Erp Operating LTD Partnership 10-Q 4 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 28, 2024
Document Information [Line Items]
Entity Registrant Name	EQUITY RESIDENTIAL
Entity Central Index Key	0000906107
Document Type	10-Q
Document Period End Date	Sep. 30, 2024
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		379,429,476
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	Sep. 30, 2024
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Land	$ 5,675,037	$ 5,581,876
Depreciable property	24,148,043	22,938,426
Projects under development	222,055	78,036
Land held for development	65,113	114,300
Investment in real estate	30,110,248	28,712,638
Accumulated depreciation	(10,386,783)	(9,810,337)
Investment in real estate, net	19,723,465	18,902,301
Investments in unconsolidated entities	359,810	282,049
Cash and cash equivalents	28,610	50,743
Restricted deposits	97,949	89,252
Right-of-use assets	458,673	457,266
Other assets	257,314	252,953
Total assets	20,925,821	20,034,564
Liabilities:
Mortgage notes payable, net	1,633,414	1,632,902
Notes, net	5,945,670	5,348,417
Line of credit and commercial paper	786,561	409,131
Accounts payable and accrued expenses	165,787	87,377
Accrued interest payable	50,633	65,716
Lease liabilities	306,119	311,640
Other liabilities	294,543	272,596
Security deposits	74,350	69,178
Distributions payable	263,425	259,231
Total liabilities	9,520,502	8,456,188
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	351,803	289,248
Shareholders' equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 343,100 shares issued and outstanding as of September 30, 2024 and 745,600 shares issued and outstanding as of December 31, 2023	17,155	37,280
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 379,354,738 shares issued and outstanding as of September 30, 2024 and 379,291,417 shares issued and outstanding as of December 31, 2023	3,794	3,793
Paid in capital	9,584,539	9,601,866
Retained earnings	1,244,953	1,437,185
Accumulated other comprehensive income (loss)	3,534	5,704
Total shareholders’ equity	10,853,975	11,085,828
Noncontrolling Interests:
Operating Partnership	199,206	202,306
Partially Owned Properties	335	994
Total Noncontrolling Interests	199,541	203,300
Total equity	11,053,516	11,289,128
Total liabilities and equity/capital	$ 20,925,821	$ 20,034,564

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Shares Issued	343,100	745,600
Preferred Stock, Shares Outstanding	343,100	745,600
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	379,354,738	379,291,417
Common Stock, Shares, Outstanding	379,354,738	379,291,417

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES
Rental income	$ 748,348	$ 724,067	$ 2,213,329	$ 2,146,464
EXPENSES
Property and maintenance	135,221	129,087	396,349	391,437
Real estate taxes and insurance	105,954	102,858	320,452	312,607
Property management	31,412	28,169	100,381	90,314
General and administrative	14,551	14,094	48,902	49,135
Depreciation	237,948	224,736	688,041	661,921
Total expenses	525,086	498,944	1,554,125	1,505,414
Net gain (loss) on sales of real estate properties	(165)	26,912	227,829	127,034
Interest and other income	15,844	7,627	26,501	11,296
Other expenses	(13,971)	(4,958)	(59,094)	(20,517)
Interest:
Expense incurred, net	(72,722)	(68,891)	(205,762)	(200,882)
Amortization of deferred financing costs	(1,948)	(3,027)	(5,784)	(7,023)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	150,300	182,786	642,894	550,958
Income and other tax (expense) benefit	(290)	(258)	(925)	(892)
Income (loss) from investments in unconsolidated entities	(1,493)	(1,242)	(4,865)	(3,847)
Net income	148,517	181,286	637,104	546,219
Net (income) loss attributable to Noncontrolling Interests:
Operating Partnership	(4,012)	(5,561)	(17,290)	(17,174)
Partially Owned Properties	(1,059)	(3,217)	(3,098)	(5,299)
Net income attributable to controlling interests	143,446	172,508	616,716	523,746
Preferred distributions	(356)	(773)	(1,258)	(2,318)
Premium on redemption of Preferred Shares			(1,444)
Net income available to Common Shares	$ 143,090	$ 171,735	$ 614,014	$ 521,428
Earnings per share – basic:
Net income available to Common Shares	$ 0.38	$ 0.45	$ 1.62	$ 1.38
Weighted average Common Shares outstanding	378,756	378,853	378,718	378,614
Earnings per share – diluted:
Net income available to Common Shares	$ 0.38	$ 0.45	$ 1.62	$ 1.38
Weighted average Common Shares outstanding	391,026	391,351	390,688	391,135

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Comprehensive income:
Net income	$ 148,517	$ 181,286	$ 637,104	$ 546,219
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period	(3,989)	460	(3,989)	4,514
Losses reclassified into earnings from other comprehensive income	609	931	1,819	3,132
Other comprehensive income (loss)	(3,380)	1,391	(2,170)	7,646
Comprehensive income	145,137	182,677	634,934	553,865
Comprehensive (income) attributable to Noncontrolling Interests	(4,980)	(8,822)	(20,330)	(22,712)
Comprehensive income attributable to controlling interests	$ 140,157	$ 173,855	$ 614,604	$ 531,153

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 637,104	$ 546,219
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	688,041	661,921
Amortization of deferred financing costs	5,784	7,023
Amortization of discounts and premiums on debt	3,823	2,815
Amortization of deferred settlements on derivative instruments	1,811	3,123
Amortization of right-of-use assets	11,320	9,572
Write-off of pursuit costs	1,905	2,739
(Income) loss from investments in unconsolidated entities	4,865	3,847
Distributions from unconsolidated entities – return on capital	446	436
Net (gain) loss on sales of real estate properties	(227,829)	(127,034)
Realized (gain) loss on investment securities	1,316	(1,511)
Unrealized (gain) loss on investment securities	(19,880)	(4,461)
Compensation paid with Company Common Shares	26,781	26,948
Changes in assets and liabilities:
(Increase) decrease in other assets	5,551	11,887
Increase (decrease) in accounts payable and accrued expenses	71,360	71,334
Increase (decrease) in accrued interest payable	(15,083)	(18,791)
Increase (decrease) in lease liabilities	(3,363)	(1,077)
Increase (decrease) in other liabilities	20,258	(7,024)
Increase (decrease) in security deposits	5,172	558
Net cash provided by operating activities	1,219,382	1,188,524
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	(1,320,592)	(324,497)
Investment in real estate – development/other	(90,718)	(60,179)
Capital expenditures to real estate	(230,107)	(229,763)
Non-real estate capital additions	(1,572)	(1,457)
Interest capitalized for real estate and unconsolidated entities under development	(10,697)	(9,579)
Proceeds from disposition of real estate, net	360,850	191,718
Investments in unconsolidated entities - acquisitions	(31,286)	(989)
Investments in unconsolidated entities - development/other	(48,360)	(34,076)
Distributions from unconsolidated entities – return of capital	1,409	15
Purchase of investment securities and other investments		(2,500)
Proceeds from sale of investment securities	7,457	2,952
Net cash provided by (used for) investing activities	(1,363,616)	(468,355)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs	(5,307)	(4,106)
Mortgage notes payable, net:
Proceeds	0	572,896
Lump sum payoffs	0	(932,598)
Scheduled principal repayments	(2,400)	(554)
Notes, net:
Proceeds	597,954
Line of credit and commercial paper:
Line of credit proceeds	198,000
Line of credit repayments	(198,000)
Commercial paper proceeds	8,610,430	4,393,568
Commercial paper repayments	(8,233,000)	(4,025,887)
Proceeds from (payments on) settlement of derivative instruments	(3,989)	25,169
Finance ground lease principal payments	(2,158)	(1,995)
Proceeds from Employee Share Purchase Plan (ESPP)	2,830	2,591
Proceeds from exercise of options	17,315	11,474
Common Shares repurchased and retired	(38,474)
Redemption of Preferred Shares	(20,125)
Premium on redemption of Preferred Shares	(1,444)
Other financing activities, net	(52)	(37)
Acquisition of Noncontrolling Interests – Partially Owned Properties		(3,737)
Contributions – Noncontrolling Interests – Partially Owned Properties	458	9
Contributions – Noncontrolling Interests – Operating Partnership	2	1
Distributions:
Common Shares	(762,990)	(738,584)
Preferred Shares	(2,031)	(2,319)
Noncontrolling Interests – Operating Partnership	(23,058)	(22,969)
Noncontrolling Interests – Partially Owned Properties	(3,163)	(3,536)
Net cash provided by (used for) financing activities	130,798	(730,614)
Net increase (decrease) in cash and cash equivalents and restricted deposits	(13,436)	(10,445)
Cash and cash equivalents and restricted deposits, beginning of period	139,995	137,172
Cash and cash equivalents and restricted deposits, end of period	126,559	126,727
Cash and cash equivalents	28,610	39,250
Restricted deposits	97,949	87,477
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	197,587	206,080
Net cash paid (received) for income and other taxes	1,097	1,035
Real estate acquisitions/dispositions/other:
Mortgage loans assumed		42,256
Amortization of deferred financing costs:
Investment in real estate, net		(211)
Other assets	2,089	2,089
Mortgage notes payable, net	786	2,265
Notes, net	2,909	2,880
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	2,126	1,129
Notes, net	1,697	1,686
Amortization of deferred settlements on derivative instruments:
Other liabilities	(8)	(9)
Accumulated other comprehensive income	1,819	3,132
Write-off of pursuit costs:
Investment in real estate, net	401	421
Investments in unconsolidated entities	1,292	1,667
Other assets	212	651
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	3,927	2,909
Other liabilities	938	938
Realized/unrealized (gain) loss on derivative instruments:
Other assets		(3,749)
Other liabilities	3,989	(765)
Accumulated other comprehensive income	(3,989)	4,514
Investment in real estate - acquisitions:
Investment in real estate, net	(1,307,865)	(324,497)
Right-of-use assets	(12,727)
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	(4,308)	(3,468)
Investments in unconsolidated entities	(6,389)	(6,111)
Investments in unconsolidated entities - development/other:
Investments in unconsolidated entities	(47,160)	(32,667)
Other liabilities	(1,200)	(1,409)
Debt financing costs:
Mortgage notes payable, net		(4,106)
Notes, net	(5,307)
Proceeds from (payments on) settlement of derivative instruments:
Other assets		25,613
Other liabilities	(3,989)	(444)
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)
Non-cash change in Supplemental Executive Retirement Plan (SERP) balances:
Other assets	(1,362)	33,970
Other liabilities	1,959	(66,048)
Paid in capital	$ (597)	$ 32,078

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Preferred Stock 8.29% Series K Cumulative Redeemable Preferred Stock	COMMON SHARES, $0.01 PAR VALUE	PAID IN CAPITAL	RETAINED EARNINGS	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	OPERATING PARTNERSHIP	PARTIALLY OWNED PROPERTIES
Balance, beginning of year at Dec. 31, 2022		$ 37,280		$ 3,784	$ 9,476,085	$ 1,658,837	$ (2,547)
Balance, beginning of year at Dec. 31, 2022								$ 209,961	$ (721)
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares				9	13,907
Exercise of share options				2	11,472
Employee Share Purchase Plan (ESPP)					2,591
Share-based employee compensation expense:
Issuance of restricted units/shares				2	10,292			1
Share options					3,904
ESPP discount					481
Supplemental Executive Retirement Plan (SERP)					32,078
Acquisition of Noncontrolling Interests – Partially Owned Properties					(900)				(2,837)
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership	$ (18,613)				18,613
Adjustment for Noncontrolling Interests ownership in Operating Partnership					20,534			(20,534)
PAID IN CAPITAL
Conversion of OP Units into Common Shares				9	13,907
Exercise of share options				2	11,472
Employee Share Purchase Plan (ESPP)					2,591
RETAINED EARNINGS
Net Income (Loss)	523,746					523,746
Common Share distributions						(753,633)
Preferred Share distributions						(2,318)
Accumulated other comprehensive income (loss) - derivative instruments:
Unrealized holding gains (losses) arising during the period	4,514						4,514
Losses reclassified into earnings from other comprehensive income	$ 3,132						3,132
DISTRIBUTIONS
Distributions declared per Common Share outstanding	$ 1.9875
NONCONTROLLING INTERESTS
Issuance of restricted units/shares				2	10,292			1
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner								(13,916)
Equity compensation associated with Noncontrolling Interests								14,205
Net income attributable to Noncontrolling Interests	$ 17,174							17,174	5,299
Distributions to Noncontrolling Interests								(22,924)	(3,573)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	(21,878)							21,878
Adjustment for Noncontrolling Interests ownership in Operating Partnership					20,534			(20,534)
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	17,174							17,174	5,299
Contributions by Noncontrolling Interests									9
Distributions to Noncontrolling Interests								(22,924)	(3,573)
Acquisition of Noncontrolling Interests – Partially Owned Properties					(900)				(2,837)
Balance, end of period at Sep. 30, 2023		37,280		3,797	9,589,057	1,426,632	5,099
Balance, end of period at Sep. 30, 2023								205,845	(1,823)
Balance, beginning of year at Jun. 30, 2023		37,280		3,790	9,472,628	1,506,460	3,708
Balance, beginning of year at Jun. 30, 2023								207,405	(4,728)
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares				7	9,250
Exercise of share options					116
Employee Share Purchase Plan (ESPP)					467
Share-based employee compensation expense:
Issuance of restricted units/shares					2,349
Share options					779
ESPP discount					83
Supplemental Executive Retirement Plan (SERP)					31,930
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership					57,736
Adjustment for Noncontrolling Interests ownership in Operating Partnership					13,719			(13,719)
PAID IN CAPITAL
Conversion of OP Units into Common Shares				7	9,250
Exercise of share options					116
Employee Share Purchase Plan (ESPP)					467
RETAINED EARNINGS
Net Income (Loss)	172,508					172,508
Common Share distributions						(251,563)
Preferred Share distributions						(773)
Accumulated other comprehensive income (loss) - derivative instruments:
Unrealized holding gains (losses) arising during the period	460						460
Losses reclassified into earnings from other comprehensive income	$ 931						931
DISTRIBUTIONS
Distributions declared per Common Share outstanding	$ 0.6625
NONCONTROLLING INTERESTS
Issuance of restricted units/shares					2,349
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner								(9,257)
Equity compensation associated with Noncontrolling Interests								3,338
Net income attributable to Noncontrolling Interests	$ 5,561							5,561	3,217
Distributions to Noncontrolling Interests								(7,284)	(312)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership								19,801
Adjustment for Noncontrolling Interests ownership in Operating Partnership					13,719			(13,719)
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	5,561							5,561	3,217
Distributions to Noncontrolling Interests								(7,284)	(312)
Balance, end of period at Sep. 30, 2023		37,280		3,797	9,589,057	1,426,632	5,099
Balance, end of period at Sep. 30, 2023								205,845	(1,823)
Balance, beginning of year at Dec. 31, 2023	11,085,828	37,280		3,793	9,601,866	1,437,185	5,704
Partial redemption			$ (20,125)
Balance, beginning of year at Dec. 31, 2023	203,300							202,306	994
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares				2	8,232
Exercise of share options				3	17,312
Employee Share Purchase Plan (ESPP)				1	2,829
Common shares repurchased and retired	38,500			(7)		(38,467)
Share-based employee compensation expense:
Issuance of restricted units/shares				2	11,753			2
Share options					2,973
ESPP discount					589
Supplemental Executive Retirement Plan (SERP)					(597)
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership	64,541				(64,541)
Adjustment for Noncontrolling Interests ownership in Operating Partnership					4,123			(4,123)
PAID IN CAPITAL
Conversion of OP Units into Common Shares				2	8,232
Exercise of share options				3	17,312
Employee Share Purchase Plan (ESPP)				1	2,829
RETAINED EARNINGS
Net Income (Loss)	616,716					616,716
Common Share distributions						(767,779)
Preferred Share distributions						(1,258)
Premium on redemption of Preferred Shares - cash charge	(1,444)	(1,400)				(1,444)
Accumulated other comprehensive income (loss) - derivative instruments:
Unrealized holding gains (losses) arising during the period	(3,989)						(3,989)
Losses reclassified into earnings from other comprehensive income	$ 1,819						1,819
DISTRIBUTIONS
Distributions declared per Common Share outstanding	$ 2.025
NONCONTROLLING INTERESTS
Issuance of restricted units/shares				2	11,753			2
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner								(8,234)
Equity compensation associated with Noncontrolling Interests								13,215
Net income attributable to Noncontrolling Interests	$ 17,290							17,290	3,098
Distributions to Noncontrolling Interests								(23,236)	(3,215)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	(1,986)							1,986
Adjustment for Noncontrolling Interests ownership in Operating Partnership					4,123			(4,123)
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	17,290							17,290	3,098
Contributions by Noncontrolling Interests									458
Distributions to Noncontrolling Interests								(23,236)	(3,215)
Other									(1,000)
Balance, end of period at Sep. 30, 2024	10,853,975	17,155		3,794	9,584,539	1,244,953	3,534
Balance, end of period at Sep. 30, 2024	199,541							199,206	335
Balance, beginning of year at Jun. 30, 2024		17,155		3,791	9,590,105	1,357,922	6,914
Balance, beginning of year at Jun. 30, 2024								204,032	(295)
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares				1	3,185
Exercise of share options				2	10,833
Employee Share Purchase Plan (ESPP)					381
Share-based employee compensation expense:
Issuance of restricted units/shares					2,372
Share options					466
ESPP discount					88
Supplemental Executive Retirement Plan (SERP)					1
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership					(25,483)
Adjustment for Noncontrolling Interests ownership in Operating Partnership					2,591			(2,591)
PAID IN CAPITAL
Conversion of OP Units into Common Shares				1	3,185
Exercise of share options				2	10,833
Employee Share Purchase Plan (ESPP)					381
RETAINED EARNINGS
Net Income (Loss)	143,446					143,446
Common Share distributions						(256,059)
Preferred Share distributions						(356)
Accumulated other comprehensive income (loss) - derivative instruments:
Unrealized holding gains (losses) arising during the period	(3,989)						(3,989)
Losses reclassified into earnings from other comprehensive income	$ 609						609
DISTRIBUTIONS
Distributions declared per Common Share outstanding	$ 0.675
NONCONTROLLING INTERESTS
Issuance of restricted units/shares					2,372
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner								(3,186)
Equity compensation associated with Noncontrolling Interests								2,979
Net income attributable to Noncontrolling Interests	$ 4,012							4,012	1,059
Distributions to Noncontrolling Interests								(7,361)	(429)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership								1,321
Adjustment for Noncontrolling Interests ownership in Operating Partnership					2,591			(2,591)
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	4,012							4,012	1,059
Distributions to Noncontrolling Interests								(7,361)	(429)
Balance, end of period at Sep. 30, 2024	10,853,975	$ 17,155		$ 3,794	$ 9,584,539	$ 1,244,953	$ 3,534
Balance, end of period at Sep. 30, 2024	$ 199,541							$ 199,206	$ 335

