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CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 1,396,714 $ 962,501 $ 1,009,708
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 838,272 820,832 831,083
Amortization of deferred financing costs 8,737 8,939 11,670
Amortization of above/below market lease intangibles (154) (71) (71)
Amortization of discounts and premiums on debt 5,302 5,231 11,780
Amortization of deferred settlements on derivative instruments 9,382 35,075 21,176
Amortization of right-of-use assets 13,266 11,682 11,764
Impairment 16,769    
Write-off of pursuit costs 6,526 6,869 5,529
(Income) loss from investments in unconsolidated entities 3,398 3,284 (65,945)
Distributions from unconsolidated entities – return on capital 56 100 2,621
Net (gain) loss on sales of real estate properties (1,072,183) (531,807) (447,637)
Net (gain) loss on sales of land parcels (5) (34,234) (2,044)
Net (gain) loss on debt extinguishment   26,150 13,647
Realized/unrealized (gain) loss on derivative instruments   50  
Realized (gain) loss on sale of investment securities (23,432)    
Compensation paid with Company Common Shares 27,810 23,174 24,449
Other operating activities, net   1,805 (287)
Changes in assets and liabilities:      
(Increase) decrease in other assets 5,906 (53,021) 6,278
Increase (decrease) in accounts payable and accrued expenses 15,381 470 5,116
Increase (decrease) in accrued interest payable 3,614 (956) 4,230
Increase (decrease) in lease liabilities (5,122) (2,204) (2,269)
Increase (decrease) in other liabilities 4,286 (8,751) 13,382
Increase (decrease) in security deposits 5,661 (9,582) 2,804
Net cash provided by operating activities 1,260,184 1,265,536 1,456,984
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment in real estate – acquisitions (1,712,131) (48,898) (1,518,878)
Investment in real estate – development/other (206,421) (230,332) (195,692)
Capital expenditures to real estate (151,019) (135,979) (178,423)
Non-real estate capital additions (1,696) (20,100) (4,955)
Interest capitalized for real estate and unconsolidated entities under development (15,932) (10,165) (6,884)
Proceeds from disposition of real estate, net 1,707,747 1,113,972 1,064,619
Investments in unconsolidated entities – acquisitions (48,534)    
Investments in unconsolidated entities – other (31,257) (5,775) (9,604)
Distributions from unconsolidated entities – return of capital 1,516 1,636 78,262
Purchase of investment securities and other investments (168,291) (773) (269)
Proceeds from sale of investment securities 191,398    
Net cash provided by (used for) investing activities (434,620) 663,586 (771,824)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Debt financing costs (6,446) (2,923) (19,812)
Mortgage notes payable, net:      
Proceeds 58,428 519,204 295,771
Lump sum payoffs (156,815) (160,522) (743,021)
Scheduled principal repayments (7,465) (7,759) (6,808)
Notes, net:      
Proceeds 497,470   1,194,468
Lump sum payoffs   (750,000) (1,050,000)
Line of credit and commercial paper:      
Line of credit proceeds 10,000 1,870,000 6,010,000
Line of credit repayments (10,000) (1,890,000) (5,990,000)
Commercial paper proceeds 7,590,200 7,450,997 15,944,800
Commercial paper repayments (7,690,000) (8,034,000) (15,446,150)
Proceeds from (payments on) settlement of derivative instruments   (1,240) (41,616)
Prepaid finance ground lease     (34,734)
Finance ground lease principal payments (365)    
Proceeds from Employee Share Purchase Plan (ESPP) 4,265 4,508 3,116
Proceeds from exercise of EQR options 85,445 12,275 77,785
Payment of offering costs (428)   (991)
Other financing activities, net (63) (63) (80)
Contributions – Noncontrolling Interests – Partially Owned Properties 1,394 417 7,337
Contributions – Limited Partners   13 2
Distributions:      
OP Units – General Partner (900,468) (883,938) (831,111)
Preference Units (3,090) (3,090) (3,090)
OP Units – Limited Partners (31,316) (32,403) (29,615)
Noncontrolling Interests – Partially Owned Properties (5,802) (11,719) (7,078)
Net cash provided by (used for) financing activities (565,056) (1,946,393) (684,474)
Net increase (decrease) in cash and cash equivalents and restricted deposits 260,508 (17,271) 686
Cash and cash equivalents and restricted deposits, beginning of year 99,728 116,999 116,313
Cash and cash equivalents and restricted deposits, end of year 360,236 99,728 116,999
Cash and cash equivalents 123,832 42,591 45,753
Restricted deposits 236,404 57,137 71,246
SUPPLEMENTAL INFORMATION:      
Cash paid for interest, net of amounts capitalized 252,838 320,854 342,048
Net cash paid (received) for income and other taxes 1,179 (1,038) (585)
