner distributions				(224,673)
Supplemental Executive Retirement Plan (SERP)				(1,229)
Change in market value of Redeemable Limited Partners				(72,956)
Adjustment for Limited Partners ownership in Operating Partnership				619	(619)
Equity compensation associated with Units - Limited Partners					6,488
Net income available to Units - Limited Partners		2,143			2,143
Units - Limited Partners distributions					(8,589)
Change in carrying value of Redeemable Limited Partners					2,384
Unrealized holding (losses) arising during the period	682	682
Losses reclassified into earnings from other comprehensive income	(2,303)	(2,303)				2,303
Distributions declared per Unit outstanding							$ 0.6025
Net income attributable to Noncontrolling Interests	$ 60,364	$ 60,364						682
Distributions to Noncontrolling Interests								(2,883)
Balance, end of period at Mar. 31, 2021			$ 37,280	$ 10,318,883	$ 234,969	$ (41,363)
Balance, end of period at Mar. 31, 2021								$ 2,472

Business

Business	3 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Business	1. Business Equity Residential (“EQR”) is an S&P 500 company focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract high quality long-term renters, a business that is conducted on its behalf by ERP Operating Limited Partnership (“ERPOP”). EQR is a Maryland real estate investment trust (“REIT”) formed in March 1993 and ERPOP is an Illinois limited partnership formed in May 1993. ERPOP. ERPOP. EQR is the general partner of, and as of March 31, 2021 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 March 31, 2021, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 304 properties located in 9 states and the District of Columbia consisting of 77,889 apartment units. The ownership breakdown includes (table does not include various uncompleted development properties): Properties Apartment Units Wholly Owned Properties 287 74,328 Master-Leased Property – Consolidated 1 162 Partially Owned Properties – Consolidated 16 3,399 304 77,889 COVID-19 Pandemic The continued rapid development and fast-changing nature of the novel coronavirus (“COVID-19”) pandemic creates many unknowns that have had and could continue to have a significant future impact on the Company. Its duration, severity and the extent of the adverse health impact on the general population, our residents and employees, the rollout and effectiveness of vaccines and the potential long-term changes in customer preferences for living in our communities, are among the many unknowns. These, among other items, have impacted the economy, the unemployment rate and our operations and could materially affect our future consolidated results of operations, financial condition, liquidity, investments and overall performance. There have been no material changes to the overall COVID-19 disclosures that were discussed in the notes to the consolidated financial statements of the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Summary Of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Operating results for the quarter ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates . In response to the COVID-19 pandemic, management evaluated whether its estimates , such as lease collectibility (discuss ed below in Recently Adopted Accounting Pronouncements ) and impairment, require d revised approaches and generally concluded that no revisions were necessary at this time . The balance sheets at December 31, 2020 have been derived from the audited financial statements at that date but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. For further information, including definitions of capitalized terms not defined herein, refer to the consolidated financial statements and footnotes thereto included in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020. Income and Other Taxes EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act was enacted to provide economic relief to companies and individuals in response to the COVID-19 pandemic. Included in the CARES Act were tax provisions which increased allowable interest expense deductions for 2019 and 2020 and increased the ability for taxpayers to use net operating losses. These provisions did not result in a material impact to the Company’s taxable income or tax liabilities. Recently Issued Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued an amendment to the debt and equity financial instruments standards which simplifies the accounting for convertible instruments and accounting for contracts in an entity’s own equity. Instead of being required to assess whether an equity contract permits settlement in unregistered shares, which may require a legal analysis under the securities laws, entities will only analyze whether cash settlements are explicitly required when registered shares are unavailable. As a result, such contracts may be classified in permanent rather than mezzanine equity, which may affect the way the Company’s OP Units are presented on its financial statements. The update is effective for the Company beginning on January 1, 2022 as the Company did not early adopt the standard as allowed on January 1, 2021. The Company is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position. In March 2020, the FASB issued an amendment to the reference rate reform standard which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. An example of such reform is the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. Entities that make this optional expedient election would not have to remeasure the contracts at the modification date or reassess the accounting treatment if certain criteria are met and would continue applying hedge accounting for relationships affected by reference rate reform. The new standard was effective for the Company upon issuance and elections can be made through December 31, 2022. The Company is currently evaluating its options with regards to existing contracts and hedging relationships and the impact of adopting this update on its consolidated results of operations and financial position. Recently Adopted Accounting Pronouncements In April 2020, a FASB staff question and answer document was issued which intended to reduce the challenges of evaluating the enforceable rights and obligations of leases for concessions granted to lessees in response to the COVID-19 pandemic. We elected not to evaluate whether qualifying concessions provided by the Company in response to the COVID-19 pandemic are a lease modification, subject to the criteria that the total payments under the amended lease cannot result in a substantial increase in the rights of the lessor or obligations of the lessee . We also elected to treat the concessions as though they were contemplated as part of the existing contracts and therefore will not apply lease modification rules to the qualifying lease concession amendments. As such, deferrals deemed collectible are recorded as rental receivables with no change to timing of rental revenues and deferrals deemed non-collectible and abatements reduce rental revenues in the deferral/abatement period and cause rental revenues to effectively follow a cash basis related to the changes. The accounting elections provided by the FASB mainly apply to the Company’s non-residential leases and the majority of the amendments will not require a straight-line adjustment. See Note 8 for additional discussion. In June 2016, the FASB issued a standard which requires companies to adopt a new approach for estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans. The standard requires entities to estimate a lifetime expected credit loss for most financial instruments, including trade receivables. In November 2018, the FASB issued an amendment excluding operating lease receivables accounted for under the lease standard from the scope of the credit losses standard. The Company adopted this standard as required effective January 1, 2020 and it did not have a material effect on its consolidated results of operations and financial position.

Equity, Capital and Other Inter

Equity, Capital and Other Interests	3 Months Ended
	Mar. 31, 2021
Equity Capital And Other Interests [Abstract]
Equity, Capital and Other Interests	3. Equity, Capital and Other The Company refers to “Common Shares” and “Units” (which refer to both OP Units and restricted units) as equity securities for EQR and “General Partner Units” and “Limited Partner Units” as equity securities for ERPOP. To provide a streamlined and more readable presentation of the disclosures for the Company and the Operating Partnership, several sections below refer to the respective terminology for each with the same financial information and separate sections are provided, where needed, to further distinguish any differences in financial information and terminology. The following table presents the changes in the Company’s issued and outstanding Common Shares and Units for the quarters ended March 31, 2021 and 2020: 2021 2020 Common Shares Common Shares outstanding at January 1, 372,302,000 371,670,884 Common Shares Issued: Conversion of OP Units — 41,945 Exercise of share options 506,342 214,521 Employee Share Purchase Plan (ESPP) 32,572 13,606 Restricted share grants, net 76,499 163,098 Common Shares outstanding at March 31, 372,917,413 372,104,054 Units Units outstanding at January 1, 13,858,073 13,731,315 Restricted unit grants, net 184,301 243,063 Conversion of OP Units to Common Shares — (41,945 ) Units outstanding at March 31, 14,042,374 13,932,433 Total Common Shares and Units outstanding at March 31, 386,959,787 386,036,487 Units Ownership Interest in Operating Partnership 3.6 % 3.6 % The following table presents the changes in the Operating Partnership’s issued and outstanding General Partner Units and Limited Partner Units for the quarters ended March 31, 2021 and 2020: 2021 2020 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 386,160,073 385,402,199 Issued to General Partner: Exercise of EQR share options 506,342 214,521 EQR’s Employee Share Purchase Plan (ESPP) 32,572 13,606 EQR’s restricted share grants, net 76,499 163,098 Issued to Limited Partners: Restricted unit grants, net 184,301 243,063 General and Limited Partner Units outstanding at March 31, 386,959,787 386,036,487 Limited Partner Units Limited Partner Units outstanding at January 1, 13,858,073 13,731,315 Limited Partner restricted unit grants, net 184,301 243,063 Conversion of Limited Partner OP Units to EQR Common Shares — (41,945 ) Limited Partner Units outstanding at March 31, 14,042,374 13,932,433 Limited Partner Units Ownership Interest in Operating Partnership 3.6 % 3.6 % The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of restricted units, are collectively referred to as the “Noncontrolling Interests – Operating Partnership” and “Limited Partners Capital,” respectively, for the Company and the Operating Partnership. Subject to certain exceptions (including the “book-up” requirements of restricted units), the Noncontrolling Interests – Operating Partnership/Limited Partners Capital may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital (including redeemable interests) is allocated based on the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total plus the total number of Common Shares/General Partner Units. Net income is allocated to the Noncontrolling Interests – Operating Partnership/Limited Partners Capital based on the weighted average ownership percentage during the period. The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Noncontrolling Interests – Operating Partnership/Limited Partners Capital requesting an exchange of their Noncontrolling Interests – Operating Partnership/Limited Partners Capital with EQR. Once the Operating Partnership elects not to redeem the Noncontrolling Interests – Operating Partnership/Limited Partners Capital for cash, EQR is obligated to deliver Common Shares to the exchanging holder of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital. The Noncontrolling Interests – Operating Partnership/Limited Partners Capital are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Noncontrolling Interests – Operating Partnership/Limited Partners Capital are differentiated and referred to as “Redeemable Noncontrolling Interests – Operating Partnership” and “Redeemable Limited Partners,” respectively. Instruments that require settlement in registered shares cannot be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital that are classified in permanent equity at March 31, 2021 and December 31, 2020. The carrying value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is allocated based on the number of Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total. Such percentage of the total carrying value of Units/Limited Partner Units which is ascribed to the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is then adjusted to the greater of carrying value or fair market value as described above. As of March 31, 2021 and 2020, the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners have a redemption value of approximately The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners for the quarters ended March 31, 2021 and 2020, respectively (amounts in 2021 2020 Balance at January 1, $ 338,951 $ 463,400 Change in market value 72,956 (111,449 ) Change in carrying value (2,384 ) 1,391 Balance at March 31, $ 409,523 $ 353,342 Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings and proceeds from exercise of options for Common Shares are contributed by EQR to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the Preferred Shares issued in the equity offering). As a result, the net proceeds from Common Shares and Preferred Shares are allocated for the Company between shareholders’ equity and Noncontrolling Interests – Operating Partnership and for the Operating Partnership between General Partner’s Capital and Limited Partners Capital to account for the change in their respective percentage ownership of the underlying equity. The 100,000,000 The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as March 31, 2021 and December 31, 2020 Amounts in thousands Annual Call Dividend Per March 31, December 31, Date (1) Share/Unit (2) 2021 2020 Preferred Shares/Preference Units of beneficial interest, $0.01 par value; 100,000,000 shares authorized: 8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share/unit; 745,600 shares/units issued and outstanding as of March 31, 2021 and December 31, 2020 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares/Preference Units are payable quarterly. Other EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC in June 2019 and expires in June 2022. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis). The Company has an At-The-Market (“ATM”) share offering program which allows EQR to sell Common Shares from time to time into the existing trading market at current market prices as well as through negotiated transactions. In June 2019, the Company extended the program maturity to June 2022. In connection with the extension, the Company may now also sell Common Shares under forward sale agreements. The use of a forward sale agreement would allow the Company to lock in a price on the sale of Common Shares at the time the agreement is executed, but defer receiving the proceeds from the sale until a later date. EQR has the authority to issue 13.0 million shares but has not issued any shares under this program since September 2012. The Company may repurchase up to 13.0 million Common Shares under its share repurchase program. No open market repurchases have occurred since 2008, and no repurchases of any kind have occurred since February 2014. As of March 31, 2021

