Equity Residential Files Q2 2024 10-Q
Ticker: EQR · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 906107
Sentiment: neutral
Topics: 10-Q, real-estate, REIT, financials
TL;DR
EQR's Q2 2024 10-Q is in - check financials for REIT performance.
AI Summary
Equity Residential filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including assets and liabilities. Specific financial figures and operational details are provided within the report.
Why It Matters
This filing provides investors and analysts with the latest financial data for Equity Residential, crucial for understanding the company's performance in the real estate investment trust sector.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.
Key Numbers
- 20240630 — Period End Date (Indicates the end of the reporting quarter.)
- 3129281178 — Business Phone (Contact number for Equity Residential.)
Key Players & Entities
- Equity Residential (company) — Filer of the 10-Q
- ERP Operating Ltd Partnership (company) — Related entity
- 20240630 (date) — Period of report
- 0000906107 (company) — Central Index Key for Equity Residential
- 0000931182 (company) — Central Index Key for ERP Operating Ltd Partnership
FAQ
What is the primary business of Equity Residential?
Equity Residential is a real estate investment trust (REIT) as indicated by its SIC code [6798].
What is the filing date of this 10-Q?
This 10-Q was filed on August 1, 2024.
What is the fiscal year end for Equity Residential?
The fiscal year end for Equity Residential is December 31.
What is the SEC file number for Equity Residential?
The SEC file number for Equity Residential is 001-12252.
Where is Equity Residential headquartered?
Equity Residential is headquartered in Chicago, IL.
Filing Stats: 4,264 words · 17 min read · ~14 pages · Grade level 20 · Accepted 2024-08-01 16:15:42
Key Financial Figures
- $0.01 — Common Shares of Beneficial Interest, $0.01 Par Value (Equity Residential) EQR
Filing Documents
- eqr-20240630.htm (10-Q) — 4578KB
- eqr-ex31_1.htm (EX-31.1) — 13KB
- eqr-ex31_2.htm (EX-31.2) — 13KB
- eqr-ex31_3.htm (EX-31.3) — 13KB
- eqr-ex31_4.htm (EX-31.4) — 13KB
- eqr-ex32_1.htm (EX-32.1) — 7KB
- eqr-ex32_2.htm (EX-32.2) — 7KB
- eqr-ex32_3.htm (EX-32.3) — 7KB
- eqr-ex32_4.htm (EX-32.4) — 7KB
- img137404554_0.jpg (GRAPHIC) — 906KB
- 0000950170-24-089300.txt ( ) — 19765KB
- eqr-20240630.xsd (EX-101.SCH) — 2298KB
- eqr-20240630_htm.xml (XML) — 3721KB
Financial Statements of Equity Residential
Item 1. Financial Statements of Equity Residential: Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 2 Consolidated Statements of Operations and Comprehensive Income for the six months and quarters ended June 30, 2024 and 2023 3 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 5 Consolidated Statements of Changes in Equity for the six months and quarters ended June 30, 2024 and 2023 8
Financial Statements of ERP Operating Limited Partnership
Financial Statements of ERP Operating Limited Partnership : Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 10 Consolidated Statements of Operations and Comprehensive Income for the six months and quarters ended June 30, 2024 and 2023 11 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 13 Consolidated Statements of Changes in Capital for the six months and quarters ended June 30, 2024 and 2023 16
Notes to Consolidated Financial Statements of Equity Residential and ERP Operating Limited Partnership
Notes to Consolidated Financial Statements of Equity Residential and ERP Operating Limited Partnership 18
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 36
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 45
Controls and Procedures
Item 4. Controls and Procedures 45 PART II.
Legal Proceedings
Item 1. Legal Proceedings 46
Risk Factors
Item 1A. Risk Factors 46
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 46
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 46
Other Information
Item 5. Other Information 46
Exhibits
Item 6. Exhibits 46 1 Table of Contents EQUITY RESIDENTIAL CONSOLIDATED B ALANCE SHEETS (Amounts in thousands except for share amounts) (Unaudited) June 30, December 31, 2024 2023 ASSETS Land $ 5,540,352 $ 5,581,876 Depreciable property 23,004,377 22,938,426 Projects under development 188,283 78,036 Land held for development 64,781 114,300 Investment in real estate 28,797,793 28,712,638 Accumulated depreciation ( 10,163,756 ) ( 9,810,337 ) Investment in real estate, net 18,634,037 18,902,301 Investments in unconsolidated entities 341,871 282,049 Cash and cash equivalents 38,298 50,743 Restricted deposits 100,123 89,252 Right-of-use assets 450,796 457,266 Other assets 214,443 252,953 Total assets $ 19,779,568 $ 20,034,564 LIABILITIES AND EQUITY Liabilities: Mortgage notes payable, net $ 1,634,838 $ 1,632,902 Notes, net 5,351,461 5,348,417 Line of credit and commercial paper 170,884 409,131 Accounts payable and accrued expenses 114,413 87,377 Accrued interest payable 65,585 65,716 Lease liabilities 309,182 311,640 Other liabilities 292,424 272,596 Security deposits 69,848 69,178 Distributions payable 263,668 259,231 Total liabilities 8,272,303 8,456,188 Commitments and contingencies Redeemable Noncontrolling Interests – Operating Partnership 327,641 289,248 Equity: Shareholders' equity: Preferred Shares of beneficial interest, $ 0.01 par value; 100,000,000 shares authorized; 343,100 shares issued and outstanding as of June 30, 2024 and 745,600 shares issued and outstanding as of December 31, 2023 17,155 37,280 Common Shares of beneficial interest, $ 0.01 par value; 1,000,000,000 shares authorized; 379,086,882 shares issued and outstanding as of June 30, 2024 and 379,291,417 shares issued and outstanding as of December 31, 2023 3,791 3,793 Paid in capital 9,5