CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $431,642 | $1,789,483 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 565,772 | 830,097 |
Amortization of deferred financing costs | 8,554 | 15,864 |
Amortization of Intangible Assets | 2,376 | 2,214 |
Amortization of discounts and premiums on debt | -8,750 | -37,612 |
Amortization of deferred settlements on derivative instruments | 12,205 | 15,683 |
Write-off of pursuit costs | 2,067 | 3,969 |
Income Loss from Investments in Unconsolidated Entities Adjustment | 10,201 | 57,749 |
Distributions from unconsolidated entities - return on capital | 4,557 | 1,519 |
Net (gain) on sales of investment securities | -57 | -830 |
Net (gain) on sales of discontinued operations | -223 | -1,990,577 |
Net (gain) on sales of real estate properties | -128,544 | 0 |
Unrealized (gain) loss on derivative instruments | -66 | 32 |
Compensation paid with Company Common Shares | 24,647 | 29,019 |
Changes in assets and liabilities: | ' | ' |
(Increase) decrease in deposits b restricted | -2,223 | 4,152 |
Decrease in mortgage deposits | 1,638 | 271 |
Decrease in other assets | 3,854 | 7,315 |
Increase in accounts payable and accrued expenses | 76,331 | 65,001 |
Increase (decrease) in accrued interest payable | 8,163 | -2,175 |
(Decrease) in other liabilities | -173 | -5,427 |
Increase (decrease) in security deposits | 4,146 | -6,475 |
Net cash provided by operating activities | 1,014,271 | 767,093 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -4,000,875 |
Investment in real estate - acquisitions | -404,658 | -108,308 |
Investment in real estate - development/other | -380,691 | -256,965 |
Improvements to real estate | -133,181 | -96,866 |
Additions to non-real estate property | -2,446 | -3,359 |
Interest capitalized for real estate and unconsolidated entities under development | -38,140 | -32,946 |
Proceeds from disposition of real estate, net | 224,538 | 4,434,708 |
Investments in unconsolidated entities | -14,568 | -59,363 |
Proceeds From Distributions Received From Unconsolidated Subsidiaries | 77,042 | 25,471 |
Proceeds from Sale of Available-for-sale Securities | 57 | 828 |
Decrease in deposits on real estate acquisitions and investments, net | 20,845 | 147,890 |
Decrease in mortgage deposits | 560 | 7,623 |
Acquisition of Noncontrolling Interests b Partially Owned Properties | -5,501 | 0 |
Net cash (used for) provided by investing activities | -656,143 | 57,838 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Loan and bond acquisition costs | -10,598 | -18,254 |
Mortgage Deposits | -5,557 | -3,769 |
Mortgage notes payable: | ' | ' |
Proceeds from Issuance of Long-term Debt | 0 | 5,951 |
Scheduled principal repayments | -8,919 | -9,527 |
Notes, net: | ' | ' |
Proceeds from Notes Payable | 1,194,278 | 1,245,550 |
Lump sum payoffs | -1,250,000 | -400,000 |
Line of Credit Facility: | ' | ' |
Proceeds | 5,324,000 | 8,413,000 |
Repayments | -4,993,000 | -8,413,000 |
(Payments on) settlement of derivative instruments | -758 | -44,013 |
Proceeds from exercise of options | 56,554 | 16,044 |
Payment of offering costs | 0 | -954 |
Other financing activities, net | -33 | -33 |
Contributions - Noncontrolling Interests - Partially Owned Properties | 5,684 | 11,520 |
Contributions - Limited Partners | 3 | 5 |
Distributions: | ' | ' |
Noncontrolling Interests b Partially Owned Properties | -6,762 | -5,702 |
Net cash (used for) financing activities | -380,184 | -464,760 |
Net (decrease) increase in cash and cash equivalents | -22,056 | 360,171 |
Cash and cash equivalents, beginning of period | 53,534 | 612,590 |
Cash and cash equivalents, end of period | 31,478 | 972,761 |
SUPPLEMENTAL INFORMATION: | ' | ' |
Cash paid for interest, net of amounts capitalized | 335,646 | 451,495 |
Net cash paid for income and other taxes | 866 | 1,064 |
AmortizationOfDeferredFinancingCosts [Abstract] | ' | ' |
Amortization Of Deferred Financing Costs Investment In Real Estate Net | 0 | 152 |
Amortization Of Deferred Financing Costs Deferred Financing Costs Net | 8,554 | 16,016 |
Amortization of discounts and premiums on debt: | ' | ' |
Mortgage notes payable | 10,515 | 39,232 |
Notes, net | 1,765 | 1,620 |
Amortization of deferred settlements on derivative instruments: | ' | ' |
