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Debt | 9 Months Ended
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Sep. 30, 2018
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. 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. As of September 30, 2018, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates 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%. As of September 30, 2018, scheduled maturities for the Company’s outstanding notes were at various dates through August 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. 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 September 30, 2018, there was a balance of $499.4 million outstanding on the commercial paper program ($500.0 million in principal outstanding net of an unamortized discount of $0.6 million). The notes bear interest 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. As of September 30, 2018, the amount available on the revolving credit facility was $1.49 billion (net of $6.7 million which was restricted/dedicated to support letters of credit 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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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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