10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to

Commission File Number: 1-12252 (Equity Residential)

Commission File Number: 0-24920 (ERP Operating Limited Partnership)

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

(Exact name of registrant as specified in its charter)

Maryland (Equity Residential)	13-3675988 (Equity Residential)
Illinois (ERP Operating Limited Partnership)	36-3894853 (ERP Operating Limited Partnership)
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Two North Riverside Plaza, Chicago, Illinois 60606	(312) 474-1300
(Address of principal executive offices) (Zip Code)	(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares of Beneficial Interest, $0.01 Par Value (Equity Residential)	EQR	New York Stock Exchange
7.57% Notes due August 15, 2026 (ERP Operating Limited Partnership)	N/A	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Equity Residential Yes ☒  No ☐ ERP Operating Limited Partnership Yes ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Equity Residential Yes ☒  No ☐ ERP Operating Limited Partnership Yes ☒  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Equity Residential:

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

l

ERP Operating Limited Partnership:

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Equity Residential ☐ ERP Operating Limited Partnership ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Equity Residential Yes ☐  No ☒ ERP Operating Limited Partnership Yes ☐  No ☒

The number of EQR Common Shares of Beneficial Interest, $0.01 par value, outstanding on July 25, 2024 was 379,135,883.

EXPLANATORY NOTE

This report combines the reports on Form 10-Q for the quarterly period ended June 30, 2024 of Equity Residential and ERP Operating Limited Partnership. Unless stated otherwise or the context otherwise requires, references to “EQR” mean Equity Residential, a Maryland real estate investment trust (“REIT”), and references to “ERPOP” mean ERP Operating Limited Partnership, an Illinois limited partnership. References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. The following chart illustrates the Company’s and the Operating Partnership’s corporate structure:

 

EQR is the general partner of, and as of June 30, 2024 owned an approximate 97.0% ownership interest in, ERPOP. The remaining 3.0% interest is owned by limited partners. As the sole general partner of ERPOP, EQR has exclusive control of ERPOP’s day-to-day management. Management operates the Company and the Operating Partnership as one business. The management of EQR consists of the same members as the management of ERPOP.

The Company is structured as an umbrella partnership REIT (“UPREIT”) and EQR contributes all net proceeds from its various equity offerings to ERPOP. In return for those contributions, EQR receives a number of OP Units (see definition below) in ERPOP equal to the number of Common Shares it has issued in the equity offering. The Company may acquire properties in transactions that include the issuance of OP Units as consideration for the acquired properties. Such transactions may, in certain circumstances, enable the sellers to defer in whole or in part, the recognition of taxable income or gain that might otherwise result from the sales. This is one of the reasons why the Company is structured in the manner shown above. Based on the terms of ERPOP’s partnership agreement, OP Units can be exchanged with Common Shares on a one-for-one basis because the Company maintains a one-for-one relationship between the OP Units of ERPOP issued to EQR and the outstanding Common Shares.

The Company believes that combining the reports on Form 10-Q of EQR and ERPOP into this single report provides the following benefits:

• enhances investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

• eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and

• creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

The Company believes it is important to understand the few differences between EQR and ERPOP in the context of how EQR and ERPOP operate as a consolidated company. All of the Company’s property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR’s primary function is acting as the general partner of ERPOP. EQR also issues equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP. EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by EQR (which are contributed to the capital of ERPOP in exchange for additional partnership interests in ERPOP (“OP Units”) (on a one-for-one Common Share per OP Unit basis) or additional preference units in ERPOP (on a one-for-one preferred share per preference unit basis)), the Operating Partnership generates all remaining capital required by the Company’s business. These sources include the Operating Partnership’s working capital, net cash provided by operating activities, borrowings under its revolving credit facility and/or commercial paper program, the issuance of secured and unsecured debt and partnership interests, and proceeds received from disposition of certain properties and joint venture interests.

Shareholders’ equity, partners’ capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The limited partners of the Operating Partnership are accounted for as partners’ capital in the Operating Partnership’s financial statements and as noncontrolling interests in the Company’s financial statements. The noncontrolling interests in the Operating Partnership’s financial statements include the interests of unaffiliated partners in various consolidated partnerships. The noncontrolling interests in the Company’s financial statements include the same noncontrolling interests at the Operating Partnership level and limited partner OP Unit holders of the Operating Partnership. The differences between shareholders’ equity and partners’ capital result from differences in the equity issued at the Company and Operating Partnership levels.

To help investors understand the differences between the Company and the Operating Partnership, this report provides separate consolidated financial statements for the Company and the Operating Partnership; a single set of consolidated notes to such financial statements that includes separate discussions of each entity’s debt, noncontrolling interests and shareholders’ equity or partners’ capital, as applicable; and a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that includes discrete information related to each entity.

This report also includes separate Part I, Item 4, Controls and Procedures, sections and separate Exhibits 31 and 32 certifications for each of the Company and the Operating Partnership in order to establish that the requisite certifications have been made and that the Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. §1350.

In order to highlight the differences between the Company and the Operating Partnership, the separate sections in this report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership. In the sections that combine disclosure of the Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the Company is one business and the Company operates that business through the Operating Partnership.

As general partner with control of ERPOP, EQR consolidates ERPOP for financial reporting purposes, and EQR essentially has no assets or liabilities other than its investment in ERPOP. Therefore, the assets and liabilities of the Company and the Operating Partnership are the same on their respective financial statements. The separate discussions of the Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

TABLE OF CONTENTS

	PAGE
PART I.
Item 1. Financial Statements of Equity Residential:
Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023	2
Consolidated Statements of Operations and Comprehensive Income for the six months and quarters ended June 30, 2024 and 2023	3
Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023	5
Consolidated Statements of Changes in Equity for the six months and quarters ended June 30, 2024 and 2023	8
Financial Statements of ERP Operating Limited Partnership:
Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023	10
Consolidated Statements of Operations and Comprehensive Income for the six months and quarters ended June 30, 2024 and 2023	11
Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023	13
Consolidated Statements of Changes in Capital for the six months and quarters ended June 30, 2024 and 2023	16
Notes to Consolidated Financial Statements of Equity Residential and ERP Operating Limited Partnership	18
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3. Quantitative and Qualitative Disclosures about Market Risk	45
Item 4. Controls and Procedures	45
PART II.
Item 1. Legal Proceedings	46
Item 1A. Risk Factors	46
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 3. Defaults Upon Senior Securities	46
Item 4. Mine Safety Disclosures	46
Item 5. Other Information	46
Item 6. Exhibits	46

1

EQUITY RESIDENTIAL

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands except for share amounts)

(Unaudited)

	June 30,			December 31,
	2024			2023
ASSETS
Land	$	5,540,352		$	5,581,876
Depreciable property		23,004,377			22,938,426
Projects under development		188,283			78,036
Land held for development		64,781			114,300
Investment in real estate		28,797,793			28,712,638
Accumulated depreciation		(10,163,756	)		(9,810,337	)
Investment in real estate, net		18,634,037			18,902,301
Investments in unconsolidated entities		341,871			282,049
Cash and cash equivalents		38,298			50,743
Restricted deposits		100,123			89,252
Right-of-use assets		450,796			457,266
Other assets		214,443			252,953
Total assets	$	19,779,568		$	20,034,564
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net	$	1,634,838		$	1,632,902
Notes, net		5,351,461			5,348,417
Line of credit and commercial paper		170,884			409,131
Accounts payable and accrued expenses		114,413			87,377
Accrued interest payable		65,585			65,716
Lease liabilities		309,182			311,640
Other liabilities		292,424			272,596
Security deposits		69,848			69,178
Distributions payable		263,668			259,231
Total liabilities		8,272,303			8,456,188
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership		327,641			289,248
Equity:
Shareholders' equity:
Preferred Shares of beneficial interest, $0.01 par value;    100,000,000 shares authorized; 343,100 shares issued and    outstanding as of June 30, 2024 and 745,600 shares issued    and outstanding as of December 31, 2023		17,155			37,280
Common Shares of beneficial interest, $0.01 par value;    1,000,000,000 shares authorized; 379,086,882 shares issued    and outstanding as of June 30, 2024 and 379,291,417    shares issued and outstanding as of December 31, 2023		3,791			3,793
Paid in capital		9,590,105			9,601,866
Retained earnings		1,357,922			1,437,185
Accumulated other comprehensive income (loss)		6,914			5,704
Total shareholders’ equity		10,975,887			11,085,828
Noncontrolling Interests:
Operating Partnership		204,032			202,306
Partially Owned Properties		(295	)		994
Total Noncontrolling Interests		203,737			203,300
Total equity		11,179,624			11,289,128
Total liabilities and equity	$	19,779,568		$	20,034,564

See accompanying notes

2

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Amounts in thousands except per share data)

(Unaudited)

	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
REVENUES
Rental income	$	1,464,981		$	1,422,397		$	734,163		$	717,309
EXPENSES
Property and maintenance		261,128			262,350			126,498			124,771
Real estate taxes and insurance		214,498			209,749			105,571			103,080
Property management		68,969			62,145			33,511			30,679
General and administrative		34,351			35,041			18,631			18,876
Depreciation		450,093			437,185			224,398			221,355
Total expenses		1,029,039			1,006,470			508,609			498,761
Net gain (loss) on sales of real estate properties		227,994			100,122			39,809			(87	)
Interest and other income		10,657			3,669			1,328			2,131
Other expenses		(45,123	)		(15,559	)		(13,385	)		(6,564	)
Interest:
Expense incurred, net		(133,040	)		(131,991	)		(65,828	)		(65,590	)
Amortization of deferred financing costs		(3,836	)		(3,996	)		(1,918	)		(2,017	)
Income before income and other taxes, income (loss) from    investments in unconsolidated entities and net gain (loss)    on sales of land parcels		492,594			368,172			185,560			146,421
Income and other tax (expense) benefit		(635	)		(634	)		(331	)		(336	)
Income (loss) from investments in unconsolidated entities		(3,372	)		(2,605	)		(1,674	)		(1,223	)
Net income		488,587			364,933			183,555			144,862
Net (income) loss attributable to Noncontrolling Interests:
Operating Partnership		(13,278	)		(11,613	)		(5,003	)		(4,554	)
Partially Owned Properties		(2,039	)		(2,082	)		(1,069	)		(1,105	)
Net income attributable to controlling interests		473,270			351,238			177,483			139,203
Preferred distributions		(902	)		(1,545	)		(355	)		(773	)
Premium on redemption of Preferred Shares		(1,444	)		—			—			—
Net income available to Common Shares	$	470,924		$	349,693		$	177,128		$	138,430
Earnings per share – basic:
Net income available to Common Shares	$	1.24		$	0.92		$	0.47		$	0.37
Weighted average Common Shares outstanding		378,699			378,492			378,578			378,642
Earnings per share – diluted:
Net income available to Common Shares	$	1.24		$	0.92		$	0.47		$	0.37
Weighted average Common Shares outstanding		390,548			391,063			390,542			391,187

See accompanying notes

3

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Continued)

(Amounts in thousands except per share data)

(Unaudited)

	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
Comprehensive income:
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Other comprehensive income (loss):
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period		—			4,054			—			13,834
Losses reclassified into earnings from other comprehensive    income		1,210			2,201			600			1,106
Other comprehensive income (loss)		1,210			6,255			600			14,940
Comprehensive income		489,797			371,188			184,155			159,802
Comprehensive (income) attributable to Noncontrolling Interests		(15,350	)		(13,890	)		(6,088	)		(6,135	)
Comprehensive income attributable to controlling interests	$	474,447		$	357,298		$	178,067		$	153,667

See accompanying notes

4

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

	Six Months Ended June 30,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	488,587		$	364,933
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		450,093			437,185
Amortization of deferred financing costs		3,836			3,996
Amortization of discounts and premiums on debt		2,536			1,740
Amortization of deferred settlements on derivative instruments		1,204			2,195
Amortization of right-of-use assets		6,470			6,357
Write-off of pursuit costs		1,369			1,993
(Income) loss from investments in unconsolidated entities		3,372			2,605
Distributions from unconsolidated entities – return on capital		281			290
Net (gain) loss on sales of real estate properties		(227,994	)		(100,122	)
Realized (gain) loss on investment securities		1,316			87
Unrealized (gain) loss on investment securities		(5,745	)		—
Compensation paid with Company Common Shares		21,350			20,845
Changes in assets and liabilities:
(Increase) decrease in other assets		30,297			(13,258	)
Increase (decrease) in accounts payable and accrued expenses		18,780			25,424
Increase (decrease) in accrued interest payable		(131	)		(72	)
Increase (decrease) in lease liabilities		(1,020	)		(658	)
Increase (decrease) in other liabilities		22,697			(8,047	)
Increase (decrease) in security deposits		670			487
Net cash provided by operating activities		817,968			745,980
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions		(63,507	)		(186,676	)
Investment in real estate – development/other		(55,253	)		(46,815	)
Capital expenditures to real estate		(153,304	)		(135,247	)
Non-real estate capital additions		(921	)		(1,043	)
Interest capitalized for real estate and unconsolidated entities under development		(6,894	)		(6,979	)
Proceeds from disposition of real estate, net		330,128			133,916
Investments in unconsolidated entities – acquisitions		(31,286	)		(989	)
Investments in unconsolidated entities – development/other		(28,793	)		(25,413	)
Distributions from unconsolidated entities – return of capital		16			15
Purchase of investment securities and other investments		—			(2,500	)
Proceeds from sale of investment securities		7,457			452
Net cash provided by (used for) investing activities		(2,357	)		(271,279	)

See accompanying notes

5

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Amounts in thousands)

(Unaudited)

	Six Months Ended June 30,
	2024			2023
CASH FLOWS FROM FINANCING ACTIVITIES:
Mortgage notes payable, net:
Proceeds	$	—		$	22,896
Lump sum payoffs		—			(64,722	)
Scheduled principal repayments		—			(54	)
Line of credit and commercial paper:
Commercial paper proceeds		3,532,753			2,382,619
Commercial paper repayments		(3,771,000	)		(2,328,100	)
Finance ground lease principal payments		(1,438	)		(1,329	)
Proceeds from Employee Share Purchase Plan (ESPP)		2,449			2,124
Proceeds from exercise of options		6,480			11,358
Common Shares repurchased and retired		(38,474	)		—
Redemption of Preferred Shares		(20,125	)		—
Premium on redemption of Preferred Shares		(1,444	)		—
Other financing activities, net		(45	)		(31	)
Acquisition of Noncontrolling Interests – Partially Owned Properties		—			(3,737	)
Contributions – Noncontrolling Interests – Partially Owned Properties		458			9
Contributions – Noncontrolling Interests – Operating Partnership		2			1
Distributions:
Common Shares		(507,111	)		(487,483	)
Preferred Shares		(1,320	)		(2,319	)
Noncontrolling Interests – Operating Partnership		(15,629	)		(15,233	)
Noncontrolling Interests – Partially Owned Properties		(2,741	)		(3,230	)
Net cash provided by (used for) financing activities		(817,185	)		(487,231	)
Net increase (decrease) in cash and cash equivalents and restricted deposits		(1,574	)		(12,530	)
Cash and cash equivalents and restricted deposits, beginning of period		139,995			137,172
Cash and cash equivalents and restricted deposits, end of period	$	138,421		$	124,642
Cash and cash equivalents and restricted deposits, end of period
Cash and cash equivalents	$	38,298		$	35,701
Restricted deposits		100,123			88,941
Total cash and cash equivalents and restricted deposits, end of period	$	138,421		$	124,642

See accompanying notes

6

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Amounts in thousands)

(Unaudited)

	Six Months Ended June 30,
	2024			2023
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	$	120,955		$	125,518
Net cash paid (received) for income and other taxes	$	877		$	911
Amortization of deferred financing costs:
Investment in real estate, net	$	—		$	(211	)
Other assets	$	1,392		$	1,392
Mortgage notes payable, net	$	524		$	895
Notes, net	$	1,920		$	1,920
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	$	1,412		$	616
Notes, net	$	1,124		$	1,124
Amortization of deferred settlements on derivative instruments:
Other liabilities	$	(6	)	$	(6	)
Accumulated other comprehensive income	$	1,210		$	2,201
Write-off of pursuit costs:
Investment in real estate, net	$	319		$	316
Investments in unconsolidated entities	$	866		$	1,111
Other assets	$	184		$	566
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	$	2,736		$	1,972
Other liabilities	$	636		$	633
Realized/unrealized (gain) loss on derivative instruments:
Other assets	$	—		$	(3,359	)
Other liabilities	$	—		$	(695	)
Accumulated other comprehensive income	$	—		$	4,054
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	$	(2,592	)	$	(2,988	)
Investments in unconsolidated entities	$	(4,302	)	$	(3,991	)
Investments in unconsolidated entities – development/other:
Investments in unconsolidated entities	$	(28,133	)	$	(24,633	)
Other liabilities	$	(660	)	$	(780	)
Right-of-use assets and lease liabilities initial measurement and reclassifications:
Right-of-use assets	$	—		$	(7,105	)
Lease liabilities	$	—		$	7,105
Non-cash share distribution and other transfers from unconsolidated entities:
Investments in unconsolidated entities	$	—		$	539
Other assets	$	—		$	(539	)
Non-cash change in Supplemental Executive Retirement Plan (SERP) balances:
Other assets	$	3,437		$	3,110
Other liabilities	$	(2,839	)	$	(3,258	)
Paid in capital	$	(598	)	$	148

See accompanying notes

7

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Amounts in thousands except per share data)

(Unaudited)

	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
SHAREHOLDERS’ EQUITY
PREFERRED SHARES
Balance, beginning of period	$	37,280		$	37,280		$	17,155		$	37,280
Partial redemption of 8.29% Series K Cumulative Redeemable		(20,125	)		—			—			—
Balance, end of period	$	17,155		$	37,280		$	17,155		$	37,280
COMMON SHARES, $0.01 PAR VALUE
Balance, beginning of period	$	3,793		$	3,784		$	3,789		$	3,789
Conversion of OP Units into Common Shares		1			2			1			—
Exercise of share options		1			2			—			—
Employee Share Purchase Plan (ESPP)		1			—			1			—
Common Shares repurchased and retired		(7	)		—			—			—
Share-based employee compensation expense:
Restricted shares		2			2			—			1
Balance, end of period	$	3,791		$	3,790		$	3,791		$	3,790
PAID IN CAPITAL
Balance, beginning of period	$	9,601,866		$	9,476,085		$	9,603,743		$	9,488,320
Common Share Issuance:
Conversion of OP Units into Common Shares		5,047			4,657			4,793			986
Exercise of share options		6,479			11,356			2,079			3,246
Employee Share Purchase Plan (ESPP)		2,448			2,124			804			672
Share-based employee compensation expense:
Restricted shares		9,381			7,943			4,887			4,290
Share options		2,507			3,125			1,218			1,628
ESPP discount		501			398			205			138
Supplemental Executive Retirement Plan (SERP)		(598	)		148			(371	)		(343	)
Acquisition of Noncontrolling Interests – Partially Owned Properties		—			(900	)		—			(900	)
Change in market value of Redeemable Noncontrolling Interests –    Operating Partnership		(39,058	)		(39,123	)		(30,243	)		(33,177	)
Adjustment for Noncontrolling Interests ownership in Operating    Partnership		1,532			6,815			2,990			7,768
Balance, end of period	$	9,590,105		$	9,472,628		$	9,590,105		$	9,472,628
RETAINED EARNINGS
Balance, beginning of period	$	1,437,185		$	1,658,837		$	1,436,671		$	1,619,131
Net income attributable to controlling interests		473,270			351,238			177,483			139,203
Common Share distributions		(511,720	)		(502,070	)		(255,877	)		(251,101	)
Preferred Share distributions		(902	)		(1,545	)		(355	)		(773	)
Premium on redemption of Preferred Shares – cash charge		(1,444	)		—			—			—
Common Shares repurchased and retired		(38,467	)		—			—			—
Balance, end of period	$	1,357,922		$	1,506,460		$	1,357,922		$	1,506,460
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balance, beginning of period	$	5,704		$	(2,547	)	$	6,314		$	(11,232	)
Accumulated other comprehensive income (loss) – derivative    instruments:
Unrealized holding gains (losses) arising during the period		—			4,054			—			13,834
Losses reclassified into earnings from other comprehensive    income		1,210			2,201			600			1,106
Balance, end of period	$	6,914		$	3,708		$	6,914		$	3,708
DISTRIBUTIONS
Distributions declared per Common Share outstanding	$	1.35		$	1.325		$	0.675		$	0.6625

See accompanying notes

8

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)

(Amounts in thousands except per share data)

(Unaudited)

	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
NONCONTROLLING INTERESTS
OPERATING PARTNERSHIP
Balance, beginning of period	$	202,306		$	209,961		$	207,272		$	211,718
Issuance of restricted units to Noncontrolling Interests		2			1			—			1
Conversion of OP Units held by Noncontrolling Interests into OP    Units held by General Partner		(5,048	)		(4,659	)		(4,794	)		(986	)
Equity compensation associated with Noncontrolling Interests		10,236			10,867			6,149			6,213
Net income attributable to Noncontrolling Interests		13,278			11,613			5,003			4,554
Distributions to Noncontrolling Interests		(15,875	)		(15,640	)		(7,429	)		(7,736	)
Change in carrying value of Redeemable Noncontrolling Interests –    Operating Partnership		665			2,077			821			1,409
Adjustment for Noncontrolling Interests ownership in Operating    Partnership		(1,532	)		(6,815	)		(2,990	)		(7,768	)
Balance, end of period	$	204,032		$	207,405		$	204,032		$	207,405
PARTIALLY OWNED PROPERTIES
Balance, beginning of period	$	994		$	(721	)	$	(1,131	)	$	(2,553	)
Net income attributable to Noncontrolling Interests		2,039			2,082			1,069			1,105
Contributions by Noncontrolling Interests		458			9			223			9
Distributions to Noncontrolling Interests		(2,786	)		(3,261	)		(456	)		(452	)
Acquisition of Noncontrolling Interests – Partially Owned Properties		—			(2,837	)		—			(2,837	)
Other		(1,000	)		—			—			—
Balance, end of period	$	(295	)	$	(4,728	)	$	(295	)	$	(4,728	)

See accompanying notes

9

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

(Unaudited)

	June 30,			December 31,
	2024			2023
ASSETS
Land	$	5,540,352		$	5,581,876
Depreciable property		23,004,377			22,938,426
Projects under development		188,283			78,036
Land held for development		64,781			114,300
Investment in real estate		28,797,793			28,712,638
Accumulated depreciation		(10,163,756	)		(9,810,337	)
Investment in real estate, net		18,634,037			18,902,301
Investments in unconsolidated entities		341,871			282,049
Cash and cash equivalents		38,298			50,743
Restricted deposits		100,123			89,252
Right-of-use assets		450,796			457,266
Other assets		214,443			252,953
Total assets	$	19,779,568		$	20,034,564
LIABILITIES AND CAPITAL
Liabilities:
Mortgage notes payable, net	$	1,634,838		$	1,632,902
Notes, net		5,351,461			5,348,417
Line of credit and commercial paper		170,884			409,131
Accounts payable and accrued expenses		114,413			87,377
Accrued interest payable		65,585			65,716
Lease liabilities		309,182			311,640
Other liabilities		292,424			272,596
Security deposits		69,848			69,178
Distributions payable		263,668			259,231
Total liabilities		8,272,303			8,456,188
Commitments and contingencies
Redeemable Limited Partners		327,641			289,248
Capital:
Partners’ Capital:
Preference Units		17,155			37,280
General Partner		10,951,818			11,042,844
Limited Partners		204,032			202,306
Accumulated other comprehensive income (loss)		6,914			5,704
Total partners’ capital		11,179,919			11,288,134
Noncontrolling Interests – Partially Owned Properties		(295	)		994
Total capital		11,179,624			11,289,128
Total liabilities and capital	$	19,779,568		$	20,034,564

See accompanying notes

10

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Amounts in thousands except per Unit data)

(Unaudited)

	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
REVENUES
Rental income	$	1,464,981		$	1,422,397		$	734,163		$	717,309
EXPENSES
Property and maintenance		261,128			262,350			126,498			124,771
Real estate taxes and insurance		214,498			209,749			105,571			103,080
Property management		68,969			62,145			33,511			30,679
General and administrative		34,351			35,041			18,631			18,876
Depreciation		450,093			437,185			224,398			221,355
Total expenses		1,029,039			1,006,470			508,609			498,761
Net gain (loss) on sales of real estate properties		227,994			100,122			39,809			(87	)
Interest and other income		10,657			3,669			1,328			2,131
Other expenses		(45,123	)		(15,559	)		(13,385	)		(6,564	)
Interest:
Expense incurred, net		(133,040	)		(131,991	)		(65,828	)		(65,590	)
Amortization of deferred financing costs		(3,836	)		(3,996	)		(1,918	)		(2,017	)
Income before income and other taxes, income (loss) from    investments in unconsolidated entities and net gain (loss)    on sales of land parcels		492,594			368,172			185,560			146,421
Income and other tax (expense) benefit		(635	)		(634	)		(331	)		(336	)
Income (loss) from investments in unconsolidated entities		(3,372	)		(2,605	)		(1,674	)		(1,223	)
Net income		488,587			364,933			183,555			144,862
Net (income) loss attributable to Noncontrolling Interests – Partially Owned    Properties		(2,039	)		(2,082	)		(1,069	)		(1,105	)
Net income attributable to controlling interests	$	486,548		$	362,851		$	182,486		$	143,757
ALLOCATION OF NET INCOME:
Preference Units	$	902		$	1,545		$	355		$	773
Premium on redemption of Preference Units	$	1,444		$	—		$	—		$	—
General Partner	$	470,924		$	349,693		$	177,128		$	138,430
Limited Partners		13,278			11,613			5,003			4,554
Net income available to Units	$	484,202		$	361,306		$	182,131		$	142,984
Earnings per Unit – basic:
Net income available to Units	$	1.24		$	0.92		$	0.47		$	0.37
Weighted average Units outstanding		389,380			389,942			389,271			390,032
Earnings per Unit – diluted:
Net income available to Units	$	1.24		$	0.92		$	0.47		$	0.37
Weighted average Units outstanding		390,548			391,063			390,542			391,187

See accompanying notes

11

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Continued)

(Amounts in thousands except per Unit data)

(Unaudited)

	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
Comprehensive income:
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Other comprehensive income (loss):
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period		—			4,054			—			13,834
Losses reclassified into earnings from other comprehensive    income		1,210			2,201			600			1,106
Other comprehensive income (loss)		1,210			6,255			600			14,940
Comprehensive income		489,797			371,188			184,155			159,802
Comprehensive (income) attributable to Noncontrolling Interests –    Partially Owned Properties		(2,039	)		(2,082	)		(1,069	)		(1,105	)
Comprehensive income attributable to controlling interests	$	487,758		$	369,106		$	183,086		$	158,697

See accompanying notes

12

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

	Six Months Ended June 30,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	488,587		$	364,933
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		450,093			437,185
Amortization of deferred financing costs		3,836			3,996
Amortization of discounts and premiums on debt		2,536			1,740
Amortization of deferred settlements on derivative instruments		1,204			2,195
Amortization of right-of-use assets		6,470			6,357
Write-off of pursuit costs		1,369			1,993
(Income) loss from investments in unconsolidated entities		3,372			2,605
Distributions from unconsolidated entities – return on capital		281			290
Net (gain) loss on sales of real estate properties		(227,994	)		(100,122	)
Realized (gain) loss on investment securities		1,316			87
Unrealized (gain) loss on investment securities		(5,745	)		—
Compensation paid with Company Common Shares		21,350			20,845
Changes in assets and liabilities:
(Increase) decrease in other assets		30,297			(13,258	)
Increase (decrease) in accounts payable and accrued expenses		18,780			25,424
Increase (decrease) in accrued interest payable		(131	)		(72	)
Increase (decrease) in lease liabilities		(1,020	)		(658	)
Increase (decrease) in other liabilities		22,697			(8,047	)
Increase (decrease) in security deposits		670			487
Net cash provided by operating activities		817,968			745,980
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions		(63,507	)		(186,676	)
Investment in real estate – development/other		(55,253	)		(46,815	)
Capital expenditures to real estate		(153,304	)		(135,247	)
Non-real estate capital additions		(921	)		(1,043	)
Interest capitalized for real estate and unconsolidated entities under development		(6,894	)		(6,979	)
Proceeds from disposition of real estate, net		330,128			133,916
Investments in unconsolidated entities – acquisitions		(31,286	)		(989	)
Investments in unconsolidated entities – development/other		(28,793	)		(25,413	)
Distributions from unconsolidated entities – return of capital		16			15
Purchase of investment securities and other investments		—			(2,500	)
Proceeds from sale of investment securities		7,457			452
Net cash provided by (used for) investing activities		(2,357	)		(271,279	)

See accompanying notes

13

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Amounts in thousands)

(Unaudited)

	Six Months Ended June 30,
	2024			2023
CASH FLOWS FROM FINANCING ACTIVITIES:
Mortgage notes payable, net:
Proceeds	$	—		$	22,896
Lump sum payoffs		—			(64,722	)
Scheduled principal repayments		—			(54	)
Line of credit and commercial paper:
Commercial paper proceeds		3,532,753			2,382,619
Commercial paper repayments		(3,771,000	)		(2,328,100	)
Finance ground lease principal payments		(1,438	)		(1,329	)
Proceeds from EQR’s Employee Share Purchase Plan (ESPP)		2,449			2,124
Proceeds from exercise of EQR options		6,480			11,358
OP Units repurchased and retired		(38,474	)		—
Redemption of Preference Units		(20,125	)		—
Premium on redemption of Preference Units		(1,444	)		—
Other financing activities, net		(45	)		(31	)
Acquisition of Noncontrolling Interests – Partially Owned Properties		—			(3,737	)
Contributions – Noncontrolling Interests – Partially Owned Properties		458			9
Contributions – Limited Partners		2			1
Distributions:
OP Units – General Partner		(507,111	)		(487,483	)
Preference Units		(1,320	)		(2,319	)
OP Units – Limited Partners		(15,629	)		(15,233	)
Noncontrolling Interests – Partially Owned Properties		(2,741	)		(3,230	)
Net cash provided by (used for) financing activities		(817,185	)		(487,231	)
Net increase (decrease) in cash and cash equivalents and restricted deposits		(1,574	)		(12,530	)
Cash and cash equivalents and restricted deposits, beginning of period		139,995			137,172
Cash and cash equivalents and restricted deposits, end of period	$	138,421		$	124,642
Cash and cash equivalents and restricted deposits, end of period
Cash and cash equivalents	$	38,298		$	35,701
Restricted deposits		100,123			88,941
Total cash and cash equivalents and restricted deposits, end of period	$	138,421		$	124,642

See accompanying notes

14

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Amounts in thousands)

(Unaudited)

