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CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 868,488 $ 806,995 $ 1,396,714
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 888,709 882,168 838,272
Amortization of deferred financing costs 8,941 8,729 8,737
Amortization of above/below market lease intangibles     (154)
Amortization of discounts and premiums on debt 4,091 5,004 5,302
Amortization of deferred settlements on derivative instruments 3,725 11,059 9,382
Amortization of right-of-use assets 12,795 12,157 13,266
Impairment     16,769
Write-off of pursuit costs 3,647 4,780 6,526
(Income) loss from investments in unconsolidated entities 5,378 5,031 3,398
Distributions from unconsolidated entities – return on capital 559 398 56
Net (gain) loss on sales of real estate properties (282,539) (304,325) (1,072,183)
Net (gain) loss on sales of land parcels     (5)
Realized (gain) loss on investment securities (1,504) (2,061) (23,432)
Unrealized (gain) loss on investment securities (13,466)    
Compensation paid with Company Common Shares 31,815 29,513 27,810
Changes in assets and liabilities:      
(Increase) decrease in other assets (10,203) 10,893 5,906
Increase (decrease) in accounts payable and accrued expenses 8,911 (266) 15,381
Increase (decrease) in accrued interest payable (594) (3,200) 3,614
Increase (decrease) in lease liabilities (1,551) (1,524) (5,122)
Increase (decrease) in other liabilities 5,358 (13,394) 4,286
Increase (decrease) in security deposits 238 2,799 5,661
Net cash provided by operating activities 1,532,798 1,454,756 1,260,184
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment in real estate – acquisitions (324,497) (113,046) (1,712,131)
Investment in real estate – development/other (78,197) (109,345) (206,421)
Capital expenditures to real estate (319,342) (221,086) (151,019)
Non-real estate capital additions (1,851) (4,050) (1,696)
Interest capitalized for real estate and unconsolidated entities under development (12,347) (7,105) (15,932)
Proceeds from disposition of real estate, net 374,018 720,302 1,707,747
Investments in unconsolidated entities – acquisitions (2,800) (49,855) (48,534)
Investments in unconsolidated entities - development/other (47,180) (109,846) (31,257)
Distributions from unconsolidated entities – return of capital 42 300 1,516
Purchase of investment securities and other investments (2,500) (2,061) (168,291)
Proceeds from sale of investment securities 3,042 3,584 191,398
Consolidation of previously unconsolidated entities 2,108    
Net cash provided by (used for) investing activities (409,504) 107,792 (434,620)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Debt financing costs (4,106) (9,894) (6,446)
Mortgage notes payable, net:      
Proceeds 572,896 48,054 58,428
Lump sum payoffs (932,598) (286,461) (156,815)
Scheduled principal repayments (3,354) (3,392) (7,465)
Notes, net:      
Proceeds     497,470
Lump sum payoffs   (500,000)  
Line of credit and commercial paper:      
Line of credit proceeds     10,000
Line of credit repayments     (10,000)
Commercial paper proceeds 6,124,068 6,036,083 7,590,200
Commercial paper repayments (5,844,892) (6,221,158) (7,690,000)
Proceeds from (payments on) settlement of derivative instruments 25,169    
Finance ground lease principal payments (2,662) (2,463) (365)
Proceeds from sale of OP Units   139,623  
Proceeds from Employee Share Purchase Plan (ESPP) 3,517 4,178 4,265
Proceeds from exercise of EQR options 23,632 25,069 85,445
Payment of offering costs   (783) (428)
Other financing activities, net (75) (63) (63)
Acquisition of Noncontrolling Interests - Partially Owned Properties (3,737) (32,178)  
Contributions – Noncontrolling Interests – Partially Owned Properties 9 603 1,394
Contributions – Limited Partners 1 1  
Distributions:      
OP Units – General Partner (990,148) (931,783) (900,468)
Preference Units (3,090) (2,318) (3,090)
OP Units – Limited Partners (30,253) (30,324) (31,316)
Noncontrolling Interests – Partially Owned Properties (5,743) (18,406) (5,802)
Net cash provided by (used for) financing activities (1,120,471) (1,785,612) (565,056)
Net increase (decrease) in cash and cash equivalents and restricted deposits 2,823 (223,064) 260,508
Cash and cash equivalents and restricted deposits, beginning of year 137,172 360,236 99,728
Cash and cash equivalents and restricted deposits, end of year 139,995 137,172 360,236
Cash and cash equivalents 50,743 53,869 123,832
Restricted deposits 89,252 83,303 236,404
SUPPLEMENTAL INFORMATION:      
