Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Entity Registrant Name | EQUITY RESIDENTIAL | |
Entity Central Index Key | 906107 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | -19 | |
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 | 363,988,765 | |
OPERATING PARTNERSHIP | ||
Entity Registrant Name | ERP OPERATING LIMITED PARTNERSHIP | |
Entity Central Index Key | 931182 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | -19 | |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investment in real estate | ||
Land | $6,357,580 | $6,295,404 |
Depreciable property | 20,024,497 | 19,851,504 |
Projects under development | 1,269,784 | 1,343,919 |
Land held for development | 143,997 | 184,556 |
Investment in real estate | 27,795,858 | 27,675,383 |
Real Estate Investment Property, Accumulated Depreciation | -5,600,485 | -5,432,805 |
Investment in real estate, net | 22,195,373 | 22,242,578 |
Cash and cash equivalents | 49,418 | 40,080 |
Investments in unconsolidated entities | 89,284 | 105,434 |
Deposits - restricted | 203,800 | 72,303 |
Escrow deposits - mortgage | 50,659 | 48,085 |
Deferred financing costs, net | 55,791 | 58,380 |
Other assets | 384,723 | 383,754 |
Total assets | 23,029,048 | 22,950,614 |
Liabilities: | ||
Mortgage notes payable | 4,957,876 | 5,086,515 |
Notes, net | 5,430,806 | 5,425,346 |
Line of credit and commercial paper | 470,826 | 333,000 |
Accounts payable and accrued expenses | 202,110 | 153,590 |
Accrued interest payable | 84,670 | 89,540 |
Other liabilities | 383,057 | 389,915 |
Security deposits | 75,294 | 75,633 |
Distributions payable | 208,954 | 188,566 |
Total liabilities | 11,813,593 | 11,742,105 |
Commitments and contingencies | ||
Redeemable Noncontrolling Interests - Operating Partnership | 541,866 | 500,733 |
Shareholders' equity: | ||
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 803,600 shares issued and outstanding as of March 31, 2015 and 1,000,000 shares issued and outstanding as of December 31, 2014 | 40,180 | 50,000 |
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 363,968,420 shares issued and outstanding as of March 31, 2015 and 362,855,454 shares issued and outstanding as of December 31, 2014 | 3,640 | 3,629 |
Paid in capital | 8,539,115 | 8,536,340 |
Retained earnings | 1,928,449 | 1,950,639 |
Accumulated other comprehensive (loss) | -180,022 | -172,152 |
Total shareholders' equity | 10,331,362 | 10,368,456 |
Noncontrolling Interests: | ||
Operating Partnership | 219,566 | 214,411 |
Noncontrolling Interests - Partially Owned Properties | 122,661 | 124,909 |
Total Noncontrolling Interests | 342,227 | 339,320 |
Total equity | 10,673,589 | 10,707,776 |
Total liabilities and equity | $23,029,048 | $22,950,614 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | 803,600 | 1,000,000 |
Preferred Shares of beneficial interest, shares outstanding | 803,600 | 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 | 363,968,420 | 362,855,454 |
Common Shares of beneficial interest, shares outstanding | 363,968,420 | 362,855,454 |
CONSOLIDATED_BALANCE_SHEETS_OF
CONSOLIDATED BALANCE SHEETS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investment in real estate | ||
Land | $6,357,580 | $6,295,404 |
Depreciable property | 20,024,497 | 19,851,504 |
Projects under development | 1,269,784 | 1,343,919 |
Land held for development | 143,997 | 184,556 |
Investment in real estate | 27,795,858 | 27,675,383 |
Real Estate Investment Property, Accumulated Depreciation | -5,600,485 | -5,432,805 |
Investment in real estate, net | 22,195,373 | 22,242,578 |
Cash and cash equivalents | 49,418 | 40,080 |
Investments in unconsolidated entities | 89,284 | 105,434 |
Deposits - restricted | 203,800 | 72,303 |
Escrow deposits - mortgage | 50,659 | 48,085 |
Deferred financing costs, net | 55,791 | 58,380 |
Other assets | 384,723 | 383,754 |
Total assets | 23,029,048 | 22,950,614 |
Liabilities: | ||
Mortgage notes payable | 4,957,876 | 5,086,515 |
Notes, net | 5,430,806 | 5,425,346 |
Line of credit and commercial paper | 470,826 | 333,000 |
Accounts payable and accrued expenses | 202,110 | 153,590 |
Accrued interest payable | 84,670 | 89,540 |
Other liabilities | 383,057 | 389,915 |
Security deposits | 75,294 | 75,633 |
Distributions payable | 208,954 | 188,566 |
Total liabilities | 11,813,593 | 11,742,105 |
Commitments and contingencies | ||
Partnersb Capital: | ||
Accumulated other comprehensive (loss) | -180,022 | -172,152 |
Noncontrolling Interests - Partially Owned Properties | 122,661 | 124,909 |
Total liabilities and equity | 23,029,048 | 22,950,614 |
OPERATING PARTNERSHIP | ||
Investment in real estate | ||
Land | 6,357,580 | 6,295,404 |
Depreciable property | 20,024,497 | 19,851,504 |
Projects under development | 1,269,784 | 1,343,919 |
Land held for development | 143,997 | 184,556 |
Investment in real estate | 27,795,858 | 27,675,383 |
Real Estate Investment Property, Accumulated Depreciation | -5,600,485 | -5,432,805 |
Investment in real estate, net | 22,195,373 | 22,242,578 |
Cash and cash equivalents | 49,418 | 40,080 |
Investments in unconsolidated entities | 89,284 | 105,434 |
Deposits - restricted | 203,800 | 72,303 |
Escrow deposits - mortgage | 50,659 | 48,085 |
Deferred financing costs, net | 55,791 | 58,380 |
Other assets | 384,723 | 383,754 |
Total assets | 23,029,048 | 22,950,614 |
Liabilities: | ||
Mortgage notes payable | 4,957,876 | 5,086,515 |
Notes, net | 5,430,806 | 5,425,346 |
Line of credit and commercial paper | 470,826 | 333,000 |
Accounts payable and accrued expenses | 202,110 | 153,590 |
Accrued interest payable | 84,670 | 89,540 |
Other liabilities | 383,057 | 389,915 |
Security deposits | 75,294 | 75,633 |
Distributions payable | 208,954 | 188,566 |
Total liabilities | 11,813,593 | 11,742,105 |
Commitments and contingencies | ||
Redeemable Limited Partners | 541,866 | 500,733 |
Partnersb Capital: | ||
Preferred Units | 40,180 | 50,000 |
General Partner | 10,471,204 | 10,490,608 |
Limited Partners | 219,566 | 214,411 |
Accumulated other comprehensive (loss) | -180,022 | -172,152 |
Total partnersb capital | 10,550,928 | 10,582,867 |
Noncontrolling Interests - Partially Owned Properties | 122,661 | 124,909 |
Total capital | 10,673,589 | 10,707,776 |
Total liabilities and equity | $23,029,048 | $22,950,614 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
REVENUES | ||
Rental income | $664,606 | $630,725 |
Fee and asset management | 1,765 | 2,717 |
Total revenues | 666,371 | 633,442 |
EXPENSES | ||
Property and maintenance | 124,560 | 125,566 |
Real estate taxes and insurance | 86,432 | 82,094 |
Property management | 21,444 | 22,118 |
Fee and asset management | 1,321 | 1,662 |
Depreciation | 194,521 | 185,167 |
General and administrative | 19,922 | 17,576 |
Total expenses | 448,200 | 434,183 |
Operating Income | 218,171 | 199,259 |
Interest and other income | 120 | 605 |
Other expenses | 70 | -664 |
Interest: | ||
Expense incurred, net | -108,622 | -113,049 |
Amortization of deferred financing costs | -2,589 | -2,792 |
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations | 107,150 | 83,359 |
Income and other tax (expense) benefit | -43 | -240 |
Income (loss) from investments in unconsolidated entities | 2,963 | -1,409 |
Net gain on sales of real estate properties | 79,951 | 0 |
Net (loss) on sales of land parcels | -1 | -30 |
Income from continuing operations | 190,020 | 81,680 |
Discontinued operations, net | 204 | 1,052 |
Net income | 190,224 | 82,732 |
Net (income) attributable to Noncontrolling Interests: | ||
Net (income) attributable to Noncontrolling Interests - Operating Partnership | -7,059 | -3,093 |
Net (income) attributable to Noncontrolling Interests b Partially Owned Properties | -643 | -504 |
Net income attributable to controlling interests | 182,522 | 79,135 |
Preferred distributions | -891 | -1,036 |
Premium on redemption of Preferred Shares | -2,789 | 0 |
Net income available to Common Shares | $178,842 | $78,099 |
Earnings per share - basic: | ||
Income from continuing operations available to Common Shares | $0.49 | $0.21 |
Net income available to Common Shares | $0.49 | $0.22 |
Weighted average Common Shares outstanding | 363,098 | 360,470 |
Earnings per share - diluted: | ||
Income from continuing operations available to Common Shares | $0.49 | $0.21 |
Net income available to Common Shares | $0.49 | $0.22 |
Weighted average Common Shares outstanding | 380,327 | 376,384 |
Distributions declared per Common Share outstanding | $0.55 | $0.50 |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $) | 3 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
REVENUES | ||
Rental income | $664,606,000 | $630,725,000 |
Fee and asset management | 1,765,000 | 2,717,000 |
Total revenues | 666,371,000 | 633,442,000 |
EXPENSES | ||
Property and maintenance | 124,560,000 | 125,566,000 |
Real estate taxes and insurance | 86,432,000 | 82,094,000 |
Property management | 21,444,000 | 22,118,000 |
Fee and asset management | 1,321,000 | 1,662,000 |
Depreciation | 194,521,000 | 185,167,000 |
General and administrative | 19,922,000 | 17,576,000 |
Total expenses | 448,200,000 | 434,183,000 |
Operating Income | 218,171,000 | 199,259,000 |
Interest and other income | 120,000 | 605,000 |
Other expenses | 70,000 | -664,000 |
Interest: | ||
Expense incurred, net | -108,622,000 | -113,049,000 |
Amortization of deferred financing costs | -2,589,000 | -2,792,000 |
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations | 107,150,000 | 83,359,000 |
Income and other tax (expense) benefit | -43,000 | -240,000 |
Income (loss) from investments in unconsolidated entities | 2,963,000 | -1,409,000 |
Net gain on sales of real estate properties | 79,951,000 | 0 |
Net (loss) on sales of land parcels | -1,000 | -30,000 |
Income from continuing operations | 190,020,000 | 81,680,000 |
Discontinued operations, net | 204,000 | 1,052,000 |
Net income | 190,224,000 | 82,732,000 |
Net (income) attributable to Noncontrolling Interests b Partially Owned Properties | -643,000 | -504,000 |
Net income attributable to controlling interests | 182,522,000 | 79,135,000 |
ALLOCATION OF NET INCOME: | ||
Premium on redemption of Preferred Shares | -2,789,000 | 0 |
Earnings per Unit - basic: | ||
Income from continuing operations available to Units | $0.49 | $0.21 |
Net income available to Units | $0.49 | $0.22 |
Earnings per Unit - diluted: | ||
Income from continuing operations available to Units | $0.49 | $0.21 |
Net income available to Units | $0.49 | $0.22 |
OPERATING PARTNERSHIP | ||
REVENUES | ||
Rental income | 664,606,000 | 630,725,000 |
Fee and asset management | 1,765,000 | 2,717,000 |
Total revenues | 666,371,000 | 633,442,000 |
EXPENSES | ||
Property and maintenance | 124,560,000 | 125,566,000 |
Real estate taxes and insurance | 86,432,000 | 82,094,000 |
Property management | 21,444,000 | 22,118,000 |
Fee and asset management | 1,321,000 | 1,662,000 |
Depreciation | 194,521,000 | 185,167,000 |
General and administrative | 19,922,000 | 17,576,000 |
Total expenses | 448,200,000 | 434,183,000 |
Operating Income | 218,171,000 | 199,259,000 |
Interest and other income | 120,000 | 605,000 |
Other expenses | 70,000 | -664,000 |
Interest: | ||
Expense incurred, net | -108,622,000 | -113,049,000 |
Amortization of deferred financing costs | -2,589,000 | -2,792,000 |
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations | 107,150,000 | 83,359,000 |
Income and other tax (expense) benefit | -43,000 | -240,000 |
Income (loss) from investments in unconsolidated entities | 2,963,000 | -1,409,000 |
Net gain on sales of real estate properties | 79,951,000 | 0 |
Net (loss) on sales of land parcels | -1,000 | -30,000 |
Income from continuing operations | 190,020,000 | 81,680,000 |
Discontinued operations, net | 204,000 | 1,052,000 |
Net income | 190,224,000 | 82,732,000 |
Net (income) attributable to Noncontrolling Interests b Partially Owned Properties | -643,000 | -504,000 |
Net income attributable to controlling interests | 189,581,000 | 82,228,000 |
ALLOCATION OF NET INCOME: | ||
Preference Units | 891,000 | 1,036,000 |
Premium on redemption of Preferred Shares | 2,789,000 | 0 |
General Partner | 178,842,000 | 78,099,000 |
Limited Partners | 7,059,000 | 3,093,000 |
Net income available to Units | $185,901,000 | $81,192,000 |
Earnings per Unit - basic: | ||
Income from continuing operations available to Units | $0.49 | $0.21 |
Net income available to Units | $0.49 | $0.22 |
Weighted average Units outstanding | 376,696 | 374,201 |
Earnings per Unit - diluted: | ||
Income from continuing operations available to Units | $0.49 | $0.21 |
Net income available to Units | $0.49 | $0.22 |
Weighted average Units outstanding | 380,327 | 376,384 |
Distributions declared per Unit outstanding | $0.55 | $0.50 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Comprehensive income: | ||
Net income | $190,224 | $82,732 |
Other comprehensive (loss) income b derivative instruments: | ||
Unrealized holding (losses) arising during the period | -11,788 | -11,952 |
Losses reclassified into earnings from other comprehensive income | 4,338 | 4,129 |
Other comprehensive (loss) income b foreign currency: | ||
Currency translation adjustments arising during the period | -420 | 91 |
Other comprehensive (loss) | -7,870 | -7,732 |
Comprehensive income | 182,354 | 75,000 |
Comprehensive (income) attributable to Noncontrolling Interests | -7,402 | -3,302 |
Comprehensive income attributable to controlling interests | $174,952 | $71,698 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Comprehensive income: | ||
Net income | $190,224 | $82,732 |
Other comprehensive (loss) income b derivative instruments: | ||
Unrealized holding (losses) arising during the period | -11,788 | -11,952 |
Losses reclassified into earnings from other comprehensive income | 4,338 | 4,129 |
Other comprehensive (loss) income b foreign currency: | ||
Currency translation adjustments arising during the period | -420 | 91 |
Other comprehensive (loss) | -7,870 | -7,732 |
Comprehensive income | 182,354 | 75,000 |
Comprehensive (income) attributable to Noncontrolling Interests b Partially Owned Properties | -7,402 | -3,302 |
Comprehensive income attributable to controlling interests | 174,952 | 71,698 |
OPERATING PARTNERSHIP | ||
Comprehensive income: | ||
Net income | 190,224 | 82,732 |
Other comprehensive (loss) income b derivative instruments: | ||
Unrealized holding (losses) arising during the period | -11,788 | -11,952 |
Losses reclassified into earnings from other comprehensive income | 4,338 | 4,129 |
Other comprehensive (loss) income b foreign currency: | ||
Currency translation adjustments arising during the period | -420 | 91 |
Other comprehensive (loss) | -7,870 | -7,732 |
Comprehensive income | 182,354 | 75,000 |
Comprehensive (income) attributable to Noncontrolling Interests b Partially Owned Properties | -643 | -504 |
Comprehensive income attributable to controlling interests | $181,711 | $74,496 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $190,224 | $82,732 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 194,521 | 185,167 |
Amortization of deferred financing costs | 2,589 | 2,792 |
Amortization of above/below market leases | 846 | 829 |
Amortization of discounts and premiums on debt | -3,751 | -2,938 |
Amortization of deferred settlements on derivative instruments | 4,205 | 3,996 |
Write-off of pursuit costs | 493 | 452 |
(Income) loss from investments in unconsolidated entities | -2,963 | 1,409 |
Distributions from unconsolidated entities - return on capital | 516 | 914 |
Net (gain) on sale of investment securities | 0 | -21 |
Net (gain) on sales of real estate properties | -79,951 | 0 |
Net loss on sales of land parcels | 1 | 30 |
Net (gain) on sales of discontinued operations | 0 | -71 |
Unrealized loss (gain) on derivative instruments | 24 | -3 |
Compensation paid with Company Common Shares | 13,610 | 12,981 |
Changes in assets and liabilities: | ||
Decrease (increase) in deposits b restricted | 290 | -418 |
(Increase) decrease in mortgage deposits | -456 | 375 |
(Increase) decrease in other assets | -4,237 | 18,613 |
Increase in accounts payable and accrued expenses | 45,450 | 55,263 |
(Decrease) in accrued interest payable | -4,870 | -169 |
(Decrease) in other liabilities | -8,307 | -26,194 |
(Decrease) increase in security deposits | -339 | 1,143 |
Net cash provided by operating activities | 347,895 | 336,882 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in real estate b acquisitions | -6,720 | -148,535 |
Investment in real estate - development/other | -146,194 | -122,340 |
Capital expenditures to real estate | -38,170 | -32,191 |
Non-real estate capital additions | -469 | -159 |
Interest capitalized for real estate and unconsolidated entities under development | -15,313 | -12,792 |
Proceeds from disposition of real estate, net | 142,931 | 0 |
Investments in unconsolidated entities | -2,410 | -6,254 |
Distributions from unconsolidated entities - return of capital | 18,969 | 7,680 |
Proceeds from sale of investment securities | 0 | 21 |
(Increase) decrease in deposits on real estate acquisitions and investments, net | -131,787 | 12,904 |
(Increase) in mortgage deposits | -59 | -91 |
