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 September 30, 2018

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)

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	☐	Small reporting company	☐
Emerging growth company	☐

ERP Operating Limited Partnership:

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Small 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 October 26, 2018 was 368,440,623.

EXPLANATORY NOTE

This report combines the reports on Form 10-Q for the quarterly period ended September 30, 2018 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 September 30, 2018 owned an approximate 96.3% ownership interest in, ERPOP.  The remaining 3.7% 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, and guarantees certain debt of ERPOP, as disclosed in this report.  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 equity securities 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 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 September 30, 2018 and December 31, 2017	2
Consolidated Statements of Operations and Comprehensive Income for the nine months and quarters ended September 30, 2018 and 2017	3 to 4
Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2017	5 to 7
Consolidated Statement of Changes in Equity for the nine months ended September 30, 2018	8 to 9
Financial Statements of ERP Operating Limited Partnership:
Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017	10
Consolidated Statements of Operations and Comprehensive Income for the nine months and quarters ended September 30, 2018 and 2017	11to 12
Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2017	13 to 15
Consolidated Statement of Changes in Capital for the nine months ended September 30, 2018	16 to 17
Notes to Consolidated Financial Statements of Equity Residential and ERP Operating Limited Partnership	18 to 39
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	40 to 55
Item 3. Quantitative and Qualitative Disclosures about Market Risk	55
Item 4. Controls and Procedures	55 to 56
PART II.
Item 1. Legal Proceedings	56
Item 1A. Risk Factors	56
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	56
Item 3. Defaults Upon Senior Securities	56
Item 4. Mine Safety Disclosures	56
Item 5. Other Information	56
Item 6. Exhibits	56

EQUITY RESIDENTIAL

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands except for share amounts)

(Unaudited)

	September 30,			December 31,
	2018			2017
ASSETS
Land	$	5,866,457		$	5,996,024
Depreciable property		20,336,747			19,768,362
Projects under development		134,961			163,547
Land held for development		87,335			98,963
Investment in real estate		26,425,500			26,026,896
Accumulated depreciation		(6,494,770	)		(6,040,378	)
Investment in real estate, net		19,930,730			19,986,518
Investments in unconsolidated entities		57,576			58,254
Cash and cash equivalents		32,995			50,647
Restricted deposits		55,755			50,115
Other assets		465,094			425,065
Total assets	$	20,542,150		$	20,570,599
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net	$	2,789,436		$	3,618,722
Notes, net		5,534,990			5,038,812
Line of credit and commercial paper		499,367			299,757
Accounts payable and accrued expenses		182,446			114,766
Accrued interest payable		69,132			58,035
Other liabilities		344,373			341,852
Security deposits		67,177			65,009
Distributions payable		206,899			192,828
Total liabilities		9,693,820			9,729,781
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership		381,239			366,955
Equity:
Shareholders’ equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares    authorized; 745,600 shares issued and outstanding as of September 30, 2018 and    December 31, 2017		37,280			37,280
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares    authorized; 368,409,586 shares issued and outstanding as of September 30, 2018 and    368,018,082 shares issued and outstanding as of December 31, 2017		3,684			3,680
Paid in capital		8,900,324			8,886,586
Retained earnings		1,344,825			1,403,530
Accumulated other comprehensive income (loss)		(50,689	)		(88,612	)
Total shareholders’ equity		10,235,424			10,242,464
Noncontrolling Interests:
Operating Partnership		233,825			226,691
Partially Owned Properties		(2,158	)		4,708
Total Noncontrolling Interests		231,667			231,399
Total equity		10,467,091			10,473,863
Total liabilities and equity	$	20,542,150		$	20,570,599

See accompanying notes

2

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Amounts in thousands except per share data)

(Unaudited)

	Nine Months Ended September 30,						Quarter Ended September 30,
	2018			2017			2018			2017
REVENUES
Rental income	$	1,925,128		$	1,840,170		$	652,677		$	623,951
Fee and asset management		563			532			190			171
Total revenues		1,925,691			1,840,702			652,867			624,122
EXPENSES
Property and maintenance		322,487			306,645			110,541			104,721
Real estate taxes and insurance		268,784			253,318			87,388			84,087
Property management		69,175			64,702			22,247			20,861
General and administrative		41,420			40,366			12,640			12,567
Depreciation		583,869			542,964			194,618			184,100
Impairment		702			—			702			—
Total expenses		1,286,437			1,207,995			428,136			406,336
Operating income		639,254			632,707			224,731			217,786
Interest and other income		14,860			5,708			7,864			3,945
Other expenses		(14,871	)		(3,160	)		(7,661	)		(1,028	)
Interest:
Expense incurred, net		(321,454	)		(288,579	)		(111,219	)		(91,145	)
Amortization of deferred financing costs		(9,054	)		(6,447	)		(3,276	)		(2,064	)
Income before income and other taxes, income (loss) from investments in    unconsolidated entities and net gain (loss) on sales of real estate properties    and land parcels		308,735			340,229			110,439			127,494
Income and other tax (expense) benefit		(767	)		(710	)		(280	)		(228	)
Income (loss) from investments in unconsolidated entities		(2,993	)		(2,153	)		(985	)		(398	)
Net gain (loss) on sales of real estate properties		256,834			141,761			114,672			17,328
Net gain (loss) on sales of land parcels		995			19,170			—			—
Net income		562,804			498,297			223,846			144,196
Net (income) loss attributable to Noncontrolling Interests:
Operating Partnership		(20,517	)		(17,931	)		(8,159	)		(5,166	)
Partially Owned Properties		(1,939	)		(2,354	)		(750	)		(801	)
Net income attributable to controlling interests		540,348			478,012			214,937			138,229
Preferred distributions		(2,318	)		(2,318	)		(773	)		(772	)
Net income available to Common Shares	$	538,030		$	475,694		$	214,164		$	137,457
Earnings per share – basic:
Net income available to Common Shares	$	1.46		$	1.30		$	0.58		$	0.37
Weighted average Common Shares outstanding		367,920			366,809			368,028			366,996
Earnings per share – diluted:
Net income available to Common Shares	$	1.46		$	1.29		$	0.58		$	0.37
Weighted average Common Shares outstanding		383,433			382,640			383,884			382,945
Distributions declared per Common Share outstanding	$	1.62		$	1.51125		$	0.54		$	0.50375

See accompanying notes

3

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Continued)

(Amounts in thousands except per share data)

(Unaudited)

	Nine Months Ended September 30,						Quarter Ended September 30,
	2018			2017			2018			2017
Comprehensive income:
Net income	$	562,804		$	498,297		$	223,846		$	144,196
Other comprehensive income (loss):
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period		24,021			5,216			12,026			1,709
Losses reclassified into earnings from other comprehensive    income		13,902			14,019			4,595			4,768
Other comprehensive income (loss)		37,923			19,235			16,621			6,477
Comprehensive income		600,727			517,532			240,467			150,673
Comprehensive (income) attributable to Noncontrolling Interests		(23,848	)		(20,983	)		(9,519	)		(6,201	)
Comprehensive income attributable to controlling interests	$	576,879		$	496,549		$	230,948		$	144,472

See accompanying notes

4

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

	Nine Months Ended September 30,
	2018			2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	562,804		$	498,297
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		583,869			542,964
Amortization of deferred financing costs		9,054			6,447
Amortization of above/below market lease intangibles		3,294			2,729
Amortization of discounts and premiums on debt		21,360			2,018
Amortization of deferred settlements on derivative instruments		13,893			14,010
Impairment		702			—
Write-off of pursuit costs		3,125			2,329
(Income) loss from investments in unconsolidated entities		2,993			2,153
Distributions from unconsolidated entities – return on capital		1,885			2,031
Net (gain) loss on sales of real estate properties		(256,834	)		(141,761	)
Net (gain) loss on sales of land parcels		(995	)		(19,170	)
Net (gain) loss on debt extinguishment		22,110			12,258
Compensation paid with Company Common Shares		22,270			19,999
Changes in assets and liabilities:
(Increase) decrease in other assets		(18,550	)		(23,024	)
Increase (decrease) in accounts payable and accrued expenses		58,756			62,635
Increase (decrease) in accrued interest payable		11,097			11,865
Increase (decrease) in other liabilities		1,190			(28,250	)
Increase (decrease) in security deposits		2,168			2,606
Net cash provided by operating activities		1,044,191			970,136
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions		(708,092	)		(466,395	)
Investment in real estate – development/other		(101,573	)		(227,187	)
Capital expenditures to real estate		(138,119	)		(143,258	)
Non-real estate capital additions		(3,155	)		(776	)
Interest capitalized for real estate under development		(4,547	)		(23,164	)
Proceeds from disposition of real estate, net		691,526			350,000
Investments in unconsolidated entities		(4,860	)		(5,324	)
Distributions from unconsolidated entities – return of capital		—			329
Net cash provided by (used for) investing activities		(268,820	)		(515,775	)

See accompanying notes

5

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Amounts in thousands)

(Unaudited)

	Nine Months Ended September 30,
	2018			2017
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs	$	(4,355	)	$	(6,272	)
Mortgage notes payable, net:
Lump sum payoffs		(847,939	)		(493,420	)
Scheduled principal repayments		(4,938	)		(8,771	)
Net gain (loss) on debt extinguishment		(22,110	)		(12,258	)
Notes, net:
Proceeds		497,010			692,466
Lump sum payoffs		—			(394,077	)
Line of credit and commercial paper:
Line of credit proceeds		1,635,000			1,845,000
Line of credit repayments		(1,635,000	)		(1,845,000	)
Commercial paper proceeds		9,624,610			3,891,596
Commercial paper repayments		(9,425,000	)		(3,681,750	)
Proceeds from (payments on) settlement of derivative instruments		1,638			1,296
Proceeds from Employee Share Purchase Plan (ESPP)		3,074			2,963
Proceeds from exercise of options		6,000			12,967
Payment of offering costs		(27	)		(36	)
Other financing activities, net		(48	)		(40	)
Contributions – Noncontrolling Interests – Partially Owned Properties		125			125
Contributions – Noncontrolling Interests – Operating Partnership		1			—
Distributions:
Common Shares		(583,184	)		(554,267	)
Preferred Shares		(2,318	)		(2,318	)
Noncontrolling Interests – Operating Partnership		(21,040	)		(20,604	)
Noncontrolling Interests – Partially Owned Properties		(8,882	)		(6,873	)
Net cash provided by (used for) financing activities		(787,383	)		(579,273	)
Net increase (decrease) in cash and cash equivalents and restricted deposits		(12,012	)		(124,912	)
Cash and cash equivalents and restricted deposits, beginning of period		100,762			219,088
Cash and cash equivalents and restricted deposits, end of period	$	88,750		$	94,176
Cash and cash equivalents and restricted deposits, end of period
Cash and cash equivalents	$	32,995		$	46,565
Restricted deposits		55,755			47,611
Total cash and cash equivalents and restricted deposits, end of period	$	88,750		$	94,176

See accompanying notes

6

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Amounts in thousands)

(Unaudited)

	Nine Months Ended September 30,
	2018			2017
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	$	268,966		$	257,805
Net cash paid for income and other taxes	$	934		$	964
Amortization of deferred financing costs:
Other assets	$	1,809		$	1,810
Mortgage notes payable, net	$	4,197		$	1,943
Notes, net	$	3,048		$	2,694
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	$	19,394		$	247
Notes, net	$	1,966		$	1,771
Amortization of deferred settlements on derivative instruments:
Other liabilities	$	(9	)	$	(9	)
Accumulated other comprehensive income	$	13,902		$	14,019
Write-off of pursuit costs:
Investment in real estate, net	$	3,079		$	2,292
Other assets	$	13		$	17
Accounts payable and accrued expenses	$	33		$	20
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	$	1,973		$	1,076
Other liabilities	$	1,020		$	1,077
Realized/unrealized (gain) loss on derivative instruments:
Other assets	$	(24,021	)	$	(3,803	)
Notes, net	$	(1,491	)	$	(1,413	)
Other liabilities	$	1,491		$	—
Accumulated other comprehensive income	$	24,021		$	5,216
Investments in unconsolidated entities:
Investments in unconsolidated entities	$	(3,180	)	$	(2,324	)
Other liabilities	$	(1,680	)	$	(3,000	)

See accompanying notes

7

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(Amounts in thousands)

(Unaudited)

	Nine Months Ended
	September 30, 2018
SHAREHOLDERS’ EQUITY
PREFERRED SHARES
Balance, beginning of year	$	37,280
Balance, end of period	$	37,280
COMMON SHARES, $0.01 PAR VALUE
Balance, beginning of year	$	3,680
Exercise of share options		2
Employee Share Purchase Plan (ESPP)		1
Share-based employee compensation expense:
Restricted shares		1
Balance, end of period	$	3,684
PAID IN CAPITAL
Balance, beginning of year	$	8,886,586
Common Share Issuance:
Conversion of OP Units into Common Shares		356
Exercise of share options		5,998
Employee Share Purchase Plan (ESPP)		3,073
Share-based employee compensation expense:
Restricted shares		6,803
Share options		9,206
ESPP discount		604
Offering costs		(27	)
Supplemental Executive Retirement Plan (SERP)		(533	)
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership		(14,361	)
Adjustment for Noncontrolling Interests ownership in Operating Partnership		2,619
Balance, end of period	$	8,900,324
RETAINED EARNINGS
Balance, beginning of year	$	1,403,530
Net income attributable to controlling interests		540,348
Common Share distributions		(596,735	)
Preferred Share distributions		(2,318	)
Balance, end of period	$	1,344,825
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balance, beginning of year	$	(88,612	)
Accumulated other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period		24,021
Losses reclassified into earnings from other comprehensive income		13,902
Balance, end of period	$	(50,689	)

See accompanying notes

8

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Continued)

(Amounts in thousands)

(Unaudited)

	Nine Months Ended
	September 30, 2018
NONCONTROLLING INTERESTS
OPERATING PARTNERSHIP
Balance, beginning of year	$	226,691
Issuance of restricted units to Noncontrolling Interests		1
Conversion of OP Units held by Noncontrolling Interests into OP Units held by    General Partner		(356	)
Equity compensation associated with Noncontrolling Interests		11,074
Net income attributable to Noncontrolling Interests		20,517
Distributions to Noncontrolling Interests		(21,560	)
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership		77
Adjustment for Noncontrolling Interests ownership in Operating Partnership		(2,619	)
Balance, end of period	$	233,825
PARTIALLY OWNED PROPERTIES
Balance, beginning of year	$	4,708
Net income attributable to Noncontrolling Interests		1,939
Contributions by Noncontrolling Interests		125
Distributions to Noncontrolling Interests		(8,930	)
Balance, end of period	$	(2,158	)

See accompanying notes

9

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

(Unaudited)

	September 30,			December 31,
	2018			2017
ASSETS
Land	$	5,866,457		$	5,996,024
Depreciable property		20,336,747			19,768,362
Projects under development		134,961			163,547
Land held for development		87,335			98,963
Investment in real estate		26,425,500			26,026,896
Accumulated depreciation		(6,494,770	)		(6,040,378	)
Investment in real estate, net		19,930,730			19,986,518
Investments in unconsolidated entities		57,576			58,254
Cash and cash equivalents		32,995			50,647
Restricted deposits		55,755			50,115
Other assets		465,094			425,065
Total assets	$	20,542,150		$	20,570,599
LIABILITIES AND CAPITAL
Liabilities:
Mortgage notes payable, net	$	2,789,436		$	3,618,722
Notes, net		5,534,990			5,038,812
Line of credit and commercial paper		499,367			299,757
Accounts payable and accrued expenses		182,446			114,766
Accrued interest payable		69,132			58,035
Other liabilities		344,373			341,852
Security deposits		67,177			65,009
Distributions payable		206,899			192,828
Total liabilities		9,693,820			9,729,781
Commitments and contingencies
Redeemable Limited Partners		381,239			366,955
Capital:
Partners’ Capital:
Preference Units		37,280			37,280
General Partner		10,248,833			10,293,796
Limited Partners		233,825			226,691
Accumulated other comprehensive income (loss)		(50,689	)		(88,612	)
Total partners’ capital		10,469,249			10,469,155
Noncontrolling Interests – Partially Owned Properties		(2,158	)		4,708
Total capital		10,467,091			10,473,863
Total liabilities and capital	$	20,542,150		$	20,570,599

See accompanying notes

10

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Amounts in thousands except per Unit data)

(Unaudited)

	Nine Months Ended September 30,						Quarter Ended September 30,
	2018			2017			2018			2017
REVENUES
Rental income	$	1,925,128		$	1,840,170		$	652,677		$	623,951
Fee and asset management		563			532			190			171
Total revenues		1,925,691			1,840,702			652,867			624,122
EXPENSES
Property and maintenance		322,487			306,645			110,541			104,721
Real estate taxes and insurance		268,784			253,318			87,388			84,087
Property management		69,175			64,702			22,247			20,861
General and administrative		41,420			40,366			12,640			12,567
Depreciation		583,869			542,964			194,618			184,100
Impairment		702			—			702			—
Total expenses		1,286,437			1,207,995			428,136			406,336
Operating income		639,254			632,707			224,731			217,786
Interest and other income		14,860			5,708			7,864			3,945
Other expenses		(14,871	)		(3,160	)		(7,661	)		(1,028	)
Interest:
Expense incurred, net		(321,454	)		(288,579	)		(111,219	)		(91,145	)
Amortization of deferred financing costs		(9,054	)		(6,447	)		(3,276	)		(2,064	)
Income before income and other taxes, income (loss) from investments in    unconsolidated entities and net gain (loss) on sales of real estate properties    and land parcels		308,735			340,229			110,439			127,494
Income and other tax (expense) benefit		(767	)		(710	)		(280	)		(228	)
Income (loss) from investments in unconsolidated entities		(2,993	)		(2,153	)		(985	)		(398	)
Net gain (loss) on sales of real estate properties		256,834			141,761			114,672			17,328
Net gain (loss) on sales of land parcels		995			19,170			—			—
Net income		562,804			498,297			223,846			144,196
Net (income) loss attributable to Noncontrolling Interests – Partially Owned    Properties		(1,939	)		(2,354	)		(750	)		(801	)
Net income attributable to controlling interests	$	560,865		$	495,943		$	223,096		$	143,395
ALLOCATION OF NET INCOME:
Preference Units	$	2,318		$	2,318		$	773		$	772
General Partner	$	538,030		$	475,694		$	214,164		$	137,457
Limited Partners		20,517			17,931			8,159			5,166
Net income available to Units	$	558,547		$	493,625		$	222,323		$	142,623
Earnings per Unit – basic:
Net income available to Units	$	1.46		$	1.30		$	0.58		$	0.37
Weighted average Units outstanding		380,791			379,716			380,912			379,906
Earnings per Unit – diluted:
Net income available to Units	$	1.46		$	1.29		$	0.58		$	0.37
Weighted average Units outstanding		383,433			382,640			383,884			382,945
Distributions declared per Unit outstanding	$	1.62		$	1.51125		$	0.54		$	0.50375

See accompanying notes

11

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Continued)

(Amounts in thousands except per Unit data)

(Unaudited)

	Nine Months Ended September 30,						Quarter Ended September 30,
	2018			2017			2018			2017
Comprehensive income:
Net income	$	562,804		$	498,297		$	223,846		$	144,196
Other comprehensive income (loss):
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period		24,021			5,216			12,026			1,709
Losses reclassified into earnings from other comprehensive    income		13,902			14,019			4,595			4,768
Other comprehensive income (loss)		37,923			19,235			16,621			6,477
Comprehensive income		600,727			517,532			240,467			150,673
Comprehensive (income) attributable to Noncontrolling Interests –    Partially Owned Properties		(1,939	)		(2,354	)		(750	)		(801	)
Comprehensive income attributable to controlling interests	$	598,788		$	515,178		$	239,717		$	149,872

See accompanying notes

12

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

	Nine Months Ended September 30,
	2018			2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	562,804		$	498,297
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		583,869			542,964
Amortization of deferred financing costs		9,054			6,447
Amortization of above/below market lease intangibles		3,294			2,729
Amortization of discounts and premiums on debt		21,360			2,018
Amortization of deferred settlements on derivative instruments		13,893			14,010
Impairment		702			—
Write-off of pursuit costs		3,125			2,329
(Income) loss from investments in unconsolidated entities		2,993			2,153
Distributions from unconsolidated entities – return on capital		1,885			2,031
Net (gain) loss on sales of real estate properties		(256,834	)		(141,761	)
Net (gain) loss on sales of land parcels		(995	)		(19,170	)
Net (gain) loss on debt extinguishment		22,110			12,258
Compensation paid with Company Common Shares		22,270			19,999
Changes in assets and liabilities:
(Increase) decrease in other assets		(18,550	)		(23,024	)
Increase (decrease) in accounts payable and accrued expenses		58,756			62,635
Increase (decrease) in accrued interest payable		11,097			11,865
Increase (decrease) in other liabilities		1,190			(28,250	)
Increase (decrease) in security deposits		2,168			2,606
Net cash provided by operating activities		1,044,191			970,136
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions		(708,092	)		(466,395	)
Investment in real estate – development/other		(101,573	)		(227,187	)
Capital expenditures to real estate		(138,119	)		(143,258	)
Non-real estate capital additions		(3,155	)		(776	)
Interest capitalized for real estate under development		(4,547	)		(23,164	)
Proceeds from disposition of real estate, net		691,526			350,000
Investments in unconsolidated entities		(4,860	)		(5,324	)
Distributions from unconsolidated entities – return of capital		—			329
Net cash provided by (used for) investing activities		(268,820	)		(515,775	)

See accompanying notes

13

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Amounts in thousands)

(Unaudited)

	Nine Months Ended September 30,
	2018			2017
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs	$	(4,355	)	$	(6,272	)
Mortgage notes payable, net:
Lump sum payoffs		(847,939	)		(493,420	)
Scheduled principal repayments		(4,938	)		(8,771	)
Net gain (loss) on debt extinguishment		(22,110	)		(12,258	)
Notes, net:
Proceeds		497,010			692,466
Lump sum payoffs		—			(394,077	)
Line of credit and commercial paper:
Line of credit proceeds		1,635,000			1,845,000
Line of credit repayments		(1,635,000	)		(1,845,000	)
Commercial paper proceeds		9,624,610			3,891,596
Commercial paper repayments		(9,425,000	)		(3,681,750	)
Proceeds from (payments on) settlement of derivative instruments		1,638			1,296
Proceeds from EQR’s Employee Share Purchase Plan (ESPP)		3,074			2,963
Proceeds from exercise of EQR options		6,000			12,967
Payment of offering costs		(27	)		(36	)
Other financing activities, net		(48	)		(40	)
Contributions – Noncontrolling Interests – Partially Owned Properties		125			125
Contributions – Limited Partners		1			—
Distributions:
OP Units – General Partner		(583,184	)		(554,267	)
Preference Units		(2,318	)		(2,318	)
OP Units – Limited Partners		(21,040	)		(20,604	)
Noncontrolling Interests – Partially Owned Properties		(8,882	)		(6,873	)
Net cash provided by (used for) financing activities		(787,383	)		(579,273	)
Net increase (decrease) in cash and cash equivalents and restricted deposits		(12,012	)		(124,912	)
Cash and cash equivalents and restricted deposits, beginning of period		100,762			219,088
Cash and cash equivalents and restricted deposits, end of period	$	88,750		$	94,176
Cash and cash equivalents and restricted deposits, end of period
Cash and cash equivalents	$	32,995		$	46,565
Restricted deposits		55,755			47,611
Total cash and cash equivalents and restricted deposits, end of period	$	88,750		$	94,176

See accompanying notes

14

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Amounts in thousands)

(Unaudited)

	Nine Months Ended September 30,
	2018			2017
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	$	268,966		$	257,805
Net cash paid for income and other taxes	$	934		$	964
Amortization of deferred financing costs:
Other assets	$	1,809		$	1,810
Mortgage notes payable, net	$	4,197		$	1,943
Notes, net	$	3,048		$	2,694
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	$	19,394		$	247
Notes, net	$	1,966		$	1,771
Amortization of deferred settlements on derivative instruments:
Other liabilities	$	(9	)	$	(9	)
Accumulated other comprehensive income	$	13,902		$	14,019
Write-off of pursuit costs:
Investment in real estate, net	$	3,079		$	2,292
Other assets	$	13		$	17
Accounts payable and accrued expenses	$	33		$	20
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	$	1,973		$	1,076
Other liabilities	$	1,020		$	1,077
Realized/unrealized (gain) loss on derivative instruments:
Other assets	$	(24,021	)	$	(3,803	)
Notes, net	$	(1,491	)	$	(1,413	)
Other liabilities	$	1,491		$	—
Accumulated other comprehensive income	$	24,021		$	5,216
Investments in unconsolidated entities:
Investments in unconsolidated entities	$	(3,180	)	$	(2,324	)
Other liabilities	$	(1,680	)	$	(3,000	)

See accompanying notes

15

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENT OF CHANGES IN CAPITAL

(Amounts in thousands)

(Unaudited)

	Nine Months Ended
	September 30, 2018
PARTNERS’ CAPITAL
PREFERENCE UNITS
Balance, beginning of year	$	37,280
Balance, end of period	$	37,280
GENERAL PARTNER
Balance, beginning of year	$	10,293,796
OP Unit Issuance:
Conversion of OP Units held by Limited Partners into OP Units held by General Partner		356
Exercise of EQR share options		6,000
EQR’s Employee Share Purchase Plan (ESPP)		3,074
Share-based employee compensation expense:
EQR restricted shares		6,804
EQR share options		9,206
EQR ESPP discount		604
Net income available to Units – General Partner		538,030
OP Units – General Partner distributions		(596,735	)
Offering costs		(27	)
Supplemental Executive Retirement Plan (SERP)		(533	)
Change in market value of Redeemable Limited Partners		(14,361	)
Adjustment for Limited Partners ownership in Operating Partnership		2,619
Balance, end of period	$	10,248,833
LIMITED PARTNERS
Balance, beginning of year	$	226,691
Issuance of restricted units to Limited Partners		1
Conversion of OP Units held by Limited Partners into OP Units held by General Partner		(356	)
Equity compensation associated with Units – Limited Partners		11,074
Net income available to Units – Limited Partners		20,517
Units – Limited Partners distributions		(21,560	)
Change in carrying value of Redeemable Limited Partners		77
Adjustment for Limited Partners ownership in Operating Partnership		(2,619	)
Balance, end of period	$	233,825
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balance, beginning of year	$	(88,612	)
Accumulated other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period		24,021
Losses reclassified into earnings from other comprehensive income		13,902
Balance, end of period	$	(50,689	)

See accompanying notes

16

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATEDSTATEMENTOFCHANGESINCAPITAL(Continued)

(Amounts in thousands)

(Unaudited)

	Nine Months Ended
	September 30, 2018
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS – PARTIALLY OWNED PROPERTIES
Balance, beginning of year	$	4,708
Net income attributable to Noncontrolling Interests		1,939
Contributions by Noncontrolling Interests		125
Distributions to Noncontrolling Interests		(8,930	)
Balance, end of period	$	(2,158	)

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 rental apartment properties located in urban and high-density suburban markets, which 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 OperatingPartnership.

EQR is the general partner of, and as of September 30, 2018 owned an approximate 96.3% ownership interest in, ERPOP.  All of the Company’s property ownership, development and related business operations are conducted through the Operating PartnershipandEQRhasnomaterialassetsorliabilitiesotherthanitsinvestmentinERPOP.  EQRissuespublicequityfromtime totime,thenetproceedsofwhichitisobligatedtocontributetoERPOP,butdoesnothaveanyindebtednessasalldebtisincurred 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 tradedequity.  

As of September 30, 2018, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 306 properties located in 11 states and the District of Columbia consisting of 79,260 apartment units.  The ownership breakdown includes (table does not include various uncompleted development properties):

	Properties		Apartment Units
Wholly Owned Properties		286		74,618
Master-Leased Properties – Consolidated		1		162
Partially Owned Properties – Consolidated		17		3,535
Partially Owned Properties – Unconsolidated		2		945
		306		79,260

Note: Effective February 1, 2018 and April 2, 2018, the Company took over management of two of its Master-Leased properties containing 94 apartment units and 597 apartment units located in Boston and Los Angeles, respectively.

2.Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included.  Certain reclassifications have been made to the prior period financial statements in order to conform to the current year presentation.  These reclassifications did not have an impact on net income previously reported.  Operating results for the nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018.

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, 2017 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.

18

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, 2017.

Income and Other Taxes

Due to the structure of EQR as a REIT and the nature of the operations of its operating properties, no provision for federal income taxes has been made at the EQR level.  In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their proportionate 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.

Deferred tax assets and liabilities were recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases in the comparable period.  These assets and liabilities were measured using enacted tax rates for which the temporary differences were expected to be recovered or settled.  The effects of changes in tax rates on deferred tax assets and liabilities were recognized in earnings in the period enacted.  The Company’s deferred tax assets were generally the result of tax affected suspended interest deductions, net operating losses, differing depreciable lives on capitalized assets and the timing of expense recognition for certain accrued liabilities.  

In December 2017, the President signed into law H.R. 1, informally titled the Tax Cuts and Jobs Act (the “Tax Act”).  The Tax Act is not expected to have a material impact on our REIT or subsidiary entities, our ability to continue to qualify as a REIT or on our results of operations.  However, the complete impact of the Tax Act is not yet fully known and there can be no assurances that it will have a neutral or favorable impact.  

Recently Issued Accounting Pronouncements

InFebruary2016,the Financial Accounting Standards Board (“FASB”) issued a new leases standard which sets out principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessors and lessees).  The new standard requires the following:

• Lessors – Leases will be accounted for using an approach that is substantially equivalent to existing guidance for operating, sales-type and financing leases, but aligned with the new revenue recognition standard.  Lessors will be required to allocate lease payments to separate lease and non-lease components of each lease agreement, with the non-lease components evaluated under the new revenue recognition standard.

• Lessees – Leases will be accounted for using a dual approach, classifying leases as either operating or finance based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee.  This classification will determine whether the lease expense is recognized on a straight-line basis over the term of the lease (for operating leases) or based on an effective interest method (for finance leases).  A lessee is also required to record a right-of-use asset and a lease liability on its balance sheet for all leases with a term of greater than 12 months regardless of their classification as operating or finance leases.  Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases.

The new standard will be effective for the Company beginning on January 1, 2019, with early adoption permitted, though the Company currently anticipates adopting the new standard on the effective date.  The new standard must be adopted using a modified retrospective method, which requires application of the new guidance at either the beginning of the earliest comparative period presented or as of the adoption date and provides for certain practical expedients, which the Company currently anticipates electing.  

The Company is the lessor for its residential and retail/commercial leases and anticipates that these leases will continue to be accounted for as operating leases under the new standard.  Therefore, the Company does not currently anticipate significant changes in the accounting for its lease revenues.  

The Company is the lessee under various corporate office and ground leases, which are required to be recognized as right of use assets and related lease liabilities on its consolidated balance sheets upon adoption.  The Company currently anticipates that its corporate office leases will continue to be accounted for as operating leases under the new standard.  Based on its anticipated election of the practical expedients, the Company would not be required to reassess the classification of existing ground leases and therefore these leases would continue to be accounted for as operating leases.  However, in the event we modify existing ground leases and/or

19

enter into new ground leases after adoption of the new standard, such leases will likely be classified as finance leases.  The Companyexpects to record right of use assets and related lease liabilities to its opening balance sheet upon adoption of the new standard on January 1, 2019, which it currently estimates to be an amount not likely to exceed $300.0 million.  The ultimate impact on the Company’sconsolidated results of operations and financial position will depend on our lease portfolio and other factors as of the adoption date, as we continue to evaluate the new leases standard.

In July 2018, the FASB issued an amendment to the new leases standard, which includes a practical expedient that provides lessors an option not to separate lease and non-lease components when certain criteria are met and instead account for those components as a single component under the new leases standard.  The amendment also provides a transition option that permits the application of the new guidance as of the adoption date rather than to all periods presented.  The Company anticipates electing the practical expedient to account for both its lease and non-lease components as a single component under the leases standard and electing the new transition option.

In June 2016, the FASB issued a new standard which requires companies to adopt a new approach for estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans.  The standard will require entities to estimate a lifetime expected credit loss for most financial instruments, including trade receivables.  The new standard will be effective for the Company beginning on January 1, 2020, with early adoption permitted beginning January 1, 2019.  TheCompanyiscurrentlyevaluatingtheimpactofadoptingthenewstandardonitsconsolidatedresultsofoperationsand financial position.

In August 2017, the FASB issued a final standard which makes changes to the hedge accounting model to enable entities to better portray their risk management activities in the financial statements.  The new standard expands an entity’s ability to hedge nonfinancial and financial risk components, reduces complexity in fair value hedges of interest rate risk and eases certain documentation and assessment requirements.  The new standard also eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of any hedging instrument to be presented in the same income statement line as the hedged instrument.  The new standard will be effective for the Company beginning on January 1, 2019 and early adoption is permitted.  The Company is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position.

Recently Adopted Accounting Pronouncements

InMay2014,theFASBissuedacomprehensivenewrevenuerecognition standard entitled Revenue from Contracts with Customers that superseded nearly all existing revenue recognition guidance.  Thenewstandardspecificallyexcludesleaserevenue.  Thenewstandard’scoreprincipleisthatacompanyrecognizesrevenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expectstobeentitledinexchangeforthosegoodsorservices.  Companieswilllikelyneedtousemorejudgmentandmakemore estimatesthanunderpreviousrevenuerecognitionguidance.  Thesemayincludeidentifyingperformanceobligationsinthecontract, estimating the amount of variable consideration, if any, to include in the transaction price and allocating the transaction price to each separate performance obligation.  The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect, if any, recognized as of the date of adoption.  The Company selected the modified retrospective transition method as of the date of adoption as required effectiveJanuary1,2018.  Approximately94%ofrental income consistsof revenue from leasing arrangements, which is specifically excluded from the standard (included as leasing revenue in the table below).  The Company analyzed its remaining revenue streams, inclusive of fee and asset management and gains and losses on sales, and concluded these revenue streams have the same timing and pattern of revenue recognition under the new guidance, and therefore the Company had no changes in revenue recognition with the adoption of the new standard.  As such, adoption of the standard did not result in a cumulative adjustment recognized as of January 1, 2018, and the standard did not have a material impact on the Company’s consolidated financial position, results of operations, equity/capital or cash flows.

For the remaining approximately 6% of rental income that is subject to the new revenue recognition standard, the Company’s disaggregated revenue streams are disclosed in the table below for the nine months and quarter ended September 30, 2018.  These revenue streams have the same timing and pattern of revenue recognition across our reportable segments, with consistent allocations between the leasing and revenue recognition standards.  The revenue streams and percentages are comparable with the percentage of rental income for the nine months and quarter ended September 30, 2017.  

The following table presents the disaggregation of revenue streams of our rental income for the nine months and quarter ended September 30, 2018 (amounts in thousands):

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		Nine Months Ended September 30, 2018					Quarter Ended September 30, 2018
Revenue Stream	Applicable Standard	Amount of Rental Income		Percentage of Rental Income			Amount of Rental Income		Percentage of Rental Income
Leasing revenue	Leases	$	1,803,908		93.7	%	$	611,119		93.6	%
Utility recoveries (“RUBS”)	Revenue Recognition		46,752		2.4	%		15,817		2.4	%
Parking revenue	Revenue Recognition		20,249		1.1	%		6,185		1.0	%
Other revenue	Revenue Recognition		54,219		2.8	%		19,556		3.0	%
Rental income		$	1,925,128		100.0	%	$	652,677		100.0	%

Additionally, as part of the new revenue recognition standard, the FASB issued amendments related to partial sales of real estate (see further discussion below).  Adoption of the new partial sales standard did not result in a change of accounting for the Company related to its disposition process.  We concluded that the Company’s typical dispositions will continue to meet the criteria for sale and associated profit recognition under both new standards.

InJanuary2016,theFASBissuedanewstandardwhichrequirescompaniestomeasureallequitysecuritieswithreadily determinablefairvaluesatfairvalueonthebalancesheet,withchangesinfairvaluerecognizedinnetincome.  The Company adopted thisnewstandard as required effective January 1, 2018 and it did not have a material effect on its consolidated results of operations or financialposition.

InAugust2016andOctober2016,theFASBissuednewstandardstoclarifyhowspecifictransactionsareclassifiedand presented on the statement of cash flows.  Among other clarifications, the new standards specifically provide guidance for the following items within the statement of cash flows which have required significant judgment in the past:

• Cash payments related to debt prepayments or extinguishment costs are to be classified within financingactivities;

• The portion of the cash payment made to settle a zero-coupon bond or a bond with an insignificant cash coupon attributable to accreted interest related to a debt discount is to be classified as a cash outflow within operating activities, and the portion attributable to the principal is to be classified within financingactivities;

• Insurance settlement proceeds are to be classified based on the nature of theloss;

• Companies must elect to classify distributions received from equity method investees using either a cumulative earnings approach or a look-through approach and the election must be disclosed;and

• Restrictedcashwillbeincludedwithcashandcashequivalentsonthestatementofcashflows.  Totalcashandcash equivalents and restricted cash are to be reconciled to the related line items on the balancesheet.

Thenewstandardsmustbeappliedretrospectivelytoallperiodspresentedintheconsolidatedfinancialstatements.  TheCompany adopted the new standard in the fourth quarter of 2017 and will continue to apply the look-through approach for distributions received from equity method investees.  While overall cash flows did not change, there are changes between cash flow classifications due primarily to the debt prepayment penalties that the Company has incurred in the comparative period.  As of September 30, 2017, the following cash flows were reclassified (amounts in thousands):

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	Nine Months Ended September 30, 2017
	As Originally Presented			Reclassification Adjustments			As Presented Herein
Cash Flows from Operating Activities:
Amortization of discounts and premiums on debt	$	4,939		$	(2,921	)	$	2,018
Net (gain) loss on debt extinguishment	$	—		$	12,258		$	12,258
(Increase) decrease in deposits - restricted	$	788		$	(788	)	$	—
(Increase) decrease in mortgage deposits	$	1,447		$	(1,447	)	$	—
Net cash provided by operating activities	$	963,034		$	7,102		$	970,136
Cash Flows from Investing Activities:
(Increase) decrease in deposits on real estate acquisitions     and investments, net	$	39,519		$	(39,519	)	$	—
(Increase) decrease in mortgage deposits	$	(4,541	)	$	4,541		$	—
Net cash provided by (used for) investing activities	$	(480,797	)	$	(34,978	)	$	(515,775	)
Cash Flows from Financing Activities:
Mortgage deposits	$	57,057		$	(57,057	)	$	—
Mortgage notes payable, net: Net gain (loss) on debt extinguishment	$	—		$	(12,258	)	$	(12,258	)
Line of credit and commercial paper: Commercial paper proceeds	$	3,888,675		$	2,921		$	3,891,596
Net cash (used for) financing activities	$	(512,879	)	$	(66,394	)	$	(579,273	)
Cash and cash equivalents, beginning of period	$	77,207
(adjustments for restricted deposits, beginning of period)				$	141,881
Cash and cash equivalents and restricted deposits, beginning of period							$	219,088
Cash and cash equivalents, end of period	$	46,565
(adjustments for restricted deposits, end of period)				$	47,611
Cash and cash equivalents and restricted deposits, end of period							$	94,176

InJanuary2017,theFASB issuedanewstandardwhichclarified thedefinitionofabusiness.  Thestandard’sobjectivewasto addadditionalguidancethatassistscompaniesindeterminingwhethertransactionsshouldbeaccountedforasanassetacquisition or a business combination.  The new standard first requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets.  If this threshold is met, the set is not a business.  If this threshold is not met, the entity next evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs.  Amongotherdifferences,transactioncostsassociatedwithassetacquisitionsarecapitalizedwhilethoseassociatedwithbusiness combinationsareexpensedasincurred.  Inaddition,purchasepriceinanassetacquisitionisallocatedonarelativefairvaluebasis while in a business combination it is generally measured at fair value.  The new standard will be applied prospectively to any transactions occurring within the period of adoption.  The Company early adopted the new standard as allowed effective January 1, 2017.  The Company anticipates that substantially all of its transactions will now be accounted for as asset acquisitions, which means transaction costs will largely be capitalized as noted above.  

