QuickLinks-- Click here to rapidly navigate through this documentFORM 10-K
SECURITIES AND EXCHANGE COMMISSIONWASHINGTON,
Washington, D.C. 20549[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
ý
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934For the Fiscal Year Ended DECEMBER 31,
19992001OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934Commission
File Number:file number 1-12252EQUITY RESIDENTIAL PROPERTIES TRUST
(Exact
(Exact Name of Registrant as Specified in Its Charter)
MARYLAND 13-3675988 (StateMaryland
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S.13-3675988
(I.R.S. Employer Identification No.)TWO NORTH RIVERSIDE PLAZA, CHICAGO, ILLINOIS 60606 (Address
Two North Riverside Plaza, Chicago, Illinois
(Address of Principal Executive Offices)(Zip
60606
(Zip Code)(312) 474-1300
(Registrant's
(Registrant's Telephone Number, Including Area Code)Securities registered pursuant to Section 12(b) of the Act:
Common Shares of Beneficial Interest, $0.01 Par Value New York Stock Exchange (Title(Title of Class) (Name(Name of Each Exchange on Which Registered)
Preferred Shares of Beneficial Interest, $0.01 Par Value
New York Stock Exchange(Title(Title of Class) (Name(Name of Each Exchange on Which Registered) Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes
Xý NooIndicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
[ ]oThe aggregate market value of voting and non-voting shares held by non-affiliates of the Registrant was approximately
$5.1$7.5 billion based upon the closing price onMarch 1, 2000January 15, 2002 of$40$27.74 using beneficial ownership of shares rules adopted pursuant to Section 13 of the Securities Exchange Act of 1934 to exclude voting shares owned by Trustees and Executive Officers, some of whom may not be held to be affiliates upon judicial determination.At
March 1, 2000, 127,911,989January 15, 2002, 271,918,700 of the Registrant's Common Shares of Beneficial Interest were outstanding.
DOCUMENTS INCORPORATED BY REFERENCEPart III incorporates by reference information to be contained in the Company's definitive proxy statement, which the Company anticipates will be filed no later than
March 31, 2000,April 30, 2002, and thus these items have been omitted in accordance with General InstructionG(3)G (3) to Form 10-K.2EQUITY RESIDENTIAL PROPERTIES TRUST
EQUITY RESIDENTIAL PROPERTIES TRUST TABLE OF CONTENTSPAGE PART I. PAGE ----
Item 1. Business
4Item 2. The Properties 28 Item 3. Legal Proceedings 3231 Item 4. Submission of Matters to a Vote of Security Holders 3231
PART II.
Item 5. Market for Registrant's Common Equity and Related33Shareholder Matters
32Item 6. Selected Financial Data 3332 Item 7. Management's Discussion and Analysis of Financial Condition 36and Results of Operations34 Item 7A. Quantitative and Qualitative Disclosure about Market Risk 4748 Item 8. Financial Statements and Supplementary Data 48 Item 9. Changes in and Disagreements with Accountants on Accounting and 48Financial Disclosure48
PART III.
Item 10. Trustees and Executive Officers of the Registrant
49Item 11. Executive Compensation 49 Item 12. Security Ownership of Certain Beneficial Owners and Management 49 Item 13. Certain Relationships and Related Transactions 49
PART IV.
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
503
Item 1.BUSINESS GENERALBusinessGeneral
Equity Residential Properties Trust ("EQR") is a self-administered and self-managed equity real estate investment trust ("REIT"). EQR was organized in March 1993 and commenced operations on August 18, 1993 upon completion of its initial public offering (the "EQR IPO") of
13,225,00026,450,000 common shares of beneficial interest, $0.01 par value per share ("Common Shares"). EQR was formed to continue the multifamily property business objectives and acquisition strategies of certain affiliated entities controlled by Mr. Samuel Zell, Chairman of the Board of Trustees of EQR. These entities had been engaged in the acquisition, ownership and operation of multifamily residential properties since 1969. As used herein, the term "Company" includes EQR and those entities owned or controlled by it, as the survivor of the mergers between EQR and each of Wellsford Residential Property Trust,("Wellsford") (the "Wellsford Merger"),Evans Withycombe Residential, Inc.("EWR") (the "EWR Merger"), Merry Land & Investment Company, Inc.("MRY") (the "MRY Merger")and Lexford Residential Trust("LFT") ("the LFT Merger")(collectively, the "Mergers"). The term "Company" also includes Globe Business Resources, Inc. ("Globe") and Grove Property Trust ("Grove"). The Company completed the sale of its Globe furniture rental business on January 11, 2002. The Company hasformedelected to be taxed as aseriesREIT under Section 856(c) ofpartnershipsthe Internal Revenue Code of 1986, as amended (the"Financing Partnerships""Code")which beneficially own certain Properties (see definition below) that may be encumbered by mortgage indebtedness. In. Certain capitalized terms are defined in the Notes to the Company's Consolidated Financial Statements.EQR is the general
these are structured so thatpartner of, and as of December 31, 2001, owned an approximate 92.1% ownership interest in, ERP Operating Limited Partnership (the "Operating Partnership"), a subsidiary. The Company conducts substantially all ofEQR,its business and ownsa 1% limited partner interest and a 98% general partner interest in each, with the remaining 1% general partner interest in each Financing Partnership owned by various qualified REIT subsidiaries wholly owned by the Company (each a "QRS Corporation"). Rental income from the Properties that are beneficially owned by a Financing Partnership is used first to service the applicable mortgage debt and pay other operating expenses and any excess is then distributed 1% to the applicable QRS Corporation, as the general partnersubstantially all ofsuch Financing Partnership, and 99% toits assets through the OperatingPartnership, as the sole 1% limited partner and as the 98% general partner. The Company has also formed a series of limited liability companies that own certain Properties (collectively, the "LLCs").Partnership. The Operating Partnership is, in turn, directly or indirectly, a99% managingpartner, member or shareholder ofeach LLCnumerous partnerships, limited liability companies anda QRS Corporation is a 1% membercorporations which have been established primarily to own fee simple title to multifamily properties or to conduct property management activities and other businesses related to the ownership and operation ofeach LLC. The Company's subsidiariesmultifamily residential real estate. References to the "Company" include the Operating Partnershipa seriesand each of the partnerships, limited liability companies and corporations controlled by the Operating Partnership or EQR.The Company is engaged in the acquisition, ownership, management,
limited partnershipsoperation andcompanies (collectively, the "Management Partnerships" or the "Management Companies"), the Financing Partnerships, the LLC's and certain other entities.disposition of multifamily properties. As of December 31,1999,2001, the Company owned or had interests in1,062 multifamily properties containing 225,708 units, of which it wholly-owneda portfolio of9831,076 multifamily properties (individually a "Property" and collectively the "Properties") containing214,060 units.224,801 apartment units consisting of the following:
Number of
PropertiesNumber of
UnitsWholly Owned Properties 955 199,698 Partially Owned Properties 36 6,931 Unconsolidated Properties 85 18,172 Total Properties 1,076 224,801 The Company accounts for its ownership interest in the 955 "Wholly Owned Properties" under the consolidation method of accounting. The Company beneficially owns 100% fee simple title to 948 of the 955 Wholly Owned Properties. The Company has a leasehold estate ownership interest in one Property. As such, the Company owns the real estate building and improvements and leases the land underlying the improvements under a long-term ground lease that expires in 2066. This one Property is consolidated and reflected as a real estate asset while the ground lease is accounted for as an operating lease in accordance with Statement of Financial Accounting Standards ("SFAS") No. 13,Accounting for Leases. The Company owns the debt collateralized by two Properties and owns an interest in the debt
4
collateralized by the remaining
79 properties representfour Properties. The Company consolidates its interest in these six Properties in accordance with the accounting standards outlined in the AcSEC guidance for real estate acquisition, development and construction arrangements issued in the CPA letter dated February 10, 1986, and as such, reflects these assets as real estate in the consolidated financial statements.The "Partially Owned Properties" are controlled and partially owned by the Company but have partners with minority interests and are accounted for under the consolidation method of accounting. The "Unconsolidated Properties" are partially owned but not controlled by the Company and consist of investments in partnership interests and/or subordinated mortgages
containing 11,648 units.that are accounted for under the equity method of accounting. TheCompany's Properties are located in 35 states throughout the United States.above table does not include various uncompleted development properties.The Company is one of the largest publicly traded REIT's (based on the aggregate market value of its outstanding Common Shares) and is the largest publicly traded REIT owner of multifamily properties (based on the number of apartment units wholly owned and total revenues earned).
Since the EQR IPO and through December 31, 1999, the Company, through the Operating Partnership, has acquired direct interests in 988 properties containing 209,975 units in the aggregate for a total purchase price of approximately $12 billion, including the assumption of approximately $3.2 billion of mortgage indebtedness and $848.2 million of unsecured notes. Since the EQR IPO and through December 31, 1999, the Company has disposed of 74 properties, containing 17,640 units for a total sales price of approximately $654.2 million. 4PART IThe Company's Properties are located in 36 states with its corporate headquartersand executive offices arelocated in Chicago, Illinois.In addition, theThe Companyhas 31also leases (under operating leases) over thirty-five divisional, regional and area property management offices throughout the United States.Direct fee simple title for certain of the Properties is owned by single-purpose nominee corporations, limited partnerships and limited liability companies or land trusts that engage in no business other than holding title to the Property for the benefit of the Company. Holding title in such a manner is expected to make it less costly to transfer such Property in the
following cities: - Scottsdalefuture in the event of a sale andTucson, Arizona; - Irvine, Sacramento and San Francisco, California; - Denver, Colorado; - Tampa, Jacksonville, Ft. Lauderdale and Orlando, Florida; - Atlanta and Augusta, Georgia; - Chicago, Illinois; - Kansas City, Kansas; - Louisville, Kentucky; - Bethesda, Maryland; - Ypsilanti, Michigan; - Minneapolis, Minnesota; - Las Vegas, Nevada; - Charlotte and Raleigh, North Carolina; - Reynoldsburg, Ohio - Tulsa, Oklahoma; - Portland, Oregon; - Nashville and Memphis, Tennessee. - Dallas, Houston and San Antonio, Texas; and - Seattle and Redmond, Washingtonshould facilitate financing, since lenders often require title to a Property to be held in a single purpose entity in order to isolate that Property from potential liabilities of other Properties.The Company has approximately
6,700 employees.6,400 employees as of March 1, 2002. An on-site manager, who supervises the on-site employees and is responsible for the day-to-day operations of the Property, directs each of the Company's Properties.AAn assistant manager and/or leasingadministrator and/or property administratorstaff generallyassistsassist the manager. In addition, a maintenance director at each Property supervises a maintenance staff whose responsibilities include a variety of tasks, including responding to service requests, preparing vacant apartments for the next resident and performing preventive maintenance procedures year-round.BUSINESS OBJECTIVES AND OPERATING STRATEGIESBusiness Objectives and Operating Strategies
The Company seeks to maximize both current income and long-term growth in income, thereby increasing:
-
- •
- the value of the Properties;
-- •
- distributions on a per Common Share basis; and
-- •
- shareholders' value.
The Company's strategies for accomplishing these objectives are:
-
- •
- maintaining and increasing Property occupancy while increasing rental rates;
-- •
- controlling expenses, providing regular preventive maintenance, making periodic renovations and enhancing amenities;
-- •
- maintaining a ratio of consolidated debt-to-total market capitalization of less than 50%;
-- •
- strategically acquiring and disposing of properties;
and -- •
- purchasing newly developed, as well as co-investing in the development of, multifamily
communities.communities;5
- •
- entering into joint ventures related to the ownership of established properties; and
- •
- strategically investing in various businesses that will enhance services for the Properties.
The Company is committed to
tenantresident satisfaction by striving to anticipate industry trends and implementing strategies and policies consistent with providing qualitytenantresident services. In addition, the5PART ICompany continuously surveys rental rates of competing properties and conducts resident satisfaction surveysof residentsto determine the factors they consider most important in choosing a particular apartmentunit. ACQUISITION STRATEGIESunit and/or Property.Acquisition and Development Strategies
The Company anticipates that future property acquisitions and developments will
be located inoccur within the continental United States. Management will continue to use market information to evaluateacquisitionopportunities. The Company's market database allows it to review the primary economic indicators of the markets where the Company currently owns and manages Properties and where it expects to expand its operations. Acquisitions and developments may be financed from various sources of capital, which may include retained cash flow, issuance of additional equity securities, sales of Properties, joint venture agreements and collateralized and uncollateralized borrowings. In addition, the Company may acquire additionalmultifamilyproperties in transactions that include the issuance of limited partnership interests in the Operating Partnership ("OP Units") as consideration for the acquired properties. Such transactions may, in certain circumstances,partiallyenable the sellers to defer, in part, thesellers' tax consequences.recognition of taxable income or gain, which might otherwise result from the sales.When evaluating potential acquisitions and developments, the Company will consider:
-
- •
- the geographic area and type of community;
-- •
- the location, construction quality, condition and design of the property;
-- •
- the current and projected cash flow of the property and the ability to increase cash flow;
-- •
- the potential for capital appreciation of the property;
-- •
- the terms of resident leases, including the potential for rent increases;
-- •
- income levels and employment growth trends in the relevant market;
- •
- household growth and net migration of the relevant market's population;
- •
- the potential for economic growth and the tax and regulatory environment of the community in which the property is located;
-- •
- the occupancy and demand by residents for properties of a similar type in the vicinity (the overall market and submarket);
-- •
- the prospects for liquidity through sale, financing or refinancing of the property;
-- •
- the benefits of integration into existing operations;
- •
- barriers to entry that would limit competition (zoning laws, building permit availability, supply of undeveloped or developable real estate, local building costs and
-construction labor costs among other factors);- •
- purchase prices and yields of available existing stabilized communities, if any; and
- •
- competition from existing multifamily properties and the potential for the construction of new multifamily properties in the area.
6
Financing Strategies
On October 11, 2001, the Company effected a two-for-one split of its Common Shares and OP Units to shareholders and unit holders of record as of September 21, 2001. All Common Shares and OP Units presented have been retroactively adjusted to reflect the Common Share and OP Unit split.
The Company's "Consolidated Debt-to-Total Market Capitalization Ratio" as of December 31, 2001 is presented in the following table. The Company
expects to purchase multifamily properties with physical and market characteristics similar tocalculates theProperties. DEVELOPMENT STRATEGIES The Company seeks to acquire newly constructed properties and make investments towards the development of properties in markets where it discerns strong demand, which the Company believes will enable it to achieve superior rates of return. The Company's current communities under development and future developments are in markets or will be in markets where certain market demographics justify the development of high quality multifamily communities. In evaluating whether to develop an apartment community in a particular location, the Company analyzes relevant demographic, economic and financial data. Specifically, the Company considers the following factors, among others, in determining the viability of a potential new apartment community: - income levels and employment growth trends in the relevant market; - uniqueness of location; - household growth and net migration of the relevant market's population; - supply/demand ratio, competitive housing alternatives, sub-market occupancy and rent levels; - barriers to entry that would limit competition; and - purchase prices and yields of available existing stabilized communities, if any. 6PART I DISPOSITION STRATEGIES Management will use market information to evaluate dispositions. Factors the Company considers in deciding whether to disposeequity component of itsProperties include the following: - potential increases in new construction; - areas where the economy is expected to decline substantially; and - markets where the Company does not intend to establish long-term concentrations. The Company will reinvest the proceeds received from property dispositions primarily to fund property acquisitions as well as fund development activities. In addition, when feasible the Company may structure these transactions as tax deferred exchanges. FINANCING STRATEGIES The Company intends to maintain a ratio of consolidated debt-to-totalmarket capitalization as the sum of50% or less. At December 31, 1999,(i) theCompany had a ratiototal outstanding Common Shares and assumed conversion ofapproximately 42.75% based onall OP Units at the equivalent market value ofequity equal tothe closing price of the Company's Common Shares on the New York StockExchange and assuming conversionExchange; (ii) the "Common Share Equivalent" of allOP Units plusconvertible preferred shares and preference interests/units; and (iii) the liquidationpreferencevalue ofthe Company'sall perpetual preferred shares and preference interests outstanding.Capitalization as of
beneficial interest, $0.01 par value per share ("December 31, 2001
Total Debt $ 5,742,758,250 Common Shares & OP Units 294,818,566 Common Share Equivalents (see below) 15,861,937 Total Outstanding at year-end 310,680,503 Price at year-end $ 28.71 8,919,637,241 Perpetual Preferred Shares Liquidation Value 565,000,000 Perpetual Preference Interests Liquidation Value 211,500,000 Total Market Capitalization $ 15,438,895,491 Debt/Total Market Capitalization 37.20 % Convertible Preferred
Shares")Shares, Preference Interests andthe Operating Partnership's preference units and interests.Units
As of December 31, 2001
Shares/Units Conversion
RatioCommon
Share
EquivalentsPreferred Shares: Series E 3,365,794 1.1128 3,745,456 Series G 1,264,700 8.5360 10,795,479 Series H 54,027 1.4480 78,231 Preference Interests: Series H 190,000 1.5108 287,052 Series I 270,000 1.4542 392,634 Series J 230,000 1.4108 324,484 Junior Preference Units: Series A 56,616 4.081600 231,084 Series B 7,367 1.020408 7,517 Total Convertible 5,438,504 15,861,937 The Company's policy is to maintain a ratio of consolidated debt-to-total market capitalization of less than 50%.
It is also the Company's policy that
EQR shall not incurall unsecured indebtednessother(other than short-term trade, employee compensationdividends payableor similar indebtedness that will be paid in the ordinary course ofbusiness, and that indebtedness shall insteadbusiness) be7
incurred by the Operating Partnership to the extent necessary to fund the business activities conducted by the Operating Partnership and its subsidiaries.
EQUITY OFFERINGS FOR THE YEARS ENDED DECEMBEREquity Offerings For the Years Ended December 31,
1997, 1998 AND2001, 2000 and 1999During
1997,2001, theCompany issued 84,183Company:
- •
- Issued 3,187,217 Common Shares pursuant to
the Employee Share Purchaseits Fifth Amended Option and Award Planat net prices which ranged from $35.63 per share to $42.08 per share and raised approximately $3.2 million in connection therewith. In March 1997, the Company completed three separate public offerings relating to an aggregate of 1,921,000 publicly registered Common Shares, which were sold to the public at a price of $46 per share. The Company received net proceeds of approximately $88.3 million therefrom. In May 1997, the Company sold 7,000,000 depositary shares (the "Series D Depositary Shares"). Each Series D Depositary Share represents a 1/10 fractional interest in a 8.60% Series D Cumulative Redeemable Preferred Share of Beneficial Interest, $0.01 par value per share (the "Series D Preferred Shares"). The liquidation preference of each of the Series D Preferred shares is $250.00 (equivalent to $25 per Series D Depositary Share). The Company received net proceeds of approximately $169.5 million from this offering (the "Series D Preferred Share Offering"). In June 1997, the Company completed five separate public offerings comprising an aggregate of 8,992,023 publicly registered Common Shares, which were sold to the public at prices ranging from $44.06 to $45.88 per share. The Company received net proceeds of approximately $398.9 million therefrom. In September 1997, the Company completed the sale of 498,000 publicly registered Common Shares, which were sold to the public at a price of $51.125 per share. The Company received net proceeds of approximately $24.2 million in connection with this offering. 7PART I In September 1997, the Company sold 11,000,000 depositary shares (the "Series G Depositary Shares"). Each Series G Depositary Share represents a 1/10 fractional interest in a 7 1/4% Series G Convertible Cumulative Preferred Share of Beneficial Interest, $0.01 par value per share (the "Series G Preferred Shares"). Series G Depositary Shares representing Series G Preferred Shares are convertible at the option of the holder thereof at any time into Common Shares at a conversion price of $58.58 per Common Share (equivalent to a conversion rate of approximately .4268 Common Shares for each Series G Depositary Share). The liquidation preference of each of the Series G Preferred Shares is $250.00 per share (equivalent to $25 per Series G Depositary Share). The Company received net proceeds of approximately $264 million from this offering (the "Series G Preferred Share Offering"). In addition, in October 1997, the Company sold 1,650,000 additional Series G Depositary Shares pursuant to an over-allotment option granted to the underwritersand received net proceeds of approximately$39.6 million therefrom. In October 1997, in connection with the acquisition of a portfolio of Properties, the Company issued 3,315,500 publicly registered Common Shares, which were issued at a price of $45.25 per share with a value of approximately $150$65.4 million.On November 3, 1997, the Company filed with the SEC a Form S-3 Registration Statement to register 7,000,000- •
- Issued 310,261 Common Shares pursuant to
a Distribution Reinvestment and Share Purchase Plan. This registration statement was declared effective on November 25, 1997. The Distribution Reinvestment and Share Purchase Plan (the "DRIP Plan") of the Company provides holders of record and beneficial owners of Common Shares, Preferred Shares, and limited partnership interests in the Operating Partnership with a simple and convenient method of investing cash distributions in additional Common Shares (which is referred to herein as the "Dividend Reinvestment - DRIP Plan"). Common Shares may also be purchased on a monthly basis with optional cash payments made by participants in the Plan and interested new investors, not currently shareholders of the Company, at the market price of the Common Shares less a discount ranging between 0% and 5%, as determined in accordance with the DRIP Plan (which is referred to herein as the "Share Purchase - DRIP Plan"). In December 1997, in connection with an acquisition of a Property, the Company issued 736,296 publicly registered Common Shares, which were issued at a price of $48.85 per share with a value of approximately $36 million. Also in December 1997, the Company completed the sale of 467,722 publicly registered Common Shares, which were sold at a price of $51.3125 per share. The Company received net proceeds of approximately $22.8 million in connection with this offering. During 1998, the Company issued 93,521 Common Shares pursuant to theits Employee Share Purchase Plan and received net proceeds of approximately$3.7$6.9 million.During 1998, the Company issued 1,023,184- •
- Issued 33,106 Common Shares pursuant to
theits SharePurchase -Purchase—DRIP Plan and received net proceeds of approximately$50.7$0.9 million.During 1998, the Company issued 10,230- •
- Issued 42,649 Common Shares pursuant to
theits DividendReinvestment -Reinvestment—DRIP Plan and received net proceeds of approximately$0.4$1.2 million.On January 27, 1998,During 2000, the
Company completed an offering of 4,000,000 publicly registeredCompany:
- •
- Issued 1,370,186 Common Shares
which were soldpursuant tothe public at a price of $50.4375 per share. The Companyits Fifth Amended Option and Award Plan and received net proceeds of approximately$195.3$25.2 million.- •
- Issued 299,580 Common Shares pursuant to its Employee Share Purchase Plan and received net proceeds of approximately $5.4 million.
- •
- Issued 26,374 Common Shares pursuant to its Share Purchase—DRIP Plan and received net proceeds of approximately $0.6 million.
- •
- Issued 69,504 Common Shares pursuant to its Dividend Reinvestment—DRIP Plan and received net proceeds of approximately $1.7 million.
During 1999, the Company:
- •
- Issued 2,026,384 Common Shares pursuant to its Fifth Amended Option and Award Plan and received net proceeds of approximately $30.8 million.
- •
- Issued 295,770 Common Shares pursuant to its Employee Share Purchase Plan and received net proceeds of approximately $5.2 million.
- •
- Issued 45,068 Common Shares pursuant to its Share Purchase—DRIP Plan and received net proceeds of approximately $1.0 million.
- •
- Issued 72,264 Common Shares pursuant to its Dividend Reinvestment—DRIP Plan and received net proceeds of approximately $1.5 million.
- •
- Repurchased and retired on October 12, 1999, 296,906 Common Shares previously issued in connection with the LFT Merger. These Common Shares were beneficially owned by various LFT employees and trustees. The Company paid approximately $6.3 million in connection therewith.
On February 3, 1998, theThe Company filed with the SEC on February 3, 1998 a Form S-3 Registration Statement to register $1 billion of equity securities. The SEC declared this registration statement effective on February
8PART I27, 1998. In addition, the Company carried over $272 million related to the registration statement that was declared effective on August 4, 1997. As of December 31,1999,2001, $1.1 billion in equity securities remainedoutstandingavailable for issuance under this registration statement.On February 18, 1998, the Company completed two offerings of 988,340 publicly registered Common Shares, which were sold to the public at a price of $50.625 per share. On February 23, 1998, the Company completed an offering of 1,000,000 publicly registered Common Shares, which were sold to the public at a price of $48 per share. The Company received net proceeds from these offerings of approximately $95 million. On March 30, 1998, the Company completed an offering of 495,663 publicly registered Common Shares, which were sold at a price of $47.9156 per share. The Company received net proceeds of approximately $23.7 million in connection therewith. On April 29, 1998, the Company completed an offering of 946,565 publicly registered Common Shares, which were sold at a price of $46.5459 per share. The Company received net proceeds of approximately $44.1 million in connection therewith. On September 20, 1998, the Company completed its repurchase of 2,367,400 of its Common Shares of beneficial interest, on the open market, for an average price of $40 per share. The purchases were made between August 5During 2001, 2000 and
September 17, 1998. The Company paid approximately $94.7 million in connection therewith. These shares were subsequently retired. During1999, the Company,issued 147,885 Common Shares pursuant to the Employee Share Purchase Plan and received net proceedsthrough a subsidiary ofapproximately $5.2 million. During 1999, the Company issued 22,534 Common Shares pursuant to the Share Purchase - DRIP Plan and received net proceeds of approximately $1.0 million. During 1999, the Company issued 36,132 Common Shares pursuant to the Dividend Reinvestment - DRIP Plan and received net proceeds of approximately $1.5 million. On October 12, 1999, the Company repurchased and retired 148,453 Common Shares previously issued in connection with the LFT Merger. These Common Shares were owned by various LFT employees and trustees. The Company paid approximately $6.3 million in connection therewith. DEBT OFFERINGS FOR THE YEARS ENDED DECEMBER 31, 1997, 1998 AND 1999 In October 1997,the Operating Partnership, issued$150various Preference Interests series (the "Preference Interests") with an equity value of8
$246.0 million receiving net proceeds of
unsecured fixed rate notes$239.9 million. The following table presents the issued and outstanding Preference Interests as of December 31, 2001 and December 31, 2000:
Amounts in thousands Redemption
Date (1)(2)Conversion
Rate (2)Annual
Dividend
Rate per
Unit (3)December 31,
2001December 31,
2000Preference Interests:
8.00% Series A Cumulative Redeemable Preference Interests; liquidation value $50 per unit; 800,000 units issued and outstanding at December 31, 2001 and December 31, 2000
10/01/04
N/A
$
4.0000
$
40,000
$
40,000
8.50% Series B Cumulative Redeemable Preference Units; liquidation value $50 per unit; 1,100,000 units issued and outstanding at December 31, 2001 and December 31, 2000
03/03/05
N/A
$
4.2500
55,000
55,000
8.50% Series C Cumulative Redeemable Preference Units; liquidation value $50 per unit; 220,000 units issued and outstanding at December 31, 2001 and December 31, 2000
03/23/05
N/A
$
4.2500
11,000
11,000
8.375% Series D Cumulative Redeemable Preference Units; liquidation value $50 per unit; 420,000 units issued and outstanding at December 31, 2001 and December 31, 2000
05/01/05
N/A
$
4.1875
21,000
21,000
8.50% Series E Cumulative Redeemable Preference Units; liquidation value $50 per unit; 1,000,000 units issued and outstanding at December 31, 2001 and December 31, 2000
08/11/05
N/A
$
4.2500
50,000
50,000
8.375% Series F Cumulative Redeemable Preference Units; liquidation value $50 per unit; 180,000 units issued and outstanding at December 31, 2001 and December 31, 2000
05/01/05
N/A
$
4.1875
9,000
9,000
7.875% Series G Cumulative Redeemable Preference Units; liquidation value $50 per unit; 510,000 units issued and outstanding at December 31, 2001
03/21/06
N/A
$
3.9375
25,500
—
7.625% Series H Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 190,000 units issued and outstanding at December 31, 2001
03/23/06
1.5108
$
3.8125
9,500
—
7.625% Series I Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 270,000 units issued and outstanding at December 31, 2001
06/22/06
1.4542
$
3.8125
13,500
—
7.625% Series J Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 230,000 units issued and outstanding at December 31, 2001
12/14/06
1.4108
$
3.8125
11,500
—$ 246,000 $ 186,000
- (1)
- On or after the fifth anniversary of the respective issuance (the
"2017 Notes""Redemption Date"), all of the Preference Interests may be redeemed for cash at the option of the Company, ina public debt offering. The 2017 Notes are due on October 15, 2017 and bear interest at 7.125%, which is payable semiannuallywhole or inarrears on April 15 and October 15, commencing April 15, 1998. The 2017 Notes are redeemablepart, at any timeby the Operating Partnership pursuantor from time to time, at a redemption price, payable in cash, equal to theterms thereof. The Operating Partnership received net proceedsliquidation preference ofapproximately $147.4 million$50.00 per unit plus the cumulative amount of accrued and unpaid distributions, if any.9
- (2)
- On or after the tenth anniversary of the respective issuance (the "Conversion Date"), all of the Preference Interests are exchangeable at the option of the holder (in whole but not in
connection with this issuance.part) on a one-for-one basis to a respective reserved series of EQR Preferred Shares. InNovember 1997,addition, on or after theOperating Partnership issued $200 millionConversion Date, the Convertible Preference Interests (Series H, I & J) may be converted under certain circumstances at the option ofunsecured fixedthe holder (in whole but not in part) to Common Shares based upon the contractual conversion rate,notes in a public debt offering. Ofplus accrued and unpaid distributions, if any.- (3)
- Dividends on all series of Preference Interests are payable quarterly on March 25th, June 25th, September 25th, and December 25th of each year.
Debt Offerings For the
$200 million issued, $150 million of these notes are due November 15, 2001 (the "2001 Notes") and bear interest at a rate of 6.55%, which is payable semiannually in arrears on May 15 and November 15, commencing on May 15, 1998. The remaining $50 million of these notes are due November 15, 2003 (the "2003 Notes") and bear interest at a rate of 6.65%, which is payable semiannually 9PART I in arrears on May 15 and November 15, commencing on May 15, 1998. The Operating Partnership received net proceeds of approximately $198.5 million in connection with the 2001 Notes and the 2003 Notes. On February 3, 1998, the Operating Partnership filed a Form S-3 Registration Statement to register $1 billion of debt securities. The SEC declared this registration statement effective on February 27, 1998. As ofYears Ended December 31, 2001, 2000 and 1999$430 million remained outstanding under this registration statement. In April 1998, theDuring 2001:
- •
- The Operating Partnership issued $300 million of redeemable unsecured fixed rate notes (the
"2015"March 2011 Notes") in a public debtoffering.offering in March 2001. The2015March 2011 Notes were issued at a discount, which is being amortized over the life of the notes on a straight-line basis. The2015March 2011 Notes are dueApril 13, 2015.March 2, 2011. The annual interest rate on the2015March 2011 Notesto April 13, 2005 (the "Remarketing Date")is6.63%6.95%, which is payablesemi-annuallysemiannually in arrears onOctober 13September 2 andApril 13,March 2, commencingOctober 13, 1998. The 2015 Notes are subject to mandatory tender to the remarketing agent on the Remarketing Date, at the election of the remarketing dealer and subject to certain limitations. If the remarketing dealer, initially Salomon Brothers Inc., does not purchase all tendered 2015 Notes on the Remarketing Date, or in certain other limited circumstances, the Operating Partnership will be required to repurchase the 2015 Notes at 100% of their principal amount plus accrued interest. If the 2015 Notes are remarketed, the 2015 Notes will bear interest at the rate determined by the remarketing dealer on and after the Remarketing Date.September 2, 2001. The Operating Partnership received net proceeds of approximately$298.1$297.4 million in connection with this issuance.During 2000:
- •
- The Operating Partnership
also received approximately $8.1 million fromdid not issue new debt during thesale of the option to remarket the 2015 Notes on the Remarketing Date, which is being amortized over the term of the 2015 Notes. Prior to the issuance of the 2015 Notes, the Operating Partnership entered into an interest rate protection agreement to effectively fix the interest rate cost of such issuance at the Remarketing Date. The Operating Partnership received a one-time settlement payment from this transaction, which was approximately $0.6 million and is being amortized over seven years. In August 1998, the Operating Partnership issued $100 million of Remarketed Reset Notes (the "August 2003 Notes") in a public debt offering. The August 2003 Notes were issued at a discount, which is being amortized over the life of the notes on a straight-line basis. The August 2003 Notes are due August 21, 2003.year ended December 31, 2000.During
the period from and including August 21, 1998 to but excluding August 23, 1999 (the "Initial Spread Period") the interest rate on the August 2003 Notes was LIBOR plus 0.45%.1999:
- •
- The
current interest rate for the period from August 23, 1999 to August 22, 2000 is LIBOR plus 0.75%. Beginning August 23, 1999, the Operating Partnership is entitled to redeem the August 2003 Notes on certain dates and in certain circumstances. The Operating Partnership received net proceeds of approximately $99.7 million in connection with this issuance. In September 1998, the Operating Partnership issued $145 million of unsecured fixed rate notes (the "2000 Notes") in a public debt offering. The 2000 Notes were issued at a discount, which is being amortized over the life of the notes on a straight-line basis. The 2000 Notes are due September 15, 2000. The annual interest rate on the 2000 Notes is 6.15%, which is payable semi-annually in arrears on March 15 and September 15, commencing March 15, 1999. The Operating Partnership received net proceeds of approximately $144.5 million in connection with this issuance. In June 1999, theOperating Partnership issued $300 million of redeemable unsecured fixed rate notes (the "June 2004 Notes") inconnection with the Debt Shelf Registration ina public debtoffering.offering in June 1999. The June 2004 Notes were issued at a discount, which is being amortized over the life of the notes on a straight-line basis. The June 2004 Notes are due June 23, 2004. The annual interest rate on the June 2004 Notes is 7.10%, which is payable semiannually in arrears on December 23 and June 23, commencing December 23, 1999. The Operating Partnership received net proceeds of approximately $298.0 million in connection with this issuance.10PART I CREDIT FACILITY OnThe Operating Partnership filed a Form S-3 Registration Statement on August
12, 199925, 2000 to register $1 billion of debt securities. The SEC declared this registration statement effective on September 8, 2000. In addition, the Operating Partnership carried over $430 million related to the registration statement effective on February 27, 1998. As of December 31, 2001, $1.13 billion in debt securities remained available for issuance under this registration statement.Disposition Strategies
Management will use market information to evaluate dispositions. Factors the Company
obtainedconsiders in deciding whether to dispose of its Properties include the following:
- •
- potential increases in new construction;
- •
- areas where the economy is expected to decline substantially; and
- •
- markets where the Company does not intend to establish long-term concentrations.
The Company will reinvest the proceeds received from property dispositions primarily to fund property acquisitions as well as fund development activities. In addition, when feasible, the Company may structure these transactions as tax deferred exchanges.
10
Credit Facilities
The Company has a
new three year $700 million unsecuredrevolving credit facility to provide the Operating Partnership withBankpotential borrowings ofAmerica Securities LLCup to $700 million. This line of credit is scheduled to expire in August 2002 andChase Securities Inc. acting as joint lead arrangers. Thethe Company has begun negotiations to have a new line of creditreplacedin place by theCompany's $500 million unsecured revolving credit facility, as well as the $120 million unsecured revolving credit facility which the Company assumed in the MRY Merger. The prior existing revolving credit facilities were repaid in full and terminated upon the closingend of thenew facility. This new credit facility matures in August 2002 and will be used to fund property acquisitions, costs for certain properties under development and short term liquidity requirements. Advances under the credit facility bear interest at variable rates based upon LIBOR available at various interest periods, plus a certain spread dependent upon the Company's credit rating.second quarter of 2002. As ofMarch 7, 2000, $110February 28, 2002, $262.0 million was outstanding under thisnewfacilitybearing interestat a weighted average interest rate of6.28%2.38%.BUSINESS COMBINATIONS On May 30, 1997, the Company completed the acquisition of the multifamily property business of Wellsford through the Wellsford Merger. The transaction was valued at approximately $1 billion and included 72 Properties of Wellsford containing 19,004 units. The purchase price consisted of: - 10.8 million Common Shares issued by the Company with a market value, at the date of closing, of $443.7 million; - liquidation value of $157.5 million for the following: a) Wellsford Series A Cumulative Convertible Preferred Shares of Beneficial Interest; b) Wellsford Series B Cumulative Redeemable Preferred Shares of Beneficial Interest; - assumption of mortgage indebtedness and unsecured notes in the amount of $345 million; - assumption of other liabilities of approximately $33.5 million; and - other merger related costs of approximately $23.4 million. In the Wellsford Merger, each outstanding common share of beneficial interest of Wellsford was converted into .625 of a Common Share. In addition, Wellsford Series A Cumulative Convertible Preferred Shares of Beneficial Interest were redesignated as the Company's 3,999,800 Series E Cumulative Convertible Preferred Shares of Beneficial Interest, $0.01 par value per share (the "Series E Preferred Shares") and Wellsford's Series B Cumulative Redeemable Preferred Shares of Beneficial Interest were redesignated as the Company's 2,300,000 9.65% Series F Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share (the "Series F Preferred Shares"). On December 23, 1997, the Company completed the acquisition of the multifamily property business of EWR through the EWR Merger. The transaction was valued at approximately $1.2 billion and included 53 Properties of EWR containing 15,331 units and three Properties under construction or expansion containing 953 units. The purchase price consisted of: - 10.3 million Common Shares issued by the Company with a market value, at the date of closing, of approximately $501.6 million; - assumption of EWR's minority interest with a market value of approximately $107.3 million; - assumption of mortgage indebtedness and unsecured notes in the amount of $498 million; - assumption of other liabilities of approximately $28.2 million; and - other merger related costs of approximately $16.7 million. 11PART I In the EWR Merger, each outstanding common share of beneficial interest of EWR was converted into .50 of a Common Share. On October 19, 1998, the Company completed the acquisition of the multifamily property business of MRY through the MRY Merger. The transaction was valued at approximately $2.2 billion and included 108 Properties containing 32,315 units, three Properties under construction and/or expansion anticipated to contain 872 units and six Additional Properties containing 1,297 units that were contributed to six joint ventures. The purchase price consisted of: - 21.8 million Common Shares issued by the Company with a market value, at the date of closing, of approximately $1 billion; - liquidation value of $369.1 million for the following: a) MRY Series A Cumulative Convertible Preferred Shares of Beneficial Interest; b) MRY Series B Cumulative Convertible Preferred Shares of Beneficial Interest; c) MRY Series C Cumulative Convertible Preferred Shares of Beneficial Interest; d) MRY Series D Cumulative Redeemable Preferred Shares of Beneficial Interest; e) MRY Series E Cumulative Redeemable Preferred Shares of Beneficial Interest; - assumption of MRY's minority interest with a market value of approximately $40.2 million. - assumption of mortgage indebtedness, unsecured notes and the outstanding balance under a line of credit in the amount of $723.5 million; - assumption of other liabilities of approximately $46.5 million; and - other merger related costs of approximately $51.9 million. In the MRY Merger, each outstanding common share of beneficial interest of MRY was converted into .53 of a Common Share. In addition, MRY spun-off certain assets and liabilities to Merry Land Properties, Inc. ("MRYP Spinco").In connection with
this spin-off, each holderits acquisition ofMRY common shares received one share of MRYP Spinco for each twenty shares of MRY common held. As partial consideration for the transfer,Globe, the Companyextendedassumed a$25 million, one year, non-revolving loanrevolving credit facility with potential borrowings of up toMRYP Spinco pursuant to a Senior Debt Agreement. As additional consideration, the Company extended an additional $20 million of indebtedness to MRYP Spinco under a 15-year Subordinated Debt Agreement, bearing interest payable quarterly. The Company also entered into the Preferred Stock Agreement and received 5,000 shares of MRYP Spinco Preferred Stock with a liquidation preference of $1,000 per share. In June 1999, MRYP Spinco repaid the entire outstanding Senior Note balance of $18.3 million and the Subordinated Debt Agreement balance of $20.0 million and repurchased all 5,000 shares of the preferred stock for $2.7$55.0 million.There is no further obligation by either party in connection with these agreements. In addition, MRY Series A Cumulative Convertible Preferred Shares of Beneficial Interest were redesignated as the Company's 164,951 Series H Cumulative Convertible Preferred Shares of Beneficial Interest, $0.01 par value per share (the "Series H Preferred Shares"), the MRY Series B Cumulative Convertible Preferred Shares of Beneficial Interest were redesignated as the Company's 4,000,000 Series I Cumulative Convertible Preferred Shares of Beneficial Interest, $0.01 par value per share (the "Series I Preferred Shares"), the MRY Series C Cumulative Convertible Preferred Shares of Beneficial Interest were redesignated as the Company's 4,599,400 Series J Cumulative Convertible Preferred Shares of Beneficial Interest, $0.01 par value per share (the "Series J Preferred Shares"), the MRY Series D Cumulative Redeemable Preferred Shares of Beneficial Interest were redesignated as the Company's 1,000,000 Series K Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share (the "Series K Preferred Shares") and the MRY Series E Cumulative Redeemable Preferred Shares of Beneficial Interest were redesignated as the Company's 4,000,000 Series L Cumulative Redeemable Preferred Shares of 12PART I Beneficial Interest, $0.01 par value per share (the "Series L Preferred Shares"). During 1999, all of the Series I Preferred Shares were converted into 2,566,797 Common Shares of the Company.OnAugust 23, 1999, the Company sold its entire interest in the six joint venture properties to MRYP Spinco and received $54.1 million. There is no further obligation by either party in connection with the joint venture agreements.May 31, 2001, this credit facility was terminated.Business Combinations
On October 1, 1999, the Company completed the acquisition of the multifamily property business of
LFTLexford Residential Trust ("LFT") through the LFT Merger. The transaction was valued at approximately $738 million and included 402 LFT Propertiesof LFTcontaining 36,609 units. The purchase price consisted of:- 4.0
- •
- 8.0 million Common Shares issued by the Company (each outstanding common share of beneficial interest of LFT was converted into 0.926 of a Common Share) with a market value
at the date of closing,of approximately $181.1 million;-- •
- assumption of mortgage indebtedness and unsecured notes in the amount of $528.3 million;
-- •
- acquisition of other assets of approximately $40.9 million and assumption of other liabilities of approximately $25.3 million; and
-- •
- other merger related costs of approximately $24.5 million.
In the LFT Merger, each outstanding common share of beneficial interest of LFT was converted into .463 of a Common Share. RECENT TRANSACTIONSOn
January 14,July 11, 2000, the Companyentered into an agreement to acquire,acquired Globe in an all cash and debt transaction valued at approximately $163.2 million. GlobeBusiness Resources, Inc. ("Globe"), oneprovided fully furnished short-term housing through an inventory of leased housing units to transferring or temporarily assigned corporate personnel, new hires, trainees, consultants and individual customers throughout thenation's largest providersUnited States. Additionally, Globe rents and sells furniture to a diversified base oftemporary corporate housingcommercial andfurniture rental. The shareholdersresidential customers throughout the United States. Shareholders of Globewill receivereceived $13.00 per share,upon closing and up to an additional $0.50 per share post closing, upon final determination of costs, if any, relating to any potential breaches of certain representations and covenants. At full funding of $13.50 per share, the Company would pay approximately $64.8which approximated $58.7 million in cashfor Globe.based on the 4.5 million Globe shares outstanding. In addition, theCompany will assume approximately $69.4Company:
- •
- Acquired $94.8 million in
debt.other Globe assets and assumed $29.6 million in other Globe liabilities;- •
- Allocated $68.4 million to goodwill;
- •
- Recorded acquisition costs of $4.5 million; and
- •
- Assumed $70.4 million in debt, which included $1.4 million in mortgage debt, $39.5 million in unsecured notes, and Globe's line of credit of $29.5 million outstanding.
On July 21, 2000, the Company, through its Globe subsidiary, acquired Temporary Quarters, Inc., the leading corporate housing provider in Atlanta, Georgia, in a $3.3 million all cash transaction.
As of September 30, 2001, the Company recorded $60.0 million of asset impairment charges related to its furniture rental business. These charges were the result of a review of the existing intangible and tangible assets reflected on the consolidated balance sheet as of September 30, 2001. The
acquisition,impairment loss is reflected on the income statement in total expenses and includes the write-down of the following assets: a) goodwill of approximately $26.0 million; b) rental furniture, net of approximately $28.6 million; c) property and equipment, net of approximately $4.5 million; and d) other assets of approximately $0.9 million.11
On January 11, 2002, the Company sold the former Globe furniture rental business for approximately $30.0 million in cash, which approximated the net book value at the sale date. The Company has retained ownership of the former Globe short-term furnished housing business, which is
expected to close during the second quarter of 2000, requires Globe shareholder approval. From January 1, 2000 through March 3,now known as Equity Corporate Housing.On October 31, 2000 the Company acquired
Windmont Apartments, a 178-unit property located in Atlanta, GA from an unaffiliated partyGrove, which included 60 properties containing 7,308 units for a total purchase price ofapproximately $10.3$463.2 million.From January 1, 2000 through March 3, 2000,The Company:
- •
- Paid $17.00 per share or $141.6 million in cash to purchase the
Company disposed8.3 million outstanding common shares ofsix Properties for a total sales price of $46.7 million. On March 3, 2000, Lexford Properties, L.P., a wholly-owned subsidiaryGrove;- •
- Paid $17.00 per unit or $12.4 million in cash to purchase 0.7 million Grove OP Units outstanding at the merger date;
- •
- Converted 2.1 million Grove OP Units to 1.6 of the Operating
Partnership, issued 1.1 millionPartnership's OP units using the conversion ratio of8.50% Series B Cumulative Convertible Redeemable Preference Units with an equity value0.7392 (after cash-out of$55.0 million. Lexford Properties, L.P. received $53.6 million in net proceeds from this transaction.fractional units). Theliquidationvalue of these converted OP unitsis $50 per unit. The 1.1totaled $37.2 million;- •
- Assumed $241.3 million
units are exchangeable into 1.1in Grove debt, which included first and second mortgages totaling $203.4 millionshares of 8.50% Series M-1 Cumulative Redeemable Preferred Shares of Beneficial Interest of the Company. The Series M-1 Preferred Shares are not convertible to EQR Common Shares. Dividends for the Series B Preference Units or the Series M-1 Preferred Shares are payable quarterly at the rate of $4.25 per unit/share per year. The net proceeds received from this transaction will be used for scheduled mortgageand Grove's line of creditrepayments. 13PART I COMPETITIONtotaling $38.0 million. Grove's line of credit and two mortgage loans totaling $7.8 million were paid off immediately after the closing;- •
- Acquired $20.1 million in other Grove assets and assumed $11.2 million in other Grove liabilities, including a contingent earnout liability totaling $1.5 million. This amount represents the estimated additional cash or OP Units required to be funded to the previous owners of Glen Meadow Apartments upon the transition of this property from subsidized to market rents; and
- •
- Recorded acquisition costs of $19.5 million.
The Company accounted for these business combinations as purchases in accordance with Accounting Principles Board ("APB") Opinion No. 16. The fair value of the consideration given by the Company was used as the valuation basis for each of the combinations.
Competition
All of the Properties are located in developed areas that include other multifamily properties. The number of competitive multifamily properties in a particular area could have a material effect on the Company's ability to lease units at the Properties or at any newly acquired properties and on the rents charged. The Company may be competing with other entities that have greater resources than the Company and whose managers have more experience than the Company's
officers and trustees.managers. In addition, other forms ofmultifamilyrental properties, including multifamily properties and manufactured housing, some of which may be controlled by Mr. Zell, and single-family housing, provide housing alternatives to potential residents of multifamily properties.RISK FACTORS THE FOLLOWING RISK FACTORS OMIT THE USE OF DEFINED TERMS USED ELSEWHERE HEREIN AND CONTAIN DEFINED TERMS THAT ARE DIFFERENT FROM THOSE USED IN THE OTHER SECTIONS OF THIS REPORT. UNLESS OTHERWISE INDICATED, WHEN USED IN THIS SECTION, THE TERMS "WE" AND "US" REFER TO EQUITY RESIDENTIAL PROPERTIES TRUST AND ITS SUBSIDIARIES, INCLUDINGRisk Factors
The following Risk Factors may contain defined terms that are different from those used in the other sections of this report. Unless otherwise indicated, when used in this section, the terms "we" and "us" refer to Equity Residential Properties Trust and its subsidiaries, including ERP
OPERATING LIMITED PARTNERSHIP.Operating Limited Partnership.Set forth below are the risks that we believe are important to investors who purchase or own our common shares of beneficial interest or preferred shares of beneficial interest (which we refer to collectively as "Shares"); preference interests ("Interests") of a subsidiary of ERP Operating Limited Partnership; preference units ("Units"); or units of limited partnership interest ("OP Units") of ERP Operating Limited Partnership, our operating partnership, which are redeemable on a one-for-one basis for common shares or their cash equivalent. In this section, we refer to the Shares, Interests, Units and
12
the OP Units together as our "securities," and the investors who own Shares, Interests, Units and/or OP Units as our "security holders."
DEBT FINANCING AND PREFERRED SHARES COULD ADVERSELY AFFECT OUR PERFORMANCE GENERAL AsDebt Financing, Preferred Shares and Preference Interests and Units Could Adversely Affect Our Performance
General
The Company's total debt summary, as of December 31,
1999, certain2001, included:Debt Summary as of
our multifamily properties were subject to approximately $2.9 billion of mortgage indebtedness and our total debt equaled approximately $5.5 billion. Of our total debt outstanding, $700.9 million (including the balance of $300 million outstanding on our $700 million unsecured line of credit) was floating rate debt, and $965.8 million was issued at tax exempt rates.December 31, 2001
$ Millions Weighted
Average RateSecured $ 3,287 6.51 % Unsecured 2,456 6.32 % Total $ 5,743 6.43 % Fixed Rate $ 4,847 7.02 % Floating Rate 896 3.20 % Total $ 5,743 6.43 % Above Totals Include: Total Tax Exempt $ 975 4.41 % Unsecured Revolving Credit Facility $ 195 2.50 % In addition to debt, we have issued and outstanding $1.2 billion of liquidation value for the preferred shares of beneficial
interest.interest and preference interests and units combined, with a weighted average dividend preference of 8.06% per annum. Our use of debt and preferred equity financing creates certain risks, including the following.SCHEDULED DEBT PAYMENTS COULD ADVERSELY AFFECT OUR FINANCIAL CONDITION
Scheduled Debt Payments Could Adversely Affect Our Financial Condition
In the future, our cash flow could be insufficient to meet required payments of principal and interest or to pay distributions on our securities at expected levels.
We may not be able to refinance existing debt (which in virtually all cases requires substantial principal payments at maturity) and, if we can, the terms of such refinancing might not be as favorable as the terms of existing indebtedness. If principal payments due at maturity cannot be refinanced, extended or paid with proceeds of other capital transactions, such as new equity capital, our cash flow will not be sufficient in all years to repay all maturing debt. As a result, we may be forced to postpone capital expenditures necessary for the maintenance of our properties and may have to dispose of one or
13
more properties on terms that would otherwise be unacceptable to us.
FINANCIAL COVENANTS COULD ADVERSELY AFFECT THE COMPANY'S FINANCIAL CONDITIONThe Company's debt maturity schedule as of December 31, 2001 is as follows:Debt Maturity Schedule
As of December 31, 2001
Year $ Millions % of Total 2002 699 12.2 % 2003 306 5.3 % 2004 596 10.4 % 2005 711 12.4 % 2006 440 7.7 % 2007 277 4.8 % 2008 482 8.4 % 2009 414 7.2 % 2010 262 4.6 % 2011+ 1,556 27.0 % Total $ 5,743 100.0 % 14
Financial Covenants Could Adversely Affect the Company's Financial Condition
If a property we own is mortgaged to secure payment of indebtedness and we are unable to meet
14PART Ithe mortgage payments, the holder of the mortgage could foreclose on the property, resulting in loss of income and asset value. Foreclosure on mortgaged properties or an inability to refinance existing indebtedness would likely have a negative impact on our financial condition and results of operations. A foreclosure could also result in our recognition of taxable income without our actually receiving cash proceeds from the disposition of the property with which to pay the tax. This could adversely affect our cash flow and could make it more difficult for us to meet our distribution requirements as a real estate investment trust (a "REIT").The mortgages on our properties may contain customary negative covenants that, among other things, limit our ability, without the prior consent of the lender, to further mortgage the property and to
discontinuereduce or change insurance coverage. In addition, our credit facilities contain certain customary restrictions, requirements and other limitations on our ability to incur indebtedness. Our current $700 million revolving credit facility matures in August 2002 and we will negotiate new covenants when we enter into the new credit facility which we expect will be no more restrictive than those contained in our existing credit facility, although there can be no assurance that our expectations will prove to be accurate. The indentures under which a substantial portion of our debt was issued also contain certain financial and operating covenants including, among other things, maintenance of certain financial ratios, as well as limitations on our ability to incur secured and unsecured indebtedness (including acquisition financing), and to sell all or substantially all of ourassetsassets. Our credit facility andengage in mergers, consolidationsindentures are cross-defaulted andcertain acquisitions. Accordingly, in the event that we are unable to raise additional equity or borrow money because of these restrictions, our ability to acquire additional properties may be limited. If we are unable to acquire additional properties, our ability to increase the distributions to security holders, as we have done in the past, will be limited to management's ability to increase funds from operations, and thereby cash available for distributions, from the existing properties in our portfolio at such time.also contain cross default provisions with other material indebtedness.Some of the properties were financed with tax-exempt bonds that contain certain restrictive covenants or deed restrictions. We have retained an independent outside consultant to monitor compliance with the restrictive covenants and deed restrictions that affect these properties. If these bond compliance requirements
require usrestrict our ability tolowerincrease our rental rates to attract low ormoderate incomemoderate-income tenants, or eligible/qualified tenants, then our income from these properties may be limited.OUR DEGREE OF LEVERAGE COULD LIMIT OUR ABILITY TO OBTAIN ADDITIONAL FINANCING
Our
debtDegree of Leverage Could Limit Our Ability tomarket capitalization ratio (total debt as a percentage of total debt plus the market value of the outstanding common and preferred shares and units)Obtain Additional FinancingOur Consolidated Debt-to-Total Market Capitalization Ratio was approximately
42.75%37.20% as of December 31,1999.2001. We have a policy of incurring indebtedness for borrowed money only through the Operating Partnership and its subsidiaries and only if upon such incurrence our debt to market capitalization ratio would be approximately 50% or less. Our degree of leverage could have important consequences to security holders. For example, the degree of leverage could affect our ability to obtain additional financing in the future for working capital, capital expenditures, acquisitions, development or other general corporate purposes, making us more vulnerable to a downturn in business or the economy generally.RISING INTEREST RATES COULD ADVERSELY AFFECT CASH FLOW
Rising Interest Rates Could Adversely Affect Cash Flow
Advances under our credit facility bear interest at variable rates based upon LIBOR available at various interest periods, plus a certain spread dependent upon the Company's credit rating. Certain public issuances of our senior unsecured debt instruments also, from time to time, bear interest at floating rates. We may also borrow additional money with variable interest rates in the future. Increases in interest rates would increase our interest expenses under these debt instruments and would increase the costs of refinancing existing indebtedness and of issuing new debt. Accordingly, higher interest rates
wouldcould adversely affect cash flow and our ability to service our debt and to make distributions to security holders.15
PART I CONTROL AND INFLUENCE BY SIGNIFICANT SHAREHOLDERS COULD BE EXERCISED IN A MANNER ADVERSE TO OTHER SHAREHOLDERS GENERALControl and Influence by Significant Shareholders Could be Exercised in a Manner Adverse to Other Shareholders
General
As of
March 1, 2000,January 15, 2002, (1) Samuel Zell, the Chairman of the Board of the Company, and certain of the current holders of Units issued to affiliates of Mr. Zellwho contributed 33 properties to us at the time of our initial public offering,owned in the aggregate approximately2.85%3.1% of our common shares (Mr. Zell and these affiliates are described herein as the "Zell Original Owners");(2) certain entities controlled by Starwood Capital Partners LP ("Starwood")andits affiliates, who contributed 23 properties to us at the time of our initial public offering, owned less than 1% of our common shares; and (3)(2) our executive officers and trustees, excluding Mr. Zell (see disclosure above), owned approximately4.37%5.7% of our common shares. These percentages assume all options are exercised for common shares and all Units are converted to common shares. In addition, the consent of certain affiliates of Mr. Zelland Starwoodis required for certain amendments to the Fifth Amended and Restated ERP Operating Limited Partnership Agreement of Limited Partnership (the "Partnership Agreement"). As a result of their security ownership and rights concerning amendments to the Partnership Agreement, Mr. Zelland the Starwood ownersmay have substantial influence over the Company. Although these security holders have not agreed to act together on any matter, they would be in a position to exercise even more influence over the Company's affairs if they were to act together in the future. This influence might be exercised in a manner that is inconsistent with the interests of other security holders.MR. ZELL AND OTHERS ARE EXEMPT FROM THE 5% OWNERSHIP LIMIT GENERALLY APPLICABLE TO SECURITIES HOLDERS In order to maintain its qualification as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"), not more than 50% of the value of the outstanding Shares mayEnvironmental Problems are Possible and can be
owned, directly or indirectly, by five or fewer individuals (as defined in the Code to include certain entities). To assure compliance with this test, our Declaration of Trust restricts the ownership of more than 5% of the lesser of the number or value of the outstanding Shares by any single security holder, subject to certain exceptions. These restrictions do not apply to the ownership of common shares that may be acquired by the holders of Units issued to the Zell Original Owners and the Starwood owners. Additionally, our Declaration of Trust exempts any transferees of such common shares from the 5% ownership limit, provided such transfers do not result in an increased concentration in the ownership. ENVIRONMENTAL PROBLEMS ARE POSSIBLE AND CAN BE COSTLYCostlyFederal, state and local laws and regulations relating to the protection of the environment may require a current or previous owner or operator of real estate to investigate and clean up hazardous or toxic substances or petroleum product releases at such property. The owner or operator may have to pay a governmental entity or third parties for property damage and for investigation and clean-up costs incurred by such parties in connection with the contamination. These laws typically impose clean-up responsibility and liability without regard to whether the owner or operator knew of or caused the presence of the contaminants. Even if more than one person may have been responsible for the contamination each person covered by the environmental laws may be held responsible for all of the clean-up costs incurred. In addition, third parties may sue the owner or operator of a site for damages and costs resulting from environmental contamination emanating from that site.
Environmental laws also govern the presence, maintenance and removal of asbestos. These laws require that owners or operators of buildings containing asbestos properly manage and maintain the asbestos, that they notify and train those who may come into contact with asbestos and that they
16PART Iundertake special precautions, including removal or other abatement, if asbestos would be disturbed during renovation or demolition of a building. These laws may impose fines and penalties on building owners or operators who fail to comply with these requirements and may allow third parties to seek recovery from owners or operators for personal injury associated with exposure to asbestos fibers.Substantially all of our properties have been the subject of environmental assessments completed by qualified independent environmental consultant companies. These environmental assessments have not revealed, nor are we aware of, any environmental liability that our management believes would have a material adverse effect on our business, results of operations, financial condition or liquidity.
Recently there has been an increasing number of lawsuits against owners and managers of multifamily properties other than the Company alleging personal injury and property damage caused by the presence of mold in residential real estate. Some of these lawsuits have resulted in substantial monetary judgments or settlements. Insurance carriers have reacted to these liability awards by excluding mold related claims from standard policies and pricing mold endorsements at prohibitively high rates. We have adopted programs designed to minimize the existence of mold in any of our properties as well as guidelines for promptly addressing and resolving reports of mold to minimize any impact mold might have on residents or the property.
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We cannot
assure yoube assured that existing environmental assessments of our properties reveal all environmental liabilities, that any prior owner of any of our properties did not create a material environmental condition not known to us, or that a material environmental condition does not otherwise exist as to any one or more of our properties.OUR PERFORMANCE AND SHARE VALUE ARE SUBJECT TO RISKS ASSOCIATED WITH THE REAL ESTATE INDUSTRY GENERALOur Performance and Share Value are Subject to Risks Associated with the Real Estate Industry
General
Real property investments are subject to varying degrees of risk and are relatively illiquid. Several factors may adversely affect the economic performance and value of our properties. These factors include changes in the national, regional and local economic climate, local conditions such as an oversupply of multifamily properties or a reduction in demand for our multifamily properties, the attractiveness of our properties to tenants, competition from other available multifamily property owners and changes in market rental rates. Our performance also depends on our ability to collect rent from tenants and to pay for adequate maintenance, insurance and other operating costs, including real estate taxes, which could increase over time. Also, the expenses of owning and operating a property are not necessarily reduced when circumstances such as market factors and competition cause a reduction in income from the property.
WE MAY BE UNABLE TO RENEW LEASES OR RELET SPACE AS LEASES EXPIRE
We May be Unable to Renew Leases or Relet Units as Leases Expire
When our
tenantsresidents decide not to renew their leases upon expiration, we may not be able to relet theirspace.units. Even if thetenantsresidents do renew or we can relet thespace,units, the terms of renewal or reletting may be less favorable than current lease terms. Because virtually all of our leases are for apartments, they are generally for terms of no more than one year. If we are unable to promptly renew the leases or relet thespace,units, or if the rental rates upon renewal or reletting are significantly lower than expected rates, then our results of operations and financial condition will be adversely affected. Consequently, our cash flow and ability to service debt and make distributions to security holders would be reduced.NEW ACQUISITIONS OR DEVELOPMENTS MAY FAIL TO PERFORM AS EXPECTED AND COMPETITION FOR ACQUISITIONS MAY RESULT IN INCREASED PRICES FOR PROPERTIES
New Acquisitions or Developments May Fail to Perform as Expected and Competition for Acquisitions May Result in Increased Prices for Properties
We intend to continue to actively acquire
orand develop multifamily properties. Newly acquired or developed properties may fail to perform as expected. We may underestimate the costs necessary to bring an acquired property up to standards established for its intended market position or to develop a property. Additionally, we expect that other major real estate investors with significant capital will compete with us for attractive investmentopportunities.opportunities or may also develop properties in markets where we focus our development efforts. This competitionhas increasedmay increase prices for multifamily properties. We may not be in a position or have the opportunity in the future to make suitable property acquisitions on favorable terms.17PART I BECAUSE REAL ESTATE INVESTMENTS ARE ILLIQUID, WE MAY NOT BE ABLE TO SELL PROPERTIES WHEN APPROPRIATE
Because Real Estate Investments Are Illiquid, We May Not Be Able To Sell Properties When Appropriate
Real estate investments generally cannot be sold quickly. We may not be able to
varychange our portfolio promptly in response to economic or other conditions. This inability to respond promptly to changes in the performance of our investments could adversely affect our financial condition and ability to make distributions to our security holders.CHANGES IN LAWS COULD AFFECT OUR BUSINESS
Changes in Laws Could Affect Our Business
We are generally not able to pass through to our
tenantsresidents under existing leasesincreases inreal estate taxes, income taxes and service or other taxes. Consequently, any such tax increases may adversely affect our financial condition and limit our ability to make distributions to our security holders. Similarly, changes17
that increase our potential liability under environmental laws or our expenditures on environmental compliance would adversely affect our cash flow and ability to make distributions on our securities.
SHAREHOLDERS' ABILITY TO EFFECT CHANGES IN CONTROL OF THE COMPANY IS LIMITED PROVISIONS OF OUR DECLARATION OF TRUST AND BYLAWS COULD INHIBIT CHANGES IN CONTROLShareholders' Ability to Effect Changes in Control of the Company is Limited
Provisions of Our Declaration of Trust and Bylaws Could Inhibit Changes in Control
Certain provisions of our Declaration of Trust and Bylaws may delay or prevent a change in control of the Company or other transactions that could provide the security holders with a premium over the then-prevailing market price of their securities or which might otherwise be in the best interest of our security holders. These include a staggered Board of Trustees and the 5% Ownership Limit described below. See
"--We"—We Have a Share Ownership Limit for REIT Tax Purposes." Also, any future series of preferred shares of beneficial interest may have certain voting provisions that could delay or prevent a change of control or other transactions that might otherwise be in the interest of our security holders.WE HAVE A SHARE OWNERSHIP LIMIT FOR
We Have a Share Ownership Limit for REIT
TAX PURPOSESTax PurposesTo remain qualified as a REIT for federal income tax purposes, not more than 50% in value of our outstanding Shares may be owned, directly or indirectly, by five or fewer individuals at any time during the last half of any year. To facilitate maintenance of our REIT qualification, our Declaration of Trust, subject to certain exceptions, prohibits ownership by any single shareholder of more than 5% of the lesser of the number or value of the outstanding class of common or preferred shares.
See "--Control and Influence by Significant Shareholders--Mr. Zell and Others are Exempt from the 5% Ownership Limit Generally Applicable to Securities Holders."We refer to this restriction as the "Ownership Limit." Absent any exemption or waiver granted by our Board of Trustees, securities acquired or held in violation of the Ownership Limit will be transferred to a trust for the exclusive benefit of a designated charitable beneficiary, and the security holder's rights to distributions and to vote would terminate. A transfer of Shares may be void if it causes a person to violate the Ownership Limit. The Ownership Limit could delay or prevent a change in control and, therefore, could adversely affect our security holders' ability to realize a premium over the then-prevailing market price for their Shares.OUR PREFERRED SHARES OF BENEFICIAL INTEREST MAY AFFECT CHANGES IN CONTROL
Our Preferred Shares of Beneficial Interest May Affect Changes in Control
Our Declaration of Trust authorizes the Board of Trustees to issue up to 100 million preferred shares of beneficial interest, and to establish the preferences and rights (including the right to vote and the right to convert into common shares) of any preferred shares issued. The Board of Trustees may use its powers to issue preferred shares and to set the terms of such securities to delay or prevent a change in control of the Company, even if a change in
18PART Icontrol were in the interest of security holders. As of December 31,1999, 25,085,6522001, 11,344,521 preferred shares were issued and outstanding.INAPPLICABILITY OF MARYLAND LAW LIMITING CERTAIN CHANGES IN CONTROL
Inapplicability of Maryland Law Limiting Certain Changes in Control
Certain provisions of Maryland law applicable to real estate investment trusts prohibit "business combinations" (including certain issuances of equity securities) with any person who beneficially owns ten percent or more of the voting power of outstanding securities, or with an affiliate who, at any time within the two-year period prior to the date in question, was the beneficial owner of ten percent or more of the voting power of the trust's outstanding voting securities (an "Interested Shareholder"), or with an affiliate of an Interested Shareholder. These prohibitions last for five years after the most recent date on which the Interested Shareholder became an Interested Shareholder. After the five-year period, a business combination with an Interested Shareholder must be approved by two super-majority shareholder votes unless, among other conditions,
the trust'sholders of common shares receive a minimum price for their shares and the consideration is received in cash or in the same form as previously paid by the Interested Shareholder for its common shares. As permitted by Maryland law, however, the Board of Trustees of the Company has opted out of these restrictions with respect to any business combination18
involving the Zell Original Owners and persons acting in concert with any of the Zell Original Owners. Consequently, the five-year prohibition and the super-majority vote requirements will not apply to a business combination involving us
andand/or any of them. Such business combinations may not be in the best interest of our security holders.OUR SUCCESS AS AOur Success as a REIT
IS DEPENDENT ON COMPLIANCE WITH FEDERAL INCOME TAX REQUIREMENTS OUR FAILURE TO QUALIFY AS Ais Dependent on Compliance With Federal Income Tax Requirements
Our Failure to Qualify as a REIT
WOULD HAVE SERIOUS ADVERSE CONSEQUENCES TO OUR SECURITY HOLDERSWould Have Serious Adverse Consequences to Our Security HoldersWe believe that we have qualified for taxation as a REIT for federal income tax purposes since our taxable year ended December 31,
1992.1992 based, in part, upon opinions of tax counsel received whenever we have issued equity securities or engaged in significant merger transactions. We plan to continue to meet the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. We cannot, therefore, guarantee that we have qualified or will qualify in the future as a REIT. The determination that we are a REIT requires an analysis of various factual matters that may not be totally within our control. For example, to qualify as a REIT, at least 95% of our gross income must come from sources that are itemized in the REIT tax laws. We are also required to distribute to security holders at least95%90% of our REIT taxable income excluding capital gains. The fact that we hold our assets through ERP Operating Limited Partnership and its subsidiaries further complicates the application of the REIT requirements. Even a technical or inadvertent mistake could jeopardize our REIT status. Furthermore, Congress and the IRS might make changes to the tax laws and regulations, and the courts might issue new rulings that make it more difficult, or impossible, for us to remain qualified as a REIT. We do not believe, however, that any pending or proposed tax law changes would jeopardize our REIT status.If we fail to qualify as a REIT, we would be subject to federal income tax at regular corporate rates. Also, unless the IRS granted us relief under certain statutory provisions, we would remain disqualified as a REIT for four years following the year we first failed to qualify. If we fail to qualify as a REIT, we would have to pay significant income taxes. We, therefore, would have less money available for investments or for distributions to security holders. This would likely have a significant adverse affect on the value of our securities. In addition, we would no longer be required to make any distributions to security holders.
19PART I WE COULD BE DISQUALIFIED AS A
We could be Disqualified as a REIT
OR HAVE TO PAY TAXES IF OUR MERGER PARTNERS DID NOT QUALIFY AS REIT'Sor Have to Pay Taxes if Our Merger Partners Did Not Qualify as REIT'sIf any of our recent merger partners had failed to qualify as a REIT throughout the duration of their existence, then they might have had undistributed "C corporation earnings and profits" at the time of their merger with us. If that was the case and we did not distribute those earnings and profits prior to the end of the year in which the merger took place, we might not qualify as a REIT. We believe based upon opinions of legal counsel received pursuant to the terms of our merger agreements, among other things, that each of our merger partners qualified as a REIT and that, in any event, none of them had any undistributed "C corporation earnings and profits" at the time of their merger with us. If any of our merger partners failed to qualify as a REIT, an additional concern would be that they would have recognized taxable gain at the time they were merged with us. We would be liable for the tax on such gain. In this event, we would have to pay corporate income tax on any gain existing at the time of the applicable merger on assets acquired in the merger if the assets are sold within ten years of the merger. Finally, we could be precluded from electing REIT status for up to four years after the year in which the predecessor entity failed to qualify for REIT status.
OTHER TAX LIABILITIES19
Other Tax Liabilities
Even if we qualify as a REIT, we will be subject to certain federal, state and local taxes on our income and property. In addition, our third-party management operations, which are conducted through subsidiaries, generally will be subject to federal income tax at regular corporate rates.
WE DEPEND ON OUR KEY PERSONNELWe Depend on Our Key Personnel
We depend on the efforts of the Chairman of our Board of Trustees, Samuel Zell, and our executive officers, particularly Douglas Crocker II and Gerald A. Spector. If they resign, our operations could be temporarily adversely effected. Mr. Zell and Mr. Crocker have entered into executive compensation agreements and retirement benefit agreements with the Company. Mr. Crocker and Mr. Spector have entered into Deferred Compensation Agreements with the Company
whichthat under certain conditions could provide both with a salary benefit after their respective termination of employment with the Company. In addition, Mr. Zell, Mr. Crocker and Mr. Spector have entered into Noncompetition Agreements with the Company.COMPLIANCE WITHOn August 23, 2001, the Company announced that it commenced an executive search for a new President as a part of its long-term succession planning effort.Compliance with REIT
DISTRIBUTION REQUIREMENTS MAY AFFECT OUR FINANCIAL CONDITION DISTRIBUTION REQUIREMENTS MAY INCREASE THE INDEBTEDNESS OF THE COMPANYDistribution Requirements May Affect Our Financial Condition
Distribution Requirements May Increase the Indebtedness of the Company
We may be required from time to time, under certain circumstances, to accrue as income for tax purposes interest and rent earned but not yet received. In such event, or upon our repayment of principal on debt, we could have taxable income without sufficient cash to enable us to meet the distribution requirements of a REIT. Accordingly, we could be required to borrow funds or liquidate investments on adverse terms in order to meet these distribution requirements.
WE ARE DEPENDENT ON EXTERNAL SOURCES OF CAPITAL Because of our annual REIT distribution requirements, we may not be able to fund all future capital needs, including for acquisitions and developments, from income generated by operations and the disposition of certain assets. We therefore may have to rely on third-party sources of capital, which may or may not be available on favorable terms or at all. Our access to third-party sources of capital depends on a number of things, including the market's perception of our growth potential and our current and potential future earnings. Moreover, additional equity offerings, if pursued, may result in dilution of security holders' interests, and additional debt financing may increase our leverage. 20PART I FEDERAL INCOME TAX CONSIDERATIONS GENERALFederal Income Tax Considerations
General
The following discussion summarizes
all ofthe federal income tax considerations material to a holder of common shares. It is not exhaustive of all possible tax considerations. For example, it does not give a detailed discussion of any state, local or foreign tax considerations. The following discussion also does not address all tax matters that may be relevant to prospective shareholders in light of their particular circumstances. Moreover, it does not address all tax matters that may be relevant to shareholders who are subject to special treatment under the tax laws, such as insurance companies, tax-exempt entities, financial institutions or broker-dealers, foreign corporations and persons who are not citizens or residents of the United States.The specific tax attributes of a particular shareholder could have a material impact on the tax considerations associated with the purchase, ownership and disposition of common shares. Therefore, it is essential that each prospective shareholder consult with his or her own tax advisors with regard to the application of the federal income tax laws to the shareholder's personal tax situation, as well as any tax consequences arising under the laws of any state, local or foreign taxing jurisdiction.
OUR TAXATIONThe information in this section is based on the current Internal Revenue Code, current, temporary and proposed Treasury regulations, the legislative history of the Internal Revenue Code, current administrative interpretations and practices of the Internal Revenue Service, including its practices and policies as set forth in private letter rulings, which are not binding on the Internal Revenue Service, and existing court decisions. Future legislation, regulations, administrative interpretations and court decisions could change current law or adversely affect existing interpretations of current law. Any change could apply retroactively. Thus, it is possible that the Internal Revenue Service could challenge
20
the statements in this discussion, which do not bind the Internal Revenue Service or the courts, and that a court could agree with the Internal Revenue Service.
Our Taxation
We elected REIT status beginning with the year that ended December 31, 1992. In any year in which we qualify as a REIT, we generally will not be subject to federal income tax on the portion of our REIT taxable income or capital gain that we distribute to our shareholders. This treatment substantially eliminates the double taxation that applies to most corporations, which pay a tax on their income and then distribute dividends to shareholders who are in turn taxed on the amount they receive.
However, weWe will be subject, however, to federal income tax at regular corporate rates upon our REIT taxable income or capital gain that we do not distribute to our shareholders.
We also may be subject to the corporate "alternate minimum tax" on items of preference under this alternative tax regime.In addition, we will be subject to a 4% excise tax if we do not satisfy specific REIT distribution requirements. We could also be subject to the "alternative minimum tax" on our items of tax preference. In addition, any net income from "prohibited transactions" (i.e., dispositions of property, other than property held by a taxable REIT subsidiary, held primarily for sale to customers in the ordinary course of business) will be subject to a 100% tax. We could also be subject to a 100% penalty tax on certain payments received from or on certain expenses deducted by a taxable REIT subsidiary if certain rules enacted as part of the REIT Modernization Act of 1999 are not complied with. Moreover, we may be subject to taxes in certain situations and on certain transactions that we do not presently contemplate.We believe that we have qualified as a REIT for all of our taxable years beginning with 1992. We also believe that our current structure and method of operation is such that we will continue to qualify as a REIT. However, given the complexity of the REIT qualification requirements, we cannot provide any assurance that the actual results of our operations have satisfied or will satisfy the requirements under the Internal Revenue Code for a particular year.
If we fail to qualify for taxation as a REIT in any taxable year, we will be subject to tax on our taxable income at regular corporate rates. We also may be subject to the corporate "alternate minimum tax." As a result, our failure to qualify as a REIT would significantly reduce the cash we have available to distribute to our shareholders. Unless entitled to statutory relief, we would be disqualified from qualification as a REIT for the four taxable years following the year during which qualification was lost. It is not possible to state whether we would be entitled to statutory relief.
Tax legislation has recently been enacted which is intended to allow REITs to have greater flexibility in engaging in activities which previously had been prohibited by the REIT rules. Among these changes was the establishment of "taxable REIT subsidiaries" or "TRSs" which are corporations subject to tax as a regular "C" corporation. Generally, a taxable REIT subsidiary can own assets that cannot be owned by a REIT and can perform impermissible tenant services (discussed below) which would otherwise taint our rental income under the REIT income tests. In enacting the taxable REIT subsidiary rules, Congress intended that the arrangements between a REIT and its taxable REIT subsidiaries be structured to ensure that a taxable REIT subsidiary will be subject to an appropriate level of federal income taxation. As a result, the Act imposes certain limits on the ability of a taxable REIT subsidiary to deduct interest payments made to us. In addition, we will be obligated to pay a 100% penalty tax on some payments that we receive or on certain expenses deducted by the taxable REIT subsidiary if the economic arrangements between the REIT, the REIT's tenants and the taxable REIT subsidiary are not comparable to similar arrangements among unrelated parties.
Our qualification and taxation as a REIT depend on our ability to satisfy various requirements under the Internal Revenue Code. We are required to satisfy these requirements on a continuing basis through actual annual operating and other results.
These21
Share Ownership Test and Organizational Requirement. In order to qualify as a REIT, our shares of beneficial interest must be held by a minimum of 100 persons for at least 335 days of a taxable year that is 12 months, or during a proportionate part of a taxable year of less than 12 months. Also, not more than 50% in value of our shares of beneficial interest may be owned directly, or indirectly by applying certain constructive ownership rules, by five or fewer individuals during the last half of each taxable year. In addition, we must meet certain other organizational requirements,
relateincluding, but not limited to, that (i) thesourcesbeneficial ownership in us is evidenced by transferable shares and (ii) we are managed by one or more trustees. We believe that we have satisfied all of these tests and all other organizational requirements and that we will continue to do so in the future. In order to help comply with the 100 person test and the 50% share ownership test discussed above, we have placed certain restrictions on the transfer of our shares that are intended to prevent further concentration of share ownership. However, such restrictions may not prevent us from failing these requirements, and thereby failing to qualify as a REIT.Gross Income Tests. To qualify as a REIT, we must satisfy two gross income tests. First, at least 75% of our gross income
the compositionfor each taxable year must be derived directly or indirectly from investments in real estate and/or real estate mortgage, dividends paid by another REIT and from some types of temporary investments. Second, at least 95% of ourassets,gross income for each taxable year must be derived from any combination of income qualifying under the 75% test and dividends, non-real estate mortgage interest, some payments under hedging instruments and gain from the sale or disposition of stock or securities. To qualify as rents from real property for the purpose of satisfying the gross income tests, rental payments must generally be received from unrelated persons and not be based on the net income of the tenant. Also, the rent attributable to personal property must not exceed 15% of the total rent. We may generally provide services to tenants without "tainting" our rental income only if such services are "usually or customarily rendered" in connection with the rental of real property and not otherwise considered "impermissible services". If such services are impermissible, then we may generally provide them only if they are considered de minimis in amount, or are provided through an independent contractor from whom we derive no revenue and that meets other requirements, or through a taxable REIT subsidiary. We believe that services provided to tenants by us either are usually or customarily rendered in connection with the rental ofdividendsreal property and not otherwise considered impermissible, or, if considered impermissible services, will meet the de minimis test or will be provided by an independent contractor or taxable REIT subsidiary. However, wepay to shareholders,cannot provide any assurance that thediversityInternal Revenue Service will agree with these positions.Asset Tests. In general, at the close of each quarter of our
share ownership, and other aspects of our operations. The purpose of these requirements is to allow the tax benefit of REIT status only to companies that: (a) primarily own, and primarily derive income from, real estate-related assets and certain other assets which are passive in nature, and (b) distribute 95% of thetaxableincome, computed without regard to net capital gain, to shareholders. 21PART I On December 17, 1999, as part of a larger bill, the President signed into law the REIT Modernization Act ("RMA"). Effective beginning January 1, 2001, the RMA will amend the tax rulesyear, we must satisfy four tests relating to thecompositionnature ofa REIT's assets. Under current law,our assets: (1) at least 75% of the value of our total assets must be represented by real estate assets (which include for this purpose shares in other real estate investment trusts) and certain cash related items; (2) not more than 25% of our total assets may be represented by securities other than those in the 75% asset class; (3) except for equity investments in other REITs, qualified REIT subsidiaries (i.e., corporations owned 100% by a REITis precluded from owning more than 10% ofthat are not TRSs or REITs), or taxable REIT subsidiaries: (a) theoutstanding voting securitiesvalue of any oneissuer, other than a whollyissuer's securities ownedsubsidiary or another REIT. Beginning in 2001, a REIT will remain subject toby us may not exceed 5% of thecurrent restrictionvalue of our total assets andbe precluded from owning(b) we may not own more than 10% of the value ofall classesor the voting securities of any oneissuer. There is an exception to this prohibition. A REIT will be allowed to own up to 100% of the securities of a taxable REIT subsidiary ("TRS") that can provide services to REIT tenantsissuer; andothers without disqualifying the rents that a REIT receives from its tenants. However, no(4) not more than 20% ofthe value of a REIT'sour total assetscanmay be represented by securities of one or moreTRS. The amounttaxable REIT subsidiaries. Securities for purposes of the asset tests may include debtand rental payments from a TRS to a REIT will be limited to ensuresecurities. We currently own equity interests in certain entities thata TRS is subject to an appropriate level of corporate tax. The new 10% asset test will not apply to certain arrangements (including third party subsidiaries) in place on July 12, 1999, provided that a subsidiary does not engage in a "substantial" new line of business, its existing business does not increase, and a REIT does not acquire any new securities in the subsidiary. Under the RMA, a third party subsidiary will be able to convert tax free into a TRS. In addition to the above legislative changes, effective January 1, 2001, the distribution of taxable income requirement of a REIT will be reduced from 95% to 90%. Further, effective January 1, 2001, the 15% personal property test (which generally requires that the adjusted basis of a REIT's personal property not exceed 15% of its real and personal property in order for incomehave elected to beconsidered rents from real property) will be based on fair market values instead of adjustedtaxed as REITs for federal income taxbasis. We believe that we have qualifiedpurposes and are not publicly traded. If any such entity were to fail to qualify as a REIT,for all of our taxable years beginning with 1992. We also believe that our current structurewe would not meet the 10% voting stock limitation andmethod of operation is such thatthe 10% value limitation and wewill continuewould fail to qualify as a REIT. We believe that we and each of the REITs we own an interest in have and will comply with the foregoing asset tests for REIT qualification. However, we cannotguaranteeprovide any assurance thatthe actual results of our operations have satisfied or will satisfy the requirements underthe Internal RevenueCode. Piper, Marbury, Rudnick & Wolfe,Service might not disagree with ourspecial tax counsel, will provide an opinion to the effect that we were organized and have operated in conformity with the requirements for qualification and taxationdeterminations.22
Annual Distribution Requirements. To qualify as a REIT,
underwe are generally required to distribute dividends, other than capital gain dividends, to our shareholders each year in an amount at least equal to 90% (95% for taxable years prior to 2001) of our REIT taxable income. These distributions must be paid either in the taxable year to which they relate, or in the following taxable year if declared before we timely file our tax return for the prior year and if paid with or before the first regular dividend payment date after the declaration is made. We intend to make timely distributions sufficient to satisfy our annual distribution requirements. To the extent that we do not distribute all of our net capital gain or distribute at least 90%, but less than 100% of our REIT taxable income, as adjusted, we are subject to tax on these amounts at regular corporate rates. We will be subject to a 4% excise tax on the excess of the required distribution over the sum of amounts actually distributed and amounts retained for which federal income tax was paid, if we fail to distribute during each calendar year at least the sum of: (1) 85% of our REIT ordinary income for the year; (2) 95% of our REIT capital gain net income for the year; and (3) any undistributed taxable income from prior taxable years. A REIT may elect to retain rather than distribute all or a portion of its net capital gains and pay the tax on the gains. In that case, a REIT may elect to have its shareholders include their proportionate share of the undistributed net capital gains in income as long-term capital gains and receive a credit for their share of the tax paid by the REIT. For purposes of the 4% excise tax described above, any retained amounts would be treated as having been distributed.Ownership of Partnership Interests By Us. As a result of our ownership of the Operating Partnership, we will be considered to own and derive our proportionate share of the assets and items of income of the Operating Partnership, respectively, for purposes of the REIT asset and income tests, including its share of assets and items of income of any subsidiaries that are partnerships or limited liability companies, provided that the Operating Partnership is taxed as a partnership and not as a "C" corporation for federal tax purposes. Under the Internal Revenue Code, publicly traded partnerships are generally taxed as "C" corporations, unless at least 90% of their gross income consists of "qualifying income," such as interest, dividends, real property rents, and gains from the sale or other disposition of real property held for
eachinvestment. If the Operating Partnership at any time were considered a publicly traded partnership and did not satisfy the 90% qualifying income test, then it would be taxed as a corporation for federal income tax purposes which would jeopardize our status as a REIT. A partnership is a "publicly traded partnership" if interests in such partnership are either traded on an established securities market or are "readily tradable on a secondary market." We believe that the Operating Partnership and all other partnerships in which we own an interest are not publicly traded partnerships. It is possible, however, that the IRS could successfully assert that the Operating Partnership is a publicly traded partnership as a result ofour taxable years beginning in 1992. The opinion will also providethe redemption right afforded to limited partners of the Operating Partnership. However, even if the Operating Partnership is classified as a publicly traded partnership, we believe thatour current organization and method of operation should enable usthe Operating Partnership satisfies the 90% gross income test necessary tocontinue to meet the requirements for qualification andavoid taxation as aREIT. It must"C" corporation and, as a result, such determination would not adversely affect our REIT status.Our Management Company and Other Subsidiaries. A small portion of the cash to be
emphasizedused by the Operating Partnership to fund distributions to us is expected to come from payments of dividends from management companies and other subsidiaries of the Company that have elected TRS status. These companies pay federal and state income tax at theopinionfull applicable corporate rates. They will attempt to minimize the amount of these taxes, but we cannot guarantee whether or the extent to, which measures taken to minimize these taxes, will bebasedsuccessful. To the extent that these companies are required to pay taxes, the cash available for distribution from these management companies by us to shareholders will be reduced accordingly.State and Local Taxes. We may be subject to state or local taxation in various jurisdictions, including those in which we transact business or reside. Our state and local tax treatment may not conform to the federal income tax consequence discussed above. Consequently, prospective
23
shareholders should consult their own tax advisors regarding the effect of state and local tax laws on
various assumptions and factual representations relatingan investment in common shares.
Taxation of Domestic Shareholders Subject to
our organization and our prior and expected operations. In each case, these representations include representations about our predecessors. Piper, Marbury, Rudnick & Wolfe will not review our compliance with these requirements on a continuing basis. TAXATION OF TAXABLE DOMESTIC SHAREHOLDERSU.S. TaxGeneral. If we qualify as a REIT, distributions made to our taxable domestic shareholders with respect to their common shares, other than capital gain distributions, will be treated as ordinary income to the extent that the distributions come out of earnings and profits. These distributions will not be eligible for the dividends received deduction for shareholders that are corporations. In determining whether distributions are out of earnings and profits, we will allocate our earnings and profits first to preferred shares and second to the common shares.
We cannot guarantee that we will have sufficient earnings and profits to cover distributions on the preferred shares.To the extent we make distributions to our taxable domestic shareholders in excess of our earnings and profits, such distributions will be considered a return of capital. Such distributions will be
22PART Itreated as a tax free distribution and will reduce the tax basis of a shareholder's common shares by the amount of the distribution so treated. To the extent that such distributions cumulatively exceed a taxable domestic shareholder's tax basis, such distributions are taxable as a gain from the sale of his shares. Shareholders may not include in their individual income tax returns any of our net operating losses or capital losses.Distributions made by us that we properly designate as capital gain dividends will be taxable to taxable domestic shareholders as gain from the sale or exchange of a capital asset held for more than one year. This treatment applies only to the extent that the designated distributions do not exceed our actual net capital gain for the taxable year. It applies regardless of the period for which a domestic shareholder has held his or her common shares. Despite this general rule, corporate shareholders may be required to treat up to 20% of certain capital gain dividends as ordinary income.
Generally, we will classify a portion of our designated capital gains dividend as a 20% rate gain distribution and the remaining portion as an unrecaptured Section 1250 gain distribution. As the names suggest, a 20% rate gain distribution would be taxable to taxable domestic shareholders that are individuals, estates or trusts at a maximum rate of 20%. An unrecaptured Section 1250 gain distribution would be taxable to taxable domestic shareholders that are individuals, estates or trusts at a maximum rate of 25%.
If, for any taxable year, we elect to designate as capital gain dividends any portion of the dividends paid or made available for the year to holders of all classes of shares of beneficial interest, then the portion of the capital gains dividends that will be allocable to the holders of common shares will be the total capital gain dividends multiplied by a fraction. The numerator of the fraction will be the total dividends paid or made available to the holders of the common shares for the year. The denominator of the fraction will be the total dividends paid or made available to holders of all classes of shares of beneficial interest.
In general, a shareholder will recognize gain or loss for federal income tax purposes on the sale or other disposition of common shares in an amount equal to the difference between:
- (a)
- the amount of cash and the fair market value of any property received in the sale or other
disposition,disposition; and- (b)
- the shareholder's adjusted tax basis in the common shares.
The gain or loss will be capital gain or loss if the common shares were held as a capital asset. Generally, the capital gain or loss will be long-term capital gain or loss if the common shares were held for more than one year. The Taxpayer Relief Act of 1997 allows the IRS to issue regulations
relatingthat would apply a capital gains tax rate of 25% to a portion of themanner in whichcapital gainrates will apply to salesrealized by a noncorporate holder ofcapital assets by REIT's and to sales of interests in REIT's.REIT Shares. The IRS has not issued these regulations. However, if the IRS does issue these regulations, they could affect the taxation of gain and loss realized on the disposition of common24
shares. Shareholders are urged to consult with their own tax advisors with respect to the impact of such rules
contained in the Taxpayer Relief Act.on their capital gains tax.In general, a loss recognized by a shareholder upon the sale of common shares that were held for six months or less, determined after applying certain holding period rules, will be treated as long-term capital loss to the extent that the shareholder received distributions that were treated as long-term capital gains. For shareholders who are individuals, trusts and estates, the long-term capital loss will be apportioned among the applicable long-term capital gain rates to the extent that distributions received by the shareholder were previously so treated.
23PART IWe may elect to retain (rather than distribute as is generally required) net capital gain for a taxable year and pay the income tax on that gain. If we make this election, shareholders must include in income, as long-term capital gain, their proportionate share of the undistributed net capital gain. Shareholders will be treated as having paid their proportionate share of the tax paid by us on these gains. Accordingly, they will receive a credit or refund for the amount. Shareholders will increase the basis in their common shares by the difference between the amount of capital gain included in their income and the amount of the tax they are treated as having paid. Our earnings and profits will be adjusted appropriately.
TAXATION OF TAX-EXEMPT SHAREHOLDERS
Taxation of Domestic Tax-Exempt Shareholders
Most tax-exempt organizations are not subject to federal income tax except to the extent of their unrelated business taxable income, which is often referred to as
UBIT.UBTI. Unless a tax-exempt shareholder holds its common shares as debt financed property or uses the common shares in an unrelated trade or business, distributions to the shareholder should not constituteUBIT.UBTI. Similarly, if a tax-exempt shareholder sells common shares, the income from the sale should not constituteUBITUBTI unless the shareholder held the shares as debt financed property or used the shares in a trade or business.However, for tax-exempt shareholders that are social clubs, voluntary employee benefit associations, supplemental unemployment benefit trusts, and qualified group legal services plans, income from owning or selling common shares will constitute
UBITUBTI unless the organization is able to properly deduct amounts set aside or placed in reserve so as to offset the income generated by its investment in common shares. These shareholders should consult their own tax advisors concerning these set aside and reserve requirements which are set forth in the Internal Revenue Code.In addition, certain pension trusts that own more than 10% of a
pension-held REIT"pension-held REIT" must report a portion of the distributions that they receive from the REIT asUBIT.UBTI. We have not been and do not expect to be treated as a pension-held REIT for purposes of this rule.TAXATION OF FOREIGN SHAREHOLDERS
Taxation of Foreign Shareholders
The following is a discussion of certain anticipated United States federal income tax consequences of the ownership and disposition of common shares applicable to a foreign shareholder.
It is based on current law and is for general information only. AFor purposes of this discussion, a "foreign shareholder" is any person other than:
- (a)
- a citizen or resident of the United
States,States;- (b)
- a corporation or partnership created or organized in the United States or under the laws of the United States or of any state
thereof,thereof; or- (c)
- an estate or trust whose income is includable in gross income for United States federal income tax purposes regardless of its source.
Distributions by Us. Distributions by us to a foreign shareholder that are neither attributable to gain from sales or exchanges by us of United States real property interests nor designated by us as capital gains dividends will be treated as dividends of ordinary income to the extent that they are made out of our earnings and profits. These distributions ordinarily will be subject to withholding of United
25
States federal income tax on a gross basis at a 30% rate, or a lower treaty rate, unless the dividends are treated as effectively connected with the conduct by the foreign shareholder of a United States trade or business. Please note that under certain treaties lower withholding rates generally applicable to dividends do not apply to dividends from REIT's. Dividends that are effectively connected with a United States trade or business will be subject to tax on a net basis at graduated rates, and are generally not subject to
24PART Iwithholding. Certification and disclosure requirements must be satisfied before a dividend is exempt from withholding under this exemption. A foreign shareholder that is a corporation also may be subject to an additional branch profits tax at a 30% rate or a lower treaty rate.We expect to withhold United States income tax at the rate of 30% on any distributions made to a foreign shareholder unless:
- (a)
- a lower treaty rate applies and any required form or certification evidencing eligibility for that reduced rate is filed with
us,us; or- (b)
- the foreign shareholder files an IRS Form
4224W-8ECI with us claiming that the distribution is effectively connected income.A distribution in excess of our current or accumulated earnings and profits will not be taxable to a foreign shareholder to the extent that the distribution does not exceed the adjusted basis of the shareholder's common shares. Instead, the distribution will reduce the adjusted basis of the common shares. To the extent that the distribution exceeds the adjusted basis of the common shares, it will give rise to gain from the sale or exchange of the shareholder's common shares. The tax treatment of this gain is described below.
As a result of a legislative change made by the Small Business Job Protection Act of 1996,
it appears thatwewillmay be required to withhold 10% of any distribution in excess of our earnings and profits. Consequently, although we intend to withhold at a rate of 30%, or a lower applicable treaty rate, on the entire amount of any distribution, to the extent that we do not do so, distributions will be subject to withholding at a rate of 10%. However, a foreign shareholder may seek a refund of the withheld amount from the IRS if it subsequently determined that the distribution was, in fact, in excess of our earnings and profits, and the amount withheld exceeded the foreign shareholder's United States tax liability with respect to the distribution.Distributions to a foreign shareholder that we designate at the time of the distributions as capital gain dividends, other than those arising from the disposition of a United States real property interest, generally will not be subject to United States federal income taxation unless:
- (a)
- the investment in the common shares is effectively connected with the foreign shareholder's United States trade or business, in which case the foreign shareholder will be subject to the same treatment as domestic shareholders, except that a shareholder that is a foreign corporation may also be subject to the branch profits tax, as discussed
above,above; or- (b)
- the foreign shareholder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and has a "tax home" in the United States, in which case the nonresident alien individual will be subject to a 30% tax on the individual's capital gains.
Under the Foreign Investment in Real Property Tax Act, which is known as FIRPTA, distributions to a foreign shareholder that are attributable to gain from sales or exchanges of United States real property interests will cause the foreign shareholder to be treated as recognizing the gain as income effectively connected with a United States trade or business. This rule applies whether or not a distribution is designated as a capital gain dividend. Accordingly, foreign shareholders generally would be taxed on these distributions at the same rates applicable to U.S. shareholders, subject to a special alternative minimum tax in the case of nonresident alien individuals. In addition, a foreign corporate shareholder might be subject to the branch profits tax discussed above. We are required to withhold
26
35% of these distributions. The withheld amount can be credited against the foreign shareholder's United States federal income tax liability.
25PART IAlthough the law is not entirely clear on the matter, it appears that amounts we designate as undistributed capital gains in respect of the common shares held by U.S. shareholders would be treated with respect to foreign shareholders in the same manner as actual distributions of capital gain dividends. Under that approach, foreign shareholders would be able to offset as a credit against the United States federal income tax liability their proportionate share of the tax paid by us on these undistributed capital gains. In addition, foreign shareholders would be able to receive from the IRS a refund to the extent their proportionate share of the tax paid by us were to exceed their actual United States federal income tax liability.
SALES OF COMMON SHARES.Sales of Common Shares. Gain recognized by a foreign shareholder upon the sale or exchange of common shares generally will not be subject to United States taxation unless the shares constitute a "United States real property interest" within the meaning of FIRPTA. The common shares will not constitute a United States real property interest so long as we are a domestically controlled REIT. A domestically controlled REIT is a REIT in which at all times during a specified testing period less than 50% in value of its stock is held directly or indirectly by foreign shareholders. We believe that we are a domestically controlled REIT. Therefore, we believe that the sale of common shares will not be subject to taxation under FIRPTA. However, because common shares and preferred shares are publicly traded, we cannot guarantee that we will continue to be a domestically controlled REIT. In any event, gain from the sale or exchange of common shares not otherwise subject to FIRPTA will be
taxablesubject toa foreign shareholderU.S. tax, if either:
- (a)
- the investment in the common shares is effectively connected with the foreign shareholder's United States trade or business, in which case the foreign shareholder will be subject to the same treatment as domestic shareholders with respect to the
gain,gain; or- (b)
- the foreign shareholder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and has a tax home in the United States, in which case the nonresident alien individual will be subject to a 30% tax on the individual's capital gains.
Even if we do not qualify as or cease to be a domestically controlled REIT, gain arising from the sale or exchange by a foreign shareholder of common shares still would not be subject to United States taxation under FIRPTA as a sale of a United States real property interest if:
- (a)
- the class or series of shares being sold is "regularly traded," as defined by applicable IRS regulations, on an established securities market such as the New York Stock
Exchange,Exchange; and- (b)
- the selling foreign shareholder owned 5% or less of the value of the outstanding class or series of shares being sold throughout the five-year period ending on the date of the sale or exchange.
If gain on the sale or exchange of common shares were subject to taxation under FIRPTA, the foreign shareholder would be subject to regular United States income tax with respect to the gain in the same manner as a taxable U.S. shareholder, subject to any applicable alternative minimum tax, a special alternative minimum tax in the case of nonresident alien individuals and the possible application of the branch profits tax in the case of foreign corporations. The purchaser of the common shares would be required to withhold and remit to the IRS 10% of the purchase price.
OTHER TAX CONSIDERATIONS CLINTON ADMINISTRATION PROPOSAL.
Item 2. TheClinton Administration's fiscal year 2001 budget proposal was announced on February 1, 2000. One part of the proposed budget would amend the tax rules relating to the distribution of a REIT's income. Under current law, a REIT is required to distribute 26PART I at least 85% of its ordinary income and 95% of its capital gains during a taxable year in order to avoid a 4% excise tax on the undistributed amount. Under the Clinton Administration proposal, a REIT would be required to distribute 98% of both ordinary income and capital gain net income to avoid the excise tax. If this proposal were enacted, it would be effective for calendar years beginning after December 31, 2000. As in previous Clinton Administration proposals, the administration proposes a "closely held REIT" ownership test, under which no "person" (i.e., a corporation, partnership or trust, including a pension or profit sharing trust) could own stock of a REIT possessing 50% or more of the total combined voting power of all classes of voting stock or 50% or more of the total value of shares of all classes of stock. This 2001 proposal contains an exception for REIT's owning more than 50% of another REIT. Further, there is a newly proposed "limited look-through rule" for partnerships that own REIT's. There is no exception for publicly traded REIT's. This proposal, if enacted, would be effective for entities electing REIT status for taxable years beginning on or after the date of first committee action (an entity that has elected REIT status prior to this date will avoid these restrictions so long as it has sufficient business assets or activities as of such date). It is presently uncertain whether these REIT proposals, or any other proposals regarding REIT's, will be enacted. OUR MANAGEMENT COMPANY AND OTHER SUBSIDIARIES. A small portion of the cash to be used by the Operating Partnership to fund distributions to us is expected to come from payments of dividends on non-voting stock of management companies and other companies held by the Operating Partnership. These companies pay federal and state income tax at the full applicable corporate rates. They will attempt to minimize the amount of these taxes, but we cannot guarantee whether or the extent to, which measures taken to minimize these taxes, will be successful. To the extent that these companies are required to pay taxes, the cash available for distribution from these management companies by us to shareholders will be reduced accordingly. STATE AND LOCAL TAXES. We and our shareholders may be subject to state or local taxation in various jurisdictions, including those in which it or they transact business or reside. The state and local tax treatment of us and our shareholders may not conform to the federal income tax consequence discussed above. Consequently, prospective shareholders should consult their own tax advisors regarding the effect of state and local tax laws on an investment in common shares. 27PART I ITEM 2. THE PROPERTIESPropertiesAs of December 31,
1999,2001, the Company owned or had interests in a portfolio of1,0621,076 multifamily Properties located in3536 states containing225,708224,801 apartment units. TheCompany has:
AVERAGE AVERAGE AVERAGE NUMBER OF NUMBER OCCUPANCY MONTHLY RENT TYPE PROPERTIES OF UNITS PERCENTAGE ------------------------- ---------------- ------------ -------------- --------------GARDEN 652 282 94.9% $ 764 MID/HIGH-RISE 24 360 95.4% $ 1,239 RANCH 386 85 93.3% $ 463 ---------------- TOTAL 1,062 ================TenantCompany's Properties are more fully described as follows:
Type Number of Properties Number of Units Average Number of Units Average Occupancy Percentage Average Monthly Rent Possible Garden 697 185,124 266 93.8% $ 868 Mid/High-Rise 28 8,725 312 92.6% $ 1,424 Ranch 351 30,952 88 92.4% $ 494 Total 1,076 224,801 Resident leases are generally
year-to-yearfor twelve months in length and typically require security deposits. The garden-style properties are generally defined as properties with two and/or threefloorsstory buildings while the mid-rise/high-risepropertiesare defined as properties greater than threefloors.story buildings. These two property types typically provide residents with amenities, which may include a clubhouse, swimming pool, laundry facilities and cable television access. Certain of these properties offer additional amenities such as saunas, whirlpools, spas, sports courts and exerciserooms.rooms or other amenities. The ranch-style propertieswhichare defined as single story properties,generallywhich do not provide additional amenities forits residents.residents other than common laundry facilities and cable television access.It is management's role to monitor compliance with Property policies and to provide preventive maintenance of the Properties including common areas, facilities and amenities. The Company
holds periodic meetings of its Property management personnel forhas a dedicated training and education department that creates and coordinates training and strategic implementationoffor the Company'sstrategies.property management personnel. The Company believes that, due in part tothis strategy,its emphasis on training and employee quality, the Properties historically have had high occupancy rates.The distribution of the Properties throughout the United States reflects the Company's belief that geographic diversification helps insulate the portfolio from regional and economic influences. At the same time, the Company has sought to create clusters of Properties within each of its primary markets in order to achieve economies of scale in management and
operation; however, theoperation. The Company may nevertheless acquire additional multifamily properties located anywhere in the continental United States.The Company beneficially owns fee simple title to 976 of the 983 controlled properties and holds a 99-year leasehold interest with respect to one Property (Mallgate). In addition, with respect to two Properties, the Company owns the debt collateralized by such Properties and with respect to four Properties, the Company owns an interest in the debt collateralized by the Properties. The remaining 79 properties represent investments in partnership interests and/or subordinated mortgages containing 11,648 units. Direct fee simple title for certain of the Properties is owned by single-purpose nominee corporations, LLC's or land trusts that engage in no business other than holding title to the Property for the benefit of the Company. Holding title in such a manner is expected to make it less costly to transfer such Property in the future in the event of a sale and should facilitate financing, since lenders often require title to a Property to be held in a single purpose entity in order to isolate that Property from potential liabilities of other Properties. Direct fee simple title for certain other Properties is owned by a single LLC. The Company also leases (under operating leases) various management, regional and corporate offices throughout the United States. See Item 1 for the locations of these offices.The following
table setstables set forth certain information by type andbystate relating to the Propertiesowned by the Company or in which the Company had a direct equity or mortgage interestat December 31,1999. 28PART I2001:
GARDEN-STYLE PROPERTIES AVERAGE DECEMBER 31, 1999 OCCUPANCY AVERAGE MONTHLY NUMBER OF NUMBER PERCENTAGE OF PERCENTAGE AS OF RENTAL RATE PER STATE PROPERTIES OF UNITS TOTAL UNITS DECEMBER 31, 1999 UNIT - ----------------------------------------------------------------------------------------------------------------------Alabama 12 2,483 1.10 % 87.4 % $507 Arizona 65 19,513 8.65 94.9 734 California 70 18,215 8.07 96.5 1,061 Colorado 31 8,102 3.59 95.0 733 Connecticut 1 156 0.07 93.6 814 Florida 85 24,448 10.83 94.5 717 Georgia 40 13,112 5.81 94.7 769 Illinois 6 2,154 0.95 96.1 978 Indiana 1 320 0.14 94.7 627 Iowa 1 200 0.09 93.0 596 Kansas 6 2,392 1.06 96.5 721 Kentucky 7 1,941 0.86 94.0 583 Maine 5 672 0.30 97.1 770 Maryland 27 6,587 2.92 95.9 786 Massachusetts 6 1,214 0.54 96.4 1,141 Michigan 11 4,084 1.81 94.4 821 Minnesota 17 3,641 1.61 95.4 907 Missouri 8 1,590 0.70 95.7 654 Nevada 11 3,595 1.59 93.8 677 New Hampshire 1 390 0.17 96.2 842 New Jersey 1 704 0.31 97.9 959 New Mexico 4 1,073 0.48 93.5 667 North Carolina 38 10,358 4.59 94.8 652 Ohio 1 827 0.37 92.7 836 Oklahoma 9 2,324 1.03 95.8 559 Oregon 11 3,448 1.53 94.1 694 South Carolina 8 1,473 0.65 94.4 543 Tennessee 18 5,081 2.25 94.6 662 Texas 84 26,158 11.59 94.3 704 Utah 4 1,426 0.63 93.5 612 Virginia 16 4,837 2.14 95.4 769 Washington 43 10,367 4.59 95.5 788 Wisconsin 4 1,281 0.57 95.6 897 ------------ ------------ ------------ TOTAL GARDEN-STYLE 652 184,166 81.59 % ------------ ------------ ------------ ------------ ------------- ----------- AVERAGE GARDEN-STYLE 282 94.9 % $764 ------------ ------------- -----------
December 31, 2001 State Number of
PropertiesNumber
of UnitsPercentage of Total
UnitsAverage
Occupancy
PercentageAverage Monthly
Rent Possible per
UnitAlabama 12 2,451 1.09 % 94.5 % $ 523 Arizona 56 16,219 7.21 91.6 768 California 89 22,304 9.92 93.5 1,262 Colorado 30 8,434 3.75 92.4 844 Connecticut 25 2,766 1.23 95.9 845 Florida 80 23,153 10.30 94.0 789 Georgia 41 13,257 5.90 93.8 817 Illinois 7 2,360 1.05 94.0 1,048 Kansas 5 2,144 0.95 93.5 710 Kentucky 4 1,342 0.60 88.0 595 Maine 5 672 0.30 97.2 854 Maryland 23 5,419 2.41 95.6 884 Massachusetts 35 4,966 2.21 96.3 1,149 Michigan 8 2,388 1.06 94.1 901 Minnesota 18 4,035 1.79 93.8 968 Missouri 8 1,590 0.71 92.3 682 Nevada 7 2,078 0.92 91.0 726 New Hampshire 1 390 0.17 93.8 1,036 New Jersey 3 1,276 0.57 95.2 1,525 New Mexico 4 1,073 0.48 93.4 695 New York 1 300 0.13 89.6 1,852 North Carolina 39 10,740 4.78 94.2 649 Oklahoma 8 2,036 0.91 93.2 583 Oregon 11 3,787 1.68 92.2 745 Rhode Island 5 778 0.35 94.3 921 South Carolina 6 1,021 0.45 92.7 562 Tennessee 17 4,967 2.21 93.9 670 Texas 82 25,423 11.31 95.0 744 Utah 2 416 0.19 91.3 647 Virginia 17 5,490 2.44 93.4 888 Washington 44 10,568 4.70 93.2 859 Wisconsin 4 1,281 0.57 93.3 951 Total Garden-Style 697 185,124 82.35 % Average Garden-Style 266 93.8 % $ 868 29
PART I
MID-RISE/HIGH-RISE PROPERTIES AVERAGE DECEMBER 31, 1999 OCCUPANCY AVERAGE MONTHLY NUMBER OF NUMBER PERCENTAGE OF PERCENTAGE AS OF RENTAL RATE PER STATE PROPERTIES OF UNITS TOTAL UNITS DECEMBER 31, 1999 UNIT - ----------------------------------------------------------------------------------------------------------------------Arizona 1 611 0.27 % 91.2 % $581 California 1 164 0.07 94.0 1,670 Connecticut 2 407 0.18 95.3 1,939 Florida 2 457 0.20 97.0 973 Illinois 1 1,420 0.63 95.4 838 Iowa 1 186 0.08 95.1 799 Massachusetts 4 2,181 0.97 98.2 1,467 Minnesota 1 162 0.07 98.8 1,246 New Jersey 2 684 0.30 96.0 1,954 Ohio 1 765 0.34 79.3 987 Oregon 1 525 0.23 93.9 915 Texas 2 333 0.15 97.3 1,061 Virginia 1 277 0.12 97.8 1,031 Washington 4 472 0.21 95.0 985 ------------ ------------ ------------ TOTAL MID-RISE/HIGH-RISE 24 8,644 3.83 % ------------ ------------ ------------ ------------ ------------- ------------- AVERAGE MID-RISE/HIGH-RISE 360 95.4 % $1,239 ------------ ------------- -------------
RANCH-STYLE PROPERTIESAlabama 2 159 0.07 % 94.0 % $388 Florida 97 8,922 3.95 94.4 468 Georgia 60 4,964 2.20 93.6 494 Illinois 4 281 0.12 91.9 444 Indiana 51 4,415 1.96 90.6 450 Kentucky 27 2,026 0.90 95.2 428 Maryland 4 413 0.18 92.7 537 Michigan 21 1,720 0.76 97.3 539 Ohio 100 8,337 3.69 92.3 439 Pennsylvania 7 580 0.26 93.2 534 South Carolina 3 269 0.12 93.9 444 Tennessee 5 348 0.15 96.5 453 Texas 1 67 0.03 93.0 467 West Virginia 4 397 0.18 91.1 423 ------------ ------------ ------------ TOTAL RANCH-STYLE 386 32,898 14.58 % ------------ ------------ ------------ ------------ ------------- ------------- AVERAGE RANCH-STYLE 85 93.3 % $463 ------------ ------------- ------------- TOTAL EQR RESIDENTIAL PORTFOLIO ------------ ------------ ------------ 1,062 225,708 100.00 % ============ ============ ============MID-RISE/HIGH-RISE PROPERTIES
December 31, 2001 State Number of
PropertiesNumber
of UnitsPercentage of
Total UnitsAverage
Occupancy
PercentageAverage
Monthly Rent
Possible per
UnitCalifornia 2 415 0.18 % 80.7 % $ 1,719 Connecticut 2 407 0.18 92.5 2,202 Florida 2 458 0.20 92.2 1,034 Illinois 1 1,420 0.63 95.9 811 Massachusetts 9 2,805 1.25 96.0 1,473 Minnesota 1 163 0.07 96.9 1,340 New Jersey 2 684 0.30 93.3 2,234 Ohio 1 765 0.34 80.3 1,201 Oregon 1 525 0.23 90.3 1,025 Texas 2 333 0.15 96.9 1,079 Virginia 1 277 0.12 96.0 1,202 Washington 4 473 0.21 89.6 1,124 Total Mid-Rise/High-Rise 28 8,725 3.88 % Average Mid-Rise/High-Rise 312 92.6 % $ 1,424
RANCH-STYLE PROPERTIES
Alabama
1
69
0.03
%
84.1
%
$
402Florida 102 9,370 4.17 91.3 511 Georgia 53 4,428 1.97 92.6 541 Indiana 45 4,100 1.82 91.0 460 Kentucky 23 1,808 0.80 92.2 452 Maryland 4 413 0.18 92.8 576 Michigan 21 1,720 0.77 96.3 575 Ohio 84 7,510 3.34 93.8 462 Pennsylvania 6 520 0.23 90.1 559 South Carolina 3 269 0.12 86.7 447 Tennessee 5 348 0.15 94.1 464 West Virginia 4 397 0.18 93.6 422 Total Ranch-Style 351 30,952 13.77 % Average Ranch-Style 88 92.4 % $ 494 Total EQR Residential Portfolio 1,076 224,801 100 % 30
PART IThe properties currently under development
(see discussion in Item 7)are included in the following table.
