Erp Operating LTD Partnership 10-Q 3 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 28, 2020
Document Information [Line Items]
Entity Registrant Name	EQUITY RESIDENTIAL
Entity Central Index Key	0000906107
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
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		372,210,138
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	Jun. 30, 2020
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
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	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Land	$ 5,789,307	$ 5,936,188
Depreciable property	20,997,903	21,319,101
Projects under development	274,825	181,630
Land held for development	102,361	96,688
Investment in real estate	27,164,396	27,533,607
Accumulated depreciation	(7,537,713)	(7,276,786)
Investment in real estate, net	19,626,683	20,256,821
Investments in unconsolidated entities	55,310	52,238
Cash and cash equivalents	187,416	45,753
Restricted deposits	58,117	71,246
Right-of-use assets	505,077	512,774
Other assets	282,348	233,937
Total assets	20,714,951	21,172,769
Liabilities:
Mortgage notes payable, net	2,340,757	1,941,610
Notes, net	6,081,102	6,077,513
Line of credit and commercial paper		1,017,833
Accounts payable and accrued expenses	109,776	94,350
Accrued interest payable	67,589	66,852
Lease liabilities	330,135	331,334
Other liabilities	315,208	346,963
Security deposits	64,005	70,062
Distributions payable	232,208	218,326
Total liabilities	9,540,780	10,164,843
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	336,695	463,400
Shareholders' equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of June 30, 2020 and December 31, 2019	37,280	37,280
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 372,209,012 shares issued and outstanding as of June 30, 2020 and 371,670,884 shares issued and outstanding as of December 31, 2019	3,722	3,717
Paid in capital	9,118,332	8,965,577
Retained earnings	1,505,694	1,386,495
Accumulated other comprehensive income (loss)	(67,355)	(77,563)
Total shareholders’ equity	10,597,673	10,315,506
Noncontrolling Interests:
Operating Partnership	235,169	227,837
Partially Owned Properties	4,634	1,183
Total Noncontrolling Interests	239,803	229,020
Total equity	10,837,476	10,544,526
Total liabilities and equity/capital	$ 20,714,951	$ 21,172,769

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Shares Issued	745,600	745,600
Preferred Stock, Shares Outstanding	745,600	745,600
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	372,209,012	371,670,884
Common Stock, Shares, Outstanding	372,209,012	371,670,884

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUES
Rental income	$ 653,532	$ 669,374	$ 1,335,837	$ 1,331,676
EXPENSES
Property and maintenance	104,452	108,461	220,268	223,531
Real estate taxes and insurance	95,038	91,446	192,770	182,888
Property management	23,608	24,369	51,317	50,765
General and administrative	11,835	14,329	26,353	29,710
Depreciation	205,976	200,508	418,398	404,723
Total expenses	440,909	439,113	909,106	891,617
Net gain (loss) on sales of real estate properties	144,266	138,856	352,243	138,835
Operating income	356,889	369,117	778,974	578,894
Interest and other income	1,511	1,152	3,471	1,925
Other expenses	(1,694)	(5,117)	(4,227)	(8,392)
Interest:
Expense incurred, net	(81,885)	(108,902)	(167,475)	(203,840)
Amortization of deferred financing costs	(2,111)	(3,647)	(4,152)	(5,783)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	272,710	252,603	606,591	362,804
Income and other tax (expense) benefit	(187)	(246)	(240)	(484)
Income (loss) from investments in unconsolidated entities	(1,042)	68,765	(2,199)	68,058
Net gain (loss) on sales of land parcels		177		178
Net income	271,481	321,299	604,152	430,556
Net (income) loss attributable to Noncontrolling Interests:
Operating Partnership	(9,713)	(11,510)	(21,248)	(15,429)
Partially Owned Properties	(880)	(821)	(13,410)	(1,620)
Net income attributable to controlling interests	260,888	308,968	569,494	413,507
Preferred distributions	(772)	(772)	(1,545)	(1,545)
Net income available to Common Shares	$ 260,116	$ 308,196	$ 567,949	$ 411,962
Earnings per share – basic:
Net income available to Common Shares	$ 0.70	$ 0.83	$ 1.53	$ 1.11
Weighted average Common Shares outstanding	371,795	370,342	371,689	369,952
Earnings per share – diluted:
Net income available to Common Shares	$ 0.70	$ 0.83	$ 1.53	$ 1.11
Weighted average Common Shares outstanding	385,913	386,107	386,272	385,644

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Comprehensive income:
Net income	$ 271,481	$ 321,299	$ 604,152	$ 430,556
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period	(223)	(19,345)	(1,190)	(33,765)
Losses reclassified into earnings from other comprehensive income	5,764	4,509	11,398	8,902
Other comprehensive income (loss)	5,541	(14,836)	10,208	(24,863)
Comprehensive income	277,022	306,463	614,360	405,693
Comprehensive (income) attributable to Noncontrolling Interests	(10,792)	(11,797)	(35,026)	(16,150)
Comprehensive income attributable to controlling interests	$ 266,230	$ 294,666	$ 579,334	$ 389,543

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 604,152	$ 430,556
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	418,398	404,723
Amortization of deferred financing costs	4,152	5,783
Amortization of above/below market lease intangibles	(35)	(35)
Amortization of discounts and premiums on debt	2,553	17,795
Amortization of deferred settlements on derivative instruments	11,392	8,896
Amortization of right-of-use assets	5,892	6,952
Write-off of pursuit costs	3,278	2,987
(Income) loss from investments in unconsolidated entities	2,199	(68,058)
Distributions from unconsolidated entities – return on capital	100	2,387
Net (gain) loss on sales of real estate properties	(352,243)	(138,835)
Net (gain) loss on sales of land parcels		(178)
Realized/unrealized (gain) loss on derivative instruments	25
Compensation paid with Company Common Shares	13,475	16,782
Other operating activities, net	1,805
Changes in assets and liabilities:
(Increase) decrease in other assets	(61,422)	1,610
Increase (decrease) in accounts payable and accrued expenses	5,954	22,435
Increase (decrease) in accrued interest payable	737	1,536
Increase (decrease) in lease liabilities	(1,199)	(1,171)
Increase (decrease) in other liabilities	(18,070)	(25,161)
Increase (decrease) in security deposits	(6,057)	1,769
Net cash provided by operating activities	635,086	690,773
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions		(653,132)
Investment in real estate – development/other	(95,215)	(93,210)
Capital expenditures to real estate	(61,265)	(81,528)
Non-real estate capital additions	(15,536)	(1,466)
Interest capitalized for real estate under development	(4,102)	(2,679)
Proceeds from disposition of real estate, net	747,600	393,439
Investments in unconsolidated entities	(5,626)	(8,572)
Distributions from unconsolidated entities – return of capital		78,262
Purchase of investment securities and other investments	(509)	(269)
Net cash provided by (used for) investing activities	565,347	(369,155)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs	(2,907)	(6,069)
Mortgage notes payable, net:
Proceeds	495,145	295,620
Lump sum payoffs	(91,500)	(95,500)
Scheduled principal repayments	(3,873)	(3,110)
Notes, net:
Proceeds		597,480
Line of credit and commercial paper:
Line of credit proceeds	1,870,000	1,995,000
Line of credit repayments	(1,890,000)	(1,995,000)
Commercial paper proceeds	6,726,167	7,775,817
Commercial paper repayments	(7,724,000)	(8,275,000)
Proceeds from (payments on) settlement of derivative instruments	(1,215)	(41,616)
Proceeds from Employee Share Purchase Plan (ESPP)	2,359	1,652
Proceeds from exercise of options	11,322	48,487
Payment of offering costs		(155)
Other financing activities, net	(31)	(49)
Contributions – Noncontrolling Interests – Partially Owned Properties	341	4,594
Contributions – Noncontrolling Interests – Operating Partnership	12
Distributions:
Common Shares	(435,427)	(409,943)
Preferred Shares	(1,545)	(773)
Noncontrolling Interests – Operating Partnership	(16,478)	(14,728)
Noncontrolling Interests – Partially Owned Properties	(10,269)	(5,170)
Net cash provided by (used for) financing activities	(1,071,899)	(128,463)
Net increase (decrease) in cash and cash equivalents and restricted deposits	128,534	193,155
Cash and cash equivalents and restricted deposits, beginning of period	116,999	116,313
Cash and cash equivalents and restricted deposits, end of period	245,533	309,468
Cash and cash equivalents	187,416	251,273
Restricted deposits	58,117	58,195
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	148,164	171,116
Net cash paid (received) for income and other taxes	428	754
Amortization of deferred financing costs:
Investment in real estate, net	(120)
Other assets	1,169	1,206
Mortgage notes payable, net	876	2,344
Notes, net	2,227	2,233
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	1,191	16,426
Notes, net	1,362	1,369
Amortization of deferred settlements on derivative instruments:
Other liabilities	(6)	(6)
Accumulated other comprehensive income	11,398	8,902
Write-off of pursuit costs:
Investment in real estate, net	3,122	2,947
Other assets	140	37
Accounts payable and accrued expenses	16	3
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	1,554	(68,735)
Other liabilities	645	677
Realized/unrealized (gain) loss on derivative instruments:
Other assets		2,002
Notes, net		2,253
Other liabilities	1,215	29,510
Accumulated other comprehensive income	(1,190)	(33,765)
Investments in unconsolidated entities:
Investments in unconsolidated entities	(4,726)	(6,472)
Other liabilities	(900)	(2,100)
Debt financing costs:
Other assets	(215)	145
Mortgage notes payable, net	$ (2,692)	(2,237)
Notes, net		(5,213)
Other liabilities		1,236
Right-of-use assets and lease liabilities initial measurement and reclassifications:
Right-of-use assets		(438,705)
Other assets		184,116
Lease liabilities		282,791
Other liabilities		$ (28,202)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	PREFERRED SHARES	COMMON SHARES, $0.01 PAR VALUE	PAID IN CAPITAL	RETAINED EARNINGS	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	DISTRIBUTIONS	OPERATING PARTNERSHIP	PARTIALLY OWNED PROPERTIES
Balance, beginning of year at Dec. 31, 2018		$ 37,280	$ 3,694	$ 8,935,453	$ 1,261,763	$ (64,986)
Balance, beginning of year at Dec. 31, 2018								$ 228,738	$ (2,293)
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares			2	4,869
Exercise of share options			10	48,477
Employee Share Purchase Plan (ESPP)				1,652
Share-based employee compensation expense:
Restricted shares			2	7,980
Share options				1,682
ESPP discount				365
Offering costs				(155)
Supplemental Executive Retirement Plan (SERP)				(1,539)
Change in market value of Redeemable Noncontrolling Interests –Operating Partnership	$ 56,974			(56,974)
Adjustment for Noncontrolling Interests ownership in Operating Partnership				7,771				(7,771)
PAID IN CAPITAL
Conversion of OP Units into Common Shares			2	4,869
Exercise of share options			10	48,477
Employee Share Purchase Plan (ESPP)				1,652
RETAINED EARNINGS
Net income attributable to controlling interests	413,507				413,507
Common Share distributions					(420,916)
Preferred Share distributions					(1,545)
Accumulated other comprehensive income (loss) - derivative instruments:
Unrealized holding gains (losses) arising during the period	(33,765)					(33,765)
Losses reclassified into earnings from other comprehensive income	(8,902)					8,902
DISTRIBUTIONS
Distributions declared per Common Share outstanding							$ 1.135
NONCONTROLLING INTERESTS
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner								(4,871)
Equity compensation associated with Noncontrolling Interests								10,829
Net income attributable to Noncontrolling Interests	15,429							15,429	1,620
Distributions to Noncontrolling Interests								(15,079)	(5,219)
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership	(45)							45
Adjustment for Noncontrolling Interests ownership in Operating Partnership				7,771				(7,771)
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	15,429							15,429	1,620
Contributions by Noncontrolling Interests									4,594
Distributions to Noncontrolling Interests								(15,079)	(5,219)
Balance, end of period at Jun. 30, 2019		37,280	3,708	8,949,581	1,252,809	(89,849)
Balance, end of period at Jun. 30, 2019								227,320	(1,298)
Balance, beginning of year at Mar. 31, 2019		37,280	3,705	8,925,882	1,155,032	(75,013)
Balance, beginning of year at Mar. 31, 2019								225,081	(5,462)
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares				84
Exercise of share options			3	18,624
Employee Share Purchase Plan (ESPP)				526
Share-based employee compensation expense:
Restricted shares				3,404
Share options				889
ESPP discount				98
Offering costs				(155)
Supplemental Executive Retirement Plan (SERP)				(937)
Change in market value of Redeemable Noncontrolling Interests –Operating Partnership				(1,953)
Adjustment for Noncontrolling Interests ownership in Operating Partnership				3,119				(3,119)
PAID IN CAPITAL
Conversion of OP Units into Common Shares				84
Exercise of share options			3	18,624
Employee Share Purchase Plan (ESPP)				526
RETAINED EARNINGS
Net income attributable to controlling interests	308,968				308,968
Common Share distributions					(210,419)
Preferred Share distributions					(772)
Accumulated other comprehensive income (loss) - derivative instruments:
Unrealized holding gains (losses) arising during the period	(19,345)					(19,345)
Losses reclassified into earnings from other comprehensive income	(4,509)					4,509
DISTRIBUTIONS
Distributions declared per Common Share outstanding							0.5675
NONCONTROLLING INTERESTS
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner								(84)
Equity compensation associated with Noncontrolling Interests								2,926
Net income attributable to Noncontrolling Interests	11,510							11,510	821
Distributions to Noncontrolling Interests								(7,474)	(1,251)
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership								(1,520)
Adjustment for Noncontrolling Interests ownership in Operating Partnership				3,119				(3,119)
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	11,510							11,510	821
Contributions by Noncontrolling Interests									4,594
Distributions to Noncontrolling Interests								(7,474)	(1,251)
Balance, end of period at Jun. 30, 2019		37,280	3,708	8,949,581	1,252,809	(89,849)
Balance, end of period at Jun. 30, 2019								227,320	(1,298)
Balance, beginning of year at Dec. 31, 2019	10,315,506	37,280	3,717	8,965,577	1,386,495	(77,563)
Balance, beginning of year at Dec. 31, 2019	229,020							227,837	1,183
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares			1	3,855
Exercise of share options			2	11,320
Employee Share Purchase Plan (ESPP)				2,359
Share-based employee compensation expense:
Restricted shares			2	7,252
Share options				1,293
ESPP discount				416
Supplemental Executive Retirement Plan (SERP)				(506)
Change in market value of Redeemable Noncontrolling Interests –Operating Partnership	(128,753)			128,753
Adjustment for Noncontrolling Interests ownership in Operating Partnership				(1,987)				1,987
PAID IN CAPITAL
Conversion of OP Units into Common Shares			1	3,855
Exercise of share options			2	11,320
Employee Share Purchase Plan (ESPP)				2,359
RETAINED EARNINGS
Net income attributable to controlling interests	569,494				569,494
Common Share distributions					(448,750)
Preferred Share distributions					(1,545)
Accumulated other comprehensive income (loss) - derivative instruments:
Unrealized holding gains (losses) arising during the period	(1,190)					(1,190)
Losses reclassified into earnings from other comprehensive income	(11,398)					11,398
DISTRIBUTIONS
Distributions declared per Common Share outstanding							1.205
NONCONTROLLING INTERESTS
Issuance of restricted units to Noncontrolling Interests								12
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner								(3,856)
Equity compensation associated with Noncontrolling Interests								7,026
Net income attributable to Noncontrolling Interests	21,248							21,248	13,410
Distributions to Noncontrolling Interests								(17,037)	(10,300)
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership	2,048							(2,048)
Adjustment for Noncontrolling Interests ownership in Operating Partnership				(1,987)				1,987
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	21,248							21,248	13,410
Contributions by Noncontrolling Interests									341
Distributions to Noncontrolling Interests								(17,037)	(10,300)
Balance, end of period at Jun. 30, 2020	10,597,673	37,280	3,722	9,118,332	1,505,694	(67,355)
Balance, end of period at Jun. 30, 2020	239,803							235,169	4,634
Balance, beginning of year at Mar. 31, 2020		37,280	3,721	9,092,441	1,469,821	(72,896)
Balance, beginning of year at Mar. 31, 2020								235,580	4,739
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares			1	2,011
Exercise of share options				171
Employee Share Purchase Plan (ESPP)				1,490
Share-based employee compensation expense:
Restricted shares				3,231
Share options				623
ESPP discount				263
Supplemental Executive Retirement Plan (SERP)				(655)
Change in market value of Redeemable Noncontrolling Interests –Operating Partnership				17,304
Adjustment for Noncontrolling Interests ownership in Operating Partnership				1,453				(1,453)
PAID IN CAPITAL
Conversion of OP Units into Common Shares			1	2,011
Exercise of share options				171
Employee Share Purchase Plan (ESPP)				1,490
RETAINED EARNINGS
Net income attributable to controlling interests	260,888				260,888
Common Share distributions					(224,243)
Preferred Share distributions					(772)
Accumulated other comprehensive income (loss) - derivative instruments:
Unrealized holding gains (losses) arising during the period	(223)					(223)
Losses reclassified into earnings from other comprehensive income	(5,764)					5,764
DISTRIBUTIONS
Distributions declared per Common Share outstanding							$ 0.6025
NONCONTROLLING INTERESTS
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner								(2,012)
Equity compensation associated with Noncontrolling Interests								1,959
Net income attributable to Noncontrolling Interests	9,713							9,713	880
Distributions to Noncontrolling Interests								(7,961)	(985)
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership								(657)
Adjustment for Noncontrolling Interests ownership in Operating Partnership				1,453				(1,453)
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	9,713							9,713	880
Distributions to Noncontrolling Interests								(7,961)	(985)
Balance, end of period at Jun. 30, 2020	10,597,673	$ 37,280	$ 3,722	$ 9,118,332	$ 1,505,694	$ (67,355)
Balance, end of period at Jun. 30, 2020	$ 239,803							$ 235,169	$ 4,634