	Six Months Ended June 30,
	2024			2023
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	$	120,955		$	125,518
Net cash paid (received) for income and other taxes	$	877		$	911
Amortization of deferred financing costs:
Investment in real estate, net	$	—		$	(211	)
Other assets	$	1,392		$	1,392
Mortgage notes payable, net	$	524		$	895
Notes, net	$	1,920		$	1,920
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	$	1,412		$	616
Notes, net	$	1,124		$	1,124
Amortization of deferred settlements on derivative instruments:
Other liabilities	$	(6	)	$	(6	)
Accumulated other comprehensive income	$	1,210		$	2,201
Write-off of pursuit costs:
Investment in real estate, net	$	319		$	316
Investments in unconsolidated entities	$	866		$	1,111
Other assets	$	184		$	566
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	$	2,736		$	1,972
Other liabilities	$	636		$	633
Realized/unrealized (gain) loss on derivative instruments:
Other assets	$	—		$	(3,359	)
Other liabilities	$	—		$	(695	)
Accumulated other comprehensive income	$	—		$	4,054
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	$	(2,592	)	$	(2,988	)
Investments in unconsolidated entities	$	(4,302	)	$	(3,991	)
Investments in unconsolidated entities – development/other:
Investments in unconsolidated entities	$	(28,133	)	$	(24,633	)
Other liabilities	$	(660	)	$	(780	)
Right-of-use assets and lease liabilities initial measurement and reclassifications:
Right-of-use assets	$	—		$	(7,105	)
Lease liabilities	$	—		$	7,105
Non-cash share distribution and other transfers from unconsolidated entities:
Investments in unconsolidated entities	$	—		$	539
Other assets	$	—		$	(539	)
Non-cash change in Supplemental Executive Retirement Plan (SERP) balances:
Other assets	$	3,437		$	3,110
Other liabilities	$	(2,839	)	$	(3,258	)
Paid in capital	$	(598	)	$	148

See accompanying notes

15

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL

(Amounts in thousands except per Unit data)

(Unaudited)

	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
PARTNERS’ CAPITAL
PREFERENCE UNITS
Balance, beginning of period	$	37,280		$	37,280		$	17,155		$	37,280
Partial redemption of 8.29% Series K Cumulative Redeemable		(20,125	)		—			—			—
Balance, end of period	$	17,155		$	37,280		$	17,155		$	37,280
GENERAL PARTNER
Balance, beginning of period	$	11,042,844		$	11,138,706		$	11,044,203		$	11,111,240
OP Unit Issuance:
Conversion of OP Units held by Limited Partners into OP Units    held by General Partner		5,048			4,659			4,794			986
Exercise of EQR share options		6,480			11,358			2,079			3,246
EQR’s Employee Share Purchase Plan (ESPP)		2,449			2,124			805			672
Share-based employee compensation expense:
EQR restricted shares		9,383			7,945			4,887			4,291
EQR share options		2,507			3,125			1,218			1,628
EQR ESPP discount		501			398			205			138
OP Units repurchased and retired		(38,474	)		—			—			—
Net income available to Units – General Partner		470,924			349,693			177,128			138,430
OP Units – General Partner distributions		(511,720	)		(502,070	)		(255,877	)		(251,101	)
Supplemental Executive Retirement Plan (SERP)		(598	)		148			(371	)		(343	)
Acquisition of Noncontrolling Interests – Partially Owned Properties		—			(900	)		—			(900	)
Change in market value of Redeemable Limited Partners		(39,058	)		(39,123	)		(30,243	)		(33,177	)
Adjustment for Limited Partners ownership in Operating Partnership		1,532			6,815			2,990			7,768
Balance, end of period	$	10,951,818		$	10,982,878		$	10,951,818		$	10,982,878
LIMITED PARTNERS
Balance, beginning of period	$	202,306		$	209,961		$	207,272		$	211,718
Issuance of restricted units to Limited Partners		2			1			—			1
Conversion of OP Units held by Limited Partners into OP Units held    by General Partner		(5,048	)		(4,659	)		(4,794	)		(986	)
Equity compensation associated with Units – Limited Partners		10,236			10,867			6,149			6,213
Net income available to Units – Limited Partners		13,278			11,613			5,003			4,554
Units – Limited Partners distributions		(15,875	)		(15,640	)		(7,429	)		(7,736	)
Change in carrying value of Redeemable Limited Partners		665			2,077			821			1,409
Adjustment for Limited Partners ownership in Operating Partnership		(1,532	)		(6,815	)		(2,990	)		(7,768	)
Balance, end of period	$	204,032		$	207,405		$	204,032		$	207,405
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balance, beginning of period	$	5,704		$	(2,547	)	$	6,314		$	(11,232	)
Accumulated other comprehensive income (loss) – derivative    instruments:
Unrealized holding gains (losses) arising during the period		—			4,054			—			13,834
Losses reclassified into earnings from other comprehensive    income		1,210			2,201			600			1,106
Balance, end of period	$	6,914		$	3,708		$	6,914		$	3,708
DISTRIBUTIONS
Distributions declared per Unit outstanding	$	1.35		$	1.325		$	0.675		$	0.6625

See accompanying notes

16

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Continued)

(Amounts in thousands except per Unit data)

(Unaudited)

	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS – PARTIALLY OWNED    PROPERTIES
Balance, beginning of period	$	994		$	(721	)	$	(1,131	)	$	(2,553	)
Net income attributable to Noncontrolling Interests		2,039			2,082			1,069			1,105
Contributions by Noncontrolling Interests		458			9			223			9
Distributions to Noncontrolling Interests		(2,786	)		(3,261	)		(456	)		(452	)
Acquisition of Noncontrolling Interests – Partially Owned Properties		—			(2,837	)		—			(2,837	)
Other		(1,000	)		—			—			—
Balance, end of period	$	(295	)	$	(4,728	)	$	(295	)	$	(4,728	)

See accompanying notes

17

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.Business

Equity Residential (“EQR”) is an S&P 500 company focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters, a business that is conducted on its behalf by ERP Operating Limited Partnership (“ERPOP”). EQR is a Maryland real estate investment trust (“REIT”) formed in March 1993 and ERPOP is an Illinois limited partnership formed in May 1993. References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership.

EQR is the general partner of, and as of June 30, 2024 owned an approximate 97.0% ownership interest in, ERPOP. All of the Company’s property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR issues equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity.

As of June 30, 2024, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 299 properties located in 10 states and the District of Columbia consisting of 79,738 apartment units. The ownership breakdown includes (table does not include any uncompleted development properties):

	Properties		Apartment Units
Wholly Owned Properties		284		76,469
Partially Owned Properties – Consolidated		14		3,060
Partially Owned Properties – Unconsolidated		1		209
		299		79,738

2.Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

The balance sheets at December 31, 2023 have been derived from the audited financial statements at that date but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

For further information, including definitions of capitalized terms not defined herein, refer to the consolidated financial statements and footnotes thereto included in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2023.

18

Income and Other Taxes

EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses.

Recent Accounting Pronouncements

In March 2024, the Securities and Exchange Commission ("SEC") adopted final rules that will require certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. The new rules include a requirement to disclose material climate-related risks, descriptions of board and management oversight and risk management activities, the material impacts of these risks on a registrant’s strategy, business model and outlook, and any material climate-related targets or goals, as well as material effects and costs of severe weather events and other natural conditions and greenhouse gas emissions. Prior to the stay of the new rules, they would have been effective for annual periods beginning January 1, 2025, except for the greenhouse gas emissions disclosures, which would have been effective for annual periods beginning January 1, 2026. The Company is currently evaluating the impact of the new rules on its disclosures.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued an amendment to the income tax standards which requires disclosure enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The new standard will be effective for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the impact of adopting the standard on its consolidated results of operations and financial position.

In November 2023, the FASB issued an amendment to the segment reporting standards which requires disclosure for each reportable segment, on an interim and annual basis, the significant expense categories and amounts that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s profit or loss. Additionally, it requires disclosure of the title and position of the individual or the name of the group or committee identified as the chief operating decision maker. The new standard will be effective for annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025 on a retrospective basis. The Company is currently evaluating the impact of adopting the standard on its consolidated results of operations and financial position.

In March 2020, the FASB issued an amendment to the reference rate reform standard which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. The new standard was effective for the Company upon issuance and elections could be made through December 31, 2024. The Company elected to apply the hedge accounting expedients and application of these expedients preserves the presentation of derivatives consistent with past presentation.

3.Equity, Capital and Other Interests

The Company refers to “Common Shares” and “Units” (which refer to both OP Units and restricted units) as equity securities for EQR and “General Partner Units” and “Limited Partner Units” as equity securities for ERPOP. To provide a streamlined and more readable presentation of the disclosures for the Company and the Operating Partnership, several sections below refer to the respective terminology for each with the same financial information and separate sections are provided, where needed, to further distinguish any differences in financial information and terminology.

19

The following table presents the changes in the Company’s issued and outstanding Common Shares and Units for the six months ended June 30, 2024 and 2023:

	2024			2023
Common Shares
Common Shares outstanding at January 1,		379,291,417			378,429,708
Common Shares Issued:
Conversion of OP Units		90,131			180,629
Exercise of share options		119,516			232,317
Employee Share Purchase Plan (ESPP)		47,466			40,346
Restricted share grants, net		190,804			149,722
Common Shares Other:
Repurchased and retired		(652,452	)		—
Common Shares outstanding at June 30,		379,086,882			379,032,722
Units
Units outstanding at January 1,		11,581,306			12,429,737
Restricted unit grants, net		172,667			166,344
Conversion of OP Units to Common Shares		(90,131	)		(180,629	)
Units outstanding at June 30,		11,663,842			12,415,452
Total Common Shares and Units outstanding at June 30,		390,750,724			391,448,174
Units Ownership Interest in Operating Partnership		3.0	%		3.2	%

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, 2024 and 2023:

	2024			2023
General and Limited Partner Units
General and Limited Partner Units outstanding at January 1,		390,872,723			390,859,445
Issued to General Partner:
Exercise of EQR share options		119,516			232,317
EQR’s Employee Share Purchase Plan (ESPP)		47,466			40,346
EQR’s restricted share grants, net		190,804			149,722
Issued to Limited Partners:
Restricted unit grants, net		172,667			166,344
General Partner Other:
OP Units repurchased and retired		(652,452	)		—
General and Limited Partner Units outstanding at June 30,		390,750,724			391,448,174
Limited Partner Units
Limited Partner Units outstanding at January 1,		11,581,306			12,429,737
Limited Partner restricted unit grants, net		172,667			166,344
Conversion of Limited Partner OP Units to EQR Common Shares		(90,131	)		(180,629	)
Limited Partner Units outstanding at June 30,		11,663,842			12,415,452
Limited Partner Units Ownership Interest in Operating Partnership		3.0	%		3.2	%

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.

20

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, 2024 and December 31, 2023.

The carrying value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is allocated based on the number of Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total. Such percentage of the total carrying value of Units/Limited Partner Units which is ascribed to the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is then adjusted to the greater of carrying value or fair market value as described above. As of June 30, 2024 and 2023, the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners have a redemption value of approximately $327.6 million and $355.3 million, respectively, which represents the value of Common Shares that would be issued in exchange for the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners.

The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners for the six months ended June 30, 2024 and 2023, respectively (amounts in thousands):

	2024			2023
Balance at January 1,	$	289,248		$	318,273
Change in market value		39,058			39,123
Change in carrying value		(665	)		(2,077	)
Balance at June 30,	$	327,641		$	355,319

Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings and proceeds from exercise of options for Common Shares are contributed by EQR to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the Preferred Shares issued in the equity offering). As a result, the net proceeds from Common Shares and Preferred Shares are allocated for the Company between shareholders’ equity and Noncontrolling Interests – Operating Partnership and for the Operating Partnership between General Partner’s Capital and Limited Partners Capital to account for the change in their respective percentage ownership of the underlying equity.

The Company’s declaration of trust authorizes it to issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share (the “Preferred Shares”), with specific rights, preferences and other attributes as the Board of Trustees may determine, which may include preferences, powers and rights that are senior to the rights of holders of the Company’s Common Shares.

The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as of June 30, 2024 and December 31, 2023:

				Amounts in thousands
		Annual
	Call	Dividend Per		June 30,		December 31,
	Date (1)	Share/Unit (2)		2024		2023
Preferred Shares/Preference Units of beneficial interest, $0.01 par value;    100,000,000 shares authorized:
8.29% Series K Cumulative Redeemable Preferred Shares/Preference    Units; liquidation value $50 per share/unit; 343,100 shares/units issued    and outstanding as of June 30, 2024 and 745,600 shares/units issued    and outstanding as of December 31, 2023 (3)	12/10/2026	$	4.145	$	17,155	$	37,280
				$	17,155	$	37,280

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(1)On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any.

(2)Dividends on Preferred Shares/Preference Units are payable quarterly.

(3)During the six months ended June 30, 2024, the Company repurchased and retired 402,500 Series K Preferred Shares/Preference Units with a liquidation value of approximately $20.1 million for total cash consideration of approximately $21.8 million, inclusive of premiums and accrued dividends through the redemption date. As a result of this partial redemption, the Company incurred a cash charge of approximately $1.4 million which was recorded as a premium on the redemption of Preferred Shares/Preference Units.

Other

EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC in May 2022 and expires in May 2025. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis).

The Company has an At-The-Market (“ATM”) share offering program which allows EQR to issue Common Shares from time to time into the existing trading market at current market prices or through negotiated transactions, including under forward sale arrangements. The current program matures in May 2025 and gives us the authority to issue up to 13.0 million shares, all of which remain available for issuance as of June 30, 2024.

During the six months ended June 30, 2024, the Company repurchased and subsequently retired approximately $38.5 million (652,452 shares at a weighted average price per share of $58.95) of its Common Shares in the open market under its share repurchase program. Concurrent with these transactions, ERPOP repurchased and retired the same amount of OP Units previously issued to EQR. Prior to the share repurchase activity during the six months ended June 30, 2024, the Company had the authority to repurchase up to 13.0 million Common Shares under its share repurchase program, of which 12,347,548 shares remain authorized to repurchase as of June 30, 2024.

4.Real Estate

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of June 30, 2024 and December 31, 2023 (amounts in thousands):

	June 30, 2024			December 31, 2023
Land	$	5,540,352		$	5,581,876
Depreciable property:
Buildings and improvements		19,789,495			19,809,432
Furniture, fixtures and equipment		2,698,109			2,609,600
In-Place lease intangibles		516,773			519,394
Projects under development:
Land		40,049			3,201
Construction-in-progress		148,234			74,835
Land held for development:
Land		46,160			82,026
Construction-in-progress		18,621			32,274
Investment in real estate		28,797,793			28,712,638
Accumulated depreciation		(10,163,756	)		(9,810,337	)
Investment in real estate, net	$	18,634,037		$	18,902,301

During the six months ended June 30, 2024, the Company acquired the following from unaffiliated parties (purchase price and purchase price allocation in thousands):

							Purchase Price Allocation (1)
	Properties		Apartment Units		Purchase Price		Land		Depreciable Property
Rental Properties – Consolidated		1		160	$	62,595	$	6,593	$	56,077

(1)Purchase price allocation includes capitalized closing costs.

22

During the six months ended June 30, 2024, the Company disposed of the following to unaffiliated parties (sales price and net gain in thousands):

	Properties		Apartment Units		Sales Price		Net Gain
Rental Properties – Consolidated		5		831	$	334,000	$	227,994

5.Investments in Partially Owned Entities

The Company has invested in various entities with unrelated third parties which are either consolidated or accounted for under the equity method of accounting (unconsolidated).

Consolidated Variable Interest Entities (“VIEs”)

In accordance with accounting standards for consolidation of VIEs, the Company consolidates ERPOP on EQR’s financial statements. As the sole general partner of ERPOP, EQR has exclusive control of ERPOP’s day-to-day management. The limited partners are not able to exercise substantive kick-out or participating rights. As a result, ERPOP qualifies as a VIE. EQR has a controlling financial interest in ERPOP and, thus, is ERPOP’s primary beneficiary. EQR has the power to direct the activities of ERPOP that most significantly impact ERPOP’s economic performance as well as the obligation to absorb losses or the right to receive benefits from ERPOP that could potentially be significant to ERPOP.

The Company has various equity interests in certain joint ventures that have been deemed to be VIEs, and the Company is the VIEs’ primary beneficiary. As a result, the joint ventures are required to be consolidated on the Company’s financial statements. The following table summarizes the Company’s consolidated joint ventures as of June 30, 2024:

	Operating Properties (1)				Projects Under Development (2)
	Properties		Apartment Units		Projects		Apartment Units (3)
Consolidated Joint Ventures (VIE)		14		3,060		1		440

(1)The land parcel under one of the properties is subject to a long-term ground lease.

(2)Represents separate consolidated joint ventures for the purpose of developing multifamily rental properties.

(3)Represents the intended number of apartment units to be developed.

The following table provides consolidated assets and liabilities related to the Company's VIEs as of June 30, 2024 and December 31, 2023 (amounts in thousands):

	June 30, 2024		December 31, 2023
Consolidated Assets	$	618,439	$	599,788
Consolidated Liabilities	$	47,558	$	41,153

Investments in Unconsolidated Entities

The Company has various equity interests in certain joint ventures that are unconsolidated and accounted for using the equity method of accounting. Most of these have been deemed to be VIEs and the Company is not the VIEs' primary beneficiary. The remaining have been deemed not to be VIEs and the Company does not have a controlling voting interest.

The following table and information summarizes the Company’s investments in unconsolidated entities as of June 30, 2024 and December 31, 2023 (amounts in thousands except for ownership percentage):

	June 30, 2024			December 31, 2023			Ownership Percentage
Investments in Unconsolidated Entities:
Various Real Estate Holdings (VIE)	$	35,123		$	35,421		Varies
Projects Under Development and Land Held for Development (VIE)		279,847			220,192		62% - 95% (1)
Real Estate Technology Funds/Companies (VIE)		27,151			26,691		Varies
Other		(250	)		(255	)	Varies
Investments in Unconsolidated Entities	$	341,871		$	282,049

23

(1)In certain instances, the joint venture agreements contain provisions for promoted interests in favor of our joint venture partner. If the terms of the promoted interest are attained, then our share of the proceeds from a sale or other capital event of the unconsolidated entity may be less than the indicated ownership percentage.

The following table summarizes the Company’s unconsolidated joint ventures that were deemed to be VIEs as of June 30, 2024:

Operating Properties

Real Estate Holdings (1)

Projects Under Development (2), (5)

Projects Held for Development (2), (3)

Properties

Apartment Units

Entities

Projects

Apartment Units (4)

Projects

Apartment Units (4)

Unconsolidated Joint Ventures (VIE)

1

209

3

5

1,773

4

1,164

(1)Represents entities that hold various real estate investments.

(2)Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties.

(3)Represents separate unconsolidated joint ventures that have not yet started.

(4)Represents the intended number of apartment units to be developed.

(5)The land parcel under one of the projects is subject to a long-term ground lease.

6.Restricted Deposits

The following table presents the Company’s restricted deposits as of June 30, 2024 and December 31, 2023 (amounts in thousands):

	June 30, 2024		December 31, 2023
Mortgage escrow deposits:
Real estate taxes and insurance	$	694	$	307
Mortgage principal reserves/sinking funds		33,266		29,270
Mortgage escrow deposits		33,960		29,577
Restricted cash:
Earnest money on pending acquisitions		4,000		524
Restricted deposits on real estate investments		2,228		2,181
Resident security and utility deposits		41,190		40,149
Replacement reserves		16,880		15,571
Other		1,865		1,250
Restricted cash		66,163		59,675
Restricted deposits	$	100,123	$	89,252

7.Leases

Lessor Accounting

The Company is the lessor for its residential and non-residential leases and these leases are accounted for as operating leases under the lease standard.

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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 ended June 30, 2024 and 2023 (amounts in thousands):

	Six Months Ended June 30, 2024									Six Months Ended June 30, 2023
Income Type	Residential Leases			Non-Residential Leases			Total			Residential Leases			Non-Residential Leases		Total
Residential and non-residential rent	$	1,308,397		$	33,710		$	1,342,107		$	1,276,338		$	31,973	$	1,308,311
Utility recoveries (RUBS income) (1)		45,456			435			45,891			42,786			419		43,205
Parking rent		23,035			633			23,668			21,893			225		22,118
Other lease revenue (2)		(10,732	)		(481	)		(11,213	)		(13,420	)		734		(12,686	)
Total lease revenue	$	1,366,156		$	34,297			1,400,453		$	1,327,597		$	33,351		1,360,948
Parking revenue								21,715								20,395
Other revenue								42,813								41,054
Total other rental income (3)								64,528								61,449
Rental income							$	1,464,981							$	1,422,397

(1)RUBS income primarily consists of variable payments representing the recovery of utility costs from residents.

(2)Other lease revenue consists of the revenue adjustment related to bad debt (see below for further discussion) and other miscellaneous lease revenue.

(3)Other rental income is accounted for under the revenue recognition standard and primarily consists of third-party transient parking revenue and ancillary income such as cable and laundry revenue.

The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the quarters ended June 30, 2024 and 2023 (amounts in thousands):

	Quarter Ended June 30, 2024									Quarter Ended June 30, 2023
Income Type	Residential Leases			Non-Residential Leases			Total			Residential Leases			Non-Residential Leases		Total
Residential and non-residential rent	$	656,036		$	14,887		$	670,923		$	641,586		$	15,987	$	657,573
Utility recoveries (RUBS income) (1)		22,787			208			22,995			21,403			212		21,615
Parking rent		11,611			413			12,024			11,011			116		11,127
Other lease revenue (2)		(4,787	)		(389	)		(5,176	)		(5,831	)		65		(5,766	)
Total lease revenue	$	685,647		$	15,119			700,766		$	668,169		$	16,380		684,549
Parking revenue								11,037								10,192
Other revenue								22,360								22,568
Total other rental income (3)								33,397								32,760
Rental income							$	734,163							$	717,309

(1)RUBS income primarily consists of variable payments representing the recovery of utility costs from residents.

(2)Other lease revenue consists of the revenue adjustment related to bad debt (see below for further discussion) and other miscellaneous lease revenue.

(3)Other rental income is accounted for under the revenue recognition standard and primarily consists of third-party transient parking revenue and ancillary income such as cable and laundry revenue.

The following table presents residential accounts receivable and straight-line receivable balances for the Company’s properties as of June 30, 2024 and December 31, 2023 (amounts in thousands):

Balance Sheet (Other assets):	June 30, 2024			December 31, 2023
Residential accounts receivable balances	$	16,657		$	21,477
Allowance for doubtful accounts		(11,380	)		(15,846	)
Net receivable balances	$	5,277		$	5,631
Straight-line receivable balances	$	7,893		$	9,183

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The following table presents residential bad debt for the Company’s properties for the six months and quarters ended June 30, 2024 and 2023 (amounts in thousands):

	Six Months Ended June 30,						Quarter Ended June 30,
Income Statement (Rental income):	2024			2023			2024			2023
Bad debt, net (1)	$	17,139		$	19,820		$	7,924		$	9,065
% of residential rental income		1.2	%		1.4	%		1.1	%		1.3	%

(1)Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $0.9 million and $1.9 million for the six months ended June 30, 2024 and 2023, respectively, and $0.4 million and $0.7 million for the quarters ended June 30, 2024 and 2023, respectively.

8.Debt

EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. Weighted average interest rates noted below for the six months ended June 30, 2024 include the effect of any derivative instruments and amortization of premiums/discounts/OCI (other comprehensive income) on debt and derivatives.

Mortgage Notes Payable

The following table summarizes the Company’s mortgage notes payable activity for the six months ended June 30, 2024 (amounts in thousands):

	Mortgage notes payable, net as of December 31, 2023		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, 2024
Fixed Rate Debt:
Secured – Conventional	$	1,398,598	$	—	$	—	$	—	$	792	$	454	$	1,399,844
Floating Rate Debt:
Secured – Tax Exempt		234,304		—		—		—		620		70		234,994
Total	$	1,632,902	$	—	$	—	$	—	$	1,412	$	524	$	1,634,838

(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, 2024:

	June 30, 2024
Interest Rate Ranges (ending)	0.10% - 5.25%
Weighted Average Interest Rate	3.86%
Maturity Date Ranges	2029-2061

As of June 30, 2024, the Company had $246.7 million of secured 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, 2024 (amounts in thousands):

	Notes, net as of December 31, 2023		Proceeds		Lump sum payoffs		Amortization of premiums/ discounts		Amortization of deferred financing costs, net (1)		Notes, net as of June 30, 2024
Fixed Rate Debt:
Unsecured – Public	$	5,348,417	$	—	$	—	$	1,124	$	1,920	$	5,351,461

(1)Represents amortization of deferred financing costs, net of debt financing costs.

26

The following table summarizes certain interest rate and maturity date information as of and for the six months ended June 30, 2024:

	June 30, 2024
Interest Rate Ranges (ending)	1.85% - 7.57%
Weighted Average Interest Rate	3.52%
Maturity Date Ranges	2025-2047

The Company’s unsecured public notes contain certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for the six months ended June 30, 2024.

Line of Credit and Commercial Paper

The Company has a $2.5 billion unsecured revolving credit facility maturing on October 26, 2027. The Company has the ability to increase available borrowings by an additional $750.0 million by adding lenders to the facility, obtaining the agreement of existing lenders to increase their commitments or incurring one or more term loans. The interest rate on advances under the facility will generally be the Secured Overnight Financing Rate ("SOFR") plus a spread (currently 0.715%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 0.125%). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating and other terms and conditions per the agreement. The Company did not borrow any amounts under its revolving credit facility during the six months ended June 30, 2024.

The Company has an unsecured commercial paper note program under which it may borrow up to a maximum of $1.0 billion subject to market conditions. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Company’s other unsecured senior indebtedness.

The following table summarizes certain weighted average interest rate, maturity and amount outstanding information for the commercial paper program as of and for the six months ended June 30, 2024:

	June 30, 2024
Weighted Average Interest Rate (1)	5.59%
Weighted Average Maturity (in days)	5
Weighted Average Amount Outstanding	$300.1 million

(1)The notes bear interest at various floating rates.

The Company limits its utilization of the revolving credit facility in order to maintain liquidity to support its $1.0 billion commercial paper program along with certain other obligations. The following table presents the availability on the Company’s unsecured revolving credit facility as of June 30, 2024 (amounts in thousands):

	June 30, 2024
Unsecured revolving credit facility commitment	$	2,500,000
Commercial paper balance outstanding		(171,000	)
Unsecured revolving credit facility balance outstanding		—
Other restricted amounts		(3,438	)
Unsecured revolving credit facility availability	$	2,325,562

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9.Fair Value Measurements

The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments on listed market prices and third-party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.

In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company may seek to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business.

A three-level valuation hierarchy exists for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

•Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

•Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

•Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The following table summarizes the inputs to the valuations for each type of fair value measurement:

Fair Value Measurement Type	Valuation Inputs
Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”)	Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets.
Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners	Quoted market price of Common Shares.
Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable)	Indicative rates provided by lenders of similar loans.
Public unsecured notes	Quoted market prices for each underlying issuance.
Derivatives	Readily observable market parameters such as forward yield curves and credit default swap data.

The fair values of the Company’s financial instruments (other than the items listed above and the investments disclosed below) approximate their carrying or contract value. The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at June 30, 2024 and December 31, 2023, respectively (amounts in thousands):

	June 30, 2024				December 31, 2023
	Carrying Value		Estimated Fair Value (Level 2)		Carrying Value		Estimated Fair Value (Level 2)
Mortgage notes payable, net	$	1,634,838	$	1,490,171	$	1,632,902	$	1,509,706
Unsecured debt, net		5,522,345		5,015,807		5,757,548		5,346,488
Total debt, net	$	7,157,183	$	6,505,978	$	7,390,450	$	6,856,194

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The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at June 30, 2024 and December 31, 2023, respectively (amounts in thousands):

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	6/30/2024		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	$	105,041	$	105,041	$	—	$	—
Liabilities
Supplemental Executive Retirement Plan	Other Liabilities	$	105,041	$	105,041	$	—	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	327,641	$	—	$	327,641	$	—

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	12/31/2023		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	$	108,478	$	108,478	$	—	$	—
Liabilities
Supplemental Executive Retirement Plan	Other Liabilities	$	108,478	$	108,478	$	—	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	289,248	$	—	$	289,248	$	—

The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the six months ended June 30, 2024 and 2023, respectively (amounts in thousands):

June 30, 2024 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	$	—	Interest expense	$	(1,210	)
Total	$	—		$	(1,210	)

June 30, 2023 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	$	4,054	Interest expense	$	(2,201	)
Total	$	4,054		$	(2,201	)

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As of June 30, 2024 and December 31, 2023, there were approximately $6.9 million and $5.7 million in deferred gains, net, included in accumulated other comprehensive income (loss), respectively, related to previously settled and/or unsettled derivative instruments, of which an estimated $1.8 million may be recognized as additional interest expense during the twelve months ending June 30, 2025.

Other

The Company has invested in various equity securities without readily determinable fair values and has elected to measure them using the measurement alternative in accordance with the applicable accounting standards for equity securities. These investments are carried at cost less any impairment and adjusted to fair value if there are observable price changes for an identical or similar investment of the same issuer.

The following table summarizes the Company’s real estate technology investment securities included in other assets as of June 30, 2024 and December 31, 2023 (amounts in thousands):

	June 30, 2024		December 31, 2023
Real Estate Technology Investments	$	16,284	$	19,312

During the six months ended June 30, 2024, the Company sold a portion of one of these investment securities for proceeds of approximately $7.5 million and realized a loss on sale of approximately $1.3 million, which is included in interest and other income in the consolidated statements of operations. During the six months ended June 30, 2024, the Company adjusted certain of these investment securities to observable market prices and recorded a net unrealized gain of approximately $5.7 million, which is included in interest and other income in the consolidated statements of operations.

