FORM 10-KUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year EndedDECEMBER 31, 20042005
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 0-24920
ERP OPERATING LIMITED PARTNERSHIP
(Exact Name of Registrant as Specified in Its Charter)
Illinois |
| 36-3894853 |
(State or Other Jurisdiction of Incorporation or Organization) |
| (I.R.S. Employer Identification No.) |
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Two North Riverside Plaza, Chicago, Illinois |
| 60606 |
(Address of Principal Executive Offices) |
| (Zip Code) |
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(312) 474-1300 | ||
(Registrant’s Telephone Number, Including Area Code) | ||
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Securities registered pursuant to Section 12(b) of the Act: | ||
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7.57% Notes due August 15, 2026 |
| New York Stock Exchange |
(Title of Class) |
| (Name of Each Exchange on Which Registered) |
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Securities registered pursuant to Section 12(g) of the Act: | ||
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Units of Limited Partnership Interest | ||
(Title of Class) |
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ý No o
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 (d) of the Act.
Yes o No ý
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes ý No o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ý
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ý | Accelerated filer | o | Non-accelerated filer | o |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes o No ý
DOCUMENTS INCORPORATED BY REFERENCE
Part III incorporates by reference certain information to be contained in Equity Residential’s definitive proxy statement, which Equity Residential anticipates will be filed no later than April 15, 2005.14, 2006. Equity Residential is the general partner and 93.3%93.4% owner of ERP Operating Limited Partnership.
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ERP OPERATING LIMITED PARTNERSHIP
TABLE OF CONTENTS
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General
ERP Operating Limited Partnership (“ERPOP”), an Illinois limited partnership, was formed in May 1993 to conduct the multifamily residential property business of Equity Residential (“EQR”). EQR is a Maryland real estate investment trust (“REIT”) formed in March 1993 and is a fully integrated real estate company primarily engaged in the acquisition, development, ownership, management and operation of multifamily properties. In addition, ERPOP may acquire or develop multifamily properties specifically to convert directly into condominiums as well as upgrade and sell existing properties as individual condominiums. ERPOP may also acquire land parcels to hold and/or sell based on market opportunities.
EQR is one of the largest publicly traded real estate companies and is the largest publicly traded owner of multifamily properties (based on the aggregate market value of its outstanding Common Shares, the number of apartment units wholly owned and total revenues earned). The Operating Partnership’s corporate headquarters are located in Chicago, Illinois and the Operating Partnership also leases (under operating leases) approximately
EQR is the general partner of, and as of December 31,
As of December 31,
As of March 1,
Certain capitalized terms as used herein are defined in the Notes to Consolidated Financial Statements.
Available Information
You may access our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and any amendments to any of those reports we file with the SEC free of charge at our website, www.equityresidential.com. These reports are made available at our website as soon as reasonably practicable after we file them with the SEC.
Business Objectives and Operating Strategies
The Operating Partnership seeks to maximize
The Operating Partnership’s strategy for accomplishing these objectives include: 4
• Leveraging our size and scale in four critical ways:
• Investing • Meeting the needs of our • Engaging, retaining, and attracting the best people by providing them with the education, resources and opportunities to succeed; and • Sharing resources, customers and best practices in property management and across the enterprise.
• Owning a highly diversified portfolio by investing in target markets defined by a combination of the following criteria:
• High barrier-to-entry (low supply); • Strong economic predictors (high demand); and • Attractive quality of life (high demand and retention).
• Giving
• Being open and responsive to market realities to take advantage of investment opportunities that align with our long-term vision.
Acquisition, Development and
The Operating Partnership anticipates that future property acquisitions and developments will occur within the United States. Acquisitions and developments may be financed from various sources of capital, which may include retained cash flow, issuance of additional equity and debt securities, sales of properties, joint venture agreements and collateralized and uncollateralized borrowings. In addition, the Operating Partnership may acquire
When evaluating potential acquisitions, developments and
• strategically targeted markets; • income levels and employment growth trends in the • employment and • barriers to entry that would limit competition (zoning laws, building permit availability, supply of undeveloped or developable real estate, local building costs and construction labor costs among other factors); • the location, construction quality, condition and design of the property; • the current and projected cash flow of the property and the ability to increase cash flow; • the potential for capital appreciation of the property; • the terms of resident leases, including the potential for rent increases; •
• the occupancy and demand by residents for properties of a similar type in the vicinity (the overall market and submarket); 5 • the prospects for liquidity through sale, financing or refinancing of the property;
• the benefits of integration into existing operations;
• purchase prices and yields of available existing stabilized communities, if any; • competition from existing multifamily properties, residential properties under development and the potential for the construction of new multifamily properties in the
• opportunistic selling based on demand and price of high quality assets, including condominium conversions.
The Operating Partnership generally reinvests the proceeds received from property dispositions primarily to achieve its acquisition and development strategies. In addition, when feasible, the Operating Partnership may structure these transactions as tax deferred exchanges.
The Operating Partnership’s “Consolidated Debt-to-Total Market Capitalization Ratio” as of December 31,
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(1)The
Debt and Equity Offerings For the Years Ended December 31, 2005, 2004
During •The Operating Partnership issued $500.0 million of ten and one-half year 5.125% unsecured fixed rate notes (the “March 2016 Notes”) in a public debt offering in September 2005. The March 2016 Notes were issued at a discount, which is being amortized over the life of the notes on a straight-line basis. The March 2016 Notes are due March 15, 2016 with interest payable semiannually in arrears on March 15 and September 15, commencing March 15, 2006. The Operating Partnership received net proceeds connection with this issuance. • EQR issued • EQR issued
During 2004:
• The Operating Partnership issued $300.0 million of five-year 4.75% • The Operating Partnership issued $500.0 million of ten-year 5.25% • The Operating Partnership received $100.0 million as an initial draw on a $300.0 million floating rate loan in July 2004. The loan was paid off in full and terminated in September 2004. •EQR issued 3,350,759 Common Shares pursuant to its Share Incentive Plans and received net proceeds of approximately $79.0 million.
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During 2003:
• The Operating Partnership issued $400.0 million of ten-year 5.20%
• • •EQR issued 289,274 Common Shares pursuant to its Employee Share Purchase Plan and received net proceeds of approximately $6.3 million.
As of March 1, 2006, $580.0 million in debt securities remains available for issuance by the Operating Partnership under a registration statement the SEC declared effective in June 2003 and $956.5 million in equity securities remains available for issuance by EQR under a
Cumulative through December 31, 2005, a subsidiary of ERPOP issued and has outstanding various series of Preference Interests (the “Preference Interests”) with an equity value of $60.0million receiving net proceeds of $58.5 million. Credit Facilities
On August 30, 2005, the Operating Partnership obtained a new one-year $600.0 million revolving credit facility maturing on August 29, 2006. EQR had guaranteed this credit facility up to the maximum amount and for its full term. The Operating Partnership terminated this short-term revolving credit facility on January 20, 2006. As of December 31, 2005 and December 31, 2004, $769.0 million and $150.0 million, respectively, was outstanding and $50.2 million and $65.4 million, respectively, was restricted (dedicated to support letters of credit and not available for borrowing) on the credit
Competition
All of the Operating Partnership’s properties are located in developed areas that include other multifamily properties. The number of competitive multifamily properties in a particular area could have a material effect on the Operating Partnership’s ability to lease units at the properties or at any newly acquired 8 properties and on the rents charged. The Operating Partnership may be competing with other entities that have greater resources than the Operating Partnership and whose managers have more experience than the Operating Partnership’s managers. In addition, other forms of rental properties and single-family housing provide housing alternatives to potential residents of multifamily properties.
Environmental Considerations See Item 1A Risk Factors for information concerning the potential effects of environmental regulations on our operations. General
The following Risk Factors may contain defined terms that are different from those used in the other sections of this report. Unless otherwise indicated, when used in this section, the terms “we” and “us” refer to ERP Operating Limited Partnership, an Illinois limited partnership, and its subsidiaries. ERP Operating Limited Partnership is controlled by its general partner, Equity Residential, a Maryland real estate investment trust.
Our Performance and OP Unit Value are Subject to Risks Associated with the Real Estate Industry
General
Real property investments are subject to varying degrees of risk and are relatively illiquid. Several factors may adversely affect the economic performance and value of our properties. These factors include changes in the national, regional and local economic
We May be Unable to Renew Leases or Relet Units as Leases Expire
When our residents decide not to renew their leases upon expiration, we may not be able to relet their units. Even if the residents do renew or we can relet the units, the terms of renewal or reletting may be less favorable than current lease terms. Because virtually all of our leases are for apartments, they are generally for terms of no more than one year. If we are unable to promptly renew the leases or relet the units, or if the rental rates upon renewal or reletting are significantly lower than expected rates, then our results of operations and financial condition will be adversely affected. Consequently, our cash flow and ability to service debt and make distributions to security holders would be reduced.
New Acquisitions, Developments and/or Condominium Conversion Projects May Fail to Perform as Expected and Competition for Acquisitions May Result in Increased Prices for Properties
We intend to actively acquire and develop multifamily properties for rental operations and/or specifically to convert directly into condominiums as well as upgrade and sell existing properties as individual condominiums. We may underestimate the costs necessary to bring an acquired or condominium conversion property up to standards established for its intended market position or to develop a property. Additionally, we expect that other major real estate investors with significant capital will compete with us for attractive investment opportunities or may also develop properties in markets where we focus our development efforts. This competition may increase prices for multifamily properties or decrease the price we expect to sell individual condominiums. We may not be in a position or have the opportunity in the future to make suitable property acquisitions on favorable terms. We also plan to develop more properties ourselves
Because Real Estate Investments Are Illiquid, We May Not Be Able To Sell Properties When Appropriate
Real estate investments generally cannot be sold quickly. We may not be able to change our portfolio promptly in response to economic or other conditions. This inability to respond promptly to changes in the performance of our investments could adversely affect our financial condition and ability to make distributions to our security holders.
Changes in Laws and Litigation Risk Could Affect Our Business
We are generally not able to pass through to our residents under existing leases real estate
As the largest owner of multifamily properties, we may become involved in legal proceedings, including but not limited to, proceedings related to consumer, employment, tort and commercial legal issues, that if decided adversely to or settled by us, could result in liability material to our financial condition or results of operations.
Environmental Problems are Possible and can be Costly
Federal, state and local laws and regulations relating to the protection of the environment may require a current or previous owner or operator of real estate to investigate and clean up hazardous or toxic substances or petroleum product releases at such property. The owner or operator may have to pay a governmental entity or third parties for property damage and for investigation and clean-up costs incurred by such parties in connection with the contamination. These laws typically impose clean-up responsibility and liability without regard to whether the owner or operator knew of or caused the presence of the contaminants. Even if more than one person may have been responsible for the contamination each person covered by the environmental laws may be held responsible for all of the clean-up costs incurred. In addition, third parties may sue the owner or operator of a site for damages and costs resulting from environmental contamination emanating from that site.
Substantially all of our properties have been the subject of environmental assessments completed by qualified independent environmental consultant companies. These environmental assessments have not 10 revealed, nor are we aware of, any environmental liability that our management believes would have a material adverse effect on our business, results of operations, financial condition or liquidity.
Over the past four years, there have been an increasing number of lawsuits against owners and managers of multifamily properties other than EQR alleging personal injury and property damage caused by
the presence of mold in residential real estate. Some of these lawsuits have resulted in substantial monetary judgments or settlements. Insurance carriers have reacted to these liability awards by excluding mold related claims from standard policies and pricing mold endorsements at prohibitively high rates. We have adopted programs designed to minimize the existence of mold in any of our properties as well as guidelines for promptly addressing and resolving reports of mold to minimize any impact mold might have on residents or the property.
We cannot be assured that existing environmental assessments of our properties reveal all environmental liabilities, that any prior owner of any of our properties did not create a material environmental condition not known to us, or that a material environmental condition does not otherwise exist as to any one or more of our properties.
Insurance Policy Deductibles and Exclusions
In order to partially mitigate the substantial increase in insurance costs in recent years, management has determined to gradually increase deductible and self-insured retention amounts. As of December 31,
As a result of the terrorist attacks of September 11, 2001, property insurance carriers have created exclusions for losses from terrorism from our “all risk” insurance policies. While separate terrorism insurance coverage is available in certain instances, premiums for such coverage are generally very expensive and deductibles are very high. Additionally, the terrorism insurance coverage that is available typically excludes coverage for losses from nuclear, biological and chemical attacks. At the present time, the Operating Partnership has determined that it is not economically prudent to obtain property terrorism insurance for its entire portfolio to the extent otherwise available, especially given the significant risks that are not covered by such insurance. As of December 31,
Debt Financing, |
Debt Summary |
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| Weighted |
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Secured |
| $ | 3,167 |
| 5.46 | % |
Unsecured |
| 3,293 |
| 5.81 | % | |
Total |
| $ | 6,460 |
| 5.63 | % |
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Fixed Rate |
| $ | 5,071 |
| 6.45 | % |
Floating Rate |
| 1,389 |
| 2.51 | % | |
Total |
| $ | 6,460 |
| 5.63 | % |
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Above Totals Include: |
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Tax Exempt: |
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Fixed |
| $ | 287 |
| 4.30 | % |
Floating |
| 562 |
| 1.79 | % | |
Total |
| $ | 849 |
| 2.70 | % |
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Unsecured Revolving Credit Facility |
| $ | 150 |
| 1.73 | % |
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* Net of the effect of any derivative instruments. |
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Debt Summary |
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| Weighted |
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Secured |
| $ | 3,379 |
| 5.63 | % |
Unsecured |
| 4,212 |
| 5.89 | % | |
Total |
| $ | 7,591 |
| 5.76 | % |
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Fixed Rate |
| $ | 5,700 |
| 6.32 | % |
Floating Rate |
| 1,891 |
| 3.75 | % | |
Total |
| $ | 7,591 |
| 5.76 | % |
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Above Totals Include: |
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Tax Exempt: |
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Fixed |
| $ | 135 |
| 4.02 | % |
Floating |
| 629 |
| 2.95 | % | |
Total |
| $ | 764 |
| 3.25 | % |
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Unsecured Revolving Credit Facility |
| $ | 769 |
| 3.80 | % |
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(1) Net of the effect of any derivative instruments. |
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In addition to debt, we have $842.4$564.3 million of combined liquidation value of outstanding preference interests and units, with a weighted average dividend preference of 8.23%7.98% per annum, as of December 31, 2004.2005. Our use of debt and preferred equity financing creates certain risks, including the following:
Scheduled Debt Payments Could Adversely Affect Our Financial Condition
In the future, our cash flow could be insufficient to meet required payments of principal and interest or to pay distributions on our securities at expected levels.
We may not be able to refinance existing debt (which in virtually all cases requires substantial principal payments at maturity) and, if we can, the terms of such refinancing might not be as favorable as the terms of existing indebtedness. If principal payments due at maturity cannot be refinanced, extended or paid with proceeds of other capital transactions, such as new equity capital, our cash flow will not be sufficient in all years to repay all maturing debt. As a result, we may be forced to postpone capital expenditures necessary for the maintenance of our properties and may have to dispose of one or more properties on terms that would otherwise be unacceptable to us. The Operating Partnership’s debt maturity schedule as of December 31, 20042005 is as follows:
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Debt Maturity Schedule |
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Year |
| $ Millions |
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2006 (1) |
| $ | 774 |
| 10.2 | % |
2007 |
| 389 |
| 5.1 | % | |
2008 (2) |
| 1,175 |
| 15.5 | % | |
2009 |
| 862 |
| 11.4 | % | |
2010 |
| 264 |
| 3.5 | % | |
2011 |
| 805 |
| 10.6 | % | |
2012 |
| 537 |
| 7.1 | % | |
2013 |
| 568 |
| 7.5 | % | |
2014 |
| 505 |
| 6.6 | % | |
2015+ |
| 1,712 |
| 22.5 | % | |
Total |
| $ | 7,591 |
| 100.0 | % |
Debt Maturity Schedule |
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Year |
| $ Millions |
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2005(1)(2) |
| $ | 818 |
| 12.7 | % |
2006(3) |
| 492 |
| 7.6 | % | |
2007 |
| 449 |
| 7.0 | % | |
2008 |
| 627 |
| 9.7 | % | |
2009 |
| 838 |
| 13.0 | % | |
2010 |
| 232 |
| 3.6 | % | |
2011 |
| 718 |
| 11.1 | % | |
2012 |
| 454 |
| 7.0 | % | |
2013 |
| 415 |
| 6.4 | % | |
2014+ |
| 1,417 |
| 21.9 | % | |
Total |
| $ | 6,460 |
| 100.0 | % |
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(1) Includes $300 million of unsecured debt with a final maturity of 2015 that is putable/callable in 2005. |
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(2) Includes $150 million outstanding on the Operating Partnership’s unsecured revolving credit facility. |
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(3) Includes $150 million of unsecured debt with a final maturity of 2026 that is putable in 2006. |
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(1) Includes $150.0 million of 7.57% unsecured debt with a final maturity of 2026 that is putable in 2006. Also includes $215.0 million outstanding on the Operating Partnership’s short-term $600.0 million unsecured revolving credit facility. This facility was terminated on January 20, 2006 in conjunction with the Operating Partnership’s $400.0 million unsecured note issuance which closed on January 19, 2006.
(2) Includes $554.0 million outstanding on the Operating Partnership’s long term unsecured revolving credit facility, which matures on May 29, 2008.
Financial Covenants Could Adversely Affect the Operating Partnership’s Financial Condition
If a property we own is mortgaged to secure payment of indebtedness and we are unable to meet the mortgage payments, the holder of the mortgage could foreclose on the property, resulting in loss of income and asset value. Foreclosure on mortgaged properties or an inability to refinance existing indebtedness would likely have a negative impact on our financial condition and results of operations.
The mortgages on our properties may contain customary negative covenants that, among other things, limit our ability, without the prior consent of the lender, to further mortgage the property and to reduce or change insurance coverage. In addition, our unsecured credit facilities contain certain customary restrictions, requirements and other limitations on our ability to incur indebtedness. The indentures under which a substantial portion of our debt was issued also contain certain financial and operating covenants including, among other things, maintenance of certain financial ratios, as well as limitations on our ability to incur secured and unsecured indebtedness (including acquisition financing), and to sell all or substantially all of our assets. Our credit facility and indentures are cross-defaulted and also contain cross default provisions with other material indebtedness. Our most restrictive unsecured public debt covenants as of December 31, 20042005 and 2003,2004, respectively, are (terms are defined in the indentures):
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Unsecured Public Debt Covenants |
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Selected Unsecured Public Debt Covenants | Selected Unsecured Public Debt Covenants |
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| December 31, |
| December 31, |
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Total Debt to Adjusted Total Assets (not to exceed 60%) |
| 42.5 | % | 39.1 | % |
| 44.9 | % | 42.5 | % |
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Secured Debt to Adjusted Total Assets (not to exceed 40%) |
| 20.8 | % | 19.6 | % |
| 20.0 | % | 20.8 | % |
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Consolidated Income Available For Debt Service To Maximum Annual Service Charges (must be at least 1.5 to 1) |
| 2.88 |
| 2.90 |
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| 2.84 |
| 2.97 |
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Total Unsecured Assets to Unsecured Debt (must be at least 150%) |
| 278.1 | % | 330.2 | % |
| 261.4 | % | 278.1 | % |
Some of the properties were financed with tax-exempt bonds that contain certain restrictive covenants or deed restrictions. We have retained an independent outside consultant to monitor compliance with the restrictive covenants and deed restrictions that affect these properties. If these bond compliance requirements restrict our ability to increase our rental rates to attract low or moderate-income residents, or eligible/qualified residents, then our income from these properties may be limited.
Our Degree of Leverage Could Limit Our Ability to Obtain Additional Financing
Our Consolidated Debt-to-Total Market Capitalization Ratio was 35%37% as of December 31, 2004. We have a policy of incurring indebtedness for borrowed money only through the Operating Partnership and its subsidiaries and only if upon such incurrence our debt to market capitalization ratio would be approximately 50% or less.2005. Our degree of leverage could have important consequences to security holders. For example, the degree of leverage could affect our ability to obtain additional financing in the future for working capital, capital expenditures, acquisitions, development or other general corporate purposes, making us more vulnerable to a downturn in business or the economy in general.
Rising Interest Rates Could Adversely Affect Cash Flow
Advances under our credit facility bear interest at variable rates based upon LIBOR at various interest periods, plus a spread dependent upon the Operating Partnership’s credit rating, or based upon bids received from the lending group. Certain public issuances of our senior unsecured debt instruments may also, from time to time, bear interest at floating rates. We may also borrow additional money with variable interest rates in the future. Increases in interest rates would increase our interest expenses under these debt instruments and would increase the costs of refinancing existing indebtedness and of issuing new debt. Accordingly, higher interest rates could adversely affect cash flow and our ability to service our debt and to make distributions to security holders. We use interest hedging arrangements to manage our exposure to interest rate volatility, but these arrangements may expose us to additional risks, and no strategy can completely insulate us from risks associated with interest rate fluctuations. There can be no assurance that our hedging arrangements will have the desired beneficial impact and may involve costs, such as transaction fees or breakage costs, if we terminate them.
We Depend on Our Key Personnel
We depend on the efforts of the Chairman of EQR’s Board of Trustees, Samuel Zell, and EQR’s executive officers, particularly Bruce W. Duncan,David J. Neithercut, EQR’s President and Chief Executive Officer and Gerald A. Spector, EQR’s Chief Operating Officer. If they resign, our operations could be temporarily adversely affected. Mr. Zell has entered into executive compensation and retirement benefit agreements with the Company. Mr. Duncan and Mr. Spector havehas entered into a Deferred Compensation AgreementsAgreement with the Company that under certain conditions could provide bothhim with a salary benefit after their respectivehis termination of employment with the Company. In addition, Mr. Zell and Mr. Spector have entered into Noncompetition Agreements
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with the Company and Mr. Duncan’s Employment Agreement contains covenants not to compete in favor of the Company.
In the event EQR'sEQR’s Chairman of the Board and/or CEO are unable to serve, (i) the Lead Trustee shall automatically be appointed to serve as the interim successor to the Chairman, (ii) the Chairman shall automatically be appointed to serve as the interim successor to the CEO and (iii) the Chair of the Compensation Committee of the Board will immediately call a meeting of the Committee to recommend to the full Board the selection of a permanent replacement for either or both positions, as necessary.
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Control and Influence by Significant OP Unit holders Could be Exercised in a Manner Adverse to Other OP Unit holders
The consent of certain affiliates of Mr. Zell is required for certain amendments to ERPOP’s Fifth Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”). As a result of their security ownership and rights concerning amendments to the Partnership Agreement, the Zell affiliates may have influence over ERPOP. Although these OP Unit holders have not agreed to act together on any matter, they would be in a position to exercise even more influence over ERPOP’s affairs if they were to act together in the future. This influence might be exercised in a manner that is inconsistent with the interests of other OP Unit holders. For additional information regarding the security ownership of Mr. Zell and EQR’s executive officers and trustees, see EQR’s definitive proxy statement.
Our Success is Dependent on our General Partner’s Compliance With Federal Income Tax Requirements
We rely to a significant extent upon our general partner, EQR, as our source of equity capital. EQR is required to satisfy numerous technical requirements to remain qualified as a REIT for federal income tax purposes. EQR’s failure to qualify as a REIT could have a material adverse impact upon its, and consequently our, ability to raise equity capital. Please see the “Risk Factors-Our Success as a REIT is Dependent on Compliance with Federal Income Tax Requirements” and “Federal Income Tax Consideration”Considerations” sections in EQR’s Annual Report on Form 10-K for a discussion of these federal income tax considerationsconsiderations.
Our General Partner’s Compliance with REIT Distribution Requirements May Affect Our Financial Condition
Distribution Requirements May Increase the Indebtedness of the Operating Partnership
We may be required from time to time, under certain circumstances, to accrue as income for tax purposes interest and rent earned but not yet received. In such event, or upon our repayment of principal on debt, we could have taxable income without sufficient cash to enable our general partner to meet the distribution requirements of a REIT. Accordingly, we could be required to borrow funds or liquidate investments on adverse terms in order to meet these distribution requirements.
16Item 1B. Unresolved Staff Comments
None.
15
As of December 31, 2004,2005, the Operating Partnership, directly or indirectly through investments in title holding entities, owned all or a portion of 939926 properties in 3231 states and the District of Columbia consisting of 200,149197,404 units. The Operating Partnership’s properties are more fully described as follows:
Type |
| Properties |
| Units |
| Average |
| December 31, 2004 |
|
| Properties |
| Units |
| Average |
| December 31, 2005 |
|
Garden |
| 584 |
| 154,230 |
| 264 |
| 93.5 | % |
| 568 |
| 150,337 |
| 265 |
| 93.9 | % |
Mid/High-Rise |
| 52 |
| 14,409 |
| 277 |
| 90.3 | % |
| 57 |
| 15,896 |
| 279 |
| 94.5 | % |
Ranch |
| 302 |
| 27,709 |
| 92 |
| 91.6 | % |
| 300 |
| 27,478 |
| 92 |
| 91.8 | % |
Military Housing |
| 1 |
| 3,801 |
| 3,801 |
| 95.3 | % |
| 1 |
| 3,693 |
| 3,693 |
| 95.3 | % |
Total |
| 939 |
| 200,149 |
|
|
|
|
|
| 926 |
| 197,404 |
|
|
|
|
|
Resident leases are generally for twelve months in length and typically require security deposits. The garden-style properties are generally defined as properties with two and/or three story buildings while the mid-rise/high-rise are defined as properties with greater than three story buildings. These two property types typically provide residents with amenities, which may include a clubhouse, swimming pool, laundry facilities and cable television access. Certain of these properties offer additional amenities such as saunas, whirlpools, spas, sports courts and exercise rooms or other amenities. The ranch-style properties are defined as single story properties, which do not provide additional amenities for residents other than laundry facilities and cable television access. The military housing properties are defined as those properties located on military bases.
It is management’s role to monitor compliance with property policies and to provide preventive maintenance of the properties including common areas, facilities and amenities. The Operating Partnership has a dedicated training and education department that creates and coordinates training and strategic implementation for the Operating Partnership’s property management personnel. The Operating Partnership believes that, due in part to its emphasis on training and employee quality, the properties historically have had high occupancy rates.
The distribution of the properties throughout the United States reflects the Operating Partnership’s belief that geographic diversification helps insulate the portfolio from regional and economic influences. At the same time, the Operating Partnership has sought to create clusters of properties within each of its primary markets in order to achieve economies of scale in management and operation. The Operating Partnership may nevertheless acquire additional multifamily properties located anywhere in the continental United States.
The following tables set forth certain information by type and state relating to the Operating Partnership’s properties (includes(occupancy information excludes condominium conversion, development and condominium conversionunstabilized acquired properties) at December 31, 2004:2005:
1716
GARDEN-STYLE PROPERTIES
State |
| Properties |
| Units |
| Percentage of |
| December 31, 2004 |
|
| Properties |
| Units |
| Percentage of |
| December 31, 2005 |
|
Alabama |
| 4 |
| 800 |
| 0.40 | % | 94.0 | % | |||||||||
Arizona |
| 42 |
| 11,869 |
| 5.93 |
| 93.0 |
|
| 43 |
| 11,676 |
| 5.91 | % | 95.1 | % |
California |
| 95 |
| 24,064 |
| 12.02 |
| 94.1 |
|
| 97 |
| 24,495 |
| 12.41 |
| 94.2 |
|
Colorado |
| 29 |
| 8,433 |
| 4.21 |
| 92.6 |
|
| 27 |
| 8,560 |
| 4.33 |
| 94.3 |
|
Connecticut |
| 22 |
| 2,637 |
| 1.32 |
| 93.1 |
|
| 20 |
| 2,528 |
| 1.28 |
| 92.4 |
|
Florida |
| 69 |
| 20,980 |
| 10.48 |
| 94.9 |
|
| 71 |
| 21,725 |
| 11.01 |
| 95.0 |
|
Georgia |
| 33 |
| 10,495 |
| 5.24 |
| 93.7 |
|
| 30 |
| 9,605 |
| 4.87 |
| 94.1 |
|
Illinois |
| 7 |
| 2,360 |
| 1.18 |
| 91.3 |
|
| 7 |
| 2,360 |
| 1.20 |
| 92.5 |
|
Maine |
| 5 |
| 672 |
| 0.34 |
| 91.1 |
|
| 5 |
| 672 |
| 0.34 |
| 85.8 |
|
Maryland |
| 22 |
| 5,203 |
| 2.60 |
| 92.7 |
|
| 21 |
| 5,145 |
| 2.61 |
| 91.7 |
|
Massachusetts |
| 35 |
| 4,829 |
| 2.41 |
| 93.2 |
|
| 36 |
| 5,094 |
| 2.58 |
| 93.5 |
|
Michigan |
| 6 |
| 1,948 |
| 0.97 |
| 91.3 |
|
| 4 |
| 1,114 |
| 0.56 |
| 91.4 |
|
Minnesota |
| 17 |
| 3,819 |
| 1.91 |
| 88.0 |
|
| 17 |
| 3,819 |
| 1.93 |
| 93.4 |
|
Missouri |
| 6 |
| 1,272 |
| 0.64 |
| 89.8 |
|
| 1 |
| 192 |
| 0.10 |
| 95.8 |
|
New Hampshire |
| 1 |
| 390 |
| 0.19 |
| 90.2 |
|
| 1 |
| 390 |
| 0.20 |
| 80.7 |
|
New Jersey |
| 2 |
| 980 |
| 0.49 |
| 95.6 |
|
| 4 |
| 1,402 |
| 0.71 |
| 93.6 |
|
New Mexico |
| 2 |
| 369 |
| 0.18 |
| 91.4 |
|
| 2 |
| 369 |
| 0.19 |
| 92.6 |
|
New York |
| 1 |
| 300 |
| 0.15 |
| 88.3 |
|
| 1 |
| 300 |
| 0.15 |
| 95.6 |
|
North Carolina |
| 29 |
| 7,902 |
| 3.95 |
| 94.2 |
|
| 27 |
| 7,491 |
| 3.79 |
| 93.7 |
|
Oklahoma |
| 8 |
| 2,036 |
| 1.02 |
| 95.1 |
|
| 7 |
| 1,828 |
| 0.93 |
| 94.5 |
|
Oregon |
| 10 |
| 3,604 |
| 1.80 |
| 93.2 |
|
| 10 |
| 3,604 |
| 1.83 |
| 94.4 |
|
Rhode Island |
| 5 |
| 778 |
| 0.39 |
| 93.2 |
|
| 5 |
| 778 |
| 0.39 |
| 94.2 |
|
Tennessee |
| 10 |
| 3,171 |
| 1.58 |
| 94.2 |
|
| 9 |
| 2,603 |
| 1.32 |
| 93.3 |
|
Texas |
| 69 |
| 21,341 |
| 10.66 |
| 93.7 |
|
| 65 |
| 19,987 |
| 10.12 |
| 94.1 |
|
Virginia |
| 11 |
| 3,774 |
| 1.89 |
| 93.0 |
|
| 14 |
| 4,491 |
| 2.28 |
| 93.7 |
|
Washington |
| 41 |
| 9,518 |
| 4.76 |
| 94.6 |
|
| 41 |
| 9,423 |
| 4.77 |
| 93.9 |
|
Wisconsin |
| 3 |
| 686 |
| 0.34 |
| 86.5 |
|
| 3 |
| 686 |
| 0.35 |
| 92.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Garden-Style |
| 584 |
| 154,230 |
| 77.06 | % |
|
|
| 568 |
| 150,337 |
| 76.16 | % |
|
|
Average Garden-Style |
|
|
| 264 |
|
|
| 93.5 | % |
|
|
| 265 |
|
|
| 93.9 | % |
1817
MID-RISE/HIGH RISE PROPERTIES
State |
| Properties |
| Units |
| Percentage of |
| December 31, 2004 |
|
California |
| 5 |
| 1,622 |
| 0.81 | % | 87.7 | % |
Colorado |
| 1 |
| 339 |
| 0.17 |
| 90.8 |
|
Connecticut |
| 2 |
| 407 |
| 0.20 |
| 92.6 |
|
Florida |
| 3 |
| 653 |
| 0.33 |
| 96.2 |
|
Georgia |
| 1 |
| 322 |
| 0.16 |
| 98.4 |
|
Illinois |
| 2 |
| 1,176 |
| 0.59 |
| 85.3 |
|
Massachusetts |
| 13 |
| 3,338 |
| 1.67 |
| 90.5 |
|
Minnesota |
| 1 |
| 163 |
| 0.08 |
| 88.3 |
|
New Jersey |
| 5 |
| 1,366 |
| 0.68 |
| 93.8 |
|
New York |
| 2 |
| 497 |
| 0.25 |
| 98.6 |
|
Ohio |
| 1 |
| 748 |
| 0.37 |
| 79.2 |
|
Oregon |
| 1 |
| 525 |
| 0.26 |
| 93.1 |
|
Texas |
| 3 |
| 596 |
| 0.30 |
| 92.5 |
|
Virginia |
| 5 |
| 1,660 |
| 0.83 |
| 92.9 |
|
Washington |
| 5 |
| 801 |
| 0.40 |
| 92.5 |
|
Washington, D.C |
| 2 |
| 196 |
| 0.10 |
| 26.0 |
|
|
|
|
|
|
|
|
|
|
|
Total Mid-Rise/High-Rise |
| 52 |
| 14,409 |
| 7.20 | % |
|
|
Average Mid-Rise/High-Rise |
|
|
| 277 |
|
|
| 90.3 | % |
State |
| Properties |
| Units |
| Percentage of |
| December 31, 2005 |
|
California |
| 3 |
| 682 |
| 0.35 | % | 97.3 | % |
Colorado |
| 1 |
| 339 |
| 0.17 |
| 85.4 |
|
Connecticut |
| 1 |
| 263 |
| 0.13 |
| 93.5 |
|
Florida |
| 3 |
| 653 |
| 0.33 |
| 96.5 |
|
Georgia |
| 3 |
| 854 |
| 0.43 |
| 93.5 |
|
Illinois |
| 2 |
| 927 |
| 0.47 |
| 95.7 |
|
Massachusetts |
| 12 |
| 3,470 |
| 1.76 |
| 94.5 |
|
Minnesota |
| 1 |
| 163 |
| 0.08 |
| 88.3 |
|
New Jersey |
| 5 |
| 1,366 |
| 0.69 |
| 95.2 |
|
New York |
| 5 |
| 1,822 |
| 0.92 |
| 97.0 |
|
Texas |
| 3 |
| 596 |
| 0.30 |
| 95.8 |
|
Virginia |
| 6 |
| 2,599 |
| 1.32 |
| 93.9 |
|
Washington |
| 10 |
| 2,012 |
| 1.02 |
| 93.4 |
|
Washington, D.C. |
| 2 |
| 150 |
| 0.08 |
| 90.0 |
|
|
|
|
|
|
|
|
|
|
|
Total Mid-Rise/High-Rise |
| 57 |
| 15,896 |
| 8.05 | % |
|
|
Average Mid-Rise/High-Rise |
|
|
| 279 |
|
|
| 94.5 | % |
RANCH-STYLE PROPERTIES
Florida |
| 86 |
| 8,112 |
| 4.05 | % | 95.1 | % |
Georgia |
| 53 |
| 4,413 |
| 2.20 |
| 90.5 |
|
Indiana |
| 40 |
| 3,877 |
| 1.94 |
| 91.1 |
|
Kentucky |
| 19 |
| 1,533 |
| 0.77 |
| 89.3 |
|
Maryland |
| 4 |
| 414 |
| 0.21 |
| 98.2 |
|
Michigan |
| 17 |
| 1,536 |
| 0.77 |
| 93.4 |
|
Ohio |
| 74 |
| 7,022 |
| 3.51 |
| 89.2 |
|
Pennsylvania |
| 5 |
| 469 |
| 0.23 |
| 86.8 |
|
South Carolina |
| 2 |
| 187 |
| 0.09 |
| 88.2 |
|
Tennessee |
| 2 |
| 146 |
| 0.07 |
| 95.2 |
|
|
|
|
|
|
|
|
|
|
|
Total Ranch-Style |
| 302 |
| 27,709 |
| 13.84 | % |
|
|
Average Ranch-Style |
|
|
| 92 |
|
|
| 91.6 | % |
Florida |
| 86 |
| 8,112 |
| 4.11 | % | 95.0 | % |
Georgia |
| 53 |
| 4,413 |
| 2.24 |
| 92.4 |
|
Indiana |
| 40 |
| 3,877 |
| 1.96 |
| 90.5 |
|
Kentucky |
| 19 |
| 1,533 |
| 0.78 |
| 90.6 |
|
Maryland |
| 4 |
| 414 |
| 0.21 |
| 89.3 |
|
Michigan |
| 17 |
| 1,536 |
| 0.78 |
| 87.4 |
|
Ohio |
| 72 |
| 6,791 |
| 3.44 |
| 90.3 |
|
Pennsylvania |
| 5 |
| 469 |
| 0.24 |
| 88.0 |
|
South Carolina |
| 2 |
| 187 |
| 0.09 |
| 88.7 |
|
Tennessee |
| 2 |
| 146 |
| 0.07 |
| 95.9 |
|
|
|
|
|
|
|
|
|
|
|
Total Ranch-Style |
| 300 |
| 27,478 |
| 13.92 | % |
|
|
Average Ranch-Style |
|
|
| 92 |
|
|
| 91.8 | % |
MILITARY HOUSING PROPERTIES
Washington (Ft. Lewis) |
| 1 |
| 3,801 |
| 1.90 | % | 95.3 | % |
| 1 |
| 3,693 |
| 1.87 | % | 95.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Military Housing |
| 1 |
| 3,801 |
| 1.90 | % |
|
|
| 1 |
| 3,693 |
| 1.87 | % |
|
|
Average Military Housing |
|
|
| 3,801 |
|
|
| 95.3 | % |
|
|
| 3,693 |
|
|
| 95.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Residential Portfolio |
| 939 |
| 200,149 |
| 100 | % |
|
|
| 926 |
| 197,404 |
| 100 | % |
|
|
1918
The properties currently in various stages of development at December 31, 20042005 are included in the following table.
CONSOLIDATED DEVELOPMENT PROJECTS as of December 31, 20042005
(Amounts in thousands except for project and unit amounts)
Projects |
| Location |
| Units |
| Total |
| Total Book |
| Percentage |
| Percentage |
| Percentage |
| Estimated |
| Estimated |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Projects Under Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2400 M Street (Sovereign at 2400) |
| Washington, DC |
| 359 |
| $ | 111,947 |
| $ | 63,774 |
| 57 | % | — |
| — |
| 1Q 2006 |
| 3Q 2007 |
|
Union Station |
| Los Angeles, CA |
| 278 |
| 57,222 |
| 21,780 |
| 38 | % | — |
| — |
| 4Q 2005 |
| 4Q 2006 |
| ||
Indian Ridge |
| Waltham, MA |
| 264 |
| 47,032 |
| 24,904 |
| 53 | % | — |
| — |
| 4Q 2005 |
| 4Q 2006 |
| ||
1111 25th Street (Sovereign House) (3) |
| Washington, DC |
| 141 |
| 40,329 |
| 38,425 |
| 95 | % | — |
| — |
| 1Q 2005 |
| 4Q 2005 |
| ||
Bella Vista III (4) |
| Woodland Hills, CA |
| 264 |
| 70,179 |
| 20,293 |
| 3 | % | — |
| — |
| 3Q 2006 |
| 2Q 2007 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Projects Under Development (6) |
|
|
| 1,306 |
| 326,709 |
| 169,176 |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Completed Not Stabilized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
1210 Massachusetts Ave. (Sovereign Park) |
| Washington, DC |
| 144 |
| 39,702 |
| 39,365 |
| 100 | % | 31 | % | 26 | % | Completed |
| 4Q 2005 |
| ||
Water Terrace I (Regatta I) (4) (5) |
| Marina Del Rey, CA |
| 450 |
| 226,175 |
| 226,175 |
| 100 | % | 77 | % | 74 | % | Completed |
| 3Q 2005 |
| ||
Bella Vista I&II (Warner Ridge) (4) |
| Woodland Hills, CA |
| 315 |
| 80,112 |
| 77,186 |
| 100 | % | 90 | % | 90 | % | Completed |
| 1Q 2005 |
| ||
City View at the Highlands (4) |
| Lombard, IL |
| 403 |
| 65,539 |
| 65,279 |
| 100 | % | 74 | % | 74 | % | Completed |
| 2Q 2005 |
| ||
City Place (Westport) (4) |
| Kansas City, MO |
| 288 |
| 33,760 |
| 33,760 |
| 100 | % | 73 | % | 72 | % | Completed |
| 3Q 2005 |
| ||
Marina Bay II (4) |
| Quincy, MA |
| 108 |
| 23,480 |
| 23,230 |
| 100 | % | 56 | % | 56 | % | Completed |
| 3Q 2005 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Projects Completed Not Stabilized |
|
|
| 1,708 |
| 468,768 |
| 464,995 |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Completed And Stabilized During the Fourth Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Legacy Park Central |
| Concord, CA |
| 259 |
| 52,337 |
| 51,035 |
| 100 | % | 98 | % | 96 | % | Completed |
| 4Q 2004 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Projects Completed And Stabilized |
| 259 |
| 52,337 |
| 51,035 |
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Projects |
| 12 |
| 3,273 |
| $ | 847,814 |
| $ | 685,206 |
|
|
|
|
|
|
|
|
|
|
|
Projects |
| Location |
| Units |
| Total |
| Total Book |
| Percentage |
| Percentage |
| Percentage |
| Estimated |
| Estimated |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Projects Under Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2400 M Street |
| Washington, D.C. |
| 359 |
| $ | 111,947 |
| $ | 104,336 |
| 97 | % | — |
| — |
| 2Q 2006 |
| 3Q 2007 |
|
Union Station |
| Los Angeles, CA |
| 278 |
| 62,030 |
| 46,343 |
| 73 | % | — |
| — |
| 2Q 2006 |
| 4Q 2006 |
| ||
Bella Vista III (3) |
| Woodland Hills, CA |
| 264 |
| 71,139 |
| 35,315 |
| 26 | % | — |
| — |
| 4Q 2006 |
| 3Q 2007 |
| ||
Vintage |
| Ontario, CA |
| 300 |
| 52,412 |
| 17,105 |
| 9 | % | — |
| — |
| 1Q 2007 |
| 4Q 2007 |
| ||
Highland Glen II (3) |
| Westwood, MA |
| 102 |
| 21,620 |
| 1,997 |
| 1 | % | — |
| — |
| 1Q 2007 |
| 4Q 2007 |
| ||
Silver Spring |
| Silver Spring, MD |
| 457 |
| 145,224 |
| 19,091 |
| 1 | % | — |
| — |
| 1Q 2008 |
| 4Q 2009 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Projects Under Development |
|
|
| 1,760 |
| 464,372 |
| 224,187 |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Completed Not Stabilized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Indian Ridge |
| Waltham, MA |
| 264 |
| 47,032 |
| 44,840 |
| 100 | % | 78 | % | 72 | % | Completed |
| 3Q 2006 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Projects Completed Not Stabilized |
|
|
| 264 |
| 47,032 |
| 44,840 |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Completed And Stabilized During the Fourth Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
1210 Massachusetts Ave (Sovereign Park) |
| Washington, D.C. |
| 144 |
| 39,702 |
| 39,527 |
| 100 | % | 93 | % | 92 | % | Completed |
| Stabilized |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Projects Completed And Stabilized During the Fourth Quarter |
|
|
| 144 |
| 39,702 |
| 39,527 |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Projects |
| 8 |
| 2,168 |
| $ | 551,106 |
| $ | 308,554 |
|
|
|
|
|
|
|
|
|
|
|
(1) Total capital cost represents estimated development cost for projects under development and all capitalized costs incurred to date plus any estimates of costs remaining to be funded for all completed projects. Total capital cost and total book value to date exclude purchase consideration paid to the development partner of $1.8 million and $1.0 million on Water Terrace I and Bella Vista I & II, respectively.
(2) Of the total book value to date, $516.0$83.8 million has been transferred to land and depreciable property and $169.2$224.8 million is currently reflected as construction in progress (“CIP”). The remaining $148.7$180.5 million of CIP represents land held for future development and related costs.costs and land and related development costs for uncompleted condominium projects. Of the $162.6$242.6 million remaining to be invested, $107.6$55.5 million will be funded through third party construction mortgages.
(3) Project will be converted to condominiums.
(4) Projects are wholly owned. All others are partially owned.
(5) Project sold on January 31, 2005.
(6) Projects and units excluded from total Operating Partnership property and unit count.
2019
In August 2004, theThe Operating Partnership tried a class action lawsuit in Palm Beach County, Florida regardingduring the last week of August of 2004 which challenged the assessment and collection of certain charges madelease termination fees. The case has been settled, subject to residents who terminated their leases early or failed to provide sufficient noticecourt approval. The Operating Partnership will pay $1.7 million into a class fund, $1.629 million of intent to vacate.which was previously accrued during 2004. In December 2004, the Court issued a Findings of Fact and Conclusions of Law holding those fees legally uncollectible under Florida law. In recognition of the Findings of Fact and Conclusions of Law, which awarded damages and interest to the class in the amount of approximately $1.6 million,addition, the Operating Partnership established a reservewill pay $325,000 to reimburse class counsel for its out of pocket expenses, plus $2.55 million in attorney’s fees. Costs of claims administration will be approximately $1.6 million and correspondingly$100,000. An accrual for these additional potential payments was recorded this as a general and administrative expense. Due to pending appeals,in the award is neither final nor enforceable. Accordingly, it is not possible to determine or predict the ultimate outcomefourth quarter of 2005. Preliminary court approval of the case. While no assurances can be given,settlement was obtained in February of 2006 and final judgment is expected in the Operating Partnership does not believe that this lawsuit, if the ultimate outcome is unfavorable, will have a material adverse effect on the Operating Partnership.second quarter of 2006.
The Operating Partnership does not believe there is any other litigation pending or threatened against the Operating Partnership which, individually or in the aggregate, reasonably may be expected to have a material adverse effect on the Company.Operating Partnership.
Item 4.4. Submission of Matters to a Vote of Security Holders
None.
2120
Item 5.5. Market for Registrant’s Common Equity, Related ShareholderStockholder Matters and Issuer Purchases of Equity Securities
There is no established public market for the OP Units.
The following table sets forth, for the years indicated, the distributions paid on the Operating Partnership’s OP Units:
|
| Distributions |
|
| Distributions |
| ||||||||
|
| 2004 |
| 2003 |
|
| 2005 |
| 2004 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
Fourth Quarter Ended December 31, |
| $ | 0.4325 |
| $ | 0.4325 |
|
| $ | 0.4425 |
| $ | 0.4325 |
|
Third Quarter Ended September 30, |
| $ | 0.4325 |
| $ | 0.4325 |
|
| $ | 0.4325 |
| $ | 0.4325 |
|
Second Quarter Ended June 30, |
| $ | 0.4325 |
| $ | 0.4325 |
|
| $ | 0.4325 |
| $ | 0.4325 |
|
First Quarter Ended March 31, |
| $ | 0.4325 |
| $ | 0.4325 |
|
| $ | 0.4325 |
| $ | 0.4325 |
|
The number of record holders of record of OP Units and Junior Convertible Preference Units in the Operating Partnership at February 3, 2005,2006, were 543583 and 1, respectively. The number of outstanding OP Units and Junior Convertible Preference Units as of February 3, 20052006 were 306,965,461310,836,063 and 7,367 respectively. The Operating Partnership did not repurchase any of its OP Units during the year ended December 31, 2005.
Certain information related to EQR’s equity compensation plans is set forth in Item 8, Notes 14 and 15.
OP Units Issued in the Quarter Ended December 31, 2005
The Operating Partnership issued 330,742 OP Units having a value of $12.7 million to its limited partners during the fourth quarter ended December 31, 2005.
These OP Units were issued in exchange for direct or indirect interests in multifamily properties in private placement transactions under section 4(2) of the Securities Act of 1933, as amended (the “Securities Act”). OP Units are generally exchangeable into Common Shares of EQR on a one-for-one basis or, at the option of EQR and the Operating Partnership, the cash equivalent thereof, at any time one year after the date of issuance. Information with respect to unregistered OP Unit sales for the first three quarters of 2005 is contained in the Operating Partnership’s quarterly reports on Form 10-Q relating to such quarters.
Item 6.6. Selected Financial Data
The following table sets forth selected financial and operating information on a historical basis for the Operating Partnership. The following information should be read in conjunction with all of the financial statements and notes thereto included elsewhere in this Form 10-K. The historical operating and balance sheet data have been derived from the historical financial statements of the Operating Partnership. All amounts have also been restated in accordance with the discontinued operations provisions of SFAS No. 144. Certain capitalized terms as used herein are defined in the Notes to Consolidated Financial Statements.
2221
CONSOLIDATED HISTORICAL FINANCIAL INFORMATION
(Financial information in thousands except for per OP Unit and property data)
|
| Year Ended December 31, |
|
| Year Ended December 31, |
| ||||||||||||||||||||||||||
|
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
|
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| ||||||||||
OPERATING DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total revenues from continuing operations |
| $ | 1,889,501 |
| $ | 1,706,020 |
| $ | 1,687,041 |
| $ | 1,715,440 |
| $ | 1,607,243 |
|
| $ | 1,954,937 |
| $ | 1,753,824 |
| $ | 1,581,021 |
| $ | 1,558,622 |
| $ | 1,589,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Interest and other income |
| $ | 68,517 |
| $ | 8,957 |
| $ | 15,512 |
| $ | 14,624 |
| $ | 21,774 |
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Income from continuing operations |
| $ | 187,111 |
| $ | 213,061 |
| $ | 235,512 |
| $ | 293,244 |
| $ | 260,647 |
|
| $ | 222,716 |
| $ | 169,614 |
| $ | 178,488 |
| $ | 196,819 |
| $ | 254,198 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net gain on sales of discontinued operations |
| $ | 697,655 |
| $ | 318,443 |
| $ | 310,706 |
| $ | 104,296 |
| $ | 148,906 |
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Discontinued operations, net |
| $ | 11,676 |
| $ | 36,107 |
| $ | 89,311 |
| $ | 147,060 |
| $ | 104,580 |
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net income |
| $ | 524,164 |
| $ | 578,505 |
| $ | 448,175 |
| $ | 506,414 |
| $ | 591,212 |
|
| $ | 932,047 |
| $ | 524,164 |
| $ | 578,505 |
| $ | 448,175 |
| $ | 506,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net income available to OP Units |
| $ | 449,811 |
| $ | 461,297 |
| $ | 351,024 |
| $ | 394,971 |
| $ | 479,271 |
|
| $ | 866,306 |
| $ | 449,811 |
| $ | 461,297 |
| $ | 351,024 |
| $ | 394,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Earnings per OP Unit – basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Income from continuing operations available to OP Units |
| $ | 0.38 |
| $ | 0.33 |
| $ | 0.47 |
| $ | 0.62 |
| $ | 0.52 |
|
| $ | 0.51 |
| $ | 0.32 |
| $ | 0.21 |
| $ | 0.34 |
| $ | 0.49 |
|
Net income available to OP Units |
| $ | 1.50 |
| $ | 1.57 |
| $ | 1.19 |
| $ | 1.36 |
| $ | 1.69 |
|
| $ | 2.83 |
| $ | 1.50 |
| $ | 1.57 |
| $ | 1.19 |
| $ | 1.36 |
|
Weighted average OP Units outstanding |
| 300,683 |
| 294,523 |
| 294,637 |
| 291,362 |
| 283,921 |
|
| 306,579 |
| 300,683 |
| 294,523 |
| 294,637 |
| 291,362 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Earnings per OP Unit – diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Income from continuing operations available to OP Units |
| $ | 0.37 |
| $ | 0.32 |
| $ | 0.46 |
| $ | 0.61 |
| $ | 0.52 |
|
| $ | 0.51 |
| $ | 0.31 |
| $ | 0.21 |
| $ | 0.33 |
| $ | 0.48 |
|
Net income available to OP Units |
| $ | 1.48 |
| $ | 1.55 |
| $ | 1.18 |
| $ | 1.34 |
| $ | 1.67 |
|
| $ | 2.79 |
| $ | 1.48 |
| $ | 1.55 |
| $ | 1.18 |
| $ | 1.34 |
|
Weighted average OP Units outstanding |
| 303,871 |
| 297,041 |
| 297,969 |
| 295,213 |
| 286,503 |
|
| 310,785 |
| 303,871 |
| 297,041 |
| 297,969 |
| 295,213 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distributions declared per OP Unit outstanding |
| $ | 1.73 |
| $ | 1.73 |
| $ | 1.73 |
| $ | 1.68 |
| $ | 1.575 |
|
| $ | 1.74 |
| $ | 1.73 |
| $ | 1.73 |
| $ | 1.73 |
| $ | 1.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
BALANCE SHEET DATA (at end of period): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Real estate, before accumulated depreciation |
| $ | 14,852,621 |
| $ | 12,874,379 |
| $ | 13,046,263 |
| $ | 13,016,183 |
| $ | 12,591,539 |
|
| $ | 16,590,370 |
| $ | 14,852,621 |
| $ | 12,874,379 |
| $ | 13,046,263 |
| $ | 13,016,183 |
|
Real estate, after accumulated depreciation |
| $ | 12,252,794 |
| $ | 10,578,366 |
| $ | 10,934,246 |
| $ | 11,297,338 |
| $ | 11,239,303 |
|
| $ | 13,702,230 |
| $ | 12,252,794 |
| $ | 10,578,366 |
| $ | 10,934,246 |
| $ | 11,297,338 |
|
Total assets |
| $ | 12,645,275 |
| $ | 11,466,893 |
| $ | 11,810,917 |
| $ | 12,235,625 |
| $ | 12,263,966 |
|
| $ | 14,098,945 |
| $ | 12,645,275 |
| $ | 11,466,893 |
| $ | 11,810,917 |
| $ | 12,235,625 |
|
Total debt |
| $ | 6,459,806 |
| $ | 5,360,489 |
| $ | 5,523,699 |
| $ | 5,742,758 |
| $ | 5,706,152 |
|
| $ | 7,591,073 |
| $ | 6,459,806 |
| $ | 5,360,489 |
| $ | 5,523,699 |
| $ | 5,742,758 |
|
Minority Interests |
| $ | 9,557 |
| $ | 9,903 |
| $ | 9,811 |
| $ | 4,078 |
| $ | 2,884 |
|
| $ | 16,965 |
| $ | 9,557 |
| $ | 9,903 |
| $ | 9,811 |
| $ | 4,078 |
|
Partners’ capital |
| $ | 5,598,553 |
| $ | 5,606,467 |
| $ | 5,798,615 |
| $ | 6,045,694 |
| $ | 6,229,281 |
|
| $ | 5,800,558 |
| $ | 5,598,553 |
| $ | 5,606,467 |
| $ | 5,798,615 |
| $ | 6,045,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
OTHER DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total properties (at end of period) |
| 939 |
| 968 |
| 1,039 |
| 1,076 |
| 1,104 |
|
| 926 |
| 939 |
| 968 |
| 1,039 |
| 1,076 |
| ||||||||||
Total apartment units (at end of period) |
| 200,149 |
| 207,506 |
| 223,591 |
| 224,801 |
| 227,704 |
|
| 197,404 |
| 200,149 |
| 207,506 |
| 223,591 |
| 224,801 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Funds from operations available to OP Units (1)(2) |
| $ | 651,741 |
| $ | 640,390 |
| $ | 719,265 |
| $ | 706,294 |
| $ | 719,580 |
| ||||||||||||||||
Funds from operations available to OP Units - basic (1)(2) |
| $ | 784,625 |
| $ | 651,741 |
| $ | 640,390 |
| $ | 719,265 |
| $ | 706,294 |
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Cash flow provided by (used for): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating activities |
| $ | 717,750 |
| $ | 744,319 |
| $ | 888,263 |
| $ | 889,668 |
| $ | 836,417 |
|
| $ | 714,291 |
| $ | 717,750 |
| $ | 744,319 |
| $ | 888,263 |
| $ | 889,668 |
|
Investing activities |
| $ | (565,968 | ) | $ | 334,028 |
| $ | (48,622 | ) | $ | 57,429 |
| $ | (557,766 | ) |
| $ | (607,961 | ) | $ | (565,968 | ) | $ | 334,028 |
| $ | (48,622 | ) | $ | 57,429 |
|
Financing activities |
| $ | (117,856 | ) | $ | (1,058,643 | ) | $ | (861,369 | ) | $ | (919,266 | ) | $ | (283,996 | ) |
| $ | (101,007 | ) | $ | (117,856 | ) | $ | (1,058,643 | ) | $ | (861,369 | ) | $ | (919,266 | ) |
(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 of depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis. The April 2002 White Paper states that gain or loss on sales of property is excluded from FFO for previously depreciated operating properties only. Once the Operating Partnership commences the conversion of units to condominiums, it simultaneously discontinues depreciation of such property. See Item 7 for a reconciliation of net income to FFO.
(2) The Operating Partnership believes that FFO is helpful to investors as a supplemental measure of the operating performance of a real estate company, because it is a recognized measure of performance by the real estate industry and by excluding gains or losses related to dispositions
22
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 can help compare the operating performance of a company’s real estate between periods or as compared to different companies. FFO in and of itself
23
does not represent net income or net cash flows from operating activities in accordance with GAAP. Therefore, FFO should not be exclusively considered as an alternative to net income or to net cash flows from operating activities as determined by GAAP or as a measure of liquidity. The Operating Partnership’s calculation of FFO 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.
Item 7.7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
The following discussion and analysis of the results of operations and financial condition of the Operating Partnership should be read in connection with the Consolidated Financial Statements and Notes thereto. Due to the Operating Partnership’s ability to control its subsidiaries other than entities owning interests in the Unconsolidated Properties and certain other entities in which it has investments, each such subsidiary entity has been consolidated with the Operating Partnership for financial reporting purposes. Capitalized terms used herein and not defined are as defined elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2004.2005.
Forward-looking statements in this Item 7 as well as Item 1 ofelsewhere in this Annual Report on Form 10-K are intended to be made pursuant to the safe harbor provisions of the PrivatePrivat e Securities Litigation Reform Act of 1995. The words “believes”, “estimates”, “expects”statements are based on current expectations, estimates, projections and “anticipates” and other similar expressions that are predictions of or indicate future events and trends and which do not relate solely to historical matters identify forward-looking statements. Suchassumptions made by management. While the Operating Partnership’s management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to risksuncertainties and uncertainties,may involve certain risks, which could cause actual results, performance, or achievements of the Operating Partnership to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Many of these uncertainties and risks are difficult to predict and beyond management’s control. Forward-looking statements are not guarantees of future performance, results or events. The Operating Partnership assumes no obligation to update or supplement forward-looking statements because of subsequent events. Factors that might cause such differences include, but are not limited to, the following:
• We intend to actively acquire and develop multifamily properties for rental operations and/or conversion into condominiums, as well as upgrade and sell existing properties as individual condominiums. We may underestimate the costs necessary to bring an acquired or condominium conversion property up to standards established for its intended market position or to otherwise develop a property. Additionally, we expect that other major real estate investors with significant capital will compete with us for attractive investment opportunities or may also develop properties in markets where we focus our development efforts. This competition may increase prices for multifamily properties or decrease the price at which we expect to sell individual condominiums. Upon conversion of properties to condominiums, we have increased our risk related to construction performed during the conversion. Condominium associations may assert that the construction performed was defective, resulting in litigation and/or settlement discussions. We may not be in a position or have the opportunity in the future to make suitable property acquisitions on favorable terms. We also plan to develop more properties ourselves in addition to co-investing with our development partners for either the rental or condominium market, depending on opportunities in each sub-market. This may increase the overall level of risk associated with our developments. The total number of development units, cost of development and estimated completion dates as well as anticipated capital expenditures for replacements and building improvements all reflect the Operating Partnership’s best estimates and are subject to uncertainties arising from changing economic conditions (such as the cost of labor and construction materials), competition and local government regulation;regulation.
• Sources of capital to the Operating Partnership or labor and materials required for maintenance, repair, capital expenditure or development are 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 of multifamily housing,
23
slow employment growth, availability of low interest mortgages for single-family home buyers and the potential for geopolitical instability, all of which are beyond the Operating Partnership’s control; and
• Additional factors as discussed in Part I of this Annual Report on Form 10-K, particularly those under “Risk Factors”.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Operating Partnership undertakes no obligation to publicly release any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Forward-looking statements and related uncertainties are also included in Note 5 and 11 to the Notes to Consolidated Financial Statements in this report.
24
Results of Operations
The following table summarizesIn conjunction with our business objectives and operating strategy, the numberOperating Partnership has continued to invest or recycle its capital investment in apartment properties located in strategically targeted markets during the years ended December 31, 2005 and December 31, 2004. In summary, we:
Year Ended December 31, 2005:
• Acquired $2.5 billion of apartment properties consisting of forty-one properties and related12,059 units, and $138.3 million of land parcels, all of which we deem to be in our strategic targeted markets; and
• Sold $1.4 billion of apartment properties consisting of 50 properties and 12,848 units, as well as 2,241 condominium units for the periods presented:$593.3 million and five land parcels for $108.3 million.
|
| Properties |
| Units |
| Purchase / |
| |
At December 31, 2002 |
| 1,039 |
| 223,591 |
|
|
| |
2003 Acquisitions |
| 17 |
| 5,200 |
| $ | 684.1 |
|
2003 Dispositions: |
|
|
|
|
|
|
| |
Rental Properties |
| (95 | ) | (23,075 | ) | $ | (1,162.6 | ) |
Condominium Units |
| (1 | ) | (411 | ) | $ | (54.8 | ) |
Vacant Land |
| — |
| — |
| $ | (0.6 | ) |
2003 Completed Developments |
| 8 |
| 2,112 |
|
|
| |
2003 Unit Configuration Changes |
| — |
| 89 |
|
|
| |
At December 31, 2003 |
| 968 |
| 207,506 |
|
|
| |
2004 Acquisitions: |
|
|
|
|
|
|
| |
Rental Properties |
| 24 |
| 6,182 |
| $ | 900.8 |
|
Vacant Land |
| — |
| — |
| $ | 12.4 |
|
2004 Dispositions: |
|
|
|
|
|
|
| |
Rental Properties |
| (56 | ) | (14,159 | ) | $ | (787.8 | ) |
Condominium Units |
| (2 | ) | (977 | ) | $ | (177.3 | ) |
Vacant Land |
| — |
| — |
| $ | (27.9 | ) |
2004 Completed Developments |
| 5 |
| 1,565 |
|
|
| |
2004 Unit Configuration Changes |
| — |
| 32 |
|
|
| |
At December 31, 2004 |
| 939 |
| 200,149 |
|
|
|
Year Ended December 31, 2004:
• Acquired $900.8 million of apartment properties consisting of twenty-four properties and 6,182 units, as well as $12.4 million of land parcels; and
• Sold $787.8 million of apartment properties consisting of fifty-six properties and 14,159 units as well as 977 condominium units for $177.3 million and two land parcels for $27.9 million.
The Operating Partnership’s primary financial measure for evaluating each of its apartment communities is net operating income (“NOI”). NOI represents rental income less property and maintenance expense, real estate tax and insurance expense, and property management expense. The Operating Partnership believes that NOI is helpful to investors as a supplemental measure of the operating performance of a real estate company because it is a direct measure of the actual operating results of the Operating Partnership’s apartment communities.
Properties that the Operating Partnership owned for all of both 2005 and 2004 and 2003 (the “2004“2005 Same Store Properties”), which represented 162,201154,854 units, impacted the Operating Partnership’s results of operations. Properties that the Operating Partnership owned for all of both 2004 and 2003 and 2002 (the “2003“2004 Same Store Properties”), which represented 171,841162,201 units, also impacted the Operating Partnership’s results of operations. Both the 20042005 Same Store Properties and 20032004 Same Store Properties are discussed in the following paragraphs.
The Operating Partnership’s acquisition, disposition, completed development and consolidation of previously unconsolidated property and variable interest entity activities also impacted overall results of operations for the years ended December 31, 20042005 and 2003.2004. The impacts of these activities are also discussed in greater detail in the following paragraphs.
24
Comparison of the year ended December 31, 2005 to the year ended December 31, 2004
For the year ended December 31, 2005, income from continuing operations increased by approximately $53.1 million when compared to the year ended December 31, 2004. The increase in continuing operations is discussed below.
Revenues from the 2005 Same Store Properties increased $61.9 million primarily as a result of lower concessions provided residents and a slight increase in average rent per unit and occupancy rates. Expenses from the 2005 Same Store Properties increased $36.2 million primarily due to higher payroll, utility costs and real estate taxes. The following tables provide comparative revenue, expense, NOI and weighted average occupancy for the 2005 Same Store Properties:
Year 2005 vs. Year 2004 |
| |||||||||
$ in Millions – 154,854 Same-Store Units |
| |||||||||
Description |
| Revenues |
| Expenses (1) |
| NOI |
| |||
|
|
|
|
|
|
|
| |||
2005 |
| $ | 1,636.7 |
| $ | 678.2 |
| $ | 958.5 |
|
2004 |
| $ | 1,574.8 |
| $ | 642.0 |
| $ | 932.8 |
|
Change |
| $ | 61.9 |
| $ | 36.2 |
| $ | 25.7 |
|
Change |
| 3.9 | % | 5.6 | % | 2.8 | % | |||
|
| |||||||||
| ||||||||||
(1) Year 2005 expenses exclude $11.1 million of uninsured property damage caused by Hurricane Wilma. Year 2004 expenses exclude $15.2 million of uninsured property damage caused by Hurricanes Charley, Frances, Ivan and Jeanne. |
|
Same-Store Occupancy Statistics | |||
Year 2005 | 94.1 | % | |
Year 2004 | 93.5 | % | |
Change | 0.6 | % |
The following table presents a reconciliation of operating income per the consolidated statements of operations to NOI for the 2005 Same Store Properties.
|
| Year Ended December 31, |
| ||||
|
| 2005 |
| 2004 |
| ||
|
| (Amounts in millions) |
| ||||
|
|
|
|
|
| ||
Operating income |
| $ | 511.9 |
| $ | 490.5 |
|
Adjustments: |
|
|
|
|
| ||
Insurance (1) |
| 11.1 |
| 15.2 |
| ||
Non-same store operating results |
| (143.2 | ) | (64.6 | ) | ||
Fee and asset management revenue |
| (11.1 | ) | (11.8 | ) | ||
Fee and asset management expense |
| 9.9 |
| 8.8 |
| ||
Depreciation |
| 508.1 |
| 445.4 |
| ||
General and administrative |
| 71.8 |
| 49.3 |
| ||
|
|
|
|
|
| ||
Same store NOI |
| $ | 958.5 |
| $ | 932.8 |
|
(1) Hurricane property damage net of reimbursement from insurance company.
For properties that the Operating Partnership acquired prior to January 1, 2005 and expects to continue
25
to own through December 31, 2006, the Operating Partnership anticipates the following same store results for the full year ending December 31, 2006:
2006 Same-Store Assumptions | |||
Physical Occupancy | 94.5% | ||
Revenue Change | 4.75% to 5.75% | ||
Expense Change | 4.25% to 5.25% | ||
NOI Change | 4.50% to 6.50% |
These 2006 assumptions are based on current expectations and are forward-looking.
Non-same store operating results increased $78.6 million and consist primarily of properties acquired in calendar years 2005 and 2004 as well as our corporate housing business.
Fee and asset management revenues, net of fee and asset management expenses, decreased by $1.7 million primarily as a result of lower income earned from Ft. Lewis and managing fewer properties for third parties and unconsolidated entities. As of December 31, 2005 and 2004, the Operating Partnership managed 16,269 units and 17,988 units, respectively, for third parties and unconsolidated entities.
Property management expenses from continuing operations include off-site expenses associated with the self-management of the Operating Partnership’s properties as well as management fees paid to any third party management companies. These expenses increased by approximately $7.2 million or 9.4%. This increase is primarily attributable to higher overall payroll costs including bonuses, long-term compensation costs and an increase of the Operating Partnership’s match for employee 401(k) contributions.
Depreciation expense from continuing operations, which includes depreciation on non-real estate assets, increased $62.8 million primarily as a result of additional depreciation expense on newly acquired properties and capital expenditures for all properties owned.
General and administrative expenses, which include corporate operating expenses, increased approximately $22.5 million between the periods under comparison. This increase was primarily due to higher executive compensation expense due to severance costs of $9.8 million for several EQR executive officers, $7.9 million of additional accruals specific to performance shares for selected EQR executive officers and a $2.5 million profit sharing accrual to be paid in the first quarter of 2006. The Operating Partnership anticipates that general and administrative expenses will approximate $50.0 million for the year ending December 31, 2006. The above assumption is based on current expectations and is forward-looking.
Interest and other income from continuing operations increased approximately $59.6 million, primarily as a result of the $57.1 million in cash received for the Operating Partnership’s ownership interest in Rent.com, which was acquired by eBay, Inc.
Interest expense from continuing operations, including amortization of deferred financing costs, increased approximately $56.2 million primarily as a result of higher overall debt balances as well as higher variable interest rates. During the year ended December 31, 2005, the Operating Partnership capitalized interest costs of approximately $13.7 million as compared to $14.0 million for the year ended December 31, 2004. This capitalization of interest primarily relates to consolidated projects under development. The effective interest cost on all indebtedness for the year ended December 31, 2005 was 6.16% as compared to 5.87% for the year ended December 31, 2004.
Income (loss) from investments in unconsolidated entities increased approximately $7.8 million between the periods under comparison. This increase is primarily the result of consolidation of properties that were previously unconsolidated in the first quarter of 2004.
Net gain on sales of unconsolidated entities decreased $3.3 million, primarily due to a decrease in the number of unconsolidated entities sold.
26
Net gain on sales of land parcels increased $24.8 million, primarily due to an increase in the number of land parcels sold and large gains recorded on two land parcels located in Tyson’s Corner, Virginia.
Net gain on sales of discontinued operations increased approximately $379.2 million between the periods under comparison. This increase is primarily the result of higher per unit sales prices and lower real estate net book values for properties sold during the year ended December 31, 2005 as compared to the same period in 2004 as well as higher condominium sales. The Operating Partnership recognized $91.6 million and $32.1 million of net incremental gain on sales of condominium units (net of provision for income taxes) for the years ended December 31, 2005 and 2004, respectively.
Discontinued operations, net, decreased approximately $24.4 million between the periods under comparison. The decrease in revenues and expenses between periods results from the timing, size and number of properties sold. Any property sold after December 31, 2004 will include a full period’s results in the year ended December 31, 2004 but minimal to no results in the year ended December 31, 2005. See Note 13 in the Notes to Consolidated Financial Statements for further discussion.
Comparison of the year ended December 31, 2004 to the year ended December 31, 2003
For the year ended December 31, 2004, income from continuing operations decreased by approximately $26.0$8.9 million when compared to the year ended December 31, 2003. During2003 due to the year ended December 31, 2004, the Operating Partnership established a reserve and recorded a corresponding expense of $15.2 million in estimated uninsured property damage at certain of its properties primarily located in Florida caused by Hurricanes Charley, Frances, Ivan and Jeanne. Of this amount, approximately $9.4 million had been spent for hurricane related repairs through December 31, 2004.reasons noted below.
25
Revenues from the 2004 Same Store Properties increased $14.1 million primarily as a result of lower concessions provided residents and a slight increase in occupancy rates. Expenses from the 2004 Same Store Properties increased $22.5 million primarily due to higher payroll, utility costs and real estate taxes. The following tables provide comparative revenue, expense, NOI and weighted average occupancy for the 2004 Same Store Properties:
2004 vs. 2003 |
| |||||||||
$ in Millions – 162,201 Same-Store Units |
| |||||||||
Description |
| Revenues |
| Expenses (1) |
| NOI |
| |||
|
|
|
|
|
|
|
| |||
2004 |
| $ | 1,613.5 |
| $ | 653.5 |
| $ | 960.0 |
|
2003 |
| $ | 1,599.4 |
| $ | 631.0 |
| $ | 968.4 |
|
Change |
| $ | 14.1 |
| $ | 22.5 |
| $ | (8.4 | ) |
Change |
| 0.9 | % | 3.6 | % | (0.9 | )% |
2004 vs. 2003 Year over Year Same-Store Results |
| ||||||||||
$ in Millions – 162,201 Same-Store Units |
| ||||||||||
Description |
| Revenues |
| Expenses (1) |
| NOI |
| ||||
|
|
|
|
|
|
|
| ||||
2004 |
|
| $ | 1,613.5 |
| $ | 653.5 |
| $ | 960.0 |
|
2003 |
|
| $ | 1,599.4 |
| $ | 631.0 |
| $ | 968.4 |
|
Change |
|
| $ | 14.1 |
| $ | 22.5 |
| $ | (8.4 | ) |
Change |
|
| 0.9 | % | 3.6 | % | (0.9 | )% | |||
|
|
|
|
|
|
|
|
| |||
(1) December 2004 expenses exclude the uninsured property damage caused by Hurricanes Charley, Frances, Ivan & Jeanne. |
|
(1)Year 2004 expenses exclude $15.2 million of uninsured property damage caused by Hurricanes Charley, Frances, Ivan and Jeanne.
Same-Store Occupancy Statistics | |||||
Year 2004 |
| 93.3 | % | ||
Year 2003 |
| 93.0 | % | ||
Change |
| 0.3 | % |
The following table presents a reconciliation ofNon-same store operating income per the consolidated statements of operations to NOI for the 2004 Same Store Properties.
|
| Year Ended December 31, |
| ||||
|
| 2004 |
| 2003 |
| ||
|
| (Amounts in millions) |
| ||||
|
|
|
| ||||
Operating income |
| $ | 526.7 |
| $ | 530.3 |
|
Adjustments: |
|
|
|
|
| ||
Insurance (hurricane property damage) |
| 15.2 |
| — |
| ||
Non-same store operating results |
| (114.7 | ) | (10.3 | ) | ||
Fee and asset management revenue |
| (11.2 | ) | (14.4 | ) | ||
Fee and asset management expense |
| 8.6 |
| 7.8 |
| ||
Depreciation |
| 484.2 |
| 415.0 |
| ||
General and administrative |
| 51.2 |
| 38.8 |
| ||
Impairment on technology investments |
| — |
| 1.2 |
| ||
|
|
|
|
|
| ||
Same store NOI |
| $ | 960.0 |
| $ | 968.4 |
|
For properties that the Operating Partnership acquired prior to January 1, 2004 and expects to continue to own through December 31, 2005, the Operating Partnership anticipates the following same store results for the full year ending December 31, 2005:
26
| ||||
|
| |||
|
| |||
|
| |||
|
|
These 2005 assumptions are based on current expectations and are forward-looking.
Rental income from properties other than 2004 Same Store Properties increased by approximately $172.6 million primarily as a result of revenue from newly acquired properties not yet included as 2004 Same Store Properties and the consolidation of all previously unconsolidated development projects.
Fee and asset management revenues, net of fee and asset management expenses, decreased by $3.9$4.2 million primarily as a result of lower income earned from Ft. Lewis and managing fewer properties for third
27
parties and unconsolidated entities. As of December 31, 2004 and 2003, the Operating Partnership managed 17,988 units and 18,475 units, respectively, for third parties and unconsolidated entities.
Property management expenses include off-site expenses associated with the self-management of the Operating Partnership’s properties as well as management fees paid to any third party management companies. These expenses increased by approximately $7.8$7.0 million or 11.5%10.1%. This increase is primarily attributable to higher payroll costs, including bonuses and long-term compensation costs as well as severance costs for certain employees. In addition, the property management company experienced slightly higher costs for travel, temporary help, internal conferences and legal and professional fees.
Depreciation expense from continuing operations, which includes depreciation on non-real estate assets, increased $69.2$62.4 million primarily as a result of the consolidation of previously unconsolidated projects and properties acquired after December 31, 2003, many of which had significantly higher per unit acquisition costs than properties previously acquired, and also due to additional depreciation on capital expenditures for all properties owned.
General and administrative expenses, which include corporate operating expenses, increased approximately $12.4$12.3 million or 32.0% between the periods under comparison. This increase was primarily due to the costs of consulting services rendered to increase operating efficiencies and increased litigation and internal control costs partially offset by $1.4 million of immediate expense recognition related to EQR options granted in the first quarter of 2003 to EQR’s former chief executive officer. Consulting services were contracted to enhance resident satisfaction/retention, unit pricing and expense procurement/reduction. The Operating Partnership believes that these additional expenditures may be more than offset by increased rental revenues and/or reduced operating expenses in future years. The Operating Partnership also anticipates that general and administrative expenses will approximate $43.0 million for the year ended December 31, 2005. The above assumptions are based on current expectations and are forward-looking.
The Operating Partnership recorded impairment charges on its technology investments of approximately $1.2 million for the year ended December 31, 2003. See Note 19 in the Notes to Consolidated Financial Statements for further discussion.
Interest and other income from continuing operations decreased approximately $5.5$6.6 million, primarily as a result of lower balances available for investments including deposits in tax deferred exchange accounts and collateral agreements related to development projects.
Interest expense from continuing operations, including amortization of deferred financing costs, increased approximately $20.8$12.7 million. This increase was primarily attributable to increases in mortgage and unsecured note balances and lower capitalized interest. During the year ended December 31, 2004, the Operating Partnership capitalized interest costs of approximately $14.0 million as compared to $20.6 million for the year ended December 31, 2003. This capitalization of interest primarily related to equity investments in Partially Owned Properties
27
(consolidated) engaged in development activities. The effective interest cost on all indebtedness for the year ended December 31, 2004 was 5.87% as compared to 6.36% for the year ended December 31, 2003.
Loss from investments in unconsolidated entities decreased approximately $2.8 million between the periods under comparison. This decrease is primarily the result of consolidation of properties that were previously unconsolidated, partially offset by an increase in realized losses on the settlement of derivative instruments.
Net gain on sales of discontinued operations increased approximately $13.2$7.7 million between the periods under comparison. This increase is primarily the result of an increase in the number of condominium units sold.
Discontinued operations, net, decreased approximately $41.6$53.2 million between the periods under comparison. See Note 13 in the Notes to Consolidated Financial Statements for further discussion.
Comparison of the year ended December 31, 2003 to the year ended December 31, 2002
For the year ended December 31, 2003, income from continuing operations decreased by approximately $22.5 million when compared to the year ended December 31, 2002. This decrease was primarily attributable to increased operating expenses incurred including property management costs and depreciation.
Revenues from the 2003 Same Store Properties decreased by $38.2 million primarily as a result of lower overall physical occupancy, increased concessions and lower rental rates charged to both new and renewal residents. Property operating expenses from the 2003 Same Store Properties increased by $36.3 million primarily due to higher payroll, maintenance, utility, real estate taxes, insurance, leasing and advertising and building costs. The following tables provide comparative revenue, expense, NOI and weighted average occupancy for the 2003 Same Store Properties:
2003 vs. 2002 Year over Year Same-Store Results |
| ||||||||||
$ in Millions – 171,841 Same-Store Units |
| ||||||||||
Description |
| Revenues |
| Expenses (1) |
| NOI |
| ||||
|
|
|
|
|
|
|
| ||||
2003 |
|
| $ | 1,650.8 |
| $ | 659.0 |
| $ | 991.8 |
|
2002 |
|
| $ | 1,689.0 |
| $ | 622.7 |
| $ | 1,066.3 |
|
Change |
|
| $ | (38.2 | ) | $ | 36.3 |
| $ | (74.5 | ) |
Change |
|
| (2.3 | )% | 5.8 | % | (7.0 | )% |
| |||
|
|
| |
|
|
| |
|
|
|
Rental income from properties other than 2003 Same Store Properties increased by approximately $47.5 million primarily as a result of revenue from newly acquired properties not yet included as 2003 Same Store Properties and additional Partially Owned Properties consolidated in the fourth quarter of 2002 and during the year ended December 31, 2003.
Fee and asset management revenues, net of fee and asset management expenses, increased by $4.9 million primarily as a result of additional income allocated from Ft. Lewis. As of December 31, 2003 and
28
2002, the Operating Partnership managed 18,475 units and 18,965 units, respectively, for third parties and unconsolidated entities.
Property management expenses include off-site expenses associated with the self-management of the Operating Partnership’s properties as well as management fees paid to any third party management companies. These expenses decreased by approximately $4.4 million or 6.0%. This decrease is primarily attributable to a reversal of a profit sharing accrual in the first quarter of 2003 related to the 2002 calendar year as the Operating Partnership didn’t achieve its stated goals and management elected not to make a discretionary contribution to the plan. In addition, the Operating Partnership recorded lower expense in connection with granting less EQR restricted shares and reducing the expense associated with the Operating Partnership’s matched funding of its 401(k) plan during 2003 and not incurring an expense for 2003 discretionary profit sharing contributions.
Depreciation expense, which includes depreciation on non-real estate assets, increased $25.4 million primarily as a result of properties acquired after December 31, 2002, many of which had significantly higher per unit acquisition costs than properties previously acquired, and additional depreciation on capital expenditures for all properties owned.
General and administrative expenses, which include corporate operating expenses, decreased approximately $7.7 million between the periods under comparison. This decrease was primarily due to lower expenses recorded in connection with granting less EQR restricted shares to employees during 2003, partially offset by approximately a $2.6 million increase related to EQR’s decision to begin to expense its stock based compensation in accordance with SFAS No. 123 and its amendment (SFAS No. 148). In addition, lower state income and franchise taxes also contributed to this decrease.
The Operating Partnership recorded impairment charges on its technology investments and its corporate housing business of approximately $1.2 million and $18.3 million for the years ended December 31, 2003 and 2002, respectively. See Note 19 in the Notes to Consolidated Financial Statements for further discussion.
Interest and other income increased by approximately $1.4 million, primarily as a result of higher cash balances available for short-term investments throughout 2003.
Interest expense, including amortization of deferred financing costs, decreased approximately $4.6 million primarily due to lower variable interest rates and lower overall levels of debt. During the year ended December 31, 2003, the Operating Partnership capitalized interest costs of approximately $20.6 million as compared to $27.2 million for the year ended December 31, 2002. This capitalization of interest primarily related to equity investments in unconsolidated entities engaged in development activities. The effective interest cost on all indebtedness for the year ended December 31, 2003 was 6.36% as compared to 6.54% for the year ended December 31, 2002.
Loss from investments in unconsolidated entities increased approximately $6.4 million between the periods under comparison. This increase is primarily the result of increased operating losses from equity investments partially offset by unrealized gains on derivative instruments.
Net gain on sales of discontinued operations increased approximately $206.4 million between the periods under comparison. This increase is primarily the result of a greater number of properties sold during the year ended December 31, 2003, as well as the fact that several properties had lower net carrying values at sale.
Discontinued operations, net, decreased approximately $53.6 million between the periods under comparison. See Note 13 in the Notes to Consolidated Financial Statements for further discussion.
29
Liquidity and Capital Resources
For the Year Ended December 31, 20042005
As of January 1, 2004,2005, the Operating Partnership had approximately $49.6$83.5 million of cash and cash equivalents and $633.3$484.6 million available under its line of credit (net of $56.7$65.4 million which was restricted/dedicated to support letters of credit and not available for borrowing). After taking into effect the various transactions discussed in the following paragraphs and the net cash provided by operating activities, the Operating Partnership’s cash and cash equivalents balance at December 31, 20042005 was approximately $83.5$88.8 million and the amount available on the Operating Partnership’s line of credit was $484.6$780.8 million (net of $65.4$50.2 million which was restricted/dedicated to support letters of credit and not available for borrowing).
During the year ended December 31, 2004,2005, the Operating Partnership generated proceeds from various transactions, which included the following:
• Disposed of fifty-eightfifty-six properties (including four Unconsolidated Properties and various individual condominium units) and five land parcels and received net proceeds of approximately $945.6 million;
• Issued $300.0 million of 4.75% fixed rate unsecured debt receiving net proceeds of $296.8 million;
• Issued $500.0 million of 5.25% fixed rate unsecured debt receiving net proceeds of $496.1 million;$2.0 billion;
• Obtained $100.0$496.2 million in net proceeds from an unsecured floatingthe issuance of $500.0 million of ten and one-half year 5.125% fixed rate loan;public notes;
• Obtained $467.5$280.1 million in new mortgage financing;
• Obtained $57.1 million for its ownership interest in Rent.com;
• Received $25.0 million in full redemption of 1,000,000 shares of Wellsford 8.25% Convertible Trust Preferred Securities; and
• Issued approximately 3.62.5 million OP Units and received net proceeds of $85.9$63.1 million.
During the year ended December 31, 2004,2005, the above proceeds were primarily utilized to:
• Acquire twenty-fourforty-one properties including a vacantand seven land parcel, and fourparcels (including one additional unitsunit at two existing properties,one property), utilizing cash of $820.0 million;$2.2 billion;
• Repay $494.9$470.4 million of mortgage loans;
•Repay $535.7$194.3 million of unsecuredfixed rate public notes;
•Redeem or repurchase the Series AB through F Preference Interests at a liquidation value of $40.0$146.0 million;
•Redeem the Series B Preference Units at a liquidation value of $125.0 million; and
• Invest $406.5$180.0 million primarily in previously unconsolidated development projects prior to their consolidation (inclusive of $339.7 million in mortgage debt paid off prior to consolidation); and
• Acquire the minority interests in fifteen previously unconsolidated development properties, two vacant land parcels and four other properties for $53.4 million in cash (prior to consideration of cash acquired of $4.2 million).projects.
Depending on its analysis of market prices, economic conditions, and other opportunities for the investment of available capital, the Company may repurchase up to an additional $85.0 million of its Common Shares pursuant to its existing share buyback program authorized by the Board of Trustees. The Operating Partnership in turn would repurchase $85.0 million of its OP Units held by EQR. EQR did not repurchase any of its Common Shares during the year ended December 31, 2004.2005 but did repurchase $31.5 million (719,800 shares at an average price per share of $43.76) during February 2006 to offset the issuance of 661,962 OP Units to limited partners in connection with a property acquisition and to partially offset EQR restricted shares granted in February 2006. EQR is authorized to repurchase approximately $553.5 million of additional Common Shares. The Operating Partnership in turn would repurchase $553.5 million of its OP Units held by EQR.
The Operating Partnership’s total debt summary and debt maturity schedule as of December 31, 2004,2005, are as follows:
29
Debt Summary |
| |||||
|
| $ Millions (1) |
| Weighted |
| |
Secured |
| $ | 3,379 |
| 5.63 | % |
Unsecured |
| 4,212 |
| 5.89 | % | |
Total |
| $ | 7,591 |
| 5.76 | % |
|
|
|
|
|
| |
Fixed Rate |
| $ | 5,700 |
| 6.32 | % |
Floating Rate |
| 1,891 |
| 3.75 | % | |
Total |
| $ | 7,591 |
| 5.76 | % |
|
|
|
|
|
| |
Above Totals Include: |
|
|
|
|
| |
Tax Exempt |
|
|
|
|
| |
Fixed |
| $ | 135 |
| 4.02 | % |
Floating |
| 629 |
| 2.95 | % | |
Total |
| $ | 764 |
| 3.25 | % |
|
|
|
|
|
| |
Unsecured Revolving Credit Facility |
| $ | 769 |
| 3.80 | % |
|
|
|
|
|
| |
|
|
|
|
| ||
(1) Net of the effect of any derivative instruments. |
|
|
|
|
|
Debt Maturity Schedule |
| |||||
Year |
| $ Millions |
| % of Total |
| |
2006 (1) |
| $ | 774 |
| 10.2 | % |
2007 |
| 389 |
| 5.1 | % | |
2008 (2) |
| 1,175 |
| 15.5 | % | |
2009 |
| 862 |
| 11.4 | % | |
2010 |
| 264 |
| 3.5 | % | |
2011 |
| 805 |
| 10.6 | % | |
2012 |
| 537 |
| 7.1 | % | |
2013 |
| 568 |
| 7.5 | % | |
2014 |
| 505 |
| 6.6 | % | |
2015+ |
| 1,712 |
| 22.5 | % | |
Total |
| $ | 7,591 |
| 100.0 | % |
(1) Includes $150.0 million of 7.57% unsecured debt with a final maturity of 2026 that is putable in 2006. Also includes $215.0 million outstanding on the Operating Partnership’s short-term $600.0 million unsecured revolving credit facility. This facility was terminated on January 20, 2006 in conjunction with the Operating Partnership’s $400.0 million unsecured note issuance which closed on January 19, 2006. | ||||
(2) Includes $554.0 million outstanding on the Operating Partnership’s long-term unsecured revolving credit facility which matures on May 29, 2008. |
30
Debt Summary |
| |||||
|
| $ Millions * |
| Weighted |
| |
Secured |
| $ | 3,167 |
| 5.46 | % |
Unsecured |
| 3,293 |
| 5.81 | % | |
Total |
| $ | 6,460 |
| 5.63 | % |
|
|
|
|
|
| |
Fixed Rate |
| $ | 5,071 |
| 6.45 | % |
Floating Rate |
| 1,389 |
| 2.51 | % | |
Total |
| $ | 6,460 |
| 5.63 | % |
|
|
|
|
|
| |
Above Totals Include: |
|
|
|
|
| |
Tax Exempt |
|
|
|
|
| |
Fixed |
| $ | 287 |
| 4.30 | % |
Floating |
| 562 |
| 1.79 | % | |
Total |
| $ | 849 |
| 2.70 | % |
|
|
|
|
|
| |
Unsecured Revolving Credit Facility |
| $ | 150 |
| 1.73 | % |
|
|
|
|
|
|
|
* Net of the effect of any derivative instruments. |
|
|
|
|
|
|
Debt Maturity Schedule |
| |||||
Year |
| $ Millions |
| % of Total |
| |
2005 (1)(2) |
| $ | 818 |
| 12.7 | % |
2006 (3) |
| 492 |
| 7.6 | % | |
2007 |
| 449 |
| 7.0 | % | |
2008 |
| 627 |
| 9.7 | % | |
2009 |
| 838 |
| 13.0 | % | |
2010 |
| 232 |
| 3.6 | % | |
2011 |
| 718 |
| 11.1 | % | |
2012 |
| 454 |
| 7.0 | % | |
2013 |
| 415 |
| 6.4 | % | |
2014+ |
| 1,417 |
| 21.9 | % | |
Total |
| $ | 6,460 |
| 100.0 | % |
|
|
|
|
|
|
|
| ||||||
(1) Includes $300 million of unsecured debt with a final maturity of 2015 that is putable/callable in 2005. |
| |||||
|
| |||||
(2) Includes $150 million outstanding on the Operating Partnership’s unsecured revolving credit facility. |
| |||||
|
| |||||
(3) Includes $150 million of unsecured debt with a final maturity of 2026 that is putable in 2006. |
|
In June 2003, the Operating Partnership filed and the SEC declared effective a Form S-3 registration statement to register $2.0 billion of debt securities. In addition, the Operating Partnership carried over $280.0 million related to a prior registration statement. As of February 2, 2005, $1.48 billionMarch 1, 2006, $580.0 million in debt securities remained available for issuance by the Operating Partnership under thisa registration statement.
In February 1998, the Company filed andstatement the SEC declared effective a Form S-3 Registration
31
Statement to register $1.0 billion of equity securities. In addition, the Company carried over $272.4 million related to a prior registration statement. As of February 2, 2005,in June 2003 and $956.5 million in equity securities remainedremains available for issuance by EQR under thisa registration statement.statement the SEC declared effective in February 1998. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of the Operating Partnership in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis).
The Operating Partnership’s “Consolidated Debt-to-Total Market Capitalization Ratio” as of December 31, 20042005 is presented in the following table. The Operating Partnership calculates the equity component of its market capitalization as the sum of (i) the total outstanding OP Units at the equivalent market value of the closing price of EQR’s Common Shares on the New York Stock Exchange; (ii) the “OP Unit Equivalent” of all convertible preference interests/units; and (iii) the liquidation value of all perpetual preference interests/units outstanding.
Capitalization as of December 31, 2004 |
| |||||||
Total Debt |
|
|
| $ | 6,459,806,228 |
| ||
|
|
|
|
|
|
| ||
OP Units |
| 305,629,855 |
|
|
| |||
OP Unit Equivalents (see below) |
| 1,968,453 |
|
|
| |||
Total Outstanding at year-end |
| 307,598,308 |
|
|
| |||
EQR Common Share Price at December 31, 2004 |
| $ | 36.18 |
|
|
| ||
|
|
|
|
|
| |||
Perpetual Preference Units Liquidation Value |
|
|
| 11,128,906,783 |
| |||
Perpetual Preference Interests Liquidation Value |
|
|
| 615,000,000 |
| |||
Total Market Capitalization |
|
|
| 171,500,000 |
| |||
|
|
|
| $ | 18,375,213,011 |
| ||
Total Debt/Total Market Capitalization |
|
|
|
|
| |||
|
|
|
| 35 | % | |||
Capital Structure as of December 31, 2005 |
| ||||||||||
(Amounts in thousands except for unit and per unit amounts) |
| ||||||||||
Secured Debt |
|
|
| $ | 3,379,289 |
| 45 | % |
|
| |
Unsecured Debt |
|
|
| 3,442,784 |
| 45 | % |
|
| ||
Lines of Credit |
|
|
| 769,000 |
| 10 | % |
|
| ||
Total Debt |
|
|
| $ | 7,591,073 |
| 100 | % | 37 | % | |
|
|
|
|
|
|
|
|
|
| ||
Total OP Units |
| 309,960,589 |
|
|
|
|
|
|
| ||
OP Unit Equivalents (see below) |
| 1,650,760 |
|
|
|
|
|
|
| ||
Total outstanding at quarter-end |
| 311,611,349 |
|
|
|
|
|
|
| ||
EQR Common Share Price at December 31, 2005 |
| $ | 39.12 |
|
|
|
|
|
|
| |
|
|
|
| $ | 12,190,236 |
| 96 | % |
|
| |
Perpetual Preference Units/Interests (see below) |
|
|
| 515,500 |
| 4 | % |
|
| ||
Total Equity |
|
|
| $ | 12,705,736 |
| 100 | % | 63 | % | |
|
|
|
|
|
|
|
|
|
| ||
Total Market Capitalization |
|
|
| $ | 20,296,809 |
|
|
| 100 | % | |
Convertible Preference Units/Interests as of December 31, 2005 |
| |||||||||||||||||||
(Amounts in thousands except for unit/interest and per unit/interest amounts) |
| |||||||||||||||||||
Series |
| Redemption |
| Outstanding |
| Liquidation |
| Annual |
| Annual |
| Weighted |
| Conversion |
| OP Unit |
| |||
Preference Units: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
7.00% Series E |
| 11/1/98 |
| 529,096 |
| $ | 13,228 |
| $ | 1.75 |
| $ | 926 |
|
|
| 1.1128 |
| 588,778 |
|
7.00% Series H |
| 6/30/98 |
| 34,734 |
| 868 |
| 1.75 |
| 61 |
|
|
| 1.4480 |
| 50,295 |
| |||
Preference Interests: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
7.625% Series H (1) |
| 3/23/06 |
| 190,000 |
| 9,500 |
| 3.8125 |
| 724 |
|
|
| 1.5108 |
| 287,052 |
| |||
7.625% Series I |
| 6/22/06 |
| 270,000 |
| 13,500 |
| 3.8125 |
| 1,029 |
|
|
| 1.4542 |
| 392,634 |
| |||
7.625% Series J |
| 12/14/06 |
| 230,000 |
| 11,500 |
| 3.8125 |
| 877 |
|
|
| 1.4108 |
| 324,484 |
| |||
Junior Preference Units: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
8.00% Series B |
| 7/29/09 |
| 7,367 |
| 184 |
| 2.00 |
| 15 |
|
|
| 1.020408 |
| 7,517 |
| |||
Total Convertible Preference Units/Interests |
|
|
| 1,261,197 |
| $ | 48,780 |
|
|
| $ | 3,632 |
| 7.44 | % |
|
| 1,650,760 |
| |
Convertible Preference Units, Preference Interests and Junior Preference Units as of December 31, 2004 |
| ||||||
|
| Units |
| Conversion Ratio |
| OP Unit |
|
Preference Units: |
|
|
|
|
|
|
|
Series E |
| 811,724 |
| 1.1128 |
| 903,286 |
|
Series H |
| 36,934 |
| 1.4480 |
| 53,480 |
|
Preference Interests: |
|
|
|
|
|
|
|
Series H |
| 190,000 |
| 1.5108 |
| 287,052 |
|
Series I |
| 270,000 |
| 1.4542 |
| 392,634 |
|
Series J |
| 230,000 |
| 1.4108 |
| 324,484 |
|
Junior Preference Units: |
|
|
|
|
|
|
|
Series B |
| 7,367 |
| 1.020408 |
| 7,517 |
|
Total |
|
|
|
|
| 1,968,453 |
|
|
|
|
|
|
|
|
|
The Operating Partnership’s policy is to maintain a ratio of consolidated debt-to-total market capitalization of less than 50%.
From January 1, 2005 through February 7, 2005, the Operating Partnership:
3231
Perpetual Preferred Equity as of December 31, 2005 |
| |||||||||||||||
(Amounts in thousands except for unit/interest and per unit/interest amounts) |
| |||||||||||||||
Series |
| Redemption |
| Outstanding |
| Liquidation |
| Annual Dividend |
| Annual |
| Weighted |
| |||
Preference Units: |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
9 1/8% Series C |
| 9/9/06 |
| 460,000 |
| $ | 115,000 |
| $ | 22.8125 |
| $ | 10,494 |
|
|
|
8.60% Series D |
| 7/15/07 |
| 700,000 |
| 175,000 |
| 21.50 |
| 15,050 |
|
|
| |||
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 |
|
|
| |||
Preference Interests: |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
7.875% Series G (1) |
| 3/21/06 |
| 510,000 |
| 25,500 |
| 3.9375 |
| 2,008 |
|
|
| |||
Total Perpetual Preference Units/Interests |
|
|
| 3,270,000 |
| $ | 515,500 |
|
|
| $ | 41,417 |
| 8.03 | % | |
•(1) Acquired fourThe Series G and H Preference Interests were called for redemption or February 10, 2006 to be effective March 21, 2006 and March 23, 2006, respectively. See Note 3 in the notes to consolidated financial statements for additional discussion.
The Operating Partnership expects to meet its short-term liquidity requirements, including capital expenditures related to maintaining its existing properties consistingand certain scheduled unsecured note and mortgage note repayments, generally through its working capital, net cash provided by operating activities and borrowings under its revolving credit facilities. The Operating Partnership considers its cash provided by operating activities to be adequate to meet operating requirements and payments of 734 unitsdistributions. The Operating Partnership also expects to meet its long-term liquidity requirements, such as scheduled unsecured note and one parcel of vacant land for approximately $144.1 million;
• Disposed of one property consisting of 450 units and a vacant land parcel (excluding condominium units) for approximately $340.9 million;
• Assumed $47.6 million of mortgage debt on two properties in connection with their acquisitions;
•Executed an amended compensation agreement with EQR’s Chairmanmaturities, property acquisitions, financing of construction and development activities and capital improvements through the Boardissuance of Trustees extending his current agreement onunsecured notes and equity securities, including additional OP Units, and proceeds received from the same terms and conditions for two more years through 2006 and providing him with a $3.25 million per year long-term compensation grantdisposition of EQR options and restricted shares; and
• Issued irrevocable notices to redeem for cash during March 2005 all 1,320,000 units of its 8.50% Series B and C Preference Interests with a cumulative liquidation value of $66.0 million.
On February 24, 2005,certain properties. In addition, the Operating Partnership received $57.1 has significant unencumbered properties available to secure additional mortgage borrowings in the event that the public capital markets are unavailable or the cost of alternative sources of capital is too high. The fair value of and cash flow from these unencumbered properties are in excess of the requirements the Operating Partnership must maintain in order to comply with covenants under its unsecured notes and line of credit. Of the $16.6 billion in investment in real estate on the Operating Partnership’s balance sheet at December 31, 2005, $10.8 billion or 65.3%, was unencumbered.
As of March 1, 2006, the Operating Partnership has a revolving credit facility with potential borrowings of up to $1.0 billion. This facility matures in May 2008 and may, among other potential uses, be used to fund property acquisitions, costs for certain properties under development and short term liquidity requirements. As of March 1, 2006, $520.0million was outstanding under this facility (and $54.8 million was restricted and dedicated to support letters of credit).
See Note 21 in cashthe Notes to Consolidated Financial Statements for its ownership interest in Rent.com in connection withdiscussion of the acquisition of Rent.com by eBay, Inc.events which occurred subsequent to December 31, 2005.
Capitalization of Fixed Assets and Improvements to Real Estate
Our policy with respect to capital expenditures is generally to capitalize expenditures that improve the value of the property or extend the useful life of the component asset of the property. We track improvements to real estate in two major categories and several subcategories:
• Replacements (inside the unit). These include:
• carpets and hardwood floors;
• appliances;
• mechanical equipment such as individual furnace/air units, hot water heaters, etc;
• furniture and fixtures such as kitchen/bath cabinets, light fixtures, ceiling fans, sinks, tubs, toilets, mirrors, countertops, etc;
• flooring such as vinyl, linoleum or tile; and
32
• blinds/shades.
All replacements are depreciated over a five-year estimated useful life. We expense as incurred all maintenance and turnover costs such as cleaning, interior painting of individual units and the repair of any replacement item noted above.
• Building improvements (outside the unit). These include:
• roof replacement and major repairs;renovations;
• paving or major resurfacing of parking lots, curbs and sidewalks;
• amenities and common areas such as pools, exterior sports and playground equipment, lobbies, clubhouses, laundry rooms, alarm and security systems and offices;
• major building mechanical equipment systems;
• interior and exterior structural repair and exterior painting and siding;
• major landscaping and grounds improvement; and
• vehicles and office and maintenance equipment.
All building improvements are depreciated over a five to ten-year estimated useful life. We expense as incurred all recurring expenditures that do not improve the value of the asset or extend its useful life.
For the year ended December 31, 2005, our actual improvements to real estate totaled approximately $232.5 million. This includes the following detail (amounts in thousands except for unit and per unit amounts):
Capitalized Improvements to Real Estate |
| ||||||||||||||||||||
|
| Total Units |
| Replacements |
| Avg. |
| Building |
| Avg. |
| Total |
| Avg. |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Established Properties (2) |
| 145,305 |
| $ | 55,508 |
| $ | 382 |
| $ | 89,252 |
| $ | 614 |
| $ | 144,760 |
| $ | 996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
New Acquisition Properties (3) |
| 27,669 |
| 5,626 |
| 270 |
| 19,508 |
| 937 |
| 25,134 |
| 1,207 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Other (4) |
| 8,531 |
| 23,421 |
|
|
| 39,185 |
|
|
| 62,606 |
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total |
| 181,505 |
| $ | 84,555 |
|
|
| $ | 147,945 |
|
|
| $ | 232,500 |
|
|
| |||
(1) Total units exclude 15,899 unconsolidated units.
(2) Wholly Owned Properties acquired prior to January 1, 2003.
(3) Wholly Owned Properties acquired during 2003, 2004 and 2005. Per unit amounts are based on a weighted average of 20,828 units.
(4) Includes properties either Partially Owned or sold during the period, commercial space, condominium conversions and $6.8 million included in building improvements spent on nine specific assets related to major renovations and repositioning of these assets.
For the year ended December 31, 2004, our actual improvements to real estate totaled approximately $212.2 million. This includes the following detail (amounts in thousands except for unit and per unit amounts):
33
Capitalized Improvements to Real Estate | Capitalized Improvements to Real Estate |
| Capitalized Improvements to Real Estate |
| ||||||||||||||||||||||||||||||||||||||
|
| Total Units (1) |
| Replacements |
| Avg. Per Unit |
| Building Improvements |
| Avg. Per Unit |
| Total |
| Avg. Per Unit |
|
| Total Units |
| Replacements |
| Avg. |
| Building |
| Avg. |
| Total |
| Avg. |
| ||||||||||||
Established Properties (2) |
| 153,442 |
| $ | 57,300 |
| $ | 373 |
| $ | 95,715 |
| $ | 624 |
| $ | 153,015 |
| $ | 997 |
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Established Properties (2) |
| 153,442 |
| $ | 57,300 |
| $ | 373 |
| $ | 95,715 |
| $ | 624 |
| $ | 153,015 |
| $ | 997 |
| |||||||||||||||||||||
New Acquisition Properties (3) |
| 21,762 |
| 4,026 |
| 229 |
| 10,127 |
| 576 |
| 14,153 |
| 805 |
|
| 21,762 |
| 4,026 |
| 229 |
| 10,127 |
| 576 |
| 14,153 |
| 805 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Other (4) |
| 8,727 |
| 17,868 |
|
|
| 27,135 |
|
|
| 45,003 |
|
|
|
| 8,727 |
| 17,868 |
|
|
| 27,135 |
|
|
| 45,003 |
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Total |
| 183,931 |
| $ | 79,194 |
|
|
| $ | 132,977 |
|
|
| $ | 212,171 |
|
|
|
| 183,931 |
| $ | 79,194 |
|
|
| $ | 132,977 |
|
|
| $ | 212,171 |
|
|
|
(1) Total units exclude 16,218 unconsolidated units.
(2) Wholly Owned Properties acquired prior to January 1, 2002.
(3) Wholly Owned Properties acquired during 2002, 2003 and 2004. Per unit amounts are based on a weighted average of 17,577 units.
(4) Includes properties either Partially Owned or sold during the period, commercial space, condominium conversions and $6.6 million included in building improvements spent on fifteen specific assets related to major renovations and repositioning of these assets.
For the year ended December 31, 2003, our actual improvements to real estate totaled approximately $181.9 million. This includes the following detail (amounts in thousands except for unit and per unit amounts):
Capitalized Improvements to Real Estate For the Year Ended December 31, 2003 |
| ||||||||||||||||||||
|
| Total Units (1) |
| Replacements |
| Avg. Per Unit |
| Building Improvements |
| Avg. Per Unit |
| Total |
| Avg. Per Unit |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Established Properties (2) |
| 162,477 |
| $ | 57,931 |
| $ | 356 |
| $ | 77,607 |
| $ | 478 |
| $ | 135,538 |
| $ | 834 |
|
New Acquisition Properties (3) |
| 14,457 |
| 2,653 |
| 252 |
| 5,250 |
| 498 |
| 7,903 |
| 750 |
| ||||||
Other (4) |
| 7,994 |
| 13,417 |
|
|
| 25,090 |
|
|
| 38,507 |
|
|
| ||||||
Total |
| 184,928 |
| $ | 74,001 |
|
|
| $ | 107,947 |
|
|
| $ | 181,948 |
|
|
| |||
(1) Total units exclude 22,578 unconsolidated units.
(2) Wholly Owned Properties acquired prior to January 1, 2001.
(3) Wholly Owned Properties acquired during 2001, 2002 and 2003. Per unit amounts are based on a weighted average of 10,533 units.
(4) Includes properties either Partially Owned or sold during the period, commercial space, condominium conversions and $6.5 million included in building improvements spent on seven specific assets related to major renovations and repositioning of these assets.
The Operating Partnership expects to fund approximately $160.0$170.0 million for capital expenditures for replacements and building improvements for all consolidated properties, exclusive of condominium conversion properties, in 2005.2006. This includes an average of approximately $1,000 per unit for capital improvements for established properties.
During the year ended December 31, 2004,2005, the Operating Partnership’s total non-real estate capital additions, such as computer software, computer equipment, and furniture and fixtures and leasehold improvements to the Operating Partnership’s property management offices and its corporate offices, was approximately $6.6$17.6 million. The Operating Partnership expects to fund approximately $12.8$10.8 million in total
34
additions to non-real estate property in 2005.2006.
Improvements to real estate and additions to non-real estate property were funded from net cash provided by operating activities.
Derivative Instruments
In the normal course of business, the Operating Partnership is exposed to the effect of interest rate changes. The Operating Partnership limits these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments.
The Operating Partnership has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Operating Partnership has not sustained a material loss from those instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives.
See Note 11 in the Notes to Consolidated Financial Statements for additional discussion of derivative instruments at December 31, 2004.2005.
34
Other
Total distributions paid in January 20052006 amounted to $144.1$147.2 million (excluding distributions on Partially Owned Properties), which included certain distributions declared during the fourth quarter ended December 31, 2004.
The Operating Partnership expects to meet its short-term liquidity requirements, including capital expenditures related to maintaining its existing properties and certain scheduled unsecured note and mortgage note repayments, generally through its working capital, net cash provided by operating activities and borrowings under its line of credit. The Operating Partnership considers its cash provided by operating activities to be adequate to meet operating requirements and payments of distributions. The Operating Partnership also expects to meet its long-term liquidity requirements, such as scheduled unsecured note and mortgage debt maturities, property acquisitions, financing of construction and development activities and capital improvements through the issuance of unsecured notes and equity securities, including additional OP Units, and proceeds received from the disposition of certain properties. In addition, the Operating Partnership has significant unencumbered properties available to secure additional mortgage borrowings in the event that the public capital markets are unavailable or the cost of alternative sources of capital is too high. The fair value of and cash flow from these unencumbered properties are in excess of the requirements the Operating Partnership must maintain in order to comply with covenants under its unsecured notes and line of credit. Of the $14.9 billion in investment in real estate on the Operating Partnership’s balance sheet at December 31, 2004, $9.5 billion or 63.8%, was unencumbered.
The Operating Partnership has a revolving credit facility with potential borrowings of up to $700.0 million. This facility matures in May 2005 and may, among other potential uses, be used to fund property acquisitions, costs for certain properties under development and short term liquidity requirements. As of March 1, 2005, $135.0million was outstanding under this facility (and $51.0 million was restricted and dedicated to support letters of credit).
The Operating Partnership is currently negotiating a new credit facility to replace or expand its existing facility and fully expects to obtain this at current or improved terms in March or April 2005.
Off-Balance Sheet Arrangements and Contractual Obligations
The Operating Partnership has co-invested in various properties that are unconsolidated and accounted
35
for under the equity method of accounting. Management does not believe these investments have a materially different impact upon the Operating Partnership’s liquidity, capital resources, credit or market risk than its property management and ownership activities. The nature and business purpose of these ventures are as follows:
• Institutional Ventures – During 2000 and 2001, the Operating Partnership entered into ventures with an unaffiliated partner. At the respective closing dates, the Operating Partnership sold and/or contributed 45 properties containing 10,846 units to these ventures and retained a 25% ownership interest in the ventures. The Operating Partnership’s joint venture partner contributed cash equal to 75% of the agreed-upon equity value of the properties comprising the ventures, which was then distributed to the Operating Partnership. The Operating Partnership’s strategy with respect to these ventures was to reduce its concentration of properties in a variety of markets.
• Lexford/Other – As of December 31, 2004,2005, the Operating Partnership has ownership interests in twelveeleven properties containing 1,5711,360 units acquired in a prior merger. The current weighted average ownership percentage is 11.0%. The Operating Partnership’s strategy with respect to these interests is either to acquire a majority ownership or sell the Operating Partnership’s interest.
As of December 31, 2004,2005, the Operating Partnership has fivesix projects totaling 1,3061,760 units in various stages of development with estimated completion dates ranging through September 30, 2006.March 31, 2008. The three development agreements currently in place have the following key terms:
• The first development partner has the right, at any time following completion of a project subject to the agreement, to stipulate a value for such project and offer to sell its interest in the project to the Operating Partnership based on such value. If the Operating Partnership chooses not to purchase the interest, the Operating Partnership must agree to a sale of the project to an unrelated third party at such value. The Operating Partnership’s partner must exercise this right as to all projects subject to the agreement within five years after the receipt of the final certificate of occupancy on the last developed property. In connection with this development partner, the Operating Partnership has an obligation to provide up to $40.0 million in credit enhancements to guarantee a portion of the third party construction financing. As of February 2, 2005,the date of this filing, the Operating Partnership had set-aside $5.0 million towardsno amounts outstanding related to this credit enhancement. The Operating Partnership would be required to perform under this agreement only if there was a material default under a third party construction mortgage agreement. This agreement expires no later than December 31, 2018. Notwithstanding the termination of the agreement, the Operating Partnership shall have recourse against its development partner for any losses incurred.
• The second development partner has the right, at any time following completion of a project subject to the agreement, to require the Operating Partnership to purchase the partners’ interest in that project at a mutually agreeable price. If the Operating Partnership and the partner are unable to agree on a price, both parties will obtain appraisals. If the appraised values vary by more than 10%, both the Operating Partnership and its partner will agree on a third appraiser to determine which original appraisal is closest to its determination of value. The Operating Partnership may elect at that time not to purchase the property and instead, authorize its partner to sell the project at or above the agreed-upon value to an unrelated third party. Five years following the receipt of the final certificate of occupancy on the last
35
developed property, the Operating Partnership must purchase, at the agreed-upon price, any projects remaining unsold.
• The third development partner has the exclusive right for six months following stabilization, as defined, to market a subject project for sale. Thereafter, either the Operating Partnership or its development partner may market a subject project for sale. If the Operating Partnership’s development partner proposes the sale, the Operating Partnership may elect to purchase the project at the price proposed by its partner or defer the sale until two independent appraisers appraise the project. If the two appraised values vary by more than 5%, a third appraiser will be chosen to determine the fair
36
market value of the property. Once a value has been determined, the Operating Partnership may elect to purchase the property or authorize its development partner to sell the project at the agreed-upon value.
In addition, the Operating Partnership has various deal-specific development agreements with partners, the terms of which are similar in nature to those described above.
See Note 6 in the Notes to Consolidated Financial Statements for additional discussion regarding the Operating Partnership’s investments in unconsolidated entities.
In connection with one of its mergers, theThe Operating Partnership provided aPartnership’s guaranty of a credit enhancement agreement with respect to certain tax-exempt bonds issued to finance certain public improvements at a multifamily development project. The Operating Partnership hasproject was terminated effective May 2, 2005 as the obligation to provide this guaranty for a period of eight years fromtax-exempt bonds were redeemed in full and the consummation of the merger or through May 2005. The Operating Partnership would be required to perform under this guaranty only if there was a draw on theassociated letter of credit issued by the credit enhancement party. The counterparty has also indemnified the Operating Partnership for any losses suffered. As of February 2, 2005, this guaranty was still in effect at a commitment amount of $10.4 million and no current outstanding liability.cancelled.
The following table summarizes the Operating Partnership’s contractual obligations for the next five years and thereafter as of December 31, 2004:2005:
Payments Due by Year (in thousands) | Payments Due by Year (in thousands) |
| Payments Due by Year (in thousands) |
| ||||||||||||||||||||||||||||||||||||||||
Contractual Obligations |
| 2005 |
| 2006 |
| 2007 |
| 2008 |
| 2009 |
| Thereafter |
| Total |
|
| 2006 |
| 2007 |
| 2008 |
| 2009 |
| 2010 |
| Thereafter |
| Total |
| ||||||||||||||
Debt (a) |
| $ | 817,897 |
| $ | 491,617 |
| $ | 449,090 |
| $ | 626,939 |
| $ | 838,015 |
| $ | 3,236,248 |
| $ | 6,459,806 |
|
| $ | 773,735 |
| $ | 389,054 |
| $ | 1,174,724 |
| $ | 861,529 |
| $ | 264,190 |
| $ | 4,127,841 |
| $ | 7,591,073 |
|
Operating Leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Minimum Rent Payments (b) |
| 4,816 |
| 4,205 |
| 3,464 |
| 3,335 |
| 3,233 |
| 7,369 |
| 26,422 |
|
| 5,920 |
| 4,556 |
| 4,404 |
| 4,245 |
| 3,725 |
| 4,908 |
| 27,758 |
| ||||||||||||||
Other Long-Term Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Deferred Compensation (c) |
| 813 |
| 1,807 |
| 2,211 |
| 2,211 |
| 2,211 |
| 11,230 |
| 20,483 |
|
| 813 |
| 813 |
| 813 |
| 1,444 |
| 1,444 |
| 16,556 |
| 21,883 |
| ||||||||||||||
Other (d) |
| 1,000 |
| — |
| — |
| — |
| — |
| — |
| 1,000 |
| |||||||||||||||||||||||||||||
Total |
| $ | 824,526 |
| $ | 497,629 |
| $ | 454,765 |
| $ | 632,485 |
| $ | 843,459 |
| $ | 3,254,847 |
| $ | 6,507,711 |
|
| $ | 780,468 |
| $ | 394,423 |
| $ | 1,179,941 |
| $ | 867,218 |
| $ | 269,359 |
| $ | 4,149,305 |
| $ | 7,640,714 |
|
(a) Amounts include aggregate principal payments only. The Operating Partnership paid $397,886, $348,574 $352,391 and $365,782$352,391 for interest on debt, inclusive of derivative instruments, for the years ended December 31, 2005, 2004 2003 and 2002,2003, respectively.
(b) Minimum basic rent due for various office space the Operating Partnership leases and fixed base rent due on a ground lease for one property.
(c) Estimated payments to EQR’s Chairman, two former CEOCEO’s and two other executive officersits chief operating officer based on planned retirement dates.
(d)Promissory note due on one property, repaid in January 2005.
Critical Accounting Policies and Estimates
The Operating Partnership’s significant accounting policies are described in Note 2 in the Notes to Consolidated Financial Statements. These policies were followed in preparing the consolidated financial statements at and for the year ended December 31, 2005 and are consistent with the year ended December 31, 2004.
The Operating Partnership has identified six significant accounting policies as critical accounting policies. These critical accounting policies are those that have the most impact on the reporting of our financial condition and those requiring significant judgments and estimates. With respect to these critical accounting policies, management believes that the application of judgments and assessments is consistently applied and produces financial information that fairly presents the results of operations for all periods presented. The six critical accounting policies are:
3736
Impairment of Long-Lived Assets, Including Goodwill
The Operating Partnership periodically evaluates its long-lived assets, including its investments in real estate and goodwill, for indicators of permanent impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each asset and legal and environmental concerns. Future events could occur which would cause the Operating Partnership to conclude that impairment indicators exist and an impairment loss is warranted.
Depreciation of Investment in Real Estate
The Operating Partnership depreciates the building component of its investment in real estate over a 30-year estimated useful life, building improvements over a 5-year to 10-year estimated useful life and both the furniture, fixtures and equipment and replacements components over a 5-year estimated useful life, all of which are judgmental determinations.
Cost Capitalization
See the Capitalization of Fixed Assets and Improvements to Real Estate section for discussion of the policy with respect to capitalization vs. expensing of fixed asset/repair and maintenance costs. In addition, the Operating Partnership capitalizes the payroll and associated costs of employees directly responsible for and who spend all of their time on the supervision of major capital and/or renovation projects. These costs are reflected on the balance sheet as an increase to depreciable property.
