Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 21, 2023 | |
Document Information [Line Items] | ||
Entity Registrant Name | EQUITY RESIDENTIAL | |
Entity Central Index Key | 0000906107 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2023 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | EQR | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 378,904,669 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 1-12252 | |
Entity Tax Identification Number | 13-3675988 | |
Entity Address, Address Line One | Two North Riverside Plaza | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | 312 | |
Local Phone Number | 474-1300 | |
Entity Incorporation, State or Country Code | MD | |
Title of 12(b) Security | Common Shares of Beneficial Interest,$0.01 Par Value (Equity Residential) | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
ERPOP [Member] | ||
Document Information [Line Items] | ||
Entity Registrant Name | ERP OPERATING LIMITED PARTNERSHIP | |
Entity Central Index Key | 0000931182 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2023 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
No Trading Symbol Flag | true | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 0-24920 | |
Entity Tax Identification Number | 36-3894853 | |
Entity Address, Address Line One | Two North Riverside Plaza | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | 312 | |
Local Phone Number | 474-1300 | |
Entity Incorporation, State or Country Code | IL | |
Title of 12(b) Security | 7.57% Notes due August 15, 2026(ERP Operating Limited Partnership) | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Land | $ 5,559,883 | $ 5,580,878 |
Depreciable property | 22,343,556 | 22,334,369 |
Projects under development | 132,341 | 112,940 |
Land held for development | 60,665 | 60,567 |
Investment in real estate | 28,096,445 | 28,088,754 |
Accumulated depreciation | (9,207,194) | (9,027,850) |
Investment in real estate, net | 18,889,251 | 19,060,904 |
Investments in unconsolidated entities | 292,279 | 279,024 |
Cash and cash equivalents | 133,460 | 53,869 |
Restricted deposits | 85,625 | 83,303 |
Right-of-use assets | 466,911 | 462,956 |
Other assets | 235,000 | 278,206 |
Total assets | 20,102,526 | 20,218,262 |
Liabilities: | ||
Mortgage notes payable, net | 1,968,243 | 1,953,438 |
Notes, net | 5,343,851 | 5,342,329 |
Line of credit and commercial paper | 129,955 | |
Accounts payable and accrued expenses | 144,660 | 96,028 |
Accrued interest payable | 49,776 | 66,310 |
Lease liabilities | 314,854 | 308,748 |
Other liabilities | 283,418 | 306,941 |
Security deposits | 68,728 | 68,940 |
Distributions payable | 258,992 | 244,621 |
Total liabilities | 8,432,522 | 8,517,310 |
Commitments and contingencies | ||
Redeemable Noncontrolling Interests – Operating Partnership | 323,551 | 318,273 |
Shareholders' equity: | ||
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of March 31, 2023 and December 31, 2022 | 37,280 | 37,280 |
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 378,898,221 shares issued and outstanding as of March 31, 2023 and 378,429,708 shares issued and outstanding as of December 31, 2022 | 3,789 | 3,784 |
Paid in capital | 9,488,320 | 9,476,085 |
Retained earnings | 1,619,131 | 1,658,837 |
Accumulated other comprehensive income (loss) | (11,232) | (2,547) |
Total shareholders’ equity | 11,137,288 | 11,173,439 |
Noncontrolling Interests: | ||
Operating Partnership | 211,718 | 209,961 |
Partially Owned Properties | (2,553) | (721) |
Total Noncontrolling Interests | 209,165 | 209,240 |
Total equity | 11,346,453 | 11,382,679 |
Total liabilities and equity | $ 20,102,526 | $ 20,218,262 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement Of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 745,600 | 745,600 |
Preferred Stock, Shares Outstanding | 745,600 | 745,600 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 378,898,221 | 378,429,708 |
Common Stock, Shares, Outstanding | 378,898,221 | 378,429,708 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
REVENUES | ||
Rental income | $ 705,088 | $ 653,348 |
EXPENSES | ||
Property and maintenance | 137,579 | 124,874 |
Real estate taxes and insurance | 106,669 | 100,688 |
Property management | 31,466 | 30,747 |
General and administrative | 16,165 | 17,238 |
Depreciation | 215,830 | 229,961 |
Total expenses | 507,709 | 503,508 |
Net gain (loss) on sales of real estate properties | 100,209 | (102) |
Operating income | 297,588 | 149,738 |
Interest and other income | 1,538 | 3,528 |
Other expenses | (8,995) | (3,056) |
Interest: | ||
Expense incurred, net | (66,401) | (72,792) |
Amortization of deferred financing costs | (1,979) | (2,077) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 221,751 | 75,341 |
Income and other tax (expense) benefit | (298) | (282) |
Income (loss) from investments in unconsolidated entities | (1,382) | (1,261) |
Net income | 220,071 | 73,798 |
Net (income) loss attributable to Noncontrolling Interests: | ||
Operating Partnership | (7,059) | (2,394) |
Partially Owned Properties | (977) | (639) |
Net income attributable to controlling interests | 212,035 | 70,765 |
Preferred distributions | (772) | (772) |
Net income available to Common Shares | $ 211,263 | $ 69,993 |
Earnings per share – basic: | ||
Net income available to Common Shares | $ 0.56 | $ 0.19 |
Weighted average Common Shares outstanding | 378,341 | 375,509 |
Earnings per share – diluted: | ||
Net income available to Common Shares | $ 0.56 | $ 0.19 |
Weighted average Common Shares outstanding | 390,664 | 389,628 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Comprehensive income: | ||
Net income | $ 220,071 | $ 73,798 |
Other comprehensive income (loss) – derivative instruments: | ||
Unrealized holding gains (losses) arising during the period | (9,780) | |
Losses reclassified into earnings from other comprehensive income | 1,095 | 2,425 |
Other comprehensive income (loss) | (8,685) | 2,425 |
Comprehensive income | 211,386 | 76,223 |
Comprehensive (income) attributable to Noncontrolling Interests | (7,755) | (3,113) |
Comprehensive income attributable to controlling interests | $ 203,631 | $ 73,110 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
Net income | $ 220,071 |
Adjustments to reconcile net income to net cash provided by operating activities: | |
Depreciation | 215,830 |
Amortization of deferred financing costs | 1,979 |
Amortization of discounts and premiums on debt | 868 |
Amortization of deferred settlements on derivative instruments | 1,092 |
Amortization of right-of-use assets | 3,150 |
Write-off of pursuit costs | 1,332 |
(Income) loss from investments in unconsolidated entities | 1,382 |
Distributions from unconsolidated entities – return on capital | 151 |
Net (gain) loss on sales of real estate properties | (100,209) |
Realized (gain) loss on sale of investment securities | 87 |
Compensation paid with Company Common Shares | 9,044 |
Changes in assets and liabilities: | |
(Increase) decrease in other assets | 26,257 |
Increase (decrease) in accounts payable and accrued expenses | 45,357 |
Increase (decrease) in accrued interest payable | (16,534) |
Increase (decrease) in lease liabilities | (334) |
Increase (decrease) in other liabilities | (16,032) |
Increase (decrease) in security deposits | (212) |
Net cash provided by operating activities | 393,279 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
Investment in real estate – development/other | (16,786) |
Capital expenditures to real estate | (55,392) |
Non-real estate capital additions | (600) |
Interest capitalized for real estate and unconsolidated entities under development | (3,393) |
Proceeds from disposition of real estate, net | 133,916 |
Investments in unconsolidated entities - development/other | (14,480) |
Distributions from unconsolidated entities – return of capital | 6 |
Proceeds from sale of investment securities | 452 |
Net cash provided by (used for) investing activities | 43,723 |
Mortgage notes payable, net: | |
Proceeds | 14,090 |
Scheduled principal repayments | (40) |
Line of credit and commercial paper: | |
Commercial paper proceeds | 1,323,145 |
Commercial paper repayments | (1,453,100) |
Finance ground lease principal payments | (665) |
Proceeds from Employee Share Purchase Plan (ESPP) | 1,452 |
Proceeds from exercise of options | 8,112 |
Distributions: | |
Common Shares | (236,561) |
Preferred Shares | (1,544) |
Noncontrolling Interests – Operating Partnership | (7,380) |
Noncontrolling Interests – Partially Owned Properties | (2,598) |
Net cash provided by (used for) financing activities | (355,089) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 81,913 |
Cash and cash equivalents and restricted deposits, beginning of period | 137,172 |
Cash and cash equivalents and restricted deposits, end of period | 219,085 |
Cash and cash equivalents | 133,460 |
Restricted deposits | 85,625 |
SUPPLEMENTAL INFORMATION: | |
Cash paid for interest, net of amounts capitalized | 79,693 |
Net cash paid (received) for income and other taxes | 348 |
Amortization of deferred financing costs: | |
Investment in real estate, net | (127) |
Other assets | 697 |
Mortgage notes payable, net | 449 |
Notes, net | 960 |
Amortization of discounts and premiums on debt: | |
Mortgage notes payable, net | 306 |
Notes, net | 562 |
Amortization of deferred settlements on derivative instruments: | |
Other liabilities | (3) |
Accumulated other comprehensive income | 1,095 |
Write-off of pursuit costs: | |
Investment in real estate, net | 225 |
Investments in unconsolidated entities | 649 |
Other assets | 458 |
(Income) loss from investments in unconsolidated entities: | |
Investments in unconsolidated entities | 1,071 |
Other liabilities | 311 |
Realized/unrealized (gain) loss on derivative instruments: | |
Other assets | 7,410 |
Other liabilities | 2,370 |
Accumulated other comprehensive income | (9,780) |
Interest capitalized for real estate and unconsolidated entities under development: | |
Investment in real estate, net | (1,422) |
Investments in unconsolidated entities | (1,971) |
Investments in unconsolidated entities - development/other: | |
Investments in unconsolidated entities | (13,700) |
Other liabilities | (780) |
Right-of-use assets and lease liabilities initial measurement and reclassifications: | |
Right-of-use assets | (7,105) |
Lease liabilities | 7,105 |
Non Cash Share Distribution From Unconsolidated Entities [Abstract] | |
Non Cash Share Distribution From Unconsolidated Entities Investments In Unconsolidated Entities | 539 |
Non Cash Share Distribution From Unconsolidated Entities Changes In Other Assets | $ (539) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock | COMMON SHARES, $0.01 PAR VALUE | PAID IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | DISTRIBUTIONS | OPERATING PARTNERSHIP | PARTIALLY OWNED PROPERTIES |
Balance, beginning of year at Dec. 31, 2021 | $ 37,280 | $ 3,755 | $ 9,121,122 | $ 1,827,063 | $ (34,272) | ||||
Balance, beginning of year at Dec. 31, 2021 | $ 214,094 | $ 18,166 | |||||||
COMMON SHARES, $0.01 PAR VALUE | |||||||||
Conversion of OP Units into Common Shares | 174 | ||||||||
Exercise of share options | 3 | 14,341 | |||||||
Employee Share Purchase Plan (ESPP) | 969 | ||||||||
Share-based employee compensation expense: | |||||||||
Issuance of restricted units/shares | 2 | 3,609 | 1 | ||||||
Share options | 876 | ||||||||
ESPP discount | 171 | ||||||||
Offering costs | (114) | ||||||||
Supplemental Executive Retirement Plan (SERP) | (163) | ||||||||
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership | $ (939) | 939 | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 1,045 | (1,045) | |||||||
PAID IN CAPITAL | |||||||||
Conversion of OP Units into Common Shares | 174 | ||||||||
Exercise of share options | 3 | 14,341 | |||||||
Employee Share Purchase Plan (ESPP) | 969 | ||||||||
RETAINED EARNINGS | |||||||||
Net income attributable to controlling interests | 70,765 | 70,765 | |||||||
Common Share distributions | (235,351) | ||||||||
Preferred Share distributions | (772) | ||||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Losses reclassified into earnings from other comprehensive income | (2,425) | 2,425 | |||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Common Share outstanding | $ 0.625 | ||||||||
NONCONTROLLING INTERESTS | |||||||||
Issuance of restricted units/shares | 2 | 3,609 | 1 | ||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (174) | ||||||||
Equity compensation associated with Noncontrolling Interests | 7,798 | ||||||||
Net income attributable to Noncontrolling Interests | 2,394 | 2,394 | 639 | ||||||
Distributions to Noncontrolling Interests | (7,895) | (15,836) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | (2,278) | 2,278 | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 1,045 | (1,045) | |||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 2,394 | 2,394 | 639 | ||||||
Contributions by Noncontrolling Interests | 446 | ||||||||
Distributions to Noncontrolling Interests | (7,895) | (15,836) | |||||||
Balance, end of period at Mar. 31, 2022 | 37,280 | 3,760 | 9,142,969 | 1,661,705 | (31,847) | ||||
Balance, end of period at Mar. 31, 2022 | 217,451 | 3,415 | |||||||
Balance, beginning of year at Dec. 31, 2022 | 11,173,439 | 37,280 | 3,784 | 9,476,085 | 1,658,837 | (2,547) | |||
Balance, beginning of year at Dec. 31, 2022 | 209,240 | 209,961 | (721) | ||||||
COMMON SHARES, $0.01 PAR VALUE | |||||||||
Conversion of OP Units into Common Shares | 2 | 3,671 | |||||||
Exercise of share options | 2 | 8,110 | |||||||
Employee Share Purchase Plan (ESPP) | 1,452 | ||||||||
Share-based employee compensation expense: | |||||||||
Issuance of restricted units/shares | 1 | 3,653 | |||||||
Share options | 1,497 | ||||||||
ESPP discount | 260 | ||||||||
Supplemental Executive Retirement Plan (SERP) | 491 | ||||||||
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership | 5,946 | (5,946) | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | (953) | 953 | |||||||
PAID IN CAPITAL | |||||||||
Conversion of OP Units into Common Shares | 2 | 3,671 | |||||||
Exercise of share options | 2 | 8,110 | |||||||
Employee Share Purchase Plan (ESPP) | 1,452 | ||||||||
RETAINED EARNINGS | |||||||||
Net income attributable to controlling interests | 212,035 | 212,035 | |||||||
Common Share distributions | (250,969) | ||||||||
Preferred Share distributions | (772) | ||||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Unrealized holding gains (losses) arising during the period | (9,780) | (9,780) | |||||||
Losses reclassified into earnings from other comprehensive income | (1,095) | 1,095 | |||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Common Share outstanding | $ 0.6625 | ||||||||
NONCONTROLLING INTERESTS | |||||||||
Issuance of restricted units/shares | 1 | 3,653 | |||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (3,673) | ||||||||
Equity compensation associated with Noncontrolling Interests | 4,654 | ||||||||
Net income attributable to Noncontrolling Interests | 7,059 | 7,059 | 977 | ||||||
Distributions to Noncontrolling Interests | (7,904) | (2,809) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | (668) | 668 | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | (953) | 953 | |||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 7,059 | 7,059 | 977 | ||||||
Distributions to Noncontrolling Interests | (7,904) | (2,809) | |||||||
Balance, end of period at Mar. 31, 2023 | 11,137,288 | $ 37,280 | $ 3,789 | $ 9,488,320 | $ 1,619,131 | $ (11,232) | |||
Balance, end of period at Mar. 31, 2023 | $ 209,165 | $ 211,718 | $ (2,553) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Statement Of Stockholders Equity [Abstract] | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
CONSOLIDATED BALANCE SHEETS OF
CONSOLIDATED BALANCE SHEETS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Land | $ 5,559,883 | $ 5,580,878 |
Depreciable property | 22,343,556 | 22,334,369 |
Projects under development | 132,341 | 112,940 |
Land held for development | 60,665 | 60,567 |
Investment in real estate | 28,096,445 | 28,088,754 |
Accumulated depreciation | (9,207,194) | (9,027,850) |
Investment in real estate, net | 18,889,251 | 19,060,904 |
Investments in unconsolidated entities | 292,279 | 279,024 |
Cash and cash equivalents | 133,460 | 53,869 |
Restricted deposits | 85,625 | 83,303 |
Right-of-use assets | 466,911 | 462,956 |
Other assets | 235,000 | 278,206 |
Total assets | 20,102,526 | 20,218,262 |
Liabilities: | ||
Mortgage notes payable, net | 1,968,243 | 1,953,438 |
Notes, net | 5,343,851 | 5,342,329 |
Line of credit and commercial paper | 129,955 | |
Accounts payable and accrued expenses | 144,660 | 96,028 |
Accrued interest payable | 49,776 | 66,310 |
Lease liabilities | 314,854 | 308,748 |
Other liabilities | 283,418 | 306,941 |
Security deposits | 68,728 | 68,940 |
Distributions payable | 258,992 | 244,621 |
Total liabilities | 8,432,522 | 8,517,310 |
Commitments and contingencies | ||
Redeemable Limited Partners | 323,551 | 318,273 |
Partners’ Capital: | ||
Accumulated other comprehensive income (loss) | (11,232) | (2,547) |
Noncontrolling Interests – Partially Owned Properties | (2,553) | (721) |
