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FORM 10-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR THE SECURITIES EXCHANGE ACT OF 1934 |
For the Fiscal Year Ended DECEMBER 31, 2001
OR
For the Fiscal Year EndedDECEMBER 31, 2003 | ||
OR | ||
oTRANSITION REPORT PURSUANT TO SECTION 13 OR |
Commission file number File Number:1-12252
EQUITY RESIDENTIAL PROPERTIES TRUST(Exact Name of Registrant as Specified in Its Charter)
EQUITY RESIDENTIAL | ||
(Exact Name of Registrant as Specified in Its Charter) | ||
Maryland |
| |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
Two North Riverside Plaza, Chicago, Illinois |
| |
(Address of Principal Executive Offices) | (Zip Code) |
(312) 474-1300(Registrant's Telephone Number, Including Area Code)
(312) 474-1300
(Registrant’s Telephone Number, Including Area Code)
http://www.equityapartments.com
(Registrant’s web site)
Securities registered pursuant to Section 12(b) of the Act:
Common Shares of Beneficial Interest, $0.01 Par Value | New York Stock Exchange | |
(Title of Class) | (Name of Each Exchange on Which Registered) | |
Preferred Shares of Beneficial Interest, $0.01 Par Value | New York Stock Exchange | |
(Title of Class) | (Name of Each Exchange on Which Registered) | |
Securities registered pursuant to Section 12(g) of the Act: None |
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 ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).
Yes ý No o
Indicate 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'sregistrant’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. o
The aggregate market value of voting and non-voting sharesCommon Shares held by non-affiliates of the Registrant was approximately $7.5$7.1 billion based upon the closing price on January 15, 2002June 30, 2003 of $27.74$25.95 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 whomwho may not be held to be affiliates upon judicial determination.
At January 15, 2002, 271,918,700
The number of the Registrant's Common Shares of Beneficial Interest, were outstanding.$0.01 par value, outstanding on January 31, 2004 was 278,543,863.
DOCUMENTS INCORPORATED BY REFERENCE
Part III incorporates by reference information to be contained in the Company'sCompany’s definitive proxy statement, which the Company anticipates will be filed no later than April 30, 2002,29, 2004, and thus these items have been omitted in accordance with General Instruction G (3) to Form 10-K.
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EQUITY RESIDENTIAL PROPERTIES TRUST
TABLE OF CONTENTS
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General
Equity Residential Properties Trust ("EQR"(“EQR”) is a self-administered and self-managed equity real estate investment trust ("REIT"). EQR was organized, formed in March 1993, and commenced operations on August 18, 1993 upon completion of its initial public offering (the "EQR IPO") of 26,450,000 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 beenis a fully integrated real estate company engaged in the acquisition, development, ownership, management and operation of multifamily residential properties since 1969. As used herein, the term "Company" includesproperties. EQR and those entities owned or controlled by it, as the survivor of the mergers between EQR and each of Wellsford Residential Property Trust, Evans Withycombe Residential, Inc., Merry Land & Investment Company, Inc. and Lexford Residential Trust (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 has elected to be taxed as a REIT under Section 856(c)real estate investment trust (“REIT”).
The Company is one of the Internal Revenue Codelargest publicly traded REIT’s and is the largest publicly traded REIT owner of 1986, as amended (the "Code")multifamily properties (based on the aggregate market value of its outstanding Common Shares, the number of apartment units wholly owned and total revenues earned). Certain capitalized termsThe Company’s corporate headquarters are definedlocated in Chicago, Illinois and the Notes toCompany also leases (under operating leases) approximately thirty-five divisional, regional and area property management offices throughout the Company's Consolidated Financial Statements.United States.
EQR is the general partner of, and as of December 31, 2001,2003 owned an approximate 92.1%92.7% ownership interest in, ERP Operating Limited Partnership, an Illinois limited partnership (the "Operating Partnership"“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"“Company” include EQR, 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, ownership, management, operation and disposition of multifamily properties.
As of December 31, 2001,2003, the Company owned or had interestsinvestments in a portfolio of 1,076 multifamily 968properties (individually a "Property" and collectively the "Properties") containing 224,801 apartment unitsin 34 states consisting of the following:
| Number of Properties | Number of Units | ||
---|---|---|---|---|
Wholly Owned Properties | 955 | 199,698 | ||
Partially Owned Properties | 36 | 6,931 | ||
Unconsolidated Properties | 85 | 18,172 | ||
Total Properties | 1,076 | 224,801 |
207,506 units. 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 debtbreakdown includes:
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|
| Properties |
| Units |
|
Wholly Owned Properties |
| 849 |
| 178,150 |
|
Partially Owned Properties (Consolidated) |
| 35 |
| 6,778 |
|
Unconsolidated Properties |
| 84 |
| 22,578 |
|
|
| 968 |
| 207,506 |
|
collateralized by the remaining four 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 that are accounted for under the equity method of accounting. The 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). The Company's Properties are located in 36 states with its corporate headquarters located in Chicago, Illinois. The Company also 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 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.
The Company has approximately 6,4006,000 employees as of March 1, 2002.2004. An on-site manager, who supervises the on-site employees and is responsible for the day-to-day operations of the Property,property, directs each of the Company's Properties.Company’s properties. An assistant manager and/or leasing staff generally assist the manager. In addition, a maintenance director at each Propertyproperty supervises a maintenance staff and/or contractors 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.
Certain capitalized terms as used herein are defined in the Notes to Consolidated Financial Statements.
Business Objectives and Operating Strategies
The Company seeks to maximize both current income and long-term growth in income, thereby increasing:
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The Company'sCompany’s strategies for accomplishing these objectives are:
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The Company is committed to resident satisfaction by striving to anticipate industry trends and implementing strategies and policies consistent with providing quality resident services. In addition, the Company continuously surveys rental rates of competing properties and conducts resident satisfaction surveys to determine the factors they consider most important in choosing a particular apartment unit and/or Property.property.
Acquisition and Development Strategies
The Company anticipates that future property acquisitions and developments will occur within the continental United States. Management will continue to use market information to evaluate opportunities. The Company'sCompany’s market database allows it to review the primary economic indicators of the markets where the Company currently owns and manages Propertiesproperties 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 and debt securities, sales of Properties,properties, joint venture agreements and collateralized and uncollateralized borrowings. In addition, the Company may acquire additional properties in transactions that include the issuance of limited partnership interests in the Operating Partnership ("(“OP Units"Units”) as consideration for the acquired properties. Such transactions may, in certain circumstances, enable the sellers to defer, in part, the recognition of taxable income or gain, which might otherwise result from the sales.
When evaluating potential acquisitions and developments, the Company will consider:
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Disposition Strategies
Management uses market information to evaluate dispositions. Factors the Company considers in deciding whether to dispose of its properties include the following:
• potential increases in new construction;
• submarkets that will underperform the average performance of the portfolio in the mid and long-term;
• markets where the Company does not intend to establish long-term concentrations; and
• age or location of a particular property.
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
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 "ConsolidatedCompany’s “Consolidated Debt-to-Total Market Capitalization Ratio"Ratio” as of December 31, 20012003 is presented in the following table. The Company calculates the equity component of its market capitalization as the sum of (i) the total outstanding Common Shares and assumed conversion of all OP Units at the equivalent market value of the closing price of the Company'sCompany’s Common Shares on the New York Stock Exchange; (ii) the "Common“Common Share Equivalent"Equivalent” of all convertible preferred shares and preference interests/units; and (iii) the liquidation value of all perpetual preferred shares and preference interests outstanding.
Capitalization as of December 31, 20012003
Total Debt |
|
|
| $ | 5,360,488,661 |
| |
|
|
|
|
|
| ||
Common Shares & OP Units |
| 299,551,617 |
|
|
| ||
Common Share Equivalents (see below) |
| 3,598,234 |
|
|
| ||
Total Outstanding at year-end |
| 303,149,851 |
|
|
| ||
Common Share Price at December 31, 2003 |
| $ | 29.51 |
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|
| |
|
|
|
| 8,945,952,103 |
| ||
Perpetual Preferred Shares Liquidation Value |
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| 615,000,000 |
| ||
Perpetual Preference Interests Liquidation Value |
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| 211,500,000 |
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Total Market Capitalization |
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| $ | 15,132,940,764 |
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Total Debt/Total Market Capitalization |
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|
| 35 | % | ||
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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, Preference Interests
and Junior Preference UnitsAsas of December 31, 20012003
| Shares/Units | Conversion Ratio | Common Share Equivalents | ||||
---|---|---|---|---|---|---|---|
Preferred 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 |
|
| Shares/Units |
| Conversion |
| Common |
|
Preferred Shares: |
|
|
|
|
|
|
|
Series E |
| 2,192,490 |
| 1.1128 |
| 2,439,803 |
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Series H |
| 44,028 |
| 1.4480 |
| 63,753 |
|
Preference Interests: |
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|
|
|
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Series H |
| 190,000 |
| 1.5108 |
| 287,052 |
|
Series I |
| 270,000 |
| 1.4542 |
| 392,634 |
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Series J |
| 230,000 |
| 1.4108 |
| 324,484 |
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Junior Preference Units: |
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|
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|
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Series A |
| 20,333 |
| 4.081600 |
| 82,991 |
|
Series B |
| 7,367 |
| 1.020408 |
| 7,517 |
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Total |
|
|
|
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| 3,598,234 |
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The Company's policy isCompany’s policies are to maintain a ratio of consolidated debt-to-total market capitalization of less than 50%.
It is also the Company's policy and that all unsecuredEQR shall not incur indebtedness (otherother than short-term trade, employee compensation or similar indebtedness that will be paid in the ordinary course of business) bebusiness.
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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 December 31, 2001, 20002003, 2002 and 19992001
During 2003, the Company:
• Issued 600,000 Series N Cumulative Redeemable Preferred Shares with a liquidation value of $150.0 million and received net proceeds of approximately $145.3 million.
• Issued 3,249,555 Common Shares pursuant to its Share Incentive Plans and received net proceeds of approximately $68.4 million.
• Issued 289,274 Common Shares pursuant to its Employee Share Purchase Plan and received net proceeds of approximately $6.3 million.
During 2002, the Company:
• Issued 1,435,115 Common Shares pursuant to its Share Incentive Plans and received net proceeds of approximately $29.6 million.
• Issued 324,238 Common Shares pursuant to its Employee Share Purchase Plan and received net proceeds of approximately $7.4 million.
• Issued 31,354 Common Shares pursuant to its Share Purchase - DRIP Plan and received net proceeds of approximately $0.9 million.
• Issued 41,407 Common Shares pursuant to its Dividend Reinvestment – DRIP Plan and received net proceeds of approximately $1.2 million.
• Repurchased 5,092,300 of its Common Shares on the open market at an average price of $22.58 per share. The purchases were made between October 1 and October 22, 2002. The Company paid approximately $115.0 million in connection therewith. These shares were subsequently retired.
During 2001, the Company:
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During 2000,
In February 1998, the Company:
During 1999, the Company:
The Company filed withand the SEC on February 3, 1998declared effective a Form S-3 Registration Statement to register $1$1.0 billion of equity securities. The SEC declared this registration statement effective on February 27, 1998. In addition, the Company carried over $272$272.4 million related to thea prior registration statement that was declared effective on August 4, 1997.statement. As of December 31, 2001, $1.1 billionFebruary 4, 2004, $956.5 million in equity securities remained available for issuance under this registration statement.
During 2001, 2000 and 1999,
In May 2002, the Company’s shareholders approved the Company’s 2002 Share Incentive Plan. In January 2003, the Company filed a Form S-8 registration statement to register 23,125,828 Common Shares under this plan. As of January 1, 2004, 22,736,239 shares are available for issuance under this plan.
Cumulative through December 31, 2003, the Company, through a subsidiary of the Operating Partnership, issued various series of Preference Interests series (the "Preference Interests"“Preference Interests”) with an equity value of
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$246.0 $246.0million 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 | |||||||||
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| Redemption Date (1)(2) | Conversion Rate (2) | Annual Dividend Rate per Unit (3) | December 31, 2001 | December 31, 2000 | ||||||||
Preference 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 | ||||||||||
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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 Years Ended December 31, 2001, 20002003, 2002 and 19992001
During 2001:2003:
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During 2002:
• The Operating Partnership issued $400.0 million of redeemable unsecured fixed rate notes (the “March 2012 Notes”) in a public debt offering in March 2002. The March 2012 Notes were issued at a discount, which is being amortized over the life of the notes on a straight-line basis. The March 2012 Notes are due March 15, 2012. The annual interest rate on the March 2012 Notes is 6.625%, which is payable semiannually in arrears on September 15 and March 15, commencing September 15, 2002.The Operating Partnership received net proceeds of approximately $394.5 million in connection with this issuance.
• The Operating Partnership issued $50.0 million of redeemable unsecured fixed rate notes (the “November 2007 Notes”) in a public debt offering in November 2002. The November 2007 Notes are due November 30, 2007. The annual interest rate on the November 2007 Notes is 4.861%, which is payable semiannually in arrears on May 30 and November 30, commencing May 30, 2003.The Operating Partnership received net proceeds of approximately $49.9 million in connection with this issuance.
During 2001:
• The Operating Partnership issued $300.0 million of redeemable unsecured fixed rate notes (the “March 2011 Notes"Notes”) in a public debt offering in March 2001. The March 2011 Notes were issued at a discount, which is being amortized over the life of the notes on a straight-line basis. The March 2011 Notes are due March 2, 2011. The annual interest rate on the March 2011 Notes is 6.95%,
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which is payable semiannually in arrears on September 2 and March 2, commencing September 2, 2001.The Operating Partnership received net proceeds of approximately $297.4 million in connection with this issuance.
During 2000:
During 1999:
The Operating Partnership filed and the SEC declared effective a Form S-3 Registration Statement on August 25, 2000registration statement to register $1$2.0 billion of debt securities. The SEC declared this registration statement effective on September 8, 2000. In addition, the Operating Partnership carried over $430$280.0 million related to thea prior registration statement effective on February 27, 1998.statement. As of December 31, 2001, $1.13February 4, 2004, $2.28 billion in debt securities remained available for issuance under this registration statement.
Disposition StrategiesCredit Facilities
Management will use market information to evaluate dispositions. Factors
In May 2002, the Company considers in deciding whether to dispose of its Properties include the following:
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.
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Credit Facilities
The Company has athree-year $700.0 million unsecured revolving credit facility to provide the Operating Partnership with potential borrowings of up to $700 million. Thismaturing May 29, 2005. The new line of credit isreplaced the $700.0 million unsecured revolving credit facility that was scheduled to expire in August 2002 and2002. The prior existing revolving credit facility was terminated upon the Company has begun negotiations to have a new line of credit in place by the endclosing of the second quarter of 2002.new facility. Advances under the new credit facility bear interest at variable rates based upon LIBOR at various interest periods, plus a spread dependent upon the Operating Partnership’s credit rating, or based upon bids received from the lending group. As of February 28, 2002, $262.0December 31, 2003, $10.0 million was outstanding under this facility at aand $56.7 million was restricted (dedicated to support letters of credit and not available for borrowing) on the line of credit. During the year ended December 31, 2003, the weighted average interest rate of 2.38%.
In connection with its acquisition of Globe,on borrowings under 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.
Business Combinations
On October 1, 1999, the Company completed the acquisition of the multifamily property business of Lexford Residential Trust ("LFT") through the LFT Merger. The transaction was valued at approximately $738 million and included 402 LFT Properties containing 36,609 units. The purchase price consisted of:
On July 11, 2000, the Company acquired Globe in an all cash and debt transaction valued at approximately $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:
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.was 1.85%.
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 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.
11Business Combinations
On
In January 11, 2002, the Company sold the former Globe Business Resources, Inc. (“Globe”) furniture rental business it acquired in July 2000 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.Housing (“ECH”).
On October
For the year ended December 31, 20002002, the Company acquired Grove, which included 60 properties containing 7,308 units for a total purchase pricerecorded approximately $17.1 million of $463.2 million. The Company:
The Company accounted for these business combinations as purchases in accordance with Accounting Principles Board ("APB") Opinion No. 16. The fair valueflow analysis of the consideration given bybusiness. This impairment loss is reflected on the Company was usedconsolidated statements of operations as impairment on corporate housing business and on the valuation basis for each of the combinations.consolidated balance sheets as a reduction in goodwill, net.
Competition
All of the Propertiesproperties 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'sCompany’s ability to lease units at the Propertiesproperties 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'sCompany’s managers. In addition, other forms of rental 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. Throughout 2002 and 2003, historically low mortgage interest rates coupled with increased residential construction and single-family home sales have had an adverse competitive effect on the Company.
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Risk 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"“we” and "us"“us” refer to Equity Residential Properties Trust and its subsidiaries, including ERP 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"“Shares”); preference interests ("Interests"(“Interests”) of a subsidiary of ERP Operating Limited Partnership; preference units ("Units"(“Units”); or units of limited partnership interest ("(“OP Units"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
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the OP Units together as our "securities,"“securities,” and the investors who own Shares, Interests, Units and/or OP Units as our "security“security holders."”
General
The Company's total debt summary,
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 December 31, 2001, included:multifamily properties or a reduction in demand for our multifamily properties, the attractiveness of our properties to residents, competition from other available multifamily property owners and changes in market rental rates. Our performance also depends on our ability to collect rent from residents 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.
Debt SummaryWe May be Unable to Renew Leases or Relet Units as Leases Expire
When our residents decide not to renew their leases upon expiration, we may not be able to relet their units. Even if the residents do renew or we can relet the units, the terms of December 31, 2001
| $ Millions | Weighted Average Rate | |||||
---|---|---|---|---|---|---|---|
Secured | $ | 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 additionrenewal 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 debt, we have issuedpromptly renew the leases or relet the units, or if the rental rates upon renewal or reletting are significantly lower than expected rates, then our results of operations and outstanding $1.2 billion of liquidation value for the preferred shares of beneficial 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
In the future,financial condition will be adversely affected. Consequently, our cash flow couldand ability to service debt and make distributions to security holders would be insufficientreduced. As a result of general economic conditions and competitive factors discussed above, we have experienced a trend of declining rents and increased concessions when entering into new leases across our portfolio during the last two years.
New Acquisitions or Developments May Fail to meet required payments of principalPerform as Expected and interestCompetition for Acquisitions May Result in Increased Prices for Properties
We intend to continue to actively acquire and 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 pay distributionsdevelop a property. Additionally, we expect that other major real estate investors with significant capital will compete with us for attractive investment opportunities or may also develop properties in markets where we focus our development efforts. This competition may 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 our securities at expected levels.
10
favorable terms. The total number of development units, cost of development and estimated completion dates are subject to uncertainties arising from changing economic conditions (such as the cost of labor and construction materials), competition and local government regulation.
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 refinance existing debt (whichchange our portfolio promptly in virtually all cases requires substantial principal payments at maturity) and, if we can,response to economic or other conditions. This inability to respond promptly to changes in 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 maintenanceperformance of our properties and may have to dispose of one or
13
more properties on terms that would otherwise be unacceptable to us. The Company's debt maturity schedule as of December 31, 2001 is as follows:
Debt Maturity ScheduleAs 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 | % |
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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 the mortgage payments, the holder of the mortgageinvestments 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 onadversely affect our financial condition and results of operations. A foreclosure could also resultability to make distributions to our security holders.
Changes in Laws Could Affect Our Business
We are generally not able to pass through to our recognition of taxableresidents under existing leases real estate taxes, income withouttaxes or other taxes. Consequently, any such tax increases may adversely affect our actually receiving cash proceeds from the disposition of the property with whichfinancial condition and limit our ability to pay the tax. This couldmake distributions to our security holders. Similarly, changes that increase our potential liability under environmental laws or our expenditures on environmental compliance would 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 reduce 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 our assets. Our credit facility and indentures are cross-defaulted and 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 restrict our ability to increase our rental rates to attract low or moderate-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 Consolidated Debt-to-Total Market Capitalization Ratio was approximately 37.20% as of December 31, 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
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 could adversely affect cash flow and our ability to service our debt and to make distributions to security holders.on our securities.
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Control and Influence by Significant Shareholders Could be Exercised in a Manner Adverse to Other Shareholders
General
As of 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. Zell owned in the aggregate approximately 3.1% of our common shares (Mr. Zell and these affiliates are described herein as the "Zell Original Owners"); and (2) our executive officers and trustees, excluding Mr. Zell (see disclosure above), owned approximately 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. Zell is 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. Zell may 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.
Environmental Problems are Possible and can be Costly
Federal, 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 undertake 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
Over the past three years, there hashave 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 be 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.
11
Our PerformanceInsurance Policy Deductibles and Share Value are SubjectExclusions
In order to Risks Associated withpartially mitigate the Real Estate Industry
General
Realsubstantial increase in insurance costs in recent years, management has determined to gradually increase deductible and self-insured retention amounts. As of December 31, 2003, the Company's property investments areinsurance policy (for Wholly Owned Properties) provides for a per occurrence deductible of $250,000 and self insured retention of $5.0 million per occurrence, subject to varying degreesa maximum annual aggregate self insured retention of risk$7.5 million. The Company’s liability and worker’s compensation policies at December 31, 2003, provide for a $1.0 million per occurrence deductible. While higher deductible and self-insured retention amounts expose the Company to greater potential uninsured losses, management believes that the savings in insurance premium expense justifies this increased exposure.
As a result of the terrorist attacks of September 11, 2001, insurance carriers have created exclusions for losses from terrorism from our “all risk” insurance policies. While separate terrorism insurance coverage is available in certain instances, premiums for such coverage are relatively illiquid. Several factors may adversely affectgenerally very expensive, with very high deductibles. Moreover, the economic performanceterrorism insurance coverage that is available typically excludes coverage for losses from acts of foreign governments as well as nuclear, biological and chemical attacks. At the present time, the Company has determined that it is not economically prudent to obtain terrorism insurance for its portfolio to the extent otherwise available, especially given the significant risks that are not covered by such insurance. In the event of a terrorist attack impacting one or more of the properties, we could lose the revenues from the property, our capital investment in the property and possibly face liability claims from residents or others suffering injuries or losses. The Company believes, however, that the number and geographic diversity of its portfolio helps to mitigate its exposure to the risks associated with potential terrorist attacks.
General
Debt Summary
|
| $ Millions * |
| Weighted |
| |
Secured |
| $ | 2,694 |
| 5.80 | % |
Unsecured |
| 2,666 |
| 6.38 | % | |
Total |
| $ | 5,360 |
| 6.08 | % |
|
|
|
|
|
| |
Fixed Rate |
| $ | 4,610 |
| 6.65 | % |
Floating Rate |
| 750 |
| 2.24 | % | |
Total |
| $ | 5,360 |
| 6.08 | % |
|
|
|
|
|
| |
Above Totals Include: |
|
|
|
|
| |
Tax Exempt: |
|
|
|
|
| |
Fixed |
| $ | 343 |
| 4.38 | % |
Floating |
| 587 |
| 1.74 | % | |
Total |
| $ | 930 |
| 3.01 | % |
|
|
|
|
|
| |
Unsecured Revolving Credit Facility |
| $ | 10 |
| 1.85 | % |
* Net of the effect of any derivative instruments.
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In addition to debt, we have $919.1 million of combined liquidation value of our properties. These factors include changes inoutstanding preferred shares of beneficial interest and preference interests and units, with a weighted average dividend preference of 8.17% per annum, as of December 31, 2003. Our use of debt and preferred equity financing creates certain risks, including 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,following:
Scheduled Debt Payments Could Adversely Affect Our Financial Condition
In 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 Units as Leases Expire
When our residents decide not to renew their leases upon expiration, we may not be able to relet their units. Even if the residents do renew or we can relet the 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 the 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,future, our cash flow could be insufficient to meet required payments of principal 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
We intend to continue to actively acquire and 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 positioninterest or to develop a property. Additionally, we expect that other major real estate investors with significant capital will compete with us for attractive investment opportunities or may also develop properties in markets where we focuspay distributions on our development efforts. This competition may 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.securities at expected levels.
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 changerefinance 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 portfolio promptlycash flow will not be sufficient in responseall years to economicrepay 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 other conditions. Thismore properties on terms that would otherwise be unacceptable to us. The Company’s debt maturity schedule as of December 31, 2003 is as follows:
Debt Maturity Schedule
Year |
| $ Millions |
| % of Total |
| |
2004 |
| $ | 515 |
| 9.6 | % |
2005(1) |
| 605 |
| 11.3 | % | |
2006(2) |
| 490 |
| 9.1 | % | |
2007 |
| 333 |
| 6.2 | % | |
2008 |
| 495 |
| 9.2 | % | |
2009 |
| 246 |
| 4.6 | % | |
2010 |
| 196 |
| 3.7 | % | |
2011 |
| 688 |
| 12.8 | % | |
2012 |
| 424 |
| 7.9 | % | |
2013+ |
| 1,368 |
| 25.6 | % | |
Total |
| $ | 5,360 |
| 100.0 | % |
(1)Includes $300 million of unsecured debt with a final maturity of 2015 that is putable/callable in 2005.
(2) Includes $150 million of unsecured debt with a final maturity of 2026 that is putable in 2006.
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 the 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 respond promptly to changes in the performance of our investments could adversely affectrefinance existing indebtedness would likely have a negative impact on our financial condition and abilityresults 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 make distributions to our security holders.
Changes in Laws Could Affect Our Business
We are generally not able to pass through to our residents under existing leases real 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, changes
17
that increase our potential liability under environmental laws or our expenditures on environmental compliance wouldpay the tax. This could adversely affect our cash flow and could make it more difficult for us to meet our REIT distribution requirements.
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 reduce or change insurance coverage. In addition, our unsecured credit facilities contain certain
13
customary restrictions, requirements and other limitations on our ability to incur indebtedness. 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 our assets. Our credit facility and indentures are cross-defaulted and also contain cross default provisions with other material indebtedness. Our unsecured public debt covenants as of December 31, 2003 and 2002, respectively, are (terms are defined in the indentures):
Unsecured Public Debt Covenants
|
| As of |
| As of |
|
Total Debt to Adjusted Total Assets (not to exceed 60%) |
| 39.1 | % | 39.8 | % |
|
|
|
|
|
|
Secured Debt to Adjusted Total Assets (not to exceed 40%) |
| 19.6 | % | 21.1 | % |
|
|
|
|
|
|
Consolidated Income Available For Debt Service To Maximum Annual Service Charges (must be at least 1.5 to 1) |
| 2.90 |
| 3.18 |
|
|
|
|
|
|
|
Total Unsecured Assets to Unsecured Debt (must be at least 150%) |
| 330.2 | % | 334.8 | % |
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 restrict our ability to increase our rental rates to attract low or moderate-income residents, or eligible/qualified residents, then our income from these properties may be limited.
Our Degree of Leverage Could Limit Our Ability to Obtain Additional Financing
Our Consolidated Debt-to-Total Market Capitalization Ratio was 35% as of December 31, 2003. 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 in general.
Rising Interest Rates Could Adversely Affect Cash Flow
Advances under our credit facility bear interest at variable rates based upon LIBOR at various interest periods, plus a spread dependent upon the Operating Partnership’s credit rating, or based upon bids received from the lending group. Certain public issuances of our senior unsecured debt instruments may 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 could adversely affect cash flow and our ability to service our debt and to make distributions to security holders.
We Depend on Our Key Personnel
We depend on the efforts of the Chairman of our securities.Board of Trustees, Samuel Zell, and our executive officers, particularly Bruce W. Duncan, our President and Chief Executive Officer and Gerald A. Spector, our Chief Operating Officer. If they resign, our operations could be temporarily adversely
14
effected. Mr. Zell has entered into executive compensation and retirement benefit agreements with the Company. Mr. Duncan and Mr. Spector have entered into Deferred Compensation Agreements with the Company that under certain conditions could provide both with a salary benefit after their respective termination of employment with the Company. In addition, Mr. Zell and Mr. Spector have entered into Noncompetition Agreements with the Company and Mr. Duncan’s Employment Agreement contains covenants not to compete in favor of the Company.
Shareholders'Control and Influence by Significant Shareholders Could be Exercised in a Manner Adverse to Other Shareholders
As of January 31, 2004, (1) Samuel Zell, the Chairman of the Board of the Company, and certain of the current holders of OP Units issued to affiliates of Mr. Zell owned in the aggregate approximately 3.2% of our common shares (Mr. Zell and these affiliates are described herein as the “Zell Original Owners”); and (2) our executive officers and trustees, excluding Mr. Zell (see disclosure above), owned approximately 3.8% of our common shares. These percentages assume all options are exercised for common shares and all OP Units are converted to common shares. In addition, the consent of certain affiliates of Mr. Zell is required for certain amendments to the Fifth Amended and Restated Agreement of Limited Partnership of ERP Operating Limited Partnership (the “Partnership Agreement”). As a result of their security ownership and rights concerning amendments to the Partnership Agreement, the Zell affiliates may 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 could conceivably be exercised in a manner that is inconsistent with the interests of other security holders.
Shareholders’ 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 andThis includes 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 REIT Tax Purposes
To 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. We refer to this restriction as the "Ownership“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'sholder’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'holders’ ability to realize a premium over the then-prevailing market price for their Shares.
15
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 control were in the interest of security holders. As of December 31, 2001, 11,344,5212003, 5,496,518 preferred shares were issued and outstanding.
Inapplicability of Maryland Law Limiting Certain Changes in Control
Certain provisions of Maryland law applicable to real estate investment trusts prohibit "business combinations"“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'strust’s outstanding voting securities (an "Interested Shareholder"“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, holders 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 combination
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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 and/or any of them. Such business combinations may not be in the best interest of our security holders.
Our Success as a REIT is Dependent on Compliance With Federal Income Tax Requirements
Our Failure to Qualify as a REIT Would Have Serious Adverse Consequences to Our Security Holders
We believe that we have qualified for taxation as a REIT for federal income tax purposes since our taxable year ended December 31, 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 least 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
16
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.
We could be Disqualified as a REIT or Have to Pay Taxes if Our Merger Partners Did Not Qualify as REIT'sREIT’s
If 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“C corporation earnings and profits"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, in part, upon opinions of legal counsel received pursuant to the terms of our merger agreements as well as our own investigations, 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“C corporation earnings and profits"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.
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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, corporate housing business and condominium conversion business, which are conducted through subsidiaries, generally will be subject to federal income tax at regular corporate rates.
We 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 that 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. On 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 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.
General
The following discussion summarizes the 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
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application of the federal income tax laws to the shareholder'sshareholder’s personal tax situation, as well as any tax consequences arising under the laws of any state, local or foreign taxing jurisdiction.
The 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
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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.
We 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. 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“alternative minimum tax"tax” on our items of tax preference. In addition, any net income from "prohibited transactions"“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“alternative 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“taxable REIT subsidiaries"subsidiaries” or "TRSs"“TRSs” which are corporations subject to tax as a regular "C"“C” corporation. Generally, a taxable REIT subsidiary can own assets that cannot be owned by a REIT and can perform impermissible tenantresident 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
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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 tenantsREIT’s residents 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.
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Share Ownership Test and Organizational Requirement.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, including, but not limited to, that (i) the beneficial 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.Tests. To qualify as a REIT, we must satisfy two gross income tests. First, at least 75% of our gross income for 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 our 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.resident. Also, the rent attributable to personal property must not exceed 15% of the total rent. We may generally provide services to tenantsresidents without "tainting"“tainting” our rental income only if such services are "usually“usually or customarily rendered"rendered” in connection with the rental of real property and not otherwise considered "impermissible services"“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 tenantsresidents by us either are usually or customarily rendered in connection with the rental of real 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, we cannot provide any assurance that the Internal Revenue Service will agree with these positions.
Asset Tests.Tests. In general, at the close of each quarter of our taxable year, we must satisfy four tests relating to the nature of 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 REIT that are not TRSs or REITs), or taxable REIT subsidiaries: (a) the value of any one issuer'sissuer’s securities owned by us may not exceed 5% of the value of our total assets and (b) we may not own more than 10% of the value of or the voting securities of any one issuer; and (4) not more than 20% of our total assets may be represented by securities of one or more taxable REIT subsidiaries. Securities for purposes of the asset tests may include debt securities. We currently own equity interests in certain entities that have elected to be taxed
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as REITs for federal income tax purposes and are not publicly traded. If any such entity were to fail to qualify as a REIT, we would not meet the 10% voting stock limitation and the 10% value limitation and we would 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 cannot provide any assurance that the Internal Revenue Service might not disagree with our determinations.
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Annual Distribution Requirements.Requirements. To qualify as a REIT, we 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.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 investment. 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 of the 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 that the Operating Partnership satisfies the 90% gross income test necessary to avoid taxation as a "C" corporation and, as a result, such determination would not adversely affect our REIT status.companies.
Our Management Company and Other Subsidiaries.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 from management companies and other subsidiaries of the Company that have elected TRS status. 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.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
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shareholders should consult their own tax advisors regarding the effect of state and local tax laws on an investment in common shares.
Taxation of Domestic Shareholders Subject to U.S. Tax
General. If we qualify as a REIT, distributions made to our taxable domestic shareholders with respect to their common shares, other than capital gain distributions and distributions attributable to taxable REIT subsidiaries, 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.corporations nor will they constitute “qualified dividends” under the Jobs and Growth Tax Relief Reconciliation Act of 2003, meaning that such dividends will be taxed at marginal rates applicable to ordinary income rather than the special capital gain rates applicable to qualified
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dividends paid to shareholders who satisfy applicable holding period requirements. 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. The portion of post 2002 ordinary dividends, which represent ordinary dividends we receive from a TRS, will be designated as qualified dividends to REIT shareholders. Qualified dividends paid to noncorporate shareholders are eligible for preferential tax rates.
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 treated as a tax freetax-free distribution and will reduce the tax basis of a shareholder'sshareholder’s common shares by the amount of the distribution so treated. To the extent that such distributions cumulatively exceed a taxable domestic shareholder'sshareholder’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 (pre-May 6, 2003), 15% rate gain distribution (post-May 5, 2003) and the remaining portion as an unrecaptured Section 1250 gain distribution. As the names suggest, a 20% or 15% rate gain distribution would be taxable to taxable domestic shareholders that are individuals, estates or trusts at a maximum rate of 20%. or 15%, depending upon the timing of the capital gain to the REIT. 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)
(b)
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 that would apply a capital gains tax rate of 25% to a portion of the capital gain realized by a noncorporate holder of 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 common
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shares. Shareholders are urged to consult with their own tax advisors with respect to the impact of such rules 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
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apportioned among the applicable long-term capital gain rates to the extent that distributions received by the shareholder were previously so treated.
We 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 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 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 constitute UBTI. Similarly, if a tax-exempt shareholder sells common shares, the income from the sale should not constitute UBTI 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 UBTI 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 as 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
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. For purposes of this discussion, a "foreign shareholder"“foreign shareholder” is any person other than:
(a)
(b)
(c)
Distributions by Us.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
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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
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that under certain treaties lower withholding rates generally applicable to dividends do not apply to dividends from REIT's.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 withholding. 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)
(b)
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'sshareholder’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'sshareholder’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, we may 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'sshareholder’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)
(b)
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 35%
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35%
of these distributions. The withheld amount can be credited against the foreign shareholder'sshareholder’s United States federal income tax liability.
Although 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.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“United States real property interest"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 subject to U.S. tax, if either:
(a)
(b)
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)
(b)
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.
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Available Information
You may access our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and any amendments to any of those reports we file with the SEC free of charge at our website, www.equityapartments.com. These reports are made available at our website as soon as reasonably practicable after we file them with the SEC.
As of December 31, 2001,2003, the Company owned or had interestsinvestments in a portfolio968 properties in 34 states consisting of 1,076 multifamily Properties located in 36 states containing 224,801 apartment207,506 units. The Company's PropertiesCompany’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 |
Type |
| Properties |
| Units |
| Average |
| December 31, 2003 |
|
Garden |
| 614 |
| 162,828 |
| 265 |
| 92.4 | % |
Mid/High-Rise |
| 44 |
| 12,802 |
| 291 |
| 86.4 | % |
Ranch |
| 309 |
| 28,119 |
| 91 |
| 91.1 | % |
Military Housing |
| 1 |
| 3,757 |
| 3,757 |
| 95.4 | % |
Total |
| 968 |
| 207,506 |
|
|
|
|
|
Resident leases are generally for twelve months in length and typically require security deposits. The garden-style properties are generally defined as properties with two and/or three story buildings while the mid-rise/high-rise are defined as properties with greater than three 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 exercise rooms or other amenities. The ranch-style properties are defined as single story properties, which do not provide additional amenities for residents other than common laundry facilities and cable television access. The military housing properties are defined as those properties located on military bases.
It is management'smanagement’s role to monitor compliance with Propertyproperty policies and to provide preventive maintenance of the Propertiesproperties including common areas, facilities and amenities. The Company has a dedicated training and education department that creates and coordinates training and strategic implementation for the Company'sCompany’s property management personnel. The Company believes that, due in part to its emphasis on training and employee quality, the Propertiesproperties historically have had high occupancy rates.
The distribution of the Propertiesproperties throughout the United States reflects the Company'sCompany’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 Propertiesproperties within each of its primary markets in order to achieve economies of scale in management and operation. The Company may nevertheless acquire additional multifamily properties located anywhere in the continental United States.
The following tables set forth certain information by type and state relating to the PropertiesCompany’s properties at December 31, 2001:2003:
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GARDEN — STYLEGARDEN-STYLE PROPERTIES
| | | | December 31, 2001 | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|
State | Number of Properties | Number of Units | Percentage of Total Units | Average Occupancy Percentage | Average Monthly Rent Possible per Unit | ||||||
Alabama | 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
State |
| Properties |
| Units |
| Percentage of |
| December 31, 2003 |
|
Alabama |
| 5 |
| 896 |
| 0.43 | % | 94.2 | % |
Arizona |
| 45 |
| 12,735 |
| 6.14 |
| 88.7 |
|
California |
| 91 |
| 23,025 |
| 11.10 |
| 93.9 |
|
Colorado |
| 29 |
| 8,175 |
| 3.94 |
| 91.1 |
|
Connecticut |
| 22 |
| 2,633 |
| 1.27 |
| 94.4 |
|
Florida |
| 75 |
| 22,158 |
| 10.68 |
| 93.7 |
|
Georgia |
| 36 |
| 11,277 |
| 5.43 |
| 92.7 |
|
Illinois |
| 7 |
| 2,360 |
| 1.14 |
| 93.2 |
|
Kansas |
| 3 |
| 1,130 |
| 0.54 |
| 90.4 |
|
Maine |
| 5 |
| 672 |
| 0.32 |
| 95.9 |
|
Maryland |
| 23 |
| 5,419 |
| 2.61 |
| 93.7 |
|
Massachusetts |
| 35 |
| 4,829 |
| 2.33 |
| 94.7 |
|
Michigan |
| 8 |
| 2,388 |
| 1.15 |
| 90.9 |
|
Minnesota |
| 17 |
| 3,819 |
| 1.84 |
| 90.9 |
|
Missouri |
| 9 |
| 1,878 |
| 0.91 |
| 91.2 |
|
Nevada |
| 3 |
| 1,220 |
| 0.59 |
| 90.1 |
|
New Hampshire |
| 1 |
| 390 |
| 0.19 |
| 89.9 |
|
New Jersey |
| 2 |
| 980 |
| 0.47 |
| 95.2 |
|
New Mexico |
| 2 |
| 369 |
| 0.18 |
| 90.1 |
|
New York |
| 1 |
| 300 |
| 0.14 |
| 91.9 |
|
North Carolina |
| 31 |
| 8,299 |
| 4.00 |
| 92.9 |
|
Oklahoma |
| 8 |
| 2,036 |
| 0.98 |
| 92.1 |
|
Oregon |
| 10 |
| 3,604 |
| 1.74 |
| 92.5 |
|
Rhode Island |
| 5 |
| 778 |
| 0.37 |
| 95.5 |
|
Tennessee |
| 10 |
| 3,171 |
| 1.53 |
| 91.6 |
|
Texas |
| 73 |
| 22,816 |
| 11.00 |
| 91.3 |
|
Virginia |
| 14 |
| 4,696 |
| 2.26 |
| 93.3 |
|
Washington |
| 41 |
| 10,089 |
| 4.86 |
| 90.4 |
|
Wisconsin |
| 3 |
| 686 |
| 0.33 |
| 87.6 |
|
|
|
|
|
|
|
|
|
|
|
Total Garden-Style |
| 614 |
| 162,828 |
| 78.47 | % |
|
|
Average Garden-Style |
|
|
| 265 |
|
|
| 92.4 | % |
26
MID-RISE/HIGH-RISEHIGH RISE PROPERTIES
| | | | December 31, 2001 | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|
State | Number of Properties | Number of Units | Percentage of Total Units | Average Occupancy Percentage | Average Monthly Rent Possible per Unit | ||||||
California | 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 | % | $ | 402 | |||
Florida | 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
State |
| Properties |
| Units |
| Percentage of |
| December 31, 2003 |
|
California |
| 3 |
| 873 |
| 0.42 | % | 55.5 | % |
Colorado |
| 1 |
| 355 |
| 0.17 |
| 65.2 |
|
Connecticut |
| 2 |
| 407 |
| 0.20 |
| 93.7 |
|
Florida |
| 3 |
| 653 |
| 0.31 |
| 95.4 |
|
Georgia |
| 1 |
| 322 |
| 0.16 |
| 91.0 |
|
Illinois |
| 1 |
| 1,083 |
| 0.52 |
| 89.3 |
|
Massachusetts |
| 12 |
| 3,253 |
| 1.57 |
| 93.4 |
|
Minnesota |
| 1 |
| 163 |
| 0.08 |
| 94.5 |
|
New Jersey |
| 5 |
| 1,365 |
| 0.66 |
| 87.2 |
|
Ohio |
| 1 |
| 747 |
| 0.36 |
| 70.2 |
|
Oregon |
| 1 |
| 525 |
| 0.25 |
| 88.5 |
|
Texas |
| 3 |
| 596 |
| 0.29 |
| 90.7 |
|
Virginia |
| 5 |
| 1,660 |
| 0.80 |
| 92.4 |
|
Washington |
| 5 |
| 800 |
| 0.39 |
| 93.5 |
|
|
|
|
|
|
|
|
|
|
|
Total Mid-Rise/High-Rise |
| 44 |
| 12,802 |
| 6.17 | % |
|
|
Average Mid-Rise/High-Rise |
|
|
| 291 |
|
|
| 86.4 | % |
RANCH-STYLE PROPERTIES
Alabama |
| 1 |
| 69 |
| 0.03 | % | 100.0 | % |
Florida |
| 87 |
| 8,176 |
| 3.94 |
| 91.0 |
|
Georgia |
| 53 |
| 4,428 |
| 2.13 |
| 89.6 |
|
Indiana |
| 44 |
| 4,059 |
| 1.96 |
| 90.6 |
|
Kentucky |
| 19 |
| 1,533 |
| 0.74 |
| 90.4 |
|
Maryland |
| 4 |
| 414 |
| 0.20 |
| 96.2 |
|
Michigan |
| 17 |
| 1,536 |
| 0.74 |
| 91.7 |
|
Ohio |
| 75 |
| 7,102 |
| 3.42 |
| 92.2 |
|
Pennsylvania |
| 5 |
| 469 |
| 0.23 |
| 88.3 |
|
South Carolina |
| 2 |
| 187 |
| 0.09 |
| 93.0 |
|
Tennessee |
| 2 |
| 146 |
| 0.07 |
| 93.2 |
|
|
|
|
|
|
|
|
|
|
|
Total Ranch-Style |
| 309 |
| 28,119 |
| 13.55 | % |
|
|
Average Ranch-Style |
|
|
| 91 |
|
|
| 91.1 | % |
MILITARY HOUSING PROPERTIES
Washington (Ft. Lewis) |
| 1 |
| 3,757 |
| 1.81 | % | 95.4 | % |
|
|
|
|
|
|
|
|
|
|
Total Military Housing |
| 1 |
| 3,757 |
| 1.81 | % |
|
|
Average Military Housing |
|
|
| 3,757 |
|
|
| 95.4 | % |
|
|
|
|
|
|
|
|
|
|
Total Residential Portfolio |
| 968 |
| 207,506 |
| 100 | % |
|
|
27
The properties currently underin various stages of development at December 31, 2003 are included in the following table.
DEVELOPMENT PROJECTS as of December 31, 2003
| Location | Number of Units | Estimated 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 Date | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Joint Venture Projects Under Development | ||||||||||||||||||
Ball Park Lofts | Denver, CO | 355 | $ | 56.4 | $ | 14.1 | — | $ | 14.1 | 4Q 2002 | ||||||||
Concord 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 2002 | |||||||
La 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 | |||||||||
(Amounts in millions except for project and unit amounts)
|
| Location |
| Units |
| Estimated |
| Funded |
| Estimated |
| Total Fundings |
| Estimated |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Unconsolidated Projects |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Water Terrace I (Regatta I) (2) |
| Marina Del Rey, CA |
| 450 |
| $ | 235.3 |
| $ | 73.0 |
| — |
| $ | 73.0 |
| Completed |
| |
Watermarke |
| Irvine, CA |
| 535 |
| 120.6 |
| 35.2 |
| — |
| 35.2 |
| 1Q 2004 |
| ||||
Bella Vista I&II |
| Woodland Hills, CA |
| 315 |
| 80.9 |
| 24.5 |
| — |
| 24.5 |
| 1Q 2004 |
| ||||
Concord Center (2) |
| Concord, CA |
| 259 |
| 52.3 |
| 13.1 |
| — |
| 13.1 |
| Completed |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
2400 M Street |
| Washington, DC |
| 333 |
| 104.2 |
| 37.2 |
| — |
| 37.2 |
| 2Q 2005 |
| ||||
1111 25th Street (2440 M St.) |
| Washington, DC |
| 140 |
| 37.5 |
| 11.3 |
| — |
| 11.3 |
| 4Q 2004 |
| ||||
1210 Massachusetts Ave. |
| Washington, DC |
| 142 |
| 36.3 |
| 9.1 |
| — |
| 9.1 |
| 2Q 2004 |
| ||||
13th & N Street |
| Washington, DC |
| 170 |
| 35.4 |
| 12.4 |
| — |
| 12.4 |
| 1Q 2004 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
North Pier at Harborside (2) |
| Jersey City, NJ |
| 297 |
| 94.2 |
| 24.0 |
| — |
| 24.0 |
| Completed |
| ||||
City View at the Highlands |
| Lombard, IL |
| 403 |
| 67.1 |
| 16.8 |
| — |
| 16.8 |
| 1Q 2004 |
| ||||
Ball Park Lofts (2) |
| Denver, CO |
| 355 |
| 56.4 |
| 14.1 |
| — |
| 14.1 |
| Completed |
| ||||
City Place (Westport) (2) |
| Kansas City, MO |
| 288 |
| 34.7 |
| 8.7 |
| — |
| 8.7 |
| Completed |
| ||||
Marina Bay II (2) |
| Quincy, MA |
| 108 |
| 22.8 |
| 5.7 |
| — |
| 5.7 |
| Completed |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Projects |
| 13 |
| 3,795 |
| $ | 977.7 |
| $ | 285.1 |
| $ | 0.0 |
| $ | 285.1 |
|
|
|
(1)EQR's Funding Obligation is30%35% of the Estimated Development Costestimated development cost for the Joint Venture Projects Under Development.
(2)
Only ordinary routine litigation incidental
The Company is a party to a class action lawsuit in Florida state court alleging that several of the types of fees that the Company charged when residents breached their leases were illegal, as were all efforts to collect them. The Company is vigorously contesting the plaintiffs’ claims and has sought immediate appellate review of the 2003 class action certification decision. Due to the business, whichuncertainty of many critical factual and legal issues, including the viability of the case as a class action, it is not deemed material, was initiated duringpossible to determine or predict the year ended December 31, 2001. As of December 31, 2001,outcome. While no assurances can be given, the Company isdoes not aware ofbelieve that this lawsuit, if adversely determined, will have a material adverse effect on the Company.
The Company does not believe there is any other litigation pending or threatened against the Company other than routine litigation arising out ofwhich, individually or in the ordinary course of business, some of which is expected toaggregate, reasonably may 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 4. Submission 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.None.
28
Item 5.Market for Registrant'sRegistrant’s Common Equity and Related Shareholder Matters
The following table sets forth, for the years indicated, the high, low and lowclosing sales prices for and the distributions paid on the Company'sCompany’s Common Shares, which trade on the New York Stock Exchange under the trading symbol EQR.
| 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 |
|
|
|
| Sales Price |
|
|
|
|
| ||||
|
| High |
| Low |
| Closing |
| Distributions |
| ||||
2003 |
|
|
|
|
|
|
|
|
| ||||
Fourth Quarter Ended December 31, 2003 |
| $ | 30.30 |
| $ | 28.03 |
| $ | 29.51 |
| $ | 0.4325 |
|
Third Quarter Ended September 30, 2003 |
| $ | 29.79 |
| $ | 25.69 |
| $ | 29.28 |
| $ | 0.4325 |
|
Second Quarter Ended June 30, 2003 |
| $ | 27.95 |
| $ | 24.05 |
| $ | 25.95 |
| $ | 0.4325 |
|
First Quarter Ended March 31, 2003 |
| $ | 25.99 |
| $ | 23.12 |
| $ | 24.07 |
| $ | 0.4325 |
|
|
|
|
| Sales Price |
|
|
|
|
| ||||
|
| High |
| Low |
| Closing |
| Distributions |
| ||||
2002 |
|
|
|
|
|
|
|
|
| ||||
Fourth Quarter Ended December 31, 2002 |
| $ | 26.70 |
| $ | 21.55 |
| $ | 24.58 |
| $ | 0.4325 |
|
Third Quarter Ended September 30, 2002 |
| $ | 28.81 |
| $ | 22.40 |
| $ | 23.94 |
| $ | 0.4325 |
|
Second Quarter Ended June 30, 2002 |
| $ | 30.96 |
| $ | 27.90 |
| $ | 28.75 |
| $ | 0.4325 |
|
First Quarter Ended March 31, 2002 |
| $ | 29.33 |
| $ | 25.84 |
| $ | 28.74 |
| $ | 0.4325 |
|
The number of beneficial holders of Common Shares at January 15, 2002,31, 2004, was approximately 63,900.55,000. The number of outstanding Common Shares as of January 15, 200231, 2004 was 271,918,700.278,543,863.
Item 6.Selected Financial Data
The 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 have been derived from the historical Financial Statements of the Company audited by Ernst & Young LLP, independent auditors.Company. All amounts have also been restated in accordance with the discontinued operations provisions of SFAS No. 144. Certain capitalized terms as used herein are defined in the Notes to the Consolidated Financial Statements.
32
29
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED HISTORICAL FINANCIAL INFORMATION
(Financial information in thousands except for per share and property data)
|
| Year Ended December 31, |
| |||||||||||||
|
| 2003 |
| 2002 |
| 2001 |
| 2000 |
| 1999 |
| |||||
OPERATING DATA: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total revenues from continuing operations |
| $ | 1,823,298 |
| $ | 1,809,163 |
| $ | 1,844,003 |
| $ | 1,733,026 |
| $ | 1,508,648 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 211,558 |
| $ | 246,840 |
| $ | 304,683 |
| $ | 260,667 |
| $ | 224,489 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income |
| $ | 543,847 |
| $ | 421,313 |
| $ | 474,023 |
| $ | 549,451 |
| $ | 393,881 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income available to Common Shares |
| $ | 426,639 |
| $ | 324,162 |
| $ | 362,580 |
| $ | 437,510 |
| $ | 280,685 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings per share – basic: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations available to Common Shares |
| $ | 0.44 |
| $ | 0.60 |
| $ | 0.77 |
| $ | 0.67 |
| $ | 0.52 |
|
Net income available to Common Shares |
| $ | 1.57 |
| $ | 1.19 |
| $ | 1.36 |
| $ | 1.69 |
| $ | 1.15 |
|
Weighted average Common Shares outstanding |
| 272,337 |
| 271,974 |
| 267,349 |
| 259,015 |
| 244,350 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings per share – diluted: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations available to Common Shares |
| $ | 0.43 |
| $ | 0.59 |
| $ | 0.76 |
| $ | 0.67 |
| $ | 0.52 |
|
Net income available to Common Shares |
| $ | 1.55 |
| $ | 1.18 |
| $ | 1.34 |
| $ | 1.67 |
| $ | 1.14 |
|
Weighted average Common Shares outstanding |
| 297,041 |
| 297,969 |
| 295,213 |
| 291,266 |
| 271,310 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Distributions declared per Common Share outstanding |
| $ | 1.73 |
| $ | 1.73 |
| $ | 1.68 |
| $ | 1.575 |
| $ | 1.47 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
BALANCE SHEET DATA (at end of period): |
|
|
|
|
|
|
|
|
|
|
| |||||
Real estate, before accumulated depreciation |
| $ | 12,874,379 |
| $ | 13,046,263 |
| $ | 13,016,183 |
| $ | 12,591,539 |
| $ | 12,238,963 |
|
Real estate, after accumulated depreciation |
| $ | 10,578,366 |
| $ | 10,934,246 |
| $ | 11,297,338 |
| $ | 11,239,303 |
| $ | 11,168,476 |
|
Total assets |
| $ | 11,466,893 |
| $ | 11,810,917 |
| $ | 12,235,625 |
| $ | 12,263,966 |
| $ | 11,715,689 |
|
Total debt |
| $ | 5,360,489 |
| $ | 5,523,699 |
| $ | 5,742,758 |
| $ | 5,706,152 |
| $ | 5,473,868 |
|
Minority Interests |
| $ | 600,929 |
| $ | 611,303 |
| $ | 635,822 |
| $ | 612,618 |
| $ | 456,979 |
|
Shareholders’ equity |
| $ | 5,015,441 |
| $ | 5,197,123 |
| $ | 5,413,950 |
| $ | 5,619,547 |
| $ | 5,504,934 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
OTHER DATA: |
|
|
|
|
|
|
|
|
|
|
| |||||
Total properties (at end of period) |
| 968 |
| 1,039 |
| 1,076 |
| 1,104 |
| 1,064 |
| |||||
Total apartment units (at end of period) |
| 207,506 |
| 223,591 |
| 224,801 |
| 227,704 |
| 226,317 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Funds from operations available to Common |
|
|
|
|
|
|
|
|
|
|
| |||||
Shares and OP Units (1)(2) |
| $ | 640,390 |
| $ | 719,265 |
| $ | 706,294 |
| $ | 719,580 |
| $ | 619,152 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cash flow provided by (used for): |
|
|
|
|
|
|
|
|
|
|
| |||||
Operating activities |
| $ | 747,981 |
| $ | 888,938 |
| $ | 889,668 |
| $ | 841,826 |
| $ | 788,970 |
|
Investing activities |
| $ | 330,366 |
| $ | (49,297 | ) | $ | 57,429 |
| $ | (563,175 | ) | $ | (526,851 | ) |
Financing activities |
| $ | (1,058,643 | ) | $ | (861,369 | ) | $ | (919,266 | ) | $ | (283,996 | ) | $ | (236,967 | ) |
(1)
| 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 |
30
represented net gains of $10,280, $1,682 and $0 for the years ended December 31, 2003, 2002 and 2001, respectively. Effective January 1, 2003, the Company no longer adds back impairment losses when computing FFO in accordance with NAREIT’s definition. As a result, FFO for the years ended December 31, 2002, 2001 and 2000 have been reduced by $18,284, $71,766 and $1,000, respectively, to conform to the current year presentation. For the year ended December 31, 2001, FFO has been reduced by $5,324 to reflect the SEC’s clarification of EITF Topic D-42 regarding premiums on redemption of preferred shares. See Item 7 for a reconciliation between net income and FFO.
(2)The Company believes that ANI and FFO areis helpful to investors as a supplemental measuresmeasure of the operating performance of a real estate company because along with cash flows from operating activities, financing activities and investing activities, they provideit provides investors an understanding of the ability of the Company to incur and service debt and to make capital expenditures. ANI and FFO in and of themselves doitself does not represent net income or net cash generatedflows from operating activities in accordance with GAAP and thereforeGAAP. Therefore, FFO should not be exclusively considered as 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 or as a measure of liquidity and are not necessarily indicative of cash available to fund cash needs.liquidity. The Company'sCompany’s calculation of ANI and FFO may differ from the methodology for calculating ANI and FFO utilized by other real estate companies and may differ, for example, due to, among other items, variations among the Company's and other real estate company's accountingin cost capitalization policies for replacement type itemscapital expenditures and, accordingly, may not be comparable to such other real estate companies.
Item 7. Management'sManagement’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
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'sCompany’s ability to control the Operating Partnership and its subsidiaries other than entities owning interests in the Unconsolidated Properties and certain other entities in which the
34
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, 2001.2003.
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"“believes”, "expects"“estimates”, “expects” and "anticipates"“anticipates” and other similar expressions that 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:
•
• Sources of capital to the Company or labor and materials required for maintenance, repair, capital expenditure or development are more expensive than anticipated;
•
•
31
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. Forward-looking statements and related uncertainties are also included in Note 7 and 14 to the Notes to Consolidated Financial Statements in this report.
Results of Operations
The following table summarizes the number of Propertiesproperties and related units for the year-to-date periods presented:
| Properties | Units | Purchase / Sale Price $ Millions | |||||
---|---|---|---|---|---|---|---|---|
At 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 years ended December 31, 2001 and 2000. Significant changes in revenues and expenses have resulted primarily from the consolidation of previously Unconsolidated Properties and the acquisition of Globe in July 2000, as well as the 2001 and the 2000 Acquired Properties, which have been partially offset by the disposition of the 2001 and the 2000 Disposed Properties. Significant change in expenses has also resulted from impairment charges (furniture rental and unconsolidated technology investments) recorded in 2001. This impact is discussed in greater detail in the following paragraphs.
|
| Properties |
| Units |
| Purchase / |
| |
At December 31, 2001 |
| 1,076 |
| 224,801 |
|
|
| |
2002 Acquisitions |
| 12 |
| 3,634 |
| $ | 289.9 |
|
Ft. Lewis Military Housing |
| 1 |
| 3,652 |
|
|
| |
2002 Dispositions |
| (58 | ) | (10,713 | ) | $ | 546.2 |
|
2002 Completed Developments |
| 8 |
| 2,201 |
|
|
| |
Unit Configuration Changes |
| — |
| 16 |
|
|
| |
At December 31, 2002 |
| 1,039 |
| 223,591 |
|
|
| |
2003 Acquisitions |
| 17 |
| 5,200 |
| $ | 684.1 |
|
2003 Dispositions |
| (96 | ) | (23,486 | ) | $ | 1,217.9 |
|
2003 Completed Developments |
| 8 |
| 2,112 |
|
|
| |
Unit Configuration Changes |
| — |
| 89 |
|
|
| |
At December 31, 2003 |
| 968 |
| 207,506 |
|
|
|
35
Properties that the Company owned for all of both 20012003 and 20002002 (the "2001“2003 Same Store Properties"Properties”), which represented 181,951171,841 units, impacted the Company'sCompany’s results of operations. Properties that the Company owned for all of both 20002002 and 19992001 (the "2000“2002 Same Store Properties"Properties”), which represented 155,910188,027 units, also impacted the Company'sCompany’s results of operations. Both the 20012003 Same Store Properties and 20002002 Same Store Properties are discussed in the following paragraphs.
The Company’s acquisition, disposition and completed development activities also impacted overall results of operations for the years ended December 31, 2003 and 2002. The impacts of these activities are also discussed in greater detail in the following paragraphs.
Comparison of the year ended December 31, 20012003 to the year ended December 31, 20002002
For the year ended December 31, 2001,2003, income before allocation to Minority Interests, income (loss) from investments in unconsolidated entities, net gain on sales of real estate, extraordinary itemsunconsolidated entities, discontinued operations and cumulative effect of change in accounting principle decreased by approximately $39.5$23.1 million when compared to the year ended December 31, 2000.2002.
Revenues from the 20012003 Same Store Properties increaseddecreased primarily as a result of higherlower overall physical occupancy, increased concessions and lower rental rates charged to both new residents and resident renewals and an increase in income from billing residents for their share of utility costs as well as other ancillary services provided torenewal residents. Property operating expenses from the 20012003 Same Store Properties which include property andincreased primarily due to higher payroll, maintenance, utility, real estate taxes, insurance, leasing and insuranceadvertising and an allocation of property management expenses, increased primarily attributable to a $5.4 million, or 5.6%, increase in utilities and an $8.2 million, or 5.5%, increase in payrollbuilding costs. The following tables provide comparative revenue, expenses,expense, net operating income (“NOI”) and weighted average occupancy for the 20012003 Same Store Properties:Properties (NOI represents rental income less: property and maintenance expense; real estate taxes and insurance expense; and property management expense):
Same Store Net Operating Income ("NOI")
32
$ 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 | % |
2003 vs. 2002
Year over Year Same-Store Results
$ in Millions – 171,841 Same-Store Units
Description |
| Revenues |
| Expenses |
| NOI |
| |||
|
|
|
|
|
|
|
| |||
2003 |
| $ | 1,650.8 |
| $ | 659.0 |
| $ | 991.8 |
|
2002 |
| $ | 1,689.0 |
| $ | 622.7 |
| $ | 1,066.3 |
|
Change |
| $ | (38.2 | ) | $ | 36.3 |
| $ | (74.5 | ) |
Change |
| (2.3 | )% | 5.8 | % | (7.0 | )% |
Same Store
Same-Store Occupancy Statistics
2001 | 94.40 | % | |
2000 | 94.91 | % | |
Change | (0.51 | %) |
Year 2003 | 93.0 | % | |
Year 2002 | 93.7 | % | |
Change | (0.7 | %) |
The Company’s primary financial measure for evaluating each of its apartment communities is NOI. The Company believes that NOI is helpful to investors as a supplemental measure of the operating performance of a real estate company because it is a direct measure of the actual operating results of the Company’s apartment communities.
For 2002 Properties whichproperties that the Company acquired prior to December 31, 2000January 1, 2003 and willexpects to continue to own through December 31, 2002,2004, 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%;anticipates the following same store results for the full year ending December 31, 2004:
2004 Same-Store Assumptions
Physical Occupancy | 93.0% | ||
Revenue Change | (0.75%) to 1.50% | ||
Expense Change | 3.0% to 4.0% | ||
NOI Change | (4.0%) to 0.5% | ||
Acquisitions | $800 million | ||
Dispositions | $800 million |
These 2004 assumptions are based on current expectations and expects NOI within a range of being slightly lower by 2.9% to slightly higher by 0.2%. These estimated changes are subject to certain risks and uncertainties including, but not limited to, maintaining an overall average occupancy rate of 93.0%.forward-looking.
Rental income from properties other than 20012003 Same Store Properties increased by approximately $57.4$47.5 million primarily as a result of revenue from the Company's 2001newly acquired properties not yet included as 2003 Same Store Properties and 2000 Acquired Properties, additional 2001 Partially Owned Properties consolidated in the fourth quarter of 2002 and during the 2001 Disposition Properties.year ended December 31, 2003.
Interest income-investment in mortgage notes decreased
Fee and asset management revenues, net of fee and asset management expenses, increased 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$4.9 million primarily as a result of lower balances availableadditional income allocated from Ft. Lewis. As of December 31, 2003 and 2002, the Company managed 18,475 units and 18,965 units, respectively, for investmentthird parties and related interest rates being earned on the Company's short-term investment accounts.unconsolidated entities.
Property management expenses include off-site expenses associated with the self-management of the Company's Properties.Company’s properties as well as management fees paid to any third party management companies. These expenses increaseddecreased by approximately $0.7$4.4 million or less than 1%6.0%. The Company continuesThis decrease is primarily attributable to acquire propertiesa reversal of a profit sharing accrual in major metropolitan areas and disposethe first quarter of assets in smaller multi-family rental markets where2003 related to the 2002 calendar year as the Company doesdidn’t achieve its stated goals and management elected not haveto make a significant management presence. As a result,discretionary contribution to the plan. In addition, the Company was able to maintain off-site management expenses at a constant level betweenrecorded lower expense in connection with granting less restricted
33
shares and reducing the two reporting periods.expense associated with the Company’s matched funding of its 401(k) plan during 2003 and not incurring an expense for 2003 discretionary profit sharing contributions.
Fee and asset management revenues and fee and asset management expenses
Depreciation expense, which includes depreciation on non-real estate assets, increased $25.3 million primarily as a result of the Company continuing to manage Properties that were sold and/or contributed to various unconsolidated joint venture entities. As ofproperties acquired after December 31, 2001,2002, many of which had significantly higher per unit acquisition costs than properties previously acquired, and additional depreciation on capital expenditures for all properties owned.
General and administrative expenses, which include corporate operating expenses, decreased approximately $7.7 million between the Company managed 16,539 units for third parties and the unconsolidated joint venture entities.
Furniture income and furnitureperiods under comparison. This decrease was primarily due to lower expenses are associated with the operation of the furniture rental business assumedrecorded in connection with the Globe acquisition, which occurred in July 2000. Furniture expenses includegranting less restricted shares to employees during 2003, partially offset by approximately a depreciation charge on furniture held in inventory and property and equipment directly$2.6 million increase related to the furniture business. The Company soldCompany’s decision to begin to expense its furniture rental business for approximately $30.0 million on January 11, 2002.stock based compensation in accordance with SFAS No. 123 and its amendment (SFAS No. 148). In addition, lower state income and franchise taxes also contributed to this decrease.
The Company recorded impairment charges in 2001 totalingon its technology investments and its corporate housing business of approximately $71.8$1.2 million of which $60.0and $18.3 million is related tofor the furniture rental businessyears ended December 31, 2003 and approximately $11.8 million is related to certain investments in technology entities.2002, respectively. See Footnote 20Note 22 in the Notes to the Consolidated Financial Statements for further discussion.
Interest and other income increased by approximately $1.4 million, primarily as a result of higher cash balances available for short-term investments throughout 2003.
Interest expense, including amortization of deferred financing costs, decreased approximately $11.0 million.$6.1 million primarily due to lower variable interest rates and lower overall levels of debt. During 2001,the year ended December 31, 2003, the Company capitalized interest costs of approximately $28.2$20.6 million as compared to $17.7$27.2 million for the year ended 2000.December 31, 2002. This capitalization of interest primarily related to equity investments in unconsolidated entities engaged in development activities. The effective interest cost on all of the Company's indebtedness for the year ended December 31, 20012003 was 6.90%6.36% as compared to 7.25%6.54% for the year ended December 31, 2000. For 2002, the Company expects to refinance approximately $550 million of indebtedness and to incur interest costs ranging2002.