10.Earnings Per Share and Earnings Per Unit

Equity Residential

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):

	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
Numerator for net income per share – basic:
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Allocation to Noncontrolling Interests – Operating Partnership		(13,278	)		(11,613	)		(5,003	)		(4,554	)
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,039	)		(2,082	)		(1,069	)		(1,105	)
Preferred distributions		(902	)		(1,545	)		(355	)		(773	)
Premium on redemption of Preferred Shares		(1,444	)		—			—			—
Numerator for net income per share – basic	$	470,924		$	349,693		$	177,128		$	138,430
Numerator for net income per share – diluted:
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,039	)		(2,082	)		(1,069	)		(1,105	)
Preferred distributions		(902	)		(1,545	)		(355	)		(773	)
Premium on redemption of Preferred Shares		(1,444	)		—			—			—
Numerator for net income per share – diluted	$	484,202		$	361,306		$	182,131		$	142,984
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		378,699			378,492			378,578			378,642
Effect of dilutive securities:
OP Units		10,681			11,450			10,693			11,390
Long-term compensation shares/units		1,168			1,121			1,271			1,155
Denominator for net income per share – diluted		390,548			391,063			390,542			391,187
Net income per share – basic	$	1.24		$	0.92		$	0.47		$	0.37
Net income per share – diluted	$	1.24		$	0.92		$	0.47		$	0.37

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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,
	2024			2023			2024			2023
Numerator for net income per Unit – basic and diluted:
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,039	)		(2,082	)		(1,069	)		(1,105	)
Allocation to Preference Units		(902	)		(1,545	)		(355	)		(773	)
Allocation to premium on redemption of Preference Units		(1,444	)		—			—			—
Numerator for net income per Unit – basic and diluted	$	484,202		$	361,306		$	182,131		$	142,984
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		389,380			389,942			389,271			390,032
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting    of the Company’s long-term compensation shares/units		1,168			1,121			1,271			1,155
Denominator for net income per Unit – diluted		390,548			391,063			390,542			391,187
Net income per Unit – basic	$	1.24		$	0.92		$	0.47		$	0.37
Net income per Unit – diluted	$	1.24		$	0.92		$	0.47		$	0.37

11.Commitments and Contingencies

Commitments

Real Estate Development Commitments

As of June 30, 2024, the Company has both consolidated and unconsolidated real estate projects under development. The following table summarizes the gross remaining total project costs for the Company’s projects under development at June 30, 2024 (total project costs remaining in thousands):

	Projects		Apartment Units		Total Project Costs Remaining (1)
Projects Under Development
Consolidated		2		665	$	196,510
Unconsolidated		5		1,773		56,154
Total Projects Under Development		7		2,438	$	252,664

(1)The Company’s share of the $252.7 million in total project costs remaining approximates $196.3 million, with the balance funded by the Company’s joint venture partners (approximately $0.2 million) and/or applicable construction loans (approximately $56.2 million).

We have entered into, and may continue in the future to enter into, joint venture agreements with third-party partners for the development of multifamily rental properties. The joint venture agreements with each development partner include buy-sell provisions that provide the right, but not the obligation, for the Company to acquire each respective partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events described in the joint venture agreements. See Note 5 for additional discussion.

Other Commitments

We have entered into, and may continue in the future to enter into, real estate technology and other real estate fund investments. As of June 30, 2024, the Company has invested in ten separate such investments totaling $40.5 million with aggregate remaining commitments of approximately $17.5 million.

Contingencies

Litigation and Legal Matters

The Company, as an owner of real estate, is subject to various federal, state and local laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or

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changed laws or regulations on its current properties or on properties that it may acquire in the future.

The Company is involved in various pending and threatened legal proceedings which arise in the ordinary course of business. The Company evaluates these litigation matters on an ongoing basis, but in no event less than quarterly, in assessing the adequacy of its accruals and disclosures. For legal proceedings in which it has been determined that a loss is both probable and reasonably estimable, the Company records new accruals and/or adjusts existing accruals that represent its best estimate of the loss incurred based on the facts and circumstances known at that time. As of June 30, 2024 and December 31, 2023, the Company’s litigation accruals approximated $50.0 million and $17.1 million, respectively, and are included in other liabilities in the consolidated balance sheets. Actual losses may differ materially from the amounts noted above and the ultimate outcome of these legal proceedings is generally not yet determinable. As of June 30, 2024 and December 31, 2023, the Company does not believe there is any litigation pending or threatened against it that, either individually or in the aggregate and inclusive of the matters accrued for as noted above, may reasonably be expected to have a material adverse effect on the Company and its financial condition.

The Company has been named as a defendant in a number of cases filed in late 2022 and 2023 alleging antitrust violations by RealPage, Inc., a seller of revenue management software products, and various owners and/or operators of multifamily housing, including us, that have utilized these products. The complaints allege collusion among the defendants to illegally fix and inflate the pricing of multifamily rents and seek monetary damages, injunctive relief, fees and costs. All of the cases except for one have been consolidated into a single putative class action in the United States District Court for the Middle District of Tennessee. On December 28, 2023, motions to dismiss this consolidated action, filed by RealPage, Inc. as well as us and our multifamily co-defendants, were denied by the Court and the case is proceeding. Another case with similar allegations has been filed by the District of Columbia against RealPage, Inc. and a number of multifamily owners and/or operators, including us. We believe these various lawsuits are without merit and we intend to vigorously defend against them. As these proceedings are in the early stages, it is not possible for the Company to predict the outcome nor is it possible to estimate the amount of loss, if any, which may be associated with an adverse decision in any of these cases.

The Company is named as a defendant in a class action in the United States District Court for the Northern District of California filed in 2016 which alleges that the amount of late fees charged by the Company were improperly determined under California law. The plaintiffs are seeking monetary damages and other relief. On April 8, 2024, the Court issued certain findings of facts and conclusions of law that are adverse to the Company’s legal position. At this time, the Company is continuing to defend the action. While the resolution of this matter cannot be predicted with certainty, the Company does not believe that the eventual outcome will have a material adverse effect on the Company and its financial condition.

12.Reportable Segments

Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker decides how resources are allocated and assesses performance on a recurring basis at least quarterly.

The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company’s operating performance geographically by market and both on a same store and non-same store basis. While the Company does maintain a non-residential presence, it accounts for less than 4.0% of total revenues for the six months ended June 30, 2024 and is designed as an amenity for our residential residents. The chief operating decision maker evaluates the performance of each property on a consolidated residential and non-residential basis. The Company’s geographic consolidated same store operating segments represent its reportable segments.

The Company’s development activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the “Other” category in the tables presented below.

All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the six months and quarters ended June 30, 2024 and 2023, respectively.

The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense and 2) real estate taxes and insurance expense (all as reflected in the accompanying consolidated statements of operations and comprehensive income). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment properties. Revenues for all leases are reflected on a straight-line basis in accordance with GAAP for the current and comparable periods.

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The following table presents a reconciliation of net income per the consolidated statements of operations to NOI for the six months and quarters ended June 30, 2024 and 2023, respectively (amounts in thousands):

	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Adjustments:
Property management		68,969			62,145			33,511			30,679
General and administrative		34,351			35,041			18,631			18,876
Depreciation		450,093			437,185			224,398			221,355
Net (gain) loss on sales of real estate properties		(227,994	)		(100,122	)		(39,809	)		87
Interest and other income		(10,657	)		(3,669	)		(1,328	)		(2,131	)
Other expenses		45,123			15,559			13,385			6,564
Interest:
Expense incurred, net		133,040			131,991			65,828			65,590
Amortization of deferred financing costs		3,836			3,996			1,918			2,017
Income and other tax expense (benefit)		635			634			331			336
(Income) loss from investments in    unconsolidated entities		3,372			2,605			1,674			1,223
Total NOI	$	989,355		$	950,298		$	502,094		$	489,458

The following tables present NOI from our rental real estate for each segment for the six months and quarters ended June 30, 2024 and 2023, respectively, as well as total assets and capital expenditures at June 30, 2024 (amounts in thousands):

	Six Months Ended June 30, 2024							Six Months Ended June 30, 2023
	Rental Income		Operating Expenses		NOI			Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	239,386	$	73,603	$	165,783		$	229,783	$	72,575	$	157,208
Orange County		62,272		13,865		48,407			59,417		13,396		46,021
San Diego		51,815		11,659		40,156			48,925		11,550		37,375
Subtotal - Southern California		353,473		99,127		254,346			338,125		97,521		240,604
Washington, D.C.		231,584		72,407		159,177			220,318		72,109		148,209
San Francisco		217,043		65,700		151,343			213,502		65,735		147,767
New York		246,136		101,320		144,816			237,830		97,137		140,693
Boston		162,532		46,726		115,806			155,729		46,197		109,532
Seattle		148,624		43,291		105,333			145,796		41,172		104,624
Denver		35,810		10,667		25,143			35,469		10,685		24,784
Other Expansion Markets		37,363		16,199		21,164			37,088		16,165		20,923
Total same store		1,432,565		455,437		977,128			1,383,857		446,721		937,136
Non-same store/other
Non-same store (2)		27,547		12,418		15,129			12,400		6,509		5,891
Other (3)		4,869		7,771		(2,902	)		26,140		18,869		7,271
Total non-same store/other		32,416		20,189		12,227			38,540		25,378		13,162
Totals	$	1,464,981	$	475,626	$	989,355		$	1,422,397	$	472,099	$	950,298

(1)For the six months ended June 30, 2024 and 2023, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represented 77,054 apartment units.

(2)For the six months ended June 30, 2024 and 2023, non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, and any properties undergoing major renovations.

(3)Other includes development, other corporate operations and operations prior to disposition for properties sold.

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	Quarter Ended June 30, 2024						Quarter Ended June 30, 2023
	Rental Income		Operating Expenses		NOI		Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	120,119	$	35,778	$	84,341	$	116,295	$	35,264	$	81,031
Orange County		31,171		6,937		24,234		30,045		6,703		23,342
San Diego		25,991		5,780		20,211		24,691		5,736		18,955
Subtotal - Southern California		177,281		48,495		128,786		171,031		47,703		123,328
Washington, D.C.		116,465		36,342		80,123		111,220		35,472		75,748
San Francisco		108,731		31,263		77,468		107,288		31,893		75,395
New York		122,172		50,045		72,127		119,785		47,649		72,136
Boston		82,081		22,988		59,093		78,851		22,034		56,817
Seattle		74,792		22,013		52,779		73,018		20,951		52,067
Denver		18,002		5,221		12,781		17,873		5,211		12,662
Other Expansion Markets		18,645		8,158		10,487		18,718		7,768		10,950
Total same store		718,169		224,525		493,644		697,784		218,681		479,103
Non-same store/other
Non-same store (2)		14,599		6,297		8,302		7,497		3,744		3,753
Other (3)		1,395		1,247		148		12,028		5,426		6,602
Total non-same store/other		15,994		7,544		8,450		19,525		9,170		10,355
Totals	$	734,163	$	232,069	$	502,094	$	717,309	$	227,851	$	489,458

(1)For the quarters ended June 30, 2024 and 2023, same store primarily includes all properties acquired or completed that were stabilized prior to April 1, 2023, less properties subsequently sold, which represented 77,054 apartment units.

(2)For the quarters ended June 30, 2024 and 2023, non-same store primarily includes properties acquired after April 1, 2023, plus any properties in lease-up and not stabilized as of April 1, 2023, and any properties undergoing major renovations.

(3)Other includes development, other corporate operations and operations prior to disposition for properties sold.

	Six Months Ended June 30, 2024
	Total Assets		Capital Expenditures
Same store (1)
Los Angeles	$	2,455,957	$	24,700
Orange County		335,826		8,702
San Diego		336,372		8,283
Subtotal - Southern California		3,128,155		41,685
Washington, D.C.		3,029,979		22,162
San Francisco		3,018,760		28,267
New York		3,240,380		12,363
Boston		2,051,119		12,924
Seattle		2,043,317		16,325
Denver		807,719		2,156
Other Expansion Markets		880,531		3,805
Total same store		18,199,960		139,687
Non-same store/other
Non-same store (2)		756,305		13,153
Other (3)		823,303		464
Total non-same store/other		1,579,608		13,617
Totals	$	19,779,568	$	153,304

(1)Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represented 77,054 apartment units.

(2)Non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, and any properties undergoing major renovations.

(3)Other includes development, other corporate operations and capital expenditures for properties sold.

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13.Subsequent Events

Subsequent to June 30, 2024, the Company:

•Acquired the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated		2		644	$	216,750

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

For further information including definitions for capitalized terms not defined herein, refer to the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2023.

Forward-Looking Statements

Forward-looking statements are intended to be made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates, projections and assumptions made by management. While the Company’s management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks, which could cause actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Many of these uncertainties and risks are difficult to predict and beyond management’s control. Additional factors that might cause such differences are discussed in Part I of the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2023, particularly those under Item 1A, Risk Factors. Forward-looking statements and related uncertainties are also included in the Notes to Consolidated Financial Statements in this report. Forward-looking statements are not guarantees of future performance, results or events. The forward-looking statements contained herein are made as of the date hereof and the Company undertakes no obligation to update or supplement these forward-looking statements.

Overview

Equity Residential (“EQR”) is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters. ERP Operating Limited Partnership (“ERPOP”) is focused on conducting the multifamily property business of EQR. EQR is a Maryland real estate investment trust (“REIT”) formed in March 1993 and ERPOP is an Illinois limited partnership formed in May 1993. References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP.

EQR is the general partner of, and as of June 30, 2024 owned an approximate 97.0% ownership interest in, ERPOP. All of the Company’s property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR issues equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity.

The Company’s corporate headquarters is located in Chicago, Illinois and the Company also operates regional property management offices in most of its markets.

Available Information

You may access our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, our proxy statements and any amendments to any of those reports/statements we file with or furnish to the Securities and Exchange Commission (“SEC”) free of charge on our website, www.equityapartments.com. These reports/statements are made available on our website as soon as reasonably practicable after we file them with or furnish them to the SEC. The information contained on our website, including any information referred to in this report as being available on our website, is not a part of or incorporated into this report.

Business Objectives and Operating and Investing Strategies

The Company’s and the Operating Partnership’s overall business objectives and operating and investing strategies have not changed from the information included in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2023.

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Results of Operations

2024 Transactions

In conjunction with our business objectives and operating and investing strategies, the following table provides a rollforward of the transactions that occurred during the six months ended June 30, 2024:

Portfolio Rollforward

($ in thousands)

	Properties			Apartment Units			Purchase Price			Acquisition Cap Rate
12/31/2023		302			80,191
Acquisitions:
Consolidated Rental Properties – Not Stabilized		1			160		$	62,595			5.7	%
Unconsolidated Land Parcels		—			—		$	33,394
							Sales Price			Disposition Yield
Dispositions:
Consolidated Rental Properties		(5	)		(831	)	$	(334,000	)		(5.7	%)
Completed Developments – Unconsolidated		1			209
Configuration Changes		—			9
6/30/2024		299			79,738

Acquisitions

•The consolidated property acquired during the six months ended June 30, 2024 is located in the Boston market.

Dispositions

•The consolidated properties disposed of during the six months ended June 30, 2024 were located in the Boston, Orange County, San Francisco (2) and Washington, D.C. markets.

Developments

•Consolidated:

•The Company commenced construction on one partially owned consolidated apartment property during the six months ended June 30, 2024, located in the Boston market, consisting of 440 apartment units totaling approximately $232.2 million of expected development costs;

•The Company stabilized one partially owned consolidated apartment property during the six months ended June 30, 2024, located in the Washington, D.C. market, consisting of 312 apartment units totaling approximately $106.0 million of development costs; and

•The Company spent approximately $55.3 million during the six months ended June 30, 2024, primarily for consolidated development projects.

•Unconsolidated:

•The Company completed construction on one unconsolidated apartment property during the six months ended June 30, 2024, located in the Denver market, consisting of 209 apartment units totaling approximately $70.0 million of development costs;

•The Company spent approximately $57.7 million during the six months ended June 30, 2024, primarily for unconsolidated development projects; and

•The Company previously entered into two separate unconsolidated joint ventures for the purpose of developing vacant land parcels in the Boston and Seattle markets. The joint ventures acquired their respective land parcels during the second quarter of 2024 for the total purchase price listed above. The Company's total investment in these two joint ventures is approximately $53.0 million as of June 30, 2024.

See Notes 4 and 5 in the Notes to Consolidated Financial Statements for additional discussion regarding the Company’s real estate investments and investments in partially owned entities.

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Comparison of the six months and quarter ended June 30, 2024 to the six months and quarter ended June 30, 2023

The following table presents a reconciliation of diluted earnings per share/unit for the six months and quarter ended June 30, 2024 as compared to the same periods in 2023:

	Six Months Ended June 30			Quarter Ended June 30
Diluted earnings per share/unit for period ended 2023	$	0.92		$	0.37
Property NOI		0.09			0.03
Corporate overhead (1)		(0.02	)		(0.01	)
Net gain/loss on property sales		0.34			0.10
Depreciation expense		(0.04	)		(0.01	)
Other		(0.05	)		(0.01	)
Diluted earnings per share/unit for period ended 2024	$	1.24		$	0.47

(1)Corporate overhead includes property management and general and administrative expenses.

The Company’s primary financial measure for evaluating each of its apartment communities is net operating income (“NOI”). NOI represents rental income less direct property operating expenses (including real estate taxes and insurance). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment properties.

The following tables present reconciliations of net income per the consolidated statements of operations to NOI, along with rental income, operating expenses and NOI per the consolidated statements of operations allocated between same store and non-same store/other results (amounts in thousands):

	Six Months Ended June 30,												Quarter Ended June 30,
	2024			2023			$ Change			% Change			2024			2023			$ Change			% Change
Net income	$	488,587		$	364,933		$	123,654			33.9	%	$	183,555		$	144,862		$	38,693			26.7	%
Adjustments:
Property management		68,969			62,145			6,824			11.0	%		33,511			30,679			2,832			9.2	%
General and administrative		34,351			35,041			(690	)		(2.0	)%		18,631			18,876			(245	)		(1.3	)%
Depreciation		450,093			437,185			12,908			3.0	%		224,398			221,355			3,043			1.4	%
Net (gain) loss on sales of real    estate properties		(227,994	)		(100,122	)		(127,872	)		127.7	%		(39,809	)		87			(39,896	)	N/A
Interest and other income		(10,657	)		(3,669	)		(6,988	)		190.5	%		(1,328	)		(2,131	)		803			(37.7	)%
Other expenses		45,123			15,559			29,564			190.0	%		13,385			6,564			6,821			103.9	%
Interest:
Expense incurred, net		133,040			131,991			1,049			0.8	%		65,828			65,590			238			0.4	%
Amortization of deferred    financing costs		3,836			3,996			(160	)		(4.0	)%		1,918			2,017			(99	)		(4.9	)%
Income and other tax expense    (benefit)		635			634			1			0.2	%		331			336			(5	)		(1.5	)%
(Income) loss from investments in    unconsolidated entities		3,372			2,605			767			29.4	%		1,674			1,223			451			36.9	%
Total NOI	$	989,355		$	950,298		$	39,057			4.1	%	$	502,094		$	489,458		$	12,636			2.6	%
Rental income:
Same store	$	1,432,565		$	1,383,857		$	48,708			3.5	%	$	718,169		$	697,784		$	20,385			2.9	%
Non-same store/other		32,416			38,540			(6,124	)		(15.9	)%		15,994			19,525			(3,531	)		(18.1	)%
Total rental income		1,464,981			1,422,397			42,584			3.0	%		734,163			717,309			16,854			2.3	%
Operating expenses:
Same store		455,437			446,721			8,716			2.0	%		224,525			218,681			5,844			2.7	%
Non-same store/other		20,189			25,378			(5,189	)		(20.4	)%		7,544			9,170			(1,626	)		(17.7	)%
Total operating expenses		475,626			472,099			3,527			0.7	%		232,069			227,851			4,218			1.9	%
NOI:
Same store		977,128			937,136			39,992			4.3	%		493,644			479,103			14,541			3.0	%
Non-same store/other		12,227			13,162			(935	)		(7.1	)%		8,450			10,355			(1,905	)		(18.4	)%
Total NOI	$	989,355		$	950,298		$	39,057			4.1	%	$	502,094		$	489,458		$	12,636			2.6	%

Note: See Note 12 in the Notes to Consolidated Financial Statements for detail by reportable segment/market.

•The increase in same store rental income is primarily driven by healthy demand and modest supply across most of our markets.

•The increase in year-to-date same store operating expenses is due primarily to:

•Real estate taxes – A $6.3 million increase due to escalation in rates and assessed values including an approximately one

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percentage point contribution to growth from 421-a tax abatement burnoffs in New York City. Once the burnoffs are completed, previously rent-restricted apartment units will transition to market;

•Other on-site operating expenses – A $1.9 million increase primarily driven by higher property-related legal expenses;

•Insurance – A $1.8 million increase due to higher premiums on property insurance renewal due to conditions in the insurance market that while less difficult than recent years, remain challenging; and

•Utilities – A $1.2 million decrease primarily driven by lower commodity prices for gas and electric.

•Non-same store/other NOI results consist primarily of properties acquired in calendar years 2023 and 2024, operations from the Company’s development properties, other corporate operations and operations prior to disposition from 2023 and 2024 sold properties.

•The increase in consolidated total NOI is primarily a result of the Company’s higher NOI from same store properties, largely due to improvement in same store revenues as noted above and the Company's continued focus on same store expense efficiency.

See the Same Store Results section below for additional discussion of those results. See the reconciliation table of net income per the consolidated statements of operations to NOI above for the dollar and percentage changes related to the comparison discussions provided below.

Property management expenses include off-site expenses associated with the self-management of the Company’s properties as well as management fees paid to any third-party management companies. The increases during the six months and quarter ended June 30, 2024 as compared to the prior year periods are primarily attributable to increases in payroll-related costs and information technology expenses.

General and administrative expenses, which include corporate operating expenses, decreased during the six months and quarter ended June 30, 2024 as compared to the prior year periods, primarily due to decreases in payroll-related costs.

Depreciation expense, which includes depreciation on non-real estate assets, increased during the six months and quarter ended June 30, 2024 as compared to the prior year periods, primarily as a result of additional depreciation expense on properties acquired in 2023 and 2024 and development properties placed in service during 2023 and 2024, partially offset by lower depreciation from properties sold in 2023 and 2024.

Net gain on sales of real estate properties increased during the six months ended June 30, 2024 as compared to the prior year period, primarily as a result of the sale of five consolidated apartment properties for a higher gain in 2024 as compared to the sale of seven consolidated apartment properties in the same period in 2023. Net gain on sales of real estate properties increased during the quarter ended June 30, 2024 as compared to the prior year period, primarily as a result of the sale of two consolidated apartment properties in the second quarter of 2024 as compared to no consolidated property sales in the same period in 2023.

Interest and other income increased during the six months ended June 30, 2024 as compared to the prior year period, primarily due to a net increase in realized/unrealized gains of $4.5 million on various investment securities as well as short-term investment income on restricted deposit accounts due to a higher rate environment and higher overall invested balances. Interest and other income decreased during the quarter ended June 30, 2024 as compared to the prior year period, primarily due to an increase in realized/unrealized losses of $2.6 million on various investment securities, partially offset by increases of $1.3 million in insurance/litigation settlement proceeds received during 2024 as compared to 2023.

Other expenses increased during the six months and quarter ended June 30, 2024 as compared to the prior year periods, primarily due to increases in litigation accruals and advocacy contributions, partially offset by decreases in data transformation project costs that occurred during 2023 but not during 2024.

Interest expense, including amortization of deferred financing costs, increased during the six months and quarter ended June 30, 2024 as compared to the prior year periods, primarily due to higher rates on floating debt. The effective interest cost on all indebtedness, excluding debt extinguishment costs/prepayment penalties, for the six months ended June 30, 2024 was 3.89% as compared to 3.81% for the prior year period, and for the quarter ended June 30, 2024 was 3.88% as compared to 3.75% for the prior year period. The Company capitalized interest of approximately $6.9 million and $7.0 million during the six months ended June 30, 2024 and 2023, respectively, and $3.8 million and $3.6 million during the quarters ended June 30, 2024 and 2023, respectively.

Loss from investments in unconsolidated entities increased during the six months and quarter ended June 30, 2024 as compared to the prior year periods, primarily as a result of losses incurred on our unconsolidated development properties which recently started lease-up activities.

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Same Store Results

Properties that the Company owned and were stabilized for all of both of the six months ended June 30, 2024 and 2023 (the “Six-Month 2024 Same Store Properties”), which represented 77,054 apartment units, drove the Company’s results of operations. Properties are considered “stabilized” when they have achieved 90% occupancy for three consecutive months.

The following table provides results and statistics related to our Residential same store operations for the six months ended June 30, 2024 and 2023:

June YTD 2024 vs. June YTD 2023

Same Store Residential Results/Statistics by Market

														Increase (Decrease) from Prior Year
Markets/Metro Areas	Apartment Units		June YTD 24 % of Actual NOI			June YTD 24 Average Rental Rate		June YTD 24 Weighted Average Physical Occupancy %			June YTD 24 Turnover				Average Rental Rate			Physical Occupancy			Turnover
Los Angeles		14,135		17.5	%	$	2,927		95.6	%		21.3	%			3.9	%		0.4	%		(0.1	%)
Orange County		3,718		5.2	%		2,907		96.0	%		18.2	%			4.9	%		(0.1	%)		0.2	%
San Diego		2,878		4.3	%		3,115		96.0	%		19.6	%			5.0	%		0.4	%		0.0	%
Subtotal – Southern California		20,731		27.0	%		2,950		95.7	%		20.5	%			4.2	%		0.3	%		0.0	%
Washington, D.C.		14,554		16.7	%		2,686		97.0	%		18.4	%			4.8	%		0.3	%		0.5	%
San Francisco		11,188		15.9	%		3,308		96.3	%		21.1	%			1.1	%		0.6	%		0.8	%
New York		8,536		14.1	%		4,601		97.2	%		16.1	%			3.2	%		0.3	%		(1.5	%)
Boston		7,077		11.2	%		3,583		96.2	%		18.8	%			4.3	%		0.2	%		(0.8	%)
Seattle		9,266		10.4	%		2,587		96.2	%		22.2	%			(0.1	%)		1.1	%		(3.3	%)
Denver		2,505		2.6	%		2,421		96.5	%		24.4	%			1.1	%		0.2	%		(3.8	%)
Other Expansion Markets		3,197		2.1	%		1,972		95.3	%		29.5	%			(0.5	%)		0.4	%		2.6	%
Total		77,054		100.0	%	$	3,093		96.3	%		20.2	%			3.0	%		0.4	%		(0.5	%)

Note: The above table reflects Residential same store results only. Residential operations account for approximately 96.2% of total revenues for the six months ended June 30, 2024.

During the six months ended June 30, 2024, the Company had strong performance in its operating business, with healthy demand across all of our markets supported by a continuing solid job market and high employment for our target affluent renter demographic. Supply has also been modest in most of our existing coastal markets yet has been elevated in our expansion markets. As expected, our East Coast markets continue to be our best performers. On the West Coast, Seattle has performed particularly well with significant improvement, while San Francisco has improved but at a more modest pace. Our Southern California markets have shown good demand but with price sensitivity.

The Company continued to make progress in move-out activity related to delinquent residents during the six months ended June 30, 2024. While the eviction process remains challenging, we have made additional progress in reducing delinquencies in our portfolio. We expect this trend to continue through the remainder of 2024.

Overall, the fundamentals of our business are healthy. Long-term, we expect elevated single family home ownership costs, positive household formation trends, manageable competitive new supply in our established coastal markets and the overall deficit in housing across the country to buffer the impact on our business from the risks of potential economic weakness. We also see our affluent resident base as being resilient to economic uncertainty, including elevated inflation, due to higher levels of disposable income and lower relative rent-to-income ratios.

Liquidity and Capital Resources

With approximately $2.3 billion in readily available liquidity, a strong balance sheet, limited near-term debt maturities, very strong credit metrics and ample access to capital markets, the Company believes it is well positioned to meet its future obligations and take advantage of opportunities. See further discussion below.

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Statements of Cash Flows

The following table sets forth our sources and uses of cash flows for the six months ended June 30, 2024 and 2023 (amounts in thousands):

	Six Months Ended June 30,
	2024			2023
Cash flows provided by (used for):
Operating activities	$	817,968		$	745,980
Investing activities	$	(2,357	)	$	(271,279	)
Financing activities	$	(817,185	)	$	(487,231	)

The following provides information regarding the Company’s cash flows from operating, investing and financing activities for the six months ended June 30, 2024.

Operating Activities

Our operating cash flows are primarily impacted by NOI and its components, such as Average Rental Rates, Physical Occupancy levels and operating expenses related to our properties. Cash provided by operating activities for the six months ended June 30, 2024 as compared to the prior year period, increased by approximately $72.0 million as a direct result of the NOI and other changes discussed above in Results of Operations, as well as the timing of certain real estate tax payments.

Investing Activities

Our investing cash flows are primarily impacted by our transaction activity (acquisitions/dispositions), development spend and capital expenditures. For the six months ended June 30, 2024, key drivers were:

•Acquired one consolidated rental property for approximately $63.5 million;

•Disposed of five consolidated rental properties, receiving net proceeds of approximately $330.1 million;

•Invested $55.3 million primarily in consolidated development projects;

•Invested $153.3 million in capital expenditures to real estate; and

•Invested $60.1 million primarily in unconsolidated development joint venture entities as well as unconsolidated investments in real estate technology funds/companies for various technology initiatives.

Financing Activities

Our financing cash flows primarily relate to our borrowing activity (debt proceeds or repayment), distributions/dividends to shareholders/unitholders and other Common Share activity. For the six months ended June 30, 2024, key drivers were:

•Issued Common Shares related to share option exercises and ESPP purchases and received net proceeds of $8.9 million;

•Paid dividends/distributions on Common Shares, Preferred Shares, Units (including OP Units and restricted units) and noncontrolling interests in partially owned properties totaling approximately $526.8 million;

•Repurchased and retired 652,452 Common Shares, at a weighted average purchase price of $58.95 per share, for an aggregate purchased amount of approximately $38.5 million. See Note 3 in the Notes to Consolidated Financial Statements for further discussion; and

•Repurchased and retired 402,500 Series K Preferred Shares/Preference Units with a liquidation value of approximately $20.1 million for total cash consideration of approximately $21.8 million, inclusive of premiums and accrued dividends through the redemption date. See Note 3 in the Notes to Consolidated Financial Statements for further discussion.

Short-Term Liquidity and Cash Proceeds

The Company generally expects to meet its short-term liquidity requirements, including capital expenditures related to maintaining its existing properties and scheduled unsecured note and mortgage note repayments, through its working capital, net cash provided by operating activities and borrowings under the Company’s revolving credit facility and commercial paper program. Currently, the

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Company considers its cash provided by operating activities to be adequate to meet operating requirements and payments of distributions.

The following table presents the Company’s balances for cash and cash equivalents, restricted deposits and the available borrowing capacity on its revolving credit facility as of June 30, 2024 and December 31, 2023 (amounts in thousands):

	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	38,298	$	50,743
Restricted deposits	$	100,123	$	89,252
Unsecured revolving credit facility availability	$	2,325,562	$	2,086,585

Credit Facility and Commercial Paper Program

The Company has a $2.5 billion unsecured revolving credit facility maturing October 26, 2027. The Company has the ability to increase available borrowings by an additional $750.0 million by adding lenders to the facility, obtaining the agreement of existing lenders to increase their commitments or incurring one or more term loans. The interest rate on advances under the facility will generally be the Secured Overnight Financing Rate (“SOFR”) plus a spread (currently 0.715%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 0.125%). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating and other terms and conditions per the agreement. See Note 8 in the Notes to Consolidated Financial Statements for additional discussion of the Company’s credit facility.

The Company may borrow up to a maximum of $1.0 billion under its commercial paper program subject to market conditions. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Company’s other unsecured senior indebtedness.