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Real Estate	4. Real Estate The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of March 31, 2021 and December 31, 2020 (amounts in thousands): March 31, 2021 December 31, 2020 Land $ 5,785,367 $ 5,785,367 Depreciable property: Buildings and improvements 18,476,711 18,464,484 Furniture, fixtures and equipment 1,989,219 1,970,033 In-Place lease intangibles 486,137 486,137 Projects under development: Land 23,531 23,531 Construction-in-progress 452,479 387,603 Land held for development: Land 46,160 46,160 Construction-in-progress 42,200 40,010 Investment in real estate 27,301,804 27,203,325 Accumulated depreciation (8,059,619 ) (7,859,657 ) Investment in real estate, net $ 19,242,185 $ 19,343,668 The Company did not acquire or sell any assets during the first quarter of 2021.

Commitments to Acquire_Dispose

Commitments to Acquire/Dispose of Real Estate	3 Months Ended
	Mar. 31, 2021
Commitments To Acquire Dispose Of Real Estate [Abstract]
Commitments to Acquire/Dispose of Real Estate	5. Commitments to Acquire/Dispose of Real The Company has entered into an agreement to acquire the following (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties - Consolidated 1 280 $ 95,200 Total 1 280 $ 95,200 The Company has entered into separate agreements to dispose of the following (sales price and net book value in thousands): Properties Apartment Units Sales Price Net Book Value at March 31, 2021 Rental Properties - Consolidated 2 340 $ 240,000 $ 139,411 Total 2 340 $ 240,000 $ 139,411 The closing of pending transactions is subject to certain conditions and restrictions; therefore, there can be no assurance that the transactions will be consummated or that the final terms will not differ in material respects from any agreements summarized above. See Note 14 for discussion of the properties acquired or disposed of, if any, subsequent to March 31, 2021.

Investments in Partially Owned

Investments in Partially Owned Entities	3 Months Ended
	Mar. 31, 2021
Investments In Partially Owned Entities [Abstract]
Investments in Partially Owned Entities	6. Investments in Partially Owned The Consolidated Variable Interest Entities (“VIEs”) In accordance with accounting standards for consolidation of VIEs , the As the sole general partner of ERPOP, EQR has exclusive control of ERPOP’s day-to-day management. The limited partners are not able to exercise substantive kick-out or participating rights. As a result, ERPOP qualifies as a VIE. EQR has a controlling financial interest in ERPOP and, thus, is ERPOP’s primary beneficiary. EQR has the power to direct the activities of ERPOP that most significantly impact ERPOP’s economic performance as well as the obligation to absorb losses or the right to receive benefits from ERPOP that could potentially be significant to ERPOP. The Company has various equity interests in certain joint ventures owning 16 properties containing 3,399 apartment units. The Company is the general partner or managing member of these joint ventures and is responsible for managing the operations and affairs of the joint ventures as well as making all decisions regarding the businesses of the joint ventures. The limited partners or non-managing members are not able to exercise substantive kick-out or participating rights. As a result, the joint ventures qualify as VIEs. The Company has a controlling financial interest in the VIEs and, thus, is the VIEs’ primary beneficiary. The Company has both the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. As a result , the joint ventures are required to be consolidated on the Company’s financial statements. The Company also has two separate consolidated joint ventures which each own land parcels that are being/will be developed into multifamily rental properties. These joint ventures have been deemed to be VIEs and are consolidated due to the Company being the primary beneficiary. The consolidated assets and liabilities related to the VIEs discussed above were approximately $780.9 million and $237.8 million, respectively, at March 31, 2021 and approximately $784.1 million and $224.0 million, respectively, at December 31, 2020. Investments in Unconsolidated Entities The following table and information summarizes the Company’s investments in unconsolidated entities, which are accounted for under the equity method of accounting as the requirements for consolidation are not met, as of March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Ownership Percentage Investments in Unconsolidated Entities: Operating Property (VIE) (1) $ 37,731 $ 38,288 33.3% Real Estate Technology (2) 16,036 14,866 Varies Other (493 ) (372 ) Varies Investments in Unconsolidated Entities $ 53,274 $ 52,782 (1) Represents an unconsolidated interest in an entity that owns the land underlying one of the consolidated joint venture properties noted above and owns and operates a related parking facility. The joint venture, as a limited partner, does not have substantive kick-out or participating rights in the entity. As a result, the entity qualifies as a VIE. The joint venture does not have a controlling financial interest in the VIE and is not the VIE’s primary beneficiary. The joint venture does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance or the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result, the entity that owns the land and owns and operates the parking facility is unconsolidated and recorded using the equity method of accounting. (2) Represents unconsolidated investments in five separate real estate technology funds/companies.

Restricted Deposits

Restricted Deposits	3 Months Ended
	Mar. 31, 2021
Deposits Restricted [Abstract]
Restricted Deposits	7. Restricted Deposits The following table presents the Company’s restricted deposits as of March 31, 2021 and December 31, 2020 (amounts in thousands): March 31, 2021 December 31, 2020 Mortgage escrow deposits: Replacement reserves $ 10,182 $ 9,877 Mortgage principal reserves/sinking funds 15,360 14,168 Mortgage escrow deposits 25,542 24,045 Restricted cash: Earnest money on pending acquisitions 3,500 — Restricted deposits on real estate investments 302 307 Resident security and utility deposits 31,675 31,412 Other 1,364 1,373 Restricted cash 36,841 33,092 Restricted deposits $ 62,383 $ 57,137

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	8 . Leases Lessor Accounting The Company is the lessor for its residential and non-residential leases and these leases will continue to be accounted for as operating leases under the lease standard. For both the quarters ended March 31, 2021 and 2020, approximately 97% of the Company’s total lease revenue is generated from residential apartment leases that are generally twelve months or less in length. The residential apartment leases may include lease income related to such items as utility recoveries, parking, storage and pet rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. The collection of lease payments at lease commencement is probable and therefore the Company subsequently recognizes lease income over the lease term on a straight-line basis. Residential leases are renewable upon consent of both parties on an annual or monthly basis. For both the quarters ended March 31, 2021 and 2020, approximately 3% of the Company’s total lease revenue is generated by non-residential leases that are generally for terms ranging between five to ten years. The non-residential leases generally consist of ground floor retail spaces and master-leased parking garages that serve as additional amenities for our residents. The non-residential leases may include lease income related to such items as utility recoveries, parking rent and storage rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. The collection of lease payments at lease commencement is probable and therefore the Company subsequently recognizes lease income over the lease term on a straight-line basis. Non-residential leases are renewable with market-based renewal options. The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the quarters ended March 31, 2021 and 2020 (amounts in thousands): Quarter Ended March 31, 2021 Quarter Ended March 31, 2020 Income Type Residential Leases Non-Residential Leases Total Residential Leases Non-Residential Leases Total Residential and non-residential rent $ 539,655 $ 15,839 $ 555,494 $ 612,480 $ 18,094 $ 630,574 Utility recoveries (RUBS income) (1) 17,954 178 18,132 17,418 228 17,646 Parking rent 9,734 267 10,001 9,833 97 9,930 Other lease revenue (2) (10,262 ) 609 (9,653 ) (213 ) (280 ) (493 ) Total lease revenue $ 557,081 $ 16,893 573,974 $ 639,518 $ 18,139 657,657 Parking revenue 5,433 6,783 Other revenue 18,195 17,865 Total other rental income (3) 23,628 24,648 Rental income $ 597,602 $ 682,305 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other lease revenue consists of the revenue adjustment related to bad debt and other miscellaneous lease revenue. (3) Other rental income is accounted for under the revenue recognition standard. The economic impact of the pandemic on a subset of our residents and tenants has led to elevated levels of bad debt. We continue to work with our residents and tenants on payment plans and collections and our bad debt allowance policies remain consistent. The following table presents residential and non-residential accounts receivable and straight-line receivable balances for the Company’s properties as of March 31, 2021 and December 31, 2020 (amounts in thousands): Residential Non-Residential Balance Sheet (Other assets): March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Resident/tenant accounts receivable balances $ 37,248 $ 30,856 $ 6,847 $ 7,598 Allowance for doubtful accounts (31,799 ) (24,021 ) (5,724 ) (6,527 ) Net receivable balances $ 5,449 (1) $ 6,835 $ 1,123 $ 1,071 Straight-line receivable balances $ 25,360 $ 19,992 $ 13,409 $ 13,413 (1) The Company held residential security deposits approximating 35.4% of the net receivable balance at March 31, 2021 The following table presents residential bad debt for the Company’s properties for the quarters ended March 31, 2021 and 2020 (amounts in thousands): Quarter Ended March 31, Income Statement (Rental income): 2021 2020 Bad debt, net $ 13,693 $ 3,784 % of rental income 2.4 % 0.6 %