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Statement Of Stockholders Equity [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01

CONSOLIDATED BALANCE SHEETS OF

CONSOLIDATED BALANCE SHEETS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Land	$ 5,789,307	$ 5,936,188
Depreciable property	20,997,903	21,319,101
Projects under development	274,825	181,630
Land held for development	102,361	96,688
Investment in real estate	27,164,396	27,533,607
Accumulated depreciation	(7,537,713)	(7,276,786)
Investment in real estate, net	19,626,683	20,256,821
Investments in unconsolidated entities	55,310	52,238
Cash and cash equivalents	187,416	45,753
Restricted deposits	58,117	71,246
Right-of-use assets	505,077	512,774
Other assets	282,348	233,937
Total assets	20,714,951	21,172,769
Liabilities:
Mortgage notes payable, net	2,340,757	1,941,610
Notes, net	6,081,102	6,077,513
Line of credit and commercial paper		1,017,833
Accounts payable and accrued expenses	109,776	94,350
Accrued interest payable	67,589	66,852
Lease liabilities	330,135	331,334
Other liabilities	315,208	346,963
Security deposits	64,005	70,062
Distributions payable	232,208	218,326
Total liabilities	9,540,780	10,164,843
Commitments and contingencies
Redeemable Limited Partners	336,695	463,400
Partners’ Capital:
Accumulated other comprehensive income (loss)	(67,355)	(77,563)
Noncontrolling Interests – Partially Owned Properties	4,634	1,183
Total liabilities and equity/capital	20,714,951	21,172,769
ERPOP [Member]
ASSETS
Land	5,789,307	5,936,188
Depreciable property	20,997,903	21,319,101
Projects under development	274,825	181,630
Land held for development	102,361	96,688
Investment in real estate	27,164,396	27,533,607
Accumulated depreciation	(7,537,713)	(7,276,786)
Investment in real estate, net	19,626,683	20,256,821
Investments in unconsolidated entities	55,310	52,238
Cash and cash equivalents	187,416	45,753
Restricted deposits	58,117	71,246
Right-of-use assets	505,077	512,774
Other assets	282,348	233,937
Total assets	20,714,951	21,172,769
Liabilities:
Mortgage notes payable, net	2,340,757	1,941,610
Notes, net	6,081,102	6,077,513
Line of credit and commercial paper		1,017,833
Accounts payable and accrued expenses	109,776	94,350
Accrued interest payable	67,589	66,852
Lease liabilities	330,135	331,334
Other liabilities	315,208	346,963
Security deposits	64,005	70,062
Distributions payable	232,208	218,326
Total liabilities	9,540,780	10,164,843
Commitments and contingencies
Redeemable Limited Partners	336,695	463,400
Partners’ Capital:
Preference Units	37,280	37,280
General Partner	10,627,748	10,355,789
Limited Partners	235,169	227,837
Accumulated other comprehensive income (loss)	(67,355)	(77,563)
Total partners’ capital	10,832,842	10,543,343
Noncontrolling Interests – Partially Owned Properties	4,634	1,183
Total capital	10,837,476	10,544,526
Total liabilities and equity/capital	$ 20,714,951	$ 21,172,769

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUES
Rental income	$ 653,532	$ 669,374	$ 1,335,837	$ 1,331,676
EXPENSES
Property and maintenance	104,452	108,461	220,268	223,531
Real estate taxes and insurance	95,038	91,446	192,770	182,888
Property management	23,608	24,369	51,317	50,765
General and administrative	11,835	14,329	26,353	29,710
Depreciation	205,976	200,508	418,398	404,723
Total expenses	440,909	439,113	909,106	891,617
Net gain (loss) on sales of real estate properties	144,266	138,856	352,243	138,835
Operating income	356,889	369,117	778,974	578,894
Interest and other income	1,511	1,152	3,471	1,925
Other expenses	(1,694)	(5,117)	(4,227)	(8,392)
Interest:
Expense incurred, net	(81,885)	(108,902)	(167,475)	(203,840)
Amortization of deferred financing costs	(2,111)	(3,647)	(4,152)	(5,783)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	272,710	252,603	606,591	362,804
Income and other tax (expense) benefit	(187)	(246)	(240)	(484)
Income (loss) from investments in unconsolidated entities	(1,042)	68,765	(2,199)	68,058
Net gain (loss) on sales of land parcels		177		178
Net income	271,481	321,299	604,152	430,556
Partially Owned Properties	(880)	(821)	(13,410)	(1,620)
Net income attributable to controlling interests	$ 260,888	$ 308,968	$ 569,494	$ 413,507
Earnings per Unit – basic:
Net income available to Units	$ 0.70	$ 0.83	$ 1.53	$ 1.11
Earnings per Unit – diluted:
Net income available to Units	$ 0.70	$ 0.83	$ 1.53	$ 1.11
Weighted average Units outstanding	385,913	386,107	386,272	385,644
ERPOP [Member]
REVENUES
Rental income	$ 653,532	$ 669,374	$ 1,335,837	$ 1,331,676
EXPENSES
Property and maintenance	104,452	108,461	220,268	223,531
Real estate taxes and insurance	95,038	91,446	192,770	182,888
Property management	23,608	24,369	51,317	50,765
General and administrative	11,835	14,329	26,353	29,710
Depreciation	205,976	200,508	418,398	404,723
Total expenses	440,909	439,113	909,106	891,617
Net gain (loss) on sales of real estate properties	144,266	138,856	352,243	138,835
Operating income	356,889	369,117	778,974	578,894
Interest and other income	1,511	1,152	3,471	1,925
Other expenses	(1,694)	(5,117)	(4,227)	(8,392)
Interest:
Expense incurred, net	(81,885)	(108,902)	(167,475)	(203,840)
Amortization of deferred financing costs	(2,111)	(3,647)	(4,152)	(5,783)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	272,710	252,603	606,591	362,804
Income and other tax (expense) benefit	(187)	(246)	(240)	(484)
Income (loss) from investments in unconsolidated entities	(1,042)	68,765	(2,199)	68,058
Net gain (loss) on sales of land parcels		177		178
Net income	271,481	321,299	604,152	430,556
Partially Owned Properties	(880)	(821)	(13,410)	(1,620)
Net income attributable to controlling interests	270,601	320,478	590,742	428,936
ALLOCATION OF NET INCOME:
Preference Units	772	772	1,545	1,545
General Partner	260,116	308,196	567,949	411,962
Limited Partners	9,713	11,510	21,248	15,429
Net income available to Units	$ 269,829	$ 319,706	$ 589,197	$ 427,391
Earnings per Unit – basic:
Net income available to Units	$ 0.70	$ 0.83	$ 1.53	$ 1.11
Weighted average Units outstanding	384,818	383,227	384,702	382,854
Earnings per Unit – diluted:
Net income available to Units	$ 0.70	$ 0.83	$ 1.53	$ 1.11
Weighted average Units outstanding	385,913	386,107	386,272	385,644

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Comprehensive income:
Net income	$ 271,481	$ 321,299	$ 604,152	$ 430,556
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period	(223)	(19,345)	(1,190)	(33,765)
Losses reclassified into earnings from other comprehensive income	5,764	4,509	11,398	8,902
Other comprehensive income (loss)	5,541	(14,836)	10,208	(24,863)
Comprehensive income	277,022	306,463	614,360	405,693
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties	(10,792)	(11,797)	(35,026)	(16,150)
Comprehensive income attributable to controlling interests	266,230	294,666	579,334	389,543
ERPOP [Member]
Comprehensive income:
Net income	271,481	321,299	604,152	430,556
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period	(223)	(19,345)	(1,190)	(33,765)
Losses reclassified into earnings from other comprehensive income	5,764	4,509	11,398	8,902
Other comprehensive income (loss)	5,541	(14,836)	10,208	(24,863)
Comprehensive income	277,022	306,463	614,360	405,693
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties	(880)	(821)	(13,410)	(1,620)
Comprehensive income attributable to controlling interests	$ 276,142	$ 305,642	$ 600,950	$ 404,073

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 604,152	$ 430,556
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	418,398	404,723
Amortization of deferred financing costs	4,152	5,783
Amortization of above/below market lease intangibles	(35)	(35)
Amortization of discounts and premiums on debt	2,553	17,795
Amortization of deferred settlements on derivative instruments	11,392	8,896
Amortization of right-of-use assets	5,892	6,952
Write-off of pursuit costs	3,278	2,987
(Income) loss from investments in unconsolidated entities	2,199	(68,058)
Distributions from unconsolidated entities – return on capital	100	2,387
Net (gain) loss on sales of real estate properties	(352,243)	(138,835)
Net (gain) loss on sales of land parcels		(178)
Realized/unrealized (gain) loss on derivative instruments	25
Compensation paid with Company Common Shares	13,475	16,782
Other operating activities, net	1,805
Changes in assets and liabilities:
(Increase) decrease in other assets	(61,422)	1,610
Increase (decrease) in accounts payable and accrued expenses	5,954	22,435
Increase (decrease) in accrued interest payable	737	1,536
Increase (decrease) in lease liabilities	(1,199)	(1,171)
Increase (decrease) in other liabilities	(18,070)	(25,161)
Increase (decrease) in security deposits	(6,057)	1,769
Net cash provided by operating activities	635,086	690,773
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions		(653,132)
Investment in real estate – development/other	(95,215)	(93,210)
Capital expenditures to real estate	(61,265)	(81,528)
Non-real estate capital additions	(15,536)	(1,466)
Interest capitalized for real estate under development	(4,102)	(2,679)
Proceeds from disposition of real estate, net	747,600	393,439
Investments in unconsolidated entities	(5,626)	(8,572)
Distributions from unconsolidated entities – return of capital		78,262
Purchase of investment securities and other investments	(509)	(269)
Net cash provided by (used for) investing activities	565,347	(369,155)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs	(2,907)	(6,069)
Mortgage notes payable, net:
Proceeds	495,145	295,620
Lump sum payoffs	(91,500)	(95,500)
Scheduled principal repayments	(3,873)	(3,110)
Notes, net:
Proceeds		597,480
Line of credit and commercial paper:
Line of credit proceeds	1,870,000	1,995,000
Line of credit repayments	(1,890,000)	(1,995,000)
Commercial paper proceeds	6,726,167	7,775,817
Commercial paper repayments	(7,724,000)	(8,275,000)
Proceeds from (payments on) settlement of derivative instruments	(1,215)	(41,616)
Proceeds from Employee Share Purchase Plan (ESPP)	2,359	1,652
Proceeds from exercise of EQR options	11,322	48,487
Payment of offering costs		(155)
Other financing activities, net	(31)	(49)
Contributions – Noncontrolling Interests – Partially Owned Properties	341	4,594
Contributions – Limited Partners	12
Distributions:
OP Units – General Partner	(435,427)	(409,943)
Preference Units	(1,545)	(773)
OP Units – Limited Partners	(16,478)	(14,728)
Noncontrolling Interests – Partially Owned Properties	(10,269)	(5,170)
Net cash provided by (used for) financing activities	(1,071,899)	(128,463)
Net increase (decrease) in cash and cash equivalents and restricted deposits	128,534	193,155
Cash and cash equivalents and restricted deposits, beginning of period	116,999	116,313
Cash and cash equivalents and restricted deposits, end of period	245,533	309,468
Cash and cash equivalents	187,416	251,273
Restricted deposits	58,117	58,195
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	148,164	171,116
Net cash paid (received) for income and other taxes	428	754
Amortization of deferred financing costs:
Investment in real estate, net	120
Other assets	1,169	1,206
Mortgage notes payable, net	876	2,344
Notes, net	2,227	2,233
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	1,191	16,426
Notes, net	1,362	1,369
Amortization of deferred settlements on derivative instruments:
Other liabilities	(6)	(6)
Accumulated other comprehensive income	11,398	8,902
Write-off of pursuit costs:
Investment in real estate, net	3,122	2,947
Other assets	140	37
Accounts payable and accrued expenses	16	3
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	1,554	(68,735)
Other liabilities	645	677
Realized/unrealized (gain) loss on derivative instruments:
Other assets		2,002
Notes, net		2,253
Other liabilities	1,215	29,510
Accumulated other comprehensive income	(1,190)	(33,765)
Investments in unconsolidated entities:
Investments in unconsolidated entities	(4,726)	(6,472)
Other liabilities	(900)	(2,100)
Debt financing costs:
Other assets	(215)	145
Mortgage notes payable, net	(2,692)	(2,237)
Notes, net		(5,213)
Other liabilities		1,236
Right-of-use assets and lease liabilities initial measurement and reclassifications:
Right-of-use assets		(438,705)
Other assets		184,116
Lease liabilities		282,791
Other liabilities		28,202
ERPOP [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	604,152	430,556
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	418,398	404,723
Amortization of deferred financing costs	4,152	5,783
Amortization of above/below market lease intangibles	(35)	(35)
Amortization of discounts and premiums on debt	2,553	17,795
Amortization of deferred settlements on derivative instruments	11,392	8,896
Amortization of right-of-use assets	5,892	6,952
Write-off of pursuit costs	3,278	2,987
(Income) loss from investments in unconsolidated entities	2,199	(68,058)
Distributions from unconsolidated entities – return on capital	100	2,387
Net (gain) loss on sales of real estate properties	(352,243)	(138,835)
Net (gain) loss on sales of land parcels		(178)
Realized/unrealized (gain) loss on derivative instruments	25
Compensation paid with Company Common Shares	13,475	16,782
Other operating activities, net	1,805
Changes in assets and liabilities:
(Increase) decrease in other assets	(61,422)	1,610
Increase (decrease) in accounts payable and accrued expenses	5,954	22,435
Increase (decrease) in accrued interest payable	737	1,536
Increase (decrease) in lease liabilities	(1,199)	(1,171)
Increase (decrease) in other liabilities	(18,070)	(25,161)
Increase (decrease) in security deposits	(6,057)	1,769
Net cash provided by operating activities	635,086	690,773
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions		(653,132)
Investment in real estate – development/other	(95,215)	(93,210)
Capital expenditures to real estate	(61,265)	(81,528)
Non-real estate capital additions	(15,536)	(1,466)
Interest capitalized for real estate under development	(4,102)	(2,679)
Proceeds from disposition of real estate, net	747,600	393,439
Investments in unconsolidated entities	(5,626)	(8,572)
Distributions from unconsolidated entities – return of capital		78,262
Purchase of investment securities and other investments	(509)	(269)
Net cash provided by (used for) investing activities	565,347	(369,155)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs	(2,907)	(6,069)
Mortgage notes payable, net:
Proceeds	495,145	295,620
Lump sum payoffs	(91,500)	(95,500)
Scheduled principal repayments	(3,873)	(3,110)
Notes, net:
Proceeds		597,480
Line of credit and commercial paper:
Line of credit proceeds	1,870,000	1,995,000
Line of credit repayments	(1,890,000)	(1,995,000)
Commercial paper proceeds	6,726,167	7,775,817
Commercial paper repayments	(7,724,000)	(8,275,000)
Proceeds from (payments on) settlement of derivative instruments	(1,215)	(41,616)
Proceeds from Employee Share Purchase Plan (ESPP)	2,359	1,652
Proceeds from exercise of EQR options	11,322	48,487
Payment of offering costs		(155)
Other financing activities, net	(31)	(49)
Contributions – Noncontrolling Interests – Partially Owned Properties	341	4,594
Contributions – Limited Partners	12
Distributions:
OP Units – General Partner	(435,427)	(409,943)
Preference Units	(1,545)	(773)
OP Units – Limited Partners	(16,478)	(14,728)
Noncontrolling Interests – Partially Owned Properties	(10,269)	(5,170)
Net cash provided by (used for) financing activities	(1,071,899)	(128,463)
Net increase (decrease) in cash and cash equivalents and restricted deposits	128,534	193,155
Cash and cash equivalents and restricted deposits, beginning of period	116,999	116,313
Cash and cash equivalents and restricted deposits, end of period	245,533	309,468
Cash and cash equivalents	187,416	251,273
Restricted deposits	58,117	58,195
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	148,164	171,116
Net cash paid (received) for income and other taxes	428	754
Amortization of deferred financing costs:
Investment in real estate, net	(120)
Other assets	1,169	1,206
Mortgage notes payable, net	876	2,344
Notes, net	2,227	2,233
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	1,191	16,426
Notes, net	1,362	1,369
Amortization of deferred settlements on derivative instruments:
Other liabilities	(6)	(6)
Accumulated other comprehensive income	11,398	8,902
Write-off of pursuit costs:
Investment in real estate, net	3,122	2,947
Other assets	140	37
Accounts payable and accrued expenses	16	3
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	1,554	(68,735)
Other liabilities	645	677
Realized/unrealized (gain) loss on derivative instruments:
Other assets		2,002
Notes, net		2,253
Other liabilities	1,215	29,510
Accumulated other comprehensive income	(1,190)	(33,765)
Investments in unconsolidated entities:
Investments in unconsolidated entities	(4,726)	(6,472)
Other liabilities	(900)	(2,100)
Debt financing costs:
Other assets	(215)	145
Mortgage notes payable, net	$ (2,692)	(2,237)
Notes, net		(5,213)
Other liabilities		1,236
Right-of-use assets and lease liabilities initial measurement and reclassifications:
Right-of-use assets		(438,705)
Other assets		184,116
Lease liabilities		282,791
Other liabilities		$ (28,202)

