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Debt | 3 Months Ended
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Mar. 31, 2017
Debt Disclosure [Abstract] |
Debt |
8. | Debt
EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. EQR guarantees the Operating Partnership’s revolving credit facility up to the maximum amount and for the full term of the facility. Mortgage Notes Payable As of March 31, 2017, the Company had outstanding mortgage debt of approximately $3.8 billion. During the quarter ended March 31, 2017, the Company:
| • | Repaid $300.0 million of 5.987% mortgage debt held in a Fannie Mae loan pool maturing in 2019 and incurred a prepayment penalty of approximately $10.8 million;
| • | Repaid $51.8 million of conventional fixed-rate mortgage loans maturing in 2017 through 2048 and incurred a prepayment penalty of approximately $0.9 million; and
| • | Repaid $2.0 million of scheduled principal repayments on various mortgage debt.
The Company recorded $0.2 million of write-offs of unamortized deferred financing costs during the quarter ended March 31, 2017 as additional interest expense related to debt extinguishment of mortgages. The Company also recorded $0.4 million of write-offs of net unamortized discounts during the quarter ended March 31, 2017 as additional interest expense related to debt extinguishment of mortgages. As of March 31, 2017, the Company had $601.9 million of secured debt subject to third party credit enhancement. As of March 31, 2017, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through May 28, 2061. At March 31, 2017, the interest rate range on the Company’s mortgage debt was 0.10% to 7.20%. During the quarter ended March 31, 2017, the weighted average interest rate on the Company’s mortgage debt was 4.43%. Notes As of March 31, 2017, the Company had outstanding unsecured notes of approximately $4.8 billion. As of March 31, 2017, scheduled maturities for the Company’s outstanding notes were at various dates through June 1, 2045. At March 31, 2017, the interest rate range on the Company’s notes was 2.375% to 7.57%. During the quarter ended March 31, 2017, the weighted average interest rate on the Company’s notes was 4.51%. Line of Credit and Commercial Paper On November 3, 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. On February 2, 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 March 31, 2017, there was a balance of $314.7 million outstanding on the commercial paper program ($315.0 million in principal outstanding net of an unamortized discount of $0.3 million). The notes bear interest at various floating rates with a weighted average of 1.09% for the quarter ended March 31, 2017 and a weighted average maturity of 26 days as of March 31, 2017. As of March 31, 2017, the amount available on the revolving credit facility was $1.66 billion (net of $20.7 million which was restricted/dedicated to support letters of credit and net of $315.0 million outstanding on the commercial paper program).

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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