Maryland | (Equity Residential) | 13-3675988 (Equity Residential) |
Illinois (ERP Operating Limited Partnership) | 36-3894853 (ERP Operating Limited Partnership) | |
(State or | organization) | (I.R.S. Employer Identification No.) |
Two North Riverside Plaza, Chicago, Illinois | (312) 474-1300 | |
(Address of | ( |
Common Shares of Beneficial Interest, $0.01 Par Value | (Equity Residential) | New York Stock Exchange |
Preferred Shares of Beneficial Interest, $0.01 Par Value (Equity Residential) | New York Stock Exchange | |
7.57% Notes due August 15, 2026 (ERP Operating Limited Partnership) | New York Stock Exchange | |
(Title of | each class) | (Name of |
Equity Residential Yes x No ¨ | ERP Operating Limited Partnership Yes x No o |
Equity Residential Yes ¨ No x | ERP Operating Limited Partnership Yes ¨ No x |
Equity Residential Yes x No ¨ | ERP Operating Limited Partnership Yes x No ¨ |
Equity Residential Yes x No ¨ | ERP Operating Limited Partnership Yes x No ¨ |
Equity Residential x | ERP Operating Limited Partnership x |
Equity Residential: | ||
Large accelerated filer x | Accelerated filer | |
Non-accelerated filer | Smaller reporting company |
ERP Operating Limited Partnership: | |
Large accelerated filer ¨ | Accelerated filer ¨ |
Non-accelerated filer x (Do not check if a smaller reporting company) | Smaller reporting company ¨ |
Equity Residential Yes ¨ No x | ERP Operating Limited Partnership Yes ¨ No x |
PAGE | ||||||
PART I. | ||||||
Item 1. | ||||||
Item 1A. | ||||||
Item 1B. | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
PART II. | ||||||
Item 5. | ||||||
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of | ||||||
Item 6. | ||||||
Item 7. | ||||||
Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||||
Item 7A. | ||||||
Quantitative and Qualitative Disclosures about Market Risk | ||||||
Item 8. | ||||||
Financial Statements and Supplementary Data | ||||||
Item 9. | ||||||
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | ||||||
Item 9A. | ||||||
Item 9B. | ||||||
PART III. | ||||||
Item 10. | ||||||
Trustees, Executive Officers and Corporate Governance | ||||||
Item 11. | ||||||
Item 12. | ||||||
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | ||||||
Item 13. | ||||||
Certain Relationships and Related Transactions, and Trustee Independence | ||||||
Item 14. | ||||||
Principal Accounting Fees and Services | ||||||
PART IV. | ||||||
Item 15. | ||||||
Exhibits and Financial Statement Schedules | ||||||
3
Item 1. | Business |
Properties | Apartment Units | |||||
Wholly Owned Properties | 382 | 106,856 | ||||
Partially Owned Properties – Consolidated | 19 | 3,475 | ||||
Military Housing | 2 | 5,039 | ||||
403 | 115,370 |
Properties | Apartment Units | |||||||
Wholly Owned Properties | 425 | 119,634 | ||||||
Partially Owned Properties – Consolidated | 24 | 5,232 | ||||||
Military Housing | 2 | 4,738 | ||||||
451 | 129,604 |
▪ | High barriers to entry where, because of land scarcity or government regulation, it is difficult or costly to build new apartment properties, creating limits on new supply; |
▪ | High home ownership costs; |
▪ | Strong economic growth leading to household formation and job growth, which in turn leads to high demand |
▪ | Urban core locations with an attractive quality of life and higher wage job categories leading to high resident demand and retention; and |
▪ | Favorable demographics contributing to a larger pool of target residents with a high propensity to rent apartments. |
4
▪ | The Company issued 3,173,919 Common Shares at an average price of $60.59 per share for total consideration of $192.3 million pursuant to its At-The-Market (“ATM”) share offering program. See Note 3 in the Notes to Consolidated Financial Statements for further discussion. |
The |
▪ | The Company issued 1,081,797 OP Units having a value of $66.6 million (based on the closing price for Common Shares of $61.57 on such date) as partial consideration for the acquisition of one rental property. |
▪ | The Company issued 110,054 Common Shares pursuant to its Employee Share Purchase Plan and received net proceeds of approximately $5.4 million. |
▪ | The Company redeemed its Series N Cumulative Redeemable Preferred Shares for cash consideration of $150.0 million plus accrued dividends through the redemption date. |
▪ | The Company redeemed $482.5 million of its 3.85% unsecured notes with a final maturity of 2026 at par and no premium was paid and repaid $93.1 million of 6.95% unsecured notes at maturity. |
▪ | The Company issued $1.0 billion of ten-year 4.625% fixed rate public notes in a public offering, receiving net proceeds of $996.2 million before underwriting fees and other expenses. The notes have an all-in effective interest rate of approximately 6.2% after termination of various forward starting swaps in conjunction with the issuance (see Note 8 in the Notes to Consolidated Financial Statements for further discussion). |
▪ | The Company issued 3,866,666 Common Shares at an average price of $52.23 per share for total consideration of $201.9 million pursuant to its ATM share offering program. See Note 3 in the Notes to Consolidated Financial Statements for further discussion. |
▪ | The Company issued 2,945,948 Common Shares pursuant to its Share Incentive Plans and received net proceeds of approximately $95.3 million. |
▪ | The Company issued 113,107 Common Shares pursuant to its Employee Share Purchase Plan and received net proceeds of approximately $5.3 million. |
▪ | The Company issued $600.0 million of ten-year 4.75% fixed rate public notes in a public offering at an all-in effective interest rate of 5.09%, receiving net proceeds of $595.4 million before underwriting fees and other expenses. |
▪ |
▪ | The Company issued 2,506,645 Common Shares pursuant to its Share Incentive Plans and received net proceeds of approximately $71.6 million. |
5
The Company issued 157,363 Common Shares pursuant to its Employee Share Purchase Plan and received net proceeds of approximately $5.1 million. |
The Company repurchased and retired 58,130 of its Common Shares at an average price of $32.46 per share for total consideration of $1.9 million (all related to the vesting of employee restricted shares). See Note 3 in the Notes to Consolidated Financial Statements for further discussion. |
6
Item 1A. |
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8
general market and economic conditions; | ||
9
10
11
12
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
Total Debt to Adjusted Total Assets (not to exceed 60%) | 48.5 | % | 48.8 | % | ||||
Secured Debt to Adjusted Total Assets (not to exceed 40%) | 23.2 | % | 24.9 | % | ||||
Consolidated Income Available for Debt Service to | ||||||||
Maximum Annual Service Charges | ||||||||
(must be at least 1.5 to 1) | 2.46 | 2.44 | ||||||
Total Unsecured Assets to Unsecured Debt | ||||||||
(must be at least 150%) | 256.0 | % | 256.5 | % |
December 31, 2012 | December 31, 2011 | |||||
Total Debt to Adjusted Total Assets (not to exceed 60%) | 38.6 | % | 46.0 | % | ||
Secured Debt to Adjusted Total Assets (not to exceed 40%) | 17.6 | % | 19.4 | % | ||
Consolidated Income Available for Debt Service to | ||||||
Maximum Annual Service Charges | ||||||
(must be at least 1.5 to 1) | 3.00 | 2.59 | ||||
Total Unsecured Assets to Unsecured Debt | ||||||
(must be at least 150%) | 346.3 | % | 259.9 | % |
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15
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(1) | At least 75% of our gross income for each taxable year must generally be derived directly or indirectly from rents from real property, |
(2) | At least 95% of our gross income for each taxable year must generally be derived from |
(1) | At least 75% of the value of our total assets must |
(2) | Not more than 25% of the value of our total assets may |
(3) | Except for securities included in item 1 above, 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 |
(4) | Not more than 25% of the value of our total assets may |
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(a) | the amount of cash and the fair market value of any property received in the sale or other disposition; and |
(b) | the |
(a) | a citizen or resident of the United States; |
(b) | a corporation or partnership created or organized in the United States or under the laws of the United States or of any state thereof; or |
(c) | an estate or trust whose income is includable in gross income for United States federal income tax purposes regardless of its source. |
(a) | a lower treaty rate applies and any required form or certification evidencing eligibility for that reduced rate is filed with us; or |
(b) | the foreign shareholder files an IRSForm W-8ECI with us claiming that the distribution is effectively connected income. |
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(a) | the investment in the common shares is effectively connected with the foreign |
(b) | the foreign shareholder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and has a “tax home” in the United States, in which case the nonresident alien individual will be subject to a 30% tax on the |
(a) | the investment in the common shares is effectively connected with the foreign |
(b) | the foreign shareholder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and has a tax home in the United States, in which case the nonresident alien individual will be subject to a 30% tax on the |
(a) | the class or series of shares being sold is “regularly traded,” as defined by applicable IRS regulations, on an established securities market such as the New York Stock Exchange; and |
(b) | the selling foreign shareholder owned 5% or less of the value of the outstanding class or series of shares being sold throughout the five-year period ending on the date of the sale or exchange. |
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Average | ||||||||||||
Type | Properties | Apartment Units | Apartment Units | |||||||||
Garden | 354 | 100,551 | 284 | |||||||||
Mid/High-Rise | 95 | 24,315 | 256 | |||||||||
Military Housing | 2 | 4,738 | 2,369 | |||||||||
Total | 451 | 129,604 | ||||||||||
Type | Properties | Apartment Units | Average Apartment Units | ||||||
Garden | 279 | 80,288 | 288 | ||||||
Mid/High-Rise | 122 | 30,043 | 246 | ||||||
Military Housing | 2 | 5,039 | 2,520 | ||||||
Total | 403 | 115,370 |
Properties | Apartment Units | |||||||
Wholly Owned Properties | 425 | 119,634 | ||||||
Partially Owned Properties – Consolidated | 24 | 5,232 | ||||||
Military Housing | 2 | 4,738 | ||||||
451 | 129,604 | |||||||
Properties | Apartment Units | |||||
Wholly Owned Properties | 382 | 106,856 | ||||
Partially Owned Properties – Consolidated | 19 | 3,475 | ||||
Military Housing | 2 | 5,039 | ||||
403 | 115,370 |
% of | Average | |||||||||||||||||||||
% of Total | Stabilized | Rental | ||||||||||||||||||||
Markets | Properties | Apartment Units | Apartment Units | NOI | Rate (1) | |||||||||||||||||
1 | New York Metro Area | 28 | 8,290 | 6.4 | % | 12.7 | % | $ | 2,843 | |||||||||||||
2 | DC Northern Virginia | 31 | 10,393 | 8.0 | % | 12.1 | % | 1,869 | ||||||||||||||
3 | South Florida | 38 | 12,869 | 9.9 | % | 9.1 | % | 1,313 | ||||||||||||||
4 | Los Angeles | 39 | 8,311 | 6.4 | % | 8.1 | % | 1,717 | ||||||||||||||
5 | Boston | 28 | 5,711 | 4.4 | % | 7.1 | % | 2,204 | ||||||||||||||
6 | Seattle/Tacoma | 43 | 9,748 | 7.5 | % | 6.7 | % | 1,293 | ||||||||||||||
7 | San Francisco Bay Area | 35 | 6,606 | 5.1 | % | 6.0 | % | 1,683 | ||||||||||||||
8 | San Diego | 14 | 4,963 | 3.8 | % | 5.2 | % | 1,789 | ||||||||||||||
9 | Phoenix | 36 | 10,769 | 8.3 | % | 4.8 | % | 848 | ||||||||||||||
10 | Denver | 23 | 7,967 | 6.2 | % | 4.7 | % | 1,044 | ||||||||||||||
11 | Suburban Maryland | 21 | 5,782 | 4.5 | % | 4.5 | % | 1,346 | ||||||||||||||
12 | Orlando | 26 | 8,042 | 6.2 | % | 4.2 | % | 961 | ||||||||||||||
13 | Orange County, CA | 11 | 3,490 | 2.7 | % | 3.2 | % | 1,518 | ||||||||||||||
14 | Atlanta | 20 | 6,183 | 4.8 | % | 3.0 | % | 961 | ||||||||||||||
15 | Inland Empire, CA | 11 | 3,639 | 2.8 | % | 2.8 | % | 1,352 | ||||||||||||||
16 | All Other Markets(2) | 45 | 12,103 | 9.3 | % | 5.8 | % | 975 | ||||||||||||||
Total | 449 | 124,866 | 96.3 | % | 100.0 | % | 1,444 | |||||||||||||||
Military Housing | 2 | 4,738 | 3.7 | % | - | - | ||||||||||||||||
Grand Total | 451 | 129,604 | 100.0 | % | 100.0 | % | $ | 1,444 | ||||||||||||||
Markets | Properties | Apartment Units | % of Total Apartment Units | % of Stabilized NOI (1) | Average Rental Rate (2) | ||||||||||||||
1 | New York Metro Area | 30 | 8,047 | 7.0 | % | 13.9 | % | $ | 3,433 | ||||||||||
2 | DC Northern Virginia | 27 | 9,569 | 8.3 | % | 11.5 | % | 2,136 | |||||||||||
3 | Los Angeles | 48 | 9,815 | 8.5 | % | 9.9 | % | 1,879 | |||||||||||
4 | South Florida | 36 | 12,253 | 10.6 | % | 9.0 | % | 1,463 | |||||||||||
5 | San Francisco Bay Area | 40 | 9,094 | 7.9 | % | 8.6 | % | 1,902 | |||||||||||
6 | Boston | 26 | 5,832 | 5.0 | % | 8.2 | % | 2,560 | |||||||||||
7 | Seattle/Tacoma | 40 | 9,029 | 7.8 | % | 7.0 | % | 1,520 | |||||||||||
8 | Denver | 24 | 8,144 | 7.1 | % | 5.5 | % | 1,226 | |||||||||||
9 | San Diego | 14 | 4,963 | 4.3 | % | 5.0 | % | 1,851 | |||||||||||
10 | Suburban Maryland | 16 | 4,856 | 4.2 | % | 4.4 | % | 1,711 | |||||||||||
11 | Orlando | 21 | 6,413 | 5.6 | % | 3.5 | % | 1,086 | |||||||||||
12 | Phoenix | 25 | 7,400 | 6.4 | % | 3.4 | % | 946 | |||||||||||
13 | Orange County, CA | 11 | 3,490 | 3.0 | % | 3.3 | % | 1,660 | |||||||||||
14 | Inland Empire, CA | 10 | 3,081 | 2.7 | % | 2.4 | % | 1,491 | |||||||||||
15 | Atlanta | 12 | 3,616 | 3.1 | % | 2.0 | % | 1,157 | |||||||||||
16 | All Other Markets (3) | 21 | 4,729 | 4.1 | % | 2.4 | % | 1,098 | |||||||||||
Total | 401 | 110,331 | 95.6 | % | 100.0 | % | 1,737 | ||||||||||||
Military Housing | 2 | 5,039 | 4.4 | % | — | — | |||||||||||||
Grand Total | 403 | 115,370 | 100.0 | % | 100.0 | % | $ | 1,737 |
(1) | % of Stabilized NOI includes budgeted 2013 NOI for properties that are stabilized and projected annual NOI at stabilization (defined as having achieved 90% occupancy for three consecutive months) for properties that are in lease-up. |
(2) | Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment units for the month of December |
(3) | All Other Markets – Each individual market is less than |
�� | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Book | ||||||||||||||||||||||||||||||||||||||||||||||||
No. of | Total | Total | Value Not | Estimated | Estimated | |||||||||||||||||||||||||||||||||||||||||||
Apartment | Capital | Book Value | Placed in | Total | Percentage | Percentage | Percentage | Completion | Stabilization | |||||||||||||||||||||||||||||||||||||||
Projects | Location | Units | Cost (1) | to Date | Service | Debt | Completed | Leased | Occupied | Date | Date | |||||||||||||||||||||||||||||||||||||
Projects Under Development – Wholly Owned: | ||||||||||||||||||||||||||||||||||||||||||||||||
Red 160 (formerly Redmond Way) | Redmond, WA | 250 | $ | 84,382 | $ | 76,964 | $ | 76,964 | $ | - | 97 | % | 86 | % | 68 | % | Q1 2011 | Q1 2012 | ||||||||||||||||||||||||||||||
500 West 23rd Street (formerly 10 Chelsea) (2) | New York, NY | 111 | 55,555 | 27,382 | 27,382 | - | 33 | % | - | - | Q4 2011 | Q4 2012 | ||||||||||||||||||||||||||||||||||||
Savoy III | Aurora, CO | 168 | 23,856 | 5,409 | 5,409 | - | 7 | % | - | - | Q3 2012 | Q2 2013 | ||||||||||||||||||||||||||||||||||||
2201 Pershing Drive | Arlington, VA | 188 | 64,242 | 14,707 | 14,707 | - | 1 | % | - | - | Q3 2012 | Q3 2013 | ||||||||||||||||||||||||||||||||||||
Projects Under Development – Wholly Owned | 717 | 228,035 | 124,462 | 124,462 | - | |||||||||||||||||||||||||||||||||||||||||||
Projects Under Development | 717 | 228,035 | 124,462 | 124,462 | - | |||||||||||||||||||||||||||||||||||||||||||
Completed Not Stabilized – Wholly Owned (3): | ||||||||||||||||||||||||||||||||||||||||||||||||
Reunion at Redmond Ridge | Redmond, WA | 321 | 53,175 | 53,151 | - | - | 94 | % | 93 | % | Completed | Q1 2011 | ||||||||||||||||||||||||||||||||||||
Westgate | Pasadena, CA | 480 | 165,558 | 154,886 | - | 135,000 | (4) | 80 | % | 76 | % | Completed | Q3 2011 | |||||||||||||||||||||||||||||||||||
425 Mass (5) | Washington, D.C. | 559 | 166,750 | 166,750 | - | - | 61 | % | 58 | % | Completed | Q1 2012 | ||||||||||||||||||||||||||||||||||||
Vantage Pointe (5) | San Diego, CA | 679 | 200,000 | 200,000 | - | - | 42 | % | 41 | % | Completed | Q3 2012 | ||||||||||||||||||||||||||||||||||||
Projects Completed Not Stabilized – Wholly Owned | 2,039 | 585,483 | 574,787 | - | 135,000 | |||||||||||||||||||||||||||||||||||||||||||
Completed Not Stabilized – Partially Owned (3): | ||||||||||||||||||||||||||||||||||||||||||||||||
The Brooklyner (formerly 111 Lawrence) | Brooklyn, NY | 490 | 272,368 | 257,748 | - | 141,741 | 93 | % | 89 | % | Completed | Q2 2011 | ||||||||||||||||||||||||||||||||||||
Projects Completed Not Stabilized – Partially Owned | 490 | 272,368 | 257,748 | - | 141,741 | |||||||||||||||||||||||||||||||||||||||||||
Projects Completed Not Stabilized | 2,529 | 857,851 | 832,535 | - | 276,741 | |||||||||||||||||||||||||||||||||||||||||||
Completed and Stabilized During the Quarter – Wholly Owned: | ||||||||||||||||||||||||||||||||||||||||||||||||
70 Greene (formerly 77 Hudson) | Jersey City, NJ | 480 | 268,458 | 267,403 | - | - | 93 | % | 91 | % | Completed | Stabilized | ||||||||||||||||||||||||||||||||||||
Third Square (formerly 303 Third) | Cambridge, MA | 482 | 257,457 | 256,546 | - | - | 94 | % | 92 | % | Completed | Stabilized | ||||||||||||||||||||||||||||||||||||
Projects Completed and Stabilized During the Quarter – Wholly Owned | 962 | 525,915 | 523,949 | - | - | |||||||||||||||||||||||||||||||||||||||||||
Projects Completed and Stabilized During the Quarter | 962 | 525,915 | 523,949 | - | - | |||||||||||||||||||||||||||||||||||||||||||
Total Projects | 4,208 | $ | 1,611,801 | $ | 1,480,946 | $ | 124,462 | (6) | $ | 276,741 | ||||||||||||||||||||||||||||||||||||||
Land Held for Development | N/A | N/A | $ | 235,247 | $ | 235,247 | $ | 18,342 | ||||||||||||||||||||||||||||||||||||||||
Development and Lease-Up Projects as of December 31, 2012 | ||||||||||||||||||||||||||||||||
(Amounts in thousands except for project and apartment unit amounts) | ||||||||||||||||||||||||||||||||
Projects | Location | No. of Apartment Units | Total Capital Cost (1) | Total Book Value to Date | Total Book Value Not Placed in Service | Total Debt | Percentage Completed | Percentage Leased | Percentage Occupied | Estimated Completion Date | Estimated Stabilization Date | |||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||||||
Projects Under Development - Wholly Owned: | ||||||||||||||||||||||||||||||||
Jia (formerly Chinatown Gateway) | Los Angeles, CA | 280 | $ | 92,920 | $ | 52,995 | $ | 52,995 | $ | — | 47% | — | — | Q3 2013 | Q2 2015 | |||||||||||||||||
Westgate II | Pasadena, CA | 252 | 125,293 | 61,947 | 61,947 | — | 25% | — | — | Q1 2014 | Q1 2015 | |||||||||||||||||||||
1111 Belle Pre (formerly The Madison) | Alexandria, VA | 360 | 115,072 | 56,815 | 56,815 | — | 42% | — | — | Q1 2014 | Q2 2015 | |||||||||||||||||||||
Market Street Landing | Seattle, WA | 287 | 90,024 | 38,320 | 38,320 | — | 35% | — | — | Q1 2014 | Q3 2015 | |||||||||||||||||||||
Westgate III | Pasadena, CA | 88 | 54,037 | 20,853 | 20,853 | — | 2% | — | — | Q2 2014 | Q1 2015 | |||||||||||||||||||||
Projects Under Development - Wholly Owned | 1,267 | 477,346 | 230,930 | 230,930 | — | |||||||||||||||||||||||||||
Projects Under Development - Partially Owned: | ||||||||||||||||||||||||||||||||
400 Park Avenue South (2) | New York, NY | 269 | 251,961 | 92,374 | 92,374 | — | 12% | — | — | Q2 2015 | Q1 2016 | |||||||||||||||||||||
Projects Under Development - Partially Owned | 269 | 251,961 | 92,374 | 92,374 | — | |||||||||||||||||||||||||||
Projects Under Development | 1,536 | 729,307 | 323,304 | 323,304 | — | |||||||||||||||||||||||||||
Completed Not Stabilized - Wholly Owned (3): | ||||||||||||||||||||||||||||||||
The Savoy at Dayton Station III (formerly Savoy III) | Aurora, CO | 168 | 22,356 | 21,460 | — | — | 93% | 91% | Completed | Q1 2013 | ||||||||||||||||||||||
2201 Pershing Drive | Arlington, VA | 188 | 63,242 | 56,087 | — | — | 72% | 67% | Completed | Q3 2013 | ||||||||||||||||||||||
Projects Completed Not Stabilized - Wholly Owned | 356 | 85,598 | 77,547 | — | — | |||||||||||||||||||||||||||
Projects Completed Not Stabilized | 356 | 85,598 | 77,547 | — | — | |||||||||||||||||||||||||||
Completed and Stabilized During the Quarter - Wholly Owned: | ||||||||||||||||||||||||||||||||
Ten23 (formerly 500 West 23rd Street) (4) | New York, NY | 111 | 55,113 | 55,095 | — | — | 97% | 97% | Completed | Stabilized | ||||||||||||||||||||||
Projects Completed and Stabilized During the Quarter - Wholly Owned | 111 | 55,113 | 55,095 | — | — | |||||||||||||||||||||||||||
Projects Completed and Stabilized During the Quarter | 111 | 55,113 | 55,095 | — | — | |||||||||||||||||||||||||||
Total Consolidated Projects | 2,003 | $ | 870,018 | $ | 455,946 | $ | 323,304 | $ | — | |||||||||||||||||||||||
Land Held for Development | N/A | N/A | $ | 353,823 | $ | 353,823 | $ | — | ||||||||||||||||||||||||
Unconsolidated | ||||||||||||||||||||||||||||||||
Projects Under Development - Unconsolidated: | ||||||||||||||||||||||||||||||||
Nexus Sawgrass (formerly Sunrise Village) (5) | Sunrise, FL | 501 | $ | 78,212 | $ | 61,901 | $ | 61,901 | $ | 29,769 | 80% | 9% | 2% | Q3 2013 | Q3 2014 | |||||||||||||||||
Domain (5) | San Jose, CA | 444 | 154,570 | 109,141 | 109,141 | 46,865 | 67% | — | — | Q4 2013 | Q4 2015 | |||||||||||||||||||||
Projects Under Development - Unconsolidated | 945 | 232,782 | 171,042 | 171,042 | 76,634 | |||||||||||||||||||||||||||
Projects Under Development | 945 | 232,782 | 171,042 | 171,042 | 76,634 | |||||||||||||||||||||||||||
Total Unconsolidated Projects | 945 | $ | 232,782 | $ | 171,042 | $ | 171,042 | $ | 76,634 |
(1) | Total capital cost represents estimated cost for projects under development and/or developed and all capitalized costs incurred to date plus any estimates of costs remaining to be funded for all projects, all in accordance with GAAP. |
(2) | The Company is jointly developing with Toll Brothers (NYSE: TOL) a vacant land parcel at 400 Park Avenue South in New York City with the Company's rental portion on floors 2-22 and Toll's for sale portion on floors 23-40. The total capital cost and total book value to date represent only the Company's portion of the project. Toll Brothers has funded $64.4 million for their allocated share of the project. |
(3) | Properties included here are substantially complete. However, they may still require additional exterior and interior work for all apartment units to be available for leasing. | |
26
(5) | These development projects are owned 20% by the Company and 80% by an institutional partner in two separate unconsolidated joint ventures. Total project costs are approximately $232.8 million and construction will be predominantly funded with two separate long-term, non-recourse secured loans from the partner. The Company is responsible for constructing the projects and has given certain construction cost overrun guarantees but currently has no further funding obligations. Nexus Sawgrass has a maximum debt commitment of $48.7 million and a current unconsolidated outstanding balance of $29.8 million; the loan bears interest at 5.60% and matures January 1, 2021. Domain has a maximum debt commitment of $98.6 million and a current unconsolidated outstanding balance of $46.9 million; the loan bears interest at 5.75% and matures January 1, 2022. |
27
Sales Price | ||||||||||||||||
High | Low | Closing | Distributions | |||||||||||||
2010 | ||||||||||||||||
Fourth Quarter Ended December 31, 2010 | $ | 52.64 | $ | 47.01 | $ | 51.95 | $ | 0.4575 | ||||||||
Third Quarter Ended September 30, 2010 | $ | 50.80 | $ | 39.69 | $ | 47.57 | $ | 0.3375 | ||||||||
Second Quarter Ended June 30, 2010 | $ | 48.46 | $ | 38.84 | $ | 41.64 | $ | 0.3375 | ||||||||
First Quarter Ended March 31, 2010 | $ | 40.43 | $ | 31.40 | $ | 39.15 | $ | 0.3375 | ||||||||
2009 | ||||||||||||||||
Fourth Quarter Ended December 31, 2009 | $ | 36.38 | $ | 27.54 | $ | 33.78 | $ | 0.3375 | ||||||||
Third Quarter Ended September 30, 2009 | $ | 33.06 | $ | 18.80 | $ | 30.70 | $ | 0.3375 | ||||||||
Second Quarter Ended June 30, 2009 | $ | 26.24 | $ | 17.73 | $ | 22.23 | $ | 0.4825 | ||||||||
First Quarter Ended March 31, 2009 | $ | 29.87 | $ | 15.68 | $ | 18.35 | $ | 0.4825 |
Sales Price | ||||||||||||||||
High | Low | Closing | Distributions | |||||||||||||
2012 | ||||||||||||||||
Fourth Quarter Ended December 31, 2012 | $ | 59.61 | $ | 53.25 | $ | 56.67 | $ | 0.7675 | ||||||||
Third Quarter Ended September 30, 2012 | $ | 65.72 | $ | 56.76 | $ | 57.53 | $ | 0.3375 | ||||||||
Second Quarter Ended June 30, 2012 | $ | 63.84 | $ | 58.67 | $ | 62.36 | $ | 0.3375 | ||||||||
First Quarter Ended March 31, 2012 | $ | 62.79 | $ | 53.56 | $ | 62.62 | $ | 0.3375 | ||||||||
2011 | ||||||||||||||||
Fourth Quarter Ended December 31, 2011 | $ | 60.32 | $ | 48.46 | $ | 57.03 | $ | 0.5675 | ||||||||
Third Quarter Ended September 30, 2011 | $ | 63.86 | $ | 50.38 | $ | 51.87 | $ | 0.3375 | ||||||||
Second Quarter Ended June 30, 2011 | $ | 61.86 | $ | 55.31 | $ | 60.00 | $ | 0.3375 | ||||||||
First Quarter Ended March 31, 2011 | $ | 56.43 | $ | 49.60 | $ | 56.41 | $ | 0.3375 |
Distributions | ||||||||
2012 | 2011 | |||||||
Fourth Quarter Ended December 31, | $ | 0.7675 | $ | 0.5675 | ||||
Third Quarter Ended September 30, | $ | 0.3375 | $ | 0.3375 | ||||
Second Quarter Ended June 30, | $ | 0.3375 | $ | 0.3375 | ||||
First Quarter Ended March 31, | $ | 0.3375 | $ | 0.3375 |
Number of securities | ||||||
remaining available | ||||||
Number of securities | Weighted average | for future issuance | ||||
to be issued upon | exercise price of | under equity | ||||
exercise of | outstanding | compensation plans | ||||
outstanding options, | options, warrants | (excluding securities | ||||
Plan Category | warrants and rights | and rights | in column (a)) | |||
(a) (1) | (b) (1) | (c) (2) | ||||
Equity compensation plans approved by shareholders | 10,106,488 | $33.00 | 8,799,709 | |||
Equity compensation plans not approved by shareholders | N/A | N/A | N/A |
Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities in column (a)) | ||||
Plan Category | ||||||
(a) (1) | (b) (1) | (c) (2) | ||||
Equity compensation plans approved by shareholders | 8,115,255 | $41.31 | 14,278,690 | |||
Equity compensation plans not approved by shareholders | N/A | N/A | N/A |
(1) | The amounts shown in columns (a) and (b) of the above table do not include |
28
(2) | Includes |
Item 6. | Selected Financial Data |
29
Year Ended December 31, | ||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
OPERATING DATA: | ||||||||||||||||||||
Total revenues from continuing operations | $ | 1,995,519 | $ | 1,856,503 | $ | 1,886,988 | $ | 1,739,444 | $ | 1,503,666 | ||||||||||
Interest and other income | $ | 5,469 | $ | 16,585 | $ | 33,337 | $ | 19,660 | $ | 30,430 | ||||||||||
(Loss) income from continuing operations | $ | (19,844 | ) | $ | 2,931 | $ | (40,054 | ) | $ | (4,982 | ) | $ | (29,983 | ) | ||||||
Discontinued operations, net | $ | 315,827 | $ | 379,098 | $ | 476,467 | $ | 1,052,338 | $ | 1,177,600 | ||||||||||
Net income | $ | 295,983 | $ | 382,029 | $ | 436,413 | $ | 1,047,356 | $ | 1,147,617 | ||||||||||
Net income available to Common Shares | $ | 269,242 | $ | 347,794 | $ | 393,115 | $ | 951,242 | $ | 1,028,381 | ||||||||||
Earnings per share – basic: | ||||||||||||||||||||
(Loss) from continuing operations available to Common Shares | $ | (0.11 | ) | $ | (0.04 | ) | $ | (0.20 | ) | $ | (0.12 | ) | $ | (0.25 | ) | |||||
Net income available to Common Shares | $ | 0.95 | $ | 1.27 | $ | 1.46 | $ | 3.40 | $ | 3.55 | ||||||||||
Weighted average Common Shares outstanding | 282,888 | 273,609 | 270,012 | 279,406 | 290,019 | |||||||||||||||
Earnings per share – diluted: | ||||||||||||||||||||
(Loss) from continuing operations available to Common Shares | $ | (0.11 | ) | $ | (0.04 | ) | $ | (0.20 | ) | $ | (0.12 | ) | $ | (0.25 | ) | |||||
Net income available to Common Shares | $ | 0.95 | $ | 1.27 | $ | 1.46 | $ | 3.40 | $ | 3.55 | ||||||||||
Weighted average Common Shares outstanding | 282,888 | 273,609 | 270,012 | 279,406 | 290,019 | |||||||||||||||
Distributions declared per Common Share outstanding | $ | 1.47 | $ | 1.64 | $ | 1.93 | $ | 1.87 | $ | 1.79 | ||||||||||
BALANCE SHEET DATA(at end of period): | ||||||||||||||||||||
Real estate, before accumulated depreciation | $ | 19,702,371 | $ | 18,465,144 | $ | 18,690,239 | $ | 18,333,350 | $ | 17,235,175 | ||||||||||
Real estate, after accumulated depreciation | $ | 15,365,014 | $ | 14,587,580 | $ | 15,128,939 | $ | 15,163,225 | $ | 14,212,695 | ||||||||||
Total assets | $ | 16,184,194 | $ | 15,417,515 | $ | 16,535,110 | $ | 15,689,777 | $ | 15,062,219 | ||||||||||
Total debt | $ | 9,948,076 | $ | 9,392,570 | $ | 10,483,942 | $ | 9,478,157 | $ | 8,017,008 | ||||||||||
Redeemable Noncontrolling Interests – Operating Partnership | $ | 383,540 | $ | 258,280 | $ | 264,394 | $ | 345,165 | $ | 509,310 | ||||||||||
Total Noncontrolling Interests | $ | 118,390 | $ | 127,174 | $ | 163,349 | $ | 188,605 | $ | 224,783 | ||||||||||
Total Shareholders’ equity | $ | 5,090,186 | $ | 5,047,339 | $ | 4,905,356 | $ | 4,917,370 | $ | 5,602,236 | ||||||||||
OTHER DATA: | ||||||||||||||||||||
Total properties (at end of period) | 451 | 495 | 548 | 579 | 617 | |||||||||||||||
Total apartment units (at end of period) | 129,604 | 137,007 | 147,244 | 152,821 | 165,716 | |||||||||||||||
Funds from operations available to Common Shares and Units – basic (1)(3)(4) | $ | 622,786 | $ | 615,505 | $ | 618,372 | $ | 713,412 | $ | 712,524 | ||||||||||
Normalized funds from operations available to Common Shares and Units – basic (2)(3)(4) | $ | 682,422 | $ | 661,542 | $ | 735,062 | $ | 699,029 | $ | 699,276 | ||||||||||
Cash flow provided by (used for): | ||||||||||||||||||||
Operating activities | $ | 732,693 | $ | 672,462 | $ | 755,252 | $ | 793,232 | $ | 755,774 | ||||||||||
Investing activities | $ | (646,114 | ) | $ | 103,579 | $ | (344,028 | ) | $ | (200,749 | ) | $ | (259,780 | ) | ||||||
Financing activities | $ | 151,541 | $ | (1,473,547 | ) | $ | 428,739 | $ | (801,929 | ) | $ | (324,545 | ) |
Equity Residential | ||||||||||||||||||||
CONSOLIDATED HISTORICAL FINANCIAL INFORMATION | ||||||||||||||||||||
(Financial information in thousands except for per share and property data) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
OPERATING DATA: | ||||||||||||||||||||
Total revenues from continuing operations | $ | 2,123,715 | $ | 1,883,491 | $ | 1,674,709 | $ | 1,548,264 | $ | 1,543,817 | ||||||||||
Interest and other income | $ | 150,547 | $ | 7,965 | $ | 5,118 | $ | 16,520 | $ | 33,192 | ||||||||||
Income (loss) from continuing operations | $ | 311,555 | $ | 57,794 | $ | (103,108 | ) | $ | (80,394 | ) | $ | (132,946 | ) | |||||||
Discontinued operations, net | $ | 569,649 | $ | 877,403 | $ | 399,091 | $ | 462,423 | $ | 569,359 | ||||||||||
Net income | $ | 881,204 | $ | 935,197 | $ | 295,983 | $ | 382,029 | $ | 436,413 | ||||||||||
Net income available to Common Shares | $ | 826,212 | $ | 879,720 | $ | 269,242 | $ | 347,794 | $ | 393,115 | ||||||||||
Earnings per share – basic: | ||||||||||||||||||||
Income (loss) from continuing operations available to Common Shares | $ | 0.93 | $ | 0.14 | $ | (0.39 | ) | $ | (0.33 | ) | $ | (0.52 | ) | |||||||
Net income available to Common Shares | $ | 2.73 | $ | 2.98 | $ | 0.95 | $ | 1.27 | $ | 1.46 | ||||||||||
Weighted average Common Shares outstanding | 302,701 | 294,856 | 282,888 | 273,609 | 270,012 | |||||||||||||||
Earnings per share – diluted: | ||||||||||||||||||||
Income (loss) from continuing operations available to Common Shares | $ | 0.92 | $ | 0.14 | $ | (0.39 | ) | $ | (0.33 | ) | $ | (0.52 | ) | |||||||
Net income available to Common Shares | $ | 2.70 | $ | 2.95 | $ | 0.95 | $ | 1.27 | $ | 1.46 | ||||||||||
Weighted average Common Shares outstanding | 319,766 | 312,065 | 282,888 | 273,609 | 270,012 | |||||||||||||||
Distributions declared per Common Share outstanding | $ | 1.78 | $ | 1.58 | $ | 1.47 | $ | 1.64 | $ | 1.93 | ||||||||||
BALANCE SHEET DATA (at end of period): | ||||||||||||||||||||
Real estate, before accumulated depreciation | $ | 21,008,429 | $ | 20,407,946 | $ | 19,702,371 | $ | 18,465,144 | $ | 18,690,239 | ||||||||||
Real estate, after accumulated depreciation | $ | 16,096,208 | $ | 15,868,363 | $ | 15,365,014 | $ | 14,587,580 | $ | 15,128,939 | ||||||||||
Total assets | $ | 17,201,000 | $ | 16,659,303 | $ | 16,184,194 | $ | 15,417,515 | $ | 16,535,110 | ||||||||||
Total debt | $ | 8,529,244 | $ | 9,721,061 | $ | 9,948,076 | $ | 9,392,570 | $ | 10,483,942 | ||||||||||
Redeemable Noncontrolling Interests – Operating Partnership | $ | 398,372 | $ | 416,404 | $ | 383,540 | $ | 258,280 | $ | 264,394 | ||||||||||
Total shareholders’ equity | $ | 7,289,813 | $ | 5,669,015 | $ | 5,090,186 | $ | 5,047,339 | $ | 4,905,356 | ||||||||||
Total Noncontrolling Interests | $ | 237,294 | $ | 193,842 | $ | 118,390 | $ | 127,174 | $ | 163,349 | ||||||||||
OTHER DATA: | ||||||||||||||||||||
Total properties (at end of period) | 403 | 427 | 451 | 495 | 548 | |||||||||||||||
Total apartment units (at end of period) | 115,370 | 121,974 | 129,604 | 137,007 | 147,244 | |||||||||||||||
Funds from operations available to Common Shares and Units – basic (1) (3) (4) | $ | 993,217 | $ | 752,153 | $ | 622,786 | $ | 615,505 | $ | 618,372 | ||||||||||
Normalized funds from operations available to Common Shares and Units – basic (2) (3) (4) | $ | 883,269 | $ | 759,665 | $ | 682,422 | $ | 661,542 | $ | 735,062 | ||||||||||
Cash flow provided by (used for): | ||||||||||||||||||||
Operating activities | $ | 1,046,251 | $ | 798,334 | $ | 726,037 | $ | 670,812 | $ | 755,027 | ||||||||||
Investing activities | $ | (261,049 | ) | $ | (194,828 | ) | $ | (639,458 | ) | $ | 105,229 | $ | (343,803 | ) | ||||||
Financing activities | $ | (556,533 | ) | $ | (650,993 | ) | $ | 151,541 | $ | (1,473,547 | ) | $ | 428,739 |
ERP Operating Limited Partnership | ||||||||||||||||||||
CONSOLIDATED HISTORICAL FINANCIAL INFORMATION | ||||||||||||||||||||
(Financial information in thousands except for per Unit and property data) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
OPERATING DATA: | ||||||||||||||||||||
Total revenues from continuing operations | $ | 2,123,715 | $ | 1,883,491 | $ | 1,674,709 | $ | 1,548,264 | $ | 1,543,817 | ||||||||||
Interest and other income | $ | 150,547 | $ | 7,965 | $ | 5,118 | $ | 16,520 | $ | 33,192 | ||||||||||
Income (loss) from continuing operations | $ | 311,555 | $ | 57,794 | $ | (103,108 | ) | $ | (80,394 | ) | $ | (132,946 | ) | |||||||
Discontinued operations, net | $ | 569,649 | $ | 877,403 | $ | 399,091 | $ | 462,423 | $ | 569,359 | ||||||||||
Net income | $ | 881,204 | $ | 935,197 | $ | 295,983 | $ | 382,029 | $ | 436,413 | ||||||||||
Net income available to Units | $ | 864,853 | $ | 920,500 | $ | 282,341 | $ | 368,099 | $ | 419,241 | ||||||||||
Earnings per Unit – basic: | ||||||||||||||||||||
Income (loss) from continuing operations available to Units | $ | 0.93 | $ | 0.14 | $ | (0.39 | ) | $ | (0.33 | ) | $ | (0.52 | ) | |||||||
Net income available to Units | $ | 2.73 | $ | 2.98 | $ | 0.95 | $ | 1.27 | $ | 1.46 | ||||||||||
Weighted average Units outstanding | 316,554 | 308,062 | 296,527 | 289,167 | 287,631 | |||||||||||||||
Earnings per Unit – diluted: | ||||||||||||||||||||
Income (loss) from continuing operations available to Units | $ | 0.92 | $ | 0.14 | $ | (0.39 | ) | $ | (0.33 | ) | $ | (0.52 | ) | |||||||
Net income available to Units | $ | 2.70 | $ | 2.95 | $ | 0.95 | $ | 1.27 | $ | 1.46 | ||||||||||
Weighted average Units outstanding | 319,766 | 312,065 | 296,527 | 289,167 | 287,631 | |||||||||||||||
Distributions declared per Unit outstanding | $ | 1.78 | $ | 1.58 | $ | 1.47 | $ | 1.64 | $ | 1.93 | ||||||||||
BALANCE SHEET DATA (at end of period): | ||||||||||||||||||||
Real estate, before accumulated depreciation | $ | 21,008,429 | $ | 20,407,946 | $ | 19,702,371 | $ | 18,465,144 | $ | 18,690,239 | ||||||||||
Real estate, after accumulated depreciation | $ | 16,096,208 | $ | 15,868,363 | $ | 15,365,014 | $ | 14,587,580 | $ | 15,128,939 | ||||||||||
Total assets | $ | 17,201,000 | $ | 16,659,303 | $ | 16,184,194 | $ | 15,417,515 | $ | 16,535,110 | ||||||||||
Total debt | $ | 8,529,244 | $ | 9,721,061 | $ | 9,948,076 | $ | 9,392,570 | $ | 10,483,942 | ||||||||||
Redeemable Limited Partners | $ | 398,372 | $ | 416,404 | $ | 383,540 | $ | 258,280 | $ | 264,394 | ||||||||||
Total partners' capital | $ | 7,449,419 | $ | 5,788,551 | $ | 5,200,585 | $ | 5,163,459 | $ | 5,043,185 | ||||||||||
Noncontrolling Interests – Partially Owned Properties | $ | 77,688 | $ | 74,306 | $ | 7,991 | $ | 11,054 | $ | 25,520 | ||||||||||
OTHER DATA: | ||||||||||||||||||||
Total properties (at end of period) | 403 | 427 | 451 | 495 | 548 | |||||||||||||||
Total apartment units (at end of period) | 115,370 | 121,974 | 129,604 | 137,007 | 147,244 | |||||||||||||||
Funds from operations available to Units – basic (1) (3) (4) | $ | 993,217 | $ | 752,153 | $ | 622,786 | $ | 615,505 | $ | 618,372 | ||||||||||
Normalized funds from operations available to Units – basic (2) (3) (4) | $ | 883,269 | $ | 759,665 | $ | 682,422 | $ | 661,542 | $ | 735,062 | ||||||||||
Cash flow provided by (used for): | ||||||||||||||||||||
Operating activities | $ | 1,046,251 | $ | 798,334 | $ | 726,037 | $ | 670,812 | $ | 755,027 | ||||||||||
Investing activities | $ | (261,049 | ) | $ | (194,828 | ) | $ | (639,458 | ) | $ | 105,229 | $ | (343,803 | ) | ||||||
Financing activities | $ | (556,533 | ) | $ | (650,993 | ) | $ | 151,541 | $ | (1,473,547 | ) | $ | 428,739 |
(1) | The National Association of Real Estate Investment Trusts (“NAREIT”) defines funds from operations (“FFO”) (April 2002 White Paper) as net income (computed in accordance with accounting principles generally accepted in the United States (“GAAP”)), excluding gains (or losses) from sales and impairment write-downs of depreciable |
30
(2) | Normalized funds from operations (“Normalized FFO”) begins with FFO and excludes: |
▪ | the impact of any expenses relating to non-operating asset impairment and valuation allowances; |
▪ | property acquisition and other transaction costs related to mergers and acquisitions and pursuit cost write-offs (other expenses); |
▪ | gains and losses from early debt extinguishment, including prepayment penalties, preferred |
▪ | gains and losses on the sales of non-operating assets, including gains and losses from land parcel and condominium sales, net of the effect of income tax benefits or expenses; and |
▪ | other miscellaneous non-comparable items. |
(3) | The Company believes that FFO and FFO available to Common Shares and Units / Units are helpful to investors as supplemental measures of the operating performance of a real estate company, because they are recognized measures of performance by the real estate industry and by excluding gains or losses related to dispositions of depreciable property and excluding real estate depreciation (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO available to Common Shares and Units / Units can help compare the operating performance of a company’s real estate between periods or as compared to different companies. The company also believes that Normalized FFO and Normalized FFO available to Common Shares and Units / Units are helpful to investors as supplemental measures of the operating performance of a real estate company because they allow investors to compare the company’s operating performance to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual operating results. FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units do not represent net income, net income available to Common Shares / Units or net cash flows from operating activities in accordance with GAAP. Therefore, FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units should not be exclusively considered as alternatives to net income, net income available to Common Shares / Units or net cash flows from operating activities as determined by GAAP or as a measure of liquidity. The Company’s calculation of FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units may differ from other real estate companies due to, among other items, variations in cost capitalization policies for capital expenditures and, accordingly, may not be comparable to such other real estate companies. |
(4) | FFO available to Common Shares and Units / Units and Normalized FFO available to Common Shares and Units / Units are calculated on a basis consistent with net income available to Common Shares / Units and reflects adjustments to net income for preferred distributions and premiums on redemption of preferred |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
31
▪ | We intend to actively acquireand/or develop multifamily properties for rental operations as market conditions dictate. |
Debt financing and other capital required by the Company may not be available or may only be available on adverse terms; |
Labor and materials required for maintenance, repair, capital expenditure or development may be more expensive than anticipated; |
Occupancy levels and market rents may be adversely affected by national and local economic and market conditions including, without limitation, new construction and excess inventory of multifamily |
▪ | Additional factors as discussed in Part I of this Annual Report onForm 10-K, particularly those under “Item 1A.Risk Factors”. |
▪ | High barriers to entry where, because of land scarcity or government regulation, it is difficult or costly to build new apartment properties, creating limits on new supply; |
▪ | High home ownership costs; |
▪ | Strong economic growth leading to household formation and job growth, which in turn leads to high demand for our apartments; |
▪ | Urban core locations with an attractive quality of life and higher wage job categories leading to high resident demand and retention; and |
▪ | Favorable demographics contributing to a larger pool of target residents with a high propensity to rent apartments. |
32
33
▪ | Acquired |
▪ | Sold $1.1 billion of consolidated apartment properties consisting of 35 properties and 9,012 apartment units at a |
▪ | Acquired $1.3 billion of apartment properties consisting of 20 consolidated properties and 6,103 apartment units at a weighted average cap rate (see definition below) of 5.2% and acquired five land parcels and entered into a long-term ground lease on one land parcel located in New York City for a total of $68.3 million, all of which we deem to be in our strategic targeted markets; |
▪ | Acquired one vacant land parcel in New York City in a joint venture with Toll Brothers for $134.0 million, consisting of contributions by the Company and Toll Brothers of approximately $76.1 million and $57.9 million, respectively, for future development; |
▪ | Acquired one unoccupied property in the |
Acquired |
Sold | ||
Year Ended | ||||
December 31, 2012 | ||||
Properties | Apartment Units | |||
Same Store Properties at December 31, 2011 | 370 | 101,312 | ||
2010 acquisitions | 16 | 4,445 | ||
2010 acquisitions not stabilized | (2 | ) | (1,238 | ) |
2012 dispositions | (35 | ) | (9,012 | ) |
2012 dispositions not stabilized | 2 | 441 | ||
2012 dispositions not yet included in same store (1) | 2 | 542 | ||
Consolidation of previously unconsolidated properties in 2010 (1) | 2 | 501 | ||
Lease-up properties stabilized | 4 | 1,570 | ||
Other | — | 16 | ||
Same Store Properties at December 31, 2012 | 359 | 98,577 |
Year Ended | ||||
December 31, 2012 | ||||
Properties | Apartment Units | |||
Same Store | 359 | 98,577 | ||
Non-Same Store: | ||||
2012 acquisitions | 9 | 1,896 | ||
2011 acquisitions | 21 | 6,198 | ||
Lease-up properties not yet stabilized (2) | 11 | 3,656 | ||
Other | 1 | 4 | ||
Total Non-Same Store | 42 | 11,754 | ||
Military Housing (not consolidated) | 2 | 5,039 | ||
Total Properties and Apartment Units | 403 | 115,370 | ||
(1) | In 2010, the Company consolidated seven properties containing 1,811 apartment units that had previously been categorized as unconsolidated. Of these properties, one containing 208 apartment units was sold in 2010, two containing 560 apartment units were sold in 2011 and two containing 542 apartment units were sold in 2012. |
(2) | Includes properties in various stages of lease-up and properties where lease-up has been completed but the properties were not stabilized for the comparable periods presented. |
2012 vs. 2011 | ||||||||||||||||||||||
Same Store Results/Statistics | ||||||||||||||||||||||
$ in thousands (except for Average Rental Rate) – 98,577 Same Store Apartment Units | ||||||||||||||||||||||
Results | Statistics | |||||||||||||||||||||
Average Rental Rate (1) | ||||||||||||||||||||||
Description | Revenues | Expenses | NOI | Occupancy | Turnover | |||||||||||||||||
2012 | $ | 1,868,918 | $ | 649,914 | $ | 1,219,004 | $ | 1,658 | 95.4 | % | 58.2 | % | ||||||||||
2011 | $ | 1,771,449 | $ | 638,671 | $ | 1,132,778 | $ | 1,575 | 95.2 | % | 57.3 | % | ||||||||||
Change | $ | 97,469 | $ | 11,243 | $ | 86,226 | $ | 83 | 0.2 | % | 0.9 | % | ||||||||||
Change | 5.5 | % | 1.8 | % | 7.6 | % | 5.3 | % |
Results | Statistics | |||||||||||||||||||||||
Average | ||||||||||||||||||||||||
Rental | ||||||||||||||||||||||||
Description | Revenues | Expenses | NOI | Rate (1) | Occupancy | Turnover | ||||||||||||||||||
2010 | $ | 1,728,268 | $ | 654,663 | $ | 1,073,605 | $ | 1,358 | 94.8% | 56.7% | ||||||||||||||
2009 | $ | 1,730,335 | $ | 648,508 | $ | 1,081,827 | $ | 1,375 | 93.7% | 61.5% | ||||||||||||||
Change | $ | (2,067) | $ | 6,155 | $ | (8,222) | $ | (17) | 1.1% | (4.8)% | ||||||||||||||
Change | (0.1%) | 0.9% | (0.8)% | (1.2%) |
(1) | Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment units for the period. |
% of Actual | ||||||||||||||||||||||||||||||||||||||
2012 vs. 2011 | 2012 vs. 2011 | |||||||||||||||||||||||||||||||||||||
Same Store Operating Expenses | Same Store Operating Expenses | |||||||||||||||||||||||||||||||||||||
$ in thousands – 98,577 Same Store Apartment Units | $ in thousands – 98,577 Same Store Apartment Units | |||||||||||||||||||||||||||||||||||||
2010 | % of Actual 2012 Operating Expenses | |||||||||||||||||||||||||||||||||||||
Actual | Actual | $ | % | Operating | ||||||||||||||||||||||||||||||||||
2010 | 2009 | Change | Change | Expenses | Actual 2012 | Actual 2011 | $ Change | % Change | ||||||||||||||||||||||||||||||
Actual 2012 | Actual 2011 | $ Change | % Change | % of Actual 2012 Operating Expenses | ||||||||||||||||||||||||||||||||||
Real estate taxes | %) | 26.6 | % | $ | 197,316 | $ | 184,773 | $ | 12,543 | 6.8 | % | 30.3 | % | |||||||||||||||||||||||||
On-site payroll (1) | 156,668 | 156,446 | 222 | 0.1 | % | 23.9 | % | 146,637 | 145,979 | 658 | 0.5 | % | 22.5 | % | ||||||||||||||||||||||||
Utilities (2) | 102,553 | 100,441 | 2,112 | 2.1 | % | 15.7 | % | 97,313 | 98,572 | (1,259 | ) | (1.3 | %) | 15.0 | % | |||||||||||||||||||||||
Repairs and maintenance (3) | 97,166 | 94,223 | 2,943 | 3.1 | % | 14.8 | % | 88,931 | 89,152 | (221 | ) | (0.2 | %) | 13.7 | % | |||||||||||||||||||||||
Property management costs (4) | 69,995 | 64,022 | 5,973 | 9.3 | % | 10.7 | % | 70,084 | 70,858 | (774 | ) | (1.1 | %) | 10.8 | % | |||||||||||||||||||||||
Insurance | 21,545 | 21,525 | 20 | 0.1 | % | 3.3 | % | 20,629 | 19,257 | 1,372 | 7.1 | % | 3.2 | % | ||||||||||||||||||||||||
Leasing and advertising | 14,892 | 16,029 | (1,137 | ) | (7.1 | %) | 2.3 | % | 10,812 | 11,798 | (986 | ) | (8.4 | %) | 1.7 | % | ||||||||||||||||||||||
Otheron-site operating expenses (5) | 17,713 | 18,642 | (929 | ) | (5.0 | %) | 2.7 | % | 18,192 | 18,282 | (90 | ) | (0.5 | %) | 2.8 | % | ||||||||||||||||||||||
Same store operating expenses | $ | 654,663 | $ | 648,508 | $ | 6,155 | 0.9 | % | 100.0 | % | $ | 649,914 | $ | 638,671 | $ | 11,243 | 1.8 | % | 100.0 | % | ||||||||||||||||||
(1) | On-site payroll – Includes payroll and related expenses foron-site personnel including property managers, leasing consultants and maintenance staff. |
(2) | Utilities – Represents gross expenses prior to any recoveries under the Resident Utility Billing System (“RUBS”). Recoveries are reflected in rental income. |
(3) | Repairs and maintenance – Includes general maintenance costs, apartment unit turnover costs including interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof and parking lot repairs and other miscellaneous building repair costs. |
(4) | Property management costs – Includes payroll and related expenses for departments, or portions of departments, that directly support on-site management. These include such departments as regional and corporate property management, property accounting, human resources, training, marketing and revenue management, procurement, real estate tax, property legal services and information technology. |
(5) | Other on-site operating expenses – Includes administrative costs such as office supplies, telephone and data charges, association and business licensing fees and ground lease costs. |
Year Ended December 31, | ||||||||
2012 | 2011 | |||||||
(Amounts in thousands) | ||||||||
Operating income | $ | 667,958 | $ | 541,675 | ||||
Adjustments: | ||||||||
Non-same store operating results | (155,374 | ) | (60,334 | ) | ||||
Fee and asset management revenue | (9,573 | ) | (9,026 | ) | ||||
Fee and asset management expense | 4,663 | 4,279 | ||||||
Depreciation | 664,082 | 612,579 | ||||||
General and administrative | 47,248 | 43,605 | ||||||
Same store NOI | $ | 1,219,004 | $ | 1,132,778 |
2013 Same Store Assumptions | ||
Physical occupancy | 95.3% | |
Revenue change | 4.0% to 5.0% | |
Expense change | 2.5% to 3.5% | |
NOI change | 4.5% to 6.0% |
▪ | Development and other miscellaneous properties in lease-up of $12.3 million; |
▪ | Properties acquired in 2011 and 2012 of $75.1 million; and |
▪ | Newly stabilized development and other miscellaneous properties of $5.9 million. |
2011 vs. 2010 | ||||||||||||||||||||||
Same Store Results/Statistics | ||||||||||||||||||||||
$ in thousands (except for Average Rental Rate) – 101,312 Same Store Apartment Units | ||||||||||||||||||||||
Results | Statistics | |||||||||||||||||||||
Average Rental Rate (1) | ||||||||||||||||||||||
Description | Revenues | Expenses | NOI | Occupancy | Turnover | |||||||||||||||||
2011 | $ | 1,712,428 | $ | 617,712 | $ | 1,094,716 | $ | 1,481 | 95.2 | % | 57.8 | % | ||||||||||
2010 | $ | 1,630,482 | $ | 614,210 | $ | 1,016,272 | $ | 1,417 | 94.8 | % | 56.9 | % | ||||||||||
Change | $ | 81,946 | $ | 3,502 | $ | 78,444 | $ | 64 | 0.4 | % | 0.9 | % | ||||||||||
Change | 5.0 | % | 0.6 | % | 7.7 | % | 4.5 | % |
(1) | Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment units for the period. |
2011 vs. 2010 | ||||||||||||||||||
Same Store Operating Expenses | ||||||||||||||||||
$ in thousands – 101,312 Same Store Apartment Units | ||||||||||||||||||
Actual 2011 | Actual 2010 | $ Change | % Change | % of Actual 2011 Operating Expenses | ||||||||||||||
Real estate taxes | $ | 169,432 | $ | 166,675 | $ | 2,757 | 1.7 | % | 27.4 | % | ||||||||
On-site payroll (1) | 144,346 | 144,878 | (532 | ) | (0.4 | %) | 23.4 | % | ||||||||||
Utilities (2) | 96,702 | 95,083 | 1,619 | 1.7 | % | 15.7 | % | |||||||||||
Repairs and maintenance (3) | 89,549 | 89,128 | 421 | 0.5 | % | 14.5 | % | |||||||||||
Property management costs (4) | 68,497 | 65,219 | 3,278 | 5.0 | % | 11.1 | % | |||||||||||
Insurance | 19,394 | 20,605 | (1,211 | ) | (5.9 | %) | 3.1 | % | ||||||||||
Leasing and advertising | 11,515 | 14,266 | (2,751 | ) | (19.3 | %) | 1.9 | % | ||||||||||
Other on-site operating expenses (5) | 18,277 | 18,356 | (79 | ) | (0.4 | %) | 2.9 | % | ||||||||||
Same store operating expenses | $ | 617,712 | $ | 614,210 | $ | 3,502 | 0.6 | % | 100.0 | % |
(1) | On-site payroll – Includes payroll and related expenses for on-site personnel including property managers, leasing consultants and maintenance staff. |
(2) | Utilities – Represents gross expenses prior to any recoveries under the Resident Utility Billing System (“RUBS”). Recoveries are reflected in rental income. |
(3) | Repairs and maintenance – Includes general maintenance costs, unit turnover costs including interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof and parking lot repairs and other miscellaneous building repair costs. |
(4) | Property management costs – Includes payroll and related expenses for departments, or portions of departments, that directly supporton-site management. These include such departments as regional and corporate property management, property accounting, human resources, training, marketing and revenue management, procurement, real estate tax, property legal services and information technology. |
(5) | Otheron-site operating expenses – Includes administrative costs such as office supplies, telephone, |
36
Year Ended December 31, | ||||||||
2010 | 2009 | |||||||
(Amounts in thousands) | ||||||||
Operating income | $ | 442,001 | $ | 496,601 | ||||
Adjustments: | ||||||||
Non-same store operating results | (105,960 | ) | (21,336 | ) | ||||
Fee and asset management revenue | (9,476 | ) | (10,346 | ) | ||||
Fee and asset management expense | 5,140 | 7,519 | ||||||
Depreciation | 656,633 | 559,271 | ||||||
General and administrative | 39,887 | 38,994 | ||||||
Impairment | 45,380 | 11,124 | ||||||
Same store NOI | $ | 1,073,605 | $ | 1,081,827 | ||||
▪ | Development and other miscellaneous properties inlease-up of |
▪ | Properties acquired in 2010 and 2011 of $53.1 million; and |
▪ | Newly stabilized development and other miscellaneous properties of | |
38
Results | Statistics | |||||||||||||||||||||||
Average | ||||||||||||||||||||||||
Rental | ||||||||||||||||||||||||
Description | Revenues | Expenses | NOI | Rate (1) | Occupancy | Turnover | ||||||||||||||||||
2009 | $ | 1,725,774 | $ | 644,294 | $ | 1,081,480 | $ | 1,352 | 93.8% | 61.0% | ||||||||||||||
2008 | $ | 1,778,183 | $ | 645,123 | $ | 1,133,060 | $ | 1,383 | 94.5% | 63.7% | ||||||||||||||
Change | $ | (52,409) | $ | (829) | $ | (51,580) | $ | (31) | (0.7%) | (2.7%) | ||||||||||||||
Change | (2.9%) | (0.1%) | (4.6%) | (2.2%) |
% of Actual | ||||||||||||||||||||
2009 | ||||||||||||||||||||
Actual | Actual | $ | % | Operating | ||||||||||||||||
2009 | 2008 | Change | Change | Expenses | ||||||||||||||||
Real estate taxes | $ | 173,113 | $ | 171,234 | $ | 1,879 | 1.1 | % | 26.9 | % | ||||||||||
On-site payroll (1) | 155,912 | 156,601 | (689 | ) | (0.4 | %) | 24.2 | % | ||||||||||||
Utilities (2) | 100,184 | 99,045 | 1,139 | 1.1 | % | 15.5 | % | |||||||||||||
Repairs and maintenance (3) | 94,556 | 95,142 | (586 | ) | (0.6 | %) | 14.7 | % | ||||||||||||
Property management costs (4) | 63,854 | 67,126 | (3,272 | ) | (4.9 | %) | 9.9 | % | ||||||||||||
Insurance | 21,689 | 20,890 | 799 | 3.8 | % | 3.4 | % | |||||||||||||
Leasing and advertising | 15,664 | 15,043 | 621 | 4.1 | % | 2.4 | % | |||||||||||||
Otheron-site operating expenses (5) | 19,322 | 20,042 | (720 | ) | (3.6 | %) | 3.0 | % | ||||||||||||
Same store operating expenses | $ | 644,294 | $ | 645,123 | $ | (829 | ) | (0.1 | %) | 100.0 | % | |||||||||
39
40
▪ | Disposed of 35 consolidated properties, |
Obtained |
▪ | ||
Issued approximately |
