EQUITY RESIDENTIAL Debt Disclosure
EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. Weighted average interest rates noted below for the years ended December 31, 2025 and 2024 include the effect of any derivative instruments and amortization of premiums/discounts/OCI (other comprehensive income) on debt and derivatives.
Mortgage Notes Payable
The following tables summarize the Company’s mortgage notes payable activity for the years ended December 31, 2025 and 2024, respectively (amounts in thousands):
|
|
Mortgage notes |
|
|
Proceeds |
|
|
Lump sum |
|
|
Scheduled |
|
|
Amortization |
|
|
Amortization |
|
|
Mortgage notes |
|
|||||||
Fixed Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Secured – Conventional |
|
$ |
1,401,099 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,589 |
|
|
$ |
983 |
|
|
$ |
1,403,671 |
|
Floating Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Secured – Tax Exempt |
|
|
229,591 |
|
|
|
— |
|
|
|
(37,940 |
) |
|
|
(6,800 |
) |
|
|
1,243 |
|
|
|
139 |
|
|
|
186,233 |
|
Total |
|
$ |
1,630,690 |
|
|
$ |
— |
|
|
$ |
(37,940 |
) |
|
$ |
(6,800 |
) |
|
$ |
2,832 |
|
|
$ |
1,122 |
|
|
$ |
1,589,904 |
|
|
|
Mortgage notes |
|
|
Proceeds |
|
|
Lump sum |
|
|
Scheduled |
|
|
Amortization |
|
|
Amortization |
|
|
Mortgage notes |
|
|||||||
Fixed Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Secured – Conventional |
|
$ |
1,398,598 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,594 |
|
|
$ |
907 |
|
|
$ |
1,401,099 |
|
Floating Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Secured – Tax Exempt |
|
|
234,304 |
|
|
|
— |
|
|
|
— |
|
|
|
(6,100 |
) |
|
|
1,247 |
|
|
|
140 |
|
|
|
229,591 |
|
Total |
|
$ |
1,632,902 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(6,100 |
) |
|
$ |
2,841 |
|
|
$ |
1,047 |
|
|
$ |
1,630,690 |
|
The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2025 and 2024, respectively:
|
|
December 31, 2025 |
|
December 31, 2024 |
Interest Rate Ranges (ending) |
|
0.10% - 5.25% |
|
0.10% - 5.25% |
Weighted Average Interest Rate |
|
3.75% |
|
3.84% |
Maturity Date Ranges |
|
2029-2061 |
|
2029-2061 |
As of December 31, 2025 and 2024, the Company had $195.9 million and $240.6 million, respectively, of secured tax-exempt bonds subject to third-party credit enhancement.
The historical cost, net of accumulated depreciation, of encumbered properties was $1.8 billion and $2.0 billion at December 31, 2025 and 2024, respectively.
Notes
The following tables summarize the Company’s notes activity for the years ended December 31, 2025 and 2024, respectively (amounts in thousands):
|
|
Notes, net as of |
|
|
Proceeds |
|
|
Lump sum |
|
|
Amortization |
|
|
Amortization |
|
|
Notes, net as of |
|
||||||
Fixed Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Unsecured – Public |
|
$ |
5,947,376 |
|
|
$ |
498,580 |
|
(2) |
$ |
(450,000 |
) |
|
$ |
2,436 |
|
|
$ |
66 |
|
|
$ |
5,998,458 |
|
|
|
Notes, net as of |
|
|
Proceeds |
|
|
Lump sum |
|
|
Amortization |
|
|
Amortization |
|
|
Notes, net as of |
|
||||||
Fixed Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Unsecured – Public |
|
$ |
5,348,417 |
|
|
$ |
597,954 |
|
(2) |
$ |
— |
|
|
$ |
2,310 |
|
|
$ |
(1,305 |
) |
|
$ |
5,947,376 |
|
The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2025 and 2024, respectively:
|
|
December 31, 2025 |
|
December 31, 2024 |
Interest Rate Ranges (ending) |
|
1.85% - 7.57% |
|
1.85% - 7.57% |
Weighted Average Interest Rate |
|
3.69% |
|
3.54% |
Maturity Date Ranges |
|
2026-2047 |
|
2025-2047 |
The Company’s unsecured public notes contain certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for both the years ended December 31, 2025 and 2024.
EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC in May 2025 and expires in May 2028.
Line of Credit and Commercial Paper
On December 3, 2025, the Company replaced its existing $2.5 billion facility with a new $2.5 billion unsecured revolving credit facility maturing on December 3, 2030. The Company has the ability to increase available borrowings by an additional $1.0 billion by adding lenders to the facility, obtaining the agreement of existing lenders to increase their commitments or incurring one or more term loans. The interest rate on advances under the facility will generally be the Secured Overnight Financing Rate ("SOFR") plus a spread (currently 0.725%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 0.125%). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating. The Company did not borrow any amounts under its revolving credit facility during the year ended December 31, 2025. The weighted average interest rate on the revolving credit facility was 5.98% for the year ended December 31, 2024.
The Company has an unsecured commercial paper note program under which it may borrow up to a maximum of $1.5 billion subject to market conditions. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Company’s other unsecured senior indebtedness.
The following table summarizes certain weighted average interest rate, maturity and amounts outstanding information for the commercial paper program as of and for the years ended December 31, 2025 and 2024, respectively:
|
|
December 31, 2025 |
|
December 31, 2024 |
Weighted Average Interest Rate (1) |
|
4.43% |
|
5.25% |
Weighted Average Maturity (in days) |
|
13 |
|
13 |
Weighted Average Amount Outstanding |
|
$583.2 million |
|
$535.7 million |
The Company limits its utilization of the revolving credit facility in order to maintain liquidity to support its $1.5 billion commercial paper program along with certain other obligations. The following table presents the availability on the Company’s unsecured revolving credit facility as of December 31, 2025 and 2024, respectively (amounts in thousands):
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
||
Unsecured revolving credit facility commitment |
|
$ |
2,500,000 |
|
|
$ |
2,500,000 |
|
Commercial paper balance outstanding |
|
|
(587,425 |
) |
|
|
(544,495 |
) |
Unsecured revolving credit facility balance outstanding |
|
|
— |
|
|
|
— |
|
Other restricted amounts |
|
|
(3,448 |
) |
|
|
(3,438 |
) |
Unsecured revolving credit facility availability |
|
$ |
1,909,127 |
|
|
$ |
1,952,067 |
|
Other
The following table summarizes the Company’s total debt extinguishment costs recorded as additional expense for the years ended December 31, 2025, 2024 and 2023, respectively (amounts in thousands):
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|||
Write-offs of unamortized deferred financing costs |
|
$ |
366 |
|
|
$ |
— |
|
|
$ |
1,143 |
|
The following table provides a summary of the aggregate payments of principal on all debt for each of the next five years and thereafter as of December 31, 2025 (amounts in thousands):
Year |
|
Total |
|
|
2026 (1) |
|
$ |
1,186,850 |
|
2027 |
|
|
408,200 |
|
2028 |
|
|
909,000 |
|
2029 |
|
|
897,820 |
|
2030 |
|
|
1,159,262 |
|
Thereafter |
|
|
3,680,110 |
|
Subtotal |
|
|
8,241,242 |
|
Deferred Financing Costs and Unamortized (Discount) |
|
|
(66,232 |
) |
Total |
|
$ |
8,175,010 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 25, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.