Net cash (used for) investing activities | -179,222 | -301,757 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt financing costs | 0 | -60 |
Mortgage Deposits | -2,059 | -1,643 |
Mortgage notes payable: | ||
Lump sum payoffs | -121,326 | 0 |
Scheduled principal repayments | -2,746 | -3,034 |
Line of credit and commercial paper: | ||
Line of credit proceeds | 1,997,000 | 1,751,000 |
Line of credit repayments | -2,200,000 | -1,568,000 |
Commercial paper proceeds | 1,155,228 | 0 |
Commercial paper repayments | -814,600 | 0 |
(Payments on) settlement of derivative instruments | -25 | 0 |
Proceeds from Employee Stock Purchase Plan (ESPP) | 1,927 | 1,741 |
Proceeds from exercise of options | 32,213 | 15,785 |
Common Shares repurchased and retired | 0 | -1,777 |
Partial redemption of 8.29% Series K Cumulative Redeemable | -9,820 | 0 |
Premium on redemption of Preferred Shares | -2,789 | 0 |
Acquisition of Noncontrolling Interests - Partially Owned Properties | 0 | -2,501 |
Contributions - Noncontrolling Interests - Partially Owned Properties | 0 | 5,684 |
Contributions - Noncontrolling Interests - Operating Partnership | 1 | 3 |
Distributions: | ||
Common Shares | -181,408 | -234,282 |
Preferred Shares | -891 | -1,036 |
Noncontrolling Interests b Operating Partnership | -7,149 | -9,217 |
Noncontrolling Interests b Partially Owned Properties | -2,891 | -4,113 |
Net Cash (used for) Financing Activities | -159,335 | -51,450 |
Net increase (decrease) in cash and cash equivalents | 9,338 | -16,325 |
Cash and cash equivalents, beginning of period | 40,080 | 53,534 |
Cash and cash equivalents, end of period | 49,418 | 37,209 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 113,113 | 112,152 |
Net cash paid for income and other taxes | 718 | 596 |
Amortization of discounts and premiums on debt: | ||
Mortgage notes payable | -4,567 | -3,506 |
Notes, net | 618 | 568 |
Line of credit and commercial paper | 198 | 0 |
Amortization of deferred settlements on derivative instruments: | ||
Other liabilities | -133 | -133 |
Losses reclassified into earnings from other comprehensive income | 4,338 | 4,129 |
(Income) Loss From Investments In Unconsolidated Entities [Abstract] | ||
(Income) loss from investment in unconsolidated entities | -3,625 | 472 |
Other Liabilities Loss From Investments in unconsolidated entities | 662 | 937 |
Distributions from unconsolidated entities return on capital [Abstract] | ||
Distributions from unconsolidated entities investments in unconsolidated entities | 516 | 862 |
Distributions from unconsolidated entities other liabilities | 0 | 52 |
Unrealized loss (gain) on derivative instruments: | ||
Other assets | -4,963 | 7,279 |
Notes, net | 4,842 | 0 |
Other liabilities | 11,933 | 4,670 |
Unrealized holding (losses) arising during the period | -11,788 | -11,952 |
Interest capitalized for real estate and unconsolidated entities under development: | ||
Investment in real estate, net | -15,313 | -12,774 |
Investments in unconsolidated entities | 0 | -18 |
Investments in unconsolidated entities [Abstract] | ||
Investments in unconsolidated entities | -130 | -1,454 |
Investments in unconsolidated entities other liabilities | -2,280 | -4,800 |
Other: | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | $420 | ($91) |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $190,224 | $82,732 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 194,521 | 185,167 |
Amortization of deferred financing costs | 2,589 | 2,792 |
Amortization of above/below market leases | 846 | 829 |
Amortization of discounts and premiums on debt | -3,751 | -2,938 |
Amortization of deferred settlements on derivative instruments | 4,205 | 3,996 |
Write-off of pursuit costs | 493 | 452 |
(Income) loss from investments in unconsolidated entities | -2,963 | 1,409 |
Distributions from unconsolidated entities - return on capital | 516 | 914 |
Net (gain) on sale of investment securities | 0 | -21 |
Net (gain) on sales of real estate properties | -79,951 | 0 |
Net (gain) on sales of discontinued operations | 0 | -71 |
Unrealized loss (gain) on derivative instruments | 24 | -3 |
Compensation paid with Company Common Shares | 13,610 | 12,981 |
Changes in assets and liabilities: | ||
Decrease (increase) in deposits b restricted | 290 | -418 |
(Increase) decrease in mortgage deposits | -456 | 375 |
(Increase) decrease in other assets | -4,237 | 18,613 |
Increase in accounts payable and accrued expenses | 45,450 | 55,263 |
(Decrease) in accrued interest payable | -4,870 | -169 |
(Decrease) in other liabilities | -8,307 | -26,194 |
(Decrease) increase in security deposits | -339 | 1,143 |
Net cash provided by operating activities | 347,895 | 336,882 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in real estate - acquisitions | -6,720 | -148,535 |
Investment in real estate - development/other | -146,194 | -122,340 |
Capital expenditures to real estate | -38,170 | -32,191 |
Non-real estate capital additions | -469 | -159 |
Interest capitalized for real estate and unconsolidated entities under development | -15,313 | -12,792 |
Proceeds from disposition of real estate, net | 142,931 | 0 |
Investments in unconsolidated entities | -2,410 | -6,254 |
Distributions from unconsolidated entities - return of capital | 18,969 | 7,680 |
Proceeds from sale of investment securities | 0 | 21 |
(Increase) decrease in deposits on real estate acquisitions and investments, net | -131,787 | 12,904 |
(Increase) in mortgage deposits | -59 | -91 |
Net cash (used for) investing activities | -179,222 | -301,757 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt financing costs | 0 | -60 |
Mortgage Deposits | -2,059 | -1,643 |
Mortgage notes payable: | ||
Scheduled principal repayments | -2,746 | -3,034 |
Line of credit and commercial paper: | ||
Line of credit proceeds | 1,997,000 | 1,751,000 |
Line of credit repayments | -2,200,000 | -1,568,000 |
Commercial paper proceeds | 1,155,228 | 0 |
Commercial paper repayments | -814,600 | 0 |
(Payments on) settlement of derivative instruments | -25 | 0 |
Proceeds from exercise of options | 32,213 | 15,785 |
Partial redemption of 8.29% Series K Cumulative Redeemable | -9,820 | 0 |
Premium on redemption of Preference Units | 2,789 | 0 |
Acquisition of Noncontrolling Interests - Partially Owned Properties | 0 | -2,501 |
Contributions - Noncontrolling Interests - Partially Owned Properties | 0 | 5,684 |
Contributions - Limited Partners | 1 | 3 |
Distributions: | ||
Noncontrolling Interests b Partially Owned Properties | -2,891 | -4,113 |
Net Cash (used for) Financing Activities | -159,335 | -51,450 |
Net increase (decrease) in cash and cash equivalents | 9,338 | -16,325 |
Cash and cash equivalents, beginning of period | 40,080 | 53,534 |
Cash and cash equivalents, end of period | 49,418 | 37,209 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 113,113 | 112,152 |
Net cash paid for income and other taxes | 718 | 596 |
Amortization of discounts and premiums on debt: | ||
Mortgage notes payable | 4,567 | 3,506 |
Notes, net | 618 | 568 |
Line of credit and commercial paper | 198 | 0 |
Amortization of deferred settlements on derivative instruments: | ||
Other liabilities | -133 | -133 |
Losses reclassified into earnings from other comprehensive income | 4,338 | 4,129 |
(Income) Loss From Investments In Unconsolidated Entities [Abstract] | ||
(Income) loss from investment in unconsolidated entities | -3,625 | 472 |
Other Liabilities Loss From Investments in unconsolidated entities | 662 | 937 |
Distributions from unconsolidated entities return on capital [Abstract] | ||
Distributions from unconsolidated entities investments in unconsolidated entities | 516 | 862 |
Distributions from unconsolidated entities other liabilities | 0 | 52 |
Unrealized loss (gain) on derivative instruments: | ||
Other assets | -4,963 | 7,279 |
Notes, net | 4,842 | 0 |
Other liabilities | 11,933 | 4,670 |
Unrealized holding (losses) arising during the period | -11,788 | -11,952 |
Interest capitalized for real estate and unconsolidated entities under development: | ||
Investment in real estate, net | -15,313 | -12,774 |
Investments in unconsolidated entities | 0 | -18 |
Investments in unconsolidated entities [Abstract] | ||
Investments in unconsolidated entities | 130 | 1,454 |
Investments in unconsolidated entities other liabilities | 2,280 | 4,800 |
Other: | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 420 | -91 |
OPERATING PARTNERSHIP | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | 190,224 | 82,732 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 194,521 | 185,167 |
Amortization of deferred financing costs | 2,589 | 2,792 |
Amortization of above/below market leases | 846 | 829 |
Amortization of discounts and premiums on debt | -3,751 | -2,938 |
Amortization of deferred settlements on derivative instruments | 4,205 | 3,996 |
Write-off of pursuit costs | 493 | 452 |
(Income) loss from investments in unconsolidated entities | -2,963 | 1,409 |
Distributions from unconsolidated entities - return on capital | 516 | 914 |
Net (gain) on sale of investment securities | 0 | -21 |
Net (gain) on sales of real estate properties | -79,951 | 0 |
Net loss on sales of land parcels | 1 | 30 |
Net (gain) on sales of discontinued operations | 0 | -71 |
Unrealized loss (gain) on derivative instruments | 24 | -3 |
Compensation paid with Company Common Shares | 13,610 | 12,981 |
Changes in assets and liabilities: | ||
Decrease (increase) in deposits b restricted | 290 | -418 |
(Increase) decrease in mortgage deposits | -456 | 375 |
(Increase) decrease in other assets | -4,237 | 18,613 |
Increase in accounts payable and accrued expenses | 45,450 | 55,263 |
(Decrease) in accrued interest payable | -4,870 | -169 |
(Decrease) in other liabilities | -8,307 | -26,194 |
(Decrease) increase in security deposits | -339 | 1,143 |
Net cash provided by operating activities | 347,895 | 336,882 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in real estate - acquisitions | -6,720 | -148,535 |
Investment in real estate - development/other | -146,194 | -122,340 |
Capital expenditures to real estate | -38,170 | -32,191 |
Non-real estate capital additions | -469 | -159 |
Interest capitalized for real estate and unconsolidated entities under development | -15,313 | -12,792 |
Proceeds from disposition of real estate, net | 142,931 | 0 |
Investments in unconsolidated entities | -2,410 | -6,254 |
Distributions from unconsolidated entities - return of capital | 18,969 | 7,680 |
Proceeds from sale of investment securities | 0 | 21 |
(Increase) decrease in deposits on real estate acquisitions and investments, net | -131,787 | 12,904 |
(Increase) in mortgage deposits | -59 | -91 |
Net cash (used for) investing activities | -179,222 | -301,757 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt financing costs | 0 | -60 |
Mortgage Deposits | -2,059 | -1,643 |
Mortgage notes payable: | ||
Lump sum payoffs | -121,326 | 0 |
Scheduled principal repayments | -2,746 | -3,034 |
Line of credit and commercial paper: | ||
Line of credit proceeds | 1,997,000 | 1,751,000 |
Line of credit repayments | -2,200,000 | -1,568,000 |
Commercial paper proceeds | 1,155,228 | 0 |
Commercial paper repayments | -814,600 | 0 |
(Payments on) settlement of derivative instruments | -25 | 0 |
EQR's Employee Share Purchase Plan (ESPP) | 1,927 | 1,741 |
Proceeds from exercise of options | 32,213 | 15,785 |
OP Units repurchased and retired | 0 | -1,777 |
Partial redemption of 8.29% Series K Cumulative Redeemable | -9,820 | 0 |
Premium on redemption of Preference Units | -2,789 | 0 |
Acquisition of Noncontrolling Interests - Partially Owned Properties | 0 | -2,501 |
Contributions - Noncontrolling Interests - Partially Owned Properties | 0 | 5,684 |
Contributions - Limited Partners | 1 | 3 |
Distributions: | ||
OP Units - General Partner | -181,408 | -234,282 |
Preference Units | -891 | -1,036 |
OP Units - Limited Partners | -7,149 | -9,217 |
Noncontrolling Interests b Partially Owned Properties | -2,891 | -4,113 |
Net Cash (used for) Financing Activities | -159,335 | -51,450 |
Net increase (decrease) in cash and cash equivalents | 9,338 | -16,325 |
Cash and cash equivalents, beginning of period | 40,080 | 53,534 |
Cash and cash equivalents, end of period | 49,418 | 37,209 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 113,113 | 112,152 |
Net cash paid for income and other taxes | 718 | 596 |
Amortization of discounts and premiums on debt: | ||
Mortgage notes payable | -4,567 | -3,506 |
Notes, net | 618 | 568 |
Line of credit and commercial paper | 198 | 0 |
Amortization of deferred settlements on derivative instruments: | ||
Other liabilities | -133 | -133 |
Losses reclassified into earnings from other comprehensive income | 4,338 | 4,129 |
(Income) Loss From Investments In Unconsolidated Entities [Abstract] | ||
(Income) loss from investment in unconsolidated entities | -3,625 | 472 |
Other Liabilities Loss From Investments in unconsolidated entities | 662 | 937 |
Distributions from unconsolidated entities return on capital [Abstract] | ||
Distributions from unconsolidated entities investments in unconsolidated entities | 516 | 862 |
Distributions from unconsolidated entities other liabilities | 0 | 52 |
Unrealized loss (gain) on derivative instruments: | ||
Other assets | -4,963 | 7,279 |
Notes, net | 4,842 | 0 |
Other liabilities | 11,933 | 4,670 |
Unrealized holding (losses) arising during the period | -11,788 | -11,952 |
Interest capitalized for real estate and unconsolidated entities under development: | ||
Investment in real estate, net | -15,313 | -12,774 |
Investments in unconsolidated entities | 0 | -18 |
Investments in unconsolidated entities [Abstract] | ||
Investments in unconsolidated entities | -130 | -1,454 |
Investments in unconsolidated entities other liabilities | -2,280 | -4,800 |
Other: | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | $420 | ($91) |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) (USD $) | Total | Additional Paid-in Capital [Member] | PREFERRED SHARES | COMMON SHARES, $0.01 PAR VALUE | RETAINED EARNINGS | Accumulated Other Comprehensive (Loss) | OPERATING PARTNERSHIP | Partially Owned Properties [Member] |
In Thousands, unless otherwise specified | ||||||||
Beginning Balance, Noncontrolling Interest at Dec. 31, 2014 | $339,320 | $214,411 | $124,909 | |||||
Beginning Balance, Parent at Dec. 31, 2014 | 10,368,456 | 8,536,340 | 50,000 | 3,629 | 1,950,639 | -172,152 | ||
Preferred Shares [Abstract] | ||||||||
Partial redemption of 8.29% Series K Cumulative Redeemable | -9,820 | -9,820 | ||||||
Common Share Issuance: | ||||||||
Conversion of OP Units into Common Shares | 3,712 | 1 | -3,713 | |||||
Exercise of share options | 32,205 | 8 | ||||||
EQR's Employee Share Purchase Plan (ESPP) | 1,927 | |||||||
Share-based employee compensation expense: | ||||||||
Restricted Shares | 6,720 | 2 | ||||||
Share options | 997 | |||||||
ESPP discount | 412 | |||||||
Supplemental Executive Retirement Plan (SERP) | -2,307 | |||||||
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership | 41,763 | -41,763 | ||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 872 | -872 | ||||||
Net income attributable to controlling interests | 182,522 | 182,522 | ||||||
Common Share distributions | -201,032 | |||||||
Preferred Share distributions | -891 | |||||||
Premium on redemption of Preferred Shares | -2,789 | -2,789 | ||||||
Other comprehensive (loss) income b derivative instruments: | ||||||||
Unrealized holding (losses) arising during the period | -11,788 | -11,788 | ||||||
Losses reclassified into earnings from other comprehensive income | -4,338 | 4,338 | ||||||
Currency translation adjustments arising during the period | -420 | -420 | ||||||
Issuance of restricted units to Noncontrolling Interests | 1 | |||||||
Equity Compensation associated with Noncontrolling Interests | 9,963 | |||||||
Net (income) attributable to Noncontrolling Interests - Operating Partnership | -7,059 | 7,059 | ||||||
Distributions to Noncontrolling Interests | -7,913 | -2,891 | ||||||
Change in carrying value | -630 | 630 | ||||||
Net (income) attributable to Noncontrolling Interests b Partially Owned Properties | 643 | 643 | ||||||
Ending Balance, Noncontrolling Interest at Mar. 31, 2015 | 342,227 | 219,566 | 122,661 | |||||
Ending Balance, Parent at Mar. 31, 2015 | $10,331,362 | $8,539,115 | $40,180 | $3,640 | $1,928,449 | ($180,022) |
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, 2014 | $124,909 | |||||
Balance, beginning of year at Dec. 31, 2014 | 50,000 | 10,490,608 | 214,411 | -172,152 | ||
Partial redemption of 8.29% Series K Cumulative Redeemable | -9,820 | -9,820 | ||||
OP Unit Issuance: | ||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 3,713 | -3,713 | ||||
Exercise of EQR share options | 32,213 | |||||
EQR's Employee Share Purchase Plan (ESPP) | 1,927 | |||||
Share-based employee compensation expense: | ||||||
EQR restricted shares | 6,722 | |||||
EQR share options | 997 | |||||
EQR ESPP discount | 412 | |||||
Net income available to Units - General Partner | 178,842 | |||||
OP Units - General Partner distributions | -201,032 | |||||
Supplemental Executive Retirement Plan (SERP) | -2,307 | |||||