DEVELOPMENT ESTIMATED EQR TOTAL EQR ESTIMATED COST FUNDED FUTURE FUNDING FUNDING DEVELOPMENT COST AT 12/31/1999 OBLIGATION OBLIGATION ESTIMATED DEVELOPMENT NUMBER OF NUMBER (IN (IN (IN (IN COMPLETION PROJECT NAME LOCATION PROPERTIES OF UNITS MILLIONS) MILLIONS)(1) MILLIONS)(1) MILLIONS)(1) DATE - -----------------------------------------------------------------------------------------------------------------------------------La Mirage IV (3) San Diego, CA 1 340 $ 54.4 $ 1.6 $ 52.8 $ 54.4 Q1 2001 Town Center II (2) Houston, TX 1 260 15.2 15.2 0.0 15.2 Completed Prospect Towers II (3) Hackensack, NJ 1 203 33.8 0.6 33.2 33.8 Q2 2001 --- ----- ---------- -------- -------- -------- EXPANSION PROJECTS 3 803 $ 103.4 $ 17.4 $ 86.0 $ 103.4 --- ----- ---------- -------- -------- -------- Peachtree Atlanta, GA 1 355 $ 35.3 $ 8.8 $ 0.0 $ 8.8 Completed Lincoln Park Lawrence, MA 1 174 17.8 4.5 0.0 4.5 Q2 2000 Mount Laurel Crossing Mt. Laurel, NJ 1 296 25.2 6.3 0.0 6.3 Q2 2000 Fairfax Corners Fairfax, VA 1 652 63.9 16.0 0.0 16.0 Q3 2001 Lakeside Park Tampa, FL 1 264 17.7 4.4 0.0 4.4 Q4 2000 Eden Village Loudon County, VA 1 298 28.7 0.0 7.2 7.2 Q4 2001 Landings, The Lake Zurich, IL 1 206 20.9 5.2 0.0 5.2 Q3 2000 Regents Court San Diego, CA 1 251 37.1 9.3 0.0 9.3 Q1 2001 Potomac Yard Alexandria, VA 1 588 65.7 0.0 16.4 16.4 Q3 2001 Waltham Terrace Waltham, MA 1 192 27.0 0.0 6.7 6.7 Q4 2001 Braintree Woods Braintree, MA 1 202 27.4 6.8 0.0 6.8 Q4 2000 Savannah at Park Place Atlanta, GA 1 416 43.9 9.9 1.1 11.0 Q4 2000 --- ----- ---------- -------- -------- -------- LINCOLN PROPERTY COMPANY JOINT VENTURE PROJECTS 12 3,894 $ 410.6 $ 71.2 $ 31.4 $ 102.6 ----- ----- -------- ------ ------ ------ Hampden Town Center Aurora, CO 1 444 $ 44.8 $ 9.5 $ 1.7 $ 11.2 Q1 2001 Warner Ridge Woodland Hills, CA 1 579 111.2 27.8 0.0 27.8 Q4 2001 ----- ----- -------- ------ ------ ------ LEGACY PARTNERS JOINT VENTURE PROJECTS 2 1,023 $ 156.0 $ 37.3 $ 1.7 $ 39.0 ----- ----- -------- ------ ------ ------ Parkfield Denver, CO 1 476 $ 37.9 $ 0.0 $ 37.9 $ 37.9 Q4 2000 ----- ----- -------- ------ ------ ------ EARNOUT PROJECTS 1 476 $ 37.9 $ 0.0 $ 37.9 $ 37.9 ----- ----- -------- ------ ------ ------ ----- ----- -------- ------ ------ ------ TOTAL PROJECTS 18 6,196 $ 707.9 $ 125.9 $ 157.0 $ 282.9 ===== ====== ====== ====== ====== =========DEVELOPMENT PROJECTS
Location Number of
UnitsEstimated
Development
Cost
(in millions)EQR Funded
as of
12/31/2001
(in millions)Estimated
EQR Future
Funding
Obligation
(in millions)Total EQR
Funding
Obligation
(in millions)(1)Estimated
Completion
DateJoint Venture Projects Under Development
Ball Park Lofts
Denver, CO
355
$
56.4
$
14.1
—
$
14.1
4Q 2002Concord Center Concord, CA 263 52.3 9.9 $ 3.2 13.1 4Q 2003 Eden Village Loudon County, VA 290 29.4 7.7 — 7.7 2Q 2002 Hampden Town Center (2) Aurora, CO 444 44.8 11.2 — 11.2 Completed Highlands of Lombard Lombard, IL 403 67.1 6.5 10.3 16.8 3Q 2003 Homestead at Canyon Park (2) Bothell, WA 200 24.4 6.1 — 6.1 Completed Hudson Pointe Jersey City, NJ 181 45.0 11.2 — 11.2 4Q 2002 Legacy Towers Seattle, WA 327 87.7 22.0 — 22.0 3Q 2002 Marina Bay I Quincy, MA 136 24.3 6.1 — 6.1 2Q 2002 North Pier at Harborside Jersey City, NJ 297 94.2 22.9 0.6 23.5 2Q 2003 Regents Court (2) San Diego, CA 251 39.4 9.8 — 9.8 Completed Renaissance on Piedmont Atlanta, GA 322 36.2 9.1 — 9.1 2Q 2002 Reserve at Potomac Yard Alexandria, VA 588 67.5 17.4 — 17.4 1Q 2002 Savannah at Park Place (2) Atlanta, GA 416 43.9 11.0 — 11.0 Completed Village Green at Harbour Pointe Mukilteo, WA 235 32.7 8.2 — 8.2 3Q 2002 Warner Ridge I & II Woodland Hills, CA 315 75.0 18.8 — 18.8 3Q 2002 Watermarke Irvine, CA 535 120.6 35.2 — 35.2 3Q 2003 Westport Kansas, MO 288 34.7 8.7 — 8.7 3Q 2002 Total 5,846 $ 975.6 $ 235.9 $ 14.1 $ 250.0
Consolidated Projects
Centre Club II
Ontario, CA
100
$
11.6
$
7.2
$
4.4
$
11.6
3Q 2002La Mirage IV (2) San Diego, CA 340 54.4 51.1 3.3 54.4 Completed Prospect Towers II Hackensack, NJ 203 43.1 31.4 11.7 43.1 2Q 2002 Regatta I Marina Del Rey, CA 450 234.8 72.5 — 72.5 1Q 2003 Total 1,093 $ 343.9 $ 162.2 $ 19.4 $ 181.6 Total Projects Under Development 6,939 $ 1,319.5 $ 398.1 $ 33.5 $ 431.6
- (1)
The Company's funding- EQR's Funding Obligation is generally between 25% and 30% of
Lincoln Property Company Joint Venture and Legacy Partnersthe Estimated Development Cost for the Joint Venture Projectsis limited to 25%Under Development.- (2)
- Properties were substantially complete as of
the total development cost. (2) Town Center II was substantially completed and acquired onDecember22, 1999 and is31, 2001. As such, these properties are also included in the outstanding property and unitcounts as of that date. (3) Estimated development cost does not include the cost of land previously acquired by the Company. 31PART I ITEMcounts.
Item 3.LEGAL PROCEEDINGSLegal ProceedingsOnly ordinary routine litigation incidental to the business, which is not deemed material, was initiated during the year ended December 31,
1999.2001. As of December 31,1999,2001, the Companydoesis notbelieve there isaware of any other litigation threatened against the Company other than routine litigation arising out of the ordinary course of business, some of which is expected to be covered by liability insurance, none of which is expected to have a material adverse effect on the consolidated financial statements of the Company.ITEM
Item 4.SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None. 32Submission of Matters to a Vote of Security Holders At a Special Meeting of Shareholders of the Company held on December 12, 2001, the Company's common shareholders approved a proposal to increase the number of authorized Common Shares from 350.0 million to 1.0 billion. Of the 241,190,136 Common Shares represented at the meeting (being
31
89.07% of the total Common Shares outstanding and entitled to vote at the record date for the meeting), 214,301,620 Common Shares (79.14% of the total Common Shares outstanding and 88.85% of the Common Shares represented at the meeting) voted for the increase, 26,588,117 Common Shares voted against the increase and 300,399 Common shares abstained from the vote.
Item 5.
MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED SHAREHOLDER MATTERSMarket for Registrant's Common Equity and Related Shareholder MattersThe following table sets forth, for the
periodsyears indicated, the high and low sales prices for and the distributions paid on the Company's Common Shares, which trade on the New York Stock Exchange under the trading symbol EQR.
SALES PRICE HIGH LOW DISTRIBUTIONSFISCAL YEAR 1999 Fourth Quarter Ended December 31, 1999 $43 1/4 $38 1/4 $0.76 Third Quarter Ended September 30, 1999 $45 1/4 $40 11/16 $0.76 Second Quarter Ended June 30, 1999 $48 3/8 $40 1/4 $0.71 First Quarter Ended March 31, 1999 $41 15/16 $39 7/8 $0.71
SALES PRICE HIGH LOW DISTRIBUTIONSFISCAL YEAR 1998 Fourth Quarter Ended December 31, 1998 $43 1/4 $38 7/8 $0.71 Third Quarter Ended September 30, 1998 $47 1/2 $34 11/16 $0.67 Second Quarter Ended June 30, 1998 $52 9/16 $44 1/2 $0.67 First Quarter Ended March 31, 1998 $52 7/16 $47 $0.67In addition, on February 17, 2000, the Company declared a $0.76 distribution per Common Share payable on April 14, 2000 to shareholders of record on March 20, 2000.
Sales Price High Low Distributions 2001 Fourth Quarter Ended December 31, 2001 $ 29.70 $ 24.87 $ 0.4325 Third Quarter Ended September 30, 2001 $ 30.45 $ 27.46 $ 0.4325 Second Quarter Ended June 30, 2001 $ 28.75 $ 25.15 $ 0.4075 First Quarter Ended March 31, 2001 $ 27.66 $ 24.80 $ 0.4075
Sales Price High Low Distributions 2000 Fourth Quarter Ended December 31, 2000 $ 28.63 $ 22.25 $ 0.4075 Third Quarter Ended September 30, 2000 $ 25.59 $ 23.38 $ 0.4075 Second Quarter Ended June 30, 2000 $ 24.25 $ 20.00 $ 0.3800 First Quarter Ended March 31, 2000 $ 22.25 $ 19.34 $ 0.3800 The number of beneficial holders of Common Shares at
March 1, 2000,January 15, 2002, was approximately61,000.63,900. The number of outstanding Common Shares as ofMarch 1, 2000January 15, 2002 was127,911,989. ITEM271,918,700.
Item 6.SELECTED FINANCIAL DATASelected Financial DataThe following table sets forth selected financial and operating information on a historical basis for the Company. The following information should be read in conjunction with all of the financial statements and notes thereto included elsewhere in this Form 10-K. The historical operating and balance sheet data
for the year ended December 31, 1995 have been derived from the historical Financial Statements of the Company. The historical operating and balance sheet data for the years ended December 31, 1999, 1998, 1997 and 1996have been derived from the historical Financial Statements of the Company audited by Ernst & Young LLP, independent auditors. Certain capitalized terms as used herein, are defined in the Notes to the Consolidated Financial Statements.33PART II
EQUITY RESIDENTIAL PROPERTIES TRUST32
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED HISTORICALFINANCIAL INFORMATION (FINANCIAL INFORMATION IN THOUSANDS EXCEPT FOR PER SHARE AND PROPERTY DATA) YEAR ENDED DECEMBER 31, --------------------------------------------------------------------------------------- 1999 1998 1997 1996 1995 -------------- ------------- ------------ ----------- ------------OPERATING DATA: Total revenues $ 1,753,118 $ 1,336,996 $ 747,078 $ 478,385 $390,384 =============== ============== ============= ============ ======== Income before gain on disposition of properties, net, extraordinary items and allocation to Minority Interests $ 330,333 $ 255,032 $ 176,014 $ 97,033 $ 59,738 =============== ============== ============= ============ ======== Net income $ 393,881 $ 258,206 $ 176,592 $ 101,624 $ 67,719 =============== ============== ============= ============ ======== Net income available to Common Shares $ 280,685 $ 165,289 $ 117,580 $ 72,609 $ 57,610 =============== ============== ============= ============ ======== Net income per share - basic $ 2.30 $ 1.65 $ 1.79 $ 1.70 $ 1.68 =============== ============== ============= ============ ======== Net income per share - diluted $ 2.29 $ 1.63 $ 1.76 $ 1.69 $ 1.67 =============== ============== ============= ============ ======== Weighted average Common Shares outstanding 122,175 100,370 65,729 42,586 34,358 - basic =============== ============== ============= ============ ======== Weighted average Common Shares outstanding 135,655 112,578 74,281 51,102 43,983 - diluted =============== ============== ============= ============ ======== Distributions declared per Common Share $ 2.94 $ 2.72 $ 2.55 $ 2.40 $ 2.18 outstanding =============== ============== ============= ============ ========
BALANCE SHEET DATA (at end of period):Real estate, before accumulated $ 12,238,963 $ 10,942,063 $ 7,121,435 $ 2,983,510 $ 2,188,939 depreciation(1) Real estate, after accumulated $ 11,168,476 $ 10,223,572 $ 6,676,673 $ 2,681,998 $ 1,970,600 depreciation(1) Total assets $ 11,715,689 $ 10,700,260 $ 7,094,631 $ 2,986,127 $ 2,141,260 Total debt $ 5,473,868 $ 4,680,527 $ 2,948,323 $ 1,254,274 $ 1,002,219 Minority Interests $ 456,979 $ 431,374 $ 273,404 $ 150,637 $ 168,963 Shareholders' equity $ 5,504,934 $ 5,330,447 $ 3,689,991 $ 1,458,830 $ 884,517 OTHER DATA: Total properties (at end of period) (2) 983 653 463 218 174 Total apartment units (at end of 214,060 186,496 135,200 67,705 53,294 period)(2) Funds from operations available to Common Shares and OP Units (3) $ 619,603 $ 458,841 $ 270,763 $ 160,267 $ 120,965 Cash flow provided by (used for): Operating activities $ 785,219 $ 543,213 $ 348,997 $ 210,930 $ 141,534 Investing activities $ (523,551) $ (1,047,374) $ (1,552,390) $ (635,655) $ (324,018) Financing activities $ (236,516) $ 474,831 $ 1,089,417 $ 558,568 $ 175,87434PART II ITEM 6. SELECTEDFINANCIALDATA (CONSOLIDATED HISTORICAL (CONTINUED)INFORMATION
(Financial information in thousands except for per share and property data)
Year Ended December 31, 2001 2000 1999 1998 1997 OPERATING DATA: Total revenues $ 2,170,643 $ 2,030,340 $ 1,742,627 $ 1,333,891 $ 747,078 Income before allocation to Minority Interests, income from investments in unconsolidated entities, net gain on sales of real estate, extraordinary items and cumulative effect of change in accounting principle $ 356,424 $ 395,937 $ 326,483 $ 251,927 $ 176,014 Net income $ 473,585 $ 549,451 $ 393,881 $ 258,206 $ 176,592 Net income available to Common Shares $ 367,466 $ 437,510 $ 280,685 $ 165,289 $ 117,580 Net income per share — basic $ 1.37 $ 1.69 $ 1.15 $ 0.83 $ 0.90 Net income per share — diluted $ 1.36 $ 1.67 $ 1.14 $ 0.82 $ 0.88 Weighted average Common Shares outstanding — basic 267,349 259,015 244,350 200,740 131,458 Weighted average Common Shares outstanding — diluted 295,552 291,266 271,310 225,156 148,562 Distributions declared per Common Share outstanding $ 1.680 $ 1.575 $ 1.470 $ 1.360 $ 1.275 BALANCE SHEET DATA (at end of period): Real estate, before accumulated depreciation $ 13,016,183 $ 12,591,539 $ 12,238,963 $ 10,942,063 $ 7,121,435 Real estate, after accumulated depreciation $ 11,297,338 $ 11,239,303 $ 11,168,476 $ 10,223,572 $ 6,676,673 Total assets $ 12,235,625 $ 12,263,966 $ 11,715,689 $ 10,700,260 $ 7,094,631 Total debt $ 5,742,758 $ 5,706,152 $ 5,473,868 $ 4,680,527 $ 2,948,323 Minority Interests $ 635,822 $ 612,618 $ 456,979 $ 431,374 $ 273,404 Shareholders' equity $ 5,413,950 $ 5,619,547 $ 5,504,934 $ 5,330,447 $ 3,689,991 33
OTHER DATA: Total properties (at end of period) 1,076 1,104 1,064 680 489 Total apartment units (at end of period) 224,801 227,704 226,317 191,689 140,467 Adjusted net income available to Common Shares and OP Units (1)(3) $ 721,943 $ 740,246 $ 630,234 $ 437,309 $ 259,832 Funds from operations available to Common Shares and OP Units (2)(3) $ 786,719 $ 726,172 $ 619,603 $ 458,806 $ 270,763 Cash flow provided by (used for): Operating activities $ 889,777 $ 842,601 $ 788,970 $ 542,147 $ 348,997 Investing activities $ 57,320 $ (563,950 ) $ (526,851 ) $ (1,046,308 ) $ (1,552,390 ) Financing activities $ (919,266 ) $ (283,996 ) $ (236,967 ) $ 474,831 $ 1,089,417
- (1)
- Adjusted Net Income ("ANI")
(1) Includes approximately $18.0 million and $96.3 million of construction in progress as of December 31, 1999 and 1998, respectively. (2) Totals exclude properties which the Company had investments in partnership interests and/or subordinated mortgages. As of December 31, 1999, this represented 79 properties containing 11,648 units. As of December 31, 1998, this represented 27 properties containing 5,193 units. As of December 31, 1997, this represented 26 properties containing 5,267 units. (3) The Company generally considers funds from operations ("FFO") to be one measure of the performance of real estate companies, including an equity REIT. The definition of FFO adopted in March 1995 by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") defines FFO asrepresents net income (loss) (computed in accordance with accounting principles generally accepted in the United States ("GAAP")), including gains or losses from sales of real estate, plus acquisition cost depreciation, plus amortization of goodwill, minus the accumulated acquisition cost depreciation on sold properties, plus/minus extraordinary items and plus the cumulative effect of change in accounting principle. Depreciation associated with replacements and capital improvements is deducted in calculating ANI. Acquisition cost depreciation represents depreciation for the initial cost of the property, including buildings and furniture, fixtures and equipment and depreciation on capital improvements identified in the acquisition underwriting and incurred in the first twenty-four months of ownership when the total exceeds $2,000 per unit.- (2)
- Funds from Operations ("FFO") represents net income (loss) (computed in accordance with accounting principles
("generally accepted in the United States (("GAAP")), excluding gains(or losses)or losses fromdebt restructuring andsales of property, plus depreciationon real estate assets,andafteramortization (after adjustments forunconsolidated partnershipsPartially Owned Properties andjoint ventures.Unconsolidated Properties), plus/minus extraordinary items, and plus the cumulative effect of change in accounting principle and impairment charges. Adjustments for unconsolidated partnerships and joint venturesarewill be calculated to reflectFFOfunds from operations on the same basis.- (3)
- The Company believes that ANI and FFO
isare helpful to investors asa measuresupplemental measures of the operating performance ofan equity REITa real estate company because, along with cash flows from operating activities, financing activities and investing activities,it providesthey provide investors an understanding of the ability of the Company to incur and service debt and to make capital expenditures. ANI and FFO in and ofitself, doesthemselves do not represent cash generated from operating activities in accordance with GAAP and therefore should not be considered an alternative to net income as an indication of the Company's performance or to net cash flows from operating activities as determined by GAAP as a measure of liquidity andisare not necessarily indicative of cash available to fund cash needs. The Company's calculation ofFFO represents net income available to Common Shares, excluding gains on dispositions of properties, gains on early extinguishment of debt,ANI andwrite-off of unamortized costs on refinanced debt, plus depreciation on real estate assets, income allocated to Minority Interests and amortization of deferred financing costs related to the Predecessor Business. The Company's calculation ofFFO may differ from the methodology for calculating ANI and FFO utilized by otherREIT'sreal estate companies and may differ, for example, due to variations among the Company's and other real estate company's accounting policies for replacement type items and, accordingly, may not be comparable to such otherREIT's. The Company's calculationreal estate companies.
Item 7. Management's Discussion and Analysis ofFFO for 1995 has been restated to reflect the effectsFinancial Condition and Results ofthe definition as mentioned above. The Company will adopt, effective January 1, 2000, NAREIT's updated recommended definition of FFO as approved in the fourth quarter of 1999. 35MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ITEM 7. OVERVIEWOperationsOverview
The following discussion and analysis of the results of operations and financial condition of the Company should be read in connection with the Consolidated Financial Statements and Notes thereto. Due to the Company's ability to control the Operating Partnership and its subsidiaries other than entities owning interests in the
Management Partnerships and Management Companies, the Financing Partnerships, the LLC'sUnconsolidated Properties and certain other entities in which the34
Company has investments, the Operating Partnership and each such subsidiary entity has been consolidated with the Company for financial reporting purposes. Capitalized terms used herein and not defined are as defined elsewhere in this Annual Report on Form 10-K for the year ended December 31,
1999.2001.Forward-looking statements in this Item 7 as well as Item 1 of this Annual Report on Form 10-K are intended to be made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words "believes", "expects" and "anticipates" and other similar expressions
whichthat are predictions of or indicate future events and trends and which do not relate solely to historical matters identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results, performance, or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause such differences include, but are not limited to, the following:-
- •
- alternative sources of capital to the Company are
highermore expensive than anticipated;-- •
- occupancy levels and market rents may be adversely affected by national and local economic and market conditions, which are beyond the Company's control; and
-- •
- additional factors as discussed in Part I of the Annual Report on Form
10-K.10-K, particularly those under "Risk Factors".Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
RESULTS OF OPERATIONS The acquired properties are presented in the Consolidated Financial StatementsResults of
the Company from the date of each acquisition or the closing dates of the Mergers.OperationsThe following table summarizes the number of
Acquired and DisposedProperties and related units for theprior three years:
ACQUISITIONS DISPOSITIONS ---------------------------------- ------------------------------- Number of Number of Units Number of Number of YEAR Properties Properties Units --------------------------- ---------------- ----------------- --------------- ---------------1997 252 68,830 7 1,336 1998 210 56,015 20 4,719 1999 366 35,450 36 7,88636MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS (CONTINUED) In addition, during the year ended December 31, 1999, the Company also sold its entire interest in six MRY joint venture properties (to MRYP Spinco) containing 1,297 units for approximately $54.1 million.year-to-date periods presented:
Properties Units Purchase /
Sale Price
$ MillionsAt December 31, 1999 1,064 226,317 2000 Acquisitions 29 5,952 $ 743.4 Grove Merger 60 7,308 $ 463.2 2000 Dispositions (53 ) (12,813 ) $ 631.6 2000 Completed Developments 4 940 At December 31, 2000 1,104 227,704 2001 Acquisitions 14 3,423 $ 388.1 2001 Dispositions (49 ) (8,807 ) $ 416.9 2001 Completed Developments 7 2,505 Unit Configuration Changes — (24 ) At December 31, 2001 1,076 224,801 The Company's acquisition and disposition activity has impacted overall results of operations for the
yearyears ended December 31,19992001 and1998 have been significantly impacted by the Company's acquisition and disposition activity. The significant2000. Significant changes inrentalrevenuespropertyandmaintenanceexpensesreal estate taxeshave resulted primarily from the consolidation of previously Unconsolidated Properties andinsurance, depreciation expense, property management and interest expense can all primarily be attributed tothe acquisition of Globe in July 2000, as well as the19982001 and the 2000 Acquired Properties,and the 1999 Acquired Properties,which have been partially offset by the disposition of the1998 Disposed Properties2001 and the19992000 Disposed Properties.TheSignificant change in expenses has also resulted from impairment charges (furniture rental and unconsolidated technology investments) recorded in 2001. This impactof the 1998 Acquired Properties, the 1999 Acquired Properties, the 1998 Disposed Properties and the 1999 Disposed Propertiesis discussed in greater detail in the following paragraphs.35
Properties that the Company owned for all of both
19992001 and19982000 (the"1999"2001 Same Store Properties"), which represented121,490181,951 units, impacted the Company's results of operations. Properties that the Company owned for all of both19982000 and19971999 (the"1998"2000 Same Store Properties"), which represented63,243155,910 units, also impacted the Company's results of operations. Both the19992001 Same Store Properties and19982000 Same Store Properties are discussed in the following paragraphs.COMPARISON OF THE YEAR ENDED DECEMBER
Comparison of the year ended December 31,
1999 TO THE YEAR ENDED DECEMBER2001 to the year ended December 31,19982000For the year ended December 31,
1999,2001, income beforegain on disposition of properties, net, extraordinary item andallocation to Minority Interests,increasedincome from investments in unconsolidated entities, net gain on sales of real estate, extraordinary items and cumulative effect of change in accounting principle decreased by$75.3approximately $39.5 million when compared to the year ended December 31,1998. This increase was primarily due to2000.Revenues from the
acquisition of the 1998 Acquired Properties and the 1999 Acquired Properties as well as increases in rental revenues net of increases in property and maintenance expenses, real estate taxes and insurance, property management expenses, depreciation expense, interest expense and general and administrative expenses. In regard to the 19992001 Same Store Propertiestotal revenuesincreasedby approximately $35.8 million to $1.1 billion or 3.48%primarily as a result of higher rental rates charged to newtenantsresidents andtenantresident renewals and an increase in income from billingtenantsresidents for their share of utility costs as well as other ancillary services provided totenants. Overall, propertyresidents. Property operating expenses from the 2001 Same Store Properties, which include property and maintenance, real estate taxes and insurance and an allocation of property management expenses, increasedapproximately $0.1primarily attributable to a $5.4 million, or0.03%5.6%, increase in utilities and an $8.2 million, or 5.5%, increase in payroll costs. The following tables provide comparative revenue, expenses, net operating income and weighted average occupancy for the 2001 Same Store Properties:Same Store Net Operating Income ("NOI")
$ in Millions- 181,951 Same Store Units Description Revenues Expenses NOI 2001 $ 1,721.2 $ 626.4 $ 1,094.8 2000 $ 1,658.7 $ 604.1 $ 1,054.6 Change $ 62.5 $ 22.3 $ 40.2 Change 3.8 % 3.7 % 3.8 % Same Store Occupancy Statistics
2001 94.40 % 2000 94.91 % Change (0.51 %) For 2002 Properties which the Company acquired prior to December 31, 2000 and will continue to own through December 31, 2002, the Company expects to see revenue growth within a range of being slightly lower by 1.25% to slightly higher by as much as 0.5%; to maintain expense growth between a range of 1.0% to 1.5%; and expects NOI within a range of being slightly lower by 2.9% to slightly higher by 0.2%.
This increase wasThese estimated changes are subject to certain risks and uncertainties including, but not limited to, maintaining an overall average occupancy rate of 93.0%.Rental income from properties other than 2001 Same Store Properties increased by approximately $57.4 million primarily
theas a result ofhigher expensesrevenue from the Company's 2001 and 2000 Acquired Properties, additional 2001 Partially Owned Properties, and the 2001 Disposition Properties.Interest income-investment in mortgage notes decreased by approximately $2.4 million as a result of the Company consolidating these previously Unconsolidated Properties in July 2001. The Company anticipates no additional interest income will be recognized on these mortgage notes in future years as the Company now consolidates the results related to these previously Unconsolidated Properties.
36
Interest and other income decreased by approximately $3.4 million, primarily as a result of lower balances available for
on-site compensation costsinvestment andan increase in real estate taxesrelated interest rates being earned oncertain properties, but was partially offset by lower leasing and advertising, administrative, maintenance and property management costs.the Company's short-term investment accounts.Property management
representsexpenses include off-site expenses associated with the self-management of the Company's Properties. These expenses increased by approximately$8.5$0.7 millionprimarily dueor less than 1%. The Company continues tothe continued expansionacquire properties in major metropolitan areas and dispose ofthe Company's property management business. During 1999,assets in smaller multi-family rental markets where the Companyassumeddoes not have a significant managementoffice in Reynoldsburg, Ohio relatedpresence. As a result, the Company was able to maintain off-site management expenses at a constant level between theLFT Merger.two reporting periods.Fee and asset management revenues and fee and asset management expenses increased as a result of the Company continuing to manage Properties that were sold and/or contributed to various unconsolidated joint venture entities. As of December 31, 2001, the Company managed 16,539 units for third parties and the unconsolidated joint venture entities.
Furniture income and furniture expenses are associated with the
managementoperation ofproperties not owned bytheCompany that are managed for affiliates. These revenuesfurniture rental business assumed in connection with the Globe acquisition, which occurred in July 2000. Furniture expenses include a depreciation charge on furniture held in inventory andexpenses decreased dueproperty and equipment directly related to the furniture business. The Companyacquiringsold its furniture rental business for approximately $30.0 million on January 11, 2002.The Company recorded impairment charges in 2001 totaling approximately $71.8 million, of which $60.0 million is related to the furniture rental business and approximately $11.8 million is related to certain
of these properties that were formerly fee-managed. 37MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS (CONTINUED)investments in technology entities. See Footnote 20 in the Notes to the Consolidated Financial Statements for further discussion.Interest expense, including amortization of deferred financing costs,
increased bydecreased approximately$91.9$11.0 million. During 2001, the Company capitalized interest costs of approximately $28.2 million as compared to $17.7 million for the year ended 2000. Thisincrease wascapitalization of interest primarilythe resultrelated to equity investments in unconsolidated entities engaged in development activities. The effective interest cost on all ofan increase inthe Company'saverageindebtednessoutstanding which increased by $1.3 billion. However, the Company's effective interest costs decreased from 7.10%for the year ended December 31,19982001 was 6.90% as compared to7.05%7.25% for the year ended December 31,1999.2000. For 2002, the Company expects to refinance approximately $550 million of indebtedness and to incur interest costs ranging from 6.5% to 7.0% per annum.General and administrative expenses, which include corporate operating expenses, increased approximately
$1.7$9.0 million between theperiodsyears under comparison. This increase was primarily due to the addition of corporatepersonnel. However, by gainingpersonnel, recruiting fees for the new President, retirement plan expenses for certaineconomieskey executives, and higher overall compensation expenses including a current year expense associated with the vesting ofscale withrestricted shares/awards to key employees earned over the past three years.Net gain on sales of real estate decreased approximately $49.1 million between the periods under comparison. This decrease is primarily the result of a
much larger operation these expenses as a percentagefewer number oftotal revenues were 1.27% forunits sold during the year ended December 31,19992001 (11,818 units including the joint venture Properties) as compared to1.54% of total revenues forthe year ended December 31,1998. COMPARISON OF THE YEAR ENDED DECEMBER2000 (20,648 units including the joint venture Properties).
Comparison of the year ended December 31,
1998 TO THE YEAR ENDED DECEMBER2000 to the year ended December 31,19971999For the year ended December 31,
1998,2000, income beforegain on disposition of properties, net, extraordinary item andallocation to Minority Interests, income from investments in unconsolidated entities, net gain on sales of real estate, extraordinary items and cumulative effect of change in accounting principle increased by$79$69.5 million, or 21.3%, when compared to the year ended December 31,1997. This increase was primarily due to increases in rental revenues net of increases in property and maintenance expenses, real estate taxes and insurance, property management expenses, depreciation expense, interest expense and general and administrative expenses. In regard to1999.37
Revenues from the
19982000 Same Store Propertiesrental incomeincreasedby approximately $23.1 million to $527.3 million or 4.59%primarily as a result of higher rental rates charged to newtenantsresidents andtenantresident renewalsa 1.01% increase in average economic occupancy levelsand an increase in income from billingtenantsresidents for their share of utilitycosts. Overall, propertycosts as well as other ancillary services provided to residents. Property operating expenses from the 2000 Same Store Properties, which include property and maintenance, real estate taxes and insurance and an allocation of property management expenses, increasedapproximately $5.3primarily attributable to a $1.8 million, or2.65%. This2.1%, increasewasin utilities and a $9.1 million, or 7.4% increase in payroll costs. The following tables provide comparative revenue, expenses, net operating income and weighted average occupancy for the 2000 Same Store Properties:Same Store Net Operating Income
$ in Millions — 155,910 Same Store Units
Description Revenues Expenses NOI 2000 $ 1,471.4 $ 536.4 $ 935.0 1999 $ 1,406.4 $ 523.4 $ 883.0 Change $ 65.0 $ 13.0 $ 52.0 Change 4.6 % 2.5 % 5.9 % Same Store Occupancy Statistics
2000 94.94 % 1999 95.12 % Change (0.18 %) Rental income from properties other than 2000 Same Store Properties increased by approximately $178.3 million primarily
theas a result ofhigher compensation costs, leasingrevenue from the Company's corporate housing business andadvertising costs, utilities,the acquisition of Properties during 2000, including the consolidation of previously Unconsolidated Properties.Interest and
maintenance charges.other income increased by approximately $12.0 million, primarily as a result of disposition proceeds earning interest in various tax deferred 1031 exchange accounts. These proceeds are invested in money market investments until the Company purchases additional multi-family properties.Property management
representsexpenses include expenses associated with the self-management of the Company's Properties. These expenses increased by approximately$26.3$14.8 million primarily due to the continued expansion of the Company's property managementbusiness. The 1998 amounts include abusiness and higher overall compensation expenses. During 2000, the Company incurred the full yeareffectimpact of assuming thevarious offices the Company opened in 1997, including the Scottsdale Office, which had a significant expansion resulting from the EWR Merger. During 1998, the Company opened newproperty management business of LFT and also assumed management offices inJacksonvilleCincinnati, Ohio andOrlando, Florida and the Company assumed a management office in Augusta, GeorgiaNorwood, Massachusetts related to theMRY Merger.acquisition of Globe and Grove, respectively. Also included in compensation expense is the current year expense associated with the vesting of restricted shares/awards to key employees earned over the past year.Fee and asset management revenues and fee and asset management expenses increased as a result of the Company continuing to manage Properties that were either sold and/or contributed to various joint venture entities.
Furniture income and furniture expenses are associated with the
managementoperation ofproperties not owned bytheCompany that are managed for affiliates. These net revenues decreased duefurniture rental business assumed in connection with the Globe acquisition, which occurred in July 2000. Furniture expenses include a depreciation charge on furniture held in inventory and property and equipment directly related to thedisposition offurniture business.38
The Company recorded impairment charges in 2000 totaling approximately $1.0 million related to certain
of these properties, resultinginvestments inthe Company no longer providing fee and asset management services to such properties.technology entities.Interest expense, including amortization of deferred financing costs, increased by approximately
$125.5$37.5 million. During 2000, the Company capitalized interest costs of approximately $17.7 million as compared to $8.1 million for the year ended 1999. Thisincrease wascapitalization of interest primarilythe resultrelated to equity investments in unconsolidated entities engaged in development activities. The effective interest cost on all ofan increase inthe Company'saverageindebtednessoutstanding which increased by $1.9 billion. However, the Company's effective interest costs decreased from 7.50%for the year ended December 31,19972000 was 7.25% as compared to7.10%7.05% for the year ended December 31,1998. 38MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS (CONTINUED)1999.General and administrative expenses, which include corporate operating expenses, increased approximately
$5.8$4.1 million between the periods under comparison. This increase was primarily due to the addition of corporate personnel and higher overall compensation expenses including a current year expense associated with the awarding of restricted shares to key employees in 2000.Net gain on sales of real estate increased approximately $104.9 million between the
Company's Human Resources, Accounting, Legal and Management Information Systems groups, as well as higher compensation costs, shareholder reporting costs and professional fees. However, by gaining certain economiesperiods under comparison. This increase is primarily the result ofscale withamuchlargeroperation these expenses as a percentagenumber oftotal revenues were 1.54% forunits sold during the year ended December 31,19982000 (20,648 units, including the joint venture Properties) as compared to1.98% of total revenues forthe year ended December 31,1997. LIQUIDITY AND CAPITAL RESOURCES FOR THE YEAR ENDED DECEMBER1999 (9,183 units).Net loss from extraordinary items increased approximately $5.1 million related primarily to pre-payment penalties incurred on the refinancing of $208 million in mortgage debt.
Liquidity and Capital Resources
For the Year Ended December 31,
19992001As of January 1,
1999,2001, the Company had approximately$4$23.8 million of cash and cash equivalents and$330$399.5 million availableonunder its lines of credit, of which$12$53.5 million wasrestricted.restricted (not available to be drawn). After taking into effect the various transactions discussed in the following paragraphs and the net cash provided by operating activities, the Company's cash and cash equivalents balance at December 31,19992001 was approximately$29.1$51.6 million and the amount available on the Company's line of credit was$400$505.0 million, of which$65.8$59.0 million wasrestricted. The following discussion also explains the changes in net cash provided by operating activities, net cash used for investing activities and net cash provided by (used for) financing activities, all of which are presented in the Company's Statements of Cash Flows.restricted (not available to be drawn).Part of the Company's
strategy inacquisition and development fundingthe purchase of multifamily properties, funding its Properties in the development stagestrategy and the funding of the Company's investment intwovarious joint ventureswith multifamily real estate developersis to utilize itslinelines of credit and to subsequently repay thelinelines of credit from the disposition of Properties, retained cash flows or the issuance of additional equity or debtsecurities or the disposition of Properties. Utilizingsecurities. Continuing to utilize this strategy during1999,the year ended 2001, the Company:- issued the June 2004 Notes
- •
- disposed of forty-nine Properties (including two Unconsolidated Properties) and two vacant parcels of land and received net proceeds of
$298.0$399.1 million;- refinanced seven Properties and received additional- •
- issued $300.0 million of unsecured debt receiving net proceeds of
$78.5$297.4 million;- obtained new mortgage financing on- •
- sold and/or contributed eleven
previously unencumberedproperties to a joint venture and received net proceeds of$126.5$167.6 million;- disposed of forty-two properties (including the sale of the Company's interest in six MRY joint venture properties) and received net proceeds of $383 million; -- •
- issued approximately
1.23.6 million Common Shares and received net proceeds of$38.5$74.4 million;and -- •
- issued
800,000 8.00% Series A Cumulative Convertible Redeemable$60.0 million of four new series of Preference Interestsof EQR-Mosaic, L.L.C.and received net proceeds of$39 million.$58.5 million;- •
- obtained $91.6 million in new mortgage financing; and
- •
- received $61.4 million of principal repayments on its investment in second and third mortgages on previously Unconsolidated Properties.
All of these proceeds were utilized to either:
- purchase additional properties; - provide funding for properties in the development stage; and/or -
- •
- repay the
linelines ofcreditcredit;39
- •
- redeem the Company's Series A and F Preferred Shares;
- •
- repay mortgage indebtedness on
certain Properties. With respect to the 1999 Acquired Properties, the Company assumed and/or entered into new mortgage indebtedness of approximately $69.9 million, issued OP Units with a value of $25.2 millionselected Properties;- •
- repay public unsecured debt;
- •
- invest in unconsolidated entities; and
issued Junior Convertible Preference Units with a value of $3.0 million. The total purchase price of the 1999 Acquired Properties was approximately $1.4 billion. 39MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES (CONTINUED) Subsequent to December 31, 1999 and through March 3, 2000, the Company acquired one additional property containing 178 units for a total purchase price of approximately $10.3 million. Subsequent to December 31, 1999 and through March 3, 2000, the Company disposed of six properties for a total sales price of $46.7 million. These proceeds will be utilized to- •
- purchase additional
properties. The Company anticipates that it will continue to sell certain Properties in the portfolio. On March 3, 2000, Lexford Properties, L.P., a wholly-owned subsidiary of the Operating Partnership, issued 1.1 million units of 8.50% Series B Cumulative Convertible Redeemable Preference Units with an equity value of $55.0 million. Lexford Properties, L.P. received $53.6 million in net proceeds from this transaction. The liquidation value of these units is $50 per unit. The 1.1 million units are exchangeable into 1.1 million shares of 8.50% Series M-1 Cumulative Redeemable Preferred Shares of Beneficial Interest of the Company. The Series M-1 Preferred Shares are not convertible to EQR Common Shares. Dividends for the Series B Preference Units or the Series M-1 Preferred Shares are payable quarterly at the rate of $4.25 per unit/share per year. The net proceeds received from this transaction will be used for scheduled mortgage and line of credit repayments. In regard to the joint venture agreements with two multifamily residential real estate developers duringProperties.During the year ended December 31,
1999,2001, theCompanyCompany:
- •
- reduced its line of credit borrowings by approximately $160.5 million as compared to its December 31, 2000 balance outstanding;
- •
- funded $210.5 million to redeem all of its Series A and F Preferred Shares;
- •
- repaid approximately $364.2 million of mortgages due at or prior to maturity and/or at the disposition date of respective Properties;
- •
- funded a net of $174.6 million in accordance with its development and joint venture agreements; and
- •
- acquired fourteen Properties and vacant land utilizing cash of $297.8 million.
The Company's total debt summary, as of
$88.6December 31, 2001, included:Debt Summary as of December 31, 2001
$ Millions Weighted
Average RateSecured $ 3,287 6.51 % Unsecured 2,456 6.32 % Total $ 5,743 6.43 % Fixed Rate $ 4,847 7.02 % Floating Rate 896 3.20 % Total $ 5,743 6.43 % Above Totals Include: Total Tax Exempt $ 975 4.41 % Unsecured Revolving Credit Facility $ 195 2.50 % From January 1, 2002 through February 5, 2002, the Company:
- •
- disposed of four Properties consisting of 466 units for approximately $15.5 million;
- •
- disposed of the furniture rental business for approximately $30.0 million in cash;
- •
- repaid $1.9 million of mortgage debt at or prior to maturity on two Properties; and
during 2000- •
- repaid $100.0 million of 9.375% fixed rate public notes at maturity.
During 2002, the Company expects to fund approximately
$32.7$33.5 millionin connection with these agreements.related to wholly owned developments and joint venture projects under development. In connection withthe firstone joint venture agreement, the Company has an obligation to fund up to an additional$20$6.5 million to guarantee third party construction financing.In regard to certain other properties that were under development and/or expansion during the year ended December 31, 1999, the Company funded $47.5 million. During 2000, the Company expects to fund $44.9 million related to the continued development and/or expansion of as many as three Properties. In regard to certain properties that were under earnout/development agreements, during the year ended December 31, 1999, the Company funded the following: - $17.2 million relating to the acquisition of Copper Canyon Apartments, which included a $1.0 million earnout payment to the developer; - $24.9 million relating to the acquisition of Skyview Apartments, which included a $3.1 million earnout payment to the developer; and - $18.3 million relating to the acquisition of Rosecliff Apartments. Subsequent to December 31, 1999, the Company funded $2.3 million for an initial earnout payment to the developer of Rosecliff Apartments. During 2000, the Company expects to fund $33.4 million related to the continued earnout/development of one Property. In May 1999, the Company repaid its 1999 Notes that matured on May 15, 1999. The $125 million repayment was initially funded from borrowings under the Company's lines of credit. In November 1999, the Company repaid the 1999-A Notes that matured on November 24, 1999. The $25 million repayment was initially funded from borrowings under the Company's line of credit. 40MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES (CONTINUED) During 1999, the Company repaid approximately $60.8 million of mortgage indebtedness on 31 Properties. These repayments were funded from the Company's line of credit and/or certain proceeds from dispositions. In addition, the Company refinanced the debt on six existing properties totaling $45.0 million with new mortgage indebtedness totaling $65.7 million.As of December 31,1999,2001, the Companyhad total indebtedness of approximately $5.5 billion, which included mortgage indebtedness of $2.9 billion (including premiums of $2.1 million), of which $838 million represented tax-exempt bond indebtedness, and unsecured debt of $2.3 billion (including net discounts and premiums in the amount of $2.5 million), of which $127.8 million represented tax-exempt bond indebtedness. Subsequent tohas 22 projects under development with estimated completion dates ranging from March 31, 2002 through December 31,1999, the Company settled on a $100 million interest rate protection2003.For one joint venture agreement,
and received approximately $7.0 million in connection therewith. In the second quarter of 2000, the Company anticipates repaying mortgage indebtedness of approximately $85 million assumed in connection with the LFT Merger. These repayments will also be primarily funded from additional borrowings under the line of credit and/or additional mortgage borrowings. The Company has, from time to time, entered into interest rate protection agreements (financial instruments) to reduce the potential impact of increases in interest rates but believes it has limited exposure to the extent of non-performance by the counterparties of each protection agreement since each counterparty is a major U.S. financial institution, and the Company does not anticipate their non-performance. No such financial instrument has been used for trading purposes. In August 1996, the Company entered into an interest rate protection agreement to effectively fix the interest rate cost ofthe Company's2026 Notes. The agreement wasjoint venture partner has the right, at any time following completion of a project, to stipulate a value fora notional amount of $150 million with a lockedsuch project and offer to sell its interest intreasury rate of 7.57%. In July 1997,40
the
Company entered into two interest rate protection agreements to effectively fix the interest rate cost of the Company's 2001 Notes and 2003 Notes. One agreement was for a notional amount of $100 million with a locked in treasury rate of 6.134%. The second agreement was for a notional amount of $75 million with a locked in treasury rate of 6.287%. In April 1998, the Company entered into an interest rate protection agreement to effectively fix the interest rate cost of the Company's 2015 Notes. The agreement was for a notional amount of $300 million with a locked in treasury rate of 6.63%. In May 1998, the Company entered into an interest rate protection agreement to effectively fix the interest rate cost of the Evans Withycombe Financing Limited Partnership indebtedness to within a range of 5.6% to 6.0% upon its refinancing. The agreement was for a notional amount of $131 million with a settlement date of August 2001. There was no initial costproject to the Companyfor entering into this agreement. In August 1998,based on such value. If the Companyentered into an interest rate protection agreementchooses not toeffectively fixpurchase the interest,rate costit must agree to a sale of the project to an unrelated third party at such value. The Company'splanned financingjoint venture partner must exercise this right as to all projects within five years after the receipt of the final certificate of occupancy on the last developed property.For the second joint venture agreement, the Company's joint venture partner has the right, at any time following completion of a project, to require the Company to purchase the joint venture partners' interest in
the fourth quarter of 1998. This agreement was 41MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES (CONTINUED) canceled in Novemberthat project at acostmutually agreeable price. If the Company and the joint venture partner are unable to agree on a price, both parties will obtain appraisals. If the appraised values vary by more than 10%, both the Company and the joint venture partner will agree on a third appraiser to determine which original appraisal is closest to its determination ofapproximately $3.7 million. This cost is being amortized overvalue. The Company may elect at that time not to purchase thelifeproperty and instead, authorize the joint venture partner to sell the project at or above the agreed-upon value to an unrelated third party. Five years following the receipt of thefinancing forfinal certificate of occupancy on the15 previously unencumbered Properties that occurred in November 1998. In August 1998,last developed property, any projects remaining unsold must be purchased by the Companyentered into an interest rate swap agreement that fixedat theCompany's interest rate risk on a portion of the Operating Partnership's variable rate tax-exempt bond indebtedness at a rate of 3.65125%. This agreement was for a notional amount of $150 million with a termination date of August 2003. In August 1998, the Company entered into an interest rate swap agreement that fixed the Company's interest rate risk on a portion of the Operating Partnership's variable rate tax-exempt bond indebtedness at a rate of 3.683%. This agreement was for a notional amount of $150 million with a termination date of August 2005. The fair value of these instruments, discussed above, as of December 31, 1999 approximates their carrying or contract values.agreed-upon price.The Company has a policy of capitalizing expenditures made for new assets, including newly acquired
propertiesProperties, and the costs associated with placing these assets into service. Expenditures for improvements and renovations that significantly enhance the value of existing assets or substantially extend the useful life of an asset are also capitalized. Expenditures for in-the-unit replacement-type items such as appliances, draperies, carpeting and floor coverings, mechanical equipment and certain furniture and fixturesisare also capitalized. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. With respect to acquiredproperties,Properties, the Company has determined that it generally spends $1,000 per unit during its first three years of ownership to fully improve and enhance thesepropertiesProperties to meet the Company's standards. In regard to replacement-type items described above, the Company generally expects to spend $250 per unit on an annual recurring basis.During the year ended December 31,
1999,2001, the Company's totalcapital expendituresimprovements to real estate approximated $150.9 million. Replacements, which include new carpeting, appliances, mechanical equipment, fixtures, vinyl floors and blinds inside the unit approximated $56.0 million, or $276 per unit. Building improvements for theCompany1999, 2000 and 2001 Acquired Properties approximated$141.9 million. Of this amount, approximately $34.5$26.4 million, or$427$496 perunit, related to capitalunit. Building improvementsand major repairs for the 1997, 1998 and 1999 Acquired Properties. Capital improvements and major repairsfor all of the Company'spre-EQR IPO properties and 1993, 1994, 1995 and 1996pre-1999 Acquired Properties approximated$40.8$57.2 million or$362 per unit. Capital spent for replacement-type items approximated $53.5 million, or $277$383 per unit. In addition, approximately$5.9$7.2 million was spent onfourtwelve specific assets related to major renovations and repositioning of these assets. Also included in totalcapital expendituresimprovements to real estate was approximately$7.2$4.1 millionexpendedon commercial/other assets and Partially Owned Properties. Such improvements to real estate were primarily funded from net cash provided by operating activities. Total improvements to real estate for 2002 are estimated at $135.0 million.During the year ended December 31, 2001, the Company's total non-real estate capital additions, such as computer software, computer equipment, and furniture and fixtures and leasehold improvements
forto the Company's property management offices and its corporateheadquarters.offices, was approximately $6.9 million. Suchcapital expendituresadditions to non-real estate property wereprimarilyfundedfrom working capital reserves andfrom net cash provided by operating activities. Totalcapitaladditions to non-real estate property for 2002 are estimated at $6.8 million.The Company has a policy of capitalizing expenditures made for
2000rental furniture and related property and equipment. The Company, prior to the sale of its furniture rental business, purchased furniture to replace furniture that had been sold and to maintain adequate levels of rental furniture to meet existing and new customer needs. Expenditures for property and equipment that significantly enhance the value of existing assets or substantially extend the useful life of an asset arebudgetedalso capitalized. Expenditures for ordinary maintenance and repairs related tobe approximately $110.0property and equipment are expensed as incurred. For the year ended December 31, 2001, total additions to rental furniture41
approximated $18.6 million
for all Properties.and property and equipment approximated $2.5 million. The furniture rental business was sold on January 11, 2002.Minority Interests as of December 31,
19992001 increased by$25.6$23.2 million when compared to December 31,1998.2000 principally as a result of the consolidation of twenty-one former Unconsolidated Properties and the issuance of $60.0 million of Preference Interests, partially offset by the conversions of OP Units into Common Shares. The primary factors that impacted this account in the Company's consolidated statements of operations and balance sheets during the year were:-
- •
- distributions declared to Minority Interests, which amounted to
$37.4$40.2 million for19992001 (excludingpreference unit/interestPreference Unit/Interest distributions);-- •
- the allocation of income from operations in the amount of
$29.5$32.8 million;-- •
- the allocation of Minority Interests from Partially Owned Properties in the amount of $2.2 million;
- •
- the conversion of OP Units into Common Shares; and
-- •
- the issuance of Common Shares, OP Units, Preference Units and Preference Interests during
1999. 42MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES (CONTINUED)2001.Total distributions paid in
19992001 amounted to$514.9$475.8 million (excluding distributions on Partially Owned Properties), which included certain distributions declared in the fourthquartersquarter of19982001 and1999. The Companypaida $0.76 per Common Share distribution on December 31, 1999 for the quarter ended December 31, 1999 to Common Shareholders and Minority Interest holders of record as of December 20, 1999.in 2002.The Company expects to meet its short-term liquidity requirements, including capital expenditures related to maintaining its existing Properties and certain scheduled unsecured note and mortgage note repayments, generally through its working capital, net cash provided by operating activities and borrowings under its line of credit. The Company considers its cash provided by operating activities to be adequate to meet operating requirements and payments of distributions. The Company also expects to meet its long-term liquidity requirements, such as scheduled unsecured note and mortgage debt maturities, property acquisitions, financing of construction and development activities and capital improvements through the issuance of unsecured notes and equity securities, including additional OP Units,
as well as from undistributed FFOand proceeds received from the disposition of certain Properties. During March 2002, the Company anticipates the issuance of unsecured notes in the amount of approximately $300.0 million. In addition, the Company has certainuncollateralizedunencumbered Properties availableforto secure additional mortgage borrowings in the event that the public capital markets are unavailable to the Company or the cost of alternative sources of capital to the Company is too high.On August 12, 1999These unencumbered Properties are in excess of the value of unencumbered Properties the Companyobtainedmust maintain in order to comply with covenants under its unsecured notes and line of credit.The Company has a
new three year $700 million unsecuredrevolving credit facility to provide the Operating Partnership withBankpotential borrowings ofAmerica Securities LLC and Chase Securities Inc. acting as joint lead arrangers. The new line of credit replaced the Company's $500 million unsecured revolving credit facility, as well as the $120 million unsecured revolving credit facility which the Company assumed in the MRY Merger. The prior existing revolving credit facilities were repaid in full and terminated upon the closing of the new facility. This new credit facility matures in August 2002 and will be usedup tofund property acquisitions, costs for certain properties under development and short term liquidity requirements. Advances under the credit facility bear interest at variable rates based upon LIBOR at various interest periods, plus a certain spread dependent upon the Company's credit rating.$700 million. As ofMarch 7, 2000, $110February 28, 2002, $262.0 million was outstanding under this facility. This credit Facility is scheduled to expire in August 2002 and the Company has begun the process of replacing its line of credit with a newfacility bearing interestline of credit, which it believes will be on ata weighted average rate of 6.28%. Pursuant toleast as favorable terms.In connection with the
LFT Merger,Globe acquisition, the Company assumed alinerevolving credit facility with potential borrowings of up to $55.0 million. This creditthat had an outstanding balance of approximately $26.4 million. On October 1, 1999, the Company repaid the outstanding balance andfacility was terminatedthis facility.on May 31, 2001.In connection with the Wellsford Merger, the Company
hasprovided a$14.8 millioncredit enhancement with respect to certain tax-exempt bonds issued to finance certain public improvements at a multifamily development project.PursuantAs of February 28, 2002, this enhancement was still in effect at a commitment amount of $12.7 million.42
Derivative Instruments and Hedging Activities
In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company limits these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments.
The Company has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from those instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives to hedge interest rate risk on debt instruments.
On January 1, 2001, the Company adopted SFAS No. 133 and its amendments (SFAS Nos. 137 and 138),Accounting for Derivative Instruments and Hedging Activities, which requires an entity to recognize all derivatives as either assets or liabilities in the statement of financial position and to measure those instruments at fair value. Additionally, the fair value adjustments will affect either shareholders' equity or net income depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. When the terms of an underlying transaction are modified, or when the underlying transaction is terminated or completed, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until the instrument matures. Any derivative instrument used for risk management that does not meet the hedging criteria of SFAS No. 133 is marked-to-market each period.
As of January 1, 2001, the adoption of the new standard resulted in derivative instruments reported on the balance sheet as liabilities of approximately $6.6 million; an adjustment of approximately $5.3 million to accumulated other comprehensive loss, which are gains and losses not affecting retained earnings in the consolidated statement of shareholders' equity; and a
Stock Purchase Agreement with Wellsford Real Properties, Inc. ("WRP Newco"),charge of approximately $1.3 million as a cumulative effect of change in accounting principle in the consolidated statement of operations.At December 31, 2001, the Company had entered into swaps which have been designated as cash flow hedges with an aggregate notional amount of $626.4 million at interest rates ranging from 3.65% to 6.15% maturing at various dates ranging from 2003 to 2007 with a net liability fair value of $23.3 million; and swaps which have been designated as fair value hedges with an aggregate notional amount of $396.4 million at interest rates ranging from 4.46% to 7.25% maturing at various dates ranging from 2003 to 2011 with a net asset fair value of $4.6 million.
At December 31, 2001, the Company's joint venture development partners had entered into swaps to hedge the interest rate risk exposure on unconsolidated floating rate construction mortgage loans. The Company has
agreedrecorded its proportionate share of these qualifying hedges on its consolidated balance sheet. These swaps have been designated as cash flow hedges with a current aggregate notional amount of $302.5 million (notional amounts range from $139.7 million topurchase up$525.1 million over the terms of the swaps) at interest rates ranging from 4.13% to1,000,000 shares7.35% maturing at various dates ranging from 2002 to 2005 with a net liability fair value ofWRP Newco Series A Preferred at $25.00 per share on a standby basis over a three-year period ending on May 30, 2000. These preferred shares would be convertible to WRP Newco common shares under certain circumstances.$10.4 million.As of December 31,
1999, no shares2001, there were approximately $32.6 million in deferred losses, net, included in accumulated other comprehensive loss. On December 31, 2001, the net derivative instruments were reported at their fair value as other liabilities ofWRP Newco Series A Preferred had been acquired by the Company.approximately $18.7 million and as a reduction to investment in unconsolidated entities of approximately $10.4 million. The Company expects tofund this $25recognize an estimated $14.3 millioninvestment in April 2000. In connection withof accumulated other comprehensive loss as additional interest expense during theMRY Merger,twelve months ending December 31, 2002, of which $6.5 million is related to theCompany extended a $25 million, one year, non-revolving loan to MRYP Spinco pursuant to a Senior Debt Agreement. On June 24, 1999, MRYP Spinco repaid the entire outstanding Senior Note balance of $18.3 million and there is no further obligation by either party in connection with this agreement. Also, in connection with the MRY Merger, the Company entered into sixdevelopment joint venture43MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES (CONTINUED) agreements with MRYP Spinco. The Company contributed six properties with an initial value of $52.7 million in return for an ownership interest in each joint venture. On August 23, 1999,swaps.For the
Company sold its entire interest in these six properties to MRYP Spinco and received $54.1 million. There is no further obligation by either party in connection with these agreements. FOR THE YEAR ENDED DECEMBERYear Ended December 31,19982000As of January 1,
1998,2000, the Company had approximately$33.3$29.1 million of cash and cash equivalents and$265$400 million available on itslinelines of credit, of which$24.7$65.8 million wasrestricted.restricted (not available to be drawn). After taking into effect the various transactions discussed in the following paragraphs, the Company's cash and cash equivalents balance at December 31,1998 were2000 was approximately$4$23.8 million and theamountsamount available on the Company'slinesline of creditwere $330was $399.5 million, of which$12$53.5 million wasrestricted. The following discussion also explains the changes in net cash provided by operating activities, net cash (used for) investing activities and net cash provided by financing activities, all of which are presented in the Company's Consolidated Statements of Cash Flows.restricted (not available to be drawn).Part of the Company's strategy in funding the purchase of multifamily properties, funding its Properties in the development stage and the funding of the Company's investment in
ajointventure with a multifamily real estate developer, excluding those Properties acquired through the Mergers,ventures is to utilize its line of credit and to subsequently repay the line of credit from the issuance of additional equity or debt securities or the net proceeds from the disposition of Properties. Utilizing this strategy during19982000, the Company:- issued a total of approximately 8.5 million Common Shares through various offerings and received total net proceeds of $412.5 million; - issued the 2015 Notes, the August 2003 Notes and the 2000 Notes and received net proceeds of $542.3 million; - mortgaged fifteen
- •
- obtained mortgage financing on forty-six previously unencumbered Properties and received net proceeds of
$223.5$484.4 million;and -- •
- disposed of
twentyfifty-three propertieswhich generated(including the sale of the Company's entire interest in three Unconsolidated Properties) and received net proceeds ofapproximately $177 million. All of these proceeds were utilized to either: - purchase additional properties; - provide funding for properties in the development stage;$631.2 million;- •
- sold and/or
- repay the linescontributed thirty-four properties to three separate joint ventures and received net proceeds ofcredit and mortgage indebtedness on certain Properties. With respect to the 1998 Acquired Properties, the Company$97.0 million;- •
- issued
21.8approximately 1.8 million Common Shareshaving a valueand received net proceeds of$1.0 billion$32.9 million; and- •
- issued
the following preferred shares having a combined liquidation valuefive new series of$369.1 million: - Series H Preferred Shares; - Series I Preferred Shares; - Series J Preferred Shares; - Series K Preferred Shares;Preference Interests and- Series L Preferred Shares. The Company also assumed mortgage indebtedness, unsecured notes and a linereceived net proceeds ofcredit of approximately $1.2 billion, issued OP Units having a value of approximately $205.2 million and issued 44MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES (CONTINUED) Junior Convertible Preference Units having a value of approximately $4.8$142.4 million.The cash portion of these acquisitions were primarily funded from amounts drawn on the Company's lines of credit and proceeds received in connection with the transactions mentioned in the previous paragraphs. In December 1997, the Company entered into a joint venture agreement with a multifamily residential real estate developer whereby the Company will make investments in a limited partnership to fund its portion of the project cost. During 1998, the Company funded a total of $23.9 million in connection with this agreement. In regards to certain other properties that were under development and/or expansion in 1998, the Company funded $31.6 million. In regards to certain properties that were under earnout/development agreements in 1998, no amounts were funded. As of December 31, 1998, the Company had total indebtedness of approximately $4.7 billion, which included mortgage indebtedness of $2.3 billion (including premiums of $4.5 million), of which $878.3 million represented tax-exempt bond indebtedness, and unsecured debt of $2.3 billion (net of a $5.3 million discount), of which $35.6 million represented tax-exempt bond indebtedness.During the year ended December 31, 2000, the
CompanyCompany:
- •
- repaid
an aggregate of $63.8four unsecured note issues totaling $208.0 million;- •
- repaid approximately $171.8 million of mortgage indebtedness on
nineeighty-three Properties;- •
- funded $160.9 million related to the development, earnout, and joint venture agreements;
- •
- purchased twenty-eight Properties (excluding Grove) for a total purchase price of approximately $654.1 million;
- •
- funded $5.2 million to acquire all third party equity interests in eleven former Unconsolidated Properties;
- •
- funded $58.5 million related to the purchase of two separate vacant land parcels for future development;
- •
- funded $1.25 million to acquire an additional ownership interest in 14 former Unconsolidated Properties which, as a result, were reclassified as Partially Owned Properties; and
- •
- acquired $25.0 million of 8.25% preferred securities of WRP Convertible Trust I, an affiliate of WRP Newco.
44
The Company's total debt summary, as of December 31, 2000, included:
Debt Summary as of December 31, 2000
$ Millions Weighted
Average RateSecured $ 3,231 6.91 % Unsecured 2,475 7.07 % Total $ 5,706 6.98 % Fixed Rate $ 4,885 7.13 % Floating Rate 821 6.09 % Total $ 5,706 6.98 % Above Totals Include: Total Tax Exempt $ 966 5.19 % Unsecured Revolving Credit Facility $ 355 7.19 % Critical Accounting Policies and Estimates
The Company's consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, which require the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosures. The Company believes that the following critical accounting policies, among others, affect its more significant judgments and estimates used in the preparation of its
Properties. These repayments were funded fromconsolidated financial statements.Impairment of Long-Lived Assets, Including Goodwill
The Company periodically evaluates its long-lived assets, including its investments in real estate and goodwill, for impairment indicators. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and legal factors. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted.
Depreciation of Investment in Real Estate
The Company depreciates the building component of its investment in real estate over a 30-year estimated useful life and both the furniture, fixtures and equipment and replacements components over a 5-year estimated useful life, all of which are judgmental determinations.
Fair Value of Financial Instruments, Including Derivative Instruments
The valuation of financial instruments under SFAS No. 107 and SFAS No. 133 requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on other factors relevant to the financial instruments.
Stock-Based Compensation
The Company has chosen to account for its stock-based compensation in accordance with APB No. 25, which results in no compensation expense for options issued with an exercise price equal to or exceeding market value of the Company's
lineCommon Shares on the date ofcredit or from proceeds received fromgrant, instead of Statement45
No. 123, which would result in compensation expense being recorded based on the
variousfair value of the stock-based compensation issued.Adjusted Net Income
For the year ended December 31, 2001, Adjusted Net Income ("ANI") available to Common Shares and OP units decreased $18.3 million as compared to the year ended December 31, 2000. For the year ended December 31, 2000, ANI available to Common Shares and OP Units increased $110.0 million, as compared to the year ended December 31, 1999.
The following is a reconciliation of net income available to Common Shares to ANI available to Common Shares and OP Units for the years ended December 31, 2001, 2000 and 1999:
Adjusted Net Income
(Amounts in thousands)
Year Ended December 31, 2001 2000 1999 Net income available to Common Shares $ 367,466 $ 437,510 $ 280,685 Net income allocation to Minority Interest — Operating Partnership 32,829 41,761 29,536 Adjustments: Acquisition cost depreciation* 379,751 364,177 346,497 Amortization of goodwill 3,779 1,760 — Acquisition cost depreciation accumulated on sold properties (62,708 ) (110,554 ) (26,935 ) Extraordinary items (444 ) 5,592 451 Cumulative effect of change in accounting principle 1,270 — — ANI available to Common Shares and OP Units — basic** $ 721,943 $ 740,246 $ 630,234
- *
- Acquisition cost depreciation represents depreciation for the initial cost of the property, including buildings and furniture, fixtures and equipment and depreciation on capital
transactions mentionedimprovements identified in theprevious paragraphs. YEAR 2000 ISSUE In prior years,acquisition underwriting and incurred in theCompany discussedfirst twenty-four months of ownership when thenature and progress of its plans to become Year 2000 ready. In late 1999, the Company completed its remediation and testing of systems. As a result of those planning and implementation efforts, the Company experienced no significant disruptions in mission critical information technology and non-information technology systems and believes those systems successfully responded to the Year 2000 date change. The Company expensed approximately $184,000 and $700,000 during 1999 and 1998, respectively, in connection with remediating its systems. The Company is not aware of any material problems resulting from Year 2000 issues, either with its products, its internal systems, or the products and services of third parties. The Company will continue to monitor its mission critical computer applications and those of its suppliers and vendors throughout the year 2000 to ensure that any latent Year 2000 matters that may arise are addressed promptly. FUNDS FROM OPERATIONS Commencing in 1996, the Company implemented the definition of FFO adopted by the Board of Governors of NAREIT in March 1995. The definition primarily eliminates the amortization of deferring financing costs and depreciation of non-real estate assets as items added back to net income when calculating FFO. 45MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FUNDS FROM OPERATIONS (CONTINUED) The Company generally considers FFO to be one measure of the performance of real estate companies. The resolution adopted by the Board of Governors of NAREIT defines FFO astotal cost exceeds $2,000 per unit.- **
- Adjusted Net Income represents net income (loss) (computed in accordance with
GAAP)accounting principles generally accepted in the United States ("GAAP")), including gains or losses from sales of real estate, plus acquisition cost depreciation, plus amortization of goodwill, minus the accumulated acquisition cost depreciation on sold properties, plus/minus extraordinary items and plus the cumulative effect of change in accounting principle. Depreciation associated with replacements and capital improvements is deducted in calculating ANI.The Company believes that ANI is helpful to investors as a supplemental measure of the operating performance of a real estate company because, along with cash flows from operating activities, financing activities and investing activities, it provides investors an understanding of the ability of the Company to incur and service debt and to make capital expenditures. ANI in and of itself does not represent cash generated from operating activities in accordance with GAAP and therefore should not be considered an alternative to net income as an indication of the Company's performance or to net cash flows from operating activities as determined by GAAP as a measure of liquidity and is not necessarily indicative of cash available to fund cash needs. The Company's calculation of ANI may differ from the methodology for calculating ANI utilized by other real estate companies and may differ, for example, due to variations among the Company's and other real estate companies' accounting policies for replacement type items and, accordingly, may not be comparable to such other real estate companies.
46
Funds From Operations
For the year ended December 31, 2001, Funds From Operations ("FFO") available to Common Shares and OP Units increased $60.5 million, or 8.3%, as compared to the year ended December 31, 2000. For the year ended December 31, 2000, FFO available to Common Shares and OP Units increased $106.6 million, or 17.2%, as compared to the year ended December 31, 1999.
The following is a reconciliation of net income available to Common Shares to FFO available to Common Shares and OP Units for the years ended December 31, 2001, 2000 and 1999:
Funds From Operations
(Amounts in thousands)
Year Ended December 31, 2001 2000 1999 Net income available to Common Shares $ 367,466 $ 437,510 $ 280,685 Net income allocation to Minority Interest — Operating Partnership 32,829 41,761 29,536 Adjustments: Depreciation/amortization* 463,125 438,735 402,466 Net gain on sales of real estate (149,293 ) (198,426 ) (93,535 ) Extraordinary items (444 ) 5,592 451 Cumulative effect of change in accounting principle 1,270 — — Impairment on furniture rental business 60,000 — — Impairment on technology investments 11,766 1,000 — FFO available to Common Shares and OP Units — basic $ 786,719 $ 726,172 $ 619,603
- *
- Includes $13,022, $2,720 and $1,009 for the years ended December 31, 2001, 2000 and 1999, respectively, related to the Company's share of depreciation from Unconsolidated Properties. Excludes $4,353 and $1,476 for the years ended December 31, 2001 and 2000, respectively, related to the minority interests' share of depreciation from Partially Owned Properties.
FFO represents net income (loss) (computed in accordance with accounting principles generally accepted in the United States (("GAAP")), excluding gains
(or losses)or losses fromdebt restructuring andsales of property, plus depreciationon real estate assets,andafteramortization (after adjustments forunconsolidated partnershipsPartially Owned Properties andjoint ventures.Unconsolidated Properties), plus/minus extraordinary items, and plus the cumulative effect of change in accounting principle and impairment charges. Adjustments for unconsolidated partnerships and joint venturesarewill be calculated to reflectFFOfunds from operations on the same basis.The Company believes that FFO is helpful to investors as a supplemental measure of the operating performance of a real estate company because, along with cash flows from operating activities, financing activities and investing activities, it provides investors an understanding of the ability of the Company to incur and service debt and to make capital expenditures. FFO in and of itself does not represent cash generated from operating activities in accordance with GAAP and therefore should not be considered an alternative to net income as an indication of the Company's performance or to net cash flows from operating activities as determined by GAAP as a measure of liquidity and is not necessarily indicative of cash available to fund cash needs. The Company's calculation of FFO
represents net income available to Common Shares, excluding gains on dispositions of properties and gains/losses on early extinguishment of debt, plus depreciation on real estate assets, income allocated to Minority Interests and amortization of deferred financing costs related to the Predecessor Business. The Company's calculation of FFOmay differ from the methodology for calculating FFO utilized by other real estate companies and may differ, for example, due to variations among the Company's and other real estate companies' accounting policies for replacement type items and, accordingly, may not be comparable to such other real estate companies.The Company will adopt, effective January 1, 2000, NAREIT's updated recommended definition of FFO as approved in the fourth quarter of 1999. For the year ended December 31, 1999, FFO increased $160.8 million representing a 35% increase when compared to the year ended December 31, 1998. For the year ended December 31, 1998, FFO increased by $188.1 million representing a 69.5% increase when compared to the year ended December 31, 1997. The following is a reconciliation of net income available to Common Shares to FFO available to Common Shares47
Item 7A. Quantitative andOP Units for the years ended December 31, 1999, 1998 and 1997 (amounts are in thousands):
--------------------------------------------------------- --- -------------- -- -------------- -- -------------- Year Ended Year Ended Year Ended 12/31/99 12/31/98 12/31/97 --------------------------------------------------------- --- -------------- -- -------------- -- --------------Net income available to Common Shares $ 280,685 $ 165,289 $ 117,580 Adjustments: Income allocated to Minority Interests 29,536 18,529 13,260 Depreciation on real estate assets* 402,466 296,691 153,526 Amortization of deferred financing costs related to predecessor business -- 35 235 Loss on early extinguishment of debt 451 -- -- Gain on disposition of properties (93,535) (21,703) (13,838) --------------------------------------------------------- --- -------------- -- -------------- -- -------------- FFO available to Common Shares and OP Units $ 619,603 $ 458,841 $ 270,763 --------------------------------------------------------- --- -------------- -- -------------- -- --------------* Includes $1,009,000 and $183,000 relatedQualitative Disclosure about Market RiskMarket risks relating to the Company's
share of depreciationoperations result primarily fromunconsolidated joint ventures and limited partnerships for the years ended December 31, 1999 and 1998, respectively. 46MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK The Company's future earnings, cash flows and fair values relevant to financial instruments are dependent upon prevalent market rates. Market risk is the risk of loss from adversechanges inmarket prices andshort-term LIBOR interest rates. The Companymanages itsdoes not have any direct foreign exchange or other significant market risk.The Company's exposure to market risk
by matching projected cash inflows from operating properties, financing activitiesfor changes in interest rates relates primarily to the Company's unsecured line of credit. The Company typically incurs fixed rate debt obligations to finance acquisitions andinvesting activities with projected cash outflows to fund debt payments, acquisitions,capital expenditures,distributionswhile it typically incurs floating rate debt obligations to finance working capital needs and as a temporary measure in advance of securing long-term fixed rate financing. The Company continuously evaluates its level of floating rate debt with respect to total debt and othercash requirements.factors, including its assessment of the current and future economic environment.The Company also utilizes certain derivative financial instruments to limit market risk. Interest rate protection agreements are used to convert floating rate debt to a fixed rate
basis.basis or vice versa. Derivatives are used for hedging purposes rather than speculation. The Company does not enter into financial instruments for trading purposes.The fair values of the Company's financial instruments (including such items in the financial statement captions as cash and cash equivalents, other assets, lines of credit, accounts payable and accrued expenses, rents received in advance and other liabilities) approximate their carrying or contract values based on their nature, terms and interest rates that approximate current market rates. The fair value of the Company's mortgage notes payable and unsecured notes approximates their carrying value at December 31, 2001.
The Company
hashad total outstanding floating rate debt of approximately$5.5 billion$896.0 million, or 15.6% of the Company's total debt at December 31,1999, of which approximately $700.9 million, or 12.8% is floating rate debt,2001, including the effects of any interest rate protection agreements. If market rates of interest on all of the Company's floating rate debtincreasepermanently increased by5532 basis points (a 10% increase), the increase in interest expense on the Company's floating rate debt would decrease future earnings and cash flows by approximately$3.9$2.9 million. If market rates of interest on all of the Company's floating rate debtdecreasepermanently decreased by5532 basis points (a 10% decrease), the decrease in interest expense on the Company's floating rate debt would increase future earnings and cash flows by approximately$3.9$2.9 million.These amounts were determined by considering the impact of hypothetical interest rates
and equity priceson the Company's financial instruments. The foregoing assumptions apply to the entire amount of the Company's floating rate debt and does not differentiate among maturities. These analyses do not consider the effects of thereduced level ofchanges in overall economic activity that could exist in such an environment. Further, in the event of a change of such magnitude, management would likely take actions to further mitigate its exposure to the change. However, due to the uncertainty of the specific actions that would be taken and their possible effects, this analysis assumes no changes in the Company's financialstructure. 47PART II ITEMstructure or results other than interest expense.The Company cannot predict the effect of adverse changes in interest rates on its floating rate debt and, therefore, its exposure to market risk, nor can there be any assurance that fixed rate, long term debt will be available to the Company at advantageous pricing. Consequently, future results may differ materially from the estimated adverse changes discussed above.
Item 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAFinancial Statements and Supplementary DataSee Index to Consolidated Financial Statements on page F-1 of this Form 10-K.
ITEM
Item 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSUREChanges in and Disagreements with Accountants on Accounting and Financial DisclosureNone.
48
Items 10, 11, 12ANDand 13.TRUSTEES AND EXECUTIVE OFFICERS OF THE REGISTRANT, EXECUTIVE COMPENSATION, SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND CERTAIN RELATIONSHIP AND RELATED TRANSACTIONS.Trustees and Executive Officers of the Registrant, Executive Compensation, Security Ownership of Certain Beneficial Owners and Management and Certain Relationship and Related Transactions.
The information required by Item 10, Item 11, Item 12 and Item 13 are incorporated by reference to, and will be contained in, the Company's definitive proxy statement, which the Company anticipates will be filed no later than
March 31, 2000,April 30, 2002, and thus these items have been omitted in accordance with General Instruction G(3) to Form 10-K.49Item 14.
EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES AND REPORTS ON FORMExhibits, Financial Statements, Schedules and Reports on Form 8-K(a)
(1 & 2) See Index to Financial Statements and Schedules on page F-1 of this Form 10-K.
(3) Exhibits:
2.1# Agreement and Plan of Merger by and between Equity Residential Properties Trust and Wellsford Residential Property Trust dated as of January 16, 1997. 2.2## Articles of Merger by and between Equity Residential Properties Trust and Wellsford Residential Property Trust. 2.3### Agreement and Plan of Merger by and between Equity Residential Properties Trust and Evans Withycombe Residential, Inc. dated as of August 27, 1997. 2.4#### Articles of Merger by and between Equity Residential Properties Trust and Evans Withycombe Residential, Inc. 2.5^ Agreement and Plan of Merger and First Amendment Thereto by and between Equity Residential Properties Trust and Merry Land & Investment Company, Inc. dated as of July 8, 1998 and September 4, 1998, respectively. 2.6^^ Articles of Merger by and between Equity Residential Properties Trust and Merry Land & Investment Company, Inc. 2.7^^^ Agreement and Plan of Merger between Equity Residential Properties Trust and Lexford Residential Trust dated as of June 30, 1999. 2.8^^^^ Articles of Merger by and between Equity Residential Properties Trust and Lexford Residential Trust. 3.1+ Second Amended and Restated Declaration of Trust of Equity Residential Properties Trust dated May 30, 1997. 3.2++ Third Amended and Restated Bylaws of Equity Residential Properties Trust. 4.1* Indenture, dated as of May 16, 1994, by and among the Operating Partnership, as obligor, the Company, as guarantor and The First National Bank of Chicago, as trustee in connection with 8 1/2% senior notes due May 15, 1999. 4.2* Indenture, dated October 1, 1994, between the Operating Partnership, as obligor and The First National Bank of Chicago, as trustee. 10.1** Fifth Amended and Restated Agreement of Limited Partnership of ERP Operating Limited Partnership. 10.2*** Agreement of Limited Partnership of Equity Residential Properties Management Limited Partnership. 10.3**** Agreement of Limited Partnership of Equity Residential Properties Management Limited Partnership II. 10.4*** Noncompetition Agreement (Zell). 10.5*** Noncompetition Agreement (Crocker). 10.6*** Noncompetition Agreement (Spector). 10.7*** Form of Noncompetition Agreement (other officers). 10.8*** Services Agreement between Equity Residential Properties Trust and Equity Group Investments, Inc. 10.9*** Form of Property Management Agreement (REIT properties). 10.10* Form of Property Management Agreement (Non-REIT properties). 10.11+++ Amended and Restated Master Reimbursement Agreement, dated as of November 1, 1996 by and between Federal National Mortgage Association and EQR-Bond Partnership. 10.12 Revolving Credit Agreement dated as of August 12, 1999 among the Operating Partnership, the Banks listed therein, Bank of America, National Association, as administrative agent, The Chase Manhattan Bank, as syndication agent, Morgan Guaranty Trust Company of New York, as documentation agent, Bank of America Securities LLC, as joint lead arranger, and Chase Securities Inc., as joint lead arranger.
2.1^
Agreement and Plan of Merger and First Amendment Thereto by and between Equity Residential Properties Trust and Merry Land & Investment Company, Inc. dated as of July 8, 1998 and September 4, 1998, respectively.
2.2^^
Articles of Merger by and between Equity Residential Properties Trust and Merry Land & Investment Company, Inc.
2.3^^^
Agreement and Plan of Merger between Equity Residential Properties Trust and Lexford Residential Trust dated as of June 30, 1999.
2.4^^^^
Articles of Merger by and between Equity Residential Properties Trust and Lexford Residential Trust.
2.5^^^^^
Agreement and Plan of Merger among Grove Property Trust, Grove Operating, L.P. and ERP Operating Limited Partnership dated as of July 17, 2000.
3.1+
Second Amended and Restated Declaration of Trust of Equity Residential Properties Trust dated May 30, 1997 ("Declaration of Trust").
3.2++
Articles Supplementary to Declaration of Trust dated September 22, 1997.
3.3+++
Articles Supplementary to Declaration of Trust dated September 30, 1998.
3.4*****
Articles Supplementary to Declaration of Trust dated September 27, 1999.
3.5
Certificate of Correction to Articles Supplementary to Declaration of Trust dated July 6, 2000.
3.6*****
Articles Supplementary to Declaration of Trust dated March 3, 2000.
3.7*****
Articles Supplementary to Declaration of Trust dated March 23, 2000.
3.8*****
Articles Supplementary to Declaration of Trust dated May 1, 2000.
3.9*****
Articles Supplementary to Declaration of Trust dated August 11, 2000.
3.10*****
Articles Supplementary to Declaration of Trust dated December 8, 2000.
3.11
Articles Supplementary to Declaration of Trust dated March 23, 2001.
3.12
Articles Supplementary to Declaration of Trust dated June 22, 2001.
3.13
Articles Supplementary to Declaration of Trust dated December 14, 2001.
3.14
Articles of Amendment to Declaration of Trust dated December 12, 2001.
3.15++++
Fourth Amended and Restated Bylaws of Equity Residential Properties Trust.
4.1*
Indenture, dated October 1, 1994, between the Operating Partnership, as obligor and The First National Bank of Chicago, as trustee.
10.1**
Fifth Amended and Restated Agreement of Limited Partnership of ERP Operating Limited Partnership.
10.2***
Noncompetition Agreement (Zell).50
PART IV 10.13 First Amendment to Revolving Credit Agreement dated November 10, 1999 between the Operating Partnership, Bank of America, National Association, as administrative agent, The Chase Manhattan Bank, as syndication agent, Morgan Guaranty Trust Company of New York, as documentation agent and the Banks listed as signatories thereto. 10.14#### Employment Agreement dated August 27, 1997 between Equity Residential Properties Management Limited Partnership and Richard G. Berry. 10.15++++ Amendment No. 1 to Amended and Restated Agreement of Limited Partnership of Evans Withycombe Residential, LP. 10.16 Amended and Restated Limited Partnership Agreement of Lexford Properties, L.P. 12 Computation of Ratio of Earnings to Fixed Charges 21 List of Subsidiaries of Equity Residential Properties Trust 23.1 Consent of Ernst & Young LLP 24.1 Power of Attorney for James D. Harper, Jr. dated February 29, 2000 24.2 Power of Attorney for Errol R. Halperin dated February 29, 2000 24.3 Power of Attorney for John W. Alexander dated March 13, 2000 24.4 Power of Attorney for B. Joseph White dated March 9, 2000 24.5 Power of Attorney for Henry H. Goldberg dated March 1, 2000 24.6 Power of Attorney for Jeffrey H. Lynford dated March 1, 2000 24.7 Power of Attorney for Edward Lowenthal dated March 2, 2000 24.8 Power of Attorney for Stephen O. Evans dated March 2, 2000 24.9 Power of Attorney for Boone A. Knox dated February 29, 2000 24.10 Power of Attorney for Michael N. Thompson dated March 6, 2000 ________________________________ # Included as an exhibit to the Company's Form 8-K dated January 16, 1997, filed on January 17, 1997. ## Included as Appendix B in the Company's Form S-4 filed on April 29, 1997. ### Included as an exhibit to the Company's Form 8-K dated August 27, 1997, filed on August 29, 1997. #### Included as Appendix B in the Company's Form S-4 filed on September 18, 1997. ^ Included as Appendix A in the Company's Form S-4 filed on September 14, 1998. ^^ Included as Appendix B in the Company's Form S-4 filed on September 14, 1998. ^^^ Included as Appendix A in the Company's Form S-4 filed on July 23, 1999. ^^^^ Included as an exhibit to the Company's Form 8-K dated October 1, 1999, filed on October 5, 1999. + Included as an exhibit to the Company's Form 8-K dated May 30, 1997, filed on June 5, 1997. ++ Included as an exhibit to the Company's Form 10-Q for the quarterly period ended June 30, 1999. +++ Included as an exhibit to the Company's Form 10-K for the year ended December 31, 1996. ++++ Included as an exhibit to the Company's Form 10-K for the year ended December 31, 1997. * Included as an exhibit to the Operating Partnership's Form 10/A, dated December 12, 1994, File No. 0-24920, and incorporated herein by reference. ** Included as an exhibit to the Operating Partnership's Form 8-K/A dated July 23, 1998, filed on August 18, 1998. *** Included as an exhibit to the Company's Form S-11 Registration Statement, File No. 33-63158, and incorporated herein by reference. **** Included as an exhibit to the Company's Form 10-K for the year ended December 31, 1994.
10.3***
Noncompetition Agreement (Crocker).
10.4***
Noncompetition Agreement (Spector).
10.5***
Form of Noncompetition Agreement (other officers).
10.6***
Amended and Restated Master Reimbursement Agreement, dated as of November 1, 1996 by and between Federal National Mortgage Association and EQR-Bond Partnership.
10.7****
Revolving Credit Agreement dated as of August 12, 1999 among the Operating Partnership, the Banks listed therein, Bank of America, National Association, as administrative agent, The Chase Manhattan Bank, as syndication agent, Morgan Guaranty Trust Company of New York, as documentation agent, Banc of America Securities LLC, as joint lead arranger, and Chase Securities Inc., as joint lead arranger.
10.8****
First Amendment to Revolving Credit Agreement dated November 10, 1999 between the Operating Partnership, Bank of America, National Association, as administrative agent, The Chase Manhattan Bank, as syndication agent, Morgan Guaranty Trust Company of New York, as documentation agent and the Banks listed as signatories thereto.
10.9****
Amended and Restated Limited Partnership Agreement of Lexford Properties, L.P.
10.10
Amended and Restated Equity Residential Properties Trust Advantage Retirement Savings Plan, effective January 1, 2001.
10.11
Equity Residential Properties Trust Amended and Restated 1993 Share Option and Share Award Plan, as amended.
10.12
Change in Control Agreement dated April 1, 2000 between the Company and Douglas Crocker II.
10.13
Form of Change in Control Agreement between the Company and other executive officers.
10.14
Form of Indemnification Agreement between the Company and each trustee and executive officer.
10.15
Executive Compensation Agreement dated October 18, 2001 between the Company and Samuel Zell.
10.16
Amended and Restated Deferred Compensation Agreement between the Company and Douglas Crocker II dated as of January 21, 2002.
10.17
Amended and Restated Deferred Compensation Agreement between the Company and Gerald A. Spector dated January 1, 2002.
10.18
Retirement Benefits Agreement between Samuel Zell and the Company dated October 18, 2001.
12
Computation of Ratio of Earnings to Fixed Charges
21
List of Subsidiaries of Equity Residential Properties Trust
23.1
Consent of Ernst & Young LLP
24.1
Power of Attorney for John W. Alexander dated February 27, 2002
24.2
Power of Attorney for Stephen O. Evans dated February 27, 200251
PART IV
24.3
Power of Attorney for Errol R. Halperin dated March 4, 2002
24.4
Power of Attorney for Edward Lowenthal dated February 22, 2002
24.5
Power of Attorney for Jeffrey H. Lynford dated March 4, 2002
24.6
Power of Attorney for B. Joseph White dated February 20, 2002
24.7
Power of Attorney for Sheli Z. Rosenberg dated February 22, 2002
24.8
Power of Attorney for Henry H. Goldberg dated March 1, 2002
24.9
Power of Attorney for James D. Harper, Jr. dated February 21, 2002
24.10
Power of Attorney for Boone A. Knox dated February 20, 2002
24.11
Power of Attorney for Michael N. Thompson dated February 25, 2002
24.12
Power of Attorney for Samuel Zell dated February 20, 2002
24.13
Power of Attorney for Gerald A. Spector dated February 20, 2002
^ Included as Appendix A in the Company's Form S-4 filed on September 14, 1998.
^^
Included as Appendix B in the Company's Form S-4 filed on September 14, 1998.
^^^
Included as Appendix A in the Company's Form S-4 filed on July 23, 1999.
^^^^
Included as an exhibit to the Company's Form 8-K dated October 1, 1999, filed on October 5, 1999.
^^^^^
Included as Appendix A to the Company's Form S-4, Registration No. 333-44576, filed on July 23, 2000.
+
Included as an exhibit to the Company's Form 8-K dated May 30, 1997, filed on June 5, 1997.
++
Included as an exhibit to the Company's Form 8-A filed September 19, 1997.
+++
Included as an exhibit to the Company's Form 8-A filed October 16, 1998.
++++
Included as an exhibit to the Company's Form 10-Q for the quarterly period ended June 30, 2001.
*
Included as an exhibit to the Operating Partnership's Form 10/A, dated December 12, 1994, File No. 0-24920, and incorporated herein by reference.
**
Included as an exhibit to the Operating Partnership's Form 8-K/A dated July 23, 1998, filed on August 18, 1998.
***
Included as an exhibit to the Company's Form S-11 Registration Statement, File No. 33-63158, and incorporated herein by reference.
****
Included as an exhibit to the Company's Form 10-K for the year ended December 31, 1999.
*****
Included as an exhibit to the Company's Form 10-K for the year ended December 31, 2000.(b) Reports on Form 8-K:
A Report on Form 8-K dated October 5, 1999, reporting the closing of the merger between Equity Residential Properties Trust and Lexford Residential Trust. A Report on Form 8-K dated December 3, 1999, disclosing additional financial information of Lexford Residential Trust as of September 30, 1999.None.(c) Exhibits:See Item 14(a)(3) above.
(d) Financial Statement Schedules:See Index to Financial Statements attached hereto on page F-1 of this Form 10-K.
52
PART IVPursuant to the requirements of the Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf by the undersigned thereunto duly authorized.
EQUITY RESIDENTIAL PROPERTIES TRUST Date: MARCH 13, 2000 By: /S/ DOUGLAS CROCKER II -------------- -------------------------------------- Douglas Crocker II President, Chief Executive Officer, Trustee and *Attorney-in-Fact Date: MARCH 13, 2000 By: /S/ DAVID J. NEITHERCUT -------------- -------------------------------------- David J. Neithercut Executive Vice President and Chief Financial Officer Date: MARCH 13, 2000 By: /S/ MICHAEL J. MCHUGH -------------- -------------------------------------- Michael J. McHugh Executive Vice President, Chief Accounting
EQUITY RESIDENTIAL PROPERTIES TRUST
Date: March 7, 2002
By:
/s/ DOUGLAS CROCKER II
Douglas Crocker II
President, Chief Executive Officer,
Trustee and *Attorney-in-Fact
Date: March 7, 2002
By:
/s/ DAVID J. NEITHERCUT
David J. Neithercut
Executive Vice President and
Chief Financial Officer
Date: March 7, 2002
By:
/s/ MICHAEL J. MCHUGH
Michael J. McHugh
Executive Vice President, Chief Accounting
Officer, Treasurer and *Attorney-in-factPursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below bythe following persons on behalf of the registrant and in the capacities and on the datesindicated. Date: MARCH 13, 2000 By: /S/ SAMUEL ZELL --------------- --------------------------------------- Samuel Zell Chairman of the Board of Trustees Date: MARCH 13, 2000 By: /S/ GERALD A. SPECTOR -------------- --------------------------------------- Gerald A. Spector Executive Vice President, Chief Operating Officer and Trustee Date: MARCH 13, 2000 By: /S/ SHELI Z. ROSENBERG -------------- --------------------------------------- Sheli Z. Rosenberg Trusteeindicated have signed this report below.
Date: March 7, 2002
By:
/s/ SAMUEL ZELL
Samuel Zell
Chairman of the Board of Trustees
Date: March 7, 2002
By:
/s/ GERALD A. SPECTOR
Gerald A. Spector
Executive Vice President, Chief
Operating Officer and Trustee
Date: March 7, 2002
By:
/s/ SHELI Z. ROSENBERG
Sheli Z. Rosenberg
Trustee
Date: March 7, 2002
By:
/s/ JAMES D. HARPER*
James D. Harper
Trustee
Date: March 7, 2002
By:
/s/ ERROL R. HALPERIN*
Errol R. Halperin
Trustee53
PART IV SIGNATURES-CONTINUED Date: MARCH 13, 2000 By: /S/ JAMES D. HARPER* -------------- -------------------------------------- James D. Harper Trustee Date: MARCH 13, 2000 By: /S/ ERROL R. HALPERIN* -------------- -------------------------------------- Errol R. Halperin Trustee Date: MARCH 13, 2000 By: /S/ JOHN W. ALEXANDER* -------------- -------------------------------------- John W. Alexander Trustee Date: MARCH 13, 2000 By: /S/ B. JOSEPH WHITE* -------------- --------------------------------------- B. Joseph White Trustee Date: MARCH 13, 2000 By: /S/ HENRY H. GOLDBERG* -------------- --------------------------------------- Henry H. Goldberg Trustee Date: MARCH 13, 2000 By: /S/ JEFFREY H. LYNFORD* -------------- --------------------------------------- Jeffrey H. Lynford Trustee Date: MARCH 13, 2000 By: /S/ EDWARD LOWENTHAL* -------------- --------------------------------------- Edward Lowenthal Trustee Date: MARCH 13, 2000 By: /S/ STEPHEN O. EVANS* -------------- --------------------------------------- Stephen O. Evans Trustee Date: MARCH 13, 2000 By: /S/ BOONE A. KNOX* -------------- --------------------------------------- Boone A. Knox Trustee Date: MARCH 13, 2000 By: /S/ MICHAEL N. THOMPSON* -------------- ---------------------------------------- Michael N. Thompson Trustee * By: /S/ MICHAEL J. MCHUGH OR DOUGLAS CROCKER II ---------------------------------------------------- Michael J. McHugh or Douglas Crocker II, as Attorney-in-fact
Date: March 7, 2002
By:
/s/ JOHN W. ALEXANDER*
John W. Alexander
Trustee
Date: March 7, 2002
By:
/s/ B. JOSEPH WHITE*
B. Joseph White
Trustee
Date: March 7, 2002
By:
/s/ HENRY H. GOLDBERG*
Henry H. Goldberg
Trustee
Date: March 7, 2002
By:
/s/ JEFFREY H. LYNFORD*
Jeffrey H. Lynford
Trustee
Date: March 7, 2002
By:
/s/ EDWARD LOWENTHAL*
Edward Lowenthal
Trustee
Date: March 7, 2002
By:
/s/ STEPHEN O. EVANS*
Stephen O. Evans
Trustee
Date: March 7, 2002
By:
/s/ BOONE A. KNOX*
Boone A. Knox
Trustee
Date: March 7, 2002
By:
/s/ MICHAEL N. THOMPSON*
Michael N. Thompson
Trustee
*By:
/s/ MICHAEL J. MCHUGH
Michael J. McHugh
as Attorney-in-fact54
INDEX TO FINANCIAL STATEMENTS AND SCHEDULE
EQUITY RESIDENTIAL PROPERTIES TRUST
PAGE ----FINANCIAL STATEMENTS FILED AS PART OF THIS REPORT
Report of IndependentAuditors........................................................Auditors
F-2
Consolidated Balance Sheets as of December 31,19992001 and1998........................................................2000
F-3
Consolidated Statements of Operations for the years ended December 31,1999, 19982001, 2000 and1997..................................1999
F-4 to F-5
Consolidated Statements of Cash Flows for the years ended December 31,1999, 19982001, 2000 and1997.................................. F-51999
F-6 toF-7F-8
Consolidated Statements of Changes in Shareholders' Equity for the years ended December 31,1999, 19982001, 2000 and1997.............................. F-81999
F-9 toF-9F-10
Notes to Consolidated FinancialStatements............................................ F-10Statements
F-11 to F-44
SCHEDULE FILED AS PART OF THIS REPORT
ScheduleIII -III—Real Estate and AccumulatedDepreciation...............................Depreciation
S-1 toS-21S-14F-1
REPORT OF INDEPENDENT AUDITORSTo the Board of Trustees and Shareholders
Equity Residential Properties TrustWe have audited the accompanying consolidated balance sheets of Equity Residential Properties Trust (the "Company") as of December 31,
19992001 and19982000 and the related consolidated statements of operations, changes in shareholders' equity and cash flows for each of the three years in the period ended December 31,1999.2001. Our audits also included the financial statement schedule listed in theIndex at Item 14(a).accompanying index to financial statements and schedule. These financial statements and schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Equity Residential Properties Trust at December 31,
19992001 and1998,2000, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31,1999,2001, in conformity with accounting principles generally accepted in the United States. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein.As discussed in Note 2 to the consolidated financial statements, in 2001 the Company changed its method of accounting for derivative instruments and hedging activities.