Total liabilities and equity | 20,102,526 | 20,218,262 |
ERPOP [Member] | ||
ASSETS | ||
Land | 5,559,883 | 5,580,878 |
Depreciable property | 22,343,556 | 22,334,369 |
Projects under development | 132,341 | 112,940 |
Land held for development | 60,665 | 60,567 |
Investment in real estate | 28,096,445 | 28,088,754 |
Accumulated depreciation | (9,207,194) | (9,027,850) |
Investment in real estate, net | 18,889,251 | 19,060,904 |
Investments in unconsolidated entities | 292,279 | 279,024 |
Cash and cash equivalents | 133,460 | 53,869 |
Restricted deposits | 85,625 | 83,303 |
Right-of-use assets | 466,911 | 462,956 |
Other assets | 235,000 | 278,206 |
Total assets | 20,102,526 | 20,218,262 |
Liabilities: | ||
Mortgage notes payable, net | 1,968,243 | 1,953,438 |
Notes, net | 5,343,851 | 5,342,329 |
Line of credit and commercial paper | 129,955 | |
Accounts payable and accrued expenses | 144,660 | 96,028 |
Accrued interest payable | 49,776 | 66,310 |
Lease liabilities | 314,854 | 308,748 |
Other liabilities | 283,418 | 306,941 |
Security deposits | 68,728 | 68,940 |
Distributions payable | 258,992 | 244,621 |
Total liabilities | 8,432,522 | 8,517,310 |
Commitments and contingencies | ||
Redeemable Limited Partners | 323,551 | 318,273 |
Partners’ Capital: | ||
Preference Units | 37,280 | 37,280 |
General Partner | 11,111,240 | 11,138,706 |
Limited Partners | 211,718 | 209,961 |
Accumulated other comprehensive income (loss) | (11,232) | (2,547) |
Total partners’ capital | 11,349,006 | 11,383,400 |
Noncontrolling Interests – Partially Owned Properties | (2,553) | (721) |
Total capital | 11,346,453 | 11,382,679 |
Total liabilities and equity | $ 20,102,526 | $ 20,218,262 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
REVENUES | ||
Rental income | $ 705,088 | $ 653,348 |
EXPENSES | ||
Property and maintenance | 137,579 | 124,874 |
Real estate taxes and insurance | 106,669 | 100,688 |
Property management | 31,466 | 30,747 |
General and administrative | 16,165 | 17,238 |
Depreciation | 215,830 | 229,961 |
Total expenses | 507,709 | 503,508 |
Net gain (loss) on sales of real estate properties | 100,209 | (102) |
Operating income | 297,588 | 149,738 |
Interest and other income | 1,538 | 3,528 |
Other expenses | (8,995) | (3,056) |
Interest: | ||
Expense incurred, net | (66,401) | (72,792) |
Amortization of deferred financing costs | (1,979) | (2,077) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 221,751 | 75,341 |
Income and other tax (expense) benefit | (298) | (282) |
Income (loss) from investments in unconsolidated entities | (1,382) | (1,261) |
Net income | 220,071 | 73,798 |
Partially Owned Properties | (977) | (639) |
Net income attributable to controlling interests | $ 212,035 | $ 70,765 |
Earnings per Unit – basic: | ||
Net income available to Units | $ 0.56 | $ 0.19 |
Earnings per Unit – diluted: | ||
Net income available to Units | $ 0.56 | $ 0.19 |
Weighted average Units outstanding | 390,664 | 389,628 |
ERPOP [Member] | ||
REVENUES | ||
Rental income | $ 705,088 | $ 653,348 |
EXPENSES | ||
Property and maintenance | 137,579 | 124,874 |
Real estate taxes and insurance | 106,669 | 100,688 |
Property management | 31,466 | 30,747 |
General and administrative | 16,165 | 17,238 |
Depreciation | 215,830 | 229,961 |
Total expenses | 507,709 | 503,508 |
Net gain (loss) on sales of real estate properties | 100,209 | (102) |
Operating income | 297,588 | 149,738 |
Interest and other income | 1,538 | 3,528 |
Other expenses | (8,995) | (3,056) |
Interest: | ||
Expense incurred, net | (66,401) | (72,792) |
Amortization of deferred financing costs | (1,979) | (2,077) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 221,751 | 75,341 |
Income and other tax (expense) benefit | (298) | (282) |
Income (loss) from investments in unconsolidated entities | (1,382) | (1,261) |
Net income | 220,071 | 73,798 |
Partially Owned Properties | (977) | (639) |
Net income attributable to controlling interests | 219,094 | 73,159 |
ALLOCATION OF NET INCOME: | ||
Preference Units | 772 | 772 |
General Partner | 211,263 | 69,993 |
Limited Partners | 7,059 | 2,394 |
Net income available to Units | $ 218,322 | $ 72,387 |
Earnings per Unit – basic: | ||
Net income available to Units | $ 0.56 | $ 0.19 |
Weighted average Units outstanding | 389,851 | 387,397 |
Earnings per Unit – diluted: | ||
Net income available to Units | $ 0.56 | $ 0.19 |
Weighted average Units outstanding | 390,664 | 389,628 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Comprehensive income: | ||
Net income | $ 220,071 | $ 73,798 |
Other comprehensive income (loss) – derivative instruments: | ||
Unrealized holding gains (losses) arising during the period | (9,780) | |
Losses reclassified into earnings from other comprehensive income | 1,095 | 2,425 |
Other comprehensive income (loss) | (8,685) | 2,425 |
Comprehensive income | 211,386 | 76,223 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (7,755) | (3,113) |
Comprehensive income attributable to controlling interests | 203,631 | 73,110 |
ERPOP [Member] | ||
Comprehensive income: | ||
Net income | 220,071 | 73,798 |
Other comprehensive income (loss) – derivative instruments: | ||
Unrealized holding gains (losses) arising during the period | (9,780) | |
Losses reclassified into earnings from other comprehensive income | 1,095 | 2,425 |
Other comprehensive income (loss) | (8,685) | 2,425 |
Comprehensive income | 211,386 | 76,223 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (977) | (639) |
Comprehensive income attributable to controlling interests | $ 210,409 | $ 75,584 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 220,071 | $ 73,798 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 215,830 | 229,961 |
Amortization of deferred financing costs | 1,979 | 2,077 |
Amortization of discounts and premiums on debt | 868 | 1,358 |
Amortization of deferred settlements on derivative instruments | 1,092 | 2,422 |
Amortization of right-of-use assets | 3,150 | 3,046 |
Write-off of pursuit costs | 1,332 | 1,463 |
(Income) loss from investments in unconsolidated entities | 1,382 | 1,261 |
Distributions from unconsolidated entities – return on capital | 151 | 79 |
Net (gain) loss on sales of real estate properties | (100,209) | 102 |
Realized (gain) loss on sale of investment securities | 87 | (2,066) |
Compensation paid with Company Common Shares | 9,044 | 9,203 |
Changes in assets and liabilities: | ||
(Increase) decrease in other assets | 26,257 | 30,174 |
Increase (decrease) in accounts payable and accrued expenses | 45,357 | 54,553 |
Increase (decrease) in accrued interest payable | (16,534) | (12,634) |
Increase (decrease) in lease liabilities | (334) | (902) |
Increase (decrease) in other liabilities | (16,032) | (27,213) |
Increase (decrease) in security deposits | (212) | 1,374 |
Net cash provided by operating activities | 393,279 | 368,056 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in real estate – acquisitions | (113,046) | |
Investment in real estate – development/other | (16,786) | (24,255) |
Capital expenditures to real estate | (55,392) | (35,285) |
Non-real estate capital additions | (600) | (971) |
Interest capitalized for real estate and unconsolidated entities under development | (3,393) | (1,017) |
Proceeds from disposition of real estate, net | 133,916 | |
Investments in unconsolidated entities - development/other | (14,480) | (24,897) |
Distributions from unconsolidated entities – return of capital | 6 | 9 |
Purchase of investment securities and other investments | (1,009) | |
Proceeds from sale of investment securities | 452 | 3,434 |
Net cash provided by (used for) investing activities | 43,723 | (197,037) |
Mortgage notes payable, net: | ||
Proceeds | 14,090 | 2,689 |
Scheduled principal repayments | (40) | (1,933) |
Line of credit and commercial paper: | ||
Commercial paper proceeds | 1,323,145 | 1,424,086 |
Commercial paper repayments | (1,453,100) | (1,609,121) |
Finance ground lease principal payments | (665) | (140) |
Proceeds from Employee Share Purchase Plan (ESPP) | 1,452 | 969 |
Proceeds from exercise of EQR options | 8,112 | 14,344 |
Payment of offering costs | (114) | |
Contributions – Noncontrolling Interests – Partially Owned Properties | 446 | |
Contributions – Limited Partners | 1 | |
Distributions: | ||
OP Units – General Partner | (236,561) | (226,639) |
Preference Units | (1,544) | (772) |
OP Units – Limited Partners | (7,380) | (7,535) |
Noncontrolling Interests – Partially Owned Properties | (2,598) | (15,836) |
Net cash provided by (used for) financing activities | (355,089) | (419,555) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 81,913 | (248,536) |
Cash and cash equivalents and restricted deposits, beginning of period | 137,172 | 360,236 |
Cash and cash equivalents and restricted deposits, end of period | 219,085 | 111,700 |
Cash and cash equivalents | 133,460 | 41,140 |
Restricted deposits | 85,625 | 70,560 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 79,693 | 81,391 |
Net cash paid (received) for income and other taxes | 348 | 350 |
Amortization of deferred financing costs: | ||
Investment in real estate, net | (127) | (127) |
Other assets | 697 | 585 |
Mortgage notes payable, net | 449 | 557 |
Notes, net | 960 | 1,062 |
Amortization of discounts and premiums on debt: | ||
Mortgage notes payable, net | 306 | 685 |
Notes, net | 562 | 673 |
Amortization of deferred settlements on derivative instruments: | ||
Other liabilities | (3) | (3) |
Accumulated other comprehensive income | 1,095 | 2,425 |
Write-off of pursuit costs: | ||
Investment in real estate, net | 225 | 375 |
Investments in unconsolidated entities | 649 | 1,070 |
Other assets | 458 | 18 |
(Income) loss from investments in unconsolidated entities: | ||
Investments in unconsolidated entities | 1,071 | 946 |
Other liabilities | 311 | 315 |
Realized/unrealized (gain) loss on derivative instruments: | ||
Other assets | 7,410 | |
Other liabilities | 2,370 | |
Accumulated other comprehensive income | (9,780) | |
Interest capitalized for real estate and unconsolidated entities under development: | ||
Investment in real estate, net | (1,422) | (307) |
Investments in unconsolidated entities | 1,971 | 710 |
Investments in unconsolidated entities - development/other: | ||
Investments in unconsolidated entities | (13,700) | (24,897) |
Right-of-use assets and lease liabilities initial measurement and reclassifications: | ||
Right-of-use assets | (7,105) | |
Lease liabilities | 7,105 | |
Non-cash share distribution and other transfers from unconsolidated entities: | ||
Investments in unconsolidated entities | 539 | 859 |
Other assets | (539) | (859) |
ERPOP [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | 220,071 | 73,798 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 215,830 | 229,961 |
Amortization of deferred financing costs | 1,979 | 2,077 |
Amortization of discounts and premiums on debt | 868 | 1,358 |
Amortization of deferred settlements on derivative instruments | 1,092 | 2,422 |
Amortization of right-of-use assets | 3,150 | 3,046 |
Write-off of pursuit costs | 1,332 | 1,463 |
(Income) loss from investments in unconsolidated entities | 1,382 | 1,261 |
Distributions from unconsolidated entities – return on capital | 151 | 79 |
Net (gain) loss on sales of real estate properties | (100,209) | 102 |
Realized (gain) loss on sale of investment securities | (87) | (2,066) |
Compensation paid with Company Common Shares | 9,044 | 9,203 |
Changes in assets and liabilities: | ||
(Increase) decrease in other assets | 26,257 | 30,174 |
Increase (decrease) in accounts payable and accrued expenses | 45,357 | 54,553 |
Increase (decrease) in accrued interest payable | (16,534) | (12,634) |
Increase (decrease) in lease liabilities | (334) | (902) |
Increase (decrease) in other liabilities | (16,032) | (27,213) |
Increase (decrease) in security deposits | (212) | 1,374 |
Net cash provided by operating activities | 393,279 | 368,056 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in real estate – acquisitions | (113,046) | |
Investment in real estate – development/other | (16,786) | (24,255) |
Capital expenditures to real estate | (55,392) | (35,285) |
Non-real estate capital additions | (600) | (971) |
Interest capitalized for real estate and unconsolidated entities under development | (3,393) | (1,017) |
Proceeds from disposition of real estate, net | 133,916 | |
Investments in unconsolidated entities - development/other | (14,480) | (24,897) |
Distributions from unconsolidated entities – return of capital | 6 | 9 |
Purchase of investment securities and other investments | (1,009) | |
Proceeds from sale of investment securities | 452 | 3,434 |
Net cash provided by (used for) investing activities | 43,723 | (197,037) |
Mortgage notes payable, net: | ||
Proceeds | 14,090 | 2,689 |
Scheduled principal repayments | (40) | (1,933) |
Line of credit and commercial paper: | ||
Commercial paper proceeds | 1,323,145 | 1,424,086 |
Commercial paper repayments | (1,453,100) | (1,609,121) |
Finance ground lease principal payments | (665) | (140) |
Proceeds from Employee Share Purchase Plan (ESPP) | 1,452 | 969 |
Proceeds from exercise of EQR options | 8,112 | 14,344 |
Payment of offering costs | (114) | |
Contributions – Noncontrolling Interests – Partially Owned Properties | 446 | |
Contributions – Limited Partners | 1 | |
Distributions: | ||
OP Units – General Partner | (236,561) | (226,639) |
Preference Units | (1,544) | (772) |
OP Units – Limited Partners | (7,380) | (7,535) |
Noncontrolling Interests – Partially Owned Properties | (2,598) | (15,836) |
Net cash provided by (used for) financing activities | (355,089) | (419,555) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 81,913 | (248,536) |
Cash and cash equivalents and restricted deposits, beginning of period | 137,172 | 360,236 |
Cash and cash equivalents and restricted deposits, end of period | 219,085 | 111,700 |
Cash and cash equivalents | 133,460 | 41,140 |
Restricted deposits | 85,625 | 70,560 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 79,693 | 81,391 |
Net cash paid (received) for income and other taxes | 348 | 350 |
Amortization of deferred financing costs: | ||
Investment in real estate, net | (127) | (127) |
Other assets | 697 | 585 |
Mortgage notes payable, net | 449 | 557 |
Notes, net | 562 | 673 |
Amortization of discounts and premiums on debt: | ||
Mortgage notes payable, net | 306 | 685 |
Notes, net | 960 | 1,062 |
Amortization of deferred settlements on derivative instruments: | ||
Other liabilities | (3) | (3) |
Accumulated other comprehensive income | 1,095 | 2,425 |
Write-off of pursuit costs: | ||
Investment in real estate, net | 225 | 375 |
Investments in unconsolidated entities | 649 | 1,070 |
Other assets | 458 | 18 |
(Income) loss from investments in unconsolidated entities: | ||
Investments in unconsolidated entities | 1,071 | 946 |
Other liabilities | 311 | 315 |
Realized/unrealized (gain) loss on derivative instruments: | ||
Other assets | 7,410 | |
Other liabilities | 2,370 | |
Accumulated other comprehensive income | (9,780) | |
Interest capitalized for real estate and unconsolidated entities under development: | ||
Investment in real estate, net | (1,422) | (307) |
Investments in unconsolidated entities | (1,971) | (710) |
Investments in unconsolidated entities - development/other: | ||
Investments in unconsolidated entities | (13,700) | (24,897) |
Other liabilities | (780) | |
Right-of-use assets and lease liabilities initial measurement and reclassifications: | ||
Right-of-use assets | (7,105) | |
Lease liabilities | 7,105 | |
Non-cash share distribution and other transfers from unconsolidated entities: | ||
Investments in unconsolidated entities | 539 | 859 |
Other assets | $ (539) | $ (859) |
CONSOLIDATED STATEMENTS OF CH_3
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands | Total | ERPOP [Member] | PREFERRED SHARES [Member] ERPOP [Member] | GENERAL PARTNER [Member] ERPOP [Member] | LIMITED PARTNERS [Member] ERPOP [Member] | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Member] ERPOP [Member] | DISTRIBUTIONS [Member] ERPOP [Member] | PARTIALLY OWNED PROPERTIES [Member] ERPOP [Member] |
Balance, beginning of year at Dec. 31, 2021 | $ 37,280 | $ 10,951,940 | $ 214,094 | $ (34,272) | ||||
Balance, beginning of year at Dec. 31, 2021 | $ 18,166 | |||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 174 | (174) | ||||||
Exercise of EQR share options | 14,344 | |||||||
EQR's Employee Share Purchase Plan (ESPP) | 969 | |||||||
EQR restricted shares | 3,611 | 1 | ||||||
EQR share options | 876 | |||||||
EQR ESPP discount | 171 | |||||||
Net income available to Units - General Partner | $ 69,993 | 69,993 | ||||||
OP Units General Partner distributions | (235,351) | |||||||
Offering costs | (114) | |||||||
Supplemental Executive Retirement Plan (SERP) | (163) | |||||||
Change in market value of Redeemable Limited Partners | 939 | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | 1,045 | (1,045) | ||||||
Equity compensation associated with Units - Limited Partners | 7,798 | |||||||
Net income available to Units - Limited Partners | 2,394 | 2,394 | ||||||
Units - Limited Partners distributions | (7,895) | |||||||