Change in market value of Redeemable Limited Partners | -41,763 | |||||
Adjustment for Limited Partners ownership in Operating Partnership | 872 | -872 | ||||
Issuance of restricted units to Noncontrolling Interests | 1 | |||||
Equity compensation associated with Units - Limited Partners | 9,963 | |||||
Net income available to Units - Limited Partners | 7,059 | |||||
Units Limited Partners Distributions | 7,913 | |||||
Net (income) attributable to Noncontrolling Interests b Partially Owned Properties | 643 | 643 | ||||
Distributions to Noncontrolling Interests | -2,891 | |||||
Change in carrying value | -630 | 630 | ||||
Other comprehensive (loss) income b derivative instruments: | ||||||
Unrealized holding (losses) arising during the period | -11,788 | -11,788 | ||||
Losses reclassified into earnings from other comprehensive income | -4,338 | 4,338 | ||||
Currency translation adjustments arising during the period | -420 | -420 | ||||
Balance, end of period - Noncontrolling Interest at Mar. 31, 2015 | 122,661 | |||||
Balance, end of period at Mar. 31, 2015 | $40,180 | $10,471,204 | $219,566 | ($180,022) |
Business
Business | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
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 March 31, 2015 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 March 31, 2015, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 389 properties located in 12 states and the District of Columbia consisting of 108,793 apartment units. The ownership breakdown includes (table does not include various uncompleted development properties): | |||||||
Properties | Apartment | ||||||
Units | |||||||
Wholly Owned Properties | 362 | 97,825 | |||||
Master-Leased Properties – Consolidated | 3 | 853 | |||||
Partially Owned Properties – Consolidated | 19 | 3,771 | |||||
Partially Owned Properties – Unconsolidated | 3 | 1,281 | |||||
Military Housing | 2 | 5,063 | |||||
389 | 108,793 | ||||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |
Mar. 31, 2015 | ||
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 quarter ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. | ||
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, 2014 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, 2014. | ||
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 March 31, 2015, 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 3,771 apartment units and various completed and uncompleted development properties having a noncontrolling interest book value of $122.7 million at March 31, 2015. 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 $11.0 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 March 31, 2015, the Company estimates the value of Noncontrolling Interest distributions for these six properties would have been approximately $63.3 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 March 31, 2015 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. | ||
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 are required to expand their disclosures about discontinued operations to provide more information on the assets, liabilities, income and expenses of the discontinued operations. Companies are also 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 was permitted, but only for disposals (or classifications as held for sale) that had not been reported in financial statements previously issued. The new standard was effective January 1, 2015, but the Company early adopted it as allowed effective January 1, 2014. Adoption of this standard resulted in and will likely continue to 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. | ||
In August 2014, the FASB issued a new standard that will explicitly require management to assess an entity's ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. In connection with each annual and interim period, management will assess whether there is substantial doubt about an entity's ability to continue as a going concern within one year after the issuance date. Disclosures will be required if conditions give rise to substantial doubt, however to determine the specific disclosures, management will need to assess whether its plans will alleviate substantial doubt. The new standard is effective for the annual period ending after December 15, 2016. The Company does not expect that this will have a material effect on its consolidated results of operations or financial position. | ||
In February 2015, the FASB issued new consolidation guidance which makes changes to both the variable interest model and the voting model. Among other changes, the new standard specifically eliminates the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. Generally, only a single limited partner that is able to exercise substantive kick-out rights will consolidate. The new standard will be effective for the Company beginning on January 1, 2016 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity/capital as of the beginning of the period of adoption or retrospectively to each period presented. 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. | ||
In April 2015, the FASB issued a new standard which requires companies to present debt financing costs as a direct deduction from the carrying amount of the associated debt liability rather than as an asset, consistent with the presentation of debt discounts on the consolidated balance sheets. The new standard will be effective for the Company beginning on January 1, 2016 and early adoption is permitted. The new standard must be applied retrospectively to all prior periods presented in the consolidated financial statements. The Company does not expect that this will have a material effect on its consolidated results of operations or financial position. |
Equity_Capital_and_Other_Inter
Equity, Capital and Other Interests | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
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 restricted units (formerly known as Long-Term Incentive Plan (“LTIP”) Units)) for the quarter ended March 31, 2015: | |||||||||||||||
2015 | |||||||||||||||
Common Shares | |||||||||||||||
Common Shares outstanding at January 1, | 362,855,454 | ||||||||||||||
Common Shares Issued: | |||||||||||||||
Conversion of OP Units | 154,050 | ||||||||||||||
Exercise of share options | 770,012 | ||||||||||||||
Employee Share Purchase Plan (ESPP) | 30,151 | ||||||||||||||
Restricted share grants, net | 158,753 | ||||||||||||||
Common Shares outstanding at March 31, | 363,968,420 | ||||||||||||||
Units | |||||||||||||||
Units outstanding at January 1, | 14,298,691 | ||||||||||||||
Restricted units, net | 333,304 | ||||||||||||||
Conversion of OP Units to Common Shares | (154,050 | ) | |||||||||||||
Units outstanding at March 31, | 14,477,945 | ||||||||||||||
Total Common Shares and Units outstanding at March 31, | 378,446,365 | ||||||||||||||
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 restricted units, are collectively referred to as the “Noncontrolling Interests – Operating Partnership”. Subject to certain exceptions (including the “book-up” requirements of restricted 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 March 31, 2015 and December 31, 2014. | |||||||||||||||
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 March 31, 2015, the Redeemable Noncontrolling Interests – Operating Partnership have a redemption value of approximately $541.9 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 quarter ended March 31, 2015 (amounts in thousands): | |||||||||||||||
2015 | |||||||||||||||
Balance at January 1, | $ | 500,733 | |||||||||||||
Change in market value | 41,763 | ||||||||||||||
Change in carrying value | (630 | ) | |||||||||||||
Balance at March 31, | $ | 541,866 | |||||||||||||
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 March 31, 2015 and December 31, 2014: | |||||||||||||||
Amounts in thousands | |||||||||||||||
Redemption | Annual | March 31, | December 31, | ||||||||||||
Date (1) | Dividend per | 2015 | 2014 | ||||||||||||
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 | $ | 40,180 | $ | 50,000 | |||||||||
value $50 per share; 803,600 shares issued and outstanding | |||||||||||||||
at March 31, 2015 and 1,000,000 shares issued and | |||||||||||||||
outstanding at December 31, 2014 (3) | |||||||||||||||
$ | 40,180 | $ | 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. | ||||||||||||||
-3 | Effective January 26, 2015, the Company repurchased and retired 196,400 Series K Preferred Shares with a par value of $9.82 million for total cash consideration of approximately $12.7 million. As a result of this partial redemption, the Company incurred a cash charge of approximately $2.8 million which was recorded as a premium on the redemption of Preferred Shares. | ||||||||||||||
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 quarter ended March 31, 2015: | |||||||||||||||
2015 | |||||||||||||||
General and Limited Partner Units | |||||||||||||||
General and Limited Partner Units outstanding at January 1, | 377,154,145 | ||||||||||||||
Issued to General Partner: | |||||||||||||||
Exercise of EQR share options | 770,012 | ||||||||||||||
EQR’s Employee Share Purchase Plan (ESPP) | 30,151 | ||||||||||||||
EQR's restricted share grants, net | 158,753 | ||||||||||||||
Issued to Limited Partners: | |||||||||||||||
Restricted units, net | 333,304 | ||||||||||||||
General and Limited Partner Units outstanding at March 31, | 378,446,365 | ||||||||||||||
Limited Partner Units | |||||||||||||||
Limited Partner Units outstanding at January 1, | 14,298,691 | ||||||||||||||
Limited Partner restricted units, net | 333,304 | ||||||||||||||
Conversion of Limited Partner OP Units to EQR Common Shares | (154,050 | ) | |||||||||||||
Limited Partner Units outstanding at March 31, | 14,477,945 | ||||||||||||||
Limited Partner Units Ownership Interest in Operating Partnership | 3.8 | % | |||||||||||||
The Limited Partners of the Operating Partnership as of March 31, 2015 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 restricted units. Subject to certain exceptions (including the “book-up” requirements of restricted 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 March 31, 2015 and December 31, 2014. | |||||||||||||||
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 March 31, 2015, the Redeemable Limited Partner Units have a redemption value of approximately $541.9 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 quarter ended March 31, 2015 (amounts in thousands): | |||||||||||||||
2015 | |||||||||||||||
Balance at January 1, | $ | 500,733 | |||||||||||||
Change in market value | 41,763 | ||||||||||||||
Change in carrying value | (630 | ) | |||||||||||||
Balance at March 31, | $ | 541,866 | |||||||||||||
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 March 31, 2015 and December 31, 2014: | |||||||||||||||
Amounts in thousands | |||||||||||||||
Redemption | Annual | March 31, | December 31, | ||||||||||||
Date (1) | Dividend per | 2015 | 2014 | ||||||||||||
Unit (2) | |||||||||||||||
Preference Units: | |||||||||||||||
8.29% Series K Cumulative Redeemable Preference Units; | 12/10/26 | $4.14 | $ | 40,180 | $ | 50,000 | |||||||||
liquidation value $50 per unit; 803,600 units issued and | |||||||||||||||
outstanding at March 31, 2015 and 1,000,000 units | |||||||||||||||
issued and outstanding at December 31, 2014 (3) | |||||||||||||||
$ | 40,180 | $ | 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. | ||||||||||||||
-3 | Effective January 26, 2015, the Operating Partnership repurchased and retired 196,400 Series K Preference Units with a par value of $9.82 million for total cash consideration of approximately $12.7 million, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares. As a result of this partial redemption, the Operating Partnership incurred a cash charge of approximately $2.8 million which was recorded as a premium on the redemption of Preference Units. | ||||||||||||||
Other | |||||||||||||||
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. No shares were repurchased during the quarter ended March 31, 2015. As of March 31, 2015, EQR has remaining authorization to repurchase an additional 12,968,760 of its shares. |
Real_Estate
Real Estate | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 (amounts in thousands): | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Land | $ | 6,357,580 | $ | 6,295,404 | |||||||||||||||||||||
Depreciable property: | |||||||||||||||||||||||||
Buildings and improvements | 18,109,892 | 17,974,337 | |||||||||||||||||||||||
Furniture, fixtures and equipment | 1,401,801 | 1,365,276 | |||||||||||||||||||||||
In-Place lease intangibles | 512,804 | 511,891 | |||||||||||||||||||||||
Projects under development: | |||||||||||||||||||||||||
Land | 423,359 | 466,764 | |||||||||||||||||||||||
Construction-in-progress | 846,425 | 877,155 | |||||||||||||||||||||||
Land held for development: | |||||||||||||||||||||||||
Land | 109,726 | 145,366 | |||||||||||||||||||||||
Construction-in-progress | 34,271 | 39,190 | |||||||||||||||||||||||
Investment in real estate | 27,795,858 | 27,675,383 | |||||||||||||||||||||||
Accumulated depreciation | (5,600,485 | ) | (5,432,805 | ) | |||||||||||||||||||||
Investment in real estate, net | $ | 22,195,373 | $ | 22,242,578 | |||||||||||||||||||||
The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of March 31, 2015 and December 31, 2014 (amounts in thousands): | |||||||||||||||||||||||||
Description | Balance Sheet Location | March 31, | December 31, | ||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
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 | (10,050 | ) | (8,913 | ) | |||||||||||||||||||||
Lease intangible assets, net | $ | 169,461 | $ | 170,598 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Ground lease intangibles – above market | Other Liabilities | $ | 2,400 | $ | 2,400 | ||||||||||||||||||||
Retail lease intangibles – below market | Other Liabilities | 5,270 | 5,270 | ||||||||||||||||||||||
Lease intangible liabilities | 7,670 | 7,670 | |||||||||||||||||||||||
Accumulated amortization | (2,549 | ) | (2,258 | ) | |||||||||||||||||||||
Lease intangible liabilities, net | $ | 5,121 | $ | 5,412 | |||||||||||||||||||||
During the quarters ended March 31, 2015 and 2014, the Company amortized approximately $1.1 million and $1.1 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 $0.2 million and $0.3 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 | |||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||
Ground lease intangibles | $ | 3,241 | $ | 4,321 | $ | 4,321 | $ | 4,321 | $ | 4,321 | $ | 4,321 | |||||||||||||
Retail lease intangibles | (705 | ) | (896 | ) | (540 | ) | (71 | ) | (71 | ) | (71 | ) | |||||||||||||
Total | $ | 2,536 | $ | 3,425 | $ | 3,781 | $ | 4,250 | $ | 4,250 | $ | 4,250 | |||||||||||||
During the quarter ended March 31, 2015, the Company acquired the entire equity interest in the following from an unaffiliated party (purchase price in thousands): | |||||||||||||||||||||||||
Properties | Apartment Units | Purchase Price | |||||||||||||||||||||||
Land Parcel (one) | — | — | $ | 5,968 | |||||||||||||||||||||
Total | — | — | $ | 5,968 | |||||||||||||||||||||
During the quarter ended March 31, 2015, the Company disposed of the following to unaffiliated parties (sales price in thousands): | |||||||||||||||||||||||||
Properties | Apartment Units | Sales Price | |||||||||||||||||||||||
Rental Properties | 3 | 550 | $ | 145,400 | |||||||||||||||||||||
Total | 3 | 550 | $ | 145,400 | |||||||||||||||||||||
The Company recognized a net gain on sales of real estate properties of approximately $80.0 million on the above sales. |
Commitments_to_AcquireDispose_
Commitments to Acquire/Dispose of Real Estate | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
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 property that was subsequently acquired as discussed in Note 14, the Company has entered into separate agreements to acquire the following (purchase price in thousands): | |||||||||||
Properties | Apartment Units | Purchase Price | |||||||||
Land Parcels (three) | — | — | $ | 25,132 | |||||||
Total | — | — | $ | 25,132 | |||||||
In addition to the property and office building that were subsequently disposed of as discussed in Note 14, the Company has entered into separate agreements to dispose of the following (sales price in thousands): | |||||||||||
Properties | Apartment Units | Sales Price | |||||||||
Rental Properties | 2 | 513 | $ | 68,650 | |||||||
Land Parcel (one) | — | — | 2,700 | ||||||||
Total | 2 | 513 | $ | 71,350 | |||||||
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 | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
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 March 31, 2015 (amounts in thousands except for project and apartment unit amounts): | ||||||||||||||||||||
Consolidated | Unconsolidated | |||||||||||||||||||
Development Projects | ||||||||||||||||||||
Held for | Operating | Total | Operating | Total | ||||||||||||||||
and/or Under | ||||||||||||||||||||
Development | ||||||||||||||||||||
Total projects (1) | — | 19 | 19 | 3 | 3 | |||||||||||||||
