Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Entity Registrant Name | 'EQUITY RESIDENTIAL | ' |
Entity Central Index Key | '0000906107 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 361,742,672 |
OPERATING PARTNERSHIP | ' | ' |
Entity Registrant Name | 'ERP OPERATING LIMITED PARTNERSHIP | ' |
Entity Central Index Key | '0000931182 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment in real estate | ' | ' |
Land | $6,296,735 | $6,192,512 |
Depreciable property | 19,730,737 | 19,226,047 |
Projects under development | 1,006,992 | 988,867 |
Land held for development | 306,625 | 393,522 |
Real Estate Investment Property, at Cost | 27,341,089 | 26,800,948 |
Real Estate Investment Property, Accumulated Depreciation | -5,170,438 | -4,807,709 |
Investment in real estate, net | 22,170,651 | 21,993,239 |
Cash and cash equivalents | 76,132 | 53,534 |
Investments in unconsolidated entities | 142,318 | 178,526 |
Deposits - restricted | 84,408 | 103,567 |
Escrow deposits - mortgage | 45,269 | 42,636 |
Deferred financing costs, net | 63,441 | 58,486 |
Other assets | 409,183 | 404,557 |
Total assets | 22,991,402 | 22,834,545 |
Liabilities: | ' | ' |
Mortgage notes payable | 5,158,091 | 5,174,166 |
Notes, net | 5,923,952 | 5,477,088 |
Lines of credit | 0 | 115,000 |
Accounts payable and accrued expenses | 168,225 | 118,791 |
Accrued interest payable | 78,389 | 78,309 |
Other liabilities | 331,662 | 347,748 |
Security deposits | 74,508 | 71,592 |
Distributions payable | 187,906 | 243,511 |
Total liabilities | 11,922,733 | 11,626,205 |
Commitments and contingencies | ' | ' |
Redeemable Noncontrolling Interests - Operating Partnership | 440,050 | 363,144 |
Shareholders' equity: | ' | ' |
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 1,000,000 shares issued and outstanding as of June 30, 2014 and December 31, 2013 | 50,000 | 50,000 |
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 361,562,007 shares issued and outstanding as of June 30, 2014 and 360,479,260 shares issued and outstanding as of December 31, 2013 | 3,616 | 3,605 |
Paid in capital | 8,527,380 | 8,561,500 |
Retained earnings | 1,875,732 | 2,047,258 |
Accumulated other comprehensive (loss) | -166,990 | -155,162 |
Total shareholders' equity | 10,289,738 | 10,507,201 |
Noncontrolling Interests: | ' | ' |
Operating Partnership | 213,038 | 211,412 |
Noncontrolling Interests - Partially Owned Properties | 125,843 | 126,583 |
Total Noncontrolling Interests | 338,881 | 337,995 |
Total equity | 10,628,619 | 10,845,196 |
Total liabilities and equity | $22,991,402 | $22,834,545 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Shareholders' equity: | ' | ' |
Preferred Shares of beneficial interest, par value | $0.01 | $0.01 |
Preferred Shares of beneficial interest, shares authorized | 100,000,000 | 100,000,000 |
Preferred Shares of beneficial interest, shares issued | 1,000,000 | 1,000,000 |
Preferred Shares of beneficial interest, shares outstanding | 1,000,000 | 1,000,000 |
Common Shares of beneficial interest, par value | $0.01 | $0.01 |
Common Shares of beneficial interest, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common Shares of beneficial interest, shares issued | 361,562,007 | 360,479,260 |
Common Shares of beneficial interest, shares outstanding | 361,562,007 | 360,479,260 |
CONSOLIDATED_BALANCE_SHEETS_OF
CONSOLIDATED BALANCE SHEETS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment in real estate | ' | ' |
Land | $6,296,735 | $6,192,512 |
Depreciable property | 19,730,737 | 19,226,047 |
Projects under development | 1,006,992 | 988,867 |
Land held for development | 306,625 | 393,522 |
Real Estate Investment Property, at Cost | 27,341,089 | 26,800,948 |
Real Estate Investment Property, Accumulated Depreciation | -5,170,438 | -4,807,709 |
Investment in real estate, net | 22,170,651 | 21,993,239 |
Cash and cash equivalents | 76,132 | 53,534 |
Investments in unconsolidated entities | 142,318 | 178,526 |
Deposits - restricted | 84,408 | 103,567 |
Escrow deposits - mortgage | 45,269 | 42,636 |
Deferred financing costs, net | 63,441 | 58,486 |
Other assets | 409,183 | 404,557 |
Total assets | 22,991,402 | 22,834,545 |
Liabilities: | ' | ' |
Mortgage notes payable | 5,158,091 | 5,174,166 |
Notes, net | 5,923,952 | 5,477,088 |
Lines of credit | 0 | 115,000 |
Accounts payable and accrued expenses | 168,225 | 118,791 |
Accrued interest payable | 78,389 | 78,309 |
Other liabilities | 331,662 | 347,748 |
Security deposits | 74,508 | 71,592 |
Distributions payable | 187,906 | 243,511 |
Total liabilities | 11,922,733 | 11,626,205 |
Commitments and contingencies | ' | ' |
Partnersb Capital: | ' | ' |
Accumulated other comprehensive (loss) | -166,990 | -155,162 |
Noncontrolling Interests - Partially Owned Properties | 125,843 | 126,583 |
Total liabilities and equity | 22,991,402 | 22,834,545 |
OPERATING PARTNERSHIP | ' | ' |
Investment in real estate | ' | ' |
Land | 6,296,735 | 6,192,512 |
Depreciable property | 19,730,737 | 19,226,047 |
Projects under development | 1,006,992 | 988,867 |
Land held for development | 306,625 | 393,522 |
Real Estate Investment Property, at Cost | 27,341,089 | 26,800,948 |
Real Estate Investment Property, Accumulated Depreciation | -5,170,438 | -4,807,709 |
Investment in real estate, net | 22,170,651 | 21,993,239 |
Cash and cash equivalents | 76,132 | 53,534 |
Investments in unconsolidated entities | 142,318 | 178,526 |
Deposits - restricted | 84,408 | 103,567 |
Escrow deposits - mortgage | 45,269 | 42,636 |
Deferred financing costs, net | 63,441 | 58,486 |
Other assets | 409,183 | 404,557 |
Total assets | 22,991,402 | 22,834,545 |
Liabilities: | ' | ' |
Mortgage notes payable | 5,158,091 | 5,174,166 |
Notes, net | 5,923,952 | 5,477,088 |
Lines of credit | 0 | 115,000 |
Accounts payable and accrued expenses | 168,225 | 118,791 |
Accrued interest payable | 78,389 | 78,309 |
Other liabilities | 331,662 | 347,748 |
Security deposits | 74,508 | 71,592 |
Distributions payable | 187,906 | 243,511 |
Total liabilities | 11,922,733 | 11,626,205 |
Commitments and contingencies | ' | ' |
Redeemable Limited Partners | 440,050 | 363,144 |
Partnersb Capital: | ' | ' |
Preferred Units, Preferred Partners' Capital Accounts | 50,000 | 50,000 |
General Partner | 10,406,728 | 10,612,363 |
Limited Partners | 213,038 | 211,412 |
Accumulated other comprehensive (loss) | -166,990 | -155,162 |
Total partnersb capital | 10,502,776 | 10,718,613 |
Noncontrolling Interests - Partially Owned Properties | 125,843 | 126,583 |
Total capital | 10,628,619 | 10,845,196 |
Total liabilities and equity | $22,991,402 | $22,834,545 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
REVENUES | ' | ' | ' | ' |
Rental income | $649,766 | $614,544 | $1,280,491 | $1,117,106 |
Fee and asset management | 2,802 | 2,673 | 5,519 | 4,833 |
Total revenues | 652,568 | 617,217 | 1,286,010 | 1,121,939 |
EXPENSES | ' | ' | ' | ' |
Property and maintenance | 115,388 | 113,501 | 240,961 | 212,030 |
Real estate taxes and insurance | 83,055 | 76,742 | 165,149 | 141,837 |
Property management | 20,555 | 22,031 | 42,673 | 44,520 |
Fee and asset management | 1,378 | 1,577 | 3,040 | 3,223 |
Depreciation | 190,136 | 323,304 | 375,303 | 519,526 |
General and administrative | 13,752 | 16,085 | 31,328 | 32,580 |
Total expenses | 424,264 | 553,240 | 858,454 | 953,716 |
Operating Income | 228,304 | 63,977 | 427,556 | 168,223 |
Interest and other income | 2,032 | 432 | 2,637 | 752 |
Other expenses | -1,533 | -1,631 | -2,190 | -23,350 |
Interest: | ' | ' | ' | ' |
Expense incurred, net | -115,924 | -122,950 | -228,973 | -317,417 |
Amortization of deferred financing costs | -3,134 | -4,353 | -5,926 | -11,301 |
Income (loss) before income and other taxes, (loss) from investments in unconsolidated entities, net gain on sales of land parcels, discontinued operations and net gain on sales of real estate properties | 109,745 | -64,525 | 193,104 | -183,093 |
Income and other tax (expense) benefit | -646 | -428 | -886 | -833 |
(Loss) from investments in unconsolidated entities | -7,616 | -8,174 | -9,025 | -54,540 |
Net gain on sales of land parcels | 824 | 14,616 | 794 | 14,616 |
Income (loss) from continuing operations | 102,307 | -58,511 | 183,987 | -223,850 |
Discontinued operations, net | 510 | 395,243 | 1,562 | 1,621,616 |
Income before net gain on sales of real estate properties | 102,817 | 336,732 | 185,549 | 1,397,766 |
Net gain on sales of real estate properties | 14,903 | 0 | 14,903 | 0 |
Net income | 117,720 | 336,732 | 200,452 | 1,397,766 |
Net (income) loss attributable to Noncontrolling Interests: | ' | ' | ' | ' |
Net (Income) loss Attributable to Noncontrolling Interest | -4,442 | -12,788 | -7,535 | -56,111 |
Net (income) loss attributable to Noncontrolling Interests b Partially Owned Properties | -588 | 815 | -1,092 | 790 |
Net income attributable to controlling interests | 112,690 | 324,759 | 191,825 | 1,342,445 |
Preferred distributions | -1,036 | -1,036 | -2,072 | -2,072 |
Net income available to Common Shares | $111,654 | $323,723 | $189,753 | $1,340,373 |
Earnings per share - basic: | ' | ' | ' | ' |
Income (loss) from continuing operations available to Common Shares | $0.31 | ($0.16) | $0.52 | ($0.62) |
Net income available to Common Shares | $0.31 | $0.90 | $0.53 | $3.84 |
Weighted average Common Shares outstanding | 360,809 | 359,653 | 360,641 | 348,654 |
Earnings per share - diluted: | ' | ' | ' | ' |
Income (loss) from continuing operations available to Common Shares | $0.31 | ($0.16) | $0.52 | ($0.62) |
Net income available to Common Shares | $0.31 | $0.90 | $0.52 | $3.84 |
Weighted average Common Shares outstanding | 377,118 | 359,653 | 376,780 | 348,654 |
Distributions declared per Common Share outstanding | $0.50 | $0.40 | $1 | $0.80 |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
REVENUES | ' | ' | ' | ' |
Rental income | $649,766,000 | $614,544,000 | $1,280,491,000 | $1,117,106,000 |
Fee and asset management | 2,802,000 | 2,673,000 | 5,519,000 | 4,833,000 |
Total revenues | 652,568,000 | 617,217,000 | 1,286,010,000 | 1,121,939,000 |
EXPENSES | ' | ' | ' | ' |
Property and maintenance | 115,388,000 | 113,501,000 | 240,961,000 | 212,030,000 |
Real estate taxes and insurance | 83,055,000 | 76,742,000 | 165,149,000 | 141,837,000 |
Property management | 20,555,000 | 22,031,000 | 42,673,000 | 44,520,000 |
Fee and asset management | 1,378,000 | 1,577,000 | 3,040,000 | 3,223,000 |
Depreciation | 190,136,000 | 323,304,000 | 375,303,000 | 519,526,000 |
General and administrative | 13,752,000 | 16,085,000 | 31,328,000 | 32,580,000 |
Total expenses | 424,264,000 | 553,240,000 | 858,454,000 | 953,716,000 |
Operating Income | 228,304,000 | 63,977,000 | 427,556,000 | 168,223,000 |
Interest and other income | 2,032,000 | 432,000 | 2,637,000 | 752,000 |
Other expenses | -1,533,000 | -1,631,000 | -2,190,000 | -23,350,000 |
Interest: | ' | ' | ' | ' |
Expense incurred, net | -115,924,000 | -122,950,000 | -228,973,000 | -317,417,000 |
Amortization of deferred financing costs | -3,134,000 | -4,353,000 | -5,926,000 | -11,301,000 |
Income (loss) before income and other taxes, (loss) from investments in unconsolidated entities, net gain on sales of land parcels, discontinued operations and net gain on sales of real estate properties | 109,745,000 | -64,525,000 | 193,104,000 | -183,093,000 |
Income and other tax (expense) benefit | -646,000 | -428,000 | -886,000 | -833,000 |
(Loss) from investments in unconsolidated entities | -7,616,000 | -8,174,000 | -9,025,000 | -54,540,000 |
Net gain on sales of land parcels | 824,000 | 14,616,000 | 794,000 | 14,616,000 |
Income (loss) from continuing operations | 102,307,000 | -58,511,000 | 183,987,000 | -223,850,000 |
Discontinued operations, net | 510,000 | 395,243,000 | 1,562,000 | 1,621,616,000 |
Income before net gain on sales of real estate properties | 102,817,000 | 336,732,000 | 185,549,000 | 1,397,766,000 |
Net gain on sales of real estate properties | 14,903,000 | 0 | 14,903,000 | 0 |
Net income | 117,720,000 | 336,732,000 | 200,452,000 | 1,397,766,000 |
Net (income) loss attributable to Noncontrolling Interests b Partially Owned Properties | -588,000 | 815,000 | -1,092,000 | 790,000 |
Net income attributable to controlling interests | 112,690,000 | 324,759,000 | 191,825,000 | 1,342,445,000 |
Earnings per Unit - basic: | ' | ' | ' | ' |
Income (loss) from continuing operations available to Units | $0.31 | ($0.16) | $0.52 | ($0.62) |
Net income available to Units | $0.31 | $0.90 | $0.53 | $3.84 |
Earnings per Unit - diluted: | ' | ' | ' | ' |
Income (loss) from continuing operations available to Units | $0.31 | ($0.16) | $0.52 | ($0.62) |
Net income available to Units | $0.31 | $0.90 | $0.52 | $3.84 |
OPERATING PARTNERSHIP | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' |
Rental income | 649,766,000 | 614,544,000 | 1,280,491,000 | 1,117,106,000 |
Fee and asset management | 2,802,000 | 2,673,000 | 5,519,000 | 4,833,000 |
Total revenues | 652,568,000 | 617,217,000 | 1,286,010,000 | 1,121,939,000 |
EXPENSES | ' | ' | ' | ' |
Property and maintenance | 115,388,000 | 113,501,000 | 240,961,000 | 212,030,000 |
Real estate taxes and insurance | 83,055,000 | 76,742,000 | 165,149,000 | 141,837,000 |
Property management | 20,555,000 | 22,031,000 | 42,673,000 | 44,520,000 |
Fee and asset management | 1,378,000 | 1,577,000 | 3,040,000 | 3,223,000 |
Depreciation | 190,136,000 | 323,304,000 | 375,303,000 | 519,526,000 |
General and administrative | 13,752,000 | 16,085,000 | 31,328,000 | 32,580,000 |
Total expenses | 424,264,000 | 553,240,000 | 858,454,000 | 953,716,000 |
Operating Income | 228,304,000 | 63,977,000 | 427,556,000 | 168,223,000 |
Interest and other income | 2,032,000 | 432,000 | 2,637,000 | 752,000 |
Other expenses | -1,533,000 | -1,631,000 | -2,190,000 | -23,350,000 |
Interest: | ' | ' | ' | ' |
Expense incurred, net | -115,924,000 | -122,950,000 | -228,973,000 | -317,417,000 |
Amortization of deferred financing costs | -3,134,000 | -4,353,000 | -5,926,000 | -11,301,000 |
Income (loss) before income and other taxes, (loss) from investments in unconsolidated entities, net gain on sales of land parcels, discontinued operations and net gain on sales of real estate properties | 109,745,000 | -64,525,000 | 193,104,000 | -183,093,000 |
Income and other tax (expense) benefit | -646,000 | -428,000 | -886,000 | -833,000 |
(Loss) from investments in unconsolidated entities | -7,616,000 | -8,174,000 | -9,025,000 | -54,540,000 |
Net gain on sales of land parcels | 824,000 | 14,616,000 | 794,000 | 14,616,000 |
Income (loss) from continuing operations | 102,307,000 | -58,511,000 | 183,987,000 | -223,850,000 |
Discontinued operations, net | 510,000 | 395,243,000 | 1,562,000 | 1,621,616,000 |
Income before net gain on sales of real estate properties | 102,817,000 | 336,732,000 | 185,549,000 | 1,397,766,000 |
Net gain on sales of real estate properties | 14,903,000 | 0 | 14,903,000 | 0 |
Net income | 117,720,000 | 336,732,000 | 200,452,000 | 1,397,766,000 |
Net (income) loss attributable to Noncontrolling Interests b Partially Owned Properties | -588,000 | 815,000 | -1,092,000 | 790,000 |
Net income attributable to controlling interests | 117,132,000 | 337,547,000 | 199,360,000 | 1,398,556,000 |
ALLOCATION OF NET INCOME: | ' | ' | ' | ' |
Preference Units | 1,036,000 | 1,036,000 | 2,072,000 | 2,072,000 |
General Partner | 111,654,000 | 323,723,000 | 189,753,000 | 1,340,373,000 |
Limited Partners | 4,442,000 | 12,788,000 | 7,535,000 | 56,111,000 |
Net income available to Units | $116,096,000 | $336,511,000 | $197,288,000 | $1,396,484,000 |
Earnings per Unit - basic: | ' | ' | ' | ' |
Income (loss) from continuing operations available to Units | $0.31 | ($0.16) | $0.52 | ($0.62) |
Net income available to Units | $0.31 | $0.90 | $0.53 | $3.84 |
Weighted average Units outstanding | 374,551 | 373,403 | 374,377 | 362,390 |
Earnings per Unit - diluted: | ' | ' | ' | ' |
Income (loss) from continuing operations available to Units | $0.31 | ($0.16) | $0.52 | ($0.62) |
Net income available to Units | $0.31 | $0.90 | $0.52 | $3.84 |
Weighted average Units outstanding | 377,118 | 373,403 | 376,780 | 362,390 |
Distributions declared per Unit outstanding | $0.50 | $0.40 | $1 | $0.80 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $117,720 | $336,732 | $200,452 | $1,397,766 |
Other comprehensive (loss) income b derivative instruments: | ' | ' | ' | ' |
Unrealized holding (losses) gains arising during the period | -9,929 | 9,523 | -21,881 | 12,337 |
Losses reclassified into earnings from other comprehensive income | 4,206 | 3,826 | 8,335 | 12,098 |
Other comprehensive income b other instruments: | ' | ' | ' | ' |
Unrealized holding gains arising during the period | 0 | 501 | 0 | 928 |
Other comprehensive income b foreign currency: | ' | ' | ' | ' |
Currency translation adjustments arising during the period | 1,627 | 1,814 | 1,718 | 941 |
Other comprehensive (loss) income | -4,096 | 15,664 | -11,828 | 26,304 |
Comprehensive income | 113,624 | 352,396 | 188,624 | 1,424,070 |
Comprehensive (income) attributable to Noncontrolling Interests | -4,873 | -12,568 | -8,175 | -56,342 |
Comprehensive income attributable to controlling interests | $108,751 | $339,828 | $180,449 | $1,367,728 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Comprehensive income: | ' | ' | ' | ' |
Net income | $117,720 | $336,732 | $200,452 | $1,397,766 |
Other comprehensive (loss) income b derivative instruments: | ' | ' | ' | ' |
Unrealized holding (losses) gains arising during the period | -9,929 | 9,523 | -21,881 | 12,337 |
Losses reclassified into earnings from other comprehensive income | 4,206 | 3,826 | 8,335 | 12,098 |
Other comprehensive income b other instruments: | ' | ' | ' | ' |
Unrealized holding gains arising during the period | 0 | 501 | 0 | 928 |
Other comprehensive income b foreign currency: | ' | ' | ' | ' |
Currency translation adjustments arising during the period | 1,627 | 1,814 | 1,718 | 941 |
Other comprehensive (loss) income | -4,096 | 15,664 | -11,828 | 26,304 |
Comprehensive income | 113,624 | 352,396 | 188,624 | 1,424,070 |
Comprehensive (income) loss attributable to Noncontrolling Interests b Partially Owned Properties | -4,873 | -12,568 | -8,175 | -56,342 |
Comprehensive income attributable to controlling interests | 108,751 | 339,828 | 180,449 | 1,367,728 |
OPERATING PARTNERSHIP | ' | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' |
Net income | 117,720 | 336,732 | 200,452 | 1,397,766 |
Other comprehensive (loss) income b derivative instruments: | ' | ' | ' | ' |
Unrealized holding (losses) gains arising during the period | -9,929 | 9,523 | -21,881 | 12,337 |
Losses reclassified into earnings from other comprehensive income | 4,206 | 3,826 | 8,335 | 12,098 |
Other comprehensive income b other instruments: | ' | ' | ' | ' |
Unrealized holding gains arising during the period | 0 | 501 | 0 | 928 |
Other comprehensive income b foreign currency: | ' | ' | ' | ' |
Currency translation adjustments arising during the period | 1,627 | 1,814 | 1,718 | 941 |
Other comprehensive (loss) income | -4,096 | 15,664 | -11,828 | 26,304 |
Comprehensive income | 113,624 | 352,396 | 188,624 | 1,424,070 |
Comprehensive (income) loss attributable to Noncontrolling Interests b Partially Owned Properties | -588 | 815 | -1,092 | 790 |
Comprehensive income attributable to controlling interests | $113,036 | $353,211 | $187,532 | $1,424,860 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $200,452 | $1,397,766 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 375,303 | 550,488 |
Amortization of deferred financing costs | 5,926 | 11,529 |
Amortization of Intangible Assets | 1,530 | 1,216 |
Amortization of discounts and premiums on debt | -5,876 | -23,031 |
Amortization of deferred settlements on derivative instruments | 8,068 | 11,830 |
Write-off of pursuit costs | 1,492 | 3,365 |
Income Loss from Investments in Unconsolidated Entities Adjustment | 9,025 | 54,540 |
Distributions from unconsolidated entities - return on capital | 2,390 | 588 |
Net (gain) on sales of land parcels | -794 | -14,616 |
Net (gain) on sales of discontinued operations | -224 | -1,588,874 |
Net (gain) on sales of real estate properties | -14,903 | 0 |
Unrealized (gain) loss on derivative instruments | -90 | 24 |
Compensation paid with Company Common Shares | 21,905 | 22,089 |
Changes in assets and liabilities: | ' | ' |
(Increase) in deposits b restricted | -1,820 | -12,220 |
Decrease in mortgage deposits | 187 | 789 |
(Increase) in other assets | -7,745 | -4,695 |
Increase in accounts payable and accrued expenses | 38,951 | 25,956 |
Increase (decrease) in accrued interest payable | 80 | -1,396 |
(Decrease) in other liabilities | -17,237 | -11,449 |
Increase (decrease) in security deposits | 2,916 | -6,080 |
Net cash provided by operating activities | 619,536 | 417,819 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -4,000,875 |
Investment in real estate b acquisitions | -265,466 | -108,308 |
Investment in real estate - development/other | -245,657 | -154,576 |
Improvements to real estate | -76,912 | -57,253 |
Additions to non-real estate property | -1,818 | -2,801 |
Interest capitalized for real estate and unconsolidated entities under development | -25,037 | -20,006 |
Proceeds from disposition of real estate, net | 48,359 | 3,764,000 |
Investments in unconsolidated entities | -9,554 | -53,687 |
Proceeds From Distributions Received From Unconsolidated Subsidiaries | 64,669 | 0 |
Decrease in deposits on real estate acquisitions and investments, net | 20,979 | 65,869 |
Decrease in mortgage deposits | 760 | 5,089 |
Acquisition of Noncontrolling Interests b Partially Owned Properties | -5,501 | 0 |
Net cash (used for) investing activities | -495,178 | -562,548 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Loan and bond acquisition costs | -10,881 | -18,006 |
Mortgage Deposits | -3,580 | -2,208 |
Mortgage notes payable: | ' | ' |
Proceeds from Issuance of Long-term Debt | 0 | 683 |
Lump sum payoffs | -3,064 | -697,897 |
Scheduled principal repayments | -6,000 | -6,336 |
Notes, net: | ' | ' |
Proceeds from Notes Payable | 1,194,277 | 1,245,550 |
Lump sum payoffs | -750,000 | -400,000 |
Line of Credit Facility: | ' | ' |
Proceeds | 3,374,000 | 8,413,000 |
Repayments | -3,489,000 | -8,413,000 |
(Payments on) settlement of derivative instruments | -733 | -44,013 |
Proceeds from Employee Stock Purchase Plan | 2,218 | 2,363 |
Proceeds from exercise of options | 25,685 | 13,885 |
Payments for Repurchase of Common Stock | -1,777 | 0 |
Payment of offering costs | 0 | -744 |
Other financing activities, net | -33 | -33 |
Contributions - Noncontrolling Interests - Partially Owned Properties | 5,684 | 6,769 |
Contributions - Noncontrolling Interests - Operating Partnership | 3 | 5 |
Distributions: | ' | ' |
Common Shares | -414,843 | -393,347 |
Preferred Shares | -2,072 | -1,036 |
Noncontrolling Interests b Operating Partnership | -16,405 | -16,528 |
Noncontrolling Interests b Partially Owned Properties | -5,239 | -4,404 |
Net cash (used for) financing activities | -101,760 | -315,297 |
Net increase (decrease) in cash and cash equivalents | 22,598 | -460,026 |
Cash and cash equivalents, beginning of period | 53,534 | 612,590 |
Cash and cash equivalents, end of period | 76,132 | 152,564 |
SUPPLEMENTAL INFORMATION: | ' | ' |
Cash paid for interest, net of amounts capitalized | 226,785 | 319,992 |
Net cash paid for income and other taxes | 843 | 1,028 |
AmortizationOfDeferredFinancingCosts [Abstract] | ' | ' |
Amortization Of Deferred Financing Costs Investment In Real Estate Net | 0 | -1 |
Amortization Of Deferred Financing Costs Deferred Financing Costs Net | 5,926 | 11,530 |
Amortization of discounts and premiums on debt: | ' | ' |
Mortgage notes payable | -7,011 | -24,083 |
Notes, net | 1,135 | 1,052 |
Amortization of deferred settlements on derivative instruments: | ' | ' |
Other liabilities | -267 | -268 |
Losses reclassified into earnings from other comprehensive income | 8,335 | 12,098 |
Loss From Investments In Unconsolidated Entities [Abstract] | ' | ' |
Income Loss From Equity Method Investments Merger | 7,354 | 49,507 |
Other Liabilities Loss From Investments in unconsolidated entities | 1,671 | 5,033 |
Distributions from unconsolidated entities return on capital [Abstract] | ' | ' |
Distributions from unconsolidated entities investments in unconsolidated entities | 2,285 | 588 |
Distributions from unconsolidated entities other liabilities | 105 | 0 |
Unrealized (gain) loss on derivative instruments: | ' | ' |
Other assets | 10,611 | -10,753 |
Notes, net | 1,452 | -1,523 |
Other liabilities | 9,728 | -37 |
Unrealized holding (losses) gains arising during the period | -21,881 | 12,337 |
Acquisition of Archstone, net of cash acquired [Abstract] | ' | ' |
Acquisition of Archstone Investment in Real Estate Net | 39,929 | -8,713,217 |
Acquisition of Archstone Investments in Unconsolidated Entities | -33,993 | -214,677 |
Acquisition of Archstone Deposits Restricted | 0 | -474 |
Acquisition of Archstone Escrow Deposits Mortgage | 0 | -35,898 |
Acquisition of Archstone Deferred Financing Costs | 0 | -25,780 |
Acquisition of Archstone Other Assets | -2,586 | -203,008 |
Acquisition of Archstone Mortgage Notes Payable | 0 | 3,076,876 |
Acquisition of Archstone Accounts Payable And Accrued Liabilities | -146 | 17,576 |
Acqusition of Archstone Interest Payable | 0 | 11,256 |
Acquisition of Archstone Other Liabilities | -3,204 | 117,391 |
Acquisition of Archstone Security Deposits | 0 | 10,949 |
Acquisition of Archstone Common Shares Issued | 0 | 1,929,868 |
Acquisition of Archstone Noncontrolling Interests Partially Owned Properties | 0 | 28,263 |
Interest capitalized for real estate and unconsolidated entities under development: | ' | ' |
Investment in real estate, net | -25,002 | -19,195 |
Investments in unconsolidated entities | -35 | -811 |
Investments in unconsolidated entities [Abstract] | ' | ' |
Investments in unconsolidated entities | -2,354 | -4,371 |
Investments in unconsolidated entities other liabilities | -7,200 | -49,316 |
Other: | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | ($1,718) | ($941) |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $200,452 | $1,397,766 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 375,303 | 550,488 |
Amortization of deferred financing costs | 5,926 | 11,529 |
Amortization of Intangible Assets | 1,530 | 1,216 |
Amortization of discounts and premiums on debt | -5,876 | -23,031 |
Amortization of deferred settlements on derivative instruments | 8,068 | 11,830 |
Write-off of pursuit costs | 1,492 | 3,365 |
Income Loss from Investments in Unconsolidated Entities Adjustment | 9,025 | 54,540 |
Distributions from unconsolidated entities - return on capital | 2,390 | 588 |
Net (gain) on sales of discontinued operations | -224 | -1,588,874 |
Net (gain) on sales of real estate properties | -14,903 | 0 |
Unrealized (gain) loss on derivative instruments | -90 | 24 |
Compensation paid with Company Common Shares | 21,905 | 22,089 |
Changes in assets and liabilities: | ' | ' |
(Increase) in deposits b restricted | -1,820 | -12,220 |
Decrease in mortgage deposits | 187 | 789 |
(Increase) in other assets | -7,745 | -4,695 |
Increase in accounts payable and accrued expenses | 38,951 | 25,956 |
Increase (decrease) in accrued interest payable | 80 | -1,396 |
(Decrease) in other liabilities | -17,237 | -11,449 |
Increase (decrease) in security deposits | 2,916 | -6,080 |
Net cash provided by operating activities | 619,536 | 417,819 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -4,000,875 |
Investment in real estate - acquisitions | -265,466 | -108,308 |
Investment in real estate - development/other | -245,657 | -154,576 |
Improvements to real estate | -76,912 | -57,253 |
Additions to non-real estate property | -1,818 | -2,801 |
Interest capitalized for real estate and unconsolidated entities under development | -25,037 | -20,006 |
Proceeds from disposition of real estate, net | 48,359 | 3,764,000 |
Investments in unconsolidated entities | -9,554 | -53,687 |
Proceeds From Distributions Received From Unconsolidated Subsidiaries | 64,669 | 0 |
Decrease in deposits on real estate acquisitions and investments, net | 20,979 | 65,869 |
Decrease in mortgage deposits | 760 | 5,089 |
Acquisition of Noncontrolling Interests b Partially Owned Properties | -5,501 | 0 |
Net cash (used for) investing activities | -495,178 | -562,548 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Loan and bond acquisition costs | -10,881 | -18,006 |
Mortgage Deposits | -3,580 | -2,208 |
Mortgage notes payable: | ' | ' |
Proceeds from Issuance of Long-term Debt | 0 | 683 |
Scheduled principal repayments | -6,000 | -6,336 |
Notes, net: | ' | ' |
Proceeds from Notes Payable | 1,194,277 | 1,245,550 |
Lump sum payoffs | -750,000 | -400,000 |
Line of Credit Facility: | ' | ' |
Proceeds | 3,374,000 | 8,413,000 |
Repayments | -3,489,000 | -8,413,000 |
(Payments on) settlement of derivative instruments | -733 | -44,013 |
Proceeds from exercise of options | 25,685 | 13,885 |
Payment of offering costs | 0 | -744 |
Other financing activities, net | -33 | -33 |
Contributions - Noncontrolling Interests - Partially Owned Properties | 5,684 | 6,769 |
Contributions - Noncontrolling Interests - Operating Partnership | 3 | 5 |
Distributions: | ' | ' |
Noncontrolling Interests b Partially Owned Properties | -5,239 | -4,404 |
Net cash (used for) financing activities | -101,760 | -315,297 |
Net increase (decrease) in cash and cash equivalents | 22,598 | -460,026 |
Cash and cash equivalents, beginning of period | 53,534 | 612,590 |
Cash and cash equivalents, end of period | 76,132 | 152,564 |
SUPPLEMENTAL INFORMATION: | ' | ' |
Cash paid for interest, net of amounts capitalized | 226,785 | 319,992 |
Net cash paid for income and other taxes | 843 | 1,028 |
AmortizationOfDeferredFinancingCosts [Abstract] | ' | ' |
Amortization Of Deferred Financing Costs Investment In Real Estate Net | 0 | 1 |
Amortization Of Deferred Financing Costs Deferred Financing Costs Net | 5,926 | 11,530 |
Amortization of discounts and premiums on debt: | ' | ' |
Mortgage notes payable | 7,011 | 24,083 |
Notes, net | 1,135 | 1,052 |
Amortization of deferred settlements on derivative instruments: | ' | ' |
Other liabilities | -267 | -268 |
Losses reclassified into earnings from other comprehensive income | 8,335 | 12,098 |
Loss From Investments In Unconsolidated Entities [Abstract] | ' | ' |
Income Loss From Equity Method Investments Merger | 7,354 | 49,507 |
Other Liabilities Loss From Investments in unconsolidated entities | 1,671 | 5,033 |
Distributions from unconsolidated entities return on capital [Abstract] | ' | ' |
Distributions from unconsolidated entities investments in unconsolidated entities | 2,285 | 588 |
Distributions from unconsolidated entities other liabilities | 105 | 0 |
Unrealized (gain) loss on derivative instruments: | ' | ' |
Other assets | 10,611 | -10,753 |
Notes, net | 1,452 | -1,523 |
Other liabilities | 9,728 | -37 |
Unrealized holding (losses) gains arising during the period | -21,881 | 12,337 |
Acquisition of Archstone, net of cash acquired [Abstract] | ' | ' |
Acquisition of Archstone Investment in Real Estate Net | 39,929 | -8,713,217 |
Acquisition of Archstone Investments in Unconsolidated Entities | -33,993 | -214,677 |
Acquisition of Archstone Deposits Restricted | 0 | -474 |
Acquisition of Archstone Escrow Deposits Mortgage | 0 | -35,898 |
Acquisition of Archstone Deferred Financing Costs | 0 | -25,780 |
Acquisition of Archstone Other Assets | -2,586 | -203,008 |
Acquisition of Archstone Mortgage Notes Payable | 0 | 3,076,876 |
Acquisition of Archstone Accounts Payable And Accrued Liabilities | -146 | 17,576 |
Acqusition of Archstone Interest Payable | 0 | 11,256 |
Acquisition of Archstone Other Liabilities | -3,204 | 117,391 |
Acquisition of Archstone Security Deposits | 0 | 10,949 |
Acquisition of Archstone Common Shares Issued | 0 | 1,929,868 |
Acquisition of Archstone Noncontrolling Interests Partially Owned Properties | 0 | 28,263 |
Interest capitalized for real estate and unconsolidated entities under development: | ' | ' |
Investment in real estate, net | -25,002 | -19,195 |
Investments in unconsolidated entities | -35 | -811 |
Investments in unconsolidated entities [Abstract] | ' | ' |
Investments in unconsolidated entities | 2,354 | 4,371 |
Investments in unconsolidated entities other liabilities | 7,200 | 49,316 |
Other: | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | -1,718 | -941 |
OPERATING PARTNERSHIP | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | 200,452 | 1,397,766 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 375,303 | 550,488 |
Amortization of deferred financing costs | 5,926 | 11,529 |
Amortization of Intangible Assets | 1,530 | 1,216 |