Change in carrying value of Redeemable Limited Partners | 2,278 | |||||||
Losses reclassified into earnings from other comprehensive income | $ (2,425) | (2,425) | 2,425 | |||||
Distributions declared per Unit outstanding | $ 0.625 | |||||||
Net income attributable to Noncontrolling Interests | 73,798 | 73,798 | 639 | |||||
Contributions by Noncontrolling Interests | 446 | |||||||
Distributions to Noncontrolling Interests | (15,836) | |||||||
Balance, end of period at Mar. 31, 2022 | 37,280 | 10,808,434 | 217,451 | (31,847) | ||||
Balance, end of period at Mar. 31, 2022 | 3,415 | |||||||
Balance, beginning of year at Dec. 31, 2022 | 37,280 | 11,138,706 | 209,961 | (2,547) | ||||
Balance, beginning of year at Dec. 31, 2022 | (721) | |||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 3,673 | (3,673) | ||||||
Exercise of EQR share options | 8,112 | |||||||
EQR's Employee Share Purchase Plan (ESPP) | 1,452 | |||||||
EQR restricted shares | 3,654 | |||||||
EQR share options | 1,497 | |||||||
EQR ESPP discount | 260 | |||||||
Net income available to Units - General Partner | 211,263 | 211,263 | ||||||
OP Units General Partner distributions | (250,969) | |||||||
Supplemental Executive Retirement Plan (SERP) | 491 | |||||||
Change in market value of Redeemable Limited Partners | (5,946) | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | (953) | 953 | ||||||
Equity compensation associated with Units - Limited Partners | 4,654 | |||||||
Net income available to Units - Limited Partners | 7,059 | 7,059 | ||||||
Units - Limited Partners distributions | (7,904) | |||||||
Change in carrying value of Redeemable Limited Partners | 668 | |||||||
Unrealized holding gains (losses) arising during the period | (9,780) | (9,780) | (9,780) | |||||
Losses reclassified into earnings from other comprehensive income | (1,095) | (1,095) | 1,095 | |||||
Distributions declared per Unit outstanding | $ 0.6625 | |||||||
Net income attributable to Noncontrolling Interests | $ 220,071 | $ 220,071 | 977 | |||||
Distributions to Noncontrolling Interests | (2,809) | |||||||
Balance, end of period at Mar. 31, 2023 | $ 37,280 | $ 11,111,240 | $ 211,718 | $ (11,232) | ||||
Balance, end of period at Mar. 31, 2023 | $ (2,553) |
Business
Business | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Business | 1. Business Equity Residential (“EQR”) is an S&P 500 company focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters, a business that is conducted on its behalf by ERP Operating Limited Partnership (“ERPOP”). EQR is a Maryland real estate investment trust (“REIT”) formed in March 1993 and ERPOP is an Illinois limited partnership formed in May 1993. References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership. EQR is the general partner of, and as of March 31, 2023 owned an approximate 96.8 % ownership interest in, ERPOP. All of the Company’s property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR issues equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. As of March 31, 2023, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 301 properties located in 10 states and the District of Columbia consisting of 79,351 apartment units. The ownership breakdown includes (table does not include any uncompleted development properties): Properties Apartment Units Wholly Owned Properties 286 76,237 Partially Owned Properties – Consolidated 15 3,114 301 79,351 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Operating results for the quarter ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The balance sheets at December 31, 2022 have been derived from the audited financial statements at that date but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. For further information, including definitions of capitalized terms not defined herein, refer to the consolidated financial statements and footnotes thereto included in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2022 . Income and Other Taxes EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued an amendment to the debt and equity financial instruments standards which simplifies the accounting for convertible instruments and accounting for contracts in an entity’s own equity. The Company adopted the standard when effective on January 1, 2022 and it had no impact on its consolidated results of operations and financial position. In March 2020, the FASB issued an amendment to the reference rate reform standard which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. The new standard was effective for the Company upon issuance and elections could be made through December 31, 2024. The Company elected to apply the hedge accounting expedients and application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. |
Equity, Capital and Other Inter
Equity, Capital and Other Interests | 3 Months Ended |
Mar. 31, 2023 | |
Equity Capital And Other Interests [Abstract] | |
Equity, Capital and Other Interests | 3. Equity, Capital and Other Interests The Company refers to “Common Shares” and “Units” (which refer to both OP Units and restricted units) as equity securities for EQR and “General Partner Units” and “Limited Partner Units” as equity securities for ERPOP. To provide a streamlined and more readable presentation of the disclosures for the Company and the Operating Partnership, several sections below refer to the respective terminology for each with the same financial information and separate sections are provided, where needed, to further distinguish any differences in financial information and terminology. The following table presents the changes in the Company’s issued and outstanding Common Shares and Units for the quarters ended March 31, 2023 and 2022: 2023 2022 Common Shares Common Shares outstanding at January 1, 378,429,708 375,527,195 Common Shares Issued: Conversion of OP Units 144,567 6,756 Exercise of share options 173,249 269,665 Employee Share Purchase Plan (ESPP) 27,393 13,374 Restricted share grants, net 123,304 157,080 Common Shares outstanding at March 31, 378,898,221 375,974,070 Units Units outstanding at January 1, 12,429,737 12,659,027 Restricted unit grants, net 229,913 220,333 Conversion of OP Units to Common Shares ( 144,567 ) ( 6,756 ) Units outstanding at March 31, 12,515,083 12,872,604 Total Common Shares and Units outstanding at March 31, 391,413,304 388,846,674 Units Ownership Interest in Operating Partnership 3.2 % 3.3 % The following table presents the changes in the Operating Partnership’s issued and outstanding General Partner Units and Limited Partner Units for the quarters ended March 31, 2023 and 2022: 2023 2022 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 390,859,445 388,186,222 Issued to General Partner: Exercise of EQR share options 173,249 269,665 EQR’s Employee Share Purchase Plan (ESPP) 27,393 13,374 EQR’s restricted share grants, net 123,304 157,080 Issued to Limited Partners: Restricted unit grants, net 229,913 220,333 General and Limited Partner Units outstanding at March 31, 391,413,304 388,846,674 Limited Partner Units Limited Partner Units outstanding at January 1, 12,429,737 12,659,027 Limited Partner restricted unit grants, net 229,913 220,333 Conversion of Limited Partner OP Units to EQR Common Shares ( 144,567 ) ( 6,756 ) Limited Partner Units outstanding at March 31, 12,515,083 12,872,604 Limited Partner Units Ownership Interest in Operating Partnership 3.2 % 3.3 % The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of restricted units, are collectively referred to as the “Noncontrolling Interests – Operating Partnership” and “Limited Partners Capital,” respectively, for the Company and the Operating Partnership. Subject to certain exceptions (including the “book-up” requirements of restricted units), the Noncontrolling Interests – Operating Partnership/Limited Partners Capital may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital (including redeemable interests) is allocated based on the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total plus the total number of Common Shares/General Partner Units. Net income is allocated to the Noncontrolling Interests – Operating Partnership/Limited Partners Capital based on the weighted average ownership percentage during the period. The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Noncontrolling Interests – Operating Partnership/Limited Partners Capital requesting an exchange of their Noncontrolling Interests – Operating Partnership/Limited Partners Capital with EQR. Once the Operating Partnership elects not to redeem the Noncontrolling Interests – Operating Partnership/Limited Partners Capital for cash, EQR is obligated to deliver Common Shares to the exchanging holder of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital. The Noncontrolling Interests – Operating Partnership/Limited Partners Capital are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Noncontrolling Interests – Operating Partnership/Limited Partners Capital are differentiated and referred to as “Redeemable Noncontrolling Interests – Operating Partnership” and “Redeemable Limited Partners,” respectively. Instruments that require settlement in registered shares cannot be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital that are classified in permanent equity at March 31, 2023 and December 31, 2022. The carrying value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is allocated based on the number of Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total. Such percentage of the total carrying value of Units/Limited Partner Units which is ascribed to the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is then adjusted to the greater of carrying value or fair market value as described above. As of March 31, 2023 and 2022, the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners have a redemption value of approximately $ 323.6 million and $ 495.8 million, respectively, which represents the value of Common Shares that would be issued in exchange for the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners. The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners for the quarters ended March 31, 2023 and 2022, respectively (amounts in thousands): 2023 2022 Balance at January 1, $ 318,273 $ 498,977 Change in market value 5,946 ( 939 ) Change in carrying value ( 668 ) ( 2,278 ) Balance at March 31, $ 323,551 $ 495,760 Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings and proceeds from exercise of options for Common Shares are contributed by EQR to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the Preferred Shares issued in the equity offering). As a result, the net proceeds from Common Shares and Preferred Shares are allocated for the Company between shareholders’ equity and Noncontrolling Interests – Operating Partnership and for the Operating Partnership between General Partner’s Capital and Limited Partners Capital to account for the change in their respective percentage ownership of the underlying equity. The Company’s declaration of trust authorizes it to issue up to 100,000,000 preferred shares of beneficial interest, $ 0.01 par value per share (the “Preferred Shares”), with specific rights, preferences and other attributes as the Board of Trustees may determine, which may include preferences, powers and rights that are senior to the rights of holders of the Company’s Common Shares. The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as of March 31, 2023 and December 31, 2022: Amounts in thousands Annual Call Dividend Per March 31, December 31, Date (1) Share/Unit (2) 2023 2022 Preferred Shares/Preference Units of beneficial interest, $ 0.01 par value; 100,000,000 shares authorized: 8.29 % Series K Cumulative Redeemable Preferred Shares/Preference 50 per share/unit; 745,600 shares/units issued 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares/Preference Units are payable quarterly. Other EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC in May 2022 and expires in May 2025. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis). The Company has an At-The-Market (“ATM”) share offering program which allows EQR to issue Common Shares from time to time into the existing trading market at current market prices or through negotiated transactions, including under forward sale arrangements. The current program matures in May 2025 and gives us the authority to issue up to 13.0 million shares, all of which remain available for issuance as of March 31, 2023. The Company may repurchase up to 13.0 million Common Shares under its share repurchase program. No open market repurchases have occurred since 2008. As of March 31, 2023 , EQR has remaining authorization to repurchase up to 13.0 million of its shares. |
Real Estate
Real Estate | 3 Months Ended |
Mar. 31, 2023 | |
Real Estate [Abstract] | |
Real Estate | 4. Real Estate The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Land $ 5,559,883 $ 5,580,878 Depreciable property: Buildings and improvements 19,444,618 19,471,503 Furniture, fixtures and equipment 2,388,137 2,352,050 In-Place lease intangibles 510,801 510,816 Projects under development: Land 3,201 3,201 Construction-in-progress 129,140 109,739 Land held for development: Land 46,160 46,160 Construction-in-progress 14,505 14,407 Investment in real estate 28,096,445 28,088,754 Accumulated depreciation ( 9,207,194 ) ( 9,027,850 ) Investment in real estate, net $ 18,889,251 $ 19,060,904 During th e quarter ended March 31, 2023, the Company disposed of the following to unaffiliated parties (sales price and net gain in thousands): Properties Apartment Units Sales Price Net Gain Rental Properties – Consolidated 7 247 $ 135,300 $ 100,209 Total 7 247 $ 135,300 $ 100,209 |
Commitments to Acquire_Dispose
Commitments to Acquire/Dispose of Real Estate | 3 Months Ended |
Mar. 31, 2023 | |
Commitments To Acquire Dispose Of Real Estate [Abstract] | |
Commitments to Acquire/Dispose of Real Estate | 5. Commitments to Acquire/Dispose of Real Estate The Company has not entered into any agreements to acquire rental properties or land parcels as of the date of filing. The Company has entered into an agreement to dispose of the following (sales price and net book value in thousands): Properties Apartment Units Sales Price Net Book Value at Land Parcels (one) — — $ 16,000 $ 15,000 Total — — $ 16,000 $ 15,000 The closing of pending transactions is subject to certain conditions and restrictions; therefore, there can be no assurance that the transactions will be consummated or that the final terms will not differ in material respects from any agreements summarized above. See Note 14 for discussion of the properties acquired or disposed of, if any, subsequent to March 31, 2023 . |
Investments in Partially Owned
Investments in Partially Owned Entities | 3 Months Ended |
Mar. 31, 2023 | |
Investments In Partially Owned Entities [Abstract] | |
Investments in Partially Owned Entities | 6. Investments in Partially Owned Entities The Company has invested in various entities with unrelated third parties which are either consolidated or accounted for under the equity method of accounting (unconsolidated). Consolidated Variable Interest Entities (“VIEs”) In accordance with accounting standards for consolidation of VIEs, the Company consolidates ERPOP on EQR’s financial statements. As the sole general partner of ERPOP, EQR has exclusive control of ERPOP’s day-to-day management. The limited partners are not able to exercise substantive kick-out or participating rights. As a result, ERPOP qualifies as a VIE. EQR has a controlling financial interest in ERPOP and, thus, is ERPOP’s primary beneficiary. EQR has the power to direct the activities of ERPOP that most significantly impact ERPOP’s economic performance as well as the obligation to absorb losses or the right to receive benefits from ERPOP that could potentially be significant to ERPOP. The Company has various equity interests in certain joint ventures that have been deemed to be VIEs, and the Company is the VIEs’ primary beneficiary. As a result, the joint ventures are required to be consolidated on the Company’s financial statements. The following table summarizes the Company’s consolidated joint ventures as of March 31, 2023: Operating Properties Project Under Development (1) Properties Apartment Units Project Apartment Units Consolidated Joint Ventures (VIE) 15 3,114 1 312 (1) The land under this project is subject to a long-term ground lease. The following table provides consolidated assets and liabilities related to the VIEs discussed above as of March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Consolidated Assets $ 685,218 $ 691,880 Consolidated Liabilities $ 169,122 $ 158,932 Certain consolidated joint ventures in which we have investments obtained mortgage debt to finance a portion of their activities. The following table and information summarizes the variable rate construction mortgage debt that is non-recourse to the Company at March 31, 2023 (aggregate and amounts borrowed under loan commitments in thousands): Recently Completed Operating Property Project Under Development Number of joint ventures with debt financing 1 1 Aggregate loan commitments $ 67,589 $ 73,344 Amounts borrowed under loan commitments (1) $ 64,735 $ 59,070 Maturity dates 2023 2025 (1) See Note 9 for the proceeds of secured conventional floating rate debt under Mortgage Notes Payable . Investments in Unconsolidated Entities The Company has various equity interests in certain joint ventures that are unconsolidated and accounted for using the equity method of accounting. Most of these have been deemed to be VIEs and the Company is not the VIEs' primary beneficiary. The remaining have been deemed not to be VIEs and the Company does not have a controlling voting interest. The following table and information summarizes the Company’s investments in unconsolidated entities as of March 31, 2023 and December 31, 2022 (amounts in thousands except for ownership percentage): March 31, 2023 December 31, 2022 Ownership Percentage Investments in Unconsolidated Entities: Various Real Estate Holdings (VIE) $ 36,195 $ 35,974 Varies Projects Under Development and Land Held for Development (VIE) 231,735 218,043 62 % - 95 % (1) Real Estate Technology Funds/Companies (VIE) 24,594 25,249 Varies Other ( 245 ) ( 242 ) Varies Investments in Unconsolidated Entities $ 292,279 $ 279,024 (1) In certain instances, the joint venture agreements contain provisions for promoted interests in favor of our joint venture partner. If the terms of the promoted interest are attained, then our share of the proceeds from a sale or other capital event of the unconsolidated entity may be less than the indicated ownership percentage. The following table summarizes the Company’s unconsolidated joint ventures that were deemed to be VIEs as of March 31, 2023: Real Estate Holdings (1) Projects Under Development (2), (5) Projects Held for Development (2), (3) Entities Projects Apartment Units (4) Projects Apartment Units (4) Unconsolidated Joint Ventures (VIE) 2 6 1,982 3 966 (1) Represents entities that hold various real estate investments. (2) Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties. (3) Represents separate unconsolidated joint ventures that have not yet started. (4) Represents the intended number of apartment units to be developed. (5) The land parcel under one of the projects is subject to a long-term ground lease. |