The 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 July 25, 2024 (amounts in thousands):

	July 25, 2024
Unsecured revolving credit facility commitment	$	2,500,000
Commercial paper balance outstanding		(574,000	)
Unsecured revolving credit facility balance outstanding		—
Other restricted amounts		(3,438	)
Unsecured revolving credit facility availability	$	1,922,562

Dividend Policy

The Company declared a dividend/distribution for the first and second quarters of 2024 of $0.675 per share/unit in each quarter, an annualized increase of 2.0% over the amount paid in 2023. All future dividends/distributions remain subject to the discretion of the Company’s Board of Trustees.

Total dividends/distributions paid in July 2024 amounted to $263.7 million (excluding distributions on Partially Owned Properties), which consisted of certain distributions declared during the quarter ended June 30, 2024.

Long-Term Financing and Capital Needs

The Company expects to meet its long-term liquidity requirements, such as lump sum unsecured note and mortgage debt maturities, property acquisitions and financing of development activities, through the issuance of secured and unsecured debt and equity securities (including additional OP Units), proceeds received from the disposition of certain properties and joint ventures, along with cash generated from operations after all distributions. The Company has a significant number of unencumbered properties available to secure additional mortgage borrowings should unsecured capital be unavailable or the cost of alternative sources of capital be too high. The value of and cash flow from these unencumbered properties are in excess of the requirements the Company must maintain in order to comply with covenants under its unsecured notes and line of credit. Of the $28.8 billion in investment in real estate on the Company’s balance sheet at June 30, 2024, $25.6 billion or 89.1% was unencumbered. However, there can be no assurances that these sources of capital will be available to the Company in the future on acceptable terms or otherwise. For additional details, see Item 1A, Risk Factors, of the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2023.

EQR issues equity and guarantees certain debt of the Operating Partnership from time to time. EQR does not have any indebtedness as all debt is incurred by the Operating Partnership.

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The Company’s total debt summary schedule as of June 30, 2024 is as follows:

Debt Summary as of June 30, 2024

($ in thousands)

	Debt Balances		% of Total
Secured	$	1,634,838		22.8	%
Unsecured		5,522,345		77.2	%
Total	$	7,157,183		100.0	%
Fixed Rate Debt:
Secured – Conventional	$	1,399,844		19.5	%
Unsecured – Public		5,351,461		74.8	%
Fixed Rate Debt		6,751,305		94.3	%
Floating Rate Debt:
Secured – Tax Exempt		234,994		3.3	%
Unsecured – Revolving Credit Facility		—		—
Unsecured – Commercial Paper Program		170,884		2.4	%
Floating Rate Debt		405,878		5.7	%
Total	$	7,157,183		100.0	%

The Company’s long-term financing and capital needs and sources have not changed materially from the information included in the Company's and the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2023.

Critical Accounting Policies and Estimates

The Company’s and the Operating Partnership’s critical accounting policies and estimates have not changed from the information included in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2023.

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Funds From Operations and Normalized Funds From Operations

The following is the Company’s and the Operating Partnership’s reconciliation of net income to FFO available to Common Shares and Units / Units and Normalized FFO available to Common Shares and Units / Units for the six months and quarters ended June 30, 2024 and 2023:

Funds From Operations and Normalized Funds From Operations

(Amounts in thousands)

	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,039	)		(2,082	)		(1,069	)		(1,105	)
Preferred/preference distributions		(902	)		(1,545	)		(355	)		(773	)
Premium on redemption of Preferred Shares/Preference Units		(1,444	)		—			—			—
Net income available to Common Shares and Units / Units		484,202			361,306			182,131			142,984
Adjustments:
Depreciation		450,093			437,185			224,398			221,355
Depreciation – Non-real estate additions		(1,897	)		(2,259	)		(942	)		(1,103	)
Depreciation – Partially Owned Properties		(1,089	)		(1,055	)		(547	)		(510	)
Depreciation – Unconsolidated Properties		1,452			1,226			1,117			594
Net (gain) loss on sales of real estate properties		(227,994	)		(100,122	)		(39,809	)		87
FFO available to Common Shares and Units / Units (1) (3) (4)		704,767			696,281			366,348			363,407
Adjustments:
Write-off of pursuit costs		1,369			1,993			821			661
Debt extinguishment and preferred share/preference unit redemption    (gains) losses		1,444			47			—			47
Non-operating asset (gains) losses		(3,216	)		1,031			2,890			317
Other miscellaneous items		40,674			11,343			10,083			5,051
Normalized FFO available to Common Shares and Units / Units (2) (3) (4)	$	745,038		$	710,695		$	380,142		$	369,483
FFO (1) (3)	$	707,113		$	697,826		$	366,703		$	364,180
Preferred/preference distributions		(902	)		(1,545	)		(355	)		(773	)
Premium on redemption of Preferred Shares/Preference Units		(1,444	)		—			—			—
FFO available to Common Shares and Units / Units (1) (3) (4)	$	704,767		$	696,281		$	366,348		$	363,407
Normalized FFO (2) (3)	$	745,940		$	712,240		$	380,497		$	370,256
Preferred/preference distributions		(902	)		(1,545	)		(355	)		(773	)
Normalized FFO available to Common Shares and Units / Units (2) (3) (4)	$	745,038		$	710,695		$	380,142		$	369,483

(1)The National Association of Real Estate Investment Trusts (“Nareit”) defines funds from operations (“FFO”) (December 2018 White Paper) as net income (computed in accordance with accounting principles generally accepted in the United States (“GAAP”)), excluding gains or losses from sales and impairment write-downs of depreciable real estate and land when connected to the main business of a REIT, impairment write-downs of investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and depreciation and amortization related to real estate. Adjustments for partially owned consolidated and unconsolidated partnerships and joint ventures are calculated to reflect funds from operations on the same basis.

(2)Normalized funds from operations (“Normalized FFO”) begins with FFO and excludes:

• the impact of any expenses relating to non-operating real estate asset impairment;

• pursuit cost write-offs;

• gains and losses from early debt extinguishment and preferred share/preference unit redemptions;

• gains and losses from non-operating assets; and

• other miscellaneous items.

44

(3)The Company believes that FFO and FFO available to Common Shares and Units / Units are helpful to investors as supplemental measures of the operating performance of a real estate company, because they are recognized measures of performance by the real estate industry and by excluding gains or losses from sales and impairment write-downs of depreciable real estate and excluding depreciation related to real estate (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO available to Common Shares and Units / Units can help compare the operating performance of a company’s real estate between periods or as compared to different companies. The Company also believes that Normalized FFO and Normalized FFO available to Common Shares and Units / Units are helpful to investors as supplemental measures of the operating performance of a real estate company because they allow investors to compare the Company’s operating performance to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual operating results. FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units do not represent net income, net income available to Common Shares / Units or net cash flows from operating activities in accordance with GAAP. Therefore, FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units should not be exclusively considered as alternatives to net income, net income available to Common Shares / Units or net cash flows from operating activities as determined by GAAP or as a measure of liquidity. The Company’s calculation of FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units may differ from other real estate companies due to, among other items, variations in cost capitalization policies for capital expenditures and, accordingly, may not be comparable to such other real estate companies.

(4)FFO available to Common Shares and Units / Units and Normalized FFO available to Common Shares and Units / Units are calculated on a basis consistent with net income available to Common Shares / Units and reflects adjustments to net income for preferred distributions and premiums on redemption of preferred shares/preference units in accordance with GAAP. The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units are collectively referred to as the “Noncontrolling Interests – Operating Partnership”. Subject to certain restrictions, the Noncontrolling Interests – Operating Partnership may exchange their OP Units for Common Shares on a one-for-one basis.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company’s and the Operating Partnership’s market risk has not changed materially from the amounts and information reported in Part II, Item 7A, Quantitative and Qualitative Disclosures About Market Risk, to the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2023.

Item 4. Controls and Procedures

Equity Residential

(a)Evaluation of Disclosure Controls and Procedures:

Effective as of June 30, 2024, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15 and 15d-15. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in its Exchange Act filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

(b)Changes in Internal Control over Financial Reporting:

There were no changes to the internal control over financial reporting of the Company identified in connection with the Company’s evaluation referred to above that occurred during the second quarter of 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

ERP Operating Limited Partnership

(a)Evaluation of Disclosure Controls and Procedures:

Effective as of June 30, 2024, the Operating Partnership carried out an evaluation, under the supervision and with the participation of the Operating Partnership’s management, including the Chief Executive Officer and Chief Financial Officer of EQR, of the effectiveness of the Operating Partnership’s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15 and 15d-15. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures are effective to ensure that information required to be disclosed by the Operating Partnership in its Exchange Act filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

45

(b)Changes in Internal Control over Financial Reporting:

There were no changes to the internal control over financial reporting of the Operating Partnership identified in connection with the Operating Partnership’s evaluation referred to above that occurred during the second quarter of 2024 that have materially affected, or are reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Other than as disclosed below, there have been no changes to the legal proceedings discussed in Part I, Item 3 of the Company's and the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2023. As of June 30, 2024, the Company does not believe there is any litigation pending or threatened against it that, either individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company and its financial condition. See Note 11 in the Notes to Consolidated Financial Statements for further discussion.

The Company is named as a defendant in a class action in the United States District Court for the Northern District of California filed in 2016 which alleges that the amount of late fees charged by the Company were improperly determined under California law. The plaintiffs are seeking monetary damages and other relief. On April 8, 2024, the Court issued certain findings of facts and conclusions of law that are adverse to the Company’s legal position. At this time, the Company is continuing to defend the action. While the resolution of this matter cannot be predicted with certainty, the Company does not believe that the eventual outcome will have a material adverse effect on the Company and its financial condition.

Item 1A. Risk Factors

There have been no material changes to the risk factors that were discussed in Part I, Item 1A of the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Common Shares Issued in the Quarter Ended June 30, 2024 (Equity Residential)

During the quarter ended June 30, 2024, EQR issued 82,164 Common Shares in exchange for 82,164 OP Units held by various limited partners of ERPOP. OP Units are generally exchangeable into Common Shares on a one-for-one basis or, at the option of ERPOP, the cash equivalent thereof, at any time one year after the date of issuance. These shares were either registered under the Securities Act of 1933, as amended (the “Securities Act”), or issued in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act and the rules and regulations promulgated thereunder, as these were transactions by an issuer not involving a public offering. In light of the manner of the sale and information obtained by EQR from the limited partners in connection with these transactions, EQR believes it may rely on these exemptions.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the quarter ended June 30, 2024, no trustee or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

Item 6. Exhibits – See the Exhibit Index.

46

EXHIBIT INDEX

The exhibits listed below are filed as part of this report. References to exhibits or other filings under the caption “Location” indicate that the exhibit or other filing has been filed, that the indexed exhibit and the exhibit referred to are the same and that the exhibit referred to is incorporated by reference. The Commission file numbers for our Exchange Act filings referenced below are 1-12252 (Equity Residential) and 0-24920 (ERP Operating Limited Partnership).

Exhibit	Description	Location
31.1	Equity Residential – Certification of Mark J. Parrell, Chief Executive Officer.	Attached herein.
31.2	Equity Residential – Certification of Robert A. Garechana, Chief Financial Officer.	Attached herein.
31.3	ERP Operating Limited Partnership – Certification of Mark J. Parrell, Chief Executive Officer of Registrant’s General Partner.	Attached herein.
31.4	ERP Operating Limited Partnership – Certification of Robert A. Garechana, Chief Financial Officer of Registrant’s General Partner.	Attached herein.
32.1	Equity Residential – Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Mark J. Parrell, Chief Executive Officer of the Company.	Attached herein.
32.2	Equity Residential – Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Robert A. Garechana, Chief Financial Officer of the Company.	Attached herein.
32.3	ERP Operating Limited Partnership – Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Mark J. Parrell, Chief Executive Officer of Registrant’s General Partner.	Attached herein.
32.4	ERP Operating Limited Partnership – Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Robert A. Garechana, Chief Financial Officer of Registrant’s General Partner.	Attached herein.
101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

47

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		EQUITY RESIDENTIAL
Date:	August 1, 2024	By:	/s/ Robert A. Garechana
			Robert A. Garechana
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)
Date:	August 1, 2024	By:	/s/ Ian S. Kaufman
			Ian S. Kaufman
			Senior Vice President and Chief Accounting Officer
			(Principal Accounting Officer)

		ERP OPERATING LIMITED PARTNERSHIP BY: EQUITY RESIDENTIAL ITS GENERAL PARTNER
Date:	August 1, 2024	By:	/s/ Robert A. Garechana
			Robert A. Garechana
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)
Date:	August 1, 2024	By:	/s/ Ian S. Kaufman
			Ian S. Kaufman
			Senior Vice President and Chief Accounting Officer
			(Principal Accounting Officer)

EX-31.1

Exhibit 31.1

Equity Residential

CERTIFICATIONS

I, Mark J. Parrell, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Equity Residential;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 1, 2024

/s/ Mark J. Parrell

    Mark J. Parrell

    Chief Executive Officer

EX-31.2

Exhibit 31.2

Equity Residential

CERTIFICATIONS

I, Robert A. Garechana, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Equity Residential;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 1, 2024

/s/ Robert A. Garechana

    Robert A. Garechana

    Chief Financial Officer

EX-31.3

Exhibit 31.3

ERP Operating Limited Partnership

CERTIFICATIONS

I, Mark J. Parrell, certify that:

1.I have reviewed this quarterly report on Form 10-Q of ERP Operating Limited Partnership;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 1, 2024

/s/ Mark J. Parrell

    Mark J. Parrell

    Chief Executive Officer of Registrant’s General Partner

EX-31.4

Exhibit 31.4

ERP Operating Limited Partnership

CERTIFICATIONS

I, Robert A. Garechana, certify that:

1.I have reviewed this quarterly report on Form 10-Q of ERP Operating Limited Partnership;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 1, 2024

/s/ Robert A. Garechana

    Robert A. Garechana

    Chief Financial Officer of Registrant’s General Partner

EX-32.1

Exhibit 32.1

Equity Residential

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Equity Residential (the “Company”) on Form 10-Q for the period ending June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark J. Parrell, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Mark J. Parrell

Mark J. Parrell

Chief Executive Officer

August 1, 2024

EX-32.2

Exhibit 32.2

Equity Residential

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Equity Residential (the “Company”) on Form 10-Q for the period ending June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert A. Garechana, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Robert A. Garechana

Robert A. Garechana

Chief Financial Officer

August 1, 2024

EX-32.3

Exhibit 32.3

ERP Operating Limited Partnership

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of ERP Operating Limited Partnership (the “Operating Partnership”) on Form 10-Q for the period ending June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark J. Parrell, Chief Executive Officer of Equity Residential, general partner of the Operating Partnership, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

/s/ Mark J. Parrell

Mark J. Parrell

Chief Executive Officer

of Registrant’s General Partner

August 1, 2024

EX-32.4

Exhibit 32.4

ERP Operating Limited Partnership

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of ERP Operating Limited Partnership (the “Operating Partnership”) on Form 10-Q for the period ending June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert A. Garechana, Chief Financial Officer of Equity Residential, general partner of the Operating Partnership, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

/s/ Robert A. Garechana

Robert A. Garechana

Chief Financial Officer

of Registrant’s General Partner

August 1, 2024

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 25, 2024
Document Information [Line Items]
Entity Registrant Name	EQUITY RESIDENTIAL
Entity Central Index Key	0000906107
Document Type	10-Q
Document Period End Date	Jun. 30, 2024
Amendment Flag	false
Document Fiscal Year Focus	2024
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		379,135,883
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, 2024
Amendment Flag	false
Document Fiscal Year Focus	2024
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

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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Land	$ 5,540,352	$ 5,581,876
Depreciable property	23,004,377	22,938,426
Projects under development	188,283	78,036
Land held for development	64,781	114,300
Investment in real estate	28,797,793	28,712,638
Accumulated depreciation	(10,163,756)	(9,810,337)
Investment in real estate, net	18,634,037	18,902,301
Investments in unconsolidated entities	341,871	282,049
Cash and cash equivalents	38,298	50,743
Restricted deposits	100,123	89,252
Right-of-use assets	450,796	457,266
Other assets	214,443	252,953
Total assets	19,779,568	20,034,564
Liabilities:
Mortgage notes payable, net	1,634,838	1,632,902
Notes, net	5,351,461	5,348,417
Line of credit and commercial paper	170,884	409,131
Accounts payable and accrued expenses	114,413	87,377
Accrued interest payable	65,585	65,716
Lease liabilities	309,182	311,640
Other liabilities	292,424	272,596
Security deposits	69,848	69,178
Distributions payable	263,668	259,231
Total liabilities	8,272,303	8,456,188
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	327,641	289,248
Shareholders' equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized, 343,100 shares issued and outstanding as of June 30, 2024 and 745,600 shares issued and outstanding as of December 31, 2023	17,155	37,280
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 379,086,882 shares issued and outstanding as of June 30, 2024 and 379,291,417 shares issued and outstanding as of December 31, 2023	3,791	3,793
Paid in capital	9,590,105	9,601,866
Retained earnings	1,357,922	1,437,185
Accumulated other comprehensive income (loss)	6,914	5,704
Total shareholders’ equity	10,975,887	11,085,828
Noncontrolling Interests:
Operating Partnership	204,032	202,306
Partially Owned Properties	(295)	994
Total Noncontrolling Interests	203,737	203,300
Total equity	11,179,624	11,289,128
Total liabilities and equity/capital	$ 19,779,568	$ 20,034,564

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CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Shares Issued	343,100	745,600
Preferred Stock, Shares Outstanding	343,100	745,600
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	379,086,882	379,291,417
Common Stock, Shares, Outstanding	379,086,882	379,291,417

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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUES
Rental income	$ 734,163	$ 717,309	$ 1,464,981	$ 1,422,397
EXPENSES
Property and maintenance	126,498	124,771	261,128	262,350
Real estate taxes and insurance	105,571	103,080	214,498	209,749
Property management	33,511	30,679	68,969	62,145
General and administrative	18,631	18,876	34,351	35,041
Depreciation	224,398	221,355	450,093	437,185
Total expenses	508,609	498,761	1,029,039	1,006,470
Net gain (loss) on sales of real estate properties	39,809	(87)	227,994	100,122
Interest and other income	1,328	2,131	10,657	3,669
Other expenses	(13,385)	(6,564)	(45,123)	(15,559)
Interest:
Expense incurred, net	(65,828)	(65,590)	(133,040)	(131,991)
Amortization of deferred financing costs	(1,918)	(2,017)	(3,836)	(3,996)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	185,560	146,421	492,594	368,172
Income and other tax (expense) benefit	(331)	(336)	(635)	(634)
Income (loss) from investments in unconsolidated entities	(1,674)	(1,223)	(3,372)	(2,605)
Net income	183,555	144,862	488,587	364,933
Net (income) loss attributable to Noncontrolling Interests:
Operating Partnership	(5,003)	(4,554)	(13,278)	(11,613)
Partially Owned Properties	(1,069)	(1,105)	(2,039)	(2,082)
Net income attributable to controlling interests	177,483	139,203	473,270	351,238
Preferred distributions	(355)	(773)	(902)	(1,545)
Premium on redemption of Preferred Shares			(1,444)
Net income available to Common Shares	$ 177,128	$ 138,430	$ 470,924	$ 349,693
Earnings per share – basic:
Net income available to Common Shares	$ 0.47	$ 0.37	$ 1.24	$ 0.92
Weighted average Common Shares outstanding	378,578	378,642	378,699	378,492
Earnings per share – diluted:
Net income available to Common Shares	$ 0.47	$ 0.37	$ 1.24	$ 0.92
Weighted average Common Shares outstanding	390,542	391,187	390,548	391,063

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Comprehensive income:
Net income	$ 183,555	$ 144,862	$ 488,587	$ 364,933
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period		13,834		4,054
Losses reclassified into earnings from other comprehensive income	600	1,106	1,210	2,201
Other comprehensive income (loss)	600	14,940	1,210	6,255
Comprehensive income	184,155	159,802	489,797	371,188
Comprehensive (income) attributable to Noncontrolling Interests	(6,088)	(6,135)	(15,350)	(13,890)
Comprehensive income attributable to controlling interests	$ 178,067	$ 153,667	$ 474,447	$ 357,298

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 488,587	$ 364,933
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	450,093	437,185
Amortization of deferred financing costs	3,836	3,996
Amortization of discounts and premiums on debt	2,536	1,740
Amortization of deferred settlements on derivative instruments	1,204	2,195
Amortization of right-of-use assets	6,470	6,357
Write-off of pursuit costs	1,369	1,993
(Income) loss from investments in unconsolidated entities	3,372	2,605
Distributions from unconsolidated entities – return on capital	281	290
Net (gain) loss on sales of real estate properties	(227,994)	(100,122)
Realized (gain) loss on investment securities	1,316	87
Unrealized (gain) loss on investment securities	(5,745)
Compensation paid with Company Common Shares	21,350	20,845
Changes in assets and liabilities:
(Increase) decrease in other assets	30,297	(13,258)
Increase (decrease) in accounts payable and accrued expenses	18,780	25,424
Increase (decrease) in accrued interest payable	(131)	(72)
Increase (decrease) in lease liabilities	(1,020)	(658)
Increase (decrease) in other liabilities	22,697	(8,047)
Increase (decrease) in security deposits	670	487
Net cash provided by operating activities	817,968	745,980
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	(63,507)	(186,676)
Investment in real estate – development/other	(55,253)	(46,815)
Capital expenditures to real estate	(153,304)	(135,247)
Non-real estate capital additions	(921)	(1,043)
Interest capitalized for real estate and unconsolidated entities under development	(6,894)	(6,979)
Proceeds from disposition of real estate, net	330,128	133,916
Investments in unconsolidated entities - acquisitions	(31,286)	(989)
Investments in unconsolidated entities - development/other	(28,793)	(25,413)
Distributions from unconsolidated entities – return of capital	16	15
Purchase of investment securities and other investments		(2,500)
Proceeds from sale of investment securities	7,457	452
Net cash provided by (used for) investing activities	(2,357)	(271,279)
Mortgage notes payable, net:
Proceeds	0	22,896
Lump sum payoffs	0	(64,722)
Scheduled principal repayments		(54)
Line of credit and commercial paper:
Commercial paper proceeds	3,532,753	2,382,619
Commercial paper repayments	(3,771,000)	(2,328,100)
Finance ground lease principal payments	(1,438)	(1,329)
Proceeds from Employee Share Purchase Plan (ESPP)	2,449	2,124
Proceeds from exercise of options	6,480	11,358
Common Shares repurchased and retired	(38,474)
Redemption of Preferred Shares	(20,125)
Premium on redemption of Preferred Shares	(1,444)
Other financing activities, net	(45)	(31)
Acquisition of Noncontrolling Interests – Partially Owned Properties		(3,737)
Contributions – Noncontrolling Interests – Partially Owned Properties	458	9
Contributions – Noncontrolling Interests – Operating Partnership	2	1
Distributions:
Common Shares	(507,111)	(487,483)
Preferred Shares	(1,320)	(2,319)
Noncontrolling Interests – Operating Partnership	(15,629)	(15,233)
Noncontrolling Interests – Partially Owned Properties	(2,741)	(3,230)
Net cash provided by (used for) financing activities	(817,185)	(487,231)
Net increase (decrease) in cash and cash equivalents and restricted deposits	(1,574)	(12,530)
Cash and cash equivalents and restricted deposits, beginning of period	139,995	137,172
Cash and cash equivalents and restricted deposits, end of period	138,421	124,642
Cash and cash equivalents	38,298	35,701
Restricted deposits	100,123	88,941
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	120,955	125,518
Net cash paid (received) for income and other taxes	877	911
Amortization of deferred financing costs:
Investment in real estate, net		(211)
Other assets	1,392	1,392
Mortgage notes payable, net	524	895
Notes, net	1,920	1,920
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	1,412	616
Notes, net	1,124	1,124
Amortization of deferred settlements on derivative instruments:
Other liabilities	(6)	(6)
Accumulated other comprehensive income	1,210	2,201
Write-off of pursuit costs:
Investment in real estate, net	319	316
Investments in unconsolidated entities	866	1,111
Other assets	184	566
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	2,736	1,972
Other liabilities	636	633
Realized/unrealized (gain) loss on derivative instruments:
Other assets		(3,359)
Other liabilities		(695)
Accumulated other comprehensive income		4,054
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	(2,592)	(2,988)
Investments in unconsolidated entities	(4,302)	(3,991)
Investments in unconsolidated entities - development/other:
Investments in unconsolidated entities	(28,133)	(24,633)
Other liabilities	(660)	(780)
Right-of-use assets and lease liabilities initial measurement and reclassifications:
Right-of-use assets		(7,105)
Lease liabilities		7,105
Non Cash Share Distribution From Unconsolidated Entities [Abstract]
Non Cash Share Distribution From Unconsolidated Entities Investments In Unconsolidated Entities		539
Non Cash Share Distribution From Unconsolidated Entities Changes In Other Assets		(539)
Non-cash change in Supplemental Executive Retirement Plan (SERP) balances:
Other assets	3,437	3,110
Other liabilities	(2,839)	(3,258)
Paid in capital	$ (598)	$ 148

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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Preferred Stock 8.29% Series K Cumulative Redeemable Preferred Stock	COMMON SHARES, $0.01 PAR VALUE	PAID IN CAPITAL	RETAINED EARNINGS	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	DISTRIBUTIONS	OPERATING PARTNERSHIP	PARTIALLY OWNED PROPERTIES
Balance, beginning of year at Dec. 31, 2022		$ 37,280		$ 3,784	$ 9,476,085	$ 1,658,837	$ (2,547)
Balance, beginning of year at Dec. 31, 2022									$ 209,961	$ (721)
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares				2	4,657
Exercise of share options				2	11,356
Employee Share Purchase Plan (ESPP)					2,124
Share-based employee compensation expense:
Issuance of restricted units/shares				2	7,943				1
Share options					3,125
ESPP discount					398
Supplemental Executive Retirement Plan (SERP)					148
Acquisition of Noncontrolling Interests – Partially Owned Properties					(900)					(2,837)
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership	$ 39,123				(39,123)
Adjustment for Noncontrolling Interests ownership in Operating Partnership					6,815				(6,815)
PAID IN CAPITAL
Conversion of OP Units into Common Shares				2	4,657
Exercise of share options				2	11,356
Employee Share Purchase Plan (ESPP)					2,124
RETAINED EARNINGS
Net Income (Loss)	351,238					351,238
Common Share distributions						(502,070)
Preferred Share distributions						(1,545)
Accumulated other comprehensive income (loss) - derivative instruments:
Unrealized holding gains (losses) arising during the period	4,054						4,054
Losses reclassified into earnings from other comprehensive income	2,201						2,201
DISTRIBUTIONS
Distributions declared per Common Share outstanding								$ 1.325
NONCONTROLLING INTERESTS
Issuance of restricted units/shares				2	7,943				1
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner									(4,659)
Equity compensation associated with Noncontrolling Interests									10,867
Net income attributable to Noncontrolling Interests	11,613								11,613	2,082
Distributions to Noncontrolling Interests									(15,640)	(3,261)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	(2,077)								2,077
Adjustment for Noncontrolling Interests ownership in Operating Partnership					6,815				(6,815)
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	11,613								11,613	2,082
Contributions by Noncontrolling Interests										9
Distributions to Noncontrolling Interests									(15,640)	(3,261)
Acquisition of Noncontrolling Interests – Partially Owned Properties					(900)					(2,837)
Balance, end of period at Jun. 30, 2023		37,280		3,790	9,472,628	1,506,460	3,708
Balance, end of period at Jun. 30, 2023									207,405	(4,728)
Balance, beginning of year at Mar. 31, 2023		37,280		3,789	9,488,320	1,619,131	(11,232)
Balance, beginning of year at Mar. 31, 2023									211,718	(2,553)
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares					986
Exercise of share options					3,246
Employee Share Purchase Plan (ESPP)					672
Share-based employee compensation expense:
Issuance of restricted units/shares				1	4,290				1
Share options					1,628
ESPP discount					138
Supplemental Executive Retirement Plan (SERP)					(343)
Acquisition of Noncontrolling Interests – Partially Owned Properties					(900)					(2,837)
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership					(33,177)
Adjustment for Noncontrolling Interests ownership in Operating Partnership					7,768				(7,768)
PAID IN CAPITAL
Conversion of OP Units into Common Shares					986
Exercise of share options					3,246
Employee Share Purchase Plan (ESPP)					672
RETAINED EARNINGS
Net Income (Loss)	139,203					139,203
Common Share distributions						(251,101)
Preferred Share distributions						(773)
Accumulated other comprehensive income (loss) - derivative instruments:
Unrealized holding gains (losses) arising during the period	13,834						13,834
Losses reclassified into earnings from other comprehensive income	1,106						1,106
DISTRIBUTIONS
Distributions declared per Common Share outstanding								0.6625
NONCONTROLLING INTERESTS
Issuance of restricted units/shares				1	4,290				1
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner									(986)
Equity compensation associated with Noncontrolling Interests									6,213
Net income attributable to Noncontrolling Interests	4,554								4,554	1,105
Distributions to Noncontrolling Interests									(7,736)	(452)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership									1,409
Adjustment for Noncontrolling Interests ownership in Operating Partnership					7,768				(7,768)
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	4,554								4,554	1,105
Contributions by Noncontrolling Interests										9
Distributions to Noncontrolling Interests									(7,736)	(452)
Acquisition of Noncontrolling Interests – Partially Owned Properties					(900)					(2,837)
Balance, end of period at Jun. 30, 2023		37,280		3,790	9,472,628	1,506,460	3,708
Balance, end of period at Jun. 30, 2023									207,405	(4,728)
Balance, beginning of year at Dec. 31, 2023	11,085,828	37,280		3,793	9,601,866	1,437,185	5,704
Partial redemption			$ (20,125)
Balance, beginning of year at Dec. 31, 2023	203,300								202,306	994
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares				1	5,047
Exercise of share options				1	6,479
Employee Share Purchase Plan (ESPP)				1	2,448
Common shares repurchased and retired	38,500			(7)		(38,467)
Share-based employee compensation expense:
Issuance of restricted units/shares				2	9,381				2
Share options					2,507
ESPP discount					501
Supplemental Executive Retirement Plan (SERP)					(598)
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership	39,058				(39,058)
Adjustment for Noncontrolling Interests ownership in Operating Partnership					1,532				(1,532)
PAID IN CAPITAL
Conversion of OP Units into Common Shares				1	5,047
Exercise of share options				1	6,479
Employee Share Purchase Plan (ESPP)				1	2,448
RETAINED EARNINGS
Net Income (Loss)	473,270					473,270
Common Share distributions						(511,720)
Preferred Share distributions						(902)
Premium on redemption of Preferred Shares - cash charge	(1,444)	(1,400)				(1,444)
Accumulated other comprehensive income (loss) - derivative instruments:
Losses reclassified into earnings from other comprehensive income	1,210						1,210
DISTRIBUTIONS
Distributions declared per Common Share outstanding								1.35
NONCONTROLLING INTERESTS
Issuance of restricted units/shares				2	9,381				2
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner									(5,048)
Equity compensation associated with Noncontrolling Interests									10,236
Net income attributable to Noncontrolling Interests	13,278								13,278	2,039
Distributions to Noncontrolling Interests									(15,875)	(2,786)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	(665)								665
Adjustment for Noncontrolling Interests ownership in Operating Partnership					1,532				(1,532)
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	13,278								13,278	2,039
Contributions by Noncontrolling Interests										458
Distributions to Noncontrolling Interests									(15,875)	(2,786)
Other										(1,000)
Balance, end of period at Jun. 30, 2024	10,975,887	17,155		3,791	9,590,105	1,357,922	6,914
Balance, end of period at Jun. 30, 2024	203,737								204,032	(295)
Balance, beginning of year at Mar. 31, 2024		17,155		3,789	9,603,743	1,436,671	6,314
Balance, beginning of year at Mar. 31, 2024									207,272	(1,131)
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares				1	4,793
Exercise of share options					2,079
Employee Share Purchase Plan (ESPP)				1	804
Share-based employee compensation expense:
Issuance of restricted units/shares					4,887
Share options					1,218
ESPP discount					205
Supplemental Executive Retirement Plan (SERP)					(371)
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership					(30,243)
Adjustment for Noncontrolling Interests ownership in Operating Partnership					2,990				(2,990)
PAID IN CAPITAL
Conversion of OP Units into Common Shares				1	4,793
Exercise of share options					2,079
Employee Share Purchase Plan (ESPP)				1	804
RETAINED EARNINGS
Net Income (Loss)	177,483					177,483
Common Share distributions						(255,877)
Preferred Share distributions						(355)
Accumulated other comprehensive income (loss) - derivative instruments:
Losses reclassified into earnings from other comprehensive income	600						600
DISTRIBUTIONS
Distributions declared per Common Share outstanding								$ 0.675
NONCONTROLLING INTERESTS
Issuance of restricted units/shares					4,887
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner									(4,794)
Equity compensation associated with Noncontrolling Interests									6,149
Net income attributable to Noncontrolling Interests	5,003								5,003	1,069
Distributions to Noncontrolling Interests									(7,429)	(456)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership									821
Adjustment for Noncontrolling Interests ownership in Operating Partnership					2,990				(2,990)
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	5,003								5,003	1,069
Contributions by Noncontrolling Interests										223
Distributions to Noncontrolling Interests									(7,429)	(456)
Balance, end of period at Jun. 30, 2024	10,975,887	$ 17,155		$ 3,791	$ 9,590,105	$ 1,357,922	$ 6,914
Balance, end of period at Jun. 30, 2024	$ 203,737								$ 204,032	$ (295)