Amortization of deferred financing costs:      
Investment in real estate, net (353) (240) (120)
Other assets 2,338 2,338 2,987
Mortgage notes payable, net 2,743 1,815 3,934
Notes, net 4,009 5,026 4,869
Amortization of discounts and premiums on debt:      
Mortgage notes payable, net 2,764 2,234 8,618
Notes, net 2,538 2,997 3,162
Amortization of deferred settlements on derivative instruments:      
Other liabilities (12) (12) (12)
Accumulated other comprehensive income 9,394 35,087 21,188
Write-off of pursuit costs:      
Investment in real estate, net 5,918 6,566 5,451
Other assets 582 271 62
Accounts payable and accrued expenses 26 32 16
(Income) loss from investments in unconsolidated entities:      
Investments in unconsolidated entities 2,122 1,995 (67,268)
Other liabilities 1,276 1,289 1,323
Realized/unrealized (gain) loss on derivative instruments:      
Other assets     2,002
Notes, net     2,277
Other liabilities   1,240 29,486
Accumulated other comprehensive income   (1,190) (33,765)
Interest capitalized for real estate and unconsolidated entities under development:      
Investment in real estate, net 15,318 10,165 6,884
Investments in unconsolidated entities (614)    
Investments in unconsolidated entities – other:      
Investment in real estate, net 1,395    
Investments in unconsolidated entities (30,642) (4,275) (7,504)
Other liabilities (2,010) (1,500) (2,100)
Debt financing costs:      
Other assets 229 (231) (6,909)
Mortgage notes payable, net (2,344) (2,692) (2,354)
Notes, net (4,331)   (10,549)
Right-of-use assets and lease liabilities initial measurement and reclassifications:      
Right-of-use assets 11,308   (489,517)
Other assets     184,116
Lease liabilities (11,308)   333,603
Other liabilities     (28,202)
Non-cash share distribution from unconsolidated entities:      
Investments in unconsolidated entities 1,430    
Other assets (1,430)    
Mortgage Notes Payable, Net [Member]      
Mortgage notes payable, net:      
Net gain (loss) on debt extinguishment   (327) (3,381)
Notes, net:      
Net gain (loss) on debt extinguishment   (327) (3,381)
Notes, Net [Member]      
Mortgage notes payable, net:      
Net gain (loss) on debt extinguishment   (25,823) (10,266)
Notes, net:      
Net gain (loss) on debt extinguishment   (25,823) (10,266)
ERPOP [Member]      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income 1,396,714 962,501 1,009,708
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 838,272 820,832 831,083
Amortization of deferred financing costs 8,737 8,939 11,670
Amortization of above/below market lease intangibles (154) (71) (71)
Amortization of discounts and premiums on debt 5,302 5,231 11,780
Amortization of deferred settlements on derivative instruments 9,382 35,075 21,176
Amortization of right-of-use assets 13,266 11,682 11,764
Impairment 16,769    
Write-off of pursuit costs 6,526 6,869 5,529
(Income) loss from investments in unconsolidated entities 3,398 3,284 (65,945)
Distributions from unconsolidated entities – return on capital 56 100 2,621
Net (gain) loss on sales of real estate properties (1,072,183) (531,807) (447,637)
Net (gain) loss on sales of land parcels (5) (34,234) (2,044)
Net (gain) loss on debt extinguishment   26,150 13,647
Realized/unrealized (gain) loss on derivative instruments   50  
Realized (gain) loss on sale of investment securities (23,432)    
Compensation paid with Company Common Shares 27,810 23,174 24,449
Other operating activities, net   1,805 (287)
Changes in assets and liabilities:      
(Increase) decrease in other assets 5,906 (53,021) 6,278
Increase (decrease) in accounts payable and accrued expenses 15,381 470 5,116
Increase (decrease) in accrued interest payable 3,614 (956) 4,230
Increase (decrease) in lease liabilities (5,122) (2,204) (2,269)
Increase (decrease) in other liabilities 4,286 (8,751) 13,382
Increase (decrease) in security deposits 5,661 (9,582) 2,804
Net cash provided by operating activities 1,260,184 1,265,536 1,456,984
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment in real estate – acquisitions (1,712,131) (48,898) (1,518,878)
Investment in real estate – development/other (206,421) (230,332) (195,692)
Capital expenditures to real estate (151,019) (135,979) (178,423)
Non-real estate capital additions (1,696) (20,100) (4,955)
Interest capitalized for real estate and unconsolidated entities under development (15,932) (10,165) (6,884)
Proceeds from disposition of real estate, net 1,707,747 1,113,972 1,064,619
Investments in unconsolidated entities – acquisitions (48,534)    
Investments in unconsolidated entities – other (31,257) (5,775) (9,604)
