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Debt | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
Debt |
9. | Debt
EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. Weighted average interest rates noted below for the quarter ended March 31, 2020 include the effect of any derivative instruments and amortization of premiums/discounts/OCI (other comprehensive income) on debt and derivatives. Mortgage Notes Payable The following table summarizes the Company’s mortgage notes payable activity for the quarter ended March 31, 2020 (amounts in thousands):
|  | Mortgage notes payable, net as of December 31, 2019 |  |  | Proceeds |  |  | Lump sum payoffs |  |  | Scheduled principal repayments |  |  | Amortization of premiums/ discounts |  |  | Amortization of deferred financing costs, net (1) |  |  | Mortgage notes payable, net as of March 31, 2020 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Conventional |  | $ | 1,574,699 |  |  | $ | — |  |  | $ | — |  |  | $ | (1,941 | ) |  | $ | 285 |  |  | $ | 293 |  |  | $ | 1,573,336 |
Floating Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Conventional |  |  | 7,050 |  |  |  | 78 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 60 |  |  |  | 7,188 |
Secured – Tax Exempt |  |  | 359,861 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 310 |  |  |  | 50 |  |  |  | 360,221 |
Floating Rate Debt |  |  | 366,911 |  |  |  | 78 |  |  |  | — |  |  |  | — |  |  |  | 310 |  |  |  | 110 |  |  |  | 367,409 |
Total |  | $ | 1,941,610 |  |  | $ | 78 |  |  | $ | — |  |  | $ | (1,941 | ) |  | $ | 595 |  |  | $ | 403 |  |  | $ | 1,940,745 |
(1) | Represents amortization of deferred financing costs, net of debt financing costs.
The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2020:
|  | March 31, 2020 |
Interest Rate Ranges |  | 0.10% - 5.29% |
Weighted Average Interest Rate |  | 3.73% |
Maturity Date Ranges |  | 2020-2061 |
As of March 31, 2020, the Company had $281.7 million of secured debt (primarily tax-exempt bonds) subject to third party credit enhancement. Notes The following table summarizes the Company’s notes activity for the quarter ended March 31, 2020 (amounts in thousands):
|  | Notes, net as of December 31, 2019 |  |  | Proceeds |  |  | Lump sum payoffs |  |  | Amortization of premiums/ discounts |  |  | Amortization of deferred financing costs, net (1) |  |  | Notes, net as of March 31, 2020 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured – Public |  | $ | 6,077,513 |  |  | $ | — |  |  | $ | — |  |  | $ | 681 |  |  | $ | 1,114 |  |  | $ | 6,079,308 |
(1) | Represents amortization of deferred financing costs, net of debt financing costs.
The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2020:
|  | March 31, 2020 |
Interest Rate Ranges |  | 2.50% - 7.57% |
Weighted Average Interest Rate |  | 4.05% |
Maturity Date Ranges |  | 2021-2047 |
The Company’s unsecured public notes contain 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 quarter ended March 31, 2020. Line of Credit and Commercial Paper On November 1, 2019, the Company replaced its existing $2.0 billion facility with a $2.5 billion unsecured revolving credit facility maturing November 1, 2024. The Company has the ability to increase available borrowings by an additional $750.0 million by adding lenders to the facility, obtaining the agreement of existing lenders to increase their commitments or incurring one or more term loans. The interest rate on advances under the facility will generally be LIBOR plus a spread (currently 0.775%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 0.125%). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating. The weighted average interest rate on the revolving credit facility was 2.24% for the quarter ended March 31, 2020. The Company has an unsecured commercial paper note program in the United States. On November 4, 2019, the Company increased the maximum aggregate amount outstanding for the commercial paper program from $500.0 million to $1.0 billion. The notes will be sold under customary terms in the United States commercial paper note market subject to market conditions and will rank pari passu with all of the Company’s other unsecured senior indebtedness. The notes bear interest at various floating rates with a weighted average interest rate of 1.95% for the quarter ended March 31, 2020 and a weighted average maturity of 12 days as of March 31, 2020. The weighted average amount outstanding for the quarter ended March 31, 2020 was approximately $850.8 million. The Company limits its utilization of the revolving credit facility in order to maintain liquidity to support its $1.0 billion commercial paper program along with certain other obligations. The following table presents the availability on the Company’s unsecured revolving credit facility as of March 31, 2020 (amounts in thousands):
|  | March 31, 2020 |
Unsecured revolving credit facility commitment |  | $ | 2,500,000 |
Commercial paper balance outstanding |  |  | (613,000 | )
Unsecured revolving credit facility balance outstanding |  |  | — |
Other restricted amounts |  |  | (100,949 | )
Unsecured revolving credit facility availability |  | $ | 1,786,051 |

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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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