Restricted Deposits
Restricted Deposits | 3 Months Ended |
Mar. 31, 2023 | |
Deposits Restricted [Abstract] | |
Restricted Deposits | 7. Restricted Deposits The following table presents the Company’s restricted deposits as of March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Mortgage escrow deposits: Replacement reserves $ 12,960 $ 12,549 Mortgage principal reserves/sinking funds 27,017 25,304 Mortgage escrow deposits 39,977 37,853 Restricted cash: Earnest money on pending acquisitions 4,500 4,500 Restricted deposits on real estate investments 226 229 Resident security and utility deposits 38,640 38,432 Other 2,282 2,289 Restricted cash 45,648 45,450 Restricted deposits $ 85,625 $ 83,303 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | 8. Leases Lessor Accounting The Company is the lessor for its residential and non-residential leases and these leases are accounted for as operating leases under the lease standard. The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the quarters ended March 31, 2023 and 2022 (amounts in thousands): Quarter Ended March 31, 2023 Quarter Ended March 31, 2022 Income Type Residential Non-Residential Total Residential Non-Residential Total Residential and non-residential rent $ 634,752 $ 15,986 $ 650,738 $ 587,780 $ 15,874 $ 603,654 Utility recoveries (RUBS income) (1) 21,383 207 21,590 19,598 181 19,779 Parking rent 10,882 109 10,991 10,783 98 10,881 Other lease revenue (2) ( 7,589 ) 669 ( 6,920 ) ( 6,301 ) ( 43 ) ( 6,344 ) Total lease revenue $ 659,428 $ 16,971 676,399 $ 611,860 $ 16,110 627,970 Parking revenue 10,203 8,808 Other revenue 18,486 16,570 Total other rental income (3) 28,689 25,378 Rental income $ 705,088 $ 653,348 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other lease revenue consists of the revenue adjustment related to bad debt and other miscellaneous lease revenue. (3) Other rental income is accounted for under the revenue recognition standard. The following table presents residential and non-residential accounts receivable and straight-line receivable balances for the Company’s properties as of March 31, 2023 and December 31, 2022 (amounts in thousands): Residential Non-Residential Balance Sheet (Other assets): March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Resident/tenant accounts receivable balances $ 32,781 $ 35,688 $ 2,451 $ 2,820 Allowance for doubtful accounts ( 28,861 ) ( 31,405 ) ( 1,500 ) ( 2,152 ) Net receivable balances $ 3,920 $ 4,283 $ 951 $ 668 Straight-line receivable balances $ 5,815 $ 4,398 $ 13,680 $ 13,795 The following table presents residential bad debt for the Company’s properties for the quarters ended March 31, 2023 and 2022 (amounts in thousands): Quarter Ended March 31, Income Statement (Rental income): 2023 2022 Bad debt, net (1) $ 10,755 $ 9,895 % of rental income 1.6 % 1.6 % (1) Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $ 1.0 million and $ 10.0 million for the quarters ended March 31, 2023 and 2022 , respectively. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. Weighted average interest rates noted below for the quarter ended March 31, 2023 include the effect of any derivative instruments and amortization of premiums/discounts/OCI (other comprehensive income) on debt and derivatives. Mortgage Notes Payable The following table summarizes the Company’s mortgage notes payable activity for the quarter ended March 31, 2023 (amounts in thousands): Mortgage notes Proceeds Lump sum Scheduled Amortization Amortization Mortgage notes Fixed Rate Debt: Secured – Conventional $ 1,608,838 $ — $ — $ — $ — $ 230 $ 1,609,068 Floating Rate Debt: Secured – Conventional 108,378 14,090 (2) — ( 40 ) — 184 122,612 Secured – Tax Exempt 236,222 — — — 306 35 236,563 Floating Rate Debt 344,600 14,090 — ( 40 ) 306 219 359,175 Total $ 1,953,438 $ 14,090 $ — $ ( 40 ) $ 306 $ 449 $ 1,968,243 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) See Note 6 for additional discussion of the variable rate construction mortgage debt. The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2023: March 31, 2023 Interest Rate Ranges 0.10 % - 7.58 % Weighted Average Interest Rate 3.82 % Maturity Date Ranges 2023 - 2061 As of March 31, 2023, the Company had $ 250.0 million of secured debt (primarily tax-exempt bonds) subject to third-party credit enhancement. Notes The following table summarizes the Company’s notes activity for the quarter ended March 31, 2023 (amounts in thousands): Notes, net as of Proceeds Lump sum Amortization Amortization Notes, net as of Fixed Rate Debt: Unsecured – Public $ 5,342,329 $ — $ — $ 562 $ 960 $ 5,343,851 (1) Represents amortization of deferred financing costs, net of debt financing costs. The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2023: March 31, 2023 Interest Rate Ranges 1.85 % - 7.57 % Weighted Average Interest Rate 3.56 % Maturity Date Ranges 2025 - 2047 The Company’s unsecured public notes contain certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for the quarter ended March 31, 2023. Line of Credit and Commercial Paper The Company has a $ 2.5 billion unsecured revolving credit facility maturing on October 26, 2027 . The Company has the ability to increase available borrowings by an additional $ 750.0 million by adding lenders to the facility, obtaining the agreement of existing lenders to increase their commitments or incurring one or more term loans. The interest rate on advances under the facility will generally be the Secured Overnight Financing Rate ("SOFR") plus a spread (currently 0.725 %), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 0.125 %). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating. The Company did no t borrow any amounts under its revolving credit facility during the quarter ended March 31, 2023. The Company has an unsecured commercial paper note program under which it may borrow up to a maximum of $ 1.0 billion subject to market conditions. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Company’s other unsecured senior indebtedness. The following table summarizes certain weighted average interest rate and amount outstanding information for the commercial paper program as of and for the quarter ended March 31, 2023: March 31, 2023 Weighted Average Interest Rate (1) 4.70 % Weighted Average Amount Outstanding $ 109.0 million (1) The notes bear interest at various floating rates. The Company limits its utilization of the revolving credit facility in order to maintain liquidity to support its $ 1.0 billion commercial paper program along with certain other obligations. The following table presents the availability on the Company’s unsecured revolving credit facility as of March 31, 2023 (amounts in thousands): March 31, 2023 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding — Unsecured revolving credit facility balance outstanding — Other restricted amounts ( 3,484 ) Unsecured revolving credit facility availability $ 2,496,516 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 10. Fair Value Measurements The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments on listed market prices and third-party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company may seek to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business. A three-level valuation hierarchy exists for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company’s derivative positions are valued using models developed by the respective counterparty as well as models applied internally by the Company that use as their inputs readily observable market parameters (such as forward yield curves and credit default swap data). The following table summarizes the inputs to the valuations for each type of fair value measurement: Fair Value Measurement Type Valuation Inputs Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”) Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Quoted market price of Common Shares. Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable) Indicative rates provided by lenders of similar loans. Public unsecured notes Quoted market prices for each underlying issuance. The fair values of the Company’s financial instruments (other than mortgage notes payable, unsecured notes, commercial paper, line of credit and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract value. The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at March 31, 2023 and December 31, 2022, respectively (amounts in thousands): March 31, 2023 December 31, 2022 Carrying Value Estimated Fair Carrying Value Estimated Fair Mortgage notes payable, net $ 1,968,243 $ 1,845,907 $ 1,953,438 $ 1,803,525 Unsecured debt, net 5,343,851 4,855,336 5,472,284 4,874,490 Total debt, net $ 7,312,094 $ 6,701,243 $ 7,425,722 $ 6,678,015 The following table summarizes the Company’s consolidated derivative instruments at March 31, 2023 (dollar amounts are in thousands): Forward Starting Current Notional Balance $ 450,000 Lowest Interest Rate 2.4470 % Highest Interest Rate 3.6995 % Maturity Date 2033 (1) Forward Starting Swaps – Designed to partially fix interest rates in advance of planned future debt issuances. These swaps have mandatory counterparty terminations i n 2024 and are targeted for certain 2023 d ebt issuances. The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at March 31, 2023 and December 31, 2022, respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet 3/31/2023 Quoted Prices in Significant Other Significant Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Assets $ 14,455 $ — $ 14,455 $ — Supplemental Executive Retirement Plan Other Assets 124,872 124,872 — — Total $ 139,327 $ 124,872 $ 14,455 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Liabilities $ 3,580 $ — $ 3,580 $ — Supplemental Executive Retirement Plan Other Liabilities 124,872 124,872 — — Total $ 128,452 $ 124,872 $ 3,580 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 323,551 $ — $ 323,551 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet 12/31/2022 Quoted Prices in Significant Other Significant Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Assets $ 21,864 $ — $ 21,864 $ — Supplemental Executive Retirement Plan Other Assets 133,245 133,245 — — Total $ 155,109 $ 133,245 $ 21,864 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Liabilities $ 1,210 $ — $ 1,210 $ — Supplemental Executive Retirement Plan Other Liabilities 133,245 133,245 — — Total $ 134,455 $ 133,245 $ 1,210 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 318,273 $ — $ 318,273 $ — The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the quarters ended March 31, 2023 and 2022, respectively (amounts in thousands): March 31, 2023 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ ( 9,780 ) Interest expense $ ( 1,095 ) Total $ ( 9,780 ) $ ( 1,095 ) March 31, 2022 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ — Interest expense $ ( 2,425 ) Total $ — $ ( 2,425 ) As of March 31, 2023 and December 31, 2022 , there were approximately $ 11.2 million and $ 2.5 million in deferred losses, net, included in accumulated other comprehensive income (loss), respectively, related to previously settled and unsettled derivative instruments, of which an estimated $ 3.9 million may be recognized as additional interest expense during the twelve months ending March 31, 2024. |
Earnings Per Share and Earnings
Earnings Per Share and Earnings Per Unit | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share And Earnings Per Unit | 11. Earnings Per Share and Earnings Per Unit Equity Residential The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts): Quarter Ended March 31, 2023 2022 Numerator for net income per share – basic: Net income $ 220,071 $ 73,798 Allocation to Noncontrolling Interests – Operating Partnership ( 7,059 ) ( 2,394 ) Net (income) loss attributable to Noncontrolling ( 977 ) ( 639 ) Preferred distributions ( 772 ) ( 772 ) Numerator for net income per share – basic $ 211,263 $ 69,993 Numerator for net income per share – diluted: Net income $ 220,071 $ 73,798 Net (income) loss attributable to Noncontrolling ( 977 ) ( 639 ) Preferred distributions ( 772 ) ( 772 ) Numerator for net income per share – diluted $ 218,322 $ 72,387 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 378,341 375,509 Effect of dilutive securities: OP Units 11,510 11,888 Long-term compensation shares/units 813 2,090 ATM forward sales — 141 Denominator for net income per share – diluted 390,664 389,628 Net income per share – basic $ 0.56 $ 0.19 Net income per share – diluted $ 0.56 $ 0.19 ERP Operating Limited Partnership The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): Quarter Ended March 31, 2023 2022 Numerator for net income per Unit – basic and diluted: Net income $ 220,071 $ 73,798 Net (income) loss attributable to Noncontrolling ( 977 ) ( 639 ) Allocation to Preference Units ( 772 ) ( 772 ) Numerator for net income per Unit – basic and diluted $ 218,322 $ 72,387 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 389,851 387,397 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting 813 2,090 ATM forward sales — 141 Denominator for net income per Unit – diluted 390,664 389,628 Net income per Unit – basic $ 0.56 $ 0.19 Net income per Unit – diluted $ 0.56 $ 0.19 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Commitments Real Estate Development Commitments As of March 31, 2023 , the Company has both consolidated and unconsolidated real estate projects under development. The following table summarizes the gross remaining total project costs for the Company’s projects under development at March 31, 2023 (total project costs remaining in thousands): Projects Apartment Units Total Project Costs Remaining (1) Projects Under Development Consolidated 2 537 $ 128,307 Unconsolidated 6 1,982 305,454 Total Projects Under Development 8 2,519 $ 433,761 (1) The Company’s share of the $ 433.8 million in total project costs remaining approximates $ 128.9 million, with the balance funded by the Company’s joint venture partners (approximately $ 6.4 million) and/or applicable construction loans (approximately $ 298.5 million). We have entered into, and may continue in the future to enter into, joint venture agreements with third-party partners for the development of multifamily rental properties. The joint venture agreements with each development partner include buy-sell provisions that provide the right, but not the obligation, for the Company to acquire each respective partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events described in the joint venture agreements. See Note 6 for additional discussion. Other Commitments We have entered into, and may continue in the future to enter into, real estate technology and other real estate fund investments. At March 31, 2023, t he Company has invested in nine separate such investments with aggregate remaining commitments of approximately $ 18.7 million. Contingencies Litigation and Legal Matters The Company, as an owner of real estate, is subject to various federal, state and local laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future. The Company does not believe there is any litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company. |