Total apartment units (1) | — | 3,771 | 3,771 | 1,281 | 1,281 | |||||||||||||||
Balance sheet information at 3/31/15 (at 100%): | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Investment in real estate | $ | 347,809 | $ | 684,686 | $ | 1,032,495 | $ | 290,077 | $ | 290,077 | ||||||||||
Accumulated depreciation | (991 | ) | (200,002 | ) | (200,993 | ) | (21,388 | ) | (21,388 | ) | ||||||||||
Investment in real estate, net | 346,818 | 484,684 | 831,502 | 268,689 | 268,689 | |||||||||||||||
Cash and cash equivalents | — | 13,775 | 13,775 | 7,598 | 7,598 | |||||||||||||||
Investments in unconsolidated entities | — | 51,363 | 51,363 | — | — | |||||||||||||||
Deposits – restricted | 15,640 | 310 | 15,950 | 246 | 246 | |||||||||||||||
Deferred financing costs, net | — | 2,052 | 2,052 | 7 | 7 | |||||||||||||||
Other assets | 6,697 | 26,227 | 32,924 | 1,327 | 1,327 | |||||||||||||||
Total assets | $ | 369,155 | $ | 578,411 | $ | 947,566 | $ | 277,867 | $ | 277,867 | ||||||||||
LIABILITIES AND EQUITY/CAPITAL | ||||||||||||||||||||
Mortgage notes payable (2) | $ | — | $ | 360,567 | $ | 360,567 | $ | 175,276 | $ | 175,276 | ||||||||||
Accounts payable & accrued expenses | 8,731 | 3,188 | 11,919 | 389 | 389 | |||||||||||||||
Accrued interest payable | — | 1,283 | 1,283 | 691 | 691 | |||||||||||||||
Other liabilities | 257 | 576 | 833 | 834 | 834 | |||||||||||||||
Security deposits | 150 | 1,976 | 2,126 | 531 | 531 | |||||||||||||||
Total liabilities | 9,138 | 367,590 | 376,728 | 177,721 | 177,721 | |||||||||||||||
Noncontrolling Interests – Partially Owned | 117,350 | 5,311 | 122,661 | 90,878 | 90,878 | |||||||||||||||
Properties/Partners' equity | ||||||||||||||||||||
Company equity/General and Limited | 242,667 | 205,510 | 448,177 | 9,268 | 9,268 | |||||||||||||||
Partners' Capital | ||||||||||||||||||||
Total equity/capital | 360,017 | 210,821 | 570,838 | 100,146 | 100,146 | |||||||||||||||
Total liabilities and equity/capital | $ | 369,155 | $ | 578,411 | $ | 947,566 | $ | 277,867 | $ | 277,867 | ||||||||||
Consolidated | Unconsolidated | |||||||||||||||||||
Development Projects | ||||||||||||||||||||
Held for | Operating | |||||||||||||||||||
and/or Under | ||||||||||||||||||||
Development | Operating | Total | Total | |||||||||||||||||
Operating information for the quarter ended 3/31/15 (at 100%): | ||||||||||||||||||||
Operating revenue | $ | 250 | $ | 22,688 | $ | 22,938 | $ | 7,813 | $ | 7,813 | ||||||||||
Operating expenses | 418 | 6,875 | 7,293 | 2,443 | 2,443 | |||||||||||||||
Net operating (loss) income | (168 | ) | 15,813 | 15,645 | 5,370 | 5,370 | ||||||||||||||
Depreciation | 991 | 5,520 | 6,511 | 3,076 | 3,076 | |||||||||||||||
General and administrative/other | — | 15 | 15 | 56 | 56 | |||||||||||||||
Operating (loss) income | (1,159 | ) | 10,278 | 9,119 | 2,238 | 2,238 | ||||||||||||||
Interest and other income | — | 4 | 4 | — | — | |||||||||||||||
Other expenses | — | (50 | ) | (50 | ) | — | — | |||||||||||||
Interest: | ||||||||||||||||||||
Expense incurred, net | — | (3,884 | ) | (3,884 | ) | (2,346 | ) | (2,346 | ) | |||||||||||
Amortization of deferred financing costs | — | (89 | ) | (89 | ) | (1 | ) | (1 | ) | |||||||||||
(Loss) income before income and other taxes and (loss) | (1,159 | ) | 6,259 | 5,100 | (109 | ) | (109 | ) | ||||||||||||
from investments in unconsolidated entities | ||||||||||||||||||||
Income and other tax (expense) benefit | — | (35 | ) | (35 | ) | (18 | ) | (18 | ) | |||||||||||
(Loss) from investments in unconsolidated entities | — | (377 | ) | (377 | ) | — | — | |||||||||||||
Net (loss) income | $ | (1,159 | ) | $ | 5,847 | $ | 4,688 | $ | (127 | ) | $ | (127 | ) | |||||||
-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. | |||||||||||||||||||
Note: | The above tables exclude the Company's interests in unconsolidated joint ventures entered into with AvalonBay Communities, Inc. (“AVB”)in connection with the acquisition of certain real estate related assets from Archstone Enterprise LP (such assets are referred to herein as "Archstone"). These ventures own certain non-core Archstone assets that are held for sale and succeeded to certain residual Archstone liabilities/litigation, as well as responsibility for tax protection arrangements and third-party preferred interests in former Archstone subsidiaries. The preferred interests had an aggregate liquidation value of $72.6 million at March 31, 2015. 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 $122.7 million at March 31, 2015. The Company does not have any variable interest entities. | ||||||||||||||||||||
Operating Properties | ||||||||||||||||||||
On February 27, 2013, in conjunction with the acquisition of Archstone, the Company acquired an interest in the Wisconsin Place joint venture. 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. | ||||||||||||||||||||
On February 27, 2013, in conjunction with the acquisition of Archstone, the Company acquired an interest in the Waterton Tenside joint venture. 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 $29.8 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. | ||||||||||||||||||||
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 each of these entities. These projects are now unconsolidated. Details of these projects follow: | ||||||||||||||||||||
• | Nexus Sawgrass – This development project was completed and stabilized during the quarter ended September 30, 2014. Total project costs were approximately $78.6 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 was completed and stabilized during the quarter ended March 31, 2015. Total project costs were 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 $96.8 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 had 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. | ||||||||||||||||||||
Development Project | ||||||||||||||||||||
Prism at Park Ave South – 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 master condominium association has been legally established, 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 March 31, 2015, the Company's and Toll Brothers' consolidated contributions to the joint venture were approximately $339.4 million, of which Toll Brothers' noncontrolling interest balance totaled $117.4 million. | ||||||||||||||||||||
Other | ||||||||||||||||||||
On February 27, 2013, in connection with the acquisition of Archstone, 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 three property portfolio of apartment buildings and succeeded to certain residual Archstone liabilities/litigation. 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 quarter ended March 31, 2015, the Company received approximately $19.0 million in distributions from the Residual JV as a result of the winddown/sale of remaining assets owned by the Residual JV and a partial litigation settlement received by the Residual JV. The Company's pro rata share of the distributions related to the winddown of the German dispositions that occurred in 2014 was approximately $2.0 million during the quarter ended March 31, 2015 and $100.5 million cumulatively since the acquisition of Archstone. The Company's pro rata share of the proceeds related to the sale of certain remaining assets owned by the Residual JV and the partial litigation settlement received by the Residual JV were approximately $10.4 million and $6.6 million, respectively. | ||||||||||||||||||||
On February 27, 2013, in connection with the acquisition of Archstone, 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. At March 31, 2015, the remaining preferred interests had an aggregate liquidation value of $72.6 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. |
Deposits_Restricted
Deposits - Restricted | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 March 31, 2015 and December 31, 2014 (amounts in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Tax-deferred (1031) exchange proceeds | $ | 136,602 | $ | — | |||||
Earnest money on pending acquisitions | 2,830 | 580 | |||||||
Restricted deposits on real estate investments | 17,636 | 24,701 | |||||||
Resident security and utility deposits | 46,225 | 46,516 | |||||||
Other | 507 | 506 | |||||||
Totals | $ | 203,800 | $ | 72,303 | |||||
The following table presents the Company’s escrow deposits as of March 31, 2015 and December 31, 2014 (amounts in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Real estate taxes and insurance | $ | 2,691 | $ | 2,235 | |||||
Replacement reserves | 3,490 | 3,431 | |||||||
Mortgage principal reserves/sinking funds | 43,626 | 41,567 | |||||||
Other | 852 | 852 | |||||||
Totals | $ | 50,659 | $ | 48,085 | |||||
Debt
Debt | 3 Months Ended | |
Mar. 31, 2015 | ||
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 March 31, 2015, the Company had outstanding mortgage debt of approximately $5.0 billion. | ||
During the quarter ended March 31, 2015, the Company: | ||
▪ | Repaid $124.1 million of mortgage loans. | |
The Company recorded $0.1 million of write-offs of unamortized deferred financing costs during the quarter ended March 31, 2015 as additional interest expense related to debt extinguishment of mortgages. The Company also recorded $1.4 million of write-offs of net unamortized premiums during the quarter ended March 31, 2015 as a reduction of interest expense related to debt extinguishment of mortgages. | ||
As of March 31, 2015, the Company had $700.5 million of secured debt subject to third party credit enhancement. | ||
As of March 31, 2015, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through May 1, 2061. At March 31, 2015, the interest rate range on the Company’s mortgage debt was 0.02% to 7.25%. During the quarter ended March 31, 2015, the weighted average interest rate on the Company’s mortgage debt was 4.13%. | ||
Notes | ||
As of March 31, 2015, the Company had outstanding unsecured notes of approximately $5.4 billion. | ||
As of March 31, 2015, scheduled maturities for the Company’s outstanding notes were at various dates through 2044. At March 31, 2015, the interest rate range on the Company’s notes was 2.375% to 7.57%. During the quarter ended March 31, 2015, the weighted average interest rate on the Company’s notes was 5.01%. | ||
Line of Credit and Commercial Paper | ||
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 (1.05% as of March 31, 2015) 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 March 31, 2015, the amount outstanding on the revolving credit facility was $130.0 million and the amount available was $1.986 billion (net of $43.3 million which was restricted/dedicated to support letters of credit, net of the $130.0 million outstanding on the revolving credit facility and net of $340.9 million outstanding on the commercial paper program). During the quarter ended March 31, 2015, the weighted average interest rate on the revolving credit facility was 1.02%. | ||
On February 2, 2015, the Company entered into an unsecured commercial paper note program in the United States. The Company may borrow up to a maximum of $500.0 million on this program subject to market conditions. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Company's other unsecured senior indebtedness. As of March 31, 2015, there was a balance of $340.8 million on the commercial paper program ($340.9 million in principal outstanding net of an unamortized discount of $0.1 million). The notes bear interest at various floating rates with a weighted average of 0.53% for the quarter ended March 31, 2015 and a weighted average maturity of 14 days as of March 31, 2015. |
Derivative_and_Other_Fair_Valu
Derivative and Other Fair Value Instruments | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
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. | |||||||||||||||||||
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. | |||||||||||||||||||
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 and commercial paper) 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 commercial paper) and quoted market prices for each underlying issuance in the case of the public unsecured notes. | |||||||||||||||||||
The carrying values of the Company’s mortgage notes payable and unsecured debt (including its line of credit and commercial paper) were approximately $5.0 billion and $5.9 billion, respectively, at March 31, 2015. The fair values of the Company’s mortgage notes payable and unsecured debt (including its line of credit and commercial paper) were approximately $5.0 billion (Level 2) and $6.3 billion (Level 2), respectively, at March 31, 2015. The carrying values of the Company's mortgage notes payable and unsecured debt (including its line of credit) were approximately $5.1 billion and $5.8 billion, respectively, at December 31, 2014. 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 $6.1 billion (Level 2), respectively, at December 31, 2014. The fair values of the Company’s financial instruments (other than mortgage notes payable, unsecured notes, line of credit, commercial paper and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract values. | |||||||||||||||||||
The following table summarizes the Company’s consolidated derivative instruments at March 31, 2015 (dollar amounts are in thousands): | |||||||||||||||||||
Fair Value | Forward | ||||||||||||||||||
Hedges (1) | Starting | ||||||||||||||||||
Swaps (2) | |||||||||||||||||||
Current Notional Balance | $ | 450,000 | $ | 450,000 | |||||||||||||||
Lowest Possible Notional | $ | 450,000 | $ | 450,000 | |||||||||||||||
Highest Possible Notional | $ | 450,000 | $ | 450,000 | |||||||||||||||
Lowest Interest Rate | 2.375 | % | 1.935 | % | |||||||||||||||
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. | ||||||||||||||||||
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 March 31, 2015 and December 31, 2014, respectively (amounts in thousands): | |||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Description | Balance Sheet | 3/31/15 | 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 | $ | 6,438 | $ | — | $ | 6,438 | $ | — | ||||||||||
Forward Starting Swaps | Other Assets | 454 | — | 454 | — | ||||||||||||||
Supplemental Executive Retirement Plan | Other Assets | 97,391 | 97,391 | — | — | ||||||||||||||
Total | $ | 104,283 | $ | 97,391 | $ | 6,892 | $ | — | |||||||||||
Liabilities | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Forward Starting Swaps | Other Liabilities | $ | 26,014 | $ | — | $ | 26,014 | $ | — | ||||||||||
Supplemental Executive Retirement Plan | Other Liabilities | 97,391 | 97,391 | — | — | ||||||||||||||
Total | $ | 123,405 | $ | 97,391 | $ | 26,014 | $ | — | |||||||||||
Redeemable Noncontrolling Interests – | |||||||||||||||||||
Operating Partnership/Redeemable | |||||||||||||||||||
Limited Partners | Mezzanine | $ | 541,866 | $ | — | $ | 541,866 | $ | — | ||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Description | Balance Sheet | 12/31/14 | 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 | $ | 1,596 | $ | — | $ | 1,596 | $ | — | ||||||||||
Forward Starting Swaps | Other Assets | 332 | — | 332 | — | ||||||||||||||
Supplemental Executive Retirement Plan | Other Assets | 104,463 | 104,463 | — | — | ||||||||||||||
Total | $ | 106,391 | $ | 104,463 | $ | 1,928 | $ | — | |||||||||||
Liabilities | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Forward Starting Swaps | Other Liabilities | $ | 14,104 | $ | — | $ | 14,104 | $ | — | ||||||||||
Supplemental Executive Retirement Plan | Other Liabilities | 104,463 | 104,463 | — | — | ||||||||||||||
Total | $ | 118,567 | $ | 104,463 | $ | 14,104 | $ | — | |||||||||||
Redeemable Noncontrolling Interests – | |||||||||||||||||||
Operating Partnership/Redeemable | |||||||||||||||||||
Limited Partners | Mezzanine | $ | 500,733 | $ | — | $ | 500,733 | $ | — | ||||||||||
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 quarters ended March 31, 2015 and 2014, respectively (amounts in thousands): | |||||||||||||||||||
31-Mar-15 | 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 | $ | 4,842 | Fixed rate debt | Interest expense | $ | (4,842 | ) | |||||||||||
Total | $ | 4,842 | $ | (4,842 | ) | ||||||||||||||
31-Mar-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 | N/A | $ | — | N/A | N/A | $ | — | ||||||||||||
Total | $ | — | $ | — | |||||||||||||||
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 quarters ended March 31, 2015 and 2014, respectively (amounts in thousands): | |||||||||||||||||||
Effective Portion | Ineffective Portion | ||||||||||||||||||
31-Mar-15 | 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 | Reclassified from | Reclassified from | Recognized in | Reclassified from | |||||||||||||||
OCI on | Accumulated | Accumulated | Income on | Accumulated | |||||||||||||||
Derivative | OCI into Income | OCI into Income | Derivative | OCI into Income | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Forward Starting Swaps | $ | (11,788 | ) | Interest expense | $ | (4,338 | ) | N/A | $ | — | |||||||||
Total | $ | (11,788 | ) | $ | (4,338 | ) | $ | — | |||||||||||
Effective Portion | Ineffective Portion | ||||||||||||||||||
31-Mar-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 | Reclassified from | Reclassified from | Recognized in | Reclassified from | |||||||||||||||