The Operating Partnership follows the guidance in SFAS No. 67, Accounting for Costs and Initial Rental Operations of Real Estate Projects, for all development projects and uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Operating Partnership capitalizes through the date the certificates of occupancy (“CO”) are issued (CO’s are deemed final within 90 days of issuance), interest, real estate taxes and insurance and payroll and associated costs for those individuals directly responsible for and who spend all of their time on development activities.activities, with capitalization ceasing no later than 90 days following issuance of the certificate of occupancy. These costs are reflected on the balance sheet as construction in progress for each specific property. The Operating Partnership expenses as incurred all payroll costs of on-site employees working directly at our properties, except as noted above on our development properties prior to certificate of occupancy issuance and on specific major renovation at selected properties when additional incremental employees are hired.
Fair Value of Financial Instruments, Including Derivative Instruments
The valuation of financial instruments under SFAS No. 107 and SFAS No. 133 and its amendments (SFAS Nos. 137/138/149) requires the Operating Partnership to make estimates and judgments that affect the fair value of the instruments. The Operating Partnership, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Operating Partnership bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.
Revenue Recognition
Rental income attributable to leases is recorded when due from residents and is recognized monthly as it is earned, which is not materially different than on a straight-line basis. Leases entered into between a resident and a property for the rental of an apartment unit are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis. Fee and asset management revenue and interest income are recorded on an accrual basis.
37
Stock-Based Compensation
Prior to 2003, the Company had chosen to account for its stock-based compensation in accordance
38
with APB No. 25, Accounting for Stock Issued to Employees,which resulted in no compensation expense for options issued with an exercise price equal to or exceeding the market value of the Company’s Common Shares on the date of grant (intrinsic method). The Company elected to account for its stock-based compensation in accordance with SFAS No. 123 and its amendment (SFAS No. 148), Accounting for Stock Based Compensation, effective in the first quarter of 2003, which resulted in compensation expense being recorded based on the fair value of the stock compensation granted.
SFAS No. 148 provides three transition methods for entities that adopt the fair value recognition provisions of SFAS No. 123. The Company elected the “Prospective Method” which requires expensing of employee awards granted or modified after January 1, 2003. Compensation expense under all of the Company’sEQR’s plans is generally recognized over periods ranging from three months to five years. See Note 2 in the Notes to Consolidated Financial Statements for further discussion and comparative information regarding application of the fair value method to all outstanding employee awards.
Any Common Shares issued pursuant to EQR’s incentive equity compensation and employee share purchase plans will result in the Operating Partnership issuing OP Units to EQR on a one-for-one basis, with the Operating Partnership receiving the net cash proceeds of such issuances.
Funds From Operations
For the year ended December 31, 2004,2005, Funds From Operations (“FFO”) available to OP Units increased $132.9 million, or 20.4%, as compared to the year ended December 31, 2004. For the year ended December 31, 2004, FFO available to OP Units increased $11.4 million, or 1.8%, as compared to the year ended December 31, 2003. For the year ended December 31, 2003, FFO available to OP Units decreased $78.9 million, or 11.0%, as compared to the year ended December 31, 2002.
The following is a reconciliation of net income to FFO available to OP Units for the years ended December 31, 2005, 2004 2003 and 2002:2003:
39
Funds From Operations (Amounts in thousands) | Funds From Operations (Amounts in thousands) |
| Funds From Operations |
| ||||||||||||||||
|
| Year Ended December 31, |
|
| Year Ended December 31, |
| ||||||||||||||
|
| 2004 |
| 2003 |
| 2002 |
|
| 2005 |
| 2004 |
| 2003 |
| ||||||
Net income |
| $ | 524,164 |
| $ | 578,505 |
| $ | 448,175 |
|
| $ | 932,047 |
| $ | 524,164 |
| $ | 578,505 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Depreciation |
| 484,209 |
| 414,998 |
| 389,580 |
|
| 508,140 |
| 445,374 |
| 383,021 |
| ||||||
Depreciation – Non-real estate additions |
| (5,574 | ) | (7,019 | ) | (9,213 | ) |
| (5,752 | ) | (5,574 | ) | (7,019 | ) | ||||||
Depreciation – Partially Owned Properties |
| (8,256 | ) | (8,390 | ) | (7,706 | ) | |||||||||||||
Depreciation – Unconsolidated Properties |
| 10,159 |
| 28,301 |
| 19,872 |
| |||||||||||||
Depreciation – Partially Owned and Unconsolidated Properties |
| 2,487 |
| 1,903 |
| 19,911 |
| |||||||||||||
Net (gain) on sales of unconsolidated entities |
| (4,593 | ) | (4,942 | ) | (5,054 | ) |
| (1,330 | ) | (4,593 | ) | (4,942 | ) | ||||||
Discontinued Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Depreciation |
| 12,374 |
| 56,571 |
| 83,376 |
|
| 20,818 |
| 51,209 |
| 88,548 |
| ||||||
Net (gain) on sales of discontinued operations |
| (323,925 | ) | (310,706 | ) | (104,296 | ) |
| (697,655 | ) | (318,443 | ) | (310,706 | ) | ||||||
Net incremental gain on sales of condominium units |
| 32,054 |
| 10,280 |
| 1,682 |
|
| 91,611 |
| 32,054 |
| 10,280 |
| ||||||
Net gain on sales of vacant land |
| 5,482 |
| — |
| — |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
FFO (1)(2) |
| 726,094 |
| 757,598 |
| 816,416 |
|
| 850,366 |
| 726,094 |
| 757,598 |
| ||||||
Preferred distributions |
| (73,236 | ) | (96,971 | ) | (97,151 | ) |
| (57,248 | ) | (73,236 | ) | (96,971 | ) | ||||||
Premium on redemption of preference units/interests |
| (1,117 | ) | (20,237 | ) | — |
|
| (8,493 | ) | (1,117 | ) | (20,237 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
FFO available to OP Units |
| $ | 651,741 |
| $ | 640,390 |
| $ | 719,265 |
|
| $ | 784,625 |
| $ | 651,741 |
| $ | 640,390 |
|
(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 of depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis. The April 2002 White Paper states that gain or loss on sales of property is
38
excluded from FFO for previously depreciated operating properties only. Once the Operating Partnership commences the conversion of units to condominiums, it simultaneously discontinues depreciation of such property.
(2)The Operating Partnership believes that FFO is helpful to investors as a supplemental measure of the operating performance of a real estate company, because it is a recognized measure 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 can help compare the operating performance of a company’s real estate between periods or as compared to different companies. FFO in and of itself does not represent net income or net cash flows from operating activities in accordance with GAAP. Therefore, FFO should not be exclusively considered as an alternative to net income or to net cash flows from operating activities as determined by GAAP or as a measure of liquidity. The Operating Partnership’s calculation of FFO 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.
40
Item 7A. Quantitative and Qualitative Disclosure about Market Risk
Market risks relating to the Operating Partnership’s operationsfinancial instruments result primarily from changes in short-term LIBOR interest rates. The Operating Partnership does not have any direct foreign exchange or other significant market risk.
The Operating Partnership’s exposure to market risk for changes in interest rates relates primarily to the unsecured line of credit.revolving credit facilities. The Operating Partnership typically incurs fixed rate debt obligations to finance acquisitions and capital expenditures, while it typically incurs floating rate debt obligations to finance working capital needs and as a temporary measure in advance of securing long-term fixed rate financing. The Operating Partnership continuously evaluates its level of floating rate debt with respect to total debt and other factors, including its assessment of the current and future economic environment.
The Operating Partnership also utilizes certain derivative financial instruments to limit market risk. Interest rate protection agreements are used to convert floating rate debt to a fixed rate basis or vice versa. Derivatives are used for hedging purposes rather than speculation. The Operating Partnership does not enter into financial instruments for trading purposes. See also Note 11 to the Notes to Consolidated Financial Statements for additional discussion of derivative instruments.
The fair values of the Operating Partnership’s financial instruments (including such items in the financial statement captions as cash and cash equivalents, other assets, linelines of credit, accounts payable and accrued expenses, rents received in advance and other liabilities) approximate their carrying or contract values based on their nature, terms and interest rates that approximate current market rates. The fair value of the Operating Partnership’s mortgage notes payable and unsecured notes approximates their carrying valuewere both approximately $3.6 billion at December 31, 2004.2005.
The Operating Partnership had total outstanding floating rate debt of approximately $1,389.0 million,$1.9 billion, or 24.9% of total debt at December 31, 2005, net of the effects of any derivative instruments. If market rates of interest on all of the floating rate debt permanently increased by 37 basis points (a 10% increase from the Operating Partnership’s existing weighted average interest rates), the increase in interest expense on the floating rate debt would decrease future earnings and cash flows by approximately $7.1million. If market rates of interest on all of the floating rate debt permanently decreased by 37 basis points (a 10% decrease from the Operating Partnership’s existing weighted average interest rates), the decrease in interest expense on the floating rate debt would increase future earnings and cash flows by approximately $7.1million.
At December 31, 2005, the Operating Partnership had total outstanding fixed rate debt of approximately $5.7 billion, net of the effects of any derivative instruments. If market rates of interest permanently increased by 63 basis points (a 10% increase from the Operating Partnership’s existing weighted average interest rates), the estimated fair value of the Operating Partnership’s fixed rate debt would be approximately $5.2 billion. If market rates of interest permanently decreased by 63 basis points (a 10%
39
decrease from the Operating Partnership’s existing weighted average interest rates), the estimated fair value of the Operating Partnership’s fixed rate debt would be approximately $6.3 billion.
At December 31, 2005, the Operating Partnership’s derivative instruments had a net liability fair value of approximately $6.0 million. If market rates of interest permanently increased by 49 basis points (a 10% increase from the Operating Partnership’s existing weighted average interest rates), the net liability fair value of the Operating Partnership’s derivative instruments would be approximately $0.1 million. If market rates of interest permanently decreased by 49 basis points (a 10% decrease from the Operating Partnership’s existing weighted average interest rates), the net liability fair value of the Operating Partnership’s derivative instruments would be approximately $11.5 million.
The Operating Partnership had total outstanding floating rate debt of approximately $1.4 billion, or 21.5% of total debt at December 31, 2004, net of the effects of any derivative instruments. If market rates of interest on all of the floating rate debt permanently increased by 25 basis points (a 10% increase from the Operating Partnership’s existing weighted average interest rates), the increase in interest expense on the floating rate debt would decrease future earnings and cash flows by approximately $3.5million. If market rates of interest on all of the floating rate debt permanently decreased by 25 basis points (a 10% decrease from the Operating Partnership’s existing weighted average interest rates), the decrease in interest expense on the floating rate debt would increase future earnings and cash flows by approximately $3.5million.
At December 31, 2004, the Operating Partnership had total outstanding fixed rate debt of approximately $5.1 billion, net of the effects of any derivative instruments. If market rates of interest permanently increased by 65 basis points (a 10% increase from the Operating Partnership’s existing weighted average interest rates), the estimated fair value of the Operating Partnership’s fixed rate debt would be approximately $4.6 billion. If market rates of interest permanently decreased by 65 basis points (a 10% decrease from the Operating Partnership’s existing weighted average interest rates), the estimated fair value of the Operating Partnership’s fixed rate debt would be approximately $5.6 billion.
At December 31, 2004, the Operating Partnership’s derivative instruments had a net liability fair value of approximately $7.9 million. If market rates of interest permanently increased by 40 basis points (a 10% increase from the Operating Partnership’s existing weighted average interest rates), the net liability fair value of the Operating Partnership’s derivative instruments would be approximately $13.9 million. If market rates of interest permanently decreased by 40 basis points (a 10% decrease from the Operating Partnership’s existing weighted average interest rates), the net liability fair value of the Operating Partnership’s derivative instruments would be approximately $2.2 million.
These amounts were determined by considering the impact of hypothetical interest rates on the Operating Partnership’s financial instruments. The foregoing assumptions apply to the entire amount of the Operating Partnership’s debt and derivative instruments and do not differentiate among maturities. These
41
analyses do not consider the effects of the changes in overall economic activity that could exist in such an environment. Further, in the event of changes of such magnitude, management would likely take actions to further mitigate its exposure to the changes. However, due to the uncertainty of the specific actions that would be taken and their possible effects, this analysis assumes no changes in the Operating Partnership’s financial structure or results.
The Operating Partnership cannot predict the effect of adverse changes in interest rates on its debt and derivative instruments and, therefore, its exposure to market risk, nor can there be any assurance that long term debt will be available at advantageous pricing. Consequently, future results may differ materially from the estimated adverse changes discussed above.
Item 8.8. Financial Statements and Supplementary Data
See Index to Consolidated Financial Statements on page F-1 of this Form 10-K.
40
Item 9.9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A.9A. Controls and Procedures
(a) Evaluation of Disclosure Controls and Procedures:
Effective as of December 31, 2004,2005, the Operating Partnership carried out an evaluation, under the supervision and with the participation of the Operating Partnership’s management, including the Chief Executive Officer and Chief Financial Officer of EQR, of the effectiveness of the Operating Partnership’s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15 and 15d-15. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures are effective in timely alerting them to material information. During the fiscal year ended December 31, 2004, there were no changesensure that information required to the internal controls over financial reporting ofbe disclosed by the Operating Partnership identified in connection withits Exchange Act filings is recorded, processed, summarized and reported within the Operating Partnership’s evaluation or otherwise that has materially affected, or is reasonably likely to materially affect,time periods specified in the Operating Partnership’s internal controls over financial reporting.SEC’s rules and forms.
(b) Management’s Report on Internal Control over Financial Reporting:
ERP Operating Limited Partnership’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in RulesRule 13a-15(f) under the Securities Exchange Act of 1934.Act. Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer of the Operating Partnership’s general partner, management conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can only provide reasonable assurance with respect to financial statement preparation and presentation.
Based on the Operating Partnership’s evaluation under the framework in Internal Control – Integrated Framework, management concluded that its internal control over financial reporting was effective as of December 31, 2004.2005. Management’s assessment of the effectiveness of internal control over financial reporting as of December 31, 20042005 has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report which is included herein at Item 8, page F-3.
42(c)Changes in Internal Control over Financial Reporting:
There were no changes to the internal control over financial reporting of the Operating Partnership identified in connection with the Operating Partnership’s evaluation referred to above that occurred during the fourth quarter of 2005 that have materially affected, or are reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting.
None.
41
Trustees and Executive Officers of the Registrant, Executive Compensation, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, Certain Relationships and Related Transactions and Principal AccountantAccounting Fees and Services.
The information required by Item 10, Item 11, Item 12, Item 13 and Item 14 is incorporated by reference to, and will be contained in, EQR’s definitive proxy statement, which EQR anticipates will be filed no later than April 15, 2005.14, 2006. EQR is the general partner of and owns an approximate 93.3%93.4% ownership interest in ERPOP.
4342
Item 15.15. Exhibits and Financial Statement Schedules.
| |||
| (1) See Index to Financial Statements and Schedules on page F-1 of this Form 10-K. | ||
| (2 & 3) See Items (b) and (c) below. | ||
(b) Exhibits: |
|
| |
3.1^ |
| Fifth Amended and Restated Agreement of Limited Partnership of ERP Operating Limited Partnership. | |
4.1* |
| Indenture, dated October 1, 1994, between the Operating Partnership, as obligor and The First National Bank of Chicago, as trustee (“Indenture”). | |
4.2** |
| First Supplemental Indenture to Indenture, dated as of September 9, 2004. | |
4.3++ |
| ||
|
| ||
|
| Form of 6.69% Note due October 30, 2006. | |
|
| Description of 7 5/8% Notes due April 15, 2007. | |
|
| Form of 6.9% Note due August 1, 2007. | |
|
| Form of 4.861% Note due November 30, 2007. | |
|
| Form of 4.75% Note due June 15, 2009. | |
|
| Terms Agreement regarding 6.95% Notes due March 2, 2011. | |
|
| Terms Agreement regarding 6.625% Notes due March 15, 2012. | |
|
| Form of 5.2% Note due April 1, 2013. | |
|
| Form of 5.25% Note due September 15, 2014. | |
|
| Terms Agreement regarding 6.63% (subsequently remarketed to a 6.584% fixed rate) Notes due April 13, 2015. | |
|
| Terms Agreement regarding 7 1/8% Notes due October 15, 2017. | |
|
| Terms Agreement regarding 7.57% Notes due August 15, 2026. | |
4.15++ | Terms Agreement regarding 5.125% Notes due March 15, 2016. | ||
10.1^^ |
| Master Amendment to Other Securities Term Sheets and Joinders to Operating Partnership Agreement of ERP Operating Limited Partnership dated December 19, 2003. | |
10.2^^ |
| Assignment and Assumption Agreement between Equity Residential and ERP Operating Limited Partnership dated December 19, 2003. | |
10.3*** |
| Noncompetition Agreement (Zell). | |
10.4*** |
| Noncompetition Agreement (Spector). | |
10.5*** |
| Form of Noncompetition Agreement (other officers). | |
10.6*** |
| Amended and Restated Master Reimbursement Agreement, dated as of November 1, 1996 by and between Federal National Mortgage Association and EQR-Bond Partnership. | |
10.7•• |
| Revolving Credit Agreement dated as of | |
10.8•• |
| Guaranty of Payment, | |
| Revolving Credit Agreement dated as of August 30, 2005 among ERP Operating Limited Partnership, Bank of America, N.A., as administrative agent and a bank, Deutsche Bank Trust Company Americas, as syndication agent and a bank, Merrill Lynch, Pierce, Fenner & Smith Incorporated, as documentation agent, and Merrill Lynch USA, as a bank (the “Short-Term Credit Agreement”). | ||
10.10^^^^ | Guaranty of Payment made as of August 30, 2005 between Equity Residential and Bank of America, N.A., as administrative agent for the banks party to the Short-Term Credit Agreement. | ||
10.11**** |
| Amended and Restated Limited Partnership Agreement of Lexford Properties, L.P. |
43
|
| Amended and Restated Equity Residential Advantage Retirement Savings Plan, effective January 1, 2001. | |
|
| First Amendment to the Equity Residential Advantage Retirement Savings Plan, effective December 2002. | |
|
| Second Amendment to the Equity Residential Advantage Retirement Savings Plan, effective December 2002. | |
|
| Third Amendment to the Equity Residential Advantage Retirement Savings Plan, effective May 2003. | |
|
| Equity Residential 2002 Share Incentive Plan. | |
|
| First Amendment to Equity Residential 2002 Share Incentive Plan. | |
44
|
| Second Amendment to Equity Residential 2002 Share Incentive Plan. | ||
| Third Amendment to Equity Residential 2002 Share Incentive Plan. | |||
10.20+ | Fourth Amendment to Equity Residential 2002 Share Incentive Plan. | |||
10.21## |
| Form of | ||
|
| Form of Change in Control Agreement between Equity Residential and other executive officers. | ||
|
| Form of Indemnification Agreement between Equity Residential and each trustee and executive officer. | ||
|
| Amended and Restated Executive Compensation Agreement between Equity Residential and Samuel Zell dated March 5, 2003, but effective as of January 1, 2003. | ||
|
| First Amendment to Amended and Restated Executive Compensation Agreement between Equity Residential and Samuel Zell dated February 3, 2005. | ||
|
| Second Amendment to Amended and Restated | ||
|
| Amended and Restated Deferred Compensation Agreement between Equity Residential and Gerald A. Spector dated January 1, 2002. | ||
|
| Retirement Benefits Agreement between Samuel Zell and Equity Residential dated October 18, 2001. | ||
|
| Employment Agreement between Equity Residential and Bruce W. Duncan dated as of January 20, 2003. | ||
| Amended and Restated Employment Agreement between Equity Residential and Bruce W. Duncan dated as of March 28, 2005. | |||
10.31^^^ | First Amendment to Amended and Restated Employment Agreement between Equity Residential and Bruce W. Duncan, dated June 30, 2005. | |||
10.32# |
| Deferred Compensation Agreement between Equity Residential and Bruce W. Duncan dated as of January 20, 2003. | ||
10.33^^^^^ | Summary of Changes to Trustee Compensation. | |||
10.34+ | Equity Residential Supplemental Executive Retirement Savings Plan as Amended and Restated effective January 1, 2003. | |||
10.35+ | Amendment No. 1 to the Equity Residential Supplemental Executive Retirement Savings Plan. | |||
12 |
| Computation of Ratio of Earnings to Combined Fixed Charges. | ||
21 |
| List of Subsidiaries of ERP Operating Limited Partnership. | ||
23.1 |
| Consent of Ernst & Young LLP. | ||
24.1 |
| Power of Attorney for John W. Alexander dated | ||
24.2 |
| Power of Attorney for Stephen O. Evans dated | ||
24.3 |
| Power of Attorney for Charles L. Atwood dated | ||
24.4 |
| Power of Attorney for Desiree G. Rogers dated March | ||
24.5 |
| Power of Attorney for B. Joseph White dated | ||
24.6 |
| Power of Attorney for Sheli Z. Rosenberg dated | ||
24.7 |
| Power of Attorney for James D. Harper, Jr. dated | ||
24.8 |
| Power of Attorney for Boone A. Knox dated | ||
24.9 |
| Power of Attorney for Samuel Zell dated | ||
24.10 |
| Power of Attorney for Gerald A. Spector dated | ||
31.1 |
| Certification of |
44
31.2 |
| Certification of Donna Brandin, Chief Financial Officer of Registrant’s General Partner. | ||
32.1 |
| Certification Pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to Section 906 of the Sarbanes–Oxley Act of 2002, of | ||
32.2 |
| Certification Pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to Section 906 of the Sarbanes–Oxley Act of 2002, of Donna Brandin, Chief Financial Officer of Registrant’s General Partner. | ||
|
|
| ||
+ |
| Included as an exhibit to Equity Residential’s Form 10-K for the year ended December 31, | ||
++ |
| Included as an exhibit to the Operating Partnership’s Form 8-K, | ||
+++ |
|
| ||
++++ |
| Included as an exhibit to Form 8-K of Merry Land & Investment Company, Inc., filed on October 31, 1997. | ||
+++++ |
| Contained in 424B2 Prospectus Filing of Evans Withycombe Residential, Inc. dated March 28, 1997. | ||
@ |
| Included as an exhibit to Form 8-K of Merry Land & Investment Company, Inc., filed on July 29, 1997. | ||
@@ |
| Included as an exhibit to the Operating Partnership’s Form 8-K, filed on November 20, 2002. | ||
45
@@@ |
| Included as an exhibit to the Operating Partnership’s Form 8-K, filed on June 4, 2004. | ||
@@@@ |
| Included as an exhibit to the Operating Partnership’s Form 8-K, filed on March 2, 2001. | ||
§ |
| Included as an exhibit to the Operating Partnership’s Form 8-K, filed on March 14, 2002. | ||
§§ |
| Included as an exhibit to the Operating Partnership’s Form 8-K, filed on March 19, 2003. | ||
§§§ |
| Included as an exhibit to the Operating Partnership’s Form 8-K, filed on September 10, 2004. | ||
§§§§ |
| Included as an exhibit to the Operating Partnership’s Form 8-K, filed on April 13, 1998. | ||
§§§§§ |
| Included as an exhibit to the Operating Partnership’s Form 8-K, filed on October 9, 1997. | ||
§§§§§§ |
| Included as an exhibit to the Operating Partnership’s Form 8-K, filed on August 13, 1996. | ||
* |
| Included as an exhibit to the Operating Partnership’s Form 10/A, dated December 12, 1994, File No. 0-24920, and incorporated herein by reference. | ||
** |
| Included as an exhibit to the Operating Partnership’s Form 8-K, filed on September 10, 2004. | ||
|
| |||
|
| |||
*** |
| Included as an exhibit to Equity Residential’s Form S-11 Registration Statement, File No. 33-63158, and incorporated herein by reference. | ||
**** |
| Included as an exhibit to Equity Residential’s Form 10-K for the year ended December 31, 1999. | ||
^ | Included as an exhibit to the Operating Partnership’s Form 8-K/A dated July 23, 1998, filed on August 18, 1998. | |||
^^ | Included as an exhibit to Equity Residential’s Form 10-K for the year ended December 31, 2003. | |||
^^^ | Included as an exhibit to Equity Residential’s Form 10-Q for the quarterly period ended June 30, 2005. | |||
^^^^ | Included as an exhibit to Equity Residential’s Form 8-K dated August 30, 2005, filed on September 2, 2005. | |||
^^^^^ | Included as an exhibit to Equity Residential’s Form 8-K dated September 21, 2005, filed on September 27, 2005. | |||
• |
| Included as an exhibit to Equity Residential’s Form 10-K for the year ended December 31, 2001. | ||
•• |
| Included as an exhibit to Equity Residential’s Form | ||
••• |
| Included as an exhibit to Equity Residential’s Form S-8 filed on January 21, 2003. | ||
# |
| Included as an exhibit to Equity Residential’s Form 10-K for the year ended December 31, 2002. | ||
## | Included as an exhibit to Equity Residential’s Form 10-K for the year ended December 31, 2004. | |||
### | Included as an exhibit to Equity Residential’s Form 10-Q for the quarterly period ended March 31, 2005. | |||
#### | Included as an exhibit to Equity Residential’s Form 8-K filed on March 28, 2005. | |||
(c) |
| Financial Statement Schedules: See Index to Financial Statements attached hereto on page F-1 of this Form 10-K. | ||
4645
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf by the undersigned thereunto duly authorized.
| ERP OPERATING LIMITED PARTNERSHIP | ||||||||||||||||||||
| BY: | EQUITY RESIDENTIAL | |||||||||||||||||||
|
| ITS GENERAL PARTNER | |||||||||||||||||||
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Date: | March |
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| By: | /s/ |
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| ||||||||||||||||||
|
| President, Chief Executive Officer, |
| ||||||||||||||||||
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| ||||||||||||||||||||
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Date: | March |
|
| By: | /s/ | Donna Brandin |
| ||||||||||||||
|
| Donna Brandin |
| ||||||||||||||||||
|
| Executive Vice President and |
| ||||||||||||||||||
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Date: | March |
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| By: | /s/ |
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| ||||||||||||||||||
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Pursuant to the requirements of the Securities Exchange Act of 1934, the following persons on behalf of the general partner of the registrant and in the capacities and on the dates indicated have signed this report below.
Pursuant to the requirements of the Securities Exchange Act of 1934, the following persons on behalf of the general partner of the registrant and in the capacities and on the dates indicated have signed this report below.
Date: | March |
|
| By: | /s/ | Samuel Zell* |
| ||||||||||
|
| Samuel Zell |
| ||||||||||||||
|
| Chairman of the Board of Trustees |
| ||||||||||||||
|
| ||||||||||||||||
|
| ||||||||||||||||
Date: | March |
|
| By: | /s/ | Gerald A. Spector* |
| ||||||||||
|
| Gerald A. Spector |
| ||||||||||||||
|
| Executive Vice President, Chief |
| ||||||||||||||
|
|
|
| ||||||||||||||
|
|
|
| ||||||||||||||
Date: | March |
|
| By: | /s/ | Sheli Z. Rosenberg* |
| ||||||||||
|
| Sheli Z. Rosenberg |
| ||||||||||||||
|
| Trustee |
| ||||||||||||||
|
|
|
| ||||||||||||||
|
|
|
| ||||||||||||||
Date: | March |
|
| By: | /s/ | James D. Harper* |
| ||||||||||
|
| James D. Harper |
| ||||||||||||||
|
| Trustee |
| ||||||||||||||
4746
SIGNATURES-CONTINUED
Date: | March |
|
| By: | /s/ | John W. Alexander* |
| |||||||||||||
|
| John W. Alexander |
| |||||||||||||||||
|
|
|
| |||||||||||||||||
|
|
|
| |||||||||||||||||
|
|
|
| |||||||||||||||||
Date: | March |
|
| By: | /s/ | B. Joseph White* |
| |||||||||||||
|
| B. Joseph White |
| |||||||||||||||||
|
| Trustee |
| |||||||||||||||||
|
|
|
| |||||||||||||||||
|
|
|
| |||||||||||||||||
Date: | March |
|
| By: | /s/ | Charles L. Atwood* |
| |||||||||||||
|
| Charles L. Atwood |
| |||||||||||||||||
|
|
|
| |||||||||||||||||
|
|
|
| |||||||||||||||||
|
|
|
| |||||||||||||||||
Date: | March |
|
| By: | /s/ | Desiree G. Rogers* |
| |||||||||||||
|
| Desiree G. Rogers |
| |||||||||||||||||
|
| Trustee |
| |||||||||||||||||
|
|
|
| |||||||||||||||||
|
|
|
| |||||||||||||||||
Date: | March |
|
| By: | /s/ | Stephen O. Evans* |
| |||||||||||||
|
| Stephen O. Evans |
| |||||||||||||||||
|
|
|
| |||||||||||||||||
|
|
|
| |||||||||||||||||
|
|
|
| |||||||||||||||||
Date: | March |
|
| By: | /s/ | Boone A. Knox* |
| |||||||||||||
|
| Boone A. Knox |
| |||||||||||||||||
|
|
|
| |||||||||||||||||
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* By: | /s/ |
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|
| |||||||||||||||
|
|
| ||||||||||||||||||
as Attorney-in-fact |
|
|
| |||||||||||||||||
4847
INDEX TO FINANCIAL STATEMENTS AND SCHEDULE
ERP OPERATING LIMITED PARTNERSHIP
FINANCIAL STATEMENTS FILED AS PART OF THIS REPORT | PAGE | ||
|
| ||
F-2 | |||
|
| ||
Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting | F-3 | ||
|
| ||
Consolidated Balance Sheets as of December 31, | F-4 | ||
|
| ||
Consolidated Statements of Operations for the years ended December 31, 2005, 2004 | F-5 to F-6 | ||
|
| ||
Consolidated Statements of Cash Flows for the years ended December 31, 2005, 2004 | F-7 to F-9 | ||
|
| ||
F-10 to F-11 | |||
|
| ||
F-12 to F-47 | |||
|
| ||
SCHEDULE FILED AS PART OF THIS REPORT | |||
|
| ||
S-1 - S-19 |
All other schedules have been omitted because they are inapplicable, not required or the information is included elsewhere in the consolidated financial statements or notes thereto.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Partners
ERP Operating Limited Partnership
We have audited the accompanying consolidated balance sheets of ERP Operating Limited Partnership (the “Operating Partnership”) as of December 31, 20042005 and 20032004 and the related consolidated statements of operations, changes in partners’ capital and cash flows for each of the three years in the period ended December 31, 2004.2005. Our audits also included the financial statement schedule listed in the accompanying index to the financial statements and schedule. These financial statements and schedule are the responsibility of the Operating Partnership’s management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of ERP Operating Limited Partnership at December 31, 20042005 and 2003,2004, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2004,2005, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.
As discussed in Note 2 to the consolidated financial statements, the Operating Partnership changed its method of accounting for variable interest entities in 2004 and changed its method of accounting for stock-based compensation in 2003.2004.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the effectiveness of ERP Operating Limited Partnership’s internal control over financial reporting as of December 31, 2004,2005, based on the criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 28, 20052006 expressed an unqualified opinion thereon.
| /s/ ERNST & YOUNG LLP | |
| ||
| ERNST & YOUNG LLP |
Chicago, Illinois
February 28, 20052006, except for the fourth paragraph of Note 21,
for which the date is March 2, 2006
F-2
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON
INTERNAL CONTROL OVER FINANCIAL REPORTING
To the Partners
ERP Operating Limited Partnership
We have audited management’s assessment, included in the accompanying Management’s Report on Internal Control over Financial Reporting at Item 9A, that ERP Operating Limited Partnership (the “Operating Partnership”) maintained effective internal control over financial reporting as of December 31, 2004,2005, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO Criteria”). The Operating Partnership’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting. Our responsibility is to express an opinion on management’s assessment and an opinion on the effectiveness of the Operating Partnership’sCompany’s internal control over financial reporting based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, evaluating management’s assessment, testing and evaluating the design and operating effectiveness of internal control, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
In our opinion, management’s assessment that ERP Operating Limited Partnership maintained effective internal control over financial reporting as of December 31, 2004,2005, is fairly stated, in all material respects, based on the COSO Criteria. Also, in our opinion, ERP Operating Limited Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2004,2005, based on the COSO Criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of ERP Operating Limited Partnership as of December 31, 20042005 and 20032004 and the related consolidated statements of operations, changes in partners’ capital and cash flows for each of the three years in the period ended December 31, 20042005 and our report dated February 28, 20052006, except for the fourth paragraph of Note 21, for which the date is March 2, 2006, expressed an unqualified opinion thereon.
| /s/ Ernst & Young LLP | |
| ||
| Ernst & Young LLP |
Chicago, Illinois
February 28, 20052006
F-3
ERP OPERATING LIMITED PARTNERSHIP
(Amounts in thousands)
|
| December 31, |
| December 31, |
|
| December 31, |
| December 31, |
| ||||
ASSETS |
|
|
|
|
|
|
|
|
|
| ||||
Investment in real estate |
|
|
|
|
|
|
|
|
|
| ||||
Land |
| $ | 2,183,818 |
| $ | 1,845,547 |
|
| $ | 2,848,601 |
| $ | 2,183,818 |
|
Depreciable property |
| 12,350,900 |
| 11,018,326 |
|
| 13,336,636 |
| 12,350,900 |
| ||||
Construction in progress (including land) |
| 317,903 |
| 10,506 |
|
| 405,133 |
| 317,903 |
| ||||
Investment in real estate |
| 14,852,621 |
| 12,874,379 |
|
| 16,590,370 |
| 14,852,621 |
| ||||
Accumulated depreciation |
| (2,599,827 | ) | (2,296,013 | ) |
| (2,888,140 | ) | (2,599,827 | ) | ||||
Investment in real estate, net |
| 12,252,794 |
| 10,578,366 |
|
| 13,702,230 |
| 12,252,794 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
Cash and cash equivalents |
| 83,505 |
| 49,579 |
|
| 88,828 |
| 83,505 |
| ||||
Investments in unconsolidated entities |
| 11,461 |
| 473,977 |
|
| 6,838 |
| 11,461 |
| ||||
Rents receivable |
| 1,681 |
| 426 |
|
| 789 |
| 1,681 |
| ||||
Deposits – restricted |
| 82,194 |
| 133,752 |
|
| 77,093 |
| 82,194 |
| ||||
Escrow deposits – mortgage |
| 35,800 |
| 41,104 |
|
| 35,225 |
| 35,800 |
| ||||
Deferred financing costs, net |
| 34,986 |
| 31,135 |
|
| 40,636 |
| 34,986 |
| ||||
Goodwill, net |
| 30,000 |
| 30,000 |
|
| 30,000 |
| 30,000 |
| ||||
Other assets |
| 112,854 |
| 128,554 |
|
| 117,306 |
| 112,854 |
| ||||
Total assets |
| $ | 12,645,275 |
| $ | 11,466,893 |
|
| $ | 14,098,945 |
| $ | 12,645,275 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
|
|
|
|
|
| ||||
Liabilities: |
|
|
|
|
|
|
|
|
|
| ||||
Mortgage notes payable |
| $ | 3,166,739 |
| $ | 2,693,815 |
|
| $ | 3,379,289 |
| $ | 3,166,739 |
|
Notes, net |
| 3,143,067 |
| 2,656,674 |
|
| 3,442,784 |
| 3,143,067 |
| ||||
Line of credit |
| 150,000 |
| 10,000 |
| |||||||||
Lines of credit |
| 769,000 |
| 150,000 |
| |||||||||
Accounts payable and accrued expenses |
| 87,422 |
| 55,463 |
|
| 108,855 |
| 87,422 |
| ||||
Accrued interest payable |
| 70,411 |
| 60,334 |
|
| 78,441 |
| 70,411 |
| ||||
Rents received in advance and other liabilities |
| 227,588 |
| 189,372 |
|
| 302,418 |
| 227,588 |
| ||||
Security deposits |
| 49,501 |
| 44,670 |
|
| 54,823 |
| 49,501 |
| ||||
Distributions payable |
| 142,437 |
| 140,195 |
|
| 145,812 |
| 142,437 |
| ||||
Total liabilities |
| 7,037,165 |
| 5,850,523 |
|
| 8,281,422 |
| 7,037,165 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
| ||||
Minority Interests – Partially Owned Properties |
| 9,557 |
| 9,903 |
|
| 16,965 |
| 9,557 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
Partners’ capital: |
|
|
|
|
|
|
|
|
|
| ||||
Preference Units |
| 636,216 |
| 670,913 |
|
| 504,096 |
| 636,216 |
| ||||
Preference Interests |
| 206,000 |
| 246,000 |
|
| 60,000 |
| 206,000 |
| ||||
Junior Preference Units |
| 184 |
| 2,217 |
|
| 184 |
| 184 |
| ||||
General Partner |
| 4,457,700 |
| 4,371,483 |
|
| 4,905,716 |
| 4,457,700 |
| ||||
Limited Partners |
| 319,841 |
| 342,809 |
|
| 345,034 |
| 319,841 |
| ||||
Deferred compensation |
| (18 | ) | (3,554 | ) |
| — |
| (18 | ) | ||||
Accumulated other comprehensive loss |
| (21,370 | ) | (23,401 | ) |
| (14,472 | ) | (21,370 | ) | ||||
Total partners’ capital |
| 5,598,553 |
| 5,606,467 |
|
| 5,800,558 |
| 5,598,553 |
| ||||
Total liabilities and partners’ capital |
| $ | 12,645,275 |
| $ | 11,466,893 |
|
| $ | 14,098,945 |
| $ | 12,645,275 |
|
See accompanying notes
F-4
ERP OPERATING LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands except per OP Unit data)
|
| Year Ended December 31, |
|
| Year Ended December 31, |
| ||||||||||||||
|
| 2004 |
| 2003 |
| 2002 |
|
| 2005 |
| 2004 |
| 2003 |
| ||||||
REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Rental income |
| $ | 1,878,262 |
| $ | 1,691,647 |
| $ | 1,677,459 |
|
| $ | 1,943,789 |
| $ | 1,742,028 |
| $ | 1,566,065 |
|
Fee and asset management |
| 11,239 |
| 14,373 |
| 9,582 |
|
| 11,148 |
| 11,796 |
| 14,956 |
| ||||||
Total revenues |
| 1,889,501 |
| 1,706,020 |
| 1,687,041 |
|
| 1,954,937 |
| 1,753,824 |
| 1,581,021 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Property and maintenance |
| 520,412 |
| 460,426 |
| 427,960 |
|
| 544,495 |
| 477,605 |
| 422,212 |
| ||||||
Real estate taxes and insurance |
| 222,448 |
| 184,483 |
| 170,029 |
|
| 224,400 |
| 205,173 |
| 170,181 |
| ||||||
Property management |
| 75,888 |
| 68,058 |
| 72,416 |
|
| 84,307 |
| 77,093 |
| 70,051 |
| ||||||
Fee and asset management |
| 8,623 |
| 7,819 |
| 7,885 |
|
| 9,852 |
| 8,814 |
| 7,797 |
| ||||||
Depreciation |
| 484,209 |
| 414,998 |
| 389,580 |
|
| 508,140 |
| 445,374 |
| 383,021 |
| ||||||
General and administrative |
| 51,236 |
| 38,810 |
| 46,492 |
|
| 71,799 |
| 49,299 |
| 37,025 |
| ||||||
Impairment on technology investments |
| — |
| 1,162 |
| 1,162 |
|
| — |
| — |
| 1,162 |
| ||||||
Impairment on corporate housing business |
| — |
| — |
| 17,122 |
| |||||||||||||
Total expenses |
| 1,362,816 |
| 1,175,756 |
| 1,132,646 |
|
| 1,442,993 |
| 1,263,358 |
| 1,091,449 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Operating income |
| 526,685 |
| 530,264 |
| 554,395 |
|
| 511,944 |
| 490,466 |
| 489,572 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest and other income |
| 10,685 |
| 16,217 |
| 14,792 |
|
| 68,517 |
| 8,957 |
| 15,512 |
| ||||||
Interest: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Expense incurred, net |
| (342,591 | ) | (322,903 | ) | (327,662 | ) |
| (384,021 | ) | (328,289 | ) | (316,251 | ) | ||||||
Amortization of deferred financing costs |
| (6,723 | ) | (5,612 | ) | (5,502 | ) |
| (6,570 | ) | (6,057 | ) | (5,440 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income before allocation to Minority Interests, loss from investments in unconsolidated entities, net gain on sales of unconsolidated entities and discontinued operations |
| 188,056 |
| 217,966 |
| 236,023 |
| |||||||||||||
Income before allocation to Minority Interests, income (loss) from investments in unconsolidated entities, net gain on sales of unconsolidated entities and land parcels and discontinued operations |
| 189,870 |
| 165,077 |
| 183,393 |
| |||||||||||||
Allocation to Minority Interests – Partially Owned Properties |
| 1,787 |
| 271 |
| (1,867 | ) |
| 801 |
| 1,787 |
| 271 |
| ||||||
Loss from investments in unconsolidated entities |
| (7,325 | ) | (10,118 | ) | (3,698 | ) | |||||||||||||
Income (loss) from investments in unconsolidated entities |
| 470 |
| (7,325 | ) | (10,118 | ) | |||||||||||||
Net gain on sales of unconsolidated entities |
| 4,593 |
| 4,942 |
| 5,054 |
|
| 1,330 |
| 4,593 |
| 4,942 |
| ||||||
Net gain on sales of land parcels |
| 30,245 |
| 5,482 |
| — |
| |||||||||||||
Income from continuing operations |
| 187,111 |
| 213,061 |
| 235,512 |
|
| 222,716 |
| 169,614 |
| 178,488 |
| ||||||
Net gain on sales of discontinued operations |
| 323,925 |
| 310,706 |
| 104,296 |
|
| 697,655 |
| 318,443 |
| 310,706 |
| ||||||
Discontinued operations, net |
| 13,128 |
| 54,738 |
| 108,367 |
|
| 11,676 |
| 36,107 |
| 89,311 |
| ||||||
Net income |
| $ | 524,164 |
| $ | 578,505 |
| $ | 448,175 |
|
| $ | 932,047 |
| $ | 524,164 |
| $ | 578,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
ALLOCATION OF NET INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Preference Units |
| $ | 53,746 |
| $ | 76,435 |
| $ | 76,615 |
|
| $ | 49,642 |
| $ | 53,746 |
| $ | 76,435 |
|
Preference Interests |
| $ | 19,420 |
| $ | 20,211 |
| $ | 20,211 |
|
| $ | 7,591 |
| $ | 19,420 |
| $ | 20,211 |
|
Junior Preference Units |
| $ | 70 |
| $ | 325 |
| $ | 325 |
|
| $ | 15 |
| $ | 70 |
| $ | 325 |
|
Premium on redemption of Preference Units |
| $ | — |
| $ | 20,237 |
| $ | — |
|
| $ | 4,359 |
| $ | — |
| $ | 20,237 |
|
Premium on redemption of Preference Interests |
| $ | 1,117 |
| $ | — |
| $ | — |
|
| $ | 4,134 |
| $ | 1,117 |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
General Partner |
| $ | 418,583 |
| $ | 426,639 |
| $ | 324,162 |
|
| $ | 807,792 |
| $ | 418,583 |
| $ | 426,639 |
|
Limited Partners |
| 31,228 |
| 34,658 |
| 26,862 |
|
| 58,514 |
| 31,228 |
| 34,658 |
| ||||||
Net income available to OP Units |
| $ | 449,811 |
| $ | 461,297 |
| $ | 351,024 |
|
| $ | 866,306 |
| $ | 449,811 |
| $ | 461,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Earnings per OP Unit – basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income from continuing operations available to OP Units |
| $ | 0.38 |
| $ | 0.33 |
| $ | 0.47 |
|
| $ | 0.51 |
| $ | 0.32 |
| $ | 0.21 |
|
Net income available to OP Units |
| $ | 1.50 |
| $ | 1.57 |
| $ | 1.19 |
|
| $ | 2.83 |
| $ | 1.50 |
| $ | 1.57 |
|
Weighted average OP Units outstanding |
| 300,683 |
| 294,523 |
| 294,637 |
|
| 306,579 |
| 300,683 |
| 294,523 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Earnings per OP Unit – diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income from continuing operations available to OP Units |
| $ | 0.37 |
| $ | 0.32 |
| $ | 0.46 |
|
| $ | 0.51 |
| $ | 0.31 |
| $ | 0.21 |
|
Net income available to OP Units |
| $ | 1.48 |
| $ | 1.55 |
| $ | 1.18 |
|
| $ | 2.79 |
| $ | 1.48 |
| $ | 1.55 |
|
Weighted average OP Units outstanding |
| 303,871 |
| 297,041 |
| 297,969 |
|
| 310,785 |
| 303,871 |
| 297,041 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Distributions declared per OP Unit outstanding |
| $ | 1.73 |
| $ | 1.73 |
| $ | 1.73 |
|
| $ | 1.74 |
| $ | 1.73 |
| $ | 1.73 |
|
See accompanying notes
F-5
ERP OPERATING LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)
(Amounts in thousands except per OP Unit data)
|
| Year Ended December 31, |
|
| Year Ended December 31, |
| ||||||||||||||
|
| 2004 |
| 2003 |
| 2002 |
|
| 2005 |
| 2004 |
| 2003 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| |||||||||||||
Net income |
| $ | 524,164 |
| $ | 578,505 |
| $ | 448,175 |
|
| $ | 932,047 |
| $ | 524,164 |
| $ | 578,505 |
|
Other comprehensive income (loss) – derivative and other instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Unrealized holding (losses) gains arising during the year |
| (3,707 | ) | 11,467 |
| (10,905 | ) | |||||||||||||
Equity in unrealized holding gains (losses) arising during the year – unconsolidated entities |
| 3,667 |
| 7,268 |
| (689 | ) | |||||||||||||
Unrealized holding gains (losses) arising during the year |
| 4,357 |
| (3,707 | ) | 11,467 |
| |||||||||||||
Equity in unrealized holding gains arising during the year – unconsolidated entities |
| — |
| 3,667 |
| 7,268 |
| |||||||||||||
Losses reclassified into earnings from other comprehensive income |
| 2,071 |
| 1,653 |
| 845 |
|
| 2,541 |
| 2,071 |
| 1,653 |
| ||||||
Comprehensive income |
| $ | 526,195 |
| $ | 598,893 |
| $ | 437,426 |
|
| $ | 938,945 |
| $ | 526,195 |
| $ | 598,893 |
|
See accompanying notes
F-6
ERP OPERATING LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
|
| Year Ended December 31, |
|
| Year Ended December 31, |
| ||||||||||||||
|
| 2004 |
| 2003 |
| 2002 |
|
| 2005 |
| 2004 |
| 2003 |
| ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income |
| $ | 524,164 |
| $ | 578,505 |
| $ | 448,175 |
|
| $ | 932,047 |
| $ | 524,164 |
| $ | 578,505 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Allocation to Minority Interests – Partially Owned Properties |
| (1,787 | ) | (271 | ) | 1,867 |
|
| (801 | ) | (1,787 | ) | (271 | ) | ||||||
Depreciation |
| 496,583 |
| 471,569 |
| 472,956 |
|
| 528,958 |
| 496,583 |
| 471,569 |
| ||||||
Amortization of deferred financing costs |
| 7,276 |
| 6,702 |
| 5,754 |
|
| 7,166 |
| 7,276 |
| 6,702 |
| ||||||
Amortization of discounts and premiums on debt |
| (784 | ) | (991 | ) | (822 | ) |
| (3,502 | ) | (784 | ) | (991 | ) | ||||||
Amortization of deferred settlements on derivative instruments |
| 1,001 |
| 710 |
| (306 | ) |
| 1,160 |
| 1,001 |
| 710 |
| ||||||
Impairment on technology investments |
| — |
| 1,162 |
| 1,162 |
|
| — |
| — |
| 1,162 |
| ||||||
Impairment on corporate housing business |
| — |
| — |
| 17,122 |
| |||||||||||||
Loss from investments in unconsolidated entities |
| 7,325 |
| 10,118 |
| 3,698 |
| |||||||||||||
(Income) from technology investments |
| (57,054 | ) | — |
| — |
| |||||||||||||
(Income) loss from investments in unconsolidated entities |
| (470 | ) | 7,325 |
| 10,118 |
| |||||||||||||
Net (gain) on sales of unconsolidated entities |
| (4,593 | ) | (4,942 | ) | (5,054 | ) |
| (1,330 | ) | (4,593 | ) | (4,942 | ) | ||||||
Net (gain) on sales of land parcels |
| (30,245 | ) | (5,482 | ) | — |
| |||||||||||||
Net (gain) on sales of discontinued operations |
| (323,925 | ) | (310,706 | ) | (104,296 | ) |
| (697,655 | ) | (318,443 | ) | (310,706 | ) | ||||||
Loss on debt extinguishments |
| 113 |
| 2,095 |
| 792 |
|
| 10,977 |
| 113 |
| 2,095 |
| ||||||
Unrealized loss (gain) on derivative instruments |
| 249 |
| (118 | ) | 328 |
|
| 10 |
| 249 |
| (118 | ) | ||||||
Compensation paid with Company Common Shares |
| 16,826 |
| 14,883 |
| 25,796 |
|
| 35,905 |
| 16,826 |
| 14,883 |
| ||||||
Other operating activities, net |
| (178 | ) | (3,147 | ) | 2 |
|
| 246 |
| (178 | ) | (3,147 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(Increase) decrease in rents receivable |
| (628 | ) | 2,234 |
| (570 | ) | |||||||||||||
(Increase) decrease in deposits – restricted |
| (6,037 | ) | 4,406 |
| 9,896 |
| |||||||||||||
(Increase) decrease in other assets |
| (20,341 | ) | (18,940 | ) | 14,531 |
| |||||||||||||
Decrease (increase) in rents receivable |
| 918 |
| (628 | ) | 2,234 |
| |||||||||||||
Decrease (increase) in deposits – restricted |
| 5,829 |
| (6,037 | ) | 4,406 |
| |||||||||||||
(Increase) in other assets |
| (22,690 | ) | (20,341 | ) | (18,940 | ) | |||||||||||||
Increase (decrease) in accounts payable and accrued expenses |
| 2,844 |
| (4,682 | ) | (3,392 | ) |
| 7,334 |
| 2,844 |
| (4,682 | ) | ||||||
Increase (decrease) in accrued interest payable |
| 9,176 |
| (2,851 | ) | 406 |
|
| 8,171 |
| 9,176 |
| (2,851 | ) | ||||||
Increase (decrease) in rents received in advance and other liabilities |
| 7,655 |
| (170 | ) | 2,369 |
| |||||||||||||
(Decrease) increase in rents received in advance and other liabilities |
| (15,952 | ) | 7,655 |
| (170 | ) | |||||||||||||
Increase (decrease) in security deposits |
| 2,811 |
| (1,247 | ) | (2,151 | ) |
| 5,269 |
| 2,811 |
| (1,247 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||||||
Net cash provided by operating activities |
| 717,750 |
| 744,319 |
| 888,263 |
|
| 714,291 |
| 717,750 |
| 744,319 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Investment in real estate – acquisitions |
| (820,029 | ) | (595,077 | ) | (258,269 | ) |
| (2,229,881 | ) | (820,029 | ) | (595,077 | ) | ||||||
Investment in real estate – development/other |
| (117,940 | ) | (8,386 | ) | (109,077 | ) |
| (179,962 | ) | (117,940 | ) | (8,386 | ) | ||||||
Improvements to real estate |
| (212,171 | ) | (181,948 | ) | (156,776 | ) |
| (232,500 | ) | (212,171 | ) | (181,948 | ) | ||||||
Additions to non-real estate property |
| (6,552 | ) | (2,928 | ) | (7,301 | ) |
| (17,610 | ) | (6,552 | ) | (2,928 | ) | ||||||
Interest capitalized for real estate under development |
| (11,687 | ) | — |
| (10,006 | ) |
| (13,701 | ) | (11,687 | ) | — |
| ||||||
Interest capitalized for unconsolidated entities under development |
| (2,282 | ) | (20,647 | ) | (17,161 | ) |
| — |
| (2,282 | ) | (20,647 | ) | ||||||
Proceeds from disposition of real estate, net |
| 937,690 |
| 1,130,925 |
| 478,675 |
|
| 1,978,087 |
| 937,690 |
| 1,130,925 |
| ||||||
Proceeds from disposition of unconsolidated entities |
| 7,940 |
| 14,136 |
| 49,862 |
|
| 3,533 |
| 7,940 |
| 14,136 |
| ||||||
Proceeds from refinancing of unconsolidated entities |
| — |
| 6,708 |
| 4,375 |
|
| — |
| — |
| 6,708 |
| ||||||
Proceeds from disposition of furniture rental business |
| — |
| — |
| 28,741 |
| |||||||||||||
Proceeds from technology and other investments |
| 82,054 |
| — |
| — |
| |||||||||||||
Investments in unconsolidated entities |
| (406,524 | ) | (14,038 | ) | (105,758 | ) |
| (1,480 | ) | (406,524 | ) | (14,038 | ) | ||||||
Distributions from unconsolidated entities |
| 26,553 |
| 20,515 |
| 41,656 |
|
| 3,194 |
| 26,553 |
| 20,515 |
| ||||||
Decrease (increase) in deposits on real estate acquisitions, net |
| 58,715 |
| (22,656 | ) | 24,845 |
| |||||||||||||
(Increase) decrease in deposits on real estate acquisitions, net |
| (706 | ) | 58,715 |
| (22,656 | ) | |||||||||||||
Decrease in mortgage deposits |
| 9,144 |
| 11,298 |
| 27,425 |
|
| 683 |
| 9,144 |
| 11,298 |
|
See accompanying notes
F-7
ERP OPERATING LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Amounts in thousands)
|
| Year Ended December 31, |
|
| Year Ended December 31, |
| ||||||||||||||
|
| 2004 |
| 2003 |
| 2002 |
|
| 2005 |
| 2004 |
| 2003 |
| ||||||
CASH FLOWS FROM INVESTING ACTIVITIES (continued): |
|
|
|
|
|
|
| |||||||||||||
Consolidation of previously Unconsolidated Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Via acquisition (net of cash acquired) |
| $ | (49,183 | ) | $ | 6,879 |
| $ | (40,113 | ) |
| $ | (62 | ) | $ | (49,183 | ) | $ | 6,879 |
|
Via FIN 46 (cash consolidated) |
| 3,628 |
| — |
| — |
|
| — |
| 3,628 |
| — |
| ||||||
Acquisition of Minority Interests – Partially Owned Properties |
| (72 | ) | (125 | ) | — |
|
| (1,989 | ) | (72 | ) | (125 | ) | ||||||
Other investing activities, net |
| 16,802 |
| (10,628 | ) | 260 |
|
| 2,379 |
| 16,802 |
| (10,628 | ) | ||||||
Net cash (used for) provided by investing activities |
| (565,968 | ) | 334,028 |
| (48,622 | ) |
| (607,961 | ) | (565,968 | ) | 334,028 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Loan and bond acquisition costs |
| (9,696 | ) | (6,127 | ) | (11,233 | ) |
| (12,816 | ) | (9,696 | ) | (6,127 | ) | ||||||
Mortgage notes payable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Proceeds |
| 467,541 |
| 111,150 |
| 126,144 |
|
| 280,125 |
| 467,541 |
| 111,150 |
| ||||||
Lump sum payoffs |
| (469,333 | ) | (401,951 | ) | (374,983 | ) |
| (442,786 | ) | (469,333 | ) | (401,951 | ) | ||||||
Scheduled principal repayments |
| (25,607 | ) | (30,919 | ) | (32,731 | ) |
| (27,607 | ) | (25,607 | ) | (30,919 | ) | ||||||
Prepayment premiums/fees |
| (450 | ) | (2,187 | ) | (792 | ) |
| (10,977 | ) | (450 | ) | (2,187 | ) | ||||||
Notes, net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Proceeds |
| 898,014 |
| 398,816 |
| 447,064 |
|
| 499,435 |
| 898,014 |
| 398,816 |
| ||||||
Lump sum payoffs |
| (531,390 | ) | (190,000 | ) | (265,000 | ) |
| (190,000 | ) | (531,390 | ) | (190,000 | ) | ||||||
Scheduled principal repayments |
| (4,286 | ) | (4,480 | ) | (4,669 | ) |
| (4,286 | ) | (4,286 | ) | (4,480 | ) | ||||||
Line of credit: |
|
|
|
|
|
|
| |||||||||||||
Lines of credit: |
|
|
|
|
|
|
| |||||||||||||
Proceeds |
| 1,742,000 |
| 182,000 |
| 776,500 |
|
| 6,291,300 |
| 1,742,000 |
| 182,000 |
| ||||||
Repayments |
| (1,602,000 | ) | (312,000 | ) | (831,500 | ) |
| (5,672,300 | ) | (1,602,000 | ) | (312,000 | ) | ||||||
(Payments on) proceeds from settlement of derivative instruments |
| (7,346 | ) | (12,999 | ) | 5,757 |
| |||||||||||||
(Payments on) settlement of derivative instruments |
| (7,823 | ) | (7,346 | ) | (12,999 | ) | |||||||||||||
Proceeds from sale of OP Units |
| 6,853 |
| 6,324 |
| 9,411 |
|
| 8,285 |
| 6,853 |
| 6,324 |
| ||||||
Proceeds from sale of Preference Units |
| — |
| 150,000 |
| — |
|
| — |
| — |
| 150,000 |
| ||||||
Proceeds from exercise of EQR options |
| 79,043 |
| 68,400 |
| 29,578 |
|
| 54,858 |
| 79,043 |
| 68,400 |
| ||||||
OP Units repurchased and retired |
| — |
| — |
| (115,004 | ) | |||||||||||||
Redemption of Preference Units |
| — |
| (386,989 | ) | — |
|
| (125,000 | ) | — |
| (386,989 | ) | ||||||
Redemption of Preference Interests |
| (40,000 | ) | — |
| — |
|
| (146,000 | ) | (40,000 | ) | — |
| ||||||
Premium on redemption of Preference Units |
| — |
| (8,345 | ) | — |
|
| (43 | ) | — |
| (8,345 | ) | ||||||
Premium on redemption of Preference Interests |
| (322 | ) | — |
| — |
| |||||||||||||
Payment of offering costs |
| (24 | ) | (5,304 | ) | (207 | ) |
| (26 | ) | (24 | ) | (5,304 | ) | ||||||
Contributions – Minority Interests – Partially Owned Properties |
| 100 |
| — |
| — |
|
| 7,439 |
| 100 |
| — |
| ||||||
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
OP Units – General Partner |
| (484,540 | ) | (472,211 | ) | (473,996 | ) |
| (496,004 | ) | (484,540 | ) | (472,211 | ) | ||||||
Preference Units |
| (54,350 | ) | (79,341 | ) | (76,973 | ) |
| (51,092 | ) | (54,350 | ) | (79,341 | ) | ||||||
Preference Interests |
| (19,464 | ) | (20,211 | ) | (20,238 | ) |
| (7,763 | ) | (19,464 | ) | (20,211 | ) | ||||||
Junior Preference Units |
| (148 | ) | (324 | ) | (325 | ) |
| (15 | ) | (148 | ) | (324 | ) | ||||||
OP Units – Limited Partners |
| (36,446 | ) | (38,472 | ) | (39,607 | ) |
| (35,833 | ) | (36,446 | ) | (38,472 | ) | ||||||
Minority Interests – Partially Owned Properties |
| (26,327 | ) | (3,473 | ) | (12,608 | ) |
| (11,756 | ) | (26,327 | ) | (3,473 | ) | ||||||
Principal receipts on employee notes, net |
| — |
| — |
| 4,043 |
| |||||||||||||
Net cash (used for) financing activities |
| (117,856 | ) | (1,058,643 | ) | (861,369 | ) |
| (101,007 | ) | (117,856 | ) | (1,058,643 | ) | ||||||
Net increase (decrease) in cash and cash equivalents |
| 33,926 |
| 19,704 |
| (21,728 | ) | |||||||||||||
Net increase in cash and cash equivalents |
| 5,323 |
| 33,926 |
| 19,704 |
| |||||||||||||
Cash and cash equivalents, beginning of year |
| 49,579 |
| 29,875 |
| 51,603 |
|
| 83,505 |
| 49,579 |
| 29,875 |
| ||||||
Cash and cash equivalents, end of year |
| $ | 83,505 |
| $ | 49,579 |
| $ | 29,875 |
|
| $ | 88,828 |
| $ | 83,505 |
| $ | 49,579 |
|
See accompanying notes
F-8
ERP OPERATING LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Amounts in thousands)
|
| Year Ended December 31, |
|
| Year Ended December 31, |
| ||||||||||||||
|
| 2004 |
| 2003 |
| 2002 |
|
| 2005 |
| 2004 |
| 2003 |
| ||||||
SUPPLEMENTAL INFORMATION: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Cash paid during the year for interest |
| $ | 348,574 |
| $ | 352,391 |
| $ | 365,782 |
|
| $ | 397,886 |
| $ | 348,574 |
| $ | 352,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Valuation of OP Units issued – Other transactions |
| $ | 9,087 |
| $ | 226 |
| $ | 1,046 |
| ||||||||||
Cash paid during the year for income, franchise and excise taxes |
| $ | 11,522 |
| $ | 3,074 |
| $ | 2,245 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Real estate acquisitions/dispositions: |
|
|
|
|
|
|
| |||||||||||||
Real estate acquisitions/dispositions/other: |
|
|
|
|
|
|
| |||||||||||||
Mortgage loans assumed |
| $ | 95,901 |
| $ | 89,446 |
| $ | 32,355 |
|
| $ | 443,478 |
| $ | 95,901 |
| $ | 89,446 |
|
|
|
|
|
|
|
|
| |||||||||||||
Valuation of OP Units issued |
| $ | — |
| $ | 105 |
| $ | — |
|
| $ | 33,662 |
| $ | 9,087 |
| $ | 331 |
|
|
|
|
|
|
|
|
| |||||||||||||
Mortgage loans (assumed) by purchaser |
| $ | (29,470 | ) | $ | (53,250 | ) | $ | (9,924 | ) |
| $ | (35,031 | ) | $ | (29,470 | ) | $ | (53,250 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Consolidation of previously Unconsolidated Properties – Via acquisition: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Investment in real estate |
| $ | (960,331 | ) | $ | (111,113 | ) | $ | (102,110 | ) |
| $ | (5,608 | ) | $ | (960,331 | ) | $ | (111,113 | ) |
|
|
|
|
|
|
|
| |||||||||||||
Mortgage loans assumed |
| $ | 274,818 |
| $ | 51,625 |
| $ | 18,100 |
|
| $ | 2,839 |
| $ | 274,818 |
| $ | 51,625 |
|
|
|
|
|
|
|
|
| |||||||||||||
Valuation of OP Units issued |
| $ | — |
| $ | 4,231 |
| $ | — |
|
| $ | — |
| $ | — |
| $ | 4,231 |
|
|
|
|
|
|
|
|
| |||||||||||||
Minority Interests – Partially Owned Properties |
| $ | 445 |
| $ | 42 |
| $ | — |
|
| $ | 59 |
| $ | 445 |
| $ | 42 |
|
|
|
|
|
|
|
|
| |||||||||||||
Investments in unconsolidated entities |
| $ | 608,681 |
| $ | 34,942 |
| $ | (312 | ) |
| $ | 1,176 |
| $ | 608,681 |
| $ | 34,942 |
|
|
|
|
|
|
|
|
| |||||||||||||
Net other liabilities recorded |
| $ | 27,204 |
| $ | 27,152 |
| $ | 44,209 |
|
| $ | 1,472 |
| $ | 27,204 |
| $ | 27,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Consolidation of previously unconsolidated properties – Via FIN 46: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Investment in real estate |
| $ | (548,342 | ) | $ | — |
| $ | — |
|
| $ | — |
| $ | (548,342 | ) | $ | — |
|
|
|
|
|
|
|
|
| |||||||||||||
Mortgage loans consolidated |
| $ | 294,722 |
| $ | — |
| $ | — |
|
| $ | — |
| $ | 294,722 |
| $ | — |
|
|
|
|
|
|
|
|
| |||||||||||||
Minority interests – Partially Owned Properties |
| $ | 3,074 |
| $ | — |
| $ | — |
|
| $ | — |
| $ | 3,074 |
| $ | — |
|
|
|
|
|
|
|
|
| |||||||||||||
Investments in unconsolidated entities |
| $ | 234,984 |
| $ | — |
| $ | — |
|
| $ | — |
| $ | 234,984 |
| $ | — |
|
|
|
|
|
|
|
|
| |||||||||||||
Net other liabilities recorded |
| $ | 19,190 |
| $ | — |
| $ | — |
|
| $ | — |
| $ | 19,190 |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Deconsolidation of previously Wholly Owned Properties: |
|
|
|
|
|
|
| |||||||||||||
Mortgage loans contributed |
| $ | — |
| $ | — |
| $ | (118,376 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Refinancing of mortgage notes payable into notes, net |
| $ | 130,000 |
| $ | — |
| $ | — |
|
| $ | — |
| $ | 130,000 |
| $ | — |
|
See accompanying notes
F-9
ERP OPERATING LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL
(Amounts in thousands)
|
| Year Ended December 31, |
|
| Year Ended December 31, |
| ||||||||||||||
|
| 2004 |
| 2003 |
| 2002 |
|
| 2005 |
| 2004 |
| 2003 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
PREFERENCE UNITS |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance, beginning of year |
| $ | 670,913 |
| $ | 946,157 |
| $ | 966,671 |
|
| $ | 636,216 |
| $ | 670,913 |
| $ | 946,157 |
|
Redemption of 9 1/8% Series B Cumulative Redeemable |
| (125,000 | ) | — |
| — |
| |||||||||||||
Conversion of 7.00% Series E Cumulative Convertible |
| (34,519 | ) | (8,891 | ) | (20,442 | ) |
| (7,065 | ) | (34,519 | ) | (8,891 | ) | ||||||
Conversion of 7.00% Series H Cumulative Convertible |
| (55 | ) | (178 | ) | (180 | ) | |||||||||||||
Conversion of 7.25% Series G Convertible Cumulative |
| — |
| (29,184 | ) | (2 | ) |
| — |
| — |
| (29,184 | ) | ||||||
Redemption of 7.25% Series G Convertible Cumulative |
| — |
| (286,989 | ) | — |
|
| — |
| — |
| (286,989 | ) | ||||||
Conversion of 7.00% Series H Cumulative Convertible |
| (178 | ) | (180 | ) | (70 | ) | |||||||||||||
Redemption of 7.625% Series L Cumulative Redeemable |
| — |
| (100,000 | ) | — |
|
| — |
| — |
| (100,000 | ) | ||||||
Issuance of 6.48% Series N Cumulative Redeemable |
| — |
| 150,000 |
| — |
|
| — |
| — |
| 150,000 |
| ||||||
Balance, end of year |
| $ | 636,216 |
| $ | 670,913 |
| $ | 946,157 |
|
| $ | 504,096 |
| $ | 636,216 |
| $ | 670,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
PREFERENCE INTERESTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance, beginning of year |
| $ | 246,000 |
| $ | 246,000 |
| $ | 246,000 |
|
| $ | 206,000 |
| $ | 246,000 |
| $ | 246,000 |
|
Redemption of Series A |
| (40,000 | ) | — |
| — |
| |||||||||||||
Redemption of Series A through F |
| (146,000 | ) | (40,000 | ) | — |
| |||||||||||||
Balance, end of year |
| $ | 206,000 |
| $ | 246,000 |
| $ | 246,000 |
|
| $ | 60,000 |
| $ | 206,000 |
| $ | 246,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
JUNIOR PREFERENCE UNITS |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance, beginning of year |
| $ | 2,217 |
| $ | 5,846 |
| $ | 5,846 |
|
| $ | 184 |
| $ | 2,217 |
| $ | 5,846 |
|
Conversion of Series A |
| (2,033 | ) | (3,629 | ) | — |
|
| — |
| (2,033 | ) | (3,629 | ) | ||||||
Balance, end of year |
| $ | 184 |
| $ | 2,217 |
| $ | 5,846 |
|
| $ | 184 |
| $ | 184 |
| $ | 2,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
GENERAL PARTNER |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance, beginning of year |
| $ | 4,371,483 |
| $ | 4,306,873 |
| $ | 4,506,097 |
|
| $ | 4,457,700 |
| $ | 4,371,483 |
| $ | 4,306,873 |
|
Issuance of OP Units through conversion of Preference Units into OP Units held by General Partner |
| 34,697 |
| 38,255 |
| 20,514 |
| |||||||||||||
OP Unit Issuance: |
|
|
|
|
|
|
| |||||||||||||
Conversion of Preference Units into OP Units held by General Partner |
| 7,120 |
| 34,697 |
| 38,255 |
| |||||||||||||
Conversion of OP Units held by Limited Partners to OP Units held by General Partner |
| 36,920 |
| 10,903 |
| 14,768 |
|
| 24,196 |
| 36,920 |
| 10,903 |
| ||||||
Issuance of OP Units through exercise of EQR share options |
| 79,043 |
| 68,400 |
| 29,578 |
| |||||||||||||
Issuance of OP Units through EQR’s Employee Share Purchase Plan |
| 6,853 |
| 6,324 |
| 7,377 |
| |||||||||||||
Issuance of OP Units through EQR’s Share Purchase – DRIP Plan |
| — |
| — |
| 861 |
| |||||||||||||
Issuance of OP Units through Dividend Reinvestment – DRIP Plan |
| — |
| — |
| 1,173 |
| |||||||||||||
Exercise of EQR share options |
| 54,858 |
| 79,043 |
| 68,400 |
| |||||||||||||
EQR’s Employee Share Purchase Plan (ESPP) |
| 8,285 |
| 6,853 |
| 6,324 |
| |||||||||||||
Stock-based employee compensation expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
EQR restricted/performance shares |
| 9,018 |
| 2,497 |
| 12,136 |
| |||||||||||||
EQR performance shares |
| 7,697 |
| 224 |
| 334 |
| |||||||||||||
EQR restricted shares |
| 20,037 |
| 8,794 |
| 2,163 |
| |||||||||||||
EQR share options |
| 2,982 |
| 2,626 |
| — |
|
| 6,562 |
| 2,982 |
| 2,626 |
| ||||||
EQR ESPP discount |
| 1,290 |
| 1,196 |
| — |
|
| 1,591 |
| 1,290 |
| 1,196 |
| ||||||
OP Units repurchased and retired |
| — |
| — |
| (115,004 | ) | |||||||||||||
Offering costs |
| (24 | ) | (5,304 | ) | (207 | ) |
| (26 | ) | (24 | ) | (5,304 | ) | ||||||
Principal receipts on employee notes |
| — |
| — |
| 4,043 |
| |||||||||||||
Net income available to OP Units – General Partner |
| 418,583 |
| 426,639 |
| 324,162 |
|
| 807,792 |
| 418,583 |
| 426,639 |
| ||||||
Premium on redemption of Preference Units – original issuance costs |
| — |
| 11,892 |
| — |
|
| 4,316 |
| — |
| 11,892 |
| ||||||
Premium on redemption of Preference Interests – original issuance costs |
| 1,117 |
| — |
| — |
|
| 3,812 |
| 1,117 |
| — |
| ||||||
OP Unit – General Partner distributions |
| (488,040 | ) | (474,702 | ) | (473,898 | ) | |||||||||||||
Other |
| (8,705 | ) | (24,661 | ) | (29,017 | ) | |||||||||||||
OP Units – General Partner distributions |
| (500,697 | ) | (488,040 | ) | (474,702 | ) | |||||||||||||
Supplemental Executive Retirement Savings Plan (SERP) |
| (4,177 | ) | (8,705 | ) | (24,661 | ) | |||||||||||||
Adjustment for Limited Partners ownership in Operating Partnership |
| (7,517 | ) | 545 |
| 4,290 |
|
| 6,650 |
| (7,517 | ) | 545 |
| ||||||
Balance, end of year |
| $ | 4,457,700 |
| $ | 4,371,483 |
| $ | 4,306,873 |
|
| $ | 4,905,716 |
| $ | 4,457,700 |
| $ | 4,371,483 |
|
See accompanying notes
F-10
ERP OPERATING LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL (Continued)
(Amounts in thousands)
|
| Year Ended December 31, |
| |||||||||||||||||
|
| Year Ended December 31, |
|
| 2005 |
| 2004 |
| 2003 |
| ||||||||||
|
| 2004 |
| 2003 |
| 2002 |
|
|
|
|
|
|
|
| ||||||
LIMITED PARTNERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance, beginning of year |
| $ | 342,809 |
| $ | 349,646 |
| $ | 379,898 |
|
| $ | 319,841 |
| $ | 342,809 |
| $ | 349,646 |
|
Issuance of OP Units in connection with mergers and acquisitions |
| 9,087 |
| 4,562 |
| 1,046 |
| |||||||||||||
OP Unit Issuance: |
|
|
|
|
|
|
| |||||||||||||
Mergers and acquisitions |
| 33,662 |
| 9,087 |
| 4,562 |
| |||||||||||||
Conversion of OP Units held by Limited Partners to OP Units held by General Partner |
| (36,920 | ) | (10,903 | ) | (14,768 | ) |
| (24,196 | ) | (36,920 | ) | (10,903 | ) | ||||||
Issuance of OP Units through conversion of Junior Preference Units into OP Units held by Limited Partners |
| 2,033 |
| 3,629 |
| — |
| |||||||||||||
Conversion of Junior Preference Units into OP Units held by Limited Partners |
| — |
| 2,033 |
| 3,629 |
| |||||||||||||
Net income available to OP Units – Limited Partners |
| 31,228 |
| 34,658 |
| 26,862 |
|
| 58,514 |
| 31,228 |
| 34,658 |
| ||||||
OP Unit – Limited Partners distributions |
| (35,913 | ) | (38,238 | ) | (39,102 | ) | |||||||||||||
OP Units – Limited Partners distributions |
| (36,137 | ) | (35,913 | ) | (38,238 | ) | |||||||||||||
Adjustment for Limited Partners’ ownership in Operating Partnership |
| 7,517 |
| (545 | ) | (4,290 | ) |
| (6,650 | ) | 7,517 |
| (545 | ) | ||||||
Balance, end of year |
| $ | 319,841 |
| $ | 342,809 |
| $ | 349,646 |
|
| $ | 345,034 |
| $ | 319,841 |
| $ | 342,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
DEFERRED COMPENSATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance, beginning of year |
| $ | (3,554 | ) | $ | (12,118 | ) | $ | (25,778 | ) |
| $ | (18 | ) | $ | (3,554 | ) | $ | (12,118 | ) |
EQR restricted/performance shares granted, net of cancellations |
| — |
| — |
| (12,136 | ) | |||||||||||||
Amortization to compensation expense – EQR restricted/performance shares |
| 3,536 |
| 8,564 |
| 25,796 |
| |||||||||||||
Amortization to compensation expense: |
|
|
|
|
|
|
| |||||||||||||
EQR performance shares |
| — |
| 88 |
| 1,150 |
| |||||||||||||
EQR restricted shares |
| 18 |
| 3,448 |
| 7,414 |
| |||||||||||||
Balance, end of year |
| $ | (18 | ) | $ | (3,554 | ) | $ | (12,118 | ) |
| $ | — |
| $ | (18 | ) | $ | (3,554 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance, beginning of year |
| $ | (23,401 | ) | $ | (43,789 | ) | $ | (33,040 | ) |
| $ | (21,370 | ) | $ | (23,401 | ) | $ | (43,789 | ) |
Accumulated other comprehensive loss – derivative and other instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Unrealized holding (losses) gains arising during the year |
| (3,707 | ) | 11,467 |
| (10,905 | ) | |||||||||||||
Equity in unrealized holding gains (losses) arising during the year – unconsolidated entities |
| 3,667 |
| 7,268 |
| (689 | ) | |||||||||||||
Unrealized holding gains (losses) arising during the year |
| 4,357 |
| (3,707 | ) | 11,467 |
| |||||||||||||
Equity in unrealized holding gains arising during the year – unconsolidated entities |
| — |
| 3,667 |
| 7,268 |
| |||||||||||||
Losses reclassified into earnings from other comprehensive income |
| 2,071 |
| 1,653 |
| 845 |
|
| 2,541 |
| 2,071 |
| 1,653 |
| ||||||
Balance, end of year |
| $ | (21,370 | ) | $ | (23,401 | ) | $ | (43,789 | ) |
| $ | (14,472 | ) | $ | (21,370 | ) | $ | (23,401 | ) |
See accompanying notes
F-11
ERP OPERATING LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Business
ERP Operating Limited Partnership (“ERPOP”), an Illinois limited partnership, was formed in May 1993 to conduct the multifamily residential property business of Equity Residential (“EQR”). EQR is a Maryland real estate investment trust (“REIT”) formed in March 1993 and is a fully integrated real estate company primarily engaged in the acquisition, development, ownership, management and operation of multifamily properties. In addition, ERPOP may acquire or develop multifamily properties specifically to convert directly into condominiums as well as upgrade and sell existing properties as individual condominiums. ERPOP may also acquire land parcels to hold and/or sell based on market opportunities.
EQR is the general partner of, and as of December 31, 20042005 owned an approximate 93.3%93.4% ownership interest in, ERPOP. EQR is structured as an umbrella partnership REIT (“UPREIT”), under which all property ownership and business operations are conducted through ERPOP and its subsidiaries. As used herein, the term “Operating Partnership” includes ERPOP and those entities owned or controlled by it. As used herein, the term “Company” means EQR and the Operating Partnership.
As of December 31, 2004,2005, the Operating Partnership, directly or indirectly through investments in title holding entities, owned all or a portion of 939926 properties in 3231 states and the District of Columbia consisting of 200,149 units.197,404 units (table does not include various uncompleted development properties). The ownership breakdown includes:
|
| Properties |
| Units |
|
| Properties |
| Units |
|
Wholly Owned Properties |
| 842 |
| 176,711 |
|
| 834 |
| 175,501 |
|
Partially Owned Properties (Consolidated) |
| 39 |
| 7,220 |
|
| 35 |
| 6,004 |
|
Unconsolidated Properties |
| 58 |
| 16,218 |
|
| 57 |
| 15,899 |
|
|
| 939 |
| 200,149 |
|
| 926 |
| 197,404 |
|
The “Wholly Owned Properties” are accounted for under the consolidation method of accounting. The Operating Partnership beneficially owns 100% fee simple title to 841833 of the 842834 Wholly Owned Properties. The Operating Partnership owns the building and improvements and leases the land underlying the improvements under a long-term ground lease that expires in 2026 for one property. This one property is consolidated and reflected as a real estate asset while the ground lease is accounted for as an operating lease in accordance with Statement of Financial Accounting Standards (“SFAS”) No. 13, Accounting for Leases.
The “Partially Owned Properties” are controlled by the Operating Partnership but have partners with minority interests and are accounted for under the consolidation method of accounting. The “Unconsolidated Properties” are partially owned but not controlled by the Operating Partnership. With the exception of one property, the Unconsolidated Properties consist of investments in partnership interests and/or subordinated mortgages that are accounted for under the equity method of accounting. The remaining one property consists of an investment in a limited liability company that, as a result of the terms of the operating agreement, is accounted for as a management contract right with all fees recognized as fee and asset management revenue. The above table does not include various uncompleted development properties.
2. Summary of Significant Accounting Policies
Basis of Presentation
Due to the Operating Partnership’s ability as general partner to control either through ownership or by contract its subsidiaries, other than entities that own controlling interests in the Unconsolidated Properties and certain other entities in which the Operating Partnership has investments, each such subsidiary has been consolidated with the Operating Partnership for financial reporting purposes. Effective March 31, 2004, the consolidated financial statements also include all variable interest entities
F-12
for which the Operating Partnership is the primary beneficiary.
Minority interests represented by EQR’s indirect 1% interest in various entities are immaterial and have not been accounted for in the Consolidated Financial Statements. In addition, certain amounts due from EQR for its 1% interests in various entities have not been reflected in the Consolidated Balance Sheets since such amounts are immaterial.
The Company’s mergers and acquisitions were accounted for as purchases in accordance with either Accounting Principles Board (“APB”) Opinion No. 16, Business Combinations, or SFAS No. 141, Business Combinations. SFAS No. 141 requires all business combinations initiated after June 30, 2001 be accounted for under the purchase method of accounting. The fair value of the consideration given by the Company in the mergers were used as the valuation basis for each of the combinations. The accompanying consolidated statements of operations and cash flows include the results of the properties purchased through the mergers and through acquisitions from their respective closing dates.
Real Estate Assets and Depreciation of Investment in Real Estate
The Operating Partnership allocates the purchase price of properties to net tangible and identified intangible assets acquired based on their fair values in accordance with the provisions of SFAS No. 141. In making estimates of fair values for purposes of allocating purchase price, the Operating Partnership utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio, and other market data. The Operating Partnership also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Operating Partnership allocates the purchase price of acquired real estate to various components as follows:
• Land – Based on actual purchase price if acquired separately or market research/comparables if acquired with an operating property.
• Furniture, Fixtures and Equipment – Ranges between $1,500 and $3,000 per apartment unit acquired as an estimate of the fair value of the appliances & fixtures inside a unit. The per-unit amount applied depends on the type of apartment building acquired. Depreciation is calculated on the straight-line method over an estimated useful life of five years.
• In-Place Leases – The Operating Partnership considers the value of acquired in-place leases that meet the definition outlined in SFAS No. 141, paragraph 37. The amortization period is the average remaining term of each respective in-place acquired lease.
• Other Intangible Assets – The Operating Partnership considers whether it has acquired other intangible assets that meet the definition outlined in SFAS No. 141, paragraph 39, including any customer relationship intangibles. The amortization period is the estimated useful 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.
Replacements inside a unit such as appliances and carpeting are depreciated over a five-year estimated useful life. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and significant renovations and improvements that improve and/or extend the useful life of the asset are capitalized over their estimated useful life, generally five to ten years. Initial direct leasing costs are expensed as incurred as such expense approximates the deferral and amortization of initial direct leasing costs over the lease terms. Property sales or dispositions are recorded when title transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Operating Partnership. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with accounting principles generally accepted in the United States.
The Operating Partnership classifies real estate assets as real estate held for disposition when it is
F-13
certain a property will be disposed of in accordance with SFAS No. 144 (see further discussion below).
The Operating Partnership classifies properties under development and/or expansion and properties in the lease up phase (including land) as construction in progress until construction has been completed and all certificates of occupancy permits have been obtained.
Impairment of Long-Lived Assets, Including Goodwill
In June 2001, the Financial Accounting Standards Board (“FASB”) issued SFAS No. 142, Goodwill and Other Intangible Assets. SFAS No. 142 prohibits the amortization of goodwill and requires that goodwill be reviewed for impairment at least annually. In August 2001, the FASB issued SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. SFAS Nos. 142 and 144 were effective for fiscal years beginning after December 15, 2001. The Operating Partnership adopted these standards effective January 1, 2002. See Notes 13 and 19 for further discussion.
The Operating Partnership periodically evaluates its long-lived assets, including its investments in real estate and goodwill, for indicators of permanent impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each asset and legal and environmental concerns. Future events could occur which would cause the Operating Partnership to conclude that impairment indicators exist and an impairment loss is warranted.
For long-lived assets to be held and used, the Operating Partnership compares the expected future undiscounted cash flows for the long-lived asset against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Operating Partnership further analyzes each individual asset for other temporary or permanent indicators of impairment. An impairment loss would be recorded for the difference between the estimated fair value and the carrying amount of the asset if the Operating Partnership deems this difference to be permanent.
For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset measured at the time that the Operating Partnership has determined it will sell the asset. Long-lived assets held for disposition and the related liabilities are separately reported at the lower of their carrying amounts or their estimated fair values, less their costs to sell, and are not depreciated after reclassification to real estate held for disposition.
Cost Capitalization
See the Real Estate Assets and Depreciation of Investment in Real Estate section for discussion of the policy with respect to capitalization vs. expensing of fixed asset/repair and maintenance costs. In addition, the Operating Partnership capitalizes the payroll and associated costs of employees directly responsible for and who spend all of their time on the supervision of major capital and/or renovation projects. These costs are reflected on the balance sheet as an increase to depreciable property.
The Operating Partnership follows the guidance in SFAS No. 67, Accounting for Costs and Initial Rental Operations of Real Estate Projects, for all development projects and uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Operating Partnership capitalizes through the date the certificates of occupancy (“CO”) are issued (CO’s are deemed final within 90 days of issuance), interest, real estate taxes and insurance and payroll and associated costs for those individuals directly responsible for and who spend all of their time on development activities.activities, with capitalization ceasing no later than 90 days following issuance of the certificate of occupancy. These costs are reflected on the balance sheet as construction in progress for each specific property. The Operating Partnership expenses as incurred all payroll costs of on-site employees working directly at our properties, except as noted above on our development properties prior to certificate of occupancy issuance and on specific major renovation at selected properties when additional incremental employees are hired.
F-14
Cash and Cash Equivalents
The Operating Partnership considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Operating Partnership maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation (“FDIC”) insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Operating Partnership believes that the risk is not significant, as the Operating Partnership does not anticipate the financial institutions’ non-performance.
Deferred Financing Costs
Deferred financing costs include fees and costs incurred to obtain the Operating Partnership’s linelines of credit and long-term financings. These costs are amortized over the terms of the related debt. Unamortized financing costs are written-off when debt is retired before the maturity date. The accumulated amortization of such deferred financing costs was $18.1$18.3 million and $16.0$18.1 million at December 31, 20042005 and 2003,2004, respectively.
Fair Value of Financial Instruments, Including Derivative Instruments
The valuation of financial instruments under SFAS No. 107, Disclosures about Fair Value of Financial Instruments, and SFAS No. 133 and its amendments (SFAS Nos. 137/138/149), Accounting for Derivative Instruments and Hedging Activities, requires the Operating Partnership to make estimates and judgments that affect the fair value of the instruments. The Operating Partnership, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Operating Partnership bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.
In the normal course of business, the Operating Partnership is exposed to the effect of interest rate changes. The Operating Partnership limits these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments.
The Operating Partnership has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Operating Partnership has not sustained a material loss from those instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives.
On January 1, 2001, the Operating Partnership adopted SFAS No. 133 and its amendments (SFAS Nos. 137/138/149), which requires an entity to recognize all derivatives as either assets or liabilities in the statement of financial position and to measure those instruments at fair value. Additionally, the fair value adjustments will affect either partners’ capital or net income depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. When the terms of an underlying transaction are modified, or when the underlying transaction is terminated or completed, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until the instrument matures. Any derivative instrument used for risk management that does not meet the hedging criteria of SFAS No. 133 is marked-to-market each period. The Operating Partnership does not use derivatives for trading or speculative purposes.
F-15
The fair value of the Operating Partnership’s mortgage notes payable and unsecured notes were both approximately $3.6 billion at December 31, 2005. The fair values of the Operating Partnership’s
F-15
financial instruments, other than mortgage notes payable, unsecured notes and derivative instruments, including cash and cash equivalents, mortgage notes payable, other notes payable, linelines of credit and other financial instruments, approximate their carrying or contract values. See Note 11 for further discussion of derivative instruments.
Revenue Recognition
Rental income attributable to leases is recorded when due from residents and is recognized monthly as it is earned, which is not materially different than on a straight-line basis. Leases entered into between a resident and a property, for the rental of an apartment unit, are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis. Fee and asset management revenue and interest income are recorded on an accrual basis.
Stock-Based Compensation
Prior to 2003, the Company had chosen to account for its stock-based compensation in accordance with APB No. 25, Accounting for Stock Issued to Employees,which resulted in no compensation expense for options issued with an exercise price equal to or exceeding the market value of the Company’s Common Shares (see definition below) the date of grant (intrinsic method). The Company elected to account for its stock-based compensation in accordance with SFAS No. 123 and its amendment (SFAS No. 148), Accounting for Stock Based Compensation, effective in the first quarter of 2003, which resulted in compensation expense being recorded based on the fair value of the stock compensation granted.
The Company elected the “Prospective Method” which requires expensing of employee awards granted or modified after January 1, 2003. Compensation expense under all of the Company’s plans is generally recognized over periods ranging from three months to five years. The cost related to stock-based employee compensation included in the determination of net income for the years ended December 31, 2004 and 2003 is less than that which would have been recognized if the fair value based method had been applied to all awards since the original effective date of SFAS No. 123.
Any Common Shares issued pursuant to EQR’s incentive equity compensation and employee share purchase plans will result in the Operating Partnership issuing units of limited partnership interest (“OP Units”) to EQR on a one-for-one basis, with the Operating Partnership receiving the net cash proceeds of such issuances.
The Company will adopt SFAS No. 123(R), Share-Based Payment, as required effective JulyJanuary 1, 2005. The2006. SFAS No. 123(R) will require all companies to expense stock-based compensation (such as stock options), as well as making other revisions to SFAS No. 123. As the Company does not anticipate thatbegan expensing all stock-based compensation effective January 1, 2003, the adoption of SFAS No. 123(R) will not have a material effect on its consolidated statements of operations or financial position.
The cost related to stock-based employee compensation included in the determination of net income for the year ended December 31, 2005 is equal to that which would have been recognized if the fair value based method had been applied to all awards since the original effective date of SFAS No. 123. The cost related to stock-based employee compensation included in the determination of net income for the years ended December 31, 2004 and December 31, 2003 is less than that which would have been recognized if the fair value based method had been applied to all awards since the original effective date of SFAS No. 123. The following table illustrates the effect on net income and earnings per OP Unit if the fair value based method had been applied to all outstanding and unvested awards for the years ended December 31, 2004 and 2003 (amounts in each period presented:thousands except per OP Unit amounts):
F-16
|
| Year Ended December 31, |
| ||||||||||||||
|
| 2004 |
| 2003 |
| 2002 |
| ||||||||||
|
| (Amounts in thousands except per OP Unit amounts) |
|
| Year Ended December 31, |
| |||||||||||
|
|
|
|
|
|
|
|
| 2004 |
| 2003 |
| |||||
Net income available to OP Units – as reported |
| $ | 449,811 |
| $ | 461,297 |
| $ | 351,024 |
|
| $ | 449,811 |
| $ | 461,297 |
|
Add: Stock-based employee compensation expense included in reported net income: |
|
|
|
|
|
|
|
|
|
|
|
| |||||
EQR’s restricted/performance shares |
| 12,554 |
| 11,043 |
| 25,839 |
| ||||||||||
EQR’s performance shares |
| 312 |
| 1,466 |
| ||||||||||||
EQR’s restricted shares |
| 12,242 |
| 9,577 |
| ||||||||||||
EQR’s share options (1) |
| 2,982 |
| 2,626 |
| — |
|
| 2,982 |
| 2,626 |
| |||||
EQR’s ESPP discount |
| 1,290 |
| 1,196 |
| — |
|
| 1,290 |
| 1,196 |
| |||||
Deduct: Stock-based employee compensation expense determined under fair value based method for all awards: |
|
|
|
|
|
|
|
|
|
|
|
| |||||
EQR’s restricted/performance shares |
| (12,554 | ) | (11,043 | ) | (25,839 | ) | ||||||||||
EQR’s performance shares |
| (312 | ) | (1,466 | ) | ||||||||||||
EQR’s restricted shares |
| (12,242 | ) | (9,577 | ) | ||||||||||||
EQR’s share options (1) |
| (5,385 | ) | (6,784 | ) | (6,249 | ) |
| (5,385 | ) | (6,784 | ) | |||||
EQR’s ESPP discount |
| (1,290 | ) | (1,196 | ) | (1,379 | ) |
| (1,290 | ) | (1,196 | ) | |||||
Net income available to OP Units – pro forma |
| $ | 447,408 |
| $ | 457,139 |
| $ | 343,396 |
|
| $ | 447,408 |
| $ | 457,139 |
|
|
|
|
|
|
|
|
| ||||||||||
Earnings per OP Unit: |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Basic – as reported |
| $ | 1.50 |
| $ | 1.57 |
| $ | 1.19 |
|
| $ | 1.50 |
| $ | 1.57 |
|
Basic – pro forma |
| $ | 1.49 |
| $ | 1.55 |
| $ | 1.16 |
|
| $ | 1.49 |
| $ | 1.55 |
|
|
|
|
|
|
| ||||||||||||
Diluted – as reported |
| $ | 1.48 |
| $ | 1.55 |
| $ | 1.18 |
|
| $ | 1.48 |
| $ | 1.55 |
|
Diluted – pro forma |
| $ | 1.47 |
| $ | 1.54 |
| $ | 1.15 |
|
| $ | 1.47 |
| $ | 1.54 |
|
(1) Share options for the year ended December 31, 2003 included $1.4 million of expense recognition related to options granted in the first quarter of 2003 to EQR’s former chief executive officer. These options vested immediately upon grant.
The fair value of the option grants as computed under SFAS No. 123 would be recognized over the vesting period of the options. The fair value for the Company’s share options was estimated at the time the share options were granted using the Black Scholes option pricing model with the following weighted-average assumptions:
|
| 2004 |
| 2003 |
| 2002 |
|
| 2005 |
| 2004 |
| 2003 |
| ||||||
Risk-free interest rate |
| 3.03 | % | 3.02 | % | 4.55 | % |
| 3.81 | % | 3.03 | % | 3.02 | % | ||||||
|
|
|
|
|
|
|
| |||||||||||||
Expected dividend yield |
| 6.52 | % | 6.46 | % | 6.46 | % |
| 6.37 | % | 6.52 | % | 6.46 | % | ||||||
|
|
|
|
|
|
|
| |||||||||||||
Volatility |
| 20.0 | % | 20.8 | % | 20.8 | % |
| 18.2 | % | 20.0 | % | 20.8 | % | ||||||
|
|
|
|
|
|
|
| |||||||||||||
Expected life of the options |
| 5 years |
| 5 years |
| 7 years |
|
| 6 years |
| 5 years |
| 5 years |
| ||||||
|
|
|
|
|
|
|
| |||||||||||||
Fair value of options granted |
| $ | 2.26 |
| $ | 1.90 |
| $ | 2.69 |
|
| $ | 2.64 |
| $ | 2.26 |
| $ | 1.90 |
|
The valuation method and assumptions are the same as those the Company used in accounting for option expense in its consolidated financial statements. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models requireThis model is only one method of valuing options and the inputCompany’s use of highly subjective assumptions including the expected stock price volatility.this model should not be interpreted as an endorsement of its accuracy. Because the Company’s share options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its share options.options and the actual value of the options may be significantly different.
F-17
Income Taxes
The Operating Partnership generally is not liable for Federal income taxes as the partners recognize their proportionate share of the Operating Partnership’s income or loss in their tax returns; therefore no provision for Federal income taxes ishas been made inat the consolidated financial statements ofERPOP level. Historically, the Operating Partnership. The Operating Partnership is subject tohas generally only incurred certain state and local income, excise and franchise taxes. The Operating Partnership has elected Taxable REIT Subsidiary (“TRS”) status for certain of its corporate subsidiaries, primarily those entities engaged in condominium conversion and sale activities.
The Operating Partnership provided for current income, franchise and excise taxes allocated as follows in the consolidated statements of operations for the years ended December 31, 2005, 2004 and 2003 (amounts in thousands):
|
| Year Ended December 31, |
| |||||||
|
| 2005 |
| 2004 |
| 2003 |
| |||
|
|
|
|
|
|
|
| |||
General and administrative (1) |
| $ | 4,442 |
| $ | 3,008 |
| $ | 2,582 |
|
Net gain on sales of discontinued operations (2) |
| 8,750 |
| — |
| — |
| |||
Discontinued operations, net (3) |
| 361 |
| 341 |
| — |
| |||
|
|
|
|
|
|
|
| |||
Provision for income, franchise and excise taxes |
| $ | 13,553 |
| $ | 3,349 |
| $ | 2,582 |
|
(1) Primarily includes state and local income, excise and franchise taxes. In 2005, also includes $2.0 million of federal income taxes related to the sale of land parcels owned by a TRS and included in income from continuing operations.
(2) Primarily represents federal income taxes incurred on the gains on sales of condominium units owned by a TRS.
(3) Primarily represents state and local income, excise and franchise taxes on operating properties sold and included in discontinued operations.
The Operating Partnership utilized approximately $43.9 million of net operating losses (“NOL”) during the year ended December 31, 2005 and has no NOL carryforwards available as of January 1, 2006.
During the years ended December 31, 2005, 2004 and 2003, the Operating Partnership’s tax treatment of dividends and distributions were as follows:
|
| Year Ended December 31, |
| |||||||
|
| 2005 |
| 2004 |
| 2003 |
| |||
Tax treatment of dividends and distributions: |
|
|
|
|
|
|
| |||
Ordinary dividends |
| $ | 0.902 |
| $ | 1.104 |
| $ | 0.799 |
|
Qualified dividends |
| 0.070 |
| 0.003 |
| 0.009 |
| |||
Pre-May 6, 2003 long-term capital gain |
| — |
| — |
| 0.150 |
| |||
Post-May 5, 2003 long-term capital gain |
| 0.669 |
| 0.432 |
| 0.315 |
| |||
Unrecaptured section 1250 gain |
| 0.099 |
| 0.151 |
| 0.251 |
| |||
Nontaxable distributions |
| — |
| 0.040 |
| 0.206 |
| |||
Dividends and distributions declared per OP Unit outstanding |
| $ | 1.740 |
| $ | 1.730 |
| $ | 1.730 |
|
The aggregate cost of land and depreciable property for federal income tax purposes as of December 31, 20042005 and 20032004 was approximately $9.3$9.4 billion and $8.5$9.3 billion, respectively.
The Operating Partnership has elected Taxable REIT Subsidiary (“TRS”) status for certain of its corporate subsidiaries. The federal income taxes for these TRS entities were not material during 2004, 2003 or 2002 and were recognized as general and administrative expenses in the consolidated statements of operations.
During the years ended December 31, 2004, 2003 and 2002, the Operating Partnership’s tax treatment of dividends and distributions were as follows:
F-18
|
| Year Ended December 31, |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
Tax treatment of dividends and distributions: |
|
|
|
|
|
|
| |||
Ordinary dividends |
| $ | 1.104 |
| $ | 0.799 |
| $ | 1.398 |
|
Qualified dividends |
| 0.003 |
| 0.009 |
| — |
| |||
Pre-May 6, 2003 long-term capital gain |
| — |
| 0.150 |
| 0.212 |
| |||
Post-May 5, 2003 long-term capital gain |
| 0.432 |
| 0.315 |
| — |
| |||
Unrecaptured section 1250 gain |
| 0.151 |
| 0.251 |
| 0.120 |
| |||
Nontaxable distributions |
| 0.040 |
| 0.206 |
| — |
| |||
Dividends and distributions declared per OP Unit outstanding |
| $ | 1.730 |
| $ | 1.730 |
| $ | 1.730 |
|
Partners’ Capital
The “Limited Partners” of ERPOP include various individuals and entities that contributed their properties to ERPOP in exchange for OP Units. The “General Partner” of ERPOP is EQR. Net income is allocated to the Limited Partners based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the Limited Partners by the total OP Units held by the Limited Partners and the General Partner. Issuance of additional EQR common shares of beneficial interest, $0.01 par value per share (the “Common Shares”), and OP Units changes the ownership interests of both the Limited Partners and EQR. Such transactions and the proceeds therefrom are treated as capital transactions.
Minority Interests
The Operating Partnership reflects minority interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Operating Partnership that are not wholly-ownedwholly owned by the Operating Partnership. The earnings or losses from those properties attributable to the minority interests are reflected as minority interests in partially owned properties in the consolidated statements of operations.
Use of Estimates
In preparation of the Operating Partnership’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of
F-18
the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Reclassifications
Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations or partners’ capital.
Other
The Operating Partnership adopted FASB Interpretation (“FIN”) No. 46, Consolidation of Variable Interest Entities, as required, effective March 31, 2004. The adoption required the consolidation of all previously unconsolidated development projects. FIN No. 46 requires the Operating Partnership to consolidate the assets, liabilities and results of operations of the activities of a variable interest entity, which for the Operating Partnership includes only its development partnerships, if the Operating Partnership is entitled to receive a majority of the entity’s residual returns and/or is subject to a majority of the risk of loss from such entity’s activities. As of the original formation of the respective joint ventures, the Operating Partnership is considered to be the primary beneficiary and the fair value of the assets, liabilities and non-controlling interests of these development projects approximates carryover basis. Due to the March 31, 2004 effective date, the Operating Partnership has only consolidated the results of operations beginning April 1, 2004. The adoption of FIN No. 46 did not have any effect on net income as the aggregate results of operations of these development properties were previously included in lossincome (loss) from investments in unconsolidated entities. See Note 4 for additional discussion.
The Operating Partnership generally contributes between 25% and 35%adopted the disclosure provisions of the project cost of the joint venture projects under development (constituting 100% of the equity), with the remaining cost financed through third-party construction mortgages. Voting rights are shared equally between the Operating Partnership and its respective development partners and accordingly, these projects were accounted for under the equity method prior to the adoption of FIN No. 46.
In May 2003, the FASB issued SFAS No. 150 and FSP No. FAS 150-3, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity,. effective December 31, 2003. SFAS No. 150 establishes standards for classifying and measuring as liabilities certain financial instruments that embody obligations of the issuer and have characteristics of both liabilities and equity. On November 7, 2003, the FASB issued FSP No. FAS 150-3 which deferred for an indefinite periodrequire the classification and measurement provisions, but not the disclosure provisions (see discussion below), of SFAS No. 150 as it relatesOperating Partnership to make certain disclosures regarding noncontrolling interests that are classified as equity in the financial statements of a subsidiary but would be classified as a liability in the parent’s financial statements under SFAS No. 150 (e.g., minority interests in consolidated limited-life subsidiaries). The Operating Partnership does not have any mandatorily redeemable preferred shares/units that fall within the scope of SFAS No. 150.
With regards to the aforementioned disclosure provisions, the Operating Partnership is presently the controlling partner in various consolidated partnerships consisting of 3935 properties and 7,2206,004 units and various uncompleted development properties having a minority interest book value of $9.6$17.0 million at December 31, 2004. These2005. Some of these partnerships contain provisions that
F-19
require the partnerships to be liquidated through the sale of its assets upon reaching a date specified in each respective partnership agreement. The Operating Partnership, as controlling partner, has an obligation to cause the property owning partnerships to distribute proceeds of liquidation to the Minority Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of its assets warrant a distribution based on the partnership agreements. As of December 31, 2004,2005, the Operating Partnership estimates the value of Minority Interest distributions would have been approximately $111.3$73.4 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third party consideration realized by the partnerships upon disposition of the Partially Owned Properties and is net of all other assets and
F-19
liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on December 31, 20042005 had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Minority Interests in the Operating Partnership’s Partially Owned Properties is subject to change. To the extent that the partnerships’ underlying assets are worth less than the underlying liabilities, the Operating Partnership has no obligation to remit any consideration to the Minority Interests in Partially Owned Properties.
On July 31, 2003,In June 2005, the SEC clarified its position with respectFASB ratified the consensus in EITF Issue No. 04-5, Determining Whether a General Partner, or the General Partners as a Group, Controls a Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights (“Issue 04-5”), which provides guidance in determining whether a general partner controls a limited partnership. Issue 04-5 states that the general partner in a limited partnership is presumed to Emerging Issues Task Force (“EITF”) Topic D-42,control that limited partnership. The presumption may be overcome if the Effect onlimited partners have either (1) the Calculation of Earnings per Share forsubstantive ability to dissolve the Redemptionlimited partnership or Induced Conversion of Preferred Stock. Underotherwise remove the SEC’s revised interpretation, in connectiongeneral partner without cause or (2) substantive participating rights, which provide the limited partners with the redemption of preferred shares/units, the original issuance costs of these shares/units mustability to effectively participate in significant decisions that would be treated in a manner similar to preferred distributions and deducted from net income in arriving at net income available to OP Units. The clarification of EITF Topic D-42 was requiredexpected to be adopted effective July 1, 2003 on a retroactive basis by restating prior periods includedmade in the current financial statements.ordinary course of the limited partnership’s business and thereby preclude the general partner from exercising unilateral control over the partnership. The Operating Partnership recorded an $8.3 million cash premium and $11.9 million in original issuance costs as a premium on the redemptionadoption of its Series G Preference Units in December 2003. In addition,Issue 04-5 by the Operating Partnership recorded $1.1is required for new or modified limited partnership arrangements effective June 30, 2005 and existing limited partnership arrangements effective January 1, 2006. Effective January 1, 2006, the Operating Partnership will consolidate its Lexford syndicated portfolio consisting of 20 separate partnerships (10 properties) containing 1,272 units representing approximately $20.0 million of both net investment in original issuance costs asreal estate and mortgage notes payable at December 31, 2005. The adoption is not expected to have a premiummaterial effect on the redemptionresults of its Series A Preference Interestsoperations or financial position nor is it expected to have any effect on net equity or net income as the aggregate results of the aforementioned Lexford syndicated portfolio is already included in September 2004. The Operating Partnership had no recorded original issuance costs associated with, nor did it incur any cash redemption premium upon redemption of, its Series L Preference Units redeemedinvestments in 2003.unconsolidated entities and income (loss) from investments in unconsolidated entities, respectively.
In April 2002,March 2005, the FASB issued FIN No. 47, Accounting for Conditional Asset Retirement Obligations, an interpretation of SFAS No. 145,143, Rescission of FASB Statements No. 4, 44 and 64, Amendment of FASB Statement No. 13, and Technical CorrectionsAsset Retirement Obligations. SFASA conditional asset retirement obligation refers to a legal obligation to retire assets where the timing and/or method of settlement are conditioned on future events. FIN No. 145, among other items, rescinds47 requires an entity to recognize a liability for the automatic classificationfair value of costsa conditional asset retirement obligation when incurred on debt extinguishment as extraordinary charges. Instead, gains and losses from debt extinguishment should onlyif the liability’s fair value can be classified as extraordinary if they meet the “unusual and infrequently occurring” criteria outlined in APB No. 30. SFAS No. 145 is effective for fiscal years beginning after May 15, 2002.reasonably estimated. The Operating Partnership adopted the standard effective January 1, 2003.Prior period gains/lossesprovisions of FIN No. 47 for the year ended December 31, 2005. The adoption did not have been reclassified to a componentmaterial impact on the Operating Partnership’s consolidated financial position, results of interest expense.operations or cash flows.
|
| 2004 |
| 2003 |
| 2002 |
|
OP Units outstanding at January 1, |
| 299,551,617 |
| 293,396,124 |
| 294,818,566 |
|
|
|
|
|
|
|
|
|
Issued to General Partner: |
|
|
|
|
|
|
|
Conversion of Series E Preference Units |
| 1,536,501 |
| 395,723 |
| 909,873 |
|
Conversion of Series G Preference Units |
| — |
| 996,459 |
| 70 |
|
Conversion of Series H Preference Units |
| 10,268 |
| 10,424 |
| 4,050 |
|
Employee Share Purchase Plan |
| 275,616 |
| 289,274 |
| 324,238 |
|
Dividend Reinvestment – DRIP Plan |
| — |
| — |
| 41,407 |
|
Share Purchase – DRIP Plan |
| — |
| — |
| 31,354 |
|
Exercise of EQR options |
| 3,350,759 |
| 3,249,555 |
| 1,435,115 |
|
Restricted EQR share grants, net |
| 515,622 |
| 900,555 |
| 885,967 |
|
OP Units repurchased and retired |
| — |
| — |
| (5,092,300 | ) |
OP Units other |
| (199 | ) | (217 | ) | 396 |
|
|
|
|
|
|
|
|
|
Issued to Limited Partners: |
|
|
|
|
|
|
|
Issuance – Other transactions |
| 306,694 |
| 165,628 |
| 37,388 |
|
Conversion of Series A Junior Preference Units |
| 82,977 |
| 148,092 |
| — |
|
OP Units outstanding at December 31, |
| 305,629,855 |
| 299,551,617 |
| 293,396,124 |
|
F-20
|
| 2004 |
| 2003 |
| 2002 |
|
Limited Partner OP Units outstanding at January 1, |
| 21,907,732 |
| 22,300,643 |
| 23,197,192 |
|
|
|
|
|
|
|
|
|
Limited Partner OP Units Issued: |
|
|
|
|
|
|
|
Other transactions |
| 306,694 |
| 165,628 |
| 37,388 |
|
Conversion of Series A Junior Preference Units |
| 82,977 |
| 148,092 |
| — |
|
Conversion of Limited Partner OP Units to EQR Common Shares |
| (1,744,463 | ) | (706,631 | ) | (933,937 | ) |
Limited Partner OP Units Outstanding at December 31, |
| 20,552,940 |
| 21,907,732 |
| 22,300,643 |
|
Limited Partner OP Units Ownership Interest in Operating Partnership |
| 6.7 | % | 7.3 | % | 7.6 | % |
|
|
|
|
|
|
|
|
Limited Partner OP Units Issued: |
|
|
|
|
|
|
|
Other transactions – per unit |
| $29.63 |
| $27.55 |
| $27.98 |
|
Other transactions – valuation |
| $9.1 million |
| $4.6 million |
| $1.0 million |
|
Conversion of Series A Junior Preference Units – per unit |
| $24.50 |
| $24.50 |
| — |
|
Conversion of Series A Junior Preference Units – valuation |
| $2.0 million |
| $3.6 million |
| — |
|
|
| 2005 |
| 2004 |
| 2003 |
|
OP Units outstanding at January 1, |
| 305,629,855 |
| 299,551,617 |
| 293,396,124 |
|
|
|
|
|
|
|
|
|
Issued to General Partner: |
|
|
|
|
|
|
|
Conversion of Series E Preference Units |
| 314,485 |
| 1,536,501 |
| 395,723 |
|
Conversion of Series G Preference Units |
| — |
| — |
| 996,459 |
|
Conversion of Series H Preference Units |
| 3,182 |
| 10,268 |
| 10,424 |
|
Employee Share Purchase Plan |
| 286,751 |
| 275,616 |
| 289,274 |
|
Exercise of EQR options |
| 2,248,744 |
| 3,350,759 |
| 3,249,555 |
|
Restricted EQR share grants, net |
| 520,821 |
| 515,622 |
| 900,555 |
|
OP Units other |
| — |
| (199 | ) | (217 | ) |
|
|
|
|
|
|
|
|
Issued to Limited Partners: |
|
|
|
|
|
|
|
Acquisitions/Consolidations |
| 956,751 |
| 306,694 |
| 165,628 |
|
Conversion of Series A Junior Preference Units |
| — |
| 82,977 |
| 148,092 |
|
OP Units outstanding at December 31, |
| 309,960,589 |
| 305,629,855 |
| 299,551,617 |
|
|
| 2005 |
| 2004 |
| 2003 |
| |||
Limited Partner OP Units outstanding at January 1, |
| 20,552,940 |
| 21,907,732 |
| 22,300,643 |
| |||
|
|
|
|
|
|
|
| |||
Limited Partner OP Units Issued: |
|
|
|
|
|
|
| |||
Acquisitions/Consolidations |
| 956,751 |
| 306,694 |
| 165,628 |
| |||
Conversion of Series A Junior Preference Units |
| — |
| 82,977 |
| 148,092 |
| |||
Conversion of Limited Partner OP Units to EQR Common Shares |
| (1,085,446 | ) | (1,744,463 | ) | (706,631 | ) | |||
Limited Partner OP Units Outstanding at December 31, |
| 20,424,245 |
| 20,552,940 |
| 21,907,732 |
| |||
Limited Partner OP Units Ownership Interest in Operating Partnership |
| 6.6 | % | 6.7 | % | 7.3 | % | |||
|
|
|
|
|
|
|
| |||
Limited Partner OP Units Issued: |
|
|
|
|
|
|
| |||
Acquisitions/consolidations – per unit |
| $ | 35.18 |
| $ | 29.63 |
| $ | 27.54 |
|
Acquisitions/consolidations – valuation |
| $ | 33.7 million |
| $ | 9.1 million |
| $ | 4.6 million |
|
Conversion of Series A Junior Preference Units – per unit |
| — |
| $ | 24.50 |
| $ | 24.50 |
| |
Conversion of Series A Junior Preference Units – valuation |
| — |
| $ | 2.0 million |
| $ | 3.6 million |
|
In February 1998, EQR filed and the SEC declared effective a Form S-3 Registration Statement to register $1.0 billion of equity securities. In addition, EQR carried over $272.4 million related to a prior registration statement. As of December 31, 2004,February 1, 2006, $956.5 million in equity securities remained available for issuance under this registration statement. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of the Operating Partnership in exchange for additional OP Units (on a one-for-one Common Sharecommon share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis).
During October 2002, EQR repurchased 5,092,300 of its Common Shares on the open market at an average price of $22.58 per share. EQR paid approximately $115.0 million for these shares, which were retired subsequent to the repurchase. Concurrent with this transaction, the Operating Partnership repurchased and retired 5,092,300 OP Units previously issued to EQR.
The limited partners of the Operating Partnership as of December 31, 20042005 include various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units. Subject to certain restrictions, the Limited Partners may exchange their OP Units for EQR Common Shares on a one-for-one basis.
EQR contributes all net proceeds from its various equity offerings (including proceeds from exercise of options for EQR Common Shares) to the Operating Partnership. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the preferred shares issued in the equity offering).
The following table presents the Operating Partnership’s issued and outstanding “Preference Units” as of December 31, 20042005 and 2003:2004:
F-21
|
|
|
|
|
| Annual Dividend Rate per Unit (3) |
| Amounts in thousands |
| |||||
|
| Redemption Date (1)(2) |
| Conversion Rate (2) |
|
| December 31, 2004 |
| December 31, 2003 |
| ||||
Preference Units: |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
9 1/8% Series B Cumulative Redeemable Preference Units; liquidation value $250 per unit; 500,000 units issued and outstanding at December 31, 2004 and December 31, 2003 |
| 10/15/05 |
| N/A |
| $ | 22.81252 |
| $ | 125,000 |
| $ | 125,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
9 1/8% Series C Cumulative Redeemable Preference Units; liquidation value $250 per unit; 460,000 units issued and outstanding at December 31, 2004 and December 31, 2003 |
| 9/9/06 |
| N/A |
| $ | 22.81252 |
| 115,000 |
| 115,000 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
8.60% Series D Cumulative Redeemable Preference Units; liquidation value $250 per unit; 700,000 units issued and outstanding at December 31, 2004 and December 31, 2003 |
| 7/15/07 |
| N/A |
| $ | 21.50 |
| 175,000 |
| 175,000 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
7.00% Series E Cumulative Convertible Preference Units; liquidation value $25 per unit; 811,724 and 2,192,490 units issued and outstanding at December 31, 2004 and December 31, 2003, respectively |
| 11/1/98 |
| 1.1128 |
| $ | 1.75 |
| 20,293 |
| 54,812 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
7.00% Series H Cumulative Convertible Preference Units; liquidation value $25 per unit; 36,934 and 44,028 units issued and outstanding at December 31, 2004 and December 31, 2003, respectively |
| 6/30/98 |
| 1.4480 |
| $ | 1.75 |
| 923 |
| 1,101 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
8.29% Series K Cumulative Redeemable Preference Units; liquidation value $50 per unit; 1,000,000 units issued and outstanding at December 31, 2004 and December 31, 2003 |
| 12/10/26 |
| N/A |
| $ | 4.145 |
| 50,000 |
| 50,000 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
6.48% Series N Cumulative Redeemable Preference Units; liquidation value $250 per unit; 600,000 units issued and outstanding at December 31, 2004 and December 31, 2003 |
| 6/19/08 |
| N/A |
| $ | 16.20 |
| 150,000 |
| 150,000 |
| ||
|
|
|
|
|
|
|
| $ | 636,216 |
| $ | 670,913 |
|
|
|
|
|
|
| Annual |
| Amounts in thousands |
| |||||
|
| Redemption |
| Conversion |
| Rate per |
| December |
| December |
| |||
Preference Units |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
9 1/8% Series B Cumulative Redeemable Preference Units; liquidation value $250 per unit; 0 and 500,000 units issued and outstanding at December 31, 2005 and December 31, 2004, respectively |
| 10/15/05 |
| N/A |
|
| (5) | $ | — |
| $ | 125,000 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |||
9 1/8% Series C Cumulative Redeemable Preference Units; liquidation value $250 per unit; 460,000 units issued and outstanding at December 31, 2005 and December 31, 2004 (4) |
| 9/9/06 |
| N/A |
| $ | 22.8125 |
| 115,000 |
| 115,000 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
8.60% Series D Cumulative Redeemable Preference Units; liquidation value $250 per unit; 700,000 units issued and outstanding at December 31, 2005 and December 31, 2004 (4) |
| 7/15/07 |
| N/A |
| $ | 21.50 |
| 175,000 |
| 175,000 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
7.00% Series E Cumulative Convertible Preference Units; liquidation value $25 per unit; 529,096 and 811,724 units issued and outstanding at December 31, 2005 and December 31, 2004, respectively |
| 11/1/98 |
| 1.1128 |
| $ | 1.75 |
| 13,228 |
| 20,293 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
7.00% Series H Cumulative Convertible Preference Units; liquidation value $25 per unit; 34,734 and 36,934 units issued and outstanding at December 31, 2005 and December 31, 2004, respectively |
| 6/30/98 |
| 1.4480 |
| $ | 1.75 |
| 868 |
| 923 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
8.29% Series K Cumulative Redeemable Preference Units; liquidation value $50 per unit; 1,000,000 units issued and outstanding at December 31, 2005 and December 31, 2004 |
| 12/10/26 |
| N/A |
| $ | 4.145 |
| 50,000 |
| 50,000 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
6.48% Series N Cumulative Redeemable Preference Units; liquidation value $250 per unit; 600,000 units issued and outstanding at December 31, 2005 and December 31, 2004 (4) |
| 6/19/08 |
| N/A |
| $ | 16.20 |
| 150,000 |
| 150,000 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| $ | 504,096 |
| $ | 636,216 |
|
(1) On or after the redemption date, redeemable preference units (Series B, C, D, 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 EQR Preferred Shares.
(2) On or after the redemption date, convertible preference units (Series E & H) may be redeemed under certain circumstances at the option of the Operating Partnership for cash (in the case of Series E) or OP Units (in the case of Series H), in whole or in part, at various redemption prices per unit based upon the contractual conversion rate, plus accrued and unpaid distributions, if any, in conjunction with the concurrent redemption/conversion of the corresponding EQR Preferred Shares.
(3) Dividends on all series of Preference Units are payable quarterly at various pay dates. Dividend rates listed for Series B, C, D and N are Preference Unit rates and the equivalent depositary unit annual dividend rates are $2.281252, $2.281252,$2.28125, $2.15 and $1.62, respectively.