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	9 . Debt EQR Mortgage Notes Payable The following table summarizes the Company’s mortgage notes payable activity for the quarter ended March 31, 2021 (amounts in thousands): Mortgage notes payable, net as of December 31, 2020 Proceeds Lump sum payoffs Scheduled principal repayments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Mortgage notes payable, net as of March 31, 2021 Fixed Rate Debt: Secured – Conventional $ 1,901,091 $ 28,500 (2) $ (28,200 ) $ (1,871 ) $ 378 $ 19 $ 1,899,917 Floating Rate Debt: Secured – Conventional 31,494 8,992 — — — 60 40,546 Secured – Tax Exempt 361,305 — (31,680 ) — 306 306 330,237 Floating Rate Debt 392,799 8,992 (31,680 ) — 306 366 370,783 Total $ 2,293,890 $ 37,492 $ (59,880 ) $ (1,871 ) $ 684 $ 385 $ 2,270,700 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) Obtained 3.58% fixed rate mortgage debt maturing on March 1, 2031. The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2021: March 31, 2021 Interest Rate Ranges 0.05% - 4.21% Weighted Average Interest Rate 3.18% Maturity Date Ranges 2022-2061 As of March 31, 2021, the Company had $250.0 million of secured debt (primarily tax-exempt bonds) subject to third party credit enhancement. Notes The following table summarizes the Company’s notes activity for the quarter ended March 31, 2021 (amounts in thousands): Notes, net as of December 31, 2020 Proceeds Lump sum payoffs Realized/unrealized (gain) loss on derivative instruments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Notes, net as of March 31, 2021 Fixed Rate Debt: Unsecured – Public $ 5,335,536 $ — $ — $ — $ 610 $ 957 $ 5,337,103 (1) Represents amortization of deferred financing costs, net of debt financing costs. The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2021: March 31, 2021 Interest Rate Ranges 2.50% - 7.57% Weighted Average Interest Rate 3.77% Maturity Date Ranges 2023-2047 The Company’s unsecured public notes contain certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for the quarter ended March 31, 2021. Line of Credit and Commercial Paper On November 1, 2019, the Company replaced its existing $2.0 billion facility with a $2.5 billion unsecured revolving credit facility maturing November 1, 2024. The Company has the ability to increase available borrowings by an additional $750.0 million by adding lenders to the facility, obtaining the agreement of existing lenders to increase their commitments or incurring one or more term loans. The interest rate on advances under the facility will generally be LIBOR plus a spread (currently 0.775%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 0.125%). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating. The Company did not borrow any amounts under its revolving credit facility during the quarter ended March 31, 2021. On November 4, 2019, the Company increased the maximum aggregate amount outstanding for its commercial paper program from $500.0 million to $1.0 billion. The notes will be sold under customary terms in the United States commercial paper note market subject to market conditions and will rank pari passu with all of the Company’s other unsecured senior indebtedness. The notes bear interest at various floating rates with a weighted average interest rate of 0.30% for the quarter ended March 31, 2021 and a weighted average maturity of 69 days as of March 31, 2021. The weighted average amount outstanding for the quarter ended March 31, 2021 was approximately $457.3 million. The Company limits its utilization of the revolving credit facility in order to maintain liquidity to support its $1.0 billion commercial paper program along with certain other obligations. The following table presents the availability on the Company’s unsecured revolving credit facility as of March 31, 2021 (amounts in thousands): March 31, 2021 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding (430,000 ) Unsecured revolving credit facility balance outstanding — Other restricted amounts (100,699 ) Unsecured revolving credit facility availability $ 1,969,301 Other The following table summarizes the Company’s total debt extinguishment costs recorded as additional interest expense during the quarter ended March 31, 2021 March 31, 2021 Write-offs of unamortized deferred financing costs $ 264

Derivative and Other Fair Value

Derivative and Other Fair Value Instruments	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Derivative and Other Fair Value Instruments	10 . Derivative and Other Fair Value The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third-party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company may seek to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business. A • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value The Company’s derivative positions are valued using models developed by the respective counterparty as well as models applied internally by the Company that use as their inputs readily observable market parameters (such as forward yield curves and credit default swap data). The following table summarizes the inputs to the valuations for each type of fair value measurement: Fair Value Measurement Type Valuation Inputs Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”) Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Quoted market price of Common Shares. Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable) Indicative rates provided by lenders of similar loans. Public unsecured notes Quoted market prices for each underlying issuance. The fair values of the Company’s financial instruments (other than mortgage notes payable, unsecured notes, commercial paper, line of credit and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract value. The March 31, 2021 December 31, 2020 Carrying Value Estimated Fair Value (Level 2) Carrying Value Estimated Fair Value (Level 2) Mortgage notes payable, net $ 2,270,700 $ 2,271,926 $ 2,293,890 $ 2,313,263 Unsecured debt, net 5,766,856 6,313,039 5,750,366 6,686,612 Total debt, net $ 8,037,556 $ 8,584,965 $ 8,044,256 $ 8,999,875 The Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 3/31/2021 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Supplemental Executive Retirement Plan Other Assets $ 154,846 $ 154,846 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 154,846 $ 154,846 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 409,523 $ — $ 409,523 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2020 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Supplemental Executive Retirement Plan Other Assets $ 160,293 $ 160,293 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 160,293 $ 160,293 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 338,951 $ — $ 338,951 $ — The Effective Portion March 31, 2021 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ — Interest expense $ (2,303 ) Total $ — $ (2,303 ) Effective Portion March 31, 2020 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (967 ) Interest expense $ (5,634 ) Total $ (967 ) $ (5,634 ) As

Earnings Per Share and Earnings

Earnings Per Share and Earnings Per Unit	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share And Earnings Per Unit	1 1 . Earnings Per Share and Earnings Per Equity Residential The Quarter Ended March 31, 2021 2020 Numerator for net income per share – basic: Net income $ 60,364 $ 332,671 Allocation to Noncontrolling Interests – Operating Partnership (2,143 ) (11,535 ) Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (682 ) (12,530 ) Preferred distributions (773 ) (773 ) Numerator for net income per share – basic $ 56,766 $ 307,833 Numerator for net income per share – diluted: Net income $ 60,364 $ 332,671 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (682 ) (12,530 ) Preferred distributions (773 ) (773 ) Numerator for net income per share – diluted $ 58,909 $ 319,368 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 372,280 371,582 Effect of dilutive securities: OP Units 13,050 13,004 Long-term compensation shares/units 1,586 2,363 Denominator for net income per share – diluted 386,916 386,949 Net income per share – basic $ 0.15 $ 0.83 Net income per share – diluted $ 0.15 $ 0.83 ERP Operating Limited Partnership The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): Quarter Ended March 31, 2021 2020 Numerator for net income per Unit – basic and diluted: Net income $ 60,364 $ 332,671 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (682 ) (12,530 ) Allocation to Preference Units (773 ) (773 ) Numerator for net income per Unit – basic and diluted $ 58,909 $ 319,368 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 385,330 384,586 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units 1,586 2,363 Denominator for net income per Unit – diluted 386,916 386,949 Net income per Unit – basic $ 0.15 $ 0.83 Net income per Unit – diluted $ 0.15 $ 0.83

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 2 . The Company, as an owner of real estate, is subject to various Federal, state and local laws, including, but not limited to, rent regulations and environmental laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations, whether related to COVID-19 or otherwise, on its current properties or on properties that it may acquire in the future. The Company does not believe there is any litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company. As of March 31, 2021, the Company has two wholly owned projects and one partially owned project totaling 824 apartment units in various stages of development with remaining commitments to fund of approximately $126.8 million (inclusive of applicable construction mortgage and joint venture partner obligations) and estimated completion dates ranging through December 31, 2021. As of March 31, 2021, the Company has two joint venture agreements with third-party partners for the consolidated development of multifamily rental properties, one of which is currently under construction as noted above. The development commitment to fund the project under construction is included in the development funding totals above. The joint venture agreements with each partner include a buy-sell provision that provides the right, but not the obligation, for the Company to acquire each respective partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events described in the joint venture agreements. See Note 6 for additional discussion.

Reportable Segments

Reportable Segments	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Reportable Segments	1 3 . Reportable Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company’s operating performance geographically by market and both on a same store and non-same store basis. While the Company does maintain a non-residential presence, it accounts for approximately 3.8% of total revenues for the quarter ended March 31, 2021 and is designed as an amenity for our residential residents. The chief operating decision maker evaluates the performance of each property on a consolidated residential and non-residential basis. The Company’s geographic consolidated same store operating segments represent its reportable segments. The Company’s development activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the “Other” category in the tables presented below. All The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents The Quarter Ended March 31, 2021 2020 Rental income $ 597,602 $ 682,305 Property and maintenance expense (117,054 ) (115,816 ) Real estate taxes and insurance expense (103,470 ) (97,732 ) Total operating expenses (220,524 ) (213,548 ) Net operating income $ 377,078 $ 468,757 The following tables present NOI for each segment from our rental real estate for the quarters ended March 31, 2021 and 2020, respectively, as well as total assets and capital expenditures at March 31, 2021 (amounts in thousands): Quarter Ended March 31, 2021 Quarter Ended March 31, 2020 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 116,345 $ 39,201 $ 77,144 $ 126,495 $ 38,837 $ 87,658 Orange County 25,841 6,336 19,505 26,695 6,172 20,523 San Diego 18,740 4,639 14,101 18,777 4,585 14,192 Subtotal - Southern California 160,926 50,176 110,750 171,967 49,594 122,373 San Francisco 105,332 33,275 72,057 125,102 31,796 93,306 Washington D.C. 99,117 33,321 65,796 104,718 32,103 72,615 New York 99,754 53,076 46,678 118,025 50,909 67,116 Seattle 61,709 19,799 41,910 68,869 18,683 50,186 Boston 56,606 19,374 37,232 63,683 18,327 45,356 Denver 9,344 3,031 6,313 9,657 2,789 6,868 Total same store 592,788 212,052 380,736 662,021 204,201 457,820 Non-same store/other (2) (3) Non-same store 4,660 1,445 3,215 4,163 1,246 2,917 Other (3) 154 7,027 (6,873 ) 16,121 8,101 8,020 Total non-same store/other 4,814 8,472 (3,658 ) 20,284 9,347 10,937 Totals $ 597,602 $ 220,524 $ 377,078 $ 682,305 $ 213,548 $ 468,757 (1) For the quarters ended March 31, 2021 and 2020, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2020, less properties subsequently sold, which represented 77,060 apartment (2) For the quarters ended March 31, 2021 and 2020, non-same store primarily includes properties acquired after January 1, 2020, plus any properties in lease-up and not stabilized as of January 1, (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Quarter Ended March 31, 2021 Total Assets Capital Expenditures Same store (1) Los Angeles $ 3,220,144 $ 4,666 Orange County 384,585 1,056 San Diego 240,071 679 Subtotal - Southern California 3,844,800 6,401 San Francisco 3,472,556 3,936 Washington D.C. 3,323,572 6,325 New York 3,971,142 5,993 Seattle 2,010,532 2,139 Boston 1,742,381 3,469 Denver 507,264 355 Total same store 18,872,247 28,618 Non-same store/other (2) (3) Non-same store 297,717 62 Other (3) 999,051 (1 ) Total non-same store/other 1,296,768 61 Totals $ 20,169,015 $ 28,679 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2020, less properties subsequently sold, which represented 77,060 apartment (2) Non-same store primarily includes propertie s acquired after January 1, 20 20 , plus any properties in lease-up and not stabilized as of January 1, 20 20 . (3) Other includes development, other corporate operations and capital expenditures for properties