Reportable Segments
Reportable Segments | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Reportable Segments | 13. Reportable Segments Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker decides how resources are allocated and assesses performance on a recurring basis at least quarterly. The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company’s operating performance geographically by market and both on a same store and non-same store basis. While the Company does maintain a non-residential presence, it accounts for approximately 3.8 % of total revenues for the quarter ended March 31, 2023 and is designed as an amenity for our residential residents. The chief operating decision maker evaluates the performance of each property on a consolidated residential and non-residential basis. The Company’s geographic consolidated same store operating segments represent its reportable segments. The Company’s development activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the “Other” category in the tables presented below. All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the quarters ended March 31, 2023 and 2022, respectively. The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense and 2) real estate taxes and insurance expense (all as reflected in the accompanying consolidated statements of operations and comprehensive income). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment properties. Revenues for all leases are reflected on a straight-line basis in accordance with GAAP for the current and comparable periods. The following table presents a reconciliation of NOI from our rental real estate for the quarters ended March 31, 2023 and 2022, respectively (amounts in thousands): Quarter Ended March 31, 2023 2022 Rental income $ 705,088 $ 653,348 Property and maintenance expense ( 137,579 ) ( 124,874 ) Real estate taxes and insurance expense ( 106,669 ) ( 100,688 ) Total operating expenses ( 244,248 ) ( 225,562 ) Net operating income $ 460,840 $ 427,786 The following tables present NOI from our rental real estate for each segment for the quarters ended March 31, 2023 and 2022, respectively, as well as total assets and capital expenditures at March 31, 2023 (amounts in thousands): Quarter Ended March 31, 2023 Quarter Ended March 31, 2022 Rental Operating NOI Rental Operating NOI Same store (1) Los Angeles $ 115,681 $ 37,801 $ 77,880 $ 108,969 $ 34,184 $ 74,785 Orange County 31,588 7,187 24,401 28,767 6,531 22,236 San Diego 22,441 5,189 17,252 20,940 4,952 15,988 Subtotal - Southern California 169,710 50,177 119,533 158,676 45,667 113,009 San Francisco 107,479 34,005 73,474 100,616 31,673 68,943 Washington, D.C. 107,623 36,268 71,355 100,705 34,211 66,494 New York 118,045 49,771 68,274 99,830 47,875 51,955 Seattle 74,561 20,479 54,082 68,537 19,927 48,610 Boston 70,658 22,636 48,022 64,663 21,059 43,604 Denver 17,597 5,491 12,106 16,232 4,633 11,599 Other Expansion Markets 16,002 7,963 8,039 15,107 6,490 8,617 Total same store 681,675 226,790 454,885 624,366 211,535 412,831 Non-same store/other Non-same store (2) 20,970 7,409 13,561 15,050 7,752 7,298 Other (3) 2,443 10,049 ( 7,606 ) 13,932 6,275 7,657 Total non-same store/other 23,413 17,458 5,955 28,982 14,027 14,955 Totals $ 705,088 $ 244,248 $ 460,840 $ 653,348 $ 225,562 $ 427,786 (1) For the quarters ended March 31, 2023 and 2022 , same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2022, less properties subsequently sold, which represented 76,952 apartment units. (2) For the quarters ended March 31, 2023 and 2022, non-same store primarily includes properties acquired after January 1, 2022, plus any properties in lease-up and not stabilized as of January 1, 2022, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Quarter Ended March 31, 2023 Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,536,079 $ 8,189 Orange County 352,643 1,678 San Diego 229,293 4,055 Subtotal - Southern California 3,118,015 13,922 San Francisco 3,046,849 7,954 Washington, D.C. 3,064,106 8,674 New York 3,377,729 5,450 Seattle 2,157,123 5,311 Boston 1,792,839 5,145 Denver 848,783 561 Other Expansion Markets 803,845 1,120 Total same store 18,209,289 48,137 Non-same store/other Non-same store (2) 1,007,584 7,196 Other (3) 885,653 59 Total non-same store/other 1,893,237 7,255 Totals $ 20,102,526 $ 55,392 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2022, less properties subsequently sold, which represented 76,952 apartment units. (2) Non-same store primarily includes properties acquired after January 1, 2022, plus any properties in lease-up and not stabilized as of January 1, 2022, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and capital expenditures for properties sold. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events Subsequent to March 31, 2023, the Company: • Acquired the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated 2 549 $ 186,600 Total 2 549 $ 186,600 • Acquired a third-party joint venture partner's 10.0 % interest in a consolidated operating property for approximately $ 4.6 million, of which the Company paid $ 3.7 million in cash and issued $ 0.9 million of 3.00 % Series Q Cumulative Redeemable Preference Units of the Operating Partnership. The Company also repaid $ 64.7 million of mortgage debt at par prior to maturity in conjunction with the buyout. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Operating results for the quarter ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The balance sheets at December 31, 2022 have been derived from the audited financial statements at that date but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. For further information, including definitions of capitalized terms not defined herein, refer to the consolidated financial statements and footnotes thereto included in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2022 . |
Income and Other Taxes | Income and Other Taxes EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued an amendment to the debt and equity financial instruments standards which simplifies the accounting for convertible instruments and accounting for contracts in an entity’s own equity. The Company adopted the standard when effective on January 1, 2022 and it had no impact on its consolidated results of operations and financial position. In March 2020, the FASB issued an amendment to the reference rate reform standard which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. The new standard was effective for the Company upon issuance and elections could be made through December 31, 2024. The Company elected to apply the hedge accounting expedients and application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. |
Business (Tables)
Business (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Ownership Breakdown | The ownership breakdown includes (table does not include any uncompleted development properties): Properties Apartment Units Wholly Owned Properties 286 76,237 Partially Owned Properties – Consolidated 15 3,114 301 79,351 |
Equity, Capital and Other Int_2
Equity, Capital and Other Interests (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Class Of Stock [Line Items] | |
Changes in Issued and Outstanding Common Shares and Units | The following table presents the changes in the Company’s issued and outstanding Common Shares and Units for the quarters ended March 31, 2023 and 2022: 2023 2022 Common Shares Common Shares outstanding at January 1, 378,429,708 375,527,195 Common Shares Issued: Conversion of OP Units 144,567 6,756 Exercise of share options 173,249 269,665 Employee Share Purchase Plan (ESPP) 27,393 13,374 Restricted share grants, net 123,304 157,080 Common Shares outstanding at March 31, 378,898,221 375,974,070 Units Units outstanding at January 1, 12,429,737 12,659,027 Restricted unit grants, net 229,913 220,333 Conversion of OP Units to Common Shares ( 144,567 ) ( 6,756 ) Units outstanding at March 31, 12,515,083 12,872,604 Total Common Shares and Units outstanding at March 31, 391,413,304 388,846,674 Units Ownership Interest in Operating Partnership 3.2 % 3.3 % |
Changes in Redemption Value of Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners for the quarters ended March 31, 2023 and 2022, respectively (amounts in thousands): 2023 2022 Balance at January 1, $ 318,273 $ 498,977 Change in market value 5,946 ( 939 ) Change in carrying value ( 668 ) ( 2,278 ) Balance at March 31, $ 323,551 $ 495,760 |
Issued and Outstanding Preferred Shares and Preference Units | The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as of March 31, 2023 and December 31, 2022: Amounts in thousands Annual Call Dividend Per March 31, December 31, Date (1) Share/Unit (2) 2023 2022 Preferred Shares/Preference Units of beneficial interest, $ 0.01 par value; 100,000,000 shares authorized: 8.29 % Series K Cumulative Redeemable Preferred Shares/Preference 50 per share/unit; 745,600 shares/units issued 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares/Preference Units are payable quarterly. |
ERPOP [Member] | |
Class Of Stock [Line Items] | |
Changes in Issued and Outstanding Common Shares and Units | The following table presents the changes in the Operating Partnership’s issued and outstanding General Partner Units and Limited Partner Units for the quarters ended March 31, 2023 and 2022: 2023 2022 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 390,859,445 388,186,222 Issued to General Partner: Exercise of EQR share options 173,249 269,665 EQR’s Employee Share Purchase Plan (ESPP) 27,393 13,374 EQR’s restricted share grants, net 123,304 157,080 Issued to Limited Partners: Restricted unit grants, net 229,913 220,333 General and Limited Partner Units outstanding at March 31, 391,413,304 388,846,674 Limited Partner Units Limited Partner Units outstanding at January 1, 12,429,737 12,659,027 Limited Partner restricted unit grants, net 229,913 220,333 Conversion of Limited Partner OP Units to EQR Common Shares ( 144,567 ) ( 6,756 ) Limited Partner Units outstanding at March 31, 12,515,083 12,872,604 Limited Partner Units Ownership Interest in Operating Partnership 3.2 % 3.3 % |
Real Estate (Tables)
Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Real Estate [Abstract] | |
Summary of Carrying Amounts of Investment in Real Estate | The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Land $ 5,559,883 $ 5,580,878 Depreciable property: Buildings and improvements 19,444,618 19,471,503 Furniture, fixtures and equipment 2,388,137 2,352,050 In-Place lease intangibles 510,801 510,816 Projects under development: Land 3,201 3,201 Construction-in-progress 129,140 109,739 Land held for development: Land 46,160 46,160 Construction-in-progress 14,505 14,407 Investment in real estate 28,096,445 28,088,754 Accumulated depreciation ( 9,207,194 ) ( 9,027,850 ) Investment in real estate, net $ 18,889,251 $ 19,060,904 |
Disposed Properties to Unaffiliated Parties | During th e quarter ended March 31, 2023, the Company disposed of the following to unaffiliated parties (sales price and net gain in thousands): Properties Apartment Units Sales Price Net Gain Rental Properties – Consolidated 7 247 $ 135,300 $ 100,209 Total 7 247 $ 135,300 $ 100,209 |
Commitments to Acquire_Dispos_2
Commitments to Acquire/Dispose of Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments To Acquire Dispose Of Real Estate [Abstract] | |
Summary of Separate Agreements to Dispose | The Company has entered into an agreement to dispose of the following (sales price and net book value in thousands): Properties Apartment Units Sales Price Net Book Value at Land Parcels (one) — — $ 16,000 $ 15,000 Total — — $ 16,000 $ 15,000 |
Investments in Partially Owne_2
Investments in Partially Owned Entities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments In Partially Owned Entities [Abstract] | |
Summary of Company's Consolidated Joint Ventures | The following table summarizes the Company’s consolidated joint ventures as of March 31, 2023: Operating Properties Project Under Development (1) Properties Apartment Units Project Apartment Units Consolidated Joint Ventures (VIE) 15 3,114 1 312 (1) The land under this project is subject to a long-term ground lease. |
Summary of Consolidated Assets and Liabilities Related to the VIEs | The following table provides consolidated assets and liabilities related to the VIEs discussed above as of March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Consolidated Assets $ 685,218 $ 691,880 Consolidated Liabilities $ 169,122 $ 158,932 |
Summary of Variable Rate Construction Mortgage Debt | The following table and information summarizes the variable rate construction mortgage debt that is non-recourse to the Company at March 31, 2023 (aggregate and amounts borrowed under loan commitments in thousands): Recently Completed Operating Property Project Under Development Number of joint ventures with debt financing 1 1 Aggregate loan commitments $ 67,589 $ 73,344 Amounts borrowed under loan commitments (1) $ 64,735 $ 59,070 Maturity dates 2023 2025 (1) See Note 9 for the proceeds of secured conventional floating rate debt under Mortgage Notes Payable . |
Summary of Company's Investment in Unconsolidated Entities | The following table and information summarizes the Company’s investments in unconsolidated entities as of March 31, 2023 and December 31, 2022 (amounts in thousands except for ownership percentage): March 31, 2023 December 31, 2022 Ownership Percentage Investments in Unconsolidated Entities: Various Real Estate Holdings (VIE) $ 36,195 $ 35,974 Varies Projects Under Development and Land Held for Development (VIE) 231,735 218,043 62 % - 95 % (1) Real Estate Technology Funds/Companies (VIE) 24,594 25,249 Varies Other ( 245 ) ( 242 ) Varies Investments in Unconsolidated Entities $ 292,279 $ 279,024 (1) In certain instances, the joint venture agreements contain provisions for promoted interests in favor of our joint venture partner. If the terms of the promoted interest are attained, then our share of the proceeds from a sale or other capital event of the unconsolidated entity may be less than the indicated ownership percentage. |
Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs | The following table summarizes the Company’s unconsolidated joint ventures that were deemed to be VIEs as of March 31, 2023: Real Estate Holdings (1) Projects Under Development (2), (5) Projects Held for Development (2), (3) Entities Projects Apartment Units (4) Projects Apartment Units (4) Unconsolidated Joint Ventures (VIE) 2 6 1,982 3 966 (1) Represents entities that hold various real estate investments. (2) Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties. (3) Represents separate unconsolidated joint ventures that have not yet started. (4) Represents the intended number of apartment units to be developed. (5) The land parcel under one of the projects is subject to a long-term ground lease. |
Restricted Deposits (Tables)
Restricted Deposits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Deposits Restricted [Abstract] | |
Restricted Deposits | The following table presents the Company’s restricted deposits as of March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Mortgage escrow deposits: Replacement reserves $ 12,960 $ 12,549 Mortgage principal reserves/sinking funds 27,017 25,304 Mortgage escrow deposits 39,977 37,853 Restricted cash: Earnest money on pending acquisitions 4,500 4,500 Restricted deposits on real estate investments 226 229 Resident security and utility deposits 38,640 38,432 Other 2,282 2,289 Restricted cash 45,648 45,450 Restricted deposits $ 85,625 $ 83,303 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Summary of Lease Income Types Relating to Lease Payments Along With the Total Other Rental Income | The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the quarters ended March 31, 2023 and 2022 (amounts in thousands): Quarter Ended March 31, 2023 Quarter Ended March 31, 2022 Income Type Residential Non-Residential Total Residential Non-Residential Total Residential and non-residential rent $ 634,752 $ 15,986 $ 650,738 $ 587,780 $ 15,874 $ 603,654 Utility recoveries (RUBS income) (1) 21,383 207 21,590 19,598 181 19,779 Parking rent 10,882 109 10,991 10,783 98 10,881 Other lease revenue (2) ( 7,589 ) 669 ( 6,920 ) ( 6,301 ) ( 43 ) ( 6,344 ) Total lease revenue $ 659,428 $ 16,971 676,399 $ 611,860 $ 16,110 627,970 Parking revenue 10,203 8,808 Other revenue 18,486 16,570 Total other rental income (3) 28,689 25,378 Rental income $ 705,088 $ 653,348 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other lease revenue consists of the revenue adjustment related to bad debt and other miscellaneous lease revenue. (3) Other rental income is accounted for under the revenue recognition standard. |
Summary of Residential and Non-Residential Accounts Receivable and Straight-Line Receivable Balances | The following table presents residential and non-residential accounts receivable and straight-line receivable balances for the Company’s properties as of March 31, 2023 and December 31, 2022 (amounts in thousands): Residential Non-Residential Balance Sheet (Other assets): March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Resident/tenant accounts receivable balances $ 32,781 $ 35,688 $ 2,451 $ 2,820 Allowance for doubtful accounts ( 28,861 ) ( 31,405 ) ( 1,500 ) ( 2,152 ) Net receivable balances $ 3,920 $ 4,283 $ 951 $ 668 Straight-line receivable balances $ 5,815 $ 4,398 $ 13,680 $ 13,795 |