(4) Series C, D and N Preference Units each have a corresponding depositary unit that consists of ten times the number of units and one-tenth the liquidation value and dividend rate per unit.
(5) During the year ended December 31, 2005, the Operating Partnership redeemed for cash all 500,000 units of its Series B Preference Units with a liquidation value of $125.0 million in conjunction with the concurrent redemption of the corresponding EQR Preferred Shares. Additionally, the Operating Partnership recorded the write-off of approximately $4.3 million in original issuance costs as a premium on redemption of Preference Units in the accompanying consolidated statements of operations.
On June 19, 2003.2003, the Operating Partnership redeemed all of its outstanding Series L Cumulative Redeemable Preference Units at liquidation value for total cash consideration of $100.0 million in conjunction with the concurrent redemption of the corresponding EQR Preferred Share.Shares. The Operating Partnership did not incur any original issuance costs as these units were issued by Merry Land & Investment Company, Inc. prior to its merger with the Company.
F-22
On June 19, 2003, EQR issued 600,000 Series N Cumulative Redeemable Preferred Shares in a public offering. The CompanyEQR received $145.3 million in net proceeds from this offering after payment of
F-22
the underwriters’ fee. These net proceeds were contributed by EQR to the Operating Partnership in exchange for 600,000 of the Operating Partnership’s 6.48% Series N Cumulative Redeemable Preference Units.
On December 26, 2003, the Operating Partnership redeemed the remaining outstanding Series G Convertible Cumulative Preference Units for cash consideration of $295.3 million, which included the liquidation value of $287.0 million and a cash redemption premium of $8.3 million. This redemption was completed in conjunction with the concurrent redemption of the corresponding EQR Preferred Share.Shares. The Operating Partnership recorded the $8.3 million cash redemption premium along with the write-off of $11.9 million in original issuance costs as a premium on redemption of Preference Units in the accompanying consolidated statements of operations.
The following table presents the issued and outstanding “Preference Interests”Preference Interests as of December 31, 20042005 and December 31, 2003:2004:
|
|
|
|
|
| Annual Dividend Rate per Unit (3) |
| Amounts in thousands |
| |||||
|
| Redemption Date (1)(2) |
| Conversion Rate (2) |
|
| December 31, 2004 |
| December 31, 2003 |
| ||||
Preference Interests: |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
8.00% Series A Cumulative Redeemable Preference Interests; liquidation value $50 per unit; 0 and 800,000 units issued and outstanding at December 31, 2004 and December 31, 2003, respectively |
| 10/01/04 |
| N/A |
|
| (4) | $ | — |
| $ | 40,000 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |||
8.50% Series B Cumulative Redeemable Preference Units; liquidation value $50 per unit; 1,100,000 units issued and outstanding at December 31, 2004 and December 31, 2003 (5) |
| 03/03/05 |
| N/A |
| $ | 4.25 |
| 55,000 |
| 55,000 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
8.50% Series C Cumulative Redeemable Preference Units; liquidation value $50 per unit; 220,000 units issued and outstanding at December 31, 2004 and December 31, 2003 (6) |
| 03/23/05 |
| N/A |
| $ | 4.25 |
| 11,000 |
| 11,000 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
8.375% Series D Cumulative Redeemable Preference Units; liquidation value $50 per unit; 420,000 units issued and outstanding at December 31, 2004 and December 31, 2003 |
| 05/01/05 |
| N/A |
| $ | 4.1875 |
| 21,000 |
| 21,000 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
8.50% Series E Cumulative Redeemable Preference Units; liquidation value $50 per unit; 1,000,000 units issued and outstanding at December 31, 2004 and December 31, 2003 |
| 08/11/05 |
| N/A |
| $ | 4.25 |
| 50,000 |
| 50,000 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
8.375% Series F Cumulative Redeemable Preference Units; liquidation value $50 per unit; 180,000 units issued and outstanding at December 31, 2004 and December 31, 2003 |
| 05/01/05 |
| N/A |
| $ | 4.1875 |
| 9,000 |
| 9,000 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
7.875% Series G Cumulative Redeemable Preference Units; liquidation value $50 per unit; 510,000 units issued and outstanding at December 31, 2004 and December 31, 2003 |
| 03/21/06 |
| N/A |
| $ | 3.9375 |
| 25,500 |
| 25,500 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
7.625% Series H Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 190,000 units issued and outstanding at December 31, 2004 and December 31, 2003 |
| 03/23/06 |
| 1.5108 |
| $ | 3.8125 |
| 9,500 |
| 9,500 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
7.625% Series I Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 270,000 units issued and outstanding at December 31, 2004 and December 31, 2003 |
| 06/22/06 |
| 1.4542 |
| $ | 3.8125 |
| 13,500 |
| 13,500 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
7.625% Series J Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 230,000 units issued and outstanding at December 31, 2004 and December 31, 2003 |
| 12/14/06 |
| 1.4108 |
| $ | 3.8125 |
| 11,500 |
| 11,500 |
| ||
|
|
|
|
|
|
|
| $ | 206,000 |
| $ | 246,000 |
|
F-23
|
|
|
|
|
| Annual |
| Amounts in thousands |
| |||||
|
| Redemption |
| Conversion |
| Rate per |
| December |
| December |
| |||
Preference Interests: |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
8.50% Series B Cumulative Redeemable Preference Units; Liquidation value $50 per unit; 0 and 1,100,000 units issued and outstanding at December 31, 2005 and December 31, 2004, respectively |
| 03/03/05 |
| N/A |
|
| (4) | $ | — |
| $ | 55,000 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |||
8.50% Series C Cumulative Redeemable Preference Units; liquidation value $50 per unit; 0 and 220,000 units issued and outstanding at December 31, 2005 and December 31, 2004, respectively |
| 03/23/05 |
| N/A |
|
| (4) | — |
| 11,000 |
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
8.375% Series D Cumulative Redeemable Preference Units; liquidation value $50 per unit; 0 and 420,000 units issued and outstanding at December 31, 2005 and December 31, 2004, respectively |
| 05/01/05 |
| N/A |
|
| (4) | — |
| 21,000 |
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
8.50% Series E Cumulative Redeemable Preference Units; liquidation value $50 per unit; 0 and 1,000,000 units issued and outstanding at December 31, 2005 and December 31, 2004, respectively |
| 08/11/05 |
| N/A |
|
| (4) | — |
| 50,000 |
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
8.375% Series F Cumulative Redeemable Preference Units; liquidation value $50 per unit; 0 and 180,000 units issued and outstanding at December 31, 2005 and December 31, 2004, respectively |
| 05/01/05 |
| N/A |
|
| (4) | — |
| 9,000 |
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
7.875% Series G Cumulative Redeemable Preference Units; liquidation value $50 per unit; 510,000 units issued and outstanding at December 31, 2005 and December 31, |
| 03/21/06 |
| N/A |
| $ | 3.9375 |
| 25,500 |
| 25,500 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
7.625% Series H Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 190,000 units issued and outstanding at December 31, 2005 and December 31, 2004 (5) |
| 03/23/06 |
| 1.5108 |
| $ | 3.8125 |
| 9,500 |
| 9,500 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
7.625% Series I Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 270,000 units issued and outstanding at December 31, 2005 and December 31, 2004 |
| 06/22/06 |
| 1.4542 |
| $ | 3.8125 |
| 13,500 |
| 13,500 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||
7.625% Series J Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 230,000 units issued and outstanding at December 31, 2005 and December 31, 2004 |
| 12/14/06 |
| 1.4108 |
| $ | 3.8125 |
| 11,500 |
| 11,500 |
| ||
|
|
|
|
|
|
|
| $ | 60,000 |
| $ | 206,000 |
|
(1) On or after the fifth anniversary of the respective issuance (the “Redemption Date”), all of the Preference Interests may be redeemed for cash at the option of the Operating Partnership, in whole or in part, at any time or from time to time, at a redemption price equal to the liquidation preference of $50.00 per unit plus the cumulative amount of accrued and unpaid distributions, if any.
F-23
(2) On or after the tenth anniversary of the respective issuance (the “Conversion Date”), all of the Preference Interests are exchangeable at the option of the holder (in whole but not in part) on a one-for-one basis for a respective reserved series of EQR Preferred Shares. In addition, on or after the Conversion Date, the convertible Preference Interests (Series H, I & J) may be converted under certain circumstances at the option of the holder (in whole but not in part) to EQR Common Shares based upon the contractual conversion rate, plus accrued and unpaid distributions, if any. Prior to the Conversion Date, the convertible Preference Interests (Series H, I & J) may be converted at the option of the holder (in whole but not in part) to EQR Common Shares based upon the contractual conversion right, plus accrued and unpaid distributions, if any, if the issuer has called the series for redemption (the “Accelerated Conversion Right”).
(3) Dividends on all series of Preference Interests are payable quarterly on March 25th, June 25th, September 25th,and December 25th of each year.
(4) During the year ended December 31, 2005, the Operating Partnership redeemed or repurchased for cash all of its Series B through F Preference Interests with a liquidation value of $146.0 million. The Operating Partnership recorded approximately $4.1 million as premiums on redemption of Preference Interests in the accompanying consolidated statements of operations, which included $3.8 million in original issuance costs and $0.3 million in cash redemption charges.
(5)On September 1,February 10, 2006, the Operating Partnership issued irrevocable notices to redeem for cash all 510,000 units of the Series G Preference Interests on March 21, 2006 and all 190,000 units of the Series H Preference Interests on March 23, 2006. The redemption notice on the Series H Preference Interest triggered the Accelerated Conversion Right (see above).
During the year ended December 31, 2004, the Operating Partnership issued an irrevocable notice to redeemredeemed for cash on October 1, 2004 all 800,000 units of its 8.00% Series A Cumulative Redeemable Preference Interests. TheInterests with a liquidation value of the preference interests was $40.0 million. The Operating Partnership recorded a write-off ofapproximately $1.1 million in original issuance costs as a premiumpremiums on redemption of Preference Interests in the accompanying consolidated statements of operations.
(5) On February 1, 2005, the Operating Partnership issued an irrevocable notice to redeem for cash on March 3, 2005 all 1.1 million units of its 8.50% Series B Cumulative Redeemable Preference Interests with a liquidation value of $55.0 million. The Operating Partnership will record a write-off of approximately $1.4 million in original issuance costs as a premium on redemption of Preference Interests in the first quarter of 2005.
(6) On February 7, 2005, the Operating Partnership issued an irrevocable notice to redeem for cash on March 23, 2005 all 220,000 units of its 8.50% Series C Cumulative Redeemable Preference Interests with a liquidation value of $11.0 million. The Operating Partnership will record a write-off of approximately $275,000 in original issuance costs as a premium on redemption of Preference Interests in the first quarter of 2005.
The following table presents the Operating Partnership’s issued and outstanding Junior Convertible Preference Units (the “Junior Preference Units”) as of December 31, 20042005 and December 31, 2003:2004:
|
|
|
|
|
| Annual Dividend Rate per Unit (3) |
| Amounts in thousands |
| |||||
|
| Redemption Date |
| Conversion Rate |
|
| December 31, 2004 |
| December 31, 2003 |
| ||||
Junior Preference Units: |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Series A Junior Convertible Preference Units; liquidation value $100 per unit; 0 and 20,333 units issued and outstanding at December 31, 2004 and December 31, 2003, respectively |
|
| (1)(4) | 4.0816 |
| $ | 5.469344 |
| $ | — |
| $ | 2,033 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Series B Junior Convertible Preference Units; liquidation value $25 per unit; 7,367 units issued and outstanding at December 31, 2004 and December 31, 2003 |
|
| (2) |
| (2) | $ | 2.000000 |
| 184 |
| 184 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| $ | 184 |
| $ | 2,217 |
|
|
|
|
|
|
| Annual |
| Amounts in thousands |
| |||||
|
| Redemption |
| Conversion |
| Rate per |
| December |
| December |
| |||
Junior Preference Units: |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Series B Junior Convertible Preference Units; liquidation value $25 per unit; 7,367 units issued and outstanding at December 31, 2005 and December 31, 2004 |
| 07/29/09 |
|
| (2) | $ | 2.00 |
| $ | 184 |
| $ | 184 |
|
|
|
|
|
|
|
|
| $ | 184 |
| $ | 184 |
| |
(1) OnDividends on the fifth anniversary of the respective issuance (the “Redemption Date”), the Series A Junior Preference Units shall be automatically converted into OP Units based upon the conversion rate. Prior to the Redemption Date, the Operating Partnership or the holders may elect to convert the Series A Junior Preference Units to OP Units under certain circumstances based upon the conversion rate.are payable quarterly at various pay dates.
F-24
(2) On or after the tenth anniversary of the issuance (the “Redemption Date”), the Series B Junior Preference Units may be converted into OP Units at the option of the Operating Partnership based on the contractual conversion rate. Prior to the Redemption Date, the holders may elect to convert the Series B Junior Preference Units to OP Units under certain circumstances based on the contractual conversion rate. The contractual conversion rate is based upon a ratio dependent upon the closing price of EQR’s Common Shares.
(3) Dividends on both series of Junior Preference Units are payable quarterly at various pay dates.
(4) On December 22, 2003, 36,283 Series A Junior Preference Units with a liquidation value of $3.6 million issued on December 22, 1998 automatically converted to 148,092 OP Units. On June 29, 2004, 20,333 Series A Junior Preference Units with a liquidation value of $2.0 million issued on June 29, 1999 automatically converted to 82,977 OP Units.
4. Real Estate
The following table summarizes the carrying amounts for investment in real estate (at cost) as of December 31, 20042005 and 20032004 (Amounts are in thousands):
F-24
|
| 2004 |
| 2003 |
| ||
Land |
| $ | 2,183,818 |
| $ | 1,845,547 |
|
Buildings and Improvements |
| 11,667,787 |
| 10,415,679 |
| ||
Furniture, Fixtures and Equipment |
| 683,113 |
| 602,647 |
| ||
Construction in Progress (excluding land) |
| 160,986 |
| 2,960 |
| ||
Construction in Progress (land) |
| 156,917 |
| 7,546 |
| ||
Real Estate |
| 14,852,621 |
| 12,874,379 |
| ||
Accumulated Depreciation |
| (2,599,827 | ) | (2,296,013 | ) | ||
Real Estate, net |
| $ | 12,252,794 |
| $ | 10,578,366 |
|
|
| 2005 |
| 2004 |
| ||
Land |
| $ | 2,848,601 |
| $ | 2,183,818 |
|
Buildings and Improvements |
| 12,583,020 |
| 11,667,787 |
| ||
Furniture, Fixtures and Equipment |
| 753,616 |
| 683,113 |
| ||
Construction in Progress (excluding land) |
| 166,639 |
| 160,986 |
| ||
Construction in Progress (land) |
| 238,494 |
| 156,917 |
| ||
Real Estate |
| 16,590,370 |
| 14,852,621 |
| ||
Accumulated Depreciation |
| (2,888,140 | ) | (2,599,827 | ) | ||
Real Estate, net |
| $ | 13,702,230 |
| $ | 12,252,794 |
|
During the year ended December 31, 2005, the Operating Partnership acquired the entire equity interest in forty-one properties containing 12,059 units, inclusive of one additional unit at one existing property, and seven land parcels from unaffiliated parties for a total purchase price of $2.7 billion.
During the year ended December 31, 2005, the Operating Partnership also acquired a majority interest in the remaining equity interests it did not previously own in sixteen Partially Owned Properties, all of which remain partially owned. The acquisitions were funded using $24.2 million in cash and through the issuance of 614,717 OP Units valued at $20.8 million, with $43.0 million recorded as additional building basis and $2.0 million recorded as a reduction of Minority Interests – Partially Owned Properties. The Operating Partnership also acquired the majority of the remaining third party equity interests it did not previously own in three properties, consisting of 211 units. The properties were previously accounted for under the equity method of accounting and subsequent to each purchase were consolidated. The Operating Partnership recorded $5.6 million in investment in real estate and the following:
• Assumed $2.8 million in mortgage debt;
• Reduced investments in unconsolidated entities by $1.2 million;
• Assumed $1.5 million of other liabilities net of other assets acquired; and
• Paid cash of $0.1 million (net of cash acquired).
During the year ended December 31, 2004, the Operating Partnership acquired the entire equity interest in twenty-four properties containing 6,182 units from unaffiliated parties, inclusive of four additional units at two existing properties and a vacantone land parcel, for a total purchase price of $913.2 million.
During the year ended December 31, 2004, the Operating Partnership also acquired thea majority ofinterest in the remaining third party equity interests it did not previously own in nineteen properties and two vacant land parcels. These properties were previously accounted for under the equity method of accounting and subsequent to each purchase were consolidated. The Operating Partnership recorded $960.3 million in investment in real estate and the following:
• Assumed $274.8 million in mortgage debt;
• Recorded $0.4 million of minority interests in partially owned properties;
• Reduced investments in unconsolidated entities by $608.7 million (inclusive of $339.7 million in mortgage debt paid off prior to closing);
• Assumed $27.2 million of other liabilities net of other assets acquired; and
• Paid cash of $49.2 million (net of cash acquired).
As previously noted, the Operating Partnership adopted FIN No. 46, as required, effective March 31, 2004. The adoption required the consolidation of all previously unconsolidated development projects. Accordingly, the Operating Partnership consolidated five completed properties, six projects which were under development at the time and various other vacant land parcels held for future development. The Operating Partnership recorded $548.3 million in investment in real estate and the following:
F-25
• Consolidated $294.7 million in mortgage debt;
• Recorded $3.0 million of minority interests in partially owned properties;
• Reduced investments in unconsolidated entities by $235.0 million;
• Consolidated $19.2 million of other liabilities net of other assets acquired; and
• Consolidated $3.6 million of cash.
During the year ended December 31, 2003,2005, the Operating Partnership acquireddisposed of the entire equity interest in seventeen properties containing 5,200 units fromfollowing to unaffiliated parties inclusive of two additional units at an existing property, for a total purchase(including five land parcels) (sales price of $684.1 million.in thousands):
|
| Properties |
| Units |
| Sales Price |
| |
Rental Properties |
| 50 |
| 12,848 |
| $ | 1,351,636 |
|
Condominium Units |
| 6 |
| 2,241 |
| 593,305 |
| |
Land Parcels |
| — |
| — |
| 108,280 |
| |
|
| 56 |
| 15,089 |
| $ | 2,053,221 |
|
During the year ended December 31, 2003, the Operating Partnership also acquired the majority of the remaining third party equity interests it did not previously own in eleven properties. These properties were previously accounted for under the equity method of accounting and subsequent to each purchase were consolidated.
The Operating Partnership recorded $111.1recognized a net gain on sales of discontinued operations of approximately $697.7 million in investment in real estate and the following:
• Assumed $51.6 million in mortgage debt;
• Issued 153,851 OP Units having a value(amount is net of $4.2 million;
• Recorded $42,000 of minority interests in partially owned properties;
• Reduced investments in unconsolidated entities by $34.9 million;
• Assumed $27.2$8.8 million of other liabilitiesincome taxes incurred on condominium sales – see additional discussion in Note 2) and a net gain on sales of other assets acquired; and
• Consolidated and/or received net cashland parcels of $6.9 million.approximately $30.2 million on the above sales.
During the year ended December 31, 2004, the Operating Partnership disposed of the following to unaffiliated parties (including two vacant land parcels and various individual condominium units)parcels) (sales price in thousands):
|
| Properties |
| Units |
| Sales Price |
| |
Wholly Owned Properties |
| 48 |
| 12,984 |
| $ | 847.5 |
|
Partially Owned Properties (Consolidated) |
| 6 |
| 1,655 |
| 138.6 |
| |
Unconsolidated Properties |
| 4 |
| 497 |
| 6.9 |
| |
|
| 58 |
| 15,136 |
| $ | 993.0 |
|
|
| Properties |
| Units |
| Sales Price |
| |
Rental Properties |
| 56 |
| 14,159 |
| $ | 787,804 |
|
Condominium Units |
| 2 |
| 977 |
| 177,353 |
| |
Land Parcels |
| — |
| — |
| 27,855 |
| |
|
| 58 |
| 15,136 |
| $ | 993,012 |
|
The Operating Partnership recognized a net gain on sales of discontinued operations of approximately $323.9$318.4 million,and a net gain on sales of unconsolidated entities of approximately $4.6million, on the above sales.
During the year ended December 31, 2003, the Operating Partnership disposed of the following to unaffiliated parties (including various individual condominium units) (sales price in thousands):
|
| Properties |
| Units |
| Sales Price |
| |
Wholly Owned Properties |
| 91 |
| 22,698 |
| $ | 1,190.5 |
|
Partially Owned Properties (Consolidated) |
| 3 |
| 465 |
| 13.6 |
| |
Unconsolidated Properties |
| 2 |
| 323 |
| 13.9 |
| |
|
| 96 |
| 23,486 |
| $ | 1,218.0 |
|
The Operating Partnership recognized a net gain on sales of discontinued operations of approximately $310.7 million and a net gain on sales of unconsolidated entitiesland parcels of approximately $4.9$5.5 million on the above sales.
F-26
5. Commitments to Acquire/Dispose of Real Estate
As of February 2, 2005,1, 2006, in addition to the properties that were subsequently acquired as discussed in Note 21, the Operating Partnership had entered into separate agreements to acquire three multifamily properties containing 827 units from unaffiliated parties. The Operating Partnership expects a combined purchasethe following (purchase price of approximately $90.0 million.in thousands):
|
| Properties/ |
| Units |
| Purchase |
| |
Operating Properties |
| 7 |
| 1,768 |
| $ | 284,000 |
|
Land Parcels |
| 4 |
| — |
| 84,852 |
| |
Total |
| 11 |
| 1,768 |
| $ | 368,852 |
|
As of February 2, 2005,1, 2006, in addition to the properties that were subsequently disposed of as discussed in Note 21, the Operating Partnership had entered into separate agreements to dispose of seventeen multifamily properties containing 4,638units and two vacant land parcels to unaffiliated parties. The Operating Partnership expects a combined dispositionthe following (sales price of approximately $324.7 million.in thousands):
F-26
|
| Properties/ |
| Units |
| Sales Price |
| |
Operating Properties |
| 22 |
| 6,906 |
| $ | 596,119 |
|
Development Properties |
| 1 |
| 278 |
| 116,000 |
| |
Land Parcels |
| 3 |
| — |
| 90,910 |
| |
Total |
| 26 |
| 7,184 |
| $ | 803,029 |
|
The closings of these pending transactions are subject to certain contingencies and conditions, therefore, there can be no assurance that these transactions will be consummated or that the final terms thereof will not differ in material respects from those summarized in the preceding paragraphs.
6. Investments in Unconsolidated Entities
The Operating Partnership has co-invested in various properties with unrelated third parties which are accounted for under the equity method of accounting. The following table summarizes the Operating Partnership’s investments in unconsolidated entities as of December 31, 20042005 (amounts in thousands except for project and unit amounts):
|
| Institutional |
| Lexford/ |
| Totals |
| |||||||||||||
|
| Institutional |
| Lexford/ |
| Totals |
|
|
|
|
|
|
|
| ||||||
Total projects |
| 45 |
| 12 |
| 57 | (1) |
| 45 |
| 11 |
| 56 | (1) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total units |
| 10,846 |
| 1,571 |
| 12,417 | (1) |
| 10,846 |
| 1,360 |
| 12,206 | (1) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Operating Partnership’s ownership percentage of outstanding debt |
| 25.0 | % | 11.0 | % |
|
| |||||||||||||
Operating Partnership’s ownership percentage |
| 25.0 | % | 11.0 | % |
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Operating Partnership’s share of outstanding debt (2) |
| $ | 121,200 |
| $ | 3,179 |
| $ | 124,379 |
|
| $ | 121,200 |
| $ | 2,602 |
| $ | 123,802 |
|
(1) Totals exclude Fort Lewis Military Housing consisting of one property and 3,8013,693 units, which is not accounted for under the equity method of accounting, but is included in the Operating Partnership’s property/unit counts at December 31, 2004.2005.
(2) All debt is non-recourse to the Operating Partnership.
7. Deposits - - Restricted
The following table presents the deposits-restricteddeposits – restricted as of December 31, 20042005 and 20032004 (amounts in thousands):
|
| December |
| December |
| ||
|
|
|
|
|
| ||
Collateral enhancement for partially owned development loans |
| $ | — |
| $ | 12,000 |
|
Tax-deferred (1031) exchange proceeds |
| 853 |
| — |
| ||
Earnest money on pending acquisitions |
| 15,120 |
| 3,267 |
| ||
Resident security, utility and other |
| 61,120 |
| 66,927 |
| ||
|
|
|
|
|
| ||
Totals |
| $ | 77,093 |
| $ | 82,194 |
|
F-27
|
| 2004 |
| 2003 |
| ||
|
|
|
|
|
| ||
Collateral enhancement for partially owned development loans |
| $ | 12,000 |
| $ | 44,000 |
|
Tax-deferred (1031) exchange proceeds |
| — |
| 27,731 |
| ||
Resident security, utility and other |
| 70,194 |
| 62,021 |
| ||
|
|
|
|
|
| ||
Totals |
| $ | 82,194 |
| $ | 133,752 |
|
8. Mortgage Notes Payable
As of December 31, 2005, the Operating Partnership had outstanding mortgage indebtedness of approximately $3.4 billion.
During the year ended December 31, 2005, the Operating Partnership:
• Repaid $470.4 million of mortgage loans;
• Assumed/consolidated $446.3 million of mortgage debt on certain properties in connection with their acquisitions and/or consolidations;
• Obtained $280.1 million of mortgage loans on certain properties; and
• Was released from $35.0 million of mortgage debt assumed by the purchaser on disposed properties.
As of December 31, 2005, scheduled maturities for the Operating Partnership’s outstanding mortgage indebtedness were at various dates through February 1, 2041. At December 31, 2005, the interest rate range on the Operating Partnership’s mortgage debt was 3.35%to 12.465%. During the year ended December 31, 2005, the weighted average interest rate on the Operating Partnership’s mortgage debt was 5.63%.
The historical cost, net of accumulated depreciation, of encumbered properties was $4.8 billion and $4.4 billion at December 31, 2005 and 2004, respectively.
Aggregate payments of principal on mortgage notes payable for each of the next five years and thereafter are as follows (amounts in thousands):
Year |
| Total |
| |
|
|
|
| |
2006 |
| $ | 354,521 |
|
2007 |
| 234,965 |
| |
2008 |
| 490,882 |
| |
2009 |
| 566,651 |
| |
2010 |
| 263,963 |
| |
Thereafter |
| 1,468,307 |
| |
Total |
| $ | 3,379,289 |
|
As of December 31, 2004, the Operating Partnership had outstanding mortgage indebtedness of approximately $3.2 billion.
During the year ended December 31, 2004, the Operating Partnership:
• Repaid $494.9 million of mortgage loans;
• Assumed/consolidatedAssumed $665.4 million of mortgage debt on certain properties in connection with their acquisitions and/or consolidations;
• Obtained $467.5 million of mortgage loans on certain properties;
• Was released from $29.5 million of mortgage debt assumed by the purchaser on disposed properties; and
• Refinanced $130.0 million of mortgage notes and obtained the release of the property as collateral for the loan; therefore the loan was reclassified to notes, net.
As of December 31, 2004, scheduled maturities for the Operating Partnership’s outstanding mortgage indebtedness were at various dates through January 1, 2035. At December 31, 2004, the interest rate range on the Operating Partnership’s mortgage debt was 1.89% to 12.465%. During the year ended December 31, 2004, the weighted average interest rate on the Operating Partnership’s mortgage debt was 5.46%.
The historical cost, net of accumulated depreciation, of encumbered properties was $4.4 billion and $3.8 billion at December 31, 2004 and 2003, respectively.
Aggregate payments of principal on mortgage notes payable for each of the next five years and thereafter are as follows (amounts in thousands):
Year |
| Total |
| |
2005 |
| $ | 173,303 |
|
2006 |
| 287,427 |
| |
2007 |
| 294,470 |
| |
2008 |
| 496,939 |
| |
2009 |
| 540,251 |
| |
Thereafter |
| 1,374,349 |
| |
Total |
| $ | 3,166,739 |
|
As of December 31, 2003, the Operating Partnership had outstanding mortgage indebtedness of approximately $2.7 billion.
During the year ended December 31, 2003, the Operating Partnership:
• Repaid $432.9 million of mortgage loans;
• Assumed $141.1 million of mortgage debt on certain properties in connection with their
F-28
acquisitions and/or consolidations;
• Obtained $111.2 million of mortgage loans on certain properties; and
• Was released from $53.3 million of mortgage debt assumed by the purchaser on disposed properties.
As of December 31, 2003, scheduled maturities for the Operating Partnership’s outstanding mortgage indebtedness were at various dates through November 1, 2033. At December 31, 2003, the interest rate range on the Operating Partnership’s mortgage debt was 1.06%to 12.465%. During the year ended December 31, 2003, the weighted average interest rate on the Operating Partnership’s mortgage debt was 5.80%.
9. Notes
The following tables summarize the Operating Partnership’s unsecured note balances and certain interest rate and maturity date information as of and for the years ended December 31, 20042005 and 2003,2004, respectively:
December 31, 2004 |
| Net Principal |
| Interest Rate |
| Weighted |
| Maturity |
| |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
December 31, 2005 (Amounts are in thousands) |
| Net Principal |
| Interest Rate |
| Weighted |
| Maturity |
| |||||||||||
Fixed Rate Public Notes |
| $ | 3,031,677 |
| 4.75% - 7.75% |
| 6.25 | % | 2005 - 2026 |
|
| $ | 3,331,394 |
| 4.75% - 7.625% |
| 6.13% |
| 2006 - 2026 |
|
Fixed Rate Tax-Exempt Bonds |
| 111,390 |
| 4.75% - 5.20% |
| 5.07 | % | 2028 - 2029 |
|
| 111,390 |
| 4.75% - 5.20% |
| 5.06% |
| 2028 - 2029 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Totals |
| $ | 3,143,067 |
|
|
|
|
|
|
|
| $ | 3,442,784 |
|
|
|
|
|
|
|
December 31, 2003 |
| Net Principal |
| Interest Rate |
| Weighted |
| Maturity |
| |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
December 31, 2004 |
| Net Principal |
| Interest Rate |
| Weighted |
| Maturity |
| |||||||||||
Fixed Rate Public Notes |
| $ | 2,528,894 |
| 4.86% - 7.75% |
| 6.63 | % | 2004 - 2026 |
|
| $ | 3,031,677 |
| 4.75% - 7.75% |
| 6.25% |
| 2005 - 2026 |
|
Fixed Rate Tax-Exempt Bonds |
| 127,780 |
| 4.75% - 5.20% |
| 5.07 | % | 2028 - 2029 |
|
| 111,390 |
| 4.75% - 5.20% |
| 5.07% |
| 2028 - 2029 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Totals |
| $ | 2,656,674 |
|
|
|
|
|
|
|
| $ | 3,143,067 |
|
|
|
|
|
|
|
The Operating Partnership’s unsecured public debt contains certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Operating Partnership was in compliance with its unsecured public debt covenants for both the years ended December 31, 20042005 and 2003.2004.
In June 2003, the Operating Partnership filed and the SEC declared effective a Form S-3 registration statement to register $2.0 billion of debt securities. In addition, the Operating Partnership carried over $280.0 million related to a prior registration statement. As of December 31, 2004, $1.48 billionFebruary 1, 2006, $580.0 million in debt securities remained available for issuance under this registration statement.
In January 2006, the Operating Partnership issued $400.0 million of ten and one-half year 5.375% fixed rate public notes, receiving net proceeds of $395.5 million.
During the year ended December 31, 2005, the Operating Partnership:
• Issued $500.0 million of ten and one-half year 5.125% fixed-rate public notes, receiving net proceeds of $496.2 million;
• Had $300.0 million in fixed rate public notes remarketed as originally contemplated in a remarketing agreement entered into in connection with the original issuance of the notes with the interest rate changing from 6.63% to 6.584% effective April 14, 2005 (notes still mature on April 13, 2015);
• Repaid $190.0 million of fixed-rate public notes at maturity; and
• Repaid $4.3 million of other unsecured notes.
During the year ended December 31, 2004, the Operating Partnership:
• Issued $300.0 million of five-year 4.75% fixed-rate public notes, receiving net proceeds of $296.8 million;
• Issued $500.0 million of ten-year 5.25% fixed rate public notes, receiving net proceeds of $496.1
F-29
$496.1 million;
• Repaid $415.0 million of fixed rate public notes at maturity;
• Repaid $20.7 million of other unsecured notes; and
F-29
• Obtained an unsecured floating rate loan with a total commitment of $300.0 million and an initial borrowing of $100.0 million on July 15, 2004. This loan was paid off in full and terminated on September 14, 2004.
During the year ended December 31, 2003, the Operating Partnership:
• Issued $400.0 million of ten-year 5.20% fixed-rate public notes, receiving net proceeds of $397.5 million;
• Repaid $100.0 million of floating rate public notes at maturity;
• Repaid $50.0 million and $40.0 million of 6.65% and 6.875%, respectively, fixed rate public notes at maturity; and
• Repaid $4.5 million of other unsecured notes.
Aggregate payments of principal on unsecured notes payable for each of the next five years and thereafter are as follows (amounts in thousands):
Year | Year |
| Total |
|
| Total |
| ||
2005 (1) |
|
| $ | 494,594 |
| ||||
|
|
|
| ||||||
2006 |
|
| 204,190 |
|
| $ | 204,214 |
| |
2007 |
|
| 154,620 |
|
| 154,089 |
| ||
2008 |
|
| 130,000 |
|
| 129,842 |
| ||
2009 |
|
| 297,764 |
|
| 294,878 |
| ||
2010 |
| 227 |
| ||||||
Thereafter |
|
| 1,861,899 |
|
| 2,659,534 |
| ||
Total |
|
| $ | 3,143,067 |
|
| $ | 3,442,784 |
|
(1) Includes $300.0$150.0 million with a final maturity of 2015 that is putable/callable in 2005.
(2)Includes $150.0 million7.57% unsecured debt with a final maturity of 2026 that is putable in 2006.
10. LineLines of Credit
On May 30, 2002,April 1, 2005, the Operating Partnership obtained a new three-year $700.0 million$1.0 billion unsecured revolving credit facility maturing on May 29, 2008, and terminated the $700.0 million credit facility that was scheduled to expire in May 2005. The Operating Partnership has the ability to increase available borrowings up to $500.0 million under certain circumstances. Advances under the creditnew facility bear interest at variable rates based upon LIBOR at various interest periods plus a spread dependent upon the Operating Partnership’s credit rating or based uponon bids received from the lending group. EQR has guaranteed the Operating Partnership’s line of credit facility up to the maximum amount and for the full term of the facility.
On August 30, 2005, the Operating Partnership obtained a new one-year $600.0 million revolving credit facility maturing on August 29, 2006. Advances under the new facility bore interest at variable rates based on LIBOR at various interest periods plus a spread dependent upon the Operating Partnership’s credit rating. EQR guaranteed this credit facility up to the maximum amount and for its full term. This credit facility was repaid in full and terminated on January 20, 2006.
As of December 31, 2005 and 2004, and 2003, $150.0$769.0 million and $10.0$150.0 million, respectively, was outstanding and $65.4$50.2 million and $56.7$65.4 million, respectively, was restricted (dedicated to support letters of credit and not available for borrowing) on the credit facility.facilities. During the years ended December 31, 20042005 and 2003,2004, the weighted average interest rate was 1.73%3.80% and 1.85%1.73%, respectively.
11. Derivative Instruments
The following table summarizes the consolidated derivative instruments at December 31, 20042005 (dollar amounts are in thousands):
F-30
|
| Cash Flow |
| Fair Value |
| Offsetting |
| Offsetting |
| Development |
|
| Fair Value |
| Forward Starting |
| Development Cash |
| ||||||||
Current Notional Balance |
| $ | 150,000 |
| $ | 490,000 |
| $ | 255,069 |
| $ | 255,069 |
| $ | 4,682 |
|
| $ | 370,000 |
| $ | 300,000 |
| $ | 36,178 |
|
Lowest Possible Notional |
| $ | 150,000 |
| $ | 490,000 |
| $ | 91,052 |
| $ | 91,052 |
| $ | 6,700 |
|
| $ | 370,000 |
| $ | 300,000 |
| $ | 18,568 |
|
Highest Possible Notional |
| $ | 150,000 |
| $ | 490,000 |
| $ | 255,069 |
| $ | 255,069 |
| $ | 34,625 |
|
| $ | 370,000 |
| $ | 300,000 |
| $ | 65,739 |
|
Lowest Interest Rate |
| 3.683 | % | 3.245 | % | 6.000 | % | 6.000 | % | 3.310 | % |
| 3.245 | % | 4.435 | % | 3.310 | % | ||||||||
Highest Interest Rate |
| 3.683 | % | 7.250 | % | 6.000 | % | 6.000 | % | 3.500 | % |
| 3.787 | % | 4.589 | % | 4.530 | % | ||||||||
Earliest Maturity Date |
| 2005 |
| 2005 |
| 2007 |
| 2007 |
| 2005 |
|
| 2009 |
| 2016 |
| 2006 |
| ||||||||
Latest Maturity Date |
| 2005 |
| 2009 |
| 2007 |
| 2007 |
| 2006 |
|
| 2009 |
| 2017 |
| 2007 |
| ||||||||
Estimated Asset (Liability) Fair Value |
| $ | (1,780 | ) | $ | (6,137 | ) | $ | 28 |
| $ | (28 | ) | $ | (15 | ) |
| $ | (15,730 | ) | $ | 9,618 |
| $ | 89 |
|
During the year ended December 31, 2004, the Operating Partnership paid approximately $3.3 million(1) Fair Value Hedges – Converts outstanding fixed rate debt to terminate fivea floating interest rate.
(2) Forward Starting Swaps – Designed to partially fix the interest rate swaps in conjunction with the repaymentadvance of the underlying mortgage loans. The Operating Partnership recognized a $1.9 million loss in connection with these terminations (included in loss from investments in unconsolidated entities as the losses occurred priorplanned future debt issuance.
(3) Development Cash Flow Hedges – Converts outstanding floating rate debt to the acquisition and/or consolidation of the respective properties – see further discussion in Notes 2 and 4). The Operating Partnership also paid approximately $0.5 million to terminate two forward starting swaps in conjunction with the issuance of $300.0 million of five-year unsecured notes. The $0.5 million cost has been deferred and will be recognized as additionala fixed interest expense over the five-year life of the unsecured notes. The Operating Partnership also paid approximately $3.5 million to terminate ten forward starting swaps in conjunction with the issuance of $500.0 million of ten-year unsecured notes. Approximately $3.3 million of the $3.5 million cost has been deferred and will be recognized as additional interest expense over the ten-year life of the unsecured notes.rate.
On December 31, 2004,2005, the net derivative instruments were reported at their fair value as other assets of approximately $1.3$9.7 million and as other liabilities of approximately $9.2$15.7 million. As of December 31, 2004,2005, there were approximately $21.0$14.8 million in deferred losses, net, included in accumulated other comprehensive loss. Based on the estimated fair values of the net derivative instruments at December 31, 2004,2005, the Operating Partnership may recognize an estimated $4.5$3.1 million of accumulated other comprehensive loss as additional interest expense during the twelve months ending December 31, 2005.2006.
During the year ended December 31, 2005, the Operating Partnership paid approximately $7.8 million to terminate eight forward starting swaps in conjunction with the issuance of $500.0 million of ten and one-half year unsecured notes. The $7.8 million has been deferred and will be recognized as additional interest expense over the life of the unsecured notes.
In January 2006, the Operating Partnership received approximately $10.7 million to terminate six forward starting swaps in conjunction with the issuance of $400.0 million of ten and one-half year unsecured notes. The $10.7 million has been deferred and will be recognized as a reduction of interest expense over the life of the unsecured notes.
12. Earnings Per OP Unit
The following tables set forth the computation of net income per OP Unit – basic and net income per OP Unit – diluted:
|
| Year Ended December 31, |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
|
| (Amounts in thousands except per OP Unit amounts) |
| |||||||
Numerator for net income per OP Unit – basic: |
|
|
|
|
|
|
| |||
Income from continuing operations |
| $ | 187,111 |
| $ | 213,061 |
| $ | 235,512 |
|
Allocation to Preference Units |
| (53,746 | ) | (76,435 | ) | (76,615 | ) | |||
Allocation to Preference Interests |
| (19,420 | ) | (20,211 | ) | (20,211 | ) | |||
Allocation to Junior Preference Units |
| (70 | ) | (325 | ) | (325 | ) | |||
Allocation to premium on redemption of Preference Units |
| — |
| (20,237 | ) | — |
| |||
Allocation to premium on redemption of Preference Interests |
| (1,117 | ) | — |
| — |
| |||
|
|
|
|
|
|
|
| |||
Income from continuing operations available to OP Units |
| 112,758 |
| 95,853 |
| 138,361 |
| |||
Net gain on sales of discontinued operations |
| 323,925 |
| 310,706 |
| 104,296 |
| |||
Discontinued operations, net |
| 13,128 |
| 54,738 |
| 108,367 |
| |||
|
|
|
|
|
|
|
| |||
Numerator for net income per OP Unit – basic |
| $ | 449,811 |
| $ | 461,297 |
| $ | 351,024 |
|
F-31
|
| Year Ended December 31, |
|
| Year Ended December 31, |
| ||||||||||||||
|
| 2004 |
| 2003 |
| 2002 |
|
| 2005 |
| 2004 |
| 2003 |
| ||||||
|
| (Amounts in thousands except per OP Unit amounts) |
|
| (Amounts in thousands except per OP Unit amounts) |
| ||||||||||||||
Numerator for net income per OP Unit – basic: |
|
|
|
|
|
|
| |||||||||||||
Income from continuing operations |
| $ | 222,716 |
| $ | 169,614 |
| $ | 178,488 |
| ||||||||||
Allocation to Preference Units |
| (49,642 | ) | (53,746 | ) | (76,435 | ) | |||||||||||||
Allocation to Preference Interests |
| (7,591 | ) | (19,420 | ) | (20,211 | ) | |||||||||||||
Allocation to Junior Preference Units |
| (15 | ) | (70 | ) | (325 | ) | |||||||||||||
Allocation to premium on redemption of Preference Units |
| (4,359 | ) | — |
| (20,237 | ) | |||||||||||||
Allocation to premium on redemption of Preference Interests |
| (4,134 | ) | (1,117 | ) | — |
| |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Income from continuing operations available to OP Units |
| 156,975 |
| 95,261 |
| 61,280 |
| |||||||||||||
Net gain on sales of discontinued operations |
| 697,655 |
| 318,443 |
| 310,706 |
| |||||||||||||
Discontinued operations, net |
| 11,676 |
| 36,107 |
| 89,311 |
| |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Numerator for net income per OP Unit – basic |
| $ | 866,306 |
| $ | 449,811 |
| $ | 461,297 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Numerator for net income per OP Unit – diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income from continuing operations |
| $ | 187,111 |
| $ | 213,061 |
| $ | 235,512 |
|
| $ | 222,716 |
| $ | 169,614 |
| $ | 178,488 |
|
Allocation to Preference Units |
| (53,746 | ) | (76,435 | ) | (76,615 | ) |
| (49,642 | ) | (53,746 | ) | (76,435 | ) | ||||||
Allocation to Preference Interests |
| (19,420 | ) | (20,211 | ) | (20,211 | ) |
| (7,591 | ) | (19,420 | ) | (20,211 | ) | ||||||
Allocation to Junior Preference Units |
| (70 | ) | (325 | ) | (325 | ) |
| (15 | ) | (70 | ) | (325 | ) | ||||||
Allocation to premium on redemption of Preference Units |
| — |
| (20,237 | ) | — |
|
| (4,359 | ) | — |
| (20,237 | ) | ||||||
Allocation to premium on redemption of Preference Interests |
| (1,117 | ) | — |
| — |
|
| (4,134 | ) | (1,117 | ) | — |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income from continuing operations available to OP Units |
| 112,758 |
| 95,853 |
| 138,361 |
|
| 156,975 |
| 95,261 |
| 61,280 |
| ||||||
Net gain on sales of discontinued operations |
| 323,925 |
| 310,706 |
| 104,296 |
|
| 697,655 |
| 318,443 |
| 310,706 |
| ||||||
Discontinued operations, net |
| 13,128 |
| 54,738 |
| 108,367 |
|
| 11,676 |
| 36,107 |
| 89,311 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Numerator for net income per OP Unit – diluted |
| $ | 449,811 |
| $ | 461,297 |
| $ | 351,024 |
| ||||||||||
Numerator for net income per OP Unit – basic |
| $ | 866,306 |
| $ | 449,811 |
| $ | 461,297 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Denominator for net income per OP Unit – basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Denominator for net income per OP Unit – basic |
| 300,683 |
| 294,523 |
| 294,637 |
|
| 306,579 |
| 300,683 |
| 294,523 |
| ||||||
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Dilution for OP Units issuable upon assumed exercise/vesting of EQR’s share options/restricted shares |
| 3,188 |
| 2,518 |
| 3,332 |
|
| 4,206 |
| 3,188 |
| 2,518 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Denominator for net income per share – diluted |
| 303,871 |
| 297,041 |
| 297,969 |
| |||||||||||||
Denominator for net income per OP Unit – diluted |
| 310,785 |
| 303,871 |
| 297,041 |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income per OP Unit – basic |
| $ | 1.50 |
| $ | 1.57 |
| $ | 1.19 |
|
| $ | 2.83 |
| $ | 1.50 |
| $ | 1.57 |
|
Net income per OP Unit – diluted |
| $ | 1.48 |
| $ | 1.55 |
| $ | 1.18 |
|
| $ | 2.79 |
| $ | 1.48 |
| $ | 1.55 |
|
|
|
|
|
|
|
|
| |||||||||||||
Net income per OP Unit – basic: |
|
|
|
|
|
|
| |||||||||||||
Income from continuing operations available to OP Units |
| $ | 0.38 |
| $ | 0.33 |
| $ | 0.47 |
| ||||||||||
Net gain on sales of discontinued operations |
| 1.08 |
| 1.05 |
| 0.35 |
| |||||||||||||
Discontinued operations, net |
| 0.04 |
| 0.19 |
| 0.37 |
| |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net income per OP Unit – basic |
| $ | 1.50 |
| $ | 1.57 |
| $ | 1.19 |
| ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net income per OP Unit – diluted: |
|
|
|
|
|
|
| |||||||||||||
Income from continuing operations available to OP Units |
| $ | 0.37 |
| $ | 0.32 |
| $ | 0.46 |
| ||||||||||
Net gain on sales of discontinued operations |
| 1.07 |
| 1.05 |
| 0.35 |
| |||||||||||||
Discontinued operations, net |
| 0.04 |
| 0.18 |
| 0.37 |
| |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net income per OP Unit – diluted |
| $ | 1.48 |
| $ | 1.55 |
| $ | 1.18 |
|
F-32
|
| Year Ended December 31, |
| |||||||
|
| 2005 |
| 2004 |
| 2003 |
| |||
|
| (Amounts in thousands except per OP Unit amounts) |
| |||||||
|
|
|
|
|
|
|
| |||
Net income per OP Unit – basic: |
|
|
|
|
|
|
| |||
Income from continuing operations available to OP Units |
| $ | 0.512 |
| $ | 0.317 |
| $ | 0.208 |
|
Net gain on sales of discontinued operations |
| 2.277 |
| 1.059 |
| 1.055 |
| |||
Discontinued operations, net |
| 0.038 |
| 0.120 |
| 0.303 |
| |||
|
|
|
|
|
|
|
| |||
Net income per OP Unit – basic |
| $ | 2.827 |
| $ | 1.496 |
| $ | 1.566 |
|
|
|
|
|
|
|
|
| |||
Net income per OP Unit – diluted: |
|
|
|
|
|
|
| |||
Income from continuing operations available to OP Units |
| $ | 0.505 |
| $ | 0.313 |
| $ | 0.206 |
|
Net gain on sales of discontinued operations |
| 2.245 |
| 1.048 |
| 1.046 |
| |||
Discontinued operations, net |
| 0.038 |
| 0.119 |
| 0.301 |
| |||
|
|
|
|
|
|
|
| |||
Net income per OP Unit – diluted |
| $ | 2.788 |
| $ | 1.480 |
| $ | 1.553 |
|
Convertible preference interests/units that could be converted into 1,772,048, 3,215,472 14,745,904 and 15,335,97714,745,904 weighted average Common Shares (which would be contributed to the Operating Partnership in exchange for OP Units) for the years ended December 31, 2005, 2004 2003 and 2002,2003, respectively, were outstanding but were not included in the computation of diluted earnings per OP Unit because the effects would be anti-dilutive.
For additional disclosures regarding the employee share options and restricted shares, see Notes 2 and 14.
F-32
13. Discontinued Operations
The Operating Partnership has presented separately as discontinued operations in all periods the results of operations for all consolidated assets disposed of on or after January 1, 2002 (the date of adoption of SFAS No. 144). and all operations related to condominium conversion properties effective upon their respective transfer into a TRS.
The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Operating Partnership owned such assets during each of the years ended December 31, 2005, 2004, 2003, and 2002.2003.
F-33
|
| Year Ended December 31, |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
|
| (Amounts in thousands) |
| |||||||
|
|
|
| |||||||
REVENUES |
|
|
|
|
|
|
| |||
Rental income |
| $ | 61,790 |
| $ | 219,370 |
| $ | 338,729 |
|
Furniture income |
| — |
| — |
| 1,361 |
| |||
Total revenues |
| 61,790 |
| 219,370 |
| 340,090 |
| |||
|
|
|
|
|
|
|
| |||
EXPENSES (1) |
|
|
|
|
|
|
| |||
Property and maintenance |
| 27,977 |
| 77,233 |
| 101,097 |
| |||
Real estate taxes and insurance |
| 7,009 |
| 23,611 |
| 34,016 |
| |||
Property management |
| 111 |
| 103 |
| 162 |
| |||
Depreciation |
| 12,374 |
| 56,571 |
| 83,376 |
| |||
Furniture expenses |
| — |
| — |
| 1,303 |
| |||
Total expenses |
| 47,471 |
| 157,518 |
| 219,954 |
| |||
|
|
|
|
|
|
|
| |||
Discontinued operating income |
| 14,319 |
| 61,852 |
| 120,136 |
| |||
|
|
|
|
|
|
|
| |||
Interest and other income |
| 260 |
| 322 |
| 83 |
| |||
Interest (2): |
|
|
|
|
|
|
| |||
Expense incurred, net |
| (898 | ) | (6,346 | ) | (11,600 | ) | |||
Amortization of deferred financing costs |
| (553 | ) | (1,090 | ) | (252 | ) | |||
|
|
|
|
|
|
|
| |||
Discontinued operations, net |
| $ | 13,128 |
| $ | 54,738 |
| $ | 108,367 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes expenses paid in the current period for properties sold in prior periods related to the Operating Partnership’s period of ownership. (2) Interest includes only specific amounts from each property sold. |
|
|
| Year Ended December 31, |
| |||||||
|
| 2005 |
| 2004 |
| 2003 |
| |||
|
| (Amounts in thousands) |
| |||||||
REVENUES |
|
|
|
|
|
|
| |||
Rental income |
| $ | 94,121 |
| $ | 199,587 |
| $ | 345,428 |
|
Total revenues |
| 94,121 |
| 199,587 |
| 345,428 |
| |||
|
|
|
|
|
|
|
| |||
EXPENSES (1) |
|
|
|
|
|
|
| |||
Property and maintenance |
| 38,373 |
| 70,782 |
| 115,447 |
| |||
Real estate taxes and insurance |
| 13,348 |
| 24,284 |
| 37,913 |
| |||
Property management |
| 389 |
| 629 |
| 232 |
| |||
Depreciation |
| 20,818 |
| 51,209 |
| 88,548 |
| |||
General and administrative |
| 361 |
| 341 |
| — |
| |||
Total expenses |
| 73,289 |
| 147,245 |
| 242,140 |
| |||
|
|
|
|
|
|
|
| |||
Discontinued operating income |
| 20,832 |
| 52,342 |
| 103,288 |
| |||
|
|
|
|
|
|
|
| |||
Interest and other income |
| 1,293 |
| 184 |
| 283 |
| |||
Interest (2): |
|
|
|
|
|
|
| |||
Expense incurred, net |
| (9,853 | ) | (15,200 | ) | (12,998 | ) | |||
Amortization of deferred financing costs |
| (596 | ) | (1,219 | ) | (1,262 | ) | |||
|
|
|
|
|
|
|
| |||
Discontinued operations, net |
| $ | 11,676 |
| $ | 36,107 |
| $ | 89,311 |
|
(1)Includes expenses paid in the current period for properties sold in prior periods related to the Operating Partnership’s period of ownership.
(2)Interest only includes interest expense specific to secured mortgage notes payable for properties sold.
For the properties sold during 20042005 (excluding condominium conversion properties), the investment in real estate, net of accumulated depreciation, and the mortgage notes payable balances at December 31, 20032004 were $500.0$805.2 million and $94.9$111.8 million, respectively.
On January 11, 2002,The net real estate basis of the Operating Partnership disposed of its furniture rental business for $30.0Partnership’s condominium conversion properties and land parcels owned by the TRS, which were included in investment in real estate, net in the consolidated balance sheets, was $276.8 million in cash and received net proceeds of $28.7 million. After giving effect to a previously recorded impairment loss, no gain/loss on sale was recognized as the net book value$335.5 million at the sale date approximated the sales price.December 31, 2005 and 2004, respectively.
14. Share Incentive Plans
Any Common Shares issued pursuant to EQR’s incentive equity compensation and employee share purchase plans will result in the Operating Partnership issuing OP Units to EQR on a one-for-one basis, with the Operating Partnership receiving the net cash proceeds of such issuances.
F-33
On May 15, 2002, the shareholders of EQR approved the Company’s 2002 Share Incentive Plan. The maximum aggregate number of awards that may be granted under this plan may not exceed 7.5% of the Company’s outstanding Common Shares calculated on a “fully diluted” basis and determined annually on the first day of each calendar year. As of January 1, 2005,2006, this amount equaled 23,069,873,23,370,851, of which 17,683,62515,421,477 is available for future issuance. No awards may be granted under the 2002 Share Incentive Plan after February 20, 2012.
Pursuant to the 2002 Share Incentive Plan and the Fifth Amended and Restated 1993 Share Option and Share Award Plan (collectively the “Share Incentive Plans”), officers, trustees, key employees and consultants of the Company may be offered the opportunity to acquire Common Shares through the grant of
F-34
share options (“Options”) including non-qualified share options (“NQSOs”), incentive share options (“ISOs”) and share appreciation rights (“SARs”), or may be granted restricted or non-restricted shares. Additionally, officers and key employees of the Company may be awarded Common Shares, subject to conditions and restrictions as described in the Share Incentive Plans. Finally, certain executive officers of the Company are subject to the Company’s performance based restricted share plan. Options, SARs, restricted shares and performance shares are sometimes collectively referred to herein as “Awards”.
The Options generally are granted at the fair market value of the Company’s Common Shares at the date of grant, vest over a three year period, are exercisable upon vesting and expire ten years from the date of grant. The exercise price for all Options under the Share Incentive Plans shall not be less than the fair market value of the underlying Common Shares at the time the Option is granted. The Fifth Amended and Restated 1993 Share Option and Share Award Plan will terminate at such time as all outstanding Awards have expired or have been exercised/vested. The Board of Trustees may at any time amend or terminate the Share Incentive Plans, but termination will not affect Awards previously granted. Any Options which had vested prior to such a termination would remain exercisable by the holder thereof.
As to the Options that have been granted through December 31, 2004,2005, generally, one-third are exercisable one year after the initial grant, one-third are exercisable two years following the date such Options were granted and the remaining one-third are exercisable three years following the date such Options were granted.
As to the restricted shares that have been awarded through December 31, 2004,2005, these shares generally vest three years from the award date. During the three-year period of restriction, the employee receives quarterly dividend payments on their shares. The Company’s unvested restricted shareholders receive dividends at the same rate and on the same date as any other Common Share holder. In addition, the Company’s unvested restricted shareholders have the same voting rights as any other Common Share holder. As a result, dividends paid on unvested restricted shares are included as a distribution in excess of accumulated earnings and have not been considered in reducing net income available to OP Units in a manner similar to the Operating Partnership’sPartnership preference unit dividends for the earnings per OP Unit calculation. If employment is terminated prior to the lapsing of the restriction, the shares are canceled.
In addition, each year the Company’sselected executive officers of the Company receive performance-based awards. The executive officers have the opportunity to earn in Common Shares an amount as little as 0% to as much as 225% of the target number of performance-based awards. The owners of performance-based awards have no right to vote, receive dividends or transfer the awards until Common Shares are issued in exchange for the awards. The number of Common Shares the executive officer actually receives on the third anniversary of the grant date will depend on the excess, if any, by which the Company’s Average Annual Return (i.e., the average of the Common Share dividends declared during each year as a percentage of the Common Share price as of the first business day of the first performance year and the average percentage increase in funds from operations (“FFO”) for each calendar year on a per share basis
F-34
over the prior year) for the three performance years exceeds the average of the 10-year Treasury Note interest rate as of the first business day in January of each performance year (the “T-Note Rate”).
F-35
If the Company’s Average Annual Return exceeds the T-Note Rate by: |
| Less than 0.99% |
| 1-1.99% |
| 2% |
| 3% |
| 4% |
| 5% |
| 6% |
| Greater than 7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Then the executive officer will receive Common Shares equal to the target number of awards times the following %: |
| 0% |
| 50% |
| 100% |
| 115% |
| 135% |
| 165% |
| 190% |
| 225% |
|
If the Company’s Average |
| Less |
|
|
|
|
|
|
|
|
|
|
|
|
| Greater |
|
Annual Return exceeds |
| than |
|
|
|
|
|
|
|
|
|
|
|
|
| than |
|
the T-Note Rate by: |
| 0.99 | % | 1-1.99 | % | 2 | % | 3 | % | 4 | % | 5 | % | 6 | % | 7 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Then the executive officer will receive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares equal to the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
target number of awards times the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
following %: |
| 0 | % | 50 | % | 100 | % | 115 | % | 135 | % | 165 | % | 190 | % | 225 | % |
If the Company’s Average Annual Return exceeds the T-Note Rate by an amount which falls between any of the percentages in excess of the 2% threshold, the performance-based award will be determined by extrapolation between the two percentages. Fifty percent of the Common Shares to which an executive officer may be entitled under the performance share grants will vest, subject to the executive’s continued employment with the Company, on the third anniversary of the award (which will be the date the Common Shares are issued); twenty-five percent will vest on the fourth anniversary and the remaining twenty-five percent will vest on the fifth anniversary. The Common Shares will also fully vest upon the executive’s death, retirement at or after age 62, disability or upon a change in control of the Company.
The following table summarizes information regarding both the restricted and performance-based share plans for the three years ended December 31, 2005, 2004 2003 and 2002:2003:
|
|
|
|
|
| Compensation Expense |
|
|
| ||||||
Year |
| Restricted/ |
| Weighted |
| General and |
| Property |
| Dividends |
| ||||
2005 |
| 520,821 |
| $ | 31.88 |
| $ | 23.6 million |
| $ | 5.6 million |
| $ | 2.7 million |
|
2004 |
| 515,622 |
| $ | 29.28 |
| $ | 6.4 million |
| $ | 6.1 million |
| $ | 2.5 million |
|
2003 |
| 900,555 |
| $ | 23.58 |
| $ | 6.0 million |
| $ | 5.1 million |
| $ | 2.5 million |
|
|
| EQR Restricted/ Performance Share Awards Granted, Net of Cancellations |
| Weighted Average Grant Price |
|
Compensation Expense |
|
|
| ||||||
Year |
|
|
| General and Administrative |
| Property Management |
| Dividends Incurred |
| ||||||
2004 |
| 515,622 |
| $ | 29.28 |
| $ | 6.3 million |
| $ | 6.2 million |
| $ | 2.5 million |
|
2003 |
| 900,555 |
| $ | 23.58 |
| $ | 5.5 million |
| $ | 5.6 million |
| $ | 2.5 million |
|
2002 |
| 885,967 |
| $ | 27.22 |
| $ | 16.2 million |
| $ | 9.6 million |
| $ | 2.9 million |
|
(1) 2005 amount includes $8.9 million of additional one-time expenses related to EQR restricted/performance shares for Bruce W. Duncan and Edward Geraghty. See Note 21 for further discussion.
Prior to
For the years ended December 31, 2005, 2004 and 2003, the Company had chosen to account for its stock-based compensation in accordance with APB No. 25, Accounting for Stock Issued to Employees,which resulted in norecorded compensation expense for options issued with an exercise price equalof $6.8 million, $3.0 million and $2.6 million, respectively, related to or exceeding the market value of the Company’s Common Shares on the date of grant (intrinsic method). Options.
The Company has elected to account for its stock-based compensation in accordance with SFAS No. 123 and its amendment (SFAS No. 148), Accounting for Stock Based Compensation, effective in the first quarter of 2003, which resulted in compensation expense being recorded based on the fair value of the stock compensation granted.
Compensation expense related to restricted and performance-based share grants was previously recognized in accordance with APB No. 25. The adoption of SFAS No. 123 does not significantly change the amount of compensation expense recognized for these grants.
See Note 2 for additional information regarding the Company’s stock-based compensation.
The table below summarizes the Option activity of the Share Incentive Plans and options assumed in connection with mergers (the “Merger Options”) for the three years ended December 31, 2005, 2004 2003 and 2002:
F-35F-36
2003:
|
| Common Shares Subject to Options |
| Weighted Average Exercise Price Per Option |
| |
Balance at December 31, 2001 |
| 12,165,247 |
| $ | 22.59 |
|
Options granted |
| 2,270,220 |
| $ | 27.24 |
|
Options exercised |
| (1,425,494 | ) | $ | 20.36 |
|
Merger Options exercised |
| (13,621 | ) | $ | 19.66 |
|
Options canceled |
| (177,536 | ) | $ | 24.90 |
|
Balance at December 31, 2002 |
| 12,818,816 |
| $ | 23.63 |
|
Options granted (1993 plan) |
| 665,304 |
| $ | 23.55 |
|
Options granted (2002 plan) |
| 2,217,124 |
| $ | 23.59 |
|
Options exercised (1993 plan) |
| (2,696,110 | ) | $ | 20.61 |
|
Options exercised (2002 plan) |
| (500,000 | ) | $ | 23.55 |
|
Merger Options exercised |
| (52,995 | ) | $ | 19.55 |
|
Options canceled (1993 plan) |
| (324,298 | ) | $ | 25.08 |
|
Options canceled (2002 plan) |
| (42,242 | ) | $ | 23.55 |
|
Balance at December 31, 2003 |
| 12,085,599 |
| $ | 24.27 |
|
Options granted (2002 plan) |
| 2,254,570 |
| $ | 29.33 |
|
Options exercised (1993 plan) |
| (2,920,057 | ) | $ | 23.75 |
|
Options exercised (2002 plan) |
| (423,866 | ) | $ | 23.55 |
|
Merger Options exercised |
| (6,836 | ) | $ | 20.14 |
|
Options canceled (1993 plan) |
| (90,436 | ) | $ | 23.44 |
|
Options canceled (2002 plan) |
| (79,751 | ) | $ | 28.02 |
|
Balance at December 31, 2004 |
| 10,819,223 |
| $ | 25.48 |
|
|
| Common Shares |
| Weighted Average |
| |
Balance at December 31, 2002 |
| 12,818,815 |
| $ | 23.63 |
|
Options granted (1993 plan) |
| 665,304 |
| $ | 23.55 |
|
Options granted (2002 plan) |
| 2,217,124 |
| $ | 23.59 |
|
Options exercised (1993 plan) |
| (2,696,110 | ) | $ | 20.61 |
|
Options exercised (2002 plan) |
| (500,000 | ) | $ | 23.55 |
|
Merger Options exercised |
| (52,995 | ) | $ | 19.55 |
|
Options canceled (1993 plan) |
| (324,298 | ) | $ | 25.08 |
|
Options canceled (2002 plan) |
| (42,242 | ) | $ | 23.55 |
|
Balance at December 31, 2003 |
| 12,085,598 |
| $ | 24.27 |
|
Options granted (2002 plan) |
| 2,254,570 |
| $ | 29.33 |
|
Options exercised (1993 plan) |
| (2,920,057 | ) | $ | 23.75 |
|
Options exercised (2002 plan) |
| (423,866 | ) | $ | 23.55 |
|
Merger Options exercised |
| (6,836 | ) | $ | 20.14 |
|
Options canceled (1993 plan) |
| (90,436 | ) | $ | 23.44 |
|
Options canceled (2002 plan) |
| (79,751 | ) | $ | 28.02 |
|
Balance at December 31, 2004 |
| 10,819,222 |
| $ | 25.48 |
|
Options granted (2002 plan) |
| 2,235,268 |
| $ | 31.91 |
|
Options exercised (1993 plan) |
| (1,630,321 | ) | $ | 23.44 |
|
Options exercised (2002 plan) |
| (611,943 | ) | $ | 26.31 |
|
Merger Options exercised |
| (6,480 | ) | $ | 18.10 |
|
Options canceled (1993 plan) |
| (27,677 | ) | $ | 24.53 |
|
Options canceled (2002 plan) |
| (205,326 | ) | $ | 30.32 |
|
Balance at December 31, 2005 |
| 10,572,743 |
| $ | 27.02 |
|
The following table summarizes information regarding options outstanding at December 31, 2004:2005:
|
| Options Outstanding |
| Options Exercisable |
| ||||||||
Range of Exercise Prices |
| Options |
| Weighted Average Remaining Contractual Life in Years |
| Weighted Average Exercise Price |
| Options |
| Weighted Average Exercise Price |
| ||
$6.68 to $10.01 |
| 92 |
| 2.0 |
| $ | 9.55 |
| 92 |
| $ | 9.55 |
|
$10.01 to $13.35 |
| 1,892 |
| 1.1 |
| $ | 12.12 |
| 1,892 |
| $ | 12.12 |
|
$13.35 to $16.69 |
| 305,634 |
| 1.1 |
| $ | 15.33 |
| 305,634 |
| $ | 15.33 |
|
$16.69 to $20.03 |
| 6,018 |
| 4.2 |
| $ | 18.63 |
| 6,018 |
| $ | 18.63 |
|
$20.03 to $23.37 |
| 1,554,006 |
| 4.1 |
| $ | 20.76 |
| 1,554,006 |
| $ | 20.76 |
|
$23.37 to $26.70 |
| 3,998,492 |
| 5.8 |
| $ | 24.67 |
| 2,739,319 |
| $ | 25.18 |
|
$26.70 to $30.04 |
| 4,864,462 |
| 7.8 |
| $ | 28.19 |
| 2,244,481 |
| $ | 27.45 |
|
$30.04 to $33.38 |
| 88,627 |
| 9.6 |
| $ | 31.38 |
| — |
| — |
| |
$6.68 to $33.38 |
| 10,819,223 |
| 6.4 |
| $ | 25.48 |
| 6,851,442 |
| $ | 24.47 |
|
|
| Options Outstanding |
| Options Exercisable |
| ||||||||
Range of Exercise Prices |
| Options |
| Weighted |
| Weighted |
| Options |
| Weighted |
| ||
$8.00 to $12.00 |
| 554 |
| 1.0 |
| $ | 10.87 |
| 554 |
| $ | 10.87 |
|
$12.01 to $16.00 |
| 1,400 |
| 0.1 |
| $ | 15.19 |
| 1,400 |
| $ | 15.19 |
|
$16.01 to $20.00 |
| 30,000 |
| 0.4 |
| $ | 16.38 |
| 30,000 |
| $ | 16.38 |
|
$20.01 to $24.00 |
| 2,573,936 |
| 5.0 |
| $ | 22.14 |
| 1,985,156 |
| $ | 21.73 |
|
$24.01 to $28.00 |
| 3,983,965 |
| 4.8 |
| $ | 26.59 |
| 3,983,965 |
| $ | 26.59 |
|
$28.01 to $32.00 |
| 3,918,962 |
| 8.5 |
| $ | 30.60 |
| 855,639 |
| $ | 30.30 |
|
$32.01 to $36.00 |
| 24,627 |
| 8.7 |
| $ | 32.29 |
| 8,208 |
| $ | 32.29 |
|
$36.01 to $40.00 |
| 39,299 |
| 9.6 |
| $ | 37.93 |
| — |
| — |
| |
$8.00 to $40.00 |
| 10,572,743 |
| 6.2 |
| $ | 27.02 |
| 6,864,922 |
| $ | 25.60 |
|
As of December 31, 2004 and 2003, 6,851,442 Options (with a weighted average exercise price of $24.47) and 2002, 8,274,915 Options (with a weighted average exercise price of $23.86) and 8,252,203 Options (with a weighted average exercise price of $22.25) were exercisable, respectively.
F-36F-37
15. Employee Plans
The Company established an Employee Share Purchase Plan (the “ESPP”) to provide employees and EQR trustees the ability to annually acquire up to $100,000 of Common Shares of EQR. In 2003, EQR’s shareholders approved an increase in the aggregate number of Common Shares available under the ESPP to 7,000,000 (from 2,000,000). The Company has 4,770,9374,484,186 Common Shares available for purchase under the ESPP at December 31, 2004.2005. The Common Shares may be purchased quarterly at a price equal to 85% of the lesser of: (a) the closing price for a share on the last day of such quarter; and (b) the greater of: (i) the closing price for a share on the first day of such quarter, and (ii) the average closing price for a share for all the business days in the quarter. The following table summarizes information regarding the Common Shares issued under the ESPP (the net proceeds noted below were contributed to the Operating Partnership in exchange for OP Units):
|
| Year Ended December 31, |
|
| Year Ended December 31, |
| ||||||||
|
| 2004 |
| 2003 |
| 2002 |
|
| 2005 |
| 2004 |
| 2003 |
|
|
| (Amounts in thousands except share and per share amounts) |
|
| (Amounts in thousands except share and per share amounts) |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
| 275,616 |
| 289,274 |
| 324,238 |
|
| 286,751 |
| 275,616 |
| 289,274 |
|
Issuance price ranges |
| $23.35 – $27.39 |
| $20.64 – $24.74 |
| $21.65 – $24.43 |
|
| $27.89 – $32.27 |
| $23.35 – $27.39 |
| $20.64 – $24.74 |
|
Issuance proceeds |
| $6,853 |
| $6,324 |
| $7,377 |
|
| $8,285 |
| $6,853 |
| $6,324 |
|
The Company established a defined contribution plan (the “401(k) Plan”) to provide retirement benefits for employees that meet minimum employment criteria. The Operating Partnership, on behalf of the Company, matches dollar for dollar up to the first 2%3% of eligible compensation that a participant contributes to the 401(k) Plan (4%(2% for 20022004 and prior years)2003). Participants are vested in the Company’s contributions over five years. The Operating Partnership, on behalf of the Company, made contributions in the amount of $1.5$1.7 million and $3.5$1.5 million for the years ended December 31, 20032004 and 2002,2003, respectively, and expects to make contributions in the amount of approximately $2.0$3.5 million for the year ended December 31, 2004.2005.
The Operating Partnership, on behalf of the Company, may also elect to make an annual discretionary profit-sharing contribution as a percentage of each individual employee’s eligible compensation under the 401(k) Plan. The Operating Partnership, on behalf of the Company, expects to make contributions in the amount of approximately $2.6 million for the year ended December 31, 2005. The Operating Partnership, on behalf of the Company, did not make a contribution for the years ended December 31, 2004 2003 or 2002.2003.
The Company established a supplemental executive retirement savings plan (the “SERP”) to provide certain officers and EQR trustees an opportunity to defer a portion of their eligible compensation in order to save for retirement. The SERP is restricted to investments in EQR Common Shares, certain marketable securities that have been specifically approved, and cash equivalents. The deferred compensation liability represented in the SERP and the securities issued to fund such deferred compensation liability are consolidated by the Operating Partnership and carried on the Operating Partnership’s balance sheet, and the Company’s Common Shares held in the SERP are accounted for as a reduction to General Partner’sPartners’ capital.
16. Distribution Reinvestment and Share Purchase Plan
On November 3, 1997, the Company filed with the SEC a Form S-3 Registration Statement to register 14,000,000 Common Shares pursuant to a Distribution Reinvestment and Share Purchase Plan (the “DRIP Plan”). The registration statement was declared effective on November 25, 1997. The Company has 11,571,446 Common Shares available for issuance under the DRIP Plan at December 31, 2004.2005.
The DRIP Plan provides holders of record and beneficial owners of Common Shares and Preferred
F-38
Shares with a simple and convenient method of investing cash distributions in additional Common Shares
F-37
(which (which is referred to herein as the “Dividend Reinvestment – DRIP Plan”). Common Shares may also be purchased on a monthly basis with optional cash payments made by participants in the DRIP Plan and interested new investors, not currently shareholders of EQR, at the market price of the Common Shares less a discount ranging between 0% and 5%, as determined in accordance with the DRIP Plan (which is referred to herein as the “Share Purchase – DRIP Plan”). Common Shares purchased under the DRIP Plan may, at the option of EQR, be directly issued by EQR or purchased by EQR’s transfer agent in the open market using participants’ funds. The net proceeds from any Common Share issuances are contributed to the Operating Partnership in exchange for OP Units.
17. Transactions with Related Parties
Pursuant to the terms of the partnershipPartnership agreement for the Operating Partnership, the Operating Partnership is required to reimburse EQR for all expenses incurred by EQR in excess of income earned by EQR through its indirect 1% ownership of various entities. Amounts paid on behalf of EQR are reflected in the consolidated statements of operations as general and administrative expenses.
The Operating Partnership provided asset and property management services to certain related entities for properties not owned by the Operating Partnership. Fees received for providing such services were approximately $0.2 million, $0.3$0.2 million and $0.7$0.3 million for the years ended December 31, 2005, 2004 2003 and 2002,2003, respectively.
The Operating Partnership reimbursed EQR’s Chief Operating Officer for the actual operating costs (excluding acquisition costs) of operating his personal aircraft for himself and other employees on Operating Partnership business. Amounts incurred were approximately $0.4 million, $0.3 million $0.2 million and $0.5$0.2 million for the years ended December 31, 2005, 2004 2003 and 2002,2003, respectively.
The Operating Partnership leases its corporate headquarters from an entity controlled by EQR’s Chairman of the Board of Trustees. Amounts incurred for such office space for the years ended December 31, 2005, 2004 2003 and 2002,2003, respectively, were approximately $2.1 million, $1.9 million $1.7 million and $1.6$1.7 million. The Operating Partnership believes these amounts equal market rates for such space.
The CompanyOperating Partnership had the following additional non-continuing related party transactions:
•transaction. The Operating Partnership leased space in an office building in Augusta, Georgia indirectly owned by one of EQR’s former trustees since May 2003 and directly owned by an entity affiliated with the same EQR trustee from 1998 to 2003 (individual was a trustee through May 2004). Amounts incurred for such office space were approximately $0.2 million $0.2 million and $0.1 million for both the years ended December 31, 2004 2003 and 2002, respectively;
• Certain executive officers of EQR purchased Common Shares which were financed with loans made by the Company, all of which were repaid in full in 2002;
• The Operating Partnership made consulting payments to two former EQR trustees (individuals were trustees through May 2003) of approximately $0.2 million during the year ended December 31, 2002; and
• The Operating Partnership paid legal fees to a law firm of which one of EQR’s former trustees (individual was a trustee through May 2002) is a partner of approximately $0.3 million during the year ended December 31, 2002.2003.
18. Commitments and Contingencies
The Operating Partnership, as an owner of real estate, is subject to various Federal, state and local
F-38
environmental laws. Compliance by the Operating Partnership with existing laws has not had a material adverse effect on the Operating Partnership. However, the Operating Partnership cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future.
In August 2004, theThe Operating Partnership tried a class action lawsuit in Palm Beach County, Florida regardingduring the last week of August of 2004 which challenged the assessment and collection of certain charges madelease termination fees. The case has been settled, subject to residents who terminated their leases early or failed to provide sufficient noticecourt approval. The Operating Partnership will pay $1.7 million into a class fund, $1.629 million of intent to vacate.which was previously accrued during 2004. In December 2004, the Court issued a Findings of Fact and Conclusions of Law holding those fees legally uncollectible under Florida law. In recognition of the Findings of Fact and Conclusions of Law, which awarded damages and interest to the class in the amount of approximately $1.6 million,addition, the Operating Partnership established a reservewill pay $325,000 to reimburse class counsel for its out of pocket expenses, plus $2.55 million in attorney’s fees. Costs of claims administration will be approximately $1.6 million and correspondingly$100,000. An accrual for these additional potential payments was recorded this as a general and administrative expense. Due to pending appeals,in the award is neither final nor enforceable. Accordingly, it is not possible to determine or predict the ultimate outcomefourth quarter of 2005. Preliminary court approval of the case. While no assurances can be given,settlement was obtained in February 2006 and final judgment is expected in the Operating Partnership does not believe that this lawsuit, if the ultimate outcome is unfavorable, will have a material adverse effect on the Operating Partnership.
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second quarter of 2006.
The Operating Partnership does not believe there is any other litigation pending or threatened against the Operating Partnership which, individually or in the aggregate, reasonably may be expected to have a material adverse effect on the Operating Partnership.
During the year ended December 31, 2004, the Operating Partnership established a reserve and recorded a corresponding expense of $15.2 million in estimated uninsured property damage at certain of its properties primarily located in Florida caused by Hurricanes Charley, Frances, Ivan and Jeanne (included in rents received in advance and other liabilities and real estate taxes and insurance expense on the consolidated balance sheets and statements of operations, respectively). Of this amount, approximately $9.4 millionThe entire reserve had been spent for hurricane related repairs through December 31, 2004.2005.
During the year ended December 31, 2005, the Operating Partnership established a reserve and recorded a corresponding expense of $11.1 million, net of $8.1 million of insurance receivables, for estimated uninsured property damage at certain of its properties caused by Hurricane Wilma. The receivable of $8.1 million and the reserve of $19.2 million are included in other assets and rents received in advance and other liabilities, respectively, on the consolidated balance sheets. The expense of $11.1 million is included in real estate taxes and insurance expense in the consolidated statements of operations.
As of December 31, 20042005, the Operating Partnership has fivesix projects totaling 1,3061,760 unitsin various stages of development with estimated completion dates ranging through September 30, 2006.March 31, 2008. The threeprimary development agreements currently in place have the following key terms:
• The first development partner has the right, at any time following completion of a project subject to the agreement, to stipulate a value for such project and offer to sell its interest in the project to the Operating Partnership based on such value. If the Operating Partnership chooses not to purchase the interest, the Operating Partnership must agree to a sale of the project to an unrelated third party at such value. The Operating Partnership’s partner must exercise this right as to all projects subject to the agreement within five years after the receipt of the final certificate of occupancy on the last developed property. In connection with this development agreement, the Operating Partnership has an obligation to provide up to $40.0 million in credit enhancements to guarantee a portion of the third party construction financing. As of February 2, 2005,1, 2006, the Operating Partnership had set-aside $5.0 million towardsdid not have any amounts outstanding related to this credit enhancement. The Operating Partnership would be required to perform under this agreement only if there was a material default under a third party construction mortgage agreement. This agreement expires no later than December 31, 2018. Notwithstanding the termination of the agreement, the Operating Partnership shall have recourse against its development partner for any losses incurred.
• The second development partner has the right, at any time following completion of a project subject to the agreement, to require the Operating Partnership to purchase the partners’ interest in that project at a mutually agreeable price. If the Operating Partnership and the partner are unable to agree on a price, both parties will obtain appraisals. If the appraised values vary by more than 10%, both the Operating Partnership and its partner will agree on a third appraiser to determine which original appraisal is closest to its determination of value. The Operating Partnership may elect at that time not to purchase the property and instead, authorize its partner to sell the project at or above the agreed-upon value to an unrelated third party. Five years following the receipt of the final
F-39
certificate of occupancy on the last developed property, the Operating Partnership must purchase, at the agreed-upon price, any projects remaining unsold.
• The third development partner has the exclusive right for six months following stabilization, as defined, to market a subject project for sale. Thereafter, either the Operating Partnership or its development partner may market a subject project for sale. If the Operating Partnership’s development partner proposes the sale, the Operating Partnership may elect to purchase the project at the price proposed by its partner or defer the sale until two independent appraisers
F-40
appraise the project. If the two appraised values vary by more than 5%, a third appraiser will be chosen to determine the fair market value of the property. Once a value has been determined, the Operating Partnership may elect to purchase the property or authorize its development partner to sell the project at the agreed-upon value.
In connection with one of its mergers,addition, the Operating Partnership provided ahas various deal-specific development agreements with partners, the overall terms of which are similar in nature to those described above.
The Operating Partnership’s guaranty of a credit enhancement agreement with respect to certain tax-exempt bonds issued to finance certain public improvements at a multifamily development project. The Operating Partnership hasproject was terminated effective May 2, 2005 as the obligation to provide this guaranty for a period of eight years fromtax-exempt bonds were redeemed in full and the consummation of the merger or through May 2005. The Operating Partnership would be required to perform under this agreement only if there was a draw on theassociated letter of credit issued by the credit enhancement party. The counterparty has also agreed to indemnify the Operating Partnership for any losses suffered. As of December 31, 2004, this guaranty was still in effect at a commitment amount of $12.7 million (reduced to $10.4 million effective in January 2005) and no current outstanding liability.cancelled.
During the years ended December 31, 2005, 2004 2003 and 2002,2003, total operating lease payments incurred for office space, including a portion of real estate taxes, insurance, repairs and utilities, aggregated $6.1 million, $5.8 million $5.7 million and $5.8$5.7 million, respectively.
The Company has entered into a retirement benefits agreement with its Chairman of the Board of Trustees and deferred compensation agreements with two of its executive officerschief operating officer and itstwo former chief executive officer.officers. During the years ended December 31, 2005, 2004 2003 and 2002,2003, the Operating Partnership recognized compensation expense of $2.2 million, $39,000 $3.0 million and $5.1$3.0 million, respectively, related to these agreements.
The following table summarizes the Operating Partnership’s contractual obligations for minimum rent payments under operating leases and deferred compensation for the next five years and thereafter as of December 31, 2004:2005:
Payments Due by Year (in thousands) |
| |||||||||||||||||||||||||||||||||||||||||||
Contractual Obligations |
| 2005 |
| 2006 |
| 2007 |
| 2008 |
| 2009 |
| Thereafter |
| Total |
| |||||||||||||||||||||||||||||
|
| Payments Due by Year (in thousands) |
| |||||||||||||||||||||||||||||||||||||||||
|
| 2006 |
| 2007 |
| 2008 |
| 2009 |
| 2010 |
| Thereafter |
| Total |
| |||||||||||||||||||||||||||||
Operating Leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Minimum Rent Payments (a) |
| $ | 4,816 |
| $ | 4,205 |
| $ | 3,464 |
| $ | 3,335 |
| $ | 3,233 |
| $ | 7,369 |
| $ | 26,422 |
|
| $ | 5,920 |
| $ | 4,556 |
| $ | 4,404 |
| $ | 4,245 |
| $ | 3,725 |
| $ | 4,908 |
| $ | 27,758 |
|
Other Long-Term Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Deferred Compensation (b) |
| 813 |
| 1,807 |
| 2,211 |
| 2,211 |
| 2,211 |
| 11,230 |
| 20,483 |
|
| 813 |
| 813 |
| 813 |
| 1,444 |
| 1,444 |
| 16,556 |
| 21,883 |
|
(a) Minimum basic rent due for various office space the Operating Partnership leases and fixed base rent due on a ground lease for
one property.
(b) Estimated payments to EQR’s Chairman, two former CEOCEO’s and two other executive officersits chief operating officer based on planned retirement dates.
19. Asset Impairment
The Operating Partnership recorded approximately $1.2 million of asset impairment charges related to its technology investments in each of the yearsyear ending December 31, 2003 and 2002.2003. These charges were the result of a review of the existing investments reflected on the consolidated balance
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sheet. These impairment losses are reflected on the consolidated statements of operations in total expenses and include the write-down of assets classified as other assets.
For the year ended December 31, 2002, the Company recorded approximately $17.1 million of asset impairment charges related to its corporate housing business. Following the guidance in SFAS No. 142, these charges were the result of the Company’s decision to reduce the carrying value of its corporate housing business to $30.0 million, given the weakness in the economy and management’s expectations for near-term performance. This impairment loss is reflected on the consolidated statements of operations as impairment on corporate housing business and on the consolidated balance sheets as a reduction in goodwill, net.F-41
20. Reportable Segments
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by senior management. Senior management decides how resources are allocated and assesses performance on a monthly basis.
The Operating Partnership’s primary business is owning, managing, and operating multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents and includes Equity Corporate Housing (“ECH”). Senior management evaluates the performance of each of our apartment communities on an individual basis; however, each of our apartment communities has similar economic characteristics, residents, and products and services so they have been aggregated into one reportable segment. The Operating Partnership’s rental real estate segment comprises approximately 99.4%, 99.2%99.3% and 99.4%99.1% of total revenues from continuing operations for the years ended December 31, 2005, 2004 2003 and 2002,2003, respectively. The Operating Partnership’s rental real estate segment comprises approximately 99.8% and 99.7% of total assets at both December 31, 20042005 and 2003, respectively.2004.
The primary financial measure for the Operating Partnership’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense; 2) real estate taxes and insurance expense; and 3) property management expense (all as reflected in the accompanying statements of operations). The Operating Partnership believes that NOI is helpful to investors as a supplemental measure of the operating performance of a real estate company because it is a direct measure of the actual operating results of the Operating Partnership’s apartment communities. Current year NOI is compared to prior year NOI and current year budgeted NOI as a measure of financial performance. The following table presents the NOI from our rental real estate specific to continuing operations for the years ended December 31, 2005, 2004 2003 and 2002,2003, respectively:
|
| Year Ended December 31, |
|
| Year Ended December 31, |
| ||||||||||||||
|
| 2004 |
| 2003 |
| 2002 |
|
| 2005 |
| 2004 |
| 2003 |
| ||||||
|
| (Amounts in thousands) |
|
| (Amounts in thousands) |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Rental income |
| $ | 1,878,262 |
| $ | 1,691,647 |
| $ | 1,677,459 |
|
| $ | 1,943,789 |
| $ | 1,742,028 |
| $ | 1,566,065 |
|
Property and maintenance expense |
| (520,412 | ) | (460,426 | ) | (427,960 | ) |
| (544,495 | ) | (477,605 | ) | (422,212 | ) | ||||||
Real estate taxes and insurance expense |
| (222,448 | ) | (184,483 | ) | (170,029 | ) |
| (224,400 | ) | (205,173 | ) | (170,181 | ) | ||||||
Property management expense |
| (75,888 | ) | (68,058 | ) | (72,416 | ) |
| (84,307 | ) | (77,093 | ) | (70,051 | ) | ||||||
Net operating income |
| $ | 1,059,514 |
| $ | 978,680 |
| $ | 1,007,054 |
|
| $ | 1,090,587 |
| $ | 982,157 |
| $ | 903,621 |
|
The Operating Partnership’s fee and asset management activity is immaterial and does not meet the threshold requirements of a reportable segment as provided for in SFAS No. 131.
All revenues are from external customers and there is no customer who contributed 10% or more of the Operating Partnership’s total revenues during the three years ended December 31, 2005, 2004 2003 or 2002.2003.
F-41
21. Subsequent Events/Other
Subsequent to December 31, 20042005 and through February 7, 2005,1, 2006, the Operating Partnership:
• Acquired four$148.7 million of apartment properties consisting of 734 unitsthree properties and one parcel of vacant land for approximately $144.1 million;705 units;
• DisposedSold $230.2 million of one propertyapartment properties consisting of 450six properties and 1,681 units (excluding condominium units) and a vacant land parcel for approximately $340.9 million;
• Assumed $47.6 million of mortgage debt on two properties in connection with their acquisitions;
• Executed an amended compensation agreement with EQR’s Chairman of the Board of Trustees extending his current agreement on the same terms and conditions for two more years through 2006 and providing him with a $3.25 million per year long-term compensation grant of EQR options and restricted shares; and;
• Issued irrevocable notices$400.0 million of ten and one-half year 5.375% fixed rate public notes, receiving net proceeds of $395.5 million and terminated six forward starting swaps designated to redeem for cash during March 2005 all 1,320,000 unitshedge the note issuance, receiving net proceeds of $10.7 million;
F-42
• Terminated its $600.0 million short-term revolving credit facility; and
• Repaid $13.0 million of mortgage loans.
During February 2006, the Company repurchased 719,800 of its 8.50% Series BCommon Shares on the open market at an average price of $43.76 per share. The Company paid approximately $31.5 million for these shares. Concurrent with this transaction, the Operating Partnership repurchased and C Preference Interestsretired 719,800 OP Units previously issued to EQR. These Common Shares were repurchased to offset the issuance of 661,962 OP Units in connection with a cumulative liquidation valueproperty acquisition and to partially offset restricted shares granted in February 2006.
See also Note 3 for discussion of $66.0 million.the redemption notices on the series G and H Preference Interests.
On February 24,March 2, 2006, the Operating Partnership announced that it has retained JP Morgan to assist in the possible sale of its Lexford housing division. As of March 2, 2006, the division is comprised of 299 properties consisting of 27,390 apartment units located in ten states and a property management business located in Columbus, Ohio. Exploration of a sale does not mandate that a sale or other transaction will follow. EQR’s Board of Trustees has not approved any specific transaction.
During the year ended December 31, 2005, the Operating Partnership received $57.1proceeds from technology and other investments of $82.1 million from the following:
• $25.0 million in cashfull redemption of 1,000,000 shares of Wellsford 8.25% Convertible Trust Preferred Securities; and
• $57.1 million for its ownership interest in Rent.com in connection with the acquisition of Rent.com by eBay, Inc. The $57.1 million was recorded as interest and other income in the accompanying consolidated statements of operations.
On March 28, 2005, the Company and Bruce W. Duncan, EQR’s former Chief Executive Officer (“CEO”), entered into an Amended and Restated Employment Agreement (as further amended effective June 30, 2005, the “Amendment”) to reflect changes required in view of Mr. Duncan’s retirement as CEO and trustee effective December 31, 2005. The Amendment also amended Mr. Duncan’s Deferred Compensation Agreement entered into in January 2003. The Company recorded approximately $11.2 million of additional general and administrative expense during the year ended December 31, 2005, primarily related to accelerated vesting of EQR’s share options and restricted/performance shares.
Effective February 28, 2005, the Company and Edward Geraghty, the President of the Company’s Eastern Division, entered into a Separation Agreement and General Release reflecting Mr. Geraghty’s resignation effective February 28, 2005. The Company recorded approximately $3.3 million of severance as additional general and administrative expense during the quarter ended March 31, 2005.
22. Quarterly Financial Data (Unaudited)
The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. All amounts have also been restated in accordance with the discontinued operations provisions of SFAS No 144. Amounts are in thousands, except for per OP Unit amounts.
F-43
2004 |
| Fourth |
| Third |
| Second |
| First |
| ||||
Total revenues (1) |
| $ | 487,366 |
| $ | 483,481 |
| $ | 474,727 |
| $ | 443,927 |
|
Operating income (1) |
| 135,952 |
| 121,612 |
| 136,148 |
| 132,973 |
| ||||
Income from continuing operations (1) |
| 47,573 |
| 37,844 |
| 52,665 |
| 49,029 |
| ||||
Net gain on sales of discontinued operations |
| 116,272 |
| 58,394 |
| 77,760 |
| 71,499 |
| ||||
Discontinued operations, net (1) |
| 1,058 |
| 2,930 |
| 4,963 |
| 4,177 |
| ||||
Net income* |
| 164,903 |
| 99,168 |
| 135,388 |
| 124,705 |
| ||||
Net income available to OP Units |
| 147,563 |
| 79,648 |
| 116,651 |
| 105,949 |
| ||||
Earnings per OP Unit – basic: |
|
|
|
|
|
|
|
|
| ||||
Net income available to OP Units |
| $ | 0.49 |
| $ | 0.26 |
| $ | 0.39 |
| $ | 0.35 |
|
Weighted average OP Units outstanding |
| 302,931 |
| 300,900 |
| 299,847 |
| 299,028 |
| ||||
Earnings per OP Unit – diluted: |
|
|
|
|
|
|
|
|
| ||||
Net income available to OP Units |
| $ | 0.48 |
| $ | 0.26 |
| $ | 0.39 |
| $ | 0.35 |
|
Weighted average OP Units outstanding |
| 306,841 |
| 304,028 |
| 302,201 |
| 301,781 |
|
2005 |
| Fourth |
| Third |
| Second |
| First |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total revenues (1) |
| $ | 518,919 |
| $ | 495,488 |
| $ | 478,906 |
| $ | 461,624 |
|
Operating income (1) |
| 126,305 |
| 126,878 |
| 135,239 |
| 123,522 |
| ||||
Income from continuing operations (1) |
| 47,283 |
| 28,550 |
| 43,024 |
| 103,859 |
| ||||
Net gain on sales of discontinued operations (1) |
| 194,602 |
| 254,178 |
| 108,171 |
| 140,704 |
| ||||
Discontinued operations, net (1) |
| 619 |
| 4,059 |
| 3,281 |
| 3,717 |
| ||||
Net income * |
| 242,504 |
| 286,787 |
| 154,476 |
| 248,280 |
| ||||
Net income available to OP Units |
| 230,659 |
| 268,325 |
| 137,683 |
| 229,639 |
| ||||
Earnings per OP Unit – basic: |
|
|
|
|
|
|
|
|
| ||||
Net income available to OP Units |
| $ | 0.75 |
| $ | 0.87 |
| $ | 0.45 |
| $ | 0.75 |
|
Weighted average OP Units outstanding |
| 307,792 |
| 306,915 |
| 306,190 |
| 305,391 |
| ||||
Earnings per OP Unit – diluted: |
|
|
|
|
|
|
|
|
| ||||
Net income available to OP Units |
| $ | 0.74 |
| $ | 0.86 |
| $ | 0.44 |
| $ | 0.74 |
|
Weighted average OP Units outstanding |
| 312,408 |
| 311,564 |
| 309,979 |
| 308,576 |
|
(1) The amounts presented for the first three quarters of 20042005 are not equal to the same amounts previously reported in the respective Form 10-Q’s filed with the SEC for each period primarily as a result of changes in discontinued operations due to additional property sales which occurred throughout 2004.2005 and the Operating Partnership’s reclassification of its net gain on sales of land parcels to be included as a separate component of income from continuing operations. Below is a reconciliation to the amounts previously reported in the respective Form 10-Q’s:
F-42F-44
2004 |
| Third |
| Second |
| First |
| |||||||||||||
2005 |
| Third |
| Second |
| First |
| |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total revenues previously reported in Form 10-Q |
| $ | 491,485 |
| $ | 488,596 |
| $ | 462,661 |
|
| $ | 504,406 |
| $ | 499,503 |
| $ | 488,502 |
|
Total revenues subsequently reclassified to discontinued operations |
| (8,004 | ) | (13,869 | ) | (18,734 | ) |
| (8,918 | ) | (20,597 | ) | (27,924 | ) | ||||||
Other |
| — |
| — |
| 1,046 |
| |||||||||||||
Total revenues disclosed in Form 10-K |
| $ | 483,481 |
| $ | 474,727 |
| $ | 443,927 |
|
| $ | 495,488 |
| $ | 478,906 |
| $ | 461,624 |
|
|
|
|
|
|
|
|
| |||||||||||||
Operating income previously reported in Form 10-Q |
| $ | 124,371 |
| $ | 140,786 |
| $ | 139,316 |
|
| $ | 129,901 |
| $ | 140,974 |
| $ | 130,956 |
|
Operating income subsequently reclassified to discontinued operations |
| (2,759 | ) | (4,638 | ) | (6,343 | ) |
| (3,023 | ) | (6,125 | ) | (8,673 | ) | ||||||
Other |
| — |
| 390 |
| 1,239 |
| |||||||||||||
Operating income disclosed in Form 10-K |
| $ | 121,612 |
| $ | 136,148 |
| $ | 132,973 |
|
| $ | 126,878 |
| $ | 135,239 |
| $ | 123,522 |
|
|
|
|
|
|
|
|
| |||||||||||||
Income from continuing operations previously reported in Form 10-Q |
| $ | 40,662 |
| $ | 57,461 |
| $ | 55,021 |
|
| $ | 31,193 |
| $ | 48,563 |
| $ | 101,154 |
|
Income from continuing operations subsequently reclassified to discontinued operations |
| (2,818 | ) | (4,796 | ) | (5,992 | ) |
| (2,643 | ) | (5,927 | ) | (7,856 | ) | ||||||
Reclassification of net gain on sales of land parcels |
| — |
| (2 | ) | 10,368 |
| |||||||||||||
Other |
| — |
| 390 |
| 193 |
| |||||||||||||
Income from continuing operations disclosed in Form 10-K |
| $ | 37,844 |
| $ | 52,665 |
| $ | 49,029 |
|
| $ | 28,550 |
| $ | 43,024 |
| $ | 103,859 |
|
|
|
|
|
|
|
|
| |||||||||||||
Net gain on sales of discontinued operations previously reported in Form 10-Q |
| $ | 254,178 |
| $ | 108,559 |
| $ | 151,265 |
| ||||||||||
Reclassification of net gain on sales of land parcels |
| — |
| 2 |
| (10,368 | ) | |||||||||||||
Other |
| — |
| (390 | ) | (193 | ) | |||||||||||||
Net gain on sales of discontinued operations disclosed in Form 10-K |
| $ | 254,178 |
| $ | 108,171 |
| $ | 140,704 |
| ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Discontinued operations, net previously reported in Form 10-Q |
| $ | 112 |
| $ | 167 |
| $ | (1,815 | ) |
| $ | 1,416 |
| $ | (2,646 | ) | $ | (4,139 | ) |
Discontinued operations, net from properties sold subsequent to the respective reporting period |
| 2,818 |
| 4,796 |
| 5,992 |
|
| 2,643 |
| 5,927 |
| 7,856 |
| ||||||
|
|
|
|
|
|
|
| |||||||||||||
Discontinued operations, net disclosed in Form 10-K |
| $ | 2,930 |
| $ | 4,963 |
| $ | 4,177 |
|
| $ | 4,059 |
| $ | 3,281 |
| $ | 3,717 |
|
F-45
2003 |
| Fourth |
| Third |
| Second |
| First |
| ||||
Total revenues (2) |
| $ | 430,692 |
| $ | 430,248 |
| $ | 426,229 |
| $ | 418,851 |
|
Operating income (2) |
| 126,992 |
| 134,351 |
| 138,414 |
| 130,507 |
| ||||
Income from continuing operations (2) |
| 42,123 |
| 56,380 |
| 59,391 |
| 55,167 |
| ||||
Net gain on sales of discontinued operations |
| 91,731 |
| 77,983 |
| 70,320 |
| 70,672 |
| ||||
Discontinued operations, net (2) |
| 8,206 |
| 12,063 |
| 15,851 |
| 18,618 |
| ||||
Net income* |
| 142,060 |
| 146,426 |
| 145,562 |
| 144,457 |
| ||||
Net income available to OP Units |
| 97,967 |
| 121,728 |
| 121,325 |
| 120,277 |
| ||||
Earnings per OP Unit – basic: |
|
|
|
|
|
|
|
|
| ||||
Net income available to OP Units |
| $ | 0.33 |
| $ | 0.41 |
| $ | 0.41 |
| $ | 0.41 |
|
Weighted average OP Units outstanding |
| 296,371 |
| 295,032 |
| 293,696 |
| 292,949 |
| ||||
Earnings OP Unit – diluted: |
|
|
|
|
|
|
|
|
| ||||
Net income available to OP Units |
| $ | 0.33 |
| $ | 0.41 |
| $ | 0.41 |
| $ | 0.41 |
|
Weighted average OP Units outstanding |
| 299,516 |
| 297,941 |
| 296,084 |
| 294,508 |
|
2004 |
| Fourth |
| Third |
| Second |
| First |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total revenues (2) |
| $ | 451,944 |
| $ | 448,251 |
| $ | 440,417 |
| $ | 413,212 |
|
Operating income (2) |
| 126,633 |
| 112,902 |
| 127,337 |
| 123,594 |
| ||||
Income from continuing operations (2) |
| 42,164 |
| 33,053 |
| 53,523 |
| 40,874 |
| ||||
Net gain on sales of discontinued operations (2) |
| 116,272 |
| 58,448 |
| 72,224 |
| 71,499 |
| ||||
Discontinued operations, net (2) |
| 6,467 |
| 7,667 |
| 9,641 |
| 12,332 |
| ||||
Net income * |
| 164,903 |
| 99,168 |
| 135,388 |
| 124,705 |
| ||||
Net income available to OP Units |
| 147,563 |
| 79,648 |
| 116,651 |
| 105,949 |
| ||||
Earnings per OP Unit – basic: |
|
|
|
|
|
|
|
|
| ||||
Net income available to OP Units |
| $ | 0.49 |
| $ | 0.26 |
| $ | 0.39 |
| $ | 0.35 |
|
Weighted average OP Units outstanding |
| 302,931 |
| 300,900 |
| 299,847 |
| 299,028 |
| ||||
Earnings per OP Unit – diluted: |
|
|
|
|
|
|
|
|
| ||||
Net income available to OP Units |
| $ | 0.48 |
| $ | 0.26 |
| $ | 0.39 |
| $ | 0.35 |
|
Weighted average OP Units outstanding |
| 306,841 |
| 304,028 |
| 302,201 |
| 301,781 |
|
(2) The amounts presented for the four quarters of 20032004 are not equal to the same amounts previously reported in the respective Form 10-Q’s/10-K filed with the SEC for each period primarily as a result of changes in discontinued operations due to additional property sales which occurred throughout 2005 and 2004 and 2003.the Operating Partnership’s reclassification of its net gain on sales of land parcels to be included as a separate component of income from continuing operations. Below is a reconciliation to the amounts previously reported in the respective Form 10-Q’s/10-K:
F-43F-46
2003 |
| Fourth |
| Third |
| Second |
| First |
| |||||||||||||||||
2004 |
| Fourth |
| Third |
| Second |
| First |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total revenues previously reported in Form 10-Q/10-K |
| $ | 459,521 |
| $ | 472,976 |
| $ | 479,357 |
| $ | 482,707 |
|
| $ | 487,366 |
| $ | 483,481 |
| $ | 474,727 |
| $ | 443,927 |
|
Total revenues subsequently reclassified to discontinued operations |
| (28,829 | ) | (42,728 | ) | (53,128 | ) | (63,856 | ) |
| (36,012 | ) | (35,808 | ) | (34,750 | ) | (31,227 | ) | ||||||||
Other |
| 590 |
| 578 |
| 440 |
| 512 |
| |||||||||||||||||
Total revenues disclosed in Form 10-K |
| $ | 430,692 |
| $ | 430,248 |
| $ | 426,229 |
| $ | 418,851 |
|
| $ | 451,944 |
| $ | 448,251 |
| $ | 440,417 |
| $ | 413,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Operating income previously reported in Form 10-Q/10-K |
| $ | 136,057 |
| $ | 147,635 |
| $ | 155,638 |
| $ | 151,039 |
|
| $ | 135,952 |
| $ | 121,612 |
| $ | 136,148 |
| $ | 132,973 |
|
Operating income subsequently reclassified to discontinued operations |
| (9,065 | ) | (13,284 | ) | (17,224 | ) | (20,532 | ) |
| (9,832 | ) | (9,217 | ) | (9,157 | ) | (9,817 | ) | ||||||||
Other |
| 513 |
| 507 |
| 346 |
| 438 |
| |||||||||||||||||
Operating income disclosed in Form 10-K |
| $ | 126,992 |
| $ | 134,351 |
| $ | 138,414 |
| $ | 130,507 |
|
| $ | 126,633 |
| $ | 112,902 |
| $ | 127,337 |
| $ | 123,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Income from continuing operations previously reported in Form 10-Q/10-K |
| $ | 50,273 |
| $ | 68,450 |
| $ | 75,105 |
| $ | 73,369 |
|
| $ | 47,573 |
| $ | 37,844 |
| $ | 52,665 |
| $ | 49,029 |
|
Income from continuing operations subsequently reclassified to discontinued operations |
| (8,150 | ) | (12,070 | ) | (15,714 | ) | (18,202 | ) |
| (5,409 | ) | (4,737 | ) | (4,678 | ) | (8,155 | ) | ||||||||
Income from continuing operations disclosed in Form 10-K |
| $ | 42,123 |
| $ | 56,380 |
| $ | 59,391 |
| $ | 55,167 |
| |||||||||||||
Reclassification of net gain on sales of land parcels |
| — |
| (54 | ) | 5,536 |
| — |
| |||||||||||||||||
Income from continuing operations disclosed in |
| $ | 42,164 |
| $ | 33,053 |
| $ | 53,523 |
| $ | 40,874 |
| |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net gain on sales of discontinued operations previously reported in Form 10-Q/10-K |
| $ | 116,272 |
| $ | 58,394 |
| $ | 77,760 |
| $ | 71,499 |
| |||||||||||||
Reclassification of net gain on sales of land parcels |
| — |
| 54 |
| (5,536 | ) | — |
| |||||||||||||||||
Net gain on sales of discontinued operations disclosed in Form 10-K |
| $ | 116,272 |
| $ | 58,448 |
| $ | 72,224 |
| $ | 71,499 |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Discontinued operations, net previously reported in Form 10-Q/10-K |
| $ | 56 |
| $ | (7 | ) | $ | 137 |
| $ | 416 |
|
| $ | 1,058 |
| $ | 2,930 |
| $ | 4,963 |
| $ | 4,177 |
|
Discontinued operations, net from properties sold subsequent to the respective reporting period |
| 8,150 |
| 12,070 |
| 15,714 |
| 18,202 |
|
| 5,409 |
| 4,737 |
| 4,678 |
| 8,155 |
| ||||||||
Discontinued operations, net disclosed in Form 10-K |
| $ | 8,206 |
| $ | 12,063 |
| $ | 15,851 |
| $ | 18,618 |
|
| $ | 6,467 |
| $ | 7,667 |
| $ | 9,641 |
| $ | 12,332 |
|
* The Operating Partnership did not have any extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 20042005 and 2003.2004. Therefore, income before extraordinary items and cumulative effect of change in accounting principle is not shown as it was equal to the net income amounts disclosed above.