/s/ ERNST & YOUNG LLP
Chicago, Illinois
February16, 2000 except for Note 23, as to which the date is March 3, 20005, 2002F-2
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED BALANCE SHEETS(Amounts
(Amounts in thousands except for share amounts)
DECEMBER 31, DECEMBER 31, 1999 1998 ----------------- ----------------ASSETS Investment in real estate Land $ 1,550,378 $ 1,326,148 Depreciable property 10,670,550 9,519,579 Construction in progress 18,035 96,336 ----------------- ---------------- 12,238,963 10,942,063 Accumulated depreciation (1,070,487) (718,491) ----------------- ---------------- Investment in real estate, net of accumulated depreciation 11,168,476 10,223,572 Real estate held for disposition 12,868 29,886 Cash and cash equivalents 29,117 3,965 Investment in mortgage notes, net 84,977 88,041 Rents receivable 1,731 4,758 Deposits - restricted 111,270 69,339 Escrow deposits - mortgage 75,328 68,725 Deferred financing costs, net 33,968 27,569 Other assets 197,954 184,405 ----------------- ---------------- TOTAL ASSETS $ 11,715,689 $ 10,700,260 ================= ================ LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Mortgage notes payable $ 2,883,583 $ 2,341,011 Notes, net 2,290,285 2,049,516 Lines of credit 300,000 290,000 Accounts payable and accrued expenses 102,955 100,926 Accrued interest payable 44,257 46,176 Rents received in advance and other liabilities 74,196 54,616 Security deposits 39,687 37,439 Distributions payable 18,813 18,755 ----------------- ---------------- TOTAL LIABILITIES 5,753,776 4,938,439 ----------------- ---------------- COMMITMENTS AND CONTINGENCIES Minority Interests 456,979 431,374 ----------------- ---------------- ----------------- ---------------- Shareholders' equity: Preferred Shares of beneficial interest, $.01 par value; 100,000,000 shares authorized; 25,085,652 shares issued and outstanding as of December 31, 1999 and 29,097,951 shares issued and outstanding as of December 31, 1998 1,310,266 1,410,574 Common Shares of beneficial interest, $.01 par value; 350,000,000 shares authorized; 127,450,798 shares issued and outstanding as of December 31, 1999 and 118,230,009 shares issued and outstanding as of December 31, 1998 1,275 1,182 Paid in capital 4,523,919 4,169,102 Employee notes (4,670) (4,873) Distributions in excess of accumulated earnings (325,856) (245,538) ----------------- ---------------- Total shareholders' equity 5,504,934 5,330,447 ----------------- ---------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 11,715,689 $ 10,700,260 ================= ================SEE ACOMPANYING NOTES
December 31,
2001December 31,
2000ASSETS Investment in real estate Land $ 1,840,170 $ 1,770,019 Depreciable property 11,096,847 10,782,311 Construction in progress 79,166 39,209 13,016,183 12,591,539 Accumulated depreciation (1,718,845 ) (1,352,236 ) Investment in real estate, net of accumulated depreciation 11,297,338 11,239,303 Real estate held for disposition 3,371 51,637 Cash and cash equivalents 51,603 23,772 Investment in mortgage notes, net — 77,184 Investments in unconsolidated entities 397,237 322,409 Rents receivable 2,400 1,801 Deposits — restricted 218,557 231,639 Escrow deposits — mortgage 76,700 70,470 Deferred financing costs, net 27,011 29,706 Rental furniture, net 20,168 60,183 Property and equipment, net 3,063 7,620 Goodwill, net 47,291 67,589 Other assets 90,886 80,653 Total assets $ 12,235,625 $ 12,263,966 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Mortgage notes payable $ 3,286,814 $ 3,230,611 Notes, net 2,260,944 2,120,079 Lines of credit 195,000 355,462 Accounts payable and accrued expenses 108,254 107,818 Accrued interest payable 62,360 51,877 Rents received in advance and other liabilities 83,005 100,819 Security deposits 47,644 46,272 Distributions payable 141,832 18,863 Total liabilities 6,185,853 6,031,801 Commitments and contingencies Minority Interests: Operating Partnership 379,898 415,838 Preference Interests 246,000 186,000 Junior Preference Units 5,846 7,896 Partially Owned Properties 4,078 2,884 Total Minority Interests 635,822 612,618 Shareholders' equity: Preferred Shares of beneficial interest, $.01 par value; 100,000,000 shares authorized; 11,344,521 shares issued and outstanding as of December 31, 2001 and 20,003,166 shares issued and outstanding as of December 31, 2000 966,671 1,183,136 Common Shares of beneficial interest, $.01 par value; 1,000,000,000 shares authorized; 271,621,374 shares issued and outstanding as of December 31, 2001 and 265,232,750 shares issued and outstanding as of December 31, 2000 2,716 2,652 Paid in capital 4,892,744 4,753,371 Employee notes (4,043 ) (4,346 ) Deferred compensation (25,778 ) (14,915 ) Distributions in excess of accumulated earnings (385,320 ) (300,351 ) Accumulated other comprehensive loss (33,040 ) — Total shareholders' equity 5,413,950 5,619,547 Total liabilities and shareholders' equity $ 12,235,625 $ 12,263,966 See accompanying notes
F-3
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands except per share data)
Year Ended December 31, 2001 2000 1999 REVENUES Rental income $ 2,074,961 $ 1,955,046 $ 1,711,738 Fee and asset management 7,498 6,520 5,088 Interest income — investment in mortgage notes 8,786 11,192 12,559 Interest and other income 21,899 25,266 13,242 Furniture income 57,499 32,316 — Total revenues 2,170,643 2,030,340 1,742,627 EXPENSES Property and maintenance 549,010 502,796 414,026 Real estate taxes and insurance 192,598 182,479 171,289 Property management 77,132 76,416 61,626 Fee and asset management 7,345 5,157 3,587 Depreciation 457,232 444,207 408,688 Interest: Expense incurred, net 355,250 366,622 330,548 Amortization of deferred financing costs 5,841 5,473 4,084 General and administrative 35,414 26,385 22,296 Furniture expenses 58,852 22,108 — Amortization of goodwill 3,779 1,760 — Impairment on furniture rental business 60,000 — — Impairment on technology investments 11,766 1,000 — Total expenses 1,814,219 1,634,403 1,416,144 Income before allocation to Minority Interests, income from investments in unconsolidated entities, net gain on sales of real estate, extraordinary items and cumulative effect of change in accounting principle 356,424 395,937 326,483 Allocation to Minority Interests: Operating Partnership (32,829 ) (41,761 ) (29,536 ) Partially Owned Properties (2,249 ) 132 — Income from investments in unconsolidated entities 3,772 2,309 3,850 Net gain on sales of real estate 149,293 198,426 93,535 Income before extraordinary items and cumulative effect of change in accounting principle 474,411 555,043 394,332 Extraordinary items 444 (5,592 ) (451 ) Cumulative effect of change in accounting principle (1,270 ) — — Net income 473,585 549,451 393,881 Preferred distributions (106,119 ) (111,941 ) (113,196 ) Net income available to Common Shares $ 367,466 $ 437,510 $ 280,685 Net income per share — basic $ 1.37 $ 1.69 $ 1.15 Net income per share — diluted $ 1.36 $ 1.67 $ 1.14 Weighted average Common Shares outstanding — basic 267,349 259,015 244,350 Weighted average Common Shares outstanding — diluted 295,552 291,266 271,310 Distributions declared per Common Share outstanding $ 1.680 $ 1.575 $ 1.470 See accompanying notes
F-4
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS(AMOUNTS IN THOUSANDS EXCEPT PER SHARE DATA)
YEAR ENDED DECEMBER 31, --------------------------------------------- 1999 1998 1997 ---------------------------------------------REVENUES Rental income $ 1,711,738 $ 1,293,560 $ 707,733 Fee and asset management 4,970 5,622 5,697 Interest income - investment in mortgage notes 12,559 18,564 20,366 Interest and other income 23,851 19,250 13,282 ------------ ------------ ------------- Total revenues 1,753,118 1,336,996 747,078 EXPENSES Property and maintenance 414,026 326,733 176,075 Real estate taxes and insurance 171,289 126,009 69,520 Property management 61,626 53,101 26,793 Fee and asset management 3,587 4,279 3,364 Depreciation 408,688 301,869 156,644 Interest: Expense incurred 337,189 246,585 121,324 Amortization of deferred financing costs 4,084 2,757 2,523 General and administrative 22,296 20,631 14,821 ------------ ------------ ------------- Total expenses 1,422,785 1,081,964 571,064 Income before gain on disposition of properties, net, extraordinary item and allocation to Minority Interests 330,333 255,032 176,014 Gain on disposition of properties, net 93,535 21,703 13,838 ------------ ------------ ------------- Income before extraordinary item and allocation to Minority Interests 423,868 276,735 189,852 Loss on early extinguishment of debt (451) - - ------------ ------------ ------------- Income before allocation to Minority Interests 423,417 276,735 189,852 Income allocated to Minority Interests (29,536) (18,529) (13,260) ------------ ------------ ------------- Net income 393,881 258,206 176,592 Preferred distributions (113,196) (92,917) (59,012) ------------ ------------ ------------- Net income available to Common Shares $ 280,685 $ 165,289 $ 117,580 ============ ============ ============= Weighted average Common Shares outstanding - basic 122,175 100,370 65,729 ============ ============ ============= Distributions declared per Common Share outstanding $ 2.94 $ 2.72 $ 2.55 ============ ============ ============= Tax treatment of distributions (unaudited) Ordinary income $ 2.56 $ 2.14 $ 2.24 ============ ============ ============= Return of capital $ 0.26 $ 0.52 $ 0.26 ============ ============ ============= Long-term capital gain $ 0.09 $ 0.01 $ 0.05 ============ ============ ============= Unrecaptured section 1250 gain $ 0.03 $ 0.05 $ - ============ ============ ============= Net income per share - basic $ 2.30 $ 1.65 $ 1.79 ============ ============ ============= Net income per share - diluted $ 2.29 $ 1.63 $ 1.76 ============ ============ =============SEE ACCOMPANYING NOTES F-4(Continued)
(Amounts in thousands except per share data)
Year Ended December 31, 2001 2000 1999 Comprehensive income: Net income $ 473,585 $ 549,451 $ 393,881 Other comprehensive income (loss) — derivative instruments: Cumulative effect of change in accounting principle (5,334 ) — — Unrealized holding (losses) arising during the year (17,909 ) — — Equity in unrealized holding (losses) arising during the year — unconsolidated entities (10,366 ) — — Losses reclassified into earnings from other comprehensive income 569 — — Comprehensive income $ 440,545 $ 549,451 $ 393,881 See accompanying notes
F-5
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
Year Ended December 31, 2001 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 473,585 $ 549,451 $ 393,881 Adjustments to reconcile net income to net cash provided by operating activities: Allocation to Minority Interests: Operating Partnership 32,829 41,761 29,536 Partially Owned Properties 2,249 (132 ) — Cumulative effect of change in accounting principle 1,270 — — Depreciation 467,942 449,584 408,688 Amortization of deferred financing costs 5,841 5,473 4,084 Amortization of discount on investment in mortgage notes (2,256 ) (1,249 ) (1,165 ) Amortization of goodwill 3,779 1,760 — Amortization of discounts and premiums on debt (1,841 ) (2,332 ) (2,322 ) Amortization of deferred settlements on interest rate protection agreements 591 333 987 Impairment on furniture rental business 60,000 — — Impairment on technology investments 11,766 1,000 — Income from investments in unconsolidated entities (3,772 ) (2,309 ) (3,850 ) Net gain on sales of real estate (149,293 ) (198,426 ) (93,535 ) Net loss (gain) on sales of property and equipment 109 (4 ) — Extraordinary items (444 ) 5,592 451 Unrealized gain on interest rate protection agreements (223 ) — — Loss on sale of mortgage receivable — 710 — Book value of furniture sales and rental buyouts 11,411 6,345 — Compensation paid with Company Common Shares 18,164 15,085 9,625 Changes in assets and liabilities: (Increase) decrease in rents receivable (399 ) (415 ) 3,559 (Increase) decrease in deposits — restricted (10,468 ) 4,207 (9,953 ) Additions to rental furniture (18,611 ) (13,661 ) — (Increase) decrease in other assets (17,694 ) (7,969 ) 54,820 (Decrease) in accounts payable and accrued expenses (633 ) (4,843 ) (5,610 ) Increase (decrease) in accrued interest payable 10,293 3,104 (6,387 ) (Decrease) increase in rents received in advance and other liabilities (4,315 ) (11,489 ) 7,963 (Decrease) increase in security deposits (103 ) 1,025 (1,802 ) Net cash provided by operating activities 889,777 842,601 788,970 CASH FLOWS FROM INVESTING ACTIVITIES: Investment in real estate (394,039 ) (659,181 ) (632,474 ) Improvements to real estate (150,927 ) (137,404 ) (134,716 ) Additions to non-real estate property (6,920 ) (5,425 ) (7,219 ) Interest capitalized for real estate under development (28,174 ) (17,650 ) (8,134 ) Proceeds from disposition of real estate, net 566,068 721,032 329,342 Investment in property and equipment (2,461 ) (933 ) — Principal receipts on investment in mortgage notes 61,419 7,885 4,229 Investments in unconsolidated entities (142,565 ) (149,033 ) (37,114 ) Distributions from unconsolidated entities 28,332 19,243 7,125 Proceeds from refinancing of unconsolidated entities 24,404 1,695 — Proceeds from disposition of unconsolidated entities 655 4,602 — Repayments of equity from unconsolidated entities 7,336 — — Decrease (increase) in deposits on real estate acquisitions, net 52,340 (122,735 ) (25,563 ) Decrease (increase) in mortgage deposits (1,626 ) 18,854 11,117 Purchase of management contract rights — (779 ) (285 ) See accompanying notes
F-6
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS(AMOUNTS IN THOUSANDS)
YEAR ENDED DECEMBER 31, ---------------------------------------------- 1999 1998 1997 ----------------------------------------------CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 393,881 $ 258,206 $ 176,592 ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: Income allocated to Minority Interests 29,536 18,529 13,260 Depreciation 408,688 301,869 156,644 Amortization of deferred financing costs 4,084 2,757 2,523 Amortization of discounts and premiums on debt (2,322) (1,958) (353) Amortization of treasury locks and options on debt 987 1,649 818 Amortization of discount on investment in mortgage notes (1,165) (3,015) (3,100) Gain on disposition of properties, net (93,535) (21,703) (13,838) Compensation paid with Company Common Shares 9,625 803 2,325 CHANGES IN ASSETS AND LIABILITIES: Decrease (increase) in rents receivable 3,559 (1,456) (1,373) (Increase) in deposits - restricted (9,953) (13,147) (23,183) Decrease (increase) in other assets 47,670 (8,787) (13,708) (Decrease) increase in accounts payable and accrued expenses (5,610) (3,601) 20,235 (Decrease) increase in accrued interest payable (6,387) 7,546 12,224 Increase (decrease) in rents received in advance and other liabilities 7,963 (2,077) 12,112 (Decrease) increase in security deposits (1,802) 7,598 7,819 ------------ --------------- -------------- Net cash provided by operating activities 785,219 543,213 348,997 ------------ --------------- -------------- CASH FLOWS FROM INVESTING ACTIVITIES: Investment in real estate, net (632,474) (990,728) (1,190,933) Improvements to real estate (134,716) (90,608) (50,246) Additions to non-real estate property (7,219) (11,412) (9,754) Interest capitalized for real estate under construction (1,493) (1,620) - Proceeds from disposition of real estate, net 329,342 174,796 35,758 Decrease (increase) in investment in mortgage notes 4,229 2,853 (86,367) (Increase) decrease in deposits on real estate acquisitions, net (25,563) (18,451) 7,946 Decrease (increase) in mortgage deposits 11,117 (20,499) (25,521) Investment in limited partnerships (40,480) (23,946) (6,900) Decrease in mortgage receivables 7,150 - - Purchase of management contract rights (285) (119) (5,000) Costs related to Mergers (18,274) (50,139) (176,908) Other investing activities (14,885) (17,501) (44,465) ------------ --------------- -------------- Net cash (used for) investing activities (523,551) (1,047,374) (1,552,390) ------------ --------------- --------------SEE ACCOMPANYING NOTES F-5(Continued)
(Amounts in thousands)
Year Ended December 31, 2001 2000 1999 CASH FLOWS FROM INVESTING ACTIVITIES (continued): Consolidation of previously Unconsolidated Properties $ 52,841 $ (5,083 ) $ — Business combinations, net of cash acquired (8,785 ) (242,281 ) (18,274 ) Other investing activities, net (578 ) 3,243 (14,885 ) Net cash provided by (used for) investing activities 57,320 (563,950 ) (526,851 ) CASH FLOWS FROM FINANCING ACTIVITIES: Loan and bond acquisition costs (4,483 ) (3,590 ) (9,522 ) Mortgage notes payable: Proceeds, net 91,583 729,978 204,986 Lump sum payoffs (364,229 ) (380,541 ) (105,846 ) Scheduled principal repayments (32,671 ) (27,719 ) (21,147 ) Prepayment premiums/fees (208 ) (5,801 ) (451 ) Notes, net: Proceeds 299,316 — 298,014 Lump sum payoffs (150,000 ) (208,000 ) (152,266 ) Scheduled principal repayments (4,774 ) (498 ) — Lines of credit: Proceeds 738,491 808,637 1,372,000 Repayments (898,953 ) (820,631 ) (1,388,383 ) (Payments) proceeds from settlement of interest rate protection agreements (7,369 ) 7,055 1,380 Proceeds from sale of Common Shares 8,991 7,676 7,717 Proceeds from sale of Preferred Shares/Units 60,000 146,000 40,000 Proceeds from exercise of options 65,411 25,228 30,750 Common Shares repurchased and retired — — (6,252 ) Redemption of Preferred Shares (210,500 ) — — Payment of offering costs (2,223 ) (3,944 ) (1,625 ) Distributions: Common Shares (335,534 ) (412,321 ) (364,183 ) Preferred Shares/Units (110,194 ) (111,943 ) (113,153 ) Minority Interests — Operating Partnership (30,067 ) (39,153 ) (37,580 ) Minority Interests — Partially Owned Properties (32,156 ) (920 ) — Principal receipts on employee notes, net 303 324 203 Principal receipts on other notes receivable, net — 6,167 8,391 Net cash (used for) financing activities (919,266 ) (283,996 ) (236,967 ) Net increase (decrease) in cash and cash equivalents 27,831 (5,345 ) 25,152 Cash and cash equivalents, beginning of year 23,772 29,117 3,965 Cash and cash equivalents, end of year $ 51,603 $ 23,772 $ 29,117 See accompanying notes
F-7
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS(CONTINUED) (AMOUNTS IN THOUSANDS)
YEAR ENDED DECEMBER 31, ------------------------------------------------- 1999 1998 1997 -------------------------------------------------CASH FLOWS FROM FINANCING ACTIVITIES: Loan and bond acquisition costs $ (9,522) $ (9,021) $ (11,617) MORTGAGE NOTES PAYABLE: Proceeds 204,986 223,491 16,460 Lump sum payoffs (105,846) (63,785) (113,389) Monthly principal payments (21,147) (12,624) (7,157) NOTES, NET: Proceeds 298,014 542,227 348,303 Payoffs (152,266) (120,000) (100,000) LINES OF CREDIT: Proceeds 1,372,000 859,000 442,500 Repayments (1,388,383) (881,000) (207,500) Proceeds from treasury locks and options on debt 1,380 8,130 - Proceeds from sale of Common Shares 7,717 425,253 540,010 Proceeds from sale of Preferred Shares/Units, net 39,000 - 491,250 Proceeds from exercise of options 30,750 14,482 4,999 Common Shares repurchased and retired (6,252) (94,705) - Payment of offering costs (625) (12,370) (22,470) DISTRIBUTIONS: Common Shares (364,183) (277,815) (217,229) Preferred Shares/Units (113,153) (95,952) (50,024) Minority Interests (37,580) (30,752) (24,829) Principal receipts on employee notes, net 203 272 110 Principal receipts on other notes receivable, net 8,391 - - -------------- -------------- -------------- Net cash (used for) provided by financing activities (236,516) 474,831 1,089,417 -------------- -------------- -------------- Net increase (decrease) in cash and cash equivalents 25,152 (29,330) (113,976) Cash and cash equivalents, beginning of year 3,965 33,295 147,271 -------------- -------------- -------------- Cash and cash equivalents, end of year $ 29,117 $ 3,965 $ 33,295 ============== ============== ============== SUPPLEMENTAL INFORMATION: Cash paid during the year for interest $ 341,936 $ 234,318 $ 109,100 ============== ============== ============== Mortgage loans assumed and/or entered into through acquisitions of real estate $ 69,885 $ 459,820 $ 597,245 ============== ============== ============== Net real estate contributed in exchange for Common Shares $ - $ - $ 185,994 ============== ============== ============== Net real estate contributed in exchange for OP Units or Preference Units $ 28,232 $ 169,834 $ 5,335 ============== ============== ============== Mortgage loans assumed by purchaser in real estate dispositions $ (12,500) $ - $ - ============== ============== ============== Transfers to real estate held for disposition $ 12,868 $ 29,886 $ - ============== ============== ==============SEE ACCOMPANYING NOTES F-6(Continued)
(Amounts in thousands)
Year Ended December 31, 2001 2000 1999 SUPPLEMENTAL INFORMATION: Cash paid during the year for interest $ 380,745 $ 380,853 $ 341,936 Mortgage loans assumed through real estate acquisitions $ 91,623 $ 87,441 $ 69,885 Mortgage loans (assumed) by purchaser in real estate dispositions $ 30,396 $ (345,762 ) $ (12,500 ) Transfers to real estate held for disposition $ 3,371 $ 51,637 $ 12,868 Mortgage loans recorded as a result of consolidation of previously Unconsolidated Properties $ 301,502 $ 80,134 $ — Net (assets) liabilities recorded as a result of consolidation of previously Unconsolidated Properties $ (20,839 ) $ 515 $ — Net real estate contributed in exchange for OP Units or preference units $ — $ 4,071 $ 28,232 Refinancing of mortgage notes payable in favor of notes, net $ — $ — $ 92,180 Net (assets acquired) liabilities assumed through business combinations $ — $ (74,138 ) $ (15,604 ) Mortgage loans assumed through business combinations $ — $ 204,728 $ 499,654 Unsecured notes assumed through business combinations $ — $ 39,564 $ 2,266 Lines of credit assumed through business combinations $ — $ 67,456 $ 26,383 Valuation of Common Shares issued through business combinations $ — $ — $ 181,124 Valuation of OP Units issued through business combinations $ — $ 37,228 $ — See accompanying notes
F-8
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED STATEMENTS OFCASH FLOWS (CONTINUED) (AMOUNTSCHANGES INTHOUSANDS)
YEAR ENDED DECEMBER 31, ------------------------------------------------- 1999 1998 1997 -------------------------------------------------SUPPLEMENTAL INFORMATION (CONTINUED): Investment in mortgage notes converted to investment in real estate $ - $ 88,184 $ - ============== ============== ============== Refinancing of mortgage notes payable in favor of notes, net $ 92,180 $ 35,600 $ - ============== ============== ============== Net (assets acquired) liabilities assumed through Mergers $ (15,604) $ 42,955 $ 33,237 ============== ============== ============== Mortgage loans assumed through Mergers $ 499,654 $ 184,587 $ 333,966 ============== ============== ============== Unsecured notes assumed through Mergers $ 2,266 $ 461,956 $ 383,954 ============== ============== ============== Line of credit assumed through Mergers $ 26,383 $ 77,000 $ - ============== ============== ============== Valuation of Common Shares issued through Mergers $ 181,124 $ 1,010,723 $ 945,312 ============== ============== ============== Valuation of OP Units issued through Mergers $ - $ 40,155 $ 107,270 ============== ============== ============== Liquidation value of Preferred Shares redesignated through Mergers $ - $ 369,109 $ 157,495 ============== ============== ==============SEE ACCOMPANYING NOTES F-7SHAREHOLDERS' EQUITY
(Amounts in thousands)
Year Ended December 31, 2001 2000 1999 PREFERRED SHARES Balance, beginning of year $ 1,183,136 $ 1,310,266 $ 1,410,574 Redemption of 93/8% Series A Cumulative Redeemable (153,000 ) — — Conversion of Series E Cumulative Convertible (5,845 ) (9,860 ) (75 ) Redemption of 9.65% Series F Cumulative Redeemable (57,500 ) — — Conversion of 7.25% Series G Convertible Cumulative — (75 ) — Conversion of 7.00% Series H Cumulative Convertible (120 ) (2,215 ) (228 ) Conversion of 8.82% Series I Cumulative Convertible — — (100,000 ) Conversion of 8.60% Series J Cumulative Convertible — (114,980 ) (5 ) Balance, end of year $ 966,671 $ 1,183,136 $ 1,310,266 COMMON SHARES, $.01 PAR VALUE Balance, beginning of year $ 2,652 $ 2,550 $ 2,364 Issuance in connection with Mergers and acquisitions — — 80 Issuance through conversion of OP Units into Common Shares 18 18 24 Issuance through exercise of options 32 16 20 Issuance through restricted share and performance-based grants, net 7 2 6 Issuance through Share Purchase — DRIP Plan and Dividend Reinvestment — DRIP Plan 1 2 2 Issuance through Employee Share Purchase Plan 3 2 4 Issuance through conversion of Preferred Shares into Common Shares 3 62 52 Common Shares repurchased and retired — — (2 ) Balance, end of year $ 2,716 $ 2,652 $ 2,550 PAID IN CAPITAL Balance, beginning of year $ 4,753,371 $ 4,540,869 $ 4,175,747 Issuance of Common Shares in connection with Mergers and acquisitions — 940 181,044 Issuance of Common Shares through conversion of OP Units into Common Shares 47,457 42,757 39,671 Issuance of Common Shares through exercise of options 65,379 25,212 30,730 Issuance through restricted share and performance-based grants, net 29,020 11,773 18,769 Issuance of Common Shares through Share Purchase — DRIP Plan 910 595 954 Issuance of Common Shares through Dividend Reinvestment — DRIP Plan 1,149 1,664 1,524 Issuance of Common Shares through Employee Share Purchase Plan 6,931 5,413 5,233 Issuance of Common Shares through 401(k) Plan — — 1,248 Issuance of Common Shares through conversion of Preferred Shares into Common Shares 5,962 127,068 100,256 Common Shares repurchased and retired — — (6,250 ) Offering costs (2,223 ) (3,944 ) (1,625 ) Receipts (advances) on other notes receivable, net — 4,045 (4,045 ) Adjustment for Minority Interests ownership in Operating Partnership (15,212 ) (3,021 ) (2,387 ) Balance, end of year $ 4,892,744 $ 4,753,371 $ 4,540,869 See accompanying notes
F-9
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY(AMOUNTS IN THOUSANDS)
YEAR ENDED DECEMBER 31, ------------------------------------------------ 1999 1998 1997 ------------------------------------------------PREFERRED SHARES Balance, beginning of year $ 1,410,574 $ 1,041,713 $ 393,000 Issuance of 8.60% Series D Cumulative Redeemable - - 175,000 Issuance of Series E Cumulative Convertible - - 99,995 Issuance of 9.65% Series F Cumulative Redeemable - - 57,500 Issuance of 7 1/4% Series G Convertible Cumulative - - 316,250 Issuance of 7.00% Series H Cumulative Convertible - 4,124 - Issuance of 8.82% Series I Cumulative Convertible - 100,000 - Issuance of 8.60% Series J Cumulative Convertible - 114,985 - Issuance of 8.29% Series K Cumulative Redeemable - 50,000 - Issuance of 7.625% Series L Cumulative Redeemable - 100,000 - Conversion of Series E Cumulative Convertible (75) (38) (32) Conversion of 7.00% Series H Cumulative Convertible (228) (210) - Conversion of 8.82% Series I Cumulative Convertible (100,000) - - Conversion of 8.60% Series J Cumulative Convertible (5) - - -------------- -------------- ------------- Balance, end of year $ 1,310,266 $ 1,410,574 $1,041,713 ============== ============== ============= COMMON SHARES, $.01 PAR VALUE Balance, beginning of year $ 1,182 $ 891 $ 512 Issuance through proceeds from offerings - 74 119 Issuance in connection with Mergers and acquisitions 40 218 252 Issuance through conversion of OP Units into Common Shares 12 7 5 Issuance through exercise of options 10 5 1 Issuance through restricted share grants 3 - 1 Issuance through Share Purchase - DRIP Plan and Dividend Reinvestment - DRIP Plan 1 10 - Issuance through Employee Share Purchase Plan 2 1 1 Issuance through conversion of Preferred Shares into Common 26 - - Common Shares repurchased and retired (1) (24) - -------------- -------------- ------------- Balance, end of year $ 1,275 $ 1,182 $ 891 ============== ============== =============SEE ACCOMPANYING NOTES F-8(Continued)
(Amounts in thousands)
Year Ended December 31, 2001 2000 1999 EMPLOYEE NOTES Balance, beginning of year $ (4,346 ) $ (4,670 ) $ (4,873 ) Principal receipts, net 303 324 203 Balance, end of year $ (4,043 ) $ (4,346 ) $ (4,670 ) DEFERRED COMPENSATION Balance, beginning of year $ (14,915 ) $ (18,225 ) $ (7,827 ) Shares granted, net of cancellations (29,027 ) (11,775 ) (20,023 ) Amortization of shares to compensation expense 18,164 15,085 9,625 Balance, end of year $ (25,778 ) $ (14,915 ) $ (18,225 ) DISTRIBUTIONS IN EXCESS OF ACCUMULATED EARNINGS Balance, beginning of year $ (300,351 ) $ (325,856 ) $ (245,538 ) Net income 473,585 549,451 393,881 Common Share distributions (452,435 ) (412,005 ) (361,003 ) Preferred Share distributions (87,504 ) (100,855 ) (112,011 ) Preference Interest distributions (18,263 ) (10,650 ) (836 ) Junior Preference Unit distributions (352 ) (436 ) (349 ) Balance, end of year $ (385,320 ) $ (300,351 ) $ (325,856 ) ACCUMULATED OTHER COMPREHENSIVE LOSS Balance, beginning of year $ — $ — $ — Accumulated other comprehensive loss — derivative instruments: Cumulative effect of change in accounting principle (5,334 ) — — Unrealized holding (losses) arising during the year (17,909 ) — — Equity in unrealized holding (losses) arising during the year — unconsolidated entities (10,366 ) — — Losses reclassified into earnings from other comprehensive income 569 — — Balance, end of year $ (33,040 ) $ — $ — See accompanying notes
F-10
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (CONTINUED) (AMOUNTS IN THOUSANDS)
YEAR ENDED DECEMBER 31, ------------------------------------------------ 1999 1998 1997 ------------------------------------------------PAID IN CAPITAL Balance, beginning of year $ 4,169,102 $ 2,785,661 $ 1,147,214 Issuance of Common Shares through proceeds from offerings - 370,385 536,645 Issuance of Common Shares in connection with Mergers and acquisitions 181,084 1,010,505 1,131,054 Issuance of Common Shares through conversion of OP Units into Common Shares 39,683 19,806 11,267 Issuance of Common Shares through exercise of options 30,740 14,477 4,998 Issuance of Common Shares through restricted share grants 8,374 - 1,741 Issuance of Common Shares through Share Purchase - DRIP Plan 954 50,674 - Issuance of Common Shares through Dividend Reinvestment - DRIP Plan 1,525 419 - Issuance of Common Shares through Employee Share Purchase Plan 5,235 3,690 3,245 Issuance of Common Shares through 401(k) Plan 1,248 803 583 Issuance of Common Shares through conversion of Preferred Shares into Common Shares 100,282 248 32 Common Shares repurchased and retired (6,251) (94,681) - Offering costs (1,625) (12,370) (22,470) Principal (advances) on other notes receivable, net (4,045) - - Adjustment for Minority Interests ownership in Operating Partnership (2,387) 19,485 (28,648) -------------- -------------- ------------- Balance, end of year $ 4,523,919 $ 4,169,102 $ 2,785,661 ============== ============== ============= EMPLOYEE NOTES Balance, beginning of year $ (4,873) $ (5,145) $ (5,255) Principal receipts, net 203 272 110 -------------- -------------- ------------- Balance, end of year $ (4,670) $ (4,873) $ (5,145) ============== ============== ============= DISTRIBUTIONS IN EXCESS OF ACCUMULATED EARNINGS Balance, beginning of year $ (245,538) $ (133,129) $ (76,641) Net income 393,881 258,206 176,592 Preference Unit distributions (1,185) - - Preferred distributions (112,011) (92,917) (59,012) Distributions on Common Shares (361,003) (277,698) (174,068) -------------- -------------- ------------- Balance, end of year $ (325,856) $ (245,538) $ (133,129) ============== ============== =============SEE ACCOMPANYING NOTES F-9EQUITY RESIDENTIAL PROPERTIES TRUST
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS1.
ORGANIZATION AND FORMATION OF THE COMPANYBusiness and Formation of the CompanyEquity Residential Properties Trust, formed in March 1993 ("EQR"), is a self-administered and self-managed equity real estate investment trust ("REIT"). As used herein, the term "Company" means EQR, and its subsidiaries, as the survivor of the mergers between EQR and each of Wellsford Residential Property Trust,
("Wellsford") (the "Wellsford Merger"),Evans Withycombe Residential, Inc.("EWR") (the "EWR Merger"), Merry Land & Investment Company, Inc.("MRY") (the "MRY Merger")and Lexford Residential Trust (collectively, the "Mergers"). The Company also includes the businesses formerly operated by Globe Business Resources, Inc. ("LFT"Globe") and Grove Property Trust ("Grove"). The Company completed theLFT Merger") (see Note 4).sale of its Globe furniture rental business on January 11, 2002. The Company has elected to be taxed as a REIT under Section 856(c) of the Internal Revenue Code 1986, as amended (the "Code").EQR is the general partner of, and as of December 31, 2001, owned an approximate 92.1% ownership interest in, ERP Operating Limited Partnership (the "Operating Partnership"). The Company conducts substantially all of its business and owns substantially all of its assets through the Operating Partnership. The Operating Partnership is, in turn, directly or indirectly, a partner, member or shareholder of numerous partnerships, limited liability companies and corporations which have been established primarily to own fee simple title to multifamily properties or to conduct property management activities and other businesses related to the ownership and operation of multifamily residential real estate. References to the Company include the Operating Partnership and each of the partnerships, limited liability companies and corporations controlled by the Operating Partnership or EQR.
The Company is engaged in the acquisition,
disposition,ownership, management, operation andoperationdisposition of multifamily properties. As of December 31,1999,2001, the Company owned or had interests in a portfolio of1,0621,076 multifamily propertiescontaining 225,708 apartment units of which it controlled a portfolio of 983 multifamily properties containing 214,060 apartment units(individually a "Property" and collectively the "Properties") containing 224,801 apartment units located in 36 states consisting of the following:
Number of
PropertiesNumber of
UnitsWholly Owned Properties 955 199,698 Partially Owned Properties 36 6,931 Unconsolidated Properties 85 18,172 Total Properties 1,076 224,801 The Company accounts for its ownership interest in the 955 "Wholly Owned Properties" under the consolidation method of accounting. The Company beneficially owns 100% fee simple title to 948 of the 955 Wholly Owned Properties. The Company has a leasehold estate ownership interest in one Property. As such, the Company owns the real estate building and improvements and leases the land underlying the improvements under a long-term ground lease that expires in 2066. This one Property is consolidated and reflected as a real estate asset while the ground lease is accounted for as an operating lease in accordance with Statement of Financial Accounting Standards ("SFAS") No. 13,Accounting for Leases. The Company
hadowns the debt collateralized by two Properties and owns aninvestmentinterest inpartnership interests (equity investments) and/or an investment in subordinated mortgagesthe debt collateralized by the remaining79 Properties containing 11,648 units. These properties are located in 35 states throughout the United States.four Properties. The Companyhas formed a series of partnerships (the "Financing Partnerships") which beneficially own certain Properties that may be encumbered by mortgage indebtedness. In general, these are structured so that ERP Operating Limited Partnership (the "Operating Partnership"), a subsidiary of EQR, owns a 1% limited partner interest and a 98% general partnerconsolidates its interest ineach,these six Properties in accordance with theremaining 1% general partner interestaccounting standards outlined ineach Financing Partnership owned by various qualified REIT subsidiaries whollythe AcSEC guidance for real estate acquisition, development and construction arrangements issued in the CPA letter dated February 10, 1986, and as such, reflects these assets as real estate in the consolidated financial statements.F-11
The "Partially Owned Properties" are controlled and partially owned by the Company
(each a "QRS Corporation"). Rental income frombut have partners with minority interests and are accounted for under thePropertiesconsolidation method of accounting. The "Unconsolidated Properties" are partially owned but not controlled by the Company and consist of investments in partnership interests and/or subordinated mortgages that arebeneficially owned by a Financing Partnership is used first to serviceaccounted for under theapplicable mortgage debtequity method of accounting.2. Summary of Significant Accounting Policies
Basis of Presentation
The Mergers and
pay other operating expenses and any excess is then distributed 1% to the applicable QRS Corporation, as the general partner of such Financing Partnership, and 99% to the Operating Partnership, as the sole 1% limited partner and as the 98% general partner. The Company has also formed a series of limited liability companies that own certain Properties (collectively, the "LLCs"). The Operating Partnership is a 99% managing member of each LLC and a QRS Corporation is a 1% member of each LLC. 2. BASIS OF PRESENTATION The Wellsford Merger, the EWR Merger, the MRY Merger and the LFT Merger (collectively, the "Mergers")acquisitions weretreatedaccounted for as purchases in accordance with Accounting Principles Board Opinion No. 16. The fair value of the consideration given by the Company in the Mergers was used as the valuation basis for each of the combinations. Theassets acquired and the liabilities assumed of Wellsford were recorded at their relative fair values as of May 30, 1997 (the "Wellsford Closing Date"). The assets acquired and the liabilities assumed of EWR were recorded at their relative fair values as of December 23, 1997 (the "EWR Closing Date"). The assets acquired and the liabilities assumed of MRY were recorded at their relative fair values as of October 19, 1998 (the "MRY Closing Date"). The assets acquired and the liabilities assumed of LFT were recorded at their relative fair values as of October 1, 1999 (the "LFT Closing Date"). Theaccompanying consolidated statements of operations and cash flows include the results of the Properties purchased through the Mergers and through acquisitions from their respective closing dates.Due to the Company's ability as general partner to control either through ownership or by contract the Operating Partnership
a series of management limited partnershipsandcompanies (collectively,its subsidiaries, other than entities owning interests in the"Management Partnerships" or the "Management Companies"), the Financing Partnerships, the LLCs,Unconsolidated Properties and certain other entities in which the Company has investments, the Operating Partnership and each suchentitysubsidiary has been consolidated with the Company for financial reportingF-10EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)purposes. Inregard to the Management Companies,July 2001, the Companydoesacquired 100% of a management company entity, which had a controlling ownership interest in a portfolio of 21 previously Unconsolidated Properties. Subsequent to this transaction, the Company consolidated these 21 Properties. In September 2001, the Company acquired the remaining 5% of the preferred stock it did nothaveown and 100% of the voting common stock in two other management company entities. As a result, the Company now wholly-owns these two entities. The Company consolidated the results of these two entities prior to this transaction despite not having legalcontrol; however, these entities are consolidated for financial reporting purposes,control, the effects of whicharewere immaterial.Certain reclassifications have been made to the prior year's financial statements in order to conform to the current year presentation. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) REAL ESTATE ASSETS AND DEPRECIATION
Real Estate Assets and Depreciation
Real estate is recorded at cost less accumulated depreciation less an adjustment, if any, for impairment. A land value is assigned based on the purchase price if land is acquired separately or based on market research if acquired in a merger or in a single or portfolio acquisition.
For real estate properties to be disposed of, an impairment loss is recognized when the fair value of the real estate, less the estimated cost to sell, is less than the carrying amount of the real estate measured at the time it is certain that the Company will sell the property. Real estate held for disposition is reported at the lower of its carrying amount or its estimated fair value, less its cost to sell.Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. The Company uses a 30-year estimated life for buildings and a five-year estimated life for initial furniture, fixtures and equipment. Replacements inside a unit such as appliances and carpeting, are depreciated over a five-year estimated life. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and significant renovations and improvements that improve and/or extend the useful life of the asset are capitalized over their estimated useful life, generally five to ten years. Initial direct leasing costs are expensed as incurred as such expense approximates the deferral and amortization of initial direct leasing costs over the lease terms. Property sales or dispositions are recorded when title transfers and sufficient consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale of disposition is recognized in accordance with accounting principles generally accepted in the United States.
The Company classifies real estate assets as real estate held for disposition when it is certain a property will be disposed.
F-12
The Company classifies Properties under development and/or expansion and properties in the lease up phase as construction in progress until construction
on the apartment communityhas been completed and all certificates of occupancy permits have been obtained. The Company also classifies land relating to construction in progress as land on its balance sheet.Land associated with construction
Asset Impairment
For real estate properties held for use, the Company follows the guidance in
progress was $18.5 millionSFAS No. 121,Accounting for the Impairment of Long-Lived Assets and$19.4 millionfor Long-Lived Assets to be Disposed Of, in determining whether an impairment loss exists. The Company first determines whether any indicators of impairment exist. If indicators exist, the Company compares the expected future undiscounted cash flows for an operating property against the carrying amount of that property. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the property, an impairment loss would be recorded for the difference between the estimated fair value and the carrying amount of the property.For real estate properties to be disposed of, an impairment loss is recognized when the estimated fair value of the real estate, less the estimated cost to sell, is less than the carrying amount of the real estate measured at the time it is certain that the Company will sell the property. Real estate held for disposition is reported at the lower of its carrying amount or its estimated fair value, less its cost to sell.
For all other assets, including property and equipment and goodwill, the Company also follows the guidance in SFAS No. 121 in determining whether an impairment loss exists. The Company reviews the current net book value taking into consideration existing business and economic conditions as well as projected operating cash flows. See Note 20 for further discussion.
In August 2001, the Financial Accounting Standards Board ("FASB") issued SFAS No. 144,Accounting for the Impairment or Disposal of Long-Lived Assets, which is effective for fiscal years beginning after December
31, 199915, 2001. The Company adopted the standard effective January 1, 2002, which did not have any impact on the Company's financial condition and1998, respectively. (b) CASH AND CASH EQUIVALENTSresults of operations.
Cash and Cash Equivalents
The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at each institution periodically exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate their non-performance.
(c) DEFERRED FINANCING COSTS
Deferred Financing Costs
Deferred financing costs include fees and costs incurred to obtain the Company's
linelines of credit,F-11EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)long-termfinancingfinancings and costs for certain interest rate protection agreements. These costs are amortized over the terms of the related debt. Unamortized financing costs are written-off when debt isF-13
retired before the maturity date. The accumulated amortization of such deferred financing costs was
$11.1$22.9 million and$8.2$17.7 million at December 31,19992001 and1998,2000, respectively.(d) INTEREST RATE PROTECTION AGREEMENTS
Rental Furniture
Rental furniture is stated at cost and depreciated on a straight-line basis at a rate of 1% per month, which is designed to approximate an estimated useful life of four years with provision for a 50% residual value. The accumulated depreciation of rental furniture was $419,000 and $725,000 at December 31, 2001 and 2000, respectively.
Property and Equipment
Property and equipment is stated at cost. Depreciation expense is provided on a straight-line basis over estimated useful lives of three to ten years. The accumulated depreciation of property and equipment was $2.6 million and $1.1 million at December 31, 2001 and 2000, respectively.
Goodwill
Goodwill is amortized on a straight-line basis over a period of 20 years. The Company
from time to time enters into interest rate protection agreements to effectively convert floating rate debt toperiodically reviews goodwill for impairment and if afixed rate basis, as well as to hedge anticipated financing transactions. Net amounts paid or received under these agreements are recognized as an adjustment to interest expense when such amounts are incurred or earned. Settlement amounts paid or receivedpermanent decline inconnection with terminated interest rate protection agreements are deferred and amortized over the remaining term of the related financing transaction on the straight-line method. The Company believes itvalue haslimited exposure to the extent of non-performance by the counterparties of each protection agreement since each counterparty is a major U.S. financial institution, andoccurred, the Companydoes not anticipate their non-performance. (e) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIESwould reduce its goodwill balance to fair value. The accumulated amortization of goodwill was $5.5 million and $1.8 million at December 31, 2001 and 2000, respectively.In June
1998,2001, theFinancial Accounting Standards Board ("FASB")FASB issuedStatementSFAS No. 142,Goodwill and Other Intangible Assets. SFAS No. 142 requires companies to eliminate the amortization ofFinancial Accounting Standards No. 133, ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES ("Statement No. 133"). Statement No. 133 requires recording all derivative instruments as assets or liabilities, measured at fair value. Derivatives that are not hedges must be adjusted to fair value through income. If the derivative is a hedge, depending on the nature of the hedge, changesgoodwill inthe fair value of derivatives will either be offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portionfavor of aderivative's change in fair value will be immediately recognized in earnings. The standard'speriodic impairment based approach. SFAS No. 142 is effectivedate was deferred by FASB Statement No. 137 to all fiscal quarters of allfor fiscal years beginning afterJuneDecember 15,2000.2001. The Companyis planning to adoptadopted the standardonce it iseffectiveand doesJanuary 1, 2002, which did notanticipate that the adoption willhave a material impact on the Company's financial condition and results of operations.(f) FAIR VALUE OF FINANCIAL INSTRUMENTS
Derivative Instruments and Hedging Activities
In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company limits these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments.
The Company has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from those instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives.
On January 1, 2001, the Company adopted SFAS No. 133 and its amendments (SFAS Nos. 137 and 138),Accounting for Derivative Instruments and Hedging Activities, which requires an entity to recognize all derivatives as either assets or liabilities in the statement of financial position and to measure those instruments at fair value. Additionally, the fair value adjustments will affect either shareholders' equity or net income depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. When the terms of an underlying transaction are modified, or when the underlying transaction is terminated or completed, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until
F-14
the instrument matures. Any derivative instrument used for risk management that does not meet the hedging criteria of SFAS No. 133 is marked-to-market each period.
As of January 1, 2001, the adoption of the new standard resulted in derivative instruments reported on the balance sheet as liabilities of approximately $6.6 million; an adjustment of approximately $5.3 million to accumulated other comprehensive loss, which are gains and losses not affecting retained earnings in the consolidated statement of shareholders' equity; and a charge of approximately $1.3 million as a cumulative effect of change in accounting principle in the consolidated statement of operations.
At December 31, 2001, the Company had entered into swaps which have been designated as cash flow hedges with an aggregate notional amount of $626.4 million at interest rates ranging from 3.65125% to 6.15% maturing at various dates ranging from 2003 to 2007 with a net liability fair value of $23.3 million; and swaps which have been designated as fair value hedges with an aggregate notional amount of $396.4 million at interest rates ranging from 4.458% to 7.25% maturing at various dates ranging from 2003 to 2011 with a net asset fair value of $4.6 million.
At December 31, 2001, the Company's joint venture development partners had entered into swaps to hedge the interest rate risk exposure on unconsolidated floating rate construction mortgage loans. The Company has recorded its proportionate share of these qualifying hedges on its consolidated balance sheet. These swaps have been designated as cash flow hedges with a current aggregate notional amount of $302.5 million (notional amounts range from $139.7 million to $525.1 million over the terms of the swaps) at interest rates ranging from 4.13% to 7.35% maturing at various dates ranging from 2002 to 2005 with a net liability fair value of $10.4 million.
As of December 31, 2001, there were approximately $32.6 million in deferred losses, net, included in accumulated other comprehensive loss. On December 31, 2001, the net derivative instruments were reported at their fair value as other liabilities of approximately $18.7 million and as a reduction to investment in unconsolidated entities of approximately $10.4 million. The Company expects to recognize an estimated $14.3 million of accumulated other comprehensive loss as additional interest expense during the twelve months ending December 31, 2002, of which $6.5 million is related to the development joint venture swaps.
Fair Value of Financial Instruments
The fair values of the Company's financial instruments (excluding the Company's investment in mortgage notes—see Note 8), including cash and cash equivalents, mortgage notes payable, other notes payable, lines of credit and other financial instruments, approximate their carrying or contract values.
With respect to the Company's investment in mortgage notes, the fair value as of December 31, 1999 and 1998 was estimated to be approximately $87.0 million and $91.8 million, respectively, compared to the Company's carrying value of $85 million and $88 million, respectively. The estimated fair value of the Company's investment in mortgage notes represents the estimated net present value based on the expected future property level cash flows and an estimated current market discount rate. (g) REVENUE RECOGNITION
Revenue Recognition
Rental income attributable to leases is recorded when due from
tenantsresidents and is recognized monthly as it is earned, which is not materially different than on a straight-line basis. Interest income is recorded on an accrual basis.F-12EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (h) LEASE AGREEMENTS The majority of the leasesLeases entered into between atenantresident and a Property for the rental of an apartment unit are year-to-year, renewable upon consent of both parties on a year-to-year or month-to-month basis.(i) INCOME TAXESLeases of furniture generally have an initial term of three to six months in duration and can be extended by the customer on a month-to-month basis. Furniture rentals are accounted for as operating leases, and revenue is recorded in the month earned. For sales of furniture, as well as rental buyouts,
F-15
revenue and related cost of sales are recorded when the furniture is delivered or taken off lease. Revenues from both furniture rentals and sales are included in furniture income while the associated costs of those rentals and sales are included in furniture operating expenses in the consolidated statements of operations.
The Company adopted the provisions of Staff Accounting Bulletin ("SAB") No. 101,Revenue Recognition, effective October 1, 2000. SAB No. 101 provides guidance on the recognition, presentation and disclosure of revenue in financial statements. The adoption of SAB No. 101 did not have a material impact on the Company's financial condition and results of operations.
Income Taxes
Due to the structure of the Company as a REIT and the nature of the operations of the Properties and
Management Business,management business, the results of operations generally contain no provision forFederalfederal income taxes.However, theThe Company is subject to certain state and local income, exciseorand franchise taxes. The aggregate cost of land and depreciable property forFederalfederal income tax purposes as of December 31,19992001 and19982000 was approximately $8.6 billion and$8.5$9.0 billion, respectively.(j) MINORITY INTERESTSEffective in 2001, the Company has elected Taxable REIT Subsidiary ("TRS") status for certain of its corporate subsidiaries. The provisions for federal income taxes for these TRS entities were not material during 2001 and were recognized as general and administrative expenses in the consolidated statements of operations.
During the years ended December 31, 2001, 2000 and 1999, the Company's tax treatment of distributions were as follows:
Year Ended December 31, 2001 2000 1999 Tax treatment of distributions: Ordinary income $ 1.369 $ 1.528 $ 1.280 Return of capital — — 0.130 Long-term capital gain 0.220 0.016 0.044 Unrecaptured section 1250 gain 0.091 0.031 0.016 Distributions declared per Common Share outstanding $ 1.680 $ 1.575 $ 1.470
Minority Interests
Operating Partnership: Net income is allocated to
the Minority Interests (as defined in Note 5)minority interests based on their respective ownership percentage of the Operating Partnership.OwnershipThe ownership percentage isrepresentedcalculated by dividing the number of Operating Partnership Units ("OPUnitsUnits") held by theMinority Interestsminority interests by the total OP Units held byMinority Intereststhe minority interests andEQR.the Company. Issuance of additionalCommon Shares orcommon shares of beneficial interest, $0.01 par value per share (the "Common Shares"), and OP Units changes the ownership interests of both theMinority Interestsminority interests andEQR.the Company. Such transactions and the proceeds therefrom are treated as capitaltransactions and resulttransactions.Partially Owned Properties: The Company reflects minority interests in
an allocation between shareholders' equity and Minority Interests to accountpartially owned properties on the balance sheet for thechangeportion of properties consolidated by the Company that are not wholly owned by the Company. The earnings or losses from those properties attributable to the minorityF-16
interests are reflected as minority interests in partially owned properties in the
respective percentage ownershipconsolidated statements ofthe underlying equityoperations.
Use of
the Operating Partnership. (k) USE OF ESTIMATESEstimatesIn preparation of the Company's financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
(l) REPORTABLE SEGMENTS During
Reclassifications
Certain reclassifications have been made to the
fourth quarter of 1998,previously reported financial statements in order to provide comparability with theCompany adopted Statement of Financial Accounting Standards No. 131, DISCLOSURES ABOUT SEGMENTS OF AN ENTERPRISE AND RELATED INFORMATION ("Statement No. 131"). Statement No. 131 superseded FASB Statement of Financial Accounting Standards No. 14, FINANCIAL REPORTING FOR SEGMENTS OF A BUSINESS ENTERPRISE ("Statement No. 14"). Statement No. 131 establishes standards for2001 statements reported herein. These reclassifications have not changed theway that public business enterprises report information regarding reportable operating segments. The adoption of Statement No. 131 did not affect the Company'sresults of operations orfinancial position.shareholders' equity.
Reportable Segments
The Company has one primary reportable business segment, which consists of investment in rental real estate. The Company's primary business is owning, managing and operating multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to
tenants.residents.The
Company also hasprimary financial measure for the Company's rental real estate segment is net operating income ("NOI"), which represents rental income less: 1) property and maintenance expense; 2) real estate taxes and insurance expense; and 3) property management expense (all as reflected in the accompanying statements of operations). Current year NOI is compared to prior year NOI and current year budgeted NOI as asegment for corporate level activity including such items as interest income earnedmeasure of financial performance.During the acquisition, development and/or disposition of real estate, the NOI return on
short-term investments, interest income earned on investment in mortgage notes, general and administrative expenses, and interest expense on mortgage notes payable and unsecured note issuances. In addition,total capitalized costs is the primary measure of financial performance (capitalization rate) the Companyhas a segment for third partyconsiders.The Company's fee and asset management activity
that isand furniture rental/sales activities are immaterialF-13EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)anddoesdo not meet the threshold requirements ofStatement No. 131 asa reportablesegment. The Company evaluates performance and allocates resources primarily based on the rental and other income generated from each property less property and maintenance expenses, real estate taxes and insurance, and property management expenses, which is considered net operating income ("NOI"). However, all othersegmentmeasurements are disclosedas provided for inthe Company's consolidated financial statements, and accordingly the accounting policies of the reportable segments are the same as those described elsewhere in the Summary of Significant Accounting Policies. The Company also considers funds from operations ("FFO") to be a primary measure of the performance of real estate companies including an equity REIT. The Company believes that FFO is helpful to investors as a measure of the performance of an equity REIT because, along with cash flows from operating activities, financing activities and investing activities, it provides investors an understanding of the ability of the Company to incur and service debt and to make capital expenditures. FFO in and of itself does not represent cash generated from operating activities in accordance with accounting principles generally accepted in the United States ("GAAP") and therefore should not be considered an alternative to net income as an indication of the Company's performance or to net cash flows from operating activities as determined by GAAP as a measure of liquidity and is not necessarily indicative of cash available to fund cash needs. The Company's calculation of FFO represents net income available to Common Shares, excluding gains on dispositions of properties, gains on early extinguishment of debt, and write-off of unamortized costs on refinanced debt, plus depreciation on real estate assets, income allocated to Minority Interests and amortization of deferred financing costs related to the predecessor business. The Company's calculation of FFO may differ from the methodology for calculating FFO utilized by other REIT's and, accordingly, may not be comparable to such other REIT's. The Company will adopt, effective January 1, 2000, the National Association of Real Estate Investment Trust's ("NAREIT") updated recommended definition of FFO as approved in the fourth quarter of 1999.SFAS No. 131.All revenues are from external customers and there is no
revenues are generated from transactions with other segments. There are no tenantscustomer who contributed 10% or more of the Company's total revenues during1999, 19982001, 2000 or1997. Interest expense1999.
Other
In June 2001, the FASB issued SFAS No. 141,Business Combinations. SFAS No. 141 requires companies to account for all business combinations using the purchase method of accounting. SFAS No. 141 is effective for fiscal years beginning after December 15, 2001. The Company adopted the standard effective January 1, 2002, which did not have any impact on
debt is not allocated to individual Properties, even iftheProperties secure such debt. Further, minority interest in consolidated subsidiaries is not allocated to the Properties. There is no provision for income taxes asCompany's financial condition and results of operations.F-17
3. Business Combinations
On October 1, 1999, the Company
is organized as a REIT underacquired Lexford Residential Trust ("LFT")(theInternal Revenue Code. 4. BUSINESS COMBINATIONS In connection with the Wellsford Merger each outstanding common share of beneficial interest of Wellsford was converted into .625 of a Common Share of the Company. In addition, Wellsford's Series A Cumulative Convertible Preferred Shares of Beneficial Interest were redesignated as the Company's 3,999,800 Series E Cumulative Convertible Preferred Shares of Beneficial Interest, $0.01 par value per share (the "Series E Preferred Shares") and Wellsford's Series B Cumulative Redeemable Preferred Shares of Beneficial Interest were redesignated as the Company's 2,300,000 9.65% Series F Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share (the "Series F Preferred Shares"). On the Wellsford Closing Date, 72 Properties containing 19,004 units and other related assets were acquired for a total purchase price of approximately $1 billion. The purchase price consisted of 10.8 million common shares of beneficial interest, $.01 par value per share ("Common Shares") issued by the Company with a market value of $443.7 million, the liquidation value of $157.5 million for the Series E Preferred F-14EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) Shares and the Series F Preferred Shares, the assumption of mortgage indebtedness and unsecured notes in the amount of $345 million, the assumption of other liabilities of approximately $33.5 million and other merger related costs of approximately $23.4 million. On the EWR Closing Date, 53 Properties containing 15,331 units and three Properties under construction or expansion containing 953 units and other related assets were acquired for a total purchase price of approximately $1.2 billion. In connection with the EWR Merger, as of the EWR Closing Date, each outstanding common share of beneficial interest of EWR was converted into .50 of a Common Share of the Company. The purchase price consisted of 10.3 million Common Shares issued by the Company with a total market value of approximately $501.6 million, the assumption of EWR's minority interest with a market value of approximately $107.3 million, the assumption of mortgage indebtedness and unsecured notes in the amount of $498 million, the assumption of other liabilities of approximately $28.2 million and other EWR Merger related costs of approximately $16.7 million. In connection with the MRY Merger, each outstanding common share of beneficial interest of MRY was converted into 0.53 of a Common Share of the Company. In addition, MRY spun-off certain assets and liabilities to Merry Land Properties, Inc. ("MRYP Spinco"). As partial consideration for the transfer, the Company extended a $25 million, one year, non-revolving loan to MRYP Spinco pursuant to a Senior Debt Agreement. As of December 31, 1999, the debt agreement was no longer outstanding. In addition, MRY Series A Cumulative Convertible Preferred Shares of Beneficial Interest were redesignated as the Company's 164,951 Series H Cumulative Convertible Preferred Shares of Beneficial Interest, $0.01 par value per share (the "Series H Preferred Shares""LFT Merger"),the MRY Series B Cumulative Convertible Preferred Shares of Beneficial Interest were redesignated as the Company's 4,000,000 Series I Cumulative Convertible Preferred Shares of Beneficial Interest, $0.01 par value per share (the "Series I Preferred Shares"), the MRY Series C Cumulative Convertible Preferred Shares of Beneficial Interest were redesignated as the Company's 4,599,400 Series J Cumulative Convertible Preferred Shares of Beneficial Interest, $0.01 par value per share (the "Series J Preferred Shares"), the MRY Series D Cumulative Redeemable Preferred Shares of Beneficial Interest were redesignated as the Company's 1,000,000 Series K Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share (the "Series K Preferred Shares") and the MRY Series E Cumulative Redeemable Preferred Shares of Beneficial Interest were redesignated as the Company's 4,000,000 Series L Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share (the "Series L Preferred Shares"). On the MRY Closing Date, 108 Properties containing 32,315 units, three Properties under construction or expansion expected to contain 872 units, six Additional Properties that represent an investment in six joint ventures containing 1,297 units and other related assets were acquired for a total purchase price of approximately $2.2 billion. The purchase price consisted of 21.8 million Common Shares issued by the Company with a market value of $1 billion, the assumption of MRY's minority interest with a market value of approximately $40.2 million, the liquidation value of $369.1 million for the Series H Preferred Shares, the Series I Preferred Shares, the Series J Preferred Shares, the Series K Preferred Shares and the Series L Preferred Shares, the assumption of mortgage indebtedness, unsecured notes and a line of credit in the amount of $723.5 million, the assumption of other liabilities of approximately $46.5 million and other merger related costs of approximately $51.9 million. On the LFT Closing Date,which included 402 Properties containing 36,609 units and other related assetswere acquiredfor a total purchase price of approximately $738 million. In connection with the LFT Merger, each outstanding common share of beneficial interest of LFT was converted into0.4630.926 of a Common Share of the Company. The purchase price consisted of4.08.0 million Common Shares issued by the Company withF-15EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)a market value of $181.1 million, the assumption of mortgage indebtedness, a term loan and a line of credit in the amount of $528.3 million, the acquisition of other assets of approximately $40.9 million, the assumption of other liabilities of approximately $25.3 million and other merger related costs of approximately $24.5 million.On July 11, 2000, the Company acquired Globe in an all cash and debt transaction valued at $163.2 million. Globe provided fully furnished short-term housing through an inventory of leased housing units to transferring or temporarily assigned corporate personnel, new hires, trainees, consultants and individual customers throughout the United States. Additionally, Globe rents and sells furniture to a diversified base of commercial and residential customers throughout the United States. Shareholders of Globe received $13.00 per share, which approximated $58.7 million in cash based on the 4.5 million Globe shares outstanding. In addition, the Company:
- •
- Acquired $94.8 million in other Globe assets and assumed $29.6 million in other Globe liabilities;
- •
- Allocated $68.4 million to goodwill;
- •
- Recorded acquisition costs of $4.5 million; and
- •
- Assumed $70.4 million in debt, which included $1.4 million in mortgage debt, $39.5 million in unsecured notes, and Globe's line of credit of $29.5 million outstanding.
On July 21, 2000, the Company, through its Globe subsidiary, acquired Temporary Quarters, Inc., the leading corporate housing provider in Atlanta, Georgia, in a $3.3 million all cash transaction.
During 2001 and prior to the one-year anniversary of the Globe acquisition, the Company recorded net increases to goodwill of $9.5 million to reallocate the original purchase price recorded at the acquisition date. Also during 2001, the Company recorded a $60.0 million asset impairment charge related to its furniture rental business. See Note 20.
On January 11, 2002, the Company sold the former Globe furniture rental business for approximately $30.0 million in cash, which approximated the net book value at the sale date. The Company has retained ownership of the former Globe short-term furnished housing business, which is now known as Equity Corporate Housing.
On October 31, 2000, the Company acquired Grove, which included 60 properties containing 7,308 units for a total purchase price of $463.2 million. The Company:
- •
- Paid $17.00 per share or $141.6 million in cash to purchase the 8.3 million outstanding common shares of Grove;
- •
- Paid $17.00 per unit or $12.4 million in cash to purchase 0.7 million in Grove OP Units outstanding at the merger date;
- •
- Converted 2.1 million Grove OP Units to 1.6 million of the Operating Partnership's OP Units using the conversion ratio of 0.7392 (after cash-out of fractional units). The value of these converted OP Units totaled $37.2 million;
F-18
- •
- Assumed $241.3 million in Grove debt, which included first and second mortgages totaling $203.4 million and Grove's line of credit totaling $38.0 million;
- •
- Acquired $20.1 million in other Grove assets and assumed $11.2 million in other Grove liabilities, including a contingent earnout liability totaling $1.5 million. This amount represents the estimated additional cash or OP Units required to be funded to the previous owners of Glen Meadow Apartments upon the transition of this property from subsidized to market rents; and
- •
- Recorded acquisition costs of $19.5 million.
All of the amounts stated
in the previous paragraph areabove related to these business combinations were based on management'scurrentbest estimates, whicharewere subject to adjustment within one year of the respective closing dates.5. SHAREHOLDERS' EQUITY AND MINORITY INTERESTS4. Shareholders' Equity and Minority Interests
On October 11, 2001, the Company effected a two-for-one split of its Common Shares and OP Units to shareholders and unit holders of record as of September 21, 2001. All Common Shares and OP Units presented have been retroactively adjusted to reflect the Common Share and OP Unit split.
The following table presents the changes in the Company's issued and outstanding Common Shares for the years ended December 31,
1999, 19982001, 2000 and1997:1999:
---------------------------------------------------- -------------- -------------- -------------- 1999 1998 1997 ---------------------------------------------------- -------------- -------------- --------------Common Shares outstanding at January 1, 118,230,009 89,085,265 51,154,836 COMMON SHARES ISSUED: Conversion of LFT common shares 4,018,717 -- -- January 1998 Common Share Offering -- 4,000,000 -- February 1998 Common Share Offerings -- 1,988,340 -- March 1998 Common Share Offering -- 495,663 -- April 1998 Common Share Offering -- 946,565 -- Conversion of MRY common shares -- 21,801,612 -- March 1997 Common Share Offerings -- -- 1,921,000 June 1997 Common Share Offerings -- -- 8,992,023 September 1997 Common Share Offering -- -- 498,000 October 1997 Common Share Offering -- -- 3,315,500 December 1997 Common Share Offerings -- -- 1,204,018 Conversion of Wellsford common shares -- -- 10,823,016 Conversion of EWR common shares -- -- 10,288,583 Conversion of Series E Preferred Shares 1,669 834 723 Conversion of Series H Preferred Shares 6,580 6,078 -- Conversion of all Series I Preferred Shares 2,566,797 -- -- Conversion of Series J Preferred Shares 122 -- -- Employee Share Purchase Plan 147,885 93,521 84,183 Dividend Reinvestment - DRIP Plan 36,132 10,230 -- Share Purchase - DRIP Plan 22,534 1,023,184 -- Exercise of options 1,013,192 431,174 180,138 Restricted share grants, net 306,500 59,060 28,246 Conversion of OP Units 1,217,821 640,337 582,185 Profit-sharing/401(k) Plan contribution 30,260 15,980 13,140 COMMON SHARES OTHER: Common Shares repurchased and retired (148,453) (2,367,400) -- Common Shares other 1,033 (434) (326) ---------------------------------------------------- -------------- -------------- -------------- COMMON SHARES OUTSTANDING AT DECEMBER 31, 127,450,798 118,230,009 89,085,265 ---------------------------------------------------- -------------- -------------- --------------
2001 2000 1999 Common Shares outstanding at January 1, 265,232,750 254,901,596 236,460,018 Common Shares Issued: Conversion of LFT common shares — — 8,037,434 Conversion of Series E Preferred Shares 260,078 438,810 3,338 Conversion of Series G Preferred Shares — 2,560 — Conversion of Series H Preferred Shares 6,972 128,280 13,160 Conversion of all Series I Preferred Shares — — 5,133,594 Conversion of all Series J Preferred Shares — 5,644,024 244 Employee Share Purchase Plan 310,261 299,580 295,770 Dividend Reinvestment—DRIP Plan 42,649 69,504 72,264 Share Purchase—DRIP Plan 33,106 26,374 45,068 Exercise of options 3,187,217 1,370,186 2,026,384 Restricted share grants, net 730,982 475,862 613,000 Conversion of OP Units 1,817,359 1,875,974 2,435,642 Profit-sharing/401(k) Plan contribution — — 60,520 Common Shares Other: Common Shares repurchased and retired — — (296,906 ) Common Shares other — — 2,066 Common Shares outstanding at December 31, 271,621,374 265,232,750 254,901,596 On December 12, 2001, the Company's shareholders approved an amendment to the Company's Declaration of Trust to increase the total number of authorized Common Shares from 350.0 million to 1.0 billion.
On February 3, 1998, the Company filed with the SEC a Form S-3 Registration Statement to register $1 billion of equity securities. The SEC declared this registration statement effective on
F-19
February 27, 1998. In addition, the Company carried over $272 million related to the registration statement effective on August 4, 1997. As of December 31,
1999,2001, $1.1 billion remainedoutstandingavailable for issuance under this registration statement.F-16EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for a partnership interest are collectively referred to as the "Minority
Interests"Interests—Operating Partnership". As of December 31,19992001 and1998,2000, the MinorityInterestsInterests—Operating Partnership held12,483,74223,197,192 and13,187,92924,857,502 OP Units, respectively. As a result, the Minority Interests hadan 8.92%a 7.87% and10.04%8.57% interest in the Operating Partnership at December 31,19992001 and1998,2000, respectively. Assuming conversion of all OP Units into Common Shares, total Common Shares outstanding at December 31,19992001 and19982000 would have been139,934,540294,818,566 and131,417,938,290,090,252, respectively.Net proceeds from the Company's Common Share and Preferred Share (see definition below) offerings are contributed by the Company to the Operating Partnership in return for an increased ownership percentage and are treated as capital transactions in the Company's
Consolidated Financial Statements.consolidated financial statements. As a result, the net offering proceeds from Common Shares are allocated between shareholders' equity and MinorityInterestsInterests—Operating Partnership to account for the change in their respective percentage ownership of the underlying equity of the Operating Partnership.On October 12, 1999, the Company repurchased and retired 148,453 Common Shares previously issued in connection with the LFT Merger. Various LFT employees and trustees owned these Common Shares. The Company paid approximately $6.3 million in connection therewith. In connection with certain acquisitions during the year ended December 31, 1999, the Operating Partnership issued 28,795 Series A Junior Convertible Preference Units and 7,367 Series B Junior Convertible Preference Units having a combined value of approximately $3.0 million. These units ultimately will convert to OP Units in accordance with the respective term sheet agreements. The value of these preference units is included in Minority Interests in the Consolidated Balance Sheets and the distributions incurred are included in preferred distributions in the Consolidated Statements of Operations. On September 27, 1999, EQR-Mosaic, L.L.C., a wholly-owned subsidiary of the Operating Partnership, issued 800,000 units of 8.00% Series A Cumulative Convertible Redeemable Preference Interests with an equity value of $40 million. EQR-Mosaic LLC received $39 million in net proceeds from this transaction. The liquidation value of these units is $50 per unit. The 800,000 units are exchangeable into 800,000 shares of 8.00% Series M Cumulative Redeemable Preferred Shares of Beneficial Interest of the Company. The Series M Preferred Shares are not convertible to EQR Common Shares. Dividends for the Series A Preference Interests or the Series M Preferred Shares are payable quarterly at the rate of $4.00 per unit/share per year. The value of these preference interests is included in Minority Interests in the Consolidated Balance Sheets and the distributions incurred are included in preferred distributions in the Consolidated Statements of Operations.The declaration of trust of the Company provides that the Company may issue up to 100,000,000
Preferred Sharespreferred shares of beneficial interest, $0.01 par value per share (the "Preferred Shares"), with specific rights, preferences and other attributes as the Board of Trustees may determine, which may include preferences, powers and rights that are senior to the rights of holders of the Company's Common Shares.F-20
The following table presents the Company's issued and outstanding Preferred Shares as of December 31,
19992001 and1998: F-17EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
- ------------------------------------------------------------------- ------------- ----------- ----------- ANNUAL DIVIDEND REDEMPTION CONVERSION RATE PER DATE (1) (2) RATE (2) SHARE (3) - ------------------------------------------------------------------- ------------- ----------- -----------Preferred Shares of beneficial interest, $.01 par value; 100,000,000 shares authorized: 9 3/8% Series A Cumulative Redeemable Preferred; liquidation 6/1/00 N/A $2.34375 value $25 per share; 6,120,000 shares issued and outstanding at December 31, 1999 and December 31, 1998 9 1/8% Series B Cumulative Redeemable Preferred; liquidation 10/15/05 N/A $22.81252 value $250 per share; 500,000 shares issued and outstanding at December 31, 1999 and December 31, 1998 9 1/8% Series C Cumulative Redeemable Preferred; liquidation 9/9/06 N/A $22.81252 value $250 per share; 460,000 shares issued and outstanding at December 31, 1999 and December 31, 1998 8.60% Series D Cumulative Redeemable Preferred; liquidation 7/15/07 N/A $21.50000 value $250 per share; 700,000 shares issued and outstanding at December 31, 1999 and December 31, 1998 Series E Cumulative Convertible Preferred; liquidation value 11/1/98 0.5564 $1.75000 $25 per share; 3,994,000 and 3,997,000 shares issued and outstanding at December 31, 1999 and December 31, 1998, respectively 9.65% Series F Cumulative Redeemable Preferred; liquidation 8/24/00 N/A $2.41250 value $25 per share; 2,300,000 shares issued and outstanding at December 31, 1999 and December 31, 1998 7 1/4% Series G Convertible Cumulative Preferred; liquidation 9/15/02 4.2680 $18.12500 value $250 per share; 1,265,000 shares issued and outstanding at December 31, 1999 and December 31, 1998 7.00% Series H Cumulative Convertible Preferred; liquidation 6/30/98 0.7240 $1.75000 value $25 per share; 147,452 and 156,551 shares issued and outstanding at December 31, 1999 and December 31, 1998, respectively 8.82% Series I Cumulative Convertible Preferred; liquidation 10/31/99 0.6417 $2.20500 value $25 per share; 0 and 4,000,000 shares issued and outstanding at December 31, 1999 and December 31, 1998, respectively (4) 8.60% Series J Cumulative Convertible Preferred; liquidation 3/31/00 0.6136 $2.15000 value $25 per share; 4,599,200 and 4,599,400 shares issued and outstanding at December 31, 1999 and December 31, 1998, respectively 8.29% Series K Cumulative Redeemable Preferred; liquidation 12/10/26 N/A $4.14500 value $50 per share; 1,000,000 shares issued and outstanding at December 31, 1999 and December 31, 1998 7.625% Series L Cumulative Redeemable Preferred; liquidation 2/13/03 N/A $1.90625 value $25 per share; 4,000,000 shares issued and outstanding at December 31, 1999 and December 31, 1998 - ------------------------------------------------------------------- ------------- ----------- ----------- - ------------------------------------------------------------------- ------------- ----------- -----------
- --------------------------------------------------------------------- ------------ --- ------------ DECEMBER DECEMBER 31, 31, 1999 1998 - --------------------------------------------------------------------- ------------ --- ------------Preferred Shares of beneficial interest, $.01 par value; 100,000,000 shares authorized: 9 3/8% Series A Cumulative Redeemable Preferred; liquidation $ 153,000 $ 153,000 value $25 per share; 6,120,000 shares issued and outstanding at December 31, 1999 and December 31, 1998 9 1/8% Series B Cumulative Redeemable Preferred; liquidation 125,000 125,000 value $250 per share; 500,000 shares issued and outstanding at December 31, 1999 and December 31, 1998 9 1/8% Series C Cumulative Redeemable Preferred; liquidation 115,000 115,000 value $250 per share; 460,000 shares issued and outstanding at December 31, 1999 and December 31, 1998 8.60% Series D Cumulative Redeemable Preferred; liquidation 175,000 175,000 value $250 per share; 700,000 shares issued and outstanding at December 31, 1999 and December 31, 1998 Series E Cumulative Convertible Preferred; liquidation value 99,850 99,925 $25 per share; 3,994,000 and 3,997,000 shares issued and outstanding at December 31, 1999 and December 31, 1998, respectively 9.65% Series F Cumulative Redeemable Preferred; liquidation 57,500 57,500 value $25 per share; 2,300,000 shares issued and outstanding at December 31, 1999 and December 31, 1998 7 1/4% Series G Convertible Cumulative Preferred; liquidation 316,250 316,250 value $250 per share; 1,265,000 shares issued and outstanding at December 31, 1999 and December 31, 1998 7.00% Series H Cumulative Convertible Preferred; liquidation 3,686 3,914 value $25 per share; 147,452 and 156,551 shares issued and outstanding at December 31, 1999 and December 31, 1998, respectively 8.82% Series I Cumulative Convertible Preferred; liquidation - 100,000 value $25 per share; 0 and 4,000,000 shares issued and outstanding at December 31, 1999 and December 31, 1998, respectively (4) 8.60% Series J Cumulative Convertible Preferred; liquidation 114,980 114,985 value $25 per share; 4,599,200 and 4,599,400 shares issued and outstanding at December 31, 1999 and December 31, 1998, respectively 8.29% Series K Cumulative Redeemable Preferred; liquidation 50,000 50,000 value $50 per share; 1,000,000 shares issued and outstanding at December 31, 1999 and December 31, 1998 7.625% Series L Cumulative Redeemable Preferred; liquidation 100,000 100,000 value $25 per share; 4,000,000 shares issued and outstanding at December 31, 1999 and December 31, 1998 - --------------------------------------------------------------------- ------------ --- ------------ $ 1,310,266 $ 1,410,574 - --------------------------------------------------------------------- ------------ --- ------------F-18EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)2000:
Amounts in thousands Annual
Dividend
Rate per
Share (3)Redemption
Date (1)(2)Conversion
Rate (2)December 31,
2001December 31,
2000Preferred Shares of beneficial interest,
$.01 par value; 100,000,000 shares authorized:
93/8% Series A Cumulative Redeemable Preferred; liquidation value $25 per share; 0 and 6,120,000 shares issued and outstanding at December 31, 2001 and December 31, 2000, respectively
6/1/00
N/A
(4
)
$
—
$
153,000
91/8% Series B Cumulative Redeemable Preferred; liquidation value $250 per share; 500,000 shares issued and outstanding at December 31, 2001 and December 31, 2000
10/15/05
N/A
$
22.81252
125,000
125,000
91/8% Series C Cumulative Redeemable Preferred; liquidation value $250 per share; 460,000 shares issued and outstanding at December 31, 2001 and December 31, 2000
9/9/06
N/A
$
22.81252
115,000
115,000
8.60% Series D Cumulative Redeemable Preferred; liquidation value $250 per share; 700,000 shares issued and outstanding at December 31, 2001 and December 31, 2000
7/15/07
N/A
$
21.50000
175,000
175,000
Series E Cumulative Convertible Preferred; liquidation value $25 per share; 3,365,794 and 3,599,615 shares issued and outstanding at December 31, 2001 and December 31, 2000, respectively
11/1/98
1.1128
$
1.75000
84,145
89,990
F-21
9.65% Series F Cumulative Redeemable Preferred; liquidation value $25 per share; 0 and 2,300,000 shares issued and outstanding at December 31, 2001 and December 31, 2000, respectively
8/24/00
N/A
(4
)
—
57,500
71/4% Series G Convertible Cumulative Preferred; liquidation value $250 per share; 1,264,700 shares issued and outstanding at December 31, 2001 and December 31, 2000
9/15/02
8.5360
$
18.12500
316,175
316,175
7.00% Series H Cumulative Convertible Preferred; liquidation value $25 per share; 54,027 and 58,851 shares issued and outstanding at December 31, 2001 and December 31, 2000, respectively
6/30/98
1.4480
$
1.75000
1,351
1,471
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 1,000,000 shares issued and outstanding at December 31, 2001 and December 31, 2000
12/10/26
N/A
$
4.14500
50,000
50,000
7.625% Series L Cumulative Redeemable Preferred; liquidation value $25 per share; 4,000,000 shares issued and outstanding at December 31, 2001 and December 31, 2000
2/13/03
N/A
$
1.90625
100,000
100,000
$
966,671
$
1,183,136
- (1)
- On or after the redemption date, redeemable preferred shares (Series
A,B, C, D,F,K and L) may be redeemed for cash at the option of the Company, in whole or in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any.- (2)
- On or after the redemption date, convertible preferred shares (Series E, G
H, I&J)H) may be redeemed under certain circumstances for cash or Common Shares at the option of the Company, in whole or in part, at various redemption prices per share based upon the contractual conversion rate, plus accrued and unpaid distributions, if any. The conversion rate listed for Series G is the Preferred Share rate and the equivalent Depositary Share rate is0.4268.0.8536.- (3)
- Dividends on all series of Preferred Shares are payable quarterly at various pay dates. Dividend rates listed for Series B, C, D and G are Preferred Share
rates. Therates and the equivalent Depositary Share annual dividend rates are $2.281252, $2.281252, $2.15 and $1.8125,perrespectively.- (4)
- On June 25, 2001, the Company redeemed all of its outstanding Series
B, C, DA andG Depositary Share, respectively. (4)F Cumulative Redeemable Preferred Shares at their liquidation values for total cash consideration of $210.5 million.F-22
The liquidation value of the Preference Interests and the Junior Preference Units (both as defined below) are included as separate components of Minority Interests in the consolidated balance sheets and the distributions incurred are included in preferred distributions in the consolidated statements of operations.
During 2001, 2000 and 1999, the Company, through a subsidiary of the Operating Partnership, issued various Preference Interest series with an equity value of $246.0 million receiving net proceeds of $239.9 million. The following table presents the issued and outstanding Preference Interests as of December 31, 2001 and December 31, 2000:
Amounts in Thousands Annual
Dividend
Rate per
Unit(3)Redemption
Date(1)(2)Conversion
Rate(2)December 31,
2001December 31,
2000Preference Interests:
8.00% Series A Cumulative Redeemable Preference Interests; liquidation value $50 per unit; 800,000 units issued and outstanding at December 31, 2001 and December 31, 2000
10/01/04
N/A
$
4.0000
$
40,000
$
40,000
8.50% Series B Cumulative Redeemable Preference Units; liquidation value $50 per unit; 1,100,000 units issued and outstanding at December 31, 2001 and December 31, 2000
03/03/05
N/A
$
4.2500
55,000
55,000
8.50% Series C Cumulative Redeemable Preference Units; liquidation value $50 per unit; 220,000 units issued and outstanding at December 31, 2001 and December 31, 2000
03/23/05
N/A
$
4.2500
11,000
11,000
8.375% Series D Cumulative Redeemable Preference Units; liquidation value $50 per unit; 420,000 units issued and outstanding at December 31, 2001 and December 31, 2000
05/01/05
N/A
$
4.1875
21,000
21,000
8.50% Series E Cumulative Redeemable Preference Units; liquidation value $50 per unit; 1,000,000 units issued and outstanding at December 31, 2001 and December 31, 2000
08/11/05
N/A
$
4.2500
50,000
50,000
8.375% Series F Cumulative Redeemable Preference Units; liquidation value $50 per unit; 180,000 units issued and outstanding at December 31, 2001 and December 31, 2000
05/01/05
N/A
$
4.1875
9,000
9,000
F-23
7.875% Series G Cumulative Redeemable Preference Units; liquidation value $50 per unit; 510,000 units issued and outstanding at December 31, 2001
03/21/06
N/A
$
3.9375
25,500
—
7.625% Series H Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 190,000 units issued and outstanding at December 31, 2001
03/23/06
1.5108
$
3.8125
9,500
—
7.625% Series I Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 270,000 units issued and outstanding at December 31, 2001
06/22/06
1.4542
$
3.8125
13,500
—
7.625% Series J Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 230,000 units issued and outstanding at December 31, 2001
12/14/06
1.4108
$
3.8125
11,500
—$ 246,000 $ 186,000
- (1)
- On or after the fifth anniversary of the respective issuance (the "Redemption Date"), all of the Preference Interests may be redeemed for cash at the option of the Company, in whole or in part, at any time or from time to time, at a redemption price, payable in cash, equal to the liquidation preference of $50.00 per unit plus the cumulative amount of accrued and unpaid distributions, if any.
- (2)
- On or after the tenth anniversary of the respective issuance (the "Conversion Date"), all of the Preference Interests are exchangeable at the option of the holder (in whole but not in part) on a one-for-one basis to a respective reserved series of EQR Preferred Shares. In addition, on or after the Conversion Date, the convertible Preference Interests (Series H, I & J) may be converted under certain circumstances at the option of the holder (in whole but not in part) to Common Shares based upon the contractual conversion rate, plus accrued and unpaid distributions, if any.
- (3)
- Dividends on all series of Preference Interests are payable quarterly on March 25th, June 25th, September 25th, and December 25th of each year.
F-24
The following table presents the Operating Partnership's issued and outstanding Junior Convertible Preference Units (the "Junior Preference Units") as of December 31, 2001 and December 31, 2000:
Amounts in Thousands Annual
Dividend
Rate per
Unit(3)Redemption
DateConversion
RateDecember 31,
2001December 31,
2000Junior Preference Units:
Series A Junior Convertible Preference Units; liquidation value $100 per unit; 56,616 and 77,123 units issued and outstanding at December 31, 2001 and December 31, 2000, respectively
(1
)
4.0816
$
5.469344
$
5,662
$
7,712
Series B Junior Convertible Preference Units; liquidation value $25 per unit; 7,367 units issued and outstanding at December 31, 2001 and December 31, 2000
(2
)
(2
)
$
2.000000
184
184
$
5,846
$
7,896
- (1)
- On the fifth anniversary of the respective issuance (the "Redemption Date"), the Series
I Preferred Shares wereA Junior Preference Units shall be automatically converted into2,566,797 Common SharesOP Units based upon the conversion rate. Prior to the Redemption Date, the Operating Partnership or the holders may elect to convert the Series A Junior Preference Units to OP Units under certain circumstances based upon the conversion rate.- (2)
- On or after the tenth anniversary of the
Company. 6. REAL ESTATEissuance (the "Redemption Date"), the Series B Junior Preference Units may be converted into OP Units at the option of the Operating Partnership based on the contractual conversion rate. Prior to the Redemption Date, the holders may elect to convert the Series B Junior Preference Units to OP Units under certain circumstances based on the contractual conversion rate. The contractual conversion rate is based upon a ratio dependent upon the closing price of EQR's Common Shares.- (3)
- Dividends on both series of Junior Preference Units are payable quarterly at various pay dates.
F-25
5. Real Estate
The following table summarizes the carrying amounts for investment in real estate as of December 31,
19992001 and1998 (AMOUNTS ARE IN THOUSANDS)2000(Amounts are in thousands):
-------------------------------------- ----------------- -------------- 1999 1998 -------------------------------------- ----------------- --------------Land $ 1,550,378 $ 1,326,148 Buildings and Improvements 10,266,290 9,186,220 Furniture, Fixtures and Equipment 404,260 333,359 Construction in Progress 18,035 96,336 -------------------------------------- ----------------- -------------- Real Estate 12,238,963 10,942,063 Accumulated Depreciation (1,070,487) (718,491) -------------------------------------- ----------------- -------------- Real Estate, net $11,168,476 $ 10,223,572 -------------------------------------- ----------------- --------------
2001 2000 Land $ 1,840,170 $ 1,770,019 Buildings and Improvements 10,577,332 10,338,971 Furniture, Fixtures and Equipment 519,515 443,340 Construction in Progress 79,166 39,209 Real Estate 13,016,183 12,591,539 Accumulated Depreciation (1,718,845 ) (1,352,236 ) Real Estate, net $ 11,297,338 $ 11,239,303 The following table summarizes the carrying amounts for the real estate held for disposition as of December 31,
19992001 and1998 (AMOUNTS ARE IN THOUSANDS):
------------------------------------- -------------- -------------- 1999 1998 ------------------------------------- -------------- --------------Land $ 2,383 $ 4,189 Buildings and Improvements 14,596 35,620 Furniture, Fixtures and Equipment 1,403 4,389 Construction in Progress -- -- ------------------------------------- -------------- -------------- Real Estate 18,382 44,198 Accumulated Depreciation (5,514) (14,312) ------------------------------------- -------------- -------------- Real Estate Held for Disposition $ 12,868 $ 29,886 ------------------------------------- -------------- --------------In addition to the LFT Merger, during the year ended December 31, 1999, the Company acquired the twenty-two Properties listed below, of which fourteen were acquired from unaffiliated third parties and eight were acquired from an affiliated party. In connection with certain of the acquisitions listed below, the Company assumed and/or entered into new mortgage indebtedness of approximately $69.9 million, issued OP Units having a value of approximately $25.2 million and issued Junior Convertible Preference Units F-19(Amounts are in EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) having a value of approximately $3.0 million. The cash portion of these transactions was funded primarily from proceeds received from the disposition of certain properties, working capital and the Company's line of credit.
- --------------- ----------------------------------- --------------------------------- ------------ -------------- PURCHASE PRICE DATE NUMBER (IN ACQUIRED PROPERTY LOCATION OF UNITS THOUSANDS) - --------------- ----------------------------------- --------------------------------- ------------ --------------01/22/99 Fireside Park Rockville, MD 236 $14,279 01/22/99 Mill Pond Glen Burnie, MD 240 11,745 01/28/99 Aspen Crossing Wheaton, MD 192 11,386 02/24/99 Copper Canyon Highlands Ranch, CO 222 16,200 03/04/99 Siena Terrace Lake Forest, CA 356 33,000 03/23/99 Greenbriar Kirkwood, MO 218 12,033 03/24/99 Fairland Gardens Silver Spring, MD 400 25,897 04/28/99 Pine Tree Club Wildwood, MO 150 7,988 04/28/99 Westbrooke Village I & II Manchester, MO 252 12,642 04/29/99 Brookside Frederick, MD 228 10,809 04/30/99 Skyview Rancho Santa Margarita, CA 260 21,800 05/20/99 Lincoln at Defoors Atlanta, GA 300 25,500 05/25/99 Rosecliff Quincy, MA 156 18,263 05/25/99 Canyon Crest Santa Clarita, CA 158 12,500 06/29/99 Greentree I Glen Burnie, MD 350 15,625 06/29/99 Greentree III Glen Burnie, MD 207 9,598 07/14/99 Brookdale Village Naperville, IL 252 19,600 07/29/99 Longfellow Place* Boston, MA 710 237,000 07/30/99 Greentree II Glen Burnie, MD 239 10,907 10/28/99 Granada Highlands Malden, MA 919 128,000 12/16/99 Bridgewater at Wells Crossing Orange Park, FL 288 15,500 12/22/99 Town Center Phase II Houston, TX 260 14,423 - --------------- ----------------------------------- --------------------------------- ------------ -------------- 6,593 $684,695 - --------------- ----------------------------------- --------------------------------- ------------ --------------* This acquisition also included approximately 264,000 square feet of office and retail space and two parking garages. In addition to the MRY Merger, during the year ended December 31, 1998, the Company acquired 99 Properties, of which 96 were acquired from unaffiliated third parties and 3 were acquired from an affiliated party. In connection with certain of these acquisitions, the Company assumed and/or entered into mortgage indebtedness of approximately $459.8 million, issued OP Units having a value of approximately $165 million and issued Junior Convertible Preference Units having a value of approximately $4.8 million. The cash portion of these transactions was funded primarily from proceeds raised from the various capital transactions as disclosed2000Note 5 of the Notes to Consolidated Financial Statements, the various debt offerings as disclosed in Note 12 of the Notes to Consolidated Financial Statements, the Company's line of credit, proceeds received from the disposition of certain Properties and working capital. 7. REAL ESTATE DISPOSITIONSthousands):
2001 2000 Land $ 361 $ 5,645 Buildings and Improvements 3,157 50,739 Furniture, Fixtures and Equipment 140 2,105 Real Estate 3,658 58,489 Accumulated Depreciation (287 ) (6,852 ) Real Estate Held for Disposition $ 3,371 $ 51,637 F-26
During the year ended December 31,
1999,2001, the Company acquired the fourteen properties and one parcel of land listed below from unaffiliated parties for a total purchase price of $387.8 million:
Date Acquired Property Location Number
Of UnitsAcquisition Price
(In Thousands)01/04/01 Suerte San Diego, CA 272 $ 37,500 02/08/01 Westside Villas VI Los Angeles, CA 18 4,550 02/15/01 Riverview Norwalk, CT 92 9,600 03/15/01 Grand Reserve at Eagle Valley Woodbury, MN 394 54,250 03/22/01 Legends at Preston Morrisville, NC 382 30,200 03/30/01 Mission Hills Oceanside, CA 282 26,750 03/30/01 River Oaks Oceanside, CA 280 26,250 05/18/01 Promenade at Aventura Aventura, FL 296 43,000 08/13/01 Vacant Land Westwood, MA 0 600 08/22/01 Shadetree West Palm Beach, FL 76 1,948 08/22/01 Suntree West Palm Beach, FL 67 1,944 09/26/01 Palladia Hillsboro, OR 497 51,250 10/15/01 Vista Del Lago Dallas, TX 296 23,650 11/08/01 Eastbridge Dallas, TX 169 15,325 11/13/01 Talleyrand Crescent Tarrytown, NY 300 61,000 3,421 $ 387,817 On July 2, 2001, the Company acquired an additional ownership interest in 21 previously Unconsolidated Properties containing 3,896 units. Prior to July 2, 2001, the Company accounted for this portfolio as an investment in mortgage notes (see Note 8). As a result of this additional ownership acquisition, the Company acquired a controlling interest, and as such, now consolidates these properties for financial reporting purposes. The Company recorded additional investments in real estate totaling $258.9 million in connection with this transaction.
During the year ended December 31, 2000, the Company acquired 29 Properties and three parcels of land containing 5,952 units for a total purchase price of $743.4 million, and the acquisition of the Grove portfolio. In addition, the Company paid $6.5 million to acquire interests in 25 Properties containing 3,820 units, which previously were accounted for under the equity method of accounting and subsequent to these purchases were consolidated. Accordingly, the Company recorded an additional $90.7 million in investments in real estate.
6. Real Estate Dispositions
During the year ended December 31, 2001, the Company disposed of the
thirty-six Propertiesforty-seven properties and two vacant parcels of land listed below to unaffiliatedthirdparties.TheWhen combined with gains from theF-27
joint venture and unconsolidated property sales discussed below, the Company recognized a net gain
for financial reporting purposesofF-20EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)approximately$93.5 million.$149.3 million on these sales.
Date Acquired Property Location Number
Of UnitsDisposition Price
(In Thousands)01/17/01 Meadowood II Indianapolis, IN 74 $ 1,300 01/31/01 Concorde Bridge Overland Park, KS 248 15,600 02/01/01 Springs of Country Woods Salt Lake City, UT 590 31,000 02/22/01 Riverview Estates Napoleon, OH 90 1,750 02/26/01 Chelsea Court Sandusky, OH 62 1,600 02/27/01 Concord Square Lawrenceburg, IN 48 1,200 02/28/01 Canyon Creek Tucson, AZ 242 9,220 03/06/01 Gentian Oaks Columbus, GA 62 1,620 03/06/01 Holly Park Columbus, GA 66 1,730 03/06/01 Stratford Lane I Columbus, GA 67 1,750 03/07/01 Estate on Quarry Lake Austin, TX 302 25,232 03/08/01 Meadowood Crawfordsville, IN 64 1,300 03/14/01 Mill Run Statesboro, GA 88 2,350 03/15/01 Laurel Court Fremont, OH 69 1,450 03/15/01 Regency Woods West Des Moines, IA 200 9,350 03/22/01 Vacant Land Richmond, VA 0 11,200 04/16/01 Rosewood Tampa, FL 66 1,650 04/25/01 Parkcrest Southfield, MI 210 12,950 04/27/01 Westwood Newark, OH 14 222 04/30/01 Desert Park Las Vegas, NV 368 9,900 05/15/01 Carleton Court Erie, PA 60 1,461 05/16/01 River Oak Louisville, KY 268 14,650 06/07/01 Willowood Milledgeville, GA 61 1,550 06/14/01 Quail Cove Salt Lake City, UT 420 20,000 06/15/01 Beckford Place Wapakoneta, OH 40 830 06/27/01 The Birches Lima, OH 58 1,120 06/28/01 Pelican Pointe I and II Jacksonville, FL 160 4,150 06/28/01 Vacant Land Jacksonville, FL 0 217 06/28/01 Camden Way I and II Kingsland, GA 118 2,000 07/11/01 Plantation Houston, TX 232 12,875 07/12/01 Wood Crest Villas Westland, MI 458 20,450 07/17/01 Hampshire Court Bluffton, IN 45 1,064 07/17/01 Meadowood Logansport, IN 42 993 07/17/01 Westwood Rochester, IN 42 993 07/19/01 Vista Pointe Irving, TX 231 17,200 07/31/01 Cedarwood Sabina, OH 31 385 08/09/01 Olentangy Commons Columbus, OH 827 53,000 08/31/01 Greenglen II Lima, OH 54 1,095 09/28/01 Glenview Huntsville, AL 90 1,687 10/11/01 Apple Run II Columbus, OH 50 1,000 F-28
10/16/01 Camellia Court WA Court House, OH 40 675 10/26/01 Applegate Chillicothe, OH 41 639 11/01/01 Chaparral Largo, FL 444 19,500 11/08/01 Bay Club Phoenix, AZ 420 17,300 11/28/01 Foxchase Grand Prairie, TX 260 11,400 11/30/01 Walker Place Dallas, TX 67 1,346 12/10/01 Falls Tampa, FL 240 8,300 12/11/01 7979 Westheimer Houston, TX 459 21,750 12/27/01 Park Knoll Marietta, GA 484 36,200 8,672 $ 416,204 On February 23, 2001, the Company entered into a joint venture with an unaffiliated joint venture partner ("JVP"). At closing, the Company sold and/or contributed eleven wholly owned properties containing 3,011 units valued at $202.5 million to the joint venture encumbered with $20.2 million in mortgage loans obtained on February 16, 2001. An additional $123.6 million of mortgage loans was obtained by the joint venture. The JVP contributed cash in an amount equal to 75% of the equity in the joint venture, which was then distributed to the Company. The Company retained a 25% interest in the joint venture along with the right to manage the properties. In
connectionaccordance withone of these dispositions,thepurchaser assumedrespective joint venture organization documents, theCompany'sCompany and the JVP both shall have the right, but not the obligation, to infuse additional cash into the joint venture. There are no other agreements that require the Company or the JVP to infuse cash into the joint venture. In addition, the Company and the JVP have not guaranteed the mortgage indebtedness of the joint venture. As a result, the Company recognized 75% of the gain on the sales and/or contributions of property to the joint venture, which totaled approximately$12.5$36.2 million.
--------------- --------------------------------------- ------------------------- -------------- ----------------- DISPOSITION DATE NUMBER PRICE DISPOSED PROPERTY LOCATION OF UNITS (IN THOUSANDS) --------------- --------------------------------------- ------------------------- -------------- -----------------01/06/99 Fox Run Little Rock, AR 337 $10,623 01/06/99 Greenwood Forest Little Rock, AR 239 7,533 01/06/99 Walnut Ridge Little Rock, AR 252 7,943 01/06/99 Williamsburg Little Rock, AR 211 6,651 01/27/99 The Hawthorne Phoenix, AZ 276 20,500 03/02/99 The Atrium Durham, NC 208 10,750 03/24/99 Greenbriar Kirkwood, MO 218 12,525 05/06/99 Sandstone at Bear Creek Euless, TX 40 2,075 05/12/99 La Costa Brava/Cedar Cove Jacksonville, FL 464 17,650 05/18/99 Lands End Pacifica , CA 260 30,100 07/01/99 The Willows Knoxville, TN 250 11,950 07/26/99 Tivoli Lakes Club Deerfield Beach, FL 278 17,000 07/29/99 The Seasons Boise, ID 120 6,026 08/19/99 Kingswood Manor San Antonio, TX 129 3,800 08/19/99 Hampton Green San Antonio, TX 293 8,000 08/19/99 Trails End San Antonio, TX 308 9,100 08/19/99 Waterford San Antonio, TX 133 4,500 09/23/99 Southbank Mesa, AZ 113 4,550 09/30/99 Governor's Place Augusta, GA 190 5,500 09/30/99 Maxwell House Augusta, GA 216 3,500 10/14/99 Burn Brae Irving, TX 282 10,800 10/15/99 Casa Cordoba Tallahassee, FL 168 5,672 10/15/99 Casa Cortez Tallahassee, FL 66 2,228 11/18/99 Orchards of Landen Maineville, OH 312 19,100 11/23/99 Flying Sun Phoenix, AZ 108 5,100 12/15/99 Sleepy Hollow Kansas City, MO 388 18,050 12/15/99 Harbour Landing Corpus Christi, TX 284 9,500 12/15/99 Doral Louisville, KY 228 9,750 12/20/99 Villa Manana Phoenix, AZ 260 11,350 12/20/99 University Park Toledo, OH 99 2,050 12/20/99 Village of Hampshire Heights Toledo, OH 304 7,000 12/22/99 Superstition Vistas/Heritage Point Mesa, AZ 464 25,000 12/22/99 The Meadows Mesa, AZ 306 14,500 12/28/99 Metropolitan Park Seattle, WA 82 7,000 --------------- --------------------------------------- ------------------------- -------------- ----------------- 7,886 $347,376 --------------- --------------------------------------- ------------------------- -------------- -----------------In addition, duringThe Company has classified its initial $3.4 million 25% interest in the joint venture (at carryover basis) as investments in unconsolidated entities and accounted for it under the equity method of accounting.During 2001, the Company sold its entire interest in two Unconsolidated Properties containing 135 units for approximately $0.7 million.
During the year ended December 31,
1999,2000, the Company sold fifty properties containing 12,436 units to unaffiliated parties for a total sales price of $626.7 million. Including the joint venture sales discussed below, the Company recognized a net gain of approximately $198.4 million.During 2000, the Company entered into three separate joint ventures with an unaffiliated JVP. At closing, the Company sold and/or contributed thirty-four wholly owned properties containing 7,835 units valued at $473.4 million to the joint ventures encumbered with $341.0 million in mortgage loans. The JVP contributed cash in an amount equal to 75% of the equity in the joint ventures, which was then distributed to the Company. The Company retained a 25% interest in the joint venture along with the right to manage the properties. In accordance with the respective joint venture organization documents, the Company and the JVP both shall have the right, but not the obligation, to infuse additional cash into each joint venture. There are no other agreements that require the Company or the JVP to infuse cash into each joint venture. In addition, the Company and the JVP have not guaranteed the mortgage
F-29
indebtedness of each joint venture. As a result, the Company recognized 75% of the gain on the sales and/or contributions of property to the joint ventures, which totaled approximately $70.2 million. The Company has classified its initial $10.7 million 25% interest in the joint ventures (at carryover basis) as investments in unconsolidated entities and accounted for them under the equity method of accounting.
During 2000, the Company also sold its entire interest in
six MRY joint venture properties (to MRYP Spinco)three Unconsolidated Properties containing1,297377 units for approximately$54.1$4.6 million.F-21EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 8. COMMITMENTS TO ACQUIRE/DISPOSE OF REAL ESTATE7. Commitments to Acquire/Dispose of Real Estate
As of December 31,
1999, in addition to the Property that was subsequently acquired as discussed in Note 23 of the Notes to Consolidated Financial Statements,2001, the Company has not entered into any separate agreements to acquirethreeadditional multifamilyproperties containing 886 units from unaffiliated parties. The Company expects a combined purchase price of approximately $126 million.properties.As of December 31,
1999,2001, in addition to the Properties that were subsequently disposed of as discussed in Note23 of the Notes to Consolidated Financial Statements,22, the Company entered into separate agreements to dispose offourteentwenty-eight multifamily properties containing3,0565,685 units to unaffiliated parties. The Company expects a combined disposition price of approximately$138.9$317.2 million.The closings of these pending transactions are subject to certain contingencies and
conditions;conditions, therefore, there can be no assurance that these transactions will be consummated or that the final terms thereof will not differ in material respects from those summarized in the preceding paragraphs.9. INVESTMENT IN MORTGAGE NOTES, NET8. Investment in Mortgage Notes, Net
In 1995, the Company
made aninvested $89 millioninvestmentin various partnership interests and subordinated mortgages collateralized by 21of the Properties. These 21Propertiesconsistconsisting of 3,896units, locatedunits. Prior to the consolidation of these Properties, the Company received $61.4 million inCalifornia, Colorado, New Mexico and Oklahoma. This included an $87.1 millioncash during 2001 as partial repayment of its investment insecond and third mortgages (net ofthese mortgage notes.On July 2, 2001, the Company acquired an
original discount of approximately $12.7 million to their face amount), $1.6 million represented a one time payment for an interest rate protection agreement and $0.3 million represented an investment for primarily a 49.5% limited partnershipadditional ownership interest in thetitle-holding entities.21 entities that own the Unconsolidated Properties. As a result of this additional ownership interest, the Companydoes not control the general partners of the title-holding entitiesnow has a controlling interest, andsubstantially all of the Company's investment is in second and third mortgages (which are subordinate to first mortgages owned by third party unaffiliated entities), the $87.1 million investment is accountedas such, consolidates these properties foras an investment in mortgage notes.financial reporting purposes.The
$1.6 million payment made for the interest rate protection agreement is included in deferred financing costs and is being amortized over the term of the related debt. As of December 31, 1999 and 1998, the second mortgage notes had a combined principalunamortized balance ofapproximately $17.5 million and $21.7 million, respectively, and currently accrue interest at a rate of 9.45% per annum, receive principal amortization from excess cash flow and have a stated maturity date of December 31, 2019. As of December 31, 1999 and 1998, the third mortgage notes had a combined principal balance of approximately $71.1 million and $71.1 million, respectively, and currently accrue interest at a rate of 6.15% per annum, plus up to an additional 3% per annum to the extent of available cash flow. Contingent interest on the third mortgage notes is recognized to the extent it is received. The third mortgage notes have a stated maturity of December 31, 2024. Receipt of principal and interest on the second and third mortgage notes is subordinated to the receipt of all interest on the first mortgage notes. With respect tothe discount onthesethe notesthe unamortized balanceat December 31,19992001 and19982000 was$4.8 millionzero and$6$3.6 million, respectively. During1999, 19982001 and1997,2000, the Company amortized $2.3 million and $1.2 million,$3.0 million and $3.1 million, respectively, which is included in interest income-investment in mortgage notes in the consolidated statements of operations.respectively. This discountiswas being amortized utilizing the effective yield method based on the expected life of the investment.10. DEPOSITS-RESTRICTED Deposits-restrictedThe fair value of the mortgage notes as of December 31, 2001 and 2000 was estimated to be approximately zero and $80.8 million, respectively, compared to the Company's carrying value of zero and $77.2 million, respectively.
F-30
9. Investments in Unconsolidated Entities
The Company has entered into various joint venture agreements with third party companies. The following table summarizes the Company's investments in unconsolidated entities as of December 31, 2001 (amounts in thousands except for project and unit amounts):
Institutional
Joint
VenturesStabilized
Development Joint Ventures(1)Development
Joint VenturesLexford/
OtherTotals Total projects 45 9 18 (2) 27 99 Total units 10,846 2,667 5,846 (2) 3,348 22,707 EQR's percentage ownership of mortgage notes payable 25.0 % 80.2 % 100.0 % 15.6 % EQR's share of mortgage notes payable(4) $ 121,200 $ 150,123 $ 269,109 (3) $ 10,542 $ 550,974
- (1)
- The Company determines a project to be stabilized once it has maintained an average physical occupancy of 90% or more for a three-month period.
- (2)
- Includes four projects consisting of 1,311 units, which are completed and not yet stabilized, but are included in the Company's property/unit counts at December 31, 2001. The remaining 14 properties containing 4,535 units are not included in the Company's property/unit counts at December 31, 2001.
- (3)
- Represents the amount funded and outstanding as of December 31, 2001. A total of $718,745 is available for funding under these construction loans.
- (4)
- EQR has funded $57.5 million as additional collateral for certain of these loans (see Note 10). All remaining debt is non-recourse to EQR.
Investments in unconsolidated entities includes the Unconsolidated Properties as well as various uncompleted development joint venture properties. The Company does not consolidate these entities, as it does not have the ability to exercise unilateral control over the major decisions (such as sale and/or financing/refinancing) regarding these entities. The Company's legal ownership interests in these entities range from 1.5% to 57.0% at December 31, 2001.
These investments are accounted for utilizing the equity method of accounting. Under the equity method of accounting, the net equity investment of the Company is reflected on the consolidated balance sheets and after the project is completed, the consolidated statements of operations include the Company's share of net income or loss from the unconsolidated entity. Prior to the project being completed, the Company capitalized interest on its equity contribution in accordance with the provisions of SFAS No. 58,Capitalization of Interest Cost in Financial Statements That Include Investments Accounted for by the Equity Method. During the years ended December 31, 2001, 2000 and 1999, the Company capitalized $19.9 million, $16.2 million, and $6.6 million, respectively, in interest cost related to its unconsolidated joint venture development projects (which reduced interest expense incurred in the consolidated statements of operations).
The Company generally contributes between 25% and 30% of the construction cost of the development joint venture projects, with the remaining cost financed through third-party construction mortgages.
F-31
10. Deposits—Restricted
As of December 31, 2001, deposits-restricted totaled $218.6 million and primarily included the following:
F-22EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) - a deposit
- •
- deposits in the amount of
$25$57.5 million held inathird party escrowaccountaccounts to provide collateral for third party construction financing in connection withtwo separateunconsolidated development joint venture agreements;-- •
- approximately
$48.9$86.5 millionwasin tax-deferred (1031) exchange proceeds; and- •
- approximately $74.6 million for tenant security, utility, and other deposits.
As of December 31, 2000, deposits-restricted totaled $231.6 million and primarily included the following:
- •
- deposits in the amount of $39.5 million held in third party escrow accounts
representing proceeds received in connection with the Company's disposition of three properties and earnest money deposits made for one additional acquisition; - approximately $29.9 million was for tenant security, utility deposits, and other deposits for certain of the Company's Properties; and - approximately $7.5 million of other deposits. Deposits-restricted as of December 31, 1998 primarily included the following: - a deposit in the amount of $20 million held in a third party escrow accountto provide collateral for third party construction financing in connection withthe Joint Venture Agreement; -unconsolidated development joint venture agreements;- •
- approximately
$22.2$127.8 millionheldinthird party escrow accounts representing proceeds received in connection with the Company's disposition of four properties; -tax-deferred (1031) exchange proceeds; and- •
- approximately
$15.3$64.3 million for tenant security,andutility,deposits for certain of the Company's Properties;and- approximately $11.8 million ofother deposits.11.
MORTGAGE NOTES PAYABLEMortgage Notes PayableAs of December 31,
1999,2001, the Company had outstanding mortgage indebtedness of approximately$2.9 billion encumbering 545 of the Properties. The carrying value of such Properties (net of accumulated depreciation of $416 million) was approximately $4.7$3.3 billion.The mortgage notes payables are generally due in monthly installments of principal and interest.During the year ended December 31,
19992001, the Company:- as part
- •
- repaid $364.2 million of mortgages due at or prior to maturity and/or at the disposition date of the
LFT Merger,respective Property;- •
- assumed $91.6 million of mortgage debt on certain properties in connection with their acquisitions;
- •
- disposed of $30.4 million of mortgage debt assumed by the
outstanding mortgage balances on 342 Propertiespurchaser inthe aggregate amount of $499.7 million; - assumed the outstanding mortgage balances on eight additional properties acquired during 1999 in the aggregate amount of $69.9 million; - repaid the outstanding mortgage balances on 31 Properties in the aggregate amount of $60.8 million. Inconnection with theabove transactions, the Company incurred prepayment penaltiesdisposition of$0.5certain properties;- •
- obtained $26.0 million
which have been classified as losses on early extinguishmentofdebt; - refinanced thenew mortgage debt onfour existing properties totaling $44.9previously unencumbered properties;- •
- obtained $301.5 million
withof new mortgageindebtedness totaling $62.9 million; - obtained new mortgage financing on eleven previously unencumbered properties in the amount of $126.5 million; - refinanced the debt totaling $120.8 million on ten existing properties. In addition, five previously unencumbered properties cross-collateralize each of the new mortgage notes; - refinanced thedebt ontwo existing propertiespreviously Unconsolidated Properties; andconsequently sold its lender position to a third party, thus receiving additional net cash proceeds of approximately $2.6 million. The bond indebtedness on these two properties is now unsecured and is classified as notes, net at December 31, 1999; - refinanced the debt on one existing property and consequently sold its lender position to F-23EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) a third party, thus receiving additional cash proceeds of approximately $13.7 million; and - sold the debt on one property totaling $12.5- •
- received $65.6 million in
conjunction with a real estate disposition.construction loan draw proceeds on certain properties.As of December 31,
1999,2001, scheduled maturities for the Company's outstanding mortgage indebtednessarewere at various dates through October 1, 2033. The interest rate range on the Company's mortgage debt was4.00%1.50% to10.13%12.465% at December 31,1999.2001. During the year ended December 31,1999,2001, theeffectiveweighted average interestcostrate onall ofthe Company's mortgage debt was7.05%6.54%.F-32
Aggregate payments of principal on mortgage notes payable for each of the next five years and thereafter are as follows (amounts in thousands):
--------------------------------------------------- YEAR TOTAL ---------------------------------------------------2000 $ 49,588 2001 349,223 2002 249,458 2003 97,351 2004 171,597 Thereafter 1,962,966 Net Unamortized Premiums 3,400 --------------------------------------------------- Total $2,883,583 ---------------------------------------------------During the year ended December 31, 1998, the Company repaid the outstanding mortgage balances on nine Properties in the aggregate amount of $63.8 million.