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
8.29% Series K Cumulative Redeemable Preferred Stock
Partial Redemption Percentage	8.29%	8.29%	8.29%	8.29%

CONSOLIDATED BALANCE SHEETS OF

CONSOLIDATED BALANCE SHEETS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Land	$ 5,675,037	$ 5,581,876
Depreciable property	24,148,043	22,938,426
Projects under development	222,055	78,036
Land held for development	65,113	114,300
Investment in real estate	30,110,248	28,712,638
Accumulated depreciation	(10,386,783)	(9,810,337)
Investment in real estate, net	19,723,465	18,902,301
Investments in unconsolidated entities	359,810	282,049
Cash and cash equivalents	28,610	50,743
Restricted deposits	97,949	89,252
Right-of-use assets	458,673	457,266
Other assets	257,314	252,953
Total assets	20,925,821	20,034,564
Liabilities:
Mortgage notes payable, net	1,633,414	1,632,902
Notes, net	5,945,670	5,348,417
Line of credit and commercial paper	786,561	409,131
Accounts payable and accrued expenses	165,787	87,377
Accrued interest payable	50,633	65,716
Lease liabilities	306,119	311,640
Other liabilities	294,543	272,596
Security deposits	74,350	69,178
Distributions payable	263,425	259,231
Total liabilities	9,520,502	8,456,188
Commitments and contingencies
Redeemable Limited Partners	351,803	289,248
Partners’ Capital:
Accumulated other comprehensive income (loss)	3,534	5,704
Noncontrolling Interests – Partially Owned Properties	335	994
Total liabilities and equity/capital	20,925,821	20,034,564
ERPOP [Member]
ASSETS
Land	5,675,037	5,581,876
Depreciable property	24,148,043	22,938,426
Projects under development	222,055	78,036
Land held for development	65,113	114,300
Investment in real estate	30,110,248	28,712,638
Accumulated depreciation	(10,386,783)	(9,810,337)
Investment in real estate, net	19,723,465	18,902,301
Investments in unconsolidated entities	359,810	282,049
Cash and cash equivalents	28,610	50,743
Restricted deposits	97,949	89,252
Right-of-use assets	458,673	457,266
Other assets	257,314	252,953
Total assets	20,925,821	20,034,564
Liabilities:
Mortgage notes payable, net	1,633,414	1,632,902
Notes, net	5,945,670	5,348,417
Line of credit and commercial paper	786,561	409,131
Accounts payable and accrued expenses	165,787	87,377
Accrued interest payable	50,633	65,716
Lease liabilities	306,119	311,640
Other liabilities	294,543	272,596
Security deposits	74,350	69,178
Distributions payable	263,425	259,231
Total liabilities	9,520,502	8,456,188
Commitments and contingencies
Redeemable Limited Partners	351,803	289,248
Partners’ Capital:
Preference Units	17,155	37,280
General Partner	10,833,286	11,042,844
Limited Partners	199,206	202,306
Accumulated other comprehensive income (loss)	3,534	5,704
Total partners’ capital	11,053,181	11,288,134
Noncontrolling Interests – Partially Owned Properties	335	994
Total capital	11,053,516	11,289,128
Total liabilities and equity/capital	$ 20,925,821	$ 20,034,564

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES
Rental income	$ 748,348	$ 724,067	$ 2,213,329	$ 2,146,464
EXPENSES
Property and maintenance	135,221	129,087	396,349	391,437
Real estate taxes and insurance	105,954	102,858	320,452	312,607
Property management	31,412	28,169	100,381	90,314
General and administrative	14,551	14,094	48,902	49,135
Depreciation	237,948	224,736	688,041	661,921
Total expenses	525,086	498,944	1,554,125	1,505,414
Net gain (loss) on sales of real estate properties	(165)	26,912	227,829	127,034
Interest and other income	15,844	7,627	26,501	11,296
Other expenses	(13,971)	(4,958)	(59,094)	(20,517)
Interest:
Expense incurred, net	(72,722)	(68,891)	(205,762)	(200,882)
Amortization of deferred financing costs	(1,948)	(3,027)	(5,784)	(7,023)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	150,300	182,786	642,894	550,958
Income and other tax (expense) benefit	(290)	(258)	(925)	(892)
Income (loss) from investments in unconsolidated entities	(1,493)	(1,242)	(4,865)	(3,847)
Net income	148,517	181,286	637,104	546,219
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(1,059)	(3,217)	(3,098)	(5,299)
Net income attributable to controlling interests	$ 143,446	$ 172,508	616,716	$ 523,746
ALLOCATION OF NET INCOME:
Premium on redemption of Preference Units			$ 1,444
Earnings per Unit – basic:
Net income available to Units	$ 0.38	$ 0.45	$ 1.62	$ 1.38
Earnings per Unit – diluted:
Net income available to Units	$ 0.38	$ 0.45	$ 1.62	$ 1.38
Weighted average Units outstanding	391,026	391,351	390,688	391,135
ERPOP [Member]
REVENUES
Rental income	$ 748,348	$ 724,067	$ 2,213,329	$ 2,146,464
EXPENSES
Property and maintenance	135,221	129,087	396,349	391,437
Real estate taxes and insurance	105,954	102,858	320,452	312,607
Property management	31,412	28,169	100,381	90,314
General and administrative	14,551	14,094	48,902	49,135
Depreciation	237,948	224,736	688,041	661,921
Total expenses	525,086	498,944	1,554,125	1,505,414
Net gain (loss) on sales of real estate properties	(165)	26,912	227,829	127,034
Interest and other income	15,844	7,627	26,501	11,296
Other expenses	(13,971)	(4,958)	(59,094)	(20,517)
Interest:
Expense incurred, net	(72,722)	(68,891)	(205,762)	(200,882)
Amortization of deferred financing costs	(1,948)	(3,027)	(5,784)	(7,023)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	150,300	182,786	642,894	550,958
Income and other tax (expense) benefit	(290)	(258)	(925)	(892)
Income (loss) from investments in unconsolidated entities	(1,493)	(1,242)	(4,865)	(3,847)
Net income	148,517	181,286	637,104	546,219
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(1,059)	(3,217)	(3,098)	(5,299)
Net income attributable to controlling interests	147,458	178,069	634,006	540,920
ALLOCATION OF NET INCOME:
Preference Units	356	773	1,258	2,318
Premium on redemption of Preference Units			1,444
General Partner	143,090	171,735	614,014	521,428
Limited Partners	4,012	5,561	17,290	17,174
Net income available to Units	$ 147,102	$ 177,296	$ 631,304	$ 538,602
Earnings per Unit – basic:
Net income available to Units	$ 0.38	$ 0.45	$ 1.62	$ 1.38
Weighted average Units outstanding	389,379	390,087	389,379	389,991
Earnings per Unit – diluted:
Net income available to Units	$ 0.38	$ 0.45	$ 1.62	$ 1.38
Weighted average Units outstanding	391,026	391,351	390,688	391,135

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Comprehensive income:
Net income	$ 148,517	$ 181,286	$ 637,104	$ 546,219
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period	(3,989)	460	(3,989)	4,514
Losses reclassified into earnings from other comprehensive income	609	931	1,819	3,132
Other comprehensive income (loss)	(3,380)	1,391	(2,170)	7,646
Comprehensive income	145,137	182,677	634,934	553,865
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties	(4,980)	(8,822)	(20,330)	(22,712)
Comprehensive income attributable to controlling interests	140,157	173,855	614,604	531,153
ERPOP [Member]
Comprehensive income:
Net income	148,517	181,286	637,104	546,219
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period	(3,989)	460	(3,989)	4,514
Losses reclassified into earnings from other comprehensive income	609	931	1,819	3,132
Other comprehensive income (loss)	(3,380)	1,391	(2,170)	7,646
Comprehensive income	145,137	182,677	634,934	553,865
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties	(1,059)	(3,217)	(3,098)	(5,299)
Comprehensive income attributable to controlling interests	$ 144,078	$ 179,460	$ 631,836	$ 548,566

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 637,104	$ 546,219
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	688,041	661,921
Amortization of deferred financing costs	5,784	7,023
Amortization of discounts and premiums on debt	3,823	2,815
Amortization of deferred settlements on derivative instruments	1,811	3,123
Amortization of right-of-use assets	11,320	9,572
Write-off of pursuit costs	1,905	2,739
(Income) loss from investments in unconsolidated entities	4,865	3,847
Distributions from unconsolidated entities – return on capital	446	436
Net (gain) loss on sales of real estate properties	(227,829)	(127,034)
Realized (gain) loss on investment securities	1,316	(1,511)
Unrealized (gain) loss on investment securities	(19,880)	(4,461)
Compensation paid with Company Common Shares	26,781	26,948
Changes in assets and liabilities:
(Increase) decrease in other assets	5,551	11,887
Increase (decrease) in accounts payable and accrued expenses	71,360	71,334
Increase (decrease) in accrued interest payable	(15,083)	(18,791)
Increase (decrease) in lease liabilities	(3,363)	(1,077)
Increase (decrease) in other liabilities	20,258	(7,024)
Increase (decrease) in security deposits	5,172	558
Net cash provided by operating activities	1,219,382	1,188,524
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	(1,320,592)	(324,497)
Investment in real estate – development/other	(90,718)	(60,179)
Capital expenditures to real estate	(230,107)	(229,763)
Non-real estate capital additions	(1,572)	(1,457)
Interest capitalized for real estate and unconsolidated entities under development	(10,697)	(9,579)
Proceeds from disposition of real estate, net	360,850	191,718
Investments in unconsolidated entities - acquisitions	(31,286)	(989)
Investments in unconsolidated entities - development/other	(48,360)	(34,076)
Distributions from unconsolidated entities – return of capital	1,409	15
Purchase of investment securities and other investments		(2,500)
Proceeds from sale of investment securities	7,457	2,952
Net cash provided by (used for) investing activities	(1,363,616)	(468,355)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs	(5,307)	(4,106)
Mortgage notes payable, net:
Proceeds	0	572,896
Lump sum payoffs	0	(932,598)
Scheduled principal repayments	(2,400)	(554)
Notes, net:
Proceeds	597,954
Line of credit and commercial paper:
Line of credit proceeds	198,000
Line of credit repayments	(198,000)
Commercial paper proceeds	8,610,430	4,393,568
Commercial paper repayments	(8,233,000)	(4,025,887)
Proceeds from (payments on) settlement of derivative instruments	(3,989)	25,169
Finance ground lease principal payments	(2,158)	(1,995)
Proceeds from EQR's Employee Share Purchase Plan (ESPP)	2,830	2,591
Proceeds from exercise of EQR options	17,315	11,474
Redemption of Preference Units	(20,125)
Other financing activities, net	(52)	(37)
Acquisition of Noncontrolling Interests – Partially Owned Properties		(3,737)
Contributions – Noncontrolling Interests – Partially Owned Properties	458	9
Contributions – Limited Partners	2	1
Distributions:
OP Units – General Partner	(762,990)	(738,584)
Preference Units	(2,031)	(2,319)
OP Units – Limited Partners	(23,058)	(22,969)
Noncontrolling Interests – Partially Owned Properties	(3,163)	(3,536)
Net cash provided by (used for) financing activities	130,798	(730,614)
Net increase (decrease) in cash and cash equivalents and restricted deposits	(13,436)	(10,445)
Cash and cash equivalents and restricted deposits, beginning of period	139,995	137,172
Cash and cash equivalents and restricted deposits, end of period	126,559	126,727
Cash and cash equivalents	28,610	39,250
Restricted deposits	97,949	87,477
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	197,587	206,080
Net cash paid (received) for income and other taxes	1,097	1,035
Real estate acquisitions/dispositions/other:
Mortgage loans assumed		42,256
Amortization of deferred financing costs:
Investment in real estate, net		(211)
Other assets	2,089	2,089
Mortgage notes payable, net	786	2,265
Notes, net	2,909	2,880
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	2,126	1,129
Notes, net	1,697	1,686
Amortization of deferred settlements on derivative instruments:
Other liabilities	(8)	(9)
Accumulated other comprehensive income	1,819	3,132
Write-off of pursuit costs:
Investment in real estate, net	401	421
Investments in unconsolidated entities	1,292	1,667
Other assets	212	651
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	3,927	2,909
Other liabilities	938	938
Realized/unrealized (gain) loss on derivative instruments:
Other assets		(3,749)
Other liabilities	3,989	(765)
Accumulated other comprehensive income	(3,989)	4,514
Investment in real estate - acquisitions:
Investment in real estate, net	(1,307,865)	(324,497)
Right-of-use assets	(12,727)
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	4,308	3,468
Investments in unconsolidated entities	(6,389)	(6,111)
Investments in unconsolidated entities - development/other:
Investments in unconsolidated entities	(47,160)	(32,667)
Other liabilities	(1,200)	(1,409)
Debt financing costs:
Mortgage notes payable, net		(4,106)
Notes, net	(5,307)
Proceeds from (payments on) settlement of derivative instruments:
Other assets		25,613
Other liabilities	(3,989)	(444)
Right-of-use assets and lease liabilities initial measurement and reclassifications:
Right-of-use assets		(7,105)
Lease liabilities		7,105
Non-cash share distribution and other transfers from unconsolidated entities:
Investments in unconsolidated entities		539
Other assets		(539)
Non-cash change in Supplemental Executive Retirement Plan (SERP) balances:
Other assets	(1,362)	33,970
Other liabilities	(1,959)	66,048
Paid in capital	(597)	32,078
ERPOP [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	637,104	546,219
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	688,041	661,921
Amortization of deferred financing costs	5,784	7,023
Amortization of discounts and premiums on debt	3,823	2,815
Amortization of deferred settlements on derivative instruments	1,811	3,123
Amortization of right-of-use assets	11,320	9,572
Write-off of pursuit costs	1,905	2,739
(Income) loss from investments in unconsolidated entities	4,865	3,847
Distributions from unconsolidated entities – return on capital	446	436
Net (gain) loss on sales of real estate properties	(227,829)	(127,034)
Realized (gain) loss on investment securities	1,316	(1,511)
Unrealized (gain) loss on investment securities	(19,880)	(4,461)
Compensation paid with Company Common Shares	26,781	26,948
Changes in assets and liabilities:
(Increase) decrease in other assets	5,551	11,887
Increase (decrease) in accounts payable and accrued expenses	71,360	71,334
Increase (decrease) in accrued interest payable	(15,083)	(18,791)
Increase (decrease) in lease liabilities	(3,363)	(1,077)
Increase (decrease) in other liabilities	20,258	(7,024)
Increase (decrease) in security deposits	5,172	558
Net cash provided by operating activities	1,219,382	1,188,524
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	(1,320,592)	(324,497)
Investment in real estate – development/other	(90,718)	(60,179)
Capital expenditures to real estate	(230,107)	(229,763)
Non-real estate capital additions	(1,572)	(1,457)
Interest capitalized for real estate and unconsolidated entities under development	(10,697)	(9,579)
Proceeds from disposition of real estate, net	360,850	191,718
Investments in unconsolidated entities - acquisitions	(31,286)	(989)
Investments in unconsolidated entities - development/other	(48,360)	(34,076)
Distributions from unconsolidated entities – return of capital	1,409	15
Purchase of investment securities and other investments		(2,500)
Proceeds from sale of investment securities	7,457	2,952
Net cash provided by (used for) investing activities	(1,363,616)	(468,355)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs	(5,307)	(4,106)
Mortgage notes payable, net:
Proceeds		572,896
Lump sum payoffs		(932,598)
Scheduled principal repayments	(2,400)	(554)
Notes, net:
Proceeds	597,954
Line of credit and commercial paper:
Line of credit proceeds	198,000
Line of credit repayments	(198,000)
Commercial paper proceeds	8,610,430	4,393,568
Commercial paper repayments	(8,233,000)	(4,025,887)
Proceeds from (payments on) settlement of derivative instruments	(3,989)	25,169
Finance ground lease principal payments	(2,158)	(1,995)
Proceeds from EQR's Employee Share Purchase Plan (ESPP)	2,830	2,591
Proceeds from exercise of EQR options	17,315	11,474
OP Units repurchased and retired	(38,474)
Redemption of Preference Units	(20,125)
Premium on redemption of Preference Units	(1,444)
Other financing activities, net	(52)	(37)
Acquisition of Noncontrolling Interests – Partially Owned Properties		(3,737)
Contributions – Noncontrolling Interests – Partially Owned Properties	458	9
Contributions – Limited Partners	2	1
Distributions:
OP Units – General Partner	(762,990)	(738,584)
Preference Units	(2,031)	(2,319)
OP Units – Limited Partners	(23,058)	(22,969)
Noncontrolling Interests – Partially Owned Properties	(3,163)	(3,536)
Net cash provided by (used for) financing activities	130,798	(730,614)
Net increase (decrease) in cash and cash equivalents and restricted deposits	(13,436)	(10,445)
Cash and cash equivalents and restricted deposits, beginning of period	139,995	137,172
Cash and cash equivalents and restricted deposits, end of period	126,559	126,727
Cash and cash equivalents	28,610	39,250
Restricted deposits	97,949	87,477
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	197,587	206,080
Net cash paid (received) for income and other taxes	1,097	1,035
Real estate acquisitions/dispositions/other:
Mortgage loans assumed		42,256
Amortization of deferred financing costs:
Investment in real estate, net		(211)
Other assets	2,089	2,089
Mortgage notes payable, net	786	2,265
Notes, net	2,909	2,880
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	2,126	1,129
Notes, net	1,697	1,686
Amortization of deferred settlements on derivative instruments:
Other liabilities	(8)	(9)
Accumulated other comprehensive income	1,819	3,132
Write-off of pursuit costs:
Investment in real estate, net	401	421
Investments in unconsolidated entities	1,292	1,667
Other assets	212	651
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	3,927	2,909
Other liabilities	938	938
Realized/unrealized (gain) loss on derivative instruments:
Other assets		(3,749)
Other liabilities	3,989	(765)
Accumulated other comprehensive income	(3,989)	4,514
Investment in real estate - acquisitions:
Investment in real estate, net	(1,307,865)	(324,497)
Right-of-use assets	(12,727)
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	(4,308)	(3,468)
Investments in unconsolidated entities	(6,389)	(6,111)
Investments in unconsolidated entities - development/other:
Investments in unconsolidated entities	(47,160)	(32,667)
Other liabilities	(1,200)	(1,409)
Debt financing costs:
Mortgage notes payable, net		(4,106)
Notes, net	(5,307)
Proceeds from (payments on) settlement of derivative instruments:
Other assets		25,613
Other liabilities	(3,989)	(444)
Right-of-use assets and lease liabilities initial measurement and reclassifications:
Right-of-use assets		(7,105)
Lease liabilities		7,105
Non-cash share distribution and other transfers from unconsolidated entities:
Investments in unconsolidated entities		539
Other assets		(539)
Non-cash change in Supplemental Executive Retirement Plan (SERP) balances:
Other assets	(1,362)	33,970
Other liabilities	(1,959)	66,048
Paid in capital	$ (597)	$ 32,078