Amortization of discounts and premiums on debt | -5,876 | -23,031 |
Amortization of deferred settlements on derivative instruments | 8,068 | 11,830 |
Write-off of pursuit costs | 1,492 | 3,365 |
Income Loss from Investments in Unconsolidated Entities Adjustment | 9,025 | 54,540 |
Distributions from unconsolidated entities - return on capital | 2,390 | 588 |
Net (gain) on sales of land parcels | -794 | -14,616 |
Net (gain) on sales of discontinued operations | -224 | -1,588,874 |
Net (gain) on sales of real estate properties | -14,903 | 0 |
Unrealized (gain) loss on derivative instruments | -90 | 24 |
Compensation paid with Company Common Shares | 21,905 | 22,089 |
Changes in assets and liabilities: | ' | ' |
(Increase) in deposits b restricted | -1,820 | -12,220 |
Decrease in mortgage deposits | 187 | 789 |
(Increase) in other assets | -7,745 | -4,695 |
Increase in accounts payable and accrued expenses | 38,951 | 25,956 |
Increase (decrease) in accrued interest payable | 80 | -1,396 |
(Decrease) in other liabilities | -17,237 | -11,449 |
Increase (decrease) in security deposits | 2,916 | -6,080 |
Net cash provided by operating activities | 619,536 | 417,819 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -4,000,875 |
Investment in real estate - acquisitions | -265,466 | -108,308 |
Investment in real estate - development/other | -245,657 | -154,576 |
Improvements to real estate | -76,912 | -57,253 |
Additions to non-real estate property | -1,818 | -2,801 |
Interest capitalized for real estate and unconsolidated entities under development | -25,037 | -20,006 |
Proceeds from disposition of real estate, net | 48,359 | 3,764,000 |
Investments in unconsolidated entities | -9,554 | -53,687 |
Proceeds From Distributions Received From Unconsolidated Subsidiaries | 64,669 | 0 |
Decrease in deposits on real estate acquisitions and investments, net | 20,979 | 65,869 |
Decrease in mortgage deposits | 760 | 5,089 |
Acquisition of Noncontrolling Interests b Partially Owned Properties | -5,501 | 0 |
Net cash (used for) investing activities | -495,178 | -562,548 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Loan and bond acquisition costs | -10,881 | -18,006 |
Mortgage Deposits | -3,580 | -2,208 |
Mortgage notes payable: | ' | ' |
Proceeds from Issuance of Long-term Debt | 0 | 683 |
Lump sum payoffs | -3,064 | -697,897 |
Scheduled principal repayments | -6,000 | -6,336 |
Notes, net: | ' | ' |
Proceeds from Notes Payable | 1,194,277 | 1,245,550 |
Lump sum payoffs | -750,000 | -400,000 |
Line of Credit Facility: | ' | ' |
Proceeds | 3,374,000 | 8,413,000 |
Repayments | -3,489,000 | -8,413,000 |
(Payments on) settlement of derivative instruments | -733 | -44,013 |
Stock Issued During Period, Value, Employee Stock Purchase Plan | 2,218 | 2,363 |
Proceeds from exercise of options | 25,685 | 13,885 |
Payments For Repurchase Of Op Units | -1,777 | 0 |
Payment of offering costs | 0 | -744 |
Other financing activities, net | -33 | -33 |
Contributions - Noncontrolling Interests - Partially Owned Properties | 5,684 | 6,769 |
Contributions - Noncontrolling Interests - Operating Partnership | 3 | 5 |
Distributions: | ' | ' |
OP Units - General Partner | -414,843 | -393,347 |
Preference Units | -2,072 | -1,036 |
OP Units - Limited Partners | -16,405 | -16,528 |
Noncontrolling Interests b Partially Owned Properties | -5,239 | -4,404 |
Net cash (used for) financing activities | -101,760 | -315,297 |
Net increase (decrease) in cash and cash equivalents | 22,598 | -460,026 |
Cash and cash equivalents, beginning of period | 53,534 | 612,590 |
Cash and cash equivalents, end of period | 76,132 | 152,564 |
SUPPLEMENTAL INFORMATION: | ' | ' |
Cash paid for interest, net of amounts capitalized | 226,785 | 319,992 |
Net cash paid for income and other taxes | 843 | 1,028 |
AmortizationOfDeferredFinancingCosts [Abstract] | ' | ' |
Amortization Of Deferred Financing Costs Investment In Real Estate Net | 0 | -1 |
Amortization Of Deferred Financing Costs Deferred Financing Costs Net | 5,926 | 11,530 |
Amortization of discounts and premiums on debt: | ' | ' |
Mortgage notes payable | -7,011 | -24,083 |
Notes, net | 1,135 | 1,052 |
Amortization of deferred settlements on derivative instruments: | ' | ' |
Other liabilities | -267 | -268 |
Losses reclassified into earnings from other comprehensive income | 8,335 | 12,098 |
Loss From Investments In Unconsolidated Entities [Abstract] | ' | ' |
Income Loss From Equity Method Investments Merger | 7,354 | 49,507 |
Other Liabilities Loss From Investments in unconsolidated entities | 1,671 | 5,033 |
Distributions from unconsolidated entities return on capital [Abstract] | ' | ' |
Distributions from unconsolidated entities investments in unconsolidated entities | 2,285 | 588 |
Distributions from unconsolidated entities other liabilities | 105 | 0 |
Unrealized (gain) loss on derivative instruments: | ' | ' |
Other assets | 10,611 | -10,753 |
Notes, net | 1,452 | -1,523 |
Other liabilities | 9,728 | -37 |
Unrealized holding (losses) gains arising during the period | -21,881 | 12,337 |
Acquisition of Archstone, net of cash acquired [Abstract] | ' | ' |
Acquisition of Archstone Investment in Real Estate Net | 39,929 | -8,713,217 |
Acquisition of Archstone Investments in Unconsolidated Entities | -33,993 | -214,677 |
Acquisition of Archstone Deposits Restricted | 0 | -474 |
Acquisition of Archstone Escrow Deposits Mortgage | 0 | -35,898 |
Acquisition of Archstone Deferred Financing Costs | 0 | -25,780 |
Acquisition of Archstone Other Assets | -2,586 | -203,008 |
Acquisition of Archstone Mortgage Notes Payable | 0 | 3,076,876 |
Acquisition of Archstone Accounts Payable And Accrued Liabilities | -146 | 17,576 |
Acqusition of Archstone Interest Payable | 0 | 11,256 |
Acquisition of Archstone Other Liabilities | -3,204 | 117,391 |
Acquisition of Archstone Security Deposits | 0 | 10,949 |
Acquisition of Archstone Common Shares Issued | 0 | 1,929,868 |
Acquisition of Archstone Noncontrolling Interests Partially Owned Properties | 0 | 28,263 |
Interest capitalized for real estate and unconsolidated entities under development: | ' | ' |
Investment in real estate, net | -25,002 | -19,195 |
Investments in unconsolidated entities | -35 | -811 |
Investments in unconsolidated entities [Abstract] | ' | ' |
Investments in unconsolidated entities | -2,354 | -4,371 |
Investments in unconsolidated entities other liabilities | -7,200 | -49,316 |
Other: | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | ($1,718) | ($941) |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) (USD $) | Total | PREFERRED SHARES | COMMON SHARES, $0.01 PAR VALUE | Additional Paid-in Capital [Member] | RETAINED EARNINGS | Accumulated Other Comprehensive (Loss) | OPERATING PARTNERSHIP | Partially Owned Properties [Member] |
In Thousands, unless otherwise specified | ||||||||
Beginning Balance, Noncontrolling Interest at Dec. 31, 2013 | $337,995 | ' | ' | ' | ' | ' | $211,412 | $126,583 |
Beginning Balance, Parent at Dec. 31, 2013 | 10,507,201 | 50,000 | 3,605 | 8,561,500 | 2,047,258 | -155,162 | ' | ' |
Common Share Issuance: | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | ' | ' | 1 | 1,429 | ' | ' | -1,430 | ' |
Exercise of share options | ' | ' | 8 | 25,677 | ' | ' | ' | ' |
Stock Issued During Period, Value, Employee Stock Purchase Plan | ' | ' | ' | 2,218 | ' | ' | ' | ' |
Share-based employee compensation expense: | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition | ' | ' | 2 | 6,981 | ' | ' | ' | ' |
Share options | ' | ' | ' | 5,330 | ' | ' | ' | ' |
ESPP discount | ' | ' | ' | 587 | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | -1,777 | ' | ' | -1,777 | ' | ' | ' | ' |
Supplemental Executive Retirement Plan (SERP) | ' | ' | ' | 4,212 | ' | ' | ' | ' |
Acquisition Noncontrolling Interests Partially Owned Properties | ' | ' | ' | -2,308 | ' | ' | ' | -2,244 |
Change in market value | -80,615 | ' | ' | -80,615 | ' | ' | ' | ' |
Adjustment for Noncontrolling Interests ownership in Operating Partnership | ' | ' | ' | 4,146 | ' | ' | -4,146 | ' |
Net income attributable to controlling interests | 191,825 | ' | ' | ' | 191,825 | ' | ' | ' |
Common Share distributions | ' | ' | ' | ' | -361,279 | ' | ' | ' |
Dividends, Preferred Stock, Cash | ' | ' | ' | ' | -2,072 | ' | ' | ' |
Other comprehensive (loss) income b derivative instruments: | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized holding (losses) arising during the period | -21,881 | ' | ' | ' | ' | -21,881 | ' | ' |
Losses reclassified into earnings from other comprehensive income | -8,335 | ' | ' | ' | ' | 8,335 | ' | ' |
Currency translation adjustments arising during the period | 1,718 | ' | ' | ' | ' | 1,718 | ' | ' |
Issuance of LTIP Units to Noncontrolling Interests | ' | ' | ' | ' | ' | ' | 3 | ' |
Equity Compensation associated with Noncontrolling Interests | ' | ' | ' | ' | ' | ' | 10,319 | ' |
Net (Income) Attributable to Noncontrolling Interest | 7,535 | ' | ' | ' | ' | ' | 7,535 | 1,092 |
Contributions by Noncontrolling Interests | 5,684 | ' | ' | ' | ' | ' | ' | 5,684 |
Distributions to Noncontrolling Interests | ' | ' | ' | ' | ' | ' | -14,364 | -5,272 |
Change in carrying value | ' | ' | ' | ' | ' | ' | 3,709 | ' |
Ending Balance, Noncontrolling Interest at Jun. 30, 2014 | 338,881 | ' | ' | ' | ' | ' | 213,038 | 125,843 |
Ending Balance, Parent at Jun. 30, 2014 | $10,289,738 | $50,000 | $3,616 | $8,527,380 | $1,875,732 | ($166,990) | ' | ' |
CONSOLIDATED_STATEMENT_OF_CHAN1
CONSOLIDATED STATEMENT OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $) | Total | PREFERRED UNITS | General Partner [Member] | Limited Partner [Member] | Accumulated Other Comprehensive (Loss) | Partially Owned Properties [Member] |
In Thousands, unless otherwise specified | ||||||
Balance, beginning of year - Noncontrolling Interest at Dec. 31, 2013 | ' | ' | ' | ' | ' | $126,583 |
Balance, beginning of year at Dec. 31, 2013 | ' | 50,000 | 10,612,363 | 211,412 | -155,162 | ' |
OP Unit Issuance: | ' | ' | ' | ' | ' | ' |
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | ' | ' | 1,430 | -1,430 | ' | ' |
Exercise of EQR share options | ' | ' | 25,685 | ' | ' | ' |
Stock Issued During Period, Value, Employee Stock Purchase Plan | ' | ' | 2,218 | ' | ' | ' |
Share-based employee compensation expense: | ' | ' | ' | ' | ' | ' |
EQR restricted shares | ' | ' | 6,983 | ' | ' | ' |
EQR share options | ' | ' | 5,330 | ' | ' | ' |
EQR ESPP discount | ' | ' | 587 | ' | ' | ' |
Payments For Repurchase Of Op Units | ' | ' | -1,777 | ' | ' | ' |
Net income available to Units - General Partner | ' | ' | 189,753 | ' | ' | ' |
OP Units - General Partner distributions | ' | ' | -361,279 | ' | ' | ' |
Supplemental Executive Retirement Plan (SERP) | ' | ' | 4,212 | ' | ' | ' |
Acquisition Noncontrolling Interests Partially Owned Properties | ' | ' | -2,308 | ' | ' | -2,244 |
Change in market value of Redeemable Limited Partners | ' | ' | -80,615 | ' | ' | ' |
Adjustment for Limited Partners ownership in Operating Partnership | ' | ' | 4,146 | -4,146 | ' | ' |
Issuance of LTIP Units to Noncontrolling Interests | ' | ' | ' | 3 | ' | ' |
Equity compensation associated with Units - Limited Partners | ' | ' | ' | 10,319 | ' | ' |
Net Income (Loss) Allocated to Limited Partners | ' | ' | ' | 7,535 | ' | ' |
Net (income) attributable to Noncontrolling Interests b Partially Owned Properties | 1,092 | ' | ' | ' | ' | 1,092 |
Units - Limited Partners distributions | ' | ' | ' | -14,364 | ' | -5,272 |
Change in carrying value of Redeemable Limited Partners | ' | ' | ' | 3,709 | ' | ' |
Other comprehensive (loss) income b derivative instruments: | ' | ' | ' | ' | ' | ' |
Unrealized holding (losses) arising during the period | -21,881 | ' | ' | ' | -21,881 | ' |
Losses reclassified into earnings from other comprehensive income | -8,335 | ' | ' | ' | 8,335 | ' |
Currency translation adjustments arising during the period | 1,718 | ' | ' | ' | 1,718 | ' |
Contributions by Noncontrolling Interests | 5,684 | ' | ' | ' | ' | 5,684 |
Balance, end of period - Noncontrolling Interest at Jun. 30, 2014 | ' | ' | ' | ' | ' | 125,843 |
Balance, end of period at Jun. 30, 2014 | ' | $50,000 | $10,406,728 | $213,038 | ($166,990) | ' |
Business
Business | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Business [Abstract] | ' | ||||||
Business | ' | ||||||
1 | Business | ||||||
Equity Residential (“EQR”), a Maryland real estate investment trust (“REIT”) formed in March 1993, is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top United States growth markets. 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 has elected to be taxed as a REIT. References to the "Company," "we," "us" or "our" mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the "Operating Partnership" mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership. | |||||||
EQR is the general partner of, and as of June 30, 2014 owned an approximate 96.2% ownership interest in, ERPOP. All of the Company’s property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR issues public equity from time to time but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. | |||||||
As of June 30, 2014, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 397 properties located in 12 states and the District of Columbia consisting of 111,491 apartment units. The ownership breakdown includes (table does not include various uncompleted development properties): | |||||||
Properties | Apartment | ||||||
Units | |||||||
Wholly Owned Properties | 369 | 100,210 | |||||
Master-Leased Properties – Consolidated | 3 | 853 | |||||
Partially Owned Properties – Consolidated | 19 | 3,752 | |||||
Partially Owned Properties – Unconsolidated | 4 | 1,669 | |||||
Military Housing | 2 | 5,007 | |||||
397 | 111,491 | ||||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | |
Jun. 30, 2014 | ||
Summary of Significant Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
2 | Summary of Significant Accounting Policies | |
Basis of Presentation | ||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Certain reclassifications have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications did not have an impact on net income previously reported. Operating results for the six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | ||
In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. | ||
The balance sheets at December 31, 2013 have been derived from the audited financial statements at that date but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. | ||
For further information, including definitions of capitalized terms not defined herein, refer to the consolidated financial statements and footnotes thereto included in the Company’s and the Operating Partnership's annual report on Form 10-K for the year ended December 31, 2013. | ||
Income and Other Taxes | ||
Due to the structure of EQR as a REIT and the nature of the operations of its operating properties, no provision for federal income taxes has been made at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their proportionate share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected Taxable REIT Subsidiary (“TRS”) status for certain of its corporate subsidiaries and as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. | ||
Deferred tax assets and liabilities applicable to the TRS are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates for which the temporary differences are expected to be recovered or settled. The effects of changes in tax rates on deferred tax assets and liabilities are recognized in earnings in the period enacted. The Company’s deferred tax assets are generally the result of tax affected suspended interest deductions, net operating losses, differing depreciable lives on capitalized assets and the timing of expense recognition for certain accrued liabilities. As of June 30, 2014, the Company has recorded a deferred tax asset, which is fully offset by a valuation allowance due to the uncertainty in forecasting future TRS taxable income. | ||
Other | ||
The Company is the controlling partner in various consolidated partnerships owning 19 properties and 3,752 apartment units and various completed and uncompleted development properties having a noncontrolling interest book value of $125.8 million at June 30, 2014. The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated entities described above, the Company is the controlling partner in limited-life partnerships owning six properties having a noncontrolling interest deficit balance of $10.2 million. These six partnership agreements contain provisions that require the partnerships to be liquidated through the sale of their assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute the proceeds of liquidation to the Noncontrolling Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of their assets warrant a distribution based on the partnership agreements. As of June 30, 2014, the Company estimates the value of Noncontrolling Interest distributions for these six properties would have been approximately $53.2 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 six Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on June 30, 2014 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 Noncontrolling Interests in the Company's Partially Owned Properties is subject to change. To the extent that the partnerships' underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Noncontrolling Interests in these Partially Owned Properties. | ||
Effective January 1, 2013, companies are required to report, in one place, information about reclassifications out of accumulated other comprehensive income ("AOCI"). Companies are also required to report changes in AOCI balances. For significant items reclassified out of AOCI to net income in their entirety in the same reporting period, reporting is required about the effect of the reclassifications on the respective line items in the statement where net income is presented. For items that are not reclassified to net income in their entirety in the same reporting period, a cross reference to other disclosures currently required under US GAAP is required in the notes. This does not have a material effect on the Company's consolidated results of operations or financial position. See Note 9 for further discussion. | ||
Effective January 1, 2014, companies are required to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of the amount a company agreed to pay on the basis of its arrangement among its co-obligors and any additional amount a company expects to pay on behalf of its co-obligors. Companies are required to disclose the nature and amount of the obligation as well as other information about those obligations. This does not have a material effect on the Company's consolidated results of operations or financial position. | ||
In April 2014, the Financial Accounting Standards Board (the "FASB") issued new guidance for reporting discontinued operations. Only disposals representing a strategic shift in operations that has a major effect on a company’s operations and financial results will be presented as discontinued operations. Companies will be required to expand their disclosures about discontinued operations to provide more information on the assets, liabilities, income and expenses of the discontinued operations. Companies will also be required to disclose the pre-tax income attributable to a disposal of a significant part of a company that does not qualify for discontinued operations reporting. Application of this guidance is prospective from the date of adoption and early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued. The new standard is effective January 1, 2015 but the Company early adopted it as allowed effective January 1, 2014. Adoption of this standard did not have a material effect on the Company's overall consolidated results of operations or financial position. However, adoption will result in substantially fewer of the Company's dispositions meeting the discontinued operations qualifications. See Note 11 for further discussion. | ||
In May 2014, the FASB issued a comprehensive new revenue recognition standard entitled Revenue from Contracts with Customers that will supersede nearly all existing revenue recognition guidance. The new standard specifically excludes lease contracts. The new standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Companies will likely need to use more judgment and make more estimates than under current revenue recognition guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration, if any, to include in the transaction price and allocating the transaction price to each separate performance obligation. The new standard will be effective for the Company beginning on January 1, 2017 and early adoption is not permitted. The new standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The Company has not yet selected a transition method and is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position. |
Equity_Capital_and_Other_Inter
Equity, Capital and Other Interests | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Equity, Capital and other Interests [Abstract] | ' | ||||||||||||||
Equity Capital And Other Interests [Text Block] | ' | ||||||||||||||
3 | Equity, Capital and Other Interests | ||||||||||||||
Equity and Redeemable Noncontrolling Interests of Equity Residential | |||||||||||||||
The following tables present the changes in the Company’s issued and outstanding Common Shares and “Units” (which includes OP Units and Long-Term Incentive Plan (“LTIP”) Units) for the six months ended June 30, 2014: | |||||||||||||||
2014 | |||||||||||||||
Common Shares | |||||||||||||||
Common Shares outstanding at January 1, | 360,479,260 | ||||||||||||||
Common Shares Issued: | |||||||||||||||
Conversion of OP Units | 56,536 | ||||||||||||||
Exercise of share options | 851,514 | ||||||||||||||
Employee Share Purchase Plan (ESPP) | 47,457 | ||||||||||||||
Restricted share grants, net | 170,626 | ||||||||||||||
Common Shares Other: | |||||||||||||||
Conversion of restricted shares to LTIP Units | (12,146 | ) | |||||||||||||
Repurchased and retired | (31,240 | ) | |||||||||||||
Common Shares outstanding at June 30, | 361,562,007 | ||||||||||||||
Units | |||||||||||||||
Units outstanding at January 1, | 14,180,376 | ||||||||||||||
LTIP Units, net | 200,840 | ||||||||||||||
Conversion of restricted shares to LTIP Units | 12,146 | ||||||||||||||
Conversion of OP Units to Common Shares | (56,536 | ) | |||||||||||||
Units outstanding at June 30, | 14,336,826 | ||||||||||||||
Total Common Shares and Units outstanding at June 30, | 375,898,833 | ||||||||||||||
Units Ownership Interest in Operating Partnership | 3.8 | % | |||||||||||||
The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of LTIP Units, are collectively referred to as the “Noncontrolling Interests – Operating Partnership”. Subject to certain exceptions (including the “book-up” requirements of LTIP Units), the Noncontrolling Interests – Operating Partnership may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Noncontrolling Interests – Operating Partnership (including redeemable interests) is allocated based on the number of Noncontrolling Interests – Operating Partnership Units in total in proportion to the number of Noncontrolling Interests – Operating Partnership Units in total plus the number of Common Shares. Net income is allocated to the Noncontrolling Interests – Operating Partnership based on the weighted average ownership percentage during the period. | |||||||||||||||
The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Noncontrolling Interests – Operating Partnership Units requesting an exchange of their OP Units with EQR. Once the Operating Partnership elects not to redeem the Noncontrolling Interests – Operating Partnership Units for cash, EQR is obligated to deliver Common Shares to the exchanging holder of the Noncontrolling Interests – Operating Partnership Units. | |||||||||||||||
The Noncontrolling Interests – Operating Partnership Units are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Noncontrolling Interests – Operating Partnership are differentiated and referred to as “Redeemable Noncontrolling Interests – Operating Partnership”. Instruments that require settlement in registered shares can not be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Noncontrolling Interests – Operating Partnership are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Noncontrolling Interests – Operating Partnership Units that are classified in permanent equity at June 30, 2014 and December 31, 2013. | |||||||||||||||
The carrying value of the Redeemable Noncontrolling Interests – Operating Partnership is allocated based on the number of Redeemable Noncontrolling Interests – Operating Partnership Units in proportion to the number of Noncontrolling Interests – Operating Partnership Units in total. Such percentage of the total carrying value of Units which is ascribed to the Redeemable Noncontrolling Interests – Operating Partnership is then adjusted to the greater of carrying value or fair market value as described above. As of June 30, 2014, the Redeemable Noncontrolling Interests – Operating Partnership have a redemption value of approximately $440.1 million, which represents the value of Common Shares that would be issued in exchange with the Redeemable Noncontrolling Interests – Operating Partnership Units. | |||||||||||||||
The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership for the six months ended June 30, 2014 (amounts in thousands): | |||||||||||||||
2014 | |||||||||||||||
Balance at January 1, | $ | 363,144 | |||||||||||||
Change in market value | 80,615 | ||||||||||||||
Change in carrying value | (3,709 | ) | |||||||||||||
Balance at June 30, | $ | 440,050 | |||||||||||||
Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings are contributed by EQR to ERPOP. 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). As a result, the net offering proceeds from Common Shares and Preferred Shares are allocated between shareholders’ equity and Noncontrolling Interests – Operating Partnership to account for the change in their respective percentage ownership of the underlying equity of ERPOP. | |||||||||||||||
The Company’s declaration of trust authorizes it to issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share (the “Preferred Shares”), with specific rights, preferences and other attributes as the Board of Trustees may determine, which may include preferences, powers and rights that are senior to the rights of holders of the Company’s Common Shares. | |||||||||||||||
The following table presents the Company’s issued and outstanding Preferred Shares as of June 30, 2014 and December 31, 2013: | |||||||||||||||
Amounts in thousands | |||||||||||||||
Redemption | Annual | June 30, | December 31, | ||||||||||||
Date (1) | Dividend per | 2014 | 2013 | ||||||||||||
Share (2) | |||||||||||||||
Preferred Shares of beneficial interest, $0.01 par value; | |||||||||||||||
100,000,000 shares authorized: | |||||||||||||||
8.29% Series K Cumulative Redeemable Preferred; liquidation | 12/10/26 | $4.14 | $ | 50,000 | $ | 50,000 | |||||||||
value $50 per share; 1,000,000 shares issued and outstanding | |||||||||||||||
at June 30, 2014 and December 31, 2013 | |||||||||||||||
$ | 50,000 | $ | 50,000 | ||||||||||||
-1 | On or after the redemption date, redeemable preferred shares may be redeemed for cash at the option of the Company, in whole or | ||||||||||||||
in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any. | |||||||||||||||
-2 | Dividends on Preferred Shares are payable quarterly. | ||||||||||||||
Capital and Redeemable Limited Partners of ERP Operating Limited Partnership | |||||||||||||||
The following tables present the changes in the Operating Partnership’s issued and outstanding Units and in the limited partners’ Units for the six months ended June 30, 2014: | |||||||||||||||
2014 | |||||||||||||||
General and Limited Partner Units | |||||||||||||||
General and Limited Partner Units outstanding at January 1, | 374,659,636 | ||||||||||||||
Issued to General Partner: | |||||||||||||||
Exercise of EQR share options | 851,514 | ||||||||||||||
EQR’s Employee Share Purchase Plan (ESPP) | 47,457 | ||||||||||||||
EQR's restricted share grants, net | 170,626 | ||||||||||||||
Issued to Limited Partners: | |||||||||||||||
LTIP Units, net | 200,840 | ||||||||||||||
OP Units Other: | |||||||||||||||
Repurchased and retired | (31,240 | ) | |||||||||||||
General and Limited Partner Units outstanding at June 30, | 375,898,833 | ||||||||||||||
Limited Partner Units | |||||||||||||||
Limited Partner Units outstanding at January 1, | 14,180,376 | ||||||||||||||
Limited Partner LTIP Units, net | 200,840 | ||||||||||||||
Conversion of EQR restricted shares to LTIP Units | 12,146 | ||||||||||||||
Conversion of Limited Partner OP Units to EQR Common Shares | (56,536 | ) | |||||||||||||
Limited Partner Units outstanding at June 30, | 14,336,826 | ||||||||||||||
Limited Partner Units Ownership Interest in Operating Partnership | 3.8 | % | |||||||||||||
The Limited Partners of the Operating Partnership as of June 30, 2014 include various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of LTIP Units. Subject to certain exceptions (including the “book-up” requirements of LTIP Units), Limited Partners may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Limited Partner Units (including redeemable interests) is allocated based on the number of Limited Partner Units in total in proportion to the number of Limited Partner Units in total plus the number of General Partner Units. Net income is allocated to the Limited Partner Units based on the weighted average ownership percentage during the period. | |||||||||||||||
The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Limited Partner Units requesting an exchange of their OP Units with EQR. Once the Operating Partnership elects not to redeem the Limited Partner Units for cash, EQR is obligated to deliver Common Shares to the exchanging limited partner. | |||||||||||||||
The Limited Partner Units are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Limited Partner Units are differentiated and referred to as “Redeemable Limited Partner Units”. Instruments that require settlement in registered shares can not be classified in permanent equity as it is not always completely within an issuer's control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Limited Partner Units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Limited Partner Units that are classified in permanent equity at June 30, 2014 and December 31, 2013. | |||||||||||||||
The carrying value of the Redeemable Limited Partner Units is allocated based on the number of Redeemable Limited Partner Units in proportion to the number of Limited Partner Units in total. Such percentage of the total carrying value of Limited Partner Units which is ascribed to the Redeemable Limited Partner Units is then adjusted to the greater of carrying value or fair market value as described above. As of June 30, 2014, the Redeemable Limited Partner Units have a redemption value of approximately $440.1 million, which represents the value of Common Shares that would be issued in exchange with the Redeemable Limited Partner Units. | |||||||||||||||
The following table presents the changes in the redemption value of the Redeemable Limited Partners for the six months ended June 30, 2014 (amounts in thousands): | |||||||||||||||
2014 | |||||||||||||||
Balance at January 1, | $ | 363,144 | |||||||||||||
Change in market value | 80,615 | ||||||||||||||
Change in carrying value | (3,709 | ) | |||||||||||||
Balance at June 30, | $ | 440,050 | |||||||||||||
EQR contributes all net proceeds from its various equity offerings (including proceeds from exercise of options for Common Shares) to ERPOP. 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 June 30, 2014 and December 31, 2013: | |||||||||||||||
Amounts in thousands | |||||||||||||||
Redemption | Annual | June 30, | December 31, | ||||||||||||
Date (1) | Dividend per | 2014 | 2013 | ||||||||||||
Unit (2) | |||||||||||||||
Preference Units: | |||||||||||||||
8.29% Series K Cumulative Redeemable Preference Units; | 12/10/26 | $4.14 | $ | 50,000 | $ | 50,000 | |||||||||
liquidation value $50 per unit; 1,000,000 units issued and | |||||||||||||||
outstanding at June 30, 2014 and December 31, 2013 | |||||||||||||||
$ | 50,000 | $ | 50,000 | ||||||||||||
-1 | On or after the redemption date, redeemable preference units may be redeemed for cash at the option of the Operating Partnership, in whole or in part, at a redemption price equal to the liquidation price per unit, plus accrued and unpaid distributions, if any, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares. | ||||||||||||||