Loss from 6.5% to 7.0% per annum.
General and administrative expenses, which include corporate operating expenses,investments in unconsolidated entities increased approximately $9.0 million between the years under comparison. This increase was primarily due to the addition of corporate personnel, recruiting fees for the new President, retirement plan expenses for certain key executives, and higher overall compensation expenses including a current year expense associated with the vesting of restricted shares/awards to key employees earned over the past three years.
Net gain on sales of real estate decreased approximately $49.1$6.4 million between the periods under comparison. This decreaseincrease is primarily the result of increased operating losses from equity investments partially offset by unrealized gains on derivative instruments.
Net gain on sales of discontinued operations increased approximately $206.4 million between the periods under comparison. This increase is primarily the result of a fewergreater number of unitsproperties sold during the year ended December 31, 2001 (11,818 units including2003, as well as the joint venture Properties) as comparedfact that several properties had lower net carrying values at sale.
Discontinued operations, net, decreased approximately $48.6 million between the periods under comparison. See Note 16 in the Notes to the year ended December 31, 2000 (20,648 units including the joint venture Properties).Consolidated Financial Statements for further discussion.
Comparison of the year ended December 31, 20002002 to the year ended December 31, 19992001
For the year ended December 31, 2000,2002, income before allocation to Minority Interests, income (loss) from investments in unconsolidated entities, net gain on sales of real estate, extraordinary itemsunconsolidated entities, discontinued operations and cumulative effect of change in accounting principle increaseddecreased by $69.5approximately $61.0 million or 21.3%, when compared to the year ended December 31, 1999.2001.
37
Revenues from the 20002002 Same Store Properties increaseddecreased primarily as a result of higherlower overall physical occupancy, increased concessions and lower rental rates charged to both new residents and resident renewals and an increase in income from billing residents for their share of utility costs as well as other ancillary services provided torenewal residents. Property operating expenses from the 20002002 Same Store Properties, which include property and maintenance, real estate taxes and insurance and an allocation of property management expenses, increased primarily attributable toremained relatively stable with increases in real estate taxes and insurance costs offset by a $1.8 million, or 2.1%, increasedecrease in utilities and a $9.1 million, or 7.4% increase in payrollutility costs.
34
The following tables provide comparative revenue, expenses, net operating incomeexpense, NOI and weighted average occupancy for the 20002002 Same Store Properties:
Same Store Net Operating Income2002 vs. 2001
Year over Year Same-Store Results
$ in Millions — 155,910– 188,027 Same Store Units
Description | Revenues | Expenses | NOI |
| Revenues |
| Expenses |
| NOI |
| ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2000 | $ | 1,471.4 | $ | 536.4 | $ | 935.0 | ||||||||||||||
1999 | $ | 1,406.4 | $ | 523.4 | $ | 883.0 | ||||||||||||||
|
|
|
|
|
|
| ||||||||||||||
2002 |
| $ | 1,768.0 |
| $ | 663.3 |
| $ | 1,104.7 |
| ||||||||||
2001 |
| $ | 1,815.9 |
| $ | 658.3 |
| $ | 1,157.6 |
| ||||||||||
Change | $ | 65.0 | $ | 13.0 | $ | 52.0 |
| $ | (47.9 | ) | $ | 5.0 |
| $ | (52.9 | ) | ||||
Change | 4.6 | % | 2.5 | % | 5.9 | % |
| (2.6 | )% | 0.8 | % | (4.6 | )% |
Same Store
Same-Store Occupancy Statistics
2000 | 94.94 | % | |
1999 | 95.12 | % | |
Change | (0.18 | %) | |
Year 2002 | 93.5 | % | |
Year 2001 | 94.5 | % | |
Change | (1.0 | %) |
Rental income from properties other than 20002002 Same Store Properties increased by approximately $178.3$19.8 million primarily as a result of revenue from the Company's corporate housing business and the acquisition of Properties during 2000, including the consolidation of previously Unconsolidatednewly acquired properties not yet included as 2002 Same Store Properties.
Interest
Fee and other incomeasset management revenues, net of fee and asset management expenses, increased by approximately $12.0$1.5 million primarily as a result of disposition proceeds earning interestmanaging additional units at Fort Lewis, Washington starting in various tax deferred 1031 exchange accounts. These proceeds are invested in money market investments untilApril 2002. As of December 31, 2002 and 2001, the Company purchases additional multi-family properties.managed 18,965 units and 16,539 units, respectively, for third parties and unconsolidated entities.
Property management expenses include off-site expenses associated with the self-management of the Company's Properties.Company’s properties. These expenses increaseddecreased by approximately $14.8$4.6 million or 5.9%. This decrease is primarily attributable to lower amounts accrued for employee bonuses and profit sharing for 2002 and lower headcount in 2002.
Depreciation expense, which includes depreciation on non-real estate assets, increased $22.3 million primarily as a result of properties acquired after December 31, 2001, many of which had significantly higher per unit acquisition costs than properties previously acquired, and additional depreciation on capital expenditures for all properties owned.
General and administrative expenses, which include corporate operating expenses, increased approximately $11.1 million between the years under comparison. This increase was primarily due to the continued expansion of the Company's property management businessretirement plan expenses for certain key executives, restricted shares/awards granted to key employees, additional compensation charges and higher overall compensation expenses. During 2000, the Company incurred the full year impact of assuming the property management business of LFT and also assumed management offices in Cincinnati, Ohio and Norwood, Massachusetts related to the acquisition of Globe and Grove, respectively. Also included in compensation expense is the current year expensecosts associated with the vestingCompany’s new President, higher state income taxes in Michigan and New Jersey and income taxes incurred by one of restricted shares/awardsthe Company’s taxable REIT subsidiaries which has an ownership interest in properties that in prior periods were classified as Unconsolidated Properties.
The Company recorded impairment charges on its technology investments and its corporate housing business of approximately $18.3 million and $11.8 million for the years ended December 31, 2002 and 2001, respectively. See Note 22 in the Notes to key employeesConsolidated Financial Statements for further discussion.
35
Interest and other income decreased by approximately $6.7 million, primarily as a result of lower balances available for investment and related interest rates being earned over the past year.on short-term investment accounts along with lower balances on deposit in tax-deferred exchange accounts.
Fee and asset management revenues and fee and asset management expenses increased
Interest income – investment in mortgage notes decreased by $8.8 million as a result of the Company continuing to manageconsolidation of previously Unconsolidated Properties that were either sold and/or contributed to various joint venture entities.
Furniture income and furniture expenses are associated with the operation of the furniture rental business assumed in connection with the Globe acquisition, which occurred in July 2000. Furniture expenses include a depreciation charge2001. No additional interest income will be recognized on furniture heldsuch mortgage notes in inventory and property and equipment directlyfuture years as the Company now consolidates the results related to the furniture business.
38
The Company recorded impairment charges in 2000 totaling approximately $1.0 million related to certain investments in technology entities.these previously Unconsolidated Properties.
Interest expense, including amortization of deferred financing costs, increased bydecreased approximately $37.5 million.$11.0 million primarily due to lower variable interest rates and lower overall levels of debt. During 2000,the year ended December 31, 2002, the Company capitalized interest costs of approximately $17.7$27.2 million as compared to $8.1$28.2 million for the year ended 1999.December 31, 2001. This capitalization of interest primarily related to equity investments in unconsolidated entities engaged in development activities. The effective interest cost on all of the Company's indebtedness for the year ended December 31, 20002002 was 7.25%6.54% as compared to 7.05%6.89% for the year ended December 31, 1999.2001.
General and administrative expenses, which include corporate operating expenses, increased
Income (loss) from investments in unconsolidated entities decreased approximately $4.1$7.5 million between the periods under comparison. This increase wasdecrease is primarily due to the additionresult of corporate personnelincreased equity losses and higher overall compensation expenses including a current year expense associated with the awarding of restricted shares to key employees in 2000.unrealized losses on derivative instruments.
Net gain on sales of real estatediscontinued operations decreased approximately $44.6 million between the periods under comparison. This decrease is primarily the result of the properties sold in 2001 having a lower net carrying value at sale, which resulted in higher gain recognition for financial reporting purposes.
Discontinued operations, net, increased approximately $104.9$48.5 million between the periods under comparison. This increase is primarily the result ofattributable to a larger number of units sold during the year ended December 31, 2000 (20,648 units, including the joint venture Properties) as compared to the year ended December 31, 1999 (9,183 units).
Net loss from extraordinary items increased approximately $5.1one-time $60.0 million related primarily to pre-payment penalties incurredimpairment on the refinancing of $208 millionfurniture rental business in mortgage debt.2001, which was subsequently sold in January 2002. See Note 16 in the Notes to Consolidated Financial Statements for further discussion.
Liquidity and Capital Resources
For the Year Ended December 31, 20012003
As of January 1, 2001,2003, the Company had approximately $23.8$29.9 million of cash and cash equivalents and $399.5$499.2 million available under its linesline of credit (net of $60.8 million which $53.5 million was restricted (notrestricted/dedicated to support letters of credit and not available to be drawn)for borrowing). After taking into effect the various transactions discussed in the following paragraphs and the net cash provided by operating activities, the Company'sCompany’s cash and cash equivalents balance at December 31, 20012003 was approximately $51.6$49.6 million and the amount available on the Company'sCompany’s line of credit was $505.0$633.3 million (net of $56.7 million which $59.0 million was restricted (not availablerestricted/dedicated to be drawn).
Part of the Company's acquisition and development funding strategy and the funding of the Company's investment in various joint ventures is to utilize its linessupport letters of credit and to subsequently repay the lines of credit from the disposition of Properties, retained cash flows or the issuance of additional equity or debt securities. Continuing to utilize this strategy duringnot available for borrowing).
During the year ended 2001,December 31, 2003, the Company:Company generated proceeds from various transactions, which included the following:
•
•
•
•
• Issued approximately 3.6 3.5million Common Shares and received net proceeds of $74.4$74.7 million.
36
During the year ended December 31, 2003, the above proceeds were primarily utilized to:
• Acquire seventeen properties, and two additional units at an existing property, utilizing cash of $595.1 million;
•
• Pay preferred share and preference interest/unit dividends of $99.9 million;
• Repay $432.9 million of four new seriesmortgage loans;
• Repay $130.0 million on its line of credit;
• Repay $100.0 million of floating rate public notes at maturity;
• Repay $50.0 million and $40.0 million of 6.65% and 6.875%, respectively, fixed rate public notes at maturity;
• Repay $4.5 million of other unsecured notes;
• Redeem $295.3 million of 7.25% Series G Convertible Cumulative Preferred Shares which included a cash redemption premium of $8.3 million; and
• Redeem $100.0 million of 7.625% Series L Cumulative Redeemable Preferred Shares at liquidation value;
Depending on its analysis of market prices, economic conditions, and other opportunities for the investment of available capital, the Company may repurchase up to an additional $85.0 million of its Common Shares pursuant to its existing share buyback program authorized by the Board of Trustees. The Company did not repurchase any of its Common Shares during the year ended December 31, 2003.
The Company’s total debt summary and debt maturity schedule as of December 31, 2003, are as follows:
Debt Summary
|
| $ Millions * |
| Weighted |
| |
Secured |
| $ | 2,694 |
| 5.80 | % |
Unsecured |
| 2,666 |
| 6.38 | % | |
|
|
|
|
|
| |
Total |
| $ | 5,360 |
| 6.08 | % |
|
|
|
|
|
| |
Fixed Rate |
| $ | 4,610 |
| 6.65 | % |
Floating Rate |
| 750 |
| 2.24 | % | |
|
|
|
|
|
| |
Total |
| $ | 5,360 |
| 6.08 | % |
|
|
|
|
|
| |
Above Totals Include: |
|
|
|
|
| |
Tax Exempt |
|
|
|
|
| |
Fixed |
| $ | 343 |
| 4.38 | % |
Floating |
| 587 |
| 1.74 | % | |
Total |
| $ | 930 |
| 3.01 | % |
|
|
|
|
|
| |
Unsecured Revolving Credit Facility |
| $ | 10 |
| 1.85 | % |
* Net of the effect of any derivative instruments.
37
Debt Maturity Schedule
Year |
| $ Millions |
| % of Total |
| |
2004 |
| $ | 515 |
| 9.6 | % |
2005 (1) |
| 605 |
| 11.3 | % | |
2006 (2) |
| 490 |
| 9.1 | % | |
2007 |
| 333 |
| 6.2 | % | |
2008 |
| 495 |
| 9.2 | % | |
2009 |
| 246 |
| 4.6 | % | |
2010 |
| 196 |
| 3.7 | % | |
2011 |
| 688 |
| 12.8 | % | |
2012 |
| 424 |
| 7.9 | % | |
2013+ |
| 1,368 |
| 25.6 | % | |
Total |
| $ | 5,360 |
| 100.0 | % |
(1) Includes $300 million of unsecured debt with a final maturity of 2015 that is putable/callable in 2005.
(2) Includes $150 million of unsecured debt with a final maturity of 2026 that is putable in 2006.
In June 2003, the Operating Partnership filed and the SEC declared effective a Form S-3 registration statement to register $2.0 billion of debt securities. In addition, the Operating Partnership carried over $280.0 million related to a prior registration statement. As of February 4, 2004, $2.28 billion in debt securities remained available for issuance under this registration statement.
The Company’s “Consolidated Debt-to-Total Market Capitalization Ratio” as of December 31, 2003 is presented in the following table. The Company calculates the equity component of its market capitalization as the sum of (i) the total outstanding Common Shares and assumed conversion of all OP Units at the equivalent market value of the closing price of the Company’s Common Shares on the New York Stock Exchange; (ii) the “Common Share Equivalent” of all convertible preferred shares and preference interests/units; and (iii) the liquidation value of all perpetual preferred shares and preference interests outstanding.
Capitalization as of December 31, 2003
Total Debt |
|
|
| $ | 5,360,488,661 |
| |
|
|
|
|
|
| ||
Common Shares & OP Units |
| 299,551,617 |
|
|
| ||
Common Share Equivalents (see below) |
| 3,598,234 |
|
|
| ||
Total Outstanding at year-end |
| 303,149,851 |
|
|
| ||
Common Share Price at December 31, 2003 |
| $ | 29.51 |
|
|
| |
|
|
|
| 8,945,952,103 |
| ||
Perpetual Preferred Shares Liquidation Value |
|
|
| 615,000,000 |
| ||
Perpetual Preference Interests Liquidation Value |
|
|
| 211,500,000 |
| ||
Total Market Capitalization |
|
|
| $ | 15,132,940,764 |
| |
|
|
|
|
|
| ||
Total Debt/Total Market Capitalization |
|
|
| 35 | % | ||
38
Convertible Preferred Shares, Preference Interests
and received net proceedsJunior Preference Units
as of $58.5December 31, 2003
|
| Shares/Units |
| Conversion |
| Common |
|
Preferred Shares: |
|
|
|
|
|
|
|
Series E |
| 2,192,490 |
| 1.1128 |
| 2,439,803 |
|
Series H |
| 44,028 |
| 1.4480 |
| 63,753 |
|
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 |
| 20,333 |
| 4.081600 |
| 82,991 |
|
Series B |
| 7,367 |
| 1.020408 |
| 7,517 |
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
| 3,598,234 |
|
The Company’s policy is to maintain a ratio of consolidated debt-to-total market capitalization of less than 50%.
From January 1, 2004 through February 4, 2004, the Company:
• Acquired four properties (including two additional units at an existing property) consisting of 1,130 units for approximately $151.3 million;
•
• Disposed of twelve properties (including one Unconsolidated Property) and various individual condominium units consisting of 2,972 units for approximately $140.9 million;
• Obtained $16.5 million in new mortgage financing; and
•
Capitalization of Fixed Assets and Improvements to Real Estate
Our policy with respect to capital expenditures is generally to capitalize expenditures that improve the value of the property or extend the useful life of the component asset of the property. We track improvements to real estate in two major categories and several subcategories:
• Replacements (inside the unit). These include:
• carpets and hardwood floors;
• appliances;
• mechanical equipment such as individual furnace/air units, hot water heaters, etc;
• furniture and fixtures such as kitchen/bath cabinets, light fixtures, ceiling fans, sinks, tubs, toilets, mirrors, countertops, etc;
• flooring such as vinyl, linoleum or tile; and
• blinds/shades.
All replacements are depreciated over a five-year estimated useful life. We expense as incurred all maintenance and turnover costs such as cleaning, interior painting of individual units and the repair of any replacement item noted above.
39
• Building improvements (outside the unit). These include:
• roof replacement and major repairs;
• paving or major resurfacing of parking lots, curbs and sidewalks;
• amenities and common areas such as pools, exterior sports and playground equipment, lobbies, clubhouses, laundry rooms, alarm and security systems and offices;
• major building mechanical equipment systems;
• interior and exterior structural repair and exterior painting and siding;
• major landscaping and grounds improvement; and
• vehicles and office and maintenance equipment.
All building improvements are depreciated over a five to ten-year estimated useful life. We expense as incurred all recurring expenditures that do not improve the value of the asset or extend its investment in second and third mortgages on previously Unconsolidated Properties.
All of these proceeds were utilized to either:
39
DuringFor the year ended December 31, 2001, the Company:
The Company's total debt summary, as of December 31, 2001, included:
Debt Summary as of December 31, 2001
| $ Millions | Weighted Average Rate | |||||
---|---|---|---|---|---|---|---|
Secured | $ | 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:
During 2002, the Company expects to fund approximately $33.5 million related to wholly owned developments and joint venture projects under development. In connection with one joint venture agreement, the Company has an obligation to fund up to an additional $6.5 million to guarantee third party construction financing. As of December 31, 2001, the Company has 22 projects under development with estimated completion dates ranging from March 31, 2002 through December 31, 2003.
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
40
the project to the Company based on such value. If the Company chooses not to purchase the interest, it must agree to a sale of the project 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 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 that project at a mutually 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 of value. The Company may elect at that time not to purchase the property 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 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.
The Company has a policy of capitalizing expenditures made for new assets, including newly acquired Properties, 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 fixtures are also capitalized. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. With respect to acquired 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 these Properties 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, 2001, the Company's total2003, our actual improvements to real estate approximated $150.9totaled approximately $181.9 million. Replacements, which include new carpeting, appliances, mechanical equipment, fixtures, vinyl floorsThis includes the following detail (amounts in thousands except for unit and blinds insideper unit amounts):
Capitalized Improvements to Real Estate
For the Year Ended December 31, 2003
|
| Total Units |
| Replacements |
| Avg. |
| Building |
| Avg. |
| Total |
| Avg. |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Established Properties (2) |
| 162,477 |
| $ | 57,931 |
| $ | 356 |
| $ | 77,607 |
| $ | 478 |
| $ | 135,538 |
| $ | 834 |
|
New Acquisition Properties (3) |
| 14,457 |
| 2,653 |
| 252 |
| 5,250 |
| 498 |
| 7,903 |
| 750 |
| ||||||
Other (4) |
| 7,994 |
| 13,417 |
|
|
| 25,090 |
|
|
| 38,507 |
|
|
| ||||||
Total |
| 184,928 |
| $ | 74,001 |
|
|
| $ | 107,947 |
|
|
| $ | 181,948 |
|
|
| |||
(1) Total units exclude 22,578 unconsolidated units.
(2) Wholly Owned Properties acquired prior to January 1, 2001.
(3) Wholly Owned Properties acquired during 2001, 2002 and 2003. Per unit approximated $56.0amounts are based on a weighted average of 10,533 units.
(4) Includes properties either Partially Owned or sold during the period, commercial space, condominium conversions and $6.5 million or $276 per unit. Buildingincluded in building improvements for the 1999, 2000 and 2001 Acquired Properties approximated $26.4 million, or $496 per unit. Building improvements for all of the Company's pre-1999 Acquired Properties approximated $57.2 million or $383 per unit. In addition, approximately $7.2 million was spent on twelveseven specific assets related to major renovations and repositioning of these assets. Also included in total
For the year ended December 31, 2002, our actual improvements to real estate wastotaled approximately $4.1 million$156.8 million. This includes the following detail (amounts in thousands except for unit and per unit amounts):
40
Capitalized Improvements to Real Estate
For the Year Ended December 31, 2002
|
| Total Units |
| Replacements |
| Avg. |
| Building |
| Avg. |
| Total |
| Avg. |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Established Properties (2) |
| 171,913 |
| $ | 49,903 |
| $ | 290 |
| $ | 65,985 |
| $ | 384 |
| $ | 115,888 |
| $ | 674 |
|
New Acquisition Properties (3) |
| 22,146 |
| 5,542 |
| 285 |
| 8,691 |
| 446 |
| 14,233 |
| 731 |
| ||||||
Other (4) |
| 7,758 |
| 5,787 |
|
|
| 20,868 |
|
|
| 26,655 |
|
|
| ||||||
Total |
| 201,817 |
| $ | 61,232 |
|
|
| $ | 95,544 |
|
|
| $ | 156,776 |
|
|
| |||
(1) Total units exclude 21,774 unconsolidated units.
(2) Wholly Owned Properties acquired prior to January 1, 2000.
(3) Wholly Owned Properties acquired during 2000, 2001 and 2002. Per unit amounts are based on commercial/other assets anda weighted average of 19,478 units.
(4) Includes properties either Partially Owned Properties. Suchor sold during the period, commercial space, condominium conversions and $9.1 million included in building improvements spent on six specific assets related 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.major renovations and repositioning of these assets.
The Company expects to fund approximately $160.0million for capital expenditures for replacements and building improvements for all consolidated properties in 2004.
During the year ended December 31, 2001,2003, the Company'sCompany’s total non-real estate capital additions, such as computer software, computer equipment, and furniture and fixtures and leasehold improvements to the Company'sCompany’s property management offices and its corporate offices, was approximately $6.9$2.9 million. SuchThe Company expects to fund approximately $6.5 million in total additions to non-real estate property in 2004.
Improvements to real estate and additions to non-real estate property were funded from net cash provided by operating activities. Total additions
Derivative Instruments
In the normal course of business, the Company is exposed to non-real estate property for 2002 are estimated at $6.8 million.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 capitalizing expenditures madeonly 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.
See Note 14in the Notes to Consolidated Financial Statements for rental furniture and related property and equipment. The Company, prior to the saleadditional discussion 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 are also capitalized. Expenditures for ordinary maintenance and repairs related to property and equipment are expensed as incurred. For the year endedderivative instruments at December 31, 2001, total additions to rental furniture2003.
41
approximated $18.6 million and property and equipment approximated $2.5 million. The furniture rental business was sold on January 11, 2002.
Other
Minority Interests as of December 31, 2001 increased2003 decreased by $23.2$10.4 million when compared to December 31, 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.2002. The primary factors that impacted this account in the Company'sCompany’s consolidated statements of operations and balance sheets during the year ended December 31, 2003 were:
•
•
•
•
• The conversion of OP Units into Common Shares; and
Total distributions paid in 2001January 2004 amounted to $475.8$141.9 million (excluding distributions on Partially Owned Properties), which included certain distributions declared induring the fourth quarter of 2001 and paid in 2002.ended December 31, 2003.
The Company expects to meet its short-term liquidity requirements, including capital expenditures related to maintaining its existing Propertiesproperties 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, and 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.properties. In addition, the Company has certainsignificant unencumbered Propertiesproperties available to 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. TheseThe fair value of and cash flow from these unencumbered Propertiesproperties are in excess of the value of unencumbered Propertiesrequirements the Company must maintain in order to comply with covenants under its unsecured notes and line of credit.
The Company has a revolving credit facility to provide the Operating Partnership with potential borrowings of up to $700 million. As of February 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 new line of credit, which it believes will be on at least as favorable terms.
In connection with the Globe acquisition, the Company assumed a revolving credit facility with potential borrowings of up to $55.0$700.0 million. This facility matures in May 2005 and may, among other potential uses, be used to fund property acquisitions, costs for certain properties under development and short term liquidity requirements. As of March 1, 2004, $255.0 million was outstanding under this facility (and $56.7 was restricted and dedicated to support letters of credit).
Off-Balance Sheet Arrangements and Contractual Obligations
The Company has co-invested in various properties that are unconsolidated and accounted for under the equity method of accounting. Management does not believe these investments have a materially different impact upon the Company’s liquidity, capital resources, credit facilityor market risk than its property management and ownership activities generally, except to the extent the development ventures mitigate risk by deploying the skill and expertise of locally based real estate developers. The nature and business purpose of these ventures are as follows:
• Institutional Ventures – During 2000 and 2001, the Company entered into ventures with an unaffiliated partner. At the respective closing dates, the Company sold and/or contributed 45 properties containing 10,846 units to these ventures and retained a 25% ownership interest in the ventures. The Company’s joint venture partner contributed cash equal to 75% of the agreed-upon equity value of the properties comprising the ventures, which was terminatedthen distributed to the Company. The Company’s strategy with respect to these ventures was to reduce its concentration of properties in a variety of markets.
• Development Ventures – Since 1998, the Company has generally engaged in development activities through various joint ventures with third party developers. The Company uses the local expertise of these developers and lowers the overall risks
42
associated with development by grouping various development properties into aggregate pools. The Company generally contributes between 25% and 35% of the development cost of these projects with the remaining cost financed through third-party construction mortgages. Voting rights are shared equally between the Company and its respective development partners.
As of December 31, 2003, the Company has 13 projects in various stages of development with estimated completion dates ranging through June 30, 2005. The three development agreements currently in place have the following key terms:
• The first development 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 based on May 31, 2001.
such value. If the Company chooses not to purchase the interest, it must agree to a sale of the project to an unrelated third party at such value. The Company’s 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. In connection with this development agreement, the Wellsford Merger,Company has an obligation to provide up to $40.0 million in credit enhancements to guarantee a portion of the third party construction financing. As of February 4, 2004, the Company had set-aside $20.0 million towards this credit enhancement. The Company would be required to perform under this agreement only if there was a material default under a third party construction mortgage agreement. This agreement expires no later than December 31, 2018. Notwithstanding the termination of the agreement, the Company shall have recourse against its development partner for any losses incurred.
• The second development partner has the right, at any time following completion of a project, to require the Company to purchase the partners’ interest in that project at a mutually agreeable price. If the Company and the 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 its 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 the property and instead, authorize its partner to sell the project at or above the agreed-upon value to an unrelated third party. Five years following the receipt of the final certificate of occupancy on the last developed property, the Company must purchase, at the agreed-upon price, any projects remaining unsold.
• The third development partner has the exclusive right for six months following stabilization (generally defined as having achieved 90% occupancy for three consecutive months following the substantial completion of a project) to market a project for sale. Thereafter, either the Company or its development partner may market a project for sale. If the Company’s development partner proposes the sale, the Company may elect to purchase the project at the price proposed by its partner or defer the sale until two independent appraisers appraise the project. If the two appraised values vary by more than 5%, a third appraiser will be chosen to determine the fair market value of the property. Once a value has been determined, the Company may elect to purchase the property or authorize its development partner to sell the project at the agreed-upon value.
See Note 9 in the Notes to Consolidated Financial Statements for additional discussion regarding the Company’s investments in unconsolidated entities.
In connection with one of its mergers, the Company provided a guaranty of a credit enhancement agreement with respect to certain tax-exempt bonds issued to finance certain public improvements at a multifamily
43
development project. The Company has the obligation to provide this guaranty for a period of eight years from the consummation of the merger or through May 2005. The Company would be required to perform under this guaranty only if there was a draw on the letter of credit issued by the credit enhancement party. The counterparty has also indemnified the Company for any losses suffered. As of February 28, 2002,4, 2004, this enhancementguaranty was still in effect at a commitment amount of $12.7 million.
42
Derivative Instrumentsmillion and Hedging Activitiesno current outstanding liability.
In
The following table summarizes the normal course of business,Company’s contractual obligations for the Company is exposed to the effect of interest rate changes. The Company limits these risks by following established risk management policiesnext five years 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 derivativesthereafter 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 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 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. On2003:
|
| Payments Due by Year (in thousands) |
| |||||||||||||||||||
Contractual Obligations |
| 2004 |
| 2005 |
| 2006 |
| 2007 |
| 2008 |
| Thereafter |
| Total |
| |||||||
Debt (a) |
| $ | 514,591 |
| $ | 605,438 |
| $ | 489,961 |
| $ | 332,583 |
| $ | 494,727 |
| $ | 2,923,189 |
| $ | 5,360,489 |
|
Operating Leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Minimum Rent Payments (b) |
| 4,835 |
| 3,915 |
| 2,852 |
| 2,376 |
| 2,243 |
| 8,365 |
| 24,586 |
| |||||||
Other Long-Term Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Deferred Compensation (c) |
| 831 |
| 1,376 |
| 1,411 |
| 2,215 |
| 2,270 |
| 20,972 |
| 29,075 |
| |||||||
Other (d) |
| 1,000 |
| — |
| — |
| — |
| — |
| — |
| 1,000 |
| |||||||
Total |
| $ | 521,257 |
| $ | 610,729 |
| $ | 494,224 |
| $ | 337,174 |
| $ | 499,240 |
| $ | 2,952,526 |
| $ | 5,415,150 |
|
(a) Amounts include aggregate principal payments only. The Company paid $352,391, $365,782 and $380,745 for interest on debt, inclusive of derivative instruments, for the years ended December 31, 2003, 2002 and 2001, respectively.
(b) Minimum basic rent due for various office space the net derivative instruments were reported at their fair value as other liabilities of approximately $18.7 millionCompany leases and asfixed base rent due on 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 relatedground lease for one property.
(c) Estimated payments to the development joint venture swaps.
Company’s Chairman, former CEO and two other executive officers based on planned retirement dates.
For the Year Ended December 31, 2000(d) Promissory note due on one property.
As of January 1, 2000, the Company had approximately $29.1 million of cash
Critical Accounting Policies and cash equivalents and $400 million available on its lines of credit, of which $65.8 million was restricted (not available to be drawn). After taking into effect the various transactions discussedEstimates
The Company’s significant accounting policies are described in Note 2 in the following paragraphs,Notes to Consolidated Financial Statements. These policies were followed in preparing the Company's cashconsolidated financial statements at and cash equivalents balance at December 31, 2000 was approximately $23.8 million and the amount available on the Company's line of credit was $399.5 million, of which $53.5 million was 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 joint 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 during 2000, the Company:
Duringfor the year ended December 31, 2000,2003.
The Company has identified six significant accounting policies as critical accounting policies. These critical accounting policies are those that have the Company:
44
The Company's total debt summary, as of December 31, 2000, included:
Debt Summary as of December 31, 2000
| $ Millions | Weighted Average Rate | |||||
---|---|---|---|---|---|---|---|
Secured | $ | 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 withthese critical 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 Companypolicies, management believes that the followingapplication of judgments and assessments is consistently applied and produces financial information that fairly presents the results of operations for all periods presented. The six critical accounting policies among others, affect its more significant judgments and estimates used in the preparation of its consolidated financial statements.are:
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.indicators of permanent impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected
44
holding period of each asset and legal factors.and environmental concerns. 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, building improvements over a 5-year to 10-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.
Cost Capitalization
See the Capitalization of Fixed Assets and Improvements to Real Estate section for discussion of the policy with respect to capitalization vs. expensing of fixed asset/repair and maintenance costs. In addition, the Company capitalizes the payroll and associated costs of employees directly responsible for and who spend all of their time on the supervision of major capital projects. These costs are reflected on the balance sheet as an increase to depreciable property.
The Company follows the guidance in SFAS No. 67, Accounting for Costs and Initial Rental Operations of Real Estate Projects, for all development projects and uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Company capitalizes interest, real estate taxes and insurance and payroll and associated costs for those individuals directly responsible for and who spend all of their time on development activities. The Company expenses as incurred all payroll costs of employees working directly at our properties, except for costs that are incurred during the initial lease-up phase on a development project. An allocated portion of payroll costs is capitalized based upon the occupancy of the project until stabilized occupancy is achieved. The incremental payroll and associated costs are capitalized to the projects under development based upon the effort directly identifiable with such projects. These costs are reflected on the balance sheet as either construction in progress or a separate component of investments in unconsolidated entities. The Company ceases the capitalization of such costs as the property becomes substantially complete and ready for its intended use.
Fair Value of Financial Instruments, Including Derivative Instruments
The valuation of financial instruments under SFAS No. 107 and SFAS No. 133 and its amendments (SFAS Nos. 137/138/149) 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.
Revenue Recognition
Rental income attributable to leases is recorded when due from residents and is recognized monthly as it is earned, which is not materially different than on a straight-line basis. Leases entered into between a resident and a property for the rental of an apartment unit are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis. Interest income is recorded on an accrual basis.
Stock-Based Compensation
The
Prior to 2003, the Company hashad chosen to account for its stock-based compensation in accordance with APB No. 25, Accounting for Stock Issued to Employees,which resultsresulted in no
45
compensation expense for options issued with an exercise price equal to or exceeding the market value of the Company'sCompany’s Common Shares on the date of grant instead of Statement
45
(intrinsic method). The Company has elected to account for its stock-based compensation in accordance with SFAS No. 123 and its amendment (SFAS No. 148), Accounting for Stock Based Compensation, effective in the first quarter of 2003, which would resultresulted in compensation expense being recorded based on the fair value of the stock-basedstock compensation issued.
Adjusted Net Incomegranted.
SFAS No. 148 provides three transition methods for entities that adopt the fair value recognition provisions of SFAS No. 123. The Company has chosen to use the “Prospective Method”. This method requires that companies apply the recognition provisions of SFAS No. 123 to only employee awards granted or modified after the beginning of the fiscal year in which the recognition provisions are first applied, or January 1, 2003. Compensation expense under all of the Company’s plans is generally recognized over periods ranging from three months to five years. Therefore, the cost related to stock-based employee compensation included in the determination of net income for the year ended December 31, 2003 is less than that which would have been recognized if the fair value based method had been applied to all awards since the original effective date of SFAS No. 123. See Note 2 in the Notes to Consolidated Financial Statements for further discussion and comparative information regarding application of the fair value method to all outstanding employee awards.
Funds From Operations
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 | |||||
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, 2001,2003, Funds From Operations ("FFO"(“FFO”) available to Common Shares and OP Units increased $60.5decreased $78.9 million, or 8.3%11.0%, as compared to the year ended December 31, 2000.2002. For the year ended December 31, 2000,2002, FFO available to Common Shares and OP Units increased $106.6$13.0 million, or 17.2%1.8%, as compared to the year ended December 31, 1999.2001.
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, 20002003, 2002 and 1999:2001:
Funds From Operations
(Amounts in thousands)
|
| Year Ended December 31, |
| |||||||
|
| 2003 |
| 2002 |
| 2001 |
| |||
Net income |
| $ | 543,847 |
| $ | 421,313 |
| $ | 474,023 |
|
Net income allocation to Minority Interests – Operating Partnership |
| 34,658 |
| 26,862 |
| 32,391 |
| |||
Adjustments: |
|
|
|
|
|
|
| |||
Depreciation |
| 444,339 |
| 419,039 |
| 396,737 |
| |||
Depreciation – Non-real estate additions |
| (7,019 | ) | (9,213 | ) | (6,555 | ) | |||
Depreciation – Partially Owned Properties |
| (8,390 | ) | (7,706 | ) | (4,353 | ) | |||
Depreciation – Unconsolidated Properties |
| 28,301 |
| 19,872 |
| 13,022 |
| |||
Net (gain) on sales of unconsolidated entities |
| (4,942 | ) | (5,054 | ) | (387 | ) | |||
Cumulative effect of change in accounting principle |
| — |
| — |
| 1,270 |
| |||
Discontinued Operations: |
|
|
|
|
|
|
| |||
Depreciation |
| 27,230 |
| 53,917 |
| 60,495 |
| |||
Net gain on sales of depreciable property |
| (300,426 | ) | (102,614 | ) | (148,906 | ) | |||
|
|
|
|
|
|
|
| |||
FFO (1)(2) |
| 757,598 |
| 816,416 |
| 817,737 |
| |||
|
|
|
|
|
|
|
| |||
Preferred distributions |
| (96,971 | ) | (97,151 | ) | (106,119 | ) | |||
Premium on redemption of preferred shares |
| (20,237 | ) | — |
| (5,324 | ) | |||
|
|
|
|
|
|
|
| |||
FFO available to Common Shares and OP Units |
| $ | 640,390 |
| $ | 719,265 |
| $ | 706,294 |
|
46
| 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 | |||||
(1)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 The National Association of depreciationReal Estate Investment Trusts (“NAREIT”) defines funds 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 representsoperations (“FFO”) (April 2002 White Paper) as net income (loss) (computed in accordance with accounting principles generally accepted in the United States (("GAAP"))States), excluding gains or losses(or losses) from sales of property, plus depreciation and amortization, (afterand after adjustments for Partially Owned Propertiesunconsolidated partnerships and Unconsolidated Properties), plus/minus extraordinary items, and plus the cumulative effect of change in accounting principle and impairment charges.joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis. The April 2002 White Paper states that gain or loss on sales of property is excluded from FFO for previously depreciated operating properties only. Once the Company commences the conversion of units to condominiums, it simultaneously discontinues depreciation of such property. Accordingly, the Company included in FFO its incremental gains or losses from the sale of condominium units to third parties, which represented net gains of $10,280, $1,682 and $0 for the years ended December 31, 2003, 2002 and 2001, respectively. Effective January 1, 2003, the Company no longer adds back impairment losses when computing FFO in accordance with NAREIT’s definition. As a result, FFO for the years ended December 31, 2002, 2001 and 2000 have been reduced by $18,284, $71,766 and $1,000, respectively, to conform to the current year presentation. For the year ended December 31, 2001, FFO has been reduced by $5,324 to reflect the SEC’s clarification of EITF Topic D-42 regarding premiums on redemption of preferred shares.
(2) 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 net income or net cash generatedflows from operating activities in accordance with GAAP and thereforeGAAP. Therefore, FFO should not be exclusively considered as 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 or as a measure of liquidity and is not necessarily indicative of cash available to fund cash needs.liquidity. The Company'sCompany’s calculation of FFO may differ from the methodology for calculating FFO utilized by other real estate companies and may differ, for example, due to, among other items, variations among the Company's and other real estate companies' accountingin cost capitalization policies for replacement type itemscapital expenditures and, accordingly, may not be comparable to such other real estate companies.
47
Item 7A. Quantitative and Qualitative Disclosure about Market Risk
Market risks relating to the Company'sCompany’s operations result primarily from changes in short-term LIBOR interest rates. The Company does not have any direct foreign exchange or other significant market risk.
The Company'sCompany’s exposure to market risk for 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 and capital expenditures, while 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 other 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 or vice versa. Derivatives are used for hedging purposes rather than speculation. The Company does not enter into financial instruments for trading purposes. See also Note 14 to the Notes to Consolidated Financial Statements for additional discussion of derivative instruments.
The fair values of the Company'sCompany’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
47
Company’s mortgage notes payable and unsecured notes approximates their carrying value at December 31, 2001.2003.
The Company had total outstanding floating rate debt of approximately $896.0$750.0 million, or 15.6%14.0% of the Company's total debt at December 31, 2001, including2003, net of the effects of any interest rate protection agreements.derivative instruments. If market rates of interest on all of the Company's floating rate debt permanently increased by 3222 basis points (a 10% increase)increase from the Company’s existing weighted average interest rates), the increase in interest expense on the Company's floating rate debt would decrease future earnings and cash flows by approximately $2.9 $1.7million. If market rates of interest on all of the Company's floating rate debt permanently decreased by 3222 basis points (a 10% decrease)decrease from the Company’s existing weighted average interest rates), the decrease in interest expense on the Company's floating rate debt would increase future earnings and cash flows by approximately $2.9$1.7million.
At December 31, 2003, the Company had total outstanding fixed rate debt of approximately $4.6 billion, net of the effects of any derivative instruments. If market rates of interest permanently increased by 67 basis points (a 10% increase from the Company’s existing weighted average interest rates), the estimated fair value of the Company’s fixed rate debt would be approximately $4.2 billion. If market rates of interest permanently decreased by 67 basis points (a 10% decrease from the Company’s existing weighted average interest rates), the estimated fair value of the Company’s fixed rate debt would be approximately $5.1 billion.
At December 31, 2003, the Company’s consolidated derivative instruments had a net asset fair value of approximately $3.9 million. If market rates of interest permanently increased by 25 basis points (a 10% increase from the Company’s existing weighted average interest rates), the net asset fair value of the Company’s consolidated derivative instruments would be approximately $8.0 million. If market rates of interest permanently decreased by 25 basis points (a 10% decrease from the Company’s existing weighted average interest rates), the net liability fair value of the Company’s consolidated derivative instruments would be approximately $0.1 million.
At December 31, 2003, the Company’s unconsolidated derivative instruments had a net liability fair value of approximately $5.2 million. If market rates of interest permanently increased by 11 basis points (a 10% increase from the Company’s existing weighted average interest rates), the net liability fair value of the Company’s unconsolidated derivative instruments would be approximately $5.1 million. If market rates of interest permanently decreased by 11 basis points (a 10% decrease from the Company’s existing weighted average interest rates), the net liability fair value of the Company’s unconsolidated derivative instruments would be approximately $5.3 million.
These amounts were determined by considering the impact of hypothetical interest rates on the Company'sCompany’s financial instruments. The foregoing assumptions apply to the entire amount of the Company's floating rateCompany’s debt and doesderivative instruments and do not differentiate among maturities. These analyses do not consider the effects of the changes in overall economic activity that could exist in such an environment. Further, in the event of a changechanges of such magnitude, management would likely take actions to further mitigate its exposure to the change.changes. 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'sCompany’s financial structure or results other than interest expense.results.
The Company cannot predict the effect of adverse changes in interest rates on its floating rate debt and derivative instruments 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 Data
See Index to Consolidated Financial Statements on page F-1 of this Form 10-K.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Disclosure Controls and Procedures
Effective as of December 31, 2003, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15 and 15d-15. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures are effective in timely alerting them to material information. During the fiscal year ended December 31, 2003, there were no changes to the internal controls over financial reporting of the Company identified in connection with the Company’s evaluation or otherwise that has materially affected, or is reasonably likely to materially affect, the Company’s internal controls over financial reporting.
48
Items 10, 11, 12, 13 and 13.
14.
Trustees and Executive Officers of the Registrant, Executive Compensation, Security Ownership of Certain Beneficial Owners and Management, and Certain RelationshipRelationships and Related Transactions.Transactions and Principal Accountant Fees and Services.
The information required by Item 10, Item 11, Item 12, Item 13 and Item 1314 are incorporated by reference to, and will be contained in, the Company'sCompany’s definitive proxy statement, which the Company anticipates will be filed no later than April 30, 2002,29, 2004, and thus these items have been omitted in accordance with General Instruction G(3) to Form 10-K.
49
Item 14.15. Exhibits, Financial Statements, Schedules and Reports on Form 8-K
(a)
(1(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 and First Amendment Thereto by and between Equity Residential | |
2.2^^ | Articles of Merger by and between Equity Residential | |
2.3^^^ | Agreement and Plan of Merger between Equity Residential | |
2.4^^^^ | Articles of Merger by and between Equity Residential | |
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 | |
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•• | Articles of Amendment to the Second Amended and Restated Declaration of Trust dated May 15, 2002. | |
3.16••••• | Articles Supplementary to Declaration of Trust dated June 18, 2003. | |
3.17++++ | Fourth Amended and Restated Bylaws of Equity | |
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 | Master Amendment to Other Securities Term Sheets and Joinders to Operating Partnership Agreement of ERP Operating Limited Partnership dated December 19, 2003. | |
10.3 | Assignment and Assumption Agreement between the Company and ERP Operating Limited Partnership dated December 19, 2003. | |
10.4*** | Noncompetition Agreement (Zell). | |
10.5*** |
50
Noncompetition Agreement (Crocker). | ||
10.6*** | Noncompetition Agreement (Spector). | |
10.7*** | Form of Noncompetition Agreement (other officers). | |
10.8*** | Amended and Restated Master Reimbursement Agreement, dated as of November 1, 1996 by and between Federal National Mortgage Association and EQR-Bond Partnership. | |
10.9•• | Revolving Credit Agreement dated as of | |
50
10.10•• | Guaranty of Payment, dated as | |
10.11**** | Amended and Restated Limited Partnership Agreement of Lexford Properties, L.P. | |
10.12• | Amended and Restated Equity Residential | |
10.13 | First Amendment to the Equity Residential | |
10.14 | Second Amendment to the | |
10.15 | Third Amendment to the Equity Residential Advantage Retirement Savings Plan, effective May 2003. | |
10.16••• | Equity Residential 2002 Share Incentive Plan. | |
10.17• | Form of Change in Control Agreement between the Company and other executive officers. | |
10.18 | Form of Indemnification Agreement between the Company and each trustee and executive officer. | |
10.19# | Amended and Restated Executive Compensation Agreement | |
10.20• | Amended and Restated Deferred Compensation Agreement between the Company and Douglas Crocker II dated as of January 21, 2002. | |
10.21• | Amended and Restated Deferred Compensation Agreement between the Company and Gerald A. Spector dated January 1, 2002. | |
10.22• | Retirement Benefits Agreement between Samuel Zell and the Company dated October 18, 2001. | |
10.23•••• | Compensation Agreement between the Company and Bruce W. Duncan dated March 14, 2002. | |
10.24# | First Amendment to Compensation Agreement between the Company and Bruce W. Duncan dated February 17, 2003. | |
10.25# | Employment Agreement between the Company and Bruce W. Duncan dated as of January 20, 2003. | |
10.26# | Deferred Compensation Agreement between the Company and Bruce W. Duncan dated as of January 20, 2003. | |
10.27•••• | Compensation Agreement between the Company and Douglas Crocker II dated April 10, 2002, but effective as of January 16, 2002. | |
12 | Computation of Ratio of Earnings to Combined Fixed | |
21 | List of Subsidiaries of Equity | |
23.1 | Consent of Ernst & Young | |
24.1 | Power of Attorney for John W. Alexander dated | |
24.2 | Power of Attorney for Stephen O. Evans dated | |
24.3 |
51
Power of Attorney for | ||
24.4 | Power of Attorney for | |
24.5 | ||
Power of Attorney for B. Joseph White dated | ||
24.6 | Power of Attorney for Sheli Z. Rosenberg dated | |
24.7 | ||
Power of Attorney for James D. Harper, Jr. dated | ||
24.8 | Power of Attorney for Boone A. Knox dated | |
24.9 | Power of Attorney for Michael N. Thompson dated | |
24.10 | Power of Attorney for Samuel Zell dated | |
24.11 | Power of Attorney for Gerald A. Spector dated | |
31.1 | Certification of Bruce W. Duncan, Chief Executive Officer. | |
31.2 | Certification of David J. Neithercut, Chief Financial Officer. | |
32.1 | Certification Pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to Section 906 of the Sarbanes–Oxley Act of 2002, of Bruce W. Duncan, Chief Executive Officer of the Company. |
51
32.2 | Certification Pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to Section 906 of the Sarbanes–Oxley Act of 2002, of David J. Neithercut, Chief Financial Officer of the Company. |
^ | Included as Appendix A in the | ||
^^ | Included as Appendix B in the | ||
^^^ | Included as Appendix A in the | ||
^^^^ | Included as an exhibit to the | ||
^^^^^ | Included as Appendix A to the | ||
+ | Included as an exhibit to the | ||
++ | Included as an exhibit to the | ||
+++ | Included as an exhibit to the | ||
++++ | Included as an exhibit to the | ||
* | Included as an exhibit to the Operating | ||
** | Included as an exhibit to the Operating | ||
*** | Included as an exhibit to the | ||
**** | Included as an exhibit to the | ||
***** | Included as an exhibit to the | ||
• | Included as an exhibit to the Company’s Form 10-K for the year ended December 31, 2001. | ||
•• | Included as an exhibit to the Company’s Form 10-Q for the quarterly period ended June 30, 2002. | ||
••• | Included as an exhibit to the Company’s Form S-8 filed on January 21, 2003. | ||
•••• | Included as an exhibit to the Company’s Form 10-Q for the quarterly period ended March 31, 2002. | ||
••••• | Included as an exhibit to the Company’s Form 8-A dated and filed on June 19, 2003. | ||
# | Included as an exhibit to the Company’s Form 10-K for the year ended December 31, 2002. | ||
(b) | Reports on Form 8-K: None. | ||
(c) | Exhibits: See Item 15(a)(3) above. | ||
(d) | Financial Statement Schedules: See Index to Financial Statements attached hereto on page F-1 of this Form 10-K. | ||
(b) Reports on Form 8-K: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
Pursuant 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 |
Date: | March | By: | /s/ | Bruce W. Duncan | |||||||||
Bruce W. Duncan | |||||||||||||
President, Chief Executive Officer, | |||||||||||||
and Trustee | |||||||||||||
Date: | March | By: | /s/ | David J. Neithercut | |||||||||
David J. Neithercut | |||||||||||||
Executive Vice President, Corporate Strategy and | |||||||||||||
Chief Financial Officer | |||||||||||||
Date: | March | By: | /s/ | Michael J. McHugh | |||||||||
Michael J. McHugh | |||||||||||||
Executive Vice President, Chief Accounting | |||||||||||||
Officer, Treasurer and *Attorney-in-fact | |||||||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934, the following persons on behalf of the registrant and in the capacities and on the dates indicated have signed this report below.
Date: | March | By: | /s/ | Samuel Zell* | ||||||||||||
Samuel Zell | ||||||||||||||||
Chairman of the Board of Trustees | ||||||||||||||||
Date: | March | By: | /s/ | Gerald A. Spector* | ||||||||||||
Gerald A. Spector | ||||||||||||||||
Executive Vice President, Chief | ||||||||||||||||
Date: | March | By: | /s/ | Sheli Z. Rosenberg* | ||||||||||||
Sheli Z. Rosenberg | ||||||||||||||||
Trustee | ||||||||||||||||
Date: | March | By: | /s/ | James D. Harper* | ||||||||||||
James D. Harper | ||||||||||||||||
Trustee | ||||||||||||||||
Date: | March 12, 2004 | By: | /s/ | John W. Alexander* |
53
John W. Alexander | ||||||||||||||||
Trustee | ||||||||||||||||
53
Date: | March | By: | /s/ | B. Joseph White* | |||||||||||||||
B. Joseph White | |||||||||||||||||||
Trustee | |||||||||||||||||||
Date: | March | By: | /s/ | Charles L. Atwood* | |||||||||||||||
Charles L. Atwood | |||||||||||||||||||
Trustee | |||||||||||||||||||
Date: | March 12, 2004 | By: | /s/ | Desiree G. Rogers* | |||||||||||||||
Desiree G. Rogers | |||||||||||||||||||
Trustee | |||||||||||||||||||
Date: | March 12, 2004 | By: | /s/ | Stephen O. Evans* | |||||||||||||||
Stephen O. Evans | |||||||||||||||||||
Trustee | |||||||||||||||||||
Date: | March | By: | /s/ | Boone A. Knox* | |||||||||||||||
Boone A. Knox | |||||||||||||||||||
Trustee | |||||||||||||||||||
Date: | March | By: | /s/ | Michael N. Thompson* | |||||||||||||||
Michael N. Thompson |
Trustee | ||||||||||||||
* By: | /s/ Michael J. McHugh | |||||||||||||
Michael J. McHugh | ||||||||||||||
as Attorney-in-fact | ||||||||||||||
54
INDEX TO FINANCIAL STATEMENTS AND SCHEDULE
EQUITY RESIDENTIAL PROPERTIES TRUST
PAGE | ||||||
FINANCIAL STATEMENTS FILED AS PART OF THIS REPORT | ||||||
Consolidated Balance Sheets as of | ||||||
Consolidated Statements of Operations for | ||||||
Consolidated Statements of Cash Flows for | ||||||
SCHEDULE FILED AS PART OF THIS REPORT | ||||||
F-1
All other schedules have been omitted because they are inapplicable, not required or the information is included elsewhere in the consolidated financial statements or notes thereto.
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees and Shareholders
Equity Residential Properties Trust
We have audited the accompanying consolidated balance sheets of Equity Residential Properties Trust (the "Company"“Company”) as of December 31, 20012003 and 20002002 and the related consolidated statements of operations, changes in shareholders'shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2001.2003. Our audits also included the financial statement schedule listed in the accompanying index to financial statements and schedule. These financial statements and schedule are the responsibility of the Company'sCompany’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, 20012003 and 2000,2002, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2001,2003, 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 stock-based compensation in 2003, changed its method of accounting for goodwill and discontinued operations in 2002 and changed its method of accounting for derivative instruments and hedging activities.in 2001.