CONSOLIDATED STATEMENTS OF CH_3

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	Total	ERPOP [Member]	Preferred Stock [Member] ERPOP [Member]	GENERAL PARTNER [Member] ERPOP [Member]	LIMITED PARTNERS [Member] ERPOP [Member]	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Member] ERPOP [Member]	DISTRIBUTIONS [Member] ERPOP [Member]	PARTIALLY OWNED PROPERTIES [Member] ERPOP [Member]
Balance, beginning of year at Dec. 31, 2022			$ 37,280	$ 11,138,706	$ 209,961	$ (2,547)
Balance, beginning of year at Dec. 31, 2022								$ (721)
Conversion of OP Units held by Limited Partners into OP Units held by General Partner				13,916	(13,916)
Exercise of EQR share options				11,474
EQR's Employee Share Purchase Plan (ESPP)				2,591
EQR restricted shares				10,294	1
EQR share options				3,904
EQR ESPP discount				481
Net income available to Units - General Partner		$ 521,428		521,428
OP Units - General Partner distributions				(753,633)
Supplemental Executive Retirement Plan (SERP)				32,078
Acquisition of Noncontrolling Interests – Partially Owned Properties				(900)
Change in market value of Redeemable Limited Partners				18,613
Adjustment for Limited Partners ownership in Operating Partnership				20,534	(20,534)
Equity compensation associated with Units - Limited Partners					14,205
Net income available to Units - Limited Partners		17,174			17,174
Units - Limited Partners distributions					(22,924)
Change in carrying value of Redeemable Limited Partners					21,878
Unrealized holding gains (losses) arising during the period	$ 4,514	4,514				4,514
Losses reclassified into earnings from other comprehensive income	3,132	3,132				3,132
Distributions declared per Unit outstanding							$ 1.9875
Net income attributable to Noncontrolling Interests	546,219	546,219						5,299
Contributions by Noncontrolling Interests								9
Distributions to Noncontrolling Interests								(3,573)
Acquisitions of Noncontrolling Interests - Partially Owned Properties								(2,837)
Balance, end of period at Sep. 30, 2023			37,280	11,019,486	205,845	5,099
Balance, end of period at Sep. 30, 2023								(1,823)
Balance, beginning of year at Mar. 31, 2023						3,708
Unrealized holding gains (losses) arising during the period						460
Losses reclassified into earnings from other comprehensive income						931
Distributions declared per Unit outstanding							0.6625
Balance, end of period at Jun. 30, 2023			37,280	10,982,878	207,405	5,099
Balance, end of period at Jun. 30, 2023								(4,728)
Conversion of OP Units held by Limited Partners into OP Units held by General Partner				9,257	(9,257)
Exercise of EQR share options				116
EQR's Employee Share Purchase Plan (ESPP)				467
EQR restricted shares				2,349
EQR share options				779
EQR ESPP discount				83
Net income available to Units - General Partner		171,735		171,735
OP Units - General Partner distributions				(251,563)
Supplemental Executive Retirement Plan (SERP)				31,930
Change in market value of Redeemable Limited Partners				57,736
Adjustment for Limited Partners ownership in Operating Partnership				13,719	(13,719)
Equity compensation associated with Units - Limited Partners					3,338
Net income available to Units - Limited Partners		5,561			5,561
Units - Limited Partners distributions					(7,284)
Change in carrying value of Redeemable Limited Partners					19,801
Unrealized holding gains (losses) arising during the period	460	460
Losses reclassified into earnings from other comprehensive income	931	931
Net income attributable to Noncontrolling Interests	181,286	181,286						3,217
Distributions to Noncontrolling Interests								(312)
Balance, end of period at Sep. 30, 2023			37,280	11,019,486	205,845	5,099
Balance, end of period at Sep. 30, 2023								(1,823)
Balance, beginning of year at Dec. 31, 2023			37,280	11,042,844	202,306	5,704
Balance, beginning of year at Dec. 31, 2023								994
Partial redemption			(20,125)
Conversion of OP Units held by Limited Partners into OP Units held by General Partner				8,234	(8,234)
Exercise of EQR share options				17,315
EQR's Employee Share Purchase Plan (ESPP)				2,830
EQR restricted shares				11,755	2
EQR share options				2,973
EQR ESPP discount				589
OP Units repurchased and retired	38,500			(38,474)
Net income available to Units - General Partner		614,014		614,014
OP Units - General Partner distributions				(767,779)
Supplemental Executive Retirement Plan (SERP)				(597)
Change in market value of Redeemable Limited Partners				(64,541)
Adjustment for Limited Partners ownership in Operating Partnership				4,123	(4,123)
Equity compensation associated with Units - Limited Partners					13,215
Net income available to Units - Limited Partners		17,290			17,290
Units - Limited Partners distributions					(23,236)
Change in carrying value of Redeemable Limited Partners					1,986
Unrealized holding gains (losses) arising during the period	(3,989)	(3,989)				(3,989)
Losses reclassified into earnings from other comprehensive income	1,819	1,819				1,819
Distributions declared per Unit outstanding							2.025
Net income attributable to Noncontrolling Interests	637,104	637,104						3,098
Contributions by Noncontrolling Interests								458
Distributions to Noncontrolling Interests								(3,215)
Other								(1,000)
Balance, end of period at Sep. 30, 2024			17,155	10,833,286	199,206	3,534
Balance, end of period at Sep. 30, 2024								335
Balance, beginning of year at Jun. 30, 2024			17,155	10,951,818	204,032	6,914
Balance, beginning of year at Jun. 30, 2024								(295)
Conversion of OP Units held by Limited Partners into OP Units held by General Partner				3,186	(3,186)
Exercise of EQR share options				10,835
EQR's Employee Share Purchase Plan (ESPP)				381
EQR restricted shares				2,372
EQR share options				466
EQR ESPP discount				88
Net income available to Units - General Partner		143,090		143,090
OP Units - General Partner distributions				(256,059)
Supplemental Executive Retirement Plan (SERP)				1
Change in market value of Redeemable Limited Partners				(25,483)
Adjustment for Limited Partners ownership in Operating Partnership				2,591	(2,591)
Equity compensation associated with Units - Limited Partners					2,979
Net income available to Units - Limited Partners		4,012			4,012
Units - Limited Partners distributions					(7,361)
Change in carrying value of Redeemable Limited Partners					1,321
Unrealized holding gains (losses) arising during the period	(3,989)	(3,989)				(3,989)
Losses reclassified into earnings from other comprehensive income	609	609				609
Distributions declared per Unit outstanding							$ 0.675
Net income attributable to Noncontrolling Interests	$ 148,517	$ 148,517						1,059
Distributions to Noncontrolling Interests								(429)
Balance, end of period at Sep. 30, 2024			$ 17,155	$ 10,833,286	$ 199,206	$ 3,534
Balance, end of period at Sep. 30, 2024								$ 335

CONSOLIDATED STATEMENTS OF CH_4

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP (Parenthetical) - Eight Point Two Nine Percentage Series K Cumulative Redeemable Preferred Stock [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Partial Redemption Percentage	8.29%	8.29%	8.29%	8.29%
ERPOP [Member]
Partial Redemption Percentage	8.29%	8.29%	8.29%	8.29%

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 143,446	$ 172,508	$ 616,716	$ 523,746

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the quarter ended September 30, 2024 , no trustee or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.
Trustee or Officer [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business

Business	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	1. Business Equity Residential (“EQR”) is an S&P 500 company focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters, a business that is conducted on its behalf by ERP Operating Limited Partnership (“ERPOP”). EQR is a Maryland real estate investment trust (“REIT”) formed in March 1993 and ERPOP is an Illinois limited partnership formed in May 1993. References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership. EQR is the general partner of, and as of September 30, 2024 owned an approximate 97.0 % ownership interest in, ERPOP. All of the Company’s property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR issues equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. As of September 30, 2024, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 312 properties located in 10 states and the District of Columbia consisting of 84,018 apartment units . The ownership breakdown includes (table does not include any uncompleted development properties): Properties Apartment Units Wholly Owned Properties 297 80,749 Partially Owned Properties – Consolidated 14 3,060 Partially Owned Properties – Unconsolidated 1 209 312 84,018

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Summary Of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The balance sheets at December 31, 2023 have been derived from the audited financial statements at that date but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. For further information, including definitions of capitalized terms not defined herein, refer to the consolidated financial statements and footnotes thereto included in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2023 . Income and Other Taxes EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. Recent Accounting Pronouncements In March 2024, the Securities and Exchange Commission ("SEC") adopted final rules that will require certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. The new rules include a requirement to disclose material climate-related risks, descriptions of board and management oversight and risk management activities, the material impacts of these risks on a registrant’s strategy, business model and outlook, and any material climate-related targets or goals, as well as material effects and costs of severe weather events and other natural conditions and greenhouse gas emissions. Prior to the stay of the new rules, they would have been effective for annual periods beginning January 1, 2025, except for the greenhouse gas emissions disclosures, which would have been effective for annual periods beginning January 1, 2026. The Company is currently evaluating the impact of the new rules on its disclosures. In December 2023, the Financial Accounting Standards Board (“FASB”) issued an amendment to the income tax standards which requires disclosure enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The new standard will be effective for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the impact of adopting the standard on its consolidated results of operations and financial position. In November 2023, the FASB issued an amendment to the segment reporting standards which requires disclosure for each reportable segment, on an interim and annual basis, of the significant expense categories and amounts that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s profit or loss. Additionally, it requires disclosure of the title and position of the individual or the name of the group or committee identified as the chief operating decision maker. The new standard will be effective for annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025 on a retrospective basis. The Company is currently evaluating the impact of adopting the standard on its segment disclosures. 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.

Equity, Capital and Other Inter

Equity, Capital and Other Interests	9 Months Ended
	Sep. 30, 2024
Equity Capital And Other Interests [Abstract]
Equity, Capital and Other Interests	3. Equity, Capital and Other Interests The Company refers to “Common Shares” and “Units” (which refer to both OP Units and restricted units) as equity securities for EQR and “General Partner Units” and “Limited Partner Units” as equity securities for ERPOP. To provide a streamlined and more readable presentation of the disclosures for the Company and the Operating Partnership, several sections below refer to the respective terminology for each with the same financial information and separate sections are provided, where needed, to further distinguish any differences in financial information and terminology. The following table presents the changes in the Company’s issued and outstanding Common Shares and Units for the nine months ended September 30, 2024 and 2023: 2024 2023 Common Shares Common Shares outstanding at January 1, 379,291,417 378,429,708 Common Shares Issued: Conversion of OP Units 191,019 862,596 Exercise of share options 284,021 234,395 Employee Share Purchase Plan (ESPP) 54,061 48,835 Restricted share grants, net 186,672 148,304 Common Shares Other: Repurchased and retired ( 652,452 ) — Common Shares outstanding at September 30, 379,354,738 379,723,838 Units Units outstanding at January 1, 11,581,306 12,429,737 Restricted unit grants, net 172,667 166,344 Conversion of OP Units to Common Shares ( 191,019 ) ( 862,596 ) Units outstanding at September 30, 11,562,954 11,733,485 Total Common Shares and Units outstanding at September 30, 390,917,692 391,457,323 Units Ownership Interest in Operating Partnership 3.0 % 3.0 % The following table presents the changes in the Operating Partnership’s issued and outstanding General Partner Units and Limited Partner Units for the nine months ended September 30, 2024 and 2023: 2024 2023 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 390,872,723 390,859,445 Issued to General Partner: Exercise of EQR share options 284,021 234,395 EQR’s Employee Share Purchase Plan (ESPP) 54,061 48,835 EQR’s restricted share grants, net 186,672 148,304 Issued to Limited Partners: Restricted unit grants, net 172,667 166,344 General Partner Other: OP Units repurchased and retired ( 652,452 ) — General and Limited Partner Units outstanding at September 30, 390,917,692 391,457,323 Limited Partner Units Limited Partner Units outstanding at January 1, 11,581,306 12,429,737 Limited Partner restricted unit grants, net 172,667 166,344 Conversion of Limited Partner OP Units to EQR Common Shares ( 191,019 ) ( 862,596 ) Limited Partner Units outstanding at September 30, 11,562,954 11,733,485 Limited Partner Units Ownership Interest in Operating Partnership 3.0 % 3.0 % 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 September 30, 2024 and December 31, 2023. The carrying value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is allocated based on the number of Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total. Such percentage of the total carrying value of Units/Limited Partner Units which is ascribed to the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is then adjusted to the greater of carrying value or fair market value as described above. As of September 30, 2024 and 2023, the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners have a redemption value of approximately $ 351.8 million and $ 277.8 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 nine months ended September 30, 2024 and 2023, respectively (amounts in thousands): 2024 2023 Balance at January 1, $ 289,248 $ 318,273 Change in market value 64,541 ( 18,613 ) Change in carrying value ( 1,986 ) ( 21,878 ) Balance at September 30, $ 351,803 $ 277,782 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 September 30, 2024 and December 31, 2023: Amounts in thousands Annual Call Dividend Per September 30, December 31, Date (1) Share/Unit (2) 2024 2023 Preferred Shares/Preference Units of beneficial interest, $ 0.01 par value; 100,000,000 shares authorized: 8.29 % Series K Cumulative Redeemable Preferred Shares/Preference 50 per share/unit; 343,100 shares/units issued 745,600 shares/units issued 12/10/2026 $ 4.145 $ 17,155 $ 37,280 $ 17,155 $ 37,280 (1) On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares/Preference Units are payable quarterly. (3) During the nine months ended September 30, 2024 , the Company repurchased and retired 402,500 Series K Preferred Shares/Preference Units with a liquidation value of approximately $ 20.1 million for total cash consideration of approximately $ 21.8 million, inclusive of premiums and accrued dividends through the redemption date. As a result of this partial redemption, the Company incurred a cash charge of approximately $ 1.4 million which was recorded as a premium on the redemption of Preferred Shares/Preference Units. Other EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC in May 2022 and expires in May 2025. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis). The Company has an At-The-Market (“ATM”) share offering program which allows EQR to issue Common Shares from time to time into the existing trading market at current market prices or through negotiated transactions, including under forward sale arrangements. The current program matures in May 2025 and gives us the authority to issue up to 13.0 million shares, all of which remain available for issuance as of September 30, 2024. During the nine months ended September 30, 2024 , the Company repurchased and subsequently retired approximately $ 38.5 million ( 652,452 shares at a weighted average price per share of $ 58.95 ) of its Common Shares in the open market under its share repurchase program. Concurrent with these transactions, ERPOP repurchased and retired the same amount of OP Units previously issued to EQR. Prior to the share repurchase activity during the nine months ended September 30, 2024 , the Company had the authority to repurchase up to 13.0 million Common Shares under its share repurchase program, of which 12,347,548 shares remain authorized to repurchase as of September 30, 2024 .