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	1 4 . Subsequent Subsequent to March 31, 2021, the Company: • Sold two properties consisting of 333 apartment units for $123.8 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Summary Of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Operating results for the quarter ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates . In response to the COVID-19 pandemic, management evaluated whether its estimates , such as lease collectibility (discuss ed below in Recently Adopted Accounting Pronouncements ) and impairment, require d revised approaches and generally concluded that no revisions were necessary at this time . The balance sheets at December 31, 2020 have been derived from the audited financial statements at that date but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. For further information, including definitions of capitalized terms not defined herein, refer to the consolidated financial statements and footnotes thereto included in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020.
Income and Other Taxes	Income and Other Taxes EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act was enacted to provide economic relief to companies and individuals in response to the COVID-19 pandemic. Included in the CARES Act were tax provisions which increased allowable interest expense deductions for 2019 and 2020 and increased the ability for taxpayers to use net operating losses. These provisions did not result in a material impact to the Company’s taxable income or tax liabilities.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued an amendment to the debt and equity financial instruments standards which simplifies the accounting for convertible instruments and accounting for contracts in an entity’s own equity. Instead of being required to assess whether an equity contract permits settlement in unregistered shares, which may require a legal analysis under the securities laws, entities will only analyze whether cash settlements are explicitly required when registered shares are unavailable. As a result, such contracts may be classified in permanent rather than mezzanine equity, which may affect the way the Company’s OP Units are presented on its financial statements. The update is effective for the Company beginning on January 1, 2022 as the Company did not early adopt the standard as allowed on January 1, 2021. The Company is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position. In March 2020, the FASB issued an amendment to the reference rate reform standard which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. An example of such reform is the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. Entities that make this optional expedient election would not have to remeasure the contracts at the modification date or reassess the accounting treatment if certain criteria are met and would continue applying hedge accounting for relationships affected by reference rate reform. The new standard was effective for the Company upon issuance and elections can be made through December 31, 2022. The Company is currently evaluating its options with regards to existing contracts and hedging relationships and the impact of adopting this update on its consolidated results of operations and financial position. Recently Adopted Accounting Pronouncements In April 2020, a FASB staff question and answer document was issued which intended to reduce the challenges of evaluating the enforceable rights and obligations of leases for concessions granted to lessees in response to the COVID-19 pandemic. We elected not to evaluate whether qualifying concessions provided by the Company in response to the COVID-19 pandemic are a lease modification, subject to the criteria that the total payments under the amended lease cannot result in a substantial increase in the rights of the lessor or obligations of the lessee . We also elected to treat the concessions as though they were contemplated as part of the existing contracts and therefore will not apply lease modification rules to the qualifying lease concession amendments. As such, deferrals deemed collectible are recorded as rental receivables with no change to timing of rental revenues and deferrals deemed non-collectible and abatements reduce rental revenues in the deferral/abatement period and cause rental revenues to effectively follow a cash basis related to the changes. The accounting elections provided by the FASB mainly apply to the Company’s non-residential leases and the majority of the amendments will not require a straight-line adjustment. See Note 8 for additional discussion. In June 2016, the FASB issued a standard which requires companies to adopt a new approach for estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans. The standard requires entities to estimate a lifetime expected credit loss for most financial instruments, including trade receivables. In November 2018, the FASB issued an amendment excluding operating lease receivables accounted for under the lease standard from the scope of the credit losses standard. The Company adopted this standard as required effective January 1, 2020 and it did not have a material effect on its consolidated results of operations and financial position.

Business (Tables)

Business (Tables)	3 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Ownership Breakdown	The ownership breakdown includes (table does not include various uncompleted development properties): Properties Apartment Units Wholly Owned Properties 287 74,328 Master-Leased Property – Consolidated 1 162 Partially Owned Properties – Consolidated 16 3,399 304 77,889

Equity, Capital and Other Int_2

Equity, Capital and Other Interests (Tables)	3 Months Ended
	Mar. 31, 2021
Class Of Stock [Line Items]
Changes in Issued and Outstanding Common Shares and Units	The following table presents the changes in the Company’s issued and outstanding Common Shares and Units for the quarters ended March 31, 2021 and 2020: 2021 2020 Common Shares Common Shares outstanding at January 1, 372,302,000 371,670,884 Common Shares Issued: Conversion of OP Units — 41,945 Exercise of share options 506,342 214,521 Employee Share Purchase Plan (ESPP) 32,572 13,606 Restricted share grants, net 76,499 163,098 Common Shares outstanding at March 31, 372,917,413 372,104,054 Units Units outstanding at January 1, 13,858,073 13,731,315 Restricted unit grants, net 184,301 243,063 Conversion of OP Units to Common Shares — (41,945 ) Units outstanding at March 31, 14,042,374 13,932,433 Total Common Shares and Units outstanding at March 31, 386,959,787 386,036,487 Units Ownership Interest in Operating Partnership 3.6 % 3.6 %
Changes in Redemption Value of Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners for the quarters ended March 31, 2021 and 2020, respectively (amounts in 2021 2020 Balance at January 1, $ 338,951 $ 463,400 Change in market value 72,956 (111,449 ) Change in carrying value (2,384 ) 1,391 Balance at March 31, $ 409,523 $ 353,342
Issued and Outstanding Preferred Shares and Preference Units	The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as March 31, 2021 and December 31, 2020 Amounts in thousands Annual Call Dividend Per March 31, December 31, Date (1) Share/Unit (2) 2021 2020 Preferred Shares/Preference Units of beneficial interest, $0.01 par value; 100,000,000 shares authorized: 8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share/unit; 745,600 shares/units issued and outstanding as of March 31, 2021 and December 31, 2020 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares/Preference Units are payable quarterly.
ERPOP [Member]
Class Of Stock [Line Items]
Changes in Issued and Outstanding Common Shares and Units	The following table presents the changes in the Operating Partnership’s issued and outstanding General Partner Units and Limited Partner Units for the quarters ended March 31, 2021 and 2020: 2021 2020 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 386,160,073 385,402,199 Issued to General Partner: Exercise of EQR share options 506,342 214,521 EQR’s Employee Share Purchase Plan (ESPP) 32,572 13,606 EQR’s restricted share grants, net 76,499 163,098 Issued to Limited Partners: Restricted unit grants, net 184,301 243,063 General and Limited Partner Units outstanding at March 31, 386,959,787 386,036,487 Limited Partner Units Limited Partner Units outstanding at January 1, 13,858,073 13,731,315 Limited Partner restricted unit grants, net 184,301 243,063 Conversion of Limited Partner OP Units to EQR Common Shares — (41,945 ) Limited Partner Units outstanding at March 31, 14,042,374 13,932,433 Limited Partner Units Ownership Interest in Operating Partnership 3.6 % 3.6 %

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Summary of Carrying Amounts of Investment in Real Estate	The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of March 31, 2021 and December 31, 2020 (amounts in thousands): March 31, 2021 December 31, 2020 Land $ 5,785,367 $ 5,785,367 Depreciable property: Buildings and improvements 18,476,711 18,464,484 Furniture, fixtures and equipment 1,989,219 1,970,033 In-Place lease intangibles 486,137 486,137 Projects under development: Land 23,531 23,531 Construction-in-progress 452,479 387,603 Land held for development: Land 46,160 46,160 Construction-in-progress 42,200 40,010 Investment in real estate 27,301,804 27,203,325 Accumulated depreciation (8,059,619 ) (7,859,657 ) Investment in real estate, net $ 19,242,185 $ 19,343,668

Commitments to Acquire_Dispos_2

Commitments to Acquire/Dispose of Real Estate (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments To Acquire Dispose Of Real Estate [Abstract]
Acquired Properties From Unaffiliated Parties	The Company has entered into an agreement to acquire the following (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties - Consolidated 1 280 $ 95,200 Total 1 280 $ 95,200
Agreements to Dispose	The Company has entered into separate agreements to dispose of the following (sales price and net book value in thousands): Properties Apartment Units Sales Price Net Book Value at March 31, 2021 Rental Properties - Consolidated 2 340 $ 240,000 $ 139,411 Total 2 340 $ 240,000 $ 139,411

Investments in Partially Owne_2

Investments in Partially Owned Entities (Tables)	3 Months Ended
	Mar. 31, 2021
Investments In Partially Owned Entities [Abstract]
Summary of Company's Investment in Unconsolidated Entities	The following table and information summarizes the Company’s investments in unconsolidated entities, which are accounted for under the equity method of accounting as the requirements for consolidation are not met, as of March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Ownership Percentage Investments in Unconsolidated Entities: Operating Property (VIE) (1) $ 37,731 $ 38,288 33.3% Real Estate Technology (2) 16,036 14,866 Varies Other (493 ) (372 ) Varies Investments in Unconsolidated Entities $ 53,274 $ 52,782 (1) Represents an unconsolidated interest in an entity that owns the land underlying one of the consolidated joint venture properties noted above and owns and operates a related parking facility. The joint venture, as a limited partner, does not have substantive kick-out or participating rights in the entity. As a result, the entity qualifies as a VIE. The joint venture does not have a controlling financial interest in the VIE and is not the VIE’s primary beneficiary. The joint venture does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance or the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result, the entity that owns the land and owns and operates the parking facility is unconsolidated and recorded using the equity method of accounting. (2) Represents unconsolidated investments in five separate real estate technology funds/companies.