Year Total 2002 $ 233,993 2003 111,576 2004 176,971 2005 216,365 2006 236,183 Thereafter 2,310,736 Net Unamortized Premiums/Discounts 990 Total $ 3,286,814 As of December 31,
1998,2000, the Company had outstanding mortgage indebtedness of approximately$2.3 billion encumbering 216 of the Properties. The carrying value of such Properties (net of accumulated depreciation of $250 million) was approximately $3.8$3.2 billion.The mortgage notes payables are generally due in monthly installments of principal and interest. In connection with the Properties acquired duringDuring the year ended December 31,
1998, including2000, theeffectsCompany:
- •
- recorded $65.1 million of
the MRY Merger, the Company assumed the outstandingmortgagebalances on 58 Properties in the aggregate amount of $608.9 million, which includes a premium of approximately $1.5 million recordeddebt in connection with theMRY Merger.consolidation of the Guilford portfolio on January 1, 2000;- •
- repaid $171.8 million of mortgage debt on eighty-three Properties;
- •
- obtained $148.3 million of new mortgage debt on eleven previously unencumbered properties;
- •
- settled on a $100 million forward starting swap and received approximately $7.1 million. This amount is being amortized over the life of the financing for the eleven previously unencumbered Properties that occurred on March 20, 2000;
- •
- assumed $87.4 million of mortgage debt on nine properties in connection with their acquisitions;
- •
- obtained $88.3 million in construction loan commitments on two properties, of which $29.1 million is currently outstanding;
- •
- recorded $15.0 million of mortgage debt in connection with the consolidation of the CNL Portfolio and Springtree Apartments;
- •
- recorded $1.4 million of mortgage debt in connection with the Globe acquisition;
- •
- recorded $203.4 million of mortgage debt in connection with the Grove acquisition;
- •
- disposed of five properties, in which $4.8 million of mortgage debt was assumed by the purchasers; and
- •
- refinanced $208.8 million of debt on 16 existing properties.
As of December 31,
1998,2000, scheduled maturities for the Company's outstanding mortgage indebtednessarewere at various dates through October 1, 2033. The interest rate range on the Company's mortgage debt was3.00%3.95% to10.00%12.465% at December 31,1998.2000. During the year ended December 31,1998,2000, theeffectiveweighted average interestcostrate onall ofthe Company's mortgage debt was7.10%6.89%.The Company has, from time to time, entered into interest rate protection agreements (financial instruments) to reduce the potential impact of increases in interest rates but believes it has limited exposure to the extent of non-performance by the counterparties of each protection agreement since each counterparty is a major U.S. financial institution, and the Company does not anticipate their non-performance. No such financial instrument has been used for trading purposes. Concurrent with the refinancing of certain tax-exempt bonds and as a requirement of the credit provider of the bonds, the Financing Partnership, which owns certain of the Properties, entered into interest rate protection agreements, which were assigned to the credit provider as additional security. The Financing Partnership pays interest based on a fixed interest rate and the counterparty of the agreement pays interest to F-24EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) the Company at a floating rate that is calculated based on the Public Securities Association Index for municipal bonds ("PSA Municipal Index"). As of December 31, 1999, the aggregate notional amounts of these agreements were approximately $133.4 million, $27.7 million, $9.1 million. As of December 31, 1998, the aggregate notional amounts of these agreements were approximately $135.1 million, $28.0 million and $9.2 million. The fixed interest rates for these agreements were 4.81%, 4.528% and 4.90%. The termination dates are October 1, 2003, January 1, 2004 and April 1, 2004. The Company simultaneously entered into substantially identical reverse interest rate protection agreements. Under these agreements the Company pays interest monthly at a floating rate based on the PSA Municipal Index and the counterparty pays interest to the Company based on a fixed interest rate. As of December 31, 1999, the aggregate notional amounts of these agreements were approximately $133.4 million, $27.7 million, $9.1 million. As of December 31, 1998, the aggregate notional amounts of these agreements were approximately $135.1 million, $28.0 million and $9.2 million. The fixed interest rates received by the Company in exchange for paying interest based on the PSA Municipal Index for these agreements were 4.74%, 4.458% and 4.83%. The termination dates are October 1, 2003, January 1, 2004 and April 1, 2004. Collectively, these agreements effectively cost the Company 0.07% per annum on the current outstanding aggregate notional amount. The Company also has an interest rate swap agreement for a notional amount of $228 million, for which it will receive payments if the PSA index exceeds 8.00%, that terminates on December 1, 2000. Any payments by the counterparty under this agreement have been collaterally assigned to the provider of certain sureties related to the tax-exempt bonds secured by certain of its Properties. The Company has no payment obligations to the counterparty with respect to this agreement. In May 1998, the Company entered into an interest rate protection agreement to effectively fix the interest rate upon its refinancing of the Evans Withycombe Financing Limited Partnership indebtedness to within a range of 5.6% to 6.0%. The agreement was for a notional amount of $131 million with a settlement date of August 2001. There was no initial cost to the Company for entering into this agreement. In August 1998, the Company entered into an interest rate protection agreement to effectively fix the interest rate cost of the Company's planned financing in the fourth quarter of 1998. This agreement was canceled in November 1998 at a cost of approximately $3.7 million. This cost is being amortized over the life of the financing for the fifteen previously unencumbered Properties that occurred in November 1998. In August 1998, the Company entered into an interest rate swap agreement that fixed the Company's interest rate risk on a portion of the Operating Partnership's variable rate tax-exempt bond indebtedness at a rate of 3.65125%. This agreement was for a notional amount of $150 million with a termination date of August 2003. In August 1998, the Company entered into an interest rate swap agreement that fixed the Company's interest rate risk on a portion of the Operating Partnership's variable rate tax-exempt bond indebtedness at a rate of 3.683%. This agreement was for a notional amount of $150 million with a termination date of August 2005. In October 1999, the Company settled on a $50 million treasury lock and received $1.38 million. This settlement is being amortized over the life of the financing for the eleven previously unencumbered Properties that occurred in July 1999. The Company believes that it has limited exposure to the extent of non-performance by the F-25EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) counterparties of the agreements, mentioned in the previous paragraphs, since each counterparty is a major U.S. financial institution, and the Company does not anticipate their non-performance. The fair value of these instruments, discussed above, as of December 31, 1999 approximates their carrying or contract values.The following tables summarize the Company's unsecured note balances and certain interest rate and maturity date information as of and for the years ended December 31,
19992001 and1998,2000, respectively:
Weighted December 31, 1999 Net Principal Interest Rate Average Maturity (AMOUNTS ARE IN THOUSANDS) Balance Ranges Interest Rate Date Ranges - ------------------------------------------------------------------------------------------------------------------Fixed Rate Public Notes $ 2,062,759 6.150% - 9.375% 6.98% 2000 - 2026 Floating Rate Public Notes 99,746 (1) 5.81% 2003 Fixed Rate Tax-Exempt Bonds 127,780 4.750% - 5.200% 4.99% 2024 - 2029 ------------------- Totals $ 2,290,285 ===================
December 31, 2001 Net Principal
BalanceInterest Rate
RangesWeighted
Average
Interest RateMaturity
Date Ranges(Amounts Are In Thousands) Fixed Rate Public Notes $ 2,033,276 5.0% - 9.375% 6.96% 2002 - 2026 Floating Rate Public Note 99,888 (1 ) 5.15% 2003 Fixed Rate Tax-Exempt Bonds 127,780 4.75% - 5.20% 5.07% 2024 - 2029 Totals $ 2,260,944
December 31, 2000 Net Principal
BalanceInterest Rate
RangesWeighted
Average
Interest RateMaturity
Date Ranges(Amounts Are In Thousands) Fixed Rate Public Notes $ 1,892,481 5.0% - 9.375% 6.93% 2001 - 2026 Floating Rate Public Note 99,818 (1 ) 7.28% 2003 Fixed Rate Tax-Exempt Bonds 127,780 4.75% - 5.20% 5.07% 2024 - 2029 Totals $ 2,120,079
- (1)
As of December 31, 1999, floating rate public notes consisted of one note.- The interest rate on this note was LIBOR (reset quarterly) plus a spread equal to
0.75%0.63% and 0.65% at December 31,1999 (reset annually in August).
Weighted December 31, 1999 Net Principal Interest Rate Average Maturity (AMOUNTS ARE IN THOUSANDS) Balance Ranges Interest Rate Date Ranges - ------------------------------------------------------------------------------------------------------------------Fixed Rate Public Notes $ 1,889,241 6.150% - 9.375% 7.36% 1999 - 2026 Floating Rate Public Notes 124,675 (2) 6.14% 1999 - 2003 Fixed Rate Tax-Exempt Bonds 35,600 4.750% 4.750% 2024 ------------------- Totals $ 2,049,516 ===================(2)2001 and December 31, 2000, respectively.As of December 31,
1998, floating rate public notes consisted of two separate notes. The interest rate on the first note was LIBOR (reset quarterly) plus a spread equal to 0.45% at December 31, 1998 (reset annually in August). The interest rate on the second note was LIBOR (reset quarterly) plus a spread equal to 0.32% at December 31, 1998. As of December 31, 1999,2001, the Company had outstanding unsecured notes of approximately $2.3 billion net of a$4.6$3.8 million discount and including a$7.1$2.9 million premium.As of December 31,
1998,2000, the Company had outstanding unsecured notes of approximately$2.0$2.1 billion net of a$5.3$3.7 million discount and including a$9.2$5.0 million premium.On
February 3, 1998,August 25, 2000, the Operating Partnership filed with the SEC a Form S-3 Registration Statement to register$1$1.0 billion of debt securities. The SEC declared this registration statement effective on September 8, 2000. In addition, the Operating Partnership carried over $430 million related to the registration statement effective on February 27, 1998. As of December 31,1999, $430 million2001, $1.13 billion remainedoutstandingavailable for issuance under this registration statement.F-26EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)During the year ended December 31,
1999,2001, theCompany: -Company and/or the Operating Partnership:
- •
- issued
$300$300.0 million ofredeemable unsecuredten-year 6.95% fixed-rate public notes; and- •
- paid off at maturity fixed rate 6.55% public notes
(the "June 2004 Notes") in connection withof $150.0 million.During the
Debt Shelf Registration in a public debt offering (the "Ninth Public Debt Offering"). The June 2004 Notes were issued at a discount, which is being amortized over the life of the notes on a straight-line basis. As ofyear ended December 31,1999,2000, theunamortized discount balance was approximately $0.2 million. The June 2004 Notes are due June 23, 2004. The annual interest rate onCompany and/or theJune 2004 Notes is 7.10%, which is payable semiannually in arrears on December 23 and June 23, commencing December 23, 1999. TheOperatingPartnership received net proceeds of approximately $298.0Partnership:
- •
- assumed $39.5 million in
connection with this issuance; - repaid its $125 millionunsecured notes;- •
- paid off at maturity fixed rate 7.25% public notes
that matured on May 15, 1999of $55.0 million;- •
- paid off at maturity fixed rate 6.15% public notes of $145.0 million; and
its $25- •
- paid off $8.0 million
floatingin fixed ratenotes that matured on November 24, 1999; - refinanced the bond indebtedness collateralized by four existing properties. The bond indebtedness on all four properties totaling $75.8 million is now unsecured; - pursuant to the LFT Merger, assumed an unsecured term note in the approximate amount of $2.3 million and paid it off the same day; and - refinanced the bond indebtedness collateralized by two existing properties. The bond indebtedness on both properties totaling $16.4 million is now unsecured.public notes.F-34
Aggregate payments of principal on unsecured notes payable for each of the next five years and thereafter are as follows (amounts in thousands):
----------------------------------------------------- YEAR TOTAL -----------------------------------------------------2000 $ 200,000 2001 150,000 2002 265,000 2003 190,000 2004 415,000 Thereafter 1,067,780 Net Unamortized Premiums 7,056 Net Unamortized Discounts (4,551) ----------------------------------------------------- Total $2,290,285 =====================================================As
Year Total 2002 $ 269,863 2003 194,286 2004 419,286 2005* 494,286 2006 204,286 Thereafter 679,810 Net Unamortized Premiums 2,905 Net Unamortized Discounts (3,778 ) Total $ 2,260,944 *Includes $300 million with a final maturity of
December 31, 1999 and 1998, the remaining unamortized balance2015 that is putable/callable in 2005.13. Lines of
deferred settlement receipts from treasury locks and interest rate protection agreements was $9.5 million and $8.8 million, respectively. As of December 31, 1999 and 1998, the remaining unamortized balance of deferred settlement payments on treasury locks and interest rate protection agreements was $3.7 million and $5.4 million, respectively. In regard to the interest rate protection agreements mentioned, theCreditThe Company
believes that ithaslimited exposure to the extent of non-performance by the counterparties of each agreement since each counterparty isamajor U.S. financial institution, and the Company does not anticipate their non-performance. F-27EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 13. LINES OF CREDIT On August 12, 1999 the Company obtained a new three year $700 million unsecuredrevolving credit facility to provide the Operating Partnership withBankpotential borrowings ofAmerica Securities LLC and Chase Securities Inc. acting as joint lead arrangers, maturing August 11, 2002. The newup to $700.0 million. This line of creditreplaced the Company's $500 million unsecured revolving credit facility, as well as the $120 million unsecured revolving credit facility which the Company assumedmatures inthe MRY Merger. The prior existing revolving credit facilities were repaid in full and terminated upon the closing of the new facility.August 2002. Advances under the credit facility bear interest at variable rates based upon LIBOR at various interest periods, plus acertainspread dependent upon the Company's credit rating. As of February 5, 2002, $320.0 million was outstanding under this facility at a weighted average interest rate of 2.43%.As of December 31,
19992001 and1998, $3002000, $195.0 million and$290$355.5 million, respectively, was outstanding and$65.8$59.0 million and$12$53.5 million, respectively, was restricted (not available to be drawn) on the lines of credit. During the years ended December 31,19992001 and1998,2000, the weighted average interest rate was6.42%5.03% and6.47%7.52%, respectively.PursuantIn connection with the Globe acquisition, the Company assumed a revolving credit facility with potential borrowings of up to $55.0 million. On May 31, 2001, this credit facility was terminated.
In connection with the
LFT Merger,Grove acquisition, the Company assumed a line of credit that had an outstanding balance of approximately$26.4$38.0 million. On October1, 1999,31, 2000, the Company repaidthethis outstanding balance and terminated this facility.F-35
14.
CALCULATION OF NET INCOME PER WEIGHTED AVERAGE COMMON SHARECalculation of Net Income Per Weighted Average Common ShareThe following tables set forth the computation of net income per
share - -share—basic and net income per share—diluted:
Year Ended December 31, 2001 2000 1999 (Amounts In Thousands Except Per Share Amounts) Numerator: Income before allocation to Minority Interests, income from investments in unconsolidated entities, net gain on sales of real estate, extraordinary items, cumulative effect of change in accounting principle and preferred distributions $ 356,424 $ 395,937 $ 326,483 Allocation to Minority Interests: Operating Partnership (32,829 ) (41,761 ) (29,536 ) Partially Owned Properties (2,249 ) 132 — Income from investments in unconsolidated entities 3,772 2,309 3,850 Preferred distributions (106,119 ) (111,941 ) (113,196 ) Income before net gain on sales of real estate, extraordinary items and cumulative effect of change in accounting principle 218,999 244,676 187,601 Net gain on sales of real estate 149,293 198,426 93,535 Extraordinary items 444 (5,592 ) (451 ) Cumulative effect of change in accounting principle (1,270 ) — — Numerator for net income per share—basic 367,466 437,510 280,685 Effect of dilutive securities: Allocation to Minority Interests—Operating Partnership 32,829 41,761 29,536 Distributions on convertible preferred shares/units 445 7,385 — Numerator for net income per share—diluted $ 400,740 $ 486,656 $ 310,221 Denominator: Denominator for net income per share—basic 267,349 259,015 244,350 Effect of dilutive securities: OP Units 24,013 24,906 25,652 Convertible preferred shares/units 339 4,763 — Share options/restricted shares 3,851 2,582 1,308 Denominator for net income per share—diluted 295,552 291,266 271,310 Net income per share—basic $ 1.37 $ 1.69 $ 1.15 Net income per share—diluted $ 1.36 $ 1.67 $ 1.14 F-36
Net income per share—basic: Income before net gain on sales of real estate, extraordinary items and cumulative effect of change in accounting principle per share — basic $ 0.86 $ 1.01 $ 0.80 Net gain on sales of real estate 0.51 0.70 0.35 Extraordinary items — (0.02 ) — Cumulative effect of change in accounting principle — — — Net income per share—basic $ 1.37 $ 1.69 $ 1.15 Net income per share—diluted: Income before net gain on sales of real estate, extraordinary items and cumulative effect of change in accounting principle per share—diluted $ 0.85 $ 1.01 $ 0.80 Net gain on sales of real estate 0.51 0.68 0.34 Extraordinary items — (0.02 ) — Cumulative effect of change in accounting principle — — — Net income per share—diluted $ 1.36 $ 1.67 $ 1.14 Convertible preferred shares/units that could be converted into 15,122,162, 13,138,716 and 24,046,102 weighted average Common Shares for the years ended December 31, 2001, 2000 and 1999, respectively, were outstanding but were not included in the computation of diluted earnings per share
- diluted. F-28EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, ------------------------------------------------ 1999 1998 1997 ------------------------------------------------ (AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)NUMERATOR: Income before gain on disposition of properties, net, extraordinary item, allocation of income to Minority Interests and preferred distributions $ 330,333 $ 255,032 $ 176,014 Allocation of income to Minority Interests (29,536) (18,529) (13,260) Distributions to preferred shareholders (113,196) (92,917) (59,012) -------------- --------------- ------------- Income before gain on disposition of properties, net and extraordinary item 187,601 143,586 103,742 Gain on disposition of properties, net 93,535 21,703 13,838 Loss on early extinguishment of debt (451) -- -- -------------- --------------- ------------- Numerator for net income per share - basic 280,685 165,289 117,580 Effect of dilutive securities: Allocation of income to Minority Interests 29,536 18,529 13,260 -------------- --------------- ------------- Numerator for net income per share - diluted $ 310,221 $ 183,818 $130,840 ============== =============== ============= DENOMINATOR: Denominator for net income per share - basic 122,175 100,370 65,729 Effect of dilutive securities: Contingent incremental employee share options 654 865 1,099 OP Units 12,826 11,343 7,453 -------------- --------------- ------------- Denominator for net income per share - diluted 135,655 112,578 74,281 ============== =============== ============= Net income per share - basic $ 2.30 $ 1.65 $ 1.79 ============== =============== ============= Net income per share - diluted $ 2.29 $ 1.63 $ 1.76 ============== =============== =============F-29EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, ----------------------------------------------- 1999 1998 1997 ----------------------------------------------- (AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)NET INCOME PER SHARE - BASIC: Income before gain on disposition of properties, net and extraordinary item per share - basic $ 1.61 $ 1.45 $ 1.60 Gain on disposition of properties, net 0.69 0.20 0.19 Loss on early extinguishment of debt - - - ------------- -------------- -------------- Net income per share - basic $ 2.30 $ 1.65 $ 1.79 ============= ============== ============== NET INCOME PER SHARE - DILUTED: Income before gain on disposition of properties, net and extraordinary item per share - diluted $ 1.60 $ 1.44 $ 1.58 Gain on disposition of properties, net 0.69 0.19 0.18 Loss on early extinguishment of debt - - - ------------- -------------- -------------- Net income per share - diluted $ 2.29 $ 1.63 $ 1.76 ============= ============== ==============FOR ADDITIONAL DISCLOSURES REGARDING THE EMPLOYEE SHARE OPTIONS, SEE NOTE 16. CONVERTIBLE PREFERRED SHARES AND JUNIOR CONVERTIBLE PREFERENCE UNITS THAT COULD BE CONVERTED INTO 12,023,051, 8,739,688 AND 2,763,898 WEIGHTED COMMON SHARES FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997, RESPECTIVELY, WERE OUTSTANDING BUT WERE NOT INCLUDED IN THE COMPUTATION OF DILUTED EARNINGS PER SHARE BECAUSE THE EFFECTS WOULD BE ANTI-DILUTIVE. 15. SUMMARIZED PRO FORMA CONDENSED STATEMENT OF OPERATIONS The following Summarized Pro Forma Condensed Statementbecause the effects would be anti-dilutive.On October 11, 2001, the Company effected a two-for-one split of
Operations has been prepared as if the following had occurred on January 1, 1999 (as described in Note 4, Note 5, Note 6, Note 7, Note 11 and Note 12 of Notes to Consolidated Financial Statements): - the acquisition of the 402 LFT properties containing 36,609 units and other related assets for a total purchase price of approximately $738 million; - the acquisition of an additional 22 Properties, including the related assumption of $69.9 million of mortgage indebtedness, the issuance of Junior Convertible Preference Units with a value of $3.0 million and the issuance of OP Units with a value of $25.2 million; - the disposition of 36 properties; - the $300 million public debt offering in June 1999; - the repayment of the 1999 Notes totaling $125 million; - the repayment of the 1999-A Medium Term Notes totaling $25 million; - the repayment of LFT's unsecured term note and line of credit totaling $28.6 million; - the repayment of the outstanding mortgage balances on 31 properties totaling $60.8 million; - the mortgage financing of eleven previously unencumbered Properties for $126.5 million; - the mortgage refinancing of eight properties increasing mortgage indebtedness by $21.8 million (net); F-30EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) - the issuance of the 800,000 units of 8.00% Series A Cumulative Convertible Redeemable Preference Interests; and - the conversion of all of the Series I Preferredits Common Shares to2,566,797shareholders of record as of September 21, 2001. All per share data and numbers of Common Sharesduring 1999. This would result in 126,417,761 Common Shares outstanding on January 1, 1999. In management's opinion, the Summarized Pro Forma Condensed Statement of Operations does not purport to present what actual results wouldhave beenhadretroactively adjusted to reflect theabove transactions occurred on January 1, 1999, or to project results for any future period. The amounts presented inCommon Share split.For additional disclosures regarding the
following statement are in thousands except for peremployee shareamounts:
SUMMARIZED PRO FORMA CONDENSED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1999 ------------------------------------------------------------------ -----------------------------------Total revenues $ 1,883,294 --------- Total expenses 1,547,363 --------- Income before allocation to Minority Interests 335,931 --------- Net income 315,016 Preferred distributions 112,313 --------- Net income available for Common Shares $ 202,703 ========= Net income per Common Share $ 1.60 =========16. SHARE OPTION AND SHARE AWARD PLANoptions and restricted shares, see Note 15.15. Share Option and Share Award Plan
Pursuant to the Company's Fifth Amended and Restated 1993 Share Option and Share Award Plan (the "Fifth Amended Option and Award Plan"), officers, directors, key employees and consultants of the Company may be offered the opportunity to acquire Common Shares through the grant of share options ("Options") including non-qualified share options ("NQSOs"), incentive share options ("ISOs") and share appreciation rights ("SARs") or may be granted restricted or non-restricted shares. Additionally, under the Fifth Amended Option and Award Plan, officers and key employees of the Company may be awarded Common Shares, subject to conditions and restrictions as described in the Fifth Amended Option and Award Plan. Finally, certain executive officers of the Company are subject to the Company's performance based restricted share grant agreement. Options and SARs are sometimes referred to herein as "Awards".
As to the Options that have been granted through December 31, 1999, generally, one-third are exercisable one year after the initial grant, one-third are exercisable two years following the date such Options were granted and the remaining one-third are exercisable three years following the date such Options were granted. As to the restricted shares that have been awarded through December 31, 1999, these shares fully vest three years from the award date. During the three year period of restriction, the employee receives quarterly dividend payments on their shares. If employment is terminated prior to the lapsing of the restriction, the shares are canceled.The Company has reserved
12,500,00025,000,000 Common Shares for issuance under the Fifth Amended Option and Award Plan. The Options generally are granted at the fair market value of the Company'sF-31EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)Common Shares at the date of grant, vest over a three year period, are exercisable upon vesting and expire ten years from the date of grant. The exercise price for all Options under the Fifth AmendedF-37
Option and Award Plan shall not be less than the fair market value of the underlying Common Shares at the time the Option is granted. The Fifth Amended Option and Award Plan will terminate at such time as no further Common Shares are available for issuance upon the exercise of Options and all outstanding Options have expired or been exercised. The Board of Trustees may at any time amend or terminate the Fifth Amended Option and Award Plan, but termination will not affect Awards previously granted. Any Options, which had vested prior to such a termination, would remain exercisable by the holder thereof.
Pursuant to the MRY Merger, the Company assumed MRY's Stock Option and Incentive Plan, which included existing options granted by MRY prior to the MRY Merger.As to the Options that have been granted through
October 18, 1998, generally, one-fifth are exercisable one year after the initial grant, one-fifth are exercisable two years following the date such Options were granted, one-fifth are exercisable three years following the date such Options were granted, one-fifth are exercisable four years following the date such Options were granted and the remaining one-fifth are exercisable five years following the date such Options were granted. The Company will not issue common shares under the MRY Stock Option and Incentive Plan. The Options already granted under the plan were assumed with the original grant dates. The number of original MRY Options and the original MRY grant prices were converted to the Company's equivalent using a conversion ratio of 0.54. They will vest over a five-year period, are exercisable upon vesting and expire ten years from the date of grant. The MRY Stock Option and Incentive Plan will terminate at such time all outstanding Options have expired or been exercised. Any Options, which had vested prior to such assumption, would remain exercisable by the holder thereof. Pursuant to the LFT Merger, the Company assumed LFT's Incentive Equity Plan, which included existing options granted by LFT prior to the LFT Merger. As to the Options that were granted by LFT from January 1, 1999 through September 30, 1999,December 31, 2001, generally, one-third are exercisable one year after the initial grant, one-third are exercisable two years following the date such Options were granted and the remaining one-third are exercisable three years following the date such Options were granted.The Company will not issue common shares under the LFT Incentive Equity Plan. The Options already granted under the plan were assumed with the original grant dates. The number of original LFT Options and the original LFT grant prices were convertedAs to the
Company's equivalent using a conversion ratio of 0.463. The Options grantedrestricted shares that have been awarded through December 31,1998 vested immediately upon closing of the LFT Merger and are exercisable and expire ten2001, these shares generally vest three years from thedateaward date. During the three-year period ofgrant. The LFT Incentive Equity Plan will terminate at such time all outstanding Options have expired or been exercised. Any Options, which had vestedrestriction, the employee receives quarterly dividend payments on their shares. If employment is terminated prior tosuch assumption, would remain exercisable bytheholder thereof.lapsing of the restriction, the shares are canceled. During the years ended December 31, 2001 and 2000, the Company issued 470,028 and 520,962 restricted shares. The performance-based awards generally vest over a five-year period.The Company has elected to apply the provisions of Accounting Principles Board ("APB") Opinion No. 25,
ACCOUNTING FOR STOCK ISSUED TO EMPLOYEESAccounting for Stock Issued to Employees ("APB No. 25"), in the computation of compensation expense. Under APB No. 25's intrinsic value method, compensation expense is determined by computing the excess of the market price of the shares over the exercise price on the measurement date. For the Company's share options, the intrinsic value on the measurement date (or grant date) is zero, and no compensation expense is recognized.FASB Statement of Financial Accounting StandardsFor the Company's restricted shares, the Company determines the intrinsic value on the measurement date and accordingly recognizes a compensation expense for such shares. SFAS No. 123,ACCOUNTING FOR STOCK-BASED COMPENSATIONAccounting for Stock-Based Compensation ("Statement No. 123"), requires the Company to disclose pro forma net income and income per share as if a fair value based accounting method had been used in the computation of compensation expense. The fair value of the options computed under Statement No. 123 would be recognized over the vesting period of the options. The fair value for the Company's options was estimated at the time theF-32EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)options were granted using the Black Scholes option pricing model with the following weighted-average assumptions for1997, 19982001, 2000 and 1999, respectively: risk-free interest rates of6.33%4.43%,5.37%6.22% and 5.84%; dividend yields of5.32%6.17%,5.98%6.83% and 6.89%; volatility factors of the expected market price of the Company's Common Shares of0.218, 0.2120.204, 0.207 and 0.209; and a weighted-average expected life of theoptionoptions of seven years.The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because the Company's Options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its Options.
F-38
For purposes of pro forma disclosures, the estimated fair value of the Options is amortized to expense over the Options' vesting period. The following is the pro forma information for the three years ended December 31,
1999, 19982001, 2000 and1997 (unaudited):1999:
--------------------------------------------------------------- ----------------- -------------- -------------- 1999 1998 1997 --------------------------------------------------------------- ----------------- -------------- --------------Pro forma net income available to Common Shares $ 270,947 $ 155,318 $ 112,156 Pro forma income per weighted Average Common Share Outstanding $ 2.22 $ 1.55 $ 1.71 --------------------------------------------------------------- ----------------- -------------- --------------
2001 2000 1999 Pro forma net income available to Common Shares $ 361,337 $ 429,350 $ 271,114 Pro forma net income per weighted average Common Share outstanding—basic $ 1.35 $ 1.66 $ 1.11 The table below summarizes the Option activity of the Fifth Amended Option and Award Plan
the MRY Stock OptionandIncentive Plan and the LFT Stock Option Planoptions assumed in connection with Mergers (the "Merger Options") for the three years ended December 31,1999, 19982001, 2000 and1997: F-33EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)1999:
COMMON WEIGHTED AVERAGE EXERCISE SHARES SUBJECT TO OPTIONS PRICE OR AWARDS PER COMMON SHARE - ------------------------------------------ --------------------------- ---------------------------Balance at December 31, 1996 2,330,263 $28.75 Options granted 2,035,211 $44.03 Options exercised (180,138) $27.78 Options cancelled (95,013) $36.88 - ------------------------------------------ --------------------------- --------------------------- Balance at December 31, 1997 4,090,323 $36.21 Options granted 1,964,550 $50.31 MRY Options granted (assumed) 925,830 $38.53 Options exercised (194,021) $29.20 MRY Options exercised (237,153) $37.22 Options cancelled (327,069) $47.21 - ------------------------------------------ --------------------------- --------------------------- Balance at December 31, 1998 6,222,460 $40.61 Options granted 1,485,903 $40.68 LFT Options granted (assumed) 82,466 $31.43 Options exercised (575,865) $28.87 MRY Options exercised (435,429) $38.21 LFT Options exercised (1,898) $36.90 Options cancelled (268,762) $45.93 MRY Options cancelled (140,010) $41.78 LFT Options cancelled (2,819) $23.31 - ------------------------------------------ --------------------------- --------------------------- Balance at December 31, 1999 6,366,046 $41.48
Common
Shares Subject to
Options or AwardsWeighted Average
Exercise Price
Per Common ShareBalance at December 31, 1998 12,527,829 $ 20.25 Options granted 2,980,156 $ 20.34 Merger Options (assumed) 78,240 $ 19.47 Options exercised (1,151,730 ) $ 14.44 Merger Options exercised (874,654 ) $ 19.10 Options canceled (785,255 ) $ 22.90 Merger Options canceled (286,738 ) $ 20.71 Balance at December 31, 1999 12,487,848 $ 20.70 Options granted 2,172,582 $ 21.22 Options exercised (1,164,624 ) $ 17.48 Merger Options exercised (205,562 ) $ 17.67 Options canceled (587,767 ) $ 21.28 Merger Options canceled (27,648 ) $ 18.79 Balance at December 31, 2000 12,674,829 $ 21.11 Options granted 2,844,838 $ 26.48 Options exercised (3,125,870 ) $ 20.31 Merger Options exercised (57,660 ) $ 15.26 Options canceled (167,916 ) $ 22.55 Merger Options canceled (1,622 ) $ 20.17 Balance at December 31, 2001 12,166,599 $ 22.59 As of December 31, 2001, 2000 and 1999,
19987,295,314 shares (with a weighted average exercise price of $21.62), 7,897,038 shares (with a weighted average exercise price of $20.76) and1997, 3,266,7596,313,751 shares2,841,111 shares and 1,330,150 shares(with a weighted average exercise price of $19.18) were exercisable, respectively. Exercise prices for Options outstanding as of December 31,19992001 ranged from$26$13.00 to$54.8125$27.60 for the Fifth Amended Option and Award Plan$15.28and $2.76 to$41.85$24.84 for theMRY Stock Option and Incentive Plan and $2.83 to $48.60 for the LFT Stock Option Plan. Expiration dates ranged from August 11, 2003 to November 8, 2009.Merger Options.16. Employee Plans
The
remaining weighted-average contractual life of those Options was 7.3 years. The weighted-average grant date fair value of Options granted during 1999, 1998 and 1997 was $4.43, $6.28 and $7.37, respectively. 17. EMPLOYEE SHARE PURCHASE PLAN Under the Company'sCompany has established an Employee Share Purchase Plancertain eligible officers,whereby trustees and employees of the Company may annually acquire up to $100,000 of Common Shares of the Company. The aggregate number of Common Shares available under the Employee Share Purchase Plan shall not exceed1,000,000,2,000,000, subject to adjustment by the Board of Trustees. The Common Shares may beF-39
purchased quarterly at a price equal to 85% of the lesser of: (a) the closing price for a share on the last day of such quarter; and (b) the greater of: (i) the closing price for a share on the first day of such quarter, and (ii) the average closing price for a share for all the business days in the quarter. During
1997,2001, the Company issued84,183310,261 Common Shares at net prices that ranged from$35.63$21.76 per share to$42.08$23.69 per share and raised approximately$3.2$6.9 million in connection therewith. During1998,2000, the Company issued93,521299,580 Common Shares at net prices that ranged from$35.70$17.06 per share to$42.71$20.51 per share and raised approximately$3.7$5.4 million in connection therewith. During 1999, the Company issued147,885295,770 Common Shares at net prices that ranged from$34.37$17.19 per share to$36.71$18.36 per share and raised approximately $5.2 million in connection therewith.F-34EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 18. DISTRIBUTION REINVESTMENT AND SHARE PURCHASE PLANThe Company has established a defined contribution plan (the "401(k) Plan") that provides retirement benefits for employees that meet minimum employment criteria. The Company contributes 100% of the first 4% of eligible compensation that a participant contributes to the 401(k) Plan. Participants are vested in the Company's contributions over five years. The Company made contributions in the amount of $2.3 million and $2.3 million for the years ended December 31, 1999 and 2000, respectively, and expects to make contributions in the amount of approximately $3.4 million for the year ended December 31, 2001.
17. Distribution Reinvestment and Share Purchase Plan
On November 3, 1997, the Company filed with the SEC a Form S-3 Registration Statement to register
7,000,00014,000,000 Common Shares pursuant to a Distribution Reinvestment and Share Purchase Plan (the "DRIP Plan"). The registration statement was declared effective on November 25, 1997.The DRIP Plan of the Company provides holders of record and beneficial owners of Common Shares, Preferred Shares, and limited partnership interests in the Operating Partnership with a simple and convenient method of investing cash distributions in additional Common Shares (which is referred to herein as the "Dividend
Reinvestment -Reinvestment—DRIP Plan"). Common Shares may also be purchased on a monthly basis with optional cash payments made by participants in the DRIP Plan and interested new investors, not currently shareholders of the Company, at the market price of the Common Shares less a discount ranging between 0% and 5%, as determined in accordance with the DRIP Plan (which is referred to herein as the "SharePurchase -Purchase—DRIP Plan").19. EMPLOYEE TRANSACTIONS Douglas Crocker II, President and Chief Executive Officer18. Transactions with Related Parties
Certain officers of the Company
and three other officers hadpurchasedan aggregate of 190,000Common Sharesat pricesin prior years whichrange from $26 to $31.625 per Common Share. These purchaseswere financedbywith loans made by the Companyin the aggregate amount of approximately $5.3 million. The employee notes accrue interest, payable in arrears,at various ratesthat rangeranging from 6.15% to 7.93% per annumto 7.93%and at one month LIBOR plus 2.0% per annum. Scheduled maturities are at various dates throughMarch2005. The amounts outstandingbalance on these loans in the aggregate was $4.7at December 31, 2001 and 2000 are $4.0 million and$4.9$4.3 million,for the years ended December 31, 1999 and 1998,respectively.The
employee notes are recourse to Mr. Crocker and the three other officers and are collateralized by pledges of the 190,000 Common Shares purchased. In addition, as of December 31, 1999, the outstanding principal balance on additional notes issued to Mr. Crocker and three other officers was approximately $1.2 million. These notes accrue interest, payable in arrears, at one month LIBOR plus 2% per annum. Scheduled maturities are at various dates through March 2003. Subsequent to December 31, 1999, Mr. Crocker paid a principal installment on one of his notes in the amount of $80,570 and repaid another note in full in the amount of $100,000. The notes are recourse to Mr. Crocker and the three other officers and are collateralized by pledges of optionsCompany also entered into executive compensation, deferred compensation and shareawards. Mr. Crocker and Gerald A. Spector, Executive Vice President and Chief Operating Officerdistribution agreements with certain officers of the Companyhave entered into Deferred Compensation Agreements withthat resulted in the Companywhich provide both with a salary benefit after their respective termination of employment with the Company, under certain circumstances. In addition, Mr. Crocker also has entered into a Share Distributions Agreement with the Company whereby he was issued options to purchase 100,000 Common Shares under the terms of the Fifth Amended Option and Award Plan. Upon exercise of these options, Mr. Crocker will be entitled to receive dividends on these shares as if they had been outstanding from the grant date through the exercise date. The Company has recognized $1.1 million, $0.8 million and $0.7 million ofrecognizing compensation expensefor the years ended December 31, 1999, 1998 and 1997, respectively, related to these agreements. The Company has established a defined contribution plan (the "401(k) Plan") that provides retirement benefits for employees that meet minimum employment criteria. The Company contributes 100%ofthe first 4% of eligible compensation that a participant contributes to the 401(k) Plan. Participants are vested in the Company's contributions over five years. The Company made contributions in the amount of $1.4$3.7 million,and $1.4 million for the years ended December 31, 1997 and 1998, respectively, and expects F-35EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) to make contributions in the amount of approximately $3.1 million for the year ended December 31, 1999. 20. TRANSACTIONS WITH RELATED PARTIES In connection with the Wellsford Merger, Jeffrey H. Lynford and Edward Lowenthal (trustees of the Company) each executed a consulting agreement with the Company. Each consulting agreement has a term of five years from May 30, 1997, the closing date of the Wellsford Merger. Pursuant to the consulting agreements, each of Messrs. Lynford and Lowenthal will serve as a senior management consultant to the Company and will receive compensation at the rate of $200,000 per year plus reimbursement for reasonable out-of-pocket expenses. In connection with the EWR Merger, in December 1997, Stephen O. Evans (a trustee of the Company) executed a consulting agreement with an affiliate of the Company. The consulting agreement had a term of two years and expired on December 31, 1999. Pursuant to the consulting agreement, Mr. Evans served as a senior management consultant to the Company and received compensation at the rate of $225,000 per year. Mr. Evans also received an option to purchase 115,500 Common Shares that will vest in three equal annual installments and will have an exercise price equal to $50.125 per Common Share. Mr. Evans was also eligible to participate in all of the Company's employee benefit plans in which persons in comparable positions participate, treating Mr. Evans as an employee. In connection with the affiliated lease agreements for various offices as defined in Note 21, the Company paid Equity Office Holdings, L.L.C. ("EOH") $126,272, $114,539 and $145,511 in connection with the Chicago Office, $261,040, $194,506 and $177,793 in connection with the Tampa Office, $131,079, $83,485 and $55,149 in connection with the Southern California area office and $770,317, $772,320 and $632,693 in connection with the space occupied by the corporate headquarters for the years ended December 31, 1999, 1998 and 1997, respectively. Also, the Company paid EOH $166,328 and $55,117 in connection with the Atlanta Office for the year ended December 31, 1999 and 1998, respectively. Amounts due to EOH were $311,345, $136,000 and $59,675 as of December 31, 1999, 1998 and 1997, respectively. Equity Group Investments, Inc. and certain of its subsidiaries, including, Equity Properties & Development, L.P. and Equity Properties Management Corp. (collectively, "EGI"), have provided certain services to the Company which include, but are not limited to, investor relations, corporate secretarial, real estate tax evaluation services and market consulting and research services. Fees paid to EGI for these services amounted to approximately $708,582, $1.1$0.9 million and $1.1 million for the years ended December 31, 2001, 2000 and 1999,1998respectively.In connection with certain Mergers, the Company agreed to make consulting payments to certain individuals who had been employees of the companies acquired and
1997,who became trustees of the Company subsequent to the applicable merger dates. During the years ended December 31, 2001, 2000 and 1999, the Company made payments pursuant to these agreements of $400,000, $400,000 and $625,000, respectively.Amounts dueThe remaining future payments toEGI were $175,662, $57,408 and $74,578be made under these agreements as of December 31, 2001 are approximately $167,000.F-40
The Company occupies office space at various office buildings that are owned and/or managed by Equity Office Properties Trust, a company of which EQR's chairman of the board is also chairman of the board. Amounts incurred for such office space for the years ended December 31, 2001, 2000 and 1999,
1998respectively, were $1,935,013, $1,781,069 and1997, respectively.$1,466,569.Artery Property Management, Inc., a real estate property management company ("APMI") in which
Mr. Goldberg,a trustee of the Company is a two-thirds owner and chairman of the board of directors, provided the Company consulting services with regard to property acquisitions and additional business opportunities. In connection with the acquisition of certain Properties fromMr. Goldbergthis trustee and his affiliates during 1995, the Company made a loan toMr. Goldbergthis trustee and APMI of $15,212,000 evidenced by two notes and secured by465,545931,090 OP Units. At December 31,1999, approximately $6.2 million was2000, no amounts were outstanding under these notes and64,948all OP Unitsand 123,792 Common Shares secured this loan. In connection with the acquisition of certain Propertieswere released fromMr. Goldberg and his affiliates during 1998, the Company made a $12,000,000 revolving loan to Mr. Goldberg and his wife in September 1998. On October 1, 1999, this note was fully repaid. F-36EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)their pledges.During 1999, the Company acquired eight Properties and the related management agreements from affiliates of
Mr. Goldbergthe aforementioned trustee for an aggregate purchase price of approximately $110.2 million, including the assumption of approximately $44.3 million of mortgage indebtedness. The purchase price also included the issuance of 28,795 Series A Junior Convertible Preference Units in the Operating Partnership, which have a liquidation value of $100 per unit and are exchangeable for OP Units under certain circumstances. On June 29, 1999,Mr. Goldbergthis trustee received 8,462 of these units with a liquidation value of approximately $0.8 million.Certain related entities provided servicesThe Company paid legal fees to
the Company. These included, but were not limited to, Rosenberg & Liebentritt, P.C., which provided legal services, and Arthur A. Greenberg, which provided tax advisory services. Fees paid to these related entities in the aggregate amounted to $1.3 million for the year ended December 31, 1997. In addition, The Riverside Agency, Inc., which provided insurance brokerage services, was paid fees and reimbursed premiums and loss claims in the amount of $0.3 million for the year ended December 31, 1997. Piper, Marbury, Rudnick & Wolfe,a law firminof whichMr. Errol Halperin, a trusteeone of theCompany,Company's trustees is a partner,provided legal services toin theCompany. Fees paid to this firm amounted to approximately $1.6amounts of $1.7 million,$2.2$3.6 million and$2.3$1.6 million for the years ended December 31, 2001, 2000 and 1999,1998 and 1997,respectively.Seyfarth, Shaw, Fairweather & Geraldson, a law firm in which Ms. Sheli Rosenberg's (a trustee of the Company) husband is a partner, provided legal services to the Company. Fees paid to this firm amounted to $34,357 and $29,146, for the years ended December 31, 1999 and 1998, respectively.In addition, the Company has provided
acquisitions,acquisition, asset and property management services to certain related entities for properties not owned by the Company. Fees received for providing such services were approximately$2.4$0.8 million,$3.5$1.7 million and$4.6$2.5 million for the years ended December 31, 2001, 2000 and 1999,1998respectively.19. Commitments and
1997, respectively. 21. COMMITMENTS AND CONTINGENCIESContingenciesThe Company, as an owner of real estate, is subject to various environmental laws of Federal and local governments. Compliance by the Company with existing laws has not had a material adverse effect on the Company's financial condition and results of operations. However, the Company cannot predict the impact of new or changed laws or regulations on its current Properties or on properties that it may acquire in the future.
The Company does not believe there is any litigation threatened against the Company other than routine litigation arising out of the ordinary course of business, some of which is expected to be covered by liability insurance, none of which is expected to have a material adverse effect on the consolidated financial statements of the Company.
In
regardregards to the funding of Properties in the development and/or earnout stage and the joint venture agreements withtwomultifamily residential real estate developers, the Company funded a net total of $174.6 million during the year ended December 31,1999, the Company funded a total of $88.6 million and during 2000 the2001. The Company expects to fund approximately$32.7$33.5 million in connection with theseagreements.Properties beyond 2001. In connection withthe firstone joint venture agreement, the Company has an obligation to fund up to an additional$20$6.5 million to guarantee third party construction financing.F-37EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) In regard to certain other properties that wereAs of December 31, 2001, the Company has 22 projects under developmentand/or expansion during the year endedwith estimated completion dates ranging from March 31, 2002 through December 31,1999,2003.F-41
For one joint venture agreement, the Company's joint venture partner has the right, at any time following completion of a project, to stipulate a value for such project and offer to sell its interest in the project to the Company
funded $47.5 million. During 2000,based on such value. If the Companyexpectschooses not tofund $44.9 million relatedpurchase the interest, it must agree to a sale of thecontinued development and/or expansionproject to an unrelated third party at such value. The Company's joint venture partner must exercise this right as to all projects within five years after the receipt ofas many as three Properties. In regardthe final certificate of occupancy on the last developed property.For the second joint venture agreement, the Company's joint venture partner has the right, at any time following completion of a project, to
certain properties that were under earnout/development agreements, during the year ended December 31, 1999,require the Companyfundedto purchase thefollowing: - $17.2 million relating to the acquisition of Copper Canyon Apartments, which includedjoint venture partners' interest in that project at a$1.0 million earnout payment to the developer; - $24.9 million relating to the acquisition of Skyview Apartments, which included a $3.1 million earnout payment to the developer; and - $18.3 million relating to the acquisition of Rosecliff Apartments. During 2000,mutually agreeable price. If the Companyexpectsand the joint venture partner are unable tofund $33.4 million relatedagree on a price, both parties will obtain appraisals. If the appraised values vary by more than 10%, both the Company and the joint venture partner will agree on a third appraiser to determine which original appraisal is closest to its determination of value. The Company may elect at that time not to purchase thecontinued earnout/developmentproperty and instead, authorize the joint venture partner to sell the project at or above the agreed-upon value to an unrelated third party. Five years following the receipt ofone Property.the final certificate of occupancy on the last developed property, any projects remaining unsold must be purchased by the Company at the agreed-upon price.In connection with the Wellsford Merger, the Company
hasprovided a$14.8 millioncredit enhancement with respect to certain tax-exempt bonds issued to finance certain public improvements at a multifamily development project.Pursuant to the terms of a Stock Purchase Agreement with Wellsford Real Properties, Inc. ("WRP Newco"), the Company has agreed to purchase up to 1,000,000 shares of WRP Newco Series A Preferred at $25.00 per share on a standby basis over a three-year period ending on May 30, 2000. These preferred shares would be convertible to WRP Newco common shares under certain circumstances.As of December 31,1999, no shares2001, this enhancement was still in effect at a commitment amount ofWRP Newco Series A Preferred had been acquired by the Company. In connection with the MRY Merger, the Company extended a $25 million, one year, non-revolving loan to MRYP Spinco pursuant to a Senior Debt Agreement. On June 24, 1999, MRYP Spinco repaid the entire outstanding Senior Note balance of $18.3 million and there is no further obligation by either party in connection with this agreement. Also, in connection with the MRY Merger, the Company entered into six joint venture agreements with MRYP Spinco, the entity spun-off in the MRY Merger. The Company contributed six properties with an initial value of $52.7 million in return for an ownership interest in each joint venture. On August 23, 1999, the Company sold its entire interest in these six properties to MRYP Spinco and there is no further obligation by either party in connection with these agreements. The Company has lease agreements with an affiliated party covering office space occupied by the management offices located in Tampa, Florida (the "Tampa Office"), Atlanta, Georgia (the "Atlanta Office"); and Chicago, Illinois (the "Chicago Office"). The Company also has a lease agreement with an affiliated party covering office space occupied by an area office located in Southern California. The Tampa Office agreement expires on October 31, 2001, the Atlanta Office agreement expires on June 20, 2001, the Chicago Office agreement expires on July 11, 2000 and the Southern California agreement expires on July 31, 2000. The Company also has seven additional lease agreements with unaffiliated parties covering space occupied by the management offices located in Dallas, Texas (the "Dallas Office"); Bethesda, Maryland (the "Bethesda Office"); Denver, Colorado (the "Denver Office"); Seattle, Washington (the "Seattle Office"); Scottsdale, Arizona (the "Scottsdale Office"), Charlotte, North Carolina (the "Charlotte Office") and Reynoldsburg, Ohio (the "Lexford Office"). The lease agreement for the Dallas Office expires on F-38EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) September 30, 2005, the lease agreement for the Bethesda Office expires on February 1, 2004, the lease agreement for the Denver Office expires on December 31, 2002, the lease agreement for the Seattle Office expires on June 30, 2003, the lease agreement for the Scottsdale Office expires on July 31, 2004, the lease agreement for the Charlotte Office expires on May 31, 2004 and the lease agreement for the Lexford Office expires on December 31, 2004. The Company also has a lease agreement with an affiliated party covering office space occupied by the corporate headquarters located in Chicago, Illinois. This agreement, as amended, expires on July 31, 2001. In addition, commencing June 15, 1998, the Company increased the office space occupied by its corporate personnel. The lease agreement covering the additional space expires on December 31, 2004.$12.7 million.During the years ended December 31,
1999, 19982001, 2000 and1997,1999, total lease payments incurred, including a portion of real estate taxes, insurance, repairs and utilities, aggregated $4,929,018, $4,074,672 and $3,271,513$2,528,150 and $1,491,766,respectively.The minimum basic aggregate rental commitment under the
above describedCompany's leases in yearssucceedingfollowing December 31,19992001 is as follows:
--------------- ---------------- Year Amount --------------- ----------------2000 $3,197,959 2001 2,754,510 2002 2,220,692 2003 2,005,051 2004 1,619,293 Thereafter 481,179 --------------- ---------------- Total $12,278,684 --------------- ----------------22. REPORTABLE SEGMENTS
Year Amount 2002 $ 7,674,793 2003 6,905,471 2004 5,060,667 2005 3,839,367 2006 2,498,409 Thereafter 8,776,436 Total $ 34,755,143 20. Asset Impairment
For the year ended December 31, 2001, the Company recorded $60.0 million of asset impairment charges related to its Globe furniture rental business. These charges were the result of a review of the existing intangible and tangible assets reflected on the consolidated balance sheet as of September 30, 2001. The impairment loss is reflected on the statement of operations in total expenses and includes the write-down of the following
tables set forth the reconciliationassets: a) goodwill of approximately $26.0 million; b) rental furniture, netincomeof approximately $28.6 million; c) property andtotalequipment, net of approximately $4.5 million; and d) other assetsfor the Company's reportable segments forof approximately $0.9 million.F-42
For the years ended December 31,
1999, 19982001 and1997 (see also Note 3 for further discussion). F-39EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
RENTAL REAL CORPORATE/ 1999 (AMOUNTS IN THOUSANDS) ESTATE (1) OTHER (2) CONSOLIDATED -----------------------------------------------------------------------------------------------------------------Rental income $ 1,711,738 $ - $ 1,711,738 Property and maintenance expense (414,026) - (414,026) Real estate tax and insurance expense (171,289) - (171,289) Property management expense (61,626) - (61,626) ----------------------------------------------------- Net operating income 1,064,797 - 1,064,797 Fee and asset management income - 4,970 4,970 Interest income - investment in mortgage notes - 12,559 12,559 Interest and other income - 23,851 23,851 Fee and asset management expense - (3,587) (3,587) Depreciation expense on non-real estate assets - (7,231) (7,231) Interest expense: Expense incurred - (337,189) (337,189) Amortization of deferred financing costs - (4,084) (4,084) General and administrative expense - (22,296) (22,296) Preferred distributions - (113,196) (113,196) Adjustment for depreciation expense related to equity in unconsolidated joint ventures - 1,009 1,009 ------------------------------------------------------ Funds from operations available to Common Shares and OP Units (unaudited) 1,064,797 (445,194) 619,603 Depreciation expense on real estate assets (401,457) - (401,457) Gain on disposition of properties, net 93,535 - 93,535 Loss on early extinguishment of debt - (451) (451) Income allocated to Minority Interests - (29,536) (29,536) Adjustment for depreciation expense related to equity in unconsolidated joint ventures - (1,009) (1,009) ----------------------------------------------------- Net income available to Common Shares $ 756,875 $ (476,190) $ 280,685 ===================================================== Investment in real estate, net of accumulated depreciation $11,151,167 $ 17,309 $11,168,476 ===================================================== Total assets $11,164,035 $ 551,654 $11,715,689 =====================================================F-40EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
RENTAL REAL CORPORATE/ 1998 (AMOUNTS IN THOUSANDS) ESTATE (1) OTHER (2) CONSOLIDATED ----------------------------------------------------------------------------------------------------------------Rental income $ 1,293,560 $ - $ 1,293,560 Property and maintenance expense (326,733) - (326,733) Real estate tax and insurance expense (126,009) - (126,009) Property management expense (53,101) - (53,101) ----------------------------------------------------- Net operating income 787,717 - 787,717 Fee and asset management income - 5,622 5,622 Interest income - investment in mortgage notes - 18,564 18,564 Interest and other income - 19,250 19,250 Fee and asset management expense - (4,279) (4,279) Depreciation expense on non-real estate assets - (5,361) (5,361) Interest expense: Expense incurred - (246,585) (246,585) Amortization of deferred financing costs - (2,757) (2,757) General and administrative expense - (20,631) (20,631) Preferred distributions - (92,917) (92,917) Adjustment for amortization of deferred financing costs related to predecessor business - 35 35 Adjustment for depreciation expense related to equity in unconsolidated joint ventures - 183 183 ----------------------------------------------------- Funds from operations available to Common Shares and OP Units (unaudited) 787,717 (328,876) 458,841 Depreciation expense on real estate assets (296,508) - (296,508) Gain on disposition of properties, net 21,703 - 21,703 Income allocated to Minority Interests - (18,529) (18,529) Adjustment for amortization of deferred financing costs related to predecessor business - (35) (35) Adjustment for depreciation expense related to equity in unconsolidated joint ventures - (183) (183) ----------------------------------------------------- Net income available to Common Shares $ 512,912 $ (347,623) $ 165,289 ===================================================== Investment in real estate, net of accumulated depreciation $10,208,113 $ 15,459 $ 10,223,572 ===================================================== Total assets $10,237,999 $ 462,261 $ 10,700,260 =====================================================F-41EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
RENTAL REAL CORPORATE/ 1997 (AMOUNTS IN THOUSANDS) ESTATE (1) OTHER (2) CONSOLIDATED ----------------------------------------------------------------------------------------------------------------Rental income $ 707,733 $ - $ 707,733 Property and maintenance expense (176,075) - (176,075) Real estate tax and insurance expense (69,520) - (69,520) Property management expense (26,793) - (26,793) ----------------------------------------------------- Net operating income 435,345 - 435,345 Fee and asset management income - 5,697 5,697 Interest income - investment in mortgage notes - 20,366 20,366 Interest and other income - 13,282 13,282 Fee and asset management expense - (3,364) (3,364) Depreciation expense on non-real estate assets - (3,118) (3,118) Interest expense: Expense incurred - (121,324) (121,324) Amortization of deferred financing costs - (2,523) (2,523) General and administrative expense - (14,821) (14,821) Preferred distributions - (59,012) (59,012) Adjustment for amortization of deferred financing costs - 235 235 related to predecessor business ----------------------------------------------------- Funds from operations available to Common Shares and OP Units (unaudited) 435,345 ( 164,582) 270,763 Depreciation expense on real estate assets (153,526) - (153,526) Gain on disposition of properties, net 13,838 - 13,838 Income allocated to Minority Interests - (13,260) - Adjustment for amortization of deferred financing costs related to predecessor business - (235) (235) ----------------------------------------------------- Net income available to Common Shares $ 295,657 $ (178,077) $ 117,580 =====================================================(1)2000 the Company recorded approximately $11.8 million and $1.0 million, respectively, of asset impairment charges related to its technology investments. These charges were the result of review of the existing investments reflected on the consolidated balance sheet. The Companyhas one primary reportable business segment,reviewed the current relative value of each investment based on existing economic conditions and current events. These impairment losses are reflected on the statement of operations in total expenses and include the write-down of assets classified as other assets and investments in unconsolidated entities.21. Reportable Segments
Operating segments are defined as components of an enterprise about which
consists of investment in rental real estate.separate financial information is available that is evaluated regularly by senior management. Senior management decides how resources are allocated and assesses performance on a monthly basis.The Company's primary business is owning, managing, and operating multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to
tenants. (2)residents. Senior management evaluates the performance of each of our apartment communities on an individual basis, however, each of our apartment communities has similar economic characteristics, residents, and products and services so they have been aggregated into one reportable segment. TheCompany hasCompany's rental real estate segment comprises approximately 95.6%, 96.3% and 98.2% of total revenues for the years ended December 31, 2001, 2000 and 1999, respectively. The Company's rental real estate segment comprises approximately 99.8% and 98.7% of total assets at December 31, 2001 and 2000, respectively.The primary financial measure for the Company's rental real estate segment is net operating income ("NOI"), which represents rental income less: 1) property and maintenance expense; 2) real estate taxes and insurance expense; and 3) property management expense (all as reflected in the accompanying statements of operations). Current year NOI is compared to prior year NOI and current year budgeted NOI as a
segmentmeasure of financial performance. NOI from our rental real estate totaled approximately $1.3 billion, $1.2 billion and $1.1 billion forcorporate level activity including such items as interest income earnedthe years ended December 31, 2001, 2000 and 1999, respectively.During the acquisition, development and/or disposition of real estate, the NOI return on
short-term investments, interest income earned on investment in mortgage notes, general and administrative expenses, and interest expense on mortgage notes payable and unsecured note issuances. In addition,total capitalized costs is the primary measure of financial performance (capitalization rate) the Companyhas a segment for third partyconsiders.The Company's fee and asset management activity
that isand furniture rental/sales activities are immaterial anddoesdo not meet the threshold requirements of a reportable segment as provided for inStatementSFAS No. 131.Interest expense on debt is not allocated22. Subsequent Events
Subsequent to
individual Properties, even ifDecember 31, 2001 and through February 5, 2002, theProperties secure such debt. Further, income allocated to Minority Interests is not allocated to the Properties. F-42EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 23. SUBSEQUENT EVENTS On January 14, 2000, the Company announced it has entered into an agreement to acquire, in an all cash and debt transaction, Globe Business Resources, Inc. ("Globe"), one of the nation's largest providers of temporary corporate housing and furniture rental. Shareholders of Globe will receive $13.00 per share upon closing and up to an additional $0.50 per share post closing, upon final determination of costs, if any, relating to any potential breaches of certain representations and covenants. At full funding of $13.50 per share, the Company would pay approximately $64.8 million in cash (based on the 4.8 million Globe shares currently outstanding). In addition, the Company will assume approximately $69.4 million in debt. The acquisition, which is expected to close during the second quarter of 2000, does not require approval of the Company's shareholders but does require Globe shareholder approval. On January 19, 2000, the Company acquired Windmont Apartments, a 178-unit multifamily property located in Atlanta, GA, from an unaffiliated third party for a purchase price of approximately $10.3 million. On January 24, 2000, the Company funded $2.3 million for an initial earnout payment to the developer of Rosecliff Apartments. On January 25, 2000, the Company settled on a $100 million forward starting swap and received $7.1 million in connection therewith. The amount received is expected to be amortized over the life of a future financing transaction that the Company expects to close in March 2000. From January 1, 2000 through March 3, 2000, the Company repaid the outstanding mortgage balances on three properties in the aggregate amount of $12.8 million. On February 4, 2000, the CompanyCompany:
- •
- disposed of
Lakeridge at the Moors Apartments, a 175-unit multifamily property located in Miami, FL, to an unaffiliated partyfour Properties consisting of 466 units fora total sales price of $10 million. On February 9, 2000, the Companyapproximately $15.5 million;- •
- disposed of
Sonnet Cove I&II Apartments, a 331-unit multifamily property located in Lexington, KY,its furniture rental business for approximately $30.0 million;- •
- repaid $1.9 million of mortgage debt at/or prior to
an unaffiliated party for a total sales pricematurity on two Properties; and- •
- repaid $100.0 million of
$12.3 million. On February 25, 2000, the Company disposed of Yuma Court Apartments, a 40-unit multifamily property located in Colorado Springs, CO, to an unaffiliated party for a total sales price of $2.4 million. On February 25, 2000, the Company disposed of Oaks of Lakebridge Apartments, a 170-unit multifamily property located in Ormond Beach, FL, to an unaffiliated party for a total sales price of $7.8 million. On February 25, 2000, the Company disposed of Indigo Plantation Apartments, a 304-unit multifamily property located in Daytona Beach, FL, to an unaffiliated party for a total sales price of $14.2 million. On March 3, 2000, Lexford Properties, L.P., a wholly-owned subsidiary of the Operating Partnership, issued 1.1 million units of 8.50% Series B Cumulative Convertible Redeemable Preference Units with an equity value of $55.0 million. Lexford Properties, L.P. received $53.6 million in net proceeds from this transaction. The liquidation value of these units is $50 per unit. The 1.1 million units are exchangeable into 1.1 million shares of 8.50% Series M-1 Cumulative Redeemable Preferred Shares of F-43EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) Beneficial Interest of the Company. The Series M-1 Preferred Shares are not convertible to EQR Common Shares. Dividends for the Series B Preference Units or the Series M-1 Preferred Shares are payable quarterly9.375% fixed rate public notes atthe rate of $4.25 per unit/share per year. 24. QUARTERLY FINANCIAL DATA (UNAUDITED)maturity.23. Quarterly Financial Data (Unaudited)
The following unaudited quarterly data has been prepared on the basis of a December 31 year-end.
The 1999All per share and1998 net income perweighted average CommonShareShares outstanding amounts have beenpresented and, where appropriate,restatedto comply with Statementas a result ofFinancial Accounting Standards No. 128, Earnings Per Share. For further discussionthe Company's two-for-one split ofnet income per share and the impact of Statement No. 128, see Note 14 of Notes to Consolidated Financial Statements.its Common Shares. Amounts are in thousands, except for per share amounts.
FIRST SECOND THIRD FOURTH QUARTER QUARTER QUARTER QUARTER 1999 3/31 6/30 9/30 12/31 - ----------------------------------------------------------------------------------------------------------------Total revenues $416,137 $422,222 $435,188 $479,571 ========= ========= ========= ======== Income before allocation to Minority Interests $100,680 $104,050 $102,931 $115,756 ======== ========= ========= ======== Net income $93,554 $96,662 $95,891 $107,774 ======== ======== ======== ======== Net income available to Common Shares $64,177 $68,928 $67,884 $79,696 ======= ======= ======= ======= Weighted average Common Shares outstanding 118,956 120,558 122,312 126,788 ======= ======= ======= ======= Net income per share - basic $0.54 $0.57 $0.56 $0.63 ===== ===== ===== ===== Net income per share - diluted $0.54 $0.57 $0.55 $0.63 ===== ===== ===== =====
FIRST SECOND THIRD FOURTH QUARTER QUARTER QUARTER QUARTER 1998 3/31 6/30 9/30 12/31 - ----------------------------------------------------------------------------------------------------------------Total revenues $286,291 $306,959 $339,249 $404,497 ========= ========= ========= ======== Income before allocation to Minority Interests $61,275 $72,357 $61,102 $82,001 ======= ======== ======== ======= Net income $57,587 $67,735 $56,572 $76,312 ======== ======== ======== ======= Net income available to Common Shares $35,895 $46,043 $34,881 $48,470 ======= ======= ======= ======= Weighted average Common Shares outstanding 93,361 97,405 97,089 113,440 ====== ====== ====== ======= Net income per share - basic $0.38 $0.47 $0.36 $0.43 ===== ===== ===== ===== Net income per share - diluted $0.38 $0.47 $0.36 $0.42 ===== ===== ===== =====F-43
2001 First Quarter
3/31Second Quarter
6/30Third Quarter
9/30Fourth Quarter
12/31Total revenues ** $ 538,251 $ 544,861 $ 552,961 $ 538,342 Income before extraordinary items and cumulative effect of change in accounting principle $ 136,239 $ 103,136 $ 93,979 $ 141,057 Net income $ 135,280 $ 102,931 $ 93,851 $ 141,523 Net income available to Common Shares $ 106,754 $ 74,038 $ 69,511 $ 117,163 Net income per share—basic $ 0.40 $ 0.28 $ 0.26 $ 0.43 Net income per share—diluted $ 0.40 $ 0.27 $ 0.26 $ 0.43 Weighted average Common Shares Outstanding—basic 265,198 266,358 268,253 269,529
2000 First Quarter
3/31Second Quarter
6/30Third Quarter
9/30Fourth Quarter
12/31Total revenues ** $ 481,853 $ 488,806 $ 532,394 $ 529,596 Income before extraordinary items and cumulative effect of change in accounting principle* $ 101,139 $ 152,659 $ 169,316 $ 131,929 Net income* $ 101,139 $ 152,659 $ 169,316 $ 126,337 Net income available to Common Shares * $ 72,751 $ 125,393 $ 141,373 $ 97,993 Net income per share—basic * $ 0.28 $ 0.49 $ 0.54 $ 0.37 Net income per share—diluted * $ 0.28 $ 0.48 $ 0.53 $ 0.37 Weighted average Common Shares Outstanding—basic 255,597 258,144 262,825 262,644
- *
- For the quarter ended September 30, 2000, Income before extraordinary items and cumulative effect of change in accounting principle, Net income, Net income available to Common Shares, Net income per share—basic, and Net income per share—diluted have been adjusted to reflect the correction of the amounts previously reported on the Company's quarterly report on Form 10-Q for the quarter ended September 30, 2000 related to the gain on disposition of properties, net. The amounts for Income before extraordinary items and cumulative effect of change in accounting principle, Net income, Net income available to Common Shares, Net income per share—basic, and Net income per share—diluted for the quarter ended September 30, 2000 have been reduced by $36,659, $36,659, $36,659, $0.135, and $0.135, respectively.
- **
- Includes income from investments in unconsolidated entities.
F-44
EQUITY RESIDENTIAL PROPERTIES TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER
Schedule III — Real Estate and Accumulated Depreciation
December 31,1999
INITIAL COST TO DESCRIPTION COMPANY - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & APARTMENT NAME LOCATION ENCUMBRANCES LAND FIXTURES - ------------------------------------------------------------------------------------------------------------------------------------2300 Elliott Seattle, WA $ - $ 796,700 $ 7,173,725 2900 on First Combined Seattle, WA - 1,176,400 10,600,360 3000 Grand Des Moines, IA - 858,305 7,736,013 740 River Drive St. Paul, MN 6,648,364 1,620,000 11,232,943 7979 Westheimer Houston, TX - 1,388,400 12,497,975 Acacia Creek Scottsdale, AZ 20,790,723 6,121,856 35,380,172 Acadia Court Bloomington, IN 2,092,837 257,484 2,317,353 Acadia Court II Bloomington, IN 1,806,908 253,636 2,282,721 Adams Farm Greensboro, NC - 2,350,000 30,073,197 Alderwood Park Lynnwood, WA 4,030,879 3,760,000 8,110,530 Altamonte San Antonio, TX (S) 1,663,100 14,986,474 Amberidge Detroit, MI 919,875 130,844 1,177,598 Amberton Manassas, VA 10,597,067 888,800 8,474,461 Amberwood (OH) Canton, OH 887,691 126,227 1,136,042 Amberwood I (FL) Jacksonville, FL 397,879 101,744 915,696 Amesbury I Columbus, OH 1,228,447 143,039 1,287,355 Amesbury II Columbus, OH 1,275,358 180,588 1,625,293 Amhurst (Tol) Toledo, OH 804,321 161,854 1,456,683 Amhurst I (OH) Dayton, OH 902,927 152,574 1,373,165 Amhurst II (OH) Dayton, OH 934,952 159,416 1,434,748 Andover Court Columbus, OH 719,453 123,875 1,114,873 Annhurst (IN) Indianpolis, IN 1,275,000 189,235 1,703,117 Annhurst (PA) Pittsburgh, PA 1,951,830 307,952 2,771,572 Annhurst II (OH) Columbus, OH 1,064,340 116,739 1,050,648 Annhurst III (OH) Columbus, OH 866,157 134,788 1,213,092 Ansley Oaks St. Louis, IL - 134,522 1,210,697 Apple Ridge I Columbus, OH 1,036,653 139,300 1,253,697 Apple Ridge III Columbus, OH 577,684 72,585 653,268 Apple Run (MI) Jackson, MI 497,314 87,459 787,133 Apple Run II (Col) Columbus, OH - 93,810 844,292 Applegate (Chi) Columbus, OH 529,497 7,738 69,640 Applegate (Col) Bloomington, IN 940,163 171,829 1,546,462 Applegate (Lor) Youngstown, OH 512,809 66,488 598,393 Applegate I (IN) Muncie, IN 924,977 138,506 1,246,551 Applegate II (IN) Muncie, IN 1,236,009 180,017 1,620,150 Applerun (War) Youngstown, OH 670,142 113,303 1,019,729 Applewood I & II Daytona Beach, FL 2,193,626 235,230 2,117,074 Aragon Woods Indianpolis, IN 1,104,739 157,791 1,420,119 Arbor Glen Pittsfield Twp, MI - 1,092,300 9,887,635 Arboretum (AZ) Tucson, AZ (P) 3,453,446 19,020,019 Arboretum (GA) Atlanta, GA - 4,679,400 15,937,649 Arboretum (MA) Canton, MA (S) 4,680,000 10,995,641 Arbors at Century Center Memphis, TN - 2,520,000 15,236,996 Arbors of Brentwood Nashville, TN (D) 404,570 13,536,367 Arbors of Hickory Hollow Nashville, TN (D) 202,285 6,937,209 Arbors of Las Colinas Irving, TX - 1,662,300 15,385,713 Ashford Hill Columbus, OH 1,400,000 184,985 1,664,868 Ashgrove (IN) Indianpolis, IN 866,676 172,924 1,556,316 Ashgrove (KY) Louisville, KY 1,050,088 171,816 1,546,342 Ashgrove (Mar) Battle Creek, MI 839,002 119,823 1,078,405 Ashgrove (OH) Cincinnati, OH 1,261,088 157,535 1,417,811 Ashgrove I (MI) Detroit, MI 3,284,510 403,580 3,632,218 Ashgrove II (MI) Detroit, MI 2,301,646 311,912 2,807,210 Ashton, The Corona Hills, CA - 2,594,264 33,042,398 Aspen Crossing Silver Spring, MD - 2,880,000 8,561,456 Audubon Village Tampa, FL - 3,576,000 26,121,909
COST CAPITALIZED SUBSEQUENT TO GROSS AMOUNT CARRIED ACQUISITION AT CLOSE OF (IMPROVEMENTS, NET) (I) PERIOD 12/31/99 - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & BUILDING & APARTMENT NAME LAND FIXTURES LAND FIXTURES (A) TOTAL (B) - ------------------------------------------------------------------------------------------------------------------------------------2300 Elliott $ 100 $ 2,935,619 $ 796,800 $ 10,109,344 $ 10,906,144 2900 on First Combined 1,300 1,221,640 1,177,700 11,822,000 12,999,700 3000 Grand - 1,479,910 858,305 9,215,923 10,074,228 740 River Drive 6,700 667,316 1,626,700 11,900,258 13,526,958 7979 Westheimer 1,700 1,403,830 1,390,100 13,901,805 15,291,905 Acacia Creek - 826,219 6,121,856 36,206,391 42,328,247 Acadia Court - 4,007 257,484 2,321,360 2,578,844 Acadia Court II - 3,287 253,636 2,286,008 2,539,643 Adams Farm - 192,947 2,350,000 30,266,144 32,616,144 Alderwood Park 7,400 251,284 3,767,400 8,361,813 12,129,213 Altamonte 1,970 1,079,239 1,665,070 16,065,713 17,730,783 Amberidge - 2,644 130,844 1,180,241 1,311,085 Amberton 11,800 953,021 900,600 9,427,482 10,328,082 Amberwood (OH) - 3,281 126,227 1,139,323 1,265,550 Amberwood I (FL) - 1,612 101,744 917,309 1,019,053 Amesbury I - 6,063 143,039 1,293,418 1,436,458 Amesbury II - 2,489 180,588 1,627,782 1,808,370 Amhurst (Tol) - 3,345 161,854 1,460,028 1,621,882 Amhurst I (OH) - 5,899 152,574 1,379,064 1,531,638 Amhurst II (OH) - 3,173 159,416 1,437,921 1,597,337 Andover Court - 750 123,875 1,115,623 1,239,498 Annhurst (IN) - 25,662 189,235 1,728,780 1,918,015 Annhurst (PA) - 7,495 307,952 2,779,067 3,087,019 Annhurst II (OH) - 964 116,739 1,051,612 1,168,351 Annhurst III (OH) - 4,691 134,788 1,217,784 1,352,572 Ansley Oaks - 6,779 134,522 1,217,476 1,351,998 Apple Ridge I - 2,067 139,300 1,255,765 1,395,064 Apple Ridge III - 2,113 72,585 655,381 727,967 Apple Run (MI) - 3,227 87,459 790,361 877,820 Apple Run II (Col) - 2,107 93,810 846,399 940,210 Applegate (Chi) - 2,236 7,738 71,876 79,613 Applegate (Col) - 2,971 171,829 1,549,433 1,721,262 Applegate (Lor) - 2,843 66,488 601,236 667,724 Applegate I (IN) - 17,867 138,506 1,264,418 1,402,923 Applegate II (IN) - 10,066 180,017 1,630,216 1,810,233 Applerun (War) - 1,083 113,303 1,020,812 1,134,115 Applewood I & II - 46,153 235,230 2,163,227 2,398,457 Aragon Woods - 8,996 157,791 1,429,115 1,586,906 Arbor Glen 3,764 329,195 1,096,064 10,216,830 11,312,895 Arboretum (AZ) - 602,827 3,453,446 19,622,846 23,076,292 Arboretum (GA) 2,900 505,371 4,682,300 16,443,020 21,125,320 Arboretum (MA) 5,900 110,930 4,685,900 11,106,571 15,792,471 Arbors at Century Center 1,700 326,386 2,521,700 15,563,382 18,085,082 Arbors of Brentwood 100 958,708 404,670 14,495,074 14,899,744 Arbors of Hickory Hollow 700 1,613,360 202,985 8,550,569 8,753,554 Arbors of Las Colinas 1,600 1,163,452 1,663,900 16,549,165 18,213,065 Ashford Hill - 5,143 184,985 1,670,011 1,854,996 Ashgrove (IN) - 4,337 172,924 1,560,653 1,733,577 Ashgrove (KY) - 4,136 171,816 1,550,478 1,722,293 Ashgrove (Mar) - 2,800 119,823 1,081,204 1,201,027 Ashgrove (OH) - 3,088 157,535 1,420,900 1,578,434 Ashgrove I (MI) - 7,742 403,580 3,639,960 4,043,540 Ashgrove II (MI) - 5,130 311,912 2,812,340 3,124,253 Ashton, The - 381,532 2,594,264 33,423,929 36,018,193 Aspen Crossing - 207,627 2,880,000 8,769,083 11,649,083 Audubon Village - 407,722 3,576,000 26,529,631 30,105,631