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Real Estate	4. Real Estate The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Land $ 5,675,037 $ 5,581,876 Depreciable property: Buildings and improvements 20,760,047 19,809,432 Furniture, fixtures and equipment 2,822,816 2,609,600 In-Place lease intangibles 565,180 519,394 Projects under development: Land 40,031 3,201 Construction-in-progress 182,024 74,835 Land held for development: Land 46,160 82,026 Construction-in-progress 18,953 32,274 Investment in real estate 30,110,248 28,712,638 Accumulated depreciation ( 10,386,783 ) ( 9,810,337 ) Investment in real estate, net $ 19,723,465 $ 18,902,301 During the nine months ended September 30, 2024, the Company acquired the following from unaffiliated parties (purchase price and purchase price allocation in thousands): Purchase Price Allocation (1) Properties Apartment Units Purchase Price Land Depreciable Property Lease Intangible (2) Rental Properties – Consolidated 15 4,578 $ 1,317,845 $ 154,777 $ 1,152,251 $ 12,727 (1) Purchase price allocation includes capitalized closing costs. (2) One of the properties is subject to fully prepaid below market long-term ground and parking leases, recorded as a lease intangible asset included in right-of-use assets on the consolidated balance sheets. During the nine months ended September 30, 2024, the Company disposed of the following to unaffiliated parties (sales price and net gain in thousands): Properties Apartment Units Sales Price Net Gain Rental Properties – Consolidated 6 969 $ 365,500 $ 227,829

Investments in Partially Owned

Investments in Partially Owned Entities	9 Months Ended
	Sep. 30, 2024
Investments In Partially Owned Entities [Abstract]
Investments in Partially Owned Entities	5. Investments in Partially Owned Entities The Company has invested in various entities with unrelated third parties which are either consolidated or accounted for under the equity method of accounting (unconsolidated). Consolidated Variable Interest Entities (“VIEs”) In accordance with accounting standards for consolidation of VIEs, the Company consolidates ERPOP on EQR’s financial statements. As the sole general partner of ERPOP, EQR has exclusive control of ERPOP’s day-to-day management. The limited partners are not able to exercise substantive kick-out or participating rights. As a result, ERPOP qualifies as a VIE. EQR has a controlling financial interest in ERPOP and, thus, is ERPOP’s primary beneficiary. EQR has the power to direct the activities of ERPOP that most significantly impact ERPOP’s economic performance as well as the obligation to absorb losses or the right to receive benefits from ERPOP that could potentially be significant to ERPOP. The Company has various equity interests in certain joint ventures that have been deemed to be VIEs, and the Company is the VIEs’ primary beneficiary. As a result, the joint ventures are required to be consolidated on the Company’s financial statements. The following table summarizes the Company’s consolidated joint ventures as of September 30, 2024: Operating Properties (1) Projects Under Development (2) Properties Apartment Units Projects Apartment Units (3) Consolidated Joint Ventures (VIE) 14 3,060 1 440 (1) The land parcel under one of the properties is subject to a long-term ground lease. (2) Represents separate consolidated joint ventures for the purpose of developing multifamily rental properties. (3) Represents the intended number of apartment units to be developed. The following table provides consolidated assets and liabilities related to the Company's VIEs as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Consolidated Assets $ 631,890 $ 599,788 Consolidated Liabilities $ 47,373 $ 41,153 Investments in Unconsolidated Entities The Company has various equity interests in certain joint ventures that are unconsolidated and accounted for using the equity method of accounting. Most of these have been deemed to be VIEs and the Company is not the VIEs' primary beneficiary. The remaining have been deemed not to be VIEs and the Company does not have a controlling voting interest. The following table and information summarizes the Company’s investments in unconsolidated entities as of September 30, 2024 and December 31, 2023 (amounts in thousands except for ownership percentage): September 30, 2024 December 31, 2023 Ownership Percentage Investments in Unconsolidated Entities: Various Real Estate Holdings (VIE) $ 34,915 $ 35,421 Varies Projects Under Development and Land Held for Development (VIE) 297,480 220,192 62 % - 95 % (1) Real Estate Technology Funds/Companies (VIE) 27,666 26,691 Varies Other ( 251 ) ( 255 ) Varies Investments in Unconsolidated Entities $ 359,810 $ 282,049 (1) In certain instances, the joint venture agreements contain provisions for promoted interests in favor of our joint venture partner. If the terms of the promoted interest are attained, then our share of the proceeds from a sale or other capital event of the unconsolidated entity may be less than the indicated ownership percentage. The following table summarizes the Company’s unconsolidated joint ventures that were deemed to be VIEs as of September 30, 2024: Operating Properties Real Estate Holdings (1) Projects Under Development (2), (5) Projects Held for Development (2), (3) Properties Apartment Units Entities Projects Apartment Units (4) Projects Apartment Units (4) Unconsolidated Joint Ventures (VIE) 1 209 3 7 2,412 2 526 (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	9 Months Ended
	Sep. 30, 2024
Deposits Restricted [Abstract]
Restricted Deposits	6. Restricted Deposits The following table presents the Company’s restricted deposits as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Mortgage escrow deposits: Real estate taxes and insurance $ 456 $ 307 Mortgage principal reserves/sinking funds 33,124 29,270 Mortgage escrow deposits 33,580 29,577 Restricted cash: Earnest money on pending acquisitions — 524 Restricted deposits on real estate investments 2,231 2,181 Resident security and utility deposits 42,624 40,149 Replacement reserves 17,439 15,571 Other 2,075 1,250 Restricted cash 64,369 59,675 Restricted deposits $ 97,949 $ 89,252

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	7. Leases Lessor Accounting The Company is the lessor for its residential and non-residential leases and these leases are accounted for as operating leases under the lease standard. The following tables present the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the nine months and quarters ended September 30, 2024 and 2023 (amounts in thousands): Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Income Type Residential Non-Residential Total Residential Non-Residential Total Residential and non-residential rent $ 1,978,847 $ 48,658 $ 2,027,505 $ 1,926,869 $ 46,642 $ 1,973,511 Utility recoveries (RUBS income) (1) 67,731 752 68,483 64,007 662 64,669 Parking rent 34,738 1,027 35,765 32,955 354 33,309 Other lease revenue (2) ( 15,417 ) ( 1,070 ) ( 16,487 ) ( 19,172 ) 330 ( 18,842 ) Total lease revenue $ 2,065,899 $ 49,367 2,115,266 $ 2,004,659 $ 47,988 2,052,647 Parking revenue 32,553 30,033 Other revenue 65,510 63,784 Total other rental income (3) 98,063 93,817 Rental income $ 2,213,329 $ 2,146,464 Quarter Ended September 30, 2024 Quarter Ended September 30, 2023 Income Type Residential Non-Residential Total Residential Non-Residential Total Residential and non-residential rent $ 670,450 $ 14,948 $ 685,398 $ 650,531 $ 14,669 $ 665,200 Utility recoveries (RUBS income) (1) 22,275 317 22,592 21,221 243 21,464 Parking rent 11,703 394 12,097 11,062 129 11,191 Other lease revenue (2) ( 4,685 ) ( 589 ) ( 5,274 ) ( 5,752 ) ( 404 ) ( 6,156 ) Total lease revenue $ 699,743 $ 15,070 714,813 $ 677,062 $ 14,637 691,699 Parking revenue 10,838 9,638 Other revenue 22,697 22,730 Total other rental income (3) 33,535 32,368 Rental income $ 748,348 $ 724,067 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other lease revenue consists of the revenue adjustment related to bad debt (see below for further discussion) and other miscellaneous lease revenue. (3) Other rental income is accounted for under the revenue recognition standard and primarily consists of third-party transient parking revenue and ancillary income such as cable and laundry revenue. The following table presents residential accounts receivable and straight-line receivable balances for the Company’s properties as of September 30, 2024 and December 31, 2023 (amounts in thousands): Balance Sheet (Other assets): September 30, 2024 December 31, 2023 Residential accounts receivable balances $ 16,281 $ 21,477 Allowance for doubtful accounts ( 10,044 ) ( 15,846 ) Net receivable balances $ 6,237 $ 5,631 Straight-line receivable balances $ 9,141 $ 9,183 The following table presents residential bad debt for the Company’s properties for the nine months and quarters ended September 30, 2024 and 2023 (amounts in thousands): Nine Months Ended September 30, Quarter Ended September 30, Income Statement (Rental income): 2024 2023 2024 2023 Bad debt, net (1) $ 25,045 $ 28,862 $ 7,906 $ 9,042 % of residential rental income 1.2 % 1.4 % 1.1 % 1.3 % (1) Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $ 1.2 mi llion and $ 2.4 million for the nine months ended September 30, 2024 and 2023, respectively, and $ 0.4 million and $ 0.5 million for the quarters ended September 30, 2024 and 2023 , respectively. Lessee Accounting During the nine months ended September 30, 2024 , the Company acquired below market long-term ground and parking leases, each fully prepaid at $ 1 and expiring in 2110 , in connection with an apartment property acquisition as described in Note 4 and recorded a lease intangible asset of approximately $ 12.7 million, which is included in right-of-use assets on the consolidated balance sheets.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	8. Debt EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. Weighted average interest rates noted below for the nine months ended September 30, 2024 include the effect of any derivative instruments and amortization of premiums/discounts/OCI (other comprehensive income) on debt and derivatives. Mortgage Notes Payable The following table summarizes the Company’s mortgage notes payable activity for the nine months ended September 30, 2024 (amounts in thousands): Mortgage notes Proceeds Lump sum Scheduled Amortization Amortization Mortgage notes Fixed Rate Debt: Secured – Conventional $ 1,398,598 $ — $ — $ — $ 1,193 $ 681 $ 1,400,472 Floating Rate Debt: Secured – Tax Exempt 234,304 — — ( 2,400 ) 933 105 232,942 Total $ 1,632,902 $ — $ — $ ( 2,400 ) $ 2,126 $ 786 $ 1,633,414 (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 nine months ended September 30, 2024: September 30, 2024 Interest Rate Ranges (ending) 0.10 % - 5.25 % Weighted Average Interest Rate 3.85 % Maturity Date Ranges 2029 - 2061 As of September 30, 2024, the Company had $ 244.3 million of secured tax-exempt bonds subject to third-party credit enhancement. Notes The following table summarizes the Company’s notes activity for the nine months ended September 30, 2024 (amounts in thousands): Notes, net as of Proceeds Lump sum Amortization Amortization Notes, net as of Fixed Rate Debt: Unsecured – Public $ 5,348,417 $ 597,954 (2) $ — $ 1,697 $ ( 2,398 ) $ 5,945,670 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) Issued $ 600.0 million of ten-year 4.65 % unsecured notes, receiving net proceeds before underwriting fees, hedge termination costs and other expenses. The following table summarizes certain interest rate and maturity date information as of and for the nine months ended September 30, 2024: September 30, 2024 Interest Rate Ranges (ending) 1.85 % - 7.57 % Weighted Average Interest Rate 3.52 % 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 nine months ended September 30, 2024. Line of Credit and Commercial Paper The Company has a $ 2.5 billion unsecured revolving credit facility maturing on October 26, 2027 . The Company has the ability to increase available borrowings by an additional $ 750.0 million by adding lenders to the facility, obtaining the agreement of existing lenders to increase their commitments or incurring one or more term loans. The interest rate on advances under the facility will generally be the Secured Overnight Financing Rate ("SOFR") plus a spread (currently 0.715 %), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 0.125 %). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating and other terms and conditions per the agreement. The weighted average interest rate on the revolving credit facility was 6.14 % for the nine months ended September 30, 2024. The Company has an unsecured commercial paper note program under which it may borrow up to a maximum of $ 1.0 billion subject to market conditions. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Company’s other unsecured senior indebtedness. The following table summarizes certain weighted average interest rate, maturity and amount outstanding information for the commercial paper program as of and for the nine months ended September 30, 2024: September 30, 2024 Weighted Average Interest Rate (1) 5.51 % Weighted Average Maturity (in days) 22 Weighted Average Amount Outstanding $ 420.5 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 September 30, 2024 (amounts in thousands): September 30, 2024 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding ( 789,000 ) Unsecured revolving credit facility balance outstanding — Other restricted amounts ( 3,438 ) Unsecured revolving credit facility availability $ 1,707,562 Other The following table summarizes the Company's total debt extinguishment costs recorded as additional expense for the nine months and quarters ended September 30, 2024 and 2023 (amounts in thousands): Nine Months Ended September 30, Quarter Ended September 30, 2024 2023 2024 2023 Write-offs of unamortized deferred financing costs $ — $ 1,143 $ — $ 1,096

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	9. Fair Value Measurements The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments on listed market prices and third-party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company may seek to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business. A three-level valuation hierarchy exists for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following table summarizes the inputs to the valuations for each type of fair value measurement: Fair Value Measurement Type Valuation Inputs Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”) Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Quoted market price of Common Shares. Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable) Indicative rates provided by lenders of similar loans. Public unsecured notes Quoted market prices for each underlying issuance. Derivatives Readily observable market parameters such as forward yield curves and credit default swap data. The fair values of the Company’s financial instruments (other than the items listed above and the investments disclosed below ) 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 September 30, 2024 and December 31, 2023, respectively (amounts in thousands): September 30, 2024 December 31, 2023 Carrying Value Estimated Fair Carrying Value Estimated Fair Mortgage notes payable, net $ 1,633,414 $ 1,556,724 $ 1,632,902 $ 1,509,706 Unsecured debt, net 6,732,231 6,450,650 5,757,548 5,346,488 Total debt, net $ 8,365,645 $ 8,007,374 $ 7,390,450 $ 6,856,194 The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at September 30, 2024 and December 31, 2023, respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet 9/30/2024 Quoted Prices in Significant Other Significant Assets Supplemental Executive Retirement Plan Other Assets $ 109,840 $ 109,840 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 109,840 $ 109,840 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 351,803 $ — $ 351,803 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet 12/31/2023 Quoted Prices in Significant Other Significant Assets Supplemental Executive Retirement Plan Other Assets $ 108,478 $ 108,478 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 108,478 $ 108,478 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 289,248 $ — $ 289,248 $ — The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the nine months ended September 30, 2024 and 2023, respectively (amounts in thousands): September 30, 2024 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ ( 3,989 ) Interest expense $ ( 1,819 ) Total $ ( 3,989 ) $ ( 1,819 ) September 30, 2023 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ 4,514 Interest expense $ ( 3,132 ) Total $ 4,514 $ ( 3,132 ) As of September 30, 2024 and December 31, 2023 , there were approximately $ 3.5 million and $ 5.7 million in deferred gains, net, included in accumulated other comprehensive income (loss), respectively, related to previously settled and/or unsettled derivative instruments, of which an estimated $ 1.7 million may be recognized as additional interest expense during the twelve months ending September 30, 2025. During the nine months ended September 30, 2024 , the Company paid approximately $ 4.0 million to settle four forward starting swaps in conjunction with the issuance of $ 600.0 million of ten-year unsecured public notes. The entire $ 4.0 million was initially deferred as a component of accumulated other comprehensive income (loss) and will be recognized as an increase to interest expense over the ten-year term of the notes. Other The Company has invested in various equity securities without readily determinable fair values and has elected to measure them using the measurement alternative in accordance with the applicable accounting standards for equity securities. These investments are carried at cost less any impairment and adjusted to fair value if there are observable price changes for an identical or similar investment of the same issuer. The following table summarizes the Company’s real estate technology investment securities included in other assets as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Real Estate Technology Investments $ 30,419 $ 19,312 During the nine months ended September 30, 2024, the Company sold a portion of one of these investment securities for proceeds of approximatel y $ 7.5 million and realized a loss on sale of approximately $ 1.3 million, which is included in interest and other income in the consolidated statements of operations. During the nine months ended September 30, 2024, the Company adjusted certain of these investment securities to observable market prices and recorded a net unrealized gain of approximately $ 19.9 million, which is included in interest and other income in the consolidated statements of operations.

Earnings Per Share and Earnings

Earnings Per Share and Earnings Per Unit	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share And Earnings Per Unit	10. Earnings Per Share and Earnings Per Unit Equity Residential The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts): Nine Months Ended September 30, Quarter Ended September 30, 2024 2023 2024 2023 Numerator for net income per share – basic: Net income $ 637,104 $ 546,219 $ 148,517 $ 181,286 Allocation to Noncontrolling Interests – Operating Partnership ( 17,290 ) ( 17,174 ) ( 4,012 ) ( 5,561 ) Net (income) loss attributable to Noncontrolling ( 3,098 ) ( 5,299 ) ( 1,059 ) ( 3,217 ) Preferred distributions ( 1,258 ) ( 2,318 ) ( 356 ) ( 773 ) Premium on redemption of Preferred Shares ( 1,444 ) — — — Numerator for net income per share – basic $ 614,014 $ 521,428 $ 143,090 $ 171,735 Numerator for net income per share – diluted: Net income $ 637,104 $ 546,219 $ 148,517 $ 181,286 Net (income) loss attributable to Noncontrolling ( 3,098 ) ( 5,299 ) ( 1,059 ) ( 3,217 ) Preferred distributions ( 1,258 ) ( 2,318 ) ( 356 ) ( 773 ) Premium on redemption of Preferred Shares ( 1,444 ) — — — Numerator for net income per share – diluted $ 631,304 $ 538,602 $ 147,102 $ 177,296 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 378,718 378,614 378,756 378,853 Effect of dilutive securities: OP Units 10,661 11,377 10,623 11,234 Long-term compensation shares/units 1,309 1,144 1,647 1,264 Denominator for net income per share – diluted 390,688 391,135 391,026 391,351 Net income per share – basic $ 1.62 $ 1.38 $ 0.38 $ 0.45 Net income per share – diluted $ 1.62 $ 1.38 $ 0.38 $ 0.45 ERP Operating Limited Partnership The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): Nine Months Ended September 30, Quarter Ended September 30, 2024 2023 2024 2023 Numerator for net income per Unit – basic and diluted: Net income $ 637,104 $ 546,219 $ 148,517 $ 181,286 Net (income) loss attributable to Noncontrolling ( 3,098 ) ( 5,299 ) ( 1,059 ) ( 3,217 ) Allocation to Preference Units ( 1,258 ) ( 2,318 ) ( 356 ) ( 773 ) Allocation to premium on redemption of Preference Units ( 1,444 ) — — — Numerator for net income per Unit – basic and diluted $ 631,304 $ 538,602 $ 147,102 $ 177,296 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 389,379 389,991 389,379 390,087 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting 1,309 1,144 1,647 1,264 Denominator for net income per Unit – diluted 390,688 391,135 391,026 391,351 Net income per Unit – basic $ 1.62 $ 1.38 $ 0.38 $ 0.45 Net income per Unit – diluted $ 1.62 $ 1.38 $ 0.38 $ 0.45

