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CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 908,018 $ 658,683 $ 1,905,353
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 765,895 758,861 1,013,353
Amortization of deferred financing costs 10,801 11,088 22,425
Amortization of above/below market leases 3,382 3,222 898
Amortization of discounts and premiums on debt (9,492) (13,520) (156,439)
Amortization of deferred settlements on derivative instruments 18,075 16,334 19,607
Write-off of pursuit costs 3,208 3,607 5,184
(Income) loss from investments in unconsolidated entities (15,025) 7,952 58,156
Distributions from unconsolidated entities – return on capital 4,741 5,570 2,481
Net (gain) on sales of investment securities and other investments (526) (57) (4,203)
Net (gain) on sales of real estate properties (335,134) (212,685) 0
Net loss (gain) on sales of land parcels 1 (5,277) (12,227)
Net (gain) on sales of discontinued operations 0 (179) (2,036,505)
Realized/unrealized loss (gain) on derivative instruments 3,055 (60) 70
Compensation paid with Company Common Shares 34,607 27,543 35,474
Changes in assets and liabilities:      
(Increase) decrease in deposits – restricted (1,794) (1,740) 3,684
Decrease in mortgage deposits 258 1,452 1,813
(Increase) decrease in other assets (41,803) 21,773 3,742
(Decrease) increase in accounts payable and accrued expenses (1,667) 17,797 6,229
(Decrease) increase in accrued interest payable (4,319) 11,231 (9,219)
Increase in other liabilities 12,269 8,437 15,401
Increase (decrease) in security deposits 1,949 4,041 (6,361)
Net cash provided by operating activities 1,356,499 1,324,073 868,916
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition of Archstone, net of cash acquired 0 0 (4,000,875)
Investment in real estate – acquisitions (331,336) (469,989) (108,308)
Investment in real estate – development/other (653,897) (530,387) (377,442)
Capital expenditures to real estate (182,113) (185,957) (135,816)
Non-real estate capital additions (3,991) (5,286) (4,134)
Interest capitalized for real estate and unconsolidated entities under development (59,885) (52,782) (47,321)
Proceeds from disposition of real estate, net 504,748 522,647 4,551,454
Investments in unconsolidated entities (23,019) (15,768) (66,471)
Distributions from unconsolidated entities – return of capital 51,144 103,793 25,471
Proceeds from sale of investment securities 2,535 57 4,878
Decrease in deposits on real estate acquisitions and investments, net 17,874 33,004 143,694
(Increase) decrease in mortgage deposits (531) 798 7,893
Consolidation of previously unconsolidated properties 0 (44,796) 0
Net cash (used for) investing activities (678,471) (644,666) (6,977)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Debt financing costs (6,425) (10,982) (16,526)
Mortgage deposits (8,588) (7,699) (5,631)
Mortgage notes payable:      
Proceeds 0 0 902,886
Lump sum payoffs (359,244) (88,788) (2,532,682)
Scheduled principal repayments (9,275) (11,869) (12,658)
Notes, net:      
Proceeds 746,391 1,194,277 1,245,550
Lump sum payoffs (300,000) (1,250,000) (400,000)
Line of credit and commercial paper:      
Line of credit proceeds 3,770,000 7,167,000 9,832,000
Line of credit repayments (4,103,000) (6,949,000) (9,717,000)
Commercial paper proceeds 3,931,227 0 0
Commercial paper repayments (3,545,028) 0 0
(Payments on) settlement of derivative instruments (13,938) (758) (44,063)
Proceeds from EQR's Employee Share Purchase Plan (ESPP) 4,404 3,392 3,401
Proceeds from exercise of EQR options 59,508 82,573 17,252
OP units repurchased and retired 0 (1,777) 0
Payments for Repurchase of Redeemable Preferred Stock (12,720) 0 0
Payments for the Premium on Redemption of Preferred Shares/Preference Units (3,486) 0 0
Payment of offering costs (79) (41) (1,047)
Other financing activities, net (49) (49) (48)
Acquisition of Noncontrolling Interests – Partially Owned Properties 0 (5,501) 0
Contributions – Noncontrolling Interests – Partially Owned Properties 0 5,684 27,660
Contributions - Limited Partners 3 3 5
Distributions:      
