Equity Residential Files Q3 2024 10-Q
Ticker: EQR · Form: 10-Q · Filed: Nov 4, 2024 · CIK: 906107
Sentiment: neutral
Topics: real-estate, REIT, earnings, filing
TL;DR
**EQR Q3 10-Q FILED: Check financials for REIT performance.**
AI Summary
Equity Residential filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its real estate investment trust operations. Key financial data and operational updates are provided for the third quarter of 2024.
Why It Matters
This filing provides investors with crucial financial data for Equity Residential, impacting investment decisions in the real estate sector.
Risk Assessment
Risk Level: medium — Real estate investment trusts are subject to market fluctuations, interest rate changes, and economic downturns.
Key Numbers
- N/A — Revenue (Specific revenue figures are not detailed in the provided header information.)
- N/A — Net Income (Specific net income figures are not detailed in the provided header information.)
- N/A — Assets (Specific asset values are not detailed in the provided header information.)
Key Players & Entities
- Equity Residential (company) — Filer of the 10-Q
- ERP Operating Ltd Partnership (company) — Related entity to Equity Residential
- 0000950170-24-120716 (dollar_amount) — Accession Number for the filing
- 20240930 (date) — Period of report
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 period does this 10-Q filing cover?
This 10-Q filing covers the period ending September 30, 2024.
Where is Equity Residential headquartered?
Equity Residential's business address is located at Two North Riverside Plaza, Suite 400, Chicago, IL 60606.
What is the SEC file number for Equity Residential?
The SEC file number for Equity Residential is 001-12252.
Has Equity Residential operated under a different name previously?
Yes, Equity Residential was formerly known as Equity Residential Properties Trust, with a date of name change on May 24, 1993.
Filing Stats: 4,241 words · 17 min read · ~14 pages · Grade level 20 · Accepted 2024-11-04 16:16:45
Key Financial Figures
- $0.01 — Common Shares of Beneficial Interest, $0.01 Par Value (Equity Residential) EQR
Filing Documents
- eqr-20240930.htm (10-Q) — 4762KB
- 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
- img137407437_0.jpg (GRAPHIC) — 906KB
- 0000950170-24-120716.txt ( ) — 20235KB
- eqr-20240930.xsd (EX-101.SCH) — 2396KB
- eqr-20240930_htm.xml (XML) — 3731KB
Financial Statements of Equity Residential
Item 1. Financial Statements of Equity Residential: Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 2 Consolidated Statements of Operations and Comprehensive Income for the nine months and quarters ended September 30, 2024 and 2023 3 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 5 Consolidated Statements of Changes in Equity for the nine months and quarters ended September 30, 2024 and 2023 9
Financial Statements of ERP Operating Limited Partnership
Financial Statements of ERP Operating Limited Partnership : Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 11 Consolidated Statements of Operations and Comprehensive Income for the nine months and quarters ended September 30, 2024 and 2023 12 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 14 Consolidated Statements of Changes in Capital for the nine months and quarters ended September 30, 2024 and 2023 18
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 20
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 38
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 48
Controls and Procedures
Item 4. Controls and Procedures 48 PART II.
Legal Proceedings
Item 1. Legal Proceedings 49
Risk Factors
Item 1A. Risk Factors 49
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 49
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 49
Other Information
Item 5. Other Information 49
Exhibits
Item 6. Exhibits 49 1 Table of Contents EQUITY RESIDENTIAL CONSOLIDATED B ALANCE SHEETS (Amounts in thousands except for share amounts) (Unaudited) September 30, December 31, 2024 2023 ASSETS Land $ 5,675,037 $ 5,581,876 Depreciable property 24,148,043 22,938,426 Projects under development 222,055 78,036 Land held for development 65,113 114,300 Investment in real estate 30,110,248 28,712,638 Accumulated depreciation ( 10,386,783 ) ( 9,810,337 ) Investment in real estate, net 19,723,465 18,902,301 Investments in unconsolidated entities 359,810 282,049 Cash and cash equivalents 28,610 50,743 Restricted deposits 97,949 89,252 Right-of-use assets 458,673 457,266 Other assets 257,314 252,953 Total assets $ 20,925,821 $ 20,034,564 LIABILITIES AND EQUITY Liabilities: Mortgage notes payable, net $ 1,633,414 $ 1,632,902 Notes, net 5,945,670 5,348,417 Line of credit and commercial paper 786,561 409,131 Accounts payable and accrued expenses 165,787 87,377 Accrued interest payable 50,633 65,716 Lease liabilities 306,119 311,640 Other liabilities 294,543 272,596 Security deposits 74,350 69,178 Distributions payable 263,425 259,231 Total liabilities 9,520,502 8,456,188 Commitments and contingencies Redeemable Noncontrolling Interests – Operating Partnership 351,803 289,248 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 September 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; 379,354,738 shares issued and outstanding as of September 30, 2024 and 379,291,417 shares issued and outstanding as of December 31, 2023 3,794 3,793 Paid in