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Commitments Real Estate Development Commitments As of September 30, 2024 , the Company has both consolidated and unconsolidated real estate projects under development. The following table summarizes the gross remaining total project costs for the Company’s projects under development at September 30, 2024 (total project costs remaining in thousands): Projects Apartment Units Total Project Costs Remaining (1) Projects Under Development Consolidated 2 665 $ 162,738 Unconsolidated 7 2,412 269,964 Total Projects Under Development 9 3,077 $ 432,702 (1) The Company’s share of the $ 432.7 million in total project costs remaining approximates $ 231.3 million, with the balance funded by the Company’s joint venture partners (approximately $ 8.5 million) and/or applicable construction loans (approximately $ 192.9 million). We have entered into, and may continue in the future to enter into, joint venture agreements with third-party partners for the development of multifamily rental properties. The joint venture agreements with each development partner include buy-sell provisions that provide the right, but not the obligation, for the Company to acquire each respective partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events described in the joint venture agreements. See Note 5 for additional discussion. Other Commitments We have entered into, and may continue in the future to enter into, real estate technology and other real estate fund investments. As of September 30, 2024 , the Company has invested in ten separate such investments totaling $ 41.6 million with aggregate remaining commitments of approximately $ 16.4 million. Contingencies Litigation and Legal Matters The Company, as an owner of real estate, is subject to various federal, state and local laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future. The Company is involved in various pending and threatened legal proceedings which arise in the ordinary course of business. The Company evaluates these litigation matters on an ongoing basis, but in no event less than quarterly, in assessing the adequacy of its accruals and disclosures. For legal proceedings in which it has been determined that a loss is both probable and reasonably estimable, the Company records new accruals and/or adjusts existing accruals that represent its best estimate of the loss incurred based on the facts and circumstances known at that time. As of September 30, 2024 and December 31, 2023 , the Company’s litigation accruals approximated $ 42.4 million and $ 17.1 million, respectively, and are included in other liabilities in the consolidated balance sheets. Actual losses may differ materially from the amounts noted above and the ultimate outcome of these legal proceedings is generally not yet determinable. As of September 30, 2024 and December 31, 2023, the Company does not believe there is any litigation pending or threatened against it that, either individually or in the aggregate and inclusive of the matters accrued for as noted above, may reasonably be expected to have a material adverse effect on the Company and its financial condition. The Company has been named as a defendant in a number of cases filed in late 2022 and 2023 alleging antitrust violations by RealPage, Inc., a seller of revenue management software products, and various owners and/or operators of multifamily housing, including us, that have utilized these products. The complaints allege collusion among the defendants to illegally fix and inflate the pricing of multifamily rents and seek monetary damages, injunctive relief, fees and costs. All of the cases except for one have been consolidated into a single putative class action in the United States District Court for the Middle District of Tennessee. On December 28, 2023, motions to dismiss this consolidated action, filed by RealPage, Inc. as well as us and our multifamily co-defendants, were denied by the Court and the case is proceeding. Another case with similar allegations has been filed by the District of Columbia against RealPage, Inc. and a number of multifamily owners and/or operators, including us. We believe these various lawsuits are without merit and we intend to vigorously defend against them. As these proceedings are in the early stages, it is not possible for the Company to predict the outcome nor is it possible to estimate the amount of loss, if any, which may be associated with an adverse decision in any of these cases. The Company is named as a defendant in a class action in the United States District Court for the Northern District of California filed in 2016 which alleges that the amount of late fees charged by the Company were improperly determined under California law. The plaintiffs are seeking monetary damages and other relief. On April 8, 2024, the Court issued certain findings of facts and conclusions of law that are adverse to the Company’s legal position. At this time, the Company is continuing to defend the action. While the resolution of this matter cannot be predicted with certainty, the Company does not believe that the eventual outcome will have a material adverse effect on the Company and its financial condition.

Reportable Segments

Reportable Segments	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Reportable Segments	12. Reportable Segments Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker decides how resources are allocated and assesses performance on a recurring basis at least quarterly. The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company’s operating performance geographically by market for same store properties and on a portfolio basis for non-same store properties. While the Company does maintain a non-residential presence, it accounts for less than 4.0 % of total revenues for the nine months ended September 30, 2024 and is designed as an amenity for our residential residents. The chief operating decision maker evaluates the performance of each property on a consolidated residential and non-residential basis. The Company’s geographic consolidated same store operating segments represent its reportable segments. The Company’s development activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the “Other” category in the tables presented below. All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the nine months and quarters ended September 30, 2024 and 2023, respectively. The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense and 2) real estate taxes and insurance expense (all as reflected in the accompanying consolidated statements of operations and comprehensive income). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment properties. Revenues for all leases are reflected on a straight-line basis in accordance with GAAP for the current and comparable periods. The following table presents a reconciliation of net income per the consolidated statements of operations to NOI for the nine months and quarters ended September 30, 2024 and 2023, respectively (amounts in thousands): Nine Months Ended September 30, Quarter Ended September 30, 2024 2023 2024 2023 Net income $ 637,104 $ 546,219 $ 148,517 $ 181,286 Adjustments: Property management 100,381 90,314 31,412 28,169 General and administrative 48,902 49,135 14,551 14,094 Depreciation 688,041 661,921 237,948 224,736 Net (gain) loss on sales of real estate properties ( 227,829 ) ( 127,034 ) 165 ( 26,912 ) Interest and other income ( 26,501 ) ( 11,296 ) ( 15,844 ) ( 7,627 ) Other expenses 59,094 20,517 13,971 4,958 Interest: Expense incurred, net 205,762 200,882 72,722 68,891 Amortization of deferred financing costs 5,784 7,023 1,948 3,027 Income and other tax expense (benefit) 925 892 290 258 (Income) loss from investments in 4,865 3,847 1,493 1,242 Total NOI $ 1,496,528 $ 1,442,420 $ 507,173 $ 492,122 The following tables present NOI from our rental real estate for each segment for the nine months and quarters ended September 30, 2024 and 2023, respectively, as well as total assets and capital expenditures at September 30, 2024 (amounts in thousands): Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Rental Operating NOI Rental Operating NOI Same store (1) Los Angeles $ 359,597 $ 111,273 $ 248,324 $ 348,595 $ 108,917 $ 239,678 Orange County 93,760 21,113 72,647 90,080 20,188 69,892 San Diego 77,784 17,731 60,053 74,183 17,371 56,812 Subtotal - Southern California 531,141 150,117 381,024 512,858 146,476 366,382 Washington, D.C. 347,229 110,104 237,125 331,425 107,050 224,375 San Francisco 325,999 99,012 226,987 321,310 98,504 222,806 New York 369,642 151,331 218,311 356,157 145,192 210,965 Boston 244,474 69,882 174,592 234,291 69,072 165,219 Seattle 223,656 65,197 158,459 218,574 62,055 156,519 Denver 53,522 16,190 37,332 53,324 16,161 37,163 Other Expansion Markets 55,612 22,509 33,103 55,768 24,123 31,645 Total same store 2,151,275 684,342 1,466,933 2,083,707 668,633 1,415,074 Non-same store/other Non-same store (2) 54,874 22,230 32,644 22,406 10,893 11,513 Other (3) 7,180 10,229 ( 3,049 ) 40,351 24,518 15,833 Total non-same store/other 62,054 32,459 29,595 62,757 35,411 27,346 Totals $ 2,213,329 $ 716,801 $ 1,496,528 $ 2,146,464 $ 704,044 $ 1,442,420 (1) For the nine months ended September 30, 2024 and 2023 , same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represented 76,916 apartment units. (2) For the nine months ended September 30, 2024 and 2023, non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Quarter Ended September 30, 2024 Quarter Ended September 30, 2023 Rental Operating NOI Rental Operating NOI Same store (1) Los Angeles $ 120,211 $ 37,670 $ 82,541 $ 118,812 $ 36,343 $ 82,469 Orange County 31,488 7,248 24,240 30,663 6,792 23,871 San Diego 25,969 6,071 19,898 25,258 5,820 19,438 Subtotal - Southern California 177,668 50,989 126,679 174,733 48,955 125,778 Washington, D.C. 117,306 38,351 78,955 112,681 35,616 77,065 San Francisco 108,957 33,313 75,644 107,808 32,769 75,039 New York 123,506 50,011 73,495 118,327 48,055 70,272 Boston 81,941 23,156 58,785 78,562 22,875 55,687 Seattle 75,032 21,907 53,125 72,778 20,883 51,895 Denver 19,649 6,062 13,587 19,802 5,937 13,865 Other Expansion Markets 18,249 6,309 11,940 18,679 7,957 10,722 Total same store 722,308 230,098 492,210 703,370 223,047 480,323 Non-same store/other Non-same store (2) 25,391 9,371 16,020 8,059 4,099 3,960 Other (3) 649 1,706 ( 1,057 ) 12,638 4,799 7,839 Total non-same store/other 26,040 11,077 14,963 20,697 8,898 11,799 Totals $ 748,348 $ 241,175 $ 507,173 $ 724,067 $ 231,945 $ 492,122 (1) For the quarters ended September 30, 2024 and 2023 , same store primarily includes all properties acquired or completed that were stabilized prior to July 1, 2023, less properties subsequently sold, which represented 77,203 apartment units. (2) For the quarters ended September 30, 2024 and 2023, non-same store primarily includes properties acquired after July 1, 2023, plus any properties in lease-up and not stabilized as of July 1, 2023, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Nine Months Ended September 30, 2024 Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,441,079 $ 39,778 Orange County 334,057 12,059 San Diego 335,471 12,061 Subtotal - Southern California 3,110,607 63,898 Washington, D.C. 2,980,055 35,160 San Francisco 2,996,799 42,555 New York 3,241,250 19,683 Boston 2,028,747 21,954 Seattle 2,023,139 22,405 Denver 799,928 3,036 Other Expansion Markets 872,501 5,154 Total same store 18,053,026 213,845 Non-same store/other Non-same store (2) 1,998,651 15,724 Other (3) 874,144 538 Total non-same store/other 2,872,795 16,262 Totals $ 20,925,821 $ 230,107 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represente d 76,916 ap artment units. (2) Non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and capital expenditures for properties sold.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Subsequent to September 30, 2024, the Company: • Acquired the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated 1 274 $ 89,500

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Summary Of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The balance sheets at December 31, 2023 have been derived from the audited financial statements at that date but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. For further information, including definitions of capitalized terms not defined herein, refer to the consolidated financial statements and footnotes thereto included in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2023 .
Income and Other Taxes	Income and Other Taxes EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2024, the Securities and Exchange Commission ("SEC") adopted final rules that will require certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. The new rules include a requirement to disclose material climate-related risks, descriptions of board and management oversight and risk management activities, the material impacts of these risks on a registrant’s strategy, business model and outlook, and any material climate-related targets or goals, as well as material effects and costs of severe weather events and other natural conditions and greenhouse gas emissions. Prior to the stay of the new rules, they would have been effective for annual periods beginning January 1, 2025, except for the greenhouse gas emissions disclosures, which would have been effective for annual periods beginning January 1, 2026. The Company is currently evaluating the impact of the new rules on its disclosures. In December 2023, the Financial Accounting Standards Board (“FASB”) issued an amendment to the income tax standards which requires disclosure enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The new standard will be effective for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the impact of adopting the standard on its consolidated results of operations and financial position. In November 2023, the FASB issued an amendment to the segment reporting standards which requires disclosure for each reportable segment, on an interim and annual basis, of the significant expense categories and amounts that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s profit or loss. Additionally, it requires disclosure of the title and position of the individual or the name of the group or committee identified as the chief operating decision maker. The new standard will be effective for annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025 on a retrospective basis. The Company is currently evaluating the impact of adopting the standard on its segment disclosures. 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.

Business (Tables)

Business (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership Breakdown	The ownership breakdown includes (table does not include any uncompleted development properties): Properties Apartment Units Wholly Owned Properties 297 80,749 Partially Owned Properties – Consolidated 14 3,060 Partially Owned Properties – Unconsolidated 1 209 312 84,018

Equity, Capital and Other Int_2

Equity, Capital and Other Interests (Tables)	9 Months Ended
	Sep. 30, 2024
Class Of Stock [Line Items]
Changes in Issued and Outstanding Common Shares and Units	The following table presents the changes in the Company’s issued and outstanding Common Shares and Units for the nine months ended September 30, 2024 and 2023: 2024 2023 Common Shares Common Shares outstanding at January 1, 379,291,417 378,429,708 Common Shares Issued: Conversion of OP Units 191,019 862,596 Exercise of share options 284,021 234,395 Employee Share Purchase Plan (ESPP) 54,061 48,835 Restricted share grants, net 186,672 148,304 Common Shares Other: Repurchased and retired ( 652,452 ) — Common Shares outstanding at September 30, 379,354,738 379,723,838 Units Units outstanding at January 1, 11,581,306 12,429,737 Restricted unit grants, net 172,667 166,344 Conversion of OP Units to Common Shares ( 191,019 ) ( 862,596 ) Units outstanding at September 30, 11,562,954 11,733,485 Total Common Shares and Units outstanding at September 30, 390,917,692 391,457,323 Units Ownership Interest in Operating Partnership 3.0 % 3.0 %
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 nine months ended September 30, 2024 and 2023, respectively (amounts in thousands): 2024 2023 Balance at January 1, $ 289,248 $ 318,273 Change in market value 64,541 ( 18,613 ) Change in carrying value ( 1,986 ) ( 21,878 ) Balance at September 30, $ 351,803 $ 277,782
Issued and Outstanding Preferred Shares and Preference Units	The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as of September 30, 2024 and December 31, 2023: Amounts in thousands Annual Call Dividend Per September 30, December 31, Date (1) Share/Unit (2) 2024 2023 Preferred Shares/Preference Units of beneficial interest, $ 0.01 par value; 100,000,000 shares authorized: 8.29 % Series K Cumulative Redeemable Preferred Shares/Preference 50 per share/unit; 343,100 shares/units issued 745,600 shares/units issued 12/10/2026 $ 4.145 $ 17,155 $ 37,280 $ 17,155 $ 37,280 (1) On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares/Preference Units are payable quarterly. (3) During the nine months ended September 30, 2024 , the Company repurchased and retired 402,500 Series K Preferred Shares/Preference Units with a liquidation value of approximately $ 20.1 million for total cash consideration of approximately $ 21.8 million, inclusive of premiums and accrued dividends through the redemption date. As a result of this partial redemption, the Company incurred a cash charge of approximately $ 1.4 million which was recorded as a premium on the redemption of Preferred Shares/Preference Units.
ERPOP [Member]
Class Of Stock [Line Items]
Changes in Issued and Outstanding Common Shares and Units	The following table presents the changes in the Operating Partnership’s issued and outstanding General Partner Units and Limited Partner Units for the nine months ended September 30, 2024 and 2023: 2024 2023 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 390,872,723 390,859,445 Issued to General Partner: Exercise of EQR share options 284,021 234,395 EQR’s Employee Share Purchase Plan (ESPP) 54,061 48,835 EQR’s restricted share grants, net 186,672 148,304 Issued to Limited Partners: Restricted unit grants, net 172,667 166,344 General Partner Other: OP Units repurchased and retired ( 652,452 ) — General and Limited Partner Units outstanding at September 30, 390,917,692 391,457,323 Limited Partner Units Limited Partner Units outstanding at January 1, 11,581,306 12,429,737 Limited Partner restricted unit grants, net 172,667 166,344 Conversion of Limited Partner OP Units to EQR Common Shares ( 191,019 ) ( 862,596 ) Limited Partner Units outstanding at September 30, 11,562,954 11,733,485 Limited Partner Units Ownership Interest in Operating Partnership 3.0 % 3.0 %

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Summary of Carrying Amounts of Investment in Real Estate	The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Land $ 5,675,037 $ 5,581,876 Depreciable property: Buildings and improvements 20,760,047 19,809,432 Furniture, fixtures and equipment 2,822,816 2,609,600 In-Place lease intangibles 565,180 519,394 Projects under development: Land 40,031 3,201 Construction-in-progress 182,024 74,835 Land held for development: Land 46,160 82,026 Construction-in-progress 18,953 32,274 Investment in real estate 30,110,248 28,712,638 Accumulated depreciation ( 10,386,783 ) ( 9,810,337 ) Investment in real estate, net $ 19,723,465 $ 18,902,301 During the nine months ended September 30, 2024, the Company acquired the following from unaffiliated parties (purchase price and purchase price allocation in thousands): Purchase Price Allocation (1) Properties Apartment Units Purchase Price Land Depreciable Property Lease Intangible (2) Rental Properties – Consolidated 15 4,578 $ 1,317,845 $ 154,777 $ 1,152,251 $ 12,727 (1) Purchase price allocation includes capitalized closing costs. (2) One of the properties is subject to fully prepaid below market long-term ground and parking leases, recorded as a lease intangible asset included in right-of-use assets on the consolidated balance sheets.
Acquired Properties From Unaffiliated Parties	During the nine months ended September 30, 2024, the Company acquired the following from unaffiliated parties (purchase price and purchase price allocation in thousands): Purchase Price Allocation (1) Properties Apartment Units Purchase Price Land Depreciable Property Lease Intangible (2) Rental Properties – Consolidated 15 4,578 $ 1,317,845 $ 154,777 $ 1,152,251 $ 12,727 (1) Purchase price allocation includes capitalized closing costs. (2) One of the properties is subject to fully prepaid below market long-term ground and parking leases, recorded as a lease intangible asset included in right-of-use assets on the consolidated balance sheets.
Disposed Properties to Unaffiliated Parties	During the nine months ended September 30, 2024, the Company disposed of the following to unaffiliated parties (sales price and net gain in thousands): Properties Apartment Units Sales Price Net Gain Rental Properties – Consolidated 6 969 $ 365,500 $ 227,829

