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Business | 9 Months Ended
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Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Business | 1. Business Equity Residential (“EQR”) is an S&P 500 company that owns and manages rental properties in dynamic metro areas across the U.S., a business that is conducted on its behalf by ERP Operating Limited Partnership (“ERPOP”). EQR is a Maryland real estate investment trust (“REIT”) formed in March 1993 and ERPOP is an Illinois limited partnership formed in May 1993. References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership. EQR is the general partner of, and as of September 30, 2025 owned an approximate 97.5% ownership interest in, ERPOP. All of the Company’s property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR issues equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. As of September 30, 2025, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 318 properties located in 10 states and the District of Columbia consisting of 86,320 apartment units. The ownership breakdown includes (table does not include any uncompleted development properties):
|  | Properties |  |  | Apartment Units |
Wholly Owned Properties |  |  | 301 |  |  |  | 81,952 |
Partially Owned Properties – Consolidated |  |  | 12 |  |  |  | 2,656 |
Partially Owned Properties – Unconsolidated |  |  | 5 |  |  |  | 1,712 |
|  |  | 318 |  |  |  | 86,320 |

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