LIFE USED TO COMPUTE - ------------------------------------------------------------------------- DEPRECIATION IN ACCUMULATED DATE OF LATEST INCOME APARTMENT NAME DEPRECIATION CONSTRUCTION STATEMENT (C) - --------------------------------------------------------------------------------------------2300 Elliott $ (922,189) 1992 30 Years 2900 on First Combined (1,560,994) 1989-91 30 Years 3000 Grand (5,333,188) 1970 30 Years 740 River Drive (904,264) 1962 30 Years 7979 Westheimer (2,580,432) 1973 30 Years Acacia Creek (2,731,863) 1988-1994 30 Years Acadia Court (20,996) 1985 30 Years Acadia Court II (20,862) 1986 30 Years Adams Farm (1,381,592) 1987 30 Years Alderwood Park (448,619) 1982 30 Years Altamonte (3,306,194) 1985 30 Years Amberidge (10,682) 1985 30 Years Amberton (1,758,943) 1986 30 Years Amberwood (OH) (10,627) 1987 30 Years Amberwood I (FL) (8,521) 1981 30 Years Amesbury I (12,005) 1986 30 Years Amesbury II (14,957) 1987 30 Years Amhurst (Tol) (13,191) 1983 30 Years Amhurst I (OH) (12,854) 1979 30 Years Amhurst II (OH) (13,293) 1981 30 Years Andover Court (10,163) 1982 30 Years Annhurst (IN) (16,379) 1985 30 Years Annhurst (PA) (24,948) 1984 30 Years Annhurst II (OH) (9,682) 1986 30 Years Annhurst III (OH) (11,136) 1988 30 Years Ansley Oaks (11,446) 1986 30 Years Apple Ridge I (11,513) 1987 30 Years Apple Ridge III (6,005) 1982 30 Years Apple Run (MI) (7,314) 1982 30 Years Apple Run II (Col) (7,951) 1980 30 Years Applegate (Chi) (1,330) 1981 30 Years Applegate (Col) (13,939) 1982 30 Years Applegate (Lor) (5,698) 1982 30 Years Applegate I (IN) (11,476) 1984 30 Years Applegate II (IN) (15,034) 1987 30 Years Applerun (War) (9,329) 1983 30 Years Applewood I & II (22,519) 1982 30 Years Aragon Woods (13,287) 1986 30 Years Arbor Glen (814,768) 1990 30 Years Arboretum (AZ) (1,571,619) 1987 30 Years Arboretum (GA) (1,264,590) 1970 30 Years Arboretum (MA) (644,133) 1989 30 Years Arbors at Century Center (859,174) 1988/1990 30 Years Arbors of Brentwood (3,465,757) 1986 30 Years Arbors of Hickory Hollow (2,474,364) 1986 30 Years Arbors of Las Colinas (3,681,305) 1984/85 30 Years Ashford Hill (15,312) 1986 30 Years Ashgrove (IN) (14,028) 1983 30 Years Ashgrove (KY) (14,040) 1984 30 Years Ashgrove (Mar) (9,912) 1983 30 Years Ashgrove (OH) (12,950) 1983 30 Years Ashgrove I (MI) (32,433) 1985 30 Years Ashgrove II (MI) (25,053) 1987 30 Years Ashton, The (2,464,027) 1986 30 Years Aspen Crossing (307,059) 1979 30 Years Audubon Village (1,214,035) 1990 30 Years2001
Initial Cost to
CompanyCost Capitalized
Subsequent to
(Improvements, net) (H)Gross Amount Carried
at Close of
Period 12/31/01Description Life Used to
Compute
Depreciation in
Latest Income
Statement (C)Apartment Name Location Encumbrances Land Building &
FixturesLand Building &
FixturesLand Building &
Fixtures (A)Total (B) Accumulated
DepreciationDate of
Construction2300 Elliott Seattle, WA $ — $ 796,800.00 $ 7,173,725.29 $ — $ 3,923,239.78 $ 796,800.00 $ 11,096,965.07 $ 11,893,765.07 $ (2,416,996.49 ) 1992 30 Years 2900 on First Combined Seattle, WA — 1,177,700.00 10,600,359.93 — 2,519,058.53 1,177,700.00 13,119,418.46 14,297,118.46 (2,807,924.91 ) 1989-91 30 Years 740 River Drive St. Paul, MN 6,293,458.72 1,626,700.00 11,234,942.51 — 1,740,794.97 1,626,700.00 12,975,737.48 14,602,437.48 (2,162,161.00 ) 1962 30 Years 929 House Cambridge, MA 4,940,230.82 3,252,993.36 21,745,594.74 — 461,887.86 3,252,993.36 22,207,482.60 25,460,475.96 (902,334.73 ) 1975 30 Years Abington Glen Abington, MA — 553,105.38 3,697,396.23 — 106,919.59 553,105.38 3,804,315.82 4,357,421.20 (171,575.15 ) 1968 30 Years Acacia Creek Scottsdale, AZ 17,355,488.42 6,121,856.00 35,380,171.95 — 1,190,668.45 6,121,856.00 36,570,840.40 42,692,696.40 (5,651,247.04 ) 1988-1994 30 Years Acadia Court Bloomington, IN 2,032,526.13 257,483.69 2,268,652.90 — 273,104.90 257,483.69 2,541,757.80 2,799,241.49 (225,394.98 ) 1985 30 Years Acadia Court II Bloomington, IN 1,742,486.95 253,635.67 2,234,631.66 — 175,656.52 253,635.67 2,410,288.18 2,663,923.85 (209,170.58 ) 1986 30 Years Adams Farm Greensboro, NC — 2,350,000.00 30,073,196.71 — 683,587.04 2,350,000.00 30,756,783.75 33,106,783.75 (3,647,151.44 ) 1987 30 Years Alborada Fremont, CA — 24,310,000.00 59,214,128.76 — 210,358.72 24,310,000.00 59,424,487.48 83,734,487.48 (3,580,726.33 ) 1999 30 Years Alderwood Park Lynnwood, WA — 3,767,400.00 8,110,529.50 — 502,834.73 3,767,400.00 8,613,364.23 12,380,764.23 (1,171,197.66 ) 1982 30 Years Altamonte San Antonio, TX (P ) 1,665,070.00 14,986,473.86 — 1,452,560.34 1,665,070.00 16,439,034.20 18,104,104.20 (4,749,901.77 ) 1985 30 Years Ambergate (FL) W. Palm Beach, FL — 730,000.00 1,687,743.10 — 109,180.90 730,000.00 1,796,924.00 2,526,924.00 (99,670.88 ) 1987 30 Years Amberidge Roseville, MI — 130,844.19 1,152,879.92 — 54,420.28 130,844.19 1,207,300.20 1,338,144.39 (104,218.06 ) 1985 30 Years Amberton Manassas, VA 10,705,000.00 900,600.00 9,072,491.96 — 706,506.62 900,600.00 9,778,998.58 10,679,598.58 (2,551,050.24 ) 1986 30 Years Amberwood (OH) Massillon, OH 869,304.26 126,226.92 1,112,288.75 — 92,996.87 126,226.92 1,205,285.62 1,331,512.54 (111,003.47 ) 1987 30 Years Amberwood I (FL) Lake City, FL 383,816.60 101,744.04 896,376.92 — 37,770.91 101,744.04 934,147.83 1,035,891.87 (82,024.82 ) 1981 30 Years Amesbury I Reynoldsbury, OH 1,203,005.76 143,039.49 1,260,232.82 — 92,858.75 143,039.49 1,353,091.57 1,496,131.06 (122,976.23 ) 1986 30 Years Amesbury II Reynoldsbury, OH 1,228,816.69 180,588.07 1,591,228.65 — 86,735.44 180,588.07 1,677,964.09 1,858,552.16 (147,704.16 ) 1987 30 Years Amhurst (Tol) Toledo, OH — 161,853.71 1,426,107.57 — 40,108.44 161,853.71 1,466,216.01 1,628,069.72 (123,735.82 ) 1983 30 Years Amhurst I (OH) Dayton, OH — 152,573.92 1,344,352.53 — 185,676.22 152,573.92 1,530,028.75 1,682,602.67 (143,170.32 ) 1979 30 Years Amhurst II (OH) Dayton, OH — 159,416.42 1,404,632.41 — 109,535.53 159,416.42 1,514,167.94 1,673,584.36 (132,823.35 ) 1981 30 Years Andover Court Mt. Vernon, OH — 123,874.81 1,091,272.11 — 162,532.21 123,874.81 1,253,804.32 1,377,679.13 (112,285.60 ) 1982 30 Years Annhurst (IN) Indianpolis, IN 1,242,003.88 189,235.25 1,667,468.73 — 123,571.62 189,235.25 1,791,040.35 1,980,275.60 (173,260.21 ) 1985 30 Years Annhurst (MD) (REIT) Belcamp, MD 1,300,789.66 232,575.00 2,093,165.14 — 23,646.06 232,575.00 2,116,811.20 2,349,386.20 (76,949.36 ) 1984 30 Years Annhurst (PA) Clairton, PA 1,876,558.39 307,952.45 2,713,396.72 — 214,522.22 307,952.45 2,927,918.94 3,235,871.39 (248,877.21 ) 1984 30 Years Annhurst II (OH) Gahanna, OH — 116,738.63 1,028,594.58 — 164,022.75 116,738.63 1,192,617.33 1,309,355.96 (108,714.70 ) 1986 30 Years Annhurst III (OH) Gahanna, OH — 134,788.03 1,187,629.47 — 48,975.96 134,788.03 1,236,605.43 1,371,393.46 (108,673.05 ) 1988 30 Years Apple Ridge I Circleville, OH 1,015,881.78 139,299.72 1,227,582.35 — 66,067.79 139,299.72 1,293,650.14 1,432,949.86 (115,225.21 ) 1987 30 Years Apple Ridge III Circleville, OH 559,140.58 72,585.34 639,355.94 — 32,718.29 72,585.34 672,074.23 744,659.57 (57,042.09 ) 1982 30 Years Apple Run (MI) Hillsdale, MI — 87,459.26 770,361.39 — 31,437.08 87,459.26 801,798.47 889,257.73 (70,299.49 ) 1982 30 Years Applegate (Col) Columbus, IN — 171,829.10 1,514,001.64 — 65,636.49 171,829.10 1,579,638.13 1,751,467.23 (136,423.58 ) 1982 30 Years Applegate (Lor) Lordstown, OH — 66,488.13 585,832.90 — 24,164.30 66,488.13 609,997.20 676,485.33 (55,603.86 ) 1982 30 Years Applegate I (IN) Muncie, IN 903,188.90 138,505.63 1,220,385.53 — 105,295.09 138,505.63 1,325,680.62 1,464,186.25 (116,782.82 ) 1984 30 Years Applegate II (IN) Muncie, IN 1,210,435.97 180,016.68 1,586,143.14 — 82,723.40 180,016.68 1,668,866.54 1,848,883.22 (147,918.81 ) 1987 30 Years Applerun (War) Warren, OH — 113,303.19 999,076.55 — 32,385.10 113,303.19 1,031,461.65 1,144,764.84 (90,429.48 ) 1983 30 Years Applewood I Deland, FL 2,130,409.78 235,230.48 2,072,993.86 — 277,759.48 235,230.48 2,350,753.34 2,585,983.82 (250,417.43 ) 1982 30 Years Aragon Woods Indianpolis, IN 1,066,854.35 157,790.97 1,390,010.45 — 59,804.88 157,790.97 1,449,815.33 1,607,606.30 (130,339.69 ) 1986 30 Years Arbor Commons Ellington, CT — 151,352.24 1,011,758.71 — 6,711.65 151,352.24 1,018,470.36 1,169,822.60 (45,609.67 ) 1975 30 Years Arbor Glen Ypsilanti, MI 6,870,150.58 1,096,064.41 9,887,635.23 — 672,029.37 1,096,064.41 10,559,664.60 11,655,729.01 (1,718,903.26 ) 1990 30 Years Arbor Terrace Sunnyvale, CA 12,085,730.30 9,057,300.00 18,483,641.96 — 472,797.49 9,057,300.00 18,956,439.45 28,013,739.45 (2,360,277.94 ) 1979 30 Years Arboretum (AZ) Tucson, AZ (M ) 3,453,446.00 19,020,018.80 — 923,264.14 3,453,446.00 19,943,282.94 23,396,728.94 (3,300,100.27 ) 1987 30 Years Arboretum (GA) Atlanta, GA — 4,682,300.00 15,913,018.18 — 901,304.69 4,682,300.00 16,814,322.87 21,496,622.87 (2,703,297.01 ) 1970 30 Years Arboretum (MA) Canton, MA (P ) 4,685,900.00 10,992,750.95 — 357,084.59 4,685,900.00 11,349,835.54 16,035,735.54 (1,497,099.11 ) 1989 30 Years Arbors at Century Center Memphis, TN — 2,521,700.00 15,236,996.38 — 793,239.51 2,521,700.00 16,030,235.89 18,551,935.89 (2,202,357.98 ) 1988/1990 30 Years Arbors of Brentwood Nashville, TN (D ) 404,670.00 13,536,366.74 — 1,268,112.87 404,670.00 14,804,479.61 15,209,149.61 (4,747,744.84 ) 1986 30 Years Arbors of Hickory Hollow Antioch, TN (D ) 202,985.00 6,937,208.87 — 2,028,187.27 202,985.00 8,965,396.14 9,168,381.14 (3,499,815.01 ) 1986 30 Years Arbors of Las Colinas Irving, TX — 1,663,900.00 14,977,079.82 — 1,906,997.69 1,663,900.00 16,884,077.51 18,547,977.51 (5,367,565.74 ) 1984/85 30 Years Ashford Hill Reynoldsbury, OH 1,375,055.10 184,985.30 1,630,021.10 — 183,157.35 184,985.30 1,813,178.45 1,998,163.75 (165,186.07 ) 1986 30 Years Ashgrove (IN) Indianpolis, IN — 172,923.97 1,523,548.66 — 43,542.41 172,923.97 1,567,091.07 1,740,015.04 (135,728.64 ) 1983 30 Years Ashgrove (KY) Louisville, KY 1,012,102.90 171,815.79 1,514,034.38 — 47,847.74 171,815.79 1,561,882.12 1,733,697.91 (132,955.68 ) 1984 30 Years Ashgrove (Mar) Marshall, MI 819,091.34 119,822.73 1,055,968.80 — 112,280.41 119,822.73 1,168,249.21 1,288,071.94 (104,006.81 ) 1983 30 Years Ashgrove (OH) Franklin, OH 1,231,160.75 157,534.56 1,387,687.13 — 108,659.58 157,534.56 1,496,346.71 1,653,881.27 (132,333.39 ) 1983 30 Years Ashgrove I (MI) Sterling Hts, MI 3,189,856.77 403,579.77 3,555,987.60 — 145,389.46 403,579.77 3,701,377.06 4,104,956.83 (314,254.20 ) 1985 30 Years Ashgrove II (MI) Sterling Hts, MI 2,243,721.49 311,912.27 2,748,287.00 — 71,579.68 311,912.27 2,819,866.68 3,131,778.95 (234,003.55 ) 1987 30 Years Ashton, The Corona Hills, CA — 2,594,264.00 33,042,397.56 — 1,076,279.07 2,594,264.00 34,118,676.63 36,712,940.63 (5,099,980.23 ) 1986 30 Years Aspen Crossing Silver Spring, MD — 2,880,000.00 8,551,377.19 — 483,808.47 2,880,000.00 9,035,185.66 11,915,185.66 (1,059,577.11 ) 1979 30 Years Astorwood (REIT) Stuart, FL 1,606,002.78 233,150.00 2,098,338.21 — 55,748.60 233,150.00 2,154,086.81 2,387,236.81 (80,024.31 ) 1983 30 Years Audubon Village Tampa, FL — 3,576,000.00 26,121,908.57 — 650,140.11 3,576,000.00 26,772,048.68 30,348,048.68 (3,270,148.24 ) 1990 30 Years Autumn Cove Lithonia, GA — 187,220.29 1,649,514.80 — 47,894.09 187,220.29 1,697,408.89 1,884,629.18 (141,209.36 ) 1985 30 Years Autumn Creek Cordova, TN (E ) 1,681,900.00 9,345,281.88 — 505,411.20 1,681,900.00 9,850,693.08 11,532,593.08 (1,625,301.70 ) 1991 30 Years Auvers Village Orlando, FL — 3,840,000.00 29,322,242.96 — 892,365.82 3,840,000.00 30,214,608.78 34,054,608.78 (3,607,659.89 ) 1991 30 Years Avon Place Avon,CT 6,342,236.00 1,788,943.42 12,253,956.09 — 91,888.57 1,788,943.42 12,345,844.66 14,134,788.08 (508,502.87 ) 1973 30 Years Balcones Club Austin, TX — 2,185,500.00 10,119,231.65 — 1,008,550.34 2,185,500.00 11,127,781.99 13,313,281.99 (1,812,193.21 ) 1984 30 Years Barrington Clarkston, GA 994,650.06 144,459.10 1,272,842.11 — 78,906.36 144,459.10 1,351,748.47 1,496,207.57 (118,843.32 ) 1984 30 Years Bay Ridge San Pedro, CA — 2,401,300.00 2,176,963.16 — 216,549.96 2,401,300.00 2,393,513.12 4,794,813.12 (420,001.92 ) 1987 30 Years Bayside Sebring, FL — 73,462.83 647,287.62 — 127,233.31 73,462.83 774,520.93 847,983.76 (82,493.57 ) 1982 30 Years Bayside at the Islands Gilbert, AZ — 3,306,484.00 15,573,006.00 — 772,162.94 3,306,484.00 16,345,168.94 19,651,652.94 (2,499,291.07 ) 1989 30 Years Beach Club Fort Myers, FL — 2,080,000.00 14,800,928.05 — 743,096.79 2,080,000.00 15,544,024.84 17,624,024.84 (1,979,602.85 ) 1990 30 Years Bear Canyon Tucson, AZ — 1,660,608.00 11,228,523.59 — 215,008.18 1,660,608.00 11,443,531.77 13,104,139.77 (1,736,577.10 ) 1996 30 Years Beckford Place (IN) New Castle, IN 699,047.38 99,045.91 872,702.38 — 61,752.08 99,045.91 934,454.46 1,033,500.37 (80,949.67 ) 1984 30 Years Beckford Place (Pla) The Plains, OH — 161,160.76 1,420,001.96 — 66,080.17 161,160.76 1,486,082.13 1,647,242.89 (127,138.53 ) 1982 30 Years Beckford Place I (OH) N Canton, OH 1,119,591.20 168,425.60 1,484,248.06 — 120,962.43 168,425.60 1,605,210.49 1,773,636.09 (134,514.76 ) 1983 30 Years Beckford Place II (OH) N Canton, OH 1,185,501.38 172,134.32 1,516,690.93 — 48,170.14 172,134.32 1,564,861.07 1,736,995.39 (130,129.87 ) 1985 30 Years Bel Aire I Miami, FL — 188,342.67 1,658,995.16 — 53,343.17 188,342.67 1,712,338.33 1,900,681.00 (146,046.81 ) 1985 30 Years Bel Aire II Miami, FL — 136,416.15 1,201,075.48 — 31,378.01 136,416.15 1,232,453.49 1,368,869.64 (105,308.09 ) 1986 30 Years Bell Road I & II Nashville, TN — 3,100,000.00 1,120,214.13 — — 3,100,000.00 1,120,214.13 4,220,214.13 — (O) 30 Years Bellevue Meadows Bellevue, WA — 4,507,100.00 12,574,814.34 — 371,036.03 4,507,100.00 12,945,850.37 17,452,950.37 (1,646,943.48 ) 1983 30 Years Belmont Crossing Riverdale, GA — 1,580,000.00 18,449,044.76 — 331,350.46 1,580,000.00 18,780,395.22 20,360,395.22 (2,232,203.29 ) 1988 30 Years Belmont Landing Riverdale, GA — 2,120,000.00 21,651,256.11 — 445,990.93 2,120,000.00 22,097,247.04 24,217,247.04 (2,656,824.04 ) 1988 30 Years Beneva Place Sarasota, FL 8,700,000.00 1,344,000.00 9,665,446.61 — 258,654.53 1,344,000.00 9,924,101.14 11,268,101.14 (1,217,541.15 ) 1986 30 Years Bermuda Cove Jacksonville, FL — 1,503,000.00 19,561,895.89 — 476,154.12 1,503,000.00 20,038,050.01 21,541,050.01 (2,410,212.98 ) 1989 30 Years Berry Pines Milton, FL — 154,085.80 1,299,938.75 — 231,162.78 154,085.80 1,531,101.53 1,685,187.33 (145,551.42 ) 1985 30 Years Bishop Park Winter Park, FL — 2,592,000.00 17,990,435.90 — 1,498,505.61 2,592,000.00 19,488,941.51 22,080,941.51 (2,472,521.66 ) 1991 30 Years Blue Swan San Antonio, TX (E ) 1,425,500.00 7,591,291.62 — 668,053.35 1,425,500.00 8,259,344.97 9,684,844.97 (1,479,001.18 ) 1985-1994 30 Years Blueberry Hill I Leesburg, FL 712,801.99 140,369.75 1,236,710.45 — 74,087.32 140,369.75 1,310,797.77 1,451,167.52 (119,407.33 ) 1986 30 Years Boulder Creek Wilsonville, OR 8,068,000.00 3,554,400.00 11,481,773.38 — 712,285.17 3,554,400.00 12,194,058.55 15,748,458.55 (2,312,570.84 ) 1991 30 Years Bourbon Square Palatine, IL 25,912,868.28 3,985,300.00 35,870,193.94 — 6,048,268.54 3,985,300.00 41,918,462.48 45,903,762.48 (13,314,462.52 ) 1984-87 30 Years Bourbon Square-RET Palatine, IL — — — — 63,389.58 — 63,389.58 63,389.58 (16,341.84 ) 1984-87 30 Years Bradford Apartments Newington, CT 1,957,653.00 401,090.83 2,681,210.11 — 30,327.28 401,090.83 2,711,537.39 3,112,628.22 (119,626.76 ) 1964 30 Years Bramblewood San Jose, CA — 5,190,700.00 9,659,184.34 — 229,572.05 5,190,700.00 9,888,756.39 15,079,456.39 (1,265,858.20 ) 1986 30 Years Branchwood Winter Park, FL — 324,068.53 2,855,396.92 — 250,092.22 324,068.53 3,105,489.14 3,429,557.67 (263,851.00 ) 1981 30 Years Brandon Court Bloomington, IN 1,376,824.48 170,635.75 1,503,486.89 — 244,454.61 170,635.75 1,747,941.50 1,918,577.25 (149,071.27 ) 1984 30 Years Brandywine E. Winter Haven, FL 578,225.41 88,126.47 776,490.28 — 24,887.14 88,126.47 801,377.42 889,503.89 (70,050.48 ) 1981 30 Years Breckinridge Lexington, KY — 1,648,300.00 14,845,714.75 — 679,732.58 1,648,300.00 15,525,447.33 17,173,747.33 (2,578,856.91 ) 1986-1987 30 Years Brentwood Vancouver, WA — 1,357,221.39 12,202,521.39 — 1,148,388.52 1,357,221.39 13,350,909.91 14,708,131.30 (3,586,113.93 ) 1990 30 Years Breton Mill Houston, TX — 212,820.00 8,547,262.73 — 981,575.58 212,820.00 9,528,838.31 9,741,658.31 (3,000,325.77 ) 1986 30 Years Briar Knoll Apts Vernon, CT 5,970,067.49 928,971.99 6,209,987.58 — 68,903.86 928,971.99 6,278,891.44 7,207,863.43 (276,449.61 ) 1986 30 Years Briarwood (CA) Sunnyvale, CA 13,813,603.07 9,991,500.00 22,247,278.39 — 302,591.17 9,991,500.00 22,549,869.56 32,541,369.56 (2,708,341.26 ) 1985 30 Years Bridford Lakes Greensboro, NC — 2,265,314.00 27,073,465.75 — 87,396.23 2,265,314.00 27,160,861.98 29,426,175.98 (2,983,346.18 ) 1999 30 Years Bridge Creek Wilsonville, OR — 1,299,890.00 11,690,113.58 — 1,883,935.38 1,299,890.00 13,574,048.96 14,873,938.96 (4,404,842.78 ) 1987 30 Years Bridgeport Raleigh, NC — 1,296,700.00 11,666,278.32 — 880,145.26 1,296,700.00 12,546,423.58 13,843,123.58 (3,900,619.53 ) 1990 30 Years Bridgewater at Wells Crossing Orange Park, FL — 2,160,000.00 13,347,548.89 — 373,064.81 2,160,000.00 13,720,613.70 15,880,613.70 (1,069,735.14 ) 1986 30 Years Brierwood Jacksonville, FL — 551,900.00 4,965,855.71 — 1,059,121.11 551,900.00 6,024,976.82 6,576,876.82 (1,553,828.28 ) 1974 30 Years Brittany Square Tulsa, OK — 625,000.00 4,050,961.00 — 1,212,761.35 625,000.00 5,263,722.35 5,888,722.35 (3,189,606.65 ) 1982 30 Years Broadview Oaks (REIT) Pensacola, FL 1,868,932.10 201,000.00 1,809,184.92 — 41,415.97 201,000.00 1,850,600.89 2,051,600.89 (70,916.19 ) 1985 30 Years Broadway Garland, TX 5,969,822.72 1,443,700.00 7,790,989.43 — 901,951.36 1,443,700.00 8,692,940.79 10,136,640.79 (1,337,155.57 ) 1983 30 Years Brookdale Village Naperville, IL 11,175,000.00 3,276,000.00 16,293,470.97 — 537,190.91 3,276,000.00 16,830,661.88 20,106,661.88 (1,545,302.43 ) 1986 30 Years Brookfield Salt Lake City, UT — 1,153,000.00 5,682,452.92 — 340,413.09 1,153,000.00 6,022,866.01 7,175,866.01 (1,034,964.74 ) 1985 30 Years Brookridge Centreville, VA (E ) 2,521,500.00 16,003,838.95 — 682,137.71 2,521,500.00 16,685,976.66 19,207,476.66 (2,628,438.42 ) 1989 30 Years Brookside (CO) Boulder, CO — 3,600,400.00 10,211,158.98 — 195,108.31 3,600,400.00 10,406,267.29 14,006,667.29 (1,351,134.93 ) 1993 30 Years Brookside (MD) Frederick, MD 7,951,414.83 2,736,000.00 8,173,436.48 — 307,925.35 2,736,000.00 8,481,361.83 11,217,361.83 (881,397.75 ) 1993 30 Years Brookside II (MD) Frederick, MD — 2,450,800.00 6,913,202.43 — 690,662.52 2,450,800.00 7,603,864.95 10,054,664.95 (1,135,748.80 ) 1979 30 Years Brookside Place Stockton, CA 4,658,000.00 625,000.00 4,380,055.81 — 19,981.15 625,000.00 4,400,036.96 5,025,036.96 (95,544.88 ) 1981 30 Years Brooksyde Apts West Hartford, CT 1,937,190.00 594,711.19 3,975,522.58 — 86,514.85 594,711.19 4,062,037.43 4,656,748.62 (174,775.45 ) 1945 30 Years Brunswick (OH) (REIT) Cortland, OH — 190,000.00 1,713,388.64 — 25,462.03 190,000.00 1,738,850.67 1,928,850.67 (68,928.59 ) 1985 30 Years Brunswick I (WV) Morgantown, WV 1,634,490.04 241,739.37 2,129,979.31 — 115,784.41 241,739.37 2,245,763.72 2,487,503.09 (196,851.16 ) 1986 30 Years Brunswick II (WV) Morgantown, WV 1,238,596.57 202,928.23 1,788,318.88 — 57,800.24 202,928.23 1,846,119.12 2,049,047.35 (159,421.20 ) 1987 30 Years Burgundy Studios Middletown, CT 1,821,650.00 395,238.20 2,642,086.50 — 109,251.39 395,238.20 2,751,337.89 3,146,576.09 (126,317.23 ) 1973 30 Years Burwick Farms Howell, MI 9,597,189.97 1,104,600.00 9,932,206.94 — 479,855.93 1,104,600.00 10,412,062.87 11,516,662.87 (1,764,035.85 ) 1991 30 Years Calais Arlington, TX — 1,118,900.00 10,070,076.01 — 709,779.69 1,118,900.00 10,779,855.70 11,898,755.70 (1,995,364.48 ) 1986 30 Years California Gardens Jacksonville, FL — 105,528.18 929,869.29 — 103,411.76 105,528.18 1,033,281.05 1,138,809.23 (100,116.04 ) 1987 30 Years S-1
INITIAL COST TO DESCRIPTION COMPANY - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & APARTMENT NAME LOCATION ENCUMBRANCES LAND FIXTURES - ------------------------------------------------------------------------------------------------------------------------------------Augustine Club Tallahassee, FL - 1,110,000 8,906,841 Autumn Cove Atlanta, GA 741,297 187,220 1,684,983 Autumn Creek Cordova, TN (E) 1,680,000 9,345,282 Auvers Village Orlando, FL - 3,840,000 29,322,243 Bainbridge Durham, NC - 1,042,900 9,688,677 Balcones Club Austin, TX - 2,184,000 10,128,165 Banyan Lake Boynton Beach, FL - 2,736,000 11,227,892 Barrington Atlanta, GA 1,018,645 144,459 1,300,132 Bay Club Phoenix, AZ - 828,100 6,221,786 Bay Ridge San Pedro, CA - 2,385,399 2,176,963 Bayside Lakeland, FL - 73,463 661,165 Bayside at the Islands Gilbert, AZ (O) 3,306,484 15,573,006 Beach Club Fort Myers, FL - 2,080,000 14,800,928 Bear Canyon Tucson, AZ 8,482,946 1,660,608 11,228,524 Beckford Place (IN) Indianpolis, IN 715,911 99,046 891,413 Beckford Place (Pla) Parkersburg, OH 1,013,959 161,161 1,450,447 Beckford Place (Wap) Lima, OH 620,607 76,491 688,419 Beckford Place I (OH) Canton, OH 1,161,993 168,426 1,515,830 Beckford Place II (OH) Canton, OH 1,229,833 172,134 1,549,209 Bel Aire I Miami, FL - 188,343 1,695,084 Bel Aire II Miami, FL - 136,416 1,227,745 Bell Road I & II Nashville, TN - 3,100,000 846,693 Bellevue Meadows Bellevue, WA - 4,500,000 12,574,814 Belmont Crossing Riverdale, GA - 1,580,000 18,449,045 Belmont Landing Riverdale, GA - 2,120,000 21,651,256 Beneva Place Sarasota, FL 8,700,000 1,344,000 9,665,447 Berkshire Place Charlotte, NC - 805,550 12,540,032 Bermuda Cove Jacksonville, FL - 1,503,000 19,561,896 Berry Pines Pensacola, FL 989,344 154,086 1,386,772 Birches, The Lima, OH 973,805 94,798 853,180 Bishop Park Winter Park, FL - 2,592,000 17,982,357 Blue Swan San Antonio, TX (E) 1,424,800 7,596,023 Blueberry Hill I Orlando, FL 738,919 140,370 1,263,328 Boulder Creek Wilsonville, OR - 3,552,000 11,485,309 Bourbon Square Combined Palatine, IL 26,950,227 3,982,600 35,870,194 Bradford Place St. Louis, IL 1,098,789 140,356 1,263,208 Bramblewood San Jose, CA - 5,184,000 9,658,072 Branchwood Orlando, FL - 324,069 2,916,617 Brandon Court Bloomington, IN 1,428,498 170,636 1,535,722 Brandywine E. Lakeland, FL 595,521 88,126 793,138 Breckenridge Lexington, KY 9,162,971 1,645,800 14,845,715 Brentwood Vancouver, WA - 1,318,200 12,202,521 Breton Mill Houston, TX (F) 212,720 8,547,263 Briarwood (CA) Sunnyvale, CA 14,103,692 9,984,000 22,265,278 Bridford Lakes Greensboro, NC - 2,265,314 25,823,941 Bridge Creek Wilsonville, OR - 1,294,600 11,690,114 Bridgeport Raleigh, NC - 1,296,200 11,942,278 Bridgewater at Wells Crossing Orange Park, FL - 2,160,000 13,347,474 Brierwood Jacksonville, FL - 546,100 4,965,856 Brittany Square Tulsa, OK - 625,000 4,236,498 Brixworth Nashville, TN - 1,172,100 10,564,856 Broadway Garland, TX 6,106,827 1,440,000 7,803,082 Brookdale Village Naperville, IL 11,490,000 3,276,000 16,360,060 Brookfield Salt Lake City, UT - 1,152,000 5,682,453 Brookridge Centreville, VA (E) 2,520,000 16,007,356 Brookside (CO) Boulder, CO - 3,600,000 10,212,594 Brookside (MD) Frederick, MD 8,203,145 2,736,000 8,156,453
COST CAPITALIZED SUBSEQUENT TO GROSS AMOUNT CARRIED ACQUISITION AT CLOSE OF (IMPROVEMENTS, NET) (I) PERIOD 12/31/99 - ----------------------------------------------------------------------------------------------------------------------------- BUILDING & BUILDING & APARTMENT NAME LAND FIXTURES LAND FIXTURES (A) - -----------------------------------------------------------------------------------------------------------------------------Augustine Club - 51,948 1,110,000 8,958,789 Autumn Cove - 1,536 187,220 1,686,519 Autumn Creek 1,900 170,212 1,681,900 9,515,494 Auvers Village - 317,058 3,840,000 29,639,301 Bainbridge 33,400 1,169,267 1,076,300 10,857,944 Balcones Club 1,500 442,458 2,185,500 10,570,623 Banyan Lake 2,600 553,268 2,738,600 11,781,160 Barrington - 8,774 144,459 1,308,906 Bay Club 100 1,595,448 828,200 7,817,234 Bay Ridge 15,901 42,715 2,401,300 2,219,678 Bayside - 6,044 73,463 667,210 Bayside at the Islands - 248,089 3,306,484 15,821,095 Beach Club - 374,079 2,080,000 15,175,007 Bear Canyon - 84,261 1,660,608 11,312,784 Beckford Place (IN) - 15,144 99,046 906,558 Beckford Place (Pla) - 14,180 161,161 1,464,627 Beckford Place (Wap) - 2,224 76,491 690,643 Beckford Place I (OH) - 2,538 168,426 1,518,368 Beckford Place II (OH) - 2,446 172,134 1,551,655 Bel Aire I - 8,251 188,343 1,703,335 Bel Aire II - 6,957 136,416 1,234,702 Bell Road I & II - - 3,100,000 846,693 Bellevue Meadows 7,100 84,737 4,507,100 12,659,552 Belmont Crossing - 122,063 1,580,000 18,571,108 Belmont Landing - 220,121 2,120,000 21,871,377 Beneva Place - 98,710 1,344,000 9,764,156 Berkshire Place - 93,866 805,550 12,633,898 Bermuda Cove - 196,306 1,503,000 19,758,202 Berry Pines - 11,378 154,086 1,398,150 Birches, The - 1,869 94,798 855,048 Bishop Park - 1,217,731 2,592,000 19,200,088 Blue Swan 700 400,660 1,425,500 7,996,683 Blueberry Hill I - 4,073 140,370 1,267,401 Boulder Creek 2,400 544,576 3,554,400 12,029,885 Bourbon Square Combined 2,700 5,323,864 3,985,300 41,194,058 Bradford Place - 8,912 140,356 1,272,120 Bramblewood 6,700 143,451 5,190,700 9,801,522 Branchwood - 3,175 324,069 2,919,791 Brandon Court - 6,044 170,636 1,541,765 Brandywine E. - 2,152 88,126 795,290 Breckenridge 2,500 484,825 1,648,300 15,330,540 Brentwood 39,021 849,109 1,357,221 13,051,631 Breton Mill 100 742,697 212,820 9,289,960 Briarwood (CA) 7,500 63,517 9,991,500 22,328,795 Bridford Lakes - 342,755 2,265,314 26,166,696 Bridge Creek 5,290 1,524,030 1,299,890 13,214,144 Bridgeport 500 297,325 1,296,700 12,239,604 Bridgewater at Wells Crossing - (20,800) 2,160,000 13,326,674 Brierwood 5,800 717,682 551,900 5,683,537 Brittany Square - 650,495 625,000 4,886,993 Brixworth 1,700 356,644 1,173,800 10,921,500 Broadway 3,700 315,030 1,443,700 8,118,112 Brookdale Village - 76,870 3,276,000 16,436,929 Brookfield 1,000 120,039 1,153,000 5,802,492 Brookridge 1,500 238,305 2,521,500 16,245,660 Brookside (CO) 400 36,220 3,600,400 10,248,814 Brookside (MD) - 50,702 2,736,000 8,207,155
LIFE USED TO COMPUTE - ------------------------------------------------------------------------------------------------ DEPRECIATION IN ACCUMULATED DATE OF LATEST INCOME APARTMENT NAME TOTAL (B) DEPRECIATION CONSTRUCTION STATEMENT (C) - -------------------------------------------------------------------------------------------------------------------Augustine Club 10,068,789 (419,933) 1988 30 Years Autumn Cove 1,873,739 (14,911) 1985 30 Years Autumn Creek 11,197,394 (803,105) 1991 30 Years Auvers Village 33,479,301 (1,343,424) 1991 30 Years Bainbridge 11,934,244 (2,345,416) 1984 30 Years Balcones Club 12,756,123 (777,309) 1984 30 Years Banyan Lake 14,519,760 (1,231,543) 1986 30 Years Barrington 1,453,365 (11,919) 1984 30 Years Bay Club 8,645,434 (2,061,881) 1976 30 Years Bay Ridge 4,620,978 (228,161) 1987 30 Years Bayside 740,672 (6,597) 1982 30 Years Bayside at the Islands 19,127,579 (1,188,034) 1989 30 Years Beach Club 17,255,007 (719,580) 1990 30 Years Bear Canyon 12,973,392 (850,529) 1996 30 Years Beckford Place (IN) 1,005,603 (8,496) 1984 30 Years Beckford Place (Pla) 1,625,788 (13,460) 1982 30 Years Beckford Place (Wap) 767,134 (6,449) 1981 30 Years Beckford Place I (OH) 1,686,794 (13,733) 1983 30 Years Beckford Place II (OH) 1,723,789 (13,975) 1985 30 Years Bel Aire I 1,891,678 (15,413) 1985 30 Years Bel Aire II 1,371,118 (11,173) 1986 30 Years Bell Road I & II 3,946,693 - (R) 30 Years Bellevue Meadows 17,166,652 (686,762) 1983 30 Years Belmont Crossing 20,151,108 (845,370) 1988 30 Years Belmont Landing 23,991,377 (1,001,635) 1988 30 Years Beneva Place 11,108,156 (449,277) 1986 30 Years Berkshire Place 13,439,448 (581,657) 1982 30 Years Bermuda Cove 21,261,202 (896,951) 1989 30 Years Berry Pines 1,552,236 (13,025) 1985 30 Years Birches, The 949,846 (8,117) 1977 30 Years Bishop Park 21,792,088 (865,075) 1991 30 Years Blue Swan 9,422,183 (708,614) 1985-1994 30 Years Blueberry Hill I 1,407,771 (11,808) 1986 30 Years Boulder Creek 15,584,285 (1,265,906) 1991 30 Years Bourbon Square Combined 45,179,358 (9,308,546) 1984-87 30 Years Bradford Place 1,412,477 (11,769) 1986 30 Years Bramblewood 14,992,222 (522,533) 1986 30 Years Branchwood 3,243,860 (26,379) 1981 30 Years Brandon Court 1,712,401 (14,224) 1984 30 Years Brandywine E. 883,416 (7,316) 1981 30 Years Breckenridge 16,978,840 (1,235,360) 1986-1987 30 Years Brentwood 14,408,852 (2,423,484) 1990 30 Years Breton Mill 9,502,780 (2,138,545) 1986 30 Years Briarwood (CA) 32,320,295 (1,102,269) 1985 30 Years Bridford Lakes 28,432,010 (1,228,501) 1999 30 Years Bridge Creek 14,514,034 (3,026,340) 1987 30 Years Bridgeport 13,536,304 (2,691,810) 1990 30 Years Bridgewater at Wells Crossing 15,486,674 (21,021) 1986 30 Years Brierwood 6,235,437 (830,482) 1974 30 Years Brittany Square 5,511,993 (2,683,742) 1982 30 Years Brixworth 12,095,300 (1,401,742) 1985 30 Years Broadway 9,561,812 (495,896) 1983 30 Years Brookdale Village 19,712,929 (276,898) 1986 30 Years Brookfield 6,955,492 (502,518) 1985 30 Years Brookridge 18,767,160 (1,310,622) 1989 30 Years Brookside (CO) 13,849,214 (580,483) 1993 30 Years Brookside (MD) 10,943,155 (211,691) 1993 30 Years
Cambridge at Hickory Hollow Antioch, TN (R ) 3,240,800.00 17,900,032.88 — 513,242.28 3,240,800.00 18,413,275.16 21,654,075.16 (2,965,734.61 ) 1997 30 Years Cambridge Commons I Indianapolis, IN — 179,139.19 1,578,077.45 — 210,338.44 179,139.19 1,788,415.89 1,967,555.08 (187,197.62 ) 1986 30 Years Cambridge Commons II Indianapolis, IN 861,295.19 141,845.25 1,249,511.25 — 154,090.97 141,845.25 1,403,602.22 1,545,447.47 (144,312.12 ) 1987 30 Years Cambridge Commons III Indianapolis, IN — 98,124.94 864,737.63 — 133,275.05 98,124.94 998,012.68 1,096,137.62 (110,942.99 ) 1988 30 Years Cambridge Estates Norwich,CT — 590,184.84 3,945,264.85 — 25,087.07 590,184.84 3,970,351.92 4,560,536.76 (174,036.95 ) 1977 30 Years Cambridge Village Lewisville, TX — 801,300.00 8,762,606.48 — 663,182.98 801,300.00 9,425,789.46 10,227,089.46 (1,697,467.32 ) 1987 30 Years Camellero Scottsdale, AZ — 1,924,900.00 17,324,592.87 — 3,494,494.86 1,924,900.00 20,819,087.73 22,743,987.73 (5,603,901.17 ) 1979 30 Years Camellia Court I (Col) Columbus, OH — 133,058.78 1,172,392.84 — 93,286.27 133,058.78 1,265,679.11 1,398,737.89 (116,861.41 ) 1981 30 Years Camellia Court I (Day) Dayton, OH 1,070,204.43 131,858.32 1,162,065.53 — 118,662.37 131,858.32 1,280,727.90 1,412,586.22 (119,439.33 ) 1981 30 Years Camellia Court II (Col) Columbus, OH 923,011.23 118,420.87 1,043,416.87 — 84,918.62 118,420.87 1,128,335.49 1,246,756.36 (97,910.95 ) 1984 30 Years Camellia Court II (Day) Dayton, OH — 131,570.85 1,159,282.59 — 80,999.22 131,570.85 1,240,281.81 1,371,852.66 (107,320.86 ) 1982 30 Years Candlelight I Brooksville, FL 590,813.82 105,000.27 925,166.77 — 60,225.25 105,000.27 985,392.02 1,090,392.29 (87,123.23 ) 1982 30 Years Candlelight II Brooksville, FL 584,331.27 95,061.25 837,593.20 — 80,781.76 95,061.25 918,374.96 1,013,436.21 (89,164.49 ) 1985 30 Years Canterbury Germantown, MD 31,680,000.00 2,781,300.00 28,442,497.98 — 1,836,582.23 2,781,300.00 30,279,080.21 33,060,380.21 (7,888,491.45 ) 1986 30 Years Canterbury Crossings Lake Mary, FL — 273,670.75 2,411,537.51 — 75,544.31 273,670.75 2,487,081.82 2,760,752.57 (207,373.46 ) 1983 30 Years Canterchase Nashville, TN 5,479,694.72 863,600.00 7,762,804.13 — 846,786.55 863,600.00 8,609,590.68 9,473,190.68 (1,991,930.62 ) 1985 30 Years Canyon Creek (CA) San Ramon, CA 28,000,000.00 5,425,000.00 14,995,051.95 — 63,231.41 5,425,000.00 15,058,283.36 20,483,283.36 (316,420.01 ) 1984 30 Years Canyon Crest Santa Clarita, CA — 2,370,000.00 10,141,878.44 — 472,485.82 2,370,000.00 10,614,364.26 12,984,364.26 (1,066,202.04 ) 1993 30 Years Canyon Crest Views Riverside, CA — 1,744,640.00 17,397,193.87 — 544,750.26 1,744,640.00 17,941,944.13 19,686,584.13 (2,629,440.28 ) 1982-1983 30 Years Canyon Ridge San Diego, CA — 4,869,448.00 11,955,063.50 — 319,153.46 4,869,448.00 12,274,216.96 17,143,664.96 (1,840,448.14 ) 1989 30 Years Canyon Sands Pheonix, AZ — 1,492,750.00 13,377,478.30 — 1,426,202.28 1,492,750.00 14,803,680.58 16,296,430.58 (3,472,368.53 ) 1983 30 Years Capital Ridge (REIT) Tallahassee, FL 1,249,709.55 177,900.00 1,601,157.16 — 15,560.73 177,900.00 1,616,717.89 1,794,617.89 (59,859.35 ) 1983 30 Years Cardinal, The Greensboro, NC — 1,281,200.00 11,850,556.68 — 321,204.48 1,281,200.00 12,171,761.16 13,452,961.16 (2,171,991.64 ) 1994 30 Years Carleton Court (WV) Cross Lanes, WV 1,289,382.56 196,222.37 1,728,932.91 — 79,045.82 196,222.37 1,807,978.73 2,004,201.10 (159,289.24 ) 1985 30 Years Carmel Terrace San Diego, CA — 2,288,300.00 20,596,280.88 — 771,032.82 2,288,300.00 21,367,313.70 23,655,613.70 (5,600,962.54 ) 1988-89 30 Years Carolina Crossing Greenville, SC — 550,200.00 4,949,618.55 — 382,636.18 550,200.00 5,332,254.73 5,882,454.73 (941,584.18 ) 1988-89 30 Years Carriage Hill Dublin, GA — 131,910.67 1,162,576.76 — 39,075.19 131,910.67 1,201,651.95 1,333,562.62 (106,534.30 ) 1985 30 Years Carriage Homes at Wyndham Glen Allen, VA — 1,736,000.00 27,476,005.88 — 150,896.35 1,736,000.00 27,626,902.23 29,362,902.23 (3,111,049.42 ) 1999 30 Years Casa Capricorn San Diego, CA — 1,262,700.00 11,365,093.09 — 679,105.81 1,262,700.00 12,044,198.90 13,306,898.90 (2,391,294.95 ) 1981 30 Years Casa Ruiz San Diego, CA — 3,922,400.00 9,389,153.21 — 587,840.90 3,922,400.00 9,976,994.11 13,899,394.11 (1,666,514.65 ) 1976-1986 30 Years Cascade at Landmark Alexandria, VA (E ) 3,603,400.00 19,657,553.75 — 1,098,529.51 3,603,400.00 20,756,083.26 24,359,483.26 (3,493,675.89 ) 1990 30 Years Catalina Shores Las Vegas, NV — 1,227,000.00 11,042,866.93 — 823,925.60 1,227,000.00 11,866,792.53 13,093,792.53 (3,428,995.59 ) 1989 30 Years Cedar Crest Overland Park, KS 13,340,785.34 2,160,700.00 19,424,617.27 — 2,323,238.97 2,160,700.00 21,747,856.24 23,908,556.24 (5,027,083.92 ) 1986 30 Years Cedar Glen Reading, MA 5,051,817.70 1,248,505.45 8,346,003.34 — 71,796.67 1,248,505.45 8,417,800.01 9,666,305.46 (350,934.16 ) 1980 30 Years Cedar Hill Knoxville, TN 1,422,663.37 204,792.35 1,804,443.80 — 90,285.24 204,792.35 1,894,729.04 2,099,521.39 (165,313.07 ) 1986 30 Years Cedar Ridge (TX) Arlington, TX 3,399,265.77 608,600.00 4,234,415.24 — 148,928.67 608,600.00 4,383,343.91 4,991,943.91 (613,433.65 ) 1980 30 Years Cedargate (GA) Lawrenceville, GA — 205,043.45 1,806,656.21 — 28,868.27 205,043.45 1,835,524.48 2,040,567.93 (152,160.21 ) 1983 30 Years Cedargate (MI) Michigan City, IN 779,244.44 120,378.15 1,060,662.66 — 44,776.04 120,378.15 1,105,438.70 1,225,816.85 (97,042.22 ) 1983 30 Years Cedargate (She) Shelbyville, KY 1,166,923.45 158,685.33 1,398,040.66 — 56,715.71 158,685.33 1,454,756.37 1,613,441.70 (126,543.95 ) 1984 30 Years Cedargate I (Cla) Clayton, OH 1,206,320.20 159,599.20 1,406,492.86 — 134,115.43 159,599.20 1,540,608.29 1,700,207.49 (133,843.34 ) 1984 30 Years Cedargate I (IN) Bloomington, IN — 191,650.35 1,688,648.45 — 106,915.60 191,650.35 1,795,564.05 1,987,214.40 (154,015.68 ) 1983 30 Years Cedargate I (KY) Bowling Green, KY — 165,396.51 1,457,173.52 — 59,546.28 165,396.51 1,516,719.80 1,682,116.31 (132,330.74 ) 1983 30 Years Cedargate I (OH) Lancaster, OH 2,217,162.48 240,586.83 2,119,432.15 — 130,402.29 240,586.83 2,249,834.44 2,490,421.27 (200,121.72 ) 1982 30 Years Cedargate II (IN) Bloomington, IN 1,067,386.82 165,040.72 1,454,188.64 — 84,016.86 165,040.72 1,538,205.50 1,703,246.22 (130,931.87 ) 1985 30 Years Cedargate II (KY) Bowling Green, KY 1,139,331.37 140,895.00 1,241,438.52 — 47,878.32 140,895.00 1,289,316.84 1,430,211.84 (113,176.97 ) 1986 30 Years Cedargate II (OH) Lancaster, OH 691,711.73 87,618.08 771,911.76 — 85,541.09 87,618.08 857,452.85 945,070.93 (80,052.76 ) 1983 30 Years Cedars, The Charlotte, NC — 2,028,179.00 18,225,424.24 — 807,374.93 2,028,179.00 19,032,799.17 21,060,978.17 (2,985,400.36 ) 1983 30 Years Cedarwood I (Bel) Belpre, OH — 82,081.62 722,449.49 — 27,942.21 82,081.62 750,391.70 832,473.32 (67,355.07 ) 1980 30 Years Cedarwood I (FL) Ocala, FL 717,699.45 119,469.60 1,052,657.37 — 74,471.96 119,469.60 1,127,129.33 1,246,598.93 (102,791.33 ) 1978 30 Years Cedarwood I (IN) Goshen, IN 1,879,233.15 251,744.93 2,218,126.20 — 171,844.33 251,744.93 2,389,970.53 2,641,715.46 (206,757.85 ) 1983/84 30 Years Cedarwood I (KY) Lexington, KY — 106,680.72 939,874.44 — 127,767.42 106,680.72 1,067,641.86 1,174,322.58 (97,468.48 ) 1984 30 Years Cedarwood II (FL) Ocala, FL 544,213.06 98,372.48 866,768.77 — 40,715.63 98,372.48 907,484.40 1,005,856.88 (79,426.69 ) 1980 30 Years Cedarwood II (KY) Lexington, KY 975,774.60 106,724.20 940,356.51 — 117,170.46 106,724.20 1,057,526.97 1,164,251.17 (94,762.96 ) 1986 30 Years Cedarwood III (KY) Lexington, KY 821,067.37 102,491.11 902,659.39 — 88,089.02 102,491.11 990,748.41 1,093,239.52 (89,216.64 ) 1986 30 Years Celebration Westchase Houston, TX — 2,204,690.00 6,667,959.73 — 1,322,917.68 2,204,690.00 7,990,877.41 10,195,567.41 (2,998,732.99 ) 1979 30 Years Centre Club Ontario, CA — 5,616,000.00 23,485,891.14 — 354,948.96 5,616,000.00 23,840,840.10 29,456,840.10 (1,007,230.43 ) 1994 30 Years Centre Club II Ontario, CA — 1,820,000.00 5,398,929.20 — — 1,820,000.00 5,398,929.20 7,218,929.20 — (Z) 30 Years Centre Lake III Miami, FL 4,578,383.59 685,601.35 6,039,979.05 — 332,299.15 685,601.35 6,372,278.20 7,057,879.55 (533,766.41 ) 1986 30 Years Champion Oaks Houston, TX — 931,900.00 8,389,393.77 — 877,368.89 931,900.00 9,266,762.66 10,198,662.66 (2,727,459.23 ) 1984 30 Years Champions Club Glen Allen, VA — 954,000.00 12,417,167.33 — 444,910.40 954,000.00 12,862,077.73 13,816,077.73 (1,562,771.59 ) 1988 30 Years Chandler Court Chandler, AZ — 1,353,100.00 12,175,172.59 — 1,598,317.16 1,353,100.00 13,773,489.75 15,126,589.75 (3,434,757.23 ) 1987 30 Years Chantecleer Lakes Naperville, IL (E ) 6,689,400.00 16,332,279.04 — 714,700.10 6,689,400.00 17,046,979.14 23,736,379.14 (2,800,050.57 ) 1986 30 Years Chardonnay Park Redmond, WA 3,340,330.90 1,297,500.00 6,709,092.62 — 453,605.25 1,297,500.00 7,162,697.87 8,460,197.87 (1,162,547.85 ) 1982-1989 30 Years Charing Cross Bowling Green, OH 775,033.54 154,584.44 1,362,057.38 — 100,292.41 154,584.44 1,462,349.79 1,616,934.23 (123,945.30 ) 1978 30 Years Chartwell Court Houston, TX — 1,215,700.00 12,801,855.12 — 280,443.29 1,215,700.00 13,082,298.41 14,297,998.41 (1,963,433.89 ) 1995 30 Years Chatelaine Park Duluth, GA — 1,818,000.00 24,489,671.38 — 312,108.40 1,818,000.00 24,801,779.78 26,619,779.78 (2,866,825.95 ) 1995 30 Years Chatham Wood High Point, NC — 700,000.00 8,311,883.72 — 268,101.30 700,000.00 8,579,985.02 9,279,985.02 (1,079,112.74 ) 1986 30 Years Chelsea Square Redmond, WA — 3,397,100.00 9,289,074.04 — 187,047.75 3,397,100.00 9,476,121.79 12,873,221.79 (1,210,631.97 ) 1991 30 Years Cherry Creek I,II,&III (TN) Hermitage, TN — 2,942,345.09 45,726,824.03 — 392,495.08 2,942,345.09 46,119,319.11 49,061,664.20 (4,585,915.66 ) 1986/96 30 Years Cherry Glen I Indianapolis, IN 3,083,869.68 335,595.73 2,957,360.11 — 250,521.79 335,595.73 3,207,881.90 3,543,477.63 (292,981.60 ) 1986/87 30 Years Cherry Hill Seattle, WA — 700,100.00 6,300,112.11 — 165,562.98 700,100.00 6,465,675.09 7,165,775.09 (1,116,662.50 ) 1991 30 Years Cherry Tree Rosedale, MD — 352,002.83 3,101,016.51 — 179,074.17 352,002.83 3,280,090.68 3,632,093.51 (275,892.28 ) 1986 30 Years Chestnut Glen Abington, MA 6,700,822.79 1,178,964.91 7,881,139.12 — 106,250.97 1,178,964.91 7,987,390.09 9,166,355.00 (337,324.82 ) 1983 30 Years Chestnut Hills Puyallup, WA — 756,300.00 6,806,634.86 — 445,731.92 756,300.00 7,252,366.78 8,008,666.78 (1,315,364.30 ) 1991 30 Years Chicksaw Crossing Orlando, FL 11,690,695.53 2,044,000.00 12,366,832.33 — 272,345.75 2,044,000.00 12,639,178.08 14,683,178.08 (1,575,450.42 ) 1986 30 Years Chimneys Charlotte, NC — 907,100.00 8,154,673.96 — 571,079.25 907,100.00 8,725,753.21 9,632,853.21 (1,564,188.16 ) 1974 30 Years Cierra Crest Denver, CO 21,605,432.18 4,803,100.00 34,894,897.55 — 753,442.11 4,803,100.00 35,648,339.66 40,451,439.66 (5,194,934.18 ) 1996 30 Years Cimarron Ridge Aurora, CO — 1,591,100.00 14,320,031.12 — 1,206,882.96 1,591,100.00 15,526,914.08 17,118,014.08 (3,038,325.18 ) 1984 30 Years Claire Point Jacksonville, FL — 2,048,000.00 14,649,393.06 — 536,259.44 2,048,000.00 15,185,652.50 17,233,652.50 (1,862,292.39 ) 1986 30 Years Clarion Decatur, GA — 1,504,300.00 13,537,919.35 — 444,558.05 1,504,300.00 13,982,477.40 15,486,777.40 (2,164,096.21 ) 1990 30 Years Clarys Crossing Columbia, MD — 891,000.00 15,489,720.93 — 380,029.48 891,000.00 15,869,750.41 16,760,750.41 (1,867,682.80 ) 1984 30 Years Classic, The Stamford, CT — 2,883,500.00 20,176,770.97 — 1,224,744.50 2,883,500.00 21,401,515.47 24,285,015.47 (3,215,008.85 ) 1990 30 Years Clearlake Pines II Cocoa, FL 867,335.76 119,279.73 1,050,834.38 — 84,160.86 119,279.73 1,134,995.24 1,254,274.97 (100,544.21 ) 1985 30 Years Clearview I Greenwood, IN 12,735.41 182,205.53 1,605,429.32 — 144,119.41 182,205.53 1,749,548.73 1,931,754.26 (157,393.20 ) 1986 30 Years Clearview II Greenwood, IN — 226,963.05 1,999,791.79 — 121,814.64 226,963.05 2,121,606.43 2,348,569.48 (183,216.68 ) 1987 30 Years Clearwater Eastlake, OH 1,015,183.04 128,303.10 1,130,691.12 — 54,879.99 128,303.10 1,185,571.11 1,313,874.21 (100,681.91 ) 1986 30 Years Cloisters on the Green Lexington, KY — 187,074.00 1,746,721.00 — 2,544,679.65 187,074.00 4,291,400.65 4,478,474.65 (3,472,981.46 ) 1974 30 Years Club at Tanasbourne Hillsboro, OR 11,547,930.62 3,521,300.00 16,257,934.39 — 1,350,988.86 3,521,300.00 17,608,923.25 21,130,223.25 (3,302,611.91 ) 1990 30 Years Club at the Green Beaverton, OR — 2,030,950.00 12,616,747.23 — 799,604.68 2,030,950.00 13,416,351.91 15,447,301.91 (2,534,537.99 ) 1991 30 Years Coach Lantern Scarborough, ME — 452,900.00 4,405,723.00 — 322,124.96 452,900.00 4,727,847.96 5,180,747.96 (705,843.75 ) 1971/1981 30 Years Coachlight Village Agawam, MA 2,096,516.00 501,725.60 3,353,932.93 — 22,238.92 501,725.60 3,376,171.85 3,877,897.45 (149,240.79 ) 1967 30 Years Coachman Trails Plymouth, MN 6,351,051.96 1,227,000.00 9,517,380.81 — 531,237.71 1,227,000.00 10,048,618.52 11,275,618.52 (1,321,656.11 ) 1987 30 Years Cobblestone Village Fresno, CA 6,000,000.00 315,000.00 4,592,303.30 — 29,570.78 315,000.00 4,621,874.08 4,936,874.08 (117,564.11 ) 1983 30 Years Coconut Palm Club Coconut Creek, GA — 3,001,700.00 17,678,928.33 — 495,261.08 3,001,700.00 18,174,189.41 21,175,889.41 (2,479,483.53 ) 1992 30 Years Colinas Pointe Denver, CO (E ) 1,587,400.00 14,285,902.00 — 455,239.76 1,587,400.00 14,741,141.76 16,328,541.76 (2,573,078.47 ) 1986 30 Years Collier Ridge Atlanta, GA — 5,100,000.00 20,425,822.03 — 1,481,531.83 5,100,000.00 21,907,353.86 27,007,353.86 (2,220,363.81 ) 1980 30 Years Colonial Village Plainville,CT 3,584,186.00 693,575.43 4,636,409.75 — 70,240.68 693,575.43 4,706,650.43 5,400,225.86 (204,905.83 ) 1968 30 Years Colony Place Fort Myers, FL — 1,500,000.00 20,920,274.21 — 399,976.85 1,500,000.00 21,320,251.06 22,820,251.06 (2,529,166.01 ) 1991 30 Years Colony Woods Birmingham, AL — 1,657,300.00 21,787,685.65 — 399,360.34 1,657,300.00 22,187,045.99 23,844,345.99 (2,835,569.58 ) 1991/1994 30 Years Concord Square (IN) Kokomo, IN — 123,246.64 1,085,962.20 — 35,707.13 123,246.64 1,121,669.33 1,244,915.97 (98,708.91 ) 1983 30 Years Concord Square I (OH) Mansfield, OH 1,203,906.57 164,124.19 1,446,312.98 — 114,184.73 164,124.19 1,560,497.71 1,724,621.90 (136,705.82 ) 1981/83 30 Years Conway Court Roslindale, MA 472,242.53 101,451.21 678,180.58 — 6,812.49 101,451.21 684,993.07 786,444.28 (32,491.75 ) 1920 30 Years Conway Station Orlando, FL — 1,936,000.00 10,852,858.15 — 322,579.13 1,936,000.00 11,175,437.28 13,111,437.28 (1,379,992.75 ) 1987 30 Years Copper Canyon Highlands Ranch, CO — 1,443,000.00 16,251,113.68 — 99,810.48 1,443,000.00 16,350,924.16 17,793,924.16 (1,636,856.09 ) 1999 30 Years Copper Creek Tempe, AZ — 1,017,400.00 9,148,067.60 — 522,754.16 1,017,400.00 9,670,821.76 10,688,221.76 (1,706,348.40 ) 1984 30 Years Copper Terrace Orlando, FL — 1,200,000.00 17,887,868.22 — 774,116.82 1,200,000.00 18,661,985.04 19,861,985.04 (2,279,024.26 ) 1989 30 Years Copperfield San Antonio, TX — 791,200.00 7,121,171.12 — 870,703.91 791,200.00 7,991,875.03 8,783,075.03 (1,640,386.62 ) 1984 30 Years Country Brook Chandler, AZ — 1,505,219.00 29,542,534.77 — 704,418.16 1,505,219.00 30,246,952.93 31,752,171.93 (4,452,374.87 ) 1986-1996 30 Years Country Club Place (FL) Pembroke Pines, FL — 912,000.00 10,016,543.20 — 456,025.09 912,000.00 10,472,568.29 11,384,568.29 (1,325,821.33 ) 1987 30 Years Country Club Village Mill Creek, WA — 1,150,500.00 10,352,178.59 — 673,856.59 1,150,500.00 11,026,035.18 12,176,535.18 (1,923,367.89 ) 1991 30 Years Country Club Woods Mobile, AL (U ) 4,096,210.72 230,090.89 5,561,463.88 — 357,550.58 230,090.89 5,919,014.46 6,149,105.35 (515,339.72 ) 1975 30 Years Country Gables Beaverton, OR 7,832,323.50 2,780,500.00 14,219,449.24 — 1,983,291.34 2,780,500.00 16,202,740.58 18,983,240.58 (2,912,374.18 ) 1991 30 Years S-2
EQUITY RESIDENTIAL PROPERTIES TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER
Schedule III — Real Estate and Accumulated Depreciation
December 31,1999
INITIAL COST TO DESCRIPTION COMPANY - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & APARTMENT NAME LOCATION ENCUMBRANCES LAND FIXTURES - ------------------------------------------------------------------------------------------------------------------------------------Brookside II (MD) Frederick, MD - 2,448,000 6,929,404 Brunswick (IL) Champaign, IL 1,392,689 199,520 1,795,683 Brunswick I (WV) Pittsburgh, PA 1,693,948 241,739 2,175,654 Brunswick II (WV) Pittsburgh, WV 1,284,805 202,928 1,826,354 Burwick Farms Howell, MI 9,176,084 1,102,200 9,932,207 Calais Dallas, TX - 1,118,900 10,070,076 California Gardens Jacksonville, FL - 105,528 949,754 Cambridge at Hickory Hollow Nashville, TN (U) 3,240,000 17,903,507 Cambridge Commons I Indianapolis, IN - 179,139 1,612,253 Cambridge Commons II Indianapolis, IN 889,905 141,845 1,276,607 Cambridge Commons III Indianapolis, IN - 98,125 883,124 Cambridge Village Lewisville, TX - 800,000 8,762,606 Camden Way I Jacksonville, GA 923,892 109,240 983,156 Camden Way II Jacksonville, GA 745,698 105,552 949,969 Camellero Scottsdale, AZ 11,597,077 1,923,600 17,324,593 Camellia Court (KY) Louisville, KY 593,319 115,620 1,040,578 Camellia Court (OH) Columbus, OH 565,693 68,584 617,254 Camellia Court I (Col) Columbus, OH 1,007,909 133,059 1,197,529 Camellia Court I (Day) Dayton, OH 1,096,022 131,858 1,186,725 Camellia Court II (Col) Columbus, OH 945,285 118,421 1,065,788 Camellia Court II (Day) Dayton, OH 780,269 131,571 1,184,138 Candlelight I Tampa, FL 606,065 105,000 945,002 Candlelight II Tampa, FL 600,666 95,061 855,551 Canterbury Germantown, MD 31,363,911 2,781,300 26,711,251 Canterbury Crossings Orlando, FL - 273,671 2,463,037 Canterchase Nashville, TN 5,627,420 862,200 7,765,192 Canyon Creek (AZ) Tucson, AZ - 834,313 6,083,047 Canyon Crest Santa Clarita, CA - 2,370,000 10,147,286 Canyon Crest Views Riverside, CA - 1,744,640 17,397,194 Canyon Ridge San Diego, CA - 4,869,448 11,955,064 Canyon Sands Phoenix, AZ - 1,475,900 13,436,146 Cardinal, The Greensboro, NC 7,324,402 1,280,000 11,850,557 Carleton Court (PA) Erie, PA - 128,528 1,156,756 Carleton Court (WV) Charleston, WV 1,341,720 196,222 1,766,001 Carmel Terrace San Diego, CA - 2,288,300 20,596,281 Carolina Crossing Greenville, SC - 547,800 4,949,619 Carriage Hill Macon, GA 688,124 131,911 1,187,196 Carriage Homes at Wyndham Glen Allen, VA - 1,736,000 27,448,696 Casa Capricorn San Diego, CA - 1,260,100 11,365,093 Casa Ruiz San Diego, CA - 3,920,000 9,389,153 Cascade at Landmark Alexandria, VA - 3,601,000 19,672,036 Catalina Shores Las Vegas, NV - 1,222,200 11,042,867 Catalina Shores (WRP) Las Vegas, NV - 1,427,200 12,844,277 Cedar Crest Overland Park, KS 14,108,784 2,159,800 19,425,812 Cedar Hill Knoxville, TN 1,452,748 204,792 1,843,131 Cedar Ridge (TX) Arlington, TX 3,537,028 605,000 4,238,427 Cedargate (GA) Atlanta, GA 860,724 205,043 1,845,391 Cedargate (MI) Southbend, IN 798,043 120,378 1,083,403 Cedargate (She) Louisville, KY 1,205,960 158,685 1,428,168 Cedargate I (Cla) Dayton, OH 1,237,463 159,599 1,436,393 Cedargate I (IN) Bloomington, IN 1,115,965 191,650 1,724,853 Cedargate I (KY) Louisville, KY 847,702 165,397 1,488,569 Cedargate I (OH) Columbus, OH 2,249,899 240,587 2,165,281 Cedargate II (IN) Bloomington, IN 1,106,850 165,041 1,485,367 Cedargate II (KY) Louisville, KY 1,160,000 140,895 1,268,055 Cedargate II (OH) Columbus, OH 703,354 87,618 788,563 Cedars, The Charlotte, NC - 2,025,300 18,225,424COST CAPITALIZED SUBSEQUENT TO GROSS AMOUNT CARRIED ACQUISITION AT CLOSE OF DESCRIPTION (IMPROVEMENTS, NET) (I) PERIOD 12/31/99 - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & BUILDING & APARTMENT NAME LAND FIXTURES LAND FIXTURES (A) TOTAL (B) - ------------------------------------------------------------------------------------------------------------------------------------Brookside II (MD) 2,800 346,930 2,450,800 7,276,335 9,727,135 Brunswick (IL) - 4,831 199,520 1,800,513 2,000,034 Brunswick I (WV) - 17,670 241,739 2,193,325 2,435,064 Brunswick II (WV) - 9,842 202,928 1,836,196 2,039,125 Burwick Farms 2,400 250,695 1,104,600 10,182,902 11,287,502 Calais - 424,486 1,118,900 10,494,562 11,613,462 California Gardens - 8,619 105,528 958,372 1,063,900 Cambridge at Hickory Hollow 800 211,835 3,240,800 18,115,343 21,356,143 Cambridge Commons I - 23,097 179,139 1,635,349 1,814,488 Cambridge Commons II - 27,778 141,845 1,304,386 1,446,231 Cambridge Commons III - 13,875 98,125 896,999 995,124 Cambridge Village 1,300 410,179 801,300 9,172,786 9,974,086 Camden Way I - 11,408 109,240 994,564 1,103,803 Camden Way II - 1,024 105,552 950,993 1,056,545 Camellero 1,300 2,791,342 1,924,900 20,115,935 22,040,835 Camellia Court (KY) - 1,492 115,620 1,042,070 1,157,690 Camellia Court (OH) - 2,642 68,584 619,896 688,480 Camellia Court I (Col) - 4,245 133,059 1,201,774 1,334,833 Camellia Court I (Day) - 4,285 131,858 1,191,010 1,322,868 Camellia Court II (Col) - 1,315 118,421 1,067,103 1,185,524 Camellia Court II (Day) - 2,417 131,571 1,186,555 1,318,125 Candlelight I - 5,210 105,000 950,213 1,055,213 Candlelight II - 6,404 95,061 861,955 957,016 Canterbury - 2,941,680 2,781,300 29,652,931 32,434,231 Canterbury Crossings - 4,393 273,671 2,467,430 2,741,100 Canterchase 1,400 552,637 863,600 8,317,829 9,181,429 Canyon Creek (AZ) 100 381,397 834,413 6,464,444 7,298,857 Canyon Crest - 180,685 2,370,000 10,327,972 12,697,972 Canyon Crest Views - 239,927 1,744,640 17,637,121 19,381,761 Canyon Ridge - 191,180 4,869,448 12,146,244 17,015,692 Canyon Sands 16,850 510,150 1,492,750 13,946,296 15,439,046 Cardinal, The 1,200 194,770 1,281,200 12,045,327 13,326,527 Carleton Court (PA) - 3,325 128,528 1,160,081 1,288,609 Carleton Court (WV) - 2,820 196,222 1,768,822 1,965,044 Carmel Terrace - 504,482 2,288,300 21,100,763 23,389,063 Carolina Crossing 2,400 219,279 550,200 5,168,898 5,719,098 Carriage Hill - 583 131,911 1,187,779 1,319,690 Carriage Homes at Wyndham - 35,987 1,736,000 27,484,683 29,220,683 Casa Capricorn 2,600 415,546 1,262,700 11,780,639 13,043,339 Casa Ruiz 2,400 173,918 3,922,400 9,563,071 13,485,471 Cascade at Landmark 2,400 386,827 3,603,400 20,058,863 23,662,263 Catalina Shores 4,800 616,049 1,227,000 11,658,916 12,885,916 Catalina Shores (WRP) - 136,297 1,427,200 12,980,574 14,407,774 Cedar Crest 900 1,689,519 2,160,700 21,115,331 23,276,031 Cedar Hill - 6,112 204,792 1,849,243 2,054,036 Cedar Ridge (TX) 3,600 58,401 608,600 4,296,829 4,905,429 Cedargate (GA) - 1,873 205,043 1,847,264 2,052,308 Cedargate (MI) - 2,139 120,378 1,085,542 1,205,920 Cedargate (She) - 4,208 158,685 1,432,376 1,591,061 Cedargate I (Cla) - 3,128 159,599 1,439,521 1,599,120 Cedargate I (IN) - 932 191,650 1,725,785 1,917,435 Cedargate I (KY) - 9,136 165,397 1,497,705 1,663,101 Cedargate I (OH) - 7,465 240,587 2,172,746 2,413,333 Cedargate II (IN) - 501 165,041 1,485,868 1,650,909 Cedargate II (KY) - 2,459 140,895 1,270,514 1,411,409 Cedargate II (OH) - 5,656 87,618 794,219 881,837 Cedars, The 2,879 454,674 2,028,179 18,680,098 20,708,277LIFE USED TO COMPUTE DESCRIPTION DEPRECIATION IN - ----------------------------------------------------------------------------- ACCUMULATED DATE OF LATEST INCOME APARTMENT NAME DEPRECIATION CONSTRUCTION STATEMENT (C) - -------------------------------------------------------------------------------------------Brookside II (MD) (425,804) 1979 30 Years Brunswick (IL) (16,411) 1986 30 Years Brunswick I (WV) (20,211) 1986 30 Years Brunswick II (WV) (16,777) 1987 30 Years Burwick Farms (876,755) 1991 30 Years Calais (1,052,951) 1986 30 Years California Gardens (9,393) 1987 30 Years Cambridge at Hickory Hollow (1,520,957) 1997 30 Years Cambridge Commons I (15,364) 1986 30 Years Cambridge Commons II (12,550) 1987 30 Years Cambridge Commons III (8,971) 1988 30 Years Cambridge Village (856,706) 1987 30 Years Camden Way I (9,527) 1985 30 Years Camden Way II (8,908) 1986 30 Years Camellero (3,362,648) 1979 30 Years Camellia Court (KY) (9,638) 1982 30 Years Camellia Court (OH) (5,902) 1981 30 Years Camellia Court I (Col) (11,185) 1981 30 Years Camellia Court I (Day) (10,946) 1981 30 Years Camellia Court II (Col) (9,591) 1984 30 Years Camellia Court II (Day) (10,820) 1982 30 Years Candlelight I (8,874) 1982 30 Years Candlelight II (8,365) 1985 30 Years Canterbury (5,545,041) 1986 30 Years Canterbury Crossings (21,854) 1983 30 Years Canterchase (1,166,563) 1985 30 Years Canyon Creek (AZ) (1,596,443) 1986 30 Years Canyon Crest (226,931) 1993 30 Years Canyon Crest Views (1,274,377) 1982-1983 30 Years Canyon Ridge (892,881) 1989 30 Years Canyon Sands (2,061,724) 1983 30 Years Cardinal, The (1,247,214) 1994 30 Years Carleton Court (PA) (10,774) 1985 30 Years Carleton Court (WV) (16,028) 1985 30 Years Carmel Terrace (3,931,878) 1988-89 30 Years Carolina Crossing (460,588) 1988-89 30 Years Carriage Hill (10,920) 1985 30 Years Carriage Homes at Wyndham (1,206,396) 1999 30 Years Casa Capricorn (1,417,659) 1981 30 Years Casa Ruiz (837,630) 1976-1986 30 Years Cascade at Landmark (1,895,299) 1990 30 Years Catalina Shores (2,439,001) 1989 30 Years Catalina Shores (WRP) (1,246,328) 1989 30 Years Cedar Crest (2,848,098) 1986 30 Years Cedar Hill (16,777) 1986 30 Years Cedar Ridge (TX) (247,895) 1980 30 Years Cedargate (GA) (16,359) 1983 30 Years Cedargate (MI) (9,961) 1983 30 Years Cedargate (She) (13,045) 1984 30 Years Cedargate I (Cla) (13,087) 1984 30 Years Cedargate I (IN) (15,546) 1983 30 Years Cedargate I (KY) (13,653) 1983 30 Years Cedargate I (OH) (20,157) 1982 30 Years Cedargate II (IN) (13,370) 1985 30 Years Cedargate II (KY) (11,597) 1986 30 Years Cedargate II (OH) (7,599) 1983 30 Years Cedars, The (1,264,053) 1983 30 Years2001
Initial Cost to
CompanyCost Capitalized
Subsequent to
(Improvements, net) (H)Gross Amount Carried
at Close of
Period 12/31/01Description Life Used to
Compute
Depreciation in
Latest Income
Statement (C)Apartment Name Location Encumbrances Land Building &
FixturesLand Building &
FixturesLand Building &
Fixtures (A)Total (B) Accumulated
DepreciationDate of
ConstructionCountry Oaks Agoura Hills, CA 29,412,000.00 6,105,000.00 18,820,760.52 — 82,706.85 6,105,000.00 18,903,467.37 25,008,467.37 (377,387.02 ) 1985 30 Years Country Place Birmingham, AL (U) 1,768,319.30 75,562.14 1,817,198.29 — 128,940.70 75,562.14 1,946,138.99 2,021,701.13 (171,420.36 ) 1978 30 Years Country Ridge Farmington Hills, MI (R ) 1,621,950.00 14,596,964.22 — 1,183,978.12 1,621,950.00 15,780,942.34 17,402,892.34 (3,405,205.23 ) 1986 30 Years Countryside I Daytona Beach, FL — 136,664.58 1,204,163.85 — 155,455.66 136,664.58 1,359,619.51 1,496,284.09 (126,653.90 ) 1982 30 Years Countryside II Daytona Beach, FL — 234,633.36 2,067,375.58 — 108,105.13 234,633.36 2,175,480.71 2,410,114.07 (190,028.11 ) 1982 30 Years Countryside III (REIT) Daytona Beach, FL 411,550.86 80,000.00 719,868.20 — 23,302.17 80,000.00 743,170.37 823,170.37 (27,984.54 ) 1983 30 Years Countryside Manor Douglasville, GA — 298,186.45 2,627,347.60 — 193,067.43 298,186.45 2,820,415.03 3,118,601.48 (245,574.50 ) 1985 30 Years Coventry at Cityview Fort Worth, TX — 2,160,000.00 23,072,847.21 — 514,073.48 2,160,000.00 23,586,920.69 25,746,920.69 (2,751,953.27 ) 1996 30 Years Creekside (San Mateo) San Mateo, CA 13,792,552.98 9,606,600.00 21,193,231.54 — 402,114.55 9,606,600.00 21,595,346.09 31,201,946.09 (2,694,957.33 ) 1985 30 Years Creekside Homes at Legacy Plano. TX — 4,560,000.00 32,275,747.98 — 316,425.53 4,560,000.00 32,592,173.51 37,152,173.51 (3,731,549.51 ) 1998 30 Years Creekside Village Mountlake Terrace, WA 14,027,592.72 2,807,600.00 25,270,593.68 — 1,884,502.01 2,807,600.00 27,155,095.69 29,962,695.69 (7,404,266.52 ) 1987 30 Years Creekwood Charlotte, NC — 1,861,700.00 16,740,568.56 — 1,150,808.82 1,861,700.00 17,891,377.38 19,753,077.38 (2,883,762.92 ) 1987-1990 30 Years Crescent at Cherry Creek Denver, CO (E ) 2,594,000.00 15,149,469.76 — 437,097.44 2,594,000.00 15,586,567.20 18,180,567.20 (2,381,463.28 ) 1994 30 Years Cross Creek Matthews, NC 12,362,346.39 3,151,600.00 20,295,924.81 — 593,541.30 3,151,600.00 20,889,466.11 24,041,066.11 (2,814,022.58 ) 1989 30 Years Crosswinds St. Petersburg, FL — 1,561,200.00 5,756,821.52 — 678,233.79 1,561,200.00 6,435,055.31 7,996,255.31 (1,311,668.76 ) 1986 30 Years Crown Court Scottsdale, AZ 14,787,000.00 3,156,600.00 28,414,599.11 — 1,477,844.23 3,156,600.00 29,892,443.34 33,049,043.34 (5,265,668.42 ) 1987 30 Years Crystal Creek Phoenix, AZ — 953,500.00 8,581,704.26 — 1,022,260.58 953,500.00 9,603,964.84 10,557,464.84 (2,622,420.02 ) 1985 30 Years Crystal Village Attleboro, MA — 1,369,000.00 4,989,028.15 — 611,504.80 1,369,000.00 5,600,532.95 6,969,532.95 (883,172.54 ) 1974 30 Years Cypress Panama City, FL 1,380,545.57 171,882.34 1,514,635.71 — 84,976.32 171,882.34 1,599,612.03 1,771,494.37 (147,687.81 ) 1985 30 Years Cypress Point Las Vegas, NV — 959,690.00 8,636,550.62 — 1,148,009.75 959,690.00 9,784,560.37 10,744,250.37 (2,878,287.33 ) 1989 30 Years Daniel Court Cincinnati, OH 2,278,701.39 334,100.71 2,943,516.33 — 447,785.44 334,100.71 3,391,301.77 3,725,402.48 (310,436.57 ) 1985 30 Years Dartmouth Place I Kent, OH — 151,770.96 1,337,421.54 — 134,082.67 151,770.96 1,471,504.21 1,623,275.17 (124,105.93 ) 1982 30 Years Dartmouth Place II Kent, OH — 130,101.56 1,146,336.54 — 59,891.04 130,101.56 1,206,227.58 1,336,329.14 (102,514.95 ) 1986 30 Years Dartmouth Woods Lakewood, CO (R ) 1,609,800.00 10,832,754.24 — 462,430.30 1,609,800.00 11,295,184.54 12,904,984.54 (1,967,354.33 ) 1990 30 Years Dean Estates Taunton, MA — 498,079.65 3,329,560.49 — 29,964.66 498,079.65 3,359,525.15 3,857,604.80 (142,858.22 ) 1984 30 Years Dean Estates II Cranston, RI 1,225,289.00 308,456.89 2,061,971.13 — 64,487.11 308,456.89 2,126,458.24 2,434,915.13 (92,322.20 ) 1970 30 Years Deerbrook Jacksonville, FL — 1,008,000.00 8,845,716.24 — 436,334.23 1,008,000.00 9,282,050.47 10,290,050.47 (1,175,326.31 ) 1983 30 Years Deerfield Denver, CO 9,100,000.00 1,260,000.00 7,405,292.37 — 171,539.40 1,260,000.00 7,576,831.77 8,836,831.77 (169,303.65 ) 1983 30 Years Deerwood (Corona) Corona, CA — 4,742,200.00 20,272,892.01 — 780,618.84 4,742,200.00 21,053,510.85 25,795,710.85 (3,403,082.29 ) 1992 30 Years Deerwood (FL) Eustis, FL 849,268.96 114,948.15 1,012,818.51 — 72,143.38 114,948.15 1,084,961.89 1,199,910.04 (99,381.36 ) 1982 30 Years Deerwood (SD) San Diego, CA — 2,082,095.00 18,739,815.37 — 3,724,410.67 2,082,095.00 22,464,226.04 24,546,321.04 (6,988,960.64 ) 1990 30 Years Deerwood Meadows Greensboro, NC — 986,743.00 7,204,361.73 — 907,060.03 986,743.00 8,111,421.76 9,098,164.76 (2,824,839.37 ) 1986 30 Years Defoor Village Atlanta, GA — 2,966,400.00 10,570,210.33 — 187,906.28 2,966,400.00 10,758,116.61 13,724,516.61 (1,390,503.59 ) 1997 30 Years Desert Sands Phoenix, AZ — 1,481,050.00 13,390,248.53 — 1,466,584.77 1,481,050.00 14,856,833.30 16,337,883.30 (3,464,327.64 ) 1982 30 Years Dogwood Glen I Indianpolis, IN 1,714,132.81 240,854.78 2,122,193.09 — 124,068.44 240,854.78 2,246,261.53 2,487,116.31 (200,150.17 ) 1986 30 Years Dogwood Glen II Indianpolis, IN 1,318,760.27 202,396.77 1,783,336.09 — 116,984.20 202,396.77 1,900,320.29 2,102,717.06 (172,493.26 ) 1987 30 Years Dos Caminos Scottsdale, AZ — 1,727,900.00 15,567,778.26 — 950,809.55 1,727,900.00 16,518,587.81 18,246,487.81 (2,971,904.40 ) 1983 30 Years Dover Place I Eastlake, OH — 244,293.77 2,152,494.39 — 132,792.82 244,293.77 2,285,287.21 2,529,580.98 (192,289.20 ) 1982 30 Years Dover Place II Eastlake, OH 1,585,455.70 230,895.36 2,034,241.71 — 52,689.67 230,895.36 2,086,931.38 2,317,826.74 (170,468.89 ) 1983 30 Years Dover Place III Eastlake, OH 751,191.79 119,835.15 1,055,878.24 — 12,529.01 119,835.15 1,068,407.25 1,188,242.40 (86,761.06 ) 1983 30 Years Dover Place IV Eastlake, OH 1,824,322.83 261,911.97 2,307,729.91 — 30,452.65 261,911.97 2,338,182.56 2,600,094.53 (191,431.97 ) 1986 30 Years Driftwood Atlantic Beach, FL 346,205.63 126,357.35 1,113,430.46 — 132,858.30 126,357.35 1,246,288.76 1,372,646.11 (114,628.47 ) 1985 30 Years Duraleigh Woods Raleigh, NC — 1,629,000.00 19,917,749.59 — 1,356,498.56 1,629,000.00 21,274,248.15 22,903,248.15 (2,655,814.12 ) 1987 30 Years Eagle Canyon Chino Hills, CA — 1,808,900.00 16,274,360.96 — 582,643.61 1,808,900.00 16,857,004.57 18,665,904.57 (3,360,481.22 ) 1985 30 Years East Pointe Charlotte, NC 8,965,900.05 1,365,900.00 12,295,246.21 — 1,490,854.60 1,365,900.00 13,786,100.81 15,152,000.81 (4,376,436.85 ) 1987 30 Years Eastbridge Dallas, TX 9,190,320.85 3,520,000.00 11,837,231.21 — 1,130.23 3,520,000.00 11,838,361.44 15,358,361.44 (79,656.11 ) 1998 30 Years Edgewater Bakersfield, CA 11,988,000.00 580,000.00 9,950,311.30 — 82,807.56 580,000.00 10,033,118.86 10,613,118.86 (232,206.78 ) 1984 30 Years Edgewood Woodinville, WA 5,455,157.84 1,070,100.00 9,632,980.07 — 808,819.31 1,070,100.00 10,441,799.38 11,511,899.38 (2,898,804.43 ) 1986 30 Years Elmtree Park I Indianpolis, IN 1,445,563.90 157,687.17 1,389,620.78 — 142,203.32 157,687.17 1,531,824.10 1,689,511.27 (140,466.82 ) 1986 30 Years Elmtree Park II Indianpolis, IN 908,782.97 114,114.14 1,005,454.90 — 85,028.36 114,114.14 1,090,483.26 1,204,597.40 (104,506.85 ) 1987 30 Years Elmwood (GA) Marietta, GA — 183,756.45 1,619,094.62 — 67,026.91 183,756.45 1,686,121.53 1,869,877.98 (144,337.16 ) 1984 30 Years Elmwood I (FL) W. Palm Beach, FL 316,201.53 163,388.66 1,439,632.14 — 42,931.66 163,388.66 1,482,563.80 1,645,952.46 (126,460.26 ) 1984 30 Years Elmwood II (FL) W. Palm Beach, FL 1,301,033.55 179,743.41 1,582,960.29 — 81,684.71 179,743.41 1,664,645.00 1,844,388.41 (139,385.69 ) 1984 30 Years Emerald Bay Winter Park, FL — 2,161,600.00 13,550,753.15 — 1,315,093.79 2,161,600.00 14,865,846.94 17,027,446.94 (2,532,535.23 ) 1972 30 Years Emerald Place Bermuda Dunes, CA — 956,500.00 8,609,599.40 — 936,417.13 956,500.00 9,546,016.53 10,502,516.53 (2,931,635.32 ) 1988 30 Years Emerson Place Combined Boston, MA — 14,855,000.00 57,566,635.65 — 5,834,512.47 14,855,000.00 63,401,148.12 78,256,148.12 (8,323,050.84 ) 1962 30 Years Enclave, The Tempe, AZ (M ) 1,500,192.00 19,281,398.59 — 265,117.51 1,500,192.00 19,546,516.10 21,046,708.10 (2,819,908.38 ) 1994 30 Years English Hills Charlotte, NC — 1,260,000.00 12,554,291.22 — 439,943.01 1,260,000.00 12,994,234.23 14,254,234.23 (1,630,291.06 ) 1984 30 Years Esprit Del Sol Solana Beach, CA — 5,111,200.00 11,910,438.14 — 450,120.61 5,111,200.00 12,360,558.75 17,471,758.75 (1,557,667.17 ) 1986 30 Years Essex Place Overland Park, KS — 1,835,400.00 16,513,585.66 — 2,892,803.06 1,835,400.00 19,406,388.72 21,241,788.72 (5,916,882.12 ) 1970-84 30 Years Essex Place (FL) Tampa, FL — 1,188,000.00 7,106,384.37 — 399,822.92 1,188,000.00 7,506,207.29 8,694,207.29 (940,153.01 ) 1989 30 Years Ethans Glen III Kansas City, MO 2,364,258.00 246,500.00 2,223,049.34 — 157,122.46 246,500.00 2,380,171.80 2,626,671.80 (391,138.27 ) 1990 30 Years Ethans Ridge I Kansas City, MO 16,216,607.00 1,948,300.00 17,573,969.73 — 1,361,740.53 1,948,300.00 18,935,710.26 20,884,010.26 (3,004,478.92 ) 1988 30 Years Ethans Ridge II Kansas City, MO 10,981,324.00 1,468,134.66 13,183,141.26 — 687,111.08 1,468,134.66 13,870,252.34 15,338,387.00 (2,137,289.75 ) 1990 30 Years Fairfield Combined Stamford, CT — 6,510,200.00 39,690,120.06 — 374,970.60 6,510,200.00 40,065,090.66 46,575,290.66 (5,253,325.06 ) 1996 30 Years Fairland Gardens Silver Spring, MD — 6,000,000.00 19,972,183.10 — 1,013,030.29 6,000,000.00 20,985,213.39 26,985,213.39 (2,243,961.25 ) 1981 30 Years Farmington Gates Germantown, TN — 973,797.81 8,786,179.80 — 657,903.37 973,797.81 9,444,083.17 10,417,880.98 (1,553,885.00 ) 1976 30 Years Farnham Park Houston, TX 11,115,950.95 1,512,600.00 14,233,759.62 — 309,623.65 1,512,600.00 14,543,383.27 16,055,983.27 (2,091,518.24 ) 1996 30 Years Feather River Stockton, CA 4,867,000.00 770,000.00 3,777,440.43 — 19,154.22 770,000.00 3,796,594.65 4,566,594.65 (95,131.54 ) 1981 30 Years Fernbrook Townhomes Plymouth, MN 5,115,294.24 580,100.00 6,683,692.61 — 152,629.20 580,100.00 6,836,321.81 7,416,421.81 (843,763.67 ) 1993 30 Years Fielder Crossing Arlington, TX 3,291,696.20 718,100.00 3,933,387.18 — 107,615.11 718,100.00 4,041,002.29 4,759,102.29 (563,088.45 ) 1980 30 Years Fireside Park Rockville, MD 8,446,240.01 4,248,000.00 10,136,319.94 — 507,686.80 4,248,000.00 10,644,006.74 14,892,006.74 (1,201,821.87 ) 1961 30 Years Forest Glen Pensacola, FL — 161,548.49 1,423,618.28 — 166,288.09 161,548.49 1,589,906.37 1,751,454.86 (148,834.26 ) 1986 30 Years Forest Place Tampa, FL 10,518,928.41 1,708,000.00 8,612,028.53 — 404,644.23 1,708,000.00 9,016,672.76 10,724,672.76 (1,207,467.24 ) 1985 30 Years Forest Ridge I & II Arlington, TX 16,541,000.00 2,362,700.00 21,263,294.52 — 1,790,156.25 2,362,700.00 23,053,450.77 25,416,150.77 (5,497,325.73 ) 1984/85 30 Years Forest Village Macon, GA — 224,021.80 1,973,876.21 — 151,163.22 224,021.80 2,125,039.43 2,349,061.23 (177,941.31 ) 1983 30 Years Forsythia Court (KY) Louisville, KY 1,871,305.79 279,450.32 2,462,186.82 — 146,427.00 279,450.32 2,608,613.82 2,888,064.14 (221,392.92 ) 1985 30 Years Forsythia Court (MD) Abingdon, MD 2,037,566.70 251,955.21 2,220,099.99 — 170,899.19 251,955.21 2,390,999.18 2,642,954.39 (205,158.06 ) 1986 30 Years Forsythia Court II (MD) Abingdon, MD — 239,833.55 2,113,338.95 — 161,903.92 239,833.55 2,275,242.87 2,515,076.42 (194,694.20 ) 1987 30 Years Fountain Creek Phoenix, AZ — 686,500.00 6,177,919.79 — 799,116.37 686,500.00 6,977,036.16 7,663,536.16 (1,859,581.07 ) 1984 30 Years Fountain Place I Eden Prairie, MN 24,653,106.00 2,405,068.29 21,694,116.90 — 709,689.04 2,405,068.29 22,403,805.94 24,808,874.23 (3,440,818.48 ) 1989 30 Years Fountain Place II Eden Prairie, MN 12,600,000.00 1,231,349.55 11,095,333.38 — 274,954.71 1,231,349.55 11,370,288.09 12,601,637.64 (1,711,312.53 ) 1989 30 Years Fountainhead I San Antonio, TX (P ) 1,205,816.00 5,200,240.60 — 247,027.09 1,205,816.00 5,447,267.69 6,653,083.69 (2,997,973.14 ) 1985/1987 30 Years Fountainhead II San Antonio, TX (P ) 1,205,817.00 4,529,801.24 — 888,864.65 1,205,817.00 5,418,665.89 6,624,482.89 (2,799,867.17 ) 1985/1987 30 Years Fountainhead III San Antonio, TX (P ) 1,205,816.00 4,399,092.50 — 889,508.69 1,205,816.00 5,288,601.19 6,494,417.19 (2,505,397.67 ) 1985/1987 30 Years Fountains at Flamingo Las Vegas, NV 15,384,000.00 3,183,100.00 28,650,075.52 — 1,625,362.39 3,183,100.00 30,275,437.91 33,458,537.91 (7,971,868.31 ) 1989-91 30 Years Four Lakes Lisle, IL — 2,150,959.00 6,811,631.00 — 11,024,239.38 2,150,959.00 17,835,870.38 19,986,829.38 (14,602,233.05 ) 1968/1988* 30 Years Four Lakes 5 Lisle, IL (P ) 600,000.00 19,186,686.01 — 1,597,961.57 600,000.00 20,784,647.58 21,384,647.58 (9,692,038.00 ) 1968/1988* 30 Years Four Lakes Athletic Club Lisle, IL — 50,000.00 153,488.68 — 5,700.00 50,000.00 159,188.68 209,188.68 (12,896.80 ) N/A 30 Years Four Lakes Condo Lisle, IL — 640,000.00 5,775,680.00 — 696,245.81 640,000.00 6,471,925.81 7,111,925.81 (49,924.23 ) 1972 30 Years Four Lakes Leasing Center Lisle, IL — 50,000.00 152,815.00 — 31,396.76 50,000.00 184,211.76 234,211.76 (23,053.30 ) N/A 30 Years Four Winds Fall River, MA 6,004,919.00 1,370,842.90 9,163,804.20 — 166,435.05 1,370,842.90 9,330,239.25 10,701,082.15 (394,990.73 ) 1987 30 Years Fox Hill Apartments Enfield, CT 5,553,940.00 1,129,018.28 7,547,256.07 — 102,379.84 1,129,018.28 7,649,635.91 8,778,654.19 (334,629.02 ) 1974 30 Years Fox Hill Commons Vernon, CT 2,195,541.00 478,502.81 3,198,693.32 — 38,474.89 478,502.81 3,237,168.21 3,715,671.02 (142,361.73 ) 1965 30 Years Fox Ridge Englewood, CO 20,300,000.00 2,490,000.00 17,139,840.18 — 145,197.30 2,490,000.00 17,285,037.48 19,775,037.48 (361,784.70 ) 1984 30 Years Fox Run (WA) Federal Way, WA — 639,700.00 5,765,017.82 — 673,212.53 639,700.00 6,438,230.35 7,077,930.35 (1,973,911.26 ) 1988 30 Years Foxcroft Scarborough, ME — 523,400.00 4,527,408.97 — 315,999.33 523,400.00 4,843,408.30 5,366,808.30 (737,464.98 ) 1977/1979 30 Years Foxhaven Canton, OH 1,750,573.82 256,820.91 2,263,172.10 — 213,249.51 256,820.91 2,476,421.61 2,733,242.52 (216,766.30 ) 1986 30 Years Foxton (MI) Monroe, MI 864,702.88 156,362.50 1,377,823.99 — 56,203.48 156,362.50 1,434,027.47 1,590,389.97 (122,012.77 ) 1983 30 Years Foxton II (OH) Dayton, OH 1,331,234.03 165,805.54 1,460,832.47 — 72,607.34 165,805.54 1,533,439.81 1,699,245.35 (136,367.34 ) 1983 30 Years Garden Court Detriot, MI 2,066,137.71 351,531.69 3,096,890.33 — 99,598.22 351,531.69 3,196,488.55 3,548,020.24 (264,651.57 ) 1988 30 Years Garden Lake Riverdale, GA — 1,466,900.00 13,186,716.06 — 527,116.23 1,466,900.00 13,713,832.29 15,180,732.29 (2,263,179.25 ) 1991 30 Years Garden Terrace I Tampa, FL 570,856.56 93,143.89 820,699.22 — 97,718.23 93,143.89 918,417.45 1,011,561.34 (91,759.26 ) 1981 30 Years Garden Terrace II Tampa, FL 652,407.24 97,119.68 855,730.21 — 68,822.37 97,119.68 924,552.58 1,021,672.26 (92,127.40 ) 1982 30 Years Gatehouse at Pine Lake Pembroke Pines, FL — 1,896,600.00 17,070,794.56 — 890,924.07 1,896,600.00 17,961,718.63 19,858,318.63 (3,517,736.06 ) 1990 30 Years Gatehouse on the Green Plantation, FL — 2,228,200.00 20,056,270.22 — 1,128,831.20 2,228,200.00 21,185,101.42 23,413,301.42 (4,158,929.71 ) 1990 30 Years Gates at Carlson Center Minnetonka, MN (N ) 4,355,200.00 23,802,816.77 — 931,858.52 4,355,200.00 24,734,675.29 29,089,875.29 (3,542,037.40 ) 1989 30 Years S-3
Gates of Redmond Redmond, WA 5,958,096.79 2,306,100.00 12,080,659.89 — 453,111.36 2,306,100.00 12,533,771.25 14,839,871.25 (2,065,711.91 ) 1979 30 Years Gateway Villas Scottsdale, AZ — 1,431,048.00 14,926,832.51 — 248,510.12 1,431,048.00 15,175,342.63 16,606,390.63 (2,205,923.50 ) 1995 30 Years Geary Court Yard San Francisco, CA 17,693,865.00 1,722,400.00 15,471,429.16 — 606,012.46 1,722,400.00 16,077,441.62 17,799,841.62 (2,348,924.67 ) 1990 30 Years Georgian Woods Combined (REIT) Wheaton, MD 18,199,053.89 5,038,400.00 28,837,368.82 — 2,902,987.97 5,038,400.00 31,740,356.79 36,778,756.79 (7,423,778.81 ) 1967 30 Years Glastonbury Center Glastonbury, CT 4,182,834.75 852,606.10 5,699,497.28 — 195,908.82 852,606.10 5,895,406.10 6,748,012.20 (249,531.28 ) 1962 30 Years Glen Arm Manor Albany, GA 1,129,280.92 166,498.48 1,466,883.08 — 81,798.74 166,498.48 1,548,681.82 1,715,180.30 (136,851.93 ) 1986 30 Years Glen Eagle Greenville, SC — 835,900.00 7,523,243.58 — 255,923.46 835,900.00 7,779,167.04 8,615,067.04 (1,297,575.47 ) 1990 30 Years Glen Grove Wellesley, MA 5,594,851.98 1,344,601.04 8,988,382.70 — 76,182.76 1,344,601.04 9,064,565.46 10,409,166.50 (380,751.58 ) 1979 30 Years Glen Meadow Franklin, MA 2,451,816.13 2,339,330.34 15,637,944.47 — 881,423.21 2,339,330.34 16,519,367.68 18,858,698.02 (741,956.79 ) 1971 30 Years GlenGarry Club Bloomingdale, IL (N ) 3,129,700.00 15,807,888.64 — 986,520.05 3,129,700.00 16,794,408.69 19,924,108.69 (2,479,330.80 ) 1989 30 Years Glenlake Glendale Heights. IL 14,845,000.00 5,041,700.00 16,671,969.86 — 2,850,177.27 5,041,700.00 19,522,147.13 24,563,847.13 (2,858,616.79 ) 1988 30 Years Glenwood Village Macon, GA 1,065,204.87 167,778.79 1,478,613.98 — 86,845.40 167,778.79 1,565,459.38 1,733,238.17 (138,652.09 ) 1986 30 Years Gosnold Grove East Falmouth, MA 680,657.99 124,295.62 830,890.76 — 36,541.11 124,295.62 867,431.87 991,727.49 (42,355.30 ) 1978 30 Years Governor's Pointe Roswell, GA (E ) 3,746,600.00 24,511,111.56 — 1,584,845.41 3,746,600.00 26,095,956.97 29,842,556.97 (4,318,529.81 ) 1982-1986 30 Years Granada Highlands Malden, MA — 28,210,000.00 99,944,576.46 — 2,018,235.31 28,210,000.00 101,962,811.77 130,172,811.77 (7,831,599.03 ) 1972 30 Years Grand Reserve Woodbury, MN — 4,728,000.00 49,541,641.99 — 96,312.55 4,728,000.00 49,637,954.54 54,365,954.54 (1,468,328.62 ) 2000 30 Years Grandview I & II Las Vegas, NV — 2,333,300.00 15,527,831.02 — 868,936.04 2,333,300.00 16,396,767.06 18,730,067.06 (2,247,142.23 ) 1980 30 Years Greenbriar (AL) Montgomery, AL (U) 1,683,614.86 94,355.62 2,051,619.25 — 101,901.74 94,355.62 2,153,520.99 2,247,876.61 (186,132.99 ) 1979 30 Years Greenbriar Glen Altlanta, GA 1,487,167.77 227,701.24 2,006,246.10 — 36,808.10 227,701.24 2,043,054.20 2,270,755.44 (171,677.67 ) 1988 30 Years Greenfield Village Rocky Hill, CT — 911,534.03 6,093,418.42 — 48,098.78 911,534.03 6,141,517.20 7,053,051.23 (271,453.96 ) 1965 30 Years Greengate Marietta, GA — 132,978.82 1,526,005.00 — 1,505,449.60 132,978.82 3,031,454.60 3,164,433.42 (2,141,277.57 ) 1971 30 Years Greengate (FL) W. Palm Beach, FL 2,637,108.29 2,500,000.00 1,615,858.84 — 169,699.23 2,500,000.00 1,785,558.07 4,285,558.07 (105,450.03 ) 1987 30 Years Greenglen (Day) Dayton, OH — 204,289.28 1,800,172.18 — 106,232.03 204,289.28 1,906,404.21 2,110,693.49 (167,175.07 ) 1983 30 Years Greenglen II (Tol) Toledo, OH 786,078.73 162,263.62 1,429,719.33 — 35,912.63 162,263.62 1,465,631.96 1,627,895.58 (124,489.71 ) 1982 30 Years Greenhaven Union City, CA 10,594,614.29 7,507,000.00 15,210,398.75 — 802,216.46 7,507,000.00 16,012,615.21 23,519,615.21 (2,022,588.65 ) 1983 30 Years Greenhouse — Frey Road Kennesaw, GA (P ) 2,467,200.00 22,187,443.25 — 2,114,166.73 2,467,200.00 24,301,609.98 26,768,809.98 (7,024,985.13 ) 1985 30 Years Greenhouse — Holcomb Bridge Alpharetta, GA (P ) 2,143,300.00 19,291,427.17 — 2,171,696.47 2,143,300.00 21,463,123.64 23,606,423.64 (6,240,479.46 ) 1985 30 Years Greenhouse — Roswell Roswell, GA (P ) 1,220,000.00 10,974,727.39 — 1,272,107.62 1,220,000.00 12,246,835.01 13,466,835.01 (3,643,395.57 ) 1985 30 Years Greentree 1 Glen Burnie, MD 11,338,969.78 3,912,968.00 11,784,020.85 — 1,026,357.99 3,912,968.00 12,810,378.84 16,723,346.84 (1,343,056.71 ) 1973 30 Years Greentree 2 Glen Burnie, MD — 2,700,000.00 8,246,736.65 — 523,629.39 2,700,000.00 8,770,366.04 11,470,366.04 (852,812.13 ) 1973 30 Years Greentree 3 Glen Burnie, MD 6,978,865.97 2,380,443.00 7,270,294.04 — 405,726.12 2,380,443.00 7,676,020.16 10,056,463.16 (767,993.70 ) 1973 30 Years Greentree I (GA) (REIT) Thomasville, GA 672,543.75 84,750.00 762,659.20 — 28,234.75 84,750.00 790,893.95 875,643.95 (30,982.73 ) 1983 30 Years Greentree II (GA) (REIT) Thomasville, GA 505,013.62 81,000.00 729,283.17 — 31,528.82 81,000.00 760,811.99 841,811.99 (28,200.88 ) 1984 30 Years Greenwood Village Tempe, AZ — 2,118,781.00 17,274,215.96 — 767,632.12 2,118,781.00 18,041,848.08 20,160,629.08 (2,828,220.28 ) 1984 30 Years Grey Eagle Taylors, SC — 727,600.00 6,547,650.42 — 206,570.85 727,600.00 6,754,221.27 7,481,821.27 (1,116,952.54 ) 1991 30 Years Greystone Atlanta, GA — 2,252,000.00 5,204,900.59 — 1,484,737.95 2,252,000.00 6,689,638.54 8,941,638.54 (1,090,154.96 ) 1960 30 Years Gwinnett Crossing Duluth, GA — 2,632,000.00 32,016,495.96 — 1,263,910.01 2,632,000.00 33,280,405.97 35,912,405.97 (4,043,366.96 ) 1989/90 30 Years Hall Place Quincy, MA — 3,150,800.00 5,121,949.51 — 239,438.90 3,150,800.00 5,361,388.41 8,512,188.41 (612,714.61 ) 1998 30 Years Hammock's Place Miami, FL (F ) 319,180.00 12,513,466.73 — 1,085,003.23 319,180.00 13,598,469.96 13,917,649.96 (4,214,311.23 ) 1986 30 Years Hampshire II Elyria, OH 837,743.64 126,231.36 1,112,035.85 — 56,045.76 126,231.36 1,168,081.61 1,294,312.97 (99,598.24 ) 1981 30 Years Hamptons Puyallup, WA — 1,119,200.00 10,075,844.29 — 455,485.51 1,119,200.00 10,531,329.80 11,650,529.80 (1,916,204.62 ) 1991 30 Years Harbinwood Norcross, GA 1,568,827.19 236,760.99 2,086,122.35 — 101,096.66 236,760.99 2,187,219.01 2,423,980.00 (187,731.23 ) 1985 30 Years Harbor Pointe Milwaukee, WI 12,000,000.00 2,979,800.00 22,096,545.77 — 1,929,877.44 2,979,800.00 24,026,423.21 27,006,223.21 (3,771,121.64 ) 1970/1990 30 Years Harborview Rancho Palos Verdes, CA — 6,402,500.00 12,627,346.89 — 542,398.93 6,402,500.00 13,169,745.82 19,572,245.82 (2,338,317.09 ) 1985 30 Years Harbour Town Boca Raton, FL — 11,760,000.00 20,190,752.11 — 1,537,708.74 11,760,000.00 21,728,460.85 33,488,460.85 (1,169,686.18 ) 1985 30 Years Harrison Park Tucson, AZ — 1,265,094.00 16,342,321.80 — 509,620.78 1,265,094.00 16,851,942.58 18,117,036.58 (2,605,702.03 ) 1985 30 Years Hartwick Tipton, IN 120,687.56 123,790.52 1,090,729.42 — 64,637.61 123,790.52 1,155,367.03 1,279,157.55 (103,849.80 ) 1982 30 Years Harvest Grove Conyers, GA — 752,000.00 18,717,899.36 — 394,173.63 752,000.00 19,112,072.99 19,864,072.99 (2,327,212.62 ) 1986 30 Years Harvest Grove I Gahanna, OH 1,590,836.98 170,334.08 1,500,231.87 — 155,606.10 170,334.08 1,655,837.97 1,826,172.05 (147,057.00 ) 1986 30 Years Harvest Grove II Gahanna, OH 1,037,670.47 148,791.56 1,310,817.80 — 31,888.54 148,791.56 1,342,706.34 1,491,497.90 (115,146.49 ) 1987 30 Years Hatcherway Waycross, GA 723,571.64 96,885.44 853,716.34 — 161,796.37 96,885.44 1,015,512.71 1,112,398.15 (96,186.52 ) 1986 30 Years Hathaway Long Beach, CA — 2,512,500.00 22,611,911.55 — 1,204,900.44 2,512,500.00 23,816,811.99 26,329,311.99 (5,630,849.45 ) 1987 30 Years Hayfield Park Burlington, KY 1,545,719.46 261,456.81 2,303,394.44 — 148,468.11 261,456.81 2,451,862.55 2,713,319.36 (206,260.62 ) 1986 30 Years Haywood Pointe Greenville, SC — 480,000.00 9,163,270.88 — 416,704.52 480,000.00 9,579,975.40 10,059,975.40 (1,175,520.26 ) 1985 30 Years Hearthstone San Antonio, TX — 1,035,900.00 3,525,388.03 — 1,207,992.39 1,035,900.00 4,733,380.42 5,769,280.42 (1,682,919.24 ) 1982 30 Years Heathmoore (Eva) Evansville, IN 1,114,476.27 162,374.53 1,430,746.53 — 124,164.53 162,374.53 1,554,911.06 1,717,285.59 (133,743.02 ) 1984 30 Years Heathmoore (KY) Louisville, KY 893,567.76 156,839.84 1,381,729.91 — 55,433.64 156,839.84 1,437,163.55 1,594,003.39 (124,253.08 ) 1983 30 Years Heathmoore (MI) Clinton Twp., MI 1,675,538.58 227,105.01 2,001,242.63 — 109,552.97 227,105.01 2,110,795.60 2,337,900.61 (185,534.41 ) 1983 30 Years Heathmoore I (IN) Indianapolis, IN 1,200,338.20 144,556.70 1,273,702.04 — 114,811.04 144,556.70 1,388,513.08 1,533,069.78 (126,158.46 ) 1983 30 Years Heathmoore I (MI) Canton, MI 1,532,026.10 232,063.87 2,044,226.60 — 121,783.04 232,063.87 2,166,009.64 2,398,073.51 (184,338.43 ) 1986 30 Years Heathmoore II (MI) Canton, MI — 170,432.57 1,501,696.63 — 75,872.66 170,432.57 1,577,569.29 1,748,001.86 (134,997.43 ) 1986 30 Years Heritage Green Sturbridge, MA 3,799,188.13 835,313.22 5,583,897.92 — 28,862.31 835,313.22 5,612,760.23 6,448,073.45 (245,095.33 ) 1974 30 Years Heritage, The Phoenix, AZ — 1,211,205.00 13,136,903.36 — 290,612.86 1,211,205.00 13,427,516.22 14,638,721.22 (1,985,212.77 ) 1995 30 Years Heron Cove Coral Springs, FL — 823,000.00 8,114,761.58 — 765,354.85 823,000.00 8,880,116.43 9,703,116.43 (2,618,602.04 ) 1987 30 Years Heron Pointe Boynton Beach, FL — 1,546,700.00 7,774,676.05 — 664,682.52 1,546,700.00 8,439,358.57 9,986,058.57 (1,663,404.41 ) 1989 30 Years Heron Pointe (Atl) Atlantic Beach, FL 1,577,155.10 214,332.10 1,888,814.41 — 200,993.17 214,332.10 2,089,807.58 2,304,139.68 (197,743.96 ) 1986 30 Years Heron Run Plantation, FL — 917,800.00 9,006,476.14 — 943,087.56 917,800.00 9,949,563.70 10,867,363.70 (2,989,284.41 ) 1987 30 Years Heronwood (REIT) Ft. Myers, FL 1,223,389.22 146,100.00 1,315,210.70 — 20,524.17 146,100.00 1,335,734.87 1,481,834.87 (49,723.86 ) 1982 30 Years Hessian Hills Charlottesville, VA (U) 5,213,954.29 181,229.43 5,024,414.55 — 183,873.99 181,229.43 5,208,288.54 5,389,517.97 (427,362.38 ) 1966 30 Years Hickory Creek Richmond, VA — 1,323,000.00 18,520,609.01 — 585,841.38 1,323,000.00 19,106,450.39 20,429,450.39 (2,309,829.73 ) 1984 30 Years Hickory Mill Hillard, OH 1,015,317.48 161,714.41 1,424,682.19 — 99,133.63 161,714.41 1,523,815.82 1,685,530.23 (139,302.27 ) 1980 30 Years Hickory Mill I Hurricane, WV 912,161.28 129,186.80 1,138,301.52 — 56,481.41 129,186.80 1,194,782.93 1,323,969.73 (103,803.53 ) 1983 30 Years Hickory Place Gainesville, GL 1,306,531.16 192,453.32 1,695,454.44 — 177,463.68 192,453.32 1,872,918.12 2,065,371.44 (167,879.06 ) 1983 30 Years Hickory Ridge Greenville, SC — 288,200.00 2,591,929.81 — 343,995.27 288,200.00 2,935,925.08 3,224,125.08 (528,448.60 ) 1968 30 Years Hidden Acres Sarasota, FL 1,612,777.42 253,138.81 2,230,578.76 — 117,765.70 253,138.81 2,348,344.46 2,601,483.27 (205,288.30 ) 1987 30 Years Hidden Lake Sacramento, CA 15,165,000.00 1,715,000.00 11,191,724.28 — 59,098.15 1,715,000.00 11,250,822.43 12,965,822.43 (255,529.74 ) 1985 30 Years Hidden Lakes Haltom City, TX — 1,872,000.00 20,242,108.80 — 391,624.21 1,872,000.00 20,633,733.01 22,505,733.01 (2,417,159.94 ) 1996 30 Years Hidden Oaks Cary, NC — 1,178,600.00 10,614,135.38 — 1,002,391.39 1,178,600.00 11,616,526.77 12,795,126.77 (2,031,265.19 ) 1988 30 Years Hidden Palms Tampa, FL (E ) 2,049,600.00 6,345,884.76 — 912,069.99 2,049,600.00 7,257,954.75 9,307,554.75 (1,360,802.79 ) 1986 30 Years Hidden Pines Casselberry, FL 19,561.52 176,307.96 1,553,565.25 — 190,300.68 176,307.96 1,743,865.93 1,920,173.89 (157,063.88 ) 1981 30 Years Hidden Valley Club Ann Arbor, MI — 915,000.00 6,667,098.00 — 2,548,443.67 915,000.00 9,215,541.67 10,130,541.67 (6,074,410.93 ) 1973 30 Years High Meadow Ellington, CT 4,267,130.19 583,678.94 3,901,774.26 — 43,394.17 583,678.94 3,945,168.43 4,528,847.37 (174,233.49 ) 1975 30 Years High Points New Port Richey, FL — 222,307.63 1,958,772.47 — 221,543.36 222,307.63 2,180,315.83 2,402,623.46 (199,066.08 ) 1986 30 Years High River Tuscaloosa, AL (U) 3,572,242.97 208,107.70 3,663,221.04 — 258,237.68 208,107.70 3,921,458.72 4,129,566.42 (333,918.26 ) 1978 30 Years Highland Creste Kent, WA — 935,200.00 8,415,391.11 — 682,188.05 935,200.00 9,097,579.16 10,032,779.16 (1,750,309.39 ) 1989 30 Years Highland Glen Westwood, MA — 2,832,603.49 16,852,810.04 — 68,033.94 2,832,603.49 16,920,843.98 19,753,447.47 (617,928.88 ) 1979 30 Years Highland Point Aurora, CO 9,583,518.83 1,631,900.00 14,684,438.62 — 895,567.42 1,631,900.00 15,580,006.04 17,211,906.04 (2,726,870.17 ) 1984 30 Years Highline Oaks Denver, CO 7,100,000.00 1,057,400.00 9,683,371.61 — 819,162.25 1,057,400.00 10,502,533.86 11,559,933.86 (1,896,227.75 ) 1986 30 Years Hillcrest Villas Crestview, FL 955,756.77 141,603.03 1,247,677.02 — 79,394.16 141,603.03 1,327,071.18 1,468,674.21 (120,794.47 ) 1985 30 Years Hillside Manor Americus, GA — 102,632.19 904,111.39 — 112,741.58 102,632.19 1,016,852.97 1,119,485.16 (99,959.22 ) 1985 30 Years Hillside Trace Dade City, FL 1,023,881.30 138,888.03 1,223,754.94 — 119,507.35 138,888.03 1,343,262.29 1,482,150.32 (119,415.46 ) 1987 30 Years Holly Ridge Pembroke Park, FL — 295,595.67 2,603,985.01 — 278,988.01 295,595.67 2,882,973.02 3,178,568.69 (237,904.48 ) 1986 30 Years Holly Sands I Ft. Walton Bch.,FL 1,325,081.06 190,942.32 1,682,524.45 — 186,547.71 190,942.32 1,869,072.16 2,060,014.48 (165,233.07 ) 1985 30 Years Holly Sands II Ft. Walton Bch., FL 1,016,210.13 124,577.52 1,098,074.21 — 113,308.80 124,577.52 1,211,383.01 1,335,960.53 (104,958.59 ) 1986 30 Years Horizon Place Tampa, FL 12,345,079.61 2,128,000.00 12,086,936.72 — 593,025.75 2,128,000.00 12,679,962.47 14,807,962.47 (1,607,162.26 ) 1985 30 Years Hunt Club Charlotte, NC — 1,090,000.00 17,992,887.39 — 380,941.36 1,090,000.00 18,373,828.75 19,463,828.75 (2,203,126.69 ) 1990 30 Years Hunter's Green Fort Worth, TX — 524,300.00 3,653,480.73 — 840,767.25 524,300.00 4,494,247.98 5,018,547.98 (1,710,731.00 ) 1981 30 Years Hunters Ridge St. Louis, MO 11,220,000.00 994,500.00 8,913,996.59 — 877,551.12 994,500.00 9,791,547.71 10,786,047.71 (1,848,301.07 ) 1986-1987 30 Years Huntington Park Everett, WA — 1,597,500.00 14,367,863.91 — 1,111,610.39 1,597,500.00 15,479,474.30 17,076,974.30 (4,707,269.56 ) 1991 30 Years Independence Village Reynoldsbury, OH — 226,987.89 2,000,010.69 — 135,921.22 226,987.89 2,135,931.91 2,362,919.80 (196,315.43 ) 1978 30 Years Indian Bend Scottsdale, AZ — 1,075,700.00 9,675,133.10 — 1,576,672.20 1,075,700.00 11,251,805.30 12,327,505.30 (3,551,913.44 ) 1973 30 Years Indian Lake I Morrow, GA — 839,668.51 7,398,394.66 — 216,081.32 839,668.51 7,614,475.98 8,454,144.49 (643,405.04 ) 1987 30 Years Indian Ridge I (REIT) Tallahassee, FL 912,196.87 135,500.00 1,218,597.92 — 26,955.01 135,500.00 1,245,552.93 1,381,052.93 (47,119.44 ) 1981 30 Years Indian Ridge II (REIT) Tallahassee, FL 552,138.68 94,300.00 849,191.77 — 27,176.66 94,300.00 876,368.43 970,668.43 (33,494.17 ) 1982 30 Years Indian Tree Arvada, CO — 881,225.00 4,552,814.73 — 1,047,253.32 881,225.00 5,600,068.05 6,481,293.05 (2,029,727.99 ) 1983 30 Years Indigo Springs Kent, WA 7,363,723.23 1,270,500.00 11,446,901.75 — 1,212,395.40 1,270,500.00 12,659,297.15 13,929,797.15 (2,549,490.44 ) 1991 30 Years Iris Glen Conyers, GA 1,742,041.38 270,458.00 2,383,029.71 — 56,267.41 270,458.00 2,439,297.12 2,709,755.12 (205,621.92 ) 1984 30 Years Ironwood at the Ranch Wesminster, CO — 1,493,300.00 13,439,304.62 — 518,833.34 1,493,300.00 13,958,137.96 15,451,437.96 (2,418,968.16 ) 1986 30 Years Isle at Arrowhead Ranch Glendale, AZ — 1,650,237.00 19,593,123.35 — 248,684.20 1,650,237.00 19,841,807.55 21,492,044.55 (2,887,121.22 ) 1996 30 Years Ivy Place Atlanta, GA — 802,950.00 7,228,256.57 — 789,169.59 802,950.00 8,017,426.16 8,820,376.16 (1,746,611.05 ) 1978 30 Years Jaclen Towers Beverly 2,082,529.15 437,071.76 2,921,735.25 — 19,335.50 437,071.76 2,941,070.75 3,378,142.51 (134,333.17 ) 1976 30 Years James Street Crossing Kent, WA 16,379,123.00 2,081,253.61 18,748,337.37 — 671,740.80 2,081,253.61 19,420,078.17 21,501,331.78 (2,962,359.21 ) 1989 30 Years Jefferson Way I Orange Park, FL 1,007,395.69 147,798.72 1,302,267.82 — 68,334.57 147,798.72 1,370,602.39 1,518,401.11 (121,952.13 ) 1987 30 Years Junipers at Yarmouth Yarmouth, ME — 1,355,700.00 7,860,134.79 — 760,790.57 1,355,700.00 8,620,925.36 9,976,625.36 (1,638,590.31 ) 1970 30 Years Jupiter Cove I Jupiter, FL 1,590,498.00 233,932.43 2,060,899.62 — 232,347.90 233,932.43 2,293,247.52 2,527,179.95 (201,948.87 ) 1987 30 Years Jupiter Cove II Jupiter, FL 1,556,210.04 1,220,000.00 483,833.40 — 119,395.40 1,220,000.00 603,228.80 1,823,228.80 (39,603.09 ) 1987 30 Years S-4