Distributions from unconsolidated entities – return of capital 1,516 1,636 78,262
Purchase of investment securities and other investments (168,291) (773) (269)
Proceeds from sale of investment securities 191,398    
Net cash provided by (used for) investing activities (434,620) 663,586 (771,824)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Debt financing costs (6,446) (2,923) (19,812)
Mortgage notes payable, net:      
Proceeds 58,428 519,204 295,771
Lump sum payoffs (156,815) (160,522) (743,021)
Scheduled principal repayments (7,465) (7,759) (6,808)
Notes, net:      
Proceeds 497,470   1,194,468
Lump sum payoffs   (750,000) (1,050,000)
Line of credit and commercial paper:      
Line of credit proceeds 10,000 1,870,000 6,010,000
Line of credit repayments (10,000) (1,890,000) (5,990,000)
Commercial paper proceeds 7,590,200 7,450,997 15,944,800
Commercial paper repayments (7,690,000) (8,034,000) (15,446,150)
Proceeds from (payments on) settlement of derivative instruments   (1,240) (41,616)
Prepaid finance ground lease     (34,734)
Finance ground lease principal payments (365)    
Proceeds from Employee Share Purchase Plan (ESPP) 4,265 4,508 3,116
Proceeds from exercise of EQR options 85,445 12,275 77,785
Payment of offering costs (428)   (991)
Other financing activities, net (63) (63) (80)
Contributions – Noncontrolling Interests – Partially Owned Properties 1,394 417 7,337
Contributions – Limited Partners   13 2
Distributions:      
OP Units – General Partner (900,468) (883,938) (831,111)
Preference Units (3,090) (3,090) (3,090)
OP Units – Limited Partners (31,316) (32,403) (29,615)
Noncontrolling Interests – Partially Owned Properties (5,802) (11,719) (7,078)
Net cash provided by (used for) financing activities (565,056) (1,946,393) (684,474)
Net increase (decrease) in cash and cash equivalents and restricted deposits 260,508 (17,271) 686
Cash and cash equivalents and restricted deposits, beginning of year 99,728 116,999 116,313
Cash and cash equivalents and restricted deposits, end of year 360,236 99,728 116,999
Cash and cash equivalents 123,832 42,591 45,753
Restricted deposits 236,404 57,137 71,246
SUPPLEMENTAL INFORMATION:      
Cash paid for interest, net of amounts capitalized 252,838 320,854 342,048
Net cash paid (received) for income and other taxes 1,179 (1,038) (585)
Amortization of deferred financing costs:      
Investment in real estate, net (353) (240) (120)
Other assets 2,338 2,338 2,987
Mortgage notes payable, net 2,743 1,815 3,934
Notes, net 4,009 5,026 4,869
Amortization of discounts and premiums on debt:      
Mortgage notes payable, net 2,764 2,234 8,618
Notes, net 2,538 2,997 3,162
Amortization of deferred settlements on derivative instruments:      
Other liabilities (12) (12) (12)
Accumulated other comprehensive income 9,394 35,087 21,188
Write-off of pursuit costs:      
Investment in real estate, net 5,918 6,566 5,451
Other assets 582 271 62
Accounts payable and accrued expenses 26 32 16
(Income) loss from investments in unconsolidated entities:      
Investments in unconsolidated entities 2,122 1,995 (67,268)
Other liabilities 1,276 1,289 1,323
Realized/unrealized (gain) loss on derivative instruments:      
Other assets     2,002
Notes, net     2,277
Other liabilities   1,240 29,486
Accumulated other comprehensive income   (1,190) (33,765)
Interest capitalized for real estate and unconsolidated entities under development:      
Investment in real estate, net (15,318) (10,165) (6,884)
Investments in unconsolidated entities (614)    
Investments in unconsolidated entities – other:      
Investment in real estate, net 1,395    
Investments in unconsolidated entities (30,642) (4,275) (7,504)
Other liabilities (2,010) (1,500) (2,100)
Debt financing costs:      
Other assets 229 (231) (6,909)
Mortgage notes payable, net (2,344) (2,692) (2,354)
Notes, net (4,331)   (10,549)
Right-of-use assets and lease liabilities initial measurement and reclassifications:      
Right-of-use assets 11,308   (489,517)
Other assets     184,116
Lease liabilities (11,308)   333,603
Other liabilities     (28,202)
Non-cash share distribution from unconsolidated entities:      
Investments in unconsolidated entities 1,430    
Other assets $ (1,430)    
ERPOP [Member] | Mortgage Notes Payable, Net [Member]      
Mortgage notes payable, net:      
Net gain (loss) on debt extinguishment   (327) (3,381)
Notes, net:      
Net gain (loss) on debt extinguishment   (327) (3,381)
ERPOP [Member] | Notes, Net [Member]      
Mortgage notes payable, net:      
Net gain (loss) on debt extinguishment   (25,823) (10,266)
Notes, net:      
Net gain (loss) on debt extinguishment   $ (25,823) $ (10,266)