F-44F-47
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - - Real Estate and Accumulated Depreciation
Overall Summary
December 31, 20042005
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| |||||||||||||||||||
Apartment Name |
| Location |
| Units (J) |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
|
| ||||||||||
1111 25th St |
| Washington, D.C. |
| — |
| $ | 23,535,059 |
| $ | 12,454,899 |
| $ | 25,970,177 |
| $ | — |
| $ | — |
| $ | 12,454,899 |
| $ | 25,970,177 |
| $ | 38,425,076 |
| $ | — |
| (F) |
| 30 Years |
|
1210 Mass |
| Washington, D.C. |
| 142 |
| 27,821,158 |
| 9,213,512 |
| 30,151,143 |
| — |
| — |
| 9,213,512 |
| 30,151,143 |
| 39,364,655 |
| (274,191 | ) | 2004 |
| 30 Years |
| |||||||||
13th and N |
| Washington, D.C. |
| 54 |
| — |
| 2,657,016 |
| 11,034,942 |
| — |
| — |
| 2,657,016 |
| 11,034,942 |
| 13,691,958 |
| — |
| 2004 |
| 30 Years |
| |||||||||
1660 Peachtree |
| Atlanta, GA |
| 355 |
| 23,000,000 |
| 7,987,511 |
| 23,910,026 |
| — |
| 1,060,358 |
| 7,987,511 |
| 24,970,384 |
| 32,957,896 |
| (872,937 | ) | 1999 |
| 30 Years |
| |||||||||
2300 Elliott |
| Seattle, WA |
| 92 |
| — |
| 796,800 |
| 7,173,725 |
| — |
| 4,306,534 |
| 796,800 |
| 11,480,259 |
| 12,277,059 |
| (4,630,990 | ) | 1992 |
| 30 Years |
| |||||||||
2400 M St |
| Washington, D.C. |
| — |
| 25,167,232 |
| 30,006,593 |
| 33,767,467 |
| — |
| — |
| 30,006,593 |
| 33,767,467 |
| 63,774,060 |
| — |
| (F) |
| 30 Years |
| |||||||||
2900 on First |
| Seattle, WA (G) |
| 135 |
| — |
| 1,177,700 |
| 10,600,360 |
| — |
| 3,252,630 |
| 1,177,700 |
| 13,852,990 |
| 15,030,690 |
| (4,858,274 | ) | 1989-91 |
| 30 Years |
| |||||||||
71 Broadway |
| New York, NY (G) |
| 238 |
| — |
| 22,611,600 |
| 77,491,059 |
| — |
| 17,666 |
| 22,611,600 |
| 77,508,725 |
| 100,120,325 |
| (640,139 | ) | 1997 |
| 30 Years |
| |||||||||
740 River Drive |
| St. Paul, MN |
| 163 |
| 5,620,888 |
| 1,626,700 |
| 11,234,943 |
| — |
| 2,934,678 |
| 1,626,700 |
| 14,169,620 |
| 15,796,320 |
| (4,278,110 | ) | 1962 |
| 30 Years |
| |||||||||
929 House |
| Cambridge, MA (G) |
| 127 |
| 4,433,715 |
| 3,252,993 |
| 21,745,595 |
| — |
| 1,019,069 |
| 3,252,993 |
| 22,764,664 |
| 26,017,657 |
| (3,421,089 | ) | 1975 |
| 30 Years |
| |||||||||
Abington Glen |
| Abington, MA |
| 90 |
| — |
| 553,105 |
| 3,697,396 |
| — |
| 1,147,519 |
| 553,105 |
| 4,844,915 |
| 5,398,020 |
| (675,611 | ) | 1968 |
| 30 Years |
| |||||||||
Acacia Creek |
| Scottsdale, AZ |
| 304 |
| — |
| 3,663,473 |
| 21,172,386 |
| — |
| 1,436,601 |
| 3,663,473 |
| 22,608,988 |
| 26,272,461 |
| (5,982,340 | ) | 1988-1994 |
| 30 Years |
| |||||||||
Acadia Court |
| Bloomington, IN |
| 96 |
| 1,922,423 |
| 257,484 |
| 2,268,653 |
| — |
| 440,915 |
| 257,484 |
| 2,709,568 |
| 2,967,051 |
| (655,602 | ) | 1985 |
| 30 Years |
| |||||||||
Acadia Court II |
| Bloomington, IN |
| 104 |
| — |
| 253,636 |
| 2,234,632 |
| — |
| 246,388 |
| 253,636 |
| 2,481,019 |
| 2,734,655 |
| (549,827 | ) | 1986 |
| 30 Years |
| |||||||||
Alborada |
| Fremont, CA |
| 442 |
| — |
| 24,310,000 |
| 59,214,129 |
| — |
| 953,928 |
| 24,310,000 |
| 60,168,056 |
| 84,478,056 |
| (10,051,379 | ) | 1999 |
| 30 Years |
| |||||||||
Ambergate (FL) |
| W. Palm Beach, FL |
| 72 |
| — |
| 730,000 |
| 1,687,743 |
| — |
| 196,417 |
| 730,000 |
| 1,884,160 |
| 2,614,160 |
| (348,290 | ) | 1987 |
| 30 Years |
| |||||||||
Amberidge |
| Roseville, MI |
| 45 |
| — |
| 130,844 |
| 1,152,880 |
| — |
| 196,508 |
| 130,844 |
| 1,349,387 |
| 1,480,232 |
| (293,306 | ) | 1985 |
| 30 Years |
| |||||||||
Amberton |
| Manassas, VA |
| 190 |
| 10,705,000 |
| 900,600 |
| 11,921,650 |
| — |
| 1,441,752 |
| 900,600 |
| 13,363,402 |
| 14,264,002 |
| (3,800,871 | ) | 1986 |
| 30 Years |
| |||||||||
Amberwood (OH) |
| Massillon, OH |
| 63 |
| 813,763 |
| 126,227 |
| 1,112,289 |
| — |
| 245,157 |
| 126,227 |
| 1,357,446 |
| 1,483,673 |
| (315,859 | ) | 1987 |
| 30 Years |
| |||||||||
Amberwood I (GA) (REIT) |
| Cartersville, GA |
| 56 |
| 1,332,606 |
| 140,598 |
| 1,265,995 |
| — |
| 34,031 |
| 140,598 |
| 1,300,026 |
| 1,440,624 |
| (44,553 | ) | 1985 |
| 30 Years |
| |||||||||
Amesbury I |
| Reynoldsburg, OH |
| 68 |
| 1,194,940 |
| 143,039 |
| 1,260,233 |
| — |
| 268,395 |
| 143,039 |
| 1,528,628 |
| 1,671,668 |
| (343,664 | ) | 1986 |
| 30 Years |
| |||||||||
Amesbury II |
| Reynoldsburg, OH |
| 81 |
| — |
| 180,588 |
| 1,591,229 |
| — |
| 209,862 |
| 180,588 |
| 1,801,091 |
| 1,981,679 |
| (394,432 | ) | 1987 |
| 30 Years |
| |||||||||
Amhurst (Tol) |
| Toledo, OH |
| 58 |
| — |
| 161,854 |
| 1,426,108 |
| — |
| 140,650 |
| 161,854 |
| 1,566,757 |
| 1,728,611 |
| (323,647 | ) | 1983 |
| 30 Years |
| |||||||||
Amhurst I (OH) |
| Dayton, OH |
| 73 |
| — |
| 152,574 |
| 1,344,353 |
| — |
| 287,773 |
| 152,574 |
| 1,632,126 |
| 1,784,699 |
| (406,291 | ) | 1979 |
| 30 Years |
| |||||||||
Amhurst II (OH) |
| Dayton, OH |
| 74 |
| — |
| 159,416 |
| 1,404,632 |
| — |
| 170,307 |
| 159,416 |
| 1,574,939 |
| 1,734,356 |
| (355,554 | ) | 1981 |
| 30 Years |
| |||||||||
Andover Court |
| Mt. Vernon, OH |
| 51 |
| — |
| 123,875 |
| 1,091,272 |
| — |
| 205,529 |
| 123,875 |
| 1,296,801 |
| 1,420,676 |
| (308,418 | ) | 1982 |
| 30 Years |
| |||||||||
Annhurst (IN) |
| Indianapolis, IN |
| 83 |
| 1,182,819 |
| 189,235 |
| 1,667,469 |
| — |
| 371,544 |
| 189,235 |
| 2,039,013 |
| 2,228,248 |
| (469,658 | ) | 1985 |
| 30 Years |
| |||||||||
Annhurst (MD) (REIT) |
| Belcamp, MD |
| 67 |
| 1,206,889 |
| 232,575 |
| 2,093,165 |
| — |
| 191,819 |
| 232,575 |
| 2,284,984 |
| 2,517,559 |
| (351,881 | ) | 1984 |
| 30 Years |
| |||||||||
Annhurst (PA) |
| Clairton, PA |
| 97 |
| — |
| 307,952 |
| 2,713,397 |
| — |
| 424,751 |
| 307,952 |
| 3,138,148 |
| 3,446,101 |
| (672,123 | ) | 1984 |
| 30 Years |
| |||||||||
Annhurst II (OH) |
| Gahanna, OH |
| 56 |
| — |
| 116,739 |
| 1,028,595 |
| — |
| 207,364 |
| 116,739 |
| 1,235,958 |
| 1,352,697 |
| (298,899 | ) | 1986 |
| 30 Years |
| |||||||||
Annhurst III (OH) |
| Gahanna, OH |
| 52 |
| — |
| 134,788 |
| 1,187,629 |
| — |
| 141,148 |
| 134,788 |
| 1,328,777 |
| 1,463,565 |
| (289,201 | ) | 1988 |
| 30 Years |
| |||||||||
Apple Ridge I |
| Circleville, OH |
| 59 |
| 1,008,377 |
| 139,300 |
| 1,227,582 |
| — |
| 304,085 |
| 139,300 |
| 1,531,667 |
| 1,670,967 |
| (327,884 | ) | 1987 |
| 30 Years |
| |||||||||
Apple Ridge III |
| Circleville, OH |
| 30 |
| — |
| 72,585 |
| 639,356 |
| — |
| 90,856 |
| 72,585 |
| 730,211 |
| 802,797 |
| (151,772 | ) | 1982 |
| 30 Years |
| |||||||||
Applegate (Col) |
| Columbus, IN |
| 58 |
| — |
| 171,829 |
| 1,514,002 |
| — |
| 194,147 |
| 171,829 |
| 1,708,148 |
| 1,879,977 |
| (352,980 | ) | 1982 |
| 30 Years |
| |||||||||
Applegate I (IN) |
| Muncie, IN |
| 53 |
| 862,233 |
| 138,506 |
| 1,220,386 |
| — |
| 229,500 |
| 138,506 |
| 1,449,886 |
| 1,588,391 |
| (328,383 | ) | 1984 |
| 30 Years |
| |||||||||
Applegate II (IN) |
| Muncie, IN |
| 80 |
| 1,202,296 |
| 180,017 |
| 1,586,143 |
| — |
| 277,758 |
| 180,017 |
| 1,863,901 |
| 2,043,918 |
| (404,571 | ) | 1987 |
| 30 Years |
| |||||||||
Applewood I |
| Deland, FL |
| 161 |
| 2,015,004 |
| 235,230 |
| 2,072,994 |
| — |
| 660,149 |
| 235,230 |
| 2,733,143 |
| 2,968,373 |
| (733,680 | ) | 1982 |
| 30 Years |
| |||||||||
Aragon Woods |
| Indianapolis, IN |
| 67 |
| — |
| 157,791 |
| 1,390,010 |
| — |
| 120,902 |
| 157,791 |
| 1,510,913 |
| 1,668,704 |
| (331,816 | ) | 1986 |
| 30 Years |
| |||||||||
Arbor Glen |
| Ypsilanti, MI |
| 220 |
| 6,405,314 |
| 1,096,064 |
| 9,887,635 |
| — |
| 1,596,261 |
| 1,096,064 |
| 11,483,896 |
| 12,579,960 |
| (3,177,003 | ) | 1990 |
| 30 Years |
| |||||||||
Arbor Terrace |
| Sunnyvale, CA |
| 174 |
| (R | ) | 9,057,300 |
| 18,483,642 |
| — |
| 729,285 |
| 9,057,300 |
| 19,212,927 |
| 28,270,227 |
| (4,539,215 | ) | 1979 |
| 30 Years |
| |||||||||
Arboretum (GA) |
| Atlanta, GA |
| 312 |
| — |
| 4,682,300 |
| 15,913,018 |
| — |
| 1,567,064 |
| 4,682,300 |
| 17,480,082 |
| 22,162,382 |
| (4,883,367 | ) | 1970 |
| 30 Years |
| |||||||||
Arboretum (MA) |
| Canton, MA |
| 156 |
| (M | ) | 4,685,900 |
| 10,992,751 |
| — |
| 765,831 |
| 4,685,900 |
| 11,758,582 |
| 16,444,482 |
| (2,907,630 | ) | 1989 |
| 30 Years |
| |||||||||
Arboretum at Stonelake |
| Austin, TX |
| 408 |
| — |
| 6,120,000 |
| 24,069,023 |
| — |
| 662,567 |
| 6,120,000 |
| 24,731,590 |
| 30,851,590 |
| (1,201,491 | ) | 1996 |
| 30 Years |
| |||||||||
Arbors of Brentwood |
| Nashville, TN |
| 346 |
| — |
| 404,670 |
| 13,536,367 |
| — |
| 3,042,879 |
| 404,670 |
| 16,579,246 |
| 16,983,916 |
| (6,783,064 | ) | 1986 |
| 30 Years |
| |||||||||
Arbors of Hickory Hollow |
| Antioch, TN |
| 336 |
| (K | ) | 202,985 |
| 6,937,209 |
| — |
| 3,114,261 |
| 202,985 |
| 10,051,470 |
| 10,254,455 |
| (4,861,939 | ) | 1986 |
| 30 Years |
| |||||||||
Arbors of Las Colinas |
| Irving, TX |
| 408 |
| — |
| 1,663,900 |
| 14,977,080 |
| — |
| 2,797,860 |
| 1,663,900 |
| 17,774,940 |
| 19,438,840 |
| (7,486,985 | ) | 1984/85 |
| 30 Years |
| |||||||||
Artisan Square |
| Northridge, CA |
| 140 |
| (U | ) | 7,000,000 |
| 20,537,359 |
| — |
| 110,519 |
| 7,000,000 |
| 20,647,878 |
| 27,647,878 |
| (1,550,633 | ) | 2002 |
| 30 Years |
| |||||||||
Ashford Hill |
| Reynoldsburg, OH |
| 77 |
| 1,310,022 |
| 184,985 |
| 1,630,021 |
| — |
| 301,951 |
| 184,985 |
| 1,931,972 |
| 2,116,958 |
| (452,700 | ) | 1986 |
| 30 Years |
| |||||||||
Ashgrove (IN) |
| Indianapolis, IN |
| 57 |
| — |
| 172,924 |
| 1,523,549 |
| — |
| 150,346 |
| 172,924 |
| 1,673,895 |
| 1,846,819 |
| (349,833 | ) | 1983 |
| 30 Years |
| |||||||||
Ashgrove (KY) |
| Louisville, KY |
| 60 |
| — |
| 171,816 |
| 1,514,034 |
| — |
| 231,024 |
| 171,816 |
| 1,745,058 |
| 1,916,874 |
| (376,722 | ) | 1984 |
| 30 Years |
| |||||||||
Ashgrove (OH) |
| Franklin, OH |
| 63 |
| 1,173,996 |
| 157,535 |
| 1,387,687 |
| — |
| 227,802 |
| 157,535 |
| 1,615,489 |
| 1,773,023 |
| (362,621 | ) | 1983 |
| 30 Years |
| |||||||||
Ashgrove I (MI) |
| Sterling Hts, MI |
| 114 |
| 3,017,060 |
| 403,580 |
| 3,555,988 |
| — |
| 547,558 |
| 403,580 |
| 4,103,545 |
| 4,507,125 |
| (843,274 | ) | 1985 |
| 30 Years |
| |||||||||
Ashgrove II (MI) |
| Sterling Hts, MI |
| 90 |
| 2,139,345 |
| 311,912 |
| 2,748,287 |
| — |
| 260,649 |
| 311,912 |
| 3,008,936 |
| 3,320,849 |
| (605,253 | ) | 1987 |
| 30 Years |
| |||||||||
Ashton, The |
| Corona Hills, CA |
| 492 |
| — |
| 2,594,264 |
| 33,042,398 |
| — |
| 2,326,776 |
| 2,594,264 |
| 35,369,174 |
| 37,963,438 |
| (9,219,254 | ) | 1986 |
| 30 Years |
| |||||||||
Aspen Crossing |
| Silver Spring, MD |
| 192 |
| — |
| 2,880,000 |
| 8,551,377 |
| — |
| 1,355,018 |
| 2,880,000 |
| 9,906,395 |
| 12,786,395 |
| (2,393,226 | ) | 1979 |
| 30 Years |
| |||||||||
Astorwood (REIT) |
| Stuart, FL |
| 75 |
| 1,533,179 |
| 233,150 |
| 2,098,338 |
| — |
| 311,998 |
| 233,150 |
| 2,410,337 |
| 2,643,487 |
| (385,241 | ) | 1983 |
| 30 Years |
| |||||||||
Audubon Village |
| Tampa, FL |
| 447 |
| — |
| 3,576,000 |
| 26,121,909 |
| — |
| 1,338,267 |
| 3,576,000 |
| 27,460,176 |
| 31,036,176 |
| (6,430,700 | ) | 1990 |
| 30 Years |
| |||||||||
Autumn Cove |
| Lithonia, GA |
| 48 |
| — |
| 187,220 |
| 1,649,515 |
| — |
| 216,463 |
| 187,220 |
| 1,865,978 |
| 2,053,198 |
| (368,513 | ) | 1985 |
| 30 Years |
| |||||||||
Autumn River |
| Raleigh, NC |
| 284 |
| (U | ) | 3,408,000 |
| 20,890,457 |
| — |
| 209,845 |
| 3,408,000 |
| 21,100,302 |
| 24,508,302 |
| (872,440 | ) | 2002 |
| 30 Years |
| |||||||||
Auvers Village |
| Orlando, FL |
| 480 |
| — |
| 3,840,000 |
| 29,322,243 |
| — |
| 2,129,770 |
| 3,840,000 |
| 31,452,013 |
| 35,292,013 |
| (7,372,646 | ) | 1991 |
| 30 Years |
| |||||||||
Avon Place |
| Avon, CT |
| 163 |
| (P | ) | 1,788,943 |
| 12,440,003 |
| — |
| 471,838 |
| 1,788,943 |
| 12,911,841 |
| 14,700,784 |
| (1,926,168 | ) | 1973 |
| 30 Years |
| |||||||||
Balcones Club |
| Austin, TX |
| 312 |
| — |
| 2,185,500 |
| 10,119,232 |
| — |
| 2,085,533 |
| 2,185,500 |
| 12,204,764 |
| 14,390,264 |
| (3,537,040 | ) | 1984 |
| 30 Years |
| |||||||||
Ball Park Lofts |
| Denver, CO |
| 339 |
| — |
| 7,291,498 |
| 53,214,462 |
| — |
| 145,268 |
| 7,291,498 |
| 53,359,730 |
| 60,651,228 |
| (1,373,322 | ) | 2003 |
| 30 Years |
| |||||||||
Barrington |
| Clarkston, GA |
| 47 |
| 949,547 |
| 144,459 |
| 1,272,842 |
| — |
| 248,949 |
| 144,459 |
| 1,521,791 |
| 1,666,250 |
| (326,352 | ) | 1984 |
| 30 Years |
| |||||||||
Bay Hill |
| Long Beach, CA |
| 160 |
| 13,998,000 |
| 7,600,000 |
| 27,437,239 |
| — |
| 66,388 |
| 7,600,000 |
| 27,503,628 |
| 35,103,628 |
| (859,890 | ) | 2002 |
| 30 Years |
| |||||||||
Bay Ridge |
| San Pedro, CA |
| 60 |
| — |
| 2,401,300 |
| 2,176,963 |
| — |
| 457,613 |
| 2,401,300 |
| 2,634,576 |
| 5,035,876 |
| (780,068 | ) | 1987 |
| 30 Years |
| |||||||||
Bayside at the Islands |
| Gilbert, AZ |
| 272 |
| — |
| 3,306,484 |
| 15,573,006 |
| — |
| 1,345,534 |
| 3,306,484 |
| 16,918,540 |
| 20,225,024 |
| (4,580,003 | ) | 1989 |
| 30 Years |
| |||||||||
Beckford Place (IN) |
| New Castle, IN |
| 41 |
| 667,349 |
| 99,046 |
| 872,702 |
| — |
| 181,053 |
| 99,046 |
| 1,053,756 |
| 1,152,802 |
| (225,924 | ) | 1984 |
| 30 Years |
| |||||||||
Beckford Place (Pla) |
| The Plains, OH |
| 60 |
| — |
| 161,161 |
| 1,420,002 |
| — |
| 225,339 |
| 161,161 |
| 1,645,341 |
| 1,806,502 |
| (340,479 | ) | 1982 |
| 30 Years |
| |||||||||
Beckford Place I (OH) |
| N Canton, OH |
| 60 |
| — |
| 168,426 |
| 1,484,248 |
| — |
| 245,703 |
| 168,426 |
| 1,729,952 |
| 1,898,377 |
| (368,923 | ) | 1983 |
| 30 Years |
| |||||||||
Beckford Place II (OH) |
| N Canton, OH |
| 60 |
| — |
| 172,134 |
| 1,516,691 |
| — |
| 133,866 |
| 172,134 |
| 1,650,557 |
| 1,822,691 |
| (340,550 | ) | 1985 |
| 30 Years |
| |||||||||
Bel Aire I |
| Miami, FL |
| 70 |
| — |
| 188,343 |
| 1,658,995 |
| — |
| 270,140 |
| 188,343 |
| 1,929,135 |
| 2,117,478 |
| (407,020 | ) | 1985 |
| 30 Years |
| |||||||||
Bel Aire II |
| Miami, FL |
| 51 |
| — |
| 136,416 |
| 1,201,075 |
| — |
| 190,740 |
| 136,416 |
| 1,391,816 |
| 1,528,232 |
| (296,675 | ) | 1986 |
| 30 Years |
| |||||||||
Bell Road I & II |
| Nashville, TN |
| — |
| — |
| 3,100,000 |
| 1,120,214 |
| — |
| — |
| 3,100,000 |
| 1,120,214 |
| 4,220,214 |
| — |
| (F) |
| 30 Years |
| |||||||||
Bella Terra I |
| Mukilteo, WA |
| 235 |
| 22,964,012 |
| 5,686,861 |
| 26,092,729 |
| — |
| 200,930 |
| 5,686,861 |
| 26,293,659 |
| 31,980,520 |
| (843,624 | ) | 2002 |
| 30 Years |
| |||||||||
Bella Vista I & II |
| Los Angeles, CA |
| 315 |
| — |
| 16,883,410 |
| 61,318,586 |
| — |
| 81,589 |
| 16,883,410 |
| 61,400,175 |
| 78,283,585 |
| (1,855,990 | ) | 2003 |
| 30 Years |
| |||||||||
Bella Vista III |
| Los Angeles, CA |
| — |
| — |
| 14,799,344 |
| 5,493,814 |
| — |
| — |
| 14,799,344 |
| 5,493,814 |
| 20,293,159 |
| — |
| (F) |
| 30 Years |
| |||||||||
Bellagio Apartment Homes |
| Scottsdale, AZ |
| 202 |
| — |
| 2,626,000 |
| 16,024,404 |
| — |
| 17,355 |
| 2,626,000 |
| 16,041,759 |
| 18,667,759 |
| (128,840 | ) | 1995 |
| 30 Years |
| |||||||||
Bellevue Meadows |
| Bellevue, WA |
| 180 |
| — |
| 4,507,100 |
| 12,574,814 |
| — |
| 599,067 |
| 4,507,100 |
| 13,173,881 |
| 17,680,981 |
| (3,152,450 | ) | 1983 |
| 30 Years |
| |||||||||
|
| Properties |
| Units (I) |
| Investment in Real |
| Accumulated |
| Investment in Real |
| Encumbrances |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
ERPOP Wholly Owned Unencumbered |
| 366 |
| 100,176 |
| $ | 10,181,557,900 |
| $ | (1,791,910,458 | ) | $ | 8,389,647,442 |
| $ | — |
|
ERPOP Wholly Owned Encumbered |
| 187 |
| 50,068 |
| 4,667,122,468 |
| (850,889,678 | ) | 3,816,232,790 |
| 1,637,238,367 |
| ||||
Portfolio/Entity Encumbrances (1) |
| — |
| — |
| — |
| — |
| — |
| 985,111,291 |
| ||||
ERPOP Wholly Owned Properties |
| 553 |
| 150,244 |
| 14,848,680,368 |
| (2,642,800,136 | ) | 12,205,880,232 |
| 2,622,349,658 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Lexford Wholly Owned Unencumbered |
| 152 |
| 13,970 |
| 440,222,839 |
| (101,050,199 | ) | 339,172,640 |
| — |
| ||||
Lexford Wholly Owned Encumbered |
| 129 |
| 11,287 |
| 344,500,854 |
| (82,531,830 | ) | 261,969,024 |
| 192,063,643 |
| ||||
Lexford Wholly Owned Properties |
| 281 |
| 25,257 |
| 784,723,693 |
| (183,582,029 | ) | 601,141,664 |
| 192,063,643 |
| ||||
Wholly Owned Properties |
| 834 |
| 175,501 |
| 15,633,404,061 |
| (2,826,382,165 | ) | 12,807,021,896 |
| 2,814,413,301 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
ERPOP Partially Owned Unencumbered |
| 3 |
| 489 |
| 201,636,294 |
| (4,617,484 | ) | 197,018,810 |
| — |
| ||||
ERPOP Partially Owned Encumbered |
| 24 |
| 4,654 |
| 732,869,183 |
| (55,315,318 | ) | 677,553,865 |
| 551,057,508 |
| ||||
ERPOP Partially Owned Properties |
| 27 |
| 5,143 |
| 934,505,477 |
| (59,932,802 | ) | 874,572,675 |
| 551,057,508 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Lexford Partially Owned Unencumbered |
| 1 |
| 153 |
| 3,603,851 |
| (248,947 | ) | 3,354,904 |
| — |
| ||||
Lexford Partially Owned Encumbered |
| 7 |
| 708 |
| 18,856,920 |
| (1,576,491 | ) | 17,280,429 |
| 13,817,776 |
| ||||
Lexford Partially Owned Properties |
| 8 |
| 861 |
| 22,460,771 |
| (1,825,438 | ) | 20,635,333 |
| 13,817,776 |
| ||||
Partially Owned Properties |
| 35 |
| 6,004 |
| 956,966,248 |
| (61,758,240 | ) | 895,208,008 |
| 564,875,284 |
| ||||
Total Consolidated Investment in Real Estate |
| 869 |
| 181,505 |
| $ | 16,590,370,309 |
| $ | (2,888,140,405 | ) | $ | 13,702,229,904 |
| $ | 3,379,288,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Unencumbered Properties |
| 522 |
| 114,788 |
| $ | 10,827,020,884 |
| $ | (1,897,827,088 | ) | $ | 8,929,193,796 |
| $ | — |
|
Encumbered Properties |
| 347 |
| 66,717 |
| 5,763,349,425 |
| (990,313,317 | ) | 4,773,036,108 |
| 3,379,288,585 |
| ||||
Total Consolidated Investment in Real Estate |
| 869 |
| 181,505 |
| $ | 16,590,370,309 |
| $ | (2,888,140,405 | ) | $ | 13,702,229,904 |
| $ | 3,379,288,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
ERPOP Properties |
| 580 |
| 155,387 |
| $ | 15,783,185,845 |
| $ | (2,702,732,938 | ) | $ | 13,080,452,907 |
| $ | 3,173,407,166 |
|
Lexford Properties (2) |
| 289 |
| 26,118 |
| 807,184,464 |
| (185,407,467 | ) | 621,776,997 |
| 205,881,419 |
| ||||
Total Consolidated Investment in Real Estate |
| 869 |
| 181,505 |
| $ | 16,590,370,309 |
| $ | (2,888,140,405 | ) | $ | 13,702,229,904 |
| $ | 3,379,288,585 |
|
(1) See attached Encumbrances Reconciliation.
(2) Represents the Company’s ranch-style properties.
S-1
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||||
Apartment Name |
| Location |
| Units (J) |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
|
| |
Beneva Place |
| Sarasota, FL |
| 192 |
| 8,700,000 |
| 1,344,000 |
| 9,665,447 |
| — |
| 650,248 |
| 1,344,000 |
| 10,315,695 |
| 11,659,695 |
| (2,436,445 | ) | 1986 |
| 30 Years |
|
Bermuda Cove |
| Jacksonville, FL |
| 350 |
| — |
| 1,503,000 |
| 19,561,896 |
| — |
| 2,415,261 |
| 1,503,000 |
| 21,977,157 |
| 23,480,157 |
| (4,912,044 | ) | 1989 |
| 30 Years |
|
Berry Pines |
| Milton, FL |
| 64 |
| — |
| 154,086 |
| 1,299,939 |
| — |
| 357,191 |
| 154,086 |
| 1,657,130 |
| 1,811,216 |
| (415,843 | ) | 1985 |
| 30 Years |
|
Bishop Park |
| Winter Park, FL |
| 324 |
| — |
| 2,592,000 |
| 17,990,436 |
| — |
| 2,380,130 |
| 2,592,000 |
| 20,370,566 |
| 22,962,566 |
| (5,003,920 | ) | 1991 |
| 30 Years |
|
Blueberry Hill I |
| Leesburg, FL |
| 68 |
| — |
| 140,370 |
| 1,236,710 |
| — |
| 163,814 |
| 140,370 |
| 1,400,524 |
| 1,540,894 |
| (324,509 | ) | 1986 |
| 30 Years |
|
Bourbon Square |
| Palatine, IL |
| 612 |
| — |
| 3,899,744 |
| 35,113,276 |
| — |
| 7,956,499 |
| 3,899,744 |
| 43,069,774 |
| 46,969,519 |
| (18,507,618 | ) | 1984-87 |
| 30 Years |
|
Bradford Apartments |
| Newington, CT |
| 64 |
| (P | ) | 401,091 |
| 2,681,210 |
| — |
| 181,438 |
| 401,091 |
| 2,862,648 |
| 3,263,739 |
| (469,961 | ) | 1964 |
| 30 Years |
|
Bramblewood |
| San Jose, CA |
| 108 |
| — |
| 5,190,700 |
| 9,659,184 |
| — |
| 407,525 |
| 5,190,700 |
| 10,066,709 |
| 15,257,409 |
| (2,413,571 | ) | 1986 |
| 30 Years |
|
Branchwood |
| Winter Park, FL |
| 117 |
| — |
| 324,069 |
| 2,855,397 |
| — |
| 479,492 |
| 324,069 |
| 3,334,889 |
| 3,658,957 |
| (732,950 | ) | 1981 |
| 30 Years |
|
Brandon Court |
| Bloomington, IN |
| 78 |
| — |
| 170,636 |
| 1,503,487 |
| — |
| 365,218 |
| 170,636 |
| 1,868,705 |
| 2,039,340 |
| (446,457 | ) | 1984 |
| 30 Years |
|
Brentwood |
| Vancouver, WA |
| 296 |
| — |
| 1,357,221 |
| 12,202,521 |
| — |
| 1,737,216 |
| 1,357,221 |
| 13,939,737 |
| 15,296,959 |
| (5,183,593 | ) | 1990 |
| 30 Years |
|
Breton Mill |
| Houston, TX |
| 392 |
| — |
| 212,820 |
| 8,547,263 |
| — |
| 1,668,545 |
| 212,820 |
| 10,215,807 |
| 10,428,627 |
| (4,301,152 | ) | 1986 |
| 30 Years |
|
Briar Knoll Apts |
| Vernon, CT |
| 150 |
| 5,758,402 |
| 928,972 |
| 6,209,988 |
| — |
| 383,179 |
| 928,972 |
| 6,593,167 |
| 7,522,139 |
| (1,095,483 | ) | 1986 |
| 30 Years |
|
Briarwood (CA) |
| Sunnyvale, CA |
| 192 |
| 13,263,646 |
| 9,991,500 |
| 22,247,278 |
| — |
| 594,893 |
| 9,991,500 |
| 22,842,171 |
| 32,833,671 |
| (5,155,417) |
| 1985 |
| 30 Years |
|
Bridford Lakes II |
| Greensboro, NC |
| — |
| — |
| 1,100,564 |
| 792,509 |
| — |
| — |
| 1,100,564 |
| 792,509 |
| 1,893,073 |
| — |
| (F) |
| 30 Years |
|
Bridgepoint I (REIT) |
| Jacksonville, FL |
| 71 |
| 1,814,896 |
| 212,724 |
| 1,915,381 |
| — |
| 43,676 |
| 212,724 |
| 1,959,056 |
| 2,171,780 |
| (56,636 | ) | 1986 |
| 30 Years |
|
Bridgeport |
| Raleigh, NC |
| 276 |
| — |
| 1,296,700 |
| 11,666,278 |
| — |
| 1,278,526 |
| 1,296,700 |
| 12,944,805 |
| 14,241,505 |
| (5,421,078 | ) | 1990 |
| 30 Years |
|
Bridgewater at Wells Crossing |
| Orange Park, FL |
| 288 |
| — |
| 2,160,000 |
| 13,347,549 |
| — |
| 969,382 |
| 2,160,000 |
| 14,316,930 |
| 16,476,930 |
| (2,877,614 | ) | 1986 |
| 30 Years |
|
Brittany Square |
| Tulsa, OK |
| 212 |
| — |
| 625,000 |
| 4,050,961 |
| — |
| 1,826,134 |
| 625,000 |
| 5,877,095 |
| 6,502,095 |
| (4,013,888 | ) | 1982 |
| 30 Years |
|
Broadview Oaks (REIT) |
| Pensacola, FL |
| 90 |
| — |
| 201,000 |
| 1,809,185 |
| — |
| 291,633 |
| 201,000 |
| 2,100,817 |
| 2,301,817 |
| (350,598 | ) | 1985 |
| 30 Years |
|
Broadway |
| Garland, TX |
| 288 |
| 5,716,428 |
| 1,443,700 |
| 7,790,989 |
| — |
| 1,750,628 |
| 1,443,700 |
| 9,541,617 |
| 10,985,317 |
| (2,716,685 | ) | 1983 |
| 30 Years |
|
Brookdale Village |
| Naperville, IL |
| 252 |
| 10,820,000 |
| 3,276,000 |
| 16,293,471 |
| — |
| 1,547,553 |
| 3,276,000 |
| 17,841,024 |
| 21,117,024 |
| (3,741,886 | ) | 1986 |
| 30 Years |
|
Brookridge |
| Centreville, VA |
| 252 |
| — |
| 2,521,500 |
| 16,003,839 |
| — |
| 1,587,175 |
| 2,521,500 |
| 17,591,014 |
| 20,112,514 |
| (4,717,255 | ) | 1989 |
| 30 Years |
|
Brookside (CO) |
| Boulder, CO |
| 144 |
| — |
| 3,600,400 |
| 10,211,159 |
| — |
| 417,446 |
| 3,600,400 |
| 10,628,605 |
| 14,229,005 |
| (2,542,403 | ) | 1993 |
| 30 Years |
|
Brookside (MD) |
| Frederick, MD |
| 228 |
| 8,170,000 |
| 2,736,000 |
| 7,934,517 |
| — |
| 1,106,474 |
| 2,736,000 |
| 9,040,990 |
| 11,776,990 |
| (2,098,051 | ) | 1993 |
| 30 Years |
|
Brookside Crossing I |
| Stockton, CA |
| 90 |
| 4,658,000 |
| 625,000 |
| 4,656,691 |
| — |
| 690,452 |
| 625,000 |
| 5,347,143 |
| 5,972,143 |
| (838,009 | ) | 1981 |
| 30 Years |
|
Brookside Crossing II |
| Stockton, CA |
| 128 |
| 4,867,000 |
| 770,000 |
| 4,415,388 |
| — |
| 804,612 |
| 770,000 |
| 5,219,999 |
| 5,989,999 |
| (883,001 | ) | 1981 |
| 30 Years |
|
Brookside II (MD) |
| Frederick, MD |
| 204 |
| — |
| 2,450,800 |
| 6,913,202 |
| — |
| 1,189,290 |
| 2,450,800 |
| 8,102,492 |
| 10,553,292 |
| (2,269,377 | ) | 1979 |
| 30 Years |
|
Brooksyde Apts |
| West Hartford, CT |
| 80 |
| (P | ) | 594,711 |
| 3,975,523 |
| — |
| 300,442 |
| 594,711 |
| 4,275,965 |
| 4,870,676 |
| (703,140 | ) | 1945 |
| 30 Years |
|
Burgundy Studios |
| Middletown, CT |
| 102 |
| (P | ) | 395,238 |
| 2,642,087 |
| — |
| 188,643 |
| 395,238 |
| 2,830,729 |
| 3,225,967 |
| (503,710 | ) | 1973 |
| 30 Years |
|
Burwick Farms |
| Howell, MI |
| 264 |
| — |
| 1,104,600 |
| 9,932,207 |
| — |
| 929,402 |
| 1,104,600 |
| 10,861,609 |
| 11,966,209 |
| (3,097,175 | ) | 1991 |
| 30 Years |
|
Cambridge at Hickory Hollow |
| Antioch, TN |
| 360 |
| (I | ) | 3,240,800 |
| 17,900,033 |
| — |
| 1,077,868 |
| 3,240,800 |
| 18,977,901 |
| 22,218,701 |
| (5,170,223 | ) | 1997 |
| 30 Years |
|
Cambridge Commons I |
| Indianapolis, IN |
| 86 |
| — |
| 179,139 |
| 1,578,077 |
| — |
| 573,977 |
| 179,139 |
| 2,152,055 |
| 2,331,194 |
| (550,758 | ) | 1986 |
| 30 Years |
|
Cambridge Commons II |
| Indianapolis, IN |
| 75 |
| 807,847 |
| 141,845 |
| 1,249,511 |
| — |
| 402,208 |
| 141,845 |
| 1,651,719 |
| 1,793,564 |
| (416,058 | ) | 1987 |
| 30 Years |
|
Cambridge Commons III |
| Indianapolis, IN |
| 75 |
| — |
| 98,125 |
| 864,738 |
| — |
| 342,646 |
| 98,125 |
| 1,207,384 |
| 1,305,509 |
| (328,594 | ) | 1988 |
| 30 Years |
|
Cambridge Estates |
| Norwich, CT |
| 92 |
| — |
| 590,185 |
| 3,945,265 |
| — |
| 222,821 |
| 590,185 |
| 4,168,086 |
| 4,758,271 |
| (682,555 | ) | 1977 |
| 30 Years |
|
Camellero |
| Scottsdale, AZ |
| 348 |
| — |
| 1,924,900 |
| 17,324,593 |
| — |
| 4,020,403 |
| 1,924,900 |
| 21,344,996 |
| 23,269,896 |
| (8,727,272 | ) | 1979 |
| 30 Years |
|
Camellia Court I (Col) |
| Columbus, OH |
| 64 |
| — |
| 133,059 |
| 1,172,393 |
| — |
| 248,182 |
| 133,059 |
| 1,420,574 |
| 1,553,633 |
| (324,921 | ) | 1981 |
| 30 Years |
|
Camellia Court I (Day) |
| Dayton, OH |
| 57 |
| 1,021,676 |
| 131,858 |
| 1,162,066 |
| — |
| 252,681 |
| 131,858 |
| 1,414,746 |
| 1,546,605 |
| (337,348 | ) | 1981 |
| 30 Years |
|
Camellia Court II (Col) |
| Columbus, OH |
| 40 |
| 881,303 |
| 118,421 |
| 1,043,417 |
| — |
| 266,806 |
| 118,421 |
| 1,310,223 |
| 1,428,644 |
| (284,686 | ) | 1984 |
| 30 Years |
|
Camellia Court II (Day) |
| Dayton, OH |
| 53 |
| — |
| 131,571 |
| 1,159,283 |
| — |
| 149,013 |
| 131,571 |
| 1,308,296 |
| 1,439,867 |
| (286,029 | ) | 1982 |
| 30 Years |
|
Candlelight I |
| Brooksville, FL |
| 51 |
| 563,330 |
| 105,000 |
| 925,167 |
| — |
| 294,927 |
| 105,000 |
| 1,220,093 |
| 1,325,094 |
| (255,934 | ) | 1982 |
| 30 Years |
|
Candlelight II |
| Brooksville, FL |
| 60 |
| 554,895 |
| 95,061 |
| 837,593 |
| — |
| 304,274 |
| 95,061 |
| 1,141,867 |
| 1,236,929 |
| (258,852 | ) | 1985 |
| 30 Years |
|
Canterbury |
| Germantown, MD |
| 544 |
| 31,680,000 |
| 2,781,300 |
| 32,942,366 |
| — |
| 3,758,157 |
| 2,781,300 |
| 36,700,524 |
| 39,481,824 |
| (11,471,469 | ) | 1986 |
| 30 Years |
|
Canterbury Crossings |
| Lake Mary, FL |
| 71 |
| — |
| 273,671 |
| 2,411,538 |
| — |
| 352,465 |
| 273,671 |
| 2,764,002 |
| 3,037,673 |
| (542,467 | ) | 1983 |
| 30 Years |
|
Canyon Creek (CA) |
| San Ramon, CA |
| 268 |
| 28,000,000 |
| 5,425,000 |
| 17,652,986 |
| — |
| 723,767 |
| 5,425,000 |
| 18,376,752 |
| 23,801,752 |
| (2,623,658 | ) | 1984 |
| 30 Years |
|
Canyon Crest |
| Santa Clarita, CA |
| 158 |
| — |
| 2,370,000 |
| 10,141,878 |
| — |
| 758,919 |
| 2,370,000 |
| 10,900,797 |
| 13,270,797 |
| (2,411,558 | ) | 1993 |
| 30 Years |
|
Canyon Ridge |
| San Diego, CA |
| 162 |
| — |
| 4,869,448 |
| 11,955,064 |
| — |
| 844,230 |
| 4,869,448 |
| 12,799,294 |
| 17,668,742 |
| (3,306,043 | ) | 1989 |
| 30 Years |
|
Capital Ridge (REIT) |
| Tallahassee, FL |
| 70 |
| — |
| 177,900 |
| 1,601,157 |
| — |
| 241,492 |
| 177,900 |
| 1,842,649 |
| 2,020,549 |
| (291,527 | ) | 1983 |
| 30 Years |
|
Carleton Court (MI) (REIT) |
| Ann Arbor, MI |
| 104 |
| 2,855,199 |
| 323,554 |
| 2,911,982 |
| — |
| 55,711 |
| 323,554 |
| 2,967,693 |
| 3,291,246 |
| (106,225 | ) | 1985 |
| 30 Years |
|
Carlyle |
| Dallas, TX |
| 180 |
| 8,265,766 |
| 1,890,000 |
| 14,155,000 |
| — |
| 311,450 |
| 1,890,000 |
| 14,466,450 |
| 16,356,450 |
| (815,665 | ) | 1993 |
| 30 Years |
|
Carlyle Mill |
| Alexandria, VA |
| 317 |
| — |
| 10,000,000 |
| 51,368,058 |
| — |
| 182,716 |
| 10,000,000 |
| 51,550,775 |
| 61,550,775 |
| (2,977,551 | ) | 2002 |
| 30 Years |
|
Carmel Terrace |
| San Diego, CA |
| 384 |
| — |
| 2,288,300 |
| 20,596,281 |
| — |
| 1,592,508 |
| 2,288,300 |
| 22,188,789 |
| 24,477,089 |
| (8,060,779 | ) | 1988-89 |
| 30 Years |
|
Carriage Hill |
| Dublin, GA |
| 60 |
| — |
| 131,911 |
| 1,162,577 |
| — |
| 106,253 |
| 131,911 |
| 1,268,830 |
| 1,400,740 |
| (273,197 | ) | 1985 |
| 30 Years |
|
Casa Capricorn |
| San Diego, CA |
| 192 |
| — |
| 1,262,700 |
| 11,365,093 |
| — |
| 1,908,617 |
| 1,262,700 |
| 13,273,710 |
| 14,536,410 |
| (3,972,832 | ) | 1981 |
| 30 Years |
|
Casa Ruiz |
| San Diego, CA |
| 196 |
| — |
| 3,922,400 |
| 9,389,153 |
| — |
| 1,810,002 |
| 3,922,400 |
| 11,199,155 |
| 15,121,555 |
| (3,057,705 | ) | 1976-1986 |
| 30 Years |
|
Cascade at Landmark |
| Alexandria, VA |
| 277 |
| — |
| 3,603,400 |
| 19,657,554 |
| — |
| 2,193,053 |
| 3,603,400 |
| 21,850,607 |
| 25,454,007 |
| (6,182,270 | ) | 1990 |
| 30 Years |
|
Cedar Glen |
| Reading, MA |
| 114 |
| 3,304,158 |
| 1,248,505 |
| 8,346,003 |
| — |
| 510,282 |
| 1,248,505 |
| 8,856,285 |
| 10,104,791 |
| (1,329,944 | ) | 1980 |
| 30 Years |
|
Cedar Hill |
| Knoxville, TN |
| 74 |
| 1,413,125 |
| 204,792 |
| 1,804,444 |
| — |
| 183,756 |
| 204,792 |
| 1,988,200 |
| 2,192,992 |
| (434,131 | ) | 1986 |
| 30 Years |
|
Cedargate (GA) |
| Lawrenceville, GA |
| 55 |
| — |
| 205,043 |
| 1,806,656 |
| — |
| 132,326 |
| 205,043 |
| 1,938,982 |
| 2,144,026 |
| (380,606 | ) | 1983 |
| 30 Years |
|
Cedargate (MI) |
| Michigan City, IN |
| 53 |
| 743,910 |
| 120,378 |
| 1,060,663 |
| — |
| 133,735 |
| 120,378 |
| 1,194,398 |
| 1,314,776 |
| (254,379 | ) | 1983 |
| 30 Years |
|
Cedargate (She) |
| Shelbyville, KY |
| 58 |
| 1,096,017 |
| 158,685 |
| 1,398,041 |
| — |
| 241,291 |
| 158,685 |
| 1,639,332 |
| 1,798,017 |
| (351,944 | ) | 1984 |
| 30 Years |
|
Cedargate I (Cla) |
| Clayton, OH |
| 61 |
| 1,150,203 |
| 159,599 |
| 1,406,493 |
| — |
| 235,157 |
| 159,599 |
| 1,641,650 |
| 1,801,249 |
| (366,246 | ) | 1984 |
| 30 Years |
|
Cedargate I (IN) |
| Bloomington, IN |
| 68 |
| — |
| 191,650 |
| 1,688,648 |
| — |
| 334,428 |
| 191,650 |
| 2,023,076 |
| 2,214,726 |
| (433,978 | ) | 1983 |
| 30 Years |
|
Cedargate I (OH) |
| Lancaster, OH |
| 110 |
| 2,156,949 |
| 240,587 |
| 2,119,432 |
| — |
| 440,553 |
| 240,587 |
| 2,559,985 |
| 2,800,572 |
| (570,850 | ) | 1982 |
| 30 Years |
|
Cedargate II (IN) |
| Bloomington, IN |
| 58 |
| — |
| 165,041 |
| 1,454,189 |
| — |
| 133,663 |
| 165,041 |
| 1,587,851 |
| 1,752,892 |
| (348,128 | ) | 1985 |
| 30 Years |
|
Cedargate II (OH) |
| Lancaster, OH |
| 47 |
| 670,395 |
| 87,618 |
| 771,912 |
| — |
| 128,098 |
| 87,618 |
| 900,010 |
| 987,628 |
| (208,948 | ) | 1983 |
| 30 Years |
|
Cedarwood I (FL) |
| Ocala, FL |
| 55 |
| 104,000 |
| 119,470 |
| 1,052,657 |
| — |
| 245,669 |
| 119,470 |
| 1,298,326 |
| 1,417,796 |
| (295,626 | ) | 1978 |
| 30 Years |
|
Cedarwood I (IN) |
| Goshen, IN |
| 90 |
| 1,777,307 |
| 251,745 |
| 2,218,126 |
| — |
| 371,028 |
| 251,745 |
| 2,589,154 |
| 2,840,899 |
| (573,685 | ) | 1983/84 |
| 30 Years |
|
Cedarwood I (KY) |
| Lexington, KY |
| 50 |
| — |
| 106,681 |
| 939,874 |
| — |
| 264,110 |
| 106,681 |
| 1,203,984 |
| 1,310,665 |
| (282,314 | ) | 1984 |
| 30 Years |
|
Cedarwood II (FL) |
| Ocala, FL |
| 39 |
| — |
| 98,372 |
| 866,769 |
| — |
| 97,663 |
| 98,372 |
| 964,432 |
| 1,062,804 |
| (211,271 | ) | 1980 |
| 30 Years |
|
Cedarwood II (KY) |
| Lexington, KY |
| 48 |
| 969,000 |
| 106,724 |
| 940,357 |
| — |
| 229,822 |
| 106,724 |
| 1,170,179 |
| 1,276,903 |
| (275,230 | ) | 1986 |
| 30 Years |
|
Cedarwood III (KY) |
| Lexington, KY |
| 48 |
| — |
| 102,491 |
| 902,659 |
| — |
| 163,951 |
| 102,491 |
| 1,066,611 |
| 1,169,102 |
| (237,986 | ) | 1986 |
| 30 Years |
|
CenterPointe |
| Beaverton, OR |
| 264 |
| — |
| 3,432,000 |
| 15,708,853 |
| — |
| 1,869,580 |
| 3,432,000 |
| 17,578,433 |
| 21,010,433 |
| (2,164,146 | ) | 1996 |
| 30 Years |
|
Centre Club |
| Ontario, CA |
| 312 |
| — |
| 5,616,000 |
| 23,485,891 |
| — |
| 1,075,219 |
| 5,616,000 |
| 24,561,110 |
| 30,177,110 |
| (3,901,036 | ) | 1994 |
| 30 Years |
|
Centre Club II |
| Ontario, CA |
| 100 |
| — |
| 1,820,000 |
| 9,528,898 |
| — |
| 17,424 |
| 1,820,000 |
| 9,546,322 |
| 11,366,322 |
| (915,546 | ) | 2002 |
| 30 Years |
|
Centre Lake III |
| Miami, FL |
| 234 |
| — |
| 685,601 |
| 6,039,979 |
| — |
| 914,071 |
| 685,601 |
| 6,954,050 |
| 7,639,651 |
| (1,462,651 | ) | 1986 |
| 30 Years |
|
Champion Oaks |
| Houston, TX |
| 252 |
| — |
| 931,900 |
| 8,389,394 |
| — |
| 1,340,278 |
| 931,900 |
| 9,729,672 |
| 10,661,572 |
| (3,886,855 | ) | 1984 |
| 30 Years |
|
Chandler Court |
| Chandler, AZ |
| 312 |
| — |
| 1,353,100 |
| 12,175,173 |
| — |
| 2,572,316 |
| 1,353,100 |
| 14,747,489 |
| 16,100,589 |
| (5,450,143 | ) | 1987 |
| 30 Years |
|
S-2
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||||
Apartment Name |
| Location |
| Units (J) |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
|
| |
Chantecleer Lakes |
| Naperville, IL |
| 304 |
| — |
| 6,689,400 |
| 16,332,279 |
| — |
| 1,854,202 |
| 6,689,400 |
| 18,186,481 |
| 24,875,881 |
| (5,011,429 | ) | 1986 |
| 30 Years |
|
Charing Cross |
| Bowling Green, OH |
| 67 |
| — |
| 154,584 |
| 1,362,057 |
| — |
| 214,373 |
| 154,584 |
| 1,576,430 |
| 1,731,015 |
| (347,720 | ) | 1978 |
| 30 Years |
|
Chatelaine Park |
| Duluth, GA |
| 303 |
| — |
| 1,818,000 |
| 24,489,671 |
| — |
| 754,704 |
| 1,818,000 |
| 25,244,375 |
| 27,062,375 |
| (5,661,992 | ) | 1995 |
| 30 Years |
|
Chelsea Square |
| Redmond, WA |
| 113 |
| — |
| 3,397,100 |
| 9,289,074 |
| — |
| 403,187 |
| 3,397,100 |
| 9,692,261 |
| 13,089,361 |
| (2,312,051 | ) | 1991 |
| 30 Years |
|
Cherry Creek I,II,&III (TN) |
| Hermitage, TN |
| 627 |
| — |
| 2,942,345 |
| 45,725,245 |
| — |
| 1,347,501 |
| 2,942,345 |
| 47,072,746 |
| 50,015,091 |
| (9,819,177 | ) | 1986/96 |
| 30 Years |
|
Cherry Creek IV |
| Hermitage, TN |
| — |
| — |
| — |
| 1,593 |
| — |
| — |
| — |
| 1,593 |
| 1,593 |
| — |
| (F) |
| 30 Years |
|
Cherry Glen I |
| Indianapolis, IN |
| 138 |
| 2,916,607 |
| 335,596 |
| 2,957,360 |
| — |
| 408,700 |
| 335,596 |
| 3,366,060 |
| 3,701,656 |
| (778,335 | ) | 1986/87 |
| 30 Years |
|
Cherry Tree |
| Rosedale, MD |
| 100 |
| — |
| 352,003 |
| 3,101,017 |
| — |
| 294,562 |
| 352,003 |
| 3,395,578 |
| 3,747,581 |
| (713,195 | ) | 1986 |
| 30 Years |
|
Chestnut Glen |
| Abington, MA |
| 130 |
| 5,072,859 |
| 1,178,965 |
| 7,881,139 |
| — |
| 348,378 |
| 1,178,965 |
| 8,229,517 |
| 9,408,482 |
| (1,292,495 | ) | 1983 |
| 30 Years |
|
Chestnut Hills |
| Puyallup, WA |
| 157 |
| — |
| 756,300 |
| 6,806,635 |
| — |
| 827,211 |
| 756,300 |
| 7,633,845 |
| 8,390,145 |
| (2,259,009 | ) | 1991 |
| 30 Years |
|
Chickasaw Crossing |
| Orlando, FL |
| 292 |
| 11,665,370 |
| 2,044,000 |
| 12,366,832 |
| — |
| 913,804 |
| 2,044,000 |
| 13,280,637 |
| 15,324,637 |
| (3,144,749 | ) | 1986 |
| 30 Years |
|
Chinatown Gateway (Land) |
| Los Angeles, CA |
| — |
| — |
| 13,191,887 |
| 228,021 |
| — |
| — |
| 13,191,887 |
| 228,021 |
| 13,419,908 |
| — |
| (F) |
| 30 Years |
|
Church Corner |
| Cambridge, MA (G) |
| 85 |
| 12,000,000 |
| 5,220,000 |
| 16,743,280 |
| — |
| 16,728 |
| 5,220,000 |
| 16,760,008 |
| 21,980,008 |
| (285,168 | ) | 1987 |
| 30 Years |
|
Cierra Crest |
| Denver, CO |
| 480 |
| (R | ) | 4,803,100 |
| 34,894,898 |
| — |
| 1,579,244 |
| 4,803,100 |
| 36,474,141 |
| 41,277,241 |
| (9,214,934 | ) | 1996 |
| 30 Years |
|
Cimarron Ridge |
| Aurora, CO |
| 296 |
| — |
| 1,591,100 |
| 14,320,031 |
| — |
| 2,196,184 |
| 1,591,100 |
| 16,516,215 |
| 18,107,315 |
| (5,203,033 | ) | 1984 |
| 30 Years |
|
City Place at West Port |
| Kansas City, MO |
| 288 |
| — |
| 6,650,536 |
| 27,109,941 |
| — |
| 17,106 |
| 6,650,536 |
| 27,127,046 |
| 33,777,582 |
| (903,936 | ) | 2003 |
| 30 Years |
|
City View at Highlands |
| Lombard, IL |
| 403 |
| — |
| 4,636,653 |
| 60,642,751 |
| — |
| 30,382 |
| 4,636,653 |
| 60,673,132 |
| 65,309,785 |
| (1,465,753 | ) | 2003 |
| 30 Years |
|
Claire Point |
| Jacksonville, FL |
| 256 |
| — |
| 2,048,000 |
| 14,649,393 |
| — |
| 1,065,479 |
| 2,048,000 |
| 15,714,872 |
| 17,762,872 |
| (3,781,827 | ) | 1986 |
| 30 Years |
|
Clarion |
| Decatur, GA |
| 217 |
| — |
| 1,504,300 |
| 13,537,919 |
| — |
| 965,629 |
| 1,504,300 |
| 14,503,548 |
| 16,007,848 |
| (3,803,752 | ) | 1990 |
| 30 Years |
|
Clarys Crossing |
| Columbia, MD |
| 198 |
| — |
| 891,000 |
| 15,489,721 |
| — |
| 1,085,643 |
| 891,000 |
| 16,575,363 |
| 17,466,363 |
| (3,803,088 | ) | 1984 |
| 30 Years |
|
Classic, The |
| Stamford, CT |
| 144 |
| — |
| 2,883,500 |
| 20,336,721 |
| — |
| 2,135,298 |
| 2,883,500 |
| 22,472,019 |
| 25,355,519 |
| (6,046,488 | ) | 1990 |
| 30 Years |
|
Clearview I |
| Greenwood, IN |
| 70 |
| 12,735 |
| 182,206 |
| 1,605,429 |
| — |
| 261,613 |
| 182,206 |
| 1,867,042 |
| 2,049,248 |
| (427,270 | ) | 1986 |
| 30 Years |
|
Clearview II |
| Greenwood, IN |
| 80 |
| — |
| 226,963 |
| 1,999,792 |
| — |
| 176,908 |
| 226,963 |
| 2,176,700 |
| 2,403,663 |
| (467,904 | ) | 1987 |
| 30 Years |
|
Clearwater |
| Eastlake, OH |
| 42 |
| 1,008,377 |
| 128,303 |
| 1,130,691 |
| — |
| 168,914 |
| 128,303 |
| 1,299,605 |
| 1,427,908 |
| (271,246 | ) | 1986 |
| 30 Years |
|
Club at Tanasbourne |
| Hillsboro, OR |
| 352 |
| (Q | ) | 3,521,300 |
| 16,257,934 |
| — |
| 1,709,353 |
| 3,521,300 |
| 17,967,287 |
| 21,488,587 |
| (5,478,165 | ) | 1990 |
| 30 Years |
|
Club at the Green |
| Beaverton, OR |
| 254 |
| — |
| 2,030,950 |
| 12,616,747 |
| — |
| 1,730,465 |
| 2,030,950 |
| 14,347,212 |
| 16,378,162 |
| (4,282,616 | ) | 1991 |
| 30 Years |
|
Coach Lantern |
| Scarborough, ME |
| 90 |
| — |
| 452,900 |
| 4,405,723 |
| — |
| 507,048 |
| 452,900 |
| 4,912,771 |
| 5,365,671 |
| (1,324,668 | ) | 1971/1981 |
| 30 Years |
|
Coachlight Village |
| Agawam, MA |
| 88 |
| (P | ) | 501,726 |
| 3,353,933 |
| — |
| 207,677 |
| 501,726 |
| 3,561,610 |
| 4,063,335 |
| (566,897 | ) | 1967 |
| 30 Years |
|
Coachman Trails |
| Plymouth, MN |
| 154 |
| 6,093,167 |
| 1,227,000 |
| 9,517,381 |
| — |
| 891,763 |
| 1,227,000 |
| 10,409,144 |
| 11,636,144 |
| (2,611,133 | ) | 1987 |
| 30 Years |
|
Cobblestone Village |
| Fresno, CA |
| 162 |
| 6,000,000 |
| 315,000 |
| 5,336,557 |
| — |
| 798,127 |
| 315,000 |
| 6,134,684 |
| 6,449,684 |
| (1,016,643 | ) | 1983 |
| 30 Years |
|
Coconut Palm Club |
| Coconut Creek, GA |
| 300 |
| — |
| 3,001,700 |
| 17,678,928 |
| — |
| 1,109,364 |
| 3,001,700 |
| 18,788,293 |
| 21,789,993 |
| (4,667,609 | ) | 1992 |
| 30 Years |
|
Colinas Pointe |
| Denver, CO |
| 272 |
| — |
| 1,587,400 |
| 14,285,902 |
| — |
| 1,062,435 |
| 1,587,400 |
| 15,348,337 |
| 16,935,737 |
| (4,333,187 | ) | 1986 |
| 30 Years |
|
Collier Ridge |
| Atlanta, GA |
| 300 |
| — |
| 5,100,000 |
| 20,425,822 |
| — |
| 2,766,290 |
| 5,100,000 |
| 23,192,112 |
| 28,292,112 |
| (5,218,742 | ) | 1980 |
| 30 Years |
|
Colonial Village |
| Plainville, CT |
| 104 |
| (P | ) | 693,575 |
| 4,636,410 |
| — |
| 394,526 |
| 693,575 |
| 5,030,935 |
| 5,724,511 |
| (835,410 | ) | 1968 |
| 30 Years |
|
Concord Square (IN) |
| Kokomo, IN |
| 49 |
| — |
| 123,247 |
| 1,085,962 |
| — |
| 153,908 |
| 123,247 |
| 1,239,870 |
| 1,363,117 |
| (270,319 | ) | 1983 |
| 30 Years |
|
Concord Square I (OH) |
| Mansfield, OH |
| 72 |
| — |
| 164,124 |
| 1,446,313 |
| — |
| 249,055 |
| 164,124 |
| 1,695,368 |
| 1,859,492 |
| (365,692 | ) | 1981/83 |
| 30 Years |
|
Conway Court |
| Roslindale, MA |
| 28 |
| 417,473 |
| 101,451 |
| 710,524 |
| — |
| 61,578 |
| 101,451 |
| 772,101 |
| 873,552 |
| (133,587 | ) | 1920 |
| 30 Years |
|
Conway Station |
| Orlando, FL |
| 242 |
| — |
| 1,936,000 |
| 10,852,858 |
| — |
| 825,291 |
| 1,936,000 |
| 11,678,149 |
| 13,614,149 |
| (2,809,253 | ) | 1987 |
| 30 Years |
|
Copper Canyon |
| Highlands Ranch, CO |
| 222 |
| (O | ) | 1,443,000 |
| 16,251,114 |
| — |
| 475,131 |
| 1,443,000 |
| 16,726,244 |
| 18,169,244 |
| (3,449,162 | ) | 1999 |
| 30 Years |
|
Copper Creek |
| Tempe, AZ |
| 144 |
| — |
| 1,017,400 |
| 9,148,068 |
| — |
| 899,289 |
| 1,017,400 |
| 10,047,356 |
| 11,064,756 |
| (2,933,574 | ) | 1984 |
| 30 Years |
|
Copper Terrace |
| Orlando, FL |
| 300 |
| — |
| 1,200,000 |
| 17,887,868 |
| — |
| 1,605,321 |
| 1,200,000 |
| 19,493,190 |
| 20,693,190 |
| (4,637,789 | ) | 1989 |
| 30 Years |
|
Cortona at Dana Park |
| Mesa, AZ |
| 222 |
| — |
| 2,028,939 |
| 12,466,128 |
| — |
| 1,248,041 |
| 2,028,939 |
| 13,714,169 |
| 15,743,108 |
| (3,767,643 | ) | 1986 |
| 30 Years |
|
Country Brook |
| Chandler, AZ |
| 396 |
| — |
| 1,505,219 |
| 29,542,535 |
| — |
| 1,408,211 |
| 1,505,219 |
| 30,950,746 |
| 32,455,965 |
| (7,959,627 | ) | 1986-1996 |
| 30 Years |
|
Country Club Condominium, LLC |
| Mill Creek, WA |
| 86 |
| — |
| 646,108 |
| 5,985,305 |
| — |
| 1,342,996 |
| 646,108 |
| 7,328,301 |
| 7,974,409 |
| (1,645,413 | ) | 1991 |
| 30 Years |
|
Country Club Place (FL) |
| Pembroke Pines, FL |
| 152 |
| — |
| 912,000 |
| 10,016,543 |
| — |
| 980,151 |
| 912,000 |
| 10,996,694 |
| 11,908,694 |
| (2,695,202 | ) | 1987 |
| 30 Years |
|
Country Club Woods |
| Mobile, AL (T) |
| 256 |
| 4,156,457 |
| 230,091 |
| 5,561,464 |
| — |
| 718,267 |
| 230,091 |
| 6,279,731 |
| 6,509,822 |
| (1,475,802 | ) | 1975 |
| 30 Years |
|
Country Gables |
| Beaverton, OR |
| 288 |
| — |
| 1,580,500 |
| 14,215,444 |
| — |
| 2,393,228 |
| 1,580,500 |
| 16,608,671 |
| 18,189,171 |
| (5,077,043 | ) | 1991 |
| 30 Years |
|
Country Gables II |
| Beaverton, OR |
| — |
| — |
| 1,200,000 |
| 4,006 |
| — |
| — |
| 1,200,000 |
| 4,006 |
| 1,204,006 |
| — |
| (F) |
| 30 Years |
|
Country Oaks |
| Agoura Hills, CA |
| 256 |
| 29,412,000 |
| 6,105,000 |
| 20,902,294 |
| — |
| 754,966 |
| 6,105,000 |
| 21,657,261 |
| 27,762,261 |
| (2,941,821 | ) | 1985 |
| 30 Years |
|
Country Ridge |
| Farmington Hills, MI |
| 252 |
| — |
| 1,621,950 |
| 14,596,964 |
| — |
| 2,107,915 |
| 1,621,950 |
| 16,704,879 |
| 18,326,829 |
| (5,449,859 | ) | 1986 |
| 30 Years |
|
Countryside I |
| Daytona Beach, FL |
| 59 |
| — |
| 136,665 |
| 1,204,164 |
| — |
| 392,156 |
| 136,665 |
| 1,596,320 |
| 1,732,984 |
| (376,866 | ) | 1982 |
| 30 Years |
|
Countryside II |
| Daytona Beach, FL |
| 97 |
| — |
| 234,633 |
| 2,067,376 |
| — |
| 308,009 |
| 234,633 |
| 2,375,384 |
| 2,610,018 |
| (509,739 | ) | 1982 |
| 30 Years |
|
Countryside III (REIT) |
| Daytona Beach, FL |
| 34 |
| — |
| 80,000 |
| 719,868 |
| — |
| 105,958 |
| 80,000 |
| 825,826 |
| 905,826 |
| (135,167 | ) | 1983 |
| 30 Years |
|
Countryside Manor |
| Douglasville, GA |
| 82 |
| — |
| 298,186 |
| 2,627,348 |
| — |
| 291,381 |
| 298,186 |
| 2,918,728 |
| 3,216,915 |
| (629,258 | ) | 1985 |
| 30 Years |
|
Cove at Fishers Landing |
| Vancouver, WA |
| 253 |
| — |
| 2,277,000 |
| 15,656,887 |
| — |
| 399,121 |
| 2,277,000 |
| 16,056,008 |
| 18,333,008 |
| (1,664,475 | ) | 1993 |
| 30 Years |
|
Coventry at Cityview |
| Fort Worth, TX |
| 360 |
| (U | ) | 2,160,000 |
| 23,072,847 |
| — |
| 1,117,286 |
| 2,160,000 |
| 24,190,133 |
| 26,350,133 |
| (5,515,625 | ) | 1996 |
| 30 Years |
|
Creekside (San Mateo) |
| San Mateo, CA |
| 192 |
| (R | ) | 9,606,600 |
| 21,193,232 |
| — |
| 632,515 |
| 9,606,600 |
| 21,825,746 |
| 31,432,346 |
| (5,093,503 | ) | 1985 |
| 30 Years |
|
Creekside Homes at Legacy |
| Plano. TX |
| 380 |
| — |
| 4,560,000 |
| 32,275,748 |
| — |
| 905,140 |
| 4,560,000 |
| 33,180,888 |
| 37,740,888 |
| (7,390,494 | ) | 1998 |
| 30 Years |
|
Creekside Village |
| Mountlake Terrace, WA |
| 512 |
| — |
| 2,807,600 |
| 25,270,594 |
| — |
| 2,821,193 |
| 2,807,600 |
| 28,091,787 |
| 30,899,387 |
| (10,628,817 | ) | 1987 |
| 30 Years |
|
Creekwood |
| Charlotte, NC |
| 384 |
| — |
| 1,861,700 |
| 16,740,569 |
| — |
| 1,764,067 |
| 1,861,700 |
| 18,504,635 |
| 20,366,335 |
| (5,152,952 | ) | 1987-1990 |
| 30 Years |
|
Crescent at Cherry Creek |
| Denver, CO |
| 216 |
| (O | ) | 2,594,000 |
| 15,149,470 |
| — |
| 856,813 |
| 2,594,000 |
| 16,006,282 |
| 18,600,282 |
| (4,193,715 | ) | 1994 |
| 30 Years |
|
Cross Creek |
| Matthews, NC |
| 420 |
| (R | ) | 3,151,600 |
| 20,295,925 |
| — |
| 1,374,687 |
| 3,151,600 |
| 21,670,612 |
| 24,822,212 |
| (5,343,662 | ) | 1989 |
| 30 Years |
|
Crosswinds |
| St. Petersburg, FL |
| 208 |
| — |
| 1,561,200 |
| 5,756,822 |
| — |
| 1,192,049 |
| 1,561,200 |
| 6,948,871 |
| 8,510,071 |
| (2,254,517 | ) | 1986 |
| 30 Years |
|
Crown Court |
| Scottsdale, AZ |
| 416 |
| (S | ) | 3,156,600 |
| 28,414,599 |
| — |
| 2,452,734 |
| 3,156,600 |
| 30,867,333 |
| 34,023,933 |
| (8,953,508 | ) | 1987 |
| 30 Years |
|
Crystal Village |
| Attleboro, MA |
| 91 |
| — |
| 1,369,000 |
| 4,989,028 |
| — |
| 1,554,613 |
| 1,369,000 |
| 6,543,641 |
| 7,912,641 |
| (1,729,715 | ) | 1974 |
| 30 Years |
|
Cypress |
| Panama City, FL |
| 70 |
| 1,305,670 |
| 171,882 |
| 1,514,636 |
| — |
| 343,108 |
| 171,882 |
| 1,857,744 |
| 2,029,626 |
| (419,547 | ) | 1985 |
| 30 Years |
|
Cypress Lake at Waterford |
| Orlando, Fl |
| 316 |
| — |
| 7,000,000 |
| 27,654,816 |
| — |
| 55,926 |
| 7,000,000 |
| 27,710,742 |
| 34,710,742 |
| (914,728 | ) | 2001 |
| 30 Years |
|
Daniel Court |
| Cincinnati, OH |
| 114 |
| 2,163,506 |
| 334,101 |
| 2,943,516 |
| — |
| 593,050 |
| 334,101 |
| 3,536,567 |
| 3,870,667 |
| (853,366 | ) | 1985 |
| 30 Years |
|
Dartmouth Place I |
| Kent, OH |
| 53 |
| — |
| 151,771 |
| 1,337,422 |
| — |
| 295,742 |
| 151,771 |
| 1,633,164 |
| 1,784,935 |
| (368,806 | ) | 1982 |
| 30 Years |
|
Dartmouth Place II |
| Kent, OH |
| 49 |
| — |
| 130,102 |
| 1,146,337 |
| — |
| 185,559 |
| 130,102 |
| 1,331,896 |
| 1,461,997 |
| (288,280 | ) | 1986 |
| 30 Years |
|
Dartmouth Woods |
| Lakewood, CO |
| 201 |
| — |
| 1,609,800 |
| 10,832,754 |
| — |
| 916,193 |
| 1,609,800 |
| 11,748,947 |
| 13,358,747 |
| (3,380,891 | ) | 1990 |
| 30 Years |
|
Dean Estates |
| Taunton, MA |
| 58 |
| — |
| 498,080 |
| 3,329,560 |
| — |
| 212,040 |
| 498,080 |
| 3,541,601 |
| 4,039,680 |
| (564,615 | ) | 1984 |
| 30 Years |
|
Dean Estates II |
| Cranston, RI |
| 48 |
| (P | ) | 308,457 |
| 2,061,971 |
| — |
| 215,598 |
| 308,457 |
| 2,277,569 |
| 2,586,026 |
| (388,860 | ) | 1970 |
| 30 Years |
|
Deerbrook |
| Jacksonville, FL |
| 144 |
| — |
| 1,008,000 |
| 8,845,716 |
| — |
| 871,313 |
| 1,008,000 |
| 9,717,029 |
| 10,725,029 |
| (2,362,246 | ) | 1983 |
| 30 Years |
|
Deerfield |
| Denver, CO |
| 158 |
| 9,100,000 |
| 1,260,000 |
| 7,869,511 |
| — |
| 972,466 |
| 1,260,000 |
| 8,841,977 |
| 10,101,977 |
| (1,359,690 | ) | 1983 |
| 30 Years |
|
Deerwood (Corona) |
| Corona, CA |
| 316 |
| (U | ) | 4,742,200 |
| 20,272,892 |
| — |
| 1,964,944 |
| 4,742,200 |
| 22,237,836 |
| 26,980,036 |
| (6,021,965 | ) | 1992 |
| 30 Years |
|
Deerwood (FL) |
| Eustis, FL |
| 50 |
| 802,868 |
| 114,948 |
| 1,012,819 |
| — |
| 179,658 |
| 114,948 |
| 1,192,477 |
| 1,307,425 |
| (278,938 | ) | 1982 |
| 30 Years |
|
Deerwood (SD) |
| San Diego, CA |
| 316 |
| — |
| 2,082,095 |
| 18,739,815 |
| — |
| 4,711,729 |
| 2,082,095 |
| 23,451,545 |
| 25,533,640 |
| (10,161,685 | ) | 1990 |
| 30 Years |
|
Defoor Village |
| Atlanta, GA |
| 156 |
| — |
| 2,966,400 |
| 10,570,210 |
| — |
| 1,481,209 |
| 2,966,400 |
| 12,051,419 |
| 15,017,819 |
| (2,630,269 | ) | 1997 |
| 30 Years |
|
S-3
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||||
Apartment Name |
| Location |
| Units (J) |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
|
| |
Desert Homes |
| Phoenix, AZ |
| 412 |
| — |
| 1,481,050 |
| 13,390,249 |
| — |
| 2,999,004 |
| 1,481,050 |
| 16,389,253 |
| 17,870,303 |
| (5,637,666 | ) | 1982 |
| 30 Years |
|
Dogwood Glen I |
| Indianapolis, IN |
| 83 |
| 1,702,607 |
| 240,855 |
| 2,122,193 |
| — |
| 315,647 |
| 240,855 |
| 2,437,840 |
| 2,678,695 |
| (529,046 | ) | 1986 |
| 30 Years |
|
Dogwood Glen II |
| Indianapolis, IN |
| 77 |
| 1,233,044 |
| 202,397 |
| 1,783,336 |
| — |
| 236,718 |
| 202,397 |
| 2,020,054 |
| 2,222,451 |
| (444,418 | ) | 1987 |
| 30 Years |
|
Dover Place I |
| Eastlake, OH |
| 64 |
| — |
| 244,294 |
| 2,152,494 |
| — |
| 280,600 |
| 244,294 |
| 2,433,094 |
| 2,677,388 |
| (515,881 | ) | 1982 |
| 30 Years |
|
Dover Place II |
| Eastlake, OH |
| 63 |
| 1,513,570 |
| 230,895 |
| 2,034,242 |
| — |
| 203,705 |
| 230,895 |
| 2,237,947 |
| 2,468,842 |
| (445,730 | ) | 1983 |
| 30 Years |
|
Dover Place III |
| Eastlake, OH |
| 30 |
| 717,129 |
| 119,835 |
| 1,055,878 |
| — |
| 69,260 |
| 119,835 |
| 1,125,138 |
| 1,244,973 |
| (217,537 | ) | 1983 |
| 30 Years |
|
Dover Place IV |
| Eastlake, OH |
| 72 |
| 1,741,599 |
| 261,912 |
| 2,307,730 |
| — |
| 192,941 |
| 261,912 |
| 2,500,671 |
| 2,762,583 |
| (485,582 | ) | 1986 |
| 30 Years |
|
Driftwood |
| Atlantic Beach, FL |
| 63 |
| 346,206 |
| 126,357 |
| 1,113,430 |
| — |
| 292,159 |
| 126,357 |
| 1,405,590 |
| 1,531,947 |
| (332,920 | ) | 1985 |
| 30 Years |
|
Duraleigh Woods |
| Raleigh, NC |
| 362 |
| — |
| 1,629,000 |
| 19,917,750 |
| — |
| 2,603,288 |
| 1,629,000 |
| 22,521,038 |
| 24,150,038 |
| (5,454,738 | ) | 1987 |
| 30 Years |
|
Eagle Canyon |
| Chino Hills, CA |
| 252 |
| — |
| 1,808,900 |
| 16,426,168 |
| — |
| 1,185,487 |
| 1,808,900 |
| 17,611,655 |
| 19,420,555 |
| (5,351,042 | ) | 1985 |
| 30 Years |
|
East Pointe |
| Charlotte, NC |
| 310 |
| — |
| 1,365,900 |
| 12,295,246 |
| — |
| 1,957,169 |
| 1,365,900 |
| 14,252,415 |
| 15,618,315 |
| (6,001,904 | ) | 1987 |
| 30 Years |
|
Eastbridge |
| Dallas, TX |
| 169 |
| 8,547,271 |
| 3,380,000 |
| 11,860,382 |
| — |
| 386,610 |
| 3,380,000 |
| 12,246,992 |
| 15,626,992 |
| (1,627,418 | ) | 1998 |
| 30 Years |
|
Edgewater |
| Bakersfield, CA |
| 258 |
| 11,988,000 |
| 580,000 |
| 11,119,979 |
| — |
| 1,013,042 |
| 580,000 |
| 12,133,021 |
| 12,713,021 |
| (1,932,602 | ) | 1984 |
| 30 Years |
|
Edgewood |
| Woodinville, WA |
| 203 |
| — |
| 1,070,100 |
| 9,632,980 |
| — |
| 1,245,739 |
| 1,070,100 |
| 10,878,719 |
| 11,948,819 |
| (4,187,897 | ) | 1986 |
| 30 Years |
|
Elmtree Park I |
| Indianapolis, IN |
| 72 |
| 1,367,159 |
| 157,687 |
| 1,389,621 |
| — |
| 266,267 |
| 157,687 |
| 1,655,888 |
| 1,813,575 |
| (397,263 | ) | 1986 |
| 30 Years |
|
Elmtree Park II |
| Indianapolis, IN |
| 53 |
| 859,729 |
| 114,114 |
| 1,005,455 |
| — |
| 193,057 |
| 114,114 |
| 1,198,512 |
| 1,312,626 |
| (289,067 | ) | 1987 |
| 30 Years |
|
Elmwood (GA) |
| Marietta, GA |
| 48 |
| — |
| 183,756 |
| 1,619,095 |
| — |
| 241,915 |
| 183,756 |
| 1,861,010 |
| 2,044,766 |
| (387,936 | ) | 1984 |
| 30 Years |
|
Elmwood I (FL) |
| W. Palm Beach, FL |
| 52 |
| 316,202 |
| 163,389 |
| 1,439,632 |
| — |
| 156,874 |
| 163,389 |
| 1,596,506 |
| 1,759,895 |
| (334,863 | ) | 1984 |
| 30 Years |
|
Elmwood II (FL) |
| W. Palm Beach, FL |
| 50 |
| 1,230,468 |
| 179,743 |
| 1,582,960 |
| — |
| 133,228 |
| 179,743 |
| 1,716,188 |
| 1,895,932 |
| (356,091 | ) | 1984 |
| 30 Years |
|
Emerson Place |
| Boston, MA (G) |
| 462 |
| — |
| 14,855,000 |
| 57,566,636 |
| — |
| 11,994,873 |
| 14,855,000 |
| 69,561,509 |
| 84,416,509 |
| (18,275,154 | ) | 1962 |
| 30 Years |
|
Emerson Place/CRP II |
| Boston, MA |
| — |
| — |
| — |
| 1,716,729 |
| — |
| — |
| — |
| 1,716,729 |
| 1,716,729 |
| — |
| (F) |
| 30 Years |
|
Enclave at Winston Park |
| Coconut Creek, FL |
| 278 |
| — |
| 5,560,000 |
| 19,939,324 |
| — |
| 417,836 |
| 5,560,000 |
| 20,357,160 |
| 25,917,160 |
| (2,169,693 | ) | 1995 |
| 30 Years |
|
Enclave, The |
| Tempe, AZ |
| 204 |
| (O | ) | 1,500,192 |
| 19,281,399 |
| — |
| 662,156 |
| 1,500,192 |
| 19,943,555 |
| 21,443,747 |
| (4,967,574 | ) | 1994 |
| 30 Years |
|
EOP Orange |
| Orange, CA |
| — |
| — |
| — |
| 275,099 |
| — |
| — |
| — |
| 275,099 |
| 275,099 |
| — |
| (F) |
| 30 Years |
|
Esprit Del Sol |
| Solana Beach, CA |
| 146 |
| — |
| 5,111,200 |
| 11,910,438 |
| — |
| 741,504 |
| 5,111,200 |
| 12,651,942 |
| 17,763,142 |
| (3,049,533 | ) | 1986 |
| 30 Years |
|
Fairfield |
| Stamford, CT (G) |
| 263 |
| — |
| 6,510,200 |
| 39,690,120 |
| — |
| 1,224,464 |
| 6,510,200 |
| 40,914,584 |
| 47,424,784 |
| (9,550,541 | ) | 1996 |
| 30 Years |
|
Fairland Gardens |
| Silver Spring, MD |
| 400 |
| — |
| 6,000,000 |
| 19,972,183 |
| — |
| 2,159,568 |
| 6,000,000 |
| 22,131,751 |
| 28,131,751 |
| (5,088,578 | ) | 1981 |
| 30 Years |
|
Farnham Park |
| Houston, TX |
| 216 |
| — |
| 1,512,600 |
| 14,233,760 |
| — |
| 706,986 |
| 1,512,600 |
| 14,940,746 |
| 16,453,346 |
| (3,785,389) |
| 1996 |
| 30 Years |
|
Fernbrook Townhomes |
| Plymouth, MN |
| 72 |
| 4,970,424 |
| 580,100 |
| 6,683,693 |
| — |
| 372,578 |
| 580,100 |
| 7,056,271 |
| 7,636,371 |
| (1,640,103 | ) | 1993 |
| 30 Years |
|
Fireside Park |
| Rockville, MD |
| 236 |
| 8,095,000 |
| 4,248,000 |
| 9,977,101 |
| — |
| 1,348,752 |
| 4,248,000 |
| 11,325,853 |
| 15,573,853 |
| (2,652,665 | ) | 1961 |
| 30 Years |
|
Forest Glen |
| Pensacola, FL |
| 73 |
| — |
| 161,548 |
| 1,423,618 |
| — |
| 274,455 |
| 161,548 |
| 1,698,074 |
| 1,859,622 |
| (411,570 | ) | 1986 |
| 30 Years |
|
Forest Ridge I & II |
| Arlington, TX |
| 660 |
| (S | ) | 2,362,700 |
| 21,263,295 |
| — |
| 3,402,487 |
| 2,362,700 |
| 24,665,782 |
| 27,028,482 |
| (8,505,590 | ) | 1984/85 |
| 30 Years |
|
Forest Village |
| Macon, GA |
| 83 |
| — |
| 224,022 |
| 1,973,876 |
| — |
| 301,419 |
| 224,022 |
| 2,275,295 |
| 2,499,317 |
| (465,343 | ) | 1983 |
| 30 Years |
|
Forsythia Court (KY) |
| Louisville, KY |
| 98 |
| 1,769,936 |
| 279,450 |
| 2,462,187 |
| — |
| 364,708 |
| 279,450 |
| 2,826,895 |
| 3,106,345 |
| (611,355 | ) | 1985 |
| 30 Years |
|
Forsythia Court (MD) |
| Abingdon, MD |
| 76 |
| 1,945,272 |
| 251,955 |
| 2,220,100 |
| — |
| 393,106 |
| 251,955 |
| 2,613,206 |
| 2,865,161 |
| (577,125 | ) | 1986 |
| 30 Years |
|
Forsythia Court II (MD) |
| Abingdon, MD |
| 76 |
| — |
| 239,834 |
| 2,113,339 |
| — |
| 279,078 |
| 239,834 |
| 2,392,417 |
| 2,632,250 |
| (522,113 | ) | 1987 |
| 30 Years |
|
Fountain Place I |
| Eden Prairie, MN |
| 332 |
| 24,653,106 |
| 2,405,068 |
| 21,694,117 |
| — |
| 1,699,062 |
| 2,405,068 |
| 23,393,179 |
| 25,798,247 |
| (6,168,758 | ) | 1989 |
| 30 Years |
|
Fountain Place II |
| Eden Prairie, MN |
| 158 |
| 12,600,000 |
| 1,231,350 |
| 11,095,333 |
| — |
| 689,599 |
| 1,231,350 |
| 11,784,933 |
| 13,016,282 |
| (3,041,287 | ) | 1989 |
| 30 Years |
|
Fountainhead I |
| San Antonio, TX |
| 240 |
| (M | ) | 1,205,816 |
| 5,200,241 |
| — |
| 774,764 |
| 1,205,816 |
| 5,975,004 |
| 7,180,820 |
| (3,809,231 | ) | 1985/1987 |
| 30 Years |
|
Fountainhead II |
| San Antonio, TX |
| 224 |
| (M | ) | 1,205,817 |
| 4,529,801 |
| — |
| 1,381,419 |
| 1,205,817 |
| 5,911,220 |
| 7,117,037 |
| (3,586,800 | ) | 1985/1987 |
| 30 Years |
|
Fountainhead III |
| San Antonio, TX |
| 224 |
| (M | ) | 1,205,816 |
| 4,399,093 |
| — |
| 1,382,063 |
| 1,205,816 |
| 5,781,155 |
| 6,986,971 |
| (3,298,924 | ) | 1985/1987 |
| 30 Years |
|
Four Lakes |
| Lisle, IL |
| 168 |
| — |
| 439,605 |
| 2,567,975 |
| — |
| 3,898,126 |
| 439,605 |
| 6,466,101 |
| 6,905,706 |
| (4,298,527 | ) | 1968/1988 |
| 30 Years |
|
Four Lakes 5 |
| Lisle, IL |
| 478 |
| (M | ) | 600,000 |
| 19,186,686 |
| — |
| 2,415,140 |
| 600,000 |
| 21,601,826 |
| 22,201,826 |
| (12,121,234 | ) | 1968/1988 |
| 30 Years |
|
Four Lakes Athletic Club |
| Lisle, IL (G) |
| — |
| — |
| 50,000 |
| 153,489 |
| — |
| 95,111 |
| 50,000 |
| 248,600 |
| 298,600 |
| (30,118 | ) | N/A |
| 30 Years |
|
Four Lakes Condo, LLC Phase V |
| Lisle, IL |
| 3 |
| — |
| 9,076 |
| 46,327 |
| — |
| 30,155 |
| 9,076 |
| 76,482 |
| 85,557 |
| (53,561 | ) | 1968/1988 |
| 30 Years |
|
Four Lakes Condo, LLC Phase VI |
| Lisle, IL |
| 64 |
| — |
| 145,787 |
| 866,188 |
| — |
| 2,733,361 |
| 145,787 |
| 3,599,549 |
| 3,745,337 |
| (1,424,945 | ) | 1970/1988 |
| 30 Years |
|
Four Lakes Condo, LLC Phase VII |
| Lisle, IL |
| 60 |
| — |
| 157,002 |
| 924,495 |
| — |
| 1,605,395 |
| 157,002 |
| 2,529,890 |
| 2,686,892 |
| (1,535,188 | ) | 1970/1988 |
| 30 Years |
|
Four Lakes Leasing Center |
| Lisle, IL (G) |
| — |
| — |
| 50,000 |
| 152,815 |
| — |
| 41,649 |
| 50,000 |
| 194,464 |
| 244,464 |
| (56,982 | ) | N/A |
| 30 Years |
|
Four Winds |
| Fall River, MA |
| 168 |
| (P | ) | 1,370,843 |
| 9,163,804 |
| — |
| 396,532 |
| 1,370,843 |
| 9,560,337 |
| 10,931,179 |
| (1,532,287 | ) | 1987 |
| 30 Years |
|
Fox Hill Apartments |
| Enfield, CT |
| 168 |
| (P | ) | 1,129,018 |
| 7,547,256 |
| — |
| 325,187 |
| 1,129,018 |
| 7,872,443 |
| 9,001,461 |
| (1,289,474 | ) | 1974 |
| 30 Years |
|
Fox Ridge |
| Englewood, CO |
| 300 |
| 20,300,000 |
| 2,490,000 |
| 17,509,781 |
| — |
| 1,038,933 |
| 2,490,000 |
| 18,548,715 |
| 21,038,715 |
| (2,863,047 | ) | 1984 |
| 30 Years |
|
Fox Run (WA) |
| Federal Way, WA |
| 144 |
| — |
| 639,700 |
| 5,765,018 |
| — |
| 1,019,284 |
| 639,700 |
| 6,784,302 |
| 7,424,002 |
| (2,743,915 | ) | 1988 |
| 30 Years |
|
Fox Run II (WA) |
| Federal Way, WA |
| 18 |
| — |
| 80,000 |
| 1,286,139 |
| — |
| 53,086 |
| 80,000 |
| 1,339,225 |
| 1,419,225 |
| (68,614 | ) | 1988 |
| 30 Years |
|
Foxcroft |
| Scarborough, ME |
| 104 |
| — |
| 523,400 |
| 4,527,409 |
| — |
| 459,910 |
| 523,400 |
| 4,987,319 |
| 5,510,719 |
| (1,373,480 | ) | 1977/1979 |
| 30 Years |
|
Foxhaven |
| Canton, OH |
| 107 |
| — |
| 256,821 |
| 2,263,172 |
| — |
| 468,520 |
| 256,821 |
| 2,731,692 |
| 2,988,513 |
| (615,192 | ) | 1986 |
| 30 Years |
|
Foxton (MI) |
| Monroe, MI |
| 51 |
| — |
| 156,363 |
| 1,377,824 |
| — |
| 227,956 |
| 156,363 |
| 1,605,780 |
| 1,762,142 |
| (329,340 | ) | 1983 |
| 30 Years |
|
Foxton II (OH) |
| Dayton, OH |
| 80 |
| — |
| 165,806 |
| 1,460,832 |
| — |
| 165,610 |
| 165,806 |
| 1,626,443 |
| 1,792,248 |
| (353,852 | ) | 1983 |
| 30 Years |
|
Gables Grand Plaza |
| Coral Gables, FL (G) |
| 195 |
| — |
| — |
| 44,600,668 |
| — |
| 456,040 |
| — |
| 45,056,708 |
| 45,056,708 |
| (1,828,219 | ) | 1998 |
| 30 Years |
|
Garden Court |
| Detroit, MI |
| 102 |
| 1,961,858 |
| 351,532 |
| 3,096,890 |
| — |
| 249,743 |
| 351,532 |
| 3,346,633 |
| 3,698,165 |
| (670,813 | ) | 1988 |
| 30 Years |
|
Garden Lake |
| Riverdale, GA |
| 278 |
| — |
| 1,466,900 |
| 13,186,716 |
| — |
| 1,072,858 |
| 1,466,900 |
| 14,259,574 |
| 15,726,474 |
| (3,954,381 | ) | 1991 |
| 30 Years |
|
Garden Terrace I |
| Tampa, FL |
| 59 |
| — |
| 93,144 |
| 820,699 |
| — |
| 358,439 |
| 93,144 |
| 1,179,138 |
| 1,272,282 |
| (294,510 | ) | 1981 |
| 30 Years |
|
Garden Terrace II |
| Tampa, FL |
| 65 |
| — |
| 97,120 |
| 855,730 |
| — |
| 351,388 |
| 97,120 |
| 1,207,118 |
| 1,304,238 |
| (296,126 | ) | 1982 |
| 30 Years |
|
Gatehouse at Pine Lake |
| Pembroke Pines, FL |
| 296 |
| — |
| 1,896,600 |
| 17,070,795 |
| — |
| 1,394,788 |
| 1,896,600 |
| 18,465,582 |
| 20,362,182 |
| (5,626,720 | ) | 1990 |
| 30 Years |
|
Gatehouse on the Green |
| Plantation, FL |
| 312 |
| — |
| 2,228,200 |
| 20,056,270 |
| — |
| 1,710,816 |
| 2,228,200 |
| 21,767,086 |
| 23,995,286 |
| (6,657,158 | ) | 1990 |
| 30 Years |
|
Gates at Carlson Center |
| Minnetonka, MN |
| 435 |
| (N | ) | 4,355,200 |
| 23,802,817 |
| — |
| 5,306,365 |
| 4,355,200 |
| 29,109,182 |
| 33,464,382 |
| (7,368,735 | ) | 1989 |
| 30 Years |
|
Gates of Redmond |
| Redmond, WA |
| 180 |
| — |
| 2,306,100 |
| 12,064,015 |
| — |
| 957,415 |
| 2,306,100 |
| 13,021,430 |
| 15,327,530 |
| (3,557,459 | ) | 1979 |
| 30 Years |
|
Gateway at Malden Center |
| Malden, MA (G) |
| 203 |
| — |
| 9,209,780 |
| 25,722,666 |
| — |
| 650,065 |
| 9,209,780 |
| 26,372,731 |
| 35,582,511 |
| (1,825,363 | ) | 1988 |
| 30 Years |
|
Gatewood |
| Pleasanton, CA |
| 200 |
| — |
| 6,796,511 |
| 20,249,392 |
| — |
| 759,788 |
| 6,796,511 |
| 21,009,179 |
| 27,805,690 |
| (1,240,343 | ) | 1985 |
| 30 Years |
|
Geary Court Yard |
| San Francisco, CA |
| 164 |
| 17,693,865 |
| 1,722,400 |
| 15,471,429 |
| — |
| 806,073 |
| 1,722,400 |
| 16,277,502 |
| 17,999,902 |
| (4,216,747 | ) | 1990 |
| 30 Years |
|
Georgian Woods Combined (REIT) |
| Wheaton, MD |
| 570 |
| 17,470,313 |
| 5,038,400 |
| 28,837,369 |
| — |
| 5,326,738 |
| 5,038,400 |
| 34,164,107 |
| 39,202,507 |
| (11,659,269 | ) | 1967 |
| 30 Years |
|
Glastonbury Center |
| Glastonbury, CT |
| 105 |
| — |
| 852,606 |
| 5,699,497 |
| — |
| 449,953 |
| 852,606 |
| 6,149,451 |
| 7,002,057 |
| (1,003,526 | ) | 1962 |
| 30 Years |
|
Glen Arm Manor |
| Albany, GA |
| 70 |
| 1,060,185 |
| 166,498 |
| 1,466,883 |
| — |
| 274,374 |
| 166,498 |
| 1,741,257 |
| 1,907,756 |
| (378,507 | ) | 1986 |
| 30 Years |
|
Glen Grove |
| Wellesley, MA |
| 125 |
| 3,795,038 |
| 1,344,601 |
| 8,988,383 |
| — |
| 513,431 |
| 1,344,601 |
| 9,501,814 |
| 10,846,415 |
| (1,435,190 | ) | 1979 |
| 30 Years |
|
Glen Meadow |
| Franklin, MA |
| 288 |
| 1,939,125 |
| 2,339,330 |
| 15,796,431 |
| — |
| 1,381,905 |
| 2,339,330 |
| 17,178,337 |
| 19,517,667 |
| (2,901,375 | ) | 1971 |
| 30 Years |
|
GlenGarry Club |
| Bloomingdale, IL |
| 250 |
| (N | ) | 3,129,700 |
| 15,807,889 |
| — |
| 1,815,423 |
| 3,129,700 |
| 17,623,311 |
| 20,753,011 |
| (4,657,682 | ) | 1989 |
| 30 Years |
|
Glenlake |
| Glendale Heights. IL |
| 336 |
| 14,845,000 |
| 5,041,700 |
| 16,671,970 |
| — |
| 4,137,392 |
| 5,041,700 |
| 20,809,362 |
| 25,851,062 |
| (5,898,252 | ) | 1988 |
| 30 Years |
|
Glenwood Village |
| Macon, GA |
| 80 |
| 1,007,502 |
| 167,779 |
| 1,478,614 |
| — |
| 229,809 |
| 167,779 |
| 1,708,423 |
| 1,876,202 |
| (381,714 | ) | 1986 |
| 30 Years |
|
Gore Meadows |
| Watertown, MA |
| — |
| — |
| — |
| 163,697 |
| — |
| — |
| — |
| 163,697 |
| 163,697 |
| — |
| (F) |
| 30 Years |
|
Gosnold Grove |
| East Falmouth, MA |
| 33 |
| 595,899 |
| 124,296 |
| 830,891 |
| — |
| 105,169 |
| 124,296 |
| 936,060 |
| 1,060,355 |
| (182,029 | ) | 1978 |
| 30 Years |
|
S-4
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||||
Apartment Name |
| Location |
| Units (J) |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
|
| |
Gramercy Park |
| Houston, TX |
| 384 |
| — |
| 3,957,000 |
| 22,075,243 |
| — |
| 1,272,760 |
| 3,957,000 |
| 23,348,002 |
| 27,305,002 |
| (2,672,377 | ) | 1998 |
| 30 Years |
|
Granada Highlands |
| Malden, MA (G) |
| 919 |
| — |
| 28,210,000 |
| 99,944,576 |
| — |
| 7,634,865 |
| 28,210,000 |
| 107,579,441 |
| 135,789,441 |
| (20,617,153 | ) | 1972 |
| 30 Years |
|
Grand Marquis Condominium, LLC |
| Plantation, FL |
| 198 |
| — |
| 917,800 |
| 9,140,076 |
| — |
| 1,371,969 |
| 917,800 |
| 10,512,046 |
| 11,429,846 |
| (4,110,023 | ) | 1987 |
| 30 Years |
|
Grand Oasis Condominium, LLC |
| Coral Springs, FL |
| 89 |
| — |
| 358,896 |
| 3,588,802 |
| — |
| 969,136 |
| 358,896 |
| 4,557,938 |
| 4,916,834 |
| (1,522,680 | ) | 1987 |
| 30 Years |
|
Grand Reserve |
| Woodbury, MN |
| 394 |
| — |
| 4,728,000 |
| 49,541,642 |
| — |
| 4,318,206 |
| 4,728,000 |
| 53,859,848 |
| 58,587,848 |
| (7,364,568 | ) | 2000 |
| 30 Years |
|
Grandeville at River Place |
| Oviedo, FL |
| 280 |
| — |
| 6,000,000 |
| 23,110,997 |
| — |
| 92,980 |
| 6,000,000 |
| 23,203,977 |
| 29,203,977 |
| (1,013,863 | ) | 2002 |
| 30 Years |
|
Greenbriar Glen |
| Atlanta, GA |
| 74 |
| 1,391,109 |
| 227,701 |
| 2,006,246 |
| — |
| 305,529 |
| 227,701 |
| 2,311,775 |
| 2,539,477 |
| (445,174 | ) | 1988 |
| 30 Years |
|
Greenfield Village |
| Rocky Hill, CT |
| 151 |
| — |
| 911,534 |
| 6,093,418 |
| — |
| 171,645 |
| 911,534 |
| 6,265,064 |
| 7,176,598 |
| (1,012,392 | ) | 1965 |
| 30 Years |
|
Greengate (FL) |
| W. Palm Beach, FL |
| 120 |
| — |
| 2,500,000 |
| 1,615,859 |
| — |
| 299,694 |
| 2,500,000 |
| 1,915,553 |
| 4,415,553 |
| (391,409 | ) | 1987 |
| 30 Years |
|
Greenglen (Day) |
| Dayton, OH |
| 76 |
| — |
| 204,289 |
| 1,800,172 |
| — |
| 298,289 |
| 204,289 |
| 2,098,461 |
| 2,302,750 |
| (459,706 | ) | 1983 |
| 30 Years |
|
Greenglen II (Tol) |
| Toledo, OH |
| 58 |
| — |
| 162,264 |
| 1,429,719 |
| — |
| 202,224 |
| 162,264 |
| 1,631,943 |
| 1,794,207 |
| (332,135 | ) | 1982 |
| 30 Years |
|
Greenhaven |
| Union City, CA |
| 250 |
| 10,975,000 |
| 7,507,000 |
| 15,210,399 |
| — |
| 1,391,472 |
| 7,507,000 |
| 16,601,871 |
| 24,108,871 |
| (4,034,011 | ) | 1983 |
| 30 Years |
|
Greenhouse - Frey Road |
| Kennesaw, GA |
| 489 |
| (M | ) | 2,467,200 |
| 22,187,443 |
| — |
| 3,009,883 |
| 2,467,200 |
| 25,197,326 |
| 27,664,526 |
| (9,938,727 | ) | 1985 |
| 30 Years |
|
Greenhouse - Holcomb Bridge |
| Alpharetta, GA |
| 437 |
| (M | ) | 2,143,300 |
| 19,291,427 |
| — |
| 3,021,223 |
| 2,143,300 |
| 22,312,650 |
| 24,455,950 |
| (8,897,741 | ) | 1985 |
| 30 Years |
|
Greenhouse - Roswell |
| Roswell, GA |
| 236 |
| (M | ) | 1,220,000 |
| 10,974,727 |
| — |
| 1,894,090 |
| 1,220,000 |
| 12,868,818 |
| 14,088,818 |
| (5,214,467 | ) | 1985 |
| 30 Years |
|
Greentree 1 |
| Glen Burnie, MD |
| 350 |
| 11,000,000 |
| 3,912,968 |
| 11,784,021 |
| — |
| 2,097,434 |
| 3,912,968 |
| 13,881,455 |
| 17,794,423 |
| (3,376,484 | ) | 1973 |
| 30 Years |
|
Greentree 2 |
| Glen Burnie, MD |
| 239 |
| — |
| 2,700,000 |
| 8,246,737 |
| — |
| 990,411 |
| 2,700,000 |
| 9,237,148 |
| 11,937,148 |
| (2,133,855 | ) | 1973 |
| 30 Years |
|
Greentree 3 |
| Glen Burnie, MD |
| 207 |
| — |
| 2,380,443 |
| 7,270,294 |
| — |
| 789,707 |
| 2,380,443 |
| 8,060,001 |
| 10,440,444 |
| (1,872,059 | ) | 1973 |
| 30 Years |
|
Greentree I (GA) (REIT) |
| Thomasville, GA |
| 43 |
| 629,393 |
| 84,750 |
| 762,659 |
| — |
| 178,917 |
| 84,750 |
| 941,577 |
| 1,026,327 |
| (148,053 | ) | 1983 |
| 30 Years |
|
Greentree II (GA) (REIT) |
| Thomasville, GA |
| 32 |
| 473,348 |
| 81,000 |
| 729,283 |
| — |
| 111,455 |
| 81,000 |
| 840,738 |
| 921,738 |
| (131,091 | ) | 1984 |
| 30 Years |
|
Greenwood Villas |
| Lake Mary, FL |
| 56 |
| — |
| 450,000 |
| 2,465,447 |
| — |
| 1,448 |
| 450,000 |
| 2,466,894 |
| 2,916,894 |
| (47,049 | ) | 1984 |
| 30 Years |
|
Hall Place |
| Quincy, MA |
| 90 |
| — |
| 3,150,800 |
| 5,121,950 |
| — |
| 511,811 |
| 3,150,800 |
| 5,633,760 |
| 8,784,560 |
| (1,327,211 | ) | 1998 |
| 30 Years |
|
Hammocks Place |
| Miami, FL |
| 296 |
| (L | ) | 319,180 |
| 12,513,467 |
| — |
| 1,592,031 |
| 319,180 |
| 14,105,497 |
| 14,424,677 |
| (5,886,184 | ) | 1986 |
| 30 Years |
|
Hampshire II |
| Elyria, OH |
| 56 |
| 797,823 |
| 126,231 |
| 1,112,036 |
| — |
| 184,881 |
| 126,231 |
| 1,296,917 |
| 1,423,148 |
| (267,287 | ) | 1981 |
| 30 Years |
|
Hampshire Place |
| Los Angeles, CA |
| 259 |
| 19,958,653 |
| 10,806,000 |
| 30,331,904 |
| — |
| 4,735 |
| 10,806,000 |
| 30,336,638 |
| 41,142,638 |
| (95,031 | ) | 1989 |
| 30 Years |
|
Hamptons |
| Puyallup, WA |
| 230 |
| — |
| 1,119,200 |
| 10,075,844 |
| — |
| 976,491 |
| 1,119,200 |
| 11,052,335 |
| 12,171,535 |
| (3,208,047 | ) | 1991 |
| 30 Years |
|
Harbinwood |
| Norcross, GA |
| 72 |
| — |
| 236,761 |
| 2,086,122 |
| — |
| 274,307 |
| 236,761 |
| 2,360,429 |
| 2,597,190 |
| (511,234 | ) | 1985 |
| 30 Years |
|
Harborview |
| San Pedro, CA |
| 160 |
| — |
| 6,402,500 |
| 12,627,347 |
| — |
| 1,181,453 |
| 6,402,500 |
| 13,808,800 |
| 20,211,300 |
| (3,970,184 | ) | 1985 |
| 30 Years |
|
Harbour Town |
| Boca Raton, FL |
| 392 |
| — |
| 11,760,000 |
| 20,190,252 |
| — |
| 3,359,619 |
| 11,760,000 |
| 23,549,871 |
| 35,309,871 |
| (4,567,867 | ) | 1985 |
| 30 Years |
|
Hartwick |
| Tipton, IN |
| 44 |
| — |
| 123,791 |
| 1,090,729 |
| — |
| 171,410 |
| 123,791 |
| 1,262,140 |
| 1,385,930 |
| (282,053 | ) | 1982 |
| 30 Years |
|
Harvest Grove I |
| Gahanna, OH |
| 73 |
| 1,504,592 |
| 170,334 |
| 1,500,232 |
| — |
| 307,743 |
| 170,334 |
| 1,807,974 |
| 1,978,309 |
| (401,278 | ) | 1986 |
| 30 Years |
|
Harvest Grove II |
| Gahanna, OH |
| 57 |
| — |
| 148,792 |
| 1,310,818 |
| — |
| 190,011 |
| 148,792 |
| 1,500,829 |
| 1,649,620 |
| (301,890 | ) | 1987 |
| 30 Years |
|
Hatcherway |
| Waycross, GA |
| 64 |
| 684,375 |
| 96,885 |
| 853,716 |
| — |
| 239,832 |
| 96,885 |
| 1,093,549 |
| 1,190,434 |
| (275,038 | ) | 1986 |
| 30 Years |
|
Hathaway |
| Long Beach, CA |
| 385 |
| — |
| 2,512,500 |
| 22,611,912 |
| — |
| 3,076,704 |
| 2,512,500 |
| 25,688,615 |
| 28,201,115 |
| (8,610,848 | ) | 1987 |
| 30 Years |
|
Hayfield Park |
| Burlington, KY |
| 86 |
| 1,534,250 |
| 261,457 |
| 2,303,394 |
| — |
| 227,323 |
| 261,457 |
| 2,530,718 |
| 2,792,174 |
| (528,945 | ) | 1986 |
| 30 Years |
|
Heathmoore (Eva) |
| Evansville, IN |
| 73 |
| 1,039,481 |
| 162,375 |
| 1,430,747 |
| — |
| 265,042 |
| 162,375 |
| 1,695,788 |
| 1,858,163 |
| (377,669 | ) | 1984 |
| 30 Years |
|
Heathmoore (KY) |
| Louisville, KY |
| 62 |
| — |
| 156,840 |
| 1,381,730 |
| — |
| 246,181 |
| 156,840 |
| 1,627,910 |
| 1,784,750 |
| (352,193 | ) | 1983 |
| 30 Years |
|
Heathmoore (MI) |
| Clinton Twp., MI |
| 72 |
| 1,584,774 |
| 227,105 |
| 2,001,243 |
| — |
| 320,616 |
| 227,105 |
| 2,321,859 |
| 2,548,964 |
| (487,239 | ) | 1983 |
| 30 Years |
|
Heathmoore I (IN) |
| Indianapolis, IN |
| 55 |
| 1,145,909 |
| 144,557 |
| 1,273,702 |
| — |
| 231,132 |
| 144,557 |
| 1,504,834 |
| 1,649,391 |
| (354,737) |
| 1983 |
| 30 Years |
|
Heathmoore I (MI) |
| Canton, MI |
| 60 |
| 1,521,755 |
| 232,064 |
| 2,044,227 |
| — |
| 265,673 |
| 232,064 |
| 2,309,900 |
| 2,541,963 |
| (486,486 | ) | 1986 |
| 30 Years |
|
Heathmoore II (MI) |
| Canton, MI |
| 51 |
| — |
| 170,433 |
| 1,501,697 |
| — |
| 168,207 |
| 170,433 |
| 1,669,903 |
| 1,840,336 |
| (343,539 | ) | 1986 |
| 30 Years |
|
Heritage Green |
| Sturbridge, MA |
| 130 |
| 2,703,422 |
| 835,313 |
| 5,583,898 |
| — |
| 531,188 |
| 835,313 |
| 6,115,086 |
| 6,950,399 |
| (973,901 | ) | 1974 |
| 30 Years |
|
Heritage, The |
| Phoenix, AZ |
| 204 |
| — |
| 1,211,205 |
| 13,136,903 |
| — |
| 667,629 |
| 1,211,205 |
| 13,804,533 |
| 15,015,738 |
| (3,532,830 | ) | 1995 |
| 30 Years |
|
Heron Pointe |
| Boynton Beach, FL |
| 192 |
| — |
| 1,546,700 |
| 7,774,676 |
| — |
| 956,899 |
| 1,546,700 |
| 8,731,575 |
| 10,278,275 |
| (2,744,634 | ) | 1989 |
| 30 Years |
|
Heron Pointe (Atl) |
| Atlantic Beach, FL |
| 99 |
| 1,566,550 |
| 214,332 |
| 1,888,814 |
| — |
| 378,016 |
| 214,332 |
| 2,266,830 |
| 2,481,162 |
| (534,992 | ) | 1986 |
| 30 Years |
|
Heronwood (REIT) |
| Ft. Myers, FL |
| 59 |
| 1,157,161 |
| 146,100 |
| 1,315,211 |
| — |
| 238,372 |
| 146,100 |
| 1,553,583 |
| 1,699,683 |
| (229,006 | ) | 1982 |
| 30 Years |
|
Hickory Mill |
| Hilliard, OH |
| 60 |
| — |
| 161,714 |
| 1,424,682 |
| — |
| 347,037 |
| 161,714 |
| 1,771,719 |
| 1,933,433 |
| (388,013 | ) | 1980 |
| 30 Years |
|
Hickory Place |
| Gainesville, FL |
| 70 |
| 1,246,264 |
| 192,453 |
| 1,695,454 |
| — |
| 292,252 |
| 192,453 |
| 1,987,706 |
| 2,180,160 |
| (455,358 | ) | 1983 |
| 30 Years |
|
Hidden Acres |
| Sarasota, FL |
| 94 |
| 1,601,965 |
| 253,139 |
| 2,230,579 |
| — |
| 355,532 |
| 253,139 |
| 2,586,110 |
| 2,839,249 |
| (553,524 | ) | 1987 |
| 30 Years |
|
Hidden Lake |
| Sacramento, CA |
| 272 |
| 15,165,000 |
| 1,715,000 |
| 12,263,475 |
| — |
| 1,029,490 |
| 1,715,000 |
| 13,292,965 |
| 15,007,965 |
| (2,043,036 | ) | 1985 |
| 30 Years |
|
Hidden Lakes |
| Haltom City, TX |
| 312 |
| — |
| 1,872,000 |
| 20,242,109 |
| — |
| 953,464 |
| 1,872,000 |
| 21,195,573 |
| 23,067,573 |
| (4,880,561 | ) | 1996 |
| 30 Years |
|
Hidden Oaks |
| Cary, NC |
| 216 |
| — |
| 1,178,600 |
| 10,614,135 |
| — |
| 1,597,072 |
| 1,178,600 |
| 12,211,208 |
| 13,389,808 |
| (3,604,260 | ) | 1988 |
| 30 Years |
|
Hidden Palms |
| Tampa, FL |
| 256 |
| — |
| 2,049,600 |
| 6,345,885 |
| — |
| 1,628,333 |
| 2,049,600 |
| 7,974,218 |
| 10,023,818 |
| (2,502,051 | ) | 1986 |
| 30 Years |
|
Hidden Pines |
| Casselberry, FL |
| 56 |
| 19,562 |
| 176,308 |
| 1,553,565 |
| — |
| 440,840 |
| 176,308 |
| 1,994,406 |
| 2,170,713 |
| (455,713 | ) | 1981 |
| 30 Years |
|
Hidden Valley Club |
| Ann Arbor, MI |
| 324 |
| — |
| 915,000 |
| 6,667,098 |
| — |
| 3,482,805 |
| 915,000 |
| 10,149,903 |
| 11,064,903 |
| (7,326,836 | ) | 1973 |
| 30 Years |
|
High Meadow |
| Ellington, CT |
| 100 |
| 4,115,841 |
| 583,679 |
| 3,901,774 |
| — |
| 217,220 |
| 583,679 |
| 4,118,994 |
| 4,702,673 |
| (670,431 | ) | 1975 |
| 30 Years |
|
High Points |
| New Port Richey, FL |
| 95 |
| — |
| 222,308 |
| 1,958,772 |
| — |
| 475,690 |
| 222,308 |
| 2,434,463 |
| 2,656,771 |
| (566,044 | ) | 1986 |
| 30 Years |
|
High River |
| Tuscaloosa, AL (T) |
| 152 |
| 3,569,223 |
| 208,108 |
| 3,663,221 |
| — |
| 689,898 |
| 208,108 |
| 4,353,119 |
| 4,561,226 |
| (1,028,666 | ) | 1978 |
| 30 Years |
|
Highland Creste |
| Kent, WA |
| 198 |
| — |
| 935,200 |
| 8,415,391 |
| — |
| 1,038,433 |
| 935,200 |
| 9,453,825 |
| 10,389,025 |
| (2,897,831 | ) | 1989 |
| 30 Years |
|
Highland Glen |
| Westwood, MA |
| 180 |
| — |
| 2,229,095 |
| 16,828,153 |
| — |
| 365,953 |
| 2,229,095 |
| 17,194,106 |
| 19,423,202 |
| (2,472,591 | ) | 1979 |
| 30 Years |
|
Highland Glen II |
| Westwood, MA |
| — |
| — |
| 603,508 |
| 400,524 |
| — |
| — |
| 603,508 |
| 400,524 |
| 1,004,032 |
| — |
| (F) |
| 30 Years |
|
Highland Point |
| Aurora, CO |
| 319 |
| (Q | ) | 1,631,900 |
| 14,684,439 |
| — |
| 1,432,664 |
| 1,631,900 |
| 16,117,102 |
| 17,749,002 |
| (4,668,312 | ) | 1984 |
| 30 Years |
|
Highline Oaks |
| Denver, CO |
| 220 |
| (M | ) | 1,057,400 |
| 9,340,249 |
| — |
| 1,340,899 |
| 1,057,400 |
| 10,681,148 |
| 11,738,548 |
| (3,316,917 | ) | 1986 |
| 30 Years |
|
Hillcrest Villas |
| Crestview, FL |
| 65 |
| 912,418 |
| 141,603 |
| 1,247,677 |
| — |
| 194,103 |
| 141,603 |
| 1,441,780 |
| 1,583,383 |
| (325,706 | ) | 1985 |
| 30 Years |
|
Hillside Manor |
| Americus, GA |
| 60 |
| — |
| 102,632 |
| 904,111 |
| — |
| 380,601 |
| 102,632 |
| 1,284,712 |
| 1,387,344 |
| (316,348 | ) | 1985 |
| 30 Years |
|
Holly Ridge |
| Pembroke Park, FL |
| 98 |
| — |
| 295,596 |
| 2,603,985 |
| — |
| 366,302 |
| 295,596 |
| 2,970,287 |
| 3,265,883 |
| (638,237 | ) | 1986 |
| 30 Years |
|
Holly Sands I |
| Ft. Walton Bch., FL |
| 72 |
| — |
| 190,942 |
| 1,682,524 |
| — |
| 303,321 |
| 190,942 |
| 1,985,845 |
| 2,176,787 |
| (458,903 | ) | 1985 |
| 30 Years |
|
Holly Sands II |
| Ft. Walton Bch., FL |
| 52 |
| 1,009,375 |
| 124,578 |
| 1,098,074 |
| — |
| 171,993 |
| 124,578 |
| 1,270,067 |
| 1,394,645 |
| (292,134 | ) | 1986 |
| 30 Years |
|
Hudson Crossing |
| New York, NY (G) |
| 259 |
| — |
| 23,420,000 |
| 70,069,263 |
| — |
| 2,334 |
| 23,420,000 |
| 70,071,597 |
| 93,491,597 |
| (1,135,506 | ) | 2003 |
| 30 Years |
|
Hudson Pointe |
| Jersey City, NJ |
| 182 |
| — |
| 5,148,500 |
| 41,596,476 |
| — |
| 96,488 |
| 5,148,500 |
| 41,692,964 |
| 46,841,463 |
| (1,261,380 | ) | 2003 |
| 30 Years |
|
Hunt Club |
| Charlotte, NC |
| 300 |
| — |
| 990,000 |
| 17,992,887 |
| — |
| 941,935 |
| 990,000 |
| 18,934,823 |
| 19,924,823 |
| (4,396,636 | ) | 1990 |
| 30 Years |
|
Hunt Club II |
| Charlotte, NC |
| — |
| — |
| 100,000 |
| — |
| — |
| — |
| 100,000 |
| — |
| 100,000 |
| — |
| (F) |
| 30 Years |
|
Hunters Green |
| Fort Worth, TX |
| 248 |
| — |
| 524,300 |
| 3,653,481 |
| — |
| 1,335,663 |
| 524,300 |
| 4,989,143 |
| 5,513,443 |
| (2,362,518 | ) | 1981 |
| 30 Years |
|
Hunters Ridge |
| St. Louis, MO |
| 198 |
| 10,680,000 |
| 994,500 |
| 8,913,997 |
| — |
| 1,488,157 |
| 994,500 |
| 10,402,154 |
| 11,396,654 |
| (3,196,673 | ) | 1986-1987 |
| 30 Years |
|
Huntington Park |
| Everett, WA |
| 381 |
| — |
| 1,597,500 |
| 14,367,864 |
| — |
| 1,590,150 |
| 1,597,500 |
| 15,958,014 |
| 17,555,514 |
| (6,503,313 | ) | 1991 |
| 30 Years |
|
Independence Village |
| Reynoldsburg, OH |
| 124 |
| — |
| 226,988 |
| 2,000,011 |
| — |
| 400,858 |
| 226,988 |
| 2,400,869 |
| 2,627,856 |
| (556,417 | ) | 1978 |
| 30 Years |
|
Indian Bend |
| Scottsdale, AZ |
| 276 |
| — |
| 1,075,700 |
| 9,675,133 |
| — |
| 1,992,973 |
| 1,075,700 |
| 11,668,106 |
| 12,743,806 |
| (5,069,961 | ) | 1973 |
| 30 Years |
|
Indian Lake I |
| Morrow, GA |
| 244 |
| — |
| 839,669 |
| 7,398,395 |
| — |
| 627,815 |
| 839,669 |
| 8,026,210 |
| 8,865,879 |
| (1,617,767 | ) | 1987 |
| 30 Years |
|
Indian Ridge |
| Waltham, MA |
| — |
| 9,240,826 |
| 5,878,374 |
| 19,025,500 |
| — |
| — |
| 5,878,374 |
| 19,025,500 |
| 24,903,875 |
| — |
| (F) |
| 30 Years |
|
S-5
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||||
Apartment Name |
| Location |
| Units (J) |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
|
| |
Indian Ridge I (REIT) |
| Tallahassee, FL |
| 57 |
| — |
| 135,500 |
| 1,218,598 |
| — |
| 209,525 |
| 135,500 |
| 1,428,123 |
| 1,563,623 |
| (228,546 | ) | 1981 |
| 30 Years |
|
Indian Ridge II (REIT) |
| Tallahassee, FL |
| 39 |
| — |
| 94,300 |
| 849,192 |
| — |
| 97,914 |
| 94,300 |
| 947,106 |
| 1,041,406 |
| (145,511 | ) | 1982 |
| 30 Years |
|
Indian Tree |
| Arvada, CO |
| 168 |
| — |
| 881,225 |
| 4,552,815 |
| — |
| 1,574,849 |
| 881,225 |
| 6,127,664 |
| 7,008,889 |
| (2,805,735 | ) | 1983 |
| 30 Years |
|
Indigo Springs |
| Kent, WA |
| 278 |
| — |
| 1,270,500 |
| 11,446,902 |
| — |
| 1,902,334 |
| 1,270,500 |