Other liabilities | -401 | -401 |
Losses reclassified into earnings from other comprehensive income | 12,606 | 16,084 |
Loss From Investments In Unconsolidated Entities [Abstract] | ' | ' |
Income Loss From Equity Method Investments Merger | 7,684 | 51,907 |
Other Liabilities Loss From Investments in unconsolidated entities | 2,517 | 5,842 |
Distributions from unconsolidated entities return on capital [Abstract] | ' | ' |
Distributions from unconsolidated entities investments in unconsolidated entities | 4,399 | 1,519 |
Distributions from unconsolidated entities other liabilities | 158 | 0 |
Unrealized (gain) loss on derivative instruments: | ' | ' |
Other assets | 11,409 | -10,609 |
Notes, net | -2,485 | -1,523 |
Other liabilities | 12,794 | 3,427 |
Unrealized holding (losses) gains arising during the period | -21,784 | 8,737 |
Acquisition of Archstone, net of cash acquired [Abstract] | ' | ' |
Acquisition of Archstone Investment in Real Estate Net | 39,929 | -8,710,242 |
Acquisition of Archstone Investments in Unconsolidated Entities | -33,993 | -217,092 |
Acquisition of Archstone Deposits Restricted | 0 | -474 |
Acquisition of Archstone Escrow Deposits Mortgage | 0 | -35,897 |
Acquisition of Archstone Deferred Financing Costs | 0 | -25,780 |
Acquisition of Archstone Other Assets | -2,586 | -203,295 |
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 | 11,305 |
Acquisition of Archstone Other Liabilities | -3,204 | 117,068 |
Acquisition of Archstone Security Deposits | 0 | 10,949 |
Acquisition of Archstone OP Units 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 | -38,086 | -31,648 |
Investments in unconsolidated entities | -54 | -1,298 |
Investments in unconsolidated entities [Abstract] | ' | ' |
Investments in unconsolidated entities | 5,118 | 9,317 |
Investments in unconsolidated entities other liabilities | 9,450 | 50,046 |
Other: | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 466 | 789 |
OPERATING PARTNERSHIP | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | 431,642 | 1,789,483 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 565,772 | 830,097 |
Amortization of deferred financing costs | 8,554 | 15,864 |
Amortization of Intangible Assets | 2,376 | 2,214 |
Amortization of discounts and premiums on debt | -8,750 | -37,612 |
Amortization of deferred settlements on derivative instruments | 12,205 | 15,683 |
Write-off of pursuit costs | 2,067 | 3,969 |
Income Loss from Investments in Unconsolidated Entities Adjustment | 10,201 | 57,749 |
Distributions from unconsolidated entities - return on capital | 4,557 | 1,519 |
Net (gain) on sales of investment securities | -57 | -830 |
Net (gain) on sales of land parcels | -1,846 | -12,179 |
Net (gain) on sales of discontinued operations | -223 | -1,990,577 |
Net (gain) on sales of real estate properties | -128,544 | 0 |
Unrealized (gain) loss on derivative instruments | -66 | 32 |
Compensation paid with Company Common Shares | 24,647 | 29,019 |
Changes in assets and liabilities: | ' | ' |
(Increase) decrease in deposits b restricted | -2,223 | 4,152 |
Decrease in mortgage deposits | 1,638 | 271 |
Decrease in other assets | 3,854 | 7,315 |
Increase in accounts payable and accrued expenses | 76,331 | 65,001 |
Increase (decrease) in accrued interest payable | 8,163 | -2,175 |
(Decrease) in other liabilities | -173 | -5,427 |
Increase (decrease) in security deposits | 4,146 | -6,475 |
Net cash provided by operating activities | 1,014,271 | 767,093 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -4,000,875 |
Investment in real estate - acquisitions | -404,658 | -108,308 |
Investment in real estate - development/other | -380,691 | -256,965 |
Improvements to real estate | -133,181 | -96,866 |
Additions to non-real estate property | -2,446 | -3,359 |
Interest capitalized for real estate and unconsolidated entities under development | -38,140 | -32,946 |
Proceeds from disposition of real estate, net | 224,538 | 4,434,708 |
Investments in unconsolidated entities | -14,568 | -59,363 |
Proceeds From Distributions Received From Unconsolidated Subsidiaries | 77,042 | 25,471 |
Proceeds from Sale of Available-for-sale Securities | 57 | 828 |
Decrease in deposits on real estate acquisitions and investments, net | 20,845 | 147,890 |