Summary of Residential Bad Debt for Company's Properties | The following table presents residential bad debt for the Company’s properties for the quarters ended March 31, 2023 and 2022 (amounts in thousands): Quarter Ended March 31, Income Statement (Rental income): 2023 2022 Bad debt, net (1) $ 10,755 $ 9,895 % of rental income 1.6 % 1.6 % Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $ 1.0 million and $ 10.0 million for the quarters ended March 31, 2023 and 2022 , respectively. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Instrument [Line Items] | |
Summary of Mortgage Notes Payable Activity | The following table summarizes the Company’s mortgage notes payable activity for the quarter ended March 31, 2023 (amounts in thousands): Mortgage notes Proceeds Lump sum Scheduled Amortization Amortization Mortgage notes Fixed Rate Debt: Secured – Conventional $ 1,608,838 $ — $ — $ — $ — $ 230 $ 1,609,068 Floating Rate Debt: Secured – Conventional 108,378 14,090 (2) — ( 40 ) — 184 122,612 Secured – Tax Exempt 236,222 — — — 306 35 236,563 Floating Rate Debt 344,600 14,090 — ( 40 ) 306 219 359,175 Total $ 1,953,438 $ 14,090 $ — $ ( 40 ) $ 306 $ 449 $ 1,968,243 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) See Note 6 for additional discussion of the variable rate construction mortgage debt. |
Summary of Notes Activity | The following table summarizes the Company’s notes activity for the quarter ended March 31, 2023 (amounts in thousands): Notes, net as of Proceeds Lump sum Amortization Amortization Notes, net as of Fixed Rate Debt: Unsecured – Public $ 5,342,329 $ — $ — $ 562 $ 960 $ 5,343,851 (1) Represents amortization of deferred financing costs, net of debt financing costs. |
Schedule of Unsecured Revolving Credit Facility | The following table presents the availability on the Company’s unsecured revolving credit facility as of March 31, 2023 (amounts in thousands): March 31, 2023 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding — Unsecured revolving credit facility balance outstanding — Other restricted amounts ( 3,484 ) Unsecured revolving credit facility availability $ 2,496,516 |
Mortgages [Member] | |
Debt Instrument [Line Items] | |
Summary of Certain Interest Rate and Maturity Date Information | The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2023: March 31, 2023 Interest Rate Ranges 0.10 % - 7.58 % Weighted Average Interest Rate 3.82 % Maturity Date Ranges 2023 - 2061 |
Notes [Member] | |
Debt Instrument [Line Items] | |
Summary of Certain Interest Rate and Maturity Date Information | The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2023: March 31, 2023 Interest Rate Ranges 1.85 % - 7.57 % Weighted Average Interest Rate 3.56 % Maturity Date Ranges 2025 - 2047 |
Commercial Paper [Member] | |
Debt Instrument [Line Items] | |
Summary of Certain Interest Rate and Maturity Date Information | The following table summarizes certain weighted average interest rate and amount outstanding information for the commercial paper program as of and for the quarter ended March 31, 2023: March 31, 2023 Weighted Average Interest Rate (1) 4.70 % Weighted Average Amount Outstanding $ 109.0 million (1) The notes bear interest at various floating rates. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Valuations for Each Type of Fair Value Measurement | The following table summarizes the inputs to the valuations for each type of fair value measurement: Fair Value Measurement Type Valuation Inputs Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”) Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Quoted market price of Common Shares. Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable) Indicative rates provided by lenders of similar loans. Public unsecured notes Quoted market prices for each underlying issuance. |
Summary of Carrying and Fair Values of Financial Instruments | The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at March 31, 2023 and December 31, 2022, respectively (amounts in thousands): March 31, 2023 December 31, 2022 Carrying Value Estimated Fair Carrying Value Estimated Fair Mortgage notes payable, net $ 1,968,243 $ 1,845,907 $ 1,953,438 $ 1,803,525 Unsecured debt, net 5,343,851 4,855,336 5,472,284 4,874,490 Total debt, net $ 7,312,094 $ 6,701,243 $ 7,425,722 $ 6,678,015 |
Summarizes Company’s Consolidated Derivative Instruments | The following table summarizes the Company’s consolidated derivative instruments at March 31, 2023 (dollar amounts are in thousands): Forward Starting Current Notional Balance $ 450,000 Lowest Interest Rate 2.4470 % Highest Interest Rate 3.6995 % Maturity Date 2033 (1) Forward Starting Swaps – Designed to partially fix interest rates in advance of planned future debt issuances. These swaps have mandatory counterparty terminations i n 2024 and are targeted for certain 2023 d ebt issuances. |
Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at March 31, 2023 and December 31, 2022, respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet 3/31/2023 Quoted Prices in Significant Other Significant Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Assets $ 14,455 $ — $ 14,455 $ — Supplemental Executive Retirement Plan Other Assets 124,872 124,872 — — Total $ 139,327 $ 124,872 $ 14,455 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Liabilities $ 3,580 $ — $ 3,580 $ — Supplemental Executive Retirement Plan Other Liabilities 124,872 124,872 — — Total $ 128,452 $ 124,872 $ 3,580 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 323,551 $ — $ 323,551 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet 12/31/2022 Quoted Prices in Significant Other Significant Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Assets $ 21,864 $ — $ 21,864 $ — Supplemental Executive Retirement Plan Other Assets 133,245 133,245 — — Total $ 155,109 $ 133,245 $ 21,864 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Liabilities $ 1,210 $ — $ 1,210 $ — Supplemental Executive Retirement Plan Other Liabilities 133,245 133,245 — — Total $ 134,455 $ 133,245 $ 1,210 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 318,273 $ — $ 318,273 $ — |
Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income | The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the quarters ended March 31, 2023 and 2022, respectively (amounts in thousands): March 31, 2023 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ ( 9,780 ) Interest expense $ ( 1,095 ) Total $ ( 9,780 ) $ ( 1,095 ) March 31, 2022 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ — Interest expense $ ( 2,425 ) Total $ — $ ( 2,425 ) |
Earnings Per Share and Earnin_2
Earnings Per Share and Earnings Per Unit (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit | The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts): Quarter Ended March 31, 2023 2022 Numerator for net income per share – basic: Net income $ 220,071 $ 73,798 Allocation to Noncontrolling Interests – Operating Partnership ( 7,059 ) ( 2,394 ) Net (income) loss attributable to Noncontrolling ( 977 ) ( 639 ) Preferred distributions ( 772 ) ( 772 ) Numerator for net income per share – basic $ 211,263 $ 69,993 Numerator for net income per share – diluted: Net income $ 220,071 $ 73,798 Net (income) loss attributable to Noncontrolling ( 977 ) ( 639 ) Preferred distributions ( 772 ) ( 772 ) Numerator for net income per share – diluted $ 218,322 $ 72,387 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 378,341 375,509 Effect of dilutive securities: OP Units 11,510 11,888 Long-term compensation shares/units 813 2,090 ATM forward sales — 141 Denominator for net income per share – diluted 390,664 389,628 Net income per share – basic $ 0.56 $ 0.19 Net income per share – diluted $ 0.56 $ 0.19 |
ERPOP [Member] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit | The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): Quarter Ended March 31, 2023 2022 Numerator for net income per Unit – basic and diluted: Net income $ 220,071 $ 73,798 Net (income) loss attributable to Noncontrolling ( 977 ) ( 639 ) Allocation to Preference Units ( 772 ) ( 772 ) Numerator for net income per Unit – basic and diluted $ 218,322 $ 72,387 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 389,851 387,397 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting 813 2,090 ATM forward sales — 141 Denominator for net income per Unit – diluted 390,664 389,628 Net income per Unit – basic $ 0.56 $ 0.19 Net income per Unit – diluted $ 0.56 $ 0.19 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Real Estate Development Commitments | The following table summarizes the gross remaining total project costs for the Company’s projects under development at March 31, 2023 (total project costs remaining in thousands): Projects Apartment Units Total Project Costs Remaining (1) Projects Under Development Consolidated 2 537 $ 128,307 Unconsolidated 6 1,982 305,454 Total Projects Under Development 8 2,519 $ 433,761 (1) The Company’s share of the $ 433.8 million in total project costs remaining approximates $ 128.9 million, with the balance funded by the Company’s joint venture partners (approximately $ 6.4 million) and/or applicable construction loans (approximately $ 298.5 million). |
Reportable Segments (Tables)
Reportable Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations | The following table presents a reconciliation of NOI from our rental real estate for the quarters ended March 31, 2023 and 2022, respectively (amounts in thousands): Quarter Ended March 31, 2023 2022 Rental income $ 705,088 $ 653,348 Property and maintenance expense ( 137,579 ) ( 124,874 ) Real estate taxes and insurance expense ( 106,669 ) ( 100,688 ) Total operating expenses ( 244,248 ) ( 225,562 ) Net operating income $ 460,840 $ 427,786 |
Schedule of NOI from Our Rental Real Estate for Each Segment Specific to Continuing Operations | The following tables present NOI from our rental real estate for each segment for the quarters ended March 31, 2023 and 2022, respectively, as well as total assets and capital expenditures at March 31, 2023 (amounts in thousands): Quarter Ended March 31, 2023 Quarter Ended March 31, 2022 Rental Operating NOI Rental Operating NOI Same store (1) Los Angeles $ 115,681 $ 37,801 $ 77,880 $ 108,969 $ 34,184 $ 74,785 Orange County 31,588 7,187 24,401 28,767 6,531 22,236 San Diego 22,441 5,189 17,252 20,940 4,952 15,988 Subtotal - Southern California 169,710 50,177 119,533 158,676 45,667 113,009 San Francisco 107,479 34,005 73,474 100,616 31,673 68,943 Washington, D.C. 107,623 36,268 71,355 100,705 34,211 66,494 New York 118,045 49,771 68,274 99,830 47,875 51,955 Seattle 74,561 20,479 54,082 68,537 19,927 48,610 Boston 70,658 22,636 48,022 64,663 21,059 43,604 Denver 17,597 5,491 12,106 16,232 4,633 11,599 Other Expansion Markets 16,002 7,963 8,039 15,107 6,490 8,617 Total same store 681,675 226,790 454,885 624,366 211,535 412,831 Non-same store/other Non-same store (2) 20,970 7,409 13,561 15,050 7,752 7,298 Other (3) 2,443 10,049 ( 7,606 ) 13,932 6,275 7,657 Total non-same store/other 23,413 17,458 5,955 28,982 14,027 14,955 Totals $ 705,088 $ 244,248 $ 460,840 $ 653,348 $ 225,562 $ 427,786 (1) For the quarters ended March 31, 2023 and 2022 , same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2022, less properties subsequently sold, which represented 76,952 apartment units. (2) For the quarters ended March 31, 2023 and 2022, non-same store primarily includes properties acquired after January 1, 2022, plus any properties in lease-up and not stabilized as of January 1, 2022, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Quarter Ended March 31, 2023 Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,536,079 $ 8,189 Orange County 352,643 1,678 San Diego 229,293 4,055 Subtotal - Southern California 3,118,015 13,922 San Francisco 3,046,849 7,954 Washington, D.C. 3,064,106 8,674 New York 3,377,729 5,450 Seattle 2,157,123 5,311 Boston 1,792,839 5,145 Denver 848,783 561 Other Expansion Markets 803,845 1,120 Total same store 18,209,289 48,137 Non-same store/other Non-same store (2) 1,007,584 7,196 Other (3) 885,653 59 Total non-same store/other 1,893,237 7,255 Totals $ 20,102,526 $ 55,392 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2022, less properties subsequently sold, which represented 76,952 apartment units. (2) Non-same store primarily includes properties acquired after January 1, 2022, plus any properties in lease-up and not stabilized as of January 1, 2022, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and capital expenditures for properties sold. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Summary of Acquired from Unaffiliated Parties | • Acquired the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated 2 549 $ 186,600 Total 2 549 $ 186,600 |
Business - Additional Informati
Business - Additional Information (Details) | Mar. 31, 2023 Property ApartmentUnit State |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Number of states in which entity operates | State | 10 |
Properties | Property | 301 |
Apartment units | ApartmentUnit | 79,351 |
ERPOP [Member] | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Noncontrolling interest, ownership percentage by parent | 96.80% |
Business - Ownership Breakdown
Business - Ownership Breakdown (Details) | Mar. 31, 2023 ApartmentUnit Property |
Property/Unit schedule | |
Properties | Property | 301 |
Apartment Units | ApartmentUnit | 79,351 |
Wholly Owned Properties | |
Property/Unit schedule | |
Properties | Property | 286 |
Apartment Units | ApartmentUnit | 76,237 |
Partially Owned Properties - Consolidated | |
Property/Unit schedule | |
Properties | Property | 15 |
Apartment Units | ApartmentUnit | 3,114 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Provision for income tax | $ 298,000 | $ 282,000 |
Federal [Member] | ||
Provision for income tax | $ 0 |
Equity, Capital and Other Int_3
Equity, Capital and Other Interests - Changes in Company's Issued and Outstanding Common Shares and Units (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity Capital And Other Interests [Abstract] | ||
Common Stock, Shares, Outstanding | 378,429,708 | 375,527,195 |
Common Shares Issued: | ||
Conversion of OP Units | 144,567 | 6,756 |
Exercise of share options | 173,249 | 269,665 |
Employee Share Purchase Plan (ESPP) | 27,393 | 13,374 |
Restricted share grants, net | 123,304 | 157,080 |
Common Stock, Shares, Outstanding | 378,898,221 | 375,974,070 |
Units | ||
Total Units Outstanding | 12,429,737 | 12,659,027 |
Restricted unit grants, net | 229,913 | 220,333 |
Conversion of OP Units to Common Shares | (144,567) | (6,756) |
Total Units Outstanding | 12,515,083 | 12,872,604 |
Common Shares And Units Outstanding | 391,413,304 | 388,846,674 |
Units Ownership Interest in Operating Partnership | 3.20% | 3.30% |
Equity, Capital and Other Int_4
Equity, Capital and Other Interests - Changes in Operating Partnership's Issued and Outstanding General Partner Units and Limited Partner Units (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
General and Limited Partner Units | ||
Exercise of share options | 173,249 | 269,665 |
Employee Share Purchase Plan (ESPP) | 27,393 | 13,374 |
Restricted share grants, net | 123,304 | 157,080 |
Restricted unit grants, net | 229,913 | 220,333 |
Common Shares And Units Outstanding | 391,413,304 | 388,846,674 |
Limited Partner Units | ||
Total Units Outstanding | 12,429,737 | 12,659,027 |
Restricted unit grants, net | 229,913 | 220,333 |
Conversion of Limited Partner OP Units to EQR Common Shares | (144,567) | (6,756) |
Total Units Outstanding | 12,515,083 | 12,872,604 |
Units Ownership Interest in Operating Partnership | 3.20% | 3.30% |
ERPOP [Member] | ||
General and Limited Partner Units | ||
Common Shares And Units Outstanding | 390,859,445 | 388,186,222 |
Exercise of share options | 173,249 | 269,665 |
Employee Share Purchase Plan (ESPP) | 27,393 | 13,374 |
Restricted share grants, net | 123,304 | 157,080 |
Restricted unit grants, net | 229,913 | 220,333 |
Common Shares And Units Outstanding | 391,413,304 | 388,846,674 |
Limited Partner Units | ||
Total Units Outstanding | 12,429,737 | 12,659,027 |
Restricted unit grants, net | 229,913 | 220,333 |
Conversion of Limited Partner OP Units to EQR Common Shares | (144,567) | (6,756) |
Total Units Outstanding | 12,515,083 | 12,872,604 |
Units Ownership Interest in Operating Partnership | 3.20% | 3.30% |
Equity, Capital and Other Int_5
Equity, Capital and Other Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Equity Capital And Other Interests [Abstract] | ||||
Redeemable noncontrolling interests - operating partnership | $ 323,551 | $ 318,273 | $ 495,760 | $ 498,977 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | ||
Preferred stock, par or stated value per share | $ 0.01 | $ 0.01 |
Equity, Capital and Other Int_6
Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Noncontrolling Interests - Operating Partnership (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Class Of Stock [Line Items] | ||