OCI on | Accumulated | Accumulated | Income on | Accumulated | |||||||||||||||
Derivative | OCI into Income | OCI into Income | Derivative | OCI into Income | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Forward Starting Swaps | $ | (11,952 | ) | Interest expense | $ | (4,129 | ) | N/A | $ | — | |||||||||
Total | $ | (11,952 | ) | $ | (4,129 | ) | $ | — | |||||||||||
As of March 31, 2015 and December 31, 2014, there were approximately $179.7 million and $172.2 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 March 31, 2015, the Company may recognize an estimated $22.2 million of accumulated other comprehensive (loss) as additional interest expense during the twelve months ending March 31, 2016. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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): | |||||||||
Quarter Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator for net income per share – basic: | |||||||||
Income from continuing operations | $ | 190,020 | $ | 81,680 | |||||
Allocation to Noncontrolling Interests – Operating Partnership, net | (7,051 | ) | (3,053 | ) | |||||
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties | (643 | ) | (504 | ) | |||||
Preferred distributions | (891 | ) | (1,036 | ) | |||||
Premium on redemption of Preferred Shares | (2,789 | ) | — | ||||||
Income from continuing operations available to Common Shares, net of Noncontrolling Interests | 178,646 | 77,087 | |||||||
Discontinued operations, net of Noncontrolling Interests | 196 | 1,012 | |||||||
Numerator for net income per share – basic | $ | 178,842 | $ | 78,099 | |||||
Numerator for net income per share – diluted: | |||||||||
Income from continuing operations | $ | 190,020 | $ | 81,680 | |||||
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties | (643 | ) | (504 | ) | |||||
Preferred distributions | (891 | ) | (1,036 | ) | |||||
Premium on redemption of Preferred Shares | (2,789 | ) | — | ||||||
Income from continuing operations available to Common Shares | 185,697 | 80,140 | |||||||
Discontinued operations, net | 204 | 1,052 | |||||||
Numerator for net income per share – diluted | $ | 185,901 | $ | 81,192 | |||||
Denominator for net income per share – basic and diluted: | |||||||||
Denominator for net income per share – basic | 363,098 | 360,470 | |||||||
Effect of dilutive securities: | |||||||||
OP Units | 13,598 | 13,731 | |||||||
Long-term compensation shares/units | 3,631 | 2,183 | |||||||
Denominator for net income per share – diluted | 380,327 | 376,384 | |||||||
Net income per share – basic | $ | 0.49 | $ | 0.22 | |||||
Net income per share – diluted | $ | 0.49 | $ | 0.22 | |||||
Net income per share – basic: | |||||||||
Income from continuing operations available to Common Shares, net of Noncontrolling Interests | $ | 0.492 | $ | 0.214 | |||||
Discontinued operations, net of Noncontrolling Interests | 0.001 | 0.003 | |||||||
Net income per share – basic | $ | 0.493 | $ | 0.217 | |||||
Net income per share – diluted: | |||||||||
Income from continuing operations available to Common Shares | $ | 0.488 | $ | 0.213 | |||||
Discontinued operations, net | 0.001 | 0.003 | |||||||
Net income per share – diluted | $ | 0.489 | $ | 0.216 | |||||
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): | |||||||||
Quarter Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator for net income per Unit – basic and diluted: | |||||||||
Income from continuing operations | $ | 190,020 | $ | 81,680 | |||||
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties | (643 | ) | (504 | ) | |||||
Allocation to Preference Units | (891 | ) | (1,036 | ) | |||||
Allocation to premium on redemption of Preference Units | (2,789 | ) | — | ||||||
Income from continuing operations available to Units | 185,697 | 80,140 | |||||||
Discontinued operations, net | 204 | 1,052 | |||||||
Numerator for net income per Unit – basic and diluted | $ | 185,901 | $ | 81,192 | |||||
Denominator for net income per Unit – basic and diluted: | |||||||||
Denominator for net income per Unit – basic | 376,696 | 374,201 | |||||||
Effect of dilutive securities: | |||||||||
Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term | 3,631 | 2,183 | |||||||
compensation shares/units | |||||||||
Denominator for net income per Unit – diluted | 380,327 | 376,384 | |||||||
Net income per Unit – basic | $ | 0.49 | $ | 0.22 | |||||
Net income per Unit – diluted | $ | 0.49 | $ | 0.22 | |||||
Net income per Unit – basic: | |||||||||
Income from continuing operations available to Units | $ | 0.492 | $ | 0.214 | |||||
Discontinued operations, net | 0.001 | 0.003 | |||||||
Net income per Unit – basic | $ | 0.493 | $ | 0.217 | |||||
Net income per Unit – diluted: | |||||||||
Income from continuing operations available to Units | $ | 0.488 | $ | 0.213 | |||||
Discontinued operations, net | 0.001 | 0.003 | |||||||
Net income per Unit – diluted | $ | 0.489 | $ | 0.216 | |||||
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 quarters ended March 31, 2015 and 2014 represent trailing activity for properties sold in 2013 and prior years. None of the properties sold during the quarters ended March 31, 2015 and 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 each of the quarters ended March 31, 2015 and 2014 (amounts in thousands). | |||||||||
Quarter Ended March 31, | |||||||||
2015 | 2014 | ||||||||
REVENUES | |||||||||
Rental income | $ | 161 | $ | 1,023 | |||||
Total revenues | 161 | 1,023 | |||||||
EXPENSES (1) | |||||||||
Property and maintenance | (67 | ) | 48 | ||||||
Real estate taxes and insurance | 52 | 13 | |||||||
General and administrative | 6 | 5 | |||||||
Total expenses | (9 | ) | 66 | ||||||
Discontinued operating income | 170 | 957 | |||||||
Interest and other income | 49 | 35 | |||||||
Income and other tax (expense) benefit | (15 | ) | (11 | ) | |||||
Discontinued operations | 204 | 981 | |||||||
Net gain on sales of discontinued operations | — | 71 | |||||||
Discontinued operations, net | $ | 204 | $ | 1,052 | |||||
-1 | Includes expenses paid in the current period for properties sold in prior periods related to the Company’s period of ownership. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |
Mar. 31, 2015 | ||
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 March 31, 2015. 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 has established a reserve related to various litigation matters associated with its Massachusetts properties and periodically assesses the adequacy of the reserve and makes adjustments as necessary. During the quarter ended March 31, 2015, the Company recorded a reduction to the reserve of approximately $1.0 million, resulting in a total reserve of approximately $5.0 million at March 31, 2015. While no assurances can be given, the Company does not believe that the ultimate resolution of these litigation matters, 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 March 31, 2015, the Company has 15 consolidated projects (including Prism at Park Avenue South in New York City, which the Company is jointly developing with Toll Brothers as discussed below) totaling 5,273 apartment units in various stages of development with commitments to fund of approximately $1.3 billion and estimated completion dates ranging through September 30, 2017, 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 March 31, 2015, the Company has two completed unconsolidated development projects that are stabilized. Both projects were co-developed with the same third party development partner in different ventures. The development venture agreements with this partner are primarily deal-specific regarding profit-sharing, equity contributions, returns on investment, buy-sell agreements and other customary provisions. The Company currently has no further funding obligations related to these projects. 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 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. | ||
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 master condominium association has been legally established, 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 March 31, 2015, the Company's and Toll Brothers' consolidated contributions to the joint venture were approximately $339.4 million, of which Toll Brothers' noncontrolling interest balance totaled $117.4 million. |
Reportable_Segments
Reportable Segments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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 quarters ended March 31, 2015 and 2014, 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 quarters ended March 31, 2015 and 2014, respectively, as well as total assets and capital expenditures at March 31, 2015 (amounts in thousands): | |||||||||||||||||||||||||
Quarter Ended March 31, 2015 | Quarter Ended March 31, 2014 | ||||||||||||||||||||||||
Rental Income | Operating Expenses | NOI | Rental Income | Operating Expenses | NOI | ||||||||||||||||||||
Same store (1) | |||||||||||||||||||||||||
Boston | $ | 64,033 | $ | 22,541 | $ | 41,492 | $ | 61,907 | $ | 22,129 | $ | 39,778 | |||||||||||||
Denver | 28,997 | 7,460 | 21,537 | 26,612 | 7,461 | 19,151 | |||||||||||||||||||
New York | 116,070 | 46,113 | 69,957 | 111,186 | 45,834 | 65,352 | |||||||||||||||||||
San Francisco | 89,850 | 27,103 | 62,747 | 81,261 | 26,609 | 54,652 | |||||||||||||||||||
Seattle | 40,390 | 12,667 | 27,723 | 37,621 | 12,734 | 24,887 | |||||||||||||||||||
South Florida | 49,302 | 17,968 | 31,334 | 46,896 | 17,525 | 29,371 | |||||||||||||||||||
Southern California | 105,193 | 34,126 | 71,067 | 99,776 | 33,545 | 66,231 | |||||||||||||||||||
Washington D.C. | 112,627 | 38,539 | 74,088 | 111,804 | 37,809 | 73,995 | |||||||||||||||||||
Non-core | 25,572 | 10,027 | 15,545 | 24,731 | 9,814 | 14,917 | |||||||||||||||||||
Total same store | 632,034 | 216,544 | 415,490 | 601,794 | 213,460 | 388,334 | |||||||||||||||||||
Non-same store/other (2) (3) | |||||||||||||||||||||||||
Boston | 922 | 229 | 693 | 1,028 | 210 | 818 | |||||||||||||||||||
Seattle | 4,579 | 1,298 | 3,281 | 107 | 146 | (39 | ) | ||||||||||||||||||
South Florida | 1,932 | 675 | 1,257 | 803 | 454 | 349 | |||||||||||||||||||
Southern California | 17,777 | 6,528 | 11,249 | 8,905 | 3,690 | 5,215 | |||||||||||||||||||
Washington D.C. | 5,408 | 1,653 | 3,755 | 3,507 | 1,441 | 2,066 | |||||||||||||||||||
Other (3) | 1,954 | 5,509 | (3,555 | ) | 14,581 | 10,377 | 4,204 | ||||||||||||||||||
Total non-same store/other | 32,572 | 15,892 | 16,680 | 28,931 | 16,318 | 12,613 | |||||||||||||||||||
Total | $ | 664,606 | $ | 232,436 | $ | 432,170 | $ | 630,725 | $ | 229,778 | $ | 400,947 | |||||||||||||
-1 | Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2014, less properties subsequently sold, which represented 97,586 apartment units. | ||||||||||||||||||||||||
-2 | Non-same store primarily includes properties acquired after January 1, 2014, plus any properties in lease-up and not stabilized as of January 1, 2014. | ||||||||||||||||||||||||
-3 | Other includes development, other corporate operations and operations prior to sale for properties sold in 2014 and 2015 that do not meet the new discontinued operations criteria. | ||||||||||||||||||||||||
Quarter Ended March 31, 2015 | |||||||||||||||||||||||||
Total Assets | Capital Expenditures | ||||||||||||||||||||||||
Same store (1) | |||||||||||||||||||||||||
Boston | $ | 1,908,859 | $ | 3,505 | |||||||||||||||||||||
Denver | 514,958 | 1,120 | |||||||||||||||||||||||
New York | 4,637,217 | 3,797 | |||||||||||||||||||||||
San Francisco | 2,700,366 | 5,638 | |||||||||||||||||||||||
Seattle | 1,088,728 | 3,524 | |||||||||||||||||||||||
South Florida | 1,126,085 | 2,942 | |||||||||||||||||||||||
Southern California | 2,787,871 | 6,020 | |||||||||||||||||||||||
Washington D.C. | 4,250,738 | 7,113 | |||||||||||||||||||||||
Non-core | 405,017 | 1,649 | |||||||||||||||||||||||
Total same store | 19,419,839 | 35,308 | |||||||||||||||||||||||
Non-same store/other (2) (3) | |||||||||||||||||||||||||
Boston | 47,996 | 34 | |||||||||||||||||||||||
Seattle | 231,258 | 466 | |||||||||||||||||||||||
South Florida | 66,906 | 14 | |||||||||||||||||||||||
Southern California | 845,902 | 1,163 | |||||||||||||||||||||||
Washington D.C. | 242,360 | 1,143 | |||||||||||||||||||||||
Other (3) | 2,174,787 | 42 | |||||||||||||||||||||||
Total non-same store/other | 3,609,209 | 2,862 | |||||||||||||||||||||||
Total | $ | 23,029,048 | $ | 38,170 | |||||||||||||||||||||
-1 | Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2014, less properties subsequently sold, which represented 97,586 apartment units. | ||||||||||||||||||||||||
-2 | Non-same store primarily includes properties acquired after January 1, 2014, plus any properties in lease-up and not stabilized as of January 1, 2014. | ||||||||||||||||||||||||
-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 quarters ended March 31, 2015 and 2014, respectively (amounts in thousands): | |||||||||||||||||||||||||
Quarter Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Rental income | $ | 664,606 | $ | 630,725 | |||||||||||||||||||||
Property and maintenance expense | (124,560 | ) | (125,566 | ) | |||||||||||||||||||||
Real estate taxes and insurance expense | (86,432 | ) | (82,094 | ) | |||||||||||||||||||||
Property management expense | (21,444 | ) | (22,118 | ) | |||||||||||||||||||||
Total operating expenses | (232,436 | ) | (229,778 | ) | |||||||||||||||||||||
Net operating income | $ | 432,170 | $ | 400,947 | |||||||||||||||||||||
Subsequent_EventsOther
Subsequent Events/Other | 3 Months Ended | |
Mar. 31, 2015 | ||
Subsequent Events Other [Abstract] | ||
Subsequent Events/Other | ||
14 | Subsequent Events/Other | |
Subsequent Events | ||
Subsequent to March 31, 2015, the Company: | ||
• | Acquired one property consisting of 202 apartment units for $130.3 million; | |
• | Sold one property consisting of 314 apartment units for $49.6 million; | |
• | Sold a 193,230 square foot office building for approximately $123.3 million which is adjacent to our Longfellow Place property located in Boston and acquired in 1999; and | |
• | Repaid $300.0 million of 6.584% unsecured notes at maturity. | |
Other | ||
During the quarters ended March 31, 2015 and 2014, the Company incurred charges of $0.1 million and none, respectively, related to property acquisition costs, such as survey, title and legal fees, on the acquisition of operating properties and $0.5 million and $0.5 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 $0.6 million and $0.5 million, respectively, are included in other expenses in the accompanying consolidated statements of operations and comprehensive income. | ||
Effective January 1, 2015, the Company has revised its executive compensation program. The long-term incentive portion of the revised program will be performance based and determined by the Company’s absolute and relative total shareholder return over a three year performance period. During the quarter ended March 31, 2015, the Company expensed approximately $2.3 million under the long-term incentive portion of the revised program, of which $0.3 million and $2.0 million was recorded to property management expense and general and administrative expense, respectively. | ||
During the quarter ended March 31, 2014, the Company settled a dispute with the seller/co-developer of a land parcel located in Florida and received $0.5 million, which is 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) | 3 Months Ended |
Mar. 31, 2015 | |
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 quarter ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. | |
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, 2014 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, 2014. | |
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 March 31, 2015, 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 3,771 apartment units and various completed and uncompleted development properties having a noncontrolling interest book value of $122.7 million at March 31, 2015. 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 $11.0 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 March 31, 2015, the Company estimates the value of Noncontrolling Interest distributions for these six properties would have been approximately $63.3 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 March 31, 2015 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. | |
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 are required to expand their disclosures about discontinued operations to provide more information on the assets, liabilities, income and expenses of the discontinued operations. Companies are also 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 was permitted, but only for disposals (or classifications as held for sale) that had not been reported in financial statements previously issued. The new standard was effective January 1, 2015, but the Company early adopted it as allowed effective January 1, 2014. Adoption of this standard resulted in and will likely continue to 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. | |