-2 | Dividends on Preference Units are payable quarterly. | ||||||||||||||
Other | |||||||||||||||
On February 27, 2013, the Company issued 34,468,085 Common Shares to an affiliate of Lehman Brothers Holdings Inc. as partial consideration for the portion of the Archstone Portfolio acquired by the Company (as discussed in Note 4 below). The shares had a total value of $1.9 billion based on the February 27, 2013 closing price of EQR Common Shares of $55.99 per share. Concurrent with this transaction, ERPOP issued 34,468,085 OP Units to EQR. On March 7, 2013, EQR filed a shelf registration statement relating to the resale of these shares by the selling shareholders. | |||||||||||||||
In September 2009, the Company announced the establishment of an At-The-Market (“ATM”) share offering program which would allow EQR to sell Common Shares from time to time into the existing trading market at current market prices as well as through negotiated transactions. Per the terms of ERPOP's partnership agreement, EQR contributes the net proceeds from all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis). On July 30, 2013, the Board of Trustees approved an increase to the amount of shares which may be offered under the ATM program to 13.0 million Common Shares and extended the program maturity to July 2016. EQR has not issued any shares under this program since September 14, 2012. | |||||||||||||||
Effective July 30, 2013, the Board of Trustees approved an increase and modification to the Company's share repurchase program to allow for the potential repurchase of up to 13.0 million Common Shares. Considering the repurchase activity for the six months ended June 30, 2014 (see discussion below), EQR has remaining authorization to repurchase an additional 12,968,760 of its shares as of June 30, 2014. | |||||||||||||||
During the six months ended June 30, 2014, EQR repurchased 31,240 of its Common Shares at a price of $56.87 per share for total consideration of approximately $1.8 million. These shares were retired subsequent to the repurchases. Concurrent with these transactions, ERPOP repurchased and retired 31,240 OP Units previously issued to EQR. All of the shares repurchased during the six months ended June 30, 2014 were repurchased from employees at the then current market price to cover the minimum statutory tax withholding obligations related to the vesting of employees’ restricted shares. | |||||||||||||||
During the six months ended June 30, 2014, the Company acquired all of its partners' interests in one consolidated partially owned property consisting of 268 apartment units and one consolidated partially owned land parcel for $5.5 million. In conjunction with these transactions, the Company reduced paid in capital (included in general partner's capital in the Operating Partnership's financial statements) by $2.3 million, Noncontrolling Interests – Partially Owned Properties by $2.2 million and other liabilities by $1.0 million. | |||||||||||||||
See Note 6 for a discussion of the Noncontrolling Interests assumed in conjunction with the acquisition of Archstone. |
Real_Estate
Real Estate | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||||||||||
Real Estate Disclosure [Text Block] | ' | ||||||||||||||||||||||||
4 | Real Estate and Lease Intangibles | ||||||||||||||||||||||||
The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of June 30, 2014 and December 31, 2013 (amounts in thousands): | |||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Land | $ | 6,296,735 | $ | 6,192,512 | |||||||||||||||||||||
Depreciable property: | |||||||||||||||||||||||||
Buildings and improvements | 17,920,222 | 17,509,609 | |||||||||||||||||||||||
Furniture, fixtures and equipment | 1,302,882 | 1,214,220 | |||||||||||||||||||||||
In-Place lease intangibles | 507,633 | 502,218 | |||||||||||||||||||||||
Projects under development: | |||||||||||||||||||||||||
Land | 391,156 | 353,574 | |||||||||||||||||||||||
Construction-in-progress | 615,836 | 635,293 | |||||||||||||||||||||||
Land held for development: | |||||||||||||||||||||||||
Land | 256,536 | 341,389 | |||||||||||||||||||||||
Construction-in-progress | 50,089 | 52,133 | |||||||||||||||||||||||
Investment in real estate | 27,341,089 | 26,800,948 | |||||||||||||||||||||||
Accumulated depreciation | (5,170,438 | ) | (4,807,709 | ) | |||||||||||||||||||||
Investment in real estate, net | $ | 22,170,651 | $ | 21,993,239 | |||||||||||||||||||||
The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of June 30, 2014 and December 31, 2013 (amounts in thousands): | |||||||||||||||||||||||||
Description | Balance Sheet Location | June 30, | December 31, | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Ground lease intangibles – below market | Other Assets | $ | 178,251 | $ | 178,251 | ||||||||||||||||||||
Retail lease intangibles – above market | Other Assets | 1,260 | 1,260 | ||||||||||||||||||||||
Lease intangible assets | 179,511 | 179,511 | |||||||||||||||||||||||
Accumulated amortization | (6,641 | ) | (4,364 | ) | |||||||||||||||||||||
Lease intangible assets, net | $ | 172,870 | $ | 175,147 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Ground lease intangibles – above market | Other Liabilities | $ | 2,400 | $ | 2,400 | ||||||||||||||||||||
Retail lease intangibles – below market | Other Liabilities | 5,270 | 5,500 | ||||||||||||||||||||||
Lease intangible liabilities | 7,670 | 7,900 | |||||||||||||||||||||||
Accumulated amortization | (1,678 | ) | (1,161 | ) | |||||||||||||||||||||
Lease intangible liabilities, net | $ | 5,992 | $ | 6,739 | |||||||||||||||||||||
During the six months ended June 30, 2014 and 2013, the Company amortized approximately $2.2 million and $1.4 million, respectively, of above and below market ground lease intangibles which is included (net increase) in property and maintenance expense in the accompanying consolidated statements of operations and comprehensive income and approximately $0.6 million and $0.2 million, respectively, of above and below market retail lease intangibles which is included (net increase) in rental income in the accompanying consolidated statements of operations and comprehensive income. During the quarters ended June 30, 2014 and 2013, the Company amortized approximately $1.1 million and $1.0 million, respectively, of above and below market ground lease intangibles which is included (net increase) in property and maintenance expense in the accompanying consolidated statements of operations and comprehensive income and approximately $0.3 million and $0.1 million, respectively, of above and below market retail lease intangibles which is included (net increase) in rental income in the accompanying consolidated statements of operations and comprehensive income. | |||||||||||||||||||||||||
The weighted average amortization period for above and below market ground lease intangibles and retail lease intangibles is 49.8 years and 2.8 years, respectively. | |||||||||||||||||||||||||
The following table provides a summary of the aggregate amortization expense for above and below market ground lease intangibles and retail lease intangibles for each of the next five years (amounts in thousands): | |||||||||||||||||||||||||
Remaining | |||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||
Ground lease intangibles | $ | 2,161 | $ | 4,321 | $ | 4,321 | $ | 4,321 | $ | 4,321 | $ | 4,321 | |||||||||||||
Retail lease intangibles | (469 | ) | (939 | ) | (896 | ) | (540 | ) | (71 | ) | (71 | ) | |||||||||||||
Total | $ | 1,692 | $ | 3,382 | $ | 3,425 | $ | 3,781 | $ | 4,250 | $ | 4,250 | |||||||||||||
Archstone Acquisition | |||||||||||||||||||||||||
On February 27, 2013, the Company, AvalonBay Communities, Inc. (“AVB”) and certain of their respective subsidiaries completed their previously announced acquisition (the “Archstone Acquisition” or the “Archstone Transaction”) from Archstone Enterprise LP (“Enterprise”) (which subsequently changed its name to Jupiter Enterprise LP), an affiliate of Lehman Brothers Holdings Inc. (“Lehman”) and its affiliates, of all of the assets of Enterprise (including interests in various entities affiliated with Enterprise), constituting a portfolio of apartment properties and other assets (the “Archstone Portfolio”). | |||||||||||||||||||||||||
The Company acquired assets representing approximately 60% of the Archstone Portfolio which consisted principally of high-quality apartment properties in major markets in the United States. The acquisition allowed the Company to accelerate the completion of its strategic shift into coastal apartment markets. Pursuant to the Archstone Transaction, the Company acquired directly or indirectly, 71 wholly owned, stabilized properties consisting of 20,160 apartment units, one partially owned and consolidated stabilized property consisting of 432 apartment units, one partially owned and unconsolidated stabilized property consisting of 336 apartment units, three consolidated master-leased properties consisting of 853 apartment units, four projects in various stages of construction (two consolidated and two unconsolidated) for 964 apartment units and fourteen land sites for approximately $9.0 billion. During the six months ended June 30, 2013, the Company recorded revenues and net operating income ("NOI") of $204.5 million and $140.0 million, respectively, from the acquired assets. During the quarter ended June 30, 2013, the Company recorded revenues and NOI of $151.9 million and $103.9 million, respectively, from the acquired assets. | |||||||||||||||||||||||||
The consideration paid by the Company in connection with the Archstone Acquisition consisted of cash of approximately $4.0 billion (inclusive of $2.0 billion of Archstone secured mortgage principal paid off in conjunction with the closing), 34,468,085 Common Shares (which shares had a total value of $1.9 billion based on the February 27, 2013 closing price of EQR common shares of $55.99 per share) issued to the seller and the assumption of approximately $3.1 billion of mortgage debt (inclusive of a net mark-to-market premium of $127.9 million) and approximately 60% of all of the other assets and liabilities related to the Archstone Portfolio. The cash consideration was funded with proceeds from the issuance of 21,850,000 Common Shares (which shares had a total value of approximately $1.2 billion based on a price of $54.75 per share) in the November/December 2012 public equity offering, asset sales of approximately $4.5 billion that were completed during the year ended December 31, 2013, the Company's $750.0 million unsecured term loan facility (which was subsequently paid off in the second quarter of 2014) and the Company's revolving credit facility. | |||||||||||||||||||||||||
The Company owns the building and improvements and leases the land underlying the improvements under long-term ground leases that expire beginning in 2042 and running through 2103 for nine of the operating properties acquired and discussed above. These properties are consolidated and reflected as real estate assets while the ground leases are accounted for as operating leases. The Company also leases the three master-leased properties discussed above to third party operators and earns monthly net rental income. | |||||||||||||||||||||||||
The Company accounted for the acquisition under the acquisition method in accordance with Accounting Standards Codification ("ASC") 805, Business Combinations (“ASC 805”), and the accounting for this business combination is complete and final. The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed, which the Company determined using Level 1, Level 2 and Level 3 inputs (amounts in thousands): | |||||||||||||||||||||||||
Land | $ | 2,239,000 | |||||||||||||||||||||||
Depreciable property: | |||||||||||||||||||||||||
Buildings and improvements | 5,765,538 | ||||||||||||||||||||||||
Furniture, fixtures and equipment | 61,470 | ||||||||||||||||||||||||
In-Place lease intangibles | 304,830 | ||||||||||||||||||||||||
Projects under development | 36,583 | ||||||||||||||||||||||||
Land held for development | 244,097 | ||||||||||||||||||||||||
Investments in unconsolidated entities | 230,608 | ||||||||||||||||||||||||
Other assets | 195,260 | ||||||||||||||||||||||||
Other liabilities | (108,997 | ) | |||||||||||||||||||||||
Net assets acquired | $ | 8,968,389 | |||||||||||||||||||||||
The allocation of fair values of the assets acquired and liabilities assumed has changed from the allocation reported in “Note 4 – Real Estate and Lease Intangibles” in the Notes to Consolidated Financial Statements included in Part II of our Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on February 27, 2014. The changes to our valuation assumptions were based on more accurate information concerning the subject assets and liabilities and resulted from information not readily available at the acquisition date, final purchase price settlement with our partner in accordance with the terms of the purchase agreement and reclassification adjustments for presentation. None of these changes had a material impact on our Consolidated Financial Statements. The Company's assessment of the fair values and the allocation of the purchase price to the identified tangible and intangible assets/liabilities at March 31, 2014 was its final and best estimate of fair value. As a result, the Company did not make any changes to its allocation of fair values of the assets acquired and liabilities assumed subsequent to the allocation reported in "Note 4 – Real Estate and Lease Intangibles" in the Notes to Consolidated Financial Statements included in Part I of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 filed with the SEC on May 8, 2014. | |||||||||||||||||||||||||
The fair values of investment in real estate were determined using internally developed models that were based on market assumptions and comparable sales data as well as external valuations performed by unrelated third parties. The market assumptions used as inputs to the Company’s fair value model include construction costs, leasing assumptions, growth rates, discount rates, terminal capitalization rates and development yields. The Company used data on its existing portfolio of properties and its recent acquisition and development properties, as well as similar market data from third party sources, when available, in determining these inputs (Level 2 and 3). The fair value of Noncontrolling Interests was calculated similar to the investment in real estate described above. The fair value of mortgage debt was calculated using indicative rates, leverage and coverage provided by lenders of similar loans (Level 2). The Common Shares issued to an affiliate of Lehman Brothers Holdings Inc. were valued using the quoted market price of Common Shares (Level 1). | |||||||||||||||||||||||||
The following table summarizes the acquisition date fair values of the above and below market ground and retail lease intangibles, which we determined using Level 2 and Level 3 inputs (amounts in thousands): | |||||||||||||||||||||||||
Description | Balance Sheet Location | Fair Value | |||||||||||||||||||||||
Ground lease intangibles – below market | Other Assets | $ | 178,251 | ||||||||||||||||||||||
Retail lease intangibles – above market | Other Assets | 1,260 | |||||||||||||||||||||||
Ground lease intangibles – above market | Other Liabilities | 2,400 | |||||||||||||||||||||||
Retail lease intangibles – below market | Other Liabilities | 8,040 | |||||||||||||||||||||||
As of June 30, 2014, the Company has incurred cumulative Archstone-related expenses of approximately $100.9 million, of which approximately $13.5 million of this total was financing-related and approximately $87.4 million was merger costs. During the six months ended June 30, 2014, the Company expensed nominal amounts of direct merger costs. During the six months ended June 30, 2013, the Company expensed $19.6 million of direct merger costs primarily related to investment banking and legal/accounting fees, which were included in other expenses in the accompanying consolidated statements of operations and comprehensive income. During the six months ended June 30, 2014 and 2013, the Company also expensed $6.2 million and $53.0 million, respectively, of indirect merger costs primarily related to severance and retention obligations, office leases and German operations/sales that were incurred through our 60% interest in unconsolidated joint ventures with AVB, which were included in (loss) from investments in unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Finally, during the six months ended June 30, 2013, the Company also expensed $2.5 million of financing-related costs, which were included in interest expense in the accompanying consolidated statements of operations and comprehensive income. | |||||||||||||||||||||||||
Unaudited Pro Forma Financial Information | |||||||||||||||||||||||||
Equity Residential | |||||||||||||||||||||||||
The following table illustrates the effect on net income, earnings per share – basic and earnings per share – diluted as if the Company had consummated the Archstone Acquisition as of January 1, 2012 (amounts in thousands, except per share amounts): | |||||||||||||||||||||||||
Six Months Ended | Quarter Ended | ||||||||||||||||||||||||
30-Jun-13 | 30-Jun-13 | ||||||||||||||||||||||||
Total revenues | $ | 1,256,088 | $ | 635,078 | |||||||||||||||||||||
Income from continuing operations | 60,541 | 96,585 | |||||||||||||||||||||||
Discontinued operations, net | 1,608,374 | 389,329 | |||||||||||||||||||||||
Net income | 1,668,915 | 485,914 | |||||||||||||||||||||||
Net income available to Common Shares | 1,601,368 | 467,237 | |||||||||||||||||||||||
Earnings per share - basic: | |||||||||||||||||||||||||
Net income available to Common Shares | $ | 4.45 | $ | 1.3 | |||||||||||||||||||||
Weighted average Common Shares outstanding (1) | 359,509 | 359,653 | |||||||||||||||||||||||
Earnings per share - diluted: | |||||||||||||||||||||||||
Net income available to Common Shares | $ | 4.44 | $ | 1.29 | |||||||||||||||||||||
Weighted average Common Shares outstanding (1) | 375,722 | 375,910 | |||||||||||||||||||||||
-1 | Includes an adjustment for Common Shares issued to the public in November/December 2012 and to an affiliate of Lehman Brothers Holdings Inc. in February 2013 as partial consideration for the Archstone Acquisition. | ||||||||||||||||||||||||
ERP Operating Limited Partnership | |||||||||||||||||||||||||
The following table illustrates the effect on net income, earnings per Unit – basic and earnings per Unit – diluted as if the Operating Partnership had consummated the Archstone Acquisition as of January 1, 2012 (amounts in thousands, except per Unit amounts): | |||||||||||||||||||||||||
Six Months Ended | Quarter Ended | ||||||||||||||||||||||||
30-Jun-13 | 30-Jun-13 | ||||||||||||||||||||||||
Total revenues | $ | 1,256,088 | $ | 635,078 | |||||||||||||||||||||
Income from continuing operations | 60,541 | 96,585 | |||||||||||||||||||||||
Discontinued operations, net | 1,608,374 | 389,329 | |||||||||||||||||||||||
Net income | 1,668,915 | 485,914 | |||||||||||||||||||||||
Net income available to Units | 1,668,439 | 485,693 | |||||||||||||||||||||||
Earnings per Unit - basic: | |||||||||||||||||||||||||
Net income available to Units | $ | 4.45 | $ | 1.3 | |||||||||||||||||||||
Weighted average Units outstanding (1) | 373,245 | 373,403 | |||||||||||||||||||||||
Earnings per Unit - diluted: | |||||||||||||||||||||||||
Net income available to Units | $ | 4.44 | $ | 1.29 | |||||||||||||||||||||
Weighted average Units outstanding (1) | 375,722 | 375,910 | |||||||||||||||||||||||
-1 | Includes an adjustment for Common Shares issued to the public in November/December 2012 and to an affiliate of Lehman Brothers Holdings Inc. in February 2013 as partial consideration for the Archstone Acquisition. Concurrent with these transactions, ERPOP issued the same number of OP Units to EQR. | ||||||||||||||||||||||||
For the six months ended June 30, 2013, acquisition costs of $19.6 million and severance/retention and other costs of $50.9 million related to the Archstone Acquisition are not expected to have a continuing impact on the Company's financial results and therefore have been excluded from these pro forma results. The pro forma results also do not include the impact of any synergies or lower borrowing costs that the Company has or may achieve as a result of the acquisition or any strategies that management has or may consider in order to more efficiently manage the Company's operations, nor do they give pro forma effect to any other acquisitions, dispositions or capital markets transactions (excluding the equity offering in November/December 2012 which proceeds were used for the Archstone Acquisition) that the Company completed during the periods presented. These pro forma results are not necessarily indicative of the operating results that would have been obtained had the Archstone Acquisition occurred at the beginning of the periods presented, nor are they necessarily indicative of future operating results. | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
During the six months ended June 30, 2014, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands): | |||||||||||||||||||||||||
Properties | Apartment Units | Purchase Price | |||||||||||||||||||||||
Rental Properties – Consolidated | 3 | 772 | $ | 249,610 | |||||||||||||||||||||
Land Parcels – Consolidated | — | — | 15,790 | ||||||||||||||||||||||
Total | 3 | 772 | $ | 265,400 | |||||||||||||||||||||
During the six months ended June 30, 2014, the Company disposed of the following to unaffiliated parties (sales price in thousands): | |||||||||||||||||||||||||
Properties | Apartment Units | Sales Price | |||||||||||||||||||||||
Rental Properties | 1 | 336 | $ | 40,850 | |||||||||||||||||||||
Land Parcel | — | — | 8,200 | ||||||||||||||||||||||
Total | 1 | 336 | $ | 49,050 | |||||||||||||||||||||
The Company recognized a net gain on sales of real estate properties of approximately $14.9 million and a net gain on sales of land parcels of approximately $0.8 million on the above sales. |
Commitments_to_AcquireDispose_
Commitments to Acquire/Dispose of Real Estate | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Commitments to Acquire Dispose of Real Estate [Abstract] | ' | ||||||||||
Commitments To Acquire Dispose Of Real Estate Text Block | ' | ||||||||||
5 | Commitments to Acquire/Dispose of Real Estate | ||||||||||
In addition to the land parcel that was subsequently acquired as discussed in Note 14, the Company has entered into a separate agreement to acquire the following (purchase price in thousands): | |||||||||||
Properties | Apartment Units | Purchase Price | |||||||||
Land Parcel | — | — | $ | 3,300 | |||||||
Total | — | — | $ | 3,300 | |||||||
The Company has entered into separate agreements to dispose of the following (sales price in thousands): | |||||||||||
Properties | Apartment Units | Sales Price | |||||||||
Rental Properties | 6 | 2,005 | $ | 306,350 | |||||||
Land Parcel | — | — | 54,402 | ||||||||
Total | 6 | 2,005 | $ | 360,752 | |||||||
The closings of these pending transactions are subject to certain conditions and restrictions, therefore, there can be no assurance that these transactions will be consummated or that the final terms will not differ in material respects from those summarized in the preceding paragraphs. |
Investments_in_Partially_Owned
Investments in Partially Owned Entities | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Investments in Partially Owned Entities [Abstract] | ' | |||||||||||||||||||||||||||
Investments in Partially Owned Entities | ' | |||||||||||||||||||||||||||
6 | Investments in Partially Owned Entities | |||||||||||||||||||||||||||
The Company has co-invested in various properties with unrelated third parties which are either consolidated or accounted for under the equity method of accounting (unconsolidated). The following tables and information summarize the Company’s investments in partially owned entities as of June 30, 2014 (amounts in thousands except for project and apartment unit amounts): | ||||||||||||||||||||||||||||
Consolidated | Unconsolidated | |||||||||||||||||||||||||||
Development Projects | Development Projects | |||||||||||||||||||||||||||
Held for | Operating | Total | Held for | Completed, Not Stabilized (3) | Operating | Total | ||||||||||||||||||||||
and/or Under | and/or Under | |||||||||||||||||||||||||||
Development | Development | |||||||||||||||||||||||||||
Total projects (1) | — | 19 | 19 | — | 2 | 2 | 4 | |||||||||||||||||||||
Total apartment units (1) | — | 3,752 | 3,752 | — | 945 | 724 | 1,669 | |||||||||||||||||||||
Balance sheet information at 6/30/14 (at 100%): | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Investment in real estate | $ | 329,668 | $ | 676,848 | $ | 1,006,516 | $ | 55,998 | $ | 233,411 | $ | 108,164 | $ | 397,573 | ||||||||||||||
Accumulated depreciation | — | (183,571 | ) | (183,571 | ) | — | (6,693 | ) | (7,136 | ) | (13,829 | ) | ||||||||||||||||
Investment in real estate, net | 329,668 | 493,277 | 822,945 | 55,998 | 226,718 | 101,028 | 383,744 | |||||||||||||||||||||
Cash and cash equivalents | 4,488 | 14,125 | 18,613 | 454 | 2,830 | 1,582 | 4,866 | |||||||||||||||||||||
Investments in unconsolidated entities | — | 53,209 | 53,209 | — | — | — | — | |||||||||||||||||||||
Deposits – restricted | 34,761 | 250 | 35,011 | — | 130 | 47 | 177 | |||||||||||||||||||||
Deferred financing costs, net | — | 2,318 | 2,318 | 53 | 4 | 122 | 179 | |||||||||||||||||||||
Other assets | 6,679 | 26,176 | 32,855 | 14 | 41 | 1,250 | 1,305 | |||||||||||||||||||||
Total assets | $ | 375,596 | $ | 589,355 | $ | 964,951 | $ | 56,519 | $ | 229,723 | $ | 104,029 | $ | 390,271 | ||||||||||||||
LIABILITIES AND EQUITY/CAPITAL | ||||||||||||||||||||||||||||
Mortgage notes payable (2) | $ | — | $ | 360,305 | $ | 360,305 | $ | 21,982 | $ | 145,016 | $ | 63,305 | $ | 230,303 | ||||||||||||||
Accounts payable & accrued expenses | 12,313 | 1,730 | 14,043 | 5,095 | 955 | 350 | 6,400 | |||||||||||||||||||||
Accrued interest payable | — | 1,265 | 1,265 | 43 | 687 | 42 | 772 | |||||||||||||||||||||
Other liabilities | 140 | 1,252 | 1,392 | — | 244 | 1,046 | 1,290 | |||||||||||||||||||||
Security deposits | — | 1,916 | 1,916 | — | 279 | 140 | 419 | |||||||||||||||||||||
Total liabilities | 12,453 | 366,468 | 378,921 | 27,120 | 147,181 | 64,883 | 239,184 | |||||||||||||||||||||
Noncontrolling Interests – Partially Owned | 117,677 | 8,166 | 125,843 | 27,858 | 70,428 | 23,434 | 121,720 | |||||||||||||||||||||
Properties/Partners' equity | ||||||||||||||||||||||||||||
Company equity/General and Limited Partners' | 245,466 | 214,721 | 460,187 | 1,541 | 12,114 | 15,712 | 29,367 | |||||||||||||||||||||
Capital | ||||||||||||||||||||||||||||
Total equity/capital | 363,143 | 222,887 | 586,030 | 29,399 | 82,542 | 39,146 | 151,087 | |||||||||||||||||||||
Total liabilities and equity/capital | $ | 375,596 | $ | 589,355 | $ | 964,951 | $ | 56,519 | $ | 229,723 | $ | 104,029 | $ | 390,271 | ||||||||||||||
Consolidated | Unconsolidated | |||||||||||||||||||||||||||
Development Projects | Development Projects | |||||||||||||||||||||||||||
Held for | Held for | Operating | ||||||||||||||||||||||||||
and/or Under | and/or Under | Completed, Not Stabilized (3) | ||||||||||||||||||||||||||
Development | Operating | Total | Development | Total | ||||||||||||||||||||||||
Operating information for the six months | ||||||||||||||||||||||||||||
ended 6/30/14 (at 100%): | ||||||||||||||||||||||||||||
Operating revenue | $ | — | $ | 43,110 | $ | 43,110 | $ | — | $ | 7,958 | $ | 5,060 | $ | 13,018 | ||||||||||||||
Operating expenses | 154 | 12,825 | 12,979 | 132 | 3,287 | 1,856 | 5,275 | |||||||||||||||||||||
Net operating (loss) income | (154 | ) | 30,285 | 30,131 | (132 | ) | 4,671 | 3,204 | 7,743 | |||||||||||||||||||
Depreciation | — | 10,768 | 10,768 | — | 5,299 | 2,039 | 7,338 | |||||||||||||||||||||
General and administrative/other | (3 | ) | 26 | 23 | — | 1 | 122 | 123 | ||||||||||||||||||||
Operating (loss) income | (151 | ) | 19,491 | 19,340 | (132 | ) | (629 | ) | 1,043 | 282 | ||||||||||||||||||
Interest and other income | — | 3 | 3 | — | — | — | — | |||||||||||||||||||||
Other expenses | (76 | ) | (32 | ) | (108 | ) | — | — | — | — | ||||||||||||||||||
Interest: | ||||||||||||||||||||||||||||
Expense incurred, net | — | (7,788 | ) | (7,788 | ) | — | (3,864 | ) | (926 | ) | (4,790 | ) | ||||||||||||||||
Amortization of deferred financing costs | — | (177 | ) | (177 | ) | — | — | (7 | ) | (7 | ) | |||||||||||||||||
(Loss) income before income and other taxes | (227 | ) | 11,497 | 11,270 | (132 | ) | (4,493 | ) | 110 | (4,515 | ) | |||||||||||||||||
and (loss) from investments in | ||||||||||||||||||||||||||||
unconsolidated entities | ||||||||||||||||||||||||||||
Income and other tax (expense) benefit | — | (45 | ) | (45 | ) | — | (7 | ) | — | (7 | ) | |||||||||||||||||
(Loss) from investments in unconsolidated | — | (879 | ) | (879 | ) | — | — | — | — | |||||||||||||||||||
entities | ||||||||||||||||||||||||||||
Net (loss) income | $ | (227 | ) | $ | 10,573 | $ | 10,346 | $ | (132 | ) | $ | (4,500 | ) | $ | 110 | $ | (4,522 | ) | ||||||||||
-1 | Project and apartment unit counts exclude all uncompleted development projects until those projects are substantially completed. | |||||||||||||||||||||||||||
-2 | All debt is non-recourse to the Company with the exception of 50% of the current $22.0 million outstanding debt balance on one unconsolidated development project. | |||||||||||||||||||||||||||
-3 | Projects included here are substantially complete. However, they may still require additional exterior and interior work for all units to be available for leasing. | |||||||||||||||||||||||||||
Note: | The above tables exclude the Company's interests in unconsolidated joint ventures entered into with AVB in connection with the Archstone Transaction. These ventures own certain non-core Archstone assets that are held for sale and succeeded to certain residual Archstone liabilities, such as liability for various employment-related matters as well as responsibility for tax protection arrangements and third-party preferred interests in former Archstone subsidiaries. The preferred interests have an aggregate liquidation value of $76.8 million at June 30, 2014. The ventures are owned 60% by the Company and 40% by AVB. | |||||||||||||||||||||||||||
The Company is the controlling partner in various consolidated partnership properties and development properties having a noncontrolling interest book value of $125.8 million at June 30, 2014. The Company does not have any VIEs. | ||||||||||||||||||||||||||||
Archstone Acquisition | ||||||||||||||||||||||||||||
On February 27, 2013, in conjunction with the Archstone Acquisition, the Company acquired interests in several joint ventures. Details of these interests follow by project: | ||||||||||||||||||||||||||||
East Palmetto Park – This venture was formed to ultimately develop certain land parcels into a 377 unit apartment building located in Boca Raton, Florida. The Company has a 90% equity interest with an initial basis of $20.2 million. The Company is the managing member, is responsible for constructing the project and its partner does not have substantive kick-out or participating rights. As a result, the entity is required to be consolidated on the Company's balance sheet. | ||||||||||||||||||||||||||||
Wisconsin Place – This project contains a mixed-use site located in Chevy Chase, Maryland consisting of residential, retail, office and accessory uses, including underground parking facilities. The Company has a 75% equity interest with an initial basis of $198.5 million in the 432 unit residential component. The Company is the managing member, was responsible for constructing the residential project and its partner does not have substantive kick-out or participating rights. As a result, the entity that owns the residential component of this mixed-use site is required to be consolidated on the Company's balance sheet. Such entity also retains an unconsolidated interest in an entity that owns the land underlying the entire project and owns and operates the parking facility. The initial fair value of this investment is $56.5 million. The Company does not have any ownership interest in the retail and office components. | ||||||||||||||||||||||||||||