Cash paid for interest, net of amounts capitalized 248,990 267,612 252,838
Net cash paid (received) for income and other taxes 1,091 748 1,179
Real estate acquisitions/dispositions/other:      
Mortgage loans assumed 42,256    
Amortization of deferred financing costs:      
Investment in real estate, net (211) (506) (353)
Other assets 2,785 2,768 2,338
Mortgage notes payable, net 2,527 2,080 2,743
Notes, net 3,840 4,387 4,009
Amortization of discounts and premiums on debt:      
Mortgage notes payable, net 1,843 2,184 2,764
Notes, net 2,248 2,820 2,538
Amortization of deferred settlements on derivative instruments:      
Other liabilities (12) (12) (12)
Accumulated other comprehensive income 3,737 11,071 9,394
Write-off of pursuit costs:      
Investment in real estate, net 527 1,150 5,918
Investments in unconsolidated entities 2,186 2,898  
Other assets 934 732 582
Accounts payable and accrued expenses     26
(Income) loss from investments in unconsolidated entities:      
Investments in unconsolidated entities 4,132 3,778 2,122
Other liabilities 1,246 1,253 1,276
Realized/unrealized (gain) loss on derivative instruments:      
Other assets (3,749) (21,865)  
Other liabilities (765) 1,211  
Accumulated other comprehensive income 4,514 20,654  
Interest capitalized for real estate and unconsolidated entities under development:      
Investment in real estate, net 4,010 2,365 15,318
Investments in unconsolidated entities (8,337) (4,740) (614)
Investments in unconsolidated entities - development/other:      
Investment in real estate, net     1,395
Investments in unconsolidated entities (45,770) (108,556) (30,642)
Other liabilities (1,410) (1,290) (2,010)
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) 229
Mortgage notes payable, net (4,106) (228) (2,344)
Notes, net   (100) (4,331)
Proceeds from (payments on) settlement of derivative instruments:      
Other assets 25,613    
Other liabilities (444)    
Right-of-use assets and lease liabilities initial measurement and reclassifications:      
Right-of-use assets (7,105) (400) 11,308
Lease liabilities 7,105 400 (11,308)
Non-cash share distribution and other transfers from unconsolidated entities:      
Investments in unconsolidated entities 636 4,201 1,430
Other assets (636) (4,201) (1,430)
ERPOP [Member]      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income 868,488 806,995 1,396,714
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 888,709 882,168 838,272
Amortization of deferred financing costs 8,941 8,729 8,737
Amortization of above/below market lease intangibles     (154)
Amortization of discounts and premiums on debt 4,091 5,004 5,302
Amortization of deferred settlements on derivative instruments 3,725 11,059 9,382
Amortization of right-of-use assets 12,795 12,157 13,266
Impairment     16,769
Write-off of pursuit costs 3,647 4,780 6,526
(Income) loss from investments in unconsolidated entities 5,378 5,031 3,398
Distributions from unconsolidated entities – return on capital 559 398 56
Net (gain) loss on sales of real estate properties (282,539) (304,325) (1,072,183)
Net (gain) loss on sales of land parcels     (5)
Realized (gain) loss on investment securities (1,504) (2,061) (23,432)
Unrealized (gain) loss on investment securities (13,466)    
Compensation paid with Company Common Shares 31,815 29,513 27,810
Changes in assets and liabilities:      
(Increase) decrease in other assets (10,203) 10,893 5,906
Increase (decrease) in accounts payable and accrued expenses 8,911 (266) 15,381
Increase (decrease) in accrued interest payable (594) (3,200) 3,614
Increase (decrease) in lease liabilities (1,551) (1,524) (5,122)
Increase (decrease) in other liabilities 5,358 (13,394) 4,286
Increase (decrease) in security deposits 238 2,799 5,661
Net cash provided by operating activities 1,532,798 1,454,756 1,260,184
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment in real estate – acquisitions (324,497) (113,046) (1,712,131)
Investment in real estate – development/other (78,197) (109,345) (206,421)
Capital expenditures to real estate (319,342) (221,086) (151,019)
Non-real estate capital additions (1,851) (4,050) (1,696)
Interest capitalized for real estate and unconsolidated entities under development (12,347) (7,105) (15,932)
Proceeds from disposition of real estate, net 374,018 720,302 1,707,747
Investments in unconsolidated entities – acquisitions (2,800) (49,855) (48,534)
Investments in unconsolidated entities - development/other (47,180) (109,846) (31,257)
Distributions from unconsolidated entities – return of capital 42 300 1,516