| 13,349,236 |
| 14,619,736 |
| (4,268,149 | ) | 1991 |
| 30 Years |
|
Iris Glen |
| Conyers, GA |
| 79 |
| 1,661,685 |
| 270,458 |
| 2,383,030 |
| — |
| 269,213 |
| 270,458 |
| 2,652,242 |
| 2,922,700 |
| (525,978 | ) | 1984 |
| 30 Years |
|
Ironwood at the Ranch |
| Westminster, CO |
| 226 |
| — |
| 1,493,300 |
| 13,439,305 |
| — |
| 1,127,418 |
| 1,493,300 |
| 14,566,722 |
| 16,060,022 |
| (4,142,728 | ) | 1986 |
| 30 Years |
|
Isle at Arrowhead Ranch |
| Glendale, AZ |
| 256 |
| — |
| 1,650,237 |
| 19,593,123 |
| — |
| 689,680 |
| 1,650,237 |
| 20,282,804 |
| 21,933,041 |
| (5,089,909 | ) | 1996 |
| 30 Years |
|
Isles at Sawgrass |
| Sunrise, FL |
| 368 |
| — |
| 7,360,000 |
| 18,750,693 |
| — |
| 836,610 |
| 7,360,000 |
| 19,587,303 |
| 26,947,303 |
| (2,417,186 | ) | 1991-1995 |
| 30 Years |
|
Ivory Wood |
| Bothell, WA |
| 144 |
| — |
| 2,732,800 |
| 13,888,282 |
| — |
| 109,805 |
| 2,732,800 |
| 13,998,087 |
| 16,730,887 |
| (397,217 | ) | 2000 |
| 30 Years |
|
Ivy Place |
| Atlanta, GA |
| 122 |
| — |
| 802,950 |
| 7,228,257 |
| — |
| 1,108,006 |
| 802,950 |
| 8,336,262 |
| 9,139,212 |
| (2,793,461 | ) | 1978 |
| 30 Years |
|
Jaclen Towers |
| Beverly, NJ |
| 100 |
| 1,846,425 |
| 437,072 |
| 2,921,735 |
| — |
| 481,757 |
| 437,072 |
| 3,403,492 |
| 3,840,564 |
| (589,283 | ) | 1976 |
| 30 Years |
|
James Street Crossing |
| Kent, WA |
| 300 |
| 16,379,123 |
| 2,081,254 |
| 18,748,337 |
| — |
| 1,004,928 |
| 2,081,254 |
| 19,753,265 |
| 21,834,519 |
| (5,271,007 | ) | 1989 |
| 30 Years |
|
Jefferson Way I |
| Orange Park, FL |
| 56 |
| 1,000,621 |
| 147,799 |
| 1,302,268 |
| — |
| 320,768 |
| 147,799 |
| 1,623,036 |
| 1,770,835 |
| (352,958 | ) | 1987 |
| 30 Years |
|
Junipers at Yarmouth |
| Yarmouth, ME |
| 225 |
| — |
| 1,355,700 |
| 7,860,135 |
| — |
| 1,358,073 |
| 1,355,700 |
| 9,218,208 |
| 10,573,908 |
| (2,911,277 | ) | 1970 |
| 30 Years |
|
Jupiter Cove I |
| Jupiter, FL |
| 63 |
| 1,504,253 |
| 233,932 |
| 2,060,900 |
| — |
| 411,275 |
| 233,932 |
| 2,472,174 |
| 2,706,107 |
| (562,196 | ) | 1987 |
| 30 Years |
|
Jupiter Cove II |
| Jupiter, FL |
| 61 |
| 1,485,940 |
| 1,220,000 |
| 483,833 |
| — |
| 256,117 |
| 1,220,000 |
| 739,950 |
| 1,959,950 |
| (174,000 | ) | 1987 |
| 30 Years |
|
Jupiter Cove III |
| Jupiter, FL |
| 63 |
| 1,582,555 |
| 242,010 |
| 2,131,722 |
| — |
| 251,001 |
| 242,010 |
| 2,382,723 |
| 2,624,733 |
| (482,176 | ) | 1987 |
| 30 Years |
|
Kempton Downs |
| Gresham, OR |
| 278 |
| — |
| 1,217,349 |
| 10,943,372 |
| — |
| 1,935,825 |
| 1,217,349 |
| 12,879,197 |
| 14,096,545 |
| (4,894,670 | ) | 1990 |
| 30 Years |
|
Ketwood |
| Kettering, OH |
| 93 |
| — |
| 266,443 |
| 2,347,655 |
| — |
| 363,454 |
| 266,443 |
| 2,711,109 |
| 2,977,552 |
| (608,337 | ) | 1979 |
| 30 Years |
|
Keystone |
| Austin, TX |
| 166 |
| — |
| 498,500 |
| 4,487,295 |
| — |
| 1,305,265 |
| 498,500 |
| 5,792,560 |
| 6,291,060 |
| (2,440,621 | ) | 1981 |
| 30 Years |
|
Kings Colony |
| Savannah, GA |
| 89 |
| 1,914,070 |
| 230,149 |
| 2,027,865 |
| — |
| 269,045 |
| 230,149 |
| 2,296,910 |
| 2,527,059 |
| (511,926 | ) | 1987 |
| 30 Years |
|
Kingsport |
| Alexandria, VA |
| 415 |
|
|
| 1,262,250 |
| 12,198,024 |
| — |
| 3,249,132 |
| 1,262,250 |
| 15,447,156 |
| 16,709,406 |
| (5,868,986 | ) | 1986 |
| 30 Years |
|
Kirby Place |
| Houston, TX |
| 362 |
| — |
| 3,621,600 |
| 25,896,774 |
| — |
| 1,279,979 |
| 3,621,600 |
| 27,176,753 |
| 30,798,353 |
| (7,145,671 | ) | 1994 |
| 30 Years |
|
La Mirage |
| San Diego, CA |
| 1,070 |
| — |
| 28,895,200 |
| 95,567,943 |
| — |
| 5,398,766 |
| 28,895,200 |
| 100,966,709 |
| 129,861,909 |
| (27,009,669 | ) | 1988/1992 |
| 30 Years |
|
La Mirage IV |
| San Diego, CA |
| 340 |
| — |
| 6,000,000 |
| 47,449,353 |
| — |
| 31,426 |
| 6,000,000 |
| 47,480,779 |
| 53,480,779 |
| (5,207,446 | ) | 2001 |
| 30 Years |
|
La Tour Fontaine |
| Houston, TX |
| 162 |
| — |
| 2,916,000 |
| 15,917,178 |
| — |
| 892,412 |
| 2,916,000 |
| 16,809,591 |
| 19,725,591 |
| (3,800,140 | ) | 1994 |
| 30 Years |
|
Ladera |
| Phoenix, AZ |
| 248 |
| (Q | ) | 2,978,879 |
| 20,640,453 |
| — |
| 676,946 |
| 2,978,879 |
| 21,317,400 |
| 24,296,279 |
| (5,342,405 | ) | 1995 |
| 30 Years |
|
Laguna Clara |
| Santa Clara, CA |
| 264 |
| 16,980,452 |
| 13,642,420 |
| 29,707,475 |
| — |
| 139,451 |
| 13,642,420 |
| 29,846,926 |
| 43,489,346 |
| (1,129,028 | ) | 1972 |
| 30 Years |
|
Lakes at Vinings |
| Atlanta, GA |
| 464 |
| 20,928,154 |
| 6,498,000 |
| 21,832,252 |
| — |
| 2,133,971 |
| 6,498,000 |
| 23,966,223 |
| 30,464,223 |
| (6,102,433 | ) | 1972/1975 |
| 30 Years |
|
Lakeshore at Preston |
| Plano, TX |
| 302 |
| — |
| 3,325,800 |
| 15,208,348 |
| — |
| 962,054 |
| 3,325,800 |
| 16,170,401 |
| 19,496,201 |
| (3,938,455 | ) | 1992 |
| 30 Years |
|
Lakeshore I (GA) |
| Ft. Oglethorpe, GA |
| 79 |
| 1,202,296 |
| 169,375 |
| 1,492,378 |
| — |
| 349,287 |
| 169,375 |
| 1,841,665 |
| 2,011,040 |
| (453,172 |
| 1986 |
| 30 Years |
|
Lakeview |
| Lodi, CA |
| 138 |
| 7,286,000 |
| 950,000 |
| 5,750,629 |
| — |
| 988,476 |
| 950,000 |
| 6,739,105 |
| 7,689,105 |
| (1,030,871 | ) | 1983 |
| 30 Years |
|
Lakeville Resort |
| Petaluma, CA |
| 492 |
| — |
| 2,736,500 |
| 24,610,651 |
| — |
| 3,030,474 |
| 2,736,500 |
| 27,641,124 |
| 30,377,624 |
| (8,675,873 | ) | 1984 |
| 30 Years |
|
Lakewood |
| Tulsa, OK |
| 152 |
| 5,600,000 |
| 855,000 |
| 6,480,729 |
| — |
| 662,558 |
| 855,000 |
| 7,143,287 |
| 7,998,287 |
| (1,180,057 | ) | 1985 |
| 30 Years |
|
Lakewood Greens |
| Dallas, TX |
| 252 |
| 7,766,087 |
| 2,019,600 |
| 9,026,907 |
| — |
| 662,722 |
| 2,019,600 |
| 9,689,628 |
| 11,709,228 |
| (2,491,710 | ) | 1986 |
| 30 Years |
|
Lakewood Oaks |
| Dallas, TX |
| 352 |
| — |
| 1,631,600 |
| 14,686,192 |
| — |
| 2,133,304 |
| 1,631,600 |
| 16,819,495 |
| 18,451,095 |
| (6,532,548 | ) | 1987 |
| 30 Years |
|
Landera |
| San Antonio, TX |
| 184 |
| — |
| 766,300 |
| 6,896,811 |
| — |
| 1,108,443 |
| 766,300 |
| 8,005,255 |
| 8,771,555 |
| (2,533,836 | ) | 1983 |
| 30 Years |
|
Landings at Port Imperial |
| W. New York, NJ |
| 276 |
| — |
| 27,246,045 |
| 37,741,050 |
| — |
| 509,265 |
| 27,246,045 |
| 38,250,315 |
| 65,496,360 |
| (5,428,415 | ) | 1999 |
| 30 Years |
|
Landings of Lake Zurich |
| Lake Zurich, IL |
| 206 |
| 16,800,000 |
| 2,250,338 |
| 17,668,851 |
| — |
| 279,231 |
| 2,250,338 |
| 17,948,082 |
| 20,198,421 |
| (571,857 | ) | 2000 |
| 30 Years |
|
Lantern Cove |
| Foster City, CA |
| 232 |
| 36,403,000 |
| 6,945,000 |
| 21,945,503 |
| — |
| 846,634 |
| 6,945,000 |
| 22,792,136 |
| 29,737,136 |
| (3,026,656 | ) | 1985 |
| 30 Years |
|
Larkspur I (Hil) |
| Hilliard, OH |
| 60 |
| — |
| 179,628 |
| 1,582,519 |
| — |
| 311,026 |
| 179,628 |
| 1,893,545 |
| 2,073,173 |
| (416,014 | ) | 1983 |
| 30 Years |
|
Larkspur Shores |
| Hilliard, OH |
| 342 |
| — |
| 17,107,300 |
| 31,399,237 |
| — |
| 3,629,618 |
| 17,107,300 |
| 35,028,855 |
| 52,136,155 |
| (9,052,654 | ) | 1983 |
| 30 Years |
|
Larkspur Woods |
| Sacramento, CA |
| 232 |
| — |
| 5,802,900 |
| 14,576,106 |
| — |
| 1,207,348 |
| 5,802,900 |
| 15,783,454 |
| 21,586,354 |
| (4,291,619 | ) | 1989/1993 |
| 30 Years |
|
LaSalle |
| Beaverton, OR (G) |
| 554 |
| 33,793,865 |
| 7,202,000 |
| 35,877,612 |
| — |
| 956,081 |
| 7,202,000 |
| 36,833,692 |
| 44,035,692 |
| (3,023,189 | ) | 1998 |
| 30 Years |
|
Laurel Bay |
| Ypsilanti, MI |
| 68 |
| — |
| 186,004 |
| 1,639,366 |
| — |
| 281,881 |
| 186,004 |
| 1,921,247 |
| 2,107,251 |
| (391,457 | ) | 1989 |
| 30 Years |
|
Laurel Glen |
| Acworth, GA |
| 81 |
| 1,655,375 |
| 289,509 |
| 2,550,891 |
| — |
| 244,329 |
| 289,509 |
| 2,795,220 |
| 3,084,729 |
| (555,275 | ) | 1986 |
| 30 Years |
|
Laurel Ridge |
| Chapel Hill, NC |
| 160 |
| — |
| 160,000 |
| 3,206,076 |
| — |
| 3,522,787 |
| 160,000 |
| 6,728,863 |
| 6,888,863 |
| (4,255,349 | ) | 1975 |
| 30 Years |
|
Laurel Ridge II |
| Chapel Hill, NC |
| — |
| — |
| 22,551 |
| — |
| — |
| — |
| 22,551 |
| — |
| 22,551 |
| — |
| (F) |
| 30 Years |
|
Legacy at Highlands Ranch |
| Highlands Ranch, CO |
| 422 |
| 24,830,208 |
| 6,330,000 |
| 37,556,449 |
| — |
| 27,300 |
| 6,330,000 |
| 37,583,749 |
| 43,913,749 |
| (337,167 | ) | 1999 |
| 30 Years |
|
Legacy Park Central |
| Concord, CA |
| 259 |
| 36,210,339 |
| 6,469,230 |
| 44,565,469 |
| — |
| 14,786 |
| 6,469,230 |
| 44,580,255 |
| 51,049,485 |
| (1,142,450 | ) | 2003 |
| 30 Years |
|
Legends at Preston |
| Morrisville, NC |
| 382 |
| (U | ) | 3,056,000 |
| 27,150,721 |
| — |
| 454,700 |
| 3,056,000 |
| 27,605,420 |
| 30,661,420 |
| (4,217,275 | ) | 2000 |
| 30 Years |
|
Lexford Apartment Homes |
| Miami, FL |
| 72 |
| 1,251,771 |
| 191,986 |
| 1,691,254 |
| — |
| 249,229 |
| 191,986 |
| 1,940,482 |
| 2,132,468 |
| (379,834 | ) | 1987 |
| 30 Years |
|
Lexington Farm |
| Alpharetta, GA |
| 352 |
| — |
| 3,521,900 |
| 22,888,305 |
| — |
| 937,216 |
| 3,521,900 |
| 23,825,522 |
| 27,347,422 |
| (5,376,439 | ) | 1995 |
| 30 Years |
|
Lexington Glen |
| Atlanta, GA |
| 480 |
| — |
| 5,760,000 |
| 40,190,507 |
| — |
| 2,444,677 |
| 5,760,000 |
| 42,635,184 |
| 48,395,184 |
| (9,549,983 | ) | 1990 |
| 30 Years |
|
Lexington Park |
| Orlando, FL |
| 252 |
| — |
| 2,016,000 |
| 12,346,726 |
| — |
| 1,302,812 |
| 2,016,000 |
| 13,649,537 |
| 15,665,537 |
| (3,353,117 | ) | 1988 |
| 30 Years |
|
Liberty Park |
| Brain Tree, MA |
| 202 |
| 26,500,000 |
| 5,977,504 |
| 26,748,835 |
| — |
| 245,445 |
| 5,977,504 |
| 26,994,280 |
| 32,971,784 |
| (1,678,470 | ) | 2000 |
| 30 Years |
|
Lincoln Heights |
| Quincy, MA |
| 336 |
| (R | ) | 5,928,400 |
| 33,595,262 |
| — |
| 1,124,674 |
| 5,928,400 |
| 34,719,936 |
| 40,648,336 |
| (8,698,107 | ) | 1991 |
| 30 Years |
|
Lindendale |
| Columbus, OH |
| 77 |
| 1,246,157 |
| 209,159 |
| 1,842,816 |
| — |
| 316,167 |
| 209,159 |
| 2,158,982 |
| 2,368,141 |
| (473,320 | ) | 1987 |
| 30 Years |
|
Link Terrace |
| Hinesville, GA |
| 54 |
| — |
| 121,839 |
| 1,073,581 |
| — |
| 206,261 |
| 121,839 |
| 1,279,841 |
| 1,401,680 |
| (275,218 | ) | 1984 |
| 30 Years |
|
Little Cottonwoods |
| Tempe, AZ |
| 379 |
| — |
| 3,050,133 |
| 26,991,689 |
| — |
| 1,491,773 |
| 3,050,133 |
| 28,483,462 |
| 31,533,595 |
| (7,464,295 | ) | 1984 |
| 30 Years |
|
Lodge (OK), The |
| Tulsa, OK |
| 208 |
| — |
| 313,371 |
| 2,750,936 |
| — |
| 2,020,555 |
| 313,371 |
| 4,771,491 |
| 5,084,862 |
| (3,672,328 | ) | 1979 |
| 30 Years |
|
Lodge (TX), The |
| San Antonio, TX |
| 384 |
| — |
| 1,363,636 |
| 7,464,586 |
| — |
| 3,174,967 |
| 1,363,636 |
| 10,639,553 |
| 12,003,189 |
| (6,053,471 | ) | 1989/1990 |
| 30 Years |
|
Lofton Place |
| Tampa, FL |
| 280 |
| — |
| 2,240,000 |
| 16,679,214 |
| — |
| 1,479,566 |
| 2,240,000 |
| 18,158,780 |
| 20,398,780 |
| (4,319,588 | ) | 1988 |
| 30 Years |
|
Longfellow Glen |
| Sudbury, MA |
| 120 |
| 4,215,246 |
| 1,094,273 |
| 7,314,994 |
| — |
| 1,530,341 |
| 1,094,273 |
| 8,845,335 |
| 9,939,609 |
| (1,361,991 | ) | 1984 |
| 30 Years |
|
Longfellow Place |
| Boston, MA (G) |
| 710 |
| — |
| 53,164,160 |
| 183,940,619 |
| — |
| 21,372,867 |
| 53,164,160 |
| 205,313,486 |
| 258,477,646 |
| (41,568,834 | ) | 1975 |
| 30 Years |
|
Longwood |
| Decatur, GA |
| 268 |
| — |
| 1,454,048 |
| 13,087,837 |
| — |
| 1,082,842 |
| 1,454,048 |
| 14,170,679 |
| 15,624,727 |
| (5,533,304 | ) | 1992 |
| 30 Years |
|
Longwood (KY) |
| Lexington, KY |
| 60 |
| — |
| 146,309 |
| 1,289,042 |
| — |
| 247,496 |
| 146,309 |
| 1,536,538 |
| 1,682,847 |
| (348,197 | ) | 1985 |
| 30 Years |
|
Loomis Manor |
| West Hartford, CT |
| 43 |
| (P | ) | 422,350 |
| 2,823,326 |
| — |
| 249,410 |
| 422,350 |
| 3,072,735 |
| 3,495,086 |
| (503,715 | ) | 1948 |
| 30 Years |
|
Madison at Cedar Springs |
| Dallas, TX |
| 380 |
| (R | ) | 2,470,000 |
| 33,194,620 |
| — |
| 798,402 |
| 2,470,000 |
| 33,993,023 |
| 36,463,023 |
| (7,487,590 | ) | 1995 |
| 30 Years |
|
Madison at Chase Oaks |
| Plano, TX |
| 470 |
| (R | ) | 3,055,000 |
| 28,932,885 |
| — |
| 1,319,755 |
| 3,055,000 |
| 30,252,640 |
| 33,307,640 |
| (6,895,431 | ) | 1995 |
| 30 Years |
|
Madison at River Sound |
| Lawrenceville, GA |
| 586 |
| (U | ) | 3,666,999 |
| 47,387,106 |
| — |
| 1,109,283 |
| 3,666,999 |
| 48,496,389 |
| 52,163,388 |
| (10,688,084 | ) | 1996 |
| 30 Years |
|
Madison at Round Grove |
| Lewisville, TX |
| 404 |
| (Q | ) | 2,626,000 |
| 25,682,373 |
| — |
| 1,105,771 |
| 2,626,000 |
| 26,788,144 |
| 29,414,144 |
| (6,134,751 | ) | 1995 |
| 30 Years |
|
Madison at Scofield Farms |
| Austin, TX |
| 260 |
| 12,228,292 |
| 2,080,000 |
| 14,597,971 |
| — |
| 912,614 |
| 2,080,000 |
| 15,510,585 |
| 17,590,585 |
| (2,659,953 | ) | 1996 |
| 30 Years |
|
Madison at Stone Creek |
| Austin, TX |
| 390 |
| — |
| 2,535,000 |
| 22,611,700 |
| — |
| 1,076,877 |
| 2,535,000 |
| 23,688,576 |
| 26,223,576 |
| (5,565,233 | ) | 1995 |
| 30 Years |
|
Madison at the Arboretum |
| Austin, TX |
| 161 |
| — |
| 1,046,500 |
| 9,638,269 |
| — |
| 745,152 |
| 1,046,500 |
| 10,383,421 |
| 11,429,921 |
| (2,512,190 | ) | 1995 |
| 30 Years |
|
Madison at Walnut Creek |
| Austin, TX |
| 342 |
| — |
| 2,737,600 |
| 14,623,574 |
| — |
| 1,293,096 |
| 2,737,600 |
| 15,916,669 |
| 18,654,269 |
| (4,460,782 | ) | 1994 |
| 30 Years |
|
Madison at Wells Branch |
| Austin, TX |
| 300 |
| — |
| 2,377,344 |
| 16,370,879 |
| — |
| 1,172,821 |
| 2,377,344 |
| 17,543,699 |
| 19,921,044 |
| (3,059,418 | ) | 1995 |
| 30 Years |
|
Madison on Melrose |
| Richardson, TX |
| 200 |
| — |
| 1,300,000 |
| 15,096,551 |
| — |
| 465,462 |
| 1,300,000 |
| 15,562,013 |
| 16,862,013 |
| (3,500,152 | ) | 1995 |
| 30 Years |
|
Madison on the Parkway |
| Dallas, TX |
| 376 |
| — |
| 2,444,000 |
| 22,505,043 |
| — |
| 998,686 |
| 2,444,000 |
| 23,503,729 |
| 25,947,729 |
| (5,438,721 | ) | 1995 |
| 30 Years |
|
S-6
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||||
Apartment Name |
| Location |
| Units (J) |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
|
| |
Magnolia at Whitlock |
| Marietta, GA |
| 152 |
| — |
| 132,979 |
| 1,526,005 |
| — |
| 3,543,532 |
| 132,979 |
| 5,069,537 |
| 5,202,516 |
| (2,887,149 | ) | 1971 |
| 30 Years |
|
Manchester (REIT) |
| Jacksonville, FL |
| 78 |
| 1,203,850 |
| 184,100 |
| 1,657,194 |
| — |
| 270,348 |
| 184,100 |
| 1,927,541 |
| 2,111,641 |
| (304,856 | ) | 1985 |
| 30 Years |
|
Marabou Mills I |
| Indianapolis, IN |
| 86 |
| 1,277,316 |
| 224,178 |
| 1,974,952 |
| — |
| 262,450 |
| 224,178 |
| 2,237,402 |
| 2,461,580 |
| (504,740 | ) | 1986 |
| 30 Years |
|
Marabou Mills II |
| Indianapolis, IN |
| 63 |
| — |
| 192,186 |
| 1,693,220 |
| — |
| 135,414 |
| 192,186 |
| 1,828,634 |
| 2,020,821 |
| (385,310 | ) | 1987 |
| 30 Years |
|
Marabou Mills III |
| Indianapolis, IN |
| 59 |
| 1,140,520 |
| 171,557 |
| 1,511,602 |
| — |
| 114,701 |
| 171,557 |
| 1,626,303 |
| 1,797,860 |
| (338,114 | ) | 1987 |
| 30 Years |
|
Mariner Club (FL) |
| Pembroke Pines, FL |
| 304 |
| — |
| 1,824,500 |
| 20,771,566 |
| — |
| 2,136,280 |
| 1,824,500 |
| 22,907,846 |
| 24,732,346 |
| (5,052,355 | ) | 1988 |
| 30 Years |
|
Mariners Wharf |
| Orange Park, FL |
| 272 |
| — |
| 1,861,200 |
| 16,744,951 |
| — |
| 1,128,478 |
| 1,861,200 |
| 17,873,429 |
| 19,734,629 |
| (4,770,601 | ) | 1989 |
| 30 Years |
|
Marks |
| Englewood, CO (G) |
| 616 |
| 19,195,000 |
| 4,928,500 |
| 44,621,814 |
| — |
| 3,039,690 |
| 4,928,500 |
| 47,661,503 |
| 52,590,003 |
| (13,362,054 | ) | 1987 |
| 30 Years |
|
Marquessa |
| Corona Hills, CA |
| 336 |
| — |
| 6,888,500 |
| 21,604,584 |
| — |
| 1,750,384 |
| 6,888,500 |
| 23,354,968 |
| 30,243,468 |
| (6,245,286 | ) | 1992 |
| 30 Years |
|
Marsh Landing I |
| Brunswick, GA |
| 57 |
| — |
| 133,193 |
| 1,173,573 |
| — |
| 329,630 |
| 133,193 |
| 1,503,203 |
| 1,636,396 |
| (353,922 | ) | 1984 |
| 30 Years |
|
Marshlanding II |
| Brunswick, GA |
| 48 |
| — |
| 111,187 |
| 979,679 |
| — |
| 178,555 |
| 111,187 |
| 1,158,234 |
| 1,269,422 |
| (261,647 | ) | 1986 |
| 30 Years |
|
Martha Lake |
| Lynnwood, WA |
| 155 |
| — |
| 821,200 |
| 7,405,070 |
| — |
| 1,182,229 |
| 821,200 |
| 8,587,299 |
| 9,408,499 |
| (2,550,229 | ) | 1991 |
| 30 Years |
|
Martins Landing |
| Roswell, GA |
| 300 |
| 11,840,996 |
| 4,802,000 |
| 12,899,972 |
| — |
| 1,464,149 |
| 4,802,000 |
| 14,364,121 |
| 19,166,121 |
| (3,762,920 | ) | 1972 |
| 30 Years |
|
McDowell Place |
| Naperville, IL |
| 400 |
| (R | ) | 2,580,400 |
| 23,209,629 |
| — |
| 2,444,503 |
| 2,580,400 |
| 25,654,132 |
| 28,234,532 |
| (7,943,825 | ) | 1988 |
| 30 Years |
|
Meadow Ridge |
| Norwich, CT |
| 120 |
| 4,314,082 |
| 747,957 |
| 4,999,937 |
| — |
| 171,799 |
| 747,957 |
| 5,171,737 |
| 5,919,693 |
| (844,335 | ) | 1987 |
| 30 Years |
|
Meadowland |
| Bogart, GA |
| 60 |
| — |
| 152,395 |
| 1,342,663 |
| — |
| 85,687 |
| 152,395 |
| 1,428,350 |
| 1,580,745 |
| (303,395 | ) | 1984 |
| 30 Years |
|
Meadowood (Cin) |
| Cincinnati, OH |
| 106 |
| — |
| 330,734 |
| 2,913,731 |
| — |
| 472,251 |
| 330,734 |
| 3,385,982 |
| 3,716,717 |
| (717,874 | ) | 1985 |
| 30 Years |
|
Meadowood (Cuy) |
| Cuyahoga Falls, OH |
| 59 |
| — |
| 201,407 |
| 1,774,784 |
| — |
| 259,350 |
| 201,407 |
| 2,034,134 |
| 2,235,540 |
| (411,178 | ) | 1985 |
| 30 Years |
|
Meadowood (Fra) |
| Franklin, IN |
| 51 |
| 923,896 |
| 129,252 |
| 1,138,733 |
| — |
| 206,312 |
| 129,252 |
| 1,345,045 |
| 1,474,297 |
| (316,357 | ) | 1983 |
| 30 Years |
|
Meadowood (New) |
| Newburgh, IN |
| 65 |
| 901,306 |
| 131,546 |
| 1,159,064 |
| — |
| 183,765 |
| 131,546 |
| 1,342,829 |
| 1,474,375 |
| (297,143 | ) | 1984 |
| 30 Years |
|
Meadowood (Nic) |
| Nicholasville, KY |
| 67 |
| 1,306,284 |
| 173,223 |
| 1,526,283 |
| — |
| 275,486 |
| 173,223 |
| 1,801,769 |
| 1,974,992 |
| (406,242 | ) | 1983 |
| 30 Years |
|
Meadowood (Tem) |
| Temperance, MI |
| 57 |
| 1,259,217 |
| 173,675 |
| 1,530,262 |
| — |
| 164,710 |
| 173,675 |
| 1,694,972 |
| 1,868,647 |
| (343,340 | ) | 1984 |
| 30 Years |
|
Meadowood Apts. (Man) |
| Mansfield, OH |
| 50 |
| — |
| 118,504 |
| 1,044,002 |
| — |
| 170,785 |
| 118,504 |
| 1,214,787 |
| 1,333,291 |
| (272,630 | ) | 1983 |
| 30 Years |
|
Meadowood I (GA) |
| Norcross, GA |
| 61 |
| — |
| 205,468 |
| 1,810,393 |
| — |
| 270,600 |
| 205,468 |
| 2,080,993 |
| 2,286,460 |
| (443,539 | ) | 1982 |
| 30 Years |
|
Meadowood I (OH) |
| Columbus, OH |
| 60 |
| — |
| 146,912 |
| 1,294,458 |
| — |
| 365,004 |
| 146,912 |
| 1,659,462 |
| 1,806,374 |
| (397,148 | ) | 1984 |
| 30 Years |
|
Meadowood II (GA) |
| Norcross, GA |
| 51 |
| — |
| 176,968 |
| 1,559,544 |
| — |
| 161,838 |
| 176,968 |
| 1,721,383 |
| 1,898,351 |
| (366,655 | ) | 1984 |
| 30 Years |
|
Meadowood II (OH) |
| Columbus, OH |
| 23 |
| 451,232 |
| 57,802 |
| 509,199 |
| — |
| 131,106 |
| 57,802 |
| 640,305 |
| 698,106 |
| (147,229 | ) | 1985 |
| 30 Years |
|
Meadows I (OH), The |
| Columbus, OH |
| 60 |
| — |
| 150,800 |
| 1,328,616 |
| — |
| 246,697 |
| 150,800 |
| 1,575,313 |
| 1,726,113 |
| (362,183 | ) | 1985 |
| 30 Years |
|
Meadows II (OH), The |
| Columbus, OH |
| 60 |
| 1,111,775 |
| 186,636 |
| 1,644,521 |
| — |
| 226,121 |
| 186,636 |
| 1,870,642 |
| 2,057,278 |
| (411,956 | ) | 1987 |
| 30 Years |
|
Meldon Place |
| Toledo, OH |
| 127 |
| 2,204,599 |
| 288,434 |
| 2,541,701 |
| — |
| 592,118 |
| 288,434 |
| 3,133,819 |
| 3,422,253 |
| (817,209 | ) | 1978 |
| 30 Years |
|
Merrifield |
| Salisbury, MD |
| 95 |
| 1,850,593 |
| 268,712 |
| 2,367,645 |
| — |
| 322,539 |
| 268,712 |
| 2,690,183 |
| 2,958,895 |
| (555,614 | ) | 1988 |
| 30 Years |
|
Merrill Creek |
| Lakewood, WA |
| 149 |
| — |
| 814,200 |
| 7,330,606 |
| — |
| 455,885 |
| 814,200 |
| 7,786,491 |
| 8,600,691 |
| (2,205,184 | ) | 1994 |
| 30 Years |
|
Merritt at Satellite Place |
| Duluth, GA |
| 424 |
| (S | ) | 3,400,000 |
| 30,115,674 |
| — |
| 640,803 |
| 3,400,000 |
| 30,756,478 |
| 34,156,478 |
| (5,799,699 | ) | 1999 |
| 30 Years |
|
Mesa Del Oso |
| Albuquerque, NM |
| 221 |
| 10,575,735 |
| 4,305,000 |
| 12,112,957 |
| — |
| 550,912 |
| 4,305,000 |
| 12,663,869 |
| 16,968,869 |
| (1,941,777 | ) | 1983 |
| 30 Years |
|
Miguel Place |
| Port Richey, FL |
| 91 |
| 1,403,066 |
| 199,349 |
| 1,756,482 |
| — |
| 465,526 |
| 199,349 |
| 2,222,009 |
| 2,421,358 |
| (515,996 | ) | 1987 |
| 30 Years |
|
Mill Creek |
| Milpitas, CA |
| 516 |
| — |
| 12,858,693 |
| 57,168,503 |
| — |
| 944,669 |
| 12,858,693 |
| 58,113,172 |
| 70,971,865 |
| (3,592,125 | ) | 1991 |
| 30 Years |
|
Mill Pond |
| Millersville, MD |
| 240 |
| 7,300,000 |
| 2,880,000 |
| 8,468,462 |
| — |
| 1,225,792 |
| 2,880,000 |
| 9,694,254 |
| 12,574,254 |
| (2,423,456 | ) | 1984 |
| 30 Years |
|
Millburn |
| Stow, OH |
| 52 |
| — |
| 192,062 |
| 1,692,276 |
| — |
| 243,634 |
| 192,062 |
| 1,935,910 |
| 2,127,972 |
| (377,177 | ) | 1984 |
| 30 Years |
|
Millburn Court I |
| Centerville, OH |
| 65 |
| — |
| 260,000 |
| 1,246,757 |
| — |
| 128,394 |
| 260,000 |
| 1,375,150 |
| 1,635,150 |
| (235,950 | ) | 1979 |
| 30 Years |
|
Millburn Court II |
| Centerville, OH |
| 51 |
| 847,143 |
| 122,870 |
| 1,082,698 |
| — |
| 306,157 |
| 122,870 |
| 1,388,854 |
| 1,511,725 |
| (349,669 | ) | 1981 |
| 30 Years |
|
Mira Flores |
| Palm Beach Gardens, FL |
| 352 |
| — |
| 7,040,000 |
| 22,515,299 |
| — |
| 550,895 |
| 7,040,000 |
| 23,066,194 |
| 30,106,194 |
| (2,592,195 | ) | 1996 |
| 30 Years |
|
Mission Bay |
| Orlando, FL |
| 304 |
| — |
| 2,432,000 |
| 21,623,560 |
| — |
| 1,175,146 |
| 2,432,000 |
| 22,798,706 |
| 25,230,706 |
| (5,243,256 | ) | 1991 |
| 30 Years |
|
Mission Hills |
| Oceanside, CA |
| 282 |
| 9,978,164 |
| 5,640,000 |
| 21,130,732 |
| — |
| 724,441 |
| 5,640,000 |
| 21,855,173 |
| 27,495,173 |
| (3,431,159 | ) | 1984 |
| 30 Years |
|
Misty Woods |
| Cary, NC |
| 360 |
| — |
| 720,790 |
| 18,063,934 |
| — |
| 2,276,854 |
| 720,790 |
| 20,340,788 |
| 21,061,578 |
| (5,440,061 | ) | 1984 |
| 30 Years |
|
Montecito |
| Valencia, CA |
| 210 |
| — |
| 8,400,000 |
| 24,709,146 |
| — |
| 511,649 |
| 8,400,000 |
| 25,220,795 |
| 33,620,795 |
| (3,587,840 | ) | 1999 |
| 30 Years |
|
Montevista |
| Dallas, TX |
| 350 |
| — |
| 3,931,550 |
| 19,788,568 |
| — |
| 680,654 |
| 3,931,550 |
| 20,469,223 |
| 24,400,773 |
| (2,179,403 | ) | 2000 |
| 30 Years |
|
Montgomery Court I (MI) |
| Haslett, MI |
| 59 |
| 1,115,312 |
| 156,298 |
| 1,377,153 |
| — |
| 356,839 |
| 156,298 |
| 1,733,992 |
| 1,890,290 |
| (383,878 | ) | 1984 |
| 30 Years |
|
Montgomery Court I (OH) |
| Dublin, OH |
| 60 |
| 1,193,960 |
| 163,755 |
| 1,442,643 |
| — |
| 386,489 |
| 163,755 |
| 1,829,132 |
| 1,992,887 |
| (426,340 | ) | 1985 |
| 30 Years |
|
Montgomery Court II (OH) |
| Dublin, OH |
| 57 |
| — |
| 149,734 |
| 1,319,417 |
| — |
| 213,328 |
| 149,734 |
| 1,532,746 |
| 1,682,479 |
| (337,008 | ) | 1986 |
| 30 Years |
|
Montierra |
| Scottsdale, AZ |
| 249 |
| (Q | ) | 3,455,000 |
| 17,266,787 |
| — |
| 429,480 |
| 3,455,000 |
| 17,696,266 |
| 21,151,266 |
| (3,670,042 | ) | 1999 |
| 30 Years |
|
Montierra (CA) |
| San Diego, CA |
| 272 |
| 17,613,777 |
| 8,160,000 |
| 29,360,938 |
| — |
| 1,282,390 |
| 8,160,000 |
| 30,643,328 |
| 38,803,328 |
| (4,791,765 | ) | 1990 |
| 30 Years |
|
Montrose Square |
| Columbus, OH |
| 129 |
| — |
| 193,266 |
| 1,703,260 |
| — |
| 512,715 |
| 193,266 |
| 2,215,975 |
| 2,409,241 |
| (564,131 | ) | 1987 |
| 30 Years |
|
Morgan Trace |
| Union City, GA |
| 80 |
| — |
| 239,102 |
| 2,105,728 |
| — |
| 336,135 |
| 239,102 |
| 2,441,863 |
| 2,680,965 |
| (507,307 | ) | 1986 |
| 30 Years |
|
Morningside |
| Scottsdale, AZ |
| 160 |
| — |
| 670,470 |
| 12,607,976 |
| — |
| 771,645 |
| 670,470 |
| 13,379,621 |
| 14,050,091 |
| (3,463,821 | ) | 1989 |
| 30 Years |
|
Mosswood I |
| Winter Springs, FL |
| 58 |
| — |
| 163,294 |
| 1,438,796 |
| — |
| 393,746 |
| 163,294 |
| 1,832,541 |
| 1,995,835 |
| (392,232 | ) | 1981 |
| 30 Years |
|
Mosswood II |
| Winter Springs, FL |
| 89 |
| 1,433,020 |
| 275,330 |
| 2,426,158 |
| — |
| 501,847 |
| 275,330 |
| 2,928,005 |
| 3,203,335 |
| (609,524 | ) | 1982 |
| 30 Years |
|
Mountain Park Ranch |
| Phoenix, AZ |
| 240 |
| (O | ) | 1,662,332 |
| 18,260,276 |
| — |
| 947,522 |
| 1,662,332 |
| 19,207,798 |
| 20,870,130 |
| (5,016,400 | ) | 1994 |
| 30 Years |
|
Mountain Terrace |
| Stevenson Ranch, CA |
| 510 |
| — |
| 3,966,500 |
| 35,814,995 |
| — |
| 1,861,843 |
| 3,966,500 |
| 37,676,838 |
| 41,643,338 |
| (10,841,998 | ) | 1992 |
| 30 Years |
|
Nehoiden Glen |
| Needham, MA |
| 61 |
| 1,579,980 |
| 634,538 |
| 4,241,755 |
| — |
| 269,303 |
| 634,538 |
| 4,511,057 |
| 5,145,595 |
| (696,968 | ) | 1978 |
| 30 Years |
|
Newberry I |
| Lansing, MI |
| 62 |
| — |
| 183,509 |
| 1,616,913 |
| — |
| 294,682 |
| 183,509 |
| 1,911,596 |
| 2,095,105 |
| (429,211 | ) | 1985 |
| 30 Years |
|
Newberry II |
| Lansing, MI |
| 48 |
| — |
| 142,292 |
| 1,253,951 |
| — |
| 150,661 |
| 142,292 |
| 1,404,612 |
| 1,546,905 |
| (313,508 | ) | 1986 |
| 30 Years |
|
Newport Heights |
| Tukwila, WA |
| 80 |
| — |
| 391,200 |
| 3,522,780 |
| — |
| 668,608 |
| 391,200 |
| 4,191,388 |
| 4,582,588 |
| (1,687,193 | ) | 1985 |
| 30 Years |
|
Noonan Glen |
| Winchester, MA |
| 18 |
| 463,505 |
| 151,344 |
| 1,011,700 |
| — |
| 140,922 |
| 151,344 |
| 1,152,623 |
| 1,303,966 |
| (188,712 | ) | 1983 |
| 30 Years |
|
North Hill |
| Atlanta, GA |
| 420 |
| 15,005,000 |
| 2,525,300 |
| 18,550,989 |
| — |
| 5,196,592 |
| 2,525,300 |
| 23,747,581 |
| 26,272,881 |
| (8,335,012 | ) | 1984 |
| 30 Years |
|
Northampton 1 |
| Largo, MD |
| 344 |
| 19,151,947 |
| 1,843,200 |
| 17,528,381 |
| — |
| 3,533,447 |
| 1,843,200 |
| 21,061,828 |
| 22,905,028 |
| (8,657,186 | ) | 1977 |
| 30 Years |
|
Northampton 2 |
| Largo, MD |
| 276 |
| — |
| 1,513,500 |
| 14,246,990 |
| — |
| 1,839,013 |
| 1,513,500 |
| 16,086,003 |
| 17,599,503 |
| (6,068,531 | ) | 1988 |
| 30 Years |
|
Northglen |
| Valencia, CA |
| 234 |
| 14,526,153 |
| 9,360,000 |
| 20,778,553 |
| — |
| 615,241 |
| 9,360,000 |
| 21,393,794 |
| 30,753,794 |
| (3,155,237 | ) | 1988 |
| 30 Years |
|
Northridge |
| Pleasant Hill, CA |
| 221 |
| — |
| 5,527,800 |
| 14,691,705 |
| — |
| 1,937,959 |
| 5,527,800 |
| 16,629,664 |
| 22,157,464 |
| (4,306,125 | ) | 1974 |
| 30 Years |
|
Northridge (GA) |
| Carrolton, GA |
| 77 |
| — |
| 238,811 |
| 2,104,181 |
| — |
| 193,708 |
| 238,811 |
| 2,297,889 |
| 2,536,699 |
| (480,896 | ) | 1985 |
| 30 Years |
|
Northrup Court I |
| Coraopolis, PA |
| 60 |
| 1,280,579 |
| 189,246 |
| 1,667,463 |
| — |
| 205,942 |
| 189,246 |
| 1,873,405 |
| 2,062,651 |
| (397,996 | ) | 1985 |
| 30 Years |
|
Northrup Court II |
| Coraopolis, PA |
| 49 |
| — |
| 157,190 |
| 1,385,018 |
| — |
| 124,810 |
| 157,190 |
| 1,509,828 |
| 1,667,018 |
| (322,481 | ) | 1985 |
| 30 Years |
|
Northwoods Village |
| Cary, NC |
| 228 |
| — |
| 1,369,700 |
| 11,460,337 |
| — |
| 1,682,449 |
| 1,369,700 |
| 13,142,786 |
| 14,512,486 |
| (3,858,921 | ) | 1986 |
| 30 Years |
|
Norton Glen |
| Norton, MA |
| 150 |
| 4,090,315 |
| 1,012,556 |
| 6,768,727 |
| — |
| 1,544,561 |
| 1,012,556 |
| 8,313,288 |
| 9,325,843 |
| (1,417,387 | ) | 1983 |
| 30 Years |
|
Nova Glen I |
| Daytona Beach, FL |
| 62 |
| — |
| 142,086 |
| 1,251,930 |
| — |
| 476,522 |
| 142,086 |
| 1,728,452 |
| 1,870,538 |
| (431,168 | ) | 1984 |
| 30 Years |
|
Nova Glen II |
| Daytona Beach, FL |
| 81 |
| — |
| 175,168 |
| 1,543,420 |
| — |
| 421,224 |
| 175,168 |
| 1,964,644 |
| 2,139,811 |
| (443,569 | ) | 1986 |
| 30 Years |
|
Novawood I |
| Daytona Beach, FL |
| 58 |
| 149,213 |
| 122,311 |
| 1,077,897 |
| — |
| 392,066 |
| 122,311 |
| 1,469,963 |
| 1,592,275 |
| (319,923 | ) | 1980 |
| 30 Years |
|
Novawood II |
| Daytona Beach, FL |
| 61 |
| — |
| 144,401 |
| 1,272,484 |
| — |
| 257,493 |
| 144,401 |
| 1,529,977 |
| 1,674,379 |
| (316,622 | ) | 1980 |
| 30 Years |
|
Oak Gardens |
| Hollywood, FL |
| 105 |
| — |
| 329,968 |
| 2,907,288 |
| — |
| 325,962 |
| 329,968 |
| 3,233,249 |
| 3,563,217 |
| (667,609 | ) | 1988 |
| 30 Years |
|
Oak Mill 2 |
| Germantown, MD |
| 192 |
| 9,600,000 |
| 854,133 |
| 10,233,783 |
| — |
| 1,343,262 |
| 854,133 |
| 11,577,045 |
| 12,431,178 |
| (3,534,283 | ) | 1985 |
| 30 Years |
|
S-7
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||||
Apartment Name |
| Location |
| Units (J) |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
|
| |
Oak Park North |
| Agoura Hills, CA |
| 220 |
| (I | ) | 1,706,900 |
| 15,362,666 |
| — |
| 849,534 |
| 1,706,900 |
| 16,212,200 |
| 17,919,100 |
| (5,308,426 | ) | 1990 |
| 30 Years |
|
Oak Park South |
| Agoura Hills, CA |
| 224 |
| (I | ) | 1,683,800 |
| 15,154,608 |
| — |
| 934,602 |
| 1,683,800 |
| 16,089,210 |
| 17,773,010 |
| (5,318,141 | ) | 1989 |
| 30 Years |
|
Oak Ridge |
| Clermont, FL |
| 63 |
| 1,133,804 |
| 173,617 |
| 1,529,936 |
| — |
| 337,313 |
| 173,617 |
| 1,867,250 |
| 2,040,866 |
| (448,021 | ) | 1985 |
| 30 Years |
|
Oak Shade |
| Orange City, FL |
| 82 |
| — |
| 229,403 |
| 2,021,290 |
| — |
| 379,036 |
| 229,403 |
| 2,400,326 |
| 2,629,729 |
| (490,223 | ) | 1985 |
| 30 Years |
|
Oakland Hills |
| Margate, FL |
| 189 |
| — |
| 3,040,000 |
| 4,930,604 |
| — |
| 623,229 |
| 3,040,000 |
| 5,553,832 |
| 8,593,832 |
| (1,029,500 | ) | 1987 |
| 30 Years |
|
Oakley Woods |
| Union City, GA |
| 60 |
| 1,039,270 |
| 165,449 |
| 1,457,485 |
| — |
| 333,530 |
| 165,449 |
| 1,791,015 |
| 1,956,464 |
| (416,167 | ) | 1984 |
| 30 Years |
|
Oaks |
| Santa Clarita, CA |
| 520 |
| 45,346,636 |
| 23,400,000 |
| 61,020,438 |
| — |
| 592,808 |
| 23,400,000 |
| 61,613,246 |
| 85,013,246 |
| (3,397,866 | ) | 2000 |
| 30 Years |
|
Oaks (NC) |
| Charlotte, NC |
| 318 |
| — |
| 2,196,744 |
| 23,601,540 |
| — |
| 592,535 |
| 2,196,744 |
| 24,194,075 |
| 26,390,819 |
| (5,411,979 | ) | 1996 |
| 30 Years |
|
Oakwood Manor |
| Hollywood, FL |
| 63 |
| — |
| 173,247 |
| 1,525,973 |
| — |
| 107,001 |
| 173,247 |
| 1,632,974 |
| 1,806,221 |
| (341,687 | ) | 1986 |
| 30 Years |
|
Oakwood Village (FL) |
| Hudson, FL |
| 75 |
| — |
| 145,547 |
| 1,282,427 |
| — |
| 461,832 |
| 145,547 |
| 1,744,259 |
| 1,889,806 |
| (440,445 | ) | 1986 |
| 30 Years |
|
Oakwood Village (FL) II |
| Hudson, FL |
| — |
| — |
| 31,734 |
| — |
| — |
| — |
| 31,734 |
| — |
| 31,734 |
| — |
| (F) |
| 30 Years |
|
Oakwood Village (GA) |
| Augusta, GA |
| 70 |
| — |
| 161,174 |
| 1,420,119 |
| — |
| 200,283 |
| 161,174 |
| 1,620,402 |
| 1,781,576 |
| (349,989 | ) | 1985 |
| 30 Years |
|
Ocean Walk |
| Key West, FL |
| 297 |
| 21,079,921 |
| 2,838,749 |
| 25,545,009 |
| — |
| 1,225,250 |
| 2,838,749 |
| 26,770,259 |
| 29,609,007 |
| (6,908,706 | ) | 1990 |
| 30 Years |
|
Old Archer Court |
| Gainesville, FL |
| 72 |
| 901,193 |
| 170,323 |
| 1,500,735 |
| — |
| 385,311 |
| 170,323 |
| 1,886,046 |
| 2,056,370 |
| (460,544 | ) | 1977 |
| 30 Years |
|
Old Mill Glen |
| Maynard, MA |
| 50 |
| 1,724,089 |
| 396,756 |
| 2,652,233 |
| — |
| 245,151 |
| 396,756 |
| 2,897,383 |
| 3,294,139 |
| (461,710 | ) | 1983 |
| 30 Years |
|
Olde Redmond Place |
| Redmond, WA |
| 192 |
| (R | ) | 4,807,100 |
| 14,126,038 |
| — |
| 1,997,525 |
| 4,807,100 |
| 16,123,563 |
| 20,930,663 |
| (3,665,972 | ) | 1986 |
| 30 Years |
|
Olivewood (MI) |
| Sterling Hts., MI |
| 150 |
| — |
| 519,167 |
| 4,574,905 |
| — |
| 664,845 |
| 519,167 |
| 5,239,750 |
| 5,758,917 |
| (1,109,021 | ) | 1986 |
| 30 Years |
|
Olivewood I |
| Indianapolis, IN |
| 62 |
| — |
| 184,701 |
| 1,627,420 |
| — |
| 432,521 |
| 184,701 |
| 2,059,941 |
| 2,244,643 |
| (479,917 | ) | 1985 |
| 30 Years |
|
Olivewood II |
| Indianapolis, IN |
| 67 |
| 1,202,744 |
| 186,235 |
| 1,640,571 |
| — |
| 274,675 |
| 186,235 |
| 1,915,245 |
| 2,101,480 |
| (426,409 | ) | 1986 |
| 30 Years |
|
Olympus Towers |
| Seattle, WA (G) |
| 328 |
| — |
| 14,752,034 |
| 73,376,841 |
| — |
| 167,959 |
| 14,752,034 |
| 73,544,800 |
| 88,296,834 |
| (2,735,326 | ) | 2000 |
| 30 Years |
|
One Eton Square |
| Tulsa, OK |
| 448 |
| — |
| 1,570,100 |
| 14,130,937 |
| — |
| 2,845,077 |
| 1,570,100 |
| 16,976,014 |
| 18,546,114 |
| (5,276,884 | ) | 1985 |
| 30 Years |
|
Orchard Ridge |
| Lynnwood, WA |
| 104 |
| — |
| 480,600 |
| 4,372,033 |
| — |
| 670,847 |
| 480,600 |
| 5,042,880 |
| 5,523,480 |
| (1,990,358 | ) | 1988 |
| 30 Years |
|
Overlook Manor |
| Frederick, MD |
| 108 |
| — |
| 1,299,100 |
| 3,930,931 |
| — |
| 1,116,086 |
| 1,299,100 |
| 5,047,017 |
| 6,346,117 |
| (1,307,187 | ) | 1980/1985 |
| 30 Years |
|
Overlook Manor II |
| Frederick, MD |
| 182 |
| 5,235,000 |
| 2,186,300 |
| 6,262,597 |
| — |
| 313,889 |
| 2,186,300 |
| 6,576,486 |
| 8,762,786 |
| (1,645,955 | ) | 1980/1985 |
| 30 Years |
|
Overlook Manor III |
| Frederick, MD |
| 64 |
| — |
| 1,026,300 |
| 3,027,390 |
| — |
| 157,356 |
| 1,026,300 |
| 3,184,746 |
| 4,211,046 |
| (778,826 | ) | 1980/1985 |
| 30 Years |
|
Paces Station |
| Atlanta, GA |
| 610 |
| — |
| 4,801,500 |
| 32,548,053 |
| — |
| 4,487,857 |
| 4,801,500 |
| 37,035,909 |
| 41,837,409 |
| (11,074,115 | ) | 1984-1988/1989 |
| 30 Years |
|
Palladia |
| Hillsboro, OR |
| 497 |
| — |
| 6,461,000 |
| 44,888,156 |
| — |
| 338,685 |
| 6,461,000 |
| 45,226,841 |
| 51,687,841 |
| (5,760,211 | ) | 2000 |
| 30 Years |
|
Palm Place |
| Sarasota. FL |
| 80 |
| — |
| 248,315 |
| 2,188,339 |
| — |
| 467,814 |
| 248,315 |
| 2,656,153 |
| 2,904,468 |
| (616,666 | ) | 1984 |
| 30 Years |
|
Palm Side (REIT) |
| Palm Bay, FL |
| 87 |
| 1,054,701 |
| 116,334 |
| 1,047,004 |
| — |
| 55,317 |
| 116,334 |
| 1,102,321 |
| 1,218,655 |
| (64,988 | ) | 1986 |
| 30 Years |
|
Panther Ridge |
| Federal Way, WA |
| 260 |
| — |
| 1,055,800 |
| 9,506,117 |
| — |
| 1,109,293 |
| 1,055,800 |
| 10,615,410 |
| 11,671,210 |
| (3,330,910 | ) | 1980 |
| 30 Years |
|
Paradise Pointe |
| Dania, FL |
| 320 |
| — |
| 1,913,414 |
| 17,417,956 |
| — |
| 3,422,034 |
| 1,913,414 |
| 20,839,990 |
| 22,753,404 |
| (7,724,137 | ) | 1987-90 |
| 30 Years |
|
Parc Royale |
| Houston, TX |
| 171 |
| — |
| 2,223,000 |
| 11,936,833 |
| — |
| 1,381,767 |
| 2,223,000 |
| 13,318,599 |
| 15,541,599 |
| (3,048,204 | ) | 1994 |
| 30 Years |
|
Park Meadow |
| Gilbert, AZ |
| 224 |
| — |
| 835,217 |
| 15,120,769 |
| — |
| 1,046,479 |
| 835,217 |
| 16,167,248 |
| 17,002,465 |
| (4,211,667 | ) | 1986 |
| 30 Years |
|
Park Place (MN) |
| Plymouth, MN |
| 250 |
| — |
| 1,219,900 |
| 10,964,119 |
| — |
| 1,618,488 |
| 1,219,900 |
| 12,582,607 |
| 13,802,507 |
| (4,113,558 | ) | 1986 |
| 30 Years |
|
Park Place (TX) |
| Houston, TX |
| 229 |
| — |
| 1,603,000 |
| 12,054,926 |
| — |
| 704,991 |
| 1,603,000 |
| 12,759,917 |
| 14,362,917 |
| (3,263,810 | ) | 1996 |
| 30 Years |
|
Park Place II |
| Plymouth, MN |
| 250 |
| — |
| 1,216,100 |
| 10,951,698 |
| — |
| 1,427,768 |
| 1,216,100 |
| 12,379,465 |
| 13,595,565 |
| (3,938,123 | ) | 1986 |
| 30 Years |
|
Park Place West (CT) |
| West Hartford, CT |
| 63 |
| — |
| 466,243 |
| 3,116,742 |
| — |
| 166,607 |
| 466,243 |
| 3,283,350 |
| 3,749,593 |
| (538,740 | ) | 1961 |
| 30 Years |
|
Park West (CA) |
| Los Angeles, CA |
| 444 |
| — |
| 3,033,500 |
| 27,302,383 |
| — |
| 2,843,743 |
| 3,033,500 |
| 30,146,126 |
| 33,179,626 |
| (10,352,251 | ) | 1987/90 |
| 30 Years |
|
Park West (TX) |
| Austin, TX |
| 196 |
| — |
| 648,705 |
| 4,738,542 |
| — |
| 1,283,557 |
| 648,705 |
| 6,022,099 |
| 6,670,804 |
| (2,641,943 | ) | 1985 |
| 30 Years |
|
Parkfield |
| Denver, CO |
| 476 |
| — |
| 8,330,000 |
| 28,667,618 |
| — |
| 468,924 |
| 8,330,000 |
| 29,136,542 |
| 37,466,542 |
| (4,316,037 | ) | 2000 |
| 30 Years |
|
Parkside |
| Union City, CA |
| 208 |
| — |
| 6,246,700 |
| 11,827,453 |
| — |
| 2,673,000 |
| 6,246,700 |
| 14,500,453 |
| 20,747,153 |
| (3,910,813 | ) | 1979 |
| 30 Years |
|
Parkview Terrace |
| Redlands, CA |
| 558 |
| — |
| 4,969,200 |
| 35,653,777 |
| — |
| 3,230,594 |
| 4,969,200 |
| 38,884,371 |
| 43,853,571 |
| (9,727,223 | ) | 1986 |
| 30 Years |
|
Parkville (Col) |
| Columbus, OH |
| 100 |
| 1,672,484 |
| 150,433 |
| 1,325,756 |
| — |
| 390,618 |
| 150,433 |
| 1,716,374 |
| 1,866,807 |
| (458,705 | ) | 1978 |
| 30 Years |
|
Parkville (IN) |
| Gas City, IN |
| 49 |
| 694,894 |
| 103,434 |
| 911,494 |
| — |
| 178,785 |
| 103,434 |
| 1,090,279 |
| 1,193,713 |
| (264,564 | ) | 1982 |
| 30 Years |
|
Parkville (Par) |
| Englewood, OH |
| 48 |
| — |
| 127,863 |
| 1,126,638 |
| — |
| 169,572 |
| 127,863 |
| 1,296,209 |
| 1,424,072 |
| (281,425 | ) | 1982 |
| 30 Years |
|
Parkway North (REIT) |
| Ft. Meyers, FL |
| 56 |
| 1,051,070 |
| 145,350 |
| 1,308,115 |
| — |
| 280,069 |
| 145,350 |
| 1,588,184 |
| 1,733,534 |
| (253,581 | ) | 1984 |
| 30 Years |
|
Parkwood (CT) |
| East Haven, CT |
| 102 |
| — |
| 531,365 |
| 3,552,064 |
| — |
| 219,030 |
| 531,365 |
| 3,771,094 |
| 4,302,459 |
| (618,483 | ) | 1975 |
| 30 Years |
|
Parkwood Village I (REIT) |
| Douglasville, GA |
| 69 |
| 1,127,305 |
| 172,878 |
| 1,555,984 |
| — |
| 34,541 |
| 172,878 |
| 1,590,525 |
| 1,763,402 |
| (61,392 | ) | 1985 |
| 30 Years |
|
Parkwood Village II (REIT) |
| Douglasville, GA |
| 66 |
| 1,256,771 |
| 207,576 |
| 1,868,265 |
| — |
| 49,192 |
| 207,576 |
| 1,917,457 |
| 2,125,033 |
| (67,336 | ) | 1987 |
| 30 Years |
|
Phillips Park |
| Wellesley, MA |
| 49 |
| 3,865,979 |
| 816,922 |
| 5,460,955 |
| — |
| 276,381 |
| 816,922 |
| 5,737,336 |
| 6,554,258 |
| (848,626 | ) | 1988 |
| 30 Years |
|
Pier, The |
| Jersey City, NJ |
| 297 |
| — |
| 4,000,159 |
| 94,650,860 |
| — |
| 105,867 |
| 4,000,159 |
| 94,756,727 |
| 98,756,886 |
| (2,712,478 | ) | 2003 |
| 30 Years |
|
Pine Barrens |
| Jacksonville, FL |
| 104 |
| — |
| 268,303 |
| 2,364,041 |
| — |
| 631,257 |
| 268,303 |
| 2,995,298 |
| 3,263,601 |
| (654,746 | ) | 1986 |
| 30 Years |
|
Pine Harbour |
| Orlando, FL |
| 366 |
| — |
| 1,664,300 |
| 14,970,915 |
| — |
| 2,267,381 |
| 1,664,300 |
| 17,238,296 |
| 18,902,596 |
| (6,957,680 | ) | 1991 |
| 30 Years |
|
Pine Knoll |
| Jonesboro, GA |
| 46 |
| 1,121,098 |
| 138,052 |
| 1,216,391 |
| — |
| 173,686 |
| 138,052 |
| 1,390,077 |
| 1,528,129 |
| (290,447 | ) | 1985 |
| 30 Years |
|
Pine Meadows I (FL) |
| Ft. Meyers, FL |
| 60 |
| — |
| 152,019 |
| 1,339,596 |
| — |
| 434,712 |
| 152,019 |
| 1,774,309 |
| 1,926,328 |
| (458,287 | ) | 1985 |
| 30 Years |
|
Pine Terrace I |
| Callaway, FL |
| 148 |
| 1,990,498 |
| 288,992 |
| 2,546,426 |
| — |
| 838,258 |
| 288,992 |
| 3,384,685 |
| 3,673,677 |
| (829,488 | ) | 1983 |
| 30 Years |
|
Pine Tree Club |
| Wildwood, MO |
| 150 |
| — |
| 1,125,000 |
| 7,017,082 |
| — |
| 809,505 |
| 1,125,000 |
| 7,826,587 |
| 8,951,587 |
| (1,745,720 | ) | 1986 |
| 30 Years |
|
Pinegrove I (REIT) |
| Roseville, MI |
| 50 |
| 1,048,446 |
| 145,660 |
| 1,311,019 |
| — |
| 43,992 |
| 145,660 |
| 1,355,011 |
| 1,500,671 |
| (61,727 | ) | 1983 |
| 30 Years |
|
Pinegrove II (REIT) |
| Roseville, MI |
| 33 |
| — |
| 99,074 |
| 891,743 |
| — |
| 14,584 |
| 99,074 |
| 906,327 |
| 1,005,401 |
| (39,554 | ) | 1984 |
| 30 Years |
|
Pinellas Pines |
| Pinellas Park, FL |
| 68 |
| — |
| 174,999 |
| 1,541,934 |
| — |
| 271,202 |
| 174,999 |
| 1,813,136 |
| 1,988,135 |
| (399,301 | ) | 1983 |
| 30 Years |
|
Pines of Cloverlane |
| Ypsilanti, MI |
| 582 |
| — |
| 1,907,800 |
| 16,767,519 |
| — |
| 6,152,504 |
| 1,907,800 |
| 22,920,024 |
| 24,827,824 |
| (9,709,860 | ) | 1975-79 |
| 30 Years |
|
Plum Tree |
| Hales Corners, WI |
| 332 |
| (N | ) | 1,996,700 |
| 20,247,195 |
| — |
| 1,187,650 |
| 1,996,700 |
| 21,434,845 |
| 23,431,545 |
| (5,530,474 | ) | 1989 |
| 30 Years |
|
Plumwood I |
| Columbus, OH |
| 109 |
| — |
| 289,814 |
| 2,553,597 |
| — |
| 430,973 |
| 289,814 |
| 2,984,571 |
| 3,274,385 |
| (660,531 | ) | 1978 |
| 30 Years |
|
Plumwood II |
| Columbus, OH |
| 34 |
| — |
| 107,583 |
| 947,924 |
| — |
| 117,040 |
| 107,583 |
| 1,064,964 |
| 1,172,547 |
| (217,716 | ) | 1983 |
| 30 Years |
|
Point (NC) |
| Charlotte, NC |
| 340 |
| (S | ) | 1,700,000 |
| 25,417,267 |
| — |
| 634,862 |
| 1,700,000 |
| 26,052,129 |
| 27,752,129 |
| (5,809,724 | ) | 1996 |
| 30 Years |
|
Pointe at South Mountain |
| Phoenix, AZ |
| 364 |
| — |
| 2,228,800 |
| 20,059,311 |
| — |
| 1,548,364 |
| 2,228,800 |
| 21,607,675 |
| 23,836,475 |
| (6,336,652 | ) | 1988 |
| 30 Years |
|
Polos East |
| Orlando, FL |
| 308 |
| — |
| 1,386,000 |
| 19,058,620 |
| — |
| 1,025,807 |
| 1,386,000 |
| 20,084,427 |
| 21,470,427 |
| (4,669,386 | ) | 1991 |
| 30 Years |
|
Port Royale |
| Ft. Lauderdale, FL |
| 252 |
| — |
| 1,754,200 |
| 15,789,873 |
| — |
| 2,379,538 |
| 1,754,200 |
| 18,169,411 |
| 19,923,611 |
| (6,674,068 | ) | 1988 |
| 30 Years |
|
Port Royale II |
| Ft. Lauderdale, FL |
| 161 |
| — |
| 1,022,200 |
| 9,203,166 |
| — |
| 1,502,671 |
| 1,022,200 |
| 10,705,837 |
| 11,728,037 |
| (3,559,887 | ) | 1988 |
| 30 Years |
|
Port Royale III |
| Ft. Lauderdale, FL |
| 324 |
| — |
| 7,454,900 |
| 14,725,802 |
| — |
| 2,496,741 |
| 7,454,900 |
| 17,222,543 |
| 24,677,443 |
| (4,972,774 | ) | 1988 |
| 30 Years |
|
Port Royale IV |
| Ft. Lauderdale, FL |
| — |
| — |
| — |
| 24,645 |
| — |
| — |
| — |
| 24,645 |
| 24,645 |
| — |
| (F) |
| 30 Years |
|
Portland Center |
| Portland, OR (G) |
| 525 |
| — |
| 6,032,900 |
| 43,554,399 |
| — |
| 4,807,084 |
| 6,032,900 |
| 48,361,482 |
| 54,394,382 |
| (11,826,982 | ) | 1965 |
| 30 Years |
|
Portofino |
| Chino Hills, CA |
| 176 |
| — |
| 3,572,400 |
| 14,660,994 |
| — |
| 958,006 |
| 3,572,400 |
| 15,618,999 |
| 19,191,399 |
| (3,942,024 | ) | 1989 |
| 30 Years |
|
Portofino (Val) |
| Valencia, CA |
| 216 |
| 14,127,942 |
| 8,640,000 |
| 21,487,126 |
| — |
| 509,337 |
| 8,640,000 |
| 21,996,463 |
| 30,636,463 |
| (3,194,003 | ) | 1989 |
| 30 Years |
|
Portside Towers |
| Jersey City, NJ (G) |
| 527 |
| 53,654,654 |
| 22,455,700 |
| 96,842,913 |
| — |
| 4,579,315 |
| 22,455,700 |
| 101,422,228 |
| 123,877,928 |
| (23,158,728 | ) | 1992/1997 |
| 30 Years |
|
Prairie Creek I |
| Richardson, TX |
| 464 |
| (Q | ) | 4,067,292 |
| 38,986,022 |
| — |
| 1,065,640 |
| 4,067,292 |
| 40,051,662 |
| 44,118,954 |
| (8,305,833 | ) | 1998/99 |
| 30 Years |
|
Preakness |
| Antioch, TN |
| 260 |
| — |
| 1,561,900 |
| 7,668,521 |
| — |
| 1,878,288 |
| 1,561,900 |
| 9,546,808 |
| 11,108,708 |
| (3,074,683 | ) | 1986 |
| 30 Years |
|
Preserve at Deer Creek |
| Deerfield Beach, FL |
| 540 |
| — |
| 13,500,000 |
| 60,011,208 |
| — |
| 214,932 |
| 13,500,000 |
| 60,226,140 |
| 73,726,140 |
| (2,388,140 | ) | 1997 |
| 30 Years |
|
Preston at Willowbend |
| Plano, TX |
| 229 |
| — |
| 872,500 |
| 7,878,915 |
| — |
| 3,842,155 |
| 872,500 |
| 11,721,070 |
| 12,593,570 |
| (4,761,628 | ) | 1985 |
| 30 Years |
|
S-8
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||||
Apartment Name |
| Location |
| Units (J) |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
|
| |
Preston Bend |
| Dallas, TX |
| 255 |
| (M | ) | 1,085,200 |
| 9,532,056 |
| — |
| 890,964 |
| 1,085,200 |
| 10,423,020 |
| 11,508,220 |
| (3,168,810 | ) | 1986 |
| 30 Years |
|
Princeton Court |
| Evansville, IN |
| 62 |
| 832,324 |
| 116,696 |
| 1,028,219 |
| — |
| 259,207 |
| 116,696 |
| 1,287,426 |
| 1,404,122 |
| (302,131 | ) | 1985 |
| 30 Years |
|
Promenade (FL) |
| St. Petersburg, FL |
| 334 |
| — |
| 2,124,193 |
| 25,804,037 |
| — |
| 2,598,382 |
| 2,124,193 |
| 28,402,419 |
| 30,526,612 |
| (6,374,139 | ) | 1994 |
| 30 Years |
|
Promenade at Aventura |
| Aventura, FL |
| 296 |
| — |
| 13,320,000 |
| 30,353,748 |
| — |
| 759,120 |
| 13,320,000 |
| 31,112,868 |
| 44,432,868 |
| (4,416,132 | ) | 1995 |
| 30 Years |
|
Promenade at Peachtree |
| Chamblee, GA |
| 406 |
| — |
| 10,150,000 |
| 31,219,739 |
| — |
| 118,870 |
| 10,150,000 |
| 31,338,610 |
| 41,488,610 |
| (735,368 | ) | 2001 |
| 30 Years |
|
Promenade at Town Center I |
| Valencia, CA |
| 294 |
| — |
| 14,700,000 |
| 35,390,279 |
| — |
| 305,092 |
| 14,700,000 |
| 35,695,370 |
| 50,395,370 |
| (1,528,228 | ) | 2001 |
| 30 Years |
|
Promenade at Town Center II |
| Valencia, CA |
| 270 |
| 36,480,700 |
| 13,500,000 |
| 34,405,636 |
| — |
| 218,260 |
| 13,500,000 |
| 34,623,896 |
| 48,123,896 |
| (1,337,682 | ) | 2001 |
| 30 Years |
|
Promenade at Wyndham Lakes |
| Coral Springs, FL |
| 332 |
| — |
| 6,640,000 |
| 26,743,760 |
| — |
| 791,411 |
| 6,640,000 |
| 27,535,171 |
| 34,175,171 |
| (4,479,900 | ) | 1998 |
| 30 Years |
|
Promenade Terrace |
| Corona, CA |
| 330 |
| 13,857,293 |
| 2,282,800 |
| 20,546,289 |
| — |
| 2,410,823 |
| 2,282,800 |
| 22,957,113 |
| 25,239,913 |
| (6,985,404 | ) | 1990 |
| 30 Years |
|
Promontory Pointe |
| Phoenix, AZ |
| 424 |
| — |
| 2,355,509 |
| 30,421,840 |
| — |
| 1,856,078 |
| 2,355,509 |
| 32,277,917 |
| 34,633,426 |
| (8,396,729 | ) | 1984/1996 |
| 30 Years |
|
Prospect Towers |
| Hackensack, NJ |
| 157 |
| — |
| 3,926,600 |
| 27,966,416 |
| — |
| 2,394,922 |
| 3,926,600 |
| 30,361,339 |
| 34,287,939 |
| (7,558,563 | ) | 1995 |
| 30 Years |
|
Prospect Towers II |
| Hackensack, NJ |
| 203 |
| — |
| 4,500,000 |
| 33,104,733 |
| — |
| 325,131 |
| 4,500,000 |
| 33,429,863 |
| 37,929,863 |
| (3,041,709 | ) | 2002 |
| 30 Years |
|
Providence |
| Bothell, WA |
| 200 |
| — |
| 3,573,621 |
| 19,059,505 |
| — |
| 72,051 |
| 3,573,621 |
| 19,131,557 |
| 22,705,178 |
| (771,677 | ) | 2000 |
| 30 Years |
|
Providence at Kirby |
| Houston, TX |
| 263 |
| 17,945,369 |
| 3,945,000 |
| 20,587,782 |
| — |
| 1,271,074 |
| 3,945,000 |
| 21,858,856 |
| 25,803,856 |
| (1,916,148 | ) | 1999 |
| 30 Years |
|
Quail Call |
| Albany, GA |
| 55 |
| 658,053 |
| 104,723 |
| 922,728 |
| — |
| 247,805 |
| 104,723 |
| 1,170,532 |
| 1,275,256 |
| (276,965 | ) | 1984 |
| 30 Years |
|
Ramblewood I (Aug) (REIT) |
| Augusta, GA |
| 84 |
| 1,338,474 |
| 172,475 |
| 1,552,271 |
| — |
| 47,908 |
| 172,475 |
| 1,600,179 |
| 1,772,654 |
| (25,205 | ) | 1985 |
| 30 Years |
|
Ramblewood I (Val) |
| Valdosta, GA |
| 52 |
| — |
| 132,084 |
| 1,163,801 |
| — |
| 230,610 |
| 132,084 |
| 1,394,412 |
| 1,526,495 |
| (292,411 | ) | 1983 |
| 30 Years |
|
Ramblewood II (Aug) |
| Augusta, GA |
| 102 |
| — |
| 169,269 |
| 1,490,783 |
| — |
| 358,423 |
| 169,269 |
| 1,849,206 |
| 2,018,475 |
| (467,880 | ) | 1986 |
| 30 Years |
|
Ramblewood II (Val) |
| Valdosta, GA |
| 28 |
| — |
| 61,672 |
| 543,399 |
| — |
| 29,870 |
| 61,672 |
| 573,269 |
| 634,941 |
| (126,369 | ) | 1983 |
| 30 Years |
|
Ranch at Fossil Creek |
| Haltom City, TX |
| 274 |
| — |
| 1,715,435 |
| 16,829,282 |
| — |
| 128,284 |
| 1,715,435 |
| 16,957,566 |
| 18,673,001 |
| (841,197 | ) | 2003 |
| 30 Years |
|
Ranchside |
| New Port Richey, FL |
| 76 |
| — |
| 144,692 |
| 1,274,898 |
| — |
| 330,093 |
| 144,692 |
| 1,604,991 |
| 1,749,683 |
| (353,128 | ) | 1985 |
| 30 Years |
|
Ranchstone |
| Houston, TX |
| 220 |
| (S | ) | 770,000 |
| 15,371,431 |
| — |
| 503,303 |
| 770,000 |
| 15,874,734 |
| 16,644,734 |
| (3,590,712 | ) | 1996 |
| 30 Years |
|
Ravens Crest |
| Plainsboro, NJ |
| 704 |
| (R | ) | 4,670,850 |
| 42,080,642 |
| — |
| 4,858,741 |
| 4,670,850 |
| 46,939,384 |
| 51,610,234 |
| (18,200,484 | ) | 1984 |
| 30 Years |
|
Ravinia |
| Greenfield, WI |
| 206 |
| (N | ) | 1,240,100 |
| 12,055,713 |
| — |
| 731,216 |
| 1,240,100 |
| 12,786,929 |
| 14,027,029 |
| (3,315,764 | ) | 1991 |
| 30 Years |
|
Red Deer I |
| Fairborn, OH |
| 68 |
| — |
| 204,317 |
| 1,800,254 |
| — |
| 293,810 |
| 204,317 |
| 2,094,064 |
| 2,298,380 |
| (437,221 | ) | 1986 |
| 30 Years |
|
Red Deer II |
| Fairborn, OH |
| 63 |
| — |
| 193,852 |
| 1,708,044 |
| — |
| 170,208 |
| 193,852 |
| 1,878,252 |
| 2,072,104 |
| (395,366 | ) | 1987 |
| 30 Years |
|
Redan Village I |
| Decatur, GA |
| 78 |
| — |
| 274,294 |
| 2,416,963 |
| — |
| 341,091 |
| 274,294 |
| 2,758,054 |
| 3,032,349 |
| (591,108 | ) | 1984 |
| 30 Years |
|
Redan Village II |
| Decatur, GA |
| 76 |
| — |
| 240,605 |
| 2,119,855 |
| — |
| 145,866 |
| 240,605 |
| 2,265,721 |
| 2,506,327 |
| (462,051 | ) | 1986 |
| 30 Years |
|
Redlands Lawn and Tennis |
| Redlands, CA |
| 496 |
| — |
| 4,822,320 |
| 26,359,328 |
| — |
| 2,220,115 |
| 4,822,320 |
| 28,579,443 |
| 33,401,763 |
| (7,573,689 | ) | 1986 |
| 30 Years |
|
Redwood Hollow (REIT) |
| Smyrna, TN |
| 72 |
| 1,187,874 |
| 129,586 |
| 1,166,522 |
| — |
| 67,696 |
| 129,586 |
| 1,234,217 |
| 1,363,803 |
| (70,637 | ) | 1986 |
| 30 Years |
|
Regency |
| Charlotte, NC |
| 178 |
| — |
| 890,000 |
| 11,783,920 |
| — |
| 891,737 |
| 890,000 |
| 12,675,656 |
| 13,565,656 |
| (2,951,836 | ) | 1986 |
| 30 Years |
|
Regency Palms |
| Huntington Beach, CA |
| 310 |
| — |
| 1,857,400 |
| 16,713,254 |
| — |
| 2,710,700 |
| 1,857,400 |
| 19,423,953 |
| 21,281,353 |
| (6,385,834 | ) | 1969 |
| 30 Years |
|
Remington Place |
| Phoenix, AZ |
| 412 |
| — |
| 1,492,750 |
| 13,377,478 |
| — |
| 2,852,279 |
| 1,492,750 |
| 16,229,757 |
| 17,722,507 |
| (5,679,494 | ) | 1983 |
| 30 Years |
|
Reserve at Ashley Lake |
| Boynton Beach, FL |
| 440 |
| 24,150,000 |
| 3,520,400 |
| 23,332,494 |
| — |
| 1,738,849 |
| 3,520,400 |
| 25,071,342 |
| 28,591,742 |
| (6,664,216 | ) | 1990 |
| 30 Years |
|
Reserve at Clarendon Centre, The |
| Arlington, VA (G) |
| 252 |
| — |
| 10,500,000 |
| 52,957,381 |
| — |
| 198,456 |
| 10,500,000 |
| 53,155,837 |
| 63,655,837 |
| (2,510,300 | ) | 2003 |
| 30 Years |
|
Reserve at Eisenhower, The |
| Alexandria, VA |
| 226 |
| — |
| 6,500,000 |
| 34,585,060 |
| — |
| 76,969 |
| 6,500,000 |
| 34,662,028 |
| 41,162,028 |
| (2,513,414 | ) | 2002 |
| 30 Years |
|
Reserve at Fairfax Corners |
| Fairfax, VA |
| 652 |
| (U | ) | 15,804,057 |
| 63,129,051 |
| — |
| 458,593 |
| 15,804,057 |
| 63,587,643 |
| 79,391,700 |
| (5,344,613 | ) | 2001 |
| 30 Years |
|
Reserve at Marina |
| Quincy, MA |
| 136 |
| — |
| 3,618,844 |
| 24,123,769 |
| — |
| 43,756 |
| 3,618,844 |
| 24,167,525 |
| 27,786,369 |
| (758,339 | ) | 2002 |
| 30 Years |
|
Reserve at Marina |
| Quincy, MA |
| 108 |
| — |
| 3,923,754 |
| 19,306,394 |
| — |
| 16,928 |
| 3,923,754 |
| 19,323,322 |
| 23,247,076 |
| (569,298 | ) | 2003 |
| 30 Years |
|
Reserve at Potomac Yard |
| Alexandria, VA |
| 588 |
| — |
| 11,918,917 |
| 69,485,747 |
| — |
| 374,099 |
| 11,918,917 |
| 69,859,847 |
| 81,778,763 |
| (2,228,864 | ) | 2002 |
| 30 Years |
|
Reserve at Town Center |
| Loudon, VA |
| 290 |
| 26,500,000 |
| 3,144,056 |
| 27,920,288 |
| — |
| 291,751 |
| 3,144,056 |
| 28,212,039 |
| 31,356,095 |
| (954,272 | ) | 20002 |
| 30 Years |
|
Reserve at Town |
| Mill Creek, WA |
| 389 |
| — |
| 10,369,400 |
| 41,172,081 |
| — |
| 97,349 |
| 10,369,400 |
| 41,269,431 |
| 51,638,831 |
| (1,033,039 | ) | 2001 |
| 30 Years |
|
Reserve at Tyson’s Corner |
| Vienna, VA |
| — |
| — |
| — |
| 513,946 |
| — |
| — |
| — |
| 513,946 |
| 513,946 |
| — |
| (F) |
| 30 Years |
|
Reserve Square |
| Cleveland, OH (G) |
| 748 |
| — |
| 2,618,852 |
| 23,582,869 |
| — |
| 16,653,297 |
| 2,618,852 |
| 40,236,166 |
| 42,855,018 |
| (20,110,589 | ) | 1973 |
| 30 Years |
|
Residences at Little River |
| Haverhill, MA |
| 174 |
| — |
| 6,905,138 |
| 19,177,447 |
| — |
| 57,791 |
| 6,905,138 |
| 19,235,238 |
| 26,140,376 |
| (832,987 | ) | 2003 |
| 30 Years |
|
Retreat, The |
| Phoenix, AZ |
| 480 |
| (S | ) | 3,475,114 |
| 27,265,252 |
| — |
| 734,003 |
| 3,475,114 |
| 27,999,255 |
| 31,474,369 |
| (5,655,559 | ) | 1999 |
| 30 Years |
|
Ribbon Mill |
| Manchester, CT |
| 104 |
| 4,304,635 |
| 787,929 |
| 5,267,144 |
| — |
| 285,163 |
| 787,929 |
| 5,552,307 |
| 6,340,236 |
| (890,987 | ) | 1908 |
| 30 Years |
|
Richmond Townhomes |
| Houston, TX |
| 188 |
| — |
| 940,000 |
| 13,906,905 |
| — |
| 647,139 |
| 940,000 |
| 14,554,044 |
| 15,494,044 |
| (3,346,047 | ) | 1995 |
| 30 Years |
|
Ridgewood (Lou) |
| Louisville, KY |
| 61 |
| — |
| 163,686 |
| 1,442,301 |
| — |
| 162,005 |
| 163,686 |
| 1,604,306 |
| 1,767,992 |
| (326,488 | ) | 1984 |
| 30 Years |
|
Ridgewood (MI) |
| Westland, MI |
| 56 |
| 1,122,876 |
| 176,969 |
| 1,559,588 |
| — |
| 295,340 |
| 176,969 |
| 1,854,928 |
| 2,031,897 |
| (405,703 | ) | 1983 |
| 30 Years |
|
Ridgewood I (Bed) |
| Bedford, IN |
| 48 |
| 792,694 |
| 107,120 |
| 943,843 |
| — |
| 194,393 |
| 107,120 |
| 1,138,236 |
| 1,245,356 |
| (260,896 | ) | 1984 |
| 30 Years |
|
Ridgewood I (Elk) |
| Elkhart, IN |
| 70 |
| — |
| 159,371 |
| 1,404,234 |
| — |
| 350,215 |
| 159,371 |
| 1,754,449 |
| 1,913,820 |
| (402,448 | ) | 1984 |
| 30 Years |
|
Ridgewood I (GA) |
| Decatur, GA |
| 63 |
| — |
| 230,574 |
| 2,031,610 |
| — |
| 370,821 |
| 230,574 |
| 2,402,430 |
| 2,633,004 |
| (491,193 | ) | 1984 |
| 30 Years |
|
Ridgewood I (Lex) |
| Lexington, KY |
| 62 |
| — |
| 203,720 |
| 1,794,792 |
| — |
| 202,147 |
| 203,720 |
| 1,996,939 |
| 2,200,659 |
| (419,770 | ) | 1984 |
| 30 Years |
|
Ridgewood I (OH) |
| Columbus, OH |
| 60 |
| 1,135,727 |
| 174,066 |
| 1,534,135 |
| — |
| 289,937 |
| 174,066 |
| 1,824,072 |
| 1,998,138 |
| (393,255 | ) | 1984 |
| 30 Years |
|
Ridgewood II (Bed) |
| Bedford, IN |
| 50 |
| 821,030 |
| 99,559 |
| 877,221 |
| — |
| 130,858 |
| 99,559 |
| 1,008,079 |
| 1,107,637 |
| (225,649 | ) | 1986 |
| 30 Years |
|
Ridgewood II (Elk) |
| Elkhart, IN |
| 99 |
| — |
| 215,335 |
| 1,897,333 |
| — |
| 345,757 |
| 215,335 |
| 2,243,090 |
| 2,458,425 |
| (532,808 | ) | 1986 |
| 30 Years |
|
Ridgewood II (GA) |
| Decatur, GA |
| 52 |
| 909,920 |
| 164,999 |
| 1,453,626 |
| — |
| 205,788 |
| 164,999 |
| 1,659,415 |
| 1,824,414 |
| (329,833 | ) | 1986 |
| 30 Years |
|
Ridgewood II (OH) |
| Columbus, OH |
| 58 |
| 1,097,870 |
| 162,914 |
| 1,435,648 |
| — |
| 212,620 |
| 162,914 |
| 1,648,268 |
| 1,811,182 |
| (356,197 | ) | 1985 |
| 30 Years |
|
Ridgewood Village |
| San Diego, CA |
| 192 |
| — |
| 5,761,500 |
| 14,032,511 |
| — |
| 265,199 |
| 5,761,500 |
| 14,297,709 |
| 20,059,209 |
| (3,544,259 | ) | 1997 |
| 30 Years |
|
Ridgewood Village II |
| San Diego, CA |
| 216 |
| — |
| 6,048,000 |
| 19,971,537 |
| — |
| 50,210 |
| 6,048,000 |
| 20,021,747 |
| 26,069,747 |
| (2,928,817 | ) | 1997 |
| 30 Years |
|
Rincon |
| Houston, TX |
| 288 |
| — |
| 4,401,900 |
| 16,734,746 |
| — |
| 1,014,040 |
| 4,401,900 |
| 17,748,785 |
| 22,150,685 |
| (5,025,547 | ) | 1996 |
| 30 Years |
|
River Glen I |
| Reynoldsburg, OH |
| 60 |
| — |
| 171,272 |
| 1,508,892 |
| — |
| 144,495 |
| 171,272 |
| 1,653,387 |
| 1,824,659 |
| (348,018 | ) | 1987 |
| 30 Years |
|
River Glen II |
| Reynoldsburg, OH |
| 53 |
| 1,096,621 |
| 158,684 |
| 1,398,175 |
| — |
| 218,027 |
| 158,684 |
| 1,616,202 |
| 1,774,886 |
| (335,670 | ) | 1987 |
| 30 Years |
|
River Hill |
| Grand Prairie, TX |
| 334 |
| — |
| 2,004,000 |
| 19,272,944 |
| — |
| 920,781 |
| 2,004,000 |
| 20,193,725 |
| 22,197,725 |
| (4,700,454 | ) | 1996 |
| 30 Years |
|
River Oaks (CA) |
| Oceanside, CA |
| 280 |
| 10,131,654 |
| 5,600,000 |
| 20,673,714 |
| — |
| 960,332 |
| 5,600,000 |
| 21,634,045 |
| 27,234,045 |
| (3,457,684 | ) | 1984 |
| 30 Years |
|
River Park |
| Fort Worth, TX |
| 280 |
| — |
| 2,245,400 |
| 8,811,727 |
| — |
| 2,564,494 |
| 2,245,400 |
| 11,376,220 |
| 13,621,620 |
| (3,251,237 | ) | 1984 |
| 30 Years |
|
River Pointe at Den Rock Park |
| Lawrence, MA |
| 174 |
| 18,100,000 |
| 4,615,702 |
| 18,440,147 |
| — |
| 241,056 |
| 4,615,702 |
| 18,681,203 |
| 23,296,905 |
| (1,427,397 | ) | 2000 |
| 30 Years |
|
River Stone Ranch |
| Austin, TX |
| 448 |
| — |
| 5,376,000 |
| 27,004,185 |
| — |
| 750,087 |
| 5,376,000 |
| 27,754,272 |
| 33,130,272 |
| (1,342,879 | ) | 1998 |
| 30 Years |
|
Rivers Bend (CT) |
| Windsor, CT |
| 373 |
| (P | ) | 3,325,517 |
| 22,573,826 |
| — |
| 756,625 |
| 3,325,517 |
| 23,330,451 |
| 26,655,967 |
| (3,624,154 | ) | 1973 |
| 30 Years |
|
Rivers Edge |
| Waterbury, CT |
| 156 |
| — |
| 781,900 |
| 6,561,167 |
| — |
| 516,929 |
| 781,900 |
| 7,078,097 |
| 7,859,997 |
| (1,766,206 | ) | 1974 |
| 30 Years |
|
Rivers End I |
| Jacksonville, FL |
| 66 |
| 1,291,998 |
| 171,745 |
| 1,507,065 |
| — |
| 464,814 |
| 171,745 |
| 1,971,879 |
| 2,143,624 |
| (427,137 | ) | 1986 |
| 30 Years |
|
Rivers End II |
| Jacksonville, FL |
| 69 |
| — |
| 190,688 |
| 1,680,171 |
| — |
| 380,596 |
| 190,688 |
| 2,060,767 |
| 2,251,455 |
| (441,437 | ) | 1986 |
| 30 Years |
|
Riverside Park |
| Tulsa, OK |
| 288 |
| — |
| 1,441,400 |
| 12,371,637 |
| — |
| 821,818 |
| 1,441,400 |
| 13,193,455 |
| 14,634,855 |
| (3,607,550 | ) | 1994 |
| 30 Years |
|
Riverview Condominiums |
| Norwalk, CT |
| 92 |
| 5,957,202 |
| 2,300,000 |
| 7,406,730 |
| — |
| 1,248,485 |
| 2,300,000 |
| 8,655,215 |
| 10,955,215 |
| (1,563,974 | ) | 1991 |
| 30 Years |
|
Roanoke |
| Rochester Hills, MI |
| 88 |
| 40,500 |
| 369,911 |
| 3,259,270 |
| — |
| 326,572 |
| 369,911 |
| 3,585,842 |
| 3,955,753 |
| (714,204 | ) | 1985 |
| 30 Years |
|
Rock Creek |
| Carrboro, NC |
| 188 |
| — |
| 895,700 |
| 8,062,543 |
| — |
| 1,472,355 |
| 895,700 |
| 9,534,898 |
| 10,430,598 |
| (2,904,686 | ) | 1986 |
| 30 Years |
|
Rockingham Glen |
| West Roxbury, MA |
| 143 |
| 2,203,001 |
| 1,124,217 |
| 7,515,160 |
| — |
| 367,160 |
| 1,124,217 |
| 7,882,320 |
| 9,006,537 |
| (1,277,826 | ) | 1974 |
| 30 Years |
|
Rolling Green (Amherst) |
| Amherst, MA |
| 204 |
| 3,575,203 |
| 1,340,702 |
| 8,962,317 |
| — |
| 1,958,458 |
| 1,340,702 |
| 10,920,775 |
| 12,261,477 |
| (1,792,577 | ) | 1970 |
| 30 Years |
|
S-9
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||||
Apartment Name |
| Location |
| Units (J) |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
|
| |
Rolling Green (Milford) |
| Milford, MA |
| 304 |
| 7,144,117 |
| 2,012,350 |
| 13,452,150 |
| — |
| 1,480,825 |
| 2,012,350 |
| 14,932,975 |
| 16,945,325 |
| (2,647,587 | ) | 1970 |
| 30 Years |
|
Rosecliff |
| Quincy, MA |
| 156 |
| — |
| 5,460,000 |
| 15,721,570 |
| — |
| 129,854 |
| 5,460,000 |
| 15,851,424 |
| 21,311,424 |
| (3,027,904 | ) | 1990 |
| 30 Years |
|
Rosecliff II |
| Quincy, MA |
| — |
| — |
| — |
| 1,379 |
| — |
| — |
| — |
| 1,379 |
| 1,379 |
| — |
| (F) |
| 30 Years |
|
Rosewood (KY) |
| Louisville, KY |
| 77 |
| — |
| 253,453 |
| 2,233,196 |
| — |
| 277,373 |
| 253,453 |
| 2,510,569 |
| 2,764,022 |
| (530,876 | ) | 1984 |
| 30 Years |
|
Rosewood (OH) |
| Columbus, OH |
| 90 |
| — |
| 212,378 |
| 1,871,186 |
| — |
| 422,686 |
| 212,378 |
| 2,293,872 |
| 2,506,250 |
| (502,796 | ) | 1985 |
| 30 Years |
|
Rosewood Commons I |
| Indianapolis, IN |
| 96 |
| 1,712,753 |
| 228,644 |
| 2,014,652 |
| — |
| 301,649 |
| 228,644 |
| 2,316,301 |
| 2,544,946 |
| (536,374 | ) | 1986 |
| 30 Years |
|
Rosewood Commons II |
| Indianapolis, IN |
| 77 |
| — |
| 220,463 |
| 1,942,520 |
| — |
| 246,408 |
| 220,463 |
| 2,188,928 |
| 2,409,391 |
| (485,177 | ) | 1987 |
| 30 Years |
|
Royal Oak |
| Eagan, MN |
| 231 |
| 13,139,491 |
| 1,602,904 |
| 14,423,662 |
| — |
| 1,510,056 |
| 1,602,904 |
| 15,933,718 |
| 17,536,621 |
| (4,227,396 | ) | 1989 |
| 30 Years |
|
Royal Oaks (FL) |
| Jacksonville, FL |
| 284 |
| — |
| 1,988,000 |
| 13,645,117 |
| — |
| 955,505 |
| 1,988,000 |
| 14,600,623 |
| 16,588,623 |
| (3,473,615 | ) | 1991 |
| 30 Years |
|
Royale |
| Cranston, RI |
| 76 |
| (P | ) | 512,785 |
| 3,427,866 |
| — |
| 372,436 |
| 512,785 |
| 3,800,301 |
| 4,313,087 |
| (611,412 | ) | 1976 |
| 30 Years |
|
Sabal Palm at Boot Ranch |
| Palm Harbor, FL |
| 432 |
| — |
| 3,888,000 |
| 28,923,692 |
| — |
| 1,542,166 |
| 3,888,000 |
| 30,465,858 |
| 34,353,858 |
| (6,970,371 | ) | 1996 |
| 30 Years |
|
Sabal Palm at Carrollwood Place |
| Tampa, FL |
| 432 |
| — |
| 3,888,000 |
| 26,911,542 |
| — |
| 1,004,942 |
| 3,888,000 |
| 27,916,484 |
| 31,804,484 |
| (6,343,494 | ) | 1995 |
| 30 Years |
|
Sabal Palm at Lake Buena Vista |
| Orlando, FL |
| 400 |
| 21,170,000 |
| 2,800,000 |
| 23,687,893 |
| — |
| 1,166,490 |
| 2,800,000 |
| 24,854,383 |
| 27,654,383 |
| (5,845,594 | ) | 1988 |
| 30 Years |
|
Sabal Palm at Metrowest |
| Orlando, FL |
| 411 |
| — |
| 4,110,000 |
| 38,394,865 |
| — |
| 1,726,456 |
| 4,110,000 |
| 40,121,321 |
| 44,231,321 |
| (9,006,054 | ) | 1998 |
| 30 Years |
|
Sabal Palm at Metrowest II |
| Orlando, FL |
| 456 |
| — |
| 4,560,000 |
| 33,907,283 |
| — |
| 830,402 |
| 4,560,000 |
| 34,737,685 |
| 39,297,685 |
| (7,769,914 | ) | 1997 |
| 30 Years |
|
Sabal Pointe |
| Coral Springs, FL |
| 275 |
| — |
| 1,951,600 |
| 17,570,508 |
| — |
| 2,148,804 |
| 1,951,600 |
| 19,719,312 |
| 21,670,912 |
| (6,284,413 | ) | 1995 |
| 30 Years |
|
Saddle Club |
| Denver, CO |
| — |
| — |
| — |
| 753,755 |
| — |
| — |
| — |
| 753,755 |
| 753,755 |
| — |
| (F) |
| 30 Years |
|
Saddle Ridge |
| Ashburn, VA |
| 216 |
| — |
| 1,364,800 |
| 12,283,616 |
| — |
| 1,258,862 |
| 1,364,800 |
| 13,542,478 |
| 14,907,278 |
| (4,513,980 | ) | 1989 |
| 30 Years |
|
Sailboat Bay |
| Raleigh, NC |
| 192 |
| — |
| 960,000 |
| 8,797,580 |
| — |
| 787,261 |
| 960,000 |
| 9,584,841 |
| 10,544,841 |
| (2,291,347 | ) | 1986 |
| 30 Years |
|
Sandalwood |
| Toledo, OH |
| 50 |
| 1,027,632 |
| 151,926 |
| 1,338,636 |
| — |
| 198,882 |
| 151,926 |
| 1,537,517 |
| 1,689,443 |
| (308,075 | ) | 1984 |
| 30 Years |
|
Sandpiper II |
| Fort Pierce, FL |
| 66 |
| — |
| 155,496 |
| 1,369,987 |
| — |
| 349,606 |
| 155,496 |
| 1,719,593 |
| 1,875,088 |
| (438,958 | ) | 1982 |
| 30 Years |
|
Sanford Court |
| Sanford, FL |
| 106 |
| 1,617,450 |
| 238,814 |
| 2,104,212 |
| — |
| 497,180 |
| 238,814 |
| 2,601,392 |
| 2,840,206 |
| (605,767 | ) | 1976 |
| 30 Years |
|
Savannah at Park Place |
| Atlanta, GA |
| 416 |
| — |
| 7,696,095 |
| 34,474,837 |
| — |
| 317,791 |
| 7,696,095 |
| 34,792,628 |
| 42,488,723 |
| (1,147,300 | ) | 2001 |
| 30 Years |
|
Savannah Lakes |
| Boynton Beach, FL |
| 466 |
| — |
| 7,000,000 |
| 30,422,607 |
| — |
| 944,529 |
| 7,000,000 |
| 31,367,135 |
| 38,367,135 |
| (3,259,424 | ) | 1991 |
| 30 Years |
|
Savannah Midtown |
| Atlanta, GA |
| 322 |
| — |
| 7,209,873 |
| 29,712,389 |
| — |
| 409,868 |
| 7,209,873 |
| 30,122,257 |
| 37,332,130 |
| (1,020,854 | ) | 2000 |
| 30 Years |
|
Savoy I |
| Aurora, CO |
| 444 |
| — |
| 6,109,460 |
| 38,765,670 |
| — |
| 117,013 |
| 6,109,460 |
| 38,882,684 |
| 44,992,144 |
| (1,528,681 | ) | 2001 |
| 30 Years |
|
Scarborough Square |
| Rockville, MD |
| 121 |
| 4,811,343 |
| 1,815,000 |
| 7,608,126 |
| — |
| 1,104,289 |
| 1,815,000 |
| 8,712,414 |
| 10,527,414 |
| (2,135,143 | ) | 1967 |
| 30 Years |
|
Schooner Bay I |
| Foster City, CA |
| 168 |
| 27,000,000 |
| 5,345,000 |
| 16,947,265 |
| — |
| 860,591 |
| 5,345,000 |
| 17,807,856 |
| 23,152,856 |
| (2,334,379 | ) | 1985 |
| 30 Years |
|
Schooner Bay II |
| Foster City, CA |
| 144 |
| 23,760,000 |
| 4,550,000 |
| 14,975,001 |
| — |
| 760,060 |
| 4,550,000 |
| 15,735,061 |
| 20,285,061 |
| (2,035,972 | ) | 1985 |
| 30 Years |
|
Scottsdale Meadows |
| Scottsdale, AZ |
| 168 |
| — |
| 1,512,000 |
| 11,407,699 |
| — |
| 785,946 |
| 1,512,000 |
| 12,193,645 |
| 13,705,645 |
| (3,228,748 | ) | 1984 |
| 30 Years |
|
Security Manor |
| Westfield, MA |
| 63 |
| (P | ) | 355,456 |
| 2,376,152 |
| — |
| 53,336 |
| 355,456 |
| 2,429,488 |
| 2,784,944 |
| (394,435 | ) | 1971 |
| 30 Years |
|
Sedona Springs |
| Austin, TX |
| 396 |
| (S | ) | 2,574,000 |
| 23,477,043 |
| — |
| 1,470,834 |
| 2,574,000 |
| 24,947,876 |
| 27,521,876 |
| (5,879,393 | ) | 1995 |
| 30 Years |
|
Seeley Lake |
| Lakewood, WA |
| 522 |
| — |
| 2,760,400 |
| 24,845,286 |
| — |
| 2,136,658 |
| 2,760,400 |
| 26,981,945 |
| 29,742,345 |
| (7,571,569 | ) | 1990 |
| 30 Years |
|
Seventh & James |
| Seattle, WA |
| 96 |
| — |
| 663,800 |
| 5,974,803 |
| — |
| 1,907,503 |
| 663,800 |
| 7,882,306 |
| 8,546,106 |
| (2,454,420 | ) | 1992 |
| 30 Years |
|
Shadetree |
| West Palm Beach, FL |
| 76 |
| — |
| 532,000 |
| 1,420,721 |
| — |
| 337,343 |
| 532,000 |
| 1,758,064 |
| 2,290,064 |
| (322,125 | ) | 1982 |
| 30 Years |
|
Shadow Bay I |
| Jacksonville, FL |
| 53 |
| — |
| 123,319 |
| 1,086,720 |
| — |
| 163,688 |
| 123,319 |
| 1,250,408 |
| 1,373,727 |
| (293,618 | ) | 1984 |
| 30 Years |
|
Shadow Bay II |
| Jacksonville, FL |
| 59 |
| 923,423 |
| 139,709 |
| 1,231,134 |
| — |
| 149,200 |
| 139,709 |
| 1,380,334 |
| 1,520,042 |
| (321,749 | ) | 1985 |
| 30 Years |
|
Shadow Brook |
| Scottsdale, AZ |
| 224 |
| — |
| 3,065,496 |
| 18,367,686 |
| — |
| 1,264,011 |
| 3,065,496 |
| 19,631,697 |
| 22,697,193 |
| (5,153,874 | ) | 1984 |
| 30 Years |
|
Shadow Creek |
| Winter Springs, FL |
| 280 |
| — |
| 6,000,000 |
| 21,719,768 |
| — |
| 61,442 |
| 6,000,000 |
| 21,781,211 |
| 27,781,211 |
| (663,359 | ) | 2000 |
| 30 Years |
|
Shadow Lake |
| Doraville, GA |
| 228 |
| — |
| 1,140,000 |
| 13,117,277 |
| — |
| 657,150 |
| 1,140,000 |
| 13,774,427 |
| 14,914,427 |
| (3,180,214 | ) | 1989 |
| 30 Years |
|
Shadow Ridge |
| Tallahassee, FL |
| 62 |
| — |
| 150,327 |
| 1,324,061 |
| — |
| 261,755 |
| 150,327 |
| 1,585,817 |
| 1,736,143 |
| (356,374 | ) | 1983 |
| 30 Years |
|
Shadow Trace |
| Stone Mountain, GA |
| 81 |
| — |
| 244,320 |
| 2,152,729 |
| — |
| 318,293 |
| 244,320 |
| 2,471,021 |
| 2,715,342 |
| (530,446 | ) | 1984 |
| 30 Years |
|
Shadowood I |
| Sarasota, FL |
| 69 |
| 600,000 |
| 157,661 |
| 1,389,061 |
| — |
| 372,053 |
| 157,661 |
| 1,761,114 |
| 1,918,775 |
| (392,701 | ) | 1982 |
| 30 Years |
|
Shadowood II |
| Sarasota, FL |
| 70 |
| 1,120,960 |
| 152,031 |
| 1,339,469 |
| — |
| 245,867 |
| 152,031 |
| 1,585,336 |
| 1,737,367 |
| (342,470 | ) | 1983 |
| 30 Years |
|
Sheffield Court |
| Arlington, VA |
| 597 |
| — |
| 3,349,350 |
| 31,337,168 |
| — |
| 2,970,541 |
| 3,349,350 |
| 34,307,709 |
| 37,657,059 |
| (12,256,204 | ) | 1986 |
| 30 Years |
|
Sherbrook (IN) |
| Indianapolis, IN |
| 76 |
| 1,536,953 |
| 171,920 |
| 1,514,707 |
| — |
| 193,269 |
| 171,920 |
| 1,707,976 |
| 1,879,897 |
| (397,596 | ) | 1986 |
| 30 Years |
|
Sherbrook (OH) |
| Columbus, OH |
| 60 |
| 1,041,084 |
| 163,493 |
| 1,440,036 |
| — |
| 330,562 |
| 163,493 |
| 1,770,598 |
| 1,934,092 |
| (396,239 | ) | 1985 |
| 30 Years |
|
Sherbrook (PA) |
| Wexford, PA |
| 74 |
| — |
| 279,665 |
| 2,464,404 |
| — |
| 306,980 |
| 279,665 |
| 2,771,384 |
| 3,051,049 |
| (581,057 | ) | 1986 |
| 30 Years |
|
Siena Terrace |
| Lake Forest, CA |
| 356 |
| 17,316,163 |
| 8,900,000 |
| 24,083,024 |
| — |
| 1,342,385 |
| 8,900,000 |
| 25,425,408 |
| 34,325,408 |
| (5,457,037 | ) | 1988 |
| 30 Years |
|
Silver Forest |
| Ocala, FL |
| 51 |
| 798,844 |
| 126,536 |
| 1,114,917 |
| — |
| 184,435 |
| 126,536 |
| 1,299,352 |
| 1,425,888 |
| (262,537 | ) | 1985 |
| 30 Years |
|
Silver Springs (FL) |
| Jacksonville, FL |
| 432 |
| — |
| 1,831,100 |
| 16,474,735 |
| — |
| 4,045,225 |
| 1,831,100 |
| 20,519,960 |
| 22,351,060 |
| (6,300,272 | ) | 1985 |
| 30 Years |
|
Sky Ridge |
| Woodstock, GA |
| 120 |
| — |
| 437,373 |
| 3,853,792 |
| — |
| 418,050 |
| 437,373 |
| 4,271,842 |
| 4,709,216 |
| (874,855 | ) | 1987 |
| 30 Years |
|
Skycrest |
| Valencia, CA |
| 264 |
| 17,582,696 |
| 10,560,000 |
| 25,574,457 |
| — |
| 695,678 |
| 10,560,000 |
| 26,270,136 |
| 36,830,136 |
| (3,785,956 | ) | 1999 |
| 30 Years |
|
Skylark |
| Union City, CA |
| 174 |
| — |
| 1,781,600 |
| 16,731,916 |
| — |
| 826,785 |
| 1,781,600 |
| 17,558,701 |
| 19,340,301 |
| (4,086,181 | ) | 1986 |
| 30 Years |
|
Skyview |
| Rancho Santa Margarita, CA |
| 260 |
| — |
| 3,380,000 |
| 21,953,151 |
| — |
| 360,073 |
| 3,380,000 |
| 22,313,224 |
| 25,693,224 |
| (4,471,167 | ) | 1999 |
| 30 Years |
|
Slate Run (Hop) |
| Hopkinsville, KY |
| 57 |
| — |
| 91,304 |
| 804,535 |
| — |
| 199,255 |
| 91,304 |
| 1,003,790 |
| 1,095,094 |
| (243,726 | ) | 1984 |
| 30 Years |
|
Slate Run (Ind) |
| Indianapolis, IN |
| 90 |
| 1,890,871 |
| 295,593 |
| 2,604,497 |
| — |
| 467,165 |
| 295,593 |
| 3,071,661 |
| 3,367,254 |
| (672,611 | ) | 1984 |
| 30 Years |
|
Slate Run (Leb) |
| Lebanon, IN |
| 61 |
| 1,147,354 |
| 154,061 |
| 1,357,445 |
| — |
| 294,121 |
| 154,061 |
| 1,651,566 |
| 1,805,627 |
| (367,467 | ) | 1984 |
| 30 Years |
|
Slate Run (Mia) |
| Miamisburg, OH |
| 48 |
| 778,713 |
| 136,065 |
| 1,198,879 |
| — |
| 198,060 |
| 136,065 |
| 1,396,940 |
| 1,533,004 |
| (295,504 | ) | 1985 |
| 30 Years |
|
Slate Run I (Lou) |
| Louisville, KY |
| 65 |
| — |
| 179,766 |
| 1,583,931 |
| — |
| 259,677 |
| 179,766 |
| 1,843,608 |
| 2,023,373 |
| (411,898 | ) | 1984 |
| 30 Years |
|
Slate Run II (Lou) |
| Louisville, KY |
| 63 |
| 1,087,384 |
| 167,723 |
| 1,477,722 |
| — |
| 168,959 |
| 167,723 |
| 1,646,682 |
| 1,814,404 |
| (345,039 | ) | 1985 |
| 30 Years |
|
Sommerset Place |
| Raleigh, NC |
| 144 |
| — |
| 360,000 |
| 7,800,206 |
| — |
| 809,925 |
| 360,000 |
| 8,610,131 |
| 8,970,131 |
| (2,043,656 | ) | 1983 |
| 30 Years |
|
Sonata at Cherry Creek |
| Denver, CO |
| 183 |
| — |
| 5,490,000 |
| 18,130,479 |
| — |
| 333,314 |
| 5,490,000 |
| 18,463,793 |
| 23,953,793 |
| (2,725,093 | ) | 1999 |
| 30 Years |
|
Sonoran |
| Phoenix, AZ |
| 429 |
| — |
| 2,361,922 |
| 31,841,724 |
| — |
| 1,301,191 |
| 2,361,922 |
| 33,142,915 |
| 35,504,837 |
| (8,470,598 | ) | 1995 |
| 30 Years |
|
Sonterra at Foothill Ranch |
| Foothill Ranch, CA |
| 300 |
| (R | ) | 7,503,400 |
| 24,048,507 |
| — |
| 825,168 |
| 7,503,400 |
| 24,873,674 |
| 32,377,074 |
| (5,929,481 | ) | 1997 |
| 30 Years |
|
South Pointe |
| St. Louis, MO |
| 192 |
| 7,110,250 |
| 961,100 |
| 8,651,150 |
| — |
| 1,699,666 |
| 961,100 |
| 10,350,816 |
| 11,311,916 |
| (3,160,472 | ) | 1986 |
| 30 Years |
|
South Shore |
| Stockton, CA |
| 129 |
| 6,833,000 |
| 840,000 |
| 6,826,626 |
| — |
| 556,688 |
| 840,000 |
| 7,383,314 |
| 8,223,314 |
| (1,141,569 | ) | 1979 |
| 30 Years |
|
South Winds |
| Fall River, MA |
| 404 |
| 7,123,908 |
| 2,481,821 |
| 16,780,359 |
| — |
| 1,503,262 |
| 2,481,821 |
| 18,283,621 |
| 20,765,442 |
| (3,165,723 | ) | 1971 |
| 30 Years |
|
Southwood |
| Palo Alto, CA |
| 99 |
| — |
| 6,936,600 |
| 14,324,069 |
| — |
| 1,227,705 |
| 6,936,600 |
| 15,551,774 |
| 22,488,374 |
| (3,896,233 | ) | 1985 |
| 30 Years |
|
Spicewood |
| Indianapolis, IN |
| 50 |
| 984,566 |
| 128,355 |
| 1,131,044 |
| — |
| 131,274 |
| 128,355 |
| 1,262,318 |
| 1,390,673 |
| (273,232 | ) | 1986 |
| 30 Years |
|
Spinnaker Cove |
| Hermitage, TN |
| 278 |
| (M | ) | 1,461,731 |
| 12,770,421 |
| — |
| 2,375,670 |
| 1,461,731 |
| 15,146,091 |
| 16,607,822 |
| (4,414,455 | ) | 1986 |
| 30 Years |
|
Spring Gate |
| Springfield, FL |
| 66 |
| — |
| 132,951 |
| 1,171,447 |
| — |
| 294,672 |
| 132,951 |
| 1,466,118 |
| 1,599,070 |
| (394,965 | ) | 1983 |
| 30 Years |
|
Spring Hill Commons |
| Acton, MA |
| 105 |
| — |
| 1,107,436 |
| 7,402,980 |
| — |
| 362,840 |
| 1,107,436 |
| 7,765,820 |
| 8,873,256 |
| (1,221,705 | ) | 1973 |
| 30 Years |
|
Spring Lake Manor |
| Birmingham, AL (T) |
| 240 |
| 3,696,601 |
| 199,992 |
| 4,512,048 |
| — |
| 1,175,058 |
| 199,992 |
| 5,687,106 |
| 5,887,098 |
| (1,441,914 | ) | 1972 |
| 30 Years |
|
Springbrook |
| Anderson, SC |
| 92 |
| 1,575,700 |
| 150,209 |
| 1,488,611 |
| — |
| 308,655 |
| 150,209 |
| 1,797,266 |
| 1,947,475 |
| (404,389 | ) | 1986 |
| 30 Years |
|
Springs Colony |
| Altamonte Springs, FL |
| 188 |
| (M | ) | 630,411 |
| 5,852,157 |
| — |
| 1,378,442 |
| 630,411 |
| 7,230,598 |
| 7,861,009 |
| (3,122,431 | ) | 1986 |
| 30 Years |
|
Springtree (REIT) |
| W. Palm Beach, FL |
| 72 |
| 1,121,825 |
| 183,100 |
| 1,648,301 |
| — |
| 179,965 |
| 183,100 |
| 1,828,266 |
| 2,011,366 |
| (288,426 | ) | 1982 |
| 30 Years |
|
Springwood (Col) |
| Columbus, OH |
| 64 |
| 994,795 |
| 189,948 |
| 1,672,889 |
| — |
| 293,483 |
| 189,948 |
| 1,966,372 |
| 2,156,320 |
| (430,356 | ) | 1983 |
| 30 Years |
|
St. Andrews at Winston Park |
| Coconut Creek, FL |
| 284 |
| — |
| 5,680,000 |
| 19,812,090 |
| — |
| 695,344 |
| 5,680,000 |
| 20,507,434 |
| 26,187,434 |
| (2,226,160 | ) | 1997 |
| 30 Years |
|
S-10
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||||
Apartment Name |
| Location |
| Units (J) |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steeplechase |
| Charlotte, NC |
| 247 |
| — |
| 1,111,500 |
| 10,180,750 |
| — |
| 698,720 |
| 1,111,500 |
| 10,879,470 |
| 11,990,970 |
| (2,720,640 | ) | 1986 |
| 30 Years |
|
Sterling Heights Condominium, LLC |
| Bellevue, WA |
| 76 |
| — |
| 1,928,071 |
| 8,363,070 |
| — |
| 386,210 |
| 1,928,071 |
| 8,749,280 |
| 10,677,351 |
| — |
| 1988 |
| 30 Years |
|
Sterling Point |
| Littleton, CO |
| 143 |
| — |
| 935,500 |
| 8,419,200 |
| — |
| 835,218 |
| 935,500 |
| 9,254,418 |
| 10,189,918 |
| (2,697,580 | ) | 1979 |
| 30 Years |
|
Stewart Way I |
| Hinesville, GA |
| 132 |
| 2,019,543 |
| 290,773 |
| 2,562,373 |
| — |
| 511,434 |
| 290,773 |
| 3,073,807 |
| 3,364,580 |
| (664,709 | ) | 1986 |
| 30 Years |
|
Stewart Way III |
| Hinesville, GA |
| 59 |
| — |
| 100,500 |
| 1,530,464 |
| — |
| 64,663 |
| 100,500 |
| 1,595,127 |
| 1,695,627 |
| (61,285 | ) | 1986 |
| 30 Years |
|
Stillwater |
| Savannah, GA |
| 53 |
| — |
| 151,198 |
| 1,332,417 |
| — |
| 209,501 |
| 151,198 |
| 1,541,918 |
| 1,693,116 |
| (311,929 | ) | 1983 |
| 30 Years |
|
Stone Crossing |
| Montgomery, AL (T) |
| 152 |
| 1,866,400 |
| 103,186 |
| 2,716,316 |
| — |
| 462,829 |
| 103,186 |
| 3,179,145 |
| 3,282,331 |
| (812,006 | ) | 1973 |
| 30 Years |
|
Stone Oak |
| Houston, TX |
| 318 |
| — |
| 2,544,000 |
| 17,513,496 |
| — |
| 274,935 |
| 2,544,000 |
| 17,788,431 |
| 20,332,431 |
| (1,692,755 | ) | 1998 |
| 30 Years |
|
Stonehenge (Day) |
| Dayton, OH |
| 69 |
| — |
| 202,294 |
| 1,782,140 |
| — |
| 236,420 |
| 202,294 |
| 2,018,560 |
| 2,220,854 |
| (444,399 | ) | 1985 |
| 30 Years |
|
Stonehenge (Ind) |
| Indianapolis, IN |
| 60 |
| 1,117,603 |
| 146,810 |
| 1,293,559 |
| — |
| 309,073 |
| 146,810 |
| 1,602,632 |
| 1,749,442 |
| (395,830 | ) | 1984 |
| 30 Years |
|
Stonehenge (KY) |
| Glasgow, KY |
| 54 |
| 739,227 |
| 111,632 |
| 983,596 |
| — |
| 185,422 |
| 111,632 |
| 1,169,018 |
| 1,280,650 |
| (255,824 | ) | 1983 |
| 30 Years |
|
Stonehenge (Mas) |
| Massillon, OH |
| 60 |
| — |
| 145,386 |
| 1,281,012 |
| — |
| 280,585 |
| 145,386 |
| 1,561,596 |
| 1,706,983 |
| (355,926 | ) | 1984 |
| 30 Years |
|
Stonehenge I (Ric) |
| Richmond, IN |
| 59 |
| 1,046,236 |
| 156,343 |
| 1,377,552 |
| — |
| 246,405 |
| 156,343 |
| 1,623,957 |
| 1,780,300 |
| (389,281 | ) | 1984 |
| 30 Years |
|
Stoneleigh at Deerfield |
| Alpharetta, GA |
| 370 |
| — |
| 4,810,000 |
| 29,997,224 |
| — |
| — |
| 4,810,000 |
| 29,997,224 |
| 34,807,224 |
| (137,684 | ) | 2003 |
| 30 Years |
|
Stoney Creek |
| Lakewood, WA |
| 231 |
| — |
| 1,215,200 |
| 10,938,134 |
| — |
| 1,078,955 |
| 1,215,200 |
| 12,017,089 |
| 13,232,289 |
| (3,432,437 | ) | 1990 |
| 30 Years |
|
Stratford Square |
| Winter Park, FL (T) |
| 204 |
| 4,814,693 |
| 391,300 |
| 3,176,441 |
| — |
| 503,490 |
| 391,300 |
| 3,679,932 |
| 4,071,232 |
| (926,019 | ) | 1972 |
| 30 Years |
|
Sturbridge Meadows |
| Sturbridge, MA |
| 104 |
| 2,133,569 |
| 702,447 |
| 4,695,714 |
| — |
| 187,448 |
| 702,447 |
| 4,883,162 |
| 5,585,609 |
| (790,018 | ) | 1985 |
| 30 Years |
|
Suffolk Grove I |
| Grove City, OH |
| 71 |
| — |
| 214,107 |
| 1,886,415 |
| — |
| 419,166 |
| 214,107 |
| 2,305,581 |
| 2,519,687 |
| (482,138 | ) | 1985 |
| 30 Years |
|
Suffolk Grove II |
| Grove City, OH |
| 49 |
| — |
| 167,683 |
| 1,477,569 |
| — |
| 234,035 |
| 167,683 |
| 1,711,603 |
| 1,879,286 |
| (364,925 | ) | 1987 |
| 30 Years |
|
Sugartree I |
| New Smyrna Beach, FL |
| 61 |
| 890,931 |
| 155,018 |
| 1,453,696 |
| — |
| 337,939 |
| 155,018 |
| 1,791,635 |
| 1,946,653 |
| (382,325 | ) | 1984 |
| 30 Years |
|
Sugartree II (REIT) |
| New Smyrna Beach, FL |
| 60 |
| 1,444,026 |
| 178,416 |
| 1,599,476 |
| — |
| 23,597 |
| 178,416 |
| 1,623,072 |
| 1,801,488 |
| (76,817 | ) | 1985 |
| 30 Years |
|
Summer Chase |
| Denver, CO |
| 384 |
| (Q | ) | 1,709,200 |
| 15,375,008 |
| — |
| 2,492,547 |
| 1,709,200 |
| 17,867,555 |
| 19,576,755 |
| (6,233,072 | ) | 1983 |
| 30 Years |
|
Summer Creek |
| Plymouth, MN |
| 72 |
| — |
| 579,600 |
| 3,815,800 |
| — |
| 497,446 |
| 579,600 |
| 4,313,246 |
| 4,892,846 |
| (1,162,281 | ) | 1985 |
| 30 Years |
|
Summer Ridge |
| Riverside, CA |
| 136 |
| — |
| 602,400 |
| 5,422,807 |
| — |
| 1,657,058 |
| 602,400 |
| 7,079,866 |
| 7,682,266 |
| (2,036,002 | ) | 1985 |
| 30 Years |
|
Summerhill Glen |
| Maynard, MA |
| 120 |
| 1,795,295.76 |
| 415,812 |
| 3,000,816 |
| — |
| 408,057 |
| 415,812 |
| 3,408,873 |
| 3,824,685 |
| (610,591 | ) | 1980 |
| 30 Years |
|
Summerset Village |
| Chatsworth, CA |
| 280 |
| (Q | ) | 2,630,700 |
| 23,670,889 |
| — |
| 1,173,531 |
| 2,630,700 |
| 24,844,420 |
| 27,475,120 |
| (7,312,315 | ) | 1985 |
| 30 Years |
|
Summerset Village II |
| Chatsworth, CA |
| — |
| — |
| 260,646 |
| 31,577 |
| — |
| — |
| 260,646 |
| 31,577 |
| 292,223 |
| — |
| (F) |
| 30 Years |
|
Summerwood |
| Hayward, CA |
| 162 |
| — |
| 4,866,600 |
| 6,942,743 |
| — |
| 783,586 |
| 4,866,600 |
| 7,726,329 |
| 12,592,929 |
| (2,014,676 | ) | 1982 |
| 30 Years |
|
Summit & Birch Hill |
| Farmington, CT |
| 186 |
| (P | ) | 1,757,438 |
| 11,748,112 |
| — |
| 866,789 |
| 1,757,438 |
| 12,614,902 |
| 14,372,340 |
| (1,921,101 | ) | 1967 |
| 30 Years |
|
Summit at Lake Union |
| Seattle, WA |
| 150 |
| — |
| 1,424,700 |
| 12,852,461 |
| — |
| 1,179,999 |
| 1,424,700 |