San Norterra – This venture developed certain land parcels into a 388 unit apartment building located in Phoenix, Arizona and was completed and stabilized during the quarter ended June 30, 2014. The Company has an 85% equity interest with an initial basis of $16.9 million. Total project costs were approximately $52.8 million and construction was partially funded with a construction loan that was guaranteed by the partner and non-recourse to the Company. The loan has a maximum debt commitment of $34.8 million and a current unconsolidated outstanding balance of $33.0 million; the loan bears interest at LIBOR plus 2.00% and matures January 6, 2015. The partner is the managing member and developed the project. The Company does not have substantive kick-out or participating rights. As a result, the entity is unconsolidated and recorded using the equity method of accounting. | ||||||||||||||||||||||||||||
Waterton Tenside – This venture was formed to develop and operate a 336 unit apartment property located in Atlanta, Georgia. The Company has a 20% equity interest with an initial basis of $5.1 million. The partner is the managing member and developed the project. The project is encumbered by a non-recourse mortgage loan that has a current outstanding balance of $30.3 million, bears interest at 3.66% and matures December 1, 2018. The Company does not have substantive kick-out or participating rights. As a result, the entity is unconsolidated and recorded using the equity method of accounting. | ||||||||||||||||||||||||||||
Parc on Powell (formerly known as 1333 Powell) – This venture is currently developing certain land parcels into a 176 unit apartment building located in Emeryville, California. The Company has a 5% equity interest with an initial obligation of approximately $2.1 million. Total project costs are expected to be approximately $75.0 million and construction is being partially funded with a construction loan. The loan has a maximum debt commitment of $39.5 million and a current unconsolidated outstanding balance of $22.0 million; the loan bears interest at LIBOR plus 2.25% and matures August 14, 2015. The Company has given a repayment guaranty on the construction loan of 50% of the outstanding balance, up to a maximum of $19.7 million, and has given certain construction cost overrun guarantees. The partner is the managing member. The Company does not have substantive kick-out or participating rights. As a result, the entity is unconsolidated and recorded using the equity method of accounting. | ||||||||||||||||||||||||||||
On February 27, 2013, in connection with the Archstone Acquisition, subsidiaries of the Company and AVB entered into three limited liability company agreements (collectively, the “Residual JV”). The Residual JV owns certain non-core Archstone assets, such as interests in a six property portfolio of apartment buildings and succeeded to certain residual Archstone liabilities, such as liability for various employment-related matters. The Residual JV is owned 60% by the Company and 40% by AVB and the Company's initial investment was $147.6 million. The Residual JV is managed by a Management Committee consisting of two members from each of the Company and AVB. Both partners have equal participation in the Management Committee and all significant participating rights are shared by both partners. As a result, the Residual JV is unconsolidated and recorded using the equity method of accounting. | ||||||||||||||||||||||||||||
During the six months ended June 30, 2014, the Company closed on the sale of its unconsolidated interest in the German portfolio fund and the German management company, representing the sale of the majority of the remaining German real estate assets that were acquired by the Residual JV as part of the Archstone Acquisition. The Company's pro rata share of the proceeds/distributions that have been repatriated to the Residual JV and received by the Company as a result of the German dispositions was approximately $64.7 million during the six months ended June 30, 2014 and $83.6 million cumulatively since the closing of the Archstone Acquisition. | ||||||||||||||||||||||||||||
On February 27, 2013, in connection with the Archstone Acquisition, a subsidiary of the Company and AVB entered into a limited liability company agreement (the “Legacy JV”), through which they assumed obligations of Archstone in the form of preferred interests, some of which are governed by tax protection arrangements. During the year ended December 31, 2013, the Company purchased with AVB $65.0 million (of which the Company's 60% share was $39.0 million) of the preferred interests assumed by Legacy JV. At June 30, 2014, the remaining preferred interests have an aggregate liquidation value of $76.8 million, our share of which is included in other liabilities in the accompanying consolidated balance sheets. Obligations of the Legacy JV are borne 60% by the Company and 40% by AVB. The Legacy JV is managed by a Management Committee consisting of two members from each of the Company and AVB. Both partners have equal participation in the Management Committee and all significant participating rights are shared by both partners. As a result, the Legacy JV is unconsolidated and recorded using the equity method of accounting. | ||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||
In December 2011, the Company and Toll Brothers (NYSE: TOL) jointly acquired a vacant land parcel at 400 Park Avenue South in New York City. The Company's and Toll Brothers' allocated portions of the purchase price were approximately $76.1 million and $57.9 million, respectively. The Company is the managing member and Toll Brothers does not have substantive kick-out or participating rights. Until the core and shell of the building is complete, the building and land will be owned jointly and are required to be consolidated on the Company's balance sheet. Thereafter, the Company will solely own and control the rental portion of the building (floors 2-22) and Toll Brothers will solely own and control the for sale portion of the building (floors 23-40). Once the core and shell are complete, the Toll Brothers' portion of the property will be deconsolidated from the Company's balance sheet. The acquisition was financed through contributions by the Company and Toll Brothers of approximately $102.5 million and $75.7 million, respectively, which included the land purchase noted above, restricted deposits and taxes and fees. As of June 30, 2014, the Company's and Toll Brothers' consolidated contributions to the joint venture were approximately $327.9 million, of which Toll Brothers' noncontrolling interest balance totaled $117.4 million. | ||||||||||||||||||||||||||||
The Company admitted an 80% institutional partner to two separate entities/transactions (Nexus Sawgrass in December 2010 and Domain in August 2011), each owning a developable land parcel, in exchange for $40.1 million in cash and retained a 20% equity interest in both of these entities. These projects are now unconsolidated. Details of these projects follow: | ||||||||||||||||||||||||||||
• | Nexus Sawgrass – This development project is substantially complete. Total project costs are expected to be approximately $79.0 million and construction was predominantly funded with a long-term, non-recourse secured loan from the partner. The mortgage loan has a maximum debt commitment of $48.7 million and a current unconsolidated outstanding balance of $48.6 million; the loan bears interest at 5.60% and matures January 1, 2021. | |||||||||||||||||||||||||||
• | Domain – This development project is substantially complete. Total project costs are expected to be approximately $155.8 million and construction was predominantly funded with a long-term, non-recourse secured loan from the partner. The mortgage loan has a maximum debt commitment of $98.6 million and a current unconsolidated outstanding balance of $96.4 million; the loan bears interest at 5.75% and matures January 1, 2022. | |||||||||||||||||||||||||||
While the Company is the managing member of both of the joint ventures, was responsible for constructing both of the projects and has given certain construction cost overrun guarantees, the joint venture partner has significant participating rights and has active involvement in and oversight of the ongoing projects. The Company currently has no further funding obligations related to these projects. |
Deposits_Restricted
Deposits - Restricted | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Deposits - Restricted [Abstract] | ' | ||||||||
Restricted Cash And Cash Equivalents Disclosure [Text Block] | ' | ||||||||
7 | Deposits – Restricted and Escrow Deposits – Mortgage | ||||||||
The following table presents the Company’s restricted deposits as of June 30, 2014 and December 31, 2013 (amounts in thousands): | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Earnest money on pending acquisitions | $ | 830 | $ | 4,514 | |||||
Restricted deposits on real estate investments | 36,476 | 53,771 | |||||||
Resident security and utility deposits | 46,597 | 44,777 | |||||||
Other | 505 | 505 | |||||||
Totals | $ | 84,408 | $ | 103,567 | |||||
The following table presents the Company’s escrow deposits as of June 30, 2014 and December 31, 2013 (amounts in thousands): | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Real estate taxes and insurance | $ | 3,500 | $ | 3,687 | |||||
Replacement reserves | 3,469 | 4,229 | |||||||
Mortgage principal reserves/sinking funds | 37,448 | 33,868 | |||||||
Other | 852 | 852 | |||||||
Totals | $ | 45,269 | $ | 42,636 | |||||
Debt
Debt | 6 Months Ended | |
Jun. 30, 2014 | ||
Debt Disclosure [Abstract] | ' | |
Debt Disclosure [Text Block] | ' | |
8. Debt | ||
EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. EQR guarantees the Operating Partnership’s revolving credit facility up to the maximum amount and for the full term of the facility. | ||
Mortgage Notes Payable | ||
As of June 30, 2014, the Company had outstanding mortgage debt of approximately $5.2 billion. | ||
During the six months ended June 30, 2014, the Company: | ||
▪ | Repaid $9.1 million of mortgage loans. | |
As of June 30, 2014, the Company had $700.5 million of secured debt subject to third party credit enhancement. | ||
As of June 30, 2014, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through May 1, 2061. At June 30, 2014, the interest rate range on the Company’s mortgage debt was 0.03% to 7.25%. During the six months ended June 30, 2014, the weighted average interest rate on the Company’s mortgage debt was 4.23%. | ||
Notes | ||
As of June 30, 2014, the Company had outstanding unsecured notes of approximately $5.9 billion. | ||
During the six months ended June 30, 2014, the Company: | ||
▪ | Repaid its $750.0 million unsecured term loan facility in conjunction with the note issuances discussed below; | |
▪ | Issued $450.0 million of five-year 2.375% fixed rate public notes, receiving net proceeds of $449.6 million before underwriting fees and other expenses, at an all-in effective interest rate of 2.52% and swapped the notes to a floating interest rate in conjunction with the issuance (see Note 9 for further discussion); and | |
▪ | Issued $750.0 million of thirty-year 4.50% fixed rate public notes, receiving net proceeds of $744.7 million before underwriting fees, hedge termination costs and other expenses, at an all-in effective interest rate of 4.57% after termination of various forward starting swaps in conjunction with the issuance (see Note 9 for further discussion). | |
As of June 30, 2014, scheduled maturities for the Company’s outstanding notes were at various dates through 2044. At June 30, 2014, the interest rate range on the Company’s notes was 2.375% to 7.57%. During the six months ended June 30, 2014, the weighted average interest rate on the Company’s notes was 4.97%. | ||
Lines of Credit | ||
On January 11, 2013, the Company replaced its existing $1.75 billion facility with a $2.5 billion unsecured revolving credit facility maturing April 1, 2018. The Company has the ability to increase available borrowings by an additional $500.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments. The interest rate on advances under the facility will generally be LIBOR plus a spread (currently 1.05%) and the Company pays an annual facility fee (currently 15 basis points). Both the spread and the facility fee are dependent on the credit rating of the Company's long-term debt. | ||
As of June 30, 2014, the amount available on the credit facility was $2.47 billion (net of $34.8 million which was restricted/dedicated to support letters of credit). During the six months ended June 30, 2014, the weighted average interest rate was 0.96%. |
Derivative_and_Other_Fair_Valu
Derivative and Other Fair Value Instruments | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Derivatives and Fair Value [Text Block] | ' | ||||||||||||||||||
9 | Derivative and Other Fair Value Instruments | ||||||||||||||||||
The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. | |||||||||||||||||||
The carrying values of the Company’s mortgage notes payable and unsecured notes were approximately $5.2 billion and $5.9 billion, respectively, at June 30, 2014. The fair values of the Company’s mortgage notes payable and unsecured notes were approximately $5.2 billion (Level 2) and $6.4 billion (Level 2), respectively, at June 30, 2014. The carrying values of the Company's mortgage notes payable and unsecured debt (including its line of credit) were approximately $5.2 billion and $5.6 billion, respectively, at December 31, 2013. The fair values of the Company’s mortgage notes payable and unsecured debt (including its line of credit) were approximately $5.1 billion (Level 2) and $5.9 billion (Level 2), respectively, at December 31, 2013. The fair values of the Company’s financial instruments (other than mortgage notes payable, unsecured notes, lines of credit and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract values. | |||||||||||||||||||
In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage its exposure to foreign exchange rates or manage commodity prices in the daily operations of the business. | |||||||||||||||||||
The following table summarizes the Company’s consolidated derivative instruments at June 30, 2014 (dollar amounts are in thousands): | |||||||||||||||||||
Fair Value | Forward | ||||||||||||||||||
Hedges (1) | Starting | ||||||||||||||||||
Swaps (2) | |||||||||||||||||||
Current Notional Balance | $ | 450,000 | $ | 100,000 | |||||||||||||||
Lowest Possible Notional | $ | 450,000 | $ | 100,000 | |||||||||||||||
Highest Possible Notional | $ | 450,000 | $ | 100,000 | |||||||||||||||
Lowest Interest Rate | 2.375 | % | 3.14 | % | |||||||||||||||
Highest Interest Rate | 2.375 | % | 3.191 | % | |||||||||||||||
Earliest Maturity Date | 2019 | 2025 | |||||||||||||||||
Latest Maturity Date | 2019 | 2025 | |||||||||||||||||
-1 | Fair Value Hedges – Converts outstanding fixed rate unsecured notes ($450.0 million 2.375%notes due July 1, 2019) to a floating interest rate of 90-Day LIBOR plus 0.61%. | ||||||||||||||||||
-2 | Forward Starting Swaps – Designed to partially fix interest rates in advance of a planned future debt issuance. These swaps have mandatory counterparty terminations in 2016, and are targeted to 2015 issuances. | ||||||||||||||||||
A three-level valuation hierarchy exists for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: | |||||||||||||||||||
• | Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||||||||||||||||||
• | Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | ||||||||||||||||||
• | Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. | ||||||||||||||||||
The Company’s derivative positions are valued using models developed by the respective counterparty as well as models developed internally by the Company that use as their basis readily observable market parameters (such as forward yield curves and credit default swap data). Employee holdings other than Common Shares within the supplemental executive retirement plan (the “SERP”) are valued using quoted market prices for identical assets and are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are valued using the quoted market price of Common Shares. The fair values disclosed for mortgage notes payable and unsecured debt (including its line of credit) were calculated using indicative rates provided by lenders of similar loans in the case of mortgage notes payable and the private unsecured debt (including its line of credit) and quoted market prices for each underlying issuance in the case of the public unsecured notes. | |||||||||||||||||||
The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at June 30, 2014 and December 31, 2013, respectively (amounts in thousands): | |||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Description | Balance Sheet | 6/30/14 | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Location | Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||
Identical Assets/Liabilities | (Level 2) | (Level 3) | |||||||||||||||||
(Level 1) | |||||||||||||||||||
Assets | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Fair Value Hedges | Other Assets | $ | 1,452 | $ | — | $ | 1,452 | $ | — | ||||||||||
Supplemental Executive Retirement Plan | Other Assets | 97,543 | 97,543 | — | — | ||||||||||||||
Total | $ | 98,995 | $ | 97,543 | $ | 1,452 | $ | — | |||||||||||
Liabilities | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Forward Starting Swaps | Other Liabilities | $ | 2,346 | $ | — | $ | 2,346 | $ | — | ||||||||||
Supplemental Executive Retirement Plan | Other Liabilities | 97,543 | 97,543 | — | — | ||||||||||||||
Total | $ | 99,889 | $ | 97,543 | $ | 2,346 | $ | — | |||||||||||
Redeemable Noncontrolling Interests – | |||||||||||||||||||
Operating Partnership/Redeemable | |||||||||||||||||||
Limited Partners | Mezzanine | $ | 440,050 | $ | — | $ | 440,050 | $ | — | ||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Description | Balance Sheet | 12/31/13 | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Location | Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||
Identical Assets/Liabilities | (Level 2) | (Level 3) | |||||||||||||||||
(Level 1) | |||||||||||||||||||
Assets | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Forward Starting Swaps | Other Assets | $ | 18,710 | $ | — | $ | 18,710 | $ | — | ||||||||||
Supplemental Executive Retirement Plan | Other Assets | 83,845 | 83,845 | — | — | ||||||||||||||
Total | $ | 102,555 | $ | 83,845 | $ | 18,710 | $ | — | |||||||||||
Liabilities | |||||||||||||||||||
Supplemental Executive Retirement Plan | Other Liabilities | $ | 83,845 | $ | 83,845 | $ | — | $ | — | ||||||||||
Total | $ | 83,845 | $ | 83,845 | $ | — | $ | — | |||||||||||
Redeemable Noncontrolling Interests – | |||||||||||||||||||
Operating Partnership/Redeemable | |||||||||||||||||||
Limited Partners | Mezzanine | $ | 363,144 | $ | — | $ | 363,144 | $ | — | ||||||||||
The following tables provide a summary of the effect of fair value hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the six months ended June 30, 2014 and 2013, respectively (amounts in thousands): | |||||||||||||||||||
30-Jun-14 | Location of | Amount of | Hedged Item | Income Statement | Amount of | ||||||||||||||
Type of Fair Value Hedge | Gain/(Loss) | Gain/(Loss) | Location of | Gain/(Loss) | |||||||||||||||
Recognized in | Recognized in | Hedged Item | Recognized in | ||||||||||||||||
Income on | Income on | Gain/(Loss) | Income | ||||||||||||||||
Derivative | Derivative | on Hedged Item | |||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Interest Rate Swaps | Interest expense | $ | 1,452 | Fixed rate debt | Interest expense | $ | (1,452 | ) | |||||||||||
Total | $ | 1,452 | $ | (1,452 | ) | ||||||||||||||
30-Jun-13 | Location of | Amount of | Hedged Item | Income Statement | Amount of | ||||||||||||||
Type of Fair Value Hedge | Gain/(Loss) | Gain/(Loss) | Location of | Gain/(Loss) | |||||||||||||||
Recognized in | Recognized in | Hedged Item | Recognized in | ||||||||||||||||
Income | Income | Gain/(Loss) | Income | ||||||||||||||||
on Derivative | on Derivative | on Hedged Item | |||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Interest Rate Swaps | Interest expense | $ | (1,524 | ) | Fixed rate debt | Interest expense | $ | 1,524 | |||||||||||
Total | $ | (1,524 | ) | $ | 1,524 | ||||||||||||||
The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the six months ended June 30, 2014 and 2013, respectively (amounts in thousands): | |||||||||||||||||||
Effective Portion | Ineffective Portion | ||||||||||||||||||
30-Jun-14 | Amount of | Location of Gain/ | Amount of Gain/ | Location of | Amount of Gain/ | ||||||||||||||
Type of Cash Flow Hedge | Gain/(Loss) | (Loss) | (Loss) | Gain/(Loss) | (Loss) | ||||||||||||||
Recognized in OCI | Reclassified from | Reclassified from | Recognized in | Reclassified from | |||||||||||||||
on Derivative | Accumulated | Accumulated | Income | Accumulated | |||||||||||||||
OCI into Income | OCI into Income | on Derivative | OCI into Income | ||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Forward Starting Swaps/Treasury Locks | $ | (21,790 | ) | Interest expense | $ | (8,335 | ) | Interest expense | $ | 91 | |||||||||
Total | $ | (21,790 | ) | $ | (8,335 | ) | $ | 91 | |||||||||||
Effective Portion | Ineffective Portion | ||||||||||||||||||
30-Jun-13 | Amount of | Location of Gain/ | Amount of Gain/ | Location of | Amount of Gain/ | ||||||||||||||
Type of Cash Flow Hedge | Gain/(Loss) | (Loss) | (Loss) | Gain/(Loss) | (Loss) | ||||||||||||||
Recognized in OCI | Reclassified from | Reclassified from | Recognized in | Reclassified from | |||||||||||||||
on Derivative | Accumulated | Accumulated | Income | Accumulated | |||||||||||||||
OCI into Income | OCI into Income | on Derivative | OCI into Income | ||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Forward Starting Swaps/Treasury Locks | $ | 12,337 | Interest expense | $ | (12,098 | ) | N/A | $ | — | ||||||||||
Total | $ | 12,337 | $ | (12,098 | ) | $ | — | ||||||||||||
As of June 30, 2014 and December 31, 2013, there were approximately $169.3 million and $155.8 million in deferred losses, net, included in accumulated other comprehensive (loss), respectively, related to derivative instruments. Based on the estimated fair values of the net derivative instruments at June 30, 2014, the Company may recognize an estimated $22.0 million of accumulated other comprehensive (loss) as additional interest expense during the twelve months ending June 30, 2015. | |||||||||||||||||||
In June 2014, the Company paid a net $2.0 million to settle seven forward starting ten-year swaps in conjunction with the issuance of $750.0 million of thirty-year fixed rate public notes. The ineffective portion of approximately $0.1 million was recorded as a decrease to interest expense and accrued interest of approximately $1.3 million was recorded as an increase to interest expense. The remaining amount of approximately $0.8 million will be deferred as a component of accumulated other comprehensive (loss) and recognized as an increase to interest expense over the first nine years and ten months of the notes. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share And Earnings Per Unit [Text Block] | ' | ||||||||||||||||
10. Earning Per Share and Earnings Per Unit | |||||||||||||||||
Equity Residential | |||||||||||||||||
The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts): | |||||||||||||||||
Six Months Ended June 30, | Quarter Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator for net income per share – basic: | |||||||||||||||||
Income (loss) from continuing operations | $ | 183,987 | $ | (223,850 | ) | $ | 102,307 | $ | (58,511 | ) | |||||||
Allocation to Noncontrolling Interests – Operating Partnership, net | (7,475 | ) | 9,078 | (4,422 | ) | 2,231 | |||||||||||
Net gain on sales of real estate properties | 14,903 | — | 14,903 | — | |||||||||||||
Net (income) loss attributable to Noncontrolling Interests – Partially | (1,092 | ) | 790 | (588 | ) | 815 | |||||||||||
Owned Properties | |||||||||||||||||
Preferred distributions | (2,072 | ) | (2,072 | ) | (1,036 | ) | (1,036 | ) | |||||||||
Income (loss) from continuing operations available to Common Shares, | 188,251 | (216,054 | ) | 111,164 | (56,501 | ) | |||||||||||
net of Noncontrolling Interests | |||||||||||||||||
Discontinued operations, net of Noncontrolling Interests | 1,502 | 1,556,427 | 490 | 380,224 | |||||||||||||
Numerator for net income per share – basic | $ | 189,753 | $ | 1,340,373 | $ | 111,654 | $ | 323,723 | |||||||||
Numerator for net income per share – diluted (1): | |||||||||||||||||
Income from continuing operations | $ | 183,987 | $ | 102,307 | |||||||||||||
Net gain on sales of real estate properties | 14,903 | 14,903 | |||||||||||||||
Net (income) attributable to Noncontrolling Interests – Partially | (1,092 | ) | (588 | ) | |||||||||||||
Owned Properties | |||||||||||||||||
Preferred distributions | (2,072 | ) | (1,036 | ) | |||||||||||||
Income from continuing operations available to Common Shares | 195,726 | 115,586 | |||||||||||||||
Discontinued operations, net | 1,562 | 510 | |||||||||||||||
Numerator for net income per share – diluted (1) | $ | 197,288 | $ | 1,340,373 | $ | 116,096 | $ | 323,723 | |||||||||
Denominator for net income per share – basic and diluted (1): | |||||||||||||||||
Denominator for net income per share – basic | 360,641 | 348,654 | 360,809 | 359,653 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
OP Units | 13,736 | 13,742 | |||||||||||||||
Long-term compensation shares/units | 2,403 | 2,567 | |||||||||||||||
Denominator for net income per share – diluted (1) | 376,780 | 348,654 | 377,118 | 359,653 | |||||||||||||
Net income per share – basic | $ | 0.53 | $ | 3.84 | $ | 0.31 | $ | 0.9 | |||||||||
Net income per share – diluted | $ | 0.52 | $ | 3.84 | $ | 0.31 | $ | 0.9 | |||||||||
Net income per share – basic: | |||||||||||||||||
Income (loss) from continuing operations available to Common Shares, | $ | 0.522 | $ | (0.620 | ) | $ | 0.308 | $ | (0.157 | ) | |||||||
net of Noncontrolling Interests | |||||||||||||||||
Discontinued operations, net of Noncontrolling Interests | 0.004 | 4.464 | 0.001 | 1.057 | |||||||||||||
Net income per share – basic | $ | 0.526 | $ | 3.844 | $ | 0.309 | $ | 0.9 | |||||||||
Net income per share – diluted (1): | |||||||||||||||||
Income (loss) from continuing operations available to Common Shares | $ | 0.52 | $ | (0.620 | ) | $ | 0.307 | $ | (0.157 | ) | |||||||
Discontinued operations, net | 0.004 | 4.464 | 0.001 | 1.057 | |||||||||||||
Net income per share – diluted | $ | 0.524 | $ | 3.844 | $ | 0.308 | $ | 0.9 | |||||||||
-1 | Potential common shares issuable from the assumed conversion of OP Units and the exercise/vesting of long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per share calculation as the Company had a loss from continuing operations for the six months and quarter ended June 30, 2013. | ||||||||||||||||
ERP Operating Limited Partnership | |||||||||||||||||
The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): | |||||||||||||||||
Six Months Ended June 30, | Quarter Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator for net income per Unit – basic and diluted (1): | |||||||||||||||||
Income (loss) from continuing operations | $ | 183,987 | $ | (223,850 | ) | $ | 102,307 | $ | (58,511 | ) | |||||||
Net gain on sales of real estate properties | 14,903 | — | 14,903 | — | |||||||||||||
Net (income) loss attributable to Noncontrolling Interests – Partially | (1,092 | ) | 790 | (588 | ) | 815 | |||||||||||
Owned Properties | |||||||||||||||||
Allocation to Preference Units | (2,072 | ) | (2,072 | ) | (1,036 | ) | (1,036 | ) | |||||||||
Income (loss) from continuing operations available to Units | 195,726 | (225,132 | ) | 115,586 | (58,732 | ) | |||||||||||
Discontinued operations, net | 1,562 | 1,621,616 | 510 | 395,243 | |||||||||||||
Numerator for net income per Unit – basic and diluted (1) | $ | 197,288 | $ | 1,396,484 | $ | 116,096 | $ | 336,511 | |||||||||
Denominator for net income per Unit – basic and diluted (1): | |||||||||||||||||
Denominator for net income per Unit - basic | 374,377 | 362,390 | 374,551 | 373,403 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Dilution for Units issuable upon assumed exercise/vesting of the | 2,403 | 2,567 | |||||||||||||||
Company’s long-term compensation shares/units | |||||||||||||||||
Denominator for net income per Unit – diluted (1) | 376,780 | 362,390 | 377,118 | 373,403 | |||||||||||||
Net income per Unit – basic | $ | 0.53 | $ | 3.84 | $ | 0.31 | $ | 0.9 | |||||||||
Net income per Unit – diluted | $ | 0.52 | $ | 3.84 | $ | 0.31 | $ | 0.9 | |||||||||
Net income per Unit – basic: | |||||||||||||||||
Income (loss) from continuing operations available to Units | $ | 0.522 | $ | (0.620 | ) | $ | 0.308 | $ | (0.157 | ) | |||||||
Discontinued operations, net | 0.004 | 4.464 | 0.001 | 1.057 | |||||||||||||
Net income per Unit – basic | $ | 0.526 | $ | 3.844 | $ | 0.309 | $ | 0.9 | |||||||||
Net income per Unit – diluted (1): | |||||||||||||||||
Income (loss) from continuing operations available to Units | $ | 0.52 | $ | (0.620 | ) | $ | 0.307 | $ | (0.157 | ) | |||||||
Discontinued operations, net | 0.004 | 4.464 | 0.001 | 1.057 | |||||||||||||
Net income per Unit – diluted | $ | 0.524 | $ | 3.844 | $ | 0.308 | $ | 0.9 | |||||||||
-1 | Potential Units issuable from the assumed exercise/vesting of the Company's long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per Unit calculation as the Operating Partnership had a loss from continuing operations for the six months and quarter ended June 30, 2013. |
Discontinued_Operations
Discontinued Operations | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
11 | Discontinued Operations | ||||||||||||||||
The Company has presented separately as discontinued operations in all periods the results of operations for all consolidated assets disposed of and all properties held for sale, if any, for properties sold in 2013 and prior years. The amounts included in discontinued operations for the six months and quarter ended June 30, 2014 represent trailing activity for properties sold in 2013 and prior years. None of the properties sold during the six months and quarter ended June 30, 2014 met the new criteria for reporting discontinued operations. See Note 2 for further discussion. | |||||||||||||||||
The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets for properties sold in 2013 and prior years during the six months and quarters ended June 30, 2014 and 2013 (amounts in thousands). | |||||||||||||||||
Six Months Ended June 30, | Quarter Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
REVENUES | |||||||||||||||||
Rental income | $ | 1,275 | $ | 107,956 | $ | 252 | $ | 26,174 | |||||||||
Total revenues | 1,275 | 107,956 | 252 | 26,174 | |||||||||||||
EXPENSES (1) | |||||||||||||||||
Property and maintenance | (41 | ) | 31,449 | (89 | ) | 11,025 | |||||||||||
Real estate taxes and insurance | (6 | ) | 10,867 | (19 | ) | 2,273 | |||||||||||
Property management | — | 1 | — | — | |||||||||||||
Depreciation | — | 30,962 | — | 7,146 | |||||||||||||
General and administrative | 51 | 73 | 46 | 65 | |||||||||||||
Total expenses | 4 | 73,352 | (62 | ) | 20,509 | ||||||||||||
Discontinued operating income | 1,271 | 34,604 | 314 | 5,665 | |||||||||||||
Interest and other income | 80 | 90 | 45 | 38 | |||||||||||||
Other expenses | — | (3 | ) | — | (1 | ) | |||||||||||
Interest (2): | |||||||||||||||||
Expense incurred, net | — | (1,258 | ) | — | (6 | ) | |||||||||||
Amortization of deferred financing costs | — | (228 | ) | — | — | ||||||||||||
Income and other tax (expense) benefit | (13 | ) | (463 | ) | (2 | ) | (405 | ) | |||||||||
Discontinued operations | 1,338 | 32,742 | 357 | 5,291 | |||||||||||||
Net gain on sales of discontinued operations | 224 | 1,588,874 | 153 | 389,952 | |||||||||||||
Discontinued operations, net | $ | 1,562 | $ | 1,621,616 | $ | 510 | $ | 395,243 | |||||||||
-1 | Includes expenses paid in the current period for properties sold in prior periods related to the Company’s period of ownership. | ||||||||||||||||
-2 | Includes only interest expense specific to secured mortgage notes payable for properties sold. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |
Jun. 30, 2014 | ||
Commitments and Contingencies [Abstract] | ' | |
Commitments and Contingencies | ' | |
12 | Commitments and Contingencies | |
The Company, as an owner of real estate, is subject to various Federal, state and local environmental laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future. | ||