Investments in Partially Owne_2

Investments in Partially Owned Entities (Tables)	9 Months Ended
	Sep. 30, 2024
Investments In Partially Owned Entities [Abstract]
Summary of Company's Consolidated Joint Ventures	The following table summarizes the Company’s consolidated joint ventures as of September 30, 2024: Operating Properties (1) Projects Under Development (2) Properties Apartment Units Projects Apartment Units (3) Consolidated Joint Ventures (VIE) 14 3,060 1 440 (1) The land parcel under one of the properties is subject to a long-term ground lease. (2) Represents separate consolidated joint ventures for the purpose of developing multifamily rental properties. (3) Represents the intended number of apartment units to be developed.
Summary of Consolidated Assets and Liabilities Related to the Company's VIEs	The following table provides consolidated assets and liabilities related to the Company's VIEs as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Consolidated Assets $ 631,890 $ 599,788 Consolidated Liabilities $ 47,373 $ 41,153
Summary of Company's Investment in Unconsolidated Entities	The following table and information summarizes the Company’s investments in unconsolidated entities as of September 30, 2024 and December 31, 2023 (amounts in thousands except for ownership percentage): September 30, 2024 December 31, 2023 Ownership Percentage Investments in Unconsolidated Entities: Various Real Estate Holdings (VIE) $ 34,915 $ 35,421 Varies Projects Under Development and Land Held for Development (VIE) 297,480 220,192 62 % - 95 % (1) Real Estate Technology Funds/Companies (VIE) 27,666 26,691 Varies Other ( 251 ) ( 255 ) Varies Investments in Unconsolidated Entities $ 359,810 $ 282,049 (1) In certain instances, the joint venture agreements contain provisions for promoted interests in favor of our joint venture partner. If the terms of the promoted interest are attained, then our share of the proceeds from a sale or other capital event of the unconsolidated entity may be less than the indicated ownership percentage.
Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs	The following table summarizes the Company’s unconsolidated joint ventures that were deemed to be VIEs as of September 30, 2024: Operating Properties Real Estate Holdings (1) Projects Under Development (2), (5) Projects Held for Development (2), (3) Properties Apartment Units Entities Projects Apartment Units (4) Projects Apartment Units (4) Unconsolidated Joint Ventures (VIE) 1 209 3 7 2,412 2 526 (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)	9 Months Ended
	Sep. 30, 2024
Deposits Restricted [Abstract]
Restricted Deposits	The following table presents the Company’s restricted deposits as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Mortgage escrow deposits: Real estate taxes and insurance $ 456 $ 307 Mortgage principal reserves/sinking funds 33,124 29,270 Mortgage escrow deposits 33,580 29,577 Restricted cash: Earnest money on pending acquisitions — 524 Restricted deposits on real estate investments 2,231 2,181 Resident security and utility deposits 42,624 40,149 Replacement reserves 17,439 15,571 Other 2,075 1,250 Restricted cash 64,369 59,675 Restricted deposits $ 97,949 $ 89,252

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Summary of Lease Income Types Relating to Lease Payments Along With the Total Other Rental Income	The following tables present the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the nine months and quarters ended September 30, 2024 and 2023 (amounts in thousands): Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Income Type Residential Non-Residential Total Residential Non-Residential Total Residential and non-residential rent $ 1,978,847 $ 48,658 $ 2,027,505 $ 1,926,869 $ 46,642 $ 1,973,511 Utility recoveries (RUBS income) (1) 67,731 752 68,483 64,007 662 64,669 Parking rent 34,738 1,027 35,765 32,955 354 33,309 Other lease revenue (2) ( 15,417 ) ( 1,070 ) ( 16,487 ) ( 19,172 ) 330 ( 18,842 ) Total lease revenue $ 2,065,899 $ 49,367 2,115,266 $ 2,004,659 $ 47,988 2,052,647 Parking revenue 32,553 30,033 Other revenue 65,510 63,784 Total other rental income (3) 98,063 93,817 Rental income $ 2,213,329 $ 2,146,464
Summary of Residential Accounts Receivable and Straight-Line Receivable Balances	The following table presents residential accounts receivable and straight-line receivable balances for the Company’s properties as of September 30, 2024 and December 31, 2023 (amounts in thousands): Balance Sheet (Other assets): September 30, 2024 December 31, 2023 Residential accounts receivable balances $ 16,281 $ 21,477 Allowance for doubtful accounts ( 10,044 ) ( 15,846 ) Net receivable balances $ 6,237 $ 5,631 Straight-line receivable balances $ 9,141 $ 9,183
Summary of Residential Bad Debt for Company's Properties	The following table presents residential bad debt for the Company’s properties for the nine months and quarters ended September 30, 2024 and 2023 (amounts in thousands): Nine Months Ended September 30, Quarter Ended September 30, Income Statement (Rental income): 2024 2023 2024 2023 Bad debt, net (1) $ 25,045 $ 28,862 $ 7,906 $ 9,042 % of residential rental income 1.2 % 1.4 % 1.1 % 1.3 % (1) Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $ 1.2 mi llion and $ 2.4 million for the nine months ended September 30, 2024 and 2023, respectively, and $ 0.4 million and $ 0.5 million for the quarters ended September 30, 2024 and 2023 , respectively.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Instrument [Line Items]
Summary of Mortgage Notes Payable Activity	The following table summarizes the Company’s mortgage notes payable activity for the nine months ended September 30, 2024 (amounts in thousands): Mortgage notes Proceeds Lump sum Scheduled Amortization Amortization Mortgage notes Fixed Rate Debt: Secured – Conventional $ 1,398,598 $ — $ — $ — $ 1,193 $ 681 $ 1,400,472 Floating Rate Debt: Secured – Tax Exempt 234,304 — — ( 2,400 ) 933 105 232,942 Total $ 1,632,902 $ — $ — $ ( 2,400 ) $ 2,126 $ 786 $ 1,633,414 (1) Represents amortization of deferred financing costs, net of debt financing costs.
Summary of Notes Activity	The following table summarizes the Company’s notes activity for the nine months ended September 30, 2024 (amounts in thousands): Notes, net as of Proceeds Lump sum Amortization Amortization Notes, net as of Fixed Rate Debt: Unsecured – Public $ 5,348,417 $ 597,954 (2) $ — $ 1,697 $ ( 2,398 ) $ 5,945,670 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) Issued $ 600.0 million of ten-year 4.65 % unsecured notes, receiving net proceeds before underwriting fees, hedge termination costs and other expenses.
Schedule of Unsecured Revolving Credit Facility	The following table presents the availability on the Company’s unsecured revolving credit facility as of September 30, 2024 (amounts in thousands): September 30, 2024 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding ( 789,000 ) Unsecured revolving credit facility balance outstanding — Other restricted amounts ( 3,438 ) Unsecured revolving credit facility availability $ 1,707,562
Summary of Debt Extinguishment Costs Recorded as Additional Expense	The following table summarizes the Company's total debt extinguishment costs recorded as additional expense for the nine months and quarters ended September 30, 2024 and 2023 (amounts in thousands): Nine Months Ended September 30, Quarter Ended September 30, 2024 2023 2024 2023 Write-offs of unamortized deferred financing costs $ — $ 1,143 $ — $ 1,096
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 nine months ended September 30, 2024: September 30, 2024 Interest Rate Ranges (ending) 0.10 % - 5.25 % Weighted Average Interest Rate 3.85 % Maturity Date Ranges 2029 - 2061
Notes [Member]
Debt Instrument [Line Items]
Summary of Certain Interest Rate and Maturity Date Information	The following table summarizes certain interest rate and maturity date information as of and for the nine months ended September 30, 2024: September 30, 2024 Interest Rate Ranges (ending) 1.85 % - 7.57 % Weighted Average Interest Rate 3.52 % Maturity Date Ranges 2025 - 2047
Commercial Paper [Member]
Debt Instrument [Line Items]
Summary of Certain Interest Rate and Maturity Date Information	The following table summarizes certain weighted average interest rate, maturity and amount outstanding information for the commercial paper program as of and for the nine months ended September 30, 2024: September 30, 2024 Weighted Average Interest Rate (1) 5.51 % Weighted Average Maturity (in days) 22 Weighted Average Amount Outstanding $ 420.5 million (1) The notes bear interest at various floating rates.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Valuations for Each Type of Fair Value Measurement	The following table summarizes the inputs to the valuations for each type of fair value measurement: Fair Value Measurement Type Valuation Inputs Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”) Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Quoted market price of Common Shares. Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable) Indicative rates provided by lenders of similar loans. Public unsecured notes Quoted market prices for each underlying issuance. Derivatives Readily observable market parameters such as forward yield curves and credit default swap data.
Summary of Carrying and Fair Values of Financial Instruments	The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at September 30, 2024 and December 31, 2023, respectively (amounts in thousands): September 30, 2024 December 31, 2023 Carrying Value Estimated Fair Carrying Value Estimated Fair Mortgage notes payable, net $ 1,633,414 $ 1,556,724 $ 1,632,902 $ 1,509,706 Unsecured debt, net 6,732,231 6,450,650 5,757,548 5,346,488 Total debt, net $ 8,365,645 $ 8,007,374 $ 7,390,450 $ 6,856,194
Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at September 30, 2024 and December 31, 2023, respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet 9/30/2024 Quoted Prices in Significant Other Significant Assets Supplemental Executive Retirement Plan Other Assets $ 109,840 $ 109,840 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 109,840 $ 109,840 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 351,803 $ — $ 351,803 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet 12/31/2023 Quoted Prices in Significant Other Significant Assets Supplemental Executive Retirement Plan Other Assets $ 108,478 $ 108,478 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 108,478 $ 108,478 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 289,248 $ — $ 289,248 $ —
Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income	The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the nine months ended September 30, 2024 and 2023, respectively (amounts in thousands): September 30, 2024 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ ( 3,989 ) Interest expense $ ( 1,819 ) Total $ ( 3,989 ) $ ( 1,819 ) September 30, 2023 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ 4,514 Interest expense $ ( 3,132 ) Total $ 4,514 $ ( 3,132 )
Summary of Real Estate Technology Investment Securities included in Other Assets	The following table summarizes the Company’s real estate technology investment securities included in other assets as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Real Estate Technology Investments $ 30,419 $ 19,312

Earnings Per Share and Earnin_2

Earnings Per Share and Earnings Per Unit (Tables)	9 Months Ended
	Sep. 30, 2024
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit	The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts): Nine Months Ended September 30, Quarter Ended September 30, 2024 2023 2024 2023 Numerator for net income per share – basic: Net income $ 637,104 $ 546,219 $ 148,517 $ 181,286 Allocation to Noncontrolling Interests – Operating Partnership ( 17,290 ) ( 17,174 ) ( 4,012 ) ( 5,561 ) Net (income) loss attributable to Noncontrolling ( 3,098 ) ( 5,299 ) ( 1,059 ) ( 3,217 ) Preferred distributions ( 1,258 ) ( 2,318 ) ( 356 ) ( 773 ) Premium on redemption of Preferred Shares ( 1,444 ) — — — Numerator for net income per share – basic $ 614,014 $ 521,428 $ 143,090 $ 171,735 Numerator for net income per share – diluted: Net income $ 637,104 $ 546,219 $ 148,517 $ 181,286 Net (income) loss attributable to Noncontrolling ( 3,098 ) ( 5,299 ) ( 1,059 ) ( 3,217 ) Preferred distributions ( 1,258 ) ( 2,318 ) ( 356 ) ( 773 ) Premium on redemption of Preferred Shares ( 1,444 ) — — — Numerator for net income per share – diluted $ 631,304 $ 538,602 $ 147,102 $ 177,296 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 378,718 378,614 378,756 378,853 Effect of dilutive securities: OP Units 10,661 11,377 10,623 11,234 Long-term compensation shares/units 1,309 1,144 1,647 1,264 Denominator for net income per share – diluted 390,688 391,135 391,026 391,351 Net income per share – basic $ 1.62 $ 1.38 $ 0.38 $ 0.45 Net income per share – diluted $ 1.62 $ 1.38 $ 0.38 $ 0.45
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): Nine Months Ended September 30, Quarter Ended September 30, 2024 2023 2024 2023 Numerator for net income per Unit – basic and diluted: Net income $ 637,104 $ 546,219 $ 148,517 $ 181,286 Net (income) loss attributable to Noncontrolling ( 3,098 ) ( 5,299 ) ( 1,059 ) ( 3,217 ) Allocation to Preference Units ( 1,258 ) ( 2,318 ) ( 356 ) ( 773 ) Allocation to premium on redemption of Preference Units ( 1,444 ) — — — Numerator for net income per Unit – basic and diluted $ 631,304 $ 538,602 $ 147,102 $ 177,296 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 389,379 389,991 389,379 390,087 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting 1,309 1,144 1,647 1,264 Denominator for net income per Unit – diluted 390,688 391,135 391,026 391,351 Net income per Unit – basic $ 1.62 $ 1.38 $ 0.38 $ 0.45 Net income per Unit – diluted $ 1.62 $ 1.38 $ 0.38 $ 0.45

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Summary of Real Estate Development Commitments	The following table summarizes the gross remaining total project costs for the Company’s projects under development at September 30, 2024 (total project costs remaining in thousands): Projects Apartment Units Total Project Costs Remaining (1) Projects Under Development Consolidated 2 665 $ 162,738 Unconsolidated 7 2,412 269,964 Total Projects Under Development 9 3,077 $ 432,702 (1) The Company’s share of the $ 432.7 million in total project costs remaining approximates $ 231.3 million, with the balance funded by the Company’s joint venture partners (approximately $ 8.5 million) and/or applicable construction loans (approximately $ 192.9 million).

Reportable Segments (Tables)

Reportable Segments (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Reconciliation of Net Income Per Consolidated Statements of Operations NOI from Rental Real Estate Specific to Continuing Operations	The following table presents a reconciliation of net income per the consolidated statements of operations to NOI for the nine months and quarters ended September 30, 2024 and 2023, respectively (amounts in thousands): Nine Months Ended September 30, Quarter Ended September 30, 2024 2023 2024 2023 Net income $ 637,104 $ 546,219 $ 148,517 $ 181,286 Adjustments: Property management 100,381 90,314 31,412 28,169 General and administrative 48,902 49,135 14,551 14,094 Depreciation 688,041 661,921 237,948 224,736 Net (gain) loss on sales of real estate properties ( 227,829 ) ( 127,034 ) 165 ( 26,912 ) Interest and other income ( 26,501 ) ( 11,296 ) ( 15,844 ) ( 7,627 ) Other expenses 59,094 20,517 13,971 4,958 Interest: Expense incurred, net 205,762 200,882 72,722 68,891 Amortization of deferred financing costs 5,784 7,023 1,948 3,027 Income and other tax expense (benefit) 925 892 290 258 (Income) loss from investments in 4,865 3,847 1,493 1,242 Total NOI $ 1,496,528 $ 1,442,420 $ 507,173 $ 492,122
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 nine months and quarters ended September 30, 2024 and 2023, respectively, as well as total assets and capital expenditures at September 30, 2024 (amounts in thousands): Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Rental Operating NOI Rental Operating NOI Same store (1) Los Angeles $ 359,597 $ 111,273 $ 248,324 $ 348,595 $ 108,917 $ 239,678 Orange County 93,760 21,113 72,647 90,080 20,188 69,892 San Diego 77,784 17,731 60,053 74,183 17,371 56,812 Subtotal - Southern California 531,141 150,117 381,024 512,858 146,476 366,382 Washington, D.C. 347,229 110,104 237,125 331,425 107,050 224,375 San Francisco 325,999 99,012 226,987 321,310 98,504 222,806 New York 369,642 151,331 218,311 356,157 145,192 210,965 Boston 244,474 69,882 174,592 234,291 69,072 165,219 Seattle 223,656 65,197 158,459 218,574 62,055 156,519 Denver 53,522 16,190 37,332 53,324 16,161 37,163 Other Expansion Markets 55,612 22,509 33,103 55,768 24,123 31,645 Total same store 2,151,275 684,342 1,466,933 2,083,707 668,633 1,415,074 Non-same store/other Non-same store (2) 54,874 22,230 32,644 22,406 10,893 11,513 Other (3) 7,180 10,229 ( 3,049 ) 40,351 24,518 15,833 Total non-same store/other 62,054 32,459 29,595 62,757 35,411 27,346 Totals $ 2,213,329 $ 716,801 $ 1,496,528 $ 2,146,464 $ 704,044 $ 1,442,420 (1) For the nine months ended September 30, 2024 and 2023 , same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represented 76,916 apartment units. (2) For the nine months ended September 30, 2024 and 2023, non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Quarter Ended September 30, 2024 Quarter Ended September 30, 2023 Rental Operating NOI Rental Operating NOI Same store (1) Los Angeles $ 120,211 $ 37,670 $ 82,541 $ 118,812 $ 36,343 $ 82,469 Orange County 31,488 7,248 24,240 30,663 6,792 23,871 San Diego 25,969 6,071 19,898 25,258 5,820 19,438 Subtotal - Southern California 177,668 50,989 126,679 174,733 48,955 125,778 Washington, D.C. 117,306 38,351 78,955 112,681 35,616 77,065 San Francisco 108,957 33,313 75,644 107,808 32,769 75,039 New York 123,506 50,011 73,495 118,327 48,055 70,272 Boston 81,941 23,156 58,785 78,562 22,875 55,687 Seattle 75,032 21,907 53,125 72,778 20,883 51,895 Denver 19,649 6,062 13,587 19,802 5,937 13,865 Other Expansion Markets 18,249 6,309 11,940 18,679 7,957 10,722 Total same store 722,308 230,098 492,210 703,370 223,047 480,323 Non-same store/other Non-same store (2) 25,391 9,371 16,020 8,059 4,099 3,960 Other (3) 649 1,706 ( 1,057 ) 12,638 4,799 7,839 Total non-same store/other 26,040 11,077 14,963 20,697 8,898 11,799 Totals $ 748,348 $ 241,175 $ 507,173 $ 724,067 $ 231,945 $ 492,122 (1) For the quarters ended September 30, 2024 and 2023 , same store primarily includes all properties acquired or completed that were stabilized prior to July 1, 2023, less properties subsequently sold, which represented 77,203 apartment units. (2) For the quarters ended September 30, 2024 and 2023, non-same store primarily includes properties acquired after July 1, 2023, plus any properties in lease-up and not stabilized as of July 1, 2023, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Nine Months Ended September 30, 2024 Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,441,079 $ 39,778 Orange County 334,057 12,059 San Diego 335,471 12,061 Subtotal - Southern California 3,110,607 63,898 Washington, D.C. 2,980,055 35,160 San Francisco 2,996,799 42,555 New York 3,241,250 19,683 Boston 2,028,747 21,954 Seattle 2,023,139 22,405 Denver 799,928 3,036 Other Expansion Markets 872,501 5,154 Total same store 18,053,026 213,845 Non-same store/other Non-same store (2) 1,998,651 15,724 Other (3) 874,144 538 Total non-same store/other 2,872,795 16,262 Totals $ 20,925,821 $ 230,107 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represente d 76,916 ap artment units. (2) Non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and capital expenditures for properties sold.