InFebruary 2017,theFASB issuedanewstandardwhich clarifies the accounting treatment for partial sales of nonfinancial assets (i.e. real estate).  The standard clarifies that partial sales transactions include contributions of nonfinancial assets to a joint venture or other noncontrolled investee.  Companies must recognize a full gain or loss on transfers of nonfinancial assets to equity method investees.  The standard requires companies to derecognize distinct nonfinancial assets or distinct in substance nonfinancial assets in partial sale transactions when it does not have a controlling financial interest in the legal entity that holds the asset and transfers control of the asset.  Once the distinct nonfinancial asset is transferred, the company is required to measure any non-controlling interest it receives or retains at fair value and recognize a full gain or loss on the transaction.  If a company transfers ownership interests in a consolidated subsidiary and continues to maintain a controlling financial interest, the company does not derecognize the assets or liabilities, and accounts for the transaction as an equity transaction and no gain or loss is recognized.  The Company adopted thisnewstandard concurrently with the new revenue recognition standard as required effective January 1, 2018.  The Company has not had a partial sale of nonfinancial assets in the current or comparative periods, therefore the adoption of this standard did not have a material impact on its consolidated results of operations and financial position.

3. Equity, Capital and OtherInterests

Equity and Redeemable Noncontrolling Interests of Equity Residential

The following tables present the changes in the Company’s issued and outstanding Common Shares and “Units” (which

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includes OP Units and restricted units) for the nine months ended September 30, 2018:

	2018
Common Shares
Common Shares outstanding at January 1,		368,018,082
Common Shares Issued:
Conversion of OP Units		12,510
Exercise of share options		194,796
Employee Share Purchase Plan (ESPP)		61,321
Restricted share grants, net		122,877
Common Shares outstanding at September 30,		368,409,586
Units
Units outstanding at January 1,		13,768,438
Restricted unit grants, net		267,074
Conversion of OP Units to Common Shares		(12,510	)
Units outstanding at September 30,		14,023,002
Total Common Shares and Units outstanding at September 30,		382,432,588
Units Ownership Interest in Operating Partnership		3.7	%

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”.  Subject to certain exceptions (including the “book-up” requirements of restricted units), the Noncontrolling Interests – Operating Partnership may exchange their Units with EQR for Common Shares on a one-for-one basis.  The carrying value of the Noncontrolling Interests – Operating Partnership (including redeemable interests) is allocated based on the number of Noncontrolling Interests – Operating Partnership Units in total in proportion to the number of Noncontrolling Interests – Operating Partnership Units in total plus the number of Common Shares.  Net income is allocated to the Noncontrolling Interests – Operating Partnership 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 Units requesting an exchange of their OP Units with EQR.  Once the Operating Partnership elects not to redeem the Noncontrolling Interests – Operating Partnership Units for cash, EQR is obligated to deliver Common Shares to the exchanging holder of the Noncontrolling Interests – Operating Partnership Units.

TheNoncontrollingInterests–OperatingPartnershipUnitsareclassifiedaseithermezzanineequityorpermanentequity.  If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Noncontrolling Interests – Operating Partnership are differentiated and referred to as “Redeemable Noncontrolling Interests – Operating Partnership”.  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 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 Units that are classified in permanent equity at September 30, 2018 and December 31, 2017.

ThecarryingvalueoftheRedeemableNoncontrollingInterests–OperatingPartnershipisallocatedbasedonthenumber ofRedeemableNoncontrollingInterests–OperatingPartnershipUnitsinproportiontothenumberofNoncontrollingInterests– Operating Partnership Units in total.  Such percentage of the total carrying value of Units which is ascribed to the Redeemable NoncontrollingInterests–OperatingPartnershipisthenadjustedtothegreaterofcarryingvalueorfairmarketvalueasdescribed above.  As of September 30, 2018, the Redeemable Noncontrolling Interests – Operating Partnership have a redemption value of approximately$381.2million,whichrepresentsthevalueofCommonSharesthatwouldbeissuedinexchangefortheRedeemable NoncontrollingInterests–OperatingPartnershipUnits.

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ThefollowingtablepresentsthechangesintheredemptionvalueoftheRedeemableNoncontrollingInterests–Operating Partnership for the nine months ended September 30, 2018 (amounts inthousands):

	2018
Balance at January 1,	$	366,955
Change in market value		14,361
Change in carrying value		(77	)
Balance at September 30,	$	381,239

Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings 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 offering proceeds from Common Shares and Preferred Shares are allocated between shareholders’ equity and Noncontrolling Interests – Operating Partnership to account for the change in their respective percentage ownership of the underlying equity of ERPOP.

TheCompany’sdeclarationoftrustauthorizesittoissueupto100,000,000preferredsharesofbeneficialinterest,$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.

ThefollowingtablepresentstheCompany’sissuedandoutstandingPreferredSharesasofSeptember 30, 2018andDecember 31, 2017:

				Amounts in thousands
		Annual
	Call	Dividend Per		September 30,		December 31,
	Date (1)	Share (2)		2018		2017
Preferred Shares of beneficial interest, $0.01 par value;    100,000,000 shares authorized:
8.29% Series K Cumulative Redeemable Preferred;    liquidation value $50 per share; 745,600 shares issued and    outstanding as of September 30, 2018 and December 31, 2017	12/10/26	$	4.145	$	37,280	$	37,280
				$	37,280	$	37,280

(1) On or after the call date, redeemable preferred shares may be redeemed for cash at the option of the Company, in whole or in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any.

(2) Dividends on Preferred Shares are payable quarterly.

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Capital and Redeemable Limited Partners of ERP Operating Limited Partnership

The following tables present the changes in the Operating Partnership’s issued and outstanding Units and in the limited partners’ Units for the nine months ended September 30, 2018:

	2018
General and Limited Partner Units
General and Limited Partner Units outstanding at January 1,		381,786,520
Issued to General Partner:
Exercise of EQR share options		194,796
EQR’s Employee Share Purchase Plan (ESPP)		61,321
EQR’s restricted share grants, net		122,877
Issued to Limited Partners:
Restricted unit grants, net		267,074
General and Limited Partner Units outstanding at September 30,		382,432,588
Limited Partner Units
Limited Partner Units outstanding at January 1,		13,768,438
Limited Partner restricted unit grants, net		267,074
Conversion of Limited Partner OP Units to EQR Common    Shares		(12,510	)
Limited Partner Units outstanding at September 30,		14,023,002
Limited Partner Units Ownership Interest in Operating    Partnership		3.7	%

The Limited Partners of the Operating Partnership as of September 30, 2018 include 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.  Subject to certain exceptions (including the “book-up” requirements of restricted units), Limited Partners may exchange their Units with EQR for Common Shares on a one-for-one basis.  The carrying value of the Limited Partner Units (including redeemable interests) is allocated based on the number of Limited Partner Units in total in proportion to the number of Limited Partner Units in total plus the number of General Partner Units.  Net income is allocated to the Limited Partner Units 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 Limited Partner Units requesting an exchange of their OP Units with EQR.  Once the Operating Partnership elects not to redeem the Limited Partner Units for cash, EQR is obligated to deliver Common Shares to the exchanging limited partner.

The Limited Partner Units 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 Limited Partner Units are differentiated and referred to as “Redeemable Limited Partner Units”.  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 Limited Partner Units 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 Limited Partner Units that are classified in permanent equity at September 30, 2018 and December 31, 2017.

The carrying value of the Redeemable Limited Partner Units is allocated based on the number of Redeemable Limited PartnerUnitsinproportiontothenumberofLimitedPartnerUnitsintotal.  SuchpercentageofthetotalcarryingvalueofLimited Partner Units which is ascribed to the Redeemable Limited Partner Units is then adjusted to the greater of carrying value or fair market value as described above.  As of September 30, 2018, the Redeemable Limited Partner Units have a redemption value of approximately$381.2million,whichrepresentsthevalueofCommonSharesthatwouldbeissuedinexchangefortheRedeemable Limited PartnerUnits.

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The following table presents the changes in the redemption value of the Redeemable Limited Partners for the nine months ended September 30, 2018 (amounts in thousands):

	2018
Balance at January 1,	$	366,955
Change in market value		14,361
Change in carrying value		(77	)
Balance at September 30,	$	381,239

EQR contributes all net proceeds from its various equity offerings (including proceeds from exercise of options for CommonShares)toERPOP.  Inreturnforthosecontributions,EQRreceivesanumberofOPUnitsinERPOPequaltothenumber ofCommonSharesithasissuedintheequityoffering(orinthecaseofapreferredequityoffering,anumberofpreferenceunits in ERPOP equal in number and having the same terms as the preferred shares issued in the equity offering).

ThefollowingtablepresentstheOperatingPartnership’sissuedandoutstanding“PreferenceUnits”asofSeptember 30, 2018 and December 31, 2017:

				Amounts in thousands
		Annual
	Call	Dividend Per		September 30,		December 31,
	Date (1)	Unit (2)		2018		2017
Preference Units:
8.29% Series K Cumulative Redeemable Preference Units;    liquidation value $50 per unit; 745,600 units issued and    outstanding as of September 30, 2018 and December 31, 2017	12/10/26	$	4.145	$	37,280	$	37,280
				$	37,280	$	37,280

(1) On or after the call date, redeemable preference units may be redeemed for cash at the option of the Operating Partnership, in whole or in part, at a redemption price equal to the liquidation price per unit, plus accrued and unpaid distributions, if any, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares.

(2) Dividends on Preference Units are payable quarterly.

Other

In September 2009, the Company announced the establishment of an At-The-Market (“ATM”) share offering program which would allow EQR to sell Common Shares from time to time into the existing trading market at current market prices as wellasthroughnegotiatedtransactions.  PerthetermsofERPOP’spartnershipagreement,EQRcontributesthenetproceedsfrom 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).  The program currently has a maturity of June 2019.  EQR has the authority to issue 13.0 million shares but has not issued any shares under this program since September 2012.

The Company may repurchase up to 13.0 million Common Shares under its share repurchase program.  No shares were repurchased during the nine months ended September 30, 2018.  As of September 30, 2018, EQR has remaining authorization to repurchase up to 13.0 million of its shares under the repurchase program.  

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4. Real Estate and Lease Intangibles

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of September 30, 2018 and December 31, 2017 (amounts in thousands):

	September 30, 2018			December 31, 2017
Land	$	5,866,457		$	5,996,024
Depreciable property:
Buildings and improvements		18,174,939			17,743,042
Furniture, fixtures and equipment		1,684,794			1,548,961
In-Place lease intangibles		477,014			476,359
Projects under development:
Land		34,689			43,226
Construction-in-progress		100,272			120,321
Land held for development:
Land		61,038			62,538
Construction-in-progress		26,297			36,425
Investment in real estate		26,425,500			26,026,896
Accumulated depreciation		(6,494,770	)		(6,040,378	)
Investment in real estate, net	$	19,930,730		$	19,986,518

The following table summarizes the carrying amounts for the Company’s above and below market ground and retail lease intangibles as of September 30, 2018 and December 31, 2017 (amounts in thousands):

Description	Balance Sheet Location	September 30, 2018			December 31, 2017
Assets
Ground lease intangibles – below market	Other Assets	$	191,918		$	191,918
Retail lease intangibles – above market	Other Assets		1,260			1,260
Lease intangible assets			193,178			193,178
Accumulated amortization			(25,819	)		(22,434	)
Lease intangible assets, net		$	167,359		$	170,744
Liabilities
Ground lease intangibles – above market	Other Liabilities	$	2,400		$	2,400
Retail lease intangibles – below market	Other Liabilities		1,710			5,270
Lease intangible liabilities			4,110			7,670
Accumulated amortization			(1,674	)		(5,143	)
Lease intangible liabilities, net		$	2,436		$	2,527

The following table provides a summary of the effect of the amortization for above and below market ground and retail lease intangibles ontheCompany’saccompanyingconsolidated statements of operations and comprehensive income for the nine months and quarters ended September 30, 2018 and 2017, respectively (amounts in thousands):

		Nine Months Ended						Quarter Ended
		September 30,						September 30,
Description	Income Statement Location	2018			2017			2018			2017
Ground lease intangible amortization	Property and Maintenance	$	(3,348	)	$	(3,253	)	$	(1,116	)	$	(1,092	)
Retail lease intangible amortization	Rental Income		54			524			18			80
Total amortization of above/below     market lease intangibles		$	(3,294	)	$	(2,729	)	$	(1,098	)	$	(1,012	)

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

	Remaining
	2018			2019			2020			2021			2022			2023
Ground lease intangibles	$	(1,115	)	$	(4,463	)	$	(4,463	)	$	(4,463	)	$	(4,463	)	$	(4,463	)
Retail lease intangibles		17			71			71			71			27			19
Total	$	(1,098	)	$	(4,392	)	$	(4,392	)	$	(4,392	)	$	(4,436	)	$	(4,444	)

During the nine months ended September 30, 2018, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		5		1,478	$	707,005
Total		5		1,478	$	707,005

(1) Purchase price includes an allocation of approximately $113.7 million to land and $594.4 million to depreciable property (inclusive of capitalized closing costs).

During the nine months ended September 30, 2018, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		5		1,292	$	706,120
Land Parcels (one)		—		—		2,700
Total		5		1,292	$	708,820

The Company recognized a net gain on sales of real estate properties of approximately $256.8 million and a net gain on sales of land parcels of approximately $1.0 million on the above sales.

Impairment

During the nine months ended September 30, 2018, the Company recorded an approximate $0.7 million non-cash asset impairment charge on a property located in the San Francisco market due to physical property damage as a result of a fire at one of the buildings at the property.

5. Commitments to Acquire/Dispose of RealEstate

The Company has not entered into any separate agreements to acquire or dispose of rental properties or land parcels as of October 26, 2018.

6. Investments in Partially OwnedEntities

TheCompanyhasco-investedinvariouspropertieswithunrelatedthirdpartieswhichareeitherconsolidatedoraccounted 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 owning 17 properties containing 3,535 apartment units.  The Company is the general partner or managing member of these joint ventures and is responsible for managing the operations and affairs

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of the joint ventures as well as making all decisions regarding the businesses of the joint ventures.  The limited partners or non-managing members are not able to exercise substantive kick-out or participating rights.  As a result, the joint ventures qualify as VIEs.  The Company has a controlling financial interest in the VIEs and, thus, is the VIEs’ primary beneficiary.  The Company has both the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs.  As a result, the joint ventures are required to be consolidated on the Company’s financial statements.  The consolidated assets and liabilities related to the joint ventures were approximately $714.4 million and $315.6 million, respectively, at September 30, 2018 and approximately $518.9 million and $307.0 million, respectively, at December 31, 2017.

Investments in Unconsolidated Entities

The following table and information summarizes the Company’s investments in unconsolidated entities, which are accounted for under the equity method of accounting as the requirements for consolidation are not met, as of September 30, 2018 and December 31, 2017 (amounts in thousands except for ownership percentage):

	September 30, 2018		December 31, 2017		Ownership Percentage
Investments in Unconsolidated Entities:
Wisconsin Place Developer (VIE) (1)	$	42,964	$	44,451	33.3%
Operating Properties (Non-VIE) (2)		10,745		12,367	20.0%
Other		3,867		1,436	Varies
Investments in Unconsolidated Entities	$	57,576	$	58,254

(1) Represents an unconsolidated interest in an entity that owns the land underlying one of the consolidated joint venture properties noted above and owns and operates a related parking facility.  The joint venture, as a limited partner, does not have substantive kick-out or participating rights in the entity.  As a result, the entity qualifies as a VIE.  The joint venture does not have a controlling financial interest in the VIE and is not the VIE’s primary beneficiary.  The joint venture does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance or the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.  As a result, the entity that owns the land and owns and operates the parking facility is unconsolidated and recorded using the equity method of accounting.

(2) Includes two joint ventures under separate agreements with the same partner totaling 945 apartment units.

7. Restricted Deposits

The following table presents the Company’s restricted deposits as of September 30, 2018 and December 31, 2017 (amounts in thousands):

	September 30, 2018		December 31, 2017
Mortgage escrow deposits:
Real estate taxes and insurance	$	600	$	845
Replacement reserves		8,478		8,347
Mortgage principal reserves/sinking funds		8,363		3,167
Other		852		852
Mortgage escrow deposits		18,293		13,211
Restricted cash:
Earnest money on pending acquisitions		—		750
Restricted deposits on real estate investments		538		58
Resident security and utility deposits		35,379		35,183
Other		1,545		913
Restricted cash		37,462		36,904
Restricted deposits	$	55,755	$	50,115

29

8. Debt

EQRdoesnothaveanyindebtednessasalldebtisincurredbytheOperatingPartnership.  EQRguaranteestheOperating Partnership’srevolvingcreditfacilityuptothemaximumamountandforthefulltermofthefacility.  Weighted average interest rates noted below for the nine months ended September 30, 2018 are net of the effect of any derivative instruments.  

Mortgage Notes Payable

As of September 30, 2018, the Company had outstanding mortgage debt of approximately $2.8 billion.  

During the nine months ended September 30, 2018, the Company:

• Repaid $550.0 million of 6.08% mortgage debt held in a Fannie Mae loan pool maturing in 2020 and incurred a prepayment penalty of approximately $22.1 million;

• Repaid $43.7 million of conventional fixed-rate mortgage loans maturing in 2018;

• Repaid $254.2 million of various tax-exempt mortgage bonds maturing in 2028 through 2042; and

• Repaid $4.9 million of scheduled principal repayments on various mortgage debt.

The Company recorded $2.8 million of write-offs of unamortized deferred financing costs during the nine months ended September 30, 2018 as additional interest expense related to debt extinguishment of mortgages.  The Company also recorded $16.3 million of write-offs of net unamortized discounts during the nine months ended September 30, 2018 as additional interest expense related to debt extinguishment of mortgages.

As of September 30, 2018, the Company had $440.9 million of secured debt subject to third party credit enhancement.

AsofSeptember 30, 2018,scheduledmaturitiesfortheCompany’soutstandingmortgageindebtednesswereatvariousdates through May 28, 2061.  At September 30, 2018, the interest rate range on the Company’s mortgage debt was 0.10% to 6.90%.  During the nine months ended September 30, 2018, the weighted average interest rate on the Company’s mortgage debt was 4.19%.

Notes

As of September 30, 2018, the Company had outstanding unsecured notes of approximately $5.5 billion.

During the nine months ended September 30, 2018, the Company issued $500.0 million of ten-year 3.50% unsecured notes, receiving net proceeds of approximately $497.0 million before underwriting fees, hedge termination costs and other expenses, at an all-in effective interest rate of 3.61%.

AsofSeptember 30, 2018,scheduledmaturitiesfortheCompany’soutstandingnoteswereatvariousdatesthroughAugust 1, 2047.  At September 30, 2018, the interest rate range on the Company’s notes before the effect of certain fair value hedges was 2.375% to 7.57%.  During the nine months ended September 30, 2018, the weighted average interest rate on the Company’s notes was 4.25%.

The Company’s unsecured public debt contains certain financial and operating covenants including, among other things, maintenance of certain financial ratios.  The Company was in compliance with its unsecured public debt covenants for the nine months ended September 30, 2018.

Line of Credit and Commercial Paper

In November 2016, the Company replaced its existing $2.5 billion facility with a $2.0 billion unsecured revolving credit facility maturing January 10, 2022.  The Company has the ability to increase available borrowings by an additional $750.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments.  The interest rate on advances under the facility will generally be LIBOR plus a spread (currently 0.825%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 12.5 basis points).  Both the spread and the facility fee are dependent on the credit rating of the Company’s long term debt.

30

InFebruary2015,theCompanyenteredintoanunsecuredcommercialpapernoteprogramintheUnitedStates.  The Company may borrow up to a maximum of $500.0 million under this program subject to market conditions.  The notes will be soldundercustomarytermsintheUnitedStatescommercialpapernotemarketandwillrankparipassuwithalloftheCompany’s otherunsecuredseniorindebtedness.  Asof September 30, 2018, there was a balance of$499.4 million outstanding on thecommercialpaperprogram ($500.0 million in principal outstanding net of an unamortized discount of $0.6 million).  Thenotesbearinterest at various floating rates with a weighted average of 2.23% for the nine months ended September 30, 2018 and a weighted average maturity of 18 days as of September 30, 2018.

AsofSeptember 30, 2018,theamountavailableontherevolvingcreditfacilitywas$1.49billion(netof$6.7millionwhich wasrestricted/dedicatedtosupportlettersofcredit and net of $500.0 million in principal outstanding on the commercial paper program).  During the nine months ended September 30, 2018, the weighted average interest rate on the revolving credit facility was 2.65%.

Other

On April 24, 2017, the Company executed a new letter of credit facility with a third party financial institution which is not backed by or collateralized by borrowings on the Company’s unsecured revolving credit facility.  As of September 30, 2018, there was $9.0 million in letters of credit outstanding on this facility.

9. Derivative and Other Fair Value Instruments

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

In the normal course of business, the Company is exposed to the effect of interest rate changes.  The Company seeks 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.

Athree-levelvaluationhierarchyexistsfordisclosureoffairvaluemeasurements.  Thevaluationhierarchyisbasedupon thetransparencyofinputstothevaluationofanassetorliabilityasofthemeasurementdate.  Afinancialinstrument’scategorization 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 asfollows:

• 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 valuemeasurement.

The Company’s derivative positions are valued using models developed by the respective counterparty as well as models developed internally by the Company that use as their basis readily observable market parameters (such as forward yield curves and credit default swap data).  Employee holdings other than Common Shares within the supplemental executive retirement plan (the “SERP”) are valued using quoted market prices for identical assets and are included in other assets and other liabilities on the consolidated balance sheets.  Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are valued using the quoted market price of Common Shares.  The fair values disclosed for mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) were calculated using indicative rates provided by lenders of similar loans in the case of mortgage notes payable and the private unsecured debt (including its commercial paper and line of credit, if applicable) and quoted market prices for each underlying issuance in the case of the public unsecured notes.

31

The fair values of the Company’s financial instruments (other than mortgage notes payable, unsecured notes, commercial paper, line of credit and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract value.  Thefollowingtableprovidesasummaryofthe carrying andfairvaluesforthe Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at September 30, 2018 and December 31, 2017, respectively (amounts inthousands):

	September 30, 2018				December 31, 2017
	Carrying Value		Estimated Fair Value (Level 2)		Carrying Value		Estimated Fair Value (Level 2)
Mortgage notes payable, net	$	2,789,436	$	2,710,433	$	3,618,722	$	3,615,384
Unsecured debt, net		6,034,357		6,040,798		5,338,569		5,619,744
Total debt, net	$	8,823,793	$	8,751,231	$	8,957,291	$	9,235,128

ThefollowingtablesummarizestheCompany’sconsolidatedderivativeinstrumentsat September 30, 2018 (dollaramounts are inthousands):

	Fair Value Hedges (1)			Forward Starting Swaps (2)
Current Notional Balance	$	450,000		$	800,000
Lowest Interest Rate		2.375	%		2.1478	%
Highest Interest Rate		2.375	%		3.1163	%
Earliest Maturity Date		2019			2028
Latest Maturity Date		2019			2029

(1) Fair Value Hedges – Converts outstanding fixed rate unsecured notes ($450.0 million 2.375% notes due July 1, 2019) to a floating interest rate of 90-Day LIBOR plus 0.61%.

(2) Forward Starting Swaps – Designed to partially fix interest rates in advance of planned future debt issuances.  Of the $800.0 million notional balance, $300.0 million of these swaps have mandatory counterparty terminations in 2019 and are targeted for certain 2018 debt issuances while $500.0 million of these swaps have mandatory counterparty terminations in 2020 and are targeted for certain 2019 debt issuances.

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Thefollowingtablesprovideasummaryofthefairvaluemeasurementsforeachmajorcategoryofassetsandliabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at September 30, 2018 and December 31, 2017, respectively (amounts inthousands):

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	9/30/2018		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Derivatives designated as hedging    instruments:
Interest Rate Contracts:
Forward Starting Swaps	Other Assets	$	27,526	$	—	$	27,526	$	—
Supplemental Executive Retirement Plan	Other Assets		144,561		144,561		—		—
Total		$	172,087	$	144,561	$	27,526	$	—
Liabilities
Derivatives designated as hedging    instruments:
Interest Rate Contracts:
Fair Value Hedges	Other Liabilities	$	3,088	$	—	$	3,088	$	—
Supplemental Executive Retirement Plan	Other Liabilities		144,561		144,561		—		—
Total		$	147,649	$	144,561	$	3,088	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	381,239	$	—	$	381,239	$	—

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	12/31/2017		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Derivatives designated as hedging    instruments:
Interest Rate Contracts:
Forward Staring Swaps	Other Assets	$	5,143	$	—	$	5,143	$	—
Supplemental Executive Retirement Plan	Other Assets		140,159		140,159		—		—
Total		$	145,302	$	140,159	$	5,143	$	—
Liabilities
Derivatives designated as hedging    instruments:
Interest Rate Contracts:
Fair Value Hedges	Other Liabilities	$	1,597	$	—	$	1,597	$	—
Supplemental Executive Retirement Plan	Other Liabilities		140,159		140,159		—		—
Total		$	141,756	$	140,159	$	1,597	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	366,955	$	—	$	366,955	$	—

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Thefollowingtablesprovideasummaryoftheeffectoffairvaluehedges ontheCompany’saccompanyingconsolidated statements of operations and comprehensive income for the nine months ended September 30, 2018 and 2017, respectively (amounts in thousands):

September 30, 2018 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative			Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	(1,491	)	Fixed rate debt	Interest expense	$	1,491
Total		$	(1,491	)			$	1,491

September 30, 2017 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative			Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	(1,413	)	Fixed rate debt	Interest expense	$	1,413
Total		$	(1,413	)			$	1,413

ThefollowingtablesprovideasummaryoftheeffectofcashflowhedgesontheCompany’saccompanyingconsolidated statements of operations and comprehensive income for the nine months ended September 30, 2018 and 2017, respectively (amounts in thousands):

	Effective Portion						Ineffective Portion
September 30, 2018 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			Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	$	24,021	Interest expense	$	(13,902	)	N/A	$	—
Total	$	24,021		$	(13,902	)		$	—

	Effective Portion						Ineffective Portion
September 30, 2017 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			Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	$	5,216	Interest expense	$	(14,019	)	N/A	$	—
Total	$	5,216		$	(14,019	)		$	—

AsofSeptember 30, 2018and December 31, 2017,therewereapproximately$50.7millionand$88.6millionindeferred losses, net, included in accumulated other comprehensive income (loss), respectively, related to derivative instruments.  Based on the estimatedfairvaluesofthenetderivativeinstrumentsatSeptember 30, 2018,theCompanymayrecognizeanestimated$19.8million of accumulated other comprehensive income (loss) as additional interest expense during the twelve months ending September 30,2019.

In February 2018, the Company received approximately $1.6 million to settle two forward starting swaps in conjunction with the issuance of $500.0 million of ten-year unsecured public notes.  The entire $1.6 million was initially deferred as a component of accumulated other comprehensive income (loss) and will be recognized as a decrease to interest expense over the ten-year term of the notes.  

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10. Earning Per Share and Earnings PerUnit

Equity Residential

Thefollowingtablessetforththecomputationofnetincomepershare–basicandnetincomepershare–dilutedforthe Company (amounts in thousands except per shareamounts):

	Nine Months Ended September 30,						Quarter Ended September 30,
	2018			2017			2018			2017
Numerator for net income per share – basic:
Net income	$	562,804		$	498,297		$	223,846		$	144,196
Allocation to Noncontrolling Interests – Operating    Partnership		(20,517	)		(17,931	)		(8,159	)		(5,166	)
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(1,939	)		(2,354	)		(750	)		(801	)
Preferred distributions		(2,318	)		(2,318	)		(773	)		(772	)
Numerator for net income per share – basic	$	538,030		$	475,694		$	214,164		$	137,457
Numerator for net income per share – diluted:
Net income	$	562,804		$	498,297		$	223,846		$	144,196
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(1,939	)		(2,354	)		(750	)		(801	)
Preferred distributions		(2,318	)		(2,318	)		(773	)		(772	)
Numerator for net income per share – diluted	$	558,547		$	493,625		$	222,323		$	142,623
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		367,920			366,809			368,028			366,996
Effect of dilutive securities:
OP Units		12,871			12,907			12,884			12,910
Long-term compensation shares/units		2,642			2,924			2,972			3,039
Denominator for net income per share – diluted		383,433			382,640			383,884			382,945
Net income per share – basic	$	1.46		$	1.30		$	0.58		$	0.37
Net income per share – diluted	$	1.46		$	1.29		$	0.58		$	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):

	Nine Months Ended September 30,						Quarter Ended September 30,
	2018			2017			2018			2017
Numerator for net income per Unit – basic and diluted:
Net income	$	562,804		$	498,297		$	223,846		$	144,196
Net (income) loss attributable to Noncontrolling Interests – Partially    Owned Properties		(1,939	)		(2,354	)		(750	)		(801	)
Allocation to Preference Units		(2,318	)		(2,318	)		(773	)		(772	)
Numerator for net income per Unit – basic and diluted	$	558,547		$	493,625		$	222,323		$	142,623
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		380,791			379,716			380,912			379,906
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting    of the Company’s long-term compensation shares/units		2,642			2,924			2,972			3,039
Denominator for net income per Unit – diluted		383,433			382,640			383,884			382,945
Net income per Unit – basic	$	1.46		$	1.30		$	0.58		$	0.37
Net income per Unit – diluted	$	1.46		$	1.29		$	0.58		$	0.37

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11. Commitments andContingencies

The Company, as an owner of real estate, is subject to various Federal, state and local environmental laws.  Compliance by the Company with existing laws has not had a material adverse effect on the Company.  However, the Company cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future.  As of September 30, 2018, the Company does have environmental reserves totaling approximately $5.8 million related to three of its properties.

TheCompanyhadestablishedareserverelatedtovariouslitigationmattersassociatedwithitsMassachusettsproperties and periodically assessed the adequacy of the reserve and made adjustments as necessary.  As of September 30, 2018,the matters were resolved for a total payout of $0.9million and no reserve remains outstanding.

The Company does not believe there is any litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company.

As of September 30, 2018, the Company has four wholly owned projects totaling 912 apartment units in various stages of development with remaining commitments to fund of approximately $444.0 million and estimated completion dates ranging through September 30, 2021, as well as other completed development projects that are in various stages of lease-up or are stabilized.

AsofSeptember 30, 2018,theCompanyhastwounconsolidatedoperating properties that are owned with the same third party joint venture partner under separate agreements.  The joint venture agreementswiththispartnerareprimarilydeal-specificregardingprofit-sharing,equitycontributions,returnsoninvestment,buy-sell agreements and other customary provisions.  Thebuy-sellarrangementscontainprovisionsthatprovide the right, but not the obligation, for the Company to acquire the partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events described in the joint venture agreements.  

12. ReportableSegments

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 chiefoperatingdecisionmaker.  Thechiefoperatingdecisionmakerdecideshowresourcesareallocatedandassessesperformance on a recurring basis at leastquarterly.

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.  The Company’s geographic same store operating segments located in urban and high-density suburban markets represent its reportable segments (the two Denver properties acquired in the third quarter of 2018 are currently included in non-same store).  The Company’s operating segments located in its other markets (Phoenix) that are not material have also been included in the tables presented below.  

The Company’s fee and asset management and 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.

Allrevenuesarefromexternalcustomersandthereisnocustomerwhocontributed10%ormoreoftheCompany’stotal revenues during the nine months and quarters ended September 30, 2018 and 2017, respectively.

The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which representsrentalincomeless:1) propertyandmaintenanceexpenseand2) realestatetaxesandinsuranceexpense(allasreflected in the accompanying consolidated statements of operations and comprehensive income).  TheCompanybelievesthat 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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ThefollowingtablepresentsareconciliationofNOIfromourrentalrealestateforthe nine months and quarters ended September 30, 2018 and 2017, respectively (amounts inthousands):

	Nine Months Ended September 30,						Quarter Ended September 30,
	2018			2017			2018			2017
Rental income	$	1,925,128		$	1,840,170		$	652,677		$	623,951
Property and maintenance expense		(322,487	)		(306,645	)		(110,541	)		(104,721	)
Real estate taxes and insurance expense		(268,784	)		(253,318	)		(87,388	)		(84,087	)
Total operating expenses		(591,271	)		(559,963	)		(197,929	)		(188,808	)
Net operating income	$	1,333,857		$	1,280,207		$	454,748		$	435,143

The following tables present NOI for each segment from our rental real estate for the nine months and quarters ended September 30, 2018 and 2017,respectively,aswellastotalassetsandcapitalexpendituresatSeptember 30, 2018(amounts inthousands):

	Nine Months Ended September 30, 2018						Nine Months Ended September 30, 2017
	Rental Income		Operating Expenses		NOI		Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	310,972	$	89,211	$	221,761	$	300,702	$	85,972	$	214,730
Orange County		68,513		16,706		51,807		66,082		16,330		49,752
San Diego		68,640		17,984		50,656		66,052		17,415		48,637
Subtotal - Southern California		448,125		123,901		324,224		432,836		119,717		313,119
San Francisco		331,067		80,377		250,690		321,894		81,942		239,952
Washington D.C.		325,480		101,620		223,860		322,310		98,046		224,264
New York		343,239		135,700		207,539		341,295		128,076		213,219
Boston		171,042		47,666		123,376		167,010		45,871		121,139
Seattle		147,311		41,762		105,549		142,564		39,686		102,878
Other Markets		1,453		506		947		1,384		498		886
Total same store		1,767,717		531,532		1,236,185		1,729,293		513,836		1,215,457
Non-same store/other (2) (3)
Non-same store		134,308		45,997		88,311		60,446		21,096		39,350
Other (3)		23,103		13,742		9,361		50,431		25,031		25,400
Total non-same store/other		157,411		59,739		97,672		110,877		46,127		64,750
Totals	$	1,925,128	$	591,271	$	1,333,857	$	1,840,170	$	559,963	$	1,280,207

(1) For the nine months ended September 30, 2018 and 2017, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2017, less properties subsequently sold, which represented 71,721 apartmentunits.

(2) For the nine months ended September 30, 2018 and 2017, non-same store primarily includes properties acquired after January 1, 2017, plus any properties in lease-up and not stabilized as of January 1,2017.

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

37

	Quarter Ended September 30, 2018						Quarter Ended September 30, 2017
	Rental Income		Operating Expenses		NOI		Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	108,050	$	30,848	$	77,202	$	104,190	$	29,470	$	74,720
Orange County		23,182		5,615		17,567		22,427		5,491		16,936
San Diego		23,215		6,233		16,982		22,432		5,881		16,551
Subtotal - Southern California		154,447		42,696		111,751		149,049		40,842		108,207
San Francisco		116,937		29,271		87,666		113,154		29,527		83,627
Washington D.C.		109,637		34,722		74,915		108,764		33,474		75,290
New York		115,757		45,156		70,601		114,799		42,620		72,179
Boston		57,531		16,073		41,458		56,022		15,726		40,296
Seattle		50,618		14,137		36,481		49,467		13,449		36,018
Other Markets		485		165		320		459		158		301
Total same store		605,412		182,220		423,192		591,714		175,796		415,918
Non-same store/other (2) (3)
Non-same store		42,702		13,605		29,097		18,252		6,870		11,382
Other (3)		4,563		2,104		2,459		13,985		6,142		7,843
Total non-same store/other		47,265		15,709		31,556		32,237		13,012		19,225
Totals	$	652,677	$	197,929	$	454,748	$	623,951	$	188,808	$	435,143

(1) For the quarters ended September 30, 2018 and 2017, same store primarily includes all properties acquired or completed that were stabilized prior to July 1, 2017, less properties subsequently sold, which represented 72,561 apartmentunits.

(2) For the quarters ended September 30, 2018 and 2017, non-same store primarily includes properties acquired after July 1, 2017, plus any properties in lease-up and not stabilized as of July 1,2017.

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

	Nine Months Ended September 30, 2018
	Total Assets		Capital Expenditures
Same store (1)
Los Angeles	$	2,631,459	$	21,438
Orange County		321,551		6,327
San Diego		410,450		3,665
Subtotal - Southern California		3,363,460		31,430
San Francisco		2,989,059		34,617
Washington D.C.		3,734,007		21,722
New York		4,108,581		17,217
Boston		1,599,983		16,477
Seattle		1,287,733		12,085
Other Markets		12,820		135
Total same store		17,095,643		133,683
Non-same store/other (2) (3)
Non-same store		2,884,686		4,171
Other (3)		561,821		265
Total non-same store/other		3,446,507		4,436
Totals	$	20,542,150	$	138,119

(1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2017, less properties subsequently sold, which represented 71,721 apartmentunits.

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(2) Non-same store primarily includes properties acquired after January 1, 2017, plus any properties in lease-up and not stabilized as of January 1,2017.

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

13. SubsequentEvents

Subsequent to September 30, 2018, the Company:

• Repaid $500.0 million of 5.19% mortgage debt held in a Freddie Mac loan pool at par prior to the October 1, 2019 maturity date; and

• Reissued $96.9 million of floating rate tax-exempt mortgage bonds which mature on April 1, 2042, remarket weekly and are guaranteed by ERPOP.

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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 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, 2017.

