Real Estate (Tables)

12 Months Ended

Dec. 31, 2014

Schedule Of Real Estate Investments And Accumulated Depreciation [Table Text Block]

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of December 31, 2014 and 2013 (amounts in thousands):

	2014			2013
Land	$	6,295,404		$	6,192,512
Depreciable property:
Buildings and improvements	17,974,337			17,509,609
Furniture, fixtures and equipment	1,365,276			1,214,220
In-Place lease intangibles	511,891			502,218
Projects under development:
Land	466,764			353,574
Construction-in-progress	877,155			635,293
Land held for development:
Land	145,366			341,389
Construction-in-progress	39,190			52,133
Investment in real estate	27,675,383			26,800,948
Accumulated depreciation	(5,432,805		)	(4,807,709		)
Investment in real estate, net	$	22,242,578		$	21,993,239

Schedule of Finite-Lived Intangible Assets [Table Text Block]

The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of December 31, 2014 and 2013 (amounts in thousands):

Description	Balance Sheet Location	2014			2013
Assets
Ground lease intangibles – below market	Other Assets	$	178,251		$	178,251
Retail lease intangibles – above market	Other Assets	1,260			1,260
Lease intangible assets		179,511			179,511
Accumulated amortization		(8,913		)	(4,364		)
Lease intangible assets, net		$	170,598		$	175,147
Liabilities
Ground lease intangibles – above market	Other Liabilities	$	2,400		$	2,400
Retail lease intangibles – below market	Other Liabilities	5,270			5,500
Lease intangible liabilities		7,670			7,900
Accumulated amortization		(2,258		)	(1,161		)
Lease intangible liabilities, net		$	5,412		$	6,739

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

The following table provides a summary of the aggregate amortization expense for above and below market ground lease intangibles and retail lease intangibles for each of the next five years (amounts in thousands):

	2015			2016			2017			2018			2019
Ground lease intangibles	$	4,321		$	4,321		$	4,321		$	4,321		$	4,321
Retail lease intangibles	(939		)	(896		)	(540		)	(71		)	(71		)
Total	$	3,382		$	3,425		$	3,781		$	4,250		$	4,250

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed, which the Company determined using Level 1, Level 2 and Level 3 inputs (amounts in thousands):

Land	$	2,239,000
Depreciable property:
Buildings and improvements	5,765,538
Furniture, fixtures and equipment	61,470
In-Place lease intangibles	304,830
Projects under development	36,583
Land held for development	244,097
Investments in unconsolidated entities	230,608
Other assets	195,260
Other liabilities	(108,997		)
Net assets acquired	$	8,968,389

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

The following table summarizes the acquisition date fair values of the above and below market ground and retail lease intangibles, which we determined using Level 2 and Level 3 inputs (amounts in thousands):

Description	Balance Sheet Location	Fair Value
Ground lease intangibles – below market	Other Assets	$	178,251
Retail lease intangibles – above market	Other Assets	1,260
Ground lease intangibles – above market	Other Liabilities	2,400
Retail lease intangibles – below market	Other Liabilities	8,040

Business Acquisition, Pro Forma Information [Table Text Block]

The following table illustrates the effect on net income, earnings per share – basic and earnings per share – diluted as if the Company had consummated the Archstone Acquisition as of January 1, 2012 (amounts in thousands, except per share amounts):

	Year Ended December 31,
	2013		2012
Total revenues	$	2,485,438	$	2,317,699
Income (loss) from continuing operations (1)	203,286		(54,940		)
Discontinued operations, net	2,074,072		720,361
Net income	2,277,358		665,421
Net income available to Common Shares	2,183,756		622,424
Earnings per share - basic:
Net income available to Common Shares	$	6.07	$	1.74
Weighted average Common Shares outstanding (2)	359,688		356,984
Earnings per share - diluted (1):
Net income available to Common Shares	$	6.05	$	1.74
Weighted average Common Shares outstanding (2)	375,861		356,984

(1) Potential common shares issuable from the assumed conversion of OP Units and the exercise/vesting of long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per share calculation as the Company had a pro forma loss from continuing operations for the year ended December 31, 2012.

(2) Includes an adjustment for Common Shares issued to the public in November/December 2012 and to an affiliate of Lehman Brothers Holdings Inc. in February 2013 as partial consideration for the Archstone Acquisition.

Acquired Properties Table

In addition to the Archstone Acquisition described above, during the year ended December 31, 2013, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):

	Properties	Apartment Units	Purchase Price
Rental Properties – Consolidated	1	322	$	91,500
Land Parcel (one)	—	—	16,500
Total	1	322	$	108,000

During the year ended December 31, 2014, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):

	Properties	Apartment Units	Purchase Price
Rental Properties – Consolidated	6	1,353	$	469,850
Land Parcels (two)	—	—	28,790
Total	6	1,353	$	498,640

Disposed Properties Table

During the year ended December 31, 2014, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties	Apartment Units	Sales Price
Consolidated:
Rental Properties	10	3,092	$	466,968
Land Parcels (three)	—	—	62,602
Unconsolidated:
Rental Properties (1)	1	388	62,500
Total	11	3,480	$	592,070

(1) The Company owned an 85% interest in this unconsolidated rental property. Sale price listed is the gross sale price.

During the year ended December 31, 2013, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties	Apartment Units	Sales Price
Consolidated:
Rental Properties	94	29,180	$	4,459,339
Land Parcels (seven)	—	—	99,650
Other (1)	—	—	30,734
Unconsolidated:
Land Parcel (one) (2)	—	—	26,350
Total	94	29,180	$	4,616,073

(1) Represents a 97,000 square foot commercial building adjacent to our Harbor Steps apartment property in downtown Seattle that was acquired in 2011.

(2) Sales price listed is the gross sales price. EQR's share of the net sales proceeds approximated 25%.

Partnership Interest [Member]

Business Acquisition, Pro Forma Information [Table Text Block]

The following table illustrates the effect on net income, earnings per Unit – basic and earnings per Unit – diluted as if the Operating Partnership had consummated the Archstone Acquisition as of January 1, 2012 (amounts in thousands, except per Unit amounts):

	Year Ended December 31,
	2013		2012
Total revenues	$	2,485,438	$	2,317,699
Income (loss) from continuing operations (1)	203,286		(54,940		)
Discontinued operations, net	2,074,072		720,361
Net income	2,277,358		665,421
Net income available to Units	2,273,798		651,548
Earnings per Unit - basic:
Net income available to Units	$	6.07	$	1.74
Weighted average Units outstanding (2)	373,421		370,837
Earnings per Unit - diluted (1):
Net income available to Units	$	6.05	$	1.74
Weighted average Units outstanding (2)	375,861		370,837

(1) Potential Units issuable from the assumed exercise/vesting of the Company's long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per Unit calculation as the Operating Partnership had a pro forma loss from continuing operations for the year ended December 31, 2012.

(2) Includes an adjustment for Common Shares issued to the public in November/December 2012 and to an affiliate of Lehman Brothers Holdings Inc. in February 2013 as partial consideration for the Archstone Acquisition. Concurrent with these transactions, ERPOP issued the same number of OP Units to EQR.