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Acquired Properties From Unaffiliated Parties	Subsequent to September 30, 2024, the Company: • Acquired the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated 1 274 $ 89,500

Business - Additional Informati

Business - Additional Information (Details)	Sep. 30, 2024 ApartmentUnit State Property
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of states in which entity operates | State	10
Properties | Property	312
Apartment units | ApartmentUnit	84,018
ERPOP [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Noncontrolling interest, ownership percentage by parent	97%

Business - Ownership Breakdown

Business - Ownership Breakdown (Details)	Sep. 30, 2024 Property ApartmentUnit
Property/Unit schedule
Properties | Property	312
Apartment Units | ApartmentUnit	84,018
Wholly Owned Properties
Property/Unit schedule
Properties | Property	297
Apartment Units | ApartmentUnit	80,749
Partially Owned Properties - Consolidated
Property/Unit schedule
Properties | Property	14
Apartment Units | ApartmentUnit	3,060
Partially Owned Properties - Unconsolidated
Property/Unit schedule
Properties | Property	1
Apartment Units | ApartmentUnit	209

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Provision for income tax	$ 290,000	$ 258,000	$ 925,000	$ 892,000
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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Equity Capital And Other Interests [Abstract]
Common Stock, Shares, Outstanding	379,291,417	378,429,708
Common Shares Issued:
Conversion of OP Units	191,019	862,596
Exercise of share options	284,021	234,395
Employee Share Purchase Plan (ESPP)	54,061	48,835
Restricted share grants, net	186,672	148,304
Common Shares Other:
Repurchased and retired	(652,452)
Common Stock, Shares, Outstanding	379,354,738	379,723,838
Units
Total Units Outstanding	11,581,306	12,429,737
Restricted unit grants, net	172,667	166,344
Conversion of OP Units to Common Shares	(191,019)	(862,596)
Total Units Outstanding	11,562,954	11,733,485
Common Shares And Units Outstanding	390,917,692	391,457,323
Units Ownership Interest in Operating Partnership	3%	3%

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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
General and Limited Partner Units
Exercise of share options	284,021	234,395
Employee Share Purchase Plan (ESPP)	54,061	48,835
Restricted share grants, net	186,672	148,304
Restricted unit grants, net	172,667	166,344
Common Shares And Units Outstanding	390,917,692	391,457,323
Limited Partner Units
Total Units Outstanding	11,581,306	12,429,737
Restricted unit grants, net	172,667	166,344
Conversion of Limited Partner OP Units to EQR Common Shares	(191,019)	(862,596)
Total Units Outstanding	11,562,954	11,733,485
Units Ownership Interest in Operating Partnership	3%	3%
ERPOP [Member]
General and Limited Partner Units
Common Shares And Units Outstanding	390,872,723	390,859,445
Exercise of share options	284,021	234,395
Employee Share Purchase Plan (ESPP)	54,061	48,835
Restricted share grants, net	186,672	148,304
Restricted unit grants, net	172,667	166,344
OP Units repurchased and retired	(652,452)
Common Shares And Units Outstanding	390,917,692	391,457,323
Limited Partner Units
Total Units Outstanding	11,581,306	12,429,737
Restricted unit grants, net	172,667	166,344
Conversion of Limited Partner OP Units to EQR Common Shares	(191,019)	(862,596)
Total Units Outstanding	11,562,954	11,733,485
Units Ownership Interest in Operating Partnership	3%	3%

Equity, Capital and Other Int_5

Equity, Capital and Other Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Equity Capital And Other Interests [Abstract]
Redeemable noncontrolling interests - operating partnership	$ 351,803	$ 289,248	$ 277,782	$ 318,273
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, par or stated value per share	$ 0.01	$ 0.01

Equity, Capital and Other Int_6

Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Noncontrolling Interests - Operating Partnership (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Redeemable Noncontrolling Interests - Operating Partnership Units	$ 289,248	$ 318,273
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership	64,541	(18,613)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	(1,986)	(21,878)
Redeemable Noncontrolling Interests - Operating Partnership Units	351,803	277,782
E R P O P [Member]
Class of Stock [Line Items]
Redeemable Noncontrolling Interests - Operating Partnership Units	289,248	318,273
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership	64,541	(18,613)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	(1,986)	(21,878)
Redeemable Noncontrolling Interests - Operating Partnership Units	$ 351,803	$ 277,782

Equity, Capital and Other Int_7

Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Limited Partners Interest (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Redeemable Limited Partners	$ 289,248	$ 318,273
Limited Partners Change In Redemption Value	64,541	(18,613)
Limited Partners Change In Carrying Value	(1,986)	(21,878)
Redeemable Limited Partners	351,803	277,782
E R P O P [Member]
Class of Stock [Line Items]
Redeemable Limited Partners	289,248	318,273
Limited Partners Change In Redemption Value	64,541	(18,613)
Limited Partners Change In Carrying Value	(1,986)	(21,878)
Redeemable Limited Partners	$ 351,803	$ 277,782

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	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share/unit; 343,100 shares/units issued and outstanding as of September 30, 2024 and 745,600 shares/units issued and outstanding as of December 31, 2023	$ 17,155	$ 37,280
Preferred Stock
Class Of Stock [Line Items]
Preferred Stocks Preference Units Call Date	Dec. 10, 2026
Annual Dividend Per Preferred Share Preference Unit	$ 4.145
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share/unit; 343,100 shares/units issued and outstanding as of September 30, 2024 and 745,600 shares/units issued and outstanding as of December 31, 2023	$ 17,155	$ 37,280

Equity, Capital and Other Int_9

Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Preferred stock, par or stated value per share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Repurchased and retired	652,452
Premium on redemption of Preferred Shares	$ 1,444
Preferred Stock
Class Of Stock [Line Items]
Preferred Stock Preference Units Issued	343,100	745,600
Preferred Stock Preference Units Outstanding	343,100	745,600
Preferred Stock Preference Units Redemption Price Per Share	$ 50	$ 50
Preferred Stock Preference Units Dividend Rate Percentage	8.29%	8.29%
Repurchased and retired	402,500
Liquidation value	$ 20,100
Total cash consideration	21,800
Premium on redemption of Preferred Shares	$ 1,400

Equity, Capital and Other In_10

Equity, Capital and Other Interests - Other - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Stock repurchase program, number of shares authorized to be repurchased	12,347,548	13,000,000
Common shares repurchased and retired	$ 38,500
Repurchased and retired	652,452
Repurchase of stock, weighted average price per share	$ 58.95
ERPOP [Member]
Repurchased and retired	652,452
Preferred Stock [Member]
Repurchased and retired	402,500
Common Shares [Member]
Common shares repurchased and retired	$ (7)
Forward Sales Agreements [Member]
Common shares available for issuance	13,000,000

Real Estate - Summary of Carryi

Real Estate - Summary of Carrying Amounts of Investment in Real Estate (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Land	$ 5,675,037	$ 5,581,876
Depreciable property:
Buildings and improvements	20,760,047	19,809,432
Furniture, fixtures and equipment	2,822,816	2,609,600
In-Place lease intangibles	565,180	519,394
Projects under development:
Projects under development	222,055	78,036
Land held for development:
Land held for development	65,113	114,300
Investment in real estate	30,110,248	28,712,638
Accumulated depreciation	(10,386,783)	(9,810,337)
Investment in real estate, net	19,723,465	18,902,301
Land [Member]
Projects under development:
Projects under development	40,031	3,201
Land held for development:
Land held for development	46,160	82,026
Construction-in-progress [Member]
Projects under development:
Projects under development	182,024	74,835
Land held for development:
Land held for development	$ 18,953	$ 32,274

Real Estate - Acquired Properti

Real Estate - Acquired Properties from Unaffiliated Parties (Details) - Rental Properties - Consolidated [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) Property ApartmentUnit
Properties acquired | Property	15
Property Units acquired | ApartmentUnit	4,578
Purchase Price	$ 1,317,845
Land	154,777
Depreciable Property	1,152,251
Lease intangible	$ 12,727

Real Estate - Acquired Proper_2

Real Estate - Acquired Properties from Unaffiliated Parties (Parenthetical) (Details)	Sep. 30, 2024 Property
Rental Properties - Consolidated [Member]
Number of properties subject to fully prepaid below market long-term ground and parking leases	1

Real Estate - Disposed Properti

Real Estate - Disposed Properties to Unaffiliated Parties (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Property ApartmentUnit	Sep. 30, 2023 USD ($)
Net Gain	$ (165)	$ 26,912	$ 227,829	$ 127,034
Rental Properties - Consolidated [Member]
Properties disposed | Property			6
Property Units disposed | ApartmentUnit			969
Sales Price			$ 365,500
Net Gain			$ 227,829

Investments in Partially Owne_3

Investments in Partially Owned Entities - Summary of Company's Consolidated Joint Ventures (Details)	Sep. 30, 2024 Project ApartmentUnit Property
Variable Interest Entity [Line Items]
Properties | Property	312
Apartment units	84,018
Consolidated VIE [Member] | Operating Properties [Member]
Variable Interest Entity [Line Items]
Properties | Property	14
Apartment units	3,060
Consolidated VIE [Member] | Projects Under Development [Member]
Variable Interest Entity [Line Items]
Project | Project	1
Apartment units	440

Investments in Partially Owne_4

Investments in Partially Owned Entities - Summary of Company's Consolidated Joint Ventures (Parenthetical) (Details)	Sep. 30, 2024 LandParcel
Consolidated VIE [Member] | Operating Properties [Member]
Variable Interest Entity [Line Items]
Number of project subject to long term ground lease for land parcel	1

Investments in Partially Owne_5

Investments in Partially Owned Entities - Summary of Consolidated Assets and Liabilities Related to the Company's VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Consolidated Assets	$ 20,925,821	$ 20,034,564
Consolidated Liabilities	9,520,502	8,456,188
Consolidated VIE [Member]
Variable Interest Entity [Line Items]
Consolidated Assets	631,890	599,788
Consolidated Liabilities	$ 47,373	$ 41,153

Investments in Partially Owne_6

Investments in Partially Owned Entities - Summary of Company's Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 359,810	$ 282,049
Various Real Estate Holdings [Member] | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	34,915	35,421
Projects Under Development and Land Held for Development (VIE) [Member]
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 297,480	220,192
Projects Under Development and Land Held for Development (VIE) [Member] | Variable Interest Entity, Not Primary Beneficiary | Minimum [Member]
Variable Interest Entity [Line Items]
Ownership Percentage	62%
Projects Under Development and Land Held for Development (VIE) [Member] | Variable Interest Entity, Not Primary Beneficiary | Maximum [Member]
Variable Interest Entity [Line Items]
Ownership Percentage	95%
Real Estate Technology Funds/Companies (VIE) [Member] | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 27,666	26,691
Other [Member]
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ (251)	$ (255)

Investments in Partially Owne_7

Investments in Partially Owned Entities - Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs (Details)	Sep. 30, 2024 Project Entity ApartmentUnit Property
Variable Interest Entity [Line Items]
Properties | Property	312
Apartment units	84,018
Variable Interest Entity, Not Primary Beneficiary | Operating Properties [Member]
Variable Interest Entity [Line Items]
Properties | Property	1
Apartment units	209
Variable Interest Entity, Not Primary Beneficiary | Real Estate Holdings [Member]
Variable Interest Entity [Line Items]
Entities | Entity	3
Variable Interest Entity, Not Primary Beneficiary | Projects Under Development [Member]
Variable Interest Entity [Line Items]
Project | Project	7
Apartment units	2,412
Variable Interest Entity, Not Primary Beneficiary | Projects Held for Development [Member]
Variable Interest Entity [Line Items]
Project | Project	2
Apartment units	526

Investments in Partially Owne_8

Investments in Partially Owned Entities - Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs (Parenthetical) (Details)	Sep. 30, 2024 LandParcel
Real Estate Holdings [Member] | Unconsolidated VIE [Member]
Variable Interest Entity [Line Items]
Number of project subject to long term ground lease for land parcel	1

Restricted Deposits - Restricte

Restricted Deposits - Restricted Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Mortgage escrow deposits:
Real estate taxes and insurance	$ 456	$ 307
Mortgage principal reserves/sinking funds	33,124	29,270
Mortgage escrow deposits	33,580	29,577
Restricted cash:
Earnest money on pending acquisitions		524
Restricted deposits on real estate investments	2,231	2,181
Resident security and utility deposits	42,624	40,149
Replacement reserves	17,439	15,571
Other	2,075	1,250
Restricted cash	64,369	59,675
Restricted deposits	$ 97,949	$ 89,252	$ 87,477

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Leased Assets [Line Items]
Total lease revenue	$ 714,813	$ 691,699	$ 2,115,266	$ 2,052,647
Rental income	748,348	724,067	2,213,329	2,146,464
Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	699,743	677,062	2,065,899	2,004,659
Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	15,070	14,637	49,367	47,988
Residential and Non-Residential Rent [Member]
Operating Leased Assets [Line Items]
Total lease revenue	685,398	665,200	2,027,505	1,973,511
Residential and Non-Residential Rent [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	670,450	650,531	1,978,847	1,926,869
Residential and Non-Residential Rent [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	14,948	14,669	48,658	46,642
Utility Recoveries (RUBS Income) [Member]
Operating Leased Assets [Line Items]
Total lease revenue	22,592	21,464	68,483	64,669
Utility Recoveries (RUBS Income) [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	22,275	21,221	67,731	64,007
Utility Recoveries (RUBS Income) [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	317	243	752	662
Parking Rent [Member]
Operating Leased Assets [Line Items]
Total lease revenue	12,097	11,191	35,765	33,309
Parking Rent [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	11,703	11,062	34,738	32,955
Parking Rent [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	394	129	1,027	354
Other Lease Revenue [Member]
Operating Leased Assets [Line Items]
Total lease revenue	(5,274)	(6,156)	(16,487)	(18,842)
Other Lease Revenue [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	(4,685)	(5,752)	(15,417)	(19,172)
Other Lease Revenue [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	(589)	(404)	(1,070)	330
Parking Revenue [Member]
Operating Leased Assets [Line Items]
Rental income	10,838	9,638	32,553	30,033
Other Revenue [Member]
Operating Leased Assets [Line Items]
Rental income	22,697	22,730	65,510	63,784
Other Rental Income [Member]
Operating Leased Assets [Line Items]
Rental income	$ 33,535	$ 32,368	$ 98,063	$ 93,817

Leases - Summary of Residential

Leases - Summary of Residential Accounts Receivable and Straight-Line Receivable Balances (Details) - Other Assets [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating Leased Assets [Line Items]
Residential accounts receivable balances	$ 16,281	$ 21,477
Allowance for doubtful accounts	(10,044)	(15,846)
Net receivable balances	6,237	5,631
Straight-line receivable balances	$ 9,141	$ 9,183

Leases - Summary of Residenti_2

Leases - Summary of Residential Bad Debt for Company's Properties (Details) - Residential Leases [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lessor Lease Description [Line Items]
Bad debt, net	$ 7,906	$ 9,042	$ 25,045	$ 28,862
% of residential rental income	1.10%	1.30%	1.20%	1.40%

Leases - Summary of Residenti_3

Leases - Summary of Residential Bad Debt for Company's Properties (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Bad debt, net from resident payments	$ 0.4	$ 0.5	$ 1.2	$ 2.4

Leases - Additional Information

Leases - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Below Market Long-term Ground and Parking Leases [Member]
Operating Leased Assets [Line Items]
Lease intangible asset	$ 12,700,000
Below Market Long-term Ground [Member]
Operating Leased Assets [Line Items]
Prepaid rent	$ 1
Lease expiration year	2110
Below Market Long-Term Parking [Member]
Operating Leased Assets [Line Items]
Prepaid rent	$ 1
Lease expiration year	2110

Debt - Mortgage Notes Payable -

Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	$ 1,632,902
Proceeds	0	$ 572,896
Lump sum payoffs	0	(932,598)
Scheduled principal repayments	(2,400)
Amortization of premiums/ discounts	2,126	$ 1,129
Amortization of deferred financing costs, net	786
Mortgage notes payable, net ending balance	1,633,414
Fixed Rate Debt [Member] | Secured - Conventional [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	1,398,598
Proceeds	0
Lump sum payoffs	0
Scheduled principal repayments	0
Amortization of premiums/ discounts	1,193
Amortization of deferred financing costs, net	681
Mortgage notes payable, net ending balance	1,400,472
Floating Rate Debt [Member] | Secured - Tax Exempt [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	234,304
Proceeds	0
Lump sum payoffs	0
Scheduled principal repayments	(2,400)
Amortization of premiums/ discounts	933
Amortization of deferred financing costs, net	105
Mortgage notes payable, net ending balance	$ 232,942