Preference Units (3,357) (4,145) (4,145)
OP Units – General Partner (784,748) (776,659) (681,610)
OP Units – Limited Partners (30,869) (30,744) (27,897)
Noncontrolling Interests – Partially Owned Properties (6,559) (7,778) (6,442)
Net cash (used for) financing activities (675,832) (692,861) (1,420,995)
Net increase (decrease) in cash and cash equivalents 2,196 (13,454) (559,056)
Cash and cash equivalents, beginning of year 40,080 53,534 612,590
Cash and cash equivalents, end of year 42,276 40,080 53,534
SUPPLEMENTAL INFORMATION:      
Cash paid for interest, net of amounts capitalized 436,748 443,125 722,963
Net cash paid for income and other taxes 1,264 1,517 1,152
Real estate acquisitions/dispositions/other:      
Mortgage loans assumed 0 28,910 0
Amortization of deferred financing costs:      
Investment in real estate, net 0 0 (152)
Deferred financing costs, net 10,801 11,088 22,577
Amortization of discounts and premiums on debt:      
Mortgage notes payable (13,126) (15,904) (158,625)
Notes, net 2,557 2,384 2,186
Line of credit and commercial paper 1,077 0 0
Amortization of deferred settlements on derivative instruments:      
Other liabilities (169) (534) (534)
Accumulated other comprehensive income 18,244 16,868 20,141
Write-off of pursuit costs [Abstract]      
Investment in real estate, net 2,804 2,541 4,956
Write-off of pursuit costs 3,208 3,607 5,184
Other assets 74 1,066 203
(Income) loss from investments in unconsolidated entities:      
Investments in unconsolidated entities (17,340) 4,610 53,066
Other liabilities 2,315 3,342 5,090
Distributions from unconsolidated entities return on capital:      
Investments in unconsolidated entities 4,606 5,360 2,448
Other liabilities 135 210 33
Realized/unrealized loss (gain) on derivative instruments:      
Other assets (3,573) 10,160 (17,139)
Notes, net 2,058 1,597 (1,523)
Other liabilities 2,351 21,489 (39)
Accumulated other comprehensive income 2,219 (33,306) 18,771
Acquisition of Archstone, net of cash acquired:      
Investment in real estate, net 0 39,929 (8,687,355)
Investments in unconsolidated entities 0 (33,993) (225,568)
Deposits - restricted 0 0 (528)
Escrow deposits - mortgage 0 0 (37,582)
Deferred financing costs, net 0 0 (25,780)
Other assets 0 (2,586) (215,622)
Mortgage notes payable 0 0 3,076,876
Accounts payable and accrued expenses 0 (146) 16,984
Accrued interest payable 0 0 11,305
Other liabilities 0 (3,204) 117,299
Security deposits 0 0 10,965
Issuance of OP Units 0 0 1,929,868
Noncontrolling Interests - Partially Owned Properties 0 0 28,263
Interest capitalized for real estate and unconsolidated entities under development:      
Investment in real estate, net (59,885) (52,717) (45,533)
Investments in unconsolidated entities 0 (65) (1,788)
Investments in unconsolidated entities:      
Investments in unconsolidated entities (1,404) (6,318) (13,656)
Other liabilities (21,615) (9,450) (52,815)
Consolidation of previously unconsolidated properties:      
Investment in real estate, net 331,336 469,989 108,308
Investments in unconsolidated entities (23,019) (15,768) (66,471)
Accounts payable and accrued expenses (1,667) 17,797 6,229
(Payments on) settlement of derivative instruments:      
Other assets 1,848 6,623 (50)
Other liabilities (15,786) (7,381) (44,013)
Other:      
Foreign currency translation adjustments 327 552 (613)
Unconsolidated Properties [Member]      
Changes in assets and liabilities:      
(Decrease) increase in accounts payable and accrued expenses 0 1,987 0
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment in real estate – acquisitions 0 64,319 0
Investments in unconsolidated entities 0 (847) 0
Consolidation of previously unconsolidated properties:      
Investment in real estate, net 0 (64,319) 0
Investments in unconsolidated entities 0 (847) 0
Accounts payable and accrued expenses 0 1,987 0
Other Liabilities 0 18,383 0
Land [Member]      
Adjustments to reconcile net income to net cash provided by operating activities:      
Write-off of pursuit costs 330 0 25
Write-off of pursuit costs [Abstract]      
Write-off of pursuit costs 330 0 25