▪ | Collected $150.0 million in termination fees relating to the pursuit of Archstone. |
▪ | Acquire |
Invest |
41
▪ | Repay $364.3 million of mortgage loans and $976.0 million of unsecured notes; and |
▪ | ||
Weighted | ||||||||||||||||
Weighted | Average | |||||||||||||||
Average | Maturities | |||||||||||||||
Amounts (1) | % of Total | Rates (1) | (years) | |||||||||||||
Secured | $ | 4,762,896 | 47.9 | % | 4.79 | % | 8.1 | |||||||||
Unsecured | 5,185,180 | 52.1 | % | 4.96 | % | 4.5 | ||||||||||
Total | $ | 9,948,076 | 100.0 | % | 4.88 | % | 6.2 | |||||||||
Fixed Rate Debt: | ||||||||||||||||
Secured – Conventional | $ | 3,831,393 | 38.5 | % | 5.68 | % | 6.9 | |||||||||
Unsecured – Public/Private | 4,375,860 | 44.0 | % | 5.78 | % | 5.1 | ||||||||||
Fixed Rate Debt | 8,207,253 | 82.5 | % | 5.73 | % | 5.9 | ||||||||||
Floating Rate Debt: | ||||||||||||||||
Secured – Conventional | 326,009 | 3.3 | % | 2.56 | % | 0.7 | ||||||||||
Secured – Tax Exempt | 605,494 | 6.1 | % | 0.48 | % | 20.4 | ||||||||||
Unsecured – Public/Private | 809,320 | 8.1 | % | 1.72 | % | 1.3 | ||||||||||
Unsecured – Revolving Credit Facility | - | - | 0.66 | % | 1.2 | |||||||||||
Floating Rate Debt | 1,740,823 | 17.5 | % | 1.39 | % | 7.5 | ||||||||||
Total | $ | 9,948,076 | 100.0 | % | 4.88 | % | 6.2 | |||||||||
Amounts (1) | % of Total | Weighted Average Rates (1) | Weighted Average Maturities (years) | ||||||||||
Secured | $ | 3,898,369 | 45.7 | % | 4.96 | % | 7.3 | ||||||
Unsecured | 4,630,875 | 54.3 | % | 5.10 | % | 5.1 | |||||||
Total | $ | 8,529,244 | 100.0 | % | 5.04 | % | 6.1 | ||||||
Fixed Rate Debt: | |||||||||||||
Secured – Conventional | $ | 3,517,273 | 41.2 | % | 5.49 | % | 6.2 | ||||||
Unsecured – Public/Private | 4,329,352 | 50.8 | % | 5.70 | % | 5.4 | |||||||
Fixed Rate Debt | 7,846,625 | 92.0 | % | 5.61 | % | 5.8 | |||||||
Floating Rate Debt: | |||||||||||||
Secured – Conventional | 30,516 | 0.4 | % | 3.25 | % | 1.8 | |||||||
Secured – Tax Exempt | 350,580 | 4.1 | % | 0.23 | % | 19.7 | |||||||
Unsecured – Public/Private | 301,523 | 3.5 | % | 1.83 | % | 0.2 | |||||||
Unsecured – Revolving Credit Facility | — | — | 1.35 | % | 1.5 | ||||||||
Floating Rate Debt | 682,619 | 8.0 | % | 1.35 | % | 9.8 | |||||||
Total | $ | 8,529,244 | 100.0 | % | 5.04 | % | 6.1 |
(1) | Net of the effect of any derivative instruments. Weighted average rates are for the year ended December 31, |
Weighted Average | Weighted Average | |||||||||||||||||||||||
Fixed | Floating | Rates on Fixed | Rates on | |||||||||||||||||||||
Year | Rate (1) | Rate (1) | Total | % of Total | Rate Debt (1) | Total Debt (1) | ||||||||||||||||||
2011 | $ | 906,266 | (2) | $ | 759,725 | (3) | $ | 1,665,991 | 16.8 | % | 5.28 | % | 3.49 | % | ||||||||||
2012 | 778,181 | 38,128 | 816,309 | 8.2 | % | 5.65 | % | 5.57 | % | |||||||||||||||
2013 | 269,159 | 309,828 | 578,987 | 5.8 | % | 6.72 | % | 4.89 | % | |||||||||||||||
2014 | 562,583 | 22,034 | 584,617 | 5.9 | % | 5.31 | % | 5.24 | % | |||||||||||||||
2015 | 357,713 | - | 357,713 | 3.6 | % | 6.40 | % | 6.40 | % | |||||||||||||||
2016 | 1,167,662 | - | 1,167,662 | 11.7 | % | 5.33 | % | 5.33 | % | |||||||||||||||
2017 | 1,355,830 | 456 | 1,356,286 | 13.6 | % | 5.87 | % | 5.87 | % | |||||||||||||||
2018 | 80,763 | 44,677 | 125,440 | 1.3 | % | 5.72 | % | 4.28 | % | |||||||||||||||
2019 | 801,754 | 20,766 | 822,520 | 8.3 | % | 5.49 | % | 5.36 | % | |||||||||||||||
2020 | 1,671,836 | 809 | 1,672,645 | 16.8 | % | 5.50 | % | 5.50 | % | |||||||||||||||
2021+ | 255,506 | 544,400 | 799,906 | 8.0 | % | 6.62 | % | 2.67 | % | |||||||||||||||
Total | $ | 8,207,253 | $ | 1,740,823 | $ | 9,948,076 | 100.0 | % | 5.63 | % | 4.93 | % | ||||||||||||
Fixed Rate (1) | Floating Rate (1) | Weighted Average Rates on Fixed Rate Debt (1) | Weighted Average Rates on Total Debt (1) | ||||||||||||||||||
Year | Total | % of Total | |||||||||||||||||||
2013 | $ | 224,277 | $ | 302,033 | $ | 526,310 | 6.2 | % | 6.93 | % | 4.79 | % | |||||||||
2014 | 564,302 | 22,021 | 586,323 | 6.9 | % | 5.31 | % | 5.24 | % | ||||||||||||
2015 | 417,812 | — | 417,812 | 4.9 | % | 6.30 | % | 6.30 | % | ||||||||||||
2016 | 1,190,538 | — | 1,190,538 | 14.0 | % | 5.34 | % | 5.34 | % | ||||||||||||
2017 | 1,446,120 | 456 | 1,446,576 | 17.0 | % | 5.95 | % | 5.95 | % | ||||||||||||
2018 | 81,450 | 724 | 82,174 | 1.0 | % | 5.70 | % | 5.70 | % | ||||||||||||
2019 | 802,640 | 20,766 | 823,406 | 9.6 | % | 5.49 | % | 5.36 | % | ||||||||||||
2020 | 1,672,482 | 809 | 1,673,291 | 19.6 | % | 5.50 | % | 5.50 | % | ||||||||||||
2021 | 1,188,905 | 856 | 1,189,761 | 13.9 | % | 4.64 | % | 4.64 | % | ||||||||||||
2022 | 2,401 | 905 | 3,306 | — | 5.81 | % | 5.74 | % | |||||||||||||
2023+ | 231,464 | 337,699 | 569,163 | 6.7 | % | 6.76 | % | 3.29 | % | ||||||||||||
Premium/(Discount) | 24,234 | (3,650 | ) | 20,584 | 0.2 | % | N/A | N/A | |||||||||||||
Total | $ | 7,846,625 | $ | 682,619 | $ | 8,529,244 | 100.0 | % | 5.54 | % | 5.25 | % |
(1) | Net of the effect of any derivative instruments. Weighted average rates are as of December 31, | |
Unamortized | ||||||||||||||||||
Coupon | Due | Face | Premium/ | Net | ||||||||||||||
Rate | Date | Amount | (Discount) | Balance | ||||||||||||||
Fixed Rate Notes: | ||||||||||||||||||
6.950% | 03/02/11 | $ | 93,096 | $ | 205 | $ | 93,301 | |||||||||||
6.625% | 03/15/12 | 253,858 | (229 | ) | 253,629 | |||||||||||||
5.500% | 10/01/12 | 222,133 | (383 | ) | 221,750 | |||||||||||||
5.200% | 04/01/13 | (1) | 400,000 | (266 | ) | 399,734 | ||||||||||||
Fair Value Derivative Adjustments | (1) | (300,000 | ) | - | (300,000 | ) | ||||||||||||
5.250% | 09/15/14 | 500,000 | (228 | ) | 499,772 | |||||||||||||
6.584% | 04/13/15 | 300,000 | (469 | ) | 299,531 | |||||||||||||
5.125% | 03/15/16 | 500,000 | (278 | ) | 499,722 | |||||||||||||
5.375% | 08/01/16 | 400,000 | (1,036 | ) | 398,964 | |||||||||||||
5.750% | 06/15/17 | 650,000 | (3,306 | ) | 646,694 | |||||||||||||
7.125% | 10/15/17 | 150,000 | (441 | ) | 149,559 | |||||||||||||
4.750% | 07/15/20 | 600,000 | (4,349 | ) | 595,651 | |||||||||||||
7.570% | 08/15/26 | 140,000 | - | 140,000 | ||||||||||||||
3.850% | 08/15/26 | (2) | 482,545 | (4,992 | ) | 477,553 | ||||||||||||
4,391,632 | (15,772 | ) | 4,375,860 | |||||||||||||||
Floating Rate Notes: | ||||||||||||||||||
04/01/13 | (1) | 300,000 | - | 300,000 | ||||||||||||||
Fair Value Derivative Adjustments | (1) | 9,320 | - | 9,320 | ||||||||||||||
Term Loan Facility | LIBOR+0.50% | 10/05/11 | (3)(4) | 500,000 | - | 500,000 | ||||||||||||
809,320 | - | 809,320 | ||||||||||||||||
Revolving Credit Facility: | LIBOR+0.50% | 02/28/12 | (3)(5) | - | - | - | ||||||||||||
Total Unsecured Debt | $ | 5,200,952 | $ | (15,772 | ) | $ | 5,185,180 | |||||||||||
Coupon Rate | Due Date | Face Amount | Unamortized Premium/ (Discount) | Net Balance | ||||||||||||
Fixed Rate Notes: | ||||||||||||||||
5.200% | 04/01/13 | (1) | $ | 400,000 | $ | (30 | ) | $ | 399,970 | |||||||
Fair Value Derivative Adjustments | (1) | (300,000 | ) | — | (300,000 | ) | ||||||||||
5.250% | 09/15/14 | 500,000 | (105 | ) | 499,895 | |||||||||||
6.584% | 04/13/15 | 300,000 | (248 | ) | 299,752 | |||||||||||
5.125% | 03/15/16 | 500,000 | (170 | ) | 499,830 | |||||||||||
5.375% | 08/01/16 | 400,000 | (665 | ) | 399,335 | |||||||||||
5.750% | 06/15/17 | 650,000 | (2,289 | ) | 647,711 | |||||||||||
7.125% | 10/15/17 | 150,000 | (311 | ) | 149,689 | |||||||||||
4.750% | 07/15/20 | 600,000 | (3,433 | ) | 596,567 | |||||||||||
4.625% | 12/15/21 | 1,000,000 | (3,397 | ) | 996,603 | |||||||||||
7.570% | 08/15/26 | 140,000 | — | 140,000 | ||||||||||||
4,340,000 | (10,648 | ) | 4,329,352 | |||||||||||||
Floating Rate Notes: | ||||||||||||||||
04/01/13 | (1) | 300,000 | — | 300,000 | ||||||||||||
Fair Value Derivative Adjustments | (1) | 1,523 | — | 1,523 | ||||||||||||
301,523 | — | 301,523 | ||||||||||||||
Revolving Credit Facility: | LIBOR+1.15% | 7/13/2014 | (2)(3) | — | — | — | ||||||||||
Total Unsecured Debt | $ | 4,641,523 | $ | (10,648 | ) | $ | 4,630,875 |
(1) |
(2) | ||
(3) | As of December 31, |
44
Secured Debt | $ | 4,762,896 | 47.9 | % | ||||||||||||||||
Unsecured Debt | 5,185,180 | 52.1 | % | |||||||||||||||||
Total Debt | 9,948,076 | 100.0 | % | 38.4 | % | |||||||||||||||
Common Shares (includes Restricted Shares) | 290,197,242 | 95.5 | % | |||||||||||||||||
Units (includes OP Units and LTIP Units) | 13,612,037 | 4.5 | % | |||||||||||||||||
Total Shares and Units | 303,809,279 | 100.0 | % | |||||||||||||||||
Common Share Price at December 31, 2010 | $ | 51.95 | ||||||||||||||||||
15,782,892 | 98.7 | % | ||||||||||||||||||
Perpetual Preferred Equity (see below) | 200,000 | 1.3 | % | |||||||||||||||||
Total Equity | 15,982,892 | 100.0 | % | 61.6 | % | |||||||||||||||
Total Market Capitalization | $ | 25,930,968 | 100.0 | % |
Secured Debt | $ | 3,898,369 | 45.7 | % | |||||||||||||
Unsecured Debt | 4,630,875 | 54.3 | % | ||||||||||||||
Total Debt | 8,529,244 | 100.0 | % | 30.7 | % | ||||||||||||
Common Shares (includes Restricted Shares) | 325,054,654 | 95.9 | % | ||||||||||||||
Units (includes OP Units and LTIP Units) | 13,968,758 | 4.1 | % | ||||||||||||||
Total Shares and Units | 339,023,412 | 100.0 | % | ||||||||||||||
Common Share Price at December 31, 2012 | $ | 56.67 | |||||||||||||||
19,212,457 | 99.7 | % | |||||||||||||||
Perpetual Preferred Equity (see below) | 50,000 | 0.3 | % | ||||||||||||||
Total Equity | 19,262,457 | 100.0 | % | 69.3 | % | ||||||||||||
Total Market Capitalization | $ | 27,791,701 | 100.0 | % |
Annual | Annual | Weighted | ||||||||||||||||||||||
Redemption | Outstanding | Liquidation | Dividend | Dividend | Average | |||||||||||||||||||
Series | Date | Shares | Value | Per Share | Amount | Rate | ||||||||||||||||||
Preferred Shares: | ||||||||||||||||||||||||
8.29% Series K | 12/10/26 | 1,000,000 | $ | 50,000 | $ | 4.145 | $ | 4,145 | ||||||||||||||||
6.48% Series N | 6/19/08 | 600,000 | 150,000 | 16.20 | 9,720 | |||||||||||||||||||
Total Perpetual Preferred Equity | 1,600,000 | $ | 200,000 | $ | 13,865 | 6.93 | % |
Series | Redemption Date | Outstanding Shares | Liquidation Value | Annual Dividend Per Share | Annual Dividend Amount | ||||||||||||
Preferred Shares: | |||||||||||||||||
8.29% Series K | 12/10/26 | 1,000,000 | $ | 50,000 | $ | 4.145 | $ | 4,145 | |||||||||
Total Perpetual Preferred Equity | 1,000,000 | $ | 50,000 | $ | 4,145 |
Secured Debt | $ | 3,898,369 | 45.7 | % | ||||||||||||
Unsecured Debt | 4,630,875 | 54.3 | % | |||||||||||||
Total Debt | 8,529,244 | 100.0 | % | 30.7 | % | |||||||||||
Total outstanding Units | 339,023,412 | |||||||||||||||
Common Share Price at December 31, 2012 | $ | 56.67 | ||||||||||||||
19,212,457 | 99.7 | % | ||||||||||||||
Perpetual Preference Units (see below) | 50,000 | 0.3 | % | |||||||||||||
Total Equity | 19,262,457 | 100.0 | % | 69.3 | % | |||||||||||
Total Market Capitalization | $ | 27,791,701 | 100.0 | % |
Series | Redemption Date | Outstanding Units | Liquidation Value | Annual Dividend Per Unit | Annual Dividend Amount | ||||||||||||
Preference Units: | |||||||||||||||||
8.29% Series K | 12/10/26 | 1,000,000 | $ | 50,000 | $ | 4.145 | $ | 4,145 | |||||||||
Total Perpetual Preference Units | 1,000,000 | $ | 50,000 | $ | 4,145 |
45
▪ | Replacements(inside the apartment unit). These include: |
▪ | Building improvements(outside the apartment unit). These include: |
roof replacement and major repairs; |
46
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. |
Total | Avg. Per | Avg. Per | Avg. Per | |||||||||||||||||||||||||
Apartment | Apartment | Building | Apartment | Apartment | ||||||||||||||||||||||||
Units (1) | Replacements (2) | Unit | Improvements | Unit | Total | Unit | ||||||||||||||||||||||
Same Store Properties (3) | 112,042 | $ | 70,620 | $ | 630 | $ | 54,118 | $ | 483 | $ | 124,738 | $ | 1,113 | |||||||||||||||
Non-Same Store Properties (4) | 12,824 | 4,180 | 457 | 5,547 | 607 | 9,727 | 1,064 | |||||||||||||||||||||
Other (5) | - | 1,509 | 2,234 | 3,743 | ||||||||||||||||||||||||
Total | 124,866 | $ | 76,309 | $ | 61,899 | $ | 138,208 | |||||||||||||||||||||
Total Apartment Units (1) | Replacements (2) | Avg. Per Apartment Unit | Building Improvements | Avg. Per Apartment Unit | Total | Avg. Per Apartment Unit | |||||||||||||||||||||
Same Store Properties (3) | 98,577 | $ | 65,490 | $ | 664 | $ | 55,097 | $ | 559 | $ | 120,587 | $ | 1,223 | ||||||||||||||
Non-Same Store Properties (4) | 11,754 | 7,599 | 706 | 21,788 | 2,026 | 29,387 | 2,732 | ||||||||||||||||||||
Other (5) | — | 1,723 | 1,131 | 2,854 | |||||||||||||||||||||||
Total | 110,331 | $ | 74,812 | $ | 78,016 | $ | 152,828 |
(1) | Total Apartment Units – Excludes |
(2) | Replacements – Includes new expenditures inside the apartment units such as appliances, mechanical equipment, fixtures and flooring, including carpeting. Replacements for same store properties also include |
(3) | Same Store Properties – Primarily includes all properties acquired or completed and stabilized prior to January 1, |
(4) | Non-Same Store Properties – Primarily includes all properties acquired during |
(5) | Other – Primarily includes expenditures for properties sold during the period. |
Total | Avg. Per | Avg. Per | Avg. Per | |||||||||||||||||||||||||
Apartment | Apartment | Building | Apartment | Apartment | ||||||||||||||||||||||||
Units (1) | Replacements (2) | Unit | Improvements | Unit | Total | Unit | ||||||||||||||||||||||
Same Store Properties(3) | 113,598 | $ | 69,808 | $ | 614 | $ | 44,611 | $ | 393 | $ | 114,419 | $ | 1,007 | |||||||||||||||
Non-Same Store Properties(4) | 10,728 | 2,361 | 240 | 3,675 | 374 | 6,036 | 614 | |||||||||||||||||||||
Other(5) | - | 2,130 | 1,352 | 3,482 | ||||||||||||||||||||||||
Total | 124,326 | $ | 74,299 | $ | 49,638 | $ | 123,937 | |||||||||||||||||||||
Total Apartment Units (1) | Replacements (2) | Avg. Per Apartment Unit | Building Improvements | Avg. Per Apartment Unit | Total | Avg. Per Apartment Unit | |||||||||||||||||||||
Same Store Properties (3) | 101,312 | $ | 70,937 | $ | 700 | $ | 49,674 | $ | 490 | $ | 120,611 | $ | 1,190 | ||||||||||||||
Non-Same Store Properties (4) | 15,761 | 7,505 | 658 | 13,827 | 1,211 | 21,332 | 1,869 | ||||||||||||||||||||
Other (5) | — | 2,147 | 362 | 2,509 | |||||||||||||||||||||||
Total | 117,073 | $ | 80,589 | $ | 63,863 | $ | 144,452 |
(1) | Total Apartment Units – Excludes |
(2) | Replacements – |
(3) | Same Store Properties – Primarily includes all properties acquired or completed and stabilized prior to January 1, |
(4) | Non-Same Store Properties – Primarily includes all properties acquired during |
(5) | Other – Primarily includes expenditures for properties sold during the period. |
47
48
Payments Due by Year (in thousands) | ||||||||||||||||||||||||||||
Contractual Obligations | 2011 | 2012 | 2013 | 2014 | 2015 | Thereafter | Total | |||||||||||||||||||||
Debt: | ||||||||||||||||||||||||||||
Principal (a) | $ | 1,665,991 | $ | 816,309 | $ | 578,987 | $ | 584,617 | $ | 357,713 | $ | 5,944,459 | $ | 9,948,076 | ||||||||||||||
Interest (b) | 460,045 | 407,793 | 367,642 | 344,599 | 309,043 | 1,016,041 | 2,905,163 | |||||||||||||||||||||
Operating Leases: | ||||||||||||||||||||||||||||
Minimum Rent Payments (c) | 5,478 | 4,285 | 4,431 | 4,736 | 4,729 | 320,928 | 344,587 | |||||||||||||||||||||
Other Long-Term Liabilities: | ||||||||||||||||||||||||||||
Deferred Compensation (d) | 1,457 | 1,770 | 1,485 | 1,677 | 1,677 | 9,182 | 17,248 | |||||||||||||||||||||
Total | $ | 2,132,971 | $ | 1,230,157 | $ | 952,545 | $ | 935,629 | $ | 673,162 | $ | 7,290,610 | $ | 13,215,074 | ||||||||||||||
Payments Due by Year (in thousands) | ||||||||||||||||||||||||||||
Contractual Obligations | 2013 | 2014 | 2015 | 2016 | 2017 | Thereafter | Total | |||||||||||||||||||||
Debt: | ||||||||||||||||||||||||||||
Principal (a) | $ | 526,310 | $ | 586,323 | $ | 417,812 | $ | 1,190,538 | $ | 1,446,576 | $ | 4,361,685 | $ | 8,529,244 | ||||||||||||||
Interest (b) | 432,884 | 409,840 | 371,992 | 322,266 | 246,237 | 751,660 | 2,534,879 | |||||||||||||||||||||
Operating Leases: | ||||||||||||||||||||||||||||
Minimum Rent Payments (c) | 7,462 | 8,862 | 9,501 | 9,462 | 9,415 | 691,304 | 736,006 | |||||||||||||||||||||
Other Long-Term Liabilities: | ||||||||||||||||||||||||||||
Deferred Compensation (d) | 1,179 | 1,691 | 1,691 | 1,691 | 1,692 | 6,529 | 14,473 | |||||||||||||||||||||
Total | $ | 967,835 | $ | 1,006,716 | $ | 800,996 | $ | 1,523,957 | $ | 1,703,920 | $ | 5,811,178 | $ | 11,814,602 |
(a) | Amounts include aggregate principal payments |
(b) | Amounts include interest expected to be incurred on the Company’s secured and unsecured debt based on obligations outstanding at December 31, |
(c) | Minimum basic rent due for various office space the Company leases and fixed base rent due on ground leases for |
(d) | Estimated payments to the |
49
50
Funds From Operations and Normalized Funds From Operations | Funds From Operations and Normalized Funds From Operations | |||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 295,983 | $ | 382,029 | $ | 436,413 | $ | 1,047,356 | $ | 1,147,617 | Net income | $ | 881,204 | $ | 935,197 | $ | 295,983 | $ | 382,029 | $ | 436,413 | |||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||||
Net (income) loss attributable to Noncontrolling Interests: | ||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to Noncontrolling Interests: | Net (income) attributable to Noncontrolling Interests: | |||||||||||||||||||||||||||||||||||||||
Preference Interests and Units | - | (9 | ) | (15 | ) | (441 | ) | (2,002 | ) | Preference Interests and Units | — | — | — | (9 | ) | (15 | ) | |||||||||||||||||||||||
Partially Owned Properties | 726 | 558 | (2,650 | ) | (2,200 | ) | (3,132 | ) | Partially Owned Properties | (844 | ) | (832 | ) | 726 | 558 | (2,650 | ) | |||||||||||||||||||||||
Premium on redemption of Preference Interests | - | - | - | - | (684 | ) | ||||||||||||||||||||||||||||||||||
Preferred/preference distributions | Preferred/preference distributions | (10,355 | ) | (13,865 | ) | (14,368 | ) | (14,479 | ) | (14,507 | ) | |||||||||||||||||||||||||||||
Premium on redemption of Preferred Shares/Preference Units | Premium on redemption of Preferred Shares/Preference Units | (5,152 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
Net income available to Common Shares and Units / Units | Net income available to Common Shares and Units / Units | 864,853 | 920,500 | 282,341 | 368,099 | 419,241 | ||||||||||||||||||||||||||||||||||
Adjustments: | Adjustments: | |||||||||||||||||||||||||||||||||||||||
Depreciation | 656,633 | 559,271 | 536,283 | 509,358 | 429,737 | Depreciation | 664,082 | 612,579 | 581,469 | 491,935 | 470,657 | |||||||||||||||||||||||||||||
Depreciation – Non-real estate additions | (6,788 | ) | (7,355 | ) | (8,269 | ) | (8,279 | ) | (7,840 | ) | Depreciation – Non-real estate additions | (5,346 | ) | (5,519 | ) | (6,566 | ) | (7,122 | ) | (8,034 | ) | |||||||||||||||||||
Depreciation – Partially Owned and Unconsolidated Properties | (1,619 | ) | 759 | 4,157 | 4,379 | 4,338 | Depreciation – Partially Owned and Unconsolidated Properties | (3,193 | ) | (3,062 | ) | (1,619 | ) | 759 | 4,157 | |||||||||||||||||||||||||
Net (gain) on sales of unconsolidated entities | (28,101 | ) | (10,689 | ) | (2,876 | ) | (2,629 | ) | (370 | ) | Net (gain) on sales of unconsolidated entities | — | — | (28,101 | ) | (10,689 | ) | (2,876 | ) | |||||||||||||||||||||
Discontinued operations: | Discontinued operations: | |||||||||||||||||||||||||||||||||||||||
Depreciation | 16,770 | 41,104 | 66,625 | 107,056 | 162,780 | Depreciation | 20,910 | 50,949 | 91,712 | 108,207 | 132,016 | |||||||||||||||||||||||||||||
Net (gain) on sales of discontinued operations | (297,956 | ) | (335,299 | ) | (392,857 | ) | (933,013 | ) | (1,025,803 | ) | Net (gain) on sales of discontinued operations | (548,278 | ) | (826,489 | ) | (297,956 | ) | (335,299 | ) | (392,857 | ) | |||||||||||||||||||
Net incremental gain (loss) on sales of condominium units | 1,506 | (385 | ) | (3,932 | ) | 20,771 | 48,961 | |||||||||||||||||||||||||||||||||
FFO (1)(3) | 637,154 | 629,984 | 632,879 | 742,358 | 753,602 | |||||||||||||||||||||||||||||||||||
Net incremental (loss) gain on sales of condominium units | Net incremental (loss) gain on sales of condominium units | (11 | ) | 1,993 | 1,506 | (385 | ) | (3,932 | ) | |||||||||||||||||||||||||||||||
Gain on sale of Equity Corporate Housing (ECH) | Gain on sale of Equity Corporate Housing (ECH) | 200 | 1,202 | — | — | — | ||||||||||||||||||||||||||||||||||
FFO available to Common Shares and Units / Units (1) (3) (4) | FFO available to Common Shares and Units / Units (1) (3) (4) | 993,217 | 752,153 | 622,786 | 615,505 | 618,372 | ||||||||||||||||||||||||||||||||||
Adjustments: | Adjustments: | |||||||||||||||||||||||||||||||||||||||
Asset impairment and valuation allowances | 45,380 | 11,124 | 116,418 | - | 30,000 | Asset impairment and valuation allowances | — | — | 45,380 | 11,124 | 116,418 | |||||||||||||||||||||||||||||
Property acquisition costs and write-off of pursuit costs (other expenses) | 11,928 | 6,488 | 5,760 | 1,830 | 4,661 | Property acquisition costs and write-off of pursuit costs (other expenses) | 21,649 | 14,557 | 11,928 | 6,488 | 5,760 | |||||||||||||||||||||||||||||
Debt extinguishment (gains) losses, including prepayment penalties, preferred share redemptions and non-cash convertible debt discounts | 8,594 | 34,333 | (2,784 | ) | 24,004 | 21,563 | ||||||||||||||||||||||||||||||||||
(Gains) losses on sales of non-operating assets, net of income and other tax expense (benefit) | (80 | ) | (5,737 | ) | (979 | ) | (34,450 | ) | (48,592 | ) | ||||||||||||||||||||||||||||||
Debt extinguishment (gains) losses, including prepayment penalties, preferred share/ | Debt extinguishment (gains) losses, including prepayment penalties, preferred share/ | |||||||||||||||||||||||||||||||||||||||
preference unit redemptions and non-cash convertible debt discounts | preference unit redemptions and non-cash convertible debt discounts | 16,293 | 12,300 | 8,594 | 34,333 | (2,784 | ) | |||||||||||||||||||||||||||||||||
(Gains) losses on sales of non-operating assets, net of income and other tax expense | (Gains) losses on sales of non-operating assets, net of income and other tax expense | |||||||||||||||||||||||||||||||||||||||
(benefit) | (benefit) | (255 | ) | (6,976 | ) | (80 | ) | (5,737 | ) | (979 | ) | |||||||||||||||||||||||||||||
Other miscellaneous non-comparable items | (6,186 | ) | (171 | ) | (1,725 | ) | (5,767 | ) | (20,880 | ) | Other miscellaneous non-comparable items | (147,635 | ) | (12,369 | ) | (6,186 | ) | (171 | ) | (1,725 | ) | |||||||||||||||||||
Normalized FFO available to Common Shares and Units / Units (2) (3) (4) | Normalized FFO available to Common Shares and Units / Units (2) (3) (4) | $ | 883,269 | $ | 759,665 | $ | 682,422 | $ | 661,542 | $ | 735,062 | |||||||||||||||||||||||||||||
Normalized FFO (2)(3) | $ | 696,790 | $ | 676,021 | $ | 749,569 | $ | 727,975 | $ | 740,354 | ||||||||||||||||||||||||||||||
FFO (1) (3) | FFO (1) (3) | $ | 1,008,724 | $ | 766,018 | $ | 637,154 | $ | 629,984 | $ | 632,879 | |||||||||||||||||||||||||||||
Preferred/preference distributions | Preferred/preference distributions | (10,355 | ) | (13,865 | ) | (14,368 | ) | (14,479 | ) | (14,507 | ) | |||||||||||||||||||||||||||||
Premium on redemption of Preferred Shares/Preference Units | Premium on redemption of Preferred Shares/Preference Units | (5,152 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
FFO available to Common Shares and Units / Units (1) (3) (4) | FFO available to Common Shares and Units / Units (1) (3) (4) | $ | 993,217 | $ | 752,153 | $ | 622,786 | $ | 615,505 | $ | 618,372 | |||||||||||||||||||||||||||||
FFO (1)(3) | $ | 637,154 | $ | 629,984 | $ | 632,879 | $ | 742,358 | $ | 753,602 | ||||||||||||||||||||||||||||||
Preferred distributions | (14,368 | ) | (14,479 | ) | (14,507 | ) | (22,792 | ) | (37,113 | ) | ||||||||||||||||||||||||||||||
Premium on redemption of Preferred Shares | - | - | - | (6,154 | ) | (3,965 | ) | |||||||||||||||||||||||||||||||||
FFO available to Common Shares and Units (1)(3)(4) | $ | 622,786 | $ | 615,505 | $ | 618,372 | $ | 713,412 | $ | 712,524 | ||||||||||||||||||||||||||||||
Normalized FFO (2)(3) | $ | 696,790 | $ | 676,021 | $ | 749,569 | $ | 727,975 | $ | 740,354 | ||||||||||||||||||||||||||||||
Preferred distributions | (14,368 | ) | (14,479 | ) | (14,507 | ) | (22,792 | ) | (37,113 | ) | ||||||||||||||||||||||||||||||
Premium on redemption of Preferred Shares | - | - | - | (6,154 | ) | (3,965 | ) | |||||||||||||||||||||||||||||||||
Normalized FFO available to Common Shares and Units (2)(3)(4) | $ | 682,422 | $ | 661,542 | $ | 735,062 | $ | 699,029 | $ | 699,276 | ||||||||||||||||||||||||||||||
Normalized FFO (2) (3) | Normalized FFO (2) (3) | $ | 893,624 | $ | 773,530 | $ | 696,790 | $ | 676,021 | $ | 749,569 | |||||||||||||||||||||||||||||
Preferred/preference distributions | Preferred/preference distributions | (10,355 | ) | (13,865 | ) | (14,368 | ) | (14,479 | ) | (14,507 | ) | |||||||||||||||||||||||||||||
Normalized FFO available to Common Shares and Units / Units (2) (3) (4) | Normalized FFO available to Common Shares and Units / Units (2) (3) (4) | $ | 883,269 | $ | 759,665 | $ | 682,422 | $ | 661,542 | $ | 735,062 |
(1) | The National Association of Real Estate Investment Trusts (“NAREIT”) defines funds from operations (“FFO”) (April 2002 White Paper) as net income (computed in accordance with accounting principles generally accepted in the United States (“GAAP”)), excluding gains (or losses) from sales and impairment write-downs of depreciable | |
▪ | the impact of any expenses relating to non-operating asset impairment and valuation allowances; |
▪ | property acquisition and other transaction costs related to mergers and acquisitions and pursuit cost write-offs (other expenses); |
▪ | gains and losses from early debt extinguishment, including prepayment penalties, preferred |
51
▪ | gains and losses on the sales of non-operating assets, including gains and losses from land parcel and condominium sales, net of the effect of income tax benefits or expenses; and |
▪ | other miscellaneous non-comparable items. |
(3) | The Company believes that FFO and FFO available to Common Shares and Units / Units are helpful to investors as supplemental measures of the operating performance of a real estate company, because they are recognized measures of performance by the real estate industry and by excluding gains or losses related to dispositions of depreciable property and excluding real estate depreciation (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO available to Common Shares and Units / Units can help compare the operating performance of a company’s real estate between periods or as compared to different companies. The company also believes that Normalized FFO and Normalized FFO available to Common Shares and Units / Units are helpful to investors as supplemental measures of the operating performance of a real estate company because they allow investors to compare the company’s operating performance to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual operating results. FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units do not represent net income, net income available to Common Shares / Units or net cash flows from operating activities in accordance with GAAP. Therefore, FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units should not be exclusively considered as alternatives to net income, net income available to Common Shares / Units or net cash flows from operating activities as determined by GAAP or as a measure of liquidity. The Company’s calculation of FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units may differ from other real estate companies due to, among other items, variations in cost capitalization policies for capital expenditures and, accordingly, may not be comparable to such other real estate companies. |
(4) | FFO available to Common Shares and Units / Units and Normalized FFO available to Common Shares and Units / Units are calculated on a basis consistent with net income available to Common Shares / Units and reflects adjustments to net income for preferred distributions and premiums on redemption of preferred |
Item 7A. | Quantitative and Qualitative Disclosures about Market Risk |
53
Item 8. | Financial Statements and Supplementary Data |
Item 9A. | Controls and Procedures |
54
Item 15. | Exhibits and Financial Statement Schedules. |
(1) | Financial Statements: See Index to Consolidated Financial Statements and Schedule onpage F-1 of thisForm 10-K. |
(2) | Exhibits: See the Exhibit Index. |
(3) | Financial Statement Schedules: See Index to Consolidated Financial Statements and Schedule onpage F-1 of thisForm 10-K. |
EQUITY RESIDENTIAL | |||
By: | /s/ David J. Neithercut |
ERP OPERATING LIMITED PARTNERSHIP BY: EQUITY RESIDENTIAL ITS GENERAL PARTNER | |||
By: | /s/ David J. Neithercut | ||
David J. Neithercut, President and Chief Executive Officer (Principal Executive Officer) | |||
Date: | February 21, 2013 |
Name | Title | Date | ||||
/s/ David J. Neithercut | President, Chief Executive Officer and Trustee | February 21, 2013 | ||||
David J. Neithercut | (Principal Executive Officer) | |||||
/s/ Mark J. Parrell | Executive Vice President and Chief Financial Officer | February 21, 2013 | ||||
Mark J. Parrell | (Principal Financial Officer) | |||||
/s/ Ian S. Kaufman | Senior Vice President and Chief Accounting Officer | February 21, 2013 | ||||
Ian S. Kaufman | (Principal Accounting Officer) | |||||
/s/ John W. Alexander | Trustee | February 21, 2013 | ||||
John W. Alexander | ||||||
/s/ Charles L. Atwood | Trustee | February 21, 2013 | ||||
Charles L. Atwood | ||||||
/s/ Linda Walker Bynoe | Trustee | February 21, 2013 | ||||
Linda Walker Bynoe | ||||||
/s/ | Trustee | February 21, 2013 | ||||
Mary Kay Haben | ||||||
/s/ | Trustee | February 21, 2013 | ||||
Bradley A. Keywell | ||||||
/s/ | Trustee | February 21, 2013 | ||||
John E. Neal | ||||||
/s/ Mark S. Shapiro | Trustee | February 21, 2013 | ||||
Mark S. Shapiro | ||||||
/s/ B. Joseph White | Trustee | February 21, 2013 | ||||
B. Joseph White | ||||||
/s/ Gerald A. Spector | Vice Chairman of the Board of Trustees | February 21, 2013 | ||||
Gerald A. Spector | ||||||
/s/ Samuel Zell | Chairman of the Board of Trustees | February 21, 2013 | ||||
Samuel Zell |
PAGE | ||
FINANCIAL STATEMENTS FILED AS PART OF THIS REPORT | ||
(Equity Residential) | F-2 | |
(ERP Operating Limited Partnership) | F-3 | |
Reporting (Equity Residential) | F-4 | |
Reporting (ERP Operating Limited Partnership) | F-5 | |
Financial Statements of Equity Residential: | ||
Consolidated Balance Sheets as of December 31, 2012 and 2011 | F-6 | |
December 31, 2012, 2011 and 2010 | F-7 to F-8 | |
Consolidated Statements of Cash Flows for the years ended December 31, | ||
December 31, | ||
Financial Statements of ERP Operating Limited Partnership: | ||
Consolidated Balance Sheets as of December 31, 2012 and 2011 | F-14 | |
December 31, 2012, 2011 and 2010 | ||
Consolidated Statements of Cash Flows for the years ended December 31, 2012, 2011 and 2010 | F-17 to F-19 | |
Consolidated Statements of Changes in Capital for the years ended December 31, 2012, 2011 and 2010 | F-20 to F-21 | |
Notes to Consolidated Financial Statements of Equity Residential and ERP Operating Limited Partnership | F-22 to F-62 | |
SCHEDULE FILED AS PART OF THIS REPORT | ||
Schedule III – Real Estate and Accumulated Depreciation of Equity Residential and ERP Operating Limited Partnership | S-1 to S-14 |
/s/ ERNST & YOUNG LLP | |
ERNST & YOUNG LLP | |
Chicago, Illinois | |
February 21, 2013 |
F-2
/s/ ERNST & YOUNG LLP | |
ERNST & YOUNG LLP | |
Chicago, Illinois | |
February 21, 2013 |
/s/ ERNST & YOUNG LLP | |
ERNST & YOUNG LLP | |
Chicago, Illinois | |
February 21, 2013 |
/s/ ERNST & YOUNG LLP | |
ERNST & YOUNG LLP | |
Chicago, Illinois | |
February 21, 2013 |
F-3
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
ASSETS | ||||||||
Investment in real estate | ||||||||
Land | $ | 4,110,275 | $ | 3,650,324 | ||||
Depreciable property | 15,226,512 | 13,893,521 | ||||||
Projects under development | 130,337 | 668,979 | ||||||
Land held for development | 235,247 | 252,320 | ||||||
Investment in real estate | 19,702,371 | 18,465,144 | ||||||
Accumulated depreciation | (4,337,357 | ) | (3,877,564 | ) | ||||
Investment in real estate, net | 15,365,014 | 14,587,580 | ||||||
Cash and cash equivalents | 431,408 | 193,288 | ||||||
Investments in unconsolidated entities | 3,167 | 6,995 | ||||||
Deposits – restricted | 180,987 | 352,008 | ||||||
Escrow deposits – mortgage | 12,593 | 17,292 | ||||||
Deferred financing costs, net | 42,033 | 46,396 | ||||||
Other assets | 148,992 | 213,956 | ||||||
Total assets | $ | 16,184,194 | $ | 15,417,515 | ||||
LIABILITIES AND EQUITY | ||||||||
Liabilities: | ||||||||
Mortgage notes payable | $ | 4,762,896 | $ | 4,783,446 | ||||
Notes, net | 5,185,180 | 4,609,124 | ||||||
Lines of credit | - | - | ||||||
Accounts payable and accrued expenses | 39,452 | 58,537 | ||||||
Accrued interest payable | 98,631 | 101,849 | ||||||
Other liabilities | 304,202 | 272,236 | ||||||
Security deposits | 60,812 | 59,264 | ||||||
Distributions payable | 140,905 | 100,266 | ||||||
Total liabilities | 10,592,078 | 9,984,722 | ||||||
Commitments and contingencies | ||||||||
Redeemable Noncontrolling Interests – Operating Partnership | 383,540 | 258,280 | ||||||
Equity: | ||||||||
Shareholders’ equity: | ||||||||
Preferred Shares of beneficial interest, $0.01 par value; | ||||||||
100,000,000 shares authorized; 1,600,000 shares issued | ||||||||
and outstanding as of December 31, 2010 and 1,950,925 | ||||||||
shares issued and outstanding as of December 31, 2009 | 200,000 | 208,773 | ||||||
Common Shares of beneficial interest, $0.01 par value; | ||||||||
1,000,000,000 shares authorized; 290,197,242 shares issued | ||||||||
and outstanding as of December 31, 2010 and 279,959,048 | ||||||||
shares issued and outstanding as of December 31, 2009 | 2,902 | 2,800 | ||||||
Paid in capital | 4,741,521 | 4,477,426 | ||||||
Retained earnings | 203,581 | 353,659 | ||||||
Accumulated other comprehensive (loss) income | (57,818 | ) | 4,681 | |||||
Total shareholders’ equity | 5,090,186 | 5,047,339 | ||||||
Noncontrolling Interests: | ||||||||
Operating Partnership | 110,399 | 116,120 | ||||||
Partially Owned Properties | 7,991 | 11,054 | ||||||
Total Noncontrolling Interests | 118,390 | 127,174 | ||||||
Total equity | 5,208,576 | 5,174,513 | ||||||
Total liabilities and equity | $ | 16,184,194 | $ | 15,417,515 | ||||
December 31, 2012 | December 31, 2011 | |||||||
ASSETS | ||||||||
Investment in real estate | ||||||||
Land | $ | 4,554,912 | $ | 4,367,816 | ||||
Depreciable property | 15,711,944 | 15,554,740 | ||||||
Projects under development | 387,750 | 160,190 | ||||||
Land held for development | 353,823 | 325,200 | ||||||
Investment in real estate | 21,008,429 | 20,407,946 | ||||||
Accumulated depreciation | (4,912,221 | ) | (4,539,583 | ) | ||||
Investment in real estate, net | 16,096,208 | 15,868,363 | ||||||
Cash and cash equivalents | 612,590 | 383,921 | ||||||
Investments in unconsolidated entities | 17,877 | 12,327 | ||||||
Deposits – restricted | 250,442 | 152,237 | ||||||
Escrow deposits – mortgage | 9,129 | 10,692 | ||||||
Deferred financing costs, net | 44,382 | 44,608 | ||||||
Other assets | 170,372 | 187,155 | ||||||
Total assets | $ | 17,201,000 | $ | 16,659,303 | ||||
LIABILITIES AND EQUITY | ||||||||
Liabilities: | ||||||||
Mortgage notes payable | $ | 3,898,369 | $ | 4,111,487 | ||||
Notes, net | 4,630,875 | 5,609,574 | ||||||
Lines of credit | — | — | ||||||
Accounts payable and accrued expenses | 38,372 | 35,206 | ||||||
Accrued interest payable | 76,223 | 88,121 | ||||||
Other liabilities | 304,518 | 291,289 | ||||||
Security deposits | 66,988 | 65,286 | ||||||
Distributions payable | 260,176 | 179,079 | ||||||
Total liabilities | 9,275,521 | 10,380,042 | ||||||
Commitments and contingencies | ||||||||
Redeemable Noncontrolling Interests – Operating Partnership | 398,372 | 416,404 | ||||||
Equity: | ||||||||
Shareholders’ equity: | ||||||||
Preferred Shares of beneficial interest, $0.01 par value; | ||||||||
100,000,000 shares authorized; 1,000,000 shares issued and outstanding as of December 31, 2012 and 1,600,000 shares issued and outstanding as of December 31, 2011 | 50,000 | 200,000 | ||||||
Common Shares of beneficial interest, $0.01 par value; | ||||||||
1,000,000,000 shares authorized; 325,054,654 shares issued and outstanding as of December 31, 2012 and 297,508,185 shares issued and outstanding as of December 31, 2011 | 3,251 | 2,975 | ||||||
Paid in capital | 6,542,355 | 5,047,186 | ||||||
Retained earnings | 887,355 | 615,572 | ||||||
Accumulated other comprehensive (loss) | (193,148 | ) | (196,718 | ) | ||||
Total shareholders’ equity | 7,289,813 | 5,669,015 | ||||||
Noncontrolling Interests: | ||||||||
Operating Partnership | 159,606 | 119,536 | ||||||
Partially Owned Properties | 77,688 | 74,306 | ||||||
Total Noncontrolling Interests | 237,294 | 193,842 | ||||||
Total equity | 7,527,107 | 5,862,857 | ||||||
Total liabilities and equity | $ | 17,201,000 | $ | 16,659,303 |
Year Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
REVENUES | ||||||||||||
Rental income | $ | 1,986,043 | $ | 1,846,157 | $ | 1,876,273 | ||||||
Fee and asset management | 9,476 | 10,346 | 10,715 | |||||||||
Total revenues | 1,995,519 | 1,856,503 | 1,886,988 | |||||||||
EXPENSES | ||||||||||||
Property and maintenance | 498,634 | 464,809 | 485,754 | |||||||||
Real estate taxes and insurance | 226,718 | 206,247 | 194,671 | |||||||||
Property management | 81,126 | 71,938 | 77,063 | |||||||||
Fee and asset management | 5,140 | 7,519 | 7,981 | |||||||||
Depreciation | 656,633 | 559,271 | 536,283 | |||||||||
General and administrative | 39,887 | 38,994 | 44,951 | |||||||||
Impairment | 45,380 | 11,124 | 116,418 | |||||||||
Total expenses | 1,553,518 | 1,359,902 | 1,463,121 | |||||||||
Operating income | 442,001 | 496,601 | 423,867 | |||||||||
Interest and other income | 5,469 | 16,585 | 33,337 | |||||||||
Other expenses | (11,928 | ) | (6,487 | ) | (5,760 | ) | ||||||
Interest: | ||||||||||||
Expense incurred, net | (470,654 | ) | (496,272 | ) | (482,317 | ) | ||||||
Amortization of deferred financing costs | (10,369 | ) | (12,566 | ) | (9,647 | ) | ||||||
(Loss) before income and other taxes, (loss) from | ||||||||||||
investments in unconsolidated entities, net gain (loss) on sales of | ||||||||||||
unconsolidated entities and land parcels and discontinued operations | (45,481 | ) | (2,139 | ) | (40,520 | ) | ||||||
Income and other tax (expense) benefit | (334 | ) | (2,804 | ) | (5,279 | ) | ||||||
(Loss) from investments in unconsolidated entities | (735 | ) | (2,815 | ) | (107 | ) | ||||||
Net gain on sales of unconsolidated entities | 28,101 | 10,689 | 2,876 | |||||||||
Net (loss) gain on sales of land parcels | (1,395 | ) | - | 2,976 | ||||||||
(Loss) income from continuing operations | (19,844 | ) | 2,931 | (40,054 | ) | |||||||
Discontinued operations, net | 315,827 | 379,098 | 476,467 | |||||||||
Net income | 295,983 | 382,029 | 436,413 | |||||||||
Net (income) loss attributable to Noncontrolling Interests: | ||||||||||||
Operating Partnership | (13,099 | ) | (20,305 | ) | (26,126 | ) | ||||||
Preference Interests and Units | - | (9 | ) | (15 | ) | |||||||
Partially Owned Properties | 726 | 558 | (2,650 | ) | ||||||||
Net income attributable to controlling interests | 283,610 | 362,273 | 407,622 | |||||||||
Preferred distributions | (14,368 | ) | (14,479 | ) | (14,507 | ) | ||||||
Net income available to Common Shares | $ | 269,242 | $ | 347,794 | $ | 393,115 | ||||||
Earnings per share – basic: | ||||||||||||
(Loss) from continuing operations available to Common Shares | $ | (0.11 | ) | $ | (0.04 | ) | $ | (0.20 | ) | |||
Net income available to Common Shares | $ | 0.95 | $ | 1.27 | $ | 1.46 | ||||||
Weighted average Common Shares outstanding | 282,888 | 273,609 | 270,012 | |||||||||
Earnings per share – diluted: | ||||||||||||
(Loss) from continuing operations available to Common Shares | $ | (0.11 | ) | $ | (0.04 | ) | $ | (0.20 | ) | |||
Net income available to Common Shares | $ | 0.95 | $ | 1.27 | $ | 1.46 | ||||||
Weighted average Common Shares outstanding | 282,888 | 273,609 | 270,012 | |||||||||
Year Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
REVENUES | ||||||||||||
Rental income | $ | 2,114,142 | $ | 1,874,465 | $ | 1,665,233 | ||||||
Fee and asset management | 9,573 | 9,026 | 9,476 | |||||||||
Total revenues | 2,123,715 | 1,883,491 | 1,674,709 | |||||||||
EXPENSES | ||||||||||||
Property and maintenance | 415,986 | 387,968 | 374,135 | |||||||||
Real estate taxes and insurance | 241,876 | 211,518 | 200,779 | |||||||||
Property management | 81,902 | 81,867 | 79,857 | |||||||||
Fee and asset management | 4,663 | 4,279 | 4,998 | |||||||||
Depreciation | 664,082 | 612,579 | 581,469 | |||||||||
General and administrative | 47,248 | 43,605 | 39,881 | |||||||||
Impairment | — | — | 45,380 | |||||||||
Total expenses | 1,455,757 | 1,341,816 | 1,326,499 | |||||||||
Operating income | 667,958 | 541,675 | 348,210 | |||||||||
Interest and other income | 150,547 | 7,965 | 5,118 | |||||||||
Other expenses | (27,361 | ) | (14,292 | ) | (11,792 | ) | ||||||
Interest: | ||||||||||||
Expense incurred, net | (457,666 | ) | (464,277 | ) | (460,748 | ) | ||||||
Amortization of deferred financing costs | (21,370 | ) | (16,766 | ) | (9,576 | ) | ||||||
Income (loss) before income and other taxes, (loss) from investments in unconsolidated entities, net gain (loss) on sales of unconsolidated entities and land parcels and discontinued operations | 312,108 | 54,305 | (128,788 | ) | ||||||||
Income and other tax (expense) benefit | (539 | ) | (728 | ) | (291 | ) | ||||||
(Loss) from investments in unconsolidated entities | (14 | ) | — | (735 | ) | |||||||
Net gain on sales of unconsolidated entities | — | — | 28,101 | |||||||||
Net gain (loss) on sales of land parcels | — | 4,217 | (1,395 | ) | ||||||||
Income (loss) from continuing operations | 311,555 | 57,794 | (103,108 | ) | ||||||||
Discontinued operations, net | 569,649 | 877,403 | 399,091 | |||||||||
Net income | 881,204 | 935,197 | 295,983 | |||||||||
Net (income) loss attributable to Noncontrolling Interests: | ||||||||||||
Operating Partnership | (38,641 | ) | (40,780 | ) | (13,099 | ) | ||||||
Partially Owned Properties | (844 | ) | (832 | ) | 726 | |||||||
Net income attributable to controlling interests | 841,719 | 893,585 | 283,610 | |||||||||
Preferred distributions | (10,355 | ) | (13,865 | ) | (14,368 | ) | ||||||
Premium on redemption of Preferred Shares | (5,152 | ) | — | — | ||||||||
Net income available to Common Shares | $ | 826,212 | $ | 879,720 | $ | 269,242 | ||||||
Earnings per share – basic: | ||||||||||||
Income (loss) from continuing operations available to Common Shares | $ | 0.93 | $ | 0.14 | $ | (0.39 | ) | |||||
Net income available to Common Shares | $ | 2.73 | $ | 2.98 | $ | 0.95 | ||||||
Weighted average Common Shares outstanding | 302,701 | 294,856 | 282,888 | |||||||||
Earnings per share – diluted: | ||||||||||||
Income (loss) from continuing operations available to Common Shares | $ | 0.92 | $ | 0.14 | $ | (0.39 | ) | |||||
Net income available to Common Shares | $ | 2.70 | $ | 2.95 | $ | 0.95 | ||||||
Weighted average Common Shares outstanding | 319,766 | 312,065 | 282,888 |
Year Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
Comprehensive income: | ||||||||||||
Net income | $ | 295,983 | $ | 382,029 | $ | 436,413 | ||||||
Other comprehensive (loss) income – derivative instruments: | ||||||||||||
Unrealized holding (losses) gains arising during the year | (65,894 | ) | 37,676 | (23,815 | ) | |||||||
Losses reclassified into earnings from other comprehensive income | 3,338 | 3,724 | 2,696 | |||||||||
Other | - | 449 | - | |||||||||
Other comprehensive income (loss) – other instruments: | ||||||||||||
Unrealized holding gains arising during the year | 57 | 3,574 | 1,202 | |||||||||
(Gains) realized during the year | - | (4,943 | ) | - | ||||||||
Comprehensive income | 233,484 | 422,509 | 416,496 | |||||||||
Comprehensive (income) attributable to Noncontrolling Interests | (12,373 | ) | (19,756 | ) | (28,791 | ) | ||||||
Comprehensive income attributable to controlling interests | $ | 221,111 | $ | 402,753 | $ | 387,705 | ||||||
Year Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Comprehensive income: | ||||||||||||
Net income | $ | 881,204 | $ | 935,197 | $ | 295,983 | ||||||
Other comprehensive income (loss): | ||||||||||||
Other comprehensive income (loss) – derivative instruments: | ||||||||||||
Unrealized holding (losses) arising during the year | (11,772 | ) | (143,598 | ) | (65,894 | ) | ||||||
Losses reclassified into earnings from other comprehensive income | 14,678 | 4,343 | 3,338 | |||||||||
Other comprehensive income – other instruments: | ||||||||||||
Unrealized holding gains arising during the year | 664 | 355 | 57 | |||||||||
Other comprehensive income (loss) | 3,570 | (138,900 | ) | (62,499 | ) | |||||||
Comprehensive income | 884,774 | 796,297 | 233,484 | |||||||||
Comprehensive (income) attributable to Noncontrolling Interests | (39,485 | ) | (41,612 | ) | (12,373 | ) | ||||||
Comprehensive income attributable to controlling interests | $ | 845,289 | $ | 754,685 | $ | 221,111 |
Year Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income | $ | 295,983 | $ | 382,029 | $ | 436,413 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation | 673,403 | 600,375 | 602,908 | |||||||||
Amortization of deferred financing costs | 10,406 | 13,127 | 9,701 | |||||||||
Amortization of discounts on investment securities | - | (1,661 | ) | (365 | ) | |||||||
Amortization of discounts and premiums on debt | (471 | ) | 5,857 | 9,730 | ||||||||
Amortization of deferred settlements on derivative instruments | 2,804 | 2,228 | 1,317 | |||||||||
Impairment | 45,380 | 11,124 | 116,418 | |||||||||
Write-off of pursuit costs | 5,272 | 4,838 | 5,535 | |||||||||
Property acquisition costs | 6,656 | 1,650 | 225 | |||||||||
Loss from investments in unconsolidated entities | 735 | 2,815 | 107 | |||||||||
Distributions from unconsolidated entities – return on capital | 61 | 153 | 116 | |||||||||
Net (gain) on sales of investment securities | - | (4,943 | ) | - | ||||||||
Net (gain) on sales of unconsolidated entities | (28,101 | ) | (10,689 | ) | (2,876 | ) | ||||||
Net loss (gain) on sales of land parcels | 1,395 | - | (2,976 | ) | ||||||||
Net (gain) on sales of discontinued operations | (297,956 | ) | (335,299 | ) | (392,857 | ) | ||||||
Loss (gain) on debt extinguishments | 2,457 | 17,525 | (18,656 | ) | ||||||||
Unrealized loss (gain) on derivative instruments | 1 | (3 | ) | 500 | ||||||||
Compensation paid with Company Common Shares | 18,875 | 17,843 | 22,311 | |||||||||
Changes in assets and liabilities: | ||||||||||||
Decrease (increase) in deposits – restricted | 3,316 | 3,117 | (1,903 | ) | ||||||||
(Increase) decrease in other assets | (9,048 | ) | 11,768 | (1,488 | ) | |||||||
(Decrease) in accounts payable and accrued expenses | (5,454 | ) | (34,524 | ) | (821 | ) | ||||||
(Decrease) in accrued interest payable | (4,000 | ) | (11,997 | ) | (10,871 | ) | ||||||
Increase (decrease) in other liabilities | 9,972 | 2,220 | (19,412 | ) | ||||||||
Increase (decrease) in security deposits | 1,007 | (5,091 | ) | 2,196 | ||||||||
Net cash provided by operating activities | 732,693 | 672,462 | 755,252 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Investment in real estate – acquisitions | (1,189,210 | ) | (175,531 | ) | (388,083 | ) | ||||||
Investment in real estate – development/other | (131,301 | ) | (330,623 | ) | (521,546 | ) | ||||||
Improvements to real estate | (138,208 | ) | (123,937 | ) | (169,838 | ) | ||||||
Additions to non-real estate property | (2,991 | ) | (2,028 | ) | (2,327 | ) | ||||||
Interest capitalized for real estate under development | (13,008 | ) | (34,859 | ) | (60,072 | ) | ||||||
Proceeds from disposition of real estate, net | 672,700 | 887,055 | 887,576 | |||||||||
Distributions from unconsolidated entities – return of capital | 26,924 | 6,521 | 3,034 | |||||||||
Purchase of investment securities | - | (77,822 | ) | (158,367 | ) | |||||||
Proceeds from sale of investment securities | 25,000 | 215,753 | - | |||||||||
Property acquisition costs | (6,656 | ) | (1,650 | ) | (225 | ) | ||||||
Decrease (increase) in deposits on real estate acquisitions, net | 137,106 | (250,257 | ) | 65,395 | ||||||||
Decrease in mortgage deposits | 4,699 | 2,437 | 445 | |||||||||
Consolidation of previously unconsolidated properties | (26,854 | ) | - | - | ||||||||
Deconsolidation of previously consolidated properties | 11,708 | - | - | |||||||||
Acquisition of Noncontrolling Interests – Partially Owned Properties | (16,023 | ) | (11,480 | ) | (20 | ) | ||||||
Net cash (used for) provided by investing activities | (646,114 | ) | 103,579 | (344,028 | ) | |||||||
Year Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income | $ | 881,204 | $ | 935,197 | $ | 295,983 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation | 684,992 | 663,616 | 673,403 | |||||||||
Amortization of deferred financing costs | 21,435 | 17,846 | 10,406 | |||||||||
Amortization of discounts and premiums on debt | (8,181 | ) | (1,478 | ) | (471 | ) | ||||||
Amortization of deferred settlements on derivative instruments | 14,144 | 3,808 | 2,804 | |||||||||
Impairment | — | — | 45,380 | |||||||||
Write-off of pursuit costs | 9,056 | 5,075 | 5,272 | |||||||||
Income from technology investments | — | (4,537 | ) | — | ||||||||
Loss from investments in unconsolidated entities | 14 | — | 735 | |||||||||
Distributions from unconsolidated entities – return on capital | 575 | 319 | 61 | |||||||||
Net (gain) on sales of unconsolidated entities | — | — | (28,101 | ) | ||||||||
Net (gain) loss on sales of land parcels | — | (4,217 | ) | 1,395 | ||||||||
Net (gain) on sales of discontinued operations | (548,278 | ) | (826,489 | ) | (297,956 | ) | ||||||
Loss on debt extinguishments | 272 | — | 2,457 | |||||||||
Unrealized (gain) loss on derivative instruments | (1 | ) | 186 | 1 | ||||||||
Compensation paid with Company Common Shares | 24,832 | 21,177 | 18,875 | |||||||||
Changes in assets and liabilities: | ||||||||||||
(Increase) decrease in deposits – restricted | (4,091 | ) | 4,523 | 3,316 | ||||||||
(Increase) in other assets | (20,411 | ) | (2,743 | ) | (9,048 | ) | ||||||
(Decrease) increase in accounts payable and accrued expenses | (2,102 | ) | 332 | (5,454 | ) | |||||||
(Decrease) in accrued interest payable | (11,898 | ) | (10,510 | ) | (4,000 | ) | ||||||
Increase (decrease) in other liabilities | 2,987 | (8,245 | ) | 9,972 | ||||||||
Increase in security deposits | 1,702 | 4,474 | 1,007 | |||||||||
Net cash provided by operating activities | 1,046,251 | 798,334 | 726,037 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Investment in real estate – acquisitions | (843,976 | ) | (1,441,599 | ) | (1,189,210 | ) | ||||||
Investment in real estate – development/other | (180,409 | ) | (120,741 | ) | (131,301 | ) | ||||||
Improvements to real estate | (152,828 | ) | (144,452 | ) | (138,208 | ) | ||||||
Additions to non-real estate property | (8,821 | ) | (7,110 | ) | (2,991 | ) | ||||||
Interest capitalized for real estate and unconsolidated entities under development | (22,509 | ) | (9,108 | ) | (13,008 | ) | ||||||
Proceeds from disposition of real estate, net | 1,049,219 | 1,500,583 | 672,700 | |||||||||
Investments in unconsolidated entities | (5,291 | ) | (2,021 | ) | — | |||||||
Distributions from unconsolidated entities – return of capital | — | — | 26,924 | |||||||||
Proceeds from sale of investment securities | — | — | 25,000 | |||||||||
Proceeds from technology investments | — | 4,537 | — | |||||||||
(Increase) decrease in deposits on real estate acquisitions and investments, net | (97,984 | ) | 7,631 | 137,106 | ||||||||
Decrease in mortgage deposits | 1,563 | 1,901 | 4,699 | |||||||||
Consolidation of previously unconsolidated properties | — | — | (26,854 | ) | ||||||||
Deconsolidation of previously consolidated properties | — | 28,360 | 11,708 | |||||||||
Acquisition of Noncontrolling Interests – Partially Owned Properties | (13 | ) | (12,809 | ) | (16,023 | ) | ||||||
Net cash (used for) investing activities | (261,049 | ) | (194,828 | ) | (639,458 | ) |
Year Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Loan and bond acquisition costs | $ | (8,811 | ) | $ | (9,291 | ) | $ | (9,233 | ) | |||
Mortgage notes payable: | ||||||||||||
Proceeds | 173,561 | 738,798 | 1,841,453 | |||||||||
Restricted cash | 73,232 | 46,664 | 37,262 | |||||||||
Lump sum payoffs | (635,285 | ) | (939,022 | ) | (411,391 | ) | ||||||
Scheduled principal repayments | (16,769 | ) | (17,763 | ) | (24,034 | ) | ||||||
(Loss) gain on debt extinguishments | (2,457 | ) | 2,400 | (81 | ) | |||||||
Notes, net: | ||||||||||||
Proceeds | 595,422 | - | - | |||||||||
Lump sum payoffs | - | (850,115 | ) | (304,043 | ) | |||||||
(Loss) gain on debt extinguishments | - | (19,925 | ) | 18,737 | ||||||||
Lines of credit: | ||||||||||||
Proceeds | 5,513,125 | - | 841,000 | |||||||||
Repayments | (5,513,125 | ) | - | (980,000 | ) | |||||||
(Payments on) proceeds from settlement of derivative instruments | (10,040 | ) | 11,253 | (26,781 | ) | |||||||
Proceeds from sale of Common Shares | 329,452 | 86,184 | - | |||||||||
Proceeds from Employee Share Purchase Plan (ESPP) | 5,112 | 5,292 | 6,170 | |||||||||
Proceeds from exercise of options | 71,596 | 9,136 | 24,634 | |||||||||
Common Shares repurchased and retired | (1,887 | ) | (1,124 | ) | (12,548 | ) | ||||||
Redemption of Preferred Shares | (877 | ) | - | - | ||||||||
Payment of offering costs | (4,657 | ) | (2,536 | ) | (102 | ) | ||||||
Other financing activities, net | (48 | ) | (16 | ) | (16 | ) | ||||||
Contributions – Noncontrolling Interests – Partially Owned Properties | 222 | 893 | 2,083 | |||||||||
Contributions – Noncontrolling Interests – Operating Partnership | - | 78 | - | |||||||||
Distributions: | ||||||||||||
Common Shares | (379,969 | ) | (488,604 | ) | (522,195 | ) | ||||||
Preferred Shares | (14,471 | ) | (14,479 | ) | (14,521 | ) | ||||||
Preference Interests and Units | - | (12 | ) | (15 | ) | |||||||
Noncontrolling Interests – Operating Partnership | (18,867 | ) | (28,935 | ) | (34,584 | ) | ||||||
Noncontrolling Interests – Partially Owned Properties | (2,918 | ) | (2,423 | ) | (3,056 | ) | ||||||
Net cash provided by (used for) financing activities | 151,541 | (1,473,547 | ) | 428,739 | ||||||||
Net increase (decrease) in cash and cash equivalents | 238,120 | (697,506 | ) | 839,963 | ||||||||
Cash and cash equivalents, beginning of year | 193,288 | 890,794 | 50,831 | |||||||||
Cash and cash equivalents, end of year | $ | 431,408 | $ | 193,288 | $ | 890,794 | ||||||
Year Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Loan and bond acquisition costs | $ | (21,209 | ) | $ | (20,421 | ) | $ | (8,811 | ) | |||
Mortgage notes payable: | ||||||||||||
Proceeds | 26,495 | 190,905 | 173,561 | |||||||||
Restricted cash | 2,370 | 16,596 | 73,232 | |||||||||
Lump sum payoffs | (350,247 | ) | (974,956 | ) | (635,285 | ) | ||||||
Scheduled principal repayments | (14,088 | ) | (16,726 | ) | (16,769 | ) | ||||||
(Loss) on debt extinguishments | (272 | ) | — | (2,457 | ) | |||||||
Notes, net: | ||||||||||||
Proceeds | — | 996,190 | 595,422 | |||||||||