/s/ ERNST & YOUNG LLP
/s/ ERNST & YOUNG LLP | ||
ERNST & YOUNG LLP |
Chicago, Illinois
February 5, 20024, 2004
F-2
EQUITY RESIDENTIAL PROPERTIES TRUST
(Amounts in thousands except for share amounts)
| December 31, 2001 | December 31, 2000 | |||||||
---|---|---|---|---|---|---|---|---|---|
ASSETS | |||||||||
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 | |||||
|
| December 31, |
| December 31, |
| ||
ASSETS |
|
|
|
|
| ||
Investment in real estate |
|
|
|
|
| ||
Land |
| $ | 1,853,093 |
| $ | 1,803,577 |
|
Depreciable property |
| 11,018,326 |
| 11,240,245 |
| ||
Construction in progress |
| 2,960 |
| 2,441 |
| ||
Investment in real estate |
| 12,874,379 |
| 13,046,263 |
| ||
Accumulated depreciation |
| (2,296,013 | ) | (2,112,017 | ) | ||
Investment in real estate, net of accumulated depreciation |
| 10,578,366 |
| 10,934,246 |
| ||
|
|
|
|
|
| ||
Cash and cash equivalents |
| 49,579 |
| 29,875 |
| ||
Investments in unconsolidated entities |
| 473,977 |
| 509,789 |
| ||
Rents receivable |
| 426 |
| 2,926 |
| ||
Deposits – restricted |
| 133,752 |
| 141,278 |
| ||
Escrow deposits – mortgage |
| 41,104 |
| 50,565 |
| ||
Deferred financing costs, net |
| 31,135 |
| 32,144 |
| ||
Goodwill, net |
| 30,000 |
| 30,000 |
| ||
Other assets |
| 128,554 |
| 80,094 |
| ||
Total assets |
| $ | 11,466,893 |
| $ | 11,810,917 |
|
|
|
|
|
|
| ||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
| ||
Liabilities: |
|
|
|
|
| ||
Mortgage notes payable |
| $ | 2,693,815 |
| $ | 2,927,614 |
|
Notes, net |
| 2,656,674 |
| 2,456,085 |
| ||
Line of credit |
| 10,000 |
| 140,000 |
| ||
Accounts payable and accrued expenses |
| 55,463 |
| 58,784 |
| ||
Accrued interest payable |
| 60,334 |
| 63,151 |
| ||
Rents received in advance and other liabilities |
| 189,372 |
| 170,680 |
| ||
Security deposits |
| 44,670 |
| 45,333 |
| ||
Distributions payable |
| 140,195 |
| 140,844 |
| ||
Total liabilities |
| 5,850,523 |
| 6,002,491 |
| ||
|
|
|
|
|
| ||
Commitments and contingencies |
|
|
|
|
| ||
Minority Interests: |
|
|
|
|
| ||
Operating Partnership |
| 342,809 |
| 349,646 |
| ||
Preference Interests |
| 246,000 |
| 246,000 |
| ||
Junior Preference Units |
| 2,217 |
| 5,846 |
| ||
Partially Owned Properties |
| 9,903 |
| 9,811 |
| ||
Total Minority Interests |
| 600,929 |
| 611,303 |
| ||
|
|
|
|
|
| ||
Shareholders’ equity: |
|
|
|
|
| ||
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 5,496,518 shares issued and outstanding as of December 31, 2003 and 10,524,034 shares issued and outstanding as of December 31, 2002 |
| 670,913 |
| 946,157 |
| ||
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 277,643,885 shares issued and outstanding as of December 31, 2003 and 271,095,481 shares issued and outstanding as of December 31, 2002 |
| 2,776 |
| 2,711 |
| ||
Paid in capital |
| 4,956,712 |
| 4,844,104 |
| ||
Deferred compensation |
| (3,554 | ) | (12,118 | ) | ||
Distributions in excess of accumulated earnings |
| (588,005 | ) | (539,942 | ) | ||
Accumulated other comprehensive loss |
| (23,401 | ) | (43,789 | ) | ||
Total shareholders’ equity |
| 5,015,441 |
| 5,197,123 |
| ||
|
|
|
|
|
| ||
Total liabilities and shareholders’ equity |
| $ | 11,466,893 |
| $ | 11,810,917 |
|
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 | ||||||
|
| Year Ended December 31, |
| |||||||
|
| 2003 |
| 2002 |
| 2001 |
| |||
REVENUES |
|
|
|
|
|
|
| |||
Rental income |
| $ | 1,808,925 |
| $ | 1,799,581 |
| $ | 1,827,719 |
|
Fee and asset management |
| 14,373 |
| 9,582 |
| 7,498 |
| |||
Interest income — investment in mortgage notes |
| — |
| — |
| 8,786 |
| |||
Total revenues |
| 1,823,298 |
| 1,809,163 |
| 1,844,003 |
| |||
|
|
|
|
|
|
|
| |||
EXPENSES |
|
|
|
|
|
|
| |||
Property and maintenance |
| 498,608 |
| 464,981 |
| 481,497 |
| |||
Real estate taxes and insurance |
| 196,987 |
| 181,890 |
| 168,519 |
| |||
Property management |
| 68,058 |
| 72,416 |
| 76,969 |
| |||
Fee and asset management |
| 7,819 |
| 7,885 |
| 7,345 |
| |||
Depreciation |
| 444,339 |
| 419,039 |
| 396,737 |
| |||
General and administrative |
| 38,810 |
| 46,492 |
| 35,414 |
| |||
Impairment on technology investments |
| 1,162 |
| 1,162 |
| 11,766 |
| |||
Impairment on corporate housing business |
| — |
| 17,122 |
| — |
| |||
Amortization of goodwill |
| — |
| — |
| 2,356 |
| |||
Total expenses |
| 1,255,783 |
| 1,210,987 |
| 1,180,603 |
| |||
|
|
|
|
|
|
|
| |||
Operating income |
| 567,515 |
| 598,176 |
| 663,400 |
| |||
|
|
|
|
|
|
|
| |||
Interest and other income |
| 16,235 |
| 14,806 |
| 21,497 |
| |||
Interest: |
|
|
|
|
|
|
| |||
Expense incurred, net |
| (326,465 | ) | (333,152 | ) | (344,755 | ) | |||
Amortization of deferred financing costs |
| (6,164 | ) | (5,617 | ) | (4,978 | ) | |||
|
|
|
|
|
|
|
| |||
Income before allocation to Minority Interests, income (loss) from investments in unconsolidated entities, net gain on sales of unconsolidated entities, discontinued operations and cumulative effect of change in accounting principle |
| 251,121 |
| 274,213 |
| 335,164 |
| |||
Allocation to Minority Interests: |
|
|
|
|
|
|
| |||
Operating Partnership |
| (34,658 | ) | (26,862 | ) | (32,391 | ) | |||
Partially Owned Properties |
| 271 |
| (1,867 | ) | (2,249 | ) | |||
Income (loss) from investments in unconsolidated entities |
| (10,118 | ) | (3,698 | ) | 3,772 |
| |||
Net gain on sales of unconsolidated entities |
| 4,942 |
| 5,054 |
| 387 |
| |||
Income from continuing operations |
| 211,558 |
| 246,840 |
| 304,683 |
| |||
Net gain on sales of discontinued operations |
| 310,706 |
| 104,296 |
| 148,906 |
| |||
Discontinued operations, net |
| 21,583 |
| 70,177 |
| 21,704 |
| |||
Income before cumulative effect of change in accounting principle |
| 543,847 |
| 421,313 |
| 475,293 |
| |||
Cumulative effect of change in accounting principle |
| — |
| — |
| (1,270 | ) | |||
Net income |
| 543,847 |
| 421,313 |
| 474,023 |
| |||
Preferred distributions |
| (96,971 | ) | (97,151 | ) | (106,119 | ) | |||
Premium on redemption of preferred shares |
| (20,237 | ) | — |
| (5,324 | ) | |||
Net income available to Common Shares |
| $ | 426,639 |
| $ | 324,162 |
| $ | 362,580 |
|
|
|
|
|
|
|
|
| |||
Earnings per share - basic: |
|
|
|
|
|
|
| |||
Income from continuing operations available to Common Shares |
| $ | 0.44 |
| $ | 0.60 |
| $ | 0.77 |
|
Net income available to Common Shares |
| $ | 1.57 |
| $ | 1.19 |
| $ | 1.36 |
|
Weighted average Common Shares outstanding |
| 272,337 |
| 271,974 |
| 267,349 |
| |||
|
|
|
|
|
|
|
| |||
Earnings per share - diluted: |
|
|
|
|
|
|
| |||
Income from continuing operations available to Common Shares |
| $ | 0.43 |
| $ | 0.59 |
| $ | 0.76 |
|
Net income available to Common Shares |
| $ | 1.55 |
| $ | 1.18 |
| $ | 1.34 |
|
Weighted average Common Shares outstanding |
| 297,041 |
| 297,969 |
| 295,213 |
| |||
|
|
|
|
|
|
|
| |||
Distributions declared per Common Share outstanding |
| $ | 1.73 |
| $ | 1.73 |
| $ | 1.68 |
|
See accompanying notes
F-4
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS (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 | |||||
|
| Year Ended December 31, |
| |||||||
|
| 2003 |
| 2002 |
| 2001 |
| |||
|
|
|
|
|
|
|
| |||
Comprehensive income: |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Net income |
| $ | 543,847 |
| $ | 421,313 |
| $ | 474,023 |
|
Other comprehensive income (loss) – derivative and other instruments: |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Cumulative effect of change in accounting principle |
| — |
| — |
| (5,334 | ) | |||
|
|
|
|
|
|
|
| |||
Unrealized holding gains (losses) arising during the year |
| 11,467 |
| (10,905 | ) | (17,909 | ) | |||
|
|
|
|
|
|
|
| |||
Equity in unrealized holding gains (losses) arising during the year – unconsolidated entities |
| 7,268 |
| (689 | ) | (10,366 | ) | |||
|
|
|
|
|
|
|
| |||
Losses reclassified into earnings from other comprehensive income |
| 1,653 |
| 845 |
| 569 |
| |||
Comprehensive income |
| $ | 564,235 |
| $ | 410,564 |
| $ | 440,983 |
|
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 | ) |
|
| Year Ended December 31, |
| |||||||
|
| 2003 |
| 2002 |
| 2001 |
| |||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
| |||
Net income |
| $ | 543,847 |
| $ | 421,313 |
| $ | 474,023 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
| |||
Allocation to Minority Interests: |
|
|
|
|
|
|
| |||
Operating Partnership |
| 34,658 |
| 26,862 |
| 32,391 |
| |||
Partially Owned Properties |
| (271 | ) | 1,867 |
| 2,249 |
| |||
Cumulative effect of change in accounting principle |
| — |
| — |
| 1,270 |
| |||
Depreciation |
| 471,569 |
| 472,956 |
| 467,942 |
| |||
Amortization of deferred financing costs |
| 6,702 |
| 5,754 |
| 5,189 |
| |||
Amortization of discount on investment in mortgage notes |
| — |
| — |
| (2,256 | ) | |||
Amortization of goodwill |
| — |
| — |
| 3,779 |
| |||
Amortization of discounts and premiums on debt |
| (991 | ) | (822 | ) | (1,841 | ) | |||
Amortization of deferred settlements on derivative instruments |
| 710 |
| (306 | ) | 591 |
| |||
Impairment on corporate housing business |
| — |
| 17,122 |
| — |
| |||
Impairment on furniture rental business |
| — |
| — |
| 60,000 |
| |||
Impairment on technology investments |
| 1,162 |
| 1,162 |
| 11,766 |
| |||
Loss (income) from investments in unconsolidated entities |
| 10,118 |
| 3,698 |
| (3,772 | ) | |||
Net (gain) on sales of discontinued operations |
| (310,706 | ) | (104,296 | ) | (148,906 | ) | |||
Net (gain) on sales of unconsolidated entities |
| (4,942 | ) | (5,054 | ) | (387 | ) | |||
Loss on debt extinguishments |
| 2,095 |
| 792 |
| 208 |
| |||
Unrealized (gain) loss on derivative instruments |
| (118 | ) | 328 |
| (223 | ) | |||
Book value of furniture sales and rental buyouts |
| — |
| — |
| 11,411 |
| |||
Compensation paid with Company Common Shares |
| 14,883 |
| 25,796 |
| 18,164 |
| |||
|
|
|
|
|
|
|
| |||
Changes in assets and liabilities: |
|
|
|
|
|
|
| |||
Decrease (increase) in rents receivable |
| 2,234 |
| (570 | ) | (399 | ) | |||
Decrease (increase) in deposits - restricted |
| 4,406 |
| 9,896 |
| (10,468 | ) | |||
Additions to rental furniture |
| — |
| — |
| (18,611 | ) | |||
(Increase) decrease in other assets |
| (18,940 | ) | 14,531 |
| (17,694 | ) | |||
(Decrease) in accounts payable and accrued expenses |
| (4,682 | ) | (3,392 | ) | (633 | ) | |||
(Decrease) increase in accrued interest payable |
| (2,851 | ) | 406 |
| 10,293 |
| |||
Increase (decrease) in rents received in advance and other liabilities |
| 345 |
| 3,046 |
| (4,315 | ) | |||
(Decrease) in security deposits |
| (1,247 | ) | (2,151 | ) | (103 | ) | |||
Net cash provided by operating activities |
| 747,981 |
| 888,938 |
| 889,668 |
| |||
|
|
|
|
|
|
|
| |||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
| |||
Investment in real estate – acquisitions |
| (595,077 | ) | (258,269 | ) | (297,794 | ) | |||
Investment in real estate – development/other |
| (8,386 | ) | (109,077 | ) | (96,245 | ) | |||
Improvements to real estate |
| (181,948 | ) | (156,776 | ) | (150,927 | ) | |||
Additions to non-real estate property |
| (2,928 | ) | (7,301 | ) | (6,920 | ) | |||
Interest capitalized for real estate under development |
| — |
| (10,006 | ) | (8,309 | ) | |||
Interest capitalized for unconsolidated entities under development |
| (20,647 | ) | (17,161 | ) | (19,865 | ) | |||
Proceeds from disposition of real estate, net |
| 1,130,925 |
| 478,675 |
| 566,068 |
| |||
Proceeds from disposition of furniture rental business |
| — |
| 28,741 |
| — |
| |||
Proceeds from disposition of unconsolidated entities |
| 14,136 |
| 49,862 |
| 655 |
| |||
Proceeds from refinancing of unconsolidated entities |
| 6,708 |
| 4,375 |
| 24,404 |
| |||
Investments in unconsolidated entities |
| (14,038 | ) | (105,758 | ) | (142,565 | ) | |||
Distributions from unconsolidated entities |
| 20,515 |
| 41,656 |
| 35,668 |
| |||
(Increase) decrease in deposits on real estate acquisitions, net |
| (22,656 | ) | 24,845 |
| 52,340 |
| |||
Decrease (increase) in mortgage deposits |
| 11,298 |
| 27,425 |
| (1,626 | ) | |||
Business combinations, net of cash acquired |
| (515 | ) | (677 | ) | (8,785 | ) | |||
See accompanying notes
F-6
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS (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 | ||||||
|
| Year Ended December 31, |
| |||||||
|
| 2003 |
| 2002 |
| 2001 |
| |||
CASH FLOWS FROM INVESTING ACTIVITIES (continued): |
|
|
|
|
|
|
| |||
Consolidation of previously Unconsolidated Properties |
| $ | 6,879 |
| $ | (40,113 | ) | $ | 52,841 |
|
Acquisition of Minority Interests - Partially Owned Properties |
| (125 | ) | — |
| — |
| |||
Investment in property and equipment |
| — |
| — |
| (2,461 | ) | |||
Principal receipts on investment in mortgage notes |
| — |
| — |
| 61,419 |
| |||
Other investing activities, net |
| (13,775 | ) | 262 |
| (469 | ) | |||
Net cash provided by (used for) investing activities |
| 330,366 |
| (49,297 | ) | 57,429 |
| |||
|
|
|
|
|
|
|
| |||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
| |||
Loan and bond acquisition costs |
| (6,127 | ) | (11,233 | ) | (4,483 | ) | |||
Mortgage notes payable: |
|
|
|
|
|
|
| |||
Proceeds |
| 111,150 |
| 126,144 |
| 91,583 |
| |||
Lump sum payoffs |
| (401,951 | ) | (374,983 | ) | (364,229 | ) | |||
Scheduled principal repayments |
| (30,919 | ) | (32,731 | ) | (32,671 | ) | |||
Prepayment premiums/fees |
| (2,187 | ) | (792 | ) | (208 | ) | |||
Notes, net: |
|
|
|
|
|
|
| |||
Proceeds |
| 398,816 |
| 447,064 |
| 299,316 |
| |||
Lump sum payoffs |
| (190,000 | ) | (265,000 | ) | (150,000 | ) | |||
Scheduled principal repayments |
| (4,480 | ) | (4,669 | ) | (4,774 | ) | |||
Line of credit: |
|
|
|
|
|
|
| |||
Proceeds |
| 182,000 |
| 776,500 |
| 738,491 |
| |||
Repayments |
| (312,000 | ) | (831,500 | ) | (898,953 | ) | |||
(Payments on) proceeds from settlement of derivative instruments |
| (12,999 | ) | 5,757 |
| (7,369 | ) | |||
Proceeds from sale of Common Shares |
| 6,324 |
| 9,411 |
| 8,991 |
| |||
Proceeds from sale of Preferred Shares |
| 150,000 |
| — |
| — |
| |||
Proceeds from sale of Preference Interests |
| — |
| — |
| 60,000 |
| |||
Proceeds from exercise of options |
| 68,400 |
| 29,578 |
| 65,411 |
| |||
Payment of offering costs |
| (5,304 | ) | (207 | ) | (2,223 | ) | |||
Common Shares repurchased and retired |
| — |
| (115,004 | ) | — |
| |||
Redemption of Preferred Shares |
| (386,989 | ) | — |
| (210,500 | ) | |||
Premium on redemption of Preferred Shares |
| (8,345 | ) | — |
| — |
| |||
Distributions: |
|
|
|
|
|
|
| |||
Common Shares |
| (472,211 | ) | (473,996 | ) | (335,534 | ) | |||
Preferred Shares |
| (79,341 | ) | (76,973 | ) | (91,751 | ) | |||
Preference Interests |
| (20,211 | ) | (20,238 | ) | (18,172 | ) | |||
Junior Preference Units |
| (324 | ) | (325 | ) | (271 | ) | |||
Minority Interests - Operating Partnership |
| (38,472 | ) | (39,607 | ) | (30,067 | ) | |||
Minority Interests – Partially Owned Properties |
| (3,473 | ) | (12,608 | ) | (32,156 | ) | |||
Principal receipts on employee notes, net |
| — |
| 4,043 |
| 303 |
| |||
Net cash (used for) financing activities |
| (1,058,643 | ) | (861,369 | ) | (919,266 | ) | |||
|
|
|
|
|
|
|
| |||
Net increase (decrease) in cash and cash equivalents |
| 19,704 |
| (21,728 | ) | 27,831 |
| |||
Cash and cash equivalents, beginning of year |
| 29,875 |
| 51,603 |
| 23,772 |
| |||
Cash and cash equivalents, end of year |
| $ | 49,579 |
| $ | 29,875 |
| $ | 51,603 |
|
See accompanying notes
F-7
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS (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 | $ | — | ||||
|
| Year Ended December 31, |
| |||||||
|
| 2003 |
| 2002 |
| 2001 |
| |||
SUPPLEMENTAL INFORMATION: |
|
|
|
|
|
|
| |||
Cash paid during the year for interest |
| $ | 352,391 |
| $ | 365,782 |
| $ | 380,745 |
|
|
|
|
|
|
|
|
| |||
Transfers to real estate held for disposition |
| $ | — |
| $ | — |
| $ | 3,371 |
|
|
|
|
|
|
|
|
| |||
Real estate acquisitions/dispositions: |
|
|
|
|
|
|
| |||
Mortgage loans assumed |
| $ | 89,446 |
| $ | 32,355 |
| $ | 91,623 |
|
|
|
|
|
|
|
|
| |||
Valuation of OP Units issued |
| $ | 105 |
| $ | — |
| $ | — |
|
|
|
|
|
|
|
|
| |||
Mortgage loans (assumed) by purchaser |
| $ | (53,250 | ) | $ | (9,924 | ) | $ | (30,396 | ) |
|
|
|
|
|
|
|
| |||
Consolidation of previously Unconsolidated Properties: |
|
|
|
|
|
|
| |||
Mortgage loans assumed |
| $ | 51,625 |
| $ | 18,100 |
| $ | 301,502 |
|
|
|
|
|
|
|
|
| |||
Valuation of OP Units issued |
| $ | 4,231 |
| $ | — |
| $ | — |
|
|
|
|
|
|
|
|
| |||
Minority Interests - Partially Owned Properties |
| $ | 42 |
| $ | — |
| $ | 31,100 |
|
|
|
|
|
|
|
|
| |||
Investments in unconsolidated entities |
| $ | 34,942 |
| $ | (312 | ) | $ | 18,021 |
|
|
|
|
|
|
|
|
| |||
Net (assets) liabilities recorded |
| $ | 27,152 |
| $ | 44,209 |
| $ | (38,860 | ) |
|
|
|
|
|
|
|
| |||
Deconsolidation of previously Wholly Owned Properties: |
|
|
|
|
|
|
| |||
Mortgage loans contributed |
| $ | — |
| $ | (118,376 | ) | $ | — |
|
See accompanying notes
F-8
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'SHAREHOLDERS’ 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 | |||||
|
| Year Ended December 31, |
| |||||||
|
| 2003 |
| 2002 |
| 2001 |
| |||
|
|
|
|
|
|
|
| |||
PREFERRED SHARES |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Balance, beginning of year |
| $ | 946,157 |
| $ | 966,671 |
| $ | 1,183,136 |
|
Redemption of 9 3/8% Series A Cumulative Redeemable |
| — |
| — |
| (153,000 | ) | |||
Conversion of 7.00% Series E Cumulative Convertible |
| (8,891 | ) | (20,442 | ) | (5,845 | ) | |||
Redemption of 9.65% Series F Cumulative Redeemable |
| — |
| — |
| (57,500 | ) | |||
Conversion of 7.25% Series G Convertible Cumulative |
| (29,184 | ) | (2 | ) | — |
| |||
Redemption of 7.25% Series G Convertible Cumulative |
| (286,989 | ) | — |
| — |
| |||
Conversion of 7.00% Series H Cumulative Convertible |
| (180 | ) | (70 | ) | (120 | ) | |||
Redemption of 7.625% Series L Cumulative Redeemable |
| (100,000 | ) | — |
| — |
| |||
Issuance of 6.48% Series N Cumulative Redeemable |
| 150,000 |
| — |
| — |
| |||
Balance, end of year |
| $ | 670,913 |
| $ | 946,157 |
| $ | 966,671 |
|
|
|
|
|
|
|
|
| |||
COMMON SHARES, $0.01 PAR VALUE |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Balance, beginning of year |
| $ | 2,711 |
| $ | 2,716 |
| $ | 2,652 |
|
Issuance through conversion of Preferred Shares into Common Shares |
| 14 |
| 9 |
| 3 |
| |||
Issuance through conversion of OP Units into Common Shares |
| 7 |
| 9 |
| 18 |
| |||
Issuance through exercise of share options |
| 32 |
| 15 |
| 32 |
| |||
Issuance through Employee Share Purchase Plan |
| 3 |
| 3 |
| 3 |
| |||
Issuance through Share Purchase – DRIP Plan and Dividend Reinvestment – DRIP Plan |
| — |
| 1 |
| 1 |
| |||
Stock-based employee compensation expense: |
|
|
|
|
|
|
| |||
Restricted/performance shares |
| 9 |
| 9 |
| 7 |
| |||
Common Shares repurchased and retired |
| — |
| (51 | ) | — |
| |||
Balance, end of year |
| $ | 2,776 |
| $ | 2,711 |
| $ | 2,716 |
|
|
|
|
|
|
|
|
| |||
PAID IN CAPITAL |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Balance, beginning of year |
| $ | 4,844,104 |
| $ | 4,897,630 |
| $ | 4,753,371 |
|
Issuance through conversion of Preferred Shares into Common Shares |
| 38,241 |
| 20,505 |
| 5,962 |
| |||
Issuance through conversion of OP Units into Common Shares |
| 10,896 |
| 14,759 |
| 29,303 |
| |||
Issuance of Common Shares through exercise of share options |
| 68,368 |
| 29,563 |
| 65,379 |
| |||
Issuance of Common Shares through Employee Share Purchase Plan |
| 6,321 |
| 7,374 |
| 6,928 |
| |||
Issuance of Common Shares through Share Purchase – DRIP Plan |
| — |
| 861 |
| 910 |
| |||
Issuance of Common Shares through Dividend Reinvestment – DRIP Plan |
| — |
| 1,172 |
| 1,149 |
| |||
Stock-based employee compensation expense: |
|
|
|
|
|
|
| |||
Restricted/performance shares |
| 2,488 |
| 12,127 |
| 29,020 |
| |||
Share options |
| 2,626 |
| — |
| — |
| |||
ESPP discount |
| 1,196 |
| — |
| — |
| |||
Common Shares repurchased and retired |
| — |
| (114,953 | ) | — |
| |||
Offering costs |
| (5,304 | ) | (207 | ) | (2,223 | ) | |||
Premium on redemption of preferred shares – original issuance costs |
| 11,892 |
| — |
| 5,324 |
| |||
Other |
| (24,661 | ) | (29,017 | ) | (374 | ) | |||
Adjustment for Minority Interests ownership in Operating Partnership |
| 545 |
| 4,290 |
| 2,881 |
| |||
Balance, end of year |
| $ | 4,956,712 |
| $ | 4,844,104 |
| $ | 4,897,630 |
|
See accompanying notes
F-9
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'SHAREHOLDERS’ EQUITY (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 | ) | $ | — | $ | — | |||||
|
| Year Ended December 31, |
| |||||||
|
| 2003 |
| 2002 |
| 2001 |
| |||
|
|
|
|
|
|
|
| |||
EMPLOYEE NOTES |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Balance, beginning of year |
| $ | — |
| $ | (4,043 | ) | $ | (4,346 | ) |
Principal receipts, net |
| — |
| 4,043 |
| 303 |
| |||
Balance, end of year |
| $ | — |
| $ | — |
| $ | (4,043 | ) |
|
|
|
|
|
|
|
| |||
DEFERRED COMPENSATION |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Balance, beginning of year |
| $ | (12,118 | ) | $ | (25,778 | ) | $ | (14,915 | ) |
Restricted/performance shares granted, net of cancellations |
| — |
| (12,136 | ) | (29,027 | ) | |||
Amortization to compensation expense – restricted/performance shares |
| 8,564 |
| 25,796 |
| 18,164 |
| |||
Balance, end of year |
| $ | (3,554 | ) | $ | (12,118 | ) | $ | (25,778 | ) |
|
|
|
|
|
|
|
| |||
DISTRIBUTIONS IN EXCESS OF ACCUMULATED EARNINGS |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Balance, beginning of year |
| $ | (539,942 | ) | $ | (390,206 | ) | $ | (300,351 | ) |
Net income |
| 543,847 |
| 421,313 |
| 474,023 |
| |||
Common Share distributions |
| (474,702 | ) | (473,898 | ) | (452,435 | ) | |||
Preferred Share distributions |
| (76,435 | ) | (76,615 | ) | (87,504 | ) | |||
Preference Interest distributions |
| (20,211 | ) | (20,211 | ) | (18,263 | ) | |||
Junior Preference Unit distributions |
| (325 | ) | (325 | ) | (352 | ) | |||
Premium on redemption of preferred shares – cash charge |
| (8,345 | ) | — |
| — |
| |||
Premium on redemption of preferred shares – original issuance costs |
| (11,892 | ) | — |
| (5,324 | ) | |||
Balance, end of year |
| $ | (588,005 | ) | $ | (539,942 | ) | $ | (390,206 | ) |
|
|
|
|
|
|
|
| |||
ACCUMULATED OTHER COMPREHENSIVE LOSS |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Balance, beginning of year |
| $ | (43,789 | ) | $ | (33,040 | ) | $ | — |
|
Accumulated other comprehensive loss - derivative and other instruments: |
|
|
|
|
|
|
| |||
Cumulative effect of change in accounting principle |
| — |
| — |
| (5,334 | ) | |||
Unrealized holding gains (losses) arising during the year |
| 11,467 |
| (10,905 | ) | (17,909 | ) | |||
Equity in unrealized holding gains (losses) arising during the year – unconsolidated entities |
| 7,268 |
| (689 | ) | (10,366 | ) | |||
Losses reclassified into earnings from other comprehensive income |
| 1,653 |
| 845 |
| 569 |
| |||
Balance, end of year |
| $ | (23,401 | ) | $ | (43,789 | ) | $ | (33,040 | ) |
See accompanying notes
F-10
EQUITY RESIDENTIAL PROPERTIES TRUST
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Business and Formation of the Company
1.Business
Equity Residential Properties Trust,(“EQR”), formed in March 1993, ("EQR"), is a self-administered and self-managed equityfully integrated real estate investment trust ("REIT"). As used herein,company engaged in the term "Company" meansacquisition, development, ownership, management and operation of multifamily properties. EQR and its subsidiaries, as the survivor of the mergers between EQR and each of Wellsford Residential Property Trust, Evans Withycombe Residential, Inc., Merry Land & Investment Company, Inc. and Lexford Residential Trust (collectively, the "Mergers"). The Company also includes the businesses formerly operated by 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 has elected to be taxed as a REIT under Section 856(c) of the Internal Revenue Code 1986, as amended (the "Code"real estate investment trust (“REIT”).
EQR is the general partner of, and as of December 31, 2001,2003 owned an approximate 92.1%92.7% ownership interest in ERP Operating Limited Partnership, an Illinois limited partnership (the "Operating Partnership"“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“Company” include EQR, the Operating Partnership and each of the partnerships, limited liability companies and corporations controlled by the Operating Partnership and/or EQR.
The Company is engaged in the acquisition, ownership, management, operation and disposition of multifamily properties.
As of December 31, 2001,2003, the Company owned or had interestsinvestments in a portfolio of 1,076 multifamily 968properties (individually a "Property" and collectively the "Properties") containing 224,801 apartment units located in 3634 states consisting of the following:207,506 units. The ownership breakdown includes:
| Number of Properties | Number of Units | ||
---|---|---|---|---|
Wholly Owned Properties | 955 | 199,698 | ||
Partially Owned Properties | 36 | 6,931 | ||
Unconsolidated Properties | 85 | 18,172 | ||
Total Properties | 1,076 | 224,801 | ||
|
| Properties |
| Units |
|
Wholly Owned Properties |
| 849 |
| 178,150 |
|
Partially Owned Properties (Consolidated) |
| 35 |
| 6,778 |
|
Unconsolidated Properties |
| 84 |
| 22,578 |
|
|
| 968 |
| 207,506 |
|
The Company accounts“Wholly Owned Properties” are accounted 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 948842 of the 955849 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 2066.2026 for one property. This one Propertyproperty 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"(“SFAS”) No. 13,Accounting for Leases. The Company owns the debt collateralized by two Propertiesproperties and owns an interest in the debt collateralized by the remaining four Properties.properties. The Company consolidates its interest in these six Propertiesproperties 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.
F-11
The "Partially“Partially Owned Properties"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"“Unconsolidated Properties” are partially owned but not controlled by the Company andCompany. With the exception of one property, the Unconsolidated Properties consist of investments in partnership interests and/or subordinated mortgages that are accounted for under the equity method of accounting. The remaining one property consists of an investment in a limited liability company that, as a result of the terms of the operating agreement, is accounted for as a management contract right with all fees recognized as fee and asset management revenue. The above table does not include various uncompleted development properties summarized in Note 9.
2. Summary of Significant Accounting Policies
Basis of Presentation
The Mergers and acquisitions were accounted 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. The accompanying 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'sCompany’s ability as general partner to control either through ownership or by contract the Operating Partnership and its subsidiaries, other than entities owningthat own controlling interests in the Unconsolidated Properties and certain other entities in which the Company has investments, the Operating
F-11
Partnership and each such subsidiary has been consolidated with the Company for financial reporting purposes. In July 2001, the Company acquired 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. properties. In September 2001, the Company acquired the remaining 5% of the preferred stock it did not own 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 legal control, the effects of which were immaterial.
The Company’s mergers and acquisitions were accounted for as purchases in accordance with either Accounting Principles Board (“APB”) Opinion No. 16, Business Combinations, or SFAS No. 141, Business Combinations. SFAS No. 141 requires all business combinations initiated after June 30, 2001 be accounted for under the purchase method of accounting. The fair value of the consideration given by the Company in the mergers were used as the valuation basis for each of the combinations. The accompanying 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.
Real Estate Assets and Depreciation of Investment in Real Estate
Real estate is recorded at cost less accumulated depreciation less an adjustment, if any, for impairment. A land value is assigned based on
The Company allocates the purchase price of properties to net tangible and identified intangible assets acquired based on their fair values in accordance with the provisions of SFAS No. 141. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio, and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Company allocates the purchase price of acquired real estate to various components as follows:
• Land – Based on actual purchase price if land is acquired separately or based on market researchresearch/comparables if acquired inwith an operating property.
• Furniture, Fixtures and Equipment – Ranges between $1,500 and $3,000 per apartment unit acquired as an estimate of the fair value of the appliances & fixtures inside a merger or in a single or portfolio acquisition.
unit. The per-unit amount applied depends on the type of apartment building acquired. Depreciation is computedcalculated on the straight-line method over an estimated useful life of five years.
• In-Place Leases – The Company considers the value of acquired in-place leases that meet the definition outlined in SFAS No. 141, paragraph 37. The amortization period is the remaining term of each respective in-place acquired lease. Should a straight-line basis overresident terminate its lease, the unamortized portion of the deferred in-place lease would be fully expensed.
• Other Intangible Assets - The Company considers whether it has acquired other intangible assets that meet the definition outlined in SFAS No. 141, paragraph 39, including any customer relationship intangibles. The amortization period is the estimated useful liveslife of the assets. The Company uses a 30-yearacquired intangible asset.
• Building - Based on the fair value determined on an “as-if vacant” basis. Depreciation is calculated on the straight-line method over an estimated useful life for buildings and a five-year estimated life for initial furniture, fixtures and equipment. of thirty years.
Replacements inside a unit such as appliances and carpeting, are depreciated over a five-year estimated useful 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
F-12
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.disposed of in accordance with SFAS No. 144 (see further discussion below).
F-12
The Company classifies Propertiesproperties under development and/or expansion and properties in the lease up phase as construction in progress until construction has 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.sheets.
Impairment of Long-Lived Assets, Including Goodwill
Asset Impairment
For real estate properties held for use,In June 2001, the Company follows the guidance inFASB issued SFAS No. 121,142, Goodwill and Other Intangible Assets. SFAS No. 142 prohibits the amortization of goodwill and requires that goodwill be reviewed for impairment at least annually. In August 2001, the FASB issued SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. SFAS Nos. 142 and 144 were effective for Long-Lived Assetsfiscal years beginning after December 15, 2001. The Company adopted these standards effective January 1, 2002. See Notes 16 and 22 for further discussion.
The Company periodically evaluates its long-lived assets, including its investments in real estate and goodwill, for indicators of permanent impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each asset and legal and environmental concerns. Future events could occur which would cause the Company to be Disposed Of, in determining whetherconclude that impairment indicators exist and an impairment loss exists. The Company first determines whether any indicators of impairment exist. If indicators exist,is warranted.
For long-lived assets to be held and used, the Company compares the expected future undiscounted cash flows for an operating propertythe long-lived asset against the carrying amount of that property.asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the property,asset, an impairment loss would be recorded for the difference between the estimated fair value and the carrying amount of the property.asset.
For real estate propertieslong-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the real estate,asset, less the estimated cost to sell, is less than the carrying amount of the real estateasset measured at the time it is certain that the Company has determined it will sell the property. Real estateasset. Long-lived assets held for disposition isand the related liabilities are separately reported at the lower of itstheir carrying amountamounts or itstheir estimated fair value,values, less its costtheir costs to sell.sell, and are not depreciated after reclassification to real estate held for disposition.
For all other assets, including property and equipment and goodwill,
Prior to January 1, 2002, the Company alsofollowed the guidance in SFAS No. 121, Accountingfor the Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed of.
Prior to 2002, the Company amortized goodwill on a straight-line basis over a period of 20 years. The accumulated amortization of goodwill was $5.5 million at December 31, 2001. Subsequent to January 1, 2002, goodwill is not amortized but is subject to annual impairment tests.
Cost Capitalization
See the Real Estate Assets and Depreciation of Investment in Real Estate section for discussion of the policy with respect to capitalization vs. expensing of fixed asset/repair and maintenance costs. In addition, the Company capitalizes the payroll and associated costs of employees directly responsible for and who spend all of their time on the supervision of major capital projects. These costs are reflected on the balance sheet as an increase to depreciable property.
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The Company follows the guidance in SFAS No. 12167, Accounting for Costs and Initial Rental Operations of Real Estate Projects, for all development projects and uses its professional judgment in determining whether an impairment loss exists.such costs meet the criteria for capitalization or must be expensed as incurred. The Company reviews the current net book value taking into consideration existing businesscapitalizes interest, real estate taxes and economic conditions as well as projected operating cash flows. See Note 20insurance and payroll and associated costs for further discussion.
In August 2001, the Financial Accounting Standards Board ("FASB") issued SFAS No. 144,Accountingthose individuals directly responsible for the Impairment or Disposaland who spend all of Long-Lived Assets, which is effective for fiscal years beginning after December 15, 2001.their time on development activities. The Company adoptedexpenses as incurred all payroll costs of employees working directly at our properties, except for costs that are incurred during the standard effective January 1, 2002, which did not have any impactinitial lease-up phase on a development project. An allocated portion of payroll costs is capitalized based upon the occupancy of the project until stabilized occupancy is achieved. The incremental payroll and associated costs are capitalized to the projects under development based upon the effort directly identifiable with such projects. These costs are reflected on the Company's financial conditionbalance sheet as either construction in progress or a separate component of investments in unconsolidated entities. The Company ceases the capitalization of such costs as the property becomes substantially complete and results of operations.ready for its intended use.
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 institutionone or more institutions periodically exceed the Federal Depository Insurance Corporation ("FDIC"(“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 theirthe financial institutions’ non-performance.
Deferred Financing Costs
Deferred financing costs include fees and costs incurred to obtain the Company's linesCompany’s line of credit, long-term financings 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 is
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retired before the maturity date. The accumulated amortization of such deferred financing costs was $22.9$16.0 million and $17.7$15.2 million at December 31, 20012003 and 2000,2002, respectively.
Rental Furniture
Rental furniture is stated at cost and depreciated on a straight-line basis at a rate
Fair Value 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.Financial Instruments, Including Derivative Instruments
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 periodically reviews goodwill for impairment and if a permanent decline in value has occurred, the Company would 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 2001, the FASB issuedThe valuation of financial instruments under SFAS No. 142,107, Disclosures about Fair Value of Financial InstrumentsGoodwill, and Other Intangible Assets. SFAS No. 142 requires companies to eliminate the amortization of goodwill in favor of a periodic impairment based approach. SFAS No. 142 is effective133 and its amendments (SFAS Nos. 137/138/149), Accounting for fiscal years beginning after December 15, 2001. The Company adopted the standard effective January 1, 2002, which did not have a material impact on the Company's financial condition and results of operations.
Derivative Instruments and Hedging Activities, 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.
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.
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On January 1, 2001, the Company adopted SFAS No. 133 and its amendments (SFAS Nos. 137 and 138),Accounting for Derivative Instruments and Hedging Activities137/138/149), 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'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
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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. The Company does not use derivatives for trading or speculative purposes.
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 statementstatements of shareholders'shareholders’ equity; and a charge of approximately $1.3 million as a cumulative effect of change in accounting principle in the consolidated statementstatements 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'sCompany’s financial instruments, (excluding the Company's investment in mortgage notes—see Note 8),other than derivative instruments, including cash and cash equivalents, mortgage notes payable, other notes payable, linesline of credit and other financial instruments, approximate their carrying or contract values.
Revenue Recognition
Rental income attributable to leases is recorded when due from residents 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. Leases entered into between a resident and a Propertyproperty, for the rental of an apartment unit, are generally year-to-year, renewable upon consent of both parties on a year-to-yearan annual or month-to-monthmonthly basis.
Leases
Stock-Based Compensation
Prior to 2003, the Company had chosen to account for its stock-based compensation in accordance with APB No. 25, Accounting for Stock Issued to Employees,which resulted in no compensation expense for options issued with an exercise price equal to or exceeding the market value of furniture generally have an initial termthe Company’s Common Shares on the date of threegrant (intrinsic method). The Company has elected to six monthsaccount for its stock-based compensation in durationaccordance with SFAS No. 123 and can be extended by the customer on a month-to-month basis. Furniture rentals are accountedits amendment (SFAS No. 148), Accounting for as operating leases, and revenue is recordedStock Based Compensation, effective in the month earned. For salesfirst quarter of furniture, as well as rental buyouts,2003, which resulted in compensation expense being recorded based on the fair value of the stock compensation granted.
SFAS No. 148 provides three transition methods for entities that adopt the fair value recognition provisions of SFAS No. 123. The Company has chosen to use the “Prospective Method”. This method requires that companies apply the recognition provisions of SFAS No. 123 to only employee awards granted or modified after the beginning of the fiscal year in which the recognition provisions are first applied, or January 1, 2003. Compensation expense under all of the Company’s plans is generally recognized over periods ranging from three months to five years. Therefore, the cost related to stock-based employee compensation included in the determination of net income for the year ended December 31, 2003 is less than that which would have been recognized if the fair value based method had been applied to all awards since the original effective date of SFAS No. 123.
The following table illustrates the effect on net income and earnings per share if the fair value based method had been applied to all outstanding and unvested awards in each period presented:
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revenue and
|
| Year Ended December 31, |
| |||||||
|
| 2003 |
| 2002 |
| 2001 |
| |||
|
| (Amounts in thousands except per share amounts) |
| |||||||
|
|
|
|
|
|
|
| |||
Net income available to Common Shares – as reported |
| $ | 426,639 |
| $ | 324,162 |
| $ | 362,580 |
|
Add: Stock-based employee compensation expense included in reported net income: |
|
|
|
|
|
|
| |||
Restricted/performance shares |
| 11,043 |
| 25,839 |
| 18,271 |
| |||
Share options (1) |
| 2,626 |
| — |
| — |
| |||
ESPP discount |
| 1,196 |
| — |
| — |
| |||
Deduct: Stock-based employee compensation expense determined under fair value based method for all awards: |
|
|
|
|
|
|
| |||
Restricted/performance shares |
| (11,043 | ) | (25,839 | ) | (18,271 | ) | |||
Share options (1) |
| (6,784 | ) | (6,249 | ) | (5,426 | ) | |||
ESPP discount |
| (1,196 | ) | (1,379 | ) | (1,302 | ) | |||
Net income available to Common Shares – pro forma |
| $ | 422,481 |
| $ | 316,534 |
| $ | 355,852 |
|
Earnings per share: |
|
|
|
|
|
|
| |||
Basic – as reported |
| $ | 1.57 |
| $ | 1.19 |
| $ | 1.36 |
|
Basic – pro forma |
| $ | 1.55 |
| $ | 1.16 |
| $ | 1.33 |
|
Diluted – as reported |
| $ | 1.55 |
| $ | 1.18 |
| $ | 1.34 |
|
Diluted – pro forma |
| $ | 1.54 |
| $ | 1.15 |
| $ | 1.32 |
|
(1) Share options for the year ended December 31, 2003 included $1.4 million of expense recognition 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 expensesto options granted in the consolidated statementsfirst quarter of operations.2003 to the Company’s former chief executive officer. These options vested immediately upon grant.
The Company adoptedfair value of the provisionsoption grants as computed under SFAS No. 123 would be recognized over the vesting period of Staff Accounting Bulletin ("SAB") No. 101,Revenue Recognition, effective October 1, 2000. SAB No. 101 provides guidance on the recognition, presentationoptions. The fair value for the Company’s share options was estimated at the time the share options were granted using the Black Scholes option pricing model with the following weighted-average assumptions:
|
| 2003 |
| 2002 |
| 2001 |
| |||
Risk-free interest rate |
| 3.02 | % | 4.55 | % | 4.43 | % | |||
Expected dividend yield |
| 6.46 | % | 6.46 | % | 6.17 | % | |||
Volatility |
| 20.8 | % | 20.8 | % | 20.4 | % | |||
Expected life of the options |
| 5 years |
| 7 years |
| 7 years |
| |||
Fair value of options granted |
| $ | 1.90 |
| $ | 2.69 |
| $ | 2.76 |
|
The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and disclosureare fully transferable. In addition, option valuation models require the input of revenuehighly subjective assumptions including the expected stock price volatility. Because the Company’s share options have characteristics significantly different from those of traded options, and because changes in financial statements. The adoptionthe 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 SAB No. 101 did not have a material impact on the Company's financial condition and resultsfair value of operations.its share options.
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Income Taxes
Due to the structure of the Company as a REIT and the nature of the operations of the Propertiesproperties and management business, the results of operations generally contain no provision for federal income taxes. The Company is subject to certain state and local income, excise and franchise taxes. The aggregate cost of land and depreciable property for federal income tax purposes as of December 31, 20012003 and 20002002 was approximately $8.6$8.5 billion and $9.0$8.7 billion, respectively.
Effective in 2001, the Company has elected Taxable REIT Subsidiary ("TRS"(“TRS”) status for certain of its corporate subsidiaries. The provisions for federal income taxes for these TRS entities were not material during 2003, 2002 or 2001 and were recognized as general and administrative expenses in the consolidated statements of operations.
During the years ended December 31, 2003, 2002 and 2001, 2000 and 1999, the Company'sCompany’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 |
|
| Year Ended December 31, |
| |||||||
|
| 2003 |
| 2002 |
| 2001 |
| |||
Tax treatment of distributions: |
|
|
|
|
|
|
| |||
Ordinary income |
| $ | 0.799 |
| $ | 1.398 |
| $ | 1.369 |
|
Qualified dividends |
| 0.009 |
| — |
| — |
| |||
Pre-May 6, 2003 long-term capital gain |
| 0.150 |
| 0.212 |
| 0.220 |
| |||
Post-May 5, 2003 long-term capital gain |
| 0.315 |
| — |
| — |
| |||
Unrecaptured section 1250 gain |
| 0.251 |
| 0.120 |
| 0.091 |
| |||
Return of capital |
| 0.206 |
| — |
| — |
| |||
Distributions declared per Common Share outstanding |
| $ | 1.730 |
| $ | 1.730 |
| $ | 1.680 |
|
Minority Interests
Operating Partnership: Net income is allocated to minority interests based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of Operating Partnership Units ("units of limited partnership interest (“OP Units"Units”) held by the minority interests by the total OP Units held by the minority interests and the Company.EQR. Issuance of additional common shares of beneficial interest, $0.01 par value per share (the "Common Shares"“Common Shares”), and OP Units changes the ownership interests of both the minority interests and the Company.EQR. Such transactions and the proceeds therefrom are treated as capital transactions.
Partially Owned Properties: The Company reflects minority interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Company that are not wholly owned by the Company. The earnings or losses from those properties attributable to the minority
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interests are reflected as minority interests in partially owned properties in the consolidated statements of operations.
UUsese of Estimates
In preparation of the Company'sCompany’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.
Reclassifications
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Reclassifications
Certain reclassifications considered necessary for a fair presentation have been made to the previously reportedprior period financial statements in order to provide comparability withconform to the 2001 statements reported herein.current year presentation. These reclassifications have not changed the results of operations or shareholders'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 residents.
Other
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 measure of financial performance.
During the acquisition, development and/or disposition of real estate, the NOI return on total capitalized costs is the primary measure of financial performance (capitalization rate) the Company considers.
The Company's fee and asset management activity and furniture rental/sales activities are immaterial and do not meet the threshold requirements of a reportable segment as provided for in SFAS No. 131.
All revenues are from external customers and there is no customer who contributed 10% or more of the Company's total revenues during 2001, 2000 or 1999.
Other
In June 2001,April 2002, the FASB issued SFAS No. 141,145, Rescission of FASB Statements No. 4, 44 and 64, Amendment of FASB Statement No. 13, and Technical CorrectionsBusiness Combinations.. SFAS No. 141 requires companies to account for all business combinations using145, among other items, rescinds the purchase methodautomatic classification of accounting.costs incurred on debt extinguishment as extraordinary charges. Instead, gains and losses from debt extinguishment should only be classified as extraordinary if they meet the “unusual and infrequently occurring” criteria outlined in APB No. 30. SFAS No. 141145 is effective for fiscal years beginning after DecemberMay 15, 2001.2002. The Company adopted the standard effective January 1, 2002,2003.Prior period gains/losses have been reclassified to a component of interest expense.
In January 2003, the FASB issued Interpretation (“FIN”) No. 46, Consolidation of Variable Interest Entities. FIN No. 46 requires a variable interest entity to be consolidated if a company is subject to a majority of the risk of loss from the variable interest entity’s activities or entitled to receive a majority of the entity’s residual returns or both. The Company will adopt FIN No. 46 as required effective March 31, 2004. FASB Staff Position (“FSP”) No. FIN 46-6 deferred the effective date for applying the provisions of FIN No. 46 (for entities created before February 1, 2003) from July 1, 2003 to December 31, 2003. FIN No. 46-R released in December 2003 further deferred the effective date for the Company’s variable interest entities to March 31, 2004. The Company has preliminarily determined that its unconsolidated stabilized development projects and projects under development (see Note 9) are variable interest entities in which didthe Company is the primary beneficiaryas of the date of the original formation of therespective joint ventures. On such respective formation dates, the fair value of the assets, liabilities and non-controlling interests of these development projects approximates carryover basis. If these development projects had been consolidated as of December 31, 2003, the Company’s investment in real estate and mortgage notes payable would have increased by $1.3 billion and $877.7 million, respectively, and investments in unconsolidated entities would have decreased by $465.4 million. The Company does not anticipate that the adoption of FIN No. 46 will have any material effect on net income.
In May 2003, the FASB issued SFAS No. 150, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity. SFAS No. 150 establishes standards for classifying and measuring as liabilities certain financial instruments that embody obligations of the issuer and have characteristics of both liabilities and equity. On November 7, 2003, the FASB issued FSP No. FAS 150-3, which deferred for an indefinite period the classification and measurement provisions, but not the disclosure provisions (see discussion below), of SFAS No. 150 as it relates to noncontrolling interests that are classified as equity in the financial statements of a subsidiary but would be classified as a liability in the parent’s financial statements under SFAS No. 150 (e.g., minority interests in consolidated limited-life subsidiaries). The Company has determined that it does not have any impactmandatorily redeemable preferred shares/units that fall within the scope of SFAS No. 150.
With regards to the aforementioned disclosure provisions, the Company is presently the controlling partner in various consolidated partnerships consisting of 35 properties and 6,778 units having a minority interest book value of $9.9 million at December 31, 2003. These partnerships contain provisions that require the partnerships to be liquidated through the sale of its assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute proceeds of liquidation to the Minority Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of its assets warrant a distribution based on the Company'spartnership agreements. As of December 31, 2003, the Company estimates the value of Minority Interest distributions would have been
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approximately $104 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third party consideration realized by the partnerships upon disposition of the Partially Owned Properties and is net of all other assets and liabilities including yield maintenance on the mortgages encumbering the properties that would have been due on December 31, 2003 had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Minority Interests in the Company’s Partially Owned Properties is subject to change. To the extent that the partnerships’ underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Minority Interests in Partially Owned Properties.
On July 31, 2003, the SEC clarified its position with respect to Emerging Issues Task Force (“EITF”) Topic D-42, The Effect on the Calculation of Earnings per Share for the Redemption or Induced Conversion of Preferred Stock. Under the SEC’s revised interpretation, in connection with the redemption of preferred shares/units, the original issuance costs of these shares/units must be treated in a manner similar to preferred distributions and deducted from net income in arriving at net income available to Common Shares. The clarification of EITF Topic D-42 was required to be adopted effective July 1, 2003 on a retroactive basis by restating prior periods included in the current financial conditionstatements. The adoption of the clarification of EITF Topic D-42 resulted in the retroactive write-off of $5.3 million of original issuance costs related to the Company’s redemption of its Series A Preferred Shares in June 2001. In addition, the Company recorded an $8.3 million cash premium and results$11.9 million in original issuance costs related to the redemption of operations.its Series G Preferred Shares in December 2003. The Company had no recorded original issuance costs associated with, nor did it incur any cash redemption premium upon redemption of, its Series F Preferred Shares redeemed in 2001 or its Series L Preferred Shares redeemed in 2003.
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3. Business Combinations
On October 1, 1999, the Company acquired Lexford Residential Trust ("LFT")(the "LFT Merger"), which included 402 Properties containing 36,609 units and other related assets for 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 into 0.926 of a Common Share of the Company. The purchase price consisted of 8.0 million Common Shares issued by the Company with 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:
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 Business Resources, Inc. (“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. During 2002, the Company recorded a $17.1 million asset impairment charge related to Equity Corporate Housing (“ECH”). See Note 20.Notes 16 and 22.
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.ECH.
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:
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All of the amounts stated above related to these business combinations were based on management's best estimates, which were subject to adjustment within one year of the respective closing dates.
4. Shareholders'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'sCompany’s issued and outstanding Common Shares for the years ended December 31, 2001, 20002003, 2002 and 1999:
| 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.2001:
On
F-19
|
| 2003 |
| 2002 |
| 2001 |
|
Common Shares outstanding at January 1, |
| 271,095,481 |
| 271,621,374 |
| 265,232,750 |
|
|
|
|
|
|
|
|
|
Common Shares Issued: |
|
|
|
|
|
|
|
Conversion of Series E Preferred Shares |
| 395,723 |
| 909,873 |
| 260,078 |
|
Conversion of Series G Preferred Shares |
| 996,459 |
| 70 |
| — |
|
Conversion of Series H Preferred Shares |
| 10,424 |
| 4,050 |
| 6,972 |
|
Employee Share Purchase Plan |
| 289,274 |
| 324,238 |
| 310,261 |
|
Dividend Reinvestment – DRIP Plan |
| — |
| 41,407 |
| 42,649 |
|
Share Purchase – DRIP Plan |
| — |
| 31,354 |
| 33,106 |
|
Exercise of options |
| 3,249,555 |
| 1,435,115 |
| 3,187,530 |
|
Restricted share grants, net |
| 900,555 |
| 885,967 |
| 730,982 |
|
Conversion of OP Units |
| 706,631 |
| 933,937 |
| 1,817,359 |
|
|
|
|
|
|
|
|
|
Common Shares Other: |
|
|
|
|
|
|
|
Common Shares repurchased and retired |
| — |
| (5,092,300 | ) | — |
|
Common Shares other |
| (217 | ) | 396 |
| (313 | ) |
Common Shares outstanding at December 31, |
| 277,643,885 |
| 271,095,481 |
| 271,621,374 |
|
In February 3, 1998, the Company filed withand the SEC declared effective a Form S-3 Registration Statement to register $1$1.0 billion of equity securities. The SEC declared this registration statement effective on
F-19
February 27, 1998. In addition, the Company carried over $272$272.4 million related to thea prior registration statement effective on August 4, 1997.statement. As of December 31, 2001, $1.1 billion2003, $956.5 million in equity securities remained available for issuance under this registration statement.
During October 2002, the Company repurchased 5,092,300 of its Common Shares on the open market at an average price of $22.58 per share. The Company paid approximately $115.0 million for these shares, which were retired subsequent to the repurchase.
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—“Minority Interests – Operating Partnership"Partnership”. As of December 31, 20012003 and 2000,2002, the Minority Interests—Interests - Operating Partnership held 23,197,19221,907,732 and 24,857,50222,300,643 OP Units, respectively. As a result, the Minority Interests had a 7.87%7.3% and 8.57%7.6% interest in the Operating Partnership at December 31, 20012003 and 2000,2002, respectively. Assuming conversion of all OP Units into Common Shares, total Common Shares outstanding at December 31, 20012003 and 20002002 would have been 294,818,566299,551,617 and 290,090,252,293,396,124, respectively. Subject to applicable securities law restrictions, the Minority Interests – Operating Partnership may exchange their OP Units for EQR Common Shares on a one-for-one basis.
Net proceeds from the Company'sCompany’s Common Share and Preferred Share (see definition below) offerings are contributed by the Company to the Operating Partnership inPartnership. In return for an increased ownership percentage and are treated as capital transactionsthose contributions, EQR receives a number of OP Units in the Company's consolidated financial statements.Operating Partnership equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in the Operating Partnership equal in number and having the same terms as the Preferred Shares issued in the equity offering). As a result, the net offering proceeds from Common Shares are allocated between shareholders'shareholders’ equity and Minority Interests—Interests – Operating Partnership to account for the change in their respective percentage ownership of the underlying equity of the Operating Partnership.
During 2003, the Operating Partnership issued 313,720 OP Units to various limited partners at an average price of $26.11 per unit. These OP Units are classified as Minority Interests – Operating Partnership in the accompanying consolidated balance sheets.
The Company’s declaration of trust ofauthorizes the Company provides that the Company mayto issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share (the "Preferred Shares"“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'sCompany’s Common Shares.
F-20
The following table presents the Company'sCompany’s issued and outstanding Preferred Shares as of December 31, 20012003 and 2000:2002:
| | | | Amounts in thousands | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Annual Dividend Rate per Share (3) | ||||||||||
| Redemption Date (1)(2) | Conversion Rate (2) | December 31, 2001 | December 31, 2000 | |||||||||
Preferred 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
|
| Redemption |
| Conversion |
| Annual |
|
|
| |||||
December |
| December | ||||||||||||
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized: |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
9 1/8% Series B Cumulative Redeemable Preferred; liquidation value $250 per share; 500,000 shares issued and outstanding at December 31, 2003 and December 31, 2002 |
| 10/15/05 |
| N/A |
| $ | 22.81252 |
| $ | 125,000 |
| $ | 125,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
9 1/8% Series C Cumulative Redeemable Preferred; liquidation value $250 per share; 460,000 shares issued and outstanding at December 31, 2003 and December 31, 2002 |
| 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, 2003 and December 31, 2002 |
| 7/15/07 |
| N/A |
| $ | 21.50 |
| 175,000 |
| 175,000 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
7.00% Series E Cumulative Convertible Preferred; liquidation value $25 per share; 2,192,490 and 2,548,114 shares issued and outstanding at December 31, 2003 and December 31, 2002, respectively |
| 11/1/98 |
| 1.1128 |
| $ | 1.75 |
| 54,812 |
| 63,703 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
7 ¼% Series G Convertible Cumulative Preferred; liquidation value $250 per share; 0 and 1,264,692 shares issued and outstanding at December 31, 2003 and December 31, 2002, respectively |
| 9/15/02 |
| 8.5360 |
| (6) |
| — |
| 316,173 |
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
7.00% Series H Cumulative Convertible Preferred; liquidation value $25 per share; 44,028 and 51,228 shares issued and outstanding at December 31, 2003 and December 31, 2002, respectively |
| 6/30/98 |
| 1.4480 |
| $ | 1.75 |
| 1,101 |
| 1,281 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 1,000,000 shares issued and outstanding at December 31, 2003 and December 31, 2002 |
| 12/10/26 |
| N/A |
| $ | 4.145 |
| 50,000 |
| 50,000 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
7.625% Series L Cumulative Redeemable Preferred; liquidation value $25 per share; 0 and 4,000,000 shares issued and outstanding at December 31, 2003 and December 31, 2002, respectively |
| 2/13/03 |
| N/A |
| (4) |
| — |
| 100,000 |
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
6.48% Series N Cumulative Redeemable Preferred; liquidation value $250 per share; 600,000 and 0 shares issued and outstanding at December 31, 2003 and December 31, 2002, respectively (5) |
| 6/19/08 |
| N/A |
| $ | 16.20 |
| 150,000 |
| — |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| $ | 670,913 |
| $ | 946,157 |
|
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 B, C, D, K, and L)N) 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)
F-21
(3)
(4)
F-22
(5) On June 19, 2003, the Company issued 600,000 Series N Cumulative Redeemable Preferred Shares in a public offering. The Company received $145.3 million in net proceeds from this offering after payment of the underwriters’ fee.
(6)On December 26, 2003, the Company redeemed the remaining outstanding Series G Convertible Cumulative Preferred Shares for cash consideration of $295.3 million, which included the liquidation value of $287.0 million and a cash redemption premium of $8.3 million. The Company recorded the $8.3 million cash redemption premium along with the write-off of $11.9 million in original issuance costs as a premium on redemption of preferred shares in the accompanying consolidated statements of operations.
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,
Cumulative through December 31, 2003, the Company, through a subsidiary of the Operating Partnership, issued various series of Preference Interest seriesInterests 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, 20012003 and December 31, 2000:2002:
| | | | Amounts in Thousands | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Annual Dividend Rate per Unit(3) | ||||||||||
| Redemption Date(1)(2) | Conversion Rate(2) | December 31, 2001 | December 31, 2000 | |||||||||
Preference 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
F-22
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 | ||||||||||
|
| Redemption |
| Conversion |
| Annual |
|
|
| |||||
December |
| December | ||||||||||||
Preference Interests: |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
8.00% Series A Cumulative Redeemable Preference Interests; liquidation value $50 per unit; 800,000 units issued and outstanding at December 31, 2003 and December 31, 2002 |
| 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, 2003 and December 31, 2002 |
| 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, 2003 and December 31, 2002 |
| 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, 2003 and December 31, 2002 |
| 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, 2003 and December 31, 2002 |
| 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, 2003 and December 31, 2002 |
| 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, 2003 and December 31, 2002 |
| 03/21/06 |
| N/A |
| $ | 3.9375 |
| 25,500 |
| 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, 2003 and December 31, 2002 |
| 03/23/06 |
| 1.5108 |
| $ | 3.8125 |
| 9,500 |
| 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, 2003 and December 31, 2002 |
| 06/22/06 |
| 1.4542 |
| $ | 3.8125 |
| 13,500 |
| 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, 2003 and December 31, 2002 |
| 12/14/06 |
| 1.4108 |
| $ | 3.8125 |
| 11,500 |
| 11,500 |
| ||
|
|
|
|
|
|
|
| $ | 246,000 |
| $ | 246,000 |
|
(1)On or after the fifth anniversary of the respective issuance (the "Redemption Date"“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)
(3)
F-24
F-23
The following table presents the Operating Partnership'sPartnership’s issued and outstanding Junior Convertible Preference Units (the "Junior“Junior Preference Units"Units”) as of December 31, 20012003 and December 31, 2000:2002:
| | | | Amounts in Thousands | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Annual Dividend Rate per Unit(3) | ||||||||||
| Redemption Date | Conversion Rate | December 31, 2001 | December 31, 2000 | |||||||||
Junior 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 | ||||||||||
|
| Redemption |
| Conversion |
| Annual |
|
|
| |||||
December |
| December | ||||||||||||
Junior Preference Units: |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Series A Junior Convertible Preference Units; liquidation value $100 per unit; 20,333 and 56,616 units issued and outstanding at December 31, 2003 and December 31,2002, respectively |
| (1)(4) |
| 4.0816 |
| $ | 5.46934 |
| $ | 2,033 |
| $ | 5,662 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Series B Junior Convertible Preference Units; liquidation value $25 per unit; 7,367 units issued and outstanding at December 31, 2003 and December 31, 2002 |
| (2) |
| (2) |
| $ | 2.00000 |
| 184 |
| 184 |
| ||
|
|
|
|
|
|
|
| $ | 2,217 |
| $ | 5,846 |
|
(1)On the fifth anniversary of the respective issuance (the "Redemption Date"“Redemption Date”), the Series A Junior Preference Units shall be automatically converted into OP 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)
(3)
F-25
(4) On December 22, 2003, 36,283 Series A Junior Preference Units issued on December 22, 1998 automatically converted to 148,092 OP Units. The remaining 20,333 Series A Junior Preference Units will automatically convert to OP Units on June 29, 2004, if not converted sooner.
5. Real Estate Acquisitions
The following table summarizes the carrying amounts for investment in real estate (at cost) as of December 31, 20012003 and 20002002 (Amounts are in thousands):
| 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, 2001 and 2000(Amounts are in thousands):
| 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
|
| 2003 |
| 2002 |
| ||
Land |
| $ | 1,845,547 |
| $ | 1,795,771 |
|
Land Held for Development |
| 7,546 |
| 7,806 |
| ||
Buildings and Improvements |
| 10,415,679 |
| 10,643,030 |
| ||
Furniture, Fixtures and Equipment |
| 602,647 |
| 597,215 |
| ||
Construction in Progress |
| 2,960 |
| 2,441 |
| ||
Real Estate |
| 12,874,379 |
| 13,046,263 |
| ||
Accumulated Depreciation |
| (2,296,013 | ) | (2,112,017 | ) | ||
Real Estate, net |
| $ | 10,578,366 |
| $ | 10,934,246 |
|
During the year ended December 31, 2001,2003, the Company acquired the fourteenentire equity interest in seventeen properties and one parcel of land listed belowcontaining 5,200 units from unaffiliated parties, inclusive of two additional units at an existing property, for a total purchase price of $387.8 million:
Date Acquired | Property | Location | Number Of Units | Acquisition 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.$684.1 million.
F-24
During the year ended December 31, 2000,2003, the Company acquired 29 Propertiesthe majority of the remaining third party equity interests it did not previously own in eleven properties containing 1,090 units. These properties were accounted for under the equity method of accounting and three parcelssubsequent to each purchase were consolidated. The Company recorded $111.1 million in investment in real estate and the following:
• Assumed $51.6 million in mortgage debt;
• Issued 153,851 OP Units having a value of land$4.2 million;
• Recorded $42,000 of minority interest in partially owned properties;
• Reduced investments in unconsolidated entities by $34.9 million;
• Consolidated and/or received net cash of $6.9 million; and
• Assumed $27.2 million of other liabilities net of other assets acquired.
During the year ended December 31, 2002, the Company acquired the entire equity interest in twelve properties containing 5,9523,634 units for a total purchase price of $743.4 million, and$289.9 million.
During the acquisitionfourth quarter of the Grove portfolio. In addition,2002, the Company paid $6.5$40.1 million in cash and used tax-deferred (1031) exchange proceeds of $42.3 million to acquire the remaining third-party equity interests it did not previously own in 25 Propertiestwo properties containing 3,820 units, which previously826 units. These properties were accounted for under the equity method of accounting and subsequent to these purchases were consolidated. Accordingly, the Company recorded an additional $90.7$102.1 million in investmentsinvestment in real estate.
On December 31, 2002, the Company contributed one of its development properties to one of its development partners, retaining a 50% common equity ownership interest. As a result of this contribution, the Company no longer can exercise sole control over the major decisions (such as sale and/or financing/refinancing) regarding this property. Effective with the contribution, the Company accounted for this project under the equity method of accounting. No gain or loss on sale was recognized as the contribution was effectuated at carryover basis. As a result of this transaction, the Company reduced investment in real estate by $203.7 million (of which land and construction in progress were reduced by $60.6 million and $143.1 million, respectively), reduced mortgage debt by $118.4 million and increased investments in unconsolidated entities by $80.7 million.
6. Real Estate Dispositions
During the year ended December 31, 2001,2003, the Company disposed of the forty-sevenninety-six properties and two vacant parcels of land listed belowcontaining 23,486 units to unaffiliated parties. When combined with gains fromparties, inclusive of various individual condominium units, for a total sales price of $1.22 billion allocated as follows:
• Wholly Owned Properties – 91 properties containing 22,698 units for a total sales price of $1.19 billion;
• Partially Owned Properties – 3 properties containing 465 units for a total sales price of $13.6 million; and
• Unconsolidated Properties – 2 properties containing 323 units for a total sales price of $13.9 million (represents the Company’s allocated share of the net disposition proceeds).
F-27
joint venture and unconsolidated property sales discussed below, theThe Company recognized a net gain on sales of discontinued operations of approximately $149.3 $310.7 million and a net gain on sales of unconsolidated entities of approximately $4.9million on thesethe above sales.
Date Acquired | Property | Location | Number Of Units | Disposition 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 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 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 $36.2 million. The 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, 2000,2002, the Company sold fiftyfifty-eight properties containing 12,43610,713 units to unaffiliated parties for a total sales price of $626.7$546.2 million. Including the joint venture sales discussed below, theThe Company recognized a net gain on sales of discontinued operations of approximately $198.4$104.3 million and a net gain on sales of unconsolidated entities of approximately $5.1 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-29F-25
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 three Unconsolidated Properties containing 377 units for approximately $4.6 million.
7. Commitments to Acquire/Dispose of Real Estate
As of December 31, 2001, the Company has not entered into any separate agreements to acquire additional multifamily properties.
As of December 31, 2001,February 4, 2004, in addition to the Propertiesproperties that were subsequently acquired as discussed in Note 24, the Company had entered into a separate agreement to acquire one multifamily property containing 540 units from an unaffiliated party. The Company expects a purchase price of approximately $73.0 million.
As of February 4, 2004, in addition to the properties that were subsequently disposed of as discussed in Note 22,24, the Company had entered into separate agreements to dispose of twenty-eighteleven multifamily properties containing 5,685 3,626units to unaffiliated parties. The Company expects a combined disposition price of approximately $317.2$208.5 million.
The closings of these pending transactions are subject to certain contingencies and 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.
8. Investment in Mortgage Notes, Net
In 1995, the Company invested $89 million in various partnership interests and subordinated mortgages collateralized by 21 Propertiesproperties consisting of 3,896 units. Prior to the consolidation of these Properties,properties, the Company received $61.4 million in cash during 2001 as partial repayment of its investment in these mortgage notes.
On July 2, 2001, the Company acquired an additional ownership interest in the 21 entities that own the Unconsolidated Properties.properties. As a result of this additional ownership interest, the Company now has a controlling interest, and as such, consolidates these properties for financial reporting purposes.
The unamortized balance of the discount on the notes at December 31, 2001 and 2000 was zero and $3.6 million, respectively.
During 2001, and 2000, the Company amortized $2.3 million, and $1.2 million, respectively.which represented a portion of the original discount when the notes were purchased. This discount was being amortized utilizing the effective yield method based on the expected life of the investment.
The 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 intoco-invested in various joint venture agreementsproperties with unrelated third party companies.parties. The following table summarizes the Company'sCompany’s investments in unconsolidated entities as of December 31, 20012003 (amounts in thousands except for project and unit amounts):
| Institutional Joint Ventures | Stabilized Development Joint Ventures(1) | Development Joint Ventures | Lexford/ Other | Totals | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | ||||
|
| Institutional |
| Stabilized |
| Projects Under |
| Lexford/ |
| Totals |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total projects |
| 45 |
| 13 |
| 13 |
| 19 |
| 90 | (1) | |||||
|
|
|
|
|
|
|
|
|
|
| �� | |||||
Total units |
| 10,846 |
| 3,964 |
| 3,795 |
| 2,254 |
| 20,859 | (1) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Company’s percentage share of outstanding debt |
| 25.0 | % | 100.0 | % | 100.0 | % | 11.5 | % |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Company’s share of outstanding debt (3) |
| $ | 121,200 |
| $ | 375,168 |
| $ | 502,549 | (2) | $ | 4,891 |
| $ | 1,003,808 |
|
(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)fourseven projects consisting of 1,311under development containing 2,038 units, which are completed and not yet stabilized, but are included in the Company'sCompany’s property/unit counts at December 31, 2001.2003. Totals also exclude Fort Lewis Military Housing consisting of
F-26
one property and 3,757 units, which is not accounted for under the equity method of accounting. The remaining 14 properties containing 4,535 units are notFort Lewis Military Housing is included in the Company'sCompany’s property/unit counts at December 31, 2001.
(2) A total of $718,745$666.6 million is available for funding under thesethis construction loans.
(3) As of February 4, 2004, the Company has funded $57.5$44.0 million as additional collateral for certain of these loanson selected debt (see Note 10). All remaining debt is non-recourse to EQR.
Investments in unconsolidated entities includesinclude 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/properties under construction 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.
pending construction. 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'sCompany’s share of net income or loss from the unconsolidated entity. Prior to the project being completed, the Company capitalizedcapitalizes 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, 20002003, 2002 and 1999,2001, the Company capitalized $19.9$20.6 million, $16.2$17.2 million and $6.6$19.9 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%35% of the constructionproject cost of the unconsolidated projects under development joint venture projects,(constituting 100% of the equity), with the remaining cost financed through third-party construction mortgages. Voting rights are shared equally between the Company and its respective development partners.
F-31
See Note 2 for further discussion regarding FIN No. 46 and its anticipated effect on the Company’s unconsolidated development projects.
10. Deposits—Deposits - - Restricted
As of December 31, 2001,2003, deposits-restricted totaled $218.6$133.8 million and primarily included the following:
•
•
•
As of December 31, 2000,2002, deposits-restricted totaled $231.6$141.3 million and primarily included the following:
•
•
•
11. Mortgage Notes Payable
As of December 31, 2001,2003, the Company had outstanding mortgage indebtedness of approximately $3.3$2.7 billion.
F-27
During the year ended December 31, 2001,2003, the Company:
•
•
•
• Relinquished $53.3 million of mortgage debt assumed by the purchaser in connection with the disposition of certain properties;
As of December 31, 2001,2003, scheduled maturities for the Company'sCompany’s outstanding mortgage indebtedness were at various dates through OctoberNovember 1, 2033. TheAt December 31, 2003, the interest rate range on the Company'sCompany’s mortgage debt was 1.50% 1.06%to 12.465% at December 31, 2001.. During the year ended December 31, 2001,2003, the weighted average interest rate on the Company'sCompany’s mortgage debt was 6.54%5.80%.
F-32
The historical cost, net of accumulated depreciation, of encumbered properties was $3.8 billion and $4.1 billion at December 31, 2003 and 2002, respectively.
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 |
| Total |
| |||
---|---|---|---|---|---|---|---|
2002 | $ | 233,993 | |||||
2003 | 111,576 | ||||||
2004 | 176,971 |
| $ | 99,503 |
| ||
2005 | 216,365 |
| 89,935 |
| |||
2006 | 236,183 |
| 285,824 |
| |||
2007 |
| 173,529 |
| ||||
2008 |
| 494,727 |
| ||||
Thereafter | 2,310,736 |
| 1,550,297 |
| |||
Net Unamortized Premiums/Discounts | 990 | ||||||
Total | $ | 3,286,814 |
| $ | 2,693,815 |
| |
As of December 31, 2000,2002, the Company had outstanding mortgage indebtedness of approximately $3.2$2.9 billion.
During the year ended December 31, 2000,2002, the Company:
•
•
•
•
•Obtained $96.1 million in connection with the Globe acquisition;
As of December 31, 2000,2002, scheduled maturities for the Company'sCompany’s outstanding mortgage indebtedness were at various dates through October 1, 2033. TheAt December 31, 2002, the interest rate range on the Company'sCompany’s mortgage debt was 3.95%1.29% to 12.465% at December 31, 2000.. During the year ended December 31, 2000,2002, the weighted average interest rate on the Company'sCompany’s mortgage debt was 6.89%6.35%.
12.Notes
The following tables summarize the Company'sCompany’s unsecured note balances and certain interest rate and maturity date information as of and for the years ended December 31, 20012003 and 2000,2002, respectively:
| December 31, 2001 | ||||||||
---|---|---|---|---|---|---|---|---|---|
| Net Principal Balance | Interest Rate Ranges | Weighted Average Interest Rate | Maturity 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 Balance | Interest Rate Ranges | Weighted Average Interest Rate | Maturity 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 | |||||||
F-28
December 31, 2003 |
| Net Principal |
| Interest Rate |
| Weighted |
| Maturity |
| |
|
|
|
|
|
|
|
|
|
| |
Fixed Rate Public Notes |
| $ | 2,528,894 |
| 4.861% - 7.75% |
| 6.63 | % | 2004 - 2026 |
|
Floating Rate Public Note |
| — |
| (1) |
| 2.01 | % | 2003 |
| |
Fixed Rate Tax-Exempt Bonds |
| 127,780 |
| 4.75% - 5.20% |
| 5.07 | % | 2028 - 2029 |
| |
|
|
|
|
|
|
|
|
|
| |
Totals |
| $ | 2,656,674 |
|
|
|
|
|
|
|
December 31, 2002 |
| Net Principal |
| Interest Rate |
| Weighted |
| Maturity |
| |
|
|
|
|
|
|
|
|
|
| |
Fixed Rate Public Notes |
| $ | 2,228,350 |
| 4.861% - 7.75% |
| 6.63 | % | 2003 - 2026 |
|
Floating Rate Public Note |
| 99,955 |
| (1) |
| 2.61 | % | 2003 |
| |
Fixed Rate Tax-Exempt Bonds |
| 127,780 |
| 4.75% - 5.20% |
| 5.07 | % | 2028 - 2029 |
| |
|
|
|
|
|
|
|
|
|
| |
Totals |
| $ | 2,456,085 |
|
|
|
|
|
|
|
(1)The interest rate on this note was LIBOR (reset quarterly) plus a spread equal to 0.63% throughout all of 2002 and 0.65% atthrough August 21, 2003. On August 21, 2003, these notes matured and were repaid in full.
The Company’s unsecured public debt contains certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for both the years ended December 31, 20012003 and December 31, 2000, respectively.
As of December 31, 2001, the Company had outstanding unsecured notes of approximately $2.3 billion net of a $3.8 million discount and including a $2.9 million premium.2002.
As of December 31, 2000, the Company had outstanding unsecured notes of approximately $2.1 billion net of a $3.7 million discount and including a $5.0 million premium.
On August 25, 2000,In June 2003, the Operating Partnership filed withand the SEC declared effective a Form S-3 Registration Statementregistration statement to register $1.0$2.0 billion of debt securities. The SEC declared this registration statement effective on September 8, 2000. In addition, the Operating Partnership carried over $430$280.0 million related to thea prior registration statement effective on February 27, 1998.statement. As of December 31, 2001, $1.132003, $2.28 billion in debt securities remained available for issuance under this registration statement.
During the year ended December 31, 2001,2003, the Company and/or the Operating Partnership:Company:
•
• Repaid $100.0 million of floating rate public notes at maturity;
• Repaid $50.0 million and
• Repaid $4.5 million of $150.0 million.
During the year ended December 31, 2000,2002, the Company and/or the Operating Partnership:Company:
•
F-34• Repaid $100.0 million of 9.375% fixed rate public notes at maturity;
• Repaid $125.0 million of 7.95% fixed rate public notes at maturity; and
• Repaid $40.0 million of 7.25% fixed rate public notes at maturity.
Aggregate payments of principal on unsecured notes payable for each of the next five years and thereafter are as follows (amounts in thousands):
F-29
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 | ||
Year |
| Total |
| |
2004 |
| $ | 415,088 |
|
2005 (1) |
| 505,503 |
| |
2006 (2) |
| 204,137 |
| |
2007 |
| 159,054 |
| |
2008 |
| — |
| |
Thereafter |
| 1,372,892 |
| |
Total |
| $ | 2,656,674 |
|
*(1)Includes $300 million with a final maturity of 2015 that is putable/callable in 2005.
(2)Includes $150 million with a final maturity of 2026 that is putable in 2006.
13. LinesLine of Credit
The
On May 30, 2002, the Company hasobtained a new three-year $700.0 million unsecured revolving credit facility to provide the Operating Partnership with potential borrowings of up to $700.0 million. Thismaturing May 29, 2005. The new line of credit maturesreplaced the $700.0 million unsecured revolving credit facility that was scheduled to expire in August 2002. The prior existing revolving credit facility was terminated upon the closing of the new facility. Advances under the new credit facility bear interest at variable rates based upon LIBOR at various interest periods, plus a spread dependent upon the Company'sOperating Partnership’s credit rating. Asrating, or based upon bids received from the lending group. EQR has guaranteed the Operating Partnership’s line of February 5, 2002, $320.0 million was outstanding under this facility at a weighted average interest ratecredit up to the maximum amount and for the full term of 2.43%.the facility.