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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
8.29% Series K Cumulative Redeemable Preferred Stock
Partial Redemption Percentage	8.29%	8.29%	8.29%	8.29%

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CONSOLIDATED BALANCE SHEETS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Land	$ 5,540,352	$ 5,581,876
Depreciable property	23,004,377	22,938,426
Projects under development	188,283	78,036
Land held for development	64,781	114,300
Investment in real estate	28,797,793	28,712,638
Accumulated depreciation	(10,163,756)	(9,810,337)
Investment in real estate, net	18,634,037	18,902,301
Investments in unconsolidated entities	341,871	282,049
Cash and cash equivalents	38,298	50,743
Restricted deposits	100,123	89,252
Right-of-use assets	450,796	457,266
Other assets	214,443	252,953
Total assets	19,779,568	20,034,564
Liabilities:
Mortgage notes payable, net	1,634,838	1,632,902
Notes, net	5,351,461	5,348,417
Line of credit and commercial paper	170,884	409,131
Accounts payable and accrued expenses	114,413	87,377
Accrued interest payable	65,585	65,716
Lease liabilities	309,182	311,640
Other liabilities	292,424	272,596
Security deposits	69,848	69,178
Distributions payable	263,668	259,231
Total liabilities	8,272,303	8,456,188
Commitments and contingencies
Redeemable Limited Partners	327,641	289,248
Partners’ Capital:
Accumulated other comprehensive income (loss)	6,914	5,704
Noncontrolling Interests – Partially Owned Properties	(295)	994
Total liabilities and equity/capital	19,779,568	20,034,564
ERPOP [Member]
ASSETS
Land	5,540,352	5,581,876
Depreciable property	23,004,377	22,938,426
Projects under development	188,283	78,036
Land held for development	64,781	114,300
Investment in real estate	28,797,793	28,712,638
Accumulated depreciation	(10,163,756)	(9,810,337)
Investment in real estate, net	18,634,037	18,902,301
Investments in unconsolidated entities	341,871	282,049
Cash and cash equivalents	38,298	50,743
Restricted deposits	100,123	89,252
Right-of-use assets	450,796	457,266
Other assets	214,443	252,953
Total assets	19,779,568	20,034,564
Liabilities:
Mortgage notes payable, net	1,634,838	1,632,902
Notes, net	5,351,461	5,348,417
Line of credit and commercial paper	170,884	409,131
Accounts payable and accrued expenses	114,413	87,377
Accrued interest payable	65,585	65,716
Lease liabilities	309,182	311,640
Other liabilities	292,424	272,596
Security deposits	69,848	69,178
Distributions payable	263,668	259,231
Total liabilities	8,272,303	8,456,188
Commitments and contingencies
Redeemable Limited Partners	327,641	289,248
Partners’ Capital:
Preference Units	17,155	37,280
General Partner	10,951,818	11,042,844
Limited Partners	204,032	202,306
Accumulated other comprehensive income (loss)	6,914	5,704
Total partners’ capital	11,179,919	11,288,134
Noncontrolling Interests – Partially Owned Properties	(295)	994
Total capital	11,179,624	11,289,128
Total liabilities and equity/capital	$ 19,779,568	$ 20,034,564

XML

CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUES
Rental income	$ 734,163	$ 717,309	$ 1,464,981	$ 1,422,397
EXPENSES
Property and maintenance	126,498	124,771	261,128	262,350
Real estate taxes and insurance	105,571	103,080	214,498	209,749
Property management	33,511	30,679	68,969	62,145
General and administrative	18,631	18,876	34,351	35,041
Depreciation	224,398	221,355	450,093	437,185
Total expenses	508,609	498,761	1,029,039	1,006,470
Net gain (loss) on sales of real estate properties	39,809	(87)	227,994	100,122
Interest and other income	1,328	2,131	10,657	3,669
Other expenses	(13,385)	(6,564)	(45,123)	(15,559)
Interest:
Expense incurred, net	(65,828)	(65,590)	(133,040)	(131,991)
Amortization of deferred financing costs	(1,918)	(2,017)	(3,836)	(3,996)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	185,560	146,421	492,594	368,172
Income and other tax (expense) benefit	(331)	(336)	(635)	(634)
Income (loss) from investments in unconsolidated entities	(1,674)	(1,223)	(3,372)	(2,605)
Net income	183,555	144,862	488,587	364,933
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(1,069)	(1,105)	(2,039)	(2,082)
Net income attributable to controlling interests	$ 177,483	$ 139,203	473,270	$ 351,238
ALLOCATION OF NET INCOME:
Premium on redemption of Preference Units			$ 1,444
Earnings per Unit – basic:
Net income available to Units	$ 0.47	$ 0.37	$ 1.24	$ 0.92
Earnings per Unit – diluted:
Net income available to Units	$ 0.47	$ 0.37	$ 1.24	$ 0.92
Weighted average Units outstanding	390,542	391,187	390,548	391,063
ERPOP [Member]
REVENUES
Rental income	$ 734,163	$ 717,309	$ 1,464,981	$ 1,422,397
EXPENSES
Property and maintenance	126,498	124,771	261,128	262,350
Real estate taxes and insurance	105,571	103,080	214,498	209,749
Property management	33,511	30,679	68,969	62,145
General and administrative	18,631	18,876	34,351	35,041
Depreciation	224,398	221,355	450,093	437,185
Total expenses	508,609	498,761	1,029,039	1,006,470
Net gain (loss) on sales of real estate properties	39,809	(87)	227,994	100,122
Interest and other income	1,328	2,131	10,657	3,669
Other expenses	(13,385)	(6,564)	(45,123)	(15,559)
Interest:
Expense incurred, net	(65,828)	(65,590)	(133,040)	(131,991)
Amortization of deferred financing costs	(1,918)	(2,017)	(3,836)	(3,996)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels	185,560	146,421	492,594	368,172
Income and other tax (expense) benefit	(331)	(336)	(635)	(634)
Income (loss) from investments in unconsolidated entities	(1,674)	(1,223)	(3,372)	(2,605)
Net income	183,555	144,862	488,587	364,933
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(1,069)	(1,105)	(2,039)	(2,082)
Net income attributable to controlling interests	182,486	143,757	486,548	362,851
ALLOCATION OF NET INCOME:
Preference Units	355	773	902	1,545
Premium on redemption of Preference Units			1,444
General Partner	177,128	138,430	470,924	349,693
Limited Partners	5,003	4,554	13,278	11,613
Net income available to Units	$ 182,131	$ 142,984	$ 484,202	$ 361,306
Earnings per Unit – basic:
Net income available to Units	$ 0.47	$ 0.37	$ 1.24	$ 0.92
Weighted average Units outstanding	389,271	390,032	389,380	389,942
Earnings per Unit – diluted:
Net income available to Units	$ 0.47	$ 0.37	$ 1.24	$ 0.92
Weighted average Units outstanding	390,542	391,187	390,548	391,063

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Comprehensive income:
Net income	$ 183,555	$ 144,862	$ 488,587	$ 364,933
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period		13,834		4,054
Losses reclassified into earnings from other comprehensive income	600	1,106	1,210	2,201
Other comprehensive income (loss)	600	14,940	1,210	6,255
Comprehensive income	184,155	159,802	489,797	371,188
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties	(6,088)	(6,135)	(15,350)	(13,890)
Comprehensive income attributable to controlling interests	178,067	153,667	474,447	357,298
ERPOP [Member]
Comprehensive income:
Net income	183,555	144,862	488,587	364,933
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period		13,834		4,054
Losses reclassified into earnings from other comprehensive income	600	1,106	1,210	2,201
Other comprehensive income (loss)	600	14,940	1,210	6,255
Comprehensive income	184,155	159,802	489,797	371,188
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties	(1,069)	(1,105)	(2,039)	(2,082)
Comprehensive income attributable to controlling interests	$ 183,086	$ 158,697	$ 487,758	$ 369,106

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 488,587	$ 364,933
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	450,093	437,185
Amortization of deferred financing costs	3,836	3,996
Amortization of discounts and premiums on debt	2,536	1,740
Amortization of deferred settlements on derivative instruments	1,204	2,195
Amortization of right-of-use assets	6,470	6,357
Write-off of pursuit costs	1,369	1,993
(Income) loss from investments in unconsolidated entities	3,372	2,605
Distributions from unconsolidated entities – return on capital	281	290
Net (gain) loss on sales of real estate properties	(227,994)	(100,122)
Realized (gain) loss on investment securities	1,316	87
Unrealized (gain) loss on investment securities	(5,745)
Compensation paid with Company Common Shares	21,350	20,845
Changes in assets and liabilities:
(Increase) decrease in other assets	30,297	(13,258)
Increase (decrease) in accounts payable and accrued expenses	18,780	25,424
Increase (decrease) in accrued interest payable	(131)	(72)
Increase (decrease) in lease liabilities	(1,020)	(658)
Increase (decrease) in other liabilities	22,697	(8,047)
Increase (decrease) in security deposits	670	487
Net cash provided by operating activities	817,968	745,980
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	(63,507)	(186,676)
Investment in real estate – development/other	(55,253)	(46,815)
Capital expenditures to real estate	(153,304)	(135,247)
Non-real estate capital additions	(921)	(1,043)
Interest capitalized for real estate and unconsolidated entities under development	(6,894)	(6,979)
Proceeds from disposition of real estate, net	330,128	133,916
Investments in unconsolidated entities - acquisitions	(31,286)	(989)
Investments in unconsolidated entities - development/other	(28,793)	(25,413)
Distributions from unconsolidated entities – return of capital	16	15
Purchase of investment securities and other investments		(2,500)
Proceeds from sale of investment securities	7,457	452
Net cash provided by (used for) investing activities	(2,357)	(271,279)
Mortgage notes payable, net:
Proceeds	0	22,896
Lump sum payoffs	0	(64,722)
Scheduled principal repayments		(54)
Line of credit and commercial paper:
Commercial paper proceeds	3,532,753	2,382,619
Commercial paper repayments	(3,771,000)	(2,328,100)
Finance ground lease principal payments	(1,438)	(1,329)
Proceeds from EQR's Employee Share Purchase Plan (ESPP)	2,449	2,124
Proceeds from exercise of EQR options	6,480	11,358
Redemption of Preference Units	(20,125)
Other financing activities, net	(45)	(31)
Acquisition of Noncontrolling Interests – Partially Owned Properties		(3,737)
Contributions – Noncontrolling Interests – Partially Owned Properties	458	9
Contributions – Limited Partners	2	1
Distributions:
OP Units – General Partner	(507,111)	(487,483)
Preference Units	(1,320)	(2,319)
OP Units – Limited Partners	(15,629)	(15,233)
Noncontrolling Interests – Partially Owned Properties	(2,741)	(3,230)
Net cash provided by (used for) financing activities	(817,185)	(487,231)
Net increase (decrease) in cash and cash equivalents and restricted deposits	(1,574)	(12,530)
Cash and cash equivalents and restricted deposits, beginning of period	139,995	137,172
Cash and cash equivalents and restricted deposits, end of period	138,421	124,642
Cash and cash equivalents	38,298	35,701
Restricted deposits	100,123	88,941
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	120,955	125,518
Net cash paid (received) for income and other taxes	877	911
Amortization of deferred financing costs:
Investment in real estate, net		(211)
Other assets	1,392	1,392
Mortgage notes payable, net	524	895
Notes, net	1,920	1,920
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	1,412	616
Notes, net	1,124	1,124
Amortization of deferred settlements on derivative instruments:
Other liabilities	(6)	(6)
Accumulated other comprehensive income	1,210	2,201
Write-off of pursuit costs:
Investment in real estate, net	319	316
Investments in unconsolidated entities	866	1,111
Other assets	184	566
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	2,736	1,972
Other liabilities	636	633
Realized/unrealized (gain) loss on derivative instruments:
Other assets		3,359
Other liabilities		695
Accumulated other comprehensive income		4,054
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	2,592	2,988
Investments in unconsolidated entities	(4,302)	(3,991)
Investments in unconsolidated entities - development/other:
Investments in unconsolidated entities	(28,133)	(24,633)
Other liabilities	(660)	(780)
Right-of-use assets and lease liabilities initial measurement and reclassifications:
Right-of-use assets		(7,105)
Lease liabilities		7,105
Non-cash share distribution and other transfers from unconsolidated entities:
Investments in unconsolidated entities		539
Other assets		(539)
Non-cash change in Supplemental Executive Retirement Plan (SERP) balances:
Other assets	3,437	3,110
Other liabilities	2,839	3,258
Paid in capital	(598)	148
ERPOP [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	488,587	364,933
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	450,093	437,185
Amortization of deferred financing costs	3,836	3,996
Amortization of discounts and premiums on debt	2,536	1,740
Amortization of deferred settlements on derivative instruments	1,204	2,195
Amortization of right-of-use assets	6,470	6,357
Write-off of pursuit costs	1,369	1,993
(Income) loss from investments in unconsolidated entities	3,372	2,605
Distributions from unconsolidated entities – return on capital	281	290
Net (gain) loss on sales of real estate properties	(227,994)	(100,122)
Realized (gain) loss on investment securities	1,316	87
Unrealized (gain) loss on investment securities	(5,745)
Compensation paid with Company Common Shares	21,350	20,845
Changes in assets and liabilities:
(Increase) decrease in other assets	30,297	(13,258)
Increase (decrease) in accounts payable and accrued expenses	18,780	25,424
Increase (decrease) in accrued interest payable	(131)	(72)
Increase (decrease) in lease liabilities	(1,020)	(658)
Increase (decrease) in other liabilities	22,697	(8,047)
Increase (decrease) in security deposits	670	487
Net cash provided by operating activities	817,968	745,980
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	(63,507)	(186,676)
Investment in real estate – development/other	(55,253)	(46,815)
Capital expenditures to real estate	(153,304)	(135,247)
Non-real estate capital additions	(921)	(1,043)
Interest capitalized for real estate and unconsolidated entities under development	(6,894)	(6,979)
Proceeds from disposition of real estate, net	330,128	133,916
Investments in unconsolidated entities - acquisitions	(31,286)	(989)
Investments in unconsolidated entities - development/other	(28,793)	(25,413)
Distributions from unconsolidated entities – return of capital	16	15
Purchase of investment securities and other investments		(2,500)
Proceeds from sale of investment securities	7,457	452
Net cash provided by (used for) investing activities	(2,357)	(271,279)
Mortgage notes payable, net:
Proceeds		22,896
Lump sum payoffs		(64,722)
Scheduled principal repayments		(54)
Line of credit and commercial paper:
Commercial paper proceeds	3,532,753	2,382,619
Commercial paper repayments	(3,771,000)	(2,328,100)
Finance ground lease principal payments	(1,438)	(1,329)
Proceeds from EQR's Employee Share Purchase Plan (ESPP)	2,449	2,124
Proceeds from exercise of EQR options	6,480	11,358
OP Units repurchased and retired	(38,474)
Redemption of Preference Units	(20,125)
Premium on redemption of Preference Units	(1,444)
Other financing activities, net	(45)	(31)
Acquisition of Noncontrolling Interests – Partially Owned Properties		(3,737)
Contributions – Noncontrolling Interests – Partially Owned Properties	458	9
Contributions – Limited Partners	2	1
Distributions:
OP Units – General Partner	(507,111)	(487,483)
Preference Units	(1,320)	(2,319)
OP Units – Limited Partners	(15,629)	(15,233)
Noncontrolling Interests – Partially Owned Properties	(2,741)	(3,230)
Net cash provided by (used for) financing activities	(817,185)	(487,231)
Net increase (decrease) in cash and cash equivalents and restricted deposits	(1,574)	(12,530)
Cash and cash equivalents and restricted deposits, beginning of period	139,995	137,172
Cash and cash equivalents and restricted deposits, end of period	138,421	124,642
Cash and cash equivalents	38,298	35,701
Restricted deposits	100,123	88,941
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	120,955	125,518
Net cash paid (received) for income and other taxes	877	911
Amortization of deferred financing costs:
Investment in real estate, net		(211)
Other assets	1,392	1,392
Mortgage notes payable, net	524	895
Notes, net	1,920	1,920
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	1,412	616
Notes, net	1,124	1,124
Amortization of deferred settlements on derivative instruments:
Other liabilities	(6)	(6)
Accumulated other comprehensive income	1,210	2,201
Write-off of pursuit costs:
Investment in real estate, net	319	316
Investments in unconsolidated entities	866	1,111
Other assets	184	566
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	2,736	1,972
Other liabilities	636	633
Realized/unrealized (gain) loss on derivative instruments:
Other assets		(3,359)
Other liabilities		(695)
Accumulated other comprehensive income		4,054
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	(2,592)	(2,988)
Investments in unconsolidated entities	(4,302)	(3,991)
Investments in unconsolidated entities - development/other:
Investments in unconsolidated entities	(28,133)	(24,633)
Other liabilities	(660)	(780)
Right-of-use assets and lease liabilities initial measurement and reclassifications:
Right-of-use assets		(7,105)
Lease liabilities		7,105
Non-cash share distribution and other transfers from unconsolidated entities:
Investments in unconsolidated entities		539
Other assets		(539)
Non-cash change in Supplemental Executive Retirement Plan (SERP) balances:
Other assets	3,437	3,110
Other liabilities	(2,839)	(3,258)
Paid in capital	$ (598)	$ 148

XML

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	Total	ERPOP [Member]	Preferred Stock [Member] ERPOP [Member]	GENERAL PARTNER [Member] ERPOP [Member]	LIMITED PARTNERS [Member] ERPOP [Member]	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Member] ERPOP [Member]	DISTRIBUTIONS [Member] ERPOP [Member]	PARTIALLY OWNED PROPERTIES [Member] ERPOP [Member]
Balance, beginning of year at Dec. 31, 2022			$ 37,280	$ 11,138,706	$ 209,961	$ (2,547)
Balance, beginning of year at Dec. 31, 2022								$ (721)
Conversion of OP Units held by Limited Partners into OP Units held by General Partner				4,659	(4,659)
Exercise of EQR share options				11,358
EQR's Employee Share Purchase Plan (ESPP)				2,124
EQR restricted shares				7,945	1
EQR share options				3,125
EQR ESPP discount				398
Net income available to Units - General Partner		$ 349,693		349,693
OP Units - General Partner distributions				(502,070)
Supplemental Executive Retirement Plan (SERP)				148
Acquisition of Noncontrolling Interests – Partially Owned Properties				(900)
Change in market value of Redeemable Limited Partners				(39,123)
Adjustment for Limited Partners ownership in Operating Partnership				6,815	(6,815)
Equity compensation associated with Units - Limited Partners					10,867
Net income available to Units - Limited Partners		11,613			11,613
Units - Limited Partners distributions					(15,640)
Change in carrying value of Redeemable Limited Partners					2,077
Unrealized holding gains (losses) arising during the period	$ 4,054	4,054				4,054
Losses reclassified into earnings from other comprehensive income	2,201	2,201				2,201
Distributions declared per Unit outstanding							$ 1.325
Net income attributable to Noncontrolling Interests	364,933	364,933						2,082
Contributions by Noncontrolling Interests								9
Distributions to Noncontrolling Interests								(3,261)
Acquisitions of Noncontrolling Interests - Partially Owned Properties								(2,837)
Balance, end of period at Jun. 30, 2023			37,280	10,982,878	207,405	3,708
Balance, end of period at Jun. 30, 2023								(4,728)
Balance, beginning of year at Mar. 31, 2023			37,280	11,111,240	211,718	(11,232)
Balance, beginning of year at Mar. 31, 2023								(2,553)
Conversion of OP Units held by Limited Partners into OP Units held by General Partner				986	(986)
Exercise of EQR share options				3,246
EQR's Employee Share Purchase Plan (ESPP)				672
EQR restricted shares				4,291	1
EQR share options				1,628
EQR ESPP discount				138
Net income available to Units - General Partner		138,430		138,430
OP Units - General Partner distributions				(251,101)
Supplemental Executive Retirement Plan (SERP)				(343)
Acquisition of Noncontrolling Interests – Partially Owned Properties				(900)
Change in market value of Redeemable Limited Partners				(33,177)
Adjustment for Limited Partners ownership in Operating Partnership				7,768	(7,768)
Equity compensation associated with Units - Limited Partners					6,213
Net income available to Units - Limited Partners		4,554			4,554
Units - Limited Partners distributions					(7,736)
Change in carrying value of Redeemable Limited Partners					1,409
Unrealized holding gains (losses) arising during the period	13,834	13,834				13,834
Losses reclassified into earnings from other comprehensive income	1,106	1,106				1,106
Distributions declared per Unit outstanding							0.6625
Net income attributable to Noncontrolling Interests	144,862	144,862						1,105
Contributions by Noncontrolling Interests								9
Distributions to Noncontrolling Interests								(452)
Acquisitions of Noncontrolling Interests - Partially Owned Properties								(2,837)
Balance, end of period at Jun. 30, 2023			37,280	10,982,878	207,405	3,708
Balance, end of period at Jun. 30, 2023								(4,728)
Balance, beginning of year at Dec. 31, 2023			37,280	11,042,844	202,306	5,704
Balance, beginning of year at Dec. 31, 2023								994
Partial redemption		(20,125)
Conversion of OP Units held by Limited Partners into OP Units held by General Partner				5,048	(5,048)
Exercise of EQR share options				6,480
EQR's Employee Share Purchase Plan (ESPP)				2,449
EQR restricted shares				9,383	2
EQR share options				2,507
EQR ESPP discount				501
OP Units repurchased and retired	38,500			(38,474)
Net income available to Units - General Partner		470,924		470,924
OP Units - General Partner distributions				(511,720)
Supplemental Executive Retirement Plan (SERP)				(598)
Change in market value of Redeemable Limited Partners				(39,058)
Adjustment for Limited Partners ownership in Operating Partnership				1,532	(1,532)
Equity compensation associated with Units - Limited Partners					10,236
Net income available to Units - Limited Partners		13,278			13,278
Units - Limited Partners distributions					(15,875)
Change in carrying value of Redeemable Limited Partners					665
Losses reclassified into earnings from other comprehensive income	1,210	1,210				1,210
Distributions declared per Unit outstanding							1.35
Net income attributable to Noncontrolling Interests	488,587	488,587						2,039
Contributions by Noncontrolling Interests								458
Distributions to Noncontrolling Interests								(2,786)
Other								(1,000)
Balance, end of period at Jun. 30, 2024			17,155	10,951,818	204,032	6,914
Balance, end of period at Jun. 30, 2024								(295)
Balance, beginning of year at Mar. 31, 2024			17,155	11,044,203	207,272	6,314
Balance, beginning of year at Mar. 31, 2024								(1,131)
Conversion of OP Units held by Limited Partners into OP Units held by General Partner				4,794	(4,794)
Exercise of EQR share options				2,079
EQR's Employee Share Purchase Plan (ESPP)				805
EQR restricted shares				4,887
EQR share options				1,218
EQR ESPP discount				205
Net income available to Units - General Partner		177,128		177,128
OP Units - General Partner distributions				(255,877)
Supplemental Executive Retirement Plan (SERP)				(371)
Change in market value of Redeemable Limited Partners				(30,243)
Adjustment for Limited Partners ownership in Operating Partnership				2,990	(2,990)
Equity compensation associated with Units - Limited Partners					6,149
Net income available to Units - Limited Partners		5,003			5,003
Units - Limited Partners distributions					(7,429)
Change in carrying value of Redeemable Limited Partners					821
Losses reclassified into earnings from other comprehensive income	600	600				600
Distributions declared per Unit outstanding							$ 0.675
Net income attributable to Noncontrolling Interests	$ 183,555	$ 183,555						1,069
Contributions by Noncontrolling Interests								223
Distributions to Noncontrolling Interests								(456)
Balance, end of period at Jun. 30, 2024			$ 17,155	$ 10,951,818	$ 204,032	$ 6,914
Balance, end of period at Jun. 30, 2024								$ (295)

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CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP (Parenthetical) - Eight Point Two Nine Percentage Series K Cumulative Redeemable Preferred Stock [Member]	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Partial Redemption Percentage	8.29%	8.29%	8.29%	8.29%
ERPOP [Member]
Partial Redemption Percentage	8.29%	8.29%	8.29%	8.29%

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 177,483	$ 139,203	$ 473,270	$ 351,238

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Insider Trading Arrangements

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the quarter ended June 30, 2024, no trustee or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

Trustee or Officer [Member]

Trading Arrangements, by Individual

Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

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Business

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business

1.Business

Equity Residential (“EQR”) is an S&P 500 company focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters, a business that is conducted on its behalf by ERP Operating Limited Partnership (“ERPOP”). EQR is a Maryland real estate investment trust (“REIT”) formed in March 1993 and ERPOP is an Illinois limited partnership formed in May 1993. References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership.

EQR is the general partner of, and as of June 30, 2024 owned an approximate 97.0% ownership interest in, ERPOP. All of the Company’s property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR issues equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity.

As of June 30, 2024, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 299 properties located in 10 states and the District of Columbia consisting of 79,738 apartment units. The ownership breakdown includes (table does not include any uncompleted development properties):

	Properties		Apartment Units
Wholly Owned Properties		284		76,469
Partially Owned Properties – Consolidated		14		3,060
Partially Owned Properties – Unconsolidated		1		209
		299		79,738

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Summary Of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

The balance sheets at December 31, 2023 have been derived from the audited financial statements at that date but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

For further information, including definitions of capitalized terms not defined herein, refer to the consolidated financial statements and footnotes thereto included in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2023.

Income and Other Taxes

EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses.

Recent Accounting Pronouncements

In March 2024, the Securities and Exchange Commission ("SEC") adopted final rules that will require certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. The new rules include a requirement to disclose material climate-related risks, descriptions of board and management oversight and risk management activities, the material impacts of these risks on a registrant’s strategy, business model and outlook, and any material climate-related targets or goals, as well as material effects and costs of severe weather events and other natural conditions and greenhouse gas emissions. Prior to the stay of the new rules, they would have been effective for annual periods beginning January 1, 2025, except for the greenhouse gas emissions disclosures, which would have been effective for annual periods beginning January 1, 2026. The Company is currently evaluating the impact of the new rules on its disclosures.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued an amendment to the income tax standards which requires disclosure enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The new standard will be effective for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the impact of adopting the standard on its consolidated results of operations and financial position.

In November 2023, the FASB issued an amendment to the segment reporting standards which requires disclosure for each reportable segment, on an interim and annual basis, the significant expense categories and amounts that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s profit or loss. Additionally, it requires disclosure of the title and position of the individual or the name of the group or committee identified as the chief operating decision maker. The new standard will be effective for annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025 on a retrospective basis. The Company is currently evaluating the impact of adopting the standard on its consolidated results of operations and financial position.

In March 2020, the FASB issued an amendment to the reference rate reform standard which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. The new standard was effective for the Company upon issuance and elections could be made through December 31, 2024. The Company elected to apply the hedge accounting expedients and application of these expedients preserves the presentation of derivatives consistent with past presentation.

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Equity, Capital and Other Interests

6 Months Ended

Jun. 30, 2024

Equity Capital And Other Interests [Abstract]

Equity, Capital and Other Interests

3.Equity, Capital and Other Interests

The Company refers to “Common Shares” and “Units” (which refer to both OP Units and restricted units) as equity securities for EQR and “General Partner Units” and “Limited Partner Units” as equity securities for ERPOP. To provide a streamlined and more readable presentation of the disclosures for the Company and the Operating Partnership, several sections below refer to the respective terminology for each with the same financial information and separate sections are provided, where needed, to further distinguish any differences in financial information and terminology.

The following table presents the changes in the Company’s issued and outstanding Common Shares and Units for the six months ended June 30, 2024 and 2023:

	2024			2023
Common Shares
Common Shares outstanding at January 1,		379,291,417			378,429,708
Common Shares Issued:
Conversion of OP Units		90,131			180,629
Exercise of share options		119,516			232,317
Employee Share Purchase Plan (ESPP)		47,466			40,346
Restricted share grants, net		190,804			149,722
Common Shares Other:
Repurchased and retired		(652,452	)		—
Common Shares outstanding at June 30,		379,086,882			379,032,722
Units
Units outstanding at January 1,		11,581,306			12,429,737
Restricted unit grants, net		172,667			166,344
Conversion of OP Units to Common Shares		(90,131	)		(180,629	)
Units outstanding at June 30,		11,663,842			12,415,452
Total Common Shares and Units outstanding at June 30,		390,750,724			391,448,174
Units Ownership Interest in Operating Partnership		3.0	%		3.2	%

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, 2024 and 2023:

	2024			2023
General and Limited Partner Units
General and Limited Partner Units outstanding at January 1,		390,872,723			390,859,445
Issued to General Partner:
Exercise of EQR share options		119,516			232,317
EQR’s Employee Share Purchase Plan (ESPP)		47,466			40,346
EQR’s restricted share grants, net		190,804			149,722
Issued to Limited Partners:
Restricted unit grants, net		172,667			166,344
General Partner Other:
OP Units repurchased and retired		(652,452	)		—
General and Limited Partner Units outstanding at June 30,		390,750,724			391,448,174
Limited Partner Units
Limited Partner Units outstanding at January 1,		11,581,306			12,429,737
Limited Partner restricted unit grants, net		172,667			166,344
Conversion of Limited Partner OP Units to EQR Common Shares		(90,131	)		(180,629	)
Limited Partner Units outstanding at June 30,		11,663,842			12,415,452
Limited Partner Units Ownership Interest in Operating Partnership		3.0	%		3.2	%

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, 2024 and December 31, 2023.