Jupiter Cove III Jupiter, FL 1,673,308.55 242,009.98 2,131,721.71 — 154,539.82 242,009.98 2,286,261.53 2,528,271.51 (188,972.02 ) 1987 30 Years Kempton Downs Gresham, OR — 1,217,348.91 10,943,371.79 — 1,307,466.23 1,217,348.91 12,250,838.02 13,468,186.93 (3,369,398.79 ) 1990 30 Years Ketwood Kettering, OH — 266,443.18 2,347,654.75 — 166,449.76 266,443.18 2,514,104.51 2,780,547.69 (218,584.76 ) 1979 30 Years Keystone Austin, TX — 498,500.00 4,487,295.31 — 893,084.06 498,500.00 5,380,379.37 5,878,879.37 (1,675,480.06 ) 1981 30 Years Kings Colony Savannah, GA 2,023,836.37 230,149.18 2,027,865.07 — 152,580.47 230,149.18 2,180,445.54 2,410,594.72 (194,619.43 ) 1987 30 Years Kingsport Alexandria, VA — 1,262,250.00 12,479,294.10 — 1,385,461.54 1,262,250.00 13,864,755.64 15,127,005.64 (3,978,382.14 ) 1986 30 Years Kirby Place Houston, TX (E ) 3,621,600.00 25,896,773.53 — 473,687.67 3,621,600.00 26,370,461.20 29,992,061.20 (4,049,319.32 ) 1994 30 Years Knox Landing Knoxville, TN 1,496,166.57 158,588.62 1,397,353.53 — 87,746.90 158,588.62 1,485,100.43 1,643,689.05 (136,808.35 ) 1986 30 Years La Costa Brava (ORL) Orlando, FL — 206,626.00 3,652,534.00 — 4,094,316.57 206,626.00 7,746,850.57 7,953,476.57 (4,773,249.80 ) 1967 30 Years La Mariposa Mesa, AZ — 2,047,539.00 12,466,128.12 — 691,629.68 2,047,539.00 13,157,757.80 15,205,296.80 (2,083,540.10 ) 1986 30 Years La Mirage San Diego, CA — 28,895,200.00 95,495,040.45 — 3,181,243.71 28,895,200.00 98,676,284.16 127,571,484.16 (15,583,702.01 ) 1988/1992 30 Years La Mirage IV San Diego, CA — 6,000,000.00 43,559,287.34 — 1,360.53 6,000,000.00 43,560,647.87 49,560,647.87 (38.40 ) 2001 30 Years La Reserve Oro Valley, AZ — 3,264,562.00 4,936,545.77 — 412,065.54 3,264,562.00 5,348,611.31 8,613,173.31 (994,284.99 ) 1988 30 Years La Tour Fontaine Houston, TX — 2,916,000.00 15,917,178.19 — 248,987.31 2,916,000.00 16,166,165.50 19,082,165.50 (1,848,411.44 ) 1994 30 Years La Ventana Las Vegas, NV — 1,427,200.00 12,844,277.03 — 426,383.58 1,427,200.00 13,270,660.61 14,697,860.61 (2,277,095.17 ) 1989 30 Years Ladera Phoenix, AZ 9,143,923.90 2,978,879.00 20,640,453.27 — 291,534.66 2,978,879.00 20,931,987.93 23,910,866.93 (3,020,739.37 ) 1995 30 Years Lake Point Charlotte, NC — 1,058,975.00 13,587,337.70 — 334,102.50 1,058,975.00 13,921,440.20 14,980,415.20 (1,705,751.21 ) 1984 30 Years Lakes at Vinings Atlanta, GA 21,762,913.63 6,498,000.00 21,832,252.08 — 1,177,814.74 6,498,000.00 23,010,066.82 29,508,066.82 (3,061,926.31 ) 1972/1975 30 Years Lakeshore at Preston Plano, TX 12,637,778.42 3,325,800.00 15,208,347.74 — 427,063.74 3,325,800.00 15,635,411.48 18,961,211.48 (2,045,353.70 ) 1992 30 Years Lakeshore I (GA) Ft. Oglethorpe, GA 1,210,396.67 169,374.96 1,492,377.98 — 143,385.62 169,374.96 1,635,763.60 1,805,138.56 (166,233.24 ) 1986 30 Years Lakeview Lodi, CA 7,286,000.00 950,000.00 4,881,263.25 — 34,424.83 950,000.00 4,915,688.08 5,865,688.08 (116,116.86 ) 1983 30 Years Lakeville Resort Petaluma, CA — 2,736,500.00 24,610,650.73 — 1,754,973.74 2,736,500.00 26,365,624.47 29,102,124.47 (5,325,169.30 ) 1984 30 Years Lakewood Tulsa, OK 5,600,000.00 855,000.00 6,160,787.53 — 44,493.25 855,000.00 6,205,280.78 7,060,280.78 (141,539.62 ) 1985 30 Years Lakewood Greens Dallas, TX 8,110,593.29 2,019,600.00 9,026,906.66 — 365,185.74 2,019,600.00 9,392,092.40 11,411,692.40 (1,320,744.11 ) 1986 30 Years Lakewood Oaks Dallas, TX — 1,631,600.00 14,686,191.51 — 1,300,315.04 1,631,600.00 15,986,506.55 17,618,106.55 (4,593,423.61 ) 1987 30 Years Landera San Antonio, TX — 766,300.00 6,896,811.43 — 654,918.51 766,300.00 7,551,729.94 8,318,029.94 (1,437,156.90 ) 1983 30 Years Landings (FL), The Winterhaven, FL 689,217.37 130,953.32 1,153,841.50 — 158,456.19 130,953.32 1,312,297.69 1,443,251.01 (120,679.15 ) 1984 30 Years Landings (TN) Memphis, TN — 1,314,000.00 14,090,108.94 — 521,887.43 1,314,000.00 14,611,996.37 15,925,996.37 (1,783,526.51 ) 1986 30 Years Landings at Port Imperial W. New York, NJ — 27,246,045.14 37,741,049.53 — 29,315.42 27,246,045.14 37,770,364.95 65,016,410.09 (1,386,583.75 ) 1999 30 Years Lantern Cove Foster City, CA 36,403,000.00 6,945,000.00 18,505,343.02 — 107,112.35 6,945,000.00 18,612,455.37 25,557,455.37 (367,849.36 ) 1985 30 Years Larkspur I (Hil) Hillard, OH — 179,628.06 1,582,518.99 — 168,858.07 179,628.06 1,751,377.06 1,931,005.12 (149,104.73 ) 1983 30 Years Larkspur Shores Hillard, OH — 17,107,300.00 31,399,237.02 — 2,974,249.02 17,107,300.00 34,373,486.04 51,480,786.04 (4,628,115.49 ) 1983 30 Years Larkspur Woods Sacramento, CA (E ) 5,802,900.00 14,576,106.49 — 605,705.14 5,802,900.00 15,181,811.63 20,984,711.63 (2,441,773.83 ) 1989/1993 30 Years Laurel Bay Ypsilanti, MI — 186,003.87 1,639,365.78 — 39,347.00 186,003.87 1,678,712.78 1,864,716.65 (139,661.24 ) 1989 30 Years Laurel Gardens Coral Springs, FL — 4,800,000.00 25,942,631.08 — 760,404.56 4,800,000.00 26,703,035.64 31,503,035.64 (3,192,240.82 ) 1989 30 Years Laurel Glen Acworth, GA 1,666,581.75 289,509.11 2,550,890.77 — 64,216.56 289,509.11 2,615,107.33 2,904,616.44 (217,909.62 ) 1986 30 Years Laurel Ridge Chapel Hill, NC — 182,550.75 3,206,076.00 — 2,079,015.27 182,550.75 5,285,091.27 5,467,642.02 (3,387,495.24 ) 1975 30 Years Legends at Preston Morrisville, NC — 3,056,000.00 27,150,720.51 — 34,117.26 3,056,000.00 27,184,837.77 30,240,837.77 (851,680.41 ) 2000 30 Years Lexington Farm Alpharetta, GA 18,021,192.71 3,521,900.00 21,449,708.40 — 431,235.65 3,521,900.00 21,880,944.05 25,402,844.05 (2,754,631.74 ) 1995 30 Years Lexington Glen Atlanta, GA — 5,760,000.00 40,190,507.44 — 936,965.35 5,760,000.00 41,127,472.79 46,887,472.79 (4,714,652.18 ) 1990 30 Years Lexington Park Orlando, FL — 2,016,000.00 12,346,725.62 — 798,368.48 2,016,000.00 13,145,094.10 15,161,094.10 (1,637,340.28 ) 1988 30 Years Lincoln Green I San Antonio, TX — 947,366.00 5,876,614.69 — 572,272.74 947,366.00 6,448,887.43 7,396,253.43 (3,818,970.82 ) 1984/1986 30 Years Lincoln Green II San Antonio, TX — 1,052,340.00 5,218,545.96 — 1,178,645.53 1,052,340.00 6,397,191.49 7,449,531.49 (3,322,929.49 ) 1984/1986 30 Years Lincoln Green III San Antonio, TX 3,510,000.00 536,010.00 1,830,435.35 — 444,695.93 536,010.00 2,275,131.28 2,811,141.28 (1,220,277.46 ) 1984/1986 30 Years Lincoln Heights Quincy, MA 20,536,053.18 5,928,400.00 33,595,261.97 — 559,220.45 5,928,400.00 34,154,482.42 40,082,882.42 (4,911,196.62 ) 1991 30 Years Lindendale Columbus, OH 1,334,608.90 209,158.53 1,842,815.57 — 154,849.56 209,158.53 1,997,665.13 2,206,823.66 (173,705.60 ) 1987 30 Years Link Terrace Hinesville, GA 866,681.49 121,838.57 1,073,580.55 — 91,847.77 121,838.57 1,165,428.32 1,287,266.89 (105,511.54 ) 1984 30 Years Little Cottonwoods Tempe, AZ — 3,050,133.00 26,991,689.47 — 883,770.19 3,050,133.00 27,875,459.66 30,925,592.66 (4,140,097.81 ) 1984 30 Years Lodge (OK), The Tulsa, OK — 313,371.00 2,750,936.00 — 1,583,499.28 313,371.00 4,334,435.28 4,647,806.28 (2,954,074.92 ) 1979 30 Years Lodge (TX), The San Antonio, TX — 1,363,636.00 7,464,586.00 — 2,351,691.15 1,363,636.00 9,816,277.15 11,179,913.15 (4,702,464.27 ) 1979(#) 30 Years Lofton Place Tampa, FL — 2,240,000.00 16,679,214.01 — 767,302.08 2,240,000.00 17,446,516.09 19,686,516.09 (2,141,191.41 ) 1988 30 Years Longfellow Glen Sudbury, MA 4,863,183.82 1,094,273.45 7,314,994.04 — 164,710.98 1,094,273.45 7,479,705.02 8,573,978.47 (314,954.33 ) 1984 30 Years S-5
EQUITY RESIDENTIAL PROPERTIES TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER
Schedule III — Real Estate and Accumulated Depreciation
December 31,1999
INITIAL COST TO DESCRIPTION COMPANY - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & APARTMENT NAME LOCATION ENCUMBRANCES LAND FIXTURES - ------------------------------------------------------------------------------------------------------------------------------------Cedarwood (OH) Parkersburg, OH 429,100 23,916 215,243 Cedarwood I (Bel) Parkersburg, OH - 82,082 738,735 Cedarwood I (FL) Ocala, FL 742,098 119,470 1,075,226 Cedarwood I and II (IN) Elkhart, IN 1,935,444 251,745 2,265,704 Cedarwood I (KY) Lexington, KY 725,701 106,681 960,127 Cedarwood II (FL) Ocala, FL 565,693 98,372 885,352 Cedarwood II (KY) Lexington, KY 996,680 106,724 960,518 Cedarwood III (KY) Lexington, KY 851,423 102,491 922,420 Celebration Westchase Houston, TX - 2,204,590 6,667,960 Centre Lake III Miami, FL 4,746,131 685,601 6,170,412 Champion Oaks Houston, TX 6,594,689 931,900 8,389,394 Champions Club Glen Allen, VA - 954,000 12,417,167 Champion's Park Norcross, GA - 1,134,000 14,570,304 Chandler Court Chandler, AZ - 1,352,600 12,175,173 Chandler's Bay Kent, WA - 1,503,400 13,640,021 Chantecleer Lakes Naperville, IL (E) 6,688,000 16,341,986 Chaparral Largo, FL - 303,100 6,261,338 Chardonnay Park Redmond, WA 3,426,890 1,297,500 6,725,737 Charing Cross Toledo, OH 804,122 154,584 1,391,260 Charter Club Everett, WA - 998,700 9,012,305 Chartwell Court Houston, TX - 1,215,000 12,827,843 Chatelaine Park Duluth, GA - 1,818,000 24,489,671 Chatham Wood High Point, NC - 700,000 8,311,884 Chelsea Court Cleveland, OH 684,336 145,835 1,312,517 Chelsea Square Redmond, WA - 3,390,000 9,289,074 Cherry Creek I,II,&III (TN) Hermitage, TN - 2,942,345 45,483,592 Cherry Glen I & II Indianapolis, IN 3,176,114 335,596 3,020,362 Cherry Hill Seattle, WA - 700,100 6,300,112 Cherry Tree Baltimore, MD 2,009,159 352,003 3,168,025 Chestnut Hills Tacoma, WA - 756,300 6,806,635 Cheyenne Crest Colorado Springs, CO - 73,950 4,131,145 Chicksaw Crossing Orlando, FL 11,707,137 2,044,000 12,366,832 Chimneys Charlotte, NC - 904,700 8,154,674 Cierra Crest Denver, CO 21,409,834 4,800,000 34,894,898 Cimarron Ridge Denver, CO - 1,591,100 14,320,031 Cityscape South Louis Park, MN (U) 1,560,000 10,794,604 Claire Point Jacksonville, FL - 2,048,000 14,649,393 Clarion Decatur, GA - 1,501,900 13,537,919 Clarys Crossing Columbia, MD - 891,000 15,489,721 Classic, The Stamford, CT - 2,880,000 19,918,680 Clearlake Pines II Melbourne, FL 893,282 119,280 1,073,518 Clearview I Indianapolis, IN 1,091,745 182,206 1,639,850 Clearview II Indianapolis, IN - 226,963 2,042,667 Clearwater Cleveland, OH 1,036,652 128,303 1,154,728 Cloisters on the Green Lexington, KY - 187,074 1,746,721 Club at Tanasbourne Hillsboro, OR 10,981,261 3,520,000 16,271,439 Club at the Green Beaverton, OR - 2,030,150 12,622,687 Coach Lantern Scarborough, ME - 450,000 4,405,723 Coachman Trails Plymouth, MN 6,491,117 1,224,000 9,532,005 Coconut Palm Club Coconut Creek, GA - 3,000,000 17,689,319 Colinas Pointe Denver, CO (E) 1,587,400 14,285,902 Colony Place Fort Myers, FL - 1,500,000 20,920,274 Colony Woods Birmingham, AL 12,628,842 1,656,000 21,787,686 Concord Square Cincinnati, OH - 121,509 1,093,577 Concord Square (IN) Kokomo, IN 749,854 123,247 1,109,220 Concord Square I & II (OH) Mansfiled, OH 1,240,279 164,124 1,477,118 Concorde Bridge Overland Park, KS - 1,972,400 17,776,438OST CAPITALIZED SUBSEQUENT TO GROSS AMOUNT CARRIED ACQUISITION AT CLOSE OF DESCRIPTION IMPROVEMENTS, NET) (I) PERIOD 12/31/99 - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & BUILDING & APARTMENT NAME AND FIXTURES LAND FIXTURES (A) TOTAL (B) - ------------------------------------------------------------------------------------------------------------------------------------Cedarwood (OH) - 7,433 23,916 222,676 246,592 Cedarwood I (Bel) - 2,249 82,082 740,983 823,065 Cedarwood I (FL) - 5,118 119,470 1,080,344 1,199,814 Cedarwood I and II (IN) - 5,809 251,745 2,271,513 2,523,258 Cedarwood I (KY) - 6,114 106,681 966,241 1,072,922 Cedarwood II (FL) - 824 98,372 886,177 984,549 Cedarwood II (KY) - 10,626 106,724 971,144 1,077,868 Cedarwood III (KY) - 8,760 102,491 931,180 1,033,671 Celebration Westchase 100 959,088 2,204,690 7,627,048 9,831,738 Centre Lake III - 21,744 685,601 6,192,157 6,877,758 Champion Oaks - 698,062 931,900 9,087,455 10,019,355 Champions Club - 224,038 954,000 12,641,205 13,595,205 Champion's Park - 149,012 1,134,000 14,719,315 15,853,315 Chandler Court 500 1,328,359 1,353,100 13,503,532 14,856,632 Chandler's Bay 3,500 1,114,241 1,506,900 14,754,262 16,261,162 Chantecleer Lakes 1,400 421,596 6,689,400 16,763,582 23,452,982 Chaparral - 3,178,219 303,100 9,439,557 9,742,656 Chardonnay Park - 63,719 1,297,500 6,789,456 8,086,956 Charing Cross - 1,200 154,584 1,392,460 1,547,044 Charter Club 2,400 330,203 1,001,100 9,342,507 10,343,607 Chartwell Court 700 137,139 1,215,700 12,964,982 14,180,682 Chatelaine Park - 126,922 1,818,000 24,616,593 26,434,593 Chatham Wood - 158,743 700,000 8,470,627 9,170,627 Chelsea Court - 2,496 145,835 1,315,014 1,460,849 Chelsea Square 7,100 75,975 3,397,100 9,365,049 12,762,149 Cherry Creek I,II,&III (TN) - 38,332 2,942,345 45,521,924 48,464,269 Cherry Glen I & II - 15,041 335,596 3,035,402 3,370,998 Cherry Hill - 93,802 700,100 6,393,914 7,094,014 Cherry Tree - 8,880 352,003 3,176,905 3,528,908 Chestnut Hills - 166,132 756,300 6,972,767 7,729,067 Cheyenne Crest 100 749,398 74,050 4,880,543 4,954,593 Chicksaw Crossing - 146,530 2,044,000 12,513,362 14,557,362 Chimneys 2,400 434,384 907,100 8,589,058 9,496,158 Cierra Crest 3,100 180,735 4,803,100 35,075,632 39,878,732 Cimarron Ridge - 951,302 1,591,100 15,271,333 16,862,433 Cityscape 3,200 184,970 1,563,200 10,979,573 12,542,773 Claire Point - 214,007 2,048,000 14,863,400 16,911,400 Clarion 2,400 107,696 1,504,300 13,645,616 15,149,916 Clarys Crossing - 98,932 891,000 15,588,653 16,479,653 Classic, The 3,500 313,369 2,883,500 20,232,050 23,115,550 Clearlake Pines II - 1,967 119,280 1,075,484 1,194,764 Clearview I - 4,333 182,206 1,644,183 1,826,388 Clearview II - 5,337 226,963 2,048,005 2,274,968 Clearwater - 2,234 128,303 1,156,962 1,285,265 Cloisters on the Green - 2,315,324 187,074 4,062,045 4,249,119 Club at Tanasbourne 1,300 712,875 3,521,300 16,984,314 20,505,614 Club at the Green 800 610,142 2,030,950 13,232,829 15,263,779 Coach Lantern 2,900 109,901 452,900 4,515,624 4,968,524 Coachman Trails 3,000 163,946 1,227,000 9,695,951 10,922,951 Coconut Palm Club 1,700 322,508 3,001,700 18,011,827 21,013,527 Colinas Pointe - 286,023 1,587,400 14,571,925 16,159,325 Colony Place - 194,577 1,500,000 21,114,851 22,614,851 Colony Woods 1,300 101,463 1,657,300 21,889,148 23,546,448 Concord Square - 1,138 121,509 1,094,715 1,216,223 Concord Square (IN) - 4,837 123,247 1,114,057 1,237,303 Concord Square I & II (OH) - 4,349 164,124 1,481,466 1,645,590 Concorde Bridge 2,400 535,564 1,974,800 18,312,002 20,286,802LIFE USED TO COMPUTE DESCRIPTION DEPRECIATION IN - ------------------------------------------------------------------------------------- ACCUMULATED DATE OF LATEST INCOME APARTMENT NAME DEPRECIATION CONSTRUCTION STATEMENT (C) - -------------------------------------------------------------------------------------Cedarwood (OH) (2,513) 1982 30 Years Cedarwood I (Bel) (6,987) 1980 30 Years Cedarwood I (FL) (10,037) 1978 30 Years Cedarwood I and II (IN) (20,481) 1983/84 30 Years Cedarwood I (KY) (9,053) 1984 30 Years Cedarwood II (FL) (8,056) 1980 30 Years Cedarwood II (KY) (9,205) 1986 30 Years Cedarwood III (KY) (8,704) 1986 30 Years Celebration Westchase (2,157,668) 1979 30 Years Centre Lake III (55,787) 1986 30 Years Champion Oaks (1,876,080) 1984 30 Years Champions Club (574,482) 1988 30 Years Champion's Park (672,437) 1987 30 Years Chandler Court (1,968,600) 1987 30 Years Chandler's Bay (2,950,212) 1989 30 Years Chantecleer Lakes (1,399,079) 1986 30 Years Chaparral (6,636,364) 1976 30 Years Chardonnay Park (597,014) 1982-1989 30 Years Charing Cross (12,732) 1978 30 Years Charter Club (2,031,374) 1991 30 Years Chartwell Court (960,130) 1995 30 Years Chatelaine Park (1,092,990) 1995 30 Years Chatham Wood (408,826) 1986 30 Years Chelsea Court (12,049) 1981 30 Years Chelsea Square (502,839) 1991 30 Years Cherry Creek I,II,&III (TN) (1,315,473) 1986/96 30 Years Cherry Glen I & II (27,894) 1986/87 30 Years Cherry Hill (608,893) 1991 30 Years Cherry Tree (28,275) 1986 30 Years Chestnut Hills (701,302) 1991 30 Years Cheyenne Crest (1,332,855) 1984 30 Years Chicksaw Crossing (587,728) 1986 30 Years Chimneys (757,432) 1974 30 Years Cierra Crest (2,574,457) 1996 30 Years Cimarron Ridge (1,569,561) 1984 30 Years Cityscape (798,782) 1990 30 Years Claire Point (679,020) 1986 30 Years Clarion (1,107,543) 1990 30 Years Clarys Crossing (698,024) 1984 30 Years Classic, The (1,599,059) 1990 30 Years Clearlake Pines II (9,861) 1985 30 Years Clearview I (14,950) 1986 30 Years Clearview II (18,479) 1987 30 Years Clearwater (10,381) 1986 30 Years Cloisters on the Green (2,989,242) 1974 30 Years Club at Tanasbourne (1,720,349) 1990 30 Years Club at the Green (1,388,047) 1991 30 Years Coach Lantern (314,592) 1971/1981 30 Years Coachman Trails (520,267) 1987 30 Years Coconut Palm Club (1,038,093) 1992 30 Years Colinas Pointe (1,396,068) 1986 30 Years Colony Place (950,675) 1991 30 Years Colony Woods (1,164,356) 1991/1994 30 Years Concord Square (9,967) 1982 30 Years Concord Square (IN) (10,217) 1983 30 Years Concord Square I & II (OH) (13,691) 1981/83 30 Years Concorde Bridge (1,507,828) 1973 30 Years2001
Initial Cost to
CompanyCost Capitalized
Subsequent to
(Improvements, net) (H)Gross Amount Carried
at Close of
Period 12/31/01Description Life Used to
Compute
Depreciation in
Latest Income
Statement (C)Apartment Name Location Encumbrances Land Building &
FixturesLand Building &
FixturesLand Building &
Fixtures (A)Total (B) Accumulated
DepreciationDate of
ConstructionLongfellow Place Boston, MA (T) — 53,164,160.00 183,940,618.58 — 6,650,987.48 53,164,160.00 190,591,606.06 243,755,766.06 (16,102,637.27 ) 1975 30 Years Longwood Decatur, GA — 1,454,048.00 13,087,837.00 — 622,586.87 1,454,048.00 13,710,423.87 15,164,471.87 (3,984,430.24 ) 1992 30 Years Longwood (KY) Lexington,KY 912,582.23 146,309.02 1,289,041.95 — 99,195.63 146,309.02 1,388,237.58 1,534,546.60 (122,287.23 ) 1985 30 Years Loomis Manor West Hartford, CT 1,768,351.00 422,350.36 2,823,325.73 — 44,547.47 422,350.36 2,867,873.20 3,290,223.56 (122,619.79 ) 1948 30 Years Madison at Cedar Springs Dallas, TX 15,672,076.39 2,470,000.00 33,194,620.41 — 314,308.07 2,470,000.00 33,508,928.48 35,978,928.48 (3,810,677.81 ) 1995 30 Years Madison at Chase Oaks Plano, TX — 3,055,000.00 28,932,884.84 — 487,497.99 3,055,000.00 29,420,382.83 32,475,382.83 (3,459,987.96 ) 1995 30 Years Madison at River Sound Lawrenceville, GA — 3,666,999.30 47,387,106.44 — 274,849.26 3,666,999.30 47,661,955.70 51,328,955.00 (5,455,446.48 ) 1996 30 Years Madison at Round Grove Lewisville, TX 10,552,968.30 2,626,000.00 25,682,373.18 — 410,231.19 2,626,000.00 26,092,604.37 28,718,604.37 (3,083,267.46 ) 1995 30 Years Madison at Scofield Farms Austin, TX 12,747,524.72 2,080,000.00 14,597,971.03 — 457,178.34 2,080,000.00 15,055,149.37 17,135,149.37 (722,710.45 ) 1996 30 Years Madison at Stone Creek Austin, TX — 2,535,000.00 22,611,699.63 — 701,912.41 2,535,000.00 23,313,612.04 25,848,612.04 (2,755,864.17 ) 1995 30 Years Madison at the Arboretum Austin, TX — 1,046,500.00 9,638,268.79 — 465,265.89 1,046,500.00 10,103,534.68 11,150,034.68 (1,227,354.83 ) 1995 30 Years Madison at Walnut Creek Austin, TX (E ) 2,737,600.00 14,623,573.62 — 730,601.24 2,737,600.00 15,354,174.86 18,091,774.86 (2,481,123.40 ) 1994 30 Years Madison at Wells Branch Austin, TX 13,838,387.25 2,400,000.00 16,370,878.87 — 590,261.65 2,400,000.00 16,961,140.52 19,361,140.52 (820,888.89 ) 1995 30 Years Madison on Melrose Richardson, TX — 1,300,000.00 15,096,550.79 — 248,598.21 1,300,000.00 15,345,149.00 16,645,149.00 (1,769,382.57 ) 1995 30 Years Madison on the Parkway Dallas, TX — 2,444,000.00 22,505,043.24 — 463,448.56 2,444,000.00 22,968,491.80 25,412,491.80 (2,705,165.27 ) 1995 30 Years Mallard Cove Greenville, SC — 813,350.00 7,321,951.26 — 1,046,144.60 813,350.00 8,368,095.86 9,181,445.86 (2,029,093.11 ) 1983 30 Years Mallard Cove at Conway Orlando, FL — 600,000.00 3,528,927.00 — 4,289,487.96 600,000.00 7,818,414.96 8,418,414.96 (5,747,065.05 ) 1974 30 Years Mallgate Louisville, KY — — 6,702,515.00 — 4,900,891.49 — 11,603,406.49 11,603,406.49 (8,807,285.54 ) 1969 30 Years Manchester (REIT) Jacksonville, Fl 1,262,548.28 184,100.00 1,657,193.63 — 35,859.07 184,100.00 1,693,052.70 1,877,152.70 (62,491.82 ) 1985 30 Years Marabou Mills I Indianpolis, IN 1,365,313.18 224,177.96 1,974,952.13 — 147,346.04 224,177.96 2,122,298.17 2,346,476.13 (191,617.55 ) 1986 30 Years Marabou Mills II Indianpolis, IN — 192,186.25 1,693,220.33 — 88,819.32 192,186.25 1,782,039.65 1,974,225.90 (156,128.79 ) 1987 30 Years Marabou Mills III Indianpolis, IN 1,152,533.53 171,556.72 1,511,601.62 — 74,681.52 171,556.72 1,586,283.14 1,757,839.86 (136,607.32 ) 1987 30 Years Mariner Club (FL) Pembroke Pines, FL 9,309,240.43 1,824,500.00 20,771,566.44 — 408,833.84 1,824,500.00 21,180,400.28 23,004,900.28 (2,512,989.83 ) 1988 30 Years Mariners Wharf Orange Park, FL — 1,861,200.00 16,744,951.02 — 406,005.35 1,861,200.00 17,150,956.37 19,012,156.37 (2,711,100.95 ) 1989 30 Years Mark Landing I Miami, FL 1,280,381.26 191,985.73 1,691,253.52 — 59,155.57 191,985.73 1,750,409.09 1,942,394.82 (148,926.52 ) 1987 30 Years Marks Englewood, CO (T) 20,215,000.00 4,928,500.00 44,621,813.77 — 1,624,346.04 4,928,500.00 46,246,159.81 51,174,659.81 (7,873,640.51 ) 1987 30 Years Marquessa Corona Hills, CA (R ) 6,888,500.00 21,604,583.64 — 828,040.53 6,888,500.00 22,432,624.17 29,321,124.17 (3,504,292.06 ) 1992 30 Years Marsh Landing I Brunswick, GA — 133,192.75 1,173,573.30 — 160,327.69 133,192.75 1,333,900.99 1,467,093.74 (122,557.91 ) 1984 30 Years Marshlanding II Brunswick, GA 927,306.51 111,187.09 979,679.39 — 102,618.07 111,187.09 1,082,297.46 1,193,484.55 (99,922.68 ) 1986 30 Years Martha Lake Lynnwood, WA — 821,200.00 7,405,070.49 — 962,749.10 821,200.00 8,367,819.59 9,189,019.59 (1,437,073.90 ) 1991 30 Years Martins Landing Roswell, GA 12,433,225.00 4,802,000.00 12,899,971.68 — 838,194.58 4,802,000.00 13,738,166.26 18,540,166.26 (1,853,511.73 ) 1972 30 Years McDowell Place Naperville, IL 14,985,079.01 2,580,400.00 23,209,628.88 — 1,299,859.12 2,580,400.00 24,509,488.00 27,089,888.00 (4,924,499.58 ) 1988 30 Years Meadow Ridge Norwich, CT 4,472,657.61 747,956.65 4,999,937.12 — 55,148.05 747,956.65 5,055,085.17 5,803,041.82 (221,314.97 ) 1987 30 Years Meadowland Bogart, GA — 152,394.70 1,342,663.37 — 41,265.26 152,394.70 1,383,928.63 1,536,323.33 (120,205.25 ) 1984 30 Years Meadowood (Cin) Cincinnati, OH — 330,734.47 2,913,731.09 — 132,672.64 330,734.47 3,046,403.73 3,377,138.20 (257,129.98 ) 1985 30 Years Meadowood (Cuy) Cuyahoga Falls, OH 1,240,053.16 201,406.59 1,774,784.23 — 122,690.88 201,406.59 1,897,475.11 2,098,881.70 (154,435.63 ) 1985 30 Years Meadowood (Fra) Franklin, IN 987,833.77 129,251.57 1,138,733.20 — 95,144.61 129,251.57 1,233,877.81 1,363,129.38 (113,427.50 ) 1983 30 Years Meadowood (New) Newburgh, IN 952,926.76 131,546.01 1,159,063.71 — 66,367.80 131,546.01 1,225,431.51 1,356,977.52 (111,653.21 ) 1984 30 Years Meadowood (Nic) Nicholasville, KY 1,368,327.43 173,222.98 1,526,283.21 — 130,305.62 173,222.98 1,656,588.83 1,829,811.81 (146,187.15 ) 1983 30 Years Meadowood (OH) Flatwoods, KY 842,082.89 96,349.54 848,944.48 — 76,867.50 96,349.54 925,811.98 1,022,161.52 (82,444.33 ) 1983 30 Years Meadowood (Tem) Temperance, MI 1,301,920.11 173,674.59 1,530,262.41 — 32,332.74 173,674.59 1,562,595.15 1,736,269.74 (130,323.74 ) 1984 30 Years Meadowood (Wel) Wellsville, OH — 58,570.28 516,067.98 — 43,059.52 58,570.28 559,127.50 617,697.78 (53,380.39 ) 1986 30 Years Meadowood Apts. (Man) Mansfield, OH 909,059.75 118,504.27 1,044,001.75 — 126,692.89 118,504.27 1,170,694.64 1,289,198.91 (101,091.61 ) 1983 30 Years Meadowood I (GA) Norcross, GA — 205,467.55 1,810,393.05 — 100,365.70 205,467.55 1,910,758.75 2,116,226.30 (157,715.80 ) 1982 30 Years Meadowood I (MI) Jackson, MI 920,691.19 146,207.88 1,288,500.74 — 61,708.44 146,207.88 1,350,209.18 1,496,417.06 (111,627.03 ) 1983 30 Years Meadowood I (OH) Columbus, OH — 146,912.36 1,294,457.97 — 172,970.52 146,912.36 1,467,428.49 1,614,340.85 (141,197.86 ) 1984 30 Years Meadowood II (FL) Altamonte Springs, FL 793,663.28 160,366.67 1,413,005.15 — 45,070.84 160,366.67 1,458,075.99 1,618,442.66 (123,605.69 ) 1980 30 Years Meadowood II (GA) Norcross, GA — 176,968.08 1,559,544.46 — 96,869.56 176,968.08 1,656,414.02 1,833,382.10 (138,369.68 ) 1984 30 Years Meadowood II (OH) Columbus, OH 472,665.35 57,801.92 509,198.89 — 71,309.14 57,801.92 580,508.03 638,309.95 (54,615.08 ) 1985 30 Years Meadows I (OH), The Columbus, OH 756,797.37 150,800.30 1,328,616.01 — 125,788.98 150,800.30 1,454,404.99 1,605,205.29 (131,365.92 ) 1985 30 Years Meadows II (OH), The Columbus, OH 1,134,461.91 186,636.48 1,644,520.78 — 121,951.00 186,636.48 1,766,471.78 1,953,108.26 (154,267.71 ) 1987 30 Years Meadows in the Park Birmingham, AL — 1,000,900.00 8,533,099.29 — 456,234.18 1,000,900.00 8,989,333.47 9,990,233.47 (1,486,033.71 ) 1986 30 Years Meadows on the Lake Birmingham, AL — 1,000,900.00 8,515,348.35 — 343,715.53 1,000,900.00 8,859,063.88 9,859,963.88 (1,403,539.67 ) 1987 30 Years Meldon Place Toledo, OH 2,331,026.09 288,433.76 2,541,700.52 — 402,025.26 288,433.76 2,943,725.78 3,232,159.54 (284,571.79 ) 1978 30 Years Merrifield Salisbury, MD 1,978,084.32 268,711.88 2,367,644.55 — 93,784.52 268,711.88 2,461,429.07 2,730,140.95 (207,140.42 ) 1988 30 Years Merrill Creek Lakewood, WA — 814,200.00 7,330,605.66 — 268,243.15 814,200.00 7,598,848.81 8,413,048.81 (1,307,316.60 ) 1994 30 Years Merrimac Woods Costa Mesa, CA — 675,700.00 6,081,676.67 — 691,668.88 675,700.00 6,773,345.55 7,449,045.55 (1,445,819.97 ) 1970 30 Years Merritt at Satellite Place Duluth, GA — 3,400,000.00 30,115,674.42 — 87,898.92 3,400,000.00 30,203,573.34 33,603,573.34 (2,418,722.24 ) 1999 30 Years Mesa Del Oso Albuquerque, NM 10,961,721.58 4,305,000.00 12,057,358.28 — 76,483.36 4,305,000.00 12,133,841.64 16,438,841.64 (257,589.99 ) 1983 30 Years Miguel Place Port Richey, FL 1,438,948.19 199,349.05 1,756,482.38 — 178,218.53 199,349.05 1,934,700.91 2,134,049.96 (175,708.51 ) 1987 30 Years Mill Pond Millersville, MD 7,641,784.38 2,880,000.00 8,950,400.03 — 492,966.01 2,880,000.00 9,443,366.04 12,323,366.04 (1,125,368.28 ) 1984 30 Years Mill Village Randolph, MA 12,560,000.00 6,185,300.00 13,191,505.89 — 1,069,133.28 6,185,300.00 14,260,639.17 20,445,939.17 (2,279,117.81 ) 1971/1977 30 Years Millburn Stow, OH 159,019.31 192,062.04 1,692,275.85 — 49,810.72 192,062.04 1,742,086.57 1,934,148.61 (144,501.20 ) 1984 30 Years Millburn Court I Centerville, OH — 260,000.00 1,246,756.52 — 40,997.35 260,000.00 1,287,753.87 1,547,753.87 (60,009.37 ) 1979 30 Years Millburn Court II Centerville, OH 887,381.81 122,870.44 1,082,697.52 — 170,311.88 122,870.44 1,253,009.40 1,375,879.84 (119,889.72 ) 1981 30 Years Mission Bay Orlando, FL — 2,432,000.00 21,623,560.46 — 409,674.63 2,432,000.00 22,033,235.09 24,465,235.09 (2,603,436.19 ) 1991 30 Years Mission Hills Oceanside, CA 10,416,347.64 5,640,000.00 21,130,732.38 — 143,667.98 5,640,000.00 21,274,400.36 26,914,400.36 (644,636.96 ) 1984 30 Years Misty Woods Cary, NC — 720,790.00 18,063,934.26 — 1,650,965.27 720,790.00 19,714,899.53 20,435,689.53 (2,631,197.60 ) 1984 30 Years S-6
Montecito Valencia, CA — 8,400,000.00 24,709,145.69 — 133,577.15 8,400,000.00 24,842,722.84 33,242,722.84 (885,862.61 ) 1999 30 Years Montgomery Court I (MI) Haslett, MI 1,179,149.16 156,297.73 1,377,153.31 — 133,893.22 156,297.73 1,511,046.53 1,667,344.26 (130,746.31 ) 1984 30 Years Montgomery Court I (OH) Dublin, OH 1,250,671.79 163,755.09 1,442,642.83 — 204,344.65 163,755.09 1,646,987.48 1,810,742.57 (148,706.86 ) 1985 30 Years Montgomery Court II (OH) Dublin, OH — 149,733.82 1,319,417.16 — 113,880.66 149,733.82 1,433,297.82 1,583,031.64 (121,238.11 ) 1986 30 Years Montierra Scottsdale, AZ — 3,455,000.00 17,266,786.53 — 127,547.33 3,455,000.00 17,394,333.86 20,849,333.86 (1,719,410.21 ) 1999 30 Years Montrose Square Columbus, OH — 193,266.04 1,703,260.43 — 271,170.07 193,266.04 1,974,430.50 2,167,696.54 (190,880.39 ) 1987 30 Years Morgan Trace Union City, GA 1,386,691.30 239,102.45 2,105,728.19 — 94,361.15 239,102.45 2,200,089.34 2,439,191.79 (190,450.72 ) 1986 30 Years Morningside Scottsdale, AZ — 670,470.00 12,607,976.02 — 381,813.99 670,470.00 12,989,790.01 13,660,260.01 (1,920,500.35 ) 1989 30 Years Morningside (FL) Titusville, FL — 197,889.52 1,743,622.33 — 382,147.30 197,889.52 2,125,769.63 2,323,659.15 (224,437.30 ) 1984 30 Years Mosswood I Winter Springs, FL 757,050.19 163,293.72 1,438,795.64 — 104,046.87 163,293.72 1,542,842.51 1,706,136.23 (136,265.14 ) 1981 30 Years Mosswood II Winter Springs, FL 1,505,917.07 275,329.91 2,426,157.56 — 96,016.92 275,329.91 2,522,174.48 2,797,504.39 (215,755.29 ) 1982 30 Years Mountain Park Ranch Phoenix, AZ (M ) 1,662,332.00 18,260,275.87 — 522,439.47 1,662,332.00 18,782,715.34 20,445,047.34 (2,849,683.80 ) 1994 30 Years Mountain Run Albuquerque, NM — 2,304,000.00 20,734,818.06 — 1,040,173.35 2,304,000.00 21,774,991.41 24,078,991.41 (4,031,188.32 ) 1985 30 Years Mountain Terrace Stevenson Ranch, CA — 3,966,500.00 35,814,994.74 — 765,112.59 3,966,500.00 36,580,107.33 40,546,607.33 (6,780,075.59 ) 1992 30 Years Nehoiden Glen Needham, MA 2,342,858.68 634,537.73 4,241,754.83 — 36,958.60 634,537.73 4,278,713.43 4,913,251.16 (179,534.32 ) 1978 30 Years Newberry I Lansing, MI 1,103,255.33 183,508.91 1,616,913.48 — 136,021.66 183,508.91 1,752,935.14 1,936,444.05 (156,503.94 ) 1985 30 Years Newberry II Lansing, MI 1,174,665.78 142,292.43 1,253,951.34 — 93,154.14 142,292.43 1,347,105.48 1,489,397.91 (120,028.98 ) 1986 30 Years Newport Heights Tukwila, WA — 391,200.00 3,522,780.07 — 521,129.87 391,200.00 4,043,909.94 4,435,109.94 (1,192,201.83 ) 1985 30 Years Noonan Glen Winchester, MA 577,319.95 151,343.51 1,011,700.36 — 54,550.80 151,343.51 1,066,251.16 1,217,594.67 (44,431.43 ) 1983 30 Years North Creek (Everett) Evertt, WA — 3,967,500.00 12,387,189.94 — 567,690.51 3,967,500.00 12,954,880.45 16,922,380.45 (1,693,071.20 ) 1986 30 Years North Hill Atlanta, GA 15,628,982.39 2,525,300.00 18,550,989.31 — 4,122,828.85 2,525,300.00 22,673,818.16 25,199,118.16 (4,868,926.13 ) 1984 30 Years Northampton 1 Largo, MD 19,950,834.63 1,843,200.00 17,528,380.75 — 2,462,983.47 1,843,200.00 19,991,364.22 21,834,564.22 (6,346,762.53 ) 1977 30 Years Northampton 2 Largo, MD — 1,513,500.00 14,246,990.27 — 986,159.49 1,513,500.00 15,233,149.76 16,746,649.76 (4,201,568.36 ) 1988 30 Years Northgate Village San Antonio, TX — 660,100.00 5,974,145.35 — 1,055,488.17 660,100.00 7,029,633.52 7,689,733.52 (2,492,175.49 ) 1984 30 Years Northglen Valencia, CA 15,193,319.49 9,360,000.00 20,778,552.71 — 158,247.48 9,360,000.00 20,936,800.19 30,296,800.19 (762,136.87 ) 1988 30 Years Northridge Pleasant Hill, CA — 5,527,800.00 14,691,704.52 — 863,730.21 5,527,800.00 15,555,434.73 21,083,234.73 (2,201,058.01 ) 1974 30 Years Northridge (GA) Carrolton, GA — 238,810.55 2,104,181.16 — 84,460.96 238,810.55 2,188,642.12 2,427,452.67 (188,599.63 ) 1985 30 Years Northrup Court I Coraopolis, PA 1,343,152.35 189,245.89 1,667,462.56 — 111,976.62 189,245.89 1,779,439.18 1,968,685.07 (150,029.76 ) 1985 30 Years Northrup Court II Coraopolis, PA 852,912.68 157,190.30 1,385,017.88 — 83,389.45 157,190.30 1,468,407.33 1,625,597.63 (127,171.60 ) 1985 30 Years Northwoods Village Cary, NC (E ) 1,369,700.00 11,460,336.89 — 1,054,730.46 1,369,700.00 12,515,067.35 13,884,767.35 (2,168,945.56 ) 1986 30 Years Norton Glen Norton, MA 4,800,960.60 1,012,555.59 6,768,726.88 — 108,143.63 1,012,555.59 6,876,870.51 7,889,426.10 (298,571.10 ) 1983 30 Years Nova Glen I Daytona Beach, FL — 142,085.70 1,251,929.83 — 221,526.14 142,085.70 1,473,455.97 1,615,541.67 (136,025.03 ) 1984 30 Years Nova Glen II Daytona Beach, FL — 175,167.84 1,543,419.55 — 122,008.13 175,167.84 1,665,427.68 1,840,595.52 (148,591.99 ) 1986 30 Years Novawood I Daytona Beach, FL 149,213.33 122,311.47 1,077,897.38 — 81,755.49 122,311.47 1,159,652.87 1,281,964.34 (104,908.10 ) 1980 30 Years Novawood II Daytona Beach, FL 695,847.38 144,401.43 1,272,483.95 — 69,413.35 144,401.43 1,341,897.30 1,486,298.73 (116,916.73 ) 1980 30 Years Oak Gardens Hollywood, FL — 329,967.88 2,907,287.62 — 65,009.54 329,967.88 2,972,297.16 3,302,265.04 (250,445.84 ) 1988 30 Years Oak Mill 2 Germantown, MD 9,600,000.00 854,132.73 9,010,184.18 — 595,242.27 854,132.73 9,605,426.45 10,459,559.18 (2,411,207.87 ) 1985 30 Years Oak Park North Agoura Hills, CA (L ) 1,706,900.00 15,362,665.94 — 472,871.14 1,706,900.00 15,835,537.08 17,542,437.08 (3,551,635.45 ) 1990 30 Years Oak Park South Agoura Hills, CA (L ) 1,683,800.00 15,154,607.90 — 551,091.16 1,683,800.00 15,705,699.06 17,389,499.06 (3,571,447.35 ) 1989 30 Years Oak Ridge Clermont, FL 1,188,632.36 173,616.92 1,529,936.27 — 230,737.51 173,616.92 1,760,673.78 1,934,290.70 (154,107.23 ) 1985 30 Years Oak Shade Orange City, FL — 229,403.00 2,021,290.39 — 85,230.13 229,403.00 2,106,520.52 2,335,923.52 (182,133.17 ) 1985 30 Years Oakland Hills Margate, FL 4,884,575.57 3,040,000.00 4,930,603.61 — 480,587.50 3,040,000.00 5,411,191.11 8,451,191.11 (296,541.62 ) 1987 30 Years Oakley Woods Union City, GA 1,098,792.31 165,448.86 1,457,484.78 — 129,612.12 165,448.86 1,587,096.90 1,752,545.76 (148,490.30 ) 1984 30 Years Oaks (NC) Charlotte, NC — 2,196,744.00 23,601,539.52 — 231,149.49 2,196,744.00 23,832,689.01 26,029,433.01 (2,765,807.35 ) 1996 30 Years Oakwood Manor Hollywood, FL — 173,246.93 1,525,972.93 — 42,537.90 173,246.93 1,568,510.83 1,741,757.76 (135,271.43 ) 1986 30 Years S-7
EQUITY RESIDENTIAL PROPERTIES TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER
Schedule III — Real Estate and Accumulated Depreciation
December 31,1999
INITIAL COST TO DESCRIPTION COMPANY - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & APARTMENT NAME LOCATION ENCUMBRANCES LAND FIXTURES - ------------------------------------------------------------------------------------------------------------------------------------Conway Station Orlando, FL - 1,936,000 10,852,858 Copper Canyon Denver, CO - 1,443,000 16,064,368 Copper Creek Phoenix, AZ - 1,017,400 9,148,068 Copper Hill Bedford, TX - 1,020,000 6,001,680 Copper Terrace Orlando, FL - 1,200,000 17,887,868 Copperfield San Antonio, TX - 791,200 7,121,171 Country Brook Chandler, AZ (O) 1,505,219 29,542,535 Country Club Place (FL) Pembroke Pines, FL - 912,000 10,016,543 Country Club Village Seattle, WA - 1,150,500 10,352,179 Country Gables Beaverton, OR 8,204,727 1,580,500 14,248,239 Country Ridge Farmington Hills, MI (U) 1,605,800 14,599,936 Countryside San Antonio, TX - 667,500 6,008,259 Countryside I Daytona Beach, FL - 136,665 1,229,981 Countryside II Daytona Beach, FL - 234,633 2,111,700 Countryside Manor Atlanta, GA 1,163,328 298,186 2,683,678 Coventry at Cityview Fort Worth, TX - 2,160,000 23,072,847 Creekside (San Mateo) San Mateo, CA 14,503,372 9,600,000 21,193,232 Creekside Homes at Legacy Plano. TX - 4,560,000 32,275,748 Creekside Village Mountlake Terrace, WA 14,826,887 2,802,900 25,270,594 Creekwood Charlotte, NC - 1,859,300 16,740,569 Crescent at Cherry Creek Denver, CO (E) 2,592,000 15,149,470 Cross Creek Charlotte, NC 12,628,842 3,150,000 20,299,439 Crossing at Green Valley Las Vegas, NV 10,214,792 2,408,500 21,673,209 Crosswinds St. Petersburg, FL - 1,561,200 5,777,205 Crown Court Phoenix, AZ - 3,156,600 28,414,599 Crystal Creek Phoenix, AZ - 952,900 8,581,704 Crystal Village Attleboro, MA - 1,365,000 4,992,817 Cypress Panama City, FL 1,421,807 171,882 1,546,941 Cypress Cove Melbourne, FL - 1,630,000 19,020,939 Cypress Point Las Vegas, NV - 953,800 8,636,551 Daniel Court Cincinnati, OH 2,339,616 334,101 3,006,906 Dartmouth Place I Akron, OH - 151,771 1,365,939 Dartmouth Place II Akron, OH 835,726 130,102 1,170,914 Dartmouth Woods Denver, CO 4,283,469 1,608,000 10,832,754 Dawntree Carrollton, TX - 1,204,600 10,851,833 Deerbrook Jacksonville, FL - 1,008,000 8,845,716 Deerwood (Corona) Corona, CA - 4,740,000 20,313,008 Deerwood (FL) Orlando, FL 874,672 114,948 1,034,533 Deerwood (SD) San Diego, CA - 2,075,700 18,740,815 Deerwood Meadows Greensboro, NC - 986,643 7,204,362 Defoor Village Atlanta, GA - 2,964,000 10,573,374 Del Coronado Mesa, AZ (N) 1,963,200 17,680,640 Desert Park Las Vegas, NV - 1,085,400 9,759,958 Desert Sands Phoenix, AZ - 1,464,200 13,331,581 Dogwood Glen I Indianpolis, IN 1,750,348 240,855 2,167,693 Dogwood Glen II Indianpolis, IN 1,364,537 202,397 1,821,571 Dos Caminos Phoenix, AZ - 1,727,900 15,567,778 Dover Place I Cleveland, OH 1,126,709 244,294 2,198,644 Dover Place II Cleveland, OH 1,623,551 230,895 2,078,058 Dover Place III Cleveland, OH 769,313 119,835 1,078,516 Dover Place IV Cleveland, OH 1,868,332 261,912 2,357,208 Driftwood Jacksonville, FL 346,206 126,357 1,137,216 Duraleigh Woods Raleigh, NC - 1,629,000 19,917,750 Eagle Canyon Chino Hills, CA - 1,806,800 16,279,860 Eagle Rim Redmond, WA - 976,200 8,801,849 East Pointe Charlotte, NC 9,324,851 1,364,100 12,295,246 Edgewood Woodinville, WA 5,765,994 1,068,200 9,632,980COST CAPITALIZED SUBSEQUENT TO GROSS AMOUNT CARRIED ACQUISITION AT CLOSE OF DESCRIPTION (IMPROVEMENTS, NET) (I) PERIOD 12/31/99 - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & BUILDING & APARTMENT NAME LAND FIXTURES LAND FIXTURES (A) TOTAL (B) - ------------------------------------------------------------------------------------------------------------------------------------Conway Station - 119,516 1,936,000 10,972,375 12,908,375 Copper Canyon - 10,517 1,443,000 16,074,885 17,517,885 Copper Creek - 304,674 1,017,400 9,452,742 10,470,142 Copper Hill 1,800 370,936 1,021,800 6,372,616 7,394,416 Copper Terrace - 387,322 1,200,000 18,275,190 19,475,190 Copperfield - 437,383 791,200 7,558,554 8,349,754 Country Brook - 273,686 1,505,219 29,816,221 31,321,440 Country Club Place (FL) - 318,621 912,000 10,335,164 11,247,164 Country Club Village - 526,284 1,150,500 10,878,463 12,028,963 Country Gables 1,200,000 481,350 2,780,500 14,729,589 17,510,089 Country Ridge 16,150 550,397 1,621,950 15,150,333 16,772,283 Countryside 100 412,423 667,600 6,420,682 7,088,282 Countryside I - 16,073 136,665 1,246,054 1,382,719 Countryside II - 8,391 234,633 2,120,091 2,354,724 Countryside Manor - 52,218 298,186 2,735,896 3,034,083 Coventry at Cityview - 98,094 2,160,000 23,170,941 25,330,941 Creekside (San Mateo) 6,600 135,586 9,606,600 21,328,817 30,935,417 Creekside Homes at Legacy - 105,379 4,560,000 32,381,127 36,941,127 Creekside Village 4,700 1,380,117 2,807,600 26,650,711 29,458,311 Creekwood 2,400 291,533 1,861,700 17,032,101 18,893,801 Crescent at Cherry Creek 2,000 203,737 2,594,000 15,353,207 17,947,207 Cross Creek 1,600 226,589 3,151,600 20,526,028 23,677,628 Crossing at Green Valley - 559,613 2,408,500 22,232,822 24,641,322 Crosswinds - 528,718 1,561,200 6,305,923 7,867,123 Crown Court - 822,085 3,156,600 29,236,684 32,393,284 Crystal Creek 600 689,464 953,500 9,271,168 10,224,668 Crystal Village 4,000 222,939 1,369,000 5,215,756 6,584,756 Cypress - 5,514 171,882 1,552,455 1,724,337 Cypress Cove - 121,373 1,630,000 19,142,312 20,772,312 Cypress Point 5,890 660,432 959,690 9,296,983 10,256,673 Daniel Court - 48,439 334,101 3,055,345 3,389,446 Dartmouth Place I - 673 151,771 1,366,612 1,518,383 Dartmouth Place II - 1,258 130,102 1,172,172 1,302,273 Dartmouth Woods 1,800 170,582 1,609,800 11,003,336 12,613,136 Dawntree 900 1,957,423 1,205,500 12,809,256 14,014,756 Deerbrook - 268,237 1,008,000 9,113,953 10,121,953 Deerwood (Corona) 2,200 443,272 4,742,200 20,756,280 25,498,480 Deerwood (FL) - 2,643 114,948 1,037,176 1,152,124 Deerwood (SD) 6,395 3,100,942 2,082,095 21,841,758 23,923,853 Deerwood Meadows 100 673,335 986,743 7,877,697 8,864,440 Defoor Village 2,400 73,350 2,966,400 10,646,725 13,613,125 Del Coronado 1,200 970,090 1,964,400 18,650,730 20,615,130 Desert Park - 670,709 1,085,400 10,430,667 11,516,067 Desert Sands 16,850 1,139,193 1,481,050 14,470,774 15,951,824 Dogwood Glen I - 8,496 240,855 2,176,189 2,417,043 Dogwood Glen II - 6,718 202,397 1,828,289 2,030,685 Dos Caminos - 644,151 1,727,900 16,211,929 17,939,829 Dover Place I - 4,301 244,294 2,202,945 2,447,239 Dover Place II - 644 230,895 2,078,702 2,309,597 Dover Place III - 51 119,835 1,078,567 1,198,402 Dover Place IV - 117 261,912 2,357,325 2,619,236 Driftwood - 3,381 126,357 1,140,597 1,266,955 Duraleigh Woods - 816,697 1,629,000 20,734,447 22,363,447 Eagle Canyon 2,100 374,756 1,808,900 16,654,615 18,463,515 Eagle Rim 1,600 586,880 977,800 9,388,729 10,366,529 East Pointe 1,800 1,204,794 1,365,900 13,500,040 14,865,940 Edgewood 1,900 482,907 1,070,100 10,115,887 11,185,987LIFE USED TO COMPUTE DESCRIPTION DEPRECIATION IN - -------------------------------------------------------------------------------------- ACCUMULATED DATE OF LATEST INCOME APARTMENT NAME DEPRECIATION CONSTRUCTION STATEMENT (C) - --------------------------------------------------------------------------------------Conway Station (512,582) 1987 30 Years Copper Canyon (464,397) 1999 30 Years Copper Creek (898,503) 1984 30 Years Copper Hill (387,204) 1983 30 Years Copper Terrace (827,643) 1989 30 Years Copperfield (843,648) 1984 30 Years Country Brook (2,166,522) 1986-1996 30 Years Country Club Place (FL) (480,928) 1987 30 Years Country Club Village (1,016,737) 1991 30 Years Country Gables (1,571,653) 1991 30 Years Country Ridge (2,092,845) 1986 30 Years Countryside (698,035) 1980 30 Years Countryside I (11,733) 1982 30 Years Countryside II (19,424) 1982 30 Years Countryside Manor (24,672) 1985 30 Years Coventry at Cityview (1,032,613) 1996 30 Years Creekside (San Mateo) (1,126,487) 1985 30 Years Creekside Homes at Legacy (1,420,194) 1998 30 Years Creekside Village (5,117,588) 1987 30 Years Creekwood (1,441,955) 1987-1990 30 Years Crescent at Cherry Creek (1,201,679) 1994 30 Years Cross Creek (1,165,524) 1989 30 Years Crossing at Green Valley (2,105,455) 1986 30 Years Crosswinds (637,241) 1986 30 Years Crown Court (2,810,106) 1987 30 Years Crystal Creek (1,723,802) 1985 30 Years Crystal Village (386,720) 1974 30 Years Cypress (14,243) 1985 30 Years Cypress Cove (867,992) 1990 30 Years Cypress Point (1,999,455) 1989 30 Years Daniel Court (28,239) 1985 30 Years Dartmouth Place I (12,284) 1982 30 Years Dartmouth Place II (10,597) 1986 30 Years Dartmouth Woods (1,104,796) 1990 30 Years Dawntree (2,696,547) 1982 30 Years Deerbrook (428,249) 1983 30 Years Deerwood (Corona) (1,709,155) 1992 30 Years Deerwood (FL) (9,520) 1982 30 Years Deerwood (SD) (4,942,798) 1990 30 Years Deerwood Meadows (2,048,569) 1986 30 Years Defoor Village (589,285) 1997 30 Years Del Coronado (3,191,774) 1985 30 Years Desert Park (1,742,920) 1987 30 Years Desert Sands (2,077,285) 1982 30 Years Dogwood Glen I (19,715) 1986 30 Years Dogwood Glen II (16,643) 1987 30 Years Dos Caminos (1,563,082) 1983 30 Years Dover Place I (19,485) 1982 30 Years Dover Place II (18,414) 1983 30 Years Dover Place III (9,489) 1983 30 Years Dover Place IV (20,848) 1986 30 Years Driftwood (10,643) 1985 30 Years Duraleigh Woods (948,536) 1987 30 Years Eagle Canyon (2,016,417) 1985 30 Years Eagle Rim (1,880,558) 1986-88 30 Years East Pointe (3,183,576) 1987 30 Years Edgewood (2,038,593) 1986 30 Years2001
Initial Cost to
CompanyCost Capitalized
Subsequent to
(Improvements, net) (H)Gross Amount Carried
at Close of
Period 12/31/01Description Life Used to
Compute
Depreciation in
Latest Income
Statement (C)Apartment Name Location Encumbrances Land Building &
FixturesLand Building &
FixturesLand Building &
Fixtures (A)Total (B) Accumulated
DepreciationDate of
ConstructionOakwood Village (FL) Hudson, FL — 177,280.95 1,285,011.00 — 247,268.86 177,280.95 1,532,279.86 1,709,560.81 (147,783.33 ) 1986 30 Years Oakwood Village (GA) Augusta, GA — 161,174.07 1,420,119.23 — 92,774.67 161,174.07 1,512,893.90 1,674,067.97 (130,598.64 ) 1985 30 Years Ocean Walk Key West, FL 21,079,921.00 2,838,748.50 25,545,008.72 — 652,506.51 2,838,748.50 26,197,515.23 29,036,263.73 (3,868,848.50 ) 1990 30 Years Old Archer Court Gainesville, FL 961,384.20 170,323.43 1,500,735.06 — 229,976.06 170,323.43 1,730,711.12 1,901,034.55 (164,282.96 ) 1977 30 Years Old Mill Glen Maynard, MA 2,012,754.62 396,755.99 2,652,232.60 — 47,186.17 396,755.99 2,699,418.77 3,096,174.76 (118,634.26 ) 1983 30 Years Olde Redmond Place Redmond, WA 8,774,326.08 4,807,100.00 14,126,038.08 — 446,326.92 4,807,100.00 14,572,365.00 19,379,465.00 (1,865,188.77 ) 1986 30 Years Olivewood (MI) Sterling Hts., MI — 519,166.75 4,574,904.84 — 235,884.64 519,166.75 4,810,789.48 5,329,956.23 (416,545.41 ) 1986 30 Years Olivewood I Indianapolis, IN — 184,701.38 1,627,420.44 — 218,311.70 184,701.38 1,845,732.14 2,030,433.52 (159,602.50 ) 1985 30 Years Olivewood II Indianapolis, IN 1,260,906.30 186,234.55 1,640,570.51 — 144,541.29 186,234.55 1,785,111.80 1,971,346.35 (154,608.56 ) 1986 30 Years One Eton Square Tulsa, OK — 1,570,100.00 14,130,936.96 — 1,630,791.66 1,570,100.00 15,761,728.62 17,331,828.62 (3,006,920.39 ) 1985 30 Years Orange Grove Village Tucson, AZ — 1,813,154.00 14,893,346.51 — 580,659.62 1,813,154.00 15,474,006.13 17,287,160.13 (2,487,339.10 ) 1986/1995 30 Years Orchard Ridge Lynnwood, WA — 485,600.00 4,372,032.68 — 414,125.21 485,600.00 4,786,157.89 5,271,757.89 (1,390,416.14 ) 1988 30 Years Overlook San Antonio, TX — 1,100,200.00 9,901,516.56 — 1,110,946.83 1,100,200.00 11,012,463.39 12,112,663.39 (2,211,582.73 ) 1985 30 Years Overlook Manor Frederick, MD — 1,299,100.00 3,930,931.05 — 444,522.67 1,299,100.00 4,375,453.72 5,674,553.72 (598,748.92 ) 1980/1985 30 Years Overlook Manor II Frederick, MD 5,635,000.00 2,186,300.00 6,262,597.06 — 125,040.08 2,186,300.00 6,387,637.14 8,573,937.14 (869,580.83 ) 1980/1985 30 Years Overlook Manor III Frederick, MD — 1,026,300.00 3,027,389.58 — 65,905.10 1,026,300.00 3,093,294.68 4,119,594.68 (407,947.72 ) 1980/1985 30 Years Paces Station Atlanta, GA — 4,801,500.00 32,548,052.56 — 2,923,478.41 4,801,500.00 35,471,530.97 40,273,030.97 (6,253,518.18 ) 1984-1988/1989 30 Years Palatka Oaks I Palatka, FL 181,304.71 49,535.37 436,420.62 — 70,240.01 49,535.37 506,660.63 556,196.00 (53,625.46 ) 1977 30 Years Palatka Oaks II Palatka, FL 199,544.81 42,766.52 376,720.61 — 33,733.93 42,766.52 410,454.54 453,221.06 (40,156.97 ) 1980 30 Years Palladia Hillsboro, OR — 6,461,000.00 44,888,155.82 — 24,874.25 6,461,000.00 44,913,030.07 51,374,030.07 (436,512.22 ) 2000 30 Years Palm Place Sarasota. FL — 248,314.81 2,188,339.09 — 315,627.26 248,314.81 2,503,966.35 2,752,281.16 (226,755.51 ) 1984 30 Years Palms at South Shore League City, TX — 1,200,000.00 16,522,432.71 — 738,457.46 1,200,000.00 17,260,890.17 18,460,890.17 (2,087,509.92 ) 1990 30 Years Panther Ridge Federal Way, WA — 1,055,800.00 9,506,116.69 — 832,579.26 1,055,800.00 10,338,695.95 11,394,495.95 (1,996,666.11 ) 1980 30 Years Paradise Pointe Dania, FL — 1,913,414.15 17,417,955.82 — 2,367,236.54 1,913,414.15 19,785,192.36 21,698,606.51 (5,156,535.52 ) 1987-90 30 Years Parc Royale Houston, TX — 2,223,000.00 11,936,832.68 — 244,717.72 2,223,000.00 12,181,550.40 14,404,550.40 (1,420,116.75 ) 1994 30 Years Park Meadow Gilbert, AZ — 835,217.00 15,120,768.64 — 488,537.92 835,217.00 15,609,306.56 16,444,523.56 (2,344,741.72 ) 1986 30 Years Park Place (MN) Plymouth, MN 8,568,150.49 1,219,900.00 10,964,119.20 — 829,253.41 1,219,900.00 11,793,372.61 13,013,272.61 (2,642,369.00 ) 1986 30 Years Park Place (TX) Houston, TX 9,754,182.23 1,603,000.00 12,054,925.78 — 269,038.09 1,603,000.00 12,323,963.87 13,926,963.87 (1,821,622.95 ) 1996 30 Years Park Place II Plymouth, MN 8,611,501.79 1,216,100.00 10,951,697.51 — 660,694.28 1,216,100.00 11,612,391.79 12,828,491.79 (2,537,384.34 ) 1986 30 Years Park Place West (CT) West Hartford, CT — 466,243.49 3,116,742.32 — 77,016.19 466,243.49 3,193,758.51 3,660,002.00 (137,372.75 ) 1961 30 Years Park West (CA) Los Angeles, CA — 3,033,500.00 27,302,382.65 — 1,268,261.85 3,033,500.00 28,570,644.50 31,604,144.50 (6,827,611.70 ) 1987/90 30 Years Park West (TX) Austin, TX — 648,705.00 4,738,541.73 — 773,633.25 648,705.00 5,512,174.98 6,160,879.98 (1,817,027.73 ) 1985 30 Years Park West End (VA) Richmond, VA — 1,562,500.00 11,871,449.21 — 731,971.58 1,562,500.00 12,603,420.79 14,165,920.79 (1,923,267.76 ) 1985 30 Years Parkfield Denver, CO — 8,330,000.00 28,695,685.66 — 56,919.84 8,330,000.00 28,752,605.50 37,082,605.50 (1,067,991.43 ) 2000 30 Years Parkridge Place Irving, TX — 6,432,900.00 17,094,962.48 — 1,090,359.86 6,432,900.00 18,185,322.34 24,618,222.34 (3,076,932.96 ) 1985 30 Years Parkside Union City, CA — 6,246,700.00 11,827,452.91 — 1,787,633.41 6,246,700.00 13,615,086.32 19,861,786.32 (1,872,621.31 ) 1979 30 Years Parkview Terrace Redlands, CA — 4,969,200.00 35,653,777.06 — 1,006,415.09 4,969,200.00 36,660,192.15 41,629,392.15 (5,402,791.46 ) 1986 30 Years Parkville (Col) Columbus, OH 1,720,364.95 150,432.98 1,325,756.49 — 171,046.68 150,432.98 1,496,803.17 1,647,236.15 (157,443.41 ) 1978 30 Years Parkville (IN) Gas City, IN 727,900.03 103,434.26 911,493.58 — 99,008.67 103,434.26 1,010,502.25 1,113,936.51 (94,668.30 ) 1982 30 Years S-8
EQUITY RESIDENTIAL PROPERTIES TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER
Schedule III — Real Estate and Accumulated Depreciation
December 31,1999
INITIAL COST TO DESCRIPTION COMPANY - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & APARTMENT NAME LOCATION ENCUMBRANCES LAND FIXTURES - ------------------------------------------------------------------------------------------------------------------------------------Elmtree Park I Indianpolis, IN 1,488,803 157,687 1,419,184 Elmtree Park II Indianpolis, IN 935,749 114,114 1,027,027 Elmwood (GA) Atlanta, GA 828,235 183,756 1,653,808 Elmwood I (FL) W. Palm Beach, FL 1,338,661 163,389 1,470,498 Elmwood II (FL) W. Palm Beach, FL 1,339,923 179,743 1,617,691 Emerald Bay Winter Park, FL - 2,160,000 13,549,968 Emerald Place Bermuda Dunes, CA - 954,400 8,609,599 Emerson Place Combined Boston, MA - 14,850,000 57,582,798 Enclave, The Tempe, AZ (P) 1,500,192 19,281,399 English Hills Charlotte, NC - 1,260,000 12,554,291 Esprit Del Sol Solana Beach, CA - 5,110,000 11,913,045 Essex Place Overland Park, KS - 1,831,900 16,513,586 Essex Place (FL) Tampa, FL - 1,188,000 7,106,384 Estate at Quarry Lake Austin, TX 12,454,239 1,963,000 18,972,537 Ethans Glen III Kansas City, MO 2,366,364 244,100 2,221,562 Ethans Ridge I Kansas City, MO 16,232,216 1,945,900 17,563,769 Ethans Ridge II Kansas City, MO 10,991,981 1,465,500 13,176,233 Fairfield Combined Stamford, CT - 6,500,000 39,425,167 Fairland Gardens Silver Spring, MD - 6,000,000 19,978,402 Falls Tampa, FL - 1,440,000 8,445,778 Farmington Gates Germantown, TN - 969,700 8,786,180 Farnham Park Houston, TX 11,356,588 1,512,000 14,234,419 Fernbrook Townhomes Plymouth, MN 5,196,328 576,000 6,683,693 Fielder Crossing Arlington, TX 3,373,279 714,000 3,935,453 Firdale Village Seattle, WA - 2,279,400 20,496,049 Fireside Park Rockville, MD 8,749,542 4,248,000 10,099,286 Forest Glen Pensacola, FL 1,078,228 161,548 1,453,936 Forest Place Tampa, FL 10,594,977 1,708,000 8,612,029 Forest Ridge I & II Arlington, TX - 2,339,300 21,266,573 Forest Valley San Antonio, TX - 590,000 5,310,328 Forest Village Macon, GA 1,231,993 224,022 2,016,196 Forsythia Court (KY) Louisville, KY 1,926,833 279,450 2,515,053 Forsythia Court (MD) Baltimore, MD 2,085,646 251,955 2,267,597 Forsythia Court II (MD) Baltimore, MD 2,320,497 239,834 2,158,502 Fountain Creek Phoenix, AZ - 686,000 6,177,920 Fountain Place I Eden Prairie, MN 24,676,652 2,399,900 21,678,609 Fountain Place II Eden Prairie, MN 12,612,600 1,226,500 11,087,407 Fountainhead Combined San Antonio, TX (S) 3,617,449 14,131,386 Fountains at Flamingo Las Vegas, NV - 3,180,900 28,650,076 Four Lakes Lisle, IL 10,344,569 2,465,000 13,091,599 Four Lakes 5 Lisle, IL (S) 600,000 18,717,933 Fox Run (WA) Federal Way, WA - 638,500 5,760,413 Foxchase Grand Prairie, TX - 781,500 7,621,196 Foxcroft Scarborough, ME - 520,000 4,527,409 Foxhaven Canton, OH 1,816,369 256,821 2,311,388 Foxton (MI) Detriot, MI 897,474 156,363 1,407,262 Foxton II (OH) Dayton, OH 1,381,197 165,806 1,492,250 Garden Court Detriot, MI 2,123,809 351,532 3,163,785 Garden Lake Riverdale, GA - 1,464,500 13,186,716 Garden Terrace I Tampa, FL 593,409 93,144 838,295 Garden Terrace II Tampa, FL 678,182 97,120 874,077 Gatehouse at Pine Lake Plantation , FL - 1,886,200 17,070,795 Gatehouse on the Green Pembroke Pines, FL - 2,216,800 20,056,270 Gates at Carlson Center Minnetonka, MN (Q) 4,350,000 23,802,817 Gates of Redmond Redmond, WA 6,222,662 2,305,600 12,122,006 Gateway Villas Scottsdale, AZ - 1,431,048 14,926,833 Geary Court Yard San Francisco, CA 17,709,692 1,719,400 15,606,269COST CAPITALIZED SUBSEQUENT TO GROSS AMOUNT CARRIED ACQUISITION AT CLOSE OF DESCRIPTION (IMPROVEMENTS, NET) (I) PERIOD 12/31/99 - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & BUILDING & APARTMENT NAME LAND FIXTURES LAND FIXTURES (A) TOTAL (B) - ------------------------------------------------------------------------------------------------------------------------------------Elmtree Park I - 4,451 157,687 1,423,636 1,581,323 Elmtree Park II - 7,967 114,114 1,034,995 1,149,109 Elmwood (GA) - 5,018 183,756 1,658,826 1,842,583 Elmwood I (FL) - 5,064 163,389 1,475,562 1,638,951 Elmwood II (FL) - 1,787 179,743 1,619,478 1,799,221 Emerald Bay 1,600 766,134 2,161,600 14,316,102 16,477,702 Emerald Place 2,100 658,459 956,500 9,268,058 10,224,558 Emerson Place Combined 5,000 936,486 14,855,000 58,519,284 73,374,284 Enclave, The - 124,309 1,500,192 19,405,708 20,905,900 English Hills - 241,048 1,260,000 12,795,339 14,055,339 Esprit Del Sol 1,200 153,817 5,111,200 12,066,862 17,178,062 Essex Place 3,500 2,347,676 1,835,400 18,861,261 20,696,661 Essex Place (FL) - 122,091 1,188,000 7,228,476 8,416,476 Estate at Quarry Lake - 179,131 1,963,000 19,151,668 21,114,668 Ethans Glen III 2,400 94,857 246,500 2,316,420 2,562,920 Ethans Ridge I 2,400 706,019 1,948,300 18,269,788 20,218,088 Ethans Ridge II 2,635 231,760 1,468,135 13,407,993 14,876,128 Fairfield Combined 10,200 187,599 6,510,200 39,612,765 46,122,965 Fairland Gardens - 370,801 6,000,000 20,349,202 26,349,202 Falls - 170,773 1,440,000 8,616,551 10,056,551 Farmington Gates 4,098 478,095 973,798 9,264,274 10,238,072 Farnham Park 600 158,866 1,512,600 14,393,284 15,905,884 Fernbrook Townhomes 4,100 - 580,100 6,683,693 7,263,793 Fielder Crossing 4,100 39,730 718,100 3,975,183 4,693,283 Firdale Village - 499,849 2,279,400 20,995,897 23,275,297 Fireside Park - 82,030 4,248,000 10,181,316 14,429,316 Forest Glen - 12,777 161,548 1,466,713 1,628,262 Forest Place - 235,685 1,708,000 8,847,714 10,555,714 Forest Ridge I & II 23,400 1,254,610 2,362,700 22,521,183 24,883,883 Forest Valley - 197,987 590,000 5,508,315 6,098,315 Forest Village - 3,762 224,022 2,019,958 2,243,980 Forsythia Court (KY) - 4,253 279,450 2,519,306 2,798,756 Forsythia Court (MD) - 2,310 251,955 2,269,907 2,521,862 Forsythia Court II (MD) - 4,356 239,834 2,162,858 2,402,691 Fountain Creek 500 423,043 686,500 6,600,963 7,287,463 Fountain Place I 5,168 503,200 2,405,068 22,181,809 24,586,877 Fountain Place II 4,850 205,532 1,231,350 11,292,939 12,524,289 Fountainhead Combined - 1,344,210 3,617,449 15,475,596 19,093,045 Fountains at Flamingo 2,200 782,801 3,183,100 29,432,877 32,615,977 Four Lakes - 8,785,388 2,465,000 21,876,987 24,341,987 Four Lakes 5 - 1,397,362 600,000 20,115,295 20,715,295 Fox Run (WA) 1,200 569,763 639,700 6,330,175 6,969,875 Foxchase 200 549,368 781,700 8,170,564 8,952,264 Foxcroft 3,400 180,361 523,400 4,707,770 5,231,170 Foxhaven - 3,619 256,821 2,315,007 2,571,828 Foxton (MI) - 3,896 156,363 1,411,159 1,567,521 Foxton II (OH) - 5,268 165,806 1,497,518 1,663,324 Garden Court - 4,343 351,532 3,168,128 3,519,660 Garden Lake 2,400 319,603 1,466,900 13,506,319 14,973,219 Garden Terrace I - 4,504 93,144 842,799 935,943 Garden Terrace II - 9,394 97,120 883,471 980,591 Gatehouse at Pine Lake 10,400 514,172 1,896,600 17,584,967 19,481,567 Gatehouse on the Green 11,400 637,607 2,228,200 20,693,877 22,922,077 Gates at Carlson Center 5,200 638,657 4,355,200 24,441,474 28,796,674 Gates of Redmond 500 266,081 2,306,100 12,388,087 14,694,187 Gateway Villas - 88,014 1,431,048 15,014,847 16,445,895 Geary Court Yard 3,000 219,655 1,722,400 15,825,925 17,548,325LIFE USED TO COMPUTE DESCRIPTION DEPRECIATION IN - ---------------------------------------------------------------------------------- ACCUMULATED DATE OF LATEST INCOME APARTMENT NAME DEPRECIATION CONSTRUCTION STATEMENT (C) - ----------------------------------------------------------------------------------Elmtree Park I (13,162) 1986 30 Years Elmtree Park II (9,742) 1987 30 Years Elmwood (GA) (14,713) 1984 30 Years Elmwood I (FL) (13,308) 1984 30 Years Elmwood II (FL) (14,376) 1984 30 Years Emerald Bay (1,107,336) 1972 30 Years Emerald Place (2,146,222) 1988 30 Years Emerson Place Combined (3,413,919) 1962 30 Years Enclave, The (1,389,414) 1994 30 Years English Hills (602,187) 1984 30 Years Esprit Del Sol (595,282) 1986 30 Years Essex Place (4,115,387) 1970-84 30 Years Essex Place (FL) (334,076) 1989 30 Years Estate at Quarry Lake (865,054) 1995 30 Years Ethans Glen III (183,034) 1990 30 Years Ethans Ridge I (1,431,763) 1988 30 Years Ethans Ridge II (1,024,418) 1990 30 Years Fairfield Combined (2,423,749) 1996 30 Years Fairland Gardens (582,927) 1981 30 Years Falls (414,270) 1985 30 Years Farmington Gates (723,242) 1976 30 Years Farnham Park (989,376) 1996 30 Years Fernbrook Townhomes (328,876) 1993 30 Years Fielder Crossing (230,318) 1980 30 Years Firdale Village (2,040,106) 1986 30 Years Fireside Park (362,944) 1961 30 Years Forest Glen (13,625) 1986 30 Years Forest Place (439,668) 1985 30 Years Forest Ridge I & II (3,355,354) 1984/85 30 Years Forest Valley (581,196) 1983 30 Years Forest Village (18,298) 1983 30 Years Forsythia Court (KY) (22,721) 1985 30 Years Forsythia Court (MD) (20,235) 1986 30 Years Forsythia Court II (MD) (19,421) 1987 30 Years Fountain Creek (1,204,197) 1984 30 Years Fountain Place I (1,673,205) 1989 30 Years Fountain Place II (840,451) 1989 30 Years Fountainhead Combined (6,874,617) 1985/1987 30 Years Fountains at Flamingo (5,583,649) 1989-91 30 Years Four Lakes (11,901,961) 1968/1988* 30 Years Four Lakes 5 (7,936,713) 1968/1988* 30 Years Fox Run (WA) (1,374,796) 1988 30 Years Foxchase (851,504) 1983 30 Years Foxcroft (324,960) 1977/1979 30 Years Foxhaven (21,160) 1986 30 Years Foxton (MI) (12,682) 1983 30 Years Foxton II (OH) (13,965) 1983 30 Years Garden Court (28,179) 1988 30 Years Garden Lake (1,136,899) 1991 30 Years Garden Terrace I (8,090) 1981 30 Years Garden Terrace II (8,688) 1982 30 Years Gatehouse at Pine Lake (2,031,874) 1990 30 Years Gatehouse on the Green (2,382,963) 1990 30 Years Gates at Carlson Center (1,573,137) 1989 30 Years Gates of Redmond (1,083,369) 1979 30 Years Gateway Villas (1,081,046) 1995 30 Years Geary Court Yard (1,148,571) 1990 30 Years2001
Initial Cost to
CompanyCost Capitalized
Subsequent to
(Improvements, net) (H)Gross Amount Carried
at Close of
Period 12/31/01Description Life Used to
Compute
Depreciation in
Latest Income
Statement (C)Apartment Name Location Encumbrances Land Building &
FixturesLand Building &
FixturesLand Building &
Fixtures (A)Total (B) Accumulated
DepreciationDate of
ConstructionParkville (Par) Englewood, OH — 127,863.02 1,126,637.55 — 60,362.67 127,863.02 1,187,000.22 1,314,863.24 (103,332.60 ) 1982 30 Years Parkville (WV) Parkersburg, WV — 105,459.86 929,406.33 — 69,879.54 105,459.86 999,285.87 1,104,745.73 (85,661.01 ) 1982 30 Years Parkway North (REIT) Ft. Meyers, FL 1,111,267.94 145,350.00 1,308,114.98 — 51,157.94 145,350.00 1,359,272.92 1,504,622.92 (52,593.15 ) 1984 30 Years Parkwood (CT) East Haven, CT 2,819,019.22 531,364.67 3,552,064.06 — 42,864.44 531,364.67 3,594,928.50 4,126,293.17 (162,061.94 ) 1975 30 Years Parkwood East Fort Collins, CO — 1,644,000.00 14,790,697.98 — 374,646.52 1,644,000.00 15,165,344.50 16,809,344.50 (2,626,019.70 ) 1986 30 Years Patchen Oaks Lexington, KY — 1,345,300.00 8,129,209.54 — 476,342.70 1,345,300.00 8,605,552.24 9,950,852.24 (1,239,907.21 ) 1990 30 Years Pembroke Lake Virginia Beach, VA (U) 8,844,977.98 511,947.00 8,889,539.36 — 366,482.55 511,947.00 9,256,021.91 9,767,968.91 (755,609.06 ) 1975 30 Years Phillips Park Wellesley, MA 4,033,425.65 816,921.82 5,460,955.15 — 28,264.23 816,921.82 5,489,219.38 6,306,141.20 (225,336.46 ) 1988 30 Years Pine Barrens Jacksonville, FL 1,433,094.42 268,302.86 2,364,040.59 — 144,783.26 268,302.86 2,508,823.85 2,777,126.71 (226,778.84 ) 1986 30 Years Pine Harbour Orlando, FL — 1,664,300.00 14,970,914.84 — 1,334,630.60 1,664,300.00 16,305,545.44 17,969,845.44 (5,026,374.72 ) 1991 30 Years Pine Knoll Jonesboro, GA 1,185,389.89 138,052.24 1,216,390.69 — 41,602.60 138,052.24 1,257,993.29 1,396,045.53 (107,870.30 ) 1985 30 Years Pine Lake Tampa, FL 636,062.89 79,876.79 703,801.58 — 43,693.10 79,876.79 747,494.68 827,371.47 (65,086.53 ) 1982 30 Years Pine Meadow Greensboro, NC 4,511,994.02 720,650.00 6,483,337.55 — 995,978.07 720,650.00 7,479,315.62 8,199,965.62 (1,928,161.49 ) 1974 30 Years Pine Meadows I (FL) Ft. Meyers, FL — 152,019.39 1,339,596.48 — 300,478.94 152,019.39 1,640,075.42 1,792,094.81 (159,171.49 ) 1985 30 Years Pine Terrace I Callaway, FL 2,104,499.48 288,991.84 2,546,426.41 — 389,840.61 288,991.84 2,936,267.02 3,225,258.86 (283,100.90 ) 1983 30 Years Pine Tree Club Wildwood, MO — 1,125,000.00 7,017,082.20 — 241,316.65 1,125,000.00 7,258,398.85 8,383,398.85 (755,693.25 ) 1986 30 Years Pinellas Pines Pinellas Park, FL 93,994.37 174,999.26 1,541,934.20 — 178,834.52 174,999.26 1,720,768.72 1,895,767.98 (142,937.13 ) 1983 30 Years Pines of Cloverlane Ypsilanti, MI — 1,907,800.00 16,767,519.36 — 4,689,181.35 1,907,800.00 21,456,700.71 23,364,500.71 (6,215,998.67 ) 1975-79 30 Years Pines of Springdale Palm Springs, FL — 473,867.00 4,265,174.32 — 861,936.65 473,867.00 5,127,110.97 5,600,977.97 (1,669,285.59 ) 1985/87 30 Years Pinney Brook Ellington, CT — 198,450.84 1,326,603.25 — 9,898.26 198,450.84 1,336,501.51 1,534,952.35 (59,319.39 ) 1968 30 Years Pleasant Ridge Arlington, TX 1,602,898.08 445,100.00 1,996,549.84 — 109,277.42 445,100.00 2,105,827.26 2,550,927.26 (297,464.70 ) 1982 30 Years Plum Tree Hales Corners, WI (N ) 1,996,700.00 20,247,195.39 — 640,070.83 1,996,700.00 20,887,266.22 22,883,966.22 (3,019,616.25 ) 1989 30 Years Plumwood (Che) Chesterfield, IN 416,476.29 84,922.60 748,260.67 — 37,271.88 84,922.60 785,532.55 870,455.15 (70,857.64 ) 1980 30 Years Plumwood (For) Ft. Wayne, IN — 131,350.81 1,157,243.81 — 119,008.83 131,350.81 1,276,252.64 1,407,603.45 (118,862.73 ) 1981 30 Years Plumwood I Columbus, OH 1,665,394.01 289,814.33 2,553,597.34 — 268,975.70 289,814.33 2,822,573.04 3,112,387.37 (244,439.84 ) 1978 30 Years Plumwood II Columbus, OH — 107,583.06 947,924.01 — 71,557.14 107,583.06 1,019,481.15 1,127,064.21 (83,433.46 ) 1983 30 Years Point (NC) Charlotte, NC 12,765,000.00 1,700,000.00 25,417,266.78 — 224,071.46 1,700,000.00 25,641,338.24 27,341,338.24 (2,961,316.13 ) 1996 30 Years Pointe at South Mountain Phoenix, AZ — 2,228,800.00 20,059,310.98 — 939,917.52 2,228,800.00 20,999,228.50 23,228,028.50 (3,773,568.36 ) 1988 30 Years Pointe East Redmond, WA — 602,600.00 5,425,762.95 — 327,561.97 602,600.00 5,753,324.92 6,355,924.92 (1,547,040.17 ) 1988 30 Years Polos Fort Myers, FL — 1,640,000.00 18,444,965.76 — 672,163.25 1,640,000.00 19,117,129.01 20,757,129.01 (2,367,184.61 ) 1991 30 Years Polos East Orlando, FL — 1,386,000.00 19,058,620.04 — 512,233.31 1,386,000.00 19,570,853.35 20,956,853.35 (2,327,981.53 ) 1991 30 Years Port Royale Ft. Lauderdale, FL — 1,754,200.00 15,789,873.13 — 1,080,965.84 1,754,200.00 16,870,838.97 18,625,038.97 (4,584,811.52 ) 1988 30 Years Port Royale II Ft. Lauderdale, FL — 1,022,200.00 9,203,165.98 — 680,056.70 1,022,200.00 9,883,222.68 10,905,422.68 (2,347,670.24 ) 1988 30 Years Port Royale III Ft. Lauderdale, FL — 7,454,900.00 14,725,801.67 — 841,293.33 7,454,900.00 15,567,095.00 23,021,995.00 (2,826,214.37 ) 1988 30 Years Portland Center Combined Portland, OR 21,443,864.24 6,032,900.00 43,554,398.53 — 3,162,690.15 6,032,900.00 46,717,088.68 52,749,988.68 (5,542,038.01 ) 1965 30 Years Portofino Chino Hills, CA — 3,572,400.00 14,660,993.76 — 333,917.44 3,572,400.00 14,994,911.20 18,567,311.20 (2,214,314.61 ) 1989 30 Years Portofino (Val) Valencia, CA 14,791,077.46 8,640,000.00 21,487,126.27 — 89,953.24 8,640,000.00 21,577,079.51 30,217,079.51 (780,200.73 ) 1989 30 Years Portside Towers Combined Jersey City, NJ 56,184,308.32 22,455,700.00 96,842,912.99 — 1,497,625.37 22,455,700.00 98,340,538.36 120,796,238.36 (12,089,410.60 ) 1992/1997 30 Years Prairie Creek I Richardson, TX — 4,067,291.52 38,986,022.29 — 243,731.62 4,067,291.52 39,229,753.91 43,297,045.43 (3,930,026.41 ) 1998/99 30 Years Preakness Antioch, TN (E ) 1,561,900.00 7,668,520.58 — 1,299,867.31 1,561,900.00 8,968,387.89 10,530,287.89 (1,703,911.86 ) 1986 30 Years Preserve at Squaw Peak Phoenix, AZ — 517,788.00 8,533,991.83 — 221,919.23 517,788.00 8,755,911.06 9,273,699.06 (1,326,803.02 ) 1990 30 Years Preston at Willowbend Plano, TX — 872,500.00 7,878,915.24 — 2,375,710.57 872,500.00 10,254,625.81 11,127,125.81 (3,384,683.80 ) 1985 30 Years Preston Bend Dallas, TX 8,719,000.00 1,085,200.00 9,948,004.66 — 567,758.70 1,085,200.00 10,515,763.36 11,600,963.36 (1,896,751.05 ) 1986 30 Years Princeton Court Evansville, IN 879,993.55 116,696.04 1,028,219.32 — 121,398.16 116,696.04 1,149,617.48 1,266,313.52 (107,024.33 ) 1985 30 Years Princeton Square Jacksonville, FL — 864,000.00 11,910,477.70 — 334,584.86 864,000.00 12,245,062.56 13,109,062.56 (1,514,327.59 ) 1984 30 Years Promenade (FL) St. Petersburg, FL — 2,124,193.40 25,804,036.95 — 650,627.07 2,124,193.40 26,454,664.02 28,578,857.42 (3,073,425.89 ) 1994 30 Years Promenade at Aventura Aventura, FL — 13,320,000.00 30,353,748.43 — 82,029.43 13,320,000.00 30,435,777.86 43,755,777.86 (725,205.15 ) 1995 30 Years Promenade at Wyndham Lakes Coral Springs, FL — 6,640,000.00 26,743,759.79 — 116,496.38 6,640,000.00 26,860,256.17 33,500,256.17 (1,442,142.77 ) 1998 30 Years Promenade Terrace Corona, CA 15,037,654.63 2,282,800.00 20,546,289.38 — 803,549.92 2,282,800.00 21,349,839.30 23,632,639.30 (4,353,403.30 ) 1990 30 Years Promontory Pointe I & II Phoenix, AZ — 2,355,509.00 30,421,839.60 — 949,142.38 2,355,509.00 31,370,981.98 33,726,490.98 (4,653,300.91 ) 1984/1996 30 Years Prospect Towers Hackensack, NJ 14,287,216.23 3,926,600.00 27,966,416.19 — 1,691,887.65 3,926,600.00 29,658,303.84 33,584,903.84 (3,982,421.23 ) 1995 30 Years Prospect Towers II Hackensack, NJ 28,077,524.00 4,500,000.00 26,930,124.43 — — 4,500,000.00 26,930,124.43 31,430,124.43 — (Z) 30 Years Pueblo Villas Albuquerque, NM — 855,600.00 7,694,320.11 — 1,620,612.51 855,600.00 9,314,932.62 10,170,532.62 (2,221,317.23 ) 1975 30 Years Quail Call Albany, GA 695,742.06 104,723.44 922,727.65 — 105,593.04 104,723.44 1,028,320.69 1,133,044.13 (100,826.03 ) 1984 30 Years Ramblewood I (Val) Valdosta, GA 941,264.39 132,083.69 1,163,801.21 — 57,830.31 132,083.69 1,221,631.52 1,353,715.21 (108,471.03 ) 1983 30 Years Ramblewood II (Aug) Augusta, GA — 169,269.38 1,490,782.67 — 220,355.12 169,269.38 1,711,137.79 1,880,407.17 (161,623.11 ) 1986 30 Years Ramblewood II (Val) Valdosta, GA 466,062.80 61,672.12 543,398.57 — 23,171.51 61,672.12 566,570.08 628,242.20 (50,391.45 ) 1983 30 Years Ranchside New Port Richery, FL — 144,692.45 1,274,898.15 — 96,629.45 144,692.45 1,371,527.60 1,516,220.05 (123,884.27 ) 1985 30 Years Ranchstone Houston, TX — 770,000.00 15,371,430.67 — 211,116.18 770,000.00 15,582,546.85 16,352,546.85 (1,817,598.37 ) 1996 30 Years Ravens Crest Plainsboro, NJ — 4,670,850.00 42,080,642.31 — 3,492,308.39 4,670,850.00 45,572,950.70 50,243,800.70 (12,809,771.47 ) 1984 30 Years Ravinia Greenfield, WI (N ) 1,240,100.00 12,055,713.24 — 400,283.94 1,240,100.00 12,455,997.18 13,696,097.18 (1,810,071.37 ) 1991 30 Years Red Deer I Fairborn, OH — 204,316.78 1,800,253.53 — 119,916.88 204,316.78 1,920,170.41 2,124,487.19 (161,158.04 ) 1986 30 Years Red Deer II Fairborn, OH — 193,851.63 1,708,044.09 — 88,504.48 193,851.63 1,796,548.57 1,990,400.20 (151,169.03 ) 1987 30 Years Redan Village I Decatur, GA — 274,294.48 2,416,963.33 — 160,176.63 274,294.48 2,577,139.96 2,851,434.44 (218,876.49 ) 1984 30 Years Redan Village II Decatur, GA — 240,605.46 2,119,855.32 — 113,742.82 240,605.46 2,233,598.14 2,474,203.60 (183,119.76 ) 1986 30 Years Redlands Lawn and Tennis Redlands, CA — 4,822,320.00 26,359,328.48 — 1,306,669.12 4,822,320.00 27,665,997.60 32,488,317.60 (4,178,836.87 ) 1986 30 Years Regatta (Vacant Land) Marina Del Rey, CA 27,468,117.21 60,591,375.00 44,541,748.64 — — 60,591,375.00 44,541,748.64 105,133,123.64 — (Z) 30 Years Regency Charlotte, NC — 890,000.00 11,783,919.89 — 538,722.06 890,000.00 12,322,641.95 13,212,641.95 (1,435,251.96 ) 1986 30 Years Regency Palms Huntington Beach, CA — 1,857,400.00 16,713,253.54 — 1,049,944.62 1,857,400.00 17,763,198.16 19,620,598.16 (4,045,389.96 ) 1969 30 Years Reserve at Ashley Lake Boynton Beach, FL 24,150,000.00 3,520,400.00 23,332,493.58 — 800,861.74 3,520,400.00 24,133,355.32 27,653,755.32 (3,738,739.69 ) 1990 30 Years Reserve Square Combined Cleveland, OH — 2,618,851.89 23,582,868.99 — 14,143,504.79 2,618,851.89 37,726,373.78 40,345,225.67 (13,386,787.93 ) 1973 30 Years Reserve Square-Hotel Cleveland, OH — — — — 532,146.34 — 532,146.34 532,146.34 (102,296.86 ) 1973 30 Years Retreat, The Phoenix, AZ — 3,475,114.00 27,265,251.81 — 176,673.77 3,475,114.00 27,441,925.58 30,917,039.58 (2,504,269.99 ) 1999 30 Years Ribbon Mill Manchester, CT 4,462,893.75 787,929.00 5,267,144.05 — 58,449.04 787,929.00 5,325,593.09 6,113,522.09 (228,709.18 ) 1908 30 Years Richmond Townhomes Houston, TX — 940,000.00 13,906,905.00 — 335,062.61 940,000.00 14,241,967.61 15,181,967.61 (1,673,270.63 ) 1995 30 Years Ridgegate Kent, WA — 805,800.00 7,323,524.49 — 558,555.50 805,800.00 7,882,079.99 8,687,879.99 (1,374,524.67 ) 1990 30 Years Ridgetop Silverdale, WA — 811,500.00 7,299,489.64 — 469,487.86 811,500.00 7,768,977.50 8,580,477.50 (1,397,185.37 ) 1988 30 Years Ridgetree Dallas, TX — 2,115,200.00 19,030,979.07 — 1,813,480.81 2,115,200.00 20,844,459.88 22,959,659.88 (5,379,820.64 ) 1983 30 Years Ridgeway Commons Memphis, TN — 583,239.59 5,396,306.17 — 378,066.27 583,239.59 5,774,372.44 6,357,612.03 (943,605.55 ) 1970 30 Years Ridgewood (Lou) Louisville, KY — 163,685.89 1,442,301.06 — 38,285.39 163,685.89 1,480,586.45 1,644,272.34 (124,070.73 ) 1984 30 Years Ridgewood (MI) Westland, MI 1,178,618.71 176,968.96 1,559,588.43 — 71,910.91 176,968.96 1,631,499.34 1,808,468.30 (140,395.41 ) 1983 30 Years Ridgewood (Rus) Russellville, KY 744,971.22 69,156.10 609,340.64 — 70,226.31 69,156.10 679,566.95 748,723.05 (69,901.41 ) 1984 30 Years Ridgewood I (Bed) Bedford, IN 830,345.96 107,119.92 943,843.19 — 83,618.07 107,119.92 1,027,461.26 1,134,581.18 (93,893.70 ) 1984 30 Years Ridgewood I (Elk) Elkhart, IN 1,128,693.61 159,371.17 1,404,233.72 — 172,755.57 159,371.17 1,576,989.29 1,736,360.46 (137,341.08 ) 1984 30 Years Ridgewood I (GA) Decatur, GA 1,357,942.30 230,574.17 2,031,609.72 — 113,210.75 230,574.17 2,144,820.47 2,375,394.64 (182,968.64 ) 1984 30 Years Ridgewood I (Lex) Lexington, KY — 203,719.66 1,794,792.23 — 101,925.97 203,719.66 1,896,718.20 2,100,437.86 (159,668.01 ) 1984 30 Years Ridgewood I (OH) Columbus, OH 1,171,840.81 174,065.87 1,534,135.00 — 104,675.10 174,065.87 1,638,810.10 1,812,875.97 (144,783.51 ) 1984 30 Years Ridgewood II (Bed) Bedford, IN 861,087.79 99,558.74 877,220.98 — 73,117.41 99,558.74 950,338.39 1,049,897.13 (86,020.45 ) 1986 30 Years Ridgewood II (Elk) Elkhart, IN — 215,334.70 1,897,333.39 — 233,328.16 215,334.70 2,130,661.55 2,345,996.25 (192,611.95 ) 1986 30 Years Ridgewood II (GA) Decatur, GA 973,982.41 164,999.02 1,453,626.21 — 48,790.46 164,999.02 1,502,416.67 1,667,415.69 (124,284.69 ) 1986 30 Years Ridgewood II (OH) Columbus, OH 1,132,779.44 162,913.98 1,435,647.68 — 93,864.63 162,913.98 1,529,512.31 1,692,426.29 (132,883.19 ) 1985 30 Years Ridgewood Village San Diego, CA (R ) 5,761,500.00 14,032,510.64 — 74,524.53 5,761,500.00 14,107,035.17 19,868,535.17 (2,037,157.91 ) 1997 30 Years Ridgewood Village II San Diego, CA — 6,048,000.00 19,971,537.18 — 22,067.70 6,048,000.00 19,993,604.88 26,041,604.88 (805,991.45 ) 1997 30 Years Rincon Houston, TX (E ) 4,401,900.00 16,734,745.75 — 324,714.44 4,401,900.00 17,059,460.19 21,461,360.19 (2,907,444.37 ) 1996 30 Years River Bend Tampa, FL — 602,945.00 1,760,822.60 — 3,129,497.36 602,945.00 4,890,319.96 5,493,264.96 (4,216,431.92 ) 1971 30 Years River Glen I Reynoldsbury, OH — 171,271.91 1,508,892.15 — 47,733.32 171,271.91 1,556,625.47 1,727,897.38 (131,762.00 ) 1987 30 Years River Glen II Reynoldsbury, OH 1,132,517.14 158,683.55 1,398,175.02 — 42,303.29 158,683.55 1,440,478.31 1,599,161.86 (120,647.82 ) 1987 30 Years River Hill Grand Prairie, TX — 2,004,000.00 19,272,943.71 — 384,472.47 2,004,000.00 19,657,416.18 21,661,416.18 (2,355,483.58 ) 1996 30 Years River Oaks (CA) Oceanside, CA 10,576,578.77 5,600,000.00 20,673,713.81 — 217,129.97 5,600,000.00 20,890,843.78 26,490,843.78 (632,562.71 ) 1984 30 Years River Park Fort Worth, TX 7,456,459.73 2,245,400.00 8,811,726.50 — 1,708,294.19 2,245,400.00 10,520,020.69 12,765,420.69 (1,604,295.95 ) 1984 30 Years River's Bend (CT) Windsor, CT 12,389,455.00 3,325,516.73 22,230,398.58 — 127,761.19 3,325,516.73 22,358,159.77 25,683,676.50 (949,975.71 ) 1973 30 Years Rivers Edge Waterbury, CT — 781,900.00 6,561,167.21 — 262,709.27 781,900.00 6,823,876.48 7,605,776.48 (906,443.35 ) 1974 30 Years Rivers End I Jacksonville, FL 1,366,089.67 171,744.81 1,507,064.67 — 123,721.74 171,744.81 1,630,786.41 1,802,531.22 (145,355.27 ) 1986 30 Years Rivers End II Jacksonville, FL 1,087,480.02 190,687.68 1,680,171.28 — 138,763.78 190,687.68 1,818,935.06 2,009,622.74 (158,561.42 ) 1986 30 Years Riverside Park Tulsa, OK (E ) 1,441,400.00 12,371,637.06 — 432,928.68 1,441,400.00 12,804,565.74 14,245,965.74 (2,092,346.66 ) 1994 30 Years Riverview Condominiums Norwalk, CT 6,200,915.99 2,300,000.00 7,406,729.78 — 282,851.33 2,300,000.00 7,689,581.11 9,989,581.11 (264,397.10 ) 1991 30 Years Roanoke Rochester Hills, MI 40,500.00 369,911.16 3,259,270.40 — 120,918.19 369,911.16 3,380,188.59 3,750,099.75 (279,634.15 ) 1985 30 Years Rock Creek Corrboro, NC — 895,700.00 8,062,542.86 — 555,270.36 895,700.00 8,617,813.22 9,513,513.22 (1,743,215.89 ) 1986 30 Years Rockingham Glen West Roxbury, MA 4,395,436.78 1,124,216.91 7,515,159.93 — 111,701.55 1,124,216.91 7,626,861.48 8,751,078.39 (331,156.52 ) 1974 30 Years Rolido Parque Houston, TX 6,931,475.78 2,955,900.00 7,931,879.77 — 1,098,090.87 2,955,900.00 9,029,970.64 11,985,870.64 (1,609,019.58 ) 1978 30 Years Rolling Green (Amherst) Amherst, MA 4,088,592.03 1,340,701.85 8,962,317.43 — 296,210.91 1,340,701.85 9,258,528.34 10,599,230.19 (410,450.92 ) 1970 30 Years Rolling Green (Fall River) Fall River, MA 8,157,815.54 2,481,821.11 16,780,359.12 — 488,092.81 2,481,821.11 17,268,451.93 19,750,273.04 (779,640.72 ) 1971 30 Years Rolling Green (Milford) Milford, MA 8,085,754.69 2,012,350.35 13,452,150.14 — 601,940.25 2,012,350.35 14,054,090.39 16,066,440.74 (622,351.84 ) 1970 30 Years Rosecliff Quincy, MA — 5,460,000.00 15,722,948.35 — 32,511.99 5,460,000.00 15,755,460.34 21,215,460.34 (1,357,488.19 ) 1990 30 Years Rosehill Pointe Lenexa, KS 12,286,411.01 2,093,300.00 18,863,514.87 — 2,955,883.01 2,093,300.00 21,819,397.88 23,912,697.88 (5,334,414.08 ) 1984 30 Years Rosewood (KY) Louisville, KY 1,550,067.20 253,452.90 2,233,196.22 — 95,218.43 253,452.90 2,328,414.65 2,581,867.55 (198,052.96 ) 1984 30 Years Rosewood (OH) Columbus, OH — 212,378.37 1,871,185.91 — 132,454.41 212,378.37 2,003,640.32 2,216,018.69 (177,790.35 ) 1985 30 Years Rosewood Commons I Indianapolis, IN 1,810,848.21 228,644.39 2,014,652.29 — 170,129.32 228,644.39 2,184,781.61 2,413,426.00 (203,149.18 ) 1986 30 Years Rosewood Commons II Indianapolis, IN — 220,463.03 1,942,519.54 — 128,960.57 220,463.03 2,071,480.11 2,291,943.14 (187,081.14 ) 1987 30 Years Royal Oak Eagan, MN 13,139,491.00 1,602,903.51 14,423,662.47 — 629,043.35 1,602,903.51 15,052,705.82 16,655,609.33 (2,322,559.80 ) 1989 30 Years Royal Oaks (FL) Jacksonville, FL — 1,988,000.00 13,645,117.44 — 418,480.80 1,988,000.00 14,063,598.24 16,051,598.24 (1,718,318.81 ) 1991 30 Years S-9