ERPOP [Member]      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income 908,018 658,683 1,905,353
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 765,895 758,861 1,013,353
Amortization of deferred financing costs 10,801 11,088 22,425
Amortization of above/below market leases 3,382 3,222 898
Amortization of discounts and premiums on debt (9,492) (13,520) (156,439)
Amortization of deferred settlements on derivative instruments 18,075 16,334 19,607
Write-off of pursuit costs 3,208 3,607 5,184
(Income) loss from investments in unconsolidated entities (15,025) 7,952 58,156
Distributions from unconsolidated entities – return on capital 4,741 5,570 2,481
Net (gain) on sales of investment securities and other investments (526) (57) (4,203)
Net (gain) on sales of real estate properties (335,134) (212,685) 0
Net loss (gain) on sales of land parcels 1 (5,277) (12,227)
Net (gain) on sales of discontinued operations 0 (179) (2,036,505)
Realized/unrealized loss (gain) on derivative instruments 3,055 (60) 70
Compensation paid with Company Common Shares 34,607 27,543 35,474
Changes in assets and liabilities:      
(Increase) decrease in deposits – restricted (1,794) (1,740) 3,684
Decrease in mortgage deposits 258 1,452 1,813
(Increase) decrease in other assets (41,803) 21,773 3,742
(Decrease) increase in accounts payable and accrued expenses (1,667) 17,797 6,229
(Decrease) increase in accrued interest payable (4,319) 11,231 (9,219)
Increase in other liabilities 12,269 8,437 15,401
Increase (decrease) in security deposits 1,949 4,041 (6,361)
Net cash provided by operating activities 1,356,499 1,324,073 868,916
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition of Archstone, net of cash acquired 0 0 (4,000,875)
Investment in real estate – acquisitions (331,336) (469,989) (108,308)
Investment in real estate – development/other (653,897) (530,387) (377,442)
Capital expenditures to real estate (182,113) (185,957) (135,816)
Non-real estate capital additions (3,991) (5,286) (4,134)
Interest capitalized for real estate and unconsolidated entities under development (59,885) (52,782) (47,321)
Proceeds from disposition of real estate, net 504,748 522,647 4,551,454
Investments in unconsolidated entities (23,019) (15,768) (66,471)
Distributions from unconsolidated entities – return of capital 51,144 103,793 25,471
Proceeds from sale of investment securities 2,535 57 4,878
Decrease in deposits on real estate acquisitions and investments, net 17,874 33,004 143,694
(Increase) decrease in mortgage deposits (531) 798 7,893
Consolidation of previously unconsolidated properties 0 (44,796) 0
Net cash (used for) investing activities (678,471) (644,666) (6,977)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Debt financing costs (6,425) (10,982) (16,526)
Mortgage deposits (8,588) (7,699) (5,631)
Mortgage notes payable:      
Proceeds 0 0 902,886
Lump sum payoffs (359,244) (88,788) (2,532,682)
Scheduled principal repayments (9,275) (11,869) (12,658)
Notes, net:      
Proceeds 746,391 1,194,277 1,245,550
Lump sum payoffs (300,000) (1,250,000) (400,000)
Line of credit and commercial paper:      
Line of credit proceeds 3,770,000 7,167,000 9,832,000
Line of credit repayments (4,103,000) (6,949,000) (9,717,000)
Commercial paper proceeds 3,931,227 0 0
Commercial paper repayments (3,545,028) 0 0
(Payments on) settlement of derivative instruments (13,938) (758) (44,063)
Proceeds from EQR's Employee Share Purchase Plan (ESPP) 4,404 3,392 3,401
Proceeds from exercise of EQR options 59,508 82,573 17,252
OP units repurchased and retired 0 (1,777) 0
Payments for Repurchase of Redeemable Preferred Stock (12,720) 0 0
Payments for the Premium on Redemption of Preferred Shares/Preference Units (3,486) 0 0
Payment of offering costs (79) (41) (1,047)
Other financing activities, net (49) (49) (48)
Acquisition of Noncontrolling Interests – Partially Owned Properties 0 (5,501) 0
Contributions – Noncontrolling Interests – Partially Owned Properties 0 5,684 27,660
Contributions - Limited Partners 3 3 5
Distributions:      
Preference Units (3,357) (4,145) (4,145)