Lump sum payoffs | (975,991 | ) | (575,641 | ) | — | |||||||
Lines of credit: | ||||||||||||
Proceeds | 5,876,000 | 1,455,000 | 5,513,125 | |||||||||
Repayments | (5,876,000 | ) | (1,455,000 | ) | (5,513,125 | ) | ||||||
(Payments on) settlement of derivative instruments | — | (147,306 | ) | (10,040 | ) | |||||||
Proceeds from sale of Common Shares | 1,417,040 | 173,484 | 329,452 | |||||||||
Proceeds from Employee Share Purchase Plan (ESPP) | 5,399 | 5,262 | 5,112 | |||||||||
Proceeds from exercise of options | 49,039 | 95,322 | 71,596 | |||||||||
Common Shares repurchased and retired | — | — | (1,887 | ) | ||||||||
Redemption of Preferred Shares | (150,000 | ) | — | (877 | ) | |||||||
Premium on redemption of Preferred Shares | (23 | ) | — | — | ||||||||
Payment of offering costs | (39,359 | ) | (3,596 | ) | (4,657 | ) | ||||||
Other financing activities, net | (48 | ) | (48 | ) | (48 | ) | ||||||
Contributions – Noncontrolling Interests – Partially Owned Properties | 8,221 | 75,911 | 222 | |||||||||
Contributions – Noncontrolling Interests – Operating Partnership | 5 | — | — | |||||||||
Distributions: | ||||||||||||
Common Shares | (473,451 | ) | (432,023 | ) | (379,969 | ) | ||||||
Preferred Shares | (13,416 | ) | (12,829 | ) | (14,471 | ) | ||||||
Noncontrolling Interests – Operating Partnership | (21,915 | ) | (20,002 | ) | (18,867 | ) | ||||||
Noncontrolling Interests – Partially Owned Properties | (5,083 | ) | (1,115 | ) | (2,918 | ) | ||||||
Net cash (used for) provided by financing activities | (556,533 | ) | (650,993 | ) | 151,541 | |||||||
Net increase (decrease) in cash and cash equivalents | 228,669 | (47,487 | ) | 238,120 | ||||||||
Cash and cash equivalents, beginning of year | 383,921 | 431,408 | 193,288 | |||||||||
Cash and cash equivalents, end of year | $ | 612,590 | $ | 383,921 | $ | 431,408 |
Year Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
SUPPLEMENTAL INFORMATION: | ||||||||||||
Cash paid for interest, net of amounts capitalized | $ | 475,374 | $ | 508,847 | $ | 491,803 | ||||||
Net cash (received) paid for income and other taxes | $ | (2,740 | ) | $ | 3,968 | $ | (1,252 | ) | ||||
Real estate acquisitions/dispositions/other: | ||||||||||||
Mortgage loans assumed | $ | 359,082 | $ | - | $ | 24,946 | ||||||
Valuation of OP Units issued | $ | 8,245 | $ | 1,034 | $ | 849 | ||||||
Mortgage loans (assumed) by purchaser | $ | (39,999 | ) | $ | (17,313 | ) | $ | - | ||||
Amortization of deferred financing costs: | ||||||||||||
Investment in real estate, net | $ | (2,768 | ) | $ | (3,585 | ) | $ | (1,986 | ) | |||
Deferred financing costs, net | $ | 13,174 | $ | 16,712 | $ | 11,687 | ||||||
Amortization of discounts and premiums on debt: | ||||||||||||
Investment in real estate, net | $ | - | $ | (3 | ) | $ | (6 | ) | ||||
Mortgage notes payable | $ | (9,208 | ) | $ | (6,097 | ) | $ | (6,287 | ) | |||
Notes, net | $ | 8,737 | $ | 11,957 | $ | 16,023 | ||||||
Amortization of deferred settlements on derivative instruments: | ||||||||||||
Other liabilities | $ | (534 | ) | $ | (1,496 | ) | $ | (1,379 | ) | |||
Accumulated other comprehensive income | $ | 3,338 | $ | 3,724 | $ | 2,696 | ||||||
Unrealized loss (gain) on derivative instruments: | ||||||||||||
Other assets | $ | 13,019 | $ | (33,261 | ) | $ | (6,680 | ) | ||||
Mortgage notes payable | $ | (163 | ) | $ | (1,887 | ) | $ | 6,272 | ||||
Notes, net | $ | 7,497 | $ | 719 | $ | 1,846 | ||||||
Other liabilities | $ | 45,542 | $ | (3,250 | ) | $ | 22,877 | |||||
Accumulated other comprehensive (loss) income | $ | (65,894 | ) | $ | 37,676 | $ | (23,815 | ) | ||||
(Payments on) proceeds from settlement of derivative instruments: | ||||||||||||
Other assets | $ | - | $ | 11,253 | $ | (98 | ) | |||||
Other liabilities | $ | (10,040 | ) | $ | - | $ | (26,683 | ) | ||||
Consolidation of previously unconsolidated properties: | ||||||||||||
Investment in real estate, net | $ | (105,065 | ) | $ | - | $ | - | |||||
Investments in unconsolidated entities | $ | 7,376 | $ | - | $ | - | ||||||
Deposits – restricted | $ | (42,633 | ) | $ | - | $ | - | |||||
Mortgage notes payable | $ | 112,631 | $ | - | $ | - | ||||||
Net other assets recorded | $ | 837 | $ | - | $ | - | ||||||
Deconsolidation of previously consolidated properties: | ||||||||||||
Investment in real estate, net | $ | 14,875 | $ | - | $ | - | ||||||
Investments in unconsolidated entities | $ | (3,167 | ) | $ | - | $ | - | |||||
Other | ||||||||||||
Receivable on sale of Common Shares | $ | 37,550 | $ | - | $ | - | ||||||
Transfer from notes, net to mortgage notes payable | $ | 35,600 | $ | - | $ | - | ||||||
Year Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
SUPPLEMENTAL INFORMATION: | ||||||||||||
Cash paid for interest, net of amounts capitalized | $ | 464,937 | $ | 477,434 | $ | 475,374 | ||||||
Net cash paid (received) for income and other taxes | $ | 673 | $ | 645 | $ | (2,740 | ) | |||||
Real estate acquisitions/dispositions/other: | ||||||||||||
Mortgage loans assumed | $ | 137,644 | $ | 158,240 | $ | 359,082 | ||||||
Valuation of OP Units issued | $ | 66,606 | $ | — | $ | 8,245 | ||||||
Mortgage loans (assumed) by purchaser | $ | — | $ | — | $ | (39,999 | ) | |||||
Amortization of deferred financing costs: | ||||||||||||
Investment in real estate, net | $ | — | $ | — | $ | (2,768 | ) | |||||
Deferred financing costs, net | $ | 21,435 | $ | 17,846 | $ | 13,174 | ||||||
Amortization of discounts and premiums on debt: | ||||||||||||
Mortgage notes payable | $ | (10,333 | ) | $ | (8,260 | ) | $ | (9,208 | ) | |||
Notes, net | $ | 2,152 | $ | 6,782 | $ | 8,737 | ||||||
Amortization of deferred settlements on derivative instruments: | ||||||||||||
Other liabilities | $ | (534 | ) | $ | (535 | ) | $ | (534 | ) | |||
Accumulated other comprehensive income | $ | 14,678 | $ | 4,343 | $ | 3,338 | ||||||
Unrealized (gain) loss on derivative instruments: | ||||||||||||
Other assets | $ | 7,448 | $ | 6,826 | $ | 13,019 | ||||||
Mortgage notes payable | $ | (2,589 | ) | $ | (612 | ) | $ | (163 | ) | |||
Notes, net | $ | (4,860 | ) | $ | (2,937 | ) | $ | 7,497 | ||||
Other liabilities | $ | 11,772 | $ | 140,507 | $ | 45,542 | ||||||
Accumulated other comprehensive income | $ | (11,772 | ) | $ | (143,598 | ) | $ | (65,894 | ) | |||
Interest capitalized for real estate and unconsolidated entities under development: | ||||||||||||
Investment in real estate, net | $ | (21,661 | ) | $ | (8,785 | ) | $ | (13,008 | ) | |||
Investments in unconsolidated entities | $ | (848 | ) | $ | (323 | ) | $ | — | ||||
Consolidation of previously unconsolidated properties: | ||||||||||||
Investment in real estate, net | $ | — | $ | — | $ | (105,065 | ) | |||||
Investments in unconsolidated entities | $ | — | $ | — | $ | 7,376 | ||||||
Deposits – restricted | $ | — | $ | — | $ | (42,633 | ) | |||||
Mortgage notes payable | $ | — | $ | — | $ | 112,631 | ||||||
Net other assets recorded | $ | — | $ | — | $ | 837 | ||||||
Deconsolidation of previously consolidated properties: | ||||||||||||
Investment in real estate, net | $ | — | $ | 35,495 | $ | 14,875 | ||||||
Investments in unconsolidated entities | $ | — | $ | (7,135 | ) | $ | (3,167 | ) | ||||
(Payments on) settlement of derivative instruments: | ||||||||||||
Other liabilities | $ | — | $ | (147,306 | ) | $ | (10,040 | ) | ||||
Other: | ||||||||||||
Receivable on sale of Common Shares | $ | 28,457 | $ | — | $ | 37,550 | ||||||
Transfer from notes, net to mortgage notes payable | $ | — | $ | — | $ | 35,600 |
Year Ended December 31, | ||||||||||||
SHAREHOLDERS’ EQUITY | 2010 | 2009 | 2008 | |||||||||
PREFERRED SHARES | ||||||||||||
Balance, beginning of year | $ | 208,773 | $ | 208,786 | $ | 209,662 | ||||||
Redemption of 7.00% Series E Cumulative Convertible | (834 | ) | - | - | ||||||||
Conversion of 7.00% Series E Cumulative Convertible | (7,378 | ) | (13 | ) | (828 | ) | ||||||
Conversion of 7.00% Series H Cumulative Convertible | (561 | ) | - | (48 | ) | |||||||
Balance, end of year | $ | 200,000 | $ | 208,773 | $ | 208,786 | ||||||
COMMON SHARES, $0.01 PAR VALUE | ||||||||||||
Balance, beginning of year | $ | 2,800 | $ | 2,728 | $ | 2,696 | ||||||
Conversion of Preferred Shares into Common Shares | 3 | - | - | |||||||||
Conversion of OP Units into Common Shares | 9 | 27 | 17 | |||||||||
Issuance of Common Shares | 61 | 35 | - | |||||||||
Exercise of share options | 25 | 4 | 10 | |||||||||
Employee Share Purchase Plan (ESPP) | 2 | 3 | 2 | |||||||||
Share-based employee compensation expense: | ||||||||||||
Restricted/performance shares | 2 | 3 | 5 | |||||||||
Common Shares repurchased and retired | - | - | (2 | ) | ||||||||
Balance, end of year | $ | 2,902 | $ | 2,800 | $ | 2,728 | ||||||
PAID IN CAPITAL | ||||||||||||
Balance, beginning of year | $ | 4,477,426 | $ | 4,273,489 | $ | 4,134,209 | ||||||
Common Share Issuance: | ||||||||||||
Conversion of Preferred Shares into Common Shares | 7,936 | 13 | 876 | |||||||||
Conversion of OP Units into Common Shares | 19,713 | 48,776 | 49,884 | |||||||||
Issuance of Common Shares | 291,841 | 123,699 | - | |||||||||
Exercise of share options | 71,571 | 9,132 | 24,624 | |||||||||
Employee Share Purchase Plan (ESPP) | 5,110 | 5,289 | 6,168 | |||||||||
Share-based employee compensation expense: | ||||||||||||
Performance shares | - | 179 | (8 | ) | ||||||||
Restricted shares | 9,779 | 11,129 | 17,273 | |||||||||
Share options | 7,421 | 5,996 | 5,846 | |||||||||
ESPP discount | 1,290 | 1,303 | 1,289 | |||||||||
Common Shares repurchased and retired | (1,887 | ) | (1,124 | ) | (7,906 | ) | ||||||
Offering costs | (4,657 | ) | (2,536 | ) | (102 | ) | ||||||
Supplemental Executive Retirement Plan (SERP) | 8,559 | 27,809 | (7,304 | ) | ||||||||
Acquisition of Noncontrolling Interests – Partially Owned Properties | (16,888 | ) | (1,496 | ) | - | |||||||
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership | (129,918 | ) | (14,544 | ) | 65,524 | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | (5,775 | ) | (9,688 | ) | (16,884 | ) | ||||||
Balance, end of year | $ | 4,741,521 | $ | 4,477,426 | $ | 4,273,489 | ||||||
Year Ended December 31, | ||||||||||||
SHAREHOLDERS’ EQUITY | 2012 | 2011 | 2010 | |||||||||
PREFERRED SHARES | ||||||||||||
Balance, beginning of year | $ | 200,000 | $ | 200,000 | $ | 208,773 | ||||||
Redemption of 6.48% Series N Cumulative Redeemable | (150,000 | ) | — | — | ||||||||
Redemption of 7.00% Series E Cumulative Convertible | — | — | (834 | ) | ||||||||
Conversion of 7.00% Series E Cumulative Convertible | — | — | (7,378 | ) | ||||||||
Conversion of 7.00% Series H Cumulative Convertible | — | — | (561 | ) | ||||||||
Balance, end of year | $ | 50,000 | $ | 200,000 | $ | 200,000 | ||||||
COMMON SHARES, $0.01 PAR VALUE | ||||||||||||
Balance, beginning of year | $ | 2,975 | $ | 2,902 | $ | 2,800 | ||||||
Conversion of Preferred Shares into Common Shares | — | — | 3 | |||||||||
Conversion of OP Units into Common Shares | 7 | 3 | 9 | |||||||||
Issuance of Common Shares | 250 | 39 | 61 | |||||||||
Exercise of share options | 16 | 29 | 25 | |||||||||
Employee Share Purchase Plan (ESPP) | 1 | 1 | 2 | |||||||||
Conversion of restricted shares to LTIP Units | — | (1 | ) | — | ||||||||
Share-based employee compensation expense: | ||||||||||||
Restricted shares | 2 | 2 | 2 | |||||||||
Balance, end of year | $ | 3,251 | $ | 2,975 | $ | 2,902 | ||||||
PAID IN CAPITAL | ||||||||||||
Balance, beginning of year | $ | 5,047,186 | $ | 4,741,521 | $ | 4,477,426 | ||||||
Common Share Issuance: | ||||||||||||
Conversion of Preferred Shares into Common Shares | — | — | 7,936 | |||||||||
Conversion of OP Units into Common Shares | 18,922 | 8,577 | 19,713 | |||||||||
Issuance of Common Shares | 1,388,333 | 201,903 | 291,841 | |||||||||
Exercise of share options | 49,023 | 95,293 | 71,571 | |||||||||
Employee Share Purchase Plan (ESPP) | 5,398 | 5,261 | 5,110 | |||||||||
Conversion of restricted shares to LTIP Units | — | (3,933 | ) | — | ||||||||
Share-based employee compensation expense: | ||||||||||||
Restricted shares | 8,934 | 9,100 | 9,779 | |||||||||
Share options | 11,752 | 9,545 | 7,421 | |||||||||
ESPP discount | 965 | 1,194 | 1,290 | |||||||||
Common Shares repurchased and retired | — | — | (1,887 | ) | ||||||||
Offering costs | (39,359 | ) | (3,596 | ) | (4,657 | ) | ||||||
Premium on redemption of Preferred Shares – original issuance costs | 5,129 | — | — | |||||||||
Supplemental Executive Retirement Plan (SERP) | 282 | 10,765 | 8,559 | |||||||||
Acquisition of Noncontrolling Interests – Partially Owned Properties | 1,293 | (4,784 | ) | (16,888 | ) | |||||||
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership | 38,734 | (22,714 | ) | (129,918 | ) | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 5,763 | (946 | ) | (5,775 | ) | |||||||
Balance, end of year | $ | 6,542,355 | $ | 5,047,186 | $ | 4,741,521 |
Year Ended December 31, | ||||||||||||
SHAREHOLDERS’ EQUITY (continued) | 2010 | 2009 | 2008 | |||||||||
RETAINED EARNINGS | ||||||||||||
Balance, beginning of year | $ | 353,659 | $ | 456,152 | $ | 586,685 | ||||||
Net income attributable to controlling interests | 283,610 | 362,273 | 407,622 | |||||||||
Common Share distributions | (419,320 | ) | (450,287 | ) | (523,648 | ) | ||||||
Preferred Share distributions | (14,368 | ) | (14,479 | ) | (14,507 | ) | ||||||
Balance, end of year | $ | 203,581 | $ | 353,659 | $ | 456,152 | ||||||
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||
Balance, beginning of year | $ | 4,681 | $ | (35,799 | ) | $ | (15,882 | ) | ||||
Accumulated other comprehensive (loss) income – derivative instruments: | ||||||||||||
Unrealized holding (losses) gains arising during the year | (65,894 | ) | 37,676 | (23,815 | ) | |||||||
Losses reclassified into earnings from other comprehensive income | 3,338 | 3,724 | 2,696 | |||||||||
Other | - | 449 | - | |||||||||
Accumulated other comprehensive income (loss) – other instruments: | ||||||||||||
Unrealized holding gains arising during the year | 57 | 3,574 | 1,202 | |||||||||
(Gains) realized during the year | - | (4,943 | ) | - | ||||||||
Balance, end of year | $ | (57,818 | ) | $ | 4,681 | $ | (35,799 | ) | ||||
NONCONTROLLING INTERESTS | ||||||||||||
OPERATING PARTNERSHIP | ||||||||||||
Balance, beginning of year | $ | 116,120 | $ | 137,645 | $ | 162,185 | ||||||
Issuance of OP Units to Noncontrolling Interests | 8,245 | 1,034 | 849 | |||||||||
Issuance of LTIP Units to Noncontrolling Interests | - | 78 | - | |||||||||
Conversion of OP Units held by Noncontrolling Interests into | ||||||||||||
OP Units held by General Partner | (19,722 | ) | (48,803 | ) | (49,901 | ) | ||||||
Equity compensation associated with Noncontrolling Interests | 2,524 | 1,194 | - | |||||||||
Net income attributable to Noncontrolling Interests | 13,099 | 20,305 | 26,126 | |||||||||
Distributions to Noncontrolling Interests | (20,300 | ) | (25,679 | ) | (33,745 | ) | ||||||
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership | 4,658 | 20,658 | 15,247 | |||||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 5,775 | 9,688 | 16,884 | |||||||||
Balance, end of year | $ | 110,399 | $ | 116,120 | $ | 137,645 | ||||||
PREFERENCE INTERESTS AND UNITS | ||||||||||||
Balance, beginning of year | $ | - | $ | 184 | $ | 184 | ||||||
Conversion of Series B Junior Preference Units | - | (184 | ) | - | ||||||||
Balance, end of year | $ | - | $ | - | $ | 184 | ||||||
PARTIALLY OWNED PROPERTIES | ||||||||||||
Balance, beginning of year | $ | 11,054 | $ | 25,520 | $ | 26,236 | ||||||
Net (loss) income attributable to Noncontrolling Interests | (726 | ) | (558 | ) | 2,650 | |||||||
Contributions by Noncontrolling Interests | 222 | 893 | 2,083 | |||||||||
Distributions to Noncontrolling Interests | (2,952 | ) | (2,439 | ) | (3,072 | ) | ||||||
Acquisition of Noncontrolling Interests – Partially Owned Properties | 175 | (11,705 | ) | (1,877 | ) | |||||||
Other | 218 | (657 | ) | (500 | ) | |||||||
Balance, end of year | $ | 7,991 | $ | 11,054 | $ | 25,520 | ||||||
Year Ended December 31, | ||||||||||||
SHAREHOLDERS’ EQUITY (continued) | 2012 | 2011 | 2010 | |||||||||
RETAINED EARNINGS | ||||||||||||
Balance, beginning of year | $ | 615,572 | $ | 203,581 | $ | 353,659 | ||||||
Net income attributable to controlling interests | 841,719 | 893,585 | 283,610 | |||||||||
Common Share distributions | (554,429 | ) | (467,729 | ) | (419,320 | ) | ||||||
Preferred Share distributions | (10,355 | ) | (13,865 | ) | (14,368 | ) | ||||||
Premium on redemption of Preferred Shares – cash charge | (23 | ) | — | — | ||||||||
Premium on redemption of Preferred Shares – original issuance costs | (5,129 | ) | — | — | ||||||||
Balance, end of year | $ | 887,355 | $ | 615,572 | $ | 203,581 | ||||||
ACCUMULATED OTHER COMPREHENSIVE (LOSS) | ||||||||||||
Balance, beginning of year | $ | (196,718 | ) | $ | (57,818 | ) | $ | 4,681 | ||||
Accumulated other comprehensive income (loss) – derivative instruments: | ||||||||||||
Unrealized holding (losses) arising during the year | (11,772 | ) | (143,598 | ) | (65,894 | ) | ||||||
Losses reclassified into earnings from other comprehensive income | 14,678 | 4,343 | 3,338 | |||||||||
Accumulated other comprehensive income – other instruments: | ||||||||||||
Unrealized holding gains arising during the year | 664 | 355 | 57 | |||||||||
Balance, end of year | $ | (193,148 | ) | $ | (196,718 | ) | $ | (57,818 | ) | |||
NONCONTROLLING INTERESTS | ||||||||||||
OPERATING PARTNERSHIP | ||||||||||||
Balance, beginning of year | $ | 119,536 | $ | 110,399 | $ | 116,120 | ||||||
Issuance of OP Units to Noncontrolling Interests | 66,606 | — | 8,245 | |||||||||
Issuance of LTIP Units to Noncontrolling Interests | 5 | — | — | |||||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (18,929 | ) | (8,580 | ) | (19,722 | ) | ||||||
Conversion of restricted shares to LTIP Units | — | 3,934 | — | |||||||||
Equity compensation associated with Noncontrolling Interests | 5,307 | 3,641 | 2,524 | |||||||||
Net income attributable to Noncontrolling Interests | 38,641 | 40,780 | 13,099 | |||||||||
Distributions to Noncontrolling Interests | (25,095 | ) | (21,434 | ) | (20,300 | ) | ||||||
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership | (20,702 | ) | (10,150 | ) | 4,658 | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | (5,763 | ) | 946 | 5,775 | ||||||||
Balance, end of year | $ | 159,606 | $ | 119,536 | $ | 110,399 | ||||||
PARTIALLY OWNED PROPERTIES | ||||||||||||
Balance, beginning of year | $ | 74,306 | $ | 7,991 | $ | 11,054 | ||||||
Net income (loss) attributable to Noncontrolling Interests | 844 | 832 | (726 | ) | ||||||||
Contributions by Noncontrolling Interests | 8,221 | 75,911 | 222 | |||||||||
Distributions to Noncontrolling Interests | (5,131 | ) | (1,163 | ) | (2,952 | ) | ||||||
Acquisition of Noncontrolling Interests – Partially Owned Properties | (1,306 | ) | (8,025 | ) | 175 | |||||||
Other | 754 | (1,240 | ) | 218 | ||||||||
Balance, end of year | $ | 77,688 | $ | 74,306 | $ | 7,991 |
December 31, 2012 | December 31, 2011 | |||||||
ASSETS | ||||||||
Investment in real estate | ||||||||
Land | $ | 4,554,912 | $ | 4,367,816 | ||||
Depreciable property | 15,711,944 | 15,554,740 | ||||||
Projects under development | 387,750 | 160,190 | ||||||
Land held for development | 353,823 | 325,200 | ||||||
Investment in real estate | 21,008,429 | 20,407,946 | ||||||
Accumulated depreciation | (4,912,221 | ) | (4,539,583 | ) | ||||
Investment in real estate, net | 16,096,208 | 15,868,363 | ||||||
Cash and cash equivalents | 612,590 | 383,921 | ||||||
Investments in unconsolidated entities | 17,877 | 12,327 | ||||||
Deposits – restricted | 250,442 | 152,237 | ||||||
Escrow deposits – mortgage | 9,129 | 10,692 | ||||||
Deferred financing costs, net | 44,382 | 44,608 | ||||||
Other assets | 170,372 | 187,155 | ||||||
Total assets | $ | 17,201,000 | $ | 16,659,303 | ||||
LIABILITIES AND CAPITAL | ||||||||
Liabilities: | ||||||||
Mortgage notes payable | $ | 3,898,369 | $ | 4,111,487 | ||||
Notes, net | 4,630,875 | 5,609,574 | ||||||
Lines of credit | — | — | ||||||
Accounts payable and accrued expenses | 38,372 | 35,206 | ||||||
Accrued interest payable | 76,223 | 88,121 | ||||||
Other liabilities | 304,518 | 291,289 | ||||||
Security deposits | 66,988 | 65,286 | ||||||
Distributions payable | 260,176 | 179,079 | ||||||
Total liabilities | 9,275,521 | 10,380,042 | ||||||
Commitments and contingencies | ||||||||
Redeemable Limited Partners | 398,372 | 416,404 | ||||||
Capital: | ||||||||
Partners' Capital: | ||||||||
Preference Units | 50,000 | 200,000 | ||||||
General Partner | 7,432,961 | 5,665,733 | ||||||
Limited Partners | 159,606 | 119,536 | ||||||
Accumulated other comprehensive (loss) | (193,148 | ) | (196,718 | ) | ||||
Total partners' capital | 7,449,419 | 5,788,551 | ||||||
Noncontrolling Interests – Partially Owned Properties | 77,688 | 74,306 | ||||||
Total capital | 7,527,107 | 5,862,857 | ||||||
Total liabilities and capital | $ | 17,201,000 | $ | 16,659,303 |
Year Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
REVENUES | ||||||||||||
Rental income | $ | 2,114,142 | $ | 1,874,465 | $ | 1,665,233 | ||||||
Fee and asset management | 9,573 | 9,026 | 9,476 | |||||||||
Total revenues | 2,123,715 | 1,883,491 | 1,674,709 | |||||||||
EXPENSES | ||||||||||||
Property and maintenance | 415,986 | 387,968 | 374,135 | |||||||||
Real estate taxes and insurance | 241,876 | 211,518 | 200,779 | |||||||||
Property management | 81,902 | 81,867 | 79,857 | |||||||||
Fee and asset management | 4,663 | 4,279 | 4,998 | |||||||||
Depreciation | 664,082 | 612,579 | 581,469 | |||||||||
General and administrative | 47,248 | 43,605 | 39,881 | |||||||||
Impairment | — | — | 45,380 | |||||||||
Total expenses | 1,455,757 | 1,341,816 | 1,326,499 | |||||||||
Operating income | 667,958 | 541,675 | 348,210 | |||||||||
Interest and other income | 150,547 | 7,965 | 5,118 | |||||||||
Other expenses | (27,361 | ) | (14,292 | ) | (11,792 | ) | ||||||
Interest: | ||||||||||||
Expense incurred, net | (457,666 | ) | (464,277 | ) | (460,748 | ) | ||||||
Amortization of deferred financing costs | (21,370 | ) | (16,766 | ) | (9,576 | ) | ||||||
Income (loss) before income and other taxes, (loss) from investments in unconsolidated entities, net gain (loss) on sales of unconsolidated entities and land parcels and discontinued operations | 312,108 | 54,305 | (128,788 | ) | ||||||||
Income and other tax (expense) benefit | (539 | ) | (728 | ) | (291 | ) | ||||||
(Loss) from investments in unconsolidated entities | (14 | ) | — | (735 | ) | |||||||
Net gain on sales of unconsolidated entities | — | — | 28,101 | |||||||||
Net gain (loss) on sales of land parcels | — | 4,217 | (1,395 | ) | ||||||||
Income (loss) from continuing operations | 311,555 | 57,794 | (103,108 | ) | ||||||||
Discontinued operations, net | 569,649 | 877,403 | 399,091 | |||||||||
Net income | 881,204 | 935,197 | 295,983 | |||||||||
Net (income) loss attributable to Noncontrolling Interests – | ||||||||||||
Partially Owned Properties | (844 | ) | (832 | ) | 726 | |||||||
Net income attributable to controlling interests | $ | 880,360 | $ | 934,365 | $ | 296,709 | ||||||
ALLOCATION OF NET INCOME: | ||||||||||||
Preference Units | $ | 10,355 | $ | 13,865 | $ | 14,368 | ||||||
Premium on redemption of Preference Units | $ | 5,152 | $ | — | $ | — | ||||||
General Partner | $ | 826,212 | $ | 879,720 | $ | 269,242 | ||||||
Limited Partners | 38,641 | 40,780 | 13,099 | |||||||||
Net income available to Units | $ | 864,853 | $ | 920,500 | $ | 282,341 | ||||||
Earnings per Unit – basic: | ||||||||||||
Income (loss) from continuing operations available to Units | $ | 0.93 | $ | 0.14 | $ | (0.39 | ) | |||||
Net income available to Units | $ | 2.73 | $ | 2.98 | $ | 0.95 | ||||||
Weighted average Units outstanding | 316,554 | 308,062 | 296,527 | |||||||||
Earnings per Unit – diluted: | ||||||||||||
Income (loss) from continuing operations available to Units | $ | 0.92 | $ | 0.14 | $ | (0.39 | ) | |||||
Net income available to Units | $ | 2.70 | $ | 2.95 | $ | 0.95 | ||||||
Weighted average Units outstanding | 319,766 | 312,065 | 296,527 |
Year Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Comprehensive income: | ||||||||||||
Net income | $ | 881,204 | $ | 935,197 | $ | 295,983 | ||||||
Other comprehensive income (loss): | ||||||||||||
Other comprehensive income (loss) – derivative instruments: | ||||||||||||
Unrealized holding (losses) arising during the year | (11,772 | ) | (143,598 | ) | (65,894 | ) | ||||||
Losses reclassified into earnings from other comprehensive income | 14,678 | 4,343 | 3,338 | |||||||||
Other comprehensive income – other instruments: | ||||||||||||
Unrealized holding gains arising during the year | 664 | 355 | 57 | |||||||||
Other comprehensive income (loss) | 3,570 | (138,900 | ) | (62,499 | ) | |||||||
Comprehensive income | 884,774 | 796,297 | 233,484 | |||||||||
Comprehensive (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | (844 | ) | (832 | ) | 726 | |||||||
Comprehensive income attributable to controlling interests | $ | 883,930 | $ | 795,465 | $ | 234,210 |
Year Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income | $ | 881,204 | $ | 935,197 | $ | 295,983 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation | 684,992 | 663,616 | 673,403 | |||||||||
Amortization of deferred financing costs | 21,435 | 17,846 | 10,406 | |||||||||
Amortization of discounts and premiums on debt | (8,181 | ) | (1,478 | ) | (471 | ) | ||||||
Amortization of deferred settlements on derivative instruments | 14,144 | 3,808 | 2,804 | |||||||||
Impairment | — | — | 45,380 | |||||||||
Write-off of pursuit costs | 9,056 | 5,075 | 5,272 | |||||||||
Income from technology investments | — | (4,537 | ) | — | ||||||||
Loss from investments in unconsolidated entities | 14 | — | 735 | |||||||||
Distributions from unconsolidated entities – return on capital | 575 | 319 | 61 | |||||||||
Net (gain) on sales of unconsolidated entities | — | — | (28,101 | ) | ||||||||
Net (gain) loss on sales of land parcels | — | (4,217 | ) | 1,395 | ||||||||
Net (gain) on sales of discontinued operations | (548,278 | ) | (826,489 | ) | (297,956 | ) | ||||||
Loss on debt extinguishments | 272 | — | 2,457 | |||||||||
Unrealized (gain) loss on derivative instruments | (1 | ) | 186 | 1 | ||||||||
Compensation paid with Company Common Shares | 24,832 | 21,177 | 18,875 | |||||||||
Changes in assets and liabilities: | ||||||||||||
(Increase) decrease in deposits – restricted | (4,091 | ) | 4,523 | 3,316 | ||||||||
(Increase) in other assets | (20,411 | ) | (2,743 | ) | (9,048 | ) | ||||||
(Decrease) increase in accounts payable and accrued expenses | (2,102 | ) | 332 | (5,454 | ) | |||||||
(Decrease) in accrued interest payable | (11,898 | ) | (10,510 | ) | (4,000 | ) | ||||||
Increase (decrease) in other liabilities | 2,987 | (8,245 | ) | 9,972 | ||||||||
Increase in security deposits | 1,702 | 4,474 | 1,007 | |||||||||
Net cash provided by operating activities | 1,046,251 | 798,334 | 726,037 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Investment in real estate – acquisitions | (843,976 | ) | (1,441,599 | ) | (1,189,210 | ) | ||||||
Investment in real estate – development/other | (180,409 | ) | (120,741 | ) | (131,301 | ) | ||||||
Improvements to real estate | (152,828 | ) | (144,452 | ) | (138,208 | ) | ||||||
Additions to non-real estate property | (8,821 | ) | (7,110 | ) | (2,991 | ) | ||||||
Interest capitalized for real estate and unconsolidated entities under development | (22,509 | ) | (9,108 | ) | (13,008 | ) | ||||||
Proceeds from disposition of real estate, net | 1,049,219 | 1,500,583 | 672,700 | |||||||||
Investments in unconsolidated entities | (5,291 | ) | (2,021 | ) | — | |||||||
Distributions from unconsolidated entities – return of capital | — | — | 26,924 | |||||||||
Proceeds from sale of investment securities | — | — | 25,000 | |||||||||
Proceeds from technology investments | — | 4,537 | — | |||||||||
(Increase) decrease in deposits on real estate acquisitions and investments, net | (97,984 | ) | 7,631 | 137,106 | ||||||||
Decrease in mortgage deposits | 1,563 | 1,901 | 4,699 | |||||||||
Consolidation of previously unconsolidated properties | — | — | (26,854 | ) | ||||||||
Deconsolidation of previously consolidated properties | — | 28,360 | 11,708 | |||||||||
Acquisition of Noncontrolling Interests – Partially Owned Properties | (13 | ) | (12,809 | ) | (16,023 | ) | ||||||
Net cash (used for) investing activities | (261,049 | ) | (194,828 | ) | (639,458 | ) |
Year Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Loan and bond acquisition costs | $ | (21,209 | ) | $ | (20,421 | ) | $ | (8,811 | ) | |||
Mortgage notes payable: | ||||||||||||
Proceeds | 26,495 | 190,905 | 173,561 | |||||||||
Restricted cash | 2,370 | 16,596 | 73,232 | |||||||||
Lump sum payoffs | (350,247 | ) | (974,956 | ) | (635,285 | ) | ||||||
Scheduled principal repayments | (14,088 | ) | (16,726 | ) | (16,769 | ) | ||||||
(Loss) on debt extinguishments | (272 | ) | — | (2,457 | ) | |||||||
Notes, net: | ||||||||||||
Proceeds | — | 996,190 | 595,422 | |||||||||
Lump sum payoffs | (975,991 | ) | (575,641 | ) | — | |||||||
Lines of credit: | ||||||||||||
Proceeds | 5,876,000 | 1,455,000 | 5,513,125 | |||||||||
Repayments | (5,876,000 | ) | (1,455,000 | ) | (5,513,125 | ) | ||||||
(Payments on) settlement of derivative instruments | — | (147,306 | ) | (10,040 | ) | |||||||
Proceeds from sale of OP Units | 1,417,040 | 173,484 | 329,452 | |||||||||
Proceeds from EQR's Employee Share Purchase Plan (ESPP) | 5,399 | 5,262 | 5,112 | |||||||||
Proceeds from exercise of EQR options | 49,039 | 95,322 | 71,596 | |||||||||
OP Units repurchased and retired | — | — | (1,887 | ) | ||||||||
Redemption of Preference Units | (150,000 | ) | — | (877 | ) | |||||||
Premium on redemption of Preference Units | (23 | ) | — | — | ||||||||
Payment of offering costs | (39,359 | ) | (3,596 | ) | (4,657 | ) | ||||||
Other financing activities, net | (48 | ) | (48 | ) | (48 | ) | ||||||
Contributions – Noncontrolling Interests – Partially Owned Properties | 8,221 | 75,911 | 222 | |||||||||
Contributions – Limited Partners | 5 | — | — | |||||||||
Distributions: | ||||||||||||
OP Units – General Partner | (473,451 | ) | (432,023 | ) | (379,969 | ) | ||||||
Preference Units | (13,416 | ) | (12,829 | ) | (14,471 | ) | ||||||
OP Units – Limited Partners | (21,915 | ) | (20,002 | ) | (18,867 | ) | ||||||
Noncontrolling Interests – Partially Owned Properties | (5,083 | ) | (1,115 | ) | (2,918 | ) | ||||||
Net cash (used for) provided by financing activities | (556,533 | ) | (650,993 | ) | 151,541 | |||||||
Net increase (decrease) in cash and cash equivalents | 228,669 | (47,487 | ) | 238,120 | ||||||||
Cash and cash equivalents, beginning of year | 383,921 | 431,408 | 193,288 | |||||||||
Cash and cash equivalents, end of year | $ | 612,590 | $ | 383,921 | $ | 431,408 |
Year Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
SUPPLEMENTAL INFORMATION: | ||||||||||||
Cash paid for interest, net of amounts capitalized | $ | 464,937 | $ | 477,434 | $ | 475,374 | ||||||
Net cash paid (received) for income and other taxes | $ | 673 | $ | 645 | $ | (2,740 | ) | |||||
Real estate acquisitions/dispositions/other: | ||||||||||||
Mortgage loans assumed | $ | 137,644 | $ | 158,240 | $ | 359,082 | ||||||
Valuation of OP Units issued | $ | 66,606 | $ | — | $ | 8,245 | ||||||
Mortgage loans (assumed) by purchaser | $ | — | $ | — | $ | (39,999 | ) | |||||
Amortization of deferred financing costs: | ||||||||||||
Investment in real estate, net | $ | — | $ | — | $ | (2,768 | ) | |||||
Deferred financing costs, net | $ | 21,435 | $ | 17,846 | $ | 13,174 | ||||||
Amortization of discounts and premiums on debt: | ||||||||||||
Mortgage notes payable | $ | (10,333 | ) | $ | (8,260 | ) | $ | (9,208 | ) | |||
Notes, net | $ | 2,152 | $ | 6,782 | $ | 8,737 | ||||||
Amortization of deferred settlements on derivative instruments: | ||||||||||||
Other liabilities | $ | (534 | ) | $ | (535 | ) | $ | (534 | ) | |||
Accumulated other comprehensive income | $ | 14,678 | $ | 4,343 | $ | 3,338 | ||||||
Unrealized (gain) loss on derivative instruments: | ||||||||||||
Other assets | $ | 7,448 | $ | 6,826 | $ | 13,019 | ||||||
Mortgage notes payable | $ | (2,589 | ) | $ | (612 | ) | $ | (163 | ) | |||
Notes, net | $ | (4,860 | ) | $ | (2,937 | ) | $ | 7,497 | ||||
Other liabilities | $ | 11,772 | $ | 140,507 | $ | 45,542 | ||||||
Accumulated other comprehensive income | $ | (11,772 | ) | $ | (143,598 | ) | $ | (65,894 | ) | |||
Interest capitalized for real estate and unconsolidated entities under development: | ||||||||||||
Investment in real estate, net | $ | (21,661 | ) | $ | (8,785 | ) | $ | (13,008 | ) | |||
Investments in unconsolidated entities | $ | (848 | ) | $ | (323 | ) | $ | — | ||||
Consolidation of previously unconsolidated properties: | ||||||||||||
Investment in real estate, net | $ | — | $ | — | $ | (105,065 | ) | |||||
Investments in unconsolidated entities | $ | — | $ | — | $ | 7,376 | ||||||
Deposits – restricted | $ | — | $ | — | $ | (42,633 | ) | |||||
Mortgage notes payable | $ | — | $ | — | $ | 112,631 | ||||||
Net other assets recorded | $ | — | $ | — | $ | 837 | ||||||
Deconsolidation of previously consolidated properties: | ||||||||||||
Investment in real estate, net | $ | — | $ | 35,495 | $ | 14,875 | ||||||
Investments in unconsolidated entities | $ | — | $ | (7,135 | ) | $ | (3,167 | ) | ||||
(Payments on) settlement of derivative instruments: | ||||||||||||
Other liabilities | $ | — | $ | (147,306 | ) | $ | (10,040 | ) | ||||
Other: | ||||||||||||
Receivable on sale of OP Units | $ | 28,457 | $ | — | $ | 37,550 | ||||||
Transfer from notes, net to mortgage notes payable | $ | — | $ | — | $ | 35,600 |
Year Ended December 31, | ||||||||||||
PARTNERS' CAPITAL | 2012 | 2011 | 2010 | |||||||||
PREFERENCE UNITS | ||||||||||||
Balance, beginning of year | $ | 200,000 | $ | 200,000 | $ | 208,773 | ||||||
Redemption of 6.48% Series N Cumulative Redeemable | (150,000 | ) | — | — | ||||||||
Redemption of 7.00% Series E Cumulative Convertible | — | — | (834 | ) | ||||||||
Conversion of 7.00% Series E Cumulative Convertible | — | — | (7,378 | ) | ||||||||
Conversion of 7.00% Series H Cumulative Convertible | — | — | (561 | ) | ||||||||
Balance, end of year | $ | 50,000 | $ | 200,000 | $ | 200,000 | ||||||
GENERAL PARTNER | ||||||||||||
Balance, beginning of year | $ | 5,665,733 | $ | 4,948,004 | $ | 4,833,885 | ||||||
OP Unit Issuance: | ||||||||||||
Conversion of Preference Units into OP Units held by General Partner | — | — | 7,939 | |||||||||
Conversion of OP Units held by Limited Partners into OP Units held by | ||||||||||||
General Partner | 18,929 | 8,580 | 19,722 | |||||||||
Issuance of OP Units | 1,388,583 | 201,942 | 291,902 | |||||||||
Exercise of EQR share options | 49,039 | 95,322 | 71,596 | |||||||||
EQR's Employee Share Purchase Plan (ESPP) | 5,399 | 5,262 | 5,112 | |||||||||
Conversion of EQR restricted shares to LTIP Units | — | (3,934 | ) | — | ||||||||
Share-based employee compensation expense: | ||||||||||||
EQR restricted shares | 8,936 | 9,102 | 9,781 | |||||||||
EQR share options | 11,752 | 9,545 | 7,421 | |||||||||
EQR ESPP discount | 965 | 1,194 | 1,290 | |||||||||
OP Units repurchased and retired | — | — | (1,887 | ) | ||||||||
Offering costs | (39,359 | ) | (3,596 | ) | (4,657 | ) | ||||||
Premium on redemption of Preference Units – original issuance costs | 5,129 | — | — | |||||||||
Net income available to Units – General Partner | 826,212 | 879,720 | 269,242 | |||||||||
OP Units – General Partner distributions | (554,429 | ) | (467,729 | ) | (419,320 | ) | ||||||
Supplemental Executive Retirement Plan (SERP) | 282 | 10,765 | 8,559 | |||||||||
Acquisition of Noncontrolling Interests – Partially Owned Properties | 1,293 | (4,784 | ) | (16,888 | ) | |||||||
Change in market value of Redeemable Limited Partners | 38,734 | (22,714 | ) | (129,918 | ) | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | 5,763 | (946 | ) | (5,775 | ) | |||||||
Balance, end of year | $ | 7,432,961 | $ | 5,665,733 | $ | 4,948,004 | ||||||
LIMITED PARTNERS | ||||||||||||
Balance, beginning of year | $ | 119,536 | $ | 110,399 | $ | 116,120 | ||||||
Issuance of OP Units to Limited Partners | 66,606 | — | 8,245 | |||||||||
Issuance of LTIP Units to Limited Partners | 5 | — | — | |||||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | (18,929 | ) | (8,580 | ) | (19,722 | ) | ||||||
Conversion of EQR restricted shares to LTIP Units | — | 3,934 | — | |||||||||
Equity compensation associated with Units – Limited Partners | 5,307 | 3,641 | 2,524 | |||||||||
Net income available to Units – Limited Partners | 38,641 | 40,780 | 13,099 | |||||||||
Units – Limited Partners distributions | (25,095 | ) | (21,434 | ) | (20,300 | ) | ||||||
Change in carrying value of Redeemable Limited Partners | (20,702 | ) | (10,150 | ) | 4,658 | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | (5,763 | ) | 946 | 5,775 | ||||||||
Balance, end of year | $ | 159,606 | $ | 119,536 | $ | 110,399 |
Year Ended December 31, | ||||||||||||
PARTNERS' CAPITAL (continued) | 2012 | 2011 | 2010 | |||||||||
ACCUMULATED OTHER COMPREHENSIVE (LOSS) | ||||||||||||
Balance, beginning of year | $ | (196,718 | ) | $ | (57,818 | ) | $ | 4,681 | ||||
Accumulated other comprehensive income (loss) – derivative instruments: | ||||||||||||
Unrealized holding (losses) arising during the year | (11,772 | ) | (143,598 | ) | (65,894 | ) | ||||||
Losses reclassified into earnings from other comprehensive income | 14,678 | 4,343 | 3,338 | |||||||||
Accumulated other comprehensive income – other instruments: | ||||||||||||
Unrealized holding gains arising during the year | 664 | 355 | 57 | |||||||||
Balance, end of year | $ | (193,148 | ) | $ | (196,718 | ) | $ | (57,818 | ) | |||
NONCONTROLLING INTERESTS | ||||||||||||
NONCONTROLLING INTERESTS – PARTIALLY OWNED PROPERTIES | ||||||||||||
Balance, beginning of year | $ | 74,306 | $ | 7,991 | $ | 11,054 | ||||||
Net income (loss) attributable to Noncontrolling Interests | 844 | 832 | (726 | ) | ||||||||
Contributions by Noncontrolling Interests | 8,221 | 75,911 | 222 | |||||||||
Distributions to Noncontrolling Interests | (5,131 | ) | (1,163 | ) | (2,952 | ) | ||||||
Acquisition of Noncontrolling Interests – Partially Owned Properties | (1,306 | ) | (8,025 | ) | 175 | |||||||
Other | 754 | (1,240 | ) | 218 | ||||||||
Balance, end of year | $ | 77,688 | $ | 74,306 | $ | 7,991 |
1. | Business |
Apartment | ||||||||
Properties | Units | |||||||
Wholly Owned Properties | 425 | 119,634 | ||||||
Partially Owned Properties – Consolidated | 24 | 5,232 | ||||||
Military Housing | 2 | 4,738 | ||||||
451 | 129,604 |
Properties | Apartment Units | |||||
Wholly Owned Properties | 382 | 106,856 | ||||
Partially Owned Properties – Consolidated | 19 | 3,475 | ||||
Military Housing | 2 | 5,039 | ||||
403 | 115,370 |
2. | Summary of Significant Accounting Policies |
F-12
Land – Based on actual purchase price adjusted to fair value (as necessary) if acquired separately or market research/comparables if acquired with an operating property. |
▪ | Furniture, Fixtures and Equipment – Ranges between |
▪ |
Other Intangible Assets – The Company considers whether it has acquired other intangible assets, including any customer relationship intangibles and the amortization period is the estimated useful life of the acquired 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 of thirty years. |
F-13
2010 | 2009 | 2008 | ||||
Expected volatility (1) | 32.4% | 26.8% | 20.3% | |||
Expected life (2) | 5 years | 5 years | 5 years | |||
Expected dividend yield (3) | 4.85% | 4.68% | 4.95% | |||
Risk-free interest rate (4) | 2.29% | 1.89% | 2.67% | |||
Option valuation per share | $6.18 | $3.38 | $4.08 |
2012 | 2011 | 2010 | ||||
Expected volatility (1) | 27.4% | 27.1% | 32.4% | |||
Expected life (2) | 5 years | 5 years | 5 years | |||
Expected dividend yield (3) | 4.35% | 4.56% | 4.85% | |||
Risk-free interest rate (4) | 0.71% | 2.27% | 2.29% | |||
Option valuation per share | $8.54 | $8.36 | $6.18 |
(1) | Expected volatility – |
(2) | Expected life – Approximates the actual weighted average life of all share options granted since the Company went public in 1993. |
(3) | Expected dividend yield – Calculated by averaging the historical annual yield on EQR shares for a period matching the expected life of each grant, with the annual yield calculated by dividing actual dividends by the average price of EQR’s shares in a given year. |
(4) | Risk-free interest rate – The most current U.S. Treasury rate available prior to the grant date for a period matching the expected life of each grant. |
F-15
Year Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
Income and other tax expense (benefit) (1) | $ | 334 | $ | 2,804 | $ | 5,279 | ||||||
Discontinued operations, net (2) | 44 | (1,161 | ) | (1,841 | ) | |||||||
Provision for income, franchise and excise taxes (3) | $ | 378 | $ | 1,643 | $ | 3,438 | ||||||
Year Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Income and other tax expense (benefit) (1) | $ | 539 | $ | 728 | $ | 291 | ||||||
Discontinued operations, net (2) | 9 | (243 | ) | 87 | ||||||||
Provision for income, franchise and excise taxes (3) | $ | 548 | $ | 485 | $ | 378 |
(1) | Primarily includes state and local income, excise and franchise taxes. |
(2) | Primarily represents federal income taxes (recovered) on the gains on sales of condominium units owned by a TRS and included in discontinued operations. Also represents state and local income, excise and franchise taxes on operating properties sold and included in discontinued operations. |
(3) | All provisions for income tax amounts are current and none are deferred. |
Year Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
Tax treatment of dividends and distributions: | ||||||||||||
Ordinary dividends | $ | 0.607 | $ | 0.807 | $ | 0.699 | ||||||
Long-term capital gain | 0.622 | 0.558 | 0.755 | |||||||||
Unrecaptured section 1250 gain | 0.241 | 0.275 | 0.476 | |||||||||
Dividends and distributions declared per | ||||||||||||
Common Share outstanding | $ | 1.470 | $ | 1.640 | $ | 1.930 | ||||||
Year Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Tax treatment of dividends and distributions: | ||||||||||||
Ordinary dividends | $ | 1.375 | $ | 0.667 | $ | 0.607 | ||||||
Long-term capital gain | 0.253 | 0.629 | 0.622 | |||||||||
Unrecaptured section 1250 gain | 0.152 | 0.284 | 0.241 | |||||||||
Dividends and distributions declared per | ||||||||||||
Common Share/Unit outstanding | $ | 1.780 | $ | 1.580 | $ | 1.470 |
F-16
F-17
3. | Equity, Capital and |
2010 | 2009 | 2008 | ||||||||||
Common Shares | ||||||||||||
Common Shares outstanding at January 1, | 279,959,048 | 272,786,760 | 269,554,661 | |||||||||
Common Shares Issued: | ||||||||||||
Conversion of Series E Preferred Shares | 328,363 | 612 | 36,830 | |||||||||
Conversion of Series H Preferred Shares | 32,516 | - | 2,750 | |||||||||
Conversion of OP Units | 884,472 | 2,676,002 | 1,759,560 | |||||||||
Issuance of Common Shares | 6,151,198 | 3,497,300 | - | |||||||||
Exercise of share options | 2,506,645 | 422,713 | 995,129 | |||||||||
Employee Share Purchase Plan (ESPP) | 157,363 | 324,394 | 195,961 | |||||||||
Restricted share grants, net | 235,767 | 298,717 | 461,954 | |||||||||
Common Shares Other: | ||||||||||||
Repurchased and retired | (58,130 | ) | (47,450 | ) | (220,085 | ) | ||||||
Common Shares outstanding at December 31, | 290,197,242 | 279,959,048 | 272,786,760 | |||||||||
Units | ||||||||||||
Units outstanding at January 1, | 14,197,969 | 16,679,777 | 18,420,320 | |||||||||
LTIP Units, net | 92,892 | 154,616 | - | |||||||||
OP Units issued through acquisitions/consolidations | 205,648 | 32,061 | 19,017 | |||||||||
Conversion of Series B Junior Preference Units | - | 7,517 | - | |||||||||
Conversion of OP Units to Common Shares | (884,472 | ) | (2,676,002 | ) | (1,759,560 | ) | ||||||
Units outstanding at December 31, | 13,612,037 | 14,197,969 | 16,679,777 | |||||||||
Total Common Shares and Units outstanding at December 31, | 303,809,279 | 294,157,017 | 289,466,537 | |||||||||
Units Ownership Interest in Operating Partnership | 4.5% | 4.8% | 5.8% | |||||||||
LTIP Units Issued: | ||||||||||||
Issuance – per unit | - | $0.50 | - | |||||||||
Issuance – contribution valuation | - | $0.1 million | - | |||||||||
OP Units Issued: | ||||||||||||
Acquisitions/consolidations – per unit | $40.09 | $26.50 | $44.64 | |||||||||
Acquisitions/consolidations – valuation | $8.2 million | $0.8 million | $0.8 million | |||||||||
Conversion of Series B Junior Preference Units – per unit | - | $24.50 | - | |||||||||
Conversion of Series B Junior Preference Units – valuation | - | $0.2 million | - |
F-19
2012 | 2011 | 2010 | ||||||||
Common Shares | ||||||||||
Common Shares outstanding at January 1, | 297,508,185 | 290,197,242 | 279,959,048 | |||||||
Common Shares Issued: | ||||||||||
Conversion of Series E Preferred Shares | — | — | 328,363 | |||||||
Conversion of Series H Preferred Shares | — | — | 32,516 | |||||||
Conversion of OP Units | 675,817 | 341,594 | 884,472 | |||||||
Issuance of Common Shares | 25,023,919 | 3,866,666 | 6,151,198 | |||||||
Exercise of share options | 1,608,427 | 2,945,948 | 2,506,645 | |||||||
Employee Share Purchase Plan (ESPP) | 110,054 | 113,107 | 157,363 | |||||||
Restricted share grants, net | 128,252 | 145,616 | 235,767 | |||||||
Common Shares Other: | ||||||||||
Conversion of restricted shares to LTIP Units | — | (101,988 | ) | — | ||||||
Repurchased and retired | — | — | (58,130 | ) | ||||||
Common Shares outstanding at December 31, | 325,054,654 | 297,508,185 | 290,197,242 | |||||||
Units | ||||||||||
Units outstanding at January 1, | 13,492,543 | 13,612,037 | 14,197,969 | |||||||
LTIP Units, net | 70,235 | 120,112 | 92,892 | |||||||
OP Units issued through acquisitions/consolidations | 1,081,797 | — | 205,648 | |||||||
Conversion of restricted shares to LTIP Units | — | 101,988 | — | |||||||
Conversion of OP Units to Common Shares | (675,817 | ) | (341,594 | ) | (884,472 | ) | ||||
Units outstanding at December 31, | 13,968,758 | 13,492,543 | 13,612,037 | |||||||
Total Common Shares and Units outstanding at December 31, | 339,023,412 | 311,000,728 | 303,809,279 | |||||||
Units Ownership Interest in Operating Partnership | 4.1 | % | 4.3 | % | 4.5 | % | ||||
OP Units Issued: | ||||||||||
Acquisitions/consolidations – per unit | $61.57 | — | $40.09 | |||||||
Acquisitions/consolidations – valuation | $66.6 million | — | $8.2 million |
F-20
2010 | 2009 | 2008 | ||||||||||
Balance at January 1, | $ | 258,280 | $ | 264,394 | $ | 345,165 | ||||||
Change in market value | 129,918 | 14,544 | (65,524 | ) | ||||||||
Change in carrying value | (4,658 | ) | (20,658 | ) | (15,247 | ) | ||||||
Balance at December 31, | $ | 383,540 | $ | 258,280 | $ | 264,394 | ||||||
2012 | 2011 | 2010 | ||||||||||
Balance at January 1, | $ | 416,404 | $ | 383,540 | $ | 258,280 | ||||||
Change in market value | (38,734 | ) | 22,714 | 129,918 | ||||||||
Change in carrying value | 20,702 | 10,150 | (4,658 | ) | ||||||||
Balance at December 31, | $ | 398,372 | $ | 416,404 | $ | 383,540 |
Annual | Amounts in thousands | |||||||||||||||||||
Redemption | Conversion | Dividend per | December 31, | December 31, | ||||||||||||||||
Date (1)(2) | Rate (2) | Share (3) | 2010 | 2009 | ||||||||||||||||
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized: | ||||||||||||||||||||
7.00% Series E Cumulative Convertible Preferred; liquidation value $25 per share; 0 and 328,466 shares issued and outstanding at December 31, 2010 and December 31, 2009, respectively | 11/1/98 | 1.1128 | $ | 1.75 | $ | - | $ | 8,212 | ||||||||||||
7.00% Series H Cumulative Convertible Preferred; liquidation value $25 per share; 0 and 22,459 shares issued and outstanding at December 31, 2010 and December 31, 2009, respectively | 6/30/98 | 1.4480 | $ | 1.75 | - | 561 | ||||||||||||||
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 1,000,000 shares issued and outstanding at December 31, 2010 and December 31, 2009 | 12/10/26 | N/A | $ | 4.145 | 50,000 | 50,000 | ||||||||||||||
6.48% Series N Cumulative Redeemable Preferred; liquidation value $250 per share; 600,000 shares issued and outstanding at December 31, 2010 and December 31, 2009 (4) | 6/19/08 | N/A | $ | 16.20 | 150,000 | 150,000 | ||||||||||||||
$ | 200,000 | $ | 208,773 | |||||||||||||||||
Amounts in thousands | ||||||||||||||
Redemption Date (1) | Annual Dividend per Share (2) | December 31, 2012 | December 31, 2011 | |||||||||||
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized | ||||||||||||||
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 1,000,000 shares issued and outstanding at December 31, 2012 and December 31, 2011 | 12/10/26 | $4.145 | $ | 50,000 | $ | 50,000 | ||||||||
6.48% Series N Cumulative Redeemable Preferred; liquidation value $250 per share; 0 and 600,000 shares issued and outstanding at December 31, 2012 and December 31, 2011, respectively (3) (4) | 06/19/08 | $16.20 | — | 150,000 | ||||||||||
$ | 50,000 | $ | 200,000 |
(1) | On or after the redemption date, redeemable preferred shares (Series K and 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) | ||
Dividends on all series of Preferred Shares are payable quarterly at various pay dates. The dividend listed for Series N is a Preferred Share rate and the equivalent Depositary Share annual dividend is |
(3) | The Series N Preferred Shares |
(4) | On August 20, 2012, the Company redeemed its Series N Cumulative Redeemable Preferred Shares for cash consideration of $150.0 million plus accrued dividends through the redemption date. As a result of this redemption, the Company recorded the write-off of |
2012 | 2011 | 2010 | ||||||||
General and Limited Partner Units | ||||||||||
General and Limited Partner Units outstanding at January 1, | 311,000,728 | 303,809,279 | 294,157,017 | |||||||
Issued to General Partner: | ||||||||||
Conversion of Series E Preference Units | — | — | 328,363 | |||||||
Conversion of Series H Preference Units | — | — | 32,516 | |||||||
Issuance of OP Units | 25,023,919 | 3,866,666 | 6,151,198 | |||||||
Exercise of EQR share options | 1,608,427 | 2,945,948 | 2,506,645 | |||||||
EQR's Employee Share Purchase Plan (ESPP) | 110,054 | 113,107 | 157,363 | |||||||
EQR's restricted share grants, net | 128,252 | 145,616 | 235,767 | |||||||
Issued to Limited Partners: | ||||||||||
LTIP Units, net | 70,235 | 120,112 | 92,892 | |||||||
OP Units issued through acquisitions/consolidations | 1,081,797 | — | 205,648 | |||||||
OP Units Other: | ||||||||||
Repurchased and retired | — | — | (58,130 | ) | ||||||
General and Limited Partner Units outstanding at December 31, | 339,023,412 | 311,000,728 | 303,809,279 | |||||||
Limited Partner Units | ||||||||||
Limited Partner Units outstanding at January 1, | 13,492,543 | 13,612,037 | 14,197,969 | |||||||
Limited Partner LTIP Units, net | 70,235 | 120,112 | 92,892 | |||||||
Limited Partner OP Units issued through acquisitions/consolidations | 1,081,797 | — | 205,648 | |||||||
Conversion of EQR restricted shares to LTIP Units | — | 101,988 | — | |||||||
Conversion of Limited Partner OP Units to EQR Common Shares | (675,817 | ) | (341,594 | ) | (884,472 | ) | ||||
Limited Partner Units outstanding at December 31, | 13,968,758 | 13,492,543 | 13,612,037 | |||||||
Limited Partner Units Ownership Interest in Operating Partnership | 4.1 | % | 4.3 | % | 4.5 | % | ||||
Limited Partner OP Units Issued: | ||||||||||
Acquisitions/consolidations – per unit | $61.57 | — | $40.09 | |||||||
Acquisitions/consolidations – valuation | $66.6 million | — | $8.2 million |
2012 | 2011 | 2010 | ||||||||||
Balance at January 1, | $ | 416,404 | $ | 383,540 | $ | 258,280 | ||||||
Change in market value | (38,734 | ) | 22,714 | 129,918 | ||||||||
Change in carrying value | 20,702 | 10,150 | (4,658 | ) | ||||||||
Balance at December 31, | $ | 398,372 | $ | 416,404 | $ | 383,540 |
Amounts in thousands | ||||||||||||||
Redemption Date (1) | Annual Dividend per Unit (2) | December 31, 2012 | December 31, 2011 | |||||||||||
Preference Units: | ||||||||||||||
8.29% Series K Cumulative Redeemable Preference Units; liquidation value $50 per unit; 1,000,000 units issued and outstanding at December 31, 2012 and December 31, 2011 | 12/10/26 | $4.145 | $ | 50,000 | $ | 50,000 | ||||||||
6.48% Series N Cumulative Redeemable Preference Units; liquidation value $250 per unit; 0 and 600,000 units issued and outstanding at December 31, 2012 and December 31, 2011, respectively (3) (4) | 06/19/08 | $16.20 | — | 150,000 | ||||||||||
$ | 50,000 | $ | 200,000 |
(1) | On or after the redemption date, redeemable preference units (Series K and N) may be redeemed for cash at the option of the Operating Partnership, in whole or in part, at a redemption price equal to the liquidation price per unit, plus accrued and unpaid distributions, if any, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares. |
(2) | Dividends on all series of Preference Units are payable quarterly at various pay dates. The dividend listed for Series N is a Preference Unit rate and the equivalent depositary unit annual dividend is $1.62 per unit. |
(3) | The Series N Preference Units had a corresponding depositary unit that consisted of ten times the number of units and one-tenth the liquidation value and dividend per unit. |
(4) | On August 20, 2012, the Operating Partnership redeemed its Series N Cumulative Redeemable Preference Units for cash consideration of $150.0 million plus accrued dividends through the redemption date, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares. As a result of this redemption, the Operating Partnership recorded the write-off of approximately $5.1 million in original issuance costs as a premium on the redemption of Preference Units. |
F-21
4. | Real Estate |
2010 | 2009 | |||||||
Land | $ | 4,110,275 | $ | 3,650,324 | ||||
Depreciable property: | ||||||||
Buildings and improvements | 13,995,121 | 12,781,543 | ||||||
Furniture, fixtures and equipment | 1,231,391 | 1,111,978 | ||||||
Projects under development: | ||||||||
Land | 28,260 | 106,716 | ||||||
Construction-in-progress | 102,077 | 562,263 | ||||||
Land held for development: | ||||||||
Land | 198,465 | 181,430 | ||||||
Construction-in-progress | 36,782 | 70,890 | ||||||
Investment in real estate | 19,702,371 | 18,465,144 | ||||||
Accumulated depreciation | (4,337,357 | ) | (3,877,564 | ) | ||||
Investment in real estate, net | $ | 15,365,014 | $ | 14,587,580 | ||||
2012 | 2011 | |||||||
Land | $ | 4,554,912 | $ | 4,367,816 | ||||
Depreciable property: | ||||||||
Buildings and improvements | 14,368,179 | 14,262,616 | ||||||
Furniture, fixtures and equipment | 1,343,765 | 1,292,124 | ||||||
Projects under development: | ||||||||
Land | 210,632 | 75,646 | ||||||
Construction-in-progress | 177,118 | 84,544 | ||||||
Land held for development: | ||||||||
Land | 294,868 | 299,096 | ||||||
Construction-in-progress | 58,955 | 26,104 | ||||||
Investment in real estate | 21,008,429 | 20,407,946 | ||||||
Accumulated depreciation | (4,912,221 | ) | (4,539,583 | ) | ||||
Investment in real estate, net | $ | 16,096,208 | $ | 15,868,363 |
Purchase | ||||||||||||
Properties | Apartment Units | Price | ||||||||||
Rental Properties | 16 | 4,445 | $ | 1,485,701 | ||||||||
Land Parcels (six) | - | - | 68,869 | |||||||||
Total | 16 | 4,445 | $ | 1,554,570 | ||||||||
F-22
Properties | Apartment Units | Purchase Price | |||||||
Rental Properties – Consolidated | 9 | 1,896 | $ | 906,305 | |||||
Land Parcels (six) | — | — | 141,240 | ||||||