In August 2014, the FASB issued a new standard that will explicitly require management to assess an entity's ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. In connection with each annual and interim period, management will assess whether there is substantial doubt about an entity's ability to continue as a going concern within one year after the issuance date. Disclosures will be required if conditions give rise to substantial doubt, however to determine the specific disclosures, management will need to assess whether its plans will alleviate substantial doubt. The new standard is effective for the annual period ending after December 15, 2016. The Company does not expect that this will have a material effect on its consolidated results of operations or financial position. | |
In February 2015, the FASB issued new consolidation guidance which makes changes to both the variable interest model and the voting model. Among other changes, the new standard specifically eliminates the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. Generally, only a single limited partner that is able to exercise substantive kick-out rights will consolidate. The new standard will be effective for the Company beginning on January 1, 2016 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity/capital as of the beginning of the period of adoption or retrospectively to each period presented. 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. | |
In April 2015, the FASB issued a new standard which requires companies to present debt financing costs as a direct deduction from the carrying amount of the associated debt liability rather than as an asset, consistent with the presentation of debt discounts on the consolidated balance sheets. The new standard will be effective for the Company beginning on January 1, 2016 and early adoption is permitted. The new standard must be applied retrospectively to all prior periods presented in the consolidated financial statements. The Company does not expect that this will have a material effect on its consolidated results of operations or financial position. |
Business_Tables
Business (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
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 | 362 | 97,825 | |||||
Master-Leased Properties – Consolidated | 3 | 853 | |||||
Partially Owned Properties – Consolidated | 19 | 3,771 | |||||
Partially Owned Properties – Unconsolidated | 3 | 1,281 | |||||
Military Housing | 2 | 5,063 | |||||
389 | 108,793 | ||||||
Equity_Capital_and_Other_Inter1
Equity, Capital and Other Interests (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
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 restricted units (formerly known as Long-Term Incentive Plan (“LTIP”) Units)) for the quarter ended March 31, 2015: | ||||||||||||||
2015 | |||||||||||||||
Common Shares | |||||||||||||||
Common Shares outstanding at January 1, | 362,855,454 | ||||||||||||||
Common Shares Issued: | |||||||||||||||
Conversion of OP Units | 154,050 | ||||||||||||||
Exercise of share options | 770,012 | ||||||||||||||
Employee Share Purchase Plan (ESPP) | 30,151 | ||||||||||||||
Restricted share grants, net | 158,753 | ||||||||||||||
Common Shares outstanding at March 31, | 363,968,420 | ||||||||||||||
Units | |||||||||||||||
Units outstanding at January 1, | 14,298,691 | ||||||||||||||
Restricted units, net | 333,304 | ||||||||||||||
Conversion of OP Units to Common Shares | (154,050 | ) | |||||||||||||
Units outstanding at March 31, | 14,477,945 | ||||||||||||||
Total Common Shares and Units outstanding at March 31, | 378,446,365 | ||||||||||||||
Units Ownership Interest in Operating Partnership | 3.8 | % | |||||||||||||
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 quarter ended March 31, 2015 (amounts in thousands): | ||||||||||||||
2015 | |||||||||||||||
Balance at January 1, | $ | 500,733 | |||||||||||||
Change in market value | 41,763 | ||||||||||||||
Change in carrying value | (630 | ) | |||||||||||||
Balance at March 31, | $ | 541,866 | |||||||||||||
Schedule Of Preferred Stock [Table Text Block] | The following table presents the Company’s issued and outstanding Preferred Shares as of March 31, 2015 and December 31, 2014: | ||||||||||||||
Amounts in thousands | |||||||||||||||
Redemption | Annual | March 31, | December 31, | ||||||||||||
Date (1) | Dividend per | 2015 | 2014 | ||||||||||||
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 | $ | 40,180 | $ | 50,000 | |||||||||
value $50 per share; 803,600 shares issued and outstanding | |||||||||||||||
at March 31, 2015 and 1,000,000 shares issued and | |||||||||||||||
outstanding at December 31, 2014 (3) | |||||||||||||||
$ | 40,180 | $ | 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. | ||||||||||||||
-3 | Effective January 26, 2015, the Company repurchased and retired 196,400 Series K Preferred Shares with a par value of $9.82 million for total cash consideration of approximately $12.7 million. As a result of this partial redemption, the Company incurred a cash charge of approximately $2.8 million which was recorded as a premium on the redemption of Preferred Shares. | ||||||||||||||
Limited Partner [Member] | |||||||||||||||
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 quarter ended March 31, 2015: | ||||||||||||||
2015 | |||||||||||||||
General and Limited Partner Units | |||||||||||||||
General and Limited Partner Units outstanding at January 1, | 377,154,145 | ||||||||||||||
Issued to General Partner: | |||||||||||||||
Exercise of EQR share options | 770,012 | ||||||||||||||
EQR’s Employee Share Purchase Plan (ESPP) | 30,151 | ||||||||||||||
EQR's restricted share grants, net | 158,753 | ||||||||||||||
Issued to Limited Partners: | |||||||||||||||
Restricted units, net | 333,304 | ||||||||||||||
General and Limited Partner Units outstanding at March 31, | 378,446,365 | ||||||||||||||
Limited Partner Units | |||||||||||||||
Limited Partner Units outstanding at January 1, | 14,298,691 | ||||||||||||||
Limited Partner restricted units, net | 333,304 | ||||||||||||||
Conversion of Limited Partner OP Units to EQR Common Shares | (154,050 | ) | |||||||||||||
Limited Partner Units outstanding at March 31, | 14,477,945 | ||||||||||||||
Limited Partner Units Ownership Interest in Operating Partnership | 3.8 | % | |||||||||||||
Redeemable Noncontrolling Interest [Table Text Block] | The following table presents the changes in the redemption value of the Redeemable Limited Partners for the quarter ended March 31, 2015 (amounts in thousands): | ||||||||||||||
2015 | |||||||||||||||
Balance at January 1, | $ | 500,733 | |||||||||||||
Change in market value | 41,763 | ||||||||||||||
Change in carrying value | (630 | ) | |||||||||||||
Balance at March 31, | $ | 541,866 | |||||||||||||
Schedule Of Preferred Stock [Table Text Block] | The following table presents the Operating Partnership’s issued and outstanding “Preference Units” as of March 31, 2015 and December 31, 2014: | ||||||||||||||
Amounts in thousands | |||||||||||||||
Redemption | Annual | March 31, | December 31, | ||||||||||||
Date (1) | Dividend per | 2015 | 2014 | ||||||||||||
Unit (2) | |||||||||||||||
Preference Units: | |||||||||||||||
8.29% Series K Cumulative Redeemable Preference Units; | 12/10/26 | $4.14 | $ | 40,180 | $ | 50,000 | |||||||||
liquidation value $50 per unit; 803,600 units issued and | |||||||||||||||
outstanding at March 31, 2015 and 1,000,000 units | |||||||||||||||
issued and outstanding at December 31, 2014 (3) | |||||||||||||||
$ | 40,180 | $ | 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. | ||||||||||||||
-3 | Effective January 26, 2015, the Operating Partnership repurchased and retired 196,400 Series K Preference Units with a par value of $9.82 million for total cash consideration of approximately $12.7 million, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares. As a result of this partial redemption, the Operating Partnership incurred a cash charge of approximately $2.8 million which was recorded as a premium on the redemption of Preference Units. |
Real_Estate_Tables
Real Estate (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 (amounts in thousands): | ||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Land | $ | 6,357,580 | $ | 6,295,404 | |||||||||||||||||||||
Depreciable property: | |||||||||||||||||||||||||
Buildings and improvements | 18,109,892 | 17,974,337 | |||||||||||||||||||||||
Furniture, fixtures and equipment | 1,401,801 | 1,365,276 | |||||||||||||||||||||||
In-Place lease intangibles | 512,804 | 511,891 | |||||||||||||||||||||||
Projects under development: | |||||||||||||||||||||||||
Land | 423,359 | 466,764 | |||||||||||||||||||||||
Construction-in-progress | 846,425 | 877,155 | |||||||||||||||||||||||
Land held for development: | |||||||||||||||||||||||||
Land | 109,726 | 145,366 | |||||||||||||||||||||||
Construction-in-progress | 34,271 | 39,190 | |||||||||||||||||||||||
Investment in real estate | 27,795,858 | 27,675,383 | |||||||||||||||||||||||
Accumulated depreciation | (5,600,485 | ) | (5,432,805 | ) | |||||||||||||||||||||
Investment in real estate, net | $ | 22,195,373 | $ | 22,242,578 | |||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 (amounts in thousands): | ||||||||||||||||||||||||
Description | Balance Sheet Location | March 31, | December 31, | ||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
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 | (10,050 | ) | (8,913 | ) | |||||||||||||||||||||
Lease intangible assets, net | $ | 169,461 | $ | 170,598 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Ground lease intangibles – above market | Other Liabilities | $ | 2,400 | $ | 2,400 | ||||||||||||||||||||
Retail lease intangibles – below market | Other Liabilities | 5,270 | 5,270 | ||||||||||||||||||||||
Lease intangible liabilities | 7,670 | 7,670 | |||||||||||||||||||||||
Accumulated amortization | (2,549 | ) | (2,258 | ) | |||||||||||||||||||||
Lease intangible liabilities, net | $ | 5,121 | $ | 5,412 | |||||||||||||||||||||
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 | |||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||
Ground lease intangibles | $ | 3,241 | $ | 4,321 | $ | 4,321 | $ | 4,321 | $ | 4,321 | $ | 4,321 | |||||||||||||
Retail lease intangibles | (705 | ) | (896 | ) | (540 | ) | (71 | ) | (71 | ) | (71 | ) | |||||||||||||
Total | $ | 2,536 | $ | 3,425 | $ | 3,781 | $ | 4,250 | $ | 4,250 | $ | 4,250 | |||||||||||||
Acquired and Disposed Properties [Table Text Block] | During the quarter ended March 31, 2015, the Company acquired the entire equity interest in the following from an unaffiliated party (purchase price in thousands): | ||||||||||||||||||||||||
Properties | Apartment Units | Purchase Price | |||||||||||||||||||||||
Land Parcel (one) | — | — | $ | 5,968 | |||||||||||||||||||||
Total | — | — | $ | 5,968 | |||||||||||||||||||||
During the quarter ended March 31, 2015, the Company disposed of the following to unaffiliated parties (sales price in thousands): | |||||||||||||||||||||||||
Properties | Apartment Units | Sales Price | |||||||||||||||||||||||
Rental Properties | 3 | 550 | $ | 145,400 | |||||||||||||||||||||
Total | 3 | 550 | $ | 145,400 | |||||||||||||||||||||
Commitments_to_AcquireDispose_1
Commitments to Acquire/Dispose of Real Estate (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Commitments to Acquire Dispose of Real Estate [Abstract] | |||||||||||
Real Estate to be Acquired Table Text Block | In addition to the property that was subsequently acquired as discussed in Note 14, the Company has entered into separate agreements to acquire the following (purchase price in thousands): | ||||||||||
Properties | Apartment Units | Purchase Price | |||||||||
Land Parcels (three) | — | — | $ | 25,132 | |||||||
Total | — | — | $ | 25,132 | |||||||
Real Estate To Be Disposed Of Text Block | In addition to the property and office building that were subsequently disposed of as discussed in Note 14, the Company has entered into separate agreements to dispose of the following (sales price in thousands): | ||||||||||
Properties | Apartment Units | Sales Price | |||||||||
Rental Properties | 2 | 513 | $ | 68,650 | |||||||
Land Parcel (one) | — | — | 2,700 | ||||||||
Total | 2 | 513 | $ | 71,350 | |||||||
Investments_in_Partially_Owned1
Investments in Partially Owned Entities (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
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 March 31, 2015 (amounts in thousands except for project and apartment unit amounts): | |||||||||||||||||||
Consolidated | Unconsolidated | |||||||||||||||||||
Development Projects | ||||||||||||||||||||
Held for | Operating | Total | Operating | Total | ||||||||||||||||
and/or Under | ||||||||||||||||||||
Development | ||||||||||||||||||||
Total projects (1) | — | 19 | 19 | 3 | 3 | |||||||||||||||
Total apartment units (1) | — | 3,771 | 3,771 | 1,281 | 1,281 | |||||||||||||||
Balance sheet information at 3/31/15 (at 100%): | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Investment in real estate | $ | 347,809 | $ | 684,686 | $ | 1,032,495 | $ | 290,077 | $ | 290,077 | ||||||||||
Accumulated depreciation | (991 | ) | (200,002 | ) | (200,993 | ) | (21,388 | ) | (21,388 | ) | ||||||||||
Investment in real estate, net | 346,818 | 484,684 | 831,502 | 268,689 | 268,689 | |||||||||||||||
Cash and cash equivalents | — | 13,775 | 13,775 | 7,598 | 7,598 | |||||||||||||||
Investments in unconsolidated entities | — | 51,363 | 51,363 | — | — | |||||||||||||||
Deposits – restricted | 15,640 | 310 | 15,950 | 246 | 246 | |||||||||||||||
Deferred financing costs, net | — | 2,052 | 2,052 | 7 | 7 | |||||||||||||||
Other assets | 6,697 | 26,227 | 32,924 | 1,327 | 1,327 | |||||||||||||||
Total assets | $ | 369,155 | $ | 578,411 | $ | 947,566 | $ | 277,867 | $ | 277,867 | ||||||||||
LIABILITIES AND EQUITY/CAPITAL | ||||||||||||||||||||
Mortgage notes payable (2) | $ | — | $ | 360,567 | $ | 360,567 | $ | 175,276 | $ | 175,276 | ||||||||||
Accounts payable & accrued expenses | 8,731 | 3,188 | 11,919 | 389 | 389 | |||||||||||||||
Accrued interest payable | — | 1,283 | 1,283 | 691 | 691 | |||||||||||||||
Other liabilities | 257 | 576 | 833 | 834 | 834 | |||||||||||||||
Security deposits | 150 | 1,976 | 2,126 | 531 | 531 | |||||||||||||||
Total liabilities | 9,138 | 367,590 | 376,728 | 177,721 | 177,721 | |||||||||||||||
Noncontrolling Interests – Partially Owned | 117,350 | 5,311 | 122,661 | 90,878 | 90,878 | |||||||||||||||
Properties/Partners' equity | ||||||||||||||||||||
Company equity/General and Limited | 242,667 | 205,510 | 448,177 | 9,268 | 9,268 | |||||||||||||||
Partners' Capital | ||||||||||||||||||||
Total equity/capital | 360,017 | 210,821 | 570,838 | 100,146 | 100,146 | |||||||||||||||
Total liabilities and equity/capital | $ | 369,155 | $ | 578,411 | $ | 947,566 | $ | 277,867 | $ | 277,867 | ||||||||||
Partially Owned Property Income Statement Schedule [Table Text Block] | ||||||||||||||||||||
Consolidated | Unconsolidated | |||||||||||||||||||
Development Projects | ||||||||||||||||||||
Held for | Operating | |||||||||||||||||||
and/or Under | ||||||||||||||||||||
Development | Operating | Total | Total | |||||||||||||||||
Operating information for the quarter ended 3/31/15 (at 100%): | ||||||||||||||||||||
Operating revenue | $ | 250 | $ | 22,688 | $ | 22,938 | $ | 7,813 | $ | 7,813 | ||||||||||
Operating expenses | 418 | 6,875 | 7,293 | 2,443 | 2,443 | |||||||||||||||
Net operating (loss) income | (168 | ) | 15,813 | 15,645 | 5,370 | 5,370 | ||||||||||||||
Depreciation | 991 | 5,520 | 6,511 | 3,076 | 3,076 | |||||||||||||||
General and administrative/other | — | 15 | 15 | 56 | 56 | |||||||||||||||
Operating (loss) income | (1,159 | ) | 10,278 | 9,119 | 2,238 | 2,238 | ||||||||||||||
Interest and other income | — | 4 | 4 | — | — | |||||||||||||||
Other expenses | — | (50 | ) | (50 | ) | — | — | |||||||||||||
Interest: | ||||||||||||||||||||
Expense incurred, net | — | (3,884 | ) | (3,884 | ) | (2,346 | ) | (2,346 | ) | |||||||||||
Amortization of deferred financing costs | — | (89 | ) | (89 | ) | (1 | ) | (1 | ) | |||||||||||
(Loss) income before income and other taxes and (loss) | (1,159 | ) | 6,259 | 5,100 | (109 | ) | (109 | ) | ||||||||||||
from investments in unconsolidated entities | ||||||||||||||||||||
Income and other tax (expense) benefit | — | (35 | ) | (35 | ) | (18 | ) | (18 | ) | |||||||||||
(Loss) from investments in unconsolidated entities | — | (377 | ) | (377 | ) | — | — | |||||||||||||
Net (loss) income | $ | (1,159 | ) | $ | 5,847 | $ | 4,688 | $ | (127 | ) | $ | (127 | ) | |||||||
-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. | |||||||||||||||||||
Note: | The above tables exclude the Company's interests in unconsolidated joint ventures entered into with AvalonBay Communities, Inc. (“AVB”)in connection with the acquisition of certain real estate related assets from Archstone Enterprise LP (such assets are referred to herein as "Archstone"). These ventures own certain non-core Archstone assets that are held for sale and succeeded to certain residual Archstone liabilities/litigation, as well as responsibility for tax protection arrangements and third-party preferred interests in former Archstone subsidiaries. The preferred interests had an aggregate liquidation value of $72.6 million at March 31, 2015. The ventures are owned 60% by the Company and 40% by AVB. |