Restricted Deposits (Tables)

Restricted Deposits (Tables)	3 Months Ended
	Mar. 31, 2021
Deposits Restricted [Abstract]
Restricted Deposits	The following table presents the Company’s restricted deposits as of March 31, 2021 and December 31, 2020 (amounts in thousands): March 31, 2021 December 31, 2020 Mortgage escrow deposits: Replacement reserves $ 10,182 $ 9,877 Mortgage principal reserves/sinking funds 15,360 14,168 Mortgage escrow deposits 25,542 24,045 Restricted cash: Earnest money on pending acquisitions 3,500 — Restricted deposits on real estate investments 302 307 Resident security and utility deposits 31,675 31,412 Other 1,364 1,373 Restricted cash 36,841 33,092 Restricted deposits $ 62,383 $ 57,137

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Summary of Lease Income Types Relating to Lease Payments Along With the Total Other Rental Income	The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the quarters ended March 31, 2021 and 2020 (amounts in thousands): Quarter Ended March 31, 2021 Quarter Ended March 31, 2020 Income Type Residential Leases Non-Residential Leases Total Residential Leases Non-Residential Leases Total Residential and non-residential rent $ 539,655 $ 15,839 $ 555,494 $ 612,480 $ 18,094 $ 630,574 Utility recoveries (RUBS income) (1) 17,954 178 18,132 17,418 228 17,646 Parking rent 9,734 267 10,001 9,833 97 9,930 Other lease revenue (2) (10,262 ) 609 (9,653 ) (213 ) (280 ) (493 ) Total lease revenue $ 557,081 $ 16,893 573,974 $ 639,518 $ 18,139 657,657 Parking revenue 5,433 6,783 Other revenue 18,195 17,865 Total other rental income (3) 23,628 24,648 Rental income $ 597,602 $ 682,305 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other lease revenue consists of the revenue adjustment related to bad debt and other miscellaneous lease revenue. (3) Other rental income is accounted for under the revenue recognition standard.
Summary of Residential and Non-Residential Accounts Receivable and Straight-Line Receivable Balances	The economic impact of the pandemic on a subset of our residents and tenants has led to elevated levels of bad debt. We continue to work with our residents and tenants on payment plans and collections and our bad debt allowance policies remain consistent. The following table presents residential and non-residential accounts receivable and straight-line receivable balances for the Company’s properties as of March 31, 2021 and December 31, 2020 (amounts in thousands): Residential Non-Residential Balance Sheet (Other assets): March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Resident/tenant accounts receivable balances $ 37,248 $ 30,856 $ 6,847 $ 7,598 Allowance for doubtful accounts (31,799 ) (24,021 ) (5,724 ) (6,527 ) Net receivable balances $ 5,449 (1) $ 6,835 $ 1,123 $ 1,071 Straight-line receivable balances $ 25,360 $ 19,992 $ 13,409 $ 13,413 (1) The Company held residential security deposits approximating 35.4% of the net receivable balance at March 31, 2021
Summary of Residential Bad Debt for Company's Properties	The following table presents residential bad debt for the Company’s properties for the quarters ended March 31, 2021 and 2020 (amounts in thousands): Quarter Ended March 31, Income Statement (Rental income): 2021 2020 Bad debt, net $ 13,693 $ 3,784 % of rental income 2.4 % 0.6 %

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Instrument [Line Items]
Summary of Mortgage Notes Payable Activity	The following table summarizes the Company’s mortgage notes payable activity for the quarter ended March 31, 2021 (amounts in thousands): Mortgage notes payable, net as of December 31, 2020 Proceeds Lump sum payoffs Scheduled principal repayments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Mortgage notes payable, net as of March 31, 2021 Fixed Rate Debt: Secured – Conventional $ 1,901,091 $ 28,500 (2) $ (28,200 ) $ (1,871 ) $ 378 $ 19 $ 1,899,917 Floating Rate Debt: Secured – Conventional 31,494 8,992 — — — 60 40,546 Secured – Tax Exempt 361,305 — (31,680 ) — 306 306 330,237 Floating Rate Debt 392,799 8,992 (31,680 ) — 306 366 370,783 Total $ 2,293,890 $ 37,492 $ (59,880 ) $ (1,871 ) $ 684 $ 385 $ 2,270,700 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) Obtained 3.58% fixed rate mortgage debt maturing on March 1, 2031.
Summary of Notes Activity	The following table summarizes the Company’s notes activity for the quarter ended March 31, 2021 (amounts in thousands): Notes, net as of December 31, 2020 Proceeds Lump sum payoffs Realized/unrealized (gain) loss on derivative instruments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Notes, net as of March 31, 2021 Fixed Rate Debt: Unsecured – Public $ 5,335,536 $ — $ — $ — $ 610 $ 957 $ 5,337,103 (1) Represents amortization of deferred financing costs, net of debt financing costs.
Schedule of Unsecured Revolving Credit Facility	The following table presents the availability on the Company’s unsecured revolving credit facility as of March 31, 2021 (amounts in thousands): March 31, 2021 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding (430,000 ) Unsecured revolving credit facility balance outstanding — Other restricted amounts (100,699 ) Unsecured revolving credit facility availability $ 1,969,301
Schedule of Debt Extinguishment Costs Recorded as Additional Interest Expense	The following table summarizes the Company’s total debt extinguishment costs recorded as additional interest expense during the quarter ended March 31, 2021 March 31, 2021 Write-offs of unamortized deferred financing costs $ 264
Mortgages [Member]
Debt Instrument [Line Items]
Summary of Certain Interest Rate and Maturity Date Information	The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2021: March 31, 2021 Interest Rate Ranges 0.05% - 4.21% Weighted Average Interest Rate 3.18% Maturity Date Ranges 2022-2061
Notes [Member]
Debt Instrument [Line Items]
Summary of Certain Interest Rate and Maturity Date Information	The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2021: March 31, 2021 Interest Rate Ranges 2.50% - 7.57% Weighted Average Interest Rate 3.77% Maturity Date Ranges 2023-2047

Derivative and Other Fair Val_2

Derivative and Other Fair Value Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Summary of Valuations for Each Type of Fair Value Measurement	The following table summarizes the inputs to the valuations for each type of fair value measurement: Fair Value Measurement Type Valuation Inputs Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”) Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Quoted market price of Common Shares. Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable) Indicative rates provided by lenders of similar loans. Public unsecured notes Quoted market prices for each underlying issuance.
Summary of Carrying and Fair Values of Financial Instruments	The March 31, 2021 December 31, 2020 Carrying Value Estimated Fair Value (Level 2) Carrying Value Estimated Fair Value (Level 2) Mortgage notes payable, net $ 2,270,700 $ 2,271,926 $ 2,293,890 $ 2,313,263 Unsecured debt, net 5,766,856 6,313,039 5,750,366 6,686,612 Total debt, net $ 8,037,556 $ 8,584,965 $ 8,044,256 $ 8,999,875
Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis	The Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 3/31/2021 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Supplemental Executive Retirement Plan Other Assets $ 154,846 $ 154,846 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 154,846 $ 154,846 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 409,523 $ — $ 409,523 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2020 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Supplemental Executive Retirement Plan Other Assets $ 160,293 $ 160,293 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 160,293 $ 160,293 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 338,951 $ — $ 338,951 $ —
Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income	The Effective Portion March 31, 2021 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ — Interest expense $ (2,303 ) Total $ — $ (2,303 ) Effective Portion March 31, 2020 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (967 ) Interest expense $ (5,634 ) Total $ (967 ) $ (5,634 )

Earnings Per Share and Earnin_2

Earnings Per Share and Earnings Per Unit (Tables)	3 Months Ended
	Mar. 31, 2021
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit	The Quarter Ended March 31, 2021 2020 Numerator for net income per share – basic: Net income $ 60,364 $ 332,671 Allocation to Noncontrolling Interests – Operating Partnership (2,143 ) (11,535 ) Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (682 ) (12,530 ) Preferred distributions (773 ) (773 ) Numerator for net income per share – basic $ 56,766 $ 307,833 Numerator for net income per share – diluted: Net income $ 60,364 $ 332,671 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (682 ) (12,530 ) Preferred distributions (773 ) (773 ) Numerator for net income per share – diluted $ 58,909 $ 319,368 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 372,280 371,582 Effect of dilutive securities: OP Units 13,050 13,004 Long-term compensation shares/units 1,586 2,363 Denominator for net income per share – diluted 386,916 386,949 Net income per share – basic $ 0.15 $ 0.83 Net income per share – diluted $ 0.15 $ 0.83
ERPOP [Member]
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit	The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): Quarter Ended March 31, 2021 2020 Numerator for net income per Unit – basic and diluted: Net income $ 60,364 $ 332,671 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (682 ) (12,530 ) Allocation to Preference Units (773 ) (773 ) Numerator for net income per Unit – basic and diluted $ 58,909 $ 319,368 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 385,330 384,586 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units 1,586 2,363 Denominator for net income per Unit – diluted 386,916 386,949 Net income per Unit – basic $ 0.15 $ 0.83 Net income per Unit – diluted $ 0.15 $ 0.83

