Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

14.Subsequent Events

Subsequent to September 30, 2022, the Company:

•Settled all of the forward sales agreements outstanding as of September 30, 2022 for a total of 1,740,550 Common Shares, at a weighted average forward price per share of $80.22, which is inclusive of adjustments made to reflect the then-current federal funds rate and the amount of dividends paid to holders of the Company's Common Shares, for net proceeds of approximately $139.6 million. Concurrent with this transaction, ERPOP issued the same amount of OP Units to EQR in exchange for the net proceeds. See Note 3 for additional discussion of the Company’s ATM program;

•Replaced its existing $2.5 billion facility with a new $2.5 billion unsecured revolving credit facility maturing October 26, 2027; and

•Entered into $50.0 million of forward starting swaps to hedge changes in interest rates related to future taxable secured or unsecured debt issuances.