As of December 31, 20012003 and 2000, $195.02002, $10.0 million and $355.5$140.0 million, respectively, was outstanding and $59.0$56.7 million and $53.5$60.8 million, respectively, was restricted (not(dedicated to support letters of credit and not available to be drawn)for borrowing) on the linesline of credit. During the years ended December 31, 20012003 and 2000,2002, the weighted average interest rate was 5.03%1.85% and 7.52%2.30%, respectively.
In connection
14. Derivative Instruments
The following table summarizes the consolidated derivative instruments at December 31, 2003 (dollar amounts are in thousands):
|
| Cash Flow |
| Fair Value |
| Forward |
| Interest |
| Offsetting |
| Offsetting |
| ||||||
Current Notional Balance |
| $ | 150,000 |
| $ | 120,000 |
| $ | 200,000 |
| $ | 37,000 |
| $ | 255,122 |
| $ | 255,122 |
|
Lowest Possible Notional |
| $ | 150,000 |
| $ | 120,000 |
| $ | 200,000 |
| $ | 37,000 |
| $ | 125,512 |
| $ | 125,512 |
|
Highest Possible Notional |
| $ | 150,000 |
| $ | 120,000 |
| $ | 200,000 |
| $ | 37,000 |
| $ | 293,044 |
| $ | 293,044 |
|
Lowest Interest Rate |
| 3.683 | % | 7.25 | % | 4.3425 | % | 6.50 | % | 4.528 | % | 4.458 | % | ||||||
Highest Interest Rate |
| 3.683 | % | 7.25 | % | 4.8950 | % | 6.50 | % | 6.000 | % | 6.000 | % | ||||||
Earliest Maturity Date |
| 2005 |
| 2005 |
| 2014 |
| 2004 |
| 2004 |
| 2004 |
| ||||||
Latest Maturity Date |
| 2005 |
| 2005 |
| 2014 |
| 2004 |
| 2007 |
| 2007 |
| ||||||
Estimated Asset (Liability) Fair Value |
| $ | (6,134 | ) | $ | 5,954 |
| $ | 4,114 |
| $ | — |
| $ | 552 |
| $ | (554 | ) |
During the year ended December 31, 2003, the Company paid approximately $13.0 million to terminate eight forward starting interest rate swaps in conjunction with the Globe acquisition,issuance of $400.0 million of ten-year unsecured notes. The $13.0 million payment has been deferred as a component of accumulated other comprehensive loss and will be recognized as additional interest expense over the ten-year life of the unsecured notes.
F-30
At December 31, 2003, certain unconsolidated development partnerships in which the Company assumedinvested had entered into swaps to hedge the interest rate risk exposure on unconsolidated floating rate construction mortgage loans. The Company has recorded these hedges on its consolidated balance sheets. These swaps have been designated as cash flow hedges with a revolving credit facilitycurrent aggregate notional amount of $277.9million (notional amounts range from $26.5million to $285.9million over the terms of the swaps) at interest rates ranging from 1.78% to 6.94% maturing at various dates ranging from 2004 to 2005 with potential borrowingsa net liability fair value of up to $55.0 $5.2million. On MayDuring the years ended December 31, 2001, this credit facility was terminated.
In connection with the Grove acquisition,2003 and 2002, the Company assumed a linerecognized an unrealized gain of credit that had$1.5 million and an outstanding balanceunrealized loss of $1.1 million, respectively, due to ineffectiveness of certain of these unconsolidated development derivatives (included in loss from investments in unconsolidated entities).
On December 31, 2003, the derivative instruments were reported at their fair value as other assets of approximately $38.0$10.4 million, as other liabilities of approximately $6.5 million and as a reduction to investments in unconsolidated entities of approximately $5.2 million. On OctoberAs of December 31, 2000,2003, there were approximately $23.3 million in deferred losses, net, included in accumulated other comprehensive loss. Based on the estimated fair values of the net derivative instruments at December 31, 2003, the Company repaid this outstanding balance and terminated this facility.may recognize an estimated $9.4 million of accumulated other comprehensive loss as additional interest expense ($5.7 million related to its consolidated derivatives) or as additional loss on investments in unconsolidated entities ($3.7 million related to its unconsolidated development partnerships) during the twelve months ending December 31, 2004.
F-35
14. Calculation of Net Income15. Earnings Per Weighted Average Common Share
The following tables set forth the computation of net income per share—share – basic and net income per share—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 | |||||
F-31
|
| Year Ended December 31, |
| |||||||
|
| 2003 |
| 2002 |
| 2001 |
| |||
|
| (Amounts in thousands except per share amounts) |
| |||||||
Numerator for net income per share – basic: |
|
|
|
|
|
|
| |||
Income from continuing operations |
| $ | 211,558 |
| $ | 246,840 |
| $ | 304,683 |
|
Preferred distributions |
| (96,971 | ) | (97,151 | ) | (106,119 | ) | |||
Premium on redemption of preferred shares |
| (20,237 | ) | — |
| (5,324 | ) | |||
Allocation of Minority Interests – Operating Partnership to discontinued operations |
| 24,955 |
| 13,348 |
| 13,886 |
| |||
|
|
|
|
|
|
|
| |||
Income from continuing operations available to Common Shares, net of allocation of Minority Interests – Operating Partnership |
| 119,305 |
| 163,037 |
| 207,126 |
| |||
Net gain on sales of discontinued operations, net of allocation of Minority Interests – Operating Partnership |
| 287,372 |
| 96,317 |
| 136,696 |
| |||
Discontinued operations, net of allocation of Minority Interests – Operating Partnership |
| 19,962 |
| 64,808 |
| 19,924 |
| |||
Cumulative effect of change in accounting principle, net of allocation of Minority Interests – Operating Partnership |
| — |
| — |
| (1,166 | ) | |||
|
|
|
|
|
|
|
| |||
Numerator for net income per share – basic |
| $ | 426,639 |
| $ | 324,162 |
| $ | 362,580 |
|
|
|
|
|
|
|
|
| |||
Numerator for net income per share – diluted: |
|
|
|
|
|
|
| |||
Income from continuing operations |
| $ | 211,558 |
| $ | 246,840 |
| $ | 304,683 |
|
Preferred distributions |
| (96,971 | ) | (97,151 | ) | (106,119 | ) | |||
Premium on redemption of preferred shares |
| (20,237 | ) | — |
| (5,324 | ) | |||
Effect of dilutive securities: |
|
|
|
|
|
|
| |||
Allocation to Minority Interests – Operating Partnership |
| 34,658 |
| 26,862 |
| 32,391 |
| |||
|
|
|
|
|
|
|
| |||
Income from continuing operations available to Common Shares |
| 129,008 |
| 176,551 |
| 225,631 |
| |||
Net gain on sales of discontinued operations |
| 310,706 |
| 104,296 |
| 148,906 |
| |||
Discontinued operations, net |
| 21,583 |
| 70,177 |
| 21,704 |
| |||
Cumulative effect of change in accounting principle |
| — |
| — |
| (1,270 | ) | |||
|
|
|
|
|
|
|
| |||
Numerator for net income per share – diluted |
| $ | 461,297 |
| $ | 351,024 |
| $ | 394,971 |
|
|
|
|
|
|
|
|
| |||
Denominator for net income per share – basic and diluted: |
|
|
|
|
|
|
| |||
Denominator for net income per share – basic |
| 272,337 |
| 271,974 |
| 267,349 |
| |||
|
|
|
|
|
|
|
| |||
Effect of dilutive securities: |
|
|
|
|
|
|
| |||
OP Units |
| 22,186 |
| 22,663 |
| 24,013 |
| |||
Share options/restricted shares |
| 2,518 |
| 3,332 |
| 3,851 |
| |||
|
|
|
|
|
|
|
| |||
Denominator for net income per share – diluted |
| 297,041 |
| 297,969 |
| 295,213 |
| |||
|
|
|
|
|
|
|
| |||
Net income per share – basic |
| $ | 1.57 |
| $ | 1.19 |
| $ | 1.36 |
|
|
|
|
|
|
|
|
| |||
Net income per share – diluted |
| $ | 1.55 |
| $ | 1.18 |
| $ | 1.34 |
|
F-32
|
| Year Ended December 31, |
| |||||||
|
| 2003 |
| 2002 |
| 2001 |
| |||
|
| (Amounts in thousands except per share amounts) |
| |||||||
|
|
|
|
|
|
|
| |||
Net income per share – basic: |
|
|
|
|
|
|
| |||
Income from continuing operations available to Common Shares |
| $ | 0.44 |
| $ | 0.60 |
| $ | 0.77 |
|
Net gain on sales of discontinued operations |
| 1.06 |
| 0.35 |
| 0.51 |
| |||
Discontinued operations, net |
| 0.07 |
| 0.24 |
| 0.08 |
| |||
Cumulative effect of change in accounting principle |
| — |
| — |
| — |
| |||
|
|
|
|
|
|
|
| |||
Net income per share – basic |
| $ | 1.57 |
| $ | 1.19 |
| $ | 1.36 |
|
|
|
|
|
|
|
|
| |||
Net income per share – diluted: |
|
|
|
|
|
|
| |||
Income from continuing operations available to Common shares |
| $ | 0.43 |
| $ | 0.59 |
| $ | 0.76 |
|
Net gain on sales of discontinued operations |
| 1.05 |
| 0.35 |
| 0.51 |
| |||
Discontinued operations, net |
| 0.07 |
| 0.24 |
| 0.07 |
| |||
Cumulative effect of change in accounting principle |
| — |
| — |
| — |
| |||
|
|
|
|
|
|
|
| |||
Net income per share – diluted |
| $ | 1.55 |
| $ | 1.18 |
| $ | 1.34 |
|
Convertible preferred shares/units that could be converted into 15,122,162, 13,138,71614,745,904, 15,335,977 and 24,046,10215,461,626 weighted average Common Shares for the years ended December 31, 2001, 20002003, 2002 and 1999,2001, respectively, were outstanding but were not included in the computation of diluted earnings per share because the effects would be anti-dilutive.
On October 11, 2001, the Company effected a two-for-one split of its Common Shares to shareholders of record as of September 21, 2001. All per share data and numbers of Common Shares have been retroactively adjusted to reflect the Common Share split.
For additional disclosures regarding the employee share options and restricted shares, see Note 15.Notes 2 and 17.
16. Discontinued Operations
The Company has presented separately as discontinued operations in all periods the results of operations for all wholly owned assets disposed of on or after January 1, 2002 (the date of adoption of SFAS No. 144).
The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets during each of the years ended December 31, 2003, 2002 and 2001, including the following:
•The ninety-one Wholly Owned Properties and various individual condominium units containing 22,698 units sold during 2003; and
15. Share Option•The fifty-two Wholly Owned Properties and Share Award Planvarious individual condominium units containing 9,586 units and the furniture rental business sold during 2002.
F-33
|
| Year Ended December 31, |
| |||||||
|
| 2003 |
| 2002 |
| 2001 |
| |||
|
| (Amounts in thousands) |
| |||||||
REVENUES |
|
|
|
|
|
|
| |||
Rental income |
| $ | 102,092 |
| $ | 216,607 |
| $ | 247,242 |
|
Furniture income |
| — |
| 1,361 |
| 57,499 |
| |||
Total revenues |
| 102,092 |
| 217,968 |
| 304,741 |
| |||
|
|
|
|
|
|
|
| |||
EXPENSES (1) |
|
|
|
|
|
|
| |||
Property and maintenance |
| 39,051 |
| 64,076 |
| 67,513 |
| |||
Real estate taxes and insurance |
| 11,107 |
| 22,155 |
| 24,079 |
| |||
Property management |
| 103 |
| 162 |
| 163 |
| |||
Depreciation |
| 27,230 |
| 53,917 |
| 60,495 |
| |||
Furniture expenses |
| — |
| 1,303 |
| 58,852 |
| |||
Impairment on furniture rental business |
| — |
| — |
| 60,000 |
| |||
Amortization of goodwill |
| — |
| — |
| 1,423 |
| |||
Total expenses |
| 77,491 |
| 141,613 |
| 272,525 |
| |||
|
|
|
|
|
|
|
| |||
Discontinued operating income |
| 24,601 |
| 76,355 |
| 32,216 |
| |||
|
|
|
|
|
|
|
| |||
Interest and other income |
| 304 |
| 69 |
| 402 |
| |||
Interest (2): |
|
|
|
|
|
|
| |||
Expense incurred, net |
| (2,784 | ) | (6,110 | ) | (10,703 | ) | |||
Amortization of deferred financing costs |
| (538 | ) | (137 | ) | (211 | ) | |||
|
|
|
|
|
|
|
| |||
Discontinued operations, net |
| $ | 21,583 |
| $ | 70,177 |
| $ | 21,704 |
|
(1)Includes expenses paid in the current period for Wholly Owned Properties sold in prior periods related to the Company’s period of ownership.
(2)Interest includes only specific amounts from each property sold.
For the properties sold during 2003, the investment in real estate, net of accumulated depreciation, and the mortgage notes payable balances at December 31, 2002 were $883.6 million and $89.1 million, respectively.
During the year ended December 31, 2002, the Company disposed of its furniture rental business for $30.0 million and received net proceeds of $28.7 million. After giving effect to a previously recorded impairment loss, no gain/loss on sale was recognized as the net book value at the sale date approximated the sales price.
During the year ended December 31, 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 Company reviewed the current net book value taking into consideration existing business and economic conditions as well as projected cash flows. The impairment loss 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.
F-34
17.Share Incentive Plans
On May 15, 2002, the shareholders of EQR approved the Company’s 2002 Share Incentive Plan. The maximum aggregate number of awards that may be granted under this plan may not exceed 7.5% of the Company’s outstanding Common Shares calculated on a “fully diluted” basis and determined annually on the first day of each calendar year. In January 2003, the Company filed a Form S-8 registration statement to register 23,125,828 Common Shares for issuance under this plan. As of January 1, 2004, 22,736,239 shares were available for issuance under this plan. No awards may be granted under the 2002 Share Incentive Plan after February 20, 2012.
Pursuant to the Company's2002 Share Incentive Plan and the Fifth Amended and Restated 1993 Share Option and Share Award Plan (the "Fifth Amended Option and Award Plan"(collectively the “Share Incentive Plans”), officers, directors,trustees, key employees and consultants of the Company may be offered the opportunity to acquire Common Shares through the grant of share options ("Options"(“Options”) including non-qualified share options ("NQSOs"(“NQSOs”), incentive share options ("ISOs"(“ISOs”) and share appreciation rights ("SARs"(“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.Share Incentive Plans. Finally, certain executive officers of the Company are subject to the Company'sCompany’s performance based restricted share grant agreement.plan. Options, SARs, restricted shares and SARsperformance shares are sometimes collectively referred to herein as "Awards"“Awards”.
The Company has reserved 25,000,000 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'sCompany’s 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 Amended
F-37
Option and Award PlanShare Incentive Plans shall not be less than the fair market value of the underlying Common Shares at the time the Option is granted. The Fifth Amended and Restated 1993 Share Option and Share Award Plan will terminate at such time as no further Common Shares are available for issuance upon the exercise of Options and all outstanding OptionsAwards have expired or have been exercised.exercised/vested. The Board of Trustees may at any time amend or terminate the Fifth Amended Option and Award Plan,Share Incentive Plans, 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.
As to the Options that have been granted through December 31, 2001,2003, 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, 2001,2003, these shares generally vest three years from the award date. During the three-year period of restriction, the employee receives quarterly dividend payments on their shares. The Company’s unvested restricted shareholders receive dividends at the same rate and on the same date as any other Common Share holder. In addition, the Company’s unvested restricted shareholders have the same voting rights as any other Common Share holder. As a result, dividends paid on unvested restricted shares are included as a distribution in excess of accumulated earnings and have not been considered in reducing net income available to Common Shares in a manner similar to the Company’s preferred share dividends for the earnings per share calculation. If employment is terminated prior to the lapsing of the restriction, the shares are canceled. During
In addition, each year the Company’s executive officers receive performance-based awards. Three years ended December 31, 2001after grant, restricted shares may be issued based upon the total return (Common Share dividends and 2000,funds from operations (“FFO”) growth per share) of the Company issued 470,028 and 520,962Company. One-half of any such restricted shares.shares are then subject to vesting over an additional two-year period. The performance-based awards generally vestare expensed over a five-year period.
The Company has elected to applyperiod based upon the provisions of Accounting Principles Board ("APB") Opinion No. 25,Accounting 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 excessCompany’s estimates of the market pricenumber 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. For 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 Compensation ("Statement No. 123"), requires the Companyexpected 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 the options were granted using the Black Scholes option pricing model with the following weighted-average assumptions for 2001, 2000 and 1999, respectively: risk-free interest rates of 4.43%, 6.22% and 5.84%; dividend yields of 6.17%, 6.83% and 6.89%; volatility factors of the expected market price of the Company's Common Shares of 0.204, 0.207 and 0.209; and a weighted-average expected life of the options of seven years.awarded.
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-38F-35
For purposes of pro forma disclosures, the estimated fair value of the Options is amortized to expense over the Options' vesting period.
The following istable summarizes information regarding both the pro forma informationrestricted and performance-based share plans for the three years ended December 31, 2001, 20002003, 2002 and 1999:2001:
| 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 |
|
|
|
|
|
| Compensation Expense |
|
|
| ||||||
Year |
| Restricted/ |
| Weighted |
| General and |
| Property |
| Dividends |
| ||||
2003 |
| 900,555 |
| $ | 23.58 |
| $ | 5.5 million |
| $ | 5.6 million |
| $ | 2.5 million |
|
2002 |
| 885,967 |
| $ | 27.22 |
| $ | 16.2 million |
| $ | 9.6 million |
| $ | 2.9 million |
|
2001 |
| 730,982 |
| $ | 25.98 |
| $ | 9.4 million |
| $ | 8.9 million |
| $ | 2.4 million |
|
Prior to 2003, the Company had chosen to account for its stock-based compensation in accordance with APB No. 25, Accounting for Stock Issued to Employees,which resulted in no compensation expense for options issued with an exercise price equal to or exceeding the market value of the Company’s Common Shares on the date of grant (intrinsic method). The Company has elected to account for its stock-based compensation in accordance with SFAS No. 123 and its amendment (SFAS No. 148), Accounting for Stock Based Compensation, effective in the first quarter of 2003, which resulted in compensation expense being recorded based on the fair value of the stock compensation granted.
Compensation expense related to restricted and performance-based share grants was previously recognized in accordance with APB No. 25. The adoption of SFAS No. 123 does not significantly change the amount of compensation expense recognized for these grants.
See Note 2 for additional information regarding the Company’s stock-based compensation.
The table below summarizes the Option activity of the Fifth Amended Option and Award PlanShare Incentive Plans and options assumed in connection with Mergersmergers (the "Merger Options"“Merger Options”) for the three years ended December 31, 2001, 20002003, 2002 and 1999:2001:
| Common Shares Subject to Options or Awards | Weighted Average Exercise Price Per Common Share | |||
---|---|---|---|---|---|
Balance 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 | ||
F-36
|
| Common Shares |
| Weighted Average |
| |
Balance at December 31, 2000 |
| 12,683,447 |
| $ | 21.12 |
|
Options granted |
| 2,844,838 |
| $ | 26.48 |
|
Options exercised |
| (3,125,870 | ) | $ | 20.31 |
|
Merger Options exercised |
| (57,660 | ) | $ | 15.26 |
|
Options canceled |
| (167,982 | ) | $ | 22.55 |
|
Merger Options canceled |
| (1,622 | ) | $ | 20.17 |
|
|
|
|
|
|
| |
Balance at December 31, 2001 |
| 12,175,151 |
| $ | 22.59 |
|
Options granted |
| 2,270,220 |
| $ | 27.24 |
|
Options exercised |
| (1,425,494 | ) | $ | 20.36 |
|
Merger Options exercised |
| (13,621 | ) | $ | 19.66 |
|
Options canceled |
| (177,536 | ) | $ | 24.90 |
|
|
|
|
|
|
| |
Balance at December 31, 2002 |
| 12,828,720 |
| $ | 23.63 |
|
Options granted (1993 plan) |
| 665,304 |
| $ | 23.55 |
|
Options granted (2002 plan) |
| 2,217,124 |
| $ | 23.59 |
|
Options exercised (1993 plan) |
| (2,696,110 | ) | $ | 20.61 |
|
Options exercised (2002 plan) |
| (500,000 | ) | $ | 23.55 |
|
Merger Options exercised |
| (52,995 | ) | $ | 19.55 |
|
Options canceled (1993 plan) |
| (338,998 | ) | $ | 25.06 |
|
Options canceled (2002 plan) |
| (43,137 | ) | $ | 23.55 |
|
|
|
|
|
|
| |
Balance at December 31, 2003 |
| 12,079,908 |
| $ | 24.27 |
|
The following table summarizes information regarding options outstanding at December 31, 2003:
|
| Options Outstanding |
|
|
| Options Exercisable |
| ||||||
Range of Exercise Prices |
| Options |
| Weighted |
| Weighted |
| Options |
| Weighted |
| ||
$8.91 to $11.88 |
| 1,476 |
| 2.1 |
| $ | 11.04 |
| 1,476 |
| $ | 11.04 |
|
$11.89 to $14.85 |
| 76,268 |
| 1.3 |
| $ | 14.05 |
| 76,268 |
| $ | 14.05 |
|
$14.86 to $17.82 |
| 424,402 |
| 2.1 |
| $ | 15.52 |
| 424,402 |
| $ | 15.52 |
|
$17.83 to $20.79 |
| 1,240,925 |
| 4.3 |
| $ | 20.32 |
| 1,236,202 |
| $ | 20.33 |
|
$20.80 to $23.76 |
| 3,459,811 |
| 8.0 |
| $ | 22.83 |
| 1,462,761 |
| $ | 21.86 |
|
$23.77 to $26.73 |
| 3,789,365 |
| 5.3 |
| $ | 25.54 |
| 3,370,552 |
| $ | 25.50 |
|
$26.74 to $29.70 |
| 3,087,661 |
| 7.9 |
| $ | 27.37 |
| 1,703,254 |
| $ | 27.42 |
|
$8.91 to $29.70 |
| 12,079,908 |
| 6.5 |
| $ | 24.27 |
| 8,274,915 |
| $ | 23.86 |
|
As of December 31, 2002 and 2001, 20008,252,203 Options (with a weighted average exercise price of
F-37
$22.25) and 1999, 7,295,314 shares7,291,897 Options (with a weighted average exercise price of $21.62), 7,897,038 shares (with a weighted average exercise price of $20.76) and 6,313,751 shares (with a weighted average exercise price of $19.18) were exercisable, respectively. Exercise prices for Options outstanding as of December 31, 2001 ranged from $13.00 to $27.60 for the Fifth Amended Option and Award Plan and $2.76 to $24.84 for the Merger Options.
16. 18.Employee Plans
The Company has established an Employee Share Purchase Plan whereby(the “ESPP”) to provide employees and trustees and employees of the Company mayability to annually acquire up to $100,000 of Common Shares of the Company. TheIn 2003, the Company’s shareholders approved an increase in the aggregate number of Common Shares available under the Employee Share Purchase Plan shall not exceed 2,000,000, subjectESPP to adjustment by the Board of Trustees.7,000,000 (from 2,000,000). The Common Shares may be
F-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 2003, the Company issued 289,274 Common Shares at net prices that ranged from $20.64 per share to $24.74 per share and received proceeds of approximately $6.3 million. During 2002, the Company issued 324,238 Common Shares at net prices that ranged from $21.65 per share to $24.43 per share and received proceeds of approximately $7.4 million. During 2001, the Company issued 310,261 Common Shares at net prices that ranged from $21.76 per share to $23.69 per share and raisedreceived proceeds of approximately $6.9 million in connection therewith. During 2000, the Company issued 299,580 Common Shares at net prices that ranged from $17.06 per share to $20.51 per share and raised approximately $5.4 million in connection therewith. During 1999, the Company issued 295,770 Common Shares at net prices that ranged from $17.19 per share to $18.36 per share and raised approximately $5.2 million in connection therewith.million.
The Company has established a defined contribution plan (the "401(k) Plan"“401(k) Plan”) that providesto provide retirement benefits for employees that meet minimum employment criteria. The Company contributes 100% ofmatches dollar for dollar up to the first 4%2% of eligible compensation that a participant contributes to the 401(k) Plan.Plan (4% for 2002 and prior years). Participants are vested in the Company'sCompany’s contributions over five years. The Company made contributions in the amount of $2.3$3.5 million and $2.3$3.1 million for the years ended December 31, 19992002 and 2000,2001, respectively, and expects to make contributions in the amount of approximately $3.4$2.7 million for the year ended December 31, 2001.2003.
The Company may also elect to make an annual discretionary profit-sharing contribution as a percentage of each individual employee’s eligible compensation under the 401(k) Plan. The Company made a contribution in the amount of $2.6 million for the year ended December 31, 2001. The Company did not make a contribution for both the years ended December 31, 2003 and 2002.
The Company established a supplemental executive retirement savings plan (the “SERP”) to provide certain officers and trustees an opportunity to defer a portion of their eligible compensation in order to save for retirement and for the education of their children. The SERP is restricted to investments in Company Common Shares, certain marketable securities that have been specifically approved, and cash equivalents. The deferred compensation liability represented in the SERP and the securities issued to fund such deferred compensation liability are consolidated by the Company and carried on the Company’s balance sheet, and the Company’s Common Shares held in the SERP are accounted for as a reduction to paid in capital.
17. 19.Distribution Reinvestment and Share Purchase Plan
On November 3, 1997, the Company filed with the SEC a Form S-3 Registration Statement to register 14,000,000 Common Shares pursuant to a Distribution Reinvestment and Share Purchase Plan (the "DRIP Plan"“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 and 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—“Dividend Reinvestment - DRIP Plan"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 "Share Purchase—“Share Purchase - DRIP Plan"Plan”). Common Shares purchased under the DRIP Plan may, at the option of the Company, be directly issued by the Company or purchased by the Company’s
F-38
transfer agent in the open market using participants’ funds.
20.Transactions with Related Parties
Certain officers of the Company purchased Common Shares in prior years which were financed with loans made by the Company at various rates ranging from 6.15% to 7.93% per annum and at one month LIBOR plus 2.0% per annum. Scheduled maturities are at various dates through 2005. The amounts outstanding at December 31, 2001 and 2000 are $4.0 million and $4.3 million, respectively.
The Company also entered into executive compensation, deferred compensation and share distribution agreements with certain officers of the Company that resulted in the Company recognizing compensation expense of $3.7 million, $0.9 million and $1.1 million for the years ended December 31, 2001, 2000 and 1999, respectively.
In connection with certain Mergers, the Company agreed to make consulting payments to certain individuals who had been employees of the companies acquired and 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. The remaining future payments to be 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, respectively, were $1,935,013, $1,781,069 and $1,466,569.
Artery Property Management, Inc., a real estate property management company ("APMI") in which 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 from this trustee and his affiliates during 1995, the Company made a loan to this trustee and APMI of $15,212,000 evidenced by two notes and secured by 931,090 OP Units. At December 31, 2000, no amounts were outstanding under these notes and all OP Units were released from their pledges.
During 1999, the Company acquired eight Properties and the related management agreements from affiliates of the 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, this trustee received 8,462 of these units with a liquidation value of approximately $0.8 million.
The Company paid legal fees to a law firm of which one of the Company's trustees is a partner, in the amounts of $1.7 million, $3.6 million and $1.6 million for the years ended December 31, 2001, 2000 and 1999, respectively.
In addition, the Company has provided 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 $0.8$0.3 million, $1.7$0.7 million and $2.5$0.8 million for the years ended December 31, 2001, 20002003, 2002 and 1999,2001, respectively.
19. The Company reimbursed its Chief Operating Officer for the actual operating costs (excluding acquisition costs) of operating his personal aircraft for himself and other employees on Company business. Amounts incurred were approximately $0.2 million, $0.5 million and $0.2 million for the years ended December 31, 2003, 2002 and 2001, respectively.
The Company leases its corporate headquarters from an entity controlled by EQR’s Chairman of the Board of Trustees. Amounts incurred for such office space for the years ended December 31, 2003, 2002 and 2001, respectively, were approximately $1.7 million, $1.6 million and $1.8 million. The Company believes these amounts equal market rates for such space.
The Company leases space in an office building in Augusta, Georgia indirectly owned by one of EQR’s trustees since May 2003 and directly owned by an entity affiliated with the same EQR trustee from 1998 to 2003. Amounts incurred for such office space were approximately $0.2 million, $0.1 million and $0.1 million for the years ended December 31, 2003, 2002 and 2001, respectively. The Company believes these amounts equal market rates for such space.
In prior years, the Company had the following additional related party transactions:
•Certain executive officers of the Company purchased Common Shares which were financed with loans made by the Company, all of which were repaid in full in 2002;
•The Company made consulting payments to two former trustees (individuals were trustees through May 2003) in the approximate amounts of $0.2 million and $0.4 million for the years ended December 31, 2002 and 2001, respectively; and
•The Company paid legal fees to a law firm of which one of EQR’s former trustees (individual was a trustee through May 2002) is a partner in the approximate amounts of $0.3 million and $1.7 million for the years ended December 31, 2002 and 2001, respectively.
21.Commitments and Contingencies
The Company, as an owner of real estate, is subject to various environmental laws of Federal, state and local governments.environmental laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company's financial condition and results of operations.Company. However, the Company cannot predict the impact of new or changed laws or regulations on its current Propertiesproperties or on properties that it may acquire in the future.
The Company is a party to a class action lawsuit in Florida state court alleging that several of the types of fees that the Company charged when residents breached their leases were illegal, as were all efforts to collect them. The Company is vigorously contesting the plaintiffs’ claims and has sought immediate appellate review of the 2003 class action certification decision. Due to the uncertainty of many critical factual and legal issues, including the viability of the case as a class action, it is not possible to determine or predict the outcome. While no assurances can be given, the Company does not believe that this lawsuit, if adversely determined, will have a material adverse effect on the Company.
F-39
The Company does not believe there is any other litigation pending or threatened against the Company other than routine litigation arising out ofwhich, individually or in the ordinary course of business, some of which is expected toaggregate, reasonably may 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 regards to the funding of Properties in the development and/or earnout stage and the joint venture agreements with multifamily residential real estate developers, the Company funded a net total of $174.6 million during the year ended December 31, 2001. The Company expects to fund approximately $33.5 million in connection with these Properties beyond 2001. In connection with one joint venture agreement, the Company has an obligation to fund up to an additional $6.5 million to guarantee third party construction financing.
As of December 31, 2001,2003, the Company has 2213 projects underin various stages of development with estimated completion dates ranging from March 31, 2002 through December 31, 2003.June 30, 2005. The three development agreements currently in place have the following key terms:
F-41
For one joint venture agreement, the Company's joint venture•The first development 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 based on such value. If the Company chooses not to purchase the interest, it must agree to a sale of the project to an unrelated third party at such value. The Company's joint ventureCompany’s 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 In connection with this development agreement, the Company's joint ventureCompany has an obligation to provide up to $40.0 million in credit enhancements to guarantee a portion of the third party construction financing. As of February 4, 2004, the Company had set-aside $20.0 million towards this credit enhancement. The Company would be required to perform under this agreement only if there was a material default under a third party construction mortgage agreement. This agreement expires no later than December 31, 2018. Notwithstanding the termination of the agreement, the Company shall have recourse against its development partner for any losses incurred.
•The second development partner has the right, at any time following completion of a project, to require the Company to purchase the joint venture partners'partners’ interest in that project at a mutually 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 ventureits 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 the property and instead, authorize the joint ventureits partner to sell the project at or above the agreed-upon value to an unrelated third party. Five years following the receipt of the final certificate of occupancy on the last developed property, the Company must purchase, at the agreed-upon price, any projects remaining unsold mustunsold.
• The third development partner has the exclusive right for six months following stabilization (generally defined as having achieved 90% occupancy for three consecutive months following the substantial completion of a project) to market a project for sale. Thereafter, either the Company or its development partner may market a project for sale. If the Company’s development partner proposes the sale, the Company may elect to purchase the project at the price proposed by its partner or defer the sale until two independent appraisers appraise the project. If the two appraised values vary by more than 5%, a third appraiser will be purchased bychosen to determine the fair market value of the property. Once a value has been determined, the Company may elect to purchase the property or authorize its development partner to sell the project at the agreed-upon price.value.
In connection with the Wellsford Merger,one of its mergers, the Company provided a guaranty of a credit enhancement agreement with respect to certain tax-exempt bonds issued to finance certain public improvements at a multifamily development project. The Company has the obligation to provide this guaranty for a period of eight years from the consummation of the merger or through May 2005. The Company would be required to perform under this guaranty only if there was a draw on the letter of credit issued by the credit enhancement party. The counterparty has also indemnified the Company for any losses suffered. As of December 31, 2001,2003, this enhancementguaranty was still in effect at a commitment amount of $12.7 million.million and no current outstanding liability.
F-40
During the years ended December 31, 2003, 2002 and 2001, 2000 and 1999, total operating lease payments incurred for office space, including a portion of real estate taxes, insurance, repairs and utilities, aggregated $4,985,899, $4,709,363 and $4,929,018, $4,074,672 and $3,271,513 respectively.
The minimum basic aggregate rental commitment under the Company'sCompany’s operating leases, including fixed base rent due on a ground lease for one property, in years following December 31, 20012003 is as follows:
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
Year |
| Amount |
| |
2004 |
| $ | 4,834,842 |
|
2005 |
| 3,915,366 |
| |
2006 |
| 2,852,105 |
| |
2007 |
| 2,376,432 |
| |
2008 |
| 2,242,893 |
| |
Thereafter |
| 8,364,631 |
| |
Total |
| $ | 24,586,269 |
|
The Company has entered into a retirement benefits agreement with its Chairman of the yearBoard of Trustees and deferred compensation agreements with two of its executive officers and its former chief executive officer. During the years ended December 31, 2003, 2002 and 2001, the Company recorded $60.0recognized compensation expense of $3.0 million, of asset impairment charges$5.1 million and $3.7 million, respectively, related to its Globe furniture rental business. These charges were the result of a review of the existing intangible and tangible assets reflectedthese agreements. The projected commitments under these agreements based 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 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.estimated retirement dates are:
F-42
Year |
| Amount |
| |
2004 |
| $ | 831,168 |
|
2005 |
| 1,376,132 |
| |
2006 |
| 1,410,536 |
| |
2007 |
| 2,214,549 |
| |
2008 |
| 2,269,913 |
| |
Thereafter |
| 20,972,730 |
| |
Total |
| $ | 29,075,028 |
|
22.Asset Impairment
For the years ended December 31, 20012003, 2002 and 20002001, the Company recorded approximately $11.8$1.2 million, $1.2 million and $1.0$11.8 million, respectively, of asset impairment charges related to its technology investments. These charges were the result of a review of the existing investments reflected on the consolidated balance sheet. The Company reviewed the current relative value of each investment based on existing economic conditions and current events. These impairment losses are reflected on the statementconsolidated statements of operations in total expenses and include the write-down of assets classified as other assets and investments in unconsolidated entities.
21. For the year ended December 31, 2002, the Company recorded approximately $17.1 million of asset impairment charges related to its corporate housing business. Following the guidance in SFAS No. 142, these charges were the result of the Company’s decision to reduce the carrying value of its corporate housing business to $30.0 million, given the continued weakness in the economy and management’s expectations for near-term performance. This impairment loss is reflected on the consolidated statements of operations as impairment on corporate housing business and on the consolidated balance sheets as a reduction in goodwill, net.
F-41
23.Reportable Segments
Operating segments are defined as components of an enterprise about which 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'sCompany’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 residents.residents and includes ECH. Senior management evaluates the performance of each of our apartment communities on an individual basis,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. The Company'sCompany’s rental real estate segment comprises approximately 95.6%99.2%, 96.3%99.5% and 98.2%99.1% of total revenues for the years ended December 31, 2001, 20002003, 2002 and 1999,2001, respectively. The Company'sCompany’s rental real estate segment comprises approximately 99.8%99.7% and 98.7%99.7% of total assets at December 31, 20012003 and 2000,2002, respectively.
The primary financial measure for the Company'sCompany’s rental real estate segment is net operating income ("NOI"(“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). The Company believes that NOI is helpful to investors as a supplemental measure of the operating performance of a real estate company because it is a direct measure of the actual operating results of the Company’s apartment communities. Current year NOI is compared to prior year NOI and current year budgeted NOI as a measure of financial performance. NOI from our rental real estate totaled approximately $1.3$1.0 billion, $1.2$1.1 billion, and $1.1billion for the years ended December 31, 2003, 2002 and 2001, 2000 and 1999, respectively.
During the acquisition, development and/or disposition of real estate, the Company considers its NOI return on total capitalized costs isinvestment as the primary measure of financial performance (capitalization rate) the Company considers.performance.
The Company'sCompany’s fee and asset management activity and furniture rental/sales activities areis immaterial and dodoes not meet the threshold requirements of a reportable segment as provided for in SFAS No. 131.
22. Subsequent Events
All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the three years ended December 31, 2003, 2002 or 2001.
24.Subsequent Events/Other
Subsequent to December 31, 20012003 and through February 5, 2002,4, 2004, the Company:
•
•
• Disposed of twelve properties (including one Unconsolidated Property) and
•
• Repaid $50.0 million of 9.375% fixed rate public notes at maturity.
23. 25.Quarterly Financial Data (Unaudited)
The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. All per share and weighted average Common Shares outstanding amounts have also been restated as a resultin accordance with the discontinued operations provisions of the Company's two-for-one split of its Common Shares.SFAS No 144. Amounts are in thousands, except for per share amounts.
F-42
2003 |
| Fourth |
| Third |
| Second |
| First |
| ||||
Total revenues (1) |
| $ | 459,521 |
| $ | 459,364 |
| $ | 455,890 |
| $ | 448,523 |
|
Operating income (1) |
| 136,057 |
| 143,249 |
| 148,105 |
| 140,104 |
| ||||
Income from continuing operations (1) |
| 43,049 |
| 55,252 |
| 58,834 |
| 54,423 |
| ||||
Net gain on sales of discontinued operations |
| 91,731 |
| 77,983 |
| 70,320 |
| 70,672 |
| ||||
Discontinued operations, net (1) |
| 56 |
| 4,038 |
| 7,237 |
| 10,252 |
| ||||
Net income * |
| 134,836 |
| 137,273 |
| 136,391 |
| 135,347 |
| ||||
Net income available to Common Shares |
| 90,743 |
| 112,575 |
| 112,154 |
| 111,167 |
| ||||
Earnings per share – basic: |
|
|
|
|
|
|
|
|
| ||||
Net income available to Common Shares |
| $ | 0.33 |
| $ | 0.41 |
| $ | 0.41 |
| $ | 0.41 |
|
Weighted average Common Shares outstanding |
| 274,457 |
| 272,787 |
| 271,380 |
| 270,678 |
| ||||
Earnings per share – diluted: |
|
|
|
|
|
|
|
|
| ||||
Net income available to Common Shares |
| $ | 0.33 |
| $ | 0.41 |
| $ | 0.41 |
| $ | 0.41 |
|
Weighted average Common Shares outstanding |
| 299,516 |
| 297,941 |
| 299,217 |
| 297,646 |
|
(1) The amounts presented for the first three quarters of 2003 are not equal to the same amounts previously reported in the respective Form 10-Q’s filed with the SEC for each period as a result of changes in discontinued operations due to additional property sales which occurred throughout 2003. Below is a reconciliation to the amounts previously reported in the respective Form 10-Q’s:
2003 |
| Third |
| Second |
| First |
| |||
|
|
|
|
|
|
|
| |||
Total revenues previously reported in Form 10-Q |
| $ | 472,976 |
| $ | 479,357 |
| $ | 482,707 |
|
Total revenues subsequently reclassified to discontinued operations |
| (13,612 | ) | (23,467 | ) | (34,184 | ) | |||
|
|
|
|
|
|
|
| |||
Total revenues disclosed in Form 10-K |
| $ | 459,364 |
| $ | 455,890 |
| $ | 448,523 |
|
|
|
|
|
|
|
|
| |||
Operating income previously reported in Form 10-Q |
| $ | 147,635 |
| $ | 155,638 |
| $ | 151,039 |
|
Operating income subsequently reclassified to discontinued operations |
| (4,386 | ) | (7,533 | ) | (10,935 | ) | |||
|
|
|
|
|
|
|
| |||
Operating income disclosed in Form 10-K |
| $ | 143,249 |
| $ | 148,105 |
| $ | 140,104 |
|
|
|
|
|
|
|
|
| |||
Income from continuing operations previously reported in Form 10-Q |
| $ | 59,297 |
| $ | 65,934 |
| $ | 64,259 |
|
Income from continuing operations subsequently reclassified to discontinued operations |
| (4,045 | ) | (7,100 | ) | (9,836 | ) | |||
|
|
|
|
|
|
|
| |||
Income from continuing operations disclosed in Form 10-K |
| $ | 55,252 |
| $ | 58,834 |
| $ | 54,423 |
|
|
|
|
|
|
|
|
| |||
Discontinued operations, net previously reported in Form 10-Q |
| $ | (7 | ) | $ | 137 |
| $ | 416 |
|
Discontinued operations, net from properties sold subsequent to the respective reporting period |
| 4,045 |
| 7,100 |
| 9,836 |
| |||
|
|
|
|
|
|
|
| |||
Discontinued operations, net disclosed in Form 10-K |
| $ | 4,038 |
| $ | 7,237 |
| $ | 10,252 |
|
F-43
2002 |
| Fourth |
| Third |
| Second |
| First |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total revenues (2) |
| $ | 447,834 |
| $ | 455,218 |
| $ | 454,742 |
| $ | 451,369 |
|
Operating income (2) |
| 145,017 |
| 135,742 |
| 159,478 |
| 157,939 |
| ||||
Income from continuing operations (2) |
| 61,294 |
| 39,987 |
| 68,659 |
| 76,900 |
| ||||
Net gain on sales of discontinued operations |
| 43,087 |
| 32,763 |
| 25,630 |
| 2,816 |
| ||||
Discontinued operations, net (2) |
| 14,096 |
| 15,911 |
| 19,008 |
| 21,162 |
| ||||
Net income * |
| 118,477 |
| 88,661 |
| 113,297 |
| 100,878 |
| ||||
Net income available to Common Shares |
| 94,295 |
| 64,473 |
| 89,041 |
| 76,353 |
| ||||
Earnings per share – basic: |
|
|
|
|
|
|
|
|
| ||||
Net income available to Common Shares |
| $ | 0.35 |
| $ | 0.24 |
| $ | 0.33 |
| $ | 0.28 |
|
Weighted average Common Shares outstanding |
| 269,706 |
| 273,943 |
| 273,146 |
| 271,094 |
| ||||
Earnings per share – diluted: |
|
|
|
|
|
|
|
|
| ||||
Net income available to Common Shares |
| $ | 0.35 |
| $ | 0.23 |
| $ | 0.32 |
| $ | 0.28 |
|
Weighted average Common Shares outstanding |
| 294,714 |
| 299,057 |
| 299,494 |
| 297,229 |
|
2001 | First Quarter 3/31 | Second Quarter 6/30 | Third Quarter 9/30 | Fourth Quarter 12/31 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Total 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 3/31 | Second Quarter 6/30 | Third Quarter 9/30 | Fourth Quarter 12/31 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Total 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 | ||||||||