Total | 9 | 1,896 | $ | 1,047,545 |
Properties | Apartment Units | Purchase Price | ||||||||||
Rental Properties | 2 | 566 | $ | 145,036 | ||||||||
Land Parcel (one) | - | - | 11,500 | |||||||||
Total | 2 | 566 | $ | 156,536 | ||||||||
Properties | Apartment Units | Purchase Price | |||||||
Rental Properties – Consolidated | 21 | 6,198 | $ | 1,383,048 | |||||
Land Parcels (seven) (1) (2) | — | — | 202,313 | ||||||
Other (3) | — | — | 11,750 | ||||||
Total | 21 | 6,198 | $ | 1,597,111 |
(1) | Includes a vacant land parcel at 400 Park Avenue South in New York City acquired jointly by the Company and Toll Brothers (NYSE: TOL). The Company's and Toll Brothers' allocated portions of the purchase price were approximately $76.1 million and $57.9 million, respectively. Until the core and shell of the building is complete, the building and land will be owned jointly and are required to be consolidated on the Company's balance sheet. Thereafter, the Company will solely own and control the rental portion of the building (floors 2-22) and Toll Brothers will solely own and control the for sale portion of the building (floors 23-40). Once the core and shell are complete, the Toll Brothers' portion of the property will be deconsolidated from the Company's balance sheet. |
(2) | Includes entry into a long-term ground lease for a land parcel at 170 Amsterdam Avenue in New York City. |
(3) | Represents the acquisition of a 97,000 square foot commercial building adjacent to our Harbor Steps apartment property in downtown Seattle for potential redevelopment. |
Properties | Apartment Units | Sales Price | ||||||||||
Rental Properties: | ||||||||||||
Consolidated | 35 | 7,171 | $ | 718,352 | ||||||||
Unconsolidated (1) | 27 | 6,275 | 417,779 | |||||||||
Land Parcel (one) | - | - | 4,000 | |||||||||
Condominium Conversion Properties | 1 | 2 | 360 | |||||||||
Total | 63 | 13,448 | $ | 1,140,491 | ||||||||
Properties | Apartment Units | Sales Price | |||||||
Rental Properties – Consolidated | 35 | 9,012 | $ | 1,061,334 | |||||
Total | 35 | 9,012 | $ | 1,061,334 |
Properties | Apartment Units | Sales Price | ||||||||||
Rental Properties: | ||||||||||||
Consolidated | 54 | 11,055 | $ | 905,219 | ||||||||
Unconsolidated (1) | 6 | 1,434 | 96,018 | |||||||||
Condominium Conversion Properties | 1 | 62 | 12,021 | |||||||||
Total | 61 | 12,551 | $ | 1,013,258 | ||||||||
Properties | Apartment Units | Sales Price | |||||||
Rental Properties – Consolidated | 47 | 14,345 | $ | 1,482,239 | |||||
Land Parcel (one) (1) | — | — | 22,786 | ||||||
Total | 47 | 14,345 | $ | 1,505,025 |
(1) |
5. | Commitments to Acquire/Dispose of Real Estate |
Properties | Apartment Units | Purchase Price | ||||||||||
Rental Properties | 2 | 683 | $ | 125,250 | ||||||||
Total | 2 | 683 | $ | 125,250 | ||||||||
F-23
Properties | Apartment Units | Purchase Price | |||||||
Land Parcels (three) | — | — | $ | 45,500 | |||||
Total | — | — | $ | 45,500 |
Properties | Apartment Units | Sales Price | ||||||||||
Rental Properties | 15 | 4,152 | $ | 378,650 | ||||||||
Total | 15 | 4,152 | $ | 378,650 | ||||||||
Properties | Apartment Units | Sales Price | |||||||
Rental Properties | 50 | 13,772 | $ | 1,983,960 | |||||
Land Parcel (one) | — | — | 29,000 | ||||||
Total | 50 | 13,772 | $ | 2,012,960 |
6. | Investments in Partially Owned Entities |
Consolidated | ||||||||||||||||||||
Development Projects (VIEs) | ||||||||||||||||||||
Held for | Completed, | Completed | ||||||||||||||||||
and/or Under | Not | and | ||||||||||||||||||
Development | Stabilized(4) | Stabilized | Other | Total | ||||||||||||||||
Total projects (1) | - | 1 | 4 | 19 | 24 | |||||||||||||||
Total apartment units (1) | - | 490 | 1,302 | 3,440 | 5,232 | |||||||||||||||
Balance sheet information at 12/31/10 (at 100%): | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Investment in real estate | $ | 44,006 | $ | 257,747 | $ | 390,465 | $ | 438,329 | $ | 1,130,547 | ||||||||||
Accumulated depreciation | - | - | (18,471 | ) | (124,347 | ) | (142,818 | ) | ||||||||||||
Investment in real estate, net | 44,006 | 257,747 | 371,994 | 313,982 | 987,729 | |||||||||||||||
Cash and cash equivalents | 877 | 1,288 | 7,384 | 11,581 | 21,130 | |||||||||||||||
Deposits – restricted | 1,115 | 922 | 3,205 | 8 | 5,250 | |||||||||||||||
Escrow deposits – mortgage | - | - | 222 | 2,321 | 2,543 | |||||||||||||||
Deferred financing costs, net | - | 2,800 | 412 | 505 | 3,717 | |||||||||||||||
Other assets | 339 | 268 | 308 | 143 | 1,058 | |||||||||||||||
Total assets | $ | 46,337 | $ | 263,025 | $ | 383,525 | $ | 328,540 | $ | 1,021,427 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Mortgage notes payable | $ | 18,342 | $ | 141,741 | $ | 275,348 | $ | 314,535 | $ | 749,966 | ||||||||||
Accounts payable & accrued expenses | 346 | 2,215 | 1,070 | 1,259 | 4,890 | |||||||||||||||
Accrued interest payable | 1,294 | 521 | 605 | 1,531 | 3,951 | |||||||||||||||
Other liabilities | 1,617 | 1,568 | 910 | 1,001 | 5,096 | |||||||||||||||
Security deposits | - | 1,021 | 955 | 1,392 | 3,368 | |||||||||||||||
Total liabilities | 21,599 | 147,066 | 278,888 | 319,718 | 767,271 | |||||||||||||||
Noncontrolling Interests – Partially Owned Properties | 3,418 | 5,025 | 4,278 | (4,730 | ) | 7,991 | ||||||||||||||
Accumulated other comprehensive (loss) | - | (1,322 | ) | - | - | (1,322 | ) | |||||||||||||
EQR equity | 21,320 | 112,256 | 100,359 | 13,552 | 247,487 | |||||||||||||||
Total equity | 24,738 | 115,959 | 104,637 | 8,822 | 254,156 | |||||||||||||||
Total liabilities and equity | $ | 46,337 | $ | 263,025 | $ | 383,525 | $ | 328,540 | $ | 1,021,427 | ||||||||||
F-24
Consolidated | ||||||||||||||||||||
Development Projects (VIEs) | ||||||||||||||||||||
Held for | Completed, | Completed | ||||||||||||||||||
and/or Under | Not | and | ||||||||||||||||||
Development | Stabilized(4) | Stabilized | Other | Total | ||||||||||||||||
Debt – Secured (2): | ||||||||||||||||||||
EQR Ownership (3) | $ | 18,342 | $ | 141,741 | $ | 275,348 | $ | 252,857 | $ | 688,288 | ||||||||||
Noncontrolling Ownership | - | - | - | 61,678 | 61,678 | |||||||||||||||
Total (at 100%) | $ | 18,342 | $ | 141,741 | $ | 275,348 | $ | 314,535 | $ | 749,966 | ||||||||||
Operating information for the year ended 12/31/10 (at 100%): | ||||||||||||||||||||
Operating revenue | $ | 4 | $ | 6,344 | $ | 25,607 | $ | 55,928 | $ | 87,883 | ||||||||||
Operating expenses | 758 | 3,458 | 9,370 | 19,906 | 33,492 | |||||||||||||||
Net operating (loss) income | (754 | ) | 2,886 | 16,237 | 36,022 | 54,391 | ||||||||||||||
Depreciation | - | - | 12,239 | 14,882 | 27,121 | |||||||||||||||
General and administrative/other | 51 | - | 127 | 92 | 270 | |||||||||||||||
Impairment | 8,959 | - | - | - | 8,959 | |||||||||||||||
Operating (loss) income | (9,764 | ) | 2,886 | 3,871 | 21,048 | 18,041 | ||||||||||||||
Interest and other income | 23 | - | 10 | 30 | 63 | |||||||||||||||
Other expenses | (493 | ) | - | - | (548 | ) | (1,041 | ) | ||||||||||||
Interest: | ||||||||||||||||||||
Expense incurred, net | (925 | ) | (2,872 | ) | (6,596 | ) | (20,576 | ) | (30,969 | ) | ||||||||||
Amortization of deferred financing costs | - | - | (753 | ) | (238 | ) | (991 | ) | ||||||||||||
(Loss) income before income and other taxes and discontinued operations | (11,159 | ) | 14 | (3,468 | ) | (284 | ) | (14,897 | ) | |||||||||||
Income and other tax (expense) benefit | (31 | ) | - | - | (5 | ) | (36 | ) | ||||||||||||
Net loss on sales of land parcels | (234 | ) | - | - | - | (234 | ) | |||||||||||||
Net gain on sales of discontinued operations | 711 | - | - | 34,842 | 35,553 | |||||||||||||||
Net (loss) income | $ | (10,713 | ) | $ | 14 | $ | (3,468 | ) | $ | 34,553 | $ | 20,386 | ||||||||
Consolidated | Unconsolidated | |||||||||||||||
Development Projects | ||||||||||||||||
Held for and/or Under Development (4) | Other | Total | Institutional Joint Ventures (5) | |||||||||||||
Total projects (1) | — | 19 | 19 | — | ||||||||||||
Total apartment units (1) | — | 3,475 | 3,475 | — | ||||||||||||
Balance sheet information at 12/31/12 (at 100%): | ||||||||||||||||
ASSETS | ||||||||||||||||
Investment in real estate | $ | 161,820 | $ | 453,235 | $ | 615,055 | $ | 171,041 | ||||||||
Accumulated depreciation | — | (159,651 | ) | (159,651 | ) | — | ||||||||||
Investment in real estate, net | 161,820 | 293,584 | 455,404 | 171,041 | ||||||||||||
Cash and cash equivalents | 3,884 | 17,221 | 21,105 | 214 | ||||||||||||
Deposits – restricted | 43,609 | 5 | 43,614 | — | ||||||||||||
Deferred financing costs, net | — | 1,019 | 1,019 | 6 | ||||||||||||
Other assets | 5,839 | 171 | 6,010 | 22 | ||||||||||||
Total assets | $ | 215,152 | $ | 312,000 | $ | 527,152 | $ | 171,283 | ||||||||
LIABILITIES AND EQUITY/CAPITAL | ||||||||||||||||
Mortgage notes payable | $ | — | $ | 200,337 | $ | 200,337 | $ | 76,634 | ||||||||
Accounts payable & accrued expenses | 686 | 693 | 1,379 | 6,550 | ||||||||||||
Accrued interest payable | — | 782 | 782 | 342 | ||||||||||||
Other liabilities | 1,238 | 1,096 | 2,334 | 108 | ||||||||||||
Security deposits | — | 1,483 | 1,483 | 3 | ||||||||||||
Total liabilities | 1,924 | 204,391 | 206,315 | 83,637 | ||||||||||||
Noncontrolling Interests – Partially Owned Properties | 85,006 | (7,318 | ) | 77,688 | 70,428 | |||||||||||
Company equity/General and Limited Partners' Capital | 128,222 | 114,927 | 243,149 | 17,218 | ||||||||||||
Total equity/capital | 213,228 | 107,609 | 320,837 | 87,646 | ||||||||||||
Total liabilities and equity/capital | $ | 215,152 | $ | 312,000 | $ | 527,152 | $ | 171,283 | ||||||||
Debt – Secured (2): | ||||||||||||||||
Company/Operating Partnership Ownership (3) | $ | — | $ | 159,068 | $ | 159,068 | $ | 15,327 | ||||||||
Noncontrolling Ownership | — | 41,269 | 41,269 | 61,307 | ||||||||||||
Total (at 100%) | $ | — | $ | 200,337 | $ | 200,337 | $ | 76,634 |
Consolidated | Unconsolidated | |||||||||||||||
Development Projects | ||||||||||||||||
Held for and/or Under Development (4) | Other | Total | Institutional Joint Ventures (5) | |||||||||||||
Operating information for the year ended 12/31/12 (at 100%): | ||||||||||||||||
Operating revenue | $ | — | $ | 62,405 | $ | 62,405 | $ | 7 | ||||||||
Operating expenses | 170 | 19,480 | 19,650 | 244 | ||||||||||||
Net operating (loss) income | (170 | ) | 42,925 | 42,755 | (237 | ) | ||||||||||
Depreciation | — | 15,346 | 15,346 | — | ||||||||||||
General and administrative/other | 213 | 157 | 370 | — | ||||||||||||
Operating (loss) income | (383 | ) | 27,422 | 27,039 | (237 | ) | ||||||||||
Interest and other income | 2 | 100 | 102 | — | ||||||||||||
Other expenses | (264 | ) | — | (264 | ) | — | ||||||||||
Interest: | ||||||||||||||||
Expense incurred, net | — | (9,386 | ) | (9,386 | ) | — | ||||||||||
Amortization of deferred financing costs | — | (160 | ) | (160 | ) | — | ||||||||||
(Loss) income before income and other taxes and net gain on sales of discontinued operations | (645 | ) | 17,976 | 17,331 | (237 | ) | ||||||||||
Income and other tax (expense) benefit | (25 | ) | (75 | ) | (100 | ) | — | |||||||||
Net gain on sales of discontinued operations | 15 | — | 15 | — | ||||||||||||
Net (loss) income | $ | (655 | ) | $ | 17,901 | $ | 17,246 | $ | (237 | ) |
(1) | Project and apartment unit counts exclude all uncompleted development projects until those projects are substantially completed. |
(2) | All debt is non-recourse to the |
(3) | Represents the |
(4) | Includes 400 Park Avenue South in New York City which the Company is jointly developing with Toll Brothers. |
(5) | These development projects (Nexus Sawgrass and Domain) are |
F-25
7. | Deposits –Restricted |
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
Tax – deferred (1031) exchange proceeds | $ | 103,887 | $ | 244,257 | ||||
Earnest money on pending acquisitions | 9,264 | 6,000 | ||||||
Restricted deposits on debt (1) | 18,966 | 49,565 | ||||||
Resident security and utility deposits | 40,745 | 39,361 | ||||||
Other | 8,125 | 12,825 | ||||||
Totals | $ | 180,987 | $ | 352,008 | ||||
December 31, 2012 | December 31, 2011 | |||||||
Tax – deferred (1031) exchange proceeds | $ | 152,182 | $ | 53,668 | ||||
Earnest money on pending acquisitions | 5,613 | 7,882 | ||||||
Restricted deposits on debt | — | 2,370 | ||||||
Restricted deposits on real estate investments | 44,209 | 43,970 | ||||||
Resident security and utility deposits | 44,199 | 40,403 | ||||||
Other | 4,239 | 3,944 | ||||||
Totals | $ | 250,442 | $ | 152,237 |
8. |
▪ | Repaid $364.3 million of mortgage loans; |
▪ | Obtained $26.5 million | |
▪ | Assumed | |
Year | Total | |||
2011 | $ | 597,100 | ||
2012 | 342,088 | |||
2013 | 171,138 | |||
2014 | 86,041 | |||
2015 | 59,013 | |||
Thereafter | 3,507,516 | |||
Total | $ | 4,762,896 | ||
F-26
▪ | Repaid $991.7 million of mortgage loans; |
▪ | ||
Obtained | ||
▪ | Assumed $158.2 million | |
Net | Interest | Weighted | Maturity | |||||||
December 31, 2010 | Principal | Rate | Average | Date | ||||||
(Amounts are in thousands) | Balance | Ranges | Interest Rate | Ranges | ||||||
Fixed Rate Public/Private Notes (1) | $ | 4,375,860 | 3.85% - 7.57% | 5.78% | 2011 - 2026 | |||||
Floating Rate Public/Private Notes (1) | 809,320 | (1) | 1.72% | 2011 - 2013 | ||||||
Totals | $ | 5,185,180 | ||||||||
December 31, 2012 (Amounts are in thousands) | Net Principal Balance | Interest Rate Ranges | Weighted Average Interest Rate | Maturity Date Ranges | ||||||
Fixed Rate Public/Private Notes (1) | $ | 4,329,352 | 4.625% - 7.57% | 5.70% | 2013 - 2026 | |||||
Floating Rate Public/Private Notes (1) | 301,523 | (1) | 1.83% | 2013 | ||||||
Totals | $ | 4,630,875 |
Net | Interest | Weighted | Maturity | |||||||
December 31, 2009 | Principal | Rate | Average | Date | ||||||
(Amounts are in thousands) | Balance | Ranges | Interest Rate | Ranges | ||||||
Fixed Rate Public/Private Notes (1) | $ | 3,771,700 | 3.85% - 7.57% | 5.93% | 2011 - 2026 | |||||
Floating Rate Public/Private Notes (1) | 801,824 | (1) | 1.37% | 2010 - 2013 | ||||||
Floating Rate Tax-Exempt Bonds | 35,600 | (2) | 0.37% | 2028 | ||||||
Totals | $ | 4,609,124 | ||||||||
December 31, 2011 (Amounts are in thousands) | Net Principal Balance | Interest Rate Ranges | Weighted Average Interest Rate | Maturity Date Ranges | ||||||
Fixed Rate Public/Private Notes (1) | $ | 4,803,191 | 4.625% - 7.57% | 5.84% | 2012 - 2026 | |||||
Floating Rate Public/Private Notes (1) | 806,383 | (1) | 1.67% | 2012 - 2013 | ||||||
Totals | $ | 5,609,574 |
(1) | At December 31, | |
▪ | Repaid $253.9 million of 6.625% unsecured notes at maturity; |
▪ | Repaid $222.1 million of 5.500% unsecured notes at maturity; |
▪ | Repaid its $500.0 million term loan facility at maturity; and |
▪ | Entered into a new senior unsecured $500.0 million delayed draw term loan facility that could have been drawn anytime on or before July 4, 2012. The Company elected not to draw on this facility and subject to the terms of the agreement, the facility expired undrawn. The Company recorded approximately $1.0 million of write-offs of unamortized deferred financing costs at termination. |
▪ | Repaid $93.1 million of 6.95% unsecured notes at maturity; |
▪ | Exercised the second of its twoone-year extension options for its $500.0 million term loan facility resulting in a maturity date of October 5, 2012; |
▪ | Redeemed $482.5 million of its 3.85% unsecured notes with a final maturity of 2026 at par and no premium was paid; and |
▪ | Issued |
F-27
F-28
Year | Total (1) | |||||||
2011 | (2 | )(3) | $ | 1,068,891 | ||||
2012 | 474,221 | |||||||
2013 | 407,849 | |||||||
2014 | 498,576 | |||||||
2015 | 298,700 | |||||||
Thereafter | 2,436,943 | |||||||
Total | $ | 5,185,180 | ||||||
new $1.25 billion |
Year | Total (1) | |||
2013 | $ | 526,310 | ||
2014 | 586,323 | |||
2015 | 417,812 | |||
2016 | 1,190,538 | |||
2017 | 1,446,576 | |||
Thereafter | 4,341,101 | |||
Net Unamortized Premium | 20,584 | |||
Total | $ | 8,529,244 |
Premiums and discounts are amortized over the life of the debt. |
9. | Derivative and Other Fair Value Instruments |
F-29
Forward | Development | |||||||||||
Fair Value | Starting | Cash Flow | ||||||||||
Hedges (1) | Swaps (2) | Hedges (3) | ||||||||||
Current Notional Balance | $ | 315,693 | $ | 950,000 | $ | 87,422 | ||||||
Lowest Possible Notional | $ | 315,693 | $ | 950,000 | $ | 3,020 | ||||||
Highest Possible Notional | $ | 317,694 | $ | 950,000 | $ | 91,343 | ||||||
Lowest Interest Rate | 2.009% | 3.478% | 4.059% | |||||||||
Highest Interest Rate | 4.800% | 4.695% | 4.059% | |||||||||
Earliest Maturity Date | 2012 | 2021 | 2011 | |||||||||
Latest Maturity Date | 2013 | 2023 | 2011 |
Fair Value Hedges (1) | Forward Starting Swaps (2) | ||||||
Current Notional Balance | $ | 300,000 | $ | 200,000 | |||
Lowest Possible Notional | $ | 300,000 | $ | 200,000 | |||
Highest Possible Notional | $ | 300,000 | $ | 200,000 | |||
Lowest Interest Rate | 2.009 | % | 3.478 | % | |||
Highest Interest Rate | 2.637 | % | 4.695 | % | |||
Earliest Maturity Date | 2013 | 2023 | |||||
Latest Maturity Date | 2013 | 2023 |
(1) | Fair Value Hedges – Converts outstanding fixed rate debt to a floating interest rate. |
(2) | Forward Starting Swaps – Designed to partially fix the interest rate in advance of a planned future debt issuance. These swaps have mandatory counterparty terminations | |
Asset Derivatives | Liability Derivatives | |||||||||||||||
Balance Sheet | Balance Sheet | |||||||||||||||
December 31, 2010 | Location | Fair Value | Location | Fair Value | ||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest Rate Contracts: | ||||||||||||||||
Fair Value Hedges | Other assets | $ | 12,521 | Other liabilities | $ | - | ||||||||||
Forward Starting Swaps | Other assets | 3,276 | Other liabilities | (37,756 | ) | |||||||||||
Development Cash Flow Hedges | Other assets | - | Other liabilities | (1,322 | ) | |||||||||||
Total | $ | 15,797 | $ | (39,078 | ) | |||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||
Balance Sheet | Balance Sheet | |||||||||||||||
December 31, 2009 | Location | Fair Value | Location | Fair Value | ||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest Rate Contracts: | ||||||||||||||||
Fair Value Hedges | Other assets | $ | 5,186 | Other liabilities | $ | - | ||||||||||
Forward Starting Swaps | Other assets | 23,630 | Other liabilities | - | ||||||||||||
Development Cash Flow Hedges | Other assets | - | Other liabilities | (3,577 | ) | |||||||||||
Total | $ | 28,816 | $ | (3,577 | ) | |||||||||||
Location of Gain/(Loss) | Amount of Gain/(Loss) | Income Statement | Amount of Gain/(Loss) | |||||||||||||||||
December 31, 2010 | Recognized in Income | Recognized in Income | Location of Hedged | Recognized in Income | ||||||||||||||||
Type of Fair Value Hedge | on Derivative | on Derivative | Hedged Item | Item Gain/(Loss) | on Hedged Item | |||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest Rate Contracts: | ||||||||||||||||||||
Interest Rate Swaps | Interest expense | $ | 7,335 | Fixed rate debt | Interest expense | $ | (7,335 | ) | ||||||||||||
Total | $ | 7,335 | $ | (7,335 | ) | |||||||||||||||
F-30
Location of Gain/(Loss) | Amount of Gain/(Loss) | Income Statement | Amount of Gain/(Loss) | |||||||||||||||||
December 31, 2009 | Recognized in Income | Recognized in Income | Location of Hedged | Recognized in Income | ||||||||||||||||
Type of Fair Value Hedge | on Derivative | on Derivative | Hedged Item | Item Gain/(Loss) | on Hedged Item | |||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest Rate Contracts: | ||||||||||||||||||||
Interest Rate Swaps | Interest expense | $ | (1,167 | ) | Fixed rate debt | Interest expense | $ | 1,167 | ||||||||||||
Total | $ | (1,167 | ) | $ | 1,167 | |||||||||||||||
Effective Portion | Ineffective Portion | |||||||||||||||||||
Amount of | Location of Gain/(Loss) | Amount of Gain/(Loss) | Location of | Amount of Gain/(Loss) | ||||||||||||||||
Gain/(Loss) | Reclassified from | Reclassified from | Gain/(Loss) | Reclassified from | ||||||||||||||||
December 31, 2010 | Recognized in OCI | Accumulated OCI | Accumulated OCI | Recognized in Income | Accumulated OCI | |||||||||||||||
Type of Cash Flow Hedge | on Derivative | into Income | into Income | on Derivative | into Income | |||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest Rate Contracts: | ||||||||||||||||||||
Forward Starting Swaps/Treasury Locks | $ | (68,149 | ) | Interest expense | $ | (3,338 | ) | N/A | $ | - | ||||||||||
Development Interest Rate Swaps/Caps | 2,255 | Interest expense | - | N/A | - | |||||||||||||||
Total | $ | (65,894 | ) | $ | (3,338 | ) | $ | - | ||||||||||||
Effective Portion | Ineffective Portion | |||||||||||||||||||
Amount of | Location of Gain/(Loss) | Amount of Gain/(Loss) | Location of | Amount of Gain/(Loss) | ||||||||||||||||
Gain/(Loss) | Reclassified from | Reclassified from | Gain/(Loss) | Reclassified from | ||||||||||||||||
December 31, 2009 | Recognized in OCI | Accumulated OCI | Accumulated OCI | Recognized in Income | Accumulated OCI | |||||||||||||||
Type of Cash Flow Hedge | on Derivative | into Income | into Income | on Derivative | into Income | |||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest Rate Contracts: | ||||||||||||||||||||
Forward Starting Swaps/Treasury Locks | $ | 34,432 | Interest expense | $ | (3,724 | ) | N/A | $ | - | |||||||||||
Development Interest Rate Swaps/Caps | 3,244 | Interest expense | - | N/A | - | |||||||||||||||
Total | $ | 37,676 | $ | (3,724 | ) | $ | - | |||||||||||||
F-31
Other Assets | ||||||||||||||||||||||
December 31, 2010 | Amortized | Unrealized | Unrealized | Book/ | Interest and | |||||||||||||||||
Security | Maturity | Cost | Gains | Losses | Fair Value | Other Income | ||||||||||||||||
Available-for-Sale | ||||||||||||||||||||||
FDIC-insured certificates of deposit | Less than one year | $ | - | $ | - | $ | - | $ | - | $ | 61 | |||||||||||
Other | N/A | 675 | 519 | - | 1,194 | - | ||||||||||||||||
TotalAvailable-for-Sale and Grand Total | $ | 675 | $ | 519 | $ | - | $ | 1,194 | $ | 61 | ||||||||||||
Other Assets | ||||||||||||||||||||||
December 31, 2009 | Amortized | Unrealized | Unrealized | Book/ | Interest and | |||||||||||||||||
Security | Maturity | Cost | Gains | Losses | Fair Value | Other Income | ||||||||||||||||
Held-to-Maturity | ||||||||||||||||||||||
FDIC-insured promissory notes | Less than one year | $ | - | $ | - | $ | - | $ | - | $ | 458 | |||||||||||
TotalHeld-to-Maturity | - | - | - | - | 458 | |||||||||||||||||
Available-for-Sale | ||||||||||||||||||||||
FDIC-insured certificates of deposit | Less than one year | 25,000 | 93 | - | 25,093 | 491 | ||||||||||||||||
Other | Between one and five years or N/A | 675 | 370 | - | 1,045 | 7,754 | ||||||||||||||||
TotalAvailable-for-Sale | 25,675 | 463 | - | 26,138 | 8,245 | |||||||||||||||||
Grand Total | $ | 25,675 | $ | 463 | $ | - | $ | 26,138 | $ | 8,703 | ||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||
Quoted Prices in | ||||||||||||||||||
Active Markets for | Significant Other | Significant | ||||||||||||||||
Balance Sheet | Identical Assets/Liabilities | Observable Inputs | Unobservable Inputs | |||||||||||||||
Description | Location | 12/31/2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Interest Rate Contracts: | ||||||||||||||||||
Fair Value Hedges | Other Assets | $ | 1,524 | $ | — | $ | 1,524 | $ | — | |||||||||
Supplemental Executive Retirement Plan | Other Assets | 70,655 | 70,655 | — | — | |||||||||||||
Available-for-Sale Investment Securities | Other Assets | 2,214 | 2,214 | — | — | |||||||||||||
Total | $ | 74,393 | $ | 72,869 | $ | 1,524 | $ | — | ||||||||||
Liabilities | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Interest Rate Contracts: | ||||||||||||||||||
Forward Starting Swaps | Other Liabilities | $ | 44,050 | $ | — | $ | 44,050 | $ | — | |||||||||
Supplemental Executive Retirement Plan | Other Liabilities | 70,655 | 70,655 | — | — | |||||||||||||
Total | $ | 114,705 | $ | 70,655 | $ | 44,050 | $ | — | ||||||||||
Redeemable Noncontrolling Interests – | ||||||||||||||||||
Operating Partnership/Redeemable | ||||||||||||||||||
Limited Partners | Mezzanine | $ | 398,372 | $ | — | $ | 398,372 | $ | — |
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||
Quoted Prices in | ||||||||||||||||||
Active Markets for | Significant Other | Significant | ||||||||||||||||
Balance Sheet | Identical Assets/Liabilities | Observable Inputs | Unobservable Inputs | |||||||||||||||
Description | Location | 12/31/2011 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Interest Rate Contracts: | ||||||||||||||||||
Fair Value Hedges | Other Assets | $ | 8,972 | $ | — | $ | 8,972 | $ | — | |||||||||
Supplemental Executive Retirement Plan | Other Assets | 71,426 | 71,426 | — | — | |||||||||||||
Available-for-Sale Investment Securities | Other Assets | 1,550 | 1,550 | — | — | |||||||||||||
Total | $ | 81,948 | $ | 72,976 | $ | 8,972 | $ | — | ||||||||||
Liabilities | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Interest Rate Contracts: | ||||||||||||||||||
Forward Starting Swaps | Other Liabilities | $ | 32,278 | $ | — | $ | 32,278 | $ | — | |||||||||
Supplemental Executive Retirement Plan | Other Liabilities | 71,426 | 71,426 | — | — | |||||||||||||
Total | $ | 103,704 | $ | 71,426 | $ | 32,278 | $ | — | ||||||||||
Redeemable Noncontrolling Interests – | ||||||||||||||||||
Operating Partnership/Redeemable | ||||||||||||||||||
Limited Partners | Mezzanine | $ | 416,404 | $ | — | $ | 416,404 | $ | — |
December 31, 2012 | Location of Gain/(Loss) Recognized in Income on Derivative | Amount of Gain/(Loss) Recognized in Income on Derivative | Income Statement Location of Hedged Item Gain/(Loss) | Amount of Gain/(Loss)Recognized in Income on Hedged Item | ||||||||||
Type of Fair Value Hedge | Hedged Item | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Interest Rate Contracts: | ||||||||||||||
Interest Rate Swaps | Interest expense | $ | (7,448 | ) | Fixed rate debt | Interest expense | $ | 7,448 | ||||||
Total | $ | (7,448 | ) | $ | 7,448 |
December 31, 2011 | Location of Gain/(Loss) Recognized in Income on Derivative | Amount of Gain/(Loss) Recognized in Income on Derivative | Income Statement Location of Hedged Item Gain/(Loss) | Amount of Gain/(Loss)Recognized in Income on Hedged Item | ||||||||||
Type of Fair Value Hedge | Hedged Item | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Interest Rate Contracts: | ||||||||||||||
Interest Rate Swaps | Interest expense | $ | (3,549 | ) | Fixed rate debt | Interest expense | $ | 3,549 | ||||||
Total | $ | (3,549 | ) | $ | 3,549 |
December 31, 2010 | Location of Gain/(Loss) Recognized in Income on Derivative | Amount of Gain/(Loss) Recognized in Income on Derivative | Income Statement Location of Hedged Item Gain/(Loss) | Amount of Gain/(Loss)Recognized in Income on Hedged Item | ||||||||||
Type of Fair Value Hedge | Hedged Item | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Interest Rate Contracts: | ||||||||||||||
Interest Rate Swaps | Interest expense | $ | 7,335 | Fixed rate debt | Interest expense | $ | (7,335 | ) | ||||||
Total | $ | 7,335 | $ | (7,335 | ) |
Effective Portion | Ineffective Portion | |||||||||||||||
December 31, 2012 | Amount of Gain/(Loss) Recognized in OCI on Derivative | Location of Gain/(Loss) Reclassified from Accumulated OCI into Income | Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | Location of Gain/(Loss) Recognized in Income on Derivative | Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | |||||||||||
Type of Cash Flow Hedge | ||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest Rate Contracts: | ||||||||||||||||
Forward Starting Swaps/Treasury Locks | $ | (11,772 | ) | Interest expense | $ | (14,678 | ) | N/A | $ | — | ||||||
Total | $ | (11,772 | ) | $ | (14,678 | ) | $ | — |
Effective Portion | Ineffective Portion | |||||||||||||||
December 31, 2011 | Amount of Gain/(Loss) Recognized in OCI on Derivative | Location of Gain/(Loss) Reclassified from Accumulated OCI into Income | Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | Location of Gain/(Loss) Recognized in Income on Derivative | Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | |||||||||||
Type of Cash Flow Hedge | ||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest Rate Contracts: | ||||||||||||||||
Forward Starting Swaps/Treasury Locks | $ | (145,090 | ) | Interest expense | $ | (4,343 | ) | Interest expense | $ | (170 | ) | |||||
Development Interest Rate Swaps/Caps | 1,322 | Interest expense | — | N/A | — | |||||||||||
Total | $ | (143,768 | ) | $ | (4,343 | ) | $ | (170 | ) |
Effective Portion | Ineffective Portion | |||||||||||||||
December 31, 2010 | Amount of Gain/(Loss) Recognized in OCI on Derivative | Location of Gain/(Loss) Reclassified from Accumulated OCI into Income | Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | Location of Gain/(Loss) Recognized in Income on Derivative | Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | |||||||||||
Type of Cash Flow Hedge | ||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest Rate Contracts: | ||||||||||||||||
Forward Starting Swaps/Treasury Locks | $ | (68,149 | ) | Interest expense | $ | (3,338 | ) | N/A | $ | — | ||||||
Development Interest Rate Swaps/Caps | 2,255 | Interest expense | — | N/A | — | |||||||||||
Total | $ | (65,894 | ) | $ | (3,338 | ) | $ | — |
F-32
Other Assets | ||||||||||||||||||||||
December 31, 2012 | Maturity | Amortized Cost | Unrealized Gains | Unrealized Losses | Book/ Fair Value | Interest and Other Income | ||||||||||||||||
Security | ||||||||||||||||||||||
Available-for-Sale Investment Securities | N/A | $ | 675 | $ | 1,539 | $ | — | $ | 2,214 | $ | — | |||||||||||
Total | $ | 675 | $ | 1,539 | $ | — | $ | 2,214 | $ | — |
Other Assets | ||||||||||||||||||||||
December 31, 2011 | Maturity | Amortized Cost | Unrealized Gains | Unrealized Losses | Book/ Fair Value | Interest and Other Income | ||||||||||||||||
Security | ||||||||||||||||||||||
Available-for-Sale Investment Securities | N/A | $ | 675 | $ | 875 | $ | — | $ | 1,550 | $ | — | |||||||||||
Total | $ | 675 | $ | 875 | $ | — | $ | 1,550 | $ | — |
Earnings Per Share and Earnings Per Unit |
Year Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
Numerator for net income per share – basic and diluted (1): | ||||||||||||
(Loss) income from continuing operations | $ | (19,844 | ) | $ | 2,931 | $ | (40,054 | ) | ||||
Allocation to Noncontrolling Interests – Operating Partnership, net | 1,555 | 622 | 3,558 | |||||||||
Net loss (income) attributable to Noncontrolling Interests – Partially Owned Properties | 726 | 558 | (2,650 | ) | ||||||||
Net income attributable to Preference Interests and Units | - | (9 | ) | (15 | ) | |||||||
Preferred distributions | (14,368 | ) | (14,479 | ) | (14,507 | ) | ||||||
(Loss) from continuing operations available to Common Shares, net of Noncontrolling Interests | (31,931 | ) | (10,377 | ) | (53,668 | ) | ||||||
Discontinued operations, net of Noncontrolling Interests | 301,173 | 358,171 | 446,783 | |||||||||
Numerator for net income per share – basic and diluted (1) | $ | 269,242 | $ | 347,794 | $ | 393,115 | ||||||
Denominator for net income per share – basic and diluted (1) | 282,888 | 273,609 | 270,012 | |||||||||
Net income per share – basic | $ | 0.95 | $ | 1.27 | $ | 1.46 | ||||||
Net income per share – diluted | $ | 0.95 | $ | 1.27 | $ | 1.46 | ||||||
Net income per share – basic: | ||||||||||||
(Loss) from continuing operations available to Common Shares, net of Noncontrolling Interests | $ | (0.113 | ) | $ | (0.038 | ) | $ | (0.199 | ) | |||
Discontinued operations, net of Noncontrolling Interests | 1.065 | 1.309 | 1.655 | |||||||||
Net income per share – basic | $ | 0.952 | $ | 1.271 | $ | 1.456 | ||||||
Net income per share – diluted (1): | ||||||||||||
(Loss) from continuing operations available to Common Shares | $ | (0.113 | ) | $ | (0.038 | ) | $ | (0.199 | ) | |||
Discontinued operations, net | 1.065 | 1.309 | 1.655 | |||||||||
Net income per share – diluted | $ | 0.952 | $ | 1.271 | $ | 1.456 | ||||||
Distributions declared per Common Share outstanding | $ | 1.47 | $ | 1.64 | $ | 1.93 | ||||||
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Numerator for net income per share – basic: | |||||||||||
Income (loss) from continuing operations | $ | 311,555 | $ | 57,794 | $ | (103,108 | ) | ||||
Allocation to Noncontrolling Interests – Operating Partnership, net | (13,178 | ) | (1,912 | ) | 5,419 | ||||||
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | (844 | ) | (832 | ) | 726 | ||||||
Preferred distributions | (10,355 | ) | (13,865 | ) | (14,368 | ) | |||||
Premium on redemption of Preferred Shares | (5,152 | ) | — | — | |||||||
Income (loss) from continuing operations available to Common Shares, net of Noncontrolling Interests | 282,026 | 41,185 | (111,331 | ) | |||||||
Discontinued operations, net of Noncontrolling Interests | 544,186 | 838,535 | 380,573 | ||||||||
Numerator for net income per share – basic | $ | 826,212 | $ | 879,720 | $ | 269,242 | |||||
Numerator for net income per share – diluted (1): | |||||||||||
Income from continuing operations | $ | 311,555 | $ | 57,794 | |||||||
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties | (844 | ) | (832 | ) | |||||||
Preferred distributions | (10,355 | ) | (13,865 | ) | |||||||
Premium on redemption of Preferred Shares | (5,152 | ) | — | ||||||||
Income from continuing operations available to Common Shares | 295,204 | 43,097 | |||||||||
Discontinued operations, net | 569,649 | 877,403 | |||||||||
Numerator for net income per share – diluted (1) | $ | 864,853 | $ | 920,500 | $ | 269,242 | |||||
Denominator for net income per share – basic and diluted (1): | |||||||||||
Denominator for net income per share – basic | 302,701 | 294,856 | 282,888 | ||||||||
Effect of dilutive securities: | |||||||||||
OP Units | 13,853 | 13,206 | |||||||||
Long-term compensation shares/units | 3,212 | 4,003 | |||||||||
Denominator for net income per share – diluted (1) | 319,766 | 312,065 | 282,888 | ||||||||
Net income per share – basic | $ | 2.73 | $ | 2.98 | $ | 0.95 | |||||
Net income per share – diluted | $ | 2.70 | $ | 2.95 | $ | 0.95 | |||||
Net income per share – basic: | |||||||||||
Income (loss) from continuing operations available to Common Shares, net of Noncontrolling Interests | $ | 0.932 | $ | 0.140 | $ | (0.393 | ) | ||||
Discontinued operations, net of Noncontrolling Interests | 1.797 | 2.844 | 1.345 | ||||||||
Net income per share – basic | $ | 2.729 | $ | 2.984 | $ | 0.952 | |||||
Net income per share – diluted (1): | |||||||||||
Income (loss) from continuing operations available to Common Shares | $ | 0.923 | $ | 0.138 | $ | (0.393 | ) | ||||
Discontinued operations, net | 1.782 | 2.812 | 1.345 | ||||||||
Net income per share – diluted | $ | 2.705 | $ | 2.950 | $ | 0.952 | |||||
Distributions declared per Common Share outstanding | $ | 1.78 | $ | 1.58 | $ | 1.47 |
(1) | Potential common shares issuable from the assumed conversion of OP Units and the exercise/vesting of long-term compensation |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Numerator for net income per Unit – basic and diluted (1): | |||||||||||
Income (loss) from continuing operations | $ | 311,555 | $ | 57,794 | $ | (103,108 | ) | ||||
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | (844 | ) | (832 | ) | 726 | ||||||
Allocation to Preference Units | (10,355 | ) | (13,865 | ) | (14,368 | ) | |||||
Allocation to premium on redemption of Preference Units | (5,152 | ) | — | — | |||||||
Income (loss) from continuing operations available to Units | 295,204 | 43,097 | (116,750 | ) | |||||||
Discontinued operations, net | 569,649 | 877,403 | 399,091 | ||||||||
Numerator for net income per Unit – basic and diluted (1) | $ | 864,853 | $ | 920,500 | $ | 282,341 | |||||
Denominator for net income per Unit – basic and diluted (1): | |||||||||||
Denominator for net income per Unit – basic | 316,554 | 308,062 | 296,527 | ||||||||
Effect of dilutive securities: | |||||||||||
Dilution for Units issuable upon assumed exercise/vesting of the Company's long-term compensation shares/units | 3,212 | 4,003 | |||||||||
Denominator for net income per Unit – diluted (1) | 319,766 | 312,065 | 296,527 | ||||||||
Net income per Unit – basic | $ | 2.73 | $ | 2.98 | $ | 0.95 | |||||
Net income per Unit – diluted | $ | 2.70 | $ | 2.95 | $ | 0.95 | |||||
Net income per Unit – basic: | |||||||||||
Income (loss) from continuing operations available to Units | $ | 0.932 | $ | 0.140 | $ | (0.393 | ) | ||||
Discontinued operations, net | 1.797 | 2.844 | 1.345 | ||||||||
Net income per Unit – basic | $ | 2.729 | $ | 2.984 | $ | 0.952 | |||||
Net income per Unit – diluted (1): | |||||||||||
Income (loss) from continuing operations available to Units | $ | 0.923 | $ | 0.138 | $ | (0.393 | ) | ||||
Discontinued operations, net | 1.782 | 2.812 | 1.345 | ||||||||
Net income per Unit – diluted | $ | 2.705 | $ | 2.950 | $ | 0.952 | |||||
Distributions declared per Unit outstanding | $ | 1.78 | $ | 1.58 | $ | 1.47 |
11. | Discontinued Operations |
Year Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
REVENUES | ||||||||||||
Rental income | $ | 67,670 | $ | 160,031 | $ | 261,924 | ||||||
Total revenues | 67,670 | 160,031 | 261,924 | |||||||||
EXPENSES (1) | ||||||||||||
Property and maintenance | 18,659 | 49,088 | 75,079 | |||||||||
Real estate taxes and insurance | 7,028 | 18,065 | 28,764 | |||||||||
Property management | - | - | (62 | ) | ||||||||
Depreciation | 16,770 | 41,104 | 66,625 | |||||||||
General and administrative | 36 | 34 | 29 | |||||||||
Total expenses | 42,493 | 108,291 | 170,435 | |||||||||
Discontinued operating income | 25,177 | 51,740 | 91,489 | |||||||||
Interest and other income | 497 | 120 | 427 | |||||||||
Other expenses | - | (1 | ) | - | ||||||||
Interest (2): | ||||||||||||
Expense incurred, net | (7,722 | ) | (8,660 | ) | (10,093 | ) | ||||||
Amortization of deferred financing costs | (37 | ) | (561 | ) | (54 | ) | ||||||
Income and other tax (expense) benefit | (44 | ) | 1,161 | 1,841 | ||||||||
Discontinued operations | 17,871 | 43,799 | 83,610 | |||||||||
Net gain on sales of discontinued operations | 297,956 | 335,299 | 392,857 | |||||||||
Discontinued operations, net | $ | 315,827 | $ | 379,098 | $ | 476,467 | ||||||
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
REVENUES | |||||||||||
Rental income | $ | 69,619 | $ | 202,128 | $ | 388,480 | |||||
Total revenues | 69,619 | 202,128 | 388,480 | ||||||||
EXPENSES (1) | |||||||||||
Property and maintenance | 19,575 | 76,727 | 143,158 | ||||||||
Real estate taxes and insurance | 6,055 | 17,061 | 34,148 | ||||||||
Property management | 211 | 266 | 230 | ||||||||
Depreciation | 20,910 | 51,037 | 91,934 | ||||||||
General and administrative | 77 | 54 | 42 | ||||||||
Total expenses | 46,828 | 145,145 | 269,512 | ||||||||
Discontinued operating income | 22,791 | 56,983 | 118,968 | ||||||||
Interest and other income | 155 | 196 | 848 | ||||||||
Other expenses | (120 | ) | (265 | ) | (136 | ) | |||||
Interest (2): | |||||||||||
Expense incurred, net | (1,381 | ) | (5,163 | ) | (17,628 | ) | |||||
Amortization of deferred financing costs | (65 | ) | (1,080 | ) | (830 | ) | |||||
Income and other tax (expense) benefit | (9 | ) | 243 | (87 | ) | ||||||
Discontinued operations | 21,371 | 50,914 | 101,135 | ||||||||
Net gain on sales of discontinued operations | 548,278 | 826,489 | 297,956 | ||||||||
Discontinued operations, net | $ | 569,649 | $ | 877,403 | $ | 399,091 |
(1) | Includes expenses paid in the current period for properties sold or held for sale in prior periods related to the Company’s period of ownership. |
(2) | Includes only interest expense specific to secured mortgage notes payable for properties sold and/or held for sale. |
Share Incentive Plans |
F-34
F-35
Year Ended December 31, 2012 | |||||||||||||||
Compensation Expense | Compensation Capitalized | Compensation Equity | Dividends Incurred | ||||||||||||
Restricted shares | $ | 8,014 | $ | 922 | $ | 8,936 | $ | 949 | |||||||
LTIP Units | 5,004 | 303 | 5,307 | 234 | |||||||||||
Share options | 10,970 | 782 | 11,752 | — | |||||||||||
ESPP discount | 844 | 121 | 965 | — | |||||||||||
Total | $ | 24,832 | $ | 2,128 | $ | 26,960 | $ | 1,183 |
Year Ended December 31, 2010 | ||||||||||||||||
Compensation | Compensation | Compensation | Dividends | |||||||||||||
Expense | Capitalized | Equity | Incurred | |||||||||||||
Restricted shares | $ | 8,603 | $ | 1,178 | $ | 9,781 | $ | 1,334 | ||||||||
LTIP Units | 2,334 | 190 | 2,524 | 138 | ||||||||||||
Share options | 6,707 | 714 | 7,421 | - | ||||||||||||
ESPP discount | 1,231 | 59 | 1,290 | - | ||||||||||||
Total | $ | 18,875 | $ | 2,141 | $ | 21,016 | $ | 1,472 | ||||||||
Year Ended December 31, 2011 | |||||||||||||||
Compensation Expense | Compensation Capitalized | Compensation Equity | Dividends Incurred | ||||||||||||
Restricted shares | $ | 8,041 | $ | 1,061 | $ | 9,102 | $ | 1,121 | |||||||
LTIP Units | 3,344 | 297 | 3,641 | 199 | |||||||||||
Share options | 8,711 | 834 | 9,545 | — | |||||||||||
ESPP discount | 1,081 | 113 | 1,194 | — | |||||||||||
Total | $ | 21,177 | $ | 2,305 | $ | 23,482 | $ | 1,320 |
Year Ended December 31, 2009 | ||||||||||||||||
Compensation | Compensation | Compensation | Dividends | |||||||||||||
Expense | Capitalized | Equity | Incurred | |||||||||||||
Performance shares | $ | 103 | $ | 76 | $ | 179 | $ | - | ||||||||
Restricted shares | 10,065 | 1,067 | 11,132 | 1,627 | ||||||||||||
LTIP Units | 1,036 | 158 | 1,194 | 254 | ||||||||||||
Share options | 5,458 | 538 | 5,996 | - | ||||||||||||
ESPP discount | 1,181 | 122 | 1,303 | - | ||||||||||||
Total | $ | 17,843 | $ | 1,961 | $ | 19,804 | $ | 1,881 | ||||||||
Year Ended December 31, 2008 | ||||||||||||||||
Compensation | Compensation | Compensation | Dividends | |||||||||||||
Expense | Capitalized | Equity | Incurred | |||||||||||||
Performance shares | $ | (8 | ) | $ | - | $ | (8 | ) | $ | - | ||||||
Restricted shares | 15,761 | 1,517 | 17,278 | 2,175 | ||||||||||||
Share options | 5,361 | 485 | 5,846 | - | ||||||||||||
ESPP discount | 1,197 | 92 | 1,289 | - | ||||||||||||
Total | $ | 22,311 | $ | 2,094 | $ | 24,405 | $ | 2,175 | ||||||||
Year Ended December 31, 2010 | |||||||||||||||
Compensation Expense | Compensation Capitalized | Compensation Equity | Dividends Incurred | ||||||||||||
Restricted shares | $ | 8,603 | $ | 1,178 | $ | 9,781 | $ | 1,334 | |||||||
LTIP Units | 2,334 | 190 | 2,524 | 138 | |||||||||||
Share options | 6,707 | 714 | 7,421 | — | |||||||||||
ESPP discount | 1,231 | 59 | 1,290 | — | |||||||||||
Total | $ | 18,875 | $ | 2,141 | $ | 21,016 | $ | 1,472 |
Restricted shares, LTIP Units and share options – Straight-line method over the vesting period of the options or shares regardless of cliff or ratable vesting distinctions. | ||
F-36
Weighted | Weighted | Weighted | ||||||||||||||||||||||||||||||||||||||||||
Common | Average | Average Fair | Average Fair | |||||||||||||||||||||||||||||||||||||||||
Shares Subject | Exercise Price | Restricted | Value per | LTIP | Value per | |||||||||||||||||||||||||||||||||||||||
to Options | per Option | Shares | Restricted Share | Units | LTIP Unit | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2007 | 9,185,141 | $ | 32.37 | 1,178,188 | $ | 42.30 | ||||||||||||||||||||||||||||||||||||||
Awards granted (1) | 1,436,574 | $ | 38.46 | 524,983 | $ | 38.29 | ||||||||||||||||||||||||||||||||||||||
Awards exercised/vested (2) (3) | (995,129 | ) | $ | 24.75 | (644,131 | ) | $ | 35.99 | ||||||||||||||||||||||||||||||||||||
Awards forfeited | (113,786 | ) | $ | 43.95 | (63,029 | ) | $ | 44.87 | ||||||||||||||||||||||||||||||||||||
Awards expired | (39,541 | ) | $ | 35.91 | - | - | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2008 | 9,473,259 | $ | 33.94 | 996,011 | $ | 44.16 | - | - | ||||||||||||||||||||||||||||||||||||
Awards granted (1) | 2,541,005 | $ | 23.08 | 362,997 | $ | 22.62 | 155,189 | $ | 21.11 | |||||||||||||||||||||||||||||||||||
Awards exercised/vested (2) (3) | (422,713 | ) | $ | 21.62 | (340,362 | ) | $ | 42.67 | - | - | ||||||||||||||||||||||||||||||||||
Awards forfeited | (146,151 | ) | $ | 30.07 | (64,280 | ) | $ | 35.28 | (573 | ) | $ | 21.11 | ||||||||||||||||||||||||||||||||
Awards expired | (95,650 | ) | $ | 32.21 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Common Shares Subject to Options | Weighted Average Exercise Price per Option | Restricted Shares | Weighted Average Fair Value per Restricted Share | LTIP Units | Weighted Average Fair Value per LTIP Unit | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2009 | 11,349,750 | $ | 32.03 | 954,366 | $ | 37.10 | 154,616 | $ | 21.11 | 11,349,750 | $32.03 | 954,366 | $37.10 | 154,616 | $21.11 | |||||||||||||||||||||||||||||
Awards granted (1) | 1,436,115 | $ | 33.59 | 270,805 | $ | 34.85 | 94,096 | $ | 32.97 | 1,436,115 | $33.59 | 270,805 | $34.85 | 94,096 | $32.97 | |||||||||||||||||||||||||||||
Awards exercised/vested (2) (3) | (2,506,645 | ) | $ | 28.68 | (278,183 | ) | $ | 52.25 | - | - | (2,506,645 | ) | $28.68 | (278,183 | ) | $52.25 | — | — | ||||||||||||||||||||||||||
Awards forfeited | (76,275 | ) | $ | 29.43 | (35,038 | ) | $ | 30.84 | (1,204 | ) | $ | 21.11 | (76,275 | ) | $29.43 | (35,038 | ) | $30.84 | (1,204 | ) | $21.11 | |||||||||||||||||||||||
Awards expired | (96,457 | ) | $ | 42.69 | - | - | - | - | (96,457 | ) | $42.69 | — | — | — | — | |||||||||||||||||||||||||||||
Balance at December 31, 2010 | 10,106,488 | $ | 33.00 | 911,950 | $ | 32.05 | 247,508 | $ | 25.62 | 10,106,488 | $33.00 | 911,950 | $32.05 | 247,508 | $25.62 | |||||||||||||||||||||||||||||
Awards granted (1) | 1,491,311 | $53.70 | 170,588 | $53.99 | 223,452 | $46.64 | ||||||||||||||||||||||||||||||||||||||
Awards exercised/vested (2) (3) (4) | (2,945,950 | ) | $32.27 | (258,068 | ) | $38.32 | (101,988 | ) | $38.57 | |||||||||||||||||||||||||||||||||||
Awards forfeited | (41,559 | ) | $35.14 | (126,960 | ) | $37.19 | (1,352 | ) | $27.79 | |||||||||||||||||||||||||||||||||||
Awards expired | (16,270 | ) | $44.13 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | 8,594,020 | $36.81 | 697,510 | $34.17 | 367,620 | $34.80 | ||||||||||||||||||||||||||||||||||||||
Awards granted (1) | 1,164,484 | $60.22 | 140,980 | $60.20 | 70,235 | $57.24 | ||||||||||||||||||||||||||||||||||||||
Awards exercised/vested (2) (3) (4) | (1,608,425 | ) | $30.87 | (300,809 | ) | $23.79 | (152,821 | ) | $21.11 | |||||||||||||||||||||||||||||||||||
Awards forfeited | (23,795 | ) | $51.55 | (12,728 | ) | $46.25 | — | — | ||||||||||||||||||||||||||||||||||||
Awards expired | (11,029 | ) | $35.53 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 8,115,255 | $41.31 | 524,953 | $46.81 | 285,034 | $48.41 |
(1) | The weighted average grant date fair value for Options granted during the years ended December 31, |
(2) | The aggregate intrinsic value of options exercised during the years ended December 31, |
(3) | The fair value of restricted shares vested during the years ended December 31, |
(4) | The fair value of LTIP Units vested during the year ended December 31, 2012 and 2011 was $9.1 million and $5.5 million, respectively. |
Options Outstanding (1) | Options Exercisable (2) | |||||||||||||||||||
Weighted | ||||||||||||||||||||
Average | Weighted | Weighted | ||||||||||||||||||
Remaining | Average | Average | ||||||||||||||||||
Contractual | Exercise | Exercise | ||||||||||||||||||
Range of Exercise Prices | Options | Life in Years | Price | Options | Price | |||||||||||||||
$21.40 to $26.75 | 2,974,937 | 6.18 | $ | 23.42 | 1,403,771 | $ | 23.82 | |||||||||||||
$26.76 to $32.10 | 2,478,594 | 3.09 | $ | 29.99 | 2,478,594 | $ | 29.99 | |||||||||||||
$32.11 to $37.45 | 1,374,888 | 9.01 | $ | 32.96 | 23,546 | $ | 32.23 | |||||||||||||
$37.46 to $42.80 | 2,363,450 | 5.87 | $ | 40.44 | 2,023,316 | $ | 40.75 | |||||||||||||
$42.81 to $48.15 | 4,202 | 5.32 | $ | 45.25 | 4,202 | $ | 45.25 | |||||||||||||
$48.16 to $53.50 | 910,417 | 6.09 | $ | 53.19 | 853,222 | $ | 53.50 | |||||||||||||
$21.40 to $53.50 | 10,106,488 | 5.73 | $ | 33.00 | 6,786,651 | $ | 34.89 | |||||||||||||
Vested and expected to vest as of December 31, 2010 | 9,718,763 | 5.69 | $ | 33.12 | ||||||||||||||||
Options Outstanding (1) | Options Exercisable (2) | |||||||||||||||
Range of Exercise Prices | Options | Weighted Average Remaining Contractual Life in Years | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | |||||||||||
$18.70 to $24.93 | 1,516,051 | 5.20 | $23.14 | 1,516,051 | $23.14 | |||||||||||
$24.94 to $31.16 | 408,342 | 1.07 | $29.21 | 408,342 | $29.21 | |||||||||||
$31.17 to $37.39 | 1,559,825 | 5.50 | $32.59 | 1,128,606 | $32.45 | |||||||||||
$37.40 to $43.62 | 1,389,121 | 4.20 | $40.46 | 1,389,121 | $40.46 | |||||||||||
$43.63 to $49.86 | 61,187 | 7.55 | $48.41 | 3,992 | $45.33 | |||||||||||
$49.87 to $56.09 | 1,983,188 | 7.07 | $53.52 | 891,250 | $53.58 | |||||||||||
$56.10 to $62.32 | 1,197,541 | 9.08 | $60.18 | 48,545 | $59.33 | |||||||||||
$18.70 to $62.32 | 8,115,255 | 5.92 | $41.31 | 5,385,907 | $35.40 | |||||||||||
Vested and expected to vest as of December 31, 2012 | 7,801,412 | 5.82 | $40.66 |
(1) | The aggregate intrinsic value of options outstanding that are vested and expected to vest as of December 31, |
(2) | The aggregate intrinsic value and weighted average remaining contractual life in years of options exercisable as of December 31, |
F-37
Employee Plans |
Year Ended December 31, | ||||||
2010 | 2009 | 2008 | ||||
(Amounts in thousands except share and per share amounts) | ||||||
Shares issued | 157,363 | 324,394 | 195,961 | |||
Issuance price ranges | $28.26 – $41.16 | $14.21 – $24.84 | $23.51 – $37.61 | |||
Issuance proceeds | $5,112 | $5,292 | $6,170 |
Year Ended December 31, | |||||
2012 | 2011 | 2010 | |||
(Amounts in thousands except share and per share amounts) | |||||
Shares issued | 110,054 | 113,107 | 157,363 | ||
Issuance price ranges | $46.33 – $51.78 | $44.04 – $51.19 | $28.26 – $41.16 | ||
Issuance proceeds | $5,399 | $5,262 | $5,112 |
Distribution Reinvestment and Share Purchase Plan |
Transactions with Related Parties |
Commitments and Contingencies |
F-39
Payments Due by Year (in thousands) | ||||||||||||||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | Thereafter | Total | ||||||||||||||||||||||
Operating Leases: | ||||||||||||||||||||||||||||
Minimum Rent Payments (a) | $ | 5,478 | $ | 4,285 | $ | 4,431 | $ | 4,736 | $ | 4,729 | $ | 320,928 | $ | 344,587 | ||||||||||||||
Other Long-Term Liabilities: | ||||||||||||||||||||||||||||
Deferred Compensation (b) | 1,457 | 1,770 | 1,485 | 1,677 | 1,677 | 9,182 | 17,248 |
Payments Due by Year (in thousands) | ||||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | Thereafter | Total | ||||||||||||||||||||||
Operating Leases: | ||||||||||||||||||||||||||||
Minimum Rent Payments (a) | $ | 7,462 | $ | 8,862 | $ | 9,501 | $ | 9,462 | $ | 9,415 | $ | 691,304 | $ | 736,006 | ||||||||||||||
Other Long-Term Liabilities: | ||||||||||||||||||||||||||||
Deferred Compensation (b) | 1,179 | 1,691 | 1,691 | 1,691 | 1,692 | 6,529 | 14,473 |
(a) | Minimum basic rent due for various office space the Company leases and fixed base rent due on ground leases for |
(b) | Estimated payments to |
Reportable Segments |
Year Ended December 31, 2010 | ||||||||||||||||||||||||
Northeast | Northwest | Southeast | Southwest | Other (3) | Total | |||||||||||||||||||
Rental income: | ||||||||||||||||||||||||
Same store (1) | $ | 574,147 | $ | 353,123 | $ | 383,475 | $ | 417,523 | $ | - | $ | 1,728,268 | ||||||||||||
Non-same store/other (2) (3) | 112,747 | 18,042 | 9,271 | 33,456 | 84,259 | 257,775 | ||||||||||||||||||
Total rental income | 686,894 | 371,165 | 392,746 | 450,979 | 84,259 | 1,986,043 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Same store (1) | 215,365 | 132,331 | 157,518 | 149,449 | - | 654,663 | ||||||||||||||||||
Non-same store/other (2) (3) | 54,780 | 7,950 | 4,126 | 15,136 | 69,823 | 151,815 | ||||||||||||||||||
Total operating expenses | 270,145 | 140,281 | 161,644 | 164,585 | 69,823 | 806,478 | ||||||||||||||||||
NOI: | ||||||||||||||||||||||||
Same store (1) | 358,782 | 220,792 | 225,957 | 268,074 | - | 1,073,605 | ||||||||||||||||||
Non-same store/other (2) (3) | 57,967 | 10,092 | 5,145 | 18,320 | 14,436 | 105,960 | ||||||||||||||||||
Total NOI | $ | 416,749 | $ | 230,884 | $ | 231,102 | $ | 286,394 | $ | 14,436 | $ | 1,179,565 | ||||||||||||
Total assets | $ | 6,211,534 | $ | 2,665,707 | $ | 2,602,318 | $ | 3,240,170 | $ | 1,464,465 | $ | 16,184,194 | ||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Northeast | Northwest | Southeast | Southwest | Other (3) | Total | ||||||||||||||||||
Rental income: | |||||||||||||||||||||||
Same store (1) | $ | 708,009 | $ | 386,813 | $ | 332,185 | $ | 441,911 | $ | — | $ | 1,868,918 | |||||||||||
Non-same store/other (2) (3) | 110,060 | 54,414 | 19,853 | 60,962 | (65 | ) | 245,224 | ||||||||||||||||
Total rental income | 818,069 | 441,227 | 352,038 | 502,873 | (65 | ) | 2,114,142 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Same store (1) | 251,538 | 127,213 | 127,279 | 143,884 | — | 649,914 | |||||||||||||||||
Non-same store/other (2) (3) | 33,423 | 24,755 | 7,550 | 20,837 | 3,285 | 89,850 | |||||||||||||||||
Total operating expenses | 284,961 | 151,968 | 134,829 | 164,721 | 3,285 | 739,764 | |||||||||||||||||
NOI: | |||||||||||||||||||||||
Same store (1) | 456,471 | 259,600 | 204,906 | 298,027 | — | 1,219,004 | |||||||||||||||||
Non-same store/other (2) (3) | 76,637 | 29,659 | 12,303 | 40,125 | (3,350 | ) | 155,374 | ||||||||||||||||
Total NOI | $ | 533,108 | $ | 289,259 | $ | 217,209 | $ | 338,152 | $ | (3,350 | ) | $ | 1,374,378 | ||||||||||
Total assets | $ | 6,972,992 | $ | 2,953,700 | $ | 2,268,805 | $ | 3,191,403 | $ | 1,814,100 | $ | 17,201,000 | |||||||||||
Capital expenditures | $ | 58,298 | $ | 35,650 | $ | 27,521 | $ | 28,505 | $ | 2,854 | $ | 152,828 |
(1) | Same store primarily includes all properties acquired or completed and stabilized prior to January 1, |
(2) | Non-same store primarily includes properties acquired after January 1, |
(3) | Other includes |
Year Ended December 31, 2009 | ||||||||||||||||||||||||
Northeast | Northwest | Southeast | Southwest | Other (3) | Total | |||||||||||||||||||
Rental income: | ||||||||||||||||||||||||
Same store (1) | $ | 566,518 | $ | 357,502 | $ | 383,239 | $ | 423,076 | $ | - | $ | 1,730,335 | ||||||||||||
Non-same store/other (2) (3) | 23,195 | 2,010 | 4,268 | 16,985 | 69,364 | 115,822 | ||||||||||||||||||
Total rental income | 589,713 | 359,512 | 387,507 | 440,061 | 69,364 | 1,846,157 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Same store (1) | 211,352 | 129,696 | 158,977 | 148,483 | - | 648,508 | ||||||||||||||||||
Non-same store/other (2) (3) | 12,798 | 1,851 | 1,727 | 9,418 | 68,692 | 94,486 | ||||||||||||||||||
Total operating expenses | 224,150 | 131,547 | 160,704 | 157,901 | 68,692 | 742,994 | ||||||||||||||||||
NOI: | ||||||||||||||||||||||||
Same store (1) | 355,166 | 227,806 | 224,262 | 274,593 | - | 1,081,827 | ||||||||||||||||||
Non-same store/other (2) (3) | 10,397 | 159 | 2,541 | 7,567 | 672 | 21,336 | ||||||||||||||||||
Total NOI | $ | 365,563 | $ | 227,965 | $ | 226,803 | $ | 282,160 | $ | 672 | $ | 1,103,163 | ||||||||||||
Total assets | $ | 5,435,072 | $ | 2,474,775 | $ | 2,674,499 | $ | 2,971,396 | $ | 1,861,773 | $ | 15,417,515 | ||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||
Northeast | Northwest | Southeast | Southwest | Other (3) | Total | ||||||||||||||||||
Rental income: | |||||||||||||||||||||||
