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Debt | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Debt | 8. Debt EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. Weighted average interest rates noted below for the six months ended June 30, 2025 include the effect of any derivative instruments and amortization of premiums/discounts/OCI (other comprehensive income) on debt and derivatives. Mortgage Notes Payable The following table summarizes the Company’s mortgage notes payable activity for the six months ended June 30, 2025 (amounts in thousands):
|  | Mortgage notes payable, net as of December 31, 2024 |  |  | Proceeds |  |  | Lump sum payoffs |  |  | Scheduled principal repayments |  |  | Amortization of premiums/ discounts |  |  | Amortization of deferred financing costs, net (1) |  |  | Mortgage notes payable, net as of June 30, 2025 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Conventional |  | $ | 1,401,099 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 788 |  |  | $ | 541 |  |  | $ | 1,402,428 |
Floating Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Tax Exempt |  |  | 229,591 |  |  |  | — |  |  |  | (37,940 | ) |  |  | — |  |  |  | 616 |  |  |  | 70 |  |  |  | 192,337 |
Total |  | $ | 1,630,690 |  |  | $ | — |  |  | $ | (37,940 | ) |  | $ | — |  |  | $ | 1,404 |  |  | $ | 611 |  |  | $ | 1,594,765 |
(1) Represents amortization of deferred financing costs, net of debt financing costs. The following table summarizes certain interest rate and maturity date information as of and for the six months ended June 30, 2025:
|  | June 30, 2025
Interest Rate Ranges (ending) |  | 0.10% - 5.25%
Weighted Average Interest Rate |  | 3.77%
Maturity Date Ranges |  | 2029-2061
As of June 30, 2025, the Company had $202.7 m illion of secured tax-exempt bonds subject to third-party credit enhancement. Notes The following table summarizes the Company’s notes activity for the six months ended June 30, 2025 (amounts in thousands):
|  | Notes, net as of December 31, 2024 |  |  | Proceeds |  |  | Lump sum payoffs |  |  | Amortization of premiums/ discounts |  |  | Amortization of deferred financing costs, net (1) |  |  | Notes, net as of June 30, 2025 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured – Public |  | $ | 5,947,376 |  |  | $ | 498,580 |  | (2) | $ | (450,000 | ) |  | $ | 1,233 |  |  | $ | (2,275 | ) |  | $ | 5,994,914 |
(1) Represents amortization of deferred financing costs, net of debt financing costs. (2) Issued $500.0 million of seven-year 4.95% unsecured notes, receiving net proceeds before underwriting fees, hedge termination costs and other expenses. The following table summarizes certain interest rate and maturity date information as of and for the six months ended June 30, 2025:
|  | June 30, 2025
Interest Rate Ranges (ending) |  | 1.85% - 7.57%
Weighted Average Interest Rate |  | 3.68%
Maturity Date Ranges |  | 2026-2047
The Company’s unsecured public notes contain certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for the six months ended June 30, 2025. Line of Credit and Commercial Paper The Company has a $2.5 billion unsecured revolving credit facility maturing on October 26, 2027. The Company has the ability to increase available borrowings by an additional $750.0 milli on by adding lenders to the facility, obtaining the agreement of existing lenders to increase their commitments or incurring one or more term loans. The interest rate on advances under the facility will generally be the Secured Overnight Financing Rate ("SOFR") plus a spread (currently 0.725%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 0.125%). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating and other terms and conditions per the agreement. The Company did not borrow any amounts under its revolving credit facility during the six months ended June 30, 2025. The Company has an unsecured commercial paper note program under which it may borrow up to a maximum of $1.5 billion subject to market conditions. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Company’s other unsecured senior indebtedness. The following table summarizes certain weighted average interest rate, maturity and amount outstanding information for the commercial paper program as of and for the six months ended June 30, 2025:
|  | June 30, 2025 |
Weighted Average Interest Rate (1) |  | 4.60% |
Weighted Average Maturity (in days) |  | 29 |
Weighted Average Amount Outstanding |  | $372.1 million |
(1) The notes bear interest at various floating rates. The Company limits its utilization of the revolving credit facility in order to maintain liquidity to support its $1.5 billion commercial paper program along with certain other obligations. The following table presents the availability on the Company’s unsecured revolving credit facility as of June 30, 2025 (amounts in thousands):
|  | June 30, 2025 |
Unsecured revolving credit facility commitment |  | $ | 2,500,000 |
Commercial paper balance outstanding |  |  | (785,000 | )
Unsecured revolving credit facility balance outstanding |  |  | — |
Other restricted amounts |  |  | (3,448 | )
Unsecured revolving credit facility availability |  | $ | 1,711,552 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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