| 14,032,460 |
| 15,457,160 |
| (3,995,450 | ) | 1995 - 1997 |
| 30 Years |
|
Summit Center (FL) |
| W. Palm Beach, FL |
| 87 |
| 2,119,290 |
| 670,000 |
| 1,733,312 |
| — |
| 390,548 |
| 670,000 |
| 2,123,860 |
| 2,793,860 |
| (445,064 | ) | 1987 |
| 30 Years |
|
Sunforest |
| Davie, FL |
| 494 |
| — |
| 10,000,000 |
| 32,124,850 |
| — |
| 593,340 |
| 10,000,000 |
| 32,718,189 |
| 42,718,189 |
| (1,667,412 | ) | 1989 |
| 30 Years |
|
Sunnyside |
| Tifton, GA |
| 72 |
| 1,223,638 |
| 166,887 |
| 1,470,612 |
| — |
| 240,478 |
| 166,887 |
| 1,711,091 |
| 1,877,978 |
| (389,425 | ) | 1984 |
| 30 Years |
|
Sunset Way I |
| Miami, FL |
| 100 |
| — |
| 258,568 |
| 2,278,539 |
| — |
| 386,942 |
| 258,568 |
| 2,665,481 |
| 2,924,049 |
| (592,006 | ) | 1987 |
| 30 Years |
|
Sunset Way II |
| Miami, FL |
| 100 |
| — |
| 274,903 |
| 2,422,546 |
| — |
| 292,675 |
| 274,903 |
| 2,715,221 |
| 2,990,125 |
| (582,451 | ) | 1988 |
| 30 Years |
|
Suntree |
| West Palm Beach, FL |
| 67 |
| — |
| 469,000 |
| 1,479,589 |
| — |
| 93,509 |
| 469,000 |
| 1,573,097 |
| 2,042,097 |
| (245,608 | ) | 1982 |
| 30 Years |
|
Surrey Downs |
| Bellevue, WA |
| 122 |
| — |
| 3,057,100 |
| 7,848,618 |
| — |
| 677,314 |
| 3,057,100 |
| 8,525,933 |
| 11,583,033 |
| (2,097,612 | ) | 1986 |
| 30 Years |
|
Sutton Place |
| Dallas, TX |
| 456 |
| — |
| 1,306,335 |
| 12,227,725 |
| — |
| 4,461,706 |
| 1,306,335 |
| 16,689,431 |
| 17,995,766 |
| (7,559,599 | ) | 1985 |
| 30 Years |
|
Sutton Place (FL) |
| Lakeland, FL |
| 55 |
| 777,468 |
| 120,887 |
| 1,065,150 |
| — |
| 315,354 |
| 120,887 |
| 1,380,504 |
| 1,501,392 |
| (323,419 | ) | 1984 |
| 30 Years |
|
Sycamore Creek |
| Scottsdale, AZ |
| 350 |
| — |
| 3,152,000 |
| 19,083,727 |
| — |
| 1,501,078 |
| 3,152,000 |
| 20,584,805 |
| 23,736,805 |
| (5,655,884 | ) | 1984 |
| 30 Years |
|
Tabor Ridge |
| Berea, OH |
| 97 |
| — |
| 235,940 |
| 2,079,290 |
| — |
| 431,301 |
| 235,940 |
| 2,510,591 |
| 2,746,531 |
| (571,404 | ) | 1986 |
| 30 Years |
|
Talleyrand |
| Tarrytown, NY (M) |
| 300 |
| 35,000,000 |
| 12,000,000 |
| 49,838,160 |
| — |
| 545,143 |
| 12,000,000 |
| 50,383,303 |
| 62,383,303 |
| (5,827,652 | ) | 1997-98 |
| 30 Years |
|
Tamarlane |
| Portland, ME |
| 115 |
| — |
| 690,900 |
| 5,153,633 |
| — |
| 432,109 |
| 690,900 |
| 5,585,741 |
| 6,276,641 |
| (1,615,692 | ) | 1986 |
| 30 Years |
|
Tanasbourne Terrace |
| Hillsboro, OR |
| 373 |
| (Q | ) | 1,876,700 |
| 16,891,205 |
| — |
| 2,548,661 |
| 1,876,700 |
| 19,439,865 |
| 21,316,565 |
| (7,672,952 | ) | 1986-89 |
| 30 Years |
|
Tanglewood (RI) |
| West Warwick, RI |
| 176 |
| 6,305,957 |
| 1,141,415 |
| 7,630,129 |
| — |
| 292,946 |
| 1,141,415 |
| 7,923,074 |
| 9,064,490 |
| (1,264,960 | ) | 1973 |
| 30 Years |
|
Tanglewood (VA) |
| Manassas, VA |
| 432 |
| 25,110,000 |
| 2,108,295 |
| 24,619,176 |
| — |
| 3,179,192 |
| 2,108,295 |
| 27,798,367 |
| 29,906,662 |
| (8,705,290 | ) | 1987 |
| 30 Years |
|
Terrace Trace |
| Tampa, FL |
| 87 |
| 1,503,913 |
| 193,916 |
| 1,708,615 |
| — |
| 307,346 |
| 193,916 |
| 2,015,961 |
| 2,209,877 |
| (452,793 | ) | 1985 |
| 30 Years |
|
Thymewood II |
| Miami, FL |
| 70 |
| — |
| 219,661 |
| 1,936,463 |
| — |
| 189,773 |
| 219,661 |
| 2,126,236 |
| 2,345,897 |
| (434,930 | ) | 1986 |
| 30 Years |
|
Tierra Antigua |
| Albuquerque, NM |
| 148 |
| 6,249,298 |
| 1,825,000 |
| 7,792,856 |
| — |
| 370,058 |
| 1,825,000 |
| 8,162,915 |
| 9,987,915 |
| (1,254,029 | ) | 1985 |
| 30 Years |
|
Timber Hollow |
| Chapel Hill, NC |
| 198 |
| — |
| 800,000 |
| 11,219,537 |
| — |
| 1,106,214 |
| 800,000 |
| 12,325,751 |
| 13,125,751 |
| (2,898,612 | ) | 1986 |
| 30 Years |
|
Timbercreek |
| Toledo, OH |
| 77 |
| 1,416,857 |
| 203,420 |
| 1,792,350 |
| — |
| 310,580 |
| 203,420 |
| 2,102,930 |
| 2,306,350 |
| (446,629 | ) | 1987 |
| 30 Years |
|
Timberwalk |
| Jacksonville, FL |
| 284 |
| — |
| 1,988,000 |
| 13,204,219 |
| — |
| 1,045,529 |
| 1,988,000 |
| 14,249,748 |
| 16,237,748 |
| (3,450,151 | ) | 1987 |
| 30 Years |
|
Timberwood (GA) |
| Perry, GA |
| 60 |
| — |
| 144,299 |
| 1,271,305 |
| — |
| 202,840 |
| 144,299 |
| 1,474,145 |
| 1,618,444 |
| (298,729 | ) | 1985 |
| 30 Years |
|
Toscana |
| Irvine, CA |
| 563 |
| — |
| 39,410,000 |
| 50,806,072 |
| — |
| 2,411,627 |
| 39,410,000 |
| 53,217,699 |
| 92,627,699 |
| (8,060,818 | ) | 1991/1993 |
| 30 Years |
|
Town Center (TX) |
| Kingwood, TX |
| 258 |
| — |
| 1,291,300 |
| 11,530,216 |
| — |
| 1,330,686 |
| 1,291,300 |
| 12,860,903 |
| 14,152,203 |
| (3,633,662 | ) | 1994 |
| 30 Years |
|
Town Center II (TX) |
| Kingwood, TX |
| 260 |
| — |
| 1,375,000 |
| 14,169,656 |
| — |
| 92,683 |
| 1,375,000 |
| 14,262,339 |
| 15,637,339 |
| (2,661,766 | ) | 1994 |
| 30 Years |
|
Trails (CO), The |
| Aurora, CO |
| 351 |
| (Q | ) | 1,217,900 |
| 8,877,205 |
| — |
| 3,148,290 |
| 1,217,900 |
| 12,025,495 |
| 13,243,395 |
| (5,539,307 | ) | 1986 |
| 30 Years |
|
Trails at Briar Forest |
| Houston, TX |
| 476 |
| 12,481,969 |
| 2,380,000 |
| 24,911,561 |
| — |
| 1,546,286 |
| 2,380,000 |
| 26,457,847 |
| 28,837,847 |
| (6,218,539 | ) | 1990 |
| 30 Years |
|
Trails at Dominion Park |
| Houston, TX |
| 843 |
| — |
| 2,531,800 |
| 35,699,589 |
| — |
| 3,981,877 |
| 2,531,800 |
| 39,681,466 |
| 42,213,266 |
| (11,864,870 | ) | 1992 |
| 30 Years |
|
Trailway Pond I |
| Burnsville, MN |
| 75 |
| 4,909,210 |
| 479,284 |
| 4,312,144 |
| — |
| 643,234 |
| 479,284 |
| 4,955,378 |
| 5,434,662 |
| (1,341,515 | ) | 1988 |
| 30 Years |
|
Trailway Pond II |
| Burnsville, MN |
| 165 |
| 11,354,755 |
| 1,107,288 |
| 9,961,409 |
| — |
| 1,183,825 |
| 1,107,288 |
| 11,145,233 |
| 12,252,521 |
| (2,881,743 | ) | 1988 |
| 30 Years |
|
Turf Club |
| Littleton, CO |
| 324 |
| (S | ) | 2,107,300 |
| 15,478,040 |
| — |
| 2,112,217 |
| 2,107,300 |
| 17,590,257 |
| 19,697,557 |
| (4,847,167 | ) | 1986 |
| 30 Years |
|
Turkscap I |
| Brandon, FL |
| 49 |
| — |
| 125,766 |
| 1,108,139 |
| — |
| 429,342 |
| 125,766 |
| 1,537,482 |
| 1,663,248 |
| (395,058 | ) | 1977 |
| 30 Years |
|
Turkscap III |
| Brandon, FL |
| 50 |
| 716,655 |
| 135,850 |
| 1,196,987 |
| — |
| 328,064 |
| 135,850 |
| 1,525,051 |
| 1,660,901 |
| (329,895 | ) | 1982 |
| 30 Years |
|
Tuscany Villas, LLC |
| Los Angeles, CA |
| 180 |
| — |
| 1,431,048 |
| 14,928,007 |
| — |
| 495,570 |
| 1,431,048 |
| 15,423,577 |
| 16,854,625 |
| (3,857,158 | ) | 1995 |
| 30 Years |
|
Tyrone Gardens |
| Randolph, MA |
| 165 |
| — |
| 4,953,000 |
| 5,799,572 |
| — |
| 915,287 |
| 4,953,000 |
| 6,714,859 |
| 11,667,859 |
| (1,787,956 | ) | 1961/1965 |
| 30 Years |
|
Union Station |
| Los Angeles, CA |
| — |
| 6,663,301 |
| 8,500,000 |
| 13,280,094 |
| — |
| — |
| 8,500,000 |
| 13,280,094 |
| 21,780,094 |
| — |
| (F) |
| 30 Years |
|
University Square I |
| Tampa, FL |
| 81 |
| — |
| 197,457 |
| 1,739,807 |
| — |
| 303,136 |
| 197,457 |
| 2,042,944 |
| 2,240,400 |
| (442,158 | ) | 1979 |
| 30 Years |
|
Valencia Plantation |
| Orlando, FL |
| 194 |
| — |
| 873,000 |
| 12,819,377 |
| — |
| 507,665 |
| 873,000 |
| 13,327,043 |
| 14,200,043 |
| (2,979,093 | ) | 1990 |
| 30 Years |
|
Valley Creek I |
| Woodbury, MN |
| 225 |
| 12,815,000 |
| 1,626,715 |
| 14,634,831 |
| — |
| 2,043,340 |
| 1,626,715 |
| 16,678,171 |
| 18,304,887 |
| (4,466,314 | ) | 1989 |
| 30 Years |
|
Valley Creek II |
| Woodbury, MN |
| 177 |
| 10,100,000 |
| 1,232,659 |
| 11,097,830 |
| — |
| 1,177,876 |
| 1,232,659 |
| 12,275,706 |
| 13,508,366 |
| (3,166,646 | ) | 1990 |
| 30 Years |
|
Valleybrook |
| Newnan, GA |
| 71 |
| 1,379,854 |
| 254,490 |
| 2,242,463 |
| — |
| 309,335 |
| 254,490 |
| 2,551,798 |
| 2,806,288 |
| (496,689 | ) | 1986 |
| 30 Years |
|
Valleyfield (KY) |
| Lexington, KY |
| 83 |
| 1,711,251 |
| 252,329 |
| 2,223,757 |
| — |
| 346,771 |
| 252,329 |
| 2,570,528 |
| 2,822,856 |
| (562,103 | ) | 1985 |
| 30 Years |
|
Valleyfield (PA) |
| Bridgeville, PA |
| 77 |
| — |
| 274,317 |
| 2,417,029 |
| — |
| 355,949 |
| 274,317 |
| 2,772,978 |
| 3,047,295 |
| (588,533 | ) | 1985 |
| 30 Years |
|
Valleyfield I |
| Decatur, GA |
| 66 |
| 1,479,328 |
| 252,413 |
| 2,224,134 |
| — |
| 256,536 |
| 252,413 |
| 2,480,670 |
| 2,733,083 |
| (529,218 | ) | 1984 |
| 30 Years |
|
Valleyfield II |
| Decatur, GA |
| 66 |
| — |
| 258,320 |
| 2,276,084 |
| — |
| 163,332 |
| 258,320 |
| 2,439,416 |
| 2,697,737 |
| (492,502 | ) | 1985 |
| 30 Years |
|
Van Deene Manor |
| West Springfield, MA |
| 111 |
| (P | ) | 744,491 |
| 4,976,771 |
| — |
| 299,545 |
| 744,491 |
| 5,276,315 |
| 6,020,806 |
| (823,599 | ) | 1970 |
| 30 Years |
|
Venetian Condominium Phase II, LLC |
| Phoenix, AZ |
| 160 |
| — |
| 1,047,212 |
| 9,436,170 |
| — |
| 1,261,715 |
| 1,047,212 |
| 10,697,885 |
| 11,745,097 |
| (2,992,991 | ) | 1983 |
| 30 Years |
|
Venetian Condominium, LLC |
| Phoenix, AZ |
| 11 |
| — |
| 71,939 |
| 648,237 |
| — |
| 304,817 |
| 71,939 |
| 953,055 |
| 1,024,994 |
| (183,429 | ) | 1983 |
| 30 Years |
|
S-11
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| ||||||||||
Apartment Name |
| Location |
| Units (J) |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
|
| |
Verona Condominium, LLC |
| Scottsdale, AZ |
| 108 |
| — |
| 1,301,497 |
| 7,522,719 |
| — |
| 1,513,642 |
| 1,301,497 |
| 9,036,361 |
| 10,337,858 |
| (1,897,725 | ) | 1994 |
| 30 Years |
|
Versailles |
| Woodland Hills, CA |
| 253 |
| — |
| 12,650,000 |
| 33,656,521 |
| — |
| 860,376 |
| 12,650,000 |
| 34,516,897 |
| 47,166,897 |
| (1,560,730 | ) | 1991 |
| 30 Years |
|
Via Ventura |
| Scottsdale, AZ |
| 328 |
| — |
| 1,486,600 |
| 13,382,006 |
| — |
| 6,510,868 |
| 1,486,600 |
| 19,892,874 |
| 21,379,474 |
| (9,453,807 | ) | 1980 |
| 30 Years |
|
Villa Encanto |
| Phoenix, AZ |
| 383 |
| (S | ) | 2,884,447 |
| 22,197,363 |
| — |
| 2,090,906 |
| 2,884,447 |
| 24,288,269 |
| 27,172,716 |
| (6,810,494 | ) | 1983 |
| 30 Years |
|
Villa Solana |
| Laguna Hills, CA |
| 272 |
| — |
| 1,665,100 |
| 14,985,678 |
| — |
| 3,256,161 |
| 1,665,100 |
| 18,241,838 |
| 19,906,938 |
| (7,289,293 | ) | 1984 |
| 30 Years |
|
Village at Bear Creek |
| Lakewood, CO |
| 472 |
| (R | ) | 4,519,700 |
| 40,676,390 |
| — |
| 1,481,137 |
| 4,519,700 |
| 42,157,527 |
| 46,677,227 |
| (11,347,171 | ) | 1987 |
| 30 Years |
|
Village at Lakewood |
| Phoenix, AZ |
| 240 |
| (O | ) | 3,166,411 |
| 13,859,090 |
| — |
| 1,215,500 |
| 3,166,411 |
| 15,074,590 |
| 18,241,001 |
| (4,135,239 | ) | 1988 |
| 30 Years |
|
Village Oaks |
| Austin, TX |
| 280 |
| — |
| 1,186,000 |
| 10,663,736 |
| — |
| 1,372,381 |
| 1,186,000 |
| 12,036,117 |
| 13,222,117 |
| (3,907,815 | ) | 1984 |
| 30 Years |
|
Village of Newport |
| Kent, WA |
| 100 |
| — |
| 416,300 |
| 3,756,582 |
| — |
| 512,035 |
| 416,300 |
| 4,268,618 |
| 4,684,918 |
| (1,723,977 | ) | 1987 |
| 30 Years |
|
Villas at Josey Ranch |
| Carrollton, TX |
| 198 |
| 6,312,554 |
| 1,587,700 |
| 7,254,727 |
| — |
| 1,450,139 |
| 1,587,700 |
| 8,704,866 |
| 10,292,566 |
| (2,218,515 | ) | 1986 |
| 30 Years |
|
Vintage |
| Ontario, CA |
| — |
| — |
| 7,059,230 |
| 3,274,995 |
| — |
| — |
| 7,059,230 |
| 3,274,995 |
| 10,334,225 |
| — |
| (F) |
| 30 Years |
|
Vista Del Lago |
| Mission Viejo, CA |
| 608 |
| — |
| 4,525,800 |
| 40,736,293 |
| — |
| 5,942,086 |
| 4,525,800 |
| 46,678,379 |
| 51,204,179 |
| (17,950,833 | ) | 1986-88 |
| 30 Years |
|
Vista Del Lago (TX) |
| Dallas, TX |
| 296 |
| — |
| 3,552,000 |
| 20,066,912 |
| — |
| 564,041 |
| 3,552,000 |
| 20,630,953 |
| 24,182,953 |
| (2,801,110 | ) | 1992 |
| 30 Years |
|
Vista Grove |
| Mesa, AZ |
| 224 |
| — |
| 1,341,796 |
| 12,157,045 |
| — |
| 623,388 |
| 1,341,796 |
| 12,780,434 |
| 14,122,230 |
| (3,155,650 | ) | 1997 - 1998 |
| 30 Years |
|
Warwick Station |
| Westminster, CO |
| 332 |
| 8,355,000 |
| 2,282,000 |
| 21,113,974 |
| — |
| 1,051,234 |
| 2,282,000 |
| 22,165,209 |
| 24,447,209 |
| (5,962,103 | ) | 1986 |
| 30 Years |
|
Water Terrace |
| Marina Del Rey, CA |
| 450 |
| — |
| 63,207,814 |
| 164,804,953 |
| — |
| 175,898 |
| 63,207,814 |
| 164,980,852 |
| 228,188,666 |
| (5,235,538 | ) | 2003 |
| 30 Years |
|
Waterbury (GA) |
| Athens, GA |
| 53 |
| — |
| 147,450 |
| 1,299,195 |
| — |
| 78,711 |
| 147,450 |
| 1,377,906 |
| 1,525,356 |
| (282,354 | ) | 1985 |
| 30 Years |
|
Waterbury (IN) |
| Greenwood, IN |
| 44 |
| 768,352 |
| 105,245 |
| 927,324 |
| — |
| 123,476 |
| 105,245 |
| 1,050,801 |
| 1,156,046 |
| (233,827 | ) | 1984 |
| 30 Years |
|
Waterbury (MI) |
| Westland, MI |
| 101 |
| — |
| 331,739 |
| 2,922,589 |
| — |
| 434,288 |
| 331,739 |
| 3,356,876 |
| 3,688,615 |
| (710,942 | ) | 1985 |
| 30 Years |
|
Waterbury (OH) |
| Cincinnati, OH |
| 70 |
| — |
| 193,167 |
| 1,701,834 |
| — |
| 311,022 |
| 193,167 |
| 2,012,856 |
| 2,206,023 |
| (464,444 | ) | 1985 |
| 30 Years |
|
Waterfield Square I |
| Stockton, CA |
| 170 |
| 6,923,000 |
| 950,000 |
| 6,627,805 |
| — |
| 1,129,880 |
| 950,000 |
| 7,757,684 |
| 8,707,684 |
| (1,215,015 | ) | 1984 |
| 30 Years |
|
Waterfield Square II |
| Stockton, CA |
| 158 |
| 6,595,000 |
| 845,000 |
| 6,147,280 |
| — |
| 873,520 |
| 845,000 |
| 7,020,801 |
| 7,865,801 |
| (1,108,953 | ) | 1984 |
| 30 Years |
|
Waterford (Jax) |
| Jacksonville, FL |
| 432 |
| — |
| 3,024,000 |
| 23,662,293 |
| — |
| 1,594,230 |
| 3,024,000 |
| 25,256,523 |
| 28,280,523 |
| (6,122,910 | ) | 1988 |
| 30 Years |
|
Waterford (Jax) II |
| Jacksonville, FL |
| — |
| — |
| 566,923 |
| 62,373 |
| — |
| — |
| 566,923 |
| 62,373 |
| 629,296 |
| — |
| (F) |
| 30 Years |
|
Waterford at Deerwood |
| Jacksonville, FL |
| 248 |
| 10,290,623 |
| 1,696,000 |
| 10,659,702 |
| — |
| 1,707,551 |
| 1,696,000 |
| 12,367,253 |
| 14,063,253 |
| (3,066,038 | ) | 1985 |
| 30 Years |
|
Waterford at Orange Park |
| Orange Park, FL |
| 280 |
| 9,540,000 |
| 1,960,000 |
| 12,098,784 |
| — |
| 1,844,952 |
| 1,960,000 |
| 13,943,736 |
| 15,903,736 |
| (3,820,997 | ) | 1986 |
| 30 Years |
|
Waterford at the Lakes |
| Kent, WA |
| 344 |
| (U | ) | 3,100,200 |
| 16,140,924 |
| — |
| 1,352,381 |
| 3,100,200 |
| 17,493,305 |
| 20,593,505 |
| (5,239,745 | ) | 1990 |
| 30 Years |
|
Waterford Village (Palm Beach) |
| Delray Beach, FL |
| 236 |
| — |
| 1,888,000 |
| 15,358,635 |
| — |
| 2,100,469 |
| 1,888,000 |
| 17,459,104 |
| 19,347,104 |
| (4,653,998 | ) | 1989 |
| 30 Years |
|
Watermarke |
| Irvine, CA |
| 490 |
| 84,279,474 |
| 19,283,234 |
| 98,197,941 |
| — |
| 1,949 |
| 19,283,234 |
| 98,199,890 |
| 117,483,124 |
| — |
| 2004 |
| 30 Years |
|
Webster Green |
| Needham, MA |
| 77 |
| 6,029,612 |
| 1,418,893 |
| 9,485,006 |
| — |
| 262,757 |
| 1,418,893 |
| 9,747,763 |
| 11,166,656 |
| (1,464,694 | ) | 1985 |
| 30 Years |
|
Welleby Lake Club |
| Sunrise, FL |
| 304 |
| — |
| 3,648,000 |
| 17,620,879 |
| — |
| 1,083,776 |
| 3,648,000 |
| 18,704,656 |
| 22,352,656 |
| (4,373,892 | ) | 1991 |
| 30 Years |
|
Wellington Hill |
| Manchester, NH |
| 390 |
| (M | ) | 1,890,200 |
| 17,120,662 |
| — |
| 3,781,412 |
| 1,890,200 |
| 20,902,074 |
| 22,792,274 |
| (8,398,986 | ) | 1987 |
| 30 Years |
|
Wellsford Oaks |
| Tulsa, OK |
| 300 |
| — |
| 1,310,500 |
| 11,794,290 |
| — |
| 996,034 |
| 1,310,500 |
| 12,790,324 |
| 14,100,824 |
| (3,709,767 | ) | 1991 |
| 30 Years |
|
Wentworth |
| Roseville, MI |
| 75 |
| — |
| 217,502 |
| 1,916,232 |
| — |
| 329,122 |
| 217,502 |
| 2,245,353 |
| 2,462,856 |
| (490,008 | ) | 1985 |
| 30 Years |
|
West Of Eastland |
| Columbus, OH |
| 124 |
| 1,870,795 |
| 234,544 |
| 2,066,675 |
| — |
| 430,909 |
| 234,544 |
| 2,497,584 |
| 2,732,128 |
| (583,432 | ) | 1977 |
| 30 Years |
|
Westbrooke Village |
| Manchester, MO |
| 252 |
| — |
| 1,890,000 |
| 10,606,343 |
| — |
| 1,293,112 |
| 1,890,000 |
| 11,899,454 |
| 13,789,454 |
| (2,640,147 | ) | 1984 |
| 30 Years |
|
Westbrooke Village II |
| Manchester, MO |
| — |
| — |
| 420,000 |
| — |
| — |
| — |
| 420,000 |
| — |
| 420,000 |
| — |
| (F) |
| 30 Years |
|
Westfield Village |
| Centerville, VA |
| 228 |
| — |
| 7,000,000 |
| 23,245,834 |
| — |
| 94,805 |
| 7,000,000 |
| 23,340,639 |
| 30,340,639 |
| (338,393 | ) | 1988 |
| 30 Years |
|
Westgate |
| Pasadena, CA |
| — |
| 21,372,556 |
| 46,168,848 |
| 2,874,125 |
| — |
| — |
| 46,168,848 |
| 2,874,125 |
| 49,042,973 |
| — |
| (F) |
| 30 Years |
|
Westridge |
| Tacoma, WA |
| 714 |
| — |
| 3,501,900 |
| 31,506,082 |
| — |
| 2,916,311 |
| 3,501,900 |
| 34,422,394 |
| 37,924,294 |
| (10,092,237 | ) | 1987/1991 |
| 30 Years |
|
Westside Villas I |
| Los Angeles, CA |
| 21 |
| — |
| 1,785,000 |
| 3,233,254 |
| — |
| 261,994 |
| 1,785,000 |
| 3,495,248 |
| 5,280,248 |
| (545,501 | ) | 1999 |
| 30 Years |
|
Westside Villas II |
| Los Angeles, CA |
| 23 |
| — |
| 1,955,000 |
| 3,541,435 |
| — |
| 11,214 |
| 1,955,000 |
| 3,552,649 |
| 5,507,649 |
| (531,845 | ) | 1999 |
| 30 Years |
|
Westside Villas III |
| Los Angeles, CA |
| 36 |
| — |
| 3,060,000 |
| 5,538,871 |
| — |
| 28,120 |
| 3,060,000 |
| 5,566,991 |
| 8,626,991 |
| (838,273 | ) | 1999 |
| 30 Years |
|
Westside Villas IV |
| Los Angeles, CA |
| 36 |
| — |
| 3,060,000 |
| 5,539,390 |
| — |
| 23,784 |
| 3,060,000 |
| 5,563,175 |
| 8,623,175 |
| (829,700 | ) | 1999 |
| 30 Years |
|
Westside Villas V |
| Los Angeles, CA |
| 60 |
| — |
| 5,100,000 |
| 9,224,485 |
| — |
| 39,009 |
| 5,100,000 |
| 9,263,494 |
| 14,363,494 |
| (1,383,856 | ) | 1999 |
| 30 Years |
|
Westside Villas VI |
| Los Angeles, CA |
| 18 |
| — |
| 1,530,000 |
| 3,024,001 |
| — |
| 79,714 |
| 1,530,000 |
| 3,103,715 |
| 4,633,715 |
| (449,993 | ) | 1989 |
| 30 Years |
|
Westside Villas VII |
| Los Angeles, CA |
| 53 |
| — |
| 4,505,000 |
| 10,758,900 |
| — |
| 36,373 |
| 4,505,000 |
| 10,795,273 |
| 15,300,273 |
| (984,501 | ) | 2001 |
| 30 Years |
|
Westway |
| Brunswick, GA |
| 70 |
| — |
| 168,323 |
| 1,483,106 |
| — |
| 379,127 |
| 168,323 |
| 1,862,233 |
| 2,030,556 |
| (404,086 | ) | 1984 |
| 30 Years |
|
Westwood Glen |
| Westwood, MA |
| 156 |
| 1,230,385 |
| 1,616,505 |
| 10,806,004 |
| — |
| 277,864 |
| 1,616,505 |
| 11,083,868 |
| 12,700,372 |
| (1,705,235 | ) | 1972 |
| 30 Years |
|
Westwood Pines |
| Tamarac, FL |
| 208 |
| — |
| 1,528,600 |
| 13,739,616 |
| — |
| 1,137,305 |
| 1,528,600 |
| 14,876,921 |
| 16,405,521 |
| (4,006,465 | ) | 1991 |
| 30 Years |
|
Westwynd Apts |
| West Hartford, CT |
| 46 |
| — |
| 308,543 |
| 2,062,548 |
| — |
| 193,591 |
| 308,543 |
| 2,256,138 |
| 2,564,681 |
| (375,647 | ) | 1969 |
| 30 Years |
|
Whisper Creek |
| Denver, CO |
| 272 |
| — |
| 5,310,000 |
| 22,997,972 |
| — |
| 5,509 |
| 5,310,000 |
| 23,003,481 |
| 28,313,481 |
| (178,754 | ) | 2002 |
| 30 Years |
|
Whispering Oaks |
| Walnut Creek, CA |
| 316 |
| — |
| 2,170,800 |
| 19,539,586 |
| — |
| 2,485,240 |
| 2,170,800 |
| 22,024,826 |
| 24,195,626 |
| (7,008,176 | ) | 1974 |
| 30 Years |
|
Whispering Pines |
| Fr. Pierce, FL |
| 64 |
| — |
| 384,000 |
| 621,367 |
| — |
| 246,359 |
| 384,000 |
| 867,726 |
| 1,251,726 |
| (209,879 | ) | 1986 |
| 30 Years |
|
Whispering Pines II |
| Fr. Pierce, FL |
| 44 |
| — |
| 105,172 |
| 926,476 |
| — |
| 182,873 |
| 105,172 |
| 1,109,349 |
| 1,214,520 |
| (246,751 | ) | 1986 |
| 30 Years |
|
Whisperwood |
| Cordele, GA |
| 50 |
| — |
| 84,240 |
| 742,374 |
| — |
| 224,275 |
| 84,240 |
| 966,649 |
| 1,050,889 |
| (234,883 | ) | 1985 |
| 30 Years |
|
White Bear Woods |
| White Bear Lake, MN |
| 225 |
| 14,172,876 |
| 1,624,741 |
| 14,618,490 |
| — |
| 1,629,783 |
| 1,624,741 |
| 16,248,273 |
| 17,873,013 |
| (4,214,473 | ) | 1989 |
| 30 Years |
|
Wilcrest Woods |
| Savannah, GA |
| 68 |
| 1,238,956 |
| 187,306 |
| 1,650,373 |
| — |
| 247,499 |
| 187,306 |
| 1,897,872 |
| 2,085,178 |
| (391,930 | ) | 1986 |
| 30 Years |
|
Wilkins Glen |
| Medfield, MA |
| 102 |
| 1,602,924 |
| 538,483 |
| 3,629,943 |
| — |
| 372,779 |
| 538,483 |
| 4,002,722 |
| 4,541,205 |
| (688,709 | ) | 1975 |
| 30 Years |
|
Willow Brook (CA) |
| Pleasant Hill, CA |
| 228 |
| 29,000,000 |
| 5,055,000 |
| 19,797,344 |
| — |
| 590,007 |
| 5,055,000 |
| 20,387,351 |
| 25,442,351 |
| (2,776,411 | ) | 1985 |
| 30 Years |
|
Willow Creek |
| Fresno, CA |
| 116 |
| 5,112,000 |
| 275,000 |
| 5,270,767 |
| — |
| 494,009 |
| 275,000 |
| 5,764,776 |
| 6,039,776 |
| (888,452 | ) | 1984 |
| 30 Years |
|
Willow Creek I (GA) |
| Griffin, GA |
| 53 |
| — |
| 145,769 |
| 1,298,973 |
| — |
| 273,348 |
| 145,769 |
| 1,572,322 |
| 1,718,090 |
| (302,602 | ) | 1985 |
| 30 Years |
|
Willow Lakes |
| Spartanburg, SC |
| 95 |
| 1,922,871 |
| 200,990 |
| 1,770,937 |
| — |
| 258,215 |
| 200,990 |
| 2,029,152 |
| 2,230,142 |
| (444,564 | ) | 1986 |
| 30 Years |
|
Willow Run (GA) |
| Stone Mountain, GA |
| 73 |
| 1,611,355 |
| 197,965 |
| 1,744,287 |
| — |
| 319,574 |
| 197,965 |
| 2,063,861 |
| 2,261,826 |
| (464,366 | ) | 1983 |
| 30 Years |
|
Willow Run (IN) |
| New Albany, IN |
| 64 |
| 1,054,106 |
| 183,873 |
| 1,620,119 |
| — |
| 179,497 |
| 183,873 |
| 1,799,616 |
| 1,983,489 |
| (392,364 | ) | 1984 |
| 30 Years |
|
Willow Run (KY) |
| Madisonville, KY |
| 72 |
| 1,050,359 |
| 141,016 |
| 1,242,352 |
| — |
| 241,821 |
| 141,016 |
| 1,484,172 |
| 1,625,188 |
| (324,146 | ) | 1984 |
| 30 Years |
|
Willow Trail |
| Norcross, GA |
| 224 |
| — |
| 1,120,000 |
| 11,412,982 |
| — |
| 776,798 |
| 1,120,000 |
| 12,189,780 |
| 13,309,780 |
| (2,880,398 | ) | 1985 |
| 30 Years |
|
Willowood East II |
| Indianapolis, IN |
| 60 |
| — |
| 104,918 |
| 924,590 |
| — |
| 197,856 |
| 104,918 |
| 1,122,445 |
| 1,227,363 |
| (285,281 | ) | 1985 |
| 30 Years |
|
Willowood I (Gro) |
| Grove City, OH |
| 46 |
| 882,762 |
| 126,045 |
| 1,110,558 |
| — |
| 239,948 |
| 126,045 |
| 1,350,506 |
| 1,476,551 |
| (291,455 | ) | 1984 |
| 30 Years |
|
Willowood I (IN) |
| Columbus, IN |
| 51 |
| 1,072,450 |
| 163,896 |
| 1,444,104 |
| — |
| 156,205 |
| 163,896 |
| 1,600,309 |
| 1,764,205 |
| (335,584 | ) | 1983 |
| 30 Years |
|
Willowood I (KY) |
| Frankfort, KY |
| 57 |
| 944,597 |
| 138,822 |
| 1,223,176 |
| — |
| 249,300 |
| 138,822 |
| 1,472,476 |
| 1,611,299 |
| (315,236 | ) | 1984 |
| 30 Years |
|
Willowood I (Tro) (REIT) |
| Trotwood, OH |
| 60 |
| 805,606 |
| 84,566 |
| 755,859 |
| — |
| 22,958 |
| 84,566 |
| 778,817 |
| 863,383 |
| (41,741 | ) | 1985 |
| 30 Years |
|
Willowood I (Woo) |
| Wooster, OH |
| 51 |
| — |
| 117,254 |
| 1,033,137 |
| — |
| 193,690 |
| 117,254 |
| 1,226,827 |
| 1,344,081 |
| (260,765 | ) | 1984 |
| 30 Years |
|
Willowood II (Gro) |
| Grove City, OH |
| 26 |
| 514,563 |
| 70,924 |
| 624,814 |
| — |
| 122,629 |
| 70,924 |
| 747,444 |
| 818,367 |
| (165,515 | ) | 1985 |
| 30 Years |
|
Willowood II (IN) |
| Columbus, IN |
| 58 |
| 1,080,479 |
| 161,306 |
| 1,421,284 |
| — |
| 150,077 |
| 161,306 |
| 1,571,361 |
| 1,732,668 |
| (335,740 | ) | 1986 |
| 30 Years |
|
Willowood II (KY) |
| Frankfort, KY |
| 53 |
| — |
| 120,375 |
| 1,060,639 |
| — |
| 139,638 |
| 120,375 |
| 1,200,277 |
| 1,320,653 |
| (252,309 | ) | 1985 |
| 30 Years |
|
Willowood II (Tro) |
| Trotwood, OH |
| 65 |
| — |
| 142,623 |
| 1,256,667 |
| — |
| 184,930 |
| 142,623 |
| 1,441,597 |
| 1,584,221 |
| (316,459 | ) | 1987 |
| 30 Years |
|
Willowood II (Woo) |
| Wooster, OH |
| 53 |
| 809,548 |
| 103,199 |
| 909,398 |
| — |
| 218,760 |
| 103,199 |
| 1,128,158 |
| 1,231,357 |
| (259,895 | ) | 1986 |
| 30 Years |
|
Willows I (OH), The |
| Columbus, OH |
| 50 |
| — |
| 76,283 |
| 672,340 |
| — |
| 176,413 |
| 76,283 |
| 848,753 |
| 925,036 |
| (194,487 | ) | 1987 |
| 30 Years |
|
S-12
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
Description |
|
|
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
| Life Used to |
| |||||||||||||||||||
Apartment Name |
| Location |
| Units (J) |
| Encumbrances |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Date of |
|
| ||||||||||
Willows II (OH), The |
| Columbus, OH |
| 41 |
| — |
| 96,679 |
| 851,845 |
| — |
| 121,476 |
| 96,679 |
| 973,321 |
| 1,070,000 |
| (209,652 | ) | 1981 |
| 30 Years |
| |||||||||
Willows III (OH), The |
| Columbus, OH |
| 43 |
| 839,800 |
| 129,221 |
| 1,137,783 |
| — |
| 163,894 |
| 129,221 |
| 1,301,677 |
| 1,430,899 |
| (274,708 | ) | 1987 |
| 30 Years |
| |||||||||
Wimberly |
| Dallas, TX |
| 372 |
| — |
| 2,232,000 |
| 27,685,923 |
| — |
| 999,023 |
| 2,232,000 |
| 28,684,946 |
| 30,916,946 |
| (6,456,451 | ) | 1996 |
| 30 Years |
| |||||||||
Wimbledon Oaks |
| Arlington, TX |
| 248 |
| 6,946,816 |
| 1,491,700 |
| 8,843,716 |
| — |
| 1,113,301 |
| 1,491,700 |
| 9,957,017 |
| 11,448,717 |
| (2,623,126 | ) | 1985 |
| 30 Years |
| |||||||||
Winchester Park |
| Riverside, RI |
| 416 |
| — |
| 2,822,618 |
| 18,868,626 |
| — |
| 2,045,354 |
| 2,822,618 |
| 20,913,980 |
| 23,736,599 |
| (3,737,756 | ) | 1972 |
| 30 Years |
| |||||||||
Winchester Wood |
| Riverside, RI |
| 62 |
| 2,100,842 |
| 683,215 |
| 4,567,154 |
| — |
| 155,033 |
| 683,215 |
| 4,722,187 |
| 5,405,403 |
| (718,119 | ) | 1989 |
| 30 Years |
| |||||||||
Windemere |
| Mesa, AZ |
| 224 |
| — |
| 940,450 |
| 8,659,280 |
| — |
| 1,612,387 |
| 940,450 |
| 10,271,667 |
| 11,212,117 |
| (3,256,731 | ) | 1986 |
| 30 Years |
| |||||||||
Windmont |
| Atlanta, GA |
| 178 |
| — |
| 3,204,000 |
| 7,128,448 |
| — |
| 538,649 |
| 3,204,000 |
| 7,667,097 |
| 10,871,097 |
| (1,497,777 | ) | 1988 |
| 30 Years |
| |||||||||
Windridge (CA) |
| Laguna Niguel, CA |
| 344 |
| (I | ) | 2,662,900 |
| 23,985,497 |
| — |
| 2,441,510 |
| 2,662,900 |
| 26,427,007 |
| 29,089,907 |
| (9,705,615 | ) | 1989 |
| 30 Years |
| |||||||||
Windsor at Fair Lakes |
| Fairfax, VA |
| 250 |
| — |
| 10,000,000 |
| 28,587,109 |
| — |
| 111,646 |
| 10,000,000 |
| 28,698,755 |
| 38,698,755 |
| (409,217 | ) | 1988 |
| 30 Years |
| |||||||||
Windwood I (FL) |
| Palm Bay, FL |
| 64 |
| — |
| 113,913 |
| 1,003,498 |
| — |
| 243,657 |
| 113,913 |
| 1,247,155 |
| 1,361,068 |
| (314,435 | ) | 1988 |
| 30 Years |
| |||||||||
Windwood II (FL) |
| Palm Bay, FL |
| 64 |
| 190,000 |
| 118,915 |
| 1,047,598 |
| — |
| 329,282 |
| 118,915 |
| 1,376,881 |
| 1,495,796 |
| (355,743 | ) | 1987 |
| 30 Years |
| |||||||||
Wingwood (Orl) |
| Orlando, FL |
| 86 |
| 1,355,993 |
| 236,884 |
| 2,086,402 |
| — |
| 1,024,156 |
| 236,884 |
| 3,110,558 |
| 3,347,442 |
| (721,426 | ) | 1980 |
| 30 Years |
| |||||||||
Winter Woods I (FL) |
| Winter Garden, FL |
| 57 |
| — |
| 144,921 |
| 1,276,965 |
| — |
| 431,417 |
| 144,921 |
| 1,708,382 |
| 1,853,304 |
| (385,927 | ) | 1985 |
| 30 Years |
| |||||||||
Winter Woods II (FL) (REIT) |
| Winter Garden, FL |
| 44 |
| 785,888 |
| 95,404 |
| 858,637 |
| — |
| 122,045 |
| 95,404 |
| 980,682 |
| 1,076,086 |
| (69,566 | ) | 1986 |
| 30 Years |
| |||||||||
Winterwood |
| Charlotte, NC |
| 384 |
| — |
| 1,722,000 |
| 15,501,142 |
| — |
| 3,165,741 |
| 1,722,000 |
| 18,666,882 |
| 20,388,882 |
| (7,859,879 | ) | 1986 |
| 30 Years |
| |||||||||
Winthrop Court (KY) |
| Frankfort, KY |
| 77 |
| 1,367,193 |
| 184,709 |
| 1,627,191 |
| — |
| 287,071 |
| 184,709 |
| 1,914,261 |
| 2,098,971 |
| (421,968 | ) | 1985 |
| 30 Years |
| |||||||||
Winthrop Court II (OH) |
| Columbus, OH |
| 38 |
| 722,000 |
| 102,381 |
| 896,576 |
| — |
| 180,774 |
| 102,381 |
| 1,077,350 |
| 1,179,731 |
| (225,559 | ) | 1986 |
| 30 Years |
| |||||||||
Wood Creek (CA) |
| Pleasant Hill, CA |
| 256 |
| — |
| 9,729,900 |
| 23,009,768 |
| — |
| 1,339,346 |
| 9,729,900 |
| 24,349,115 |
| 34,079,015 |
| (6,643,373 | ) | 1987 |
| 30 Years |
| |||||||||
Woodbine (Cuy) |
| Cuyahoga Falls, OH |
| 55 |
| — |
| 185,868 |
| 1,637,701 |
| — |
| 172,540 |
| 185,868 |
| 1,810,240 |
| 1,996,108 |
| (360,274 | ) | 1982 |
| 30 Years |
| |||||||||
Woodbridge |
| Cary, GA |
| 128 |
| 4,345,133 |
| 737,400 |
| 6,636,870 |
| — |
| 687,123 |
| 737,400 |
| 7,323,993 |
| 8,061,393 |
| (2,452,538 | ) | 1993-95 |
| 30 Years |
| |||||||||
Woodbridge (CT) |
| Newington, CT |
| 73 |
| (P | ) | 498,377 |
| 3,331,548 |
| — |
| 178,190 |
| 498,377 |
| 3,509,738 |
| 4,008,114 |
| (557,686 | ) | 1968 |
| 30 Years |
| |||||||||
Woodbridge II |
| Cary, GA |
| 216 |
| — |
| 1,244,600 |
| 11,243,364 |
| — |
| 813,985 |
| 1,244,600 |
| 12,057,349 |
| 13,301,949 |
| (3,824,157 | ) | 1993-95 |
| 30 Years |
| |||||||||
Woodcliff I |
| Lilburn, GA |
| 71 |
| — |
| 276,659 |
| 2,437,667 |
| — |
| 312,468 |
| 276,659 |
| 2,750,135 |
| 3,026,794 |
| (585,599 | ) | 1984 |
| 30 Years |
| |||||||||
Woodcliff II |
| Lilburn, GA |
| 72 |
| 1,567,439 |
| 266,449 |
| 2,347,769 |
| — |
| 181,406 |
| 266,449 |
| 2,529,176 |
| 2,795,625 |
| (512,045 | ) | 1986 |
| 30 Years |
| |||||||||
Woodcreek |
| Beaverton, OR |
| 440 |
| — |
| 1,755,800 |
| 15,816,455 |
| — |
| 3,196,899 |
| 1,755,800 |
| 19,013,354 |
| 20,769,154 |
| (7,936,119 | ) | 1982-84 |
| 30 Years |
| |||||||||
Woodcrest I |
| Warner Robins, GA |
| 66 |
| — |
| 115,739 |
| 1,028,353 |
| — |
| 210,895 |
| 115,739 |
| 1,239,248 |
| 1,354,987 |
| (253,998 | ) | 1984 |
| 30 Years |
| |||||||||
Woodlake (WA) |
| Kirkland, WA |
| 288 |
| (R | ) | 6,631,400 |
| 16,735,484 |
| — |
| 1,263,513 |
| 6,631,400 |
| 17,998,998 |
| 24,630,398 |
| (4,480,114 | ) | 1984 |
| 30 Years |
| |||||||||
Woodland Hills |
| Decatur, GA |
| 228 |
| — |
| 1,224,600 |
| 11,010,681 |
| — |
| 1,917,051 |
| 1,224,600 |
| 12,927,732 |
| 14,152,332 |
| (4,335,302 | ) | 1985 |
| 30 Years |
| |||||||||
Woodland Meadows |
| Ann Arbor, MI |
| 306 |
| (S | ) | 2,006,000 |
| 18,049,552 |
| — |
| 1,681,341 |
| 2,006,000 |
| 19,730,893 |
| 21,736,893 |
| (5,423,498 | ) | 1987-1989 |
| 30 Years |
| |||||||||
Woodlands I (Col) |
| Columbus, OH |
| 88 |
| 1,655,571 |
| 231,996 |
| 2,044,233 |
| — |
| 440,687 |
| 231,996 |
| 2,484,920 |
| 2,716,915 |
| (541,088 | ) | 1983 |
| 30 Years |
| |||||||||
Woodlands I (PA) |
| Zelienople, PA |
| 50 |
| 969,754 |
| 163,192 |
| 1,437,897 |
| — |
| 232,903 |
| 163,192 |
| 1,670,799 |
| 1,833,991 |
| (348,646 | ) | 1983 |
| 30 Years |
| |||||||||
Woodlands I (Str) |
| Streetsboro, OH |
| 60 |
| — |
| 197,378 |
| 1,739,112 |
| — |
| 260,478 |
| 197,378 |
| 1,999,590 |
| 2,196,967 |
| (441,936 | ) | 1984 |
| 30 Years |
| |||||||||
Woodlands II (Col) |
| Columbus, OH |
| 70 |
| 1,435,552 |
| 192,633 |
| 1,697,310 |
| — |
| 333,778 |
| 192,633 |
| 2,031,088 |
| 2,223,721 |
| (439,645 | ) | 1984 |
| 30 Years |
| |||||||||
Woodlands II (PA) |
| Zelienople, PA |
| 62 |
| — |
| 192,972 |
| 1,700,297 |
| — |
| 159,745 |
| 192,972 |
| 1,860,042 |
| 2,053,014 |
| (376,857 | ) | 1987 |
| 30 Years |
| |||||||||
Woodlands II (Str) |
| Streetsboro, OH |
| 60 |
| 1,480,825 |
| 183,996 |
| 1,621,205 |
| — |
| 217,784 |
| 183,996 |
| 1,838,989 |
| 2,022,985 |
| (404,901 | ) | 1985 |
| 30 Years |
| |||||||||
Woodlands III (Col) |
| Columbus, OH |
| 93 |
| — |
| 230,536 |
| 2,031,249 |
| — |
| 500,391 |
| 230,536 |
| 2,531,639 |
| 2,762,175 |
| (554,892 | ) | 1987 |
| 30 Years |
| |||||||||
Woodlands of Brookfield |
| Brookfield, WI |
| 148 |
| (N | ) | 1,484,600 |
| 13,961,081 |
| — |
| 1,031,015 |
| 1,484,600 |
| 14,992,095 |
| 16,476,695 |
| (3,698,131 | ) | 1990 |
| 30 Years |
| |||||||||
Woodlands of Minnetonka |
| Minnetonka, MN |
| 248 |
| — |
| 2,394,500 |
| 13,543,076 |
| — |
| 1,722,736 |
| 2,394,500 |
| 15,265,812 |
| 17,660,312 |
| (4,112,003 | ) | 1988 |
| 30 Years |
| |||||||||
Woodleaf |
| Campbell, CA |
| 178 |
| (R | ) | 8,550,600 |
| 16,988,183 |
| — |
| 675,416 |
| 8,550,600 |
| 17,663,599 |
| 26,214,199 |
| (4,138,418 | ) | 1984 |
| 30 Years |
| |||||||||
Woodmoor |
| Austin, TX |
| 208 |
| — |
| 653,800 |
| 5,875,968 |
| — |
| 2,177,019 |
| 653,800 |
| 8,052,987 |
| 8,706,787 |
| (3,562,078 | ) | 1981 |
| 30 Years |
| |||||||||
Woodridge (CO) |
| Aurora, CO |
| 212 |
| — |
| 2,780,700 |
| 7,576,972 |
| — |
| 1,188,477 |
| 2,780,700 |
| 8,765,449 |
| 11,546,149 |
| (2,364,676 | ) | 1980-82 |
| 30 Years |
| |||||||||
Woodridge (MN) |
| Eagan, MN |
| 200 |
| 7,276,603 |
| 1,602,300 |
| 10,449,579 |
| — |
| 1,153,497 |
| 1,602,300 |
| 11,603,076 |
| 13,205,376 |
| (3,041,176 | ) | 1986 |
| 30 Years |
| |||||||||
Woodridge II (CO) |
| Aurora, CO |
| 116 |
| — |
| — |
| 4,148,517 |
| — |
| 619,130 |
| — |
| 4,767,647 |
| 4,767,647 |
| (1,290,865 | ) | 1980-82 |
| 30 Years |
| |||||||||
Woodridge III (CO) |
| Aurora, CO |
| 256 |
| — |
| — |
| 9,130,764 |
| — |
| 1,365,767 |
| — |
| 10,496,531 |
| 10,496,531 |
| (2,842,985 | ) | 1980-82 |
| 30 Years |
| |||||||||
Woods of Elm Creek |
| San Antonio, TX |
| 185 |
| — |
| 590,000 |
| 5,310,328 |
| — |
| 914,515 |
| 590,000 |
| 6,224,843 |
| 6,814,843 |
| (1,986,445 | ) | 1983 |
| 30 Years |
| |||||||||
Woods of North Bend |
| Raleigh, NC |
| 235 |
| (S | ) | 1,039,500 |
| 9,305,319 |
| — |
| 1,964,177 |
| 1,039,500 |
| 11,269,496 |
| 12,308,996 |
| (4,362,921 | ) | 1983 |
| 30 Years |
| |||||||||
Woodscape |
| Raleigh, NC |
| 240 |
| — |
| 957,300 |
| 8,607,940 |
| — |
| 1,166,997 |
| 957,300 |
| 9,774,937 |
| 10,732,237 |
| (3,139,609 | ) | 1979 |
| 30 Years |
| |||||||||
Woodside |
| Lorton, VA |
| 252 |
| — |
| 1,326,000 |
| 12,510,903 |
| — |
| 1,825,800 |
| 1,326,000 |
| 14,336,702 |
| 15,662,702 |
| (5,133,619 | ) | 1987 |
| 30 Years |
| |||||||||
Woodtrail |
| Newnan, GA |
| 61 |
| — |
| 250,895 |
| 2,210,658 |
| — |
| 261,610 |
| 250,895 |
| 2,472,268 |
| 2,723,163 |
| (497,786 | ) | 1984 |
| 30 Years |
| |||||||||
Wyndridge 2 |
| Memphis, TN |
| 284 |
| 14,135,000 |
| 1,488,000 |
| 13,607,636 |
| — |
| 1,957,097 |
| 1,488,000 |
| 15,564,733 |
| 17,052,733 |
| (4,700,357 | ) | 1988 |
| 30 Years |
| |||||||||
Wyndridge 3 |
| Memphis, TN |
| 284 |
| 10,855,000 |
| 1,502,500 |
| 13,531,741 |
| — |
| 1,176,297 |
| 1,502,500 |
| 14,708,038 |
| 16,210,538 |
| (4,300,010 | ) | 1988 |
| 30 Years |
| |||||||||
Yarmouth Woods |
| Yarmouth, ME |
| 138 |
| — |
| 692,800 |
| 6,096,155 |
| — |
| 843,517 |
| 692,800 |
| 6,939,672 |
| 7,632,472 |
| (1,825,054 | ) | 1971/1978 |
| 30 Years |
| |||||||||
Management Business |
| Chicago, IL |
| — |
| — |
| — |
| — |
| — |
| 40,949,836 |
| — |
| 40,949,836 |
| 40,949,836 |
| (21,825,823 | ) | (D) |
| 30 Years |
| |||||||||
Operating Partnership |
| Chicago, IL (H) |
| — |
| 106,081 |
| — |
| 43,447 |
| — |
| — |
| — |
| 43,447 |
| 43,447 |
| — |
| (F) |
| 30 Years |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total Investment in Real Estate |
|
|
| 183,931 |
| $ | 2,111,416,752 |
| $ | 2,340,734,919 |
| $ | 11,555,979,825 |
| $ | — |
| $ | 955,905,915 |
| $ | 2,340,734,919 |
| $ | 12,511,885,740 |
| $ | 14,852,620,659 |
| $ | (2,599,826,521 | ) |
|
|
|
|
S-13
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
NOTES:
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
S-14
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
Encumbrances Reconciliation
December 31, 20042005
Entity Encumbrances |
| Number of |
| See Properties |
| Amount |
| |||||||||
Portfolio/Entity Encumbrances |
| Number of |
| See Properties |
| Amount |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
EQR Arbors Financing LP |
| 1 |
| (K) |
| $ | 13,265,000 |
|
| 1 |
| (J) |
| $ | 13,265,000 |
|
EQR Breton Hammocks Financing LP |
| 1 |
| (L) |
| 15,310,708 |
| |||||||||
EQR-Bond Partnership |
| 12 |
| (M) |
| 181,994,000 |
|
| 12 |
| (K) |
| 181,994,000 |
| ||
EQR Flatlands LLC |
| 5 |
| (N) |
| 50,000,000 |
|
| 5 |
| (L) |
| 50,000,000 |
| ||
EWR, LP |
| 5 |
| (O) |
| 44,239,899 |
| |||||||||
GPT-Windsor, LLC |
| 16 | * | (P) |
| 63,000,000 |
|
| 16* |
| (M) |
| 63,000,000 |
| ||
EQR-Codelle, LP |
| 10 |
| (Q) |
| 118,422,038 |
|
| 10 |
| (N) |
| 116,555,094 |
| ||
EQR-Conner, LP |
| 14 |
| (R) |
| 206,516,196 |
|
| 14 |
| (O) |
| 202,528,377 |
| ||
EQR-FANCAP 2000A LP |
| 11 |
| (S) |
| 148,333,000 |
|
| 11 |
| (P) |
| 148,333,000 |
| ||
GC Southeast Partners (SEP) |
| 5 |
| (T) |
| 700,000 |
| |||||||||
EQR-Fankey 2004 Ltd. Pship |
| 8 |
| (U) |
| 213,541,577 |
|
| 8 |
| (Q) |
| 209,435,820 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Entity Encumbrances |
|
|
|
|
| 1,055,322,418 |
| |||||||||
Portfolio/Entity Encumbrances |
|
|
|
|
| 985,111,291 |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Individual Property Encumbrances |
|
|
|
|
| 2,111,416,752 |
|
|
|
|
|
| 2,394,177,294 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Encumbrances per Financial Statements |
|
|
|
|
| $ | 3,166,739,170 |
|
|
|
|
|
| $ | 3,379,288,585 |
|
* Collateral also includes $3.0$2.9 million invested in U.S. Treasury Securities which is included in Deposits - Restricted in the accompanying consolidated balance sheets at December 31, 2004.2005.
S-15S-2
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - - Real Estate and Accumulated Depreciation
(Amounts in thousands)
The changes in total real estate for the years ended December 31, 2005, 2004 2003 and 20022003 are as follows:
|
| 2004 |
| 2003 |
| 2002 |
|
| 2005 |
| 2004 |
| 2003 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance, beginning of year |
| $ | 12,874,379 |
| $ | 13,046,263 |
| $ | 13,019,841 |
|
| $ | 14,852,621 |
| $ | 12,874,379 |
| $ | 13,046,263 |
|
Acquisitions and development |
| 2,563,612 |
| 800,143 |
| 528,302 |
|
| 2,906,414 |
| 2,563,612 |
| 800,143 |
| ||||||
Improvements |
| 218,724 |
| 184,876 |
| 164,077 |
|
| 250,110 |
| 218,724 |
| 184,876 |
| ||||||
Write-off of fully depreciated assets which are no longer in service |
| — |
| (31,590 | ) | — |
| |||||||||||||
Dispositions and other |
| (804,094 | ) | (1,125,313 | ) | (665,957 | ) |
| (1,418,775 | ) | (804,094 | ) | (1,156,903 | ) | ||||||
Balance, end of year |
| $ | 14,852,621 |
| $ | 12,874,379 |
| $ | 13,046,263 |
|
| $ | 16,590,370 |
| $ | 14,852,621 |
| $ | 12,874,379 |
|
The changes in accumulated depreciation for the years ended December 31, 2005, 2004, 2003, and 20022003 are as follows:
|
| 2004 |
| 2003 |
| 2002 |
|
| 2005 |
| 2004 |
| 2003 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance, beginning of year |
| $ | 2,296,013 |
| $ | 2,112,017 |
| $ | 1,719,131 |
|
| $ | 2,599,827 |
| $ | 2,296,013 |
| $ | 2,112,017 |
|
Depreciation |
| 496,422 |
| 470,908 |
| 471,295 |
|
| 528,152 |
| 496,422 |
| 470,908 |
| ||||||
Write-off of fully depreciated assets which are no longer in service |
| — |
| (31,590 | ) | — |
| |||||||||||||
Dispositions and other |
| (192,608 | ) | (255,322 | ) | (78,409 | ) |
| (239,839 | ) | (192,608 | ) | (286,912 | ) | ||||||
Balance, end of year |
| $ | 2,599,827 |
| $ | 2,296,013 |
| $ | 2,112,017 |
|
| $ | 2,888,140 |
| $ | 2,599,827 |
| $ | 2,296,013 |
|
S-3
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - - Real Estate and Accumulated Depreciation
December 31, 2005
Description |
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Apartment Name |
| Location |
| Date of |
| Units (I) |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated Depreciation |
| Investment in Real |
| Encumbrances |
| ||||||||||
EQR Wholly Owned Unencumbered: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
2300 Elliott |
| Seattle, WA |
| 1992 |
| 92 |
| $ | 796,800 |
| $ | 7,173,725 |
| $ | — |
| $ | 4,349,931 |
| $ | 796,800 |
| $ | 11,523,656 |
| $ | 12,320,456 |
| $ | (5,203,766 | ) | $ | 7,116,690 |
| $ | — |
|
500 Elliott, LLC |
| Seattle, WA (G) |
| 2001 |
| 44 |
| 3,400,000 |
| 5,760,745 |
| — |
| — |
| 3,400,000 |
| 5,760,745 |
| 9,160,745 |
| — |
| 9,160,745 |
| — |
| ||||||||||
71 Broadway |
| New York, NY (G) |
| 1997 |
| 238 |
| 22,611,600 |
| 77,491,686 |
| — |
| 138,848 |
| 22,611,600 |
| 77,630,534 |
| 100,242,134 |
| (4,009,196 | ) | 96,232,937 |
| — |
| ||||||||||
Abington Glen |
| Abington, MA |
| 1968 |
| 90 |
| 553,105 |
| 3,697,396 |
| — |
| 1,767,105 |
| 553,105 |
| 5,464,501 |
| 6,017,607 |
| (992,640 | ) | 5,024,966 |
| — |
| ||||||||||
Acacia Creek |
| Scottsdale, AZ |
| 1988-1994 |
| 304 |
| 3,663,473 |
| 21,172,386 |
| — |
| 1,756,282 |
| 3,663,473 |
| 22,928,668 |
| 26,592,141 |
| (6,776,567 | ) | 19,815,574 |
| — |
| ||||||||||
Alameda Ranch |
| Scottsdale, AZ |
| 1990 |
| 272 |
| 11,823,840 |
| 31,990,970 |
| — |
| — |
| 11,823,840 |
| 31,990,970 |
| 43,814,810 |
| — |
| 43,814,810 |
| — |
| ||||||||||
Alborada |
| Fremont, CA |
| 1999 |
| 442 |
| 24,310,000 |
| 59,214,129 |
| — |
| 1,377,239 |
| 24,310,000 |
| 60,591,367 |
| 84,901,367 |
| (12,242,396 | ) | 72,658,971 |
| — |
| ||||||||||
Alexander on Ponce |
| Atlanta, GA |
| 2003 |
| 330 |
| 9,900,000 |
| 35,784,691 |
| — |
| — |
| 9,900,000 |
| 35,784,691 |
| 45,684,691 |
| — |
| 45,684,691 |
| — |
| ||||||||||
Alexandria at Lake Buena Vista |
| Orlando, FL |
| 2000 |
| 336 |
| 11,760,000 |
| 40,516,075 |
| — |
| — |
| 11,760,000 |
| 40,516,075 |
| 52,276,075 |
| — |
| 52,276,075 |
| — |
| ||||||||||
Arboretum at Stonelake |
| Austin, TX |
| 1996 |
| 408 |
| 6,120,000 |
| 24,069,023 |
| — |
| 1,005,839 |
| 6,120,000 |
| 25,074,861 |
| 31,194,861 |
| (2,363,508 | ) | 28,831,353 |
| — |
| ||||||||||
Arbors of Brentwood |
| Nashville, TN |
| 1986 |
| 346 |
| 404,670 |
| 13,536,367 |
| — |
| 3,376,258 |
| 404,670 |
| 16,912,625 |
| 17,317,295 |
| (7,553,080 | ) | 9,764,216 |
| — |
| ||||||||||
Ashley Park at Brier Creek |
| Raleigh, NC |
| 2002 |
| 374 |
| 5,610,000 |
| 31,467,489 |
| — |
| 925,716 |
| 5,610,000 |
| 32,393,205 |
| 38,003,205 |
| (1,413,581 | ) | 36,589,624 |
| — |
| ||||||||||
Ashton, The |
| Corona Hills, CA |
| 1986 |
| 492 |
| 2,594,264 |
| 33,042,398 |
| — |
| 3,178,241 |
| 2,594,264 |
| 36,220,639 |
| 38,814,903 |
| (10,673,884 | ) | 28,141,019 |
| — |
| ||||||||||
Aspen Crossing |
| Silver Spring, MD |
| 1979 |
| 192 |
| 2,880,000 |
| 8,551,377 |
| — |
| 1,960,509 |
| 2,880,000 |
| 10,511,886 |
| 13,391,886 |
| (2,918,194 | ) | 10,473,691 |
| — |
| ||||||||||
Audubon Village |
| Tampa, FL |
| 1990 |
| 447 |
| 3,576,000 |
| 26,121,909 |
| — |
| 1,526,976 |
| 3,576,000 |
| 27,648,884 |
| 31,224,884 |
| (7,446,575 | ) | 23,778,309 |
| — |
| ||||||||||
Auvers Village |
| Orlando, FL |
| 1991 |
| 480 |
| 3,840,000 |
| 29,322,243 |
| — |
| 2,368,357 |
| 3,840,000 |
| 31,690,600 |
| 35,530,600 |
| (8,629,375 | ) | 26,901,225 |
| — |
| ||||||||||
Avenue Royale |
| Jacksonville, FL |
| 2001 |
| 200 |
| 5,000,000 |
| 17,786,075 |
| — |
| 189,007 |
| 5,000,000 |
| 17,975,082 |
| 22,975,082 |
| (677,281 | ) | 22,297,802 |
| — |
| ||||||||||
Balcones Club |
| Austin, TX |
| 1984 |
| 312 |
| 2,185,500 |
| 10,119,232 |
| — |
| 2,582,074 |
| 2,185,500 |
| 12,701,306 |
| 14,886,806 |
| (4,152,501 | ) | 10,734,306 |
| — |
| ||||||||||
Bay Ridge |
| San Pedro, CA |
| 1987 |
| 60 |
| 2,401,300 |
| 2,176,963 |
| — |
| 527,782 |
| 2,401,300 |
| 2,704,745 |
| 5,106,045 |
| (914,534 | ) | 4,191,511 |
| — |
| ||||||||||
Bayside at the Islands |
| Gilbert, AZ |
| 1989 |
| 272 |
| 3,306,484 |
| 15,573,006 |
| — |
| 1,646,481 |
| 3,306,484 |
| 17,219,487 |
| 20,525,971 |
| (5,290,960 | ) | 15,235,011 |
| — |
| ||||||||||
Bell Road I & II |
| Nashville, TN |
| (F) |
| — |
| 3,100,000 |
| 1,120,214 |
| — |
| — |
| 3,100,000 |
| 1,120,214 |
| 4,220,214 |
| — |
| 4,220,214 |
| — |
| ||||||||||
Bella Vista I & II |
| Los Angeles, CA |
| 2003 |
| 315 |
| 16,883,410 |
| 61,672,690 |
| — |
| 177,732 |
| 16,883,410 |
| 61,850,422 |
| 78,733,832 |
| (4,269,829 | ) | 74,464,003 |
| — |
| ||||||||||
Bella Vista III |
| Los Angeles, CA |
| (F) |
| — |
| 14,799,344 |
| 20,515,274 |
| — |
| — |
| 14,799,344 |
| 20,515,274 |
| 35,314,618 |
| — |
| 35,314,618 |
| — |
| ||||||||||
Bella Vista Private Residences |
| Phoenix, AZ |
| 1995 |
| 248 |
| 2,978,879 |
| 20,641,333 |
| — |
| 764,856 |
| 2,978,879 |
| 21,406,189 |
| 24,385,068 |
| (6,058,287 | ) | 18,326,781 |
| — |
| ||||||||||
Bellagio Apartment Homes |
| Scottsdale, AZ |
| 1995 |
| 202 |
| 2,626,000 |
| 16,025,041 |
| — |
| 429,812 |
| 2,626,000 |
| 16,454,853 |
| 19,080,853 |
| (980,914 | ) | 18,099,939 |
| — |
| ||||||||||
Bellevue Meadows |
| Bellevue, WA |
| 1983 |
| 180 |
| 4,507,100 |
| 12,574,814 |
| — |
| 925,648 |
| 4,507,100 |
| 13,500,462 |
| 18,007,562 |
| (3,649,470 | ) | 14,358,092 |
| — |
| ||||||||||
Beneva Place |
| Sarasota, FL |
| 1986 |
| 192 |
| 1,344,000 |
| 9,665,447 |
| — |
| 955,296 |
| 1,344,000 |
| 10,620,742 |
| 11,964,742 |
| (2,857,539 | ) | 9,107,203 |
| — |
| ||||||||||
Bermuda Cove |
| Jacksonville, FL |
| 1989 |
| 350 |
| 1,503,000 |
| 19,561,896 |
| — |
| 3,280,079 |
| 1,503,000 |
| 22,841,975 |
| 24,344,975 |
| (5,916,644 | ) | 18,428,331 |
| — |
| ||||||||||
Bishop Park |
| Winter Park, FL |
| 1991 |
| 324 |
| 2,592,000 |
| 17,990,436 |
| — |
| 2,603,577 |
| 2,592,000 |
| 20,594,013 |
| 23,186,013 |
| (5,884,075 | ) | 17,301,938 |
| — |
| ||||||||||
Bourbon Square |
| Palatine, IL |
| 1984-87 |
| 612 |
| 3,899,744 |
| 35,113,276 |
| — |
| 8,674,682 |
| 3,899,744 |
| 43,787,958 |
| 47,687,702 |
| (20,328,925 | ) | 27,358,777 |
| — |
| ||||||||||
Braewood, LLC |
| Bothell, WA |
| 1999/2000 |
| 84 |
| 2,000,000 |
| 8,370,136 |
| — |
| 61,160 |
| 2,000,000 |
| 8,431,296 |
| 10,431,296 |
| — |
| 10,431,296 |
| — |
| ||||||||||
Bramblewood |
| San Jose, CA |
| 1986 |
| 108 |
| 5,190,700 |
| 9,659,184 |
| — |
| 586,282 |
| 5,190,700 |
| 10,245,466 |
| 15,436,166 |
| (2,791,288 | ) | 12,644,878 |
| — |
| ||||||||||
Brentwood |
| Vancouver, WA |
| 1990 |
| 296 |
| 1,357,221 |
| 12,202,521 |
| — |
| 1,910,465 |
| 1,357,221 |
| 14,112,986 |
| 15,470,207 |
| (5,735,863 | ) | 9,734,345 |
| — |
| ||||||||||
Breton Mill |
| Houston, TX |
| 1986 |
| 392 |
| 212,820 |
| 8,547,263 |
| — |
| 1,902,175 |
| 212,820 |
| 10,449,438 |
| 10,662,258 |
| (4,767,159 | ) | 5,895,099 |
| — |
| ||||||||||
Bridford Lakes II |
| Greensboro, NC |
| (F) |
| — |
| 1,100,564 |
| 792,509 |
| — |
| — |
| 1,100,564 |
| 792,509 |
| 1,893,073 |
| — |
| 1,893,073 |
| — |
| ||||||||||
Bridgeport |
| Raleigh, NC |
| 1990 |
| 276 |
| 1,296,700 |
| 11,666,278 |
| — |
| 1,394,842 |
| 1,296,700 |
| 13,061,120 |
| 14,357,820 |
| (5,917,706 | ) | 8,440,114 |
| — |
| ||||||||||
Bridgewater at Wells Crossing |
| Orange Park, FL |
| 1986 |
| 288 |
| 2,160,000 |
| 13,347,549 |
| — |
| 1,091,435 |
| 2,160,000 |
| 14,438,984 |
| 16,598,984 |
| (3,459,414 | ) | 13,139,570 |
| — |
| ||||||||||
Brittany Square |
| Tulsa, OK |
| 1982 |
| 212 |
| 625,000 |
| 4,050,961 |
| — |
| 1,952,149 |
| 625,000 |
| 6,003,110 |
| 6,628,110 |
| (4,312,012 | ) | 2,316,098 |
| — |
| ||||||||||
Brookside (CO) |
| Boulder, CO |
| 1993 |
| 144 |
| 3,600,400 |
| 10,211,159 |
| — |
| 480,859 |
| 3,600,400 |
| 10,692,018 |
| 14,292,418 |
| (2,946,629 | ) | 11,345,789 |
| — |
| ||||||||||
Brookside II (MD) |
| Frederick, MD |
| 1979 |
| 204 |
| 2,450,800 |
| 6,913,202 |
| — |
| 1,523,507 |
| 2,450,800 |
| 8,436,710 |
| 10,887,510 |
| (2,656,701 | ) | 8,230,808 |
| — |
| ||||||||||
Burwick Farms |
| Howell, MI |
| 1991 |
| 264 |
| 1,104,600 |
| 9,932,207 |
| — |
| 1,134,133 |
| 1,104,600 |
| 11,066,340 |
| 12,170,940 |
| (3,552,891 | ) | 8,618,048 |
| — |
| ||||||||||
Cambridge at Hickory Hollow |
| Antioch, TN |
| 1997 |
| 360 |
| 3,240,800 |
| 17,900,033 |
| — |
| 1,252,640 |
| 3,240,800 |
| 19,152,673 |
| 22,393,473 |
| (5,912,911 | ) | 16,480,562 |
| — |
| ||||||||||
Cambridge Estates |
| Norwich, CT |
| 1977 |
| 92 |
| 590,185 |
| 3,945,265 |
| — |
| 281,476 |
| 590,185 |
| 4,226,740 |
| 4,816,925 |
| (865,711 | ) | 3,951,214 |
| — |
| ||||||||||
Camellero |
| Scottsdale, AZ |
| 1979 |
| 348 |
| 1,924,900 |
| 17,324,593 |
| — |
| 4,428,932 |
| 1,924,900 |
| 21,753,525 |
| 23,678,425 |
| (9,582,156 | ) | 14,096,269 |
| — |
| ||||||||||
Canyon Crest |
| Santa Clarita, CA |
| 1993 |
| 158 |
| 2,370,000 |
| 10,141,878 |
| — |
| 1,175,258 |
| 2,370,000 |
| 11,317,136 |
| 13,687,136 |
| (2,859,416 | ) | 10,827,721 |
| — |
| ||||||||||
Canyon Ridge |
| San Diego, CA |
| 1989 |
| 162 |
| 4,869,448 |
| 11,955,064 |
| — |
| 1,050,392 |
| 4,869,448 |
| 13,005,455 |
| 17,874,903 |
| (3,812,632 | ) | 14,062,271 |
| — |
| ||||||||||
Carlyle Mill |
| Alexandria, VA |
| 2002 |
| 317 |
| 10,000,000 |
| 51,368,058 |
| — |
| 546,420 |
| 10,000,000 |
| 51,914,479 |
| 61,914,479 |
| (4,888,025 | ) | 57,026,454 |
| — |
| ||||||||||
Carmel Terrace |
| San Diego, CA |
| 1988-89 |
| 384 |
| 2,288,300 |
| 20,596,281 |
| — |
| 2,644,495 |
| 2,288,300 |
| 23,240,776 |
| 25,529,076 |
| (8,935,979 | ) | 16,593,097 |
| — |
| ||||||||||
Casa Capricorn |
| San Diego, CA |
| 1981 |
| 192 |
| 1,262,700 |
| 11,365,093 |
| — |
| 2,161,292 |
| 1,262,700 |
| 13,526,386 |
| 14,789,086 |
| (4,579,366 | ) | 10,209,720 |
| — |
| ||||||||||
Casa Ruiz |
| San Diego, CA |
| 1976-1986 |
| 196 |
| 3,922,400 |
| 9,389,153 |
| — |
| 2,067,941 |
| 3,922,400 |
| 11,457,095 |
| 15,379,495 |
| (3,597,484 | ) | 11,782,010 |
| — |
| ||||||||||
Cascade at Landmark |
| Alexandria, VA |
| 1990 |
| 277 |
| 3,603,400 |
| 19,657,554 |
| — |
| 2,464,910 |
| 3,603,400 |
| 22,122,464 |
| 25,725,864 |
| (7,143,449 | ) | 18,582,415 |
| — |
| ||||||||||
CenterPointe |
| Beaverton, OR |
| 1996 |
| 264 |
| 3,419,500 |
| 15,708,853 |
| — |
| 1,988,963 |
| 3,419,500 |
| 17,697,815 |
| 21,117,315 |
| (3,024,936 | ) | 18,092,379 |
| — |
| ||||||||||
Centre Club |
| Ontario, CA |
| 1994 |
| 312 |
| 5,616,000 |
| 23,485,891 |
| — |
| 1,145,980 |
| 5,616,000 |
| 24,631,871 |
| 30,247,871 |
| (4,912,423 | ) | 25,335,449 |
| — |
| ||||||||||
Centre Club II |
| Ontario, CA |
| 2002 |
| 100 |
| 1,820,000 |
| 9,528,898 |
| — |
| 88,086 |
| 1,820,000 |
| 9,616,983 |
| 11,436,983 |
| (1,300,115 | ) | 10,136,868 |
| — |
| ||||||||||
Champion Oaks |
| Houston, TX |
| 1984 |
| 252 |
| 931,900 |
| 8,389,394 |
| — |
| 1,661,818 |
| 931,900 |
| 10,051,212 |
| 10,983,112 |
| (4,290,170 | ) | 6,692,941 |
| — |
| ||||||||||
Chandler Court |
| Chandler, AZ |
| 1987 |
| 312 |
| 1,353,100 |
| 12,175,173 |
| — |
| 2,823,620 |
| 1,353,100 |
| 14,998,793 |
| 16,351,893 |
| (6,062,831 | ) | 10,289,062 |
| — |
| ||||||||||
Chantecleer Lakes Condominium Homes |
| Naperville, IL |
| 1986 |
| 304 |
| 6,689,400 |
| 16,465,143 |
| — |
| 2,141,104 |
| 6,689,400 |
| 18,606,247 |
| 25,295,647 |
| (5,585,250 | ) | 19,710,397 |
| — |
| ||||||||||
Chatelaine Park |
| Duluth, GA |
| 1995 |
| 303 |
| 1,818,000 |
| 24,489,671 |
| — |
| 899,727 |
| 1,818,000 |
| 25,389,398 |
| 27,207,398 |
| (6,581,581 | ) | 20,625,817 |
| — |
| ||||||||||
Chelsea Square |
| Redmond, WA |
| 1991 |
| 113 |
| 3,397,100 |
| 9,289,074 |
| — |
| 468,533 |
| 3,397,100 |
| 9,757,607 |
| 13,154,707 |
| (2,675,769 | ) | 10,478,937 |
| — |
| ||||||||||
Cherry Creek IV |
| Hermitage, TN |
| (F) |
| — |
| — |
| 1,593 |
| — |
| — |
| — |
| 1,593 |
| 1,593 |
| — |
| 1,593 |
| — |
| ||||||||||
Chestnut Hills |
| Puyallup, WA |
| 1991 |
| 157 |
| 756,300 |
| 6,806,635 |
| — |
| 921,259 |
| 756,300 |
| 7,727,894 |
| 8,484,194 |
| (2,584,583 | ) | 5,899,611 |
| — |
| ||||||||||
Cimarron Ridge |
| Aurora, CO |
| 1984 |
| 296 |
| 1,591,100 |
| 14,320,031 |
| — |
| 2,425,995 |
| 1,591,100 |
| 16,746,026 |
| 18,337,126 |
| (5,888,899 | ) | 12,448,226 |
| — |
| ||||||||||
City View (GA) |
| Atlanta, GA (G) |
| 2003 |
| 202 |
| 6,440,800 |
| 19,992,518 |
| — |
| 518,932 |
| 6,440,800 |
| 20,511,450 |
| 26,952,250 |
| (875,149 | ) | 26,077,101 |
| — |
| ||||||||||
City View at Highlands |
| Lombard, IL |
| 2003 |
| 403 |
| 4,636,653 |
| 60,295,044 |
| — |
| 190,276 |
| 4,636,653 |
| 60,485,320 |
| 65,121,973 |
| (3,987,078 | ) | 61,134,895 |
| — |
| ||||||||||
Claire Point |
| Jacksonville, FL |
| 1986 |
| 256 |
| 2,048,000 |
| 14,649,393 |
| — |
| 1,221,767 |
| 2,048,000 |
| 15,871,160 |
| 17,919,160 |
| (4,417,915 | ) | 13,501,245 |
| — |
| ||||||||||
Clarion |
| Decatur, GA |
| 1990 |
| 217 |
| 1,504,300 |
| 13,537,919 |
| — |
| 1,126,195 |
| 1,504,300 |
| 14,664,115 |
| 16,168,415 |
| (4,392,488 | ) | 11,775,926 |
| — |
| ||||||||||
Clarys Crossing |
| Columbia, MD |
| 1984 |
| 198 |
| 891,000 |
| 15,489,721 |
| — |
| 1,301,008 |
| 891,000 |
| 16,790,729 |
| 17,681,729 |
| (4,497,851 | ) | 13,183,879 |
| — |
| ||||||||||
Club at the Green |
| Beaverton, OR |
| 1991 |
| 254 |
| 2,030,950 |
| 12,616,747 |
| — |
| 1,876,278 |
| 2,030,950 |
| 14,493,025 |
| 16,523,975 |
| (4,879,000 | ) | 11,644,975 |
| — |
| ||||||||||
Coach Lantern |
| Scarborough, ME |
| 1971/1981 |
| 90 |
| 452,900 |
| 4,405,723 |
| — |
| 701,106 |
| 452,900 |
| 5,106,829 |
| 5,559,729 |
| (1,536,881 | ) | 4,022,848 |
| — |
| ||||||||||
Coconut Palm Club |
| Coconut Creek, GA |
| 1992 |
| 300 |
| 3,001,700 |
| 17,678,928 |
| — |
| 1,281,335 |
| 3,001,700 |
| 18,960,264 |
| 21,961,964 |
| (5,390,670 | ) | 16,571,294 |
| — |
| ||||||||||
S-4
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - - Real Estate and Accumulated Depreciation
December 31, 2005
Description |
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
|
|
| ||||||||||||
Apartment Name |
| Location |
| Date of |
| Units (I) |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated Depreciation |
| Investment in Real |
| Encumbrances |
|
Colinas Pointe |
| Denver, CO |
| 1986 |
| 272 |
| 1,587,400 |
| 14,285,902 |
| — |
| 1,350,117 |
| 1,587,400 |
| 15,636,019 |
| 17,223,419 |
| (4,954,973 | ) | 12,268,446 |
| — |
|
Collier Ridge |
| Atlanta, GA |
| 1980 |
| 300 |
| 5,100,000 |
| 20,425,822 |
| — |
| 3,580,004 |
| 5,100,000 |
| 24,005,826 |
| 29,105,826 |
| (6,314,409 | ) | 22,791,416 |
| — |
|
Conway Station |
| Orlando, FL |
| 1987 |
| 242 |
| 1,936,000 |
| 10,852,858 |
| — |
| 991,219 |
| 1,936,000 |
| 11,844,077 |
| 13,780,077 |
| (3,276,871 | ) | 10,503,206 |
| — |
|
Copper Canyon |
| Highlands Ranch, CO |
| 1999 |
| 222 |
| 1,443,000 |
| 16,251,114 |
| — |
| 629,008 |
| 1,443,000 |
| 16,880,122 |
| 18,323,122 |
| (4,067,383 | ) | 14,255,739 |
| — |
|
Copper Creek |
| Tempe, AZ |
| 1984 |
| 144 |
| 1,017,400 |
| 9,148,068 |
| — |
| 1,009,013 |
| 1,017,400 |
| 10,157,080 |
| 11,174,480 |
| (3,348,370 | ) | 7,826,111 |
| — |
|
Copper Terrace |
| Orlando, FL |
| 1989 |
| 300 |
| 1,200,000 |
| 17,887,868 |
| — |
| 1,719,808 |
| 1,200,000 |
| 19,607,676 |
| 20,807,676 |
| (5,437,869 | ) | 15,369,808 |
| — |
|
Cortona at Dana Park |
| Mesa, AZ |
| 1986 |
| 222 |
| 2,028,939 |
| 12,466,128 |
| — |
| 1,465,594 |
| 2,028,939 |
| 13,931,723 |
| 15,960,662 |
| (4,327,660 | ) | 11,633,002 |
| — |
|
Country Brook |
| Chandler, AZ |
| 1986-1996 |
| 396 |
| 1,505,219 |
| 29,542,535 |
| — |
| 1,736,604 |
| 1,505,219 |
| 31,279,138 |
| 32,784,357 |
| (9,134,157 | ) | 23,650,201 |
| — |
|
Country Gables |
| Beaverton, OR |
| 1991 |
| 288 |
| 1,580,500 |
| 14,215,444 |
| — |
| 2,567,285 |
| 1,580,500 |
| 16,782,729 |
| 18,363,229 |
| (5,787,770 | ) | 12,575,459 |
| — |
|
Cove at Fishers Landing |
| Vancouver, WA |
| 1993 |
| 253 |
| 2,277,000 |
| 15,656,887 |
| — |
| 607,222 |
| 2,277,000 |
| 16,264,109 |
| 18,541,109 |
| (2,388,158 | ) | 16,152,951 |
| — |
|
Creekside Homes at Legacy |
| Plano. TX |
| 1998 |
| 380 |
| 4,560,000 |
| 32,275,748 |
| — |
| 1,638,131 |
| 4,560,000 |
| 33,913,879 |
| 38,473,879 |
| (8,641,344 | ) | 29,832,535 |
| — |
|
Creekside Village |
| Mountlake Terrace, WA |
| 1987 |
| 512 |
| 2,807,600 |
| 25,270,594 |
| — |
| 3,076,578 |
| 2,807,600 |
| 28,347,171 |
| 31,154,771 |
| (11,720,238 | ) | 19,434,533 |
| — |
|
Creekwood |
| Charlotte, NC |
| 1987-1990 |
| 384 |
| 1,861,700 |
| 16,740,569 |
| — |
| 1,962,482 |
| 1,861,700 |
| 18,703,050 |
| 20,564,750 |
| (5,908,656 | ) | 14,656,094 |
| — |
|
Crescent at Cherry Creek |
| Denver, CO |
| 1994 |
| 216 |
| 2,594,000 |
| 15,149,470 |
| — |
| 930,946 |
| 2,594,000 |
| 16,080,416 |
| 18,674,416 |
| (4,808,354 | ) | 13,866,062 |
| — |
|
Crosswinds |
| St. Petersburg, FL |
| 1986 |
| 208 |
| 1,561,200 |
| 5,756,822 |
| — |
| 1,291,783 |
| 1,561,200 |
| 7,048,605 |
| 8,609,805 |
| (2,544,928 | ) | 6,064,877 |
| — |
|
Crystal Village |
| Attleboro, MA |
| 1974 |
| 91 |
| 1,369,000 |
| 4,989,028 |
| — |
| 1,970,405 |
| 1,369,000 |
| 6,959,433 |
| 8,328,433 |
| (2,103,143 | ) | 6,225,291 |
| — |
|
Cypress Lake at Waterford |
| Orlando, Fl |
| 2001 |
| 316 |
| 7,000,000 |
| 27,654,816 |
| — |
| 533,701 |
| 7,000,000 |
| 28,188,517 |
| 35,188,517 |
| (2,057,525 | ) | 33,130,992 |
| — |
|
Dartmouth Woods |
| Lakewood, CO |
| 1990 |
| 201 |
| 1,609,800 |
| 10,832,754 |
| — |
| 1,202,633 |
| 1,609,800 |
| 12,035,387 |
| 13,645,187 |
| (3,887,727 | ) | 9,757,460 |
| — |
|
Dean Estates |
| Taunton, MA |
| 1984 |
| 58 |
| 498,080 |
| 3,329,560 |
| — |
| 342,044 |
| 498,080 |
| 3,671,605 |
| 4,169,684 |
| (732,302 | ) | 3,437,383 |
| — |
|
Deerbrook |
| Jacksonville, FL |
| 1983 |
| 144 |
| 1,008,000 |
| 8,845,716 |
| — |
| 1,073,706 |
| 1,008,000 |
| 9,919,423 |
| 10,927,423 |
| (2,761,343 | ) | 8,166,080 |
| — |
|
Deerwood (SD) |
| San Diego, CA |
| 1990 |
| 316 |
| 2,082,095 |
| 18,739,815 |
| — |
| 5,102,503 |
| 2,082,095 |
| 23,842,318 |
| 25,924,413 |
| (11,307,645 | ) | 14,616,768 |
| — |
|
Defoor Village |
| Atlanta, GA |
| 1997 |
| 156 |
| 2,966,400 |
| 10,570,210 |
| — |
| 1,709,169 |
| 2,966,400 |
| 12,279,379 |
| 15,245,779 |
| (3,156,768 | ) | 12,089,011 |
| — |
|
Desert Homes |
| Phoenix, AZ |
| 1982 |
| 412 |
| 1,481,050 |
| 13,390,249 |
| — |
| 3,333,042 |
| 1,481,050 |
| 16,723,291 |
| 18,204,341 |
| (6,430,603 | ) | 11,773,738 |
| — |
|
Duraleigh Woods |
| Raleigh, NC |
| 1987 |
| 362 |
| 1,629,000 |
| 19,917,750 |
| — |
| 2,915,729 |
| 1,629,000 |
| 22,833,479 |
| 24,462,479 |
| (6,450,625 | ) | 18,011,854 |
| — |
|
Eagle Canyon |
| Chino Hills, CA |
| 1985 |
| 252 |
| 1,808,900 |
| 16,426,168 |
| — |
| 1,932,443 |
| 1,808,900 |
| 18,358,611 |
| 20,167,511 |
| (6,044,841 | ) | 14,122,670 |
| — |
|
Emerson Place |
| Boston, MA (G) |
| 1962 |
| 444 |
| 14,855,000 |
| 57,566,636 |
| — |
| 11,992,182 |
| 14,855,000 |
| 69,558,817 |
| 84,413,817 |
| (21,374,603 | ) | 63,039,215 |
| — |
|
Emerson Place/CRP II |
| Boston, MA |
| (F) |
| — |
| — |
| 5,126,486 |
| — |
| — |
| — |
| 5,126,486 |
| 5,126,486 |
| — |
| 5,126,486 |
| — |
|
Enclave at Winston Park |
| Coconut Creek, FL |
| 1995 |
| 278 |
| 5,560,000 |
| 19,939,324 |
| — |
| 690,600 |
| 5,560,000 |
| 20,629,923 |
| 26,189,923 |
| (3,087,745 | ) | 23,102,178 |
| — |
|
Enclave, The |
| Tempe, AZ |
| 1994 |
| 204 |
| 1,500,192 |
| 19,281,399 |
| — |
| 808,788 |
| 1,500,192 |
| 20,090,187 |
| 21,590,379 |
| (5,700,710 | ) | 15,889,669 |
| — |
|
EOP Orange |
| Orange, CA |
| (F) |
| — |
| — |
| 517,113 |
| — |
| — |
| — |
| 517,113 |
| 517,113 |
| — |
| 517,113 |
| — |
|
Estates at Tanglewood |
| Westminster, CO |
| 2003 |
| 504 |
| 7,560,000 |
| 51,256,538 |
| — |
| 333,329 |
| 7,560,000 |
| 51,589,867 |
| 59,149,867 |
| (1,905,797 | ) | 57,244,071 |
| — |
|
Fairfield |
| Stamford, CT (G) |
| 1996 |
| 263 |
| 6,510,200 |
| 39,690,120 |
| — |
| 3,037,583 |
| 6,510,200 |
| 42,727,703 |
| 49,237,903 |
| (11,038,731 | ) | 38,199,173 |
| — |
|
Fairland Gardens |
| Silver Spring, MD |
| 1981 |
| 400 |
| 6,000,000 |
| 19,972,183 |
| — |
| 3,255,810 |
| 6,000,000 |
| 23,227,993 |
| 29,227,993 |
| (6,124,878 | ) | 23,103,115 |
| — |
|
Fairway Greens, LLC |
| Pembroke Pines, FL |
| 1987 |
| 49 |
| 291,326 |
| 3,239,538 |
| — |
| 733,964 |
| 291,326 |
| 3,973,502 |
| 4,264,828 |
| (872,750 | ) | 3,392,078 |
| — |
|
Farnham Park |
| Houston, TX |
| 1996 |
| 216 |
| 1,512,600 |
| 14,233,760 |
| — |
| 836,334 |
| 1,512,600 |
| 15,070,094 |
| 16,582,694 |
| (4,360,059 | ) | 12,222,635 |
| — |
|
Fifth Avenue North |
| Seattle, WA (G) |
| 2002 |
| 62 |
| 4,356,000 |
| 7,405,327 |
| — |
| 22 |
| 4,356,000 |
| 7,405,350 |
| 11,761,350 |
| — |
| 11,761,350 |
| — |
|
Four Lakes Athletic Club |
| Lisle, IL (G) |
| N/A |
| — |
| 50,000 |
| 153,489 |
| — |
| 227,651 |
| 50,000 |
| 381,140 |
| 431,140 |
| (58,289 | ) | 372,850 |
| — |
|
Four Lakes Condo, LLC Phase VI |
| Lisle, IL |
| 1970/1988 |
| 1 |
| 1,971 |
| 11,845 |
| — |
| (19,440 | ) | 1,971 |
| (7,595 | ) | (5,624 | ) | (19,265 | ) | (24,889 | ) | — |
|
Four Lakes Condo, LLC Phase VIII |
| Lisle, IL |
| 1970/1988 |
| 45 |
| 119,801 |
| 704,976 |
| — |
| 2,248,109 |
| 119,801 |
| 2,953,085 |
| 3,072,886 |
| (1,171,436 | ) | 1,901,450 |
| — |
|
Four Lakes Leasing Center |
| Lisle, IL (G) |
| N/A |
| — |
| 50,000 |
| 152,815 |
| — |
| 41,649 |
| 50,000 |
| 194,464 |
| 244,464 |
| (65,146 | ) | 179,318 |
| — |
|
Fox Run (WA) |
| Federal Way, WA |
| 1988 |
| 144 |
| 639,700 |
| 5,765,018 |
| — |
| 1,126,426 |
| 639,700 |
| 6,891,444 |
| 7,531,144 |
| (3,007,509 | ) | 4,523,635 |
| — |
|
Fox Run II (WA) |
| Federal Way, WA |
| 1988 |
| 18 |
| 80,000 |
| 1,286,139 |
| — |
| 53,086 |
| 80,000 |
| 1,339,225 |
| 1,419,225 |
| (126,410 | ) | 1,292,816 |
| — |
|
Foxcroft |
| Scarborough, ME |
| 1977/1979 |
| 104 |
| 523,400 |
| 4,527,409 |
| — |
| 742,262 |
| 523,400 |
| 5,269,671 |
| 5,793,071 |
| (1,588,826 | ) | 4,204,245 |
| — |
|
Gables Grand Plaza |
| Coral Gables, FL (G) |
| 1998 |
| 195 |
| — |
| 44,601,000 |
| — |
| 769,410 |
| — |
| 45,370,410 |
| 45,370,410 |
| (3,497,204 | ) | 41,873,206 |
| — |
|
Gatehouse at Pine Lake |
| Pembroke Pines, FL |
| 1990 |
| 296 |
| 1,896,600 |
| 17,070,795 |
| — |
| 1,614,683 |
| 1,896,600 |
| 18,685,477 |
| 20,582,077 |
| (6,353,796 | ) | 14,228,282 |
| — |
|
Gatehouse on the Green |
| Plantation, FL |
| 1990 |
| 312 |
| 2,228,200 |
| 20,056,270 |
| — |
| 2,050,349 |
| 2,228,200 |
| 22,106,619 |
| 24,334,819 |
| (7,507,216 | ) | 16,827,603 |
| — |
|
Gates of Redmond |
| Redmond, WA |
| 1979 |
| 180 |
| 2,306,100 |
| 12,064,015 |
| — |
| 1,129,173 |
| 2,306,100 |
| 13,193,189 |
| 15,499,289 |
| (4,072,328 | ) | 11,426,961 |
| — |
|
Gateway at Malden Center |
| Malden, MA (G) |
| 1988 |
| 203 |
| 9,209,780 |
| 25,722,666 |
| — |
| 2,235,818 |
| 9,209,780 |
| 27,958,484 |
| 37,168,264 |
| (2,921,151 | ) | 34,247,113 |
| — |
|
Gatewood |
| Pleasanton, CA |
| 1985 |
| 200 |
| 6,796,511 |
| 20,249,392 |
| — |
| 1,175,772 |
| 6,796,511 |
| 21,425,164 |
| 28,221,675 |
| (2,117,972 | ) | 26,103,703 |
| — |
|
Glastonbury Center |
| Glastonbury, CT |
| 1962 |
| 105 |
| 852,606 |
| 5,699,497 |
| — |
| 489,326 |
| 852,606 |
| 6,188,824 |
| 7,041,430 |
| (1,275,820 | ) | 5,765,610 |
| — |
|
Gore Meadows |
| Watertown, MA |
| (F) |
| — |
| — |
| 163,697 |
| — |
| — |
| — |
| 163,697 |
| 163,697 |
| — |
| 163,697 |
| — |
|
Gramercy Park |
| Houston, TX |
| 1998 |
| 384 |
| 3,957,000 |
| 22,075,243 |
| — |
| 1,579,821 |
| 3,957,000 |
| 23,655,064 |
| 27,612,064 |
| (3,787,274 | ) | 23,824,789 |
| — |
|
Granada Highlands |
| Malden, MA (G) |
| 1972 |
| 919 |
| 28,210,000 |
| 99,944,576 |
| — |
| 14,201,437 |
| 28,210,000 |
| 114,146,014 |
| 142,356,014 |
| (25,668,487 | ) | 116,687,527 |
| — |
|
Grand Marquis Condominium, LLC |
| Plantation, FL |
| 1987 |
| 16 |
| 75,158 |
| 748,261 |
| — |
| 321,525 |
| 75,158 |
| 1,069,786 |
| 1,144,944 |
| (336,567 | ) | 808,377 |
| — |
|
Grand Reserve |
| Woodbury, MN |
| 2000 |
| 394 |
| 4,728,000 |
| 49,541,642 |
| — |
| 4,691,469 |
| 4,728,000 |
| 54,233,111 |
| 58,961,111 |
| (9,728,093 | ) | 49,233,018 |
| — |
|
Grandeville at River Place |
| Oviedo, FL |
| 2002 |
| 280 |
| 6,000,000 |
| 23,114,693 |
| — |
| 165,331 |
| 6,000,000 |
| 23,280,024 |
| 29,280,024 |
| (1,945,635 | ) | 27,334,389 |
| — |
|
Greenfield Village |
| Rocky Hill , CT |
| 1965 |
| 151 |
| 911,534 |
| 6,093,418 |
| — |
| 409,743 |
| 911,534 |
| 6,503,162 |
| 7,414,696 |
| (1,282,444 | ) | 6,132,252 |
| — |
|
Greentree 2 |
| Glen Burnie, MD |
| 1973 |
| 239 |
| 2,700,000 |
| 8,246,737 |
| — |
| 1,308,659 |
| 2,700,000 |
| 9,555,396 |
| 12,255,396 |
| (2,561,069 | ) | 9,694,327 |
| — |
|
Greentree 3 |
| Glen Burnie, MD |
| 1973 |
| 207 |
| 2,380,443 |
| 7,270,294 |
| — |
| 1,049,351 |
| 2,380,443 |
| 8,319,645 |
| 10,700,088 |
| (2,236,072 | ) | 8,464,017 |
| — |
|
Hammocks Place |
| Miami, FL |
| 1986 |
| 296 |
| 319,180 |
| 12,513,467 |
| — |
| 1,801,039 |
| 319,180 |
| 14,314,505 |
| 14,633,685 |
| (6,466,582 | ) | 8,167,103 |
| — |
|
Hamptons |
| Puyallup, WA |
| 1991 |
| 230 |
| 1,119,200 |
| 10,075,844 |
| — |
| 1,138,627 |
| 1,119,200 |
| 11,214,471 |
| 12,333,671 |
| (3,656,560 | ) | 8,677,111 |
| — |
|
Harborview |
| San Pedro, CA |
| 1985 |
| 160 |
| 6,402,500 |
| 12,627,347 |
| — |
| 1,368,570 |
| 6,402,500 |
| 13,995,917 |
| 20,398,417 |
| (4,556,566 | ) | 15,841,851 |
| — |
|
Harbour Town |
| Boca Raton, FL |
| 1985 |
| 392 |
| 11,760,000 |
| 20,190,252 |
| — |
| 3,851,611 |
| 11,760,000 |
| 24,041,863 |
| 35,801,863 |
| (5,828,281 | ) | 29,973,582 |
| — |
|
Hathaway |
| Long Beach, CA |
| 1987 |
| 385 |
| 2,512,500 |
| 22,611,912 |
| — |
| 3,598,613 |
| 2,512,500 |
| 26,210,525 |
| 28,723,025 |
| (9,682,675 | ) | 19,040,350 |
| — |
|
Heritage, The |
| Phoenix, AZ |
| 1995 |
| 204 |
| 1,211,205 |
| 13,136,903 |
| — |
| 792,882 |
| 1,211,205 |
| 13,929,785 |
| 15,140,990 |
| (4,064,977 | ) | 11,076,013 |
| — |
|
Heron Pointe |
| Boynton Beach, FL |
| 1989 |
| 192 |
| 1,546,700 |
| 7,774,676 |
| — |
| 1,187,942 |
| 1,546,700 |
| 8,962,618 |
| 10,509,318 |
| (3,083,513 | ) | 7,425,805 |
| — |
|
Hidden Lakes |
| Haltom City, TX |
| 1996 |
| 312 |
| 1,872,000 |
| 20,242,109 |
| — |
| 1,088,084 |
| 1,872,000 |
| 21,330,193 |
| 23,202,193 |
| (5,700,435 | ) | 17,501,758 |
| — |
|
Hidden Oaks |
| Cary, NC |
| 1988 |
| 216 |
| 1,178,600 |
| 10,614,135 |
| — |
| 1,818,988 |
| 1,178,600 |
| 12,433,124 |
| 13,611,724 |
| (4,133,288 | ) | 9,478,436 |
| — |
|
Hidden Palms |
| Tampa, FL |
| 1986 |
| 256 |
| 2,049,600 |
| 6,345,885 |
| — |
| 1,758,702 |
| 2,049,600 |
| 8,104,587 |
| 10,154,187 |
| (2,886,723 | ) | 7,267,465 |
| — |
|
Hidden Valley Club |
| Ann Arbor, MI |
| 1973 |
| 324 |
| 915,000 |
| 6,667,098 |
| — |
| 3,572,015 |
| 915,000 |
| 10,239,113 |
| 11,154,113 |
| (7,781,952 | ) | 3,372,161 |
| — |
|
Highland Glen |
| Westwood, MA |
| 1979 |
| 180 |
| 2,229,095 |
| 16,828,153 |
| — |
| 507,676 |
| 2,229,095 |
| 17,335,829 |
| 19,564,924 |
| (3,131,260 | ) | 16,433,664 |
| — |
|
S-5
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - - Real Estate and Accumulated Depreciation
December 31, 2005
Description |
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
|
|
| ||||||||||||
Apartment Name |
| Location |
| Date of |
| Units (I) |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Investment in Real |
| Encumbrances |
|
Highland Glen II |
| Westwood, MA |
| (F) |
| — |
| 603,508 |
| 1,393,366 |
| — |
| — |
| 603,508 |
| 1,393,366 |
| 1,996,874 |
| — |
| 1,996,874 |
| — |
|
Hudson Crossing |
| New York, NY (G) |
| 2003 |
| 259 |
| 23,420,000 |
| 70,085,463 |
| — |
| 95,870 |
| 23,420,000 |
| 70,181,333 |
| 93,601,333 |
| (3,691,733 | ) | 89,909,600 |
| — |
|
Hudson Pointe |
| Jersey City, NJ |
| 2003 |
| 182 |
| 5,148,500 |
| 41,013,460 |
| — |
| 196,625 |
| 5,148,500 |
| 41,210,085 |
| 46,358,584 |
| (2,771,178 | ) | 43,587,407 |
| — |
|
Hunt Club |
| Charlotte, NC |
| 1990 |
| 300 |
| 990,000 |
| 17,992,887 |
| — |
| 1,050,373 |
| 990,000 |
| 19,043,260 |
| 20,033,260 |
| (5,122,739 | ) | 14,910,521 |
| — |
|
Hunt Club II |
| Charlotte, NC |
| (F) |
| — |
| 100,000 |
| — |
| — |
| — |
| 100,000 |
| — |
| 100,000 |
| — |
| 100,000 |
| — |
|
Hunters Green |
| Fort Worth, TX |
| 1981 |
| 248 |
| 524,300 |
| 3,653,481 |
| — |
| 1,457,415 |
| 524,300 |
| 5,110,896 |
| 5,635,196 |
| (2,592,277 | ) | 3,042,918 |
| — |
|
Huntington Park |
| Everett, WA |
| 1991 |
| 381 |
| 1,597,500 |
| 14,367,864 |
| — |
| 1,765,661 |
| 1,597,500 |
| 16,133,525 |
| 17,731,025 |
| (7,130,920 | ) | 10,600,104 |
| — |
|
Indian Bend |
| Scottsdale, AZ |
| 1973 |
| 277 |
| 1,075,700 |
| 9,800,330 |
| — |
| 2,428,895 |
| 1,075,700 |
| 12,229,224 |
| 13,304,924 |
| (5,534,189 | ) | 7,770,735 |
| — |
|
Indian Tree |
| Arvada, CO |
| 1983 |
| 168 |
| 881,225 |
| 4,552,815 |
| — |
| 1,713,192 |
| 881,225 |
| 6,266,007 |
| 7,147,232 |
| (3,091,683 | ) | 4,055,548 |
| — |
|
Indigo Springs |
| Kent, WA |
| 1991 |
| 278 |
| 1,270,500 |
| 11,446,902 |
| — |
| 2,101,428 |
| 1,270,500 |
| 13,548,330 |
| 14,818,830 |
| (4,836,088 | ) | 9,982,742 |
| — |
|
Ironwood at the Ranch |
| Westminster, CO |
| 1986 |
| 226 |
| 1,493,300 |
| 13,439,305 |
| — |
| 1,213,593 |
| 1,493,300 |
| 14,652,897 |
| 16,146,197 |
| (4,728,482 | ) | 11,417,715 |
| — |
|
Ivory Wood |
| Bothell, WA |
| 2000 |
| 144 |
| 2,732,800 |
| 13,888,282 |
| — |
| 197,549 |
| 2,732,800 |
| 14,085,831 |
| 16,818,631 |
| (969,012 | ) | 15,849,619 |
| — |
|
Ivy Place |
| Atlanta, GA |
| 1978 |
| 122 |
| 802,950 |
| 7,228,257 |
| — |
| 1,372,744 |
| 802,950 |
| 8,601,000 |
| 9,403,950 |
| (3,148,873 | ) | 6,255,078 |
| — |
|
Junipers at Yarmouth |
| Yarmouth, ME |
| 1970 |
| 225 |
| 1,355,700 |
| 7,860,135 |
| — |
| 1,551,315 |
| 1,355,700 |
| 9,411,449 |
| 10,767,149 |
| (3,347,613 | ) | 7,419,536 |
| — |
|
Kempton Downs |
| Gresham, OR |
| 1990 |
| 278 |
| 1,217,349 |
| 10,943,372 |
| — |
| 2,101,442 |
| 1,217,349 |
| 13,044,814 |
| 14,262,163 |
| (5,403,829 | ) | 8,858,334 |
| — |
|
Keystone |
| Austin, TX |
| 1981 |
| 166 |
| 498,500 |
| 4,487,295 |
| — |
| 1,490,410 |
| 498,500 |
| 5,977,705 |
| 6,476,205 |
| (2,702,594 | ) | 3,773,611 |
| — |
|
Kingsport |
| Alexandria, VA |
| 1986 |
| 416 |
| 1,262,250 |
| 12,198,188 |
| — |
| 3,599,481 |
| 1,262,250 |
| 15,797,670 |
| 17,059,920 |
| (6,616,975 | ) | 10,442,945 |
| — |
|
Kirby Place |
| Houston, TX |
| 1994 |
| 362 |
| 3,621,600 |
| 25,896,774 |
| — |
| 1,652,070 |
| 3,621,600 |
| 27,548,844 |
| 31,170,444 |
| (8,207,953 | ) | 22,962,491 |
| — |
|
La Mirage |
| San Diego, CA |
| 1988/1992 |
| 1,070 |
| 28,895,200 |
| 95,567,943 |
| — |
| 5,994,192 |
| 28,895,200 |
| 101,562,135 |
| 130,457,335 |
| (30,890,100 | ) | 99,567,234 |
| — |
|
La Mirage IV |
| San Diego, CA |
| 2001 |
| 340 |
| 6,000,000 |
| 47,449,353 |
| — |
| 464,988 |
| 6,000,000 |
| 47,914,341 |
| 53,914,341 |
| (7,036,847 | ) | 46,877,495 |
| — |
|
La Tour Fontaine |
| Houston, TX |
| 1994 |
| 162 |
| 2,916,000 |
| 15,917,178 |
| — |
| 1,068,964 |
| 2,916,000 |
| 16,986,142 |
| 19,902,142 |
| (4,481,611 | ) | 15,420,531 |
| — |
|
Lakes at Vinings |
| Atlanta, GA |
| 1972/1975 |
| 464 |
| 6,498,000 |
| 21,832,252 |
| — |
| 2,549,864 |
| 6,498,000 |
| 24,382,116 |
| 30,880,116 |
| (7,116,810 | ) | 23,763,306 |
| — |
|
Lakeshore at Preston |
| Plano, TX |
| 1992 |
| 302 |
| 3,325,800 |
| 15,208,348 |
| — |
| 1,696,948 |
| 3,325,800 |
| 16,905,296 |
| 20,231,096 |
| (4,611,232 | ) | 15,619,864 |
| — |
|
Lakeville Resort |
| Petaluma, CA |
| 1984 |
| 492 |
| 2,736,500 |
| 24,610,651 |
| — |
| 3,581,861 |
| 2,736,500 |
| 28,192,512 |
| 30,929,012 |
| (9,878,000 | ) | 21,051,012 |
| — |
|
Lakewood Oaks |
| Dallas, TX |
| 1987 |
| 352 |
| 1,631,600 |
| 14,686,192 |
| — |
| 2,758,915 |
| 1,631,600 |
| 17,445,106 |
| 19,076,706 |
| (7,252,999 | ) | 11,823,707 |
| — |
|
Landera |
| San Antonio, TX |
| 1983 |
| 184 |
| 766,300 |
| 6,896,811 |
| — |
| 1,276,292 |
| 766,300 |
| 8,173,104 |
| 8,939,404 |
| (2,898,389 | ) | 6,041,015 |
| — |
|
Landings at Port Imperial |
| W. New York, NJ |
| 1999 |
| 276 |
| 27,246,045 |
| 37,741,050 |
| — |
| 690,954 |
| 27,246,045 |
| 38,432,003 |
| 65,678,048 |
| (6,838,180 | ) | 58,839,869 |
| — |
|
Larkspur Shores |
| Hilliard, OH |
| 1983 |
| 342 |
| 17,107,300 |
| 31,399,237 |
| — |
| 4,028,222 |
| 17,107,300 |
| 35,427,459 |
| 52,534,759 |
| (10,501,853 | ) | 42,032,906 |
| — |
|
Larkspur Woods |
| Sacramento, CA |
| 1989/1993 |
| 232 |
| 5,802,900 |
| 14,576,106 |
| — |
| 1,462,557 |
| 5,802,900 |
| 16,038,663 |
| 21,841,563 |
| (4,916,809 | ) | 16,924,754 |
| — |
|
Laurel Ridge |
| Chapel Hill, NC |
| 1975 |
| 160 |
| 160,000 |
| 3,206,076 |
| — |
| 3,760,997 |
| 160,000 |
| 6,967,073 |
| 7,127,073 |
| (4,618,612 | ) | 2,508,461 |
| — |
|
Laurel Ridge II |
| Chapel Hill, NC |
| (F) |
| — |
| 22,551 |
| — |
| — |
| — |
| 22,551 |
| — |
| 22,551 |
| — |
| 22,551 |
| — |
|
Lexington Farm |
| Alpharetta, GA |
| 1995 |
| 352 |
| 3,521,900 |
| 22,888,305 |
| — |
| 1,100,890 |
| 3,521,900 |
| 23,989,195 |
| 27,511,095 |
| (6,270,768 | ) | 21,240,327 |
| — |
|
Lexington Glen |
| Atlanta, GA |
| 1990 |
| 480 |
| 5,760,000 |
| 40,190,507 |
| — |
| 2,833,875 |
| 5,760,000 |
| 43,024,383 |
| 48,784,383 |
| (11,261,541 | ) | 37,522,842 |
| — |
|
Lexington Park |
| Orlando, FL |
| 1988 |
| 252 |
| 2,016,000 |
| 12,346,726 |
| — |
| 1,852,134 |
| 2,016,000 |
| 14,198,859 |
| 16,214,859 |
| (3,937,306 | ) | 12,277,554 |
| — |
|
Little Cottonwoods |
| Tempe, AZ |
| 1984 |
| 379 |
| 3,050,133 |
| 26,991,689 |
| — |
| 2,193,290 |
| 3,050,133 |
| 29,184,979 |
| 32,235,112 |
| (8,595,903 | ) | 23,639,209 |
| — |
|
Lodge (TX), The |
| San Antonio, TX |
| 1989/1990 |
| 384 |
| 1,363,636 |
| 7,464,586 |
| — |
| 3,374,871 |
| 1,363,636 |
| 10,839,457 |
| 12,203,093 |
| (6,541,900 | ) | 5,661,193 |
| — |
|
Lofton Place |
| Tampa, FL |
| 1988 |
| 280 |
| 2,240,000 |
| 16,679,214 |
| — |
| 1,738,399 |
| 2,240,000 |
| 18,417,613 |
| 20,657,613 |
| (5,064,360 | ) | 15,593,253 |
| — |
|
Longfellow Place |
| Boston, MA (G) |
| 1975 |
| 710 |
| 53,164,160 |
| 183,940,619 |
| — |
| 26,794,593 |
| 53,164,160 |
| 210,735,211 |
| 263,899,371 |
| (51,170,920 | ) | 212,728,451 |
| — |
|
Madison at Stone Creek |
| Austin, TX |
| 1995 |
| 390 |
| 2,535,000 |
| 22,611,700 |
| — |
| 1,559,341 |
| 2,535,000 |
| 24,171,040 |
| 26,706,040 |
| (6,479,251 | ) | 20,226,789 |
| — |
|
Madison at the Arboretum |
| Austin, TX |
| 1995 |
| 161 |
| 1,046,500 |
| 9,638,269 |
| — |
| 1,392,343 |
| 1,046,500 |
| 11,030,612 |
| 12,077,112 |
| (2,957,699 | ) | 9,119,413 |
| — |
|
Madison at Walnut Creek |
| Austin, TX |
| 1994 |
| 342 |
| 2,737,600 |
| 14,623,574 |
| — |
| 1,626,595 |
| 2,737,600 |
| 16,250,169 |
| 18,987,769 |
| (5,144,809 | ) | 13,842,960 |
| — |
|
Madison at Wells Branch |
| Austin, TX |
| 1995 |
| 300 |
| 2,377,344 |
| 16,370,879 |
| — |
| 1,683,447 |
| 2,377,344 |
| 18,054,326 |
| 20,431,670 |
| (3,860,939 | ) | 16,570,731 |
| — |
|
Madison on Melrose |
| Richardson, TX |
| 1995 |
| 200 |
| 1,300,000 |
| 15,096,551 |
| — |
| 685,221 |
| 1,300,000 |
| 15,781,772 |
| 17,081,772 |
| (4,079,103 | ) | 13,002,669 |
| — |
|
Madison on the Parkway |
| Dallas, TX |
| 1995 |
| 376 |
| 2,444,000 |
| 22,505,043 |
| — |
| 1,784,163 |
| 2,444,000 |
| 24,289,206 |
| 26,733,206 |
| (6,385,278 | ) | 20,347,929 |
| — |
|
Magnolia at Whitlock |
| Marietta, GA |
| 1971 |
| 152 |
| 132,979 |
| 1,526,005 |
| — |
| 3,683,712 |
| 132,979 |
| 5,209,717 |
| 5,342,695 |
| (3,232,178 | ) | 2,110,517 |
| — |
|
Magnuson Pointe, LLC |
| Seattle, WA |
| 1977/1979 |
| 70 |
| 1,863,274 |
| 4,969,836 |
| — |
| 298,644 |
| 1,863,274 |
| 5,268,480 |
| 7,131,754 |
| — |
| 7,131,754 |
| — |
|
Mariners Wharf |
| Orange Park, FL |
| 1989 |
| 272 |
| 1,861,200 |
| 16,744,951 |
| — |
| 1,342,198 |
| 1,861,200 |
| 18,087,149 |
| 19,948,349 |
| (5,475,079 | ) | 14,473,270 |
| — |
|
Marquessa |
| Corona Hills, CA |
| 1992 |
| 336 |
| 6,888,500 |
| 21,604,584 |
| — |
| 1,929,438 |
| 6,888,500 |
| 23,534,021 |
| 30,422,521 |
| (7,170,385 | ) | 23,252,136 |
| — |
|
Martha Lake |
| Lynnwood, WA |
| 1991 |
| 155 |
| 821,200 |
| 7,405,070 |
| — |
| 1,396,846 |
| 821,200 |
| 8,801,916 |
| 9,623,116 |
| (2,927,813 | ) | 6,695,303 |
| — |
|
Merrill Creek |
| Lakewood, WA |
| 1994 |
| 149 |
| 814,200 |
| 7,330,606 |
| — |
| 582,401 |
| 814,200 |
| 7,913,006 |
| 8,727,206 |
| (2,514,485 | ) | 6,212,721 |
| — |
|
Metro on First |
| Seattle, WA (G) |
| 2002 |
| 102 |
| 8,540,000 |
| 12,209,975 |
| — |
| 17,144 |
| 8,540,000 |
| 12,227,118 |
| 20,767,118 |
| (346,916 | ) | 20,420,202 |
| — |
|
Milano Terrace Private Residences |
| Scottsdale, AZ |
| 1984 |
| 214 |
| 2,932,387 |
| 17,570,698 |
| — |
| 2,741,193 |
| 2,932,387 |
| 20,311,892 |
| 23,244,279 |
| (5,239,199 | ) | 18,005,080 |
| — |
|
Mill Creek |
| Milpitas, CA |
| 1991 |
| 516 |
| 12,858,693 |
| 57,168,503 |
| — |
| 1,164,011 |
| 12,858,693 |
| 58,332,514 |
| 71,191,207 |
| (5,908,345 | ) | 65,282,863 |
| — |
|
Mira Flores |
| Palm Beach Gardens, FL |
| 1996 |
| 352 |
| 7,040,000 |
| 22,515,299 |
| — |
| 699,076 |
| 7,040,000 |
| 23,214,375 |
| 30,254,375 |
| (3,611,351 | ) | 26,643,024 |
| — |
|
Mission Bay |
| Orlando, FL |
| 1991 |
| 304 |
| 2,432,000 |
| 21,623,560 |
| — |
| 1,340,332 |
| 2,432,000 |
| 22,963,893 |
| 25,395,893 |
| (6,130,111 | ) | 19,265,782 |
| — |
|
Misty Woods |
| Cary, NC |
| 1984 |
| 360 |
| 720,790 |
| 18,063,934 |
| — |
| 2,496,242 |
| 720,790 |
| 20,560,176 |
| 21,280,966 |
| (6,264,017 | ) | 15,016,949 |
| — |
|
Montecito |
| Valencia, CA |
| 1999 |
| 210 |
| 8,400,000 |
| 24,709,146 |
| — |
| 867,469 |
| 8,400,000 |
| 25,576,615 |
| 33,976,615 |
| (4,549,147 | ) | 29,427,467 |
| — |
|
Monterra in Mill Creek |
| Mill Creek, WA |
| 2003 |
| 139 |
| 2,800,000 |
| 13,255,123 |
| — |
| 77,941 |
| 2,800,000 |
| 13,333,064 |
| 16,133,064 |
| (633,721 | ) | 15,499,343 |
| — |
|
Montevista |
| Dallas, TX |
| 2000 |
| 350 |
| 3,931,550 |
| 19,788,568 |
| — |
| 925,046 |
| 3,931,550 |
| 20,713,614 |
| 24,645,164 |
| (3,147,201 | ) | 21,497,963 |
| — |
|
Morningside |
| Scottsdale, AZ |
| 1989 |
| 160 |
| 670,470 |
| 12,607,976 |
| — |
| 959,190 |
| 670,470 |
| 13,567,166 |
| 14,237,636 |
| (3,996,113 | ) | 10,241,523 |
| — |
|
Mountain Park Ranch |
| Phoenix, AZ |
| 1994 |
| 240 |
| 1,662,332 |
