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CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 1,070,975 $ 868,488 $ 806,995
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 952,191 888,709 882,168
Amortization of deferred financing costs 7,834 8,941 8,729
Amortization of discounts and premiums on debt 5,151 4,091 5,004
Amortization of deferred settlements on derivative instruments 2,488 3,725 11,059
Amortization of right-of-use assets 14,548 12,795 12,157
Write-off of pursuit costs 5,155 3,647 4,780
(Income) loss from investments in unconsolidated entities 8,974 5,378 5,031
Distributions from unconsolidated entities – return on capital 555 559 398
Net (gain) loss on sales of real estate properties (546,797) (282,539) (304,325)
Realized (gain) loss on investment securities 1,992 (1,504) (2,061)
Unrealized (gain) loss on investment securities (19,880) (13,466)  
Compensation paid with Company Common Shares 31,287 31,815 29,513
Changes in assets and liabilities:      
(Increase) decrease in other assets (11,813) (10,203) 10,893
Increase (decrease) in accounts payable and accrued expenses 3,249 8,911 (266)
Increase (decrease) in accrued interest payable 8,460 (594) (3,200)
Increase (decrease) in lease liabilities (3,863) (1,551) (1,524)
Increase (decrease) in other liabilities 36,668 5,358 (13,394)
Increase (decrease) in security deposits 6,433 238 2,799
Net cash provided by operating activities 1,573,607 1,532,798 1,454,756
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment in real estate – acquisitions (1,595,100) (324,497) (113,046)
Investment in real estate – development/other (129,822) (78,197) (109,345)
Capital expenditures to real estate (301,434) (319,342) (221,086)
Non-real estate capital additions (2,766) (1,851) (4,050)
Interest capitalized for real estate and unconsolidated entities under development (14,489) (12,347) (7,105)
Proceeds from disposition of real estate, net 960,398 374,018 720,302
Investments in unconsolidated entities – acquisitions (31,286) (2,800) (49,855)
Investments in unconsolidated entities - development/other (78,435) (47,180) (109,846)
Distributions from unconsolidated entities – return of capital 1,409 42 300
Purchase of investment securities and other investments   (2,500) (2,061)
Proceeds from sale of investment securities 15,041 3,042 3,584
Consolidation of previously unconsolidated entities   2,108  
Net cash provided by (used for) investing activities (1,176,484) (409,504) 107,792
CASH FLOWS FROM FINANCING ACTIVITIES:      
Debt financing costs (5,307) (4,106) (9,894)
Mortgage notes payable, net:      
Proceeds   572,896 48,054
Lump sum payoffs   (932,598) (286,461)
Scheduled principal repayments (6,100) (3,354) (3,392)
Notes, net:      
Proceeds 597,954    
Lump sum payoffs     (500,000)
Line of credit and commercial paper:      
Line of credit proceeds 392,000    
Line of credit repayments (392,000)    
Commercial paper proceeds 33,116,303 6,124,068 6,036,083
Commercial paper repayments (32,981,755) (5,844,892) (6,221,158)
Proceeds from (payments on) settlement of derivative instruments (3,989) 25,169  
Finance ground lease principal payments (2,880) (2,662) (2,463)
Proceeds from sale of OP Units     139,623
Proceeds from Employee Share Purchase Plan (ESPP) 3,522 3,517 4,178
Proceeds from exercise of EQR options 23,000 23,632 25,069
Redemption of Preference Units (20,125)    
Premium on redemption of Preference Units (1,444)    
Payment of offering costs     (783)
Other financing activities, net (94) (75) (63)
Acquisition of Noncontrolling Interests - Partially Owned Properties (3,129) (3,737) (32,178)
Contributions – Noncontrolling Interests – Partially Owned Properties 583 9 603
Contributions – Limited Partners 2 1 1
Distributions:      
OP Units – General Partner (1,019,050) (990,148) (931,783)
Preference Units (2,386) (3,090) (2,318)
OP Units – Limited Partners (30,419) (30,253) (30,324)
Noncontrolling Interests – Partially Owned Properties (3,164) (5,743) (18,406)
Net cash provided by (used for) financing activities (376,952) (1,120,471) (1,785,612)
Net increase (decrease) in cash and cash equivalents and restricted deposits 20,171 2,823 (223,064)
Cash and cash equivalents and restricted deposits, beginning of year 139,995 137,172 360,236
Cash and cash equivalents and restricted deposits, end of year 160,166 139,995 137,172
Cash and cash equivalents 62,302 50,743 53,869
Restricted deposits 97,864 89,252 83,303
SUPPLEMENTAL INFORMATION:      
Cash paid for interest, net of amounts capitalized 241,034 248,990 267,612
Net cash paid (received) for income and other taxes 1,339 1,091 748
Real estate acquisitions/dispositions/other:      
Mortgage loans assumed   42,256  
Amortization of deferred financing costs:      
Investment in real estate, net   (211) (506)
Other assets 2,785 2,785 2,768
Mortgage notes payable, net 1,047 2,527 2,080