The carrying value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is allocated based on the number of Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total. Such percentage of the total carrying value of Units/Limited Partner Units which is ascribed to the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is then adjusted to the greater of carrying value or fair market value as described above. As of June 30, 2024 and 2023, the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners have a redemption value of approximately $327.6 million and $355.3 million, respectively, which represents the value of Common Shares that would be issued in exchange for the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners.

The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners for the six months ended June 30, 2024 and 2023, respectively (amounts in thousands):

	2024			2023
Balance at January 1,	$	289,248		$	318,273
Change in market value		39,058			39,123
Change in carrying value		(665	)		(2,077	)
Balance at June 30,	$	327,641		$	355,319

Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings and proceeds from exercise of options for Common Shares are contributed by EQR to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the Preferred Shares issued in the equity offering). As a result, the net proceeds from Common Shares and Preferred Shares are allocated for the Company between shareholders’ equity and Noncontrolling Interests – Operating Partnership and for the Operating Partnership between General Partner’s Capital and Limited Partners Capital to account for the change in their respective percentage ownership of the underlying equity.

The Company’s declaration of trust authorizes it to issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share (the “Preferred Shares”), with specific rights, preferences and other attributes as the Board of Trustees may determine, which may include preferences, powers and rights that are senior to the rights of holders of the Company’s Common Shares.

The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as of June 30, 2024 and December 31, 2023:

				Amounts in thousands
		Annual
	Call	Dividend Per		June 30,		December 31,
	Date (1)	Share/Unit (2)		2024		2023
Preferred Shares/Preference Units of beneficial interest, $0.01 par value;    100,000,000 shares authorized:
8.29% Series K Cumulative Redeemable Preferred Shares/Preference    Units; liquidation value $50 per share/unit; 343,100 shares/units issued    and outstanding as of June 30, 2024 and 745,600 shares/units issued    and outstanding as of December 31, 2023 (3)	12/10/2026	$	4.145	$	17,155	$	37,280
				$	17,155	$	37,280

(1)On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any.

(2)Dividends on Preferred Shares/Preference Units are payable quarterly.

(3)During the six months ended June 30, 2024, the Company repurchased and retired 402,500 Series K Preferred Shares/Preference Units with a liquidation value of approximately $20.1 million for total cash consideration of approximately $21.8 million, inclusive of premiums and accrued dividends through the redemption date. As a result of this partial redemption, the Company incurred a cash charge of approximately $1.4 million which was recorded as a premium on the redemption of Preferred Shares/Preference Units.

Other

EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC in May 2022 and expires in May 2025. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis).

The Company has an At-The-Market (“ATM”) share offering program which allows EQR to issue Common Shares from time to time into the existing trading market at current market prices or through negotiated transactions, including under forward sale arrangements. The current program matures in May 2025 and gives us the authority to issue up to 13.0 million shares, all of which remain available for issuance as of June 30, 2024.

During the six months ended June 30, 2024, the Company repurchased and subsequently retired approximately $38.5 million (652,452 shares at a weighted average price per share of $58.95) of its Common Shares in the open market under its share repurchase program. Concurrent with these transactions, ERPOP repurchased and retired the same amount of OP Units previously issued to EQR. Prior to the share repurchase activity during the six months ended June 30, 2024, the Company had the authority to repurchase up to 13.0 million Common Shares under its share repurchase program, of which 12,347,548 shares remain authorized to repurchase as of June 30, 2024.

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Real Estate

6 Months Ended

Jun. 30, 2024

Real Estate [Abstract]

Real Estate

4.Real Estate

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of June 30, 2024 and December 31, 2023 (amounts in thousands):

	June 30, 2024			December 31, 2023
Land	$	5,540,352		$	5,581,876
Depreciable property:
Buildings and improvements		19,789,495			19,809,432
Furniture, fixtures and equipment		2,698,109			2,609,600
In-Place lease intangibles		516,773			519,394
Projects under development:
Land		40,049			3,201
Construction-in-progress		148,234			74,835
Land held for development:
Land		46,160			82,026
Construction-in-progress		18,621			32,274
Investment in real estate		28,797,793			28,712,638
Accumulated depreciation		(10,163,756	)		(9,810,337	)
Investment in real estate, net	$	18,634,037		$	18,902,301

During the six months ended June 30, 2024, the Company acquired the following from unaffiliated parties (purchase price and purchase price allocation in thousands):

							Purchase Price Allocation (1)
	Properties		Apartment Units		Purchase Price		Land		Depreciable Property
Rental Properties – Consolidated		1		160	$	62,595	$	6,593	$	56,077

(1)Purchase price allocation includes capitalized closing costs.

During the six months ended June 30, 2024, the Company disposed of the following to unaffiliated parties (sales price and net gain in thousands):

	Properties		Apartment Units		Sales Price		Net Gain
Rental Properties – Consolidated		5		831	$	334,000	$	227,994

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Investments in Partially Owned Entities

6 Months Ended

Jun. 30, 2024

Investments In Partially Owned Entities [Abstract]

Investments in Partially Owned Entities

5.Investments in Partially Owned Entities

The Company has invested in various entities with unrelated third parties which are either consolidated or accounted for under the equity method of accounting (unconsolidated).

Consolidated Variable Interest Entities (“VIEs”)

In accordance with accounting standards for consolidation of VIEs, the Company consolidates ERPOP on EQR’s financial statements. As the sole general partner of ERPOP, EQR has exclusive control of ERPOP’s day-to-day management. The limited partners are not able to exercise substantive kick-out or participating rights. As a result, ERPOP qualifies as a VIE. EQR has a controlling financial interest in ERPOP and, thus, is ERPOP’s primary beneficiary. EQR has the power to direct the activities of ERPOP that most significantly impact ERPOP’s economic performance as well as the obligation to absorb losses or the right to receive benefits from ERPOP that could potentially be significant to ERPOP.

The Company has various equity interests in certain joint ventures that have been deemed to be VIEs, and the Company is the VIEs’ primary beneficiary. As a result, the joint ventures are required to be consolidated on the Company’s financial statements. The following table summarizes the Company’s consolidated joint ventures as of June 30, 2024:

	Operating Properties (1)				Projects Under Development (2)
	Properties		Apartment Units		Projects		Apartment Units (3)
Consolidated Joint Ventures (VIE)		14		3,060		1		440

(1)The land parcel under one of the properties is subject to a long-term ground lease.

(2)Represents separate consolidated joint ventures for the purpose of developing multifamily rental properties.

(3)Represents the intended number of apartment units to be developed.

The following table provides consolidated assets and liabilities related to the Company's VIEs as of June 30, 2024 and December 31, 2023 (amounts in thousands):

	June 30, 2024		December 31, 2023
Consolidated Assets	$	618,439	$	599,788
Consolidated Liabilities	$	47,558	$	41,153

Investments in Unconsolidated Entities

The Company has various equity interests in certain joint ventures that are unconsolidated and accounted for using the equity method of accounting. Most of these have been deemed to be VIEs and the Company is not the VIEs' primary beneficiary. The remaining have been deemed not to be VIEs and the Company does not have a controlling voting interest.

The following table and information summarizes the Company’s investments in unconsolidated entities as of June 30, 2024 and December 31, 2023 (amounts in thousands except for ownership percentage):

	June 30, 2024			December 31, 2023			Ownership Percentage
Investments in Unconsolidated Entities:
Various Real Estate Holdings (VIE)	$	35,123		$	35,421		Varies
Projects Under Development and Land Held for Development (VIE)		279,847			220,192		62% - 95% (1)
Real Estate Technology Funds/Companies (VIE)		27,151			26,691		Varies
Other		(250	)		(255	)	Varies
Investments in Unconsolidated Entities	$	341,871		$	282,049

(1)In certain instances, the joint venture agreements contain provisions for promoted interests in favor of our joint venture partner. If the terms of the promoted interest are attained, then our share of the proceeds from a sale or other capital event of the unconsolidated entity may be less than the indicated ownership percentage.

The following table summarizes the Company’s unconsolidated joint ventures that were deemed to be VIEs as of June 30, 2024:

Operating Properties

Real Estate Holdings (1)

Projects Under Development (2), (5)

Projects Held for Development (2), (3)

Properties

Apartment Units

Entities

Projects

Apartment Units (4)

Projects

Apartment Units (4)

Unconsolidated Joint Ventures (VIE)

1

209

3

5

1,773

4

1,164

(1)Represents entities that hold various real estate investments.

(2)Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties.

(3)Represents separate unconsolidated joint ventures that have not yet started.

(4)Represents the intended number of apartment units to be developed.

(5)The land parcel under one of the projects is subject to a long-term ground lease.

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Restricted Deposits

6 Months Ended

Jun. 30, 2024

Deposits Restricted [Abstract]

Restricted Deposits

6.Restricted Deposits

The following table presents the Company’s restricted deposits as of June 30, 2024 and December 31, 2023 (amounts in thousands):

	June 30, 2024		December 31, 2023
Mortgage escrow deposits:
Real estate taxes and insurance	$	694	$	307
Mortgage principal reserves/sinking funds		33,266		29,270
Mortgage escrow deposits		33,960		29,577
Restricted cash:
Earnest money on pending acquisitions		4,000		524
Restricted deposits on real estate investments		2,228		2,181
Resident security and utility deposits		41,190		40,149
Replacement reserves		16,880		15,571
Other		1,865		1,250
Restricted cash		66,163		59,675
Restricted deposits	$	100,123	$	89,252

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Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

7.Leases

Lessor Accounting

The Company is the lessor for its residential and non-residential leases and these leases are accounted for as operating leases under the lease standard.

The following 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 ended June 30, 2024 and 2023 (amounts in thousands):

	Six Months Ended June 30, 2024									Six Months Ended June 30, 2023
Income Type	Residential Leases			Non-Residential Leases			Total			Residential Leases			Non-Residential Leases		Total
Residential and non-residential rent	$	1,308,397		$	33,710		$	1,342,107		$	1,276,338		$	31,973	$	1,308,311
Utility recoveries (RUBS income) (1)		45,456			435			45,891			42,786			419		43,205
Parking rent		23,035			633			23,668			21,893			225		22,118
Other lease revenue (2)		(10,732	)		(481	)		(11,213	)		(13,420	)		734		(12,686	)
Total lease revenue	$	1,366,156		$	34,297			1,400,453		$	1,327,597		$	33,351		1,360,948
Parking revenue								21,715								20,395
Other revenue								42,813								41,054
Total other rental income (3)								64,528								61,449
Rental income							$	1,464,981							$	1,422,397

(1)RUBS income primarily consists of variable payments representing the recovery of utility costs from residents.

(2)Other lease revenue consists of the revenue adjustment related to bad debt (see below for further discussion) and other miscellaneous lease revenue.

(3)Other rental income is accounted for under the revenue recognition standard and primarily consists of third-party transient parking revenue and ancillary income such as cable and laundry revenue.

The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the quarters ended June 30, 2024 and 2023 (amounts in thousands):

	Quarter Ended June 30, 2024									Quarter Ended June 30, 2023
Income Type	Residential Leases			Non-Residential Leases			Total			Residential Leases			Non-Residential Leases		Total
Residential and non-residential rent	$	656,036		$	14,887		$	670,923		$	641,586		$	15,987	$	657,573
Utility recoveries (RUBS income) (1)		22,787			208			22,995			21,403			212		21,615
Parking rent		11,611			413			12,024			11,011			116		11,127
Other lease revenue (2)		(4,787	)		(389	)		(5,176	)		(5,831	)		65		(5,766	)
Total lease revenue	$	685,647		$	15,119			700,766		$	668,169		$	16,380		684,549
Parking revenue								11,037								10,192
Other revenue								22,360								22,568
Total other rental income (3)								33,397								32,760
Rental income							$	734,163							$	717,309

(1)RUBS income primarily consists of variable payments representing the recovery of utility costs from residents.

(2)Other lease revenue consists of the revenue adjustment related to bad debt (see below for further discussion) and other miscellaneous lease revenue.

(3)Other rental income is accounted for under the revenue recognition standard and primarily consists of third-party transient parking revenue and ancillary income such as cable and laundry revenue.

The following table presents residential accounts receivable and straight-line receivable balances for the Company’s properties as of June 30, 2024 and December 31, 2023 (amounts in thousands):

Balance Sheet (Other assets):	June 30, 2024			December 31, 2023
Residential accounts receivable balances	$	16,657		$	21,477
Allowance for doubtful accounts		(11,380	)		(15,846	)
Net receivable balances	$	5,277		$	5,631
Straight-line receivable balances	$	7,893		$	9,183

The following table presents residential bad debt for the Company’s properties for the six months and quarters ended June 30, 2024 and 2023 (amounts in thousands):

	Six Months Ended June 30,						Quarter Ended June 30,
Income Statement (Rental income):	2024			2023			2024			2023
Bad debt, net (1)	$	17,139		$	19,820		$	7,924		$	9,065
% of residential rental income		1.2	%		1.4	%		1.1	%		1.3	%

(1)Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $0.9 million and $1.9 million for the six months ended June 30, 2024 and 2023, respectively, and $0.4 million and $0.7 million for the quarters ended June 30, 2024 and 2023, respectively.

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Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

8.Debt

EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. Weighted average interest rates noted below for the six months ended June 30, 2024 include the effect of any derivative instruments and amortization of premiums/discounts/OCI (other comprehensive income) on debt and derivatives.

Mortgage Notes Payable

The following table summarizes the Company’s mortgage notes payable activity for the six months ended June 30, 2024 (amounts in thousands):

	Mortgage notes payable, net as of December 31, 2023		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, 2024
Fixed Rate Debt:
Secured – Conventional	$	1,398,598	$	—	$	—	$	—	$	792	$	454	$	1,399,844
Floating Rate Debt:
Secured – Tax Exempt		234,304		—		—		—		620		70		234,994
Total	$	1,632,902	$	—	$	—	$	—	$	1,412	$	524	$	1,634,838

(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, 2024:

	June 30, 2024
Interest Rate Ranges (ending)	0.10% - 5.25%
Weighted Average Interest Rate	3.86%
Maturity Date Ranges	2029-2061

As of June 30, 2024, the Company had $246.7 million of secured 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, 2024 (amounts in thousands):

	Notes, net as of December 31, 2023		Proceeds		Lump sum payoffs		Amortization of premiums/ discounts		Amortization of deferred financing costs, net (1)		Notes, net as of June 30, 2024
Fixed Rate Debt:
Unsecured – Public	$	5,348,417	$	—	$	—	$	1,124	$	1,920	$	5,351,461

(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, 2024:

	June 30, 2024
Interest Rate Ranges (ending)	1.85% - 7.57%
Weighted Average Interest Rate	3.52%
Maturity Date Ranges	2025-2047

The Company’s unsecured public notes contain certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for the six months ended June 30, 2024.

Line of Credit and Commercial Paper

The Company has a $2.5 billion unsecured revolving credit facility maturing on October 26, 2027. The Company has the ability to increase available borrowings by an additional $750.0 million by adding lenders to the facility, obtaining the agreement of existing lenders to increase their commitments or incurring one or more term loans. The interest rate on advances under the facility will generally be the Secured Overnight Financing Rate ("SOFR") plus a spread (currently 0.715%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 0.125%). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating and other terms and conditions per the agreement. The Company did not borrow any amounts under its revolving credit facility during the six months ended June 30, 2024.

The Company has an unsecured commercial paper note program under which it may borrow up to a maximum of $1.0 billion subject to market conditions. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Company’s other unsecured senior indebtedness.

The following table summarizes certain weighted average interest rate, maturity and amount outstanding information for the commercial paper program as of and for the six months ended June 30, 2024:

	June 30, 2024
Weighted Average Interest Rate (1)	5.59%
Weighted Average Maturity (in days)	5
Weighted Average Amount Outstanding	$300.1 million

(1)The notes bear interest at various floating rates.

The Company limits its utilization of the revolving credit facility in order to maintain liquidity to support its $1.0 billion commercial paper program along with certain other obligations. The following table presents the availability on the Company’s unsecured revolving credit facility as of June 30, 2024 (amounts in thousands):

	June 30, 2024
Unsecured revolving credit facility commitment	$	2,500,000
Commercial paper balance outstanding		(171,000	)
Unsecured revolving credit facility balance outstanding		—
Other restricted amounts		(3,438	)
Unsecured revolving credit facility availability	$	2,325,562

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Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

9.Fair Value Measurements

The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments on listed market prices and third-party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.

In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company may seek to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business.

A three-level valuation hierarchy exists for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

•Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

•Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

•Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The following table summarizes the inputs to the valuations for each type of fair value measurement:

Fair Value Measurement Type	Valuation Inputs
Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”)	Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets.
Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners	Quoted market price of Common Shares.
Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable)	Indicative rates provided by lenders of similar loans.
Public unsecured notes	Quoted market prices for each underlying issuance.
Derivatives	Readily observable market parameters such as forward yield curves and credit default swap data.

The fair values of the Company’s financial instruments (other than the items listed above and the investments disclosed below) approximate their carrying or contract value. The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at June 30, 2024 and December 31, 2023, respectively (amounts in thousands):

	June 30, 2024				December 31, 2023
	Carrying Value		Estimated Fair Value (Level 2)		Carrying Value		Estimated Fair Value (Level 2)
Mortgage notes payable, net	$	1,634,838	$	1,490,171	$	1,632,902	$	1,509,706
Unsecured debt, net		5,522,345		5,015,807		5,757,548		5,346,488
Total debt, net	$	7,157,183	$	6,505,978	$	7,390,450	$	6,856,194

The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at June 30, 2024 and December 31, 2023, respectively (amounts in thousands):

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	6/30/2024		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	$	105,041	$	105,041	$	—	$	—
Liabilities
Supplemental Executive Retirement Plan	Other Liabilities	$	105,041	$	105,041	$	—	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	327,641	$	—	$	327,641	$	—

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	12/31/2023		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	$	108,478	$	108,478	$	—	$	—
Liabilities
Supplemental Executive Retirement Plan	Other Liabilities	$	108,478	$	108,478	$	—	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	289,248	$	—	$	289,248	$	—

The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the six months ended June 30, 2024 and 2023, respectively (amounts in thousands):

June 30, 2024 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	$	—	Interest expense	$	(1,210	)
Total	$	—		$	(1,210	)

June 30, 2023 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	$	4,054	Interest expense	$	(2,201	)
Total	$	4,054		$	(2,201	)

As of June 30, 2024 and December 31, 2023, there were approximately $6.9 million and $5.7 million in deferred gains, net, included in accumulated other comprehensive income (loss), respectively, related to previously settled and/or unsettled derivative instruments, of which an estimated $1.8 million may be recognized as additional interest expense during the twelve months ending June 30, 2025.

Other

The Company has invested in various equity securities without readily determinable fair values and has elected to measure them using the measurement alternative in accordance with the applicable accounting standards for equity securities. These investments are carried at cost less any impairment and adjusted to fair value if there are observable price changes for an identical or similar investment of the same issuer.

The following table summarizes the Company’s real estate technology investment securities included in other assets as of June 30, 2024 and December 31, 2023 (amounts in thousands):

	June 30, 2024		December 31, 2023
Real Estate Technology Investments	$	16,284	$	19,312

During the six months ended June 30, 2024, the Company sold a portion of one of these investment securities for proceeds of approximately $7.5 million and realized a loss on sale of approximately $1.3 million, which is included in interest and other income in the consolidated statements of operations. During the six months ended June 30, 2024, the Company adjusted certain of these investment securities to observable market prices and recorded a net unrealized gain of approximately $5.7 million, which is included in interest and other income in the consolidated statements of operations.

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Earnings Per Share and Earnings Per Unit

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share And Earnings Per Unit

10.Earnings Per Share and Earnings Per Unit

Equity Residential

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):

	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
Numerator for net income per share – basic:
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Allocation to Noncontrolling Interests – Operating Partnership		(13,278	)		(11,613	)		(5,003	)		(4,554	)
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,039	)		(2,082	)		(1,069	)		(1,105	)
Preferred distributions		(902	)		(1,545	)		(355	)		(773	)
Premium on redemption of Preferred Shares		(1,444	)		—			—			—
Numerator for net income per share – basic	$	470,924		$	349,693		$	177,128		$	138,430
Numerator for net income per share – diluted:
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,039	)		(2,082	)		(1,069	)		(1,105	)
Preferred distributions		(902	)		(1,545	)		(355	)		(773	)
Premium on redemption of Preferred Shares		(1,444	)		—			—			—
Numerator for net income per share – diluted	$	484,202		$	361,306		$	182,131		$	142,984
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		378,699			378,492			378,578			378,642
Effect of dilutive securities:
OP Units		10,681			11,450			10,693			11,390
Long-term compensation shares/units		1,168			1,121			1,271			1,155
Denominator for net income per share – diluted		390,548			391,063			390,542			391,187
Net income per share – basic	$	1.24		$	0.92		$	0.47		$	0.37
Net income per share – diluted	$	1.24		$	0.92		$	0.47		$	0.37

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,
	2024			2023			2024			2023
Numerator for net income per Unit – basic and diluted:
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,039	)		(2,082	)		(1,069	)		(1,105	)
Allocation to Preference Units		(902	)		(1,545	)		(355	)		(773	)
Allocation to premium on redemption of Preference Units		(1,444	)		—			—			—
Numerator for net income per Unit – basic and diluted	$	484,202		$	361,306		$	182,131		$	142,984
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		389,380			389,942			389,271			390,032
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting    of the Company’s long-term compensation shares/units		1,168			1,121			1,271			1,155
Denominator for net income per Unit – diluted		390,548			391,063			390,542			391,187
Net income per Unit – basic	$	1.24		$	0.92		$	0.47		$	0.37
Net income per Unit – diluted	$	1.24		$	0.92		$	0.47		$	0.37

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11.Commitments and Contingencies

Commitments

Real Estate Development Commitments

As of June 30, 2024, the Company has both consolidated and unconsolidated real estate projects under development. The following table summarizes the gross remaining total project costs for the Company’s projects under development at June 30, 2024 (total project costs remaining in thousands):

	Projects		Apartment Units		Total Project Costs Remaining (1)
Projects Under Development
Consolidated		2		665	$	196,510
Unconsolidated		5		1,773		56,154
Total Projects Under Development		7		2,438	$	252,664

(1)The Company’s share of the $252.7 million in total project costs remaining approximates $196.3 million, with the balance funded by the Company’s joint venture partners (approximately $0.2 million) and/or applicable construction loans (approximately $56.2 million).

We have entered into, and may continue in the future to enter into, joint venture agreements with third-party partners for the development of multifamily rental properties. The joint venture agreements with each development partner include buy-sell provisions that provide the right, but not the obligation, for the Company to acquire each respective partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events described in the joint venture agreements. See Note 5 for additional discussion.

Other Commitments

We have entered into, and may continue in the future to enter into, real estate technology and other real estate fund investments. As of June 30, 2024, the Company has invested in ten separate such investments totaling $40.5 million with aggregate remaining commitments of approximately $17.5 million.

Contingencies

Litigation and Legal Matters

The Company, as an owner of real estate, is subject to various federal, state and local laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or

changed laws or regulations on its current properties or on properties that it may acquire in the future.

The Company is involved in various pending and threatened legal proceedings which arise in the ordinary course of business. The Company evaluates these litigation matters on an ongoing basis, but in no event less than quarterly, in assessing the adequacy of its accruals and disclosures. For legal proceedings in which it has been determined that a loss is both probable and reasonably estimable, the Company records new accruals and/or adjusts existing accruals that represent its best estimate of the loss incurred based on the facts and circumstances known at that time. As of June 30, 2024 and December 31, 2023, the Company’s litigation accruals approximated $50.0 million and $17.1 million, respectively, and are included in other liabilities in the consolidated balance sheets. Actual losses may differ materially from the amounts noted above and the ultimate outcome of these legal proceedings is generally not yet determinable. As of June 30, 2024 and December 31, 2023, the Company does not believe there is any litigation pending or threatened against it that, either individually or in the aggregate and inclusive of the matters accrued for as noted above, may reasonably be expected to have a material adverse effect on the Company and its financial condition.

The Company has been named as a defendant in a number of cases filed in late 2022 and 2023 alleging antitrust violations by RealPage, Inc., a seller of revenue management software products, and various owners and/or operators of multifamily housing, including us, that have utilized these products. The complaints allege collusion among the defendants to illegally fix and inflate the pricing of multifamily rents and seek monetary damages, injunctive relief, fees and costs. All of the cases except for one have been consolidated into a single putative class action in the United States District Court for the Middle District of Tennessee. On December 28, 2023, motions to dismiss this consolidated action, filed by RealPage, Inc. as well as us and our multifamily co-defendants, were denied by the Court and the case is proceeding. Another case with similar allegations has been filed by the District of Columbia against RealPage, Inc. and a number of multifamily owners and/or operators, including us. We believe these various lawsuits are without merit and we intend to vigorously defend against them. As these proceedings are in the early stages, it is not possible for the Company to predict the outcome nor is it possible to estimate the amount of loss, if any, which may be associated with an adverse decision in any of these cases.

The Company is named as a defendant in a class action in the United States District Court for the Northern District of California filed in 2016 which alleges that the amount of late fees charged by the Company were improperly determined under California law. The plaintiffs are seeking monetary damages and other relief. On April 8, 2024, the Court issued certain findings of facts and conclusions of law that are adverse to the Company’s legal position. At this time, the Company is continuing to defend the action. While the resolution of this matter cannot be predicted with certainty, the Company does not believe that the eventual outcome will have a material adverse effect on the Company and its financial condition.

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Reportable Segments

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Reportable Segments

12.Reportable Segments

Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker decides how resources are allocated and assesses performance on a recurring basis at least quarterly.

The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company’s operating performance geographically by market and both on a same store and non-same store basis. While the Company does maintain a non-residential presence, it accounts for less than 4.0% of total revenues for the six months ended June 30, 2024 and is designed as an amenity for our residential residents. The chief operating decision maker evaluates the performance of each property on a consolidated residential and non-residential basis. The Company’s geographic consolidated same store operating segments represent its reportable segments.

The Company’s development activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the “Other” category in the tables presented below.

All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the six months and quarters ended June 30, 2024 and 2023, respectively.

The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense and 2) real estate taxes and insurance expense (all as reflected in the accompanying consolidated statements of operations and comprehensive income). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment properties. Revenues for all leases are reflected on a straight-line basis in accordance with GAAP for the current and comparable periods.

The following table presents a reconciliation of net income per the consolidated statements of operations to NOI for the six months and quarters ended June 30, 2024 and 2023, respectively (amounts in thousands):

	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Adjustments:
Property management		68,969			62,145			33,511			30,679
General and administrative		34,351			35,041			18,631			18,876
Depreciation		450,093			437,185			224,398			221,355
Net (gain) loss on sales of real estate properties		(227,994	)		(100,122	)		(39,809	)		87
Interest and other income		(10,657	)		(3,669	)		(1,328	)		(2,131	)
Other expenses		45,123			15,559			13,385			6,564
Interest:
Expense incurred, net		133,040			131,991			65,828			65,590
Amortization of deferred financing costs		3,836			3,996			1,918			2,017
Income and other tax expense (benefit)		635			634			331			336
(Income) loss from investments in    unconsolidated entities		3,372			2,605			1,674			1,223
Total NOI	$	989,355		$	950,298		$	502,094		$	489,458

The following tables present NOI from our rental real estate for each segment for the six months and quarters ended June 30, 2024 and 2023, respectively, as well as total assets and capital expenditures at June 30, 2024 (amounts in thousands):

	Six Months Ended June 30, 2024							Six Months Ended June 30, 2023
	Rental Income		Operating Expenses		NOI			Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	239,386	$	73,603	$	165,783		$	229,783	$	72,575	$	157,208
Orange County		62,272		13,865		48,407			59,417		13,396		46,021
San Diego		51,815		11,659		40,156			48,925		11,550		37,375
Subtotal - Southern California		353,473		99,127		254,346			338,125		97,521		240,604
Washington, D.C.		231,584		72,407		159,177			220,318		72,109		148,209
San Francisco		217,043		65,700		151,343			213,502		65,735		147,767
New York		246,136		101,320		144,816			237,830		97,137		140,693
Boston		162,532		46,726		115,806			155,729		46,197		109,532
Seattle		148,624		43,291		105,333			145,796		41,172		104,624
Denver		35,810		10,667		25,143			35,469		10,685		24,784
Other Expansion Markets		37,363		16,199		21,164			37,088		16,165		20,923
Total same store		1,432,565		455,437		977,128			1,383,857		446,721		937,136
Non-same store/other
Non-same store (2)		27,547		12,418		15,129			12,400		6,509		5,891
Other (3)		4,869		7,771		(2,902	)		26,140		18,869		7,271
Total non-same store/other		32,416		20,189		12,227			38,540		25,378		13,162
Totals	$	1,464,981	$	475,626	$	989,355		$	1,422,397	$	472,099	$	950,298

(1)For the six months ended June 30, 2024 and 2023, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represented 77,054 apartment units.

(2)For the six months ended June 30, 2024 and 2023, non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, and any properties undergoing major renovations.

(3)Other includes development, other corporate operations and operations prior to disposition for properties sold.

	Quarter Ended June 30, 2024						Quarter Ended June 30, 2023
	Rental Income		Operating Expenses		NOI		Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	120,119	$	35,778	$	84,341	$	116,295	$	35,264	$	81,031
Orange County		31,171		6,937		24,234		30,045		6,703		23,342
San Diego		25,991		5,780		20,211		24,691		5,736		18,955
Subtotal - Southern California		177,281		48,495		128,786		171,031		47,703		123,328
Washington, D.C.		116,465		36,342		80,123		111,220		35,472		75,748
San Francisco		108,731		31,263		77,468		107,288		31,893		75,395
New York		122,172		50,045		72,127		119,785		47,649		72,136
Boston		82,081		22,988		59,093		78,851		22,034		56,817
Seattle		74,792		22,013		52,779		73,018		20,951		52,067
Denver		18,002		5,221		12,781		17,873		5,211		12,662
Other Expansion Markets		18,645		8,158		10,487		18,718		7,768		10,950
Total same store		718,169		224,525		493,644		697,784		218,681		479,103
Non-same store/other
Non-same store (2)		14,599		6,297		8,302		7,497		3,744		3,753
Other (3)		1,395		1,247		148		12,028		5,426		6,602
Total non-same store/other		15,994		7,544		8,450		19,525		9,170		10,355
Totals	$	734,163	$	232,069	$	502,094	$	717,309	$	227,851	$	489,458

(1)For the quarters ended June 30, 2024 and 2023, same store primarily includes all properties acquired or completed that were stabilized prior to April 1, 2023, less properties subsequently sold, which represented 77,054 apartment units.