Purchase of investment securities and other investments (2,500) (2,061) (168,291)
Proceeds from sale of investment securities 3,042 3,584 191,398
Consolidation of previously unconsolidated entities 2,108    
Net cash provided by (used for) investing activities (409,504) 107,792 (434,620)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Debt financing costs (4,106) (9,894) (6,446)
Mortgage notes payable, net:      
Proceeds 572,896 48,054 58,428
Lump sum payoffs (932,598) (286,461) (156,815)
Scheduled principal repayments (3,354) (3,392) (7,465)
Notes, net:      
Proceeds     497,470
Lump sum payoffs   (500,000)  
Line of credit and commercial paper:      
Line of credit proceeds     10,000
Line of credit repayments     (10,000)
Commercial paper proceeds 6,124,068 6,036,083 7,590,200
Commercial paper repayments (5,844,892) (6,221,158) (7,690,000)
Proceeds from (payments on) settlement of derivative instruments 25,169    
Finance ground lease principal payments (2,662) (2,463) (365)
Proceeds from sale of OP Units   139,623  
Proceeds from Employee Share Purchase Plan (ESPP) 3,517 4,178 4,265
Proceeds from exercise of EQR options 23,632 25,069 85,445
OP Units repurchased and retired (49,105)    
Payment of offering costs   (783) (428)
Other financing activities, net (75) (63) (63)
Acquisition of Noncontrolling Interests - Partially Owned Properties (3,737) (32,178)  
Contributions – Noncontrolling Interests – Partially Owned Properties 9 603 1,394
Contributions – Limited Partners 1 1  
Distributions:      
OP Units – General Partner (990,148) (931,783) (900,468)
Preference Units (3,090) (2,318) (3,090)
OP Units – Limited Partners (30,253) (30,324) (31,316)
Noncontrolling Interests – Partially Owned Properties (5,743) (18,406) (5,802)
Net cash provided by (used for) financing activities (1,120,471) (1,785,612) (565,056)
Net increase (decrease) in cash and cash equivalents and restricted deposits 2,823 (223,064) 260,508
Cash and cash equivalents and restricted deposits, beginning of year 137,172 360,236 99,728
Cash and cash equivalents and restricted deposits, end of year 139,995 137,172 360,236
Cash and cash equivalents 50,743 53,869 123,832
Restricted deposits 89,252 83,303 236,404
SUPPLEMENTAL INFORMATION:      
Cash paid for interest, net of amounts capitalized 248,990 267,612 252,838
Net cash paid (received) for income and other taxes 1,091 748 1,179
Real estate acquisitions/dispositions/other:      
Mortgage loans assumed 42,256    
Amortization of deferred financing costs:      
Investment in real estate, net (211) (506) (353)
Other assets 2,785 2,768 2,338
Mortgage notes payable, net 2,527 2,080 2,743
Notes, net 3,840 4,387 4,009
Amortization of discounts and premiums on debt:      
Mortgage notes payable, net 1,843 2,184 2,764
Notes, net 2,248 2,820 2,538
Amortization of deferred settlements on derivative instruments:      
Other liabilities (12) (12) (12)
Accumulated other comprehensive income 3,737 11,071 9,394
Write-off of pursuit costs:      
Investment in real estate, net 527 1,150 5,918
Investments in unconsolidated entities 2,186 2,898  
Other assets 934 732 582
Accounts payable and accrued expenses     26
(Income) loss from investments in unconsolidated entities:      
Investments in unconsolidated entities 4,132 3,778 2,122
Other liabilities 1,246 1,253 1,276
Realized/unrealized (gain) loss on derivative instruments:      
Other assets (3,749) (21,865)  
Other liabilities (765) 1,211  
Accumulated other comprehensive income 4,514 20,654  
Interest capitalized for real estate and unconsolidated entities under development:      
Investment in real estate, net (4,010) (2,365) (15,318)
Investments in unconsolidated entities (8,337) (4,740) (614)
Investments in unconsolidated entities - development/other:      
Investment in real estate, net     1,395
Investments in unconsolidated entities (45,770) (108,556) (30,642)
Other liabilities (1,410) (1,290) (2,010)
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) 229
Mortgage notes payable, net (4,106) (228) (2,344)
Notes, net   (100) (4,331)
Proceeds from (payments on) settlement of derivative instruments:      
Other assets 25,613    
Other liabilities (444)    
Right-of-use assets and lease liabilities initial measurement and reclassifications:      
Right-of-use assets (7,105) (400) 11,308
Lease liabilities 7,105 400 (11,308)
Non-cash share distribution and other transfers from unconsolidated entities:      
Investments in unconsolidated entities 636 4,201 1,430
Other assets $ (636) $ (4,201) $ (1,430)