The Company is party to a housing discrimination lawsuit brought by a non-profit civil rights organization in April 2006 in the U.S. District Court for the District of Maryland. The suit alleges that the Company designed and built approximately 300 of its properties in violation of the accessibility requirements of the Fair Housing Act and Americans With Disabilities Act. The suit seeks actual and punitive damages, injunctive relief (including modification of non-compliant properties), costs and attorneys' fees. The Company believes it has a number of viable defenses, including that a majority of the named properties were completed before the operative dates of the statutes in question and/or were not designed or built by the Company. Accordingly, the Company is defending the suit vigorously. Due to the pendency of the Company’s defenses and the uncertainty of many other critical factual and legal issues, it is not possible to determine or predict the outcome of the suit or a possible loss or a range of loss, and no amounts have been accrued at June 30, 2014. While no assurances can be given, the Company does not believe that the suit, if adversely determined, would have a material adverse effect on the Company. | ||
The Company does not believe there is any other litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company. | ||
As of June 30, 2014, the Company has 12 consolidated projects (including Prism at Park Avenue South in New York City which the Company is jointly developing with Toll Brothers that is discussed below) totaling 3,871 apartment units in various stages of development with commitments to fund of approximately $1.0 billion and estimated completion dates ranging through September 30, 2016, as well as other completed development projects that are in various stages of lease up or are stabilized. Some of the projects are being developed solely by the Company, while others are being co-developed with various third party development partners. The development venture agreements with these partners are primarily deal-specific, with differing terms regarding profit-sharing, equity contributions, returns on investment, buy-sell agreements and other customary provisions. The Company is the "general" or "managing" partner of the development ventures. | ||
As of June 30, 2014, the Company has one unconsolidated project totaling 176 apartment units under development with an estimated completion date of December 31, 2014, as well as other completed development projects that are in various stages of lease up or are stabilized. These projects are all being co-developed with various third party development partners. The development venture agreements with these partners are primarily deal-specific, with differing terms regarding profit-sharing, equity contributions, returns on investment, buy-sell agreements and other customary provisions. The Company currently has no further funding obligations for Domain, Nexus Sawgrass and San Norterra. While the Company is the managing member of the Domain and Nexus Sawgrass joint ventures, was responsible for constructing both projects and has given certain construction cost overrun guarantees, the joint venture partner has significant participating rights and has active involvement in and oversight of the ongoing projects. The Domain and Nexus Sawgrass buy-sell arrangements contain provisions that provide the right, but not the obligation, for the Company to acquire the partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events (including at stabilization) described in the development venture agreements. The respective partner for San Norterra and Parc on Powell (formerly known as 1333 Powell) is the “general” or “managing” partner of the development venture and the Company does not have substantive kick-out or participating rights. The Company has given a repayment guaranty on the construction loan for Parc on Powell of 50% of the outstanding balance, up to a maximum of $19.7 million, and has given certain construction cost overrun guarantees. | ||
In December 2011, the Company and Toll Brothers (NYSE: TOL) jointly acquired a vacant land parcel at 400 Park Avenue South in New York City. The Company's and Toll Brothers' allocated portions of the purchase price were approximately $76.1 million and $57.9 million, respectively. The Company is the managing member and Toll Brothers does not have substantive kick-out or participating rights. Until the core and shell of the building is complete, the building and land will be owned jointly and are required to be consolidated on the Company's balance sheet. Thereafter, the Company will solely own and control the rental portion of the building (floors 2-22) and Toll Brothers will solely own and control the for sale portion of the building (floors 23-40). Once the core and shell are complete, the Toll Brothers' portion of the property will be deconsolidated from the Company's balance sheet. The acquisition was financed through contributions by the Company and Toll Brothers of approximately $102.5 million and $75.7 million, respectively, which included the land purchase noted above, restricted deposits and taxes and fees. As of June 30, 2014, the Company's and Toll Brothers' consolidated contributions to the joint venture were approximately $327.9 million, of which Toll Brothers' noncontrolling interest balance totaled $117.4 million. |
Reportable_Segments
Reportable Segments | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||||||
13 | Reportable Segments | ||||||||||||||||||||||||
Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker decides how resources are allocated and assesses performance on a recurring basis at least quarterly. | |||||||||||||||||||||||||
The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company's operating performance geographically by market and both on a same store and non-same store basis. The Company’s operating segments located in its core markets represent its reportable segments (with the aggregation of Los Angeles, Orange County and San Diego into the Southern California reportable segment). The Company's operating segments located in its non-core markets that are not material have also been aggregated in the tables presented below. | |||||||||||||||||||||||||
The Company’s fee and asset management and development (including its partially owned properties) activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the "Other" category in the tables presented below. | |||||||||||||||||||||||||
All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the six months and quarters ended June 30, 2014 and 2013, respectively. | |||||||||||||||||||||||||
The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense; 2) real estate taxes and insurance expense; and 3) property management expense (all as reflected in the accompanying consolidated statements of operations and comprehensive income). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment communities. Current year NOI is compared to prior year NOI and current year budgeted NOI as a measure of financial performance. The following tables present NOI for each segment from our rental real estate specific to continuing operations for the six months and quarters ended June 30, 2014 and 2013, respectively, as well as total assets and capital expenditures at June 30, 2014 (amounts in thousands): | |||||||||||||||||||||||||
Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
Rental Income | Operating Expenses | NOI | Rental Income | Operating Expenses | NOI | ||||||||||||||||||||
Same store (1) | |||||||||||||||||||||||||
Boston | $ | 125,024 | $ | 41,414 | $ | 83,610 | $ | 120,455 | $ | 39,651 | $ | 80,804 | |||||||||||||
Denver | 54,123 | 15,098 | 39,025 | 50,494 | 14,987 | 35,507 | |||||||||||||||||||
New York | 225,407 | 88,102 | 137,305 | 217,297 | 83,745 | 133,552 | |||||||||||||||||||
San Francisco | 165,343 | 52,960 | 112,383 | 152,459 | 54,109 | 98,350 | |||||||||||||||||||
Seattle | 76,702 | 25,805 | 50,897 | 71,548 | 24,553 | 46,995 | |||||||||||||||||||
South Florida | 97,893 | 36,404 | 61,489 | 93,289 | 35,417 | 57,872 | |||||||||||||||||||
Southern California | 207,272 | 69,450 | 137,822 | 198,366 | 69,149 | 129,217 | |||||||||||||||||||
Washington DC | 222,135 | 72,499 | 149,636 | 223,807 | 71,049 | 152,758 | |||||||||||||||||||
Non-core | 65,607 | 24,495 | 41,112 | 63,715 | 23,931 | 39,784 | |||||||||||||||||||
Total same store | 1,239,506 | 426,227 | 813,279 | 1,191,430 | 416,591 | 774,839 | |||||||||||||||||||
Non-same store/other (2) (3) | |||||||||||||||||||||||||
Boston | 1,817 | 413 | 1,404 | 1,154 | 255 | 899 | |||||||||||||||||||
Seattle | 4,444 | 1,779 | 2,665 | 1,303 | 374 | 929 | |||||||||||||||||||
South Florida | 2,041 | 1,301 | 740 | 24 | 146 | (122 | ) | ||||||||||||||||||
Southern California | 15,623 | 7,452 | 8,171 | 5,397 | 2,593 | 2,804 | |||||||||||||||||||
Washington DC | 10,840 | 3,857 | 6,983 | 5,320 | 1,862 | 3,458 | |||||||||||||||||||
Other (3) | 6,220 | 7,754 | (1,534 | ) | 4,901 | 13,295 | (8,394 | ) | |||||||||||||||||
Total non-same store/other | 40,985 | 22,556 | 18,429 | 18,099 | 18,525 | (426 | ) | ||||||||||||||||||
Archstone pre-ownership (4) | — | — | — | (92,423 | ) | (36,729 | ) | (55,694 | ) | ||||||||||||||||
Total | $ | 1,280,491 | $ | 448,783 | $ | 831,708 | $ | 1,117,106 | $ | 398,387 | $ | 718,719 | |||||||||||||
-1 | Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2013, less properties subsequently sold, which represented 100,648 apartment units. Also includes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company. | ||||||||||||||||||||||||
-2 | Non-same store primarily includes properties acquired after January 1, 2013, plus any properties in lease-up and not stabilized as of January 1, 2013, but excludes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company. | ||||||||||||||||||||||||
-3 | Other includes development, other corporate operations and operations prior to sale for properties sold in 2014 that do not meet the new discontinued operations criteria. | ||||||||||||||||||||||||
-4 | Represents pro forma Archstone pre-ownership results for the period January 1, 2013 to February 27, 2013 that is included in 2013 same store results. | ||||||||||||||||||||||||
Quarter Ended June 30, 2014 | Quarter Ended June 30, 2013 | ||||||||||||||||||||||||
Rental Income | Operating Expenses | NOI | Rental Income | Operating Expenses | NOI | ||||||||||||||||||||
Same store (1) | |||||||||||||||||||||||||
Boston | $ | 63,117 | $ | 19,259 | $ | 43,858 | $ | 61,401 | $ | 19,444 | $ | 41,957 | |||||||||||||
Denver | 27,511 | 7,648 | 19,863 | 25,524 | 7,770 | 17,754 | |||||||||||||||||||
New York | 114,221 | 41,898 | 72,323 | 109,299 | 40,634 | 68,665 | |||||||||||||||||||
San Francisco | 84,082 | 26,305 | 57,777 | 77,514 | 25,955 | 51,559 | |||||||||||||||||||
Seattle | 38,977 | 13,037 | 25,940 | 36,176 | 12,316 | 23,860 | |||||||||||||||||||
South Florida | 49,456 | 18,220 | 31,236 | 47,051 | 17,774 | 29,277 | |||||||||||||||||||
Southern California | 104,608 | 34,811 | 69,797 | 100,156 | 34,275 | 65,881 | |||||||||||||||||||
Washington DC | 111,739 | 35,102 | 76,637 | 112,815 | 35,165 | 77,650 | |||||||||||||||||||
Non-core | 33,035 | 11,806 | 21,229 | 32,110 | 11,880 | 20,230 | |||||||||||||||||||
Total same store | 626,746 | 208,086 | 418,660 | 602,046 | 205,213 | 396,833 | |||||||||||||||||||
Non-same store/other (2) (3) | |||||||||||||||||||||||||
Boston | 790 | 202 | 588 | 898 | 201 | 697 | |||||||||||||||||||
Seattle | 2,756 | 1,042 | 1,714 | 1,271 | 373 | 898 | |||||||||||||||||||
South Florida | 1,241 | 760 | 481 | 14 | 68 | (54 | ) | ||||||||||||||||||
Southern California | 8,446 | 4,261 | 4,185 | 4,106 | 1,976 | 2,130 | |||||||||||||||||||
Washington DC | 5,906 | 1,954 | 3,952 | 3,512 | 1,209 | 2,303 | |||||||||||||||||||
Other (3) | 3,881 | 2,693 | 1,188 | 2,697 | 3,234 | (537 | ) | ||||||||||||||||||
Total non-same store/other | 23,020 | 10,912 | 12,108 | 12,498 | 7,061 | 5,437 | |||||||||||||||||||
Total | $ | 649,766 | $ | 218,998 | $ | 430,768 | $ | 614,544 | $ | 212,274 | $ | 402,270 | |||||||||||||
-1 | Same store primarily includes all properties acquired or completed and stabilized prior to April 1, 2013, less properties subsequently sold, which represented 100,648 apartment units. Also includes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company. | ||||||||||||||||||||||||
-2 | Non-same store primarily includes properties acquired after April 1, 2013, plus any properties in lease-up and not stabilized as of April 1, 2013, but excludes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company. | ||||||||||||||||||||||||
-3 | Other includes development, other corporate operations and operations prior to sale for properties sold in 2014 that do not meet the new discontinued operations criteria. | ||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||
Total Assets | Capital Expenditures | ||||||||||||||||||||||||
Same store (1) | |||||||||||||||||||||||||
Boston | $ | 1,953,627 | $ | 8,814 | |||||||||||||||||||||
Denver | 530,832 | 1,904 | |||||||||||||||||||||||
New York | 4,720,592 | 8,202 | |||||||||||||||||||||||
San Francisco | 2,753,902 | 12,704 | |||||||||||||||||||||||
Seattle | 1,046,051 | 5,264 | |||||||||||||||||||||||
South Florida | 1,170,295 | 7,600 | |||||||||||||||||||||||
Southern California | 2,978,750 | 11,953 | |||||||||||||||||||||||
Washington DC | 4,270,418 | 14,834 | |||||||||||||||||||||||
Non-core | 605,225 | 3,123 | |||||||||||||||||||||||
Total same store | 20,029,692 | 74,398 | |||||||||||||||||||||||
Non-same store/other (2) (3) | |||||||||||||||||||||||||
Boston | 48,830 | 630 | |||||||||||||||||||||||
Seattle | 226,604 | 281 | |||||||||||||||||||||||
South Florida | 70,896 | 16 | |||||||||||||||||||||||
Southern California | 511,343 | 645 | |||||||||||||||||||||||
Washington DC | 306,594 | 852 | |||||||||||||||||||||||
Other (3) | 1,797,443 | 90 | |||||||||||||||||||||||
Total non-same store/other | 2,961,710 | 2,514 | |||||||||||||||||||||||
Total | $ | 22,991,402 | $ | 76,912 | |||||||||||||||||||||
-1 | Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2013, less properties subsequently sold, which represented 100,648 apartment units. Also includes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company. | ||||||||||||||||||||||||
-2 | Non-same store primarily includes properties acquired after January 1, 2013, plus any properties in lease-up and not stabilized as of January 1, 2013, but excludes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company. | ||||||||||||||||||||||||
-3 | Other includes development, other corporate operations and capital expenditures for properties sold. | ||||||||||||||||||||||||
Note: Markets/Metro Areas aggregated in the above Southern California and Non-core segments are as follows: | |||||||||||||||||||||||||
(a) Southern California – Los Angeles, Orange County and San Diego. | |||||||||||||||||||||||||
(b) Non-core – Inland Empire, CA, New England (excluding Boston), Orlando and Phoenix. | |||||||||||||||||||||||||
The following table presents a reconciliation of NOI from our rental real estate specific to continuing operations for the six months and quarters ended June 30, 2014 and 2013, respectively (amounts in thousands): | |||||||||||||||||||||||||
Six Months Ended June 30, | Quarter Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Rental income | $ | 1,280,491 | $ | 1,117,106 | $ | 649,766 | $ | 614,544 | |||||||||||||||||
Property and maintenance expense | (240,961 | ) | (212,030 | ) | (115,388 | ) | (113,501 | ) | |||||||||||||||||
Real estate taxes and insurance expense | (165,149 | ) | (141,837 | ) | (83,055 | ) | (76,742 | ) | |||||||||||||||||
Property management expense | (42,673 | ) | (44,520 | ) | (20,555 | ) | (22,031 | ) | |||||||||||||||||
Total operating expenses | (448,783 | ) | (398,387 | ) | (218,998 | ) | (212,274 | ) | |||||||||||||||||
Net operating income | $ | 831,708 | $ | 718,719 | $ | 430,768 | $ | 402,270 | |||||||||||||||||
Subsequent_EventsOther
Subsequent Events/Other | 6 Months Ended | |
Jun. 30, 2014 | ||
Subsequent Events Other [Abstract] | ' | |
Subsequent Events/Other | ' | |
14 | Subsequent Events/Other | |
Subsequent Events | ||
Subsequent to June 30, 2014, the Company: | ||
• | Acquired one land parcel for $13.0 million; | |
• | Repaid $60.7 million in mortgage loans; and | |
• | Closed on the sale of its unconsolidated interest in the remaining Residual JV wholly-owned German real estate assets that were acquired as part of the Archstone Acquisition. With this sale, all German real estate assets have now been sold. | |
Other | ||
During the six months ended June 30, 2014 and 2013, the Company incurred charges of $0.1 million and $0.1 million, respectively, related to property acquisition costs, such as survey, title and legal fees, on the acquisition of operating properties (excluding the Archstone Transaction) and $1.5 million and $3.4 million, respectively, related to the write-off of various pursuit and out-of-pocket costs for terminated acquisition, disposition and development transactions. These costs, totaling $1.6 million and $3.5 million, respectively, are included in other expenses in the accompanying consolidated statements of operations and comprehensive income. See Note 4 for details on the property acquisition costs related to the Archstone Transaction. | ||
During the six months ended June 30, 2014, the Company received $2.3 million for the settlement of various litigation/insurance claims, which are included in interest and other income in the accompanying consolidated statements of operations and comprehensive income. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Certain reclassifications have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications did not have an impact on net income previously reported. Operating results for the six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |
In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. | |
The balance sheets at December 31, 2013 have been derived from the audited financial statements at that date but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. | |
For further information, including definitions of capitalized terms not defined herein, refer to the consolidated financial statements and footnotes thereto included in the Company’s and the Operating Partnership's annual report on Form 10-K for the year ended December 31, 2013. | |
Income and Other Taxes | ' |
Income and Other Taxes | |
Due to the structure of EQR as a REIT and the nature of the operations of its operating properties, no provision for federal income taxes has been made at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their proportionate share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected Taxable REIT Subsidiary (“TRS”) status for certain of its corporate subsidiaries and as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. | |
Deferred tax assets and liabilities applicable to the TRS are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates for which the temporary differences are expected to be recovered or settled. The effects of changes in tax rates on deferred tax assets and liabilities are recognized in earnings in the period enacted. The Company’s deferred tax assets are generally the result of tax affected suspended interest deductions, net operating losses, differing depreciable lives on capitalized assets and the timing of expense recognition for certain accrued liabilities. As of June 30, 2014, the Company has recorded a deferred tax asset, which is fully offset by a valuation allowance due to the uncertainty in forecasting future TRS taxable income. | |
Other | ' |
Other | |
The Company is the controlling partner in various consolidated partnerships owning 19 properties and 3,752 apartment units and various completed and uncompleted development properties having a noncontrolling interest book value of $125.8 million at June 30, 2014. The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated entities described above, the Company is the controlling partner in limited-life partnerships owning six properties having a noncontrolling interest deficit balance of $10.2 million. These six partnership agreements contain provisions that require the partnerships to be liquidated through the sale of their assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute the proceeds of liquidation to the Noncontrolling Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of their assets warrant a distribution based on the partnership agreements. As of June 30, 2014, the Company estimates the value of Noncontrolling Interest distributions for these six properties would have been approximately $53.2 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 six Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on June 30, 2014 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 Noncontrolling Interests in the Company's Partially Owned Properties is subject to change. To the extent that the partnerships' underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Noncontrolling Interests in these Partially Owned Properties. | |
Effective January 1, 2013, companies are required to report, in one place, information about reclassifications out of accumulated other comprehensive income ("AOCI"). Companies are also required to report changes in AOCI balances. For significant items reclassified out of AOCI to net income in their entirety in the same reporting period, reporting is required about the effect of the reclassifications on the respective line items in the statement where net income is presented. For items that are not reclassified to net income in their entirety in the same reporting period, a cross reference to other disclosures currently required under US GAAP is required in the notes. This does not have a material effect on the Company's consolidated results of operations or financial position. See Note 9 for further discussion. | |
Effective January 1, 2014, companies are required to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of the amount a company agreed to pay on the basis of its arrangement among its co-obligors and any additional amount a company expects to pay on behalf of its co-obligors. Companies are required to disclose the nature and amount of the obligation as well as other information about those obligations. This does not have a material effect on the Company's consolidated results of operations or financial position. | |
In April 2014, the Financial Accounting Standards Board (the "FASB") issued new guidance for reporting discontinued operations. Only disposals representing a strategic shift in operations that has a major effect on a company’s operations and financial results will be presented as discontinued operations. Companies will be required to expand their disclosures about discontinued operations to provide more information on the assets, liabilities, income and expenses of the discontinued operations. Companies will also be required to disclose the pre-tax income attributable to a disposal of a significant part of a company that does not qualify for discontinued operations reporting. Application of this guidance is prospective from the date of adoption and early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued. The new standard is effective January 1, 2015 but the Company early adopted it as allowed effective January 1, 2014. Adoption of this standard did not have a material effect on the Company's overall consolidated results of operations or financial position. However, adoption will result in substantially fewer of the Company's dispositions meeting the discontinued operations qualifications. See Note 11 for further discussion. | |
In May 2014, the FASB issued a comprehensive new revenue recognition standard entitled Revenue from Contracts with Customers that will supersede nearly all existing revenue recognition guidance. The new standard specifically excludes lease contracts. The new standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Companies will likely need to use more judgment and make more estimates than under current revenue recognition guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration, if any, to include in the transaction price and allocating the transaction price to each separate performance obligation. The new standard will be effective for the Company beginning on January 1, 2017 and early adoption is not permitted. The new standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The Company has not yet selected a transition method and is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position. |
Business_Tables
Business (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Business [Abstract] | ' | ||||||
Schedule of Real Estate Properties | ' | ||||||
The ownership breakdown includes (table does not include various uncompleted development properties): | |||||||
Properties | Apartment | ||||||
Units | |||||||
Wholly Owned Properties | 369 | 100,210 | |||||
Master-Leased Properties – Consolidated | 3 | 853 | |||||
Partially Owned Properties – Consolidated | 19 | 3,752 | |||||
Partially Owned Properties – Unconsolidated | 4 | 1,669 | |||||
Military Housing | 2 | 5,007 | |||||
397 | 111,491 | ||||||
Equity_Capital_and_Other_Inter1
Equity, Capital and Other Interests (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Redeemable Noncontrolling Interest [Table Text Block] | ' | ||||||||||||||
The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership for the six months ended June 30, 2014 (amounts in thousands): | |||||||||||||||
2014 | |||||||||||||||
Balance at January 1, | $ | 363,144 | |||||||||||||
Change in market value | 80,615 | ||||||||||||||
Change in carrying value | (3,709 | ) | |||||||||||||
Balance at June 30, | $ | 440,050 | |||||||||||||
Common shares and units rollforward | ' | ||||||||||||||
The following tables present the changes in the Company’s issued and outstanding Common Shares and “Units” (which includes OP Units and Long-Term Incentive Plan (“LTIP”) Units) for the six months ended June 30, 2014: | |||||||||||||||
2014 | |||||||||||||||
Common Shares | |||||||||||||||
Common Shares outstanding at January 1, | 360,479,260 | ||||||||||||||
Common Shares Issued: | |||||||||||||||
Conversion of OP Units | 56,536 | ||||||||||||||
Exercise of share options | 851,514 | ||||||||||||||
Employee Share Purchase Plan (ESPP) | 47,457 | ||||||||||||||
Restricted share grants, net | 170,626 | ||||||||||||||
Common Shares Other: | |||||||||||||||
Conversion of restricted shares to LTIP Units | (12,146 | ) | |||||||||||||
Repurchased and retired | (31,240 | ) | |||||||||||||
Common Shares outstanding at June 30, | 361,562,007 | ||||||||||||||
Units | |||||||||||||||
Units outstanding at January 1, | 14,180,376 | ||||||||||||||
LTIP Units, net | 200,840 | ||||||||||||||
Conversion of restricted shares to LTIP Units | 12,146 | ||||||||||||||
Conversion of OP Units to Common Shares | (56,536 | ) | |||||||||||||
Units outstanding at June 30, | 14,336,826 | ||||||||||||||
Total Common Shares and Units outstanding at June 30, | 375,898,833 | ||||||||||||||
Units Ownership Interest in Operating Partnership | 3.8 | % | |||||||||||||
Schedule Of Preferred Stock [Table Text Block] | ' | ||||||||||||||
The following table presents the Company’s issued and outstanding Preferred Shares as of June 30, 2014 and December 31, 2013: | |||||||||||||||
Amounts in thousands | |||||||||||||||
Redemption | Annual | June 30, | December 31, | ||||||||||||
Date (1) | Dividend per | 2014 | 2013 | ||||||||||||
Share (2) | |||||||||||||||
Preferred Shares of beneficial interest, $0.01 par value; | |||||||||||||||
100,000,000 shares authorized: | |||||||||||||||
8.29% Series K Cumulative Redeemable Preferred; liquidation | 12/10/26 | $4.14 | $ | 50,000 | $ | 50,000 | |||||||||
value $50 per share; 1,000,000 shares issued and outstanding | |||||||||||||||
at June 30, 2014 and December 31, 2013 | |||||||||||||||
$ | 50,000 | $ | 50,000 | ||||||||||||
-1 | On or after the redemption date, redeemable preferred shares may be redeemed for cash at the option of the Company, in whole or | ||||||||||||||
in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any. | |||||||||||||||
-2 | Dividends on Preferred Shares are payable quarterly. | ||||||||||||||
Limited Partner [Member] | ' | ||||||||||||||
Redeemable Noncontrolling Interest [Table Text Block] | ' | ||||||||||||||
The following table presents the changes in the redemption value of the Redeemable Limited Partners for the six months ended June 30, 2014 (amounts in thousands): | |||||||||||||||
2014 | |||||||||||||||
Balance at January 1, | $ | 363,144 | |||||||||||||
Change in market value | 80,615 | ||||||||||||||
Change in carrying value | (3,709 | ) | |||||||||||||
Balance at June 30, | $ | 440,050 | |||||||||||||
Common shares and units rollforward | ' | ||||||||||||||
The following tables present the changes in the Operating Partnership’s issued and outstanding Units and in the limited partners’ Units for the six months ended June 30, 2014: | |||||||||||||||
2014 | |||||||||||||||
General and Limited Partner Units | |||||||||||||||
General and Limited Partner Units outstanding at January 1, | 374,659,636 | ||||||||||||||
Issued to General Partner: | |||||||||||||||
Exercise of EQR share options | 851,514 | ||||||||||||||
EQR’s Employee Share Purchase Plan (ESPP) | 47,457 | ||||||||||||||
EQR's restricted share grants, net | 170,626 | ||||||||||||||
Issued to Limited Partners: | |||||||||||||||
LTIP Units, net | 200,840 | ||||||||||||||
OP Units Other: | |||||||||||||||
Repurchased and retired | (31,240 | ) | |||||||||||||
General and Limited Partner Units outstanding at June 30, | 375,898,833 | ||||||||||||||
Limited Partner Units | |||||||||||||||
Limited Partner Units outstanding at January 1, | 14,180,376 | ||||||||||||||
Limited Partner LTIP Units, net | 200,840 | ||||||||||||||
Conversion of EQR restricted shares to LTIP Units | 12,146 | ||||||||||||||
Conversion of Limited Partner OP Units to EQR Common Shares | (56,536 | ) | |||||||||||||
Limited Partner Units outstanding at June 30, | 14,336,826 | ||||||||||||||
Limited Partner Units Ownership Interest in Operating Partnership | 3.8 | % | |||||||||||||
Schedule Of Preferred Stock [Table Text Block] | ' | ||||||||||||||
The following table presents the Operating Partnership’s issued and outstanding “Preference Units” as of June 30, 2014 and December 31, 2013: | |||||||||||||||
Amounts in thousands | |||||||||||||||
Redemption | Annual | June 30, | December 31, | ||||||||||||
Date (1) | Dividend per | 2014 | 2013 | ||||||||||||
Unit (2) | |||||||||||||||
Preference Units: | |||||||||||||||
8.29% Series K Cumulative Redeemable Preference Units; | 12/10/26 | $4.14 | $ | 50,000 | $ | 50,000 | |||||||||
liquidation value $50 per unit; 1,000,000 units issued and | |||||||||||||||
outstanding at June 30, 2014 and December 31, 2013 | |||||||||||||||
$ | 50,000 | $ | 50,000 | ||||||||||||
-1 | On or after the redemption date, redeemable preference units may be redeemed for cash at the option of the Operating Partnership, in whole or in part, at a redemption price equal to the liquidation price per unit, plus accrued and unpaid distributions, if any, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares. | ||||||||||||||
-2 | Dividends on Preference Units are payable quarterly. |
Real_Estate_Tables
Real Estate (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Real Estate Investments And Accumlated Depreciation [Table Text Block} | ' | ||||||||||||||||||||||||
The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of June 30, 2014 and December 31, 2013 (amounts in thousands): | |||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Land | $ | 6,296,735 | $ | 6,192,512 | |||||||||||||||||||||
Depreciable property: | |||||||||||||||||||||||||
Buildings and improvements | 17,920,222 | 17,509,609 | |||||||||||||||||||||||
Furniture, fixtures and equipment | 1,302,882 | 1,214,220 | |||||||||||||||||||||||
In-Place lease intangibles | 507,633 | 502,218 | |||||||||||||||||||||||
Projects under development: | |||||||||||||||||||||||||
Land | 391,156 | 353,574 | |||||||||||||||||||||||
Construction-in-progress | 615,836 | 635,293 | |||||||||||||||||||||||
Land held for development: | |||||||||||||||||||||||||
Land | 256,536 | 341,389 | |||||||||||||||||||||||
Construction-in-progress | 50,089 | 52,133 | |||||||||||||||||||||||
Investment in real estate | 27,341,089 | 26,800,948 | |||||||||||||||||||||||
Accumulated depreciation | (5,170,438 | ) | (4,807,709 | ) | |||||||||||||||||||||
Investment in real estate, net | $ | 22,170,651 | $ | 21,993,239 | |||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||||||||||||||
The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of June 30, 2014 and December 31, 2013 (amounts in thousands): | |||||||||||||||||||||||||