Deposits_Restricted_Tables
Deposits - Restricted (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Deposits - Restricted [Abstract] | |||||||||
Schedule of Restricted Cash and Cash Equivalents [Table Text Block] | The following table presents the Company’s restricted deposits as of March 31, 2015 and December 31, 2014 (amounts in thousands): | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Tax-deferred (1031) exchange proceeds | $ | 136,602 | $ | — | |||||
Earnest money on pending acquisitions | 2,830 | 580 | |||||||
Restricted deposits on real estate investments | 17,636 | 24,701 | |||||||
Resident security and utility deposits | 46,225 | 46,516 | |||||||
Other | 507 | 506 | |||||||
Totals | $ | 203,800 | $ | 72,303 | |||||
Escrow Deposits [Text Block] | The following table presents the Company’s escrow deposits as of March 31, 2015 and December 31, 2014 (amounts in thousands): | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Real estate taxes and insurance | $ | 2,691 | $ | 2,235 | |||||
Replacement reserves | 3,490 | 3,431 | |||||||
Mortgage principal reserves/sinking funds | 43,626 | 41,567 | |||||||
Other | 852 | 852 | |||||||
Totals | $ | 50,659 | $ | 48,085 | |||||
Derivative_and_Other_Fair_Valu1
Derivative and Other Fair Value Instruments (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||
Derivative Instrument Table | The following table summarizes the Company’s consolidated derivative instruments at March 31, 2015 (dollar amounts are in thousands): | ||||||||||||||||||
Fair Value | Forward | ||||||||||||||||||
Hedges (1) | Starting | ||||||||||||||||||
Swaps (2) | |||||||||||||||||||
Current Notional Balance | $ | 450,000 | $ | 450,000 | |||||||||||||||
Lowest Possible Notional | $ | 450,000 | $ | 450,000 | |||||||||||||||
Highest Possible Notional | $ | 450,000 | $ | 450,000 | |||||||||||||||
Lowest Interest Rate | 2.375 | % | 1.935 | % | |||||||||||||||
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 March 31, 2015 and December 31, 2014, respectively (amounts in thousands): | ||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Description | Balance Sheet | 3/31/15 | 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 | $ | 6,438 | $ | — | $ | 6,438 | $ | — | ||||||||||
Forward Starting Swaps | Other Assets | 454 | — | 454 | — | ||||||||||||||
Supplemental Executive Retirement Plan | Other Assets | 97,391 | 97,391 | — | — | ||||||||||||||
Total | $ | 104,283 | $ | 97,391 | $ | 6,892 | $ | — | |||||||||||
Liabilities | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Forward Starting Swaps | Other Liabilities | $ | 26,014 | $ | — | $ | 26,014 | $ | — | ||||||||||
Supplemental Executive Retirement Plan | Other Liabilities | 97,391 | 97,391 | — | — | ||||||||||||||
Total | $ | 123,405 | $ | 97,391 | $ | 26,014 | $ | — | |||||||||||
Redeemable Noncontrolling Interests – | |||||||||||||||||||
Operating Partnership/Redeemable | |||||||||||||||||||
Limited Partners | Mezzanine | $ | 541,866 | $ | — | $ | 541,866 | $ | — | ||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Description | Balance Sheet | 12/31/14 | 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 | $ | 1,596 | $ | — | $ | 1,596 | $ | — | ||||||||||
Forward Starting Swaps | Other Assets | 332 | — | 332 | — | ||||||||||||||
Supplemental Executive Retirement Plan | Other Assets | 104,463 | 104,463 | — | — | ||||||||||||||
Total | $ | 106,391 | $ | 104,463 | $ | 1,928 | $ | — | |||||||||||
Liabilities | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Forward Starting Swaps | Other Liabilities | $ | 14,104 | $ | — | $ | 14,104 | $ | — | ||||||||||
Supplemental Executive Retirement Plan | Other Liabilities | 104,463 | 104,463 | — | — | ||||||||||||||
Total | $ | 118,567 | $ | 104,463 | $ | 14,104 | $ | — | |||||||||||
Redeemable Noncontrolling Interests – | |||||||||||||||||||
Operating Partnership/Redeemable | |||||||||||||||||||
Limited Partners | Mezzanine | $ | 500,733 | $ | — | $ | 500,733 | $ | — | ||||||||||
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 quarters ended March 31, 2015 and 2014, respectively (amounts in thousands): | ||||||||||||||||||
31-Mar-15 | 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 | $ | 4,842 | Fixed rate debt | Interest expense | $ | (4,842 | ) | |||||||||||
Total | $ | 4,842 | $ | (4,842 | ) | ||||||||||||||
31-Mar-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 | N/A | $ | — | N/A | N/A | $ | — | ||||||||||||
Total | $ | — | $ | — | |||||||||||||||
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 quarters ended March 31, 2015 and 2014, respectively (amounts in thousands): | ||||||||||||||||||
Effective Portion | Ineffective Portion | ||||||||||||||||||
31-Mar-15 | 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 | Reclassified from | Reclassified from | Recognized in | Reclassified from | |||||||||||||||
OCI on | Accumulated | Accumulated | Income on | Accumulated | |||||||||||||||
Derivative | OCI into Income | OCI into Income | Derivative | OCI into Income | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Forward Starting Swaps | $ | (11,788 | ) | Interest expense | $ | (4,338 | ) | N/A | $ | — | |||||||||
Total | $ | (11,788 | ) | $ | (4,338 | ) | $ | — | |||||||||||
Effective Portion | Ineffective Portion | ||||||||||||||||||
31-Mar-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 | Reclassified from | Reclassified from | Recognized in | Reclassified from | |||||||||||||||
OCI on | Accumulated | Accumulated | Income on | Accumulated | |||||||||||||||
Derivative | OCI into Income | OCI into Income | Derivative | OCI into Income | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||
Forward Starting Swaps | $ | (11,952 | ) | Interest expense | $ | (4,129 | ) | N/A | $ | — | |||||||||
Total | $ | (11,952 | ) | $ | (4,129 | ) | $ | — | |||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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): | ||||||||
Quarter Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator for net income per share – basic: | |||||||||
Income from continuing operations | $ | 190,020 | $ | 81,680 | |||||
Allocation to Noncontrolling Interests – Operating Partnership, net | (7,051 | ) | (3,053 | ) | |||||
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties | (643 | ) | (504 | ) | |||||
Preferred distributions | (891 | ) | (1,036 | ) | |||||
Premium on redemption of Preferred Shares | (2,789 | ) | — | ||||||
Income from continuing operations available to Common Shares, net of Noncontrolling Interests | 178,646 | 77,087 | |||||||
Discontinued operations, net of Noncontrolling Interests | 196 | 1,012 | |||||||
Numerator for net income per share – basic | $ | 178,842 | $ | 78,099 | |||||
Numerator for net income per share – diluted: | |||||||||
Income from continuing operations | $ | 190,020 | $ | 81,680 | |||||
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties | (643 | ) | (504 | ) | |||||
Preferred distributions | (891 | ) | (1,036 | ) | |||||
Premium on redemption of Preferred Shares | (2,789 | ) | — | ||||||
Income from continuing operations available to Common Shares | 185,697 | 80,140 | |||||||
Discontinued operations, net | 204 | 1,052 | |||||||
Numerator for net income per share – diluted | $ | 185,901 | $ | 81,192 | |||||
Denominator for net income per share – basic and diluted: | |||||||||
Denominator for net income per share – basic | 363,098 | 360,470 | |||||||
Effect of dilutive securities: | |||||||||
OP Units | 13,598 | 13,731 | |||||||
Long-term compensation shares/units | 3,631 | 2,183 | |||||||
Denominator for net income per share – diluted | 380,327 | 376,384 | |||||||
Net income per share – basic | $ | 0.49 | $ | 0.22 | |||||
Net income per share – diluted | $ | 0.49 | $ | 0.22 | |||||
Net income per share – basic: | |||||||||
Income from continuing operations available to Common Shares, net of Noncontrolling Interests | $ | 0.492 | $ | 0.214 | |||||
Discontinued operations, net of Noncontrolling Interests | 0.001 | 0.003 | |||||||
Net income per share – basic | $ | 0.493 | $ | 0.217 | |||||
Net income per share – diluted: | |||||||||
Income from continuing operations available to Common Shares | $ | 0.488 | $ | 0.213 | |||||
Discontinued operations, net | 0.001 | 0.003 | |||||||
Net income per share – diluted | $ | 0.489 | $ | 0.216 | |||||
OPERATING PARTNERSHIP | |||||||||
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): | ||||||||
Quarter Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator for net income per Unit – basic and diluted: | |||||||||
Income from continuing operations | $ | 190,020 | $ | 81,680 | |||||
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties | (643 | ) | (504 | ) | |||||
Allocation to Preference Units | (891 | ) | (1,036 | ) | |||||
Allocation to premium on redemption of Preference Units | (2,789 | ) | — | ||||||
Income from continuing operations available to Units | 185,697 | 80,140 | |||||||
Discontinued operations, net | 204 | 1,052 | |||||||
Numerator for net income per Unit – basic and diluted | $ | 185,901 | $ | 81,192 | |||||
Denominator for net income per Unit – basic and diluted: | |||||||||
Denominator for net income per Unit – basic | 376,696 | 374,201 | |||||||
Effect of dilutive securities: | |||||||||
Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term | 3,631 | 2,183 | |||||||
compensation shares/units | |||||||||
Denominator for net income per Unit – diluted | 380,327 | 376,384 | |||||||
Net income per Unit – basic | $ | 0.49 | $ | 0.22 | |||||
Net income per Unit – diluted | $ | 0.49 | $ | 0.22 | |||||
Net income per Unit – basic: | |||||||||
Income from continuing operations available to Units | $ | 0.492 | $ | 0.214 | |||||
Discontinued operations, net | 0.001 | 0.003 | |||||||
Net income per Unit – basic | $ | 0.493 | $ | 0.217 | |||||
Net income per Unit – diluted: | |||||||||
Income from continuing operations available to Units | $ | 0.488 | $ | 0.213 | |||||
Discontinued operations, net | 0.001 | 0.003 | |||||||
Net income per Unit – diluted | $ | 0.489 | $ | 0.216 | |||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 each of the quarters ended March 31, 2015 and 2014 (amounts in thousands). | ||||||||
Quarter Ended March 31, | |||||||||
2015 | 2014 | ||||||||
REVENUES | |||||||||
Rental income | $ | 161 | $ | 1,023 | |||||
Total revenues | 161 | 1,023 | |||||||
EXPENSES (1) | |||||||||
Property and maintenance | (67 | ) | 48 | ||||||
Real estate taxes and insurance | 52 | 13 | |||||||
General and administrative | 6 | 5 | |||||||
Total expenses | (9 | ) | 66 | ||||||
Discontinued operating income | 170 | 957 | |||||||
Interest and other income | 49 | 35 | |||||||
Income and other tax (expense) benefit | (15 | ) | (11 | ) | |||||
Discontinued operations | 204 | 981 | |||||||
Net gain on sales of discontinued operations | — | 71 | |||||||
Discontinued operations, net | $ | 204 | $ | 1,052 | |||||
-1 | Includes expenses paid in the current period for properties sold in prior periods related to the Company’s period of ownership. |
Reportable_Segments_Tables
Reportable Segments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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 quarters ended March 31, 2015 and 2014, respectively, as well as total assets and capital expenditures at March 31, 2015 (amounts in thousands): | ||||||||||||||||||||||||
Quarter Ended March 31, 2015 | Quarter Ended March 31, 2014 | ||||||||||||||||||||||||
Rental Income | Operating Expenses | NOI | Rental Income | Operating Expenses | NOI | ||||||||||||||||||||
Same store (1) | |||||||||||||||||||||||||
Boston | $ | 64,033 | $ | 22,541 | $ | 41,492 | $ | 61,907 | $ | 22,129 | $ | 39,778 | |||||||||||||
Denver | 28,997 | 7,460 | 21,537 | 26,612 | 7,461 | 19,151 | |||||||||||||||||||
New York | 116,070 | 46,113 | 69,957 | 111,186 | 45,834 | 65,352 | |||||||||||||||||||
San Francisco | 89,850 | 27,103 | 62,747 | 81,261 | 26,609 | 54,652 | |||||||||||||||||||
Seattle | 40,390 | 12,667 | 27,723 | 37,621 | 12,734 | 24,887 | |||||||||||||||||||
South Florida | 49,302 | 17,968 | 31,334 | 46,896 | 17,525 | 29,371 | |||||||||||||||||||
Southern California | 105,193 | 34,126 | 71,067 | 99,776 | 33,545 | 66,231 | |||||||||||||||||||
Washington D.C. | 112,627 | 38,539 | 74,088 | 111,804 | 37,809 | 73,995 | |||||||||||||||||||
Non-core | 25,572 | 10,027 | 15,545 | 24,731 | 9,814 | 14,917 | |||||||||||||||||||
Total same store | 632,034 | 216,544 | 415,490 | 601,794 | 213,460 | 388,334 | |||||||||||||||||||
Non-same store/other (2) (3) | |||||||||||||||||||||||||
Boston | 922 | 229 | 693 | 1,028 | 210 | 818 | |||||||||||||||||||
Seattle | 4,579 | 1,298 | 3,281 | 107 | 146 | (39 | ) | ||||||||||||||||||
South Florida | 1,932 | 675 | 1,257 | 803 | 454 | 349 | |||||||||||||||||||
Southern California | 17,777 | 6,528 | 11,249 | 8,905 | 3,690 | 5,215 | |||||||||||||||||||
Washington D.C. | 5,408 | 1,653 | 3,755 | 3,507 | 1,441 | 2,066 | |||||||||||||||||||
Other (3) | 1,954 | 5,509 | (3,555 | ) | 14,581 | 10,377 | 4,204 | ||||||||||||||||||
Total non-same store/other | 32,572 | 15,892 | 16,680 | 28,931 | 16,318 | 12,613 | |||||||||||||||||||
Total | $ | 664,606 | $ | 232,436 | $ | 432,170 | $ | 630,725 | $ | 229,778 | $ | 400,947 | |||||||||||||
-1 | Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2014, less properties subsequently sold, which represented 97,586 apartment units. | ||||||||||||||||||||||||
-2 | Non-same store primarily includes properties acquired after January 1, 2014, plus any properties in lease-up and not stabilized as of January 1, 2014. | ||||||||||||||||||||||||
-3 | Other includes development, other corporate operations and operations prior to sale for properties sold in 2014 and 2015 that do not meet the new discontinued operations criteria. | ||||||||||||||||||||||||
Quarter Ended March 31, 2015 | |||||||||||||||||||||||||
Total Assets | Capital Expenditures | ||||||||||||||||||||||||
Same store (1) | |||||||||||||||||||||||||
Boston | $ | 1,908,859 | $ | 3,505 | |||||||||||||||||||||
Denver | 514,958 | 1,120 | |||||||||||||||||||||||
New York | 4,637,217 | 3,797 | |||||||||||||||||||||||
San Francisco | 2,700,366 | 5,638 | |||||||||||||||||||||||
Seattle | 1,088,728 | 3,524 | |||||||||||||||||||||||
South Florida | 1,126,085 | 2,942 | |||||||||||||||||||||||
Southern California | 2,787,871 | 6,020 | |||||||||||||||||||||||
Washington D.C. | 4,250,738 | 7,113 | |||||||||||||||||||||||
Non-core | 405,017 | 1,649 | |||||||||||||||||||||||
Total same store | 19,419,839 | 35,308 | |||||||||||||||||||||||
Non-same store/other (2) (3) | |||||||||||||||||||||||||
Boston | 47,996 | 34 | |||||||||||||||||||||||
Seattle | 231,258 | 466 | |||||||||||||||||||||||
South Florida | 66,906 | 14 | |||||||||||||||||||||||
Southern California | 845,902 | 1,163 | |||||||||||||||||||||||
Washington D.C. | 242,360 | 1,143 | |||||||||||||||||||||||
Other (3) | 2,174,787 | 42 | |||||||||||||||||||||||
Total non-same store/other | 3,609,209 | 2,862 | |||||||||||||||||||||||
Total | $ | 23,029,048 | $ | 38,170 | |||||||||||||||||||||
-1 | Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2014, less properties subsequently sold, which represented 97,586 apartment units. | ||||||||||||||||||||||||
-2 | Non-same store primarily includes properties acquired after January 1, 2014, plus any properties in lease-up and not stabilized as of January 1, 2014. | ||||||||||||||||||||||||
-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 quarters ended March 31, 2015 and 2014, respectively (amounts in thousands): | ||||||||||||||||||||||||
Quarter Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Rental income | $ | 664,606 | $ | 630,725 | |||||||||||||||||||||
Property and maintenance expense | (124,560 | ) | (125,566 | ) | |||||||||||||||||||||
Real estate taxes and insurance expense | (86,432 | ) | (82,094 | ) | |||||||||||||||||||||
Property management expense | (21,444 | ) | (22,118 | ) | |||||||||||||||||||||
Total operating expenses | (232,436 | ) | (229,778 | ) | |||||||||||||||||||||
Net operating income | $ | 432,170 | $ | 400,947 | |||||||||||||||||||||
Business_Details
Business (Details) | Mar. 31, 2015 |
Noncontrolling Interest, Ownership Percentage by Parent | 96.20% |
Number of Real Estate Properties | 389 |
Number of States in which Entity Operates | 12 |
Number of Units in Real Estate Property | 108,793 |
Consolidated Properties [Member] | |
Number of Real Estate Properties | 362 |
Number of Units in Real Estate Property | 97,825 |
Master-Leased Properties [Member] | |
Number of Real Estate Properties | 3 |
Number of Units in Real Estate Property | 853 |
Partially Owned Properties [Member] | |
Number of Real Estate Properties | 19 |
Number of Units in Real Estate Property | 3,771 |
Unconsolidated Properties [Member] | |
Number of Real Estate Properties | 3 |
Number of Units in Real Estate Property | 1,281 |
Military Housing [Member] | |
Number of Real Estate Properties | 2 |