Debt - Mortgage Notes Payable_2

Debt - Mortgage Notes Payable - Summary of Certain Interest Rate and Maturity Date Information (Details) - Mortgages [Member]	9 Months Ended
	Sep. 30, 2024
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.85%
Maturity Date Ranges, Start	2029
Maturity Date Ranges, End	2061
Minimum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges (ending)	0.10%
Maximum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges (ending)	5.25%

Debt - Mortgage Notes Payable_3

Debt - Mortgage Notes Payable - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 1,633,414	$ 1,632,902
Credit Enhanced Debt [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 244,300

Debt - Notes - Summary of Notes

Debt - Notes - Summary of Notes Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Notes, net beginning balance	$ 5,348,417
Proceeds	597,954
Amortization of premiums/ discounts	1,697	$ 1,686
Notes, net ending balance	5,945,670
Fixed Rate Debt [Member] | Unsecured - Public [Member]
Debt Instrument [Line Items]
Notes, net beginning balance	5,348,417
Proceeds	597,954
Amortization of premiums/ discounts	1,697
Amortization of deferred financing costs, net	(2,398)
Notes, net ending balance	$ 5,945,670

Debt - Notes - Summary of Not_2

Debt - Notes - Summary of Notes Activity (Parenthetical) (Details) - Unsecured - Public [Member] $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of unsecured notes	$ 600
Notes, term	10 years
Notes, interest rate	4.65%

Debt - Notes - Summary of Certa

Debt - Notes - Summary of Certain Interest Rate and Maturity Date Information (Details) - Notes [Member]	9 Months Ended
	Sep. 30, 2024
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.52%
Maturity Date Ranges, Start	2025
Maturity Date Ranges, End	2047
Minimum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges (ending)	1.85%
Maximum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges (ending)	7.57%

Debt - Line of Credit and Comme

Debt - Line of Credit and Commercial Paper - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Line of Credit Facility [Line Items]
Commercial paper balance outstanding	$ 1,000,000,000
Maximum [Member]
Line of Credit Facility [Line Items]
Commercial paper balance outstanding	1,000,000,000
Unsecured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Unsecured revolving credit facility	$ 2,500,000,000
Debt instrument, maturity date	Oct. 26, 2027
Ability to increase LOC facility	$ 750,000,000
Debt instrument, basis spread on variable rate	0.715%
Percentage points of line of credit facility commitment fee	0.125%
Commercial paper balance outstanding	$ 789,000,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Weighted average interest rates	6.14%

Debt - Line of Credit and Com_2

Debt - Line of Credit and Commercial Paper - Summary of Certain Weighted Average Interest Rate, Maturity and Amount Outstanding Information for the Commercial Paper Program (Details) - Commercial Paper [Member] $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Weighted Average Interest Rate	5.51%
Weighted Average Maturity (in days)	22 days
Weighted Average Amount Outstanding	$ 420.5

Debt - Line of Credit and Com_3

Debt - Line of Credit and Commercial Paper - Schedule of Unsecured Revolving Credit Facility (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Line of Credit Facility [Line Items]
Commercial paper balance outstanding	$ (1,000,000,000)
Unsecured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Unsecured revolving credit facility commitment	2,500,000,000
Commercial paper balance outstanding	(789,000,000)
Other restricted amounts	(3,438,000)
Unsecured revolving credit facility availability	$ 1,707,562,000

Debt - Other - Summary of Debt

Debt - Other - Summary of Debt Extinguishment Costs Recorded as Additional Expense (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Other [Member]
Extinguishment of Debt [Line Items]
Write-offs of unamortized deferred financing costs	$ 1,096	$ 1,143

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Valuations for Each Type of Fair Value Measurement (Details)	9 Months Ended
	Sep. 30, 2024
Employee Holdings Within The Supplemental Executive Retirement Plan
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Measurement Type	Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”)
Valuation Inputs	Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets.
Redeemable Noncontrolling Interests Operating Partnership Redeemable Limited Partners
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Measurement Type	Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners
Valuation Inputs	Quoted market price of Common Shares.
Mortgage Notes Payable And Private Unsecured Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Measurement Type	Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable)
Valuation Inputs	Indicative rates provided by lenders of similar loans.
Public Unsecured Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Measurement Type	Public unsecured notes
Valuation Inputs	Quoted market prices for each underlying issuance.
Derivatives
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Measurement Type	Derivatives
Valuation Inputs	Readily observable market parameters such as forward yield curves and credit default swap data.

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	$ 8,365,645	$ 7,390,450
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	8,007,374	6,856,194
Mortgage Notes Payable, Net [Member] | Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	1,633,414	1,632,902
Mortgage Notes Payable, Net [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	1,556,724	1,509,706
Unsecured Debt [Member] | Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	6,732,231	5,757,548
Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	$ 6,450,650	$ 5,346,488

Fair Value Measurements - Sum_3

Fair Value Measurements - Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Derivatives Fair Value [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	$ 351,803	$ 289,248	$ 277,782	$ 318,273
SERP [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	109,840	108,478
Other Liabilities, Fair Value Disclosure	109,840	108,478
Fair Value, Inputs, Level 1 [Member]
Derivatives Fair Value [Line Items]
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	0	0
Fair Value, Inputs, Level 1 [Member] | SERP [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	109,840	108,478
Other Liabilities, Fair Value Disclosure	109,840	108,478
Fair Value, Inputs, Level 2 [Member]
Derivatives Fair Value [Line Items]
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	351,803	289,248
Fair Value, Inputs, Level 2 [Member] | SERP [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	0	0
Other Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member]
Derivatives Fair Value [Line Items]
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	0	0
Fair Value, Inputs, Level 3 [Member] | SERP [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	0	0
Other Liabilities, Fair Value Disclosure	$ 0	$ 0

Fair Value Measurements - Sum_4

Fair Value Measurements - Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in OCI on Derivative	$ (3,989)	$ 4,514
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income	$ (1,819)	$ (3,132)
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	$ (3,989)	$ 4,514
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income	$ (1,819)	$ (3,132)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) ForwardStartingSwap	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Unrealized gain (loss) on interest rate cash flow hedges, pretax, accumulated other comprehensive income (loss)	$ 3,500	$ 5,700
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	1,700
Mortgage notes payable, net	1,633,414	$ 1,632,902
Proceeds from sale of portion of investment securities	7,500
Realized gain (loss) on sale of investment securities	(1,300)
Unrealized gain on sale of investment securities	19,900
Unsecured - Public [Member]
Derivative [Line Items]
Notes issued	$ 600,000
Notes, term	10 years
Forward Starting Swaps [Member]
Derivative [Line Items]
Amount paid to settle forward starting swaps	$ 4,000
Number of forward starting swaps settled | ForwardStartingSwap	4

Fair Value Measurements - Sum_5

Fair Value Measurements - Summary of Real Estate Technology Investment Securities included in Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Assets [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real Estate Technology Investments	$ 30,419	$ 19,312

Earnings Per Share and Earnin_3

Earnings Per Share and Earnings Per Unit - Computation of Net Income per Share Basic and Net Income per Share Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 148,517	$ 181,286	$ 637,104	$ 546,219
Allocation to Noncontrolling Interests – Operating Partnership	(4,012)	(5,561)	(17,290)	(17,174)
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(1,059)	(3,217)	(3,098)	(5,299)
Preferred distributions	(356)	(773)	(1,258)	(2,318)
Premium on redemption of Preferred Shares			(1,444)
Net income available to Common Shares	143,090	171,735	614,014	521,428
Numerator for net income per share – diluted	$ 147,102	$ 177,296	$ 631,304	$ 538,602
Weighted average Common Shares outstanding	378,756	378,853	378,718	378,614
OP Units	10,623	11,234	10,661	11,377
Dilutive Securities Options	1,647	1,264	1,309	1,144
Denominator for net income per share – diluted	391,026	391,351	390,688	391,135
Net income per share - basic	$ 0.38	$ 0.45	$ 1.62	$ 1.38
Net income per share - diluted	$ 0.38	$ 0.45	$ 1.62	$ 1.38

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, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 148,517	$ 181,286	$ 637,104	$ 546,219
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	$ (1,059)	$ (3,217)	(3,098)	$ (5,299)
Premium on redemption of Preferred Shares			$ (1,444)
Dilutive Securities Options	1,647,000	1,264,000	1,309,000	1,144,000
Denominator for net income per share – diluted	391,026,000	391,351,000	390,688,000	391,135,000
Net income per share - basic	$ 0.38	$ 0.45	$ 1.62	$ 1.38
Net income per share - diluted	$ 0.38	$ 0.45	$ 1.62	$ 1.38
ERPOP [Member]
Net income	$ 148,517	$ 181,286	$ 637,104	$ 546,219
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(1,059)	(3,217)	(3,098)	(5,299)
Allocation to Preference Units	(356)	(773)	(1,258)	(2,318)
Premium on redemption of Preferred Shares			(1,444)
Numerator for net income per Unit – basic and diluted	$ 147,102	$ 177,296	$ 631,304	$ 538,602
Denominator for net income per Unit – basic	389,379,000	390,087,000	389,379,000	389,991,000
Dilutive Securities Options	1,647	1,264,000	1,309	1,144
Denominator for net income per share – diluted	391,026,000	391,351,000	390,688,000	391,135,000
Net income per share - basic	$ 0.38	$ 0.45	$ 1.62	$ 1.38
Net income per share - diluted	$ 0.38	$ 0.45	$ 1.62	$ 1.38

Commitments and Contingencies -

Commitments and Contingencies - Summary of Real Estate Development Commitments (Details) $ in Thousands	Sep. 30, 2024 USD ($) Project ApartmentUnit
Projects Under Development Consolidated [Member]
Projects/Investments/Units/Remaining Commitments schedule
Apartment Units | ApartmentUnit	665
Consolidated project under development commitment fund | $	$ 162,738
Number of consolidated projects in various stages of development | Project	2
Projects Under Development Unconsolidated [Member]
Projects/Investments/Units/Remaining Commitments schedule
Apartment Units | ApartmentUnit	2,412
Number of unconsolidated projects in various stages of development | Project	7
Unconsolidated project under development commitment fund | $	$ 269,964
Projects Under Development [Member]
Projects/Investments/Units/Remaining Commitments schedule
Apartment Units | ApartmentUnit	3,077
Project under development commitment fund | $	$ 432,702
Number of projects in various stages of development | Project	9

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Real Estate Development Commitments (Parenthetical) (Details) $ in Millions	Sep. 30, 2024 USD ($)
Projects/Investments/Units/Remaining Commitments schedule
Total project costs remaining under development commitment fund	$ 432.7
Parent
Projects/Investments/Units/Remaining Commitments schedule
Total project costs remaining under development commitment fund	231.3
Corporate Joint Venture
Projects/Investments/Units/Remaining Commitments schedule
Total project costs remaining under development commitment fund	8.5
Construction Loans
Projects/Investments/Units/Remaining Commitments schedule
Total project costs remaining under development commitment fund	$ 192.9

Commitments and Contingencies_3

Commitments and Contingencies - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) Investment	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Number of real estate investment funds | Investment	10
Real estate investment funds	$ 41.6
Real estate technology and other real estate investments commitment funds	16.4
Other Liabilities [Member]
Loss Contingencies [Line Items]
Litigation accruals	$ 42.4	$ 17.1

Reportable Segments - Additiona

Reportable Segments - Additional Information (Details) - Customer	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Number of customer contributed 10% or more of total revenue	0	0
Non-residential Leases [Member] | Revenue [Member] | Revenue Concentration Risk [Member] | Maximum [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	4%

Reportable Segments - Schedule

Reportable Segments - Schedule of Reconciliation of Net Income Per Consolidated Statements of Operations to NOI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
Net income	$ 148,517	$ 181,286	$ 637,104	$ 546,219
Adjustments:
Property management	31,412	28,169	100,381	90,314
General and administrative	14,551	14,094	48,902	49,135
Depreciation	237,948	224,736	688,041	661,921
Net (gain) loss on sales of real estate properties	165	(26,912)	(227,829)	(127,034)
Interest and other income	(15,844)	(7,627)	(26,501)	(11,296)
Other expenses	13,971	4,958	59,094	20,517
Interest:
Expense incurred, net	72,722	68,891	205,762	200,882
Amortization of deferred financing costs	1,948	3,027	5,784	7,023
Income and other tax expense (benefit)	290	258	925	892
(Income) loss from investments in unconsolidated entities	1,493	1,242	4,865	3,847
Total NOI	$ 507,173	$ 492,122	$ 1,496,528	$ 1,442,420

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Rental income	$ 748,348	$ 724,067	$ 2,213,329	$ 2,146,464
Operating expenses	241,175	231,945	716,801	704,044
NOI	507,173	492,122	1,496,528	1,442,420
Total Assets	20,925,821		20,925,821		$ 20,034,564
Capital Expenditures			230,107
Same Store
Segment Reporting Information [Line Items]
Rental income	722,308	703,370	2,151,275	2,083,707
Operating expenses	230,098	223,047	684,342	668,633
NOI	492,210	480,323	1,466,933	1,415,074
Total Assets	18,053,026		18,053,026
Capital Expenditures			213,845
Non-same store/other
Segment Reporting Information [Line Items]
Rental income	26,040	20,697	62,054	62,757
Operating expenses	11,077	8,898	32,459	35,411
NOI	14,963	11,799	29,595	27,346
Total Assets	2,872,795		2,872,795
Capital Expenditures			16,262
Los Angeles | Same Store
Segment Reporting Information [Line Items]
Rental income	120,211	118,812	359,597	348,595
Operating expenses	37,670	36,343	111,273	108,917
NOI	82,541	82,469	248,324	239,678
Total Assets	2,441,079		2,441,079
Capital Expenditures			39,778
Orange County | Same Store
Segment Reporting Information [Line Items]
Rental income	31,488	30,663	93,760	90,080
Operating expenses	7,248	6,792	21,113	20,188
NOI	24,240	23,871	72,647	69,892
Total Assets	334,057		334,057
Capital Expenditures			12,059
San Diego | Same Store
Segment Reporting Information [Line Items]
Rental income	25,969	25,258	77,784	74,183
Operating expenses	6,071	5,820	17,731	17,371
NOI	19,898	19,438	60,053	56,812
Total Assets	335,471		335,471
Capital Expenditures			12,061
Subtotal - Southern California | Same Store
Segment Reporting Information [Line Items]
Rental income	177,668	174,733	531,141	512,858
Operating expenses	50,989	48,955	150,117	146,476
NOI	126,679	125,778	381,024	366,382
Total Assets	3,110,607		3,110,607
Capital Expenditures			63,898
Washington D.C. | Same Store
Segment Reporting Information [Line Items]
Rental income	117,306	112,681	347,229	331,425
Operating expenses	38,351	35,616	110,104	107,050
NOI	78,955	77,065	237,125	224,375
Total Assets	2,980,055		2,980,055
Capital Expenditures			35,160
San Francisco | Same Store
Segment Reporting Information [Line Items]
Rental income	108,957	107,808	325,999	321,310
Operating expenses	33,313	32,769	99,012	98,504
NOI	75,644	75,039	226,987	222,806
Total Assets	2,996,799		2,996,799
Capital Expenditures			42,555
New York | Same Store
Segment Reporting Information [Line Items]
Rental income	123,506	118,327	369,642	356,157
Operating expenses	50,011	48,055	151,331	145,192
NOI	73,495	70,272	218,311	210,965
Total Assets	3,241,250		3,241,250
Capital Expenditures			19,683
Boston | Same Store
Segment Reporting Information [Line Items]
Rental income	81,941	78,562	244,474	234,291
Operating expenses	23,156	22,875	69,882	69,072
NOI	58,785	55,687	174,592	165,219
Total Assets	2,028,747		2,028,747
Capital Expenditures			21,954
Seattle | Same Store
Segment Reporting Information [Line Items]
Rental income	75,032	72,778	223,656	218,574
Operating expenses	21,907	20,883	65,197	62,055
NOI	53,125	51,895	158,459	156,519
Total Assets	2,023,139		2,023,139
Capital Expenditures			22,405
Denver | Same Store
Segment Reporting Information [Line Items]
Rental income	19,649	19,802	53,522	53,324
Operating expenses	6,062	5,937	16,190	16,161
NOI	13,587	13,865	37,332	37,163
Total Assets	799,928		799,928
Capital Expenditures			3,036
Other Expansion Markets | Same Store
Segment Reporting Information [Line Items]
Rental income	18,249	18,679	55,612	55,768
Operating expenses	6,309	7,957	22,509	24,123
NOI	11,940	10,722	33,103	31,645
Total Assets	872,501		872,501
Capital Expenditures			5,154
Non-same store | Non-same store/other
Segment Reporting Information [Line Items]
Rental income	25,391	8,059	54,874	22,406
Operating expenses	9,371	4,099	22,230	10,893
NOI	16,020	3,960	32,644	11,513
Total Assets	1,998,651		1,998,651
Capital Expenditures			15,724
Other | Non-same store/other
Segment Reporting Information [Line Items]
Rental income	649	12,638	7,180	40,351
Operating expenses	1,706	4,799	10,229	24,518
NOI	(1,057)	$ 7,839	(3,049)	$ 15,833
Total Assets	$ 874,144		874,144
Capital Expenditures			$ 538

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Units in same store properties	77,203	77,203	76,916	76,916

Subsequent Events - Acquired Pr

Subsequent Events - Acquired Properties From Unaffiliated Parties (Details) - Rental Properties - Consolidated [Member] $ in Thousands		9 Months Ended
	Oct. 01, 2024 USD ($) ApartmentUnit Property	Sep. 30, 2024 USD ($) Property ApartmentUnit
Subsequent Event [Line Items]
Properties | Property		15
Apartment Units | ApartmentUnit		4,578
Purchase Price | $		$ 1,317,845
Subsequent Events [Member]
Subsequent Event [Line Items]
Properties | Property	1
Apartment Units | ApartmentUnit	274
Purchase Price | $	$ 89,500