Same store (1) | $ | 671,633 | $ | 356,822 | $ | 317,205 | $ | 425,789 | $ | — | $ | 1,771,449 | |||||||||||
Non-same store/other (2) (3) | 51,566 | 9,900 | 14,488 | 30,539 | (3,477 | ) | 103,016 | ||||||||||||||||
Total rental income | 723,199 | 366,722 | 331,693 | 456,328 | (3,477 | ) | 1,874,465 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Same store (1) | 245,166 | 125,008 | 123,720 | 144,777 | — | 638,671 | |||||||||||||||||
Non-same store/other (2) (3) | 14,101 | 3,946 | 5,165 | 12,144 | 7,326 | 42,682 | |||||||||||||||||
Total operating expenses | 259,267 | 128,954 | 128,885 | 156,921 | 7,326 | 681,353 | |||||||||||||||||
NOI: | |||||||||||||||||||||||
Same store (1) | 426,467 | 231,814 | 193,485 | 281,012 | — | 1,132,778 | |||||||||||||||||
Non-same store/other (2) (3) | 37,465 | 5,954 | 9,323 | 18,395 | (10,803 | ) | 60,334 | ||||||||||||||||
Total NOI | $ | 463,932 | $ | 237,768 | $ | 202,808 | $ | 299,407 | $ | (10,803 | ) | $ | 1,193,112 | ||||||||||
Total assets | $ | 6,550,979 | $ | 2,816,078 | $ | 2,340,902 | $ | 3,238,164 | $ | 1,713,180 | $ | 16,659,303 | |||||||||||
Capital expenditures | $ | 51,203 | $ | 32,522 | $ | 24,813 | $ | 27,792 | $ | 8,122 | $ | 144,452 |
(1) | Same store primarily includes all properties acquired or completed and stabilized prior to January 1, |
(2) | Non-same store primarily includes properties acquired after January 1, |
(3) | Other includes |
Year Ended December 31, 2008 | ||||||||||||||||||||||||
Northeast | Northwest | Southeast | Southwest | Other (3) | Total | |||||||||||||||||||
Rental income: | ||||||||||||||||||||||||
Same store (1) | $ | 553,712 | $ | 372,197 | $ | 407,871 | $ | 444,403 | $ | - | $ | 1,778,183 | ||||||||||||
Non-same store/other (2) (3) | 37,000 | 18,347 | 6,090 | 23,400 | 101,934 | 186,771 | ||||||||||||||||||
Properties sold in 2010 (4) | - | - | - | - | (88,681 | ) | (88,681 | ) | ||||||||||||||||
Total rental income | 590,712 | 390,544 | 413,961 | 467,803 | 13,253 | 1,876,273 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Same store (1) | 199,673 | 128,448 | 166,022 | 150,980 | - | 645,123 | ||||||||||||||||||
Non-same store/other (2)(3) | 16,806 | 7,664 | 2,995 | 14,363 | 101,742 | 143,570 | ||||||||||||||||||
Properties sold in 2010 (4) | - | - | - | - | (31,205 | ) | (31,205 | ) | ||||||||||||||||
Total operating expenses | 216,479 | 136,112 | 169,017 | 165,343 | 70,537 | 757,488 | ||||||||||||||||||
NOI: | ||||||||||||||||||||||||
Same store (1) | 354,039 | 243,749 | 241,849 | 293,423 | - | 1,133,060 | ||||||||||||||||||
Non-same store/other (2) (3) | 20,194 | 10,683 | 3,095 | 9,037 | 192 | 43,201 | ||||||||||||||||||
Properties sold in 2010 (4) | - | - | - | - | (57,476 | ) | (57,476 | ) | ||||||||||||||||
Total NOI | $ | 374,233 | $ | 254,432 | $ | 244,944 | $ | 302,460 | $ | (57,284 | ) | $ | 1,118,785 | |||||||||||
Year Ended December 31, 2010 | |||||||||||||||||||||||
Northeast | Northwest | Southeast | Southwest | Other (3) | Total | ||||||||||||||||||
Rental income: | |||||||||||||||||||||||
Same store (1) | $ | 553,561 | $ | 322,427 | $ | 342,080 | $ | 412,414 | $ | — | $ | 1,630,482 | |||||||||||
Non-same store/other (2) (3) | 95,493 | 18,825 | 9,009 | 13,587 | (3,604 | ) | 133,310 | ||||||||||||||||
Properties sold in 2012 (4) | — | — | — | — | (98,559 | ) | (98,559 | ) | |||||||||||||||
Total rental income | 649,054 | 341,252 | 351,089 | 426,001 | (102,163 | ) | 1,665,233 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Same store (1) | 207,131 | 119,797 | 139,550 | 147,732 | — | 614,210 | |||||||||||||||||
Non-same store/other (2) (3) | 48,119 | 8,300 | 3,729 | 7,198 | 12,230 | 79,576 | |||||||||||||||||
Properties sold in 2012 (4) | — | — | — | — | (39,015 | ) | (39,015 | ) | |||||||||||||||
Total operating expenses | 255,250 | 128,097 | 143,279 | 154,930 | (26,785 | ) | 654,771 | ||||||||||||||||
NOI: | |||||||||||||||||||||||
Same store (1) | 346,430 | 202,630 | 202,530 | 264,682 | — | 1,016,272 | |||||||||||||||||
Non-same store/other (2) (3) | 47,374 | 10,525 | 5,280 | 6,389 | (15,834 | ) | 53,734 | ||||||||||||||||
Properties sold in 2012 (4) | — | — | — | — | (59,544 | ) | (59,544 | ) | |||||||||||||||
Total NOI | $ | 393,804 | $ | 213,155 | $ | 207,810 | $ | 271,071 | $ | (75,378 | ) | $ | 1,010,462 |
(1) | Same store primarily includes all properties acquired or completed and stabilized prior to January 1, |
(2) | Non-same store primarily includes properties acquired after January 1, |
(3) | Other includes |
(4) | Reflects discontinued operations for properties sold during |
Year Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
Rental income | $ | 1,986,043 | $ | 1,846,157 | $ | 1,876,273 | ||||||
Property and maintenance expense | (498,634 | ) | (464,809 | ) | (485,754 | ) | ||||||
Real estate taxes and insurance expense | (226,718 | ) | (206,247 | ) | (194,671 | ) | ||||||
Property management expense | (81,126 | ) | (71,938 | ) | (77,063 | ) | ||||||
Total operating expenses | (806,478 | ) | (742,994 | ) | (757,488 | ) | ||||||
Net operating income | $ | 1,179,565 | $ | 1,103,163 | $ | 1,118,785 | ||||||
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Rental income | $ | 2,114,142 | $ | 1,874,465 | $ | 1,665,233 | |||||
Property and maintenance expense | (415,986 | ) | (387,968 | ) | (374,135 | ) | |||||
Real estate taxes and insurance expense | (241,876 | ) | (211,518 | ) | (200,779 | ) | |||||
Property management expense | (81,902 | ) | (81,867 | ) | (79,857 | ) | |||||
Total operating expenses | (739,764 | ) | (681,353 | ) | (654,771 | ) | |||||
Net operating income | $ | 1,374,378 | $ | 1,193,112 | $ | 1,010,462 |
Subsequent Events/Other |
F-42
Quarterly Financial Data (Unaudited) |
First | Second | Third | Fourth | |||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||||||||
2010 | 3/31 | 6/30 | 9/30 | 12/31 | ||||||||||||||||||||||||||||
2012 | 3/31 | 6/30 | 9/30 | 12/31 | ||||||||||||||||||||||||||||
Total revenues (1) | $ | 472,082 | $ | 494,541 | $ | 511,772 | $ | 517,124 | $ | 505,761 | $ | 525,630 | $ | 544,674 | $ | 547,650 | ||||||||||||||||
Operating income (1) | 112,382 | 115,247 | 121,047 | 93,325 | 140,889 | 158,988 | 179,867 | 188,214 | ||||||||||||||||||||||||
(Loss) income from continuing operations (1) | (7,267 | ) | 4,714 | 14,930 | (32,221 | ) | ||||||||||||||||||||||||||
Income from continuing operations (1) | 12,654 | 30,213 | 128,433 | 140,255 | ||||||||||||||||||||||||||||
Discontinued operations, net (1) | 65,123 | 5,375 | 14,896 | 230,433 | 139,513 | 78,102 | 107,890 | 244,144 | ||||||||||||||||||||||||
Net income * | 57,856 | 10,089 | 29,826 | 198,212 | 152,167 | 108,315 | 236,323 | 384,399 | ||||||||||||||||||||||||
Net income available to Common Shares | 51,863 | 6,343 | 25,166 | 185,870 | 141,833 | 99,797 | 218,603 | 365,979 | ||||||||||||||||||||||||
Earnings per share – basic: | ||||||||||||||||||||||||||||||||
Net income available to Common Shares | $ | 0.18 | $ | 0.02 | $ | 0.09 | $ | 0.65 | $ | 0.47 | $ | 0.33 | $ | 0.73 | $ | 1.18 | ||||||||||||||||
Weighted average Common Shares outstanding | 280,645 | 282,217 | 282,717 | 285,916 | 298,805 | 300,193 | 301,336 | 310,398 | ||||||||||||||||||||||||
Earnings per share – diluted: | ||||||||||||||||||||||||||||||||
Net income available to Common Shares | $ | 0.18 | $ | 0.02 | $ | 0.09 | $ | 0.65 | $ | 0.47 | $ | 0.33 | $ | 0.72 | $ | 1.17 | ||||||||||||||||
Weighted average Common Shares outstanding | 280,645 | 299,642 | 300,379 | 285,916 | 315,230 | 317,648 | 318,773 | 327,108 |
(1) | The amounts presented for the first three quarters of |
First | Second | Third | ||||||||||
Quarter | Quarter | Quarter | ||||||||||
2010 | 3/31 | 6/30 | 9/30 | |||||||||
Total revenues previously reported inForm 10-Q | $ | 488,690 | $ | 510,937 | $ | 527,356 | ||||||
Total revenues subsequently reclassified to discontinued operations | (16,608 | ) | (16,396 | ) | (15,584 | ) | ||||||
Total revenues disclosed inForm 10-K | $ | 472,082 | $ | 494,541 | $ | 511,772 | ||||||
Operating income previously reported inForm 10-Q | $ | 118,596 | $ | 121,529 | $ | 127,196 | ||||||
Operating income subsequently reclassified to discontinued operations | (6,214 | ) | (6,282 | ) | (6,149 | ) | ||||||
Operating income disclosed inForm 10-K | $ | 112,382 | $ | 115,247 | $ | 121,047 | ||||||
(Loss) income from continuing operations previously reported inForm 10-Q | $ | (2,208 | ) | $ | 9,406 | $ | 19,884 | |||||
Income from continuing operations subsequently reclassified to discontinued operations | (5,059 | ) | (4,692 | ) | (4,954 | ) | ||||||
(Loss) income from continuing operations disclosed inForm 10-K | $ | (7,267 | ) | $ | 4,714 | $ | 14,930 | |||||
Discontinued operations, net previously reported inForm 10-Q | $ | 60,064 | $ | 683 | $ | 9,942 | ||||||
Discontinued operations, net from properties sold subsequent to the respective reporting period | 5,059 | 4,692 | 4,954 | |||||||||
Discontinued operations, net disclosed inForm 10-K | $ | 65,123 | $ | 5,375 | $ | 14,896 | ||||||
First Quarter | Second Quarter | Third Quarter | ||||||||||
2012 | 3/31 | 6/30 | 9/30 | |||||||||
Total revenues previously reported in Form 10-Q | $ | 527,659 | $ | 543,781 | $ | 556,144 | ||||||
Total revenues subsequently reclassified to discontinued operations | (21,898 | ) | (18,151 | ) | (11,470 | ) | ||||||
Total revenues disclosed in Form 10-K | $ | 505,761 | $ | 525,630 | $ | 544,674 | ||||||
Operating income previously reported in Form 10-Q | $ | 146,152 | $ | 165,711 | $ | 184,127 | ||||||
Operating income subsequently reclassified to discontinued operations | (5,263 | ) | (6,723 | ) | (4,260 | ) | ||||||
Operating income disclosed in Form 10-K | $ | 140,889 | $ | 158,988 | $ | 179,867 | ||||||
Income from continuing operations previously reported in Form 10-Q | $ | 17,389 | $ | 36,558 | $ | 132,681 | ||||||
Income from continuing operations subsequently reclassified to discontinued operations | (4,735 | ) | (6,345 | ) | (4,248 | ) | ||||||
Income from continuing operations disclosed in Form 10-K | $ | 12,654 | $ | 30,213 | $ | 128,433 | ||||||
Discontinued operations, net previously reported in Form 10-Q | $ | 134,778 | $ | 71,757 | $ | 103,642 | ||||||
Discontinued operations, net from properties sold subsequent to the respective reporting period | 4,735 | 6,345 | 4,248 | |||||||||
Discontinued operations, net disclosed in Form 10-K | $ | 139,513 | $ | 78,102 | $ | 107,890 |
F-43
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2009 | 3/31 | 6/30 | 9/30 | 12/31 | ||||||||||||
Total revenues (2) | $ | 466,177 | $ | 464,225 | $ | 464,827 | $ | 461,274 | ||||||||
Operating income (2) | 126,283 | 120,661 | 122,703 | 126,954 | ||||||||||||
Income (loss) from continuing operations (2) | 7,858 | 7,813 | 4,256 | (16,996 | ) | |||||||||||
Discontinued operations, net (2) | 77,563 | 98,119 | 139,109 | 64,307 | ||||||||||||
Net income * | 85,421 | 105,932 | 143,365 | 47,311 | ||||||||||||
Net income available to Common Shares | 77,175 | 96,585 | 132,362 | 41,672 | ||||||||||||
Earnings per share – basic: | ||||||||||||||||
Net income available to Common Shares | $ | 0.28 | $ | 0.35 | $ | 0.48 | $ | 0.15 | ||||||||
Weighted average Common Shares outstanding | 272,324 | 272,901 | 273,658 | 275,519 | ||||||||||||
Earnings per share – diluted: | ||||||||||||||||
Net income available to Common Shares | $ | 0.28 | $ | 0.35 | $ | 0.48 | $ | 0.15 | ||||||||
Weighted average Common Shares outstanding | 288,853 | 289,338 | 290,215 | 275,519 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
2011 | 3/31 | 6/30 | 9/30 | 12/31 | ||||||||||||
Total revenues (2) | $ | 445,408 | $ | 462,881 | $ | 482,852 | $ | 492,350 | ||||||||
Operating income (2) | 110,042 | 134,130 | 142,781 | 154,722 | ||||||||||||
(Loss) income from continuing operations (2) | (13,322 | ) | 10,336 | 28,274 | 32,506 | |||||||||||
Discontinued operations, net (2) | 146,388 | 571,417 | 84,703 | 74,895 | ||||||||||||
Net income * | 133,066 | 581,753 | 112,977 | 107,401 | ||||||||||||
Net income available to Common Shares | 123,865 | 552,457 | 104,382 | 99,016 | ||||||||||||
Earnings per share – basic: | ||||||||||||||||
Net income available to Common Shares | $ | 0.42 | $ | 1.88 | $ | 0.35 | $ | 0.33 | ||||||||
Weighted average Common Shares outstanding | 292,895 | 294,663 | 295,831 | 295,990 | ||||||||||||
Earnings per share – diluted: | ||||||||||||||||
Net income available to Common Shares | $ | 0.42 | $ | 1.85 | $ | 0.35 | $ | 0.33 | ||||||||
Weighted average Common Shares outstanding | 292,895 | 312,199 | 312,844 | 312,731 |
(2) | The amounts presented for the four quarters of |
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2009 | 3/31 | 6/30 | 9/30 | 12/31 | ||||||||||||
Total revenues previously reported in September 2010Form 8-K/Form 10-Q | $ | 482,475 | $ | 480,333 | $ | 480,241 | $ | 477,365 | ||||||||
Total revenues subsequently reclassified to discontinued operations | (16,298 | ) | (16,108 | ) | (15,414 | ) | (16,091 | ) | ||||||||
Total revenues disclosed inForm 10-K | $ | 466,177 | $ | 464,225 | $ | 464,827 | $ | 461,274 | ||||||||
Operating income previously reported in September 2010Form 8-K/Form 10-Q | $ | 132,245 | $ | 126,944 | $ | 128,655 | $ | 133,239 | ||||||||
Operating income subsequently reclassified to discontinued operations | (5,962 | ) | (6,283 | ) | (5,952 | ) | (6,285 | ) | ||||||||
Operating income disclosed inForm 10-K | $ | 126,283 | $ | 120,661 | $ | 122,703 | $ | 126,954 | ||||||||
Income (loss) from continuing operations previously reported in September 2010Form 8-K/Form 10-Q | $ | 11,948 | $ | 12,339 | $ | 9,029 | $ | (13,146 | ) | |||||||
Income from continuing operations subsequently reclassified to discontinued operations | (4,090 | ) | (4,526 | ) | (4,773 | ) | (3,850 | ) | ||||||||
Income (loss) from continuing operations disclosed inForm 10-K | $ | 7,858 | $ | 7,813 | $ | 4,256 | $ | (16,996 | ) | |||||||
Discontinued operations, net previously reported in September 2010Form 8-K/Form10-Q | $ | 73,473 | $ | 93,593 | $ | 134,336 | $ | 60,457 | ||||||||
Discontinued operations, net from properties sold subsequent to the respective reporting period | 4,090 | 4,526 | 4,773 | 3,850 | ||||||||||||
Discontinued operations, net disclosed inForm 10-K | $ | 77,563 | $ | 98,119 | $ | 139,109 | $ | 64,307 | ||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
2011 | 3/31 | 6/30 | 9/30 | 12/31 | ||||||||||||
Total revenues previously reported in June 2012 Form 8-K/Form 10-Q | $ | 466,356 | $ | 480,367 | $ | 493,872 | $ | 514,127 | ||||||||
Total revenues subsequently reclassified to discontinued operations | (20,948 | ) | (17,486 | ) | (11,020 | ) | (21,777 | ) | ||||||||
Total revenues disclosed in Form 10-K | $ | 445,408 | $ | 462,881 | $ | 482,852 | $ | 492,350 | ||||||||
Operating income previously reported in June 2012 Form 8-K/Form 10-Q | $ | 115,953 | $ | 139,857 | $ | 144,814 | $ | 159,953 | ||||||||
Operating income subsequently reclassified to discontinued operations | (5,911 | ) | (5,727 | ) | (2,033 | ) | (5,231 | ) | ||||||||
Operating income disclosed in Form 10-K | $ | 110,042 | $ | 134,130 | $ | 142,781 | $ | 154,722 | ||||||||
(Loss) income from continuing operations previously reported in June 2012 Form 8-K/Form 10-Q | $ | (8,913 | ) | $ | 15,126 | $ | 30,217 | $ | 36,771 | |||||||
Income from continuing operations subsequently reclassified to discontinued operations | (4,409 | ) | (4,790 | ) | (1,943 | ) | (4,265 | ) | ||||||||
(Loss) income from continuing operations disclosed in Form 10-K | $ | (13,322 | ) | $ | 10,336 | $ | 28,274 | $ | 32,506 | |||||||
Discontinued operations, net previously reported in June 2012 Form 8-K/Form 10-Q | $ | 141,979 | $ | 566,627 | $ | 82,760 | $ | 70,630 | ||||||||
Discontinued operations, net from properties sold subsequent to the respective reporting period | 4,409 | 4,790 | 1,943 | 4,265 | ||||||||||||
Discontinued operations, net disclosed in Form 10-K | $ | 146,388 | $ | 571,417 | $ | 84,703 | $ | 74,895 |
F-44
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
2012 | 3/31 | 6/30 | 9/30 | 12/31 | ||||||||||||
Total revenues (1) | $ | 505,761 | $ | 525,630 | $ | 544,674 | $ | 547,650 | ||||||||
Operating income (1) | 140,889 | 158,988 | 179,867 | 188,214 | ||||||||||||
Income from continuing operations (1) | 12,654 | 30,213 | 128,433 | 140,255 | ||||||||||||
Discontinued operations, net (1) | 139,513 | 78,102 | 107,890 | 244,144 | ||||||||||||
Net income * | 152,167 | 108,315 | 236,323 | 384,399 | ||||||||||||
Net income available to Units | 148,251 | 104,529 | 229,099 | 382,974 | ||||||||||||
Earnings per Unit – basic: | ||||||||||||||||
Net income available to Units | $ | 0.47 | $ | 0.33 | $ | 0.73 | $ | 1.18 | ||||||||
Weighted average Units outstanding | 312,011 | 314,255 | 315,513 | 324,364 | ||||||||||||
Earnings per Unit – diluted: | ||||||||||||||||
Net income available to Units | $ | 0.47 | $ | 0.33 | $ | 0.72 | $ | 1.17 | ||||||||
Weighted average Units outstanding | 315,230 | 317,648 | 318,773 | 327,108 |
(1) | The amounts presented for the first three quarters of 2012 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 2012. Below is a reconciliation to the amounts previously reported: |
First Quarter | Second Quarter | Third Quarter | ||||||||||
2012 | 3/31 | 6/30 | 9/30 | |||||||||
Total revenues previously reported in Form 10-Q | $ | 527,659 | $ | 543,781 | $ | 556,144 | ||||||
Total revenues subsequently reclassified to discontinued operations | (21,898 | ) | (18,151 | ) | (11,470 | ) | ||||||
Total revenues disclosed in Form 10-K | $ | 505,761 | $ | 525,630 | $ | 544,674 | ||||||
Operating income previously reported in Form 10-Q | $ | 146,152 | $ | 165,711 | $ | 184,127 | ||||||
Operating income subsequently reclassified to discontinued operations | (5,263 | ) | (6,723 | ) | (4,260 | ) | ||||||
Operating income disclosed in Form 10-K | $ | 140,889 | $ | 158,988 | $ | 179,867 | ||||||
Income from continuing operations previously reported in Form 10-Q | $ | 17,389 | $ | 36,558 | $ | 132,681 | ||||||
Income from continuing operations subsequently reclassified to discontinued operations | (4,735 | ) | (6,345 | ) | (4,248 | ) | ||||||
Income from continuing operations disclosed in Form 10-K | $ | 12,654 | $ | 30,213 | $ | 128,433 | ||||||
Discontinued operations, net previously reported in Form 10-Q | $ | 134,778 | $ | 71,757 | $ | 103,642 | ||||||
Discontinued operations, net from properties sold subsequent to the respective reporting period | 4,735 | 6,345 | 4,248 | |||||||||
Discontinued operations, net disclosed in Form 10-K | $ | 139,513 | $ | 78,102 | $ | 107,890 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
2011 | 3/31 | 6/30 | 9/30 | 12/31 | ||||||||||||
Total revenues (2) | $ | 445,408 | $ | 462,881 | $ | 482,852 | $ | 492,350 | ||||||||
Operating income (2) | 110,042 | 134,130 | 142,781 | 154,722 | ||||||||||||
(Loss) income from continuing operations (2) | (13,322 | ) | 10,336 | 28,274 | 32,506 | |||||||||||
Discontinued operations, net (2) | 146,388 | 571,417 | 84,703 | 74,895 | ||||||||||||
Net income * | 133,066 | 581,753 | 112,977 | 107,401 | ||||||||||||
Net income available to Units | 129,640 | 578,215 | 109,124 | 103,521 | ||||||||||||
Earnings per Unit – basic: | ||||||||||||||||
Net income available to Units | $ | 0.42 | $ | 1.88 | $ | 0.35 | $ | 0.33 | ||||||||
Weighted average Units outstanding | 306,248 | 307,954 | 308,884 | 309,120 | ||||||||||||
Earnings per Unit – diluted: | ||||||||||||||||
Net income available to Units | $ | 0.42 | $ | 1.85 | $ | 0.35 | $ | 0.33 | ||||||||
Weighted average Units outstanding | 306,248 | 312,199 | 312,844 | 312,731 |
(2) | The amounts presented for the four quarters of 2011 are not equal to the same amounts previously reported in the Form 8-K filed with the SEC on June 13, 2012 (for the first and fourth quarters of 2011), the second quarter 2012 Form 10-Q filed with the SEC on August 2, 2012 (for the second quarter of 2011) and the third quarter 2012 Form 10-Q filed with the SEC on November 1, 2012 (for the third quarter of 2011) as a result of changes in discontinued operations due to additional property sales which occurred throughout 2012. Below is a reconciliation to the amounts previously reported: |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
2011 | 3/31 | 6/30 | 9/30 | 12/31 | ||||||||||||
Total revenues previously reported in June 2012 Form 8-K/Form 10-Q | $ | 466,356 | $ | 480,367 | $ | 493,872 | $ | 514,127 | ||||||||
Total revenues subsequently reclassified to discontinued operations | (20,948 | ) | (17,486 | ) | (11,020 | ) | (21,777 | ) | ||||||||
Total revenues disclosed in Form 10-K | $ | 445,408 | $ | 462,881 | $ | 482,852 | $ | 492,350 | ||||||||
Operating income previously reported in June 2012 Form 8-K/Form 10-Q | $ | 115,953 | $ | 139,857 | $ | 144,814 | $ | 159,953 | ||||||||
Operating income subsequently reclassified to discontinued operations | (5,911 | ) | (5,727 | ) | (2,033 | ) | (5,231 | ) | ||||||||
Operating income disclosed in Form 10-K | $ | 110,042 | $ | 134,130 | $ | 142,781 | $ | 154,722 | ||||||||
(Loss) income from continuing operations previously reported in June 2012 Form 8-K/Form 10-Q | $ | (8,913 | ) | $ | 15,126 | $ | 30,217 | $ | 36,771 | |||||||
Income from continuing operations subsequently reclassified to discontinued operations | (4,409 | ) | (4,790 | ) | (1,943 | ) | (4,265 | ) | ||||||||
(Loss) income from continuing operations disclosed in Form 10-K | $ | (13,322 | ) | $ | 10,336 | $ | 28,274 | $ | 32,506 | |||||||
Discontinued operations, net previously reported in June 2012 Form 8-K/Form 10-Q | $ | 141,979 | $ | 566,627 | $ | 82,760 | $ | 70,630 | ||||||||
Discontinued operations, net from properties sold subsequent to the respective reporting period | 4,409 | 4,790 | 1,943 | 4,265 | ||||||||||||
Discontinued operations, net disclosed in Form 10-K | $ | 146,388 | $ | 571,417 | $ | 84,703 | $ | 74,895 |
Properties | Investment in Real | Accumulated | Investment in Real | |||||||||||||||||||||
(H) | Units (H) | Estate, Gross | Depreciation | Estate, Net | Encumbrances | |||||||||||||||||||
Wholly Owned Unencumbered | 288 | 80,239 | $ | 12,555,402,637 | $ | (2,847,912,228 | ) | $ | 9,707,490,409 | $ | - | |||||||||||||
Wholly Owned Encumbered | 137 | 39,395 | 6,016,421,350 | (1,346,626,508 | ) | 4,669,794,842 | 2,595,245,052 | |||||||||||||||||
Portfolio/Entity Encumbrances (1) | - | - | - | - | - | 1,417,683,780 | ||||||||||||||||||
Wholly Owned Properties | 425 | 119,634 | 18,571,823,987 | (4,194,538,736 | ) | 14,377,285,251 | 4,012,928,832 | |||||||||||||||||
Partially Owned Unencumbered | - | - | 25,130,204 | - | 25,130,204 | - | ||||||||||||||||||
Partially Owned Encumbered | 24 | 5,232 | 1,105,416,801 | (142,817,905 | ) | 962,598,896 | 749,967,053 | |||||||||||||||||
Partially Owned Properties | 24 | 5,232 | 1,130,547,005 | (142,817,905 | ) | 987,729,100 | 749,967,053 | |||||||||||||||||
Total Unencumbered Properties | 288 | 80,239 | 12,580,532,841 | (2,847,912,228 | ) | 9,732,620,613 | - | |||||||||||||||||
Total Encumbered Properties | 161 | 44,627 | 7,121,838,151 | (1,489,444,413 | ) | 5,632,393,738 | 4,762,895,885 | |||||||||||||||||
Total Consolidated Investment in Real Estate | 449 | 124,866 | $ | 19,702,370,992 | $ | (4,337,356,641 | ) | $ | 15,365,014,351 | $ | 4,762,895,885 | |||||||||||||
Properties (H) | Units (H) | Investment in Real Estate, Gross | Accumulated Depreciation | Investment in Real Estate, Net | Encumbrances | ||||||||||||||||
Wholly Owned Unencumbered | 269 | 73,732 | $ | 14,676,449,487 | $ | (3,266,454,538 | ) | $ | 11,409,994,949 | $ | — | ||||||||||
Wholly Owned Encumbered | 113 | 33,124 | 5,716,925,544 | (1,486,115,893 | ) | 4,230,809,651 | 2,392,135,994 | ||||||||||||||
Portfolio/Entity Encumbrances (1) | — | — | — | — | — | 1,305,895,707 | |||||||||||||||
Wholly Owned Properties | 382 | 106,856 | 20,393,375,031 | (4,752,570,431 | ) | 15,640,804,600 | 3,698,031,701 | ||||||||||||||
Partially Owned Unencumbered | 9 | 1,639 | 375,326,934 | (72,825,847 | ) | 302,501,087 | — | ||||||||||||||
Partially Owned Encumbered | 10 | 1,836 | 239,727,289 | (86,824,773 | ) | 152,902,516 | 200,337,000 | ||||||||||||||
Partially Owned Properties | 19 | 3,475 | 615,054,223 | (159,650,620 | ) | 455,403,603 | 200,337,000 | ||||||||||||||
Total Unencumbered Properties | 278 | 75,371 | 15,051,776,421 | (3,339,280,385 | ) | 11,712,496,036 | — | ||||||||||||||
Total Encumbered Properties | 123 | 34,960 | 5,956,652,833 | (1,572,940,666 | ) | 4,383,712,167 | 3,898,368,701 | ||||||||||||||
Total Consolidated Investment in Real Estate | 401 | 110,331 | $ | 21,008,429,254 | $ | (4,912,221,051 | ) | $ | 16,096,208,203 | $ | 3,898,368,701 |
(1) | See attached Encumbrances Reconciliation. |
S-1
Number of | ||||||||
Properties | See Properties | |||||||
Portfolio/Entity Encumbrances | Encumbered by | With Note: | Amount | |||||
EQR-Bond Partnership | 6 | I | $ | 51,670,000 | ||||
EQR-Fanwell 2007 LP | 7 | J | 223,138,000 | |||||
EQR-Wellfan 2008 LP (R) | 15 | K | 550,000,000 | |||||
EQR-SOMBRA 2008 LP | 18 | L | 543,000,000 | (1) | ||||
Other | - | - | 49,875,780 | (1) | ||||
Portfolio/Entity Encumbrances | 46 | 1,417,683,780 | ||||||
Individual Property Encumbrances | 3,345,212,105 | |||||||
Total Encumbrances per Financial Statements | $ | 4,762,895,885 | ||||||
Portfolio/Entity Encumbrances | Number of Properties Encumbered by | See Properties With Note: | Amount | ||||||
EQR-Fanwell 2007 LP | 6 | I | $ | 212,895,707 | |||||
EQR-Wellfan 2008 LP (R) | 15 | J | 550,000,000 | ||||||
EQR-SOMBRA 2008 LP | 16 | K | 543,000,000 | ||||||
Portfolio/Entity Encumbrances | 37 | 1,305,895,707 | |||||||
Individual Property Encumbrances | 2,592,472,994 | ||||||||
Total Encumbrances per Financial Statements | $ | 3,898,368,701 |
2010 | 2009 | 2008 | ||||||||||
Balance, beginning of year | $ | 18,465,144 | $ | 18,690,239 | $ | 18,333,350 | ||||||
Acquisitions and development | 1,789,948 | 512,977 | 995,026 | |||||||||
Improvements | 141,199 | 125,965 | 172,165 | |||||||||
Dispositions and other | (693,920 | ) | (864,037 | ) | (810,302 | ) | ||||||
Balance, end of year | $ | 19,702,371 | $ | 18,465,144 | $ | 18,690,239 | ||||||
2012 | 2011 | 2010 | |||||||||
Balance, beginning of year | $ | 20,407,946 | $ | 19,702,371 | $ | 18,465,144 | |||||
Acquisitions and development | 1,250,633 | 1,721,895 | 1,789,948 | ||||||||
Improvements | 161,460 | 151,476 | 141,199 | ||||||||
Dispositions and other | (811,610 | ) | (1,167,796 | ) | (693,920 | ) | |||||
Balance, end of year | $ | 21,008,429 | $ | 20,407,946 | $ | 19,702,371 |
2010 | 2009 | 2008 | ||||||||||
Balance, beginning of year | $ | 3,877,564 | $ | 3,561,300 | $ | 3,170,125 | ||||||
Depreciation | 673,403 | 600,375 | 602,908 | |||||||||
Dispositions and other | (213,610 | ) | (284,111 | ) | (211,733 | ) | ||||||
Balance, end of year | $ | 4,337,357 | $ | 3,877,564 | $ | 3,561,300 | ||||||
2012 | 2011 | 2010 | |||||||||
Balance, beginning of year | $ | 4,539,583 | $ | 4,337,357 | $ | 3,877,564 | |||||
Depreciation | 684,992 | 663,616 | 673,403 | ||||||||
Dispositions and other | (312,354 | ) | (461,390 | ) | (213,610 | ) | |||||
Balance, end of year | $ | 4,912,221 | $ | 4,539,583 | $ | 4,337,357 |
Cost Capitalized | |||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | Gross Amount Carried | ||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to | Acquisition | at Close of | |||||||||||||||||||||||||||||||||||||||||||||
Description | Company | (Improvements, net) (E) | Period 12/31/10 | ||||||||||||||||||||||||||||||||||||||||||||
Date of | Building & | Building & | Building & | Accumulated | Investment in Real | ||||||||||||||||||||||||||||||||||||||||||
Apartment Name | Location | Construction | Units (H) | Land | Fixtures | Land | Fixtures | Land | Fixtures (A) | Total (B) | Depreciation (C) | Estate, Net at 12/31/10 (B) | Encumbrances | ||||||||||||||||||||||||||||||||||
EQR Wholly Owned Unencumbered: | |||||||||||||||||||||||||||||||||||||||||||||||
500 West 23rd Street (fka 10 Chelsea) | New York, NY | (F) | — | $ | - | $ | 27,382,360 | $ | - | $ | - | $ | - | $ | 27,382,360 | $ | 27,382,360 | $ | - | $ | 27,382,360 | $ | - | ||||||||||||||||||||||||
1210 Mass | Washington, D.C. (G) | 2004 | 144 | 9,213,512 | 36,559,189 | - | 285,543 | 9,213,512 | 36,844,732 | 46,058,244 | (7,702,999 | ) | 38,355,245 | - | |||||||||||||||||||||||||||||||||
1401 Joyce on Pentagon Row | Arlington, VA | 2004 | 326 | 9,780,000 | 89,680,000 | - | 163,567 | 9,780,000 | 89,843,567 | 99,623,567 | (7,954,463 | ) | 91,669,104 | - | |||||||||||||||||||||||||||||||||
1660 Peachtree | Atlanta, GA | 1999 | 355 | 7,924,126 | 23,602,563 | - | 2,032,029 | 7,924,126 | 25,634,592 | 33,558,718 | (7,213,204 | ) | 26,345,514 | - | |||||||||||||||||||||||||||||||||
2201 Pershing Drive | Arlington, VA | (F) | - | 12,054,081 | 2,652,636 | - | - | 12,054,081 | 2,652,636 | 14,706,717 | - | 14,706,717 | - | ||||||||||||||||||||||||||||||||||
2400 M St | Washington, D.C. (G) | 2006 | 359 | 30,006,593 | 114,013,785 | - | 732,059 | 30,006,593 | 114,745,844 | 144,752,437 | (21,822,792 | ) | 122,929,645 | - | |||||||||||||||||||||||||||||||||
420 East 80th Street | New York, NY | 1961 | 155 | 39,277,000 | 23,026,984 | - | 2,501,381 | 39,277,000 | 25,528,365 | 64,805,365 | (5,980,711 | ) | 58,824,654 | - | |||||||||||||||||||||||||||||||||
425 Mass | Washington, D.C. (G) | 2009 | 559 | 28,150,000 | 138,600,000 | - | 1,953,014 | 28,150,000 | 140,553,014 | 168,703,014 | (4,494,218 | ) | 164,208,796 | - | |||||||||||||||||||||||||||||||||
600 Washington | New York, NY (G) | 2004 | 135 | 32,852,000 | 43,140,551 | - | 195,058 | 32,852,000 | 43,335,609 | 76,187,609 | (9,485,348 | ) | 66,702,261 | - | |||||||||||||||||||||||||||||||||
70 Greene | Jersey City, NJ (G) | 2010 | 480 | 28,170,659 | 239,232,094 | - | 103,450 | 28,170,659 | 239,335,544 | 267,506,203 | (6,599,249 | ) | 260,906,954 | - | |||||||||||||||||||||||||||||||||
71 Broadway | New York, NY (G) | 1997 | 238 | 22,611,600 | 77,492,171 | - | 2,960,860 | 22,611,600 | 80,453,031 | 103,064,631 | (17,989,358 | ) | 85,075,273 | - | |||||||||||||||||||||||||||||||||
777 Sixth | New York, NY (G) | 2002 | 294 | 65,352,706 | 65,747,294 | - | 282,143 | 65,352,706 | 66,029,437 | 131,382,143 | (8,432,644 | ) | 122,949,499 | - | |||||||||||||||||||||||||||||||||
Abington Glen | Abington, MA | 1968 | 90 | 553,105 | 3,697,396 | - | 2,359,072 | 553,105 | 6,056,468 | 6,609,573 | (2,794,784 | ) | 3,814,789 | - | |||||||||||||||||||||||||||||||||
Acacia Creek | Scottsdale, AZ | 1988-1994 | 304 | 3,663,473 | 21,172,386 | - | 2,814,423 | 3,663,473 | 23,986,809 | 27,650,282 | (11,190,829 | ) | 16,459,453 | - | |||||||||||||||||||||||||||||||||
Arden Villas | Orlando, FL | 1999 | 336 | 5,500,000 | 28,600,796 | - | 3,182,624 | 5,500,000 | 31,783,420 | 37,283,420 | (8,171,582 | ) | 29,111,838 | - | |||||||||||||||||||||||||||||||||
Arlington at Perimeter Center | Atlanta, GA | 1980 | 204 | 2,448,000 | 8,099,110 | - | 114,675 | 2,448,000 | 8,213,785 | 10,661,785 | (1,300,791 | ) | 9,360,994 | - | |||||||||||||||||||||||||||||||||
Ashton, The | Corona Hills, CA | 1986 | 492 | 2,594,264 | 33,042,398 | - | 5,966,954 | 2,594,264 | 39,009,352 | 41,603,616 | (18,806,334 | ) | 22,797,282 | - | |||||||||||||||||||||||||||||||||
Audubon Village | Tampa, FL | 1990 | 447 | 3,576,000 | 26,121,909 | - | 4,114,611 | 3,576,000 | 30,236,520 | 33,812,520 | (13,268,213 | ) | 20,544,307 | - | |||||||||||||||||||||||||||||||||
Auvers Village | Orlando, FL | 1991 | 480 | 3,808,823 | 29,322,243 | - | 6,216,049 | 3,808,823 | 35,538,292 | 39,347,115 | (15,974,356 | ) | 23,372,759 | - | |||||||||||||||||||||||||||||||||
Avenue Royale | Jacksonville, FL | 2001 | 200 | 5,000,000 | 17,785,388 | - | 917,456 | 5,000,000 | 18,702,844 | 23,702,844 | (4,583,891 | ) | 19,118,953 | - | |||||||||||||||||||||||||||||||||
Avon Place, LLC | Avon, CT | 1973 | 163 | 1,788,943 | 12,440,003 | - | 1,531,391 | 1,788,943 | 13,971,394 | 15,760,337 | (4,990,349 | ) | 10,769,988 | - | |||||||||||||||||||||||||||||||||
Ball Park Lofts | Denver, CO (G) | 2003 | 343 | 5,481,556 | 51,658,740 | - | 2,708,015 | 5,481,556 | 54,366,755 | 59,848,311 | (12,931,360 | ) | 46,916,951 | - | |||||||||||||||||||||||||||||||||
Barrington Place | Oviedo, FL | 1998 | 233 | 6,990,000 | 15,740,825 | - | 2,533,678 | 6,990,000 | 18,274,503 | 25,264,503 | (6,000,104 | ) | 19,264,399 | - | |||||||||||||||||||||||||||||||||
Bay Hill | Long Beach, CA | 2002 | 160 | 7,600,000 | 27,437,239 | - | 740,325 | 7,600,000 | 28,177,564 | 35,777,564 | (7,029,980 | ) | 28,747,584 | - | |||||||||||||||||||||||||||||||||
Bella Terra I | Mukilteo, WA (G) | 2002 | 235 | 5,686,861 | 26,070,540 | - | 667,419 | 5,686,861 | 26,737,959 | 32,424,820 | (7,277,028 | ) | 25,147,792 | - | |||||||||||||||||||||||||||||||||
Bella Vista | Phoenix, AZ | 1995 | 248 | 2,978,879 | 20,641,333 | - | 3,393,449 | 2,978,879 | 24,034,782 | 27,013,661 | (11,641,771 | ) | 15,371,890 | - | |||||||||||||||||||||||||||||||||
Bella Vista I, II, III Combined | Woodland Hills, CA | 2003-2007 | 579 | 31,682,754 | 121,095,785 | - | 1,390,256 | 31,682,754 | 122,486,041 | 154,168,795 | (23,933,139 | ) | 130,235,656 | - | |||||||||||||||||||||||||||||||||
Belle Arts Condominium Homes, LLC | Bellevue, WA | 2000 | 1 | 63,158 | 248,929 | - | (5,320 | ) | 63,158 | 243,609 | 306,767 | - | 306,767 | - | |||||||||||||||||||||||||||||||||
Beneva Place | Sarasota, FL | 1986 | 192 | 1,344,000 | 9,665,447 | - | 1,728,604 | 1,344,000 | 11,394,051 | 12,738,051 | (5,284,608 | ) | 7,453,443 | - | |||||||||||||||||||||||||||||||||
Berkeley Land | Berkeley, CA | (F) | - | 13,908,910 | 801,101 | - | - | 13,908,910 | 801,101 | 14,710,011 | - | 14,710,011 | - | ||||||||||||||||||||||||||||||||||
Bermuda Cove | Jacksonville, FL | 1989 | 350 | 1,503,000 | 19,561,896 | - | 4,556,127 | 1,503,000 | 24,118,023 | 25,621,023 | (11,324,915 | ) | 14,296,108 | - | |||||||||||||||||||||||||||||||||
Bishop Park | Winter Park, FL | 1991 | 324 | 2,592,000 | 17,990,436 | - | 3,646,274 | 2,592,000 | 21,636,710 | 24,228,710 | (10,340,427 | ) | 13,888,283 | - | |||||||||||||||||||||||||||||||||
Bradford Apartments | Newington, CT | 1964 | 64 | 401,091 | 2,681,210 | - | 579,531 | 401,091 | 3,260,741 | 3,661,832 | (1,301,744 | ) | 2,360,088 | - | |||||||||||||||||||||||||||||||||
Briar Knoll Apts | Vernon, CT | 1986 | 150 | 928,972 | 6,209,988 | - | 1,274,495 | 928,972 | 7,484,483 | 8,413,455 | (3,030,004 | ) | 5,383,451 | - | |||||||||||||||||||||||||||||||||
Bridford Lakes II | Greensboro, NC | (F) | - | 1,100,564 | 792,509 | - | - | 1,100,564 | 792,509 | 1,893,073 | - | 1,893,073 | - | ||||||||||||||||||||||||||||||||||
Bridgewater at Wells Crossing | Orange Park, FL | 1986 | 288 | 2,160,000 | 13,347,549 | - | 2,010,434 | 2,160,000 | 15,357,983 | 17,517,983 | (6,560,719 | ) | 10,957,264 | - | |||||||||||||||||||||||||||||||||
Brookside (MD) | Frederick, MD | 1993 | 228 | 2,736,000 | 7,934,069 | - | 2,157,009 | 2,736,000 | 10,091,078 | 12,827,078 | (4,847,243 | ) | 7,979,835 | - | |||||||||||||||||||||||||||||||||
Brookside II (MD) | Frederick, MD | 1979 | 204 | 2,450,800 | 6,913,202 | - | 2,622,214 | 2,450,800 | 9,535,416 | 11,986,216 | (4,965,160 | ) | 7,021,056 | - | |||||||||||||||||||||||||||||||||
Camellero | Scottsdale, AZ | 1979 | 348 | 1,924,900 | 17,324,593 | - | 5,445,971 | 1,924,900 | 22,770,564 | 24,695,464 | (13,879,083 | ) | 10,816,381 | - | |||||||||||||||||||||||||||||||||
Carlyle Mill | Alexandria, VA | 2002 | 317 | 10,000,000 | 51,367,913 | - | 3,585,927 | 10,000,000 | 54,953,840 | 64,953,840 | (15,384,028 | ) | 49,569,812 | - | |||||||||||||||||||||||||||||||||
Center Pointe | Beaverton, OR | 1996 | 264 | 3,421,535 | 15,708,853 | - | 2,605,275 | 3,421,535 | 18,314,128 | 21,735,663 | (7,023,656 | ) | 14,712,007 | - | |||||||||||||||||||||||||||||||||
Centre Club | Ontario, CA | 1994 | 312 | 5,616,000 | 23,485,891 | - | 2,576,818 | 5,616,000 | 26,062,709 | 31,678,709 | (9,857,007 | ) | 21,821,702 | - | |||||||||||||||||||||||||||||||||
Centre Club II | Ontario, CA | 2002 | 100 | 1,820,000 | 9,528,898 | - | 539,590 | 1,820,000 | 10,068,488 | 11,888,488 | (3,186,170 | ) | 8,702,318 | - | |||||||||||||||||||||||||||||||||
Chandler Court | Chandler, AZ | 1987 | 316 | 1,353,100 | 12,175,173 | - | 4,308,670 | 1,353,100 | 16,483,843 | 17,836,943 | (9,303,425 | ) | 8,533,518 | - | |||||||||||||||||||||||||||||||||
Chandlers Bay | Kent, WA | 1989 | 293 | 3,700,000 | 18,962,585 | - | 69,473 | 3,700,000 | 19,032,058 | 22,732,058 | (2,175,442 | ) | 20,556,616 | - | |||||||||||||||||||||||||||||||||
Chatelaine Park | Duluth, GA | 1995 | 303 | 1,818,000 | 24,489,671 | - | 1,974,089 | 1,818,000 | 26,463,760 | 28,281,760 | (11,447,801 | ) | 16,833,959 | - | |||||||||||||||||||||||||||||||||
Chesapeake Glen Apts (fka Greentree I, II & III) | Glen Burnie, MD | 1973 | 796 | 8,993,411 | 27,301,052 | - | 20,936,090 | 8,993,411 | 48,237,142 | 57,230,553 | (22,479,872 | ) | 34,750,681 | - |
Description | Initial Cost to Company | Cost Capitalized Subsequent to Acquisition(Improvements, net) (E) | Gross Amount Carried at Close of Period 12/31/12 | |||||||||||||||||||||||||||||||||||||||
Apartment Name | Location | Date of Construction | Units (H) | Land | Building & Fixtures | Building & Fixtures | Land | Building & Fixtures (A) | Total (B) | Accumulated Depreciation (C) | Investment in Real Estate, Net at 12/31/12 (B) | Encumbrances | ||||||||||||||||||||||||||||||
Wholly Owned Unencumbered: | ||||||||||||||||||||||||||||||||||||||||||
1111 Belle Pre (fka The Madison) | Alexandria, VA | (F) | — | $ | 18,937,702 | $ | 37,877,314 | $ | — | $ | 18,937,702 | $ | 37,877,314 | $ | 56,815,016 | $ | — | $ | 56,815,016 | $ | — | |||||||||||||||||||||
1210 Mass | Washington, D.C. (G) | 2004 | 144 | 9,213,512 | 36,559,189 | 369,571 | 9,213,512 | 36,928,760 | 46,142,272 | (10,194,139 | ) | 35,948,133 | — | |||||||||||||||||||||||||||||
1401 Joyce on Pentagon Row | Arlington, VA | 2004 | 326 | 9,780,000 | 89,668,165 | 342,173 | 9,780,000 | 90,010,338 | 99,790,338 | (15,192,413 | ) | 84,597,925 | — | |||||||||||||||||||||||||||||
1500 Mass Ave | Washington, D.C. (G) | 1951 | 556 | 54,638,298 | 40,361,702 | 8,795,872 | 54,638,298 | 49,157,574 | 103,795,872 | (7,649,140 | ) | 96,146,732 | — | |||||||||||||||||||||||||||||
1660 Peachtree | Atlanta, GA | 1999 | 355 | 7,924,126 | 23,533,831 | 2,389,186 | 7,924,126 | 25,923,017 | 33,847,143 | (9,230,807 | ) | 24,616,336 | — | |||||||||||||||||||||||||||||
170 Amsterdam | New York, NY | (F) | — | — | 13,963,833 | — | — | 13,963,833 | 13,963,833 | — | 13,963,833 | — | ||||||||||||||||||||||||||||||
175 Kent | Brooklyn, NY (G) | 2011 | 113 | 22,037,831 | 53,962,169 | 243,898 | 22,037,831 | 54,206,067 | 76,243,898 | (4,216,749 | ) | 72,027,149 | — | |||||||||||||||||||||||||||||
200 N Lemon Street | Anaheim, CA | (F) | — | 5,865,235 | 1,101,382 | — | 5,865,235 | 1,101,382 | 6,966,617 | — | 6,966,617 | — | ||||||||||||||||||||||||||||||
204-206 Pine Street/1610 2nd Avenue | Seattle, WA | (F) | — | 22,106,464 | 649,599 | — | 22,106,464 | 649,599 | 22,756,063 | — | 22,756,063 | — | ||||||||||||||||||||||||||||||
2201 Pershing Drive | Arlington, VA (G) | 2012 | 188 | 11,321,198 | 44,765,635 | — | 11,321,198 | 44,765,635 | 56,086,833 | (450,254 | ) | 55,636,579 | — | |||||||||||||||||||||||||||||
2400 M St | Washington, D.C. (G) | 2006 | 359 | 30,006,593 | 114,013,785 | 1,000,694 | 30,006,593 | 115,014,479 | 145,021,072 | (29,680,867 | ) | 115,340,205 | — | |||||||||||||||||||||||||||||
420 East 80th Street | New York, NY | 1961 | 155 | 39,277,000 | 23,026,984 | 3,147,355 | 39,277,000 | 26,174,339 | 65,451,339 | (8,443,786 | ) | 57,007,553 | — | |||||||||||||||||||||||||||||
425 Mass | Washington, D.C. (G) | 2009 | 559 | 28,150,000 | 138,600,000 | 2,576,004 | 28,150,000 | 141,176,004 | 169,326,004 | (17,049,061 | ) | 152,276,943 | — | |||||||||||||||||||||||||||||
51 University | Seattle, WA (G) | 1918 | — | 3,640,000 | 8,110,000 | 2,701,350 | 3,640,000 | 10,811,350 | 14,451,350 | (712,398 | ) | 13,738,952 | — | |||||||||||||||||||||||||||||
600 Washington | New York, NY (G) | 2004 | 135 | 32,852,000 | 43,140,551 | 265,843 | 32,852,000 | 43,406,394 | 76,258,394 | (12,277,937 | ) | 63,980,457 | — | |||||||||||||||||||||||||||||
70 Greene | Jersey City, NJ (G) | 2010 | 480 | 28,108,899 | 236,965,465 | 354,235 | 28,108,899 | 237,319,700 | 265,428,599 | (24,275,876 | ) | 241,152,723 | — | |||||||||||||||||||||||||||||
71 Broadway | New York, NY (G) | 1997 | 238 | 22,611,600 | 77,492,171 | 9,556,159 | 22,611,600 | 87,048,330 | 109,659,930 | (24,557,822 | ) | 85,102,108 | — | |||||||||||||||||||||||||||||
77 Bluxome | San Francisco, CA | 2007 | 102 | 5,249,124 | 18,609,876 | 3,000 | 5,249,124 | 18,612,876 | 23,862,000 | (800,641 | ) | 23,061,359 | — | |||||||||||||||||||||||||||||
777 Sixth | New York, NY (G) | 2002 | 294 | 65,352,706 | 65,747,294 | 963,284 | 65,352,706 | 66,710,578 | 132,063,284 | (14,064,378 | ) | 117,998,906 | — | |||||||||||||||||||||||||||||
88 Hillside | Daly City, CA (G) | 2011 | 95 | 7,786,800 | 31,587,325 | 1,199,160 | 7,786,800 | 32,786,485 | 40,573,285 | (1,729,297 | ) | 38,843,988 | — | |||||||||||||||||||||||||||||
Abington Glen | Abington, MA | 1968 | 90 | 553,105 | 3,697,396 | 2,451,825 | 553,105 | 6,149,221 | 6,702,326 | (3,503,755 | ) | 3,198,571 | — | |||||||||||||||||||||||||||||
Acacia Creek | Scottsdale, AZ | 1988-1994 | 304 | 3,663,473 | 21,172,386 | 3,212,070 | 3,663,473 | 24,384,456 | 28,047,929 | (13,038,183 | ) | 15,009,746 | — | |||||||||||||||||||||||||||||
Arboretum (MA) | Canton, MA | 1989 | 156 | 4,685,900 | 10,992,751 | 2,314,573 | 4,685,900 | 13,307,324 | 17,993,224 | (7,050,395 | ) | 10,942,829 | — | |||||||||||||||||||||||||||||
Arches, The | Sunnyvale, CA | 1974 | 410 | 26,650,000 | 62,850,000 | 260,963 | 26,650,000 | 63,110,963 | 89,760,963 | (6,891,107 | ) | 82,869,856 | — | |||||||||||||||||||||||||||||
Arden Villas | Orlando, FL | 1999 | 336 | 5,500,000 | 28,600,796 | 3,597,034 | 5,500,000 | 32,197,830 | 37,697,830 | (10,746,048 | ) | 26,951,782 | — | |||||||||||||||||||||||||||||
Artisan on Second | Los Angeles, CA | 2008 | 118 | 8,000,400 | 36,074,600 | 82,421 | 8,000,400 | 36,157,021 | 44,157,421 | (3,559,876 | ) | 40,597,545 | — | |||||||||||||||||||||||||||||
Ashton, The | Corona Hills, CA | 1986 | 492 | 2,594,264 | 33,042,398 | 6,518,162 | 2,594,264 | 39,560,560 | 42,154,824 | (21,978,074 | ) | 20,176,750 | — | |||||||||||||||||||||||||||||
Auvers Village | Orlando, FL | 1991 | 480 | 3,808,823 | 29,322,243 | 6,786,446 | 3,808,823 | 36,108,689 | 39,917,512 | (19,110,881 | ) | 20,806,631 | — | |||||||||||||||||||||||||||||
Avenue Royale | Jacksonville, FL | 2001 | 200 | 5,000,000 | 17,785,388 | 1,124,183 | 5,000,000 | 18,909,571 | 23,909,571 | (5,937,852 | ) | 17,971,719 | — | |||||||||||||||||||||||||||||
Avenue Two | Redwood City, CA | 1972 | 123 | 7,995,000 | 18,005,000 | 489,020 | 7,995,000 | 18,494,020 | 26,489,020 | (1,575,938 | ) | 24,913,082 | — | |||||||||||||||||||||||||||||
Ball Park Lofts | Denver, CO (G) | 2003 | 352 | 5,481,556 | 51,658,741 | 3,893,128 | 5,481,556 | 55,551,869 | 61,033,425 | (17,157,845 | ) | 43,875,580 | — | |||||||||||||||||||||||||||||
Barrington Place | Oviedo, FL | 1998 | 233 | 6,990,000 | 15,740,825 | 2,730,072 | 6,990,000 | 18,470,897 | 25,460,897 | (7,843,278 | ) | 17,617,619 | — | |||||||||||||||||||||||||||||
Bay Hill | Long Beach, CA | 2002 | 160 | 7,600,000 | 27,437,239 | 865,963 | 7,600,000 | 28,303,202 | 35,903,202 | (9,024,015 | ) | 26,879,187 | — | |||||||||||||||||||||||||||||
Beatrice, The | New York, NY | 2010 | 302 | 114,351,405 | 165,648,595 | 62,962 | 114,351,405 | 165,711,557 | 280,062,962 | (11,236,427 | ) | 268,826,535 | — | |||||||||||||||||||||||||||||
Bella Terra I | Mukilteo, WA (G) | 2002 | 235 | 5,686,861 | 26,070,540 | 857,703 | 5,686,861 | 26,928,243 | 32,615,104 | (9,102,006 | ) | 23,513,098 | — | |||||||||||||||||||||||||||||
Bella Vista | Phoenix, AZ | 1995 | 248 | 2,978,879 | 20,641,333 | 3,502,271 | 2,978,879 | 24,143,604 | 27,122,483 | (13,556,807 | ) | 13,565,676 | — | |||||||||||||||||||||||||||||
Bella Vista I, II, III Combined | Woodland Hills, CA | 2003-2007 | 579 | 31,682,754 | 121,095,786 | 1,958,281 | 31,682,754 | 123,054,067 | 154,736,821 | (32,592,195 | ) | 122,144,626 | — | |||||||||||||||||||||||||||||
Bellagio Apartment Homes | Scottsdale, AZ | 1995 | 202 | 2,626,000 | 16,025,041 | 1,187,110 | 2,626,000 | 17,212,151 | 19,838,151 | (5,794,129 | ) | 14,044,022 | — | |||||||||||||||||||||||||||||
Belle Arts Condominium Homes, LLC | Bellevue, WA | 2000 | 1 | 63,158 | 248,929 | (5,320 | ) | 63,158 | 243,609 | 306,767 | — | 306,767 | — | |||||||||||||||||||||||||||||
Belle Fontaine | Marina del Ray, CA | 2003 | 102 | 9,098,808 | 28,701,192 | 99,785 | 9,098,808 | 28,800,977 | 37,899,785 | (2,069,640 | ) | 35,830,145 | — | |||||||||||||||||||||||||||||
Berkeley Land | Berkeley, CA | (F) | — | 13,908,910 | 3,695,312 | — | 13,908,910 | 3,695,312 | 17,604,222 | — | 17,604,222 | — | ||||||||||||||||||||||||||||||
Bishop Park | Winter Park, FL | 1991 | 324 | 2,592,000 | 17,990,436 | 3,865,598 | 2,592,000 | 21,856,034 | 24,448,034 | (11,979,910 | ) | 12,468,124 | — | |||||||||||||||||||||||||||||
Bradford Apartments | Newington, CT | 1964 | 64 | 401,091 | 2,681,210 | 683,876 | 401,091 | 3,365,086 | 3,766,177 | (1,585,948 | ) | 2,180,229 | — | |||||||||||||||||||||||||||||
Briar Knoll Apts | Vernon, CT | 1986 | 150 | 928,972 | 6,209,988 | 1,520,407 | 928,972 | 7,730,395 | 8,659,367 | (3,687,102 | ) | 4,972,265 | — |
Cost Capitalized | |||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | Gross Amount Carried | ||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to | Acquisition | at Close of | |||||||||||||||||||||||||||||||||||||||||||||
Description | Company | (Improvements, net) (E) | Period 12/31/10 | ||||||||||||||||||||||||||||||||||||||||||||
Date of | Building & | Building & | Building & | Accumulated | Investment in Real | ||||||||||||||||||||||||||||||||||||||||||
Apartment Name | Location | Construction | Units (H) | Land | Fixtures | Land | Fixtures | Land | Fixtures (A) | Total (B) | Depreciation (C) | Estate, Net at 12/31/10 (B) | Encumbrances | ||||||||||||||||||||||||||||||||||
Chestnut Hills | Puyallup, WA | 1991 | 157 | 756,300 | 6,806,635 | - | 1,360,272 | 756,300 | 8,166,907 | 8,923,207 | (4,244,605 | ) | 4,678,602 | - | |||||||||||||||||||||||||||||||||
Chickasaw Crossing | Orlando, FL | 1986 | 292 | 2,044,000 | 12,366,832 | - | 1,786,050 | 2,044,000 | 14,152,882 | 16,196,882 | (6,515,656 | ) | 9,681,226 | - | |||||||||||||||||||||||||||||||||
Chinatown Gateway | Los Angeles, CA | (F) | - | 14,791,831 | 11,026,473 | - | - | 14,791,831 | 11,026,473 | 25,818,304 | - | 25,818,304 | - | ||||||||||||||||||||||||||||||||||
Citrus Falls | Tampa, FL | 2003 | 273 | 8,190,000 | 28,894,280 | - | 381,158 | 8,190,000 | 29,275,438 | 37,465,438 | (5,939,746 | ) | 31,525,692 | - | |||||||||||||||||||||||||||||||||
City View (GA) | Atlanta, GA (G) | 2003 | 202 | 6,440,800 | 19,993,460 | - | 1,256,448 | 6,440,800 | 21,249,908 | 27,690,708 | (5,161,465 | ) | 22,529,243 | - | |||||||||||||||||||||||||||||||||
Clarys Crossing | Columbia, MD | 1984 | 198 | 891,000 | 15,489,721 | - | 1,986,718 | 891,000 | 17,476,439 | 18,367,439 | (8,016,743 | ) | 10,350,696 | - | |||||||||||||||||||||||||||||||||
Cleo, The | Los Angeles, CA | 1989 | 92 | 6,615,467 | 14,829,335 | - | 3,663,066 | 6,615,467 | 18,492,401 | 25,107,868 | (3,530,065 | ) | 21,577,803 | - | |||||||||||||||||||||||||||||||||
Club at Tanasbourne | Hillsboro, OR | 1990 | 352 | 3,521,300 | 16,257,934 | - | 3,046,161 | 3,521,300 | 19,304,095 | 22,825,395 | (9,895,369 | ) | 12,930,026 | - | |||||||||||||||||||||||||||||||||
Club at the Green | Beaverton, OR | 1991 | 254 | 2,030,950 | 12,616,747 | - | 2,526,289 | 2,030,950 | 15,143,036 | 17,173,986 | (7,815,215 | ) | 9,358,771 | - | |||||||||||||||||||||||||||||||||
Coconut Palm Club | Coconut Creek, GA | 1992 | 300 | 3,001,700 | 17,678,928 | - | 2,525,679 | 3,001,700 | 20,204,607 | 23,206,307 | (9,321,082 | ) | 13,885,225 | - | |||||||||||||||||||||||||||||||||
Cortona at Dana Park | Mesa, AZ | 1986 | 222 | 2,028,939 | 12,466,128 | - | 2,413,182 | 2,028,939 | 14,879,310 | 16,908,249 | (7,286,220 | ) | 9,622,029 | - | |||||||||||||||||||||||||||||||||
Country Gables | Beaverton, OR | 1991 | 288 | 1,580,500 | 14,215,444 | - | 3,412,313 | 1,580,500 | 17,627,757 | 19,208,257 | (9,537,809 | ) | 9,670,448 | - | |||||||||||||||||||||||||||||||||
Cove at Boynton Beach I | Boynton Beach, FL | 1996 | 252 | 12,600,000 | 31,469,651 | - | 2,779,931 | 12,600,000 | 34,249,582 | 46,849,582 | (9,526,032 | ) | 37,323,550 | - | |||||||||||||||||||||||||||||||||
Cove at Boynton Beach II | Boynton Beach, FL | 1998 | 296 | 14,800,000 | 37,874,719 | - | - | 14,800,000 | 37,874,719 | 52,674,719 | (10,138,327 | ) | 42,536,392 | - | |||||||||||||||||||||||||||||||||
Cove at Fishers Landing | Vancouver, WA | 1993 | 253 | 2,277,000 | 15,656,887 | - | 1,152,551 | 2,277,000 | 16,809,438 | 19,086,438 | (5,710,162 | ) | 13,376,276 | - | |||||||||||||||||||||||||||||||||
Creekside Village | Mountlake Terrace, WA | 1987 | 512 | 2,807,600 | 25,270,594 | - | 4,629,268 | 2,807,600 | 29,899,862 | 32,707,462 | (17,364,294 | ) | 15,343,168 | - | |||||||||||||||||||||||||||||||||
Crosswinds | St. Petersburg, FL | 1986 | 208 | 1,561,200 | 5,756,822 | - | 2,155,601 | 1,561,200 | 7,912,423 | 9,473,623 | (4,270,769 | ) | 5,202,854 | - | |||||||||||||||||||||||||||||||||
Crown Court | Scottsdale, AZ | 1987 | 416 | 3,156,600 | 28,414,599 | - | 7,093,468 | 3,156,600 | 35,508,067 | 38,664,667 | (17,536,796 | ) | 21,127,871 | - | |||||||||||||||||||||||||||||||||
Crowntree Lakes | Orlando, FL | 2008 | 352 | 12,009,630 | 44,407,977 | - | 128,840 | 12,009,630 | 44,536,817 | 56,546,447 | (5,032,304 | ) | 51,514,143 | - | |||||||||||||||||||||||||||||||||
Cypress Lake at Waterford | Orlando, FL | 2001 | 316 | 7,000,000 | 27,654,816 | - | 1,474,998 | 7,000,000 | 29,129,814 | 36,129,814 | (7,889,517 | ) | 28,240,297 | - | |||||||||||||||||||||||||||||||||
Dartmouth Woods | Lakewood, CO | 1990 | 201 | 1,609,800 | 10,832,754 | - | 1,964,282 | 1,609,800 | 12,797,036 | 14,406,836 | (6,455,552 | ) | 7,951,284 | - | |||||||||||||||||||||||||||||||||
Dean Estates | Taunton, MA | 1984 | 58 | 498,080 | 3,329,560 | - | 622,827 | 498,080 | 3,952,387 | 4,450,467 | (1,678,930 | ) | 2,771,537 | - | |||||||||||||||||||||||||||||||||
Deerwood (Corona) | Corona, CA | 1992 | 316 | 4,742,200 | 20,272,892 | - | 3,818,931 | 4,742,200 | 24,091,823 | 28,834,023 | (11,726,867 | ) | 17,107,156 | - | |||||||||||||||||||||||||||||||||
Defoor Village | Atlanta, GA | 1997 | 156 | 2,966,400 | 10,570,210 | - | 1,990,444 | 2,966,400 | 12,560,654 | 15,527,054 | (5,858,484 | ) | 9,668,570 | - | |||||||||||||||||||||||||||||||||
Del Mar Ridge | San Diego, CA | 1998 | 181 | 7,801,824 | 36,948,176 | - | 2,298,593 | 7,801,824 | 39,246,769 | 47,048,593 | (3,116,754 | ) | 43,931,839 | - | |||||||||||||||||||||||||||||||||
Desert Homes | Phoenix, AZ | 1982 | 412 | 1,481,050 | 13,390,249 | - | 4,652,484 | 1,481,050 | 18,042,733 | 19,523,783 | (10,220,322 | ) | 9,303,461 | - | |||||||||||||||||||||||||||||||||
Eagle Canyon | Chino Hills, CA | 1985 | 252 | 1,808,900 | 16,274,361 | - | 4,994,045 | 1,808,900 | 21,268,406 | 23,077,306 | (10,622,403 | ) | 12,454,903 | - | |||||||||||||||||||||||||||||||||
Ellipse at Government Center | Fairfax, VA | 1989 | 404 | 19,433,000 | 56,816,266 | - | 2,245,450 | 19,433,000 | 59,061,716 | 78,494,716 | (7,973,317 | ) | 70,521,399 | - | |||||||||||||||||||||||||||||||||
Emerson Place | Boston, MA (G) | 1962 | 444 | 14,855,000 | 57,566,636 | - | 15,120,573 | 14,855,000 | 72,687,209 | 87,542,209 | (36,608,983 | ) | 50,933,226 | - | |||||||||||||||||||||||||||||||||
Enclave at Lake Underhill | Orlando, FL | 1989 | 312 | 9,359,750 | 29,539,650 | - | 1,690,403 | 9,359,750 | 31,230,053 | 40,589,803 | (7,327,341 | ) | 33,262,462 | - | |||||||||||||||||||||||||||||||||
Enclave at Waterways | Deerfield Beach, FL | 1998 | 300 | 15,000,000 | 33,194,576 | - | 843,037 | 15,000,000 | 34,037,613 | 49,037,613 | (8,268,775 | ) | 40,768,838 | - | |||||||||||||||||||||||||||||||||
Enclave at Winston Park | Coconut Creek, FL | 1995 | 278 | 5,560,000 | 19,939,324 | - | 2,101,199 | 5,560,000 | 22,040,523 | 27,600,523 | (7,511,989 | ) | 20,088,534 | - | |||||||||||||||||||||||||||||||||
Enclave, The | Tempe, AZ | 1994 | 204 | 1,500,192 | 19,281,399 | - | 1,333,483 | 1,500,192 | 20,614,882 | 22,115,074 | (9,498,305 | ) | 12,616,769 | - | |||||||||||||||||||||||||||||||||
Estates at Phipps | Atlanta, GA | 1996 | 234 | 9,360,000 | 29,705,236 | - | 3,780,696 | 9,360,000 | 33,485,932 | 42,845,932 | (9,625,684 | ) | 33,220,248 | - | |||||||||||||||||||||||||||||||||
Estates at Wellington Green | Wellington, FL | 2003 | 400 | 20,000,000 | 64,790,850 | - | 1,719,926 | 20,000,000 | 66,510,776 | 86,510,776 | (15,486,015 | ) | 71,024,761 | - | |||||||||||||||||||||||||||||||||
Fairland Gardens | Silver Spring, MD | 1981 | 400 | 6,000,000 | 19,972,183 | - | 5,994,235 | 6,000,000 | 25,966,418 | 31,966,418 | (12,839,143 | ) | 19,127,275 | - | |||||||||||||||||||||||||||||||||
Four Winds | Fall River, MA | 1987 | 168 | 1,370,843 | 9,163,804 | - | 1,961,290 | 1,370,843 | 11,125,094 | 12,495,937 | (4,317,329 | ) | 8,178,608 | - | |||||||||||||||||||||||||||||||||
Fox Hill Apartments | Enfield, CT | 1974 | 168 | 1,129,018 | 7,547,256 | - | 1,410,030 | 1,129,018 | 8,957,286 | 10,086,304 | (3,473,400 | ) | 6,612,904 | - | |||||||||||||||||||||||||||||||||
Fox Run (WA) | Federal Way, WA | 1988 | 144 | 626,637 | 5,765,018 | - | 1,644,476 | 626,637 | 7,409,494 | 8,036,131 | (4,492,269 | ) | 3,543,862 | - | |||||||||||||||||||||||||||||||||
Fox Run II (WA) | Federal Way, WA | 1988 | 18 | 80,000 | 1,286,139 | - | 53,086 | 80,000 | 1,339,225 | 1,419,225 | (389,957 | ) | 1,029,268 | - | |||||||||||||||||||||||||||||||||
Gables Grand Plaza | Coral Gables, FL (G) | 1998 | 195 | - | 44,601,000 | - | 3,174,122 | - | 47,775,122 | 47,775,122 | (12,598,590 | ) | 35,176,532 | - | |||||||||||||||||||||||||||||||||
Gallery, The | Hermosa Beach, CA | 1971 | 168 | 18,144,000 | 46,567,941 | - | 1,719,605 | 18,144,000 | 48,287,546 | 66,431,546 | (9,535,678 | ) | 56,895,868 | - | |||||||||||||||||||||||||||||||||
Gatehouse at Pine Lake | Pembroke Pines, FL | 1990 | 296 | 1,896,600 | 17,070,795 | - | 3,174,037 | 1,896,600 | 20,244,832 | 22,141,432 | (10,411,240 | ) | 11,730,192 | - | |||||||||||||||||||||||||||||||||
Gatehouse on the Green | Plantation, FL | 1990 | 312 | 2,228,200 | 20,056,270 | - | 6,485,962 | 2,228,200 | 26,542,232 | 28,770,432 | (12,580,475 | ) | 16,189,957 | - | |||||||||||||||||||||||||||||||||
Gates of Redmond | Redmond, WA | 1979 | 180 | 2,306,100 | 12,064,015 | - | 4,624,741 | 2,306,100 | 16,688,756 | 18,994,856 | (7,467,775 | ) | 11,527,081 | - | |||||||||||||||||||||||||||||||||
Gatewood | Pleasanton, CA | 1985 | 200 | 6,796,511 | 20,249,392 | - | 3,558,873 | 6,796,511 | 23,808,265 | 30,604,776 | (6,922,485 | ) | 23,682,291 | - | |||||||||||||||||||||||||||||||||
Governors Green | Bowie, MD | 1999 | 478 | 19,845,000 | 73,335,916 | - | 513,833 | 19,845,000 | 73,849,749 | 93,694,749 | (10,600,450 | ) | 83,094,299 | - | |||||||||||||||||||||||||||||||||
Greenfield Village | Rocky Hill , CT | 1965 | 151 | 911,534 | 6,093,418 | - | 623,523 | 911,534 | 6,716,941 | 7,628,475 | (2,669,219 | ) | 4,959,256 | - |
Description | Initial Cost to Company | Cost Capitalized Subsequent to Acquisition(Improvements, net) (E) | Gross Amount Carried at Close of Period 12/31/12 | ||||||||||||||||||||||||||||||