CONSOLIDATED STATEMENTS OF CH_3

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	Total	ERPOP [Member]	PREFERRED SHARESERPOP [Member]	General Partner [Member]	General Partner [Member]ERPOP [Member]	Limited PartnerERPOP [Member]	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)ERPOP [Member]	DISTRIBUTIONS [Member]	PARTIALLY OWNED PROPERTIES [Member]ERPOP [Member]
Balance, beginning of year at Dec. 31, 2018			$ 37,280		$ 10,200,910	$ 228,738	$ (64,986)
Balance, beginning of year at Dec. 31, 2018									$ (2,293)
OP Unit Issuance:
Conversion of OP Units held by Limited Partners into OP Units held by General Partner					4,871	(4,871)
Exercise of EQR share options					48,487
EQR's Employee Share Purchase Plan (ESPP)				$ 1,652
Share-based employee compensation expense:
EQR restricted shares					7,982
EQR share options					1,682
EQR ESPP discount					365
Net income available to Units - General Partner		$ 411,962			411,962
OP Units General Partner distributions					(420,916)
Offering costs					(155)
Supplemental Executive Retirement Plan (SERP)					(1,539)
Change in market value of Redeemable Limited Partners					(56,974)
Adjustment for Limited Partners ownership in Operating Partnership					7,771	(7,771)
LIMITED PARTNERS
Conversion of OP Units held by Limited Partners into OP Units held by General Partner					4,871	(4,871)
Equity compensation associated with Units - Limited Partners						10,829
Net income available to Units - Limited Partners		15,429				15,429
Units - Limited Partners distributions						(15,079)
Change in carrying value of Redeemable Limited Partners						45
Adjustment for Limited Partners ownership in Operating Partnership					7,771	(7,771)
Accumulated other comprehensive income (loss) - derivative instruments:
Unrealized holding gains (losses) arising during the period	$ (33,765)	(33,765)					(33,765)
Losses reclassified into earnings from other comprehensive income	(8,902)	(8,902)					8,902
DISTRIBUTIONS
Distributions declared per Unit outstanding								$ 1.135
NONCONTROLLING INTERESTS – PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	430,556	430,556
Contributions by Noncontrolling Interests									4,594
Distributions to Noncontrolling Interests									(5,219)
Net income attributable to Noncontrolling Interests	1,620	1,620							1,620
Balance, end of period at Jun. 30, 2019			37,280		10,206,098	227,320	(89,849)
Balance, end of period at Jun. 30, 2019									(1,298)
Balance, beginning of year at Mar. 31, 2019			37,280		10,084,619	225,081	(75,013)
Balance, beginning of year at Mar. 31, 2019									(5,462)
OP Unit Issuance:
Conversion of OP Units held by Limited Partners into OP Units held by General Partner					84	(84)
Exercise of EQR share options					18,627
EQR's Employee Share Purchase Plan (ESPP)				526
Share-based employee compensation expense:
EQR restricted shares					3,404
EQR share options					889
EQR ESPP discount					98
Net income available to Units - General Partner		308,196			308,196
OP Units General Partner distributions					(210,419)
Offering costs					(155)
Supplemental Executive Retirement Plan (SERP)					(937)
Change in market value of Redeemable Limited Partners					(1,953)
Adjustment for Limited Partners ownership in Operating Partnership					3,119	(3,119)
LIMITED PARTNERS
Conversion of OP Units held by Limited Partners into OP Units held by General Partner					84	(84)
Equity compensation associated with Units - Limited Partners						2,926
Net income available to Units - Limited Partners		11,510				11,510
Units - Limited Partners distributions						(7,474)
Change in carrying value of Redeemable Limited Partners						(1,520)
Adjustment for Limited Partners ownership in Operating Partnership					3,119	(3,119)
Accumulated other comprehensive income (loss) - derivative instruments:
Unrealized holding gains (losses) arising during the period	(19,345)	(19,345)					(19,345)
Losses reclassified into earnings from other comprehensive income	(4,509)	(4,509)					4,509
DISTRIBUTIONS
Distributions declared per Unit outstanding								0.5675
NONCONTROLLING INTERESTS – PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	321,299	321,299
Contributions by Noncontrolling Interests									4,594
Distributions to Noncontrolling Interests									(1,251)
Net income attributable to Noncontrolling Interests	821	821							821
Balance, end of period at Jun. 30, 2019			37,280		10,206,098	227,320	(89,849)
Balance, end of period at Jun. 30, 2019									(1,298)
Balance, beginning of year at Dec. 31, 2019			37,280		10,355,789	227,837	(77,563)
Balance, beginning of year at Dec. 31, 2019									1,183
OP Unit Issuance:
Conversion of OP Units held by Limited Partners into OP Units held by General Partner					3,856	(3,856)
Exercise of EQR share options					11,322
EQR's Employee Share Purchase Plan (ESPP)				2,359
Share-based employee compensation expense:
EQR restricted shares					7,254
EQR share options					1,293
EQR ESPP discount					416
Net income available to Units - General Partner		567,949			567,949
OP Units General Partner distributions					(448,750)
Supplemental Executive Retirement Plan (SERP)					(506)
Change in market value of Redeemable Limited Partners					128,753
Adjustment for Limited Partners ownership in Operating Partnership					(1,987)	1,987
LIMITED PARTNERS
Issuance of restricted units to Limited Partners						12
Conversion of OP Units held by Limited Partners into OP Units held by General Partner					3,856	(3,856)
Equity compensation associated with Units - Limited Partners						7,026
Net income available to Units - Limited Partners		21,248				21,248
Units - Limited Partners distributions						(17,037)
Change in carrying value of Redeemable Limited Partners						(2,048)
Adjustment for Limited Partners ownership in Operating Partnership					(1,987)	1,987
Accumulated other comprehensive income (loss) - derivative instruments:
Unrealized holding gains (losses) arising during the period	(1,190)	(1,190)					(1,190)
Losses reclassified into earnings from other comprehensive income	(11,398)	(11,398)					11,398
DISTRIBUTIONS
Distributions declared per Unit outstanding								1.205
NONCONTROLLING INTERESTS – PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	604,152	604,152
Contributions by Noncontrolling Interests									341
Distributions to Noncontrolling Interests									(10,300)
Net income attributable to Noncontrolling Interests	13,410	13,410							13,410
Balance, end of period at Jun. 30, 2020			37,280		10,627,748	235,169	(67,355)
Balance, end of period at Jun. 30, 2020									4,634
Balance, beginning of year at Mar. 31, 2020			37,280		10,565,983	235,580	(72,896)
Balance, beginning of year at Mar. 31, 2020									4,739
OP Unit Issuance:
Conversion of OP Units held by Limited Partners into OP Units held by General Partner					2,012	(2,012)
Exercise of EQR share options					171
EQR's Employee Share Purchase Plan (ESPP)				$ 1,490
Share-based employee compensation expense:
EQR restricted shares					3,231
EQR share options					623
EQR ESPP discount					263
Net income available to Units - General Partner		260,116			260,116
OP Units General Partner distributions					(224,243)
Supplemental Executive Retirement Plan (SERP)					(655)
Change in market value of Redeemable Limited Partners					17,304
Adjustment for Limited Partners ownership in Operating Partnership					1,453	(1,453)
LIMITED PARTNERS
Conversion of OP Units held by Limited Partners into OP Units held by General Partner					2,012	(2,012)
Equity compensation associated with Units - Limited Partners						1,959
Net income available to Units - Limited Partners		9,713				9,713
Units - Limited Partners distributions						(7,961)
Change in carrying value of Redeemable Limited Partners						(657)
Adjustment for Limited Partners ownership in Operating Partnership					1,453	(1,453)
Accumulated other comprehensive income (loss) - derivative instruments:
Unrealized holding gains (losses) arising during the period	(223)	(223)					(223)
Losses reclassified into earnings from other comprehensive income	(5,764)	(5,764)					5,764
DISTRIBUTIONS
Distributions declared per Unit outstanding								$ 0.6025
NONCONTROLLING INTERESTS – PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	271,481	271,481
Distributions to Noncontrolling Interests									(985)
Net income attributable to Noncontrolling Interests	$ 880	$ 880							880
Balance, end of period at Jun. 30, 2020			$ 37,280		$ 10,627,748	$ 235,169	$ (67,355)
Balance, end of period at Jun. 30, 2020									$ 4,634

Business

Business	6 Months Ended
	Jun. 30, 2020
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 rental apartment properties located in urban and high-density suburban communities, a business that is conducted on its behalf by ERP Operating Limited Partnership (“ERPOP”). EQR is a Maryland real estate investment trust (“REIT”) formed in March 1993 and ERPOP is an Illinois limited partnership formed in May 1993. ERPOP. ERPOP. EQR is the general partner of, and as of June 30, 2020 owned an approximate 96.4% ownership interest in, ERPOP. All of the Company’s property ownership, development and related business operations are conducted through the Operating Partnership ERPOP. ERPOP, As of June 30, 2020, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 304 properties located in 9 states and the District of Columbia consisting of 78,410 apartment units. The ownership breakdown includes (table does not include various uncompleted development properties): Properties Apartment Units Wholly Owned Properties 287 74,849 Master-Leased Property – Consolidated 1 162 Partially Owned Properties – Consolidated 16 3,399 304 78,410

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Summary Of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. In response to the novel coronavirus (“COVID-19”) pandemic, management evaluated whether its estimates, such as lease collectibility (see discussion below) and impairment, required revised approaches and generally concluded that no revisions were necessary at this time. The balance sheets at December 31, 2019 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, 2019 . Income and Other Taxes EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act was enacted to provide economic relief to companies and individuals in response to the COVID-19 pandemic. Included in the CARES Act are tax provisions which increase allowable interest expense deductions for 2019 and 2020 and increase the ability for taxpayers to use net operating losses. While we do not expect these provisions to result in a material impact to the Company’s taxable income or tax liabilities, the Company will continue to analyze the provisions of the CARES Act and related guidance as it is published. The CARES Act also allows corporations to request accelerated refunds of their alternative minimum tax (“AMT”) credit. Prior to enactment of this provision, the remaining credits would have been refunded in installments in 2020, 2021 and 2022. We have filed a claim and expect to receive a refund of our remaining $1.6 million of AMT credit in 2020. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued an amendment to the reference rate reform standard which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. An example of such reform is the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. Entities that make this optional expedient election would not have to remeasure the contracts at the modification date or reassess the accounting treatment if certain criteria are met and would continue applying hedge accounting for relationships affected by reference rate reform. The new standard was effective for the Company upon issuance and elections can be made through December 31, 2022. The Company is currently evaluating its options with regards to existing contracts and hedging relationships and the impact of adopting this update on its consolidated results of operations and financial position. Recently Adopted Accounting Pronouncements In April 2020, a FASB staff question and answer document was issued which intended to reduce the challenges of evaluating the enforceable rights and obligations of leases for concessions granted to lessees in response to the COVID-19 pandemic. We elected not to evaluate whether qualifying concessions provided by the Company in response to the COVID-19 pandemic are a lease modification, subject to the criteria that the total payments under the amended lease cannot result in a substantial increase in the rights of the lessor or obligations of the lessee . We also elected to treat the concessions as though they were contemplated as part of the existing contracts and therefore will not apply lease modification rules to the qualifying lease concession amendments. As such, deferrals deemed collectible are recorded as rental receivables with no change to timing of rental revenues and deferrals deemed non-collectible and abatements reduce rental revenues in the deferral/abatement period and cause rental revenues to effectively follow a cash basis related to the changes. The accounting elections provided by the FASB mainly apply to the Company’s non-residential leases and the majority of the amendments will not require a straight-line adjustment. During the quarter ended June 30, 2020, we have granted rent payment deferrals/abatements to our non-residential tenants of $4.5 million, of which $4.1 million reduced rental revenues. In June 2016, the FASB In The Company elected the practical expedient to not reassess the classification of existing operating leases. As of January 1, 2019, any new or modified ground leases may be classified as financing leases unless they meet certain conditions. When there is a material lease modification, the Company is required to reassess the classification and remeasure the lease liability. The Company also elected the practical expedient to account for both its lease and non-lease components as a single component under the leases standard. See Note 8 for additional discussion regarding the lease standard. In August 2017, the FASB issued a final standard which makes changes to the hedge accounting model to enable entities to better portray their risk management activities in the financial statements. The standard expands an entity’s ability to hedge nonfinancial and financial risk components, reduces complexity in fair value hedges of interest rate risk and eases certain documentation and assessment requirements. The standard also eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of any hedging instrument to be presented in the same income statement line as the hedged instrument. The Company adopted this standard as required effective January 1, 2019 and it did not have a material effect on its consolidated results of operations and financial position.

