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Investments in Partially Owned Entities | 3 Months Ended
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Mar. 31, 2023
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 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 March 31, 2023:
|  | Operating Properties |  |  | Project Under Development (1) |
|  | Properties |  |  | Apartment Units |  |  | Project |  |  | Apartment Units |
Consolidated Joint Ventures (VIE) |  |  | 15 |  |  |  | 3,114 |  |  |  | 1 |  |  |  | 312 |
(1) 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 March 31, 2023 and December 31, 2022 (amounts in thousands):
|  | March 31, 2023 |  |  | December 31, 2022 |
Consolidated Assets |  | $ | 685,218 |  |  | $ | 691,880 |
Consolidated Liabilities |  | $ | 169,122 |  |  | $ | 158,932 |
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 March 31, 2023 (aggregate and amounts borrowed under loan commitments in thousands):
|  | Recently Completed Operating Property |  |  | Project Under Development |
Number of joint ventures with debt financing |  |  | 1 |  |  |  | 1 |
Aggregate loan commitments |  | $ | 67,589 |  |  | $ | 73,344 |
Amounts borrowed under loan commitments (1) |  | $ | 64,735 |  |  | $ | 59,070 |
Maturity dates |  | 2023 |  |  | 2025 |
(1) 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 March 31, 2023 and December 31, 2022 (amounts in thousands except for ownership percentage):
|  | March 31, 2023 |  |  | December 31, 2022 |  |  | Ownership Percentage
Investments in Unconsolidated Entities: |  |  |  |  |  |  |  |
Various Real Estate Holdings (VIE) |  | $ | 36,195 |  |  | $ | 35,974 |  |  | Varies
Projects Under Development and Land Held for Development (VIE) |  |  | 231,735 |  |  |  | 218,043 |  |  | 62% - 95% (1)
Real Estate Technology Funds/Companies (VIE) |  |  | 24,594 |  |  |  | 25,249 |  |  | Varies
Other |  |  | (245 | ) |  |  | (242 | ) |  | Varies
Investments in Unconsolidated Entities |  | $ | 292,279 |  |  | $ | 279,024 |  |  |
(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 March 31, 2023:
|  | Real Estate Holdings (1) |  |  | Projects Under Development (2), (5) |  |  | Projects Held for Development (2), (3) |
|  | Entities |  |  | Projects |  |  | Apartment Units (4) |  |  | Projects |  |  | Apartment Units (4) |
Unconsolidated Joint Ventures (VIE) |  |  | 2 |  |  |  | 6 |  |  |  | 1,982 |  |  |  | 3 |  |  |  | 966 |
(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.

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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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