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Investments in Partially Owned Entities | 12 Months Ended
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Dec. 31, 2022
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 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 that have been deemed to be 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 following table summarizes the Company’s consolidated joint ventures as of December 31, 2022 and 2021:
| Operating Properties (1) |  |  | Project Under Development (2) |
| Properties |  |  | Apartment Units |  |  | Project |  |  | Apartment Units |
2022 Consolidated Joint Ventures (VIE) |  | 15 |  |  |  | 3,114 |  |  |  | 1 |  |  |  | 312 |
2021 Consolidated Joint Ventures (VIE) |  | 16 |  |  |  | 3,546 |  |  |  | 1 |  |  |  | 312 |
(1) In 2022, the Company acquired its joint venture partner’s 25% interest in a 432-unit apartment property for $32.2 million, and the property is now wholly owned. In connection with the buyout, the carrying amount of the Noncontrolling Interests – Partially Owned Properties totaling $4.8 million was reduced to zero and the remaining $27.4 million was recorded to paid in capital/General Partner's Capital. (2) The land under this project is subject to a long-term ground lease. The following table provides consolidated assets and liabilities related to the VIEs discussed above as of December 31, 2022 and 2021 (amounts in thousands):
| December 31, 2022 |  |  | December 31, 2021 |
Consolidated Assets | $ | 691,880 |  |  | $ | 912,955 |
Consolidated Liabilities | $ | 158,932 |  |  | $ | 251,424 |
Certain consolidated joint ventures in which we have investments obtained mortgage debt to finance a portion of their activities. The following table and information summarizes the variable rate construction mortgage debt that is non-recourse to the Company at December 31, 2022 and 2021 (aggregate and amounts borrowed under loan commitments in thousands):
|  | December 31, 2022 |  |  | December 31, 2021 |
|  | Recently Completed Operating Property (1) |  |  | Project Under Development |  |  | Recently Completed Operating Property (1) |
Number of joint ventures with debt financing |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Aggregate loan commitments |  | $ | 67,589 |  |  | $ | 73,344 |  |  | $ | 67,589 |
Amounts borrowed under loan commitments (2) |  | $ | 64,776 |  |  | $ | 44,980 |  |  | $ | 61,783 |
Maturity dates |  | 2023 |  |  | 2025 |  |  | 2022 |
(1) The maturity date of the construction loan was extended to June 25, 2023. (2) See Note 9 for the proceeds of secured conventional floating rate debt under Mortgage Notes Payable. Investments in Unconsolidated Entities The Company has various equity interests in certain joint ventures that are unconsolidated and accounted for using the equity method of accounting. Most of these have been deemed to be VIEs and the Company is not the VIEs' primary beneficiary. The remaining have been deemed not to be VIEs and the Company does not have a controlling voting interest. The following table and information summarizes the Company’s investments in unconsolidated entities as of December 31, 2022 and 2021 (amounts in thousands except for ownership percentage):
| December 31, 2022 |  |  | December 31, 2021 |  |  | Ownership Percentage
Investments in Unconsolidated Entities: |  |  |  |  |  |  |
Various Real Estate Holdings (VIE) | $ | 35,974 |  |  | $ | 36,024 |  |  | Varies
Projects Under Development and Land Held for Development (VIE) |  | 218,043 |  |  |  | 72,488 |  |  | 62% - 95% (1)
Real Estate Technology Funds/Companies (VIE) |  | 25,249 |  |  |  | 19,347 |  |  | Varies
Other |  | (242 | ) |  |  | (411 | ) |  | Varies
Investments in Unconsolidated Entities | $ | 279,024 |  |  | $ | 127,448 |  |  |
(1) In certain instances, the joint venture agreements contain provisions for promoted interests in favor of our joint venture partner. If the terms of the promoted interest are attained, then our share of the proceeds from a sale or other capital event of the unconsolidated entity may be less than the indicated ownership percentage. The following table summarizes the Company’s unconsolidated joint ventures that were deemed to be VIEs as of December 31, 2022 and 2021:
| Real Estate Holdings (1) |  |  | Projects Under Development (2), (5) |  |  | Projects Held for Development (2), (3) |
| Entities |  |  | Projects |  |  | Apartment Units (4) |  |  | Projects |  |  | Apartment Units (4) |
2022 Unconsolidated Joint Ventures (VIE) |  | 2 |  |  |  | 6 |  |  |  | 1,982 |  |  |  | 3 |  |  |  | 966 |
2021 Unconsolidated Joint Ventures (VIE) |  | 1 |  |  |  | 3 |  |  |  | 929 |  |  |  | 3 |  |  |  | 1,005 |
(1) Represents entities that hold various real estate investments. (2) Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties. (3) Represents separate unconsolidated joint ventures that have not yet started. (4) Represents the intended number of apartment units to be developed. (5) The land parcel under one of the projects is subject to a long-term ground lease. New Development Joint Ventures The following table provides information on total unconsolidated development joint ventures entered into during the year ended December 31, 2022 (amounts in thousands except for number of unconsolidated joint ventures and apartment units):
Number of unconsolidated joint ventures (1) |  | 3 |
Apartment units (2) |  | 1,019 |
Investments in unconsolidated entities – acquisitions | $ | 49,855 |
(1) The entities qualify as VIEs, but the Company is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the VIE’s performance. Therefore, the entities are unconsolidated and recorded using the equity method of accounting. See Note 2 for additional discussion. (2) Represents the intended number of apartment units to be developed. In 2021, the Company entered into a strategic partnership with Toll Brothers, Inc. (“Toll”) to develop apartment communities in key markets. The Company and Toll have and expect to continue to enter into separate joint venture agreements for each property, and the Company has and expects to continue to account for these unconsolidated joint ventures under the equity method of accounting. Toll has and will continue to act as the managing member of each project and receive developer fees. The Company, in certain circumstances, may act as the property manager, receive property management fees and have the right, but not the obligation, to acquire each property at fair market value upon stabilization. As of December 31, 2022, the Company and Toll entered into four separate joint venture agreements under the strategic partnership.

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- Definition Investments in partially owned entities. + References No definition available. + Details
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- 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
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