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.  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.  Factors that might cause such differences include, but are not limited to, the following:

• We intend to actively acquire, develop and renovate multifamily properties for rental operations as market conditions dictate.  We may also acquire multifamily properties that are unoccupied or in the early stages of lease-up.  We may be unable to lease these apartment properties on schedule, resulting in decreases in expected rental revenues and/or lower yields due to lower occupancy and rental rates as well as higher than expected concessions or higher than expected operating expenses.  We may not be able to achieve rents that are consistent with expectations for acquired, developed or renovated properties.  We may underestimate the costs necessary to bring an acquired property up to standards established for its intended market position, to complete a development property or to complete a renovation.  Additionally, we expect that other real estate investors with capital will compete with us for attractive investment opportunities or may also develop properties in markets where we focus our development and acquisition efforts.  This competition (or lack thereof) may increase (or depress) prices for multifamily properties.  We may not be in a position or have the opportunity in the future to make suitable property acquisitions on favorable terms.  We have acquired in the past and intend to continue to pursue the acquisition of properties, including large portfolios of properties, that could increase our size and result in alterations to our capital structure.  The total number of apartment units under development, costs of development and estimated completion dates are subject to uncertainties arising from changing economic conditions (such as the cost of labor and construction materials), competition, tariffs and other trade disruptions and local government regulation;

• Debt financing and other capital required by the Company may not be available or may only be available on adverse terms;

• Labor and materials required for maintenance, repair, capital expenditure or development may be more expensive than anticipated;

• Occupancy levels and market rents may be adversely affected by national and local political, economic and market conditions including, without limitation, new construction and excess inventory of multifamily and owned housing/ condominiums, increasing portions of owned housing/condominium stock being converted to rental use, rental housing subsidized by the government, other government programs that favor single family rental housing or owner occupied housing over multifamily rental housing, slow or negative employment growth and household formation, the availability of low-interest mortgages or the availability of mortgages requiring little or no down payment for single family home buyers, changes in social preferences, governmental regulations including rent control or rent stabilization laws and regulations (California will have a ballot measure in November 2018 that would seek to repeal an existing state law that limits the extent to which local governments can enact rent control) and the potential for geopolitical instability, all of which are beyond the Company’s control; and

• Additional factors as discussed in Part I of the Company’s and the Operating Partnership’s Annual Report on Form 10-K, 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.

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Overview

Equity Residential (“EQR”) is an S&P 500 company focused on the acquisition, development and management of rental apartment properties located in urban and high-density suburban markets, which 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.  

EQR is the general partner of, and as of September 30, 2018 owned an approximate 96.3% 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 property management offices in each of its markets.  As of September 30, 2018, the Company had approximately 2,700 employees who provided real estate operations, leasing, legal, financial, accounting, acquisition, disposition, development and other support functions.

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 and any amendments to any of those reports we file with the SEC free of charge on our website, www.equityapartments.com.  These reports are made available on our website as soon as reasonably practicable after we file them with 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 business objectives and operating and investing strategies 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, 2017.  As an extension of that strategy, the Company began in the third quarter to actively invest in rental apartment properties in urban and high-density suburban areas of Denver, a market that shares many characteristics with the Company’s other markets (as noted below, the Company acquired two properties in Denver in the third quarter of 2018).  We continue to expect the acquisitions will be funded with proceeds from dispositions of properties in other markets.

Results of Operations

2018 Transactions

In conjunction with our business objectives and operating strategy, during the nine months ended September 30, 2018 the Company continued to invest in apartment properties located primarily in our urban and high-density suburban markets and sell apartment properties located primarily in the less dense portion of suburban markets and/or properties that we believe will have inferior long-term returns, as follows:

• Acquired five consolidated apartment properties, located in the Seattle, New York, Denver (two properties) and Boston markets, consisting of 1,461 apartment units, along with the remaining 17 apartment units of an existing consolidated apartment property located in the Washington D.C. market, for approximately $707.0 million at a weighted average Acquisition Cap Rate (see Definitions section below) of 4.4%;

• Sold five consolidated apartment properties, located in the Seattle, Los Angeles and New York (three properties) markets, consisting of 1,292 apartment units for approximately $706.1 million at a weighted average Disposition Yield (see Definitions section below) of 4.1% and generating an Unlevered IRR (see Definitions section below) of 8.7%;

• Sold one land parcel located in the Washington D.C. market for a sale price of approximately $2.7 million;

• Started construction on one project, located in the Boston market, consisting of 469 apartment units totaling approximately $409.7 million of expected development costs; and  

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• Substantially completed construction on one project, located in the San Francisco market, consisting of 449 apartment units totaling approximately $322.2 million of development costs at a Development Yield (see Definitions section below) of 5.1% and stabilized three projects, located in the Washington D.C., San Francisco and Seattle markets, consisting of 1,021 apartment units totaling approximately $620.4 million of development costs at a weighted average Development Yield of 5.1%.

See also Note 4 in the Notes to Consolidated Financial Statements for additional discussion regarding the Company’s real estate transactions.

Same Store Results

Properties that the Company owned and were stabilized (see definition below) for all of both of the nine months ended September 30, 2018 and 2017 (the “Nine-Month 2018 Same Store Properties”), which represented 71,721 apartment units, and properties that the Company owned and were stabilized for all of both of the quarters ended September 30, 2018 and 2017 (the “Third Quarter 2018 Same Store Properties”), which represented 72,561 apartment units, impacted the Company’s results of operations.  Both the Nine-Month 2018 Same Store Properties and the Third Quarter 2018 Same Store Properties are discussed in the following paragraphs.

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 provide a rollforward of the apartment units included in Same Store Properties and a reconciliation of apartment units included in Same Store Properties to those included in Total Properties for the nine months and quarter ended September 30, 2018:

	Nine Months Ended						Quarter Ended
	September 30, 2018						September 30, 2018
	Properties			Apartment Units			Properties			Apartment Units
Same Store Properties at Beginning of Period		275			70,117			284			72,629
2016 acquisitions		4			573			—			—
2017 acquisitions		—			—			1			136
2018 dispositions		(5	)		(1,292	)		(1	)		(506	)
Properties added back to same store (1)		—			—			1			285
Lease-up properties stabilized		7			2,292			—			—
Other		—			31			—			17
Same Store Properties at September 30, 2018		281			71,721			285			72,561

	Nine Months Ended				Quarter Ended
	September 30, 2018				September 30, 2018
	Properties		Apartment Units		Properties		Apartment Units
Same Store		281		71,721		285		72,561
Non-Same Store:
2018 acquisitions		5		1,461	5			1,461
2017 acquisitions - stabilized		2		437	1			301
2017 acquisitions - not stabilized		2		510	2			510
Properties removed from same store (1)		2		356		—		—
Master-Leased properties (2)		1		162	1			162
Lease-up properties not yet stabilized (3)		10		3,667	9			3,319
Other		1		1	1			1
Total Non-Same Store		23		6,594		19		5,754
Unconsolidated properties		2		945		2		945
Total Properties and Apartment Units		306		79,260		306		79,260

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Note: Properties are considered “stabilized” when they have achieved 90% occupancy for three consecutive months.  Properties are included in Same Store when they are stabilized for all of the current and comparable periods presented.

Note: During the nine months ended September 30, 2018, the Company closed down a garage (CRP Sports Garage in Boston, Massachusetts) and began its demolition as it starts the development of West End Tower on the site.  As a result, the garage was removed from the same store portfolio, which had no impact on the unit or property count for the nine months and quarter ended September 30, 2018.

(1) Consists of two properties which were removed from the same store portfolio as discussed further below:

a. Playa Pacifica in Hermosa Beach, California containing 285 apartment units was removed from the same store portfolio in the first quarter of 2015 due to a major renovation in which significant portions of the property were taken offline for extended time periods.  As of September 30, 2018 and 2017, Playa Pacifica had an occupancy of 95.8% and 95.8%, respectively.  Playa Pacifica remains in non-same store for the nine months ended September 30, 2018 as the property did not achieve greater than 90% occupancy for all of the current and comparable periods presented.  Playa Pacifica is included in the same store portfolio for the quarter ended September 30, 2018 as the property was stabilized for all of the current and comparable periods presented.

b. Acton Courtyard in Berkeley, California containing 71 apartment units was removed from the same store portfolio in the third quarter of 2016 due to an affordable housing dispute which required significant portions of the property to be vacant for an extended re-leasing period.  As of September 30, 2018 and 2017, Acton Courtyard had an occupancy of 84.5% and 93.0%, respectively.  Acton Courtyard remains in non-same store for the nine months ended September 30, 2018 as the property did not achieve greater than 90% occupancy for all of the current and comparable periods presented.  Acton Courtyard is included in the same store portfolio for the quarter ended September 30, 2018 as the property was stabilized for all of the current and comparable periods presented.

(2) Consists of one property containing 162 apartment units that is wholly owned by the Company where the entire project is master leased to a third party corporate housing provider.  Effective February 1, 2018, the Company took over management of one of its other master-leased properties containing 94 apartment units located in the Boston market.  Also, effective April 2, 2018, the Company took over management of one of its other master-leased properties containing 597 apartment units located in the Los Angeles market.

(3) Consists of properties in various stages of lease-up and properties where lease-up has been completed but the properties were not stabilized for the comparable periods presented.  Also includes the two master-leased properties noted above.

The following table provides comparative same store results and statistics for the Nine-Month 2018 Same Store Properties:

September YTD 2018 vs. September YTD 2017

Same Store Results/Statistics for 71,721 Same Store Apartment Units

$ in thousands (except for Average Rental Rate)

	Results									Statistics
Description	Revenues			Expenses			NOI			Average Rental Rate (1)			Physical Occupancy (2)			Turnover (3)
YTD 2018	$	1,767,717		$	531,532		$	1,236,185		$	2,739			96.2	%		40.5	%
YTD 2017	$	1,729,293		$	513,836		$	1,215,457		$	2,687			95.9	%		42.2	%
Change	$	38,424		$	17,696		$	20,728		$	52			0.3	%		(1.7	)%
Change		2.2	%		3.4	%		1.7	%		1.9	%

Note: Same store revenues for all leases are reflected on a straight line basis in accordance with GAAP for the current and comparable periods.

(1) Average Rental Rate – Total residential rental revenues reflected on a straight-line basis in accordance with GAAP divided by the weighted average occupied apartment units for the reporting period presented.

(2) Physical Occupancy – The weighted average occupied apartment units for the reporting period divided by the average of total apartment units available for rent for the reporting period.

(3) Turnover – Total residential move-outs (including inter-property and intra-property transfers) divided by total residential apartment units.

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The following table provides comparative same store operating expenses for the Nine-Month 2018 Same Store Properties:

September YTD 2018 vs. September YTD 2017

Same Store Operating Expenses for 71,721 Same Store Apartment Units

$ in thousands

											% of Actual
											YTD 2018
	Actual		Actual		$			%			Operating
	YTD 2018		YTD 2017		Change			Change			Expenses
Real estate taxes	$	224,909	$	216,000	$	8,909			4.1	%		42.3	%
On-site payroll (1)		116,961		114,010		2,951			2.6	%		22.0	%
Utilities (2)		71,896		68,942		2,954			4.3	%		13.5	%
Repairs and maintenance (3)		68,619		65,498		3,121			4.8	%		12.9	%
Insurance		13,704		13,019		685			5.3	%		2.6	%
Leasing and advertising		7,373		7,353		20			0.3	%		1.4	%
Other on-site operating expenses (4)		28,070		29,014		(944	)		(3.3	)%		5.3	%
Same store operating expenses	$	531,532	$	513,836	$	17,696			3.4	%		100.0	%

(1) On-site payroll – Includes payroll and related expenses for on-site personnel including property managers, leasing consultants and maintenance staff.

(2) Utilities – Represents gross expenses prior to any recoveries under the Resident Utility Billing System (“RUBS”).  Recoveries are reflected in rental income.

(3) Repairs and maintenance – Includes general maintenance costs, apartment unit turnover costs including interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof and parking lot repairs and other miscellaneous building repair and maintenance costs.

(4) Other on-site operating expenses – Includes ground lease costs and administrative costs such as office supplies, telephone and data charges and association and business licensing fees.

The following tables present reconciliations of operating 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 results (amounts in thousands):

	Nine Months Ended September 30,
	2018			2017
Operating income	$	639,254		$	632,707
Adjustments:
Fee and asset management revenue		(563	)		(532	)
Property management		69,175			64,702
General and administrative		41,420			40,366
Depreciation		583,869			542,964
Impairment		702			—
Total NOI	$	1,333,857		$	1,280,207
Rental income:
Same store	$	1,767,717		$	1,729,293
Non-same store/other		157,411			110,877
Total rental income		1,925,128			1,840,170
Operating expenses:
Same store		531,532			513,836
Non-same store/other		59,739			46,127
Total operating expenses		591,271			559,963
NOI:
Same store		1,236,185			1,215,457
Non-same store/other		97,672			64,750
Total NOI	$	1,333,857		$	1,280,207

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For properties that the Company acquired or completed that were stabilized prior to January 1, 2017 and that the Company expects to continue to own through December 31, 2018, the Company anticipates the following same store results for the full year ending December 31, 2018, which assumptions are based on current expectations and are forward looking:

2018 Same Store Assumptions
	Revised Full Year	Previous Full Year
Physical Occupancy	96.2%	96.1%
Revenue change	2.3%	1.9% to 2.3%
Expense change	3.7%	3.5% to 4.0%
NOI change	1.7%	1.0% to 1.8%

Same store revenues increased 2.2% during the nine months ended September 30, 2018 as compared to the nine months ended September 30, 2017, which was at the higher end of our expectations, due to gains in occupancy of 0.3%, continued low turnover and strong renewals.  The Company now anticipates full year 2018 same store revenue growth of approximately 2.3% as compared to the guidance range of 1.9% to 2.3% that was provided in July 2018.  The Company’s primary focus in 2018 is to continue providing exceptional customer service in order to retain existing residents to drive strong occupancy and renewal rate growth, which came in at 4.9% for the nine months ended September 30, 2018 as compared to the same period in 2017.  

Washington D.C. continues to perform on target due to high occupancy rates and job growth leading to absorption of substantial new supply in the market.  Same store revenues increased 1.0% in the nine months ended September 30, 2018 as compared to the same period in 2017, which was slightly below our full year expectations.  Occupancy of 96.2% for the nine months ended September 30, 2018 was higher than at the same time period last year.  We continue to expect same store revenue growth of approximately 1.2% in this market in 2018, as we expect improved results in the fourth quarter.

In the New York market, we anticipated that elevated deliveries of new luxury supply would have an impact on our ability to raise rents and would require us to issue meaningful rent concessions.  While we were impacted by new supply, stronger demand for our well-located properties led to increased same store occupancy levels and fewer rent concessions in the nine months ended September 30, 2018 than we expected.  As a result, same store revenues increased 0.6% in the nine months ended September 30, 2018 as compared to the same period in 2017, putting the market on track to exceed our most recent full year expectation of 0.2% provided in July 2018 for this market.  These strong demand conditions have led to higher occupancy and renewal rates, leading us to revise our expectation of same store revenue growth to approximately 0.7% for full year 2018.

Boston continues to steadily absorb new supply as a result of strong job growth in the business services sector.  Same store revenues increased 2.4% in the nine months ended September 30, 2018 as compared to the same period in 2017, which is trending above our most recent full year expectation due to stronger base rent growth and renewal increases.  With Boston’s continued ability to absorb new supply and easing near-term supply pressure, we now expect to produce full year same store revenue growth of approximately 2.4% in this market in 2018, which is better than our most recent expectation of 2.1% provided in July 2018.

We have a continued cautious outlook for Seattle as the market decelerates as anticipated due to significant supply.  Same store revenues increased 3.3% in the nine months ended September 30, 2018 as compared to the same period in 2017, which made it one of our strongest performing markets.  We do expect our ability to raise rents to continue to be muted, however, from elevated new supply.  We continue to expect Seattle to produce same store revenue growth of approximately 3.0% in 2018, which is consistent with our most recent expectations provided in July 2018.

San Francisco continues to perform better than expected as a result of strong demand driving occupancy, new lease growth and renewal rates.  The market continues to show positive trends and is producing wage growth driven by technology company expansions and investments.  As a result, same store revenues increased 2.8% in the nine months ended September 30, 2018 as compared to the same period in 2017. We expect to produce same store revenue growth of approximately 2.9% in this market in 2018, which is consistent with our most recent expectations provided in July 2018.

Los Angeles continues to experience new supply, but the impact of this supply has been somewhat delayed due to labor shortages pushing deliveries of new units into 2019.  Strong demand and, to some extent, these delays in deliveries have led to occupancy, renewals and new lease rates that exceeded our original expectations.  Same store revenues increased 3.4% in the nine months ended September 30, 2018 as compared to the same period in 2017, which was consistent with our most recent full year expectations.  Residential-only same store revenues increased 3.6% in the nine months ended September 30, 2018 as compared to the same period in 2017, while our reported revenue increase of 3.4% includes the impact of a negative, one-time non-residential income adjustment.  We expect to produce same store revenue growth of approximately 3.6% in this market in 2018, which is better than our most recent expectation of 3.4% provided in July 2018.

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During the first half of the year, Orange County experienced pressure on average rental rates and occupancy due to supply within the Irvine area.  However, demand and occupancy remain strong and we expect to produce some of our best revenue results in this market.  Same store revenues increased 3.7% in the nine months ended September 30, 2018 as compared to the same period in 2017, which was slightly higher than our most recent full year expectations.  We expect to produce same store revenue growth of approximately 3.6% in this market in 2018, which is slightly higher than our most recent expectation of 3.5% provided in July 2018.

In the San Diego market, we experienced supply pressure in the downtown area, but military spending remains strong.  Same store revenues increased 3.9% in the nine months ended September 30, 2018 as compared to the same period in 2017.  We expect to produce same store revenue growth of approximately 4.0% in this market in 2018, which is consistent with our most recent expectation provided in July 2018.

Same store expenses increased 3.4% during the nine months ended September 30, 2018 as compared to the same period in 2017.  The Company now anticipates that full year 2018 same store expenses will increase 3.7% as compared to the most recent guidance range of 3.5% to 4.0% that was provided in July 2018, primarily due to the following items:

• Real estate taxes increased 4.1% during the nine months ended September 30, 2018 as compared to the same period in 2017, which is at the low end of our most recent full year expectations, due primarily to better than anticipated appeal results in California.  Real estate taxes are estimated to increase approximately 4.0% for the full year 2018 as compared to 2017, which is at the low end of our most recent expectation of 4.0% to 4.5% provided in July 2018.

• Payroll costs increased 2.6% during the nine months ended September 30, 2018 as compared to the same period in 2017, which is trending lower than our most recent full year expectations of a 3.0% to 4.0% increase, primarily due to a reduction in medical reserve expenses in the comparable period. Payroll costs are now estimated to increase around 3.5% for the full year 2018 as compared to 2017, which is consistent with our most recent expectation provided in July 2018 of a 3.0% to 4.0% increase due to continued wage pressures, particularly with maintenance staff.

• Utilities increased 4.3% during the nine months ended September 30, 2018 as compared to the same period in 2017, primarily due to increases in the commodity cost for electricity, natural gas and heating oil after enjoying several years of declining rates, as well as adverse winter weather in the Northeast in the first quarter of 2018.  Utilities are now estimated to increase approximately 4.7% for the full year 2018 as compared to 2017, which is an increase to the most recent guidance provided in July 2018 of 4.0%.

Same store NOI increased 1.7% during the nine months ended September 30, 2018 as compared to the nine months ended September 30, 2017, which was at the higher end of our most recent expectation provided in July 2018.  The Company now anticipates full year 2018 same store NOI growth of approximately 1.7% as compared to the guidance range of 1.0% to 1.8% that was provided in July 2018, as a result of the above same store revenue and expense expectations.

See also Note 12 in the Notes to Consolidated Financial Statements for additional discussion regarding the Company’s segment disclosures.

Non-Same Store/Other Results

Non-same store/other NOI results for the nine months ended September 30, 2018 increased approximately $32.9 million compared to the same period of 2017 and consist primarily of properties acquired in calendar years 2017 and 2018, operations from the Company’s development properties and operations prior to disposition from 2017 and 2018 sold properties.  This difference is due primarily to:

• A positive impact of higher NOI from development and newly stabilized development properties in lease-up of $29.0 million;

• A positive impact of higher NOI from properties acquired in 2017 and 2018 of $20.2 million;

• A positive impact of higher NOI from other non-same store properties (including one current and two former master leased properties) of $1.3 million; and

• A negative impact of lost NOI from 2017 and 2018 dispositions of $21.8 million.

The Company’s guidance assumes consolidated rental acquisitions of $707.0 million (all of which occurred already) and consolidated rental dispositions of $706.1 million (all of which occurred already) and expects that the Acquisition Cap Rate will be 0.30% higher than the Disposition Yield for the full year ending December 31, 2018.  The Company budgeted one development start

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during the year ending December 31, 2018, which started in the second quarter of 2018.  We currently budget spending approximately $125.0 million on development costs during the year ending December 31, 2018, primarily for properties currently under construction including the one project started in 2018.  We assume that this capital will be primarily sourced with excess operating cash flow, future debt offerings and borrowings on our revolving credit facility and/or commercial paper program.  These 2018 assumptions are based on current expectations and are forward-looking.

Comparison of the nine months and quarter ended September 30, 2018 to the nine months and quarter ended September 30, 2017

For the nine months ended September 30, 2018, the Company reported diluted earnings per share/unit of $1.46 compared to $1.29 per share/unit in the same period of 2017.  The difference is primarily due to approximately $0.14 per share/unit in higher property NOI and $0.30 per share/unit in higher gains on property sales in 2018 as compared to 2017, partially offset by $0.13 per share/unit in higher debt extinguishment costs and lower non-operating asset gains on sale and $0.10 per share/unit in higher depreciation expense in 2018 as compared to 2017, as discussed below.  For the quarter ended September 30, 2018, the Company reported diluted earnings per share/unit of $0.58 compared to $0.37 per share/unit in the same period of 2017.  The difference is primarily due to approximately $0.26 per share/unit in higher gains on property sales and $0.04 per share/unit in higher property NOI in the third quarter of 2018 as compared to 2017, partially offset by $0.04 per share/unit of higher debt extinguishment costs and $0.03 per share/unit of higher depreciation expense in the third quarter of 2018 as compared to the same period of 2017, as discussed below.

For the nine months ended September 30, 2018, consolidated rental income increased 4.6%, consolidated operating expenses (comprised of property and maintenance and real estate taxes and insurance) increased 5.6% and consolidated NOI increased 4.2% when compared to the nine months ended September 30, 2017.  The increase in NOI is primarily a result of the Company’s improved NOI from same store and lease-up properties.  For the quarter ended September 30, 2018, consolidated rental income increased 4.6%, consolidated operating expenses (compromised of property and maintenance and real estate taxes and insurance) increased 4.8% and consolidated NOI increased 4.5% when compared to the quarter ended September 30, 2017.  The increase in NOI is primarily a result of the Company’s improved NOI from same store and lease-up properties.

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.  These expenses increased approximately $4.5 million or 6.9% and approximately $1.4 million or 6.6% for the nine months and quarter ended September 30, 2018, respectively, compared to the prior year periods.  These increases are primarily attributable to increases in payroll-related costs and legal and professional fees, partially offset by decreases in education/conference costs.  The Company anticipates that property management expenses will approximate $91.5 million for the year ending December 31, 2018.

General and administrative expenses, which include corporate operating expenses, increased approximately $1.1 million or 2.6% for the nine months ended September 30, 2018 compared to the prior year period, primarily due to an increase in payroll-related costs.  The Company anticipates that general and administrative expenses will approximate $54.0 million for the year ending December 31, 2018.

Depreciation expense, which includes depreciation on non-real estate assets, increased approximately $40.9 million or 7.5% and approximately $10.5 million or 5.7% for the nine months and quarter ended September 30, 2018, respectively, compared to the prior year periods, primarily as a result of additional depreciation expense on properties acquired in 2017 and 2018 and development properties placed in service during 2017 and 2018.

Interest and other income increased approximately $9.2 million and $3.9 million for the nine months and quarter ended September 30, 2018 compared to the prior year periods, primarily due to an $8.6 million and $3.9 million, respectively, increase in insurance/litigation settlement proceeds during 2018 compared to the prior year periods.  The Company anticipates that interest and other income will approximate $1.5 million for the year ending December 31, 2018, excluding certain non-comparable insurance/litigation settlement proceeds.

Other expenses increased approximately $11.7 million and $6.6 million for the nine months and quarter ended September 30, 2018, respectively, compared to the prior year periods, primarily due to an increase in expenses related to insurance, litigation and environmental settlements and advocacy contributions in 2018 as compared to 2017.  

Interest expense, including amortization of deferred financing costs, increased approximately $35.5 million or 12.0% and approximately $21.3 million or 22.8% for the nine months and quarter ended September 30, 2018, respectively, compared to the prior year periods.  The increase is due to $29.4 million and $18.3 million, respectively, in higher debt extinguishment costs for the nine months and quarter ended September 30, 2018 compared to the prior year periods, as well as lower capitalized interest due to the Company’s decline in development activity for the nine months and quarter ended September 30, 2018, respectively, compared to the prior year periods.  The effective interest cost on all indebtedness for the nine months ended September 30, 2018 was 4.36% as

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compared to 4.47% for the prior year period.  The effective interest cost on all indebtedness for the quarter ended September 30, 2018 was 4.30% as compared to 4.35% for the prior year period.  The Company capitalized interest of approximately $4.5 million and $23.2 million during the nine months ended September 30, 2018 and 2017, respectively, and $1.6 million and $6.6 million during the quarters ended September 30, 2018 and 2017, respectively.  The Company anticipates that interest expense, excluding debt extinguishment costs/prepayment penalties, will approximate $374.0 million to $378.3 million and capitalized interest will approximate $6.0 million for the year ending December 31, 2018.

The 2018 guidance/projections provided above are based on current projections and are forward-looking.

Loss from investments in unconsolidated entities increased approximately $0.8 million and approximately $0.6 million for the nine months and quarter ended September 30, 2018, respectively, compared to the prior year periods.  The increases are primarily due to a trailing gain on the liquidation of the Archstone Germany portfolio and a trailing gain on the sale of a property interest by the Archstone residual joint venture in the third quarter of 2017, neither of which reoccurred in the current year.

Net gain on sales of real estate properties increased approximately $115.1 million or 81.2% during the nine months ended September 30, 2018 compared to the prior year period, primarily as a result of the sale of five consolidated apartment properties for a sales price of approximately $706.1 million during the nine months ended September 30, 2018 as compared to four consolidated apartment properties for a sales price of approximately $319.7 million sold during the nine months ended September 30, 2017, all of which did not meet the criteria for reporting discontinued operations.  Net gain on sales of real estate properties increased approximately $97.3 million during the quarter ended September 30, 2018 compared to the prior year period as a result of the sale of one consolidated property for a sales price of approximately $416.1 million during the quarter ended September 30, 2018 as compared to the sale of one consolidated property for a sales price of approximately $53.0 million in the prior year period.  

Net gain on sales of land parcels decreased approximately $18.2 million or 94.8% during the nine months ended September 30, 2018 as compared to the prior year period due to the gain on sale of one land parcel with a lower basis in the prior year compared to the gain on sale of one land parcel in the current year.  

Liquidity and Capital Resources

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.  Under normal operating conditions, the Company considers its cash provided by operating activities to be adequate to meet operating requirements and payments of distributions.

As of January 1, 2018, the Company had approximately $50.6 million of cash and cash equivalents, approximately $50.1 million of restricted deposits and the amount available on its revolving credit facility was $1.69 billion. After taking into effect the various transactions discussed in the following paragraphs and the net cash provided by operating activities, at September 30, 2018, the Company’s cash and cash equivalents balance was approximately $33.0 million, the restricted deposits balance was approximately $55.8 million and the amount available on its revolving credit facility was $1.49 billion.

During the nine months ended September 30, 2018, the Company generated proceeds from various transactions, which included the following:

• Disposed of five consolidated rental properties and one land parcel receiving net proceeds of approximately $691.5 million;

• Issued $500.0 million of ten-year 3.50% unsecured notes, receiving net proceeds of approximately $497.0 million before underwriting fees, hedge termination settlements and other expenses; and

• Issued approximately 0.3 million Common Shares related to share option exercises and ESPP purchases and received net proceeds of $9.1 million, which were contributed to the capital of the Operating Partnership in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis).

During the nine months ended September 30, 2018, the above proceeds along with net cash flow from operations and borrowings from the Company’s revolving line of credit and commercial paper program were primarily utilized to:

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• Acquire five consolidated rental properties for approximately $708.1 million in cash;

• Invest $101.6 million primarily in development projects; and

• Repay $852.9 million of mortgage loans (inclusive of scheduled principal repayments) and incur prepayment penalties of approximately $22.1 million.

Credit Facility and Commercial Paper Program

In November 2016, the Company replaced its existing $2.5 billion facility with a $2.0 billion unsecured revolving credit facility maturing January 10, 2022.  The Company has the ability to increase available borrowings by an additional $750.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments.  The interest rate on advances under the facility will generally be LIBOR plus a spread (currently 0.825%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 12.5 basis points).  Both the spread and the facility fee are dependent on the credit rating of the Company’s long-term debt.

In February 2015, the Company entered into an unsecured commercial paper note program in the United States.  The Company may borrow up to a maximum of $500.0 million under this 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.  As of October 26, 2018, there was a balance of $500.0 million in principal outstanding on the commercial paper program.

As of October 26, 2018, the amount available on the revolving credit facility was $901.4 million net of:

• $500.0 million in principal outstanding on the commercial paper program;

• $495.0 million in principal outstanding on the revolving line of credit;

• $96.9 million of floating rate tax-exempt mortgage bonds which mature on April 1, 2042 and are guaranteed by ERPOP; and

• $6.7 million which was restricted/dedicated to support letters of credit.

  This facility may, among other potential uses, be used to fund property acquisitions, costs for certain properties under development and short-term liquidity requirements.

Dividend Policy

Beginning in 2018, the Company no longer determines its dividends/distributions as a fixed percentage of estimated Normalized FFO but instead adopted a more conventional policy based on actual and projected financial conditions, the Company’s actual and projected liquidity and operating results, the Company’s projected cash needs for capital expenditures and other investment activities and such other factors as the Company’s Board of Trustees deems relevant.  The Company declared a dividend/distribution for the first, second and third quarters of 2018 of $0.54 per share/unit in each quarter, an annualized increase of 7.2% over the amount paid in 2017.  This policy change is supported by the Company’s strong growth in property operations since the recent economic downturn and a significant reduction in its development activity resulting in a material increase in available cash flow.  All future dividends/distributions remain subject to the discretion of the Company’s Board of Trustees.  The Company believes that its expected 2018 operating cash flow will be sufficient to cover capital expenditures and regular dividends/distributions.

Total dividends/distributions paid in October 2018 amounted to $206.9 million (excluding distributions on Partially Owned Properties), which consisted of certain distributions declared during the third quarter ended September 30, 2018.

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, financing of construction and 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 and cash generated from operations after all distributions.  In addition, the Company has significant unencumbered properties available to secure additional mortgage borrowings in the event that the public capital markets are unavailable or the cost of alternative sources of capital is too high.  The fair 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, line of credit and commercial paper program.  Of the $26.4 billion in investment in real estate on the Company’s balance sheet at September 30, 2018, $21.6 billion

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or 81.7% 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.

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

The Company’s total debt summary and debt maturity schedules as of September 30, 2018 are as follows:

Debt Summary as of September 30, 2018

($ in thousands)

									Weighted
						Weighted			Average
						Average			Maturities
	Amounts (1)		% of Total			Rates (1)			(years)
Secured	$	2,789,436		31.6	%		4.19	%		5.4
Unsecured		6,034,357		68.4	%		4.12	%		9.5
Total	$	8,823,793		100.0	%		4.14	%		8.2
Fixed Rate Debt:
Secured – Conventional	$	2,386,165		27.0	%		4.66	%		3.8
Unsecured – Public		5,088,560		57.7	%		4.39	%		11.2
Fixed Rate Debt		7,474,725		84.7	%		4.48	%		8.9
Floating Rate Debt:
Secured – Conventional		6,554		0.1	%		1.82	%		6.4
Secured – Tax Exempt		396,717		4.5	%		2.09	%		13.6
Unsecured – Public (2)		446,430		5.1	%		2.76	%		0.7
Unsecured – Revolving Credit Facility		—		—			2.65	%		3.2
Unsecured – Commercial Paper Program		499,367		5.6	%		2.23	%		—
Floating Rate Debt		1,349,068		15.3	%		2.35	%		4.6
Total	$	8,823,793		100.0	%		4.14	%		8.2

(1) Net of the effect of any derivative instruments.  Weighted average rates are for the nine months ended September 30, 2018.

(2) Fair value interest rate swaps convert the $450.0 million 2.375% notes due July 1, 2019 to a floating interest rate of 90-Day LIBOR plus 0.61%.

Debt Maturity Schedule as of September 30, 2018

($ in thousands)

Year	Fixed Rate (1)				Floating Rate (1)				Total			% of Total			Weighted Average Rates on Fixed Rate Debt (1)			Weighted Average Rates on Total Debt (1)
2018	$	1,493			$	450,200		(2)	$	451,693			5.1	%		4.01	%		2.39	%
2019		506,731		(3)		517,412		(2)		1,024,143			11.5	%		5.17	%		4.02	%
2020		1,128,592		(4)		700				1,129,292			12.7	%		5.20	%		5.20	%
2021		927,506				600				928,106			10.4	%		4.64	%		4.64	%
2022		265,341				800				266,141			3.0	%		3.26	%		3.26	%
2023		1,326,800				4,800				1,331,600			14.9	%		3.74	%		3.73	%
2024		1,272				10,900				12,172			0.1	%		4.79	%		1.98	%
2025		451,334				13,200				464,534			5.2	%		3.38	%		3.33	%
2026		593,424				14,500				607,924			6.8	%		3.59	%		3.54	%
2027		401,468				15,600				417,068			4.7	%		3.26	%		3.19	%
2028+		1,924,969				359,065				2,284,034			25.6	%		4.17	%		3.76	%
Subtotal		7,528,930				1,387,777				8,916,707			100.0	%		4.23	%		3.91	%
Deferred Financing Costs and    Unamortized (Discount)		(54,205	)			(38,709	)			(92,914	)	N/A			N/A			N/A
Total	$	7,474,725			$	1,349,068			$	8,823,793			100.0	%		4.23	%		3.91	%

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(1) Net of the effect of any derivative instruments.  Weighted average rates are as of September 30, 2018.

(2) Includes $500.0 million in principal outstanding on the Company’s commercial paper program, of which $450.0 million matures in 2018 and $50.0 million matures in 2019.

(3) Includes a $500.0 million 5.19% mortgage loan with a maturity date of October 1, 2019 that was repaid at par on October 1, 2018.

(4) Includes a $500.0 million 5.78% mortgage loan with a maturity date of July 1, 2020 that can be prepaid at par beginning July 1, 2019.

See Note 8 in the Notes to Consolidated Financial Statements for additional discussion of debt at September 30, 2018.

ERPOP’s long-term senior debt ratings and short-term commercial paper ratings as well as EQR’s long-term preferred equity ratings, which all have a stable outlook, as of October 26, 2018 are as follows:

	Standard & Poor’s	Moody’s	Fitch
ERPOP’s long-term senior debt rating	A-	A3	A
ERPOP’s short-term commercial paper rating	A-2	P-2	F-1
EQR’s long-term preferred equity rating	BBB	Baa1	BBB+

See Note 13 in the Notes to Consolidated Financial Statements for discussion of the events, if any, which occurred subsequent to September 30, 2018.

Capitalization of Fixed Assets and Improvements to Real Estate

The Company’s and the Operating Partnership’s capital expenditures policy has 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, 2017.

For the nine months ended September 30, 2018, our actual capital expenditures to real estate included the following (amounts in thousands except for apartment unit and per apartment unit amounts):

Capital Expenditures to Real Estate

For theNine Months Ended September 30, 2018

	Same Stores Properties (5)		Non-Same Store Properties/Other (6)		Total		Same Store Avg. Per Apartment Unit
Total Apartment Units (1)		71,721		6,594		78,315
Building Improvements (2)	$	69,956	$	2,328	$	72,284	$	976
Renovation Expenditures (3)		30,079		1,183		31,262		419
Replacements (4)		33,648		925		34,573		469
Total Capital Expenditures	$	133,683	$	4,436	$	138,119	$	1,864

(1) Total Apartment Units – Excludes 945 unconsolidated apartment units for which capital expenditures to real estate are self-funded and do not consolidate into the Company’s results.

(2) Building Improvements – Includes roof replacement, paving, building mechanical equipment systems, exterior siding and painting, major landscaping, furniture, fixtures and equipment for amenities and common areas, vehicles and office and maintenance equipment.  

(3) Renovation Expenditures – Apartment unit renovation costs (primarily kitchens and baths) designed to reposition these units for higher rental levels in their respective markets.  Amounts for 2,195 same store apartment units approximated $13,700 per apartment unit renovated.  

(4) Replacements – Includes appliances, mechanical equipment, fixtures and flooring (including hardwood and carpeting).

(5) Same Store Properties – Primarily includes all properties acquired or completed that are stabilized prior to January 1, 2017, less properties subsequently sold.

(6) Non-Same Store Properties/Other – Primarily includes all properties acquired during 2017 and 2018, plus any properties in lease-up and not stabilized as of January 1, 2017.  Also includes capital expenditures for properties sold.

The Company estimates that during 2018 it will spend approximately $2,800 per same store apartment unit or $200.0 million of total capital expenditures to real estate for same store properties.  During 2018, the Company expects to spend approximately $41.0

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million for apartment unit renovation expenditures on approximately 3,000 same store apartment units at an average cost of approximately $13,700 per apartment unit renovated.  The anticipated total capital expenditures to real estate for same store properties represent approximately the same percentage of same store revenues, cost per unit and absolute dollar amounts as compared to 2017.  The Company plans to continue the elevated capital expenditures for investment in customer-facing building improvements (leasing offices, fitness centers, common areas, etc.) to enhance the quality of our properties and to protect our competitive position given the new luxury supply opening in many of our markets.  We also expect to maintain our elevated spending on sustainability projects and renovation expenditures during 2018.  The above assumptions are based on current expectations and are forward-looking.

During the nine months ended September 30, 2018, the Company’s total non-real estate capital additions, such as computer software, computer equipment, and furniture and fixtures and leasehold improvements to the Company’s property management offices and its corporate offices, were approximately $3.2 million.  The Company expects to fund approximately $1.8 million in total non-real estate capital additions for the remainder of 2018.  These anticipated fundings represent an increase over 2017, which is primarily driven by anticipated hardware and software upgrades to various existing systems during 2018.  The above assumption is based on current expectations and is forward-looking.

Capital expenditures to real estate and non-real estate capital additions are generally funded from net cash provided by operating activities and from investment cash flow.

Derivative Instruments

In the normal course of business, the Company is exposed to the effect of interest rate changes.  The Company seeks 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.

The Company has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors.  When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from these instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives it currently has in place.

See Note 9 in the Notes to Consolidated Financial Statements for additional discussion of derivative instruments at September 30, 2018.

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Definitions

The definition of certain terms described above or below are as follows:

• Acquisition Cap Rate – NOI that the Company anticipates receiving in the next 12 months (or the year two or three stabilized NOI for properties that are in lease-up at acquisition) less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $100-$450 per apartment unit depending on the age and condition of the asset) divided by the gross purchase price of the asset.  The weighted average Acquisition Cap Rate for acquired properties is weighted based on the projected NOI streams and the relative purchase price for each respective property.

