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Business | 6 Months Ended
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Jun. 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 primarily in urban and high-density suburban coastal gateway markets. ERP Operating Limited Partnership (“ERPOP”) is focused on conducting the multifamily residential property business of Equity Residential. EQR is a Maryland real estate investment trust (“REIT”) formed in March 1993 and ERPOP is an Illinois limited partnership formed in May 1993. References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership. EQR is the general partner of, and as of June 30, 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 public equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. As of June 30, 2018, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 304 properties located in 10 states and the District of Columbia consisting of 78,645 apartment units. The ownership breakdown includes (table does not include various uncompleted development properties):
|  | Properties |  |  | Apartment Units |
Wholly Owned Properties |  |  | 284 |  |  |  | 74,003 |
Master-Leased Properties – Consolidated |  |  | 1 |  |  |  | 162 |
Partially Owned Properties – Consolidated |  |  | 17 |  |  |  | 3,535 |
Partially Owned Properties – Unconsolidated |  |  | 2 |  |  |  | 945 |
|  |  | 304 |  |  |  | 78,645 |
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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- Definition The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -URI http://asc.fasb.org/topic&trid=2122149 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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