Equity, Capital and Other Inter

Equity, Capital and Other Interests	6 Months Ended
	Jun. 30, 2020
Equity Capital And Other Interests [Abstract]
Equity, Capital and Other Interests	3. Equity, Capital and Other The Company refers to “Common Shares” and “Units” (which refer to both OP Units and restricted units) as equity securities for EQR and “General Partner Units” and “Limited Partner Units” as equity securities for ERPOP. To provide a streamlined and more readable presentation of the disclosures for the Company and the Operating Partnership, several sections below refer to the respective terminology for each with the same financial information and separate sections are provided, where needed, to further distinguish any differences in financial information and terminology. The following table presents the changes in the Company’s issued and outstanding Common Shares and Units for the six months ended June 30, 2020 and 2019: 2020 2019 Common Shares Common Shares outstanding at January 1, 371,670,884 369,405,161 Common Shares Issued: Conversion of OP Units 97,363 188,406 Exercise of share options 217,935 1,059,674 Employee Share Purchase Plan (ESPP) 44,110 27,131 Restricted share grants, net 178,720 158,438 Common Shares outstanding at June 30, 372,209,012 370,838,810 Units Units outstanding at January 1, 13,731,315 13,904,035 Restricted unit grants, net 245,999 140,055 Conversion of OP Units to Common Shares (97,363 ) (188,406 ) Units outstanding at June 30, 13,879,951 13,855,684 Total Common Shares and Units outstanding at June 30, 386,088,963 384,694,494 Units Ownership Interest in Operating Partnership 3.6 % 3.6 % The following table presents the changes in the Operating Partnership’s issued and outstanding General Partner Units and Limited Partner Units for the six months ended June 30, 2020 and 2019: 2020 2019 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 385,402,199 383,309,196 Issued to General Partner: Exercise of EQR share options 217,935 1,059,674 EQR’s Employee Share Purchase Plan (ESPP) 44,110 27,131 EQR’s restricted share grants, net 178,720 158,438 Issued to Limited Partners: Restricted unit grants, net 245,999 140,055 General and Limited Partner Units outstanding at June 30, 386,088,963 384,694,494 Limited Partner Units Limited Partner Units outstanding at January 1, 13,731,315 13,904,035 Limited Partner restricted unit grants, net 245,999 140,055 Conversion of Limited Partner OP Units to EQR Common Shares (97,363 ) (188,406 ) Limited Partner Units outstanding at June 30, 13,879,951 13,855,684 Limited Partner Units Ownership Interest in Operating Partnership 3.6 % 3.6 % The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of restricted units, are collectively referred to as the “Noncontrolling Interests – Operating Partnership” and “Limited Partners Capital,” respectively, for the Company and the Operating Partnership. Subject to certain exceptions (including the “book-up” requirements of restricted units), the Noncontrolling Interests – Operating Partnership/Limited Partners Capital may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital (including redeemable interests) is allocated based on the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total plus the total number of Common Shares/General Partner Units. Net income is allocated to the Noncontrolling Interests – Operating Partnership/Limited Partners Capital based on the weighted average ownership percentage during the period. The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Noncontrolling Interests – Operating Partnership/Limited Partners Capital requesting an exchange of their Noncontrolling Interests – Operating Partnership/Limited Partners Capital with EQR. Once the Operating Partnership elects not to redeem the Noncontrolling Interests – Operating Partnership/Limited Partners Capital for cash, EQR is obligated to deliver Common Shares to the exchanging holder of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital. The Noncontrolling Interests – Operating Partnership/Limited Partners Capital are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Noncontrolling Interests – Operating Partnership/Limited Partners Capital are differentiated and referred to as “Redeemable Noncontrolling Interests – Operating Partnership” and “Redeemable Limited Partners,” respectively. Instruments that require settlement in registered shares cannot be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital that are classified in permanent equity at June 30, 2020 and December 31, 2019. 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 June 30, 2020 and 2019, the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners have a redemption value of approximately The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners for the six months ended June 30, 2020 and 2019 (amounts in 2020 2019 Balance at January 1, $ 463,400 $ 379,106 Change in market value (128,753 ) 56,974 Change in carrying value 2,048 (45 ) Balance at June 30, $ 336,695 $ 436,035 Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings and proceeds from exercise of options for Common Shares are contributed by EQR to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the Preferred Shares issued in the equity offering). As a result, the net proceeds from Common Shares and Preferred Shares are allocated for the Company between shareholders’ equity and Noncontrolling Interests – Operating Partnership and for the Operating Partnership between General Partner’s Capital and Limited Partners Capital to account for the change in their respective percentage ownership of the underlying equity. The 100,000,000 The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as December 31, 2019 Amounts in thousands Annual Call Dividend Per June 30, December 31, Date (1) Share/Unit (2) 2020 2019 Preferred Shares/Preference Units of beneficial interest, $0.01 par value; 100,000,000 shares authorized: 8.29% Units; liquidation value $50 and outstanding as of June 30, 2020 and December 31, 2019 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares/Preference Units are payable quarterly. Other EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC in June 2019 and expires in June 2022. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis). The Company has an At-The-Market (“ATM”) share offering program which allows EQR to sell Common Shares from time to time into the existing trading market at current market prices as well as through negotiated transactions. In June 2019, the Company extended the program maturity to June 2022. In connection with the extension, the Company may now also sell Common Shares under forward sale agreements. The use of a forward sale agreement would allow the Company to lock in a price on the sale of Common Shares at the time the agreement is executed, but defer receiving the proceeds from the sale until a later date. EQR has the authority to issue 13.0 million shares but has not issued any shares under this program since September 2012. The Company may repurchase up to 13.0 million Common Shares under its share repurchase program. No open market repurchases have occurred since 2008, and no repurchases of any kind have occurred since February 2014. As of June 30, 2020, EQR has remaining authorization to repurchase up to 13.0 million of its shares.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 (amounts in thousands): June 30, 2020 December 31, 2019 Land $ 5,789,307 $ 5,936,188 Depreciable property: Buildings and improvements 18,574,877 18,904,686 Furniture, fixtures and equipment 1,936,039 1,916,458 In-Place lease intangibles 486,987 497,957 Projects under development: Land 23,531 23,531 Construction-in-progress 251,294 158,099 Land held for development: Land 64,460 64,460 Construction-in-progress 37,901 32,228 Investment in real estate 27,164,396 27,533,607 Accumulated depreciation (7,537,713 ) (7,276,786 ) Investment in real estate, net $ 19,626,683 $ 20,256,821 During the six months ended June 30, 2020, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 5 1,552 $ 754,361 Total 5 1,552 $ 754,361 The Company recognized a net gain on sales of real estate properties of approximately $352.2 million on the above sales.

Commitments to Acquire_Dispose

Commitments to Acquire/Dispose of Real Estate	6 Months Ended
	Jun. 30, 2020
Commitments To Acquire Dispose Of Real Estate [Abstract]
Commitments to Acquire/Dispose of Real Estate	5. Commitments to Acquire/Dispose of Real The Company has not entered into any agreements to acquire rental properties or land parcels as of the date of filing. The Company has entered into separate agreements to dispose of the following (sales price and net book value in thousands): Properties Apartment Units Sales Price Net Book Value Land Parcels (two) — — $ 55,150 $ 19,445 Total — — $ 55,150 $ 19,445 The closing of pending transactions is subject to certain conditions and restrictions; therefore, there can be no assurance that the transactions will be consummated or that the final terms will not differ in material respects from any agreements summarized above. See Note 14 for discussion of the properties acquired or disposed of, if any, subsequent to June 30, 2020.

Investments in Partially Owned

Investments in Partially Owned Entities	6 Months Ended
	Jun. 30, 2020
Investments In Partially Owned Entities [Abstract]
Investments in Partially Owned Entities	6. Investments in Partially Owned The Consolidated Variable Interest Entities (“VIEs”) In accordance with accounting standards for consolidation of VIEs , the As the sole general partner of ERPOP, EQR has exclusive control of ERPOP’s day-to-day management. The limited partners are not able to exercise substantive kick-out or participating rights. As a result, ERPOP qualifies as a VIE. EQR has a controlling financial interest in ERPOP and, thus, is ERPOP’s primary beneficiary. EQR has the power to direct the activities of ERPOP that most significantly impact ERPOP’s economic performance as well as the obligation to absorb losses or the right to receive benefits from ERPOP that could potentially be significant to ERPOP. The Company has various equity interests in certain joint ventures owning 16 properties containing 3,399 apartment units. The Company is the general partner or managing member of these joint ventures and is responsible for managing the operations and affairs of the joint ventures as well as making all decisions regarding the businesses of the joint ventures. The limited partners or non-managing members are not able to exercise substantive kick-out or participating rights. As a result, the joint ventures qualify as VIEs. The Company has a controlling financial interest in the VIEs and, thus, is the VIEs’ primary beneficiary. The Company has both the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. As a result, the joint ventures are required to be consolidated on the Company’s financial statements. The Company also has entered into two separate consolidated joint ventures which each own land parcels that are being/will be developed into multifamily rental properties. These joint ventures have been deemed to be VIEs and are consolidated due to the Company being the primary beneficiary. The consolidated assets and liabilities related to the VIEs discussed above were approximately $753.7 million and $236.6 million, respectively, at June 30, 2020 Investments in Unconsolidated Entities The following table and information summarizes the Company’s investments in unconsolidated entities, which are accounted for under the equity method of accounting as the requirements for consolidation are not met, as of June 30, 2020 and December 31, 2019 June 30, 2020 December 31, 2019 Ownership Percentage Investments in Unconsolidated Entities: Operating Property (VIE) (1) $ 39,385 $ 40,361 33.3% Real Estate Technology/Other 15,925 11,877 Varies Investments in Unconsolidated Entities $ 55,310 $ 52,238 (1) Represents an unconsolidated interest in an entity that owns the land underlying one of the consolidated joint venture properties noted above and owns and operates a related parking facility. The joint venture, as a limited partner, does not have substantive kick-out or participating rights in the entity. As a result, the entity qualifies as a VIE. The joint venture does not have a controlling financial interest in the VIE and is not the VIE’s primary beneficiary. The joint venture does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance or the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result, the entity that owns the land and owns and operates the parking facility is unconsolidated and recorded using the equity method of accounting.

Restricted Deposits

Restricted Deposits	6 Months Ended
	Jun. 30, 2020
Deposits Restricted [Abstract]
Restricted Deposits	7. Restricted Deposits The following table presents the Company’s restricted deposits as of June 30, 2020 and December 31, 2019 (amounts in thousands): June 30, 2020 December 31, 2019 Mortgage escrow deposits: Replacement reserves $ 9,233 $ 8,543 Mortgage principal reserves/sinking funds 11,895 9,689 Mortgage escrow deposits 21,128 18,232 Restricted cash: Tax-deferred (1031) exchange proceeds — 14,232 Restricted deposits on real estate investments 747 658 Resident security and utility deposits 34,869 37,140 Other 1,373 984 Restricted cash 36,989 53,014 Restricted deposits $ 58,117 $ 71,246

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	8 . Leases Lessor Accounting The Company is the lessor for its residential and non-residential leases and these leases will continue to be accounted for as operating leases under the standard as described in Note 2. For the six months ended June 30, 2020, approximately 97.6% of the Company’s total lease revenue is generated from residential apartment leases that are generally twelve months or less in length. The residential apartment leases may include lease income related to such items as utility recoveries, parking, storage and pet rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. The collection of lease payments at lease commencement is probable and therefore the Company subsequently recognizes lease income over the lease term on a straight-line basis. Residential leases are renewable upon consent of both parties on an annual or monthly basis. For the six months ended June 30, 2020, approximately 2.4% of the Company’s total lease revenue is generated by non-residential leases that are generally for terms ranging between five to ten years. The non-residential leases generally consist of ground floor retail spaces and master-leased parking garages that serve as additional amenities for our residents. The non-residential leases may include lease income related to such items as utility recoveries, parking rent and storage rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. The collection of lease payments at lease commencement is probable and therefore the Company subsequently recognizes lease income over the lease term on a straight-line basis. Non-residential leases are renewable with market-based renewal options. The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the six months and quarter ended June 30, 2020 (amounts in thousands): Six Months Ended June 30, 2020 Quarter Ended June 30, 2020 Income Type Residential Leases Non-Residential Leases Total Residential Leases Non-Residential Leases Total Residential and non-residential rent $ 1,207,106 $ 30,221 $ 1,237,327 $ 594,626 $ 12,127 $ 606,753 Utility recoveries (RUBS income) (1) 35,232 375 35,607 17,814 147 17,961 Parking rent 19,460 223 19,683 9,627 126 9,753 Storage rent 1,913 40 1,953 951 21 972 Pet rent 5,740 — 5,740 2,839 — 2,839 Total lease revenue $ 1,269,451 $ 30,859 1,300,310 $ 625,857 $ 12,421 638,278 Total other rental income (2) 35,527 15,254 Rental income $ 1,335,837 $ 653,532 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other rental income is accounted for under the revenue recognition standard. The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the six months and quarter ended June 30, 2019 (amounts in thousands): Six Months Ended June 30, 2019 Quarter Ended June 30, 2019 Income Type Residential Leases Non-Residential Leases Total Residential Leases Non-Residential Leases Total Residential and non-residential rent $ 1,190,729 $ 36,163 $ 1,226,892 $ 598,209 $ 17,693 $ 615,902 Utility recoveries (RUBS income) (1) 33,303 412 33,715 16,858 209 17,067 Parking rent 18,469 159 18,628 9,332 87 9,419 Storage rent 1,856 32 1,888 937 (12 ) 925 Pet rent 5,798 — 5,798 2,911 — 2,911 Total lease revenue $ 1,250,155 $ 36,766 1,286,921 $ 628,247 $ 17,977 646,224 Total other rental income (2) 44,755 23,150 Rental income $ 1,331,676 $ 669,374 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other rental income is accounted for under the revenue recognition standard.

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	9 . Debt EQR Mortgage Notes Payable The following table summarizes the Company’s mortgage notes payable activity for the six months ended June 30, 2020 (amounts in thousands): Mortgage notes payable, net as of December 31, 2019 Proceeds Lump sum payoffs Scheduled principal repayments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Mortgage notes payable, net as of June 30, 2020 Fixed Rate Debt: Secured – Conventional $ 1,574,699 $ 495,000 (2) $ (91,500 ) $ (3,873 ) $ 571 $ (2,035 ) $ 1,972,862 Floating Rate Debt: Secured – Conventional 7,050 145 — — — 120 7,315 Secured – Tax Exempt 359,861 — — — 620 99 360,580 Floating Rate Debt 366,911 145 — — 620 219 367,895 Total $ 1,941,610 $ 495,145 $ (91,500 ) $ (3,873 ) $ 1,191 $ (1,816 ) $ 2,340,757 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2 ) Obtained a 2.60% fixed rate mortgage loan pool maturing on May 1, 2030. The following table summarizes the Company’s debt extinguishment costs on mortgages recorded as additional interest expense during the six months ended June 30, 2020 (amounts in thousands): Description Amount Write-offs of unamortized deferred financing costs $ 32 The following table summarizes certain interest rate and maturity date information as of and for the six months ended June 30, 2020: June 30, 2020 Interest Rate Ranges 0.07% - 5.29% Weighted Average Interest Rate 3.51% Maturity Date Ranges 2020-2061 As of June 30, 2020, the Company had $281.7 million of secured debt (primarily tax-exempt bonds) subject to third party credit enhancement. Notes The following table summarizes the Company’s notes activity for the six months ended June 30, 2020 (amounts in thousands): Notes, net as of December 31, 2019 Proceeds Lump sum payoffs Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Notes, net as of June 30, 2020 Fixed Rate Debt: Unsecured – Public $ 6,077,513 $ — $ — $ 1,362 $ 2,227 $ 6,081,102 (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 six months ended June 30, 2020: June 30, 2020 Interest Rate Ranges 2.50% - 7.57% Weighted Average Interest Rate 4.06% Maturity Date Ranges 2021-2047 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 six months ended June 30, 2020. Line of Credit and Commercial Paper On November 1, 2019, the Company replaced its existing $2.0 billion facility with a $2.5 billion unsecured revolving credit facility maturing November 1, 2024. The Company has the ability to increase available borrowings by an additional $750.0 million by adding lenders to the facility, obtaining the agreement of existing lenders to increase their commitments or incurring one or more term loans. The interest rate on advances under the facility will generally be LIBOR plus a spread (currently 0.775%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 0.125%). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating. The weighted average interest rate on the revolving credit facility was 1.47% for the six months ended June 30, 2020. The Company has an unsecured commercial paper note program in the United States. On November 4, 2019, the Company increased the maximum aggregate amount outstanding for the commercial paper program from $500.0 million to $1.0 billion. The notes will be sold under customary terms in the United States commercial paper note market subject to market conditions and will rank pari passu with all of the Company’s other unsecured senior indebtedness. The notes bear interest at various floating rates with a weighted average interest rate of 1.81% for the six months ended June 30, 2020. The weighted average amount outstanding for the six months ended June 30, 2020 was approximately $522.7 million. The Company limits its utilization of the revolving credit facility in order to maintain liquidity to support its $1.0 billion commercial paper program along with certain other obligations. The following table presents the availability on the Company’s unsecured revolving credit facility as of June 30, 2020 (amounts in thousands): June 30, 2020 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding — Unsecured revolving credit facility balance outstanding — Other restricted amounts (100,949 ) Unsecured revolving credit facility availability $ 2,399,051