Apartment Name | Location | Date of Construction | Units (H) | Land | Building & Fixtures | Building & Fixtures | Land | Building & Fixtures (A) | Total (B) | Accumulated Depreciation (C) | Investment in Real Estate, Net at 12/31/12 (B) | Encumbrances | |||||||||||||||||||||
Briarwood (CA) | Sunnyvale, CA | 1985 | 192 | 9,991,500 | 22,247,278 | 1,938,816 | 9,991,500 | 24,186,094 | 34,177,594 | (11,992,871 | ) | 22,184,723 | — | ||||||||||||||||||||
Bridford Lakes II | Greensboro, NC | (F) | — | 1,100,564 | 792,509 | — | 1,100,564 | 792,509 | 1,893,073 | — | 1,893,073 | — | |||||||||||||||||||||
Bridgewater at Wells Crossing | Orange Park, FL | 1986 | 288 | 2,160,000 | 13,347,549 | 2,603,916 | 2,160,000 | 15,951,465 | 18,111,465 | (7,851,493 | ) | 10,259,972 | — | ||||||||||||||||||||
Brooklyner (fka 111 Lawrence) | Brooklyn, NY (G) | 2010 | 490 | 40,099,922 | 221,419,489 | 189,673 | 40,099,922 | 221,609,162 | 261,709,084 | (15,391,373 | ) | 246,317,711 | — | ||||||||||||||||||||
Butterfield Ranch | Chino Hills, CA | (F) | — | 15,617,709 | 4,506,944 | — | 15,617,709 | 4,506,944 | 20,124,653 | — | 20,124,653 | — | |||||||||||||||||||||
Camellero | Scottsdale, AZ | 1979 | 348 | 1,924,900 | 17,324,593 | 5,915,408 | 1,924,900 | 23,240,001 | 25,164,901 | (15,447,692 | ) | 9,717,209 | — | ||||||||||||||||||||
Carlyle Mill | Alexandria, VA | 2002 | 317 | 10,000,000 | 51,367,913 | 4,229,928 | 10,000,000 | 55,597,841 | 65,597,841 | (19,536,666 | ) | 46,061,175 | — | ||||||||||||||||||||
Cascade | Seattle, WA | (F) | — | 12,198,278 | 1,602,237 | — | 12,198,278 | 1,602,237 | 13,800,515 | — | 13,800,515 | — | |||||||||||||||||||||
Cascade II | Seattle, WA | (F) | — | 11,553,286 | 772,881 | — | 11,553,286 | 772,881 | 12,326,167 | — | 12,326,167 | — | |||||||||||||||||||||
Centennial Court | Seattle, WA (G) | 2001 | 187 | 3,800,000 | 21,280,039 | 452,440 | 3,800,000 | 21,732,479 | 25,532,479 | (6,504,886 | ) | 19,027,593 | — | ||||||||||||||||||||
Centennial Tower | Seattle, WA (G) | 1991 | 221 | 5,900,000 | 48,800,339 | 4,069,977 | 5,900,000 | 52,870,316 | 58,770,316 | (15,340,520 | ) | 43,429,796 | — | ||||||||||||||||||||
Centre Club | Ontario, CA | 1994 | 312 | 5,616,000 | 23,485,891 | 2,851,599 | 5,616,000 | 26,337,490 | 31,953,490 | (11,942,486 | ) | 20,011,004 | — | ||||||||||||||||||||
Centre Club II | Ontario, CA | 2002 | 100 | 1,820,000 | 9,528,898 | 627,661 | 1,820,000 | 10,156,559 | 11,976,559 | (3,957,095 | ) | 8,019,464 | — | ||||||||||||||||||||
Chandlers Bay | Kent, WA | 1980 | 293 | 3,700,000 | 18,961,895 | 486,234 | 3,700,000 | 19,448,129 | 23,148,129 | (4,202,932 | ) | 18,945,197 | — | ||||||||||||||||||||
Chatelaine Park | Duluth, GA | 1995 | 303 | 1,818,000 | 24,489,671 | 2,215,846 | 1,818,000 | 26,705,517 | 28,523,517 | (13,461,549 | ) | 15,061,968 | — | ||||||||||||||||||||
Chesapeake Glen Apts (fka Greentree I, II & III) | Glen Burnie, MD | 1973 | 796 | 8,993,411 | 27,301,052 | 21,983,212 | 8,993,411 | 49,284,264 | 58,277,675 | (28,112,967 | ) | 30,164,708 | — | ||||||||||||||||||||
City View (GA) | Atlanta, GA (G) | 2003 | 202 | 6,440,800 | 19,993,460 | 1,357,198 | 6,440,800 | 21,350,658 | 27,791,458 | (6,775,978 | ) | 21,015,480 | — | ||||||||||||||||||||
Cleo, The | Los Angeles, CA | 1989 | 92 | 6,615,467 | 14,829,335 | 3,732,712 | 6,615,467 | 18,562,047 | 25,177,514 | (5,799,503 | ) | 19,378,011 | — | ||||||||||||||||||||
Coconut Palm Club | Coconut Creek, FL | 1992 | 301 | 3,001,700 | 17,678,928 | 3,500,954 | 3,001,700 | 21,179,882 | 24,181,582 | (11,053,062 | ) | 13,128,520 | — | ||||||||||||||||||||
Country Club Lakes | Jacksonville, FL | 1997 | 555 | 15,000,000 | 41,055,786 | 5,887,825 | 15,000,000 | 46,943,611 | 61,943,611 | (15,159,712 | ) | 46,783,899 | — | ||||||||||||||||||||
Cove at Boynton Beach I | Boynton Beach, FL | 1996 | 252 | 12,600,000 | 31,469,651 | 3,957,990 | 12,600,000 | 35,427,641 | 48,027,641 | (12,461,783 | ) | 35,565,858 | — | ||||||||||||||||||||
Cove at Boynton Beach II | Boynton Beach, FL | 1998 | 296 | 14,800,000 | 37,874,719 | — | 14,800,000 | 37,874,719 | 52,674,719 | (12,409,067 | ) | 40,265,652 | — | ||||||||||||||||||||
Crown Court | Scottsdale, AZ | 1987 | 416 | 3,156,600 | 28,414,599 | 10,072,349 | 3,156,600 | 38,486,948 | 41,643,548 | (20,831,754 | ) | 20,811,794 | — | ||||||||||||||||||||
Crowntree Lakes | Orlando, FL | 2008 | 352 | 12,009,630 | 44,407,977 | 305,763 | 12,009,630 | 44,713,740 | 56,723,370 | (9,115,128 | ) | 47,608,242 | — | ||||||||||||||||||||
Cypress Lake at Waterford | Orlando, FL | 2001 | 316 | 7,000,000 | 27,654,816 | 1,953,814 | 7,000,000 | 29,608,630 | 36,608,630 | (10,070,172 | ) | 26,538,458 | — | ||||||||||||||||||||
Dartmouth Woods | Lakewood, CO | 1990 | 201 | 1,609,800 | 10,832,754 | 2,181,749 | 1,609,800 | 13,014,503 | 14,624,303 | (7,463,095 | ) | 7,161,208 | — | ||||||||||||||||||||
Dean Estates | Taunton, MA | 1984 | 58 | 498,080 | 3,329,560 | 726,694 | 498,080 | 4,056,254 | 4,554,334 | (1,974,667 | ) | 2,579,667 | — | ||||||||||||||||||||
Deerwood (Corona) | Corona, CA | 1992 | 316 | 4,742,200 | 20,272,892 | 4,131,619 | 4,742,200 | 24,404,511 | 29,146,711 | (13,644,933 | ) | 15,501,778 | — | ||||||||||||||||||||
Defoor Village | Atlanta, GA | 1997 | 156 | 2,966,400 | 10,570,210 | 2,070,269 | 2,966,400 | 12,640,479 | 15,606,879 | (6,901,037 | ) | 8,705,842 | — | ||||||||||||||||||||
Del Mar Ridge | San Diego, CA | 1998 | 181 | 7,801,824 | 36,948,176 | 2,986,046 | 7,801,824 | 39,934,222 | 47,736,046 | (6,689,182 | ) | 41,046,864 | — | ||||||||||||||||||||
Eagle Canyon | Chino Hills, CA | 1985 | 252 | 1,808,900 | 16,274,361 | 6,999,462 | 1,808,900 | 23,273,823 | 25,082,723 | (12,868,469 | ) | 12,214,254 | — | ||||||||||||||||||||
Edgemont at Bethesda Metro | Bethesda, MD | 1989 | 122 | 13,092,552 | 43,907,448 | 179,743 | 13,092,552 | 44,087,191 | 57,179,743 | (3,377,214 | ) | 53,802,529 | — | ||||||||||||||||||||
Element | Miami, FL | (F) | — | 11,723,423 | 2,155,330 | — | 11,723,423 | 2,155,330 | 13,878,753 | — | 13,878,753 | — | |||||||||||||||||||||
Ellipse at Government Center | Fairfax, VA | 1989 | 404 | 19,433,000 | 56,816,266 | 4,717,129 | 19,433,000 | 61,533,395 | 80,966,395 | (13,750,349 | ) | 67,216,046 | — | ||||||||||||||||||||
Emerson Place | Boston, MA (G) | 1962 | 444 | 14,855,000 | 57,566,636 | 15,786,843 | 14,855,000 | 73,353,479 | 88,208,479 | (42,084,610 | ) | 46,123,869 | — | ||||||||||||||||||||
Enclave at Lake Underhill | Orlando, FL | 1989 | 312 | 9,359,750 | 29,539,650 | 3,076,979 | 9,359,750 | 32,616,629 | 41,976,379 | (10,291,752 | ) | 31,684,627 | — | ||||||||||||||||||||
Enclave at Waterways | Deerfield Beach, FL | 1998 | 300 | 15,000,000 | 33,194,576 | 1,293,880 | 15,000,000 | 34,488,456 | 49,488,456 | (11,250,991 | ) | 38,237,465 | — | ||||||||||||||||||||
Enclave at Winston Park | Coconut Creek, FL | 1995 | 278 | 5,560,000 | 19,939,324 | 3,400,119 | 5,560,000 | 23,339,443 | 28,899,443 | (9,389,059 | ) | 19,510,384 | — | ||||||||||||||||||||
Enclave, The | Tempe, AZ | 1994 | 204 | 1,500,192 | 19,281,399 | 1,516,466 | 1,500,192 | 20,797,865 | 22,298,057 | (10,989,851 | ) | 11,308,206 | — | ||||||||||||||||||||
Encore at Sherman Oaks, The | Sherman Oaks, CA | 1988 | 174 | 8,700,000 | 25,446,003 | 389,062 | 8,700,000 | 25,835,065 | 34,535,065 | (2,648,575 | ) | 31,886,490 | — | ||||||||||||||||||||
Estates at Wellington Green | Wellington, FL | 2003 | 400 | 20,000,000 | 64,790,850 | 2,115,788 | 20,000,000 | 66,906,638 | 86,906,638 | (20,447,332 | ) | 66,459,306 | — | ||||||||||||||||||||
Eye Street | Washington, D.C. | (F) | — | 13,530,054 | 4,444,434 | — | 13,530,054 | 4,444,434 | 17,974,488 | — | 17,974,488 | — | |||||||||||||||||||||
Four Winds | Fall River, MA | 1987 | 168 | 1,370,843 | 9,163,804 | 2,158,526 | 1,370,843 | 11,322,330 | 12,693,173 | (5,314,789 | ) | 7,378,384 | — | ||||||||||||||||||||
Fox Hill Apartments | Enfield, CT | 1974 | 168 | 1,129,018 | 7,547,256 | 1,701,722 | 1,129,018 | 9,248,978 | 10,377,996 | (4,262,702 | ) | 6,115,294 | — | ||||||||||||||||||||
Fox Run (WA) | Federal Way, WA | 1988 | 144 | 626,637 | 5,765,018 | 1,914,735 | 626,637 | 7,679,753 | 8,306,390 | (5,103,904 | ) | 3,202,486 | — | ||||||||||||||||||||
Fox Run II (WA) | Federal Way, WA | 1988 | 18 | 80,000 | 1,286,139 | 53,086 | 80,000 | 1,339,225 | 1,419,225 | (480,480 | ) | 938,745 | — | ||||||||||||||||||||
Gables Grand Plaza | Coral Gables, FL (G) | 1998 | 195 | — | 44,601,000 | 6,506,000 | — | 51,107,000 | 51,107,000 | (16,603,792 | ) | 34,503,208 | — | ||||||||||||||||||||
Gallery, The | Hermosa Beach,CA | 1971 | 169 | 18,144,000 | 46,567,941 | 1,988,058 | 18,144,000 | 48,555,999 | 66,699,999 | (13,251,854 | ) | 53,448,145 | — |
Cost Capitalized | |||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | Gross Amount Carried | ||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to | Acquisition | at Close of | |||||||||||||||||||||||||||||||||||||||||||||
Description | Company | (Improvements, net) (E) | Period 12/31/10 | ||||||||||||||||||||||||||||||||||||||||||||
Date of | Building & | Building & | Building & | Accumulated | Investment in Real | ||||||||||||||||||||||||||||||||||||||||||
Apartment Name | Location | Construction | Units (H) | Land | Fixtures | Land | Fixtures | Land | Fixtures (A) | Total (B) | Depreciation (C) | Estate, Net at 12/31/10 (B) | Encumbrances | ||||||||||||||||||||||||||||||||||
Greenhouse — Roswell | Roswell, GA | 1985 | 236 | 1,220,000 | 10,974,727 | - | 2,862,866 | 1,220,000 | 13,837,593 | 15,057,593 | (8,334,268 | ) | 6,723,325 | - | |||||||||||||||||||||||||||||||||
Hamilton Villas | Beverly Hills, CA | 1990 | 35 | 7,772,000 | 16,864,269 | - | 1,197,789 | 7,772,000 | 18,062,058 | 25,834,058 | (2,088,921 | ) | 23,745,137 | - | |||||||||||||||||||||||||||||||||
Hammocks Place | Miami, FL | 1986 | 296 | 319,180 | 12,513,467 | - | 3,361,988 | 319,180 | 15,875,455 | 16,194,635 | (9,682,288 | ) | 6,512,347 | - | |||||||||||||||||||||||||||||||||
Hampshire Place | Los Angeles, CA | 1989 | 259 | 10,806,000 | 30,335,330 | - | 1,855,750 | 10,806,000 | 32,191,080 | 42,997,080 | (8,142,603 | ) | 34,854,477 | - | |||||||||||||||||||||||||||||||||
Hamptons | Puyallup, WA | 1991 | 230 | 1,119,200 | 10,075,844 | - | 1,812,434 | 1,119,200 | 11,888,278 | 13,007,478 | (6,014,780 | ) | 6,992,698 | - | |||||||||||||||||||||||||||||||||
Heritage Ridge | Lynwood, WA | 1999 | 197 | 6,895,000 | 18,983,597 | - | 492,899 | 6,895,000 | 19,476,496 | 26,371,496 | (5,168,705 | ) | 21,202,791 | - | |||||||||||||||||||||||||||||||||
Heritage, The | Phoenix, AZ | 1995 | 204 | 1,209,705 | 13,136,903 | - | 1,360,019 | 1,209,705 | 14,496,922 | 15,706,627 | (6,803,317 | ) | 8,903,310 | - | |||||||||||||||||||||||||||||||||
Heron Pointe | Boynton Beach, FL | 1989 | 192 | 1,546,700 | 7,774,676 | - | 1,923,892 | 1,546,700 | 9,698,568 | 11,245,268 | (5,039,618 | ) | 6,205,650 | - | |||||||||||||||||||||||||||||||||
High Meadow | Ellington, CT | 1975 | 100 | 583,679 | 3,901,774 | - | 756,263 | 583,679 | 4,658,037 | 5,241,716 | (1,793,920 | ) | 3,447,796 | - | |||||||||||||||||||||||||||||||||
Highland Glen | Westwood, MA | 1979 | 180 | 2,229,095 | 16,828,153 | - | 2,239,543 | 2,229,095 | 19,067,696 | 21,296,791 | (7,067,157 | ) | 14,229,634 | - | |||||||||||||||||||||||||||||||||
Highland Glen II | Westwood, MA | 2007 | 102 | - | 19,875,857 | - | 80,545 | - | 19,956,402 | 19,956,402 | (2,819,615 | ) | 17,136,787 | - | |||||||||||||||||||||||||||||||||
Highlands at South Plainfield | South Plainfield, NJ | 2000 | 252 | 10,080,000 | 37,526,912 | - | 733,896 | 10,080,000 | 38,260,808 | 48,340,808 | (7,925,678 | ) | 40,415,130 | - | |||||||||||||||||||||||||||||||||
Highlands, The | Scottsdale, AZ | 1990 | 272 | 11,823,840 | 31,990,970 | - | 2,805,757 | 11,823,840 | 34,796,727 | 46,620,567 | (7,688,227 | ) | 38,932,340 | - | |||||||||||||||||||||||||||||||||
Hudson Crossing | New York, NY (G) | 2003 | 259 | 23,420,000 | 70,086,976 | - | 748,402 | 23,420,000 | 70,835,378 | 94,255,378 | (16,184,367 | ) | 78,071,011 | - | |||||||||||||||||||||||||||||||||
Hudson Pointe | Jersey City, NJ | 2003 | 182 | 5,148,500 | 41,149,117 | - | 1,048,724 | 5,148,500 | 42,197,841 | 47,346,341 | (10,223,470 | ) | 37,122,871 | - | |||||||||||||||||||||||||||||||||
Hunt Club II | Charlotte, NC | (F) | - | 100,000 | - | - | - | 100,000 | - | 100,000 | - | 100,000 | - | ||||||||||||||||||||||||||||||||||
Huntington Park | Everett, WA | 1991 | 381 | 1,597,500 | 14,367,864 | - | 3,620,694 | 1,597,500 | 17,988,558 | 19,586,058 | (10,893,191 | ) | 8,692,867 | - | |||||||||||||||||||||||||||||||||
Indian Bend | Scottsdale, AZ | 1973 | 278 | 1,075,700 | 9,800,330 | - | 3,042,609 | 1,075,700 | 12,842,939 | 13,918,639 | (8,082,539 | ) | 5,836,100 | - | |||||||||||||||||||||||||||||||||
Iron Horse Park | Pleasant Hill, CA | 1973 | 252 | 15,000,000 | 24,335,549 | - | 7,755,418 | 15,000,000 | 32,090,967 | 47,090,967 | (8,103,335 | ) | 38,987,632 | - | |||||||||||||||||||||||||||||||||
Isle at Arrowhead Ranch | Glendale, AZ | 1996 | 256 | 1,650,237 | 19,593,123 | - | 1,660,272 | 1,650,237 | 21,253,395 | 22,903,632 | (9,860,515 | ) | 13,043,117 | - | |||||||||||||||||||||||||||||||||
Kempton Downs | Gresham, OR | 1990 | 278 | 1,217,349 | 10,943,372 | - | 2,838,147 | 1,217,349 | 13,781,519 | 14,998,868 | (7,994,662 | ) | 7,004,206 | - | |||||||||||||||||||||||||||||||||
Kenwood Mews | Burbank, CA | 1991 | 141 | 14,100,000 | 24,662,883 | - | 1,627,860 | 14,100,000 | 26,290,743 | 40,390,743 | (5,165,397 | ) | 35,225,346 | - | |||||||||||||||||||||||||||||||||
Key Isle at Windermere | Ocoee, FL | 2000 | 282 | 8,460,000 | 31,761,470 | - | 1,197,975 | 8,460,000 | 32,959,445 | 41,419,445 | (7,409,728 | ) | 34,009,717 | - | |||||||||||||||||||||||||||||||||
Key Isle at Windermere II | Ocoee, FL | 2008 | 165 | 3,306,286 | 24,519,643 | - | 21,547 | 3,306,286 | 24,541,190 | 27,847,476 | (2,038,084 | ) | 25,809,392 | - | |||||||||||||||||||||||||||||||||
Kings Colony (FL) | Miami, FL | 1986 | 480 | 19,200,000 | 48,379,586 | - | 2,692,770 | 19,200,000 | 51,072,356 | 70,272,356 | (12,387,179 | ) | 57,885,177 | - | |||||||||||||||||||||||||||||||||
La Mirage | San Diego, CA | 1988/1992 | 1,070 | 28,895,200 | 95,567,943 | - | 13,968,700 | 28,895,200 | 109,536,643 | 138,431,843 | (51,916,782 | ) | 86,515,061 | - | |||||||||||||||||||||||||||||||||
La Mirage IV | San Diego, CA | 2001 | 340 | 6,000,000 | 47,449,353 | - | 2,944,380 | 6,000,000 | 50,393,733 | 56,393,733 | (16,239,415 | ) | 40,154,318 | - | |||||||||||||||||||||||||||||||||
Laguna Clara | Santa Clara, CA | 1972 | 264 | 13,642,420 | 29,707,475 | - | 3,329,323 | 13,642,420 | 33,036,798 | 46,679,218 | (9,100,501 | ) | 37,578,717 | - | |||||||||||||||||||||||||||||||||
Lake Buena Vista Combined | Orlando, FL | 2000/2002 | 672 | 23,520,000 | 75,068,206 | - | 3,594,116 | 23,520,000 | 78,662,322 | 102,182,322 | (17,301,402 | ) | 84,880,920 | - | |||||||||||||||||||||||||||||||||
Landings at Pembroke Lakes | Pembroke Pines, FL | 1989 | 358 | 17,900,000 | 24,460,989 | - | 4,881,752 | 17,900,000 | 29,342,741 | 47,242,741 | (7,519,945 | ) | 39,722,796 | - | |||||||||||||||||||||||||||||||||
Landings at Port Imperial | W. New York, NJ | 1999 | 276 | 27,246,045 | 37,741,050 | - | 6,567,661 | 27,246,045 | 44,308,711 | 71,554,756 | (15,348,539 | ) | 56,206,217 | - | |||||||||||||||||||||||||||||||||
Las Colinas at Black Canyon | Phoenix, AZ | 2008 | 304 | 9,000,000 | 35,917,811 | - | 115,519 | 9,000,000 | 36,033,330 | 45,033,330 | (4,435,319 | ) | 40,598,011 | - | |||||||||||||||||||||||||||||||||
Legacy at Highlands Ranch | Highlands Ranch, CO | 1999 | 422 | 6,330,000 | 37,557,013 | - | 1,466,728 | 6,330,000 | 39,023,741 | 45,353,741 | (9,805,338 | ) | 35,548,403 | - | |||||||||||||||||||||||||||||||||
Legacy Park Central | Concord, CA | 2003 | 259 | 6,469,230 | 46,745,854 | - | 295,479 | 6,469,230 | 47,041,333 | 53,510,563 | (10,789,289 | ) | 42,721,274 | - | |||||||||||||||||||||||||||||||||
Lexington Farm | Alpharetta, GA | 1995 | 352 | 3,521,900 | 22,888,305 | - | 2,476,212 | 3,521,900 | 25,364,517 | 28,886,417 | (11,200,145 | ) | 17,686,272 | - | |||||||||||||||||||||||||||||||||
Lexington Park | Orlando, FL | 1988 | 252 | 2,016,000 | 12,346,726 | - | 2,450,467 | 2,016,000 | 14,797,193 | 16,813,193 | (7,062,512 | ) | 9,750,681 | - | |||||||||||||||||||||||||||||||||
Little Cottonwoods | Tempe, AZ | 1984 | 379 | 3,050,133 | 26,991,689 | - | 3,737,391 | 3,050,133 | 30,729,080 | 33,779,213 | (14,499,829 | ) | 19,279,384 | - | |||||||||||||||||||||||||||||||||
Longacre House | New York, NY (G) | 2000 | 293 | 73,170,045 | 53,962,510 | - | 125,953 | 73,170,045 | 54,088,463 | 127,258,508 | (7,505,448 | ) | 119,753,060 | - | |||||||||||||||||||||||||||||||||
Longfellow Place | Boston, MA (G) | 1975 | 710 | 53,164,160 | 183,940,619 | - | 47,318,604 | 53,164,160 | 231,259,223 | 284,423,383 | (97,449,615 | ) | 186,973,768 | - | |||||||||||||||||||||||||||||||||
Longwood | Decatur, GA | 1992 | 268 | 1,454,048 | 13,087,393 | - | 2,002,602 | 1,454,048 | 15,089,995 | 16,544,043 | (8,825,354 | ) | 7,718,689 | - | |||||||||||||||||||||||||||||||||
Madison, The | Alexandria, VA | (F) | - | 15,261,108 | 1,080,330 | - | - | 15,261,108 | 1,080,330 | 16,341,438 | - | 16,341,438 | - | ||||||||||||||||||||||||||||||||||
Marbrisa | Tampa, FL | 1984 | 224 | 2,240,000 | 7,183,561 | - | 79,738 | 2,240,000 | 7,263,299 | 9,503,299 | (1,234,564 | ) | 8,268,735 | - | |||||||||||||||||||||||||||||||||
Mariners Wharf | Orange Park, FL | 1989 | 272 | 1,861,200 | 16,744,951 | - | 3,244,046 | 1,861,200 | 19,988,997 | 21,850,197 | (9,702,938 | ) | 12,147,259 | - | |||||||||||||||||||||||||||||||||
Market Street Landing | Seattle, WA | (F) | - | 12,542,418 | 297,637 | - | - | 12,542,418 | 297,637 | 12,840,055 | - | 12,840,055 | - | ||||||||||||||||||||||||||||||||||
Marquessa | Corona Hills, CA | 1992 | 336 | 6,888,500 | 21,604,584 | - | 2,726,408 | 6,888,500 | 24,330,992 | 31,219,492 | (11,834,160 | ) | 19,385,332 | - | |||||||||||||||||||||||||||||||||
Martha Lake | Lynnwood, WA | 1991 | 155 | 821,200 | 7,405,070 | - | 1,985,277 | 821,200 | 9,390,347 | 10,211,547 | (4,980,064 | ) | 5,231,483 | - | |||||||||||||||||||||||||||||||||
Martine, The | Bellevue, WA | 1984 | 67 | 3,200,000 | 9,616,264 | - | 2,642,670 | 3,200,000 | 12,258,934 | 15,458,934 | (1,957,800 | ) | 13,501,134 | - | |||||||||||||||||||||||||||||||||
Merritt at Satellite Place | Duluth, GA | 1999 | 424 | 3,400,000 | 30,115,674 | - | 2,440,228 | 3,400,000 | 32,555,902 | 35,955,902 | (13,072,220 | ) | 22,883,682 | - |
Description | Initial Cost to Company | Cost Capitalized Subsequent to Acquisition(Improvements, net) (E) | Gross Amount Carried at Close of Period 12/31/12 | ||||||||||||||||||||||||||||||
Apartment Name | Location | Date of Construction | Units (H) | Land | Building & Fixtures | Building & Fixtures | Land | Building & Fixtures (A) | Total (B) | Accumulated Depreciation (C) | Investment in Real Estate, Net at 12/31/12 (B) | Encumbrances | |||||||||||||||||||||
Gatehouse at Pine Lake | Pembroke Pines, FL | 1990 | 296 | 1,896,600 | 17,070,795 | 5,831,636 | 1,896,600 | 22,902,431 | 24,799,031 | (12,299,850 | ) | 12,499,181 | — | ||||||||||||||||||||
Gatehouse on the Green | Plantation, FL | 1990 | 312 | 2,228,200 | 20,056,270 | 7,415,699 | 2,228,200 | 27,471,969 | 29,700,169 | (15,076,225 | ) | 14,623,944 | — | ||||||||||||||||||||
Gates of Redmond | Redmond, WA | 1979 | 180 | 2,306,100 | 12,064,015 | 4,790,524 | 2,306,100 | 16,854,539 | 19,160,639 | (9,066,338 | ) | 10,094,301 | — | ||||||||||||||||||||
Gatewood | Pleasanton, CA | 1985 | 200 | 6,796,511 | 20,249,392 | 4,458,452 | 6,796,511 | 24,707,844 | 31,504,355 | (9,049,646 | ) | 22,454,709 | — | ||||||||||||||||||||
Geary Court Yard | San Francisco, CA | 1990 | 164 | 1,722,400 | 15,471,429 | 2,259,837 | 1,722,400 | 17,731,266 | 19,453,666 | (9,678,667 | ) | 9,774,999 | — | ||||||||||||||||||||
Governors Green | Bowie, MD | 1999 | 478 | 19,845,000 | 73,335,916 | 860,934 | 19,845,000 | 74,196,850 | 94,041,850 | (17,692,561 | ) | 76,349,289 | — | ||||||||||||||||||||
Greenfield Village | Rocky Hill , CT | 1965 | 151 | 911,534 | 6,093,418 | 682,573 | 911,534 | 6,775,991 | 7,687,525 | (3,145,760 | ) | 4,541,765 | — | ||||||||||||||||||||
Hamilton Villas | Beverly Hills, CA | 1990 | 35 | 7,772,000 | 16,864,269 | 1,314,747 | 7,772,000 | 18,179,016 | 25,951,016 | (3,695,640 | ) | 22,255,376 | — | ||||||||||||||||||||
Hammocks Place | Miami, FL | 1986 | 296 | 319,180 | 12,513,467 | 4,001,341 | 319,180 | 16,514,808 | 16,833,988 | (11,158,128 | ) | 5,675,860 | — | ||||||||||||||||||||
Hampshire Place | Los Angeles, CA | 1989 | 259 | 10,806,000 | 30,335,330 | 2,061,399 | 10,806,000 | 32,396,729 | 43,202,729 | (10,534,087 | ) | 32,668,642 | — | ||||||||||||||||||||
Heritage Ridge | Lynwood, WA | 1999 | 197 | 6,895,000 | 18,983,597 | 692,162 | 6,895,000 | 19,675,759 | 26,570,759 | (6,788,252 | ) | 19,782,507 | — | ||||||||||||||||||||
Heritage, The | Phoenix, AZ | 1995 | 204 | 1,209,705 | 13,136,903 | 1,533,783 | 1,209,705 | 14,670,686 | 15,880,391 | (7,898,088 | ) | 7,982,303 | — | ||||||||||||||||||||
Heron Pointe | Boynton Beach, FL | 1989 | 192 | 1,546,700 | 7,774,676 | 2,257,726 | 1,546,700 | 10,032,402 | 11,579,102 | (5,862,536 | ) | 5,716,566 | — | ||||||||||||||||||||
High Meadow | Ellington, CT | 1975 | 100 | 583,679 | 3,901,774 | 1,090,107 | 583,679 | 4,991,881 | 5,575,560 | (2,211,945 | ) | 3,363,615 | — | ||||||||||||||||||||
Highland Glen | Westwood, MA | 1979 | 180 | 2,229,095 | 16,828,153 | 2,582,562 | 2,229,095 | 19,410,715 | 21,639,810 | (8,691,869 | ) | 12,947,941 | — | ||||||||||||||||||||
Highland Glen II | Westwood, MA | 2007 | 102 | — | 19,875,857 | 127,705 | — | 20,003,562 | 20,003,562 | (4,417,064 | ) | 15,586,498 | — | ||||||||||||||||||||
Highlands at Cherry Hill | Cherry Hills, NJ | 2002 | 170 | 6,800,000 | 21,459,108 | 721,505 | 6,800,000 | 22,180,613 | 28,980,613 | (6,430,879 | ) | 22,549,734 | — | ||||||||||||||||||||
Highlands at South Plainfield | South Plainfield, NJ | 2000 | 252 | 10,080,000 | 37,526,912 | 838,515 | 10,080,000 | 38,365,427 | 48,445,427 | (10,558,268 | ) | 37,887,159 | — | ||||||||||||||||||||
Highlands, The | Scottsdale, AZ | 1990 | 272 | 11,823,840 | 31,990,970 | 2,979,673 | 11,823,840 | 34,970,643 | 46,794,483 | (10,411,726 | ) | 36,382,757 | — | ||||||||||||||||||||
Hikari | Los Angeles, CA (G) | 2007 | 128 | 9,435,760 | 32,564,240 | 88,324 | 9,435,760 | 32,652,564 | 42,088,324 | (2,734,058 | ) | 39,354,266 | — | ||||||||||||||||||||
Hudson Crossing | New York, NY (G) | 2003 | 259 | 23,420,000 | 70,086,976 | 1,319,280 | 23,420,000 | 71,406,256 | 94,826,256 | (21,008,820 | ) | 73,817,436 | — | ||||||||||||||||||||
Hudson Pointe | Jersey City, NJ | 2003 | 182 | 5,350,000 | 41,114,074 | 1,815,270 | 5,350,000 | 42,929,344 | 48,279,344 | (13,426,393 | ) | 34,852,951 | — | ||||||||||||||||||||
Hunt Club II | Charlotte, NC | (F) | — | 100,000 | — | — | 100,000 | — | 100,000 | — | 100,000 | — | |||||||||||||||||||||
Huntington Park | Everett, WA | 1991 | 381 | 1,597,500 | 14,367,864 | 4,453,829 | 1,597,500 | 18,821,693 | 20,419,193 | (12,472,448 | ) | 7,946,745 | — | ||||||||||||||||||||
Indian Bend | Scottsdale, AZ | 1973 | 278 | 1,075,700 | 9,900,330 | 3,365,023 | 1,075,700 | 13,265,353 | 14,341,053 | (8,998,786 | ) | 5,342,267 | — | ||||||||||||||||||||
Iron Horse Park | Pleasant Hill, CA | 1973 | 252 | 15,000,000 | 24,335,549 | 7,833,581 | 15,000,000 | 32,169,130 | 47,169,130 | (11,452,261 | ) | 35,716,869 | — | ||||||||||||||||||||
Jia (fka Chinatown Gateway) | Los Angeles, CA (G) | (F) | — | 14,791,831 | 38,203,310 | — | 14,791,831 | 38,203,310 | 52,995,141 | — | 52,995,141 | — | |||||||||||||||||||||
Kenwood Mews | Burbank, CA | 1991 | 141 | 14,100,000 | 24,662,883 | 2,326,483 | 14,100,000 | 26,989,366 | 41,089,366 | (7,360,534 | ) | 33,728,832 | — | ||||||||||||||||||||
Key Isle at Windermere | Ocoee, FL | 2000 | 282 | 8,460,000 | 31,761,470 | 1,584,992 | 8,460,000 | 33,346,462 | 41,806,462 | (10,598,954 | ) | 31,207,508 | — | ||||||||||||||||||||
Key Isle at Windermere II | Ocoee, FL | 2008 | 165 | 3,306,286 | 24,519,644 | 21,547 | 3,306,286 | 24,541,191 | 27,847,477 | (3,843,424 | ) | 24,004,053 | — | ||||||||||||||||||||
Kings Colony (FL) | Miami, FL | 1986 | 480 | 19,200,000 | 48,379,586 | 3,358,871 | 19,200,000 | 51,738,457 | 70,938,457 | (16,535,050 | ) | 54,403,407 | — | ||||||||||||||||||||
La Mirage | San Diego, CA | 1988/1992 | 1,070 | 28,895,200 | 95,567,943 | 17,187,998 | 28,895,200 | 112,755,941 | 141,651,141 | (60,753,002 | ) | 80,898,139 | — | ||||||||||||||||||||
La Mirage IV | San Diego, CA | 2001 | 340 | 6,000,000 | 47,449,353 | 3,967,334 | 6,000,000 | 51,416,687 | 57,416,687 | (20,107,727 | ) | 37,308,960 | — | ||||||||||||||||||||
Laguna Clara | Santa Clara, CA | 1972 | 264 | 13,642,420 | 29,707,475 | 3,986,277 | 13,642,420 | 33,693,752 | 47,336,172 | (11,877,090 | ) | 35,459,082 | — | ||||||||||||||||||||
Lake Buena Vista Combined | Orlando, FL | 2000/2002 | 672 | 23,520,000 | 75,068,206 | 4,377,399 | 23,520,000 | 79,445,605 | 102,965,605 | (23,051,890 | ) | 79,913,715 | — | ||||||||||||||||||||
Landings at Pembroke Lakes | Pembroke Pines, FL | 1989 | 358 | 17,900,000 | 24,460,989 | 5,250,659 | 17,900,000 | 29,711,648 | 47,611,648 | (10,597,498 | ) | 37,014,150 | — | ||||||||||||||||||||
Landings at Port Imperial | W. New York, NJ | 1999 | 276 | 27,246,045 | 37,741,050 | 6,986,943 | 27,246,045 | 44,727,993 | 71,974,038 | (19,275,613 | ) | 52,698,425 | — | ||||||||||||||||||||
Las Colinas at Black Canyon | Phoenix, AZ | 2008 | 304 | 9,000,000 | 35,917,811 | 407,802 | 9,000,000 | 36,325,613 | 45,325,613 | (8,178,418 | ) | 37,147,195 | — | ||||||||||||||||||||
Legacy at Highlands Ranch | Highlands Ranch, CO | 1999 | 422 | 6,330,000 | 37,557,013 | 2,030,961 | 6,330,000 | 39,587,974 | 45,917,974 | (12,636,413 | ) | 33,281,561 | — | ||||||||||||||||||||
Legacy Park Central | Concord, CA | 2003 | 259 | 6,469,230 | 46,745,854 | 1,113,450 | 6,469,230 | 47,859,304 | 54,328,534 | (14,033,317 | ) | 40,295,217 | — | ||||||||||||||||||||
Lexington Farm | Alpharetta, GA | 1995 | 352 | 3,521,900 | 22,888,305 | 2,738,949 | 3,521,900 | 25,627,254 | 29,149,154 | (13,144,265 | ) | 16,004,889 | — | ||||||||||||||||||||
Little Cottonwoods | Tempe, AZ | 1984 | 379 | 3,049,133 | 26,991,689 | 5,116,785 | 3,049,133 | 32,108,474 | 35,157,607 | (16,979,333 | ) | 18,178,274 | — | ||||||||||||||||||||
Longacre House | New York, NY (G) | 2000 | 293 | 73,170,045 | 53,962,510 | 1,002,447 | 73,170,045 | 54,964,957 | 128,135,002 | (12,370,230 | ) | 115,764,772 | — | ||||||||||||||||||||
Longfellow Place | Boston, MA (G) | 1975 | 710 | 53,164,160 | 185,610,210 | 68,694,424 | 53,164,160 | 254,304,634 | 307,468,794 | (119,111,846 | ) | 188,356,948 | — | ||||||||||||||||||||
Longwood | Decatur, GA | 1992 | 268 | 1,454,048 | 13,087,393 | 2,124,966 | 1,454,048 | 15,212,359 | 16,666,407 | (9,987,844 | ) | 6,678,563 | — | ||||||||||||||||||||
Mantena | New York, NY (G) | 2012 | 98 | 22,346,513 | 61,653,487 | 5,835 | 22,346,513 | 61,659,322 | 84,005,835 | (1,532,832 | ) | 82,473,003 | — | ||||||||||||||||||||
Mariners Wharf | Orange Park, FL | 1989 | 272 | 1,861,200 | 16,744,951 | 3,664,192 | 1,861,200 | 20,409,143 | 22,270,343 | (11,393,039 | ) | 10,877,304 | — | ||||||||||||||||||||
Market Street Landing | Seattle, WA | (F) | — | 12,542,418 | 25,777,026 | — | 12,542,418 | 25,777,026 | 38,319,444 | — | 38,319,444 | — | |||||||||||||||||||||
Marquessa | Corona Hills, CA | 1992 | 336 | 6,888,500 | 21,604,584 | 2,936,753 | 6,888,500 | 24,541,337 | 31,429,837 | (13,567,993 | ) | 17,861,844 | — |
Cost Capitalized | |||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | Gross Amount Carried | ||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to | Acquisition | at Close of | |||||||||||||||||||||||||||||||||||||||||||||
Description | Company | (Improvements, net) (E) | Period 12/31/10 | ||||||||||||||||||||||||||||||||||||||||||||
Date of | Building & | Building & | Building & | Accumulated | Investment in Real | ||||||||||||||||||||||||||||||||||||||||||
Apartment Name | Location | Construction | Units (H) | Land | Fixtures | Land | Fixtures | Land | Fixtures (A) | Total (B) | Depreciation (C) | Estate, Net at 12/31/10 (B) | Encumbrances | ||||||||||||||||||||||||||||||||||
Mill Pond | Millersville, MD | 1984 | 240 | 2,880,000 | 8,468,014 | - | 2,718,776 | 2,880,000 | 11,186,790 | 14,066,790 | (5,505,405 | ) | 8,561,385 | - | |||||||||||||||||||||||||||||||||
Mira Flores | Palm Beach Gardens, FL | 1996 | 352 | 7,039,313 | 22,515,299 | - | 2,298,916 | 7,039,313 | 24,814,215 | 31,853,528 | (8,485,263 | ) | 23,368,265 | - | |||||||||||||||||||||||||||||||||
Mission Bay | Orlando, FL | 1991 | 304 | 2,432,000 | 21,623,560 | - | 2,717,235 | 2,432,000 | 24,340,795 | 26,772,795 | (10,820,242 | ) | 15,952,553 | - | |||||||||||||||||||||||||||||||||
Mission Verde, LLC | San Jose, CA | 1986 | 108 | 5,190,700 | 9,679,109 | - | 3,151,242 | 5,190,700 | 12,830,351 | 18,021,051 | (5,623,277 | ) | 12,397,774 | - | |||||||||||||||||||||||||||||||||
Morningside | Scottsdale, AZ | 1989 | 160 | 670,470 | 12,607,976 | - | 1,697,299 | 670,470 | 14,305,275 | 14,975,745 | (6,740,861 | ) | 8,234,884 | - | |||||||||||||||||||||||||||||||||
Mosaic at Largo Station | Hyattsville, MD | 2008 | 242 | 4,120,800 | 42,477,297 | - | 237,451 | 4,120,800 | 42,714,748 | 46,835,548 | (4,141,764 | ) | 42,693,784 | - | |||||||||||||||||||||||||||||||||
Mozaic at Union Station | Los Angeles, CA | 2007 | 272 | 8,500,000 | 52,583,270 | - | 668,419 | 8,500,000 | 53,251,689 | 61,751,689 | (8,972,618 | ) | 52,779,071 | - | |||||||||||||||||||||||||||||||||
New River Cove | Davie, FL | 1999 | 316 | 15,800,000 | 46,142,895 | - | 1,049,654 | 15,800,000 | 47,192,549 | 62,992,549 | (10,341,684 | ) | 52,650,865 | - | |||||||||||||||||||||||||||||||||
Northampton 1 | Largo, MD | 1977 | 344 | 1,843,200 | 17,528,381 | - | 5,798,143 | 1,843,200 | 23,326,524 | 25,169,724 | (14,229,754 | ) | 10,939,970 | - | |||||||||||||||||||||||||||||||||
Northampton 2 | Largo, MD | 1988 | 276 | 1,513,500 | 14,246,990 | - | 3,654,124 | 1,513,500 | 17,901,114 | 19,414,614 | (10,571,731 | ) | 8,842,883 | - | |||||||||||||||||||||||||||||||||
Northglen | Valencia, CA | 1988 | 234 | 9,360,000 | 20,778,553 | - | 1,728,818 | 9,360,000 | 22,507,371 | 31,867,371 | (8,256,285 | ) | 23,611,086 | - | |||||||||||||||||||||||||||||||||
Northlake (MD) | Germantown, MD | 1985 | 304 | 15,000,000 | 23,142,302 | - | 9,754,730 | 15,000,000 | 32,897,032 | 47,897,032 | (9,909,101 | ) | 37,987,931 | - | |||||||||||||||||||||||||||||||||
Northridge | Pleasant Hill, CA | 1974 | 221 | 5,527,800 | 14,691,705 | - | 8,471,887 | 5,527,800 | 23,163,592 | 28,691,392 | (9,697,063 | ) | 18,994,329 | - | |||||||||||||||||||||||||||||||||
Oak Park North | Agoura Hills, CA | 1990 | 220 | 1,706,900 | 15,362,666 | - | 2,806,978 | 1,706,900 | 18,169,644 | 19,876,544 | (9,627,790 | ) | 10,248,754 | - | |||||||||||||||||||||||||||||||||
Oak Park South | Agoura Hills, CA | 1989 | 224 | 1,683,800 | 15,154,608 | - | 2,923,629 | 1,683,800 | 18,078,237 | 19,762,037 | (9,624,230 | ) | 10,137,807 | - | |||||||||||||||||||||||||||||||||
Oaks at Falls Church | Falls Church, VA | 1966 | 176 | 20,240,000 | 20,152,616 | - | 3,552,434 | 20,240,000 | 23,705,050 | 43,945,050 | (5,665,262 | ) | 38,279,788 | - | |||||||||||||||||||||||||||||||||
Ocean Crest | Solana Beach, CA | 1986 | 146 | 5,111,200 | 11,910,438 | �� | - | 2,058,043 | 5,111,200 | 13,968,481 | 19,079,681 | (6,514,987 | ) | 12,564,694 | - | ||||||||||||||||||||||||||||||||
Ocean Walk | Key West, FL | 1990 | 297 | 2,838,749 | 25,545,009 | - | 3,233,758 | 2,838,749 | 28,778,767 | 31,617,516 | (13,599,381 | ) | 18,018,135 | - | |||||||||||||||||||||||||||||||||
Olympus Towers | Seattle, WA (G) | 2000 | 328 | 14,752,034 | 73,335,425 | - | 2,226,097 | 14,752,034 | 75,561,522 | 90,313,556 | (19,377,834 | ) | 70,935,722 | - | |||||||||||||||||||||||||||||||||
Orchard Ridge | Lynnwood, WA | 1988 | 104 | 480,600 | 4,372,033 | - | 1,127,901 | 480,600 | 5,499,934 | 5,980,534 | (3,295,398 | ) | 2,685,136 | - | |||||||||||||||||||||||||||||||||
Overlook Manor | Frederick, MD | 1980/1985 | 108 | 1,299,100 | 3,930,931 | - | 2,142,057 | 1,299,100 | 6,072,988 | 7,372,088 | (3,277,788 | ) | 4,094,300 | - | |||||||||||||||||||||||||||||||||
Overlook Manor II | Frederick, MD | 1980/1985 | 182 | 2,186,300 | 6,262,597 | - | 1,253,022 | 2,186,300 | 7,515,619 | 9,701,919 | (3,549,205 | ) | 6,152,714 | - | |||||||||||||||||||||||||||||||||
Paces Station | Atlanta, GA | 1984-1989 | 610 | 4,801,500 | 32,548,053 | - | 8,202,985 | 4,801,500 | 40,751,038 | 45,552,538 | (20,808,476 | ) | 24,744,062 | - | |||||||||||||||||||||||||||||||||
Palm Trace Landings | Davie, FL | 1995 | 768 | 38,400,000 | 105,693,432 | - | 2,605,905 | 38,400,000 | 108,299,337 | 146,699,337 | (23,469,327 | ) | 123,230,010 | - | |||||||||||||||||||||||||||||||||
Panther Ridge | Federal Way, WA | 1980 | 260 | 1,055,800 | 9,506,117 | - | 1,846,801 | 1,055,800 | 11,352,918 | 12,408,718 | (5,866,485 | ) | 6,542,233 | - | |||||||||||||||||||||||||||||||||
Parc 77 | New York, NY (G) | 1903 | 137 | 40,504,000 | 18,025,679 | - | 4,115,467 | 40,504,000 | 22,141,146 | 62,645,146 | (4,773,963 | ) | 57,871,183 | - | |||||||||||||||||||||||||||||||||
Parc Cameron | New York, NY (G) | 1927 | 166 | 37,600,000 | 9,855,597 | - | 5,120,583 | 37,600,000 | 14,976,180 | 52,576,180 | (3,867,865 | ) | 48,708,315 | - | |||||||||||||||||||||||||||||||||
Parc Coliseum | New York, NY (G) | 1910 | 177 | 52,654,000 | 23,045,751 | - | 6,947,750 | 52,654,000 | 29,993,501 | 82,647,501 | (6,372,704 | ) | 76,274,797 | - | |||||||||||||||||||||||||||||||||
Park at Turtle Run, The | Coral Springs, FL | 2001 | 257 | 15,420,000 | 36,064,629 | - | 898,823 | 15,420,000 | 36,963,452 | 52,383,452 | (9,407,101 | ) | 42,976,351 | - | |||||||||||||||||||||||||||||||||
Park West (CA) | Los Angeles, CA | 1987/1990 | 444 | 3,033,500 | 27,302,383 | - | 5,418,219 | 3,033,500 | 32,720,602 | 35,754,102 | (17,933,416 | ) | 17,820,686 | - | |||||||||||||||||||||||||||||||||
Parkside | Union City, CA | 1979 | 208 | 6,246,700 | 11,827,453 | - | 3,310,231 | 6,246,700 | 15,137,684 | 21,384,384 | (7,795,045 | ) | 13,589,339 | - | |||||||||||||||||||||||||||||||||
Parkview Terrace | Redlands, CA | 1986 | 558 | 4,969,200 | 35,653,777 | - | 11,282,338 | 4,969,200 | 46,936,115 | 51,905,315 | (22,196,279 | ) | 29,709,036 | - | |||||||||||||||||||||||||||||||||
Phillips Park | Wellesley, MA | 1988 | 49 | 816,922 | 5,460,955 | - | 936,091 | 816,922 | 6,397,046 | 7,213,968 | (2,475,515 | ) | 4,738,453 | - | |||||||||||||||||||||||||||||||||
Pine Harbour | Orlando, FL | 1991 | 366 | 1,664,300 | 14,970,915 | - | 3,529,258 | 1,664,300 | 18,500,173 | 20,164,473 | (11,225,249 | ) | 8,939,224 | - | |||||||||||||||||||||||||||||||||
Playa Pacifica | Hermosa Beach,CA | 1972 | 285 | 35,100,000 | 33,473,822 | - | 7,145,521 | 35,100,000 | 40,619,343 | 75,719,343 | (10,641,111 | ) | 65,078,232 | - | |||||||||||||||||||||||||||||||||
Pointe at South Mountain | Phoenix, AZ | 1988 | 364 | 2,228,800 | 20,059,311 | - | 3,210,958 | 2,228,800 | 23,270,269 | 25,499,069 | (11,847,168 | ) | 13,651,901 | - | |||||||||||||||||||||||||||||||||
Polos East | Orlando, FL | 1991 | 308 | 1,386,000 | 19,058,620 | - | 2,188,231 | 1,386,000 | 21,246,851 | 22,632,851 | (9,567,266 | ) | 13,065,585 | - | |||||||||||||||||||||||||||||||||
Port Royale | Ft. Lauderdale, FL (G) | 1988 | 252 | 1,754,200 | 15,789,873 | - | 7,514,240 | 1,754,200 | 23,304,113 | 25,058,313 | (12,612,882 | ) | 12,445,431 | - | |||||||||||||||||||||||||||||||||
Port Royale II | Ft. Lauderdale, FL (G) | 1988 | 161 | 1,022,200 | 9,203,166 | - | 4,702,265 | 1,022,200 | 13,905,431 | 14,927,631 | (7,140,443 | ) | 7,787,188 | - | |||||||||||||||||||||||||||||||||
Port Royale III | Ft. Lauderdale, FL (G) | 1988 | 324 | 7,454,900 | 14,725,802 | - | 8,935,675 | 7,454,900 | 23,661,477 | 31,116,377 | (11,497,857 | ) | 19,618,520 | - | |||||||||||||||||||||||||||||||||
Port Royale IV | Ft. Lauderdale, FL | (F) | - | - | 387,471 | - | - | - | 387,471 | 387,471 | - | 387,471 | - | ||||||||||||||||||||||||||||||||||
Portofino | Chino Hills, CA | 1989 | 176 | 3,572,400 | 14,660,994 | - | 2,150,998 | 3,572,400 | 16,811,992 | 20,384,392 | (7,854,366 | ) | 12,530,026 | - | |||||||||||||||||||||||||||||||||
Portofino (Val) | Valencia, CA | 1989 | 216 | 8,640,000 | 21,487,126 | - | 2,302,820 | 8,640,000 | 23,789,946 | 32,429,946 | (8,794,584 | ) | 23,635,362 | - | |||||||||||||||||||||||||||||||||
Portside Towers | Jersey City, NJ (G) | 1992-1997 | 527 | 22,487,006 | 96,842,913 | - | 14,773,378 | 22,487,006 | 111,616,291 | 134,103,297 | (47,349,520 | ) | 86,753,777 | - | |||||||||||||||||||||||||||||||||
Preserve at Deer Creek | Deerfield Beach, FL | 1997 | 540 | 13,500,000 | 60,011,208 | - | 3,069,187 | 13,500,000 | 63,080,395 | 76,580,395 | (16,723,806 | ) | 59,856,589 | - | |||||||||||||||||||||||||||||||||
Prime, The | Arlington, VA | 2002 | 256 | 32,000,000 | 64,436,539 | - | 587,595 | 32,000,000 | 65,024,134 | 97,024,134 | (12,202,034 | ) | 84,822,100 | - | |||||||||||||||||||||||||||||||||
Promenade at Aventura | Aventura, FL | 1995 | 296 | 13,320,000 | 30,353,748 | - | 4,740,072 | 13,320,000 | 35,093,820 | 48,413,820 | (12,325,089 | ) | 36,088,731 | - | |||||||||||||||||||||||||||||||||
Promenade at Town Center I | Valencia, CA | 2001 | 294 | 14,700,000 | 35,390,279 | - | 2,762,304 | 14,700,000 | 38,152,583 | 52,852,583 | (10,327,370 | ) | 42,525,213 | - |
S-7
Description | Initial Cost to Company | Cost Capitalized Subsequent to Acquisition(Improvements, net) (E) | Gross Amount Carried at Close of Period 12/31/12 | ||||||||||||||||||||||||||||||
Apartment Name | Location | Date of Construction | Units (H) | Land | Building & Fixtures | Building & Fixtures | Land | Building & Fixtures (A) | Total (B) | Accumulated Depreciation (C) | Investment in Real Estate, Net at 12/31/12 (B) | Encumbrances | |||||||||||||||||||||
Martine, The | Bellevue, WA | 1984 | 67 | 3,200,000 | 9,616,264 | 2,695,117 | 3,200,000 | 12,311,381 | 15,511,381 | (3,472,519 | ) | 12,038,862 | — | ||||||||||||||||||||
Midtown 24 | Plantation, FL (G) | 2010 | 247 | 10,129,900 | 58,770,100 | 973,238 | 10,129,900 | 59,743,338 | 69,873,238 | (5,787,079 | ) | 64,086,159 | — | ||||||||||||||||||||
Milano Lofts | Los Angeles, CA (G) | 1925/2006 | 99 | 8,125,216 | 27,378,784 | 41,701 | 8,125,216 | 27,420,485 | 35,545,701 | (967,630 | ) | 34,578,071 | — | ||||||||||||||||||||
Millikan | Irvine, CA | (F) | — | 10,743,027 | 2,579,535 | — | 10,743,027 | 2,579,535 | 13,322,562 | — | 13,322,562 | — | |||||||||||||||||||||
Mission Bay | Orlando, FL | 1991 | 304 | 2,432,000 | 21,623,560 | 3,212,827 | 2,432,000 | 24,836,387 | 27,268,387 | (12,760,346 | ) | 14,508,041 | — | ||||||||||||||||||||
Mission Bay-Block 13 | San Francisco, CA | (F) | — | 32,855,115 | 8,197,322 | — | 32,855,115 | 8,197,322 | 41,052,437 | — | 41,052,437 | — | |||||||||||||||||||||
Mission Verde, LLC | San Jose, CA | 1986 | 108 | 5,190,700 | 9,679,109 | 3,291,432 | 5,190,700 | 12,970,541 | 18,161,241 | (7,127,846 | ) | 11,033,395 | — | ||||||||||||||||||||
Morningside | Scottsdale, AZ | 1989 | 160 | 670,470 | 12,607,976 | 1,848,593 | 670,470 | 14,456,569 | 15,127,039 | (7,837,012 | ) | 7,290,027 | — | ||||||||||||||||||||
Mosaic at Largo Station | Hyattsville, MD | 2008 | 242 | 4,120,800 | 42,477,297 | 460,542 | 4,120,800 | 42,937,839 | 47,058,639 | (8,013,492 | ) | 39,045,147 | — | ||||||||||||||||||||
Mozaic at Union Station | Los Angeles, CA | 2007 | 272 | 8,500,000 | 52,529,446 | 1,195,354 | 8,500,000 | 53,724,800 | 62,224,800 | (13,012,582 | ) | 49,212,218 | — | ||||||||||||||||||||
New River Cove | Davie, FL | 1999 | 316 | 15,800,000 | 46,142,895 | 1,343,769 | 15,800,000 | 47,486,664 | 63,286,664 | (14,262,218 | ) | 49,024,446 | — | ||||||||||||||||||||
Northampton 1 | Largo, MD | 1977 | 344 | 1,843,200 | 17,518,161 | 6,276,106 | 1,843,200 | 23,794,267 | 25,637,467 | (16,077,097 | ) | 9,560,370 | — | ||||||||||||||||||||
Northampton 2 | Largo, MD | 1988 | 276 | 1,513,500 | 14,257,210 | 4,037,606 | 1,513,500 | 18,294,816 | 19,808,316 | (12,066,075 | ) | 7,742,241 | — | ||||||||||||||||||||
Northglen | Valencia, CA | 1988 | 234 | 9,360,000 | 20,778,553 | 1,888,759 | 9,360,000 | 22,667,312 | 32,027,312 | (9,931,177 | ) | 22,096,135 | — | ||||||||||||||||||||
Northlake (MD) | Germantown, MD | 1985 | 304 | 15,000,000 | 23,142,302 | 10,139,271 | 15,000,000 | 33,281,573 | 48,281,573 | (13,418,251 | ) | 34,863,322 | — | ||||||||||||||||||||
Northridge | Pleasant Hill, CA | 1974 | 221 | 5,527,800 | 14,691,705 | 9,627,638 | 5,527,800 | 24,319,343 | 29,847,143 | (12,360,184 | ) | 17,486,959 | — | ||||||||||||||||||||
Oak Mill I | Germantown, MD | 1984 | 208 | 10,000,000 | 13,155,522 | 7,424,527 | 10,000,000 | 20,580,049 | 30,580,049 | (8,600,153 | ) | 21,979,896 | — | ||||||||||||||||||||
Oak Park North | Agoura Hills, CA | 1990 | 220 | 1,706,900 | 15,362,666 | 3,868,037 | 1,706,900 | 19,230,703 | 20,937,603 | (11,198,439 | ) | 9,739,164 | — | ||||||||||||||||||||
Oak Park South | Agoura Hills, CA | 1989 | 224 | 1,683,800 | 15,154,608 | 3,913,374 | 1,683,800 | 19,067,982 | 20,751,782 | (11,171,569 | ) | 9,580,213 | — | ||||||||||||||||||||
Oaks at Falls Church | Falls Church, VA | 1966 | 176 | 20,240,000 | 20,152,616 | 3,675,805 | 20,240,000 | 23,828,421 | 44,068,421 | (7,774,342 | ) | 36,294,079 | — | ||||||||||||||||||||
Ocean Crest | Solana Beach, CA | 1986 | 146 | 5,111,200 | 11,910,438 | 2,279,108 | 5,111,200 | 14,189,546 | 19,300,746 | (7,615,611 | ) | 11,685,135 | — | ||||||||||||||||||||
Ocean Walk | Key West, FL | 1990 | 297 | 2,838,749 | 25,545,009 | 3,492,832 | 2,838,749 | 29,037,841 | 31,876,590 | (15,788,732 | ) | 16,087,858 | — | ||||||||||||||||||||
Orchard Ridge | Lynnwood, WA | 1988 | 104 | 480,600 | 4,372,033 | 1,416,465 | 480,600 | 5,788,498 | 6,269,098 | (3,731,392 | ) | 2,537,706 | — | ||||||||||||||||||||
Palm Trace Landings | Davie, FL | 1995 | 768 | 38,400,000 | 105,693,432 | 3,667,268 | 38,400,000 | 109,360,700 | 147,760,700 | (32,542,144 | ) | 115,218,556 | — | ||||||||||||||||||||
Panther Ridge | Federal Way, WA | 1980 | 260 | 1,055,800 | 9,506,117 | 2,140,710 | 1,055,800 | 11,646,827 | 12,702,627 | (6,713,735 | ) | 5,988,892 | — | ||||||||||||||||||||
Parc 77 | New York, NY (G) | 1903 | 137 | 40,504,000 | 18,025,679 | 4,589,070 | 40,504,000 | 22,614,749 | 63,118,749 | (7,304,745 | ) | 55,814,004 | — | ||||||||||||||||||||
Parc Cameron | New York, NY (G) | 1927 | 166 | 37,600,000 | 9,855,597 | 5,715,000 | 37,600,000 | 15,570,597 | 53,170,597 | (6,182,777 | ) | 46,987,820 | — | ||||||||||||||||||||
Parc Coliseum | New York, NY (G) | 1910 | 177 | 52,654,000 | 23,045,751 | 7,389,493 | 52,654,000 | 30,435,244 | 83,089,244 | (9,968,139 | ) | 73,121,105 | — | ||||||||||||||||||||
Parc East Towers | New York, NY (G) | 1977 | 324 | 102,163,000 | 108,989,402 | 6,303,791 | 102,163,000 | 115,293,193 | 217,456,193 | (27,730,132 | ) | 189,726,061 | — | ||||||||||||||||||||
Park at Turtle Run, The | Coral Springs, FL | 2001 | 257 | 15,420,000 | 36,064,629 | 1,138,034 | 15,420,000 | 37,202,663 | 52,622,663 | (12,013,061 | ) | 40,609,602 | — | ||||||||||||||||||||
Park West (CA) | Los Angeles, CA | 1987/1990 | 444 | 3,033,500 | 27,302,383 | 5,986,542 | 3,033,500 | 33,288,925 | 36,322,425 | (20,597,273 | ) | 15,725,152 | — | ||||||||||||||||||||
Parkfield | Denver, CO | 2000 | 476 | 8,330,000 | 28,667,617 | 2,635,179 | 8,330,000 | 31,302,796 | 39,632,796 | (13,637,129 | ) | 25,995,667 | — | ||||||||||||||||||||
Parkside | Union City, CA | 1979 | 208 | 6,246,700 | 11,827,453 | 3,773,395 | 6,246,700 | 15,600,848 | 21,847,548 | (8,946,852 | ) | 12,900,696 | — | ||||||||||||||||||||
Pegasus | Los Angeles, CA (G) | 1949/2003 | 322 | 18,094,052 | 81,905,948 | 1,010,419 | 18,094,052 | 82,916,367 | 101,010,419 | (8,883,859 | ) | 92,126,560 | — | ||||||||||||||||||||
Phillips Park | Wellesley, MA | 1988 | 49 | 816,922 | 5,460,955 | 1,006,754 | 816,922 | 6,467,709 | 7,284,631 | (3,029,012 | ) | 4,255,619 | — | ||||||||||||||||||||
Playa Pacifica | Hermosa Beach,CA | 1972 | 285 | 35,100,000 | 33,473,822 | 7,816,545 | 35,100,000 | 41,290,367 | 76,390,367 | (14,648,914 | ) | 61,741,453 | — | ||||||||||||||||||||
Portofino | Chino Hills, CA | 1989 | 176 | 3,572,400 | 14,660,994 | 3,163,077 | 3,572,400 | 17,824,071 | 21,396,471 | (9,213,621 | ) | 12,182,850 | — | ||||||||||||||||||||
Portofino (Val) | Valencia, CA | 1989 | 216 | 8,640,000 | 21,487,126 | 2,535,302 | 8,640,000 | 24,022,428 | 32,662,428 | (10,638,272 | ) | 22,024,156 | — | ||||||||||||||||||||
Portside Towers | Jersey City, NJ (G) | 1992-1997 | 527 | 22,487,006 | 96,842,913 | 17,976,757 | 22,487,006 | 114,819,670 | 137,306,676 | (56,764,558 | ) | 80,542,118 | — | ||||||||||||||||||||
Preserve at Deer Creek | Deerfield Beach, FL | 1997 | 540 | 13,500,000 | 60,011,208 | 7,352,553 | 13,500,000 | 67,363,761 | 80,863,761 | (21,754,541 | ) | 59,109,220 | — | ||||||||||||||||||||
Prime, The | Arlington, VA | 2002 | 256 | 32,000,000 | 64,436,539 | 793,019 | 32,000,000 | 65,229,558 | 97,229,558 | (16,925,622 | ) | 80,303,936 | — | ||||||||||||||||||||
Promenade at Aventura | Aventura, FL | 1995 | 296 | 13,320,000 | 30,353,748 | 5,730,061 | 13,320,000 | 36,083,809 | 49,403,809 | (15,402,153 | ) | 34,001,656 | — | ||||||||||||||||||||
Promenade at Town Center I | Valencia, CA | 2001 | 294 | 14,700,000 | 35,390,279 | 2,077,005 | 14,700,000 | 37,467,284 | 52,167,284 | (12,733,454 | ) | 39,433,830 | — | ||||||||||||||||||||
Promenade at Town Center II | Valencia, CA | 2001 | 270 | 13,500,000 | 34,405,636 | 1,866,780 | 13,500,000 | 36,272,416 | 49,772,416 | (12,208,570 | ) | 37,563,846 | — | ||||||||||||||||||||
Promenade at Wyndham Lakes | Coral Springs, FL | 1998 | 332 | 6,640,000 | 26,743,760 | 4,847,063 | 6,640,000 | 31,590,823 | 38,230,823 | (13,633,783 | ) | 24,597,040 | — | ||||||||||||||||||||
Promenade Terrace | Corona, CA | 1990 | 330 | 2,272,800 | 20,546,289 | 5,449,007 | 2,272,800 | 25,995,296 | 28,268,096 | (15,684,738 | ) | 12,583,358 | — | ||||||||||||||||||||
Promontory Pointe I & II | Phoenix, AZ | 1984/1996 | 424 | 2,355,509 | 30,421,840 | 4,007,789 | 2,355,509 | 34,429,629 | 36,785,138 | (18,808,607 | ) | 17,976,531 | — |
Cost Capitalized | |||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | Gross Amount Carried | ||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to | Acquisition | at Close of | |||||||||||||||||||||||||||||||||||||||||||||
Description | Company | (Improvements, net) (E) | Period 12/31/10 | ||||||||||||||||||||||||||||||||||||||||||||
Date of | Building & | Building & | Building & | Accumulated | Investment in Real | ||||||||||||||||||||||||||||||||||||||||||
Apartment Name | Location | Construction | Units (H) | Land | Fixtures | Land | Fixtures | Land | Fixtures (A) | Total (B) | Depreciation (C) | Estate, Net at 12/31/10 (B) | Encumbrances | ||||||||||||||||||||||||||||||||||
Promenade at Wyndham Lakes | Coral Springs, FL | 1998 | 332 | 6,640,000 | 26,743,760 | - | 3,364,705 | 6,640,000 | 30,108,465 | 36,748,465 | (10,964,932 | ) | 25,783,533 | - | |||||||||||||||||||||||||||||||||
Promenade Terrace | Corona, CA | 1990 | 330 | 2,272,800 | 20,546,289 | - | 4,744,546 | 2,272,800 | 25,290,835 | 27,563,635 | (13,575,380 | ) | 13,988,255 | - | |||||||||||||||||||||||||||||||||
Promontory Pointe I & II | Phoenix, AZ | 1984/1996 | 424 | 2,355,509 | 30,421,840 | - | 3,698,629 | 2,355,509 | 34,120,469 | 36,475,978 | (16,314,043 | ) | 20,161,935 | - | |||||||||||||||||||||||||||||||||
Prospect Towers | Hackensack, NJ | 1995 | 157 | 3,926,600 | 31,738,452 | - | 2,938,287 | 3,926,600 | 34,676,739 | 38,603,339 | (13,635,911 | ) | 24,967,428 | - | |||||||||||||||||||||||||||||||||
Prospect Towers II | Hackensack, NJ | 2002 | 203 | 4,500,000 | 33,104,733 | - | 2,070,180 | 4,500,000 | 35,174,913 | 39,674,913 | (10,813,863 | ) | 28,861,050 | - | |||||||||||||||||||||||||||||||||
Ravens Crest | Plainsboro, NJ | 1984 | 704 | 4,670,850 | 42,080,642 | - | 11,945,748 | 4,670,850 | 54,026,390 | 58,697,240 | (31,532,339 | ) | 27,164,901 | - | |||||||||||||||||||||||||||||||||
Redmond Ridge | Redmond, WA | 2008 | 321 | 6,975,705 | 46,175,001 | - | 73,615 | 6,975,705 | 46,248,616 | 53,224,321 | (4,628,114 | ) | 48,596,207 | - | |||||||||||||||||||||||||||||||||
Red 160 (fka Redmond Way) | Redmond, WA (G) | (F) | - | 15,546,376 | 61,417,903 | - | 9,488 | 15,546,376 | 61,427,391 | 76,973,767 | (339 | ) | 76,973,428 | - | |||||||||||||||||||||||||||||||||
Regency Palms | Huntington Beach, CA | 1969 | 310 | 1,857,400 | 16,713,254 | - | 4,433,614 | 1,857,400 | 21,146,868 | 23,004,268 | (11,462,162 | ) | 11,542,106 | - | |||||||||||||||||||||||||||||||||
Regency Park | Centreville, VA | 1989 | 252 | 2,521,500 | 16,200,666 | - | 7,802,524 | 2,521,500 | 24,003,190 | 26,524,690 | (11,693,111 | ) | 14,831,579 | - | |||||||||||||||||||||||||||||||||
Registry | Northglenn, CO | 1986 | 208 | 2,000,000 | 10,926,759 | - | 48,337 | 2,000,000 | 10,975,096 | 12,975,096 | (1,278,875 | ) | 11,696,221 | - | |||||||||||||||||||||||||||||||||
Remington Place | Phoenix, AZ | 1983 | 412 | 1,492,750 | 13,377,478 | - | 4,637,494 | 1,492,750 | 18,014,972 | 19,507,722 | (10,299,256 | ) | 9,208,466 | - | |||||||||||||||||||||||||||||||||
Renaissance Villas | Berkeley, CA (G) | 1998 | 34 | 2,458,000 | 4,542,000 | - | 5,418 | 2,458,000 | 4,547,418 | 7,005,418 | (332,879 | ) | 6,672,539 | - | |||||||||||||||||||||||||||||||||
Reserve at Ashley Lake | Boynton Beach, FL | 1990 | 440 | 3,520,400 | 23,332,494 | - | 4,721,183 | 3,520,400 | 28,053,677 | 31,574,077 | (13,452,026 | ) | 18,122,051 | - | |||||||||||||||||||||||||||||||||
Reserve at Town Center | Loudon, VA | 2002 | 290 | 3,144,056 | 27,669,121 | - | 712,324 | 3,144,056 | 28,381,445 | 31,525,501 | (7,401,808 | ) | 24,123,693 | - | |||||||||||||||||||||||||||||||||
Reserve at Town Center II (WA) | Mill Creek, WA | 2009 | 100 | 4,310,417 | 17,172,642 | - | 7,133 | 4,310,417 | 17,179,775 | 21,490,192 | (614,973 | ) | 20,875,219 | - | |||||||||||||||||||||||||||||||||
Reserve at Town Center III | Mill Creek, WA | (F) | - | 2,089,388 | 220,235 | - | - | 2,089,388 | 220,235 | 2,309,623 | - | 2,309,623 | - | ||||||||||||||||||||||||||||||||||
Retreat, The | Phoenix, AZ | 1999 | 480 | 3,475,114 | 27,265,252 | - | 2,380,882 | 3,475,114 | 29,646,134 | 33,121,248 | (12,339,194 | ) | 20,782,054 | - | |||||||||||||||||||||||||||||||||
Rianna I | Seattle, WA (G) | 2000 | 78 | 2,268,160 | 14,864,482 | - | 84,986 | 2,268,160 | 14,949,468 | 17,217,628 | (1,125,268 | ) | 16,092,360 | - | |||||||||||||||||||||||||||||||||
Ridgewood Village I&II | San Diego, CA | 1997 | 408 | 11,809,500 | 34,004,048 | - | 2,195,996 | 11,809,500 | 36,200,044 | 48,009,544 | (14,118,993 | ) | 33,890,551 | - | |||||||||||||||||||||||||||||||||
River Pointe at Den Rock Park | Lawrence, MA | 2000 | 174 | 4,615,702 | 18,440,147 | - | 1,212,909 | 4,615,702 | 19,653,056 | 24,268,758 | (6,078,818 | ) | 18,189,940 | - | |||||||||||||||||||||||||||||||||
River Tower | New York, NY (G) | 1982 | 323 | 118,669,441 | 98,880,559 | - | 401,052 | 118,669,441 | 99,281,611 | 217,951,052 | (12,970,964 | ) | 204,980,088 | - | |||||||||||||||||||||||||||||||||
Rivers Bend (CT) | Windsor, CT | 1973 | 373 | 3,325,517 | 22,573,826 | - | 2,724,959 | 3,325,517 | 25,298,785 | 28,624,302 | (9,670,355 | ) | 18,953,947 | - | |||||||||||||||||||||||||||||||||
Riverview Condominiums | Norwalk, CT | 1991 | 92 | 2,300,000 | 7,406,730 | - | 1,806,846 | 2,300,000 | 9,213,576 | 11,513,576 | (4,117,696 | ) | 7,395,880 | - | |||||||||||||||||||||||||||||||||
Royal Oaks (FL) | Jacksonville, FL | 1991 | 284 | 1,988,000 | 13,645,117 | - | 3,882,711 | 1,988,000 | 17,527,828 | 19,515,828 | (7,780,869 | ) | 11,734,959 | - | |||||||||||||||||||||||||||||||||
Sabal Palm at Carrollwood Place | Tampa, FL | 1995 | 432 | 3,888,000 | 26,911,542 | - | 2,533,589 | 3,888,000 | 29,445,131 | 33,333,131 | (12,979,307 | ) | 20,353,824 | - | |||||||||||||||||||||||||||||||||
Sabal Palm at Lake Buena Vista | Orlando, FL | 1988 | 400 | 2,800,000 | 23,687,893 | - | 3,982,057 | 2,800,000 | 27,669,950 | 30,469,950 | (12,197,653 | ) | 18,272,297 | - | |||||||||||||||||||||||||||||||||
Sabal Palm at Metrowest | Orlando, FL | 1998 | 411 | 4,110,000 | 38,394,865 | - | 3,876,633 | 4,110,000 | 42,271,498 | 46,381,498 | (18,443,292 | ) | 27,938,206 | - | |||||||||||||||||||||||||||||||||
Sabal Palm at Metrowest II | Orlando, FL | 1997 | 456 | 4,560,000 | 33,907,283 | - | 2,691,106 | 4,560,000 | 36,598,389 | 41,158,389 | (15,830,427 | ) | 25,327,962 | - | |||||||||||||||||||||||||||||||||
Sabal Pointe | Coral Springs, FL | 1995 | 275 | 1,951,600 | 17,570,508 | - | 3,961,145 | 1,951,600 | 21,531,653 | 23,483,253 | (11,635,146 | ) | 11,848,107 | - | |||||||||||||||||||||||||||||||||
Saddle Ridge | Ashburn, VA | 1989 | 216 | 1,364,800 | 12,283,616 | - | 2,201,030 | 1,364,800 | 14,484,646 | 15,849,446 | (7,934,560 | ) | 7,914,886 | - | |||||||||||||||||||||||||||||||||
Sage | Everett, WA | 2002 | 123 | 2,500,000 | 12,021,256 | - | 412,814 | 2,500,000 | 12,434,070 | 14,934,070 | (2,576,867 | ) | 12,357,203 | - | |||||||||||||||||||||||||||||||||
Savannah at Park Place | Atlanta, GA | 2001 | 416 | 7,696,095 | 34,114,542 | - | 2,628,399 | 7,696,095 | 36,742,941 | 44,439,036 | (10,138,404 | ) | 34,300,632 | - | |||||||||||||||||||||||||||||||||
Savoy III | Aurora, CO | (F) | - | 659,165 | 4,749,723 | - | - | 659,165 | 4,749,723 | 5,408,888 | - | 5,408,888 | - | ||||||||||||||||||||||||||||||||||
Sawgrass Cove | Bradenton, FL | 1991 | 336 | 3,360,000 | 12,587,189 | - | 80,974 | 3,360,000 | 12,668,163 | 16,028,163 | (1,947,404 | ) | 14,080,759 | - | |||||||||||||||||||||||||||||||||
Scarborough Square | Rockville, MD | 1967 | 121 | 1,815,000 | 7,608,126 | - | 2,394,761 | 1,815,000 | 10,002,887 | 11,817,887 | (4,923,278 | ) | 6,894,609 | - | |||||||||||||||||||||||||||||||||
Sedona Ridge | Phoenix, AZ | 1989 | 250 | 3,750,000 | 14,750,000 | - | 254,926 | 3,750,000 | 15,004,926 | 18,754,926 | (2,039,282 | ) | 16,715,644 | - | |||||||||||||||||||||||||||||||||
Seeley Lake | Lakewood, WA | 1990 | 522 | 2,760,400 | 24,845,286 | - | 4,006,480 | 2,760,400 | 28,851,766 | 31,612,166 | (14,437,537 | ) | 17,174,629 | - | |||||||||||||||||||||||||||||||||
Seventh & James | Seattle, WA | 1992 | 96 | 663,800 | 5,974,803 | - | 2,878,988 | 663,800 | 8,853,791 | 9,517,591 | (4,849,519 | ) | 4,668,072 | - | |||||||||||||||||||||||||||||||||
Shadow Creek | Winter Springs, FL | 2000 | 280 | 6,000,000 | 21,719,768 | - | 1,434,843 | 6,000,000 | 23,154,611 | 29,154,611 | (6,340,966 | ) | 22,813,645 | - | |||||||||||||||||||||||||||||||||
Sheridan Lake Club | Dania Beach, FL | 2001 | 240 | 12,000,000 | 23,170,580 | - | 1,252,843 | 12,000,000 | 24,423,423 | 36,423,423 | (5,113,176 | ) | 31,310,247 | - | |||||||||||||||||||||||||||||||||
Sheridan Ocean Club combined | Dania Beach, FL | 1991 | 648 | 18,313,414 | 47,091,593 | - | 14,017,392 | 18,313,414 | 61,108,985 | 79,422,399 | (21,027,176 | ) | 58,395,223 | - | |||||||||||||||||||||||||||||||||
Siena Terrace | Lake Forest, CA | 1988 | 356 | 8,900,000 | 24,083,024 | - | 2,738,600 | 8,900,000 | 26,821,624 | 35,721,624 | (11,637,233 | ) | 24,084,391 | - | |||||||||||||||||||||||||||||||||
Silver Springs (FL) | Jacksonville, FL | 1985 | 432 | 1,831,100 | 16,474,735 | - | 5,779,723 | 1,831,100 | 22,254,458 | 24,085,558 | (12,404,671 | ) | 11,680,887 | - | |||||||||||||||||||||||||||||||||