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations	The Quarter Ended March 31, 2021 2020 Rental income $ 597,602 $ 682,305 Property and maintenance expense (117,054 ) (115,816 ) Real estate taxes and insurance expense (103,470 ) (97,732 ) Total operating expenses (220,524 ) (213,548 ) Net operating income $ 377,078 $ 468,757
Schedule of NOI for Each Segment from Rental Real Estate Specific to Continuing Operations	The following tables present NOI for each segment from our rental real estate for the quarters ended March 31, 2021 and 2020, respectively, as well as total assets and capital expenditures at March 31, 2021 (amounts in thousands): Quarter Ended March 31, 2021 Quarter Ended March 31, 2020 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 116,345 $ 39,201 $ 77,144 $ 126,495 $ 38,837 $ 87,658 Orange County 25,841 6,336 19,505 26,695 6,172 20,523 San Diego 18,740 4,639 14,101 18,777 4,585 14,192 Subtotal - Southern California 160,926 50,176 110,750 171,967 49,594 122,373 San Francisco 105,332 33,275 72,057 125,102 31,796 93,306 Washington D.C. 99,117 33,321 65,796 104,718 32,103 72,615 New York 99,754 53,076 46,678 118,025 50,909 67,116 Seattle 61,709 19,799 41,910 68,869 18,683 50,186 Boston 56,606 19,374 37,232 63,683 18,327 45,356 Denver 9,344 3,031 6,313 9,657 2,789 6,868 Total same store 592,788 212,052 380,736 662,021 204,201 457,820 Non-same store/other (2) (3) Non-same store 4,660 1,445 3,215 4,163 1,246 2,917 Other (3) 154 7,027 (6,873 ) 16,121 8,101 8,020 Total non-same store/other 4,814 8,472 (3,658 ) 20,284 9,347 10,937 Totals $ 597,602 $ 220,524 $ 377,078 $ 682,305 $ 213,548 $ 468,757 (1) For the quarters ended March 31, 2021 and 2020, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2020, less properties subsequently sold, which represented 77,060 apartment (2) For the quarters ended March 31, 2021 and 2020, non-same store primarily includes properties acquired after January 1, 2020, plus any properties in lease-up and not stabilized as of January 1, (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Quarter Ended March 31, 2021 Total Assets Capital Expenditures Same store (1) Los Angeles $ 3,220,144 $ 4,666 Orange County 384,585 1,056 San Diego 240,071 679 Subtotal - Southern California 3,844,800 6,401 San Francisco 3,472,556 3,936 Washington D.C. 3,323,572 6,325 New York 3,971,142 5,993 Seattle 2,010,532 2,139 Boston 1,742,381 3,469 Denver 507,264 355 Total same store 18,872,247 28,618 Non-same store/other (2) (3) Non-same store 297,717 62 Other (3) 999,051 (1 ) Total non-same store/other 1,296,768 61 Totals $ 20,169,015 $ 28,679 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2020, less properties subsequently sold, which represented 77,060 apartment (2) Non-same store primarily includes propertie s acquired after January 1, 20 20 , plus any properties in lease-up and not stabilized as of January 1, 20 20 . (3) Other includes development, other corporate operations and capital expenditures for properties

Business - Additional Informati

Business - Additional Information (Details)	Mar. 31, 2021StatePropertyApartmentUnit
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of states in which entity operates | State	9
Properties | Property	304
Apartment units | ApartmentUnit	77,889
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)	Mar. 31, 2021PropertyApartmentUnit
Property/Unit schedule
Properties | Property	304
Apartment Units | ApartmentUnit	77,889
Wholly Owned Properties
Property/Unit schedule
Properties | Property	287
Apartment Units | ApartmentUnit	74,328
Master-Leased Property Consolidated
Property/Unit schedule
Properties | Property	1
Apartment Units | ApartmentUnit	162
Partially Owned Properties – Consolidated
Property/Unit schedule
Properties | Property	16
Apartment Units | ApartmentUnit	3,399

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Provision for income tax	$ 153,000	$ 53,000
Federal [Member]
Provision for income tax	$ 0

Equity, Capital and Other Int_3

Equity, Capital and Other Interests - Changes in Company's Issued and Outstanding Common Shares and Units (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity Capital And Other Interests [Abstract]
Common Stock, Shares, Outstanding	372,302,000	371,670,884
Common Shares Issued:
Conversion of OP Units		41,945
Exercise of share options	506,342	214,521
Employee Share Purchase Plan (ESPP)	32,572	13,606
Restricted share grants, net	76,499	163,098
Common Stock, Shares, Outstanding	372,917,413	372,104,054
Units
Total Units Outstanding	13,858,073	13,731,315
Restricted unit grants, net	184,301	243,063
Conversion of OP Units to Common Shares		(41,945)
Total Units Outstanding	14,042,374	13,932,433
Common Shares And Units Outstanding	386,959,787	386,036,487
Units Ownership Interest in Operating Partnership	3.60%	3.60%

Equity, Capital and Other Int_4

Equity, Capital and Other Interests - Changes in Operating Partnership's Issued and Outstanding General Partner Units and Limited Partner Units (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
General and Limited Partner Units
Exercise of share options	506,342	214,521
Employee Share Purchase Plan (ESPP)	32,572	13,606
Restricted share grants, net	76,499	163,098
Restricted unit grants, net	184,301	243,063
Common Shares And Units Outstanding	386,959,787	386,036,487
Limited Partner Units
Total Units Outstanding	13,858,073	13,731,315
Restricted unit grants, net	184,301	243,063
Conversion of Limited Partner OP Units to EQR Common Shares		(41,945)
Total Units Outstanding	14,042,374	13,932,433
Units Ownership Interest in Operating Partnership	3.60%	3.60%
ERPOP [Member]
General and Limited Partner Units
Common Shares And Units Outstanding	386,160,073	385,402,199
Exercise of share options	506,342	214,521
Employee Share Purchase Plan (ESPP)	32,572	13,606
Restricted share grants, net	76,499	163,098
Restricted unit grants, net	184,301	243,063
Common Shares And Units Outstanding	386,959,787	386,036,487
Limited Partner Units
Total Units Outstanding	13,858,073	13,731,315
Restricted unit grants, net	184,301	243,063
Conversion of Limited Partner OP Units to EQR Common Shares		(41,945)
Total Units Outstanding	14,042,374	13,932,433
Units Ownership Interest in Operating Partnership	3.60%	3.60%

Equity, Capital and Other Int_5

Equity, Capital and Other Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Equity Capital And Other Interests [Abstract]
Redeemable noncontrolling interests - operating partnership	$ 409,523	$ 338,951	$ 353,342	$ 463,400
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, par or stated value per share	$ 0.01	$ 0.01

Equity, Capital and Other Int_6

Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Noncontrolling Interests - Operating Partnership (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity Capital And Other Interests [Abstract]
Redeemable Noncontrolling Interests - Operating Partnership Units	$ 338,951	$ 463,400
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership	72,956	(111,449)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	(2,384)	1,391
Redeemable Noncontrolling Interests - Operating Partnership Units	$ 409,523	$ 353,342

Equity, Capital and Other Int_7

Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Limited Partners Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity Capital And Other Interests [Abstract]
Redeemable Limited Partners	$ 338,951	$ 463,400
Limited Partners Change In Redemption Value	72,956	(111,449)
Limited Partners Change In Carrying Value	(2,384)	1,391
Redeemable Limited Partners	$ 409,523	$ 353,342

Equity, Capital and Other Int_8

Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Details) - ERPOP [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share; 745,600 shares issued and outstanding as of March 31, 2021 and December 31, 2020	$ 37,280	$ 37,280
Preferred Stock
Class Of Stock [Line Items]
Preferred Stocks Preference Units Call Date	Dec. 10, 2026
Annual Dividend Per Preferred Share Preference Unit	$ 4.145
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share; 745,600 shares issued and outstanding as of March 31, 2021 and December 31, 2020	$ 37,280	$ 37,280

Equity, Capital and Other Int_9

Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Parenthetical) (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock
Class Of Stock [Line Items]
Preferred Stock Preference Units Issued	745,600	745,600
Preferred Stock Preference Units Outstanding	745,600	745,600
Preferred Stock Preference Units Redemption Price Per Share	$ 50	$ 50
Preferred Stock Preference Units Dividend Rate Percentage	8.29%	8.29%

Equity, Capital and Other In_10

Equity, Capital and Other Interests - Other - Additional Information (Details)	86 Months Ended	159 Months Ended
	Mar. 31, 2021shares	Mar. 31, 2021shares
Equity Capital And Other Interests [Abstract]
Additional common shares authorized	13,000,000	13,000,000
Stock repurchase program, number of shares authorized to be repurchased	13,000,000	13,000,000
Stock open market repurchased and retired during period, shares	0	0
Stock repurchase program, remaining number of shares authorized to be repurchased	13,000,000	13,000,000

Real Estate - Summary of Carryi

Real Estate - Summary of Carrying Amounts of Investment in Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Land	$ 5,785,367	$ 5,785,367
Depreciable property:
Buildings and improvements	18,476,711	18,464,484
Furniture, fixtures and equipment	1,989,219	1,970,033
In-Place lease intangibles	486,137	486,137
Projects under development:
Projects under development	476,010	411,134
Land held for development:
Land held for development	88,360	86,170
Investment in real estate	27,301,804	27,203,325
Accumulated depreciation	(8,059,619)	(7,859,657)
Investment in real estate, net	19,242,185	19,343,668
Land [Member]
Projects under development:
Projects under development	23,531	23,531
Land held for development:
Land held for development	46,160	46,160
Construction-in-progress [Member]
Projects under development:
Projects under development	452,479	387,603
Land held for development:
Land held for development	$ 42,200	$ 40,010

Real Estate - Additional Inform

Real Estate - Additional Information (Details) - Assets [Member]	3 Months Ended
	Mar. 31, 2021USD ($)
Real estate acquired	$ 0
Real estate sold	$ 0

Commitments to Acquire_Dispos_3

Commitments to Acquire/Dispose of Real Estate - Acquired Properties From Unaffiliated Parties (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)PropertyApartmentUnit
Property/Unit schedule
Properties acquired | Property	1
Property Units acquired | ApartmentUnit	280
Purchase Price | $	$ 95,200
Rental Properties – Consolidated [Member]
Property/Unit schedule
Properties acquired | Property	1
Property Units acquired | ApartmentUnit	280
Purchase Price | $	$ 95,200

