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Equity, Capital and Other Interests | 6 Months Ended
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Jun. 30, 2025
Equity Capital And Other Interests [Abstract] |
Equity, Capital and Other Interests | 3. Equity, Capital and Other Interests The Company refers to “Common Shares” and “Units” (which refer to both OP Units and restricted units) as equity securities for EQR and “General Partner Units” and “Limited Partner Units” as equity securities for ERPOP. To provide a streamlined and more readable presentation of the disclosures for the Company and the Operating Partnership, several sections below refer to the respective terminology for each with the same financial information and separate sections are provided, where needed, to further distinguish any differences in financial information and terminology. The following table presents the changes in the Company’s issued and outstanding Common Shares and Units for the six months ended June 30, 2025 and 2024:
|  | 2025 |  |  | 2024 |
Common Shares |  |  |  |  |  |
Common Shares outstanding at January 1, |  |  | 379,475,383 |  |  |  | 379,291,417 |
Common Shares Issued: |  |  |  |  |  |
Conversion of OP Units |  |  | 224,399 |  |  |  | 90,131 |
Exercise of share options |  |  | 83,754 |  |  |  | 119,516 |
Employee Share Purchase Plan (ESPP) |  |  | 23,090 |  |  |  | 47,466 |
Restricted share grants, net |  |  | 173,814 |  |  |  | 190,804 |
Common Shares Other: |  |  |  |  |  |
Repurchased and retired |  |  | — |  |  |  | (652,452 | )
Common Shares outstanding at June 30, |  |  | 379,980,440 |  |  |  | 379,086,882 |
Units |  |  |  |  |  |
Units outstanding at January 1, |  |  | 11,543,773 |  |  |  | 11,581,306 |
Restricted unit grants, net |  |  | 286,898 |  |  |  | 172,667 |
Conversion of OP Units to Common Shares |  |  | (224,399 | ) |  |  | (90,131 | )
Units outstanding at June 30, |  |  | 11,606,272 |  |  |  | 11,663,842 |
Total Common Shares and Units outstanding at June 30, |  |  | 391,586,712 |  |  |  | 390,750,724 |
Units Ownership Interest in Operating Partnership |  |  | 3.0 | % |  |  | 3.0 | %
The following table presents the changes in the Operating Partnership’s issued and outstanding General Partner Units and Limited Partner Units for the six months ended June 30, 2025 and 2024:
|  | 2025 |  |  | 2024 |
General and Limited Partner Units |  |  |  |  |  |
General and Limited Partner Units outstanding at January 1, |  |  | 391,019,156 |  |  |  | 390,872,723 |
Issued to General Partner: |  |  |  |  |  |
Exercise of EQR share options |  |  | 83,754 |  |  |  | 119,516 |
EQR’s Employee Share Purchase Plan (ESPP) |  |  | 23,090 |  |  |  | 47,466 |
EQR’s restricted share grants, net |  |  | 173,814 |  |  |  | 190,804 |
Issued to Limited Partners: |  |  |  |  |  |
Restricted unit grants, net |  |  | 286,898 |  |  |  | 172,667 |
General Partner Other: |  |  |  |  |  |
OP Units repurchased and retired |  |  | — |  |  |  | (652,452 | )
General and Limited Partner Units outstanding at June 30, |  |  | 391,586,712 |  |  |  | 390,750,724 |
Limited Partner Units |  |  |  |  |  |
Limited Partner Units outstanding at January 1, |  |  | 11,543,773 |  |  |  | 11,581,306 |
Limited Partner restricted unit grants, net |  |  | 286,898 |  |  |  | 172,667 |
Conversion of Limited Partner OP Units to EQR Common Shares |  |  | (224,399 | ) |  |  | (90,131 | )
Limited Partner Units outstanding at June 30, |  |  | 11,606,272 |  |  |  | 11,663,842 |
Limited Partner Units Ownership Interest in Operating Partnership |  |  | 3.0 | % |  |  | 3.0 | %
The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of restricted units, are collectively referred to as the “Noncontrolling Interests – Operating Partnership” and “Limited Partners Capital,” respectively, for the Company and the Operating Partnership. Subject to certain exceptions (including the “book-up” requirements of restricted units), the Noncontrolling Interests – Operating Partnership/Limited Partners Capital may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital (including redeemable interests) is allocated based on the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total plus the total number of Common Shares/General Partner Units. Net income is allocated to the Noncontrolling Interests – Operating Partnership/Limited Partners Capital based on the weighted average ownership percentage during the period. The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Noncontrolling Interests – Operating Partnership/Limited Partners Capital requesting an exchange of their Noncontrolling Interests – Operating Partnership/Limited Partners Capital with EQR. Once the Operating Partnership elects not to redeem the Noncontrolling Interests – Operating Partnership/Limited Partners Capital for cash, EQR is obligated to deliver Common Shares to the exchanging holder of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital. The Noncontrolling Interests – Operating Partnership/Limited Partners Capital are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Noncontrolling Interests – Operating Partnership/Limited Partners Capital are differentiated and referred to as “Redeemable