F-44
2002 |
| Third |
| Second |
| First |
| |||
|
|
|
|
|
|
|
| |||
Total revenues previously reported in Form 10-Q |
| $ | 504,500 |
| $ | 509,507 |
| $ | 512,094 |
|
Total revenues subsequently reclassified to discontinued operations |
| (49,282 | ) | (54,765 | ) | (60,725 | ) | |||
|
|
|
|
|
|
|
| |||
Total revenues disclosed in Form 10-K |
| $ | 455,218 |
| $ | 454,742 |
| $ | 451,369 |
|
|
|
|
|
|
|
|
| |||
Operating income previously reported in Form 10-Q |
| $ | 152,225 |
| $ | 179,385 |
| $ | 181,325 |
|
Operating income subsequently reclassified to discontinued operations |
| (16,483 | ) | (19,907 | ) | (23,386 | ) | |||
|
|
|
|
|
|
|
| |||
Operating income disclosed in Form 10-K |
| $ | 135,742 |
| $ | 159,478 |
| $ | 157,939 |
|
|
|
|
|
|
|
|
| |||
Income from continuing operations previously reported in Form 10-Q |
| $ | 55,552 |
| $ | 87,503 |
| $ | 97,882 |
|
Income from continuing operations subsequently reclassified to discontinued operations |
| (15,565 | ) | (18,473 | ) | (20,885 | ) | |||
Extraordinary items for early debt extinguishment reclassified to interest expense |
| — |
| (371 | ) | (97 | ) | |||
|
|
|
|
|
|
|
| |||
Income from continuing operations disclosed in Form 10-K |
| $ | 39,987 |
| $ | 68,659 |
| $ | 76,900 |
|
|
|
|
|
|
|
|
| |||
Discontinued operations, net previously reported in Form 10-Q |
| $ | 346 |
| $ | 535 |
| $ | 277 |
|
Discontinued operations, net from properties sold subsequent to the respective reporting period |
| 15,565 |
| 18,473 |
| 20,885 |
| |||
|
|
|
|
|
|
|
| |||
Discontinued operations, net disclosed in Form 10-K |
| $ | 15,911 |
| $ | 19,008 |
| $ | 21,162 |
|
* The Company did not have any extraordinary items or cumulative effect of change in accounting principle during the years ended September 30, 2000, IncomeDecember 31, 2003 and 2002. Therefore, 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 relatedis not shown as it was equal to the gain on disposition of properties, net. Thenet income 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.
F-44
F-45
EQUITY RESIDENTIAL PROPERTIES TRUST
Schedule III —- Real Estate and Accumulated Depreciation
December 31, 20012003
| | | Initial Cost to Company | Cost Capitalized Subsequent to (Improvements, net) (H) | Gross Amount Carried at Close of Period 12/31/01 | | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Description | | Life Used to Compute Depreciation in Latest Income Statement (C) | |||||||||||||||||||||||||||||||
Apartment Name | Location | Encumbrances | Land | Building & Fixtures | Land | Building & Fixtures | Land | Building & Fixtures (A) | Total (B) | Accumulated Depreciation | Date of Construction | ||||||||||||||||||||||
2300 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 |
Description |
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| Gross Amount Carried |
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| Encumbrances |
| Land |
| Building & |
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| Building & |
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| Building & |
| Total (B) |
| Accumulated |
| Date of |
| Latest Income |
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2300 Elliott |
| Seattle, WA |
| $ | — |
| $ | 796,800 |
| $ | 7,173,725 |
| $ | — |
| $ | 4,276,332 |
| $ | 796,800 |
| $ | 11,450,058 |
| $ | 12,246,858 |
| $ | (3,995,994 | ) | 1992 |
| 30 Years |
|
2900 on First |
| Seattle, WA (G) |
| — |
| 1,177,700 |
| 10,600,360 |
| — |
| 3,002,402 |
| 1,177,700 |
| 13,602,762 |
| 14,780,462 |
| (4,148,864 | ) | 1989-91 |
| 30 Years |
| |||||||||
740 River Drive |
| St. Paul, MN |
| 5,862,603 |
| 1,626,700 |
| 11,234,943 |
| — |
| 2,307,093 |
| 1,626,700 |
| 13,542,036 |
| 15,168,736 |
| (3,580,156 | ) | 1962 |
| 30 Years |
| |||||||||
929 House |
| Cambridge, MA (G) |
| 4,613,937 |
| 3,252,993 |
| 21,745,595 |
| — |
| 908,501 |
| 3,252,993 |
| 22,654,096 |
| 25,907,089 |
| (2,563,429 | ) | 1975 |
| 30 Years |
| |||||||||
Abington Glen |
| Abington, MA |
| — |
| 553,105 |
| 3,697,396 |
| — |
| 208,005 |
| 553,105 |
| 3,905,401 |
| 4,458,507 |
| (492,539 | ) | 1968 |
| 30 Years |
| |||||||||
Acacia Creek |
| Scottsdale, AZ |
| — |
| 4,964,970 |
| 28,694,155 |
| — |
| 1,519,060 |
| 4,964,970 |
| 30,213,215 |
| 35,178,185 |
| (6,962,258 | ) | 1988-1994 |
| 30 Years |
| |||||||||
Acadia Court |
| Bloomington, IN |
| 1,961,696 |
| 257,484 |
| 2,268,653 |
| — |
| 382,335 |
| 257,484 |
| 2,650,987 |
| 2,908,471 |
| (503,021 | ) | 1985 |
| 30 Years |
| |||||||||
Acadia Court II |
| Bloomington, IN |
| — |
| 253,636 |
| 2,234,632 |
| — |
| 224,035 |
| 253,636 |
| 2,458,666 |
| 2,712,302 |
| (432,875 | ) | 1986 |
| 30 Years |
| |||||||||
Adelaide Park |
| Norcross, GA |
| — |
| 2,546,500 |
| 11,009,666 |
| — |
| 1,248,772 |
| 2,546,500 |
| 12,258,438 |
| 14,804,938 |
| (2,815,895 | ) | 1972/1976 |
| 30 Years |
| |||||||||
Alborada |
| Fremont, CA |
| — |
| 24,310,000 |
| 59,214,129 |
| — |
| 760,876 |
| 24,310,000 |
| 59,975,005 |
| 84,285,005 |
| (7,843,083 | ) | 1999 |
| 30 Years |
| |||||||||
Ambergate (FL) |
| W. Palm Beach, FL |
| — |
| 730,000 |
| 1,687,743 |
| — |
| 159,184 |
| 730,000 |
| 1,846,927 |
| 2,576,927 |
| (260,406 | ) | 1987 |
| 30 Years |
| |||||||||
Amberidge |
| Roseville, MI |
| — |
| 130,844 |
| 1,152,880 |
| — |
| 132,592 |
| 130,844 |
| 1,285,472 |
| 1,416,316 |
| (223,529 | ) | 1985 |
| 30 Years |
| |||||||||
Amberton |
| Manassas, VA |
| 10,705,000 |
| 900,600 |
| 9,072,492 |
| — |
| 1,089,029 |
| 900,600 |
| 10,161,521 |
| 11,062,121 |
| (3,331,324 | ) | 1986 |
| 30 Years |
| |||||||||
Amberwood (OH) |
| Massillon, OH |
| 813,763 |
| 126,227 |
| 1,112,289 |
| — |
| 214,821 |
| 126,227 |
| 1,327,110 |
| 1,453,337 |
| (240,379 | ) | 1987 |
| 30 Years |
| |||||||||
Amesbury I |
| Reynoldsbury, OH |
| 1,194,940 |
| 143,039 |
| 1,260,233 |
| — |
| 200,427 |
| 143,039 |
| 1,460,660 |
| 1,603,700 |
| (263,441 | ) | 1986 |
| 30 Years |
| |||||||||
Amesbury II |
| Reynoldsbury, OH |
| — |
| 180,588 |
| 1,591,229 |
| — |
| 180,897 |
| 180,588 |
| 1,772,126 |
| 1,952,714 |
| (307,145 | ) | 1987 |
| 30 Years |
| |||||||||
Amhurst (Tol) |
| Toledo, OH |
| — |
| 161,854 |
| 1,426,108 |
| — |
| 123,143 |
| 161,854 |
| 1,549,250 |
| 1,711,104 |
| (252,346 | ) | 1983 |
| 30 Years |
| |||||||||
Amhurst I (OH) |
| Dayton, OH |
| — |
| 152,574 |
| 1,344,353 |
| — |
| 247,782 |
| 152,574 |
| 1,592,135 |
| 1,744,708 |
| (313,523 | ) | 1979 |
| 30 Years |
| |||||||||
Amhurst II (OH) |
| Dayton, OH |
| — |
| 159,416 |
| 1,404,632 |
| — |
| 166,442 |
| 159,416 |
| 1,571,074 |
| 1,730,491 |
| (278,291 | ) | 1981 |
| 30 Years |
| |||||||||
Andover Court |
| Mt. Vernon, OH |
| — |
| 123,875 |
| 1,091,272 |
| — |
| 193,855 |
| 123,875 |
| 1,285,127 |
| 1,409,002 |
| (240,743 | ) | 1982 |
| 30 Years |
| |||||||||
Annhurst (IN) |
| Indianapolis, IN |
| 1,204,270 |
| 189,235 |
| 1,667,469 |
| — |
| 227,393 |
| 189,235 |
| 1,894,862 |
| 2,084,097 |
| (359,205 | ) | 1985 |
| 30 Years |
| |||||||||
Annhurst (MD) (REIT) |
| Belcamp, MD |
| 1,240,881 |
| 232,575 |
| 2,093,165 |
| — |
| 176,023 |
| 232,575 |
| 2,269,188 |
| 2,501,763 |
| (249,373 | ) | 1984 |
| 30 Years |
| |||||||||
Annhurst (PA) |
| Clairton, PA |
| — |
| 307,952 |
| 2,713,397 |
| — |
| 318,343 |
| 307,952 |
| 3,031,739 |
| 3,339,692 |
| (521,912 | ) | 1984 |
| 30 Years |
| |||||||||
Annhurst II (OH) |
| Gahanna, OH |
| — |
| 116,739 |
| 1,028,595 |
| — |
| 196,057 |
| 116,739 |
| 1,224,652 |
| 1,341,390 |
| (233,009 | ) | 1986 |
| 30 Years |
| |||||||||
Annhurst III (OH) |
| Gahanna, OH |
| — |
| 134,788 |
| 1,187,629 |
| — |
| 131,751 |
| 134,788 |
| 1,319,381 |
| 1,454,169 |
| (225,842 | ) | 1988 |
| 30 Years |
| |||||||||
Apple Ridge I |
| Circleville, OH |
| 1,008,377 |
| 139,300 |
| 1,227,582 |
| — |
| 206,724 |
| 139,300 |
| 1,434,306 |
| 1,573,606 |
| (239,599 | ) | 1987 |
| 30 Years |
| |||||||||
Apple Ridge III |
| Circleville, OH |
| — |
| 72,585 |
| 639,356 |
| — |
| 73,805 |
| 72,585 |
| 713,161 |
| 785,746 |
| (116,288 | ) | 1982 |
| 30 Years |
| |||||||||
Applegate (Col) |
| Columbus, IN |
| — |
| 171,829 |
| 1,514,002 |
| — |
| 97,369 |
| 171,829 |
| 1,611,371 |
| 1,783,200 |
| (277,781 | ) | 1982 |
| 30 Years |
| |||||||||
Applegate I (IN) |
| Muncie, IN |
| 877,129 |
| 138,506 |
| 1,220,386 |
| — |
| 205,064 |
| 138,506 |
| 1,425,450 |
| 1,563,955 |
| (250,665 | ) | 1984 |
| 30 Years |
| |||||||||
Applegate II (IN) |
| Muncie, IN |
| 1,202,296 |
| 180,017 |
| 1,586,143 |
| — |
| 243,480 |
| 180,017 |
| 1,829,623 |
| 2,009,640 |
| (306,006 | ) | 1987 |
| 30 Years |
| |||||||||
Applewood I |
| Deland, FL |
| 2,056,168 |
| 235,230 |
| 2,072,994 |
| — |
| 477,344 |
| 235,230 |
| 2,550,338 |
| 2,785,569 |
| (546,007 | ) | 1982 |
| 30 Years |
| |||||||||
Aragon Woods |
| Indianapolis, IN |
| — |
| 157,791 |
| 1,390,010 |
| — |
| 96,387 |
| 157,791 |
| 1,486,397 |
| 1,644,188 |
| (262,387 | ) | 1986 |
| 30 Years |
| |||||||||
Arbor Glen |
| Ypsilanti, MI |
| 6,573,553 |
| 1,096,064 |
| 9,887,635 |
| — |
| 1,226,299 |
| 1,096,064 |
| 11,113,934 |
| 12,209,998 |
| (2,692,814 | ) | 1990 |
| 30 Years |
| |||||||||
Arbor Terrace |
| Sunnyvale, CA |
| (R) |
| 9,057,300 |
| 18,483,642 |
| — |
| 669,641 |
| 9,057,300 |
| 19,153,283 |
| 28,210,583 |
| (3,822,766 | ) | 1979 |
| 30 Years |
| |||||||||
Arboretum (GA) |
| Atlanta, GA |
| — |
| 4,682,300 |
| 15,913,018 |
| — |
| 1,407,580 |
| 4,682,300 |
| 17,320,598 |
| 22,002,898 |
| (4,191,166 | ) | 1970 |
| 30 Years |
| |||||||||
Arboretum (MA) |
| Canton, MA |
| (M) |
| 4,685,900 |
| 10,992,751 |
| — |
| 647,767 |
| 4,685,900 |
| 11,640,518 |
| 16,326,418 |
| (2,429,558 | ) | 1989 |
| 30 Years |
| |||||||||
Arboretum at Stonelake |
| Austin, TX |
| — |
| 6,120,000 |
| 24,068,145 |
| — |
| (800 | ) | 6,120,000 |
| 24,067,345 |
| 30,187,345 |
| — |
| 1996 |
| 30 Years |
| |||||||||
Arbors of Brentwood |
| Nashville, TN |
| (K) |
| 404,670 |
| 13,536,367 |
| — |
| 2,379,128 |
| 404,670 |
| 15,915,494 |
| 16,320,164 |
| (6,059,151 | ) | 1986 |
| 30 Years |
| |||||||||
Arbors of Hickory Hollow |
| Antioch, TN |
| (K) |
| 202,985 |
| 6,937,209 |
| — |
| 2,816,341 |
| 202,985 |
| 9,753,550 |
| 9,956,535 |
| (4,389,308 | ) | 1986 |
| 30 Years |
| |||||||||
Arbors of Las Colinas |
| Irving, TX |
| — |
| 1,663,900 |
| 14,977,080 |
| — |
| 2,568,765 |
| 1,663,900 |
| 17,545,845 |
| 19,209,745 |
| (6,758,807 | ) | 1984/85 |
| 30 Years |
| |||||||||
Artisan Square |
| Northridge, CA |
| — |
| 7,000,000 |
| 20,562,359 |
| — |
| 44,551 |
| 7,000,000 |
| 20,606,910 |
| 27,606,910 |
| (787,661 | ) | 2002 |
| 30 Years |
| |||||||||
Ashford Hill |
| Reynoldsbury, OH |
| 1,333,498 |
| 184,985 |
| 1,630,021 |
| — |
| 272,078 |
| 184,985 |
| 1,902,099 |
| 2,087,085 |
| (351,430 | ) | 1986 |
| 30 Years |
| |||||||||
Ashgrove (IN) |
| Indianapolis, IN |
| — |
| 172,924 |
| 1,523,549 |
| — |
| 132,766 |
| 172,924 |
| 1,656,314 |
| 1,829,238 |
| (273,423 | ) | 1983 |
| 30 Years |
| |||||||||
Ashgrove (KY) |
| Louisville, KY |
| — |
| 171,816 |
| 1,514,034 |
| — |
| 191,913 |
| 171,816 |
| 1,705,947 |
| 1,877,763 |
| (285,453 | ) | 1984 |
| 30 Years |
| |||||||||
Ashgrove (OH) |
| Franklin, OH |
| 1,194,739 |
| 157,535 |
| 1,387,687 |
| — |
| 205,653 |
| 157,535 |
| 1,593,340 |
| 1,750,875 |
| (280,186 | ) | 1983 |
| 30 Years |
| |||||||||
Ashgrove I (MI) |
| Sterling Hts, MI |
| 3,078,695 |
| 403,580 |
| 3,555,988 |
| — |
| 402,134 |
| 403,580 |
| 3,958,122 |
| 4,361,702 |
| (641,497 | ) | 1985 |
| 30 Years |
| |||||||||
Ashgrove II (MI) |
| Sterling Hts, MI |
| 2,177,239 |
| 311,912 |
| 2,748,287 |
| — |
| 238,814 |
| 311,912 |
| 2,987,101 |
| 3,299,014 |
| (470,020 | ) | 1987 |
| 30 Years |
| |||||||||
Ashton, The |
| Corona Hills, CA |
| — |
| 2,594,264 |
| 33,042,398 |
| — |
| 1,659,606 |
| 2,594,264 |
| 34,702,004 |
| 37,296,268 |
| (7,835,651 | ) | 1986 |
| 30 Years |
| |||||||||
Aspen Crossing |
| Silver Spring, MD |
| — |
| 2,880,000 |
| 8,551,377 |
| — |
| 960,995 |
| 2,880,000 |
| 9,512,372 |
| 12,392,372 |
| (1,922,936 | ) | 1979 |
| 30 Years |
| |||||||||
Astorwood (REIT) |
| Stuart, FL |
| 1,559,665 |
| 233,150 |
| 2,098,338 |
| — |
| 272,479 |
| 233,150 |
| 2,370,818 |
| 2,603,968 |
| (274,020 | ) | 1983 |
| 30 Years |
| |||||||||
Audubon Village |
| Tampa, FL |
| — |
| 3,576,000 |
| 26,121,909 |
| — |
| 915,092 |
| 3,576,000 |
| 27,037,001 |
| 30,613,001 |
| (5,418,687 | ) | 1990 |
| 30 Years |
| |||||||||
Autumn Cove |
| Lithonia, GA |
| — |
| 187,220 |
| 1,649,515 |
| — |
| 118,326 |
| 187,220 |
| 1,767,841 |
| 1,955,061 |
| (286,946 | ) | 1985 |
| 30 Years |
| |||||||||
Auvers Village |
| Orlando, FL |
| — |
| 3,840,000 |
| 29,322,243 |
| — |
| 1,882,818 |
| 3,840,000 |
| 31,205,060 |
| 35,045,060 |
| (6,125,041 | ) | 1991 |
| 30 Years |
| |||||||||
Avon Place |
| Avon,CT |
| (P) |
| 1,788,943 |
| 12,323,920 |
| — |
| 156,590 |
| 1,788,943 |
| 12,480,510 |
| 14,269,454 |
| (1,426,271 | ) | 1973 |
| 30 Years |
| |||||||||
Balaton Condominium, LLC |
| Seattle, WA |
|
|
| 654,550 |
| 6,073,987 |
| — |
| 609,467 |
| 654,550 |
| 6,683,454 |
| 7,338,004 |
| (1,447,780 | ) | 1991 |
| 30 Years |
| |||||||||
Balcones Club |
| Austin, TX |
| — |
| 2,185,500 |
| 10,119,232 |
| — |
| 1,447,896 |
| 2,185,500 |
| 11,567,127 |
| 13,752,627 |
| (2,981,654 | ) | 1984 |
| 30 Years |
| |||||||||
Barcelona Condominium, LLC |
| Scottsdale, AZ |
|
|
| 1,156,886 |
| 6,699,584 |
| — |
| 948,140 |
| 1,156,886 |
| 7,647,723 |
| 8,804,609 |
| (1,487,393 | ) | 1983 |
| 30 Years |
| |||||||||
Barrington |
| Clarkston, GA |
| 965,951 |
| 144,459 |
| 1,272,842 |
| — |
| 213,638 |
| 144,459 |
| 1,486,480 |
| 1,630,939 |
| (246,965 | ) | 1984 |
| 30 Years |
| |||||||||
Bay Ridge |
| San Pedro, CA |
| — |
| 2,401,300 |
| 2,176,963 |
| — |
| 332,648 |
| 2,401,300 |
| 2,509,611 |
| 4,910,911 |
| (654,454 | ) | 1987 |
| 30 Years |
| |||||||||
Bayside at the Islands |
| Gilbert, AZ |
| — |
| 3,306,484 |
| 15,573,006 |
| — |
| 1,081,961 |
| 3,306,484 |
| 16,654,967 |
| 19,961,451 |
| (3,890,055 | ) | 1989 |
| 30 Years |
| |||||||||
Beach Club |
| Fort Myers, FL |
| — |
| 2,080,000 |
| 14,800,928 |
| — |
| 1,443,661 |
| 2,080,000 |
| 16,244,589 |
| 18,324,589 |
| (3,379,435 | ) | 1990 |
| 30 Years |
| |||||||||
Beckford Place (IN) |
| New Castle, IN |
| 678,878 |
| 99,046 |
| 872,702 |
| — |
| 140,699 |
| 99,046 |
| 1,013,401 |
| 1,112,447 |
| (171,254 | ) | 1984 |
| 30 Years |
| |||||||||
Beckford Place (Pla) |
| The Plains, OH |
| — |
| 161,161 |
| 1,420,002 |
| — |
| 163,521 |
| 161,161 |
| 1,583,523 |
| 1,744,684 |
| (259,990 | ) | 1982 |
| 30 Years |
| |||||||||
Beckford Place I (OH) |
| N Canton, OH |
| — |
| 168,426 |
| 1,484,248 |
| — |
| 203,219 |
| 168,426 |
| 1,687,467 |
| 1,855,893 |
| (283,649 | ) | 1983 |
| 30 Years |
| |||||||||
Beckford Place II (OH) |
| N Canton, OH |
| — |
| 172,134 |
| 1,516,691 |
| — |
| 133,866 |
| 172,134 |
| 1,650,557 |
| 1,822,691 |
| (265,118 | ) | 1985 |
| 30 Years |
| |||||||||
Bel Aire I |
| Miami, FL |
| — |
| 188,343 |
| 1,658,995 |
| — |
| 230,005 |
| 188,343 |
| 1,889,001 |
| 2,077,343 |
| (313,797 | ) | 1985 |
| 30 Years |
| |||||||||
Bel Aire II |
| Miami, FL |
| — |
| 136,416 |
| 1,201,075 |
| — |
| 178,206 |
| 136,416 |
| 1,379,281 |
| 1,515,698 |
| (228,708 | ) | 1986 |
| 30 Years |
| |||||||||
Bell Road I & II |
| Nashville, TN |
| — |
| 3,100,000 |
| 1,120,214 |
| — |
| — |
| 3,100,000 |
| 1,120,214 |
| 4,220,214 |
| — |
| (F) |
| 30 Years |
| |||||||||
Bellevue Meadows |
| Bellevue, WA |
| — |
| 4,507,100 |
| 12,574,814 |
| — |
| 517,895 |
| 4,507,100 |
| 13,092,709 |
| 17,599,809 |
| (2,660,846 | ) | 1983 |
| 30 Years |
| |||||||||
Belmont Crossing |
| Riverdale, GA |
| — |
| 1,580,000 |
| 18,449,045 |
| — |
| 928,857 |
| 1,580,000 |
| 19,377,902 |
| 20,957,902 |
| (3,743,496 | ) | 1988 |
| 30 Years |
| |||||||||
Beneva Place |
| Sarasota, FL |
| 8,700,000 |
| 1,344,000 |
| 9,665,447 |
| — |
| 461,730 |
| 1,344,000 |
| 10,127,176 |
| 11,471,176 |
| (2,033,316 | ) | 1986 |
| 30 Years |
| |||||||||
S-1
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
Schedule III —- Real Estate and Accumulated Depreciation
December 31, 20012003
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||
Apartment Name |
| Location |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
| Latest Income |
|
Bermuda Cove |
| Jacksonville, FL |
| — |
| 1,503,000 |
| 19,561,896 |
| — |
| 1,098,422 |
| 1,503,000 |
| 20,660,318 |
| 22,163,318 |
| (4,066,923 | ) | 1989 |
| 30 Years |
|
Berry Pines |
| Milton, FL |
| — |
| 154,086 |
| 1,299,939 |
| — |
| 300,396 |
| 154,086 |
| 1,600,334 |
| 1,754,420 |
| (319,237 | ) | 1985 |
| 30 Years |
|
Bishop Park |
| Winter Park, FL |
| — |
| 2,592,000 |
| 17,990,436 |
| — |
| 1,783,145 |
| 2,592,000 |
| 19,773,581 |
| 22,365,581 |
| (4,171,714 | ) | 1991 |
| 30 Years |
|
Blue Swan |
| San Antonio, TX |
| — |
| 1,425,500 |
| 7,591,292 |
| — |
| 902,277 |
| 1,425,500 |
| 8,493,569 |
| 9,919,069 |
| (2,253,308 | ) | 1985-1994 |
| 30 Years |
|
Blueberry Hill I |
| Leesburg, FL |
| — |
| 140,370 |
| 1,236,710 |
| — |
| 139,490 |
| 140,370 |
| 1,376,200 |
| 1,516,570 |
| (250,123 | ) | 1986 |
| 30 Years |
|
Bourbon Square |
| Palatine, IL |
| — |
| 3,899,744 |
| 35,113,276 |
| — |
| 7,105,768 |
| 3,899,744 |
| 42,219,044 |
| 46,118,788 |
| (16,733,128 | ) | 1984-87 |
| 30 Years |
|
Bradford Apartments |
| Newington, CT |
| (P) |
| 401,091 |
| 2,681,210 |
| — |
| 145,061 |
| 401,091 |
| 2,826,271 |
| 3,227,362 |
| (345,758 | ) | 1964 |
| 30 Years |
|
Bramblewood |
| San Jose, CA |
| — |
| 5,190,700 |
| 9,659,184 |
| — |
| 357,254 |
| 5,190,700 |
| 10,016,438 |
| 15,207,138 |
| (2,039,368 | ) | 1986 |
| 30 Years |
|
Branchwood |
| Winter Park, FL |
| — |
| 324,069 |
| 2,855,397 |
| — |
| 404,748 |
| 324,069 |
| 3,260,145 |
| 3,584,214 |
| (560,089 | ) | 1981 |
| 30 Years |
|
Brandon Court |
| Bloomington, IN |
| — |
| 170,636 |
| 1,503,487 |
| — |
| 328,590 |
| 170,636 |
| 1,832,077 |
| 2,002,712 |
| (340,335 | ) | 1984 |
| 30 Years |
|
Brentwood |
| Vancouver, WA |
| — |
| 1,357,221 |
| 12,202,521 |
| — |
| 1,563,872 |
| 1,357,221 |
| 13,766,393 |
| 15,123,615 |
| (4,637,448 | ) | 1990 |
| 30 Years |
|
Breton Mill |
| Houston, TX |
| — |
| 212,820 |
| 8,547,263 |
| — |
| 1,467,570 |
| 212,820 |
| 10,014,833 |
| 10,227,653 |
| (3,855,528 | ) | 1986 |
| 30 Years |
|
Briar Knoll Apts |
| Vernon, CT |
| 5,834,372 |
| 928,972 |
| 6,209,988 |
| — |
| 304,961 |
| 928,972 |
| 6,514,949 |
| 7,443,921 |
| (802,789 | ) | 1986 |
| 30 Years |
|
Briarwood (CA) |
| Sunnyvale, CA |
| 13,461,081 |
| 9,991,500 |
| 22,247,278 |
| — |
| 488,678 |
| 9,991,500 |
| 22,735,957 |
| 32,727,457 |
| (4,343,874 | ) | 1985 |
| 30 Years |
|
Bridford Lakes II |
| Greensboro, NC |
| — |
| 1,100,564 |
| 792,509 |
| — |
| — |
| 1,100,564 |
| 792,509 |
| 1,893,073 |
| — |
| (F) |
| 30 Years |
|
Bridgeport |
| Raleigh, NC |
| — |
| 1,296,700 |
| 11,666,278 |
| — |
| 1,182,417 |
| 1,296,700 |
| 12,848,695 |
| 14,145,395 |
| (4,916,622 | ) | 1990 |
| 30 Years |
|
Bridgewater at Wells Crossing |
| Orange Park, FL |
| — |
| 2,160,000 |
| 13,347,549 |
| — |
| 849,503 |
| 2,160,000 |
| 14,197,052 |
| 16,357,052 |
| (2,251,321 | ) | 1986 |
| 30 Years |
|
Brierwood |
| Jacksonville, FL |
| — |
| 551,900 |
| 4,965,856 |
| — |
| 1,476,043 |
| 551,900 |
| 6,441,899 |
| 6,993,799 |
| (2,244,946 | ) | 1974 |
| 30 Years |
|
Brittany Square |
| Tulsa, OK |
|
|
| 625,000 |
| 4,050,961 |
| — |
| 1,546,569 |
| 625,000 |
| 5,597,530 |
| 6,222,530 |
| (3,733,120 | ) | 1982 |
| 30 Years |
|
Broadview Oaks (REIT) |
| Pensacola, FL |
| 1,809,495 |
| 201,000 |
| 1,809,185 |
| — |
| 197,489 |
| 201,000 |
| 2,006,674 |
| 2,207,674 |
| (245,150 | ) | 1985 |
| 30 Years |
|
Broadway |
| Garland, TX |
| 5,808,011 |
| 1,443,700 |
| 7,790,989 |
| — |
| 1,210,692 |
| 1,443,700 |
| 9,001,681 |
| 10,445,381 |
| (2,269,253 | ) | 1983 |
| 30 Years |
|
Brookdale Village |
| Naperville, IL |
| 10,820,000 |
| 3,276,000 |
| 16,293,471 |
| — |
| 1,082,861 |
| 3,276,000 |
| 17,376,332 |
| 20,652,332 |
| (2,981,490 | ) | 1986 |
| 30 Years |
|
Brookridge |
| Centreville, VA |
| — |
| 2,521,500 |
| 16,003,839 |
| — |
| 1,029,607 |
| 2,521,500 |
| 17,033,446 |
| 19,554,946 |
| (4,016,440 | ) | 1989 |
| 30 Years |
|
Brookside (CO) |
| Boulder, CO |
| — |
| 3,600,400 |
| 10,211,159 |
| — |
| 318,889 |
| 3,600,400 |
| 10,530,048 |
| 14,130,448 |
| (2,148,149 | ) | 1993 |
| 30 Years |
|
Brookside (MD) |
| Frederick, MD |
| 8,170,000 |
| 2,736,000 |
| 7,934,517 |
| — |
| 852,542 |
| 2,736,000 |
| 8,787,059 |
| 11,523,059 |
| (1,679,672 | ) | 1993 |
| 30 Years |
|
Brookside Crossing I |
| Stockton, CA |
| 5,239,175 |
| 625,000 |
| 4,656,691 |
| — |
| 568,790 |
| 625,000 |
| 5,225,481 |
| 5,850,481 |
| (534,805 | ) | 1981 |
| 30 Years |
|
Brookside Crossing II |
| Stockton, CA |
| 4,285,825 |
| 770,000 |
| 4,210,036 |
| — |
| 707,853 |
| 770,000 |
| 4,917,889 |
| 5,687,889 |
| (574,762 | ) | 1981 |
| 30 Years |
|
Brookside II (MD) |
| Frederick, MD |
| — |
| 2,450,800 |
| 6,913,202 |
| — |
| 929,490 |
| 2,450,800 |
| 7,842,693 |
| 10,293,493 |
| (1,906,744 | ) | 1979 |
| 30 Years |
|
Brooksyde Apts |
| West Hartford, CT |
| (P) |
| 594,711 |
| 3,975,523 |
| — |
| 256,282 |
| 594,711 |
| 4,231,805 |
| 4,826,516 |
| (515,781 | ) | 1945 |
| 30 Years |
|
Burgundy Studios |
| Middletown, CT |
| (P) |
| 395,238 |
| 2,642,087 |
| — |
| 169,797 |
| 395,238 |
| 2,811,883 |
| 3,207,122 |
| (371,528 | ) | 1973 |
| 30 Years |
|
Burwick Farms |
| Howell, MI |
| (Q) |
| 1,104,600 |
| 9,932,207 |
| — |
| 707,547 |
| 1,104,600 |
| 10,639,754 |
| 11,744,354 |
| (2,660,179 | ) | 1991 |
| 30 Years |
|
Cambridge at Hickory Hollow |
| Antioch, TN |
| (J) |
| 3,240,800 |
| 17,900,033 |
| — |
| 880,952 |
| 3,240,800 |
| 18,780,985 |
| 22,021,785 |
| (4,439,332 | ) | 1997 |
| 30 Years |
|
Cambridge Commons I |
| Indianapolis, IN |
| — |
| 179,139 |
| 1,578,077 |
| — |
| 407,542 |
| 179,139 |
| 1,985,619 |
| 2,164,758 |
| (406,646 | ) | 1986 |
| 30 Years |
|
Cambridge Commons II |
| Indianapolis, IN |
| 827,229 |
| 141,845 |
| 1,249,511 |
| — |
| 306,740 |
| 141,845 |
| 1,556,251 |
| 1,698,096 |
| (311,842 | ) | 1987 |
| 30 Years |
|
Cambridge Commons III |
| Indianapolis, IN |
| — |
| 98,125 |
| 864,738 |
| — |
| 266,590 |
| 98,125 |
| 1,131,328 |
| 1,229,453 |
| (243,765 | ) | 1988 |
| 30 Years |
|
Cambridge Estates |
| Norwich,CT |
| — |
| 590,185 |
| 3,945,265 |
| — |
| 189,836 |
| 590,185 |
| 4,135,101 |
| 4,725,286 |
| (503,297 | ) | 1977 |
| 30 Years |
|
Camellero |
| Scottsdale, AZ |
| — |
| 1,924,900 |
| 17,324,593 |
| — |
| 3,796,150 |
| 1,924,900 |
| 21,120,743 |
| 23,045,643 |
| (7,795,677 | ) | 1979 |
| 30 Years |
|
Camellia Court I (Col) |
| Columbus, OH |
| — |
| 133,059 |
| 1,172,393 |
| — |
| 180,483 |
| 133,059 |
| 1,352,875 |
| 1,485,934 |
| (244,056 | ) | 1981 |
| 30 Years |
|
Camellia Court I (Day) |
| Dayton, OH |
| 1,039,326 |
| 131,858 |
| 1,162,066 |
| — |
| 191,240 |
| 131,858 |
| 1,353,305 |
| 1,485,164 |
| (257,012 | ) | 1981 |
| 30 Years |
|
Camellia Court II (Col) |
| Columbus, OH |
| 896,525 |
| 118,421 |
| 1,043,417 |
| — |
| 200,774 |
| 118,421 |
| 1,244,191 |
| 1,362,611 |
| (207,478 | ) | 1984 |
| 30 Years |
|
Camellia Court II (Day) |
| Dayton, OH |
| — |
| 131,571 |
| 1,159,283 |
| — |
| 127,075 |
| 131,571 |
| 1,286,358 |
| 1,417,929 |
| (222,401 | ) | 1982 |
| 30 Years |
|
Candlelight I |
| Brooksville, FL |
| 573,308 |
| 105,000 |
| 925,167 |
| — |
| 123,316 |
| 105,000 |
| 1,048,483 |
| 1,153,483 |
| (188,127 | ) | 1982 |
| 30 Years |
|
Candlelight II |
| Brooksville, FL |
| 565,582 |
| 95,061 |
| 837,593 |
| — |
| 145,385 |
| 95,061 |
| 982,978 |
| 1,078,039 |
| (189,738 | ) | 1985 |
| 30 Years |
|
Canterbury |
| Germantown, MD |
| 31,680,000 |
| 2,781,300 |
| 28,442,498 |
| — |
| 2,577,530 |
| 2,781,300 |
| 31,020,028 |
| 33,801,328 |
| (10,154,720 | ) | 1986 |
| 30 Years |
|
Canterbury Crossings |
| Lake Mary, FL |
| — |
| 273,671 |
| 2,411,538 |
| — |
| 133,225 |
| 273,671 |
| 2,544,762 |
| 2,818,433 |
| (416,515 | ) | 1983 |
| 30 Years |
|
Canyon Creek (CA) |
| San Ramon, CA |
| 28,000,000 |
| 5,425,000 |
| 16,989,210 |
| — |
| 612,263 |
| 5,425,000 |
| 17,601,473 |
| 23,026,473 |
| (1,803,650 | ) | 1984 |
| 30 Years |
|
Canyon Crest |
| Santa Clarita, CA |
| — |
| 2,370,000 |
| 10,141,878 |
| — |
| 606,409 |
| 2,370,000 |
| 10,748,288 |
| 13,118,288 |
| (1,966,118 | ) | 1993 |
| 30 Years |
|
Canyon Ridge |
| San Diego, CA |
| — |
| 4,869,448 |
| 11,955,064 |
| — |
| 632,380 |
| 4,869,448 |
| 12,587,443 |
| 17,456,891 |
| (2,816,007 | ) | 1989 |
| 30 Years |
|
Capital Ridge (REIT) |
| Tallahassee, FL |
| — |
| 177,900 |
| 1,601,157 |
| — |
| 161,004 |
| 177,900 |
| 1,762,161 |
| 1,940,061 |
| (204,209 | ) | 1983 |
| 30 Years |
|
Carlyle |
| Dallas, TX |
| 8,390,752 |
| 1,890,000 |
| 14,148,059 |
| — |
| 54,824 |
| 1,890,000 |
| 14,202,883 |
| 16,092,883 |
| (165,951 | ) | 1993 |
| 30 Years |
|
Carlyle Mill |
| Alexandria, VA |
| — |
| 10,000,000 |
| 51,368,058 |
| — |
| 30,760 |
| 10,000,000 |
| 51,398,819 |
| 61,398,819 |
| (1,041,988 | ) | 2002 |
| 30 Years |
|
Carmel Terrace |
| San Diego, CA |
| — |
| 2,288,300 |
| 20,596,281 |
| — |
| 1,293,270 |
| 2,288,300 |
| 21,889,550 |
| 24,177,850 |
| (7,227,950 | ) | 1988-89 |
| 30 Years |
|
Carriage Hill |
| Dublin, GA |
| — |
| 131,911 |
| 1,162,577 |
| — |
| 91,057 |
| 131,911 |
| 1,253,634 |
| 1,385,544 |
| (213,594 | ) | 1985 |
| 30 Years |
|
Casa Capricorn |
| San Diego, CA |
| — |
| 1,262,700 |
| 11,365,093 |
| — |
| 1,523,245 |
| 1,262,700 |
| 12,888,338 |
| 14,151,038 |
| (3,411,549 | ) | 1981 |
| 30 Years |
|
Casa Ruiz |
| San Diego, CA |
| — |
| 3,922,400 |
| 9,389,153 |
| — |
| 1,416,601 |
| 3,922,400 |
| 10,805,755 |
| 14,728,155 |
| (2,564,185 | ) | 1976-1986 |
| 30 Years |
|
Cascade at Landmark |
| Alexandria, VA |
| — |
| 3,603,400 |
| 19,657,554 |
| — |
| 1,915,252 |
| 3,603,400 |
| 21,572,805 |
| 25,176,205 |
| (5,242,514 | ) | 1990 |
| 30 Years |
|
Catalina Shores |
| Las Vegas, NV |
| — |
| 1,227,000 |
| 11,042,867 |
| — |
| 1,278,659 |
| 1,227,000 |
| 12,321,525 |
| 13,548,525 |
| (4,390,501 | ) | 1989 |
| 30 Years |
|
Cedar Glen |
| Reading, MA |
| 3,829,887 |
| 1,248,505 |
| 8,346,003 |
| — |
| 225,439 |
| 1,248,505 |
| 8,571,442 |
| 9,819,947 |
| (984,283 | ) | 1980 |
| 30 Years |
|
Cedar Hill |
| Knoxville, TN |
| 1,413,125 |
| 204,792 |
| 1,804,444 |
| — |
| 167,656 |
| 204,792 |
| 1,972,100 |
| 2,176,892 |
| (340,934 | ) | 1986 |
| 30 Years |
|
Cedargate (GA) |
| Lawrenceville, GA |
| — |
| 205,043 |
| 1,806,656 |
| — |
| 117,345 |
| 205,043 |
| 1,924,002 |
| 2,129,045 |
| (297,592 | ) | 1983 |
| 30 Years |
|
Cedargate (MI) |
| Michigan City, IN |
| 756,761 |
| 120,378 |
| 1,060,663 |
| — |
| 117,564 |
| 120,378 |
| 1,178,226 |
| 1,298,605 |
| (196,786 | ) | 1983 |
| 30 Years |
|
Cedargate (She) |
| Shelbyville, KY |
| 1,121,367 |
| 158,685 |
| 1,398,041 |
| — |
| 210,089 |
| 158,685 |
| 1,608,129 |
| 1,766,815 |
| (265,925 | ) | 1984 |
| 30 Years |
|
Cedargate I (Cla) |
| Clayton, OH |
| 1,170,576 |
| 159,599 |
| 1,406,493 |
| — |
| 203,512 |
| 159,599 |
| 1,610,005 |
| 1,769,604 |
| (283,582 | ) | 1984 |
| 30 Years |
|
Cedargate I (IN) |
| Bloomington, IN |
| — |
| 191,650 |
| 1,688,648 |
| — |
| 192,915 |
| 191,650 |
| 1,881,564 |
| 2,073,214 |
| (329,010 | ) | 1983 |
| 30 Years |
|
Cedargate I (OH) |
| Lancaster, OH |
| 2,178,669 |
| 240,587 |
| 2,119,432 |
| — |
| 335,895 |
| 240,587 |
| 2,455,327 |
| 2,695,914 |
| (431,492 | ) | 1982 |
| 30 Years |
|
Cedargate II (IN) |
| Bloomington, IN |
| — |
| 165,041 |
| 1,454,189 |
| — |
| 133,663 |
| 165,041 |
| 1,587,851 |
| 1,752,892 |
| (273,753 | ) | 1985 |
| 30 Years |
|
Cedargate II (OH) |
| Lancaster, OH |
| 678,066 |
| 87,618 |
| 771,912 |
| — |
| 107,351 |
| 87,618 |
| 879,263 |
| 966,881 |
| (164,259 | ) | 1983 |
| 30 Years |
|
Cedarwood I (FL) |
| Ocala, FL |
| 104,000 |
| 119,470 |
| 1,052,657 |
| — |
| 173,223 |
| 119,470 |
| 1,225,880 |
| 1,345,350 |
| (224,513 | ) | 1978 |
| 30 Years |
|
Cedarwood I (IN) |
| Goshen, IN |
| 1,813,591 |
| 251,745 |
| 2,218,126 |
| — |
| 313,959 |
| 251,745 |
| 2,532,085 |
| 2,783,830 |
| (438,488 | ) | 1983/84 |
| 30 Years |
|
Cedarwood I (KY) |
| Lexington, KY |
| — |
| 106,681 |
| 939,874 |
| — |
| 177,739 |
| 106,681 |
| 1,117,614 |
| 1,224,294 |
| (214,436 | ) | 1984 |
| 30 Years |
|
Cedarwood II (FL) |
| Ocala, FL |
| — |
| 98,372 |
| 866,769 |
| — |
| 74,262 |
| 98,372 |
| 941,031 |
| 1,039,403 |
| (165,376 | ) | 1980 |
| 30 Years |
|
Cedarwood II (KY) |
| Lexington, KY |
| 969,000 |
| 106,724 |
| 940,357 |
| — |
| 163,842 |
| 106,724 |
| 1,104,198 |
| 1,210,923 |
| (210,795 | ) | 1986 |
| 30 Years |
|
Cedarwood III (KY) |
| Lexington, KY |
| — |
| 102,491 |
| 902,659 |
| — |
| 115,504 |
| 102,491 |
| 1,018,163 |
| 1,120,654 |
| (186,443 | ) | 1986 |
| 30 Years |
|
S-2
| | | Initial Cost to Company | Cost Capitalized Subsequent to (Improvements, net) (H) | Gross Amount Carried at Close of Period 12/31/01 | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Description | | Life Used to Compute Depreciation in Latest Income Statement (C) | ||||||||||||||||||||||
Apartment Name | Location | Encumbrances | Land | Building & Fixtures | Land | Building & Fixtures | Land | Building & Fixtures (A) | Total (B) | Accumulated Depreciation | Date of Construction | |||||||||||||
Country 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.EQUITY RESIDENTIAL
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
Schedule III —- Real Estate and Accumulated Depreciation
December 31, 20012003
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||
Apartment Name |
| Location |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
| Latest Income |
|
CenterPointe |
| Beaverton, OR |
| — |
| 3,432,000 |
| 15,708,853 |
| — |
| 1,826,461 |
| 3,432,000 |
| 17,535,313 |
| 20,967,313 |
| (1,315,782 | ) | 1996 |
| 30 Years |
|
Centre Club |
| Ontario, CA |
| — |
| 5,616,000 |
| 23,485,891 |
| — |
| 925,517 |
| 5,616,000 |
| 24,411,408 |
| 30,027,408 |
| (2,895,879 | ) | 1994 |
| 30 Years |
|
Centre Club II |
| Ontario, CA |
| — |
| 1,820,000 |
| 9,528,898 |
| — |
| 17,424 |
| 1,820,000 |
| 9,546,322 |
| 11,366,322 |
| (544,431 | ) | 2002 |
| 30 Years |
|
Centre Lake III |
| Miami, FL |
| — |
| 685,601 |
| 6,039,979 |
| — |
| 820,499 |
| 685,601 |
| 6,860,478 |
| 7,546,080 |
| (1,133,451 | ) | 1986 |
| 30 Years |
|
Champion Oaks |
| Houston, TX |
| — |
| 931,900 |
| 8,389,394 |
| — |
| 1,192,017 |
| 931,900 |
| 9,581,411 |
| 10,513,311 |
| (3,503,621 | ) | 1984 |
| 30 Years |
|
Chandler Court |
| Chandler, AZ |
| — |
| 1,353,100 |
| 12,175,173 |
| — |
| 2,113,107 |
| 1,353,100 |
| 14,288,279 |
| 15,641,379 |
| (4,809,590 | ) | 1987 |
| 30 Years |
|
Chantecleer Lakes |
| Naperville, IL |
| (R) |
| 6,689,400 |
| 16,332,279 |
| — |
| 1,515,130 |
| 6,689,400 |
| 17,847,409 |
| 24,536,809 |
| (4,271,800 | ) | 1986 |
| 30 Years |
|
Charing Cross |
| Bowling Green, OH |
| — |
| 154,584 |
| 1,362,057 |
| — |
| 174,728 |
| 154,584 |
| 1,536,785 |
| 1,691,370 |
| (266,181 | ) | 1978 |
| 30 Years |
|
Chartwell Court |
| Houston, TX |
| — |
| 1,215,700 |
| 12,801,855 |
| — |
| 635,765 |
| 1,215,700 |
| 13,437,620 |
| 14,653,320 |
| (2,979,623 | ) | 1995 |
| 30 Years |
|
Chatelaine Park |
| Duluth, GA |
| — |
| 1,818,000 |
| 24,489,671 |
| — |
| 652,454 |
| 1,818,000 |
| 25,142,125 |
| 26,960,125 |
| (4,748,342 | ) | 1995 |
| 30 Years |
|
Chelsea Square |
| Redmond, WA |
| — |
| 3,397,100 |
| 9,289,074 |
| — |
| 358,099 |
| 3,397,100 |
| 9,647,173 |
| 13,044,273 |
| (1,949,277 | ) | 1991 |
| 30 Years |
|
Cherry Creek I,II,&III (TN) |
| Hermitage, TN |
| — |
| 2,942,345 |
| 45,725,245 |
| — |
| 1,039,844 |
| 2,942,345 |
| 46,765,088 |
| 49,707,434 |
| (8,082,409 | ) | 1986/96 |
| 30 Years |
|
Cherry Creek IV |
| Hermitage, TN |
| — |
| — |
| 1,593 |
| — |
| — |
| — |
| 1,593 |
| 1,593 |
| — |
| (F) |
| 30 Years |
|
Cherry Glen I |
| Indianapolis, IN |
| 2,976,150 |
| 335,596 |
| 2,957,360 |
| — |
| 368,624 |
| 335,596 |
| 3,325,984 |
| 3,661,580 |
| (607,889 | ) | 1986/87 |
| 30 Years |
|
Cherry Tree |
| Rosedale, MD |
| — |
| 352,003 |
| 3,101,017 |
| — |
| 278,403 |
| 352,003 |
| 3,379,420 |
| 3,731,422 |
| (563,128 | ) | 1986 |
| 30 Years |
|
Chestnut Glen |
| Abington, MA |
| 5,560,074 |
| 1,178,965 |
| 7,881,139 |
| — |
| 209,098 |
| 1,178,965 |
| 8,090,237 |
| 9,269,202 |
| (959,305 | ) | 1983 |
| 30 Years |
|
Chestnut Hills |
| Puyallup, WA |
| — |
| 756,300 |
| 6,806,635 |
| — |
| 744,202 |
| 756,300 |
| 7,550,837 |
| 8,307,137 |
| (1,937,398 | ) | 1991 |
| 30 Years |
|
Chickasaw Crossing |
| Orlando, FL |
| 11,673,599 |
| 2,044,000 |
| 12,366,832 |
| — |
| 723,581 |
| 2,044,000 |
| 13,090,414 |
| 15,134,414 |
| (2,622,770 | ) | 1986 |
| 30 Years |
|
Chimneys |
| Charlotte, NC |
| — |
| 907,100 |
| 8,154,674 |
| — |
| 773,008 |
| 907,100 |
| 8,927,682 |
| 9,834,782 |
| (2,367,424 | ) | 1974 |
| 30 Years |
|
Cierra Crest |
| Denver, CO |
| (R) |
| 4,803,100 |
| 34,894,898 |
| — |
| 1,065,612 |
| 4,803,100 |
| 35,960,510 |
| 40,763,610 |
| (7,848,621 | ) | 1996 |
| 30 Years |
|
Cimarron Ridge |
| Aurora, CO |
| — |
| 1,591,100 |
| 14,320,031 |
| — |
| 1,940,643 |
| 1,591,100 |
| 16,260,674 |
| 17,851,774 |
| (4,529,297 | ) | 1984 |
| 30 Years |
|
Claire Point |
| Jacksonville, FL |
| — |
| 2,048,000 |
| 14,649,393 |
| — |
| 791,279 |
| 2,048,000 |
| 15,440,672 |
| 17,488,672 |
| (3,153,258 | ) | 1986 |
| 30 Years |
|
Clarendon Centre |
| Arlington, VA (G) |
| — |
| 10,500,000 |
| 52,952,770 |
| — |
| 11,059 |
| 10,500,000 |
| 52,963,829 |
| 63,463,829 |
| (516,502 | ) | 2003 |
| 30 Years |
|
Clarion |
| Decatur, GA |
| — |
| 1,504,300 |
| 13,537,919 |
| — |
| 731,482 |
| 1,504,300 |
| 14,269,401 |
| 15,773,701 |
| (3,246,928 | ) | 1990 |
| 30 Years |
|
Clarys Crossing |
| Columbia, MD |
| — |
| 891,000 |
| 15,489,721 |
| — |
| 753,285 |
| 891,000 |
| 16,243,006 |
| 17,134,006 |
| (3,143,442 | ) | 1984 |
| 30 Years |
|
Classic, The |
| Stamford, CT |
| — |
| 2,883,500 |
| 20,336,721 |
| — |
| 1,754,485 |
| 2,883,500 |
| 22,091,206 |
| 24,974,706 |
| (5,087,375 | ) | 1990 |
| 30 Years |
|
Clearview I |
| Greenwood, IN |
| 12,735 |
| 182,206 |
| 1,605,429 |
| — |
| 204,412 |
| 182,206 |
| 1,809,841 |
| 1,992,047 |
| (330,895 | ) | 1986 |
| 30 Years |
|
Clearview II |
| Greenwood, IN |
| — |
| 226,963 |
| 1,999,792 |
| — |
| 153,835 |
| 226,963 |
| 2,153,627 |
| 2,380,590 |
| (370,478 | ) | 1987 |
| 30 Years |
|
Clearwater |
| Eastlake, OH |
| 1,008,377 |
| 128,303 |
| 1,130,691 |
| — |
| 133,246 |
| 128,303 |
| 1,263,937 |
| 1,392,240 |
| (210,247 | ) | 1986 |
| 30 Years |
|
Club at Tanasbourne |
| Hillsboro, OR |
| (Q) |
| 3,521,300 |
| 16,257,934 |
| — |
| 1,542,767 |
| 3,521,300 |
| 17,800,702 |
| 21,322,002 |
| (4,795,926 | ) | 1990 |
| 30 Years |
|
Club at the Green |
| Beaverton, OR |
| — |
| 2,030,950 |
| 12,616,747 |
| — |
| 1,640,750 |
| 2,030,950 |
| 14,257,497 |
| 16,288,447 |
| (3,691,780 | ) | 1991 |
| 30 Years |
|
Coach Lantern |
| Scarborough, ME |
| — |
| 452,900 |
| 4,405,723 |
| — |
| 407,354 |
| 452,900 |
| 4,813,077 |
| 5,265,977 |
| (1,124,765 | ) | 1971/1981 |
| 30 Years |
|
Coachlight Village |
| Agawam, MA |
| (P) |
| 501,726 |
| 3,353,933 |
| — |
| 104,031 |
| 501,726 |
| 3,457,964 |
| 3,959,690 |
| (419,501 | ) | 1967 |
| 30 Years |
|
Coachman Trails |
| Plymouth, MN |
| 6,186,215 |
| 1,227,000 |
| 9,517,381 |
| — |
| 685,934 |
| 1,227,000 |
| 10,203,314 |
| 11,430,314 |
| (2,190,215 | ) | 1987 |
| 30 Years |
|
Cobblestone Village |
| Fresno, CA |
| 6,000,000 |
| 315,000 |
| 5,061,625 |
| — |
| 644,131 |
| 315,000 |
| 5,705,756 |
| 6,020,756 |
| (674,109 | ) | 1983 |
| 30 Years |
|
Coconut Palm Club |
| Coconut Creek, GA |
| — |
| 3,001,700 |
| 17,678,928 |
| — |
| 920,044 |
| 3,001,700 |
| 18,598,972 |
| 21,600,672 |
| (3,945,397 | ) | 1992 |
| 30 Years |
|
Colinas Pointe |
| Denver, CO |
| — |
| 1,587,400 |
| 14,285,902 |
| — |
| 817,668 |
| 1,587,400 |
| 15,103,570 |
| 16,690,970 |
| (3,732,984 | ) | 1986 |
| 30 Years |
|
Collier Ridge |
| Atlanta, GA |
| — |
| 5,100,000 |
| 20,425,822 |
| — |
| 1,936,841 |
| 5,100,000 |
| 22,362,663 |
| 27,462,663 |
| (4,193,363 | ) | 1980 |
| 30 Years |
|
Colonial Village |
| Plainville,CT |
| (P) |
| 693,575 |
| 4,636,410 |
| — |
| 372,972 |
| 693,575 |
| 5,009,382 |
| 5,702,957 |
| (610,624 | ) | 1968 |
| 30 Years |
|
Concord Square (IN) |
| Kokomo, IN |
| — |
| 123,247 |
| 1,085,962 |
| — |
| 143,899 |
| 123,247 |
| 1,229,861 |
| 1,353,108 |
| (208,753 | ) | 1983 |
| 30 Years |
|
Concord Square I (OH) |
| Mansfield, OH |
| — |
| 164,124 |
| 1,446,313 |
| — |
| 224,923 |
| 164,124 |
| 1,671,236 |
| 1,835,361 |
| (280,823 | ) | 1981/83 |
| 30 Years |
|
Conway Court |
| Roslindale, MA |
| 437,330 |
| 101,451 |
| 678,181 |
| — |
| 55,713 |
| 101,451 |
| 733,893 |
| 835,345 |
| (93,202 | ) | 1920 |
| 30 Years |
|
Conway Station |
| Orlando, FL |
| — |
| 1,936,000 |
| 10,852,858 |
| — |
| 705,999 |
| 1,936,000 |
| 11,558,857 |
| 13,494,857 |
| (2,346,079 | ) | 1987 |
| 30 Years |
|
Copper Canyon |
| Highlands Ranch, CO |
| (O) |
| 1,443,000 |
| 16,251,114 |
| — |
| 260,957 |
| 1,443,000 |
| 16,512,071 |
| 17,955,071 |
| (2,850,931 | ) | 1999 |
| 30 Years |
|
Copper Creek |
| Tempe, AZ |
| — |
| 1,017,400 |
| 9,148,068 |
| — |
| 761,019 |
| 1,017,400 |
| 9,909,087 |
| 10,926,487 |
| (2,523,464 | ) | 1984 |
| 30 Years |
|
Copper Terrace |
| Orlando, FL |
| — |
| 1,200,000 |
| 17,887,868 |
| — |
| 1,238,240 |
| 1,200,000 |
| 19,126,109 |
| 20,326,109 |
| (3,846,952 | ) | 1989 |
| 30 Years |
|
Country Brook |
| Chandler, AZ |
| — |
| 1,505,219 |
| 29,542,535 |
| — |
| 1,200,948 |
| 1,505,219 |
| 30,743,483 |
| 32,248,702 |
| (6,799,223 | ) | 1986-1996 |
| 30 Years |
|
Country Club Place (FL) |
| Pembroke Pines, FL |
| — |
| 912,000 |
| 10,016,543 |
| — |
| 815,674 |
| 912,000 |
| 10,832,217 |
| 11,744,217 |
| (2,253,223 | ) | 1987 |
| 30 Years |
|
Country Club Village |
| Mill Creek, WA |
| — |
| 1,150,500 |
| 10,352,179 |
| — |
| 810,551 |
| 1,150,500 |
| 11,162,730 |
| 12,313,230 |
| (2,821,696 | ) | 1991 |
| 30 Years |
|
Country Club Woods |
| Mobile, AL (T) |
| 4,205,983 |
| 230,091 |
| 5,561,464 |
| — |
| 612,245 |
| 230,091 |
| 6,173,709 |
| 6,403,799 |
| (1,132,172 | ) | 1975 |
| 30 Years |
|
Country Gables |
| Beaverton, OR |
| 7,381,733 |
| 1,580,500 |
| 14,215,444 |
| — |
| 2,287,624 |
| 1,580,500 |
| 16,503,067 |
| 18,083,567 |
| (4,375,022 | ) | 1991 |
| 30 Years |
|
Country Gables II |
| Beaverton, OR |
| — |
| 1,200,000 |
| 4,006 |
| — |
| — |
| 1,200,000 |
| 4,006 |
| 1,204,006 |
| — |
| (F) |
| 30 Years |
|
Country Oaks |
| Agoura Hills, CA |
| 29,412,000 |
| 6,105,000 |
| 19,963,237 |
| — |
| 467,023 |
| 6,105,000 |
| 20,430,260 |
| 26,535,260 |
| (2,038,331 | ) | 1985 |
| 30 Years |
|
Country Ridge |
| Farmington Hills, MI |
| (J) |
| 1,621,950 |
| 14,596,964 |
| — |
| 1,855,357 |
| 1,621,950 |
| 16,452,321 |
| 18,074,271 |
| (4,746,860 | ) | 1986 |
| 30 Years |
|
Countryside I |
| Daytona Beach, FL |
| — |
| 136,665 |
| 1,204,164 |
| — |
| 329,527 |
| 136,665 |
| 1,533,691 |
| 1,670,355 |
| (280,401 | ) | 1982 |
| 30 Years |
|
Countryside II |
| Daytona Beach, FL |
| — |
| 234,633 |
| 2,067,376 |
| — |
| 280,028 |
| 234,633 |
| 2,347,403 |
| 2,582,036 |
| (393,407 | ) | 1982 |
| 30 Years |
|
Countryside III (REIT) |
| Daytona Beach, FL |
| — |
| 80,000 |
| 719,868 |
| — |
| 95,039 |
| 80,000 |
| 814,907 |
| 894,907 |
| (94,339 | ) | 1983 |
| 30 Years |
|
Countryside Manor |
| Douglasville, GA |
| — |
| 298,186 |
| 2,627,348 |
| — |
| 264,826 |
| 298,186 |
| 2,892,174 |
| 3,190,360 |
| (497,052 | ) | 1985 |
| 30 Years |
|
Cove at Fishers Landing |
| Vancouver, WA |
| — |
| 2,277,000 |
| 15,656,887 |
| — |
| 213,817 |
| 2,277,000 |
| 15,870,703 |
| 18,147,703 |
| (969,356 | ) | 1993 |
| 30 Years |
|
Coventry at Cityview |
| Fort Worth, TX |
| — |
| 2,160,000 |
| 23,072,847 |
| — |
| 893,443 |
| 2,160,000 |
| 23,966,290 |
| 26,126,290 |
| (4,602,705 | ) | 1996 |
| 30 Years |
|
Creekside (San Mateo) |
| San Mateo, CA |
| (R) |
| 9,606,600 |
| 21,193,232 |
| — |
| 567,483 |
| 9,606,600 |
| 21,760,715 |
| 31,367,315 |
| (4,309,404 | ) | 1985 |
| 30 Years |
|
Creekside Homes at Legacy |
| Plano. TX |
| — |
| 4,560,000 |
| 32,275,748 |
| — |
| 716,908 |
| 4,560,000 |
| 32,992,656 |
| 37,552,656 |
| (6,191,080 | ) | 1998 |
| 30 Years |
|
Creekside Village |
| Mountlake Terrace, WA |
| — |
| 2,807,600 |
| 25,270,594 |
| — |
| 2,559,414 |
| 2,807,600 |
| 27,830,008 |
| 30,637,608 |
| (9,547,510 | ) | 1987 |
| 30 Years |
|
Creekwood |
| Charlotte, NC |
| — |
| 1,861,700 |
| 16,740,569 |
| — |
| 1,496,679 |
| 1,861,700 |
| 18,237,248 |
| 20,098,948 |
| (4,405,600 | ) | 1987-1990 |
| 30 Years |
|
Crescent at Cherry Creek |
| Denver, CO |
| (O) |
| 2,594,000 |
| 15,149,470 |
| — |
| 682,401 |
| 2,594,000 |
| 15,831,871 |
| 18,425,871 |
| (3,584,024 | ) | 1994 |
| 30 Years |
|
Cross Creek |
| Matthews, NC |
| (R) |
| 3,151,600 |
| 20,295,925 |
| — |
| 885,015 |
| 3,151,600 |
| 21,180,940 |
| 24,332,540 |
| (4,527,753 | ) | 1989 |
| 30 Years |
|
Crosswinds |
| St. Petersburg, FL |
| — |
| 1,561,200 |
| 5,756,822 |
| — |
| 1,082,122 |
| 1,561,200 |
| 6,838,944 |
| 8,400,144 |
| (1,964,487 | ) | 1986 |
| 30 Years |
|
Crown Court |
| Scottsdale, AZ |
| (S) |
| 3,156,600 |
| 28,414,599 |
| — |
| 2,134,029 |
| 3,156,600 |
| 30,548,628 |
| 33,705,228 |
| (7,728,337 | ) | 1987 |
| 30 Years |
|
Crystal Village |
| Attleboro, MA |
| — |
| 1,369,000 |
| 4,989,028 |
| — |
| 780,281 |
| 1,369,000 |
| 5,769,309 |
| 7,138,309 |
| (1,439,283 | ) | 1974 |
| 30 Years |
|
Cypress |
| Panama City, FL |
| 1,332,324 |
| 171,882 |
| 1,514,636 |
| — |
| 251,309 |
| 171,882 |
| 1,765,945 |
| 1,937,827 |
| (316,059 | ) | 1985 |
| 30 Years |
|
Daniel Court |
| Cincinnati, OH |
| 2,204,976 |
| 334,101 |
| 2,943,516 |
| — |
| 547,769 |
| 334,101 |
| 3,491,285 |
| 3,825,386 |
| (663,570 | ) | 1985 |
| 30 Years |
|
Dartmouth Place I |
| Kent, OH |
| — |
| 151,771 |
| 1,337,422 |
| — |
| 245,052 |
| 151,771 |
| 1,582,473 |
| 1,734,244 |
| (278,331 | ) | 1982 |
| 30 Years |
|
Dartmouth Place II |
| Kent, OH |
| — |
| 130,102 |
| 1,146,337 |
| — |
| 185,559 |
| 130,102 |
| 1,331,896 |
| 1,461,997 |
| (218,901 | ) | 1986 |
| 30 Years |
|
S-3
| | | Initial Cost to Company | Cost Capitalized Subsequent to (Improvements, net) (H) | Gross Amount Carried at Close of Period 12/31/01 | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Description | | Life Used to Compute Depreciation in Latest Income Statement (C) | ||||||||||||||||||||||
Apartment Name | Location | Encumbrances | Land | Building & Fixtures | Land | Building & Fixtures | Land | Building & Fixtures (A) | Total (B) | Accumulated Depreciation | Date of Construction | |||||||||||||
Longfellow 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
Schedule III —- Real Estate and Accumulated Depreciation
December 31, 20012003
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||
Apartment Name |
| Location |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
| Latest Income |
|
Dartmouth Woods |
| Lakewood, CO |
| (J) |
| 1,609,800 |
| 10,832,754 |
| — |
| 759,479 |
| 1,609,800 |
| 11,592,233 |
| 13,202,033 |
| (2,889,706 | ) | 1990 |
| 30 Years |
|
Dean Estates |
| Taunton, MA |
| — |
| 498,080 |
| 3,329,560 |
| — |
| 159,846 |
| 498,080 |
| 3,489,406 |
| 3,987,486 |
| (410,707 | ) | 1984 |
| 30 Years |
|
Dean Estates II |
| Cranston, RI |
| (P) |
| 308,457 |
| 2,061,971 |
| — |
| 177,293 |
| 308,457 |
| 2,239,265 |
| 2,547,722 |
| (283,697 | ) | 1970 |
| 30 Years |
|
Deerbrook |
| Jacksonville, FL |
| — |
| 1,008,000 |
| 8,845,716 |
| — |
| 597,039 |
| 1,008,000 |
| 9,442,755 |
| 10,450,755 |
| (1,986,256 | ) | 1983 |
| 30 Years |
|
Deerfield |
| Denver, CO |
| 9,100,000 |
| 1,260,000 |
| 7,747,923 |
| — |
| 377,265 |
| 1,260,000 |
| 8,125,188 |
| 9,385,188 |
| (936,656 | ) | 1983 |
| 30 Years |
|
Deerwood (Corona) |
| Corona, CA |
| 14,015,373 |
| 4,742,200 |
| 20,272,892 |
| — |
| 1,444,874 |
| 4,742,200 |
| 21,717,766 |
| 26,459,966 |
| (5,139,747 | ) | 1992 |
| 30 Years |
|
Deerwood (FL) |
| Eustis, FL |
| 819,602 |
| 114,948 |
| 1,012,819 |
| — |
| 148,798 |
| 114,948 |
| 1,161,616 |
| 1,276,564 |
| (211,385 | ) | 1982 |
| 30 Years |
|
Deerwood (SD) |
| San Diego, CA |
| — |
| 2,082,095 |
| 18,739,815 |
| — |
| 4,172,345 |
| 2,082,095 |
| 22,912,160 |
| 24,994,255 |
| (9,076,313 | ) | 1990 |
| 30 Years |
|
Defoor Village |
| Atlanta, GA |
| — |
| 2,966,400 |
| 10,570,210 |
| — |
| 292,778 |
| 2,966,400 |
| 10,862,988 |
| 13,829,388 |
| (2,210,875 | ) | 1997 |
| 30 Years |
|
Desert Homes |
| Phoenix, AZ |
| — |
| 1,481,050 |
| 13,390,249 |
| — |
| 2,720,235 |
| 1,481,050 |
| 16,110,483 |
| 17,591,533 |
| (4,876,686 | ) | 1982 |
| 30 Years |
|
Dogwood Glen I |
| Indianapolis, IN |
| 1,702,607 |
| 240,855 |
| 2,122,193 |
| — |
| 243,047 |
| 240,855 |
| 2,365,241 |
| 2,606,095 |
| (409,175 | ) | 1986 |
| 30 Years |
|
Dogwood Glen II |
| Indianapolis, IN |
| 1,264,166 |
| 202,397 |
| 1,783,336 |
| — |
| 184,951 |
| 202,397 |
| 1,968,287 |
| 2,170,684 |
| (347,073 | ) | 1987 |
| 30 Years |
|
Dos Caminos |
| Scottsdale, AZ |
| — |
| 1,727,900 |
| 15,567,778 |
| — |
| 1,372,565 |
| 1,727,900 |
| 16,940,343 |
| 18,668,243 |
| (4,405,780 | ) | 1983 |
| 30 Years |
|
Dover Place I |
| Eastlake, OH |
| — |
| 244,294 |
| 2,152,494 |
| — |
| 233,535 |
| 244,294 |
| 2,386,029 |
| 2,630,323 |
| (400,271 | ) | 1982 |
| 30 Years |
|
Dover Place II |
| Eastlake, OH |
| 1,539,714 |
| 230,895 |
| 2,034,242 |
| — |
| 154,526 |
| 230,895 |
| 2,188,768 |
| 2,419,663 |
| (348,537 | ) | 1983 |
| 30 Years |
|
Dover Place III |
| Eastlake, OH |
| 729,517 |
| 119,835 |
| 1,055,878 |
| — |
| 57,939 |
| 119,835 |
| 1,113,817 |
| 1,233,652 |
| (171,940 | ) | 1983 |
| 30 Years |
|
Dover Place IV |
| Eastlake, OH |
| 1,771,685 |
| 261,912 |
| 2,307,730 |
| — |
| 127,876 |
| 261,912 |
| 2,435,605 |
| 2,697,517 |
| (381,381 | ) | 1986 |
| 30 Years |
|
Driftwood |
| Atlantic Beach, FL |
| 346,206 |
| 126,357 |
| 1,113,430 |
| — |
| 207,864 |
| 126,357 |
| 1,321,294 |
| 1,447,652 |
| (249,005 | ) | 1985 |
| 30 Years |
|
Duraleigh Woods |
| Raleigh, NC |
| — |
| 1,629,000 |
| 19,917,750 |
| — |
| 1,838,227 |
| 1,629,000 |
| 21,755,976 |
| 23,384,976 |
| (4,514,232 | ) | 1987 |
| 30 Years |
|
Eagle Canyon |
| Chino Hills, CA |
| — |
| 1,808,900 |
| 16,277,800 |
| — |
| 941,816 |