Commitments to Acquire_Dispos_4

Commitments to Acquire/Dispose of Real Estate - Separate Agreements to Dispose (Details) $ in Thousands	Mar. 31, 2021USD ($)PropertyApartmentUnit
Property/Unit schedule
Properties | Property	2
Apartment Units | ApartmentUnit	340
Sales Price	$ 240,000
Net Book Value at March 31, 2021	$ 139,411
Rental Properties – Consolidated [Member] | Wholly Owned Properties [Member]
Property/Unit schedule
Properties | Property	2
Apartment Units | ApartmentUnit	340
Sales Price	$ 240,000
Net Book Value at March 31, 2021	$ 139,411

Investments in Partially Owne_3

Investments in Partially Owned Entities - Consolidated Variable Interest Entities ("VIEs") - Additional Information (Details) $ in Thousands	Mar. 31, 2021USD ($)PropertyApartmentUnit	Dec. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Properties | Property	304
Apartment units | ApartmentUnit	77,889
Total assets	$ 20,169,015	$ 20,286,891
Total liabilities	$ 9,207,251	9,184,454
Consolidated VIE [Member]
Variable Interest Entity [Line Items]
Properties | Property	16
Apartment units | ApartmentUnit	3,399
Total assets	$ 780,900	784,100
Total liabilities	$ 237,800	$ 224,000

Investments in Partially Owne_4

Investments in Partially Owned Entities - Summary of Company's Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 53,274	$ 52,782
Real Estate Technology [Member]
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	16,036	14,866
Other [Member]
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	(493)	(372)
Unconsolidated VIE [Member] | Operating Property [Member]
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 37,731	$ 38,288
Ownership Percentage	33.30%

Investments in Partially Owne_5

Investments in Partially Owned Entities - Summary of Company's Investment in Unconsolidated Entities (Parenthetical) (Details)	Mar. 31, 2021Entity
Real Estate Technology [Member]
Variable Interest Entity [Line Items]
Number of separate unconsolidated investment funds/Companies	5

Restricted Deposits - Restricte

Restricted Deposits - Restricted Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Mortgage escrow deposits:
Replacement reserves	$ 10,182	$ 9,877
Mortgage principal reserves/sinking funds	15,360	14,168
Mortgage escrow deposits	25,542	24,045
Restricted cash:
Earnest money on pending acquisitions	3,500
Restricted deposits on real estate investments	302	307
Resident security and utility deposits	31,675	31,412
Other	1,364	1,373
Restricted cash	36,841	33,092
Restricted deposits	$ 62,383	$ 57,137	$ 58,435

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Residential Apartment Leases [Member]
Operating Leased Assets [Line Items]
Percentage of rental income	97.00%	97.00%
Residential Apartment Leases [Member] | Maximum [Member]
Operating Leased Assets [Line Items]
Retail leases term	12 months
Non-residential Leases [Member]
Operating Leased Assets [Line Items]
Percentage of rental income	3.00%	3.00%
Non-residential Leases [Member] | Maximum [Member]
Operating Leased Assets [Line Items]
Retail leases term	10 years
Non-residential Leases [Member] | Minimum [Member]
Operating Leased Assets [Line Items]
Retail leases term	5 years

Leases - Summary of Lease Incom

Leases - Summary of Lease Income Types Relating to Lease Payments Along With the Total Other Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Leased Assets [Line Items]
Total lease revenue	$ 573,974	$ 657,657
Rental income	597,602	682,305
Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	557,081	639,518
Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	16,893	18,139
Residential and Non-Residential Rent [Member]
Operating Leased Assets [Line Items]
Total lease revenue	555,494	630,574
Residential and Non-Residential Rent [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	539,655	612,480
Residential and Non-Residential Rent [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	15,839	18,094
Utility Recoveries (RUBS Income) [Member]
Operating Leased Assets [Line Items]
Total lease revenue	18,132	17,646
Utility Recoveries (RUBS Income) [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	17,954	17,418
Utility Recoveries (RUBS Income) [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	178	228
Parking Rent [Member]
Operating Leased Assets [Line Items]
Total lease revenue	10,001	9,930
Parking Rent [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	9,734	9,833
Parking Rent [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	267	97
Other Lease Revenue [Member]
Operating Leased Assets [Line Items]
Total lease revenue	(9,653)	(493)
Other Lease Revenue [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	(10,262)	(213)
Other Lease Revenue [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	609	(280)
Parking Revenue
Operating Leased Assets [Line Items]
Rental income	5,433	6,783
Other Revenue
Operating Leased Assets [Line Items]
Rental income	18,195	17,865
Other Rental Income [Member]
Operating Leased Assets [Line Items]
Rental income	$ 23,628	$ 24,648

Leases - Summary of Residential

Leases - Summary of Residential and Non-Residential Accounts Receivable and Straight-Line Receivable Balances (Details) - Other Assets [Member] - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Residential Leases [Member]
Operating Leased Assets [Line Items]
Resident/tenant accounts receivable balances	$ 37,248	$ 30,856
Allowance for doubtful accounts	(31,799)	(24,021)
Net receivable balances	5,449	6,835
Straight-line receivable balances	25,360	19,992
Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Resident/tenant accounts receivable balances	6,847	7,598
Allowance for doubtful accounts	(5,724)	(6,527)
Net receivable balances	1,123	1,071
Straight-line receivable balances	$ 13,409	$ 13,413

Leases - Summary of Residenti_2

Leases - Summary of Residential and Non-Residential Accounts Receivable and Straight-Line Receivable Balances (Parenthetical) (Details)	Mar. 31, 2021
Leases [Abstract]
Holding percentage of residential security deposits of net receivable	35.40%

Leases - Summary of Residenti_3

Leases - Summary of Residential Bad Debt for Company's Properties (Details) - Residential Leases [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lessor Lease Description [Line Items]
Bad debt, net	$ 13,693	$ 3,784
Rental Income [Member]
Lessor Lease Description [Line Items]
% of rental income	2.40%	0.60%

Debt - Mortgage Notes Payable -

Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	$ 2,293,890
Proceeds	37,492	$ 78
Lump sum payoffs	(59,880)
Scheduled principal repayments	(1,871)
Amortization of premiums/ discounts	684	$ 595
Amortization of deferred financing costs, net	385
Mortgage notes payable, net ending balance	2,270,700
Fixed Rate Debt [Member] | Secured – Conventional [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	1,901,091
Proceeds	28,500
Lump sum payoffs	(28,200)
Scheduled principal repayments	(1,871)
Amortization of premiums/ discounts	378
Amortization of deferred financing costs, net	19
Mortgage notes payable, net ending balance	1,899,917
Floating Rate Debt [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	392,799
Proceeds	8,992
Lump sum payoffs	(31,680)
Amortization of premiums/ discounts	306
Amortization of deferred financing costs, net	366
Mortgage notes payable, net ending balance	370,783
Floating Rate Debt [Member] | Secured – Conventional [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	31,494
Proceeds	8,992
Amortization of deferred financing costs, net	60
Mortgage notes payable, net ending balance	40,546
Floating Rate Debt [Member] | Secured – Tax Exempt [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	361,305
Lump sum payoffs	(31,680)
Amortization of premiums/ discounts	306
Amortization of deferred financing costs, net	306
Mortgage notes payable, net ending balance	$ 330,237

Debt - Mortgage Notes Payable_2

Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2021
Debt Instrument [Line Items]
Debt instrument, maturity date	Nov. 1, 2024
Fannie Mae Loan Pool [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.58%
Debt instrument, maturity date	Mar. 1, 2031

Debt - Mortgage Notes Payable_3

Debt - Mortgage Notes Payable - Summary of Certain Interest Rate and Maturity Date Information (Details) - Mortgages [Member]	3 Months Ended
	Mar. 31, 2021
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.18%
Maturity Date Ranges, Start	2022
Maturity Date Ranges, End	2061
Minimum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges	0.05%
Maximum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges	4.21%

Debt - Mortgage Notes Payable_4

Debt - Mortgage Notes Payable - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Mortgage notes payable	$ 2,270,700	$ 2,293,890
Credit Enhanced Debt [Member]
Debt Instrument [Line Items]
Mortgage notes payable	$ 250,000

Debt - Notes - Summary of Notes

Debt - Notes - Summary of Notes Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Notes, net beginning balance	$ 5,335,536
Amortization of premiums/ discounts	610	$ 681
Notes, net ending balance	5,337,103
Fixed Rate Debt [Member] | Unsecured – Public [Member]
Debt Instrument [Line Items]
Notes, net beginning balance	5,335,536
Amortization of premiums/ discounts	610
Amortization of deferred financing costs, net	957
Notes, net ending balance	$ 5,337,103

Debt - Notes - Summary of Certa

Debt - Notes - Summary of Certain Interest Rate and Maturity Date Information (Details) - Notes [Member]	3 Months Ended
	Mar. 31, 2021
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.77%
Maturity Date Ranges, Start	2023
Maturity Date Ranges, End	2047
Minimum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges	2.50%
Maximum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges	7.57%

Debt - Line of Credit and Comme

Debt - Line of Credit and Commercial Paper - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Nov. 04, 2019	Nov. 03, 2019	Nov. 01, 2019	Oct. 31, 2019
Line of Credit Facility [Line Items]
Debt instrument, maturity date	Nov. 1, 2024
Commercial paper balance outstanding	$ 1,000,000,000	$ 1,000,000,000	$ 500,000,000
Commercial Paper [Member]
Line of Credit Facility [Line Items]
Weighted average interest rates	0.30%
Commercial paper weighted average days outstanding	69 days
Weighted average amount outstanding	$ 457,300,000
Unsecured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Unsecured revolving credit facility	2,500,000,000			$ 2,500,000,000	$ 2,000,000,000
Ability to increase LOC facility	$ 750,000,000
Debt instrument, basis spread on variable rate	0.775%
Percentage points of line of credit facility commitment fee	0.125%
Revolving credit facility	$ 0
Commercial paper balance outstanding	$ 430,000,000

Debt - Line of Credit and Com_2

Debt - Line of Credit and Commercial Paper - Schedule of Unsecured Revolving Credit Facility (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Nov. 04, 2019	Nov. 03, 2019	Nov. 01, 2019	Oct. 31, 2019
Line of Credit Facility [Line Items]
Commercial paper balance outstanding	$ (1,000,000,000)	$ (1,000,000,000)	$ (500,000,000)
Unsecured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Unsecured revolving credit facility commitment	2,500,000,000			$ 2,500,000,000	$ 2,000,000,000
Commercial paper balance outstanding	(430,000,000)
Unsecured revolving credit facility balance outstanding	0
Other restricted amounts	(100,699,000)
Unsecured revolving credit facility availability	$ 1,969,301,000

Debt - Other - Schedule of Debt

Debt - Other - Schedule of Debt Extinguishment Costs Recorded as Additional Interest Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Debt Disclosure [Abstract]
Write-offs of unamortized deferred financing costs	$ 264

Derivative and Other Fair Val_3

Derivative and Other Fair Value Instruments - Summary of Valuations for Each Type of Fair Value Measurement (Details)	3 Months Ended
	Mar. 31, 2021
Employee Holdings Within The Supplemental Executive Retirement Plan
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Measurement Type	Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”)
Valuation Inputs	Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets.
Redeemable Noncontrolling Interests Operating Partnership Redeemable Limited Partners
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Measurement Type	Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners
Valuation Inputs	Quoted market price of Common Shares.
Mortgage Notes Payable And Private Unsecured Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Measurement Type	Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable)
Valuation Inputs	Indicative rates provided by lenders of similar loans.
Public Unsecured Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Measurement Type	Public unsecured notes
Valuation Inputs	Quoted market prices for each underlying issuance.