Derivative and Other Fair Value

Derivative and Other Fair Value Instruments	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Derivative and Other Fair Value Instruments	10 . Derivative and Other Fair Value The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company may seek to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business. A • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value The Company’s derivative positions are valued using models developed by the respective counterparty as well as models applied internally by the Company that use as their inputs readily observable market parameters (such as forward yield curves and credit default swap data). Employee holdings other than Common Shares within the supplemental executive retirement plan (the “SERP”) are valued using quoted market prices for identical assets and are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are valued using the quoted market price of Common Shares. The fair values disclosed for mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) were calculated using indicative rates provided by lenders of similar loans in the case of mortgage notes payable and the private unsecured debt (including its commercial paper and line of credit, if applicable) and quoted market prices for each underlying issuance in the case of the public unsecured notes. The fair values of the Company’s financial instruments (other than mortgage notes payable, unsecured notes, commercial paper, line of credit and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract value. The June 30, 2020 December 31, 2019 Carrying Value Estimated Fair Value (Level 2) Carrying Value Estimated Fair Value (Level 2) Mortgage notes payable, net $ 2,340,757 $ 2,370,036 $ 1,941,610 $ 1,930,710 Unsecured debt, net 6,081,102 7,012,755 7,095,346 7,677,289 Total debt, net $ 8,421,859 $ 9,382,791 $ 9,036,956 $ 9,607,999 The Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 6/30/2020 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Supplemental Executive Retirement Plan Other Assets $ 139,649 $ 139,649 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 139,649 $ 139,649 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 336,695 $ — $ 336,695 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2019 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Supplemental Executive Retirement Plan Other Assets $ 151,889 $ 151,889 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 151,889 $ 151,889 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 463,400 $ — $ 463,400 $ — The June 30, 2020 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps N/A $ — N/A N/A $ — Total $ — $ — June 30, 2019 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ 2,253 Fixed rate debt Interest expense $ (2,253 ) Total $ 2,253 $ (2,253 ) The Effective Portion June 30, 2020 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (1,190 ) Interest expense $ (11,398 ) Total $ (1,190 ) $ (11,398 ) Effective Portion June 30, 2019 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (33,765 ) Interest expense $ (8,902 ) Total $ (33,765 ) $ (8,902 ) As June 30, 2020 In April 2020, the Company paid approximately $1.2 million to settle two forward starting swaps in conjunction with the issuance of $495.0 million of ten-year

Earnings Per Share and Earnings

Earnings Per Share and Earnings Per Unit	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share And Earnings Per Unit	1 1 . Earnings Per Share and Earnings Per Equity Residential The Six Months Ended June 30, Quarter Ended June 30, 2020 2019 2020 2019 Numerator for net income per share – basic: Net income $ 604,152 $ 430,556 $ 271,481 $ 321,299 Allocation to Noncontrolling Interests – Operating Partnership (21,248 ) (15,429 ) (9,713 ) (11,510 ) Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (13,410 ) (1,620 ) (880 ) (821 ) Preferred distributions (1,545 ) (1,545 ) (772 ) (772 ) Numerator for net income per share – basic $ 567,949 $ 411,962 $ 260,116 $ 308,196 Numerator for net income per share – diluted: Net income $ 604,152 $ 430,556 $ 271,481 $ 321,299 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (13,410 ) (1,620 ) (880 ) (821 ) Preferred distributions (1,545 ) (1,545 ) (772 ) (772 ) Numerator for net income per share – diluted $ 589,197 $ 427,391 $ 269,829 $ 319,706 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 371,689 369,952 371,795 370,342 Effect of dilutive securities: OP Units 13,013 12,902 13,023 12,885 Long-term compensation shares/units 1,570 2,790 1,095 2,880 Denominator for net income per share – diluted 386,272 385,644 385,913 386,107 Net income per share – basic $ 1.53 $ 1.11 $ 0.70 $ 0.83 Net income per share – diluted $ 1.53 $ 1.11 $ 0.70 $ 0.83 ERP Operating Limited Partnership The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): Six Months Ended June 30, Quarter Ended June 30, 2020 2019 2020 2019 Numerator for net income per Unit – basic and diluted: Net income $ 604,152 $ 430,556 $ 271,481 $ 321,299 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (13,410 ) (1,620 ) (880 ) (821 ) Allocation to Preference Units (1,545 ) (1,545 ) (772 ) (772 ) Numerator for net income per Unit – basic and diluted $ 589,197 $ 427,391 $ 269,829 $ 319,706 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 384,702 382,854 384,818 383,227 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units 1,570 2,790 1,095 2,880 Denominator for net income per Unit – diluted 386,272 385,644 385,913 386,107 Net income per Unit – basic $ 1.53 $ 1.11 $ 0.70 $ 0.83 Net income per Unit – diluted $ 1.53 $ 1.11 $ 0.70 $ 0.83

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 2 . The Company, as an owner of real estate, is subject to various Federal, state and local laws, including, but not limited to, rent regulations and environmental laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations, whether related to COVID-19 or otherwise, on its current properties or on properties that it may acquire in the future. The Company does not believe there is any litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company. As of June 30, 2020, the Company has two wholly owned projects and one partially owned project totaling 824 apartment units in various stages of development with remaining commitments to fund of approximately $328.0 million (inclusive of applicable construction mortgage and joint venture partner obligations) and estimated completion dates ranging through September 30, 2021. Estimated completion dates and budgeted capital costs for projects under development currently remain unchanged from the Company’s estimates in the fourth quarter of 2019. The Company will reevaluate these dates and costs as the impact of COVID-19 becomes clearer. The Company has two projects that were completed and stabilized during the quarter ended June 30, 2020. As of June 30, 2020, the Company has two joint venture agreements with third party partners for the consolidated development of multifamily rental properties, one of which is currently under construction as noted above. The development commitment to fund the project under construction is included in the development funding totals above for one of the joint ventures. The joint venture agreements with each partner include a buy-sell provision that provides the right, but not the obligation, for the Company to acquire each respective partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events described in the joint venture agreements. See Note 6 for additional discussion.

Reportable Segments

Reportable Segments	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Reportable Segments	1 3 . Reportable Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company’s operating performance geographically by market and both on a same store and non-same store basis. While the Company does maintain a non-residential presence, it historically has accounted for approximately 4.0% of total revenues 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 same store operating segments located in urban and high-density suburban communities represent its reportable segments. The Company’s development activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the “Other” category in the tables presented below. All The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents The Six Months Ended June 30, Quarter Ended June 30, 2020 2019 2020 2019 Rental income $ 1,335,837 $ 1,331,676 $ 653,532 $ 669,374 Property and maintenance expense (220,268 ) (223,531 ) (104,452 ) (108,461 ) Real estate taxes and insurance expense (192,770 ) (182,888 ) (95,038 ) (91,446 ) Total operating expenses (413,038 ) (406,419 ) (199,490 ) (199,907 ) Net operating income $ 922,799 $ 925,257 $ 454,042 $ 469,467 The following tables present NOI for each segment from our rental real estate for the six months and quarters ended June 30, 2020 and 2019, respectively, as well as total assets and capital expenditures at June 30, 2020 (amounts in thousands): Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 239,914 $ 71,930 $ 167,984 $ 240,751 $ 72,145 $ 168,606 Orange County 53,013 12,167 40,846 51,887 12,142 39,745 San Diego 47,848 12,417 35,431 47,023 12,126 34,897 Subtotal - Southern California 340,775 96,514 244,261 339,661 96,413 243,248 San Francisco 236,580 59,313 177,267 234,514 57,629 176,885 Washington D.C. 196,601 59,331 137,270 195,453 59,389 136,064 New York 227,179 98,581 128,598 230,808 96,067 134,741 Seattle 127,073 35,440 91,633 124,029 34,634 89,395 Boston 123,673 35,144 88,529 124,671 35,639 89,032 Denver 8,944 2,419 6,525 9,125 2,417 6,708 Total same store 1,260,825 386,742 874,083 1,258,261 382,188 876,073 Non-same store/other (2) (3) Non-same store 58,629 17,748 40,881 14,374 4,423 9,951 Other (3) 16,383 8,548 7,835 59,041 19,808 39,233 Total non-same store/other 75,012 26,296 48,716 73,415 24,231 49,184 Totals $ 1,335,837 $ 413,038 $ 922,799 $ 1,331,676 $ 406,419 $ 925,257 (1) For the six months ended June 30, 2020 and 2019, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2019, less properties subsequently sold, which represented 74,264 apartment (2) For the six months ended June 30, 2020 and 2019, non-same store primarily includes properties acquired after January 1, 2019, plus any properties in lease-up and not stabilized as of January 1, (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Quarter Ended June 30, 2020 Quarter Ended June 30, 2019 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 117,994 $ 35,013 $ 82,981 $ 121,216 $ 35,688 $ 85,528 Orange County 26,318 5,953 20,365 26,058 5,966 20,092 San Diego 23,706 6,100 17,606 23,720 5,978 17,742 Subtotal - Southern California 168,018 47,066 120,952 170,994 47,632 123,362 San Francisco 116,303 29,045 87,258 118,044 28,528 89,516 Washington D.C. 97,527 28,680 68,847 98,571 29,409 69,162 New York 111,949 48,130 63,819 117,457 47,626 69,831 Seattle 63,378 18,383 44,995 63,695 17,853 45,842 Boston 59,990 16,984 43,006 62,751 17,398 45,353 Denver 6,110 1,733 4,377 6,403 1,831 4,572 Total same store 623,275 190,021 433,254 637,915 190,277 447,638 Non-same store/other (2) (3) Non-same store 24,631 7,212 17,419 4,000 1,124 2,876 Other (3) 5,626 2,257 3,369 27,459 8,506 18,953 Total non-same store/other 30,257 9,469 20,788 31,459 9,630 21,829 Totals $ 653,532 $ 199,490 $ 454,042 $ 669,374 $ 199,907 $ 469,467 (1) For the quarters ended June 30, 2020 and 2019, same store primarily includes all properties acquired or completed that were stabilized prior to April 1, 2019, less properties subsequently sold, which represented 74,843 apartment (2) For the quarters ended June 30, 2020 and 2019, non-same store primarily includes properties acquired after April 1, 2019, plus any properties in lease-up and not stabilized as of April 1, (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Six Months Ended June 30, 2020 Total Assets Capital Expenditures Same store (1) Los Angeles $ 3,064,404 $ 13,070 Orange County 397,148 3,458 San Diego 382,082 1,993 Subtotal - Southern California 3,843,634 18,521 San Francisco 3,288,932 6,940 Washington D.C. 3,120,074 10,534 New York 4,001,050 10,429 Seattle 1,838,484 4,334 Boston 1,790,996 8,631 Denver 251,427 245 Total same store 18,134,597 59,634 Non-same store/other (2) (3) Non-same store 1,642,289 1,129 Other (3) 938,065 502 Total non-same store/other 2,580,354 1,631 Totals $ 20,714,951 $ 61,265 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2019, less properties subsequently sold, which represented 74,264 apartment (2) Non-same store primarily includes properties acquired after January 1, 2019, plus any properties in lease-up and not stabilized as of January 1, (3) Other includes development, other corporate operations and capital expenditures for properties

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	1 4 . Subsequent The continued rapid development and fast-changing nature of the COVID-19 pandemic creates many unknowns that could have a future material impact on the Company. Its duration and severity and the extent of the adverse health impact on the general population, our residents and our employees, as well as the potential changes in customer preferences for living in the urban and dense suburban locations in which many of the Company’s properties are located, are among the unknowns. These, among other items, will likely impact the economy, the unemployment rate and our operations and could materially affect our future consolidated results of operations, financial condition, liquidity, investments and overall performance. Subsequent to June 30, 2020, the Company: • Repaid $19.7 million of mortgage debt at par prior to maturity.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Summary Of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. In response to the novel coronavirus (“COVID-19”) pandemic, management evaluated whether its estimates, such as lease collectibility (see discussion below) and impairment, required revised approaches and generally concluded that no revisions were necessary at this time. The balance sheets at December 31, 2019 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, 2019 .
Income and Other Taxes	Income and Other Taxes EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act was enacted to provide economic relief to companies and individuals in response to the COVID-19 pandemic. Included in the CARES Act are tax provisions which increase allowable interest expense deductions for 2019 and 2020 and increase the ability for taxpayers to use net operating losses. While we do not expect these provisions to result in a material impact to the Company’s taxable income or tax liabilities, the Company will continue to analyze the provisions of the CARES Act and related guidance as it is published. The CARES Act also allows corporations to request accelerated refunds of their alternative minimum tax (“AMT”) credit. Prior to enactment of this provision, the remaining credits would have been refunded in installments in 2020, 2021 and 2022. We have filed a claim and expect to receive a refund of our remaining $1.6 million of AMT credit in 2020.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued an amendment to the reference rate reform standard which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. An example of such reform is the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. Entities that make this optional expedient election would not have to remeasure the contracts at the modification date or reassess the accounting treatment if certain criteria are met and would continue applying hedge accounting for relationships affected by reference rate reform. The new standard was effective for the Company upon issuance and elections can be made through December 31, 2022. The Company is currently evaluating its options with regards to existing contracts and hedging relationships and the impact of adopting this update on its consolidated results of operations and financial position. Recently Adopted Accounting Pronouncements In April 2020, a FASB staff question and answer document was issued which intended to reduce the challenges of evaluating the enforceable rights and obligations of leases for concessions granted to lessees in response to the COVID-19 pandemic. We elected not to evaluate whether qualifying concessions provided by the Company in response to the COVID-19 pandemic are a lease modification, subject to the criteria that the total payments under the amended lease cannot result in a substantial increase in the rights of the lessor or obligations of the lessee . We also elected to treat the concessions as though they were contemplated as part of the existing contracts and therefore will not apply lease modification rules to the qualifying lease concession amendments. As such, deferrals deemed collectible are recorded as rental receivables with no change to timing of rental revenues and deferrals deemed non-collectible and abatements reduce rental revenues in the deferral/abatement period and cause rental revenues to effectively follow a cash basis related to the changes. The accounting elections provided by the FASB mainly apply to the Company’s non-residential leases and the majority of the amendments will not require a straight-line adjustment. During the quarter ended June 30, 2020, we have granted rent payment deferrals/abatements to our non-residential tenants of $4.5 million, of which $4.1 million reduced rental revenues. In June 2016, the FASB In The Company elected the practical expedient to not reassess the classification of existing operating leases. As of January 1, 2019, any new or modified ground leases may be classified as financing leases unless they meet certain conditions. When there is a material lease modification, the Company is required to reassess the classification and remeasure the lease liability. The Company also elected the practical expedient to account for both its lease and non-lease components as a single component under the leases standard. See Note 8 for additional discussion regarding the lease standard. In August 2017, the FASB issued a final standard which makes changes to the hedge accounting model to enable entities to better portray their risk management activities in the financial statements. The standard expands an entity’s ability to hedge nonfinancial and financial risk components, reduces complexity in fair value hedges of interest rate risk and eases certain documentation and assessment requirements. The standard also eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of any hedging instrument to be presented in the same income statement line as the hedged instrument. The Company adopted this standard as required effective January 1, 2019 and it did not have a material effect on its consolidated results of operations and financial position.