Royale Cranston, RI 2,018,441.00 512,785.47 3,427,865.91 — 67,145.83 512,785.47 3,495,011.74 4,007,797.21 (151,247.13 ) 1976 30 Years Sabal Palm at Boot Ranch Palm Harbor, FL 16,147,538.57 3,888,000.00 28,923,691.69 — 575,271.44 3,888,000.00 29,498,963.13 33,386,963.13 (3,449,742.27 ) 1996 30 Years Sabal Palm at Carrollwood Place Tampa, FL — 3,888,000.00 26,911,542.48 — 327,961.98 3,888,000.00 27,239,504.46 31,127,504.46 (3,215,088.15 ) 1995 30 Years Sabal Palm at Lake Buena Vista Orlando, Fl 21,170,000.00 2,800,000.00 23,687,892.95 — 676,324.66 2,800,000.00 24,364,217.61 27,164,217.61 (2,910,953.95 ) 1988 30 Years Sabal Palm at Metrowest Orlando, Fl — 4,110,000.00 38,394,864.86 — 651,119.46 4,110,000.00 39,045,984.32 43,155,984.32 (4,481,380.07 ) 1998 30 Years Sabal Palm at Metrowest II Orlando, Fl — 4,560,000.00 33,907,282.83 — 301,554.82 4,560,000.00 34,208,837.65 38,768,837.65 (3,950,874.16 ) 1997 30 Years Sabal Pointe Coral Springs, FL — 1,951,600.00 17,570,507.92 — 724,611.78 1,951,600.00 18,295,119.70 20,246,719.70 (3,939,925.21 ) 1995 30 Years Saddle Ridge Ashburn, VA — 1,364,800.00 12,283,616.32 — 620,984.37 1,364,800.00 12,904,600.69 14,269,400.69 (2,965,216.53 ) 1989 30 Years Sailboat Bay Raleigh, NC — 960,000.00 8,797,579.84 — 322,796.26 960,000.00 9,120,376.10 10,080,376.10 (1,129,195.17 ) 1986 30 Years Sandalwood Toledo, OH 1,077,848.97 151,926.23 1,338,635.64 — 30,212.24 151,926.23 1,368,847.88 1,520,774.11 (115,586.33 ) 1984 30 Years Sandpiper II Fort Pierce, FL — 155,495.65 1,369,987.12 — 286,788.90 155,495.65 1,656,776.02 1,812,271.67 (158,135.54 ) 1982 30 Years Sanford Court Sanford, FL 1,710,085.85 238,814.10 2,104,212.44 — 240,218.67 238,814.10 2,344,431.11 2,583,245.21 (216,037.02 ) 1976 30 Years Scarborough Square Rockville, MD 5,012,038.89 1,815,000.00 7,608,125.57 — 637,655.90 1,815,000.00 8,245,781.47 10,060,781.47 (938,332.71 ) 1967 30 Years Schooner Bay I Foster City, CA 27,000,000.00 5,345,000.00 14,702,681.68 — 60,528.25 5,345,000.00 14,763,209.93 20,108,209.93 (287,395.97 ) 1985 30 Years Schooner Bay II Foster City, CA 23,760,000.00 4,550,000.00 12,970,054.24 — 52,913.76 4,550,000.00 13,022,968.00 17,572,968.00 (251,971.99 ) 1985 30 Years Scottsdale Courtyards Scottsdale, AZ — 2,979,269.00 25,073,537.79 — 474,233.39 2,979,269.00 25,547,771.18 28,527,040.18 (3,762,268.62 ) 1993 30 Years Scottsdale Meadows Scottsdale, AZ — 1,512,000.00 11,407,698.76 — 501,722.24 1,512,000.00 11,909,421.00 13,421,421.00 (1,785,958.09 ) 1984 30 Years Security Manor Westfield, MA 1,443,634.00 355,456.23 2,376,152.12 — 15,389.07 355,456.23 2,391,541.19 2,746,997.42 (105,841.69 ) 1971 30 Years Sedona Springs Austin, TX 15,975,000.00 2,574,000.00 23,477,042.72 — 819,920.92 2,574,000.00 24,296,963.64 26,870,963.64 (2,871,163.85 ) 1995 30 Years Seeley Lake Lakewood, WA — 2,760,400.00 24,845,286.28 — 959,417.87 2,760,400.00 25,804,704.15 28,565,104.15 (4,482,780.99 ) 1990 30 Years Settler's Point Salt Lake City, UT — 1,715,100.00 15,437,046.26 — 823,930.36 1,715,100.00 16,260,976.62 17,976,076.62 (2,936,857.93 ) 1986 30 Years Seventh & James Seattle, WA — 663,800.00 5,974,802.99 — 1,714,645.90 663,800.00 7,689,448.89 8,353,248.89 (1,251,360.04 ) 1992 30 Years Shadetree West Palm Beach, FL — 532,000.00 1,420,721.36 — 130,892.18 532,000.00 1,551,613.54 2,083,613.54 (22,701.97 ) 1982 30 Years Shadow Bay I Jacksonville, FL — 123,318.51 1,086,720.43 — 78,824.99 123,318.51 1,165,545.42 1,288,863.93 (107,332.55 ) 1984 30 Years Shadow Bay II Jacksonville, FL 967,211.18 139,708.74 1,231,134.03 — 79,472.65 139,708.74 1,310,606.68 1,450,315.42 (119,008.83 ) 1985 30 Years Shadow Brook Scottsdale, AZ — 3,065,496.00 18,367,686.39 — 695,603.54 3,065,496.00 19,063,289.93 22,128,785.93 (2,852,836.65 ) 1984 30 Years Shadow Lake Doraville, GA — 1,140,000.00 13,117,276.66 — 240,299.76 1,140,000.00 13,357,576.42 14,497,576.42 (1,588,617.17 ) 1989 30 Years Shadow Ridge Tallahassee, FL — 150,326.51 1,324,061.38 — 120,666.11 150,326.51 1,444,727.49 1,595,054.00 (128,291.17 ) 1983 30 Years Shadow Trace Stone Mountain, GA — 244,320.39 2,152,728.92 — 150,256.61 244,320.39 2,302,985.53 2,547,305.92 (202,912.92 ) 1984 30 Years Shadowood I Sarasota, FL 1,394,425.14 157,660.55 1,389,061.24 — 101,651.07 157,660.55 1,490,712.31 1,648,372.86 (132,806.98 ) 1982 30 Years Shadowood II Sarasota, FL 1,185,160.61 152,030.92 1,339,469.12 — 41,207.18 152,030.92 1,380,676.30 1,532,707.22 (121,829.69 ) 1983 30 Years Sheffield Court Arlington, VA — 3,349,350.00 31,960,799.88 — 1,255,129.32 3,349,350.00 33,215,929.20 36,565,279.20 (8,241,627.01 ) 1986 30 Years Sherbrook (IN) Indianapolis, IN 1,625,092.56 171,920.49 1,514,706.88 — 103,271.24 171,920.49 1,617,978.12 1,789,898.61 (148,113.91 ) 1986 30 Years Sherbrook (OH) Columbus, OH 1,074,187.90 163,493.35 1,440,035.77 — 129,635.21 163,493.35 1,569,670.98 1,733,164.33 (141,811.49 ) 1985 30 Years Sherbrook (PA) Wexford, PH — 279,665.03 2,464,403.71 — 164,151.90 279,665.03 2,628,555.61 2,908,220.64 (218,694.98 ) 1986 30 Years Shoal Run Birmingham, AL — 1,380,000.00 12,218,577.43 — 282,586.96 1,380,000.00 12,501,164.39 13,881,164.39 (1,506,549.04 ) 1986 30 Years Siena Terrace Lake Forest, CA 18,038,474.01 8,900,000.00 24,083,023.60 — 457,835.33 8,900,000.00 24,540,858.93 33,440,858.93 (2,571,775.12 ) 1988 30 Years Sierra Canyon Santa Clarita, CA — 3,484,200.00 12,523,276.06 — 893,727.28 3,484,200.00 13,417,003.34 16,901,203.34 (2,063,553.10 ) 1987 30 Years Silver Creek Phoenix, AZ — 712,102.00 6,707,495.59 — 349,601.28 712,102.00 7,057,096.87 7,769,198.87 (1,119,903.17 ) 1986 30 Years Silver Forest Ocala, FL 837,810.82 126,535.69 1,114,917.31 — 34,644.29 126,535.69 1,149,561.60 1,276,097.29 (100,259.28 ) 1985 30 Years Silver Shadow Las Vegas, NV — 953,440.00 8,599,510.80 — 799,422.92 953,440.00 9,398,933.72 10,352,373.72 (2,821,691.43 ) 1992 30 Years Silver Springs (FL) Jacksonville, FL — 1,831,100.00 16,474,734.54 — 3,466,305.30 1,831,100.00 19,941,039.84 21,772,139.84 (3,282,345.29 ) 1985 30 Years Silverwood Mission, KS (P ) 1,230,000.00 11,070,904.41 — 1,501,760.46 1,230,000.00 12,572,664.87 13,802,664.87 (3,599,579.67 ) 1986 30 Years Sky Pines I Orlando, Fl 2,240,675.98 349,028.75 3,075,448.67 — 169,847.93 349,028.75 3,245,296.60 3,594,325.35 (292,036.85 ) 1986 30 Years Sky Ridge Woodstock, GA — 437,373.49 3,853,792.10 — 193,464.05 437,373.49 4,047,256.15 4,484,629.64 (337,287.03 ) 1987 30 Years Skycrest Valencia, CA 18,390,094.19 10,560,000.00 25,574,457.27 — 78,292.83 10,560,000.00 25,652,750.10 36,212,750.10 (927,025.66 ) 1999 30 Years Skylark Union City, CA — 1,781,600.00 16,731,915.87 — 470,686.84 1,781,600.00 17,202,602.71 18,984,202.71 (2,078,518.17 ) 1986 30 Years Skyview Rancho Santa Margarita, CA — 3,380,000.00 21,953,151.07 — 139,816.58 3,380,000.00 22,092,967.65 25,472,967.65 (2,042,853.50 ) 1999 30 Years Slate Run (Hop) Hopkinsville, KY 875,341.46 91,303.73 804,535.36 — 95,168.08 91,303.73 899,703.44 991,007.17 (88,232.12 ) 1984 30 Years Slate Run (Ind) Indianapolis, IN 1,980,685.72 295,593.01 2,604,496.55 — 207,677.12 295,593.01 2,812,173.67 3,107,766.68 (241,319.12 ) 1984 30 Years Slate Run (Leb) Lebanon, IN 1,202,838.17 154,060.96 1,357,444.95 — 115,764.02 154,060.96 1,473,208.97 1,627,269.93 (139,064.85 ) 1984 30 Years Slate Run (Mia) Miamisburg, OH 833,093.01 136,064.79 1,198,879.10 — 59,175.48 136,064.79 1,258,054.58 1,394,119.37 (107,754.90 ) 1985 30 Years Slate Run I (Lou) Louisville, KY — 179,765.59 1,583,930.73 — 60,948.69 179,765.59 1,644,879.42 1,824,645.01 (143,286.33 ) 1984 30 Years Slate Run II (Lou) Louisville, KY 1,139,968.44 167,722.89 1,477,722.46 — 28,322.19 167,722.89 1,506,044.65 1,673,767.54 (128,437.18 ) 1985 30 Years Smoketree Polo Club Indio, CA 8,425,000.00 867,200.00 6,971,076.37 — 738,804.36 867,200.00 7,709,880.73 8,577,080.73 (1,121,625.00 ) 1987-89 30 Years Sommerset Place Raleigh, NC — 360,000.00 7,800,205.70 — 266,457.98 360,000.00 8,066,663.68 8,426,663.68 (980,508.89 ) 1983 30 Years Sonata at Cherry Creek Denver, CO — 5,490,000.00 18,130,479.26 — 102,396.24 5,490,000.00 18,232,875.50 23,722,875.50 (721,776.75 ) 1999 30 Years Songbird San Antonio, TX 6,231,299.17 1,082,500.00 9,733,790.98 — 1,314,252.02 1,082,500.00 11,048,043.00 12,130,543.00 (2,460,006.11 ) 1981 30 Years Sonoran Phoenix, AZ — 2,361,922.00 31,841,723.63 — 609,899.29 2,361,922.00 32,451,622.92 34,813,544.92 (4,816,563.34 ) 1995 30 Years Sonterra at Foothill Ranch Foothill Ranch, DA 15,496,245.19 7,503,400.00 24,048,506.71 — 163,128.01 7,503,400.00 24,211,634.72 31,715,034.72 (3,236,282.86 ) 1997 30 Years South Creek Phoenix, AZ 14,885,762.84 2,671,300.00 24,042,041.82 — 1,466,378.90 2,671,300.00 25,508,420.72 28,179,720.72 (5,528,499.13 ) 1986-89 30 Years South Pointe St. Louis, MO 7,110,250.00 961,100.00 8,651,149.61 — 802,494.05 961,100.00 9,453,643.66 10,414,743.66 (1,790,159.68 ) 1986 30 Years South Shore Stockton, CA 6,833,000.00 840,000.00 6,057,952.19 — 248,527.30 840,000.00 6,306,479.49 7,146,479.49 (140,324.39 ) 1979 30 Years Southwood Palo Alto, CA — 6,936,600.00 14,324,068.88 — 732,139.53 6,936,600.00 15,056,208.41 21,992,808.41 (2,039,111.17 ) 1985 30 Years Spicewood Indianapolis, IN 991,211.49 128,354.56 1,131,043.53 — 77,644.99 128,354.56 1,208,688.52 1,337,043.08 (101,603.73 ) 1986 30 Years Spicewood Springs Jacksonville, FL — 1,536,000.00 21,138,008.81 — 2,565,633.08 1,536,000.00 23,703,641.89 25,239,641.89 (3,114,213.15 ) 1986 30 Years Spinnaker Cove Hermitage, TN — 1,461,731.24 12,770,420.93 — 1,037,201.69 1,461,731.24 13,807,622.62 15,269,353.86 (2,569,739.82 ) 1986 30 Years Spring Gate Springfield, FL — 132,951.42 1,171,446.91 — 211,427.02 132,951.42 1,382,873.93 1,515,825.35 (136,913.18 ) 1983 30 Years Spring Hill Commons Acton, MA — 1,107,435.54 7,402,979.90 — 75,852.17 1,107,435.54 7,478,832.07 8,586,267.61 (316,390.14 ) 1973 30 Years Spring Lake Manor Birmingham, AL (U) 3,709,099.98 199,991.58 4,512,048.07 — 388,198.78 199,991.58 4,900,246.85 5,100,238.43 (450,216.92 ) 1972 30 Years Springbrook Anderson, SC 1,666,989.07 168,958.84 1,488,611.47 — 111,104.27 168,958.84 1,599,715.74 1,768,674.58 (145,440.15 ) 1986 30 Years Springs Colony Altamonte Springs, FL (P ) 640,400.00 5,852,156.88 — 1,086,929.00 640,400.00 6,939,085.88 7,579,485.88 (2,252,282.34 ) 1986 30 Years Springtree (REIT) W. Palm Beach, FL 1,198,245.66 183,100.00 1,648,300.69 — 21,953.02 183,100.00 1,670,253.71 1,853,353.71 (62,269.55 ) 1982 30 Years Springwood (Col) Columbus, OH 1,051,769.83 189,947.71 1,672,888.81 — 81,898.29 189,947.71 1,754,787.10 1,944,734.81 (152,601.60 ) 1983 30 Years Springwood (IN) New Haven, IN 743,357.41 119,198.99 1,050,337.97 — 109,794.38 119,198.99 1,160,132.35 1,279,331.34 (99,038.59 ) 1981 30 Years Steeplechase Charlotte, NC — 1,111,500.00 10,180,749.95 — 453,520.91 1,111,500.00 10,634,270.86 11,745,770.86 (1,344,747.00 ) 1986 30 Years Sterling Point Littleton, CO — 935,500.00 8,419,199.52 — 446,679.06 935,500.00 8,865,878.58 9,801,378.58 (1,544,161.93 ) 1979 30 Years Stewart Way I Hinesville, GA 2,135,208.21 290,772.56 2,562,373.14 — 177,842.76 290,772.56 2,740,215.90 3,030,988.46 (253,946.21 ) 1986 30 Years Stillwater Savannah, GA 910,121.15 151,197.79 1,332,417.32 — 47,992.70 151,197.79 1,380,410.02 1,531,607.81 (120,497.98 ) 1983 30 Years Stone Crossing Montgomery, AL (U) 2,009,311.36 103,186.01 2,716,315.53 — 237,101.87 103,186.01 2,953,417.40 3,056,603.41 (273,855.72 ) 1973 30 Years Stonehenge (Day) Dayton, OH 1,134,126.05 202,293.85 1,782,140.24 — 147,203.20 202,293.85 1,929,343.44 2,131,637.29 (164,577.63 ) 1985 30 Years Stonehenge (Ind) Indianapolis, IN 1,170,688.31 146,810.32 1,293,558.94 — 129,045.40 146,810.32 1,422,604.34 1,569,414.66 (142,558.39 ) 1984 30 Years Stonehenge (Jas) Jasper, IN 420,823.40 78,334.74 690,214.46 — 35,340.46 78,334.74 725,554.92 803,889.66 (64,242.83 ) 1985 30 Years Stonehenge (KY) Glasgow, KY 775,924.01 111,631.60 983,596.05 — 54,548.03 111,631.60 1,038,144.08 1,149,775.68 (95,285.40 ) 1983 30 Years Stonehenge (Mas) Massillon, OH 601,790.89 145,386.28 1,281,011.57 — 95,900.96 145,386.28 1,376,912.53 1,522,298.81 (123,026.89 ) 1984 30 Years Stonehenge (MI) Tecumseh, MI 1,044,839.53 146,553.91 1,291,449.64 — 72,166.08 146,553.91 1,363,615.72 1,510,169.63 (113,230.22 ) 1984 30 Years Stonehenge I (Ric) Richmond, IN 1,096,252.13 156,342.98 1,377,552.00 — 199,547.81 156,342.98 1,577,099.81 1,733,442.79 (139,279.74 ) 1984 30 Years Stoney Creek Lakewood, WA — 1,215,200.00 10,938,133.89 — 716,256.55 1,215,200.00 11,654,390.44 12,869,590.44 (1,992,462.04 ) 1990 30 Years Stratford Square Winter Park, FL (U) 4,976,334.07 391,300.00 3,176,441.37 — 210,332.96 391,300.00 3,386,774.33 3,778,074.33 (317,384.75 ) 1972 30 Years Strawberry Place Plant City, FL — 78,444.76 691,183.84 — 88,180.15 78,444.76 779,363.99 857,808.75 (76,977.94 ) 1982 30 Years Sturbridge Meadows Sturbridge, MA 2,293,529.81 702,446.99 4,695,714.32 — 88,853.44 702,446.99 4,784,567.76 5,487,014.75 (206,434.74 ) 1985 30 Years Suerte San Diego, CA 18,291,416.96 8,160,000.00 29,360,938.17 — 125,626.66 8,160,000.00 29,486,564.83 37,646,564.83 (1,116,925.99 ) 1990 30 Years Suffolk Grove I Grove City, OH — 214,106.74 1,886,414.73 — 89,330.45 214,106.74 1,975,745.18 2,189,851.92 (167,181.69 ) 1985 30 Years Suffolk Grove II Grove City, OH 1,012,102.90 167,682.97 1,477,568.67 — 38,931.54 167,682.97 1,516,500.21 1,684,183.18 (127,588.87 ) 1987 30 Years Sugartree I New Smyna Beach, FL 951,712.17 155,018.08 1,453,696.13 — 106,158.43 155,018.08 1,559,854.56 1,714,872.64 (136,045.34 ) 1984 30 Years Summer Chase Denver, CO 12,794,478.68 1,709,200.00 15,375,007.91 — 1,752,688.66 1,709,200.00 17,127,696.57 18,836,896.57 (3,928,914.12 ) 1983 30 Years Summer Creek Plymouth, MN 2,222,245.40 579,600.00 3,815,800.17 — 284,280.36 579,600.00 4,100,080.53 4,679,680.53 (581,720.61 ) 1985 30 Years Summer Ridge Riverside, CA — 602,400.00 5,422,807.38 — 305,692.16 602,400.00 5,728,499.54 6,330,899.54 (1,224,095.88 ) 1985 30 Years Summerhill Glen Maynard, MA 2,023,574.82 415,812.01 2,779,618.15 — 124,016.67 415,812.01 2,903,634.82 3,319,446.83 (137,849.40 ) 1980 30 Years Summerset Village Chatsworth, CA 19,306,077.37 2,891,345.68 23,692,592.45 — 568,929.73 2,891,345.68 24,261,522.18 27,152,867.86 (4,643,488.56 ) 1985 30 Years Summerwood Hayward, CA — 4,866,600.00 6,942,743.34 — 488,937.23 4,866,600.00 7,431,680.57 12,298,280.57 (1,017,788.73 ) 1982 30 Years Summit & Birch Hill Farmington, CT 7,286,123.00 1,757,437.88 11,748,112.49 — 78,917.15 1,757,437.88 11,827,029.64 13,584,467.52 (501,178.98 ) 1967 30 Years Summit at Lake Union Seattle, WA — 1,424,700.00 12,852,461.39 — 958,386.00 1,424,700.00 13,810,847.39 15,235,547.39 (2,353,930.17 ) 1995—1997 30 Years Summit Center (FL) W. Palm Beach, FL 2,219,511.26 670,000.00 1,733,311.89 — 282,920.53 670,000.00 2,016,232.42 2,686,232.42 (116,692.32 ) 1987 30 Years Summit Chase Coral Springs, FL — 1,122,100.00 4,431,710.99 — 514,155.19 1,122,100.00 4,945,866.18 6,067,966.18 (1,058,009.28 ) 1985 30 Years Sun Creek Glendale, AZ — 896,929.00 7,066,939.86 — 301,620.11 896,929.00 7,368,559.97 8,265,488.97 (1,161,504.14 ) 1985 30 Years Sunny Oak Village Overland Park, KS 14,111,424.18 2,247,750.00 20,230,536.38 — 2,851,741.65 2,247,750.00 23,082,278.03 25,330,028.03 (5,795,770.15 ) 1984 30 Years Sunnyside Tifton, GA 1,293,809.89 166,887.10 1,470,612.23 — 159,033.39 166,887.10 1,629,645.62 1,796,532.72 (143,143.59 ) 1984 30 Years Sunrise Springs Las Vegas, NV — 975,300.00 8,775,662.32 — 529,662.44 975,300.00 9,305,324.76 10,280,624.76 (2,604,496.39 ) 1989 30 Years Sunset Way I Miami, FL 1,564,299.73 258,567.91 2,278,539.10 — 219,429.40 258,567.91 2,497,968.50 2,756,536.41 (214,894.59 ) 1987 30 Years Sunset Way II Miami, FL 2,567,314.06 274,903.14 2,422,546.26 — 175,374.40 274,903.14 2,597,920.66 2,872,823.80 (219,400.26 ) 1988 30 Years Suntree West Palm Beach, FL — 469,000.00 1,479,588.79 — 1,278.25 469,000.00 1,480,867.04 1,949,867.04 (22,032.91 ) 1982 30 Years Suntree Village Oro Valley, AZ — 1,571,745.00 13,095,941.30 — 887,460.34 1,571,745.00 13,983,401.64 15,555,146.64 (2,333,335.96 ) 1986 30 Years Surrey Downs Bellevue, WA — 3,057,100.00 7,848,618.09 — 317,326.74 3,057,100.00 8,165,944.83 11,223,044.83 (1,058,943.45 ) 1986 30 Years Sutton Place Dallas, TX — 1,358,400.00 12,227,724.86 — 3,240,611.36 1,358,400.00 15,468,336.22 16,826,736.22 (5,451,106.58 ) 1985 30 Years Sutton Place (FL) Lakeland, FL 828,139.14 120,887.43 1,065,150.01 — 130,309.75 120,887.43 1,195,459.76 1,316,347.19 (113,292.97 ) 1984 30 Years Sweetwater Glen Lawrenceville, GA — 500,000.00 10,469,749.09 — 320,788.03 500,000.00 10,790,537.12 11,290,537.12 (1,315,234.28 ) 1986 30 Years Sycamore Creek Scottsdale, AZ (E ) 3,152,000.00 19,083,727.11 — 769,673.32 3,152,000.00 19,853,400.43 23,005,400.43 (3,191,796.43 ) 1984 30 Years Tabor Ridge Berea, OH — 235,940.28 2,079,290.00 — 208,859.09 235,940.28 2,288,149.09 2,524,089.37 (200,811.01 ) 1986 30 Years Talleyrand Tarrytown, NY 36,500,000.00 12,000,000.00 49,522,408.25 — 2,662.58 12,000,000.00 49,525,070.83 61,525,070.83 (299,560.04 ) 1997-98 30 Years Tamarlane Portland, ME — 690,900.00 5,153,632.57 — 230,658.71 690,900.00 5,384,291.28 6,075,191.28 (962,626.79 ) 1986 30 Years Tanasbourne Terrace Hillsboro, OR 12,258,262.41 1,876,700.00 16,891,204.54 — 1,732,941.35 1,876,700.00 18,624,145.89 20,500,845.89 (5,404,089.61 ) 1986-89 30 Years Tanglewood (RI) West Warwick, RI 6,537,748.18 1,141,415.46 7,630,128.68 — 60,881.10 1,141,415.46 7,691,009.78 8,832,425.24 (335,754.52 ) 1973 30 Years Tanglewood (VA) Manassas, VA 25,110,000.00 2,108,295.00 20,932,970.86 — 1,644,546.87 2,108,295.00 22,577,517.73 24,685,812.73 (5,918,484.65 ) 1987 30 Years Terrace Trace Tampa, FL 1,590,157.36 193,916.40 1,708,614.78 — 193,534.92 193,916.40 1,902,149.70 2,096,066.10 (160,555.55 ) 1985 30 Years Three Chopt West Richmond, VA (U) 8,407,726.28 432,956.59 8,256,577.14 — 181,426.24 432,956.59 8,438,003.38 8,870,959.97 (688,100.02 ) 1962 30 Years Thymewood II Miami, FL — 219,660.95 1,936,463.36 — 126,183.40 219,660.95 2,062,646.76 2,282,307.71 (164,793.56 ) 1986 30 Years Tierra Antigua Albuquerque, NM 6,477,380.94 1,825,000.00 7,737,626.64 — 55,587.03 1,825,000.00 7,793,213.67 9,618,213.67 (166,778.75 ) 1985 30 Years S-10
Timber Hollow Chapel Hill, NC — 800,000.00 11,219,536.59 — 565,343.08 800,000.00 11,784,879.67 12,584,879.67 (1,407,138.51 ) 1986 30 Years Timbercreek Toledo, OH 1,498,004.43 203,419.77 1,792,349.87 — 86,625.48 203,419.77 1,878,975.35 2,082,395.12 (158,843.37 ) 1987 30 Years Timberwalk Jacksonville, FL — 1,988,000.00 13,204,218.78 — 408,474.08 1,988,000.00 13,612,692.86 15,600,692.86 (1,685,220.69 ) 1987 30 Years Timberwood Aurora, CO — 1,518,600.00 14,587,786.32 — 800,162.88 1,518,600.00 15,387,949.20 16,906,549.20 (2,176,760.29 ) 1983 30 Years Timberwood (GA) Perry, GA — 144,299.39 1,271,304.85 — 58,663.80 144,299.39 1,329,968.65 1,474,268.04 (116,161.68 ) 1985 30 Years Toscana Irvine, CA — 39,410,000.00 50,823,062.30 — 704,583.08 39,410,000.00 51,527,645.38 90,937,645.38 (1,883,907.81 ) 1991/1993 30 Years Town & Country Birmingham, AL (U) 2,341,799.87 147,122.73 2,610,973.58 — 183,850.84 147,122.73 2,794,824.42 2,941,947.15 (251,125.90 ) 1973 30 Years Town Center (TX) Kingwood, TX — 1,291,300.00 11,530,216.18 — 335,878.87 1,291,300.00 11,866,095.05 13,157,395.05 (2,134,832.42 ) 1994 30 Years Town Center II (TX) Kingwood, TX — 1,375,000.00 14,169,655.96 — 92,682.72 1,375,000.00 14,262,338.68 15,637,338.68 (1,061,573.11 ) 1994 30 Years Townhomes of Meadowbrook Auburn Hills, MI 9,846,293.88 1,382,600.00 12,366,207.39 — 1,720,515.03 1,382,600.00 14,086,722.42 15,469,322.42 (1,944,044.56 ) 1988 30 Years Townhouse Park Richmond, VA (U) 7,504,187.26 384,176.00 9,599,803.46 — 826,392.06 384,176.00 10,426,195.52 10,810,371.52 (926,366.53 ) 1966 30 Years Trails (CO), The Aurora, CO 11,162,361.50 1,217,900.00 8,877,204.73 — 2,013,356.50 1,217,900.00 10,890,561.23 12,108,461.23 (3,863,798.67 ) 1986 30 Years Trails at Briar Forest Houston, TX 13,575,460.57 2,380,000.00 24,911,560.72 — 565,356.08 2,380,000.00 25,476,916.80 27,856,916.80 (3,088,461.75 ) 1990 30 Years Trails at Dominion Park Houston, TX 24,066,836.60 2,531,800.00 35,699,589.07 — 2,052,774.23 2,531,800.00 37,752,363.30 40,284,163.30 (6,933,995.31 ) 1992 30 Years Trailway Pond I Burnsville, MN 4,909,210.00 479,284.26 4,312,143.56 — 309,758.04 479,284.26 4,621,901.60 5,101,185.86 (738,242.05 ) 1988 30 Years Trailway Pond II Burnsville, MN 11,354,755.00 1,107,287.54 9,961,408.87 — 377,533.88 1,107,287.54 10,338,942.75 11,446,230.29 (1,588,820.90 ) 1988 30 Years Trinity Lakes Cordova, TN (E ) 1,982,000.00 14,941,745.65 — 799,963.65 1,982,000.00 15,741,709.30 17,723,709.30 (2,596,662.96 ) 1985 30 Years Turf Club Littleton, CO 9,520,000.00 2,107,300.00 15,478,040.20 — 1,398,493.30 2,107,300.00 16,876,533.50 18,983,833.50 (2,456,863.63 ) 1986 30 Years Turkscap I Brandon, FL — 125,766.44 1,108,139.39 — 250,845.98 125,766.44 1,358,985.37 1,484,751.81 (128,891.62 ) 1977 30 Years Turkscap III Brandon, FL 750,694.28 135,850.08 1,196,987.24 — 76,598.79 135,850.08 1,273,586.03 1,409,436.11 (112,694.83 ) 1982 30 Years Twin Gates Birmingham, AL (U) 4,833,400.20 273,144.27 4,826,938.66 — 189,655.04 273,144.27 5,016,593.70 5,289,737.97 (444,585.80 ) 1967 30 Years Tyrone Gardens Randolph, MA — 4,953,000.00 5,799,572.09 — 508,972.52 4,953,000.00 6,308,544.61 11,261,544.61 (858,818.07 ) 1961/1965 30 Years University Square I Tampa, FL 884,927.57 197,456.54 1,739,807.29 — 63,720.25 197,456.54 1,803,527.54 2,000,984.08 (153,377.42 ) 1979 30 Years Valencia Plantation Orlando, FL — 873,000.00 12,819,377.37 — 157,765.42 873,000.00 12,977,142.79 13,850,142.79 (1,510,827.81 ) 1990 30 Years Valley Creek I Woodbury, MN 12,815,000.00 1,626,715.30 14,634,831.43 — 924,519.69 1,626,715.30 15,559,351.12 17,186,066.42 (2,419,858.43 ) 1989 30 Years Valley Creek II Woodbury, MN 10,100,000.00 1,232,659.25 11,097,830.18 — 376,310.22 1,232,659.25 11,474,140.40 12,706,799.65 (1,731,237.98 ) 1990 30 Years Valleybrook Newnan, GA 1,475,136.52 254,490.09 2,242,463.08 — 52,113.23 254,490.09 2,294,576.31 2,549,066.40 (192,385.58 ) 1986 30 Years Valleyfield (KY) Lexington, KY 1,792,533.69 252,328.74 2,223,757.07 — 206,528.50 252,328.74 2,430,285.57 2,682,614.31 (209,911.51 ) 1985 30 Years Valleyfield (PA) Bridgeville, PA — 274,316.67 2,417,028.77 — 188,881.62 274,316.67 2,605,910.39 2,880,227.06 (220,671.58 ) 1985 30 Years Valleyfield I Decatur, GA 1,577,047.66 252,413.03 2,224,133.89 — 130,378.94 252,413.03 2,354,512.83 2,606,925.86 (195,848.82 ) 1984 30 Years Valleyfield II Decatur, GA — 258,320.37 2,276,083.97 — 91,790.84 258,320.37 2,367,874.81 2,626,195.18 (192,058.98 ) 1985 30 Years Van Deene Manor West Springfield, MA 3,071,031.00 744,491.11 4,976,770.67 — 31,574.87 744,491.11 5,008,345.54 5,752,836.65 (217,703.84 ) 1970 30 Years Via Ventura Scottsdale, AZ (E ) 1,486,600.00 13,382,005.92 — 5,874,753.10 1,486,600.00 19,256,759.02 20,743,359.02 (6,205,353.34 ) 1980 30 Years Villa Encanto Phoenix, AZ 11,963,000.00 2,884,447.00 22,197,362.84 — 1,338,947.47 2,884,447.00 23,536,310.31 26,420,757.31 (3,778,895.99 ) 1983 30 Years Villa Solana Laguna Hills, CA — 1,665,100.00 14,985,677.51 — 1,660,693.31 1,665,100.00 16,646,370.82 18,311,470.82 (4,955,419.62 ) 1984 30 Years Village at Bear Creek Lakewood, CO 20,013,136.61 4,519,700.00 40,676,389.86 — 708,577.58 4,519,700.00 41,384,967.44 45,904,667.44 (6,795,439.50 ) 1987 30 Years Village at Lakewood Phoenix, AZ (M ) 3,166,411.00 13,859,089.81 — 613,327.97 3,166,411.00 14,472,417.78 17,638,828.78 (2,330,151.94 ) 1988 30 Years Village at Tanque Verde Tucson, AZ (M ) 1,434,838.00 7,134,637.58 — 548,289.11 1,434,838.00 7,682,926.69 9,117,764.69 (1,324,253.01 ) 1984-1994 30 Years Village Oaks Austin, TX 4,562,265.80 1,186,000.00 10,663,736.24 — 858,286.83 1,186,000.00 11,522,023.07 12,708,023.07 (2,451,986.12 ) 1984 30 Years Village of Newport Kent, WA — 416,300.00 3,756,582.21 — 440,884.44 416,300.00 4,197,466.65 4,613,766.65 (1,231,847.87 ) 1987 30 Years Villas at Josey Ranch Carrollton, TX 6,584,261.03 1,587,700.00 7,254,727.19 — 583,855.82 1,587,700.00 7,838,583.01 9,426,283.01 (1,103,355.23 ) 1986 30 Years Villas of Oak Creste San Antonio, TX — 905,800.00 8,151,737.96 — 922,123.70 905,800.00 9,073,861.66 9,979,661.66 (1,823,293.26 ) 1979 30 Years Viridian Lake Fort Myers, FL — 960,000.00 17,806,757.92 — 1,006,022.02 960,000.00 18,812,779.94 19,772,779.94 (2,284,494.66 ) 1991 30 Years Vista Del Lago Mission Viejo, CA 29,779,124.37 4,525,800.00 40,736,293.14 — 3,119,563.10 4,525,800.00 43,855,856.24 48,381,656.24 (12,705,647.22 ) 1986-88 30 Years Vista Del Lago (TX) Dallas, TX — 3,552,000.00 20,107,928.23 — 14,791.22 3,552,000.00 20,122,719.45 23,674,719.45 (204,600.87 ) 1992 30 Years Vista Grove Mesa, AZ — 1,341,796.00 12,157,045.12 — 256,176.60 1,341,796.00 12,413,221.72 13,755,017.72 (1,691,173.02 ) 1997—1998 30 Years Walden Wood Southfield, MI 5,486,443.33 834,700.00 7,513,690.33 — 1,675,131.66 834,700.00 9,188,821.99 10,023,521.99 (3,090,558.66 ) 1972 30 Years Warwick Station Westminster, CO 8,973,000.00 2,282,000.00 20,543,194.91 — 424,491.90 2,282,000.00 20,967,686.81 23,249,686.81 (3,556,599.87 ) 1986 30 Years Waterbury (GA) Athens, GA — 147,450.03 1,299,195.48 — 27,368.43 147,450.03 1,326,563.91 1,474,013.94 (112,607.45 ) 1985 30 Years Waterbury (IN) Greenwood, IN 804,848.27 105,245.15 927,324.45 — 67,165.58 105,245.15 994,490.03 1,099,735.18 (88,410.83 ) 1984 30 Years Waterbury (MI) Westland, MI 2,030,514.79 331,738.84 2,922,588.70 — 172,470.89 331,738.84 3,095,059.59 3,426,798.43 (265,638.64 ) 1985 30 Years Waterbury (OH) Cincinnati, OH — 193,166.67 1,701,833.85 — 197,917.60 193,166.67 1,899,751.45 2,092,918.12 (170,725.24 ) 1985 30 Years Waterbury (TN) Clarksville, TN — 116,967.54 1,031,171.54 — 46,147.29 116,967.54 1,077,318.83 1,194,286.37 (96,717.85 ) 1985 30 Years Waterfield Square I Stockton, CA 6,923,000.00 950,000.00 5,805,116.30 — 31,883.92 950,000.00 5,837,000.22 6,787,000.22 (139,400.60 ) 1984 30 Years Waterfield Square II Stockton, CA 6,595,000.00 845,000.00 5,314,072.44 — 22,445.09 845,000.00 5,336,517.53 6,181,517.53 (128,188.87 ) 1984 30 Years Waterford (Jax) Jacksonville, FL — 3,550,922.50 23,716,533.06 — 1,006,809.56 3,550,922.50 24,723,342.62 28,274,265.12 (3,086,724.74 ) 1988 30 Years Waterford at Deerwood Jacksonville, FL 10,456,047.51 1,696,000.00 10,659,701.84 — 595,683.12 1,696,000.00 11,255,384.96 12,951,384.96 (1,472,015.47 ) 1985 30 Years Waterford at Orange Park Orange Park, FL 9,540,000.00 1,960,000.00 12,098,784.47 — 1,124,297.33 1,960,000.00 13,223,081.80 15,183,081.80 (1,946,885.18 ) 1986 30 Years Waterford at Regency Jacksonville, FL 7,024,453.13 1,113,000.00 5,184,161.74 — 241,267.29 1,113,000.00 5,425,429.03 6,538,429.03 (727,977.61 ) 1985 30 Years Waterford at the Lakes Kent, WA — 3,100,200.00 16,140,923.73 — 907,400.06 3,100,200.00 17,048,323.79 20,148,523.79 (3,087,713.54 ) 1990 30 Years Waterford Village (Broward) Delray Beach, FL — 1,888,000.00 15,358,635.40 — 1,700,690.53 1,888,000.00 17,059,325.93 18,947,325.93 (2,303,045.22 ) 1989 30 Years Watermark Square Portland, OR 7,508,710.60 1,580,500.00 14,194,258.85 — 1,442,061.33 1,580,500.00 15,636,320.18 17,216,820.18 (3,108,788.98 ) 1990 30 Years Waterstone Place Federal Way, WA — 2,964,000.00 26,674,598.90 — 3,817,909.68 2,964,000.00 30,492,508.58 33,456,508.58 (9,811,026.13 ) 1990 30 Years Webster Green Needham, MA 6,468,224.78 1,418,892.54 9,485,006.17 — 79,304.73 1,418,892.54 9,564,310.90 10,983,203.44 (389,424.93 ) 1985 30 Years Welleby Lake Club Sunrise, FL — 3,648,000.00 17,620,879.42 — 442,951.95 3,648,000.00 18,063,831.37 21,711,831.37 (2,177,635.89 ) 1991 30 Years Wellington (WA) Silverdale, WA — 1,099,300.00 9,883,302.82 — 856,327.28 1,099,300.00 10,739,630.10 11,838,930.10 (2,839,757.09 ) 1990 30 Years Wellington Hill Manchester, NH (P ) 1,890,200.00 17,120,661.97 — 2,290,520.96 1,890,200.00 19,411,182.93 21,301,382.93 (5,908,304.89 ) 1987 30 Years Wellsford Oaks Tulsa, OK — 1,310,500.00 11,794,289.56 — 507,799.26 1,310,500.00 12,302,088.82 13,612,588.82 (2,180,728.33 ) 1991 30 Years Wentworth Roseville, MI — 217,502.26 1,916,231.96 — 114,474.06 217,502.26 2,030,706.02 2,248,208.28 (174,120.63 ) 1985 30 Years West Of Eastland Columbus, OH 1,970,342.40 234,543.74 2,066,674.99 — 133,717.26 234,543.74 2,200,392.25 2,434,935.99 (205,756.04 ) 1977 30 Years Westbrook Village Manchester, MO — 2,310,000.00 10,606,342.76 — 482,360.63 2,310,000.00 11,088,703.39 13,398,703.39 (1,145,334.22 ) 1984 30 Years Westcreek Jacksonville, FL — 185,199.13 1,632,256.15 — 126,813.22 185,199.13 1,759,069.37 1,944,268.50 (155,867.27 ) 1986 30 Years Westridge Tacoma, WA — 3,501,900.00 31,506,082.24 — 1,941,572.94 3,501,900.00 33,447,655.18 36,949,555.18 (5,912,766.43 ) 1987/1991 30 Years Westside Villas I Los Angeles, CA — 1,785,000.00 3,234,812.08 — 14,818.51 1,785,000.00 3,249,630.59 5,034,630.59 (145,635.55 ) 1999 30 Years Westside Villas II Los Angeles, CA — 1,955,000.00 3,542,992.78 — 11,214.24 1,955,000.00 3,554,207.02 5,509,207.02 (159,555.78 ) 1999 30 Years Westside Villas III Los Angeles, CA — 3,060,000.00 5,541,727.38 — 24,024.71 3,060,000.00 5,565,752.09 8,625,752.09 (250,899.10 ) 1999 30 Years Westside Villas IV Los Angeles, CA — 3,060,000.00 5,541,727.39 — 11,124.23 3,060,000.00 5,552,851.62 8,612,851.62 (248,692.73 ) 1999 30 Years Westside Villas V Los Angeles, CA — 5,100,000.00 9,230,717.47 — 22,350.36 5,100,000.00 9,253,067.83 14,353,067.83 (414,667.23 ) 1999 30 Years Westside Villas VI Los Angeles, CA — 1,530,000.00 3,025,559.20 — 6,651.59 1,530,000.00 3,032,210.79 4,562,210.79 (98,089.53 ) 1989 30 Years Westway Brunswick, GA — 168,322.68 1,483,106.21 — 91,285.65 168,322.68 1,574,391.86 1,742,714.54 (143,804.67 ) 1984 30 Years Westwood Glen Westwood, MA 4,279,128.49 1,616,504.78 10,806,003.53 — 83,343.23 1,616,504.78 10,889,346.76 12,505,851.54 (459,102.00 ) 1972 30 Years Westwood Pines Tamarac, FL — 1,528,600.00 13,739,616.00 — 604,351.10 1,528,600.00 14,343,967.10 15,872,567.10 (2,221,111.08 ) 1991 30 Years Westwynd Apts West Hartford, CT — 308,543.13 2,062,547.68 — 19,645.22 308,543.13 2,082,192.90 2,390,736.03 (90,951.07 ) 1969 30 Years Whispering Oaks Walnut Creek, CA 10,477,988.96 2,170,800.00 19,539,586.15 — 1,684,485.82 2,170,800.00 21,224,071.97 23,394,871.97 (4,333,994.39 ) 1974 30 Years Whispering Pines Fr. Pierce, FL — 384,000.00 621,367.08 — 179,139.59 384,000.00 800,506.67 1,184,506.67 (48,541.54 ) 1986 30 Years Whispering Pines II Fr. Pierce, FL — 105,171.51 926,475.58 — 122,513.08 105,171.51 1,048,988.66 1,154,160.17 (90,205.71 ) 1986 30 Years Whisperwood Cordele, GA — 84,240.30 742,373.88 — 79,651.51 84,240.30 822,025.39 906,265.69 (77,664.07 ) 1985 30 Years White Bear Woods White Bear Lake, MN 14,172,876.00 1,624,740.73 14,618,489.69 — 571,835.40 1,624,740.73 15,190,325.09 16,815,065.82 (2,309,007.15 ) 1989 30 Years Wilcrest Woods Savannah, GA 1,309,914.36 187,306.36 1,650,373.13 — 66,511.43 187,306.36 1,716,884.56 1,904,190.92 (150,728.84 ) 1986 30 Years Wilde Lake Richmond, VA 4,440,000.00 947,200.00 8,594,105.46 — 667,404.61 947,200.00 9,261,510.07 10,208,710.07 (1,859,072.25 ) 1989 30 Years Wilkins Glen Medfield, MA 1,806,507.67 538,482.64 3,599,646.22 — 26,345.38 538,482.64 3,625,991.60 4,164,474.24 (160,998.25 ) 1975 30 Years Willow Brook (CA) Pleasant Hill, CA 29,000,000.00 5,055,000.00 17,580,609.02 — 53,086.90 5,055,000.00 17,633,695.92 22,688,695.92 (349,050.35 ) 1985 30 Years Willow Creek Fresno, CA 5,112,000.00 275,000.00 4,748,769.13 — 24,335.46 275,000.00 4,773,104.59 5,048,104.59 (108,885.87 ) 1984 30 Years Willow Creek I (GA) Griffin, GA 802,655.90 145,768.69 1,298,973.46 — 29,183.39 145,768.69 1,328,156.85 1,473,925.54 (112,370.19 ) 1985 30 Years Willow Lakes Spartanburg, SC 2,007,998.42 200,989.58 1,770,937.26 — 74,737.96 200,989.58 1,845,675.22 2,046,664.80 (166,325.39 ) 1986 30 Years Willow Run (GA) Stone Mountain, GA 1,689,276.69 197,964.94 1,744,286.82 — 147,738.23 197,964.94 1,892,025.05 2,089,989.99 (173,509.72 ) 1983 30 Years Willow Run (IN) New Albany, IN 1,104,174.80 183,872.68 1,620,118.73 — 98,227.25 183,872.68 1,718,345.98 1,902,218.66 (149,746.20 ) 1984 30 Years Willow Run (KY) Madisonville, KY 1,101,687.43 141,015.67 1,242,351.72 — 75,584.54 141,015.67 1,317,936.26 1,458,951.93 (118,875.17 ) 1984 30 Years Willow Trail Norcross, GA — 1,120,000.00 11,412,981.59 — 299,719.76 1,120,000.00 11,712,701.35 12,832,701.35 (1,424,714.96 ) 1985 30 Years Willowick Aurora, CO — 506,900.00 4,157,878.35 — 263,746.61 506,900.00 4,421,624.96 4,928,524.96 (639,753.98 ) 1980 30 Years Will-O-Wisp Kinston, NC (U) 3,518,463.40 197,397.72 3,926,972.16 — 160,283.53 197,397.72 4,087,255.69 4,284,653.41 (353,364.79 ) 1970 30 Years Willowood East II Indianapolis, IN 757,110.80 104,917.75 924,589.72 — 110,229.39 104,917.75 1,034,819.11 1,139,736.86 (103,845.58 ) 1985 30 Years Willowood I (Gro) Grove City, OH 924,692.66 126,045.04 1,110,558.13 — 62,448.37 126,045.04 1,173,006.50 1,299,051.54 (100,308.62 ) 1984 30 Years Willowood I (IN) Columbus, OH 1,121,126.63 163,896.17 1,444,103.85 — 70,898.96 163,896.17 1,515,002.81 1,678,898.98 (128,730.08 ) 1983 30 Years Willowood I (KY) Frankfort, KY 990,683.22 138,822.38 1,223,176.43 — 74,224.34 138,822.38 1,297,400.77 1,436,223.15 (112,421.58 ) 1984 30 Years Willowood I (Woo) Wooster, OH — 117,254.13 1,033,136.63 — 46,907.43 117,254.13 1,080,044.06 1,197,298.19 (95,517.18 ) 1984 30 Years Willowood II (Gro) Grove City, OH 539,004.46 70,923.51 624,814.43 — 43,168.75 70,923.51 667,983.18 738,906.69 (58,040.26 ) 1985 30 Years Willowood II (IN) Columbus, OH 1,129,495.15 161,306.27 1,421,284.06 — 59,399.99 161,306.27 1,480,684.05 1,641,990.32 (128,008.61 ) 1986 30 Years Willowood II (KY) Frankfort, KY 821,067.37 120,375.49 1,060,639.21 — 31,120.19 120,375.49 1,091,759.40 1,212,134.89 (93,251.47 ) 1985 30 Years Willowood II (Tro) Trotwood, OH 879,327.29 142,623.37 1,256,667.34 — 76,474.59 142,623.37 1,333,141.93 1,475,765.30 (116,265.30 ) 1987 30 Years Willowood II (Woo) Wooster, OH 848,000.89 103,199.14 909,397.90 — 92,905.93 103,199.14 1,002,303.83 1,105,502.97 (93,658.19 ) 1986 30 Years Willows I (OH), The Columbus, OH — 76,283.41 672,339.99 — 46,197.49 76,283.41 718,537.48 794,820.89 (68,423.15 ) 1987 30 Years Willows II (OH), The Columbus, OH 617,519.56 96,678.71 851,844.82 — 33,812.18 96,678.71 885,657.00 982,335.71 (78,771.88 ) 1981 30 Years Willows III (OH), The Columbus, OH 846,654.63 129,221.40 1,137,783.40 — 64,420.66 129,221.40 1,202,204.06 1,331,425.46 (101,987.99 ) 1987 30 Years Wimberly Dallas, TX — 2,232,000.00 27,685,923.27 — 346,586.89 2,232,000.00 28,032,510.16 30,264,510.16 (3,238,565.43 ) 1996 30 Years Wimbledon Oaks Arlington, TX 7,258,525.27 1,491,700.00 8,843,716.03 — 631,521.52 1,491,700.00 9,475,237.55 10,966,937.55 (1,332,114.08 ) 1985 30 Years Winchester Park Riverside, RI — 2,822,618.35 18,868,625.90 — 965,359.11 2,822,618.35 19,833,985.01 22,656,603.36 (904,481.15 ) 1972 30 Years Winchester Wood Riverside, RI 2,252,892.08 683,215.23 4,567,153.97 — 65,292.49 683,215.23 4,632,446.46 5,315,661.69 (192,001.39 ) 1989 30 Years Windemere Mesa, AZ — 949,300.00 8,659,280.22 — 964,549.58 949,300.00 9,623,829.80 10,573,129.80 (1,861,315.08 ) 1986 30 Years Windmont Atlanta, GA — 3,204,000.00 7,128,448.37 — 105,121.25 3,204,000.00 7,233,569.62 10,437,569.62 (541,616.38 ) 1988 30 Years Windridge (CA) Laguna Niguel, CA (L ) 2,662,900.00 23,985,496.57 — 1,171,309.66 2,662,900.00 25,156,806.23 27,819,706.23 (6,656,339.26 ) 1989 30 Years Windridge (GA) Dunwoody, GA — 1,224,000.00 13,627,761.75 — 750,702.05 1,224,000.00 14,378,463.80 15,602,463.80 (1,798,540.35 ) 1982 30 Years Windwood I (FL) Palm Bay, FL — 113,912.73 1,003,498.28 — 172,454.67 113,912.73 1,175,952.95 1,289,865.68 (108,773.39 ) 1988 30 Years Windwood II (FL) Palm Bay, FL 190,000.00 118,915.07 1,047,598.32 — 249,746.96 118,915.07 1,297,345.28 1,416,260.35 (122,223.77 ) 1987 30 Years Wingwood (Orl) Orlando, FL 1,448,501.01 236,884.32 2,086,401.61 — 266,451.96 236,884.32 2,352,853.57 2,589,737.89 (204,436.14 ) 1980 30 Years Winter Woods I (FL) Winter Garden, FL — 144,921.36 1,276,965.11 — 111,317.21 144,921.36 1,388,282.32 1,533,203.68 (124,586.34 ) 1985 30 Years Winterwood Charlotte, NC 11,285,686.07 1,722,000.00 15,501,141.60 — 2,204,894.25 1,722,000.00 17,706,035.85 19,428,035.85 (5,561,212.79 ) 1986 30 Years Winthrop Court (KY) Frankfort, Ky 1,445,597.50 184,709.36 1,627,190.80 — 98,975.57 184,709.36 1,726,166.37 1,910,875.73 (154,226.13 ) 1985 30 Years Winthrop Court II (OH) Columbus, OH 727,383.36 102,381.09 896,576.06 — 43,649.70 102,381.09 940,225.76 1,042,606.85 (81,947.52 ) 1986 30 Years Wood Creek (CA) Pleasant Hill, CA (E ) 9,729,900.00 23,009,768.39 — 631,562.11 9,729,900.00 23,641,330.50 33,371,230.50 (3,911,201.93 ) 1987 30 Years S-11
Wood Forest Daytona Beach, FL 6,081,096.96 1,008,000.00 4,950,210.29 — 103,125.65 1,008,000.00 5,053,335.94 6,061,335.94 (633,313.02 ) 1985 30 Years Wood Lane Place Woodbury, MN 14,000,000.00 2,009,146.73 18,090,498.11 — 1,441,225.02 2,009,146.73 19,531,723.13 21,540,869.86 (2,976,230.72 ) 1989 30 Years Woodbine (Cuy) Cuyahoga Falls, OH — 185,868.12 1,637,700.68 — 59,215.40 185,868.12 1,696,916.08 1,882,784.20 (139,141.16 ) 1982 30 Years Woodbine (Por) Portsmouth, OH 621,928.13 78,097.85 688,127.14 — 59,262.89 78,097.85 747,390.03 825,487.88 (71,547.44 ) 1981 30 Years Woodbridge Cary, GA 4,563,667.45 737,400.00 6,636,869.85 — 424,986.08 737,400.00 7,061,855.93 7,799,255.93 (1,622,309.45 ) 1993-95 30 Years Woodbridge (CT) Newington, CT 2,303,845.00 498,376.96 3,331,547.98 — 29,630.99 498,376.96 3,361,178.97 3,859,555.93 (145,726.60 ) 1968 30 Years Woodbridge II Cary, GA — 1,244,600.00 11,243,364.10 — 385,017.47 1,244,600.00 11,628,381.57 12,872,981.57 (2,486,297.42 ) 1993-95 30 Years Woodcliff I Lilburn, GA — 276,659.02 2,437,667.42 — 145,573.97 276,659.02 2,583,241.39 2,859,900.41 (212,002.19 ) 1984 30 Years Woodcliff II Liburn, GA 1,641,890.65 266,449.39 2,347,769.47 — 96,930.33 266,449.39 2,444,699.80 2,711,149.19 (196,931.25 ) 1986 30 Years Woodcreek Beaverton, OR 10,253,455.85 1,755,800.00 15,816,454.87 — 2,395,709.09 1,755,800.00 18,212,163.96 19,967,963.96 (5,760,570.56 ) 1982-84 30 Years Woodcrest I Warner Robins, GA — 115,738.70 1,028,353.02 — 18,509.39 115,738.70 1,046,862.41 1,162,601.11 (92,331.25 ) 1984 30 Years Woodlake (WA) Kirkland, WA 11,086,250.78 6,631,400.00 16,735,484.40 — 675,714.56 6,631,400.00 17,411,198.96 24,042,598.96 (2,317,275.75 ) 1984 30 Years Woodland Hills Decatur, GA — 1,224,600.00 11,010,680.74 — 1,125,298.51 1,224,600.00 12,135,979.25 13,360,579.25 (2,719,898.57 ) 1985 30 Years Woodland I (FL) Orlando, FL 3,397,881.76 461,948.64 4,070,817.98 — 242,073.89 461,948.64 4,312,891.87 4,774,840.51 (379,653.78 ) 1984/85 30 Years Woodland Meadows Ann Arbor, MI 15,810,000.00 2,006,000.00 18,049,551.84 — 757,082.01 2,006,000.00 18,806,633.85 20,812,633.85 (3,032,621.95 ) 1987-1989 30 Years Woodlands (KY) Franklin, KY — 72,093.80 634,894.94 — 86,903.51 72,093.80 721,798.45 793,892.25 (74,358.20 ) 1983 30 Years Woodlands I (Col) Columbus, OH 1,750,390.65 231,995.55 2,044,232.64 — 109,174.53 231,995.55 2,153,407.17 2,385,402.72 (190,201.73 ) 1983 30 Years Woodlands I (PA) Zelienople, PA 1,015,816.14 163,191.69 1,437,896.61 — 87,011.43 163,191.69 1,524,908.04 1,688,099.73 (127,066.51 ) 1983 30 Years Woodlands I (Str) Streetsboro, OH 265,139.94 197,377.57 1,739,111.51 — 139,486.70 197,377.57 1,878,598.21 2,075,975.78 (164,101.32 ) 1984 30 Years Woodlands II (Col) Columbus, OH 1,517,877.27 192,633.43 1,697,310.42 — 116,183.87 192,633.43 1,813,494.29 2,006,127.72 (158,680.00 ) 1984 30 Years Woodlands II (PA) Zelienople, PA — 192,972.36 1,700,296.78 — 82,449.83 192,972.36 1,782,746.61 1,975,718.97 (148,488.88 ) 1987 30 Years Woodlands II (Str) Streetsboro, OH 1,551,162.21 183,996.01 1,621,205.38 — 143,286.36 183,996.01 1,764,491.74 1,948,487.75 (155,075.54 ) 1985 30 Years Woodlands III (Col) Columbus, OH — 230,536.02 2,031,248.57 — 223,055.35 230,536.02 2,254,303.92 2,484,839.94 (191,823.20 ) 1987 30 Years Woodlands of Brookfield Brookfield, WI (N ) 1,484,600.00 13,961,080.72 — 508,802.74 1,484,600.00 14,469,883.46 15,954,483.46 (1,937,592.86 ) 1990 30 Years Woodlands of Minnetonka Minnetonka, MN — 2,394,500.00 13,543,076.29 — 602,310.07 2,394,500.00 14,145,386.36 16,539,886.36 (2,250,314.56 ) 1988 30 Years Woodleaf Campbell, CA 10,983,236.90 8,550,600.00 16,988,182.50 — 253,043.88 8,550,600.00 17,241,226.38 25,791,826.38 (2,166,338.97 ) 1984 30 Years Woodmoor Austin, TX — 653,800.00 5,875,968.39 — 1,555,294.82 653,800.00 7,431,263.21 8,085,063.21 (2,486,385.65 ) 1981 30 Years Woodridge (MN) Eagan, MN 7,554,263.29 1,602,300.00 10,449,579.23 — 668,014.62 1,602,300.00 11,117,593.85 12,719,893.85 (1,568,614.48 ) 1986 30 Years Woodridge (CO) Aurora, CO — 2,780,700.00 7,567,334.68 — 505,696.91 2,780,700.00 8,073,031.59 10,853,731.59 (1,133,764.49 ) 1980-82 30 Years Woodridge II (CO) Aurora, CO — — 4,148,517.08 — 267,481.88 — 4,415,998.96 4,415,998.96 (623,096.57 ) 1980-82 30 Years Woodridge III (CO) Aurora, CO — — 9,130,763.69 — 589,716.81 — 9,720,480.50 9,720,480.50 (1,372,019.79 ) 1980-82 30 Years Woods of Elm Creek San Antonio, TX — 590,000.00 5,310,327.86 — 444,833.53 590,000.00 5,755,161.39 6,345,161.39 (1,123,102.77 ) 1983 30 Years Woods of North Bend Raleigh, NC 14,960,000.00 1,039,500.00 9,305,318.81 — 1,361,144.55 1,039,500.00 10,666,463.36 11,705,963.36 (2,990,414.59 ) 1983 30 Years Woodscape Raleigh, NC — 957,300.00 8,607,939.89 — 618,321.40 957,300.00 9,226,261.29 10,183,561.29 (1,897,747.47 ) 1979 30 Years Woodside Lorton, VA — 1,326,000.00 12,510,902.78 — 707,493.75 1,326,000.00 13,218,396.53 14,544,396.53 (3,585,940.12 ) 1987 30 Years Woodtrail Newnan, GA — 250,894.94 2,210,657.86 — 53,349.22 250,894.94 2,264,007.08 2,514,902.02 (189,879.38 ) 1984 30 Years Woodvalley Anniston, AL 1,382,983.08 190,188.16 1,675,764.93 — 50,107.08 190,188.16 1,725,872.01 1,916,060.17 (150,062.82 ) 1986 30 Years Wycliffe Court Murfreesboro, TN 1,105,968.73 166,544.62 1,467,724.60 — 95,336.21 166,544.62 1,563,060.81 1,729,605.43 (136,333.47 ) 1985 30 Years Wynbrook Norcross, GA — 2,546,500.00 11,009,665.73 — 636,124.46 2,546,500.00 11,645,790.19 14,192,290.19 (1,646,533.17 ) 1972/1976 30 Years Wyndridge 2 Memphis, TN 14,135,000.00 1,488,000.00 13,607,636.08 — 1,028,472.14 1,488,000.00 14,636,108.22 16,124,108.22 (2,807,469.39 ) 1988 30 Years Wyndridge 3 Memphis, TN 10,855,000.00 1,502,500.00 13,531,740.55 — 667,578.36 1,502,500.00 14,199,318.91 15,701,818.91 (2,595,106.03 ) 1988 30 Years Yarmouth Woods Yarmouth, ME — 692,800.00 6,096,155.42 — 314,655.96 692,800.00 6,410,811.38 7,103,611.38 (988,901.83 ) 1971/1978 30 Years Yorktowne at Olde Mill Millersville, MD — 216,000.00 2,674,121.00 — 3,955,745.41 216,000.00 6,629,866.41 6,845,866.41 (5,117,733.51 ) 1974 30 Years Management Business Chicago, IL — — — — 48,371,317.30 — 48,371,317.30 48,371,317.30 (32,429,165.60 ) (G) Operating Partnership Chicago, IL (AA) 43,792.00 — 201,588.72 — — — 201,588.72 201,588.72 — (Y) Total Investment in Real Estate $ 2,844,098,866.29 $ 1,840,169,898.16 $ 10,529,012,304.53 $ — $ 647,000,892.67 $ 1,840,169,898.16 $ 11,176,013,197.20 $ 13,016,183,095.36 $ (1,718,844,690.60 ) Real Estate Held for Disposition Larkspur I (Mor) Moraine, OH $ 435,131.30 $ 55,416.09 $ 488,276.16 $ — $ 53,693.15 $ 55,416.09 $ 541,969.31 $ 597,385.40 $ (49,238.63 ) 1982 30 Years Larkspur II Moraine, OH — 29,907.55 263,518.09 — 19,025.44 29,907.55 282,543.53 312,451.08 (24,397.65 ) 1984 30 Years Ravenwood Mouldin, SC — 197,283.52 1,738,282.85 — 26,693.69 197,283.52 1,764,976.54 1,962,260.06 (150,279.41 ) 1987 30 Years Springwood II (Aus) Austintown, OH — 78,057.03 687,767.52 — 19,558.48 78,057.03 707,326.00 785,383.03 (62,799.20 ) 1982 30 Years Total Real Estate Held for Disposition $ 435,131.30 $ 360,664.19 $ 3,177,844.62 $ — $ 118,970.76 $ 360,664.19 $ 3,296,815.38 $ 3,657,479.57 $ (286,714.89 ) Total Real Estate $ 2,844,533,997.59 $ 1,840,530,562.35 $ 10,532,190,149.15 $ — $ 647,119,863.43 $ 1,840,530,562.35 $ 11,179,310,012.58 $ 13,019,840,574.93 $ (1,719,131,405.49 ) S-12
EQUITY RESIDENTIAL PROPERTIES TRUSTREAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER
Schedule III — Real Estate and Accumulated Depreciation
December 31,1999
INITIAL COST TO DESCRIPTION COMPANY - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & APARTMENT NAME LOCATION ENCUMBRANCES LAND FIXTURES - ------------------------------------------------------------------------------------------------------------------------------------Gentian Oaks Columbus, GA 1,203,778 169,268 1,523,416 Georgian Woods Combined (REIT) Wheaton, MD 18,590,806 5,034,000 28,817,818 Glen Arm Manor Albany, GA 1,167,058 166,498 1,498,486 Glen Eagle Greenville, SC - 833,500 7,523,244 GlenGarry Club Bloomingdale, IL (Q) 3,125,000 15,807,889 Glenlake Glendale Heights. IL 14,845,000 5,040,000 16,671,970 Glenridge Colorado Springs, CO (F) 884,688 4,650,939 Glenview Huntsville, AL 1,647,376 184,451 1,660,061 Glenwood Village Macon, GA 1,096,813 167,779 1,510,009 Governor's Pointe Roswell, GA (E) 3,744,000 24,520,965 Granada Highlands Malden, MA - 28,210,000 99,956,182 Grandview I & II Las Vegas, NV - 2,325,600 15,527,187 Greenbriar Glen Altlanta, GA 1,538,287 227,701 2,049,311 Greengate Marietta, GA - 132,979 1,526,005 Greenglen (Day) Dayton, OH 1,141,512 204,289 1,838,604 Greenglen II (Lim) Lima, OH 891,704 87,335 786,015 Greenglen II (Tol) Toledo, OH 814,863 162,264 1,460,373 Greenhaven Union City, CA 10,857,291 7,500,000 15,210,399 Greenhouse - Frey Road Atlanta, GA (S) 2,464,900 22,187,443 Greenhouse - Holcomb Bridge Atlanta, GA (S) 2,142,400 19,291,427 Greenhouse - Roswell Atlanta, GA (S) 1,217,500 10,974,727 Greentree 1 Glen Burnie, MD 11,761,074 3,912,968 11,799,657 Greentree 2 Glen Burnie, MD - 2,700,000 8,261,634 Greentree 3 Glen Burnie, MD 7,245,399 2,380,443 7,294,085 Greenwich Woods Silver Spring, MD 18,426,770 3,095,700 29,226,035 Greenwood Village Tempe, AZ (O) 2,118,781 17,274,216 Grey Eagle Greenville, SC - 725,200 6,547,650 Greystone Atlanta, GA - 2,250,000 5,207,079 Gwinnett Crossing Duluth, GA - 2,632,000 32,016,496 Hall Place Quincy, MA - 3,150,000 5,121,950 Hammock's Place Miami, FL (F) 319,080 12,513,467 Hampshire Court Ft. Wayne, IN - 101,297 911,672 Hampshire II Cleveland, OH 860,000.00 126,231 1,136,082 Hamptons Tacoma, WA 5,857,832 1,119,200 10,075,844 Harbinwood Atlanta, GA 1,627,164 236,761 2,130,849 Harbor Pointe Milwaukee, WI 12,000,000 2,975,000 22,096,546 Harborview San Pedro, CA 12,104,725 6,400,000 12,633,175 Harrison Park Tucson, AZ (O) 1,265,094 16,342,322 Hartwick Anderson, IN 727,948 123,791 1,114,115 Harvest Grove Conyers, GA - 752,000 18,717,899 Harvest Grove I Columbus, OH 1,637,684 170,334 1,533,007 Harvest Grove II Columbus, OH 1,076,969 148,792 1,339,124 Hatcherway Jacksonville, GA 745,042 96,885 871,969 Hathaway Long Beach, CA - 2,512,200 22,611,912 Hayfield Park Cincinnati, KY 1,577,277 261,457 2,353,111 Haywood Pointe Greenville, SC - 480,000 9,163,271 Hearthstone San Antonio, TX - 1,035,700 3,525,388 Heathmoore (Eva) Evansville, IN 1,155,071 162,375 1,461,371 Heathmoore (KY) Louisville, KY 927,105 156,840 1,411,559 Heathmoore (MI) Detriot, MI 1,725,257 227,105 2,043,945 Heathmoore I (IN) Indianapolis, IN 1,229,295 144,557 1,301,010 Heathmoore I (MI) Detriot, MI 1,564,304 232,064 2,088,575 Heathmoore II (MI) Detriot, MI 918,553 170,433 1,533,893 Heritage, The Phoenix, AZ (O) 1,211,205 13,136,903 Heron Cove Coral Springs, FL - 823,000 8,114,762 Heron Landing (J) Lauderhill, FL - 707,100 6,406,776 Heron Pointe Boynton Beach, FL - 1,546,700 7,804,414COST CAPITALIZED SUBSEQUENT TO GROSS AMOUNT CARRIED ACQUISITION AT CLOSE OF DESCRIPTION (IMPROVEMENTS, NET) (I) PERIOD 12/31/99 - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & BUILDING & APARTMENT NAME LAND FIXTURES LAND FIXTURES (A) TOTAL (B) - ------------------------------------------------------------------------------------------------------------------------------------Gentian Oaks - 2,617 169,268 1,526,034 1,695,302 Georgian Woods Combined (REIT) 4,400 1,956,090 5,038,400 30,773,909 35,812,309 Glen Arm Manor - 5,299 166,498 1,503,786 1,670,284 Glen Eagle 2,400 138,654 835,900 7,661,897 8,497,797 GlenGarry Club 4,700 750,843 3,129,700 16,558,731 19,688,431 Glenlake 1,700 572,258 5,041,700 17,244,228 22,285,928 Glenridge 100 607,958 884,788 5,258,897 6,143,685 Glenview - 22,546 184,451 1,682,607 1,867,058 Glenwood Village - 8,499 167,779 1,518,508 1,686,287 Governor's Pointe 2,600 813,249 3,746,600 25,334,214 29,080,814 Granada Highlands - (138,357) 28,210,000 99,817,825 128,027,825 Grandview I & II 7,700 233,024 2,333,300 15,760,211 18,093,511 Greenbriar Glen - 5,965 227,701 2,055,276 2,282,977 Greengate - 1,349,931 132,979 2,875,936 3,008,915 Greenglen (Day) - 5,377 204,289 1,843,980 2,048,270 Greenglen II (Lim) - 1,024 87,335 787,039 874,374 Greenglen II (Tol) - 2,255 162,264 1,462,628 1,624,891 Greenhaven 7,000 147,711 7,507,000 15,358,110 22,865,110 Greenhouse - Frey Road 2,300 1,629,230 2,467,200 23,816,673 26,283,873 Greenhouse - Holcomb Bridge 900 1,429,246 2,143,300 20,720,674 22,863,974 Greenhouse - Roswell 2,500 1,023,254 1,220,000 11,997,982 13,217,982 Greentree 1 - 195,706 3,912,968 11,995,363 15,908,331 Greentree 2 - 72,591 2,700,000 8,334,225 11,034,225 Greentree 3 - 62,104 2,380,443 7,356,189 9,736,632 Greenwich Woods 5,300 2,496,472 3,101,000 31,722,507 34,823,507 Greenwood Village - 468,585 2,118,781 17,742,801 19,861,582 Grey Eagle 2,400 126,075 727,600 6,673,725 7,401,325 Greystone 2,000 345,842 2,252,000 5,552,921 7,804,921 Gwinnett Crossing - 331,101 2,632,000 32,347,597 34,979,597 Hall Place 800 30,725 3,150,800 5,152,674 8,303,474 Hammock's Place 100 684,686 319,180 13,198,153 13,517,333 Hampshire Court - 1,812 101,297 913,484 1,014,780 Hampshire II - 2,529 126,231 1,138,612 1,264,843 Hamptons - 250,024 1,119,200 10,325,869 11,445,069 Harbinwood - 5,012 236,761 2,135,861 2,372,622 Harbor Pointe 4,800 937,057 2,979,800 23,033,603 26,013,403 Harborview 2,500 260,840 6,402,500 12,894,015 19,296,515 Harrison Park - 219,481 1,265,094 16,561,803 17,826,897 Hartwick - 8,316 123,791 1,122,431 1,246,222 Harvest Grove - 155,391 752,000 18,873,290 19,625,290 Harvest Grove I - 2,826 170,334 1,535,832 1,706,166 Harvest Grove II - 4,038 148,792 1,343,162 1,491,953 Hatcherway - 4,129 96,885 876,098 972,984 Hathaway 300 747,836 2,512,500 23,359,748 25,872,248 Hayfield Park - 2,958 261,457 2,356,069 2,617,526 Haywood Pointe - 95,060 480,000 9,258,331 9,738,331 Hearthstone 200 674,597 1,035,900 4,199,985 5,235,885 Heathmoore (Eva) - 3,232 162,375 1,464,603 1,626,977 Heathmoore (KY) - 3,290 156,840 1,414,848 1,571,688 Heathmoore (MI) - 2,156 227,105 2,046,102 2,273,207 Heathmoore I (IN) - 5,939 144,557 1,306,950 1,451,506 Heathmoore I (MI) - 3,353 232,064 2,091,928 2,323,992 Heathmoore II (MI) - 3,534 170,433 1,537,427 1,707,860 Heritage, The - 91,266 1,211,205 13,228,170 14,439,375 Heron Cove - 578,453 823,000 8,693,215 9,516,215 Heron Landing (J) 4,700 469,761 711,800 6,876,537 7,588,337 Heron Pointe - 538,442 1,546,700 8,342,856 9,889,556LIFE USED TO COMPUTE DESCRIPTION DEPRECIATION IN - -------------------------------------------------------------------------------------- LATEST INCOME ACCUMULATED DATE OF STATEMENT (C) APARTMENT NAME DEPRECIATION CONSTRUCTION - --------------------------------------------------------------------------------------Gentian Oaks (13,817) 1985 30 Years Georgian Woods Combined (REIT) (4,708,939) 1967 30 Years Glen Arm Manor (13,819) 1986 30 Years Glen Eagle (657,971) 1990 30 Years GlenGarry Club (1,077,078) 1989 30 Years Glenlake (1,341,810) 1988 30 Years Glenridge (1,393,882) 1985 30 Years Glenview (15,893) 1986 30 Years Glenwood Village (14,184) 1986 30 Years Governor's Pointe (2,071,813) 1982-1986 30 Years Granada Highlands (616,003) 1972 30 Years Grandview I & II (919,023) 1980 30 Years Greenbriar Glen (18,554) 1988 30 Years Greengate (1,780,427) 1971 30 Years Greenglen (Day) (16,738) 1983 30 Years Greenglen II (Lim) (7,469) 1981 30 Years Greenglen II (Tol) (13,234) 1982 30 Years Greenhaven (791,410) 1983 30 Years Greenhouse - Frey Road (4,903,879) 1985 30 Years Greenhouse - Holcomb Bridge (4,363,006) 1985 30 Years Greenhouse - Roswell (2,525,185) 1985 30 Years Greentree 1 (240,618) 1973 30 Years Greentree 2 (136,124) 1973 30 Years Greentree 3 (143,473) 1973 30 Years Greenwich Woods (6,410,863) 1967 30 Years Greenwood Village (1,349,731) 1984 30 Years Grey Eagle (567,982) 1991 30 Years Greystone (334,766) 1960 30 Years Gwinnett Crossing (1,483,650) 1989/90 30 Years Hall Place (198,701) 1998 30 Years Hammock's Place (3,089,391) 1986 30 Years Hampshire Court (8,413) 1982 30 Years Hampshire II (10,487) 1981 30 Years Hamptons (1,031,315) 1991 30 Years Harbinwood (19,145) 1985 30 Years Harbor Pointe (1,608,231) 1970/1990 30 Years Harborview (1,337,178) 1985 30 Years Harrison Park (1,256,808) 1985 30 Years Hartwick (10,246) 1982 30 Years Harvest Grove (872,861) 1986 30 Years Harvest Grove I (14,069) 1986 30 Years Harvest Grove II (12,252) 1987 30 Years Hatcherway (8,439) 1986 30 Years Hathaway (3,763,231) 1987 30 Years Hayfield Park (21,110) 1986 30 Years Haywood Pointe (435,792) 1985 30 Years Hearthstone (1,101,530) 1982 30 Years Heathmoore (Eva) (13,526) 1984 30 Years Heathmoore (KY) (12,914) 1983 30 Years Heathmoore (MI) (18,315) 1983 30 Years Heathmoore I (IN) (11,949) 1983 30 Years Heathmoore I (MI) (18,517) 1986 30 Years Heathmoore II (MI) (13,772) 1986 30 Years Heritage, The (968,755) 1995 30 Years Heron Cove (1,838,946) 1987 30 Years Heron Landing (J) (1,099,485) 1988 30 Years Heron Pointe (849,081) 1989 30 YearsEQUITY RESIDENTIAL PROPERTIES TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999
INITIAL COST TO DESCRIPTION COMPANY - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & APARTMENT NAME LOCATION ENCUMBRANCES LAND FIXTURES - ------------------------------------------------------------------------------------------------------------------------------------Heron Pointe (Atl) Jacksonville, Fl 1,610,460 214,332 1,928,989 Heron Run Plantation, FL - 917,800 9,006,476 Hickory Creek Richmond, VA - 1,323,000 18,520,609 Hickory Mill Columbus, OH 1,055,961 161,714 1,455,430 Hickory Mill I Charleston, WV 934,166 129,187 1,162,681 Hickory Place Gainesville, GL 1,338,750 192,453 1,732,080 Hickory Ridge Greenville, SC - 285,800 2,591,930 Hidden Acres Sarasota, FL 1,646,801 253,139 2,278,249 Hidden Lakes Haltom City, TX - 1,872,000 20,242,109 Hidden Oaks Cary, NC - 1,176,200 10,614,135 Hidden Palms Tampa, FL (E) 2,048,000 6,380,289 Hidden Pines Orlando, FL 19,562 176,308 1,586,772 Hidden Valley Club Ann Arbor, MI - 915,000 7,342,020 High Points St. Petersburg, FL 1,056,641 222,308 2,000,769 Highland Creste Seattle, WA - 935,200 8,415,391 Highland Grove Stone Mt., GA - 1,665,700 15,010,714 Highland Point Denver, CO 9,886,746 1,631,900 14,684,439 Highline Oaks Denver, CO 7,100,000 1,055,000 9,748,823 Hillcrest Villas Ft. Walton Bch., FL 978,813 141,603 1,274,427 Hillside Manor Albany, GA 611,803 102,632 923,690 Hillside Trace Tampa, FL 1,058,133 138,888 1,249,992 Hollows Columbia, SC - 450,000 8,835,008 Holly Park Columbus, GA 790,970 138,418 1,245,760 Holly Ridge Miami, FL - 295,596 2,660,361 Holly Sands I Ft. Walton Bch.,FL 1,373,631 190,942 1,718,481 Holly Sands II Ft. Walton Bch., FL 1,037,680 124,578 1,121,198 Hollyview Silver Springs, MD - 189,000 1,506,539 Horizon Place Tampa, FL 12,475,333 2,128,000 12,086,937 Hunt Club Charlotte, NC - 1,090,000 17,992,887 Hunter Glen (IL) Springfield, IL 956,507 158,197 1,423,776 Hunter's Glen Chesterfield, MO - 913,500 8,230,595 Hunter's Green Fort Worth, TX (F) 524,200 3,653,481 Hunters Ridge/South Pointe St. Louis, MO 18,630,250 1,950,000 17,570,346 Huntington Hollow Tulsa, OK - 668,600 6,018,259 Huntington Park Everett, WA - 1,594,500 14,748,864 Idlewood Indianapolis, IN - 2,560,000 11,473,589 Independence Village Columbus, OH - 226,988 2,042,891 Indian Bend Phoenix, AZ - 1,072,500 9,675,133 Indian Lake I Atlanta, GA 4,207,504 839,669 7,557,017 Indian Tree Arvada, CO - 881,125 4,552,815 Indigo Plantation Daytona Beach, FL - 1,520,000 14,650,246 Indigo Springs Kent, WA 7,740,381 1,270,000 11,446,902 Ingleside, The Phoenix, AZ - 1,203,600 10,685,212 Iris Glen Atlanta, GA 1,785,000 270,458 2,434,122 Ironwood at the Ranch Wesminster, CO 5,808,479 1,493,300 13,439,305 Isle at Arrowhead Ranch Glendale, AZ - 1,650,237 19,533,715 Ivy Place (K) Atlanta, GA - 793,200 7,228,257 James Street Crossing Kent, WA 16,395,379 2,078,600 18,738,034 Jefferson at Walnut Creek Austin, TX (E) 2,736,000 14,598,337 Jefferson Way I Jacksonville, Fl 1,028,679 147,799 1,330,189 Junipers at Yarmouth Yarmouth, ME - 1,350,000 7,861,966 Jupiter Cove I W. Palm Beach, FL 1,637,684 233,932 2,105,392 Jupiter Cove III W. Palm Beach, FL 1,723,290 242,010 2,178,090 Kempton Downs Gresham, OR - 1,182,200 10,943,372 Ketwood Dayton, OH 1,605,298 266,443 2,397,989 Keystone Austin, TX 2,789,477 498,000 4,487,295 Kimmerly Glen Charlotte, NC - 1,040,000 12,406,969COST CAPITALIZED SUBSEQUENT TO GROSS AMOUNT CARRIED ACQUISITION AT CLOSE OF DESCRIPTION (IMPROVEMENTS, NET) (I) PERIOD 12/31/99 - ----------------------------------------------------------------------------------------------------------------------------------- BUILDING & BUILDING & APARTMENT NAME LAND FIXTURES LAND FIXTURES (A) TOTAL (B) - -----------------------------------------------------------------------------------------------------------------------------------Heron Pointe (Atl) - 6,523 214,332 1,935,511 2,149,844 Heron Run - 806,918 917,800 9,813,395 10,731,195 Hickory Creek - 235,832 1,323,000 18,756,441 20,079,441 Hickory Mill - 13,342 161,714 1,468,772 1,630,486 Hickory Mill I - 931 129,187 1,163,612 1,292,799 Hickory Place - 439 192,453 1,732,519 1,924,973 Hickory Ridge 2,400 125,220 288,200 2,717,150 3,005,350 Hidden Acres - 10,113 253,139 2,288,362 2,541,501 Hidden Lakes - 87,354 1,872,000 20,329,463 22,201,463 Hidden Oaks 2,400 965,785 1,178,600 11,579,921 12,758,521 Hidden Palms 1,600 407,995 2,049,600 6,788,284 8,837,884 Hidden Pines - 2,970 176,308 1,589,741 1,766,049 Hidden Valley Club - 1,395,871 915,000 8,737,891 9,652,891 High Points - 6,383 222,308 2,007,152 2,229,460 Highland Creste - 385,329 935,200 8,800,720 9,735,920 Highland Grove 2,400 213,174 1,668,100 15,223,889 16,891,989 Highland Point - 342,409 1,631,900 15,026,848 16,658,748 Highline Oaks 2,400 337,844 1,057,400 10,086,666 11,144,066 Hillcrest Villas - 13,721 141,603 1,288,148 1,429,751 Hillside Manor - 5,484 102,632 929,173 1,031,806 Hillside Trace - 8,214 138,888 1,258,206 1,397,094 Hollows - 67,279 450,000 8,902,286 9,352,286 Holly Park - 9,271 138,418 1,255,031 1,393,449 Holly Ridge - 4,627 295,596 2,664,988 2,960,583 Holly Sands I - 13,513 190,942 1,731,994 1,922,936 Holly Sands II - 2,297 124,578 1,123,495 1,248,072 Hollyview 2,400 33,512 191,400 1,540,051 1,731,451 Horizon Place - 254,270 2,128,000 12,341,207 14,469,207 Hunt Club - 196,881 1,090,000 18,189,769 19,279,769 Hunter Glen (IL) - 2,428 158,197 1,426,204 1,584,402 Hunter's Glen 1,700 545,410 915,200 8,776,005 9,691,205 Hunter's Green 100 698,698 524,300 4,352,179 4,876,479 Hunters Ridge/South Pointe 5,600 1,115,090 1,955,600 18,685,436 20,641,036 Huntington Hollow - 186,853 668,600 6,205,112 6,873,712 Huntington Park 3,000 292,087 1,597,500 15,040,951 16,638,451 Idlewood 1,800 528,947 2,561,800 12,002,536 14,564,336 Independence Village - 9,506 226,988 2,052,397 2,279,385 Indian Bend 3,200 1,397,968 1,075,700 11,073,101 12,148,801 Indian Lake I - 25,941 839,669 7,582,957 8,422,626 Indian Tree 100 871,891 881,225 5,424,706 6,305,931 Indigo Plantation - 98,980 1,520,000 14,749,225 16,269,225 Indigo Springs 500 648,933 1,270,500 12,095,835 13,366,335 Ingleside, The - 72,304 1,203,600 10,757,516 11,961,116 Iris Glen - 6,212 270,458 2,440,334 2,710,792 Ironwood at the Ranch - 226,423 1,493,300 13,665,728 15,159,028 Isle at Arrowhead Ranch - 120,568 1,650,237 19,654,283 21,304,520 Ivy Place (K) 9,750 323,819 802,950 7,552,076 8,355,026 James Street Crossing 2,654 324,912 2,081,254 19,062,945 21,144,199 Jefferson at Walnut Creek 1,600 203,494 2,737,600 14,801,831 17,539,431 Jefferson Way I - 4,695 147,799 1,334,883 1,482,682 Junipers at Yarmouth 5,700 417,354 1,355,700 8,279,320 9,635,020 Jupiter Cove I - 12,397 233,932 2,117,789 2,351,722 Jupiter Cove III - 3,615 242,010 2,181,705 2,423,715 Kempton Downs 35,149 1,012,310 1,217,349 11,955,682 13,173,031 Ketwood - 11,007 266,443 2,408,996 2,675,439 Keystone 500 695,837 498,500 5,183,133 5,681,633 Kimmerly Glen - 93,533 1,040,000 12,500,502 13,540,502LIFE USED TO DESCRIPTION COMPUTE - ----------------------------------------------------------------------------------- DEPRECIATION IN ACCUMULATED DATE OF LATEST INCOME APARTMENT NAME DEPRECIATION CONSTRUCTION STATEMENT (C) - ---------------------------------------------------------------------------------------------------Heron Pointe (Atl) (17,926) 1986 30 Years Heron Run (2,059,502) 1987 30 Years Hickory Creek (865,310) 1984 30 Years Hickory Mill (13,515) 1980 30 Years Hickory Mill I (10,517) 1983 30 Years Hickory Place (15,620) 1983 30 Years Hickory Ridge (244,413) 1968 30 Years Hidden Acres (21,345) 1987 30 Years Hidden Lakes (909,260) 1996 30 Years Hidden Oaks (987,908) 1988 30 Years Hidden Palms (621,560) 1986 30 Years Hidden Pines (14,253) 1981 30 Years Hidden Valley Club (5,271,915) 1973 30 Years High Points (18,484) 1986 30 Years Highland Creste (931,911) 1989 30 Years Highland Grove (1,255,285) 1988 30 Years Highland Point (1,455,251) 1984 30 Years Highline Oaks (952,996) 1986 30 Years Hillcrest Villas (12,065) 1985 30 Years Hillside Manor (8,871) 1985 30 Years Hillside Trace (11,706) 1987 30 Years Hollows (419,929) 1987 30 Years Holly Park (11,912) 1985 30 Years Holly Ridge (23,909) 1986 30 Years Holly Sands I (15,944) 1985 30 Years Holly Sands II (10,289) 1986 30 Years Hollyview (125,799) 1965 30 Years Horizon Place (586,978) 1985 30 Years Hunt Club (829,308) 1990 30 Years Hunter Glen (IL) (13,004) 1987 30 Years Hunter's Glen (1,163,664) 1985 30 Years Hunter's Green (1,229,116) 1981 30 Years Hunters Ridge/South Pointe (1,866,301) 1986-1987 30 Years Huntington Hollow (682,525) 1981 30 Years Huntington Park (3,240,823) 1991 30 Years Idlewood (1,036,708) 1991 30 Years Independence Village (19,419) 1978 30 Years Indian Bend (2,382,653) 1973 30 Years Indian Lake I (67,778) 1987 30 Years Indian Tree (1,553,220) 1983 30 Years Indigo Plantation (681,686) 1989 30 Years Indigo Springs (1,354,595) 1991 30 Years Ingleside, The (770,952) 1995 30 Years Iris Glen (21,884) 1984 30 Years Ironwood at the Ranch (1,318,351) 1986 30 Years Isle at Arrowhead Ranch (1,429,829) 1996 30 Years Ivy Place (K) (1,041,136) 1978 30 Years James Street Crossing (1,434,987) 1989 30 Years Jefferson at Walnut Creek (1,220,695) 1994 30 Years Jefferson Way I (12,134) 1987 30 Years Junipers at Yarmouth (870,172) 1970 30 Years Jupiter Cove I (18,963) 1987 30 Years Jupiter Cove III (19,306) 1987 30 Years Kempton Downs (2,233,649) 1990 30 Years Ketwood (21,828) 1979 30 Years Keystone (1,100,519) 1981 30 Years Kimmerly Glen (579,229) 1986 30 YearsEQUITY RESIDENTIAL PROPERTIES TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999
INITIAL COST TO DESCRIPTION COMPANY - ---------------------------------------------------------------------------------------------------------------------------------- BUILDING & APARTMENT NAME LOCATION ENCUMBRANCES LAND FIXTURES - ----------------------------------------------------------------------------------------------------------------------------------Kings Colony Savannah, GA 2,084,325 230,149 2,071,343 Kingsport Alexandria, VA - 1,262,250 12,479,294 Kirby Place Houston, TX (E) 3,620,000 25,914,555 Knox Landing Knoxville, TN 1,551,481 158,589 1,427,298 La Costa Brava (ORL) Orlando, FL - 206,626 4,610,502 La Mariposa Mesa, AZ (O) 2,047,539 12,466,128 La Mirage San Diego, CA - 34,895,200 93,909,311 La Reserve Oro Valley, AZ (O) 3,264,562 4,936,546 La Tour Fontaine Houston, TX 9,610,482 2,916,000 15,917,178 La Valencia Mesa, AZ - 3,553,350 20,542,396 Ladera Mesa, AZ 10,906,931 2,978,879 20,640,453 Lake in the Woods (MI) Ypsilanti, MI - 1,859,625 18,283,831 Lake Point Charlotte, NC - 1,058,975 13,587,338 Lakes at Vinings Atlanta, GA 22,200,684 6,496,000 21,857,927 Lakeshore at Preston Plano, TX 12,933,907 3,322,000 15,211,713 Lakeshore I (GA) Chattanooga, TN 1,236,015 169,375 1,524,375 Lakeville Resort Petaluma, CA 20,367,547 2,734,100 24,610,651 Lakewood Greens Dallas, TX 8,293,081 2,016,000 9,032,159 Lakewood Oaks Dallas, TX - 1,630,200 14,686,192 Lamplight Court Columbus, OH - 70,517 634,654 Landera San Antonio, TX - 766,300 6,896,811 Landings (FL), The Winterhaven, FL 716,235 130,953 1,178,580 Landings (TN) Memphis, TN - 1,314,000 14,090,109 Larkspur I (Hil) Columbus, OH 993,689 179,628 1,616,653 Larkspur I (Mor) Dayton, OH 452,555 55,416 498,745 Larkspur II Dayton, OH - 29,908 269,168 Larkspur Woods Sacramento, CA (E) 5,800,000 14,539,036 Laurel Bay Detroit, MI 859,412 186,004 1,674,035 Laurel Court Toledo, OH 1,116,603 135,736 1,221,621 Laurel Gardens Coral Springs, FL - 4,800,000 25,942,631 Laurel Glen Atlanta, GA 1,701,792 289,509 2,605,582 Laurel Ridge Chapel Hill, NC - 160,000 3,594,635 Legends Tucson, AZ - 2,729,788 17,911,434 Lexington Farm Alpharetta, GA 18,455,654 3,520,000 21,063,101 Lexington Glen Atlanta, GA - 5,760,000 40,190,507 Lexington Park Orlando, FL - 2,016,000 12,346,726 Lincoln at Defoors Atlanta, GA - 5,100,000 20,425,822 Lincoln Green I San Antonio, TX - 947,366 5,833,661 Lincoln Green I & II (CA) Sunnyvale, CA 12,727,505 9,048,000 18,483,642 Lincoln Green II San Antonio, TX - 1,052,340 5,212,696 Lincoln Green III San Antonio, TX - 536,010 1,828,661 Lincoln Heights Quincy, MA 21,409,834 5,925,000 33,595,262 Lincoln Village I & II (CA) Larkspur, CA - 17,100,000 31,399,237 Lindendale Columbus, OH 1,382,143 209,159 1,882,427 Link Terrace Savannah, GA 898,724 121,839 1,096,547 Little Cottonwoods Tempe, AZ (O) 3,050,133 26,991,689 Lodge (OK), The Tulsa, OK - 313,571 3,023,363 Lodge (TX), The San Antonio, TX - 1,363,636 8,737,564 Lofton Place Tampa, FL - 2,240,000 16,679,214 Longfellow Place - Combined Boston, MA - 53,164,160 184,021,737 Longwood Decatur, GA - 1,452,000 13,087,837 Longwood (KY) Lexington,KY 943,932 146,309 1,316,781 Madison at Cedar Springs Dallas, TX - 2,470,000 33,194,620 Madison at Chase Oaks Plano, TX - 3,055,000 28,932,885 Madison at River Sound Lawrenceville, GA - 3,666,999 47,387,106 Madison at Round Grove Austin, TX - 2,626,000 25,682,373 Madison at Stone Creek Lewisville, TX - 2,535,000 22,611,700
COST CAPITALIZED SUBSEQUENT TO GROSS AMOUNT CARRIED ACQUISITION AT CLOSE OF DESCRIPTION (IMPROVEMENTS, NET) (I) PERIOD 12/31/99 - ----------------------------------------------------------------------------------------------------------------------------------- BUILDING & BUILDING & APARTMENT NAME LAND FIXTURES LAND FIXTURES (A) TOTAL (B) - -----------------------------------------------------------------------------------------------------------------------------------Kings Colony - 8,117 230,149 2,079,460 2,309,609 Kingsport - 982,079 1,262,250 13,461,373 14,723,623 Kirby Place 1,600 258,979 3,621,600 26,173,534 29,795,134 Knox Landing - 6,373 158,589 1,433,671 1,592,259 La Costa Brava (ORL) - 2,638,716 206,626 7,249,218 7,455,844 La Mariposa - 318,757 2,047,539 12,784,885 14,832,424 La Mirage - 2,665,264 34,895,200 96,574,575 131,469,775 La Reserve - 218,849 3,264,562 5,155,395 8,419,957 La Tour Fontaine - 107,312 2,916,000 16,024,490 18,940,490 La Valencia - 678,386 3,553,350 21,220,782 24,774,132 Ladera - 82,888 2,978,879 20,723,341 23,702,220 Lake in the Woods (MI) - 5,889,551 1,859,625 24,173,382 26,033,007 Lake Point - 114,443 1,058,975 13,701,781 14,760,756 Lakes at Vinings 2,000 209,564 6,498,000 22,067,492 28,565,492 Lakeshore at Preston 3,800 117,521 3,325,800 15,329,235 18,655,035 Lakeshore I (GA) - 34,990 169,375 1,559,365 1,728,740 Lakeville Resort 2,400 855,402 2,736,500 25,466,053 28,202,553 Lakewood Greens 3,600 254,494 2,019,600 9,286,654 11,306,254 Lakewood Oaks 1,400 870,899 1,631,600 15,557,091 17,188,691 Lamplight Court - 15,753 70,517 650,407 720,924 Landera - 294,058 766,300 7,190,869 7,957,169 Landings (FL), The - 15,445 130,953 1,194,025 1,324,978 Landings (TN) - 249,510 1,314,000 14,339,619 15,653,619 Larkspur I (Hil) - 3,697 179,628 1,620,350 1,799,978 Larkspur I (Mor) - 2,813 55,416 501,558 556,974 Larkspur II - 718 29,908 269,886 299,794 Larkspur Woods 2,900 366,134 5,802,900 14,905,170 20,708,070 Laurel Bay - 2,119 186,004 1,676,154 1,862,158 Laurel Court - 3,331 135,736 1,224,951 1,360,687 Laurel Gardens - 258,894 4,800,000 26,201,525 31,001,525 Laurel Glen - 5,312 289,509 2,610,894 2,900,403 Laurel Ridge 22,551 1,467,459 182,551 5,062,094 5,244,644 Legends - 205,304 2,729,788 18,116,738 20,846,526 Lexington Farm 1,900 146,849 3,521,900 21,209,949 24,731,849 Lexington Glen - 180,007 5,760,000 40,370,514 46,130,514 Lexington Park - 314,673 2,016,000 12,661,398 14,677,398 Lincoln at Defoors - 154,794 5,100,000 20,580,616 25,680,616 Lincoln Green I - 255,937 947,366 6,089,598 7,036,964 Lincoln Green I & II (CA) 9,300 106,511 9,057,300 18,590,153 27,647,453 Lincoln Green II - 705,958 1,052,340 5,918,654 6,970,994 Lincoln Green III - 273,656 536,010 2,102,317 2,638,327 Lincoln Heights 3,400 229,981 5,928,400 33,825,243 39,753,643 Lincoln Village I & II (CA) 7,300 2,054,383 17,107,300 33,453,620 50,560,920 Lindendale - 5,305 209,159 1,887,732 2,096,890 Link Terrace - 3,896 121,839 1,100,443 1,222,282 Little Cottonwoods - 308,845 3,050,133 27,300,534 30,350,667 Lodge (OK), The (200) 930,879 313,371 3,954,242 4,267,613 Lodge (TX), The - 630,444 1,363,636 9,368,009 10,731,645 Lofton Place - 609,388 2,240,000 17,288,602 19,528,602 Longfellow Place - Combined - 424,740 53,164,160 184,446,477 237,610,637 Longwood 2,048 518,830 1,454,048 13,606,667 15,060,715 Longwood (KY) - 4,531 146,309 1,321,312 1,467,621 Madison at Cedar Springs - 69,228 2,470,000 33,263,848 35,733,848 Madison at Chase Oaks - 140,773 3,055,000 29,073,658 32,128,658 Madison at River Sound - 68,178 3,666,999 47,455,284 51,122,283 Madison at Round Grove - 145,729 2,626,000 25,828,103 28,454,103 Madison at Stone Creek - 150,265 2,535,000 22,761,964 25,296,964
LIFE USED TO DESCRIPTION COMPUTE - -------------------------------------------------------------------------------- DEPRECIATION IN ACCUMULATED DATE OF LATEST INCOME APARTMENT NAME DEPRECIATION CONSTRUCTION STATEMENT (C) - ------------------------------------------------------------------------------------------------Kings Colony (19,070) 1987 30 Years Kingsport (2,811,542) 1986 30 Years Kirby Place (2,033,124) 1994 30 Years Knox Landing (13,477) 1986 30 Years La Costa Brava (ORL) (4,129,893) 1967 30 Years La Mariposa (981,457) 1986 30 Years La Mirage (8,319,235) 1988/1992 30 Years La Reserve (455,305) 1988 30 Years La Tour Fontaine (696,631) 1994 30 Years La Valencia (1,610,709) 1998 30 Years Ladera (1,488,588) 1995 30 Years Lake in the Woods (MI) (13,445,220) 1969 30 Years Lake Point (640,515) 1984 30 Years Lakes at Vinings (1,211,285) 1972/1975 30 Years Lakeshore at Preston (841,484) 1992 30 Years Lakeshore I (GA) (14,995) 1986 30 Years Lakeville Resort (3,060,894) 1984 30 Years Lakewood Greens (531,387) 1986 30 Years Lakewood Oaks (3,233,391) 1987 30 Years Lamplight Court (6,401) 1972 30 Years Landera (740,084) 1983 30 Years Landings (FL), The (11,203) 1984 30 Years Landings (TN) (653,435) 1986 30 Years Larkspur I (Hil) (14,581) 1983 30 Years Larkspur I (Mor) (4,721) 1982 30 Years Larkspur II (2,535) 1984 30 Years Larkspur Woods (1,218,608) 1989/1993 30 Years Laurel Bay (15,167) 1989 30 Years Laurel Court (11,448) 1978 30 Years Laurel Gardens (1,169,799) 1989 30 Years Laurel Glen (23,262) 1986 30 Years Laurel Ridge (2,749,488) 1975 30 Years Legends (1,353,986) 1995 30 Years Lexington Farm (1,129,048) 1995 30 Years Lexington Glen (1,792,637) 1990 30 Years Lexington Park (582,892) 1988 30 Years Lincoln at Defoors (459,955) 1980 30 Years Lincoln Green I (3,203,644) 1984/1986 30 Years Lincoln Green I & II (CA) (980,932) 1979 30 Years Lincoln Green II (2,703,798) 1984/1986 30 Years Lincoln Green III (991,219) 1984/1986 30 Years Lincoln Heights (2,415,021) 1991 30 Years Lincoln Village I & II (CA) (1,816,235) 1980 30 Years Lindendale (17,177) 1987 30 Years Link Terrace (10,110) 1984 30 Years Little Cottonwoods (1,989,161) 1984 30 Years Lodge (OK), The (2,419,623) 1979 30 Years Lodge (TX), The (3,827,792) 1979(#) 30 Years Lofton Place (780,117) 1988 30 Years Longfellow Place - Combined (2,668,333) 1975 30 Years Longwood (2,905,506) 1992 30 Years Longwood (KY) (12,100) 1985 30 Years Madison at Cedar Springs (1,451,112) 1995 30 Years Madison at Chase Oaks (1,299,365) 1995 30 Years Madison at River Sound (2,096,164) 1996 30 Years Madison at Round Grove (1,158,009) 1995 30 Years Madison at Stone Creek (1,026,234) 1995 30 YearsEQUITY RESIDENTIAL PROPERTIES TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999
INITIAL COST TO DESCRIPTION COMPANY - ----------------------------------------------------------------------------------------------------------------------------------- BUILDING & APARTMENT NAME LOCATION ENCUMBRANCES LAND FIXTURES - -----------------------------------------------------------------------------------------------------------------------------------Madison at the Arboretum Austin, TX - 1,046,500 9,638,269 Madison on Melrose Richardson, TX - 1,300,000 15,067,256 Madison on the Parkway Dallas, TX - 2,444,000 22,482,051 Mallard Cove Greenville, SC - 803,700 7,322,311 Mallard Cove at Conway Orlando, FL - 600,000 2,555,069 Mallgate Louisville, KY - - 6,702,515 Marabou Mills I Indianpolis, IN 1,412,119 224,178 2,017,602 Marabou Mills II Indianpolis, IN 959,880 192,186 1,729,676 Marabou Mills III Indianpolis, IN 1,176,908 171,557 1,544,010 Marbrisa Tampa, FL - 811,500 7,313,488 Mariner Club (FL) Pembroke Pines, FL 9,501,055 1,824,000 20,771,566 Mariners Wharf Orange Park, FL - 1,858,800 16,744,951 Mark Landing I Miami, FL 1,307,433 191,986 1,727,872 Marks Englewood, CO 20,560,000 4,928,500 44,418,180 Marquessa Corona Hills, CA (U) 6,888,500 21,604,584 Marsh Landing I Brunswick, GA 776,149 133,193 1,198,735 Marshlanding II Brunswick, GA 952,036 111,187 1,000,684 Martha Lake Seattle, WA - 823,200 7,405,070 Martins Landing Roswell, GA 12,745,735 4,800,000 12,949,891 Marymont (MD) Laurel, MD - 1,901,800 17,135,393 McAlpine Ridge Charlotte, NC - 1,283,400 11,557,252 McDowell Place Naperville, IL 15,786,052 2,578,900 23,211,919 Meadow Creek Tigard, OR 8,209,235 1,298,100 11,692,425 Meadowland Athens, GA 983,511 152,395 1,371,552 Meadowood (Cin) Cincinnati, OH 1,776,638 330,734 2,976,610 Meadowood (Cra) Indianpolis, IN 1,098,209 132,471 1,192,235 Meadowood (Cuy) Akron, OH 1,286,594 201,407 1,812,659 Meadowood (FL) Huntington, KY 862,397 96,350 867,146 Meadowood (Fra) Franklin, IN 1,021,963 129,252 1,163,264 Meadowood (Log) Southbend, IN - 93,338 840,044 Meadowood (New) Evansville, IN 981,203 131,546 1,183,914 Meadowood (Nic) Lexington,KY 1,401,249 173,223 1,559,007 Meadowood (Tem) Toledo, MI 1,340,000 173,675 1,563,071 Meadowood (Wel) Youngstown, OH - 58,570 527,133 Meadowood Apts. (Man) Mansfield, OH 937,100 118,504 1,066,538 Meadowood I (GA) Atlanta, GA 986,986 205,468 1,849,208 Meadowood I (MI) Jackson, MI 944,458 146,208 1,315,871 Meadowood I (OH) Columbus, OH 1,016,762 146,912 1,322,211 Meadowood II (FL) Orlando, FL 823,042 160,367 1,443,300 Meadowood II (GA) Atlanta, GA 883,550 176,968 1,592,713 Meadowood II (IN) Indianpolis, IN 708,179 122,626 1,103,630 Meadowood II (OH) Columbus, OH 484,068 57,802 520,217 Meadows I (OH), The Columbus, OH 785,201 150,800 1,357,203 Meadows II (OH), The Columbus, OH 1,158,433 186,636 1,679,728 Meadows in the Park Birmingham, AL - 1,000,000 8,533,099 Meadows on the Lake Birmingham, AL - 1,000,000 8,529,726 Meldon Place Toledo, OH 2,400,695 288,434 2,595,904 Merrifield Hagerstown, MD 2,045,897 268,712 2,418,407 Merrill Creek Tacoma, WA - 814,200 7,330,606 Merrimac Woods Costa Mesa, CA - 673,300 6,081,677 Merritt at Satellite Place Duluth, GA - 3,400,000 29,919,407 Miguel Place St. Petersburg, FL 1,469,356 199,349 1,794,141 Mill Pond Millersville, MD 7,912,334 2,880,000 8,931,260 Mill Run Savannah, GA 1,519,728 198,212 1,783,904 Mill Village Randolph, MA - 6,200,000 13,221,679 Millburn Akron, OH 1,205,695 192,062 1,728,558 Millburn Court II Dayton, OH 908,789 122,870 1,105,834
COST CAPITALIZED SUBSEQUENT TO GROSS AMOUNT CARRIED ACQUISITION AT CLOSE OF DESCRIPTION (IMPROVEMENTS, NET) (I) PERIOD 12/31/99 - ----------------------------------------------------------------------------------------------------------------------------------- BUILDING & BUILDING & APARTMENT NAME LAND FIXTURES LAND FIXTURES (A) TOTAL (B) - -----------------------------------------------------------------------------------------------------------------------------------Madison at the Arboretum - 166,261 1,046,500 9,804,530 10,851,030 Madison on Melrose - 47,134 1,300,000 15,114,390 16,414,390 Madison on the Parkway - 105,958 2,444,000 22,588,009 25,032,009 Mallard Cove 9,650 664,534 813,350 7,986,845 8,800,195 Mallard Cove at Conway - 4,872,430 600,000 7,427,499 8,027,499 Mallgate - 4,537,936 - 11,240,451 11,240,451 Marabou Mills I - 5,162 224,178 2,022,764 2,246,942 Marabou Mills II - 14,463 192,186 1,744,139 1,936,326 Marabou Mills III - 3,234 171,557 1,547,244 1,718,801 Marbrisa 2,000 2,147,386 813,500 9,460,873 10,274,373 Mariner Club (FL) 500 188,748 1,824,500 20,960,314 22,784,814 Mariners Wharf 2,400 239,255 1,861,200 16,984,206 18,845,406 Mark Landing I - 1,963 191,986 1,729,835 1,921,821 Marks - 882,561 4,928,500 45,300,740 50,229,240 Marquessa - 591,208 6,888,500 22,195,792 29,084,292 Marsh Landing I - 5,347 133,193 1,204,082 1,337,275 Marshlanding II - 8,237 111,187 1,008,920 1,120,108 Martha Lake (2,000) 130,462 821,200 7,535,532 8,356,732 Martins Landing 2,000 247,544 4,802,000 13,197,435 17,999,435 Marymont (MD) 2,000 657,214 1,903,800 17,792,607 19,696,407 McAlpine Ridge 600 838,514 1,284,000 12,395,765 13,679,765 McDowell Place 1,500 930,783 2,580,400 24,142,702 26,723,102 Meadow Creek 1,000 1,198,268 1,299,100 12,890,692 14,189,792 Meadowland - 3,056 152,395 1,374,608 1,527,003 Meadowood (Cin) - 6,878 330,734 2,983,488 3,314,223 Meadowood (Cra) - 17,543 132,471 1,209,778 1,342,248 Meadowood (Cuy) - 2,097 201,407 1,814,756 2,016,162 Meadowood (FL) - 17,574 96,350 884,720 981,069 Meadowood (Fra) - 6,951 129,252 1,170,215 1,299,467 Meadowood (Log) - 8,342 93,338 848,386 941,724 Meadowood (New) - 7,844 131,546 1,191,758 1,323,304 Meadowood (Nic) - 30,448 173,223 1,589,455 1,762,678 Meadowood (Tem) - 2,064 173,675 1,565,136 1,738,810 Meadowood (Wel) - 796 58,570 527,929 586,499 Meadowood Apts. (Man) - 2,403 118,504 1,068,942 1,187,446 Meadowood I (GA) - 3,322 205,468 1,852,530 2,057,997 Meadowood I (MI) - 2,165 146,208 1,318,035 1,464,243 Meadowood I (OH) - 7,343 146,912 1,329,554 1,476,467 Meadowood II (FL) - 1,943 160,367 1,445,243 1,605,609 Meadowood II (GA) - 5,264 176,968 1,597,977 1,774,945 Meadowood II (IN) - 3,501 122,626 1,107,131 1,229,756 Meadowood II (OH) - 471 57,802 520,688 578,490 Meadows I (OH), The - 8,655 150,800 1,365,858 1,516,658 Meadows II (OH), The - 4,861 186,636 1,684,589 1,871,226 Meadows in the Park 900 525,288 1,000,900 9,058,388 10,059,288 Meadows on the Lake 900 24,124 1,000,900 8,553,850 9,554,750 Meldon Place - 7,891 288,434 2,603,794 2,892,228 Merrifield - 5,194 268,712 2,423,601 2,692,313 Merrill Creek - 96,201 814,200 7,426,806 8,241,006 Merrimac Woods 2,400 500,505 675,700 6,582,182 7,257,882 Merritt at Satellite Place - 3,102 3,400,000 29,922,509 33,322,509 Miguel Place - 6,348 199,349 1,800,489 1,999,838 Mill Pond - 289,776 2,880,000 9,221,037 12,101,037 Mill Run - 3,278 198,212 1,787,182 1,985,393 Mill Village (14,700) 302,028 6,185,300 13,523,707 19,709,007 Millburn - 2,457 192,062 1,731,015 1,923,077 Millburn Court II - 6,623 122,870 1,112,457 1,235,327
LIFE USED TO COMPUTE DESCRIPTION DEPRECIATION IN - -------------------------------------------------------------------------------- ACCUMULATED DATE OF LATEST INCOME APARTMENT NAME DEPRECIATION CONSTRUCTION STATEMENT (C) - ----------------------------------------------------------------------------------------------Madison at the Arboretum (445,081) 1995 30 Years Madison on Melrose (666,001) 1995 30 Years Madison on the Parkway (1,010,063) 1995 30 Years Mallard Cove (1,164,556) 1983 30 Years Mallard Cove at Conway (4,733,928) 1974 30 Years Mallgate (7,354,306) 1969 30 Years Marabou Mills I (18,412) 1986 30 Years Marabou Mills II (15,857) 1987 30 Years Marabou Mills III (14,005) 1987 30 Years Marbrisa (1,289,391) 1984 30 Years Mariner Club (FL) (938,007) 1988 30 Years Mariners Wharf (1,382,369) 1989 30 Years Mark Landing I (15,636) 1987 30 Years Marks (4,281,090) 1987 30 Years Marquessa (1,673,748) 1992 30 Years Marsh Landing I (11,068) 1984 30 Years Marshlanding II (9,409) 1986 30 Years Martha Lake (731,255) 1991 30 Years Martins Landing (739,426) 1972 30 Years Marymont (MD) (3,476,900) 1987-88 30 Years McAlpine Ridge (2,492,628) 1989-90 30 Years McDowell Place (2,820,106) 1988 30 Years Meadow Creek (2,731,776) 1985 30 Years Meadowland (12,492) 1984 30 Years Meadowood (Cin) (26,751) 1985 30 Years Meadowood (Cra) (11,341) 1983 30 Years Meadowood (Cuy) (16,221) 1985 30 Years Meadowood (FL) (8,532) 1983 30 Years Meadowood (Fra) (10,820) 1983 30 Years Meadowood (Log) (7,854) 1984 30 Years Meadowood (New) (11,187) 1984 30 Years Meadowood (Nic) (14,491) 1983 30 Years Meadowood (Tem) (14,019) 1984 30 Years Meadowood (Wel) (5,088) 1986 30 Years Meadowood Apts. (Man) (9,775) 1983 30 Years Meadowood I (GA) (16,546) 1982 30 Years Meadowood I (MI) (11,846) 1983 30 Years Meadowood I (OH) (12,120) 1984 30 Years Meadowood II (FL) (13,009) 1980 30 Years Meadowood II (GA) (14,319) 1984 30 Years Meadowood II (IN) (10,529) 1986 30 Years Meadowood II (OH) (4,727) 1985 30 Years Meadows I (OH), The (12,593) 1985 30 Years Meadows II (OH), The (15,199) 1987 30 Years Meadows in the Park (718,147) 1986 30 Years Meadows on the Lake (652,281) 1987 30 Years Meldon Place (24,002) 1978 30 Years Merrifield (21,850) 1988 30 Years Merrill Creek (712,427) 1994 30 Years Merrimac Woods (834,633) 1970 30 Years Merritt at Satellite Place (256,094) 1999 30 Years Miguel Place (16,667) 1987 30 Years Mill Pond (335,570) 1984 30 Years Mill Run (16,459) 1986 30 Years Mill Village (1,045,059) 1971/1977 30 Years Millburn (15,339) 1984 30 Years Millburn Court II (10,292) 1981 30 YearsEQUITY RESIDENTIAL PROPERTIES TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999
INITIAL COST TO DESCRIPTION COMPANY - ----------------------------------------------------------------------------------------------------------------------------------- BUILDING & APARTMENT NAME LOCATION ENCUMBRANCES LAND FIXTURES - -----------------------------------------------------------------------------------------------------------------------------------Millston I Cincinnati, OH 443,126 73,599 662,395 Millston II Cincinnati, OH 329,988 59,830 538,472 Mirador Phoenix, AZ - 2,597,518 23,402,200 Mission Bay Orlando, FL - 2,432,000 21,623,560 Mission Palms Tucson, AZ - 2,023,400 18,209,315 Misty Woods Cary, NC - 720,790 18,063,934 Montgomery Court I (MI) Lansing, MI 1,213,411 156,298 1,406,680 Montgomery Court I (OH) Columbus, OH 1,280,843 163,755 1,473,796 Montgomery Court II (OH) Columbus, OH 795,450 149,734 1,347,604 Montierra Scottsdale, AZ - 3,455,000 17,269,841 Montrose Square Columbus, OH 1,699,852 193,266 1,739,394 Morgan Trace Atlanta, GA 1,437,958 239,102 2,151,922 Morningside Scottsdale, AZ (O) 670,470 12,607,976 Morningside (FL) Titusville, FL - 197,890 1,781,006 Mosswood I Orlando, FL 785,201 163,294 1,469,644 Mosswood II Orlando, FL 1,534,000 275,330 2,477,969 Mountain Park Ranch Phoenix, AZ (P) 1,662,332 18,260,276 Mountain Run Albuquerque, NM - 2,023,400 20,734,818 Mountain Terrace Stevenson Ranch, CA - 3,977,200 35,826,520 Newberry I Lansing, MI 1,144,691 183,509 1,651,580 Newberry II Lansing, MI 1,235,839 142,292 1,280,632 Newport Heights Seattle, WA - 390,700 3,522,780 North Creek (Everett) Evertt, WA 8,157,506 3,960,000 12,411,015 North Creek Heights Seattle, WA - 753,800 6,786,778 North Hill Atlanta, GA 16,060,957 2,520,000 18,550,989 Northampton 1 Largo, MD 20,380,296 1,843,200 17,397,514 Northampton 2 Largo, MD - 1,494,100 14,464,432 Northgate Village San Antonio, TX - 660,000 5,974,145 Northlake (FL) Jacksonville, FL - 1,166,000 10,514,526 Northridge Pleasant Hill, CA - 5,525,000 14,695,328 Northridge (GA) Atlanta, GA 968,755 238,811 2,149,295 Northrup Court I Pittsburgh, PA 1,375,701 189,246 1,703,213 Northrup Court II Pittsburgh, PA 886,769 157,190 1,414,713 Northwoods Village Cary, NC (E) 1,368,000 11,460,337 Nova Glen I Daytona Beach, FL - 142,086 1,278,771 Nova Glen II Daytona Beach, FL 1,284,043 175,168 1,576,511 Novawood I Daytona Beach, FL 310,000 122,311 1,100,803 Novawood II Daytona Beach, FL 720,993 144,401 1,299,613 Oak Gardens Miami, FL - 329,968 2,969,711 Oak Mill 2 Germantown, MD 9,507,486 854,000 8,230,187 Oak Park North Agoura Hills, CA (N) 1,706,500 15,362,666 Oak Park South Agoura Hills, CA (N) 1,683,400 15,154,608 Oak Ridge Orlando, FL 1,217,944 173,617 1,562,552 Oak Shade Daytona Beach, FL 1,467,867 229,403 2,064,627 Oakley Woods Atlanta, GA 1,131,397 165,449 1,489,040 Oaks (NC) Charlotte, NC - 2,196,744 23,601,540 Oaks of Lakebridge Ormond Beach, FL - 413,700 3,912,636 Oakwood Manor Miami, FL - 173,247 1,559,222 Oakwood Village (FL) St. Petersburg, FL 721,523 145,547 1,309,922 Oakwood Village (GA) Augusta, GA 1,054,585 161,174 1,450,567 Ocean Walk Key West, FL 21,099,078 2,834,900 25,531,749 Old Archer Court Gainesville, FL 993,263 170,323 1,532,911 Olde Redmond Place Redmond, WA 9,274,306 4,800,000 14,126,038 Olentangy Commons (OH) Columbus, OH - 3,032,336 22,821,061 Olivewood (MI) Detriot, MI 3,339,425 519,167 4,672,501 Olivewood I Indianapolis, IN 932,086 184,701 1,662,312 Olivewood II Indianapolis, IN 1,292,000 186,235 1,676,111
COST CAPITALIZED SUBSEQUENT TO GROSS AMOUNT CARRIED ACQUISITION AT CLOSE OF DESCRIPTION (IMPROVEMENTS, NET) (I) PERIOD 12/31/99 - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & BUILDING & APARTMENT NAME LAND FIXTURES LAND FIXTURES (A) TOTAL (B) - ------------------------------------------------------------------------------------------------------------------------------------Millston I - 4,213 73,599 666,609 740,208 Millston II - (963) 59,830 537,508 597,338 Mirador - 168,298 2,597,518 23,570,498 26,168,016 Mission Bay - 195,874 2,432,000 21,819,435 24,251,435 Mission Palms - 422,331 2,023,400 18,631,646 20,655,046 Misty Woods - 1,111,837 720,790 19,175,771 19,896,561 Montgomery Court I (MI) - 7,186 156,298 1,413,866 1,570,164 Montgomery Court I (OH) - 42,777 163,755 1,516,573 1,680,328 Montgomery Court II (OH) - 3,890 149,734 1,351,494 1,501,228 Montierra - 21,931 3,455,000 17,291,772 20,746,772 Montrose Square - 10,725 193,266 1,750,119 1,943,385 Morgan Trace - 3,035 239,102 2,154,957 2,394,059 Morningside - 155,496 670,470 12,763,472 13,433,942 Morningside (FL) - 18,926 197,890 1,799,932 1,997,821 Mosswood I - 9,206 163,294 1,478,849 1,642,143 Mosswood II - 8,596 275,330 2,486,565 2,761,895 Mountain Park Ranch - 327,404 1,662,332 18,587,680 20,250,012 Mountain Run 280,600 719,179 2,304,000 21,453,997 23,757,997 Mountain Terrace (10,700) 478,785 3,966,500 36,305,304 40,271,804 Newberry I - 8,340 183,509 1,659,920 1,843,429 Newberry II - 6,463 142,292 1,287,095 1,429,387 Newport Heights 500 304,974 391,200 3,827,754 4,218,954 North Creek (Everett) 7,500 172,724 3,967,500 12,583,739 16,551,239 North Creek Heights - 129,466 753,800 6,916,244 7,670,044 North Hill 5,300 3,450,464 2,525,300 22,001,453 24,526,753 Northampton 1 - 2,356,521 1,843,200 19,754,035 21,597,235 Northampton 2 19,400 449,175 1,513,500 14,913,607 16,427,107 Northgate Village 100 698,354 660,100 6,672,499 7,332,599 Northlake (FL) 2,400 218,250 1,168,400 10,732,777 11,901,177 Northridge 2,800 582,926 5,527,800 15,278,254 20,806,054 Northridge (GA) - 4,854 238,811 2,154,149 2,392,960 Northrup Court I - 973 189,246 1,704,186 1,893,432 Northrup Court II - 2,427 157,190 1,417,140 1,574,330 Northwoods Village 1,700 529,690 1,369,700 11,990,027 13,359,727 Nova Glen I - 7,932 142,086 1,286,703 1,428,789 Nova Glen II - 7,642 175,168 1,584,152 1,759,320 Novawood I - 4,051 122,311 1,104,854 1,227,165 Novawood II - 4,217 144,401 1,303,830 1,448,232 Oak Gardens - 5,526 329,968 2,975,237 3,305,205 Oak Mill 2 133 1,192,091 854,133 9,422,277 10,276,410 Oak Park North 400 131,674 1,706,900 15,494,340 17,201,240 Oak Park South 400 266,763 1,683,800 15,421,370 17,105,170 Oak Ridge - 5,442 173,617 1,567,994 1,741,611 Oak Shade - 4,303 229,403 2,068,930 2,298,333 Oakley Woods - 27,803 165,449 1,516,842 1,682,291 Oaks (NC) - 91,742 2,196,744 23,693,282 25,890,026 Oaks of Lakebridge 2,100 460,951 415,800 4,373,586 4,789,386 Oakwood Manor - 5,410 173,247 1,564,633 1,737,880 Oakwood Village (FL) - 6,046 145,547 1,315,967 1,461,514 Oakwood Village (GA) - 3,466 161,174 1,454,033 1,615,207 Ocean Walk 3,849 284,742 2,838,749 25,816,491 28,655,239 Old Archer Court - 5,323 170,323 1,538,234 1,708,558 Olde Redmond Place 7,100 129,092 4,807,100 14,255,130 19,062,230 Olentangy Commons (OH) - 7,556,896 3,032,336 30,377,957 33,410,293 Olivewood (MI) - 27,383 519,167 4,699,883 5,219,050 Olivewood I - 7,258 184,701 1,669,571 1,854,272 Olivewood II - 7,750 186,235 1,683,861 1,870,096