Derivative and Other Fair Val_4

Derivative and Other Fair Value Instruments - Summary of Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	$ 8,037,556	$ 8,044,256
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	8,584,965	8,999,875
Mortgage Notes Payable, Net [Member] | Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	2,270,700	2,293,890
Mortgage Notes Payable, Net [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	2,271,926	2,313,263
Unsecured Debt [Member] | Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	5,766,856	5,750,366
Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	$ 6,313,039	$ 6,686,612

Derivative and Other Fair Val_5

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	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Fair Value Of SERP Investments	$ 154,846	$ 160,293
Other Liabilities, Fair Value Disclosure	154,846	160,293
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	409,523	338,951	$ 353,342	$ 463,400
Fair Value, Inputs, Level 1 [Member]
Derivatives, Fair Value [Line Items]
Fair Value Of SERP Investments	154,846	160,293
Other Liabilities, Fair Value Disclosure	154,846	160,293
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	0	0
Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Fair Value Of SERP Investments	0	0
Other Liabilities, Fair Value Disclosure	0	0
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	409,523	338,951
Fair Value, Inputs, Level 3 [Member]
Derivatives, Fair Value [Line Items]
Fair Value Of SERP Investments	0	0
Other Liabilities, Fair Value Disclosure	0	0
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	$ 0	$ 0

Derivative and Other Fair Val_6

Derivative and Other Fair Value Instruments - Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Effective Portion - Amount of Gain/(Loss) Recognized in OCI on Derivative	$ 0	$ (967)
Effective Portion - Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income	(2,303)	(5,634)
Forward Starting Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Effective Portion - Amount of Gain/(Loss) Recognized in OCI on Derivative	0	(967)
Effective Portion - Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income	$ (2,303)	$ (5,634)

Derivative and Other Fair Val_7

Derivative and Other Fair Value Instruments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Derivative Instrument Detail [Abstract]
Unrealized gain (loss) on interest rate cash flow hedges, pretax, accumulated other comprehensive income (loss)	$ 41.4	$ 43.7
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	$ 10.3

Earnings Per Share and Earnin_3

Earnings Per Share and Earnings Per Unit - Computation of Net Income per Share Basic and Net Income per Share Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 60,364	$ 332,671
Allocation to Noncontrolling Interests – Operating Partnership	(2,143)	(11,535)
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(682)	(12,530)
Preferred distributions	(773)	(773)
Net income available to Common Shares	56,766	307,833
Numerator for net income per share – diluted	$ 58,909	$ 319,368
Weighted average Common Shares outstanding	372,280	371,582
OP Units	13,050	13,004
Dilutive Securities Options	1,586	2,363
Denominator for net income per share – diluted	386,916	386,949
Net income per share – basic	$ 0.15	$ 0.83
Net income per share – diluted	$ 0.15	$ 0.83

Earnings Per Share and Earnin_4

Earnings Per Share and Earnings Per Unit - Computation of Net Income per Unit Basic and Net Income per Unit Diluted for Operating Partnership (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income	$ 60,364	$ 332,671
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	$ (682)	$ (12,530)
Dilutive Securities Options	1,586	2,363
Denominator for net income per share – diluted	386,916	386,949
Net income per Unit – basic	$ 0.15	$ 0.83
Net income per Unit – diluted	$ 0.15	$ 0.83
ERPOP [Member]
Net income	$ 60,364	$ 332,671
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(682)	(12,530)
Allocation to Preference Units	(773)	(773)
Numerator for net income per Unit – basic and diluted	$ 58,909	$ 319,368
Denominator for net income per Unit – basic	385,330	384,586
Dilutive Securities Options	1,586	2,363
Denominator for net income per share – diluted	386,916	386,949
Net income per Unit – basic	$ 0.15	$ 0.83
Net income per Unit – diluted	$ 0.15	$ 0.83

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)PropertyApartmentUnitAgreement
Commitments And Contingencies [Abstract]
Projects in various stages of development	2
Partially owned projects in various stages of development	1
Units in various stages of development | ApartmentUnit	824
Consolidated project under development commitment fund | $	$ 126.8
Various stages of development with estimated completion dates ranging through December 31, 2021	Dec. 31, 2021
Number of joint venture agreements | Agreement	2

Reportable Segments - Additiona

Reportable Segments - Additional Information (Details) - Customer	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Number of customer contributed 10% or more of total revenue	0	0
Non-residential Leases [Member] | Revenue [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	3.80%

Reportable Segments - Reconcili

Reportable Segments - Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Rental income	$ 597,602	$ 682,305
Property and maintenance expense	(117,054)	(115,816)
Real estate taxes and insurance expense	(103,470)	(97,732)
Operating income	135,560	422,085
Same Store, Non-same Store and Other
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Rental income	597,602	682,305
Property and maintenance expense	(117,054)	(115,816)
Real estate taxes and insurance expense	(103,470)	(97,732)
Total operating expenses	(220,524)	(213,548)
Operating income	$ 377,078	$ 468,757

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
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Rental income	$ 597,602	$ 682,305
Operating income	135,560	422,085
Total Assets	20,169,015		$ 20,286,891
Capital Expenditures	28,679
Same Store
Segment Reporting Information [Line Items]
Rental income	592,788	662,021
Operating expenses	212,052	204,201
Operating income	380,736	457,820
Total Assets	18,872,247
Capital Expenditures	28,618
Non-same store/other
Segment Reporting Information [Line Items]
Rental income	4,814	20,284
Operating expenses	8,472	9,347
Operating income	(3,658)	10,937
Total Assets	1,296,768
Capital Expenditures	61
Same Store, Non-same Store and Other
Segment Reporting Information [Line Items]
Rental income	597,602	682,305
Operating expenses	220,524	213,548
Operating income	377,078	468,757
Los Angeles | Same Store
Segment Reporting Information [Line Items]
Rental income	116,345	126,495
Operating expenses	39,201	38,837
Operating income	77,144	87,658
Total Assets	3,220,144
Capital Expenditures	4,666
Orange County | Same Store
Segment Reporting Information [Line Items]
Rental income	25,841	26,695
Operating expenses	6,336	6,172
Operating income	19,505	20,523
Total Assets	384,585
Capital Expenditures	1,056
San Diego | Same Store
Segment Reporting Information [Line Items]
Rental income	18,740	18,777
Operating expenses	4,639	4,585
Operating income	14,101	14,192
Total Assets	240,071
Capital Expenditures	679
Subtotal - Southern California | Same Store
Segment Reporting Information [Line Items]
Rental income	160,926	171,967
Operating expenses	50,176	49,594
Operating income	110,750	122,373
Total Assets	3,844,800
Capital Expenditures	6,401
San Francisco | Same Store
Segment Reporting Information [Line Items]
Rental income	105,332	125,102
Operating expenses	33,275	31,796
Operating income	72,057	93,306
Total Assets	3,472,556
Capital Expenditures	3,936
Washington DC | Same Store
Segment Reporting Information [Line Items]
Rental income	99,117	104,718
Operating expenses	33,321	32,103
Operating income	65,796	72,615
Total Assets	3,323,572
Capital Expenditures	6,325
New York | Same Store
Segment Reporting Information [Line Items]
Rental income	99,754	118,025
Operating expenses	53,076	50,909
Operating income	46,678	67,116
Total Assets	3,971,142
Capital Expenditures	5,993
Boston | Same Store
Segment Reporting Information [Line Items]
Rental income	56,606	63,683
Operating expenses	19,374	18,327
Operating income	37,232	45,356
Total Assets	1,742,381
Capital Expenditures	3,469
Seattle | Same Store
Segment Reporting Information [Line Items]
Rental income	61,709	68,869
Operating expenses	19,799	18,683
Operating income	41,910	50,186
Total Assets	2,010,532
Capital Expenditures	2,139
Denver | Same Store
Segment Reporting Information [Line Items]
Rental income	9,344	9,657
Operating expenses	3,031	2,789
Operating income	6,313	6,868
Total Assets	507,264
Capital Expenditures	355
Non-same store | Non-same store/other
Segment Reporting Information [Line Items]
Rental income	4,660	4,163
Operating expenses	1,445	1,246
Operating income	3,215	2,917
Total Assets	297,717
Capital Expenditures	62
Other | Non-same store/other
Segment Reporting Information [Line Items]
Rental income	154	16,121
Operating expenses	7,027	8,101
Operating income	(6,873)	$ 8,020
Total Assets	999,051
Capital Expenditures	$ (1)

Reportable Segments - NOI for_2

Reportable Segments - NOI for Each Segment from Our Rental Real Estate Specific to Continuing Operations (Parenthetical) (Details) - Property	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract]
Units in same store properties	77,060	77,060

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Events [Member] $ in Millions	Apr. 01, 2021USD ($)PropertyApartmentUnit
Subsequent Event [Line Items]
Number of properties sold | Property	2
Number of apartment | ApartmentUnit	333
Proceeds from sale of properties | $	$ 123.8