XML 36 R19.htm IDEA: XBRL DOCUMENT
v3.21.2

Investments in Partially Owned Entities | 9 Months Ended
--- | ---
Sep. 30, 2021
Investments In Partially Owned Entities [Abstract] |
Investments in Partially Owned Entities |
6. | Investments in Partially Owned Entities
The Company has invested in various entities with unrelated third parties which are either consolidated or accounted for under the equity method of accounting (unconsolidated). Consolidated Variable Interest Entities (“VIEs”) In accordance with accounting standards for consolidation of VIEs, the Company consolidates ERPOP on EQR’s financial statements. As the sole general partner of ERPOP, EQR has exclusive control of ERPOP’s day-to-day management. The limited partners are not able to exercise substantive kick-out or participating rights. As a result, ERPOP qualifies as a VIE. EQR has a controlling financial interest in ERPOP and, thus, is ERPOP’s primary beneficiary. EQR has the power to direct the activities of ERPOP that most significantly impact ERPOP’s economic performance as well as the obligation to absorb losses or the right to receive benefits from ERPOP that could potentially be significant to ERPOP. The Company has various equity interests in certain joint ventures owning 17 properties containing 3,774 apartment units. The Company has determined that these joint ventures are VIEs and the Company is the VIEs’ primary beneficiary. As a result, the joint ventures are required to be consolidated on the Company’s financial statements. The Company also has a separate consolidated joint venture which leases a land parcel that is currently being developed into a multifamily rental property. This joint venture has been deemed to be a VIE and is consolidated due to the Company being the primary beneficiary. The consolidated assets and liabilities related to the VIEs discussed above were approximately $839.3 million and $247.9 million, respectively, at September 30, 2021 and approximately $784.1 million and $224.0 million, respectively, at December 31, 2020. Investments in Unconsolidated Entities During the nine months ended September 30, 2021, the Company acquired two land parcels through separate unconsolidated joint ventures for the purpose of developing multifamily rental properties for an aggregate gross purchase price of approximately $55.4 million, with the Company’s share approximating $21.8 million. The Company, as a limited partner in both joint ventures, does not have substantive kick-out or voting rights in the entities. As a result, the entities qualify as VIEs. The Company has the obligation to absorb losses and the right to receive benefits from the VIE that could potentially be significant to the VIE, but does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. As a result, the Company is not the primary beneficiary and these entities are unconsolidated and recorded using the equity method of accounting. 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 September 30, 2021 and December 31, 2020 (amounts in thousands except for ownership percentage):
|  | September 30, 2021 |  |  | December 31, 2020 |  |  | Ownership Percentage |
Investments in Unconsolidated Entities: |  |  |  |  |  |  |  |  |  |  |  |
Operating Property (VIE) (1) |  | $ | 36,652 |  |  | $ | 38,288 |  |  | 33.3% |
Projects Under Development (VIE) (2) |  |  | 24,927 |  |  |  | — |  |  | Varies |
Real Estate Technology (3) |  |  | 18,127 |  |  |  | 14,866 |  |  | Varies |
Other |  |  | (277 | ) |  |  | (372 | ) |  | Varies |
Investments in Unconsolidated Entities |  | $ | 79,429 |  |  | $ | 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 joint venture, 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. The joint venture does not have a controlling financial interest in the VIE and is not the VIE’s primary beneficiary. The joint venture does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance or the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. 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 the two unconsolidated joint ventures noted above.
(3) | Represents unconsolidated investments in six separate real estate technology funds/companies.

X
- Definition Investments in partially owned entities. + References No definition available. + Details
Name: | eqr_InvestmentsInPartiallyOwnedEntitiesAbstract
Namespace Prefix: | eqr_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of investments in various properties with unrelated third parties which are either consolidated or accounted for under the equity method of accounting (unconsolidated). + References No definition available. + Details
Name: | eqr_InvestmentsInPartiallyOwnedEntitiesTextBlock
Namespace Prefix: | eqr_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration