2021 Q3 Form 10-Q Financial Statement

#000156459021052952 Filed on October 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3
Revenue $623.2M $622.4M
YoY Change 0.13% 2489500.0%
Cost Of Revenue $237.1M $228.5M
YoY Change 3.78% 1.78%
Gross Profit $386.1M $393.9M
YoY Change -1.99% -14.5%
Gross Profit Margin 61.95% 63.29%
Selling, General & Admin $13.04M $10.90M
YoY Change 19.64% -4.39%
% of Gross Profit 3.38% 2.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $215.4M $200.6M
YoY Change 7.38% -5.14%
% of Gross Profit 55.79% 50.93%
Operating Expenses $228.4M $211.5M
YoY Change 8.01% -5.11%
Operating Profit $157.6M $182.4M
YoY Change -13.58% -50.48%
Interest Expense -$69.33M -$82.40M
YoY Change -15.87% -6.58%
% of Operating Profit -43.98% -45.18%
Other Income/Expense, Net -$3.456M -$4.100M
YoY Change -15.71% 46.43%
Pretax Income $448.8M $95.90M
YoY Change 367.96% -65.42%
Income Tax $284.0K $300.0K
% Of Pretax Income 0.06% 0.31%
Net Earnings $432.0M $91.30M
YoY Change 373.11% -65.82%
Net Earnings / Revenue 69.31% 14.67%
Basic Earnings Per Share $1.15 $0.24
Diluted Earnings Per Share $1.15 $0.24
COMMON SHARES
Basic Shares Outstanding 374.3M 371.9M
Diluted Shares Outstanding 388.4M 385.7M

Balance Sheet

Concept 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $39.71M $178.0M
YoY Change -77.69% 513.79%
Cash & Equivalents $39.71M $178.3M
Short-Term Investments $0.00
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $39.71M $178.0M
YoY Change -77.69% 513.79%
LONG-TERM ASSETS
Property, Plant & Equipment $20.08B $20.08B
YoY Change 0.03% -2.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $79.43M $54.83M
YoY Change 44.87% 4.49%
Other Assets $187.0M $57.00M
YoY Change 228.14% 1.79%
Total Long-Term Assets $20.62B $20.45B
YoY Change 0.87% -2.75%
TOTAL ASSETS
Total Short-Term Assets $39.71M $178.0M
Total Long-Term Assets $20.62B $20.45B
Total Assets $20.66B $20.62B
YoY Change 0.19% -2.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $166.5M $159.0M
YoY Change 4.73% 4.61%
Accrued Expenses $370.1M $395.0M
YoY Change -6.29% 2.86%
Deferred Revenue
YoY Change
Short-Term Debt $30.00M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $864.6M $848.0M
YoY Change 1.96% 2.79%
LONG-TERM LIABILITIES
Long-Term Debt $8.115B $8.397B
YoY Change -3.36% -6.86%
Other Long-Term Liabilities $350.2M $332.0M
YoY Change 5.48% 6.07%
Total Long-Term Liabilities $8.465B $8.729B
YoY Change -3.03% -6.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $864.6M $848.0M
Total Long-Term Liabilities $8.465B $8.729B
Total Liabilities $10.00B $10.11B
YoY Change -1.04% -7.04%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.66B $10.52B
YoY Change
Total Liabilities & Shareholders Equity $20.66B $20.62B
YoY Change 0.19% -2.04%

Cashflow Statement

Concept 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $432.0M $91.30M
YoY Change 373.11% -65.82%
Depreciation, Depletion And Amortization $215.4M $200.6M
YoY Change 7.38% -5.14%
Cash From Operating Activities $402.1M $399.2M
YoY Change 0.72% -1.04%
INVESTING ACTIVITIES
Capital Expenditures -$830.0M -$146.1M
YoY Change 468.11% -75.05%
Acquisitions
YoY Change
Other Investing Activities $575.8M -$2.900M
YoY Change -19954.52% -100.98%
Cash From Investing Activities -$254.2M -$148.8M
YoY Change 70.86% -48.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -313.6M -260.7M
YoY Change 20.29% -23.14%
NET CHANGE
Cash From Operating Activities 402.1M 399.2M
Cash From Investing Activities -254.2M -148.8M
Cash From Financing Activities -313.6M -260.7M
Net Change In Cash -165.8M -10.30M
YoY Change 1509.24% -95.42%
FREE CASH FLOW
Cash From Operating Activities $402.1M $399.2M
Capital Expenditures -$830.0M -$146.1M
Free Cash Flow $1.232B $545.3M
YoY Change 125.95% -44.86%

Facts In Submission

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CY2021Q3 us-gaap Equity Method Investments
EquityMethodInvestments
79429000
CY2020Q4 us-gaap Equity Method Investments
EquityMethodInvestments
52782000
CY2021Q3 us-gaap Replacement Reserve Escrow
ReplacementReserveEscrow
10830000
CY2020Q4 us-gaap Replacement Reserve Escrow
ReplacementReserveEscrow
9877000
CY2021Q3 us-gaap Debt Instrument Cumulative Sinking Fund Payments
DebtInstrumentCumulativeSinkingFundPayments
17828000
CY2020Q4 us-gaap Debt Instrument Cumulative Sinking Fund Payments
DebtInstrumentCumulativeSinkingFundPayments
14168000
CY2021Q3 eqr Escrow Deposits For Mortgage And Replacement Reserves
EscrowDepositsForMortgageAndReplacementReserves
28658000
CY2020Q4 eqr Escrow Deposits For Mortgage And Replacement Reserves
EscrowDepositsForMortgageAndReplacementReserves
24045000
CY2021Q3 eqr Tax Deferred Exchange Proceeds
TaxDeferredExchangeProceeds
121799000
CY2021Q3 eqr Restricted Deposits On Real Estate Investments
RestrictedDepositsOnRealEstateInvestments
292000
CY2020Q4 eqr Restricted Deposits On Real Estate Investments
RestrictedDepositsOnRealEstateInvestments
307000
CY2021Q3 eqr Resident Security And Utility Deposits
ResidentSecurityAndUtilityDeposits
34459000
CY2020Q4 eqr Resident Security And Utility Deposits
ResidentSecurityAndUtilityDeposits
31412000
CY2021Q3 eqr Other Restricted Cash
OtherRestrictedCash
1834000
CY2020Q4 eqr Other Restricted Cash
OtherRestrictedCash
1373000
CY2021Q3 us-gaap Restricted Cash
RestrictedCash
158384000
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
33092000
CY2021Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
187042000
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
57137000
eqr Operating Lease Lease Income Loss
OperatingLeaseLeaseIncomeLoss
1745648000
eqr Operating Lease Lease Income Loss
OperatingLeaseLeaseIncomeLoss
1877454000
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
1818867000
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
1958270000
CY2021Q3 eqr Operating Lease Lease Income Loss
OperatingLeaseLeaseIncomeLoss
596824000
CY2020Q3 eqr Operating Lease Lease Income Loss
OperatingLeaseLeaseIncomeLoss
592341000
CY2021Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
623206000
CY2020Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
622433000
CY2021Q3 eqr Holding Percentage Of Residential Security Deposits Of Net Receivables
HoldingPercentageOfResidentialSecurityDepositsOfNetReceivables
0.584
CY2020Q4 us-gaap Secured Debt
SecuredDebt
2293890000
us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
51298000
eqr Mortgage Notes Payable Lump Sum Pay Offs
MortgageNotesPayableLumpSumPayOffs
59880000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5570000
eqr Amortization Of Discounts And Premiums On Debt Mortgage Notes Payable
AmortizationOfDiscountsAndPremiumsOnDebtMortgageNotesPayable
2069000
eqr Amortization Of Deferred Financing Costs Net Mortgage Notes Payable Net
AmortizationOfDeferredFinancingCostsNetMortgageNotesPayableNet
-642000
CY2021Q3 us-gaap Secured Debt
SecuredDebt
2281165000
us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2024-11-01
CY2021Q3 us-gaap Commercial Paper
CommercialPaper
1000000000.0
CY2021Q3 us-gaap Commercial Paper
CommercialPaper
1000000000.0
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
264000
us-gaap Gain On Sale Of Investments
GainOnSaleOfInvestments
23400000
CY2021Q3 us-gaap Marketable Securities
MarketableSecurities
0
CY2021Q3 eqr Fair Value Of Serp Investments
FairValueOfSerpInvestments
160914000
CY2021Q3 us-gaap Other Liabilities Fair Value Disclosure
OtherLiabilitiesFairValueDisclosure
160914000
CY2021Q3 eqr Redeemable Noncontrolling Interests Operating Partnership
RedeemableNoncontrollingInterestsOperatingPartnership
459933000
CY2020Q4 eqr Fair Value Of Serp Investments
FairValueOfSerpInvestments
160293000
CY2020Q4 us-gaap Other Liabilities Fair Value Disclosure
OtherLiabilitiesFairValueDisclosure
160293000
CY2020Q4 eqr Redeemable Noncontrolling Interests Operating Partnership
RedeemableNoncontrollingInterestsOperatingPartnership
338951000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
0
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-7000000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-1190000
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-17275000
us-gaap Unrealized Gain Loss On Interest Rate Cash Flow Hedges Pretax Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss
-36700000
CY2020 us-gaap Unrealized Gain Loss On Interest Rate Cash Flow Hedges Pretax Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss
-43700000
CY2021Q3 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
10500000
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
835736000
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
699517000
CY2021Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
447332000
CY2020Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
95365000
us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
27903000
us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
24624000
CY2021Q3 us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
14847000
CY2020Q3 us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
3376000
eqr Allocation Of Net Income Loss To Noncontrolling Interests Partially Owned Properties
AllocationOfNetIncomeLossToNoncontrollingInterestsPartiallyOwnedProperties
1957000
eqr Allocation Of Net Income Loss To Noncontrolling Interests Partially Owned Properties
AllocationOfNetIncomeLossToNoncontrollingInterestsPartiallyOwnedProperties
14113000
CY2021Q3 eqr Allocation Of Net Income Loss To Noncontrolling Interests Partially Owned Properties
AllocationOfNetIncomeLossToNoncontrollingInterestsPartiallyOwnedProperties
534000
CY2020Q3 eqr Allocation Of Net Income Loss To Noncontrolling Interests Partially Owned Properties
AllocationOfNetIncomeLossToNoncontrollingInterestsPartiallyOwnedProperties
703000
us-gaap Dividends Preferred Stock
DividendsPreferredStock
2318000
us-gaap Dividends Preferred Stock
DividendsPreferredStock
2318000
CY2021Q3 us-gaap Dividends Preferred Stock
DividendsPreferredStock
773000
CY2020Q3 us-gaap Dividends Preferred Stock
DividendsPreferredStock
773000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
803558000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
658462000
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
431178000
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
90513000
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
835736000
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
699517000
CY2021Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
447332000
CY2020Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
95365000
eqr Allocation Of Net Income Loss To Noncontrolling Interests Partially Owned Properties
AllocationOfNetIncomeLossToNoncontrollingInterestsPartiallyOwnedProperties
1957000
eqr Allocation Of Net Income Loss To Noncontrolling Interests Partially Owned Properties
AllocationOfNetIncomeLossToNoncontrollingInterestsPartiallyOwnedProperties
14113000
CY2021Q3 eqr Allocation Of Net Income Loss To Noncontrolling Interests Partially Owned Properties
AllocationOfNetIncomeLossToNoncontrollingInterestsPartiallyOwnedProperties
534000
CY2020Q3 eqr Allocation Of Net Income Loss To Noncontrolling Interests Partially Owned Properties
AllocationOfNetIncomeLossToNoncontrollingInterestsPartiallyOwnedProperties
703000
us-gaap Dividends Preferred Stock
DividendsPreferredStock
2318000
us-gaap Dividends Preferred Stock
DividendsPreferredStock
2318000
CY2021Q3 us-gaap Dividends Preferred Stock
DividendsPreferredStock
773000
CY2020Q3 us-gaap Dividends Preferred Stock
DividendsPreferredStock
773000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
831461000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
683086000
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
446025000
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
93889000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
373474000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
371749000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
374308000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
371869000
eqr Dilutive Op Units
DilutiveOpUnits
12367000
eqr Dilutive Op Units
DilutiveOpUnits
13010000
CY2021Q3 eqr Dilutive Op Units
DilutiveOpUnits
12019000
CY2020Q3 eqr Dilutive Op Units
DilutiveOpUnits
13002000
eqr Dilutive Securities Options
DilutiveSecuritiesOptions
1801000
eqr Dilutive Securities Options
DilutiveSecuritiesOptions
1214000
CY2021Q3 eqr Dilutive Securities Options
DilutiveSecuritiesOptions
2047000
CY2020Q3 eqr Dilutive Securities Options
DilutiveSecuritiesOptions
781000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
387642000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
385973000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
388374000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
385652000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.15
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.77
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.15
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.14
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.77
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.15
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
CY2021Q3 eqr Number Of Consolidated Projects In Various Stages Of Development
NumberOfConsolidatedProjectsInVariousStagesOfDevelopment
2
CY2021Q3 eqr Number Of Wholly Owned Consolidated Projects In Various Stages Of Development
NumberOfWhollyOwnedConsolidatedProjectsInVariousStagesOfDevelopment
1
eqr Number Of Partially Owned Consolidated Projects
NumberOfPartiallyOwnedConsolidatedProjects
1
CY2021Q3 eqr Number Of Unconsolidated Projects In Various Stages Of Development
NumberOfUnconsolidatedProjectsInVariousStagesOfDevelopment
2
CY2021Q3 eqr Number Of Units In Various Stages Of Development
NumberOfUnitsInVariousStagesOfDevelopment
1441
CY2021Q3 eqr Consolidated Project Under Development Commitment Fund
ConsolidatedProjectUnderDevelopmentCommitmentFund
328800000
eqr Various Stages Of Development Date Maturity
VariousStagesOfDevelopmentDateMaturity
2024-06-30
eqr Number Of Consolidated Projects In Lease Up
NumberOfConsolidatedProjectsInLeaseUp
2
eqr Number Of Wholly Owned Consolidated Projects In Lease Up
NumberOfWhollyOwnedConsolidatedProjectsInLeaseUp
1
eqr Number Of Partially Owned Consolidated Projects In Lease Up
NumberOfPartiallyOwnedConsolidatedProjectsInLeaseUp
1
eqr Number Of Joint Venture Agreement
NumberOfJointVentureAgreement
2
eqr Number Of Joint Venture Agreement Currently Under Construction
NumberOfJointVentureAgreementCurrentlyUnderConstruction
1
CY2021Q2 eqr Number Of Joint Venture Agreement Completed
NumberOfJointVentureAgreementCompleted
1
eqr Number Of Unconsolidated Joint Venture Agreements
NumberOfUnconsolidatedJointVentureAgreements
2
eqr Equity Method Investment Period
EquityMethodInvestmentPeriod
P3Y
CY2021Q3 eqr Percentage Of Expected Non Recourse Construction Debt
PercentageOfExpectedNonRecourseConstructionDebt
0.60
CY2021Q3 eqr Initial Minimum Co Investment Of Combined Equity
InitialMinimumCoInvestmentOfCombinedEquity
750000000.0
CY2021Q3 eqr Number Of Customer
NumberOfCustomer
0
CY2020Q3 eqr Number Of Customer
NumberOfCustomer
0
eqr Number Of Units In Same Store Properties
NumberOfUnitsInSameStoreProperties
75288
eqr Number Of Units In Same Store Properties
NumberOfUnitsInSameStoreProperties
75288
CY2021Q3 eqr Number Of Units In Same Store Properties
NumberOfUnitsInSameStoreProperties
75509
CY2020Q3 eqr Number Of Units In Same Store Properties
NumberOfUnitsInSameStoreProperties
75509
CY2021Q3 us-gaap Assets
Assets
20663015000
eqr Payments To Proceeds From Acquire Other Property Plant And Equipment
PaymentsToProceedsFromAcquireOtherPropertyPlantAndEquipment
107706000
eqr Number Of Units In Same Store Properties
NumberOfUnitsInSameStoreProperties
75288

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