OP Units – General Partner (784,748) (776,659) (681,610)
OP Units – Limited Partners (30,869) (30,744) (27,897)
Noncontrolling Interests – Partially Owned Properties (6,559) (7,778) (6,442)
Net cash (used for) financing activities (675,832) (692,861) (1,420,995)
Net increase (decrease) in cash and cash equivalents 2,196 (13,454) (559,056)
Cash and cash equivalents, beginning of year 40,080 53,534 612,590
Cash and cash equivalents, end of year 42,276 40,080 53,534
SUPPLEMENTAL INFORMATION:      
Cash paid for interest, net of amounts capitalized 436,748 443,125 722,963
Net cash paid for income and other taxes 1,264 1,517 1,152
Real estate acquisitions/dispositions/other:      
Mortgage loans assumed 0 28,910 0
Amortization of deferred financing costs:      
Investment in real estate, net 0 0 (152)
Deferred financing costs, net 10,801 11,088 22,577
Amortization of discounts and premiums on debt:      
Mortgage notes payable (13,126) (15,904) (158,625)
Notes, net 2,557 2,384 2,186
Line of credit and commercial paper 1,077 0 0
Amortization of deferred settlements on derivative instruments:      
Other liabilities (169) (534) (534)
Accumulated other comprehensive income 18,244 16,868 20,141
Write-off of pursuit costs [Abstract]      
Investment in real estate, net 2,804 2,541 4,956
Write-off of pursuit costs 3,208 3,607 5,184
Other assets 74 1,066 203
(Income) loss from investments in unconsolidated entities:      
Investments in unconsolidated entities (17,340) 4,610 53,066
Other liabilities 2,315 3,342 5,090
Distributions from unconsolidated entities return on capital:      
Investments in unconsolidated entities 4,606 5,360 2,448
Other liabilities 135 210 33
Realized/unrealized loss (gain) on derivative instruments:      
Other assets (3,573) 10,160 (17,139)
Notes, net 2,058 1,597 (1,523)
Other liabilities 2,351 21,489 (39)
Accumulated other comprehensive income 2,219 (33,306) 18,771
Acquisition of Archstone, net of cash acquired:      
Investment in real estate, net 0 39,929 (8,687,355)
Investments in unconsolidated entities 0 (33,993) (225,568)
Deposits - restricted 0 0 (528)
Escrow deposits - mortgage 0 0 (37,582)
Deferred financing costs, net 0 0 (25,780)
Other assets 0 (2,586) (215,622)
Mortgage notes payable 0 0 3,076,876
Accounts payable and accrued expenses 0 (146) 16,984
Accrued interest payable 0 0 11,305
Other liabilities 0 (3,204) 117,299
Security deposits 0 0 10,965
Issuance of OP Units 0 0 1,929,868
Noncontrolling Interests - Partially Owned Properties 0 0 28,263
Interest capitalized for real estate and unconsolidated entities under development:      
Investment in real estate, net (59,885) (52,717) (45,533)
Investments in unconsolidated entities 0 (65) (1,788)
Investments in unconsolidated entities:      
Investments in unconsolidated entities (1,404) (6,318) (13,656)
Other liabilities (21,615) (9,450) (52,815)
Consolidation of previously unconsolidated properties:      
Investment in real estate, net 331,336 469,989 108,308
Investments in unconsolidated entities (23,019) (15,768) (66,471)
Accounts payable and accrued expenses (1,667) 17,797 6,229
(Payments on) settlement of derivative instruments:      
Other assets 1,848 6,623 (50)
Other liabilities (15,786) (7,381) (44,013)
Other:      
Foreign currency translation adjustments 327 552 (613)
ERPOP [Member] | Unconsolidated Properties [Member]      
Changes in assets and liabilities:      
(Decrease) increase in accounts payable and accrued expenses 0 1,987 0
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment in real estate – acquisitions 0 64,319 0
Investments in unconsolidated entities 0 (847) 0
Consolidation of previously unconsolidated properties:      
Investment in real estate, net 0 (64,319) 0
Investments in unconsolidated entities 0 (847) 0
Accounts payable and accrued expenses 0 1,987 0
Other Liabilities 0 18,383 0
ERPOP [Member] | Land [Member]      
Adjustments to reconcile net income to net cash provided by operating activities:      
Write-off of pursuit costs 330 0 25
Write-off of pursuit costs [Abstract]      
Write-off of pursuit costs $ 330 $ 0 $ 25