• Development Yield – NOI that the Company anticipates receiving in the next 12 months following stabilization less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $50-$150 per apartment unit depending on the type of asset) divided by the total budgeted capital cost of the asset. The weighted average Development Yield for development properties is weighted based on the projected NOI streams and the relative total budgeted capital cost for each respective property.

• Disposition Yield – NOI that the Company anticipates giving up in the next 12 months less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $100-$450 per apartment unit depending on the age and condition of the asset) divided by the gross sale price of the asset.  The weighted average Disposition Yield for sold properties is weighted based on the projected NOI streams and the relative sales price for each respective property.

• Unlevered Internal Rate of Return (“IRR”) – The Unlevered IRR on sold properties is the compound annual rate of return calculated by the Company based on the timing and amount of: (i) the gross purchase price of the property plus any direct acquisition costs incurred by the Company; (ii) total revenues earned during the Company’s ownership period; (iii) total direct property operating expenses (including real estate taxes and insurance) incurred during the Company’s ownership period; (iv) capital expenditures incurred during the Company’s ownership period; and (v) the gross sales price of the property net of selling costs.  

Off-Balance Sheet Arrangements and Contractual Obligations

The Company has various unconsolidated interests in certain joint ventures.  The Company does not believe that these unconsolidated investments have a materially different impact on its liquidity, cash flows, capital resources, credit or market risk than its consolidated operating and/or other activities.  See Note 6 in the Notes to Consolidated Financial Statements for additional discussion regarding the Company’s investments in partially owned entities.  See also Note 11 in the Notes to Consolidated Financial Statements for discussion regarding the Company’s development projects.

The Company’s contractual obligations for the next five years and thereafter have not changed materially from the amounts and disclosures included in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2017.  See the updated debt maturity schedule included in Liquidity and Capital Resources for further discussion.

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, 2017.

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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 nine months and quarters ended September 30, 2018 and 2017:

Funds From Operations and Normalized Funds From Operations

(Amounts in thousands)

	Nine Months Ended September 30,						Quarter Ended September 30,
	2018			2017			2018			2017
Net income	$	562,804		$	498,297		$	223,846		$	144,196
Net (income) attributable to Noncontrolling Interests – Partially Owned     Properties		(1,939	)		(2,354	)		(750	)		(801	)
Preferred/preference distributions		(2,318	)		(2,318	)		(773	)		(772	)
Net income available to Common Shares and Units / Units		558,547			493,625			222,323			142,623
Adjustments:
Depreciation		583,869			542,964			194,618			184,100
Depreciation – Non-real estate additions		(3,397	)		(3,808	)		(1,137	)		(1,228	)
Depreciation – Partially Owned Properties		(2,837	)		(2,500	)		(904	)		(834	)
Depreciation – Unconsolidated Properties		3,447			3,430			1,150			1,145
Net (gain) loss on sales of unconsolidated entities – operating assets		—			(68	)		—			—
Net (gain) loss on sales of real estate properties		(256,834	)		(141,761	)		(114,672	)		(17,328	)
Noncontrolling Interests share of gain (loss) on sales    of real estate properties		(284	)		—			—			—
Impairment – operating assets		702			—			702			—
FFO available to Common Shares and Units / Units (1) (3) (4)		883,213			891,882			302,080			308,478
Adjustments:
Impairment – non-operating assets		—			—			—			—
Write-off of pursuit costs		3,125			2,329			1,059			783
Debt extinguishment and preferred share redemption (gains) losses		41,142			11,789			17,603			(613	)
Non-operating asset (gains) losses		(255	)		(19,355	)		223			(405	)
Other miscellaneous items		(2,608	)		(4,195	)		(1,138	)		(3,405	)
Normalized FFO available to Common Shares and Units / Units (2) (3) (4)	$	924,617		$	882,450		$	319,827		$	304,838
FFO (1) (3)	$	885,531		$	894,200		$	302,853		$	309,250
Preferred/preference distributions		(2,318	)		(2,318	)		(773	)		(772	)
FFO available to Common Shares and Units / Units (1) (3) (4)	$	883,213		$	891,882		$	302,080		$	308,478
Normalized FFO (2) (3)	$	926,935		$	884,768		$	320,600		$	305,610
Preferred/preference distributions		(2,318	)		(2,318	)		(773	)		(772	)
Normalized FFO available to Common Shares and Units / Units (2) (3) (4)	$	924,617		$	882,450		$	319,827		$	304,838

(1) The National Association of Real Estate Investment Trusts (“Nareit”) defines funds from operations (“FFO”) (April 2002 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 depreciated operating properties, plus depreciation and amortization expense, and after adjustments for unconsolidated partnerships and joint ventures.  Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis.  The April 2002 White Paper states that gain or loss on sales of property is excluded from FFO for previously depreciated operating properties only.  

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

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

• pursuit cost write-offs;

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

• gains and losses from non-operating assets; and

• other miscellaneous items.

54

(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 related to sales of depreciated operating properties and excluding real estate depreciation (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, 2017.  See Note 9 in the Notes to Consolidated Financial Statements for additional discussion of derivative and other fair value instruments.

Item 4.  Controls and Procedures

Equity Residential

(a) Evaluation of Disclosure Controls and Procedures:

Effective as of September 30, 2018, 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 third quarter of 2018 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 September 30, 2018, 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.

55

(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 third quarter of 2018 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

As of September 30, 2018, the Company does not believe there is any litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company.

Item 1A.  Risk Factors

Therehavebeennomaterialchangestotheriskfactors thatwerediscussedinPartI,Item1AoftheCompany’sandthe OperatingPartnership’sAnnualReportonForm10-Kfortheyearended December 31, 2017.

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

(a) Unregistered Common Shares Issued in the Quarter Ended September 30, 2018 - Equity Residential

During the quarter ended September 30, 2018, EQR issued 1,016 Common Shares in exchange for 1,016 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 optionofERPOP,thecashequivalentthereof,atanytimeoneyearafterthedateofissuance.  Theseshareswereeitherregistered undertheSecuritiesActof1933,asamended(the“SecuritiesAct”),orissuedinrelianceonanexemptionfromregistrationunder 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 theseexemptions.

Item 3.  Defaults Upon Senior Securities

None.

Item 4.  Mine Safety Disclosures

Not applicable.

Item 5.  Other Information

None.

Item 6.  Exhibits – See the Exhibit Index.

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EXHIBIT INDEX

Theexhibitslistedbelowarefiledaspartofthisreport.  Referencestoexhibitsorotherfilingsunderthecaption“Location”indicate thattheexhibitorotherfilinghasbeenfiled,thattheindexedexhibitandtheexhibitreferredtoarethesameandthattheexhibit referredtoisincorporatedbyreference.  TheCommissionfilenumbersforourExchangeActfilingsreferencedbeloware1-12252 (Equity Residential) and 0-24920 (ERP Operating LimitedPartnership).

Exhibit	Description	Location
10.1	Age 62 Retirement Agreement, dated September 4, 2018, by and between Equity Residential and David J. Neithercut.	Attached herein.
12	Computation of Ratio of Earnings to Combined Fixed Charges.	Attached herein.
31.1	Equity Residential – Certification of David J. Neithercut, 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 David J. Neithercut, 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 David J. Neithercut, 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 David J. Neithercut, 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	XBRL (Extensible Business Reporting Language). The following materials from Equity Residential’s and ERP Operating Limited Partnership’s Quarterly Report on Form 10-Q for the period ended September 30, 2018, formatted in XBRL: (i) consolidated balance sheets, (ii) consolidated statements of operations and comprehensive income, (iii) consolidated statements of cash flows, (iv) consolidated statement of changes in equity (Equity Residential), (v) consolidated statement of changes in capital (ERP Operating Limited Partnership) and (vi) notes to consolidated financial statements.	Attached herein.

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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:	October 30, 2018	By:	/s/ Robert A. Garechana
			Robert A. Garechana
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)
Date:	October 30, 2018	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:	October 30, 2018	By:	/s/ Robert A. Garechana
			Robert A. Garechana
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)
Date:	October 30, 2018	By:	/s/ Ian S. Kaufman
			Ian S. Kaufman
			Senior Vice President and Chief Accounting Officer
			(Principal Accounting Officer)

EX-10.1

Exhibit 10.1

AGE 62 RETIREMENT AGREEMENT

This Age 62 Retirement Agreement (this “Agreement”) is entered into by and between Equity Residential (“Equity” or the “Company”) and David J. Neithercut (“Executive”) as of September 4, 2018.

Witnesseth

Whereas, Executive is currently an officer of Equity and an employee of an Equity affiliate;

Whereas, Executive has elected to voluntarily retire, on December 31, 2018 (the “Retirement Date”), in accordance with the age 62 retirement provisions of Equity’s Share Incentive Plans relating to hires prior to 2009, after which he will no longer will be an officer or employee; and

Whereas, Executive and Equity wish to memorialize certain terms and conditions relating to Executive’s retirement.

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Equity and Executive voluntarily and knowingly agree as follows:

1. For the purposes of this Agreement, the term “Equity” includes:  Equity Residential, Equity Residential Management, L.L.C., Equity Residential Services, L.L.C., Equity Residential Properties Management Limited Partnership, ERP Operating Limited Partnership, Equity Residential Properties Management Limited Partnership II, Equity Residential Properties Management Corp., Equity Residential Properties Management Corp. II, ERP Holding Co. Inc., Equity Residential Services II, L.L.C. and to the extent applicable, as direct intended and third party beneficiaries hereof, their past and present owners, directors, officers, managers, agents, attorneys, insurers, executives, representatives, trustees, administrators, fiduciaries, parents, subsidiaries, divisions, partners, joint ventures, sister corporations and/or affiliated business entities, predecessors, successors, heirs, and assigns, jointly and severally, in both their personal and corporate capacities.

2. For purposes of this Agreement, the term “Executive” shall mean David J. Neithercut.

3. Immediately prior to the date hereof, Executive served as President and Chief Executive Officer of the Company.  As of the date hereof, Executive has ceased to be President of the Company, but will continue to serve as Chief Executive Officer of the Company, and perform all of his customary duties and responsibilities relating thereto, until the Retirement Date. Executive will also assist in the orderly transition of his responsibilities to Mark J. Parrell, who has been appointed by the Company’s Board of Trustees as President of the Company effective as of the date hereof and has been appointed by the Company’s Board of Trustees as Chief Executive Officer of the Company effective as of the Retirement Date.

4. Executive will receive his regular base pay for service through and including the Retirement Date, will not receive any severance relating to his retirement, and will continue to be reimbursed for reasonable and necessary business expenses incurred between the date hereof and the

Retirement Date. Executive shall also be paid for unused vacation days and trading days pursuant to Equity policy.

5.Executive will receive in February, 2019, an annual performance equity grant and annual performance bonus for services provided during 2018 (as determined under the Company’s Annual Incentive Plan which is part of the Company’s 2018 Executive Compensation Program), provided, however, as Executive will be age 62 or older at the time of such grant, he will only be permitted to receive restricted shares to the extent that he has previously designated such shares to be deferred to the Company’s Supplemental Executive Retirement Plan (“SERP”), and otherwise may elect to take all or any of the dollar amount of such equity grant in cash, restricted units (to the extent restricted units are offered by the Company) and/or share options.  The grant shall be made at the same time and manner as made to Equity’s other executive officers and shall be for service during the entire calendar year 2018, as determined by Equity’s Compensation Committee and Board of Trustees as part of its normal year-end process.

6. All of Executive’s current and future long-term compensation equity grants, including any shares to be issued or restricted units to be retained under the Company’s 2016, 2017 and 2018 LTI Plans (a/k/a Performance Share Plans), will vest immediately on the Retirement Date, all options will continue to be exercisable for the balance of the applicable ten-year option period and any restricted units shall continue to be subject to the two-year hold and any potential book-up events.  

7.a.As Executive is a participant under the Company’s LTI Plan (a/k/a Performance Share Plan), this retirement shall qualify as a “Qualified Termination” of employment under such Plan and the payout provisions in such Plan shall control.  There shall be no proration of Executive’s 2018 LTI award (or any other LTI award) as Executive will be employed by the Company through the entire calendar year 2018.      

b.Pursuant to the Executive Retirement Benefits Agreement entered into by Executive and Equity Residential in February 2001, Equity will continue to provide Executive, his spouse and eligible dependents with company sponsored medical, dental and vision health insurance benefits and life insurance benefits, (initially at the same amount of coverage in existence as of the Retirement Date) for the period from the Retirement Date until Executive’s death, subject to the same terms and conditions (including making the same monthly contributions as existing employees) as are applicable to active full-time Equity employees.  The Company sponsored life insurance shall be subject to the provider’s standard age reduction schedule for active full-time employees, and Equity will not provide Executive with any disability or accidental death or dismemberment benefits after the Retirement Date.  Also, from and after the date that the Executive (and/or the Executive’s spouse, as applicable) becomes eligible for Medicare (typically the age of 65), the Executive (and/or his spouse, as applicable) is required to enroll in Medicare Parts A & B, and Medicare will be such individual’s primary insurer (and Equity’s plan will be secondary).  Equity will credit the Executive for the amount the Executive pays for Medicare Part B on behalf of himself (and/or his spouse) against the monthly contributions the Executive would otherwise pay for coverage under the Equity plan.  Equity’s obligations to provide Executive with the benefits hereunder shall survive any sale of Equity and/or its discontinuation of any such company sponsored plans and shall be binding on its successors and assigns, in which case Equity and/or its successors and assigns shall remain obligated to provide Executive with similar benefits as offered from time to time by other large public company sponsored health and life insurance plans.  Executive acknowledges that the value of Equity’s cost of providing insurance to Executive and his spouse as described in this paragraph may be taxable to Executive.

c. Effective on the Retirement Date, Executive will be fully vested in the split dollar life insurance policiespurchased by Equity on his behalf in December, 1997, and any cash surrender value applicable thereto.  At the Retirement Date, Equity will release its collateral assignment of such policies, thereby releasing its right to receive any portion of the life insurance benefits and premiums paid by Equity. The cash surrender value may be taxable to Executive, in which case applicable withholdings and other required deductions will be made.

d. Executive agrees that after the Retirement Date, and upon request, he will cooperate with and assist Equity from time to time in the investigation and defense of claims brought by or against Equity, and Equity shall reasonably compensate Executive for his time and efforts.

e. Notwithstanding anything else in this Agreement to the contrary, the Amended and Restated Change in Control/Severance Agreement entered into between the Company and the Executive dated November 15, 2001 (as amended by First Amendment dated February 23, 2009) will be null and void as of the Retirement Date.  

8. Executive agrees not to make false or disparaging remarks about Equity or any Equity executive officer or trustee.

9. Executive acknowledges that in his capacity as an Equity officer and employee, he has obtained or had revealed to him a great deal of information of the utmost confidentiality, including but not limited to information of a personal nature about present and former employees of Equity, Equity’s internal policies and procedures, Equity’s financial performance and condition, and Equity’s business plans and strategies. Executive further understands and acknowledges that some of this information (“Confidential Information”) is protected from disclosure by the attorney/client privilege, self-critical analysis privilege or other legally recognized privilege.  Executive therefore agrees that at no time, unless he has obtained prior written consent from Equity’s General Counsel, will he use for his benefit or the benefit of any third party, or disclose to anyone, any Confidential Information.  Executive further agrees that if he is uncertain as to whether particular information is subject to the prohibitions of this paragraph, he will consult with Equity’s General Counsel before using or disclosing such information.   The term “Confidential Information” as used in this paragraph does not include information which (i) is or has become a matter of public record other than by way of an unauthorized disclosure by Executive; (ii) is generally known in the multi-family residential industry; (iii) is non-privileged and has been disclosed by Equity to people outside the Equity organization; or (iv) is required to be disclosed by law.  Executive agrees to immediately notify Equity’s General Counsel in the event he is contacted by any party (including, without limitation, process servers) seeking to institute or associate Executive with legal proceedings that involve Equity or Executive’s service at Equity.  

10. Executive acknowledges and agrees that due to the uniqueness of his services and confidential nature of the Confidential Information he possesses, the covenants set forth herein are reasonable and necessary for the protection of the legitimate business interests of Equity.

11. Except as provided below, Executive hereby fully, finally, and unconditionally releases Equity from any and all claims, suits, demands, charges, debts, grievances, costs, attorneys’ fees or injuries of every kind or nature, whether known or unknown, absolute or contingent, suspected or unsuspected, which Executive had or now has against Equity based on any matter or thing occurring or arising prior to the date of this Agreement, including but not limited to claims arising out of or relating to Executive’s employment with Equity or the separation of Executive’s employment from Equity.  

This release includes, but is not limited to, claims for breach of any implied or express employment contract, wrongful discharge or layoff, constructive discharge, retaliatory discharge, defamation, intentional or negligent infliction of emotional distress, invasion of privacy, negligence, impairment of economic opportunity or other common law matters; claims for wages, bonuses or other compensation; and claims of any constitutional right or discrimination based on age, color, concerted activity, disability, marital status, national origin, parental status, race, religion, retaliation, sex, sexual orientation, source of income or veteran’s status, including but not limited to claims arising under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans With Disabilities Act, the Age Discrimination In Employment Act Of 1967, the Older Workers Benefit Protection Act, the Executive Retirement Income Security Act, the Equal Pay Act, the Family And Medical Leave Act, and any amendments to any of these statutes, as well as any other state and local statutes and ordinances prohibiting discrimination in employment, including but not limited to the laws of the states of  Illinois and any other state or locale in which Equity conducts business.Executive further waives any right to monetary recovery should any administrative agency pursue any released claim on Executive’s behalf.  If for any reason any such agency takes the position that a pending charge has been brought on Executive’s behalf or encompasses Executive, Executive agrees to immediately advise the agency in writing that he does not wish to be involved in the matter and that the agency should terminate all efforts on Executive’s behalf, all claims having been fully and fairly satisfied by this Agreement.    Nothing in this paragraph shall affect or be deemed to compromise Executive’s rights or remedies under any Equity benefit plan or compensation program in which he participates, including but not limited to the Supplemental Executive Retirement Plan, Advantage Retirement Plan (“401K”), Executive Long-Term Incentive Plan, provisions of the limited partnership agreement of ERP Operating Limited Partnership relating to LTIP Units, and the 2011 Share Incentive Plan.Also excluded from this release are any claims or administrative charges which cannot be waived by law, claims relating to enforcement of the Agreement, and claims for indemnification arising under law, by-laws or contract.  EXECUTIVE UNDERSTANDS AND AGREES THAT THIS RELEASE FOREVER BARS EXECUTIVE FROM SUING, ARBITRATING OR OTHERWISE ASSERTING A CLAIM AGAINST EQUITY ON ANY RELEASED CLAIM.

12. It is expressly understood by Executive and Equity that, Equity does not, in any way, either directly or indirectly, by inference or otherwise, admit to any liability or wrongdoing, to any violation under any law, statute, regulation, ordinance or contract or waive defenses as to those matters within the scope of this Agreement and that no court, agency, or arbitrator has found Equity so liable or to have committed any such violation.

13. Not later than 90 days following the Retirement Date, Executive shall submit a final travel and expense report to Equity itemizing all outstanding travel and business expenses which have not been previously reimbursed.  The report will include all information and supporting documentation normally provided under Equity’s practices and procedures. Equity shall promptly reimburse Executive for any such reimbursable expenses.

14. As a condition to the receipt of the payments and other benefits described in this Agreement, except those to be provided before the Retirement Date or otherwise required by law, Executive agrees that within twenty-one (21) days after the Retirement Date, he will sign and be bound by the original of the General Release and Waiver Agreement attached to this Agreement as Exhibit A, such release to be provided to Executive on or about the Retirement Date.

15. This Agreement sets forth all of the terms and conditions of the agreement between the parties on the matters set forth in this Agreement and shall be considered and understood to be a

contractual commitment and not a mere recital.  This Agreement shall be binding upon Equity and its successors and assigns and upon Executive and his agents, heirs, executors, representatives and assigns (including spouse and eligible dependents as applicable hereunder).  Each party shall bear and pay his or its own costs and attorneys’ fees with regard to the negotiations involved with entering into this Agreement.

16.A waiver of any right under this Agreement must be in writing to be effective.  If any portion of this Agreement is held invalid by operation of law, the remaining terms of this Agreement shall not be affected.  The language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against either of the parties.  This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois, (without giving effect to the conflict of laws principles thereof) except to the extent federal laws apply.

17.Equity and Executive agree that notwithstanding any other agreement between Equity and Executive, any claim, lawsuit, arbitration or other litigation directly or indirectly arising from or related to this Agreement shall be instituted exclusively in the courts of Cook County, Illinois.  In the event of a breach by either party of any term of this Agreement, in addition to injunctive relief or any other damages, the non-breaching party may recover all costs and expense reasonably incurred by it in enforcing this Agreement or defending against a suit brought in violation of this Agreement, including reasonable attorneys’ fees.

18. Executive acknowledges that this Agreement constitutes written notice from Equity that it advises Executive to seek legal counsel before signing this Agreement, and that he has had an opportunity to do so.

19.In case any one or more of the provisions contained in this Agreement shall, for any reason under the laws of the jurisdiction, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability under the laws of such jurisdiction shall not affect any other provisions of this Agreement, but this Agreement shall be construed to minimize the effect of such invalid, illegal or unenforceable provision and to give the greatest effect to the transactions contemplated by this Agreement; provided, however, that any such invalidity, illegality or unenforceability in any jurisdiction shall not invalidate such provision in any other jurisdiction.

20. This Agreement cannot be modified, withdrawn, rescinded or supplemented in any manner after the date upon which it is executed except in a writing signed by both parties.  Executive acknowledges that in executing this Agreement he does not rely on any inducements, promises or representations made by Equity other than those expressly stated herein.  Executive further declares that he has read this Agreement and fully understands its terms and contents, including his rights and obligations hereunder, and freely, voluntarily and without coercion enters into this Agreement.

In Witness Whereof, this Agreement has been executed as of the above date.

EQUITY RESIDENTIALEXECUTIVE

By: /s/ Scott J. FensterBy:/s/ David J. Neithercut

Name: Scott J. FensterDavid J. Neithercut

Its: Executive Vice President & General Counsel

EXHIBIT A

GENERAL RELEASE AND WAIVER AGREEMENT

THIS GENERAL RELEASE AND WAIVER AGREEMENT (this “Agreement”) is entered into by and between EQUITY RESIDENTIAL (“Equity”), and David J. Neithercut (“Executive”) on ____________ and shall be effective upon the expiration of the revocation period referred to herein (the “Effective Date”).

.

WHEREAS, Executive and Equity entered into a Retirement Agreement dated September ___, 2018 (the “Retirement Agreement”), to document Executive’s retirement from Equity effective on December 31, 2018; and

WHEREAS, Executive agreed in the Retirement Agreement to execute a General Release and Waiver Agreement to receive certain benefits thereunder; and

WHEREAS, Executive and Equity desire to settle, compromise, and resolve any and all potential differences and disputes between them without the burden, expense and delay of litigation and without admission by any party of any fault or liability; and

WHEREAS, this Agreement constitutes the General Release and Waiver Agreement; and

NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, and in the Retirement Agreement, and for other good and valuable consideration, receipt and sufficiency of which is hereby acknowledged, Executive and Equity voluntarily and knowingly agree as follows:

1. For the purposes of this Agreement, the term “Equity” includes:  Equity Residential, Equity Residential Management, L.L.C., Equity Residential Services, L.L.C., Equity Residential Properties Management Limited Partnership, ERP Operating Limited Partnership, Equity Residential Properties Management Limited Partnership II, Equity Residential Properties Management Corp., Equity Residential Properties Management Corp. II, ERP Holding Co. Inc., Equity Residential Services II, L.L.C. and to the extent applicable, as direct intended and third party beneficiaries hereof, their past and present owners, directors, officers, managers, agents, attorneys, insurers, executives, representatives, trustees, administrators, fiduciaries, parents, subsidiaries, divisions, partners, joint ventures, sister corporations and/or affiliated business entities, predecessors, successors, heirs, and assigns, jointly and severally, in both their personal and corporate capacities.

2. For the purposes of this entire Agreement, the term “Executive” shall include David J. Neithercut, his heirs, successors, agents and assigns.

3.Except as provided below, Executive hereby fully, finally, and unconditionally releases Equity from any and all claims, suits, demands, charges, debts, grievances, costs, attorneys’ fees or injuries of every kind or nature, whether known or unknown, absolute or contingent, suspected or unsuspected, which Executive had or now has against Equity based on any matter or thing occurring

or arising prior to the date of this Agreement, including but not limited to claims arising out of or relating to Executive’s employment with Equity or the separation of Executive’s employment from Equity.  This release includes, but is not limited to, claims for breach of any implied or express employment contract, wrongful discharge or layoff, constructive discharge, retaliatory discharge, defamation, intentional or negligent infliction of emotional distress, invasion of privacy, negligence, impairment of economic opportunity or other common law matters; claims for wages, bonuses or other compensation; and claims of any constitutional right or discrimination based on age, color, concerted activity, disability, marital status, national origin, parental status, race, religion, retaliation, sex, sexual orientation, source of income or veteran’s status, including but not limited to claims arising under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans With Disabilities Act, the Age Discrimination In Employment Act Of 1967, the Older Workers Benefit Protection Act, the Executive Retirement Income Security Act, the Equal Pay Act, the Family And Medical Leave Act, and any amendments to any of these statutes, as well as any other state and local statutes and ordinances prohibiting discrimination in employment, including but not limited to the laws of the states of  Illinois and any other state or locale in which Equity conducts business.Executive further waives any right to monetary recovery should any administrative agency pursue any released claim on Executive’s behalf.  If for any reason any such agency takes the position that a pending charge has been brought on Executive’s behalf or encompasses Executive, Executive agrees to immediately advise the agency in writing that he does not wish to be involved in the matter and that the agency should terminate all efforts on Executive’s behalf, all claims having been fully and fairly satisfied by this Agreement.  Nothing in this paragraph shall affect or be deemed to compromise Executive’s rights or remedies under any Equity benefit plan or compensation program in which he participates, including but not limited to the Supplemental Executive Retirement Plan, Advantage Retirement Plan (“401K”), Executive Long-Term Incentive Plan, provisions of the limited partnership agreement of ERP Operating Limited Partnership relating to LTIP Units, and the 2011 Share Incentive Plan.Also excluded from this release are any claims or administrative charges which cannot be waived by law, claims relating to enforcement of the Retirement Agreementand/or this Agreement, and claims for indemnification arising under law, by-laws or contract.  EXECUTIVE UNDERSTANDS AND AGREES THAT THIS RELEASE FOREVER BARS EXECUTIVE FROM SUING, ARBITRATING OR OTHERWISE ASSERTING A CLAIM AGAINST EQUITY ON ANY RELEASED CLAIM.

4. It is expressly understood by Executive and Equity that this Agreement is being entered into pursuant to the terms of the Retirement Agreement, and is solely for the purpose of settling matters set forth in this Agreement and that by entering this Agreement, Equity does not, in any way, either directly or indirectly, by inference or otherwise, admit to any liability or wrongdoing, to any violation under any law, statute, regulation, ordinance or contract or waive defenses as to those matters within the scope of this Agreement and that no court, agency, or arbitrator has found Equity so liable or to have committed any such violation.

5. Executive warrants that he has returned to Equity all property belonging to Equity (including, but not limited to, business records, office and apartment keys, credit cards, computers, computer software, etc.).

6. Executive represents and warrants that he has not filed or brought any claim or charge against Equity with any court, arbitral tribunal, administrative agency, governmental agency or other such body.

7. This Agreement sets forth all of the terms and conditions of the agreement between the parties on the matters set forth in this Agreement and shall be considered and understood to be a contractual commitment and not a mere recital.  

8. This Agreement shall be binding upon Equity and its successors and assigns and upon Executive, and his respective agents, heirs, executors, representatives, and assigns.  

9. Each party shall bear and pay his or its own costs and attorneys’ fees with regard to this Agreement and any matters covered herein.

10. A waiver of any right under this Agreement must be in writing to be effective. If any portion of this Agreement is held invalid by operation of law, the remaining terms of this Agreement shall not be affected.  

11. The language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against either of the parties.  This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois, (without giving effect to the conflict of laws principles thereof) except to the extent that federal laws apply.

12.The parties agree and acknowledge that should either party violate any term of this Agreement, the amount of damages that party would suffer as a result of such violation would be difficult to ascertain.  In the event of a breach by either party of any term of this Agreement, in addition to injunctive relief or any other damages, the non-breaching party may recover all costs and expense reasonably incurred by it in enforcing this Agreement or defending against a suit brought in violation of this Agreement, including reasonable attorneys’ fees.

13.Executive acknowledges that he has been given twenty-one (21) days from the date he received this Agreement to consider its terms and decide whether or not to sign it.  The twenty-one (21) day period started on the day Executive received this Agreement, and any changes to this Agreement, whether or not material, do not restart the running of the twenty-one (21) day period. Executive understands that he may revoke this Agreement at any time within the seven (7) day period following execution thereof and that this Agreement shall become effective and enforceable only when the revocation period has expired and Executive has not revoked this Agreement.  

14.Executive acknowledges that this Agreement constitutes written notice from Equity that it advises Executive to seek legal counsel before signing this Agreement, and that he has had an opportunity to do so.

15.This Agreement cannot be modified, withdrawn, rescinded or supplemented in any manner after the date upon which it is executed except in a writing signed by both parties.

16.Except as otherwise expressly set forth herein and in the Retirement Agreement (which remains in full force and effect), and except for any agreements excluded from the release given by Executive in Section 3 above, this Agreement resolves all matters between Equity and Executive and supersedes any other written or oral agreement between Equity and Executive concerning the subject matter of this Agreement.

17.Executive acknowledges that in executing this Agreement he does not rely on any inducements, promises or representations made by Equity other than those expressly stated herein, in the Retirement Agreement, and/or in agreements excluded from the release given by Executive in Section 3 above.  Further, Executive declares that he has completely read this Agreement and fully understands its terms and contents, including his rights and obligations hereunder, and freely, voluntarily and without coercion enters into this Agreement.  

EQUITY RESIDENTIALEXECUTIVE

By:

EX-12

Exhibit 12

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Computation of Ratio of Earnings to Combined Fixed Charges

($ in thousands)

	Nine Months Ended September 30,						Year Ended December 31,
	2018			2017			2017			2016			2015			2014			2013
Net income or income (loss) from continuing    operations	$	562,804		$	498,297		$	628,381		$	4,479,586		$	907,621		$	657,101		$	(168,174	)
Interest expense incurred, net		321,454			288,579			383,890			482,246			444,487			457,460			587,141
Amortization of deferred financing costs		9,054			6,447			8,526			12,633			10,801			11,088			22,197
Earnings before combined fixed charges and    preferred distributions		893,312			793,323			1,020,797			4,974,465			1,362,909			1,125,649			441,164
Preferred Share/Preference Unit distributions		(2,318	)		(2,318	)		(3,091	)		(3,091	)		(3,357	)		(4,145	)		(4,145	)
Premium on redemption of Preferred    Shares/Preference Units		—			—			—			—			(3,486	)		—			—
Earnings before combined fixed charges	$	890,994		$	791,005		$	1,017,706		$	4,971,374		$	1,356,066		$	1,121,504		$	437,019
Interest expense incurred, net	$	321,454		$	288,579		$	383,890		$	482,246		$	444,487		$	457,460		$	587,141
Amortization of deferred financing costs		9,054			6,447			8,526			12,633			10,801			11,088			22,197
Interest capitalized for real estate and    unconsolidated entities under development		4,547			23,164			26,290			51,451			59,885			52,782			47,321
Amortization of deferred financing costs for real    estate under development		—			—			—			—			—			—			152
Total combined fixed charges		335,055			318,190			418,706			546,330			515,173			521,330			656,811
Preferred Share/Preference Unit distributions		2,318			2,318			3,091			3,091			3,357			4,145			4,145
Premium on redemption of Preferred    Shares/Preference Units		—			—			—			—			3,486			—			—
Total combined fixed charges and preferred    distributions	$	337,373		$	320,508		$	421,797		$	549,421		$	522,016		$	525,475		$	660,956
Ratio of earnings before combined fixed    charges to total combined fixed    charges (1) (2)		2.66			2.49			2.43			9.10			2.63			2.15			—
Ratio of earnings before combined fixed    charges and preferred distributions to    total combined fixed charges and    preferred distributions (1) (2)		2.65			2.48			2.42			9.05			2.61			2.14			—

(1) For the nine months ended September 30, 2018 and 2017 and the years ended December 31, 2017, 2016, 2015 and 2014, the ratios have been increased primarily due to gains on the sales of real estate properties that were not included in discontinued operations as a result of the Company’s adoption of the accounting standard effective January 1, 2014.

(2) For the year ended December 31, 2013, the coverage deficiency approximated $219.8 million.  The 2013 ratios have been reduced due to the disposition of properties which resulted in the inclusion of those properties in discontinued operations. The ratios have been further reduced due to non-cash depreciation expense and premiums on the redemption of Preferred Shares/Preference Units.  The Company was in compliance with its unsecured public debt covenants for all periods presented.

EX-31.1

Exhibit 31.1

Equity Residential

CERTIFICATIONS

I, David J. Neithercut, certify that:

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

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessarytomakethestatementsmade,inlightofthecircumstancesunderwhichsuchstatementsweremade,notmisleading with respect to the period covered by thisreport;

3. Basedonmyknowledge,thefinancialstatements,andotherfinancialinformationincludedinthisreport,fairlypresentinall material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in thisreport;

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 andhave:

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 equivalentfunctions):

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: October 30, 2018

/s/ David J. Neithercut

    David J. Neithercut

    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 necessarytomakethestatementsmade,inlightofthecircumstancesunderwhichsuchstatementsweremade,notmisleading with respect to the period covered by thisreport;

3. Basedonmyknowledge,thefinancialstatements,andotherfinancialinformationincludedinthisreport,fairlypresentinall material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in thisreport;

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: October 30, 2018

/s/ Robert A. Garechana

    Robert A. Garechana

    Chief Financial Officer

EX-31.3

Exhibit 31.3

ERP Operating Limited Partnership

CERTIFICATIONS

I, David J. Neithercut, 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. Basedonmyknowledge,thefinancialstatements,andotherfinancialinformationincludedinthisreport,fairlypresentinall material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in thisreport;

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: October 30, 2018

/s/ David J. Neithercut

    David J. Neithercut

    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. Basedonmyknowledge,thisreportdoesnotcontainanyuntruestatementofamaterialfactoromittostateamaterial factnecessarytomakethestatementsmade,inlightofthecircumstancesunderwhichsuchstatementsweremade,not misleading with respect to the period covered by thisreport;

3. Basedonmyknowledge,thefinancialstatements,andotherfinancialinformationincludedinthisreport,fairlypresentinall material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in thisreport;

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: October 30, 2018

/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

SECTION906OFTHESARBANES-OXLEYACTOF2002

InconnectionwiththeQuarterlyReportofEquityResidential(the“Company”)onForm10-QfortheperiodendingSeptember 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David J. Neithercut, Chief ExecutiveOfficeroftheCompany,certify,pursuantto18U.S.C.§1350,asadoptedpursuantto§906oftheSarbanes-OxleyAct of 2002, that, to the best of myknowledge:

(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/ DavidJ.Neithercut

David J.Neithercut

Chief Executive Officer

October 30, 2018

EX-32.2

Exhibit 32.2

Equity Residential

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION906OFTHESARBANES-OXLEYACTOF2002

InconnectionwiththeQuarterlyReportofEquityResidential(the“Company”)onForm10-QfortheperiodendingSeptember 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”),I, Robert A. Garechana,ChiefFinancial OfficeroftheCompany,certify,pursuantto18U.S.C.§1350,asadoptedpursuantto§906oftheSarbanes-OxleyActof2002, that, to the best of myknowledge:

(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

October 30, 2018

EX-32.3

Exhibit 32.3

ERP Operating Limited Partnership

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION906OFTHESARBANES-OXLEYACTOF2002

In connection with the Quarterly Report of ERP Operating Limited Partnership (the “Operating Partnership”) on Form 10-QfortheperiodendingSeptember 30,2018asfiledwiththeSecuritiesandExchangeCommissiononthedatehereof(the“Report”), I,DavidJ.Neithercut,ChiefExecutiveOfficerofEquityResidential,generalpartneroftheOperatingPartnership,certify,pursuant to18U.S.C.§1350,asadoptedpursuantto§906oftheSarbanes-OxleyActof2002,that,tothebestofmyknowledge:

(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 OperatingPartnership.

/s/ David J. Neithercut

David J. Neithercut

Chief Executive Officer

of Registrant’s General Partner  

October 30, 2018

EX-32.4

Exhibit 32.4

ERP Operating Limited Partnership

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION906OFTHESARBANES-OXLEYACTOF2002

In connection with the Quarterly Report of ERP Operating Limited Partnership (the “Operating Partnership”) on Form 10-QfortheperiodendingSeptember 30,2018asfiledwiththeSecuritiesandExchangeCommissiononthedatehereof(the“Report”), I,Robert A. Garechana, ChiefFinancialOfficerofEquityResidential,generalpartneroftheOperatingPartnership,certify,pursuantto 18U.S.C.§1350,asadoptedpursuantto§906oftheSarbanes-OxleyActof2002,that,tothebestofmyknowledge:

(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 OperatingPartnership.