(2)For the quarters ended June 30, 2024 and 2023, non-same store primarily includes properties acquired after April 1, 2023, plus any properties in lease-up and not stabilized as of April 1, 2023, and any properties undergoing major renovations.

(3)Other includes development, other corporate operations and operations prior to disposition for properties sold.

	Six Months Ended June 30, 2024
	Total Assets		Capital Expenditures
Same store (1)
Los Angeles	$	2,455,957	$	24,700
Orange County		335,826		8,702
San Diego		336,372		8,283
Subtotal - Southern California		3,128,155		41,685
Washington, D.C.		3,029,979		22,162
San Francisco		3,018,760		28,267
New York		3,240,380		12,363
Boston		2,051,119		12,924
Seattle		2,043,317		16,325
Denver		807,719		2,156
Other Expansion Markets		880,531		3,805
Total same store		18,199,960		139,687
Non-same store/other
Non-same store (2)		756,305		13,153
Other (3)		823,303		464
Total non-same store/other		1,579,608		13,617
Totals	$	19,779,568	$	153,304

(1)Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represented 77,054 apartment units.

(2)Non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, and any properties undergoing major renovations.

(3)Other includes development, other corporate operations and capital expenditures for properties sold.

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Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

13.Subsequent Events

Subsequent to June 30, 2024, the Company:

•Acquired the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated		2		644	$	216,750

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Summary Of Significant Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

The balance sheets at December 31, 2023 have been derived from the audited financial statements at that date but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

For further information, including definitions of capitalized terms not defined herein, refer to the consolidated financial statements and footnotes thereto included in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2023.

Income and Other Taxes

Income and Other Taxes

EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In March 2024, the Securities and Exchange Commission ("SEC") adopted final rules that will require certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. The new rules include a requirement to disclose material climate-related risks, descriptions of board and management oversight and risk management activities, the material impacts of these risks on a registrant’s strategy, business model and outlook, and any material climate-related targets or goals, as well as material effects and costs of severe weather events and other natural conditions and greenhouse gas emissions. Prior to the stay of the new rules, they would have been effective for annual periods beginning January 1, 2025, except for the greenhouse gas emissions disclosures, which would have been effective for annual periods beginning January 1, 2026. The Company is currently evaluating the impact of the new rules on its disclosures.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued an amendment to the income tax standards which requires disclosure enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The new standard will be effective for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the impact of adopting the standard on its consolidated results of operations and financial position.

In November 2023, the FASB issued an amendment to the segment reporting standards which requires disclosure for each reportable segment, on an interim and annual basis, the significant expense categories and amounts that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s profit or loss. Additionally, it requires disclosure of the title and position of the individual or the name of the group or committee identified as the chief operating decision maker. The new standard will be effective for annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025 on a retrospective basis. The Company is currently evaluating the impact of adopting the standard on its consolidated results of operations and financial position.

In March 2020, the FASB issued an amendment to the reference rate reform standard which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. The new standard was effective for the Company upon issuance and elections could be made through December 31, 2024. The Company elected to apply the hedge accounting expedients and application of these expedients preserves the presentation of derivatives consistent with past presentation.

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Business (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Ownership Breakdown

The ownership breakdown includes (table does not include any uncompleted development properties):

	Properties		Apartment Units
Wholly Owned Properties		284		76,469
Partially Owned Properties – Consolidated		14		3,060
Partially Owned Properties – Unconsolidated		1		209
		299		79,738

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Equity, Capital and Other Interests (Tables)

6 Months Ended

Jun. 30, 2024

Class Of Stock [Line Items]

Changes in Issued and Outstanding Common Shares and Units

The following table presents the changes in the Company’s issued and outstanding Common Shares and Units for the six months ended June 30, 2024 and 2023:

	2024			2023
Common Shares
Common Shares outstanding at January 1,		379,291,417			378,429,708
Common Shares Issued:
Conversion of OP Units		90,131			180,629
Exercise of share options		119,516			232,317
Employee Share Purchase Plan (ESPP)		47,466			40,346
Restricted share grants, net		190,804			149,722
Common Shares Other:
Repurchased and retired		(652,452	)		—
Common Shares outstanding at June 30,		379,086,882			379,032,722
Units
Units outstanding at January 1,		11,581,306			12,429,737
Restricted unit grants, net		172,667			166,344
Conversion of OP Units to Common Shares		(90,131	)		(180,629	)
Units outstanding at June 30,		11,663,842			12,415,452
Total Common Shares and Units outstanding at June 30,		390,750,724			391,448,174
Units Ownership Interest in Operating Partnership		3.0	%		3.2	%

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, 2024 and 2023, respectively (amounts in thousands):

	2024			2023
Balance at January 1,	$	289,248		$	318,273
Change in market value		39,058			39,123
Change in carrying value		(665	)		(2,077	)
Balance at June 30,	$	327,641		$	355,319

Issued and Outstanding Preferred Shares and Preference Units

The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as of June 30, 2024 and December 31, 2023:

				Amounts in thousands
		Annual
	Call	Dividend Per		June 30,		December 31,
	Date (1)	Share/Unit (2)		2024		2023
Preferred Shares/Preference Units of beneficial interest, $0.01 par value;    100,000,000 shares authorized:
8.29% Series K Cumulative Redeemable Preferred Shares/Preference    Units; liquidation value $50 per share/unit; 343,100 shares/units issued    and outstanding as of June 30, 2024 and 745,600 shares/units issued    and outstanding as of December 31, 2023 (3)	12/10/2026	$	4.145	$	17,155	$	37,280
				$	17,155	$	37,280

(1)On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any.

(2)Dividends on Preferred Shares/Preference Units are payable quarterly.

(3)During the six months ended June 30, 2024, the Company repurchased and retired 402,500 Series K Preferred Shares/Preference Units with a liquidation value of approximately $20.1 million for total cash consideration of approximately $21.8 million, inclusive of premiums and accrued dividends through the redemption date. As a result of this partial redemption, the Company incurred a cash charge of approximately $1.4 million which was recorded as a premium on the redemption of Preferred Shares/Preference Units.

ERPOP [Member]

Class Of Stock [Line Items]

Changes in Issued and Outstanding Common Shares and Units

The following table presents the changes in the Operating Partnership’s issued and outstanding General Partner Units and Limited Partner Units for the six months ended June 30, 2024 and 2023:

	2024			2023
General and Limited Partner Units
General and Limited Partner Units outstanding at January 1,		390,872,723			390,859,445
Issued to General Partner:
Exercise of EQR share options		119,516			232,317
EQR’s Employee Share Purchase Plan (ESPP)		47,466			40,346
EQR’s restricted share grants, net		190,804			149,722
Issued to Limited Partners:
Restricted unit grants, net		172,667			166,344
General Partner Other:
OP Units repurchased and retired		(652,452	)		—
General and Limited Partner Units outstanding at June 30,		390,750,724			391,448,174
Limited Partner Units
Limited Partner Units outstanding at January 1,		11,581,306			12,429,737
Limited Partner restricted unit grants, net		172,667			166,344
Conversion of Limited Partner OP Units to EQR Common Shares		(90,131	)		(180,629	)
Limited Partner Units outstanding at June 30,		11,663,842			12,415,452
Limited Partner Units Ownership Interest in Operating Partnership		3.0	%		3.2	%

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Real Estate (Tables)

6 Months Ended

Jun. 30, 2024

Real Estate [Abstract]

Summary of Carrying Amounts of Investment in Real Estate

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of June 30, 2024 and December 31, 2023 (amounts in thousands):

	June 30, 2024			December 31, 2023
Land	$	5,540,352		$	5,581,876
Depreciable property:
Buildings and improvements		19,789,495			19,809,432
Furniture, fixtures and equipment		2,698,109			2,609,600
In-Place lease intangibles		516,773			519,394
Projects under development:
Land		40,049			3,201
Construction-in-progress		148,234			74,835
Land held for development:
Land		46,160			82,026
Construction-in-progress		18,621			32,274
Investment in real estate		28,797,793			28,712,638
Accumulated depreciation		(10,163,756	)		(9,810,337	)
Investment in real estate, net	$	18,634,037		$	18,902,301

During the six months ended June 30, 2024, the Company acquired the following from unaffiliated parties (purchase price and purchase price allocation in thousands):

							Purchase Price Allocation (1)
	Properties		Apartment Units		Purchase Price		Land		Depreciable Property
Rental Properties – Consolidated		1		160	$	62,595	$	6,593	$	56,077

(1)Purchase price allocation includes capitalized closing costs.

Acquired Properties From Unaffiliated Parties

During the six months ended June 30, 2024, the Company acquired the following from unaffiliated parties (purchase price and purchase price allocation in thousands):

							Purchase Price Allocation (1)
	Properties		Apartment Units		Purchase Price		Land		Depreciable Property
Rental Properties – Consolidated		1		160	$	62,595	$	6,593	$	56,077

(1)Purchase price allocation includes capitalized closing costs.

Disposed Properties to Unaffiliated Parties

During the six months ended June 30, 2024, the Company disposed of the following to unaffiliated parties (sales price and net gain in thousands):

	Properties		Apartment Units		Sales Price		Net Gain
Rental Properties – Consolidated		5		831	$	334,000	$	227,994

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Investments in Partially Owned Entities (Tables)

6 Months Ended

Jun. 30, 2024

Investments In Partially Owned Entities [Abstract]

Summary of Company's Consolidated Joint Ventures

The following table summarizes the Company’s consolidated joint ventures as of June 30, 2024:

	Operating Properties (1)				Projects Under Development (2)
	Properties		Apartment Units		Projects		Apartment Units (3)
Consolidated Joint Ventures (VIE)		14		3,060		1		440

(1)The land parcel under one of the properties is subject to a long-term ground lease.

(2)Represents separate consolidated joint ventures for the purpose of developing multifamily rental properties.

(3)Represents the intended number of apartment units to be developed.

Summary of Consolidated Assets and Liabilities Related to the Company's VIEs

The following table provides consolidated assets and liabilities related to the Company's VIEs as of June 30, 2024 and December 31, 2023 (amounts in thousands):

	June 30, 2024		December 31, 2023
Consolidated Assets	$	618,439	$	599,788
Consolidated Liabilities	$	47,558	$	41,153

Summary of Company's Investment in Unconsolidated Entities

The following table and information summarizes the Company’s investments in unconsolidated entities as of June 30, 2024 and December 31, 2023 (amounts in thousands except for ownership percentage):

	June 30, 2024			December 31, 2023			Ownership Percentage
Investments in Unconsolidated Entities:
Various Real Estate Holdings (VIE)	$	35,123		$	35,421		Varies
Projects Under Development and Land Held for Development (VIE)		279,847			220,192		62% - 95% (1)
Real Estate Technology Funds/Companies (VIE)		27,151			26,691		Varies
Other		(250	)		(255	)	Varies
Investments in Unconsolidated Entities	$	341,871		$	282,049

(1)In certain instances, the joint venture agreements contain provisions for promoted interests in favor of our joint venture partner. If the terms of the promoted interest are attained, then our share of the proceeds from a sale or other capital event of the unconsolidated entity may be less than the indicated ownership percentage.

Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs

The following table summarizes the Company’s unconsolidated joint ventures that were deemed to be VIEs as of June 30, 2024:

Operating Properties

Real Estate Holdings (1)

Projects Under Development (2), (5)

Projects Held for Development (2), (3)

Properties

Apartment Units

Entities

Projects

Apartment Units (4)

Projects

Apartment Units (4)

Unconsolidated Joint Ventures (VIE)

1

209

3

5

1,773

4

1,164

(1)Represents entities that hold various real estate investments.

(2)Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties.

(3)Represents separate unconsolidated joint ventures that have not yet started.

(4)Represents the intended number of apartment units to be developed.

(5)The land parcel under one of the projects is subject to a long-term ground lease.

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Restricted Deposits (Tables)

6 Months Ended

Jun. 30, 2024

Deposits Restricted [Abstract]

Restricted Deposits

The following table presents the Company’s restricted deposits as of June 30, 2024 and December 31, 2023 (amounts in thousands):

	June 30, 2024		December 31, 2023
Mortgage escrow deposits:
Real estate taxes and insurance	$	694	$	307
Mortgage principal reserves/sinking funds		33,266		29,270
Mortgage escrow deposits		33,960		29,577
Restricted cash:
Earnest money on pending acquisitions		4,000		524
Restricted deposits on real estate investments		2,228		2,181
Resident security and utility deposits		41,190		40,149
Replacement reserves		16,880		15,571
Other		1,865		1,250
Restricted cash		66,163		59,675
Restricted deposits	$	100,123	$	89,252

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Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Summary of Lease Income Types Relating to Lease Payments Along With the Total Other Rental Income

The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the six months ended June 30, 2024 and 2023 (amounts in thousands):

	Six Months Ended June 30, 2024									Six Months Ended June 30, 2023
Income Type	Residential Leases			Non-Residential Leases			Total			Residential Leases			Non-Residential Leases		Total
Residential and non-residential rent	$	1,308,397		$	33,710		$	1,342,107		$	1,276,338		$	31,973	$	1,308,311
Utility recoveries (RUBS income) (1)		45,456			435			45,891			42,786			419		43,205
Parking rent		23,035			633			23,668			21,893			225		22,118
Other lease revenue (2)		(10,732	)		(481	)		(11,213	)		(13,420	)		734		(12,686	)
Total lease revenue	$	1,366,156		$	34,297			1,400,453		$	1,327,597		$	33,351		1,360,948
Parking revenue								21,715								20,395
Other revenue								42,813								41,054
Total other rental income (3)								64,528								61,449
Rental income							$	1,464,981							$	1,422,397

(1)RUBS income primarily consists of variable payments representing the recovery of utility costs from residents.

(2)Other lease revenue consists of the revenue adjustment related to bad debt (see below for further discussion) and other miscellaneous lease revenue.

(3)Other rental income is accounted for under the revenue recognition standard and primarily consists of third-party transient parking revenue and ancillary income such as cable and laundry revenue.

The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the quarters ended June 30, 2024 and 2023 (amounts in thousands):

	Quarter Ended June 30, 2024									Quarter Ended June 30, 2023
Income Type	Residential Leases			Non-Residential Leases			Total			Residential Leases			Non-Residential Leases		Total
Residential and non-residential rent	$	656,036		$	14,887		$	670,923		$	641,586		$	15,987	$	657,573
Utility recoveries (RUBS income) (1)		22,787			208			22,995			21,403			212		21,615
Parking rent		11,611			413			12,024			11,011			116		11,127
Other lease revenue (2)		(4,787	)		(389	)		(5,176	)		(5,831	)		65		(5,766	)
Total lease revenue	$	685,647		$	15,119			700,766		$	668,169		$	16,380		684,549
Parking revenue								11,037								10,192
Other revenue								22,360								22,568
Total other rental income (3)								33,397								32,760
Rental income							$	734,163							$	717,309

(1)RUBS income primarily consists of variable payments representing the recovery of utility costs from residents.

(2)Other lease revenue consists of the revenue adjustment related to bad debt (see below for further discussion) and other miscellaneous lease revenue.

(3)Other rental income is accounted for under the revenue recognition standard and primarily consists of third-party transient parking revenue and ancillary income such as cable and laundry revenue.

Summary of Residential Accounts Receivable and Straight-Line Receivable Balances

The following table presents residential accounts receivable and straight-line receivable balances for the Company’s properties as of June 30, 2024 and December 31, 2023 (amounts in thousands):

Balance Sheet (Other assets):	June 30, 2024			December 31, 2023
Residential accounts receivable balances	$	16,657		$	21,477
Allowance for doubtful accounts		(11,380	)		(15,846	)
Net receivable balances	$	5,277		$	5,631
Straight-line receivable balances	$	7,893		$	9,183

Summary of Residential Bad Debt for Company's Properties

The following table presents residential bad debt for the Company’s properties for the six months and quarters ended June 30, 2024 and 2023 (amounts in thousands):

	Six Months Ended June 30,						Quarter Ended June 30,
Income Statement (Rental income):	2024			2023			2024			2023
Bad debt, net (1)	$	17,139		$	19,820		$	7,924		$	9,065
% of residential rental income		1.2	%		1.4	%		1.1	%		1.3	%

(1)Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $0.9 million and $1.9 million for the six months ended June 30, 2024 and 2023, respectively, and $0.4 million and $0.7 million for the quarters ended June 30, 2024 and 2023, respectively.

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Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Instrument [Line Items]

Summary of Mortgage Notes Payable Activity

The following table summarizes the Company’s mortgage notes payable activity for the six months ended June 30, 2024 (amounts in thousands):

	Mortgage notes payable, net as of December 31, 2023		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, 2024
Fixed Rate Debt:
Secured – Conventional	$	1,398,598	$	—	$	—	$	—	$	792	$	454	$	1,399,844
Floating Rate Debt:
Secured – Tax Exempt		234,304		—		—		—		620		70		234,994
Total	$	1,632,902	$	—	$	—	$	—	$	1,412	$	524	$	1,634,838

(1)Represents amortization of deferred financing costs, net of debt financing costs.

Summary of Notes Activity

The following table summarizes the Company’s notes activity for the six months ended June 30, 2024 (amounts in thousands):

	Notes, net as of December 31, 2023		Proceeds		Lump sum payoffs		Amortization of premiums/ discounts		Amortization of deferred financing costs, net (1)		Notes, net as of June 30, 2024
Fixed Rate Debt:
Unsecured – Public	$	5,348,417	$	—	$	—	$	1,124	$	1,920	$	5,351,461

(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, 2024 (amounts in thousands):

	June 30, 2024
Unsecured revolving credit facility commitment	$	2,500,000
Commercial paper balance outstanding		(171,000	)
Unsecured revolving credit facility balance outstanding		—
Other restricted amounts		(3,438	)
Unsecured revolving credit facility availability	$	2,325,562

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, 2024:

	June 30, 2024
Interest Rate Ranges (ending)	0.10% - 5.25%
Weighted Average Interest Rate	3.86%
Maturity Date Ranges	2029-2061

Notes [Member]

Debt Instrument [Line Items]

Summary of Certain Interest Rate and Maturity Date Information

The following table summarizes certain interest rate and maturity date information as of and for the six months ended June 30, 2024:

	June 30, 2024
Interest Rate Ranges (ending)	1.85% - 7.57%
Weighted Average Interest Rate	3.52%
Maturity Date Ranges	2025-2047

Commercial Paper [Member]

Debt Instrument [Line Items]

Summary of Certain Interest Rate and Maturity Date Information

The following table summarizes certain weighted average interest rate, maturity and amount outstanding information for the commercial paper program as of and for the six months ended June 30, 2024:

	June 30, 2024
Weighted Average Interest Rate (1)	5.59%
Weighted Average Maturity (in days)	5
Weighted Average Amount Outstanding	$300.1 million

(1)The notes bear interest at various floating rates.

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Valuations for Each Type of Fair Value Measurement

The following table summarizes the inputs to the valuations for each type of fair value measurement:

Fair Value Measurement Type	Valuation Inputs
Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”)	Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets.
Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners	Quoted market price of Common Shares.
Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable)	Indicative rates provided by lenders of similar loans.
Public unsecured notes	Quoted market prices for each underlying issuance.
Derivatives	Readily observable market parameters such as forward yield curves and credit default swap data.

Summary of Carrying and Fair Values of Financial Instruments

The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at June 30, 2024 and December 31, 2023, respectively (amounts in thousands):

	June 30, 2024				December 31, 2023
	Carrying Value		Estimated Fair Value (Level 2)		Carrying Value		Estimated Fair Value (Level 2)
Mortgage notes payable, net	$	1,634,838	$	1,490,171	$	1,632,902	$	1,509,706
Unsecured debt, net		5,522,345		5,015,807		5,757,548		5,346,488
Total debt, net	$	7,157,183	$	6,505,978	$	7,390,450	$	6,856,194

Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at June 30, 2024 and December 31, 2023, respectively (amounts in thousands):

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	6/30/2024		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	$	105,041	$	105,041	$	—	$	—
Liabilities
Supplemental Executive Retirement Plan	Other Liabilities	$	105,041	$	105,041	$	—	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	327,641	$	—	$	327,641	$	—

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	12/31/2023		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	$	108,478	$	108,478	$	—	$	—
Liabilities
Supplemental Executive Retirement Plan	Other Liabilities	$	108,478	$	108,478	$	—	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	289,248	$	—	$	289,248	$	—

Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income

The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the six months ended June 30, 2024 and 2023, respectively (amounts in thousands):

June 30, 2024 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	$	—	Interest expense	$	(1,210	)
Total	$	—		$	(1,210	)

June 30, 2023 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	$	4,054	Interest expense	$	(2,201	)
Total	$	4,054		$	(2,201	)

Summary of Real Estate Technology Investment Securities included in Other Assets

The following table summarizes the Company’s real estate technology investment securities included in other assets as of June 30, 2024 and December 31, 2023 (amounts in thousands):

	June 30, 2024		December 31, 2023
Real Estate Technology Investments	$	16,284	$	19,312

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Earnings Per Share and Earnings Per Unit (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):

	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
Numerator for net income per share – basic:
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Allocation to Noncontrolling Interests – Operating Partnership		(13,278	)		(11,613	)		(5,003	)		(4,554	)
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,039	)		(2,082	)		(1,069	)		(1,105	)
Preferred distributions		(902	)		(1,545	)		(355	)		(773	)
Premium on redemption of Preferred Shares		(1,444	)		—			—			—
Numerator for net income per share – basic	$	470,924		$	349,693		$	177,128		$	138,430
Numerator for net income per share – diluted:
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,039	)		(2,082	)		(1,069	)		(1,105	)
Preferred distributions		(902	)		(1,545	)		(355	)		(773	)
Premium on redemption of Preferred Shares		(1,444	)		—			—			—
Numerator for net income per share – diluted	$	484,202		$	361,306		$	182,131		$	142,984
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		378,699			378,492			378,578			378,642
Effect of dilutive securities:
OP Units		10,681			11,450			10,693			11,390
Long-term compensation shares/units		1,168			1,121			1,271			1,155
Denominator for net income per share – diluted		390,548			391,063			390,542			391,187
Net income per share – basic	$	1.24		$	0.92		$	0.47		$	0.37
Net income per share – diluted	$	1.24		$	0.92		$	0.47		$	0.37

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,
	2024			2023			2024			2023
Numerator for net income per Unit – basic and diluted:
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,039	)		(2,082	)		(1,069	)		(1,105	)
Allocation to Preference Units		(902	)		(1,545	)		(355	)		(773	)
Allocation to premium on redemption of Preference Units		(1,444	)		—			—			—
Numerator for net income per Unit – basic and diluted	$	484,202		$	361,306		$	182,131		$	142,984
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		389,380			389,942			389,271			390,032
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting    of the Company’s long-term compensation shares/units		1,168			1,121			1,271			1,155
Denominator for net income per Unit – diluted		390,548			391,063			390,542			391,187
Net income per Unit – basic	$	1.24		$	0.92		$	0.47		$	0.37
Net income per Unit – diluted	$	1.24		$	0.92		$	0.47		$	0.37

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Summary of Real Estate Development Commitments

The following table summarizes the gross remaining total project costs for the Company’s projects under development at June 30, 2024 (total project costs remaining in thousands):

	Projects		Apartment Units		Total Project Costs Remaining (1)
Projects Under Development
Consolidated		2		665	$	196,510
Unconsolidated		5		1,773		56,154
Total Projects Under Development		7		2,438	$	252,664

(1)The Company’s share of the $252.7 million in total project costs remaining approximates $196.3 million, with the balance funded by the Company’s joint venture partners (approximately $0.2 million) and/or applicable construction loans (approximately $56.2 million).

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Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Reconciliation of Net Income Per Consolidated Statements of Operations NOI from Rental Real Estate Specific to Continuing Operations

The following table presents a reconciliation of net income per the consolidated statements of operations to NOI for the six months and quarters ended June 30, 2024 and 2023, respectively (amounts in thousands):

	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Adjustments:
Property management		68,969			62,145			33,511			30,679
General and administrative		34,351			35,041			18,631			18,876
Depreciation		450,093			437,185			224,398			221,355
Net (gain) loss on sales of real estate properties		(227,994	)		(100,122	)		(39,809	)		87
Interest and other income		(10,657	)		(3,669	)		(1,328	)		(2,131	)
Other expenses		45,123			15,559			13,385			6,564
Interest:
Expense incurred, net		133,040			131,991			65,828			65,590
Amortization of deferred financing costs		3,836			3,996			1,918			2,017
Income and other tax expense (benefit)		635			634			331			336
(Income) loss from investments in    unconsolidated entities		3,372			2,605			1,674			1,223
Total NOI	$	989,355		$	950,298		$	502,094		$	489,458

Schedule of NOI from Our Rental Real Estate for Each Segment Specific to Continuing Operations

The following tables present NOI from our rental real estate for each segment for the six months and quarters ended June 30, 2024 and 2023, respectively, as well as total assets and capital expenditures at June 30, 2024 (amounts in thousands):

	Six Months Ended June 30, 2024							Six Months Ended June 30, 2023
	Rental Income		Operating Expenses		NOI			Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	239,386	$	73,603	$	165,783		$	229,783	$	72,575	$	157,208
Orange County		62,272		13,865		48,407			59,417		13,396		46,021
San Diego		51,815		11,659		40,156			48,925		11,550		37,375
Subtotal - Southern California		353,473		99,127		254,346			338,125		97,521		240,604
Washington, D.C.		231,584		72,407		159,177			220,318		72,109		148,209
San Francisco		217,043		65,700		151,343			213,502		65,735		147,767
New York		246,136		101,320		144,816			237,830		97,137		140,693
Boston		162,532		46,726		115,806			155,729		46,197		109,532
Seattle		148,624		43,291		105,333			145,796		41,172		104,624
Denver		35,810		10,667		25,143			35,469		10,685		24,784
Other Expansion Markets		37,363		16,199		21,164			37,088		16,165		20,923
Total same store		1,432,565		455,437		977,128			1,383,857		446,721		937,136
Non-same store/other
Non-same store (2)		27,547		12,418		15,129			12,400		6,509		5,891
Other (3)		4,869		7,771		(2,902	)		26,140		18,869		7,271
Total non-same store/other		32,416		20,189		12,227			38,540		25,378		13,162
Totals	$	1,464,981	$	475,626	$	989,355		$	1,422,397	$	472,099	$	950,298

(1)For the six months ended June 30, 2024 and 2023, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represented 77,054 apartment units.

(2)For the six months ended June 30, 2024 and 2023, non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, and any properties undergoing major renovations.

(3)Other includes development, other corporate operations and operations prior to disposition for properties sold.

	Quarter Ended June 30, 2024						Quarter Ended June 30, 2023
	Rental Income		Operating Expenses		NOI		Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	120,119	$	35,778	$	84,341	$	116,295	$	35,264	$	81,031
Orange County		31,171		6,937		24,234		30,045		6,703		23,342
San Diego		25,991		5,780		20,211		24,691		5,736		18,955
Subtotal - Southern California		177,281		48,495		128,786		171,031		47,703		123,328
Washington, D.C.		116,465		36,342		80,123		111,220		35,472		75,748
San Francisco		108,731		31,263		77,468		107,288		31,893		75,395
New York		122,172		50,045		72,127		119,785		47,649		72,136
Boston		82,081		22,988		59,093		78,851		22,034		56,817
Seattle		74,792		22,013		52,779		73,018		20,951		52,067
Denver		18,002		5,221		12,781		17,873		5,211		12,662
Other Expansion Markets		18,645		8,158		10,487		18,718		7,768		10,950
Total same store		718,169		224,525		493,644		697,784		218,681		479,103
Non-same store/other
Non-same store (2)		14,599		6,297		8,302		7,497		3,744		3,753
Other (3)		1,395		1,247		148		12,028		5,426		6,602
Total non-same store/other		15,994		7,544		8,450		19,525		9,170		10,355
Totals	$	734,163	$	232,069	$	502,094	$	717,309	$	227,851	$	489,458

(1)For the quarters ended June 30, 2024 and 2023, same store primarily includes all properties acquired or completed that were stabilized prior to April 1, 2023, less properties subsequently sold, which represented 77,054 apartment units.

(2)For the quarters ended June 30, 2024 and 2023, non-same store primarily includes properties acquired after April 1, 2023, plus any properties in lease-up and not stabilized as of April 1, 2023, and any properties undergoing major renovations.

(3)Other includes development, other corporate operations and operations prior to disposition for properties sold.

	Six Months Ended June 30, 2024
	Total Assets		Capital Expenditures
Same store (1)
Los Angeles	$	2,455,957	$	24,700
Orange County		335,826		8,702
San Diego		336,372		8,283
Subtotal - Southern California		3,128,155		41,685
Washington, D.C.		3,029,979		22,162
San Francisco		3,018,760		28,267
New York		3,240,380		12,363
Boston		2,051,119		12,924
Seattle		2,043,317		16,325
Denver		807,719		2,156
Other Expansion Markets		880,531		3,805
Total same store		18,199,960		139,687
Non-same store/other
Non-same store (2)		756,305		13,153
Other (3)		823,303		464
Total non-same store/other		1,579,608		13,617
Totals	$	19,779,568	$	153,304

(1)Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represented 77,054 apartment units.

(2)Non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, and any properties undergoing major renovations.

(3)Other includes development, other corporate operations and capital expenditures for properties sold.