Redeemable Noncontrolling Interests - Operating Partnership Units | $ 318,273 | $ 498,977 |
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership | 5,946 | (939) |
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | (668) | (2,278) |
Redeemable Noncontrolling Interests - Operating Partnership Units | 323,551 | 495,760 |
E R P O P [Member] | ||
Class Of Stock [Line Items] | ||
Redeemable Noncontrolling Interests - Operating Partnership Units | 318,273 | 498,977 |
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership | 5,946 | (939) |
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | (668) | (2,278) |
Redeemable Noncontrolling Interests - Operating Partnership Units | $ 323,551 | $ 495,760 |
Equity, Capital and Other Int_7
Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Limited Partners Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Class Of Stock [Line Items] | ||
Redeemable Limited Partners | $ 318,273 | $ 498,977 |
Limited Partners Change In Redemption Value | 5,946 | (939) |
Limited Partners Change In Carrying Value | (668) | (2,278) |
Redeemable Limited Partners | 323,551 | 495,760 |
E R P O P [Member] | ||
Class Of Stock [Line Items] | ||
Redeemable Limited Partners | 318,273 | 498,977 |
Limited Partners Change In Redemption Value | 5,946 | (939) |
Limited Partners Change In Carrying Value | (668) | (2,278) |
Redeemable Limited Partners | $ 323,551 | $ 495,760 |
Equity, Capital and Other Int_8
Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Details) - EQR and ERPOP [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Class Of Stock [Line Items] | ||
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share/unit; 745,600 shares/units issued and outstanding as of March 31, 2023 and December 31, 2022 | $ 37,280 | $ 37,280 |
Preferred Stock | ||
Class Of Stock [Line Items] | ||
Preferred Stocks Preference Units Call Date | Dec. 10, 2026 | |
Annual Dividend Per Preferred Share Preference Unit | $ 4.145 | |
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share/unit; 745,600 shares/units issued and outstanding as of March 31, 2023 and December 31, 2022 | $ 37,280 | $ 37,280 |
Equity, Capital and Other Int_9
Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Parenthetical) (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Class Of Stock [Line Items] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock | ||
Class Of Stock [Line Items] | ||
Preferred Stock Preference Units Issued | 745,600 | 745,600 |
Preferred Stock Preference Units Outstanding | 745,600 | 745,600 |
Preferred Stock Preference Units Redemption Price Per Share | $ 50 | $ 50 |
Preferred Stock Preference Units Dividend Rate Percentage | 8.29% | 8.29% |
Equity, Capital and Other In_10
Equity, Capital and Other Interests - Other - Additional Information (Details) - shares | 183 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Common Stock, Shares, Issued | 378,898,221 | 378,429,708 |
Stock repurchase program, number of shares authorized to be repurchased | 13,000,000 | |
Stock open market repurchased and retired during period, shares | 0 | |
Stock repurchase program, remaining number of shares authorized to be repurchased | 13,000,000 | |
Forward Sales Agreements [Member] | ||
Common shares available for issuance | 13,000,000 |
Real Estate - Summary of Carryi
Real Estate - Summary of Carrying Amounts of Investment in Real Estate (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Land | $ 5,559,883 | $ 5,580,878 |
Depreciable property: | ||
Buildings and improvements | 19,444,618 | 19,471,503 |
Furniture, fixtures and equipment | 2,388,137 | 2,352,050 |
In-Place lease intangibles | 510,801 | 510,816 |
Projects under development: | ||
Projects under development | 132,341 | 112,940 |
Land held for development: | ||
Land held for development | 60,665 | 60,567 |
Investment in real estate | 28,096,445 | 28,088,754 |
Accumulated depreciation | (9,207,194) | (9,027,850) |
Investment in real estate, net | 18,889,251 | 19,060,904 |
Land [Member] | ||
Projects under development: | ||
Projects under development | 3,201 | 3,201 |
Land held for development: | ||
Land held for development | 46,160 | 46,160 |
Construction-in-progress [Member] | ||
Projects under development: | ||
Projects under development | 129,140 | 109,739 |
Land held for development: | ||
Land held for development | $ 14,505 | $ 14,407 |
Real Estate - Acquired Properti
Real Estate - Acquired Properties From Unaffiliated Parties (Details) | Apr. 01, 2023 ApartmentUnit Property |
Properties acquired | Property | 2 |
Property Units acquired | ApartmentUnit | 549 |
Real Estate - Disposed Properti
Real Estate - Disposed Properties to Unaffiliated Parties (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) Property ApartmentUnit | Mar. 31, 2022 USD ($) | |
Properties disposed | Property | 7 | |
Property Units disposed | ApartmentUnit | 247 | |
Sales Price | $ 135,300 | |
Net Gain | $ 100,209 | $ (102) |
Rental Properties - Consolidated [Member] | ||
Properties disposed | Property | 7 | |
Property Units disposed | ApartmentUnit | 247 | |
Sales Price | $ 135,300 | |
Net Gain | $ 100,209 |
Commitments to Acquire_Dispos_3
Commitments to Acquire/Dispose of Real Estate - Summary of Separate Agreements to Dispose (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Property/Unit schedule | |
Sales Price | $ 16,000 |
Net Book Value at March 31, 2023 | 15,000 |
Land [Member] | |
Property/Unit schedule | |
Sales Price | 16,000 |
Net Book Value at March 31, 2023 | $ 15,000 |
Investments in Partially Owne_3
Investments in Partially Owned Entities - Summary of Company's Consolidated Joint Ventures (Details) | Mar. 31, 2023 ApartmentUnit Property Project |
Variable Interest Entity [Line Items] | |
Properties | Property | 301 |
Apartment units | 79,351 |
Consolidated VIE [Member] | Operating Properties [Member] | |
Variable Interest Entity [Line Items] | |
Properties | Property | 15 |
Apartment units | 3,114 |
Consolidated VIE [Member] | Project Under Development [Member] | |
Variable Interest Entity [Line Items] | |
Apartment units | 312 |
Project | Project | 1 |
Investments in Partially Owne_4
Investments in Partially Owned Entities - Summary of Consolidated Assets and Liabilities Related to the VIEs (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Consolidated Assets | $ 20,102,526 | $ 20,218,262 |
Consolidated Liabilities | 8,432,522 | 8,517,310 |
Consolidated VIE [Member] | ||
Variable Interest Entity [Line Items] | ||
Consolidated Assets | 685,218 | 691,880 |
Consolidated Liabilities | $ 169,122 | $ 158,932 |
Investments in Partially Owne_5
Investments in Partially Owned Entities - Summary of Variable Rate Construction Mortgage Debt (Details) - Consolidated VIE [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) JointVenture | |
Recently Completed Operating Property [Member] | |
Variable Interest Entity [Line Items] | |
Number of joint ventures with debt financing | JointVenture | 1 |
Aggregate loan commitments | $ 67,589 |
Amounts borrowed under loan commitments | $ 64,735 |
Maturity dates | 2023 |
Project Under Development [Member] | |
Variable Interest Entity [Line Items] | |
Number of joint ventures with debt financing | JointVenture | 1 |
Aggregate loan commitments | $ 73,344 |
Amounts borrowed under loan commitments | $ 59,070 |
Maturity dates | 2025 |
Investments in Partially Owne_6
Investments in Partially Owned Entities - Summary of Company's Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 292,279 | $ 279,024 |
Various Real Estate Holdings [Member] | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | 36,195 | 35,974 |
Project under Development and Land Held for Development | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 231,735 | 218,043 |
Project under Development and Land Held for Development | Variable Interest Entity, Not Primary Beneficiary | Minimum [Member] | ||
Variable Interest Entity [Line Items] | ||
Ownership Percentage | 62% | |
Project under Development and Land Held for Development | Variable Interest Entity, Not Primary Beneficiary | Maximum [Member] | ||
Variable Interest Entity [Line Items] | ||
Ownership Percentage | 95% | |
Real Estate Technology Funds/Companies | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 24,594 | 25,249 |
Other [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ (245) | $ (242) |
Investments in Partially Owne_7
Investments in Partially Owned Entities - Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs (Details) | Mar. 31, 2023 ApartmentUnit Project Entity |
Variable Interest Entity [Line Items] | |
Apartment units | 79,351 |
Variable Interest Entity, Not Primary Beneficiary | Real Estate Holdings [Member] | |
Variable Interest Entity [Line Items] | |
Entities | Entity | 2 |
Variable Interest Entity, Not Primary Beneficiary | Projects Under Development [Member] | |
Variable Interest Entity [Line Items] | |
Project | Project | 6 |
Apartment units | 1,982 |
Variable Interest Entity, Not Primary Beneficiary | Projects Held for Development [Member] | |
Variable Interest Entity [Line Items] | |
Project | Project | 3 |
Apartment units | 966 |
Restricted Deposits - Restricte
Restricted Deposits - Restricted Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Mortgage escrow deposits: | |||
Replacement reserves | $ 12,960 | $ 12,549 | |
Mortgage principal reserves/sinking funds | 27,017 | 25,304 | |
Mortgage escrow deposits | 39,977 | 37,853 | |
Restricted cash: | |||
Earnest money on pending acquisitions | 4,500 | 4,500 | |
Restricted deposits on real estate investments | 226 | 229 | |
Resident security and utility deposits | 38,640 | 38,432 | |
Other | 2,282 | 2,289 | |
Restricted cash | 45,648 | 45,450 | |
Restricted deposits | $ 85,625 | $ 83,303 | $ 70,560 |
Leases - Summary of Lease Incom
Leases - Summary of Lease Income Types Relating to Lease Payments Along With the Total Other Rental Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating Leased Assets [Line Items] | ||
Total lease revenue | $ 676,399 | $ 627,970 |
Rental income | 705,088 | 653,348 |
Residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Total lease revenue | 659,428 | 611,860 |
Non-residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Total lease revenue | 16,971 | 16,110 |
Residential and Non-Residential Rent [Member] | ||
Operating Leased Assets [Line Items] | ||
Total lease revenue | 650,738 | 603,654 |
Residential and Non-Residential Rent [Member] | Residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Total lease revenue | 634,752 | 587,780 |
Residential and Non-Residential Rent [Member] | Non-residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Total lease revenue | 15,986 | 15,874 |
Utility Recoveries (RUBS Income) [Member] | ||
Operating Leased Assets [Line Items] | ||
Total lease revenue | 21,590 | 19,779 |
Utility Recoveries (RUBS Income) [Member] | Residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Total lease revenue | 21,383 | 19,598 |
Utility Recoveries (RUBS Income) [Member] | Non-residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Total lease revenue | 207 | 181 |
Parking Rent [Member] | ||
Operating Leased Assets [Line Items] | ||
Total lease revenue | 10,991 | 10,881 |
Parking Rent [Member] | Residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Total lease revenue | 10,882 | 10,783 |
Parking Rent [Member] | Non-residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Total lease revenue | 109 | 98 |
Other Lease Revenue [Member] | ||
Operating Leased Assets [Line Items] | ||
Total lease revenue | (6,920) | (6,344) |
Other Lease Revenue [Member] | Residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Total lease revenue | (7,589) | (6,301) |
Other Lease Revenue [Member] | Non-residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Total lease revenue | 669 | (43) |
Parking Revenue | ||
Operating Leased Assets [Line Items] | ||
Rental income | 10,203 | 8,808 |
Other Revenue | ||
Operating Leased Assets [Line Items] | ||
Rental income | 18,486 | 16,570 |
Other Rental Income [Member] | ||
Operating Leased Assets [Line Items] | ||
Rental income | $ 28,689 | $ 25,378 |
Leases - Summary of Residential
Leases - Summary of Residential and Non-Residential Accounts Receivable and Straight-Line Receivable Balances (Details) - Other Assets [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Resident/tenant accounts receivable balances | $ 32,781 | $ 35,688 |
Allowance for doubtful accounts | (28,861) | (31,405) |
Net receivable balances | 3,920 | 4,283 |
Straight-line receivable balances | 5,815 | 4,398 |
Non-Residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Resident/tenant accounts receivable balances | 2,451 | 2,820 |
Allowance for doubtful accounts | (1,500) | (2,152) |
Net receivable balances | 951 | 668 |
Straight-line receivable balances | $ 13,680 | $ 13,795 |
Leases - Summary of Residenti_2
Leases - Summary of Residential Bad Debt for Company's Properties (Details) - Residential Leases [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Lessor Lease Description [Line Items] | ||
Bad debt, net | $ 10,755 | $ 9,895 |
% of rental income | 1.60% | 1.60% |
Leases - Summary of Residenti_3
Leases - Summary of Residential Bad Debt for Company's Properties (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Bad debt, net from resident payments | $ 1 | $ 10 |
Debt - Mortgage Notes Payable -
Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | ||
Mortgage notes payable, net beginning balance | $ 1,953,438 | |
Proceeds | 14,090 | $ 2,689 |
Scheduled principal repayments | (40) | |
Amortization of premiums/ discounts | 306 | $ 685 |
Amortization of deferred financing costs, net | 449 | |
Mortgage notes payable, net ending balance | 1,968,243 | |
Fixed Rate Debt [Member] | Secured - Conventional [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable, net beginning balance | 1,608,838 | |
Amortization of deferred financing costs, net | 230 | |
Mortgage notes payable, net ending balance | 1,609,068 | |
Floating Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable, net beginning balance | 344,600 | |
Proceeds | 14,090 | |
Scheduled principal repayments | (40) | |
Amortization of premiums/ discounts | 306 | |
Amortization of deferred financing costs, net | 219 | |
Mortgage notes payable, net ending balance | 359,175 | |
Floating Rate Debt [Member] | Secured - Conventional [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable, net beginning balance | 108,378 | |
Proceeds | 14,090 | |
Scheduled principal repayments | (40) | |
Amortization of deferred financing costs, net | 184 | |
Mortgage notes payable, net ending balance | 122,612 | |
Floating Rate Debt [Member] | Secured - Tax Exempt [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable, net beginning balance | 236,222 | |
Amortization of premiums/ discounts | 306 | |
Amortization of deferred financing costs, net | 35 | |
Mortgage notes payable, net ending balance | $ 236,563 |
Debt - Mortgage Notes Payable_2
Debt - Mortgage Notes Payable - Summary of Certain Interest Rate and Maturity Date Information (Details) - Mortgages [Member] | 3 Months Ended |
Mar. 31, 2023 | |
Debt Instrument [Line Items] | |
Weighted Average Interest Rate | 3.82% |
Maturity Date Ranges, Start | 2023 |
Maturity Date Ranges, End | 2061 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Ranges | 0.10% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Ranges | 7.58% |
Debt - Mortgage Notes Payable_3
Debt - Mortgage Notes Payable - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 1,968,243 | $ 1,953,438 |
Credit Enhanced Debt [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 250,000 |
Debt - Notes - Summary of Notes
Debt - Notes - Summary of Notes Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | ||
Notes, net beginning balance | $ 5,342,329 | |
Amortization of premiums/ discounts | 562 | $ 673 |
Notes, net ending balance | 5,343,851 | |
Fixed Rate Debt [Member] | Unsecured - Public [Member] | ||
Debt Instrument [Line Items] | ||
Notes, net beginning balance | 5,342,329 | |
Amortization of premiums/ discounts | 562 | |
Amortization of deferred financing costs, net | 960 | |
Notes, net ending balance | $ 5,343,851 |
Debt - Notes - Summary of Certa
Debt - Notes - Summary of Certain Interest Rate and Maturity Date Information (Details) - Notes [Member] | 3 Months Ended |
Mar. 31, 2023 | |
Debt Instrument [Line Items] | |
Weighted Average Interest Rate | 3.56% |
Maturity Date Ranges, Start | 2025 |
Maturity Date Ranges, End | 2047 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Ranges | 1.85% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Ranges | 7.57% |
Debt - Line of Credit and Comme
Debt - Line of Credit and Commercial Paper - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Line of Credit Facility [Line Items] | |
Debt instrument, maturity date | Oct. 26, 2027 |
Commercial paper balance outstanding | $ 1,000,000,000 |
Commercial Paper [Member] | |
Line of Credit Facility [Line Items] | |
Weighted average interest rates | 4.70% |
Weighted average amount outstanding | $ 109,000,000 |
Unsecured Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured revolving credit facility | 2,500,000,000 |