| 18,260,276 |
| — |
| 1,133,848 |
| 1,662,332 |
| 19,394,124 |
| 21,056,456 |
| (5,731,425 | ) | 15,325,031 |
| — |
|
Mountain Terrace |
| Stevenson Ranch, CA |
| 1992 |
| 510 |
| 3,966,500 |
| 35,814,995 |
| — |
| 2,200,950 |
| 3,966,500 |
| 38,015,945 |
| 41,982,445 |
| (12,256,891 | ) | 29,725,554 |
| — |
|
Newport Heights |
| Tukwila, WA |
| 1985 |
| 80 |
| 391,200 |
| 3,522,780 |
| — |
| 712,179 |
| 391,200 |
| 4,234,959 |
| 4,626,159 |
| (1,857,561 | ) | 2,768,598 |
| — |
|
North Pier at Harborside |
| Jersey City, NJ |
| 2003 |
| 297 |
| 4,000,159 |
| 93,755,410 |
| — |
| 178,051 |
| 4,000,159 |
| 93,933,461 |
| 97,933,620 |
| (5,958,662 | ) | 91,974,958 |
| — |
|
Northampton 2 |
| Largo, MD |
| 1988 |
| 276 |
| 1,513,500 |
| 14,246,990 |
| — |
| 2,128,557 |
| 1,513,500 |
| 16,375,548 |
| 17,889,048 |
| (6,767,303 | ) | 11,121,744 |
| — |
|
Northlake (MD) |
| Germantown, MD |
| 1985 |
| 304 |
| 15,000,000 |
| 23,143,103 |
| — |
| 60,766 |
| 15,000,000 |
| 23,203,869 |
| 38,203,869 |
| (429,967 | ) | 37,773,901 |
| — |
|
Northridge |
| Pleasant Hill, CA |
| 1974 |
| 221 |
| 5,527,800 |
| 14,691,705 |
| — |
| 2,071,280 |
| 5,527,800 |
| 16,762,985 |
| 22,290,785 |
| (5,027,945 | ) | 17,262,839 |
| — |
|
Northwoods Village |
| Cary, NC |
| 1986 |
| 228 |
| 1,369,700 |
| 11,460,337 |
| — |
| 1,916,694 |
| 1,369,700 |
| 13,377,031 |
| 14,746,731 |
| (4,425,686 | ) | 10,321,045 |
| — |
|
Oaks (NC) |
| Charlotte, NC |
| 1996 |
| 318 |
| 2,196,744 |
| 23,601,540 |
| — |
| 684,111 |
| 2,196,744 |
| 24,285,650 |
| 26,482,394 |
| (6,278,935 | ) | 20,203,460 |
| — |
|
Oaks at Falls Church Condominium Homes, The |
| Falls Church, VA |
| 1966 |
| 176 |
| 20,240,000 |
| 20,152,616 |
| — |
| — |
| 20,240,000 |
| 20,152,616 |
| 40,392,616 |
| — |
| 40,392,616 |
| — |
|
Oakwood Village (FL) II |
| Hudson, FL |
| (F) |
| — |
| 31,734 |
| — |
| — |
| — |
| 31,734 |
| — |
| 31,734 |
| — |
| 31,734 |
| — |
|
S-6
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - - Real Estate and Accumulated Depreciation
December 31, 2005
Description |
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
|
|
| ||||||||||||
Apartment Name |
| Location |
| Date of |
| Units (I) |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Investment in Real |
| Encumbrances |
|
Ocean Crest |
| Solana Beach, CA |
| 1986 |
| 146 |
| 5,111,200 |
| 11,910,438 |
| — |
| 983,318 |
| 5,111,200 |
| 12,893,756 |
| 18,004,956 |
| (3,543,176 | ) | 14,461,780 |
| — |
|
Olympus Towers |
| Seattle, WA (G) |
| 2000 |
| 328 |
| 14,752,034 |
| 73,376,841 |
| — |
| 228,350 |
| 14,752,034 |
| 73,605,191 |
| 88,357,225 |
| (5,531,126 | ) | 82,826,099 |
| — |
|
One Eton Square |
| Tulsa, OK |
| 1985 |
| 448 |
| 1,570,100 |
| 14,130,937 |
| — |
| 3,173,186 |
| 1,570,100 |
| 17,304,123 |
| 18,874,223 |
| (6,085,925 | ) | 12,788,298 |
| — |
|
Orchard Ridge |
| Lynnwood, WA |
| 1988 |
| 104 |
| 480,600 |
| 4,372,033 |
| — |
| 751,261 |
| 480,600 |
| 5,123,294 |
| 5,603,894 |
| (2,202,754 | ) | 3,401,140 |
| — |
|
Overlook Manor |
| Frederick, MD |
| 1980/1985 |
| 108 |
| 1,299,100 |
| 3,930,931 |
| — |
| 1,365,082 |
| 1,299,100 |
| 5,296,013 |
| 6,595,113 |
| (1,609,010 | ) | 4,986,103 |
| — |
|
Overlook Manor III |
| Frederick, MD |
| 1980/1985 |
| 64 |
| 1,026,300 |
| 3,027,390 |
| — |
| 195,699 |
| 1,026,300 |
| 3,223,088 |
| 4,249,388 |
| (904,592 | ) | 3,344,797 |
| — |
|
Paces Station |
| Atlanta, GA |
| 1984-1988/1989 |
| 610 |
| 4,801,500 |
| 32,548,053 |
| — |
| 5,380,415 |
| 4,801,500 |
| 37,928,468 |
| 42,729,968 |
| (12,594,812 | ) | 30,135,156 |
| — |
|
Palladia |
| Hillsboro, OR |
| 2000 |
| 497 |
| 6,461,000 |
| 44,888,156 |
| — |
| 669,497 |
| 6,461,000 |
| 45,557,653 |
| 52,018,653 |
| (7,576,376 | ) | 44,442,277 |
| — |
|
Panther Ridge |
| Federal Way, WA |
| 1980 |
| 260 |
| 1,055,800 |
| 9,506,117 |
| — |
| 1,241,235 |
| 1,055,800 |
| 10,747,352 |
| 11,803,152 |
| (3,748,614 | ) | 8,054,538 |
| — |
|
Paradise Pointe |
| Dania, FL |
| 1987-90 |
| 320 |
| 1,913,414 |
| 17,417,956 |
| — |
| 3,698,734 |
| 1,913,414 |
| 21,116,690 |
| 23,030,104 |
| (8,605,728 | ) | 14,424,377 |
| — |
|
Parc Royale |
| Houston, TX |
| 1994 |
| 171 |
| 2,223,000 |
| 11,936,833 |
| — |
| 1,505,045 |
| 2,223,000 |
| 13,441,877 |
| 15,664,877 |
| (3,642,395 | ) | 12,022,482 |
| — |
|
Parc Vue at Lake Buena Vista |
| Orlando, FL |
| 2000/2002 |
| 336 |
| 11,760,000 |
| 34,514,875 |
| — |
| — |
| 11,760,000 |
| 34,514,875 |
| 46,274,875 |
| — |
| 46,274,875 |
| — |
|
Park Meadow |
| Gilbert, AZ |
| 1986 |
| 224 |
| 835,217 |
| 15,120,769 |
| — |
| 1,443,425 |
| 835,217 |
| 16,564,194 |
| 17,399,411 |
| (4,866,585 | ) | 12,532,826 |
| — |
|
Park Place (MN) |
| Plymouth, MN |
| 1986 |
| 250 |
| 1,219,900 |
| 10,964,119 |
| — |
| 1,889,115 |
| 1,219,900 |
| 12,853,235 |
| 14,073,135 |
| (4,660,213 | ) | 9,412,921 |
| — |
|
Park Place (TX) |
| Houston, TX |
| 1996 |
| 229 |
| 1,603,000 |
| 12,054,926 |
| — |
| 819,718 |
| 1,603,000 |
| 12,874,644 |
| 14,477,644 |
| (3,764,421 | ) | 10,713,223 |
| — |
|
Park Place II |
| Plymouth, MN |
| 1986 |
| 250 |
| 1,216,100 |
| 10,951,698 |
| — |
| 1,698,395 |
| 1,216,100 |
| 12,650,092 |
| 13,866,192 |
| (4,481,734 | ) | 9,384,459 |
| — |
|
Park West (CA) |
| Los Angeles, CA |
| 1987/90 |
| 444 |
| 3,033,500 |
| 27,302,383 |
| — |
| 3,090,186 |
| 3,033,500 |
| 30,392,569 |
| 33,426,069 |
| (11,569,341 | ) | 21,856,728 |
| — |
|
Parkfield |
| Denver, CO |
| 2000 |
| 476 |
| 8,330,000 |
| 28,667,618 |
| — |
| 881,555 |
| 8,330,000 |
| 29,549,173 |
| 37,879,173 |
| (5,449,605 | ) | 32,429,568 |
| — |
|
Parkside |
| Union City, CA |
| 1979 |
| 208 |
| 6,246,700 |
| 11,827,453 |
| — |
| 2,723,933 |
| 6,246,700 |
| 14,551,385 |
| 20,798,085 |
| (4,555,670 | ) | 16,242,415 |
| — |
|
Parkview Terrace |
| Redlands, CA |
| 1986 |
| 558 |
| 4,969,200 |
| 35,653,777 |
| — |
| 5,364,254 |
| 4,969,200 |
| 41,018,031 |
| 45,987,231 |
| (11,387,100 | ) | 34,600,131 |
| — |
|
Parkwood (CT) |
| East Haven, CT |
| 1975 |
| 102 |
| 531,365 |
| 3,552,064 |
| — |
| 268,856 |
| 531,365 |
| 3,820,920 |
| 4,352,284 |
| (793,361 | ) | 3,558,923 |
| — |
|
Pine Harbour |
| Orlando, FL |
| 1991 |
| 366 |
| 1,664,300 |
| 14,970,915 |
| — |
| 2,433,586 |
| 1,664,300 |
| 17,404,501 |
| 19,068,801 |
| (7,641,257 | ) | 11,427,544 |
| — |
|
Pointe at South Mountain |
| Phoenix, AZ |
| 1988 |
| 364 |
| 2,228,800 |
| 20,059,311 |
| — |
| 2,062,116 |
| 2,228,800 |
| 22,121,427 |
| 24,350,227 |
| (7,199,253 | ) | 17,150,974 |
| — |
|
Polos East |
| Orlando, FL |
| 1991 |
| 308 |
| 1,386,000 |
| 19,058,620 |
| — |
| 1,292,129 |
| 1,386,000 |
| 20,350,749 |
| 21,736,749 |
| (5,453,126 | ) | 16,283,623 |
| — |
|
Port Royale |
| Ft. Lauderdale, FL (G) |
| 1988 |
| 252 |
| 1,754,200 |
| 15,789,873 |
| — |
| 2,928,760 |
| 1,754,200 |
| 18,718,633 |
| 20,472,833 |
| (7,470,287 | ) | 13,002,546 |
| — |
|
Port Royale II |
| Ft. Lauderdale, FL (G) |
| 1988 |
| 161 |
| 1,022,200 |
| 9,203,166 |
| — |
| 1,840,466 |
| 1,022,200 |
| 11,043,632 |
| 12,065,832 |
| (4,025,598 | ) | 8,040,234 |
| — |
|
Port Royale III |
| Ft. Lauderdale, FL (G) |
| 1988 |
| 324 |
| 7,454,900 |
| 14,725,802 |
| — |
| 3,176,527 |
| 7,454,900 |
| 17,902,329 |
| 25,357,229 |
| (5,819,347 | ) | 19,537,882 |
| — |
|
Port Royale IV |
| Ft. Lauderdale, FL |
| (F) |
| — |
| — |
| 26,895 |
| — |
| — |
| — |
| 26,895 |
| 26,895 |
| — |
| 26,895 |
| — |
|
Portofino |
| Chino Hills, CA |
| 1989 |
| 176 |
| 3,572,400 |
| 14,660,994 |
| — |
| 1,076,497 |
| 3,572,400 |
| 15,737,491 |
| 19,309,891 |
| (4,567,060 | ) | 14,742,831 |
| — |
|
Preakness |
| Antioch, TN |
| 1986 |
| 260 |
| 1,561,900 |
| 7,668,521 |
| — |
| 2,009,434 |
| 1,561,900 |
| 9,677,955 |
| 11,239,855 |
| (3,532,829 | ) | 7,707,026 |
| — |
|
Preserve at Deer Creek |
| Deerfield Beach, FL |
| 1997 |
| 540 |
| 13,500,000 |
| 60,011,208 |
| — |
| 441,855 |
| 13,500,000 |
| 60,453,063 |
| 73,953,063 |
| (4,709,294 | ) | 69,243,769 |
| — |
|
Promenade (FL) |
| St. Petersburg, FL |
| 1994 |
| 334 |
| 2,124,193 |
| 25,804,037 |
| — |
| 2,865,120 |
| 2,124,193 |
| 28,669,157 |
| 30,793,351 |
| (7,551,877 | ) | 23,241,473 |
| — |
|
Promenade at Aventura |
| Aventura, FL |
| 1995 |
| 296 |
| 13,320,000 |
| 30,353,748 |
| — |
| 1,092,095 |
| 13,320,000 |
| 31,445,843 |
| 44,765,843 |
| (5,733,296 | ) | 39,032,548 |
| — |
|
Promenade at Peachtree |
| Chamblee, GA |
| 2001 |
| 406 |
| 10,150,000 |
| 31,219,739 |
| — |
| 303,712 |
| 10,150,000 |
| 31,523,451 |
| 41,673,451 |
| (2,063,019 | ) | 39,610,432 |
| — |
|
Promenade at Town Center I |
| Valencia, CA |
| 2001 |
| 294 |
| 14,700,000 |
| 35,390,279 |
| — |
| 616,015 |
| 14,700,000 |
| 36,006,293 |
| 50,706,293 |
| (2,935,616 | ) | 47,770,677 |
| — |
|
Promenade at Wyndham Lakes |
| Coral Springs, FL |
| 1998 |
| 332 |
| 6,640,000 |
| 26,743,760 |
| — |
| 925,841 |
| 6,640,000 |
| 27,669,601 |
| 34,309,601 |
| (5,530,748 | ) | 28,778,853 |
| — |
|
Promenade Terrace |
| Corona, CA |
| 1990 |
| 330 |
| 2,272,800 |
| 20,546,289 |
| — |
| 2,756,734 |
| 2,272,800 |
| 23,303,024 |
| 25,575,824 |
| (8,009,099 | ) | 17,566,725 |
| — |
|
Promontory Pointe I & II |
| Phoenix, AZ |
| 1984/1996 |
| 424 |
| 2,355,509 |
| 30,421,840 |
| — |
| 2,254,952 |
| 2,355,509 |
| 32,676,791 |
| 35,032,300 |
| (9,660,616 | ) | 25,371,684 |
| — |
|
Prospect Towers |
| Hackensack, NJ |
| 1995 |
| 157 |
| 3,926,600 |
| 27,966,416 |
| — |
| 2,636,038 |
| 3,926,600 |
| 30,602,454 |
| 34,529,054 |
| (8,763,035 | ) | 25,766,019 |
| — |
|
Prospect Towers II |
| Hackensack, NJ |
| 2002 |
| 203 |
| 4,500,000 |
| 33,104,733 |
| — |
| 636,892 |
| 4,500,000 |
| 33,741,624 |
| 38,241,624 |
| (4,328,810 | ) | 33,912,814 |
| — |
|
Providence |
| Bothell, WA |
| 2000 |
| 200 |
| 3,573,621 |
| 19,055,505 |
| — |
| 136,060 |
| 3,573,621 |
| 19,191,565 |
| 22,765,186 |
| (1,556,212 | ) | 21,208,974 |
| — |
|
Ranch at Fossil Creek |
| Haltom City, TX |
| 2003 |
| 274 |
| 1,715,435 |
| 16,829,282 |
| — |
| 234,797 |
| 1,715,435 |
| 17,064,079 |
| 18,779,514 |
| (1,560,807 | ) | 17,218,707 |
| — |
|
Redlands Lawn and Tennis |
| Redlands, CA |
| 1986 |
| 496 |
| 4,822,320 |
| 26,359,328 |
| — |
| 2,534,852 |
| 4,822,320 |
| 28,894,180 |
| 33,716,500 |
| (8,713,485 | ) | 25,003,016 |
| — |
|
Redmond Ridge (Land) |
| Redmond, WA |
| (F) |
| — |
| — |
| 778,219 |
| — |
| — |
| — |
| 778,219 |
| 778,219 |
| — |
| 778,219 |
| — |
|
Regency |
| Charlotte, NC |
| 1986 |
| 178 |
| 890,000 |
| 11,783,920 |
| — |
| 992,171 |
| 890,000 |
| 12,776,091 |
| 13,666,091 |
| (3,462,335 | ) | 10,203,756 |
| — |
|
Regency Palms |
| Huntington Beach, CA |
| 1969 |
| 310 |
| 1,857,400 |
| 16,713,254 |
| — |
| 2,824,700 |
| 1,857,400 |
| 19,537,954 |
| 21,395,354 |
| (7,222,157 | ) | 14,173,197 |
| — |
|
Regency Park Condominium Homes |
| Centreville, VA |
| 1989 |
| 252 |
| 2,521,500 |
| 16,200,666 |
| — |
| 2,077,099 |
| 2,521,500 |
| 18,277,765 |
| 20,799,265 |
| (5,420,612 | ) | 15,378,653 |
| — |
|
Remington Place |
| Phoenix, AZ |
| 1983 |
| 412 |
| 1,492,750 |
| 13,377,478 |
| — |
| 3,223,404 |
| 1,492,750 |
| 16,600,883 |
| 18,093,633 |
| (6,487,300 | ) | 11,606,333 |
| — |
|
Reserve at Clarendon Centre, The |
| Arlington, VA (G) |
| 2003 |
| 252 |
| 10,500,000 |
| 52,826,935 |
| — |
| 375,104 |
| 10,500,000 |
| 53,202,039 |
| 63,702,039 |
| (4,436,975 | ) | 59,265,064 |
| — |
|
Reserve at Eisenhower, The |
| Alexandria, VA |
| 2002 |
| 226 |
| 6,500,000 |
| 34,585,060 |
| — |
| 118,993 |
| 6,500,000 |
| 34,704,053 |
| 41,204,053 |
| (3,795,379 | ) | 37,408,674 |
| — |
|
Reserve at Empire Lakes |
| Rancho Cucamonga, CA |
| 2005 |
| 467 |
| 16,345,000 |
| 72,933,506 |
| — |
| 49,054 |
| 16,345,000 |
| 72,982,559 |
| 89,327,559 |
| (1,804,790 | ) | 87,522,769 |
| — |
|
Reserve at Marina Bay I |
| Quincy, MA |
| 2002 |
| 136 |
| 3,618,844 |
| 24,005,980 |
| — |
| 115,219 |
| 3,618,844 |
| 24,121,199 |
| 27,740,043 |
| (1,660,627 | ) | 26,079,416 |
| — |
|
Reserve at Moreno Valley Ranch |
| Moreno Valley, CA |
| 2005 |
| 176 |
| 8,800,000 |
| 26,100,502 |
| — |
| (991 | ) | 8,800,000 |
| 26,099,511 |
| 34,899,511 |
| (97,026 | ) | 34,802,485 |
| — |
|
Reserve at Potomac Yard |
| Alexandria, VA |
| 2002 |
| 588 |
| 11,918,917 |
| 68,976,484 |
| — |
| 512,810 |
| 11,918,917 |
| 69,489,295 |
| 81,408,211 |
| (4,813,518 | ) | 76,594,693 |
| — |
|
Reserve at Town Center (WA) |
| Mill Creek, WA |
| 2001 |
| 389 |
| 10,369,400 |
| 41,172,081 |
| — |
| 280,233 |
| 10,369,400 |
| 41,452,314 |
| 51,821,714 |
| (2,690,642 | ) | 49,131,073 |
| — |
|
Residences at Little River |
| Haverhill, MA |
| 2003 |
| 174 |
| 6,905,138 |
| 19,172,797 |
| — |
| 127,594 |
| 6,905,138 |
| 19,300,391 |
| 26,205,529 |
| (1,616,781 | ) | 24,588,748 |
| — |
|
Richmond Townhomes |
| Houston, TX |
| 1995 |
| 188 |
| 940,000 |
| 13,906,905 |
| — |
| 1,759,573 |
| 940,000 |
| 15,666,478 |
| 16,606,478 |
| (3,908,282 | ) | 12,698,196 |
| — |
|
Ridgewood Village |
| San Diego, CA |
| 1997 |
| 192 |
| 5,761,500 |
| 14,032,511 |
| — |
| 399,436 |
| 5,761,500 |
| 14,431,947 |
| 20,193,447 |
| (4,061,138 | ) | 16,132,308 |
| — |
|
Ridgewood Village II |
| San Diego, CA |
| 1997 |
| 216 |
| 6,048,000 |
| 19,971,537 |
| — |
| 83,930 |
| 6,048,000 |
| 20,055,467 |
| 26,103,467 |
| (3,635,720 | ) | 22,467,746 |
| — |
|
Rincon |
| Houston, TX |
| 1996 |
| 288 |
| 4,401,900 |
| 16,734,746 |
| — |
| 1,202,556 |
| 4,401,900 |
| 17,937,302 |
| 22,339,202 |
| (5,777,113 | ) | 16,562,089 |
| — |
|
River Hill |
| Grand Prairie, TX |
| 1996 |
| 334 |
| 2,004,000 |
| 19,272,944 |
| — |
| 1,239,927 |
| 2,004,000 |
| 20,512,871 |
| 22,516,871 |
| (5,470,138 | ) | 17,046,733 |
| — |
|
River Park |
| Fort Worth, TX |
| 1984 |
| 280 |
| 2,245,400 |
| 8,811,727 |
| — |
| 2,818,025 |
| 2,245,400 |
| 11,629,751 |
| 13,875,151 |
| (3,829,186 | ) | 10,045,965 |
| — |
|
River Stone Ranch |
| Austin, TX |
| 1998 |
| 448 |
| 5,376,000 |
| 27,004,185 |
| — |
| 1,062,314 |
| 5,376,000 |
| 28,066,499 |
| 33,442,499 |
| (2,628,751 | ) | 30,813,748 |
| — |
|
Rivers Edge |
| Waterbury, CT |
| 1974 |
| 156 |
| 781,900 |
| 6,561,167 |
| — |
| 648,464 |
| 781,900 |
| 7,209,631 |
| 7,991,531 |
| (2,064,167 | ) | 5,927,364 |
| — |
|
Riverside Park |
| Tulsa, OK |
| 1994 |
| 288 |
| 1,441,400 |
| 12,371,637 |
| — |
| 962,077 |
| 1,441,400 |
| 13,333,714 |
| 14,775,114 |
| (4,111,236 | ) | 10,663,879 |
| — |
|
Rock Creek |
| Carrboro, NC |
| 1986 |
| 188 |
| 895,700 |
| 8,062,543 |
| — |
| 1,738,461 |
| 895,700 |
| 9,801,003 |
| 10,696,703 |
| (3,369,470 | ) | 7,327,233 |
| — |
|
Rosecliff |
| Quincy, MA |
| 1990 |
| 156 |
| 5,460,000 |
| 15,721,570 |
| — |
| 318,525 |
| 5,460,000 |
| 16,040,095 |
| 21,500,095 |
| (3,584,549 | ) | 17,915,545 |
| — |
|
Rosecliff II |
| Quincy, MA |
| (F) |
| — |
| — |
| 1,379 |
| — |
| — |
| — |
| 1,379 |
| 1,379 |
| — |
| 1,379 |
| — |
|
Royal Oaks (FL) |
| Jacksonville, FL |
| 1991 |
| 284 |
| 1,988,000 |
| 13,645,117 |
| — |
| 1,726,746 |
| 1,988,000 |
| 15,371,863 |
| 17,359,863 |
| (4,093,197 | ) | 13,266,666 |
| — |
|
Sabal Palm at Boot Ranch |
| Palm Harbor, FL |
| 1996 |
| 432 |
| 3,888,000 |
| 28,923,692 |
| — |
| 1,726,592 |
| 3,888,000 |
| 30,650,284 |
| 34,538,284 |
| (8,138,491 | ) | 26,399,793 |
| — |
|
Sabal Palm at Carrollwood Place |
| Tampa, FL |
| 1995 |
| 432 |
| 3,888,000 |
| 26,911,542 |
| — |
| 1,172,386 |
| 3,888,000 |
| 28,083,928 |
| 31,971,928 |
| (7,370,993 | ) | 24,600,935 |
| — |
|
S-7
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - - Real Estate and Accumulated Depreciation
December 31, 2005
Description |
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
|
|
| ||||||||||||
Apartment Name |
| Location |
| Date of |
| Units (I) |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Investment in Real |
| Encumbrances |
|
Sabal Palm at Lake Buena Vista |
| Orlando, FL |
| 1988 |
| 400 |
| 2,800,000 |
| 23,687,893 |
| — |
| 1,573,061 |
| 2,800,000 |
| 25,260,954 |
| 28,060,954 |
| (6,836,899 | ) | 21,224,055 |
| — |
|
Sabal Palm at Metrowest |
| Orlando, FL |
| 1998 |
| 411 |
| 4,110,000 |
| 38,394,865 |
| — |
| 1,903,018 |
| 4,110,000 |
| 40,297,883 |
| 44,407,883 |
| (10,521,753 | ) | 33,886,130 |
| — |
|
Sabal Palm at Metrowest II |
| Orlando, FL |
| 1997 |
| 456 |
| 4,560,000 |
| 33,907,283 |
| — |
| 1,040,302 |
| 4,560,000 |
| 34,947,585 |
| 39,507,585 |
| (9,041,902 | ) | 30,465,682 |
| — |
|
Sabal Pointe |
| Coral Springs, FL |
| 1995 |
| 275 |
| 1,951,600 |
| 17,570,508 |
| — |
| 2,222,344 |
| 1,951,600 |
| 19,792,851 |
| 21,744,451 |
| (7,092,306 | ) | 14,652,146 |
| — |
|
Saddle Ridge |
| Ashburn, VA |
| 1989 |
| 216 |
| 1,364,800 |
| 12,283,616 |
| — |
| 1,386,652 |
| 1,364,800 |
| 13,670,269 |
| 15,035,069 |
| (5,062,934 | ) | 9,972,135 |
| — |
|
Sailboat Bay |
| Raleigh, NC |
| 1986 |
| 192 |
| 960,000 |
| 8,797,580 |
| — |
| 975,376 |
| 960,000 |
| 9,772,956 |
| 10,732,956 |
| (2,693,408 | ) | 8,039,548 |
| — |
|
Savannah at Park Place |
| Atlanta, GA |
| 2001 |
| 416 |
| 7,696,095 |
| 34,114,542 |
| — |
| 1,668,564 |
| 7,696,095 |
| 35,783,106 |
| 43,479,201 |
| (2,565,888 | ) | 40,913,313 |
| — |
|
Savannah Lakes |
| Boynton Beach, FL |
| 1991 |
| 466 |
| 7,000,000 |
| 30,422,607 |
| — |
| 1,162,731 |
| 7,000,000 |
| 31,585,337 |
| 38,585,337 |
| (4,681,965 | ) | 33,903,372 |
| — |
|
Savannah Midtown |
| Atlanta, GA |
| 2000 |
| 322 |
| 7,209,873 |
| 29,433,507 |
| — |
| 489,335 |
| 7,209,873 |
| 29,922,842 |
| 37,132,715 |
| (2,234,028 | ) | 34,898,687 |
| — |
|
Savoy I |
| Aurora, CO |
| 2001 |
| 444 |
| 6,109,460 |
| 38,765,670 |
| — |
| 289,212 |
| 6,109,460 |
| 39,054,883 |
| 45,164,343 |
| (3,061,041 | ) | 42,103,302 |
| — |
|
Scottsdale Meadows |
| Scottsdale, AZ |
| 1984 |
| 168 |
| 1,512,000 |
| 11,407,699 |
| — |
| 953,994 |
| 1,512,000 |
| 12,361,693 |
| 13,873,693 |
| (3,706,200 | ) | 10,167,493 |
| — |
|
Seeley Lake |
| Lakewood, WA |
| 1990 |
| 522 |
| 2,760,400 |
| 24,845,286 |
| — |
| 2,406,953 |
| 2,760,400 |
| 27,252,240 |
| 30,012,640 |
| (8,668,444 | ) | 21,344,195 |
| — |
|
Seventh & James |
| Seattle, WA |
| 1992 |
| 96 |
| 663,800 |
| 5,974,803 |
| — |
| 1,940,175 |
| 663,800 |
| 7,914,978 |
| 8,578,778 |
| (2,856,209 | ) | 5,722,569 |
| — |
|
Shadow Creek |
| Winter Springs, FL |
| 2000 |
| 280 |
| 6,000,000 |
| 21,719,768 |
| — |
| 442,322 |
| 6,000,000 |
| 22,162,090 |
| 28,162,090 |
| (1,589,587 | ) | 26,572,503 |
| — |
|
Shadow Lake |
| Doraville, GA |
| 1989 |
| 228 |
| 1,140,000 |
| 13,117,277 |
| — |
| 820,937 |
| 1,140,000 |
| 13,938,213 |
| 15,078,213 |
| (3,713,996 | ) | 11,364,218 |
| — |
|
Sheffield Court |
| Arlington, VA |
| 1986 |
| 597 |
| 3,349,350 |
| 31,337,332 |
| — |
| 3,146,822 |
| 3,349,350 |
| 34,484,155 |
| 37,833,505 |
| (13,708,489 | ) | 24,125,016 |
| — |
|
Silver Springs (FL) |
| Jacksonville, FL |
| 1985 |
| 432 |
| 1,831,100 |
| 16,474,735 |
| — |
| 4,299,391 |
| 1,831,100 |
| 20,774,126 |
| 22,605,226 |
| (7,293,340 | ) | 15,311,885 |
| — |
|
Skylark |
| Union City, CA |
| 1986 |
| 174 |
| 1,781,600 |
| 16,731,916 |
| — |
| 909,394 |
| 1,781,600 |
| 17,641,310 |
| 19,422,910 |
| (4,756,904 | ) | 14,666,006 |
| — |
|
Sommerset Place |
| Raleigh, NC |
| 1983 |
| 144 |
| 360,000 |
| 7,800,206 |
| — |
| 956,872 |
| 360,000 |
| 8,757,078 |
| 9,117,078 |
| (2,425,024 | ) | 6,692,053 |
| — |
|
Sonata at Cherry Creek |
| Denver, CO |
| 1999 |
| 183 |
| 5,490,000 |
| 18,130,479 |
| — |
| 579,871 |
| 5,490,000 |
| 18,710,350 |
| 24,200,350 |
| (3,420,062 | ) | 20,780,288 |
| — |
|
Sonoran |
| Phoenix, AZ |
| 1995 |
| 429 |
| 2,361,922 |
| 31,841,724 |
| — |
| 1,506,749 |
| 2,361,922 |
| 33,348,473 |
| 35,710,395 |
| (9,683,390 | ) | 26,027,005 |
| — |
|
South Palm Place Condominium Homes |
| Tamarac, FL |
| 1991 |
| 208 |
| 1,528,600 |
| 13,926,559 |
| — |
| 2,421,167 |
| 1,528,600 |
| 16,347,726 |
| 17,876,326 |
| (4,202,168 | ) | 13,674,158 |
| — |
|
Southwood |
| Palo Alto, CA |
| 1985 |
| 99 |
| 6,936,600 |
| 14,324,069 |
| — |
| 1,318,138 |
| 6,936,600 |
| 15,642,207 |
| 22,578,807 |
| (4,466,500 | ) | 18,112,307 |
| — |
|
Spring Hill Commons |
| Acton, MA |
| 1973 |
| 105 |
| 1,107,436 |
| 7,402,980 |
| — |
| 432,017 |
| 1,107,436 |
| 7,834,997 |
| 8,942,432 |
| (1,548,990 | ) | 7,393,442 |
| — |
|
St. Andrews at Winston Park |
| Coconut Creek, FL |
| 1997 |
| 284 |
| 5,680,000 |
| 19,812,090 |
| — |
| 719,046 |
| 5,680,000 |
| 20,531,137 |
| 26,211,137 |
| (3,118,568 | ) | 23,092,569 |
| — |
|
Steeplechase |
| Charlotte, NC |
| 1986 |
| 247 |
| 1,111,500 |
| 10,180,750 |
| — |
| 1,114,656 |
| 1,111,500 |
| 11,295,406 |
| 12,406,906 |
| (3,161,005 | ) | 9,245,900 |
| — |
|
Stone Oak |
| Houston, TX |
| 1998 |
| 318 |
| 2,544,000 |
| 17,513,496 |
| — |
| 595,674 |
| 2,544,000 |
| 18,109,171 |
| 20,653,171 |
| (2,503,907 | ) | 18,149,263 |
| — |
|
Stonegate (CO) |
| Broomfield, CO |
| 2003 |
| 350 |
| 8,750,000 |
| 32,998,268 |
| — |
| 517,086 |
| 8,750,000 |
| 33,515,354 |
| 42,265,354 |
| (615,160 | ) | 41,650,194 |
| — |
|
Stoneleigh at Deerfield |
| Alpharetta, GA |
| 2003 |
| 370 |
| 4,810,000 |
| 29,999,596 |
| — |
| 82,900 |
| 4,810,000 |
| 30,082,496 |
| 34,892,496 |
| (1,638,648 | ) | 33,253,848 |
| — |
|
Stoney Creek |
| Lakewood, WA |
| 1990 |
| 231 |
| 1,215,200 |
| 10,938,134 |
| — |
| 1,339,010 |
| 1,215,200 |
| 12,277,144 |
| 13,492,344 |
| (3,926,062 | ) | 9,566,282 |
| — |
|
Summer Creek |
| Plymouth, MN |
| 1985 |
| 72 |
| 579,600 |
| 3,815,800 |
| — |
| 531,950 |
| 579,600 |
| 4,347,751 |
| 4,927,351 |
| (1,345,065 | ) | 3,582,285 |
| — |
|
Summer Ridge |
| Riverside, CA |
| 1985 |
| 136 |
| 602,400 |
| 5,422,807 |
| — |
| 1,715,341 |
| 602,400 |
| 7,138,148 |
| 7,740,548 |
| (2,390,434 | ) | 5,350,115 |
| — |
|
Summerset Village II |
| Chatsworth, CA |
| (F) |
| — |
| 260,646 |
| 31,577 |
| — |
| — |
| 260,646 |
| 31,577 |
| 292,223 |
| — |
| 292,223 |
| — |
|
Summerwood |
| Hayward, CA |
| 1982 |
| 162 |
| 4,866,600 |
| 6,942,743 |
| — |
| 976,409 |
| 4,866,600 |
| 7,919,152 |
| 12,785,752 |
| (2,353,872 | ) | 10,431,880 |
| — |
|
Summit at Lake Union |
| Seattle, WA |
| 1995 - 1997 |
| 150 |
| 1,424,700 |
| 12,852,461 |
| — |
| 1,355,102 |
| 1,424,700 |
| 14,207,563 |
| 15,632,263 |
| (4,554,045 | ) | 11,078,218 |
| — |
|
Sunforest |
| Davie, FL |
| 1989 |
| 494 |
| 10,000,000 |
| 32,124,850 |
| — |
| 1,238,500 |
| 10,000,000 |
| 33,363,350 |
| 43,363,350 |
| (3,138,993 | ) | 40,224,356 |
| — |
|
Surrey Downs |
| Bellevue, WA |
| 1986 |
| 122 |
| 3,057,100 |
| 7,848,618 |
| — |
| 724,540 |
| 3,057,100 |
| 8,573,158 |
| 11,630,258 |
| (2,449,394 | ) | 9,180,864 |
| — |
|
Sycamore Creek |
| Scottsdale, AZ |
| 1984 |
| 350 |
| 3,152,000 |
| 19,083,727 |
| — |
| 1,925,867 |
| 3,152,000 |
| 21,009,594 |
| 24,161,594 |
| (6,513,264 | ) | 17,648,330 |
| — |
|
Tamarlane |
| Portland, ME |
| 1986 |
| 115 |
| 690,900 |
| 5,153,633 |
| — |
| 554,772 |
| 690,900 |
| 5,708,404 |
| 6,399,304 |
| (1,843,622 | ) | 4,555,682 |
| — |
|
Timber Hollow |
| Chapel Hill, NC |
| 1986 |
| 198 |
| 800,000 |
| 11,219,537 |
| — |
| 1,254,060 |
| 800,000 |
| 12,473,597 |
| 13,273,597 |
| (3,390,745 | ) | 9,882,852 |
| — |
|
Timber Ridge, LLC |
| Woodinville, WA |
| 1986 |
| 175 |
| 946,603 |
| 8,810,810 |
| — |
| 2,163,063 |
| 946,603 |
| 10,973,873 |
| 11,920,476 |
| (3,804,469 | ) | 8,116,007 |
| — |
|
Timberwalk |
| Jacksonville, FL |
| 1987 |
| 284 |
| 1,988,000 |
| 13,204,219 |
| — |
| 1,289,788 |
| 1,988,000 |
| 14,494,007 |
| 16,482,007 |
| (4,040,983 | ) | 12,441,024 |
| — |
|
Tortuga Bay |
| Orlando, FL |
| 2004 |
| 314 |
| 6,280,000 |
| 32,121,779 |
| — |
| 165,613 |
| 6,280,000 |
| 32,287,393 |
| 38,567,393 |
| (1,457,914 | ) | 37,109,479 |
| — |
|
Toscana |
| Irvine, CA |
| 1991/1993 |
| 563 |
| 39,410,000 |
| 50,806,072 |
| — |
| 2,790,619 |
| 39,410,000 |
| 53,596,692 |
| 93,006,692 |
| (10,294,214 | ) | 82,712,478 |
| — |
|
Town Center (TX) |
| Kingwood, TX |
| 1994 |
| 258 |
| 1,291,300 |
| 11,530,216 |
| — |
| 1,678,091 |
| 1,291,300 |
| 13,208,307 |
| 14,499,607 |
| (4,232,717 | ) | 10,266,889 |
| — |
|
Town Center II (TX) |
| Kingwood, TX |
| 1994 |
| 260 |
| 1,375,000 |
| 14,169,656 |
| — |
| 92,683 |
| 1,375,000 |
| 14,262,339 |
| 15,637,339 |
| (3,136,907 | ) | 12,500,431 |
| — |
|
Trails at Briar Forest |
| Houston, TX |
| 1990 |
| 476 |
| 2,380,000 |
| 24,911,561 |
| — |
| 2,691,171 |
| 2,380,000 |
| 27,602,732 |
| 29,982,732 |
| (7,294,768 | ) | 22,687,964 |
| — |
|
Trails at Dominion Park |
| Houston, TX |
| 1992 |
| 843 |
| 2,531,800 |
| 35,699,589 |
| — |
| 4,607,280 |
| 2,531,800 |
| 40,306,869 |
| 42,838,669 |
| (13,564,168 | ) | 29,274,501 |
| — |
|
Trump Place, 140 Riverside |
| New York, NY (G) |
| 2003 |
| 354 |
| 103,539,100 |
| 94,067,579 |
| — |
| 22,501 |
| 103,539,100 |
| 94,090,080 |
| 197,629,180 |
| (715,681 | ) | 196,913,499 |
| — |
|
Trump Place, 160 Riverside |
| New York, NY (G) |
| 2001 |
| 455 |
| 139,933,500 |
| 190,942,704 |
| — |
| 25,250 |
| 139,933,500 |
| 190,967,954 |
| 330,901,454 |
| (1,350,772 | ) | 329,550,681 |
| — |
|
Trump Place, 180 Riverside |
| New York, NY (G) |
| 1998 |
| 516 |
| 144,968,250 |
| 138,324,604 |
| — |
| 23,133 |
| 144,968,250 |
| 138,347,737 |
| 283,315,987 |
| (1,029,662 | ) | 282,286,325 |
| — |
|
Turnberry Isle |
| Dallas, TX |
| 1994 |
| 187 |
| 2,992,000 |
| 15,287,584 |
| — |
| 314,119 |
| 2,992,000 |
| 15,601,703 |
| 18,593,703 |
| (907,851 | ) | 17,685,852 |
| — |
|
Tuscany Villas, LLC |
| Los Angeles, CA |
| 1995 |
| 2 |
| 14,104 |
| 147,357 |
| — |
| (110,198 | ) | 14,104 |
| 37,159 |
| 51,263 |
| (38,016 | ) | 13,247 |
| — |
|
Tyrone Gardens |
| Randolph, MA |
| 1961/1965 |
| 165 |
| 4,953,000 |
| 5,799,572 |
| — |
| 1,109,921 |
| 4,953,000 |
| 6,909,493 |
| 11,862,493 |
| (2,114,455 | ) | 9,748,039 |
| — |
|
Valencia Plantation |
| Orlando, FL |
| 1990 |
| 194 |
| 873,000 |
| 12,819,377 |
| — |
| 677,489 |
| 873,000 |
| 13,496,866 |
| 14,369,866 |
| (3,480,119 | ) | 10,889,747 |
| — |
|
Venetian Condominium Phase II, LLC |
| Phoenix, AZ |
| 1983 |
| 1 |
| 5,985 |
| 54,012 |
| — |
| (109,358 | ) | 5,985 |
| (55,346 | ) | (49,361 | ) | (17,105 | ) | (66,466 | ) | — |
|
Versailles |
| Woodland Hills, CA |
| 1991 |
| 253 |
| 12,650,000 |
| 33,656,292 |
| — |
| 1,924,182 |
| 12,650,000 |
| 35,580,475 |
| 48,230,475 |
| (3,049,419 | ) | 45,181,056 |
| — |
|
Via Ventura |
| Scottsdale, AZ |
| 1980 |
| 328 |
| 1,486,600 |
| 13,382,006 |
| — |
| 6,828,432 |
| 1,486,600 |
| 20,210,438 |
| 21,697,038 |
| (10,512,879 | ) | 11,184,159 |
| — |
|
View Pointe |
| Riverside, CA |
| 1998 |
| 208 |
| 10,400,000 |
| 26,310,471 |
| — |
| 8,895 |
| 10,400,000 |
| 26,319,366 |
| 36,719,366 |
| (316,576 | ) | 36,402,790 |
| — |
|
Villa Solana |
| Laguna Hills, CA |
| 1984 |
| 272 |
| 1,665,100 |
| 14,985,678 |
| — |
| 3,549,107 |
| 1,665,100 |
| 18,534,784 |
| 20,199,884 |
| (8,135,601 | ) | 12,064,283 |
| — |
|
Village at Lakewood |
| Phoenix, AZ |
| 1988 |
| 240 |
| 3,166,411 |
| 13,859,090 |
| — |
| 1,323,556 |
| 3,166,411 |
| 15,182,646 |
| 18,349,057 |
| (4,725,433 | ) | 13,623,624 |
| — |
|
Village Oaks |
| Austin, TX |
| 1984 |
| 280 |
| 1,186,000 |
| 10,663,736 |
| — |
| 1,798,816 |
| 1,186,000 |
| 12,462,552 |
| 13,648,552 |
| (4,407,603 | ) | 9,240,949 |
| — |
|
Village of Newport |
| Kent, WA |
| 1987 |
| 100 |
| 416,300 |
| 3,756,582 |
| — |
| 569,163 |
| 416,300 |
| 4,325,745 |
| 4,742,045 |
| (1,890,240 | ) | 2,851,805 |
| — |
|
Virgil Square |
| Los Angeles, CA |
| 1979 |
| 142 |
| 5,500,000 |
| 15,215,115 |
| — |
| 84,745 |
| 5,500,000 |
| 15,299,860 |
| 20,799,860 |
| (486,422 | ) | 20,313,438 |
| — |
|
Vista Del Lago |
| Mission Viejo, CA |
| 1986-88 |
| 608 |
| 4,525,800 |
| 40,736,293 |
| — |
| 6,810,377 |
| 4,525,800 |
| 47,546,670 |
| 52,072,470 |
| (19,918,888 | ) | 32,153,582 |
| — |
|
Vista Del Lago (TX) |
| Dallas, TX |
| 1992 |
| 296 |
| 3,552,000 |
| 20,066,912 |
| — |
| 1,023,347 |
| 3,552,000 |
| 21,090,259 |
| 24,642,259 |
| (3,744,403 | ) | 20,897,856 |
| — |
|
Vista Grove |
| Mesa, AZ |
| 1997 - 1998 |
| 224 |
| 1,341,796 |
| 12,157,045 |
| — |
| 824,904 |
| 1,341,796 |
| 12,981,949 |
| 14,323,745 |
| (3,653,618 | ) | 10,670,127 |
| — |
|
Waterford (Jax) II |
| Jacksonville, FL |
| (F) |
| — |
| 566,923 |
| 62,373 |
| — |
| — |
| 566,923 |
| 62,373 |
| 629,296 |
| — |
| 629,296 |
| — |
|
Waterford at Deerwood |
| Jacksonville, FL |
| 1985 |
| 248 |
| 1,696,000 |
| 10,659,702 |
| — |
| 1,892,879 |
| 1,696,000 |
| 12,552,581 |
| 14,248,581 |
| (3,622,373 | ) | 10,626,208 |
| — |
|
Waterside |
| Reston, VA |
| 1984 |
| 276 |
| 20,700,000 |
| 27,441,707 |
| — |
| — |
| 20,700,000 |
| 27,441,707 |
| 48,141,707 |
| — |
| 48,141,707 |
| — |
|
Webster Green |
| Needham, MA |
| 1985 |
| 77 |
| 1,418,893 |
| 9,485,006 |
| — |
| 342,912 |
| 1,418,893 |
| 9,827,918 |
| 11,246,810 |
| (1,845,852 | ) | 9,400,958 |
| — |
|
S-8
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - - Real Estate and Accumulated Depreciation
December 31, 2005
Description |
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
|
|
| ||||||||||||
Apartment Name |
| Location |
| Date of |
| Units (I) |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Investment in Real |
| Encumbrances |
|
Welleby Lake Club |
| Sunrise, FL |
| 1991 |
| 304 |
| 3,648,000 |
| 17,620,879 |
| — |
| 1,333,295 |
| 3,648,000 |
| 18,954,174 |
| 22,602,174 |
| (5,118,675 | ) | 17,483,499 |
| — |
|
Wellsford Oaks |
| Tulsa, OK |
| 1991 |
| 300 |
| 1,310,500 |
| 11,794,290 |
| — |
| 1,180,672 |
| 1,310,500 |
| 12,974,962 |
| 14,285,462 |
| (4,237,545 | ) | 10,047,917 |
| — |
|
Westfield Village |
| Centerville, VA |
| 1988 |
| 228 |
| 7,000,000 |
| 23,245,834 |
| — |
| 2,974,751 |
| 7,000,000 |
| 26,220,585 |
| 33,220,585 |
| (1,593,131 | ) | 31,627,454 |
| — |
|
Westridge |
| Tacoma, WA |
| 1987/1991 |
| 714 |
| 3,501,900 |
| 31,506,082 |
| — |
| 3,555,070 |
| 3,501,900 |
| 35,061,152 |
| 38,563,052 |
| (11,501,688 | ) | 27,061,365 |
| — |
|
Westside Villas I |
| Los Angeles, CA |
| 1999 |
| 21 |
| 1,785,000 |
| 3,233,254 |
| — |
| 172,379 |
| 1,785,000 |
| 3,405,633 |
| 5,190,633 |
| (680,637 | ) | 4,509,996 |
| — |
|
Westside Villas II |
| Los Angeles, CA |
| 1999 |
| 23 |
| 1,955,000 |
| 3,541,435 |
| — |
| 36,647 |
| 1,955,000 |
| 3,578,082 |
| 5,533,082 |
| (657,765 | ) | 4,875,317 |
| — |
|
Westside Villas III |
| Los Angeles, CA |
| 1999 |
| 36 |
| 3,060,000 |
| 5,538,871 |
| — |
| 77,719 |
| 3,060,000 |
| 5,616,590 |
| 8,676,590 |
| (1,037,875 | ) | 7,638,716 |
| — |
|
Westside Villas IV |
| Los Angeles, CA |
| 1999 |
| 36 |
| 3,060,000 |
| 5,539,390 |
| — |
| 48,706 |
| 3,060,000 |
| 5,588,096 |
| 8,648,096 |
| (1,026,645 | ) | 7,621,451 |
| — |
|
Westside Villas V |
| Los Angeles, CA |
| 1999 |
| 60 |
| 5,100,000 |
| 9,224,485 |
| — |
| 83,010 |
| 5,100,000 |
| 9,307,495 |
| 14,407,495 |
| (1,714,099 | ) | 12,693,396 |
| — |
|
Westside Villas VI |
| Los Angeles, CA |
| 1989 |
| 18 |
| 1,530,000 |
| 3,024,001 |
| — |
| 139,324 |
| 1,530,000 |
| 3,163,326 |
| 4,693,326 |
| (575,107 | ) | 4,118,218 |
| — |
|
Westside Villas VII |
| Los Angeles, CA |
| 2001 |
| 53 |
| 4,505,000 |
| 10,758,900 |
| — |
| 73,058 |
| 4,505,000 |
| 10,831,957 |
| 15,336,957 |
| (1,383,031 | ) | 13,953,926 |
| — |
|
Whisper Creek |
| Denver, CO |
| 2002 |
| 272 |
| 5,310,000 |
| 22,998,558 |
| — |
| 276,324 |
| 5,310,000 |
| 23,274,883 |
| 28,584,883 |
| (1,319,575 | ) | 27,265,307 |
| — |
|
Whispering Oaks |
| Walnut Creek, CA |
| 1974 |
| 316 |
| 2,170,800 |
| 19,539,586 |
| — |
| 2,904,542 |
| 2,170,800 |
| 22,444,128 |
| 24,614,928 |
| (7,912,651 | ) | 16,702,277 |
| — |
|
Willow Trail |
| Norcross, GA |
| 1985 |
| 224 |
| 1,120,000 |
| 11,412,982 |
| — |
| 953,680 |
| 1,120,000 |
| 12,366,661 |
| 13,486,661 |
| (3,361,504 | ) | 10,125,157 |
| — |
|
Wimberly |
| Dallas, TX |
| 1996 |
| 372 |
| 2,232,000 |
| 27,685,923 |
| — |
| 1,204,113 |
| 2,232,000 |
| 28,890,036 |
| 31,122,036 |
| (7,535,518 | ) | 23,586,519 |
| — |
|
Wimberly at Deerwood |
| Jacksonville, FL |
| 2000 |
| 322 |
| 8,000,000 |
| 30,057,214 |
| — |
| 10,156 |
| 8,000,000 |
| 30,067,371 |
| 38,067,371 |
| (423,429 | ) | 37,643,942 |
| — |
|
Winchester Park |
| Riverside, RI |
| 1972 |
| 416 |
| 2,822,618 |
| 18,868,626 |
| — |
| 2,550,491 |
| 2,822,618 |
| 21,419,117 |
| 24,241,735 |
| (4,819,975 | ) | 19,421,761 |
| — |
|
Winchester Wood |
| Riverside, RI |
| 1989 |
| 62 |
| 683,215 |
| 4,567,154 |
| — |
| 203,613 |
| 683,215 |
| 4,770,767 |
| 5,453,982 |
| (905,376 | ) | 4,548,606 |
| — |
|
Windemere |
| Mesa, AZ |
| 1986 |
| 224 |
| 940,450 |
| 8,659,280 |
| — |
| 1,815,944 |
| 940,450 |
| 10,475,224 |
| 11,415,674 |
| (3,718,490 | ) | 7,697,184 |
| — |
|
Windmont |
| Atlanta, GA |
| 1988 |
| 178 |
| 3,204,000 |
| 7,128,448 |
| — |
| 624,839 |
| 3,204,000 |
| 7,753,287 |
| 10,957,287 |
| (1,813,856 | ) | 9,143,431 |
| — |
|
Windsor at Fair Lakes |
| Fairfax, VA |
| 1988 |
| 250 |
| 10,000,000 |
| 28,587,109 |
| — |
| 2,190,484 |
| 10,000,000 |
| 30,777,592 |
| 40,777,592 |
| (1,860,377 | ) | 38,917,215 |
| — |
|
Winterwood |
| Charlotte, NC |
| 1986 |
| 384 |
| 1,722,000 |
| 15,501,142 |
| — |
| 3,510,154 |
| 1,722,000 |
| 19,011,296 |
| 20,733,296 |
| (8,628,614 | ) | 12,104,682 |
| — |
|
Wood Creek (CA) |
| Pleasant Hill, CA |
| 1987 |
| 256 |
| 9,729,900 |
| 23,009,768 |
| — |
| 1,567,003 |
| 9,729,900 |
| 24,576,772 |
| 34,306,672 |
| (7,587,384 | ) | 26,719,288 |
| — |
|
Woodbridge II |
| Cary, NC |
| 1993-95 |
| 216 |
| 1,244,600 |
| 11,243,364 |
| — |
| 1,245,278 |
| 1,244,600 |
| 12,488,642 |
| 13,733,242 |
| (4,317,351 | ) | 9,415,890 |
| — |
|
Woodcreek |
| Beaverton, OR |
| 1982-84 |
| 440 |
| 1,755,800 |
| 15,816,455 |
| — |
| 3,629,754 |
| 1,755,800 |
| 19,446,208 |
| 21,202,008 |
| (8,664,858 | ) | 12,537,150 |
| — |
|
Woodland Hills |
| Decatur, GA |
| 1985 |
| 228 |
| 1,224,600 |
| 11,010,681 |
| — |
| 2,072,016 |
| 1,224,600 |
| 13,082,697 |
| 14,307,297 |
| (4,919,977 | ) | 9,387,320 |
| — |
|
Woodland Meadows |
| Ann Arbor, MI |
| 1987-1989 |
| 306 |
| 2,006,000 |
| 18,049,552 |
| — |
| 1,827,376 |
| 2,006,000 |
| 19,876,927 |
| 21,882,927 |
| (6,243,516 | ) | 15,639,411 |
| — |
|
Woodlands of Minnetonka |
| Minnetonka, MN |
| 1988 |
| 248 |
| 2,394,500 |
| 13,543,076 |
| — |
| 2,006,632 |
| 2,394,500 |
| 15,549,708 |
| 17,944,208 |
| (4,802,537 | ) | 13,141,672 |
| — |
|
Woodmoor |
| Austin, TX |
| 1981 |
| 208 |
| 653,800 |
| 5,875,968 |
| — |
| 2,295,658 |
| 653,800 |
| 8,171,626 |
| 8,825,426 |
| (3,931,399 | ) | 4,894,027 |
| — |
|
Woods of Elm Creek |
| San Antonio, TX |
| 1983 |
| 185 |
| 590,000 |
| 5,310,328 |
| — |
| 1,069,562 |
| 590,000 |
| 6,379,890 |
| 6,969,890 |
| (2,289,226 | ) | 4,680,664 |
| — |
|
Woodside |
| Lorton, VA |
| 1987 |
| 252 |
| 1,326,000 |
| 12,510,903 |
| — |
| 4,155,777 |
| 1,326,000 |
| 16,666,680 |
| 17,992,680 |
| (5,850,483 | ) | 12,142,196 |
| — |
|
Yarmouth Woods |
| Yarmouth, ME |
| 1971/1978 |
| 138 |
| 692,800 |
| 6,096,155 |
| — |
| 1,130,470 |
| 692,800 |
| 7,226,625 |
| 7,919,425 |
| (2,143,003 | ) | 5,776,422 |
| — |
|
Management Business |
| Chicago, IL |
| (D) |
| — |
| — |
| — |
| — |
| 60,973,560 |
| — |
| 60,973,560 |
| 60,973,560 |
| (27,492,407 | ) | 33,481,154 |
| — |
|
Operating Partnership |
| Chicago, IL |
| (F) |
| — |
| — |
| 1,160,738 |
| — |
| — |
| — |
| 1,160,738 |
| 1,160,738 |
| — |
| 1,160,738 |
| — |
|
EQR Wholly Owned Unencumbered |
|
|
|
|
| 100,176 |
| 1,909,581,388 |
| 7,611,615,024 |
| — |
| 660,361,487 |
| 1,909,581,388 |
| 8,271,976,512 |
| 10,181,557,900 |
| (1,791,910,458 | ) | 8,389,647,442 |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQR Wholly Owned Encumbered: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1660 Peachtree |
| Atlanta, GA |
| 1999 |
| 355 |
| 7,987,511 |
| 23,602,563 |
| — |
| 1,664,937 |
| 7,987,511 |
| 25,267,500 |
| 33,255,011 |
| (1,897,646 | ) | 31,357,365 |
| 23,000,000 |
|
740 River Drive |
| St. Paul, MN |
| 1962 |
| 163 |
| 1,626,700 |
| 11,234,943 |
| — |
| 3,174,983 |
| 1,626,700 |
| 14,409,925 |
| 16,036,625 |
| (4,975,463 | ) | 11,061,163 |
| 5,359,761 |
|
929 House |
| Cambridge, MA (G) |
| 1975 |
| 127 |
| 3,252,993 |
| 21,745,595 |
| — |
| 1,411,981 |
| 3,252,993 |
| 23,157,576 |
| 26,410,569 |
| (4,310,702 | ) | 22,099,868 |
| 4,241,057 |
|
Amberton |
| Manassas, VA |
| 1986 |
| 190 |
| 900,600 |
| 11,921,815 |
| — |
| 1,787,076 |
| 900,600 |
| 13,708,891 |
| 14,609,491 |
| (4,371,353 | ) | 10,238,138 |
| 10,705,000 |
|
Arbor Glen |
| Ypsilanti, MI |
| 1990 |
| 220 |
| 1,096,064 |
| 9,887,635 |
| — |
| 1,757,256 |
| 1,096,064 |
| 11,644,891 |
| 12,740,955 |
| (3,714,977 | ) | 9,025,978 |
| 6,222,204 |
|
Arbor Terrace |
| Sunnyvale, CA |
| 1979 |
| 174 |
| 9,057,300 |
| 18,483,642 |
| — |
| 803,803 |
| 9,057,300 |
| 19,287,445 |
| 28,344,745 |
| (5,256,549 | ) | 23,088,196 |
| (O | ) |
Arboretum (MA) |
| Canton, MA |
| 1989 |
| 156 |
| 4,685,900 |
| 10,992,751 |
| — |
| 929,579 |
| 4,685,900 |
| 11,922,330 |
| 16,608,230 |
| (3,395,512 | ) | 13,212,718 |
| (K | ) |
Arbors of Hickory Hollow |
| Antioch, TN |
| 1986 |
| 336 |
| 202,985 |
| 6,937,209 |
| — |
| 3,353,261 |
| 202,985 |
| 10,290,470 |
| 10,493,455 |
| (5,356,766 | ) | 5,136,688 |
| (J | ) |
Arden Villas |
| Orlando, FL |
| 1999 |
| 336 |
| 5,500,000 |
| 28,600,796 |
| — |
| 529,776 |
| 5,500,000 |
| 29,130,572 |
| 34,630,572 |
| (566,444 | ) | 34,064,128 |
| 23,366,390 |
|
Artisan Square |
| Northridge, CA |
| 2002 |
| 140 |
| 7,000,000 |
| 20,537,359 |
| — |
| 202,266 |
| 7,000,000 |
| 20,739,625 |
| 27,739,625 |
| (2,334,224 | ) | 25,405,401 |
| (Q | ) |
Autumn River |
| Raleigh, NC |
| 2002 |
| 284 |
| 3,408,000 |
| 20,890,457 |
| — |
| 366,215 |
| 3,408,000 |
| 21,256,672 |
| 24,664,672 |
| (1,749,121 | ) | 22,915,552 |
| (Q | ) |
Avon Place |
| Avon, CT |
| 1973 |
| 163 |
| 1,788,943 |
| 12,440,003 |
| — |
| 726,628 |
| 1,788,943 |
| 13,166,631 |
| 14,955,574 |
| (2,456,333 | ) | 12,499,242 |
| (M | ) |
Bay Hill |
| Long Beach, CA |
| 2002 |
| 160 |
| 7,600,000 |
| 27,437,239 |
| — |
| 125,253 |
| 7,600,000 |
| 27,562,493 |
| 35,162,493 |
| (1,898,052 | ) | 33,264,441 |
| 13,997,000 |
|
Bradford Apartments |
| Newington, CT |
| 1964 |
| 64 |
| 401,091 |
| 2,681,210 |
| — |
| 263,696 |
| 401,091 |
| 2,944,906 |
| 3,345,997 |
| (602,608 | ) | 2,743,390 |
| (M | ) |
Briar Knoll Apts |
| Vernon, CT |
| 1986 |
| 150 |
| 928,972 |
| 6,209,988 |
| — |
| 581,190 |
| 928,972 |
| 6,791,177 |
| 7,720,149 |
| (1,398,130 | ) | 6,322,019 |
| 5,676,414 |
|
Briarwood (CA) |
| Sunnyvale, CA |
| 1985 |
| 192 |
| 9,991,500 |
| 22,247,278 |
| — |
| 728,062 |
| 9,991,500 |
| 22,975,340 |
| 32,966,840 |
| (5,981,201 | ) | 26,985,639 |
| 13,050,887 |
|
Broadway |
| Garland, TX |
| 1983 |
| 288 |
| 1,443,700 |
| 7,790,989 |
| — |
| 2,006,938 |
| 1,443,700 |
| 9,797,928 |
| 11,241,628 |
| (3,220,728 | ) | 8,020,900 |
| 5,616,899 |
|
Brookdale Village |
| Naperville, IL |
| 1986 |
| 252 |
| 3,276,000 |
| 16,293,471 |
| — |
| 1,727,982 |
| 3,276,000 |
| 18,021,453 |
| 21,297,453 |
| (4,502,095 | ) | 16,795,357 |
| 10,820,000 |
|
Brookside (MD) |
| Frederick, MD |
| 1993 |
| 228 |
| 2,736,000 |
| 7,934,517 |
| — |
| 1,205,761 |
| 2,736,000 |
| 9,140,278 |
| 11,876,278 |
| (2,517,088 | ) | 9,359,190 |
| 8,170,000 |
|
Brooksyde Apts |
| West Hartford, CT |
| 1945 |
| 80 |
| 594,711 |
| 3,975,523 |
| — |
| 337,860 |
| 594,711 |
| 4,313,383 |
| 4,908,094 |
| (894,314 | ) | 4,013,780 |
| (M | ) |
Burgundy Studios |
| Middletown, CT |
| 1973 |
| 102 |
| 395,238 |
| 2,642,087 |
| — |
| 275,439 |
| 395,238 |
| 2,917,525 |
| 3,312,763 |
| (638,642 | ) | 2,674,121 |
| (M | ) |
Canterbury |
| Germantown, MD |
| 1986 |
| 544 |
| 2,781,300 |
| 32,942,531 |
| — |
| 4,175,442 |
| 2,781,300 |
| 37,117,973 |
| 39,899,273 |
| (12,974,107 | ) | 26,925,166 |
| 31,680,000 |
|
Carlyle |
| Dallas, TX |
| 1993 |
| 180 |
| 1,890,000 |
| 14,155,000 |
| — |
| 616,231 |
| 1,890,000 |
| 14,771,231 |
| 16,661,231 |
| (1,447,424 | ) | 15,213,807 |
| 8,130,340 |
|
Cedar Glen |
| Reading, MA |
| 1980 |
| 114 |
| 1,248,505 |
| 8,346,003 |
| — |
| 590,727 |
| 1,248,505 |
| 8,936,731 |
| 10,185,236 |
| (1,706,490 | ) | 8,478,746 |
| 2,352,508 |
|
Centennial Court |
| Seattle, WA (G) |
| 2001 |
| 187 |
| 3,800,000 |
| 21,280,039 |
| — |
| 20,109 |
| 3,800,000 |
| 21,300,148 |
| 25,100,148 |
| (962,406 | ) | 24,137,741 |
| 18,159,410 |
|
Centennial Tower |
| Seattle, WA (G) |
| 1991 |
| 221 |
| 5,900,000 |
| 48,800,339 |
| — |
| 466,756 |
| 5,900,000 |
| 49,267,095 |
| 55,167,095 |
| (2,046,070 | ) | 53,121,026 |
| 28,474,324 |
|
Cherry Creek I,II,&III (TN) |
| Hermitage, TN |
| 1986/96 |
| 627 |
| 2,942,345 |
| 45,725,245 |
| — |
| 1,648,648 |
| 2,942,345 |
| 47,373,893 |
| 50,316,238 |
| (11,556,061 | ) | 38,760,178 |
| 17,191,462 |
|
Chestnut Glen |
| Abington, MA |
| 1983 |
| 130 |
| 1,178,965 |
| 7,881,139 |
| — |
| 433,615 |
| 1,178,965 |
| 8,314,754 |
| 9,493,719 |
| (1,645,105 | ) | 7,848,614 |
| 4,170,509 |
|
Chickasaw Crossing |
| Orlando, FL |
| 1986 |
| 292 |
| 2,044,000 |
| 12,366,832 |
| — |
| 1,052,254 |
| 2,044,000 |
| 13,419,086 |
| 15,463,086 |
| (3,679,004 | ) | 11,784,082 |
| 11,657,142 |
|
Church Corner |
| Cambridge, MA (G) |
| 1987 |
| 85 |
| 5,220,000 |
| 16,744,643 |
| — |
| 83,928 |
| 5,220,000 |
| 16,828,572 |
| 22,048,572 |
| (938,608 | ) | 21,109,964 |
| 12,000,000 |
|
Cierra Crest |
| Denver, CO |
| 1996 |
| 480 |
| 4,803,100 |
| 34,894,898 |
| — |
| 1,994,179 |
| 4,803,100 |
| 36,889,077 |
| 41,692,177 |
| (10,612,615 | ) | 31,079,561 |
| (O | ) |
Club at Tanasbourne |
| Hillsboro, OR |
| 1990 |
| 352 |
| 3,521,300 |
| 16,257,934 |
| — |
| 2,136,042 |
| 3,521,300 |
| 18,393,977 |
| 21,915,277 |
| (6,167,862 | ) | 15,747,415 |
| (N | ) |
Coachlight Village |
| Agawam, MA |
| 1967 |
| 88 |
| 501,726 |
| 3,353,933 |
| — |
| 263,874 |
| 501,726 |
| 3,617,807 |
| 4,119,533 |
| (726,398 | ) | 3,393,135 |
| (M | ) |
Coachman Trails |
| Plymouth, MN |
| 1987 |
| 154 |
| 1,227,000 |
| 9,517,381 |
| — |
| 972,232 |
| 1,227,000 |
| 10,489,613 |
| 11,716,613 |
| (3,040,311 | ) | 8,676,302 |
| 5,992,226 |
|
S-9
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - - Real Estate and Accumulated Depreciation
December 31, 2005
Description |
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
|
|
| ||||||||||||
Apartment Name |
| Location |
| Date of |
| Units (I) |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Investment in Real |
| Encumbrances |
|
Colonial Village |
| Plainville, CT |
| 1968 |
| 104 |
| 693,575 |
| 4,636,410 |
| — |
| 531,777 |
| 693,575 |
| 5,168,187 |
| 5,861,762 |
| (1,065,983 | ) | 4,795,779 |
| (M | ) |
Conway Court |
| Roslindale, MA |
| 1920 |
| 28 |
| 101,451 |
| 710,524 |
| — |
| 72,700 |
| 101,451 |
| 783,223 |
| 884,675 |
| (171,317 | ) | 713,358 |
| 395,499 |
|
Country Club Lakes |
| Jacksonville, FL |
| 1997 |
| 555 |
| 15,000,000 |
| 41,055,786 |
| — |
| 110,875 |
| 15,000,000 |
| 41,166,660 |
| 56,166,660 |
| (1,260,214 | ) | 54,906,446 |
| 34,088,308 |
|
Coventry at Cityview |
| Fort Worth, TX |
| 1996 |
| 360 |
| 2,160,000 |
| 23,072,847 |
| — |
| 1,481,484 |
| 2,160,000 |
| 24,554,331 |
| 26,714,331 |
| (6,450,741 | ) | 20,263,590 |
| (Q | ) |
Creekside (San Mateo) |
| San Mateo, CA |
| 1985 |
| 192 |
| 9,606,600 |
| 21,193,232 |
| — |
| 963,870 |
| 9,606,600 |
| 22,157,101 |
| 31,763,701 |
| (5,879,604 | ) | 25,884,097 |
| (O | ) |
Cross Creek |
| Matthews, NC |
| 1989 |
| 420 |
| 3,151,600 |
| 20,295,925 |
| — |
| 1,752,536 |
| 3,151,600 |
| 22,048,461 |
| 25,200,061 |
| (6,200,338 | ) | 18,999,723 |
| (O | ) |
Crown Court |
| Scottsdale, AZ |
| 1987 |
| 416 |
| 3,156,600 |
| 28,414,599 |
| — |
| 3,264,674 |
| 3,156,600 |
| 31,679,273 |
| 34,835,873 |
| (10,200,015 | ) | 24,635,858 |
| (P | ) |
Dean Estates II |
| Cranston, RI |
| 1970 |
| 48 |
| 308,457 |
| 2,061,971 |
| — |
| 260,754 |
| 308,457 |
| 2,322,725 |
| 2,631,182 |
| (499,687 | ) | 2,131,495 |
| (M | ) |
Deerwood (Corona) |
| Corona, CA |
| 1992 |
| 316 |
| 4,742,200 |
| 20,272,892 |
| — |
| 2,184,235 |
| 4,742,200 |
| 22,457,127 |
| 27,199,327 |
| (6,937,732 | ) | 20,261,596 |
| (Q | ) |
Eastbridge |
| Dallas, TX |
| 1998 |
| 169 |
| 3,380,000 |
| 11,860,382 |
| — |
| 468,597 |
| 3,380,000 |
| 12,328,979 |
| 15,708,979 |
| (2,177,928 | ) | 13,531,051 |
| 8,293,041 |
|
Fernbrook Townhomes |
| Plymouth, MN |
| 1993 |
| 72 |
| 580,100 |
| 6,683,693 |
| — |
| 405,388 |
| 580,100 |
| 7,089,080 |
| 7,669,180 |
| (1,921,685 | ) | 5,747,496 |
| 4,914,989 |
|
Fireside Park |
| Rockville, MD |
| 1961 |
| 236 |
| 4,248,000 |
| 9,977,101 |
| — |
| 1,736,749 |
| 4,248,000 |
| 11,713,850 |
| 15,961,850 |
| (3,188,753 | ) | 12,773,096 |
| 8,095,000 |
|
Forest Ridge I & II |
| Arlington, TX |
| 1984/85 |
| 660 |
| 2,362,700 |
| 21,263,295 |
| — |
| 4,695,730 |
| 2,362,700 |
| 25,959,025 |
| 28,321,725 |
| (9,649,267 | ) | 18,672,458 |
| (P | ) |
Fountain Place I |
| Eden Prairie, MN |
| 1989 |
| 332 |
| 2,405,068 |
| 21,694,117 |
| — |
| 1,971,411 |
| 2,405,068 |
| 23,665,528 |
| 26,070,597 |
| (7,110,317 | ) | 18,960,280 |
| 24,653,106 |
|
Fountain Place II |
| Eden Prairie, MN |
| 1989 |
| 158 |
| 1,231,350 |
| 11,095,333 |
| — |
| 816,283 |
| 1,231,350 |
| 11,911,616 |
| 13,142,965 |
| (3,501,733 | ) | 9,641,233 |
| 12,600,000 |
|
Fountainhead I |
| San Antonio, TX |
| 1985/1987 |
| 240 |
| 1,205,816 |
| 5,200,241 |
| — |
| 957,341 |
| 1,205,816 |
| 6,157,582 |
| 7,363,398 |
| (4,126,821 | ) | 3,236,577 |
| (K | ) |
Fountainhead II |
| San Antonio, TX |
| 1985/1987 |
| 224 |
| 1,205,817 |
| 4,529,801 |
| — |
| 1,551,825 |
| 1,205,817 |
| 6,081,626 |
| 7,287,443 |
| (3,892,958 | ) | 3,394,485 |
| (K | ) |
Fountainhead III |
| San Antonio, TX |
| 1985/1987 |
| 224 |
| 1,205,816 |
| 4,399,093 |
| — |
| 1,552,469 |
| 1,205,816 |
| 5,951,561 |
| 7,157,377 |
| (3,601,258 | ) | 3,556,119 |
| (K | ) |
Four Lakes 5 |
| Lisle, IL (G) |
| 1968/1988 |
| 478 |
| 600,000 |
| 19,186,686 |
| — |
| 2,948,913 |
| 600,000 |
| 22,135,599 |
| 22,735,599 |
| (12,998,075 | ) | 9,737,524 |
| (K | ) |
Four Winds |
| Fall River, MA |
| 1987 |
| 168 |
| 1,370,843 |
| 9,163,804 |
| — |
| 569,307 |
| 1,370,843 |
| 9,733,112 |
| 11,103,955 |
| (1,936,688 | ) | 9,167,266 |
| (M | ) |
Fox Hill Apartments |
| Enfield, CT |
| 1974 |
| 168 |
| 1,129,018 |
| 7,547,256 |
| — |
| 453,814 |
| 1,129,018 |
| 8,001,070 |
| 9,130,089 |
| (1,626,557 | ) | 7,503,531 |
| (M | ) |
Gates at Carlson Center |
| Minnetonka, MN |
| 1989 |
| 435 |
| 4,355,200 |
| 23,802,817 |
| — |
| 5,999,422 |
| 4,355,200 |
| 29,802,239 |
| 34,157,439 |
| (8,810,523 | ) | 25,346,916 |
| (L | ) |
Geary Court Yard |
| San Francisco, CA |
| 1990 |
| 164 |
| 1,722,400 |
| 15,471,429 |
| — |
| 962,370 |
| 1,722,400 |
| 16,433,799 |
| 18,156,199 |
| (4,819,829 | ) | 13,336,370 |
| 17,693,865 |
|
Glen Grove |
| Wellesley, MA |
| 1979 |
| 125 |
| 1,344,601 |
| 8,988,383 |
| — |
| 557,877 |
| 1,344,601 |
| 9,546,260 |
| 10,890,861 |
| (1,834,976 | ) | 9,055,885 |
| 3,068,436 |
|
Glen Meadow |
| Franklin, MA |
| 1971 |
| 288 |
| 2,339,330 |
| 17,796,431 |
| — |
| 1,680,370 |
| 2,339,330 |
| 19,476,802 |
| 21,816,132 |
| (3,711,977 | ) | 18,104,155 |
| 1,747,990 |
|
GlenGarry Club |
| Bloomingdale, IL |
| 1989 |
| 250 |
| 3,129,700 |
| 15,807,889 |
| — |
| 2,037,177 |
| 3,129,700 |
| 17,845,066 |
| 20,974,766 |
| (5,386,521 | ) | 15,588,245 |
| (L | ) |
Glenlake |
| Glendale Heights. IL |
| 1988 |
| 336 |
| 5,041,700 |
| 16,671,970 |
| — |
| 4,451,531 |
| 5,041,700 |
| 21,123,500 |
| 26,165,200 |
| (6,934,928 | ) | 19,230,273 |
| 14,845,000 |
|
Gosnold Grove |
| East Falmouth, MA |
| 1978 |
| 33 |
| 124,296 |
| 830,891 |
| — |
| 123,419 |
| 124,296 |
| 954,310 |
| 1,078,605 |
| (234,503 | ) | 844,102 |
| 563,591 |
|
Greenhaven |
| Union City, CA |
| 1983 |
| 250 |
| 7,507,000 |
| 15,210,399 |
| — |
| 1,539,590 |
| 7,507,000 |
| 16,749,989 |
| 24,256,989 |
| (4,721,262 | ) | 19,535,726 |
| 10,975,000 |
|
Greenhouse - Frey Road |
| Kennesaw, GA |
| 1985 |
| 489 |
| 2,467,200 |
| 22,187,443 |
| — |
| 3,363,602 |
| 2,467,200 |
| 25,551,045 |
| 28,018,245 |
| (10,918,272 | ) | 17,099,973 |
| (K | ) |
Greenhouse - Holcomb Bridge |
| Alpharetta, GA |
| 1985 |
| 437 |
| 2,143,300 |
| 19,291,427 |
| — |
| 3,276,562 |
| 2,143,300 |
| 22,567,990 |
| 24,711,290 |
| (9,809,979 | ) | 14,901,311 |
| (K | ) |
Greenhouse - Roswell |
| Roswell, GA |
| 1985 |
| 236 |
| 1,220,000 |
| 10,974,727 |
| — |
| 2,018,650 |
| 1,220,000 |
| 12,993,377 |
| 14,213,377 |
| (5,739,990 | ) | 8,473,387 |
| (K | ) |
Greentree 1 |
| Glen Burnie, MD |
| 1973 |
| 350 |
| 3,912,968 |
| 11,784,021 |
| — |
| 2,779,050 |
| 3,912,968 |
| 14,563,070 |
| 18,476,038 |
| (4,087,065 | ) | 14,388,973 |
| 11,000,000 |
|
Hampshire Place |
| Los Angeles, CA |
| 1989 |
| 259 |
| 10,806,000 |
| 30,335,330 |
| — |
| 393,500 |
| 10,806,000 |
| 30,728,830 |
| 41,534,830 |
| (1,706,627 | ) | 39,828,203 |
| 19,335,708 |
|
Harbor Steps |
| Seattle, WA (G) |
| 2000 |
| 730 |
| 59,900,000 |
| 158,688,748 |
| — |
| 86,711 |
| 59,900,000 |
| 158,775,459 |
| 218,675,459 |
| (2,008,509 | ) | 216,666,950 |
| 146,644,836 |
|
Heritage Green |
| Sturbridge, MA |
| 1974 |
| 130 |
| 835,313 |
| 5,583,898 |
| — |
| 690,542 |
| 835,313 |
| 6,274,440 |
| 7,109,753 |
| (1,277,818 | ) | 5,831,935 |
| 2,219,486 |
|
High Meadow |
| Ellington, CT |
| 1975 |
| 100 |
| 583,679 |
| 3,901,774 |
| — |
| 266,656 |
| 583,679 |
| 4,168,430 |
| 4,752,109 |
| (847,889 | ) | 3,904,220 |
| 4,057,240 |
|
Highland Point |
| Aurora, CO |
| 1984 |
| 319 |
| 1,631,900 |
| 14,684,439 |
| — |
| 1,776,395 |
| 1,631,900 |
| 16,460,834 |
| 18,092,734 |
| (5,348,448 | ) | 12,744,286 |
| (N | ) |
Highlands at Cherry Hill |
| Cherry Hills, NJ |
| 2002 |
| 170 |
| 6,800,000 |
| 21,459,108 |
| — |
| 27,850 |
| 6,800,000 |
| 21,486,958 |
| 28,286,958 |
| (676,263 | ) | 27,610,695 |
| 17,450,986 |
|
Highlands at South Plainfield |
| South Plainfield, NJ |
| 2000 |
| 252 |
| 10,080,000 |
| 37,526,912 |
| — |
| 10,707 |
| 10,080,000 |
| 37,537,619 |
| 47,617,619 |
| (497,904 | ) | 47,119,714 |
| 22,176,991 |
|
Highline Oaks |
| Denver, CO |
| 1986 |
| 220 |
| 1,057,400 |
| 9,340,249 |
| — |
| 1,545,586 |
| 1,057,400 |
| 10,885,834 |
| 11,943,234 |
| (3,786,883 | ) | 8,156,351 |
| (K | ) |
Isle at Arrowhead Ranch |
| Glendale, AZ |
| 1996 |
| 256 |
| 1,650,237 |
| 19,593,123 |
| — |
| 908,786 |
| 1,650,237 |
| 20,501,910 |
| 22,152,147 |
| (5,850,316 | ) | 16,301,831 |
| (N | ) |
Jaclen Towers |
| Beverly, NJ |
| 1976 |
| 100 |
| 437,072 |
| 2,921,735 |
| — |
| 679,638 |
| 437,072 |
| 3,601,373 |
| 4,038,445 |
| (799,490 | ) | 3,238,955 |
| 1,757,796 |
|
James Street Crossing |
| Kent, WA |
| 1989 |
| 300 |
| 2,081,254 |
| 18,748,337 |
| — |
| 1,418,141 |
| 2,081,254 |
| 20,166,478 |
| 22,247,732 |
| (6,017,581 | ) | 16,230,151 |
| 16,379,123 |
|
Laguna Clara |
| Santa Clara, CA |
| 1972 |
| 264 |
| 13,642,420 |
| 29,707,475 |
| — |
| 847,583 |
| 13,642,420 |
| 30,555,058 |
| 44,197,478 |
| (2,301,822 | ) | 41,895,656 |
| 16,699,685 |
|
Landings of Lake Zurich |
| Lake Zurich, IL |
| 2000 |
| 206 |
| 2,250,338 |
| 17,490,436 |
| — |
| 401,224 |
| 2,250,338 |
| 17,891,660 |
| 20,141,998 |
| (1,254,858 | ) | 18,887,140 |
| 16,800,000 |
|
LaSalle |
| Beaverton, OR (G) |
| 1998 |
| 554 |
| 7,202,000 |
| 35,877,612 |
| — |
| 1,258,084 |
| 7,202,000 |
| 37,135,696 |
| 44,337,696 |
| (4,636,556 | ) | 39,701,140 |
| 33,070,283 |
|
Legacy at Highlands Ranch |
| Highlands Ranch, CO |
| 1999 |
| 422 |
| 6,330,000 |
| 37,557,013 |
| — |
| 527,912 |
| 6,330,000 |
| 38,084,925 |
| 44,414,925 |
| (2,152,530 | ) | 42,262,396 |
| 24,194,240 |
|
Legends at Preston |
| Morrisville, NC |
| 2000 |
| 382 |
| 3,056,000 |
| 27,150,721 |
| — |
| 627,768 |
| 3,056,000 |
| 27,778,489 |
| 30,834,489 |
| (5,399,551 | ) | 25,434,938 |
| (Q | ) |
Liberty Park |
| Brain Tree, MA |
| 2000 |
| 202 |
| 5,977,504 |
| 26,748,835 |
| — |
| 641,331 |
| 5,977,504 |
| 27,390,165 |
| 33,367,669 |
| (2,755,933 | ) | 30,611,736 |
| 26,500,000 |
|
Lincoln Heights |
| Quincy, MA |
| 1991 |
| 336 |
| 5,928,400 |
| 33,595,262 |
| — |
| 1,752,432 |
| 5,928,400 |
| 35,347,694 |
| 41,276,094 |
| (9,999,959 | ) | 31,276,135 |
| (O | ) |
Longfellow Glen |
| Sudbury, MA |
| 1984 |
| 120 |
| 1,094,273 |
| 7,314,994 |
| — |
| 1,699,013 |
| 1,094,273 |
| 9,014,007 |
| 10,108,281 |
| (1,846,998 | ) | 8,261,283 |
| 3,946,575 |
|
Longview Place |
| Waltham, MA |
| 2004 |
| 348 |
| 20,880,000 |
| 90,254,989 |
| — |
| 11,446 |
| 20,880,000 |
| 90,266,435 |
| 111,146,435 |
| (2,136,052 | ) | 109,010,382 |
| 76,978,333 |
|
Longwood |
| Decatur, GA |
| 1992 |
| 268 |
| 1,454,048 |
| 13,087,837 |
| — |
| 1,166,757 |
| 1,454,048 |
| 14,254,594 |
| 15,708,642 |
| (6,052,266 | ) | 9,656,375 |
| (P | ) |
Loomis Manor |
| West Hartford, CT |
| 1948 |
| 43 |
| 422,350 |
| 2,823,326 |
| — |
| 258,756 |
| 422,350 |
| 3,082,082 |
| 3,504,432 |
| (642,210 | ) | 2,862,223 |
| (M | ) |
Madison at Cedar Springs |
| Dallas, TX |
| 1995 |
| 380 |
| 2,470,000 |
| 33,194,620 |
| — |
| 1,414,972 |
| 2,470,000 |
| 34,609,593 |
| 37,079,593 |
| (8,732,661 | ) | 28,346,932 |
| (O | ) |
Madison at Chase Oaks |
| Plano, TX |
| 1995 |
| 470 |
| 3,055,000 |
| 28,932,885 |
| — |
| 1,504,003 |
| 3,055,000 |
| 30,436,888 |
| 33,491,888 |
| (8,044,341 | ) | 25,447,547 |
| (O | ) |
Madison at River Sound |
| Lawrenceville, GA |
| 1996 |
| 586 |
| 3,666,999 |
| 47,387,106 |
| — |
| 1,341,897 |
| 3,666,999 |
| 48,729,004 |
| 52,396,003 |
| (12,442,242 | ) | 39,953,761 |
| (Q | ) |
Madison at Round Grove |
| Lewisville, TX |
| 1995 |
| 404 |
| 2,626,000 |
| 25,682,373 |
| — |
| 1,775,020 |
| 2,626,000 |
| 27,457,393 |
| 30,083,393 |
| (7,170,748 | ) | 22,912,645 |
| (N | ) |
Madison at Scofield Farms |
| Austin, TX |
| 1996 |
| 260 |
| 2,080,000 |
| 14,597,971 |
| — |
| 1,280,838 |
| 2,080,000 |
| 15,878,809 |
| 17,958,809 |
| (3,349,396 | ) | 14,609,413 |
| 12,026,893 |
|
Marks |
| Englewood, CO (G) |
| 1987 |
| 616 |
| 4,928,500 |
| 44,622,314 |
| — |
| 3,446,135 |
| 4,928,500 |
| 48,068,449 |
| 52,996,949 |
| (15,211,950 | ) | 37,785,000 |
| 19,195,000 |
|
McDowell Place |
| Naperville, IL |
| 1988 |
| 400 |
| 2,580,400 |
| 23,209,629 |
| — |
| 2,773,334 |
| 2,580,400 |
| 25,982,963 |
| 28,563,363 |
| (8,971,893 | ) | 19,591,470 |
| (O | ) |
Meadow Ridge |
| Norwich, CT |
| 1987 |
| 120 |
| 747,957 |
| 4,999,937 |
| — |
| 295,582 |
| 747,957 |
| 5,295,519 |
| 6,043,476 |
| (1,063,903 | ) | 4,979,572 |
| 4,252,657 |
|
Merritt at Satellite Place |
| Duluth, GA |
| 1999 |
| 424 |
| 3,400,000 |
| 30,115,674 |
| — |
| 741,445 |
| 3,400,000 |
| 30,857,119 |
| 34,257,119 |
| (6,896,280 | ) | 27,360,839 |
| (P | ) |
Mill Pond |
| Millersville, MD |
| 1984 |
| 240 |
| 2,880,000 |
| 8,468,462 |
| — |
| 1,413,990 |
| 2,880,000 |
| 9,882,451 |
| 12,762,451 |
| (2,886,591 | ) | 9,875,860 |
| 7,300,000 |
|
Montierra |
| Scottsdale, AZ |
| 1999 |
| 249 |
| 3,455,000 |
| 17,266,787 |
| — |
| 720,984 |
| 3,455,000 |
| 17,987,771 |
| 21,442,771 |
| (4,330,178 | ) | 17,112,593 |
| (N | ) |
Montierra (CA) |
| San Diego, CA |
| 1990 |
| 272 |
| 8,160,000 |
| 29,360,938 |
| — |
| 3,021,902 |
| 8,160,000 |
| 32,382,840 |
| 40,542,840 |
| (6,177,359 | ) | 34,365,481 |
| 17,350,132 |
|
Nehoiden Glen |
| Needham, MA |
| 1978 |
| 61 |
| 634,538 |
| 4,241,755 |
| — |
| 303,917 |
| 634,538 |
| 4,545,672 |
| 5,180,210 |
| (891,830 | ) | 4,288,379 |
| 1,205,728 |
|
Noonan Glen |
| Winchester, MA |
| 1983 |
| 18 |
| 151,344 |
| 1,011,700 |
| — |
| 204,710 |
| 151,344 |
| 1,216,410 |
| 1,367,754 |
| (248,561 | ) | 1,119,193 |
| 417,937 |
|
North Hill |
| Atlanta, GA |
| 1984 |
| 420 |
| 2,525,300 |
| 18,550,989 |
| — |
| 5,534,820 |
| 2,525,300 |
| 24,085,809 |
| 26,611,109 |
| (9,386,416 | ) | 17,224,693 |
| 15,005,000 |
|
Northampton 1 |
| Largo, MD |
| 1977 |
| 344 |
| 1,843,200 |
| 17,528,381 |
| — |
| 3,894,329 |
| 1,843,200 |
| 21,422,709 |
| 23,265,909 |
| (9,522,455 | ) | 13,743,454 |
| 18,846,256 |
|
S-10
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - - Real Estate and Accumulated Depreciation
December 31, 2005
Description |
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
|
|
| ||||||||||||
Apartment Name |
| Location |
| Date of |
| Units (I) |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Investment in Real |
| Encumbrances |
|
Northglen |
| Valencia, CA |
| 1988 |
| 234 |
| 9,360,000 |
| 20,778,553 |
| — |
| 790,240 |
| 9,360,000 |
| 21,568,792 |
| 30,928,792 |
| (4,002,815 | ) | 26,925,977 |
| 14,273,041 |
|
Norton Glen |
| Norton, MA |
| 1983 |
| 150 |
| 1,012,556 |
| 6,768,727 |
| — |
| 1,745,053 |
| 1,012,556 |
| 8,513,780 |
| 9,526,335 |
| (1,898,596 | ) | 7,627,740 |
| 3,792,072 |
|
Oak Mill 2 |
| Germantown, MD |
| 1985 |
| 192 |
| 854,133 |
| 10,233,947 |
| — |
| 1,561,725 |
| 854,133 |
| 11,795,672 |
| 12,649,805 |
| (4,042,002 | ) | 8,607,803 |
| 9,600,000 |
|
Oak Mill I |
| Germantown, MD |
| 1984 |
| 208 |
| 10,000,000 |
| 13,149,417 |
| — |
| 13,996 |
| 10,000,000 |
| 13,163,413 |
| 23,163,413 |
| (117,058 | ) | 23,046,355 |
| 14,372,725 |
|
Oak Park North |
| Agoura Hills, CA |
| 1990 |
| 220 |
| 1,706,900 |
| 15,362,666 |
| — |
| 1,025,697 |
| 1,706,900 |
| 16,388,363 |
| 18,095,263 |
| (5,939,454 | ) | 12,155,808 |
| (H | ) |
Oak Park South |
| Agoura Hills, CA |
| 1989 |
| 224 |
| 1,683,800 |
| 15,154,608 |
| — |
| 1,113,968 |
| 1,683,800 |
| 16,268,576 |
| 17,952,376 |
| (5,945,015 | ) | 12,007,361 |
| (H | ) |
Oaks |
| Santa Clarita, CA |
| 2000 |
| 520 |
| 23,400,000 |
| 61,020,438 |
| — |
| 1,009,306 |
| 23,400,000 |
| 62,029,744 |
| 85,429,744 |
| (5,822,945 | ) | 79,606,799 |
| 44,767,808 |
|
Ocean Walk |
| Key West, FL |
| 1990 |
| 297 |
| 2,838,749 |
| 25,545,009 |
| — |
| 1,726,982 |
| 2,838,749 |
| 27,271,990 |
| 30,110,739 |
| (7,928,470 | ) | 22,182,269 |
| 21,079,921 |
|
Old Mill Glen |
| Maynard, MA |
| 1983 |
| 50 |
| 396,756 |
| 2,652,233 |
| — |
| 285,888 |
| 396,756 |
| 2,938,121 |
| 3,334,877 |
| (595,717 | ) | 2,739,160 |
| 1,604,392 |
|
Olde Redmond Place |
| Redmond, WA |
| 1986 |
| 192 |
| 4,807,100 |
| 14,126,038 |
| — |
| 3,272,610 |
| 4,807,100 |
| 17,398,648 |
| 22,205,748 |
| (4,403,664 | ) | 17,802,084 |
| (O | ) |
Overlook Manor II |
| Frederick, MD |
| 1980/1985 |
| 182 |
| 2,186,300 |
| 6,262,597 |
| — |
| 452,542 |
| 2,186,300 |
| 6,715,139 |
| 8,901,439 |
| (1,910,126 | ) | 6,991,314 |
| 5,085,000 |
|
Phillips Park |
| Wellesley, MA |
| 1988 |
| 49 |
| 816,922 |
| 5,460,955 |
| — |
| 477,110 |
| 816,922 |
| 5,938,065 |
| 6,754,987 |
| (1,087,139 | ) | 5,667,848 |
| 3,800,012 |
|
Plum Tree |
| Hales Corners, WI |
| 1989 |
| 332 |
| 1,996,700 |
| 20,247,195 |
| — |
| 1,316,338 |
| 1,996,700 |
| 21,563,533 |
| 23,560,233 |
| (6,330,072 | ) | 17,230,161 |
| (L | ) |
Point (NC) |
| Charlotte, NC |
| 1996 |
| 340 |
| 1,700,000 |
| 25,417,267 |
| — |
| 719,223 |
| 1,700,000 |
| 26,136,490 |
| 27,836,490 |
| (6,752,589 | ) | 21,083,901 |
| (P | ) |
Portofino (Val) |
| Valencia, CA |
| 1989 |
| 216 |
| 8,640,000 |
| 21,487,126 |
| — |
| 762,405 |
| 8,640,000 |
| 22,249,532 |
| 30,889,532 |
| (4,044,046 | ) | 26,845,486 |
| 13,880,418 |
|
Portside Towers |
| Jersey City, NJ (G) |
| 1992/1997 |
| 527 |
| 22,455,700 |
| 96,842,913 |
| — |
| 5,208,748 |
| 22,455,700 |
| 102,051,661 |
| 124,507,361 |
| (27,047,162 | ) | 97,460,198 |
| 52,690,692 |
|
Prairie Creek I |
| Richardson, TX |
| 1998/99 |
| 464 |
| 4,067,292 |
| 38,986,022 |
| — |
| 1,346,376 |
| 4,067,292 |
| 40,332,399 |
| 44,399,690 |
| (9,780,189 | ) | 34,619,502 |
| (N | ) |
Preston Bend |
| Dallas, TX |
| 1986 |
| 255 |
| 1,075,200 |
| 9,532,056 |
| — |
| 1,245,607 |
| 1,075,200 |
| 10,777,663 |
| 11,852,863 |
| (3,601,057 | ) | 8,251,806 |
| (K | ) |
Promenade at Town Center II |
| Valencia, CA |
| 2001 |
| 270 |
| 13,500,000 |
| 34,405,636 |
| — |
| 483,076 |
| 13,500,000 |
| 34,888,713 |
| 48,388,713 |
| (2,681,138 | ) | 45,707,575 |
| 35,946,350 |
|
Providence at Kirby |
| Houston, TX |
| 1999 |
| 263 |
| 3,945,000 |
| 20,587,782 |
| — |
| 1,882,569 |
| 3,945,000 |
| 22,470,351 |
| 26,415,351 |
| (2,919,302 | ) | 23,496,049 |
| 17,730,269 |
|
Ranchstone |
| Houston, TX |
| 1996 |
| 220 |
| 770,000 |
| 15,371,431 |
| — |
| 612,588 |
| 770,000 |
| 15,984,019 |
| 16,754,019 |
| (4,172,975 | ) | 12,581,044 |
| (P | ) |
Ravens Crest |
| Plainsboro, NJ |
| 1984 |
| 704 |
| 4,670,850 |
| 42,080,642 |
| — |
| 7,011,709 |
| 4,670,850 |
| 49,092,351 |
| 53,763,201 |
| (20,071,732 | ) | 33,691,469 |
| (O | ) |
Ravinia |
| Greenfield, WI |
| 1991 |
| 206 |
| 1,240,100 |
| 12,055,713 |
| — |
| 782,644 |
| 1,240,100 |
| 12,838,357 |
| 14,078,457 |
| (3,793,327 | ) | 10,285,131 |
| (L | ) |
Reserve at Ashley Lake |
| Boynton Beach, FL |
| 1990 |
| 440 |
| 3,520,400 |
| 23,332,494 |
| — |
| 2,063,288 |
| 3,520,400 |
| 25,395,782 |
| 28,916,182 |
| (7,661,990 | ) | 21,254,191 |
| 24,150,000 |
|
Reserve at Fairfax Corners |
| Fairfax, VA |
| 2001 |
| 652 |
| 15,804,057 |
| 63,129,051 |
| — |
| 605,979 |
| 15,804,057 |
| 63,735,029 |
| 79,539,086 |
| (7,863,402 | ) | 71,675,685 |
| (Q | ) |
Reserve at Town Center |
| Loudon, VA |
| 2002 |
| 290 |
| 3,144,056 |
| 27,669,121 |
| — |
| 336,349 |
| 3,144,056 |
| 28,005,470 |
| 31,149,526 |
| (2,060,275 | ) | 29,089,251 |
| 26,500,000 |
|
Retreat, The |
| Phoenix, AZ |
| 1999 |
| 480 |
| 3,475,114 |
| 27,265,252 |
| — |
| 1,134,386 |
| 3,475,114 |
| 28,399,638 |
| 31,874,752 |
| (6,709,447 | ) | 25,165,305 |
| (P | ) |
Ribbon Mill |
| Manchester, CT |
| 1908 |
| 104 |
| 787,929 |
| 5,267,144 |
| — |
| 368,398 |
| 787,929 |
| 5,635,542 |
| 6,423,471 |
| (1,133,987 | ) | 5,289,484 |
| 4,243,352 |
|
River Pointe at Den Rock Park |
| Lawrence, MA |
| 2000 |
| 174 |
| 4,615,702 |
| 18,440,147 |
| — |
| 600,854 |
| 4,615,702 |
| 19,041,001 |
| 23,656,703 |
| (2,201,363 | ) | 21,455,340 |
| 18,100,000 |
|
Rivers Bend (CT) |
| Windsor, CT |
| 1973 |
| 373 |
| 3,325,517 |
| 22,573,826 |
| — |
| 1,249,995 |
| 3,325,517 |
| 23,823,821 |
| 27,149,337 |
| (4,599,927 | ) | 22,549,410 |
| (M | ) |
Riverview Condominiums |
| Norwalk, CT |
| 1991 |
| 92 |
| 2,300,000 |
| 7,406,730 |
| — |
| 1,353,218 |
| 2,300,000 |
| 8,759,948 |
| 11,059,948 |
| (2,089,209 | ) | 8,970,739 |
| 5,863,216 |
|
Rockingham Glen |
| West Roxbury, MA |
| 1974 |
| 143 |
| 1,124,217 |
| 7,515,160 |
| — |
| 663,565 |
| 1,124,217 |
| 8,178,725 |
| 9,302,942 |
| (1,641,669 | ) | 7,661,273 |
| 2,096,343 |
|
Rolling Green (Amherst) |
| Amherst, MA |
| 1970 |
| 204 |
| 1,340,702 |
| 8,962,317 |
| — |
| 2,123,769 |
| 1,340,702 |
| 11,086,087 |
| 12,426,789 |
| (2,372,911 | ) | 10,053,878 |
| 3,382,118 |
|
Rolling Green (Milford) |
| Milford, MA |
| 1970 |
| 304 |
| 2,012,350 |
| 13,452,150 |
| — |
| 1,703,518 |
| 2,012,350 |
| 15,155,668 |
| 17,168,018 |
| (3,423,616 | ) | 13,744,402 |
| 6,789,441 |
|
Royal Oak |
| Eagan, MN |
| 1989 |
| 231 |
| 1,602,904 |
| 14,423,662 |
| — |
| 1,576,041 |
| 1,602,904 |
| 15,999,704 |
| 17,602,607 |
| (4,897,825 | ) | 12,704,782 |
| 13,139,491 |
|
Royale |
| Cranston, RI |
| 1976 |
| 76 |
| 512,785 |
| 3,427,866 |
| — |
| 420,652 |
| 512,785 |
| 3,848,518 |
| 4,361,304 |
| (792,714 | ) | 3,568,590 |
| (M | ) |
Scarborough Square |
| Rockville, MD |
| 1967 |
| 121 |
| 1,815,000 |
| 7,608,126 |
| — |
| 1,248,460 |
| 1,815,000 |
| 8,856,586 |
| 10,671,586 |
| (2,554,389 | ) | 8,117,197 |
| 4,734,584 |
|
Security Manor |
| Westfield, MA |
| 1971 |
| 63 |
| 355,456 |
| 2,376,152 |
| — |
| 64,155 |
| 355,456 |
| 2,440,307 |
| 2,795,764 |
| (493,204 | ) | 2,302,560 |
| (M | ) |
Sedona Springs |
| Austin, TX |
| 1995 |
| 396 |
| 2,574,000 |
| 23,477,043 |
| — |
| 2,199,164 |
| 2,574,000 |
| 25,676,207 |
| 28,250,207 |
| (6,902,982 | ) | 21,347,225 |
| (P | ) |
Siena Terrace |
| Lake Forest, CA |
| 1988 |
| 356 |
| 8,900,000 |
| 24,083,024 |
| — |
| 1,527,443 |
| 8,900,000 |
| 25,610,467 |
| 34,510,467 |
| (6,438,776 | ) | 28,071,691 |
| 17,041,312 |
|
Skycrest |
| Valencia, CA |
| 1999 |
| 264 |
| 10,560,000 |
| 25,574,457 |
| — |
| 991,398 |
| 10,560,000 |
| 26,565,856 |
| 37,125,856 |
| (4,806,652 | ) | 32,319,204 |
| 17,273,108 |
|
Skyline Towers |
| Falls Church, VA (G) |
| 1971 |
| 939 |
| 78,278,200 |
| 91,445,397 |
| — |
| (4,997 | ) | 78,278,200 |
| 91,440,400 |
| 169,718,600 |
| (293,091 | ) | 169,425,509 |
| 93,746,430 |
|
Skyview |
| Rancho Santa Margarita, CA |
| 1999 |
| 260 |
| 3,380,000 |
| 21,953,151 |
| — |
| 590,295 |
| 3,380,000 |
| 22,543,446 |
| 25,923,446 |
| (5,267,823 | ) | 20,655,623 |
| (P | ) |
Sonterra at Foothill Ranch |
| Foothill Ranch, CA |
| 1997 |
| 300 |
| 7,503,400 |
| 24,048,507 |
| — |
| 943,899 |
| 7,503,400 |
| 24,992,406 |
| 32,495,806 |
| (6,861,329 | ) | 25,634,477 |
| (O | ) |
South Winds |
| Fall River, MA |
| 1971 |
| 404 |
| 2,481,821 |
| 16,780,359 |
| — |
| 1,924,482 |
| 2,481,821 |
| 18,704,841 |
| 21,186,663 |
| (4,080,086 | ) | 17,106,576 |
| 6,737,850 |
|
Spinnaker Cove |
| Hermitage, TN |
| 1986 |
| 278 |
| 1,461,731 |
| 12,770,421 |
| — |
| 2,721,311 |
| 1,461,731 |
| 15,491,732 |
| 16,953,463 |
| (5,112,533 | ) | 11,840,930 |
| (K | ) |
Springs Colony |
| Altamonte Springs, FL |
| 1986 |
| 188 |
| 630,411 |
| 5,852,157 |
| — |
| 1,587,505 |
| 630,411 |
| 7,439,662 |
| 8,070,073 |
| (3,415,025 | ) | 4,655,048 |
| (K | ) |
Stoney Ridge |
| Dale City, VA |
| 1985 |
| 264 |
| 8,000,000 |
| 24,146,091 |
| — |
| 12,292 |
| 8,000,000 |
| 24,158,383 |
| 32,158,383 |
| (308,454 | ) | 31,849,929 |
| 16,777,082 |
|
Stonybrook |
| Boynton Beach, FL |
| 2001 |
| 264 |
| 10,500,000 |
| 24,967,638 |
| — |
| 102,822 |
| 10,500,000 |
| 25,070,461 |
| 35,570,461 |
| (943,992 | ) | 34,626,468 |
| 22,813,441 |
|
Sturbridge Meadows |
| Sturbridge, MA |
| 1985 |
| 104 |
| 702,447 |
| 4,695,714 |
| — |
| 407,978 |
| 702,447 |
| 5,103,692 |
| 5,806,139 |
| (998,731 | ) | 4,807,408 |
| 2,068,395 |
|
Summer Chase |
| Denver, CO |
| 1983 |
| 384 |
| 1,709,200 |
| 15,375,008 |
| — |
| 2,738,226 |
| 1,709,200 |
| 18,113,234 |
| 19,822,434 |
| (6,972,615 | ) | 12,849,819 |
| (N | ) |
Summerhill Glen |
| Maynard, MA |
| 1980 |
| 120 |
| 415,812 |
| 3,000,816 |
| — |
| 449,859 |
| 415,812 |
| 3,450,675 |
| 3,866,487 |
| (791,275 | ) | 3,075,212 |
| 1,708,377 |
|
Summerset Village |
| Chatsworth, CA |
| 1985 |
| 280 |
| 2,630,700 |
| 23,670,889 |
| — |
| 1,705,533 |
| 2,630,700 |
| 25,376,422 |
| 28,007,122 |
| (8,271,581 | ) | 19,735,541 |
| (N | ) |
Summit & Birch Hill |
| Farmington, CT |
| 1967 |
| 186 |
| 1,757,438 |
| 11,748,112 |
| — |
| 1,119,338 |
| 1,757,438 |
| 12,867,451 |
| 14,624,889 |
| (2,485,725 | ) | 12,139,164 |
| (M | ) |
Talleyrand |
| Tarrytown, NY (K) |
| 1997-98 |
| 300 |
| 12,000,000 |
| 49,838,160 |
| — |
| 953,955 |
| 12,000,000 |
| 50,792,115 |
| 62,792,115 |
| (7,769,168 | ) | 55,022,948 |
| 35,000,000 |
|
Tanasbourne Terrace |
| Hillsboro, OR |
| 1986-89 |
| 373 |
| 1,876,700 |
| 16,891,205 |
| — |
| 2,705,571 |
| 1,876,700 |
| 19,596,775 |
| 21,473,475 |
| (8,449,961 | ) | 13,023,514 |
| (N | ) |
Tanglewood (RI) |
| West Warwick, RI |
| 1973 |
| 176 |
| 1,141,415 |
| 7,630,129 |
| — |
| 482,283 |
| 1,141,415 |
| 8,112,412 |
| 9,253,828 |
| (1,599,886 | ) | 7,653,941 |
| 6,216,138 |
|
Tanglewood (VA) |
| Manassas, VA |
| 1987 |
| 432 |
| 2,108,295 |
| 24,619,495 |
| — |
| 4,979,155 |
| 2,108,295 |
| 29,598,650 |
| 31,706,945 |
| (9,934,840 | ) | 21,772,105 |
| 25,110,000 |
|
Trails (CO), The |
| Aurora, CO |
| 1986 |
| 351 |
| 1,217,900 |
| 8,877,205 |
| — |
| 3,364,399 |
| 1,217,900 |
| 12,241,604 |
| 13,459,504 |
| (6,114,425 | ) | 7,345,079 |
| (N | ) |
Trailway Pond I |
| Burnsville, MN |
| 1988 |
| 75 |
| 479,284 |
| 4,312,144 |
| — |
| 670,781 |
| 479,284 |
| 4,982,925 |
| 5,462,209 |
| (1,560,119 | ) | 3,902,090 |
| 4,909,210 |
|
Trailway Pond II |
| Burnsville, MN |
| 1988 |
| 165 |
| 1,107,288 |
| 9,961,409 |
| — |
| 1,264,662 |
| 1,107,288 |
| 11,226,070 |
| 12,333,358 |
| (3,372,755 | ) | 8,960,603 |
| 11,354,755 |
|
Turf Club |
| Littleton, CO |
| 1986 |
| 324 |
| 2,107,300 |
| 15,478,040 |
| — |
| 2,331,314 |
| 2,107,300 |
| 17,809,354 |
| 19,916,654 |
| (5,600,898 | ) | 14,315,756 |
| (P | ) |
Valley Creek I |
| Woodbury, MN |
| 1989 |
| 225 |
| 1,626,715 |
| 14,634,831 |
| — |
| 2,142,430 |
| 1,626,715 |
| 16,777,262 |
| 18,403,977 |
| (5,213,088 | ) | 13,190,889 |
| 12,815,000 |
|
Valley Creek II |
| Woodbury, MN |
| 1990 |
| 177 |
| 1,232,659 |
| 11,097,830 |
| — |
| 1,244,010 |
| 1,232,659 |
| 12,341,841 |
| 13,574,500 |
| (3,698,943 | ) | 9,875,557 |
| 10,100,000 |
|
Van Deene Manor |
| West Springfield, MA |
| 1970 |
| 111 |
| 744,491 |
| 4,976,771 |
| — |
| 378,374 |
| 744,491 |
| 5,355,144 |
| 6,099,636 |
| (1,060,400 | ) | 5,039,236 |
| (M | ) |
Villa Encanto |
| Phoenix, AZ |
| 1983 |
| 383 |
| 2,884,447 |
| 22,197,363 |
| — |
| 2,354,828 |
| 2,884,447 |
| 24,552,190 |
| 27,436,637 |
| (7,756,484 | ) | 19,680,153 |
| (P | ) |
Village at Bear Creek |
| Lakewood, CO |
| 1987 |
| 472 |
| 4,519,700 |
| 40,676,390 |
| — |
| 2,218,185 |
| 4,519,700 |
| 42,894,575 |
| 47,414,275 |
| (12,926,750 | ) | 34,487,525 |
| (O | ) |
Villas at Josey Ranch |
| Carrollton, TX |
| 1986 |
| 198 |
| 1,587,700 |
| 7,254,727 |
| — |
| 1,652,003 |
| 1,587,700 |
| 8,906,730 |
| 10,494,430 |
| (2,633,479 | ) | 7,860,951 |
| 6,206,940 |
|
Warwick Station |
| Westminster, CO |
| 1986 |
| 332 |
| 2,282,000 |
| 21,113,974 |
| — |
| 1,315,806 |
| 2,282,000 |
| 22,429,781 |
| 24,711,781 |
| (6,810,985 | ) | 17,900,796 |
| 8,355,000 |
|
Waterford at Orange Park |
| Orange Park, FL |
| 1986 |
| 280 |
| 1,960,000 |
| 12,098,784 |
| — |
| 2,083,596 |
| 1,960,000 |
| 14,182,381 |
| 16,142,381 |
| (4,381,614 | ) | 11,760,767 |
| 9,540,000 |
|
Waterford at the Lakes |
| Kent, WA |
| 1990 |
| 344 |
| 3,100,200 |
| 16,140,924 |
| — |
| 1,608,708 |
| 3,100,200 |
| 17,749,631 |
| 20,849,831 |
| (5,959,977 | ) | 14,889,854 |
| (Q | ) |
S-11
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - - Real Estate and Accumulated Depreciation
December 31, 2005
Description |
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
|
|
| ||||||||||||
Apartment Name |
| Location |
| Date of |
| Units (I) |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Investment in Real |
| Encumbrances |
|
Wellington Hill |
| Manchester, NH |
| 1987 |
| 390 |
| 1,890,200 |
| 17,120,662 |
| — |
| 4,413,485 |
| 1,890,200 |
| 21,534,147 |
| 23,424,347 |
| (9,338,165 | ) | 14,086,182 |
| (K | ) |
Westwood Glen |
| Westwood, MA |
| 1972 |
| 156 |
| 1,616,505 |
| 10,806,004 |
| — |
| 333,847 |
| 1,616,505 |
| 11,139,851 |
| 12,756,356 |
| (2,133,152 | ) | 10,623,204 |
| 1,109,277 |
|
White Bear Woods |
| White Bear Lake, MN |
| 1989 |
| 225 |
| 1,624,741 |
| 14,618,490 |
| — |
| 1,714,275 |
| 1,624,741 |
| 16,332,765 |
| 17,957,506 |
| (4,915,041 | ) | 13,042,465 |
| 14,172,876 |
|
Wilkins Glen |
| Medfield, MA |
| 1975 |
| 103 |
| 538,483 |
| 3,629,943 |
| — |
| 555,943 |
| 538,483 |
| 4,185,886 |
| 4,724,369 |
| (901,943 | ) | 3,822,426 |
| 1,523,239 |
|
Wimbledon Oaks |
| Arlington, TX |
| 1985 |
| 248 |
| 1,491,700 |
| 8,843,716 |
| — |
| 2,049,217 |
| 1,491,700 |
| 10,892,934 |
| 12,384,634 |
| (3,089,020 | ) | 9,295,613 |
| 6,825,689 |
|
Windridge (CA) |
| Laguna Niguel, CA |
| 1989 |
| 344 |
| 2,662,900 |
| 23,985,497 |
| — |
| 2,731,296 |
| 2,662,900 |
| 26,716,793 |
| 29,379,693 |
| (10,788,009 | ) | 18,591,683 |
| (H | ) |
Woodbridge |
| Cary, NC |
| 1993-95 |
| 128 |
| 737,400 |
| 6,636,870 |
| — |
| 942,704 |
| 737,400 |
| 7,579,574 |
| 8,316,974 |
| (2,746,029 | ) | 5,570,945 |
| 4,262,939 |
|
Woodbridge (CT) |
| Newington, CT |
| 1968 |
| 73 |
| 498,377 |
| 3,331,548 |
| — |
| 304,440 |
| 498,377 |
| 3,635,988 |
| 4,134,365 |
| (712,086 | ) | 3,422,279 |
| (M | ) |
Woodlake (WA) |
| Kirkland, WA |
| 1984 |
| 288 |
| 6,631,400 |
| 16,735,484 |
| — |
| 1,716,896 |
| 6,631,400 |
| 18,452,380 |
| 25,083,780 |
| (5,206,819 | ) | 19,876,961 |
| (O | ) |
Woodlands of Brookfield |
| Brookfield, WI |
| 1990 |
| 148 |
| 1,484,600 |
| 13,961,081 |
| — |
| 1,100,025 |
| 1,484,600 |
| 15,061,106 |
| 16,545,706 |
| (4,291,189 | ) | 12,254,518 |
| (L | ) |
Woodleaf |
| Campbell, CA |
| 1984 |
| 178 |
| 8,550,600 |
| 16,988,183 |
| — |
| 738,217 |
| 8,550,600 |
| 17,726,399 |
| 26,276,999 |
| (4,787,172 | ) | 21,489,828 |
| (O | ) |
Woodridge (MN) |
| Eagan, MN |
| 1986 |
| 200 |
| 1,602,300 |
| 10,449,579 |
| — |
| 1,414,309 |
| 1,602,300 |
| 11,863,888 |
| 13,466,188 |
| (3,532,925 | ) | 9,933,263 |
| 7,171,819 |
|
EQR Wholly Owned Encumbered |
|
|
|
|
| 50,068 |
| 797,040,287 |
| 3,608,322,861 |
| — |
| 261,759,320 |
| 797,040,287 |
| 3,870,082,181 |
| 4,667,122,468 |
| (850,889,678 | ) | 3,816,232,790 |
| 1,637,238,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lexford Wholly Owned Unencumbered: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Court II |
| Bloomington, IN |
| 1986 |
| 104 |
| 253,636 |
| 2,234,632 |
| — |
| 291,971 |
| 253,636 |
| 2,526,603 |
| 2,780,239 |
| (663,703 | ) | 2,116,535 |
| — |
|
Ambergate (FL) |
| W. Palm Beach, FL |
| 1987 |
| 72 |
| 730,000 |
| 1,687,743 |
| — |
| 236,120 |
| 730,000 |
| 1,923,863 |
| 2,653,863 |
| (442,135 | ) | 2,211,728 |
| — |
|
Amberidge |
| Roseville, MI |
| 1985 |
| 45 |
| 130,844 |
| 1,152,880 |
| — |
| 225,011 |
| 130,844 |
| 1,377,891 |
| 1,508,736 |
| (365,194 | ) | 1,143,541 |
| — |
|
Amesbury II |
| Reynoldsburg, OH |
| 1987 |
| 81 |
| 180,588 |
| 1,591,229 |
| — |
| 242,919 |
| 180,588 |
| 1,834,148 |
| 2,014,736 |
| (479,092 | ) | 1,535,644 |
| — |
|
Amhurst (Tol) |
| Toledo, OH |
| 1983 |
| 58 |
| 161,854 |
| 1,426,108 |
| — |
| 184,606 |
| 161,854 |
| 1,610,714 |
| 1,772,567 |
| (394,938 | ) | 1,377,629 |
| — |
|
Amhurst I (OH) |
| Dayton, OH |
| 1979 |
| 73 |
| 152,574 |
| 1,344,353 |
| — |
| 348,329 |
| 152,574 |
| 1,692,681 |
| 1,845,255 |
| (498,953 | ) | 1,346,302 |
| — |
|
Amhurst II (OH) |
| Dayton, OH |
| 1981 |
| 74 |
| 159,416 |
| 1,404,632 |
| — |
| 208,133 |
| 159,416 |
| 1,612,766 |
| 1,772,182 |
| (428,517 | ) | 1,343,665 |
| — |
|
Andover Court |
| Mt. Vernon, OH |
| 1982 |
| 51 |
| 123,875 |
| 1,091,272 |
| — |
| 302,669 |
| 123,875 |
| 1,393,941 |
| 1,517,815 |
| (373,438 | ) | 1,144,378 |
| — |
|
Annhurst (MD) (REIT) |
| Belcamp, MD |
| 1984 |
| 67 |
| 232,575 |
| 2,093,165 |
| — |
| 249,273 |
| 232,575 |
| 2,342,438 |
| 2,575,013 |
| (457,693 | ) | 2,117,319 |
| — |
|
Annhurst (PA) |
| Clairton, PA |
| 1984 |
| 97 |
| 307,952 |
| 2,713,397 |
| — |
| 515,088 |
| 307,952 |
| 3,228,484 |
| 3,536,437 |
| (825,511 | ) | 2,710,926 |
| — |
|
Annhurst II (OH) |
| Gahanna, OH |
| 1986 |
| 56 |
| 116,739 |
| 1,028,595 |
| — |
| 229,126 |
| 116,739 |
| 1,257,721 |
| 1,374,460 |
| (362,192 | ) | 1,012,267 |
| — |
|
Annhurst III (OH) |
| Gahanna, OH |
| 1988 |
| 52 |
| 134,788 |
| 1,187,629 |
| — |
| 151,366 |
| 134,788 |
| 1,338,995 |
| 1,473,783 |
| (348,690 | ) | 1,125,094 |
| — |
|
Apple Ridge III |
| Circleville, OH |
| 1982 |
| 30 |
| 72,585 |
| 639,356 |
| — |
| 100,461 |
| 72,585 |
| 739,816 |
| 812,402 |
| (186,251 | ) | 626,151 |
| — |
|
Applegate (Col) |
| Columbus, IN |
| 1982 |
| 58 |
| 171,829 |
| 1,514,002 |
| — |
| 231,612 |
| 171,829 |
| 1,745,613 |
| 1,917,443 |
| (434,228 | ) | 1,483,215 |
| — |
|
Aragon Woods |
| Indianapolis, IN |
| 1986 |
| 67 |
| 157,791 |
| 1,390,010 |
| — |
| 136,037 |
| 157,791 |
| 1,526,047 |
| 1,683,838 |
| (397,237 | ) | 1,286,601 |
| — |
|
Ashgrove (IN) |
| Indianapolis, IN |
| 1983 |
| 57 |
| 172,924 |
| 1,523,549 |
| — |
| 172,077 |
| 172,924 |
| 1,695,625 |
| 1,868,549 |
| (422,855 | ) | 1,445,694 |
| — |
|
Ashgrove (KY) |
| Louisville, KY |
| 1984 |
| 60 |
| 171,816 |
| 1,514,034 |
| — |
| 250,171 |
| 171,816 |
| 1,764,205 |
| 1,936,021 |
| (467,552 | ) | 1,468,468 |
| — |
|
Autumn Cove |
| Lithonia, GA |
| 1985 |
| 48 |
| 187,220 |
| 1,649,515 |
| — |
| 243,101 |
| 187,220 |
| 1,892,616 |
| 2,079,836 |
| (455,360 | ) | 1,624,477 |
| — |
|
Beckford Place (Pla) |
| The Plains, OH |
| 1982 |
| 60 |
| 161,161 |
| 1,420,002 |
| — |
| 273,333 |
| 161,161 |
| 1,693,335 |
| 1,854,496 |
| (424,550 | ) | 1,429,946 |
| — |
|
Beckford Place I (OH) |
| N Canton, OH |
| 1983 |
| 60 |
| 168,426 |
| 1,484,248 |
| — |
| 283,546 |
| 168,426 |
| 1,767,794 |
| 1,936,220 |
| (451,851 | ) | 1,484,369 |
| — |
|
Beckford Place II (OH) |
| N Canton, OH |
| 1985 |
| 60 |
| 172,134 |
| 1,516,691 |
| — |
| 214,193 |
| 172,134 |
| 1,730,884 |
| 1,903,018 |
| (421,162 | ) | 1,481,856 |
| — |
|
Bel Aire I |
| Miami, FL |
| 1985 |
| 70 |
| 188,343 |
| 1,658,995 |
| — |
| 298,940 |
| 188,343 |
| 1,957,935 |
| 2,146,278 |
| (500,829 | ) | 1,645,449 |
| — |
|
Bel Aire II |
| Miami, FL |
| 1986 |
| 51 |
| 136,416 |
| 1,201,075 |
| — |
| 204,830 |
| 136,416 |
| 1,405,906 |
| 1,542,322 |
| (362,582 | ) | 1,179,740 |
| — |
|
Berry Pines |
| Milton, FL |
| 1985 |
| 64 |
| 154,086 |
| 1,299,939 |
