Equity Residential 10-K Filing
Ticker: EQR · Form: 10-K · Filed: Feb 13, 2025 · CIK: 906107
Sentiment: neutral
Filing Stats: 4,416 words · 18 min read · ~15 pages · Grade level 15.5 · Accepted 2025-02-13 16:13:57
Key Financial Figures
- $0.01 — Common Shares of Beneficial Interest, $0.01 Par Value (Equity Residential) EQR
- $69.34 — n the closing price on June 30, 2024 of $69.34 using beneficial ownership of shares ru
Filing Documents
- eqr-20241231.htm (10-K) — 15734KB
- eqr-ex4_1.htm (EX-4.1) — 28KB
- eqr-ex19.htm (EX-19) — 50KB
- eqr-ex21.htm (EX-21) — 1085KB
- eqr-ex23_1.htm (EX-23.1) — 12KB
- eqr-ex23_2.htm (EX-23.2) — 9KB
- eqr-ex31_1.htm (EX-31.1) — 14KB
- eqr-ex31_2.htm (EX-31.2) — 14KB
- eqr-ex31_3.htm (EX-31.3) — 14KB
- eqr-ex31_4.htm (EX-31.4) — 14KB
- eqr-ex32_1.htm (EX-32.1) — 8KB
- eqr-ex32_2.htm (EX-32.2) — 7KB
- eqr-ex32_3.htm (EX-32.3) — 8KB
- eqr-ex32_4.htm (EX-32.4) — 9KB
- img137430502_0.jpg (GRAPHIC) — 1545KB
- 0000950170-25-019894.txt ( ) — 60738KB
- eqr-20241231.xsd (EX-101.SCH) — 4313KB
- eqr-20241231_htm.xml (XML) — 14658KB
Business
Business 7 Item 1A.
Risk Factors
Risk Factors 13 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.
Properties
Properties 25 Item 3.
Legal Proceedings
Legal Proceedings 27 Item 4. Mine Safety Disclosures 28 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 Item 6. Reserved 29 Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 45 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 46 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 46 Item 9A.
Controls and Procedures
Controls and Procedures 46 Item 9B. Other Information 47 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 47 PART III. Item 10. Trustees, Executive Officers and Corporate Governance 48 Item 11.
Executive Compensation
Executive Compensation 48 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 48 Item 13. Certain Relationships and Related Transactions, and Trustee Independence 48 Item 14. Principal Accountant Fees and Services 48 PART IV. Item 15. Exhibit and Financial Statement Schedules 49 Item 16. Form 10-K Summary 49 EX-4.1 EX-19 EX-21 EX-23.1 EX-23.2 EX-31.1 EX-31.2 EX-31.3 EX 31.4 EX-32.1 EX-32.2 EX-32.3 EX-32.4 EX-101 INSTANCE DOCUMENT EX-101 SCHEMA DOCUMENT 5 Table of Contents INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULE EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP PAGE
FINANCIAL STATEMENTS FILED AS PART OF THIS REPORT
FINANCIAL STATEMENTS FILED AS PART OF THIS REPORT Report of Independent Registered Public Accounting Firm on the Financial Statements (Equity Residential) F- 1 to F- 2 Report of Independent Registered Public Accounting Firm on the Financial Statements (ERP Operating Limited Partnership) F- 3 to F- 4 Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting (Equity Residential) F- 5 Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting (ERP Operating Limited Partnership) F- 6
Financial Statements of Equity Residential
Financial Statements of Equity Residential: Consolidated Balance Sheets as of December 31, 2024 and 2023 F- 7 Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2024, 2023 and 2022 F- 8 to F- 9 Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022 F- 10 to F- 13 Consolidated Statements of Changes in Equity for the years ended December 31, 2024, 2023 and 20 22 F- 14 to F- 15
Financial Statements of ERP Operating Limited Partnership
Financial Statements of ERP Operating Limited Partnership: Consolidated Balance Sheets as of December 31, 2024 and 2023 F- 16 Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2024, 2023 and 2022 F- 17 to F- 18 Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022 F- 19 to F- 22 Consolidated Statements of Changes in Capital for the years ended December 31, 2024, 2023 and 20 22 F- 23 to F- 24
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 F- 25 to F- 57 SCHEDULE FILED AS PART OF THIS REPORT Schedule III – Real Estate and Accumulated Depreciation of Equity Residential and ERP Operating Limited Partnership S- 1 to S- 12 All other schedules have been omitted because they are inapplicable, not required or the information is included elsewhere in the consolidated financial statements or notes thereto. 6 Table of Contents PART I
Business
Item 1. Business General Equity Residential ("EQR") is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters. ERP Operating Limited Partnership ("ERPOP") is focused on conducting the multifamily property business of EQR. 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. EQR is the general partner of, and as of December 31, 2024 owned an approximate 97.0% 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. The Company's corporate headquarters is located in Chicago, Illinois and the Company also operates regional property management offices in most of its markets. Certain capitalized terms used herein are defined in the Notes to Consolidated Financial Statements or the Definitions section of Item 7, Management's Discussion and Analysis of Financi