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Subsequent Events (Tables)

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Acquired Properties From Unaffiliated Parties

Subsequent to June 30, 2024, the Company:

•Acquired the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated		2		644	$	216,750

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Business - Additional Information (Details)	Jun. 30, 2024 Property ApartmentUnit State
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of states in which entity operates | State	10
Properties | Property	299
Apartment units | ApartmentUnit	79,738
ERPOP [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Noncontrolling interest, ownership percentage by parent	97.00%

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Business - Ownership Breakdown (Details)	Jun. 30, 2024 Property ApartmentUnit
Property/Unit schedule
Properties | Property	299
Apartment Units | ApartmentUnit	79,738
Wholly Owned Properties
Property/Unit schedule
Properties | Property	284
Apartment Units | ApartmentUnit	76,469
Partially Owned Properties - Consolidated
Property/Unit schedule
Properties | Property	14
Apartment Units | ApartmentUnit	3,060
Partially Owned Properties - Unconsolidated
Property/Unit schedule
Properties | Property	1
Apartment Units | ApartmentUnit	209

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Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Provision for income tax	$ 331,000	$ 336,000	$ 635,000	$ 634,000
Federal [Member]
Provision for income tax			$ 0

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Equity, Capital and Other Interests - Changes in Company's Issued and Outstanding Common Shares and Units (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Equity Capital And Other Interests [Abstract]
Common Stock, Shares, Outstanding	379,291,417	378,429,708
Common Shares Issued:
Conversion of OP Units	90,131	180,629
Exercise of share options	119,516	232,317
Employee Share Purchase Plan (ESPP)	47,466	40,346
Restricted share grants, net	190,804	149,722
Common Shares Other:
Repurchased and retired	(652,452)
Common Stock, Shares, Outstanding	379,086,882	379,032,722
Units
Total Units Outstanding	11,581,306	12,429,737
Restricted unit grants, net	172,667	166,344
Conversion of OP Units to Common Shares	(90,131)	(180,629)
Total Units Outstanding	11,663,842	12,415,452
Common Shares And Units Outstanding	390,750,724	391,448,174
Units Ownership Interest in Operating Partnership	3.00%	3.20%

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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, 2024	Jun. 30, 2023
General and Limited Partner Units
Exercise of share options	119,516	232,317
Employee Share Purchase Plan (ESPP)	47,466	40,346
Restricted share grants, net	190,804	149,722
Restricted unit grants, net	172,667	166,344
Common Shares And Units Outstanding	390,750,724	391,448,174
Limited Partner Units
Total Units Outstanding	11,581,306	12,429,737
Restricted unit grants, net	172,667	166,344
Conversion of Limited Partner OP Units to EQR Common Shares	(90,131)	(180,629)
Total Units Outstanding	11,663,842	12,415,452
Units Ownership Interest in Operating Partnership	3.00%	3.20%
ERPOP [Member]
General and Limited Partner Units
Common Shares And Units Outstanding	390,872,723	390,859,445
Exercise of share options	119,516	232,317
Employee Share Purchase Plan (ESPP)	47,466	40,346
Restricted share grants, net	190,804	149,722
Restricted unit grants, net	172,667	166,344
OP Units repurchased and retired	(652,452)
Common Shares And Units Outstanding	390,750,724	391,448,174
Limited Partner Units
Total Units Outstanding	11,581,306	12,429,737
Restricted unit grants, net	172,667	166,344
Conversion of Limited Partner OP Units to EQR Common Shares	(90,131)	(180,629)
Total Units Outstanding	11,663,842	12,415,452
Units Ownership Interest in Operating Partnership	3.00%	3.20%

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Equity, Capital and Other Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Equity Capital And Other Interests [Abstract]
Redeemable noncontrolling interests - operating partnership	$ 327,641	$ 289,248	$ 355,319	$ 318,273
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, par or stated value per share	$ 0.01	$ 0.01

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Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Noncontrolling Interests - Operating Partnership (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Redeemable Noncontrolling Interests - Operating Partnership Units	$ 289,248	$ 318,273
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership	39,058	39,123
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	(665)	(2,077)
Redeemable Noncontrolling Interests - Operating Partnership Units	327,641	355,319
E R P O P [Member]
Class of Stock [Line Items]
Redeemable Noncontrolling Interests - Operating Partnership Units	289,248	318,273
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership	39,058	39,123
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	(665)	(2,077)
Redeemable Noncontrolling Interests - Operating Partnership Units	$ 327,641	$ 355,319

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Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Limited Partners Interest (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Redeemable Limited Partners	$ 289,248	$ 318,273
Limited Partners Change In Redemption Value	39,058	39,123
Limited Partners Change In Carrying Value	(665)	(2,077)
Redeemable Limited Partners	327,641	355,319
E R P O P [Member]
Class of Stock [Line Items]
Redeemable Limited Partners	289,248	318,273
Limited Partners Change In Redemption Value	39,058	39,123
Limited Partners Change In Carrying Value	(665)	(2,077)
Redeemable Limited Partners	$ 327,641	$ 355,319

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Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Details) - EQR and ERPOP [Member] - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share/unit; 343,100 shares/units issued and outstanding as of March 31, 2024 and 745,600 share/units issued and outstanding as of December 31, 2023	$ 17,155	$ 37,280
Preferred Stock
Class Of Stock [Line Items]
Preferred Stocks Preference Units Call Date	Dec. 10, 2026
Annual Dividend Per Preferred Share Preference Unit	$ 4.145
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share/unit; 343,100 shares/units issued and outstanding as of March 31, 2024 and 745,600 share/units issued and outstanding as of December 31, 2023	$ 17,155	$ 37,280

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Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Preferred stock, par or stated value per share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Repurchased and retired	652,452
Premium on redemption of Preferred Shares	$ 1,444
Preferred Stock
Class Of Stock [Line Items]
Preferred Stock Preference Units Issued	343,100	745,600
Preferred Stock Preference Units Outstanding	343,100	745,600
Preferred Stock Preference Units Redemption Price Per Share	$ 50	$ 50
Preferred Stock Preference Units Dividend Rate Percentage	8.29%	8.29%
Repurchased and retired	402,500
Liquidation value	$ 20,100
Total cash consideration	21,800
Premium on redemption of Preferred Shares	$ 1,400

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Equity, Capital and Other Interests - Other - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Stock repurchase program, number of shares authorized to be repurchased	12,347,548	13,000,000
Common shares repurchased and retired	$ 38,500
Repurchased and retired	652,452
Repurchase of stock, weighted average price per share	$ 58.95
ERPOP [Member]
Repurchased and retired	652,452
Preferred Stock [Member]
Repurchased and retired	402,500
Common Shares [Member]
Common shares repurchased and retired	$ (7)
Forward Sales Agreements [Member]
Common shares available for issuance	13,000,000.0

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Real Estate - Summary of Carrying Amounts of Investment in Real Estate (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Land	$ 5,540,352	$ 5,581,876
Depreciable property:
Buildings and improvements	19,789,495	19,809,432
Furniture, fixtures and equipment	2,698,109	2,609,600
In-Place lease intangibles	516,773	519,394
Projects under development:
Projects under development	188,283	78,036
Land held for development:
Land held for development	64,781	114,300
Investment in real estate	28,797,793	28,712,638
Accumulated depreciation	(10,163,756)	(9,810,337)
Investment in real estate, net	18,634,037	18,902,301
Land [Member]
Projects under development:
Projects under development	40,049	3,201
Land held for development:
Land held for development	46,160	82,026
Construction-in-progress [Member]
Projects under development:
Projects under development	148,234	74,835
Land held for development:
Land held for development	$ 18,621	$ 32,274

XML

Real Estate - Acquired Properties from Unaffiliated Parties (Details) - Rental Properties - Consolidated [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) ApartmentUnit Property
Properties acquired | Property	1
Property Units acquired | ApartmentUnit	160
Purchase Price	$ 62,595
Land	6,593
Depreciable Property	$ 56,077

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Real Estate - Disposed Properties to Unaffiliated Parties (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) ApartmentUnit Property	Jun. 30, 2023 USD ($)
Net Gain	$ 39,809	$ (87)	$ 227,994	$ 100,122
Rental Properties - Consolidated [Member]
Properties disposed | Property			5
Property Units disposed | ApartmentUnit			831
Sales Price			$ 334,000
Net Gain			$ 227,994

XML

Investments in Partially Owned Entities - Summary of Company's Consolidated Joint Ventures (Details)	Jun. 30, 2024 Property ApartmentUnit Project
Variable Interest Entity [Line Items]
Properties | Property	299
Apartment units	79,738
Consolidated VIE [Member] | Operating Properties [Member]
Variable Interest Entity [Line Items]
Properties | Property	14
Apartment units	3,060
Consolidated VIE [Member] | Projects Under Development [Member]
Variable Interest Entity [Line Items]
Project | Project	1
Apartment units	440

XML

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

XML

Investments in Partially Owned Entities - Summary of Consolidated Assets and Liabilities Related to the Company's VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Consolidated Assets	$ 19,779,568	$ 20,034,564
Consolidated Liabilities	8,272,303	8,456,188
Consolidated VIE [Member]
Variable Interest Entity [Line Items]
Consolidated Assets	618,439	599,788
Consolidated Liabilities	$ 47,558	$ 41,153

XML

Investments in Partially Owned Entities - Summary of Company's Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 341,871	$ 282,049
Various Real Estate Holdings [Member] | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	35,123	35,421
Projects Under Development and Land Held for Development (VIE) [Member]
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 279,847	220,192
Projects Under Development and Land Held for Development (VIE) [Member] | Variable Interest Entity, Not Primary Beneficiary | Minimum [Member]
Variable Interest Entity [Line Items]
Ownership Percentage	62.00%
Projects Under Development and Land Held for Development (VIE) [Member] | Variable Interest Entity, Not Primary Beneficiary | Maximum [Member]
Variable Interest Entity [Line Items]
Ownership Percentage	95.00%
Real Estate Technology Funds/Companies (VIE) [Member] | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 27,151	26,691
Other [Member]
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ (250)	$ (255)

XML

Investments in Partially Owned Entities - Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs (Details)	Jun. 30, 2024 Property Entity ApartmentUnit Project
Variable Interest Entity [Line Items]
Properties | Property	299
Apartment units	79,738
Variable Interest Entity, Not Primary Beneficiary | Operating Properties [Member]
Variable Interest Entity [Line Items]
Properties | Property	1
Apartment units	209
Variable Interest Entity, Not Primary Beneficiary | Real Estate Holdings [Member]
Variable Interest Entity [Line Items]
Entities | Entity	3
Variable Interest Entity, Not Primary Beneficiary | Projects Under Development [Member]
Variable Interest Entity [Line Items]
Project | Project	5
Apartment units	1,773
Variable Interest Entity, Not Primary Beneficiary | Projects Held for Development [Member]
Variable Interest Entity [Line Items]
Project | Project	4
Apartment units	1,164

XML

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

XML

Restricted Deposits - Restricted Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Mortgage escrow deposits:
Real estate taxes and insurance	$ 694	$ 307
Mortgage principal reserves/sinking funds	33,266	29,270
Mortgage escrow deposits	33,960	29,577
Restricted cash:
Earnest money on pending acquisitions	4,000	524
Restricted deposits on real estate investments	2,228	2,181
Resident security and utility deposits	41,190	40,149
Replacement reserves	16,880	15,571
Other	1,865	1,250
Restricted cash	66,163	59,675
Restricted deposits	$ 100,123	$ 89,252	$ 88,941

XML

Leases - Summary of Lease Income Types Relating to Lease Payments Along With the Total Other Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Leased Assets [Line Items]
Total lease revenue	$ 700,766	$ 684,549	$ 1,400,453	$ 1,360,948
Rental income	734,163	717,309	1,464,981	1,422,397
Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	685,647	668,169	1,366,156	1,327,597
Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	15,119	16,380	34,297	33,351
Residential and Non-Residential Rent [Member]
Operating Leased Assets [Line Items]
Total lease revenue	670,923	657,573	1,342,107	1,308,311
Residential and Non-Residential Rent [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	656,036	641,586	1,308,397	1,276,338
Residential and Non-Residential Rent [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	14,887	15,987	33,710	31,973
Utility Recoveries (RUBS Income) [Member]
Operating Leased Assets [Line Items]
Total lease revenue	22,995	21,615	45,891	43,205
Utility Recoveries (RUBS Income) [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	22,787	21,403	45,456	42,786
Utility Recoveries (RUBS Income) [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	208	212	435	419
Parking Rent [Member]
Operating Leased Assets [Line Items]
Total lease revenue	12,024	11,127	23,668	22,118
Parking Rent [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	11,611	11,011	23,035	21,893
Parking Rent [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	413	116	633	225
Other Lease Revenue [Member]
Operating Leased Assets [Line Items]
Total lease revenue	(5,176)	(5,766)	(11,213)	(12,686)
Other Lease Revenue [Member] | Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	(4,787)	(5,831)	(10,732)	(13,420)
Other Lease Revenue [Member] | Non-Residential Leases [Member]
Operating Leased Assets [Line Items]
Total lease revenue	(389)	65	(481)	734
Parking Revenue [Member]
Operating Leased Assets [Line Items]
Rental income	11,037	10,192	21,715	20,395
Other Revenue [Member]
Operating Leased Assets [Line Items]
Rental income	22,360	22,568	42,813	41,054
Other Rental Income [Member]
Operating Leased Assets [Line Items]
Rental income	$ 33,397	$ 32,760	$ 64,528	$ 61,449

XML

Leases - Summary of Residential Accounts Receivable and Straight-Line Receivable Balances (Details) - Other Assets [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating Leased Assets [Line Items]
Residential accounts receivable balances	$ 16,657	$ 21,477
Allowance for doubtful accounts	(11,380)	(15,846)
Net receivable balances	5,277	5,631
Straight-line receivable balances	$ 7,893	$ 9,183

XML

Leases - Summary of Residential Bad Debt for Company's Properties (Details) - Residential Leases [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lessor Lease Description [Line Items]
Bad debt, net	$ 7,924	$ 9,065	$ 17,139	$ 19,820
% of residential rental income	1.10%	1.30%	1.20%	1.40%

XML

Leases - Summary of Residential Bad Debt for Company's Properties (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Bad debt, net from resident payments	$ 0.4	$ 0.7	$ 0.9	$ 1.9

XML

Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	$ 1,632,902
Proceeds	0	$ 22,896
Lump sum payoffs	0	(64,722)
Scheduled principal repayments	0
Amortization of premiums/ discounts	1,412	$ 616
Amortization of deferred financing costs, net	524
Mortgage notes payable, net ending balance	1,634,838
Fixed Rate Debt [Member] | Secured - Conventional [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	1,398,598
Proceeds	0
Lump sum payoffs	0
Scheduled principal repayments	0
Amortization of premiums/ discounts	792
Amortization of deferred financing costs, net	454
Mortgage notes payable, net ending balance	1,399,844
Floating Rate Debt [Member] | Secured - Tax Exempt [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net beginning balance	234,304
Proceeds	0
Lump sum payoffs	0
Scheduled principal repayments	0
Amortization of premiums/ discounts	620
Amortization of deferred financing costs, net	70
Mortgage notes payable, net ending balance	$ 234,994

XML

Debt - Mortgage Notes Payable - Summary of Certain Interest Rate and Maturity Date Information (Details) - Mortgages [Member]	6 Months Ended
	Jun. 30, 2024
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.86%
Maturity Date Ranges, Start	2029
Maturity Date Ranges, End	2061
Minimum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges (ending)	0.10%
Maximum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges (ending)	5.25%

XML

Debt - Mortgage Notes Payable - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 1,634,838	$ 1,632,902
Credit Enhanced Debt [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 246,700

XML

Debt - Notes - Summary of Notes Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Notes, net beginning balance	$ 5,348,417
Amortization of premiums/ discounts	1,124	$ 1,124
Notes, net ending balance	5,351,461
Fixed Rate Debt [Member] | Unsecured - Public [Member]
Debt Instrument [Line Items]
Notes, net beginning balance	5,348,417
Amortization of premiums/ discounts	1,124
Amortization of deferred financing costs, net	1,920
Notes, net ending balance	$ 5,351,461

XML

Debt - Notes - Summary of Certain Interest Rate and Maturity Date Information (Details) - Notes [Member]	6 Months Ended
	Jun. 30, 2024
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.52%
Maturity Date Ranges, Start	2025
Maturity Date Ranges, End	2047
Minimum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges (ending)	1.85%
Maximum [Member]
Debt Instrument [Line Items]
Interest Rate Ranges (ending)	7.57%

XML

Debt - Line of Credit and Commercial Paper - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)
Line of Credit Facility [Line Items]
Commercial paper balance outstanding	$ 1,000,000,000
Maximum [Member]
Line of Credit Facility [Line Items]
Commercial paper balance outstanding	1,000,000,000
Unsecured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Unsecured revolving credit facility	$ 2,500,000,000
Debt instrument, maturity date	Oct. 26, 2027
Ability to increase LOC facility	$ 750,000,000.0
Debt instrument, basis spread on variable rate	0.715%
Percentage points of line of credit facility commitment fee	0.125%
Commercial paper balance outstanding	$ 171,000,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Revolving credit facility	$ 0

XML

Debt - Line of Credit and Commercial Paper - Summary of Certain Weighted Average Interest Rate, Maturity and Amount Outstanding Information for the Commercial Paper Program (Details) - Commercial Paper [Member] $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Weighted Average Interest Rate	5.59%
Weighted Average Maturity (in days)	5 days
Weighted Average Amount Outstanding	$ 300.1

XML

Debt - Line of Credit and Commercial Paper - Schedule of Unsecured Revolving Credit Facility (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)
Line of Credit Facility [Line Items]
Commercial paper balance outstanding	$ (1,000,000,000)
Unsecured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Unsecured revolving credit facility commitment	2,500,000,000
Commercial paper balance outstanding	(171,000,000)
Other restricted amounts	(3,438,000)
Unsecured revolving credit facility availability	$ 2,325,562,000

XML

Fair Value Measurements - Summary of Valuations for Each Type of Fair Value Measurement (Details)	6 Months Ended
	Jun. 30, 2024
Employee Holdings Within The Supplemental Executive Retirement Plan
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Measurement Type	Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”)
Valuation Inputs	Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets.
Redeemable Noncontrolling Interests Operating Partnership Redeemable Limited Partners
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Measurement Type	Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners
Valuation Inputs	Quoted market price of Common Shares.
Mortgage Notes Payable And Private Unsecured Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Measurement Type	Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable)
Valuation Inputs	Indicative rates provided by lenders of similar loans.
Public Unsecured Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Measurement Type	Public unsecured notes
Valuation Inputs	Quoted market prices for each underlying issuance.
Derivatives
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Measurement Type	Derivatives
Valuation Inputs	Readily observable market parameters such as forward yield curves and credit default swap data.

XML

Fair Value Measurements - Summary of Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	$ 7,157,183	$ 7,390,450
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	6,505,978	6,856,194
Mortgage Notes Payable, Net [Member] | Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	1,634,838	1,632,902
Mortgage Notes Payable, Net [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	1,490,171	1,509,706
Unsecured Debt [Member] | Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	5,522,345	5,757,548
Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	$ 5,015,807	$ 5,346,488

XML

Fair Value Measurements - Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Derivatives Fair Value [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	$ 327,641	$ 289,248	$ 355,319	$ 318,273
SERP [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	105,041	108,478
Other Liabilities, Fair Value Disclosure	105,041	108,478
Fair Value, Inputs, Level 1 [Member]
Derivatives Fair Value [Line Items]
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	0	0
Fair Value, Inputs, Level 1 [Member] | SERP [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	105,041	108,478
Other Liabilities, Fair Value Disclosure	105,041	108,478
Fair Value, Inputs, Level 2 [Member]
Derivatives Fair Value [Line Items]
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	327,641	289,248
Fair Value, Inputs, Level 2 [Member] | SERP [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	0	0
Other Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member]
Derivatives Fair Value [Line Items]
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	0	0
Fair Value, Inputs, Level 3 [Member] | SERP [Member]
Derivatives Fair Value [Line Items]
Other Assets, Fair Value Disclosure	0	0
Other Liabilities, Fair Value Disclosure	$ 0	$ 0

XML

Fair Value Measurements - 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, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in OCI on Derivative	$ 0	$ 4,054
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income	$ (1,210)	$ (2,201)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Expense incurred, net	Expense incurred, net
Forward Starting Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in OCI on Derivative	$ 0	$ 4,054
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income	$ (1,210)	$ (2,201)

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Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Unrealized gain (loss) on interest rate cash flow hedges, pretax, accumulated other comprehensive income (loss)	$ 6,900	$ 5,700
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	1,800
Mortgage notes payable, net	1,634,838	$ 1,632,902
Proceeds from sale of portion of investment securities	7,500
Realized gain (loss) on sale of investment securities	(1,300)
Unrealized gain on sale of investment securities	$ 5,700

XML

Fair Value Measurements - Summary of Real Estate Technology Investment Securities included in Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Assets [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real Estate Technology Investments	$ 16,284	$ 19,312

XML

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 183,555	$ 144,862	$ 488,587	$ 364,933
Allocation to Noncontrolling Interests – Operating Partnership	(5,003)	(4,554)	(13,278)	(11,613)
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(1,069)	(1,105)	(2,039)	(2,082)
Preferred distributions	(355)	(773)	(902)	(1,545)
Premium on redemption of Preferred Shares			(1,444)
Net income available to Common Shares	177,128	138,430	470,924	349,693
Numerator for net income per share – diluted	$ 182,131	$ 142,984	$ 484,202	$ 361,306
Weighted average Common Shares outstanding	378,578	378,642	378,699	378,492
OP Units	10,693	11,390	10,681	11,450
Dilutive Securities Options	1,271	1,155	1,168	1,121
Denominator for net income per share – diluted	390,542	391,187	390,548	391,063
Net income per share - basic	$ 0.47	$ 0.37	$ 1.24	$ 0.92
Net income per share - diluted	$ 0.47	$ 0.37	$ 1.24	$ 0.92

XML

Earnings Per Share and Earnings Per Unit - Computation of Net Income per Unit Basic and Net Income per Unit Diluted for Operating Partnership (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income	$ 183,555	$ 144,862	$ 488,587	$ 364,933
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	$ (1,069)	$ (1,105)	(2,039)	$ (2,082)
Premium on redemption of Preferred Shares			$ (1,444)
Dilutive Securities Options	1,271,000	1,155,000	1,168,000	1,121,000
Denominator for net income per share – diluted	390,542,000	391,187,000	390,548,000	391,063,000
Net income per share - basic	$ 0.47	$ 0.37	$ 1.24	$ 0.92
Net income per share - diluted	$ 0.47	$ 0.37	$ 1.24	$ 0.92
ERPOP [Member]
Net income	$ 183,555	$ 144,862	$ 488,587	$ 364,933
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(1,069)	(1,105)	(2,039)	(2,082)
Allocation to Preference Units	(355)	(773)	(902)	(1,545)
Premium on redemption of Preferred Shares			(1,444)
Numerator for net income per Unit – basic and diluted	$ 182,131	$ 142,984	$ 484,202	$ 361,306
Denominator for net income per Unit – basic	389,271,000	390,032,000	389,380,000	389,942,000
Dilutive Securities Options	1,271	1,155,000	1,168	1,121
Denominator for net income per share – diluted	390,542,000	391,187,000	390,548,000	391,063,000
Net income per share - basic	$ 0.47	$ 0.37	$ 1.24	$ 0.92
Net income per share - diluted	$ 0.47	$ 0.37	$ 1.24	$ 0.92

XML

Commitments and Contingencies - Summary of Real Estate Development Commitments (Details) $ in Thousands	Jun. 30, 2024 USD ($) ApartmentUnit Project
Projects Under Development Consolidated [Member]
Projects/Investments/Units/Remaining Commitments schedule
Apartment Units | ApartmentUnit	665
Consolidated project under development commitment fund | $	$ 196,510
Number of consolidated projects in various stages of development | Project	2
Projects Under Development Unconsolidated [Member]
Projects/Investments/Units/Remaining Commitments schedule
Apartment Units | ApartmentUnit	1,773
Number of unconsolidated projects in various stages of development | Project	5
Unconsolidated project under development commitment fund | $	$ 56,154
Projects Under Development [Member]
Projects/Investments/Units/Remaining Commitments schedule
Apartment Units | ApartmentUnit	2,438
Project under development commitment fund | $	$ 252,664
Number of projects in various stages of development | Project	7

XML

Commitments and Contingencies - Summary of Real Estate Development Commitments (Parenthetical) (Details) $ in Millions	Jun. 30, 2024 USD ($)
Projects/Investments/Units/Remaining Commitments schedule
Total project costs remaining under development commitment fund	$ 252.7
Parent
Projects/Investments/Units/Remaining Commitments schedule
Total project costs remaining under development commitment fund	196.3
Corporate Joint Venture
Projects/Investments/Units/Remaining Commitments schedule
Total project costs remaining under development commitment fund	0.2
Construction Loans
Projects/Investments/Units/Remaining Commitments schedule
Total project costs remaining under development commitment fund	$ 0.2

XML

Commitments and Contingencies - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) Investment	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Number of real estate investment funds | Investment	10
Real estate investment funds	$ 40.5
Real estate technology and other real estate investments commitment funds	17.5
Other Liabilities [Member]
Loss Contingencies [Line Items]
Litigation accruals	$ 50.0	$ 17.1

XML

Reportable Segments - Additional Information (Details) - Customer	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Number of customer contributed 10% or more of total revenue	0	0
Non-residential Leases [Member] | Revenue [Member] | Revenue Concentration Risk [Member] | Maximum [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	4.00%

XML

Reportable Segments - Schedule of Reconciliation of Net Income Per Consolidated Statements of Operations to NOI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting [Abstract]
Net income	$ 183,555	$ 144,862	$ 488,587	$ 364,933
Adjustments:
Property management	33,511	30,679	68,969	62,145
General and administrative	18,631	18,876	34,351	35,041
Depreciation	224,398	221,355	450,093	437,185
Net (gain) loss on sales of real estate properties	(39,809)	87	(227,994)	(100,122)
Interest and other income	(1,328)	(2,131)	(10,657)	(3,669)
Other expenses	13,385	6,564	45,123	15,559
Interest:
Expense incurred, net	65,828	65,590	133,040	131,991
Amortization of deferred financing costs	1,918	2,017	3,836	3,996
Income and other tax expense (benefit)	331	336	635	634
(Income) loss from investments in unconsolidated entities	1,674	1,223	3,372	2,605
Total NOI	$ 502,094	$ 489,458	$ 989,355	$ 950,298

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Reportable Segments - NOI from Our Rental Real Estate for Each Segment Specific to Continuing Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Rental income	$ 734,163	$ 717,309	$ 1,464,981	$ 1,422,397
Operating expenses	232,069	227,851	475,626	472,099
NOI	502,094	489,458	989,355	950,298
Total Assets	19,779,568		19,779,568		$ 20,034,564
Capital Expenditures			153,304
Same Store
Segment Reporting Information [Line Items]
Rental income	718,169	697,784	1,432,565	1,383,857
Operating expenses	224,525	218,681	455,437	446,721
NOI	493,644	479,103	977,128	937,136
Total Assets	18,199,960		18,199,960
Capital Expenditures			139,687
Non-same store/other
Segment Reporting Information [Line Items]
Rental income	15,994	19,525	32,416	38,540
Operating expenses	7,544	9,170	20,189	25,378
NOI	8,450	10,355	12,227	13,162
Total Assets	1,579,608		1,579,608
Capital Expenditures			13,617
Los Angeles | Same Store
Segment Reporting Information [Line Items]
Rental income	120,119	116,295	239,386	229,783
Operating expenses	35,778	35,264	73,603	72,575
NOI	84,341	81,031	165,783	157,208
Total Assets	2,455,957		2,455,957
Capital Expenditures			24,700
Orange County | Same Store
Segment Reporting Information [Line Items]
Rental income	31,171	30,045	62,272	59,417
Operating expenses	6,937	6,703	13,865	13,396
NOI	24,234	23,342	48,407	46,021
Total Assets	335,826		335,826
Capital Expenditures			8,702
San Diego | Same Store
Segment Reporting Information [Line Items]
Rental income	25,991	24,691	51,815	48,925
Operating expenses	5,780	5,736	11,659	11,550
NOI	20,211	18,955	40,156	37,375
Total Assets	336,372		336,372
Capital Expenditures			8,283
Subtotal - Southern California | Same Store
Segment Reporting Information [Line Items]
Rental income	177,281	171,031	353,473	338,125
Operating expenses	48,495	47,703	99,127	97,521
NOI	128,786	123,328	254,346	240,604
Total Assets	3,128,155		3,128,155
Capital Expenditures			41,685
Washington D.C. | Same Store
Segment Reporting Information [Line Items]
Rental income	116,465	111,220	231,584	220,318
Operating expenses	36,342	35,472	72,407	72,109
NOI	80,123	75,748	159,177	148,209
Total Assets	3,029,979		3,029,979
Capital Expenditures			22,162
San Francisco | Same Store
Segment Reporting Information [Line Items]
Rental income	108,731	107,288	217,043	213,502
Operating expenses	31,263	31,893	65,700	65,735
NOI	77,468	75,395	151,343	147,767
Total Assets	3,018,760		3,018,760
Capital Expenditures			28,267
New York | Same Store
Segment Reporting Information [Line Items]
Rental income	122,172	119,785	246,136	237,830
Operating expenses	50,045	47,649	101,320	97,137
NOI	72,127	72,136	144,816	140,693
Total Assets	3,240,380		3,240,380
Capital Expenditures			12,363
Boston | Same Store
Segment Reporting Information [Line Items]
Rental income	82,081	78,851	162,532	155,729
Operating expenses	22,988	22,034	46,726	46,197
NOI	59,093	56,817	115,806	109,532
Total Assets	2,051,119		2,051,119
Capital Expenditures			12,924
Seattle | Same Store
Segment Reporting Information [Line Items]
Rental income	74,792	73,018	148,624	145,796
Operating expenses	22,013	20,951	43,291	41,172
NOI	52,779	52,067	105,333	104,624
Total Assets	2,043,317		2,043,317
Capital Expenditures			16,325
Denver | Same Store
Segment Reporting Information [Line Items]
Rental income	18,002	17,873	35,810	35,469
Operating expenses	5,221	5,211	10,667	10,685
NOI	12,781	12,662	25,143	24,784
Total Assets	807,719		807,719
Capital Expenditures			2,156
Other Expansion Markets | Same Store
Segment Reporting Information [Line Items]
Rental income	18,645	18,718	37,363	37,088
Operating expenses	8,158	7,768	16,199	16,165
NOI	10,487	10,950	21,164	20,923
Total Assets	880,531		880,531
Capital Expenditures			3,805
Non-same store | Non-same store/other
Segment Reporting Information [Line Items]
Rental income	14,599	7,497	27,547	12,400
Operating expenses	6,297	3,744	12,418	6,509
NOI	8,302	3,753	15,129	5,891
Total Assets	756,305		756,305
Capital Expenditures			13,153
Other | Non-same store/other
Segment Reporting Information [Line Items]
Rental income	1,395	12,028	4,869	26,140
Operating expenses	1,247	5,426	7,771	18,869
NOI	148	$ 6,602	(2,902)	$ 7,271
Total Assets	$ 823,303		823,303
Capital Expenditures			$ 464

XML

Reportable Segments - NOI from Our Rental Real Estate for Each Segment Specific to Continuing Operations (Parenthetical) (Details) - Property	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Units in same store properties	77,054	77,054	77,054	77,054

XML

Subsequent Events - Acquired Properties From Unaffiliated Parties (Details) - Rental Properties - Consolidated [Member] $ in Thousands		6 Months Ended
	Jul. 01, 2024 USD ($) ApartmentUnit Property	Jun. 30, 2024 USD ($) ApartmentUnit Property
Subsequent Event [Line Items]
Properties | Property		1
Apartment Units | ApartmentUnit		160
Purchase Price | $		$ 62,595
Subsequent Events [Member]
Subsequent Event [Line Items]
Properties | Property	2
Apartment Units | ApartmentUnit	644
Purchase Price | $	$ 216,750