| — |
| 388,027 |
| 154,086 |
| 1,687,966 |
| 1,842,052 |
| (507,532 | ) | 1,334,521 |
| — |
|
Blueberry Hill I |
| Leesburg, FL |
| 1986 |
| 68 |
| 140,370 |
| 1,236,710 |
| — |
| 225,657 |
| 140,370 |
| 1,462,368 |
| 1,602,737 |
| (397,093 | ) | 1,205,644 |
| — |
|
Branchwood |
| Winter Park, FL |
| 1981 |
| 117 |
| 324,069 |
| 2,855,397 |
| — |
| 553,888 |
| 324,069 |
| 3,409,285 |
| 3,733,353 |
| (906,036 | ) | 2,827,318 |
| — |
|
Brandon Court |
| Bloomington, IN |
| 1984 |
| 78 |
| 170,636 |
| 1,503,487 |
| — |
| 401,406 |
| 170,636 |
| 1,904,893 |
| 2,075,529 |
| (552,317 | ) | 1,523,212 |
| — |
|
Broadview Oaks (REIT) |
| Pensacola, FL |
| 1985 |
| 90 |
| 201,000 |
| 1,809,185 |
| — |
| 339,353 |
| 201,000 |
| 2,148,538 |
| 2,349,538 |
| (468,662 | ) | 1,880,876 |
| — |
|
Cambridge Commons I |
| Indianapolis, IN |
| 1986 |
| 86 |
| 179,139 |
| 1,578,077 |
| — |
| 682,269 |
| 179,139 |
| 2,260,346 |
| 2,439,485 |
| (692,221 | ) | 1,747,265 |
| — |
|
Cambridge Commons III |
| Indianapolis, IN |
| 1988 |
| 75 |
| 98,125 |
| 864,738 |
| — |
| 354,928 |
| 98,125 |
| 1,219,666 |
| 1,317,790 |
| (406,043 | ) | 911,747 |
| — |
|
Camellia Court I (Col) |
| Columbus, OH |
| 1981 |
| 64 |
| 133,059 |
| 1,172,393 |
| — |
| 296,817 |
| 133,059 |
| 1,469,210 |
| 1,602,268 |
| (407,633 | ) | 1,194,636 |
| — |
|
Camellia Court II (Day) |
| Dayton, OH |
| 1982 |
| 53 |
| 131,571 |
| 1,159,283 |
| — |
| 186,313 |
| 131,571 |
| 1,345,595 |
| 1,477,166 |
| (348,365 | ) | 1,128,801 |
| — |
|
Canterbury Crossings |
| Lake Mary, FL |
| 1983 |
| 71 |
| 273,671 |
| 2,411,538 |
| — |
| 403,038 |
| 273,671 |
| 2,814,575 |
| 3,088,246 |
| (677,127 | ) | 2,411,119 |
| — |
|
Capital Ridge (REIT) |
| Tallahassee, FL |
| 1983 |
| 70 |
| 177,900 |
| 1,601,157 |
| — |
| 276,196 |
| 177,900 |
| 1,877,353 |
| 2,055,253 |
| (388,210 | ) | 1,667,043 |
| — |
|
Carriage Hill |
| Dublin, GA |
| 1985 |
| 60 |
| 131,911 |
| 1,162,577 |
| — |
| 251,627 |
| 131,911 |
| 1,414,204 |
| 1,546,115 |
| (334,500 | ) | 1,211,615 |
| — |
|
Cedargate (GA) |
| Lawrenceville, GA |
| 1983 |
| 55 |
| 205,043 |
| 1,806,656 |
| — |
| 143,231 |
| 205,043 |
| 1,949,887 |
| 2,154,931 |
| (460,458 | ) | 1,694,472 |
| — |
|
Cedargate I (IN) |
| Bloomington, IN |
| 1983 |
| 68 |
| 191,650 |
| 1,688,648 |
| — |
| 293,078 |
| 191,650 |
| 1,981,726 |
| 2,173,377 |
| (529,313 | ) | 1,644,063 |
| — |
|
Cedargate II (IN) |
| Bloomington, IN |
| 1985 |
| 58 |
| 165,041 |
| 1,454,189 |
| — |
| 219,096 |
| 165,041 |
| 1,673,284 |
| 1,838,325 |
| (432,046 | ) | 1,406,279 |
| — |
|
Cedargate II (OH) |
| Lancaster, OH |
| 1983 |
| 47 |
| 87,618 |
| 771,912 |
| — |
| 151,619 |
| 87,618 |
| 923,531 |
| 1,011,149 |
| (251,719 | ) | 759,430 |
| — |
|
Cedarwood I (KY) |
| Lexington, KY |
| 1984 |
| 50 |
| 106,681 |
| 939,874 |
| — |
| 355,406 |
| 106,681 |
| 1,295,281 |
| 1,401,961 |
| (358,855 | ) | 1,043,106 |
| — |
|
Cedarwood II (FL) |
| Ocala, FL |
| 1980 |
| 39 |
| 98,372 |
| 866,769 |
| — |
| 203,345 |
| 98,372 |
| 1,070,114 |
| 1,168,486 |
| (264,434 | ) | 904,052 |
| — |
|
Cedarwood III (KY) |
| Lexington, KY |
| 1986 |
| 48 |
| 102,491 |
| 902,659 |
| — |
| 219,663 |
| 102,491 |
| 1,122,323 |
| 1,224,814 |
| (293,524 | ) | 931,290 |
| — |
|
Centre Lake III |
| Miami, FL |
| 1986 |
| 234 |
| 685,601 |
| 6,039,979 |
| — |
| 999,491 |
| 685,601 |
| 7,039,470 |
| 7,725,071 |
| (1,789,348 | ) | 5,935,723 |
| — |
|
Charing Cross |
| Bowling Green, OH |
| 1978 |
| 67 |
| 154,584 |
| 1,362,057 |
| — |
| 267,864 |
| 154,584 |
| 1,629,921 |
| 1,784,506 |
| (433,026 | ) | 1,351,480 |
| — |
|
Cherry Tree |
| Rosedale, MD |
| 1986 |
| 100 |
| 352,003 |
| 3,101,017 |
| — |
| 368,388 |
| 352,003 |
| 3,469,405 |
| 3,821,408 |
| (857,875 | ) | 2,963,533 |
| — |
|
Clearview II |
| Greenwood, IN |
| 1987 |
| 80 |
| 226,963 |
| 1,999,792 |
| — |
| 200,698 |
| 226,963 |
| 2,200,490 |
| 2,427,453 |
| (560,411 | ) | 1,867,042 |
| — |
|
Concord Square (IN) |
| Kokomo, IN |
| 1983 |
| 49 |
| 123,247 |
| 1,085,962 |
| — |
| 171,497 |
| 123,247 |
| 1,257,459 |
| 1,380,705 |
| (327,943 | ) | 1,052,762 |
| — |
|
Concord Square I (OH) |
| Mansfield, OH |
| 1981/83 |
| 72 |
| 164,124 |
| 1,446,313 |
| — |
| 280,173 |
| 164,124 |
| 1,726,486 |
| 1,890,610 |
| (448,466 | ) | 1,442,144 |
| — |
|
Countryside I |
| Daytona Beach, FL |
| 1982 |
| 59 |
| 136,665 |
| 1,204,164 |
| — |
| 422,181 |
| 136,665 |
| 1,626,345 |
| 1,763,009 |
| (474,813 | ) | 1,288,197 |
| — |
|
Countryside II |
| Daytona Beach, FL |
| 1982 |
| 97 |
| 234,633 |
| 2,067,376 |
| — |
| 333,252 |
| 234,633 |
| 2,400,627 |
| 2,635,261 |
| (620,264 | ) | 2,014,997 |
| — |
|
Countryside III (REIT) |
| Daytona Beach, FL |
| 1983 |
| 34 |
| 80,000 |
| 719,868 |
| — |
| 117,332 |
| 80,000 |
| 837,201 |
| 917,201 |
| (177,928 | ) | 739,272 |
| — |
|
Countryside Manor |
| Douglasville, GA |
| 1985 |
| 82 |
| 298,186 |
| 2,627,348 |
| — |
| 347,820 |
| 298,186 |
| 2,975,167 |
| 3,273,354 |
| (758,463 | ) | 2,514,891 |
| — |
|
Dartmouth Place I |
| Kent, OH |
| 1982 |
| 53 |
| 151,771 |
| 1,337,422 |
| — |
| 301,903 |
| 151,771 |
| 1,639,324 |
| 1,791,095 |
| (454,722 | ) | 1,336,373 |
| — |
|
Dartmouth Place II |
| Kent, OH |
| 1986 |
| 49 |
| 130,102 |
| 1,146,337 |
| — |
| 238,119 |
| 130,102 |
| 1,384,456 |
| 1,514,558 |
| (360,944 | ) | 1,153,614 |
| — |
|
Dover Place I |
| Eastlake, OH |
| 1982 |
| 64 |
| 244,294 |
| 2,152,494 |
| — |
| 321,468 |
| 244,294 |
| 2,473,962 |
| 2,718,256 |
| (632,408 | ) | 2,085,848 |
| — |
|
Elmwood (GA) |
| Marietta, GA |
| 1984 |
| 48 |
| 183,756 |
| 1,619,095 |
| — |
| 285,293 |
| 183,756 |
| 1,904,388 |
| 2,088,144 |
| (476,332 | ) | 1,611,813 |
| — |
|
S-12
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - - Real Estate and Accumulated Depreciation
December 31, 2005
Description |
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
|
|
| ||||||||||||
Apartment Name |
| Location |
| Date of |
| Units (I) |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Investment in Real |
| Encumbrances |
|
Forest Glen |
| Pensacola, FL |
| 1986 |
| 73 |
| 161,548 |
| 1,423,618 |
| — |
| 308,382 |
| 161,548 |
| 1,732,000 |
| 1,893,549 |
| (502,392 | ) | 1,391,157 |
| — |
|
Forest Village |
| Macon, GA |
| 1983 |
| 83 |
| 224,022 |
| 1,973,876 |
| — |
| 371,691 |
| 224,022 |
| 2,345,567 |
| 2,569,589 |
| (573,618 | ) | 1,995,971 |
| — |
|
Forsythia Court II (MD) |
| Abingdon, MD |
| 1987 |
| 76 |
| 239,834 |
| 2,113,339 |
| — |
| 350,471 |
| 239,834 |
| 2,463,810 |
| 2,703,644 |
| (633,927 | ) | 2,069,717 |
| — |
|
Foxhaven |
| Canton, OH |
| 1986 |
| 107 |
| 256,821 |
| 2,263,172 |
| — |
| 537,010 |
| 256,821 |
| 2,800,182 |
| 3,057,003 |
| (766,758 | ) | 2,290,245 |
| — |
|
Foxton (MI) |
| Monroe, MI |
| 1983 |
| 51 |
| 156,363 |
| 1,377,824 |
| — |
| 331,231 |
| 156,363 |
| 1,709,055 |
| 1,865,417 |
| (418,091 | ) | 1,447,326 |
| — |
|
Foxton II (OH) |
| Dayton, OH |
| 1983 |
| 80 |
| 165,806 |
| 1,460,832 |
| — |
| 224,566 |
| 165,806 |
| 1,685,398 |
| 1,851,204 |
| (431,004 | ) | 1,420,200 |
| — |
|
Garden Court |
| Detroit, MI |
| 1988 |
| 102 |
| 351,532 |
| 3,096,890 |
| — |
| 324,551 |
| 351,532 |
| 3,421,441 |
| 3,772,973 |
| (813,289 | ) | 2,959,684 |
| — |
|
Garden Terrace I |
| Tampa, FL |
| 1981 |
| 59 |
| 93,144 |
| 820,699 |
| — |
| 409,616 |
| 93,144 |
| 1,230,315 |
| 1,323,459 |
| (382,494 | ) | 940,966 |
| — |
|
Garden Terrace II |
| Tampa, FL |
| 1982 |
| 65 |
| 97,120 |
| 855,730 |
| — |
| 398,002 |
| 97,120 |
| 1,253,733 |
| 1,350,852 |
| (385,751 | ) | 965,101 |
| — |
|
Garden Terrace III (REIT) |
| Tampa, FL |
| 1984 |
| 91 |
| 271,642 |
| 2,445,376 |
| — |
| 3,758 |
| 271,642 |
| 2,449,135 |
| 2,720,777 |
| (26,093 | ) | 2,694,683 |
| — |
|
Greengate (FL) |
| W. Palm Beach, FL |
| 1987 |
| 120 |
| 2,500,000 |
| 1,615,859 |
| — |
| 371,938 |
| 2,500,000 |
| 1,987,797 |
| 4,487,797 |
| (503,720 | ) | 3,984,077 |
| — |
|
Greenglen (Day) |
| Dayton, OH |
| 1983 |
| 76 |
| 204,289 |
| 1,800,172 |
| — |
| 317,286 |
| 204,289 |
| 2,117,458 |
| 2,321,747 |
| (567,630 | ) | 1,754,117 |
| — |
|
Greenglen II (Tol) |
| Toledo, OH |
| 1982 |
| 58 |
| 162,264 |
| 1,429,719 |
| — |
| 241,484 |
| 162,264 |
| 1,671,203 |
| 1,833,467 |
| (414,471 | ) | 1,418,996 |
| — |
|
Greenwood Villas |
| Lake Mary, FL |
| 1984 |
| 56 |
| 450,000 |
| 2,465,447 |
| — |
| 360,785 |
| 450,000 |
| 2,826,232 |
| 3,276,232 |
| (171,471 | ) | 3,104,761 |
| — |
|
Harbinwood |
| Norcross, GA |
| 1985 |
| 72 |
| 236,761 |
| 2,086,122 |
| — |
| 420,733 |
| 236,761 |
| 2,506,855 |
| 2,743,616 |
| (630,775 | ) | 2,112,841 |
| — |
|
Hartwick |
| Tipton, IN |
| 1982 |
| 44 |
| 123,791 |
| 1,090,729 |
| — |
| 189,233 |
| 123,791 |
| 1,279,963 |
| 1,403,753 |
| (343,881 | ) | 1,059,872 |
| — |
|
Harvest Grove II |
| Gahanna, OH |
| 1987 |
| 57 |
| 148,792 |
| 1,310,818 |
| — |
| 217,272 |
| 148,792 |
| 1,528,089 |
| 1,676,881 |
| (374,280 | ) | 1,302,601 |
| — |
|
Heathmoore (KY) |
| Louisville, KY |
| 1983 |
| 62 |
| 156,840 |
| 1,381,730 |
| — |
| 315,602 |
| 156,840 |
| 1,697,332 |
| 1,854,172 |
| (438,578 | ) | 1,415,594 |
| — |
|
Heathmoore II (MI) |
| Canton, MI |
| 1986 |
| 51 |
| 170,433 |
| 1,501,697 |
| — |
| 191,250 |
| 170,433 |
| 1,692,946 |
| 1,863,379 |
| (420,218 | ) | 1,443,161 |
| — |
|
Hickory Mill |
| Hilliard, OH |
| 1980 |
| 60 |
| 161,714 |
| 1,424,682 |
| — |
| 402,657 |
| 161,714 |
| 1,827,339 |
| 1,989,054 |
| (493,981 | ) | 1,495,072 |
| — |
|
High Points |
| New Port Richey, FL |
| 1986 |
| 95 |
| 222,308 |
| 1,958,772 |
| — |
| 552,136 |
| 222,308 |
| 2,510,909 |
| 2,733,217 |
| (706,606 | ) | 2,026,610 |
| — |
|
Hillside Manor |
| Americus, GA |
| 1985 |
| 60 |
| 102,632 |
| 904,111 |
| — |
| 472,842 |
| 102,632 |
| 1,376,954 |
| 1,479,586 |
| (408,911 | ) | 1,070,674 |
| — |
|
Holly Ridge |
| Pembroke Park, FL |
| 1986 |
| 98 |
| 295,596 |
| 2,603,985 |
| — |
| 406,119 |
| 295,596 |
| 3,010,104 |
| 3,305,699 |
| (774,767 | ) | 2,530,932 |
| — |
|
Holly Sands I |
| Ft. Walton Bch., FL |
| 1985 |
| 72 |
| 190,942 |
| 1,682,524 |
| — |
| 386,572 |
| 190,942 |
| 2,069,096 |
| 2,260,038 |
| (563,684 | ) | 1,696,354 |
| — |
|
Independence Village |
| Reynoldsburg, OH |
| 1978 |
| 124 |
| 226,988 |
| 2,000,011 |
| — |
| 492,980 |
| 226,988 |
| 2,492,990 |
| 2,719,978 |
| (695,021 | ) | 2,024,957 |
| — |
|
Indian Lake I |
| Morrow, GA |
| 1987 |
| 244 |
| 839,669 |
| 7,398,395 |
| — |
| 726,453 |
| 839,669 |
| 8,124,848 |
| 8,964,516 |
| (1,960,604 | ) | 7,003,913 |
| — |
|
Indian Ridge I (REIT) |
| Tallahassee, FL |
| 1981 |
| 57 |
| 135,500 |
| 1,218,598 |
| — |
| 254,319 |
| 135,500 |
| 1,472,917 |
| 1,608,417 |
| (309,933 | ) | 1,298,484 |
| — |
|
Indian Ridge II (REIT) |
| Tallahassee, FL |
| 1982 |
| 39 |
| 94,300 |
| 849,192 |
| — |
| 108,102 |
| 94,300 |
| 957,294 |
| 1,051,594 |
| (190,262 | ) | 861,332 |
| — |
|
Ketwood |
| Kettering, OH |
| 1979 |
| 93 |
| 266,443 |
| 2,347,655 |
| — |
| 456,398 |
| 266,443 |
| 2,804,053 |
| 3,070,496 |
| (746,798 | ) | 2,323,697 |
| — |
|
Larkspur I (Hil) |
| Hilliard, OH |
| 1983 |
| 60 |
| 179,628 |
| 1,582,519 |
| — |
| 426,640 |
| 179,628 |
| 2,009,159 |
| 2,188,787 |
| (521,580 | ) | 1,667,207 |
| — |
|
Laurel Bay |
| Ypsilanti, MI |
| 1989 |
| 68 |
| 186,004 |
| 1,639,366 |
| — |
| 338,470 |
| 186,004 |
| 1,977,836 |
| 2,163,840 |
| (489,915 | ) | 1,673,925 |
| — |
|
Link Terrace |
| Hinesville, GA |
| 1984 |
| 54 |
| 121,839 |
| 1,073,581 |
| — |
| 238,056 |
| 121,839 |
| 1,311,636 |
| 1,433,475 |
| (337,480 | ) | 1,095,994 |
| — |
|
Longwood (KY) |
| Lexington, KY |
| 1985 |
| 60 |
| 146,309 |
| 1,289,042 |
| — |
| 274,228 |
| 146,309 |
| 1,563,270 |
| 1,709,579 |
| (428,824 | ) | 1,280,755 |
| — |
|
Marabou Mills II |
| Indianapolis, IN |
| 1987 |
| 63 |
| 192,186 |
| 1,693,220 |
| — |
| 142,341 |
| 192,186 |
| 1,835,561 |
| 2,027,747 |
| (460,264 | ) | 1,567,483 |
| — |
|
Marsh Landing I |
| Brunswick, GA |
| 1984 |
| 57 |
| 133,193 |
| 1,173,573 |
| — |
| 349,397 |
| 133,193 |
| 1,522,970 |
| 1,656,163 |
| (442,211 | ) | 1,213,951 |
| — |
|
Marshlanding II |
| Brunswick, GA |
| 1986 |
| 48 |
| 111,187 |
| 979,679 |
| — |
| 191,527 |
| 111,187 |
| 1,171,206 |
| 1,282,393 |
| (316,186 | ) | 966,207 |
| — |
|
Meadowland |
| Bogart, GA |
| 1984 |
| 60 |
| 152,395 |
| 1,342,663 |
| — |
| 105,974 |
| 152,395 |
| 1,448,637 |
| 1,601,032 |
| (363,315 | ) | 1,237,717 |
| — |
|
Meadowood (Cuy) |
| Cuyahoga Falls, OH |
| 1985 |
| 59 |
| 201,407 |
| 1,774,784 |
| — |
| 285,579 |
| 201,407 |
| 2,060,363 |
| 2,261,769 |
| (509,381 | ) | 1,752,388 |
| — |
|
Meadowood Apts. (Man) |
| Mansfield, OH |
| 1983 |
| 50 |
| 118,504 |
| 1,044,002 |
| — |
| 210,588 |
| 118,504 |
| 1,254,590 |
| 1,373,094 |
| (332,300 | ) | 1,040,794 |
| — |
|
Meadowood I (GA) |
| Norcross, GA |
| 1982 |
| 61 |
| 205,468 |
| 1,810,393 |
| — |
| 283,656 |
| 205,468 |
| 2,094,049 |
| 2,299,517 |
| (542,428 | ) | 1,757,089 |
| — |
|
Meadowood I (OH) |
| Columbus, OH |
| 1984 |
| 60 |
| 146,912 |
| 1,294,458 |
| — |
| 447,956 |
| 146,912 |
| 1,742,414 |
| 1,889,326 |
| (496,818 | ) | 1,392,509 |
| — |
|
Meadowood II (GA) |
| Norcross, GA |
| 1984 |
| 51 |
| 176,968 |
| 1,559,544 |
| — |
| 202,390 |
| 176,968 |
| 1,761,935 |
| 1,938,903 |
| (445,940 | ) | 1,492,963 |
| — |
|
Meadows I (OH), The |
| Columbus, OH |
| 1985 |
| 60 |
| 150,800 |
| 1,328,616 |
| — |
| 300,644 |
| 150,800 |
| 1,629,260 |
| 1,780,060 |
| (444,277 | ) | 1,335,783 |
| — |
|
Millburn |
| Stow, OH |
| 1984 |
| 52 |
| 192,062 |
| 1,692,276 |
| — |
| 303,652 |
| 192,062 |
| 1,995,928 |
| 2,187,990 |
| (473,434 | ) | 1,714,556 |
| — |
|
Millburn Court I |
| Centerville, OH |
| 1979 |
| 65 |
| 260,000 |
| 1,246,757 |
| — |
| 205,002 |
| 260,000 |
| 1,451,758 |
| 1,711,758 |
| (302,814 | ) | 1,408,945 |
| — |
|
Montgomery Court II (OH) |
| Dublin, OH |
| 1986 |
| 57 |
| 149,734 |
| 1,319,417 |
| — |
| 231,656 |
| 149,734 |
| 1,551,073 |
| 1,700,807 |
| (412,577 | ) | 1,288,230 |
| — |
|
Montrose Square |
| Columbus, OH |
| 1987 |
| 129 |
| 193,266 |
| 1,703,260 |
| — |
| 546,836 |
| 193,266 |
| 2,250,096 |
| 2,443,362 |
| (702,105 | ) | 1,741,257 |
| — |
|
Morgan Trace |
| Union City, GA |
| 1986 |
| 80 |
| 239,102 |
| 2,105,728 |
| — |
| 378,248 |
| 239,102 |
| 2,483,977 |
| 2,723,079 |
| (626,881 | ) | 2,096,198 |
| — |
|
Mosswood I |
| Winter Springs, FL |
| 1981 |
| 58 |
| 163,294 |
| 1,438,796 |
| — |
| 424,762 |
| 163,294 |
| 1,863,557 |
| 2,026,851 |
| (500,837 | ) | 1,526,014 |
| — |
|
Newberry I |
| Lansing, MI |
| 1985 |
| 62 |
| 183,509 |
| 1,616,913 |
| — |
| 336,055 |
| 183,509 |
| 1,952,968 |
| 2,136,477 |
| (522,162 | ) | 1,614,315 |
| — |
|
Newberry II |
| Lansing, MI |
| 1986 |
| 48 |
| 142,292 |
| 1,253,951 |
| — |
| 223,778 |
| 142,292 |
| 1,477,729 |
| 1,620,021 |
| (383,211 | ) | 1,236,811 |
| — |
|
Northridge (GA) |
| Carrolton, GA |
| 1985 |
| 77 |
| 238,811 |
| 2,104,181 |
| — |
| 322,392 |
| 238,811 |
| 2,426,573 |
| 2,665,383 |
| (584,828 | ) | 2,080,556 |
| — |
|
Northrup Court II |
| Coraopolis, PA |
| 1985 |
| 49 |
| 157,190 |
| 1,385,018 |
| — |
| 175,730 |
| 157,190 |
| 1,560,748 |
| 1,717,938 |
| (387,239 | ) | 1,330,699 |
| — |
|
Nova Glen I |
| Daytona Beach, FL |
| 1984 |
| 62 |
| 142,086 |
| 1,251,930 |
| — |
| 543,657 |
| 142,086 |
| 1,795,587 |
| 1,937,673 |
| (545,526 | ) | 1,392,146 |
| — |
|
Nova Glen II |
| Daytona Beach, FL |
| 1986 |
| 81 |
| 175,168 |
| 1,543,420 |
| — |
| 451,938 |
| 175,168 |
| 1,995,358 |
| 2,170,526 |
| (558,171 | ) | 1,612,355 |
| — |
|
Novawood II |
| Daytona Beach, FL |
| 1980 |
| 61 |
| 144,401 |
| 1,272,484 |
| — |
| 278,371 |
| 144,401 |
| 1,550,855 |
| 1,695,256 |
| (394,168 | ) | 1,301,088 |
| — |
|
Oak Gardens |
| Hollywood, FL |
| 1988 |
| 105 |
| 329,968 |
| 2,907,288 |
| — |
| 363,603 |
| 329,968 |
| 3,270,891 |
| 3,600,858 |
| (812,780 | ) | 2,788,078 |
| — |
|
Oak Shade |
| Orange City, FL |
| 1985 |
| 82 |
| 229,403 |
| 2,021,290 |
| — |
| 451,144 |
| 229,403 |
| 2,472,434 |
| 2,701,837 |
| (615,277 | ) | 2,086,560 |
| — |
|
Oakland Hills |
| Margate, FL |
| 1987 |
| 189 |
| 3,040,000 |
| 4,930,604 |
| — |
| 698,374 |
| 3,040,000 |
| 5,628,978 |
| 8,668,978 |
| (1,287,251 | ) | 7,381,727 |
| — |
|
Oakwood Manor |
| Hollywood, FL |
| 1986 |
| 63 |
| 173,247 |
| 1,525,973 |
| — |
| 131,129 |
| 173,247 |
| 1,657,102 |
| 1,830,349 |
| (411,238 | ) | 1,419,111 |
| — |
|
Oakwood Village (FL) |
| Hudson, FL |
| 1986 |
| 75 |
| 145,547 |
| 1,282,427 |
| — |
| 555,131 |
| 145,547 |
| 1,837,558 |
| 1,983,105 |
| (553,778 | ) | 1,429,326 |
| — |
|
Oakwood Village (GA) |
| Augusta, GA |
| 1985 |
| 70 |
| 161,174 |
| 1,420,119 |
| — |
| 221,082 |
| 161,174 |
| 1,641,201 |
| 1,802,375 |
| (426,039 | ) | 1,376,336 |
| — |
|
Olivewood (MI) |
| Sterling Hts., MI |
| 1986 |
| 150 |
| 519,167 |
| 4,574,905 |
| — |
| 732,482 |
| 519,167 |
| 5,307,387 |
| 5,826,553 |
| (1,357,574 | ) | 4,468,979 |
| — |
|
Olivewood I |
| Indianapolis, IN |
| 1985 |
| 62 |
| 184,701 |
| 1,627,420 |
| — |
| 473,096 |
| 184,701 |
| 2,100,516 |
| 2,285,217 |
| (603,147 | ) | 1,682,070 |
| — |
|
Palm Place |
| Sarasota. FL |
| 1984 |
| 80 |
| 248,315 |
| 2,188,339 |
| — |
| 513,658 |
| 248,315 |
| 2,701,997 |
| 2,950,312 |
| (753,380 | ) | 2,196,932 |
| — |
|
Palm Side II |
| Palm Bay, FL |
| (F) |
| — |
| 1,458,837 |
| 59,901 |
| — |
| — |
| 1,458,837 |
| 59,901 |
| 1,518,738 |
| — |
| 1,518,738 |
| — |
|
Parkville (Col) |
| Columbus, OH |
| 1978 |
| 100 |
| 150,433 |
| 1,325,756 |
| — |
| 455,842 |
| 150,433 |
| 1,781,599 |
| 1,932,032 |
| (563,481 | ) | 1,368,551 |
| — |
|
Parkville (Par) |
| Englewood, OH |
| 1982 |
| 48 |
| 127,863 |
| 1,126,638 |
| — |
| 203,227 |
| 127,863 |
| 1,329,864 |
| 1,457,727 |
| (345,083 | ) | 1,112,644 |
| — |
|
Pine Barrens |
| Jacksonville, FL |
| 1986 |
| 104 |
| 268,303 |
| 2,364,041 |
| — |
| 695,105 |
| 268,303 |
| 3,059,146 |
| 3,327,449 |
| (834,325 | ) | 2,493,124 |
| — |
|
Pine Meadows I (FL) |
| Ft. Meyers, FL |
| 1985 |
| 60 |
| 152,019 |
| 1,339,596 |
| — |
| 462,222 |
| 152,019 |
| 1,801,818 |
| 1,953,838 |
| (567,649 | ) | 1,386,189 |
| — |
|
Pinegrove II (REIT) |
| Roseville, MI |
| 1984 |
| 33 |
| 99,074 |
| 891,743 |
| — |
| 25,474 |
| 99,074 |
| 917,217 |
| 1,016,291 |
| (81,484 | ) | 934,807 |
| — |
|
S-13
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - - Real Estate and Accumulated Depreciation
December 31, 2005
Description |
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
|
|
| ||||||||||||
Apartment Name |
| Location |
| Date of |
| Units (I) |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Investment in Real |
| Encumbrances |
|
Pinellas Pines |
| Pinellas Park, FL |
| 1983 |
| 68 |
| 174,999 |
| 1,541,934 |
| — |
| 318,855 |
| 174,999 |
| 1,860,789 |
| 2,035,788 |
| (494,177 | ) | 1,541,611 |
| — |
|
Plumwood I |
| Columbus, OH |
| 1978 |
| 109 |
| 289,814 |
| 2,553,597 |
| — |
| 477,138 |
| 289,814 |
| 3,030,736 |
| 3,320,550 |
| (809,559 | ) | 2,510,991 |
| — |
|
Plumwood II |
| Columbus, OH |
| 1983 |
| 34 |
| 107,583 |
| 947,924 |
| — |
| 127,616 |
| 107,583 |
| 1,075,540 |
| 1,183,124 |
| (266,087 | ) | 917,037 |
| — |
|
Ramblewood I (Val) |
| Valdosta, GA |
| 1983 |
| 52 |
| 132,084 |
| 1,163,801 |
| — |
| 199,544 |
| 132,084 |
| 1,363,345 |
| 1,495,429 |
| (356,568 | ) | 1,138,861 |
| — |
|
Ramblewood II (Aug) |
| Augusta, GA |
| 1986 |
| 102 |
| 169,269 |
| 1,490,783 |
| — |
| 383,210 |
| 169,269 |
| 1,873,992 |
| 2,043,262 |
| (567,664 | ) | 1,475,598 |
| — |
|
Ramblewood II (Val) |
| Valdosta, GA |
| 1983 |
| 28 |
| 61,672 |
| 543,399 |
| — |
| 82,546 |
| 61,672 |
| 625,945 |
| 687,617 |
| (156,454 | ) | 531,163 |
| — |
|
Ranchside |
| New Port Richey, FL |
| 1985 |
| 76 |
| 144,692 |
| 1,274,898 |
| — |
| 385,664 |
| 144,692 |
| 1,660,562 |
| 1,805,254 |
| (446,461 | ) | 1,358,793 |
| — |
|
Red Deer I |
| Fairborn, OH |
| 1986 |
| 68 |
| 204,317 |
| 1,800,254 |
| — |
| 285,330 |
| 204,317 |
| 2,085,583 |
| 2,289,900 |
| (533,007 | ) | 1,756,893 |
| — |
|
Red Deer II |
| Fairborn, OH |
| 1987 |
| 63 |
| 193,852 |
| 1,708,044 |
| — |
| 242,771 |
| 193,852 |
| 1,950,815 |
| 2,144,667 |
| (487,228 | ) | 1,657,439 |
| — |
|
Redan Village I |
| Decatur, GA |
| 1984 |
| 78 |
| 274,294 |
| 2,416,963 |
| — |
| 320,607 |
| 274,294 |
| 2,737,570 |
| 3,011,865 |
| (714,399 | ) | 2,297,466 |
| — |
|
Redan Village II |
| Decatur, GA |
| 1986 |
| 76 |
| 240,605 |
| 2,119,855 |
| — |
| 206,569 |
| 240,605 |
| 2,326,424 |
| 2,567,029 |
| (564,539 | ) | 2,002,490 |
| — |
|
Ridgewood (Lou) |
| Louisville, KY |
| 1984 |
| 61 |
| 163,686 |
| 1,442,301 |
| — |
| 193,361 |
| 163,686 |
| 1,635,663 |
| 1,799,348 |
| (402,751 | ) | 1,396,598 |
| — |
|
Ridgewood I (Elk) |
| Elkhart, IN |
| 1984 |
| 70 |
| 159,371 |
| 1,404,234 |
| — |
| 444,801 |
| 159,371 |
| 1,849,035 |
| 2,008,406 |
| (506,182 | ) | 1,502,223 |
| — |
|
Ridgewood I (GA) |
| Decatur, GA |
| 1984 |
| 63 |
| 230,574 |
| 2,031,610 |
| — |
| 419,446 |
| 230,574 |
| 2,451,056 |
| 2,681,630 |
| (611,829 | ) | 2,069,801 |
| — |
|
Ridgewood I (Lex) |
| Lexington, KY |
| 1984 |
| 62 |
| 203,720 |
| 1,794,792 |
| — |
| 259,372 |
| 203,720 |
| 2,054,165 |
| 2,257,884 |
| (511,177 | ) | 1,746,708 |
| — |
|
Ridgewood I (OH) |
| Columbus, OH |
| 1984 |
| 60 |
| 174,066 |
| 1,534,135 |
| — |
| 319,586 |
| 174,066 |
| 1,853,721 |
| 2,027,787 |
| (485,500 | ) | 1,542,286 |
| — |
|
Ridgewood II (Elk) |
| Elkhart, IN |
| 1986 |
| 99 |
| 215,335 |
| 1,897,333 |
| — |
| 383,263 |
| 215,335 |
| 2,280,596 |
| 2,495,931 |
| (644,918 | ) | 1,851,013 |
| — |
|
Ridgewood II (OH) |
| Columbus, OH |
| 1985 |
| 58 |
| 162,914 |
| 1,435,648 |
| — |
| 229,692 |
| 162,914 |
| 1,665,340 |
| 1,828,254 |
| (434,129 | ) | 1,394,125 |
| — |
|
River Glen I |
| Reynoldsburg, OH |
| 1987 |
| 60 |
| 171,272 |
| 1,508,892 |
| — |
| 188,865 |
| 171,272 |
| 1,697,757 |
| 1,869,029 |
| (424,208 | ) | 1,444,821 |
| — |
|
Rivers End II |
| Jacksonville, FL |
| 1986 |
| 69 |
| 190,688 |
| 1,680,171 |
| — |
| 423,011 |
| 190,688 |
| 2,103,182 |
| 2,293,870 |
| (553,727 | ) | 1,740,143 |
| — |
|
Rosewood (KY) |
| Louisville, KY |
| 1984 |
| 77 |
| 253,453 |
| 2,233,196 |
| — |
| 295,201 |
| 253,453 |
| 2,528,398 |
| 2,781,851 |
| (645,132 | ) | 2,136,719 |
| — |
|
Rosewood (OH) |
| Columbus, OH |
| 1985 |
| 90 |
| 212,378 |
| 1,871,186 |
| — |
| 508,772 |
| 212,378 |
| 2,379,958 |
| 2,592,337 |
| (633,464 | ) | 1,958,873 |
| — |
|
Rosewood Commons II |
| Indianapolis, IN |
| 1987 |
| 77 |
| 220,463 |
| 1,942,520 |
| — |
| 284,971 |
| 220,463 |
| 2,227,490 |
| 2,447,954 |
| (588,412 | ) | 1,859,542 |
| — |
|
Sandpiper II |
| Fort Pierce, FL |
| 1982 |
| 66 |
| 155,496 |
| 1,369,987 |
| — |
| 394,724 |
| 155,496 |
| 1,764,711 |
| 1,920,207 |
| (529,503 | ) | 1,390,704 |
| — |
|
Shadetree |
| West Palm Beach, FL |
| 1982 |
| 76 |
| 532,000 |
| 1,420,721 |
| — |
| 379,066 |
| 532,000 |
| 1,799,787 |
| 2,331,787 |
| (441,879 | ) | 1,889,908 |
| — |
|
Shadow Bay I |
| Jacksonville, FL |
| 1984 |
| 53 |
| 123,319 |
| 1,086,720 |
| — |
| 241,927 |
| 123,319 |
| 1,328,647 |
| 1,451,966 |
| (359,849 | ) | 1,092,116 |
| — |
|
Shadow Ridge |
| Tallahassee, FL |
| 1983 |
| 62 |
| 150,327 |
| 1,324,061 |
| — |
| 315,769 |
| 150,327 |
| 1,639,831 |
| 1,790,157 |
| (443,156 | ) | 1,347,002 |
| — |
|
Shadow Trace |
| Stone Mountain, GA |
| 1984 |
| 81 |
| 244,320 |
| 2,152,729 |
| — |
| 372,403 |
| 244,320 |
| 2,525,132 |
| 2,769,452 |
| (645,600 | ) | 2,123,852 |
| — |
|
Sherbrook (OH) |
| Columbus, OH |
| 1985 |
| 60 |
| 163,493 |
| 1,440,036 |
| — |
| 353,937 |
| 163,493 |
| 1,793,972 |
| 1,957,466 |
| (493,151 | ) | 1,464,315 |
| — |
|
Sherbrook (PA) |
| Wexford, PA |
| 1986 |
| 74 |
| 279,665 |
| 2,464,404 |
| — |
| 356,912 |
| 279,665 |
| 2,821,315 |
| 3,100,980 |
| (709,163 | ) | 2,391,818 |
| — |
|
Sky Ridge |
| Woodstock, GA |
| 1987 |
| 120 |
| 437,373 |
| 3,853,792 |
| — |
| 454,652 |
| 437,373 |
| 4,308,444 |
| 4,745,818 |
| (1,062,425 | ) | 3,683,393 |
| — |
|
Slate Run (Hop) |
| Hopkinsville, KY |
| 1984 |
| 57 |
| 91,304 |
| 804,535 |
| — |
| 307,931 |
| 91,304 |
| 1,112,466 |
| 1,203,770 |
| (307,144 | ) | 896,625 |
| — |
|
Slate Run I (Lou) |
| Louisville, KY |
| 1984 |
| 65 |
| 179,766 |
| 1,583,931 |
| — |
| 305,115 |
| 179,766 |
| 1,889,046 |
| 2,068,811 |
| (508,507 | ) | 1,560,304 |
| — |
|
Spring Gate |
| Springfield, FL |
| 1983 |
| 66 |
| 132,951 |
| 1,171,447 |
| — |
| 316,752 |
| 132,951 |
| 1,488,199 |
| 1,621,151 |
| (478,178 | ) | 1,142,973 |
| — |
|
Stewart Way III |
| Hinesville, GA |
| 1986 |
| 59 |
| 100,500 |
| 1,530,464 |
| — |
| 101,115 |
| 100,500 |
| 1,631,579 |
| 1,732,079 |
| (137,719 | ) | 1,594,360 |
| — |
|
Stillwater |
| Savannah, GA |
| 1983 |
| 53 |
| 151,198 |
| 1,332,417 |
| — |
| 239,198 |
| 151,198 |
| 1,571,615 |
| 1,722,813 |
| (385,787 | ) | 1,337,026 |
| — |
|
Stonehenge (Day) |
| Dayton, OH |
| 1985 |
| 69 |
| 202,294 |
| 1,782,140 |
| — |
| 270,632 |
| 202,294 |
| 2,052,772 |
| 2,255,066 |
| (540,743 | ) | 1,714,323 |
| — |
|
Stonehenge (Mas) |
| Massillon, OH |
| 1984 |
| 60 |
| 145,386 |
| 1,281,012 |
| — |
| 305,021 |
| 145,386 |
| 1,586,033 |
| 1,731,419 |
| (442,706 | ) | 1,288,713 |
| — |
|
Suffolk Grove I |
| Grove City, OH |
| 1985 |
| 71 |
| 214,107 |
| 1,886,415 |
| — |
| 409,289 |
| 214,107 |
| 2,295,703 |
| 2,509,810 |
| (600,516 | ) | 1,909,295 |
| — |
|
Suffolk Grove II |
| Grove City, OH |
| 1987 |
| 49 |
| 167,683 |
| 1,477,569 |
| — |
| 327,101 |
| 167,683 |
| 1,804,670 |
| 1,972,353 |
| (464,725 | ) | 1,507,628 |
| — |
|
Sunset Way I |
| Miami, FL |
| 1987 |
| 100 |
| 258,568 |
| 2,278,539 |
| — |
| 551,166 |
| 258,568 |
| 2,829,705 |
| 3,088,273 |
| (727,612 | ) | 2,360,661 |
| — |
|
Sunset Way II |
| Miami, FL |
| 1988 |
| 100 |
| 274,903 |
| 2,422,546 |
| — |
| 329,858 |
| 274,903 |
| 2,752,404 |
| 3,027,307 |
| (706,918 | ) | 2,320,389 |
| — |
|
Suntree |
| West Palm Beach, FL |
| 1982 |
| 67 |
| 469,000 |
| 1,479,589 |
| — |
| 248,907 |
| 469,000 |
| 1,728,495 |
| 2,197,495 |
| (339,620 | ) | 1,857,876 |
| — |
|
Tabor Ridge |
| Berea, OH |
| 1986 |
| 97 |
| 235,940 |
| 2,079,290 |
| — |
| 512,739 |
| 235,940 |
| 2,592,029 |
| 2,827,970 |
| (710,620 | ) | 2,117,350 |
| — |
|
Thymewood II |
| Miami, FL |
| 1986 |
| 70 |
| 219,661 |
| 1,936,463 |
| — |
| 209,346 |
| 219,661 |
| 2,145,809 |
| 2,365,470 |
| (527,232 | ) | 1,838,239 |
| — |
|
Timberwood (GA) |
| Perry, GA |
| 1985 |
| 60 |
| 144,299 |
| 1,271,305 |
| — |
| 244,009 |
| 144,299 |
| 1,515,314 |
| 1,659,614 |
| (372,026 | ) | 1,287,588 |
| — |
|
Turkscap I |
| Brandon, FL |
| 1977 |
| 49 |
| 125,766 |
| 1,108,139 |
| — |
| 448,403 |
| 125,766 |
| 1,556,542 |
| 1,682,309 |
| (495,595 | ) | 1,186,714 |
| — |
|
University Square I |
| Tampa, FL |
| 1979 |
| 81 |
| 197,457 |
| 1,739,807 |
| — |
| 390,323 |
| 197,457 |
| 2,130,130 |
| 2,327,586 |
| (555,246 | ) | 1,772,341 |
| — |
|
Valleyfield (PA) |
| Bridgeville, PA |
| 1985 |
| 77 |
| 274,317 |
| 2,417,029 |
| — |
| 388,661 |
| 274,317 |
| 2,805,690 |
| 3,080,006 |
| (722,071 | ) | 2,357,936 |
| — |
|
Valleyfield II |
| Decatur, GA |
| 1985 |
| 66 |
| 258,320 |
| 2,276,084 |
| — |
| 186,456 |
| 258,320 |
| 2,462,540 |
| 2,720,861 |
| (593,241 | ) | 2,127,619 |
| — |
|
Waterbury (GA) |
| Athens, GA |
| 1985 |
| 53 |
| 147,450 |
| 1,299,195 |
| — |
| 111,319 |
| 147,450 |
| 1,410,514 |
| 1,557,964 |
| (340,721 | ) | 1,217,244 |
| — |
|
Waterbury (MI) |
| Westland, MI |
| 1985 |
| 101 |
| 331,739 |
| 2,922,589 |
| — |
| 506,740 |
| 331,739 |
| 3,429,329 |
| 3,761,068 |
| (874,877 | ) | 2,886,191 |
| — |
|
Waterbury (OH) |
| Cincinnati, OH |
| 1985 |
| 70 |
| 193,167 |
| 1,701,834 |
| — |
| 334,062 |
| 193,167 |
| 2,035,896 |
| 2,229,062 |
| (563,622 | ) | 1,665,441 |
| — |
|
Wentworth |
| Roseville, MI |
| 1985 |
| 75 |
| 217,502 |
| 1,916,232 |
| — |
| 367,439 |
| 217,502 |
| 2,283,671 |
| 2,501,173 |
| (606,858 | ) | 1,894,316 |
| — |
|
Westway |
| Brunswick, GA |
| 1984 |
| 70 |
| 168,323 |
| 1,483,106 |
| — |
| 424,898 |
| 168,323 |
| 1,908,004 |
| 2,076,326 |
| (508,953 | ) | 1,567,373 |
| — |
|
Whispering Pines |
| Fr. Pierce, FL |
| 1986 |
| 64 |
| 384,000 |
| 621,367 |
| — |
| 264,280 |
| 384,000 |
| 885,647 |
| 1,269,647 |
| (268,165 | ) | 1,001,482 |
| — |
|
Whispering Pines II |
| Fr. Pierce, FL |
| 1986 |
| 44 |
| 105,172 |
| 926,476 |
| — |
| 211,953 |
| 105,172 |
| 1,138,429 |
| 1,243,600 |
| (302,641 | ) | 940,959 |
| — |
|
Whisperwood |
| Cordele, GA |
| 1985 |
| 50 |
| 84,240 |
| 742,374 |
| — |
| 285,160 |
| 84,240 |
| 1,027,534 |
| 1,111,774 |
| (295,174 | ) | 816,601 |
| — |
|
Willow Creek I (GA) |
| Griffin, GA |
| 1985 |
| 53 |
| 126,809 |
| 1,298,973 |
| — |
| 302,489 |
| 126,809 |
| 1,601,463 |
| 1,728,272 |
| (385,594 | ) | 1,342,677 |
| — |
|
Willowood East II |
| Indianapolis, IN |
| 1985 |
| 60 |
| 104,918 |
| 924,590 |
| — |
| 225,964 |
| 104,918 |
| 1,150,554 |
| 1,255,471 |
| (344,420 | ) | 911,051 |
| — |
|
Willowood I (Woo) |
| Wooster, OH |
| 1984 |
| 51 |
| 117,254 |
| 1,033,137 |
| — |
| 237,115 |
| 117,254 |
| 1,270,252 |
| 1,387,506 |
| (329,846 | ) | 1,057,660 |
| — |
|
Willowood II (KY) |
| Frankfort, KY |
| 1985 |
| 53 |
| 120,375 |
| 1,060,639 |
| — |
| 153,296 |
| 120,375 |
| 1,213,935 |
| 1,334,310 |
| (308,720 | ) | 1,025,590 |
| — |
|
Willows I (OH), The |
| Columbus, OH |
| 1987 |
| 50 |
| 76,283 |
| 672,340 |
| — |
| 228,775 |
| 76,283 |
| 901,115 |
| 977,398 |
| (247,241 | ) | 730,157 |
| — |
|
Willows II (OH), The |
| Columbus, OH |
| 1981 |
| 41 |
| 96,679 |
| 851,845 |
| — |
| 130,804 |
| 96,679 |
| 982,649 |
| 1,079,328 |
| (256,394 | ) | 822,934 |
| — |
|
Windwood I (FL) |
| Palm Bay, FL |
| 1988 |
| 64 |
| 113,913 |
| 1,003,498 |
| — |
| 318,838 |
| 113,913 |
| 1,322,337 |
| 1,436,249 |
| (386,318 | ) | 1,049,931 |
| — |
|
Winter Woods I (FL) |
| Winter Garden, FL |
| 1985 |
| 57 |
| 144,921 |
| 1,276,965 |
| — |
| 505,063 |
| 144,921 |
| 1,782,028 |
| 1,926,949 |
| (511,357 | ) | 1,415,592 |
| — |
|
Woodbine (Cuy) |
| Cuyahoga Falls, OH |
| 1982 |
| 55 |
| 185,868 |
| 1,637,701 |
| — |
| 190,662 |
| 185,868 |
| 1,828,363 |
| 2,014,231 |
| (442,941 | ) | 1,571,290 |
| — |
|
Woodcliff I |
| Lilburn, GA |
| 1984 |
| 71 |
| 276,659 |
| 2,437,667 |
| — |
| 359,883 |
| 276,659 |
| 2,797,551 |
| 3,074,210 |
| (720,281 | ) | 2,353,929 |
| — |
|
Woodcrest I |
| Warner Robins, GA |
| 1984 |
| 66 |
| 115,739 |
| 1,028,353 |
| — |
| 329,685 |
| 115,739 |
| 1,358,038 |
| 1,473,777 |
| (322,896 | ) | 1,150,881 |
| — |
|
Woodlands I (Str) |
| Streetsboro, OH |
| 1984 |
| 60 |
| 197,378 |
| 1,739,112 |
| — |
| 373,907 |
| 197,378 |
| 2,113,018 |
| 2,310,396 |
| (542,413 | ) | 1,767,983 |
| — |
|
Woodlands II (PA) |
| Zelienople, PA |
| 1987 |
| 62 |
| 192,972 |
| 1,700,297 |
| — |
| 179,879 |
| 192,972 |
| 1,880,175 |
| 2,073,148 |
| (452,496 | ) | 1,620,652 |
| — |
|
S-14
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - - Real Estate and Accumulated Depreciation
December 31, 2005
Description |
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
|
|
| ||||||||||||
Apartment Name |
| Location |
| Date of |
| Units (I) |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Investment in Real |
| Encumbrances |
|
Woodlands III (Col) |
| Columbus, OH |
| 1987 |
| 93 |
| 230,536 |
| 2,031,249 |
| — |
| 569,633 |
| 230,536 |
| 2,600,881 |
| 2,831,417 |
| (692,169 | ) | 2,139,248 |
| — |
|
Woodtrail |
| Newnan, GA |
| 1984 |
| 61 |
| 250,895 |
| 2,210,658 |
| — |
| 287,964 |
| 250,895 |
| 2,498,622 |
| 2,749,517 |
| (607,691 | ) | 2,141,826 |
| — |
|
Lexford Wholly Owned Unencumbered |
|
|
|
|
| 13,970 |
| 45,546,010 |
| 331,297,547 |
| — |
| 63,379,282 |
| 45,546,010 |
| 394,676,830 |
| 440,222,839 |
| (101,050,199 | ) | 339,172,640 |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lexford Wholly Owned Encumbered: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Court |
| Bloomington, IN |
| 1985 |
| 96 |
| 257,484 |
| 2,268,653 |
| — |
| 516,038 |
| 257,484 |
| 2,784,691 |
| 3,042,175 |
| (807,911 | ) | 2,234,263 |
| 1,879,577 |
|
Amberwood (OH) |
| Massillon, OH |
| 1987 |
| 63 |
| 126,227 |
| 1,112,289 |
| — |
| 310,983 |
| 126,227 |
| 1,423,272 |
| 1,549,499 |
| (392,062 | ) | 1,157,437 |
| 814,206 |
|
Amesbury I |
| Reynoldsburg, OH |
| 1986 |
| 68 |
| 143,039 |
| 1,260,233 |
| — |
| 306,196 |
| 143,039 |
| 1,566,429 |
| 1,709,469 |
| (428,104 | ) | 1,281,365 |
| 1,194,940 |
|
Annhurst (IN) |
| Indianapolis, IN |
| 1985 |
| 83 |
| 189,235 |
| 1,667,469 |
| — |
| 427,629 |
| 189,235 |
| 2,095,098 |
| 2,284,333 |
| (582,685 | ) | 1,701,648 |
| 1,159,432 |
|
Apple Ridge I |
| Circleville, OH |
| 1987 |
| 59 |
| 139,300 |
| 1,227,582 |
| — |
| 357,723 |
| 139,300 |
| 1,585,305 |
| 1,724,605 |
| (420,606 | ) | 1,303,999 |
| 1,008,377 |
|
Applegate I (IN) |
| Muncie, IN |
| 1984 |
| 53 |
| 138,506 |
| 1,220,386 |
| — |
| 283,020 |
| 138,506 |
| 1,503,406 |
| 1,641,911 |
| (406,308 | ) | 1,235,603 |
| 845,933 |
|
Applegate II (IN) |
| Muncie, IN |
| 1987 |
| 80 |
| 180,017 |
| 1,586,143 |
| — |
| 308,187 |
| 180,017 |
| 1,894,330 |
| 2,074,346 |
| (500,159 | ) | 1,574,187 |
| 1,202,296 |
|
Applewood I |
| Deland, FL |
| 1982 |
| 161 |
| 235,230 |
| 2,072,994 |
| — |
| 947,984 |
| 235,230 |
| 3,020,978 |
| 3,256,209 |
| (926,817 | ) | 2,329,391 |
| 1,970,095 |
|
Ashford Hill |
| Reynoldsburg, OH |
| 1986 |
| 77 |
| 184,985 |
| 1,630,021 |
| — |
| 333,816 |
| 184,985 |
| 1,963,837 |
| 2,148,822 |
| (550,801 | ) | 1,598,021 |
| 1,283,887 |
|
Ashgrove (OH) |
| Franklin, OH |
| 1983 |
| 63 |
| 157,535 |
| 1,387,687 |
| — |
| 261,877 |
| 157,535 |
| 1,649,564 |
| 1,807,099 |
| (443,113 | ) | 1,363,985 |
| 1,150,554 |
|
Ashgrove I (MI) |
| Sterling Hts, MI |
| 1985 |
| 114 |
| 403,580 |
| 3,555,988 |
| — |
| 703,352 |
| 403,580 |
| 4,259,340 |
| 4,662,920 |
| (1,052,394 | ) | 3,610,525 |
| 2,949,818 |
|
Ashgrove II (MI) |
| Sterling Hts, MI |
| 1987 |
| 90 |
| 311,912 |
| 2,748,287 |
| — |
| 273,772 |
| 311,912 |
| 3,022,059 |
| 3,333,972 |
| (734,882 | ) | 2,599,090 |
| 2,097,955 |
|
Astorwood (REIT) |
| Stuart, FL |
| 1983 |
| 75 |
| 233,150 |
| 2,098,338 |
| — |
| 338,189 |
| 233,150 |
| 2,436,527 |
| 2,669,677 |
| (504,712 | ) | 2,164,965 |
| 1,504,177 |
|
Barrington |
| Clarkston, GA |
| 1984 |
| 47 |
| 144,459 |
| 1,272,842 |
| — |
| 266,796 |
| 144,459 |
| 1,539,638 |
| 1,684,097 |
| (403,709 | ) | 1,280,388 |
| 931,597 |
|
Beckford Place (IN) |
| New Castle, IN |
| 1984 |
| 41 |
| 99,046 |
| 872,702 |
| — |
| 217,449 |
| 99,046 |
| 1,090,151 |
| 1,189,197 |
| (283,839 | ) | 905,358 |
| 654,733 |
|
Cambridge Commons II |
| Indianapolis, IN |
| 1987 |
| 75 |
| 141,845 |
| 1,249,511 |
| — |
| 426,765 |
| 141,845 |
| 1,676,276 |
| 1,818,121 |
| (512,399 | ) | 1,305,723 |
| 786,672 |
|
Camellia Court I (Day) |
| Dayton, OH |
| 1981 |
| 57 |
| 131,858 |
| 1,162,066 |
| — |
| 327,246 |
| 131,858 |
| 1,489,311 |
| 1,621,170 |
| (420,844 | ) | 1,200,325 |
| 1,002,362 |
|
Camellia Court II (Col) |
| Columbus, OH |
| 1984 |
| 40 |
| 118,421 |
| 1,043,417 |
| — |
| 302,592 |
| 118,421 |
| 1,346,009 |
| 1,464,430 |
| (364,437 | ) | 1,099,993 |
| 864,506 |
|
Candlelight I |
| Brooksville, FL |
| 1982 |
| 51 |
| 105,000 |
| 925,167 |
| — |
| 344,604 |
| 105,000 |
| 1,269,770 |
| 1,374,771 |
| (331,704 | ) | 1,043,067 |
| 552,432 |
|
Candlelight II |
| Brooksville, FL |
| 1985 |
| 60 |
| 95,061 |
| 837,593 |
| — |
| 356,659 |
| 95,061 |
| 1,194,252 |
| 1,289,314 |
| (336,305 | ) | 953,009 |
| 543,222 |
|
Cedar Hill |
| Knoxville, TN |
| 1986 |
| 74 |
| 204,792 |
| 1,804,444 |
| — |
| 216,237 |
| 204,792 |
| 2,020,681 |
| 2,225,473 |
| (523,667 | ) | 1,701,806 |
| 1,413,125 |
|
Cedargate (MI) |
| Michigan City, IN |
| 1983 |
| 53 |
| 120,378 |
| 1,060,663 |
| — |
| 153,220 |
| 120,378 |
| 1,213,883 |
| 1,334,261 |
| (310,416 | ) | 1,023,845 |
| 729,846 |
|
Cedargate (She) |
| Shelbyville, KY |
| 1984 |
| 58 |
| 158,685 |
| 1,398,041 |
| — |
| 283,738 |
| 158,685 |
| 1,681,779 |
| 1,840,464 |
| (437,957 | ) | 1,402,508 |
| 1,067,549 |
|
Cedargate I (Cla) |
| Clayton, OH |
| 1984 |
| 61 |
| 159,599 |
| 1,406,493 |
| — |
| 312,333 |
| 159,599 |
| 1,718,825 |
| 1,878,425 |
| (450,002 | ) | 1,428,423 |
| 1,127,950 |
|
Cedargate I (OH) |
| Lancaster, OH |
| 1982 |
| 110 |
| 240,587 |
| 2,119,432 |
| — |
| 590,560 |
| 240,587 |
| 2,709,992 |
| 2,950,579 |
| (721,492 | ) | 2,229,087 |
| 2,135,372 |
|
Cedarwood I (FL) |
| Ocala, FL |
| 1978 |
| 55 |
| 119,470 |
| 1,052,657 |
| — |
| 342,727 |
| 119,470 |
| 1,395,384 |
| 1,514,854 |
| (376,491 | ) | 1,138,362 |
| 104,000 |
|
Cedarwood I (IN) |
| Goshen, IN |
| 1983/84 |
| 90 |
| 251,745 |
| 2,218,126 |
| — |
| 399,726 |
| 251,745 |
| 2,617,852 |
| 2,869,597 |
| (706,634 | ) | 2,162,963 |
| 1,737,870 |
|
Cedarwood II (KY) |
| Lexington, KY |
| 1986 |
| 48 |
| 106,724 |
| 940,357 |
| — |
| 281,488 |
| 106,724 |
| 1,221,844 |
| 1,328,568 |
| (343,590 | ) | 984,978 |
| 969,000 |
|
Cherry Glen I |
| Indianapolis, IN |
| 1986/87 |
| 138 |
| 335,596 |
| 2,957,360 |
| — |
| 445,517 |
| 335,596 |
| 3,402,877 |
| 3,738,472 |
| (939,341 | ) | 2,799,131 |
| 2,851,888 |
|
Clearview I |
| Greenwood, IN |
| 1986 |
| 70 |
| 182,206 |
| 1,605,429 |
| — |
| 283,626 |
| 182,206 |
| 1,889,056 |
| 2,071,261 |
| (519,622 | ) | 1,551,639 |
| 12,735 |
|
Clearwater |
| Eastlake, OH |
| 1986 |
| 42 |
| 128,303 |
| 1,130,691 |
| — |
| 189,265 |
| 128,303 |
| 1,319,956 |
| 1,448,259 |
| (333,142 | ) | 1,115,117 |
| 1,008,377 |
|
Cypress |
| Panama City, FL |
| 1985 |
| 70 |
| 171,882 |
| 1,514,636 |
| — |
| 436,239 |
| 171,882 |
| 1,950,874 |
| 2,122,757 |
| (526,910 | ) | 1,595,847 |
| 1,276,666 |
|
Daniel Court |
| Cincinnati, OH |
| 1985 |
| 114 |
| 334,101 |
| 2,943,516 |
| — |
| 641,012 |
| 334,101 |
| 3,584,529 |
| 3,918,629 |
| (1,038,051 | ) | 2,880,579 |
| 2,117,353 |
|
Deerwood (FL) |
| Eustis, FL |
| 1982 |
| 50 |
| 114,948 |
| 1,012,819 |
| — |
| 203,384 |
| 114,948 |
| 1,216,202 |
| 1,331,151 |
| (345,151 | ) | 986,000 |
| 785,384 |
|
Dogwood Glen I |
| Indianapolis, IN |
| 1986 |
| 83 |
| 240,855 |
| 2,122,193 |
| — |
| 416,677 |
| 240,855 |
| 2,538,870 |
| 2,779,725 |
| (650,983 | ) | 2,128,743 |
| 1,702,607 |
|
Dogwood Glen II |
| Indianapolis, IN |
| 1987 |
| 77 |
| 202,397 |
| 1,783,336 |
| — |
| 276,643 |
| 202,397 |
| 2,059,979 |
| 2,262,376 |
| (539,991 | ) | 1,722,385 |
| 1,199,056 |
|
Dover Place II |
| Eastlake, OH |
| 1983 |
| 63 |
| 230,895 |
| 2,034,242 |
| — |
| 235,585 |
| 230,895 |
| 2,269,827 |
| 2,500,722 |
| (543,404 | ) | 1,957,319 |
| 1,484,811 |
|
Dover Place III |
| Eastlake, OH |
| 1983 |
| 30 |
| 119,835 |
| 1,055,878 |
| — |
| 89,557 |
| 119,835 |
| 1,145,435 |
| 1,265,270 |
| (262,933 | ) | 1,002,338 |
| 703,572 |
|
Dover Place IV |
| Eastlake, OH |
| 1986 |
| 72 |
| 261,912 |
| 2,307,730 |
| — |
| 239,739 |
| 261,912 |
| 2,547,469 |
| 2,809,381 |
| (592,963 | ) | 2,216,418 |
| 1,708,675 |
|
Driftwood |
| Atlantic Beach, FL |
| 1985 |
| 63 |
| 126,357 |
| 1,113,430 |
| — |
| 350,002 |
| 126,357 |
| 1,463,433 |
| 1,589,790 |
| (417,935 | ) | 1,171,855 |
| 346,206 |
|
Elmtree Park I |
| Indianapolis, IN |
| 1986 |
| 72 |
| 157,687 |
| 1,389,621 |
| — |
| 293,237 |
| 157,687 |
| 1,682,858 |
| 1,840,545 |
| (487,532 | ) | 1,353,013 |
| 1,336,823 |
|
Elmtree Park II |
| Indianapolis, IN |
| 1987 |
| 53 |
| 114,114 |
| 1,005,455 |
| — |
| 206,518 |
| 114,114 |
| 1,211,973 |
| 1,326,087 |
| (349,836 | ) | 976,252 |
| 840,574 |
|
Elmwood I (FL) |
| W. Palm Beach, FL |
| 1984 |
| 52 |
| 163,389 |
| 1,439,632 |
| — |
| 175,653 |
| 163,389 |
| 1,615,286 |
| 1,778,674 |
| (411,867 | ) | 1,366,807 |
| 316,202 |
|
Elmwood II (FL) |
| W. Palm Beach, FL |
| 1984 |
| 50 |
| 179,743 |
| 1,582,960 |
| — |
| 163,324 |
| 179,743 |
| 1,746,284 |
| 1,926,028 |
| (430,204 | ) | 1,495,823 |
| 1,203,134 |
|
Forsythia Court (KY) |
| Louisville, KY |
| 1985 |
| 98 |
| 279,450 |
| 2,462,187 |
| — |
| 404,109 |
| 279,450 |
| 2,866,296 |
| 3,145,746 |
| (752,969 | ) | 2,392,777 |
| 1,730,489 |
|
Forsythia Court (MD) |
| Abingdon, MD |
| 1986 |
| 76 |
| 251,955 |
| 2,220,100 |
| — |
| 490,543 |
| 251,955 |
| 2,710,643 |
| 2,962,598 |
| (715,665 | ) | 2,246,933 |
| 1,907,418 |
|
Glen Arm Manor |
| Albany, GA |
| 1986 |
| 70 |
| 166,498 |
| 1,466,883 |
| — |
| 306,630 |
| 166,498 |
| 1,773,513 |
| 1,940,012 |
| (467,470 | ) | 1,472,542 |
| 1,033,113 |
|
Glenwood Village |
| Macon, GA |
| 1986 |
| 80 |
| 167,779 |
| 1,478,614 |
| — |
| 390,951 |
| 167,779 |
| 1,869,565 |
| 2,037,344 |
| (469,709 | ) | 1,567,635 |
| 985,047 |
|
Greenbriar Glen |
| Atlanta, GA |
| 1988 |
| 74 |
| 227,701 |
| 2,006,246 |
| — |
| 349,017 |
| 227,701 |
| 2,355,263 |
| 2,582,964 |
| (556,809 | ) | 2,026,156 |
| 1,352,918 |
|
Greentree I (GA) (REIT) |
| Thomasville, GA |
| 1983 |
| 43 |
| 84,750 |
| 762,659 |
| — |
| 251,737 |
| 84,750 |
| 1,014,396 |
| 1,099,146 |
| (207,027 | ) | 892,119 |
| 611,925 |
|
Greentree II (GA) (REIT) |
| Thomasville, GA |
| 1984 |
| 32 |
| 81,000 |
| 729,283 |
| — |
| 119,996 |
| 81,000 |
| 849,279 |
| 930,279 |
| (173,808 | ) | 756,471 |
| 460,453 |
|
Hampshire II |
| Elyria, OH |
| 1981 |
| 56 |
| 126,231 |
| 1,112,036 |
| — |
| 250,012 |
| 126,231 |
| 1,362,048 |
| 1,488,280 |
| (339,034 | ) | 1,149,246 |
| 782,048 |
|
Harvest Grove I |
| Gahanna, OH |
| 1986 |
| 73 |
| 170,334 |
| 1,500,232 |
| — |
| 344,078 |
| 170,334 |
| 1,844,310 |
| 2,014,644 |
| (497,936 | ) | 1,516,708 |
| 1,470,505 |
|
Hatcherway |
| Waycross, GA |
| 1986 |
| 64 |
| 96,885 |
| 853,716 |
| — |
| 316,788 |
| 96,885 |
| 1,170,504 |
| 1,267,389 |
| (338,550 | ) | 928,840 |
| 669,122 |
|
Hayfield Park |
| Burlington, KY |
| 1986 |
| 86 |
| 261,457 |
| 2,303,394 |
| — |
| 282,810 |
| 261,457 |
| 2,586,205 |
| 2,847,662 |
| (638,974 | ) | 2,208,687 |
| 1,534,250 |
|
Heathmoore (Eva) |
| Evansville, IN |
| 1984 |
| 73 |
| 162,375 |
| 1,430,747 |
| — |
| 363,595 |
| 162,375 |
| 1,794,342 |
| 1,956,716 |
| (466,887 | ) | 1,489,830 |
| 1,010,107 |
|
Heathmoore (MI) |
| Clinton Twp., MI |
| 1983 |
| 72 |
| 227,105 |
| 2,001,243 |
| — |
| 352,819 |
| 227,105 |
| 2,354,061 |
| 2,581,166 |
| (596,592 | ) | 1,984,574 |
| 1,549,453 |
|
Heathmoore I (IN) |
| Indianapolis, IN |
| 1983 |
| 55 |
| 144,557 |
| 1,273,702 |
| — |
| 281,472 |
| 144,557 |
| 1,555,174 |
| 1,699,731 |
| (435,676 | ) | 1,264,055 |
| 1,124,246 |
|
Heathmoore I (MI) |
| Canton, MI |
| 1986 |
| 60 |
| 232,064 |
| 2,044,227 |
| — |
| 431,076 |
| 232,064 |
| 2,475,303 |
| 2,707,367 |
| (604,192 | ) | 2,103,175 |
| 1,521,755 |
|
Heron Pointe (Atl) |
| Atlantic Beach, FL |
| 1986 |
| 99 |
| 214,332 |
| 1,888,814 |
| — |
| 410,134 |
| 214,332 |
| 2,298,948 |
| 2,513,280 |
| (657,850 | ) | 1,855,431 |
| 1,566,550 |
|
Heronwood (REIT) |
| Ft. Myers, FL |
| 1982 |
| 59 |
| 146,100 |
| 1,315,211 |
| — |
| 267,337 |
| 146,100 |
| 1,582,548 |
| 1,728,648 |
| (313,636 | ) | 1,415,012 |
| 1,130,586 |
|
Hickory Place |
| Gainesville, FL |
| 1983 |
| 70 |
| 192,453 |
| 1,695,454 |
| — |
| 316,542 |
| 192,453 |
| 2,011,996 |
| 2,204,450 |
| (554,700 | ) | 1,649,750 |
| 1,222,366 |
|
Hidden Acres |
| Sarasota, FL |
| 1987 |
| 94 |
| 253,139 |
| 2,230,579 |
| — |
| 443,859 |
| 253,139 |
| 2,674,438 |
| 2,927,577 |
| (683,984 | ) | 2,243,592 |
| 1,601,965 |
|
Hidden Pines |
| Casselberry, FL |
| 1981 |
| 56 |
| 176,308 |
| 1,553,565 |
| — |
| 472,611 |
| 176,308 |
| 2,026,177 |
| 2,202,485 |
| (574,680 | ) | 1,627,805 |
| 19,562 |
|
Hillcrest Villas |
| Crestview, FL |
| 1985 |
| 65 |
| 141,603 |
| 1,247,677 |
| — |
| 222,457 |
| 141,603 |
| 1,470,135 |
| 1,611,738 |
| (397,022 | ) | 1,214,715 |
| 895,169 |
|
Holly Sands II |
| Ft. Walton Bch., FL |
| 1986 |
| 52 |
| 124,578 |
| 1,098,074 |
| — |
| 200,458 |
| 124,578 |
| 1,298,532 |
| 1,423,109 |
| (357,698 | ) | 1,065,412 |
| 1,009,375 |
|
S-15
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - - Real Estate and Accumulated Depreciation
December 31, 2005
Description |
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
|
|
| ||||||||||||
Apartment Name |
| Location |
| Date of |
| Units (I) |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Investment in Real |
| Encumbrances |
|
Iris Glen |
| Conyers, GA |
| 1984 |
| 79 |
| 270,458 |
| 2,383,030 |
| — |
| 295,085 |
| 270,458 |
| 2,678,115 |
| 2,948,573 |
| (645,302 | ) | 2,303,271 |
| 1,629,821 |
|
Jefferson Way I |
| Orange Park, FL |
| 1987 |
| 56 |
| 147,799 |
| 1,302,268 |
| — |
| 343,047 |
| 147,799 |
| 1,645,315 |
| 1,793,114 |
| (444,316 | ) | 1,348,798 |
| 1,000,621 |
|
Jupiter Cove I |
| Jupiter, FL |
| 1987 |
| 63 |
| 233,932 |
| 2,060,900 |
| — |
| 462,033 |
| 233,932 |
| 2,522,932 |
| 2,756,865 |
| (694,807 | ) | 2,062,058 |
| 1,470,505 |
|
Jupiter Cove II |
| Jupiter, FL |
| 1987 |
| 61 |
| 1,220,000 |
| 483,833 |
| — |
| 262,589 |
| 1,220,000 |
| 746,422 |
| 1,966,422 |
| (225,200 | ) | 1,741,222 |
| 1,458,905 |
|
Jupiter Cove III |
| Jupiter, FL |
| 1987 |
| 63 |
| 242,010 |
| 2,131,722 |
| — |
| 258,266 |
| 242,010 |
| 2,389,988 |
| 2,631,998 |
| (586,388 | ) | 2,045,610 |
| 1,547,372 |
|
Kings Colony |
| Savannah, GA |
| 1987 |
| 89 |
| 230,149 |
| 2,027,865 |
| — |
| 324,550 |
| 230,149 |
| 2,352,415 |
| 2,582,564 |
| (620,517 | ) | 1,962,047 |
| 1,871,551 |
|
Lakeshore I (GA) |
| Ft. Oglethorpe, GA |
| 1986 |
| 79 |
| 169,375 |
| 1,492,378 |
| — |
| 372,693 |
| 169,375 |
| 1,865,071 |
| 2,034,446 |
| (544,691 | ) | 1,489,755 |
| 1,202,296 |
|
Laurel Glen |
| Acworth, GA |
| 1986 |
| 81 |
| 289,509 |
| 2,550,891 |
| — |
| 282,970 |
| 289,509 |
| 2,833,860 |
| 3,123,370 |
| (679,189 | ) | 2,444,181 |
| 1,655,375 |
|
Lexford Apartment Homes |
| Miami, FL |
| 1987 |
| 72 |
| 191,986 |
| 1,691,254 |
| — |
| 266,839 |
| 191,986 |
| 1,958,093 |
| 2,150,078 |
| (473,699 | ) | 1,676,379 |
| 1,251,771 |
|
Lindendale |
| Columbus, OH |
| 1987 |
| 77 |
| 209,159 |
| 1,842,816 |
| — |
| 408,714 |
| 209,159 |
| 2,251,529 |
| 2,460,688 |
| (589,473 | ) | 1,871,214 |
| 1,211,266 |
|
Manchester (REIT) |
| Jacksonville, FL |
| 1985 |
| 78 |
| 184,100 |
| 1,657,194 |
| — |
| 307,914 |
| 184,100 |
| 1,965,107 |
| 2,149,207 |
| (410,884 | ) | 1,738,323 |
| 1,179,886 |
|
Marabou Mills I |
| Indianapolis, IN |
| 1986 |
| 86 |
| 224,178 |
| 1,974,952 |
| — |
| 295,228 |
| 224,178 |
| 2,270,181 |
| 2,494,359 |
| (612,519 | ) | 1,881,840 |
| 1,242,317 |
|
Marabou Mills III |
| Indianapolis, IN |
| 1987 |
| 59 |
| 171,557 |
| 1,511,602 |
| — |
| 126,544 |
| 171,557 |
| 1,638,146 |
| 1,809,703 |
| (404,951 | ) | 1,404,752 |
| 1,140,520 |
|
Meadowood (Fra) |
| Franklin, IN |
| 1983 |
| 51 |
| 129,252 |
| 1,138,733 |
| — |
| 247,552 |
| 129,252 |
| 1,386,285 |
| 1,515,536 |
| (387,461 | ) | 1,128,075 |
| 898,492 |
|
Meadowood (New) |
| Newburgh, IN |
| 1984 |
| 65 |
| 131,546 |
| 1,159,064 |
| — |
| 234,091 |
| 131,546 |
| 1,393,155 |
| 1,524,701 |
| (361,711 | ) | 1,162,990 |
| 881,219 |
|
Meadowood (Nic) |
| Nicholasville, KY |
| 1983 |
| 67 |
| 173,223 |
| 1,526,283 |
| — |
| 355,942 |
| 173,223 |
| 1,882,225 |
| 2,055,448 |
| (504,567 | ) | 1,550,881 |
| 1,281,506 |
|
Meadowood (Tem) |
| Temperance, MI |
| 1984 |
| 57 |
| 173,675 |
| 1,530,262 |
| — |
| 209,115 |
| 173,675 |
| 1,739,377 |
| 1,913,052 |
| (422,248 | ) | 1,490,804 |
| 1,228,864 |
|
Meadowood II (OH) |
| Columbus, OH |
| 1985 |
| 23 |
| 57,802 |
| 509,199 |
| — |
| 151,145 |
| 57,802 |
| 660,344 |
| 718,146 |
| (183,131 | ) | 535,015 |
| 442,777 |
|
Meadows II (OH), The |
| Columbus, OH |
| 1987 |
| 60 |
| 186,636 |
| 1,644,521 |
| — |
| 278,054 |
| 186,636 |
| 1,922,574 |
| 2,109,211 |
| (499,994 | ) | 1,609,216 |
| 1,111,775 |
|
Meldon Place |
| Toledo, OH |
| 1978 |
| 127 |
| 288,434 |
| 2,541,701 |
| — |
| 686,938 |
| 288,434 |
| 3,228,639 |
| 3,517,073 |
| (987,757 | ) | 2,529,316 |
| 2,155,627 |
|
Merrifield |
| Salisbury, MD |
| 1988 |
| 95 |
| 268,712 |
| 2,367,645 |
| — |
| 392,843 |
| 268,712 |
| 2,760,487 |
| 3,029,199 |
| (685,525 | ) | 2,343,674 |
| 1,799,885 |
|
Miguel Place |
| Port Richey, FL |
| 1987 |
| 91 |
| 199,349 |
| 1,756,482 |
| — |
| 532,901 |
| 199,349 |
| 2,289,383 |
| 2,488,732 |
| (647,451 | ) | 1,841,281 |
| 1,403,066 |
|
Millburn Court II |
| Centerville, OH |
| 1981 |
| 51 |
| 122,870 |
| 1,082,698 |
| — |
| 342,970 |
| 122,870 |
| 1,425,667 |
| 1,548,538 |
| (434,175 | ) | 1,114,363 |
| 831,128 |
|
Montgomery Court I (MI) |
| Haslett, MI |
| 1984 |
| 59 |
| 156,298 |
| 1,377,153 |
| — |
| 387,594 |
| 156,298 |
| 1,764,747 |
| 1,921,045 |
| (484,777 | ) | 1,436,268 |
| 1,089,764 |
|
Montgomery Court I (OH) |
| Dublin, OH |
| 1985 |
| 60 |
| 163,755 |
| 1,442,643 |
| — |
| 442,930 |
| 163,755 |
| 1,885,573 |
| 2,049,328 |
| (531,192 | ) | 1,518,136 |
| 1,171,389 |
|
Mosswood II |
| Winter Springs, FL |
| 1982 |
| 89 |
| 275,330 |
| 2,426,158 |
| — |
| 563,310 |
| 275,330 |
| 2,989,467 |
| 3,264,797 |
| (767,285 | ) | 2,497,512 |
| 1,403,831 |
|
Northrup Court I |
| Coraopolis, PA |
| 1985 |
| 60 |
| 189,246 |
| 1,667,463 |
| — |
| 303,451 |
| 189,246 |
| 1,970,914 |
| 2,160,160 |
| (490,686 | ) | 1,669,473 |
| 1,255,120 |
|
Novawood I |
| Daytona Beach, FL |
| 1980 |
| 58 |
| 122,311 |
| 1,077,897 |
| — |
| 458,952 |
| 122,311 |
| 1,536,849 |
| 1,659,161 |
| (421,759 | ) | 1,237,402 |
| 149,213 |
|
Oak Ridge |
| Clermont, FL |
| 1985 |
| 63 |
| 173,617 |
| 1,529,936 |
| — |
| 378,984 |
| 173,617 |
| 1,908,920 |
| 2,082,537 |
| (550,646 | ) | 1,531,891 |
| 1,112,062 |
|
Oakley Woods |
| Union City, GA |
| 1984 |
| 60 |
| 165,449 |
| 1,457,485 |
| — |
| 366,002 |
| 165,449 |
| 1,823,487 |
| 1,988,936 |
| (508,815 | ) | 1,480,121 |
| 1,016,107 |
|
Old Archer Court |
| Gainesville, FL |
| 1977 |
| 72 |
| 170,323 |
| 1,500,735 |
| — |
| 405,646 |
| 170,323 |
| 1,906,381 |
| 2,076,705 |
| (564,619 | ) | 1,512,086 |
| 877,148 |
|
Olivewood II |
| Indianapolis, IN |
| 1986 |
| 67 |
| 186,235 |
| 1,640,571 |
| — |
| 284,498 |
| 186,235 |
| 1,925,068 |
| 2,111,303 |
| (519,918 | ) | 1,591,385 |
| 1,179,680 |
|
Parkville (IN) |
| Gas City, IN |
| 1982 |
| 49 |
| 103,434 |
| 911,494 |
| — |
| 205,083 |
| 103,434 |
| 1,116,577 |
| 1,220,011 |
| (321,980 | ) | 898,031 |
| 681,757 |
|
Parkway North (REIT) |
| Ft. Meyers, FL |
| 1984 |
| 56 |
| 145,350 |
| 1,308,115 |
| — |
| 310,705 |
| 145,350 |
| 1,618,820 |
| 1,764,170 |
| (346,649 | ) | 1,417,521 |
| 1,027,644 |
|
Pine Knoll |
| Jonesboro, GA |
| 1985 |
| 46 |
| 138,052 |
| 1,216,391 |
| — |
| 210,519 |
| 138,052 |
| 1,426,910 |
| 1,564,962 |
| (355,808 | ) | 1,209,155 |
| 1,096,194 |
|
Pine Terrace I |
| Callaway, FL |
| 1983 |
| 148 |
| 288,992 |
| 2,546,426 |
| — |
| 884,470 |
| 288,992 |
| 3,430,896 |
| 3,719,888 |
| (1,039,983 | ) | 2,679,905 |
| 1,946,135 |
|
Pinegrove I (REIT) |
| Roseville, MI |
| 1983 |
| 50 |
| 145,660 |
| 1,311,019 |
| — |
| 83,094 |
| 145,660 |
| 1,394,113 |
| 1,539,773 |
| (128,732 | ) | 1,411,041 |
| 1,028,339 |
|
Princeton Court |
| Evansville, IN |
| 1985 |
| 62 |
| 116,696 |
| 1,028,219 |
| — |
| 288,467 |
| 116,696 |
| 1,316,686 |
| 1,433,382 |
| (373,366 | ) | 1,060,016 |
| 813,773 |
|
Quail Call |
| Albany, GA |
| 1984 |
| 55 |
| 104,723 |
| 922,728 |
| — |
| 288,572 |
| 104,723 |
| 1,211,299 |
| 1,316,023 |
| (343,932 | ) | 972,091 |
| 643,387 |
|
Ridgewood (MI) |
| Westland, MI |
| 1983 |
| 56 |
| 176,969 |
| 1,559,588 |
| — |
| 331,610 |
| 176,969 |
| 1,891,199 |
| 2,068,168 |
| (507,644 | ) | 1,560,524 |
| 1,100,475 |
|
Ridgewood I (Bed) |
| Bedford, IN |
| 1984 |
| 48 |
| 107,120 |
| 943,843 |
| — |
| 213,006 |
| 107,120 |
| 1,156,850 |
| 1,263,970 |
| (320,480 | ) | 943,489 |
| 777,708 |
|
Ridgewood II (Bed) |
| Bedford, IN |
| 1986 |
| 50 |
| 99,559 |
| 877,221 |
| — |
| 153,286 |
| 99,559 |
| 1,030,507 |
| 1,130,065 |
| (273,611 | ) | 856,454 |
| 805,146 |
|
Ridgewood II (GA) |
| Decatur, GA |
| 1986 |
| 52 |
| 164,999 |
| 1,453,626 |
| — |
| 212,397 |
| 164,999 |
| 1,666,023 |
| 1,831,022 |
| (406,236 | ) | 1,424,786 |
| 884,612 |
|
River Glen II |
| Reynoldsburg, OH |
| 1987 |
| 53 |
| 158,684 |
| 1,398,175 |
| — |
| 253,212 |
| 158,684 |
| 1,651,387 |
| 1,810,070 |
| (417,523 | ) | 1,392,547 |
| 1,096,621 |
|
Rivers End I |
| Jacksonville, FL |
| 1986 |
| 66 |
| 171,745 |
| 1,507,065 |
| — |
| 528,187 |
| 171,745 |
| 2,035,252 |
| 2,206,996 |
| (546,958 | ) | 1,660,038 |
| 1,263,297 |
|
Roanoke |
| Rochester Hills, MI |
| 1985 |
| 88 |
| 369,911 |
| 3,259,270 |
| — |
| 479,686 |
| 369,911 |
| 3,738,956 |
| 4,108,868 |
| (876,781 | ) | 3,232,086 |
| 40,500 |
|
Rosewood Commons I |
| Indianapolis, IN |
| 1986 |
| 96 |
| 228,644 |
| 2,014,652 |
| — |
| 345,749 |
| 228,644 |
| 2,360,401 |
| 2,589,046 |
| (650,171 | ) | 1,938,875 |
| 1,674,580 |
|
Sandalwood |
| Toledo, OH |
| 1984 |
| 50 |
| 151,926 |
| 1,338,636 |
| — |
| 256,478 |
| 151,926 |
| 1,595,114 |
| 1,747,040 |
| (386,161 | ) | 1,360,879 |
| 1,007,225 |
|
Sanford Court |
| Sanford, FL |
| 1976 |
| 106 |
| 238,814 |
| 2,104,212 |
| — |
| 636,762 |
| 238,814 |
| 2,740,975 |
| 2,979,789 |
| (752,966 | ) | 2,226,823 |
| 1,581,401 |
|
Shadow Bay II |
| Jacksonville, FL |
| 1985 |
| 59 |
| 139,709 |
| 1,231,134 |
| — |
| 179,318 |
| 139,709 |
| 1,410,452 |
| 1,550,161 |
| (389,565 | ) | 1,160,596 |
| 905,457 |
|
Shadowood I |
| Sarasota, FL |
| 1982 |
| 69 |
| 157,661 |
| 1,389,061 |
| — |
| 408,400 |
| 157,661 |
| 1,797,461 |
| 1,955,122 |
| (495,238 | ) | 1,459,884 |
| 600,000 |
|
Shadowood II |
| Sarasota, FL |
| 1983 |
| 70 |
| 152,031 |
| 1,339,469 |
| — |
| 270,844 |
| 152,031 |
| 1,610,313 |
| 1,762,344 |
| (428,516 | ) | 1,333,828 |
| 1,095,977 |
|
Sherbrook (IN) |
| Indianapolis, IN |
| 1986 |
| 76 |
| 171,920 |
| 1,514,707 |
| — |
| 230,658 |
| 171,920 |
| 1,745,365 |
| 1,917,285 |
| (481,444 | ) | 1,435,841 |
| 1,502,811 |
|
Silver Forest |
| Ocala, FL |
| 1985 |
| 51 |
| 126,536 |
| 1,114,917 |
| — |
| 229,368 |
| 126,536 |
| 1,344,285 |
| 1,470,821 |
| (330,061 | ) | 1,140,760 |
| 783,381 |
|
Slate Run (Ind) |
| Indianapolis, IN |
| 1984 |
| 90 |
| 295,593 |
| 2,604,497 |
| — |
| 500,091 |
| 295,593 |
| 3,104,588 |
| 3,400,181 |
| (827,813 | ) | 2,572,368 |
| 1,855,125 |
|
Slate Run (Leb) |
| Lebanon, IN |
| 1984 |
| 61 |
| 154,061 |
| 1,357,445 |
| — |
| 380,751 |
| 154,061 |
| 1,738,196 |
| 1,892,257 |
| (457,767 | ) | 1,434,490 |
| 1,125,353 |
|
Slate Run (Mia) |
| Miamisburg, OH |
| 1985 |
| 48 |
| 136,065 |
| 1,198,879 |
| — |
| 243,246 |
| 136,065 |
| 1,442,125 |
| 1,578,190 |
| (367,987 | ) | 1,210,202 |
| 757,220 |
|
Slate Run II (Lou) |
| Louisville, KY |
| 1985 |
| 63 |
| 167,723 |
| 1,477,722 |
| — |
| 210,005 |
| 167,723 |
| 1,687,727 |
| 1,855,450 |
| (420,849 | ) | 1,434,602 |
| 1,066,533 |
|
Spicewood |
| Indianapolis, IN |
| 1986 |
| 50 |
| 128,355 |
| 1,131,044 |
| — |
| 143,021 |
| 128,355 |
| 1,274,064 |
| 1,402,419 |
| (331,824 | ) | 1,070,595 |
| 984,566 |
|
Springbrook |
| Anderson, SC |
| 1986 |
| 92 |
| 150,209 |
| 1,488,611 |
| — |
| 345,157 |
| 150,209 |
| 1,833,768 |
| 1,983,977 |
| (494,856 | ) | 1,489,121 |
| 1,575,700 |
|
Springwood (Col) |
| Columbus, OH |
| 1983 |
| 64 |
| 189,948 |
| 1,672,889 |
| — |
| 350,295 |
| 189,948 |
| 2,023,184 |
| 2,213,131 |
| (536,102 | ) | 1,677,030 |
| 972,623 |
|
Stewart Way I |
| Hinesville, GA |
| 1986 |
| 132 |
| 290,773 |
| 2,562,373 |
| — |
| 640,353 |
| 290,773 |
| 3,202,726 |
| 3,493,499 |
| (823,268 | ) | 2,670,231 |
| 1,974,533 |
|
Stonehenge (Ind) |
| Indianapolis, IN |
| 1984 |
| 60 |
| 146,810 |
| 1,293,559 |
| — |
| 327,377 |
| 146,810 |
| 1,620,936 |
| 1,767,747 |
| (482,260 | ) | 1,285,487 |
| 1,096,475 |
|
Stonehenge (KY) |
| Glasgow, KY |
| 1983 |
| 54 |
| 111,632 |
| 983,596 |
| — |
| 203,547 |
| 111,632 |
| 1,187,143 |
| 1,298,774 |
| (317,463 | ) | 981,312 |
| 724,480 |
|
Stonehenge I (Ric) |
| Richmond, IN |
| 1984 |
| 59 |
| 156,343 | �� | 1,377,552 |
| — |
| 257,803 |
| 156,343 |
| 1,635,355 |
| 1,791,698 |
| (472,554 | ) | 1,319,145 |
| 1,026,758 |
|
Sugartree I |
| New Smyrna Beach, FL |
| 1984 |
| 61 |
| 155,018 |
| 1,453,696 |
| — |
| 420,796 |
| 155,018 |
| 1,874,493 |
| 2,029,511 |
| (483,749 | ) | 1,545,761 |
| 866,927 |
|
Summit Center (FL) |
| W. Palm Beach, FL |
| 1987 |
| 87 |
| 670,000 |
| 1,733,312 |
| — |
| 419,267 |
| 670,000 |
| 2,152,579 |
| 2,822,579 |
| (565,874 | ) | 2,256,705 |
| 2,080,731 |
|
Sunnyside |
| Tifton, GA |
| 1984 |
| 72 |
| 166,887 |
| 1,470,612 |
| — |
| 263,335 |
| 166,887 |
| 1,733,947 |
| 1,900,834 |
| (475,049 | ) | 1,425,786 |
| 1,196,457 |
|
Sutton Place (FL) |
| Lakeland, FL |
| 1984 |
| 55 |
| 120,887 |
| 1,065,150 |
| — |
| 379,718 |
| 120,887 |
| 1,444,868 |
| 1,565,755 |
| (406,654 | ) | 1,159,101 |
| 757,616 |
|
Terrace Trace |
| Tampa, FL |
| 1985 |
| 87 |
| 193,916 |
| 1,708,615 |
| — |
| 355,171 |
| 193,916 |
| 2,063,786 |
| 2,257,702 |
| (557,039 | ) | 1,700,663 |
| 1,470,505 |
|
Timbercreek |
| Toledo, OH |
| 1987 |
| 77 |
| 203,420 |
| 1,792,350 |
| — |
| 363,620 |
| 203,420 |
| 2,155,970 |
| 2,359,390 |
| (554,829 | ) | 1,804,561 |
| 1,385,279 |
|
S-16
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - - Real Estate and Accumulated Depreciation
December 31, 2005
Description |
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
|
|
| ||||||||||||
Apartment Name |
| Location |
| Date of |
| Units (I) |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Investment in Real |
| Encumbrances |
|
Turkscap III |
| Brandon, FL |
| 1982 |
| 50 |
| 135,850 |
| 1,196,987 |
| — |
| 356,128 |
| 135,850 |
| 1,553,116 |
| 1,688,966 |
| (419,583 | ) | 1,269,383 |
| 703,114 |
|
Valleybrook |
| Newnan, GA |
| 1986 |
| 71 |
| 254,490 |
| 2,242,463 |
| — |
| 339,093 |
| 254,490 |
| 2,581,556 |
| 2,836,046 |
| (617,101 | ) | 2,218,946 |
| 1,341,972 |
|
Valleyfield (KY) |
| Lexington, KY |
| 1985 |
| 83 |
| 252,329 |
| 2,223,757 |
| — |
| 436,862 |
| 252,329 |
| 2,660,620 |
| 2,912,948 |
| (689,211 | ) | 2,223,738 |
| 1,678,901 |
|
Valleyfield I |
| Decatur, GA |
| 1984 |
| 66 |
| 252,413 |
| 2,224,134 |
| — |
| 292,993 |
| 252,413 |
| 2,517,127 |
| 2,769,540 |
| (646,701 | ) | 2,122,839 |
| 1,440,359 |
|
Waterbury (IN) |
| Greenwood, IN |
| 1984 |
| 44 |
| 105,245 |
| 927,324 |
| — |
| 133,668 |
| 105,245 |
| 1,060,992 |
| 1,166,238 |
| (282,295 | ) | 883,942 |
| 753,827 |
|
West Of Eastland |
| Columbus, OH |
| 1977 |
| 124 |
| 234,544 |
| 2,066,675 |
| — |
| 464,656 |
| 234,544 |
| 2,531,331 |
| 2,765,875 |
| (723,147 | ) | 2,042,728 |
| 1,830,760 |
|
Wilcrest Woods |
| Savannah, GA |
| 1986 |
| 68 |
| 187,306 |
| 1,650,373 |
| — |
| 302,280 |
| 187,306 |
| 1,952,654 |
| 2,139,960 |
| (482,115 | ) | 1,657,845 |
| 1,211,343 |
|
Willow Lakes |
| Spartanburg, SC |
| 1986 |
| 95 |
| 200,990 |
| 1,770,937 |
| — |
| 286,982 |
| 200,990 |
| 2,057,919 |
| 2,258,909 |
| (540,946 | ) | 1,717,963 |
| 1,922,871 |
|
Willow Run (GA) |
| Stone Mountain, GA |
| 1983 |
| 73 |
| 197,965 |
| 1,744,287 |
| — |
| 391,185 |
| 197,965 |
| 2,135,472 |
| 2,333,437 |
| (575,147 | ) | 1,758,290 |
| 1,580,456 |
|
Willow Run (IN) |
| New Albany, IN |
| 1984 |
| 64 |
| 183,873 |
| 1,620,119 |
| — |
| 304,456 |
| 183,873 |
| 1,924,575 |
| 2,108,448 |
| (476,270 | ) | 1,632,178 |
| 1,034,179 |
|
Willow Run (KY) |
| Madisonville, KY |
| 1984 |
| 72 |
| 141,016 |
| 1,242,352 |
| — |
| 411,577 |
| 141,016 |
| 1,653,929 |
| 1,794,945 |
| (411,836 | ) | 1,383,108 |
| 1,029,481 |
|
Willowood I (Gro) |
| Grove City, OH |
| 1984 |
| 46 |
| 126,045 |
| 1,110,558 |
| — |
| 291,391 |
| 126,045 |
| 1,401,949 |
| 1,527,994 |
| (369,115 | ) | 1,158,879 |
| 866,074 |
|
Willowood I (IN) |
| Columbus, IN |
| 1983 |
| 51 |
| 163,896 |
| 1,444,104 |
| — |
| 169,509 |
| 163,896 |
| 1,613,613 |
| 1,777,509 |
| (407,144 | ) | 1,370,365 |
| 1,053,928 |
|
Willowood I (KY) |
| Frankfort, KY |
| 1984 |
| 57 |
| 138,822 |
| 1,223,176 |
| — |
| 270,185 |
| 138,822 |
| 1,493,362 |
| 1,632,184 |
| (390,824 | ) | 1,241,360 |
| 926,330 |
|
Willowood II (Gro) |
| Grove City, OH |
| 1985 |
| 26 |
| 70,924 |
| 624,814 |
| — |
| 139,632 |
| 70,924 |
| 764,446 |
| 835,369 |
| (205,796 | ) | 629,574 |
| 504,836 |
|
Willowood II (IN) |
| Columbus, IN |
| 1986 |
| 58 |
| 161,306 |
| 1,421,284 |
| — |
| 156,926 |
| 161,306 |
| 1,578,210 |
| 1,739,516 |
| (405,813 | ) | 1,333,703 |
| 1,061,829 |
|
Willowood II (Woo) |
| Wooster, OH |
| 1986 |
| 53 |
| 103,199 |
| 909,398 |
| — |
| 245,549 |
| 103,199 |
| 1,154,947 |
| 1,258,147 |
| (322,711 | ) | 935,435 |
| 794,244 |
|
Willows III (OH), The |
| Columbus, OH |
| 1987 |
| 43 |
| 129,221 |
| 1,137,783 |
| — |
| 190,395 |
| 129,221 |
| 1,328,179 |
| 1,457,400 |
| (337,180 | ) | 1,120,220 |
| 839,800 |
|
Windwood II (FL) |
| Palm Bay, FL |
| 1987 |
| 64 |
| 118,915 |
| 1,047,598 |
| — |
| 355,583 |
| 118,915 |
| 1,403,181 |
| 1,522,097 |
| (435,563 | ) | 1,086,534 |
| 190,000 |
|
Wingwood (Orl) |
| Orlando, FL |
| 1980 |
| 86 |
| 236,884 |
| 2,086,402 |
| — |
| 1,110,628 |
| 236,884 |
| 3,197,030 |
| 3,433,914 |
| (974,134 | ) | 2,459,780 |
| 1,319,482 |
|
Winter Woods II (FL) (REIT) |
| Winter Garden, FL |
| 1986 |
| 44 |
| 95,404 |
| 858,637 |
| — |
| 151,156 |
| 95,404 |
| 1,009,793 |
| 1,105,197 |
| (133,805 | ) | 971,392 |
| 768,515 |
|
Winthrop Court (KY) |
| Frankfort, KY |
| 1985 |
| 77 |
| 184,709 |
| 1,627,191 |
| — |
| 308,379 |
| 184,709 |
| 1,935,569 |
| 2,120,279 |
| (513,320 | ) | 1,606,958 |
| 1,336,823 |
|
Winthrop Court II (OH) |
| Columbus, OH |
| 1986 |
| 38 |
| 102,381 |
| 896,576 |
| — |
| 202,673 |
| 102,381 |
| 1,099,249 |
| 1,201,630 |
| (281,085 | ) | 920,545 |
| 722,000 |
|
Woodcliff II |
| Lilburn, GA |
| 1986 |
| 72 |
| 266,449 |
| 2,347,769 |
| — |
| 202,250 |
| 266,449 |
| 2,550,019 |
| 2,816,469 |
| (619,180 | ) | 2,197,289 |
| 1,537,808 |
|
Woodlands I (Col) |
| Columbus, OH |
| 1983 |
| 88 |
| 231,996 |
| 2,044,233 |
| — |
| 629,165 |
| 231,996 |
| 2,673,397 |
| 2,905,393 |
| (694,538 | ) | 2,210,855 |
| 1,618,672 |
|
Woodlands I (PA) |
| Zelienople, PA |
| 1983 |
| 50 |
| 163,192 |
| 1,437,897 |
| — |
| 272,842 |
| 163,192 |
| 1,710,739 |
| 1,873,931 |
| (432,649 | ) | 1,441,282 |
| 951,421 |
|
Woodlands II (Col) |
| Columbus, OH |
| 1984 |
| 70 |
| 192,633 |
| 1,697,310 |
| — |
| 456,394 |
| 192,633 |
| 2,153,704 |
| 2,346,338 |
| (554,292 | ) | 1,792,046 |
| 1,403,663 |
|
Woodlands II (Str) |
| Streetsboro, OH |
| 1985 |
| 60 |
| 183,996 |
| 1,621,205 |
| — |
| 300,104 |
| 183,996 |
| 1,921,309 |
| 2,105,305 |
| (490,170 | ) | 1,615,135 |
| 1,452,830 |
|
Lexford Wholly Owned Encumbered |
|
|
|
|
| 11,287 |
| 30,921,788 |
| 258,467,698 |
| — |
| 55,111,368 |
| 30,921,788 |
| 313,579,066 |
| 344,500,854 |
| (82,531,830 | ) | 261,969,024 |
| 192,063,643 |
|
S-17
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - - Real Estate and Accumulated Depreciation
December 31, 2005
Description |
| Initial Cost to |
| Cost Capitalized |
| Gross Amount Carried |
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Apartment Name |
| Location |
| Date of |
| Units (I) |
| Land |
| Building & |
| Land |
| Building & |
| Land |
| Building & |
| Total (B) |
| Accumulated |
| Investment in Real |
| Encumbrances |
| ||||||||||
EQR Partially Owned Unencumbered: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
1111 25th St |
| Washington, D.C. |
| (F) |
| 6 |
| 509,936 |
| 1,220,124 |
| — |
| — |
| 509,936 |
| 1,220,124 |
| 1,730,060 |
| — |
| 1,730,060 |
| — |
| ||||||||||
1210 Mass |
| Washington, D.C. |
| 2004 |
| 144 |
| 9,213,512 |
| 30,721,339 |
| — |
| 30,118 |
| 9,213,512 |
| 30,751,457 |
| 39,964,970 |
| (1,384,029 | ) | 38,580,940 |
| — |
| ||||||||||
Ball Park Lofts |
| Denver, CO |
| 2003 |
| 339 |
| 5,481,556 |
| 53,130,291 |
| — |
| 271,299 |
| 5,481,556 |
| 53,401,590 |
| 58,883,146 |
| (3,233,455 | ) | 55,649,691 |
| — |
| ||||||||||
Chinatown Gateway (Land) |
| Los Angeles, CA |
| (F) |
| — |
| 13,191,831 |
| 2,527,668 |
| — |
| — |
| 13,191,831 |
| 2,527,668 |
| 15,719,499 |
| — |
| 15,719,499 |
| — |
| ||||||||||
Hudson Crossing II |
| New York, NY |
| (F) |
| — |
| 12,938,900 |
| 192,347 |
| — |
| — |
| 12,938,900 |
| 192,347 |
| 13,131,247 |
| — |
| 13,131,247 |
| — |
| ||||||||||
Silver Spring |
| Silver Spring, MD |
| (F) |
| — |
| 18,539,817 |
| 551,108 |
| — |
| — |
| 18,539,817 |
| 551,108 |
| 19,090,925 |
| — |
| 19,090,925 |
| — |
| ||||||||||
Springbrook Estates |
| Riverside, CA |
| (F) |
| — |
| 53,091,537 |
| 24,910 |
| — |
| — |
| 53,091,537 |
| 24,910 |
| 53,116,448 |
| — |
| 53,116,448 |
| — |
| ||||||||||
EQR Partially Owned Unencumbered |
|
|
|
|
| 489 |
| 112,967,090 |
| 88,367,787 |
| — |
| 301,417 |
| 112,967,090 |
| 88,669,204 |
| 201,636,294 |
| (4,617,484 | ) | 197,018,810 |
| — |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
EQR Partially Owned Encumbered: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
2400 M St |
| Washington, D.C. |
| (F) |
| — |
| 30,006,593 |
| 74,329,797 |
| — |
| — |
| 30,006,593 |
| 74,329,797 |
| 104,336,390 |
| — |
| 104,336,390 |
| 67,139,464 |
| ||||||||||
2nd & 85th St |
| New York, NY |
| (F) |
| — |
| 15,601,092 |
| 1,995,773 |
| — |
| — |
| 15,601,092 |
| 1,995,773 |
| 17,596,865 |
| — |
| 17,596,865 |
| 10,946,064 |
| ||||||||||
Alta Pacific |
| Irvine, CA |
| (F) |
| — |
| 10,752,145 |
| 263,324 |
| — |
| — |
| 10,752,145 |
| 263,324 |
| 11,015,469 |
| — |
| 11,015,469 |
| 6,825,000 |
| ||||||||||
Bella Terra I |
| Mukilteo, WA |
| 2002 |
| 235 |
| 5,686,861 |
| 26,058,326 |
| — |
| 235,768 |
| 5,686,861 |
| 26,294,094 |
| 31,980,955 |
| (1,976,571 | ) | 30,004,384 |
| 23,350,000 |
| ||||||||||
Brookside Crossing I |
| Stockton, CA |
| 1981 |
| 90 |
| 625,000 |
| 4,663,298 |
| — |
| 1,153,304 |
| 625,000 |
| 5,816,602 |
| 6,441,602 |
| (1,179,471 | ) | 5,262,131 |
| 4,658,000 |
| ||||||||||
Brookside Crossing II |
| Stockton, CA |
| 1981 |
| 128 |
| 770,000 |
| 5,968,397 |
| — |
| 1,258,903 |
| 770,000 |
| 7,227,300 |
| 7,997,300 |
| (1,295,426 | ) | 6,701,874 |
| 4,867,000 |
| ||||||||||
Canyon Creek (CA) |
| San Ramon, CA |
| 1984 |
| 268 |
| 5,425,000 |
| 18,806,182 |
| — |
| 986,946 |
| 5,425,000 |
| 19,793,128 |
| 25,218,128 |
| (3,506,181 | ) | 21,711,947 |
| 28,000,000 |
| ||||||||||
Cobblestone Village |
| Fresno, CA |
| 1983 |
| 162 |
| 315,000 |
| 7,583,079 |
| — |
| 1,118,185 |
| 315,000 |
| 8,701,264 |
| 9,016,264 |
| (1,408,409 | ) | 7,607,856 |
| 6,000,000 |
| ||||||||||
Country Oaks |
| Agoura Hills, CA |
| 1985 |
| 256 |
| 6,105,000 |
| 29,562,586 |
| — |
| 946,174 |
| 6,105,000 |
| 30,508,760 |
| 36,613,760 |
| (4,192,111 | ) | 32,421,649 |
| 29,412,000 |
| ||||||||||
Deerfield |
| Denver, CO |
| 1983 |
| 158 |
| 1,260,000 |
| 8,502,145 |
| — |
| 1,265,152 |
| 1,260,000 |
| 9,767,297 |
| 11,027,297 |
| (1,869,041 | ) | 9,158,256 |
| 9,100,000 |
| ||||||||||
Edgewater |
| Bakersfield, CA |
| 1984 |
| 258 |
| 580,000 |
| 17,709,984 |
| — |
| 1,565,867 |
| 580,000 |
| 19,275,851 |
| 19,855,851 |
| (2,801,407 | ) | 17,054,444 |
| 11,988,000 |
| ||||||||||
Fox Ridge |
| Englewood, CO |
| 1984 |
| 300 |
| 2,490,000 |
| 17,522,114 |
| — |
| 1,245,737 |
| 2,490,000 |
| 18,767,851 |
| 21,257,851 |
| (3,792,954 | ) | 17,464,897 |
| 20,300,000 |
| ||||||||||
Hidden Lake |
| Sacramento, CA |
| 1985 |
| 272 |
| 1,715,000 |
| 16,413,075 |
| — |
| 1,492,261 |
| 1,715,000 |
| 17,905,336 |
| 19,620,336 |
| (2,922,973 | ) | 16,697,363 |
| 15,165,000 |
| ||||||||||
Indian Ridge |
| Waltham, MA |
| 2005 |
| 264 |
| 6,043,073 |
| 38,796,812 |
| — |
| 62,581 |
| 6,043,073 |
| 38,859,393 |
| 44,902,466 |
| (296,368 | ) | 44,606,098 |
| 32,546,844 |
| ||||||||||
Lakeview |
| Lodi, CA |
| 1983 |
| 138 |
| 950,000 |
| 7,284,532 |
| — |
| 1,143,510 |
| 950,000 |
| 8,428,041 |
| 9,378,041 |
| (1,467,378 | ) | 7,910,664 |
| 7,286,000 |
| ||||||||||
Lakewood |
| Tulsa, OK |
| 1985 |
| 152 |
| 855,000 |
| 6,480,774 |
| — |
| 785,135 |
| 855,000 |
| 7,265,909 |
| 8,120,909 |
| (1,583,632 | ) | 6,537,277 |
| 5,600,000 |
| ||||||||||
Lantern Cove |
| Foster City, CA |
| 1985 |
| 232 |
| 6,945,000 |
| 23,332,127 |
| — |
| 1,088,150 |
| 6,945,000 |
| 24,420,277 |
| 31,365,277 |
| (4,070,167 | ) | 27,295,111 |
| 36,403,000 |
| ||||||||||
Legacy Park Central |
| Concord, CA |
| 2003 |
| 259 |
| 6,469,230 |
| 47,495,927 |
| — |
| 26,690 |
| 6,469,230 |
| 47,522,616 |
| 53,991,846 |
| (2,731,606 | ) | 51,260,241 |
| 37,650,000 |
| ||||||||||
Mesa Del Oso |
| Albuquerque, NM |
| 1983 |
| 221 |
| 4,305,000 |
| 12,160,419 |
| — |
| 695,341 |
| 4,305,000 |
| 12,855,760 |
| 17,160,760 |
| (2,546,867 | ) | 14,613,893 |
| 10,428,783 |
| ||||||||||
Schooner Bay I |
| Foster City, CA |
| 1985 |
| 168 |
| 5,345,000 |
| 20,509,960 |
| — |
| 1,414,537 |
| 5,345,000 |
| 21,924,498 |
| 27,269,498 |
| (3,263,985 | ) | 24,005,513 |
| 27,000,000 |
| ||||||||||
Schooner Bay II |
| Foster City, CA |
| 1985 |
| 144 |
| 4,550,000 |
| 18,142,085 |
| — |
| 1,307,602 |
| 4,550,000 |
| 19,449,687 |
| 23,999,687 |
| (2,854,715 | ) | 21,144,972 |
| 23,760,000 |
| ||||||||||
South Shore |
| Stockton, CA |
| 1979 |
| 129 |
| 840,000 |
| 9,381,507 |
| — |
| 1,223,624 |
| 840,000 |
| 10,605,131 |
| 11,445,131 |
| (1,629,912 | ) | 9,815,219 |
| 6,833,000 |
| ||||||||||
Tierra Antigua |
| Albuquerque, NM |
| 1985 |
| 148 |
| 1,825,000 |
| 7,841,358 |
| — |
| 442,588 |
| 1,825,000 |
| 8,283,946 |
| 10,108,946 |
| (1,651,659 | ) | 8,457,288 |
| 6,162,463 |
| ||||||||||
Union Station |
| Los Angeles, CA |
| (F) |
| — |
| 8,500,000 |
| 37,842,994 |
| — |
| — |
| 8,500,000 |
| 37,842,994 |
| 46,342,994 |
| — |
| 46,342,994 |
| 30,204,689 |
| ||||||||||
Vintage |
| Ontario, CA |
| (F) |
| — |
| 7,059,230 |
| 9,918,638 |
| — |
| — |
| 7,059,230 |
| 9,918,638 |
| 16,977,869 |
| — |
| 16,977,869 |
| 16,735,018 |
| ||||||||||
Waterfield Square I |
| Stockton, CA |
| 1984 |
| 170 |
| 950,000 |
| 9,300,171 |
| — |
| 1,678,858 |
| 950,000 |
| 10,979,028 |
| 11,929,028 |
| (1,819,447 | ) | 10,109,581 |
| 6,923,000 |
| ||||||||||
Waterfield Square II |
| Stockton, CA |
| 1984 |
| 158 |
| 845,000 |
| 8,648,904 |
| — |
| 1,249,880 |
| 845,000 |
| 9,898,784 |
| 10,743,784 |
| (1,558,153 | ) | 9,185,631 |
| 6,595,000 |
| ||||||||||
Westgate |
| Pasadena, CA |
| (F) |
| — |
| 46,768,848 |
| 6,400,250 |
| — |
| — |
| 46,768,848 |
| 6,400,250 |
| 53,169,098 |
| — |
| 53,169,098 |
| 25,067,184 |
| ||||||||||
Willow Brook (CA) |
| Pleasant Hill, CA |
| 1985 |
| 228 |
| 5,055,000 |
| 20,526,037 |
| — |
| 756,969 |
| 5,055,000 |
| 21,283,006 |
| 26,338,006 |
| (3,669,146 | ) | 22,668,860 |
| 29,000,000 |
| ||||||||||
Willow Creek |
| Fresno, CA |
| 1984 |
| 116 |
| 275,000 |
| 6,629,899 |
| — |
| 742,876 |
| 275,000 |
| 7,372,775 |
| 7,647,775 |
| (1,227,743 | ) | 6,420,032 |
| 5,112,000 |
| ||||||||||
EQR Partially Owned Encumbered |
|
|
|
|
| 4,654 |
| 188,912,073 |
| 520,070,475 |
| — |
| 23,886,635 |
| 188,912,073 |
| 543,957,110 |
| 732,869,183 |
| (55,315,318 | ) | 677,553,865 |
| 551,057,508 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
| ||||||||||
Lexford Partially Owned Unencumbered: |
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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|
|
| ||||||||||
Parkwood Village I (REIT) |
| Douglasville, GA |
| 1985 |
| 69 |
| 172,878 |
| 1,555,984 |
| — |
| 73,662 |
| 172,878 |
| 1,629,646 |
| 1,802,524 |
| (141,037 | ) | 1,661,487 |
| — |
| ||||||||||
Ramblewood I (Aug) (REIT) |
| Augusta, GA |
| 1985 |
| 84 |
| 172,475 |
| 1,552,271 |
| — |
| 76,581 |
| 172,475 |
| 1,628,852 |
| 1,801,327 |
| (107,910 | ) | 1,693,417 |
| — |
| ||||||||||
Lexford Partially Owned Unencumbered |
|
|
|
|
| 153 |
| 345,353 |
| 3,108,255 |
| — |
| 150,243 |
| 345,353 |
| 3,258,498 |
| 3,603,851 |
| (248,947 | ) | 3,354,904 |
| — |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
| ||||||||||
Lexford Partially Owned Encumbered: |
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|
|
|
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|
|
|
|
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|
|
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| ||||||||||
Amberwood I (GA) (REIT) |
| Cartersville, GA |
| 1985 |
| 56 |
| 140,598 |
| 1,265,995 |
| — |
| 85,359 |
| 140,598 |
| 1,351,353 |
| 1,491,951 |
| (110,801 | ) | 1,381,150 |
| 1,307,146 |
| ||||||||||
Bridgepoint I (REIT) |
| Jacksonville, FL |
| 1986 |
| 71 |
| 212,724 |
| 1,915,381 |
| — |
| 98,475 |
| 212,724 |
| 2,013,855 |
| 2,226,579 |
| (149,341 | ) | 2,077,238 |
| 1,788,194 |
| ||||||||||
Carleton Court (MI) (REIT) |
| Ann Arbor, MI |
| 1985 |
| 104 |
| 323,554 |
| 2,911,982 |
| — |
| 217,542 |
| 323,554 |
| 3,129,524 |
| 3,453,078 |
| (247,173 | ) | 3,205,904 |
| 2,801,242 |
| ||||||||||
Mulberry (REIT) |
| Hilliard, OH |
| 1984 |
| 60 |
| 174,826 |
| 1,573,722 |
| — |
| 36,969 |
| 174,826 |
| 1,610,691 |
| 1,785,517 |
| (64,934 | ) | 1,720,583 |
| 1,069,029 |
| ||||||||||
Palm Side (REIT) |
| Palm Bay, FL |
| 1986 |
| 87 |
| 116,334 |
| 1,047,004 |
| — |
| 72,817 |
| 116,334 |
| 1,119,821 |
| 1,236,155 |
| (134,466 | ) | 1,101,688 |
| 1,031,194 |
| ||||||||||
Parkwood Village II (REIT) |
| Douglasville, GA |
| 1987 |
| 66 |
| 207,576 |
| 1,868,265 |
| — |
| 67,802 |
| 207,576 |
| 1,936,067 |
| 2,143,642 |
| (154,199 | ) | 1,989,444 |
| 1,237,444 |
| ||||||||||
Redwood Hollow (REIT) |
| Smyrna, TN |
| 1986 |
| 72 |
| 129,586 |
| 1,166,522 |
| — |
| 164,617 |
| 129,586 |
| 1,331,139 |
| 1,460,725 |
| (143,491 | ) | 1,317,234 |
| 1,154,289 |
| ||||||||||
Springtree (REIT) |
| W. Palm Beach, FL |
| 1982 |
| 72 |
| 183,100 |
| 1,648,301 |
| — |
| 217,337 |
| 183,100 |
| 1,865,638 |
| 2,048,738 |
| (385,925 | ) | 1,662,813 |
| 1,091,516 |
| ||||||||||
Sugartree II (REIT) |
| New Smyrna Beach, FL |
| 1985 |
| 60 |
| 178,416 |
| 1,599,476 |
| — |
| 76,760 |
| 178,416 |
| 1,676,236 |
| 1,854,652 |
| (152,378 | ) | 1,702,274 |
| 1,422,781 |
| ||||||||||
Willowood East I (REIT) |
| Indianapolis, IN |
| 1984 |
| 60 |
| 114,364 |
| 1,029,496 |
| — |
| 12,024 |
| 114,364 |
| 1,041,520 |
| 1,155,884 |
| (33,783 | ) | 1,122,100 |
| 914,940 |
| ||||||||||
Lexford Partially Owned Encumbered |
|
|
|
|
| 708 |
| 1,781,078 |
| 16,026,142 |
| — |
| 1,049,701 |
| 1,781,078 |
| 17,075,843 |
| 18,856,920 |
| (1,576,491 | ) | 17,280,429 |
| 13,817,776 |
| ||||||||||
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|
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| ||||||||||
Portfolio/Entity Emcumbrances (See S-2) |
|
|
|
|
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 985,111,291 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Consolidated Investment in Real Estate |
|
|
|
|
| 181,505 |
| $ | 3,087,095,066 |
| $ | 12,437,275,789 |
| $ | — |
| $ | 1,065,999,454 |
| $ | 3,087,095,066 |
| $ | 13,503,275,244 |
| $ | 16,590,370,309 |
| $ | (2,888,140,405 | ) | $ | 13,702,229,904 |
| $ | 3,379,288,585 |
|
S-18
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - - Real Estate and Accumulated Depreciation
December 31, 2005
NOTES:
(A) The balance of furniture & fixtures included in the total investment in real estate amount was $753,616,116 as of December 31, 2005.
(B) The aggregate cost for Federal Income Tax purposes as of December 31, 2005 was approximately $9.4 billion.
(C) The life to compute depreciation for building is 30 years, for building improvements ranges from 5 to 10 years, for furniture & fixtures and replacements is 5 years, and for in-place leases is the average remaining term of each respective lease.
(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, construction-in-progress and/or miscellaneous pursuit costs 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) These three properties are pledged as additional collateral in connection with various tax-exempt bond financings.
(I) Total properties and units exclude the Unconsolidated Properties consisting of 57 properties and 15,899 units.
S-19
Exhibit |
| Document |
|
|
|
12 |
| Computation of Ratio of Earnings to Combined Fixed Charges. |
|
|
|
21 |
| List of Subsidiaries of ERP Operating |
|
|
|
23.1 |
| Consent of Ernst & Young LLP. |
|
|
|
24.1 |
| Power of Attorney for John W. Alexander dated |
24.2 |
| Power of Attorney for Stephen O. Evans dated |
24.3 |
| Power of Attorney for Charles L. Atwood dated |
24.4 |
| Power of Attorney for Desiree G. Rogers dated March |
24.5 |
| Power of Attorney for B. Joseph White dated |
24.6 |
| Power of Attorney for Sheli Z. Rosenberg dated |
24.7 |
| Power of Attorney for James D. Harper, Jr. dated |
24.8 |
| Power of Attorney for Boone A. Knox dated |
24.9 |
| Power of Attorney for Samuel Zell dated |
24.10 |
| Power of Attorney for Gerald A. Spector dated |
|
|
|
31.1 |
| Certification of |
31.2 |
| Certification of Donna Brandin, Chief Financial Officer of Registrant’s General Partner. |
32.1 |
| Certification Pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of |
32.2 |
| Certification Pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Donna Brandin, Chief Financial Officer of Registrant’s General Partner. |