Skycrest | Valencia, CA | 1999 | 264 | 10,560,000 | 25,574,457 | - | 1,870,144 | 10,560,000 | 27,444,601 | 38,004,601 | (10,001,263 | ) | 28,003,338 | - | |||||||||||||||||||||||||||||||||
Skylark | Union City, CA | 1986 | 174 | 1,781,600 | 16,731,916 | - | 1,608,125 | 1,781,600 | 18,340,041 | 20,121,641 | (8,137,578 | ) | 11,984,063 | - | |||||||||||||||||||||||||||||||||
Skyline Terrace | Burlingame, CA | 1967/1987 | 138 | 16,836,000 | 35,414,000 | - | 469 | 16,836,000 | 35,414,469 | 52,250,469 | (227,411 | ) | 52,023,058 | - | |||||||||||||||||||||||||||||||||
Skyline Towers | Falls Church, VA (G) | 1971 | 939 | 78,278,200 | 91,485,591 | - | 27,969,652 | 78,278,200 | 119,455,243 | 197,733,443 | (30,881,457 | ) | 166,851,986 | - |
Description | Initial Cost to Company | Cost Capitalized Subsequent to Acquisition(Improvements, net) (E) | Gross Amount Carried at Close of Period 12/31/12 | ||||||||||||||||||||||||||||||
Apartment Name | Location | Date of Construction | Units (H) | Land | Building & Fixtures | Building & Fixtures | Land | Building & Fixtures (A) | Total (B) | Accumulated Depreciation (C) | Investment in Real Estate, Net at 12/31/12 (B) | Encumbrances | |||||||||||||||||||||
Prospect Towers | Hackensack, NJ | 1995 | 157 | 3,926,600 | 31,674,675 | 4,376,379 | 3,926,600 | 36,051,054 | 39,977,654 | (16,205,927 | ) | 23,771,727 | — | ||||||||||||||||||||
Prospect Towers II | Hackensack, NJ | 2002 | 203 | 4,500,000 | 40,617,715 | 3,929,623 | 4,500,000 | 44,547,338 | �� | 49,047,338 | (14,091,202 | ) | 34,956,136 | — | |||||||||||||||||||
Red 160 (fka Redmond Way) | Redmond , WA (G) | 2011 | 250 | 15,546,376 | 65,320,310 | 346,281 | 15,546,376 | 65,666,591 | 81,212,967 | (4,144,236 | ) | 77,068,731 | — | ||||||||||||||||||||
Red Road Commons | Miami, FL (G) | 2009 | 404 | 27,383,547 | 99,656,440 | 559,718 | 27,383,547 | 100,216,158 | 127,599,705 | (10,565,079 | ) | 117,034,626 | — | ||||||||||||||||||||
Regency Palms | Huntington Beach, CA | 1969 | 310 | 1,857,400 | 16,713,254 | 5,000,624 | 1,857,400 | 21,713,878 | 23,571,278 | (13,274,225 | ) | 10,297,053 | — | ||||||||||||||||||||
Registry | Northglenn, CO | 1986 | 208 | 2,000,000 | 10,925,007 | 259,859 | 2,000,000 | 11,184,866 | 13,184,866 | (2,566,137 | ) | 10,618,729 | — | ||||||||||||||||||||
Renaissance Villas | Berkeley, CA (G) | 1998 | 34 | 2,458,000 | 4,542,000 | 100,280 | 2,458,000 | 4,642,280 | 7,100,280 | (997,805 | ) | 6,102,475 | — | ||||||||||||||||||||
Reserve at Ashley Lake | Boynton Beach, FL | 1990 | 440 | 3,520,400 | 23,332,494 | 6,350,302 | 3,520,400 | 29,682,796 | 33,203,196 | (16,035,666 | ) | 17,167,530 | — | ||||||||||||||||||||
Reserve at Town Center II (WA) | Mill Creek, WA | 2009 | 100 | 4,310,418 | 17,165,442 | 38,373 | 4,310,418 | 17,203,815 | 21,514,233 | (1,876,908 | ) | 19,637,325 | — | ||||||||||||||||||||
Reserve at Town Center III | Mill Creek, WA | (F) | — | 2,089,388 | 3,490,084 | — | 2,089,388 | 3,490,084 | 5,579,472 | — | 5,579,472 | — | |||||||||||||||||||||
Residences at Bayview | Pompano Beach, FL (G) | 2004 | 225 | 5,783,545 | 39,334,455 | 752,433 | 5,783,545 | 40,086,888 | 45,870,433 | (5,299,161 | ) | 40,571,272 | — | ||||||||||||||||||||
Retreat, The | Phoenix, AZ | 1999 | 480 | 3,475,114 | 27,265,252 | 2,976,118 | 3,475,114 | 30,241,370 | 33,716,484 | (14,672,647 | ) | 19,043,837 | — | ||||||||||||||||||||
Reunion at Redmond Ridge (fka Remond Ridge) | Redmond, WA | 2008 | 321 | 6,975,705 | 46,175,001 | 184,695 | 6,975,705 | 46,359,696 | 53,335,401 | (8,224,105 | ) | 45,111,296 | — | ||||||||||||||||||||
Rianna I | Seattle, WA (G) | 2000 | 78 | 2,268,160 | 14,864,482 | 191,086 | 2,268,160 | 15,055,568 | 17,323,728 | (2,529,256 | ) | 14,794,472 | — | ||||||||||||||||||||
Ridgewood Village I&II | San Diego, CA | 1997 | 408 | 11,809,500 | 34,004,048 | 3,421,687 | 11,809,500 | 37,425,735 | 49,235,235 | (16,980,968 | ) | 32,254,267 | — | ||||||||||||||||||||
River Tower | New York, NY (G) | 1982 | 323 | 118,669,441 | 98,880,559 | 2,622,133 | 118,669,441 | 101,502,692 | 220,172,133 | (20,197,403 | ) | 199,974,730 | — | ||||||||||||||||||||
Riverpark | Redmond, WA (G) | 2009 | 319 | 14,355,000 | 80,894,049 | 67,518 | 14,355,000 | 80,961,567 | 95,316,567 | (5,035,285 | ) | 90,281,282 | — | ||||||||||||||||||||
Rivers Bend (CT) | Windsor, CT | 1973 | 373 | 3,325,517 | 22,573,825 | 2,927,622 | 3,325,517 | 25,501,447 | 28,826,964 | (11,668,318 | ) | 17,158,646 | — | ||||||||||||||||||||
Riverview Condominiums | Norwalk, CT | 1991 | 92 | 2,300,000 | 7,406,730 | 2,296,446 | 2,300,000 | 9,703,176 | 12,003,176 | (4,819,131 | ) | 7,184,045 | — | ||||||||||||||||||||
Rosecliff II | Quincy, MA | 2005 | 130 | 4,922,840 | 30,202,160 | 309,921 | 4,922,840 | 30,512,081 | 35,434,921 | (2,615,953 | ) | 32,818,968 | — | ||||||||||||||||||||
Sabal Palm at Lake Buena Vista | Orlando, FL | 1988 | 400 | 2,800,000 | 23,687,893 | 6,464,030 | 2,800,000 | 30,151,923 | 32,951,923 | (14,714,652 | ) | 18,237,271 | — | ||||||||||||||||||||
Sabal Palm at Metrowest II | Orlando, FL | 1997 | 456 | 4,560,000 | 33,907,283 | 3,163,494 | 4,560,000 | 37,070,777 | 41,630,777 | (18,621,155 | ) | 23,009,622 | — | ||||||||||||||||||||
Sabal Pointe | Coral Springs, FL | 1995 | 275 | 1,951,600 | 17,570,508 | 5,371,496 | 1,951,600 | 22,942,004 | 24,893,604 | (13,656,091 | ) | 11,237,513 | — | ||||||||||||||||||||
Sage | Everett, WA | 2002 | 123 | 2,500,000 | 12,021,256 | 509,255 | 2,500,000 | 12,530,511 | 15,030,511 | (3,881,499 | ) | 11,149,012 | — | ||||||||||||||||||||
Sakura Crossing | Los Angeles, CA (G) | 2009 | 230 | 14,641,990 | 42,858,010 | 67,668 | 14,641,990 | 42,925,678 | 57,567,668 | (4,308,500 | ) | 53,259,168 | — | ||||||||||||||||||||
Savannah at Park Place | Atlanta, GA | 2001 | 416 | 7,696,095 | 34,034,000 | 3,030,294 | 7,696,095 | 37,064,294 | 44,760,389 | (12,902,641 | ) | 31,857,748 | — | ||||||||||||||||||||
Savoy at Dayton Station III (fka Savoy III) | Aurora, CO | 2012 | 168 | 659,165 | 20,801,301 | 4,871 | 659,165 | 20,806,172 | 21,465,337 | (493,651 | ) | 20,971,686 | — | ||||||||||||||||||||
Scarborough Square | Rockville, MD | 1967 | 121 | 1,815,000 | 7,608,125 | 2,636,140 | 1,815,000 | 10,244,265 | 12,059,265 | (5,777,402 | ) | 6,281,863 | — | ||||||||||||||||||||
Sedona Ridge | Phoenix, AZ | 1989 | 250 | 3,750,000 | 14,750,000 | 594,723 | 3,750,000 | 15,344,723 | 19,094,723 | (3,754,639 | ) | 15,340,084 | — | ||||||||||||||||||||
Seeley Lake | Lakewood, WA | 1990 | 522 | 2,760,400 | 24,845,286 | 4,919,610 | 2,760,400 | 29,764,896 | 32,525,296 | (16,810,786 | ) | 15,714,510 | — | ||||||||||||||||||||
Seventh & James | Seattle, WA | 1992 | 96 | 663,800 | 5,974,803 | 3,169,294 | 663,800 | 9,144,097 | 9,807,897 | (5,556,778 | ) | 4,251,119 | — | ||||||||||||||||||||
Shadow Creek | Winter Springs, FL | 2000 | 280 | 6,000,000 | 21,719,768 | 1,723,693 | 6,000,000 | 23,443,461 | 29,443,461 | (8,121,736 | ) | 21,321,725 | — | ||||||||||||||||||||
Sheridan Lake Club | Dania Beach, FL | 2001 | 240 | 12,000,000 | 23,170,580 | 1,577,555 | 12,000,000 | 24,748,135 | 36,748,135 | (7,699,328 | ) | 29,048,807 | — | ||||||||||||||||||||
Sheridan Ocean Club combined | Dania Beach, FL | 1991 | 648 | 18,313,414 | 47,091,594 | 15,399,729 | 18,313,414 | 62,491,323 | 80,804,737 | (27,296,479 | ) | 53,508,258 | — | ||||||||||||||||||||
Siena Terrace | Lake Forest, CA | 1988 | 356 | 8,900,000 | 24,083,024 | 4,002,133 | 8,900,000 | 28,085,157 | 36,985,157 | (13,747,923 | ) | 23,237,234 | — | ||||||||||||||||||||
Skycrest | Valencia, CA | 1999 | 264 | 10,560,000 | 25,574,457 | 2,123,434 | 10,560,000 | 27,697,891 | 38,257,891 | (12,044,811 | ) | 26,213,080 | — | ||||||||||||||||||||
Skylark | Union City, CA | 1986 | 174 | 1,781,600 | 16,731,916 | 1,791,961 | 1,781,600 | 18,523,877 | 20,305,477 | (9,490,193 | ) | 10,815,284 | — | ||||||||||||||||||||
Skyline Terrace | Burlingame, CA | 1967 & 1987 | 138 | 16,836,000 | 35,414,000 | 2,475,480 | 16,836,000 | 37,889,480 | 54,725,480 | (4,706,514 | ) | 50,018,966 | — | ||||||||||||||||||||
Skyline Towers | Falls Church, VA (G) | 1971 | 939 | 78,278,200 | 91,485,591 | 29,934,636 | 78,278,200 | 121,420,227 | 199,698,427 | (43,347,611 | ) | 156,350,816 | — | ||||||||||||||||||||
Skyview | Rancho Santa Margarita, CA | 1999 | 260 | 3,380,000 | 21,952,863 | 2,009,739 | 3,380,000 | 23,962,602 | 27,342,602 | (11,496,938 | ) | 15,845,664 | — | ||||||||||||||||||||
Sonoran | Phoenix, AZ | 1995 | 429 | 2,361,922 | 31,841,724 | 3,264,621 | 2,361,922 | 35,106,345 | 37,468,267 | (18,709,220 | ) | 18,759,047 | — | ||||||||||||||||||||
Southwood | Palo Alto, CA | 1985 | 100 | 6,936,600 | 14,324,069 | 2,939,857 | 6,936,600 | 17,263,926 | 24,200,526 | (8,779,798 | ) | 15,420,728 | — | ||||||||||||||||||||
Springbrook Estates | Riverside, CA | (F) | — | 18,200,000 | — | — | 18,200,000 | — | 18,200,000 | — | 18,200,000 | — | |||||||||||||||||||||
Springs Colony | Altamonte Springs, FL | 1986 | 188 | 630,411 | 5,852,157 | 2,551,306 | 630,411 | 8,403,463 | 9,033,874 | (5,810,262 | ) | 3,223,612 | — | ||||||||||||||||||||
St. Andrews at Winston Park | Coconut Creek, FL | 1997 | 284 | 5,680,000 | 19,812,090 | 3,443,096 | 5,680,000 | 23,255,186 | 28,935,186 | (9,387,233 | ) | 19,547,953 | — | ||||||||||||||||||||
Stoney Creek | Lakewood, WA | 1990 | 231 | 1,215,200 | 10,938,134 | 2,533,940 | 1,215,200 | 13,472,074 | 14,687,274 | (7,802,275 | ) | 6,884,999 | — | ||||||||||||||||||||
Stonybrook | Boynton Beach, FL | 2001 | 264 | 10,500,000 | 24,967,638 | 1,476,723 | 10,500,000 | 26,444,361 | 36,944,361 | (8,081,289 | ) | 28,863,072 | — | ||||||||||||||||||||
Summerset Village II | Chatsworth, CA | (F) | — | 260,646 | — | — | 260,646 | — | 260,646 | — | 260,646 | — |
Cost Capitalized | |||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | Gross Amount Carried | ||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to | Acquisition | at Close of | |||||||||||||||||||||||||||||||||||||||||||||
Description | Company | (Improvements, net) (E) | Period 12/31/10 | ||||||||||||||||||||||||||||||||||||||||||||
Date of | Building & | Building & | Building & | Accumulated | Investment in Real | ||||||||||||||||||||||||||||||||||||||||||
Apartment Name | Location | Construction | Units (H) | Land | Fixtures | Land | Fixtures | Land | Fixtures (A) | Total (B) | Depreciation (C) | Estate, Net at 12/31/10 (B) | Encumbrances | ||||||||||||||||||||||||||||||||||
Skyview | Rancho Santa Margarita, CA | 1999 | 260 | 3,380,000 | 21,952,863 | - | 1,667,929 | 3,380,000 | 23,620,792 | 27,000,792 | (9,657,421 | ) | 17,343,371 | - | |||||||||||||||||||||||||||||||||
Sonoran | Phoenix, AZ | 1995 | 429 | 2,361,922 | 31,841,724 | - | 2,900,306 | 2,361,922 | 34,742,030 | 37,103,952 | (16,082,432 | ) | 21,021,520 | - | |||||||||||||||||||||||||||||||||
Southwood | Palo Alto, CA | 1985 | 100 | 6,936,600 | 14,324,069 | - | 2,065,301 | 6,936,600 | 16,389,370 | 23,325,970 | (7,489,798 | ) | 15,836,172 | - | |||||||||||||||||||||||||||||||||
Springbrook Estates | Riverside, CA | (F) | - | 18,200,000 | - | - | - | 18,200,000 | - | 18,200,000 | - | 18,200,000 | - | ||||||||||||||||||||||||||||||||||
St. Andrews at Winston Park | Coconut Creek, FL | 1997 | 284 | 5,680,000 | 19,812,090 | - | 2,144,175 | 5,680,000 | 21,956,265 | 27,636,265 | (7,512,645 | ) | 20,123,620 | - | |||||||||||||||||||||||||||||||||
Stoney Creek | Lakewood, WA | 1990 | 231 | 1,215,200 | 10,938,134 | - | 2,267,480 | 1,215,200 | 13,205,614 | 14,420,814 | (6,703,659 | ) | 7,717,155 | - | |||||||||||||||||||||||||||||||||
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Summerwood | Hayward, CA | 1982 | 162 | 4,810,644 | 6,942,743 | - | 2,132,610 | 4,810,644 | 9,075,353 | 13,885,997 | (4,231,400 | ) | 9,654,597 | - | |||||||||||||||||||||||||||||||||
Summit & Birch Hill | Farmington, CT | 1967 | 186 | 1,757,438 | 11,748,112 | - | 2,916,135 | 1,757,438 | 14,664,247 | 16,421,685 | (5,733,897 | ) | 10,687,788 | - | |||||||||||||||||||||||||||||||||
Summit at Lake Union | Seattle, WA | 1995 -1997 | 150 | 1,424,700 | 12,852,461 | - | 3,097,192 | 1,424,700 | 15,949,653 | 17,374,353 | (7,701,759 | ) | 9,672,594 | - | |||||||||||||||||||||||||||||||||
Surprise Lake Village | Milton, WA | 1986 | 338 | 4,162,543 | 21,995,958 | - | 167,483 | 4,162,543 | 22,163,441 | 26,325,984 | (2,484,576 | ) | 23,841,408 | - | |||||||||||||||||||||||||||||||||
Sycamore Creek | Scottsdale, AZ | 1984 | 350 | 3,152,000 | 19,083,727 | - | 3,055,695 | 3,152,000 | 22,139,422 | 25,291,422 | (10,946,251 | ) | 14,345,171 | - | |||||||||||||||||||||||||||||||||
Tanasbourne Terrace | Hillsboro, OR | 1986-1989 | 373 | 1,876,700 | 16,891,205 | - | 3,764,711 | 1,876,700 | 20,655,916 | 22,532,616 | (12,425,399 | ) | 10,107,217 | - | |||||||||||||||||||||||||||||||||
Third Square | Cambridge, MA (G) | 2008/2009 | 482 | 27,812,384 | 228,734,105 | - | 567,932 | 27,812,384 | 229,302,037 | 257,114,421 | (15,770,134 | ) | 241,344,287 | - | |||||||||||||||||||||||||||||||||
Tortuga Bay | Orlando, FL | 2004 | 314 | 6,280,000 | 32,121,779 | - | 985,669 | 6,280,000 | 33,107,448 | 39,387,448 | (7,923,623 | ) | 31,463,825 | - | |||||||||||||||||||||||||||||||||
Toscana | Irvine, CA | 1991/1993 | 563 | 39,410,000 | 50,806,072 | - | 6,395,983 | 39,410,000 | 57,202,055 | 96,612,055 | (21,654,115 | ) | 74,957,940 | - | |||||||||||||||||||||||||||||||||
Townes at Herndon | Herndon, VA | 2002 | 218 | 10,900,000 | 49,216,125 | - | 576,648 | 10,900,000 | 49,792,773 | 60,692,773 | (10,492,949 | ) | 50,199,824 | - | |||||||||||||||||||||||||||||||||
Trump Place, 140 Riverside | New York, NY (G) | 2003 | 354 | 103,539,100 | 94,082,725 | - | 1,245,121 | 103,539,100 | 95,327,846 | 198,866,946 | (20,098,341 | ) | 178,768,605 | - | |||||||||||||||||||||||||||||||||
Trump Place, 160 Riverside | New York, NY (G) | 2001 | 455 | 139,933,500 | 190,964,745 | - | 4,193,547 | 139,933,500 | 195,158,292 | 335,091,792 | (39,008,991 | ) | 296,082,801 | - | |||||||||||||||||||||||||||||||||
Trump Place, 180 Riverside | New York, NY (G) | 1998 | 516 | 144,968,250 | 138,346,681 | - | 5,245,129 | 144,968,250 | 143,591,810 | 288,560,060 | (30,420,203 | ) | 258,139,857 | - | |||||||||||||||||||||||||||||||||
Uwajimaya Village | Seattle, WA | 2002 | 176 | 8,800,000 | 22,188,288 | - | 231,285 | 8,800,000 | 22,419,573 | 31,219,573 | (5,828,856 | ) | 25,390,717 | - | |||||||||||||||||||||||||||||||||
Valencia Plantation | Orlando, FL | 1990 | 194 | 873,000 | 12,819,377 | - | 2,124,405 | 873,000 | 14,943,782 | 15,816,782 | (6,429,174 | ) | 9,387,608 | - | |||||||||||||||||||||||||||||||||
Vantage Pointe | San Diego, CA (G) | 2009 | 679 | 9,403,960 | 190,596,040 | - | 878,314 | 9,403,960 | 191,474,354 | 200,878,314 | (2,779,752 | ) | 198,098,562 | - | |||||||||||||||||||||||||||||||||
Versailles (K-Town) | Los Angeles, CA | 2008 | 225 | 10,590,975 | 44,409,025 | - | 17,858 | 10,590,975 | 44,426,883 | 55,017,858 | (2,028,003 | ) | 52,989,855 | - | |||||||||||||||||||||||||||||||||
Victor on Venice | Los Angeles, CA (G) | 2006 | 115 | 10,350,000 | 35,433,437 | - | 105,588 | 10,350,000 | 35,539,025 | 45,889,025 | (6,273,594 | ) | 39,615,431 | - | |||||||||||||||||||||||||||||||||
Villa Encanto | Phoenix, AZ | 1983 | 385 | 2,884,447 | 22,197,363 | - | 3,530,421 | 2,884,447 | 25,727,784 | 28,612,231 | (12,649,439 | ) | 15,962,792 | - | |||||||||||||||||||||||||||||||||
Villa Solana | Laguna Hills, CA | 1984 | 272 | 1,665,100 | 14,985,678 | - | 6,271,253 | 1,665,100 | 21,256,931 | 22,922,031 | (12,286,928 | ) | 10,635,103 | - | |||||||||||||||||||||||||||||||||
Village at Bear Creek | Lakewood, CO | 1987 | 472 | 4,519,700 | 40,676,390 | - | 4,115,836 | 4,519,700 | 44,792,226 | 49,311,926 | (21,310,226 | ) | 28,001,700 | - | |||||||||||||||||||||||||||||||||
Vista Del Largo | Mission Viejo, CA | 1986-1988 | 608 | 4,525,800 | 40,736,293 | - | 10,948,915 | 4,525,800 | 51,685,208 | 56,211,008 | (30,191,450 | ) | 26,019,558 | - | |||||||||||||||||||||||||||||||||
Vista Grove | Mesa, AZ | 1997/1998 | 224 | 1,341,796 | 12,157,045 | - | 1,295,291 | 1,341,796 | 13,452,336 | 14,794,132 | (6,225,002 | ) | 8,569,130 | - | |||||||||||||||||||||||||||||||||
Vista Montana — Residential & Townhomes | San Jose, CA | (F) | - | 51,000,000 | - | - | - | 51,000,000 | - | 51,000,000 | - | 51,000,000 | - | ||||||||||||||||||||||||||||||||||
Vista on Courthouse | Arlington, VA | 2008 | 220 | 15,550,260 | 69,449,740 | - | 86,777 | 15,550,260 | 69,536,517 | 85,086,777 | (5,267,387 | ) | 79,819,390 | - | |||||||||||||||||||||||||||||||||
Waterford at Deerwood | Jacksonville, FL | 1985 | 248 | 1,496,913 | 10,659,702 | - | 3,584,784 | 1,496,913 | 14,244,486 | 15,741,399 | (6,711,046 | ) | 9,030,353 | - | |||||||||||||||||||||||||||||||||
Waterford at Orange Park | Orange Park, FL | 1986 | 280 | 1,960,000 | 12,098,784 | - | 2,967,016 | 1,960,000 | 15,065,800 | 17,025,800 | (7,417,680 | ) | 9,608,120 | - | |||||||||||||||||||||||||||||||||
Waterford Place (CO) | Thornton, CO | 1998 | 336 | 5,040,000 | 29,946,419 | - | 1,310,833 | 5,040,000 | 31,257,252 | 36,297,252 | (9,793,049 | ) | 26,504,203 | - | |||||||||||||||||||||||||||||||||
Waterside | Reston, VA | 1984 | 276 | 20,700,000 | 27,474,388 | - | 7,638,031 | 20,700,000 | 35,112,419 | 55,812,419 | (9,030,796 | ) | 46,781,623 | - | |||||||||||||||||||||||||||||||||
Webster Green | Needham, MA | 1985 | 77 | 1,418,893 | 9,485,006 | - | 1,000,811 | 1,418,893 | 10,485,817 | 11,904,710 | (3,879,487 | ) | 8,025,223 | - | |||||||||||||||||||||||||||||||||
Welleby Lake Club | Sunrise, FL | 1991 | 304 | 3,648,000 | 17,620,879 | - | 3,744,103 | 3,648,000 | 21,364,982 | 25,012,982 | (9,435,056 | ) | 15,577,926 | - | |||||||||||||||||||||||||||||||||
West End Apartments (fka Emerson Place/CRP II) | Boston, MA (G) | 2008 | 310 | 469,546 | 163,123,022 | - | 358,369 | 469,546 | 163,481,391 | 163,950,937 | (15,522,448 | ) | 148,428,489 | - | |||||||||||||||||||||||||||||||||
Westerly at Worldgate | Herndon, VA | 1995 | 320 | 14,568,000 | 43,620,057 | - | 1,062,632 | 14,568,000 | 44,682,689 | 59,250,689 | (6,046,012 | ) | 53,204,677 | - | |||||||||||||||||||||||||||||||||
Westfield Village | Centerville, VA | 1988 | 228 | 7,000,000 | 23,245,834 | - | 4,574,728 | 7,000,000 | 27,820,562 | 34,820,562 | (8,289,817 | ) | 26,530,745 | - | |||||||||||||||||||||||||||||||||
Westridge | Tacoma, WA | 1987 -1991 | 714 | 3,501,900 | 31,506,082 | - | 6,551,697 | 3,501,900 | 38,057,779 | 41,559,679 | (19,228,990 | ) | 22,330,689 | - | |||||||||||||||||||||||||||||||||
Westgate Pasadena Condos | Pasadena, CA | (F) | - | 29,977,725 | 16,130,079 | - | - | 29,977,725 | 16,130,079 | 46,107,804 | - | 46,107,804 | - | ||||||||||||||||||||||||||||||||||
Westgate Pasadena and Green | Pasadena, CA | (F) | - | - | 390,813 | - | - | - | 390,813 | 390,813 | - | 390,813 | - | ||||||||||||||||||||||||||||||||||
Westside Villas I | Los Angeles, CA | 1999 | 21 | 1,785,000 | 3,233,254 | - | 256,198 | 1,785,000 | 3,489,452 | 5,274,452 | (1,324,557 | ) | 3,949,895 | - | |||||||||||||||||||||||||||||||||
Westside Villas II | Los Angeles, CA | 1999 | 23 | 1,955,000 | 3,541,435 | - | 139,793 | 1,955,000 | 3,681,228 | 5,636,228 | (1,307,577 | ) | 4,328,651 | - | |||||||||||||||||||||||||||||||||
Westside Villas III | Los Angeles, CA | 1999 | 36 | 3,060,000 | 5,538,871 | - | 203,576 | 3,060,000 | 5,742,447 | 8,802,447 | (2,045,237 | ) | 6,757,210 | - | |||||||||||||||||||||||||||||||||
Westside Villas IV | Los Angeles, CA | 1999 | 36 | 3,060,000 | 5,539,390 | - | 212,024 | 3,060,000 | 5,751,414 | 8,811,414 | (2,039,061 | ) | 6,772,353 | - | |||||||||||||||||||||||||||||||||
Westside Villas V | Los Angeles, CA | 1999 | 60 | 5,100,000 | 9,224,485 | - | 368,292 | 5,100,000 | 9,592,777 | 14,692,777 | (3,414,998 | ) | 11,277,779 | - |
Description | Initial Cost to Company | Cost Capitalized Subsequent to Acquisition(Improvements, net) (E) | Gross Amount Carried at Close of Period 12/31/12 | ||||||||||||||||||||||||||||||
Apartment Name | Location | Date of Construction | Units (H) | Land | Building & Fixtures | Building & Fixtures | Land | Building & Fixtures (A) | Total (B) | Accumulated Depreciation (C) | Investment in Real Estate, Net at 12/31/12 (B) | Encumbrances | |||||||||||||||||||||
Summit & Birch Hill | Farmington, CT | 1967 | 186 | 1,757,438 | 11,748,112 | 3,150,829 | 1,757,438 | 14,898,941 | 16,656,379 | (7,116,571 | ) | 9,539,808 | — | ||||||||||||||||||||
Sycamore Creek | Scottsdale, AZ | 1984 | 350 | 3,152,000 | 19,083,727 | 3,524,641 | 3,152,000 | 22,608,368 | 25,760,368 | (12,645,066 | ) | 13,115,302 | — | ||||||||||||||||||||
Ten23 (fka 500 West 23rd Street) | New York, NY (G) | 2011 | 111 | — | 55,094,616 | 73,313 | — | 55,167,929 | 55,167,929 | (1,930,538 | ) | 53,237,391 | — | ||||||||||||||||||||
Terraces, The | San Francisco, CA (G) | 1975 | 117 | 14,087,610 | 16,321,570 | 339,496 | 14,087,610 | 16,661,066 | 30,748,676 | (1,669,806 | ) | 29,078,870 | — | ||||||||||||||||||||
Third Square | Cambridge, MA (G) | 2008/2009 | 471 | 26,767,171 | 218,745,109 | 2,565,835 | 26,767,171 | 221,310,944 | 248,078,115 | (31,817,136 | ) | 216,260,979 | — | ||||||||||||||||||||
Tortuga Bay | Orlando, FL | 2004 | 314 | 6,280,000 | 32,121,779 | 1,197,577 | 6,280,000 | 33,319,356 | 39,599,356 | (10,233,609 | ) | 29,365,747 | — | ||||||||||||||||||||
Toscana | Irvine, CA | 1991/1993 | 563 | 39,410,000 | 50,806,072 | 7,320,599 | 39,410,000 | 58,126,671 | 97,536,671 | (26,096,607 | ) | 71,440,064 | — | ||||||||||||||||||||
Townes at Herndon | Herndon, VA | 2002 | 218 | 10,900,000 | 49,216,125 | 776,855 | 10,900,000 | 49,992,980 | 60,892,980 | (14,084,769 | ) | 46,808,211 | — | ||||||||||||||||||||
Trump Place, 140 Riverside | New York, NY (G) | 2003 | 354 | 103,539,100 | 94,082,725 | 2,566,988 | 103,539,100 | 96,649,713 | 200,188,813 | (26,637,468 | ) | 173,551,345 | — | ||||||||||||||||||||
Trump Place, 160 Riverside | New York, NY (G) | 2001 | 455 | 139,933,500 | 190,964,745 | 7,898,524 | 139,933,500 | 198,863,269 | 338,796,769 | (52,832,992 | ) | 285,963,777 | — | ||||||||||||||||||||
Trump Place, 180 Riverside | New York, NY (G) | 1998 | 516 | 144,968,250 | 138,346,681 | 6,980,980 | 144,968,250 | 145,327,661 | 290,295,911 | (40,639,020 | ) | 249,656,891 | — | ||||||||||||||||||||
Uwajimaya Village | Seattle, WA | 2002 | 176 | 8,800,000 | 22,188,288 | 320,211 | 8,800,000 | 22,508,499 | 31,308,499 | (7,306,208 | ) | 24,002,291 | — | ||||||||||||||||||||
Valencia Plantation | Orlando, FL | 1990 | 194 | 873,000 | 12,819,377 | 2,264,564 | 873,000 | 15,083,941 | 15,956,941 | (7,679,299 | ) | 8,277,642 | — | ||||||||||||||||||||
Vantage Pointe | San Diego, CA (G) | 2009 | 679 | 9,403,960 | 190,596,040 | 3,629,681 | 9,403,960 | 194,225,721 | 203,629,681 | (19,966,728 | ) | 183,662,953 | — | ||||||||||||||||||||
Veridian (fka Silver Spring) | Silver Spring, MD (G) | 2009 | 457 | 18,539,817 | 130,407,365 | 440,675 | 18,539,817 | 130,848,040 | 149,387,857 | (16,158,435 | ) | 133,229,422 | — | ||||||||||||||||||||
Versailles (K-Town) | Los Angeles, CA | 2008 | 225 | 10,590,975 | 44,409,025 | 239,807 | 10,590,975 | 44,648,832 | 55,239,807 | (6,926,468 | ) | 48,313,339 | — | ||||||||||||||||||||
Victor on Venice | Los Angeles, CA (G) | 2006 | 115 | 10,350,000 | 35,433,437 | 237,130 | 10,350,000 | 35,670,567 | 46,020,567 | (8,859,582 | ) | 37,160,985 | — | ||||||||||||||||||||
Villa Solana | Laguna Hills, CA | 1984 | 272 | 1,665,100 | 14,985,677 | 8,132,584 | 1,665,100 | 23,118,261 | 24,783,361 | (14,288,430 | ) | 10,494,931 | — | ||||||||||||||||||||
Village at Bear Creek | Lakewood, CO | 1987 | 472 | 4,519,700 | 40,676,390 | 4,997,870 | 4,519,700 | 45,674,260 | 50,193,960 | (24,795,219 | ) | 25,398,741 | — | ||||||||||||||||||||
Village at Howard Hughes (Lots 1 & 2/3 & 4) | Los Angeles, CA | (F) | — | 79,140,504 | 759,769 | — | 79,140,504 | 759,769 | 79,900,273 | — | 79,900,273 | — | |||||||||||||||||||||
Village at Lakewood | Phoenix, AZ | 1988 | 240 | 3,166,411 | 13,859,090 | 2,489,757 | 3,166,411 | 16,348,847 | 19,515,258 | (8,961,390 | ) | 10,553,868 | — | ||||||||||||||||||||
Vista Del Largo | Mission Viejo, CA | 1986-1988 | 608 | 4,525,800 | 40,736,293 | 14,798,953 | 4,525,800 | 55,535,246 | 60,061,046 | (34,665,902 | ) | 25,395,144 | — | ||||||||||||||||||||
Vista Montana - Residential | San Jose, CA | (F) | — | 27,410,280 | 1,199,671 | — | 27,410,280 | 1,199,671 | 28,609,951 | — | 28,609,951 | — | |||||||||||||||||||||
Vista on Courthouse | Arlington, VA | 2008 | 220 | 15,550,260 | 69,449,740 | 397,975 | 15,550,260 | 69,847,715 | 85,397,975 | (10,744,482 | ) | 74,653,493 | — | ||||||||||||||||||||
Walden Park | Cambridge, MA | 1966 | 232 | 12,448,888 | 52,044,448 | 1,594,732 | 12,448,888 | 53,639,180 | 66,088,068 | (5,239,651 | ) | 60,848,417 | — | ||||||||||||||||||||
Waterford Place (CO) | Thornton, CO | 1998 | 336 | 5,040,000 | 29,946,419 | 1,637,326 | 5,040,000 | 31,583,745 | 36,623,745 | (11,886,541 | ) | 24,737,204 | — | ||||||||||||||||||||
Waterside | Reston, VA | 1984 | 276 | 20,700,000 | 27,474,387 | 8,220,602 | 20,700,000 | 35,694,989 | 56,394,989 | (12,496,308 | ) | 43,898,681 | — | ||||||||||||||||||||
Webster Green | Needham, MA | 1985 | 77 | 1,418,893 | 9,485,006 | 1,114,670 | 1,418,893 | 10,599,676 | 12,018,569 | (4,715,170 | ) | 7,303,399 | — | ||||||||||||||||||||
Welleby Lake Club | Sunrise, FL | 1991 | 304 | 3,648,000 | 17,620,879 | 5,597,514 | 3,648,000 | 23,218,393 | 26,866,393 | (11,549,224 | ) | 15,317,169 | — | ||||||||||||||||||||
West End Apartments (fka Emerson Place/ CRP II) | Boston, MA (G) | 2008 | 310 | 469,546 | 163,123,022 | 494,911 | 469,546 | 163,617,933 | 164,087,479 | (27,681,291 | ) | 136,406,188 | — | ||||||||||||||||||||
West Seattle | Seattle, WA | (F) | — | 11,726,305 | 2,490,247 | — | 11,726,305 | 2,490,247 | 14,216,552 | — | 14,216,552 | — | |||||||||||||||||||||
Westerly at Worldgate | Herndon, VA | 1995 | 320 | 14,568,000 | 43,620,057 | 1,427,763 | 14,568,000 | 45,047,820 | 59,615,820 | (10,109,303 | ) | 49,506,517 | — | ||||||||||||||||||||
Westgate I (fka Westgate Pasadena Apartments) | Pasadena, CA | 2010 | 480 | 22,898,848 | 133,521,009 | 119,567 | 22,898,848 | 133,640,576 | 156,539,424 | (9,242,093 | ) | 147,297,331 | — | ||||||||||||||||||||
Westgate II (fka Westgate Block 2) | Pasadena, CA | (F) | — | 17,859,785 | 44,087,554 | — | 17,859,785 | 44,087,554 | 61,947,339 | — | 61,947,339 | — | |||||||||||||||||||||
Westgate III (fka Westgate Block 1) | Pasadena, CA | (F) | — | 12,118,061 | 8,735,107 | — | 12,118,061 | 8,735,107 | 20,853,168 | — | 20,853,168 | — | |||||||||||||||||||||
Westridge | Tacoma, WA | 1987 -1991 | 714 | 3,501,900 | 31,506,082 | 7,594,870 | 3,501,900 | 39,100,952 | 42,602,852 | (22,336,808 | ) | 20,266,044 | — | ||||||||||||||||||||
Westside Villas I | Los Angeles, CA | 1999 | 21 | 1,785,000 | 3,233,254 | 292,332 | 1,785,000 | 3,525,586 | 5,310,586 | (1,566,348 | ) | 3,744,238 | — | ||||||||||||||||||||
Westside Villas II | Los Angeles, CA | 1999 | 23 | 1,955,000 | 3,541,435 | 179,368 | 1,955,000 | 3,720,803 | 5,675,803 | (1,581,322 | ) | 4,094,481 | — | ||||||||||||||||||||
Westside Villas III | Los Angeles, CA | 1999 | 36 | 3,060,000 | 5,538,871 | 265,521 | 3,060,000 | 5,804,392 | 8,864,392 | (2,460,640 | ) | 6,403,752 | — | ||||||||||||||||||||
Westside Villas IV | Los Angeles, CA | 1999 | 36 | 3,060,000 | 5,539,390 | 273,968 | 3,060,000 | 5,813,358 | 8,873,358 | (2,464,903 | ) | 6,408,455 | — | ||||||||||||||||||||
Westside Villas V | Los Angeles, CA | 1999 | 60 | 5,100,000 | 9,224,485 | 471,533 | 5,100,000 | 9,696,018 | 14,796,018 | (4,123,174 | ) | 10,672,844 | — | ||||||||||||||||||||
Westside Villas VI | Los Angeles, CA | 1989 | 18 | 1,530,000 | 3,023,523 | 262,936 | 1,530,000 | 3,286,459 | 4,816,459 | (1,430,776 | ) | 3,385,683 | — | ||||||||||||||||||||
Westside Villas VII | Los Angeles, CA | 2001 | 53 | 4,505,000 | 10,758,900 | 452,331 | 4,505,000 | 11,211,231 | 15,716,231 | (4,173,724 | ) | 11,542,507 | — | ||||||||||||||||||||
Wimberly at Deerwood | Jacksonville, FL | 2000 | 322 | 8,000,000 | 30,057,214 | 1,762,941 | 8,000,000 | 31,820,155 | 39,820,155 | (9,410,511 | ) | 30,409,644 | — | ||||||||||||||||||||
Winchester Park | Riverside, RI | 1972 | 416 | 2,822,618 | 18,868,626 | 7,266,563 | 2,822,618 | 26,135,189 | 28,957,807 | (13,008,087 | ) | 15,949,720 | — | ||||||||||||||||||||
Winchester Wood | Riverside, RI | 1989 | 62 | 683,215 | 4,567,154 | 1,011,098 | 683,215 | 5,578,252 | 6,261,467 | (2,491,362 | ) | 3,770,105 | — | ||||||||||||||||||||
Windridge (CA) | Laguna Niguel, CA | 1989 | 344 | 2,662,900 | 23,985,497 | 7,370,121 | 2,662,900 | 31,355,618 | 34,018,518 | (18,946,445 | ) | 15,072,073 | — |
Cost Capitalized | |||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | Gross Amount Carried | ||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to | Acquisition | at Close of | |||||||||||||||||||||||||||||||||||||||||||||
Description | Company | (Improvements, net) (E) | Period 12/31/10 | ||||||||||||||||||||||||||||||||||||||||||||
Date of | Building & | Building & | Building & | Accumulated | Investment in Real | ||||||||||||||||||||||||||||||||||||||||||
Apartment Name | Location | Construction | Units (H) | Land | Fixtures | Land | Fixtures | Land | Fixtures (A) | Total (B) | Depreciation (C) | Estate, Net at 12/31/10 (B) | Encumbrances | ||||||||||||||||||||||||||||||||||
Westside Villas VI | Los Angeles, CA | 1989 | 18 | 1,530,000 | 3,023,523 | - | 231,964 | 1,530,000 | 3,255,487 | 4,785,487 | (1,182,625 | ) | 3,602,862 | - | |||||||||||||||||||||||||||||||||
Westside Villas VII | Los Angeles, CA | 2001 | 53 | 4,505,000 | 10,758,900 | - | 361,135 | 4,505,000 | 11,120,035 | 15,625,035 | (3,377,984 | ) | 12,247,051 | - | |||||||||||||||||||||||||||||||||
Wimberly at Deerwood | Jacksonville, FL | 2000 | 322 | 8,000,000 | 30,057,214 | - | 1,524,972 | 8,000,000 | 31,582,186 | 39,582,186 | (7,060,939 | ) | 32,521,247 | - | |||||||||||||||||||||||||||||||||
Winchester Park | Riverside, RI | 1972 | 416 | 2,822,618 | 18,868,626 | - | 6,221,418 | 2,822,618 | 25,090,044 | 27,912,662 | (10,446,769 | ) | 17,465,893 | - | |||||||||||||||||||||||||||||||||
Winchester Wood | Riverside, RI | 1989 | 62 | 683,215 | 4,567,154 | - | 798,960 | 683,215 | 5,366,114 | 6,049,329 | (2,013,478 | ) | 4,035,851 | - | |||||||||||||||||||||||||||||||||
Windsor at Fair Lakes | Fairfax, VA | 1988 | 250 | 10,000,000 | 28,587,109 | - | 5,870,235 | 10,000,000 | 34,457,344 | 44,457,344 | (9,463,894 | ) | 34,993,450 | - | |||||||||||||||||||||||||||||||||
Winston, The (FL) | Pembroke Pines, FL | 2001/2003 | 464 | 18,561,000 | 49,527,569 | - | 1,617,923 | 18,561,000 | 51,145,492 | 69,706,492 | (8,441,759 | ) | 61,264,733 | - | |||||||||||||||||||||||||||||||||
Wood Creek (CA) | Pleasant Hill, CA | 1987 | 256 | 9,729,900 | 23,009,768 | - | 4,472,213 | 9,729,900 | 27,481,981 | 37,211,881 | (12,645,672 | ) | 24,566,209 | - | |||||||||||||||||||||||||||||||||
Woodbridge (CT) | Newington, CT | 1968 | 73 | 498,377 | 3,331,548 | - | 862,784 | 498,377 | 4,194,332 | 4,692,709 | (1,635,504 | ) | 3,057,205 | - | |||||||||||||||||||||||||||||||||
Woodleaf | Campbell, CA | 1984 | 178 | 8,550,600 | 16,988,183 | - | 1,418,889 | 8,550,600 | 18,407,072 | 26,957,672 | (8,148,131 | ) | 18,809,541 | - | |||||||||||||||||||||||||||||||||
Woodside | Lorton, VA | 1987 | 252 | 1,326,000 | 12,510,903 | - | 5,846,332 | 1,326,000 | 18,357,235 | 19,683,235 | (10,821,201 | ) | 8,862,034 | - | |||||||||||||||||||||||||||||||||
Management Business | Chicago, IL | (D) | - | - | - | - | 79,865,530 | - | 79,865,530 | 79,865,530 | (61,109,987 | ) | 18,755,543 | - | |||||||||||||||||||||||||||||||||
Operating Partnership | Chicago, IL | (F) | - | - | 804,852 | - | - | - | 804,852 | 804,852 | - | 804,852 | - | ||||||||||||||||||||||||||||||||||
EQR Wholly Owned Unencumbered | 80,239 | 2,929,343,369 | 8,675,464,206 | - | 950,595,062 | 2,929,343,369 | 9,626,059,268 | 12,555,402,637 | (2,847,912,228 | ) | 9,707,490,409 | - | |||||||||||||||||||||||||||||||||||
EQR Wholly Owned Encumbered: | |||||||||||||||||||||||||||||||||||||||||||||||
929 House | Cambridge, MA (G) | 1975 | 127 | 3,252,993 | 21,745,595 | - | 4,361,591 | 3,252,993 | 26,107,186 | 29,360,179 | (9,147,568 | ) | 20,212,611 | 3,059,026 | |||||||||||||||||||||||||||||||||
Academy Village | North Hollywood, CA | 1989 | 248 | 25,000,000 | 23,593,194 | - | 5,642,404 | 25,000,000 | 29,235,598 | 54,235,598 | (8,614,636 | ) | 45,620,962 | 20,000,000 | |||||||||||||||||||||||||||||||||
Acappella | Pasadena, CA | 2002 | 143 | 5,839,548 | 29,360,452 | - | - | 5,839,548 | 29,360,452 | 35,200,000 | - | 35,200,000 | 20,886,508 | ||||||||||||||||||||||||||||||||||
Acton Courtyard | Berkeley, CA (G) | 2003 | 71 | 5,550,000 | 15,785,509 | - | 58,895 | 5,550,000 | 15,844,404 | 21,394,404 | (2,806,816 | ) | 18,587,588 | 9,920,000 | |||||||||||||||||||||||||||||||||
Alborada | Fremont, CA | 1999 | 442 | 24,310,000 | 59,214,129 | - | 2,251,542 | 24,310,000 | 61,465,671 | 85,775,671 | (23,124,504 | ) | 62,651,167 | (J) | |||||||||||||||||||||||||||||||||
Alexander on Ponce | Atlanta, GA | 2003 | 330 | 9,900,000 | 35,819,022 | - | 1,541,765 | 9,900,000 | 37,360,787 | 47,260,787 | (8,232,441 | ) | 39,028,346 | 28,880,000 | |||||||||||||||||||||||||||||||||
Amberton | Manassas, VA | 1986 | 190 | 900,600 | 11,921,815 | - | 2,406,495 | 900,600 | 14,328,310 | 15,228,910 | (7,347,971 | ) | 7,880,939 | 10,705,000 | |||||||||||||||||||||||||||||||||
Arbor Terrace | Sunnyvale, CA | 1979 | 175 | 9,057,300 | 18,483,642 | - | 2,226,056 | 9,057,300 | 20,709,698 | 29,766,998 | (9,184,819 | ) | 20,582,179 | (L) | |||||||||||||||||||||||||||||||||
Arboretum (MA) | Canton, MA | 1989 | 156 | 4,685,900 | 10,992,751 | - | 1,798,509 | 4,685,900 | 12,791,260 | 17,477,160 | (6,000,939 | ) | 11,476,221 | (I) | |||||||||||||||||||||||||||||||||
Artech Building | Berkeley, CA (G) | 2002 | 21 | 1,642,000 | 9,152,518 | - | 85,975 | 1,642,000 | 9,238,493 | 10,880,493 | (1,437,190 | ) | 9,443,303 | 3,200,000 | |||||||||||||||||||||||||||||||||
Artisan Square | Northridge, CA | 2002 | 140 | 7,000,000 | 20,537,359 | - | 687,091 | 7,000,000 | 21,224,450 | 28,224,450 | (6,239,094 | ) | 21,985,356 | 22,779,715 | |||||||||||||||||||||||||||||||||
Avanti | Anaheim, CA | 1987 | 162 | 12,960,000 | 18,497,683 | - | 1,018,387 | 12,960,000 | 19,516,070 | 32,476,070 | (4,132,155 | ) | 28,343,915 | 19,850,000 | |||||||||||||||||||||||||||||||||
Bachenheimer Building | Berkeley, CA (G) | 2004 | 44 | 3,439,000 | 13,866,379 | - | 42,240 | 3,439,000 | 13,908,619 | 17,347,619 | (2,287,866 | ) | 15,059,753 | 8,585,000 | |||||||||||||||||||||||||||||||||
Bella Vista Apartments at Boca Del Mar | Boca Raton, FL | 1985 | 392 | 11,760,000 | 20,190,252 | - | 13,328,327 | 11,760,000 | 33,518,579 | 45,278,579 | (13,414,974 | ) | 31,863,605 | 26,134,010 | |||||||||||||||||||||||||||||||||
Bellagio Apartment Homes | Scottsdale, AZ | 1995 | 202 | 2,626,000 | 16,025,041 | - | 953,738 | 2,626,000 | 16,978,779 | 19,604,779 | (4,541,961 | ) | 15,062,818 | (L) | |||||||||||||||||||||||||||||||||
Berkeleyan | Berkeley, CA (G) | 1998 | 56 | 4,377,000 | 16,022,110 | - | 264,145 | 4,377,000 | 16,286,255 | 20,663,255 | (2,735,637 | ) | 17,927,618 | 8,290,000 | |||||||||||||||||||||||||||||||||
Bradley Park | Puyallup, WA | 1999 | 155 | 3,813,000 | 18,313,645 | - | 388,646 | 3,813,000 | 18,702,291 | 22,515,291 | (4,995,318 | ) | 17,519,973 | 11,143,586 | |||||||||||||||||||||||||||||||||
Briarwood (CA) | Sunnyvale, CA | 1985 | 192 | 9,991,500 | 22,247,278 | - | 1,434,998 | 9,991,500 | 23,682,276 | 33,673,776 | (10,266,159 | ) | 23,407,617 | 12,800,000 | |||||||||||||||||||||||||||||||||
Brookside (CO) | Boulder, CO | 1993 | 144 | 3,600,400 | 10,211,159 | - | 1,520,927 | 3,600,400 | 11,732,086 | 15,332,486 | (5,075,082 | ) | 10,257,404 | (L) | |||||||||||||||||||||||||||||||||
Canterbury | Germantown, MD (I) | 1986 | 544 | 2,781,300 | 32,942,531 | - | 13,914,331 | 2,781,300 | 46,856,862 | 49,638,162 | (24,687,359 | ) | 24,950,803 | 31,680,000 | |||||||||||||||||||||||||||||||||
Cape House I | Jacksonville, FL | 1998 | 240 | 4,800,000 | 22,484,240 | - | 426,982 | 4,800,000 | 22,911,222 | 27,711,222 | (4,507,742 | ) | 23,203,480 | 13,748,202 | |||||||||||||||||||||||||||||||||
Cape House II | Jacksonville, FL | 1998 | 240 | 4,800,000 | 22,229,836 | - | 1,689,141 | 4,800,000 | 23,918,977 | 28,718,977 | (4,773,188 | ) | 23,945,789 | 13,302,929 | |||||||||||||||||||||||||||||||||
Carmel Terrace | San Diego, CA | 1988-1989 | 384 | 2,288,300 | 20,596,281 | - | 9,979,210 | 2,288,300 | 30,575,491 | 32,863,791 | (16,480,043 | ) | 16,383,748 | (K) | |||||||||||||||||||||||||||||||||
Cascade at Landmark | Alexandria, VA | 1990 | 277 | 3,603,400 | 19,657,554 | - | 6,814,326 | 3,603,400 | 26,471,880 | 30,075,280 | (12,856,433 | ) | 17,218,847 | 31,921,089 | |||||||||||||||||||||||||||||||||
Centennial Court | Seattle, WA (G) | 2001 | 187 | 3,800,000 | 21,280,039 | - | 362,829 | 3,800,000 | 21,642,868 | 25,442,868 | (5,029,405 | ) | 20,413,463 | 15,557,428 | |||||||||||||||||||||||||||||||||
Centennial Tower | Seattle, WA (G) | 1991 | 221 | 5,900,000 | 48,800,339 | - | 2,046,434 | 5,900,000 | 50,846,773 | 56,746,773 | (11,438,821 | ) | 45,307,952 | 25,300,790 | |||||||||||||||||||||||||||||||||
Chelsea Square | Redmond, WA | 1991 | 113 | 3,397,100 | �� | 9,289,074 | - | 1,388,566 | 3,397,100 | 10,677,640 | 14,074,740 | (4,562,296 | ) | 9,512,444 | (L) | ||||||||||||||||||||||||||||||||
Church Corner | Cambridge, MA (G) | 1987 | 85 | 5,220,000 | 16,744,643 | - | 1,179,544 | 5,220,000 | 17,924,187 | 23,144,187 | (4,248,578 | ) | 18,895,609 | 12,000,000 | |||||||||||||||||||||||||||||||||
Cierra Crest | Denver, CO | 1996 | 480 | 4,803,100 | 34,894,898 | - | 4,402,011 | 4,803,100 | 39,296,909 | 44,100,009 | (18,210,852 | ) | 25,889,157 | (L) | |||||||||||||||||||||||||||||||||
City Pointe | Fullerton, CA (G) | 2004 | 183 | 6,863,792 | 36,476,207 | - | 83,706 | 6,863,792 | 36,559,913 | 43,423,705 | (2,707,002 | ) | 40,716,703 | 23,503,206 | |||||||||||||||||||||||||||||||||
Colorado Pointe | Denver, CO | 2006 | 193 | 5,790,000 | 28,815,766 | - | 408,628 | 5,790,000 | 29,224,394 | 35,014,394 | (6,452,888 | ) | 28,561,506 | (K) | |||||||||||||||||||||||||||||||||
Conway Court | Roslindale, MA | 1920 | 28 | 101,451 | 710,524 | - | 229,420 | 101,451 | 939,944 | 1,041,395 | (395,244 | ) | 646,151 | 260,117 | |||||||||||||||||||||||||||||||||
Copper Canyon | Highlands Ranch, CO | 1999 | 222 | 1,442,212 | 16,251,114 | - | 1,150,650 | 1,442,212 | 17,401,764 | 18,843,976 | (7,322,122 | ) | 11,521,854 | (K) |
Description | Initial Cost to Company | Cost Capitalized Subsequent to Acquisition(Improvements, net) (E) | Gross Amount Carried at Close of Period 12/31/12 | ||||||||||||||||||||||||||||||
Apartment Name | Location | Date of Construction | Units (H) | Land | Building & Fixtures | Building & Fixtures | Land | Building & Fixtures (A) | Total (B) | Accumulated Depreciation (C) | Investment in Real Estate, Net at 12/31/12 (B) | Encumbrances | |||||||||||||||||||||
Windsor at Fair Lakes | Fairfax, VA | 1988 | 250 | 10,000,000 | 28,587,109 | 6,701,806 | 10,000,000 | 35,288,915 | 45,288,915 | (12,650,207 | ) | 32,638,708 | — | ||||||||||||||||||||
Winston, The (FL) | Pembroke Pines, FL | 2001/2003 | 464 | 18,561,000 | 49,527,569 | 2,297,064 | 18,561,000 | 51,824,633 | 70,385,633 | (14,329,842 | ) | 56,055,791 | — | ||||||||||||||||||||
Wood Creek (CA) | Pleasant Hill, CA | 1987 | 256 | 9,729,900 | 23,009,768 | 6,108,839 | 9,729,900 | 29,118,607 | 38,848,507 | (15,172,018 | ) | 23,676,489 | — | ||||||||||||||||||||
Woodbridge (CT) | Newington, CT | 1968 | 73 | 498,377 | 3,331,548 | 1,021,950 | 498,377 | 4,353,498 | 4,851,875 | (2,034,470 | ) | 2,817,405 | — | ||||||||||||||||||||
Woodland Park | East Palo Alto, CA (G) | 1953 | 1,812 | 72,314,518 | 57,267,661 | 4,000,424 | 72,314,518 | 61,268,085 | 133,582,603 | (14,050,014 | ) | 119,532,589 | — | ||||||||||||||||||||
Management Business | Chicago, IL | (D) | — | — | — | 93,750,517 | — | 93,750,517 | 93,750,517 | (70,059,419 | ) | 23,691,098 | — | ||||||||||||||||||||
Operating Partnership | Chicago, IL | (F) | — | — | 4,528,494 | — | — | 4,528,494 | 4,528,494 | — | 4,528,494 | — | |||||||||||||||||||||
Wholly Owned Unencumbered | 73,732 | 3,731,343,610 | 9,953,052,315 | 992,053,562 | 3,731,343,610 | 10,945,105,877 | 14,676,449,487 | (3,266,454,538 | ) | 11,409,994,949 | — | ||||||||||||||||||||||
Wholly Owned Encumbered: | |||||||||||||||||||||||||||||||||
4701 Willard Ave | Chevy Chase, MD (G) | 1966 | 512 | 76,921,130 | 153,947,682 | 1,061,755 | 76,921,130 | 155,009,437 | 231,930,567 | (11,597,683 | ) | 220,332,884 | 104,556,923 | ||||||||||||||||||||
55 West Fifth I & II (fka Townhouse Plaza and Gardens) | San Mateo, CA | 1964/1972 | 241 | 21,041,710 | 71,931,323 | 215,831 | 21,041,710 | 72,147,154 | 93,188,864 | (2,686,429 | ) | 90,502,435 | 30,778,664 | ||||||||||||||||||||
929 House | Cambridge, MA (G) | 1975 | 127 | 3,252,993 | 21,745,595 | 4,792,140 | 3,252,993 | 26,537,735 | 29,790,728 | (11,377,564 | ) | 18,413,164 | 2,464,147 | ||||||||||||||||||||
Academy Village | North Hollywood, CA | 1989 | 248 | 25,000,000 | 23,593,194 | 6,492,522 | 25,000,000 | 30,085,716 | 55,085,716 | (11,470,719 | ) | 43,614,997 | 20,000,000 | ||||||||||||||||||||
Acappella | Pasadena, CA | 2002 | 143 | 5,839,548 | 29,360,452 | 277,755 | 5,839,548 | 29,638,207 | 35,477,755 | (3,824,665 | ) | 31,653,090 | 20,389,637 | ||||||||||||||||||||
Acton Courtyard | Berkeley, CA (G) | 2003 | 71 | 5,550,000 | 15,785,509 | 126,430 | 5,550,000 | 15,911,939 | 21,461,939 | (4,051,110 | ) | 17,410,829 | 9,920,000 | ||||||||||||||||||||
Alborada | Fremont, CA | 1999 | 442 | 24,310,000 | 59,214,129 | 2,626,742 | 24,310,000 | 61,840,871 | 86,150,871 | (27,444,903 | ) | 58,705,968 | (I) | ||||||||||||||||||||
Alexander on Ponce | Atlanta, GA | 2003 | 330 | 9,900,000 | 35,819,022 | 1,617,126 | 9,900,000 | 37,436,148 | 47,336,148 | (10,925,726 | ) | 36,410,422 | 30,889,928 | ||||||||||||||||||||
Arbor Terrace | Sunnyvale, CA | 1979 | 175 | 9,057,300 | 18,483,642 | 2,414,658 | 9,057,300 | 20,898,300 | 29,955,600 | (10,784,419 | ) | 19,171,181 | (K) | ||||||||||||||||||||
Artech Building | Berkeley, CA (G) | 2002 | 21 | 1,642,000 | 9,152,518 | 108,579 | 1,642,000 | 9,261,097 | 10,903,097 | (2,117,964 | ) | 8,785,133 | 3,200,000 | ||||||||||||||||||||
Artisan Square | Northridge, CA | 2002 | 140 | 7,000,000 | 20,537,359 | 805,318 | 7,000,000 | 21,342,677 | 28,342,677 | (7,724,759 | ) | 20,617,918 | 22,779,715 | ||||||||||||||||||||
Avanti | Anaheim, CA | 1987 | 162 | 12,960,000 | 18,497,683 | 1,168,149 | 12,960,000 | 19,665,832 | 32,625,832 | (5,822,854 | ) | 26,802,978 | 18,169,458 | ||||||||||||||||||||
Bachenheimer Building | Berkeley, CA (G) | 2004 | 44 | 3,439,000 | 13,866,379 | 76,376 | 3,439,000 | 13,942,755 | 17,381,755 | (3,327,186 | ) | 14,054,569 | 8,585,000 | ||||||||||||||||||||
Bella Vista Apartments at Boca Del Mar | Boca Raton, FL | 1985 | 392 | 11,760,000 | 20,190,252 | 14,210,692 | 11,760,000 | 34,400,944 | 46,160,944 | (17,113,970 | ) | 29,046,974 | 26,134,010 | ||||||||||||||||||||
Berkeleyan | Berkeley, CA (G) | 1998 | 56 | 4,377,000 | 16,022,110 | 301,952 | 4,377,000 | 16,324,062 | 20,701,062 | (4,008,100 | ) | 16,692,962 | 8,290,000 | ||||||||||||||||||||
Brookside (CO) | Boulder, CO | 1993 | 144 | 3,600,400 | 10,211,159 | 2,457,688 | 3,600,400 | 12,668,847 | 16,269,247 | (6,141,451 | ) | 10,127,796 | (K) | ||||||||||||||||||||
Canterbury | Germantown, MD | 1986 | 544 | 2,781,300 | 32,942,531 | 14,663,505 | 2,781,300 | 47,606,036 | 50,387,336 | (29,231,534 | ) | 21,155,802 | 31,680,000 | ||||||||||||||||||||
Cape House I | Jacksonville, FL | 1998 | 240 | 4,800,000 | 22,484,240 | 699,067 | 4,800,000 | 23,183,307 | 27,983,307 | (7,222,093 | ) | 20,761,214 | 13,325,916 | ||||||||||||||||||||
Cape House II | Jacksonville, FL | 1998 | 240 | 4,800,000 | 22,229,836 | 1,882,338 | 4,800,000 | 24,112,174 | 28,912,174 | (7,720,133 | ) | 21,192,041 | 12,705,475 | ||||||||||||||||||||
Carmel Terrace | San Diego, CA | 1988-1989 | 384 | 2,288,300 | 20,596,281 | 10,197,424 | 2,288,300 | 30,793,705 | 33,082,005 | (19,654,063 | ) | 13,427,942 | (J) | ||||||||||||||||||||
Cascade at Landmark | Alexandria, VA | 1990 | 277 | 3,603,400 | 19,657,554 | 8,058,058 | 3,603,400 | 27,715,612 | 31,319,012 | (15,450,921 | ) | 15,868,091 | 31,921,089 | ||||||||||||||||||||
Chelsea Square | Redmond, WA | 1991 | 113 | 3,397,100 | 9,289,074 | 1,650,412 | 3,397,100 | 10,939,486 | 14,336,586 | (5,456,865 | ) | 8,879,721 | (K) | ||||||||||||||||||||
Church Corner | Cambridge, MA (G) | 1987 | 85 | 5,220,000 | 16,744,643 | 1,461,569 | 5,220,000 | 18,206,212 | 23,426,212 | (5,666,620 | ) | 17,759,592 | 12,000,000 | ||||||||||||||||||||
Cierra Crest | Denver, CO | 1996 | 480 | 4,803,100 | 34,894,898 | 4,883,250 | 4,803,100 | 39,778,148 | 44,581,248 | (21,390,229 | ) | 23,191,019 | (K) | ||||||||||||||||||||
City Pointe | Fullerton, CA (G) | 2004 | 183 | 6,863,792 | 36,476,208 | 549,414 | 6,863,792 | 37,025,622 | 43,889,414 | (5,887,612 | ) | 38,001,802 | 22,530,961 | ||||||||||||||||||||
CityView at Longwood | Boston, MA (G) | 1970 | 295 | 14,704,898 | 79,195,102 | 6,560,442 | 14,704,898 | 85,755,544 | 100,460,442 | (9,856,238 | ) | 90,604,204 | 25,604,094 | ||||||||||||||||||||
Clarendon, The | Arlington, VA (G) | 2005 | 292 | 30,400,340 | 103,824,660 | 992,382 | 30,400,340 | 104,817,042 | 135,217,382 | (10,223,134 | ) | 124,994,248 | 45,588,729 | ||||||||||||||||||||
Colorado Pointe | Denver, CO | 2006 | 193 | 5,790,000 | 28,815,607 | 520,224 | 5,790,000 | 29,335,831 | 35,125,831 | (8,636,396 | ) | 26,489,435 | (J) | ||||||||||||||||||||
Copper Canyon | Highlands Ranch, CO | 1999 | 222 | 1,442,212 | 16,251,114 | 1,458,531 | 1,442,212 | 17,709,645 | 19,151,857 | (8,646,200 | ) | 10,505,657 | (J) | ||||||||||||||||||||
Country Brook | Chandler, AZ | 1986-1996 | 396 | 1,505,219 | 29,542,535 | 6,179,246 | 1,505,219 | 35,721,781 | 37,227,000 | (18,250,640 | ) | 18,976,360 | (J) | ||||||||||||||||||||
Creekside (San Mateo) | San Mateo, CA | 1985 | 192 | 9,606,600 | 21,193,232 | 3,217,228 | 9,606,600 | 24,410,460 | 34,017,060 | (11,822,291 | ) | 22,194,769 | (K) | ||||||||||||||||||||
Crescent at Cherry Creek | Denver, CO | 1994 | 216 | 2,594,000 | 15,149,470 | 3,570,821 | 2,594,000 | 18,720,291 | 21,314,291 | (9,687,890 | ) | 11,626,401 | (J) | ||||||||||||||||||||
Deerwood (SD) | San Diego, CA | 1990 | 316 | 2,082,095 | 18,739,815 | 13,582,795 | 2,082,095 | 32,322,610 | 34,404,705 | (20,753,292 | ) | 13,651,413 | (J) | ||||||||||||||||||||
Estates at Maitland Summit | Orlando, FL | 1998 | 272 | 9,520,000 | 28,352,160 | 1,081,473 | 9,520,000 | 29,433,633 | 38,953,633 | (9,786,728 | ) | 29,166,905 | (K) | ||||||||||||||||||||
Estates at Tanglewood | Westminster, CO | 2003 | 504 | 7,560,000 | 51,256,538 | 2,353,728 | 7,560,000 | 53,610,266 | 61,170,266 | (16,136,747 | ) | 45,033,519 | (I) | ||||||||||||||||||||
Fairfield | Stamford, CT (G) | 1996 | 263 | 6,510,200 | 39,690,120 | 5,842,540 | 6,510,200 | 45,532,660 | 52,042,860 | (23,653,659 | ) | 28,389,201 | 34,595,000 | ||||||||||||||||||||
Fine Arts Building | Berkeley, CA (G) | 2004 | 100 | 7,817,000 | 26,462,772 | 126,659 | 7,817,000 | 26,589,431 | 34,406,431 | (6,531,190 | ) | 27,875,241 | 16,215,000 |
Cost Capitalized | |||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | Gross Amount Carried | ||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to | Acquisition | at Close of | |||||||||||||||||||||||||||||||||||||||||||||
Description | Company | (Improvements, net) (E) | Period 12/31/10 | ||||||||||||||||||||||||||||||||||||||||||||
Date of | Building & | Building & | Building & | Accumulated | Investment in Real | ||||||||||||||||||||||||||||||||||||||||||
Apartment Name | Location | Construction | Units (H) | Land | Fixtures | Land | Fixtures | Land | Fixtures (A) | Total (B) | Depreciation (C) | Estate, Net at 12/31/10 (B) | Encumbrances | ||||||||||||||||||||||||||||||||||
Country Brook | Chandler, AZ | 1986-1996 | 396 | 1,505,219 | 29,542,535 | - | 3,653,889 | 1,505,219 | 33,196,424 | 34,701,643 | (15,485,956 | ) | 19,215,687 | (K) | |||||||||||||||||||||||||||||||||
Country Club Lakes | Jacksonville, FL | 1997 | 555 | 15,000,000 | 41,055,786 | - | 4,105,750 | 15,000,000 | 45,161,536 | 60,161,536 | (11,315,474 | ) | 48,846,062 | 32,097,598 | |||||||||||||||||||||||||||||||||
Creekside (San Mateo) | San Mateo, CA | 1985 | 192 | 9,606,600 | 21,193,232 | - | 2,040,890 | 9,606,600 | 23,234,122 | 32,840,722 | (9,971,049 | ) | 22,869,673 | (L) | |||||||||||||||||||||||||||||||||
Crescent at Cherry Creek | Denver, CO | 1994 | 216 | 2,594,000 | 15,149,470 | - | 2,620,271 | 2,594,000 | 17,769,741 | 20,363,741 | (8,074,935 | ) | 12,288,806 | (K) | |||||||||||||||||||||||||||||||||
Deerwood (SD) | San Diego, CA | 1990 | 316 | 2,082,095 | 18,739,815 | - | 13,007,845 | 2,082,095 | 31,747,660 | 33,829,755 | (17,756,307 | ) | 16,073,448 | (K) | |||||||||||||||||||||||||||||||||
Estates at Maitland Summit | Orlando, FL | 1998 | 272 | 9,520,000 | 28,352,160 | - | 678,371 | 9,520,000 | 29,030,531 | 38,550,531 | (7,308,841 | ) | 31,241,690 | (L) | |||||||||||||||||||||||||||||||||
Estates at Tanglewood | Westminster, CO | 2003 | 504 | 7,560,000 | 51,256,538 | - | 1,850,357 | 7,560,000 | 53,106,895 | 60,666,895 | (12,304,895 | ) | 48,362,000 | (J) | |||||||||||||||||||||||||||||||||
Fairfield | Stamford, CT (G) | 1996 | 263 | 6,510,200 | 39,690,120 | - | 5,118,992 | 6,510,200 | 44,809,112 | 51,319,312 | (19,894,444 | ) | 31,424,868 | 34,595,000 | |||||||||||||||||||||||||||||||||
Fine Arts Building | Berkeley, CA (G) | 2004 | 100 | 7,817,000 | 26,462,772 | - | 58,091 | 7,817,000 | 26,520,863 | 34,337,863 | (4,506,280 | ) | 29,831,583 | 16,215,000 | |||||||||||||||||||||||||||||||||
Gaia Building | Berkeley, CA (G) | 2000 | 91 | 7,113,000 | 25,623,826 | - | 117,077 | 7,113,000 | 25,740,903 | 32,853,903 | (4,345,971 | ) | 28,507,932 | 14,630,000 | |||||||||||||||||||||||||||||||||
Gateway at Malden Center | Malden, MA (G) | 1988 | 203 | 9,209,780 | 25,722,666 | - | 7,947,656 | 9,209,780 | 33,670,322 | 42,880,102 | (10,662,848 | ) | 32,217,254 | 14,970,000 | |||||||||||||||||||||||||||||||||
Geary Court Yard | San Francisco, CA | 1990 | 164 | 1,722,400 | 15,471,429 | - | 2,040,242 | 1,722,400 | 17,511,671 | 19,234,071 | (8,300,938 | ) | 10,933,133 | 18,893,440 | |||||||||||||||||||||||||||||||||
Glen Meadow | Franklin, MA | 1971 | 288 | 2,339,330 | 16,133,588 | - | 3,534,410 | 2,339,330 | 19,667,998 | 22,007,328 | (8,107,522 | ) | 13,899,806 | 619,538 | |||||||||||||||||||||||||||||||||
Grandeville at River Place | Oviedo, FL | 2002 | 280 | 6,000,000 | 23,114,693 | - | 1,520,490 | 6,000,000 | 24,635,183 | 30,635,183 | (6,872,649 | ) | 23,762,534 | 28,890,000 | |||||||||||||||||||||||||||||||||
Greenhaven | Union City, CA | 1983 | 250 | 7,507,000 | 15,210,399 | - | 2,970,066 | 7,507,000 | 18,180,465 | 25,687,465 | (8,456,557 | ) | 17,230,908 | 10,975,000 | |||||||||||||||||||||||||||||||||
Greenhouse — Frey Road | Kennesaw, GA | 1985 | 489 | 2,467,200 | 22,187,443 | - | 4,922,373 | 2,467,200 | 27,109,816 | 29,577,016 | (16,164,084 | ) | 13,412,932 | 19,700,000 | |||||||||||||||||||||||||||||||||
Greenwood Park | Centennial, CO | 1994 | 291 | 4,365,000 | 38,372,440 | - | 1,136,402 | 4,365,000 | 39,508,842 | 43,873,842 | (6,846,735 | ) | 37,027,107 | (L) | |||||||||||||||||||||||||||||||||
Greenwood Plaza | Centennial, CO | 1996 | 266 | 3,990,000 | 35,846,708 | - | 1,658,135 | 3,990,000 | 37,504,843 | 41,494,843 | (6,529,493 | ) | 34,965,350 | (L) | |||||||||||||||||||||||||||||||||
Harbor Steps | Seattle, WA (G) | 2000 | 730 | 59,900,000 | 158,829,432 | - | 5,787,753 | 59,900,000 | 164,617,185 | 224,517,185 | (34,944,472 | ) | 189,572,713 | 125,926,373 | |||||||||||||||||||||||||||||||||
Hathaway | Long Beach, CA | 1987 | 385 | 2,512,500 | 22,611,912 | - | 6,365,675 | 2,512,500 | 28,977,587 | 31,490,087 | (15,770,720 | ) | 15,719,367 | 46,517,800 | |||||||||||||||||||||||||||||||||
Heights on Capitol Hill | Seattle, WA (G) | 2006 | 104 | 5,425,000 | 21,138,028 | - | 55,704 | 5,425,000 | 21,193,732 | 26,618,732 | (3,965,879 | ) | 22,652,853 | 19,320,000 | |||||||||||||||||||||||||||||||||
Heritage at Stone Ridge | Burlington, MA | 2005 | 180 | 10,800,000 | 31,808,335 | - | 607,280 | 10,800,000 | 32,415,615 | 43,215,615 | (7,307,875 | ) | 35,907,740 | 28,150,164 | |||||||||||||||||||||||||||||||||
Heronfield | Kirkland, WA | 1990 | 202 | 9,245,000 | 27,018,110 | - | 1,212,853 | 9,245,000 | 28,230,963 | 37,475,963 | (5,306,819 | ) | 32,169,144 | (K) | |||||||||||||||||||||||||||||||||
Highlands at Cherry Hill | Cherry Hills, NJ | 2002 | 170 | 6,800,000 | 21,459,108 | - | 582,660 | 6,800,000 | 22,041,768 | 28,841,768 | (4,883,071 | ) | 23,958,697 | 14,947,792 | |||||||||||||||||||||||||||||||||
Ivory Wood | Bothell, WA | 2000 | 144 | 2,732,800 | 13,888,282 | - | 543,271 | 2,732,800 | 14,431,553 | 17,164,353 | (3,798,957 | ) | 13,365,396 | 8,020,000 | |||||||||||||||||||||||||||||||||
Jaclen Towers | Beverly, MA | 1976 | 100 | 437,072 | 2,921,735 | - | 1,125,390 | 437,072 | 4,047,125 | 4,484,197 | (1,826,858 | ) | 2,657,339 | 1,208,416 | |||||||||||||||||||||||||||||||||
Kelvin Court (fka Alta Pacific) | Irvine, CA | 2008 | 132 | 10,752,145 | 34,628,114 | - | 11,381 | 10,752,145 | 34,639,495 | 45,391,640 | (3,455,525 | ) | 41,936,115 | 28,260,000 | |||||||||||||||||||||||||||||||||
La Terrazza at Colma Station | Colma, CA (G) | 2005 | 153 | - | 41,251,043 | - | 458,671 | - | 41,709,714 | 41,709,714 | (6,759,707 | ) | 34,950,007 | 25,940,000 | |||||||||||||||||||||||||||||||||
LaSalle | Beaverton, OR (G) | 1998 | 554 | 7,202,000 | 35,877,612 | - | 2,584,539 | 7,202,000 | 38,462,151 | 45,664,151 | (12,221,817 | ) | 33,442,334 | 28,342,496 | |||||||||||||||||||||||||||||||||
Liberty Park | Brain Tree, MA | 2000 | 202 | 5,977,504 | 26,749,111 | - | 1,935,923 | 5,977,504 | 28,685,034 | 34,662,538 | (8,587,844 | ) | 26,074,694 | 24,980,280 | |||||||||||||||||||||||||||||||||
Liberty Tower | Arlington, VA (G) | 2008 | 235 | 16,382,822 | 83,817,078 | - | 98,458 | 16,382,822 | 83,915,536 | 100,298,358 | (2,774,628 | ) | 97,523,730 | 49,160,870 | |||||||||||||||||||||||||||||||||
Lincoln Heights | Quincy, MA | 1991 | 336 | 5,928,400 | 33,595,262 | - | 10,549,292 | 5,928,400 | 44,144,554 | 50,072,954 | (19,375,802 | ) | 30,697,152 | (L) | |||||||||||||||||||||||||||||||||
Longview Place | Waltham, MA | 2004 | 348 | 20,880,000 | 90,255,509 | - | 1,460,656 | 20,880,000 | 91,716,165 | 112,596,165 | (18,368,568 | ) | 94,227,597 | 57,029,000 | |||||||||||||||||||||||||||||||||
Market Street Village | San Diego, CA | 2006 | 229 | 13,740,000 | 40,757,300 | - | 345,628 | 13,740,000 | 41,102,928 | 54,842,928 | (7,630,442 | ) | 47,212,486 | (K) | |||||||||||||||||||||||||||||||||
Marks | Englewood, CO (G) | 1987 | 616 | 4,928,500 | 44,622,314 | - | 8,060,048 | 4,928,500 | 52,682,362 | 57,610,862 | (24,944,534 | ) | 32,666,328 | 19,195,000 | |||||||||||||||||||||||||||||||||
Metro on First | Seattle, WA (G) | 2002 | 102 | 8,540,000 | 12,209,981 | - | 254,915 | 8,540,000 | 12,464,896 | 21,004,896 | (2,757,191 | ) | 18,247,705 | 16,650,000 | |||||||||||||||||||||||||||||||||
Mill Creek | Milpitas, CA | 1991 | 516 | 12,858,693 | 57,168,503 | - | 2,403,984 | 12,858,693 | 59,572,487 | 72,431,180 | (17,116,835 | ) | 55,314,345 | 69,312,259 | |||||||||||||||||||||||||||||||||
Miramar Lakes | Miramar, FL | 2003 | 344 | 17,200,000 | 51,487,235 | - | 1,343,639 | 17,200,000 | 52,830,874 | 70,030,874 | (11,391,642 | ) | 58,639,232 | (M) | |||||||||||||||||||||||||||||||||