Business (Tables)

Business (Tables)	6 Months Ended
	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Ownership Breakdown	The ownership breakdown includes (table does not include various uncompleted development properties): Properties Apartment Units Wholly Owned Properties 287 74,849 Master-Leased Property – Consolidated 1 162 Partially Owned Properties – Consolidated 16 3,399 304 78,410

Equity, Capital and Other Int_2

Equity, Capital and Other Interests (Tables)	6 Months Ended
	Jun. 30, 2020
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 six months ended June 30, 2020 and 2019: 2020 2019 Common Shares Common Shares outstanding at January 1, 371,670,884 369,405,161 Common Shares Issued: Conversion of OP Units 97,363 188,406 Exercise of share options 217,935 1,059,674 Employee Share Purchase Plan (ESPP) 44,110 27,131 Restricted share grants, net 178,720 158,438 Common Shares outstanding at June 30, 372,209,012 370,838,810 Units Units outstanding at January 1, 13,731,315 13,904,035 Restricted unit grants, net 245,999 140,055 Conversion of OP Units to Common Shares (97,363 ) (188,406 ) Units outstanding at June 30, 13,879,951 13,855,684 Total Common Shares and Units outstanding at June 30, 386,088,963 384,694,494 Units Ownership Interest in Operating Partnership 3.6 % 3.6 %
Changes in Redemption Value of Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners for the six months ended June 30, 2020 and 2019 (amounts in 2020 2019 Balance at January 1, $ 463,400 $ 379,106 Change in market value (128,753 ) 56,974 Change in carrying value 2,048 (45 ) Balance at June 30, $ 336,695 $ 436,035
Issued and Outstanding Preferred Shares and Preference Units	The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as December 31, 2019 Amounts in thousands Annual Call Dividend Per June 30, December 31, Date (1) Share/Unit (2) 2020 2019 Preferred Shares/Preference Units of beneficial interest, $0.01 par value; 100,000,000 shares authorized: 8.29% Units; liquidation value $50 and outstanding as of June 30, 2020 and December 31, 2019 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares/Preference Units are payable quarterly.
ERPOP [Member]
Class Of Stock [Line Items]
Changes in Issued and Outstanding Common Shares and Units	The following table presents the changes in the Operating Partnership’s issued and outstanding General Partner Units and Limited Partner Units for the six months ended June 30, 2020 and 2019: 2020 2019 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 385,402,199 383,309,196 Issued to General Partner: Exercise of EQR share options 217,935 1,059,674 EQR’s Employee Share Purchase Plan (ESPP) 44,110 27,131 EQR’s restricted share grants, net 178,720 158,438 Issued to Limited Partners: Restricted unit grants, net 245,999 140,055 General and Limited Partner Units outstanding at June 30, 386,088,963 384,694,494 Limited Partner Units Limited Partner Units outstanding at January 1, 13,731,315 13,904,035 Limited Partner restricted unit grants, net 245,999 140,055 Conversion of Limited Partner OP Units to EQR Common Shares (97,363 ) (188,406 ) Limited Partner Units outstanding at June 30, 13,879,951 13,855,684 Limited Partner Units Ownership Interest in Operating Partnership 3.6 % 3.6 %

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 (amounts in thousands): June 30, 2020 December 31, 2019 Land $ 5,789,307 $ 5,936,188 Depreciable property: Buildings and improvements 18,574,877 18,904,686 Furniture, fixtures and equipment 1,936,039 1,916,458 In-Place lease intangibles 486,987 497,957 Projects under development: Land 23,531 23,531 Construction-in-progress 251,294 158,099 Land held for development: Land 64,460 64,460 Construction-in-progress 37,901 32,228 Investment in real estate 27,164,396 27,533,607 Accumulated depreciation (7,537,713 ) (7,276,786 ) Investment in real estate, net $ 19,626,683 $ 20,256,821
Disposed Properties to Unaffiliated Parties	During the six months ended June 30, 2020, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 5 1,552 $ 754,361 Total 5 1,552 $ 754,361

Commitments to Acquire_Dispos_2

Commitments to Acquire/Dispose of Real Estate (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments To Acquire Dispose Of Real Estate [Abstract]
Separate Agreements to Dispose	The Company has entered into separate agreements to dispose of the following (sales price and net book value in thousands): Properties Apartment Units Sales Price Net Book Value Land Parcels (two) — — $ 55,150 $ 19,445 Total — — $ 55,150 $ 19,445

Investments in Partially Owne_2

Investments in Partially Owned Entities (Tables)	6 Months Ended
	Jun. 30, 2020
Investments In Partially Owned Entities [Abstract]
Summary of Companys Investment in Unconsolidated Entities	The following table and information summarizes the Company’s investments in unconsolidated entities, which are accounted for under the equity method of accounting as the requirements for consolidation are not met, as of June 30, 2020 and December 31, 2019 June 30, 2020 December 31, 2019 Ownership Percentage Investments in Unconsolidated Entities: Operating Property (VIE) (1) $ 39,385 $ 40,361 33.3% Real Estate Technology/Other 15,925 11,877 Varies Investments in Unconsolidated Entities $ 55,310 $ 52,238 (1) Represents an unconsolidated interest in an entity that owns the land underlying one of the consolidated joint venture properties noted above and owns and operates a related parking facility. The joint venture, as a limited partner, does not have substantive kick-out or participating rights in the entity. As a result, the entity qualifies as a VIE. The joint venture does not have a controlling financial interest in the VIE and is not the VIE’s primary beneficiary. The joint venture does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance or the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result, the entity that owns the land and owns and operates the parking facility is unconsolidated and recorded using the equity method of accounting.

Restricted Deposits (Tables)

Restricted Deposits (Tables)	6 Months Ended
	Jun. 30, 2020
Deposits Restricted [Abstract]
Restricted Deposits	The following table presents the Company’s restricted deposits as of June 30, 2020 and December 31, 2019 (amounts in thousands): June 30, 2020 December 31, 2019 Mortgage escrow deposits: Replacement reserves $ 9,233 $ 8,543 Mortgage principal reserves/sinking funds 11,895 9,689 Mortgage escrow deposits 21,128 18,232 Restricted cash: Tax-deferred (1031) exchange proceeds — 14,232 Restricted deposits on real estate investments 747 658 Resident security and utility deposits 34,869 37,140 Other 1,373 984 Restricted cash 36,989 53,014 Restricted deposits $ 58,117 $ 71,246

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Summary of Lease Income Types Relating to Lease Payments along with Total Other Rental Income	The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the six months and quarter ended June 30, 2020 (amounts in thousands): Six Months Ended June 30, 2020 Quarter Ended June 30, 2020 Income Type Residential Leases Non-Residential Leases Total Residential Leases Non-Residential Leases Total Residential and non-residential rent $ 1,207,106 $ 30,221 $ 1,237,327 $ 594,626 $ 12,127 $ 606,753 Utility recoveries (RUBS income) (1) 35,232 375 35,607 17,814 147 17,961 Parking rent 19,460 223 19,683 9,627 126 9,753 Storage rent 1,913 40 1,953 951 21 972 Pet rent 5,740 — 5,740 2,839 — 2,839 Total lease revenue $ 1,269,451 $ 30,859 1,300,310 $ 625,857 $ 12,421 638,278 Total other rental income (2) 35,527 15,254 Rental income $ 1,335,837 $ 653,532 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other rental income is accounted for under the revenue recognition standard. The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the six months and quarter ended June 30, 2019 (amounts in thousands): Six Months Ended June 30, 2019 Quarter Ended June 30, 2019 Income Type Residential Leases Non-Residential Leases Total Residential Leases Non-Residential Leases Total Residential and non-residential rent $ 1,190,729 $ 36,163 $ 1,226,892 $ 598,209 $ 17,693 $ 615,902 Utility recoveries (RUBS income) (1) 33,303 412 33,715 16,858 209 17,067 Parking rent 18,469 159 18,628 9,332 87 9,419 Storage rent 1,856 32 1,888 937 (12 ) 925 Pet rent 5,798 — 5,798 2,911 — 2,911 Total lease revenue $ 1,250,155 $ 36,766 1,286,921 $ 628,247 $ 17,977 646,224 Total other rental income (2) 44,755 23,150 Rental income $ 1,331,676 $ 669,374 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other rental income is accounted for under the revenue recognition standard.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Instrument [Line Items]
Summary of Mortgage Notes Payable Activity	The following table summarizes the Company’s mortgage notes payable activity for the six months ended June 30, 2020 (amounts in thousands): Mortgage notes payable, net as of December 31, 2019 Proceeds Lump sum payoffs Scheduled principal repayments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Mortgage notes payable, net as of June 30, 2020 Fixed Rate Debt: Secured – Conventional $ 1,574,699 $ 495,000 (2) $ (91,500 ) $ (3,873 ) $ 571 $ (2,035 ) $ 1,972,862 Floating Rate Debt: Secured – Conventional 7,050 145 — — — 120 7,315 Secured – Tax Exempt 359,861 — — — 620 99 360,580 Floating Rate Debt 366,911 145 — — 620 219 367,895 Total $ 1,941,610 $ 495,145 $ (91,500 ) $ (3,873 ) $ 1,191 $ (1,816 ) $ 2,340,757 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2 ) Obtained a 2.60% fixed rate mortgage loan pool maturing on May 1, 2030. The following table summarizes the Company’s debt extinguishment costs on mortgages recorded as additional interest expense during the six months ended June 30, 2020 (amounts in thousands): Description Amount Write-offs of unamortized deferred financing costs $ 32
Summary of Notes Activity	The following table summarizes the Company’s notes activity for the six months ended June 30, 2020 (amounts in thousands): Notes, net as of December 31, 2019 Proceeds Lump sum payoffs Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Notes, net as of June 30, 2020 Fixed Rate Debt: Unsecured – Public $ 6,077,513 $ — $ — $ 1,362 $ 2,227 $ 6,081,102 (1) Represents amortization of deferred financing costs, net of debt financing costs.
Schedule of Unsecured Revolving Credit Facility	The following table presents the availability on the Company’s unsecured revolving credit facility as of June 30, 2020 (amounts in thousands): June 30, 2020 Unsecured revolving credit facility commitment $ 2,500,000 Commercial paper balance outstanding — Unsecured revolving credit facility balance outstanding — Other restricted amounts (100,949 ) Unsecured revolving credit facility availability $ 2,399,051
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 six months ended June 30, 2020: June 30, 2020 Interest Rate Ranges 0.07% - 5.29% Weighted Average Interest Rate 3.51% Maturity Date Ranges 2020-2061
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 six months ended June 30, 2020: June 30, 2020 Interest Rate Ranges 2.50% - 7.57% Weighted Average Interest Rate 4.06% Maturity Date Ranges 2021-2047

Derivative and Other Fair Val_2

Derivative and Other Fair Value Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Summary of Carrying and Fair Values of Financial Instruments	The June 30, 2020 December 31, 2019 Carrying Value Estimated Fair Value (Level 2) Carrying Value Estimated Fair Value (Level 2) Mortgage notes payable, net $ 2,340,757 $ 2,370,036 $ 1,941,610 $ 1,930,710 Unsecured debt, net 6,081,102 7,012,755 7,095,346 7,677,289 Total debt, net $ 8,421,859 $ 9,382,791 $ 9,036,956 $ 9,607,999
Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis	The Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 6/30/2020 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Supplemental Executive Retirement Plan Other Assets $ 139,649 $ 139,649 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 139,649 $ 139,649 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 336,695 $ — $ 336,695 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2019 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Supplemental Executive Retirement Plan Other Assets $ 151,889 $ 151,889 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 151,889 $ 151,889 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 463,400 $ — $ 463,400 $ —
Summary of Effect of Fair Value Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income	The June 30, 2020 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps N/A $ — N/A N/A $ — Total $ — $ — June 30, 2019 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ 2,253 Fixed rate debt Interest expense $ (2,253 ) Total $ 2,253 $ (2,253 )
Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income	The Effective Portion June 30, 2020 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (1,190 ) Interest expense $ (11,398 ) Total $ (1,190 ) $ (11,398 ) Effective Portion June 30, 2019 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (33,765 ) Interest expense $ (8,902 ) Total $ (33,765 ) $ (8,902 )

Earnings Per Share and Earnin_2

Earnings Per Share and Earnings Per Unit (Tables)	6 Months Ended
	Jun. 30, 2020
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit	The Six Months Ended June 30, Quarter Ended June 30, 2020 2019 2020 2019 Numerator for net income per share – basic: Net income $ 604,152 $ 430,556 $ 271,481 $ 321,299 Allocation to Noncontrolling Interests – Operating Partnership (21,248 ) (15,429 ) (9,713 ) (11,510 ) Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (13,410 ) (1,620 ) (880 ) (821 ) Preferred distributions (1,545 ) (1,545 ) (772 ) (772 ) Numerator for net income per share – basic $ 567,949 $ 411,962 $ 260,116 $ 308,196 Numerator for net income per share – diluted: Net income $ 604,152 $ 430,556 $ 271,481 $ 321,299 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (13,410 ) (1,620 ) (880 ) (821 ) Preferred distributions (1,545 ) (1,545 ) (772 ) (772 ) Numerator for net income per share – diluted $ 589,197 $ 427,391 $ 269,829 $ 319,706 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 371,689 369,952 371,795 370,342 Effect of dilutive securities: OP Units 13,013 12,902 13,023 12,885 Long-term compensation shares/units 1,570 2,790 1,095 2,880 Denominator for net income per share – diluted 386,272 385,644 385,913 386,107 Net income per share – basic $ 1.53 $ 1.11 $ 0.70 $ 0.83 Net income per share – diluted $ 1.53 $ 1.11 $ 0.70 $ 0.83
ERPOP [Member]
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit	The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): Six Months Ended June 30, Quarter Ended June 30, 2020 2019 2020 2019 Numerator for net income per Unit – basic and diluted: Net income $ 604,152 $ 430,556 $ 271,481 $ 321,299 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (13,410 ) (1,620 ) (880 ) (821 ) Allocation to Preference Units (1,545 ) (1,545 ) (772 ) (772 ) Numerator for net income per Unit – basic and diluted $ 589,197 $ 427,391 $ 269,829 $ 319,706 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 384,702 382,854 384,818 383,227 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units 1,570 2,790 1,095 2,880 Denominator for net income per Unit – diluted 386,272 385,644 385,913 386,107 Net income per Unit – basic $ 1.53 $ 1.11 $ 0.70 $ 0.83 Net income per Unit – diluted $ 1.53 $ 1.11 $ 0.70 $ 0.83

