Investments in Partially Owned Entities (Tables)

12 Months Ended

Dec. 31, 2021

Investments In Partially Owned Entities [Abstract]

Summary of Company's Consolidated Joint Ventures

The following table summarizes the Company’s consolidated joint ventures as of December 31, 2021:

	Operating Properties				Project Under Development (1)
	Properties		Apartment Units		Project		Apartment Units
Consolidated Joint Ventures (VIE)		16		3,546		1		312

(1) The land under this project is subject to a long-term ground lease.

Summary of Consolidated Assets and Liabilities Related to the VIEs

The following table provides consolidated assets and liabilities related to the VIEs discussed above as of December 31, 2021 and 2020 (amounts in thousands):

	December 31, 2021		December 31, 2020
Consolidated Assets	$	912,955	$	784,066
Consolidated Liabilities	$	251,424	$	223,989

Summary of Company's 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 December 31, 2021 and 2020 (amounts in thousands except for ownership percentage):

	December 31, 2021			December 31, 2020			Ownership Percentage
Investments in Unconsolidated Entities:
Operating Property (VIE) (1)	$	36,024		$	38,288		33.3%
Unconsolidated Development Joint Ventures (VIE) (2)		72,488			—		62% - 90% (4)
Real Estate Technology (3)		19,347			14,866		Varies
Other		(411	)		(372	)	Varies
Investments in Unconsolidated Entities	$	127,448		$	52,782

(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 consolidated joint venture entity, 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, but the consolidated joint venture entity does not have a controlling financial interest in the VIE and is not the VIE’s primary beneficiary.  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) Represents unconsolidated interests in projects under development and land held for development.  See further discussion below.  

(3) Represents unconsolidated investments in real estate technology funds/companies.

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

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

The following table summarizes the Company’s unconsolidated joint ventures that were deemed to be VIEs as of December 31, 2021:

	Operating Property (1)		Projects Under Development (2)				Land Held for Development (2), (3)
	Entity		Projects		Apartment Units (4)		Projects		Apartment Units (4)
Unconsolidated Joint Ventures (VIE)		1		3		929		3		1,005

(1) Represents the operating property noted in the table above.

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

(3) Represents separate unconsolidated joint ventures that are expected to start construction in 2022.  One parcel is subject to a long-term ground lease.

(4) Represents the intended number of apartment units.

Summary of Information on Total Unconsolidated Development Joint Ventures Entered

The following table provides information on total unconsolidated development joint ventures entered into during the year ended December 31, 2021 (amounts in thousands except for number of unconsolidated joint ventures):

Number of unconsolidated joint ventures (1) (2)		6
EQR's investments in unconsolidated entities – acquisitions	$	48,534

(1) The entities qualify as VIEs, but the Company is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the VIE’s performance.  Therefore, these entities are unconsolidated and recorded using the equity method of accounting.  See Note 2 for additional discussion.

(2) One parcel is subject to a long-term ground lease.