Description | Balance Sheet Location | June 30, | December 31, | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Ground lease intangibles – below market | Other Assets | $ | 178,251 | $ | 178,251 | ||||||||||||||||||||
Retail lease intangibles – above market | Other Assets | 1,260 | 1,260 | ||||||||||||||||||||||
Lease intangible assets | 179,511 | 179,511 | |||||||||||||||||||||||
Accumulated amortization | (6,641 | ) | (4,364 | ) | |||||||||||||||||||||
Lease intangible assets, net | $ | 172,870 | $ | 175,147 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Ground lease intangibles – above market | Other Liabilities | $ | 2,400 | $ | 2,400 | ||||||||||||||||||||
Retail lease intangibles – below market | Other Liabilities | 5,270 | 5,500 | ||||||||||||||||||||||
Lease intangible liabilities | 7,670 | 7,900 | |||||||||||||||||||||||
Accumulated amortization | (1,678 | ) | (1,161 | ) | |||||||||||||||||||||
Lease intangible liabilities, net | $ | 5,992 | $ | 6,739 | |||||||||||||||||||||
Schedule of Expected Amortization Expense [Table Text Block] | ' | ||||||||||||||||||||||||
The following table provides a summary of the aggregate amortization expense for above and below market ground lease intangibles and retail lease intangibles for each of the next five years (amounts in thousands): | |||||||||||||||||||||||||
Remaining | |||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||
Ground lease intangibles | $ | 2,161 | $ | 4,321 | $ | 4,321 | $ | 4,321 | $ | 4,321 | $ | 4,321 | |||||||||||||
Retail lease intangibles | (469 | ) | (939 | ) | (896 | ) | (540 | ) | (71 | ) | (71 | ) | |||||||||||||
Total | $ | 1,692 | $ | 3,382 | $ | 3,425 | $ | 3,781 | $ | 4,250 | $ | 4,250 | |||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||||||||||||||||||
The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed, which the Company determined using Level 1, Level 2 and Level 3 inputs (amounts in thousands): | |||||||||||||||||||||||||
Land | $ | 2,239,000 | |||||||||||||||||||||||
Depreciable property: | |||||||||||||||||||||||||
Buildings and improvements | 5,765,538 | ||||||||||||||||||||||||
Furniture, fixtures and equipment | 61,470 | ||||||||||||||||||||||||
In-Place lease intangibles | 304,830 | ||||||||||||||||||||||||
Projects under development | 36,583 | ||||||||||||||||||||||||
Land held for development | 244,097 | ||||||||||||||||||||||||
Investments in unconsolidated entities | 230,608 | ||||||||||||||||||||||||
Other assets | 195,260 | ||||||||||||||||||||||||
Other liabilities | (108,997 | ) | |||||||||||||||||||||||
Net assets acquired | $ | 8,968,389 | |||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Text Block] | ' | ||||||||||||||||||||||||
The following table summarizes the acquisition date fair values of the above and below market ground and retail lease intangibles, which we determined using Level 2 and Level 3 inputs (amounts in thousands): | |||||||||||||||||||||||||
Description | Balance Sheet Location | Fair Value | |||||||||||||||||||||||
Ground lease intangibles – below market | Other Assets | $ | 178,251 | ||||||||||||||||||||||
Retail lease intangibles – above market | Other Assets | 1,260 | |||||||||||||||||||||||
Ground lease intangibles – above market | Other Liabilities | 2,400 | |||||||||||||||||||||||
Retail lease intangibles – below market | Other Liabilities | 8,040 | |||||||||||||||||||||||
Acquired Properties Table Text Block | ' | ||||||||||||||||||||||||
During the six months ended June 30, 2014, the Company disposed of the following to unaffiliated parties (sales price in thousands): | |||||||||||||||||||||||||
Properties | Apartment Units | Sales Price | |||||||||||||||||||||||
Rental Properties | 1 | 336 | $ | 40,850 | |||||||||||||||||||||
Land Parcel | — | — | 8,200 | ||||||||||||||||||||||
Total | 1 | 336 | $ | 49,050 | |||||||||||||||||||||
During the six months ended June 30, 2014, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands): | |||||||||||||||||||||||||
Properties | Apartment Units | Purchase Price | |||||||||||||||||||||||
Rental Properties – Consolidated | 3 | 772 | $ | 249,610 | |||||||||||||||||||||
Land Parcels – Consolidated | — | — | 15,790 | ||||||||||||||||||||||
Total | 3 | 772 | $ | 265,400 | |||||||||||||||||||||
Statement [Line Items] | ' | ||||||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||||||||||||||
The following table illustrates the effect on net income, earnings per share – basic and earnings per share – diluted as if the Company had consummated the Archstone Acquisition as of January 1, 2012 (amounts in thousands, except per share amounts): | |||||||||||||||||||||||||
Six Months Ended | Quarter Ended | ||||||||||||||||||||||||
30-Jun-13 | 30-Jun-13 | ||||||||||||||||||||||||
Total revenues | $ | 1,256,088 | $ | 635,078 | |||||||||||||||||||||
Income from continuing operations | 60,541 | 96,585 | |||||||||||||||||||||||
Discontinued operations, net | 1,608,374 | 389,329 | |||||||||||||||||||||||
Net income | 1,668,915 | 485,914 | |||||||||||||||||||||||
Net income available to Common Shares | 1,601,368 | 467,237 | |||||||||||||||||||||||
Earnings per share - basic: | |||||||||||||||||||||||||
Net income available to Common Shares | $ | 4.45 | $ | 1.3 | |||||||||||||||||||||
Weighted average Common Shares outstanding (1) | 359,509 | 359,653 | |||||||||||||||||||||||
Earnings per share - diluted: | |||||||||||||||||||||||||
Net income available to Common Shares | $ | 4.44 | $ | 1.29 | |||||||||||||||||||||
Weighted average Common Shares outstanding (1) | 375,722 | 375,910 | |||||||||||||||||||||||
-1 | Includes an adjustment for Common Shares issued to the public in November/December 2012 and to an affiliate of Lehman Brothers Holdings Inc. in February 2013 as partial consideration for the Archstone Acquisition. | ||||||||||||||||||||||||
Limited Partner [Member] | ' | ||||||||||||||||||||||||
Statement [Line Items] | ' | ||||||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||||||||||||||
The following table illustrates the effect on net income, earnings per Unit – basic and earnings per Unit – diluted as if the Operating Partnership had consummated the Archstone Acquisition as of January 1, 2012 (amounts in thousands, except per Unit amounts): | |||||||||||||||||||||||||
Six Months Ended | Quarter Ended | ||||||||||||||||||||||||
30-Jun-13 | 30-Jun-13 | ||||||||||||||||||||||||
Total revenues | $ | 1,256,088 | $ | 635,078 | |||||||||||||||||||||
Income from continuing operations | 60,541 | 96,585 | |||||||||||||||||||||||
Discontinued operations, net | 1,608,374 | 389,329 | |||||||||||||||||||||||
Net income | 1,668,915 | 485,914 | |||||||||||||||||||||||
Net income available to Units | 1,668,439 | 485,693 | |||||||||||||||||||||||
Earnings per Unit - basic: | |||||||||||||||||||||||||
Net income available to Units | $ | 4.45 | $ | 1.3 | |||||||||||||||||||||
Weighted average Units outstanding (1) | 373,245 | 373,403 | |||||||||||||||||||||||
Earnings per Unit - diluted: | |||||||||||||||||||||||||
Net income available to Units | $ | 4.44 | $ | 1.29 | |||||||||||||||||||||
Weighted average Units outstanding (1) | 375,722 | 375,910 | |||||||||||||||||||||||
-1 | Includes an adjustment for Common Shares issued to the public in November/December 2012 and to an affiliate of Lehman Brothers Holdings Inc. in February 2013 as partial consideration for the Archstone Acquisition. Concurrent with these transactions, ERPOP issued the same number of OP Units to EQR. |
Commitments_to_AcquireDispose_1
Commitments to Acquire/Dispose of Real Estate (Tables) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Commitments to Acquire Dispose of Real Estate [Abstract] | ' | ||||||||||
Real Estate to be Acquired Table Text Block | ' | ||||||||||
he Company has entered into a separate agreement to acquire the following (purchase price in thousands): | |||||||||||
Properties | Apartment Units | Purchase Price | |||||||||
Land Parcel | — | — | $ | 3,300 | |||||||
Total | — | — | $ | 3,300 | |||||||
Real Estate To Be Disposed Of Text Block | ' | ||||||||||
The Company has entered into separate agreements to dispose of the following (sales price in thousands): | |||||||||||
Properties | Apartment Units | Sales Price | |||||||||
Rental Properties | 6 | 2,005 | $ | 306,350 | |||||||
Land Parcel | — | — | 54,402 | ||||||||
Total | 6 | 2,005 | $ | 360,752 | |||||||
Investments_in_Partially_Owned1
Investments in Partially Owned Entities (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Investments in Partially Owned Entities [Abstract] | ' | |||||||||||||||||||||||||||
Partially Owned Property Balance Sheet Schedule [Table Text Block] | ' | |||||||||||||||||||||||||||
The following tables and information summarize the Company’s investments in partially owned entities as of June 30, 2014 (amounts in thousands except for project and apartment unit amounts): | ||||||||||||||||||||||||||||
Consolidated | Unconsolidated | |||||||||||||||||||||||||||
Development Projects | Development Projects | |||||||||||||||||||||||||||
Held for | Operating | Total | Held for | Completed, Not Stabilized (3) | Operating | Total | ||||||||||||||||||||||
and/or Under | and/or Under | |||||||||||||||||||||||||||
Development | Development | |||||||||||||||||||||||||||
Total projects (1) | — | 19 | 19 | — | 2 | 2 | 4 | |||||||||||||||||||||
Total apartment units (1) | — | 3,752 | 3,752 | — | 945 | 724 | 1,669 | |||||||||||||||||||||
Balance sheet information at 6/30/14 (at 100%): | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Investment in real estate | $ | 329,668 | $ | 676,848 | $ | 1,006,516 | $ | 55,998 | $ | 233,411 | $ | 108,164 | $ | 397,573 | ||||||||||||||
Accumulated depreciation | — | (183,571 | ) | (183,571 | ) | — | (6,693 | ) | (7,136 | ) | (13,829 | ) | ||||||||||||||||
Investment in real estate, net | 329,668 | 493,277 | 822,945 | 55,998 | 226,718 | 101,028 | 383,744 | |||||||||||||||||||||
Cash and cash equivalents | 4,488 | 14,125 | 18,613 | 454 | 2,830 | 1,582 | 4,866 | |||||||||||||||||||||
Investments in unconsolidated entities | — | 53,209 | 53,209 | — | — | — | — | |||||||||||||||||||||
Deposits – restricted | 34,761 | 250 | 35,011 | — | 130 | 47 | 177 | |||||||||||||||||||||
Deferred financing costs, net | — | 2,318 | 2,318 | 53 | 4 | 122 | 179 | |||||||||||||||||||||
Other assets | 6,679 | 26,176 | 32,855 | 14 | 41 | 1,250 | 1,305 | |||||||||||||||||||||
Total assets | $ | 375,596 | $ | 589,355 | $ | 964,951 | $ | 56,519 | $ | 229,723 | $ | 104,029 | $ | 390,271 | ||||||||||||||
LIABILITIES AND EQUITY/CAPITAL | ||||||||||||||||||||||||||||
Mortgage notes payable (2) | $ | — | $ | 360,305 | $ | 360,305 | $ | 21,982 | $ | 145,016 | $ | 63,305 | $ | 230,303 | ||||||||||||||
Accounts payable & accrued expenses | 12,313 | 1,730 | 14,043 | 5,095 | 955 | 350 | 6,400 | |||||||||||||||||||||
Accrued interest payable | — | 1,265 | 1,265 | 43 | 687 | 42 | 772 | |||||||||||||||||||||
Other liabilities | 140 | 1,252 | 1,392 | — | 244 | 1,046 | 1,290 | |||||||||||||||||||||
Security deposits | — | 1,916 | 1,916 | — | 279 | 140 | 419 | |||||||||||||||||||||
Total liabilities | 12,453 | 366,468 | 378,921 | 27,120 | 147,181 | 64,883 | 239,184 | |||||||||||||||||||||
Noncontrolling Interests – Partially Owned | 117,677 | 8,166 | 125,843 | 27,858 | 70,428 | 23,434 | 121,720 | |||||||||||||||||||||
Properties/Partners' equity | ||||||||||||||||||||||||||||
Company equity/General and Limited Partners' | 245,466 | 214,721 | 460,187 | 1,541 | 12,114 | 15,712 | 29,367 | |||||||||||||||||||||
Capital | ||||||||||||||||||||||||||||
Total equity/capital | 363,143 | 222,887 | 586,030 | 29,399 | 82,542 | 39,146 | 151,087 | |||||||||||||||||||||
Total liabilities and equity/capital | $ | 375,596 | $ | 589,355 | $ | 964,951 | $ | 56,519 | $ | 229,723 | $ | 104,029 | $ | 390,271 | ||||||||||||||
Partially Owned Property Income Statement Schedule [Table Text Block] | ' | |||||||||||||||||||||||||||
Consolidated | Unconsolidated | |||||||||||||||||||||||||||
Development Projects | Development Projects | |||||||||||||||||||||||||||
Held for | Held for | Operating | ||||||||||||||||||||||||||
and/or Under | and/or Under | Completed, Not Stabilized (3) | ||||||||||||||||||||||||||
Development | Operating | Total | Development | Total | ||||||||||||||||||||||||
Operating information for the six months | ||||||||||||||||||||||||||||
ended 6/30/14 (at 100%): | ||||||||||||||||||||||||||||
Operating revenue | $ | — | $ | 43,110 | $ | 43,110 | $ | — | $ | 7,958 | $ | 5,060 | $ | 13,018 | ||||||||||||||
Operating expenses | 154 | 12,825 | 12,979 | 132 | 3,287 | 1,856 | 5,275 | |||||||||||||||||||||
Net operating (loss) income | (154 | ) | 30,285 | 30,131 | (132 | ) | 4,671 | 3,204 | 7,743 | |||||||||||||||||||
Depreciation | — | 10,768 | 10,768 | — | 5,299 | 2,039 | 7,338 | |||||||||||||||||||||
General and administrative/other | (3 | ) | 26 | 23 | — | 1 | 122 | 123 | ||||||||||||||||||||
Operating (loss) income | (151 | ) | 19,491 | 19,340 | (132 | ) | (629 | ) | 1,043 | 282 | ||||||||||||||||||
Interest and other income | — | 3 | 3 | — | — | — | — | |||||||||||||||||||||
Other expenses | (76 | ) | (32 | ) | (108 | ) | — | — | — | — | ||||||||||||||||||
Interest: | ||||||||||||||||||||||||||||
Expense incurred, net | — | (7,788 | ) | (7,788 | ) | — | (3,864 | ) | (926 | ) | (4,790 | ) | ||||||||||||||||
Amortization of deferred financing costs | — | (177 | ) | (177 | ) | — | — | (7 | ) | (7 | ) | |||||||||||||||||
(Loss) income before income and other taxes | (227 | ) | 11,497 | 11,270 | (132 | ) | (4,493 | ) | 110 | (4,515 | ) | |||||||||||||||||
and (loss) from investments in | ||||||||||||||||||||||||||||
unconsolidated entities | ||||||||||||||||||||||||||||
Income and other tax (expense) benefit | — | (45 | ) | (45 | ) | — | (7 | ) | — | (7 | ) | |||||||||||||||||
(Loss) from investments in unconsolidated | — | (879 | ) | (879 | ) | — | — | — | — | |||||||||||||||||||
entities | ||||||||||||||||||||||||||||
Net (loss) income | $ | (227 | ) | $ | 10,573 | $ | 10,346 | $ | (132 | ) | $ | (4,500 | ) | $ | 110 | $ | (4,522 | ) | ||||||||||
-1 | Project and apartment unit counts exclude all uncompleted development projects until those projects are substantially completed. | |||||||||||||||||||||||||||
-2 | All debt is non-recourse to the Company with the exception of 50% of the current $22.0 million outstanding debt balance on one unconsolidated development project. | |||||||||||||||||||||||||||
-3 | Projects included here are substantially complete. However, they may still require additional exterior and interior work for all units to be available for leasing. | |||||||||||||||||||||||||||
Note: | The above tables exclude the Company's interests in unconsolidated joint ventures entered into with AVB in connection with the Archstone Transaction. These ventures own certain non-core Archstone assets that are held for sale and succeeded to certain residual Archstone liabilities, such as liability for various employment-related matters as well as responsibility for tax protection arrangements and third-party preferred interests in former Archstone subsidiaries. The preferred interests have an aggregate liquidation value of $76.8 million at June 30, 2014. The ventures are owned 60% by the Company and 40% by AVB. |
Deposits_Restricted_Tables
Deposits - Restricted (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Deposits - Restricted [Abstract] | ' | ||||||||
Schedule of Restricted Cash and Cash Equivalents [Table Text Block] | ' | ||||||||
The following table presents the Company’s restricted deposits as of June 30, 2014 and December 31, 2013 (amounts in thousands): | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Earnest money on pending acquisitions | $ | 830 | $ | 4,514 | |||||
Restricted deposits on real estate investments | 36,476 | 53,771 | |||||||
Resident security and utility deposits | 46,597 | 44,777 | |||||||
Other | 505 | 505 | |||||||
Totals | $ | 84,408 | $ | 103,567 | |||||
Escrow Deposits [Text Block] | ' | ||||||||
The following table presents the Company’s escrow deposits as of June 30, 2014 and December 31, 2013 (amounts in thousands): | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Real estate taxes and insurance | $ | 3,500 | $ | 3,687 | |||||
Replacement reserves | 3,469 | 4,229 | |||||||
Mortgage principal reserves/sinking funds | 37,448 | 33,868 | |||||||
Other | 852 | 852 | |||||||
Totals | $ | 45,269 | $ | 42,636 | |||||
Derivative_and_Other_Fair_Valu1
Derivative and Other Fair Value Instruments (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Derivative Instrument Table | ' | ||||||||||||||||||
The following table summarizes the Company’s consolidated derivative instruments at June 30, 2014 (dollar amounts are in thousands): | |||||||||||||||||||
Fair Value | Forward | ||||||||||||||||||
Hedges (1) | Starting | ||||||||||||||||||
Swaps (2) | |||||||||||||||||||
Current Notional Balance | $ | 450,000 | $ | 100,000 | |||||||||||||||
Lowest Possible Notional | $ | 450,000 | $ | 100,000 | |||||||||||||||
Highest Possible Notional | $ | 450,000 | $ | 100,000 | |||||||||||||||
Lowest Interest Rate | 2.375 | % | 3.14 | % | |||||||||||||||
Highest Interest Rate | 2.375 | % | 3.191 | % | |||||||||||||||
Earliest Maturity Date | 2019 | 2025 | |||||||||||||||||
Latest Maturity Date | 2019 | 2025 | |||||||||||||||||
-1 | Fair Value Hedges – Converts outstanding fixed rate unsecured notes ($450.0 million 2.375%notes due July 1, 2019) to a floating interest rate of 90-Day LIBOR plus 0.61%. | ||||||||||||||||||
-2 | Forward Starting Swaps – Designed to partially fix interest rates in advance of a planned future debt issuance. These swaps have mandatory counterparty terminations in 2016, and are targeted to 2015 issuances. | ||||||||||||||||||
Schedule of Location and Amount of Financial Instruments on Balanace Sheet | ' | ||||||||||||||||||
The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at June 30, 2014 and December 31, 2013, respectively (amounts in thousands): | |||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Description | Balance Sheet | 6/30/14 | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Location | Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||
Identical Assets/Liabilities | (Level 2) | (Level 3) | |||||||||||||||||
(Level 1) | |||||||||||||||||||
Assets | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Fair Value Hedges | Other Assets | $ | 1,452 | $ | — | $ | 1,452 | $ | — | ||||||||||
Supplemental Executive Retirement Plan | Other Assets | 97,543 | 97,543 | — | — | ||||||||||||||
Total | $ | 98,995 | $ | 97,543 | $ | 1,452 | $ | — | |||||||||||
Liabilities | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Forward Starting Swaps | Other Liabilities | $ | 2,346 | $ | — | $ | 2,346 | $ | — | ||||||||||
Supplemental Executive Retirement Plan | Other Liabilities | 97,543 | 97,543 | — | — | ||||||||||||||
Total | $ | 99,889 | $ | 97,543 | $ | 2,346 | $ | — | |||||||||||
Redeemable Noncontrolling Interests – | |||||||||||||||||||
Operating Partnership/Redeemable | |||||||||||||||||||
Limited Partners | Mezzanine | $ | 440,050 | $ | — | $ | 440,050 | $ | — | ||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Description | Balance Sheet | 12/31/13 | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Location | Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||
Identical Assets/Liabilities | (Level 2) | (Level 3) | |||||||||||||||||
(Level 1) | |||||||||||||||||||
Assets | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Forward Starting Swaps | Other Assets | $ | 18,710 | $ | — | $ | 18,710 | $ | — | ||||||||||
Supplemental Executive Retirement Plan | Other Assets | 83,845 | 83,845 | — | — | ||||||||||||||
Total | $ | 102,555 | $ | 83,845 | $ | 18,710 | $ | — | |||||||||||
Liabilities | |||||||||||||||||||
Supplemental Executive Retirement Plan | Other Liabilities | $ | 83,845 | $ | 83,845 | $ | — | $ | — | ||||||||||
Total | $ | 83,845 | $ | 83,845 | $ | — | $ | — | |||||||||||
Redeemable Noncontrolling Interests – | |||||||||||||||||||
Operating Partnership/Redeemable | |||||||||||||||||||
Limited Partners | Mezzanine | $ | 363,144 | $ | — | $ | 363,144 | $ | — | ||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | ||||||||||||||||||
The following tables provide a summary of the effect of fair value hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the six months ended June 30, 2014 and 2013, respectively (amounts in thousands): | |||||||||||||||||||
30-Jun-14 | Location of | Amount of | Hedged Item | Income Statement | Amount of | ||||||||||||||
Type of Fair Value Hedge | Gain/(Loss) | Gain/(Loss) | Location of | Gain/(Loss) | |||||||||||||||
Recognized in | Recognized in | Hedged Item | Recognized in | ||||||||||||||||
Income on | Income on | Gain/(Loss) | Income | ||||||||||||||||
Derivative | Derivative | on Hedged Item | |||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Interest Rate Swaps | Interest expense | $ | 1,452 | Fixed rate debt | Interest expense | $ | (1,452 | ) | |||||||||||
Total | $ | 1,452 | $ | (1,452 | ) | ||||||||||||||
30-Jun-13 | Location of | Amount of | Hedged Item | Income Statement | Amount of | ||||||||||||||
Type of Fair Value Hedge | Gain/(Loss) | Gain/(Loss) | Location of | Gain/(Loss) | |||||||||||||||
Recognized in | Recognized in | Hedged Item | Recognized in | ||||||||||||||||
Income | Income | Gain/(Loss) | Income | ||||||||||||||||
on Derivative | on Derivative | on Hedged Item | |||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Interest Rate Swaps | Interest expense | $ | (1,524 | ) | Fixed rate debt | Interest expense | $ | 1,524 | |||||||||||
Total | $ | (1,524 | ) | $ | 1,524 | ||||||||||||||
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||||||||||
The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the six months ended June 30, 2014 and 2013, respectively (amounts in thousands): | |||||||||||||||||||
Effective Portion | Ineffective Portion | ||||||||||||||||||
30-Jun-14 | Amount of | Location of Gain/ | Amount of Gain/ | Location of | Amount of Gain/ | ||||||||||||||
Type of Cash Flow Hedge | Gain/(Loss) | (Loss) | (Loss) | Gain/(Loss) | (Loss) | ||||||||||||||
Recognized in OCI | Reclassified from | Reclassified from | Recognized in | Reclassified from | |||||||||||||||
on Derivative | Accumulated | Accumulated | Income | Accumulated | |||||||||||||||
OCI into Income | OCI into Income | on Derivative | OCI into Income | ||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Forward Starting Swaps/Treasury Locks | $ | (21,790 | ) | Interest expense | $ | (8,335 | ) | Interest expense | $ | 91 | |||||||||
Total | $ | (21,790 | ) | $ | (8,335 | ) | $ | 91 | |||||||||||
Effective Portion | Ineffective Portion | ||||||||||||||||||
30-Jun-13 | Amount of | Location of Gain/ | Amount of Gain/ | Location of | Amount of Gain/ | ||||||||||||||
Type of Cash Flow Hedge | Gain/(Loss) | (Loss) | (Loss) | Gain/(Loss) | (Loss) | ||||||||||||||
Recognized in OCI | Reclassified from | Reclassified from | Recognized in | Reclassified from | |||||||||||||||
on Derivative | Accumulated | Accumulated | Income | Accumulated | |||||||||||||||
OCI into Income | OCI into Income | on Derivative | OCI into Income | ||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Forward Starting Swaps/Treasury Locks | $ | 12,337 | Interest expense | $ | (12,098 | ) | N/A | $ | — | ||||||||||
Total | $ | 12,337 | $ | (12,098 | ) | $ | — | ||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | ' | ||||||||||||||||
The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts): | |||||||||||||||||
Six Months Ended June 30, | Quarter Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator for net income per share – basic: | |||||||||||||||||
Income (loss) from continuing operations | $ | 183,987 | $ | (223,850 | ) | $ | 102,307 | $ | (58,511 | ) | |||||||
Allocation to Noncontrolling Interests – Operating Partnership, net | (7,475 | ) | 9,078 | (4,422 | ) | 2,231 | |||||||||||
Net gain on sales of real estate properties | 14,903 | — | 14,903 | — | |||||||||||||
Net (income) loss attributable to Noncontrolling Interests – Partially | (1,092 | ) | 790 | (588 | ) | 815 | |||||||||||
Owned Properties | |||||||||||||||||
Preferred distributions | (2,072 | ) | (2,072 | ) | (1,036 | ) | (1,036 | ) | |||||||||
Income (loss) from continuing operations available to Common Shares, | 188,251 | (216,054 | ) | 111,164 | (56,501 | ) | |||||||||||
net of Noncontrolling Interests | |||||||||||||||||
Discontinued operations, net of Noncontrolling Interests | 1,502 | 1,556,427 | 490 | 380,224 | |||||||||||||
Numerator for net income per share – basic | $ | 189,753 | $ | 1,340,373 | $ | 111,654 | $ | 323,723 | |||||||||
Numerator for net income per share – diluted (1): | |||||||||||||||||
Income from continuing operations | $ | 183,987 | $ | 102,307 | |||||||||||||
Net gain on sales of real estate properties | 14,903 | 14,903 | |||||||||||||||
Net (income) attributable to Noncontrolling Interests – Partially | (1,092 | ) | (588 | ) | |||||||||||||
Owned Properties | |||||||||||||||||
Preferred distributions | (2,072 | ) | (1,036 | ) | |||||||||||||
Income from continuing operations available to Common Shares | 195,726 | 115,586 | |||||||||||||||
Discontinued operations, net | 1,562 | 510 | |||||||||||||||
Numerator for net income per share – diluted (1) | $ | 197,288 | $ | 1,340,373 | $ | 116,096 | $ | 323,723 | |||||||||
Denominator for net income per share – basic and diluted (1): | |||||||||||||||||
Denominator for net income per share – basic | 360,641 | 348,654 | 360,809 | 359,653 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
OP Units | 13,736 | 13,742 | |||||||||||||||
Long-term compensation shares/units | 2,403 | 2,567 | |||||||||||||||
Denominator for net income per share – diluted (1) | 376,780 | 348,654 | 377,118 | 359,653 | |||||||||||||
Net income per share – basic | $ | 0.53 | $ | 3.84 | $ | 0.31 | $ | 0.9 | |||||||||
Net income per share – diluted | $ | 0.52 | $ | 3.84 | $ | 0.31 | $ | 0.9 | |||||||||
Net income per share – basic: | |||||||||||||||||
Income (loss) from continuing operations available to Common Shares, | $ | 0.522 | $ | (0.620 | ) | $ | 0.308 | $ | (0.157 | ) | |||||||
net of Noncontrolling Interests | |||||||||||||||||
Discontinued operations, net of Noncontrolling Interests | 0.004 | 4.464 | 0.001 | 1.057 | |||||||||||||
Net income per share – basic | $ | 0.526 | $ | 3.844 | $ | 0.309 | $ | 0.9 | |||||||||
Net income per share – diluted (1): | |||||||||||||||||
Income (loss) from continuing operations available to Common Shares | $ | 0.52 | $ | (0.620 | ) | $ | 0.307 | $ | (0.157 | ) | |||||||
Discontinued operations, net | 0.004 | 4.464 | 0.001 | 1.057 | |||||||||||||
Net income per share – diluted | $ | 0.524 | $ | 3.844 | $ | 0.308 | $ | 0.9 | |||||||||
-1 | Potential common shares issuable from the assumed conversion of OP Units and the exercise/vesting of long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per share calculation as the Company had a loss from continuing operations for the six months and quarter ended June 30, 2013. | ||||||||||||||||
Operating Partnership [Member] | ' | ||||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | ' | ||||||||||||||||
The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): | |||||||||||||||||
Six Months Ended June 30, | Quarter Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator for net income per Unit – basic and diluted (1): | |||||||||||||||||
Income (loss) from continuing operations | $ | 183,987 | $ | (223,850 | ) | $ | 102,307 | $ | (58,511 | ) | |||||||
Net gain on sales of real estate properties | 14,903 | — | 14,903 | — | |||||||||||||
Net (income) loss attributable to Noncontrolling Interests – Partially | (1,092 | ) | 790 | (588 | ) | 815 | |||||||||||
Owned Properties | |||||||||||||||||
Allocation to Preference Units | (2,072 | ) | (2,072 | ) | (1,036 | ) | (1,036 | ) | |||||||||
Income (loss) from continuing operations available to Units | 195,726 | (225,132 | ) | 115,586 | (58,732 | ) | |||||||||||
Discontinued operations, net | 1,562 | 1,621,616 | 510 | 395,243 | |||||||||||||
Numerator for net income per Unit – basic and diluted (1) | $ | 197,288 | $ | 1,396,484 | $ | 116,096 | $ | 336,511 | |||||||||
Denominator for net income per Unit – basic and diluted (1): | |||||||||||||||||
Denominator for net income per Unit - basic | 374,377 | 362,390 | 374,551 | 373,403 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Dilution for Units issuable upon assumed exercise/vesting of the | 2,403 | 2,567 | |||||||||||||||
Company’s long-term compensation shares/units | |||||||||||||||||
Denominator for net income per Unit – diluted (1) | 376,780 | 362,390 | 377,118 | 373,403 | |||||||||||||
Net income per Unit – basic | $ | 0.53 | $ | 3.84 | $ | 0.31 | $ | 0.9 | |||||||||
Net income per Unit – diluted | $ | 0.52 | $ | 3.84 | $ | 0.31 | $ | 0.9 | |||||||||
Net income per Unit – basic: | |||||||||||||||||
Income (loss) from continuing operations available to Units | $ | 0.522 | $ | (0.620 | ) | $ | 0.308 | $ | (0.157 | ) | |||||||
Discontinued operations, net | 0.004 | 4.464 | 0.001 | 1.057 | |||||||||||||
Net income per Unit – basic | $ | 0.526 | $ | 3.844 | $ | 0.309 | $ | 0.9 | |||||||||
Net income per Unit – diluted (1): | |||||||||||||||||
Income (loss) from continuing operations available to Units | $ | 0.52 | $ | (0.620 | ) | $ | 0.307 | $ | (0.157 | ) | |||||||
Discontinued operations, net | 0.004 | 4.464 | 0.001 | 1.057 | |||||||||||||
Net income per Unit – diluted | $ | 0.524 | $ | 3.844 | $ | 0.308 | $ | 0.9 | |||||||||
-1 | Potential Units issuable from the assumed exercise/vesting of the Company's long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per Unit calculation as the Operating Partnership had a loss from continuing operations for the six months and quarter ended June 30, 2013. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Components of discontinued operations | ' | ||||||||||||||||
The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets for properties sold in 2013 and prior years during the six months and quarters ended June 30, 2014 and 2013 (amounts in thousands). | |||||||||||||||||
Six Months Ended June 30, | Quarter Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
REVENUES | |||||||||||||||||
Rental income | $ | 1,275 | $ | 107,956 | $ | 252 | $ | 26,174 | |||||||||
Total revenues | 1,275 | 107,956 | 252 | 26,174 | |||||||||||||
EXPENSES (1) | |||||||||||||||||
Property and maintenance | (41 | ) | 31,449 | (89 | ) | 11,025 | |||||||||||
Real estate taxes and insurance | (6 | ) | 10,867 | (19 | ) | 2,273 | |||||||||||
Property management | — | 1 | — | — | |||||||||||||
Depreciation | — | 30,962 | — | 7,146 | |||||||||||||
General and administrative | 51 | 73 | 46 | 65 | |||||||||||||
Total expenses | 4 | 73,352 | (62 | ) | 20,509 | ||||||||||||
Discontinued operating income | 1,271 | 34,604 | 314 | 5,665 | |||||||||||||
Interest and other income | 80 | 90 | 45 | 38 | |||||||||||||
Other expenses | — | (3 | ) | — | (1 | ) | |||||||||||
Interest (2): | |||||||||||||||||
Expense incurred, net | — | (1,258 | ) | — | (6 | ) | |||||||||||
Amortization of deferred financing costs | — | (228 | ) | — | — | ||||||||||||
Income and other tax (expense) benefit | (13 | ) | (463 | ) | (2 | ) | (405 | ) | |||||||||
Discontinued operations | 1,338 | 32,742 | 357 | 5,291 | |||||||||||||
Net gain on sales of discontinued operations | 224 | 1,588,874 | 153 | 389,952 | |||||||||||||
Discontinued operations, net | $ | 1,562 | $ | 1,621,616 | $ | 510 | $ | 395,243 | |||||||||
-1 | Includes expenses paid in the current period for properties sold in prior periods related to the Company’s period of ownership. | ||||||||||||||||
-2 | Includes only interest expense specific to secured mortgage notes payable for properties sold. |
Reportable_Segments_Tables
Reportable Segments (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ' | ||||||||||||||||||||||||
Reportable Segments Schedule | ' | ||||||||||||||||||||||||
The following tables present NOI for each segment from our rental real estate specific to continuing operations for the six months and quarters ended June 30, 2014 and 2013, respectively, as well as total assets and capital expenditures at June 30, 2014 (amounts in thousands): | |||||||||||||||||||||||||
Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
Rental Income | Operating Expenses | NOI | Rental Income | Operating Expenses | NOI | ||||||||||||||||||||
Same store (1) | |||||||||||||||||||||||||
Boston | $ | 125,024 | $ | 41,414 | $ | 83,610 | $ | 120,455 | $ | 39,651 | $ | 80,804 | |||||||||||||
Denver | 54,123 | 15,098 | 39,025 | 50,494 | 14,987 | 35,507 | |||||||||||||||||||