/s/ Robert A. Garechana

Robert A. Garechana

Chief Financial Officer

of Registrant’s General Partner

October 30, 2018

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 26, 2018
Document And Entity Information [Line Items]
Entity Registrant Name	EQUITY RESIDENTIAL
Entity Central Index Key	0000906107
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Trading Symbol	EQR
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		368,440,623
ERPOP [Member]
Document And Entity Information [Line Items]
Entity Registrant Name	ERP OPERATING LIMITED PARTNERSHIP
Entity Central Index Key	0000931182
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false

XML

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Land	$ 5,866,457	$ 5,996,024
Depreciable property	20,336,747	19,768,362
Projects under development	134,961	163,547
Land held for development	87,335	98,963
Investment in real estate	26,425,500	26,026,896
Accumulated depreciation	(6,494,770)	(6,040,378)
Investment in real estate, net	19,930,730	19,986,518
Investments in unconsolidated entities	57,576	58,254
Cash and cash equivalents	32,995	50,647
Restricted deposits	55,755	50,115
Other assets	465,094	425,065
Total assets	20,542,150	20,570,599
Liabilities:
Mortgage notes payable, net	2,789,436	3,618,722
Notes, net	5,534,990	5,038,812
Line of credit and commercial paper	499,367	299,757
Accounts payable and accrued expenses	182,446	114,766
Accrued interest payable	69,132	58,035
Other liabilities	344,373	341,852
Security deposits	67,177	65,009
Distributions payable	206,899	192,828
Total liabilities	9,693,820	9,729,781
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	381,239	366,955
Shareholders’ equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of September 30, 2018 and December 31, 2017	37,280	37,280
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 368,409,586 shares issued and outstanding as of September 30, 2018 and 368,018,082 shares issued and outstanding as of December 31, 2017	3,684	3,680
Paid in capital	8,900,324	8,886,586
Retained earnings	1,344,825	1,403,530
Accumulated other comprehensive income (loss)	(50,689)	(88,612)
Total shareholders’ equity	10,235,424	10,242,464
Noncontrolling Interests:
Operating Partnership	233,825	226,691
Partially Owned Properties	(2,158)	4,708
Total Noncontrolling Interests	231,667	231,399
Total equity	10,467,091	10,473,863
Total liabilities and equity/capital	$ 20,542,150	$ 20,570,599

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Shares Issued	745,600	745,600
Preferred Stock, Shares Outstanding	745,600	745,600
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	368,409,586	368,018,082
Common Stock, Shares, Outstanding	368,409,586	368,018,082

XML

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
REVENUES
Rental income	$ 652,677	$ 623,951	$ 1,925,128	$ 1,840,170
Total revenues	652,867	624,122	1,925,691	1,840,702
EXPENSES
Property and maintenance	110,541	104,721	322,487	306,645
Real estate taxes and insurance	87,388	84,087	268,784	253,318
Property management	22,247	20,861	69,175	64,702
General and administrative	12,640	12,567	41,420	40,366
Depreciation	194,618	184,100	583,869	542,964
Impairment	702		702
Total expenses	428,136	406,336	1,286,437	1,207,995
Operating income	224,731	217,786	639,254	632,707
Interest and other income	7,864	3,945	14,860	5,708
Other expenses	(7,661)	(1,028)	(14,871)	(3,160)
Interest:
Expense incurred, net	(111,219)	(91,145)	(321,454)	(288,579)
Amortization of deferred financing costs	(3,276)	(2,064)	(9,054)	(6,447)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of real estate properties and land parcels	110,439	127,494	308,735	340,229
Income and other tax (expense) benefit	(280)	(228)	(767)	(710)
Income (loss) from investments in unconsolidated entities	(985)	(398)	(2,993)	(2,153)
Net gain (loss) on sales of real estate properties	114,672	17,328	256,834	141,761
Net gain (loss) on sales of land parcels			995	19,170
Net income	223,846	144,196	562,804	498,297
Net (income) loss attributable to Noncontrolling Interests:
Operating Partnership	(8,159)	(5,166)	(20,517)	(17,931)
Partially Owned Properties	(750)	(801)	(1,939)	(2,354)
Net income attributable to controlling interests	214,937	138,229	540,348	478,012
Preferred distributions	(773)	(772)	(2,318)	(2,318)
Net income available to Common Shares	$ 214,164	$ 137,457	$ 538,030	$ 475,694
Earnings per share – basic:
Net income available to Common Shares	$ 0.58	$ 0.37	$ 1.46	$ 1.30
Weighted average Common Shares outstanding	368,028	366,996	367,920	366,809
Earnings per share – diluted:
Net income available to Common Shares	$ 0.58	$ 0.37	$ 1.46	$ 1.29
Weighted average Common Shares outstanding	383,884	382,945	383,433	382,640
Distributions declared per Common Share outstanding	$ 0.54	$ 0.50375	$ 1.62	$ 1.51125
Fee and asset management
REVENUES
Fee and asset management	$ 190	$ 171	$ 563	$ 532

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Comprehensive income:
Net income	$ 223,846	$ 144,196	$ 562,804	$ 498,297
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period	12,026	1,709	24,021	5,216
Losses reclassified into earnings from other comprehensive income	4,595	4,768	13,902	14,019
Other comprehensive income (loss)	16,621	6,477	37,923	19,235
Comprehensive income	240,467	150,673	600,727	517,532
Comprehensive (income) attributable to Noncontrolling Interests	(9,519)	(6,201)	(23,848)	(20,983)
Comprehensive income attributable to controlling interests	$ 230,948	$ 144,472	$ 576,879	$ 496,549

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 562,804	$ 498,297
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	583,869	542,964
Amortization of deferred financing costs	9,054	6,447
Amortization of above/below market lease intangibles	3,294	2,729
Amortization of discounts and premiums on debt	21,360	2,018
Amortization of deferred settlements on derivative instruments	13,893	14,010
Impairment	702
Write-off of pursuit costs	3,125	2,329
(Income) loss from investments in unconsolidated entities	2,993	2,153
Distributions from unconsolidated entities – return on capital	1,885	2,031
Net (gain) loss on sales of real estate properties	(256,834)	(141,761)
Net (gain) loss on sales of land parcels	(995)	(19,170)
Net (gain) loss on debt extinguishment	22,110	12,258
Compensation paid with Company Common Shares	22,270	19,999
Changes in assets and liabilities:
(Increase) decrease in other assets	(18,550)	(23,024)
Increase (decrease) in accounts payable and accrued expenses	58,756	62,635
Increase (decrease) in accrued interest payable	11,097	11,865
Increase (decrease) in other liabilities	1,190	(28,250)
Increase (decrease) in security deposits	2,168	2,606
Net cash provided by operating activities	1,044,191	970,136
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	(708,092)	(466,395)
Investment in real estate – development/other	(101,573)	(227,187)
Capital expenditures to real estate	(138,119)	(143,258)
Non-real estate capital additions	(3,155)	(776)
Interest capitalized for real estate under development	(4,547)	(23,164)
Proceeds from disposition of real estate, net	691,526	350,000
Investments in unconsolidated entities	(4,860)	(5,324)
Distributions from unconsolidated entities – return of capital		329
Net cash provided by (used for) investing activities	(268,820)	(515,775)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs	(4,355)	(6,272)
Mortgage notes payable, net:
Lump sum payoffs	(847,939)	(493,420)
Scheduled principal repayments	(4,938)	(8,771)
Notes, net:
Proceeds	497,010	692,466
Lump sum payoffs		(394,077)
Line of credit and commercial paper:
Line of credit proceeds	1,635,000	1,845,000
Line of credit repayments	(1,635,000)	(1,845,000)
Commercial paper proceeds	9,624,610	3,891,596
Commercial paper repayments	(9,425,000)	(3,681,750)
Proceeds from (payments on) settlement of derivative instruments	1,638	1,296
Proceeds from Employee Share Purchase Plan (ESPP)	3,074	2,963
Proceeds from exercise of options	6,000	12,967
Payment of offering costs	(27)	(36)
Other financing activities, net	(48)	(40)
Contributions – Noncontrolling Interests – Partially Owned Properties	125	125
Contributions – Noncontrolling Interests – Operating Partnership	1
Distributions:
Common Shares	(583,184)	(554,267)
Preferred Shares	(2,318)	(2,318)
Noncontrolling Interests – Operating Partnership	(21,040)	(20,604)
Noncontrolling Interests – Partially Owned Properties	(8,882)	(6,873)
Net cash provided by (used for) financing activities	(787,383)	(579,273)
Net increase (decrease) in cash and cash equivalents and restricted deposits	(12,012)	(124,912)
Cash and cash equivalents and restricted deposits, beginning of period	100,762	219,088
Cash and cash equivalents and restricted deposits, end of period	88,750	94,176
Cash and cash equivalents	32,995	46,565
Restricted deposits	55,755	47,611
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	268,966	257,805
Net cash paid for income and other taxes	934	964
Amortization of deferred financing costs:
Other assets	1,809	1,810
Mortgage notes payable, net	4,197	1,943
Notes, net	3,048	2,694
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	19,394	247
Notes, net	1,966	1,771
Amortization of deferred settlements on derivative instruments:
Other liabilities	(9)	(9)
Accumulated other comprehensive income	13,902	14,019
Write-off of pursuit costs:
Investment in real estate, net	3,079	2,292
Other assets	13	17
Accounts payable and accrued expenses	33	20
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	1,973	1,076
Other liabilities	1,020	1,077
Realized/unrealized (gain) loss on derivative instruments:
Other assets	(24,021)	(3,803)
Notes, net	(1,491)	(1,413)
Other liabilities	1,491
Accumulated other comprehensive income	24,021	5,216
Investments in unconsolidated entities:
Investments in unconsolidated entities	(3,180)	(2,324)
Other liabilities	(1,680)	(3,000)
Mortgage Notes Payable, Net [Member]
Mortgage notes payable, net:
Net gain (loss) on debt extinguishment	$ (22,110)	$ (12,258)

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Total	PREFERRED SHARES	COMMON SHARES, $0.01 PAR VALUE	PAID IN CAPITAL	RETAINED EARNINGS	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	OPERATING PARTNERSHIP	PARTIALLY OWNED PROPERTIES
Balance, beginning of year at Dec. 31, 2017	$ 10,242,464	$ 37,280	$ 3,680	$ 8,886,586	$ 1,403,530	$ (88,612)
Balance, beginning of year at Dec. 31, 2017	231,399						$ 226,691	$ 4,708
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares				356			(356)
Exercise of share options			2	5,998
Employee Share Purchase Plan (ESPP)			1	3,073
Share-based employee compensation expense:
Restricted shares			1	6,803
Share options				9,206
ESPP discount				604
Offering costs				(27)
Supplemental Executive Retirement Plan (SERP)				(533)
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership	14,361			(14,361)
Adjustment for Noncontrolling Interests ownership in Operating Partnership				2,619			(2,619)
PAID IN CAPITAL
Conversion of OP Units into Common Shares				356			(356)
Exercise of share options			2	5,998
Employee Share Purchase Plan (ESPP)			1	3,073
RETAINED EARNINGS
Net income attributable to controlling interests	540,348				540,348
Common Share distributions					(596,735)
Preferred Share distributions					(2,318)
Accumulated other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period	24,021					24,021
Losses reclassified into earnings from other comprehensive income	(13,902)					13,902
NONCONTROLLING INTERESTS
Issuance of restricted units to Noncontrolling Interests							1
Conversion of OP Units into Common Shares				356			(356)
Equity compensation associated with Noncontrolling Interests							11,074
Net income	562,804
Distributions to Noncontrolling Interests							(21,560)	(8,930)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	(77)						77
Adjustment for Noncontrolling Interests ownership in Operating Partnership				2,619			(2,619)
Net income attributable to Noncontrolling Interests	20,517						20,517	1,939
PARTIALLY OWNED PROPERTIES
Net income	562,804
Distributions to Noncontrolling Interests							(21,560)	(8,930)
Net income attributable to Noncontrolling Interests	20,517						20,517	1,939
Contributions by Noncontrolling Interests								125
Balance, end of period at Sep. 30, 2018	10,235,424	$ 37,280	$ 3,684	$ 8,900,324	$ 1,344,825	$ (50,689)
Balance, end of period at Sep. 30, 2018	$ 231,667						$ 233,825	$ (2,158)

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CONSOLIDATED BALANCE SHEETS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Land	$ 5,866,457	$ 5,996,024
Depreciable property	20,336,747	19,768,362
Projects under development	134,961	163,547
Land held for development	87,335	98,963
Investment in real estate	26,425,500	26,026,896
Accumulated depreciation	(6,494,770)	(6,040,378)
Investment in real estate, net	19,930,730	19,986,518
Investments in unconsolidated entities	57,576	58,254
Cash and cash equivalents	32,995	50,647
Restricted deposits	55,755	50,115
Other assets	465,094	425,065
Total assets	20,542,150	20,570,599
Liabilities:
Mortgage notes payable, net	2,789,436	3,618,722
Notes, net	5,534,990	5,038,812
Line of credit and commercial paper	499,367	299,757
Accounts payable and accrued expenses	182,446	114,766
Accrued interest payable	69,132	58,035
Other liabilities	344,373	341,852
Security deposits	67,177	65,009
Distributions payable	206,899	192,828
Total liabilities	9,693,820	9,729,781
Commitments and contingencies
Partners’ Capital:
Accumulated other comprehensive income (loss)	(50,689)	(88,612)
Noncontrolling Interests – Partially Owned Properties	(2,158)	4,708
Total liabilities and equity/capital	20,542,150	20,570,599
ERPOP [Member]
ASSETS
Land	5,866,457	5,996,024
Depreciable property	20,336,747	19,768,362
Projects under development	134,961	163,547
Land held for development	87,335	98,963
Investment in real estate	26,425,500	26,026,896
Accumulated depreciation	(6,494,770)	(6,040,378)
Investment in real estate, net	19,930,730	19,986,518
Investments in unconsolidated entities	57,576	58,254
Cash and cash equivalents	32,995	50,647
Restricted deposits	55,755	50,115
Other assets	465,094	425,065
Total assets	20,542,150	20,570,599
Liabilities:
Mortgage notes payable, net	2,789,436	3,618,722
Notes, net	5,534,990	5,038,812
Line of credit and commercial paper	499,367	299,757
Accounts payable and accrued expenses	182,446	114,766
Accrued interest payable	69,132	58,035
Other liabilities	344,373	341,852
Security deposits	67,177	65,009
Distributions payable	206,899	192,828
Total liabilities	9,693,820	9,729,781
Commitments and contingencies
Redeemable Limited Partners	381,239	366,955
Partners’ Capital:
Preference Units	37,280	37,280
General Partner	10,248,833	10,293,796
Limited Partners	233,825	226,691
Accumulated other comprehensive income (loss)	(50,689)	(88,612)
Total partners’ capital	10,469,249	10,469,155
Noncontrolling Interests – Partially Owned Properties	(2,158)	4,708
Total capital	10,467,091	10,473,863
Total liabilities and equity/capital	$ 20,542,150	$ 20,570,599

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CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
REVENUES
Rental income	$ 652,677	$ 623,951	$ 1,925,128	$ 1,840,170
Total revenues	652,867	624,122	1,925,691	1,840,702
EXPENSES
Property and maintenance	110,541	104,721	322,487	306,645
Real estate taxes and insurance	87,388	84,087	268,784	253,318
Property management	22,247	20,861	69,175	64,702
General and administrative	12,640	12,567	41,420	40,366
Depreciation	194,618	184,100	583,869	542,964
Impairment	702		702
Total expenses	428,136	406,336	1,286,437	1,207,995
Operating income	224,731	217,786	639,254	632,707
Interest and other income	7,864	3,945	14,860	5,708
Other expenses	(7,661)	(1,028)	(14,871)	(3,160)
Interest:
Expense incurred, net	(111,219)	(91,145)	(321,454)	(288,579)
Amortization of deferred financing costs	(3,276)	(2,064)	(9,054)	(6,447)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of real estate properties and land parcels	110,439	127,494	308,735	340,229
Income and other tax (expense) benefit	(280)	(228)	(767)	(710)
Income (loss) from investments in unconsolidated entities	(985)	(398)	(2,993)	(2,153)
Net gain (loss) on sales of real estate properties	114,672	17,328	256,834	141,761
Net gain (loss) on sales of land parcels			995	19,170
Net income	223,846	144,196	562,804	498,297
Partially Owned Properties	(750)	(801)	(1,939)	(2,354)
Net income attributable to controlling interests	$ 214,937	$ 138,229	$ 540,348	$ 478,012
Earnings per Unit – basic:
Net income available to Units	$ 0.58	$ 0.37	$ 1.46	$ 1.30
Earnings per Unit – diluted:
Net income available to Units	$ 0.58	$ 0.37	$ 1.46	$ 1.29
Weighted average Units outstanding	383,884	382,945	383,433	382,640
Fee and asset management
REVENUES
Fee and asset management	$ 190	$ 171	$ 563	$ 532
ERPOP [Member]
REVENUES
Rental income	652,677	623,951	1,925,128	1,840,170
Total revenues	652,867	624,122	1,925,691	1,840,702
EXPENSES
Property and maintenance	110,541	104,721	322,487	306,645
Real estate taxes and insurance	87,388	84,087	268,784	253,318
Property management	22,247	20,861	69,175	64,702
General and administrative	12,640	12,567	41,420	40,366
Depreciation	194,618	184,100	583,869	542,964
Impairment	702		702
Total expenses	428,136	406,336	1,286,437	1,207,995
Operating income	224,731	217,786	639,254	632,707
Interest and other income	7,864	3,945	14,860	5,708
Other expenses	(7,661)	(1,028)	(14,871)	(3,160)
Interest:
Expense incurred, net	(111,219)	(91,145)	(321,454)	(288,579)
Amortization of deferred financing costs	(3,276)	(2,064)	(9,054)	(6,447)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of real estate properties and land parcels	110,439	127,494	308,735	340,229
Income and other tax (expense) benefit	(280)	(228)	(767)	(710)
Income (loss) from investments in unconsolidated entities	(985)	(398)	(2,993)	(2,153)
Net gain (loss) on sales of real estate properties	114,672	17,328	256,834	141,761
Net gain (loss) on sales of land parcels			995	19,170
Net income	223,846	144,196	562,804	498,297
Partially Owned Properties	(750)	(801)	(1,939)	(2,354)
Net income attributable to controlling interests	223,096	143,395	560,865	495,943
ALLOCATION OF NET INCOME:
Preference Units	773	772	2,318	2,318
General Partner	214,164	137,457	538,030	475,694
Limited Partners	8,159	5,166	20,517	17,931
Net income available to Units	$ 222,323	$ 142,623	$ 558,547	$ 493,625
Earnings per Unit – basic:
Net income available to Units	$ 0.58	$ 0.37	$ 1.46	$ 1.30
Weighted average Units outstanding	380,912	379,906	380,791	379,716
Earnings per Unit – diluted:
Net income available to Units	$ 0.58	$ 0.37	$ 1.46	$ 1.29
Weighted average Units outstanding	383,884	382,945	383,433	382,640
Distributions declared per Unit outstanding	$ 0.54	$ 0.50375	$ 1.62	$ 1.51125
ERPOP [Member] | Fee and asset management
REVENUES
Fee and asset management	$ 190	$ 171	$ 563	$ 532

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Comprehensive income:
Net income	$ 223,846	$ 144,196	$ 562,804	$ 498,297
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period	12,026	1,709	24,021	5,216
Losses reclassified into earnings from other comprehensive income	4,595	4,768	13,902	14,019
Other comprehensive income (loss)	16,621	6,477	37,923	19,235
Comprehensive income	240,467	150,673	600,727	517,532
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties	(9,519)	(6,201)	(23,848)	(20,983)
Comprehensive income attributable to controlling interests	230,948	144,472	576,879	496,549
ERPOP [Member]
Comprehensive income:
Net income	223,846	144,196	562,804	498,297
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period	12,026	1,709	24,021	5,216
Losses reclassified into earnings from other comprehensive income	4,595	4,768	13,902	14,019
Other comprehensive income (loss)	16,621	6,477	37,923	19,235
Comprehensive income	240,467	150,673	600,727	517,532
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties	(750)	(801)	(1,939)	(2,354)
Comprehensive income attributable to controlling interests	$ 239,717	$ 149,872	$ 598,788	$ 515,178

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CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 562,804	$ 498,297
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	583,869	542,964
Amortization of deferred financing costs	9,054	6,447
Amortization of above/below market lease intangibles	3,294	2,729
Amortization of discounts and premiums on debt	21,360	2,018
Amortization of deferred settlements on derivative instruments	13,893	14,010
Impairment	702
Write-off of pursuit costs	3,125	2,329
(Income) loss from investments in unconsolidated entities	2,993	2,153
Distributions from unconsolidated entities – return on capital	1,885	2,031
Net (gain) loss on sales of real estate properties	(256,834)	(141,761)
Net (gain) loss on sales of land parcels	(995)	(19,170)
Net (gain) loss on debt extinguishment	22,110	12,258
Compensation paid with Company Common Shares	22,270	19,999
Changes in assets and liabilities:
(Increase) decrease in other assets	(18,550)	(23,024)
Increase (decrease) in accounts payable and accrued expenses	58,756	62,635
Increase (decrease) in accrued interest payable	11,097	11,865
Increase (decrease) in other liabilities	1,190	(28,250)
Increase (decrease) in security deposits	2,168	2,606
Net cash provided by operating activities	1,044,191	970,136
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	(708,092)	(466,395)
Investment in real estate – development/other	(101,573)	(227,187)
Capital expenditures to real estate	(138,119)	(143,258)
Non-real estate capital additions	(3,155)	(776)
Interest capitalized for real estate under development	(4,547)	(23,164)
Proceeds from disposition of real estate, net	691,526	350,000
Investments in unconsolidated entities	(4,860)	(5,324)
Distributions from unconsolidated entities – return of capital		329
Net cash provided by (used for) investing activities	(268,820)	(515,775)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs	(4,355)	(6,272)
Mortgage notes payable, net:
Lump sum payoffs	(847,939)	(493,420)
Scheduled principal repayments	(4,938)	(8,771)
Notes, net:
Proceeds	497,010	692,466
Lump sum payoffs		(394,077)
Line of credit and commercial paper:
Line of credit proceeds	1,635,000	1,845,000
Line of credit repayments	(1,635,000)	(1,845,000)
Commercial paper proceeds	9,624,610	3,891,596
Commercial paper repayments	(9,425,000)	(3,681,750)
Proceeds from (payments on) settlement of derivative instruments	1,638	1,296
Proceeds from Employee Share Purchase Plan (ESPP)	3,074	2,963
Proceeds from exercise of EQR options	6,000	12,967
Payment of offering costs	(27)	(36)
Other financing activities, net	(48)	(40)
Contributions – Noncontrolling Interests – Partially Owned Properties	125	125
Contributions – Limited Partners	1
Distributions:
OP Units – General Partner	(583,184)	(554,267)
Preference Units	(2,318)	(2,318)
OP Units – Limited Partners	(21,040)	(20,604)
Noncontrolling Interests – Partially Owned Properties	(8,882)	(6,873)
Net cash provided by (used for) financing activities	(787,383)	(579,273)
Net increase (decrease) in cash and cash equivalents and restricted deposits	(12,012)	(124,912)
Cash and cash equivalents and restricted deposits, beginning of period	100,762	219,088
Cash and cash equivalents and restricted deposits, end of period	88,750	94,176
Cash and cash equivalents	32,995	46,565
Restricted deposits	55,755	47,611
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	268,966	257,805
Net cash paid for income and other taxes	934	964
Amortization of deferred financing costs:
Other assets	1,809	1,810
Mortgage notes payable, net	4,197	1,943
Notes, net	3,048	2,694
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	19,394	247
Notes, net	1,966	1,771
Amortization of deferred settlements on derivative instruments:
Other liabilities	(9)	(9)
Accumulated other comprehensive income	13,902	14,019
Write-off of pursuit costs:
Investment in real estate, net	3,079	2,292
Other assets	13	17
Accounts payable and accrued expenses	33	20
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	1,973	1,076
Other liabilities	1,020	1,077
Realized/unrealized (gain) loss on derivative instruments:
Other assets	(24,021)	(3,803)
Notes, net	(1,491)	(1,413)
Other liabilities	1,491
Accumulated other comprehensive income	24,021	5,216
Investments in unconsolidated entities:
Investments in unconsolidated entities	(3,180)	(2,324)
Other liabilities	(1,680)	(3,000)
Mortgage Notes Payable, Net [Member]
Mortgage notes payable, net:
Net gain (loss) on debt extinguishment	(22,110)	(12,258)
ERPOP [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	562,804	498,297
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	583,869	542,964
Amortization of deferred financing costs	9,054	6,447
Amortization of above/below market lease intangibles	3,294	2,729
Amortization of discounts and premiums on debt	21,360	2,018
Amortization of deferred settlements on derivative instruments	13,893	14,010
Impairment	702
Write-off of pursuit costs	3,125	2,329
(Income) loss from investments in unconsolidated entities	2,993	2,153
Distributions from unconsolidated entities – return on capital	1,885	2,031
Net (gain) loss on sales of real estate properties	(256,834)	(141,761)
Net (gain) loss on sales of land parcels	(995)	(19,170)
Net (gain) loss on debt extinguishment	22,110	12,258
Compensation paid with Company Common Shares	22,270	19,999
Changes in assets and liabilities:
(Increase) decrease in other assets	(18,550)	(23,024)
Increase (decrease) in accounts payable and accrued expenses	58,756	62,635
Increase (decrease) in accrued interest payable	11,097	11,865
Increase (decrease) in other liabilities	1,190	(28,250)
Increase (decrease) in security deposits	2,168	2,606
Net cash provided by operating activities	1,044,191	970,136
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	(708,092)	(466,395)
Investment in real estate – development/other	(101,573)	(227,187)
Capital expenditures to real estate	(138,119)	(143,258)
Non-real estate capital additions	(3,155)	(776)
Interest capitalized for real estate under development	(4,547)	(23,164)
Proceeds from disposition of real estate, net	691,526	350,000
Investments in unconsolidated entities	(4,860)	(5,324)
Distributions from unconsolidated entities – return of capital		329
Net cash provided by (used for) investing activities	(268,820)	(515,775)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs	(4,355)	(6,272)
Mortgage notes payable, net:
Lump sum payoffs	(847,939)	(493,420)
Scheduled principal repayments	(4,938)	(8,771)
Notes, net:
Proceeds	497,010	692,466
Lump sum payoffs		(394,077)
Line of credit and commercial paper:
Line of credit proceeds	1,635,000	1,845,000
Line of credit repayments	(1,635,000)	(1,845,000)
Commercial paper proceeds	9,624,610	3,891,596
Commercial paper repayments	(9,425,000)	(3,681,750)
Proceeds from (payments on) settlement of derivative instruments	1,638	1,296
Proceeds from Employee Share Purchase Plan (ESPP)	3,074	2,963
Proceeds from exercise of EQR options	6,000	12,967
Payment of offering costs	(27)	(36)
Other financing activities, net	(48)	(40)
Contributions – Noncontrolling Interests – Partially Owned Properties	125	125
Contributions – Limited Partners	1
Distributions:
OP Units – General Partner	(583,184)	(554,267)
Preference Units	(2,318)	(2,318)
OP Units – Limited Partners	(21,040)	(20,604)
Noncontrolling Interests – Partially Owned Properties	(8,882)	(6,873)
Net cash provided by (used for) financing activities	(787,383)	(579,273)
Net increase (decrease) in cash and cash equivalents and restricted deposits	(12,012)	(124,912)
Cash and cash equivalents and restricted deposits, beginning of period	100,762	219,088
Cash and cash equivalents and restricted deposits, end of period	88,750	94,176
Cash and cash equivalents	32,995	46,565
Restricted deposits	55,755	47,611
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	268,966	257,805
Net cash paid for income and other taxes	934	964
Amortization of deferred financing costs:
Other assets	1,809	1,810
Mortgage notes payable, net	4,197	1,943
Notes, net	3,048	2,694
Amortization of discounts and premiums on debt:
Mortgage notes payable, net	19,394	247
Notes, net	1,966	1,771
Amortization of deferred settlements on derivative instruments:
Other liabilities	(9)	(9)
Accumulated other comprehensive income	13,902	14,019
Write-off of pursuit costs:
Investment in real estate, net	3,079	2,292
Other assets	13	17
Accounts payable and accrued expenses	33	20
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	1,973	1,076
Other liabilities	1,020	1,077
Realized/unrealized (gain) loss on derivative instruments:
Other assets	(24,021)	(3,803)
Notes, net	(1,491)	(1,413)
Other liabilities	1,491
Accumulated other comprehensive income	24,021	5,216
Investments in unconsolidated entities:
Investments in unconsolidated entities	(3,180)	(2,324)
Other liabilities	(1,680)	(3,000)
ERPOP [Member] | Mortgage Notes Payable, Net [Member]
Mortgage notes payable, net:
Net gain (loss) on debt extinguishment	$ (22,110)	$ (12,258)

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CONSOLIDATED STATEMENT OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Total	ERPOP [Member]	PREFERRED SHARES ERPOP [Member]	General Partner [Member] ERPOP [Member]	Limited Partner [Member] ERPOP [Member]	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ERPOP [Member]	PARTIALLY OWNED PROPERTIES [Member] ERPOP [Member]
Balance, beginning of year at Dec. 31, 2017			$ 37,280	$ 10,293,796	$ 226,691	$ (88,612)
Balance, beginning of year at Dec. 31, 2017							$ 4,708
OP Unit Issuance:
Conversion of OP Units held by Limited Partners into OP Units held by General Partner				356	(356)
Exercise of EQR share options				6,000
EQR's Employee Share Purchase Plan (ESPP)				3,074
Share-based employee compensation expense:
EQR restricted shares				6,804
EQR share options				9,206
EQR ESPP discount				604
Net income available to Units General Partner		$ 538,030		538,030
OP Units General Partner distributions				(596,735)
Offering costs				(27)
Supplemental Executive Retirement Plan (SERP)				(533)
Change in market value of Redeemable Limited Partners				(14,361)
Adjustment for Limited Partners ownership in Operating Partnership				2,619	(2,619)
LIMITED PARTNERS
Issuance of restricted units to Limited Partners					1
Conversion of OP Units held by Limited Partners into OP Units held by General Partner				356	(356)
Equity compensation associated with Units Limited Partners					11,074
Net income available to Units Limited Partners		20,517			20,517
Units Limited Partners distributions					(21,560)
Change in carrying value of Redeemable Limited Partners					77
Adjustment for Limited Partners ownership in Operating Partnership				2,619	(2,619)
Accumulated other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period	$ 24,021	24,021				24,021
Losses reclassified into earnings from other comprehensive income	(13,902)	(13,902)				13,902
NONCONTROLLING INTERESTS PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	$ 562,804	$ 562,804					1,939
Contributions by Noncontrolling Interests							125
Distributions to Noncontrolling Interests							(8,930)
Balance, end of period at Sep. 30, 2018			$ 37,280	$ 10,248,833	$ 233,825	$ (50,689)
Balance, end of period at Sep. 30, 2018							$ (2,158)

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Business

9 Months Ended

Sep. 30, 2018

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Business

1. Business

Equity Residential (“EQR”) is an S&P 500 company focused on the acquisition, development and management of rental apartment properties located in urban and high-density suburban markets, which 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 OperatingPartnership.

EQR is the general partner of, and as of September 30, 2018 owned an approximate 96.3% ownership interest in, ERPOP.  All of the Company’s property ownership, development and related business operations are conducted through the Operating PartnershipandEQRhasnomaterialassetsorliabilitiesotherthanitsinvestmentinERPOP.  EQRissuespublicequityfromtime totime,thenetproceedsofwhichitisobligatedtocontributetoERPOP,butdoesnothaveanyindebtednessasalldebtisincurred 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 tradedequity.  

As of September 30, 2018, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 306 properties located in 11 states and the District of Columbia consisting of 79,260 apartment units.  The ownership breakdown includes (table does not include various uncompleted development properties):

	Properties		Apartment Units
Wholly Owned Properties		286		74,618
Master-Leased Properties – Consolidated		1		162
Partially Owned Properties – Consolidated		17		3,535
Partially Owned Properties – Unconsolidated		2		945
		306		79,260

Note: Effective February 1, 2018 and April 2, 2018, the Company took over management of two of its Master-Leased properties containing 94 apartment units and 597 apartment units located in Boston and Los Angeles, respectively.

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Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2018

Summary Of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included.  Certain reclassifications have been made to the prior period financial statements in order to conform to the current year presentation.  These reclassifications did not have an impact on net income previously reported.  Operating results for the nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018.

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, 2017 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, 2017.

Income and Other Taxes

Due to the structure of EQR as a REIT and the nature of the operations of its operating properties, no provision for federal income taxes has been made at the EQR level.  In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their proportionate 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.

Deferred tax assets and liabilities were recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases in the comparable period.  These assets and liabilities were measured using enacted tax rates for which the temporary differences were expected to be recovered or settled.  The effects of changes in tax rates on deferred tax assets and liabilities were recognized in earnings in the period enacted.  The Company’s deferred tax assets were generally the result of tax affected suspended interest deductions, net operating losses, differing depreciable lives on capitalized assets and the timing of expense recognition for certain accrued liabilities.  

In December 2017, the President signed into law H.R. 1, informally titled the Tax Cuts and Jobs Act (the “Tax Act”).  The Tax Act is not expected to have a material impact on our REIT or subsidiary entities, our ability to continue to qualify as a REIT or on our results of operations.  However, the complete impact of the Tax Act is not yet fully known and there can be no assurances that it will have a neutral or favorable impact.  

Recently Issued Accounting Pronouncements

InFebruary2016,the Financial Accounting Standards Board (“FASB”) issued a new leases standard which sets out principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessors and lessees).  The new standard requires the following:

• Lessors – Leases will be accounted for using an approach that is substantially equivalent to existing guidance for operating, sales-type and financing leases, but aligned with the new revenue recognition standard.  Lessors will be required to allocate lease payments to separate lease and non-lease components of each lease agreement, with the non-lease components evaluated under the new revenue recognition standard.

• Lessees – Leases will be accounted for using a dual approach, classifying leases as either operating or finance based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee.  This classification will determine whether the lease expense is recognized on a straight-line basis over the term of the lease (for operating leases) or based on an effective interest method (for finance leases).  A lessee is also required to record a right-of-use asset and a lease liability on its balance sheet for all leases with a term of greater than 12 months regardless of their classification as operating or finance leases.  Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases.

The new standard will be effective for the Company beginning on January 1, 2019, with early adoption permitted, though the Company currently anticipates adopting the new standard on the effective date.  The new standard must be adopted using a modified retrospective method, which requires application of the new guidance at either the beginning of the earliest comparative period presented or as of the adoption date and provides for certain practical expedients, which the Company currently anticipates electing.  

The Company is the lessor for its residential and retail/commercial leases and anticipates that these leases will continue to be accounted for as operating leases under the new standard.  Therefore, the Company does not currently anticipate significant changes in the accounting for its lease revenues.  

The Company is the lessee under various corporate office and ground leases, which are required to be recognized as right of use assets and related lease liabilities on its consolidated balance sheets upon adoption.  The Company currently anticipates that its corporate office leases will continue to be accounted for as operating leases under the new standard.  Based on its anticipated election of the practical expedients, the Company would not be required to reassess the classification of existing ground leases and therefore these leases would continue to be accounted for as operating leases.  However, in the event we modify existing ground leases and/or enter into new ground leases after adoption of the new standard, such leases will likely be classified as finance leases.  The Company expects to record right of use assets and related lease liabilities to its opening balance sheet upon adoption of the new standard on January 1, 2019, which it currently estimates to be an amount not likely to exceed $300.0 million.  The ultimate impact on the Company’s consolidated results of operations and financial position will depend on our lease portfolio and other factors as of the adoption date, as we continue to evaluate the new leases standard.

In July 2018, the FASB issued an amendment to the new leases standard, which includes a practical expedient that provides lessors an option not to separate lease and non-lease components when certain criteria are met and instead account for those components as a single component under the new leases standard.  The amendment also provides a transition option that permits the application of the new guidance as of the adoption date rather than to all periods presented.  The Company anticipates electing the practical expedient to account for both its lease and non-lease components as a single component under the leases standard and electing the new transition option.

In June 2016, the FASB issued a new standard which requires companies to adopt a new approach for estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans.  The standard will require entities to estimate a lifetime expected credit loss for most financial instruments, including trade receivables.  The new standard will be effective for the Company beginning on January 1, 2020, with early adoption permitted beginning January 1, 2019.  TheCompanyiscurrentlyevaluatingtheimpactofadoptingthenewstandardonitsconsolidatedresultsofoperationsand financial position.

In August 2017, the FASB issued a final standard which makes changes to the hedge accounting model to enable entities to better portray their risk management activities in the financial statements.  The new standard expands an entity’s ability to hedge nonfinancial and financial risk components, reduces complexity in fair value hedges of interest rate risk and eases certain documentation and assessment requirements.  The new standard also eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of any hedging instrument to be presented in the same income statement line as the hedged instrument.  The new standard will be effective for the Company beginning on January 1, 2019 and early adoption is permitted.  The Company is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position.

Recently Adopted Accounting Pronouncements

InMay2014,theFASBissuedacomprehensivenewrevenuerecognition standard entitled Revenue from Contracts with Customers that superseded nearly all existing revenue recognition guidance.  Thenewstandardspecificallyexcludesleaserevenue.  Thenewstandard’scoreprincipleisthatacompanyrecognizesrevenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expectstobeentitledinexchangeforthosegoodsorservices.  Companieswilllikelyneedtousemorejudgmentandmakemore estimatesthanunderpreviousrevenuerecognitionguidance.  Thesemayincludeidentifyingperformanceobligationsinthecontract, estimating the amount of variable consideration, if any, to include in the transaction price and allocating the transaction price to each separate performance obligation.  The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect, if any, recognized as of the date of adoption.  The Company selected the modified retrospective transition method as of the date of adoption as required effectiveJanuary1,2018.  Approximately94%ofrental income consistsof revenue from leasing arrangements, which is specifically excluded from the standard (included as leasing revenue in the table below).  The Company analyzed its remaining revenue streams, inclusive of fee and asset management and gains and losses on sales, and concluded these revenue streams have the same timing and pattern of revenue recognition under the new guidance, and therefore the Company had no changes in revenue recognition with the adoption of the new standard.  As such, adoption of the standard did not result in a cumulative adjustment recognized as of January 1, 2018, and the standard did not have a material impact on the Company’s consolidated financial position, results of operations, equity/capital or cash flows.

For the remaining approximately 6% of rental income that is subject to the new revenue recognition standard, the Company’s disaggregated revenue streams are disclosed in the table below for the nine months and quarter ended September 30, 2018.  These revenue streams have the same timing and pattern of revenue recognition across our reportable segments, with consistent allocations between the leasing and revenue recognition standards.  The revenue streams and percentages are comparable with the percentage of rental income for the nine months and quarter ended September 30, 2017.  

The following table presents the disaggregation of revenue streams of our rental income for the nine months and quarter ended September 30, 2018 (amounts in thousands):

		Nine Months Ended September 30, 2018					Quarter Ended September 30, 2018
Revenue Stream	Applicable Standard	Amount of Rental Income		Percentage of Rental Income			Amount of Rental Income		Percentage of Rental Income
Leasing revenue	Leases	$	1,803,908		93.7	%	$	611,119		93.6	%
Utility recoveries (“RUBS”)	Revenue Recognition		46,752		2.4	%		15,817		2.4	%
Parking revenue	Revenue Recognition		20,249		1.1	%		6,185		1.0	%
Other revenue	Revenue Recognition		54,219		2.8	%		19,556		3.0	%
Rental income		$	1,925,128		100.0	%	$	652,677		100.0	%

Additionally, as part of the new revenue recognition standard, the FASB issued amendments related to partial sales of real estate (see further discussion below).  Adoption of the new partial sales standard did not result in a change of accounting for the Company related to its disposition process.  We concluded that the Company’s typical dispositions will continue to meet the criteria for sale and associated profit recognition under both new standards.

InJanuary2016,theFASBissuedanewstandardwhichrequirescompaniestomeasureallequitysecuritieswithreadily determinablefairvaluesatfairvalueonthebalancesheet,withchangesinfairvaluerecognizedinnetincome.  The Company adopted thisnewstandard as required effective January 1, 2018 and it did not have a material effect on its consolidated results of operations or financialposition.

InAugust2016andOctober2016,theFASBissuednewstandardstoclarifyhowspecifictransactionsareclassifiedand presented on the statement of cash flows.  Among other clarifications, the new standards specifically provide guidance for the following items within the statement of cash flows which have required significant judgment in the past:

• Cash payments related to debt prepayments or extinguishment costs are to be classified within financingactivities;

• The portion of the cash payment made to settle a zero-coupon bond or a bond with an insignificant cash coupon attributable to accreted interest related to a debt discount is to be classified as a cash outflow within operating activities, and the portion attributable to the principal is to be classified within financingactivities;

• Insurance settlement proceeds are to be classified based on the nature of theloss;

• Companies must elect to classify distributions received from equity method investees using either a cumulative earnings approach or a look-through approach and the election must be disclosed;and

• Restrictedcashwillbeincludedwithcashandcashequivalentsonthestatementofcashflows.  Totalcashandcash equivalents and restricted cash are to be reconciled to the related line items on the balancesheet.

Thenewstandardsmustbeappliedretrospectivelytoallperiodspresentedintheconsolidatedfinancialstatements.  TheCompany adopted the new standard in the fourth quarter of 2017 and will continue to apply the look-through approach for distributions received from equity method investees.  While overall cash flows did not change, there are changes between cash flow classifications due primarily to the debt prepayment penalties that the Company has incurred in the comparative period.  As of September 30, 2017, the following cash flows were reclassified (amounts in thousands):

	Nine Months Ended September 30, 2017
	As Originally Presented			Reclassification Adjustments			As Presented Herein
Cash Flows from Operating Activities:
Amortization of discounts and premiums on debt	$	4,939		$	(2,921	)	$	2,018
Net (gain) loss on debt extinguishment	$	—		$	12,258		$	12,258
(Increase) decrease in deposits - restricted	$	788		$	(788	)	$	—
(Increase) decrease in mortgage deposits	$	1,447		$	(1,447	)	$	—
Net cash provided by operating activities	$	963,034		$	7,102		$	970,136
Cash Flows from Investing Activities:
(Increase) decrease in deposits on real estate acquisitions     and investments, net	$	39,519		$	(39,519	)	$	—
(Increase) decrease in mortgage deposits	$	(4,541	)	$	4,541		$	—
Net cash provided by (used for) investing activities	$	(480,797	)	$	(34,978	)	$	(515,775	)
Cash Flows from Financing Activities:
Mortgage deposits	$	57,057		$	(57,057	)	$	—
Mortgage notes payable, net: Net gain (loss) on debt extinguishment	$	—		$	(12,258	)	$	(12,258	)
Line of credit and commercial paper: Commercial paper proceeds	$	3,888,675		$	2,921		$	3,891,596
Net cash (used for) financing activities	$	(512,879	)	$	(66,394	)	$	(579,273	)
Cash and cash equivalents, beginning of period	$	77,207
(adjustments for restricted deposits, beginning of period)				$	141,881
Cash and cash equivalents and restricted deposits, beginning of period							$	219,088
Cash and cash equivalents, end of period	$	46,565
(adjustments for restricted deposits, end of period)				$	47,611
Cash and cash equivalents and restricted deposits, end of period							$	94,176

InJanuary2017,theFASB issuedanewstandardwhichclarified thedefinitionofabusiness.  Thestandard’sobjectivewasto addadditionalguidancethatassistscompaniesindeterminingwhethertransactionsshouldbeaccountedforasanassetacquisition or a business combination.  The new standard first requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets.  If this threshold is met, the set is not a business.  If this threshold is not met, the entity next evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs.  Amongotherdifferences,transactioncostsassociatedwithassetacquisitionsarecapitalizedwhilethoseassociatedwithbusiness combinationsareexpensedasincurred.  Inaddition,purchasepriceinanassetacquisitionisallocatedonarelativefairvaluebasis while in a business combination it is generally measured at fair value.  The new standard will be applied prospectively to any transactions occurring within the period of adoption.  The Company early adopted the new standard as allowed effective January 1, 2017.  The Company anticipates that substantially all of its transactions will now be accounted for as asset acquisitions, which means transaction costs will largely be capitalized as noted above.  

InFebruary 2017,theFASB issuedanewstandardwhich clarifies the accounting treatment for partial sales of nonfinancial assets (i.e. real estate).  The standard clarifies that partial sales transactions include contributions of nonfinancial assets to a joint venture or other noncontrolled investee.  Companies must recognize a full gain or loss on transfers of nonfinancial assets to equity method investees.  The standard requires companies to derecognize distinct nonfinancial assets or distinct in substance nonfinancial assets in partial sale transactions when it does not have a controlling financial interest in the legal entity that holds the asset and transfers control of the asset.  Once the distinct nonfinancial asset is transferred, the company is required to measure any non-controlling interest it receives or retains at fair value and recognize a full gain or loss on the transaction.  If a company transfers ownership interests in a consolidated subsidiary and continues to maintain a controlling financial interest, the company does not derecognize the assets or liabilities, and accounts for the transaction as an equity transaction and no gain or loss is recognized.  The Company adopted thisnewstandard concurrently with the new revenue recognition standard as required effective January 1, 2018.  The Company has not had a partial sale of nonfinancial assets in the current or comparative periods, therefore the adoption of this standard did not have a material impact on its consolidated results of operations and financial position.

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Equity, Capital and Other Interests

9 Months Ended

Sep. 30, 2018

Equity Capital And Other Interests [Abstract]

Equity, Capital and Other Interests

3. Equity, Capital and OtherInterests

Equity and Redeemable Noncontrolling Interests of Equity Residential

The following tables present the changes in the Company’s issued and outstanding Common Shares and “Units” (which includes OP Units and restricted units) for the nine months ended September 30, 2018:

	2018
Common Shares
Common Shares outstanding at January 1,		368,018,082
Common Shares Issued:
Conversion of OP Units		12,510
Exercise of share options		194,796
Employee Share Purchase Plan (ESPP)		61,321
Restricted share grants, net		122,877
Common Shares outstanding at September 30,		368,409,586
Units
Units outstanding at January 1,		13,768,438
Restricted unit grants, net		267,074
Conversion of OP Units to Common Shares		(12,510	)
Units outstanding at September 30,		14,023,002
Total Common Shares and Units outstanding at September 30,		382,432,588
Units Ownership Interest in Operating Partnership		3.7	%

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”.  Subject to certain exceptions (including the “book-up” requirements of restricted units), the Noncontrolling Interests – Operating Partnership may exchange their Units with EQR for Common Shares on a one-for-one basis.  The carrying value of the Noncontrolling Interests – Operating Partnership (including redeemable interests) is allocated based on the number of Noncontrolling Interests – Operating Partnership Units in total in proportion to the number of Noncontrolling Interests – Operating Partnership Units in total plus the number of Common Shares.  Net income is allocated to the Noncontrolling Interests – Operating Partnership 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 Units requesting an exchange of their OP Units with EQR.  Once the Operating Partnership elects not to redeem the Noncontrolling Interests – Operating Partnership Units for cash, EQR is obligated to deliver Common Shares to the exchanging holder of the Noncontrolling Interests – Operating Partnership Units.

TheNoncontrollingInterests–OperatingPartnershipUnitsareclassifiedaseithermezzanineequityorpermanentequity.  If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Noncontrolling Interests – Operating Partnership are differentiated and referred to as “Redeemable Noncontrolling Interests – Operating Partnership”.  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 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 Units that are classified in permanent equity at September 30, 2018 and December 31, 2017.

ThecarryingvalueoftheRedeemableNoncontrollingInterests–OperatingPartnershipisallocatedbasedonthenumber ofRedeemableNoncontrollingInterests–OperatingPartnershipUnitsinproportiontothenumberofNoncontrollingInterests– Operating Partnership Units in total.  Such percentage of the total carrying value of Units which is ascribed to the Redeemable NoncontrollingInterests–OperatingPartnershipisthenadjustedtothegreaterofcarryingvalueorfairmarketvalueasdescribed above.  As of September 30, 2018, the Redeemable Noncontrolling Interests – Operating Partnership have a redemption value of approximately$381.2million,whichrepresentsthevalueofCommonSharesthatwouldbeissuedinexchangefortheRedeemable NoncontrollingInterests–OperatingPartnershipUnits.

ThefollowingtablepresentsthechangesintheredemptionvalueoftheRedeemableNoncontrollingInterests–Operating Partnership for the nine months ended September 30, 2018 (amounts inthousands):

	2018
Balance at January 1,	$	366,955
Change in market value		14,361
Change in carrying value		(77	)
Balance at September 30,	$	381,239

Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings 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 offering proceeds from Common Shares and Preferred Shares are allocated between shareholders’ equity and Noncontrolling Interests – Operating Partnership to account for the change in their respective percentage ownership of the underlying equity of ERPOP.

TheCompany’sdeclarationoftrustauthorizesittoissueupto100,000,000preferredsharesofbeneficialinterest,$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.

ThefollowingtablepresentstheCompany’sissuedandoutstandingPreferredSharesasofSeptember 30, 2018andDecember 31, 2017:

				Amounts in thousands
		Annual
	Call	Dividend Per		September 30,		December 31,
	Date (1)	Share (2)		2018		2017
Preferred Shares of beneficial interest, $0.01 par value;    100,000,000 shares authorized:
8.29% Series K Cumulative Redeemable Preferred;    liquidation value $50 per share; 745,600 shares issued and    outstanding as of September 30, 2018 and December 31, 2017	12/10/26	$	4.145	$	37,280	$	37,280
				$	37,280	$	37,280

(1) On or after the call date, redeemable preferred shares may be redeemed for cash at the option of the Company, in whole or in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any.

(2) Dividends on Preferred Shares are payable quarterly.

Capital and Redeemable Limited Partners of ERP Operating Limited Partnership

The following tables present the changes in the Operating Partnership’s issued and outstanding Units and in the limited partners’ Units for the nine months ended September 30, 2018:

	2018
General and Limited Partner Units
General and Limited Partner Units outstanding at January 1,		381,786,520
Issued to General Partner:
Exercise of EQR share options		194,796
EQR’s Employee Share Purchase Plan (ESPP)		61,321
EQR’s restricted share grants, net		122,877
Issued to Limited Partners:
Restricted unit grants, net		267,074
General and Limited Partner Units outstanding at September 30,		382,432,588
Limited Partner Units
Limited Partner Units outstanding at January 1,		13,768,438
Limited Partner restricted unit grants, net		267,074
Conversion of Limited Partner OP Units to EQR Common    Shares		(12,510	)
Limited Partner Units outstanding at September 30,		14,023,002
Limited Partner Units Ownership Interest in Operating    Partnership		3.7	%

The Limited Partners of the Operating Partnership as of September 30, 2018 include 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.  Subject to certain exceptions (including the “book-up” requirements of restricted units), Limited Partners may exchange their Units with EQR for Common Shares on a one-for-one basis.  The carrying value of the Limited Partner Units (including redeemable interests) is allocated based on the number of Limited Partner Units in total in proportion to the number of Limited Partner Units in total plus the number of General Partner Units.  Net income is allocated to the Limited Partner Units 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 Limited Partner Units requesting an exchange of their OP Units with EQR.  Once the Operating Partnership elects not to redeem the Limited Partner Units for cash, EQR is obligated to deliver Common Shares to the exchanging limited partner.

The Limited Partner Units 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 Limited Partner Units are differentiated and referred to as “Redeemable Limited Partner Units”.  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 Limited Partner Units 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 Limited Partner Units that are classified in permanent equity at September 30, 2018 and December 31, 2017.

The carrying value of the Redeemable Limited Partner Units is allocated based on the number of Redeemable Limited PartnerUnitsinproportiontothenumberofLimitedPartnerUnitsintotal.  SuchpercentageofthetotalcarryingvalueofLimited Partner Units which is ascribed to the Redeemable Limited Partner Units is then adjusted to the greater of carrying value or fair market value as described above.  As of September 30, 2018, the Redeemable Limited Partner Units have a redemption value of approximately$381.2million,whichrepresentsthevalueofCommonSharesthatwouldbeissuedinexchangefortheRedeemable Limited PartnerUnits.

The following table presents the changes in the redemption value of the Redeemable Limited Partners for the nine months ended September 30, 2018 (amounts in thousands):

	2018
Balance at January 1,	$	366,955
Change in market value		14,361
Change in carrying value		(77	)
Balance at September 30,	$	381,239

EQR contributes all net proceeds from its various equity offerings (including proceeds from exercise of options for CommonShares)toERPOP.  Inreturnforthosecontributions,EQRreceivesanumberofOPUnitsinERPOPequaltothenumber ofCommonSharesithasissuedintheequityoffering(orinthecaseofapreferredequityoffering,anumberofpreferenceunits in ERPOP equal in number and having the same terms as the preferred shares issued in the equity offering).

ThefollowingtablepresentstheOperatingPartnership’sissuedandoutstanding“PreferenceUnits”asofSeptember 30, 2018 and December 31, 2017:

				Amounts in thousands
		Annual
	Call	Dividend Per		September 30,		December 31,
	Date (1)	Unit (2)		2018		2017
Preference Units:
8.29% Series K Cumulative Redeemable Preference Units;    liquidation value $50 per unit; 745,600 units issued and    outstanding as of September 30, 2018 and December 31, 2017	12/10/26	$	4.145	$	37,280	$	37,280
				$	37,280	$	37,280

(1) On or after the call date, redeemable preference units may be redeemed for cash at the option of the Operating Partnership, in whole or in part, at a redemption price equal to the liquidation price per unit, plus accrued and unpaid distributions, if any, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares.

(2) Dividends on Preference Units are payable quarterly.

Other

In September 2009, the Company announced the establishment of an At-The-Market (“ATM”) share offering program which would allow EQR to sell Common Shares from time to time into the existing trading market at current market prices as wellasthroughnegotiatedtransactions.  PerthetermsofERPOP’spartnershipagreement,EQRcontributesthenetproceedsfrom 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).  The program currently has a maturity of June 2019.  EQR has the authority to issue 13.0 million shares but has not issued any shares under this program since September 2012.

The Company may repurchase up to 13.0 million Common Shares under its share repurchase program.  No shares were repurchased during the nine months ended September 30, 2018.  As of September 30, 2018, EQR has remaining authorization to repurchase up to 13.0 million of its shares under the repurchase program.  

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Real Estate and Lease Intangibles

9 Months Ended

Sep. 30, 2018

Real Estate [Abstract]

Real Estate and Lease Intangibles

4. Real Estate and Lease Intangibles

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of September 30, 2018 and December 31, 2017 (amounts in thousands):

	September 30, 2018			December 31, 2017
Land	$	5,866,457		$	5,996,024
Depreciable property:
Buildings and improvements		18,174,939			17,743,042
Furniture, fixtures and equipment		1,684,794			1,548,961
In-Place lease intangibles		477,014			476,359
Projects under development:
Land		34,689			43,226
Construction-in-progress		100,272			120,321
Land held for development:
Land		61,038			62,538
Construction-in-progress		26,297			36,425
Investment in real estate		26,425,500			26,026,896
Accumulated depreciation		(6,494,770	)		(6,040,378	)
Investment in real estate, net	$	19,930,730		$	19,986,518

The following table summarizes the carrying amounts for the Company’s above and below market ground and retail lease intangibles as of September 30, 2018 and December 31, 2017 (amounts in thousands):

Description	Balance Sheet Location	September 30, 2018			December 31, 2017
Assets
Ground lease intangibles – below market	Other Assets	$	191,918		$	191,918
Retail lease intangibles – above market	Other Assets		1,260			1,260
Lease intangible assets			193,178			193,178
Accumulated amortization			(25,819	)		(22,434	)
Lease intangible assets, net		$	167,359		$	170,744
Liabilities
Ground lease intangibles – above market	Other Liabilities	$	2,400		$	2,400
Retail lease intangibles – below market	Other Liabilities		1,710			5,270
Lease intangible liabilities			4,110			7,670
Accumulated amortization			(1,674	)		(5,143	)
Lease intangible liabilities, net		$	2,436		$	2,527

The following table provides a summary of the effect of the amortization for above and below market ground and retail lease intangibles ontheCompany’saccompanyingconsolidated statements of operations and comprehensive income for the nine months and quarters ended September 30, 2018 and 2017, respectively (amounts in thousands):

		Nine Months Ended						Quarter Ended
		September 30,						September 30,
Description	Income Statement Location	2018			2017			2018			2017
Ground lease intangible amortization	Property and Maintenance	$	(3,348	)	$	(3,253	)	$	(1,116	)	$	(1,092	)
Retail lease intangible amortization	Rental Income		54			524			18			80
Total amortization of above/below     market lease intangibles		$	(3,294	)	$	(2,729	)	$	(1,098	)	$	(1,012	)

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

	Remaining
	2018			2019			2020			2021			2022			2023
Ground lease intangibles	$	(1,115	)	$	(4,463	)	$	(4,463	)	$	(4,463	)	$	(4,463	)	$	(4,463	)
Retail lease intangibles		17			71			71			71			27			19
Total	$	(1,098	)	$	(4,392	)	$	(4,392	)	$	(4,392	)	$	(4,436	)	$	(4,444	)

During the nine months ended September 30, 2018, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		5		1,478	$	707,005
Total		5		1,478	$	707,005

(1) Purchase price includes an allocation of approximately $113.7 million to land and $594.4 million to depreciable property (inclusive of capitalized closing costs).

During the nine months ended September 30, 2018, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		5		1,292	$	706,120
Land Parcels (one)		—		—		2,700
Total		5		1,292	$	708,820

The Company recognized a net gain on sales of real estate properties of approximately $256.8 million and a net gain on sales of land parcels of approximately $1.0 million on the above sales.

Impairment

During the nine months ended September 30, 2018, the Company recorded an approximate $0.7 million non-cash asset impairment charge on a property located in the San Francisco market due to physical property damage as a result of a fire at one of the buildings at the property.

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Commitments to Acquire/Dispose of Real Estate

9 Months Ended

Sep. 30, 2018

Commitments To Acquire Dispose Of Real Estate [Abstract]

Commitments to Acquire/Dispose of Real Estate

5. Commitments to Acquire/Dispose of RealEstate

The Company has not entered into any separate agreements to acquire or dispose of rental properties or land parcels as of October 26, 2018.

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Investments in Partially Owned Entities

9 Months Ended

Sep. 30, 2018

Investments In Partially Owned Entities [Abstract]

Investments in Partially Owned Entities

6. Investments in Partially OwnedEntities

TheCompanyhasco-investedinvariouspropertieswithunrelatedthirdpartieswhichareeitherconsolidatedoraccounted 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 owning 17 properties containing 3,535 apartment units.  The Company is the general partner or managing member of these joint ventures and is responsible for managing the operations and affairs of the joint ventures as well as making all decisions regarding the businesses of the joint ventures.  The limited partners or non-managing members are not able to exercise substantive kick-out or participating rights.  As a result, the joint ventures qualify as VIEs.  The Company has a controlling financial interest in the VIEs and, thus, is the VIEs’ primary beneficiary.  The Company has both the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs.  As a result, the joint ventures are required to be consolidated on the Company’s financial statements.  The consolidated assets and liabilities related to the joint ventures were approximately $714.4 million and $315.6 million, respectively, at September 30, 2018 and approximately $518.9 million and $307.0 million, respectively, at December 31, 2017.

Investments in Unconsolidated Entities

The following table and information summarizes the Company’s investments in unconsolidated entities, which are accounted for under the equity method of accounting as the requirements for consolidation are not met, as of September 30, 2018 and December 31, 2017 (amounts in thousands except for ownership percentage):

	September 30, 2018		December 31, 2017		Ownership Percentage
Investments in Unconsolidated Entities:
Wisconsin Place Developer (VIE) (1)	$	42,964	$	44,451	33.3%
Operating Properties (Non-VIE) (2)		10,745		12,367	20.0%
Other		3,867		1,436	Varies
Investments in Unconsolidated Entities	$	57,576	$	58,254

(1) Represents an unconsolidated interest in an entity that owns the land underlying one of the consolidated joint venture properties noted above and owns and operates a related parking facility.  The joint venture, as a limited partner, does not have substantive kick-out or participating rights in the entity.  As a result, the entity qualifies as a VIE.  The joint venture does not have a controlling financial interest in the VIE and is not the VIE’s primary beneficiary.  The joint venture does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance or the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.  As a result, the entity that owns the land and owns and operates the parking facility is unconsolidated and recorded using the equity method of accounting.

(2) Includes two joint ventures under separate agreements with the same partner totaling 945 apartment units.

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Restricted Deposits

9 Months Ended

Sep. 30, 2018

Deposits Restricted [Abstract]

Restricted Deposits

7. Restricted Deposits

The following table presents the Company’s restricted deposits as of September 30, 2018 and December 31, 2017 (amounts in thousands):

	September 30, 2018		December 31, 2017
Mortgage escrow deposits:
Real estate taxes and insurance	$	600	$	845
Replacement reserves		8,478		8,347
Mortgage principal reserves/sinking funds		8,363		3,167
Other		852		852
Mortgage escrow deposits		18,293		13,211
Restricted cash:
Earnest money on pending acquisitions		—		750
Restricted deposits on real estate investments		538		58
Resident security and utility deposits		35,379		35,183
Other		1,545		913
Restricted cash		37,462		36,904
Restricted deposits	$	55,755	$	50,115

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Debt

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Debt

8. Debt

EQRdoesnothaveanyindebtednessasalldebtisincurredbytheOperatingPartnership.  EQRguaranteestheOperating Partnership’srevolvingcreditfacilityuptothemaximumamountandforthefulltermofthefacility.  Weighted average interest rates noted below for the nine months ended September 30, 2018 are net of the effect of any derivative instruments.  

Mortgage Notes Payable

As of September 30, 2018, the Company had outstanding mortgage debt of approximately $2.8 billion.  

During the nine months ended September 30, 2018, the Company:

• Repaid $550.0 million of 6.08% mortgage debt held in a Fannie Mae loan pool maturing in 2020 and incurred a prepayment penalty of approximately $22.1 million;

• Repaid $43.7 million of conventional fixed-rate mortgage loans maturing in 2018;

• Repaid $254.2 million of various tax-exempt mortgage bonds maturing in 2028 through 2042; and

• Repaid $4.9 million of scheduled principal repayments on various mortgage debt.

The Company recorded $2.8 million of write-offs of unamortized deferred financing costs during the nine months ended September 30, 2018 as additional interest expense related to debt extinguishment of mortgages.  The Company also recorded $16.3 million of write-offs of net unamortized discounts during the nine months ended September 30, 2018 as additional interest expense related to debt extinguishment of mortgages.

As of September 30, 2018, the Company had $440.9 million of secured debt subject to third party credit enhancement.

AsofSeptember 30, 2018,scheduledmaturitiesfortheCompany’soutstandingmortgageindebtednesswereatvariousdates through May 28, 2061.  At September 30, 2018, the interest rate range on the Company’s mortgage debt was 0.10% to 6.90%.  During the nine months ended September 30, 2018, the weighted average interest rate on the Company’s mortgage debt was 4.19%.

Notes

As of September 30, 2018, the Company had outstanding unsecured notes of approximately $5.5 billion.

During the nine months ended September 30, 2018, the Company issued $500.0 million of ten-year 3.50% unsecured notes, receiving net proceeds of approximately $497.0 million before underwriting fees, hedge termination costs and other expenses, at an all-in effective interest rate of 3.61%.

AsofSeptember 30, 2018,scheduledmaturitiesfortheCompany’soutstandingnoteswereatvariousdatesthroughAugust 1, 2047.  At September 30, 2018, the interest rate range on the Company’s notes before the effect of certain fair value hedges was 2.375% to 7.57%.  During the nine months ended September 30, 2018, the weighted average interest rate on the Company’s notes was 4.25%.

The Company’s unsecured public debt contains certain financial and operating covenants including, among other things, maintenance of certain financial ratios.  The Company was in compliance with its unsecured public debt covenants for the nine months ended September 30, 2018.

Line of Credit and Commercial Paper

In November 2016, the Company replaced its existing $2.5 billion facility with a $2.0 billion unsecured revolving credit facility maturing January 10, 2022.  The Company has the ability to increase available borrowings by an additional $750.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments.  The interest rate on advances under the facility will generally be LIBOR plus a spread (currently 0.825%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 12.5 basis points).  Both the spread and the facility fee are dependent on the credit rating of the Company’s long term debt.

InFebruary2015,theCompanyenteredintoanunsecuredcommercialpapernoteprogramintheUnitedStates.  The Company may borrow up to a maximum of $500.0 million under this program subject to market conditions.  The notes will be soldundercustomarytermsintheUnitedStatescommercialpapernotemarketandwillrankparipassuwithalloftheCompany’s otherunsecuredseniorindebtedness.  Asof September 30, 2018, there was a balance of$499.4 million outstanding on thecommercialpaperprogram ($500.0 million in principal outstanding net of an unamortized discount of $0.6 million).  Thenotesbearinterest at various floating rates with a weighted average of 2.23% for the nine months ended September 30, 2018 and a weighted average maturity of 18 days as of September 30, 2018.

AsofSeptember 30, 2018,theamountavailableontherevolvingcreditfacilitywas$1.49billion(netof$6.7millionwhich wasrestricted/dedicatedtosupportlettersofcredit and net of $500.0 million in principal outstanding on the commercial paper program).  During the nine months ended September 30, 2018, the weighted average interest rate on the revolving credit facility was 2.65%.

Other

On April 24, 2017, the Company executed a new letter of credit facility with a third party financial institution which is not backed by or collateralized by borrowings on the Company’s unsecured revolving credit facility.  As of September 30, 2018, there was $9.0 million in letters of credit outstanding on this facility.

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Derivative and Other Fair Value Instruments

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Derivative and Other Fair Value Instruments

9. Derivative and Other Fair Value Instruments

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

In the normal course of business, the Company is exposed to the effect of interest rate changes.  The Company seeks 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.

Athree-levelvaluationhierarchyexistsfordisclosureoffairvaluemeasurements.  Thevaluationhierarchyisbasedupon thetransparencyofinputstothevaluationofanassetorliabilityasofthemeasurementdate.  Afinancialinstrument’scategorization 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 asfollows:

• 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 valuemeasurement.

The Company’s derivative positions are valued using models developed by the respective counterparty as well as models developed internally by the Company that use as their basis readily observable market parameters (such as forward yield curves and credit default swap data).  Employee holdings other than Common Shares within the supplemental executive retirement plan (the “SERP”) are valued using quoted market prices for identical assets and are included in other assets and other liabilities on the consolidated balance sheets.  Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are valued using the quoted market price of Common Shares.  The fair values disclosed for mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) were calculated using indicative rates provided by lenders of similar loans in the case of mortgage notes payable and the private unsecured debt (including its commercial paper and line of credit, if applicable) and quoted market prices for each underlying issuance in the case of the public unsecured notes.

The fair values of the Company’s financial instruments (other than mortgage notes payable, unsecured notes, commercial paper, line of credit and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract value.  Thefollowingtableprovidesasummaryofthe carrying andfairvaluesforthe Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at September 30, 2018 and December 31, 2017, respectively (amounts inthousands):

	September 30, 2018				December 31, 2017
	Carrying Value		Estimated Fair Value (Level 2)		Carrying Value		Estimated Fair Value (Level 2)
Mortgage notes payable, net	$	2,789,436	$	2,710,433	$	3,618,722	$	3,615,384
Unsecured debt, net		6,034,357		6,040,798		5,338,569		5,619,744
Total debt, net	$	8,823,793	$	8,751,231	$	8,957,291	$	9,235,128

ThefollowingtablesummarizestheCompany’sconsolidatedderivativeinstrumentsat September 30, 2018 (dollaramounts are inthousands):

	Fair Value Hedges (1)			Forward Starting Swaps (2)
Current Notional Balance	$	450,000		$	800,000
Lowest Interest Rate		2.375	%		2.1478	%
Highest Interest Rate		2.375	%		3.1163	%
Earliest Maturity Date		2019			2028
Latest Maturity Date		2019			2029

(1) Fair Value Hedges – Converts outstanding fixed rate unsecured notes ($450.0 million 2.375% notes due July 1, 2019) to a floating interest rate of 90-Day LIBOR plus 0.61%.

(2) Forward Starting Swaps – Designed to partially fix interest rates in advance of planned future debt issuances.  Of the $800.0 million notional balance, $300.0 million of these swaps have mandatory counterparty terminations in 2019 and are targeted for certain 2018 debt issuances while $500.0 million of these swaps have mandatory counterparty terminations in 2020 and are targeted for certain 2019 debt issuances.

Thefollowingtablesprovideasummaryofthefairvaluemeasurementsforeachmajorcategoryofassetsandliabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at September 30, 2018 and December 31, 2017, respectively (amounts inthousands):

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	9/30/2018		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Derivatives designated as hedging    instruments:
Interest Rate Contracts:
Forward Starting Swaps	Other Assets	$	27,526	$	—	$	27,526	$	—
Supplemental Executive Retirement Plan	Other Assets		144,561		144,561		—		—
Total		$	172,087	$	144,561	$	27,526	$	—
Liabilities
Derivatives designated as hedging    instruments:
Interest Rate Contracts:
Fair Value Hedges	Other Liabilities	$	3,088	$	—	$	3,088	$	—
Supplemental Executive Retirement Plan	Other Liabilities		144,561		144,561		—		—
Total		$	147,649	$	144,561	$	3,088	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	381,239	$	—	$	381,239	$	—

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	12/31/2017		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Derivatives designated as hedging    instruments:
Interest Rate Contracts:
Forward Staring Swaps	Other Assets	$	5,143	$	—	$	5,143	$	—
Supplemental Executive Retirement Plan	Other Assets		140,159		140,159		—		—
Total		$	145,302	$	140,159	$	5,143	$	—
Liabilities
Derivatives designated as hedging    instruments:
Interest Rate Contracts:
Fair Value Hedges	Other Liabilities	$	1,597	$	—	$	1,597	$	—
Supplemental Executive Retirement Plan	Other Liabilities		140,159		140,159		—		—
Total		$	141,756	$	140,159	$	1,597	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	366,955	$	—	$	366,955	$	—

Thefollowingtablesprovideasummaryoftheeffectoffairvaluehedges ontheCompany’saccompanyingconsolidated statements of operations and comprehensive income for the nine months ended September 30, 2018 and 2017, respectively (amounts in thousands):

September 30, 2018 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative			Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	(1,491	)	Fixed rate debt	Interest expense	$	1,491
Total		$	(1,491	)			$	1,491

September 30, 2017 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative			Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	(1,413	)	Fixed rate debt	Interest expense	$	1,413
Total		$	(1,413	)			$	1,413

ThefollowingtablesprovideasummaryoftheeffectofcashflowhedgesontheCompany’saccompanyingconsolidated statements of operations and comprehensive income for the nine months ended September 30, 2018 and 2017, respectively (amounts in thousands):

	Effective Portion						Ineffective Portion
September 30, 2018 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			Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	$	24,021	Interest expense	$	(13,902	)	N/A	$	—
Total	$	24,021		$	(13,902	)		$	—

	Effective Portion						Ineffective Portion
September 30, 2017 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			Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	$	5,216	Interest expense	$	(14,019	)	N/A	$	—
Total	$	5,216		$	(14,019	)		$	—

AsofSeptember 30, 2018and December 31, 2017,therewereapproximately$50.7millionand$88.6millionindeferred losses, net, included in accumulated other comprehensive income (loss), respectively, related to derivative instruments.  Based on the estimatedfairvaluesofthenetderivativeinstrumentsatSeptember 30, 2018,theCompanymayrecognizeanestimated$19.8million of accumulated other comprehensive income (loss) as additional interest expense during the twelve months ending September 30,2019.

In February 2018, the Company received approximately $1.6 million to settle two forward starting swaps in conjunction with the issuance of $500.0 million of ten-year unsecured public notes.  The entire $1.6 million was initially deferred as a component of accumulated other comprehensive income (loss) and will be recognized as a decrease to interest expense over the ten-year term of the notes.  

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Earning Per Share and Earnings Per Unit

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Earning Per Share And Earnings Per Unit

10. Earning Per Share and Earnings PerUnit

Equity Residential

Thefollowingtablessetforththecomputationofnetincomepershare–basicandnetincomepershare–dilutedforthe Company (amounts in thousands except per shareamounts):

	Nine Months Ended September 30,						Quarter Ended September 30,
	2018			2017			2018			2017
Numerator for net income per share – basic:
Net income	$	562,804		$	498,297		$	223,846		$	144,196
Allocation to Noncontrolling Interests – Operating    Partnership		(20,517	)		(17,931	)		(8,159	)		(5,166	)
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(1,939	)		(2,354	)		(750	)		(801	)
Preferred distributions		(2,318	)		(2,318	)		(773	)		(772	)
Numerator for net income per share – basic	$	538,030		$	475,694		$	214,164		$	137,457
Numerator for net income per share – diluted:
Net income	$	562,804		$	498,297		$	223,846		$	144,196
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(1,939	)		(2,354	)		(750	)		(801	)
Preferred distributions		(2,318	)		(2,318	)		(773	)		(772	)
Numerator for net income per share – diluted	$	558,547		$	493,625		$	222,323		$	142,623
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		367,920			366,809			368,028			366,996
Effect of dilutive securities:
OP Units		12,871			12,907			12,884			12,910
Long-term compensation shares/units		2,642			2,924			2,972			3,039
Denominator for net income per share – diluted		383,433			382,640			383,884			382,945
Net income per share – basic	$	1.46		$	1.30		$	0.58		$	0.37
Net income per share – diluted	$	1.46		$	1.29		$	0.58		$	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):

	Nine Months Ended September 30,						Quarter Ended September 30,
	2018			2017			2018			2017
Numerator for net income per Unit – basic and diluted:
Net income	$	562,804		$	498,297		$	223,846		$	144,196
Net (income) loss attributable to Noncontrolling Interests – Partially    Owned Properties		(1,939	)		(2,354	)		(750	)		(801	)
Allocation to Preference Units		(2,318	)		(2,318	)		(773	)		(772	)
Numerator for net income per Unit – basic and diluted	$	558,547		$	493,625		$	222,323		$	142,623
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		380,791			379,716			380,912			379,906
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting    of the Company’s long-term compensation shares/units		2,642			2,924			2,972			3,039
Denominator for net income per Unit – diluted		383,433			382,640			383,884			382,945
Net income per Unit – basic	$	1.46		$	1.30		$	0.58		$	0.37
Net income per Unit – diluted	$	1.46		$	1.29		$	0.58		$	0.37

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2018

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments andContingencies

The Company, as an owner of real estate, is subject to various Federal, state and local environmental laws.  Compliance by the Company with existing laws has not had a material adverse effect on the Company.  However, the Company cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future.  As of September 30, 2018, the Company does have environmental reserves totaling approximately $5.8 million related to three of its properties.

TheCompanyhadestablishedareserverelatedtovariouslitigationmattersassociatedwithitsMassachusettsproperties and periodically assessed the adequacy of the reserve and made adjustments as necessary.  As of September 30, 2018,the matters were resolved for a total payout of $0.9million and no reserve remains outstanding.

The Company does not believe there is any litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company.

As of September 30, 2018, the Company has four wholly owned projects totaling 912 apartment units in various stages of development with remaining commitments to fund of approximately $444.0 million and estimated completion dates ranging through September 30, 2021, as well as other completed development projects that are in various stages of lease-up or are stabilized.

AsofSeptember 30, 2018,theCompanyhastwounconsolidatedoperating properties that are owned with the same third party joint venture partner under separate agreements.  The joint venture agreementswiththispartnerareprimarilydeal-specificregardingprofit-sharing,equitycontributions,returnsoninvestment,buy-sell agreements and other customary provisions.  Thebuy-sellarrangementscontainprovisionsthatprovide the right, but not the obligation, for the Company to acquire the partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events described in the joint venture agreements.  

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Reportable Segments

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Reportable Segments

12. ReportableSegments

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 chiefoperatingdecisionmaker.  Thechiefoperatingdecisionmakerdecideshowresourcesareallocatedandassessesperformance on a recurring basis at leastquarterly.

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.  The Company’s geographic same store operating segments located in urban and high-density suburban markets represent its reportable segments (the two Denver properties acquired in the third quarter of 2018 are currently included in non-same store).  The Company’s operating segments located in its other markets (Phoenix) that are not material have also been included in the tables presented below.  

The Company’s fee and asset management and 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.

Allrevenuesarefromexternalcustomersandthereisnocustomerwhocontributed10%ormoreoftheCompany’stotal revenues during the nine months and quarters ended September 30, 2018 and 2017, respectively.

The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which representsrentalincomeless:1) propertyandmaintenanceexpenseand2) realestatetaxesandinsuranceexpense(allasreflected in the accompanying consolidated statements of operations and comprehensive income).  TheCompanybelievesthat 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.

ThefollowingtablepresentsareconciliationofNOIfromourrentalrealestateforthe nine months and quarters ended September 30, 2018 and 2017, respectively (amounts inthousands):

	Nine Months Ended September 30,						Quarter Ended September 30,
	2018			2017			2018			2017
Rental income	$	1,925,128		$	1,840,170		$	652,677		$	623,951
Property and maintenance expense		(322,487	)		(306,645	)		(110,541	)		(104,721	)
Real estate taxes and insurance expense		(268,784	)		(253,318	)		(87,388	)		(84,087	)
Total operating expenses		(591,271	)		(559,963	)		(197,929	)		(188,808	)
Net operating income	$	1,333,857		$	1,280,207		$	454,748		$	435,143

The following tables present NOI for each segment from our rental real estate for the nine months and quarters ended September 30, 2018 and 2017,respectively,aswellastotalassetsandcapitalexpendituresatSeptember 30, 2018(amounts inthousands):

	Nine Months Ended September 30, 2018						Nine Months Ended September 30, 2017
	Rental Income		Operating Expenses		NOI		Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	310,972	$	89,211	$	221,761	$	300,702	$	85,972	$	214,730
Orange County		68,513		16,706		51,807		66,082		16,330		49,752
San Diego		68,640		17,984		50,656		66,052		17,415		48,637
Subtotal - Southern California		448,125		123,901		324,224		432,836		119,717		313,119
San Francisco		331,067		80,377		250,690		321,894		81,942		239,952
Washington D.C.		325,480		101,620		223,860		322,310		98,046		224,264
New York		343,239		135,700		207,539		341,295		128,076		213,219
Boston		171,042		47,666		123,376		167,010		45,871		121,139
Seattle		147,311		41,762		105,549		142,564		39,686		102,878
Other Markets		1,453		506		947		1,384		498		886
Total same store		1,767,717		531,532		1,236,185		1,729,293		513,836		1,215,457
Non-same store/other (2) (3)
Non-same store		134,308		45,997		88,311		60,446		21,096		39,350
Other (3)		23,103		13,742		9,361		50,431		25,031		25,400
Total non-same store/other		157,411		59,739		97,672		110,877		46,127		64,750
Totals	$	1,925,128	$	591,271	$	1,333,857	$	1,840,170	$	559,963	$	1,280,207

(1) For the nine months ended September 30, 2018 and 2017, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2017, less properties subsequently sold, which represented 71,721 apartmentunits.

(2) For the nine months ended September 30, 2018 and 2017, non-same store primarily includes properties acquired after January 1, 2017, plus any properties in lease-up and not stabilized as of January 1,2017.