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations	The Six Months Ended June 30, Quarter Ended June 30, 2020 2019 2020 2019 Rental income $ 1,335,837 $ 1,331,676 $ 653,532 $ 669,374 Property and maintenance expense (220,268 ) (223,531 ) (104,452 ) (108,461 ) Real estate taxes and insurance expense (192,770 ) (182,888 ) (95,038 ) (91,446 ) Total operating expenses (413,038 ) (406,419 ) (199,490 ) (199,907 ) Net operating income $ 922,799 $ 925,257 $ 454,042 $ 469,467
Schedule of NOI for Each Segment from Rental Real Estate Specific to Continuing Operations	The following tables present NOI for each segment from our rental real estate for the six months and quarters ended June 30, 2020 and 2019, respectively, as well as total assets and capital expenditures at June 30, 2020 (amounts in thousands): Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 239,914 $ 71,930 $ 167,984 $ 240,751 $ 72,145 $ 168,606 Orange County 53,013 12,167 40,846 51,887 12,142 39,745 San Diego 47,848 12,417 35,431 47,023 12,126 34,897 Subtotal - Southern California 340,775 96,514 244,261 339,661 96,413 243,248 San Francisco 236,580 59,313 177,267 234,514 57,629 176,885 Washington D.C. 196,601 59,331 137,270 195,453 59,389 136,064 New York 227,179 98,581 128,598 230,808 96,067 134,741 Seattle 127,073 35,440 91,633 124,029 34,634 89,395 Boston 123,673 35,144 88,529 124,671 35,639 89,032 Denver 8,944 2,419 6,525 9,125 2,417 6,708 Total same store 1,260,825 386,742 874,083 1,258,261 382,188 876,073 Non-same store/other (2) (3) Non-same store 58,629 17,748 40,881 14,374 4,423 9,951 Other (3) 16,383 8,548 7,835 59,041 19,808 39,233 Total non-same store/other 75,012 26,296 48,716 73,415 24,231 49,184 Totals $ 1,335,837 $ 413,038 $ 922,799 $ 1,331,676 $ 406,419 $ 925,257 (1) For the six months ended June 30, 2020 and 2019, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2019, less properties subsequently sold, which represented 74,264 apartment (2) For the six months ended June 30, 2020 and 2019, non-same store primarily includes properties acquired after January 1, 2019, plus any properties in lease-up and not stabilized as of January 1, (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Quarter Ended June 30, 2020 Quarter Ended June 30, 2019 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 117,994 $ 35,013 $ 82,981 $ 121,216 $ 35,688 $ 85,528 Orange County 26,318 5,953 20,365 26,058 5,966 20,092 San Diego 23,706 6,100 17,606 23,720 5,978 17,742 Subtotal - Southern California 168,018 47,066 120,952 170,994 47,632 123,362 San Francisco 116,303 29,045 87,258 118,044 28,528 89,516 Washington D.C. 97,527 28,680 68,847 98,571 29,409 69,162 New York 111,949 48,130 63,819 117,457 47,626 69,831 Seattle 63,378 18,383 44,995 63,695 17,853 45,842 Boston 59,990 16,984 43,006 62,751 17,398 45,353 Denver 6,110 1,733 4,377 6,403 1,831 4,572 Total same store 623,275 190,021 433,254 637,915 190,277 447,638 Non-same store/other (2) (3) Non-same store 24,631 7,212 17,419 4,000 1,124 2,876 Other (3) 5,626 2,257 3,369 27,459 8,506 18,953 Total non-same store/other 30,257 9,469 20,788 31,459 9,630 21,829 Totals $ 653,532 $ 199,490 $ 454,042 $ 669,374 $ 199,907 $ 469,467 (1) For the quarters ended June 30, 2020 and 2019, same store primarily includes all properties acquired or completed that were stabilized prior to April 1, 2019, less properties subsequently sold, which represented 74,843 apartment (2) For the quarters ended June 30, 2020 and 2019, non-same store primarily includes properties acquired after April 1, 2019, plus any properties in lease-up and not stabilized as of April 1, (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Six Months Ended June 30, 2020 Total Assets Capital Expenditures Same store (1) Los Angeles $ 3,064,404 $ 13,070 Orange County 397,148 3,458 San Diego 382,082 1,993 Subtotal - Southern California 3,843,634 18,521 San Francisco 3,288,932 6,940 Washington D.C. 3,120,074 10,534 New York 4,001,050 10,429 Seattle 1,838,484 4,334 Boston 1,790,996 8,631 Denver 251,427 245 Total same store 18,134,597 59,634 Non-same store/other (2) (3) Non-same store 1,642,289 1,129 Other (3) 938,065 502 Total non-same store/other 2,580,354 1,631 Totals $ 20,714,951 $ 61,265 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2019, less properties subsequently sold, which represented 74,264 apartment (2) Non-same store primarily includes properties acquired after January 1, 2019, plus any properties in lease-up and not stabilized as of January 1, (3) Other includes development, other corporate operations and capital expenditures for properties

Business - Additional Informati

Business - Additional Information (Details)	Jun. 30, 2020StatePropertyApartmentUnit
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of states in which entity operates | State	9
Properties | Property	304
Apartment units | ApartmentUnit	78,410
ERPOP [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Noncontrolling interest, ownership percentage by parent	96.40%

Business - Ownership Breakdown

Business - Ownership Breakdown (Details)	Jun. 30, 2020PropertyApartmentUnit
Property/Unit schedule
Properties | Property	304
Apartment Units | ApartmentUnit	78,410
Wholly Owned Properties
Property/Unit schedule
Properties | Property	287
Apartment Units | ApartmentUnit	74,849
Master-Leased Property Consolidated
Property/Unit schedule
Properties | Property	1
Apartment Units | ApartmentUnit	162
Partially Owned Properties – Consolidated
Property/Unit schedule
Properties | Property	16
Apartment Units | ApartmentUnit	3,399

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jan. 01, 2019
Provision for income tax	$ 187,000	$ 246,000	$ 240,000	$ 484,000
Remaining AMT refunds	1,600,000		1,600,000
Rent payment deferrals	4,500,000
Decrease in rental revenues	$ 4,100,000
Right-of-use assets					$ 434,200,000
Lease liabilities					$ 278,300,000
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	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Equity Capital And Other Interests [Abstract]
Common Stock, Shares, Outstanding	371,670,884	369,405,161
Common Shares Issued:
Conversion of OP Units	97,363	188,406
Exercise of share options	217,935	1,059,674
Employee Share Purchase Plan (ESPP)	44,110	27,131
Restricted share grants, net	178,720	158,438
Common Stock, Shares, Outstanding	372,209,012	370,838,810
Units
Total Units Outstanding	13,731,315	13,904,035
Restricted unit grants, net	245,999	140,055
Conversion of OP Units to Common Shares	(97,363)	(188,406)
Total Units Outstanding	13,879,951	13,855,684
Common Shares And Units Outstanding	386,088,963	384,694,494
Units Ownership Interest in Operating Partnership	3.60%	3.60%

Equity, Capital and Other Int_4

Equity, Capital and Other Interests - Changes in Operating Partnership's Issued and Outstanding General Partner Units and Limited Partner Units (Details) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
General and Limited Partner Units
Exercise of share options	217,935	1,059,674
Employee Share Purchase Plan (ESPP)	44,110	27,131
Restricted share grants, net	178,720	158,438
Restricted unit grants, net	245,999	140,055
Common Shares And Units Outstanding	386,088,963	384,694,494
Limited Partner Units
Total Units Outstanding	13,731,315	13,904,035
Restricted unit grants, net	245,999	140,055
Conversion of Limited Partner OP Units to EQR Common Shares	(97,363)	(188,406)
Total Units Outstanding	13,879,951	13,855,684
Units Ownership Interest in Operating Partnership	3.60%	3.60%
ERPOP [Member]
General and Limited Partner Units
Common Shares And Units Outstanding	385,402,199	383,309,196
Exercise of share options	217,935	1,059,674
Employee Share Purchase Plan (ESPP)	44,110	27,131
Restricted share grants, net	178,720	158,438
Restricted unit grants, net	245,999	140,055
Common Shares And Units Outstanding	386,088,963	384,694,494
Limited Partner Units
Total Units Outstanding	13,731,315	13,904,035
Restricted unit grants, net	245,999	140,055
Conversion of Limited Partner OP Units to EQR Common Shares	(97,363)	(188,406)
Total Units Outstanding	13,879,951	13,855,684
Units Ownership Interest in Operating Partnership	3.60%	3.60%

Equity, Capital and Other Int_5

Equity, Capital and Other Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Equity Capital And Other Interests [Abstract]
Redeemable noncontrolling interests - operating partnership	$ 336,695	$ 463,400	$ 436,035	$ 379,106
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	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Equity Capital And Other Interests [Abstract]
Redeemable Noncontrolling Interests - Operating Partnership Units	$ 463,400	$ 379,106
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership	(128,753)	56,974
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	2,048	(45)
Redeemable Noncontrolling Interests - Operating Partnership Units	$ 336,695	$ 436,035

Equity, Capital and Other Int_7

Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Limited Partners Interest (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Equity Capital And Other Interests [Abstract]
Redeemable Limited Partners	$ 463,400	$ 379,106
Limited Partners Change In Redemption Value	(128,753)	56,974
Limited Partners Change In Carrying Value	2,048	(45)
Redeemable Limited Partners	$ 336,695	$ 436,035

Equity, Capital and Other Int_8

Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Details) - ERPOP [Member] - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share; 745,600 shares issued and outstanding as of June 30, 2020 and December 31, 2019	$ 37,280	$ 37,280
Preferred Stock
Class Of Stock [Line Items]
Preferred Stocks Preference Units Call Date	Dec. 10, 2026
Annual Dividend Per Preferred Share Preference Unit	$ 4.145
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share; 745,600 shares issued and outstanding as of June 30, 2020 and December 31, 2019	$ 37,280	$ 37,280

Equity, Capital and Other Int_9

Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Parenthetical) (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock
Class Of Stock [Line Items]
Preferred Stock Preference Units Issued	745,600	745,600
Preferred Stock Preference Units Outstanding	745,600	745,600
Preferred Stock Preference Units Redemption Price Per Share	$ 50	$ 50
Preferred Stock Preference Units Dividend Rate Percentage	8.29%	8.29%

Equity, Capital and Other In_10

Equity, Capital and Other Interests - Other - Additional Information (Details)	77 Months Ended	150 Months Ended
	Jun. 30, 2020shares	Jun. 30, 2020shares
Equity Capital And Other Interests [Abstract]
Additional common shares authorized	13,000,000	13,000,000
Stock repurchase program, number of shares authorized to be repurchased	13,000,000	13,000,000
Stock open market repurchased and retired during period, shares	0	0
Stock repurchase program, remaining number of shares authorized to be repurchased	13,000,000	13,000,000

Real Estate - Summary of Carryi

Real Estate - Summary of Carrying Amounts of Investment in Real Estate (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Land	$ 5,789,307	$ 5,936,188
Depreciable property:
Buildings and improvements	18,574,877	18,904,686
Furniture, fixtures and equipment	1,936,039	1,916,458
In-Place lease intangibles	486,987	497,957
Projects under development:
Projects under development	274,825	181,630
Land held for development:
Land held for development	102,361	96,688
Investment in real estate	27,164,396	27,533,607
Accumulated depreciation	(7,537,713)	(7,276,786)
Investment in real estate, net	19,626,683	20,256,821
Land [Member]
Projects under development:
Projects under development	23,531	23,531
Land held for development:
Land held for development	64,460	64,460
Construction-in-progress [Member]
Projects under development:
Projects under development	251,294	158,099
Land held for development:
Land held for development	$ 37,901	$ 32,228

Real Estate - Disposed Properti

Real Estate - Disposed Properties to Unaffiliated Parties (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)PropertyApartmentUnit
Properties disposed | Property	5
Property Units disposed | ApartmentUnit	1,552
Sales Price | $	$ 754,361
Rental Properties – Consolidated [Member]
Properties disposed | Property	5
Property Units disposed | ApartmentUnit	1,552
Sales Price | $	$ 754,361

Real Estate - Additional Inform

Real Estate - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Real Estate [Abstract]
Net gain on sales of real estate properties	$ 144,266	$ 138,856	$ 352,243	$ 138,835

Commitments to Acquire_Dispos_3

Commitments to Acquire/Dispose of Real Estate - Separate Agreements to Dispose (Details) $ in Thousands	Jun. 30, 2020USD ($)
Property/Unit schedule
Sales Price	$ 55,150
Net Book Value	19,445
Land [Member]
Property/Unit schedule
Sales Price	55,150
Net Book Value	$ 19,445

Investments in Partially Owne_3

Investments in Partially Owned Entities - Consolidated Variable Interest Entities ("VIEs") - Additional Information (Details) $ in Thousands	Jun. 30, 2020USD ($)PropertyApartmentUnit	Dec. 31, 2019USD ($)
Variable Interest Entity [Line Items]
Properties | Property	304
Apartment units | ApartmentUnit	78,410
Total assets	$ 20,714,951	$ 21,172,769
Total liabilities	$ 9,540,780	10,164,843
Consolidated VIE [Member]
Variable Interest Entity [Line Items]
Properties | Property	16
Apartment units | ApartmentUnit	3,399
Total assets	$ 753,700	754,700
Total liabilities	$ 236,600	$ 323,100

Investments in Partially Owne_4

Investments in Partially Owned Entities - Summary of Companys Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 55,310	$ 52,238
Real Estate Technology/Other [Member]
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	15,925	11,877
Unconsolidated VIE [Member] | Operating Property [Member]
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 39,385	$ 40,361
Ownership Percentage	33.30%

Restricted Deposits - Restricte

Restricted Deposits - Restricted Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Mortgage escrow deposits:
Replacement reserves	$ 9,233	$ 8,543
Mortgage principal reserves/sinking funds	11,895	9,689
Mortgage escrow deposits	21,128	18,232
Restricted cash:
Tax-deferred (1031) exchange proceeds		14,232
Restricted deposits on real estate investments	747	658
Resident security and utility deposits	34,869	37,140
Other	1,373	984
Restricted cash	36,989	53,014
Restricted deposits	$ 58,117	$ 71,246	$ 58,195

Leases - Additional Information

Leases - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020
Residential Apartment Leases [Member]
Operating Leased Assets [Line Items]
Percentage of rental income	97.60%
Non-residential Leases [Member]
Operating Leased Assets [Line Items]
Percentage of rental income	2.40%
Non-residential Leases [Member] | Minimum [Member]
Operating Leased Assets [Line Items]
Retail leases term	5 years
Non-residential Leases [Member] | Maximum [Member]
Operating Leased Assets [Line Items]
Retail leases term	10 years

Leases - Summary of Lease Incom

Leases - Summary of Lease Income Types Relating to Lease Payments along with Total Other Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating Leased Assets [Line Items]
Residential and non-residential rent	$ 638,278	$ 646,224	$ 1,300,310	$ 1,286,921
Rental income	653,532	669,374	1,335,837	1,331,676
Residential Leases [Member]
Operating Leased Assets [Line Items]
Residential and non-residential rent	625,857	628,247	1,269,451	1,250,155
Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Residential and non-residential rent	12,421	17,977	30,859	36,766
Residential and Non-Residential Rent [Member]
Operating Leased Assets [Line Items]
Residential and non-residential rent	606,753	615,902	1,237,327	1,226,892
Residential and Non-Residential Rent [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Residential and non-residential rent	594,626	598,209	1,207,106	1,190,729
Residential and Non-Residential Rent [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Residential and non-residential rent	12,127	17,693	30,221	36,163
Utility Recoveries (RUBS Income) [Member]
Operating Leased Assets [Line Items]
Residential and non-residential rent	17,961	17,067	35,607	33,715
Utility Recoveries (RUBS Income) [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Residential and non-residential rent	17,814	16,858	35,232	33,303
Utility Recoveries (RUBS Income) [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Residential and non-residential rent	147	209	375	412
Parking Rent [Member]
Operating Leased Assets [Line Items]
Residential and non-residential rent	9,753	9,419	19,683	18,628
Parking Rent [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Residential and non-residential rent	9,627	9,332	19,460	18,469
Parking Rent [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Residential and non-residential rent	126	87	223	159
Storage Rent [Member]
Operating Leased Assets [Line Items]
Residential and non-residential rent	972	925	1,953	1,888
Storage Rent [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Residential and non-residential rent	951	937	1,913	1,856
Storage Rent [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Residential and non-residential rent	21	(12)	40	32
Pet Rent [Member]
Operating Leased Assets [Line Items]
Residential and non-residential rent	2,839	2,911	5,740	5,798
Pet Rent [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Residential and non-residential rent	2,839	2,911	5,740	5,798
Other Rental Income [Member]
Operating Leased Assets [Line Items]
Rental income	$ 15,254	$ 23,150	$ 35,527	$ 44,755

Debt - Mortgage Notes Payable -

Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	$ 1,941,610
Proceeds	495,145	$ 295,620
Lump sum payoffs	(91,500)	(95,500)
Scheduled principal repayments	(3,873)
Amortization of premiums/ discounts	1,191	$ 16,426
Amortization of deferred financing costs, net	(1,816)
Mortgage notes payable, net ending balance	2,340,757
Fixed Rate Debt [Member] | Secured – Conventional [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	1,574,699
Proceeds	495,000
Lump sum payoffs	(91,500)
Scheduled principal repayments	(3,873)
Amortization of premiums/ discounts	571
Amortization of deferred financing costs, net	(2,035)
Mortgage notes payable, net ending balance	1,972,862
Floating Rate Debt [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	366,911
Proceeds	145
Amortization of premiums/ discounts	620
Amortization of deferred financing costs, net	219
Mortgage notes payable, net ending balance	367,895
Floating Rate Debt [Member] | Secured – Conventional [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	7,050
Proceeds	145
Amortization of deferred financing costs, net	120
Mortgage notes payable, net ending balance	7,315
Floating Rate Debt [Member] | Secured – Tax Exempt [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	359,861
Amortization of premiums/ discounts	620
Amortization of deferred financing costs, net	99
Mortgage notes payable, net ending balance	$ 360,580