LIFE USED TO COMPUTE DESCRIPTION DEPRECIATION IN - ------------------------------------------------------------------------------- ACCUMULATED DATE OF LATEST INCOME APARTMENT NAME DEPRECIATION CONSTRUCTION STATEMENT (C) - ---------------------------------------------------------------------------------------------Millston I (6,563) 1981 30 Years Millston II (5,088) 1982 30 Years Mirador (1,709,124) 1995 30 Years Mission Bay (972,490) 1991 30 Years Mission Palms (1,832,997) 1980 30 Years Misty Woods (890,158) 1984 30 Years Montgomery Court I (MI) (12,993) 1984 30 Years Montgomery Court I (OH) (14,001) 1985 30 Years Montgomery Court II (OH) (12,301) 1986 30 Years Montierra (457,154) 1999 30 Years Montrose Square (17,088) 1987 30 Years Morgan Trace (19,367) 1986 30 Years Morningside (933,893) 1989 30 Years Morningside (FL) (18,468) 1984 30 Years Mosswood I (13,463) 1981 30 Years Mosswood II (22,392) 1982 30 Years Mountain Park Ranch (1,382,379) 1994 30 Years Mountain Run (2,141,282) 1985 30 Years Mountain Terrace (3,982,884) 1992 30 Years Newberry I (15,010) 1985 30 Years Newberry II (11,642) 1986 30 Years Newport Heights (822,936) 1985 30 Years North Creek (Everett) (647,951) 1986 30 Years North Creek Heights (661,310) 1990 30 Years North Hill (2,343,974) 1984 30 Years Northampton 1 (4,473,537) 1977 30 Years Northampton 2 (2,884,167) 1988 30 Years Northgate Village (1,794,088) 1984 30 Years Northlake (FL) (899,665) 1989 30 Years Northridge (918,027) 1974 30 Years Northridge (GA) (19,311) 1985 30 Years Northrup Court I (15,234) 1985 30 Years Northrup Court II (12,671) 1985 30 Years Northwoods Village (1,019,828) 1986 30 Years Nova Glen I (11,918) 1984 30 Years Nova Glen II (14,746) 1986 30 Years Novawood I (10,198) 1980 30 Years Novawood II (11,956) 1980 30 Years Oak Gardens (26,651) 1988 30 Years Oak Mill 2 (1,667,080) 1985 30 Years Oak Park North (2,252,250) 1990 30 Years Oak Park South (2,424,736) 1989 30 Years Oak Ridge (14,326) 1985 30 Years Oak Shade (18,744) 1985 30 Years Oakley Woods (13,965) 1984 30 Years Oaks (NC) (1,056,167) 1996 30 Years Oaks of Lakebridge (1,117,621) 1984 30 Years Oakwood Manor (14,203) 1986 30 Years Oakwood Village (FL) (12,299) 1986 30 Years Oakwood Village (GA) (13,370) 1985 30 Years Ocean Walk (1,899,755) 1990 30 Years Old Archer Court (14,160) 1977 30 Years Olde Redmond Place (769,558) 1986 30 Years Olentangy Commons (OH) (19,008,907) 1972 30 Years Olivewood (MI) (42,683) 1986 30 Years Olivewood I (15,038) 1985 30 Years Olivewood II (15,261) 1986 30 YearsEQUITY RESIDENTIAL PROPERTIES TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999
INITIAL COST TO DESCRIPTION COMPANY - ----------------------------------------------------------------------------------------------------------------------------------- BUILDING & APARTMENT NAME LOCATION ENCUMBRANCES LAND FIXTURES - -----------------------------------------------------------------------------------------------------------------------------------One Eton Square Tulsa, OK -- 1,570,100 14,130,937 Orange Grove Village Tucson, AZ (O) 1,813,154 14,893,347 Orchard Ridge Seattle, WA -- 482,600 4,372,033 Overlook San Antonio, TX -- 1,100,000 9,901,517 Overlook Manor Frederick, MD -- 1,296,000 3,932,513 Overlook Manor II Frederick, MD 5,860,000 2,184,000 6,284,130 Overlook Manor III Frederick, MD -- 1,024,000 3,029,673 Paces Station Atlanta, GA -- 4,801,500 32,547,553 Palatka Oaks I Gainesville, FL 188,564 49,535 445,818 Palatka Oaks II Gainesville, FL 207,421 42,767 384,899 Palm Place Sarasota, FL 1,353,618 248,315 2,234,833 Palms at South Shore League City, TX -- 1,200,000 16,522,433 Palms, The Phoenix, AZ (O) 3,285,226 11,270,203 Panther Ridge Seattle, WA -- 1,055,800 9,506,117 Paradise Pointe Dania, FL - 1,493,800 17,344,218 Parc Royale Houston, TX 8,766,487 2,223,000 11,936,833 Park Knoll Atlanta, GA -- 2,904,500 26,175,911 Park Meadow Gilbert, AZ (O) 835,217 15,120,769 Park Place I and II (MN) Plymouth, MN 17,525,591 2,428,200 21,918,197 Park Place (TX) Houston, TX 9,976,425 1,603,000 11,961,284 Park West (CA) Los Angeles, CA -- 3,033,300 27,302,383 Park West (TX) Austin, TX -- 648,605 4,738,542 Park West End (VA) Richmond, VA 7,168,169 1,560,000 11,871,449 Parkcrest Southfield, MI 7,110,922 1,260,000 10,404,807 Parkridge Place Las Colinas, TX -- 6,430,800 17,091,674 Parkside Union City, CA -- 6,240,000 11,827,453 Parkview Terrace Redlands, CA -- 4,969,200 35,653,777 Parkville (Col) Columbus, OH 1,745,875 150,433 1,353,897 Parkville (IN) Muncie, IN 745,459 103,434 930,908 Parkville (Par) Dayton, OH 588,286 127,863 1,150,767 Parkville (WV) Parkersburg, WV -- 105,460 949,139 Parkwood East Fort Collins, CO -- 1,644,000 14,790,698 Patchen Oaks Lexington, KY -- 1,344,000 8,129,210 Pelican Pointe I Jacksonville, FL 1,297,844 213,515 1,921,634 Pelican Pointe II Jacksonville, FL 989,685 184,852 1,663,670 Pine Barrens Jacksonville, FL 1,489,659 268,303 2,414,726 Pine Harbour Orlando, FL -- 1,661,000 14,970,915 Pine Knoll Atlanta, GA 1,220,819 138,052 1,242,470 Pine Lake Tampa, FL 655,073 79,877 718,891 Pine Meadow Greensboro, NC 4,696,390 719,300 6,487,043 Pine Meadows I (FL) Ft. Meyers, FL 1,062,399 152,019 1,368,175 Pine Terrace I & II Panama City, FL 2,166,946 288,992 2,600,927 Pine Tree Club Wildwood, MO -- 1,125,000 7,046,441 Pinellas Pines St. Petersburg, FL 1,552,906 174,999 1,574,993 Pines of Cloverlane Pittsfield Township, MI -- 1,906,600 16,880,313 Pines of Springdale West Palm Beach, FL -- 471,200 4,416,174 Plantation (TX) Houston, TX -- 2,320,000 7,718,422 Plantation Ridge Marietta, GA -- 4,086,000 19,206,247 Plantations at Killearn Tallahassee, FL 4,960,829 828,000 7,617,890 Pleasant Ridge Arlington, TX 1,640,061 441,000 1,999,502 Plum Tree Corner, WI (Q) 1,992,000 20,246,205 Plum Tree Park Seattle, WA -- 1,133,400 10,201,652 Plumwood (Che) Anderson, IN 448,333 84,923 764,303 Plumwood (For) Ft. Wayne, IN 604,317 131,351 1,182,157 Plumwood I Columbus, OH 1,711,169 289,814 2,608,329 Plumwood II Columbus, OH 444,366 107,583 968,248 Point (NC) Charlotte, NC -- 1,700,000 25,417,267
COST CAPITALIZED SUBSEQUENT TO GROSS AMOUNT CARRIED ACQUISITION AT CLOSE OF DESCRIPTION (IMPROVEMENTS, NET) (I) PERIOD 12/31/99 - ---------------------------------------------------------------------------------------------------------------------------------- BUILDING & BUILDING & APARTMENT NAME LAND FIXTURES LAND FIXTURES (A) TOTAL (B) - ----------------------------------------------------------------------------------------------------------------------------------One Eton Square -- 718,912 1,570,100 14,849,849 16,419,949 Orange Grove Village -- 301,882 1,813,154 15,195,228 17,008,382 Orchard Ridge 3,000 254,386 485,600 4,626,418 5,112,018 Overlook 200 631,826 1,100,200 10,533,342 11,633,542 Overlook Manor 3,100 159,057 1,299,100 4,091,571 5,390,671 Overlook Manor II 2,300 49,984 2,186,300 6,334,114 8,520,414 Overlook Manor III 2,300 32,968 1,026,300 3,062,642 4,088,942 Paces Station -- 1,646,648 4,801,500 34,194,201 38,995,701 Palatka Oaks I -- 6,560 49,535 452,378 501,913 Palatka Oaks II -- 5,522 42,767 390,421 433,187 Palm Place -- 10,223 248,315 2,245,056 2,493,371 Palms at South Shore -- 416,281 1,200,000 16,938,714 18,138,714 Palms, The -- 256,071 3,285,226 11,526,273 14,811,499 Panther Ridge -- 453,522 1,055,800 9,959,639 11,015,439 Paradise Pointe 419,614 1,799,747 1,913,414 19,143,965 21,057,379 Parc Royale -- 86,783 2,223,000 12,023,616 14,246,616 Park Knoll 4,300 1,915,780 2,908,800 28,091,691 31,000,491 Park Meadow -- 265,939 835,217 15,386,708 16,221,925 Park Place I and II (MN) 7,800 1,135,866 2,436,000 23,054,063 25,490,063 Park Place (TX) -- 167,908 1,603,000 12,129,192 13,732,192 Park West (CA) 200 944,675 3,033,500 28,247,058 31,280,558 Park West (TX) 100 486,853 648,705 5,225,394 5,874,099 Park West End (VA) 2,500 97,312 1,562,500 11,968,761 13,531,261 Parkcrest 5,000 383,797 1,265,000 10,788,604 12,053,604 Parkridge Place 2,100 558,596 6,432,900 17,650,270 24,083,170 Parkside 6,700 418,035 6,246,700 12,245,488 18,492,188 Parkview Terrace -- 331,371 4,969,200 35,985,148 40,954,348 Parkville (Col) -- 20,995 150,433 1,374,892 1,525,325 Parkville (IN) -- 3,407 103,434 934,316 1,037,750 Parkville (Par) -- 3,144 127,863 1,153,911 1,281,774 Parkville (WV) -- 1,999 105,460 951,138 1,056,598 Parkwood East -- 225,821 1,644,000 15,016,519 16,660,519 Patchen Oaks 1,300 339,237 1,345,300 8,468,447 9,813,747 Pelican Pointe I -- 5,780 213,515 1,927,414 2,140,929 Pelican Pointe II -- 4,000 184,852 1,667,670 1,852,522 Pine Barrens -- 15,659 268,303 2,430,385 2,698,688 Pine Harbour 3,300 1,066,706 1,664,300 16,037,621 17,701,921 Pine Knoll -- 6,355 138,052 1,248,825 1,386,877 Pine Lake -- 1,697 79,877 720,588 800,464 Pine Meadow 1,350 815,015 720,650 7,302,059 8,022,709 Pine Meadows I (FL) -- 12,276 152,019 1,380,450 1,532,470 Pine Terrace I & II -- 76,057 288,992 2,676,983 2,965,975 Pine Tree Club -- 64,569 1,125,000 7,111,010 8,236,010 Pinellas Pines -- (6,430) 174,999 1,568,563 1,743,562 Pines of Cloverlane 1,200 3,957,201 1,907,800 20,837,514 22,745,314 Pines of Springdale 2,667 450,125 473,867 4,866,299 5,340,166 Plantation (TX) 2,900 380,548 2,322,900 8,098,970 10,421,870 Plantation Ridge 2,900 1,087,595 4,088,900 20,293,842 24,382,742 Plantations at Killearn -- 122,109 828,000 7,739,999 8,567,999 Pleasant Ridge 4,100 28,405 445,100 2,027,907 2,473,007 Plum Tree 4,700 436,480 1,996,700 20,682,685 22,679,385 Plum Tree Park -- 195,938 1,133,400 10,397,590 11,530,990 Plumwood (Che) -- 1,854 84,923 766,158 851,080 Plumwood (For) -- 5,105 131,351 1,187,262 1,318,613 Plumwood I -- 20,625 289,814 2,628,954 2,918,768 Plumwood II -- 968 107,583 969,216 1,076,799 Point (NC) -- 55,211 1,700,000 25,472,478 27,172,478
LIFE USED TO DESCRIPTION COMPUTE - ----------------------------------------------------------------------- DEPRECIATION IN ACCUMULATED DATE OF LATEST INCOME APARTMENT NAME DEPRECIATION CONSTRUCTION STATEMENT (C) - ---------------------------------------------------------------------------------------------One Eton Square (1,553,505) 1985 30 Years Orange Grove Village (1,181,558) 1986/1995 30 Years Orchard Ridge (989,493) 1988 30 Years Overlook (1,126,151) 1985 30 Years Overlook Manor (223,567) 1980/1985 30 Years Overlook Manor II (356,121) 1980/1985 30 Years Overlook Manor III (165,917) 1980/1985 30 Years Paces Station (3,030,942) 1984-1988/1989 30 Years Palatka Oaks I (4,530) 1977 30 Years Palatka Oaks II (3,804) 1980 30 Years Palm Place (20,245) 1984 30 Years Palms at South Shore (751,887) 1990 30 Years Palms, The (856,248) 1990 30 Years Panther Ridge (1,041,171) 1980 30 Years Paradise Pointe (3,798,899) 1987-90 30 Years Parc Royale (531,529) 1994 30 Years Park Knoll (6,365,689) 1983 30 Years Park Meadow (1,127,461) 1986 30 Years Park Place I and II (MN) (3,094,798) 1986 30 Years Park Place (TX) (874,889) 1996 30 Years Park West (CA) (4,573,054) 1987/90 30 Years Park West (TX) (1,300,192) 1985 30 Years Park West End (VA) (894,429) 1985 30 Years Parkcrest (595,297) 1987 30 Years Parkridge Place (1,480,035) 1985 30 Years Parkside (713,305) 1979 30 Years Parkview Terrace (2,637,623) 1986 30 Years Parkville (Col) (13,505) 1978 30 Years Parkville (IN) (8,682) 1982 30 Years Parkville (Par) (10,468) 1982 30 Years Parkville (WV) (8,796) 1982 30 Years Parkwood East (1,435,827) 1986 30 Years Patchen Oaks (485,193) 1990 30 Years Pelican Pointe I (17,639) 1987 30 Years Pelican Pointe II (15,161) 1987 30 Years Pine Barrens (22,241) 1986 30 Years Pine Harbour (3,633,109) 1991 30 Years Pine Knoll (11,312) 1985 30 Years Pine Lake (6,710) 1982 30 Years Pine Meadow (1,098,597) 1974 30 Years Pine Meadows I (FL) (12,688) 1985 30 Years Pine Terrace I & II (25,306) 1983 30 Years Pine Tree Club (178,421) 1986 30 Years Pinellas Pines (14,057) 1983 30 Years Pines of Cloverlane (3,781,260) 1975-79 30 Years Pines of Springdale (1,092,682) 1985/87(X) 30 Years Plantation (TX) (625,820) 1969 30 Years Plantation Ridge (1,232,194) 1975 30 Years Plantations at Killearn (364,497) 1990 30 Years Pleasant Ridge (117,006) 1982 30 Years Plum Tree (1,349,403) 1989 30 Years Plum Tree Park (999,214) 1991 30 Years Plumwood (Che) (7,080) 1980 30 Years Plumwood (For) (10,918) 1981 30 Years Plumwood I (23,897) 1978 30 Years Plumwood II (8,669) 1983 30 Years Point (NC) (1,134,122) 1996 30 YearsEQUITY RESIDENTIAL PROPERTIES TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999
INITIAL COST TO DESCRIPTION COMPANY - ------------------------------------------------------------------------------------------------------------------------------ BUILDING & APARTMENT NAME LOCATION ENCUMBRANCES LAND FIXTURES - ------------------------------------------------------------------------------------------------------------------------------Pointe at South Mountain Phoenix, AZ 11,600,069 2,228,800 20,059,311 Pointe East Redmond, WA - 601,800 5,425,763 Polos Fort Myers, FL - 1,640,000 18,444,966 Polos East Orlando, FL - 1,386,000 19,058,620 Combined Ft. Lauderdale Properties (T) Ft. Lauderdale, FL 10,000,000 10,222,700 39,715,328 Portland Center Combined Portland, OR 21,929,538 6,028,000 43,554,399 Portofino Chino Hills, CA - 3,572,400 14,660,994 Portside Towers Combined Jersey City, NJ 57,560,162 22,440,000 96,842,913 Prairie Creek I & II Richardson, TX - 4,067,292 39,494,373 Preakness Antioch, TN (E) 1,560,000 7,671,710 Preserve at Squaw Peak Phoenix, AZ (O) 517,788 8,533,992 Preston at Willowbend Plano, TX - 872,500 8,107,915 Preston Bend Dallas, TX 8,719,000 1,083,000 10,024,505 Preston Lake Atlanta, GA - 1,430,900 12,918,697 Princeton Court Evansville, IN 906,106 116,696 1,050,264 Princeton Square Jacksonville, FL - 864,000 11,910,478 Promenade (FL) St. Petersburg, FL - 2,124,193 25,804,037 Promenade Terrace Corona Hills, CA 15,661,286 2,281,000 20,546,289 Promontory Pointe I & II Phoenix, AZ (O) 2,355,509 30,421,840 Prospect Towers Hackensack, NJ 14,624,305 8,425,000 27,989,853 Pueblo Villas Albuquerque, NM - 854,300 7,694,320 Quail Call Albany, GA 716,387 104,723 942,511 Quail Cove Salt Lake City, UT - 2,271,800 20,444,381 Ramblewood I (Val) Valdosta, GA 975,751 132,084 1,188,753 Ramblewood II (Aug) Augusta, GA - 169,269 1,523,424 Ramblewood II (Val) Valdosta, GA 483,139 61,672 555,049 Rancho Murietta Tempe, AZ - 1,766,282 17,585,449 Ranchside St. Petersburg, FL 686,474 144,692 1,302,232 Ranchstone Houston, TX - 770,000 15,371,431 Ravens Crest Plainsboro, NJ (N) 4,673,000 42,080,642 Ravenwood Greenville, SC 1,565,791 197,284 1,775,552 Ravinia Greenfield, WI (Q) 1,236,000 12,055,713 Red Deer I Dayton, OH 1,281,868 204,317 1,838,851 Red Deer II Dayton, OH 1,174,345 193,852 1,744,665 Redan Village I Atlanta, GA 1,204,316 274,294 2,468,650 Redan Village II Atlanta, GA 1,080,708 240,605 2,165,449 Redlands Lawn and Tennis Redlands, CA - 4,822,320 26,359,328 Reflections at the Lakes Las Vegas, NV - 1,896,000 17,058,626 Regatta San Antonio, TX - 818,500 7,366,677 Regency Charlotte, NC - 890,000 11,783,920 Regency Palms Huntington Beach, CA - 1,856,500 16,718,292 Regency Woods Des Moines, IA 6,351,345 745,100 7,027,086 Registry Denver, CO - 1,303,100 11,726,478 Reserve at Ashley Lake Boynton Beach, FL 24,150,000 3,519,900 23,345,118 Reserve Square Combined Cleveland, OH - 2,618,352 23,582,869 Retreat, The Phoenix, AZ - 3,475,114 27,268,765 Richmond Townhomes Houston, TX 9,191,494 940,000 13,906,905 Ridgegate Seattle, WA - 805,800 7,323,524 Ridgetop Tacoma, WA - 811,500 7,299,490 Ridgetree Dallas, TX - 2,094,600 19,037,864 Ridgeway Commons Memphis, TN - 568,400 5,396,306 Ridgewood (Lou) Louisville, KY 864,095 163,686 1,473,173 Ridgewood (MI) Detriot, MI 1,200,000 176,969 1,592,721 Ridgewood (Rus) Nashville, KY 763,342 69,156 622,405 Ridgewood I (Bed) Bedford, IN 850,377 107,120 964,079 Ridgewood I (Elk) Elkhart, IN 1,171,440 159,371 1,434,341 Ridgewood I (GA) Atlanta, GA 1,413,648 230,574 2,075,168
COST CAPITALIZED SUBSEQUENT TO GROSS AMOUNT CARRIED ACQUISITION AT CLOSE OF DESCRIPTION (IMPROVEMENTS, NET) (I) PERIOD 12/31/99 - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & BUILDING & APARTMENT NAME LAND FIXTURES LAND FIXTURES (A) TOTAL (B) - ------------------------------------------------------------------------------------------------------------------------------------Pointe at South Mountain - 621,583 2,228,800 20,680,894 22,909,694 Pointe East 800 235,997 602,600 5,661,760 6,264,360 Polos - 301,494 1,640,000 18,746,460 20,386,460 Polos East - 138,739 1,386,000 19,197,359 20,583,359 Combined Ft. Lauderdale Properties (T) 8,600 2,069,004 10,231,300 41,784,332 52,015,632 Portland Center Combined 4,900 722,041 6,032,900 44,276,439 50,309,339 Portofino - 171,655 3,572,400 14,832,649 18,405,049 Portside Towers Combined 15,700 313,184 22,455,700 97,156,097 119,611,797 Prairie Creek I & II - 56,494 4,067,292 39,550,867 43,618,158 Preakness 1,900 1,138,963 1,561,900 8,810,673 10,372,573 Preserve at Squaw Peak - 152,605 517,788 8,686,597 9,204,385 Preston at Willowbend - 1,678,188 872,500 9,786,103 10,658,603 Preston Bend 2,200 189,245 1,085,200 10,213,750 11,298,950 Preston Lake 34,993 1,281,902 1,465,893 14,200,599 15,666,492 Princeton Court - 12,807 116,696 1,063,071 1,179,767 Princeton Square - 113,638 864,000 12,024,115 12,888,115 Promenade (FL) - 140,252 2,124,193 25,944,289 28,068,482 Promenade Terrace 1,800 458,387 2,282,800 21,004,676 23,287,476 Promontory Pointe I & II - 330,742 2,355,509 30,752,581 33,108,090 Prospect Towers 1,600 883,784 8,426,600 28,873,636 37,300,236 Pueblo Villas 1,300 977,991 855,600 8,672,311 9,527,911 Quail Call - 3,483 104,723 945,994 1,050,717 Quail Cove - 551,603 2,271,800 20,995,984 23,267,784 Ramblewood I (Val) - 4,187 132,084 1,192,940 1,325,024 Ramblewood II (Aug) - 19,542 169,269 1,542,967 1,712,236 Ramblewood II (Val) - 1,789 61,672 556,839 618,511 Rancho Murietta - 308,644 1,766,282 17,894,093 19,660,375 Ranchside - 5,878 144,692 1,308,110 1,452,802 Ranchstone - 81,134 770,000 15,452,565 16,222,565 Ravens Crest 2,850 2,252,693 4,675,850 44,333,335 49,009,185 Ravenwood - 3,227 197,284 1,778,779 1,976,062 Ravinia 4,100 264,043 1,240,100 12,319,756 13,559,856 Red Deer I - 2,347 204,317 1,841,198 2,045,515 Red Deer II - 3,194 193,852 1,747,859 1,941,711 Redan Village I - 7,780 274,294 2,476,430 2,750,724 Redan Village II - 1,919 240,605 2,167,368 2,407,974 Redlands Lawn and Tennis - 506,607 4,822,320 26,865,935 31,688,255 Reflections at the Lakes - 384,427 1,896,000 17,443,054 19,339,054 Regatta - 255,057 818,500 7,621,734 8,440,234 Regency - 78,512 890,000 11,862,432 12,752,432 Regency Palms 900 823,622 1,857,400 17,541,914 19,399,314 Regency Woods 8,380 219,695 753,480 7,246,781 8,000,261 Registry - 219,650 1,303,100 11,946,129 13,249,229 Reserve at Ashley Lake 500 452,827 3,520,400 23,797,945 27,318,345 Reserve Square Combined 500 12,070,829 2,618,852 35,653,698 38,272,550 Retreat, The - 38,552 3,475,114 27,307,317 30,782,431 Richmond Townhomes - 94,029 940,000 14,000,934 14,940,934 Ridgegate - 151,483 805,800 7,475,008 8,280,808 Ridgetop - 128,373 811,500 7,427,863 8,239,363 Ridgetree 20,600 1,426,528 2,115,200 20,464,391 22,579,591 Ridgeway Commons 14,840 200,136 583,240 5,596,442 6,179,682 Ridgewood (Lou) - 430 163,686 1,473,603 1,637,289 Ridgewood (MI) - 4,776 176,969 1,597,496 1,774,465 Ridgewood (Rus) - 12,074 69,156 634,478 703,635 Ridgewood I (Bed) - 6,672 107,120 970,751 1,077,871 Ridgewood I (Elk) - 14,808 159,371 1,449,149 1,608,520 Ridgewood I (GA) - 5,968 230,574 2,081,136 2,311,710
LIFE USED TO COMPUTE DESCRIPTION DEPRECIATION IN - --------------------------------------------------------------------------------- ACCUMULATED DATE OF LATEST INCOME APARTMENT NAME DEPRECIATION CONSTRUCTION STATEMENT (C) - -----------------------------------------------------------------------------------------------Pointe at South Mountain (2,018,761) 1988 30 Years Pointe East (1,079,919) 1988 30 Years Polos (867,299) 1991 30 Years Polos East (865,308) 1991 30 Years Combined Ft. Lauderdale Properties (T) (6,224,657) 1988 30 Years Portland Center Combined (1,717,412) 1965 30 Years Portofino (1,075,995) 1989 30 Years Portside Towers Combined (5,181,331) 1992/1997 30 Years Prairie Creek I & II (1,128,902) 1998/99 30 Years Preakness (803,978) 1986 30 Years Preserve at Squaw Peak (649,077) 1990 30 Years Preston at Willowbend (2,263,021) 1985 30 Years Preston Bend (980,172) 1986 30 Years Preston Lake (3,335,031) 1984-86 30 Years Princeton Court (9,916) 1985 30 Years Princeton Square (563,868) 1984 30 Years Promenade (FL) (1,145,473) 1994 30 Years Promenade Terrace (2,677,571) 1990 30 Years Promontory Pointe I & II (2,246,711) 1984/1996 30 Years Prospect Towers (1,907,947) 1995 30 Years Pueblo Villas (1,210,863) 1975 30 Years Quail Call (8,893) 1984 30 Years Quail Cove (2,069,366) 1987 30 Years Ramblewood I (Val) (10,896) 1983 30 Years Ramblewood II (Aug) (14,924) 1986 30 Years Ramblewood II (Val) (5,149) 1983 30 Years Rancho Murietta (1,329,081) 1983 30 Years Ranchside (12,306) 1985 30 Years Ranchstone (684,806) 1996 30 Years Ravens Crest (9,058,639) 1984 30 Years Ravenwood (16,278) 1987 30 Years Ravinia (805,342) 1991 30 Years Red Deer I (16,553) 1986 30 Years Red Deer II (15,699) 1987 30 Years Redan Village I (22,143) 1984 30 Years Redan Village II (19,377) 1986 30 Years Redlands Lawn and Tennis (2,012,103) 1986 30 Years Reflections at the Lakes (1,673,007) 1989 30 Years Regatta (776,707) 1983 30 Years Regency (537,602) 1986 30 Years Regency Palms (2,550,877) 1969 30 Years Regency Woods (569,679) 1986 30 Years Registry (1,150,094) 1987 30 Years Reserve at Ashley Lake (1,814,527) 1990 30 Years Reserve Square Combined (8,338,981) 1973 30 Years Retreat, The (489,190) 1999 30 Years Richmond Townhomes (622,577) 1995 30 Years Ridgegate (730,185) 1990 30 Years Ridgetop (747,671) 1988 30 Years Ridgetree (3,018,446) 1983 30 Years Ridgeway Commons (435,462) 1970 30 Years Ridgewood (Lou) (13,306) 1984 30 Years Ridgewood (MI) (14,383) 1983 30 Years Ridgewood (Rus) (6,392) 1984 30 Years Ridgewood I (Bed) (9,041) 1984 30 Years Ridgewood I (Elk) (13,455) 1984 30 Years Ridgewood I (GA) (18,548) 1984 30 YearsEQUITY RESIDENTIAL PROPERTIES TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999
INITIAL COST TO DESCRIPTION COMPANY - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & APARTMENT NAME LOCATION ENCUMBRANCES LAND FIXTURES - ------------------------------------------------------------------------------------------------------------------------------------Ridgewood I (Lex) Lexington, KY 1,040,373 203,720 1,833,477 Ridgewood I (OH) Columbus, OH 1,191,565 174,066 1,566,593 Ridgewood II (Bed) Bedford, IN 883,318 99,559 896,029 Ridgewood II (Elk) Elkhart, IN 1,297,758 215,335 1,938,012 Ridgewood II (GA) Atlanta, GA 1,008,359 164,999 1,484,991 Ridgewood II (OH) Columbus, OH 1,151,846 162,914 1,466,226 Ridgewood Village San Diego, CA (U) 5,760,000 14,032,511 Rincon Houston, TX - 4,400,000 16,734,746 River Bend Tampa, FL - 602,945 2,916,839 River Glen I Columbus, OH 985,686 171,272 1,541,447 River Glen II Columbus, OH 1,156,468 158,684 1,428,152 River Hill Grand Prairie, TX - 2,004,000 19,272,944 River Oak Louisville, KY - 1,253,900 11,300,386 River Park Fort Worth, TX 7,632,622 2,240,000 8,818,888 Rivers Edge Waterbury, CT - 780,000 6,561,802 Rivers End I Jacksonville, FL 1,406,919 171,745 1,545,703 Rivers End II Jacksonville, FL 1,127,324 190,688 1,716,189 Riverside Park Tulsa, OK (E) 1,440,000 12,389,121 Riverview Estates Toledo, OH 1,057,319 141,210 1,270,890 Roanoke Detriot, MI 40,500 369,911 3,329,200 Rock Creek Corrboro, NC - 895,100 8,062,948 Rolido Parque Houston, TX 7,111,022 2,950,000 7,935,130 Rosecliff Quincy, MA - 5,460,000 12,989,873 Rosehill Pointe Lenexa, KS 12,924,830 2,073,400 18,864,909 Rosewood (KY) Louisville, KY 1,608,243 253,453 2,281,076 Rosewood (OH) Columbus, OH 1,279,827 212,378 1,911,405 Rosewood Commons I Indianapolis, IN 1,864,582 228,644 2,057,800 Rosewood Commons II Indianapolis, IN 1,194,320 220,463 1,984,167 Royal Oak Eagan, MN 13,148,135 1,598,200 14,415,400 Royal Oaks (FL) Jacksonville, FL - 1,988,000 13,645,117 Sabal Palm Pompano Beach, FL - 3,536,000 20,190,650 Sabal Palm at Boot Ranch Palm Harbor, FL 16,631,058 3,888,000 28,923,692 Sabal Palm at Carrollwood Place Tampa, FL - 3,888,000 26,911,542 Sabal Palm at Lake Buena Vista Orlando, Fl 21,170,000 2,800,000 23,687,893 Sabal Palm at Metrowest Orlando, Fl - 4,560,000 38,394,865 Sabal Palm at Metrowest II Orlando, Fl - 4,110,000 33,907,283 Sabal Pointe (L) Coral Springs, FL - 1,941,900 17,570,508 Saddle Creek Carrollton, TX - 703,300 6,375,449 Saddle Ridge Loudoun County, VA - 1,351,800 12,283,616 Sailboat Bay Raleigh, NC - 960,000 8,797,580 San Tropez Phoenix, AZ - 2,738,000 24,650,003 Sandalwood Toledo, OH 1,103,983 151,926 1,367,336 Sandpiper II Fort Pierce, FL 1,033,653 155,496 1,399,461 Sanford Court Orlando, Fl 1,760,829 238,814 2,149,327 Sawgrass Cove Bradenton, FL - 1,671,200 15,060,378 Scarborough Square Rockville, MD 5,119,928 1,815,000 7,540,062 Scottsdale Courtyards Scottsdale, AZ (O) 2,979,269 25,073,538 Scottsdale Meadows Scottsdale, AZ - 1,512,000 11,407,699 Sedona Ridge Ahwatukee, AZ - 5,508,000 9,703,496 Sedona Springs Austin, TX - 2,574,000 23,477,043 Seeley Lake Tacoma, WA - 2,760,400 24,845,286 Settler's Point Salt Lake City, UT - 1,715,100 15,437,046 Seventh & James Seattle, WA - 663,800 5,974,803 Shadow Bay I Jacksonville, FL - 123,319 1,109,867 Shadow Bay II Jacksonville, FL 990,062 139,709 1,257,379 Shadow Brook Phoenix, AZ (O) 3,065,496 18,367,686 Shadow Lake Doraville, GA - 1,140,000 13,117,277COST CAPITALIZED SUBSEQUENT TO GROSS AMOUNT CARRIED ACQUISITION AT CLOSE OF DESCRIPTION (IMPROVEMENTS, NET) (I) PERIOD 12/31/99 - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & BUILDING & APARTMENT NAME LAND FIXTURES LAND FIXTURES (A) TOTAL (B) - ------------------------------------------------------------------------------------------------------------------------------------Ridgewood I (Lex) - 1,814 203,720 1,835,291 2,039,010 Ridgewood I (OH) - 6,169 174,066 1,572,762 1,746,828 Ridgewood II (Bed) - 8,806 99,559 904,834 1,004,393 Ridgewood II (Elk) - 19,093 215,335 1,957,105 2,172,440 Ridgewood II (GA) - 794 164,999 1,485,785 1,650,784 Ridgewood II (OH) - 3,176 162,914 1,469,402 1,632,316 Ridgewood Village 1,500 17,709 5,761,500 14,050,220 19,811,720 Rincon 1,900 122,065 4,401,900 16,856,811 21,258,711 River Bend - 1,765,660 602,945 4,682,499 5,285,444 River Glen I - 2,855 171,272 1,544,302 1,715,574 River Glen II - 1,186 158,684 1,429,338 1,588,022 River Hill - 220,879 2,004,000 19,493,823 21,497,823 River Oak 2,700 492,123 1,256,600 11,792,509 13,049,109 River Park 5,400 1,089,629 2,245,400 9,908,517 12,153,917 Rivers Edge 1,900 44,071 781,900 6,605,874 7,387,774 Rivers End I - 3,361 171,745 1,549,064 1,720,809 Rivers End II - 3,186 190,688 1,719,375 1,910,062 Riverside Park 1,400 342,244 1,441,400 12,731,365 14,172,765 Riverview Estates - 3,158 141,210 1,274,048 1,415,258 Roanoke - 6,827 369,911 3,336,028 3,705,939 Rock Creek 600 343,612 895,700 8,406,560 9,302,260 Rolido Parque 5,900 750,516 2,955,900 8,685,646 11,641,546 Rosecliff - 2,717 5,460,000 12,992,590 18,452,590 Rosehill Pointe 22,600 1,690,797 2,096,000 20,555,705 22,651,705 Rosewood (KY) - 16,594 253,453 2,297,670 2,551,123 Rosewood (OH) - 8,425 212,378 1,919,830 2,132,209 Rosewood Commons I - 11,881 228,644 2,069,680 2,298,325 Rosewood Commons II - 16,118 220,463 2,000,285 2,220,749 Royal Oak 4,704 337,982 1,602,904 14,753,382 16,356,285 Royal Oaks (FL) - 138,372 1,988,000 13,783,489 15,771,489 Sabal Palm 2,600 737,738 3,538,600 20,928,388 24,466,988 Sabal Palm at Boot Ranch - 168,353 3,888,000 29,092,045 32,980,045 Sabal Palm at Carrollwood Place - 169,009 3,888,000 27,080,552 30,968,552 Sabal Palm at Lake Buena Vista - 201,215 2,800,000 23,889,108 26,689,108 Sabal Palm at Metrowest (450,000) 205,634 4,110,000 38,600,499 42,710,499 Sabal Palm at Metrowest II 450,000 78,683 4,560,000 33,985,966 38,545,966 Sabal Pointe (L) 9,700 344,893 1,951,600 17,915,401 19,867,001 Saddle Creek 4,800 3,237,209 708,100 9,612,658 10,320,758 Saddle Ridge 13,000 451,702 1,364,800 12,735,318 14,100,118 Sailboat Bay - 183,887 960,000 8,981,467 9,941,467 San Tropez - 310,770 2,738,000 24,960,773 27,698,773 Sandalwood - 1,490 151,926 1,368,826 1,520,752 Sandpiper II - 9,964 155,496 1,409,425 1,564,920 Sanford Court - 8,519 238,814 2,157,846 2,396,660 Sawgrass Cove 2,950 1,420,386 1,674,150 16,480,765 18,154,915 Scarborough Square - 99,143 1,815,000 7,639,205 9,454,205 Scottsdale Courtyards - 293,614 2,979,269 25,367,152 28,346,421 Scottsdale Meadows - 197,072 1,512,000 11,604,771 13,116,771 Sedona Ridge - 311,028 5,508,000 10,014,524 15,522,524 Sedona Springs - 130,113 2,574,000 23,607,156 26,181,156 Seeley Lake - 380,827 2,760,400 25,226,114 27,986,514 Settler's Point - 613,357 1,715,100 16,050,403 17,765,503 Seventh & James - 133,631 663,800 6,108,434 6,772,234 Shadow Bay I - 4,003 123,319 1,113,869 1,237,188 Shadow Bay II - 4,570 139,709 1,261,948 1,401,657 Shadow Brook - 292,506 3,065,496 18,660,192 21,725,688 Shadow Lake - 81,614 1,140,000 13,198,891 14,338,891LIFE USED TO COMPUTE DESCRIPTION DEPRECIATION IN - -------------------------------------------------------------------------------------------- ACCUMULATED DATE OF LATEST INCOME APARTMENT NAME DEPRECIATION CONSTRUCTION STATEMENT (C) - --------------------------------------------------------------------------------------------Ridgewood I (Lex) (16,373) 1984 30 Years Ridgewood I (OH) (14,247) 1984 30 Years Ridgewood II (Bed) (8,571) 1986 30 Years Ridgewood II (Elk) (18,206) 1986 30 Years Ridgewood II (GA) (13,269) 1986 30 Years Ridgewood II (OH) (13,274) 1985 30 Years Ridgewood Village (1,021,636) 1997 30 Years Rincon (1,660,510) 1996 30 Years River Bend (3,638,171) 1971 30 Years River Glen I (13,938) 1987 30 Years River Glen II (12,809) 1987 30 Years River Hill (878,180) 1996 30 Years River Oak (945,076) 1989 30 Years River Park (564,762) 1984 30 Years Rivers Edge (374,911) 1974 30 Years Rivers End I (14,079) 1986 30 Years Rivers End II (15,542) 1986 30 Years Riverside Park (1,052,333) 1994 30 Years Riverview Estates (12,199) 1987 30 Years Roanoke (29,499) 1985 30 Years Rock Creek (990,522) 1986 30 Years Rolido Parque (663,254) 1978 30 Years Rosecliff (276,066) 1990 30 Years Rosehill Pointe (3,200,631) 1984 30 Years Rosewood (KY) (20,784) 1984 30 Years Rosewood (OH) (17,670) 1985 30 Years Rosewood Commons I (19,123) 1986 30 Years Rosewood Commons II (18,268) 1987 30 Years Royal Oak (1,116,654) 1989 30 Years Royal Oaks (FL) (636,826) 1991 30 Years Sabal Palm (2,123,534) 1989 30 Years Sabal Palm at Boot Ranch (1,299,988) 1996 30 Years Sabal Palm at Carrollwood Place (1,214,963) 1995 30 Years Sabal Palm at Lake Buena Vista (1,087,252) 1988 30 Years Sabal Palm at Metrowest (1,685,822) 1998 30 Years Sabal Palm at Metrowest II (1,513,049) 1997 30 Years Sabal Pointe (L) (2,540,052) 1995 30 Years Saddle Creek (3,488,055) 1980 30 Years Saddle Ridge (1,949,000) 1989 30 Years Sailboat Bay (419,027) 1986 30 Years San Tropez (2,325,211) 1989 30 Years Sandalwood (12,278) 1984 30 Years Sandpiper II (13,069) 1982 30 Years Sanford Court (19,922) 1976 30 Years Sawgrass Cove (3,610,334) 1991 30 Years Scarborough Square (286,105) 1967 30 Years Scottsdale Courtyards (1,842,672) 1993 30 Years Scottsdale Meadows (854,318) 1984 30 Years Sedona Ridge (1,016,060) 1988 30 Years Sedona Springs (1,060,492) 1995 30 Years Seeley Lake (2,429,867) 1990 30 Years Settler's Point (1,555,999) 1986 30 Years Seventh & James (577,713) 1992 30 Years Shadow Bay I (10,279) 1984 30 Years Shadow Bay II (11,561) 1985 30 Years Shadow Brook (1,366,383) 1984 30 Years Shadow Lake (599,606) 1989 30 YearsEQUITY RESIDENTIAL PROPERTIES TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999
INITIAL COST TO DESCRIPTION COMPANY - ----------------------------------------------------------------------------------------------------------------------------------- BUILDING & APARTMENT NAME LOCATION ENCUMBRANCES LAND FIXTURES - -----------------------------------------------------------------------------------------------------------------------------------Shadow Ridge Tallahassee, FL 1,018,858 150,327 1,352,939 Shadow Trace Atlanta, GA - 244,320 2,198,884 Shadowood I Sarasota, FL 1,420,269 157,661 1,418,945 Shadowood II Sarasota, FL 1,920,328 152,031 1,368,278 Sheffield Court Arlington, VA - 3,349,350 31,960,800 Sherbrook (IN) Indianapolis, IN 1,673,663 171,920 1,547,284 Sherbrook (OH) Columbus, OH 1,092,268 163,493 1,471,440 Sherbrook (PA) Pittsburgh, WV 1,278,955 279,665 2,516,985 Shoal Run Birmingham, AL - 1,380,000 12,218,577 Shores at Andersen Springs Chandler, AZ (O) 2,743,816 22,774,646 Siena Terrace Lake Forest, CA - 8,900,000 24,123,024 Sierra Canyon Canyon Cnty, CA - 3,480,000 12,546,066 Silver Creek Phoenix, AZ (O) 712,102 6,707,496 Silver Forest Ocala, FL 859,440 126,536 1,138,821 Silver Shadow Las Vegas, NV - 952,100 8,799,511 Silver Springs (FL) Jacksonville, FL - 1,828,700 16,474,735 Silver Springs (OK) Tulsa, OK - 672,500 6,052,669 Silverwood Mission, KS (S) 1,230,000 11,070,904 Sky Pines I & II Orlando, Fl 2,307,645 349,029 3,141,259 Sky Ridge Atlanta, GA 1,879,443 437,373 3,936,361 Skylark Union City, CA - 1,775,000 16,713,916 Skyline Gateway Tucson, AZ - 1,128,400 10,155,747 Skyview Rancho Santa Margarita, CA - 3,380,000 21,708,875 Slate Run (Bt) Louisville, KY 766,280 96,556 869,006 Slate Run (Hop) Hopkinsville, KY 908,184 91,304 821,734 Slate Run (Ind) Indianapolis, IN 2,028,467 295,593 2,660,337 Slate Run (Leb) Indianapolis, IN 1,232,500 154,061 1,386,549 Slate Run (Mia) Dayton, OH 862,241 136,065 1,224,583 Slate Run I (Lou) Louisville, KY 870,163 179,766 1,617,890 Slate Run II (Lou) Louisville, KY 1,168,080 167,723 1,509,506 Smoketree Polo Club Indio, CA 9,050,000 864,000 6,950,033 Sommerset Place Raleigh, NC - 360,000 7,800,206 Songbird San Antonio, TX 6,554,066 1,080,500 9,734,435 Sonoran Phoenix, AZ (O) 2,361,922 31,841,724 Sonterra at Foothill Ranch Orange Cnty, CA 16,378,029 7,500,000 24,048,507 South Creek Mesa, AZ 15,600,333 2,669,300 24,042,042 Southwood Palo Alto, CA - 6,930,000 14,324,069 Spicewood Indianapolis, IN 1,012,173 128,355 1,155,191 Spicewood Springs Jacksonville, FL - 1,536,000 21,138,009 Spinnaker Cove Hermitage, TN 14,205,000 1,420,500 12,770,421 Spring Gate Panama City, FL 971,750 132,951 1,196,563 Spring Oak Richmond, VA - 3,803,700 7,854,648 Springbrook Anderson, SC 1,702,253 168,959 1,520,630 Springs Colony Orlando, FL (S) 631,900 5,860,157 Springs of Country Woods Salt Lake City, UT - 3,547,400 31,906,637 Springwood (Col) Columbus, OH 1,082,979 189,948 1,709,529 Springwood (IN) Ft. Wayne, IN 773,114 119,199 1,072,791 Springwood (KY) Cincinnati, KY 801,399 117,442 1,056,980 Springwood II (Aus) Youngstown, OH 473 78,057 702,513 Steeplechase Charlotte, NC - 1,111,500 10,180,750 Sterling Point Denver, CO - 935,500 8,419,200 Stewart Way I & II Savannah, GA 2,198,566 290,773 2,616,953 Stillwater Savannah, GA 941,996 151,198 1,360,780 Stonehenge (Day) Dayton, OH 1,180,692 202,294 1,820,645 Stonehenge (Ind) Indianapolis, IN 1,198,930 146,810 1,321,293 Stonehenge (Jas) Jasper, IN 438,289 78,335 705,013 Stonehenge (KY) Nashville, KY 790,000 111,632 1,004,684COST CAPITALIZED SUBSEQUENT TO GROSS AMOUNT CARRIED ACQUISITION AT CLOSE OF DESCRIPTION (IMPROVEMENTS, NET) (I) PERIOD 12/31/99 - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & BUILDING & APARTMENT NAME LAND FIXTURES LAND FIXTURES (A) TOTAL (B) - ------------------------------------------------------------------------------------------------------------------------------------Shadow Ridge - 4,518 150,327 1,357,457 1,507,783 Shadow Trace - 21,522 244,320 2,220,406 2,464,726 Shadowood I - 13,534 157,661 1,432,479 1,590,139 Shadowood II - 6,871 152,031 1,375,149 1,527,180 Sheffield Court - 622,255 3,349,350 32,583,055 35,932,405 Sherbrook (IN) - 9,547 171,920 1,556,832 1,728,752 Sherbrook (OH) - 3,084 163,493 1,474,524 1,638,018 Sherbrook (PA) - 2,476 279,665 2,519,462 2,799,127 Shoal Run - 49,790 1,380,000 12,268,367 13,648,367 Shores at Andersen Springs - 288,461 2,743,816 23,063,106 25,806,922 Siena Terrace - 308,655 8,900,000 24,431,678 33,331,678 Sierra Canyon 4,200 678,896 3,484,200 13,224,962 16,709,162 Silver Creek - 102,761 712,102 6,810,256 7,522,358 Silver Forest - 2,222 126,536 1,141,043 1,267,579 Silver Shadow 1,340 216,655 953,440 9,016,166 9,969,606 Silver Springs (FL) 2,400 589,385 1,831,100 17,064,120 18,895,220 Silver Springs (OK) - 116,197 672,500 6,168,867 6,841,367 Silverwood - 979,523 1,230,000 12,050,427 13,280,427 Sky Pines I & II - 19,577 349,029 3,160,836 3,509,864 Sky Ridge - 10,391 437,373 3,946,753 4,384,126 Skylark 6,600 250,652 1,781,600 16,964,567 18,746,167 Skyline Gateway - 287,983 1,128,400 10,443,730 11,572,130 Skyview - 21,933 3,380,000 21,730,807 25,110,807 Slate Run (Bt) - 5,434 96,556 874,441 970,997 Slate Run (Hop) - 19,319 91,304 841,053 932,357 Slate Run (Ind) - 9,937 295,593 2,670,274 2,965,867 Slate Run (Leb) - 17,957 154,061 1,404,505 1,558,566 Slate Run (Mia) - 3,260 136,065 1,227,844 1,363,908 Slate Run I (Lou) - 1,832 179,766 1,619,723 1,799,488 Slate Run II (Lou) - 3,212 167,723 1,512,718 1,680,441 Smoketree Polo Club 3,200 232,119 867,200 7,182,152 8,049,352 Sommerset Place - 71,740 360,000 7,871,945 8,231,945 Songbird 2,000 930,874 1,082,500 10,665,309 11,747,809 Sonoran - 370,955 2,361,922 32,212,679 34,574,601 Sonterra at Foothill Ranch 3,400 38,798 7,503,400 24,087,305 31,590,705 South Creek 2,000 1,002,105 2,671,300 25,044,147 27,715,447 Southwood 6,600 624,987 6,936,600 14,949,056 21,885,656 Spicewood - 37 128,355 1,155,228 1,283,583 Spicewood Springs - 979,925 1,536,000 22,117,934 23,653,934 Spinnaker Cove 41,231 501,696 1,461,731 13,272,117 14,733,849 Spring Gate - 8,708 132,951 1,205,271 1,338,222 Spring Oak - - 3,803,700 7,854,648 11,658,348 Springbrook - 18,100 168,959 1,538,730 1,707,689 Springs Colony 8,500 914,970 640,400 6,775,127 7,415,527 Springs of Country Woods - 1,112,515 3,547,400 33,019,153 36,566,553 Springwood (Col) - 7,351 189,948 1,716,880 1,906,828 Springwood (IN) - 2,848 119,199 1,075,639 1,194,838 Springwood (KY) - 2,215 117,442 1,059,195 1,176,637 Springwood II (Aus) - 731 78,057 703,244 781,301 Steeplechase - 97,056 1,111,500 10,277,806 11,389,306 Sterling Point - 168,200 935,500 8,587,400 9,522,900 Stewart Way I & II - 11,104 290,773 2,628,057 2,918,829 Stillwater - 4,254 151,198 1,365,034 1,516,232 Stonehenge (Day) - 1,857 202,294 1,822,502 2,024,796 Stonehenge (Ind) - 18,388 146,810 1,339,681 1,486,491 Stonehenge (Jas) - 2,403 78,335 707,416 785,751 Stonehenge (KY) - 4,406 111,632 1,009,090 1,120,722LIFE USED TO COMPUTE DESCRIPTION DEPRECIATION IN - -------------------------------------------------------------------------------------------- ACCUMULATED DATE OF LATEST INCOME APARTMENT NAME DEPRECIATION CONSTRUCTION STATEMENT (C) - --------------------------------------------------------------------------------------------Shadow Ridge (12,473) 1983 30 Years Shadow Trace (20,114) 1984 30 Years Shadowood I (13,296) 1982 30 Years Shadowood II (12,753) 1983 30 Years Sheffield Court (5,878,396) 1986 30 Years Sherbrook (IN) (14,579) 1986 30 Years Sherbrook (OH) (13,348) 1985 30 Years Sherbrook (PA) (22,240) 1986 30 Years Shoal Run (575,058) 1986 30 Years Shores at Andersen Springs (1,695,090) 1989 30 Years Siena Terrace (731,866) 1988 30 Years Sierra Canyon (854,087) 1987 30 Years Silver Creek (529,648) 1986 30 Years Silver Forest (10,405) 1985 30 Years Silver Shadow (1,936,532) 1992 30 Years Silver Springs (FL) (1,484,647) 1985 30 Years Silver Springs (OK) (637,471) 1984 30 Years Silverwood (2,512,138) 1986 30 Years Sky Pines I & II (29,036) 1986 30 Years Sky Ridge (35,177) 1987 30 Years Skylark (821,077) 1986 30 Years Skyline Gateway (1,041,992) 1985 30 Years Skyview (469,341) 1999 30 Years Slate Run (Bt) (8,247) 1984 30 Years Slate Run (Hop) (8,305) 1984 30 Years Slate Run (Ind) (23,947) 1984 30 Years Slate Run (Leb) (13,015) 1984 30 Years Slate Run (Mia) (11,097) 1985 30 Years Slate Run I (Lou) (14,642) 1984 30 Years Slate Run II (Lou) (13,772) 1985 30 Years Smoketree Polo Club (380,571) 1987-89 30 Years Sommerset Place (361,991) 1983 30 Years Songbird (1,393,324) 1981 30 Years Sonoran (2,360,245) 1995 30 Years Sonterra at Foothill Ranch (1,495,623) 1997 30 Years South Creek (3,328,589) 1986-89 30 Years Southwood (808,666) 1985 30 Years Spicewood (10,462) 1986 30 Years Spicewood Springs (1,035,439) 1986 30 Years Spinnaker Cove (1,371,884) 1986 30 Years Spring Gate (11,289) 1983 30 Years Spring Oak - (R) 30 Years Springbrook (14,782) 1986 30 Years Springs Colony (1,573,779) 1986 30 Years Springs of Country Woods (3,167,620) 1982 30 Years Springwood (Col) (15,468) 1983 30 Years Springwood (IN) (9,845) 1981 30 Years Springwood (KY) (9,746) 1986 30 Years Springwood II (Aus) (6,588) 1982 30 Years Steeplechase (487,273) 1986 30 Years Sterling Point (823,591) 1979 30 Years Stewart Way I & II (24,309) 1986 30 Years Stillwater (12,351) 1983 30 Years Stonehenge (Day) (16,375) 1985 30 Years Stonehenge (Ind) (12,647) 1984 30 Years Stonehenge (Jas) (6,651) 1985 30 Years Stonehenge (KY) (9,416) 1983 30 YearsEQUITY RESIDENTIAL PROPERTIES TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999
INITIAL COST TO DESCRIPTION COMPANY - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & APARTMENT NAME LOCATION ENCUMBRANCES LAND FIXTURES - ------------------------------------------------------------------------------------------------------------------------------------Stonehenge (Mas) Canton, OH 624,377 145,386 1,308,477 Stonehenge (MI) Jackson, MI 1,068,963 146,554 1,318,985 Stonehenge (Ott) Lima, OH 558,155 97,654 878,884 Stonehenge I (Ric) Dayton, OH 1,122,698 156,343 1,407,087 Stoney Creek Tacoma, WA - 1,215,200 10,938,134 Stratford Lane I Columbus, OH 893,247 206,637 1,867,258 Strawberry Place Tampa, FL 770,474 78,445 706,003 Suffolk Grove I Columbus, OH - 214,107 1,926,961 Suffolk Grove II Columbus, OH 1,050,088 167,683 1,509,147 Sugartree I Daytona Beach, FL 983,117 164,985 1,484,863 Summer Chase Denver, CO 11,830,115 1,708,000 15,382,234 Summer Creek Plymouth, MN 2,303,767 576,000 3,815,800 Summer Ridge Riverside, CA - 600,500 5,422,807 Summerset Village Chatsworth, CA - 2,628,500 23,675,871 Summerwood Hayward, CA - 4,860,000 6,942,421 Summit at Lake Union Seattle, WA - 1,424,600 12,852,461 Summit Chase Coral Springs, FL - 1,120,000 4,433,084 Sun Creek Glendale, AZ (O) 896,929 7,066,940 Sunny Oak Village Overland Park, KS 14,898,087 2,222,600 20,230,536 Sunnyside Albany, GA 1,332,479 166,887 1,501,984 Sunrise Springs Las Vegas, NV - 972,600 8,775,662 Sunset Way I Miami, FL 1,619,086 258,568 2,327,111 Sunset Way II Miami, FL 2,636,031 274,903 2,474,128 Suntree Village Oro Valley, AZ (O) 1,571,745 13,095,941 Surprise Lake Village Tacoma, WA - 1,830,200 16,470,508 Surrey Downs Bellevue, WA - 3,050,000 7,848,618 Sutton Place Dallas, TX - 1,316,500 12,227,725 Sutton Place (FL) Lakeland, FL 855,842 120,887 1,087,987 Sweetwater Glen Lawrenceville, GA - 500,000 10,469,749 Sycamore Creek Scottsdale, AZ (E) 3,150,000 19,087,302 Tabor Ridge Cleveland, OH 1,687,748 235,940 2,123,463 Tamarind at Stoneridge Columbia, SC - 1,053,800 9,489,319 Tamarlane Portland, ME - 690,000 5,153,633 Tanasbourne Terrace Hillsboro, OR 11,982,492 1,873,000 16,891,205 Tanglewood (OR) Portland, OR - 760,000 6,863,649 Tanglewood (VA) Manassas, VA 24,855,587 2,103,400 19,674,833 Terrace Trace Tampa, FL 1,637,684 193,916 1,745,248 Thymewood II Miami, FL (552) 219,661 1,976,949 Timber Hollow Chapel Hill, NC - 800,000 11,219,537 Timbercreek Toledo, OH 1,542,455 203,420 1,830,778 Timberwalk Jacksonville, FL - 1,988,000 13,204,219 Timberwood Aurora, CO - 1,512,000 14,587,786 Timberwood (OH) Macon, GA 555,480 144,299 1,298,695 Town Center (TX) Kingwood, TX - 1,290,000 11,530,216 Town Center II (TX) Kingwood, TX - 1,375,000 13,837,474 Town Centre III & IV Laurel, MD 15,238,742 2,546,500 24,230,152 Towne Square Chandler, AZ - 1,924,710 36,211,417 Townhomes of Meadowbrook Auburn Hills, MI 10,071,742 1,380,000 12,367,314 Trails (CO), The Aurora, CO 10,074,269 1,217,800 8,877,205 Trails (NV), The Las Vegas, NV - 3,076,200 27,712,940 Trails (TX), The Arlington, TX - 616,700 5,745,125 Trails at Briar Forest Houston, TX 14,160,486 2,380,000 24,911,561 Trails at Dominion Park Houston, TX 25,013,613 2,529,000 35,699,589 Trails of Valley Ranch Irving, TX - 2,808,000 7,923,064 Trailway Pond I Burnsville, MN 4,913,909 476,800 4,309,055 Trailway Pond II Burnsville, MN 11,365,354 1,104,700 9,954,266 Trinity Lakes Cordova, TN (E) 1,980,000 14,955,732COST CAPITALIZED SUBSEQUENT TO GROSS AMOUNT CARRIED ACQUISITION AT CLOSE OF (IMPROVEMENTS, NET)(I) PERIOD 12/31/99 - --------------------------------------------------------------------------------------------------------------------------------- BUILDING & BUILDING & APARTMENT NAME LAND FIXTURES LAND FIXTURES(A) TOTAL(B) - ---------------------------------------------------------------------------------------------------------------------------------Stonehenge (Mas) - 7,424 145,386 1,315,901 1,461,287 Stonehenge (MI) - 330 146,554 1,319,315 1,465,869 Stonehenge (Ott) - 4,432 97,654 883,316 980,970 Stonehenge I (Ric) - 10,760 156,343 1,417,847 1,574,190 Stoney Creek - 182,572 1,215,200 11,120,706 12,335,906 Stratford Lane I - 1,983 206,637 1,869,241 2,075,878 Strawberry Place - 14,281 78,445 720,283 798,728 Suffolk Grove I - 3,288 214,107 1,930,249 2,144,356 Suffolk Grove II - 2,222 167,683 1,511,369 1,679,051 Sugartree I - 10,917 164,985 1,495,781 1,660,766 Summer Chase 1,200 1,179,229 1,709,200 16,561,462 18,270,662 Summer Creek 3,600 242,638 579,600 4,058,438 4,638,038 Summer Ridge 1,900 223,894 602,400 5,646,701 6,249,101 Summerset Village 262,846 376,991 2,891,346 24,052,863 26,944,208 Summerwood 6,600 224,843 4,866,600 7,167,264 12,033,864 Summit at Lake Union 100 759,034 1,424,700 13,611,495 15,036,195 Summit Chase 2,100 348,037 1,122,100 4,781,121 5,903,221 Sun Creek - 130,685 896,929 7,197,625 8,094,554 Sunny Oak Village 25,150 2,151,058 2,247,750 22,381,595 24,629,345 Sunnyside - 603 166,887 1,502,587 1,669,474 Sunrise Springs 2,700 379,434 975,300 9,155,096 10,130,396 Sunset Way I - 11,739 258,568 2,338,851 2,597,418 Sunset Way II - 4,764 274,903 2,478,892 2,753,795 Suntree Village - 374,645 1,571,745 13,470,586 15,042,331 Surprise Lake Village - 455,216 1,830,200 16,925,724 18,755,924 Surrey Downs 7,100 76,023 3,057,100 7,924,641 10,981,741 Sutton Place 41,900 2,827,457 1,358,400 15,055,182 16,413,582 Sutton Place (FL) - 7,479 120,887 1,095,466 1,216,353 Sweetwater Glen - 76,429 500,000 10,546,178 11,046,178 Sycamore Creek 2,000 429,964 3,152,000 19,517,266 22,669,266 Tabor Ridge - 560 235,940 2,124,022 2,359,962 Tamarind at Stoneridge 2,400 172,709 1,056,200 9,662,028 10,718,228 Tamarlane 900 147,937 690,900 5,301,569 5,992,469 Tanasbourne Terrace 3,700 1,264,592 1,876,700 18,155,797 20,032,497 Tanglewood (OR) 3,000 1,615,686 763,000 8,479,335 9,242,335 Tanglewood (VA) 4,895 2,251,142 2,108,295 21,925,975 24,034,270 Terrace Trace - 3,812 193,916 1,749,060 1,942,976 Thymewood II - 3,459 219,661 1,980,407 2,200,068 Timber Hollow - 130,316 800,000 11,349,853 12,149,853 Timbercreek - 1,371 203,420 1,832,149 2,035,569 Timberwalk - 142,033 1,988,000 13,346,252 15,334,252 Timberwood 6,600 388,286 1,518,600 14,976,073 16,494,673 Timberwood (OH) - 6,087 144,299 1,304,781 1,449,081 Town Center (TX) 1,300 193,375 1,291,300 11,723,592 13,014,892 Town Center II (TX) - 1,590 1,375,000 13,839,065 15,214,065 Town Centre III & IV 4,700 2,034,631 2,551,200 26,264,783 28,815,983 Towne Square - 319,701 1,924,710 36,531,118 38,455,828 Townhomes of Meadowbrook 2,600 469,826 1,382,600 12,837,140 14,219,740 Trails (CO), The 100 1,710,373 1,217,900 10,587,578 11,805,478 Trails (NV), The 3,000 1,146,722 3,079,200 28,859,662 31,938,862 Trails (TX), The 21,300 579,446 638,000 6,324,570 6,962,570 Trails at Briar Forest - 243,736 2,380,000 25,155,297 27,535,297 Trails at Dominion Park 2,800 1,092,971 2,531,800 36,792,560 39,324,360 Trails of Valley Ranch 1,400 205,855 2,809,400 8,128,919 10,938,319 Trailway Pond I 2,484 232,699 479,284 4,541,754 5,021,039 Trailway Pond II 2,588 249,320 1,107,288 10,203,586 11,310,874 Trinity Lakes 2,000 469,324 1,982,000 15,425,056 17,407,056LIFE USED TO COMPUTE DESCRIPTION DEPRECIATION IN - ---------------------------------------------------------------------------------- ACCUMULATED DATE OF LATEST INCOME APARTMENT NAME DEPRECIATION CONSTRUCTION STATEMENT (C) - ----------------------------------------------------------------------------------Stonehenge (Mas) (12,102) 1984 30 Years Stonehenge (MI) (11,807) 1984 30 Years Stonehenge (Ott) (7,992) 1983 30 Years Stonehenge I (Ric) (12,848) 1984 30 Years Stoney Creek (1,071,035) 1990 30 Years Stratford Lane I (16,695) 1984 30 Years Strawberry Place (7,096) 1982 30 Years Suffolk Grove I (17,358) 1985 30 Years Suffolk Grove II (13,449) 1987 30 Years Sugartree I (13,702) 1984 30 Years Summer Chase (2,269,958) 1983 30 Years Summer Creek (230,197) 1985 30 Years Summer Ridge (742,851) 1985 30 Years Summerset Village (2,824,900) 1985 30 Years Summerwood (400,314) 1982 30 Years Summit at Lake Union (1,240,993) 1995 - 1997 30 Years Summit Chase (548,513) 1985 30 Years Sun Creek (556,216) 1985 30 Years Sunny Oak Village (3,379,027) 1984 30 Years Sunnyside (13,731) 1984 30 Years Sunrise Springs (1,827,290) 1989 30 Years Sunset Way I (21,465) 1987 30 Years Sunset Way II (22,424) 1988 30 Years Suntree Village (1,087,909) 1986 30 Years Surprise Lake Village (1,666,072) 1986 30 Years Surrey Downs (432,578) 1986 30 Years Sutton Place (3,867,574) 1985 30 Years Sutton Place (FL) (10,198) 1984 30 Years Sweetwater Glen (486,070) 1986 30 Years Sycamore Creek (1,589,335) 1984 30 Years Tabor Ridge (19,335) 1986 30 Years Tamarind at Stoneridge (832,338) 1985 30 Years Tamarlane (503,791) 1986 30 Years Tanasbourne Terrace (3,783,624) 1986-89 30 Years Tanglewood (OR) (2,101,837) 1976 30 Years Tanglewood (VA) (4,128,721) 1987 30 Years Terrace Trace (16,100) 1985 30 Years Thymewood II (17,760) 1986 30 Years Timber Hollow (521,951) 1986 30 Years Timbercreek (16,581) 1987 30 Years Timberwalk (620,991) 1987 30 Years Timberwood (874,206) 1983 30 Years Timberwood (OH) (12,035) 1985 30 Years Town Center (TX) (1,247,668) 1994 30 Years Town Center II (TX) (13,563) 1994 30 Years Town Centre III & IV (5,338,532) 1968, 1969 30 Years Towne Square (2,700,797) 1987-1996 30 Years Townhomes of Meadowbrook (756,374) 1988 30 Years Trails (CO), The (2,767,017) 1986 30 Years Trails (NV), The (5,629,075) 1988 30 Years Trails (TX), The (1,466,440) 1984 30 Years Trails at Briar Forest (1,152,474) 1990 30 Years Trails at Dominion Park (3,882,199) 1992 30 Years Trails of Valley Ranch (570,724) 1986 30 Years Trailway Pond I (345,153) 1988 30 Years Trailway Pond II (768,364) 1988 30 Years Trinity Lakes (1,298,278) 1985 30 YearsEQUITY RESIDENTIAL PROPERTIES TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999
INITIAL COST TO DESCRIPTION COMPANY - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & APARTMENT NAME LOCATION ENCUMBRANCES LAND FIXTURES - ------------------------------------------------------------------------------------------------------------------------------------Trowbridge Atlanta, GA - 2,520,000 9,489,361 Turf Club Littleton, CO - 2,100,000 15,478,040 Turkscap I Tampa, FL 558,781 125,766 1,131,898 Turkscap III Tampa, FL 768,804 135,850 1,222,651 Tyrone Gardens Randolph, MA - 4,950,000 5,800,235 University Square I Tampa, FL 917,645 197,457 1,777,109 Valencia Plantation Orlando, FL - 873,000 12,819,377 Valley Creek I Woodbury, MN 12,827,815 1,622,600 14,626,770 Valley Creek II Woodbury, MN 10,110,100 1,229,500 11,091,476 Valleybrook Atlanta, GA 1,525,843 254,490 2,290,411 Valleyfield (KY) Lexington, KY 1,835,776 252,329 2,270,959 Valleyfield (PA) Pittsburg, PA - 274,317 2,468,850 Valleyfield I Atlanta, GA 1,629,018 252,413 2,271,717 Valleyfield II Atlanta, GA 1,026,548 258,320 2,324,883 Via Ventura Phoenix, AZ (E) 1,476,500 13,382,006 Villa Encanto Phoenix, AZ - 2,884,447 22,197,363 Villa Madeira Phoenix, AZ - 1,580,000 14,240,297 Villa Serenas Tucson, AZ 9,141,446 2,424,900 14,615,923 Villa Solana Laguna Hills, CA - 1,663,500 14,985,678 Village at Bear Creek Denver, CO 21,113,845 4,519,700 40,676,390 Village at Lakewood Phoenix, AZ (P) 3,166,411 13,859,090 Village at Tanque Verde Tucson, AZ (P) 1,434,838 7,134,638 Village Oaks Austin, TX 4,987,945 1,184,400 10,663,736 Village of Newport Federal Way, WA - 414,900 3,747,606 Village of Sycamore Ridge Memphis, TN - 621,300 5,612,046 Villas at Josey Ranch Carrollton, TX 6,727,424 1,584,000 7,264,404 Villas of Oak Creste San Antonio, TX - 905,800 8,151,738 Viridian Lake Fort Myers, FL - 960,000 17,806,758 Vista Del Lago Mission Viejo, CA 30,971,241 4,524,400 40,736,293 Vista Grove Mesa, AZ - 1,341,796 12,157,045 Vista Pointe Irving, TX - 2,079,000 17,028,694 Walden Wood Southfield, MI 5,706,032 833,300 7,513,690 Walker Place Dallas, TX 1,145,471 125,274 1,127,466 Walker's Mark Dallas, TX - 984,000 6,029,822 Warwick Station Denver, CO 9,534,250 2,281,900 20,543,195 Waterbury (GA) Athens, GA 657,813 147,450 1,327,050 Waterbury (IN) Indianapolis, IN 824,264 105,245 947,206 Waterbury (MI) Detroit,MI 2,106,702 331,739 2,985,650 Waterbury (OH) Cincinnati, OH 1,130,576 193,167 1,738,500 Waterbury (TN) Clarksville, TN 942,471 116,968 1,052,708 Waterford (Jax) Jacksonville, FL - 3,024,000 23,662,293 Waterford at Deerwood Jacksonville, FL 10,566,370 1,736,000 10,659,702 Waterford at Orange Park Orange Park, FL 9,540,000 1,960,000 12,098,784 Waterford at Regency Jacksonville, FL 7,075,238 1,113,000 5,184,162 Waterford at the Lakes Kent, WA - 3,100,200 16,153,087 Waterford Place (TN) Nashville, TN - 900,000 12,003,189 Waterford Village (Broward) Delray Beach, FL - 1,888,000 15,358,635 Watermark Square Portland, OR 8,061,856 1,580,000 14,247,039 Waterstone Place Seattle, WA 2,950,900 26,674,599 Welleby Lake Club Sunrise, FL - 3,648,000 17,620,879 Wellington (WA) Silverdale, WA 8,062,026 1,097,300 9,883,303 Wellington Hill Manchester, NH (S) 1,872,500 17,120,662 Wellsford Oaks Tulsa, OK - 1,310,500 11,794,290 Wentworth Detroit,MI - 217,502 1,957,520 West Of Eastland Columbus, OH 2,022,939 234,544 2,110,894 Westbrook Village Manchester, MO - 2,310,000 10,621,218 Westcreek Jacksonville, FL 180,466 185,199 1,666,792EQUITY RESIDENTIAL PROPERTIES TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999 COST CAPITALIZED SUBSEQUENT TO GROSS AMOUNT CARRIED ACQUISITION AT CLOSE OF DESCRIPTION (IMPROVEMENTS, NET) (I) PERIOD 12/31/99 - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & BUILDING & APARTMENT NAME LAND FIXTURES LAND FIXTURES (A) TOTAL (B) - ------------------------------------------------------------------------------------------------------------------------------------Trowbridge 1,000 609,462 2,521,000 10,098,823 12,619,823 Turf Club 7,300 843,095 2,107,300 16,321,136 18,428,436 Turkscap I - 5,550 125,766 1,137,448 1,263,215 Turkscap III - 1,580 135,850 1,224,231 1,360,081 Tyrone Gardens 3,000 72,480 4,953,000 5,872,715 10,825,715 University Square I - 2,674 197,457 1,779,783 1,977,240 Valencia Plantation - 51,727 873,000 12,871,105 13,744,105 Valley Creek I 4,115 629,348 1,626,715 15,256,117 16,882,833 Valley Creek II 3,159 159,419 1,232,659 11,250,895 12,483,555 Valleybrook - 5,534 254,490 2,295,945 2,550,435 Valleyfield (KY) - 5,562 252,329 2,276,520 2,528,849 Valleyfield (PA) - 6,692 274,317 2,475,542 2,749,859 Valleyfield I - 2,510 252,413 2,274,228 2,526,641 Valleyfield II - 2,086 258,320 2,326,970 2,585,290 Via Ventura 10,100 4,815,861 1,486,600 18,197,867 19,684,467 Villa Encanto - 789,747 2,884,447 22,987,109 25,871,556 Villa Madeira 2,100 1,601,637 1,582,100 15,841,934 17,424,034 Villa Serenas 1,800 265,649 2,426,700 14,881,572 17,308,272 Villa Solana 1,600 1,372,378 1,665,100 16,358,056 18,023,156 Village at Bear Creek - 219,654 4,519,700 40,896,044 45,415,744 Village at Lakewood - 441,698 3,166,411 14,300,787 17,467,198 Village at Tanque Verde - 303,789 1,434,838 7,438,426 8,873,264 Village Oaks 1,600 507,844 1,186,000 11,171,580 12,357,580 Village of Newport 1,400 292,129 416,300 4,039,735 4,456,035 Village of Sycamore Ridge 2,600 262,988 623,900 5,875,035 6,498,935 Villas at Josey Ranch 3,700 269,222 1,587,700 7,533,626 9,121,326 Villas of Oak Creste - 493,841 905,800 8,645,579 9,551,379 Viridian Lake - 283,004 960,000 18,089,761 19,049,761 Vista Del Lago 1,400 2,495,423 4,525,800 43,231,717 47,757,517 Vista Grove - 146,856 1,341,796 12,303,901 13,645,697 Vista Pointe 1,800 151,120 2,080,800 17,179,814 19,260,614 Walden Wood 1,400 1,360,155 834,700 8,873,845 9,708,545 Walker Place - 2,241 125,274 1,129,707 1,254,981 Walker's Mark 800 196,019 984,800 6,225,841 7,210,641 Warwick Station 100 201,494 2,282,000 20,744,689 23,026,689 Waterbury (GA) - 2,444 147,450 1,329,495 1,476,945 Waterbury (IN) - 2,357 105,245 949,563 1,054,808 Waterbury (MI) - 24,135 331,739 3,009,785 3,341,524 Waterbury (OH) - 2,518 193,167 1,741,018 1,934,185 Waterbury (TN) - 2,319 116,968 1,055,027 1,171,995 Waterford (Jax) - 518,347 3,024,000 24,180,639 27,204,639 Waterford at Deerwood - 294,000 1,736,000 10,953,702 12,689,702 Waterford at Orange Park - 963,644 1,960,000 13,062,428 15,022,428 Waterford at Regency - 134,766 1,113,000 5,318,928 6,431,928 Waterford at the Lakes - 558,075 3,100,200 16,711,163 19,811,363 Waterford Place (TN) - 86,076 900,000 12,089,265 12,989,265 Waterford Village (Broward) - 1,397,696 1,888,000 16,756,331 18,644,331 Watermark Square 500 1,058,489 1,580,500 15,305,528 16,886,028 Waterstone Place 13,100 2,931,368 2,964,000 29,605,967 32,569,967 Welleby Lake Club - 214,745 3,648,000 17,835,624 21,483,624 Wellington (WA) 2,000 594,557 1,099,300 10,477,860 11,577,160 Wellington Hill 17,700 1,944,224 1,890,200 19,064,886 20,955,086 Wellsford Oaks - 188,148 1,310,500 11,982,438 13,292,938 Wentworth - 2,180 217,502 1,959,700 2,177,202 West Of Eastland - 12,197 234,544 2,123,090 2,357,634 Westbrook Village - 43,490 2,310,000 10,664,708 12,974,708 Westcreek - 12,032 185,199 1,678,824 1,864,023EQUITY RESIDENTIAL PROPERTIES TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999 LIFE USED TO COMPUTE DESCRIPTION DEPRECIATION IN - ------------------------------------------------------------------------------------------- ACCUMULATED DATE OF LATEST INCOME APARTMENT NAME DEPRECIATION CONSTRUCTION STATEMENT (C) - -------------------------------------------------------------------------------------------Trowbridge (550,816) 1980 30 Years Turf Club (944,364) 1986 30 Years Turkscap I (10,406) 1977 30 Years Turkscap III (11,074) 1982 30 Years Tyrone Gardens (341,434) 1961/1965 30 Years University Square I (16,278) 1979 30 Years Valencia Plantation (574,894) 1990 30 Years Valley Creek I (1,152,417) 1989 30 Years Valley Creek II (845,794) 1990 30 Years Valleybrook (20,417) 1986 30 Years Valleyfield (KY) (20,533) 1985 30 Years Valleyfield (PA) (22,044) 1985 30 Years Valleyfield I (20,095) 1984 30 Years Valleyfield II (20,555) 1985 30 Years Via Ventura (4,160,469) 1980 30 Years Villa Encanto (1,754,746) 1983 30 Years Villa Madeira (3,318,290) 1971 30 Years Villa Serenas (1,297,882) 1973 30 Years Villa Solana (3,537,814) 1984 30 Years Village at Bear Creek (3,760,814) 1987 30 Years Village at Lakewood (1,116,058) 1988 30 Years Village at Tanque Verde (621,346) 1984-1994 30 Years Village Oaks (1,399,883) 1984 30 Years Village of Newport (871,926) 1987 30 Years Village of Sycamore Ridge (513,509) 1977 30 Years Villas at Josey Ranch (431,527) 1986 30 Years Villas of Oak Creste (929,891) 1979 30 Years Viridian Lake (820,681) 1991 30 Years Vista Del Lago (9,277,982) 1986-88 30 Years Vista Grove (774,793) 1997 - 1998 30 Years Vista Pointe (1,073,208) 1996 30 Years Walden Wood (2,174,376) 1972 30 Years Walker Place (10,667) 1988 30 Years Walker's Mark (365,841) 1982 30 Years Warwick Station (1,959,615) 1986 30 Years Waterbury (GA) (12,008) 1985 30 Years Waterbury (IN) (8,723) 1984 30 Years Waterbury (MI) (27,075) 1985 30 Years Waterbury (OH) (15,721) 1985 30 Years Waterbury (TN) (9,732) 1985 30 Years Waterford (Jax) (1,132,510) 1988 30 Years Waterford at Deerwood (524,459) 1985 30 Years Waterford at Orange Park (687,174) 1986 30 Years Waterford at Regency (265,356) 1985 30 Years Waterford at the Lakes (1,723,697) 1990 30 Years Waterford Place (TN) (542,453) 1994 30 Years Waterford Village (Broward) (798,065) 1989 30 Years Watermark Square (1,641,362) 1990 30 Years Waterstone Place (7,165,406) 1990 30 Years Welleby Lake Club (806,867) 1991 30 Years Wellington (WA) (1,948,942) 1990 30 Years Wellington Hill (4,193,508) 1987 30 Years Wellsford Oaks (1,186,540) 1991 30 Years Wentworth (17,646) 1985 30 Years West Of Eastland (20,121) 1977 30 Years Westbrook Village (269,544) 1984 30 Years Westcreek (15,664) 1986 30 YearsEQUITY RESIDENTIAL PROPERTIES TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999
INITIAL COST TO DESCRIPTION COMPANY - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & APARTMENT NAME LOCATION ENCUMBRANCES LAND FIXTURES - ------------------------------------------------------------------------------------------------------------------------------------Westridge Tacoma, WA - 3,501,900 31,506,082 Westway Brunswick, GA 883,125 168,323 1,514,904 Westwood (IN) Elkhart, IN - 78,508 706,570 Westwood (OH) Columbus, OH 94,282 18,554 166,988 Westwood Pines Tamarac, FL - 1,526,200 13,739,616 Whispering Oaks Walnut Creek, CA 10,972,056 2,167,300 19,539,586 Whispering Pines II Fr. Pierce, FL - 105,172 946,544 Whisperwood Alabany, GA 550,950 84,240 758,163 White Bear Woods White Bear Lake, MN 14,184,170 1,621,300 14,609,576 Wilcrest Woods Savannah, GA 1,348,783 187,306 1,685,757 Wilde Lake Richmond, VA 4,440,000 934,600 8,524,744 Willow Brook (NC) Durham, NC - 1,408,000 7,118,834 Willow Creek I (GA) Atlanta, GA 832,502 145,769 1,326,411 Willow Lakes Spartanburg, SC 2,050,475 200,990 1,808,906 Willow Run (GA) Atlanta, GA 1,730,934 197,965 1,781,684 Willow Run (IN) New Albany, IN 1,130,811 183,873 1,654,854 Willow Run (KY) Owensboro, KY 1,128,383 141,016 1,269,141 Willow Run (OH) Mansfield, OH 833,658 103,396 930,565 Willow Trail Norcross, GA - 1,120,000 11,412,982 Willowick Aurora, CO - 500,000 4,157,878 Willowood (GA) Macon, GA 1,154,151 160,258 1,442,318 Willowood (KY) Owensboro, KY - 96,239 866,148 Willowood East II Indianapolis, IN 786,368 104,918 944,260 Willowood I (Gro) Columbus, OH 947,000 126,045 1,134,405 Willowood I (IN) Bloomington, IN 1,140,000 163,896 1,475,066 Willowood I (KY) Lexington, KY 1,016,267 138,822 1,249,401 Willowood I (Woo) Akron, OH 732,395 117,254 1,055,287 Willowood II (Gro) Columbus, OH 552,007 70,924 638,312 Willowood II (IN) Bloomington, IN 1,148,500 161,306 1,451,756 Willowood II (KY) Lexington, KY 851,423 120,375 1,083,379 Willowood II (Tro) Dayton, OH 914,537 142,623 1,283,610 Willowood II (Woo) Akron, OH 868,458 103,199 928,792 Willows I (OH), The Columbus, OH 560,734 76,283 686,551 Willows II (OH), The Columbus, OH 640,430 96,679 870,108 Willows III (OH), The Columbus, OH 863,348 129,221 1,162,993 Wimberly Dallas, TX - 2,232,000 27,685,923 Wimbledon Oaks Arlington, TX 7,422,826 1,488,000 8,850,195 Windemere Mesa, AZ 5,992,960 949,000 8,771,280 Windmill Colorado Springs, CO - 395,544 4,958,634 Windridge (CA) Laguna Niguel, CA (N) 2,660,800 23,966,595 Windridge (GA) Dunwoody, GA - 1,224,000 13,627,762 Windwood I (FL) Melbourne, FL - 113,913 1,025,215 Windwood II (FL) Melbourne, FL 360,000 118,915 1,070,236 Wingwood (Orl) Orlando, FL 1,498,204 236,884 2,131,959 Winter Woods I (FL) Orlando, FL 947,610 144,921 1,304,292 Winterwood Charlotte, NC 11,737,476 1,720,100 15,501,142 Winthrop Court (KY) Lexington, KY 1,488,803 184,709 1,662,384 Winthrop Court II (OH) Columbus, OH 742,316 102,381 921,430 Wood Creek (CA) Pleasant Hill, CA - 9,728,000 23,009,768 Wood Crest Villa Westland, MI - 925,900 8,492,103 Wood Forest Daytona Beach, FL 6,125,061 1,008,000 4,950,210 Wood Lane Place Woodbury, MN 14,014,000 2,003,300 18,081,691 Woodbine (Cuy) Akron, OH 1,035,420 185,868 1,672,813 Woodbine (Por) Hungtington, OH 636,931 78,098 702,881 Woodbridge (M) Cary, NC 4,688,514 1,981,900 17,838,219 Woodcliff I Atlanta, GA 1,172,930 276,659 2,489,931 Woodcliff II Atlanta, GA 1,681,499 266,449 2,398,044EQUITY RESIDENTIAL PROPERTIES TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999 COST CAPITALIZED SUBSEQUENT TO GROSS AMOUNT CARRIED ACQUISITION AT CLOSE OF DESCRIPTION IMPROVEMENTS, NET) (I) PERIOD 12/31/99 - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & BUILDING & APARTMENT NAME LAND FIXTURES LAND FIXTURES (A) TOTAL (B) - ------------------------------------------------------------------------------------------------------------------------------------Westridge - 799,774 3,501,900 32,305,856 35,807,756 Westway - 8,381 168,323 1,523,286 1,691,608 Westwood (IN) - 9,098 78,508 715,668 794,176 Westwood (OH) - - 18,554 166,988 185,543 Westwood Pines 2,400 339,978 1,528,600 14,079,594 15,608,194 Whispering Oaks 3,500 1,060,849 2,170,800 20,600,436 22,771,236 Whispering Pines II - 4,776 105,172 951,319 1,056,491 Whisperwood - 3,140 84,240 761,303 845,543 White Bear Woods 3,441 236,302 1,624,741 14,845,878 16,470,619 Wilcrest Woods - 5,027 187,306 1,690,784 1,878,090 Wilde Lake 12,600 521,276 947,200 9,046,020 9,993,220 Willow Brook (NC) 1,500 184,159 1,409,500 7,302,993 8,712,493 Willow Creek I (GA) - 1,035 145,769 1,327,446 1,473,214 Willow Lakes - 7,841 200,990 1,816,747 2,017,737 Willow Run (GA) - 9,904 197,965 1,791,588 1,989,553 Willow Run (IN) - 9,003 183,873 1,663,857 1,847,730 Willow Run (KY) - 3,579 141,016 1,272,720 1,413,736 Willow Run (OH) - 2,591 103,396 933,156 1,036,552 Willow Trail - 84,286 1,120,000 11,497,268 12,617,268 Willowick 6,900 190,983 506,900 4,348,862 4,855,762 Willowood (GA) - 4,980 160,258 1,447,298 1,607,556 Willowood (KY) - 9,062 96,239 875,210 971,449 Willowood East II - 8,583 104,918 952,843 1,057,761 Willowood I (Gro) - 854 126,045 1,135,259 1,261,304 Willowood I (IN) - 7,636 163,896 1,482,702 1,646,598 Willowood I (KY) - 8,177 138,822 1,257,578 1,396,401 Willowood I (Woo) - 1,349 117,254 1,056,636 1,173,890 Willowood II (Gro) - 237 70,924 638,548 709,472 Willowood II (IN) - 1,841 161,306 1,453,597 1,614,903 Willowood II (KY) - 341 120,375 1,083,720 1,204,096 Willowood II (Tro) - 3,872 142,623 1,287,482 1,430,105 Willowood II (Woo) - 3,464 103,199 932,257 1,035,456 Willows I (OH), The - 2,744 76,283 689,295 765,578 Willows II (OH), The - 6,021 96,679 876,129 972,808 Willows III (OH), The - 1,867 129,221 1,164,860 1,294,081 Wimberly - 108,124 2,232,000 27,794,047 30,026,047 Wimbledon Oaks 3,700 350,075 1,491,700 9,200,270 10,691,970 Windemere 300 411,868 949,300 9,183,148 10,132,448 Windmill 100 797,354 395,644 5,755,988 6,151,632 Windridge (CA) 2,100 854,440 2,662,900 24,821,035 27,483,935 Windridge (GA) - 156,084 1,224,000 13,783,845 15,007,845 Windwood I (FL) - 4,573 113,913 1,029,787 1,143,700 Windwood II (FL) - 3,338 118,915 1,073,573 1,192,488 Wingwood (Orl) - 8,062 236,884 2,140,021 2,376,905 Winter Woods I (FL) - 5,310 144,921 1,309,603 1,454,524 Winterwood 1,900 1,667,447 1,722,000 17,168,589 18,890,589 Winthrop Court (KY) - 28,198 184,709 1,690,582 1,875,291 Winthrop Court II (OH) - 1,200 102,381 922,630 1,025,011 Wood Creek (CA) 1,900 302,901 9,729,900 23,312,669 33,042,569 Wood Crest Villa 7,922 824,243 933,822 9,316,346 10,250,168 Wood Forest - 29,316 1,008,000 4,979,526 5,987,526 Wood Lane Place 5,847 615,477 2,009,147 18,697,168 20,706,315 Woodbine (Cuy) - 471 185,868 1,673,284 1,859,152 Woodbine (Por) - 20,015 78,098 722,896 800,994 Woodbridge (M) 100 509,795 1,982,000 18,348,014 20,330,014 Woodcliff I - 4,654 276,659 2,494,585 2,771,244 Woodcliff II - 5,495 266,449 2,403,539 2,669,989EQUITY RESIDENTIAL PROPERTIES TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999 LIFE USED TO COMPUTE DESCRIPTION DEPRECIATION IN - ---------------------------------------------------------------------------------------- ACCUMULATED DATE OF LATEST INCOME APARTMENT NAME DEPRECIATION CONSTRUCTION STATEMENT (C) - ----------------------------------------------------------------------------------------Westridge (3,146,814) 1987/1991 30 Years Westway (14,064) 1984 30 Years Westwood (IN) (6,752) 1984 30 Years Westwood (OH) (1,625) 1980 30 Years Westwood Pines (1,066,322) 1991 30 Years Whispering Oaks (2,456,734) 1974 30 Years Whispering Pines II (8,779) 1986 30 Years Whisperwood (7,249) 1985 30 Years White Bear Woods (1,126,466) 1989 30 Years Wilcrest Woods (15,352) 1986 30 Years Wilde Lake (1,042,447) 1989 30 Years Willow Brook (NC) (742,988) 1986 30 Years Willow Creek I (GA) (11,861) 1985 30 Years Willow Lakes (16,905) 1986 30 Years Willow Run (GA) (16,450) 1983 30 Years Willow Run (IN) (15,085) 1984 30 Years Willow Run (KY) (11,889) 1984 30 Years Willow Run (OH) (8,901) 1983 30 Years Willow Trail (530,427) 1985 30 Years Willowick (252,644) 1980 30 Years Willowood (GA) (13,089) 1984 30 Years Willowood (KY) (8,405) 1984 30 Years Willowood East II (9,133) 1985 30 Years Willowood I (Gro) (10,255) 1984 30 Years Willowood I (IN) (13,323) 1983 30 Years Willowood I (KY) (11,535) 1984 30 Years Willowood I (Woo) (9,683) 1984 30 Years Willowood II (Gro) (5,761) 1985 30 Years Willowood II (IN) (13,123) 1986 30 Years Willowood II (KY) (9,929) 1985 30 Years Willowood II (Tro) (11,897) 1987 30 Years Willowood II (Woo) (8,784) 1986 30 Years Willows I (OH), The (6,649) 1987 30 Years Willows II (OH), The (8,139) 1981 30 Years Willows III (OH), The (10,483) 1987 30 Years Wimberly (1,229,499) 1996 30 Years Wimbledon Oaks (518,830) 1985 30 Years Windemere (888,408) 1986 30 Years Windmill (1,702,527) 1985 30 Years Windridge (CA) (4,652,693) 1989 30 Years Windridge (GA) (643,036) 1982 30 Years Windwood I (FL) (9,723) 1988 30 Years Windwood II (FL) (10,097) 1987 30 Years Wingwood (Orl) (19,329) 1980 30 Years Winter Woods I (FL) (12,027) 1985 30 Years Winterwood (3,973,146) 1986 30 Years Winthrop Court (KY) (15,946) 1985 30 Years Winthrop Court II (OH) (8,332) 1986 30 Years Wood Creek (CA) (2,128,073) 1987 30 Years Wood Crest Villa (896,381) 1970 30 Years Wood Forest (238,822) 1985 30 Years Wood Lane Place (1,390,578) 1989 30 Years Woodbine (Cuy) (14,873) 1982 30 Years Woodbine (Por) (7,100) 1981 30 Years Woodbridge (M) (2,659,864) 1993-95 30 Years Woodcliff I (22,045) 1984 30 Years Woodcliff II (21,332) 1986 30 YearsEQUITY RESIDENTIAL PROPERTIES TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999
INITIAL COST TO DESCRIPTION COMPANY - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING & APARTMENT NAME LOCATION ENCUMBRANCES LAND FIXTURES - ------------------------------------------------------------------------------------------------------------------------------------Woodcreek Beaverton, OR 10,836,214 1,753,700 15,804,205 Woodcrest I Macon, GA 1,152,424 115,739 1,050,217 Woodlake (WA) Kirkland, WA 11,642,214 6,624,000 16,735,484 Woodlake at Killearn Tallahassee, FL - 1,404,300 13,024,748 Woodland Hills Decatur, GA - 1,223,900 11,021,239 Woodland I & II (FL) Orlando, FL 3,498,688 461,949 4,157,538 Woodland Meadows Ann Arbor, MI - 2,003,600 18,049,552 Woodland Oaks Tulsa, OK - 893,100 8,038,166 Woodlands (KY) Nashville, KY - 72,094 648,844 Woodlands I (Col) Columbus, OH 1,802,330 231,996 2,087,960 Woodlands I (PA) Pittsburgh, PA 1,040,321 163,192 1,468,725 Woodlands I (Str) Cleveland, OH 1,412,684 197,378 1,776,398 Woodlands II (Col) Columbus, OH 1,563,244 192,633 1,733,701 Woodlands II (PA) Pittsburgh, PA - 192,972 1,736,751 Woodlands II (Str) Cleveland, OH 1,588,582 183,996 1,655,964 Woodlands III (Col) Columbus, OH - 230,536 2,074,824 Woodlands of Brookfield Brookfield, WI (Q) 1,480,000 13,961,081 Woodlands of Minnetonka Minnetonka, MN - 2,392,500 13,543,076 Woodleaf Campbell, CA 11,543,551 8,544,000 16,988,183 Woodmoor Austin, TX - 649,300 5,875,968 Woodridge (CO) Aurora, CO - 2,774,000 20,845,971 Woodridge (MN) Eagan, MN 7,712,379 1,600,000 10,449,579 Woods of North Bend Raleigh, NC - 1,039,000 9,305,319 Woodscape Raleigh, NC - 956,000 8,607,940 Woodside Lorton, VA - 1,308,100 12,510,903 Woodtrail Atlanta, GA 998,738 250,895 2,258,054 Woodvalley Anniston, AL 1,416,346 190,188 1,711,693 Wycliffe Court Nashville, TN 1,143,552 166,545 1,498,902 Wynbrook Atlanta, GA - 2,544,000 11,017,078 Wyndridge 2 Memphis, TN 14,135,000 1,486,000 13,749,636 Wyndridge 3 Memphis, TN 10,855,000 1,500,000 13,531,741 Yarmouth Woods Yarmouth, ME - 690,000 6,096,155 Yorktowne at Olde Mill Millersville, MD - 216,000 4,224,762 Yuma Court Colorado Springs, CO - 113,163 840,859 Miscellaneous - - 6,732,080 Operating Partnership Chicago, IL - - 88,566 Management Business Chicago, IL - - 3,442,962 ------------------ ------------------ ------------------- TOTAL INVESTMENT IN REAL ESTATE $ 2,309,147,938 $ 1,546,641,806 $ 10,262,221,652 ================== ================== =================== ================== ================== =================== REAL ESTATE HELD FOR DISPOSITION Lakeridge at Moors Miami, FL $ - $ 2,100,000 $ 9,068,840 Sonnet Cove I Lexington, KY - 183,407 1,770,784 Sonnet Cove II Lexington, KY - 100,000 1,462,579 ------------------ ------------------ ------------------- TOTAL REAL ESTATE HELD FOR DISPOSITION $ - $ 2,383,407 $ 12,302,203 ================== ================== =================== TOTAL REAL ESTATE $ 2,309,147,938 $ 1,549,025,213 $ 10,274,523,855 ================== ================== ===================EQUITY RESIDENTIAL PROPERTIES TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999 COST CAPITALIZED SUBSEQUENT TO GROSS AMOUNT CARRIED ACQUISITION AT CLOSE OF DESCRIPTION (IMPROVEMENTS, NET) (I) PERIOD 12/31/99 - ----------------------------------------------------------------------------------------------------------------------- BUILDING & BUILDING & APARTMENT NAME LAND FIXTURES LAND FIXTURES (A) - -----------------------------------------------------------------------------------------------------------------------Woodcreek 2,100 2,119,075 1,755,800 17,923,280 Woodcrest I - 3,979 115,739 1,054,197 Woodlake (WA) 7,400 250,511 6,631,400 16,985,996 Woodlake at Killearn 3,855 738,290 1,408,155 13,763,038 Woodland Hills 700 575,900 1,224,600 11,597,140 Woodland I & II (FL) - 28,119 461,949 4,185,657 Woodland Meadows 2,400 312,397 2,006,000 18,361,948 Woodland Oaks - 407,656 893,100 8,445,823 Woodlands (KY) - 18,514 72,094 667,359 Woodlands I (Col) - 10,966 231,996 2,098,926 Woodlands I (PA) - 3,493 163,192 1,472,219 Woodlands I (Str) - 2,905 197,378 1,779,304 Woodlands II (Col) - 9,332 192,633 1,743,033 Woodlands II (PA) - 11,689 192,972 1,748,440 Woodlands II (Str) - 1,992 183,996 1,657,956 Woodlands III (Col) - 6,001 230,536 2,080,825 Woodlands of Brookfield 4,600 237,393 1,484,600 14,198,474 Woodlands of Minnetonka 2,000 466,954 2,394,500 14,010,030 Woodleaf 6,600 112,378 8,550,600 17,100,561 Woodmoor 4,500 1,242,377 653,800 7,118,345 Woodridge (CO) 6,700 474,382 2,780,700 21,320,353 Woodridge (MN) 2,300 247,486 1,602,300 10,697,066 Woods of North Bend 500 1,305,050 1,039,500 10,610,369 Woodscape 1,300 285,321 957,300 8,893,261 Woodside 17,900 505,533 1,326,000 13,016,436 Woodtrail - 13,149 250,895 2,271,203 Woodvalley - 6,319 190,188 1,718,013 Wycliffe Court - 6,778 166,545 1,505,680 Wynbrook 2,500 211,136 2,546,500 11,228,213 Wyndridge 2 2,000 556,066 1,488,000 14,305,702 Wyndridge 3 2,500 403,393 1,502,500 13,935,134 Yarmouth Woods 2,800 209,209 692,800 6,305,364 Yorktowne at Olde Mill - 2,019,215 216,000 6,243,977 Yuma Court 100 159,593 113,263 1,000,452 Miscellaneous - 4,569 - 6,736,649 Operating Partnership - 150 - 88,716 Management Business 101,000 32,920,524 101,000 36,363,486 -------------- ---------------- ------------------- -------------------- TOTAL INVESTMENT IN REAL ESTATE $3,735,914 $ 426,363,116 $ 1,550,377,719 $10,688,584,768 ============== ================ =================== ==================== ============== ================ =================== ==================== REAL ESTATE HELD FOR DISPOSITION Lakeridge at Moors $ - $ 60,745 $ 2,100,000 $ 9,129,585 Sonnet Cove I - 2,835,689 183,407 4,606,473 Sonnet Cove II - 799,939 100,000 2,262,518 -------------- ---------------- ------------------- -------------------- TOTAL REAL ESTATE HELD FOR DISPOSITION $ - $ 3,696,373 $ 2,383,407 $ 15,998,576 ============== ================ =================== ==================== TOTAL REAL ESTATE $3,735,914 $ 430,059,488 $ 1,552,761,126 $10,704,583,344 ============== ================ =================== ====================EQUITY RESIDENTIAL PROPERTIES TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999 LIFE USED TO COMPUTE DESCRIPTION DEPRECIATION IN - ---------------------------------------------------------------------------------------------------------------- ACCUMULATED DATE OF LATEST INCOME APARTMENT NAME TOTAL (B) DEPRECIATION CONSTRUCTION STATEMENT (C) - ----------------------------------------------------------------------------------------------------------------Woodcreek 19,679,080 (3,965,455) 1982-84 30 Years Woodcrest I 1,169,935 (9,867) 1984 30 Years Woodlake (WA) 23,617,396 (939,644) 1984 30 Years Woodlake at Killearn 15,171,193 (3,102,947) 1986 30 Years Woodland Hills 12,821,740 (1,667,097) 1985 30 Years Woodland I & II (FL) 4,647,605 (38,133) 1984/85 30 Years Woodland Meadows 20,367,948 (1,509,989) 1987-1989 30 Years Woodland Oaks 9,338,923 (861,147) 1983 30 Years Woodlands (KY) 739,452 (6,855) 1983 30 Years Woodlands I (Col) 2,330,922 (19,183) 1983 30 Years Woodlands I (PA) 1,635,410 (13,177) 1983 30 Years Woodlands I (Str) 1,976,681 (15,886) 1984 30 Years Woodlands II (Col) 1,935,666 (15,871) 1984 30 Years Woodlands II (PA) 1,941,412 (15,803) 1987 30 Years Woodlands II (Str) 1,841,952 (14,857) 1985 30 Years Woodlands III (Col) 2,311,361 (19,051) 1987 30 Years Woodlands of Brookfield 15,683,074 (839,601) 1990 30 Years Woodlands of Minnetonka 16,404,530 (1,073,483) 1988 30 Years Woodleaf 25,651,161 (908,798) 1984 30 Years Woodmoor 7,772,145 (1,731,345) 1981 30 Years Woodridge (CO) 24,101,053 (1,240,035) 1980-82 30 Years Woodridge (MN) 12,299,366 (640,231) 1986 30 Years Woods of North Bend 11,649,869 (1,895,988) 1983 30 Years Woodscape 9,850,561 (1,090,592) 1979 30 Years Woodside 14,342,436 (2,515,124) 1987 30 Years Woodtrail 2,522,098 (20,118) 1984 30 Years Woodvalley 1,908,201 (15,624) 1986 30 Years Wycliffe Court 1,672,224 (13,653) 1985 30 Years Wynbrook 13,774,713 (671,616) 1972/1976 30 Years Wyndridge 2 15,793,702 (1,431,485) 1988 30 Years Wyndridge 3 15,437,634 (1,407,694) 1988 30 Years Yarmouth Woods 6,998,164 (440,205) 1971/1978 30 Years Yorktowne at Olde Mill 6,459,977 (4,584,812) 1974 30 Years Yuma Court 1,113,715 (265,573) 1985 30 Years Miscellaneous 6,736,649 (1,038) Operating Partnership 88,716 (68,122) (H) Management Business 36,464,486 (19,155,155) (G) ------------------ ------------------ TOTAL INVESTMENT IN REAL ESTATE $12,238,962,488 $ (1,070,486,957) ================== ================== ================== ================== REAL ESTATE HELD FOR DISPOSITION Lakeridge at Moors $ 11,229,585 $ (417,185) 1991 30 Years Sonnet Cove I 4,789,880 (3,452,988) 1972 30 Years Sonnet Cove II 2,362,518 (1,643,555) 1974 30 Years ------------------ ------------------ TOTAL REAL ESTATE HELD FOR DISPOSITION $ 18,381,983 $ (5,513,728) ================== ================== TOTAL REAL ESTATE $12,257,344,470 $ (1,076,000,685) ================== ==================SCHEDULE III EQUITY RESIDENTIAL PROPERTIES TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 19992001NOTES:
- (A)
- The balance of furniture & fixtures included in the total investment in real estate amount was
$404,259,561$519,514,809.76 as of December31,1999.31, 2001.
The balance of furniture & fixtures included in the total real estate held for disposition amount was$1,403,187$140,372.21 as of December 31,1999.2001.- (B)
- The aggregate cost for Federal Income Tax purposes as of December 31,
19992001 was approximately$8.5$8.6 billion.- (C)
- The life to compute depreciation for furniture & fixtures is 5 years.
- (D)
- These two properties are encumbered by
$14,438,632$13,862,435.70 in bonds. (EQR Arbors Fin LP)- (E)
- These
1720 properties are encumbered by $136,000,000 in bonds.- (F)
These four properties are- This property is encumbered by
$15,500,000$15,023,121.50 in bonds. (EQR Breton Hammock's Fin LP)- (G)
- This asset consists of various acquisition dates and largely represents furniture, fixtures and equipment owned by the Management Business.
- (H)
This asset consists of various acquisition dates and represents furniture, fixtures and equipment owned by the Operating Partnership. (I)- Improvements are net of write-off of fully depreciated assets which are no longer in service.
(J) Formerly known as Oxford & Sussex (K) Formerly known as Post Place- (L)
Formerly known as The Vinings at Coral Springs (M) Formerly known as The Plantations (NC) (N)- These
fivethree properties are pledged as additional collateral in connection withthea tax-exempt bondrefinancing of $177,570,000. (O) These 21 properties are encumbered by $132,203,864 in bonds. (P)financing.- (M)
- These 5 properties are encumbered by a
$48,722,302$47,119,126.90 note payable.(Q)(EWR Northwestern Mutual)- (N)
- These 5 properties are encumbered by $50,000,000 of mortgage debt.
(R) These properties are- (O)
- The development of this property is currently
under development and will be completed subsequent to December 31, 1999. (S)on hold.- (P)
- These ten properties are encumbered by $177,570,000 in bonds.
(T) Includes Port Royale I, Port Royale II and Port Royale III. Port Royale III is encumbered by a third party mortgage. (U)- (R)
- These five properties are pledged as additional collateral in connection with a tax-exempt bond
refinancing totaling $122,104,116. * Four.Lakes was constructed in phases between 1968 & 1988. (#)financing.- (T)
- A portion of these properties is commercial office space.
- (U)
- Mortgage debt includes $1,460,000, which is cross-collateralized by these 14 other properties.
- (Y)
- This asset consists of various acquisition dates and largely represents furniture, fixtures and equipment owned by the Operating Partnership.
- (Z)
- These properties are under development.
(AA) The mortgage debt is the balance for a property that was sold, which balance was not collateralized by the property. The amount was transferred to ERPOP.
*
Four Lakes was constructed in phases between 1968 & 1988.
(#)
The Lodge-Texas was struck by a tornado that destroyed most of the property. The property was reconstructed during 1989 & 1990.Note 1: Mortgage debt includes $1,245,848.19 collateralized by a
tornado that destroyed most ofwarehouse owned by theproperty.Company's furniture rental subsidiary.Note 2: The
property was reconstructed during 1989 & 1990. (x) Pines of Springdale was constructed in phases between 1985 & 1987.SCHEDULE IIIfollowing letters have not been used: (I), (J), (K), (Q), (S), (V), (W), and (X)S-13
EQUITY RESIDENTIAL PROPERTIES TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED) (AMOUNTS IN THOUSANDS)
Schedule III—Real Estate and Accumulated Depreciation (continued)
(Amounts in thousands)The changes in total real estate for the years ended December 31,
1999, 1998,2001, 2000 and19971999 are as follows:
1999 1998 1997 ------------------- ------------------- ------------------Balance, beginning of year $ 10,986,261 $ 7,121,435 $ 2,983,510 Acquisitions 1,448,582 3,927,768 4,112,126 Improvements 141,935 102,020 60,043 Write-off of fully depreciated assets which are no longer in service - (25) (930) Dispositions and other (319,434) (164,937) (33,314) ------------------- ------------------- ------------------ Balance, end of year $ 12,257,344 $ 10,986,261 $ 7,121,435 =================== =================== ================== The changes in accumulated depreciation for the years ended December 31, 1999, 1998, and 1997 are as follows:1999 1998 1997 ------------------- ------------------- ------------------Balance, beginning of year $ 732,803 $ 444,762 $ 301,512 Depreciation 406,906 301,869 156,644 Write-off of fully depreciated assets which are no longer in service - (25) (930) Dispositions and other (63,708) (13,803) (12,464) ------------------- ------------------- ------------------ Balance, end of year $ 1,076,001 $ 732,803 $ 444,762 =================== =================== ==================S-12
| | 2001 | 2000 | 1999 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance, beginning of year | $ | 12,650,028 | $ | 12,257,344 | $ | 10,986,261 | |||||
| Acquisitions and development | 753,648 | 1,273,837 | 1,448,582 | ||||||||
| Improvements | 157,847 | 142,829 | 141,935 | ||||||||
| Write-off of fully depreciated assets which are no longer in service | (149 | ) | — | — | |||||||
| Dispositions and other | (541,533 | ) | (1,023,982 | ) | (319,434 | ) | |||||
| Balance, end of year | $ | 13,019,841 | $ | 12,650,028 | $ | 12,257,344 | |||||
The changes in accumulated depreciation for the years ended December 31, 2001, 2000, and 1999 are as follows:
| | 2001 | 2000 | 1999 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance, beginning of year | $ | 1,359,089 | $ | 1,076,001 | $ | 732,803 | |||||
| Depreciation | 457,071 | 441,690 | 406,962 | ||||||||
| Write-off of fully depreciated assets which are no longer in service | (149 | ) | — | — | |||||||
| Dispositions and other | (96,880 | ) | (158,602 | ) | (63,764 | ) | |||||
| Balance, end of year | $ | 1,719,131 | $ | 1,359,089 | $ | 1,076,001 | |||||