Notes, net 4,002 3,840 4,387
Amortization of discounts and premiums on debt:      
Mortgage notes payable, net 2,841 1,843 2,184
Notes, net 2,310 2,248 2,820
Amortization of deferred settlements on derivative instruments:      
Other liabilities (11) (12) (12)
Accumulated other comprehensive income 2,499 3,737 11,071
Write-off of pursuit costs:      
Investment in real estate, net 2,809 527 1,150
Investments in unconsolidated entities 1,717 2,186 2,898
Other assets 629 934 732
(Income) loss from investments in unconsolidated entities:      
Investments in unconsolidated entities 7,739 4,132 3,778
Other liabilities 1,235 1,246 1,253
Realized/unrealized (gain) loss on derivative instruments:      
Other assets   (3,749) (21,865)
Other liabilities 3,989 (765) 1,211
Accumulated other comprehensive income (3,989) 4,514 20,654
Investment in real estate - acquisitions:      
Investment in real estate, net (1,573,920) (324,497) (113,046)
Right-of-use assets (12,727)    
Other assets (8,453)    
Interest capitalized for real estate and unconsolidated entities under development:      
Investment in real estate, net 6,328 4,010 2,365
Investments in unconsolidated entities (8,161) (8,337) (4,740)
Investments in unconsolidated entities - development/other:      
Investments in unconsolidated entities (76,455) (45,770) (108,556)
Other liabilities (1,980) (1,410) (1,290)
Consolidation of previously unconsolidated entities:      
Investment in real estate, net   (50,315)  
Investments in unconsolidated entities   46,327  
Other liabilities   2,000  
Noncontrolling Interests - Partially Owned Properties   4,021  
Debt financing costs:      
Other assets     (9,566)
Mortgage notes payable, net   (4,106) (228)
Notes, net (5,307)   (100)
Proceeds from (payments on) settlement of derivative instruments:      
Other assets   25,613  
Other liabilities (3,989) (444)  
Right-of-use assets and lease liabilities initial measurement and reclassifications:      
Right-of-use assets   (7,105) (400)
Lease liabilities   7,105 400
Non-cash share distribution and other transfers from unconsolidated entities:      
Investments in unconsolidated entities   636 4,201
Other assets   (636) (4,201)
Non-cash change in Supplemental Executive Retirement Plan (SERP) balances:      
Other assets (1,457) 24,767 31,405
Other liabilities 2,051 (56,845) (31,136)
Paid in capital (594) 32,078 (269)
ERPOP [Member]      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income 1,070,975 868,488 806,995
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 952,191 888,709 882,168
Amortization of deferred financing costs 7,834 8,941 8,729
Amortization of discounts and premiums on debt 5,151 4,091 5,004
Amortization of deferred settlements on derivative instruments 2,488 3,725 11,059
Amortization of right-of-use assets 14,548 12,795 12,157
Write-off of pursuit costs 5,155 3,647 4,780
(Income) loss from investments in unconsolidated entities 8,974 5,378 5,031
Distributions from unconsolidated entities – return on capital 555 559 398
Net (gain) loss on sales of real estate properties (546,797) (282,539) (304,325)
Realized (gain) loss on investment securities 1,992 (1,504) (2,061)
Unrealized (gain) loss on investment securities (19,880) (13,466)  
Compensation paid with Company Common Shares 31,287 31,815 29,513
Changes in assets and liabilities:      
(Increase) decrease in other assets (11,813) (10,203) 10,893
Increase (decrease) in accounts payable and accrued expenses 3,249 8,911 (266)
Increase (decrease) in accrued interest payable 8,460 (594) (3,200)
Increase (decrease) in lease liabilities (3,863) (1,551) (1,524)
Increase (decrease) in other liabilities 36,668 5,358 (13,394)
Increase (decrease) in security deposits 6,433 238 2,799
Net cash provided by operating activities 1,573,607 1,532,798 1,454,756
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment in real estate – acquisitions (1,595,100) (324,497) (113,046)
Investment in real estate – development/other (129,822) (78,197) (109,345)
Capital expenditures to real estate (301,434) (319,342) (221,086)
Non-real estate capital additions (2,766) (1,851) (4,050)
Interest capitalized for real estate and unconsolidated entities under development (14,489) (12,347) (7,105)
Proceeds from disposition of real estate, net 960,398 374,018 720,302
Investments in unconsolidated entities – acquisitions (31,286) (2,800) (49,855)
Investments in unconsolidated entities - development/other (78,435) (47,180) (109,846)
Distributions from unconsolidated entities – return of capital 1,409 42 300
Purchase of investment securities and other investments   (2,500) (2,061)
Proceeds from sale of investment securities 15,041 3,042 3,584
Consolidation of previously unconsolidated entities   2,108  
Net cash provided by (used for) investing activities (1,176,484) (409,504) 107,792
CASH FLOWS FROM FINANCING ACTIVITIES:      