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

	Quarter Ended September 30, 2018						Quarter Ended September 30, 2017
	Rental Income		Operating Expenses		NOI		Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	108,050	$	30,848	$	77,202	$	104,190	$	29,470	$	74,720
Orange County		23,182		5,615		17,567		22,427		5,491		16,936
San Diego		23,215		6,233		16,982		22,432		5,881		16,551
Subtotal - Southern California		154,447		42,696		111,751		149,049		40,842		108,207
San Francisco		116,937		29,271		87,666		113,154		29,527		83,627
Washington D.C.		109,637		34,722		74,915		108,764		33,474		75,290
New York		115,757		45,156		70,601		114,799		42,620		72,179
Boston		57,531		16,073		41,458		56,022		15,726		40,296
Seattle		50,618		14,137		36,481		49,467		13,449		36,018
Other Markets		485		165		320		459		158		301
Total same store		605,412		182,220		423,192		591,714		175,796		415,918
Non-same store/other (2) (3)
Non-same store		42,702		13,605		29,097		18,252		6,870		11,382
Other (3)		4,563		2,104		2,459		13,985		6,142		7,843
Total non-same store/other		47,265		15,709		31,556		32,237		13,012		19,225
Totals	$	652,677	$	197,929	$	454,748	$	623,951	$	188,808	$	435,143

(1) For the quarters ended September 30, 2018 and 2017, same store primarily includes all properties acquired or completed that were stabilized prior to July 1, 2017, less properties subsequently sold, which represented 72,561 apartmentunits.

(2) For the quarters ended September 30, 2018 and 2017, non-same store primarily includes properties acquired after July 1, 2017, plus any properties in lease-up and not stabilized as of July 1,2017.

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

	Nine Months Ended September 30, 2018
	Total Assets		Capital Expenditures
Same store (1)
Los Angeles	$	2,631,459	$	21,438
Orange County		321,551		6,327
San Diego		410,450		3,665
Subtotal - Southern California		3,363,460		31,430
San Francisco		2,989,059		34,617
Washington D.C.		3,734,007		21,722
New York		4,108,581		17,217
Boston		1,599,983		16,477
Seattle		1,287,733		12,085
Other Markets		12,820		135
Total same store		17,095,643		133,683
Non-same store/other (2) (3)
Non-same store		2,884,686		4,171
Other (3)		561,821		265
Total non-same store/other		3,446,507		4,436
Totals	$	20,542,150	$	138,119

(1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2017, less properties subsequently sold, which represented 71,721 apartmentunits.

(2) Non-same store primarily includes properties acquired after January 1, 2017, plus any properties in lease-up and not stabilized as of January 1,2017.

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

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Subsequent Events

9 Months Ended

Sep. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

13. SubsequentEvents

Subsequent to September 30, 2018, the Company:

• Repaid $500.0 million of 5.19% mortgage debt held in a Freddie Mac loan pool at par prior to the October 1, 2019 maturity date; and

• Reissued $96.9 million of floating rate tax-exempt mortgage bonds which mature on April 1, 2042, remarket weekly and are guaranteed by ERPOP.

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2018

Summary Of Significant Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included.  Certain reclassifications have been made to the prior period financial statements in order to conform to the current year presentation.  These reclassifications did not have an impact on net income previously reported.  Operating results for the nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018.

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, 2017 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, 2017.

Income and Other Taxes

Income and Other Taxes

Due to the structure of EQR as a REIT and the nature of the operations of its operating properties, no provision for federal income taxes has been made at the EQR level.  In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their proportionate 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.

Deferred tax assets and liabilities were recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases in the comparable period.  These assets and liabilities were measured using enacted tax rates for which the temporary differences were expected to be recovered or settled.  The effects of changes in tax rates on deferred tax assets and liabilities were recognized in earnings in the period enacted.  The Company’s deferred tax assets were generally the result of tax affected suspended interest deductions, net operating losses, differing depreciable lives on capitalized assets and the timing of expense recognition for certain accrued liabilities.  

In December 2017, the President signed into law H.R. 1, informally titled the Tax Cuts and Jobs Act (the “Tax Act”).  The Tax Act is not expected to have a material impact on our REIT or subsidiary entities, our ability to continue to qualify as a REIT or on our results of operations.  However, the complete impact of the Tax Act is not yet fully known and there can be no assurances that it will have a neutral or favorable impact.  

Recently Issued and Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

InFebruary2016,the Financial Accounting Standards Board (“FASB”) issued a new leases standard which sets out principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessors and lessees).  The new standard requires the following:

• Lessors – Leases will be accounted for using an approach that is substantially equivalent to existing guidance for operating, sales-type and financing leases, but aligned with the new revenue recognition standard.  Lessors will be required to allocate lease payments to separate lease and non-lease components of each lease agreement, with the non-lease components evaluated under the new revenue recognition standard.

• Lessees – Leases will be accounted for using a dual approach, classifying leases as either operating or finance based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee.  This classification will determine whether the lease expense is recognized on a straight-line basis over the term of the lease (for operating leases) or based on an effective interest method (for finance leases).  A lessee is also required to record a right-of-use asset and a lease liability on its balance sheet for all leases with a term of greater than 12 months regardless of their classification as operating or finance leases.  Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases.

The new standard will be effective for the Company beginning on January 1, 2019, with early adoption permitted, though the Company currently anticipates adopting the new standard on the effective date.  The new standard must be adopted using a modified retrospective method, which requires application of the new guidance at either the beginning of the earliest comparative period presented or as of the adoption date and provides for certain practical expedients, which the Company currently anticipates electing.  

The Company is the lessor for its residential and retail/commercial leases and anticipates that these leases will continue to be accounted for as operating leases under the new standard.  Therefore, the Company does not currently anticipate significant changes in the accounting for its lease revenues.  

The Company is the lessee under various corporate office and ground leases, which are required to be recognized as right of use assets and related lease liabilities on its consolidated balance sheets upon adoption.  The Company currently anticipates that its corporate office leases will continue to be accounted for as operating leases under the new standard.  Based on its anticipated election of the practical expedients, the Company would not be required to reassess the classification of existing ground leases and therefore these leases would continue to be accounted for as operating leases.  However, in the event we modify existing ground leases and/or enter into new ground leases after adoption of the new standard, such leases will likely be classified as finance leases.  The Company expects to record right of use assets and related lease liabilities to its opening balance sheet upon adoption of the new standard on January 1, 2019, which it currently estimates to be an amount not likely to exceed $300.0 million.  The ultimate impact on the Company’s consolidated results of operations and financial position will depend on our lease portfolio and other factors as of the adoption date, as we continue to evaluate the new leases standard.

In July 2018, the FASB issued an amendment to the new leases standard, which includes a practical expedient that provides lessors an option not to separate lease and non-lease components when certain criteria are met and instead account for those components as a single component under the new leases standard.  The amendment also provides a transition option that permits the application of the new guidance as of the adoption date rather than to all periods presented.  The Company anticipates electing the practical expedient to account for both its lease and non-lease components as a single component under the leases standard and electing the new transition option.

In June 2016, the FASB issued a new standard which requires companies to adopt a new approach for estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans.  The standard will require entities to estimate a lifetime expected credit loss for most financial instruments, including trade receivables.  The new standard will be effective for the Company beginning on January 1, 2020, with early adoption permitted beginning January 1, 2019.  TheCompanyiscurrentlyevaluatingtheimpactofadoptingthenewstandardonitsconsolidatedresultsofoperationsand financial position.

In August 2017, the FASB issued a final standard which makes changes to the hedge accounting model to enable entities to better portray their risk management activities in the financial statements.  The new standard expands an entity’s ability to hedge nonfinancial and financial risk components, reduces complexity in fair value hedges of interest rate risk and eases certain documentation and assessment requirements.  The new standard also eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of any hedging instrument to be presented in the same income statement line as the hedged instrument.  The new standard will be effective for the Company beginning on January 1, 2019 and early adoption is permitted.  The Company is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position.

Recently Adopted Accounting Pronouncements

InMay2014,theFASBissuedacomprehensivenewrevenuerecognition standard entitled Revenue from Contracts with Customers that superseded nearly all existing revenue recognition guidance.  Thenewstandardspecificallyexcludesleaserevenue.  Thenewstandard’scoreprincipleisthatacompanyrecognizesrevenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expectstobeentitledinexchangeforthosegoodsorservices.  Companieswilllikelyneedtousemorejudgmentandmakemore estimatesthanunderpreviousrevenuerecognitionguidance.  Thesemayincludeidentifyingperformanceobligationsinthecontract, estimating the amount of variable consideration, if any, to include in the transaction price and allocating the transaction price to each separate performance obligation.  The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect, if any, recognized as of the date of adoption.  The Company selected the modified retrospective transition method as of the date of adoption as required effectiveJanuary1,2018.  Approximately94%ofrental income consistsof revenue from leasing arrangements, which is specifically excluded from the standard (included as leasing revenue in the table below).  The Company analyzed its remaining revenue streams, inclusive of fee and asset management and gains and losses on sales, and concluded these revenue streams have the same timing and pattern of revenue recognition under the new guidance, and therefore the Company had no changes in revenue recognition with the adoption of the new standard.  As such, adoption of the standard did not result in a cumulative adjustment recognized as of January 1, 2018, and the standard did not have a material impact on the Company’s consolidated financial position, results of operations, equity/capital or cash flows.

For the remaining approximately 6% of rental income that is subject to the new revenue recognition standard, the Company’s disaggregated revenue streams are disclosed in the table below for the nine months and quarter ended September 30, 2018.  These revenue streams have the same timing and pattern of revenue recognition across our reportable segments, with consistent allocations between the leasing and revenue recognition standards.  The revenue streams and percentages are comparable with the percentage of rental income for the nine months and quarter ended September 30, 2017.  

The following table presents the disaggregation of revenue streams of our rental income for the nine months and quarter ended September 30, 2018 (amounts in thousands):

		Nine Months Ended September 30, 2018					Quarter Ended September 30, 2018
Revenue Stream	Applicable Standard	Amount of Rental Income		Percentage of Rental Income			Amount of Rental Income		Percentage of Rental Income
Leasing revenue	Leases	$	1,803,908		93.7	%	$	611,119		93.6	%
Utility recoveries (“RUBS”)	Revenue Recognition		46,752		2.4	%		15,817		2.4	%
Parking revenue	Revenue Recognition		20,249		1.1	%		6,185		1.0	%
Other revenue	Revenue Recognition		54,219		2.8	%		19,556		3.0	%
Rental income		$	1,925,128		100.0	%	$	652,677		100.0	%

Additionally, as part of the new revenue recognition standard, the FASB issued amendments related to partial sales of real estate (see further discussion below).  Adoption of the new partial sales standard did not result in a change of accounting for the Company related to its disposition process.  We concluded that the Company’s typical dispositions will continue to meet the criteria for sale and associated profit recognition under both new standards.

InJanuary2016,theFASBissuedanewstandardwhichrequirescompaniestomeasureallequitysecuritieswithreadily determinablefairvaluesatfairvalueonthebalancesheet,withchangesinfairvaluerecognizedinnetincome.  The Company adopted thisnewstandard as required effective January 1, 2018 and it did not have a material effect on its consolidated results of operations or financialposition.

InAugust2016andOctober2016,theFASBissuednewstandardstoclarifyhowspecifictransactionsareclassifiedand presented on the statement of cash flows.  Among other clarifications, the new standards specifically provide guidance for the following items within the statement of cash flows which have required significant judgment in the past:

• Cash payments related to debt prepayments or extinguishment costs are to be classified within financingactivities;

• The portion of the cash payment made to settle a zero-coupon bond or a bond with an insignificant cash coupon attributable to accreted interest related to a debt discount is to be classified as a cash outflow within operating activities, and the portion attributable to the principal is to be classified within financingactivities;

• Insurance settlement proceeds are to be classified based on the nature of theloss;

• Companies must elect to classify distributions received from equity method investees using either a cumulative earnings approach or a look-through approach and the election must be disclosed;and

• Restrictedcashwillbeincludedwithcashandcashequivalentsonthestatementofcashflows.  Totalcashandcash equivalents and restricted cash are to be reconciled to the related line items on the balancesheet.

Thenewstandardsmustbeappliedretrospectivelytoallperiodspresentedintheconsolidatedfinancialstatements.  TheCompany adopted the new standard in the fourth quarter of 2017 and will continue to apply the look-through approach for distributions received from equity method investees.  While overall cash flows did not change, there are changes between cash flow classifications due primarily to the debt prepayment penalties that the Company has incurred in the comparative period.  As of September 30, 2017, the following cash flows were reclassified (amounts in thousands):

	Nine Months Ended September 30, 2017
	As Originally Presented			Reclassification Adjustments			As Presented Herein
Cash Flows from Operating Activities:
Amortization of discounts and premiums on debt	$	4,939		$	(2,921	)	$	2,018
Net (gain) loss on debt extinguishment	$	—		$	12,258		$	12,258
(Increase) decrease in deposits - restricted	$	788		$	(788	)	$	—
(Increase) decrease in mortgage deposits	$	1,447		$	(1,447	)	$	—
Net cash provided by operating activities	$	963,034		$	7,102		$	970,136
Cash Flows from Investing Activities:
(Increase) decrease in deposits on real estate acquisitions     and investments, net	$	39,519		$	(39,519	)	$	—
(Increase) decrease in mortgage deposits	$	(4,541	)	$	4,541		$	—
Net cash provided by (used for) investing activities	$	(480,797	)	$	(34,978	)	$	(515,775	)
Cash Flows from Financing Activities:
Mortgage deposits	$	57,057		$	(57,057	)	$	—
Mortgage notes payable, net: Net gain (loss) on debt extinguishment	$	—		$	(12,258	)	$	(12,258	)
Line of credit and commercial paper: Commercial paper proceeds	$	3,888,675		$	2,921		$	3,891,596
Net cash (used for) financing activities	$	(512,879	)	$	(66,394	)	$	(579,273	)
Cash and cash equivalents, beginning of period	$	77,207
(adjustments for restricted deposits, beginning of period)				$	141,881
Cash and cash equivalents and restricted deposits, beginning of period							$	219,088
Cash and cash equivalents, end of period	$	46,565
(adjustments for restricted deposits, end of period)				$	47,611
Cash and cash equivalents and restricted deposits, end of period							$	94,176

InJanuary2017,theFASB issuedanewstandardwhichclarified thedefinitionofabusiness.  Thestandard’sobjectivewasto addadditionalguidancethatassistscompaniesindeterminingwhethertransactionsshouldbeaccountedforasanassetacquisition or a business combination.  The new standard first requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets.  If this threshold is met, the set is not a business.  If this threshold is not met, the entity next evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs.  Amongotherdifferences,transactioncostsassociatedwithassetacquisitionsarecapitalizedwhilethoseassociatedwithbusiness combinationsareexpensedasincurred.  Inaddition,purchasepriceinanassetacquisitionisallocatedonarelativefairvaluebasis while in a business combination it is generally measured at fair value.  The new standard will be applied prospectively to any transactions occurring within the period of adoption.  The Company early adopted the new standard as allowed effective January 1, 2017.  The Company anticipates that substantially all of its transactions will now be accounted for as asset acquisitions, which means transaction costs will largely be capitalized as noted above.  

InFebruary 2017,theFASB issuedanewstandardwhich clarifies the accounting treatment for partial sales of nonfinancial assets (i.e. real estate).  The standard clarifies that partial sales transactions include contributions of nonfinancial assets to a joint venture or other noncontrolled investee.  Companies must recognize a full gain or loss on transfers of nonfinancial assets to equity method investees.  The standard requires companies to derecognize distinct nonfinancial assets or distinct in substance nonfinancial assets in partial sale transactions when it does not have a controlling financial interest in the legal entity that holds the asset and transfers control of the asset.  Once the distinct nonfinancial asset is transferred, the company is required to measure any non-controlling interest it receives or retains at fair value and recognize a full gain or loss on the transaction.  If a company transfers ownership interests in a consolidated subsidiary and continues to maintain a controlling financial interest, the company does not derecognize the assets or liabilities, and accounts for the transaction as an equity transaction and no gain or loss is recognized.  The Company adopted thisnewstandard concurrently with the new revenue recognition standard as required effective January 1, 2018.  The Company has not had a partial sale of nonfinancial assets in the current or comparative periods, therefore the adoption of this standard did not have a material impact on its consolidated results of operations and financial position.

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Business (Tables)

9 Months Ended

Sep. 30, 2018

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Ownership Breakdown

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

	Properties		Apartment Units
Wholly Owned Properties		286		74,618
Master-Leased Properties – Consolidated		1		162
Partially Owned Properties – Consolidated		17		3,535
Partially Owned Properties – Unconsolidated		2		945
		306		79,260

Note: Effective February 1, 2018 and April 2, 2018, the Company took over management of two of its Master-Leased properties containing 94 apartment units and 597 apartment units located in Boston and Los Angeles, respectively.

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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2018

Summary Of Significant Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue Streams of Rental Income and Percentage of Rental Income

The following table presents the disaggregation of revenue streams of our rental income for the nine months and quarter ended September 30, 2018 (amounts in thousands):

		Nine Months Ended September 30, 2018					Quarter Ended September 30, 2018
Revenue Stream	Applicable Standard	Amount of Rental Income		Percentage of Rental Income			Amount of Rental Income		Percentage of Rental Income
Leasing revenue	Leases	$	1,803,908		93.7	%	$	611,119		93.6	%
Utility recoveries (“RUBS”)	Revenue Recognition		46,752		2.4	%		15,817		2.4	%
Parking revenue	Revenue Recognition		20,249		1.1	%		6,185		1.0	%
Other revenue	Revenue Recognition		54,219		2.8	%		19,556		3.0	%
Rental income		$	1,925,128		100.0	%	$	652,677		100.0	%

Schedule of Material Changes Between Cash Flow Classifications due to Substantial Debt Prepayment Penalties

While overall cash flows did not change, there are changes between cash flow classifications due primarily to the debt prepayment penalties that the Company has incurred in the comparative period.  As of September 30, 2017, the following cash flows were reclassified (amounts in thousands):

	Nine Months Ended September 30, 2017
	As Originally Presented			Reclassification Adjustments			As Presented Herein
Cash Flows from Operating Activities:
Amortization of discounts and premiums on debt	$	4,939		$	(2,921	)	$	2,018
Net (gain) loss on debt extinguishment	$	—		$	12,258		$	12,258
(Increase) decrease in deposits - restricted	$	788		$	(788	)	$	—
(Increase) decrease in mortgage deposits	$	1,447		$	(1,447	)	$	—
Net cash provided by operating activities	$	963,034		$	7,102		$	970,136
Cash Flows from Investing Activities:
(Increase) decrease in deposits on real estate acquisitions     and investments, net	$	39,519		$	(39,519	)	$	—
(Increase) decrease in mortgage deposits	$	(4,541	)	$	4,541		$	—
Net cash provided by (used for) investing activities	$	(480,797	)	$	(34,978	)	$	(515,775	)
Cash Flows from Financing Activities:
Mortgage deposits	$	57,057		$	(57,057	)	$	—
Mortgage notes payable, net: Net gain (loss) on debt extinguishment	$	—		$	(12,258	)	$	(12,258	)
Line of credit and commercial paper: Commercial paper proceeds	$	3,888,675		$	2,921		$	3,891,596
Net cash (used for) financing activities	$	(512,879	)	$	(66,394	)	$	(579,273	)
Cash and cash equivalents, beginning of period	$	77,207
(adjustments for restricted deposits, beginning of period)				$	141,881
Cash and cash equivalents and restricted deposits, beginning of period							$	219,088
Cash and cash equivalents, end of period	$	46,565
(adjustments for restricted deposits, end of period)				$	47,611
Cash and cash equivalents and restricted deposits, end of period							$	94,176

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Equity, Capital and Other Interests (Tables)

9 Months Ended

Sep. 30, 2018

Class Of Stock [Line Items]

Changes in Issued and Outstanding Common Shares and Units

The following tables present the changes in the Company’s issued and outstanding Common Shares and “Units” (which includes OP Units and restricted units) for the nine months ended September 30, 2018:

	2018
Common Shares
Common Shares outstanding at January 1,		368,018,082
Common Shares Issued:
Conversion of OP Units		12,510
Exercise of share options		194,796
Employee Share Purchase Plan (ESPP)		61,321
Restricted share grants, net		122,877
Common Shares outstanding at September 30,		368,409,586
Units
Units outstanding at January 1,		13,768,438
Restricted unit grants, net		267,074
Conversion of OP Units to Common Shares		(12,510	)
Units outstanding at September 30,		14,023,002
Total Common Shares and Units outstanding at September 30,		382,432,588
Units Ownership Interest in Operating Partnership		3.7	%

Changes in Redemption Value of Redeemable Noncontrolling Interests and Limited Partners Interest

ThefollowingtablepresentsthechangesintheredemptionvalueoftheRedeemableNoncontrollingInterests–Operating Partnership for the nine months ended September 30, 2018 (amounts inthousands):

	2018
Balance at January 1,	$	366,955
Change in market value		14,361
Change in carrying value		(77	)
Balance at September 30,	$	381,239

Issued and Outstanding Preferred Shares and Preference Units

ThefollowingtablepresentstheCompany’sissuedandoutstandingPreferredSharesasofSeptember 30, 2018andDecember 31, 2017:

				Amounts in thousands
		Annual
	Call	Dividend Per		September 30,		December 31,
	Date (1)	Share (2)		2018		2017
Preferred Shares of beneficial interest, $0.01 par value;    100,000,000 shares authorized:
8.29% Series K Cumulative Redeemable Preferred;    liquidation value $50 per share; 745,600 shares issued and    outstanding as of September 30, 2018 and December 31, 2017	12/10/26	$	4.145	$	37,280	$	37,280
				$	37,280	$	37,280

(1) On or after the call date, redeemable preferred shares may be redeemed for cash at the option of the Company, in whole or in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any.

(2) Dividends on Preferred Shares are payable quarterly.

ERPOP [Member]

Class Of Stock [Line Items]

Changes in Issued and Outstanding Common Shares and Units

The following tables present the changes in the Operating Partnership’s issued and outstanding Units and in the limited partners’ Units for the nine months ended September 30, 2018:

	2018
General and Limited Partner Units
General and Limited Partner Units outstanding at January 1,		381,786,520
Issued to General Partner:
Exercise of EQR share options		194,796
EQR’s Employee Share Purchase Plan (ESPP)		61,321
EQR’s restricted share grants, net		122,877
Issued to Limited Partners:
Restricted unit grants, net		267,074
General and Limited Partner Units outstanding at September 30,		382,432,588
Limited Partner Units
Limited Partner Units outstanding at January 1,		13,768,438
Limited Partner restricted unit grants, net		267,074
Conversion of Limited Partner OP Units to EQR Common    Shares		(12,510	)
Limited Partner Units outstanding at September 30,		14,023,002
Limited Partner Units Ownership Interest in Operating    Partnership		3.7	%

Changes in Redemption Value of Redeemable Noncontrolling Interests and Limited Partners Interest

The following table presents the changes in the redemption value of the Redeemable Limited Partners for the nine months ended September 30, 2018 (amounts in thousands):

	2018
Balance at January 1,	$	366,955
Change in market value		14,361
Change in carrying value		(77	)
Balance at September 30,	$	381,239

Issued and Outstanding Preferred Shares and Preference Units

ThefollowingtablepresentstheOperatingPartnership’sissuedandoutstanding“PreferenceUnits”asofSeptember 30, 2018 and December 31, 2017:

				Amounts in thousands
		Annual
	Call	Dividend Per		September 30,		December 31,
	Date (1)	Unit (2)		2018		2017
Preference Units:
8.29% Series K Cumulative Redeemable Preference Units;    liquidation value $50 per unit; 745,600 units issued and    outstanding as of September 30, 2018 and December 31, 2017	12/10/26	$	4.145	$	37,280	$	37,280
				$	37,280	$	37,280

(1) On or after the call date, redeemable preference units may be redeemed for cash at the option of the Operating Partnership, in whole or in part, at a redemption price equal to the liquidation price per unit, plus accrued and unpaid distributions, if any, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares.

(2) Dividends on Preference Units are payable quarterly.

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Real Estate and Lease Intangibles (Tables)

9 Months Ended

Sep. 30, 2018

Real Estate [Abstract]

Summary of Carrying Amounts of Investment in Real Estate

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of September 30, 2018 and December 31, 2017 (amounts in thousands):

	September 30, 2018			December 31, 2017
Land	$	5,866,457		$	5,996,024
Depreciable property:
Buildings and improvements		18,174,939			17,743,042
Furniture, fixtures and equipment		1,684,794			1,548,961
In-Place lease intangibles		477,014			476,359
Projects under development:
Land		34,689			43,226
Construction-in-progress		100,272			120,321
Land held for development:
Land		61,038			62,538
Construction-in-progress		26,297			36,425
Investment in real estate		26,425,500			26,026,896
Accumulated depreciation		(6,494,770	)		(6,040,378	)
Investment in real estate, net	$	19,930,730		$	19,986,518

Summary of Carrying Amounts of Above and Below Market Ground And Retail Lease Intangibles

The following table summarizes the carrying amounts for the Company’s above and below market ground and retail lease intangibles as of September 30, 2018 and December 31, 2017 (amounts in thousands):

Description	Balance Sheet Location	September 30, 2018			December 31, 2017
Assets
Ground lease intangibles – below market	Other Assets	$	191,918		$	191,918
Retail lease intangibles – above market	Other Assets		1,260			1,260
Lease intangible assets			193,178			193,178
Accumulated amortization			(25,819	)		(22,434	)
Lease intangible assets, net		$	167,359		$	170,744
Liabilities
Ground lease intangibles – above market	Other Liabilities	$	2,400		$	2,400
Retail lease intangibles – below market	Other Liabilities		1,710			5,270
Lease intangible liabilities			4,110			7,670
Accumulated amortization			(1,674	)		(5,143	)
Lease intangible liabilities, net		$	2,436		$	2,527

Summary of the Effect of the Amortization for Above and Below Market Ground and Retail Lease Intangibles

The following table provides a summary of the effect of the amortization for above and below market ground and retail lease intangibles ontheCompany’saccompanyingconsolidated statements of operations and comprehensive income for the nine months and quarters ended September 30, 2018 and 2017, respectively (amounts in thousands):

		Nine Months Ended						Quarter Ended
		September 30,						September 30,
Description	Income Statement Location	2018			2017			2018			2017
Ground lease intangible amortization	Property and Maintenance	$	(3,348	)	$	(3,253	)	$	(1,116	)	$	(1,092	)
Retail lease intangible amortization	Rental Income		54			524			18			80
Total amortization of above/below     market lease intangibles		$	(3,294	)	$	(2,729	)	$	(1,098	)	$	(1,012	)

Summary of Aggregate Amortization for Above and Below Market Ground And Retail Lease Intangibles

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

	Remaining
	2018			2019			2020			2021			2022			2023
Ground lease intangibles	$	(1,115	)	$	(4,463	)	$	(4,463	)	$	(4,463	)	$	(4,463	)	$	(4,463	)
Retail lease intangibles		17			71			71			71			27			19
Total	$	(1,098	)	$	(4,392	)	$	(4,392	)	$	(4,392	)	$	(4,436	)	$	(4,444	)

Acquired Properties From Unaffiliated Parties

During the nine months ended September 30, 2018, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		5		1,478	$	707,005
Total		5		1,478	$	707,005

(1) Purchase price includes an allocation of approximately $113.7 million to land and $594.4 million to depreciable property (inclusive of capitalized closing costs).

Disposed Properties to Unaffiliated Parties

During the nine months ended September 30, 2018, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		5		1,292	$	706,120
Land Parcels (one)		—		—		2,700
Total		5		1,292	$	708,820

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Investments in Partially Owned Entities (Tables)

9 Months Ended

Sep. 30, 2018

Investments In Partially Owned Entities [Abstract]

Summary of Companys Investment in Unconsolidated Entities

The following table and information summarizes the Company’s investments in unconsolidated entities, which are accounted for under the equity method of accounting as the requirements for consolidation are not met, as of September 30, 2018 and December 31, 2017 (amounts in thousands except for ownership percentage):

	September 30, 2018		December 31, 2017		Ownership Percentage
Investments in Unconsolidated Entities:
Wisconsin Place Developer (VIE) (1)	$	42,964	$	44,451	33.3%
Operating Properties (Non-VIE) (2)		10,745		12,367	20.0%
Other		3,867		1,436	Varies
Investments in Unconsolidated Entities	$	57,576	$	58,254

(1) Represents an unconsolidated interest in an entity that owns the land underlying one of the consolidated joint venture properties noted above and owns and operates a related parking facility.  The joint venture, as a limited partner, does not have substantive kick-out or participating rights in the entity.  As a result, the entity qualifies as a VIE.  The joint venture does not have a controlling financial interest in the VIE and is not the VIE’s primary beneficiary.  The joint venture does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance or the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.  As a result, the entity that owns the land and owns and operates the parking facility is unconsolidated and recorded using the equity method of accounting.

(2) Includes two joint ventures under separate agreements with the same partner totaling 945 apartment units.

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Restricted Deposits (Tables)

9 Months Ended

Sep. 30, 2018

Deposits Restricted [Abstract]

Restricted Deposits

The following table presents the Company’s restricted deposits as of September 30, 2018 and December 31, 2017 (amounts in thousands):

	September 30, 2018		December 31, 2017
Mortgage escrow deposits:
Real estate taxes and insurance	$	600	$	845
Replacement reserves		8,478		8,347
Mortgage principal reserves/sinking funds		8,363		3,167
Other		852		852
Mortgage escrow deposits		18,293		13,211
Restricted cash:
Earnest money on pending acquisitions		—		750
Restricted deposits on real estate investments		538		58
Resident security and utility deposits		35,379		35,183
Other		1,545		913
Restricted cash		37,462		36,904
Restricted deposits	$	55,755	$	50,115

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Derivative and Other Fair Value Instruments (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Summary of Carrying and Fair Values of Financial Instruments

Thefollowingtableprovidesasummaryofthe carrying andfairvaluesforthe Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at September 30, 2018 and December 31, 2017, respectively (amounts inthousands):

	September 30, 2018				December 31, 2017
	Carrying Value		Estimated Fair Value (Level 2)		Carrying Value		Estimated Fair Value (Level 2)
Mortgage notes payable, net	$	2,789,436	$	2,710,433	$	3,618,722	$	3,615,384
Unsecured debt, net		6,034,357		6,040,798		5,338,569		5,619,744
Total debt, net	$	8,823,793	$	8,751,231	$	8,957,291	$	9,235,128

Summary of Consolidated Derivative Instruments

ThefollowingtablesummarizestheCompany’sconsolidatedderivativeinstrumentsat September 30, 2018 (dollaramounts are inthousands):

	Fair Value Hedges (1)			Forward Starting Swaps (2)
Current Notional Balance	$	450,000		$	800,000
Lowest Interest Rate		2.375	%		2.1478	%
Highest Interest Rate		2.375	%		3.1163	%
Earliest Maturity Date		2019			2028
Latest Maturity Date		2019			2029

(1) Fair Value Hedges – Converts outstanding fixed rate unsecured notes ($450.0 million 2.375% notes due July 1, 2019) to a floating interest rate of 90-Day LIBOR plus 0.61%.

(2) Forward Starting Swaps – Designed to partially fix interest rates in advance of planned future debt issuances.  Of the $800.0 million notional balance, $300.0 million of these swaps have mandatory counterparty terminations in 2019 and are targeted for certain 2018 debt issuances while $500.0 million of these swaps have mandatory counterparty terminations in 2020 and are targeted for certain 2019 debt issuances.

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

Thefollowingtablesprovideasummaryofthefairvaluemeasurementsforeachmajorcategoryofassetsandliabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at September 30, 2018 and December 31, 2017, respectively (amounts inthousands):

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	9/30/2018		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Derivatives designated as hedging    instruments:
Interest Rate Contracts:
Forward Starting Swaps	Other Assets	$	27,526	$	—	$	27,526	$	—
Supplemental Executive Retirement Plan	Other Assets		144,561		144,561		—		—
Total		$	172,087	$	144,561	$	27,526	$	—
Liabilities
Derivatives designated as hedging    instruments:
Interest Rate Contracts:
Fair Value Hedges	Other Liabilities	$	3,088	$	—	$	3,088	$	—
Supplemental Executive Retirement Plan	Other Liabilities		144,561		144,561		—		—
Total		$	147,649	$	144,561	$	3,088	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	381,239	$	—	$	381,239	$	—

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	12/31/2017		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Derivatives designated as hedging    instruments:
Interest Rate Contracts:
Forward Staring Swaps	Other Assets	$	5,143	$	—	$	5,143	$	—
Supplemental Executive Retirement Plan	Other Assets		140,159		140,159		—		—
Total		$	145,302	$	140,159	$	5,143	$	—
Liabilities
Derivatives designated as hedging    instruments:
Interest Rate Contracts:
Fair Value Hedges	Other Liabilities	$	1,597	$	—	$	1,597	$	—
Supplemental Executive Retirement Plan	Other Liabilities		140,159		140,159		—		—
Total		$	141,756	$	140,159	$	1,597	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	366,955	$	—	$	366,955	$	—

Summary of Effect of Fair Value Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income

Thefollowingtablesprovideasummaryoftheeffectoffairvaluehedges ontheCompany’saccompanyingconsolidated statements of operations and comprehensive income for the nine months ended September 30, 2018 and 2017, respectively (amounts in thousands):

September 30, 2018 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative			Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	(1,491	)	Fixed rate debt	Interest expense	$	1,491
Total		$	(1,491	)			$	1,491

September 30, 2017 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative			Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	(1,413	)	Fixed rate debt	Interest expense	$	1,413
Total		$	(1,413	)			$	1,413

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

ThefollowingtablesprovideasummaryoftheeffectofcashflowhedgesontheCompany’saccompanyingconsolidated statements of operations and comprehensive income for the nine months ended September 30, 2018 and 2017, respectively (amounts in thousands):

	Effective Portion						Ineffective Portion
September 30, 2018 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			Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	$	24,021	Interest expense	$	(13,902	)	N/A	$	—
Total	$	24,021		$	(13,902	)		$	—

	Effective Portion						Ineffective Portion
September 30, 2017 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			Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	$	5,216	Interest expense	$	(14,019	)	N/A	$	—
Total	$	5,216		$	(14,019	)		$	—

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Earning Per Share and Earnings Per Unit (Tables)

9 Months Ended

Sep. 30, 2018

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

Thefollowingtablessetforththecomputationofnetincomepershare–basicandnetincomepershare–dilutedforthe Company (amounts in thousands except per shareamounts):

	Nine Months Ended September 30,						Quarter Ended September 30,
	2018			2017			2018			2017
Numerator for net income per share – basic:
Net income	$	562,804		$	498,297		$	223,846		$	144,196
Allocation to Noncontrolling Interests – Operating    Partnership		(20,517	)		(17,931	)		(8,159	)		(5,166	)
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(1,939	)		(2,354	)		(750	)		(801	)
Preferred distributions		(2,318	)		(2,318	)		(773	)		(772	)
Numerator for net income per share – basic	$	538,030		$	475,694		$	214,164		$	137,457
Numerator for net income per share – diluted:
Net income	$	562,804		$	498,297		$	223,846		$	144,196
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(1,939	)		(2,354	)		(750	)		(801	)
Preferred distributions		(2,318	)		(2,318	)		(773	)		(772	)
Numerator for net income per share – diluted	$	558,547		$	493,625		$	222,323		$	142,623
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		367,920			366,809			368,028			366,996
Effect of dilutive securities:
OP Units		12,871			12,907			12,884			12,910
Long-term compensation shares/units		2,642			2,924			2,972			3,039
Denominator for net income per share – diluted		383,433			382,640			383,884			382,945
Net income per share – basic	$	1.46		$	1.30		$	0.58		$	0.37
Net income per share – diluted	$	1.46		$	1.29		$	0.58		$	0.37

ERPOP [Member]

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

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

	Nine Months Ended September 30,						Quarter Ended September 30,
	2018			2017			2018			2017
Numerator for net income per Unit – basic and diluted:
Net income	$	562,804		$	498,297		$	223,846		$	144,196
Net (income) loss attributable to Noncontrolling Interests – Partially    Owned Properties		(1,939	)		(2,354	)		(750	)		(801	)
Allocation to Preference Units		(2,318	)		(2,318	)		(773	)		(772	)
Numerator for net income per Unit – basic and diluted	$	558,547		$	493,625		$	222,323		$	142,623
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		380,791			379,716			380,912			379,906
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting    of the Company’s long-term compensation shares/units		2,642			2,924			2,972			3,039
Denominator for net income per Unit – diluted		383,433			382,640			383,884			382,945
Net income per Unit – basic	$	1.46		$	1.30		$	0.58		$	0.37
Net income per Unit – diluted	$	1.46		$	1.29		$	0.58		$	0.37

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Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Schedule of Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations

ThefollowingtablepresentsareconciliationofNOIfromourrentalrealestateforthe nine months and quarters ended September 30, 2018 and 2017, respectively (amounts inthousands):

	Nine Months Ended September 30,						Quarter Ended September 30,
	2018			2017			2018			2017
Rental income	$	1,925,128		$	1,840,170		$	652,677		$	623,951
Property and maintenance expense		(322,487	)		(306,645	)		(110,541	)		(104,721	)
Real estate taxes and insurance expense		(268,784	)		(253,318	)		(87,388	)		(84,087	)
Total operating expenses		(591,271	)		(559,963	)		(197,929	)		(188,808	)
Net operating income	$	1,333,857		$	1,280,207		$	454,748		$	435,143

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

The following tables present NOI for each segment from our rental real estate for the nine months and quarters ended September 30, 2018 and 2017,respectively,aswellastotalassetsandcapitalexpendituresatSeptember 30, 2018(amounts inthousands):

	Nine Months Ended September 30, 2018						Nine Months Ended September 30, 2017
	Rental Income		Operating Expenses		NOI		Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	310,972	$	89,211	$	221,761	$	300,702	$	85,972	$	214,730
Orange County		68,513		16,706		51,807		66,082		16,330		49,752
San Diego		68,640		17,984		50,656		66,052		17,415		48,637
Subtotal - Southern California		448,125		123,901		324,224		432,836		119,717		313,119
San Francisco		331,067		80,377		250,690		321,894		81,942		239,952
Washington D.C.		325,480		101,620		223,860		322,310		98,046		224,264
New York		343,239		135,700		207,539		341,295		128,076		213,219
Boston		171,042		47,666		123,376		167,010		45,871		121,139
Seattle		147,311		41,762		105,549		142,564		39,686		102,878
Other Markets		1,453		506		947		1,384		498		886
Total same store		1,767,717		531,532		1,236,185		1,729,293		513,836		1,215,457
Non-same store/other (2) (3)
Non-same store		134,308		45,997		88,311		60,446		21,096		39,350
Other (3)		23,103		13,742		9,361		50,431		25,031		25,400
Total non-same store/other		157,411		59,739		97,672		110,877		46,127		64,750
Totals	$	1,925,128	$	591,271	$	1,333,857	$	1,840,170	$	559,963	$	1,280,207

(1) For the nine months ended September 30, 2018 and 2017, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2017, less properties subsequently sold, which represented 71,721 apartmentunits.