| 1,808,900 |
| 17,219,616 |
| 19,028,516 |
| (4,675,780 | ) | 1985 |
| 30 Years |
|
East Pointe |
| Charlotte, NC |
| — |
| 1,365,900 |
| 12,295,246 |
| — |
| 1,767,871 |
| 1,365,900 |
| 14,063,117 |
| 15,429,017 |
| (5,474,277 | ) | 1987 |
| 30 Years |
|
Eastbridge |
| Dallas, TX |
| 8,778,833 |
| 3,380,000 |
| 11,860,382 |
| — |
| 330,992 |
| 3,380,000 |
| 12,191,373 |
| 15,571,373 |
| (1,089,357 | ) | 1998 |
| 30 Years |
|
Eastbridge II |
| Dallas, TX |
| — |
| 140,000 |
| — |
| — |
| — |
| 140,000 |
|
|
| 140,000 |
| — |
| (F) |
| 30 Years |
|
Edgewater |
| Bakersfield, CA |
| 11,988,000 |
| 580,000 |
| 10,443,374 |
| — |
| 827,564 |
| 580,000 |
| 11,270,938 |
| 11,850,938 |
| (1,308,911 | ) | 1984 |
| 30 Years |
|
Edgewood |
| Woodinville, WA |
| — |
| 1,070,100 |
| 9,632,980 |
| — |
| 1,101,814 |
| 1,070,100 |
| 10,734,794 |
| 11,804,894 |
| (3,741,531 | ) | 1986 |
| 30 Years |
|
Elmtree Park I |
| Indianapolis, IN |
| 1,395,070 |
| 157,687 |
| 1,389,621 |
| — |
| 224,558 |
| 157,687 |
| 1,614,179 |
| 1,771,866 |
| (304,652 | ) | 1986 |
| 30 Years |
|
Elmtree Park II |
| Indianapolis, IN |
| 877,113 |
| 114,114 |
| 1,005,455 |
| — |
| 168,860 |
| 114,114 |
| 1,174,315 |
| 1,288,429 |
| (223,059 | ) | 1987 |
| 30 Years |
|
Elmwood (GA) |
| Marietta, GA |
| — |
| 183,756 |
| 1,619,095 |
| — |
| 209,343 |
| 183,756 |
| 1,828,438 |
| 2,012,194 |
| (298,201 | ) | 1984 |
| 30 Years |
|
Elmwood I (FL) |
| W. Palm Beach, FL |
| 316,202 |
| 163,389 |
| 1,439,632 |
| — |
| 118,753 |
| 163,389 |
| 1,558,385 |
| 1,721,774 |
| (257,610 | ) | 1984 |
| 30 Years |
|
Elmwood II (FL) |
| W. Palm Beach, FL |
| 1,255,588 |
| 179,743 |
| 1,582,960 |
| — |
| 114,068 |
| 179,743 |
| 1,697,029 |
| 1,876,772 |
| (281,088 | ) | 1984 |
| 30 Years |
|
Emerson Place |
| Boston, MA (G) |
| — |
| 14,855,000 |
| 57,566,636 |
| — |
| 10,397,420 |
| 14,855,000 |
| 67,964,056 |
| 82,819,056 |
| (14,643,965 | ) | 1962 |
| 30 Years |
|
Emerson Place/CRP II |
| Boston, MA |
| — |
| — |
| 683,507 |
| — |
| — |
| — |
| 683,507 |
| 683,507 |
| — |
| (F) |
| 30 Years |
|
Enclave at Winston Park |
| Coconut Creek, FL |
| — |
| 5,560,000 |
| 19,939,324 |
| — |
| 379,252 |
| 5,560,000 |
| 20,318,575 |
| 25,878,575 |
| (1,300,224 | ) | 1995 |
| 30 Years |
|
Enclave, The |
| Tempe, AZ |
| (O) |
| 1,500,192 |
| 19,281,399 |
| — |
| 421,543 |
| 1,500,192 |
| 19,702,942 |
| 21,203,134 |
| (4,254,242 | ) | 1994 |
| 30 Years |
|
English Hills |
| Charlotte, NC |
| — |
| 1,260,000 |
| 12,554,291 |
| — |
| 731,493 |
| 1,260,000 |
| 13,285,784 |
| 14,545,784 |
| (2,746,260 | ) | 1984 |
| 30 Years |
|
Esprit Del Sol |
| Solana Beach, CA |
| — |
| 5,111,200 |
| 11,910,438 |
| — |
| 652,531 |
| 5,111,200 |
| 12,562,969 |
| 17,674,169 |
| (2,563,401 | ) | 1986 |
| 30 Years |
|
Essex Place |
| Overland Park, KS |
| — |
| 1,835,400 |
| 16,513,586 |
| — |
| 3,707,024 |
| 1,835,400 |
| 20,220,610 |
| 22,056,010 |
| (7,688,322 | ) | 1970-84 |
| 30 Years |
|
Essex Place (FL) |
| Tampa, FL |
| — |
| 888,000 |
| 7,106,384 |
| — |
| 577,156 |
| 888,000 |
| 7,683,540 |
| 8,571,540 |
| (1,599,948 | ) | 1989 |
| 30 Years |
|
Ethans Glen III |
| Kansas City, MO |
| 2,364,258 |
| 246,500 |
| 2,223,049 |
| — |
| 191,659 |
| 246,500 |
| 2,414,708 |
| 2,661,208 |
| (605,774 | ) | 1990 |
| 30 Years |
|
Ethans Ridge I |
| Kansas City, MO |
| 16,216,607 |
| 1,948,300 |
| 17,573,970 |
| — |
| 3,774,105 |
| 1,948,300 |
| 21,348,075 |
| 23,296,375 |
| (4,989,854 | ) | 1988 |
| 30 Years |
|
Ethans Ridge II |
| Kansas City, MO |
| 10,981,324 |
| 1,468,135 |
| 13,183,141 |
| — |
| 1,123,613 |
| 1,468,135 |
| 14,306,755 |
| 15,774,889 |
| (3,327,536 | ) | 1990 |
| 30 Years |
|
Fairfield |
| Stamford, CT (G) |
| — |
| 6,510,200 |
| 39,690,120 |
| — |
| 782,946 |
| 6,510,200 |
| 40,473,066 |
| 46,983,266 |
| (8,118,875 | ) | 1996 |
| 30 Years |
|
Fairland Gardens |
| Silver Spring, MD |
| — |
| 6,000,000 |
| 19,972,183 |
| — |
| 1,675,050 |
| 6,000,000 |
| 21,647,233 |
| 27,647,233 |
| (4,131,820 | ) | 1981 |
| 30 Years |
|
Farnham Park |
| Houston, TX |
| — |
| 1,512,600 |
| 14,233,760 |
| — |
| 593,117 |
| 1,512,600 |
| 14,826,876 |
| 16,339,476 |
| (3,222,268 | ) | 1996 |
| 30 Years |
|
Fernbrook Townhomes |
| Plymouth, MN |
| 5,022,121 |
| 580,100 |
| 6,683,693 |
| — |
| 308,075 |
| 580,100 |
| 6,991,768 |
| 7,571,868 |
| (1,373,584 | ) | 1993 |
| 30 Years |
|
Fireside Park |
| Rockville, MD |
| 8,105,524 |
| 4,248,000 |
| 10,136,320 |
| — |
| 917,304 |
| 4,248,000 |
| 11,053,624 |
| 15,301,624 |
| (2,166,778 | ) | 1961 |
| 30 Years |
|
Forest Glen |
| Pensacola, FL |
| — |
| 161,548 |
| 1,423,618 |
| — |
| 244,112 |
| 161,548 |
| 1,667,730 |
| 1,829,278 |
| (318,625 | ) | 1986 |
| 30 Years |
|
Forest Place |
| Tampa, FL |
| 10,442,965 |
| 1,708,000 |
| 8,612,029 |
| — |
| 713,115 |
| 1,708,000 |
| 9,325,144 |
| 11,033,144 |
| (2,042,277 | ) | 1985 |
| 30 Years |
|
Forest Ridge I & II |
| Arlington, TX |
| (S) |
| 2,362,700 |
| 21,263,295 |
| — |
| 2,676,329 |
| 2,362,700 |
| 23,939,624 |
| 26,302,324 |
| (7,489,196 | ) | 1984/85 |
| 30 Years |
|
Forest Village |
| Macon, GA |
| — |
| 224,022 |
| 1,973,876 |
| — |
| 178,860 |
| 224,022 |
| 2,152,736 |
| 2,376,758 |
| (367,493 | ) | 1983 |
| 30 Years |
|
Forsythia Court (KY) |
| Louisville, KY |
| 1,806,094 |
| 279,450 |
| 2,462,187 |
| — |
| 298,343 |
| 279,450 |
| 2,760,530 |
| 3,039,980 |
| (470,919 | ) | 1985 |
| 30 Years |
|
Forsythia Court (MD) |
| Abingdon, MD |
| 1,978,858 |
| 251,955 |
| 2,220,100 |
| — |
| 338,493 |
| 251,955 |
| 2,558,593 |
| 2,810,548 |
| (442,431 | ) | 1986 |
| 30 Years |
|
Forsythia Court II (MD) |
| Abingdon, MD |
| — |
| 239,834 |
| 2,113,339 |
| — |
| 253,848 |
| 239,834 |
| 2,367,187 |
| 2,607,020 |
| (407,886 | ) | 1987 |
| 30 Years |
|
Fountain Place I |
| Eden Prairie, MN |
| 24,653,106 |
| 2,405,068 |
| 21,694,117 |
| — |
| 1,473,851 |
| 2,405,068 |
| 23,167,968 |
| 25,573,036 |
| (5,247,718 | ) | 1989 |
| 30 Years |
|
Fountain Place II |
| Eden Prairie, MN |
| 12,600,000 |
| 1,231,350 |
| 11,095,333 |
| — |
| 590,359 |
| 1,231,350 |
| 11,685,692 |
| 12,917,042 |
| (2,590,795 | ) | 1989 |
| 30 Years |
|
Fountainhead I |
| San Antonio, TX |
| (M) |
| 1,205,816 |
| 5,200,241 |
| — |
| 493,574 |
| 1,205,816 |
| 5,693,815 |
| 6,899,631 |
| (3,523,450 | ) | 1985/1987 |
| 30 Years |
|
Fountainhead II |
| San Antonio, TX |
| (M) |
| 1,205,817 |
| 4,529,801 |
| — |
| 1,118,976 |
| 1,205,817 |
| 5,648,777 |
| 6,854,594 |
| (3,310,704 | ) | 1985/1987 |
| 30 Years |
|
Fountainhead III |
| San Antonio, TX |
| (M) |
| 1,205,816 |
| 4,399,093 |
| — |
| 1,119,620 |
| 1,205,816 |
| 5,518,712 |
| 6,724,528 |
| (3,024,645 | ) | 1985/1987 |
| 30 Years |
|
Fountains at Flamingo |
| Las Vegas, NV |
| — |
| 3,183,100 |
| 28,650,076 |
| — |
| 2,215,600 |
| 3,183,100 |
| 30,865,675 |
| 34,048,775 |
| (10,308,460 | ) | 1989-91 |
| 30 Years |
|
Four Lakes |
| Lisle, IL |
| — |
| 1,271,723 |
| 7,212,717 |
| — |
| 8,731,038 |
| 1,271,723 |
| 15,943,755 |
| 17,215,478 |
| (11,222,256 | ) | 1968/1988 |
| 30 Years |
|
Four Lakes 5 |
| Lisle, IL |
| (M) |
| 600,000 |
| 19,186,686 |
| — |
| 2,175,097 |
| 600,000 |
| 21,361,783 |
| 21,961,783 |
| (11,301,501 | ) | 1968/1988 |
| 30 Years |
|
Four Lakes Athletic Club |
| Lisle, IL (G) |
| — |
| 50,000 |
| 153,489 |
| — |
| 5,700 |
| 50,000 |
| 159,189 |
| 209,189 |
| (22,923 | ) | N/A |
| 30 Years |
|
Four Lakes Condo, LLC Phase II |
| Lisle, IL |
| — |
| 3,326 |
| 17,748 |
| — |
| 57,206 |
| 3,326 |
| 74,954 |
| 78,280 |
| (19,629 | ) | 1968/1988 |
| 30 Years |
|
Four Lakes Condo, LLC Phase III |
| Lisle, IL |
|
|
| 64,980 |
| 345,298 |
| — |
| 901,848 |
| 64,980 |
| 1,247,146 |
| 1,312,126 |
| (383,491 | ) | 1968/1988 |
| 30 Years |
|
Four Lakes Condo, LLC Phase IV |
| Lisle, IL |
|
|
| 192,826 |
| 1,006,054 |
| — |
| 2,339,103 |
| 192,826 |
| 3,345,157 |
| 3,537,983 |
| (1,138,001 | ) | 1968/1988 |
| 30 Years |
|
Four Lakes Leasing Center |
| Lisle, IL (G) |
| — |
| 50,000 |
| 152,815 |
| — |
| 39,397 |
| 50,000 |
| 192,212 |
| 242,212 |
| (45,411 | ) | N/A |
| 30 Years |
|
Four Winds |
| Fall River, MA |
| (P) |
| 1,370,843 |
| 9,163,804 |
| — |
| 333,883 |
| 1,370,843 |
| 9,497,687 |
| 10,868,530 |
| (1,141,478 | ) | 1987 |
| 30 Years |
|
Fox Hill Apartments |
| Enfield, CT |
| (P) |
| 1,129,018 |
| 7,547,256 |
| — |
| 273,807 |
| 1,129,018 |
| 7,821,063 |
| 8,950,082 |
| (961,261 | ) | 1974 |
| 30 Years |
|
Fox Ridge |
| Englewood, CO |
| 20,300,000 |
| 2,490,000 |
| 17,509,781 |
| — |
| 839,076 |
| 2,490,000 |
| 18,348,857 |
| 20,838,857 |
| (1,968,797 | ) | 1984 |
| 30 Years |
|
Fox Run (WA) |
| Federal Way, WA |
| — |
| 639,700 |
| 5,765,018 |
| — |
| 945,835 |
| 639,700 |
| 6,710,853 |
| 7,350,553 |
| (2,486,554 | ) | 1988 |
| 30 Years |
|
Fox Run II (WA) |
| Federal Way, WA |
| — |
| 80,000 |
| 1,285,753 |
| — |
| 74 |
| 80,000 |
| 1,285,828 |
| 1,365,828 |
| (10,005 | ) | 1988 |
| 30 Years |
|
Foxcroft |
| Scarborough, ME |
| — |
| 523,400 |
| 4,527,409 |
| — |
| 417,495 |
| 523,400 |
| 4,944,904 |
| 5,468,304 |
| (1,166,433 | ) | 1977/1979 |
| 30 Years |
|
Foxhaven |
| Canton, OH |
| — |
| 256,821 |
| 2,263,172 |
| — |
| 403,260 |
| 256,821 |
| 2,666,432 |
| 2,923,253 |
| (467,377 | ) | 1986 |
| 30 Years |
|
S-4
| | | Initial Cost to Company | Cost Capitalized Subsequent to (Improvements, net) (H) | Gross Amount Carried at Close of Period 12/31/01 | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Description | | Life Used to Compute Depreciation in Latest Income Statement (C) | ||||||||||||||||||||||
Apartment Name | Location | Encumbrances | Land | Building & Fixtures | Land | Building & Fixtures | Land | Building & Fixtures (A) | Total (B) | Accumulated Depreciation | Date of Construction | |||||||||||||
Oakwood 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
Schedule III —- Real Estate and Accumulated Depreciation
December 31, 20012003
| | | Initial Cost to Company | Cost Capitalized Subsequent to (Improvements, net) (H) | Gross Amount Carried at Close of Period 12/31/01 | | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Description | | Life Used to Compute Depreciation in Latest Income Statement (C) | |||||||||||||||||||||||||||||||
Apartment Name | Location | Encumbrances | Land | Building & Fixtures | Land | Building & Fixtures | Land | Building & Fixtures (A) | Total (B) | Accumulated Depreciation | Date of Construction | ||||||||||||||||||||||
Parkville (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
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||
Apartment Name |
| Location |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
| Latest Income |
|
Foxton (MI) |
| Monroe, MI |
| — |
| 156,363 |
| 1,377,824 |
| — |
| 150,730 |
| 156,363 |
| 1,528,554 |
| 1,684,916 |
| (251,810 | ) | 1983 |
| 30 Years |
|
Foxton II (OH) |
| Dayton, OH |
| — |
| 165,806 |
| 1,460,832 |
| — |
| 123,295 |
| 165,806 |
| 1,584,128 |
| 1,749,933 |
| (277,840 | ) | 1983 |
| 30 Years |
|
Gables Grand Plaza |
| Coral Gables, FL (G) |
| — |
| — |
| 44,550,159 |
| — |
| (2,510 | ) | — |
| 44,547,649 |
| 44,547,649 |
| — |
| 1998 |
| 30 Years |
|
Garden Court |
| Detriot, MI |
| 1,999,217 |
| 351,532 |
| 3,096,890 |
| — |
| 201,687 |
| 351,532 |
| 3,298,577 |
| 3,650,109 |
| (528,412 | ) | 1988 |
| 30 Years |
|
Garden Lake |
| Riverdale, GA |
| — |
| 1,466,900 |
| 13,186,716 |
| — |
| 949,830 |
| 1,466,900 |
| 14,136,546 |
| 15,603,446 |
| (3,397,944 | ) | 1991 |
| 30 Years |
|
Garden Terrace I |
| Tampa, FL |
| — |
| 93,144 |
| 820,699 |
| — |
| 233,484 |
| 93,144 |
| 1,054,183 |
| 1,147,327 |
| (212,935 | ) | 1981 |
| 30 Years |
|
Garden Terrace II |
| Tampa, FL |
| — |
| 97,120 |
| 855,730 |
| — |
| 264,195 |
| 97,120 |
| 1,119,925 |
| 1,217,045 |
| (208,244 | ) | 1982 |
| 30 Years |
|
Gatehouse at Pine Lake |
| Pembroke Pines, FL |
| — |
| 1,896,600 |
| 17,070,795 |
| — |
| 1,159,177 |
| 1,896,600 |
| 18,229,971 |
| 20,126,571 |
| (4,930,504 | ) | 1990 |
| 30 Years |
|
Gatehouse on the Green |
| Plantation, FL |
| — |
| 2,228,200 |
| 20,056,270 |
| — |
| 1,457,878 |
| 2,228,200 |
| 21,514,149 |
| 23,742,349 |
| (5,828,531 | ) | 1990 |
| 30 Years |
|
Gates at Carlson Center |
| Minnetonka, MN |
| (N) |
| 4,355,200 |
| 23,802,817 |
| — |
| 4,825,455 |
| 4,355,200 |
| 28,628,272 |
| 32,983,472 |
| (5,993,560 | ) | 1989 |
| 30 Years |
|
Gates of Redmond |
| Redmond, WA |
| — |
| 2,306,100 |
| 12,064,015 |
| — |
| 811,035 |
| 2,306,100 |
| 12,875,050 |
| 15,181,150 |
| (3,056,854 | ) | 1979 |
| 30 Years |
|
Gateway at Malden Center |
| Malden, MA (G) |
| — |
| 9,209,780 |
| 25,722,666 |
| — |
| 221,491 |
| 9,209,780 |
| 25,944,157 |
| 35,153,937 |
| (796,146 | ) | 1988 |
| 30 Years |
|
Gateway Villas |
| Scottsdale, AZ |
| — |
| 1,431,048 |
| 14,926,833 |
| — |
| 428,579 |
| 1,431,048 |
| 15,355,411 |
| 16,786,459 |
| (3,339,754 | ) | 1995 |
| 30 Years |
|
Gatewood |
| Pleasanton, CA |
| — |
| 6,796,511 |
| 20,249,622 |
| — |
| 30,273 |
| 6,796,511 |
| 20,279,896 |
| 27,076,407 |
| (380,578 | ) | 1985 |
| 30 Years |
|
Geary Court Yard |
| San Francisco, CA |
| 17,693,865 |
| 1,722,400 |
| 15,471,429 |
| — |
| 747,681 |
| 1,722,400 |
| 16,219,110 |
| 17,941,510 |
| (3,609,452 | ) | 1990 |
| 30 Years |
|
Georgian Woods Combined (REIT) |
| Wheaton, MD |
| 17,730,364 |
| 5,038,400 |
| 28,837,369 |
| — |
| 3,972,015 |
| 5,038,400 |
| 32,809,384 |
| 37,847,784 |
| (10,176,730 | ) | 1967 |
| 30 Years |
|
Glastonbury Center |
| Glastonbury, CT |
| — |
| 852,606 |
| 5,699,497 |
| — |
| 335,777 |
| 852,606 |
| 6,035,274 |
| 6,887,880 |
| (740,709 | ) | 1962 |
| 30 Years |
|
Glen Arm Manor |
| Albany, GA |
| 1,084,827 |
| 166,498 |
| 1,466,883 |
| — |
| 200,180 |
| 166,498 |
| 1,667,063 |
| 1,833,562 |
| (289,400 | ) | 1986 |
| 30 Years |
|
Glen Grove |
| Wellesley, MA |
| 4,384,766 |
| 1,344,601 |
| 8,988,383 |
| — |
| 261,035 |
| 1,344,601 |
| 9,249,418 |
| 10,594,019 |
| (1,055,786 | ) | 1979 |
| 30 Years |
|
Glen Meadow |
| Franklin, MA |
| 2,119,554 |
| 2,339,330 |
| 15,637,944 |
| — |
| 1,232,875 |
| 2,339,330 |
| 16,870,819 |
| 19,210,149 |
| (2,136,919 | ) | 1971 |
| 30 Years |
|
GlenGarry Club |
| Bloomingdale, IL |
| (N) |
| 3,129,700 |
| 15,807,889 |
| — |
| 1,405,187 |
| 3,129,700 |
| 17,213,076 |
| 20,342,776 |
| (3,944,780 | ) | 1989 |
| 30 Years |
|
Glenlake |
| Glendale Heights. IL |
| 14,845,000 |
| 5,041,700 |
| 16,671,970 |
| — |
| 3,753,038 |
| 5,041,700 |
| 20,425,007 |
| 25,466,707 |
| (4,895,465 | ) | 1988 |
| 30 Years |
|
Glenwood Village |
| Macon, GA |
| 1,028,084 |
| 167,779 |
| 1,478,614 |
| — |
| 211,635 |
| 167,779 |
| 1,690,249 |
| 1,858,028 |
| (294,733 | ) | 1986 |
| 30 Years |
|
Gosnold Grove |
| East Falmouth, MA |
| 626,089 |
| 124,296 |
| 830,891 |
| — |
| 92,695 |
| 124,296 |
| 923,585 |
| 1,047,881 |
| (131,431 | ) | 1978 |
| 30 Years |
|
Gramercy Park |
| Houston, TX |
| — |
| 3,957,000 |
| 22,075,243 |
| — |
| 868,722 |
| 3,957,000 |
| 22,943,965 |
| 26,900,965 |
| (1,612,126 | ) | 1998 |
| 30 Years |
|
Granada Highlands |
| Malden, MA (G) |
| — |
| 28,210,000 |
| 99,944,576 |
| — |
| 4,979,484 |
| 28,210,000 |
| 104,924,061 |
| 133,134,061 |
| (16,150,482 | ) | 1972 |
| 30 Years |
|
Grand Reserve |
| Woodbury, MN |
| — |
| 4,728,000 |
| 49,541,642 |
| — |
| 405,595 |
| 4,728,000 |
| 49,947,237 |
| 54,675,237 |
| (5,255,198 | ) | 2000 |
| 30 Years |
|
Grandview I & II |
| Las Vegas, NV |
| — |
| 2,333,300 |
| 15,527,831 |
| — |
| 1,678,550 |
| 2,333,300 |
| 17,206,381 |
| 19,539,681 |
| (3,780,143 | ) | 1980 |
| 30 Years |
|
Greenbriar (AL) |
| Montgomery, AL (T) |
| 1,955,138 |
| 94,356 |
| 2,051,619 |
| — |
| 148,611 |
| 94,356 |
| 2,200,230 |
| 2,294,585 |
| (399,276 | ) | 1979 |
| 30 Years |
|
Greenbriar Glen |
| Altlanta, GA |
| 1,426,032 |
| 227,701 |
| 2,006,246 |
| — |
| 130,859 |
| 227,701 |
| 2,137,105 |
| 2,364,806 |
| (341,705 | ) | 1988 |
| 30 Years |
|
Greenfield Village |
| Rocky Hill, CT |
| — |
| 911,534 |
| 6,093,418 |
| — |
| 118,291 |
| 911,534 |
| 6,211,709 |
| 7,123,243 |
| (758,411 | ) | 1965 |
| 30 Years |
|
Greengate (FL) |
| W. Palm Beach, FL |
| — |
| 2,500,000 |
| 1,615,859 |
| — |
| 253,002 |
| 2,500,000 |
| 1,868,860 |
| 4,368,860 |
| (288,329 | ) | 1987 |
| 30 Years |
|
Greenglen (Day) |
| Dayton, OH |
| — |
| 204,289 |
| 1,800,172 |
| — |
| 229,297 |
| 204,289 |
| 2,029,469 |
| 2,233,758 |
| (351,530 | ) | 1983 |
| 30 Years |
|
Greenglen II (Tol) |
| Toledo, OH |
| — |
| 162,264 |
| 1,429,719 |
| — |
| 116,893 |
| 162,264 |
| 1,546,612 |
| 1,708,876 |
| (253,204 | ) | 1982 |
| 30 Years |
|
Greenhaven |
| Union City, CA |
| 10,975,000 |
| 7,507,000 |
| 15,210,399 |
| — |
| 1,087,571 |
| 7,507,000 |
| 16,297,969 |
| 23,804,969 |
| (3,369,270 | ) | 1983 |
| 30 Years |
|
Greenhouse - Frey Road |
| Kennesaw, GA |
| (M) |
| 2,467,200 |
| 22,187,443 |
| — |
| 2,772,524 |
| 2,467,200 |
| 24,959,967 |
| 27,427,167 |
| (8,979,451 | ) | 1985 |
| 30 Years |
|
Greenhouse - Holcomb Bridge |
| Alpharetta, GA |
| (M) |
| 2,143,300 |
| 19,291,427 |
| — |
| 2,673,448 |
| 2,143,300 |
| 21,964,875 |
| 24,108,175 |
| (8,009,439 | ) | 1985 |
| 30 Years |
|
Greenhouse - Roswell |
| Roswell, GA |
| (M) |
| 1,220,000 |
| 10,974,727 |
| — |
| 1,751,899 |
| 1,220,000 |
| 12,726,626 |
| 13,946,626 |
| (4,689,647 | ) | 1985 |
| 30 Years |
|
Greentree 1 |
| Glen Burnie, MD |
| 10,844,013 |
| 3,912,968 |
| 11,784,021 |
| — |
| 1,728,928 |
| 3,912,968 |
| 13,512,949 |
| 17,425,917 |
| (2,661,555 | ) | 1973 |
| 30 Years |
|
Greentree 2 |
| Glen Burnie, MD |
| — |
| 2,700,000 |
| 8,246,737 |
| — |
| 839,300 |
| 2,700,000 |
| 9,086,037 |
| 11,786,037 |
| (1,694,772 | ) | 1973 |
| 30 Years |
|
Greentree 3 |
| Glen Burnie, MD |
| — |
| 2,380,443 |
| 7,270,294 |
| — |
| 667,562 |
| 2,380,443 |
| 7,937,856 |
| 10,318,299 |
| (1,497,480 | ) | 1973 |
| 30 Years |
|
Greentree I (GA) (REIT) |
| Thomasville, GA |
| 644,781 |
| 84,750 |
| 762,659 |
| — |
| 72,070 |
| 84,750 |
| 834,729 |
| 919,479 |
| (103,197 | ) | 1983 |
| 30 Years |
|
Greentree II (GA) (REIT) |
| Thomasville, GA |
| 485,131 |
| 81,000 |
| 729,283 |
| — |
| 48,938 |
| 81,000 |
| 778,221 |
| 859,221 |
| (93,853 | ) | 1984 |
| 30 Years |
|
Greystone |
| Atlanta, GA |
| — |
| 2,252,000 |
| 5,204,901 |
| — |
| 1,753,999 |
| 2,252,000 |
| 6,958,900 |
| 9,210,900 |
| (1,886,375 | ) | 1960 |
| 30 Years |
|
Gwinnett Crossing |
| Duluth, GA |
| — |
| 2,632,000 |
| 32,016,496 |
| — |
| 2,051,565 |
| 2,632,000 |
| 34,068,061 |
| 36,700,061 |
| (6,923,249 | ) | 1989/90 |
| 30 Years |
|
Hall Place |
| Quincy, MA |
| — |
| 3,150,800 |
| 5,121,950 |
| — |
| 466,108 |
| 3,150,800 |
| 5,588,058 |
| 8,738,858 |
| (1,074,481 | ) | 1998 |
| 30 Years |
|
Hammocks Place |
| Miami, FL |
| (L) |
| 319,180 |
| 12,513,467 |
| — |
| 1,417,966 |
| 319,180 |
| 13,931,433 |
| 14,250,613 |
| (5,321,723 | ) | 1986 |
| 30 Years |
|
Hampshire II |
| Elyria, OH |
| 812,292 |
| 126,231 |
| 1,112,036 |
| — |
| 98,222 |
| 126,231 |
| 1,210,257 |
| 1,336,489 |
| (205,745 | ) | 1981 |
| 30 Years |
|
Hamptons |
| Puyallup, WA |
| — |
| 1,119,200 |
| 10,075,844 |
| — |
| 812,564 |
| 1,119,200 |
| 10,888,409 |
| 12,007,609 |
| (2,773,542 | ) | 1991 |
| 30 Years |
|
Harbinwood |
| Norcross, GA |
| — |
| 236,761 |
| 2,086,122 |
| — |
| 226,974 |
| 236,761 |
| 2,313,096 |
| 2,549,857 |
| (394,496 | ) | 1985 |
| 30 Years |
|
Harborview |
| Rancho Palos Verdes, CA |
| — |
| 6,402,500 |
| 12,627,347 |
| — |
| 848,212 |
| 6,402,500 |
| 13,475,559 |
| 19,878,059 |
| (3,409,240 | ) | 1985 |
| 30 Years |
|
Harbour Town |
| Boca Raton, FL |
| — |
| 11,760,000 |
| 20,190,252 |
| — |
| 2,975,951 |
| 11,760,000 |
| 23,166,203 |
| 34,926,203 |
| (3,346,788 | ) | 1985 |
| 30 Years |
|
Hartwick |
| Tipton, IN |
| 106,072 |
| 123,791 |
| 1,090,729 |
| — |
| 159,881 |
| 123,791 |
| 1,250,610 |
| 1,374,401 |
| (215,222 | ) | 1982 |
| 30 Years |
|
Harvest Grove I |
| Gahanna, OH |
| 1,535,294 |
| 170,334 |
| 1,500,232 |
| — |
| 233,189 |
| 170,334 |
| 1,733,421 |
| 1,903,755 |
| (308,630 | ) | 1986 |
| 30 Years |
|
Harvest Grove II |
| Gahanna, OH |
| — |
| 148,792 |
| 1,310,818 |
| — |
| 83,763 |
| 148,792 |
| 1,394,581 |
| 1,543,372 |
| (231,708 | ) | 1987 |
| 30 Years |
|
Hatcherway |
| Waycross, GA |
| 698,356 |
| 96,885 |
| 853,716 |
| — |
| 204,092 |
| 96,885 |
| 1,057,808 |
| 1,154,694 |
| (212,391 | ) | 1986 |
| 30 Years |
|
Hathaway |
| Long Beach, CA |
| — |
| 2,512,500 |
| 22,611,912 |
| — |
| 2,781,413 |
| 2,512,500 |
| 25,393,325 |
| 27,905,825 |
| (7,560,146 | ) | 1987 |
| 30 Years |
|
Hayfield Park |
| Burlington, KY |
| 1,534,250 |
| 261,457 |
| 2,303,394 |
| — |
| 195,969 |
| 261,457 |
| 2,499,364 |
| 2,760,820 |
| (417,142 | ) | 1986 |
| 30 Years |
|
Heathmoore (Eva) |
| Evansville, IN |
| 1,066,549 |
| 162,375 |
| 1,430,747 |
| — |
| 236,295 |
| 162,375 |
| 1,667,041 |
| 1,829,416 |
| (287,481 | ) | 1984 |
| 30 Years |
|
Heathmoore (KY) |
| Louisville, KY |
| — |
| 156,840 |
| 1,381,730 |
| — |
| 174,412 |
| 156,840 |
| 1,556,142 |
| 1,712,982 |
| (268,576 | ) | 1983 |
| 30 Years |
|
Heathmoore (MI) |
| Clinton Twp., MI |
| 1,617,149 |
| 227,105 |
| 2,001,243 |
| — |
| 239,460 |
| 227,105 |
| 2,240,702 |
| 2,467,807 |
| (376,528 | ) | 1983 |
| 30 Years |
|
Heathmoore I (IN) |
| Indianapolis, IN |
| 1,165,705 |
| 144,557 |
| 1,273,702 |
| — |
| 194,265 |
| 144,557 |
| 1,467,967 |
| 1,612,524 |
| (272,089 | ) | 1983 |
| 30 Years |
|
Heathmoore I (MI) |
| Canton, MI |
| 1,521,755 |
| 232,064 |
| 2,044,227 |
| — |
| 193,800 |
| 232,064 |
| 2,238,027 |
| 2,470,090 |
| (378,496 | ) | 1986 |
| 30 Years |
|
Heathmoore II (MI) |
| Canton, MI |
| — |
| 170,433 |
| 1,501,697 |
| — |
| 106,284 |
| 170,433 |
| 1,607,981 |
| 1,778,414 |
| (269,136 | ) | 1986 |
| 30 Years |
|
Heritage Green |
| Sturbridge, MA |
| 3,077,500 |
| 835,313 |
| 5,583,898 |
| — |
| 298,147 |
| 835,313 |
| 5,882,045 |
| 6,717,358 |
| (702,525 | ) | 1974 |
| 30 Years |
|
Heritage, The |
| Phoenix, AZ |
| — |
| 1,211,205 |
| 13,136,903 |
| — |
| 514,028 |
| 1,211,205 |
| 13,650,931 |
| 14,862,136 |
| (3,012,706 | ) | 1995 |
| 30 Years |
|
Heron Cove |
| Coral Springs, FL |
| — |
| 823,000 |
| 8,114,762 |
| — |
| 1,154,249 |
| 823,000 |
| 9,269,010 |
| 10,092,010 |
| (3,333,853 | ) | 1987 |
| 30 Years |
|
Heron Pointe |
| Boynton Beach, FL |
| — |
| 1,546,700 |
| 7,774,676 |
| — |
| 874,290 |
| 1,546,700 |
| 8,648,966 |
| 10,195,666 |
| (2,414,897 | ) | 1989 |
| 30 Years |
|
Heron Pointe (Atl) |
| Atlantic Beach, FL |
| 1,566,550 |
| 214,332 |
| 1,888,814 |
| — |
| 294,302 |
| 214,332 |
| 2,183,116 |
| 2,397,449 |
| (412,181 | ) | 1986 |
| 30 Years |
|
Heron Run |
| Plantation, FL |
| — |
| 917,800 |
| 9,006,476 |
| — |
| 1,156,720 |
| 917,800 |
| 10,163,196 |
| 11,080,996 |
| (3,785,135 | ) | 1987 |
| 30 Years |
|
Heronwood (REIT) |
| Ft. Myers, FL |
| 1,180,784 |
| 146,100 |
| 1,315,211 |
| — |
| 74,978 |
| 146,100 |
| 1,390,189 |
| 1,536,289 |
| (161,691 | ) | 1982 |
| 30 Years |
|
Hessian Hills |
| Charlottesville, VA (T) |
| 5,710,473 |
| 181,229 |
| 5,024,415 |
| — |
| 324,664 |
| 181,229 |
| 5,349,079 |
| 5,530,308 |
| (916,847 | ) | 1966 |
| 30 Years |
|
Hickory Mill |
| Hillard, OH |
| — |
| 161,714 |
| 1,424,682 |
| — |
| 182,415 |
| 161,714 |
| 1,607,097 |
| 1,768,811 |
| (290,608 | ) | 1980 |
| 30 Years |
|
S-5
EQUITY RESIDENTIAL PROPERTIES TRUST
Schedule III —- Real Estate and Accumulated Depreciation
December 31, 20012003
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||
Apartment Name |
| Location |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
| Latest Income |
|
Hickory Place |
| Gainesville, FL |
| 1,268,144 |
| 192,453 |
| 1,695,454 |
| — |
| 262,591 |
| 192,453 |
| 1,958,045 |
| 2,150,498 |
| (351,557 | ) | 1983 |
| 30 Years |
|
Hidden Acres |
| Sarasota, FL |
| 1,601,965 |
| 253,139 |
| 2,230,579 |
| — |
| 318,423 |
| 253,139 |
| 2,549,002 |
| 2,802,141 |
| (421,977 | ) | 1987 |
| 30 Years |
|
Hidden Lake |
| Sacramento, CA |
| 15,165,000 |
| 1,715,000 |
| 11,776,408 |
| — |
| 616,648 |
| 1,715,000 |
| 12,393,055 |
| 14,108,055 |
| (1,388,645 | ) | 1985 |
| 30 Years |
|
Hidden Lakes |
| Haltom City, TX |
| — |
| 1,872,000 |
| 20,242,109 |
| — |
| 803,145 |
| 1,872,000 |
| 21,045,254 |
| 22,917,254 |
| (4,074,586 | ) | 1996 |
| 30 Years |
|
Hidden Oaks |
| Cary, NC |
| — |
| 1,178,600 |
| 10,614,135 |
| — |
| 1,287,127 |
| 1,178,600 |
| 11,901,262 |
| 13,079,862 |
| (3,096,509 | ) | 1988 |
| 30 Years |
|
Hidden Palms |
| Tampa, FL |
| — |
| 2,049,600 |
| 6,345,885 |
| — |
| 1,274,722 |
| 2,049,600 |
| 7,620,607 |
| 9,670,207 |
| (2,134,207 | ) | 1986 |
| 30 Years |
|
Hidden Pines |
| Casselberry, FL |
| 19,562 |
| 176,308 |
| 1,553,565 |
| — |
| 319,393 |
| 176,308 |
| 1,872,959 |
| 2,049,267 |
| (337,256 | ) | 1981 |
| 30 Years |
|
Hidden Valley Club |
| Ann Arbor, MI |
| — |
| 915,000 |
| 6,667,098 |
| — |
| 3,356,198 |
| 915,000 |
| 10,023,296 |
| 10,938,296 |
| (6,876,495 | ) | 1973 |
| 30 Years |
|
High Meadow |
| Ellington, CT |
| 4,170,141 |
| 583,679 |
| 3,901,774 |
| — |
| 180,038 |
| 583,679 |
| 4,081,812 |
| 4,665,491 |
| (498,058 | ) | 1975 |
| 30 Years |
|
High Points |
| New Port Richey, FL |
| — |
| 222,308 |
| 1,958,772 |
| — |
| 332,726 |
| 222,308 |
| 2,291,498 |
| 2,513,806 |
| (431,757 | ) | 1986 |
| 30 Years |
|
High River |
| Tuscaloosa, AL (T) |
| 3,612,197 |
| 208,108 |
| 3,663,221 |
| — |
| 581,848 |
| 208,108 |
| 4,245,069 |
| 4,453,177 |
| (771,146 | ) | 1978 |
| 30 Years |
|
Highland Creste |
| Kent, WA |
| — |
| 935,200 |
| 8,415,391 |
| — |
| 910,177 |
| 935,200 |
| 9,325,568 |
| 10,260,768 |
| (2,517,609 | ) | 1989 |
| 30 Years |
|
Highland Glen |
| Westwood, MA |
| — |
| 2,229,095 |
| 16,828,153 |
| — |
| 173,665 |
| 2,229,095 |
| 17,001,818 |
| 19,230,914 |
| (1,837,484 | ) | 1979 |
| 30 Years |
|
Highland Glen II |
| Westwood, MA |
| — |
| 603,508 |
| 225,427 |
| — |
| — |
| 603,508 |
| 225,427 |
| 828,935 |
| — |
| (F) |
| 30 Years |
|
Highland Point |
| Aurora, CO |
| (Q) |
| 1,631,900 |
| 14,684,439 |
| — |
| 1,240,766 |
| 1,631,900 |
| 15,925,205 |
| 17,557,105 |
| (4,010,545 | ) | 1984 |
| 30 Years |
|
Highline Oaks |
| Denver, CO |
| (M) |
| 1,057,400 |
| 9,340,249 |
| — |
| 1,115,704 |
| 1,057,400 |
| 10,455,953 |
| 11,513,353 |
| (2,852,695 | ) | 1986 |
| 30 Years |
|
Hillcrest Villas |
| Crestview, FL |
| 928,180 |
| 141,603 |
| 1,247,677 |
| — |
| 167,212 |
| 141,603 |
| 1,414,889 |
| 1,556,492 |
| (252,319 | ) | 1985 |
| 30 Years |
|
Hillside Manor |
| Americus, GA |
| — |
| 102,632 |
| 904,111 |
| — |
| 297,971 |
| 102,632 |
| 1,202,082 |
| 1,304,715 |
| (227,777 | ) | 1985 |
| 30 Years |
|
Holly Ridge |
| Pembroke Park, FL |
| — |
| 295,596 |
| 2,603,985 |
| — |
| 336,564 |
| 295,596 |
| 2,940,549 |
| 3,236,145 |
| (500,104 | ) | 1986 |
| 30 Years |
|
Holly Sands I |
| Ft. Walton Bch.,FL |
| — |
| 190,942 |
| 1,682,524 |
| — |
| 248,871 |
| 190,942 |
| 1,931,396 |
| 2,122,338 |
| (355,946 | ) | 1985 |
| 30 Years |
|
Holly Sands II |
| Ft. Walton Bch., FL |
| 1,009,375 |
| 124,578 |
| 1,098,074 |
| — |
| 139,794 |
| 124,578 |
| 1,237,868 |
| 1,362,446 |
| (227,442 | ) | 1986 |
| 30 Years |
|
Horizon Place |
| Tampa, FL |
| 12,214,972 |
| 2,128,000 |
| 12,086,937 |
| — |
| 893,829 |
| 2,128,000 |
| 12,980,766 |
| 15,108,766 |
| (2,730,785 | ) | 1985 |
| 30 Years |
|
Hunt Club |
| Charlotte, NC |
| — |
| 990,000 |
| 17,992,887 |
| — |
| 803,985 |
| 990,000 |
| 18,796,873 |
| 19,786,873 |
| (3,677,311 | ) | 1990 |
| 30 Years |
|
Hunt Club II |
| Charlotte, NC |
| — |
| 100,000 |
| — |
| — |
| — |
| 100,000 |
| — |
| 100,000 |
| — |
| (F) |
| 30 Years |
|
Hunters Green |
| Fort Worth, TX |
| — |
| 524,300 |
| 3,653,481 |
| — |
| 1,172,900 |
| 524,300 |
| 4,826,381 |
| 5,350,681 |
| (2,143,330 | ) | 1981 |
| 30 Years |
|
Hunters Ridge |
| St. Louis, MO |
| 10,875,000 |
| 994,500 |
| 8,913,997 |
| — |
| 1,254,091 |
| 994,500 |
| 10,168,087 |
| 11,162,587 |
| (2,771,420 | ) | 1986-1987 |
| 30 Years |
|
Huntington Park |
| Everett, WA |
| — |
| 1,597,500 |
| 14,367,864 |
| — |
| 1,428,118 |
| 1,597,500 |
| 15,795,982 |
| 17,393,482 |
| (5,889,740 | ) | 1991 |
| 30 Years |
|
Independence Village |
| Reynoldsbury, OH |
| — |
| 226,988 |
| 2,000,011 |
| — |
| 312,736 |
| 226,988 |
| 2,312,747 |
| 2,539,734 |
| (421,523 | ) | 1978 |
| 30 Years |
|
Indian Bend |
| Scottsdale, AZ |
| — |
| 1,075,700 |
| 9,675,133 |
| — |
| 1,760,874 |
| 1,075,700 |
| 11,436,007 |
| 12,511,707 |
| (4,609,437 | ) | 1973 |
| 30 Years |
|
Indian Lake I |
| Morrow, GA |
| — |
| 839,669 |
| 7,398,395 |
| — |
| 472,654 |
| 839,669 |
| 7,871,049 |
| 8,710,717 |
| (1,271,013 | ) | 1987 |
| 30 Years |
|
Indian Ridge I (REIT) |
| Tallahassee, FL |
| — |
| 135,500 |
| 1,218,598 |
| — |
| 104,014 |
| 135,500 |
| 1,322,612 |
| 1,458,112 |
| (158,798 | ) | 1981 |
| 30 Years |
|
Indian Ridge II (REIT) |
| Tallahassee, FL |
| — |
| 94,300 |
| 849,192 |
| — |
| 43,709 |
| 94,300 |
| 892,900 |
| 987,200 |
| (105,262 | ) | 1982 |
| 30 Years |
|
Indian Tree |
| Arvada, CO |
| — |
| 881,225 |
| 4,552,815 |
| — |
| 1,467,348 |
| 881,225 |
| 6,020,162 |
| 6,901,387 |
| (2,532,785 | ) | 1983 |
| 30 Years |
|
Indigo Springs |
| Kent, WA |
| — |
| 1,270,500 |
| 11,446,902 |
| — |
| 1,668,696 |
| 1,270,500 |
| 13,115,598 |
| 14,386,098 |
| (3,721,211 | ) | 1991 |
| 30 Years |
|
Iris Glen |
| Conyers, GA |
| 1,690,858 |
| 270,458 |
| 2,383,030 |
| — |
| 135,392 |
| 270,458 |
| 2,518,422 |
| 2,788,880 |
| (413,216 | ) | 1984 |
| 30 Years |
|
Ironwood at the Ranch |
| Wesminster, CO |
| — |
| 1,493,300 |
| 13,439,305 |
| — |
| 1,054,232 |
| 1,493,300 |
| 14,493,537 |
| 15,986,837 |
| (3,556,587 | ) | 1986 |
| 30 Years |
|
Isle at Arrowhead Ranch |
| Glendale, AZ |
| — |
| 1,650,237 |
| 19,593,123 |
| — |
| 490,544 |
| 1,650,237 |
| 20,083,667 |
| 21,733,904 |
| (4,354,235 | ) | 1996 |
| 30 Years |
|
Isles at Sawgrass |
| Sunrise, FL |
| — |
| 7,360,000 |
| 18,750,693 |
| — |
| 669,222 |
| 7,360,000 |
| 19,419,915 |
| 26,779,915 |
| (1,489,544 | ) | 1991-1995 |
| 30 Years |
|
Ivy Place |
| Atlanta, GA |
| — |
| 802,950 |
| 7,228,257 |
| — |
| 1,002,964 |
| 802,950 |
| 8,231,221 |
| 9,034,171 |
| (2,440,111 | ) | 1978 |
| 30 Years |
|
Jaclen Towers |
| Beverly, NJ |
| 1,931,232 |
| 437,072 |
| 2,921,735 |
| — |
| 311,683 |
| 437,072 |
| 3,233,418 |
| 3,670,490 |
| (408,530 | ) | 1976 |
| 30 Years |
|
James Street Crossing |
| Kent, WA |
| 16,379,123 |
| 2,081,254 |
| 18,748,337 |
| — |
| 902,580 |
| 2,081,254 |
| 19,650,917 |
| 21,732,171 |
| (4,521,418 | ) | 1989 |
| 30 Years |
|
Jefferson Way I |
| Orange Park, FL |
| 1,000,621 |
| 147,799 |
| 1,302,268 |
| — |
| 213,943 |
| 147,799 |
| 1,516,211 |
| 1,664,009 |
| (261,167 | ) | 1987 |
| 30 Years |
|
Junipers at Yarmouth |
| Yarmouth, ME |
| — |
| 1,355,700 |
| 7,860,135 |
| — |
| 1,218,108 |
| 1,355,700 |
| 9,078,243 |
| 10,433,943 |
| (2,479,976 | ) | 1970 |
| 30 Years |
|
Jupiter Cove I |
| Jupiter, FL |
| 1,534,955 |
| 233,932 |
| 2,060,900 |
| — |
| 340,302 |
| 233,932 |
| 2,401,202 |
| 2,635,134 |
| (432,481 | ) | 1987 |
| 30 Years |
|
Jupiter Cove II |
| Jupiter, FL |
| 1,510,840 |
| 1,220,000 |
| 483,833 |
| — |
| 232,546 |
| 1,220,000 |
| 716,379 |
| 1,936,379 |
| (124,206 | ) | 1987 |
| 30 Years |
|
Jupiter Cove III |
| Jupiter, FL |
| 1,614,862 |
| 242,010 |
| 2,131,722 |
| — |
| 190,403 |
| 242,010 |
| 2,322,124 |
| 2,564,134 |
| (380,555 | ) | 1987 |
| 30 Years |
|
Kempton Downs |
| Gresham, OR |
| — |
| 1,217,349 |
| 10,943,372 |
| — |
| 1,719,024 |
| 1,217,349 |
| 12,662,396 |
| 13,879,745 |
| (4,392,810 | ) | 1990 |
| 30 Years |
|
Ketwood |
| Kettering, OH |
| — |
| 266,443 |
| 2,347,655 |
| — |
| 319,934 |
| 266,443 |
| 2,667,588 |
| 2,934,032 |
| (468,735 | ) | 1979 |
| 30 Years |
|
Keystone |
| Austin, TX |
| — |
| 498,500 |
| 4,487,295 |
| — |
| 1,189,416 |
| 498,500 |
| 5,676,711 |
| 6,175,211 |
| (2,188,810 | ) | 1981 |
| 30 Years |
|
Kings Colony |
| Savannah, GA |
| 1,953,145 |
| 230,149 |
| 2,027,865 |
| — |
| 208,914 |
| 230,149 |
| 2,236,779 |
| 2,466,928 |
| (401,102 | ) | 1987 |
| 30 Years |
|
Kingsport |
| Alexandria, VA |
| — |
| 1,262,250 |
| 12,479,294 |
| — |
| 2,184,087 |
| 1,262,250 |
| 14,663,381 |
| 15,925,631 |
| (5,196,163 | ) | 1986 |
| 30 Years |
|
Kirby Place |
| Houston, TX |
| — |
| 3,621,600 |
| 25,896,774 |
| — |
| 1,107,079 |
| 3,621,600 |
| 27,003,853 |
| 30,625,453 |
| (6,099,623 | ) | 1994 |
| 30 Years |
|
La Costa Brava (ORL) |
| Orlando, FL |
| — |
| 206,626 |
| 3,652,534 |
| — |
| 4,582,120 |
| 206,626 |
| 8,234,654 |
| 8,441,280 |
| (5,400,567 | ) | 1967 |
| 30 Years |
|
La Mariposa |
| Mesa, AZ |
| — |
| 2,047,539 |
| 12,466,128 |
| — |
| 920,563 |
| 2,047,539 |
| 13,386,691 |
| 15,434,230 |
| (3,215,195 | ) | 1986 |
| 30 Years |
|
La Mirage |
| San Diego, CA |
| — |
| 28,895,200 |
| 95,567,943 |
| — |
| 4,629,747 |
| 28,895,200 |
| 100,197,689 |
| 129,092,889 |
| (23,154,151 | ) | 1988/1992 |
| 30 Years |
|
La Mirage IV |
| San Diego, CA |
| — |
| 6,000,000 |
| 47,449,353 |
| — |
| 31,426 |
| 6,000,000 |
| 47,480,779 |
| 53,480,779 |
| (3,449,516 | ) | 2001 |
| 30 Years |
|
La Tour Fontaine |
| Houston, TX |
| — |
| 2,916,000 |
| 15,917,178 |
| — |
| 746,660 |
| 2,916,000 |
| 16,663,838 |
| 19,579,838 |
| (3,141,090 | ) | 1994 |
| 30 Years |
|
Ladera |
| Phoenix, AZ |
| (Q) |
| 2,978,879 |
| 20,640,453 |
| — |
| 553,120 |
| 2,978,879 |
| 21,193,573 |
| 24,172,452 |
| (4,569,115 | ) | 1995 |
| 30 Years |
|
Laguna Clara |
| Santa Clara, CA |
| 17,218,594 |
| 13,642,420 |
| 29,591,154 |
| — |
| — |
| 13,642,420 |
| 29,591,154 |
| 43,233,574 |
| — |
| 1972 |
| 30 Years |
|
Lakes at Vinings |
| Atlanta, GA |
| 21,228,864 |
| 6,498,000 |
| 21,832,252 |
| — |
| 1,857,222 |
| 6,498,000 |
| 23,689,474 |
| 30,187,474 |
| (5,102,363 | ) | 1972/1975 |
| 30 Years |
|
Lakeshore at Preston |
| Plano, TX |
| — |
| 3,325,800 |
| 15,208,348 |
| — |
| 705,863 |
| 3,325,800 |
| 15,914,211 |
| 19,240,011 |
| (3,323,759 | ) | 1992 |
| 30 Years |
|
Lakeshore I (GA) |
| Ft. Oglethorpe, GA |
| 1,202,296 |
| 169,375 |
| 1,492,378 |
| — |
| 314,210 |
| 169,375 |
| 1,806,588 |
| 1,975,963 |
| (348,809 | ) | 1986 |
| 30 Years |
|
Lakeview |
| Lodi, CA |
| 7,286,000 |
| 950,000 |
| 5,368,814 |
| — |
| 753,391 |
| 950,000 |
| 6,122,205 |
| 7,072,205 |
| (667,447 | ) | 1983 |
| 30 Years |
|
Lakeville Resort |
| Petaluma, CA |
| — |
| 2,736,500 |
| 24,610,651 |
| — |
| 2,267,325 |
| 2,736,500 |
| 26,877,976 |
| 29,614,476 |
| (7,542,217 | ) | 1984 |
| 30 Years |
|
Lakewood |
| Tulsa, OK |
| 5,600,000 |
| 855,000 |
| 6,480,729 |
| — |
| 544,060 |
| 855,000 |
| 7,024,789 |
| 7,879,789 |
| (800,024 | ) | 1985 |
| 30 Years |
|
Lakewood Greens |
| Dallas, TX |
| 7,889,779 |
| 2,019,600 |
| 9,026,907 |
| — |
| 518,134 |
| 2,019,600 |
| 9,545,041 |
| 11,564,641 |
| (2,121,180 | ) | 1986 |
| 30 Years |
|
Lakewood Oaks |
| Dallas, TX |
| — |
| 1,631,600 |
| 14,686,192 |
| — |
| 1,785,640 |
| 1,631,600 |
| 16,471,832 |
| 18,103,432 |
| (5,859,403 | ) | 1987 |
| 30 Years |
|
Landera |
| San Antonio, TX |
| — |
| 766,300 |
| 6,896,811 |
| — |
| 974,748 |
| 766,300 |
| 7,871,559 |
| 8,637,859 |
| (2,174,112 | ) | 1983 |
| 30 Years |
|
Landings at Port Imperial |
| W. New York, NJ |
| — |
| 27,246,045 |
| 37,741,050 |
| — |
| 320,319 |
| 27,246,045 |
| 38,061,369 |
| 65,307,414 |
| (4,049,899 | ) | 1999 |
| 30 Years |
|
Lantern Cove |
| Foster City, CA |
| 36,403,000 |
| 6,945,000 |
| 21,363,313 |
| — |
| 493,094 |
| 6,945,000 |
| 21,856,407 |
| 28,801,407 |
| (2,094,988 | ) | 1985 |
| 30 Years |
|
Larkspur I (Hil) |
| Hillard, OH |
| — |
| 179,628 |
| 1,582,519 |
| — |
| 237,357 |
| 179,628 |
| 1,819,876 |
| 1,999,505 |
| (315,900 | ) | 1983 |
| 30 Years |
|
Larkspur Shores |
| Hillard, OH |
| — |
| 17,107,300 |
| 31,399,237 |
| — |
| 3,408,139 |
| 17,107,300 |
| 34,807,376 |
| 51,914,676 |
| (7,616,905 | ) | 1983 |
| 30 Years |
|
Larkspur Woods |
| Sacramento, CA |
| — |
| 5,802,900 |
| 14,576,106 |
| — |
| 956,229 |
| 5,802,900 |
| 15,532,336 |
| 21,335,236 |
| (3,688,075 | ) | 1989/1993 |
| 30 Years |
|
S-6
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2003
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||
Apartment Name |
| Location |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
| Latest Income |
|
LaSalle |
| Beaverton, OR (G) |
| 34,457,723 |
| 7,202,000 |
| 35,877,612 |
| — |
| 540,440 |
| 7,202,000 |
| 36,418,052 |
| 43,620,052 |
| (1,469,173 | ) | 1998 |
| 30 Years |
|
Laurel Bay |
| Ypsilanti, MI |
| — |
| 186,004 |
| 1,639,366 |
| — |
| 243,186 |
| 186,004 |
| 1,882,552 |
| 2,068,556 |
| (294,196 | ) | 1989 |
| 30 Years |
|
Laurel Glen |
| Acworth, GA |
| 1,655,375 |
| 289,509 |
| 2,550,891 |
| — |
| 125,457 |
| 289,509 |
| 2,676,348 |
| 2,965,857 |
| (435,570 | ) | 1986 |
| 30 Years |
|
Laurel Ridge |
| Chapel Hill, NC |
| — |
| 160,000 |
| 3,206,076 |
| — |
| 2,767,295 |
| 160,000 |
| 5,973,371 |
| 6,133,371 |
| (3,939,631 | ) | 1975 |
| 30 Years |
|
Laurel Ridge II |
| Chapel Hill, NC |
| — |
| 22,551 |
| — |
| — |
| — |
| 22,551 |
| — |
| 22,551 |
| — |
| (F) |
| 30 Years |
|
Legends at Preston |
| Morrisville, NC |
| — |
| 3,056,000 |
| 27,150,721 |
| — |
| 161,848 |
| 3,056,000 |
| 27,312,569 |
| 30,368,569 |
| (3,074,635 | ) | 2000 |
| 30 Years |
|
Lexford Apartment Homes |
| Miami, FL |
| 1,251,771 |
| 191,986 |
| 1,691,254 |
| — |
| 102,501 |
| 191,986 |
| 1,793,755 |
| 1,985,740 |
| (298,469 | ) | 1987 |
| 30 Years |
|
Lexington Farm |
| Alpharetta, GA |
| — |
| 3,521,900 |
| 22,888,305 |
| — |
| 729,469 |
| 3,521,900 |
| 23,617,774 |
| 27,139,674 |
| (4,496,160 | ) | 1995 |
| 30 Years |
|
Lexington Glen |
| Atlanta, GA |
| — |
| 5,760,000 |
| 40,190,507 |
| — |
| 1,753,846 |
| 5,760,000 |
| 41,944,353 |
| 47,704,353 |
| (7,922,605 | ) | 1990 |
| 30 Years |
|
Lexington Park |
| Orlando, FL |
| — |
| 2,016,000 |
| 12,346,726 |
| — |
| 1,124,523 |
| 2,016,000 |
| 13,471,249 |
| 15,487,249 |
| (2,795,260 | ) | 1988 |
| 30 Years |
|
Liberty Park |
| Brain Tree, MA |
| 26,500,000 |
| 5,977,504 |
| 26,748,835 |
| — |
| 41,570 |
| 5,977,504 |
| 26,790,404 |
| 32,767,908 |
| (666,101 | ) | 2000 |
| 30 Years |
|
Lincoln Heights |
| Quincy, MA |
| (R) |
| 5,928,400 |
| 33,595,262 |
| — |
| 844,350 |
| 5,928,400 |
| 34,439,612 |
| 40,368,012 |
| (7,441,230 | ) | 1991 |
| 30 Years |
|
Lindendale |
| Columbus, OH |
| 1,278,195 |
| 209,159 |
| 1,842,816 |
| — |
| 232,857 |
| 209,159 |
| 2,075,673 |
| 2,284,831 |
| (364,076 | ) | 1987 |
| 30 Years |
|
Link Terrace |
| Hinesville, GA |
| — |
| 121,839 |
| 1,073,581 |
| — |
| 121,572 |
| 121,839 |
| 1,195,153 |
| 1,316,991 |
| (213,471 | ) | 1984 |
| 30 Years |
|
Little Cottonwoods |
| Tempe, AZ |
| — |
| 3,050,133 |
| 26,991,689 |
| — |
| 1,269,107 |
| 3,050,133 |
| 28,260,796 |
| 31,310,929 |
| (6,363,126 | ) | 1984 |
| 30 Years |
|
Lodge (OK), The |
| Tulsa, OK |
| — |
| 313,371 |
| 2,750,936 |
| — |
| 1,801,875 |
| 313,371 |
| 4,552,811 |
| 4,866,182 |
| (3,450,634 | ) | 1979 |
| 30 Years |
|
Lodge (TX), The |
| San Antonio, TX |
| — |
| 1,363,636 |
| 7,464,586 |
| — |
| 2,647,480 |
| 1,363,636 |
| 10,112,066 |
| 11,475,702 |
| (5,609,478 | ) | 1989/1990 |
| 30 Years |
|
Lofton Place |
| Tampa, FL |
| — |
| 2,240,000 |
| 16,679,214 |
| — |
| 1,145,363 |
| 2,240,000 |
| 17,824,577 |
| 20,064,577 |
| (3,597,111 | ) | 1988 |
| 30 Years |
|
Longfellow Glen |
| Sudbury, MA |
| 4,455,640 |
| 1,094,273 |
| 7,314,994 |
| — |
| 810,952 |
| 1,094,273 |
| 8,125,946 |
| 9,220,219 |
| (943,465 | ) | 1984 |
| 30 Years |
|
Longfellow Place |
| Boston, MA (G) |
| — |
| 53,164,160 |
| 183,940,619 |
| — |
| 17,900,681 |
| 53,164,160 |
| 201,841,299 |
| 255,005,459 |
| (32,606,747 | ) | 1975 |
| 30 Years |
|
Longwood |
| Decatur, GA |
| — |
| 1,454,048 |
| 13,087,837 |
| — |
| 1,007,910 |
| 1,454,048 |
| 14,095,747 |
| 15,549,795 |
| (5,017,875 | ) | 1992 |
| 30 Years |
|
Longwood (KY) |
| Lexington,KY |
| — |
| 146,309 |
| 1,289,042 |
| — |
| 227,359 |
| 146,309 |
| 1,516,401 |
| 1,662,710 |
| (265,061 | ) | 1985 |
| 30 Years |
|
Loomis Manor |
| West Hartford, CT |
| (P) |
| 422,350 |
| 2,823,326 |
| — |
| 209,855 |
| 422,350 |
| 3,033,180 |
| 3,455,531 |
| (368,682 | ) | 1948 |
| 30 Years |
|
Madison at Cedar Springs |
| Dallas, TX |
| (R) |
| 2,470,000 |
| 33,194,620 |
| — |
| 591,474 |
| 2,470,000 |
| 33,786,094 |
| 36,256,094 |
| (6,285,987 | ) | 1995 |
| 30 Years |
|
Madison at Chase Oaks |
| Plano, TX |
| — |
| 3,055,000 |
| 28,932,885 |
| — |
| 1,122,355 |
| 3,055,000 |
| 30,055,240 |
| 33,110,240 |
| (5,761,731 | ) | 1995 |
| 30 Years |
|
Madison at River Sound |
| Lawrenceville, GA |
| — |
| 3,666,999 |
| 47,387,106 |
| — |
| 875,883 |
| 3,666,999 |
| 48,262,989 |
| 51,929,988 |
| (8,971,295 | ) | 1996 |
| 30 Years |
|
Madison at Round Grove |
| Lewisville, TX |
| (Q) |
| 2,626,000 |
| 25,682,373 |
| — |
| 852,183 |
| 2,626,000 |
| 26,534,556 |
| 29,160,556 |
| (5,141,833 | ) | 1995 |
| 30 Years |
|
Madison at Scofield Farms |
| Austin, TX |
| 12,414,810 |
| 2,080,000 |
| 14,597,971 |
| — |
| 787,658 |
| 2,080,000 |
| 15,385,629 |
| 17,465,629 |
| (1,986,745 | ) | 1996 |
| 30 Years |
|
Madison at Stone Creek |
| Austin, TX |
| — |
| 2,535,000 |
| 22,611,700 |
| — |
| 972,558 |
| 2,535,000 |
| 23,584,257 |
| 26,119,257 |
| (4,661,613 | ) | 1995 |
| 30 Years |
|
Madison at the Arboretum |
| Austin, TX |
| — |
| 1,046,500 |
| 9,638,269 |
| — |
| 644,716 |
| 1,046,500 |
| 10,282,985 |
| 11,329,485 |
| (2,095,876 | ) | 1995 |
| 30 Years |
|
Madison at Walnut Creek |
| Austin, TX |
| — |
| 2,737,600 |
| 14,623,574 |
| — |
| 1,111,692 |
| 2,737,600 |
| 15,735,266 |
| 18,472,866 |
| (3,799,889 | ) | 1994 |
| 30 Years |
|
Madison at Wells Branch |
| Austin, TX |
| — |
| 2,377,344 |
| 16,370,879 |
| — |
| 1,024,280 |
| 2,377,344 |
| 17,395,159 |
| 19,772,503 |
| (2,280,909 | ) | 1995 |
| 30 Years |
|
Madison on Melrose |
| Richardson, TX |
| — |
| 1,300,000 |
| 15,096,551 |
| — |
| 369,407 |
| 1,300,000 |
| 15,465,958 |
| 16,765,958 |
| (2,935,773 | ) | 1995 |
| 30 Years |
|
Madison on the Parkway |
| Dallas, TX |
| — |
| 2,444,000 |
| 22,505,043 |
| — |
| 831,323 |
| 2,444,000 |
| 23,336,366 |
| 25,780,366 |
| (4,544,039 | ) | 1995 |
| 30 Years |
|
Magnolia at Whitlock |
| Marietta, GA |
| — |
| 132,979 |
| 1,526,005 |
| — |
| 3,045,874 |
| 132,979 |
| 4,571,879 |
| 4,704,858 |
| (2,563,939 | ) | 1971 |
| 30 Years |
|
Mallard Cove at Conway |
| Orlando, FL |
| — |
| 600,000 |
| 3,528,927 |
| — |
| 4,854,512 |
| 600,000 |
| 8,383,439 |
| 8,983,439 |
| (6,723,478 | ) | 1974 |
| 30 Years |
|
Manchester (REIT) |
| Jacksonville, FL |
| 1,225,161 |
| 184,100 |
| 1,657,194 |
| — |
| 177,236 |
| 184,100 |
| 1,834,430 |
| 2,018,530 |
| (208,744 | ) | 1985 |
| 30 Years |
|
Marabou Mills I |
| Indianapolis, IN |
| 1,309,314 |
| 224,178 |
| 1,974,952 |
| — |
| 212,941 |
| 224,178 |
| 2,187,894 |
| 2,412,072 |
| (395,402 | ) | 1986 |
| 30 Years |
|
Marabou Mills II |
| Indianapolis, IN |
| — |
| 192,186 |
| 1,693,220 |
| — |
| 114,302 |
| 192,186 |
| 1,807,523 |
| 1,999,709 |
| (307,394 | ) | 1987 |
| 30 Years |
|
Marabou Mills III |
| Indianapolis, IN |
| 1,140,520 |
| 171,557 |
| 1,511,602 |
| — |
| 96,584 |
| 171,557 |
| 1,608,186 |
| 1,779,743 |
| (269,669 | ) | 1987 |
| 30 Years |
|
Mariner Club (FL) |
| Pembroke Pines, FL |
| — |
| 1,824,500 |
| 20,771,566 |
| — |
| 742,678 |
| 1,824,500 |
| 21,514,245 |
| 23,338,745 |
| (4,193,912 | ) | 1988 |
| 30 Years |
|
Mariners Wharf |
| Orange Park, FL |
| — |
| 1,861,200 |
| 16,744,951 |
| — |
| 912,236 |
| 1,861,200 |
| 17,657,187 |
| 19,518,387 |
| (4,080,948 | ) | 1989 |
| 30 Years |
|
Marks |
| Englewood, CO (G) |
| 19,555,000 |
| 4,928,500 |
| 44,621,814 |
| — |
| 2,830,926 |
| 4,928,500 |
| 47,452,740 |
| 52,381,240 |
| (11,526,228 | ) | 1987 |
| 30 Years |
|
Marquessa |
| Corona Hills, CA |
| — |
| 6,888,500 |
| 21,604,584 |
| — |
| 1,178,143 |
| 6,888,500 |
| 22,782,727 |
| 29,671,227 |
| (5,356,992 | ) | 1992 |
| 30 Years |
|
Marsh Landing I |
| Brunswick, GA |
| — |
| 133,193 |
| 1,173,573 |
| — |
| 247,645 |
| 133,193 |
| 1,421,218 |
| 1,554,411 |
| (267,421 | ) | 1984 |
| 30 Years |
|
Marshlanding II |
| Brunswick, GA |
| 897,899 |
| 111,187 |
| 979,679 |
| — |
| 135,848 |
| 111,187 |
| 1,115,527 |
| 1,226,714 |
| (204,497 | ) | 1986 |
| 30 Years |
|
Martha Lake |
| Lynnwood, WA |
| — |
| 821,200 |
| 7,405,070 |
| — |
| 1,064,882 |
| 821,200 |
| 8,469,952 |
| 9,291,152 |
| (2,179,816 | ) | 1991 |
| 30 Years |
|
Martins Landing |
| Roswell, GA |
| 12,053,837 |
| 4,802,000 |
| 12,899,972 |
| — |
| 1,323,275 |
| 4,802,000 |
| 14,223,247 |
| 19,025,247 |
| (3,138,598 | ) | 1972 |
| 30 Years |
|
McDowell Place |
| Naperville, IL |
| (R) |
| 2,580,400 |
| 23,209,629 |
| — |
| 2,025,661 |
| 2,580,400 |
| 25,235,290 |
| 27,815,690 |
| (6,941,706 | ) | 1988 |
| 30 Years |
|
Meadow Ridge |
| Norwich, CT |
| 4,370,997 |
| 747,957 |
| 4,999,937 |
| — |
| 140,072 |
| 747,957 |
| 5,140,009 |
| 5,887,965 |
| (629,611 | ) | 1987 |
| 30 Years |
|
Meadowland |
| Bogart, GA |
| — |
| 152,395 |
| 1,342,663 |
| — |
| 73,532 |
| 152,395 |
| 1,416,195 |
| 1,568,590 |
| (240,286 | ) | 1984 |
| 30 Years |
|
Meadowood (Cin) |
| Cincinnati, OH |
| — |
| 330,734 |
| 2,913,731 |
| — |
| 390,863 |
| 330,734 |
| 3,304,594 |
| 3,635,329 |
| (550,138 | ) | 1985 |
| 30 Years |
|
Meadowood (Cuy) |
| Cuyahoga Falls, OH |
| — |
| 201,407 |
| 1,774,784 |
| — |
| 167,838 |
| 201,407 |
| 1,942,622 |
| 2,144,029 |
| (320,778 | ) | 1985 |
| 30 Years |
|
Meadowood (Fra) |
| Franklin, IN |
| 947,128 |
| 129,252 |
| 1,138,733 |
| — |
| 174,664 |
| 129,252 |
| 1,313,398 |
| 1,442,649 |
| (243,947 | ) | 1983 |
| 30 Years |
|
Meadowood (New) |
| Newburgh, IN |
| 919,719 |
| 131,546 |
| 1,159,064 |
| — |
| 125,546 |
| 131,546 |
| 1,284,609 |
| 1,416,155 |
| (229,522 | ) | 1984 |
| 30 Years |
|
Meadowood (Nic) |
| Nicholasville, KY |
| 1,328,849 |
| 173,223 |
| 1,526,283 |
| — |
| 244,499 |
| 173,223 |
| 1,770,782 |
| 1,944,005 |
| (313,205 | ) | 1983 |
| 30 Years |
|
Meadowood (Tem) |
| Temperance, MI |
| 1,283,716 |
| 173,675 |
| 1,530,262 |
| — |
| 142,185 |
| 173,675 |
| 1,672,448 |
| 1,846,122 |
| (265,125 | ) | 1984 |
| 30 Years |
|
Meadowood Apts. (Man) |
| Mansfield, OH |
| — |
| 118,504 |
| 1,044,002 |
| — |
| 158,963 |
| 118,504 |
| 1,202,965 |
| 1,321,469 |
| (213,492 | ) | 1983 |
| 30 Years |
|
Meadowood I (GA) |
| Norcross, GA |
| — |
| 205,468 |
| 1,810,393 |
| — |
| 235,153 |
| 205,468 |
| 2,045,546 |
| 2,251,014 |
| (340,338 | ) | 1982 |
| 30 Years |
|
Meadowood I (OH) |
| Columbus, OH |
| — |
| 146,912 |
| 1,294,458 |
| — |
| 273,880 |
| 146,912 |
| 1,568,338 |
| 1,715,251 |