Noncontrolling Interests – Operating Partnership” and “Redeemable Limited Partners,” respectively. Instruments that require settlement in registered shares cannot be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital that are classified in permanent equity at June 30, 2025 and December 31, 2024. The carrying value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is allocated based on the number of Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total. Such percentage of the total carrying value of Units/Limited Partner Units which is ascribed to the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is then adjusted to the greater of carrying value or fair market value as described above. As of June 30, 2025 and 2024, the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners have a redemption value of approximately $317.9 million and $327.6 million, respectively, which represents the value of Common Shares that would be issued in exchange for the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners. The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners for the six months ended June 30, 2025 and 2024, respectively (amounts in thousands):
|  | 2025 |  |  | 2024 |
Balance at January 1, |  | $ | 338,563 |  |  | $ | 289,248 |
Change in market value |  |  | (19,568 | ) |  |  | 39,058 |
Change in carrying value |  |  | (1,090 | ) |  |  | (665 | )
Balance at June 30, |  | $ | 317,905 |  |  | $ | 327,641 |
Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings and proceeds from exercise of options for Common Shares are contributed by EQR to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the Preferred Shares issued in the equity offering). As a result, the net proceeds from Common Shares and Preferred Shares are allocated for the Company between shareholders’ equity and Noncontrolling Interests – Operating Partnership and for the Operating Partnership between General Partner’s Capital and Limited Partners Capital to account for the change in their respective percentage ownership of the underlying equity. The Company’s declaration of trust authorizes it to issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share (the “Preferred Shares”), with specific rights, preferences and other attributes as the Board of Trustees may determine, which may include preferences, powers and rights that are senior to the rights of holders of the Company’s Common Shares. The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as of June 30, 2025 and December 31, 2024:
|  |  |  |  |  |  | Amounts in thousands |
|  |  |  | Annual |  |  |  |  |  |  |
|  | Call |  | Dividend Per |  |  | June 30, |  |  | December 31, |
|  | Date (1) |  | Share/Unit (2) |  |  | 2025 |  |  | 2024 |
Preferred Shares/Preference Units of beneficial interest, $0.01 par value; 100,000,000 shares authorized: |  |  |  |  |  |  |  |  |  |  |
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share/unit; 343,100 shares/units issued and outstanding as of June 30, 2025 an d December 31, 2024 |  | 12/10/2026 |  | $ | 4.145 |  |  | $ | 17,155 |  |  | $ | 17,155 |
|  |  |  |  |  |  | $ | 17,155 |  |  | $ | 17,155 |
(1) On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares/Preference Units are payable quarterly. Other EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC in May 2025 and expires in May 2028. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis). The Company has an At-The-Market (“ATM”) share offering program which allows EQR to issue Common Shares from time to time into the existing trading market at current market prices or through negotiated transactions, including under forward sale arrangements. In May 2025, the Company replaced the prior program (which had expired) with a new program that matures in May 2028 and gives us the authority to issue up to 13.0 million shares, all of which remain available for issuance as of June 30, 2025. The Company may repurchase up to 13.0 million Common Shares under its share repurchase program, which was reauthorized during the first quarter of 2025. As no Common Shares have been repurchased since the reauthorization, all 13.0 million shares remain available to repurchase as of June 30, 2025.

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- Definition Represents the Equity of the Parent Company and the Capital of the Operating Partnership as well as the interests of Partially Owned and Limited Partners. + References No definition available. + Details
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- Definition The entire disclosure for shareholders' equity as well as for the formation, structure, control and ownership of the partnership. Including, but not limited to: (1) balances of common stock, preferred stock, paid-in capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) balances of general partners capital account, limited partners capital account, preferred partners capital account and total partners capital account and units outstanding; (9) amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; and (10) distribution policies and distributions paid by unit class. + References No definition available. + Details
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