Ability to increase LOC facility | $ 750,000,000 |
Debt instrument, basis spread on variable rate | 0.725% |
Percentage points of line of credit facility commitment fee | 0.125% |
Revolving credit facility | $ 0 |
Debt - Notes - Summary of Cer_2
Debt - Notes - Summary of Certain Weighted Average interest Rate And Amount Outstanding Information For The Commercial Paper Program (Details) - Commercial Paper [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Weighted Average Interest Rate | 4.70% |
Weighted Average Amount Outstanding | $ 109 |
Debt - Line of Credit and Com_2
Debt - Line of Credit and Commercial Paper - Schedule of Unsecured Revolving Credit Facility (Details) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Line of Credit Facility [Line Items] | |
Commercial paper balance outstanding | $ (1,000,000,000) |
Unsecured Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured revolving credit facility commitment | 2,500,000,000 |
Unsecured revolving credit facility balance outstanding | 0 |
Other restricted amounts | (3,484,000) |
Unsecured revolving credit facility availability | $ 2,496,516,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Valuations for Each Type of Fair Value Measurement (Details) | 3 Months Ended |
Mar. 31, 2023 | |
Employee Holdings Within The Supplemental Executive Retirement Plan | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Measurement Type | Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”) |
Valuation Inputs | Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets. |
Redeemable Noncontrolling Interests Operating Partnership Redeemable Limited Partners | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Measurement Type | Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners |
Valuation Inputs | Quoted market price of Common Shares. |
Mortgage Notes Payable And Private Unsecured Debt | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Measurement Type | Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable) |
Valuation Inputs | Indicative rates provided by lenders of similar loans. |
Public Unsecured Notes | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Measurement Type | Public unsecured notes |
Valuation Inputs | Quoted market prices for each underlying issuance. |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | $ 7,312,094 | $ 7,425,722 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 6,701,243 | 6,678,015 |
Mortgage Notes Payable, Net [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 1,968,243 | 1,953,438 |
Mortgage Notes Payable, Net [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 1,845,907 | 1,803,525 |
Unsecured Debt [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 5,343,851 | 5,472,284 |
Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | $ 4,855,336 | $ 4,874,490 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summarizes Company's Consolidated Derivative Instruments (Details) - Forward Starting Swaps [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Derivatives Fair Value [Line Items] | |
Current Notional Balance | $ 450,000 |
Maturity Date | 2033 |
Minimum [Member] | |
Derivatives Fair Value [Line Items] | |
Interest Rate | 2.447% |
Maximum [Member] | |
Derivatives Fair Value [Line Items] | |
Interest Rate | 3.6995% |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | $ 139,327 | $ 155,109 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | |||
Other Liabilities, Fair Value Disclosure | $ 128,452 | 134,455 | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | |||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | $ 323,551 | 318,273 | $ 495,760 | $ 498,977 |
Forward Starting Swaps [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 14,455 | 21,864 | ||
Other Liabilities, Fair Value Disclosure | 3,580 | 1,210 | ||
SERP [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 124,872 | 133,245 | ||
Other Liabilities, Fair Value Disclosure | 124,872 | 133,245 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 124,872 | 133,245 | ||
Other Liabilities, Fair Value Disclosure | 124,872 | 133,245 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Forward Starting Swaps [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 0 | 0 | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | SERP [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 124,872 | 133,245 | ||
Other Liabilities, Fair Value Disclosure | 124,872 | 133,245 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 14,455 | 21,864 | ||
Other Liabilities, Fair Value Disclosure | 3,580 | 1,210 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 323,551 | 318,273 | ||
Fair Value, Inputs, Level 2 [Member] | Forward Starting Swaps [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 14,455 | 21,864 | ||
Other Liabilities, Fair Value Disclosure | 3,580 | 1,210 | ||
Fair Value, Inputs, Level 2 [Member] | SERP [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 0 | 0 | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 0 | 0 | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Forward Starting Swaps [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 0 | 0 | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | SERP [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 0 | 0 | ||
Other Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value Measurements - Sum_5
Fair Value Measurements - Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain/(Loss) Recognized in OCI on Derivative | $ (9,780) | $ 0 |
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | $ (1,095) | $ (2,425) |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Expense incurred, net | Expense incurred, net |
Forward Starting Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain/(Loss) Recognized in OCI on Derivative | $ (9,780) | $ 0 |
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | $ (1,095) | $ (2,425) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Derivative Instrument Detail [Abstract] | ||
Unrealized gain (loss) on interest rate cash flow hedges, pretax, accumulated other comprehensive income (loss) | $ 11.2 | $ 2.5 |
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | $ 3.9 |
Earnings Per Share and Earnin_3
Earnings Per Share and Earnings Per Unit - Computation of Net Income per Share Basic and Net Income per Share Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net income | $ 220,071 | $ 73,798 |
Allocation to Noncontrolling Interests – Operating Partnership | (7,059) | (2,394) |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | (977) | (639) |
Preferred distributions | (772) | (772) |
Net income available to Common Shares | 211,263 | 69,993 |
Numerator for net income per share – diluted | $ 218,322 | $ 72,387 |
Weighted average Common Shares outstanding | 378,341 | 375,509 |
OP Units | 11,510 | 11,888 |
Dilutive Securities Options | 813 | 2,090 |
ATM forward sales | 141 | |
Denominator for net income per share – diluted | 390,664 | 389,628 |
Net income per share - basic | $ 0.56 | $ 0.19 |
Net income per share - diluted | $ 0.56 | $ 0.19 |
Earnings Per Share and Earnin_4
Earnings Per Share and Earnings Per Unit - Computation of Net Income per Unit Basic and Net Income per Unit Diluted for Operating Partnership (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income | $ 220,071 | $ 73,798 |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | $ (977) | $ (639) |
Dilutive Securities Options | 813 | 2,090 |
ATM forward sales | 141 | |
Denominator for net income per share – diluted | 390,664 | 389,628 |
Net income per share - basic | $ 0.56 | $ 0.19 |
Net income per share - diluted | $ 0.56 | $ 0.19 |
ERPOP [Member] | ||
Net income | $ 220,071 | $ 73,798 |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | (977) | (639) |
Allocation to Preference Units | (772) | (772) |
Numerator for net income per Unit – basic and diluted | $ 218,322 | $ 72,387 |
Denominator for net income per Unit – basic | 389,851 | 387,397 |
Dilutive Securities Options | 813 | 2,090 |
ATM forward sales | 141 | |
Denominator for net income per share – diluted | 390,664 | 389,628 |
Net income per share - basic | $ 0.56 | $ 0.19 |
Net income per share - diluted | $ 0.56 | $ 0.19 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Real Estate Development Commitments (Details) $ in Thousands | Mar. 31, 2023 USD ($) Project Apartment |
Projects Under Development Consolidated [Member] | |
Projects/Investments/Units/Remaining Commitments schedule | |
Apartment Units | Apartment | 537 |
Consolidated project under development commitment fund | $ | $ 128,307 |
Number of consolidated projects in various stages of development | Project | 2 |
Projects Under Development Unconsolidated [Member] | |
Projects/Investments/Units/Remaining Commitments schedule | |
Apartment Units | Apartment | 1,982 |
Unconsolidated project under development commitment fund | $ | $ 305,454 |
Number of unconsolidated projects in various stages of development | Project | 6 |
Projects Under Development [Member] | |
Projects/Investments/Units/Remaining Commitments schedule | |
Apartment Units | Apartment | 2,519 |
Project under development commitment fund | $ | $ 433,761 |
Number of projects in various stages of development | Project | 8 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Real Estate Development Commitments (Parenthetical) (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Projects/Investments/Units/Remaining Commitments schedule | |
Total project costs remaining under development commitment fund | $ 433.8 |
Parent | |
Projects/Investments/Units/Remaining Commitments schedule | |
Total project costs remaining under development commitment fund | 128.9 |
Corporate Joint Venture | |
Projects/Investments/Units/Remaining Commitments schedule | |
Total project costs remaining under development commitment fund | 6.4 |
Construction Loans | |
Projects/Investments/Units/Remaining Commitments schedule | |
Total project costs remaining under development commitment fund | $ 298.5 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) Investment | |
Commitments And Contingencies [Abstract] | |
Number of real estate investment funds | Investment | 9 |
Real estate technology and other real estate investments commitment funds | $ | $ 18.7 |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Details) - Customer | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Number of customers contributed 10% or more of total revenue | 0 | 0 |
Non-residential Leases [Member] | Revenue [Member] | Revenue Concentration Risk [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration risk, percentage | 3.80% |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||
Rental income | $ 705,088 | $ 653,348 |
Property and maintenance expense | (137,579) | (124,874) |
Real estate taxes and insurance expense | (106,669) | (100,688) |
Operating income | 297,588 | 149,738 |
Same Store, Non-same Store and Other | ||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||
Rental income | 705,088 | 653,348 |
Property and maintenance expense | 137,579 | 124,874 |
Real estate taxes and insurance expense | 106,669 | 100,688 |
Total operating expenses | (244,248) | (225,562) |
Operating income | $ 460,840 | $ 427,786 |
Reportable Segments - NOI from
Reportable Segments - NOI from Our Rental Real Estate for Each Segment Specific to Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Rental income | $ 705,088 | $ 653,348 | |
Operating income | 297,588 | 149,738 | |
Total Assets | 20,102,526 | $ 20,218,262 | |
Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 681,675 | 624,366 | |
Operating expenses | 226,790 | 211,535 | |
Operating income | 454,885 | 412,831 | |
Total Assets | 18,209,289 | ||
Capital Expenditures | 48,137 | ||
Non-same store/other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 23,413 | 28,982 | |
Operating expenses | 17,458 | 14,027 | |
Operating income | 5,955 | 14,955 | |
Total Assets | 1,893,237 | ||
Capital Expenditures | 7,255 | ||
Same Store, Non-same Store and Other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 705,088 | 653,348 | |
Operating expenses | 244,248 | 225,562 | |
Operating income | 460,840 | 427,786 | |
Total Assets | 20,102,526 | ||
Capital Expenditures | 55,392 | ||
Los Angeles | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 115,681 | 108,969 | |
Operating expenses | 37,801 | 34,184 | |
Operating income | 77,880 | 74,785 | |
Total Assets | 2,536,079 | ||
Capital Expenditures | 8,189 | ||
Orange County | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 31,588 | 28,767 | |
Operating expenses | 7,187 | 6,531 | |
Operating income | 24,401 | 22,236 | |
Total Assets | 352,643 | ||
Capital Expenditures | 1,678 | ||
San Diego | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 22,441 | 20,940 | |
Operating expenses | 5,189 | 4,952 | |
Operating income | 17,252 | 15,988 | |
Total Assets | 229,293 | ||
Capital Expenditures | 4,055 | ||
Subtotal - Southern California | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 169,710 | 158,676 | |
Operating expenses | 50,177 | 45,667 | |
Operating income | 119,533 | 113,009 | |
Total Assets | 3,118,015 | ||
Capital Expenditures | 13,922 | ||
San Francisco | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 107,479 | 100,616 | |
Operating expenses | 34,005 | 31,673 | |
Operating income | 73,474 | 68,943 | |
Total Assets | 3,046,849 | ||
Capital Expenditures | 7,954 | ||
Washington D.C. | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 107,623 | 100,705 | |
Operating expenses | 36,268 | 34,211 | |
Operating income | 71,355 | 66,494 | |
Total Assets | 3,064,106 | ||
Capital Expenditures | 8,674 | ||
New York | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 118,045 | 99,830 | |
Operating expenses | 49,771 | 47,875 | |
Operating income | 68,274 | 51,955 | |
Total Assets | 3,377,729 | ||
Capital Expenditures | 5,450 | ||
Seattle | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 74,561 | 68,537 | |
Operating expenses | 20,479 | 19,927 | |
Operating income | 54,082 | 48,610 | |
Total Assets | 2,157,123 | ||
Capital Expenditures | 5,311 | ||
Boston | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 70,658 | 64,663 | |
Operating expenses | 22,636 | 21,059 | |
Operating income | 48,022 | 43,604 | |
Total Assets | 1,792,839 | ||
Capital Expenditures | 5,145 | ||
Denver | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 17,597 | 16,232 | |
Operating expenses | 5,491 | 4,633 | |
Operating income | 12,106 | 11,599 | |
Total Assets | 848,783 | ||
Capital Expenditures | 561 | ||
Other Expansion Markets | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 16,002 | 15,107 | |
Operating expenses | 7,963 | 6,490 | |
Operating income | 8,039 | 8,617 | |
Total Assets | 803,845 | ||
Capital Expenditures | 1,120 | ||
Non-same store | Non-same store/other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 20,970 | 15,050 | |
Operating expenses | 7,409 | 7,752 | |
Operating income | 13,561 | 7,298 | |
Total Assets | 1,007,584 | ||
Capital Expenditures | 7,196 | ||
Other | Non-same store/other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 2,443 | 13,932 | |
Operating expenses | 10,049 | 6,275 | |
Operating income | (7,606) | $ 7,657 | |
Total Assets | 885,653 | ||
Capital Expenditures | $ 59 |
Reportable Segments - NOI fro_2
Reportable Segments - NOI from Our Rental Real Estate for Each Segment Specific to Continuing Operations (Parenthetical) (Details) - Property | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract] | ||
Units in same store properties | 76,952 | 76,952 |
Subsequent Events - Summary of
Subsequent Events - Summary of Acquired from Unaffiliated Parties (Details) $ in Thousands | Apr. 01, 2023 USD ($) Property ApartmentUnit |
Subsequent Event [Line Items] | |
Properties | Property | 2 |
Apartment Units | ApartmentUnit | 549 |
Purchase Price | $ | $ 186,600 |
Rental Properties - Consolidated | |
Subsequent Event [Line Items] | |
Properties | Property | 2 |
Apartment Units | ApartmentUnit | 549 |
Purchase Price | $ | $ 186,600 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Apr. 01, 2023 USD ($) | Mar. 31, 2023 ApartmentUnit | Mar. 31, 2022 USD ($) | Dec. 31, 2022 | |
Subsequent Event [Line Items] | ||||
Apartment units | ApartmentUnit | 79,351 | |||
Payments to acquire real estate | $ 113,046 | |||
Preferred Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Preferred stock preference units dividend rate percentage | 8.29% | 8.29% | ||
Subsequent Events [Member] | ||||
Subsequent Event [Line Items] | ||||
Percentage interest in consolidated operating property | 10% | |||
Payments to acquired interest in consolidated operating property | $ 4,600 | |||
Subsequent Events [Member] | Cash [Member] | ||||
Subsequent Event [Line Items] | ||||
Payments to acquired interest in consolidated operating property | 3,700 | |||
Subsequent Events [Member] | Mortgages [Member] | ||||
Subsequent Event [Line Items] | ||||
Payments to acquired interest in consolidated operating property | 64,700 | |||
Subsequent Events [Member] | Preferred Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Payments to acquired interest in consolidated operating property | $ 900 | |||
Preferred stock preference units dividend rate percentage | 3% |