| (299,537 | ) | 1984 |
| 30 Years |
|
Meadowood II (GA) |
| Norcross, GA |
| — |
| 176,968 |
| 1,559,544 |
| — |
| 161,838 |
| 176,968 |
| 1,721,383 |
| 1,898,351 |
| (287,797 | ) | 1984 |
| 30 Years |
|
Meadowood II (OH) |
| Columbus, OH |
| 459,027 |
| 57,802 |
| 509,199 |
| — |
| 94,716 |
| 57,802 |
| 603,914 |
| 661,716 |
| (113,445 | ) | 1985 |
| 30 Years |
|
Meadows I (OH), The |
| Columbus, OH |
| — |
| 150,800 |
| 1,328,616 |
| — |
| 210,077 |
| 150,800 |
| 1,538,693 |
| 1,689,493 |
| (279,263 | ) | 1985 |
| 30 Years |
|
Meadows II (OH), The |
| Columbus, OH |
| 1,111,775 |
| 186,636 |
| 1,644,521 |
| — |
| 207,033 |
| 186,636 |
| 1,851,553 |
| 2,038,190 |
| (320,475 | ) | 1987 |
| 30 Years |
|
Meldon Place |
| Toledo, OH |
| 2,249,605 |
| 288,434 |
| 2,541,701 |
| — |
| 550,421 |
| 288,434 |
| 3,092,121 |
| 3,380,555 |
| (631,049 | ) | 1978 |
| 30 Years |
|
Merrifield |
| Salisbury, MD |
| 1,896,952 |
| 268,712 |
| 2,367,645 |
| — |
| 267,130 |
| 268,712 |
| 2,634,774 |
| 2,903,486 |
| (429,408 | ) | 1988 |
| 30 Years |
|
Merrill Creek |
| Lakewood, WA |
| — |
| 814,200 |
| 7,330,606 |
| — |
| 393,087 |
| 814,200 |
| 7,723,692 |
| 8,537,892 |
| (1,905,149 | ) | 1994 |
| 30 Years |
|
Merritt at Satellite Place |
| Duluth, GA |
| (S) |
| 3,400,000 |
| 30,115,674 |
| — |
| 475,100 |
| 3,400,000 |
| 30,590,775 |
| 33,990,775 |
| (4,658,938 | ) | 1999 |
| 30 Years |
|
Mesa Del Oso |
| Albuquerque, NM |
| 10,713,135 |
| 4,305,000 |
| 12,112,957 |
| — |
| 412,694 |
| 4,305,000 |
| 12,525,651 |
| 16,830,651 |
| (1,357,722 | ) | 1983 |
| 30 Years |
|
Miguel Place |
| Port Richey, FL |
| 1,403,066 |
| 199,349 |
| 1,756,482 |
| — |
| 358,751 |
| 199,349 |
| 2,115,234 |
| 2,314,583 |
| (388,464 | ) | 1987 |
| 30 Years |
|
Mill Creek |
| Milpitas, CA |
| — |
| 12,858,693 |
| 57,169,503 |
| — |
| 210,628 |
| 12,858,693 |
| 57,380,131 |
| 70,238,824 |
| (1,269,479 | ) | 1991 |
| 30 Years |
|
Mill Pond |
| Millersville, MD |
| 7,300,000 |
| 2,880,000 |
| 8,468,462 |
| — |
| 808,831 |
| 2,880,000 |
| 9,277,293 |
| 12,157,293 |
| (1,990,989 | ) | 1984 |
| 30 Years |
|
Millburn |
| Stow, OH |
| 145,715 |
| 192,062 |
| 1,692,276 |
| — |
| 155,273 |
| 192,062 |
| 1,847,549 |
| 2,039,611 |
| (292,721 | ) | 1984 |
| 30 Years |
|
S-7
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2003
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||
Apartment Name |
| Location |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
| Latest Income |
|
Millburn Court I |
| Centerville, OH |
| — |
| 260,000 |
| 1,246,757 |
| — |
| 108,217 |
| 260,000 |
| 1,354,973 |
| 1,614,973 |
| (172,398 | ) | 1979 |
| 30 Years |
|
Millburn Court II |
| Centerville, OH |
| 861,778 |
| 122,870 |
| 1,082,698 |
| — |
| 276,032 |
| 122,870 |
| 1,358,730 |
| 1,481,600 |
| (263,079 | ) | 1981 |
| 30 Years |
|
Mira Flores |
| Palm Beach Gardens, FL |
| — |
| 7,040,000 |
| 22,515,299 |
| — |
| 438,429 |
| 7,040,000 |
| 22,953,728 |
| 29,993,728 |
| (1,595,208 | ) | 1996 |
| 30 Years |
|
Mission Bay |
| Orlando, FL |
| — |
| 2,432,000 |
| 21,623,560 |
| — |
| 939,384 |
| 2,432,000 |
| 22,562,945 |
| 24,994,945 |
| (4,360,176 | ) | 1991 |
| 30 Years |
|
Mission Hills |
| Oceanside, CA |
| 10,134,515 |
| 5,640,000 |
| 21,130,732 |
| — |
| 582,953 |
| 5,640,000 |
| 21,713,686 |
| 27,353,686 |
| (2,467,374 | ) | 1984 |
| 30 Years |
|
Misty Woods |
| Cary, NC |
| — |
| 720,790 |
| 18,063,934 |
| — |
| 2,149,310 |
| 720,790 |
| 20,213,245 |
| 20,934,035 |
| (4,545,442 | ) | 1984 |
| 30 Years |
|
Montecito |
| Valencia, CA |
| — |
| 8,400,000 |
| 24,709,146 |
| — |
| 334,382 |
| 8,400,000 |
| 25,043,527 |
| 33,443,527 |
| (2,665,642 | ) | 1999 |
| 30 Years |
|
Montevista |
| Dallas, TX |
| — |
| 3,931,550 |
| 19,788,568 |
| — |
| 296,953 |
| 3,931,550 |
| 20,085,521 |
| 24,017,071 |
| (1,263,755 | ) | 2000 |
| 30 Years |
|
Montgomery Court I (MI) |
| Haslett, MI |
| 1,138,082 |
| 156,298 |
| 1,377,153 |
| — |
| 303,477 |
| 156,298 |
| 1,680,631 |
| 1,836,928 |
| (283,780 | ) | 1984 |
| 30 Years |
|
Montgomery Court I (OH) |
| Dublin, OH |
| 1,214,586 |
| 163,755 |
| 1,442,643 |
| — |
| 325,062 |
| 163,755 |
| 1,767,705 |
| 1,931,460 |
| (325,104 | ) | 1985 |
| 30 Years |
|
Montgomery Court II (OH) |
| Dublin, OH |
| — |
| 149,734 |
| 1,319,417 |
| — |
| 183,986 |
| 149,734 |
| 1,503,403 |
| 1,653,137 |
| (259,673 | ) | 1986 |
| 30 Years |
|
Montierra |
| Scottsdale, AZ |
| — |
| 3,455,000 |
| 17,266,787 |
| — |
| 275,377 |
| 3,455,000 |
| 17,542,163 |
| 20,997,163 |
| (3,027,446 | ) | 1999 |
| 30 Years |
|
Montierra (CA) |
| San Diego, CA |
| 17,854,489 |
| 8,160,000 |
| 29,360,938 |
| — |
| 923,201 |
| 8,160,000 |
| 30,284,140 |
| 38,444,140 |
| (3,492,052 | ) | 1990 |
| 30 Years |
|
Montrose Square |
| Columbus, OH |
| — |
| 193,266 |
| 1,703,260 |
| — |
| 422,073 |
| 193,266 |
| 2,125,333 |
| 2,318,599 |
| (422,489 | ) | 1987 |
| 30 Years |
|
Morgan Trace |
| Union City, GA |
| — |
| 239,102 |
| 2,105,728 |
| — |
| 265,209 |
| 239,102 |
| 2,370,937 |
| 2,610,039 |
| (390,908 | ) | 1986 |
| 30 Years |
|
Morningside |
| Scottsdale, AZ |
| — |
| 670,470 |
| 12,607,976 |
| — |
| 607,884 |
| 670,470 |
| 13,215,860 |
| 13,886,330 |
| (2,946,762 | ) | 1989 |
| 30 Years |
|
Mosswood I |
| Winter Springs, FL |
| — |
| 163,294 |
| 1,438,796 |
| — |
| 286,405 |
| 163,294 |
| 1,725,201 |
| 1,888,494 |
| (290,728 | ) | 1981 |
| 30 Years |
|
Mosswood II |
| Winter Springs, FL |
| 1,459,292 |
| 275,330 |
| 2,426,158 |
| — |
| 393,309 |
| 275,330 |
| 2,819,466 |
| 3,094,796 |
| (452,962 | ) | 1982 |
| 30 Years |
|
Mountain Park Ranch |
| Phoenix, AZ |
| (O) |
| 1,662,332 |
| 18,260,276 |
| — |
| 701,252 |
| 1,662,332 |
| 18,961,528 |
| 20,623,860 |
| (4,314,000 | ) | 1994 |
| 30 Years |
|
Mountain Terrace |
| Stevenson Ranch, CA |
| — |
| 3,966,500 |
| 35,814,995 |
| — |
| 1,542,719 |
| 3,966,500 |
| 37,357,714 |
| 41,324,214 |
| (9,452,567 | ) | 1992 |
| 30 Years |
|
Nehoiden Glen |
| Needham, MA |
| 1,847,102 |
| 634,538 |
| 4,241,755 |
| — |
| 223,809 |
| 634,538 |
| 4,465,564 |
| 5,100,102 |
| (507,814 | ) | 1978 |
| 30 Years |
|
Newberry I |
| Lansing, MI |
| — |
| 183,509 |
| 1,616,913 |
| — |
| 241,612 |
| 183,509 |
| 1,858,526 |
| 2,042,035 |
| (329,531 | ) | 1985 |
| 30 Years |
|
Newberry II |
| Lansing, MI |
| — |
| 142,292 |
| 1,253,951 |
| — |
| 150,661 |
| 142,292 |
| 1,404,612 |
| 1,546,905 |
| (246,293 | ) | 1986 |
| 30 Years |
|
Newport Heights |
| Tukwila, WA |
| — |
| 391,200 |
| 3,522,780 |
| — |
| 632,572 |
| 391,200 |
| 4,155,352 |
| 4,546,552 |
| (1,519,227 | ) | 1985 |
| 30 Years |
|
Noonan Glen |
| Winchester, MA |
| 505,024 |
| 151,344 |
| 1,011,700 |
| — |
| 97,651 |
| 151,344 |
| 1,109,351 |
| 1,260,695 |
| (135,487 | ) | 1983 |
| 30 Years |
|
North Creek (Everett) |
| Evertt, WA |
| — |
| 3,967,500 |
| 12,387,190 |
| — |
| 1,740,126 |
| 3,967,500 |
| 14,127,316 |
| 18,094,816 |
| (2,873,005 | ) | 1986 |
| 30 Years |
|
North Hill |
| Atlanta, GA |
| 15,121,418 |
| 2,525,300 |
| 18,550,989 |
| — |
| 4,879,368 |
| 2,525,300 |
| 23,430,358 |
| 25,955,658 |
| (7,306,484 | ) | 1984 |
| 30 Years |
|
Northampton 1 |
| Largo, MD |
| 19,437,031 |
| 1,843,200 |
| 17,528,381 |
| — |
| 3,242,996 |
| 1,843,200 |
| 20,771,377 |
| 22,614,577 |
| (7,849,730 | ) | 1977 |
| 30 Years |
|
Northampton 2 |
| Largo, MD |
| — |
| 1,513,500 |
| 14,246,990 |
| — |
| 1,605,977 |
| 1,513,500 |
| 15,852,967 |
| 17,366,467 |
| (5,416,200 | ) | 1988 |
| 30 Years |
|
Northglen |
| Valencia, CA |
| 14,763,217 |
| 9,360,000 |
| 20,778,553 |
| — |
| 453,019 |
| 9,360,000 |
| 21,231,571 |
| 30,591,571 |
| (2,333,760 | ) | 1988 |
| 30 Years |
|
Northridge |
| Pleasant Hill, CA |
| — |
| 5,527,800 |
| 14,691,705 |
| — |
| 1,723,826 |
| 5,527,800 |
| 16,415,530 |
| 21,943,330 |
| (3,582,454 | ) | 1974 |
| 30 Years |
|
Northridge (GA) |
| Carrolton, GA |
| — |
| 238,811 |
| 2,104,181 |
| — |
| 156,121 |
| 238,811 |
| 2,260,302 |
| 2,499,113 |
| (379,644 | ) | 1985 |
| 30 Years |
|
Northrup Court I |
| Coraopolis, PA |
| 1,303,218 |
| 189,246 |
| 1,667,463 |
| — |
| 153,310 |
| 189,246 |
| 1,820,772 |
| 2,010,018 |
| (310,384 | ) | 1985 |
| 30 Years |
|
Northrup Court II |
| Coraopolis, PA |
| — |
| 157,190 |
| 1,385,018 |
| — |
| 109,719 |
| 157,190 |
| 1,494,737 |
| 1,651,927 |
| (255,225 | ) | 1985 |
| 30 Years |
|
Northwoods Village |
| Cary, NC |
| — |
| 1,369,700 |
| 11,460,337 |
| — |
| 1,355,284 |
| 1,369,700 |
| 12,815,621 |
| 14,185,321 |
| (3,314,062 | ) | 1986 |
| 30 Years |
|
Norton Glen |
| Norton, MA |
| 4,355,502 |
| 1,012,556 |
| 6,768,727 |
| — |
| 1,419,546 |
| 1,012,556 |
| 8,188,273 |
| 9,200,828 |
| (955,948 | ) | 1983 |
| 30 Years |
|
Nova Glen I |
| Daytona Beach, FL |
| — |
| 142,086 |
| 1,251,930 |
| — |
| 417,167 |
| 142,086 |
| 1,669,097 |
| 1,811,182 |
| (318,504 | ) | 1984 |
| 30 Years |
|
Nova Glen II |
| Daytona Beach, FL |
| — |
| 175,168 |
| 1,543,420 |
| — |
| 367,494 |
| 175,168 |
| 1,910,914 |
| 2,086,082 |
| (329,396 | ) | 1986 |
| 30 Years |
|
Novawood I |
| Daytona Beach, FL |
| 149,213 |
| 122,311 |
| 1,077,897 |
| — |
| 240,064 |
| 122,311 |
| 1,317,962 |
| 1,440,273 |
| (231,569 | ) | 1980 |
| 30 Years |
|
Novawood II |
| Daytona Beach, FL |
| — |
| 144,401 |
| 1,272,484 |
| — |
| 166,421 |
| 144,401 |
| 1,438,905 |
| 1,583,306 |
| (242,003 | ) | 1980 |
| 30 Years |
|
Oak Gardens |
| Hollywood, FL |
| — |
| 329,968 |
| 2,907,288 |
| — |
| 295,242 |
| 329,968 |
| 3,202,529 |
| 3,532,497 |
| (519,339 | ) | 1988 |
| 30 Years |
|
Oak Mill 2 |
| Germantown, MD |
| 9,600,000 |
| 854,133 |
| 9,010,184 |
| — |
| 843,223 |
| 854,133 |
| 9,853,407 |
| 10,707,540 |
| (3,110,938 | ) | 1985 |
| 30 Years |
|
Oak Park North |
| Agoura Hills, CA |
| (I) |
| 1,706,900 |
| 15,362,666 |
| — |
| 659,670 |
| 1,706,900 |
| 16,022,336 |
| 17,729,236 |
| (4,707,467 | ) | 1990 |
| 30 Years |
|
Oak Park South |
| Agoura Hills, CA |
| (I) |
| 1,683,800 |
| 15,154,608 |
| — |
| 741,287 |
| 1,683,800 |
| 15,895,894 |
| 17,579,694 |
| (4,721,882 | ) | 1989 |
| 30 Years |
|
Oak Ridge |
| Clermont, FL |
| 1,153,709 |
| 173,617 |
| 1,529,936 |
| — |
| 303,813 |
| 173,617 |
| 1,833,749 |
| 2,007,366 |
| (344,270 | ) | 1985 |
| 30 Years |
|
Oak Shade |
| Orange City, FL |
| — |
| 229,403 |
| 2,021,290 |
| — |
| 154,948 |
| 229,403 |
| 2,176,239 |
| 2,405,642 |
| (370,859 | ) | 1985 |
| 30 Years |
|
Oakland Hills |
| Margate, FL |
| — |
| 3,040,000 |
| 4,930,604 |
| — |
| 570,878 |
| 3,040,000 |
| 5,501,481 |
| 8,541,481 |
| (775,634 | ) | 1987 |
| 30 Years |
|
Oakley Woods |
| Union City, GA |
| 1,060,501 |
| 165,449 |
| 1,457,485 |
| — |
| 290,857 |
| 165,449 |
| 1,748,342 |
| 1,913,791 |
| (316,673 | ) | 1984 |
| 30 Years |
|
Oaks |
| Santa Clarita, CA |
| 45,885,102 |
| 23,400,000 |
| 61,032,944 |
| — |
| 80,506 |
| 23,400,000 |
| 61,113,450 |
| 84,513,450 |
| (903,328 | ) | 2000 |
| 30 Years |
|
Oaks (NC) |
| Charlotte, NC |
| — |
| 2,196,744 |
| 23,601,540 |
| — |
| 489,611 |
| 2,196,744 |
| 24,091,151 |
| 26,287,895 |
| (4,552,024 | ) | 1996 |
| 30 Years |
|
Oakwood Manor |
| Hollywood, FL |
| — |
| 173,247 |
| 1,525,973 |
| — |
| 89,423 |
| 173,247 |
| 1,615,396 |
| 1,788,643 |
| (269,341 | ) | 1986 |
| 30 Years |
|
Oakwood Village (FL) |
| Hudson, FL |
| — |
| 145,547 |
| 1,282,427 |
| — |
| 397,321 |
| 145,547 |
| 1,679,747 |
| 1,825,294 |
| (328,895 | ) | 1986 |
| 30 Years |
|
Oakwood Village (FL) II |
| Hudson, FL |
| — |
| 31,734 |
| — |
| — |
| — |
| 31,734 |
| — |
| 31,734 |
| — |
| (F) |
| 30 Years |
|
Oakwood Village (GA) |
| Augusta, GA |
| — |
| 161,174 |
| 1,420,119 |
| — |
| 169,028 |
| 161,174 |
| 1,589,148 |
| 1,750,322 |
| (271,746 | ) | 1985 |
| 30 Years |
|
Ocean Walk |
| Key West, FL |
| 21,079,921 |
| 2,838,749 |
| 25,545,009 |
| — |
| 1,112,037 |
| 2,838,749 |
| 26,657,046 |
| 29,495,794 |
| (5,909,184 | ) | 1990 |
| 30 Years |
|
Old Archer Court |
| Gainesville, FL |
| 923,110 |
| 170,323 |
| 1,500,735 |
| — |
| 327,215 |
| 170,323 |
| 1,827,950 |
| 1,998,273 |
| (351,237 | ) | 1977 |
| 30 Years |
|
Old Mill Glen |
| Maynard, MA |
| 1,831,187 |
| 396,756 |
| 2,652,233 |
| — |
| 128,430 |
| 396,756 |
| 2,780,663 |
| 3,177,419 |
| (338,386 | ) | 1983 |
| 30 Years |
|
Olde Redmond Place |
| Redmond, WA |
| (R) |
| 4,807,100 |
| 14,126,038 |
| — |
| 891,340 |
| 4,807,100 |
| 15,017,378 |
| 19,824,478 |
| (3,036,528 | ) | 1986 |
| 30 Years |
|
Olivewood (MI) |
| Sterling Hts., MI |
| — |
| 519,167 |
| 4,574,905 |
| — |
| 516,551 |
| 519,167 |
| 5,091,455 |
| 5,610,622 |
| (854,737 | ) | 1986 |
| 30 Years |
|
Olivewood I |
| Indianapolis, IN |
| — |
| 184,701 |
| 1,627,420 |
| — |
| 327,312 |
| 184,701 |
| 1,954,733 |
| 2,139,434 |
| (362,514 | ) | 1985 |
| 30 Years |
|
Olivewood II |
| Indianapolis, IN |
| 1,223,860 |
| 186,235 |
| 1,640,571 |
| — |
| 230,561 |
| 186,235 |
| 1,871,131 |
| 2,057,366 |
| (330,483 | ) | 1986 |
| 30 Years |
|
One Eton Square |
| Tulsa, OK |
| — |
| 1,570,100 |
| 14,130,937 |
| — |
| 2,263,099 |
| 1,570,100 |
| 16,394,036 |
| 17,964,136 |
| (4,511,983 | ) | 1985 |
| 30 Years |
|
Orchard Ridge |
| Lynnwood, WA |
| — |
| 480,600 |
| 4,372,033 |
| — |
| 598,676 |
| 480,600 |
| 4,970,709 |
| 5,451,309 |
| (1,787,941 | ) | 1988 |
| 30 Years |
|
Overlook |
| San Antonio, TX |
| — |
| 1,100,200 |
| 9,901,517 |
| — |
| 1,591,811 |
| 1,100,200 |
| 11,493,327 |
| 12,593,527 |
| (3,307,959 | ) | 1985 |
| 30 Years |
|
Overlook Manor |
| Frederick, MD |
| — |
| 1,299,100 |
| 3,930,931 |
| — |
| 761,988 |
| 1,299,100 |
| 4,692,919 |
| 5,992,019 |
| (1,051,944 | ) | 1980/1985 |
| 30 Years |
|
Overlook Manor II |
| Frederick, MD |
| 5,380,000 |
| 2,186,300 |
| 6,262,597 |
| — |
| 231,098 |
| 2,186,300 |
| 6,493,695 |
| 8,679,995 |
| (1,397,174 | ) | 1980/1985 |
| 30 Years |
|
Overlook Manor III |
| Frederick, MD |
| — |
| 1,026,300 |
| 3,027,390 |
| — |
| 116,268 |
| 1,026,300 |
| 3,143,658 |
| 4,169,958 |
| (657,661 | ) | 1980/1985 |
| 30 Years |
|
Paces Station |
| Atlanta, GA |
| — |
| 4,801,500 |
| 32,548,053 |
| — |
| 3,790,967 |
| 4,801,500 |
| 36,339,019 |
| 41,140,519 |
| (9,528,137 | ) | 1984-1988/1989 |
| 30 Years |
|
Palladia |
| Hillsboro, OR |
| — |
| 6,461,000 |
| 44,888,156 |
| — |
| 245,990 |
| 6,461,000 |
| 45,134,146 |
| 51,595,146 |
| (3,967,164 | ) | 2000 |
| 30 Years |
|
Palm Place |
| Sarasota. FL |
| — |
| 248,315 |
| 2,188,339 |
| — |
| 404,127 |
| 248,315 |
| 2,592,466 |
| 2,840,781 |
| (477,973 | ) | 1984 |
| 30 Years |
|
Palm Side (REIT) |
| Palm Bay, FL |
| 1,076,031 |
| 116,334 |
| 1,047,004 |
| — |
| 1,000 |
| 116,334 |
| 1,048,004 |
| 1,164,338 |
| (4,721 | ) | 1986 |
| 30 Years |
|
Panther Ridge |
| Federal Way, WA |
| — |
| 1,055,800 |
| 9,506,117 |
| — |
| 975,397 |
| 1,055,800 |
| 10,481,514 |
| 11,537,314 |
| (2,915,051 | ) | 1980 |
| 30 Years |
|
Paradise Pointe |
| Dania, FL |
| — |
| 1,913,414 |
| 17,417,956 |
| — |
| 2,965,441 |
| 1,913,414 |
| 20,383,397 |
| 22,296,811 |
| (6,842,742 | ) | 1987-90 |
| 30 Years |
|
S-8
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2003
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||
Apartment Name |
| Location |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
| Latest Income |
|
Parc Royale |
| Houston, TX |
| — |
| 2,223,000 |
| 11,936,833 |
| — |
| 1,242,498 |
| 2,223,000 |
| 13,179,330 |
| 15,402,330 |
| (2,469,925 | ) | 1994 |
| 30 Years |
|
Park Meadow |
| Gilbert, AZ |
| — |
| 835,217 |
| 15,120,769 |
| — |
| 808,119 |
| 835,217 |
| 15,928,888 |
| 16,764,105 |
| (3,590,144 | ) | 1986 |
| 30 Years |
|
Park Place (MN) |
| Plymouth, MN |
| — |
| 1,219,900 |
| 10,964,119 |
| — |
| 1,233,329 |
| 1,219,900 |
| 12,197,448 |
| 13,417,348 |
| (3,623,151 | ) | 1986 |
| 30 Years |
|
Park Place (TX) |
| Houston, TX |
| — |
| 1,603,000 |
| 12,054,926 |
| — |
| 484,480 |
| 1,603,000 |
| 12,539,406 |
| 14,142,406 |
| (2,783,639 | ) | 1996 |
| 30 Years |
|
Park Place II |
| Plymouth, MN |
| — |
| 1,216,100 |
| 10,951,698 |
| — |
| 1,042,608 |
| 1,216,100 |
| 11,994,306 |
| 13,210,406 |
| (3,450,815 | ) | 1986 |
| 30 Years |
|
Park Place West (CT) |
| West Hartford, CT |
| — |
| 466,243 |
| 3,116,742 |
| — |
| 143,998 |
| 466,243 |
| 3,260,741 |
| 3,726,984 |
| (400,015 | ) | 1961 |
| 30 Years |
|
Park West (CA) |
| Los Angeles, CA |
| — |
| 3,033,500 |
| 27,302,383 |
| — |
| 2,622,629 |
| 3,033,500 |
| 29,925,012 |
| 32,958,512 |
| (9,150,400 | ) | 1987/90 |
| 30 Years |
|
Park West (TX) |
| Austin, TX |
| — |
| 648,705 |
| 4,738,542 |
| — |
| 1,097,506 |
| 648,705 |
| 5,836,048 |
| 6,484,753 |
| (2,355,186 | ) | 1985 |
| 30 Years |
|
Parkfield |
| Denver, CO |
| — |
| 8,330,000 |
| 28,667,618 |
| — |
| 343,029 |
| 8,330,000 |
| 29,010,646 |
| 37,340,646 |
| (3,205,524 | ) | 2000 |
| 30 Years |
|
Parkridge Place |
| Irving, TX |
| — |
| 6,432,900 |
| 17,094,962 |
| — |
| 1,540,563 |
| 6,432,900 |
| 18,635,526 |
| 25,068,426 |
| (4,723,279 | ) | 1985 |
| 30 Years |
|
Parkside |
| Union City, CA |
| — |
| 6,246,700 |
| 11,827,453 |
| — |
| 2,542,001 |
| 6,246,700 |
| 14,369,454 |
| 20,616,154 |
| (3,260,786 | ) | 1979 |
| 30 Years |
|
Parkview Terrace |
| Redlands, CA |
| — |
| 4,969,200 |
| 35,653,777 |
| — |
| 1,871,619 |
| 4,969,200 |
| 37,525,396 |
| 42,494,596 |
| (8,226,300 | ) | 1986 |
| 30 Years |
|
Parkville (Col) |
| Columbus, OH |
| 1,689,856 |
| 150,433 |
| 1,325,756 |
| — |
| 332,921 |
| 150,433 |
| 1,658,677 |
| 1,809,110 |
| (345,554 | ) | 1978 |
| 30 Years |
|
Parkville (IN) |
| Gas City, IN |
| 706,898 |
| 103,434 |
| 911,494 |
| — |
| 160,868 |
| 103,434 |
| 1,072,362 |
| 1,175,796 |
| (203,752 | ) | 1982 |
| 30 Years |
|
Parkville (Par) |
| Englewood, OH |
| — |
| 127,863 |
| 1,126,638 |
| — |
| 137,437 |
| 127,863 |
| 1,264,074 |
| 1,391,937 |
| (218,171 | ) | 1982 |
| 30 Years |
|
Parkway North (REIT) |
| Ft. Meyers, FL |
| 1,072,542 |
| 145,350 |
| 1,308,115 |
| — |
| 119,438 |
| 145,350 |
| 1,427,553 |
| 1,572,903 |
| (176,237 | ) | 1984 |
| 30 Years |
|
Parkwood (CT) |
| East Haven, CT |
| — |
| 531,365 |
| 3,552,064 |
| — |
| 123,128 |
| 531,365 |
| 3,675,192 |
| 4,206,556 |
| (458,950 | ) | 1975 |
| 30 Years |
|
Pembroke Lake |
| Virginia Beach, VA (T) |
| 8,587,685 |
| 511,947 |
| 8,889,539 |
| — |
| 773,979 |
| 511,947 |
| 9,663,518 |
| 10,175,465 |
| (1,651,257 | ) | 1975 |
| 30 Years |
|
Phillips Park |
| Wellesley, MA |
| 3,926,574 |
| 816,922 |
| 5,460,955 |
| — |
| 162,176 |
| 816,922 |
| 5,623,131 |
| 6,440,053 |
| (629,818 | ) | 1988 |
| 30 Years |
|
Pine Barrens |
| Jacksonville, FL |
| — |
| 268,303 |
| 2,364,041 |
| — |
| 375,565 |
| 268,303 |
| 2,739,605 |
| 3,007,908 |
| (481,687 | ) | 1986 |
| 30 Years |
|
Pine Harbour |
| Orlando, FL |
| — |
| 1,664,300 |
| 14,970,915 |
| — |
| 2,096,382 |
| 1,664,300 |
| 17,067,297 |
| 18,731,597 |
| (6,277,034 | ) | 1991 |
| 30 Years |
|
Pine Knoll |
| Jonesboro, GA |
| 1,143,985 |
| 138,052 |
| 1,216,391 |
| — |
| 147,030 |
| 138,052 |
| 1,363,420 |
| 1,501,473 |
| (224,622 | ) | 1985 |
| 30 Years |
|
Pine Lake |
| Tampa, FL |
| 613,846 |
| 79,877 |
| 703,802 |
| — |
| 96,652 |
| 79,877 |
| 800,453 |
| 880,330 |
| (142,623 | ) | 1982 |
| 30 Years |
|
Pine Meadows I (FL) |
| Ft. Meyers, FL |
| — |
| 152,019 |
| 1,339,596 |
| — |
| 356,708 |
| 152,019 |
| 1,696,304 |
| 1,848,324 |
| (351,629 | ) | 1985 |
| 30 Years |
|
Pine Terrace I |
| Callaway, FL |
| 2,031,161 |
| 288,992 |
| 2,546,426 |
| — |
| 554,230 |
| 288,992 |
| 3,100,657 |
| 3,389,649 |
| (629,438 | ) | 1983 |
| 30 Years |
|
Pine Tree Club |
| Wildwood, MO |
| — |
| 1,125,000 |
| 7,017,082 |
| — |
| 652,289 |
| 1,125,000 |
| 7,669,371 |
| 8,794,371 |
| (1,396,419 | ) | 1986 |
| 30 Years |
|
Pinegrove I (REIT) |
| Roseville, MI |
| 1,066,853 |
| 145,660 |
| 1,311,019 |
| — |
| — |
| 145,660 |
| 1,311,019 |
| 1,456,679 |
| — |
| 1983 |
| 30 Years |
|
Pinegrove II (REIT) |
| Roseville, MI |
| 670,378 |
| 99,074 |
| 891,743 |
| — |
| — |
| 99,074 |
| 891,743 |
| 990,817 |
| — |
| 1984 |
| 30 Years |
|
Pinellas Pines |
| Pinellas Park, FL |
| 5,798 |
| 174,999 |
| 1,541,934 |
| — |
| 236,424 |
| 174,999 |
| 1,778,358 |
| 1,953,358 |
| (307,732 | ) | 1983 |
| 30 Years |
|
Pines of Cloverlane |
| Ypsilanti, MI |
| — |
| 1,907,800 |
| 16,767,519 |
| — |
| 5,847,165 |
| 1,907,800 |
| 22,614,684 |
| 24,522,484 |
| (8,572,687 | ) | 1975-79 |
| 30 Years |
|
Pines of Springdale |
| Palm Springs, FL |
| — |
| 473,867 |
| 4,265,174 |
| — |
| 1,092,326 |
| 473,867 |
| 5,357,500 |
| 5,831,367 |
| (2,116,245 | ) | 1985/87 |
| 30 Years |
|
Plum Tree |
| Hales Corners, WI |
| (N) |
| 1,996,700 |
| 20,247,195 |
| — |
| 1,048,977 |
| 1,996,700 |
| 21,296,173 |
| 23,292,873 |
| (4,731,314 | ) | 1989 |
| 30 Years |
|
Plumwood (Che) |
| Chesterfield, IN |
| 62,289 |
| 84,923 |
| 748,261 |
| — |
| 115,852 |
| 84,923 |
| 864,112 |
| 949,035 |
| (151,511 | ) | 1980 |
| 30 Years |
|
Plumwood (For) |
| Ft. Wayne, IN |
| — |
| 131,351 |
| 1,157,244 |
| — |
| 161,813 |
| 131,351 |
| 1,319,056 |
| 1,450,407 |
| (250,078 | ) | 1981 |
| 30 Years |
|
Plumwood I |
| Columbus, OH |
| 1,612,115 |
| 289,814 |
| 2,553,597 |
| — |
| 347,892 |
| 289,814 |
| 2,901,490 |
| 3,191,304 |
| (513,930 | ) | 1978 |
| 30 Years |
|
Plumwood II |
| Columbus, OH |
| — |
| 107,583 |
| 947,924 |
| — |
| 88,385 |
| 107,583 |
| 1,036,309 |
| 1,143,892 |
| (171,282 | ) | 1983 |
| 30 Years |
|
Point (NC) |
| Charlotte, NC |
| (S) |
| 1,700,000 |
| 25,417,267 |
| — |
| 519,311 |
| 1,700,000 |
| 25,936,577 |
| 27,636,577 |
| (4,881,354 | ) | 1996 |
| 30 Years |
|
Pointe at South Mountain |
| Phoenix, AZ |
| — |
| 2,228,800 |
| 20,059,311 |
| — |
| 1,383,161 |
| 2,228,800 |
| 21,442,472 |
| 23,671,272 |
| (5,501,033 | ) | 1988 |
| 30 Years |
|
Polos East |
| Orlando, FL |
| — |
| 1,386,000 |
| 19,058,620 |
| — |
| 861,704 |
| 1,386,000 |
| 19,920,324 |
| 21,306,324 |
| (3,898,961 | ) | 1991 |
| 30 Years |
|
Port Royale |
| Ft. Lauderdale, FL |
| — |
| 1,754,200 |
| 15,789,873 |
| — |
| 1,742,822 |
| 1,754,200 |
| 17,532,695 |
| 19,286,895 |
| (5,933,155 | ) | 1988 |
| 30 Years |
|
Port Royale II |
| Ft. Lauderdale, FL |
| — |
| 1,022,200 |
| 9,203,166 |
| — |
| 1,095,880 |
| 1,022,200 |
| 10,299,046 |
| 11,321,246 |
| (3,128,903 | ) | 1988 |
| 30 Years |
|
Port Royale III |
| Ft. Lauderdale, FL |
| — |
| 7,454,900 |
| 14,725,802 |
| — |
| 1,678,106 |
| 7,454,900 |
| 16,403,908 |
| 23,858,808 |
| (4,196,008 | ) | 1988 |
| 30 Years |
|
Port Royale IV |
| Ft. Lauderdale, FL |
| — |
| — |
| 24,645 |
| — |
| — |
| — |
| 24,645 |
| 24,645 |
|
|
| (F) |
| 30 Years |
|
Portland Center |
| Portland, OR (G) |
| — |
| 6,032,900 |
| 43,554,399 |
| — |
| 3,967,373 |
| 6,032,900 |
| 47,521,772 |
| 53,554,672 |
| (9,738,281 | ) | 1965 |
| 30 Years |
|
Portofino |
| Chino Hills, CA |
| — |
| 3,572,400 |
| 14,660,994 |
| — |
| 544,085 |
| 3,572,400 |
| 15,205,078 |
| 18,777,478 |
| (3,368,028 | ) | 1989 |
| 30 Years |
|
Portofino (Val) |
| Valencia, CA |
| 14,363,282 |
| 8,640,000 |
| 21,487,126 |
| — |
| 392,531 |
| 8,640,000 |
| 21,879,657 |
| 30,519,657 |
| (2,366,932 | ) | 1989 |
| 30 Years |
|
Portside Towers |
| Jersey City, NJ (G) |
| 54,554,220 |
| 22,455,700 |
| 96,842,913 |
| — |
| 3,308,547 |
| 22,455,700 |
| 100,151,460 |
| 122,607,160 |
| (19,387,909 | ) | 1992/1997 |
| 30 Years |
|
Prairie Creek I |
| Richardson, TX |
| (Q) |
| 4,067,292 |
| 38,986,022 |
| — |
| 760,498 |
| 4,067,292 |
| 39,746,520 |
| 43,813,811 |
| (6,846,869 | ) | 1998/99 |
| 30 Years |
|
Preakness |
| Antioch, TN |
| — |
| 1,561,900 |
| 7,668,521 |
| — |
| 1,719,701 |
| 1,561,900 |
| 9,388,222 |
| 10,950,122 |
| (2,623,047 | ) | 1986 |
| 30 Years |
|
Preston at Willowbend |
| Plano, TX |
| — |
| 872,500 |
| 7,878,915 |
| — |
| 2,815,376 |
| 872,500 |
| 10,694,291 |
| 11,566,791 |
| (4,277,059 | ) | 1985 |
| 30 Years |
|
Preston Bend |
| Dallas, TX |
| (M) |
| 1,085,200 |
| 9,532,056 |
| — |
| 748,868 |
| 1,085,200 |
| 10,280,925 |
| 11,366,125 |
| (2,756,873 | ) | 1986 |
| 30 Years |
|
Princeton Court |
| Evansville, IN |
| 849,327 |
| 116,696 |
| 1,028,219 |
| — |
| 220,424 |
| 116,696 |
| 1,248,643 |
| 1,365,339 |
| (230,950 | ) | 1985 |
| 30 Years |
|
Promenade (FL) |
| St. Petersburg, FL |
| — |
| 2,124,193 |
| 25,804,037 |
| — |
| 2,379,033 |
| 2,124,193 |
| 28,183,070 |
| 30,307,263 |
| (5,228,395 | ) | 1994 |
| 30 Years |
|
Promenade at Aventura |
| Aventura, FL |
| — |
| 13,320,000 |
| 30,353,748 |
| — |
| 517,352 |
| 13,320,000 |
| 30,871,100 |
| 44,191,100 |
| (3,152,758 | ) | 1995 |
| 30 Years |
|
Promenade at Wyndham Lakes |
| Coral Springs, FL |
| — |
| 6,640,000 |
| 26,743,760 |
| — |
| 406,378 |
| 6,640,000 |
| 27,150,138 |
| 33,790,138 |
| (3,426,479 | ) | 1998 |
| 30 Years |
|
Promenade Terrace |
| Corona, CA |
| 14,281,303 |
| 2,282,800 |
| 20,546,289 |
| — |
| 1,764,968 |
| 2,282,800 |
| 22,311,257 |
| 24,594,057 |
| (6,048,819 | ) | 1990 |
| 30 Years |
|
Promontory Pointe I & II |
| Phoenix, AZ |
| — |
| 2,355,509 |
| 30,421,840 |
| — |
| 1,564,538 |
| 2,355,509 |
| 31,986,378 |
| 34,341,887 |
| (7,141,084 | ) | 1984/1996 |
| 30 Years |
|
Prospect Towers |
| Hackensack, NJ |
| 13,893,886 |
| 3,926,600 |
| 27,966,416 |
| — |
| 2,221,304 |
| 3,926,600 |
| 30,187,720 |
| 34,114,320 |
| (6,365,901 | ) | 1995 |
| 30 Years |
|
Prospect Towers II |
| Hackensack, NJ |
| — |
| 4,500,000 |
| 33,081,077 |
| — |
| 100,643 |
| 4,500,000 |
| 33,181,719 |
| 37,681,719 |
| (1,797,865 | ) | 2002 |
| 30 Years |
|
Providence at Kirby |
| Houston, TX |
| 18,144,270 |
| 3,945,000 |
| 20,587,782 |
| — |
| 141,735 |
| 3,945,000 |
| 20,729,516 |
| 24,674,516 |
| (1,000,983 | ) | 1999 |
| 30 Years |
|
Quail Call |
| Albany, GA |
| 671,497 |
| 104,723 |
| 922,728 |
| — |
| 165,829 |
| 104,723 |
| 1,088,557 |
| 1,193,280 |
| (211,330 | ) | 1984 |
| 30 Years |
|
Ramblewood I (Val) |
| Valdosta, GA |
| — |
| 132,084 |
| 1,163,801 |
| — |
| 101,717 |
| 132,084 |
| 1,265,518 |
| 1,397,602 |
| (225,720 | ) | 1983 |
| 30 Years |
|
Ramblewood II (Aug) |
| Augusta, GA |
| — |
| 169,269 |
| 1,490,783 |
| — |
| 321,705 |
| 169,269 |
| 1,812,488 |
| 1,981,757 |
| (359,734 | ) | 1986 |
| 30 Years |
|
Ramblewood II (Val) |
| Valdosta, GA |
| — |
| 61,672 |
| 543,399 |
| — |
| 29,870 |
| 61,672 |
| 573,269 |
| 634,941 |
| (101,081 | ) | 1983 |
| 30 Years |
|
Ranch at Fossil Creek |
| Haltom City, TX |
| — |
| 1,715,435 |
| 16,802,469 |
| — |
| — |
| 1,715,435 |
| 16,802,469 |
| 18,517,904 |
| (58,073 | ) | 2003 |
| 30 Years |
|
Ranchside |
| New Port Richey, FL |
| — |
| 144,692 |
| 1,274,898 |
| — |
| 204,572 |
| 144,692 |
| 1,479,470 |
| 1,624,162 |
| (266,807 | ) | 1985 |
| 30 Years |
|
Ranchstone |
| Houston, TX |
| (S) |
| 770,000 |
| 15,371,431 |
| — |
| 427,804 |
| 770,000 |
| 15,799,235 |
| 16,569,235 |
| (3,012,285 | ) | 1996 |
| 30 Years |
|
Ravens Crest |
| Plainsboro, NJ |
| (R) |
| 4,670,850 |
| 42,080,642 |
| — |
| 4,384,824 |
| 4,670,850 |
| 46,465,467 |
| 51,136,317 |
| (16,402,539 | ) | 1984 |
| 30 Years |
|
Ravinia |
| Greenfield, WI |
| (N) |
| 1,240,100 |
| 12,055,713 |
| — |
| 656,818 |
| 1,240,100 |
| 12,712,531 |
| 13,952,631 |
| (2,836,354 | ) | 1991 |
| 30 Years |
|
Red Deer I |
| Fairborn, OH |
| — |
| 204,317 |
| 1,800,254 |
| — |
| 207,008 |
| 204,317 |
| 2,007,262 |
| 2,211,578 |
| (335,648 | ) | 1986 |
| 30 Years |
|
Red Deer II |
| Fairborn, OH |
| — |
| 193,852 |
| 1,708,044 |
| — |
| 170,208 |
| 193,852 |
| 1,878,252 |
| 2,072,104 |
| (309,664 | ) | 1987 |
| 30 Years |
|
Redan Village I |
| Decatur, GA |
| — |
| 274,294 |
| 2,416,963 |
| — |
| 258,306 |
| 274,294 |
| 2,675,270 |
| 2,949,564 |
| (454,960 | ) | 1984 |
| 30 Years |
|
Redan Village II |
| Decatur, GA |
| — |
| 240,605 |
| 2,119,855 |
| — |
| 145,866 |
| 240,605 |
| 2,265,721 |
| 2,506,327 |
| (367,769 | ) | 1986 |
| 30 Years |
|
S-9
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2003
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||
Apartment Name |
| Location |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
| Latest Income |
|
Redlands Lawn and Tennis |
| Redlands, CA |
| — |
| 4,822,320 |
| 26,359,328 |
| — |
| 1,741,496 |
| 4,822,320 |
| 28,100,825 |
| 32,923,145 |
| (6,446,463 | ) | 1986 |
| 30 Years |
|
Redwood Hollow (REIT) |
| Smyrma, TN |
| 1,218,788 |
| 129,586 |
| 1,166,522 |
| — |
| 4,187 |
| 129,586 |
| 1,170,709 |
| 1,300,295 |
| (9,511 | ) | 1986 |
| 30 Years |
|
Regency |
| Charlotte, NC |
| — |
| 890,000 |
| 11,783,920 |
| — |
| 721,377 |
| 890,000 |
| 12,505,297 |
| 13,395,297 |
| (2,456,702 | ) | 1986 |
| 30 Years |
|
Regency Palms |
| Huntington Beach, CA |
| — |
| 1,857,400 |
| 16,713,254 |
| — |
| 2,481,773 |
| 1,857,400 |
| 19,195,026 |
| 21,052,426 |
| (5,542,741 | ) | 1969 |
| 30 Years |
|
Remington Place |
| Pheonix, AZ |
| — |
| 1,492,750 |
| 13,377,478 |
| — |
| 2,508,863 |
| 1,492,750 |
| 15,886,341 |
| 17,379,091 |
| (4,908,802 | ) | 1983 |
| 30 Years |
|
Reserve at Ashley Lake |
| Boynton Beach, FL |
| 24,150,000 |
| 3,520,400 |
| 23,332,494 |
| — |
| 1,365,711 |
| 3,520,400 |
| 24,698,204 |
| 28,218,604 |
| (5,701,107 | ) | 1990 |
| 30 Years |
|
Reserve at Eisenhower, The |
| Alexandria, VA |
| — |
| 6,500,000 |
| 34,585,060 |
| — |
| 39,468 |
| 6,500,000 |
| 34,624,527 |
| 41,124,527 |
| (1,239,288 | ) | 2002 |
| 30 Years |
|
Reserve at Fairfax Corners |
| Fairfax, VA |
| — |
| 15,804,057 |
| 63,217,249 |
| — |
| 214,173 |
| 15,804,057 |
| 63,431,421 |
| 79,235,478 |
| (2,859,812 | ) | 2001 |
| 30 Years |
|
Reserve Square |
| Cleveland, OH (G) |
| — |
| 2,618,852 |
| 23,582,869 |
| — |
| 15,790,336 |
| 2,618,852 |
| 39,373,205 |
| 41,992,057 |
| (18,041,793 | ) | 1973 |
| 30 Years |
|
Residences at Little River |
| Haverhill, MA |
| — |
| 6,905,138 |
| 18,605,818 |
| — |
| 46,634 |
| 6,905,138 |
| 18,652,453 |
| 25,557,591 |
| (62,816 | ) | 2003 |
| 30 Years |
|
Retreat, The |
| Phoenix, AZ |
| (S) |
| 3,475,114 |
| 27,265,252 |
| — |
| 484,764 |
| 3,475,114 |
| 27,750,016 |
| 31,225,130 |
| (4,603,143 | ) | 1999 |
| 30 Years |
|
Ribbon Mill |
| Manchester, CT |
| 4,361,456 |
| 787,929 |
| 5,267,144 |
| — |
| 238,449 |
| 787,929 |
| 5,505,593 |
| 6,293,522 |
| (656,292 | ) | 1908 |
| 30 Years |
|
Richmond Townhomes |
| Houston, TX |
| — |
| 940,000 |
| 13,906,905 |
| — |
| 566,700 |
| 940,000 |
| 14,473,605 |
| 15,413,605 |
| (2,801,331 | ) | 1995 |
| 30 Years |
|
Ridgewood (Lou) |
| Louisville, KY |
| — |
| 163,686 |
| 1,442,301 |
| — |
| 87,968 |
| 163,686 |
| 1,530,269 |
| 1,693,955 |
| (252,942 | ) | 1984 |
| 30 Years |
|
Ridgewood (MI) |
| Westland, MI |
| 1,142,998 |
| 176,969 |
| 1,559,588 |
| — |
| 213,326 |
| 176,969 |
| 1,772,914 |
| 1,949,883 |
| (306,389 | ) | 1983 |
| 30 Years |
|
Ridgewood I (Bed) |
| Bedford, IN |
| 806,388 |
| 107,120 |
| 943,843 |
| — |
| 165,318 |
| 107,120 |
| 1,109,161 |
| 1,216,281 |
| (198,048 | ) | 1984 |
| 30 Years |
|
Ridgewood I (Elk) |
| Elkhart, IN |
| — |
| 159,371 |
| 1,404,234 |
| — |
| 274,132 |
| 159,371 |
| 1,678,365 |
| 1,837,737 |
| (304,146 | ) | 1984 |
| 30 Years |
|
Ridgewood I (GA) |
| Decatur, GA |
| — |
| 230,574 |
| 2,031,610 |
| — |
| 213,158 |
| 230,574 |
| 2,244,768 |
| 2,475,342 |
| (375,298 | ) | 1984 |
| 30 Years |
|
Ridgewood I (Lex) |
| Lexington, KY |
| — |
| 203,720 |
| 1,794,792 |
| — |
| 157,917 |
| 203,720 |
| 1,952,710 |
| 2,156,429 |
| (328,526 | ) | 1984 |
| 30 Years |
|
Ridgewood I (OH) |
| Columbus, OH |
| 1,148,723 |
| 174,066 |
| 1,534,135 |
| — |
| 229,509 |
| 174,066 |
| 1,763,644 |
| 1,937,709 |
| (301,336 | ) | 1984 |
| 30 Years |
|
Ridgewood II (Bed) |
| Bedford, IN |
| 835,573 |
| 99,559 |
| 877,221 |
| — |
| 113,606 |
| 99,559 |
| 990,827 |
| 1,090,386 |
| (176,136 | ) | 1986 |
| 30 Years |
|
Ridgewood II (Elk) |
| Elkhart, IN |
| — |
| 215,335 |
| 1,897,333 |
| — |
| 313,131 |
| 215,335 |
| 2,210,464 |
| 2,425,799 |
| (414,634 | ) | 1986 |
| 30 Years |
|
Ridgewood II (GA) |
| Decatur, GA |
| 933,139 |
| 164,999 |
| 1,453,626 |
| — |
| 119,084 |
| 164,999 |
| 1,572,710 |
| 1,737,709 |
| (254,015 | ) | 1986 |
| 30 Years |
|
Ridgewood II (OH) |
| Columbus, OH |
| 1,110,433 |
| 162,914 |
| 1,435,648 |
| — |
| 190,821 |
| 162,914 |
| 1,626,468 |
| 1,789,382 |
| (274,995 | ) | 1985 |
| 30 Years |
|
Ridgewood Village |
| San Diego, CA |
| — |
| 5,761,500 |
| 14,032,511 |
| — |
| 172,152 |
| 5,761,500 |
| 14,204,663 |
| 19,966,163 |
| (3,044,684 | ) | 1997 |
| 30 Years |
|
Ridgewood Village II |
| San Diego, CA |
| — |
| 6,048,000 |
| 19,971,537 |
| — |
| 38,865 |
| 6,048,000 |
| 20,010,402 |
| 26,058,402 |
| (2,219,166 | ) | 1997 |
| 30 Years |
|
Rincon |
| Houston, TX |
| — |
| 4,401,900 |
| 16,734,746 |
| — |
| 851,019 |
| 4,401,900 |
| 17,585,765 |
| 21,987,665 |
| (4,287,112 | ) | 1996 |
| 30 Years |
|
River Glen I |
| Reynoldsburg, OH |
| — |
| 171,272 |
| 1,508,892 |
| — |
| 121,673 |
| 171,272 |
| 1,630,565 |
| 1,801,837 |
| (272,096 | ) | 1987 |
| 30 Years |
|
River Glen II |
| Reynoldsburg, OH |
| 1,096,621 |
| 158,684 |
| 1,398,175 |
| — |
| 167,520 |
| 158,684 |
| 1,565,695 |
| 1,724,379 |
| (256,395 | ) | 1987 |
| 30 Years |
|
River Hill |
| Grand Prairie, TX |
| — |
| 2,004,000 |
| 19,272,944 |
| — |
| 767,194 |
| 2,004,000 |
| 20,040,138 |
| 22,044,138 |
| (3,943,997 | ) | 1996 |
| 30 Years |
|
River Oaks (CA) |
| Oceanside, CA |
| 10,290,411 |
| 5,600,000 |
| 20,673,714 |
| — |
| 826,957 |
| 5,600,000 |
| 21,500,670 |
| 27,100,670 |
| (2,468,229 | ) | 1984 |
| 30 Years |
|
River Park |
| Fort Worth, TX |
| — |
| 2,245,400 |
| 8,811,727 |
| — |
| 1,902,954 |
| 2,245,400 |
| 10,714,681 |
| 12,960,081 |
| (2,701,464 | ) | 1984 |
| 30 Years |
|
River Pointe at Den Rock Park |
| Lawrence, MA |
| 18,100,000 |
| 4,615,702 |
| 18,440,147 |
| — |
| 64,052 |
| 4,615,702 |
| 18,504,199 |
| 23,119,901 |
| (704,549 | ) | 2000 |
| 30 Years |
|
River Stone Ranch |
| Austin, TX |
| — |
| 5,376,000 |
| 27,003,222 |
| — |
| — |
| 5,376,000 |
| 27,003,222 |
| 32,379,222 |
| — |
| 1998 |
| 30 Years |
|
Rivers Bend (CT) |
| Windsor, CT |
| (P) |
| 3,325,517 |
| 22,357,068 |
| — |
| 635,391 |
| 3,325,517 |
| 22,992,459 |
| 26,317,976 |
| (2,678,257 | ) | 1973 |
| 30 Years |
|
Rivers Edge |
| Waterbury, CT |
| — |
| 781,900 |
| 6,561,167 |
| — |
| 404,628 |
| 781,900 |
| 6,965,796 |
| 7,747,696 |
| (1,485,010 | ) | 1974 |
| 30 Years |
|
Rivers End I |
| Jacksonville, FL |
| 1,318,373 |
| 171,745 |
| 1,507,065 |
| — |
| 272,715 |
| 171,745 |
| 1,779,780 |
| 1,951,525 |
| (319,250 | ) | 1986 |
| 30 Years |
|
Rivers End II |
| Jacksonville, FL |
| — |
| 190,688 |
| 1,680,171 |
| — |
| 212,549 |
| 190,688 |
| 1,892,720 |
| 2,083,408 |
| (336,055 | ) | 1986 |
| 30 Years |
|
Riverside Park |
| Tulsa, OK |
| — |
| 1,441,400 |
| 12,371,637 |
| — |
| 635,148 |
| 1,441,400 |
| 13,006,785 |
| 14,448,185 |
| (3,115,465 | ) | 1994 |
| 30 Years |
|
Riverview Condominiums |
| Norwalk, CT |
| 6,043,522 |
| 2,300,000 |
| 7,406,730 |
| — |
| 1,104,142 |
| 2,300,000 |
| 8,510,872 |
| 10,810,872 |
| (1,065,933 | ) | 1991 |
| 30 Years |
|
Roanoke |
| Rochester Hills, MI |
| 40,500 |
| 369,911 |
| 3,259,270 |
| — |
| 221,891 |
| 369,911 |
| 3,481,162 |
| 3,851,073 |
| (557,999 | ) | 1985 |
| 30 Years |
|
Rock Creek |
| Corrboro, NC |
| — |
| 895,700 |
| 8,062,543 |
| — |
| 963,172 |
| 895,700 |
| 9,025,714 |
| 9,921,414 |
| (2,477,303 | ) | 1986 |
| 30 Years |
|
Rockingham Glen |
| West Roxbury, MA |
| 2,302,721 |
| 1,124,217 |
| 7,515,160 |
| — |
| 261,169 |
| 1,124,217 |
| 7,776,329 |
| 8,900,546 |
| (946,338 | ) | 1974 |
| 30 Years |
|
Rolling Green (Amherst) |
| Amherst, MA |
| 3,756,907 |
| 1,340,702 |
| 8,962,317 |
| — |
| 1,597,677 |
| 1,340,702 |
| 10,559,995 |
| 11,900,697 |
| (1,228,978 | ) | 1970 |
| 30 Years |
|
Rolling Green (Milford) |
| Milford, MA |
| 7,477,524 |
| 2,012,350 |
| 13,452,150 |
| — |
| 1,148,524 |
| 2,012,350 |
| 14,600,674 |
| 16,613,024 |
| (1,920,082 | ) | 1970 |
| 30 Years |
|
Rosecliff |
| Quincy, MA |
| — |
| 5,460,000 |
| 15,721,570 |
| — |
| 75,371 |
| 5,460,000 |
| 15,796,940 |
| 21,256,940 |
| (2,478,175 | ) | 1990 |
| 30 Years |
|
Rosecliff II |
| Quincy, MA |
| — |
| — |
| 1,379 |
| — |
| — |
| — |
| 1,379 |
| 1,379 |
| — |
| (F) |
| 30 Years |
|
Rosehill Pointe |
| Lenexa, KS |
| — |
| 2,093,300 |
| 18,863,515 |
| — |
| 3,682,660 |
| 2,093,300 |
| 22,546,175 |
| 24,639,475 |
| (7,276,267 | ) | 1984 |
| 30 Years |
|
Rosewood (KY) |
| Louisville, KY |
| — |
| 253,453 |
| 2,233,196 |
| — |
| 245,327 |
| 253,453 |
| 2,478,524 |
| 2,731,977 |
| (413,910 | ) | 1984 |
| 30 Years |
|
Rosewood (OH) |
| Columbus, OH |
| — |
| 212,378 |
| 1,871,186 |
| — |
| 304,752 |
| 212,378 |
| 2,175,938 |
| 2,388,316 |
| (377,371 | ) | 1985 |
| 30 Years |
|
Rosewood Commons I |
| Indianapolis, IN |
| 1,747,743 |
| 228,644 |
| 2,014,652 |
| — |
| 243,722 |
| 228,644 |
| 2,258,375 |
| 2,487,019 |
| (418,647 | ) | 1986 |
| 30 Years |
|
Rosewood Commons II |
| Indianapolis, IN |
| — |
| 220,463 |
| 1,942,520 |
| — |
| 198,506 |
| 220,463 |
| 2,141,025 |
| 2,361,488 |
| (378,901 | ) | 1987 |
| 30 Years |
|
Royal Oak |
| Eagan, MN |
| 13,139,491 |
| 1,602,904 |
| 14,423,662 |
| — |
| 1,151,929 |
| 1,602,904 |
| 15,575,591 |
| 17,178,495 |
| (3,570,120 | ) | 1989 |
| 30 Years |
|
Royal Oaks (FL) |
| Jacksonville, FL |
| — |
| 1,988,000 |
| 13,645,117 |
| — |
| 819,130 |
| 1,988,000 |
| 14,464,247 |
| 16,452,247 |
| (2,898,261 | ) | 1991 |
| 30 Years |
|
Royale |
| Cranston, RI |
| (P) |
| 512,785 |
| 3,427,866 |
| — |
| 302,220 |
| 512,785 |
| 3,730,086 |
| 4,242,872 |
| (440,105 | ) | 1976 |
| 30 Years |
|
Sabal Palm at Boot Ranch |
| Palm Harbor, FL |
| — |
| 3,888,000 |
| 28,923,692 |
| — |
| 1,354,186 |
| 3,888,000 |
| 30,277,878 |
| 34,165,878 |
| (5,808,924 | ) | 1996 |
| 30 Years |
|
Sabal Palm at Carrollwood Place |
| Tampa, FL |
| — |
| 3,888,000 |
| 26,911,542 |
| — |
| 808,651 |
| 3,888,000 |
| 27,720,194 |
| 31,608,194 |
| (5,327,152 | ) | 1995 |
| 30 Years |
|
Sabal Palm at Lake Buena Vista |
| Orlando, FL |
| 21,170,000 |
| 2,800,000 |
| 23,687,893 |
| — |
| 970,061 |
| 2,800,000 |
| 24,657,954 |
| 27,457,954 |
| (4,900,247 | ) | 1988 |
| 30 Years |
|
Sabal Palm at Metrowest |
| Orlando, FL |
| — |
| 4,110,000 |
| 38,394,865 |
| — |
| 1,419,984 |
| 4,110,000 |
| 39,814,849 |
| 43,924,849 |
| (7,503,616 | ) | 1998 |
| 30 Years |
|
Sabal Palm at Metrowest II |
| Orlando, FL |
| — |
| 4,560,000 |
| 33,907,283 |
| — |
| 640,411 |
| 4,560,000 |
| 34,547,694 |
| 39,107,694 |
| (6,519,276 | ) | 1997 |
| 30 Years |
|
Sabal Pointe |
| Coral Springs, FL |
| — |
| 1,951,600 |
| 17,570,508 |
| — |
| 1,947,786 |
| 1,951,600 |
| 19,518,293 |
| 21,469,893 |
| (5,474,780 | ) | 1995 |
| 30 Years |
|
Saddle Ridge |
| Ashburn, VA |
| — |
| 1,364,800 |
| 12,283,616 |
| — |
| 1,018,242 |
| 1,364,800 |
| 13,301,858 |
| 14,666,658 |
| (3,982,875 | ) | 1989 |
| 30 Years |
|
Sailboat Bay |
| Raleigh, NC |
| — |
| 960,000 |
| 8,797,580 |
| — |
| 526,902 |
| 960,000 |
| 9,324,481 |
| 10,284,481 |
| (1,902,426 | ) | 1986 |
| 30 Years |
|
Sandalwood |
| Toledo, OH |
| 1,045,804 |
| 151,926 |
| 1,338,636 |
| — |
| 114,471 |
| 151,926 |
| 1,453,107 |
| 1,605,033 |
| (233,610 | ) | 1984 |
| 30 Years |
|
Sandpiper II |
| Fort Pierce, FL |
| — |
| 155,496 |
| 1,369,987 |
| — |
| 329,151 |
| 155,496 |
| 1,699,138 |
| 1,854,633 |
| (342,397 | ) | 1982 |
| 30 Years |
|
Sanford Court |
| Sanford, FL |
| 1,650,492 |
| 238,814 |
| 2,104,212 |
| — |
| 376,688 |
| 238,814 |
| 2,480,901 |
| 2,719,715 |
| (462,390 | ) | 1976 |
| 30 Years |
|
Savannah Lakes |
| Boynton Beach, FL |
| — |
| 7,000,000 |
| 30,422,607 |
| — |
| 676,786 |
| 7,000,000 |
| 31,099,393 |
| 38,099,393 |
| (1,886,885 | ) | 1991 |
| 30 Years |
|
Scarborough Square |
| Rockville, MD |
| 4,882,961 |
| 1,815,000 |
| 7,608,126 |
| — |
| 935,674 |
| 1,815,000 |
| 8,543,800 |
| 10,358,800 |
| (1,720,913 | ) | 1967 |
| 30 Years |
|
Schooner Bay I |
| Foster City, CA |
| 27,000,000 |
| 5,345,000 |
| 16,545,651 |
| — |
| 332,419 |
| 5,345,000 |
| 16,878,069 |
| 22,223,069 |
| (1,616,661 | ) | 1985 |
| 30 Years |
|
Schooner Bay II |
| Foster City, CA |
| 23,760,000 |
| 4,550,000 |
| 14,607,259 |
| — |
| 243,973 |
| 4,550,000 |
| 14,851,232 |
| 19,401,232 |
| (1,412,123 | ) | 1985 |
| 30 Years |
|
Scottsdale Meadows |
| Scottsdale, AZ |
| — |
| 1,512,000 |
| 11,407,699 |
| — |
| 694,323 |
| 1,512,000 |
| 12,102,022 |
| 13,614,022 |
| (2,754,573 | ) | 1984 |
| 30 Years |
|
Security Manor |
| Westfield, MA |
| (P) |
| 355,456 |
| 2,376,152 |
| — |
| 41,258 |
| 355,456 |
| 2,417,411 |
| 2,772,867 |
| (295,586 | ) | 1971 |
| 30 Years |
|
Sedona Springs |
| Austin, TX |
| (S) |
| 2,574,000 |
| 23,477,043 |
| — |
| 1,234,129 |
| 2,574,000 |
| 24,711,172 |
| 27,285,172 |
| (4,892,712 | ) | 1995 |
| 30 Years |
|
S-10
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2003
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||
Apartment Name |
| Location |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
| Latest Income |
|
Seeley Lake |
| Lakewood, WA |
| — |
| 2,760,400 |
| 24,845,286 |
| — |
| 1,582,124 |
| 2,760,400 |
| 26,427,410 |
| 29,187,810 |
| (6,516,192 | ) | 1990 |
| 30 Years |
|
Seventh & James |
| Seattle, WA |
| — |
| 663,800 |
| 5,974,803 |
| — |
| 1,820,483 |
| 663,800 |
| 7,795,286 |
| 8,459,086 |
| (2,051,178 | ) | 1992 |
| 30 Years |
|
Shadetree |
| West Palm Beach, FL |
| — |
| 532,000 |
| 1,420,721 |
| — |
| 283,802 |
| 532,000 |
| 1,704,523 |
| 2,236,523 |
| (212,389 | ) | 1982 |
| 30 Years |
|
Shadow Bay I |
| Jacksonville, FL |
| — |
| 123,319 |
| 1,086,720 |
| — |
| 126,827 |
| 123,319 |
| 1,213,547 |
| 1,336,866 |
| (227,086 | ) | 1984 |
| 30 Years |
|
Shadow Bay II |
| Jacksonville, FL |
| 939,366 |
| 139,709 |
| 1,231,134 |
| — |
| 130,908 |
| 139,709 |
| 1,362,042 |
| 1,501,751 |
| (249,910 | ) | 1985 |
| 30 Years |
|
Shadow Brook |
| Scottsdale, AZ |
| — |
| 3,065,496 |
| 18,367,686 |
| — |
| 1,006,542 |
| 3,065,496 |
| 19,374,229 |
| 22,439,725 |
| (4,387,421 | ) | 1984 |
| 30 Years |
|
Shadow Lake |
| Doraville, GA |
| — |
| 1,140,000 |
| 13,117,277 |
| — |
| 499,259 |
| 1,140,000 |
| 13,616,536 |
| 14,756,536 |
| (2,659,005 | ) | 1989 |
| 30 Years |
|
Shadow Ridge |
| Tallahassee, FL |
| — |
| 150,327 |
| 1,324,061 |
| — |
| 201,436 |
| 150,327 |
| 1,525,497 |
| 1,675,824 |
| (274,341 | ) | 1983 |
| 30 Years |
|
Shadow Trace |
| Stone Mountain, GA |
| — |
| 244,320 |
| 2,152,729 |
| — |
| 275,349 |
| 244,320 |
| 2,428,078 |
| 2,672,399 |
| (412,778 | ) | 1984 |
| 30 Years |
|
Shadowood I |
| Sarasota, FL |
| 600,000 |
| 157,661 |
| 1,389,061 |
| — |
| 283,025 |
| 157,661 |
| 1,672,086 |
| 1,829,746 |
| (291,389 | ) | 1982 |
| 30 Years |
|
Shadowood II |
| Sarasota, FL |
| 1,143,860 |
| 152,031 |
| 1,339,469 |
| — |
| 172,974 |
| 152,031 |
| 1,512,443 |
| 1,664,474 |
| (255,675 | ) | 1983 |
| 30 Years |
|
Sheffield Court |
| Arlington, VA |
| — |
| 3,349,350 |
| 31,960,800 |
| — |
| 2,509,237 |
| 3,349,350 |
| 34,470,037 |
| 37,819,387 |
| (10,826,625 | ) | 1986 |
| 30 Years |
|
Sherbrook (IN) |
| Indianapolis, IN |
| 1,568,329 |
| 171,920 |
| 1,514,707 |
| — |
| 164,135 |
| 171,920 |
| 1,678,842 |
| 1,850,763 |
| (309,064 | ) | 1986 |
| 30 Years |
|
Sherbrook (OH) |
| Columbus, OH |
| 1,052,997 |
| 163,493 |
| 1,440,036 |
| — |
| 207,270 |
| 163,493 |
| 1,647,306 |
| 1,810,799 |
| (299,270 | ) | 1985 |
| 30 Years |
|
Sherbrook (PA) |
| Wexford, PA |
| — |
| 279,665 |
| 2,464,404 |
| — |
| 243,036 |
| 279,665 |
| 2,707,439 |
| 2,987,104 |
| (454,366 | ) | 1986 |
| 30 Years |
|
Siena Terrace |
| Lake Forest, CA |
| 17,573,920 |
| 8,900,000 |
| 24,083,024 |
| — |
| 1,130,805 |
| 8,900,000 |
| 25,213,829 |
| 34,113,829 |
| (4,481,815 | ) | 1988 |
| 30 Years |
|
Silver Creek |
| Phoenix, AZ |
| — |
| 712,102 |
| 6,707,496 |
| — |
| 449,830 |
| 712,102 |
| 7,157,325 |
| 7,869,427 |
| (1,721,253 | ) | 1986 |
| 30 Years |
|
Silver Forest |
| Ocala, FL |
| 812,993 |
| 126,536 |
| 1,114,917 |
| — |
| 90,923 |
| 126,536 |
| 1,205,840 |
| 1,332,376 |
| (203,580 | ) | 1985 |
| 30 Years |
|
Silver Springs (FL) |
| Jacksonville, FL |
| — |
| 1,831,100 |
| 16,474,735 |
| — |
| 3,824,222 |
| 1,831,100 |
| 20,298,956 |
| 22,130,056 |
| (5,320,279 | ) | 1985 |
| 30 Years |
|
Silverwood |
| Mission, KS |
| (M) |
| 1,230,000 |
| 11,070,904 |
| — |
| 1,813,201 |
| 1,230,000 |
| 12,884,105 |
| 14,114,105 |
| (4,665,507 | ) | 1986 |
| 30 Years |
|
Sky Ridge |
| Woodstock, GA |
| — |
| 437,373 |
| 3,853,792 |
| — |
| 319,157 |
| 437,373 |
| 4,172,949 |
| 4,610,322 |
| (685,089 | ) | 1987 |
| 30 Years |
|
Skycrest |
| Valencia, CA |
| 17,869,588 |
| 10,560,000 |
| 25,574,457 |
| — |
| 501,433 |
| 10,560,000 |
| 26,075,891 |
| 36,635,891 |
| (2,792,982 | ) | 1999 |
| 30 Years |
|
Skylark |
| Union City, CA |
| — |
| 1,781,600 |
| 16,731,916 |
| — |
| 634,973 |
| 1,781,600 |
| 17,366,889 |
| 19,148,489 |
| (3,412,267 | ) | 1986 |
| 30 Years |
|
Skyview |
| Rancho Santa Margarita, CA |
| — |
| 3,380,000 |
| 21,953,151 |
| — |
| 285,960 |
| 3,380,000 |
| 22,239,111 |
| 25,619,111 |
| (3,669,255 | ) | 1999 |
| 30 Years |
|
Slate Run (Hop) |
| Hopkinsville, KY |
| — |
| 91,304 |
| 804,535 |
| — |
| 149,446 |
| 91,304 |
| 953,982 |
| 1,045,286 |
| (186,317 | ) | 1984 |
| 30 Years |
|
Slate Run (Ind) |
| Indianapolis, IN |
| 1,923,536 |
| 295,593 |
| 2,604,497 |
| — |
| 376,077 |
| 295,593 |
| 2,980,574 |
| 3,276,167 |
| (517,808 | ) | 1984 |
| 30 Years |
|
Slate Run (Leb) |
| Lebanon, IN |
| 1,167,498 |
| 154,061 |
| 1,357,445 |
| — |
| 171,473 |
| 154,061 |
| 1,528,918 |
| 1,682,979 |
| (286,855 | ) | 1984 |
| 30 Years |
|
Slate Run (Mia) |
| Miamisburg, OH |
| 798,435 |
| 136,065 |
| 1,198,879 |
| — |
| 131,259 |
| 136,065 |
| 1,330,138 |
| 1,466,202 |
| (227,079 | ) | 1985 |
| 30 Years |
|
Slate Run I (Lou) |
| Louisville, KY |
| — |
| 179,766 |
| 1,583,931 |
| — |
| 230,722 |
| 179,766 |
| 1,814,653 |
| 1,994,419 |
| (314,463 | ) | 1984 |
| 30 Years |
|
Slate Run II (Lou) |
| Louisville, KY |
| 1,106,475 |
| 167,723 |
| 1,477,722 |
| — |
| 149,520 |
| 167,723 |
| 1,627,242 |
| 1,794,965 |
| (268,622 | ) | 1985 |
| 30 Years |
|
Sommerset Place |
| Raleigh, NC |
| — |
| 360,000 |
| 7,800,206 |
| — |
| 557,988 |
| 360,000 |
| 8,358,194 |
| 8,718,194 |
| (1,682,993 | ) | 1983 |
| 30 Years |
|
Sonata at Cherry Creek |
| Denver, CO |
| — |
| 5,490,000 |
| 18,130,479 |
| — |
| 203,591 |
| 5,490,000 |
| 18,334,070 |
| 23,824,070 |
| (2,047,669 | ) | 1999 |
| 30 Years |
|
Sonoran |
| Phoenix, AZ |
| — |
| 2,361,922 |
| 31,841,724 |
| — |
| 936,180 |
| 2,361,922 |
| 32,777,903 |
| 35,139,825 |
| (7,269,557 | ) | 1995 |
| 30 Years |
|
Sonterra at Foothill Ranch |
| Foothill Ranch, CA |
| (R) |
| 7,503,400 |
| 24,048,507 |
| — |
| 675,469 |
| 7,503,400 |
| 24,723,975 |
| 32,227,375 |