Decrease in mortgage deposits | 560 | 7,623 |
Acquisition of Noncontrolling Interests b Partially Owned Properties | -5,501 | 0 |
Net cash (used for) provided by investing activities | -656,143 | 57,838 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Loan and bond acquisition costs | -10,598 | -18,254 |
Mortgage Deposits | -5,557 | -3,769 |
Mortgage notes payable: | ' | ' |
Proceeds from Issuance of Long-term Debt | 0 | 5,951 |
Lump sum payoffs | -63,772 | -701,762 |
Scheduled principal repayments | -8,919 | -9,527 |
Notes, net: | ' | ' |
Proceeds from Notes Payable | 1,194,278 | 1,245,550 |
Lump sum payoffs | -1,250,000 | -400,000 |
Line of Credit Facility: | ' | ' |
Proceeds | 5,324,000 | 8,413,000 |
Repayments | -4,993,000 | -8,413,000 |
(Payments on) settlement of derivative instruments | -758 | -44,013 |
Stock Issued During Period, Value, Employee Stock Purchase Plan | 2,728 | 2,973 |
Proceeds from exercise of options | 56,554 | 16,044 |
Payments For Repurchase Of Op Units | -1,777 | 0 |
Payment of offering costs | 0 | -954 |
Other financing activities, net | -33 | -33 |
Contributions - Noncontrolling Interests - Partially Owned Properties | 5,684 | 11,520 |
Contributions - Limited Partners | 3 | 5 |
Distributions: | ' | ' |
OP Units - General Partner | -595,564 | -537,464 |
Preference Units | -3,109 | -3,109 |
OP Units - Limited Partners | -23,582 | -22,216 |
Noncontrolling Interests b Partially Owned Properties | -6,762 | -5,702 |
Net cash (used for) financing activities | -380,184 | -464,760 |
Net (decrease) increase in cash and cash equivalents | -22,056 | 360,171 |
Cash and cash equivalents, beginning of period | 53,534 | 612,590 |
Cash and cash equivalents, end of period | 31,478 | 972,761 |
SUPPLEMENTAL INFORMATION: | ' | ' |
Cash paid for interest, net of amounts capitalized | 335,646 | 451,495 |
Net cash paid for income and other taxes | 866 | 1,064 |
AmortizationOfDeferredFinancingCosts [Abstract] | ' | ' |
Amortization Of Deferred Financing Costs Investment In Real Estate Net | 0 | -152 |
Amortization Of Deferred Financing Costs Deferred Financing Costs Net | 8,554 | 16,016 |
Amortization of discounts and premiums on debt: | ' | ' |
Mortgage notes payable | -10,515 | -39,232 |
Notes, net | 1,765 | 1,620 |
Amortization of deferred settlements on derivative instruments: | ' | ' |
Other liabilities | -401 | -401 |
Losses reclassified into earnings from other comprehensive income | 12,606 | 16,084 |
Loss From Investments In Unconsolidated Entities [Abstract] | ' | ' |
Income Loss From Equity Method Investments Merger | 7,684 | 51,907 |
Other Liabilities Loss From Investments in unconsolidated entities | 2,517 | 5,842 |
Distributions from unconsolidated entities return on capital [Abstract] | ' | ' |
Distributions from unconsolidated entities investments in unconsolidated entities | 4,399 | 1,519 |
Distributions from unconsolidated entities other liabilities | 158 | 0 |
Unrealized (gain) loss on derivative instruments: | ' | ' |
Other assets | 11,409 | -10,609 |
Notes, net | -2,485 | -1,523 |
Other liabilities | 12,794 | 3,427 |
Unrealized holding (losses) gains arising during the period | -21,784 | 8,737 |
Acquisition of Archstone, net of cash acquired [Abstract] | ' | ' |
Acquisition of Archstone Investment in Real Estate Net | 39,929 | -8,710,242 |
Acquisition of Archstone Investments in Unconsolidated Entities | -33,993 | -217,092 |
Acquisition of Archstone Deposits Restricted | 0 | -474 |
Acquisition of Archstone Escrow Deposits Mortgage | 0 | -35,897 |
Acquisition of Archstone Deferred Financing Costs | 0 | -25,780 |
Acquisition of Archstone Other Assets | -2,586 | -203,295 |
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 | 11,305 |
Acquisition of Archstone Other Liabilities | -3,204 | 117,068 |
Acquisition of Archstone Security Deposits | 0 | 10,949 |
Acquisition of Archstone OP Units 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 | -38,086 | -31,648 |
Investments in unconsolidated entities | -54 | -1,298 |
Investments in unconsolidated entities [Abstract] | ' | ' |
Investments in unconsolidated entities | -5,118 | -9,317 |
Investments in unconsolidated entities other liabilities | -9,450 | -50,046 |
Other: | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | $466 | $789 |