Debt financing costs (5,307) (4,106) (9,894)
Mortgage notes payable, net:      
Proceeds   572,896 48,054
Lump sum payoffs   (932,598) (286,461)
Scheduled principal repayments (6,100) (3,354) (3,392)
Notes, net:      
Proceeds 597,954    
Lump sum payoffs     (500,000)
Line of credit and commercial paper:      
Line of credit proceeds 392,000    
Line of credit repayments (392,000)    
Commercial paper proceeds 33,116,303 6,124,068 6,036,083
Commercial paper repayments (32,981,755) (5,844,892) (6,221,158)
Proceeds from (payments on) settlement of derivative instruments (3,989) 25,169  
Finance ground lease principal payments (2,880) (2,662) (2,463)
Proceeds from sale of OP Units     139,623
Proceeds from Employee Share Purchase Plan (ESPP) 3,522 3,517 4,178
Proceeds from exercise of EQR options 23,000 23,632 25,069
OP Units repurchased and retired (38,474) (49,105)  
Redemption of Preference Units (20,125)    
Premium on redemption of Preference Units (1,444)    
Payment of offering costs     (783)
Other financing activities, net (94) (75) (63)
Acquisition of Noncontrolling Interests - Partially Owned Properties (3,129) (3,737) (32,178)
Contributions – Noncontrolling Interests – Partially Owned Properties 583 9 603
Contributions – Limited Partners 2 1 1
Distributions:      
OP Units – General Partner (1,019,050) (990,148) (931,783)
Preference Units (2,386) (3,090) (2,318)
OP Units – Limited Partners (30,419) (30,253) (30,324)
Noncontrolling Interests – Partially Owned Properties (3,164) (5,743) (18,406)
Net cash provided by (used for) financing activities (376,952) (1,120,471) (1,785,612)
Net increase (decrease) in cash and cash equivalents and restricted deposits 20,171 2,823 (223,064)
Cash and cash equivalents and restricted deposits, beginning of year 139,995 137,172 360,236
Cash and cash equivalents and restricted deposits, end of year 160,166 139,995 137,172
Cash and cash equivalents 62,302 50,743 53,869
Restricted deposits 97,864 89,252 83,303
SUPPLEMENTAL INFORMATION:      
Cash paid for interest, net of amounts capitalized 241,034 248,990 267,612
Net cash paid (received) for income and other taxes 1,339 1,091 748
Real estate acquisitions/dispositions/other:      
Mortgage loans assumed   42,256  
Amortization of deferred financing costs:      
Investment in real estate, net   (211) (506)
Other assets 2,785 2,785 2,768
Mortgage notes payable, net 1,047 2,527 2,080
Notes, net 4,002 3,840 4,387
Amortization of discounts and premiums on debt:      
Mortgage notes payable, net 2,841 1,843 2,184
Notes, net 2,310 2,248 2,820
Amortization of deferred settlements on derivative instruments:      
Other liabilities (11) (12) (12)
Accumulated other comprehensive income 2,499 3,737 11,071
Write-off of pursuit costs:      
Investment in real estate, net 2,809 527 1,150
Investments in unconsolidated entities 1,717 2,186 2,898
Other assets 629 934 732
(Income) loss from investments in unconsolidated entities:      
Investments in unconsolidated entities 7,739 4,132 3,778
Other liabilities 1,235 1,246 1,253
Realized/unrealized (gain) loss on derivative instruments:      
Other assets   (3,749) (21,865)
Other liabilities 3,989 (765) 1,211
Accumulated other comprehensive income (3,989) 4,514 20,654
Investment in real estate - acquisitions:      
Investment in real estate, net (1,573,920) (324,497) (113,046)
Right-of-use assets (12,727)    
Other assets (8,453)    
Interest capitalized for real estate and unconsolidated entities under development:      
Investment in real estate, net (6,328) (4,010) (2,365)
Investments in unconsolidated entities (8,161) (8,337) (4,740)
Investments in unconsolidated entities - development/other:      
Investments in unconsolidated entities (76,455) (45,770) (108,556)
Other liabilities (1,980) (1,410) (1,290)
Consolidation of previously unconsolidated entities:      
Investment in real estate, net   (50,315)  
Investments in unconsolidated entities   46,327  
Accounts payable and accrued expenses   75  
Other liabilities   2,000  
Noncontrolling Interests - Partially Owned Properties   4,021  
Debt financing costs:      
Other assets     (9,566)
Mortgage notes payable, net   (4,106) (228)
Notes, net (5,307)   (100)
Proceeds from (payments on) settlement of derivative instruments:      
Other assets   25,613  
Other liabilities (3,989) (444)  
Right-of-use assets and lease liabilities initial measurement and reclassifications:      
Right-of-use assets   (7,105) (400)
Lease liabilities   7,105 400
Non-cash share distribution and other transfers from unconsolidated entities:      
Investments in unconsolidated entities   636 4,201
Other assets   (636) (4,201)
Non-cash change in Supplemental Executive Retirement Plan (SERP) balances:      
Other assets (1,457) 24,767 31,405
Other liabilities 2,051 (56,845) (31,136)
Paid in capital $ (594) $ 32,078 $ (269)