v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt
8.
Debt

EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. Weighted average interest rates noted below for the six months ended June 30, 2026 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 table summarizes the Company’s mortgage notes payable activity for the six months ended June 30, 2026 (amounts in thousands):

 

 

 

Mortgage notes
payable, net as of
December 31, 2025

 

 

Proceeds

 

 

Lump sum
payoffs

 

 

Scheduled
principal
repayments

 

 

Amortization
of premiums/
discounts

 

 

Amortization
of deferred
financing
costs, net (1)

 

 

Mortgage notes
payable, net as of
June 30, 2026

 

Fixed Rate Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured – Conventional

 

$

1,403,671

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

789

 

 

$

442

 

 

$

1,404,902

 

Floating Rate Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured – Tax Exempt

 

 

186,233

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

616

 

 

 

70

 

 

 

186,919

 

Total

 

$

1,589,904

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1,405

 

 

$

512

 

 

$

1,591,821

 

 

(1)
Represents amortization of deferred financing costs, net of debt financing costs.

The following table summarizes certain interest rate and maturity date information as of and for the six months ended June 30, 2026:

 

 

 

June 30, 2026

Interest Rate Ranges (ending)

 

0.10% - 5.25%

Weighted Average Interest Rate

 

3.72%

Maturity Date Ranges

 

2029-2061

 

As of June 30, 2026, the Company had $195.9 million of secured tax-exempt bonds subject to third-party credit enhancement.

Notes

The following table summarizes the Company’s notes activity for the six months ended June 30, 2026 (amounts in thousands):

 

 

 

Notes, net as of
December 31, 2025

 

 

Proceeds

 

 

Lump sum
payoffs

 

 

Amortization
of premiums/
discounts

 

 

Amortization
of deferred
financing
costs, net (1)

 

 

Notes, net as of
June 30, 2026

 

Fixed Rate Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured – Public

 

$

5,998,458

 

 

$

—

 

 

$

—

 

 

$

1,203

 

 

$

2,341

 

 

$

6,002,002

 

 

(1)
Represents amortization of deferred financing costs, net of debt financing costs.

The following table summarizes certain interest rate and maturity date information as of and for the six months ended June 30, 2026:

 

 

 

June 30, 2026

Interest Rate Ranges (ending)

 

1.85% - 7.57%

Weighted Average Interest Rate

 

3.77%

Maturity Date Ranges

 

2026-2047

 

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 the six months ended June 30, 2026.

Line of Credit and Commercial Paper

The Company has a $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 weighted average interest rate on the revolving credit facility was 4.40% for the six months ended June 30, 2026.

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 amount outstanding information for the commercial paper program as of and for the six months ended June 30, 2026:

 

 

 

June 30, 2026

 

Weighted Average Interest Rate (1)

 

3.96%

 

Weighted Average Maturity (in days)

 

3

 

Weighted Average Amount Outstanding

 

$718.3 million

 

 

(1)
The notes bear interest at various floating rates.

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 June 30, 2026 (amounts in thousands):

 

 

June 30, 2026

 

Unsecured revolving credit facility commitment

 

$

2,500,000

 

Commercial paper balance outstanding

 

 

(668,000

)

Unsecured revolving credit facility balance outstanding

 

 

—

 

Other restricted amounts

 

 

(3,464

)

Unsecured revolving credit facility availability

 

$

1,828,536

 

 

Other

On May 20, 2026, the Company entered into a commitment letter for a senior unsecured bridge loan facility of up to $2.0 billion to fund potential transaction costs and refinancings of existing debt in connection with its pending merger with AvalonBay Communities, Inc. ("AvalonBay"). No amounts were drawn under the bridge loan facility during the six months ended June 30, 2026. See Note 11 for additional discussion.