(2) For the nine months ended September 30, 2018 and 2017, non-same store primarily includes properties acquired after January 1, 2017, plus any properties in lease-up and not stabilized as of January 1,2017.

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

	Quarter Ended September 30, 2018						Quarter Ended September 30, 2017
	Rental Income		Operating Expenses		NOI		Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	108,050	$	30,848	$	77,202	$	104,190	$	29,470	$	74,720
Orange County		23,182		5,615		17,567		22,427		5,491		16,936
San Diego		23,215		6,233		16,982		22,432		5,881		16,551
Subtotal - Southern California		154,447		42,696		111,751		149,049		40,842		108,207
San Francisco		116,937		29,271		87,666		113,154		29,527		83,627
Washington D.C.		109,637		34,722		74,915		108,764		33,474		75,290
New York		115,757		45,156		70,601		114,799		42,620		72,179
Boston		57,531		16,073		41,458		56,022		15,726		40,296
Seattle		50,618		14,137		36,481		49,467		13,449		36,018
Other Markets		485		165		320		459		158		301
Total same store		605,412		182,220		423,192		591,714		175,796		415,918
Non-same store/other (2) (3)
Non-same store		42,702		13,605		29,097		18,252		6,870		11,382
Other (3)		4,563		2,104		2,459		13,985		6,142		7,843
Total non-same store/other		47,265		15,709		31,556		32,237		13,012		19,225
Totals	$	652,677	$	197,929	$	454,748	$	623,951	$	188,808	$	435,143

(1) For the quarters ended September 30, 2018 and 2017, same store primarily includes all properties acquired or completed that were stabilized prior to July 1, 2017, less properties subsequently sold, which represented 72,561 apartmentunits.

(2) For the quarters ended September 30, 2018 and 2017, non-same store primarily includes properties acquired after July 1, 2017, plus any properties in lease-up and not stabilized as of July 1,2017.

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

	Nine Months Ended September 30, 2018
	Total Assets		Capital Expenditures
Same store (1)
Los Angeles	$	2,631,459	$	21,438
Orange County		321,551		6,327
San Diego		410,450		3,665
Subtotal - Southern California		3,363,460		31,430
San Francisco		2,989,059		34,617
Washington D.C.		3,734,007		21,722
New York		4,108,581		17,217
Boston		1,599,983		16,477
Seattle		1,287,733		12,085
Other Markets		12,820		135
Total same store		17,095,643		133,683
Non-same store/other (2) (3)
Non-same store		2,884,686		4,171
Other (3)		561,821		265
Total non-same store/other		3,446,507		4,436
Totals	$	20,542,150	$	138,119

(1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2017, less properties subsequently sold, which represented 71,721 apartmentunits.

(2) Non-same store primarily includes properties acquired after January 1, 2017, plus any properties in lease-up and not stabilized as of January 1,2017.

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

XML

Business - Additional Information (Details)	Sep. 30, 2018 State Property ApartmentUnit	Apr. 02, 2018 ApartmentUnit	Feb. 01, 2018 ApartmentUnit
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of states in which entity operates | State	11
Properties | Property	306
Apartment units	79,260
Master-Leased Properties - Consolidated
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Properties | Property	1
Apartment units	162
Master-Leased Properties - Consolidated | Boston
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of self managed apartments			94
Master-Leased Properties - Consolidated | Los Angeles
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of self managed apartments		597
ERPOP [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Noncontrolling interest, ownership percentage by parent	96.30%

XML

Business - Ownership Breakdown (Details)	Sep. 30, 2018 Property ApartmentUnit
Property/Unit schedule
Properties | Property	306
Apartment Units | ApartmentUnit	79,260
Wholly Owned Properties
Property/Unit schedule
Properties | Property	286
Apartment Units | ApartmentUnit	74,618
Master-Leased Properties - Consolidated
Property/Unit schedule
Properties | Property	1
Apartment Units | ApartmentUnit	162
Partially Owned Properties - Consolidated
Property/Unit schedule
Properties | Property	17
Apartment Units | ApartmentUnit	3,535
Partially Owned Properties - Unconsolidated
Property/Unit schedule
Properties | Property	2
Apartment Units | ApartmentUnit	945

XML

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Provision for income tax		$ 280,000	$ 228,000	$ 767,000	$ 710,000
Percentage of rental income excluded from accounting standard adoption				94.00%
Percentage of total revenue subject to revenue recognition standard				6.00%
Accounting Standards Update 2016-02 [Member] | Maximum [Member]
Expected right of use assets and related lease liabilities to opening balance sheet adoption of new accounting standard on leases				$ 300,000,000
Adjustments for New Accounting Principle, Early Adoption
Gain (loss) on equity transaction	$ 0
Federal [Member]
Provision for income tax				$ 0

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Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue Streams of Rental Income and Percentage of Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Amount of rental income	$ 652,677	$ 623,951	$ 1,925,128	$ 1,840,170
Percentage of rental income	100.00%		100.00%
Leasing Revenue [Member]
Percentage of rental income	93.60%		93.70%
Amount of rental income	$ 611,119		$ 1,803,908
Utility Recoveries [Member]
Amount of rental income	$ 15,817		$ 46,752
Percentage of rental income	2.40%		2.40%
Parking Revenue [Member]
Amount of rental income	$ 6,185		$ 20,249
Percentage of rental income	1.00%		1.10%
Other Revenue [Member]
Amount of rental income	$ 19,556		$ 54,219
Percentage of rental income	3.00%		2.80%

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Summary of Significant Accounting Policies - Schedule of Material Changes Between Cash Flow Classifications due to Substantial Debt Prepayment Penalties (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Amortization of discounts and premiums on debt	$ 21,360	$ 2,018
Net (gain) loss on debt extinguishment	22,110	12,258
Net cash provided by operating activities	1,044,191	970,136
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash provided by (used for) investing activities	(268,820)	(515,775)
CASH FLOWS FROM FINANCING ACTIVITIES:
Commercial paper proceeds	9,624,610	3,891,596
Net cash (used for) financing activities	(787,383)	(579,273)
Cash and cash equivalents, beginning of period	50,647
Cash and cash equivalents and restricted deposits, beginning of period	100,762	219,088
Cash and cash equivalents, end of period	32,995	46,565
Cash and cash equivalents and restricted deposits, end of period	88,750	94,176
Scenario, Previously Reported [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Amortization of discounts and premiums on debt		4,939
(Increase) decrease in deposits - restricted		788
(Increase) decrease in mortgage deposits		1,447
Net cash provided by operating activities		963,034
CASH FLOWS FROM INVESTING ACTIVITIES:
(Increase) decrease in deposits on real estate acquisitions and investments, net		39,519
(Increase) decrease in mortgage deposits		(4,541)
Net cash provided by (used for) investing activities		(480,797)
CASH FLOWS FROM FINANCING ACTIVITIES:
Mortgage deposits		57,057
Commercial paper proceeds		3,888,675
Net cash (used for) financing activities		(512,879)
Cash and cash equivalents, beginning of period		77,207
Cash and cash equivalents, end of period		46,565
Reclassification Adjustments [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Amortization of discounts and premiums on debt		(2,921)
Net (gain) loss on debt extinguishment		12,258
(Increase) decrease in deposits - restricted		(788)
(Increase) decrease in mortgage deposits		(1,447)
Net cash provided by operating activities		7,102
CASH FLOWS FROM INVESTING ACTIVITIES:
(Increase) decrease in deposits on real estate acquisitions and investments, net		(39,519)
(Increase) decrease in mortgage deposits		4,541
Net cash provided by (used for) investing activities		(34,978)
CASH FLOWS FROM FINANCING ACTIVITIES:
Mortgage deposits		(57,057)
Commercial paper proceeds		2,921
Net cash (used for) financing activities		(66,394)
(adjustments for restricted deposits, beginning of period)		141,881
(adjustments for restricted deposits, end of period)		47,611
Mortgage Notes Payable, Net [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Mortgage notes payable, net: Net gain (loss) on debt extinguishment	$ (22,110)	(12,258)
Mortgage Notes Payable, Net [Member] | Reclassification Adjustments [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Mortgage notes payable, net: Net gain (loss) on debt extinguishment		$ (12,258)

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Equity, Capital and Other Interests - Changes in Issued and Outstanding Common Shares and Units (Details)	9 Months Ended
	Sep. 30, 2018 shares
Equity Capital And Other Interests [Abstract]
Common Stock, Shares, Outstanding	368,018,082
Common Shares Issued:
Conversion of OP Units	12,510
Exercise of share options	194,796
Employee Share Purchase Plan (ESPP)	61,321
Restricted share grants, net	122,877
Common Stock, Shares, Outstanding	368,409,586
Units
Total Units Outstanding	13,768,438
Restricted unit grants, net	267,074
Conversion of OP Units to Common Shares	(12,510)
Total Units Outstanding	14,023,002
Common Shares And Units Outstanding	382,432,588
Units Ownership Interest in Operating Partnership	3.70%

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Equity, Capital and Other Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Class Of Stock [Line Items]
Redeemable noncontrolling interests - operating partnership	$ 381,239	$ 366,955
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, par or stated value per share	$ 0.01	$ 0.01
ERPOP [Member]
Class Of Stock [Line Items]
Redeemable Limited Partners	$ 381,239	$ 366,955

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Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Noncontrolling Interests - Operating Partnership (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018 USD ($)
Equity Capital And Other Interests [Abstract]
Redeemable Noncontrolling Interests - Operating Partnership	$ 366,955
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership	14,361
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership	(77)
Redeemable Noncontrolling Interests - Operating Partnership	$ 381,239

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Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Class Of Stock [Line Items]
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 745,600 shares issued and outstanding as of September 30, 2018 and December 31, 2017	$ 37,280	$ 37,280
ERPOP [Member]
Class Of Stock [Line Items]
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 745,600 shares issued and outstanding as of September 30, 2018 and December 31, 2017	$ 37,280	37,280
Preferred Stock
Class Of Stock [Line Items]
Preferred Stocks Preference Units Call Date	Dec. 10, 2026
Annual Dividend Per Preferred Share Preference Unit	$ 4.145
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 745,600 shares issued and outstanding as of September 30, 2018 and December 31, 2017	$ 37,280	37,280
Preferred Stock | ERPOP [Member]
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; liquidation value $50 per share; 745,600 shares issued and outstanding as of September 30, 2018 and December 31, 2017	$ 37,280	$ 37,280

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Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Parenthetical) (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Class Of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock
Class Of Stock [Line Items]
Preferred Stock Preference Units Issued	745,600	745,600
Preferred Stock Preference Units Outstanding	745,600	745,600
Preferred Stock Preference Units Redemption Price Per Share	$ 50	$ 50
Preferred Stock Preference Units Dividend Rate Percentage	8.29%	8.29%
Preferred Stock | ERPOP [Member]
Class Of Stock [Line Items]
Preferred Stock Preference Units Issued	745,600	745,600
Preferred Stock Preference Units Outstanding	745,600	745,600
Preferred Stock Preference Units Redemption Price Per Share	$ 50	$ 50
Preferred Stock Preference Units Dividend Rate Percentage	8.29%	8.29%

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Equity, Capital and Other Interests - Changes in Operating Partnership's Issued and Outstanding Units (Details)	9 Months Ended
	Sep. 30, 2018 shares
General and Limited Partner Units
Exercise of share options	194,796
Employee Share Purchase Plan (ESPP)	61,321
Restricted share grants, net	122,877
Restricted unit grants, net	267,074
Common Shares And Units Outstanding	382,432,588
LIMITED PARTNERS
Total Units Outstanding	13,768,438
Restricted unit grants, net	267,074
Conversion of Limited Partner OP Units to EQR Common Shares	(12,510)
Total Units Outstanding	14,023,002
Units Ownership Interest in Operating Partnership	3.70%
ERPOP [Member]
General and Limited Partner Units
Common Shares And Units Outstanding	381,786,520
Exercise of share options	194,796
Employee Share Purchase Plan (ESPP)	61,321
Restricted share grants, net	122,877
Restricted unit grants, net	267,074
Common Shares And Units Outstanding	382,432,588
LIMITED PARTNERS
Total Units Outstanding	13,768,438
Restricted unit grants, net	267,074
Conversion of Limited Partner OP Units to EQR Common Shares	(12,510)
Total Units Outstanding	14,023,002
Units Ownership Interest in Operating Partnership	3.70%

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Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Limited Partners Interest (Details) - ERPOP [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2018 USD ($)
Redeemable Limited Partners	$ 366,955
Limited Partners Change In Redemption Value	14,361
Limited Partners Change In Carrying Value	(77)
Redeemable Limited Partners	$ 381,239

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Equity, Capital and Other Interests - Other - Additional Information (Details)	9 Months Ended
	Sep. 30, 2018 shares
Equity Capital And Other Interests [Abstract]
Additional common shares authorized	13,000,000
Stock repurchase program, number of shares authorized to be repurchased	13,000,000
Stock repurchased and retired during period, shares	0
Stock repurchase program, remaining number of shares authorized to be repurchased	13,000,000

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Real Estate and Lease Intangibles - Summary of Carrying Amounts of Investment in Real Estate (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Land	$ 5,866,457	$ 5,996,024
Depreciable property:
Buildings and improvements	18,174,939	17,743,042
Furniture, fixtures and equipment	1,684,794	1,548,961
In-Place lease intangibles	477,014	476,359
Projects under development:
Construction-in-progress	134,961	163,547
Land held for development:
Land	87,335	98,963
Construction-in-progress	134,961	163,547
Investment in real estate	26,425,500	26,026,896
Accumulated depreciation	(6,494,770)	(6,040,378)
Investment in real estate, net	19,930,730	19,986,518
Projects under development [Member]
Projects under development:
Land	34,689	43,226
Construction-in-progress	100,272	120,321
Land held for development:
Construction-in-progress	100,272	120,321
Land held for development [Member]
Projects under development:
Construction-in-progress	26,297	36,425
Land held for development:
Land	61,038	62,538
Construction-in-progress	$ 26,297	$ 36,425

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Real Estate and Lease Intangibles - Summary of Carrying Amounts of Above and Below Market Ground And Retail Lease Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Other Assets [Member]
Lease intangible assets	$ 193,178	$ 193,178
Finite-Lived Intangible Assets, Accumulated Amortization	(25,819)	(22,434)
Lease intangible assets, net	167,359	170,744
Other Assets [Member] | Ground Lease [Member]
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross	191,918	191,918
Other Assets [Member] | Retail Lease [Member]
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross	1,260	1,260
Other Liabilities [Member]
Lease Intangible Liabilities	4,110	7,670
Finite Lived Intangible Liabilities Accumulated Amortization	(1,674)	(5,143)
Lease intangible liabilities, net	2,436	2,527
Other Liabilities [Member] | Ground Lease [Member]
Finite-Lived Intangible Liabilities, Off-market Lease, Unfavorable, Gross	2,400	2,400
Other Liabilities [Member] | Retail Lease [Member]
Finite-Lived Intangible Liabilities, Off-market Lease, Unfavorable, Gross	$ 1,710	$ 5,270

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Real Estate and Lease Intangibles - Summary of the Effect of the Amortization for Above and Below Market Ground and Retail Lease Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Total amortization of above/below market lease intangibles	$ (1,098)	$ (1,012)	$ (3,294)	$ (2,729)
Ground Lease [Member] | Property and Maintenance [Member]
Total amortization of above/below market lease intangibles	(1,116)	(1,092)	(3,348)	(3,253)
Retail Lease [Member] | Rental Income [Member]
Total amortization of above/below market lease intangibles	$ 18	$ 80	$ 54	$ 524

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Real Estate and Lease Intangibles - Summary of Aggregate Amortization for Above and Below Market Ground And Retail Lease Intangibles (Details) $ in Thousands	Sep. 30, 2018 USD ($)
Finite-lived intangible assets, amortization expense, remainder of fiscal year 2018	$ (1,098)
Finite-Lived Intangible Assets, Amortization Expense, Year 2019	(4,392)
Finite-lived intangible assets, amortization expense, year 2020	(4,392)
Finite-lived intangible assets, amortization expense, year 2021	(4,392)
Finite-lived intangible assets, amortization expense, year 2022	(4,436)
Finite-lived intangible assets, amortization expense, year 2023	(4,444)
Ground Lease [Member]
Finite-lived intangible assets, amortization expense, remainder of fiscal year 2018	(1,115)
Finite-Lived Intangible Assets, Amortization Expense, Year 2019	(4,463)
Finite-lived intangible assets, amortization expense, year 2020	(4,463)
Finite-lived intangible assets, amortization expense, year 2021	(4,463)
Finite-lived intangible assets, amortization expense, year 2022	(4,463)
Finite-lived intangible assets, amortization expense, year 2023	(4,463)
Retail Lease [Member]
Finite lived intangible assets amortization income, reminder of fiscal year 2018	17
Finite-lived intangible assets; amortization income, year 2019	71
Finite-lived intangible assets; amortization income, year 2020	71
Finite-lived intangible assets; amortization income, year 2021	71
Finite-lived intangible assets; amortization income, year 2022	27
Finite-lived intangible assets; amortization income, year 2023	$ 19

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Real Estate and Lease Intangibles - Real Estate Acquisitions and Dispositions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018 USD ($) Property ApartmentUnit
Properties acquired | Property	5
Property Units acquired | ApartmentUnit	1,478
Purchase Price	$ 707,005
Properties disposed | Property	5
Property Units disposed | ApartmentUnit	1,292
Sales Price	$ 708,820
Rental Properties - Consolidated [Member]
Properties acquired | Property	5
Property Units acquired | ApartmentUnit	1,478
Purchase Price	$ 707,005
Properties disposed | Property	5
Property Units disposed | ApartmentUnit	1,292
Sales Price	$ 706,120
Land [Member]
Purchase Price	113,700
Sales Price	$ 2,700

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Real Estate and Lease Intangibles - Real Estate Acquisitions and Dispositions (Parenthetical) (Details) $ in Thousands	Sep. 30, 2018 USD ($)
Purchase Price	$ 707,005
Land [Member]
Purchase Price	113,700
Depreciable Property [Member]
Purchase Price	$ 594,400

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Real Estate and Lease Intangibles - Acquisitions and Dispositions - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018 USD ($) Building	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) Building	Sep. 30, 2017 USD ($)
Net gain on sales of real estate properties	$ 114,672	$ 17,328	$ 256,834	$ 141,761
Net gain on sales of land parcels			995	$ 19,170
Non-cash asset impairment charge	$ 702		$ 702
San Francisco
Number of buildings damaged due to fire | Building	1		1

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Investments in Partially Owned Entities - Consolidated Variable Interest Entities ("VIEs") - Additional Information (Details) $ in Thousands	Sep. 30, 2018 USD ($) Property ApartmentUnit	Dec. 31, 2017 USD ($)
Variable Interest Entity [Line Items]
Properties | Property	306
Apartment units | ApartmentUnit	79,260
Total assets	$ 20,542,150	$ 20,570,599
Total liabilities	$ 9,693,820	9,729,781
Consolidated VIE [Member]
Variable Interest Entity [Line Items]
Properties | Property	17
Apartment units | ApartmentUnit	3,535
Total assets	$ 714,400	518,900
Total liabilities	$ 315,600	$ 307,000

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Investments in Partially Owned Entities - Summary of Companys Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 57,576	$ 58,254
Operating Property [Member] | Unconsolidated Non-VIE [Member]
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 10,745	12,367
Ownership Percentage	20.00%
Other [Member]
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 3,867	1,436
Consolidated VIE [Member] | Wisconsin Place Developer [Member]
Variable Interest Entity [Line Items]
Investments in Unconsolidated Entities	$ 42,964	$ 44,451
Ownership Percentage	33.30%

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Investments in Partially Owned Entities - Summary of Companys Investment in Unconsolidated Entities (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2018 ApartmentUnit JointVenture
Variable Interest Entity [Line Items]
Apartment units	79,260
Operating Property [Member] | Unconsolidated Non-VIE [Member]
Variable Interest Entity [Line Items]
Apartment units	945
Number of joint ventures under agreements | JointVenture	2

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Restricted Deposits - Restricted Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Mortgage escrow deposits:
Real estate taxes and insurance	$ 600	$ 845
Replacement reserves	8,478	8,347
Mortgage principal reserves/sinking funds	8,363	3,167
Other	852	852
Mortgage escrow deposits	18,293	13,211
Restricted cash:
Earnest money on pending acquisitions		750
Restricted deposits on real estate investments	538	58
Resident security and utility deposits	35,379	35,183
Other	1,545	913
Restricted cash	37,462	36,904
Restricted deposits	$ 55,755	$ 50,115	$ 47,611

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Debt - Mortgage Notes Payable - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Mortgage notes payable	$ 2,789,436	$ 3,618,722
Debt instrument, maturity date	Jan. 10, 2022
Mortgages [Member]
Debt Instrument [Line Items]
Repayments of long-term debt	$ 4,900
Write off of deferred debt issuance cost	2,800
Write off unamortized discount	$ 16,300
Debt instrument, maturity date	May 28, 2061
Weighted average interest rate	4.19%
Mortgages [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	0.10%
Mortgages [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.90%
Conventional Mortgage Loan [Member]
Debt Instrument [Line Items]
Repayments of long-term debt	$ 43,700
Debt instrument, maturity year	2018
Bonds [Member]
Debt Instrument [Line Items]
Repayments of long-term debt	$ 254,200
Debt instrument maturity year, start	2028
Debt instrument maturity year, end	2042
Credit enhanced debt [Member]
Debt Instrument [Line Items]
Mortgage notes payable	$ 440,900
Fannie Mae Pool 3 [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Repayments of long-term debt	$ 550,000
Debt instrument, interest rate, stated percentage	6.08%
Debt instrument, maturity year	2020
Prepayment penalty charges	$ 22,100

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Debt - Notes - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Unsecured notes	$ 5,534,990	$ 5,038,812
Debt instrument, maturity date	Jan. 10, 2022
3.50% Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of unsecured debt	$ 500,000
Debt instrument, interest rate, stated percentage	3.50%
Proceeds from debt, net of issuance costs	$ 497,000
Debt instrument, interest rate, effective percentage	3.61%
Notes Payable, Other Payables [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Aug. 01, 2047
Weighted average interest rate	4.25%
Notes Payable, Other Payables [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.375%
Notes Payable, Other Payables [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.57%

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Debt - Line of Credit and Commercial Paper - Additional Information (Details) - USD ($)		9 Months Ended
	Nov. 03, 2016	Sep. 30, 2018	Nov. 02, 2016	Feb. 02, 2015
Line of Credit Facility [Line Items]
Debt instrument, maturity date		Jan. 10, 2022
Commercial Paper [Member]
Line of Credit Facility [Line Items]
Unsecured revolving credit facility				$ 500,000,000
Commercial paper, net		$ 499,400,000
commercial paper principal outstanding		500,000,000
Unamortized discount		$ 600,000
Weighted average interest rate		2.23%
Commercial paper weighted average days outstanding		18 days
Commercial paper principal outstanding		$ 500,000,000
Unsecured Revolving Credit Facility
Line of Credit Facility [Line Items]
Unsecured revolving credit facility	$ 2,000,000,000		$ 2,500,000,000
Ability to increase LOC facility	$ 750,000,000
Debt instrument, basis spread on variable rate	0.825%
Percentage points of line of credit facility commitment fee		0.125%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Weighted average interest rate		2.65%
Remaining borrowing capacity		$ 1,490,000,000
Amount restricted/dedicated to support letters of credit		$ 6,700,000

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Debt - Other - Additional Information (Details) $ in Millions	Sep. 30, 2018 USD ($)
Debt Disclosure [Abstract]
Letters of credit outstanding	$ 9.0

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Derivative and Other Fair Value Instruments - Summary of Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	$ 8,823,793	$ 8,957,291
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	8,751,231	9,235,128
Mortgage Notes Payable, Net [Member] | Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	2,789,436	3,618,722
Mortgage Notes Payable, Net [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	2,710,433	3,615,384
Unsecured Debt [Member] | Carrying Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	6,034,357	5,338,569
Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total debt, net	$ 6,040,798	$ 5,619,744

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Derivative and Other Fair Value Instruments - Summary of Consolidated Derivative Instruments (Details)	9 Months Ended
	Sep. 30, 2018 USD ($)
Fair Value Hedges [Member]
Derivative [Line Items]
Current Notional Balance	$ 450,000,000
Earliest Maturity Date	2019
Latest Maturity Date	2019
Fair Value Hedges [Member] | Minimum [Member]
Derivative [Line Items]
Interest Rate	2.375%
Fair Value Hedges [Member] | Maximum [Member]
Derivative [Line Items]
Interest Rate	2.375%
Forward Starting Swaps [Member]
Derivative [Line Items]
Current Notional Balance	$ 800,000,000
Earliest Maturity Date	2028
Latest Maturity Date	2029
Forward Starting Swaps [Member] | Minimum [Member]
Derivative [Line Items]
Interest Rate	2.1478%
Forward Starting Swaps [Member] | Maximum [Member]
Derivative [Line Items]
Interest Rate	3.1163%

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Derivative and Other Fair Value Instruments - Summary of Consolidated Derivative Instruments (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2018 USD ($)
Derivative [Line Items]
Debt instrument, maturity date	Jan. 10, 2022
Forward Starting Swaps [Member]
Derivative [Line Items]
Current Notional Balance	$ 800,000,000
Forward Starting Swaps Mandatory Counterparty Terminations in 2019 [Member]
Derivative [Line Items]
Current Notional Balance	300,000,000
Forward Starting Swaps Mandatory Counterparty Terminations in 2020 [Member]
Derivative [Line Items]
Current Notional Balance	500,000,000
2.375% Notes [Member]
Derivative [Line Items]
Proceeds from issuance of unsecured debt	$ 450,000,000
Debt instrument, interest rate, stated percentage	2.375%
Debt instrument, maturity date	Jul. 01, 2019
2.375% Notes [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Debt instrument, basis spread on variable rate	0.61%
Debt instrument, description of variable rate basis	90-Day LIBOR

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Derivative and Other Fair Value Instruments - Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Fair Value Of SERP Investments	$ 144,561	$ 140,159
Assets, Fair Value Disclosure	172,087	145,302
Other Liabilities, Fair Value Disclosure	144,561	140,159
Liabilities, Fair Value Disclosure	147,649	141,756
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	381,239	366,955
Fair Value Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	3,088	1,597
Forward Starting Swaps [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	27,526	5,143
Fair Value, Inputs, Level 1 [Member]
Derivatives, Fair Value [Line Items]
Fair Value Of SERP Investments	144,561	140,159
Assets, Fair Value Disclosure	144,561	140,159
Other Liabilities, Fair Value Disclosure	144,561	140,159
Liabilities, Fair Value Disclosure	144,561	140,159
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	0	0
Fair Value, Inputs, Level 1 [Member] | Fair Value Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	0	0
Fair Value, Inputs, Level 1 [Member] | Forward Starting Swaps [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	0	0
Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Fair Value Of SERP Investments	0	0
Assets, Fair Value Disclosure	27,526	5,143
Other Liabilities, Fair Value Disclosure	0	0
Liabilities, Fair Value Disclosure	3,088	1,597
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	381,239	366,955
Fair Value, Inputs, Level 2 [Member] | Fair Value Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	3,088	1,597
Fair Value, Inputs, Level 2 [Member] | Forward Starting Swaps [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	27,526	5,143
Fair Value, Inputs, Level 3 [Member]
Derivatives, Fair Value [Line Items]
Fair Value Of SERP Investments	0	0
Assets, Fair Value Disclosure	0	0
Other Liabilities, Fair Value Disclosure	0	0
Liabilities, Fair Value Disclosure	0	0
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	0	0
Fair Value, Inputs, Level 3 [Member] | Forward Starting Swaps [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 0	$ 0

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Derivative and Other Fair Value Instruments - Summary of Effect of Fair Value Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Income on Derivative	$ (1,491)	$ (1,413)
Amount of Gain/(Loss) Recognized in Income on Hedged Item	1,491	1,413
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Income on Derivative	(1,491)	(1,413)
Amount of Gain/(Loss) Recognized in Income on Hedged Item	$ 1,491	$ 1,413

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Derivative and Other Fair Value Instruments - Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Effective Portion - Amount of Gain/(Loss) Recognized in OCI on Derivative	$ 24,021	$ 5,216
Effective Portion - Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income	(13,902)	(14,019)
Ineffective Portion - Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income	0	0
Forward Starting Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Effective Portion - Amount of Gain/(Loss) Recognized in OCI on Derivative	24,021	5,216
Effective Portion - Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income	(13,902)	(14,019)
Ineffective Portion - Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income	$ 0	$ 0

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Derivative and Other Fair Value Instruments - Additional Information (Details) $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	Feb. 28, 2018 USD ($) DerivativeInstrument	Sep. 30, 2018 USD ($)	Dec. 31, 2017 USD ($)
Derivative [Line Items]
Unrealized gain (loss) on interest rate cash flow hedges, pretax, accumulated other comprehensive income (loss)		$ 50.7	$ 88.6
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net		$ 19.8
Forward Starting Swaps [Member]
Derivative [Line Items]
Proceeds from settlement of derivative instruments	$ 1.6
Forward starting swaps settled | DerivativeInstrument	2
Public notes, face value	$ 500.0
Debt instrument, term	10 years

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Earning Per Share and Earnings Per Unit - Computation of Net Income per Share Basic and Net Income per Share Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share [Abstract]
Net income	$ 223,846	$ 144,196	$ 562,804	$ 498,297
Allocation to Noncontrolling Interests – Operating Partnership	(8,159)	(5,166)	(20,517)	(17,931)
Partially Owned Properties	(750)	(801)	(1,939)	(2,354)
Preferred distributions	(773)	(772)	(2,318)	(2,318)
Net income available to Common Shares	214,164	137,457	538,030	475,694
Numerator for net income per share – diluted	$ 222,323	$ 142,623	$ 558,547	$ 493,625
Weighted average Common Shares outstanding	368,028	366,996	367,920	366,809
Dilutive Op Units	12,884	12,910	12,871	12,907
Dilutive Securities Options	2,972	3,039	2,642	2,924
Weighted average Common Shares outstanding	383,884	382,945	383,433	382,640
Net income available to Common Shares	$ 0.58	$ 0.37	$ 1.46	$ 1.30
Net income available to Common Shares	$ 0.58	$ 0.37	$ 1.46	$ 1.29

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Earning Per Share and Earnings Per Unit - Computation of Net Income per Unit Basic and Net Income per Unit Diluted for Operating Partnership (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net income	$ 223,846	$ 144,196	$ 562,804	$ 498,297
Partially Owned Properties	$ (750)	$ (801)	$ (1,939)	$ (2,354)
Dilutive Securities Options	2,972	3,039	2,642	2,924
Weighted average Common Shares outstanding	383,884	382,945	383,433	382,640
Net income available to Common Shares	$ 0.58	$ 0.37	$ 1.46	$ 1.30
Net income available to Common Shares	$ 0.58	$ 0.37	$ 1.46	$ 1.29
ERPOP [Member]
Net income	$ 223,846	$ 144,196	$ 562,804	$ 498,297
Partially Owned Properties	(750)	(801)	(1,939)	(2,354)
Allocation to Preference Units	(773)	(772)	(2,318)	(2,318)
Numerator for net income per Unit – basic and diluted	$ 222,323	$ 142,623	$ 558,547	$ 493,625
Denominator for net income per Unit – basic	380,912	379,906	380,791	379,716
Dilutive Securities Options	2,972	3,039	2,642	2,924
Weighted average Common Shares outstanding	383,884	382,945	383,433	382,640
Net income available to Common Shares	$ 0.58	$ 0.37	$ 1.46	$ 1.30
Net income available to Common Shares	$ 0.58	$ 0.37	$ 1.46	$ 1.29

XML

Commitments and Contingencies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2018 USD ($) Property ApartmentUnit
Accrual for environmental loss contingencies	$ 5,800,000
Number of properties with environmental reserves | Property	3
Littigation amount total payout	$ 900,000
Litigation reserve oustanding amount	$ 0
Projects in various stages of development | Property	4
Units in various stages of development | ApartmentUnit	912
Consolidated project under development commitment fund	$ 444,000,000
Various stages of development with estimated completion dates ranging through September 30, 2021	Sep. 30, 2021
Partially Owned Properties - Unconsolidated
Number of unconsolidated projects | Property	2

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Reportable Segments - Additional Information (Details)	Sep. 30, 2018 Property Customer	Sep. 30, 2017 Customer
Segment Reporting Information [Line Items]
Number of customer contributed 10% or more of total revenue | Customer	0	0
Denver | Non-same store
Segment Reporting Information [Line Items]
Number of properties acquired | Property	2

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Reportable Segments - Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Rental income	$ 652,677	$ 623,951	$ 1,925,128	$ 1,840,170
Property and maintenance expense	(110,541)	(104,721)	(322,487)	(306,645)
Real estate taxes and insurance expense	(87,388)	(84,087)	(268,784)	(253,318)
Operating income	224,731	217,786	639,254	632,707
Same Store, Non-same Store and Other
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Rental income	652,677	623,951	1,925,128	1,840,170
Property and maintenance expense	(110,541)	(104,721)	(322,487)	(306,645)
Real estate taxes and insurance expense	(87,388)	(84,087)	(268,784)	(253,318)
Total operating expenses	(197,929)	(188,808)	(591,271)	(559,963)
Operating income	$ 454,748	$ 435,143	$ 1,333,857	$ 1,280,207

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Reportable Segments - NOI for Each Segment from Our Rental Real Estate Specific to Continuing Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Rental income	$ 652,677	$ 623,951	$ 1,925,128	$ 1,840,170
Operating income	224,731	217,786	639,254	632,707
Total Assets	20,542,150		20,542,150		$ 20,570,599
Capital Expenditures			138,119
Same store
Segment Reporting Information [Line Items]
Rental income	605,412	591,714	1,767,717	1,729,293
Operating expenses	182,220	175,796	531,532	513,836
Operating income	423,192	415,918	1,236,185	1,215,457
Total Assets	17,095,643		17,095,643
Capital Expenditures			133,683
Non-same store/other
Segment Reporting Information [Line Items]
Rental income	47,265	32,237	157,411	110,877
Operating expenses	15,709	13,012	59,739	46,127
Operating income	31,556	19,225	97,672	64,750
Total Assets	3,446,507		3,446,507
Capital Expenditures			4,436
Same Store, Non-same Store and Other
Segment Reporting Information [Line Items]
Rental income	652,677	623,951	1,925,128	1,840,170
Operating expenses	197,929	188,808	591,271	559,963
Operating income	454,748	435,143	1,333,857	1,280,207
Other markets | Same store
Segment Reporting Information [Line Items]
Rental income	485	459	1,453	1,384
Operating expenses	165	158	506	498
Operating income	320	301	947	886
Total Assets	12,820		12,820
Capital Expenditures			135
Los Angeles | Same store
Segment Reporting Information [Line Items]
Rental income	108,050	104,190	310,972	300,702
Operating expenses	30,848	29,470	89,211	85,972
Operating income	77,202	74,720	221,761	214,730
Total Assets	2,631,459		2,631,459
Capital Expenditures			21,438
Orange County | Same store
Segment Reporting Information [Line Items]
Rental income	23,182	22,427	68,513	66,082
Operating expenses	5,615	5,491	16,706	16,330
Operating income	17,567	16,936	51,807	49,752
Total Assets	321,551		321,551
Capital Expenditures			6,327
San Diego | Same store
Segment Reporting Information [Line Items]
Rental income	23,215	22,432	68,640	66,052
Operating expenses	6,233	5,881	17,984	17,415
Operating income	16,982	16,551	50,656	48,637
Total Assets	410,450		410,450
Capital Expenditures			3,665
Subtotal - Southern California | Same store
Segment Reporting Information [Line Items]
Rental income	154,447	149,049	448,125	432,836
Operating expenses	42,696	40,842	123,901	119,717
Operating income	111,751	108,207	324,224	313,119
Total Assets	3,363,460		3,363,460
Capital Expenditures			31,430
San Francisco | Same store
Segment Reporting Information [Line Items]
Rental income	116,937	113,154	331,067	321,894
Operating expenses	29,271	29,527	80,377	81,942
Operating income	87,666	83,627	250,690	239,952
Total Assets	2,989,059		2,989,059
Capital Expenditures			34,617
Washington DC | Same store
Segment Reporting Information [Line Items]
Rental income	109,637	108,764	325,480	322,310
Operating expenses	34,722	33,474	101,620	98,046
Operating income	74,915	75,290	223,860	224,264
Total Assets	3,734,007		3,734,007
Capital Expenditures			21,722
New York | Same store
Segment Reporting Information [Line Items]
Rental income	115,757	114,799	343,239	341,295
Operating expenses	45,156	42,620	135,700	128,076
Operating income	70,601	72,179	207,539	213,219
Total Assets	4,108,581		4,108,581
Capital Expenditures			17,217
Boston | Same store
Segment Reporting Information [Line Items]
Rental income	57,531	56,022	171,042	167,010
Operating expenses	16,073	15,726	47,666	45,871
Operating income	41,458	40,296	123,376	121,139
Total Assets	1,599,983		1,599,983
Capital Expenditures			16,477
Seattle | Same store
Segment Reporting Information [Line Items]
Rental income	50,618	49,467	147,311	142,564
Operating expenses	14,137	13,449	41,762	39,686
Operating income	36,481	36,018	105,549	102,878
Total Assets	1,287,733		1,287,733
Capital Expenditures			12,085
Non-same store | Non-same store/other
Segment Reporting Information [Line Items]
Rental income	42,702	18,252	134,308	60,446
Operating expenses	13,605	6,870	45,997	21,096
Operating income	29,097	11,382	88,311	39,350
Total Assets	2,884,686		2,884,686
Capital Expenditures			4,171
Other [Member] | Non-same store/other
Segment Reporting Information [Line Items]
Rental income	4,563	13,985	23,103	50,431
Operating expenses	2,104	6,142	13,742	25,031
Operating income	2,459	$ 7,843	9,361	$ 25,400
Total Assets	$ 561,821		561,821
Capital Expenditures			$ 265

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Reportable Segments - NOI for Each Segment from Our Rental Real Estate Specific to Continuing Operations (Parenthetical) (Details) - Property	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract]
Units in same store properties	72,561	72,561	71,721	71,721

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Subsequent Events - Additional Information (Details) - USD ($) $ in Millions		9 Months Ended
	Oct. 01, 2018	Sep. 30, 2018
Subsequent Event [Line Items]
Debt instrument, maturity date		Jan. 10, 2022
Mortgages [Member]
Subsequent Event [Line Items]
Repayments of long-term debt		$ 4.9
Debt instrument, maturity date		May 28, 2061
Subsequent Event [Member] | New Floating Rate Tax Exempt Mortgage Bond [Member] | ERPOP [Member]
Subsequent Event [Line Items]
Debt instrument, maturity date	Apr. 01, 2042
Proceeds from issuance of long-term debt	$ 96.9
Freddie Mac Loan Pool [Member] | Subsequent Event [Member] | Mortgages [Member]
Subsequent Event [Line Items]
Repayments of long-term debt	$ 500.0
Debt instrument, interest rate, stated percentage	5.19%
Debt instrument, maturity date	Oct. 01, 2019