| (5,013,525 | ) | 1997 |
| 30 Years |
|
South Creek |
| Phoenix, AZ |
| — |
| 2,671,300 |
| 24,042,042 |
| — |
| 1,980,737 |
| 2,671,300 |
| 26,022,779 |
| 28,694,079 |
| (7,603,070 | ) | 1986-89 |
| 30 Years |
|
South Pointe |
| St. Louis, MO |
| 7,110,250 |
| 961,100 |
| 8,651,150 |
| — |
| 1,496,273 |
| 961,100 |
| 10,147,423 |
| 11,108,523 |
| (2,665,618 | ) | 1986 |
| 30 Years |
|
South Shore |
| Stockton, CA |
| 6,833,000 |
| 840,000 |
| 6,512,941 |
| — |
| 432,015 |
| 840,000 |
| 6,944,956 |
| 7,784,956 |
| (783,989 | ) | 1979 |
| 30 Years |
|
South Winds |
| Fall River, MA |
| 7,488,464 |
| 2,481,821 |
| 16,780,359 |
| — |
| 1,175,389 |
| 2,481,821 |
| 17,955,748 |
| 20,437,569 |
| (2,308,614 | ) | 1971 |
| 30 Years |
|
Southwood |
| Palo Alto, CA |
| — |
| 6,936,600 |
| 14,324,069 |
| — |
| 1,116,794 |
| 6,936,600 |
| 15,440,863 |
| 22,377,463 |
| (3,313,616 | ) | 1985 |
| 30 Years |
|
Spicewood |
| Indianapolis, IN |
| 984,566 |
| 128,355 |
| 1,131,044 |
| — |
| 114,620 |
| 128,355 |
| 1,245,663 |
| 1,374,018 |
| (213,083 | ) | 1986 |
| 30 Years |
|
Spinnaker Cove |
| Hermitage, TN |
| (M) |
| 1,461,731 |
| 12,770,421 |
| — |
| 1,412,292 |
| 1,461,731 |
| 14,182,713 |
| 15,644,445 |
| (3,808,274 | ) | 1986 |
| 30 Years |
|
Spring Gate |
| Springfield, FL |
| — |
| 132,951 |
| 1,171,447 |
| — |
| 272,217 |
| 132,951 |
| 1,443,664 |
| 1,576,615 |
| (304,908 | ) | 1983 |
| 30 Years |
|
Spring Hill Commons |
| Acton, MA |
| — |
| 1,107,436 |
| 7,402,980 |
| — |
| 300,944 |
| 1,107,436 |
| 7,703,924 |
| 8,811,359 |
| (901,028 | ) | 1973 |
| 30 Years |
|
Spring Lake Manor |
| Birmingham, AL (T) |
| 3,740,851 |
| 199,992 |
| 4,512,048 |
| — |
| 1,119,209 |
| 199,992 |
| 5,631,257 |
| 5,831,249 |
| (1,071,148 | ) | 1972 |
| 30 Years |
|
Springbrook |
| Anderson, SC |
| 1,575,700 |
| 168,959 |
| 1,488,611 |
| — |
| 267,891 |
| 168,959 |
| 1,756,503 |
| 1,925,461 |
| (311,023 | ) | 1986 |
| 30 Years |
|
Springs Colony |
| Altamonte Springs, FL |
| (M) |
| 630,411 |
| 5,852,157 |
| — |
| 1,281,317 |
| 630,411 |
| 7,133,474 |
| 7,763,885 |
| (2,829,155 | ) | 1986 |
| 30 Years |
|
Springtree (REIT) |
| W. Palm Beach, FL |
| 1,149,515 |
| 183,100 |
| 1,648,301 |
| — |
| 90,966 |
| 183,100 |
| 1,739,267 |
| 1,922,367 |
| (202,311 | ) | 1982 |
| 30 Years |
|
Springwood (Col) |
| Columbus, OH |
| 1,015,117 |
| 189,948 |
| 1,672,889 |
| — |
| 245,781 |
| 189,948 |
| 1,918,670 |
| 2,108,617 |
| (325,450 | ) | 1983 |
| 30 Years |
|
Springwood (IN) |
| New Haven, IN |
| — |
| 119,199 |
| 1,050,338 |
| — |
| 143,580 |
| 119,199 |
| 1,193,918 |
| 1,313,117 |
| (212,714 | ) | 1981 |
| 30 Years |
|
Squaw Peak Condo, LLC |
| Phoenix, AZ |
| — |
| 7,498 |
| 124,156 |
| — |
| 32,825 |
| 7,498 |
| 156,981 |
| 164,479 |
| (24,323 | ) | 1990 |
| 30 Years |
|
St. Andrews at Winston Park |
| Coconut Creek, FL |
| — |
| 5,680,000 |
| 19,812,090 |
| — |
| 406,866 |
| 5,680,000 |
| 20,218,956 |
| 25,898,956 |
| (1,342,002 | ) | 1997 |
| 30 Years |
|
Steeplechase |
| Charlotte, NC |
| — |
| 1,111,500 |
| 10,180,750 |
| — |
| 613,398 |
| 1,111,500 |
| 10,794,148 |
| 11,905,648 |
| (2,281,835 | ) | 1986 |
| 30 Years |
|
Sterling Point |
| Littleton, CO |
| — |
| 935,500 |
| 8,419,200 |
| — |
| 784,268 |
| 935,500 |
| 9,203,468 |
| 10,138,968 |
| (2,300,029 | ) | 1979 |
| 30 Years |
|
Stewart Way I |
| Hinesville, GA |
| 2,060,800 |
| 290,773 |
| 2,562,373 |
| — |
| 272,848 |
| 290,773 |
| 2,835,222 |
| 3,125,994 |
| (513,877 | ) | 1986 |
| 30 Years |
|
Stillwater |
| Savannah, GA |
| — |
| 151,198 |
| 1,332,417 |
| — |
| 105,348 |
| 151,198 |
| 1,437,765 |
| 1,588,963 |
| (239,402 | ) | 1983 |
| 30 Years |
|
Stone Crossing |
| Montgomery, AL (T) |
| 1,918,463 |
| 103,186 |
| 2,716,316 |
| — |
| 405,232 |
| 103,186 |
| 3,121,547 |
| 3,224,733 |
| (620,204 | ) | 1973 |
| 30 Years |
|
Stone Oak |
| Houston, TX |
| — |
| 2,544,000 |
| 17,513,496 |
| — |
| 138,398 |
| 2,544,000 |
| 17,651,895 |
| 20,195,895 |
| (914,290 | ) | 1998 |
| 30 Years |
|
Stonehenge (Day) |
| Dayton, OH |
| — |
| 202,294 |
| 1,782,140 |
| — |
| 205,640 |
| 202,294 |
| 1,987,780 |
| 2,190,074 |
| (346,876 | ) | 1985 |
| 30 Years |
|
Stonehenge (Ind) |
| Indianapolis, IN |
| 1,136,910 |
| 146,810 |
| 1,293,559 |
| — |
| 247,831 |
| 146,810 |
| 1,541,390 |
| 1,688,200 |
| (299,613 | ) | 1984 |
| 30 Years |
|
Stonehenge (Jas) |
| Jasper, IN |
| — |
| 78,335 |
| 690,214 |
| — |
| 96,915 |
| 78,335 |
| 787,129 |
| 865,464 |
| (137,672 | ) | 1985 |
| 30 Years |
|
Stonehenge (KY) |
| Glasgow, KY |
| 752,474 |
| 111,632 |
| 983,596 |
| — |
| 104,538 |
| 111,632 |
| 1,088,134 |
| 1,199,765 |
| (197,328 | ) | 1983 |
| 30 Years |
|
Stonehenge (Mas) |
| Massillon, OH |
| — |
| 145,386 |
| 1,281,012 |
| — |
| 242,405 |
| 145,386 |
| 1,523,417 |
| 1,668,803 |
| (267,673 | ) | 1984 |
| 30 Years |
|
Stonehenge I (Ric) |
| Richmond, IN |
| 1,064,539 |
| 156,343 |
| 1,377,552 |
| — |
| 227,939 |
| 156,343 |
| 1,605,491 |
| 1,761,834 |
| (303,795 | ) | 1984 |
| 30 Years |
|
Stoney Creek |
| Lakewood, WA |
| — |
| 1,215,200 |
| 10,938,134 |
| — |
| 903,319 |
| 1,215,200 |
| 11,841,453 |
| 13,056,653 |
| (2,952,499 | ) | 1990 |
| 30 Years |
|
Stratford Square |
| Winter Park, FL (T) |
| 4,872,608 |
| 391,300 |
| 3,176,441 |
| — |
| 399,583 |
| 391,300 |
| 3,576,025 |
| 3,967,325 |
| (704,981 | ) | 1972 |
| 30 Years |
|
Sturbridge Meadows |
| Sturbridge, MA |
| 2,192,319 |
| 702,447 |
| 4,695,714 |
| — |
| 148,370 |
| 702,447 |
| 4,844,084 |
| 5,546,531 |
| (589,662 | ) | 1985 |
| 30 Years |
|
Suffolk Grove I |
| Grove City, OH |
| — |
| 214,107 |
| 1,886,415 |
| — |
| 274,437 |
| 214,107 |
| 2,160,851 |
| 2,374,958 |
| (361,108 | ) | 1985 |
| 30 Years |
|
Suffolk Grove II |
| Grove City, OH |
| — |
| 167,683 |
| 1,477,569 |
| — |
| 234,035 |
| 167,683 |
| 1,711,603 |
| 1,879,286 |
| (276,671 | ) | 1987 |
| 30 Years |
|
Sugartree I |
| New Smyna Beach, FL |
| 912,950 |
| 155,018 |
| 1,453,696 |
| — |
| 269,138 |
| 155,018 |
| 1,722,834 |
| 1,877,852 |
| (287,839 | ) | 1984 |
| 30 Years |
|
Sugartree II (REIT) |
| New Smyna Beach, FL |
| 1,464,000 |
| 178,416 |
| 1,599,476 |
| — |
| 4,661 |
| 178,416 |
| 1,604,136 |
| 1,782,552 |
| (5,710 | ) | 1985 |
| 30 Years |
|
Summer Chase |
| Denver, CO |
| (Q) |
| 1,709,200 |
| 15,375,008 |
| — |
| 2,343,729 |
| 1,709,200 |
| 17,718,737 |
| 19,427,937 |
| (5,495,310 | ) | 1983 |
| 30 Years |
|
Summer Creek |
| Plymouth, MN |
| — |
| 579,600 |
| 3,815,800 |
| — |
| 421,752 |
| 579,600 |
| 4,237,553 |
| 4,817,153 |
| (969,205 | ) | 1985 |
| 30 Years |
|
Summer Ridge |
| Riverside, CA |
| — |
| 602,400 |
| 5,422,807 |
| — |
| 1,224,153 |
| 602,400 |
| 6,646,960 |
| 7,249,360 |
| (1,689,570 | ) | 1985 |
| 30 Years |
|
S-11
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2003
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||
Apartment Name |
| Location |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
| Latest Income |
|
Summerhill Glen |
| Maynard, MA |
| 1,876,560 |
| 415,812 |
| 2,779,618 |
| — |
| 250,259 |
| 415,812 |
| 3,029,877 |
| 3,445,689 |
| (418,281 | ) | 1980 |
| 30 Years |
|
Summerset Village |
| Chatsworth, CA |
| (Q) |
| 2,630,700 |
| 23,670,889 |
| — |
| 927,945 |
| 2,630,700 |
| 24,598,834 |
| 27,229,534 |
| (6,401,512 | ) | 1985 |
| 30 Years |
|
Summerset Village II |
| Chatsworth, CA |
| — |
| 260,646 |
| 31,577 |
| — |
| — |
| 260,646 |
| 31,577 |
| 292,223 |
| — |
| (F) |
| 30 Years |
|
Summerwood |
| Hayward, CA |
| — |
| 4,866,600 |
| 6,942,743 |
| — |
| 669,600 |
| 4,866,600 |
| 7,612,343 |
| 12,478,943 |
| (1,688,456 | ) | 1982 |
| 30 Years |
|
Summit & Birch Hill |
| Farmington, CT |
| (P) |
| 1,757,438 |
| 11,748,112 |
| — |
| 405,302 |
| 1,757,438 |
| 12,153,415 |
| 13,910,853 |
| (1,415,404 | ) | 1967 |
| 30 Years |
|
Summit at Lake Union |
| Seattle, WA |
| — |
| 1,424,700 |
| 12,852,461 |
| — |
| 1,093,233 |
| 1,424,700 |
| 13,945,694 |
| 15,370,394 |
| (3,453,111 | ) | 1995 — 1997 |
| 30 Years |
|
Summit Center (FL) |
| W. Palm Beach, FL |
| 2,154,803 |
| 670,000 |
| 1,733,312 |
| — |
| 347,200 |
| 670,000 |
| 2,080,512 |
| 2,750,512 |
| (329,144 | ) | 1987 |
| 30 Years |
|
Sun Creek |
| Glendale, AZ |
| — |
| 896,929 |
| 7,066,940 |
| — |
| 472,809 |
| 896,929 |
| 7,539,749 |
| 8,436,678 |
| (1,781,416 | ) | 1985 |
| 30 Years |
|
Sunforest |
| Davie, FL |
| — |
| 10,000,000 |
| 32,121,050 |
| — |
| 13,424 |
| 10,000,000 |
| 32,134,474 |
| 42,134,474 |
| (132,386 | ) | 1989 |
| 30 Years |
|
Sunnyside |
| Tifton, GA |
| 1,248,618 |
| 166,887 |
| 1,470,612 |
| — |
| 192,179 |
| 166,887 |
| 1,662,792 |
| 1,829,679 |
| (304,951 | ) | 1984 |
| 30 Years |
|
Sunset Way I |
| Miami, FL |
| — |
| 258,568 |
| 2,278,539 |
| — |
| 321,627 |
| 258,568 |
| 2,600,166 |
| 2,858,734 |
| (458,646 | ) | 1987 |
| 30 Years |
|
Sunset Way II |
| Miami, FL |
| 2,485,888 |
| 274,903 |
| 2,422,546 |
| — |
| 245,074 |
| 274,903 |
| 2,667,621 |
| 2,942,524 |
| (456,922 | ) | 1988 |
| 30 Years |
|
Suntree |
| West Palm Beach, FL |
| — |
| 469,000 |
| 1,479,589 |
| — |
| 65,394 |
| 469,000 |
| 1,544,983 |
| 2,013,983 |
| (164,883 | ) | 1982 |
| 30 Years |
|
Surrey Downs |
| Bellevue, WA |
| — |
| 3,057,100 |
| 7,848,618 |
| — |
| 608,249 |
| 3,057,100 |
| 8,456,867 |
| 11,513,967 |
| (1,748,004 | ) | 1986 |
| 30 Years |
|
Sutton Place |
| Dallas, TX |
| — |
| 1,358,400 |
| 12,227,725 |
| — |
| 3,657,746 |
| 1,358,400 |
| 15,885,471 |
| 17,243,871 |
| (6,843,178 | ) | 1985 |
| 30 Years |
|
Sutton Place (FL) |
| Lakeland, FL |
| 795,540 |
| 120,887 |
| 1,065,150 |
| — |
| 214,451 |
| 120,887 |
| 1,279,601 |
| 1,400,488 |
| (247,679 | ) | 1984 |
| 30 Years |
|
Sweetwater Glen |
| Lawrenceville, GA |
| — |
| 500,000 |
| 10,469,749 |
| — |
| 712,316 |
| 500,000 |
| 11,182,065 |
| 11,682,065 |
| (2,244,007 | ) | 1986 |
| 30 Years |
|
Sycamore Creek |
| Scottsdale, AZ |
| — |
| 3,152,000 |
| 19,083,727 |
| — |
| 1,166,835 |
| 3,152,000 |
| 20,250,562 |
| 23,402,562 |
| (4,833,680 | ) | 1984 |
| 30 Years |
|
Tabor Ridge |
| Berea, OH |
| — |
| 235,940 |
| 2,079,290 |
| — |
| 385,159 |
| 235,940 |
| 2,464,449 |
| 2,700,389 |
| (433,163 | ) | 1986 |
| 30 Years |
|
Talleyrand |
| Tarrytown, NY (M) |
| 35,000,000 |
| 12,000,000 |
| 49,799,370 |
| — |
| 195,526 |
| 12,000,000 |
| 49,994,897 |
| 61,994,897 |
| (3,950,421 | ) | 1997-98 |
| 30 Years |
|
Tamarlane |
| Portland, ME |
| — |
| 690,900 |
| 5,153,633 |
| — |
| 377,470 |
| 690,900 |
| 5,531,102 |
| 6,222,002 |
| (1,393,532 | ) | 1986 |
| 30 Years |
|
Tanasbourne Terrace |
| Hillsboro, OR |
| (Q) |
| 1,876,700 |
| 16,891,205 |
| — |
| 2,170,755 |
| 1,876,700 |
| 19,061,959 |
| 20,938,659 |
| (6,911,561 | ) | 1986-89 |
| 30 Years |
|
Tanglewood (RI) |
| West Warwick, RI |
| 6,389,150 |
| 1,141,415 |
| 7,630,129 |
| — |
| 243,111 |
| 1,141,415 |
| 7,873,240 |
| 9,014,655 |
| (941,648 | ) | 1973 |
| 30 Years |
|
Tanglewood (VA) |
| Manassas, VA |
| 25,110,000 |
| 2,108,295 |
| 20,932,971 |
| — |
| 2,263,895 |
| 2,108,295 |
| 23,196,866 |
| 25,305,161 |
| (7,671,699 | ) | 1987 |
| 30 Years |
|
Terrace Trace |
| Tampa, FL |
| 1,534,614 |
| 193,916 |
| 1,708,615 |
| — |
| 263,210 |
| 193,916 |
| 1,971,825 |
| 2,165,741 |
| (348,617 | ) | 1985 |
| 30 Years |
|
Three Chopt West |
| Richmond, VA (T) |
| 8,882,073 |
| 432,957 |
| 8,256,577 |
| — |
| 495,750 |
| 432,957 |
| 8,752,327 |
| 9,185,283 |
| (1,459,347 | ) | 1962 |
| 30 Years |
|
Thymewood II |
| Miami, FL |
| — |
| 219,661 |
| 1,936,463 |
| — |
| 166,547 |
| 219,661 |
| 2,103,010 |
| 2,322,671 |
| (341,424 | ) | 1986 |
| 30 Years |
|
Tierra Antigua |
| Albuquerque, NM |
| 6,330,489 |
| 1,825,000 |
| 7,792,856 |
| — |
| 252,718 |
| 1,825,000 |
| 8,045,574 |
| 9,870,574 |
| (870,271 | ) | 1985 |
| 30 Years |
|
Timber Hollow |
| Chapel Hill, NC |
| — |
| 800,000 |
| 11,219,537 |
| — |
| 1,032,692 |
| 800,000 |
| 12,252,229 |
| 13,052,229 |
| (2,414,359 | ) | 1986 |
| 30 Years |
|
Timbercreek |
| Toledo, OH |
| 1,445,801 |
| 203,420 |
| 1,792,350 |
| — |
| 267,464 |
| 203,420 |
| 2,059,814 |
| 2,263,234 |
| (339,649 | ) | 1987 |
| 30 Years |
|
Timberwalk |
| Jacksonville, FL |
| — |
| 1,988,000 |
| 13,204,219 |
| — |
| 869,787 |
| 1,988,000 |
| 14,074,005 |
| 16,062,005 |
| (2,869,680 | ) | 1987 |
| 30 Years |
|
Timberwood |
| Aurora, CO |
| — |
| 1,518,600 |
| 14,587,786 |
| — |
| 1,334,272 |
| 1,518,600 |
| 15,922,058 |
| 17,440,658 |
| (3,615,620 | ) | 1983 |
| 30 Years |
|
Timberwood (GA) |
| Perry, GA |
| — |
| 144,299 |
| 1,271,305 |
| — |
| 94,501 |
| 144,299 |
| 1,365,806 |
| 1,510,105 |
| (233,024 | ) | 1985 |
| 30 Years |
|
Toscana |
| Irvine, CA |
| — |
| 39,410,000 |
| 50,806,072 |
| — |
| 1,963,386 |
| 39,410,000 |
| 52,769,458 |
| 92,179,458 |
| (5,879,370 | ) | 1991/1993 |
| 30 Years |
|
Town Center (TX) |
| Kingwood, TX |
| — |
| 1,291,300 |
| 11,530,216 |
| — |
| 677,064 |
| 1,291,300 |
| 12,207,280 |
| 13,498,580 |
| (3,088,456 | ) | 1994 |
| 30 Years |
|
Town Center II (TX) |
| Kingwood, TX |
| — |
| 1,375,000 |
| 14,169,656 |
| — |
| 92,683 |
| 1,375,000 |
| 14,262,339 |
| 15,637,339 |
| (2,129,327 | ) | 1994 |
| 30 Years |
|
Townhomes of Meadowbrook |
| Auburn Hills, MI |
| — |
| 1,382,600 |
| 12,366,207 |
| — |
| 2,031,882 |
| 1,382,600 |
| 14,398,089 |
| 15,780,689 |
| (3,311,501 | ) | 1988 |
| 30 Years |
|
Townhouse Park |
| Richmond, VA (T) |
| 7,513,063 |
| 384,176 |
| 9,599,803 |
| — |
| 1,833,117 |
| 384,176 |
| 11,432,921 |
| 11,817,097 |
| (2,137,078 | ) | 1966 |
| 30 Years |
|
Trails (CO), The |
| Aurora, CO |
| (Q) |
| 1,217,900 |
| 8,877,205 |
| — |
| 2,982,727 |
| 1,217,900 |
| 11,859,932 |
| 13,077,832 |
| (4,951,924 | ) | 1986 |
| 30 Years |
|
Trails at Briar Forest |
| Houston, TX |
| 12,872,732 |
| 2,380,000 |
| 24,911,561 |
| — |
| 1,192,701 |
| 2,380,000 |
| 26,104,262 |
| 28,484,262 |
| (5,197,725 | ) | 1990 |
| 30 Years |
|
Trails at Dominion Park |
| Houston, TX |
| 7,723,516 |
| 2,531,800 |
| 35,699,589 |
| — |
| 2,910,713 |
| 2,531,800 |
| 38,610,302 |
| 41,142,102 |
| (10,183,458 | ) | 1992 |
| 30 Years |
|
Trailway Pond I |
| Burnsville, MN |
| 4,909,210 |
| 479,284 |
| 4,312,144 |
| — |
| 403,791 |
| 479,284 |
| 4,715,934 |
| 5,195,218 |
| (1,138,723 | ) | 1988 |
| 30 Years |
|
Trailway Pond II |
| Burnsville, MN |
| 11,354,755 |
| 1,107,288 |
| 9,961,409 |
| — |
| 644,136 |
| 1,107,288 |
| 10,605,545 |
| 11,712,833 |
| (2,427,689 | ) | 1988 |
| 30 Years |
|
Turf Club |
| Littleton, CO |
| (S) |
| 2,107,300 |
| 15,478,040 |
| — |
| 1,934,901 |
| 2,107,300 |
| 17,412,941 |
| 19,520,241 |
| (4,083,126 | ) | 1986 |
| 30 Years |
|
Turkscap I |
| Brandon, FL |
| — |
| 125,766 |
| 1,108,139 |
| — |
| 322,728 |
| 125,766 |
| 1,430,867 |
| 1,556,634 |
| (295,788 | ) | 1977 |
| 30 Years |
|
Turkscap III |
| Brandon, FL |
| 729,035 |
| 135,850 |
| 1,196,987 |
| — |
| 258,285 |
| 135,850 |
| 1,455,272 |
| 1,591,122 |
| (242,119 | ) | 1982 |
| 30 Years |
|
Tyrone Gardens |
| Randolph, MA |
| — |
| 4,953,000 |
| 5,799,572 |
| — |
| 679,815 |
| 4,953,000 |
| 6,479,387 |
| 11,432,387 |
| (1,483,661 | ) | 1961/1965 |
| 30 Years |
|
University Square I |
| Tampa, FL |
| — |
| 197,457 |
| 1,739,807 |
| — |
| 234,450 |
| 197,457 |
| 1,974,257 |
| 2,171,714 |
| (332,769 | ) | 1979 |
| 30 Years |
|
Valencia Plantation |
| Orlando, FL |
| — |
| 873,000 |
| 12,819,377 |
| — |
| 384,967 |
| 873,000 |
| 13,204,344 |
| 14,077,344 |
| (2,495,796 | ) | 1990 |
| 30 Years |
|
Valley Creek I |
| Woodbury, MN |
| 12,815,000 |
| 1,626,715 |
| 14,634,831 |
| — |
| 1,504,662 |
| 1,626,715 |
| 16,139,493 |
| 17,766,209 |
| (3,756,858 | ) | 1989 |
| 30 Years |
|
Valley Creek II |
| Woodbury, MN |
| 10,100,000 |
| 1,232,659 |
| 11,097,830 |
| — |
| 765,938 |
| 1,232,659 |
| 11,863,768 |
| 13,096,428 |
| (2,663,664 | ) | 1990 |
| 30 Years |
|
Valleybrook |
| Newnan, GA |
| 1,414,495 |
| 254,490 |
| 2,242,463 |
| — |
| 108,741 |
| 254,490 |
| 2,351,204 |
| 2,605,694 |
| (381,531 | ) | 1986 |
| 30 Years |
|
Valleyfield (KY) |
| Lexington, KY |
| 1,740,813 |
| 252,329 |
| 2,223,757 |
| — |
| 260,550 |
| 252,329 |
| 2,484,307 |
| 2,736,636 |
| (440,253 | ) | 1985 |
| 30 Years |
|
Valleyfield (PA) |
| Bridgeville, PA |
| — |
| 274,317 |
| 2,417,029 |
| — |
| 307,998 |
| 274,317 |
| 2,725,026 |
| 2,999,343 |
| (452,316 | ) | 1985 |
| 30 Years |
|
Valleyfield I |
| Decatur, GA |
| 1,514,792 |
| 252,413 |
| 2,224,134 |
| — |
| 218,107 |
| 252,413 |
| 2,442,241 |
| 2,694,654 |
| (411,615 | ) | 1984 |
| 30 Years |
|
Valleyfield II |
| Decatur, GA |
| — |
| 258,320 |
| 2,276,084 |
| — |
| 146,094 |
| 258,320 |
| 2,422,178 |
| 2,680,498 |
| (389,016 | ) | 1985 |
| 30 Years |
|
Van Deene Manor |
| West Springfield, MA |
| (P) |
| 744,491 |
| 4,976,771 |
| — |
| 96,506 |
| 744,491 |
| 5,073,277 |
| 5,817,768 |
| (607,632 | ) | 1970 |
| 30 Years |
|
Versailles |
| Woodland Hills, CA |
| — |
| 12,650,000 |
| 33,654,342 |
| — |
| 3,740 |
| 12,650,000 |
| 33,658,082 |
| 46,308,082 |
| (104,004 | ) | 1991 |
| 30 Years |
|
Via Ventura |
| Scottsdale, AZ |
| — |
| 1,486,600 |
| 13,382,006 |
| — |
| 6,335,430 |
| 1,486,600 |
| 19,717,436 |
| 21,204,036 |
| (8,393,661 | ) | 1980 |
| 30 Years |
|
Villa Encanto |
| Phoenix, AZ |
| (S) |
| 2,884,447 |
| 22,197,363 |
| — |
| 1,704,496 |
| 2,884,447 |
| 23,901,859 |
| 26,786,306 |
| (5,833,974 | ) | 1983 |
| 30 Years |
|
Villa Solana |
| Laguna Hills, CA |
| — |
| 1,665,100 |
| 14,985,678 |
| — |
| 2,989,444 |
| 1,665,100 |
| 17,975,121 |
| 19,640,221 |
| (6,453,189 | ) | 1984 |
| 30 Years |
|
Village at Bear Creek |
| Lakewood, CO |
| (R) |
| 4,519,700 |
| 40,676,390 |
| — |
| 1,301,305 |
| 4,519,700 |
| 41,977,695 |
| 46,497,395 |
| (9,802,762 | ) | 1987 |
| 30 Years |
|
Village at Lakewood |
| Phoenix, AZ |
| (O) |
| 3,166,411 |
| 13,859,090 |
| — |
| 1,023,827 |
| 3,166,411 |
| 14,882,916 |
| 18,049,327 |
| (3,551,056 | ) | 1988 |
| 30 Years |
|
Village Oaks |
| Austin, TX |
| — |
| 1,186,000 |
| 10,663,736 |
| — |
| 1,161,415 |
| 1,186,000 |
| 11,825,151 |
| 13,011,151 |
| (3,431,763 | ) | 1984 |
| 30 Years |
|
Village of Newport |
| Kent, WA |
| — |
| 416,300 |
| 3,756,582 |
| — |
| 492,654 |
| 416,300 |
| 4,249,236 |
| 4,665,536 |
| (1,559,011 | ) | 1987 |
| 30 Years |
|
Villas at Josey Ranch |
| Carrollton, TX |
| 6,410,258 |
| 1,587,700 |
| 7,254,727 |
| — |
| 818,013 |
| 1,587,700 |
| 8,072,740 |
| 9,660,440 |
| (1,844,235 | ) | 1986 |
| 30 Years |
|
Viridian Lake |
| Fort Myers, FL |
| — |
| 960,000 |
| 17,806,758 |
| — |
| 1,458,915 |
| 960,000 |
| 19,265,673 |
| 20,225,673 |
| (3,904,845 | ) | 1991 |
| 30 Years |
|
Vista Del Lago |
| Mission Viejo, CA |
| — |
| 4,525,800 |
| 40,736,293 |
| — |
| 4,667,285 |
| 4,525,800 |
| 45,403,578 |
| 49,929,378 |
| (16,066,869 | ) | 1986-88 |
| 30 Years |
|
Vista Del Lago (TX) |
| Dallas, TX |
| — |
| 3,552,000 |
| 20,108,469 |
| — |
| 326,945 |
| 3,552,000 |
| 20,435,415 |
| 23,987,415 |
| (1,900,962 | ) | 1992 |
| 30 Years |
|
Vista Grove |
| Mesa, AZ |
| — |
| 1,341,796 |
| 12,157,045 |
| — |
| 441,042 |
| 1,341,796 |
| 12,598,088 |
| 13,939,884 |
| (2,678,113 | ) | 1997 — 1998 |
| 30 Years |
|
Walden Wood |
| Southfield, MI |
| — |
| 834,700 |
| 7,513,690 |
| — |
| 2,148,370 |
| 834,700 |
| 9,662,061 |
| 10,496,761 |
| (3,934,403 | ) | 1972 |
| 30 Years |
|
Warwick Station |
| Westminster, CO |
| 8,313,000 |
| 2,282,000 |
| 20,543,195 |
| — |
| 844,121 |
| 2,282,000 |
| 21,387,316 |
| 23,669,316 |
| (5,137,396 | ) | 1986 |
| 30 Years |
|
Waterbury (GA) |
| Athens, GA |
| — |
| 147,450 |
| 1,299,195 |
| — |
| 62,190 |
| 147,450 |
| 1,361,385 |
| 1,508,835 |
| (223,205 | ) | 1985 |
| 30 Years |
|
S-12
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2003
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||
Apartment Name |
| Location |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
| Latest Income |
|
Waterbury (IN) |
| Greenwood, IN |
| 781,626 |
| 105,245 |
| 927,324 |
| — |
| 89,193 |
| 105,245 |
| 1,016,517 |
| 1,121,762 |
| (182,911 | ) | 1984 |
| 30 Years |
|
Waterbury (MI) |
| Westland, MI |
| — |
| 331,739 |
| 2,922,589 |
| — |
| 282,527 |
| 331,739 |
| 3,205,115 |
| 3,536,854 |
| (549,969 | ) | 1985 |
| 30 Years |
|
Waterbury (OH) |
| Cincinnati, OH |
| — |
| 193,167 |
| 1,701,834 |
| — |
| 284,798 |
| 193,167 |
| 1,986,632 |
| 2,179,799 |
| (360,195 | ) | 1985 |
| 30 Years |
|
Waterfield Square I |
| Stockton, CA |
| 6,923,000 |
| 950,000 |
| 6,297,993 |
| — |
| 791,738 |
| 950,000 |
| 7,089,731 |
| 8,039,731 |
| (799,951 | ) | 1984 |
| 30 Years |
|
Waterfield Square II |
| Stockton, CA |
| 6,595,000 |
| 845,000 |
| 5,811,080 |
| — |
| 700,016 |
| 845,000 |
| 6,511,096 |
| 7,356,096 |
| (732,348 | ) | 1984 |
| 30 Years |
|
Waterford (Jax) |
| Jacksonville, FL |
| — |
| 3,024,000 |
| 23,662,293 |
| — |
| 1,311,729 |
| 3,024,000 |
| 24,974,021 |
| 27,998,021 |
| (5,170,094 | ) | 1988 |
| 30 Years |
|
Waterford (Jax) II |
| Jacksonville, FL |
| — |
| 566,923 |
| 62,373 |
| — |
| — |
| 566,923 |
| 62,373 |
| 629,296 |
| — |
| (F) |
| 30 Years |
|
Waterford at Deerwood |
| Jacksonville, FL |
| 10,345,849 |
| 1,696,000 |
| 10,659,702 |
| — |
| 1,236,077 |
| 1,696,000 |
| 11,895,778 |
| 13,591,778 |
| (2,522,798 | ) | 1985 |
| 30 Years |
|
Waterford at Orange Park |
| Orange Park, FL |
| 9,540,000 |
| 1,960,000 |
| 12,098,784 |
| — |
| 1,355,788 |
| 1,960,000 |
| 13,454,572 |
| 15,414,572 |
| (3,276,019 | ) | 1986 |
| 30 Years |
|
Waterford at the Lakes |
| Kent, WA |
| — |
| 3,100,200 |
| 16,140,924 |
| — |
| 1,219,276 |
| 3,100,200 |
| 17,360,200 |
| 20,460,400 |
| (4,527,302 | ) | 1990 |
| 30 Years |
|
Waterford Village (Palm Beach) |
| Delray Beach, FL |
| — |
| 1,888,000 |
| 15,358,635 |
| — |
| 1,959,339 |
| 1,888,000 |
| 17,317,974 |
| 19,205,974 |
| (3,916,570 | ) | 1989 |
| 30 Years |
|
Waterstone Place |
| Federal Way, WA |
| — |
| 2,964,000 |
| 26,674,599 |
| — |
| 4,416,108 |
| 2,964,000 |
| 31,090,707 |
| 34,054,707 |
| (12,205,406 | ) | 1990 |
| 30 Years |
|
Webster Green |
| Needham, MA |
| 6,187,573 |
| 1,418,893 |
| 9,485,006 |
| — |
| 206,987 |
| 1,418,893 |
| 9,691,993 |
| 11,110,885 |
| (1,098,101 | ) | 1985 |
| 30 Years |
|
Welleby Lake Club |
| Sunrise, FL |
| — |
| 3,648,000 |
| 17,620,879 |
| — |
| 758,136 |
| 3,648,000 |
| 18,379,015 |
| 22,027,015 |
| (3,650,445 | ) | 1991 |
| 30 Years |
|
Wellington Hill |
| Manchester, NH |
| (M) |
| 1,890,200 |
| 17,120,662 |
| — |
| 3,390,982 |
| 1,890,200 |
| 20,511,644 |
| 22,401,844 |
| (7,516,096 | ) | 1987 |
| 30 Years |
|
Wellsford Oaks |
| Tulsa, OK |
| — |
| 1,310,500 |
| 11,794,290 |
| — |
| 857,700 |
| 1,310,500 |
| 12,651,989 |
| 13,962,489 |
| (3,192,873 | ) | 1991 |
| 30 Years |
|
Wentworth |
| Roseville, MI |
| — |
| 217,502 |
| 1,916,232 |
| — |
| 281,143 |
| 217,502 |
| 2,197,375 |
| 2,414,877 |
| (372,457 | ) | 1985 |
| 30 Years |
|
West Of Eastland |
| Columbus, OH |
| 1,906,620 |
| 234,544 |
| 2,066,675 |
| — |
| 357,042 |
| 234,544 |
| 2,423,717 |
| 2,658,260 |
| (441,499 | ) | 1977 |
| 30 Years |
|
Westbrooke Village |
| Manchester, MO |
| — |
| 1,890,000 |
| 10,606,343 |
| — |
| 958,256 |
| 1,890,000 |
| 11,564,599 |
| 13,454,599 |
| (2,108,431 | ) | 1984 |
| 30 Years |
|
Westbrooke Village II |
| Manchester, MO |
| — |
| 420,000 |
| — |
| — |
| — |
| 420,000 |
| — |
| 420,000 |
| — |
| (F) |
| 30 Years |
|
Westridge |
| Tacoma, WA |
| — |
| 3,501,900 |
| 31,506,082 |
| — |
| 2,538,045 |
| 3,501,900 |
| 34,044,127 |
| 37,546,027 |
| (8,708,871 | ) | 1987/1991 |
| 30 Years |
|
Westside Villas I |
| Los Angeles, CA |
| — |
| 1,785,000 |
| 3,233,254 |
| — |
| 157,841 |
| 1,785,000 |
| 3,391,095 |
| 5,176,095 |
| (394,139 | ) | 1999 |
| 30 Years |
|
Westside Villas II |
| Los Angeles, CA |
| — |
| 1,955,000 |
| 3,541,435 |
| — |
| 11,214 |
| 1,955,000 |
| 3,552,649 |
| 5,507,649 |
| (407,762 | ) | 1999 |
| 30 Years |
|
Westside Villas III |
| Los Angeles, CA |
| — |
| 3,060,000 |
| 5,538,871 |
| — |
| 28,120 |
| 3,060,000 |
| 5,566,991 |
| 8,626,991 |
| (642,083 | ) | 1999 |
| 30 Years |
|
Westside Villas IV |
| Los Angeles, CA |
| — |
| 3,060,000 |
| 5,539,390 |
| — |
| 11,124 |
| 3,060,000 |
| 5,550,515 |
| 8,610,515 |
| (636,260 | ) | 1999 |
| 30 Years |
|
Westside Villas V |
| Los Angeles, CA |
| — |
| 5,100,000 |
| 9,224,485 |
| — |
| 29,547 |
| 5,100,000 |
| 9,254,032 |
| 14,354,032 |
| (1,060,105 | ) | 1999 |
| 30 Years |
|
Westside Villas VI |
| Los Angeles, CA |
| — |
| 1,530,000 |
| 3,024,001 |
| — |
| 73,351 |
| 1,530,000 |
| 3,097,352 |
| 4,627,352 |
| (328,207 | ) | 1989 |
| 30 Years |
|
Westside Villas VII |
| Los Angeles, CA |
| — |
| 4,505,000 |
| 10,758,900 |
| — |
| 26,912 |
| 4,505,000 |
| 10,785,811 |
| 15,290,811 |
| (595,141 | ) | 2001 |
| 30 Years |
|
Westway |
| Brunswick, GA |
| — |
| 168,323 |
| 1,483,106 |
| — |
| 219,049 |
| 168,323 |
| 1,702,156 |
| 1,870,478 |
| (303,524 | ) | 1984 |
| 30 Years |
|
Westwood Glen |
| Westwood, MA |
| 1,344,978 |
| 1,616,505 |
| 10,806,004 |
| — |
| 240,450 |
| 1,616,505 |
| 11,046,453 |
| 12,662,958 |
| (1,280,878 | ) | 1972 |
| 30 Years |
|
Westwood Pines |
| Tamarac, FL |
| — |
| 1,528,600 |
| 13,739,616 |
| — |
| 959,703 |
| 1,528,600 |
| 14,699,319 |
| 16,227,919 |
| (3,423,115 | ) | 1991 |
| 30 Years |
|
Westwynd Apts |
| West Hartford, CT |
| — |
| 308,543 |
| 2,062,548 |
| — |
| 177,601 |
| 308,543 |
| 2,240,148 |
| 2,548,692 |
| (275,062 | ) | 1969 |
| 30 Years |
|
Whispering Oaks |
| Walnut Creek, CA |
| — |
| 2,170,800 |
| 19,539,586 |
| — |
| 2,269,117 |
| 2,170,800 |
| 21,808,703 |
| 23,979,503 |
| (6,128,186 | ) | 1974 |
| 30 Years |
|
Whispering Pines |
| Fr. Pierce, FL |
| — |
| 384,000 |
| 621,367 |
| — |
| 230,255 |
| 384,000 |
| 851,622 |
| 1,235,622 |
| (151,755 | ) | 1986 |
| 30 Years |
|
Whispering Pines II |
| Fr. Pierce, FL |
| — |
| 105,172 |
| 926,476 |
| — |
| 143,521 |
| 105,172 |
| 1,069,997 |
| 1,175,168 |
| (191,922 | ) | 1986 |
| 30 Years |
|
Whisperwood |
| Cordele, GA |
| — |
| 84,240 |
| 742,374 |
| — |
| 189,325 |
| 84,240 |
| 931,698 |
| 1,015,939 |
| (176,151 | ) | 1985 |
| 30 Years |
|
White Bear Woods |
| White Bear Lake, MN |
| 14,172,876 |
| 1,624,741 |
| 14,618,490 |
| — |
| 1,241,772 |
| 1,624,741 |
| 15,860,261 |
| 17,485,002 |
| (3,550,011 | ) | 1989 |
| 30 Years |
|
Wilcrest Woods |
| Savannah, GA |
| 1,264,266 |
| 187,306 |
| 1,650,373 |
| — |
| 144,523 |
| 187,306 |
| 1,794,896 |
| 1,982,202 |
| (302,783 | ) | 1986 |
| 30 Years |
|
Wilde Lake |
| Richmond, VA |
| 4,440,000 |
| 947,200 |
| 8,594,105 |
| — |
| 868,379 |
| 947,200 |
| 9,462,484 |
| 10,409,684 |
| (2,638,845 | ) | 1989 |
| 30 Years |
|
Wilkins Glen |
| Medfield, MA |
| 1,676,372 |
| 538,483 |
| 3,599,646 |
| — |
| 257,753 |
| 538,483 |
| 3,857,399 |
| 4,395,882 |
| (488,351 | ) | 1975 |
| 30 Years |
|
Willow Brook (CA) |
| Pleasant Hill, CA |
| 29,000,000 |
| 5,055,000 |
| 19,212,153 |
| — |
| 499,628 |
| 5,055,000 |
| 19,711,781 |
| 24,766,781 |
| (1,924,670 | ) | 1985 |
| 30 Years |
|
Willow Creek |
| Fresno, CA |
| 5,112,000 |
| 275,000 |
| 5,045,091 |
| — |
| 341,634 |
| 275,000 |
| 5,386,725 |
| 5,661,725 |
| (592,560 | ) | 1984 |
| 30 Years |
|
Willow Creek I (GA) |
| Griffin, GA |
| — |
| 145,769 |
| 1,298,973 |
| — |
| 119,792 |
| 145,769 |
| 1,418,765 |
| 1,564,534 |
| (227,805 | ) | 1985 |
| 30 Years |
|
Willow Lakes |
| Spartanburg, SC |
| 1,922,871 |
| 200,990 |
| 1,770,937 |
| — |
| 227,743 |
| 200,990 |
| 1,998,681 |
| 2,199,670 |
| (342,494 | ) | 1986 |
| 30 Years |
|
Willow Run (GA) |
| Stone Mountain, GA |
| 1,639,644 |
| 197,965 |
| 1,744,287 |
| — |
| 211,924 |
| 197,965 |
| 1,956,211 |
| 2,154,176 |
| (360,394 | ) | 1983 |
| 30 Years |
|
Willow Run (IN) |
| New Albany, IN |
| 1,072,316 |
| 183,873 |
| 1,620,119 |
| — |
| 160,219 |
| 183,873 |
| 1,780,337 |
| 1,964,210 |
| (307,175 | ) | 1984 |
| 30 Years |
|
Willow Run (KY) |
| Madisonville, KY |
| 1,068,934 |
| 141,016 |
| 1,242,352 |
| — |
| 158,180 |
| 141,016 |
| 1,400,531 |
| 1,541,547 |
| (248,179 | ) | 1984 |
| 30 Years |
|
Willow Trail |
| Norcross, GA |
| — |
| 1,120,000 |
| 11,412,982 |
| — |
| 658,698 |
| 1,120,000 |
| 12,071,680 |
| 13,191,680 |
| (2,402,706 | ) | 1985 |
| 30 Years |
|
Willowick |
| Aurora, CO |
| — |
| 506,900 |
| 4,157,878 |
| — |
| 454,683 |
| 506,900 |
| 4,612,562 |
| 5,119,462 |
| (1,056,600 | ) | 1980 |
| 30 Years |
|
Will-O-Wisp |
| Kinston, NC (T) |
| 3,600,000 |
| 197,398 |
| 3,926,972 |
| — |
| 436,658 |
| 197,398 |
| 4,363,630 |
| 4,561,028 |
| (788,888 | ) | 1970 |
| 30 Years |
|
Willowood East II |
| Indianapolis, IN |
| — |
| 104,918 |
| 924,590 |
| — |
| 150,549 |
| 104,918 |
| 1,075,139 |
| 1,180,057 |
| (221,541 | ) | 1985 |
| 30 Years |
|
Willowood I (Gro) |
| Grove City, OH |
| 898,012 |
| 126,045 |
| 1,110,558 |
| — |
| 178,621 |
| 126,045 |
| 1,289,179 |
| 1,415,224 |
| (218,533 | ) | 1984 |
| 30 Years |
|
Willowood I (IN) |
| Columbus, OH |
| 1,089,790 |
| 163,896 |
| 1,444,104 |
| — |
| 137,767 |
| 163,896 |
| 1,581,871 |
| 1,745,767 |
| (262,795 | ) | 1983 |
| 30 Years |
|
Willowood I (KY) |
| Frankfort, KY |
| 961,328 |
| 138,822 |
| 1,223,176 |
| — |
| 193,445 |
| 138,822 |
| 1,416,621 |
| 1,555,444 |
| (239,021 | ) | 1984 |
| 30 Years |
|
Willowood I (Tro) (REIT) |
| Trotwood, OH |
| 819,523 |
| 84,566 |
| 761,091 |
| — |
| — |
| 84,566 |
| 761,091 |
| 845,657 |
| — |
| 1985 |
| 30 Years |
|
Willowood I (Woo) |
| Wooster, OH |
| — |
| 117,254 |
| 1,033,137 |
| — |
| 138,027 |
| 117,254 |
| 1,171,164 |
| 1,288,418 |
| (197,206 | ) | 1984 |
| 30 Years |
|
Willowood II (Gro) |
| Grove City, OH |
| 523,452 |
| 70,924 |
| 624,814 |
| — |
| 108,479 |
| 70,924 |
| 733,294 |
| 804,217 |
| (125,385 | ) | 1985 |
| 30 Years |
|
Willowood II (IN) |
| Columbus, OH |
| 1,097,941 |
| 161,306 |
| 1,421,284 |
| — |
| 126,274 |
| 161,306 |
| 1,547,558 |
| 1,708,864 |
| (262,126 | ) | 1986 |
| 30 Years |
|
Willowood II (KY) |
| Frankfort, KY |
| — |
| 120,375 |
| 1,060,639 |
| — |
| 117,577 |
| 120,375 |
| 1,178,216 |
| 1,298,592 |
| (193,992 | ) | 1985 |
| 30 Years |
|
Willowood II (Tro) |
| Trotwood, OH |
| — |
| 142,623 |
| 1,256,667 |
| — |
| 146,251 |
| 142,623 |
| 1,402,919 |
| 1,545,542 |
| (245,525 | ) | 1987 |
| 30 Years |
|
Willowood II (Woo) |
| Wooster, OH |
| 823,533 |
| 103,199 |
| 909,398 |
| — |
| 159,088 |
| 103,199 |
| 1,068,486 |
| 1,171,685 |
| (199,002 | ) | 1986 |
| 30 Years |
|
Willows I (OH), The |
| Columbus, OH |
| — |
| 76,283 |
| 672,340 |
| — |
| 101,305 |
| 76,283 |
| 773,645 |
| 849,928 |
| (147,135 | ) | 1987 |
| 30 Years |
|
Willows II (OH), The |
| Columbus, OH |
| — |
| 96,679 |
| 851,845 |
| — |
| 80,858 |
| 96,679 |
| 932,703 |
| 1,029,382 |
| (162,305 | ) | 1981 |
| 30 Years |
|
Willows III (OH), The |
| Columbus, OH |
| 839,800 |
| 129,221 |
| 1,137,783 |
| — |
| 112,157 |
| 129,221 |
| 1,249,941 |
| 1,379,162 |
| (211,749 | ) | 1987 |
| 30 Years |
|
Wimberly |
| Dallas, TX |
| — |
| 2,232,000 |
| 27,685,923 |
| — |
| 860,822 |
| 2,232,000 |
| 28,546,745 |
| 30,778,745 |
| (5,395,683 | ) | 1996 |
| 30 Years |
|
Wimbledon Oaks |
| Arlington, TX |
| 7,058,889 |
| 1,491,700 |
| 8,843,716 |
| — |
| 906,244 |
| 1,491,700 |
| 9,749,960 |
| 11,241,660 |
| (2,203,572 | ) | 1985 |
| 30 Years |
|
Winchester Park |
| Riverside, RI |
| — |
| 2,822,618 |
| 18,868,626 |
| — |
| 1,689,373 |
| 2,822,618 |
| 20,557,999 |
| 23,380,617 |
| (2,724,575 | ) | 1972 |
| 30 Years |
|
Winchester Wood |
| Riverside, RI |
| 2,155,144 |
| 683,215 |
| 4,567,154 |
| — |
| 115,194 |
| 683,215 |
| 4,682,348 |
| 5,365,564 |
| (537,355 | ) | 1989 |
| 30 Years |
|
Windemere |
| Mesa, AZ |
| — |
| 949,300 |
| 8,659,280 |
| — |
| 1,280,197 |
| 949,300 |
| 9,939,477 |
| 10,888,777 |
| (2,806,030 | ) | 1986 |
| 30 Years |
|
Windmont |
| Atlanta, GA |
| — |
| 3,204,000 |
| 7,128,448 |
| — |
| 360,810 |
| 3,204,000 |
| 7,489,258 |
| 10,693,258 |
| (1,160,639 | ) | 1988 |
| 30 Years |
|
Windridge (CA) |
| Laguna Niguel, CA |
| (I) |
| 2,662,900 |
| 23,985,497 |
| — |
| 2,155,552 |
| 2,662,900 |
| 26,141,049 |
| 28,803,949 |
| (8,650,892 | ) | 1989 |
| 30 Years |
|
Windwood I (FL) |
| Palm Bay, FL |
| — |
| 113,913 |
| 1,003,498 |
| — |
| 216,185 |
| 113,913 |
| 1,219,684 |
| 1,333,596 |
| (242,206 | ) | 1988 |
| 30 Years |
|
Windwood II (FL) |
| Palm Bay, FL |
| 190,000 |
| 118,915 |
| 1,047,598 |
| — |
| 304,477 |
| 118,915 |
| 1,352,075 |
| 1,470,990 |
| (273,761 | ) | 1987 |
| 30 Years |
|
S-13
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2003
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| |||||||||||||||||
Apartment Name |
| Location |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
| Latest Income |
| |||||||||
Wingwood (Orl) |
| Orlando, FL |
| 1,389,506 |
| 236,884 |
| 2,086,402 |
| — |
| 790,651 |
| 236,884 |
| 2,877,053 |
| 3,113,937 |
| (486,664 | ) | 1980 |
| 30 Years |
| |||||||||
Winter Woods I (FL) |
| Winter Garden, FL |
| — |
| 144,921 |
| 1,276,965 |
| — |
| 259,394 |
| 144,921 |
| 1,536,359 |
| 1,681,280 |
| (274,289 | ) | 1985 |
| 30 Years |
| |||||||||
Winter Woods II (FL) (REIT) |
| Winter Garden, FL |
| 801,946 |
| 95,404 |
| 858,637 |
| — |
| 11,174 |
| 95,404 |
| 869,811 |
| 965,215 |
| (13,633 | ) | 1986 |
| 30 Years |
| |||||||||
Winterwood |
| Charlotte, NC |
| — |
| 1,722,000 |
| 15,501,142 |
| — |
| 2,871,679 |
| 1,722,000 |
| 18,372,820 |
| 20,094,820 |
| (7,093,969 | ) | 1986 |
| 30 Years |
| |||||||||
Winthrop Court (KY) |
| Frankfort, KY |
| 1,395,104 |
| 184,709 |
| 1,627,191 |
| — |
| 265,927 |
| 184,709 |
| 1,893,118 |
| 2,077,827 |
| (325,666 | ) | 1985 |
| 30 Years |
| |||||||||
Winthrop Court II (OH) |
| Columbus, OH |
| 722,000 |
| 102,381 |
| 896,576 |
| — |
| 111,028 |
| 102,381 |
| 1,007,604 |
| 1,109,985 |
| (171,486 | ) | 1986 |
| 30 Years |
| |||||||||
Wood Creek (CA) |
| Pleasant Hill, CA |
| — |
| 9,729,900 |
| 23,009,768 |
| — |
| 1,221,431 |
| 9,729,900 |
| 24,231,199 |
| 33,961,099 |
| (5,718,995 | ) | 1987 |
| 30 Years |
| |||||||||
Woodbine (Cuy) |
| Cuyahoga Falls, OH |
| — |
| 185,868 |
| 1,637,701 |
| — |
| 119,869 |
| 185,868 |
| 1,757,569 |
| 1,943,437 |
| (282,353 | ) | 1982 |
| 30 Years |
| |||||||||
Woodbridge |
| Cary, GA |
| 4,422,497 |
| 737,400 |
| 6,636,870 |
| — |
| 584,146 |
| 737,400 |
| 7,221,016 |
| 7,958,416 |
| (2,174,904 | ) | 1993-95 |
| 30 Years |
| |||||||||
Woodbridge (CT) |
| Newington, CT |
| (P) |
| 498,377 |
| 3,331,548 |
| — |
| 108,850 |
| 498,377 |
| 3,440,398 |
| 3,938,775 |
| (412,430 | ) | 1968 |
| 30 Years |
| |||||||||
Woodbridge II |
| Cary, GA |
| — |
| 1,244,600 |
| 11,243,364 |
| — |
| 640,211 |
| 1,244,600 |
| 11,883,575 |
| 13,128,175 |
| (3,359,251 | ) | 1993-95 |
| 30 Years |
| |||||||||
Woodcliff I |
| Lilburn, GA |
| — |
| 276,659 |
| 2,437,667 |
| — |
| 270,033 |
| 276,659 |
| 2,707,701 |
| 2,984,360 |
| (450,839 | ) | 1984 |
| 30 Years |
| |||||||||
Woodcliff II |
| Lilburn, GA |
| 1,594,517 |
| 266,449 |
| 2,347,769 |
| — |
| 166,585 |
| 266,449 |
| 2,514,355 |
| 2,780,804 |
| (402,558 | ) | 1986 |
| 30 Years |
| |||||||||
Woodcreek |
| Beaverton, OR |
| — |
| 1,755,800 |
| 15,816,455 |
| — |
| 2,820,282 |
| 1,755,800 |
| 18,636,737 |
| 20,392,537 |
| (7,232,864 | ) | 1982-84 |
| 30 Years |
| |||||||||
Woodcrest I |
| Warner Robins, GA |
| — |
| 115,739 |
| 1,028,353 |
| — |
| 123,714 |
| 115,739 |
| 1,152,067 |
| 1,267,805 |
| (192,048 | ) | 1984 |
| 30 Years |
| |||||||||
Woodlake (WA) |
| Kirkland, WA |
| (R) |
| 6,631,400 |
| 16,735,484 |
| — |
| 1,047,419 |
| 6,631,400 |
| 17,782,903 |
| 24,414,303 |
| (3,767,762 | ) | 1984 |
| 30 Years |
| |||||||||
Woodland Hills |
| Decatur, GA |
| — |
| 1,224,600 |
| 11,010,681 |
| — |
| 1,667,330 |
| 1,224,600 |
| 12,678,010 |
| 13,902,610 |
| (3,769,875 | ) | 1985 |
| 30 Years |
| |||||||||
Woodland Meadows |
| Ann Arbor, MI |
| (S) |
| 2,006,000 |
| 18,049,552 |
| — |
| 1,423,604 |
| 2,006,000 |
| 19,473,156 |
| 21,479,156 |
| (4,608,996 | ) | 1987-1989 |
| 30 Years |
| |||||||||
Woodlands I (Col) |
| Columbus, OH |
| 1,689,392 |
| 231,996 |
| 2,044,233 |
| — |
| 311,120 |
| 231,996 |
| 2,355,353 |
| 2,587,349 |
| (401,621 | ) | 1983 |
| 30 Years |
| |||||||||
Woodlands I (PA) |
| Zelienople, PA |
| 986,507 |
| 163,192 |
| 1,437,897 |
| — |
| 151,320 |
| 163,192 |
| 1,589,216 |
| 1,752,408 |
| (266,741 | ) | 1983 |
| 30 Years |
| |||||||||
Woodlands I (Str) |
| Streetsboro, OH |
| 246,222 |
| 197,378 |
| 1,739,112 |
| — |
| 207,713 |
| 197,378 |
| 1,946,825 |
| 2,144,203 |
| (343,705 | ) | 1984 |
| 30 Years |
| |||||||||
Woodlands II (Col) |
| Columbus, OH |
| 1,464,859 |
| 192,633 |
| 1,697,310 |
| — |
| 245,339 |
| 192,633 |
| 1,942,649 |
| 2,135,282 |
| (332,061 | ) | 1984 |
| 30 Years |
| |||||||||
Woodlands II (PA) |
| Zelienople, PA |
| — |
| 192,972 |
| 1,700,297 |
| — |
| 135,399 |
| 192,972 |
| 1,835,696 |
| 2,028,668 |
| (298,101 | ) | 1987 |
| 30 Years |
| |||||||||
Woodlands II (Str) |
| Streetsboro, OH |
| 1,506,406 |
| 183,996 |
| 1,621,205 |
| — |
| 192,069 |
| 183,996 |
| 1,813,274 |
| 1,997,270 |
| (318,622 | ) | 1985 |
| 30 Years |
| |||||||||
Woodlands III (Col) |
| Columbus, OH |
| — |
| 230,536 |
| 2,031,249 |
| — |
| 374,057 |
| 230,536 |
| 2,405,305 |
| 2,635,841 |
| (419,531 | ) | 1987 |
| 30 Years |
| |||||||||
Woodlands of Brookfield |
| Brookfield, WI |
| (N) |
| 1,484,600 |
| 13,961,081 |
| — |
| 901,813 |
| 1,484,600 |
| 14,862,894 |
| 16,347,494 |
| (3,118,400 | ) | 1990 |
| 30 Years |
| |||||||||
Woodlands of Minnetonka |
| Minnetonka, MN |
| — |
| 2,394,500 |
| 13,543,076 |
| — |
| 1,201,500 |
| 2,394,500 |
| 14,744,576 |
| 17,139,076 |
| (3,471,349 | ) | 1988 |
| 30 Years |
| |||||||||
Woodleaf |
| Campbell, CA |
| (R) |
| 8,550,600 |
| 16,988,183 |
| — |
| 626,793 |
| 8,550,600 |
| 17,614,976 |
| 26,165,576 |
| (3,487,648 | ) | 1984 |
| 30 Years |
| |||||||||
Woodmoor |
| Austin, TX |
| — |
| 653,800 |
| 5,875,968 |
| — |
| 2,018,635 |
| 653,800 |
| 7,894,603 |
| 8,548,403 |
| (3,194,282 | ) | 1981 |
| 30 Years |
| |||||||||
Woodridge (CO) |
| Aurora, CO |
| — |
| 2,780,700 |
| 7,576,972 |
| — |
| 1,047,568 |
| 2,780,700 |
| 8,624,540 |
| 11,405,240 |
| (1,946,602 | ) | 1980-82 |
| 30 Years |
| |||||||||
Woodridge (MN) |
| Eagan, MN |
| 7,375,018 |
| 1,602,300 |
| 10,449,579 |
| — |
| 924,058 |
| 1,602,300 |
| 11,373,638 |
| 12,975,938 |
| (2,559,675 | ) | 1986 |
| 30 Years |
| |||||||||
Woodridge II (CO) |
| Aurora, CO |
| — |
| — |
| 4,148,517 |
| — |
| 542,029 |
| — |
| 4,690,546 |
| 4,690,546 |
| (1,066,732 | ) | 1980-82 |
| 30 Years |
| |||||||||
Woodridge III (CO) |
| Aurora, CO |
| — |
| — |
| 9,130,764 |
| — |
| 1,195,613 |
| — |
| 10,326,377 |
| 10,326,377 |
| (2,349,211 | ) | 1980-82 |
| 30 Years |
| |||||||||
Woods of Elm Creek |
| San Antonio, TX |
| — |
| 590,000 |
| 5,310,328 |
| — |
| 750,840 |
| 590,000 |
| 6,061,168 |
| 6,651,168 |
| (1,694,894 | ) | 1983 |
| 30 Years |
| |||||||||
Woods of North Bend |
| Raleigh, NC |
| (S) |
| 1,039,500 |
| 9,305,319 |
| — |
| 1,663,425 |
| 1,039,500 |
| 10,968,744 |
| 12,008,244 |
| (3,928,153 | ) | 1983 |
| 30 Years |
| |||||||||
Woodscape |
| Raleigh, NC |
| — |
| 957,300 |
| 8,607,940 |
| — |
| 817,176 |
| 957,300 |
| 9,425,116 |
| 10,382,416 |
| (2,739,334 | ) | 1979 |
| 30 Years |
| |||||||||
Woodside |
| Lorton, VA |
| — |
| 1,326,000 |
| 12,510,903 |
| — |
| 969,332 |
| 1,326,000 |
| 13,480,235 |
| 14,806,235 |
| (4,609,312 | ) | 1987 |
| 30 Years |
| |||||||||
Woodtrail |
| Newnan, GA |
| — |
| 250,895 |
| 2,210,658 |
| — |
| 200,905 |
| 250,895 |
| 2,411,563 |
| 2,662,458 |
| (388,636 | ) | 1984 |
| 30 Years |
| |||||||||
Woodvalley |
| Anniston, AL |
| 1,343,079 |
| 190,188 |
| 1,675,765 |
| — |
| 135,899 |
| 190,188 |
| 1,811,664 |
| 2,001,852 |
| (303,441 | ) | 1986 |
| 30 Years |
| |||||||||
Wyndridge 2 |
| Memphis, TN |
| 14,135,000 |
| 1,488,000 |
| 13,607,636 |
| — |
| 1,666,861 |
| 1,488,000 |
| 15,274,497 |
| 16,762,497 |
| (4,079,342 | ) | 1988 |
| 30 Years |
| |||||||||
Wyndridge 3 |
| Memphis, TN |
| 10,855,000 |
| 1,502,500 |
| 13,531,741 |
| — |
| 917,667 |
| 1,502,500 |
| 14,449,408 |
| 15,951,908 |
| (3,740,550 | ) | 1988 |
| 30 Years |
| |||||||||
Yarmouth Woods |
| Yarmouth, ME |
| — |
| 692,800 |
| 6,096,155 |
| — |
| 509,500 |
| 692,800 |
| 6,605,655 |
| 7,298,455 |
| (1,547,142 | ) | 1971/1978 |
| 30 Years |
| |||||||||
Yorktowne at Olde Mill |
| Millersville, MD |
| — |
| 216,000 |
| 2,674,121 |
| — |
| 4,491,376 |
| 216,000 |
| 7,165,497 |
| 7,381,497 |
| (5,650,992 | ) | 1974 |
| 30 Years |
| |||||||||
Management Business |
| Chicago, IL |
| — |
| — |
| — |
| — |
| 30,182,866 |
| — |
| 30,182,866 |
| 30,182,866 |
| (16,592,741 | ) | (D) |
|
|
| |||||||||
Operating Partnership |
| Chicago, IL (H) |
| 43,792 |
| — |
| 9,156 |
| — |
| — |
| — |
| 9,156 |
| 9,156 |
| — |
| (F) |
|
|
| |||||||||
Total Investment in Real Estate |
|
|
| $ | 1,834,621,384 |
| $ | 1,853,093,564 |
| $ | 10,182,887,577 |
| $ | — |
| $ | 838,397,934 |
| $ | 1,853,093,564 |
| $ | 11,021,285,511 |
| $ | 12,874,379,075 |
| $ | (2,296,013,441 | ) |
|
|
|
|
S-14
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2003
NOTES:
(A)
(B)
(C)
(D)
(E)Improvements are net of write-off of fully depreciated assets which are no longer in service.
(F) Represents land and/or miscellaneous improvements held for future development.
(G) A portion or all of these properties includes commercial space (retail, parking and/or office space).
(H) 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.
(I)These three properties are pledged as additional collateral in connection with a tax-exempt bond financing.
(J)These 5 properties are encumbered by a $47,119,126.90 note payable. (EWR Northwestern Mutual)
Note 1: Mortgage debt includes $1,245,848.19 collateralized by a warehouse owned by the Company's furniture rental subsidiary.
Note 2: The following letters have not been used: (I), (J), (K), (Q), (S), (V), (W), and (X)
S-13S-15
EQUITY RESIDENTIAL PROPERTIES TRUST
Schedule III—III - Real Estate and Accumulated Depreciation (continued)
Encumbrances Reconciliation
December 31, 2003
Entity Encumbrances |
| Number of |
| See Properties |
| Amount |
| |
|
|
|
|
|
|
|
| |
EQR Arbors Financing LP |
| 2 |
| (K) |
| $ | 13,265,000 |
|
EQR Breton Hammocks Financing LP |
| 1 |
| (L) |
| 15,211,947 |
| |
EQR-Bond Partnership |
| 13 |
| (M) |
| 192,994,000 |
| |
EQR Flatlands LLC |
| 5 |
| (N) |
| 50,000,000 |
| |
EWR, LP |
| 5 |
| (O) |
| 45,258,236 |
| |
GPT-Windsor, LLC |
| 16* |
| (P) |
| 63,000,000 |
| |
EQR-Codelle, LP |
| 10 |
| (Q) |
| 120,163,327 |
| |
EQR-Conner, LP |
| 14 |
| (R) |
| 210,267,676 |
| |
EQR-FANCAP 2000A LP |
| 11 |
| (S) |
| 148,333,000 |
| |
GC Southeast Partners LP (SEP) |
| 11 |
| (T) |
| 700,000 |
| |
Entity Encumbrances |
|
|
|
|
| 859,193,186 |
| |
Individual Property Encumbrances |
|
|
|
|
| 1,834,621,384 |
| |
|
|
|
|
|
|
|
| |
Total Encumbrances per Financial Statements |
|
|
|
|
| $ | 2,693,814,571 |
|
* Collateral also includes $3.1 million invested in U.S. Treasury Securities which is included in Deposits - Restricted in the accompanying consolidated balance sheets at December 21, 2003.
S-16
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
(Amounts in thousands)
The changes in total real estate for the years ended December 31, 2001, 20002003, 2002 and 19992001 are as follows:
| 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 | |||||
|
| 2003 |
| 2002 |
| 2001 |
| |||
|
|
|
|
|
|
|
| |||
Balance, beginning of year |
| $ | 13,046,263 |
| $ | 13,019,841 |
| $ | 12,650,028 |
|
Acquisitions and development |
| 800,143 |
| 528,302 |
| 753,648 |
| |||
Improvements |
| 184,876 |
| 164,077 |
| 157,847 |
| |||
Write-off of fully depreciated assets which are no longer in service |
| (31,590 | ) | — |
| (149 | ) | |||
Dispositions and other |
| (1,125,313 | ) | (665,957 | ) | (541,533 | ) | |||
Balance, end of year |
| $ | 12,874,379 |
| $ | 13,046,263 |
| $ | 13,019,841 |
|
The changes in accumulated depreciation for the years ended December 31, 2001, 2000,2003, 2002, and 19992001 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 | |||||
|
| 2003 |
| 2002 |
| 2001 |
| |||
|
|
|
|
|
|
|
| |||
Balance, beginning of year |
| $ | 2,112,017 |
| $ | 1,719,131 |
| $ | 1,359,089 |
|
Depreciation |
| 470,908 |
| 471,295 |
| 457,071 |
| |||
Write-off of fully depreciated assets which are no longer in service |
| (31,590 | ) | — |
| (149 | ) | |||
Dispositions and other |
| (255,322 | ) | (78,409 | ) | (96,880 | ) | |||
Balance, end of year |
| $ | 2,296,013 |
| $ | 2,112,017 |
| $ | 1,719,131 |
|
S-17
Exhibit | Document | |
10.2 | Master Amendment to Other Securities Term Sheets and Joinders to Operating Partnership Agreement of ERP Operating Limited Partnership dated December 19, 2003. | |
10.3 | Assignment and Assumption Agreement between the Company and ERP Operating Limited Partnership dated December 19, 2003. | |
10.13 | First Amendment to the Equity Residential Advantage Retirement Savings Plan, effective December 2002. | |
10.14 | Second Amendment to the Equity Residential Advantage Retirement Savings Plan, effective December 2002. | |
10.15 | Third Amendment to the Equity Residential Advantage Retirement Savings Plan, effective May 2003. | |
10.18 | Form of Indemnification Agreement between the Company and each trustee and executive officer. | |
12 | Computation of Ratio of Earnings to Combined Fixed Charges. | |
21 | List of Subsidiaries of Equity Residential. | |
23.1 | Consent of Ernst & Young LLP. | |
24.1 | Power of Attorney for John W. Alexander dated March 3, 2004. | |
24.2 | Power of Attorney for Stephen O. Evans dated March 5, 2004. | |
24.3 | Power of Attorney for Charles L. Atwood dated March 8, 2004. | |
24.4 | Power of Attorney for Desiree G. Rogers dated March 9, 2004. | |
24.5 | Power of Attorney for B. Joseph White dated March 3, 2004. | |
24.6 | Power of Attorney for Sheli Z. Rosenberg dated March 5, 2004. | |
24.7 | Power of Attorney for James D. Harper, Jr. dated March 4, 2004. | |
24.8 | Power of Attorney for Boone A. Knox dated March 3, 2004. | |
24.9 | Power of Attorney for Michael N. Thompson dated March 5, 2004. | |
24.10 | Power of Attorney for Samuel Zell dated March 2, 2004. | |
24.11 | Power of Attorney for Gerald A. Spector dated March 2, 2004. | |
31.1 | Certification of Bruce W. Duncan, Chief Executive Officer. | |
31.2 | Certification of David J. Neithercut, Chief Financial Officer. | |
32.1 | Certification Pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Bruce W. Duncan, Chief Executive Officer of the Company. | |
32.2 | Certification Pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of David J. Neithercut, Chief Financial Officer of the Company. |