Missions at Sunbow | Chula Vista, CA | 2003 | 336 | 28,560,000 | 59,287,595 | - | 1,148,849 | 28,560,000 | 60,436,444 | 88,996,444 | (14,871,085 | ) | 74,125,359 | 55,091,000 | |||||||||||||||||||||||||||||||||
Monte Viejo | Phoneix, AZ | 2004 | 480 | 12,700,000 | 45,926,784 | - | 976,950 | 12,700,000 | 46,903,734 | 59,603,734 | (11,299,701 | ) | 48,304,033 | 40,960,036 | |||||||||||||||||||||||||||||||||
Montecito | Valencia, CA | 1999 | 210 | 8,400,000 | 24,709,146 | - | 1,732,020 | 8,400,000 | 26,441,166 | 34,841,166 | (9,562,693 | ) | 25,278,473 | (K) | |||||||||||||||||||||||||||||||||
Montierra | Scottsdale, AZ | 1999 | 249 | 3,455,000 | 17,266,787 | - | 1,458,706 | 3,455,000 | 18,725,493 | 22,180,493 | (7,870,337 | ) | 14,310,156 | 17,858,854 | |||||||||||||||||||||||||||||||||
Montierra (CA) | San Diego, CA | 1990 | 272 | 8,160,000 | 29,360,938 | - | 6,457,847 | 8,160,000 | 35,818,785 | 43,978,785 | (13,974,022 | ) | 30,004,763 | (K) | |||||||||||||||||||||||||||||||||
Mosaic at Metro | Hyattsville, MD | 2008 | 260 | - | 59,653,038 | - | 49,368 | - | 59,702,406 | 59,702,406 | (4,118,730 | ) | 55,583,676 | 45,046,469 | |||||||||||||||||||||||||||||||||
Mountain Park Ranch | Phoenix, AZ | 1994 | 240 | 1,662,332 | 18,260,276 | - | 1,748,558 | 1,662,332 | 20,008,834 | 21,671,166 | (9,432,301 | ) | 12,238,865 | (J) | |||||||||||||||||||||||||||||||||
Mountain Terrace | Stevenson Ranch, CA | 1992 | 510 | 3,966,500 | 35,814,995 | - | 11,502,806 | 3,966,500 | 47,317,801 | 51,284,301 | (21,425,003 | ) | 29,859,298 | 57,428,472 | |||||||||||||||||||||||||||||||||
Northpark | Burlingame, CA | 1972 | 510 | 38,607,000 | 77,493,000 | - | 39,582 | 38,607,000 | 77,532,582 | 116,139,582 | (3,084,091 | ) | 113,055,491 | 70,668,409 | |||||||||||||||||||||||||||||||||
North Pier at Harborside | Jersey City, NJ (J) | 2003 | 297 | 4,000,159 | 94,348,092 | - | 1,739,535 | 4,000,159 | 96,087,627 | 100,087,786 | (22,321,947 | ) | 77,765,839 | 76,862,000 |
Description | Initial Cost to Company | Cost Capitalized Subsequent to Acquisition(Improvements, net) (E) | Gross Amount Carried at Close of Period 12/31/12 | ||||||||||||||||||||||||||||||
Apartment Name | Location | Date of Construction | Units (H) | Land | Building & Fixtures | Building & Fixtures | Land | Building & Fixtures (A) | Total (B) | Accumulated Depreciation (C) | Investment in Real Estate, Net at 12/31/12 (B) | Encumbrances | |||||||||||||||||||||
Gaia Building | Berkeley, CA (G) | 2000 | 91 | 7,113,000 | 25,623,826 | 182,302 | 7,113,000 | 25,806,128 | 32,919,128 | (6,314,824 | ) | 26,604,304 | 14,630,000 | ||||||||||||||||||||
Gateway at Malden Center | Malden, MA (G) | 1988 | 203 | 9,209,780 | 25,722,666 | 8,897,576 | 9,209,780 | 34,620,242 | 43,830,022 | (14,086,455 | ) | 29,743,567 | 14,970,000 | ||||||||||||||||||||
Glen Meadow | Franklin, MA | 1971 | 288 | 2,339,330 | 16,133,588 | 3,738,664 | 2,339,330 | 19,872,252 | 22,211,582 | (9,797,743 | ) | 12,413,839 | 73,023 | ||||||||||||||||||||
Glo | Los Angeles, CA (G) | 2008 | 201 | 16,047,022 | 48,650,963 | 79,365 | 16,047,022 | 48,730,328 | 64,777,350 | (3,923,877 | ) | 60,853,473 | 31,639,508 | ||||||||||||||||||||
Grandeville at River Place | Oviedo, FL | 2002 | 280 | 6,000,000 | 23,114,693 | 2,003,967 | 6,000,000 | 25,118,660 | 31,118,660 | (8,753,388 | ) | 22,365,272 | 23,789,381 | ||||||||||||||||||||
Greenwood Park | Centennial, CO | 1994 | 291 | 4,365,000 | 38,372,440 | 1,506,405 | 4,365,000 | 39,878,845 | 44,243,845 | (10,442,337 | ) | 33,801,508 | (K) | ||||||||||||||||||||
Greenwood Plaza | Centennial, CO | 1996 | 266 | 3,990,000 | 35,846,708 | 2,104,789 | 3,990,000 | 37,951,497 | 41,941,497 | (10,056,365 | ) | 31,885,132 | (K) | ||||||||||||||||||||
Harbor Steps | Seattle, WA (G) | 2000 | 738 | 59,900,000 | 158,829,432 | 10,108,872 | 59,900,000 | 168,938,304 | 228,838,304 | (47,176,332 | ) | 181,661,972 | 116,707,586 | ||||||||||||||||||||
Hathaway | Long Beach, CA | 1987 | 385 | 2,512,500 | 22,611,912 | 6,999,887 | 2,512,500 | 29,611,799 | 32,124,299 | (18,254,266 | ) | 13,870,033 | 46,517,800 | ||||||||||||||||||||
Heights on Capitol Hill | Seattle, WA (G) | 2006 | 104 | 5,425,000 | 21,138,028 | 156,462 | 5,425,000 | 21,294,490 | 26,719,490 | (5,561,995 | ) | 21,157,495 | 28,180,585 | ||||||||||||||||||||
Heritage at Stone Ridge | Burlington, MA | 2005 | 180 | 10,800,000 | 31,808,335 | 811,286 | 10,800,000 | 32,619,621 | 43,419,621 | (9,708,789 | ) | 33,710,832 | 27,554,850 | ||||||||||||||||||||
Heronfield | Kirkland, WA | 1990 | 202 | 9,245,000 | 27,017,749 | 1,390,613 | 9,245,000 | 28,408,362 | 37,653,362 | (7,709,518 | ) | 29,943,844 | (J) | ||||||||||||||||||||
Ivory Wood | Bothell, WA | 2000 | 144 | 2,732,800 | 13,888,282 | 623,037 | 2,732,800 | 14,511,319 | 17,244,119 | (4,834,547 | ) | 12,409,572 | 8,020,000 | ||||||||||||||||||||
Kelvin Court (fka Alta Pacific) | Irvine, CA | 2008 | 132 | 10,752,145 | 34,647,190 | 120,472 | 10,752,145 | 34,767,662 | 45,519,807 | (5,995,083 | ) | 39,524,724 | 26,495,000 | ||||||||||||||||||||
La Terrazza at Colma Station | Colma, CA (G) | 2005 | 153 | — | 41,251,044 | 527,066 | — | 41,778,110 | 41,778,110 | (10,146,352 | ) | 31,631,758 | 25,175,000 | ||||||||||||||||||||
Liberty Park | Brain Tree, MA | 2000 | 202 | 5,977,504 | 26,749,111 | 2,460,232 | 5,977,504 | 29,209,343 | 35,186,847 | (10,761,276 | ) | 24,425,571 | 24,980,280 | ||||||||||||||||||||
Liberty Tower | Arlington, VA (G) | 2008 | 235 | 16,382,822 | 83,817,078 | 742,901 | 16,382,822 | 84,559,979 | 100,942,801 | (10,769,392 | ) | 90,173,409 | 48,013,044 | ||||||||||||||||||||
Lincoln Heights | Quincy, MA | 1991 | 336 | 5,928,400 | 33,595,262 | 10,858,842 | 5,928,400 | 44,454,104 | 50,382,504 | (23,578,128 | ) | 26,804,376 | (K) | ||||||||||||||||||||
Lindley | Encino, CA | 2004 | 129 | 5,805,000 | 25,705,000 | 514,251 | 5,805,000 | 26,219,251 | 32,024,251 | (2,872,823 | ) | 29,151,428 | 21,774,431 | ||||||||||||||||||||
Longview Place | Waltham, MA | 2004 | 348 | 20,880,000 | 90,255,509 | 2,585,682 | 20,880,000 | 92,841,191 | 113,721,191 | (24,878,084 | ) | 88,843,107 | 60,073,423 | ||||||||||||||||||||
Market Street Village | San Diego, CA | 2006 | 229 | 13,740,000 | 40,757,301 | 663,637 | 13,740,000 | 41,420,938 | 55,160,938 | (10,928,473 | ) | 44,232,465 | (J) | ||||||||||||||||||||
Marks | Englewood, CO (G) | 1987 | 616 | 4,928,500 | 44,622,314 | 10,289,760 | 4,928,500 | 54,912,074 | 59,840,574 | (29,539,822 | ) | 30,300,752 | 19,195,000 | ||||||||||||||||||||
Metro on First | Seattle, WA (G) | 2002 | 102 | 8,540,000 | 12,209,981 | 355,218 | 8,540,000 | 12,565,199 | 21,105,199 | (3,611,780 | ) | 17,493,419 | 22,843,410 | ||||||||||||||||||||
Mill Creek | Milpitas, CA | 1991 | 516 | 12,858,693 | 57,168,503 | 3,411,695 | 12,858,693 | 60,580,198 | 73,438,891 | (21,470,962 | ) | 51,967,929 | 69,312,259 | ||||||||||||||||||||
Miramar Lakes | Miramar, FL | 2003 | 344 | 17,200,000 | 51,487,235 | 1,841,780 | 17,200,000 | 53,329,015 | 70,529,015 | (15,869,408 | ) | 54,659,607 | (L) | ||||||||||||||||||||
Missions at Sunbow | Chula Vista, CA | 2003 | 336 | 28,560,000 | 59,287,595 | 1,474,195 | 28,560,000 | 60,761,790 | 89,321,790 | (18,989,124 | ) | 70,332,666 | 49,466,827 | ||||||||||||||||||||
Moda | Seattle, WA (G) | 2009 | 251 | 12,649,228 | 36,842,012 | 575,003 | 12,649,228 | 37,417,015 | 50,066,243 | (4,262,856 | ) | 45,803,387 | (M) | ||||||||||||||||||||
Monte Viejo | Phoenix, AZ | 2004 | 480 | 12,700,000 | 45,926,784 | 1,167,397 | 12,700,000 | 47,094,181 | 59,794,181 | (15,568,004 | ) | 44,226,177 | 40,046,245 | ||||||||||||||||||||
Montecito | Valencia, CA | 1999 | 210 | 8,400,000 | 24,709,146 | 1,943,224 | 8,400,000 | 26,652,370 | 35,052,370 | (11,538,714 | ) | 23,513,656 | (J) | ||||||||||||||||||||
Montierra (CA) | San Diego, CA | 1990 | 272 | 8,160,000 | 29,360,938 | 6,924,642 | 8,160,000 | 36,285,580 | 44,445,580 | (17,100,722 | ) | 27,344,858 | (J) | ||||||||||||||||||||
Mosaic at Metro | Hyattsville, MD | 2008 | 260 | — | 59,582,698 | 225,848 | — | 59,808,546 | 59,808,546 | (8,905,855 | ) | 50,902,691 | 44,242,551 | ||||||||||||||||||||
Mountain Terrace | Stevenson Ranch, CA | 1992 | 510 | 3,966,500 | 35,814,995 | 11,880,404 | 3,966,500 | 47,695,399 | 51,661,899 | (26,027,707 | ) | 25,634,192 | 57,428,472 | ||||||||||||||||||||
North Pier at Harborside | Jersey City, NJ (I) | 2003 | 297 | 4,000,159 | 94,290,590 | 2,270,783 | 4,000,159 | 96,561,373 | 100,561,532 | (29,127,561 | ) | 71,433,971 | 87,104,293 | ||||||||||||||||||||
Northpark | Burlingame, CA | 1972 | 510 | 38,607,000 | 77,477,449 | 8,188,935 | 38,607,000 | 85,666,384 | 124,273,384 | (12,263,687 | ) | 112,009,697 | 66,848,062 | ||||||||||||||||||||
Oak Mill II | Germantown, MD | 1985 | 192 | 854,133 | 10,233,947 | 6,407,089 | 854,133 | 16,641,036 | 17,495,169 | (10,175,811 | ) | 7,319,358 | 9,600,000 | ||||||||||||||||||||
Oaks | Santa Clarita, CA | 2000 | 520 | 23,400,000 | 61,020,438 | 3,172,779 | 23,400,000 | 64,193,217 | 87,593,217 | (22,524,758 | ) | 65,068,459 | 39,300,896 | ||||||||||||||||||||
Olde Redmond Place | Redmond, WA | 1986 | 192 | 4,807,100 | 14,126,038 | 4,272,420 | 4,807,100 | 18,398,458 | 23,205,558 | (10,211,706 | ) | 12,993,852 | (K) | ||||||||||||||||||||
Olympus Towers | Seattle, WA (G) | 2000 | 328 | 14,752,034 | 73,335,425 | 3,733,218 | 14,752,034 | 77,068,643 | 91,820,677 | (24,854,720 | ) | 66,965,957 | 49,875,780 | ||||||||||||||||||||
Promenade at Peachtree | Chamblee, GA | 2001 | 406 | 10,120,250 | 31,219,739 | 1,879,804 | 10,120,250 | 33,099,543 | 43,219,793 | (11,135,840 | ) | 32,083,953 | (J) | ||||||||||||||||||||
Providence | Bothell, WA | 2000 | 200 | 3,573,621 | 19,055,505 | 649,064 | 3,573,621 | 19,704,569 | 23,278,190 | (6,712,762 | ) | 16,565,428 | (I) | ||||||||||||||||||||
Reserve at Clarendon Centre, The | Arlington, VA (G) | 2003 | 252 | 10,500,000 | 52,812,935 | 3,274,267 | 10,500,000 | 56,087,202 | 66,587,202 | (18,267,935 | ) | 48,319,267 | (J) | ||||||||||||||||||||
Reserve at Eisenhower, The | Alexandria, VA | 2002 | 226 | 6,500,000 | 34,585,060 | 1,269,401 | 6,500,000 | 35,854,461 | 42,354,461 | (12,633,606 | ) | 29,720,855 | (J) | ||||||||||||||||||||
Reserve at Empire Lakes | Rancho Cucamonga, CA | 2005 | 467 | 16,345,000 | 73,080,670 | 1,720,059 | 16,345,000 | 74,800,729 | 91,145,729 | (20,699,538 | ) | 70,446,191 | (I) | ||||||||||||||||||||
Reserve at Fairfax Corner | Fairfax, VA | 2001 | 652 | 15,804,057 | 63,129,051 | 3,830,832 | 15,804,057 | 66,959,883 | 82,763,940 | (24,763,444 | ) | 58,000,496 | 84,778,875 | ||||||||||||||||||||
Reserve at Potomac Yard | Alexandria, VA | 2002 | 588 | 11,918,917 | 68,862,641 | 5,048,808 | 11,918,917 | 73,911,449 | 85,830,366 | (23,292,875 | ) | 62,537,491 | 66,470,000 | ||||||||||||||||||||
Reserve at Town Center (WA) | Mill Creek, WA | 2001 | 389 | 10,369,400 | 41,172,081 | 1,984,196 | 10,369,400 | 43,156,277 | 53,525,677 | (13,983,352 | ) | 39,542,325 | 29,160,000 | ||||||||||||||||||||
Rianna II | Seattle, WA (G) | 2002 | 78 | 2,161,840 | 14,433,614 | 63,293 | 2,161,840 | 14,496,907 | 16,658,747 | (2,395,149 | ) | 14,263,598 | 10,102,987 | ||||||||||||||||||||
Rockingham Glen | West Roxbury, MA | 1974 | 143 | 1,124,217 | 7,515,160 | 1,873,296 | 1,124,217 | 9,388,456 | 10,512,673 | (4,475,844 | ) | 6,036,829 | 1,110,388 |
Cost Capitalized | |||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | Gross Amount Carried | ||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to | Acquisition | at Close of | |||||||||||||||||||||||||||||||||||||||||||||
Description | Company | (Improvements, net) (E) | Period 12/31/10 | ||||||||||||||||||||||||||||||||||||||||||||
Date of | Building & | Building & | Building & | Accumulated | Investment in Real | ||||||||||||||||||||||||||||||||||||||||||
Apartment Name | Location | Construction | Units (H) | Land | Fixtures | Land | Fixtures | Land | Fixtures (A) | Total (B) | Depreciation (C) | Estate, Net at 12/31/10 (B) | Encumbrances | ||||||||||||||||||||||||||||||||||
Oak Mill I | Germantown, MD | 1984 | 208 | 10,000,000 | 13,155,522 | - | 7,235,088 | 10,000,000 | 20,390,610 | 30,390,610 | (6,289,524 | ) | 24,101,086 | 12,487,301 | |||||||||||||||||||||||||||||||||
Oak Mill II | Germantown, MD | 1985 | 192 | 854,133 | 10,233,947 | - | 5,864,959 | 854,133 | 16,098,906 | 16,953,039 | (8,498,045 | ) | 8,454,994 | 9,600,000 | |||||||||||||||||||||||||||||||||
Oaks | Santa Clarita, CA | 2000 | 520 | 23,400,000 | 61,020,438 | - | 2,652,544 | 23,400,000 | 63,672,982 | 87,072,982 | (17,959,221 | ) | 69,113,761 | 41,154,036 | |||||||||||||||||||||||||||||||||
Olde Redmond Place | Redmond, WA | 1986 | 192 | 4,807,100 | 14,126,038 | - | 4,122,122 | 4,807,100 | 18,248,160 | 23,055,260 | (8,527,802 | ) | 14,527,458 | (L) | |||||||||||||||||||||||||||||||||
Parc East Towers | New York, NY (G) | 1977 | 324 | 102,163,000 | 109,013,628 | - | 5,654,774 | 102,163,000 | 114,668,402 | 216,831,402 | (18,284,019 | ) | 198,547,383 | 17,473,846 | |||||||||||||||||||||||||||||||||
Park Meadow | Gilbert, AZ | 1986 | 225 | 835,217 | 15,120,769 | - | 2,267,564 | 835,217 | 17,388,333 | 18,223,550 | (8,395,148 | ) | 9,828,402 | (L) | |||||||||||||||||||||||||||||||||
Parkfield | Denver, CO | 2000 | 476 | 8,330,000 | 28,667,618 | - | 2,155,451 | 8,330,000 | 30,823,069 | 39,153,069 | (11,251,895 | ) | 27,901,174 | 23,275,000 | |||||||||||||||||||||||||||||||||
Promenade at Peachtree | Chamblee, GA | 2001 | 406 | 10,150,000 | 31,219,739 | - | 1,645,577 | 10,150,000 | 32,865,316 | 43,015,316 | (8,729,820 | ) | 34,285,496 | (K) | |||||||||||||||||||||||||||||||||
Promenade at Town Center II | Valencia, CA | 2001 | 270 | 13,500,000 | 34,405,636 | - | 391,668 | 13,500,000 | 34,797,304 | 48,297,304 | (9,307,693 | ) | 38,989,611 | 32,785,701 | |||||||||||||||||||||||||||||||||
Providence | Bothell, WA | 2000 | 200 | 3,573,621 | 19,055,505 | - | 541,320 | 3,573,621 | 19,596,825 | 23,170,446 | (5,354,911 | ) | 17,815,535 | (J) | |||||||||||||||||||||||||||||||||
Reserve at Clarendon Centre, The | Arlington, VA (G) | 2003 | 252 | 10,500,000 | 52,812,935 | - | 1,777,312 | 10,500,000 | 54,590,247 | 65,090,247 | (14,249,748 | ) | 50,840,499 | (K) | |||||||||||||||||||||||||||||||||
Reserve at Eisenhower, The | Alexandria, VA | 2002 | 226 | 6,500,000 | 34,585,060 | - | 702,144 | 6,500,000 | 35,287,204 | 41,787,204 | (10,058,015 | ) | 31,729,189 | (K) | |||||||||||||||||||||||||||||||||
Reserve at Empire Lakes | Rancho Cucamonga, CA | 2005 | 467 | 16,345,000 | 73,080,670 | - | 1,396,394 | 16,345,000 | 74,477,064 | 90,822,064 | (15,486,334 | ) | 75,335,730 | (J) | |||||||||||||||||||||||||||||||||
Reserve at Fairfax Corners | Fairfax, VA | 2001 | 652 | 15,804,057 | 63,129,051 | - | 2,563,175 | 15,804,057 | 65,692,226 | 81,496,283 | (19,948,034 | ) | 61,548,249 | 84,778,876 | |||||||||||||||||||||||||||||||||
Reserve at Potomac Yard | Alexandria, VA | 2002 | 588 | 11,918,917 | 68,976,484 | - | 3,376,272 | 11,918,917 | 72,352,756 | 84,271,673 | (17,772,440 | ) | 66,499,233 | 66,470,000 | |||||||||||||||||||||||||||||||||
Reserve at Town Center (WA) | Mill Creek, WA | 2001 | 389 | 10,369,400 | 41,172,081 | - | 1,414,773 | 10,369,400 | 42,586,854 | 52,956,254 | (10,871,457 | ) | 42,084,797 | 29,160,000 | |||||||||||||||||||||||||||||||||
Rianna II | Seattle, WA (G) | 2002 | 78 | 2,161,840 | 14,433,614 | - | 16,614 | 2,161,840 | 14,450,228 | 16,612,068 | (1,072,947 | ) | 15,539,121 | 10,499,494 | |||||||||||||||||||||||||||||||||
Rockingham Glen | West Roxbury, MA | 1974 | 143 | 1,124,217 | 7,515,160 | - | 1,533,725 | 1,124,217 | 9,048,885 | 10,173,102 | (3,757,339 | ) | 6,415,763 | 1,440,865 | |||||||||||||||||||||||||||||||||
Rolling Green (Amherst) | Amherst, MA | 1970 | 204 | 1,340,702 | 8,962,317 | - | 3,313,332 | 1,340,702 | 12,275,649 | 13,616,351 | (5,297,121 | ) | 8,319,230 | 2,217,176 | |||||||||||||||||||||||||||||||||
Rolling Green (Milford) | Milford, MA | 1970 | 304 | 2,012,350 | 13,452,150 | - | 3,986,562 | 2,012,350 | 17,438,712 | 19,451,062 | (7,305,093 | ) | 12,145,969 | 4,645,763 | |||||||||||||||||||||||||||||||||
San Marcos Apartments | Scottsdale, AZ | 1995 | 320 | 20,000,000 | 31,261,609 | - | 1,384,451 | 20,000,000 | 32,646,060 | 52,646,060 | (7,272,584 | ) | 45,373,476 | 32,900,000 | |||||||||||||||||||||||||||||||||
Savannah Lakes | Boynton Beach, FL | 1991 | 466 | 7,000,000 | 30,263,310 | - | 4,429,051 | 7,000,000 | 34,692,361 | 41,692,361 | (11,606,796 | ) | 30,085,565 | 36,610,000 | |||||||||||||||||||||||||||||||||
Savannah Midtown | Atlanta, GA | 2000 | 322 | 7,209,873 | 29,433,507 | - | 2,603,453 | 7,209,873 | 32,036,960 | 39,246,833 | (8,514,514 | ) | 30,732,319 | 17,800,000 | |||||||||||||||||||||||||||||||||
Savoy I | Aurora, CO | 2001 | 444 | 5,450,295 | 38,765,670 | - | 1,964,604 | 5,450,295 | 40,730,274 | 46,180,569 | (11,009,808 | ) | 35,170,761 | (L) | |||||||||||||||||||||||||||||||||
Sheffield Court | Arlington, VA | 1986 | 597 | 3,342,381 | 31,337,332 | - | 7,927,865 | 3,342,381 | 39,265,197 | 42,607,578 | (21,583,314 | ) | 21,024,264 | (L) | |||||||||||||||||||||||||||||||||
Sonata at Cherry Creek | Denver, CO | 1999 | 183 | 5,490,000 | 18,130,479 | - | 1,162,983 | 5,490,000 | 19,293,462 | 24,783,462 | (6,957,885 | ) | 17,825,577 | 19,190,000 | |||||||||||||||||||||||||||||||||
Sonterra at Foothill Ranch | Foothill Ranch, CA | 1997 | 300 | 7,503,400 | 24,048,507 | - | 1,500,506 | 7,503,400 | 25,549,013 | 33,052,413 | (11,490,634 | ) | 21,561,779 | (L) | |||||||||||||||||||||||||||||||||
South Winds | Fall River, MA | 1971 | 404 | 2,481,821 | 16,780,359 | - | 3,712,343 | 2,481,821 | 20,492,702 | 22,974,523 | (8,697,220 | ) | 14,277,303 | 4,437,567 | |||||||||||||||||||||||||||||||||
Springs Colony | Altamonte Springs, FL | 1986 | 188 | 630,411 | 5,852,157 | - | 2,363,300 | 630,411 | 8,215,457 | 8,845,868 | (5,129,095 | ) | 3,716,773 | (I) | |||||||||||||||||||||||||||||||||
Stonegate (CO) | Broomfield, CO | 2003 | 350 | 8,750,000 | 32,998,775 | - | 2,700,719 | 8,750,000 | 35,699,494 | 44,449,494 | (8,900,049 | ) | 35,549,445 | (J) | |||||||||||||||||||||||||||||||||
Stoneleigh at Deerfield | Alpharetta, GA | 2003 | 370 | 4,810,000 | 29,999,596 | - | 871,524 | 4,810,000 | 30,871,120 | 35,681,120 | (7,656,545 | ) | 28,024,575 | 16,800,000 | |||||||||||||||||||||||||||||||||
Stoney Ridge | Dale City, VA | 1985 | 264 | 8,000,000 | 24,147,091 | - | 5,287,141 | 8,000,000 | 29,434,232 | 37,434,232 | (7,934,618 | ) | 29,499,614 | 15,138,399 | |||||||||||||||||||||||||||||||||
Stonybrook | Boynton Beach, FL | 2001 | 264 | 10,500,000 | 24,967,638 | - | 951,679 | 10,500,000 | 25,919,317 | 36,419,317 | (6,210,078 | ) | 30,209,239 | 20,971,587 | |||||||||||||||||||||||||||||||||
Summerhill Glen | Maynard, MA | 1980 | 120 | 415,812 | 3,000,816 | - | 766,088 | 415,812 | 3,766,904 | 4,182,716 | (1,622,076 | ) | 2,560,640 | 1,174,207 | |||||||||||||||||||||||||||||||||
Summerset Village | Chatsworth, CA | 1985 | 280 | 2,890,450 | 23,670,889 | - | 3,797,264 | 2,890,450 | 27,468,153 | 30,358,603 | (13,674,820 | ) | 16,683,783 | 38,039,912 | |||||||||||||||||||||||||||||||||
Sunforest | Davie, FL | 1989 | 494 | 10,000,000 | 32,124,850 | - | 4,030,481 | 10,000,000 | 36,155,331 | 46,155,331 | (11,194,003 | ) | 34,961,328 | (L) | |||||||||||||||||||||||||||||||||
Sunforest II | Davie, FL | (F) | - | - | 337,751 | - | - | - | 337,751 | 337,751 | - | 337,751 | (L) | ||||||||||||||||||||||||||||||||||
Talleyrand | Tarrytown, NY (I) | 1997-1998 | 300 | 12,000,000 | 49,838,160 | - | 3,696,522 | 12,000,000 | 53,534,682 | 65,534,682 | (17,861,336 | ) | 47,673,346 | 35,000,000 | |||||||||||||||||||||||||||||||||
Tanglewood (VA) | Manassas, VA | 1987 | 432 | 2,108,295 | 24,619,495 | - | 8,462,243 | 2,108,295 | 33,081,738 | 35,190,033 | (18,128,350 | ) | 17,061,683 | 25,110,000 | |||||||||||||||||||||||||||||||||
Teresina | Chula Vista, CA | 2000 | 440 | 28,600,000 | 61,916,670 | - | 1,767,940 | 28,600,000 | 63,684,610 | 92,284,610 | (13,155,998 | ) | 79,128,612 | 44,095,588 | |||||||||||||||||||||||||||||||||
Touriel Building | Berkeley, CA (G) | 2004 | 35 | 2,736,000 | 7,810,027 | - | 33,587 | 2,736,000 | 7,843,614 | 10,579,614 | (1,392,156 | ) | 9,187,458 | 5,050,000 | |||||||||||||||||||||||||||||||||
Town Square at Mark Center I (fka Millbrook I) | Alexandria, VA | 1996 | 406 | 24,360,000 | 86,178,714 | - | 2,422,299 | 24,360,000 | 88,601,013 | 112,961,013 | (19,521,198 | ) | 93,439,815 | 64,680,000 | |||||||||||||||||||||||||||||||||
Town Square at Mark Center Phase II | Alexandria, VA | 2001 | 272 | 15,568,464 | 55,031,536 | - | 34,830 | 15,568,464 | 55,066,366 | 70,634,830 | (1,956,133 | ) | 68,678,697 | 47,669,865 | |||||||||||||||||||||||||||||||||
Tradition at Alafaya | Oviedo, FL | 2006 | 253 | 7,590,000 | 31,881,505 | - | 238,496 | 7,590,000 | 32,120,001 | 39,710,001 | (7,731,307 | ) | 31,978,694 | (K) | |||||||||||||||||||||||||||||||||
Tuscany at Lindbergh | Atlanta, GA | 2001 | 324 | 9,720,000 | 40,874,023 | - | 1,753,394 | 9,720,000 | 42,627,417 | 52,347,417 | (11,365,288 | ) | 40,982,129 | 32,360,000 | |||||||||||||||||||||||||||||||||
Uptown Square | Denver, CO (G) | 1999/2001 | 696 | 17,492,000 | 100,696,541 | - | 2,232,071 | 17,492,000 | 102,928,612 | 120,420,612 | (24,014,273 | ) | 96,406,339 | 88,550,000 | |||||||||||||||||||||||||||||||||
Versailles | Woodland Hills, CA | 1991 | 253 | 12,650,000 | 33,656,292 | - | 3,630,019 | 12,650,000 | 37,286,311 | 49,936,311 | (11,205,924 | ) | 38,730,387 | 30,372,953 | |||||||||||||||||||||||||||||||||
Via Ventura | Scottsdale, AZ | 1980 | 328 | 1,351,785 | 13,382,006 | - | 7,962,802 | 1,351,785 | 21,344,808 | 22,696,593 | (14,368,306 | ) | 8,328,287 | (K) |
Description | Initial Cost to Company | Cost Capitalized Subsequent to Acquisition(Improvements, net) (E) | Gross Amount Carried at Close of Period 12/31/12 | ||||||||||||||||||||||||||||||
Apartment Name | Location | Date of Construction | Units (H) | Land | Building & Fixtures | Building & Fixtures | Land | Building & Fixtures (A) | Total (B) | Accumulated Depreciation (C) | Investment in Real Estate, Net at 12/31/12 (B) | Encumbrances | |||||||||||||||||||||
Rolling Green (Amherst) | Amherst, MA | 1970 | 204 | 1,340,702 | 8,962,317 | 3,729,768 | 1,340,702 | 12,692,085 | 14,032,787 | (6,558,871 | ) | 7,473,916 | 1,820,672 | ||||||||||||||||||||
Rolling Green (Milford) | Milford, MA | 1970 | 304 | 2,012,350 | 13,452,150 | 4,991,894 | 2,012,350 | 18,444,044 | 20,456,394 | (8,987,510 | ) | 11,468,884 | 2,136,972 | ||||||||||||||||||||
Savannah Lakes | Boynton Beach, FL | 1991 | 466 | 7,000,000 | 30,263,310 | 6,874,423 | 7,000,000 | 37,137,733 | 44,137,733 | (14,707,744 | ) | 29,429,989 | 38,440,808 | ||||||||||||||||||||
Savannah Midtown | Atlanta, GA | 2000 | 322 | 7,209,873 | 29,371,164 | 2,886,793 | 7,209,873 | 32,257,957 | 39,467,830 | (11,031,647 | ) | 28,436,183 | 17,800,000 | ||||||||||||||||||||
Savoy at Dayton Station I & II (fka Savoy I) | Aurora, CO | 2001 | 444 | 5,450,295 | 38,765,670 | 2,866,964 | 5,450,295 | 41,632,634 | 47,082,929 | (14,134,433 | ) | 32,948,496 | (K) | ||||||||||||||||||||
Sheffield Court | Arlington, VA | 1986 | 597 | 3,342,381 | 31,337,332 | 11,837,473 | 3,342,381 | 43,174,805 | 46,517,186 | (25,591,749 | ) | 20,925,437 | (K) | ||||||||||||||||||||
Sonata at Cherry Creek | Denver, CO | 1999 | 183 | 5,490,000 | 18,130,479 | 1,441,097 | 5,490,000 | 19,571,576 | 25,061,576 | (8,409,698 | ) | 16,651,878 | 21,776,367 | ||||||||||||||||||||
Sonterra at Foothill Ranch | Foothill Ranch, CA | 1997 | 300 | 7,503,400 | 24,048,507 | 1,768,695 | 7,503,400 | 25,817,202 | 33,320,602 | (13,328,413 | ) | 19,992,189 | (K) | ||||||||||||||||||||
South Winds | Fall River, MA | 1971 | 404 | 2,481,821 | 16,780,359 | 4,484,858 | 2,481,821 | 21,265,217 | 23,747,038 | (10,380,323 | ) | 13,366,715 | 3,315,913 | ||||||||||||||||||||
Stonegate (CO) | Broomfield, CO | 2003 | 350 | 8,750,000 | 32,950,375 | 2,950,758 | 8,750,000 | 35,901,133 | 44,651,133 | (11,460,761 | ) | 33,190,372 | (I) | ||||||||||||||||||||
Stoney Ridge | Dale City, VA | 1985 | 264 | 8,000,000 | 24,147,091 | 5,550,155 | 8,000,000 | 29,697,246 | 37,697,246 | (10,749,305 | ) | 26,947,941 | 14,329,477 | ||||||||||||||||||||
Summerset Village | Chatsworth, CA | 1985 | 280 | 2,629,804 | 23,670,889 | 5,392,452 | 2,629,804 | 29,063,341 | 31,693,145 | (16,036,741 | ) | 15,656,404 | 38,039,912 | ||||||||||||||||||||
Summit at Lake Union | Seattle, WA | 1995 -1997 | 150 | 1,424,700 | 12,852,461 | 4,033,614 | 1,424,700 | 16,886,075 | 18,310,775 | (9,120,808 | ) | 9,189,967 | (K) | ||||||||||||||||||||
Sunforest | Davie, FL | 1989 | 494 | 10,000,000 | 32,124,850 | 4,773,222 | 10,000,000 | 36,898,072 | 46,898,072 | (14,182,647 | ) | 32,715,425 | (K) | ||||||||||||||||||||
Sunforest II | Davie, FL | (F) | — | — | 355,718 | — | — | 355,718 | 355,718 | — | 355,718 | (K) | |||||||||||||||||||||
Talleyrand | Tarrytown, NY | 1997-1998 | 300 | 12,000,000 | 49,838,160 | 3,921,135 | 12,000,000 | 53,759,295 | 65,759,295 | (21,857,136 | ) | 43,902,159 | 35,000,000 | ||||||||||||||||||||
Teresina | Chula Vista, CA | 2000 | 440 | 28,600,000 | 61,916,670 | 2,124,429 | 28,600,000 | 64,041,099 | 92,641,099 | (18,916,638 | ) | 73,724,461 | 42,711,912 | ||||||||||||||||||||
Touriel Building | Berkeley, CA (G) | 2004 | 35 | 2,736,000 | 7,810,027 | 146,325 | 2,736,000 | 7,956,352 | 10,692,352 | (2,017,170 | ) | 8,675,182 | 5,050,000 | ||||||||||||||||||||
Town Square at Mark Center I (fka Millbrook I) | Alexandria, VA | 1996 | 406 | 24,360,000 | 86,178,714 | 2,656,749 | 24,360,000 | 88,835,463 | 113,195,463 | (25,894,801 | ) | 87,300,662 | 77,353,222 | ||||||||||||||||||||
Town Square at Mark Center Phase II | Alexandria, VA | 2001 | 272 | 15,568,464 | 55,029,607 | 362,128 | 15,568,464 | 55,391,735 | 70,960,199 | (8,064,284 | ) | 62,895,915 | 44,328,445 | ||||||||||||||||||||
Tradition at Alafaya | Oviedo, FL | 2006 | 253 | 7,590,000 | 31,881,505 | 509,046 | 7,590,000 | 32,390,551 | 39,980,551 | (10,140,996 | ) | 29,839,555 | (J) | ||||||||||||||||||||
Tuscany at Lindbergh | Atlanta, GA | 2001 | 324 | 9,720,000 | 40,874,023 | 2,004,881 | 9,720,000 | 42,878,904 | 52,598,904 | (14,424,459 | ) | 38,174,445 | 29,826,475 | ||||||||||||||||||||
Uptown Square | Denver, CO (G) | 1999/2001 | 696 | 17,492,000 | 100,696,541 | 2,796,860 | 17,492,000 | 103,493,401 | 120,985,401 | (31,715,087 | ) | 89,270,314 | 99,190,116 | ||||||||||||||||||||
Versailles | Woodland Hills, CA | 1991 | 253 | 12,650,000 | 33,656,292 | 4,596,760 | 12,650,000 | 38,253,052 | 50,903,052 | (14,048,807 | ) | 36,854,245 | 30,372,953 | ||||||||||||||||||||
Via Ventura | Scottsdale, AZ | 1980 | 328 | 1,351,786 | 13,382,006 | 8,275,544 | 1,351,786 | 21,657,550 | 23,009,336 | (15,714,893 | ) | 7,294,443 | (J) | ||||||||||||||||||||
Vintage | Ontario, CA | 2005-2007 | 300 | 7,059,230 | 47,677,762 | 317,138 | 7,059,230 | 47,994,900 | 55,054,130 | (12,659,564 | ) | 42,394,566 | 33,000,000 | ||||||||||||||||||||
Warwick Station | Westminster, CO | 1986 | 332 | 2,274,121 | 21,113,974 | 3,260,943 | 2,274,121 | 24,374,917 | 26,649,038 | (13,454,735 | ) | 13,194,303 | 8,355,000 | ||||||||||||||||||||
Westwood Glen | Westwood, MA | 1972 | 156 | 1,616,505 | 10,806,004 | 1,944,100 | 1,616,505 | 12,750,104 | 14,366,609 | (5,538,830 | ) | 8,827,779 | 45,194 | ||||||||||||||||||||
Whisper Creek | Denver, CO | 2002 | 272 | 5,310,000 | 22,998,558 | 1,153,349 | 5,310,000 | 24,151,907 | 29,461,907 | (7,741,554 | ) | 21,720,353 | 13,580,000 | ||||||||||||||||||||
Woodlake (WA) | Kirkland, WA | 1984 | 288 | 6,631,400 | 16,735,484 | 3,050,123 | 6,631,400 | 19,785,607 | 26,417,007 | (10,524,036 | ) | 15,892,971 | (K) | ||||||||||||||||||||
Woodleaf | Campbell, CA | 1984 | 178 | 8,550,600 | 16,988,183 | 3,462,069 | 8,550,600 | 20,450,252 | 29,000,852 | (9,684,687 | ) | 19,316,165 | 17,858,854 | ||||||||||||||||||||
Wholly Owned Encumbered | 33,124 | 1,111,832,021 | 4,225,841,241 | 379,252,282 | 1,111,832,021 | 4,605,093,523 | 5,716,925,544 | (1,486,115,893 | ) | 4,230,809,651 | 2,392,135,994 | ||||||||||||||||||||||
Partially Owned Unencumbered: | |||||||||||||||||||||||||||||||||
2300 Elliott | Seattle, WA | 1992 | 92 | 796,800 | 7,173,725 | 6,092,622 | 796,800 | 13,266,347 | 14,063,147 | (8,767,366 | ) | 5,295,781 | — | ||||||||||||||||||||
400 Park Avenue South (EQR) | New York, NY | (F) | — | 76,292,169 | 16,082,096 | — | 76,292,169 | 16,082,096 | 92,374,265 | — | 92,374,265 | — | |||||||||||||||||||||
400 Park Avenue South (Toll) | New York, NY | (F) | — | 58,090,357 | 6,354,921 | — | 58,090,357 | 6,354,921 | 64,445,278 | — | 64,445,278 | — | |||||||||||||||||||||
Canyon Ridge | San Diego, CA | 1989 | 162 | 4,869,448 | 11,955,063 | 1,901,202 | 4,869,448 | 13,856,265 | 18,725,713 | (7,602,815 | ) | 11,122,898 | — | ||||||||||||||||||||
Copper Creek | Tempe, AZ | 1984 | 144 | 1,017,400 | 9,158,259 | 2,047,476 | 1,017,400 | 11,205,735 | 12,223,135 | (6,469,568 | ) | 5,753,567 | — | ||||||||||||||||||||
Country Oaks | Agoura Hills, CA | 1985 | 256 | 6,105,000 | 29,561,865 | 3,379,334 | 6,105,000 | 32,941,199 | 39,046,199 | (13,229,506 | ) | 25,816,693 | — | ||||||||||||||||||||
Fox Ridge | Englewood, CO | 1984 | 300 | 2,490,000 | 17,522,114 | 3,894,256 | 2,490,000 | 21,416,370 | 23,906,370 | (9,920,955 | ) | 13,985,415 | — | ||||||||||||||||||||
Hudson Crossing II | New York, NY | (F) | — | 5,000,000 | — | — | 5,000,000 | — | 5,000,000 | — | 5,000,000 | — | |||||||||||||||||||||
Monterra in Mill Creek | Mill Creek, WA | 2003 | 139 | 2,800,000 | 13,255,122 | 338,019 | 2,800,000 | 13,593,141 | 16,393,141 | (4,144,398 | ) | 12,248,743 | — | ||||||||||||||||||||
Preserve at Briarcliff | Atlanta, GA | 1994 | 182 | 6,370,000 | 17,766,322 | 830,627 | 6,370,000 | 18,596,949 | 24,966,949 | (5,411,770 | ) | 19,555,179 | — | ||||||||||||||||||||
Strayhorse at Arrowhead Ranch | Glendale, AZ | 1998 | 136 | 4,400,000 | 12,968,002 | 313,368 | 4,400,000 | 13,281,370 | 17,681,370 | (3,953,471 | ) | 13,727,899 | — | ||||||||||||||||||||
Willow Brook (CA) | Pleasant Hill, CA | 1985 | 228 | 5,055,000 | 38,388,672 | 3,057,695 | 5,055,000 | 41,446,367 | 46,501,367 | (13,325,998 | ) | 33,175,369 | — | ||||||||||||||||||||
Partially Owned Unencumbered | 1,639 | 173,286,174 | 180,186,161 | 21,854,599 | 173,286,174 | 202,040,760 | 375,326,934 | (72,825,847 | ) | 302,501,087 | — |
Cost Capitalized | |||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | Gross Amount Carried | ||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to | Acquisition | at Close of | |||||||||||||||||||||||||||||||||||||||||||||
Description | Company | (Improvements, net) (E) | Period 12/31/10 | ||||||||||||||||||||||||||||||||||||||||||||
Date of | Building & | Building & | Building & | Accumulated | Investment in Real | ||||||||||||||||||||||||||||||||||||||||||
Apartment Name | Location | Construction | Units (H) | Land | Fixtures | Land | Fixtures | Land | Fixtures (A) | Total (B) | Depreciation (C) | Estate, Net at 12/31/10 (B) | Encumbrances | ||||||||||||||||||||||||||||||||||
Village at Lakewood | Phoenix, AZ | 1988 | 240 | 3,166,411 | 13,859,090 | - | 2,013,344 | 3,166,411 | 15,872,434 | 19,038,845 | (7,739,644 | ) | 11,299,201 | (L) | |||||||||||||||||||||||||||||||||
Vintage | Ontario, CA | 2005-2007 | 300 | 7,059,230 | 47,677,762 | - | 176,250 | 7,059,230 | 47,854,012 | 54,913,242 | (8,609,805 | ) | 46,303,437 | 33,000,000 | |||||||||||||||||||||||||||||||||
Warwick Station | Westminster, CO | 1986 | 332 | 2,274,121 | 21,113,974 | - | 3,015,763 | 2,274,121 | 24,129,737 | 26,403,858 | (11,495,261 | ) | 14,908,597 | 8,355,000 | |||||||||||||||||||||||||||||||||
Wellington Hill | Manchester, NH | 1987 | 390 | 1,890,200 | 17,120,662 | - | 7,628,748 | 1,890,200 | 24,749,410 | 26,639,610 | (15,003,057 | ) | 11,636,553 | (I) | |||||||||||||||||||||||||||||||||
Westgate Pasadena Apartments | Pasadena, CA | 2010 | 480 | 22,898,848 | 131,986,739 | - | (263 | ) | 22,898,848 | 131,986,476 | 154,885,324 | (185 | ) | 154,885,139 | 135,000,000 | ||||||||||||||||||||||||||||||||
Westwood Glen | Westwood, MA | 1972 | 156 | 1,616,505 | 10,806,004 | - | 1,495,929 | 1,616,505 | 12,301,933 | 13,918,438 | (4,379,593 | ) | 9,538,845 | 392,294 | |||||||||||||||||||||||||||||||||
Whisper Creek | Denver, CO | 2002 | 272 | 5,310,000 | 22,998,558 | - | 843,388 | 5,310,000 | 23,841,946 | 29,151,946 | (6,016,094 | ) | 23,135,852 | 13,580,000 | |||||||||||||||||||||||||||||||||
Wilkins Glen | Medfield, MA | 1975 | 103 | 538,483 | 3,629,943 | - | 1,484,323 | 538,483 | 5,114,266 | 5,652,749 | (2,071,249 | ) | 3,581,500 | 1,011,750 | |||||||||||||||||||||||||||||||||
Windridge (CA) | Laguna Niguel, CA | 1989 | 344 | 2,662,900 | 23,985,497 | - | 5,111,877 | 2,662,900 | 29,097,374 | 31,760,274 | (16,423,796 | ) | 15,336,478 | (I) | |||||||||||||||||||||||||||||||||
Woodlake (WA) | Kirkland, WA | 1984 | 288 | 6,631,400 | 16,735,484 | - | 2,745,189 | 6,631,400 | 19,480,673 | 26,112,073 | (9,005,733 | ) | 17,106,340 | (L) | |||||||||||||||||||||||||||||||||
EQR Wholly Owned Encumbered | 39,395 | 1,192,346,786 | 4,453,550,234 | - | 370,524,330 | 1,192,346,786 | 4,824,074,564 | 6,016,421,350 | (1,346,626,508 | ) | 4,669,794,842 | 2,595,245,052 | |||||||||||||||||||||||||||||||||||
EQR Partially Owned Unencumbered: | |||||||||||||||||||||||||||||||||||||||||||||||
Butterfield Ranch | Chino Hills, CA | (F) | - | 15,617,709 | 4,512,495 | - | - | 15,617,709 | 4,512,495 | 20,130,204 | - | 20,130,204 | - | ||||||||||||||||||||||||||||||||||
Hudson Crossing II | New York, NY | (F) | - | 5,000,000 | - | - | - | 5,000,000 | - | 5,000,000 | - | 5,000,000 | - | ||||||||||||||||||||||||||||||||||
EQR Partially Owned Unencumbered | - | 20,617,709 | 4,512,495 | - | - | 20,617,709 | 4,512,495 | 25,130,204 | - | 25,130,204 | - | ||||||||||||||||||||||||||||||||||||
EQR Partially Owned Encumbered: | |||||||||||||||||||||||||||||||||||||||||||||||
Brooklyner (fka 111 Lawrence) | Brooklyn, NY (G) | 2010 | 490 | 40,099,922 | 217,648,526 | - | (1,947 | ) | 40,099,922 | 217,646,579 | 257,746,501 | - | 257,746,501 | 141,741,076 | |||||||||||||||||||||||||||||||||
1401 South State (fka City Lofts) | Chicago, IL | 2008 | 278 | 6,882,467 | 61,575,245 | - | 53,017 | 6,882,467 | 61,628,262 | 68,510,729 | (5,846,831 | ) | 62,663,898 | 51,014,150 | |||||||||||||||||||||||||||||||||
2300 Elliott | Seattle, WA | 1992 | 92 | 796,800 | 7,173,725 | - | 5,462,325 | 796,800 | 12,636,050 | 13,432,850 | (7,894,112 | ) | 5,538,738 | 6,833,000 | |||||||||||||||||||||||||||||||||
Bellevue Meadows | Bellevue, WA | 1983 | 180 | 4,507,100 | 12,574,814 | - | 4,122,712 | 4,507,100 | 16,697,526 | 21,204,626 | (7,309,912 | ) | 13,894,714 | 16,538,000 | |||||||||||||||||||||||||||||||||
Canyon Creek (CA) | San Ramon, CA | 1984 | 268 | 5,425,000 | 18,812,121 | - | 4,809,646 | 5,425,000 | 23,621,767 | 29,046,767 | (8,225,808 | ) | 20,820,959 | 28,000,000 | |||||||||||||||||||||||||||||||||
Canyon Ridge | San Diego, CA | 1989 | 162 | 4,869,448 | 11,955,064 | - | 1,757,641 | 4,869,448 | 13,712,705 | 18,582,153 | (6,531,026 | ) | 12,051,127 | 15,165,000 | |||||||||||||||||||||||||||||||||
Copper Creek | Tempe, AZ | 1984 | 144 | 1,017,400 | 9,158,260 | - | 1,846,036 | 1,017,400 | 11,004,296 | 12,021,696 | (5,587,555 | ) | 6,434,141 | 5,112,000 | |||||||||||||||||||||||||||||||||
Country Oaks | Agoura Hills, CA | 1985 | 256 | 6,105,000 | 29,561,865 | - | 3,142,792 | 6,105,000 | 32,704,657 | 38,809,657 | (10,694,009 | ) | 28,115,648 | 29,412,000 | |||||||||||||||||||||||||||||||||
EDS Dulles | Herndon, VA | (F) | - | 18,875,631 | - | - | - | 18,875,631 | - | 18,875,631 | - | 18,875,631 | 18,342,242 | ||||||||||||||||||||||||||||||||||
Fox Ridge | Englewood, CO | 1984 | 300 | 2,490,000 | 17,522,114 | - | 3,394,463 | 2,490,000 | 20,916,577 | 23,406,577 | (8,158,317 | ) | 15,248,260 | 20,300,000 | |||||||||||||||||||||||||||||||||
Lantern Cove | Foster City, CA | 1985 | 232 | 6,945,000 | 23,332,206 | - | 2,722,185 | 6,945,000 | 26,054,391 | 32,999,391 | (8,961,365 | ) | 24,038,026 | 36,403,000 | |||||||||||||||||||||||||||||||||
Mesa Del Oso | Albuquerque, NM | 1983 | 221 | 4,305,000 | 12,160,419 | - | 1,556,306 | 4,305,000 | 13,716,725 | 18,021,725 | (5,210,415 | ) | 12,811,310 | 9,525,810 | |||||||||||||||||||||||||||||||||
Montclair Metro | Montclair, NJ | 2009 | 163 | 2,400,887 | 43,570,641 | - | 2,092 | 2,400,887 | 43,572,733 | 45,973,620 | (2,218,030 | ) | 43,755,590 | 34,439,480 | |||||||||||||||||||||||||||||||||
Monterra in Mill Creek | Mill Creek, WA | 2003 | 139 | 2,800,000 | 13,255,123 | - | 236,867 | 2,800,000 | 13,491,990 | 16,291,990 | (3,232,493 | ) | 13,059,497 | 7,286,000 | |||||||||||||||||||||||||||||||||
Preserve at Briarcliff | Atlanta, GA | 1994 | 182 | 6,370,000 | 17,766,322 | - | 646,793 | 6,370,000 | 18,413,115 | 24,783,115 | (3,777,603 | ) | 21,005,512 | 6,000,000 | |||||||||||||||||||||||||||||||||
Red Road Commons | Miami, FL (G) | 2009 | 404 | 27,383,547 | 99,555,530 | - | (2,216 | ) | 27,383,547 | 99,553,314 | 126,936,861 | (3,497,205 | ) | 123,439,656 | 74,150,144 | ||||||||||||||||||||||||||||||||
Rosecliff | Quincy, MA | 1990 | 156 | 5,460,000 | 15,721,570 | - | 1,453,717 | 5,460,000 | 17,175,287 | 22,635,287 | (6,797,434 | ) | 15,837,853 | 17,400,000 | |||||||||||||||||||||||||||||||||
Schooner Bay I | Foster City, CA | 1985 | 168 | 5,345,000 | 20,509,239 | - | 3,191,061 | 5,345,000 | 23,700,300 | 29,045,300 | (7,741,356 | ) | 21,303,944 | 27,000,000 | |||||||||||||||||||||||||||||||||
Schooner Bay II | Foster City, CA | 1985 | 144 | 4,550,000 | 18,142,163 | - | 2,985,085 | 4,550,000 | 21,127,248 | 25,677,248 | (6,970,045 | ) | 18,707,203 | 23,760,000 | |||||||||||||||||||||||||||||||||
Scottsdale Meadows | Scottsdale, AZ | 1984 | 168 | 1,512,000 | 11,423,349 | - | 1,629,554 | 1,512,000 | 13,052,903 | 14,564,903 | (6,274,752 | ) | 8,290,151 | 9,100,000 | |||||||||||||||||||||||||||||||||
Strayhorse at Arrowhead Ranch | Glendale, AZ | 1998 | 136 | 4,400,000 | 12,968,002 | - | 186,009 | 4,400,000 | 13,154,011 | 17,554,011 | (2,422,470 | ) | 15,131,541 | 7,971,429 | |||||||||||||||||||||||||||||||||
Surrey Downs | Bellevue, WA | 1986 | 122 | 3,057,100 | 7,848,618 | - | 1,993,876 | 3,057,100 | 9,842,494 | 12,899,594 | (4,301,654 | ) | 8,597,940 | 9,829,000 | |||||||||||||||||||||||||||||||||
Veridian (fka Silver Spring) | Silver Spring, MD (G) | 2009 | 457 | 18,539,817 | 130,485,284 | - | 18,886 | 18,539,817 | 130,504,170 | 149,043,987 | (6,908,776 | ) | 142,135,211 | 115,744,722 | |||||||||||||||||||||||||||||||||
Virgil Square | Los Angeles, CA | 1979 | 142 | 5,500,000 | 15,216,613 | - | 1,334,954 | 5,500,000 | 16,551,567 | 22,051,567 | (3,992,519 | ) | 18,059,048 | 9,900,000 | |||||||||||||||||||||||||||||||||
Willow Brook (CA) | Pleasant Hill, CA | 1985 | 228 | 5,055,000 | 38,388,672 | - | 1,857,343 | 5,055,000 | 40,246,015 | 45,301,015 | (10,264,218 | ) | 35,036,797 | 29,000,000 | |||||||||||||||||||||||||||||||||
EQR Partially Owned Encumbered | 5,232 | 194,692,119 | 866,325,485 | - | 44,399,197 | 194,692,119 | 910,724,682 | 1,105,416,801 | (142,817,905 | ) | 962,598,896 | 749,967,053 | |||||||||||||||||||||||||||||||||||
Portfolio/Entity Encumbrances (1) | 1,417,683,780 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Consolidated Investment in Real Estate | 124,866 | $ | 4,336,999,983 | $ | 13,999,852,420 | $ | - | $ | 1,365,518,589 | $ | 4,336,999,983 | $ | 15,365,371,009 | $ | 319,702,370,992 | $ | (4,337,356,641 | ) | $ | 15,365,014,351 | $ | 4,762,895,885 | |||||||||||||||||||||||||
Description | Initial Cost to Company | Cost Capitalized Subsequent to Acquisition(Improvements, net) (E) | Gross Amount Carried at Close of Period 12/31/12 | |||||||||||||||||||||||||||||||||||||||
Apartment Name | Location | Date of Construction | Units (H) | Land | Building & Fixtures | Building & Fixtures | Land | Building & Fixtures (A) | Total (B) | Accumulated Depreciation (C) | Investment in Real Estate, Net at 12/31/12 (B) | Encumbrances | ||||||||||||||||||||||||||||||
Partially Owned Encumbered: | ||||||||||||||||||||||||||||||||||||||||||
Bellevue Meadows | Bellevue, WA | 1983 | 180 | 4,507,100 | 12,574,814 | 4,203,115 | 4,507,100 | 16,777,929 | 21,285,029 | (8,891,561 | ) | 12,393,468 | 16,538,000 | |||||||||||||||||||||||||||||
Canyon Creek (CA) | San Ramon, CA | 1984 | 268 | 5,425,000 | 18,812,121 | 6,276,196 | 5,425,000 | 25,088,317 | 30,513,317 | (10,527,427 | ) | 19,985,890 | 28,200,000 | |||||||||||||||||||||||||||||
Isle at Arrowhead Ranch | Glendale, AZ | 1996 | 256 | 1,650,237 | 19,593,123 | 1,918,104 | 1,650,237 | 21,511,227 | 23,161,464 | (11,451,766 | ) | 11,709,698 | 17,700,000 | |||||||||||||||||||||||||||||
Lantern Cove | Foster City, CA | 1985 | 232 | 6,945,000 | 23,064,976 | 4,671,523 | 6,945,000 | 27,736,499 | 34,681,499 | (11,224,944 | ) | 23,456,555 | 36,455,000 | |||||||||||||||||||||||||||||
Rosecliff | Quincy, MA | 1990 | 156 | 5,460,000 | 15,721,570 | 2,123,007 | 5,460,000 | 17,844,577 | 23,304,577 | (8,282,174 | ) | 15,022,403 | 17,400,000 | |||||||||||||||||||||||||||||
Schooner Bay I | Foster City, CA | 1985 | 168 | 5,345,000 | 20,390,618 | 4,297,996 | 5,345,000 | 24,688,614 | 30,033,614 | (9,829,193 | ) | 20,204,421 | 28,870,000 | |||||||||||||||||||||||||||||
Schooner Bay II | Foster City, CA | 1985 | 144 | 4,550,000 | 18,064,764 | 3,954,034 | 4,550,000 | 22,018,798 | 26,568,798 | (8,871,676 | ) | 17,697,122 | 26,175,000 | |||||||||||||||||||||||||||||
Scottsdale Meadows | Scottsdale, AZ | 1984 | 168 | 1,512,000 | 11,423,349 | 1,769,044 | 1,512,000 | 13,192,393 | 14,704,393 | (7,271,988 | ) | 7,432,405 | 9,270,000 | |||||||||||||||||||||||||||||
Surrey Downs | Bellevue, WA | 1986 | 122 | 3,057,100 | 7,848,618 | 2,247,834 | 3,057,100 | 10,096,452 | 13,153,552 | (5,160,232 | ) | 7,993,320 | 9,829,000 | |||||||||||||||||||||||||||||
Virgil Square | Los Angeles, CA | 1979 | 142 | 5,500,000 | 15,216,613 | 1,604,433 | 5,500,000 | 16,821,046 | 22,321,046 | (5,313,812 | ) | 17,007,234 | 9,900,000 | |||||||||||||||||||||||||||||
Partially Owned Encumbered | 1,836 | 43,951,437 | 162,710,566 | 33,065,286 | 43,951,437 | 195,775,852 | 239,727,289 | (86,824,773 | ) | 152,902,516 | 200,337,000 | |||||||||||||||||||||||||||||||
Portfolio/Entity Encumbrances (1) | 1,305,895,707 | |||||||||||||||||||||||||||||||||||||||||
Total Consolidated Investment in Real Estate | 110,331 | $ | 5,060,413,242 | $ | 14,521,790,283 | $ | 1,426,225,729 | $ | 5,060,413,242 | $ | 15,948,016,012 | $ | 21,008,429,254 | $ | (4,912,221,051 | ) | $ | 16,096,208,203 | $ | 3,898,368,701 |
(1) | See attached Encumbrances Reconciliation |
S-13
(A) | The balance of furniture & fixtures included in the total investment in real estate amount was |
(B) | The cost, net of accumulated depreciation, for Federal Income Tax purposes as of December 31, |
(C) | The life to compute depreciation for building is 30 years, for building improvements ranges from 5 to |
(D) | This asset consists of various acquisition dates and largely represents furniture, fixtures and equipment, leasehold improvements and capitalized software costs owned by the Management Business, which are generally depreciated over periods ranging from 3 to 7 years. |
(E) | Primarily represents capital expenditures for major maintenance and replacements incurred subsequent to each property’s acquisition date. |
(F) | Represents land and/orconstruction-in-progress on projects either held for future development or projects currently under development. |
(G) | A portion or all of these properties includes commercial space (retail, parking and/or office space). |
(H) | Total properties and units exclude the Military Housing consisting of |
(I) | through |
(L) | Boot property for Freddie Mac |
(M) | Boot Property for Bond Partnership mortgage pool. |
Exhibit | Description | Location | ||||
3.1 | Articles of Restatement of Declaration of Trust of Equity Residential dated December 9, 2004. | Included as Exhibit 3.1 to | ||||
3.2 | Seventh Amended and Restated Bylaws of Equity Residential, effective as of December 14, 2010. | Included as Exhibit 3.1 to | ||||
Sixth Amended and Restated Agreement of Limited Partnership for ERP Operating Limited Partnership dated as of March 12, 2009. | Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated March 12, 2009, filed on March 18, 2009. | |||||
4.1 | Indenture, dated October 1, 1994, between the Operating Partnership and The Bank of New York Mellon Trust Company, N.A., as successor trustee (“Indenture”). | Included as Exhibit 4(a) to | ||||
4.2 | First Supplemental Indenture to Indenture, dated as of September 9, 2004. | Included as Exhibit 4.2 to | ||||
4.3 | Second Supplemental Indenture to Indenture, dated as of August 23, 2006. | Included as Exhibit 4.1 to | ||||
4.4 | Third Supplemental Indenture to Indenture, dated as of June 4, 2007. | Included as Exhibit 4.1 to | ||||
4.5 | ||||||
Included as Exhibit 4.2 to | ||||||
4.6 | Form of 5.2% Note due April 1, 2013. | Included as Exhibit 4 to | ||||
4.7 | Form of 5.25% Note due September 15, 2014. | Included as Exhibit 4.1 to | ||||
4.8 | Terms Agreement regarding 6.63% (subsequently remarketed to a 6.584% fixed rate) Notes due April 13, 2015. | Included as Exhibit 1 to | ||||
4.9 | Terms Agreement regarding 5.125% Notes due March 15, 2016. | Included as Exhibit 1.1 to | ||||
4.10 | Form of 5.375% Note due August 1, 2016. | Included as Exhibit 4.1 to | ||||
4.11 | Form of 5.75% Note due June 15, 2017. | Included as Exhibit 4.3 to | ||||
Terms Agreement regarding 71/8% Notes due October 15, 2017. | Included as Exhibit 1 to | |||||
4.13 | Form of 4.75% Note due July 15, 2020. | Included as Exhibit 4.1 to | ||||
Form of 4.625% Note due December 15, 2021. | Included as Exhibit 4.1 to ERP Operating Limited Partnership's Form 8-K dated December 7, 2011, filed on December 9, 2011. | |||||
4.15 | Terms Agreement regarding 7.57% Notes due August 15, 2026. | Included as Exhibit 1 to | ||||
10.1 | ||||||
* | Noncompetition Agreement (Zell). | Included as an exhibit to | ||||
* | Noncompetition Agreement (Spector). | Included as an exhibit to |
* | Form of Noncompetition Agreement (other officers). | Included as an exhibit to |
Exhibit | Location | |||||
10.4 | Revolving Credit Agreement dated as of | Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated January 11, 2013, filed January 15, 2013. | ||||
10.5 | Guaranty of Payment made as of January 11, 2013 between Equity Residential and Bank of America, N.A., as administrative agent | Included as Exhibit 10.2 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated January 11, 2013, filed January 15, 2013. | ||||
10.6 | Revolving Credit Agreement dated as of July 13, 2011 among ERP Operating Limited Partnership, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., as | |||||
10.7 | Guaranty of Payment made as of | Included as Exhibit 10.2 to | ||||
10.8 | Amendment No.1 to Revolving | |||||
Credit Agreement dated as of | Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated January 6, 2012, filed on January 9, 2012. | |||||
10.9 | Term Loan Agreement dated as of January 11, 2013 among ERP Operating Limited Partnership, Bank of | |||||
10.10 | Guaranty of Payment made as of | Included as Exhibit | ||||
10.11 | Amended and Restated Limited Partnership Agreement of Lexford Properties, L.P. | Included as Exhibit 10.16 to | ||||
* | Equity Residential 2011 Share Incentive Plan. | Included as Exhibit 99.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated June 16, 2011, filed on June 22, 2011. | ||||
10.13 | * | First Amendment to 2011 Share Incentive Plan. | Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended June 30, 2012. | |||
Exhibit | Description | Location | |||||
10.14 | * | Equity Residential Second Restated 2002 Share Incentive Plan dated December 10, 2008. | Included as Exhibit 10.15 to | ||||
* | First Amendment to Second Restated 2002 Share Incentive Plan. | Included as Exhibit 10.1 to | |||||
* | Second Amendment to Second Restated 2002 Share Incentive Plan. | Included as Exhibit 10.3 to Equity Residential's Form 10-Q for the quarterly period ended June 30, 2011. | |||||
10.17 | * | Third Amendment to Second Restated 2002 Share Incentive Plan. | Included as Exhibit 10.2 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended June 30, 2012. | ||||
10.18 | * | Equity Residential Amended and Restated 1993 Share Option and Share Award Plan. | Included as Exhibit 10.11 to | ||||
* | First Amendment to Equity Residential 1993 Share Option and Share Award Plan. | Included as Exhibit 10.1 to | |||||
* | Second Amendment to Equity Residential 1993 Share Option and Share Award Plan. | Included as Exhibit 10.20 to | |||||
* | Third Amendment to Equity Residential 1993 Share Option and Share Award Plan. | Included as Exhibit 10.1 to | |||||
* | Fourth Amendment to Equity Residential 1993 Share Option and Share Award Plan. | Included as Exhibit 10.2 to | |||||
* | Fifth Amendment to Equity Residential 1993 Share Option and Share Award Plan dated December 10, 2008. | Included as Exhibit 10.21 to | |||||
* | Form of Change in Control Agreement between the Company and other executive officers. | Included as Exhibit 10.13 to |
* | Form of First Amendment to Amended and Restated Change in Control/Severance Agreement with each executive officer. | Included as Exhibit 10.1 to | |||||
* | Form of Indemnification Agreement between the Company and each trustee and executive officer. | Included as Exhibit 10.18 to | |||||
* | Form of Letter Agreement between Equity Residential and each of David J. Neithercut, Frederick C. Tuomi, Alan W. George and Bruce C. Strohm. | Included as Exhibit 10.3 to | |||||
* | Form of Executive Retirement Benefits Agreement. | Included as Exhibit 10.24 to | |||||
* | Retirement Benefits Agreement between Samuel Zell and the Company dated October 18, 2001. | Included as Exhibit 10.18 to | |||||
* | Amended and Restated Deferred Compensation Agreement between the Company and Gerald A. Spector dated January 1, 2002. | Included as Exhibit 10.17 to | |||||
* | Change in Control Agreement dated as of March 13, 2009 by and between Equity Residential and Mark J. Parrell, Executive Vice President and Chief Financial Officer. | Included as Exhibit 10.2 to | |||||
* | Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the | ||||||
* | The Equity Residential Supplemental Executive Retirement Plan as Amended and Restated effective | Included as Exhibit | |||||
* | Amendment to the Equity Residential Supplemental Executive Retirement Plan. | ||||||
* | The Equity Residential Grandfathered Supplemental Executive Retirement Plan as Amended and Restated effective January 1, 2005. | Included as Exhibit 10.2 to | |||||
10.36 | Amended and Restated Sales Agency Financing Agreement, dated February 3, 2011, among the Company, the Operating Partnership and Merrill Lynch, Pierce, Fenner & Smith Incorporated. | Included as Exhibit 1.1 to | |||||
10.37 | Sales Agency Financing Agreement, dated February 3, 2011, among the Company, the Operating Partnership and BNY Mellon Capital Markets, LLC. | Included as Exhibit 1.2 to |
Exhibit | Location | |||||
10.38 | Amended and Restated Sales Agency Financing Agreement, dated February 3, 2011, among the Company, the Operating Partnership and J.P. Morgan Securities LLC. | Included as Exhibit 1.3 to | ||||
10.39 | Amended and Restated Sales Agency Financing Agreement, dated February 3, 2011, among the Company, the Operating Partnership and Morgan Stanley & Co. Incorporated. | Included as Exhibit 1.4 to | ||||
Interest Purchase Agreement, dated December 2, 2011, by and among ERP Operating Limited Partnership, BIH ASN LLC, Archstone Equity Holdings Inc., Bank of America, N.A. and Banc of America Strategic Ventures, Inc. | Included as Exhibit 2.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated December 2, 2011, filed on December 5, 2011. | |||||
10.41 | Other Interest Agreement, dated December 2, 2011, by and among ERP Operating Limited Partnership, BIH ASN LLC, Archstone Equity Holdings Inc., Bank of America, N.A. and Banc of America Strategic Ventures, Inc. | Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated December 2, 2011, filed on December 5, 2011. | ||||
10.42 | First Amendment to Other Interest Agreement, dated February 17, 2012, by and among ERP Operating Limited Partnership, BIH ASN LLC, Archstone Equity Holdings Inc., Bank of America, N.A. and Banc of America Strategic Ventures, Inc. | Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated February 17, 2012, filed on February 21, 2012. | ||||
10.43 | Second Amendment to Other Interest Agreement, dated April 18, 2012, by and among ERP Operating Limited Partnership, BIH ASN LLC, Archstone Equity Holdings, Inc., Bank of America, N.A. and Banc of America Strategic Ventures, Inc. | Included as Exhibit 10.1 Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated April 18, 2012, filed on April 19, 2012. | ||||
10.44 | Interest Purchase Agreement, dated May 24, 2012, by and among ERP Operating Limited Partnership, BIH ASN LLC, Archstone Equity Holdings, Inc., Bank of America, N.A. and Banc of America Strategic Ventures, Inc. | Included as Exhibit 2.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated May 24, 2012, filed on May 25, 2012. | ||||
10.45 | Asset Purchase Agreement, dated November 26, 2012, by and among ERP Operating Limited Partnership, Equity Residential, AvalonBay Communities, Inc., Lehman Brothers Holding Inc. and Archstone Enterprise LP. | Included as Exhibit 2.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated and filed on November 26, 2012. | ||||
10.46 | Real Estate Sale Agreement, dated as of January 3, 2013 (executed January 4, 2013), by and among certain subsidiaries of ERP Operating Limited Partnership and GSG Residential Portfolio LLC. | Included as Exhibit 2.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated January 4, 2013, filed January 7, 2013. | ||||
12 | Computation of Ratio of Earnings to Combined Fixed Charges. | Attached herein. | ||||
21 | List of Subsidiaries of Equity | Attached herein. | ||||
23.1 | Consent of Ernst & Young | Attached herein. | ||||
Consent of Ernst & Young LLP - ERP Operating Limited Partnership. | Attached herein. | |||||
24 | Power of Attorney. | See the signature page to this report. | ||||
31.1 | Equity Residential - Certification of David J. Neithercut, Chief Executive Officer. | Attached herein. | ||||
31.2 | Equity Residential - Certification of Mark J. Parrell, Chief Financial Officer. | Attached herein. |
31.3 | ERP Operating Limited Partnership - Certification of David J. Neithercut, Chief Executive Officer of Registrant's General Partner. | Attached herein. | ||||
31.4 | ||||||
32.1 | Equity Residential - 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 Executive Officer of the Company. | Attached herein. | ||||
Exhibit | Description | Location | |||
32.2 | Equity Residential - Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Mark J. Parrell, Chief Financial Officer of the Company. | Attached herein. | |||
ERP Operating Limited Partnership - 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 Executive Officer of Registrant's General Partner. | Attached herein. | ||||
32.4 | ERP Operating Limited Partnership - Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Mark J. Parrell, Chief Financial Officer of Registrant's General Partner. | Attached herein. | |||
101 | XBRL (Extensible Business Reporting Language). The following materials from Equity Residential’s and ERP Operating Limited Partnership's Annual Report on Form10-K for the year ended December 31, | Attached herein. |