New York | 225,407 | 88,102 | 137,305 | 217,297 | 83,745 | 133,552 | |||||||||||||||||||
San Francisco | 165,343 | 52,960 | 112,383 | 152,459 | 54,109 | 98,350 | |||||||||||||||||||
Seattle | 76,702 | 25,805 | 50,897 | 71,548 | 24,553 | 46,995 | |||||||||||||||||||
South Florida | 97,893 | 36,404 | 61,489 | 93,289 | 35,417 | 57,872 | |||||||||||||||||||
Southern California | 207,272 | 69,450 | 137,822 | 198,366 | 69,149 | 129,217 | |||||||||||||||||||
Washington DC | 222,135 | 72,499 | 149,636 | 223,807 | 71,049 | 152,758 | |||||||||||||||||||
Non-core | 65,607 | 24,495 | 41,112 | 63,715 | 23,931 | 39,784 | |||||||||||||||||||
Total same store | 1,239,506 | 426,227 | 813,279 | 1,191,430 | 416,591 | 774,839 | |||||||||||||||||||
Non-same store/other (2) (3) | |||||||||||||||||||||||||
Boston | 1,817 | 413 | 1,404 | 1,154 | 255 | 899 | |||||||||||||||||||
Seattle | 4,444 | 1,779 | 2,665 | 1,303 | 374 | 929 | |||||||||||||||||||
South Florida | 2,041 | 1,301 | 740 | 24 | 146 | (122 | ) | ||||||||||||||||||
Southern California | 15,623 | 7,452 | 8,171 | 5,397 | 2,593 | 2,804 | |||||||||||||||||||
Washington DC | 10,840 | 3,857 | 6,983 | 5,320 | 1,862 | 3,458 | |||||||||||||||||||
Other (3) | 6,220 | 7,754 | (1,534 | ) | 4,901 | 13,295 | (8,394 | ) | |||||||||||||||||
Total non-same store/other | 40,985 | 22,556 | 18,429 | 18,099 | 18,525 | (426 | ) | ||||||||||||||||||
Archstone pre-ownership (4) | — | — | — | (92,423 | ) | (36,729 | ) | (55,694 | ) | ||||||||||||||||
Total | $ | 1,280,491 | $ | 448,783 | $ | 831,708 | $ | 1,117,106 | $ | 398,387 | $ | 718,719 | |||||||||||||
-1 | Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2013, less properties subsequently sold, which represented 100,648 apartment units. Also includes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company. | ||||||||||||||||||||||||
-2 | Non-same store primarily includes properties acquired after January 1, 2013, plus any properties in lease-up and not stabilized as of January 1, 2013, but excludes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company. | ||||||||||||||||||||||||
-3 | Other includes development, other corporate operations and operations prior to sale for properties sold in 2014 that do not meet the new discontinued operations criteria. | ||||||||||||||||||||||||
-4 | Represents pro forma Archstone pre-ownership results for the period January 1, 2013 to February 27, 2013 that is included in 2013 same store results. | ||||||||||||||||||||||||
Quarter Ended June 30, 2014 | Quarter Ended June 30, 2013 | ||||||||||||||||||||||||
Rental Income | Operating Expenses | NOI | Rental Income | Operating Expenses | NOI | ||||||||||||||||||||
Same store (1) | |||||||||||||||||||||||||
Boston | $ | 63,117 | $ | 19,259 | $ | 43,858 | $ | 61,401 | $ | 19,444 | $ | 41,957 | |||||||||||||
Denver | 27,511 | 7,648 | 19,863 | 25,524 | 7,770 | 17,754 | |||||||||||||||||||
New York | 114,221 | 41,898 | 72,323 | 109,299 | 40,634 | 68,665 | |||||||||||||||||||
San Francisco | 84,082 | 26,305 | 57,777 | 77,514 | 25,955 | 51,559 | |||||||||||||||||||
Seattle | 38,977 | 13,037 | 25,940 | 36,176 | 12,316 | 23,860 | |||||||||||||||||||
South Florida | 49,456 | 18,220 | 31,236 | 47,051 | 17,774 | 29,277 | |||||||||||||||||||
Southern California | 104,608 | 34,811 | 69,797 | 100,156 | 34,275 | 65,881 | |||||||||||||||||||
Washington DC | 111,739 | 35,102 | 76,637 | 112,815 | 35,165 | 77,650 | |||||||||||||||||||
Non-core | 33,035 | 11,806 | 21,229 | 32,110 | 11,880 | 20,230 | |||||||||||||||||||
Total same store | 626,746 | 208,086 | 418,660 | 602,046 | 205,213 | 396,833 | |||||||||||||||||||
Non-same store/other (2) (3) | |||||||||||||||||||||||||
Boston | 790 | 202 | 588 | 898 | 201 | 697 | |||||||||||||||||||
Seattle | 2,756 | 1,042 | 1,714 | 1,271 | 373 | 898 | |||||||||||||||||||
South Florida | 1,241 | 760 | 481 | 14 | 68 | (54 | ) | ||||||||||||||||||
Southern California | 8,446 | 4,261 | 4,185 | 4,106 | 1,976 | 2,130 | |||||||||||||||||||
Washington DC | 5,906 | 1,954 | 3,952 | 3,512 | 1,209 | 2,303 | |||||||||||||||||||
Other (3) | 3,881 | 2,693 | 1,188 | 2,697 | 3,234 | (537 | ) | ||||||||||||||||||
Total non-same store/other | 23,020 | 10,912 | 12,108 | 12,498 | 7,061 | 5,437 | |||||||||||||||||||
Total | $ | 649,766 | $ | 218,998 | $ | 430,768 | $ | 614,544 | $ | 212,274 | $ | 402,270 | |||||||||||||
-1 | Same store primarily includes all properties acquired or completed and stabilized prior to April 1, 2013, less properties subsequently sold, which represented 100,648 apartment units. Also includes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company. | ||||||||||||||||||||||||
-2 | Non-same store primarily includes properties acquired after April 1, 2013, plus any properties in lease-up and not stabilized as of April 1, 2013, but excludes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company. | ||||||||||||||||||||||||
-3 | Other includes development, other corporate operations and operations prior to sale for properties sold in 2014 that do not meet the new discontinued operations criteria. | ||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||
Total Assets | Capital Expenditures | ||||||||||||||||||||||||
Same store (1) | |||||||||||||||||||||||||
Boston | $ | 1,953,627 | $ | 8,814 | |||||||||||||||||||||
Denver | 530,832 | 1,904 | |||||||||||||||||||||||
New York | 4,720,592 | 8,202 | |||||||||||||||||||||||
San Francisco | 2,753,902 | 12,704 | |||||||||||||||||||||||
Seattle | 1,046,051 | 5,264 | |||||||||||||||||||||||
South Florida | 1,170,295 | 7,600 | |||||||||||||||||||||||
Southern California | 2,978,750 | 11,953 | |||||||||||||||||||||||
Washington DC | 4,270,418 | 14,834 | |||||||||||||||||||||||
Non-core | 605,225 | 3,123 | |||||||||||||||||||||||
Total same store | 20,029,692 | 74,398 | |||||||||||||||||||||||
Non-same store/other (2) (3) | |||||||||||||||||||||||||
Boston | 48,830 | 630 | |||||||||||||||||||||||
Seattle | 226,604 | 281 | |||||||||||||||||||||||
South Florida | 70,896 | 16 | |||||||||||||||||||||||
Southern California | 511,343 | 645 | |||||||||||||||||||||||
Washington DC | 306,594 | 852 | |||||||||||||||||||||||
Other (3) | 1,797,443 | 90 | |||||||||||||||||||||||
Total non-same store/other | 2,961,710 | 2,514 | |||||||||||||||||||||||
Total | $ | 22,991,402 | $ | 76,912 | |||||||||||||||||||||
-1 | Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2013, less properties subsequently sold, which represented 100,648 apartment units. Also includes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company. | ||||||||||||||||||||||||
-2 | Non-same store primarily includes properties acquired after January 1, 2013, plus any properties in lease-up and not stabilized as of January 1, 2013, but excludes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company. | ||||||||||||||||||||||||
-3 | Other includes development, other corporate operations and capital expenditures for properties sold. | ||||||||||||||||||||||||
Reconciliation of NOI | ' | ||||||||||||||||||||||||
The following table presents a reconciliation of NOI from our rental real estate specific to continuing operations for the six months and quarters ended June 30, 2014 and 2013, respectively (amounts in thousands): | |||||||||||||||||||||||||
Six Months Ended June 30, | Quarter Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Rental income | $ | 1,280,491 | $ | 1,117,106 | $ | 649,766 | $ | 614,544 | |||||||||||||||||
Property and maintenance expense | (240,961 | ) | (212,030 | ) | (115,388 | ) | (113,501 | ) | |||||||||||||||||
Real estate taxes and insurance expense | (165,149 | ) | (141,837 | ) | (83,055 | ) | (76,742 | ) | |||||||||||||||||
Property management expense | (42,673 | ) | (44,520 | ) | (20,555 | ) | (22,031 | ) | |||||||||||||||||
Total operating expenses | (448,783 | ) | (398,387 | ) | (218,998 | ) | (212,274 | ) | |||||||||||||||||
Net operating income | $ | 831,708 | $ | 718,719 | $ | 430,768 | $ | 402,270 | |||||||||||||||||
Business_Details
Business (Details) | Jun. 30, 2014 |
Noncontrolling Interest, Ownership Percentage by Parent | 96.20% |
Number of Real Estate Properties | 397 |
Number of States in which Entity Operates | 12 |
Number of Units in Real Estate Property | 111,491 |
Consolidated Entities [Member] | ' |
Number of Real Estate Properties | 369 |
Number of Units in Real Estate Property | 100,210 |
Master-Leased Properties [Member] | ' |
Number of Real Estate Properties | 3 |
Number of Units in Real Estate Property | 853 |
Consolidated Properties [Member] | ' |
Number of Real Estate Properties | 19 |
Number of Units in Real Estate Property | 3,752 |
Unconsolidated Properties [Member] | ' |
Number of Real Estate Properties | 4 |
Number of Units in Real Estate Property | 1,669 |
Military Housing [Member] | ' |
Number of Real Estate Properties | 2 |
Number of Units in Real Estate Property | 5,007 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Number of Real Estate Properties | 397 | ' |
Number of Units in Real Estate Property | 111,491 | ' |
Noncontrolling Interests - Partially Owned Properties | $125,843,000 | $126,583,000 |
Noncontrolling Interest Balance Limited Life Partnerships | -10,200,000 | ' |
Noncontrolling Interests Settlement Value | $53,200,000 | ' |
Consolidated Properties [Member] | ' | ' |
Number of Real Estate Properties | 19 | ' |
Number of Units in Real Estate Property | 3,752 | ' |
Limited Life Partnership Properties [Member] | ' | ' |
Number of Real Estate Properties | 6 | ' |
Equity_Capital_and_Other_Inter2
Equity, Capital and Other Interests EQR Common Shares (Details) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Common Shares of beneficial interest, shares outstanding | 361,562,007 | 360,479,260 |
Common Shares Issued: | ' | ' |
Conversion of OP Units | 56,536 | ' |
Exercise of share options | 851,514 | ' |
Employee Share Purchase Plan (ESPP) | 47,457 | ' |
Restricted Share Grants Net | 170,626 | ' |
Conversion Of Restricted Shares To Ltip Units Shares | -12,146 | ' |
Stock Repurchased And Retired | -31,240 | ' |
Units | ' | ' |
Common Shares And Units Outstanding | 375,898,833 | ' |
Units Ownership Interest in Operating Partnership | 3.80% | ' |
Limited Partner [Member] | ' | ' |
Limited Partners' Capital Account, Units Outstanding | 14,336,826 | 14,180,376 |
Common Shares Issued: | ' | ' |
Conversion of OP Units | -56,536 | ' |
Conversion Of Restricted Shares To Ltip Units Shares | 12,146 | ' |
Units | ' | ' |
Issuance Of LTIPs | 200,840 | ' |
Equity_Capital_and_Other_Inter3
Equity, Capital and Other Interests Redeemable (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Redeemable Noncontrolling Interests - Operating Partnership | $440,050 | $363,144 |
Change in market value | 80,615 | ' |
Change in carrying value | -3,709 | ' |
Limited Partners Change In Redemption Value | 80,615 | ' |
Limited Partners Change In Carrying Value | ($3,709) | ' |
Equity_Capital_and_Other_Inter4
Equity, Capital and Other Interests Preferred (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | ' | ' |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 1,000,000 shares issued and outstanding as of June 30, 2014 and December 31, 2013 | $50,000 | $50,000 |
Series K Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Preferred Stock Preference Units Issued | 1,000,000 | 1,000,000 |
Preferred Stock Preference Units Outstanding | 1,000,000 | 1,000,000 |
Preferred Stock Preference Units Redemption Price Per Share Unit | $50 | $50 |
Preferred Stock Preference Units Dividend Rate Percentage | 8.29% | 8.29% |
Preferred Stocks Preference Units Redemption Date | 10-Dec-26 | ' |
Annual Dividend Per Preferred Share Preference Unit | $4.14 | ' |
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 1,000,000 shares issued and outstanding as of June 30, 2014 and December 31, 2013 | 50,000 | 50,000 |
Preferred Units, Preferred Partners' Capital Accounts | $50,000 | $50,000 |
Equity_Capital_and_Other_Inter5
Equity, Capital and Other Interests ERP Units (Details) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Capital Unit [Line Items] | ' | ' |
Common Shares And Units Outstanding | 375,898,833 | ' |
Exercise of EQR share options | 851,514 | ' |
EQR's Employee Share Purchase Plan (ESPP) | 47,457 | ' |
Restricted Share Grants Net | 170,626 | ' |
OP Units repurchased and retired | 31,240 | ' |
Conversion Of Restricted Shares To Ltip Units Shares | -12,146 | ' |
Shares Issued During Period Shares Conversion Of Units To Common Shares | 56,536 | ' |
Units Ownership Interest in Operating Partnership | 3.80% | ' |
Limited Partner [Member] | ' | ' |
Capital Unit [Line Items] | ' | ' |
Limited Partners' Capital Account, Units Outstanding | 14,336,826 | 14,180,376 |
Issuance Of LTIPs | 200,840 | ' |
Conversion Of Restricted Shares To Ltip Units Shares | 12,146 | ' |
Shares Issued During Period Shares Conversion Of Units To Common Shares | -56,536 | ' |
Limited Partner [Member] | ' | ' |
Capital Unit [Line Items] | ' | ' |
Limited Partners' Capital Account, Units Outstanding | 14,336,826 | 14,180,376 |
Issuance Of LTIPs | 200,840 | ' |
Conversion Of Restricted Shares To Ltip Units Shares | 12,146 | ' |
Shares Issued During Period Shares Conversion Of Units To Common Shares | -56,536 | ' |
General And Limited Partner [Member] | ' | ' |
Capital Unit [Line Items] | ' | ' |
Common Shares And Units Outstanding | 375,898,833 | 374,659,636 |
Exercise of EQR share options | 851,514 | ' |
EQR's Employee Share Purchase Plan (ESPP) | 47,457 | ' |
Restricted Share Grants Net | 170,626 | ' |
Issuance Of LTIPs | 200,840 | ' |
OP Units repurchased and retired | -31,240 | ' |
Equity_Capital_and_Other_Inter6
Equity, Capital and Other Interests Text (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2013 | Jun. 30, 2014 | |
Additional Common Shares Authorized | ' | 13,000,000 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | 13,000,000 |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | ' | 12,968,760 |
Stock Repurchased And Retired | ' | -31,240 |
Treasury Stock Acquired, Average Cost Per Share | ' | 56.87 |
Value Of Stock Repurchased And Retired | ' | 1,800,000 |
OP Units repurchased and retired | ' | 31,240 |
Number of Units in Real Estate Property | ' | 111,491 |
Payments to Acquire Interest in Subsidiaries and Affiliates | ' | 5,500,000 |
Increase To Reduction Of Paid In Capital | ' | 2,300,000 |
Reduction In Partially Owned Properties | ' | 2,200,000 |
Reduction In Other Liabilities | ' | 1,000,000 |
Archstone Transaction [Member] | ' | ' |
Issuance of Common Shares | 34,468,085 | ' |
Stock Issued During Period, Value, New Issues | $1,900,000,000 | ' |
Average Price Per Common Share Issued | $55.99 | ' |
Units Issued During Period New Issues | ' | 34,468,085 |
Enclave at Wellington [Domain] | ' | ' |
Number of Units in Real Estate Property | ' | 268 |
Real_Estate_Details
Real Estate (Details) (USD $) | 3 Months Ended | 6 Months Ended | 16 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 16 Months Ended | 3 Months Ended | 6 Months Ended | 16 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
Retail Site [Member] | Retail Site [Member] | Retail Site [Member] | Retail Site [Member] | Assets [Member] | Assets [Member] | Assets [Member] | Liability [Member] | Liability [Member] | Liability [Member] | Consolidated Properties [Member] | Ground Lease [Member] | Ground Lease [Member] | Ground Lease [Member] | Ground Lease [Member] | Archstone [Member] | Archstone [Member] | Archstone [Member] | Building and Building Improvements [Member] | Furniture and Fixtures [Member] | Archstone Transaction [Member] | Archstone Transaction [Member] | Archstone Transaction [Member] | Archstone Transaction [Member] | Unconsolidated Properties [Member] | Investment Banking and Legal/Accounting Fees [Member] | Projects under development [Member] | Projects under development [Member] | Land held for development [Member] | Land held for development [Member] | Archstone Transaction [Member] | OPERATING PARTNERSHIP | OPERATING PARTNERSHIP | Public Offering [Member] | Term Loan [Member] | Consolidated Rental Properties [Member] | Consolidated Rental Properties [Member] | Land [Member] | |||||||
Land | ' | ' | $6,296,735,000 | ' | $6,296,735,000 | $6,192,512,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Building and Building Improvements | ' | ' | 17,920,222,000 | ' | 17,920,222,000 | 17,509,609,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixtures and Equipment, Gross | ' | ' | 1,302,882,000 | ' | 1,302,882,000 | 1,214,220,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Acquired-in-Place Leases | ' | ' | 507,633,000 | ' | 507,633,000 | 502,218,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land Under Development | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 391,156,000 | 353,574,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Projects under development | ' | ' | 1,006,992,000 | ' | 1,006,992,000 | 988,867,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 615,836,000 | 635,293,000 | 50,089,000 | 52,133,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Land held for development | ' | ' | 306,625,000 | ' | 306,625,000 | 393,522,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 256,536,000 | 341,389,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate Investment Property, at Cost | ' | ' | 27,341,089,000 | ' | 27,341,089,000 | 26,800,948,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate Investment Property, Accumulated Depreciation | ' | ' | -5,170,438,000 | ' | -5,170,438,000 | -4,807,709,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in real estate, net | ' | ' | 22,170,651,000 | ' | 22,170,651,000 | 21,993,239,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Below Market Lease, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 178,251,000 | 178,251,000 | 178,251,000 | 5,270,000 | 5,500,000 | 8,040,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | ' | 1,260,000 | 1,260,000 | ' | 1,260,000 | 1,260,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | ' | ' | 179,511,000 | ' | 179,511,000 | 179,511,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | ' | ' | -6,641,000 | ' | -6,641,000 | -4,364,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease Intangible Assets, Net | ' | ' | 172,870,000 | ' | 172,870,000 | 175,147,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Off-market Lease, Unfavorable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | 2,400,000 | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease Intangible Liabilities | ' | ' | 7,670,000 | ' | 7,670,000 | 7,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization Of Intangible Liabilities | ' | ' | -1,678,000 | ' | -1,678,000 | -1,161,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease Intangible Liabilities, net | ' | ' | 5,992,000 | ' | 5,992,000 | 6,739,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | ' | ' | 1,530,000 | 1,216,000 | ' | ' | 300,000 | 100,000 | 600,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | 1,000,000 | 2,200,000 | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Ground Lease Amortization Period | ' | ' | 49.8 | ' | 49.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Retail Lease Amortization Period | ' | ' | 2.8 | ' | 2.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | ' | ' | 1,692,000 | ' | 1,692,000 | ' | -469,000 | ' | -469,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,161,000 | ' | 2,161,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | ' | ' | 3,382,000 | ' | 3,382,000 | ' | -939,000 | ' | -939,000 | ' | ' | ' | ' | ' | ' | ' | ' | 4,321,000 | ' | 4,321,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | ' | ' | 3,425,000 | ' | 3,425,000 | ' | -896,000 | ' | -896,000 | ' | ' | ' | ' | ' | ' | ' | ' | 4,321,000 | ' | 4,321,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | ' | ' | 3,781,000 | ' | 3,781,000 | ' | -540,000 | ' | -540,000 | ' | ' | ' | ' | ' | ' | ' | ' | 4,321,000 | ' | 4,321,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | ' | ' | 4,250,000 | ' | 4,250,000 | ' | -71,000 | ' | -71,000 | ' | ' | ' | ' | ' | ' | ' | ' | 4,321,000 | ' | 4,321,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | ' | ' | 4,250,000 | ' | 4,250,000 | ' | -71,000 | ' | -71,000 | ' | ' | ' | ' | ' | ' | ' | ' | 4,321,000 | ' | 4,321,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Properties acquired | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Property Units Acquired | ' | ' | 772 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,160 | ' | ' | ' | ' | 772 | ' | ' |
Partially Owned Properties Acquired Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partially Owned Units Acquired Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 432 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partially Owned Unconsolidated Properties Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partially Owned Unconsolidated Units Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 336 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Master Leased Properties Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Master Leased Units Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 853 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Uncompleted Development Properties Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Uncompleted Development Units Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 964 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land parcels acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,968,389,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 151,900,000 | ' | 204,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103,900,000 | ' | 140,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | 0 | 4,000,875,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage notes payable | ' | ' | 5,158,091,000 | ' | 5,158,091,000 | 5,174,166,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Common Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,850,000 | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000,000 | ' | ' | ' | ' |
Average Price Per Common Share Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $54.75 | ' | ' | ' | ' |
Noncash or Part Noncash Acquisition, Debt Assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mark-to-Market Debt Premiums | ' | 127,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Sale Of Property | ' | ' | 49,050,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,850,000 | 4,500,000,000 | 8,200,000 |
Term Loan Principal Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000,000 | ' | ' | ' |
Number of Properties Subject to Ground Leases | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties | ' | ' | 397 | ' | 397 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,239,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,765,538,000 | 61,470,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 304,830,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination Purchase Price Allocation Projects Under Development | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,583,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination Purchase Price Allocation Land Held for Development | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 244,097,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination Purchase Price Allocation Investments in Unconsolidated Entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 230,608,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Other Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 195,260,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Other Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -108,997,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Financing Costs | ' | ' | 10,881,000 | 18,006,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | 13,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Merger Related Costs | ' | ' | ' | 19,600,000 | 87,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Loss From Equity Method Investments Merger Expenses | ' | ' | 6,200,000 | 53,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Revenue | 635,078,000 | ' | ' | 1,256,088,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 635,078,000 | 1,256,088,000 | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax | 96,585,000 | ' | ' | 60,541,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,585,000 | 60,541,000 | ' | ' | ' | ' | ' |
Business Acquisition, Proforma Income Loss From Discontinued Operations Net Of Tax | 389,329,000 | ' | ' | 1,608,374,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 389,329,000 | 1,608,374,000 | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Net Income (Loss) | 485,914,000 | ' | ' | 1,668,915,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 485,914,000 | 1,668,915,000 | ' | ' | ' | ' | ' |
Business Acquisition, Proforma Net Income Available to Common Shares | 467,237,000 | ' | ' | 1,601,368,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Proforma Net Income Available to Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 485,693,000 | 1,668,439,000 | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $1.30 | ' | ' | $4.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.30 | $4.45 | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $1.29 | ' | ' | $4.44 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.29 | $4.44 | ' | ' | ' | ' | ' |
Business Acquisition, Proforma Weighted Average Common Shares Basic | 359,653,000 | ' | ' | 359,509,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Proforma Weighted Average Number Of Shares Diluted | 375,910,000 | ' | ' | 375,722,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Proforma Weighted Average Limited Partnership And General Partnership Units Outstanding Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 373,403,000 | 373,245,000 | ' | ' | ' | ' | ' |
Business Acquisition, Proforma Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 375,910,000 | 375,722,000 | ' | ' | ' | ' | ' |
Severance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Details_2
Real Estate (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Consolidated Rental Properties [Member] | Consolidated Rental Properties [Member] | Land [Member] | Ground Lease [Member] | Ground Lease [Member] | Ground Lease [Member] | Ground Lease [Member] | Retail Site [Member] | Retail Site [Member] | Retail Site [Member] | Retail Site [Member] | |||||
Amortization of Intangible Assets | ' | ' | $1,530,000 | $1,216,000 | ' | ' | ' | $1,100,000 | $1,000,000 | $2,200,000 | $1,400,000 | $300,000 | $100,000 | $600,000 | $200,000 |
Income Loss From Equity Method Investments Merger Expenses | ' | ' | 6,200,000 | 53,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Properties acquired | ' | ' | 3 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property Units Acquired | ' | ' | 772 | ' | 772 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 265,400,000 | ' | 265,400,000 | ' | 249,610,000 | ' | 15,790,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Disposed Properties | ' | ' | 1 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposed Units | ' | ' | 336 | ' | 336 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Sale Of Property | ' | ' | 49,050,000 | ' | 40,850,000 | 4,500,000,000 | 8,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net gain on sales of real estate properties | 14,903,000 | 0 | 14,903,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gain on sales of land parcels | $824,000 | $14,616,000 | $794,000 | $14,616,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_to_AcquireDispose_2
Commitments to Acquire/Dispose of Real Estate (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments to Acquire Real Estate | ' |
Properties Acquired-Total | 0 |
Rental Units Acquired - Total | 0 |
Purchase Price - Total | $3,300 |
Commitments to Dispose of Real Estate | ' |
Properties Disposed - Total | 6 |
Rental Units Disposed-Total | 2,005 |
Sales Price For Commitments To Dispose | 360,752 |
Rental Properties Disposed of [Member] | ' |
Commitments to Dispose of Real Estate | ' |
Properties Disposed - Total | 6 |
Rental Units Disposed-Total | 2,005 |
Sales Price For Commitments To Dispose | 306,350 |
Land [Member] | ' |
Commitments to Dispose of Real Estate | ' |
Sales Price For Commitments To Dispose | 54,402 |
Land [Member] | ' |
Commitments to Acquire Real Estate | ' |
Purchase Price - Total | $3,300 |
Investments_in_Partially_Owned2
Investments in Partially Owned Entities (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 16 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
San Norterra [Domain] | Consolidated Development Projects Held for and or Under Development [Member] | Consolidated Operating [Domain] | Consolidated Total [Domain] | Unconsolidated Development Projects Held for and or Under Development [Domain] | Unconsolidated Completed, Not Stabilized [Domain] | Unconsolidated Operating [Domain] | Unconsolidated Total [Domain] | Parc on Powell (formerly 1333 Powell) [Domain] | Archstone Transaction [Member] | Archstone Transaction [Member] | Residual JV [Domain] | East Palmetto Park [Domain] | Wisconsin Place [Domain] | San Norterra [Domain] | Waterton Tenside [Domain] | Parc on Powell (formerly 1333 Powell) [Domain] | Joint Venture Partner [Member] | Company's Portion [Member] | Nexus Sawgrass [Member] | Domain [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
San Norterra [Domain] | Parc on Powell (formerly 1333 Powell) [Domain] | ||||||||||||||||||||||||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidation Value Preferred Interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $76,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | 90.00% | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Joint Venture Partner Ownership Percentage | 80.00% | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partially Owned Consolidated Units to be Developed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 377 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial Basis of Real Estate, Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,200,000 | 198,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 20.00% | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | 20.00% | 5.00% | ' | ' | ' | ' | ' | ' |
Initial Basis of Real Estate, Unconsolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,900,000 | 5,100,000 | 2,100,000 | ' | ' | ' | ' | ' | ' |
Project Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,800,000 | ' | 75,000,000 | ' | ' | 79,000,000 | 155,800,000 | ' | ' |
Maximum Debt Commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,800,000 | ' | 39,500,000 | ' | ' | 48,700,000 | 98,600,000 | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | 'LIBOR plus 2.00% | ' | ' | ' | ' | ' | ' | ' | 'LIBOR plus 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 1.05% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.25% |
Debt Instrument, Maturity Date | ' | ' | 1-May-61 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6-Jan-15 | 1-Dec-18 | 14-Aug-15 | ' | ' | 1-Jan-21 | 1-Jan-22 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.66% | ' | ' | ' | 5.60% | 5.75% | ' | ' |
Partially Owned Unconsolidated Units To Be Developed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 176 | ' | ' | ' | ' | ' | ' |
Guarantor Obligations, Maximum Exposure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,700,000 | ' | ' | ' | ' | ' | ' | ' | 19,700,000 | ' | ' | ' | ' | ' | ' |
Proceeds From Distributions Received From Unconsolidated Subsidiaries | ' | ' | 64,669,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Interests | ' | ' | 65,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,000,000 | ' | ' | ' | ' |
Land purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,900,000 | 76,100,000 | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 265,400,000 | ' | 265,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,700,000 | 102,500,000 | ' | ' | ' | ' |