Debt - Mortgage Notes Payable_2

Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2020
Debt Instrument [Line Items]
Debt instrument, maturity date	Nov. 1, 2024
Fannie Mae Loan Pool [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.60%
Debt instrument, maturity date	May 1, 2030

Debt - Mortgage Notes Payable_3

Debt - Mortgage Notes Payable - Summary of Debt Extinguishment Costs on Mortgages Recorded as Additional Interest Expense (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Debt Disclosure [Abstract]
Write-offs of unamortized deferred financing costs	$ 32

Debt - Mortgage Notes Payable_4

Debt - Mortgage Notes Payable - Summary of Certain Interest Rate and Maturity Date Information (Details) - Mortgages [Member]	6 Months Ended
	Jun. 30, 2020
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.51%
Maturity Date Ranges, Start	2020
Maturity Date Ranges, End	2061
Minimum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges	0.07%
Maximum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges	5.29%

Debt - Mortgage Notes Payable_5

Debt - Mortgage Notes Payable - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Mortgage notes payable	$ 2,340,757	$ 1,941,610
Credit Enhanced Debt [Member]
Debt Instrument [Line Items]
Mortgage notes payable	$ 281,700

Debt - Notes - Summary of Notes

Debt - Notes - Summary of Notes Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
Notes, net beginning balance	$ 6,077,513
Proceeds		$ 597,480
Amortization of premiums/ discounts	1,362	$ 1,369
Notes, net ending balance	6,081,102
Fixed Rate Debt [Member] | Unsecured – Public [Member]
Debt Instrument [Line Items]
Notes, net beginning balance	6,077,513
Amortization of premiums/ discounts	1,362
Amortization of deferred financing costs, net	2,227
Notes, net ending balance	$ 6,081,102

Debt - Notes - Summary of Certa

Debt - Notes - Summary of Certain Interest Rate and Maturity Date Information (Details) - Notes [Member]	6 Months Ended
	Jun. 30, 2020
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.06%
Maturity Date Ranges, Start	2021
Maturity Date Ranges, End	2047
Minimum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges	2.50%
Maximum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges	7.57%

Debt - Line of Credit and Comme

Debt - Line of Credit and Commercial Paper - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Nov. 04, 2019	Nov. 03, 2019	Nov. 01, 2019	Oct. 31, 2019
Line of Credit Facility [Line Items]
Debt instrument, maturity date	Nov. 1, 2024
Commercial paper balance outstanding	$ 1,000,000,000	$ 1,000,000,000	$ 500,000,000
Commercial Paper [Member]
Line of Credit Facility [Line Items]
Weighted average interest rates	1.81%
Weighted average amount outstanding	$ 522,700,000
Unsecured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Unsecured revolving credit facility	2,500,000,000			$ 2,500,000,000	$ 2,000,000,000
Ability to increase LOC facility	$ 750,000,000
Debt instrument, basis spread on variable rate	0.775%
Percentage points of line of credit facility commitment fee	0.125%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Weighted average interest rates	1.47%

Debt - Line of Credit and Com_2

Debt - Line of Credit and Commercial Paper - Schedule of Unsecured Revolving Credit Facility (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Nov. 04, 2019	Nov. 03, 2019	Nov. 01, 2019	Oct. 31, 2019
Line of Credit Facility [Line Items]
Commercial paper balance outstanding	$ (1,000,000,000)	$ (1,000,000,000)	$ (500,000,000)
Unsecured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Unsecured revolving credit facility commitment	2,500,000,000			$ 2,500,000,000	$ 2,000,000,000
Other restricted amounts	(100,949,000)
Unsecured revolving credit facility availability	$ 2,399,051,000

Derivative and Other Fair Val_3

Derivative and Other Fair Value Instruments - Summary of Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	$ 8,421,859	$ 9,036,956
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	9,382,791	9,607,999
Mortgage Notes Payable, Net [Member] | Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	2,340,757	1,941,610
Mortgage Notes Payable, Net [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	2,370,036	1,930,710
Unsecured Debt [Member] | Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	6,081,102	7,095,346
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	$ 7,012,755	$ 7,677,289

Derivative and Other Fair Val_4

Derivative and Other Fair Value Instruments - Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Fair Value Of SERP Investments	$ 139,649	$ 151,889
Other Liabilities, Fair Value Disclosure	139,649	151,889
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	336,695	463,400	$ 436,035	$ 379,106
Fair Value, Inputs, Level 1 [Member]
Derivatives, Fair Value [Line Items]
Fair Value Of SERP Investments	139,649	151,889
Other Liabilities, Fair Value Disclosure	139,649	151,889
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	0	0
Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Fair Value Of SERP Investments	0	0
Other Liabilities, Fair Value Disclosure	0	0
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	336,695	463,400
Fair Value, Inputs, Level 3 [Member]
Derivatives, Fair Value [Line Items]
Fair Value Of SERP Investments	0	0
Other Liabilities, Fair Value Disclosure	0	0
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	$ 0	$ 0

Derivative and Other Fair Val_5

Derivative and Other Fair Value Instruments - Summary of Effect of Fair Value Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Income on Derivative	$ 2,253
Amount of Gain/(Loss) Recognized in Income on Hedged Item	(2,253)
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Income on Derivative	2,253
Amount of Gain/(Loss) Recognized in Income on Hedged Item	$ (2,253)

Derivative and Other Fair Val_6

Derivative and Other Fair Value Instruments - Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Effective Portion - Amount of Gain/(Loss) Recognized in OCI on Derivative	$ (1,190)	$ (33,765)
Effective Portion - Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income	(11,398)	(8,902)
Forward Starting Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Effective Portion - Amount of Gain/(Loss) Recognized in OCI on Derivative	(1,190)	(33,765)
Effective Portion - Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income	$ (11,398)	$ (8,902)

Derivative and Other Fair Val_7

Derivative and Other Fair Value Instruments - Additional Information (Details) $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Apr. 30, 2020USD ($)DerivativeInstrument	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Derivative [Line Items]
Unrealized gain (loss) on interest rate cash flow hedges, pretax, accumulated other comprehensive income (loss)		$ 67.4	$ 77.6
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net		$ 25.7
Forward Starting Swaps [Member]
Derivative [Line Items]
Payments for settlement of derivative instruments	$ 1.2
Forward starting swaps settled | DerivativeInstrument	2
Increase (decrease) in charges hedge termination activities	$ 1.2
Mortgage notes period	5 years
Mortgages [Member] | Forward Starting Swaps [Member]
Derivative [Line Items]
Debt instrument face amount	$ 495
Secured conventional mortgage notes period	10 years

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income	$ 271,481	$ 321,299	$ 604,152	$ 430,556
Allocation to Noncontrolling Interests – Operating Partnership	(9,713)	(11,510)	(21,248)	(15,429)
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(880)	(821)	(13,410)	(1,620)
Preferred distributions	(772)	(772)	(1,545)	(1,545)
Net income available to Common Shares	260,116	308,196	567,949	411,962
Numerator for net income per share – diluted	$ 269,829	$ 319,706	$ 589,197	$ 427,391
Weighted average Common Shares outstanding	371,795	370,342	371,689	369,952
OP Units	13,023	12,885	13,013	12,902
Dilutive Securities Options	1,095	2,880	1,570	2,790
Denominator for net income per share – diluted	385,913	386,107	386,272	385,644
Net income per share – basic	$ 0.70	$ 0.83	$ 1.53	$ 1.11
Net income per share – diluted	$ 0.70	$ 0.83	$ 1.53	$ 1.11

Earnings Per Share and Earnin_4

Earnings Per Share and Earnings Per Unit - Computation of Net Income per Unit Basic and Net Income per Unit Diluted for Operating Partnership (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net income	$ 271,481	$ 321,299	$ 604,152	$ 430,556
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	$ (880)	$ (821)	$ (13,410)	$ (1,620)
Dilutive Securities Options	1,095	2,880	1,570	2,790
Denominator for net income per share – diluted	385,913	386,107	386,272	385,644
Net income per Unit – basic	$ 0.70	$ 0.83	$ 1.53	$ 1.11
Net income per Unit – diluted	$ 0.70	$ 0.83	$ 1.53	$ 1.11
ERPOP [Member]
Net income	$ 271,481	$ 321,299	$ 604,152	$ 430,556
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(880)	(821)	(13,410)	(1,620)
Allocation to Preference Units	(772)	(772)	(1,545)	(1,545)
Numerator for net income per Unit – basic and diluted	$ 269,829	$ 319,706	$ 589,197	$ 427,391
Denominator for net income per Unit – basic	384,818	383,227	384,702	382,854
Dilutive Securities Options	1,095	2,880	1,570	2,790
Denominator for net income per share – diluted	385,913	386,107	386,272	385,644
Net income per Unit – basic	$ 0.70	$ 0.83	$ 1.53	$ 1.11
Net income per Unit – diluted	$ 0.70	$ 0.83	$ 1.53	$ 1.11

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)PropertyApartmentUnit	Jun. 30, 2020USD ($)PropertyApartmentUnitAgreement
Projects in various stages of development	2	2
Partially owned projects in various stages of development	1	1
Units in various stages of development | ApartmentUnit	824	824
Consolidated project under development commitment fund | $	$ 328	$ 328
Various stages of development with estimated completion dates ranging through September 30, 2021		Sep. 30, 2021
Number of projects completed and stabilized	2
Number of joint venture agreements | Agreement		2

Reportable Segments - Additiona

Reportable Segments - Additional Information (Details) - Customer	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Number of customer contributed 10% or more of total revenue	0	0
Non-residential Leases [Member] | Revenue [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	4.00%

Reportable Segments - Reconcili

Reportable Segments - Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Rental income	$ 653,532	$ 669,374	$ 1,335,837	$ 1,331,676
Property and maintenance expense	(104,452)	(108,461)	(220,268)	(223,531)
Real estate taxes and insurance expense	(95,038)	(91,446)	(192,770)	(182,888)
Operating income	356,889	369,117	778,974	578,894
Same Store, Non-same Store and Other
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Rental income	653,532	669,374	1,335,837	1,331,676
Property and maintenance expense	(104,452)	(108,461)	(220,268)	(223,531)
Real estate taxes and insurance expense	(95,038)	(91,446)	(192,770)	(182,888)
Total operating expenses	(199,490)	(199,907)	(413,038)	(406,419)
Operating income	$ 454,042	$ 469,467	$ 922,799	$ 925,257

Reportable Segments - NOI for E

Reportable Segments - NOI for Each Segment from Our Rental Real Estate Specific to Continuing Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Rental income	$ 653,532	$ 669,374	$ 1,335,837	$ 1,331,676
Operating income	356,889	369,117	778,974	578,894
Total Assets	20,714,951		20,714,951		$ 21,172,769
Capital Expenditures			61,265
Same Store
Segment Reporting Information [Line Items]
Rental income	623,275	637,915	1,260,825	1,258,261
Operating expenses	190,021	190,277	386,742	382,188
Operating income	433,254	447,638	874,083	876,073
Total Assets	18,134,597		18,134,597
Capital Expenditures			59,634
Non-same store/other
Segment Reporting Information [Line Items]
Rental income	30,257	31,459	75,012	73,415
Operating expenses	9,469	9,630	26,296	24,231
Operating income	20,788	21,829	48,716	49,184
Total Assets	2,580,354		2,580,354
Capital Expenditures			1,631
Same Store, Non-same Store and Other
Segment Reporting Information [Line Items]
Rental income	653,532	669,374	1,335,837	1,331,676
Operating expenses	199,490	199,907	413,038	406,419
Operating income	454,042	469,467	922,799	925,257
Los Angeles | Same Store
Segment Reporting Information [Line Items]
Rental income	117,994	121,216	239,914	240,751
Operating expenses	35,013	35,688	71,930	72,145
Operating income	82,981	85,528	167,984	168,606
Total Assets	3,064,404		3,064,404
Capital Expenditures			13,070
Orange County | Same Store
Segment Reporting Information [Line Items]
Rental income	26,318	26,058	53,013	51,887
Operating expenses	5,953	5,966	12,167	12,142
Operating income	20,365	20,092	40,846	39,745
Total Assets	397,148		397,148
Capital Expenditures			3,458
San Diego | Same Store
Segment Reporting Information [Line Items]
Rental income	23,706	23,720	47,848	47,023
Operating expenses	6,100	5,978	12,417	12,126
Operating income	17,606	17,742	35,431	34,897
Total Assets	382,082		382,082
Capital Expenditures			1,993
Subtotal - Southern California | Same Store
Segment Reporting Information [Line Items]
Rental income	168,018	170,994	340,775	339,661
Operating expenses	47,066	47,632	96,514	96,413
Operating income	120,952	123,362	244,261	243,248
Total Assets	3,843,634		3,843,634
Capital Expenditures			18,521
San Francisco | Same Store
Segment Reporting Information [Line Items]
Rental income	116,303	118,044	236,580	234,514
Operating expenses	29,045	28,528	59,313	57,629
Operating income	87,258	89,516	177,267	176,885
Total Assets	3,288,932		3,288,932
Capital Expenditures			6,940
Washington DC | Same Store
Segment Reporting Information [Line Items]
Rental income	97,527	98,571	196,601	195,453
Operating expenses	28,680	29,409	59,331	59,389
Operating income	68,847	69,162	137,270	136,064
Total Assets	3,120,074		3,120,074
Capital Expenditures			10,534
New York | Same Store
Segment Reporting Information [Line Items]
Rental income	111,949	117,457	227,179	230,808
Operating expenses	48,130	47,626	98,581	96,067
Operating income	63,819	69,831	128,598	134,741
Total Assets	4,001,050		4,001,050
Capital Expenditures			10,429
Boston | Same Store
Segment Reporting Information [Line Items]
Rental income	59,990	62,751	123,673	124,671
Operating expenses	16,984	17,398	35,144	35,639
Operating income	43,006	45,353	88,529	89,032
Total Assets	1,790,996		1,790,996
Capital Expenditures			8,631
Seattle | Same Store
Segment Reporting Information [Line Items]
Rental income	63,378	63,695	127,073	124,029
Operating expenses	18,383	17,853	35,440	34,634
Operating income	44,995	45,842	91,633	89,395
Total Assets	1,838,484		1,838,484
Capital Expenditures			4,334
Denver | Same Store
Segment Reporting Information [Line Items]
Rental income	6,110	6,403	8,944	9,125
Operating expenses	1,733	1,831	2,419	2,417
Operating income	4,377	4,572	6,525	6,708
Total Assets	251,427		251,427
Capital Expenditures			245
Non-same store | Non-same store/other
Segment Reporting Information [Line Items]
Rental income	24,631	4,000	58,629	14,374
Operating expenses	7,212	1,124	17,748	4,423
Operating income	17,419	2,876	40,881	9,951
Total Assets	1,642,289		1,642,289
Capital Expenditures			1,129
Other | Non-same store/other
Segment Reporting Information [Line Items]
Rental income	5,626	27,459	16,383	59,041
Operating expenses	2,257	8,506	8,548	19,808
Operating income	3,369	$ 18,953	7,835	$ 39,233
Total Assets	$ 938,065		938,065
Capital Expenditures			$ 502

Reportable Segments - NOI for_2

Reportable Segments - NOI for Each Segment from Our Rental Real Estate Specific to Continuing Operations (Parenthetical) (Details) - Property	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract]
Units in same store properties	74,843	74,843	74,264	74,264

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands	Jul. 01, 2020	Jun. 30, 2020
Subsequent Event [Line Items]
Repayments of long-term debt		$ 3,873
4.740% Mortgage [Member] | Subsequent Event
Subsequent Event [Line Items]
Repayments of long-term debt	$ 19,700