Investment in Joint Venture | 327,900,000 | ' | 327,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Joint Ventures | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners Payments To Acquire Equity Method Investments | ' | ' | 40,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partially Owned Property Balance Sheet Schedule | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties | 397 | ' | 397 | ' | ' | ' | ' | 0 | 19 | 19 | 0 | 2 | 2 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Units in Real Estate Property | 111,491 | ' | 111,491 | ' | ' | ' | ' | 0 | 3,752 | 3,752 | 0 | 945 | 724 | 1,669 | ' | ' | ' | ' | ' | 432 | 388 | 336 | ' | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate Investment Property, at Cost | 27,341,089,000 | ' | 27,341,089,000 | ' | 26,800,948,000 | ' | ' | 329,668,000 | 676,848,000 | 1,006,516,000 | 55,998,000 | 233,411,000 | 108,164,000 | 397,573,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate Investment Property, Accumulated Depreciation | -5,170,438,000 | ' | -5,170,438,000 | ' | -4,807,709,000 | ' | ' | 0 | -183,571,000 | -183,571,000 | 0 | -6,693,000 | -7,136,000 | -13,829,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in real estate, net | 22,170,651,000 | ' | 22,170,651,000 | ' | 21,993,239,000 | ' | ' | 329,668,000 | 493,277,000 | 822,945,000 | 55,998,000 | 226,718,000 | 101,028,000 | 383,744,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 76,132,000 | 152,564,000 | 76,132,000 | 152,564,000 | 53,534,000 | 612,590,000 | ' | 4,488,000 | 14,125,000 | 18,613,000 | 454,000 | 2,830,000 | 1,582,000 | 4,866,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 142,318,000 | ' | 142,318,000 | ' | 178,526,000 | ' | ' | 0 | 53,209,000 | 53,209,000 | 0 | 0 | 0 | 0 | ' | ' | ' | 147,600,000 | ' | 56,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents | 84,408,000 | ' | 84,408,000 | ' | 103,567,000 | ' | ' | 34,761,000 | 250,000 | 35,011,000 | 0 | 130,000 | 47,000 | 177,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs, Net | 63,441,000 | ' | 63,441,000 | ' | 58,486,000 | ' | ' | 0 | 2,318,000 | 2,318,000 | 53,000 | 4,000 | 122,000 | 179,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Assets | 409,183,000 | ' | 409,183,000 | ' | 404,557,000 | ' | ' | 6,679,000 | 26,176,000 | 32,855,000 | 14,000 | 41,000 | 1,250,000 | 1,305,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 22,991,402,000 | ' | 22,991,402,000 | ' | 22,834,545,000 | ' | ' | 375,596,000 | 589,355,000 | 964,951,000 | 56,519,000 | 229,723,000 | 104,029,000 | 390,271,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Debt | 5,158,091,000 | ' | 5,158,091,000 | ' | 5,174,166,000 | ' | ' | 0 | 360,305,000 | 360,305,000 | 21,982,000 | 145,016,000 | 63,305,000 | 230,303,000 | ' | ' | ' | ' | ' | ' | 33,000,000 | 30,300,000 | 22,000,000 | ' | ' | 48,600,000 | 96,400,000 | ' | ' |
Accounts Payable And Accrued Liabilities Current And Noncurrent Other Than Interest And Dividend Payable | 168,225,000 | ' | 168,225,000 | ' | 118,791,000 | ' | ' | 12,313,000 | 1,730,000 | 14,043,000 | 5,095,000 | 955,000 | 350,000 | 6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Payable | 78,389,000 | ' | 78,389,000 | ' | 78,309,000 | ' | ' | 0 | 1,265,000 | 1,265,000 | 43,000 | 687,000 | 42,000 | 772,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Liabilities | 331,662,000 | ' | 331,662,000 | ' | 347,748,000 | ' | ' | 140,000 | 1,252,000 | 1,392,000 | 0 | 244,000 | 1,046,000 | 1,290,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Security Deposit Liability | 74,508,000 | ' | 74,508,000 | ' | 71,592,000 | ' | ' | 0 | 1,916,000 | 1,916,000 | 0 | 279,000 | 140,000 | 419,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | 11,922,733,000 | ' | 11,922,733,000 | ' | 11,626,205,000 | ' | ' | 12,453,000 | 366,468,000 | 378,921,000 | 27,120,000 | 147,181,000 | 64,883,000 | 239,184,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interests Partially Owned Properties | 125,843,000 | ' | 125,843,000 | ' | 126,583,000 | ' | ' | 117,677,000 | 8,166,000 | 125,843,000 | 27,858,000 | 70,428,000 | 23,434,000 | 121,720,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 117,400,000 | ' | ' | ' | ' | ' |
Parent Equity Interest | ' | ' | ' | ' | ' | ' | ' | 245,466,000 | 214,721,000 | 460,187,000 | 1,541,000 | 12,114,000 | 15,712,000 | 29,367,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Equity Interest | ' | ' | ' | ' | ' | ' | ' | 363,143,000 | 222,887,000 | 586,030,000 | 29,399,000 | 82,542,000 | 39,146,000 | 151,087,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities and equity | 22,991,402,000 | ' | 22,991,402,000 | ' | 22,834,545,000 | ' | ' | 375,596,000 | 589,355,000 | 964,951,000 | 56,519,000 | 229,723,000 | 104,029,000 | 390,271,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partially Owned Property Income Statement Schedule | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenue | 652,568,000 | 617,217,000 | 1,286,010,000 | 1,121,939,000 | ' | ' | ' | 0 | 43,110,000 | 43,110,000 | 0 | 7,958,000 | 5,060,000 | 13,018,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | 154,000 | 12,825,000 | 12,979,000 | 132,000 | 3,287,000 | 1,856,000 | 5,275,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Profit | ' | ' | ' | ' | ' | ' | ' | -154,000 | 30,285,000 | 30,131,000 | -132,000 | 4,671,000 | 3,204,000 | 7,743,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation | 190,136,000 | 323,304,000 | 375,303,000 | 519,526,000 | ' | ' | ' | 0 | 10,768,000 | 10,768,000 | 0 | 5,299,000 | 2,039,000 | 7,338,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and Administrative Expense | 13,752,000 | 16,085,000 | 31,328,000 | 32,580,000 | ' | ' | ' | -3,000 | 26,000 | 23,000 | 0 | 1,000 | 122,000 | 123,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income | 228,304,000 | 63,977,000 | 427,556,000 | 168,223,000 | ' | ' | ' | -151,000 | 19,491,000 | 19,340,000 | -132,000 | -629,000 | 1,043,000 | 282,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and Other Income | 2,032,000 | 432,000 | 2,637,000 | 752,000 | ' | ' | ' | 0 | 3,000 | 3,000 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Nonoperating Income (Expense) | ' | ' | ' | ' | ' | ' | ' | -76,000 | -32,000 | -108,000 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense, Debt | 115,924,000 | 122,950,000 | 228,973,000 | 317,417,000 | ' | ' | ' | 0 | -7,788,000 | -7,788,000 | 0 | -3,864,000 | -926,000 | -4,790,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Financing Costs | -3,134,000 | -4,353,000 | -5,926,000 | -11,301,000 | ' | ' | ' | 0 | -177,000 | -177,000 | 0 | 0 | -7,000 | -7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income and other taxes, (loss) from investments in unconsolidated entities, net gain on sales of land parcels, discontinued operations and net gain on sales of real estate properties | 109,745,000 | -64,525,000 | 193,104,000 | -183,093,000 | ' | ' | ' | -227,000 | 11,497,000 | 11,270,000 | -132,000 | -4,493,000 | 110,000 | -4,515,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income and other tax (expense) benefit | -646,000 | -428,000 | -886,000 | -833,000 | ' | ' | ' | 0 | -45,000 | -45,000 | 0 | -7,000 | 0 | -7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) from investments in unconsolidated entities | -7,616,000 | -8,174,000 | -9,025,000 | -54,540,000 | ' | ' | ' | 0 | -879,000 | -879,000 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $117,720,000 | $336,732,000 | $200,452,000 | $1,397,766,000 | ' | ' | ' | ($227,000) | $10,573,000 | $10,346,000 | ($132,000) | ($4,500,000) | $110,000 | ($4,522,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits_Restricted_Details
Deposits - Restricted (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Earnest Money On Pending Acquisitions | $830 | $4,514 |
Restricted deposits on real estate investments | 36,476 | 53,771 |
Resident security and utility deposits | 46,597 | 44,777 |
Other Restricted Cash | 505 | 505 |
Restricted Cash and Cash Equivalents | 84,408 | 103,567 |
Escrow deposits for real estate taxes and insurance | 3,500 | 3,687 |
Replacement Reserve Escrow | 3,469 | 4,229 |
Principal fund reserves/sinking funds | 37,448 | 33,868 |
Escrow deposits - other | 852 | 852 |
Escrow Deposits For Mortgage And Replacement Reserves | $45,269 | $42,636 |
Debt_Mortgage_Notes_Payable_De
Debt Mortgage Notes Payable (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Mortgage notes payable | $5,158,091,000 | $5,174,166,000 |
Repayments Of Long-term Debt | 9,100,000 | ' |
Debt Instrument, Maturity Date | 1-May-61 | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.03% | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.25% | ' |
Weighted Average Mortgage Debt Interest Rate | 4.23% | ' |
Credit enhanced debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Mortgage notes payable | $700,500,000 | ' |
Debt_Notes_Details
Debt Notes (Details) (USD $) | 6 Months Ended | 6 Months Ended | ||||
Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Term Loan [Member] | 2.375% Notes [Member] | 4.50% Notes [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Notes, net | $5,923,952,000 | $5,477,088,000 | ' | ' | ' | ' |
Term Loan Principal Amount | ' | ' | 750,000,000 | ' | ' | ' |
Proceeds from Issuance of Unsecured Debt | ' | ' | ' | 450,000,000 | 750,000,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 2.38% | 4.50% | ' |
Proceeds from Debt, Net of Issuance Costs | ' | ' | ' | $449,600,000 | $744,700,000 | ' |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | ' | ' | ' | 2.52% | 4.57% | ' |
Debt Instrument, Maturity Date Range, End | 31-Dec-44 | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.03% | ' | ' | ' | ' | 2.38% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.25% | ' | ' | ' | ' | 7.57% |
Weighted Average Interest Rate | 4.97% | ' | ' | ' | ' | ' |
Debt_Lines_of_Credit_Details
Debt Lines of Credit (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Line of Credit Facility [Line Items] | ' |
Debt Instrument, Maturity Date | 1-May-61 |
500.0 million ability to increase | $500,000,000 |
Debt Instrument, Basis Spread on Variable Rate | 1.05% |
A 250 billion LOC [Member] [Domain] | ' |
Line of Credit Facility [Line Items] | ' |
Unsecured revolving credit facility | 2,500,000,000 |
Debt Instrument, Maturity Date | 1-Apr-18 |
Remaining borrowing capacity | 2,470,000,000 |
Amount restricted/dedicated to support letters of credit | 34,800,000 |
Weighted Average Interest Rate Revolving Credit Facility | 0.96% |
A 175 billion LOC [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Unsecured revolving credit facility | $1,750,000,000 |
London Interbank Offered Rate (LIBOR) [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line Of Credit Facility Commitment Fee | 15.00% |
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR plus 1.05% |
Derivative_and_Other_Fair_Valu2
Derivative and Other Fair Value Instruments (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Fair Value Hedging maturity date 2019 [Member] | ' |
Derivative [Line Items] | ' |
Current Notional Balance | $450,000 |
Lowest Possible Notional | 450,000 |
Highest Possible Notional | 450,000 |
Lowest Interest Rate | 2.38% |
Highest Interest Rate | 2.38% |
Forward Starting Swaps Fair Value Hedging maturity date 2025 [Member] | ' |
Derivative [Line Items] | ' |
Current Notional Balance | 100,000 |
Lowest Possible Notional | 100,000 |
Highest Possible Notional | $100,000 |
Lowest Interest Rate | 3.14% |
Highest Interest Rate | 3.19% |
Derivative_and_Other_Fair_Valu3
Derivative and Other Fair Value Instruments (Details 1) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, fair value | $1,452 | $18,710 |
Other Assets, Fair Value Disclosure | 97,543 | 83,845 |
Assets, Fair Value Disclosure | 98,995 | 102,555 |
Derivative liability, fair value | 2,346 | ' |
Other Liabilities, Fair Value Disclosure | 97,543 | 83,845 |
Liabilities, Fair Value Disclosure | 99,889 | 83,845 |
Redeemable Noncontrolling Interest Operating Partnership Fair Value Disclosure | 440,050 | 363,144 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, fair value | 0 | 0 |
Other Assets, Fair Value Disclosure | 97,543 | 83,845 |
Assets, Fair Value Disclosure | 97,543 | 83,845 |
Derivative liability, fair value | 0 | ' |
Other Liabilities, Fair Value Disclosure | 97,543 | 83,845 |
Liabilities, Fair Value Disclosure | 97,543 | 83,845 |
Redeemable Noncontrolling Interest Operating Partnership Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, fair value | 1,452 | 18,710 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 1,452 | 18,710 |
Derivative liability, fair value | 2,346 | ' |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure | 2,346 | 0 |
Redeemable Noncontrolling Interest Operating Partnership Fair Value Disclosure | 440,050 | 363,144 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, fair value | 0 | 0 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Derivative liability, fair value | 0 | ' |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Redeemable Noncontrolling Interest Operating Partnership Fair Value Disclosure | $0 | $0 |
Derivative_and_Other_Fair_Valu4
Derivative and Other Fair Value Instruments (Details 3) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments | $1,452 | ($1,524) |
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | -1,452 | 1,524 |
Effective Portion - Amount of Gain/ (Loss) Recognized in OCI on Derivative | -21,790 | 12,337 |
Effective Portion - Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income | -8,335 | -12,098 |
Ineffective Portion - Amount of Gain/ (Loss) Reclassifed from Accumulated OCI into Income | 91 | 0 |
Interest Rate Swap [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments | 1,452 | -1,524 |
Derivative, Description of Hedged Item | 'Fixed rate debt | 'Fixed rate debt |
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | -1,452 | 1,524 |
Forward Starting Swaps/Treasury Locks [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Effective Portion - Amount of Gain/ (Loss) Recognized in OCI on Derivative | -21,790 | 12,337 |
Effective Portion - Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income | -8,335 | -12,098 |
Ineffective Portion - Amount of Gain/ (Loss) Reclassifed from Accumulated OCI into Income | $91 | $0 |
Derivative_and_Other_Fair_Valu5
Derivative and Other Fair Value Instruments (Details Textuals) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | ' | ' |
Mortgage notes payable | $5,158,091,000 | $5,174,166,000 |
Notes, net | 5,923,952,000 | 5,477,088,000 |
Debt Instrument, Fair Value Disclosure | 5,200,000,000 | 5,100,000,000 |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | -169,300,000 | -155,800,000 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 22,000,000 | ' |
Payments for (Proceeds from) Hedge, Investing Activities | 2,000,000 | ' |
Debt Instrument, Face Amount | 750,000,000 | ' |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 100,000 | ' |
Interest Expense | 1,300,000 | ' |
ChargesHedgeTerminationActivities | 800,000 | ' |
Total Note Payable and Long-Term Line of Credit [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notes, net | 5,900,000,000 | 5,600,000,000 |
Debt Instrument, Fair Value Disclosure | 6,400,000,000 | 5,900,000,000 |
Fair Value Hedging maturity date 2019 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Variable Interest Rate | 0.61% | ' |
London Interbank Offered Rate (LIBOR) [Member] | Fair Value Hedging maturity date 2019 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR plus 0.61% | ' |
2.375% Notes [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Proceeds from Issuance of Unsecured Debt | $450,000,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.38% | ' |
Maturity Date | 1-Jul-19 | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $102,307 | ($58,511) | $183,987 | ($223,850) |
Income (Loss) Attributable to Noncontrolling Interest | -4,422 | 2,231 | -7,475 | 9,078 |
Net gain on sales of real estate properties | 14,903 | 0 | 14,903 | 0 |
Allocation Of Net Income Loss To Noncontrolling Interests Partially Owned Properties | -588 | 815 | -1,092 | 790 |
Dividends, Preferred Stock | -1,036 | -1,036 | -2,072 | -2,072 |
Income (Loss) from Continuing Operations Attributable to Parent | 111,164 | -56,501 | 188,251 | -216,054 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 490 | 380,224 | 1,502 | 1,556,427 |
Net Income Loss Available To Common Stockholder Basic | 111,654 | 323,723 | 189,753 | 1,340,373 |
Income From Continuing Operations Available To Common Shares | 115,586 | ' | 195,726 | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 510 | 395,243 | 1,562 | 1,621,616 |
Net Income (Loss) Available to Common Stockholders, Diluted | 116,096 | 323,723 | 197,288 | 1,340,373 |
Weighted Average Number of Shares Outstanding, Basic | 360,809 | 359,653 | 360,641 | 348,654 |
Dilutive Op Units | 13,742 | ' | 13,736 | ' |
Dilutive Securities Options | 2,567 | ' | 2,403 | ' |
Weighted Average Number of Shares Outstanding, Diluted | 377,118 | 359,653 | 376,780 | 348,654 |
Earnings Per Share, Basic | $0.31 | $0.90 | $0.53 | $3.84 |
Earnings Per Share, Diluted | $0.31 | $0.90 | $0.52 | $3.84 |
Income (loss) from continuing operations available to Common Shares | $0.31 | ($0.16) | $0.52 | ($0.62) |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | $0.00 | $1.06 | $0.00 | $4.46 |
Income (loss) from continuing operations available to Common Shares | $0.31 | ($0.16) | $0.52 | ($0.62) |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | $0.00 | $1.06 | $0.00 | $4.46 |
OPERATING PARTNERSHIP | ' | ' | ' | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 102,307 | -58,511 | 183,987 | -223,850 |
Net gain on sales of real estate properties | 14,903 | 0 | 14,903 | 0 |
Allocation Of Net Income Loss To Noncontrolling Interests Partially Owned Properties | -588 | 815 | -1,092 | 790 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 510 | 395,243 | 1,562 | 1,621,616 |
Dilutive Securities Options | 2,567 | ' | 2,403 | ' |
Earnings Per Share, Basic | $0.31 | $0.90 | $0.53 | $3.84 |
Earnings Per Share, Diluted | $0.31 | $0.90 | $0.52 | $3.84 |
Income (loss) from continuing operations available to Common Shares | $0.31 | ($0.16) | $0.52 | ($0.62) |
Income (loss) from continuing operations available to Common Shares | $0.31 | ($0.16) | $0.52 | ($0.62) |
Dividend preference units | -1,036 | -1,036 | -2,072 | -2,072 |
Income (Loss) From Continuing Operations Available To Units | 115,586 | -58,732 | 195,726 | -225,132 |
Net Income loss available to Op unitholders basic diluted numerator | $116,096 | $336,511 | $197,288 | $1,396,484 |
Weighted Average Limited Partnership and General Partnership Units Outstanding, Basic | 374,551 | 373,403 | 374,377 | 362,390 |
Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Diluted | 377,118 | 373,403 | 376,780 | 362,390 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Outstanding Limited Partnership and General Partnership Unit, Basic | $0.00 | $1.06 | $0.00 | $4.46 |
Income Loss From Discontinued Operations Net Of Tax Per Outstanding Limited Partnership And General Partnership Diluted | $0.00 | $1.06 | $0.00 | $4.46 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
REVENUES | ' | ' | ' | ' | ||||
Disposal Group Including Discontinued Operation Rental Income | $252 | $26,174 | $1,275 | $107,956 | ||||
Disposal Group, Including Discontinued Operation, Revenue | 252 | 26,174 | 1,275 | 107,956 | ||||
EXPENSES (1) | ' | ' | ' | ' | ||||
Disposal Group Including Discontinued Operation Property And Maintenance | -89 | [1] | 11,025 | [1] | -41 | [1] | 31,449 | [1] |
Disposal Group Including Discontinued Operation Real Estate Taxes And Insurance | -19 | [1] | 2,273 | [1] | -6 | [1] | 10,867 | [1] |
Disposal Group Including Discontinued Operations Property Management | 0 | 0 | [1] | 0 | 1 | [1] | ||
Disposal Group Including Discontinued Operation Depreciation | 0 | [1] | 7,146 | [1] | 0 | [1] | 30,962 | [1] |
Disposal Group Including Discontinued Operation General And Administrative | 46 | [1] | 65 | [1] | 51 | [1] | 73 | [1] |
Disposal Group, Including Discontinued Operation, Operating Expense | -62 | [1] | 20,509 | [1] | 4 | [1] | 73,352 | [1] |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 314 | 5,665 | 1,271 | 34,604 | ||||
Disposal Group Including Discontinued Operation Interest And Other Income | 45 | 38 | 80 | 90 | ||||
Disposal Group Including Discontinued Operation Other Expenses | 0 | -1 | 0 | -3 | ||||
Interest (2) | ' | ' | ' | ' | ||||
Expense Incurred, Net | 0 | [2] | -6 | [2] | 0 | [2] | -1,258 | [2] |
Disposal Group Including Discontinued Operation Amortization Of Deferred Financing Costs | 0 | [2] | 0 | [2] | 0 | [2] | -228 | [2] |
Discontinued Operation, Tax Effect of Discontinued Operation | -2 | -405 | -13 | -463 | ||||
Income Loss From Discontinued Operations | 357 | 5,291 | 1,338 | 32,742 | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 153 | 389,952 | 224 | 1,588,874 | ||||
Discontinued operations, net | $510 | $395,243 | $1,562 | $1,621,616 | ||||
[1] | Includes expenses paid in the current period for properties sold in prior periods related to the Companybs period of ownership. | |||||||
[2] | Includes only interest expense specific to secured mortgage notes payable for properties sold. |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
300 properties designed and built in violation of accessibility requirements | 300 | ' |
Projects in various stages of development | 12 | ' |
Units in various stages of development | 3,871 | ' |
Consolidated Project Under Development Commitment Fund | $1,000,000,000 | ' |
Various stages of development with estimated completion dates ranging through September 30, 2016 | 30-Sep-16 | ' |
Number Of Apartments Units Under Development Unconsolidated Projects | 176 | ' |
Estimated completion period of project | 31-Dec-14 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 265,400,000 | ' |
Investment in Joint Venture | 327,900,000 | ' |
Noncontrolling Interests - Partially Owned Properties | 125,843,000 | 126,583,000 |
Company's Portion [Member] | ' | ' |
Land purchase price | 76,100,000 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 102,500,000 | ' |
Joint Venture Partner [Member] | ' | ' |
Land purchase price | 57,900,000 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 75,700,000 | ' |
Noncontrolling Interests - Partially Owned Properties | 117,400,000 | ' |
Unconsolidated Development Projects Held for and or Under Development [Domain] | ' | ' |
Number Of Unconsolidated Projects | 1 | ' |
Parc on Powell (formerly 1333 Powell) [Domain] | ' | ' |
Guarantor Obligations, Maximum Exposure | $19,700,000 | ' |
Reportable_Segments_Details
Reportable Segments (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Rental income: | ' | ' | ' | ' | ' |
Same store | $626,746 | $602,046 | $1,239,506 | $1,191,430 | ' |
Segment Reporting Segment Non Same Store Rental Income | 23,020 | 12,498 | 40,985 | 18,099 | ' |
Segment Reporting Information Revenues | 649,766 | 614,544 | 1,280,491 | 1,117,106 | ' |
Operating expenses: | ' | ' | ' | ' | ' |
Same store | 208,086 | 205,213 | 426,227 | 416,591 | ' |
Segment Reporting Segment Non Same Store Operating Expenses | 10,912 | 7,061 | 22,556 | 18,525 | ' |
Segment Reporting Segment Operating Expenses | 218,998 | 212,274 | 448,783 | 398,387 | ' |
NOI: | ' | ' | ' | ' | ' |
Same store | 418,660 | 396,833 | 813,279 | 774,839 | ' |
Segment Reporting Information Non Same Store Net Operating Income | 12,108 | 5,437 | 18,429 | -426 | ' |
Segment Reporting Information Net Operating Income | 430,768 | 402,270 | 831,708 | 718,719 | ' |
Assets | 22,991,402 | ' | 22,991,402 | ' | 22,834,545 |
Payments to Acquire Other Property, Plant, and Equipment | ' | ' | 76,912 | ' | ' |
Reportable Segments (Textuals) [Abstract] | ' | ' | ' | ' | ' |
Units in same store properties | ' | ' | 100,648 | ' | ' |
Rental income | 649,766 | 614,544 | 1,280,491 | 1,117,106 | ' |
Property Repairs and Maintenance | -115,388 | -113,501 | -240,961 | -212,030 | ' |
Real Estate Taxes and Insurance | -83,055 | -76,742 | -165,149 | -141,837 | ' |
Property management | -20,555 | -22,031 | -42,673 | -44,520 | ' |
Total Operating Expenses | -218,998 | -212,274 | -448,783 | -398,387 | ' |
Archstone [Member] | ' | ' | ' | ' | ' |
Reportable Segments (Textuals) [Abstract] | ' | ' | ' | ' | ' |
Units in same store properties | ' | ' | 18,465 | ' | ' |
Same Store [Domain] | ' | ' | ' | ' | ' |
NOI: | ' | ' | ' | ' | ' |
Assets | 20,029,692 | ' | 20,029,692 | ' | ' |
Payments to Acquire Other Property, Plant, and Equipment | ' | ' | 74,398 | ' | ' |
Non-same store [Domain] | ' | ' | ' | ' | ' |
NOI: | ' | ' | ' | ' | ' |
Assets | 2,961,710 | ' | 2,961,710 | ' | ' |
Payments to Acquire Other Property, Plant, and Equipment | ' | ' | 2,514 | ' | ' |
Boston [Domain] | ' | ' | ' | ' | ' |
Rental income: | ' | ' | ' | ' | ' |
Same store | 63,117 | 61,401 | 125,024 | 120,455 | ' |
Segment Reporting Segment Non Same Store Rental Income | 790 | 898 | 1,817 | 1,154 | ' |
Operating expenses: | ' | ' | ' | ' | ' |
Same store | 19,259 | 19,444 | 41,414 | 39,651 | ' |
Segment Reporting Segment Non Same Store Operating Expenses | 202 | 201 | 413 | 255 | ' |
NOI: | ' | ' | ' | ' | ' |
Same store | 43,858 | 41,957 | 83,610 | 80,804 | ' |
Segment Reporting Information Non Same Store Net Operating Income | 588 | 697 | 1,404 | 899 | ' |
Boston [Domain] | Same Store [Domain] | ' | ' | ' | ' | ' |
NOI: | ' | ' | ' | ' | ' |
Assets | 1,953,627 | ' | 1,953,627 | ' | ' |
Payments to Acquire Other Property, Plant, and Equipment | ' | ' | 8,814 | ' | ' |
Boston [Domain] | Non-same store [Domain] | ' | ' | ' | ' | ' |
NOI: | ' | ' | ' | ' | ' |
Assets | 48,830 | ' | 48,830 | ' | ' |
Payments to Acquire Other Property, Plant, and Equipment | ' | ' | 630 | ' | ' |
Denver [Domain] | ' | ' | ' | ' | ' |
Rental income: | ' | ' | ' | ' | ' |
Same store | 27,511 | 25,524 | 54,123 | 50,494 | ' |
Operating expenses: | ' | ' | ' | ' | ' |
Same store | 7,648 | 7,770 | 15,098 | 14,987 | ' |
NOI: | ' | ' | ' | ' | ' |
Same store | 19,863 | 17,754 | 39,025 | 35,507 | ' |
Denver [Domain] | Same Store [Domain] | ' | ' | ' | ' | ' |
NOI: | ' | ' | ' | ' | ' |
Assets | 530,832 | ' | 530,832 | ' | ' |
Payments to Acquire Other Property, Plant, and Equipment | ' | ' | 1,904 | ' | ' |
New York [Domain] | ' | ' | ' | ' | ' |
Rental income: | ' | ' | ' | ' | ' |
Same store | 114,221 | 109,299 | 225,407 | 217,297 | ' |
Operating expenses: | ' | ' | ' | ' | ' |
Same store | 41,898 | 40,634 | 88,102 | 83,745 | ' |
NOI: | ' | ' | ' | ' | ' |
Same store | 72,323 | 68,665 | 137,305 | 133,552 | ' |
New York [Domain] | Same Store [Domain] | ' | ' | ' | ' | ' |
NOI: | ' | ' | ' | ' | ' |
Assets | 4,720,592 | ' | 4,720,592 | ' | ' |
Payments to Acquire Other Property, Plant, and Equipment | ' | ' | 8,202 | ' | ' |
San Francisco [Domain] | ' | ' | ' | ' | ' |
Rental income: | ' | ' | ' | ' | ' |
Same store | 84,082 | 77,514 | 165,343 | 152,459 | ' |
Operating expenses: | ' | ' | ' | ' | ' |
Same store | 26,305 | 25,955 | 52,960 | 54,109 | ' |
NOI: | ' | ' | ' | ' | ' |
Same store | 57,777 | 51,559 | 112,383 | 98,350 | ' |
San Francisco [Domain] | Same Store [Domain] | ' | ' | ' | ' | ' |
NOI: | ' | ' | ' | ' | ' |
Assets | 2,753,902 | ' | 2,753,902 | ' | ' |
Payments to Acquire Other Property, Plant, and Equipment | ' | ' | 12,704 | ' | ' |
Seattle [Domain] | ' | ' | ' | ' | ' |
Rental income: | ' | ' | ' | ' | ' |
Same store | 38,977 | 36,176 | 76,702 | 71,548 | ' |
Segment Reporting Segment Non Same Store Rental Income | 2,756 | 1,271 | 4,444 | 1,303 | ' |
Operating expenses: | ' | ' | ' | ' | ' |
Same store | 13,037 | 12,316 | 25,805 | 24,553 | ' |
Segment Reporting Segment Non Same Store Operating Expenses | 1,042 | 373 | 1,779 | 374 | ' |
NOI: | ' | ' | ' | ' | ' |
Same store | 25,940 | 23,860 | 50,897 | 46,995 | ' |
Segment Reporting Information Non Same Store Net Operating Income | 1,714 | 898 | 2,665 | 929 | ' |
Seattle [Domain] | Same Store [Domain] | ' | ' | ' | ' | ' |
NOI: | ' | ' | ' | ' | ' |
Assets | 1,046,051 | ' | 1,046,051 | ' | ' |
Payments to Acquire Other Property, Plant, and Equipment | ' | ' | 5,264 | ' | ' |
Seattle [Domain] | Non-same store [Domain] | ' | ' | ' | ' | ' |
NOI: | ' | ' | ' | ' | ' |
Assets | 226,604 | ' | 226,604 | ' | ' |
Payments to Acquire Other Property, Plant, and Equipment | ' | ' | 281 | ' | ' |
South Florida [Domain] | ' | ' | ' | ' | ' |
Rental income: | ' | ' | ' | ' | ' |
Same store | 49,456 | 47,051 | 97,893 | 93,289 | ' |
Segment Reporting Segment Non Same Store Rental Income | 1,241 | 14 | 2,041 | 24 | ' |
Operating expenses: | ' | ' | ' | ' | ' |
Same store | 18,220 | 17,774 | 36,404 | 35,417 | ' |
Segment Reporting Segment Non Same Store Operating Expenses | 760 | 68 | 1,301 | 146 | ' |
NOI: | ' | ' | ' | ' | ' |
Same store | 31,236 | 29,277 | 61,489 | 57,872 | ' |
Segment Reporting Information Non Same Store Net Operating Income | 481 | -54 | 740 | -122 | ' |
South Florida [Domain] | Same Store [Domain] | ' | ' | ' | ' | ' |
NOI: | ' | ' | ' | ' | ' |
Assets | 1,170,295 | ' | 1,170,295 | ' | ' |
Payments to Acquire Other Property, Plant, and Equipment | ' | ' | 7,600 | ' | ' |
South Florida [Domain] | Non-same store [Domain] | ' | ' | ' | ' | ' |
NOI: | ' | ' | ' | ' | ' |
Assets | 70,896 | ' | 70,896 | ' | ' |
Payments to Acquire Other Property, Plant, and Equipment | ' | ' | 16 | ' | ' |
Southern California [Domain] | ' | ' | ' | ' | ' |
Rental income: | ' | ' | ' | ' | ' |
Same store | 104,608 | 100,156 | 207,272 | 198,366 | ' |
Segment Reporting Segment Non Same Store Rental Income | 8,446 | 4,106 | 15,623 | 5,397 | ' |
Operating expenses: | ' | ' | ' | ' | ' |
Same store | 34,811 | 34,275 | 69,450 | 69,149 | ' |
Segment Reporting Segment Non Same Store Operating Expenses | 4,261 | 1,976 | 7,452 | 2,593 | ' |
NOI: | ' | ' | ' | ' | ' |
Same store | 69,797 | 65,881 | 137,822 | 129,217 | ' |
Segment Reporting Information Non Same Store Net Operating Income | 4,185 | 2,130 | 8,171 | 2,804 | ' |
Southern California [Domain] | Same Store [Domain] | ' | ' | ' | ' | ' |
NOI: | ' | ' | ' | ' | ' |
Assets | 2,978,750 | ' | 2,978,750 | ' | ' |
Payments to Acquire Other Property, Plant, and Equipment | ' | ' | 11,953 | ' | ' |
Southern California [Domain] | Non-same store [Domain] | ' | ' | ' | ' | ' |
NOI: | ' | ' | ' | ' | ' |
Assets | 511,343 | ' | 511,343 | ' | ' |
Payments to Acquire Other Property, Plant, and Equipment | ' | ' | 645 | ' | ' |
Washington DC [Domain] | ' | ' | ' | ' | ' |
Rental income: | ' | ' | ' | ' | ' |
Same store | 111,739 | 112,815 | 222,135 | 223,807 | ' |
Segment Reporting Segment Non Same Store Rental Income | 5,906 | 3,512 | 10,840 | 5,320 | ' |
Operating expenses: | ' | ' | ' | ' | ' |
Same store | 35,102 | 35,165 | 72,499 | 71,049 | ' |
Segment Reporting Segment Non Same Store Operating Expenses | 1,954 | 1,209 | 3,857 | 1,862 | ' |
NOI: | ' | ' | ' | ' | ' |
Same store | 76,637 | 77,650 | 149,636 | 152,758 | ' |
Segment Reporting Information Non Same Store Net Operating Income | 3,952 | 2,303 | 6,983 | 3,458 | ' |
Washington DC [Domain] | Same Store [Domain] | ' | ' | ' | ' | ' |
NOI: | ' | ' | ' | ' | ' |
Assets | 4,270,418 | ' | 4,270,418 | ' | ' |
Payments to Acquire Other Property, Plant, and Equipment | ' | ' | 14,834 | ' | ' |
Washington DC [Domain] | Non-same store [Domain] | ' | ' | ' | ' | ' |
NOI: | ' | ' | ' | ' | ' |
Assets | 306,594 | ' | 306,594 | ' | ' |
Payments to Acquire Other Property, Plant, and Equipment | ' | ' | 852 | ' | ' |
Non-Core [Domain] | ' | ' | ' | ' | ' |
Rental income: | ' | ' | ' | ' | ' |
Same store | 33,035 | 32,110 | 65,607 | 63,715 | ' |
Operating expenses: | ' | ' | ' | ' | ' |
Same store | 11,806 | 11,880 | 24,495 | 23,931 | ' |
NOI: | ' | ' | ' | ' | ' |
Same store | 21,229 | 20,230 | 41,112 | 39,784 | ' |
Non-Core [Domain] | Same Store [Domain] | ' | ' | ' | ' | ' |
NOI: | ' | ' | ' | ' | ' |
Assets | 605,225 | ' | 605,225 | ' | ' |
Payments to Acquire Other Property, Plant, and Equipment | ' | ' | 3,123 | ' | ' |
Archstone pre-ownership [Member] | ' | ' | ' | ' | ' |
Rental income: | ' | ' | ' | ' | ' |
Same store | ' | ' | 0 | -92,423 | ' |
Operating expenses: | ' | ' | ' | ' | ' |
Same store | ' | ' | 0 | -36,729 | ' |
NOI: | ' | ' | ' | ' | ' |
Same store | ' | ' | 0 | -55,694 | ' |
Other [Domain] | ' | ' | ' | ' | ' |
Rental income: | ' | ' | ' | ' | ' |
Segment Reporting Segment Non Same Store Rental Income | 3,881 | 2,697 | 6,220 | 4,901 | ' |
Operating expenses: | ' | ' | ' | ' | ' |
Segment Reporting Segment Non Same Store Operating Expenses | 2,693 | 3,234 | 7,754 | 13,295 | ' |
NOI: | ' | ' | ' | ' | ' |
Segment Reporting Information Non Same Store Net Operating Income | 1,188 | -537 | -1,534 | -8,394 | ' |
Other [Domain] | Non-same store [Domain] | ' | ' | ' | ' | ' |
NOI: | ' | ' | ' | ' | ' |
Assets | 1,797,443 | ' | 1,797,443 | ' | ' |
Payments to Acquire Other Property, Plant, and Equipment | ' | ' | $90 | ' | ' |
Subsequent_EventsOther_Details
Subsequent Events/Other (Details) (USD $) | 6 Months Ended | 1 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2014 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' |
Land parcels acquired | ' | ' | 1 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $265,400,000 | ' | $13,000,000 |
Repayments Of Long-term Debt | 9,100,000 | ' | 60,700,000 |
Business Combination, Acquisition Related Costs | 100,000 | 100,000 | ' |
Write-off of pursuit costs | 1,492,000 | 3,365,000 | ' |
Other Expenses | 1,600,000 | 3,500,000 | ' |
Litigation Settlement, Amount | $2,300,000 | ' | ' |