Number of Units in Real Estate Property | 5,063 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Number of Real Estate Properties | 389 | |
Number of Units in Real Estate Property | 108,793 | |
Noncontrolling Interests - Partially Owned Properties | $122,661,000 | $124,909,000 |
Partially Owned Properties [Member] | ||
Number of Real Estate Properties | 19 | |
Number of Units in Real Estate Property | 3,771 | |
Limited Life Partnership Properties [Member] | ||
Number of Real Estate Properties | 6 | |
Noncontrolling Interests - Partially Owned Properties | 10,992,000 | |
Noncontrolling Interests Settlement Value | $63,300,000 |
Equity_Capital_and_Other_Inter2
Equity, Capital and Other Interests EQR Common Shares (Details) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Common Shares of beneficial interest, shares outstanding | 363,968,420 | 362,855,454 |
Common Shares Issued: | ||
Conversion of OP Units | 154,050 | |
Exercise of share options | 770,012 | |
Employee Share Purchase Plan (ESPP) | 30,151 | |
Restricted Share Grants, net | 158,753 | |
Units | ||
Common Shares And Units Outstanding | 378,446,365 | |
Units Ownership Interest in Operating Partnership | 3.80% | |
Limited Partner [Member] | ||
Limited Partners' Capital Account, Units Outstanding | 14,477,945 | 14,298,691 |
Common Shares Issued: | ||
Conversion of OP Units | -154,050 | |
Units | ||
Restricted units, net | 333,304 |
Equity_Capital_and_Other_Inter3
Equity, Capital and Other Interests Redeemable (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Redeemable Noncontrolling Interests Operating Partnership | $541,866 | $500,733 |
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership | 41,763 | |
Change in carrying value | -630 | |
OPERATING PARTNERSHIP | ||
Limited Partners Change In Redemption Value | 41,763 | |
Limited Partners Change In Carrying Value | -630 | |
Redeemable Limited Partners | $541,866 | $500,733 |
Equity_Capital_and_Other_Inter4
Equity, Capital and Other Interests Preferred (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 803,600 shares issued and outstanding as of March 31, 2015 and 1,000,000 shares issued and outstanding as of December 31, 2014 | $40,180,000 | $50,000,000 | |
Partial redemption of 8.29% Series K Cumulative Redeemable | 9,820,000 | 0 | |
Redemption Premium | 2,789,000 | 0 | |
OPERATING PARTNERSHIP | |||
Class of Stock [Line Items] | |||
Partial redemption of 8.29% Series K Cumulative Redeemable | 9,820,000 | 0 | |
Redemption Premium | -2,789,000 | 0 | |
Preferred Units | 40,180,000 | 50,000,000 | |
Series K Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock Preference Units Dividend Rate Percentage | 8.29% | 8.29% | |
Preferred Stock Preference Units Redemption Price Per Share Unit | $50 | $50 | |
Preferred Stock Preference Units Issued | 803,600 | 1,000,000 | |
Preferred Stock Preference Units Outstanding | 803,600 | 1,000,000 | |
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; 803,600 shares issued and outstanding as of March 31, 2015 and 1,000,000 shares issued and outstanding as of December 31, 2014 | 40,180,000 | 50,000,000 | |
Preferred Stock Preference Units Repurchased and Retired | 196,400 | ||
Partial redemption of 8.29% Series K Cumulative Redeemable | 9,820,000 | ||
Payments For Repurchase Of Preference Units | 12,700,000 | ||
Redemption Premium | 2,789,000 | ||
Series K Preferred Stock [Member] | OPERATING PARTNERSHIP | |||
Class of Stock [Line Items] | |||
Preferred Stock Preference Units Dividend Rate Percentage | 8.29% | 8.29% | |
Preferred Stock Preference Units Redemption Price Per Share Unit | $50 | $50 | |
Preferred Stock Preference Units Issued | 803,600 | 1,000,000 | |
Preferred Stock Preference Units Outstanding | 803,600 | 1,000,000 | |
Preferred Stocks Preference Units Redemption Date | 10-Dec-26 | ||
Annual Dividend Per Preferred Share Preference Unit | $4.14 | ||
Preferred Units | $40,180,000 | $50,000,000 |
Equity_Capital_and_Other_Inter5
Equity, Capital and Other Interests ERP Units (Details) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Capital Unit [Line Items] | ||
Common Shares And Units Outstanding | 378,446,365 | |
Exercise of EQR share options | 770,012 | |
EQR's Employee Share Purchase Plan (ESPP) | 30,151 | |
Restricted Share Grants, net | 158,753 | |
Shares Issued During Period Shares Conversion Of Units To Common Shares | 154,050 | |
Units Ownership Interest in Operating Partnership | 3.80% | |
Limited Partner [Member] | ||
Capital Unit [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 14,477,945 | 14,298,691 |
Restricted units, net | 333,304 | |
Shares Issued During Period Shares Conversion Of Units To Common Shares | -154,050 | |
General And Limited Partner [Member] | ||
Capital Unit [Line Items] | ||
Common Shares And Units Outstanding | 378,446,365 | 377,154,145 |
Exercise of EQR share options | 770,012 | |
EQR's Employee Share Purchase Plan (ESPP) | 30,151 | |
Restricted Share Grants, net | 158,753 | |
Restricted units, net | 333,304 |
Equity_Capital_and_Other_Inter6
Equity, Capital and Other Interests Text (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
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 |
Real_Estate_Details
Real Estate (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Land | $6,357,580 | $6,295,404 | |
Property, Plant and Equipment, Gross [Abstract] | |||
Investment Building and Building Improvements | 18,109,892 | 17,974,337 | |
Fixtures and Equipment, Gross | 1,401,801 | 1,365,276 | |
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 512,804 | 511,891 | |
Projects under development -CIP | 1,269,784 | 1,343,919 | |
Land Available for Development | 143,997 | 184,556 | |
Investment in real estate | 27,795,858 | 27,675,383 | |
Real Estate Investment Property, Accumulated Depreciation | -5,600,485 | -5,432,805 | |
Investment in real estate, net | 22,195,373 | 22,242,578 | |
Finite-Lived Intangible Assets, Gross | 179,511 | 179,511 | |
Amortization of Intangible Assets | -10,050 | -8,913 | |
Lease Intangible Assets, Net | 169,461 | 170,598 | |
Lease Intangible Liabilities | 7,670 | 7,670 | |
Amortization Of Intangible Liabilities | -2,549 | -2,258 | |
Lease Intangible Liabilities, net | 5,121 | 5,412 | |
Amortization of above/below market leases | 846 | 829 | |
Weighted Average Ground Lease Amortization Period | 49.8 | ||
Weighted Average Retail Lease Amortization Period | 2.8 | ||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 2,536 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 3,425 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,781 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 4,250 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 4,250 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 4,250 | ||
Retail Site [Member] | |||
Property, Plant and Equipment, Gross [Abstract] | |||
Amortization of above/below market leases | 200 | 300 | |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | -705 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | -896 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | -540 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | -71 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | -71 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | -71 | ||
Assets [Member] | |||
Property, Plant and Equipment, Gross [Abstract] | |||
Below Market Lease, Gross | 178,251 | 178,251 | |
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 1,260 | 1,260 | |
Liability [Member] | |||
Property, Plant and Equipment, Gross [Abstract] | |||
Below Market Lease, Gross | 5,270 | 5,270 | |
Off-market Lease, Unfavorable | 2,400 | 2,400 | |
Ground Lease [Member] | |||
Property, Plant and Equipment, Gross [Abstract] | |||
Amortization of above/below market leases | 1,100 | 1,100 | |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 3,241 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 4,321 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 4,321 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 4,321 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 4,321 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 4,321 | ||
Projects under development [Member] | |||
Property, Plant and Equipment, Gross [Abstract] | |||
Projects under development - Land | 423,359 | 466,764 | |
Projects under development -CIP | 846,425 | 877,155 | |
Land held for development [Member] | |||
Property, Plant and Equipment, Gross [Abstract] | |||
Projects under development -CIP | 34,271 | 39,190 | |
Land Available for Development | $109,726 | $145,366 |
Real_Estate_Details_2
Real Estate (Details 2) (USD $) | 1 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2014 |
Properties acquired | 1 | 0 | |
Property Units Acquired | 202 | 0 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $130,300 | $5,968 | |
Disposed Properties | 1 | 3 | |
Disposed Units | 314 | 550 | |
Proceeds From Sale Of Property | 49,600 | 145,400 | |
Net gain on sales of real estate properties | 79,951 | 0 | |
Consolidated Rental Properties [Member] | |||
Disposed Properties | 3 | ||
Disposed Units | 550 | ||
Proceeds From Sale Of Property | 145,400 | ||
Land [Member] | |||
Land parcels acquired | 1 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $5,968 |
Commitments_to_AcquireDispose_2
Commitments to Acquire/Dispose of Real Estate (Details) (USD $) | Apr. 30, 2015 |
In Thousands, unless otherwise specified | |
Commitments to Acquire Real Estate | |
Properties Acquired-Total | 0 |
Rental Units Acquired - Total | 0 |
Purchase Price - Total | $25,132 |
Commitments to Dispose of Real Estate | |
Properties Disposed - Total | 2 |
Rental Units Disposed-Total | 513 |
Sales Price For Commitments To Dispose | 71,350 |
Rental Properties Disposed of [Member] | |
Commitments to Dispose of Real Estate | |
Properties Disposed - Total | 2 |
Rental Units Disposed-Total | 513 |
Sales Price For Commitments To Dispose | 68,650 |
Land [Member] | |
Commitments to Dispose of Real Estate | |
Sales Price For Commitments To Dispose | 2,700 |
Land Parcels Contracted To Be Disposed | 1 |
Land [Member] | |
Commitments to Acquire Real Estate | |
Purchase Price - Total | $25,132 |
Land Parcels Contracted To Be Acquired | 3 |
Investments_in_Partially_Owned2
Investments in Partially Owned Entities (Details) (USD $) | 3 Months Ended | 25 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Apr. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||
Joint Venture Partner Ownership Percentage | 80.00% | 80.00% | ||||
Investments in unconsolidated entities | $89,284,000 | $89,284,000 | $105,434,000 | |||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | ||||
Secured Debt | 4,957,876,000 | 4,957,876,000 | 5,086,515,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.58% | |||||
Debt Instrument, Maturity Date | 1-May-61 | |||||
Number of Joint Ventures | 2 | 2 | ||||
Partners Payments To Acquire Equity Method Investments | 40,100,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 5,968,000 | 5,968,000 | 130,300,000 | |||
Investment in Joint Venture | 339,400,000 | 339,400,000 | ||||
Noncontrolling Interests - Partially Owned Properties/Partners' equity | 122,661,000 | 122,661,000 | 124,909,000 | |||
Distributions from unconsolidated entities - return of capital | 18,969,000 | 7,680,000 | ||||
Partially Owned Property Balance Sheet Schedule | ||||||
Number of Real Estate Properties | 389 | 389 | ||||
Number of Units in Real Estate Property | 108,793 | 108,793 | ||||
ASSETS | ||||||
Investment in real estate | 27,795,858,000 | 27,795,858,000 | 27,675,383,000 | |||
Real Estate Investment Property, Accumulated Depreciation | -5,600,485,000 | -5,600,485,000 | -5,432,805,000 | |||
Investment in real estate, net | 22,195,373,000 | 22,195,373,000 | 22,242,578,000 | |||
Cash and cash equivalents | 49,418,000 | 37,209,000 | 49,418,000 | 40,080,000 | 53,534,000 | |
Investments in unconsolidated entities | 89,284,000 | 89,284,000 | 105,434,000 | |||
Deposits - restricted | 203,800,000 | 203,800,000 | 72,303,000 | |||
Deferred financing costs, net | 55,791,000 | 55,791,000 | 58,380,000 | |||
Other Assets | 384,723,000 | 384,723,000 | 383,754,000 | |||
Total assets | 23,029,048,000 | 23,029,048,000 | 22,950,614,000 | |||
LIABILITIES AND EQUITY | ||||||
Secured Debt | 4,957,876,000 | 4,957,876,000 | 5,086,515,000 | |||
Accounts Payable And Accrued Liabilities Current And Noncurrent Other Than Interest And Dividend Payable | 202,110,000 | 202,110,000 | 153,590,000 | |||
Accrued interest payable | 84,670,000 | 84,670,000 | 89,540,000 | |||
Other liabilities | 383,057,000 | 383,057,000 | 389,915,000 | |||
Security deposits | 75,294,000 | 75,294,000 | 75,633,000 | |||
Total liabilities | 11,813,593,000 | 11,813,593,000 | 11,742,105,000 | |||
Noncontrolling Interests - Partially Owned Properties/Partners' equity | 122,661,000 | 122,661,000 | 124,909,000 | |||
Total liabilities and equity | 23,029,048,000 | 23,029,048,000 | 22,950,614,000 | |||
Partially Owned Property Income Statement Schedule | ||||||
Operating revenue | 666,371,000 | 633,442,000 | ||||
Depreciation | 194,521,000 | 185,167,000 | ||||
General and administrative/other | 19,922,000 | 17,576,000 | ||||
Operating Income | 218,171,000 | 199,259,000 | ||||
Interest and other income | 120,000 | 605,000 | ||||
Interest: | ||||||
Expense incurred, net | 108,622,000 | 113,049,000 | ||||
Amortization of deferred financing costs | -2,589,000 | -2,792,000 | ||||
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations | 107,150,000 | 83,359,000 | ||||
Income and other tax (expense) benefit | -43,000 | -240,000 | ||||
Income (loss) from investments in unconsolidated entities | 2,963,000 | -1,409,000 | ||||
Net income | 190,224,000 | 82,732,000 | ||||
Consolidated Development Projects Held for and or Under Development [Member] | ||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||
Investments in unconsolidated entities | 0 | 0 | ||||
Secured Debt | 0 | 0 | ||||
Noncontrolling Interests - Partially Owned Properties/Partners' equity | 117,350,000 | 117,350,000 | ||||
Partially Owned Property Balance Sheet Schedule | ||||||
Number of Real Estate Properties | 0 | 0 | ||||
Number of Units in Real Estate Property | 0 | 0 | ||||
ASSETS | ||||||
Investment in real estate | 347,809,000 | 347,809,000 | ||||
Real Estate Investment Property, Accumulated Depreciation | -991,000 | -991,000 | ||||
Investment in real estate, net | 346,818,000 | 346,818,000 | ||||
Cash and cash equivalents | 0 | 0 | ||||
Investments in unconsolidated entities | 0 | 0 | ||||
Deposits - restricted | 15,640,000 | 15,640,000 | ||||
Deferred financing costs, net | 0 | 0 | ||||
Other Assets | 6,697,000 | 6,697,000 | ||||
Total assets | 369,155,000 | 369,155,000 | ||||
LIABILITIES AND EQUITY | ||||||
Secured Debt | 0 | 0 | ||||
Accounts Payable And Accrued Liabilities Current And Noncurrent Other Than Interest And Dividend Payable | 8,731,000 | 8,731,000 | ||||
Accrued interest payable | 0 | 0 | ||||
Other liabilities | 257,000 | 257,000 | ||||
Security deposits | 150,000 | 150,000 | ||||
Total liabilities | 9,138,000 | 9,138,000 | ||||
Noncontrolling Interests - Partially Owned Properties/Partners' equity | 117,350,000 | 117,350,000 | ||||
Company equity/General and Limited Partners' Capital | 242,667,000 | 242,667,000 | ||||
Total equity/capital | 360,017,000 | 360,017,000 | ||||
Total liabilities and equity | 369,155,000 | 369,155,000 | ||||
Partially Owned Property Income Statement Schedule | ||||||
Operating revenue | 250,000 | |||||
Operating expenses | 418,000 | |||||
Net operating (loss) income | -168,000 | |||||
Depreciation | 991,000 | |||||
General and administrative/other | 0 | |||||
Operating Income | -1,159,000 | |||||
Interest and other income | 0 | |||||
Other expenses | 0 | |||||
Interest: | ||||||
Expense incurred, net | 0 | |||||
Amortization of deferred financing costs | 0 | |||||
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations | -1,159,000 | |||||
Income and other tax (expense) benefit | 0 | |||||
Income (loss) from investments in unconsolidated entities | 0 | |||||
Net income | -1,159,000 | |||||
Consolidated Operating [Domain] | ||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||
Investments in unconsolidated entities | 51,363,000 | 51,363,000 | ||||
Secured Debt | 360,567,000 | 360,567,000 | ||||
Noncontrolling Interests - Partially Owned Properties/Partners' equity | 5,311,000 | 5,311,000 | ||||
Partially Owned Property Balance Sheet Schedule | ||||||
Number of Real Estate Properties | 19 | 19 | ||||
Number of Units in Real Estate Property | 3,771 | 3,771 | ||||
ASSETS | ||||||
Investment in real estate | 684,686,000 | 684,686,000 | ||||
Real Estate Investment Property, Accumulated Depreciation | -200,002,000 | -200,002,000 | ||||
Investment in real estate, net | 484,684,000 | 484,684,000 | ||||
Cash and cash equivalents | 13,775,000 | 13,775,000 | ||||
Investments in unconsolidated entities | 51,363,000 | 51,363,000 | ||||
Deposits - restricted | 310,000 | 310,000 | ||||
Deferred financing costs, net | 2,052,000 | 2,052,000 | ||||
Other Assets | 26,227,000 | 26,227,000 | ||||
Total assets | 578,411,000 | 578,411,000 | ||||
LIABILITIES AND EQUITY | ||||||
Secured Debt | 360,567,000 | 360,567,000 | ||||
Accounts Payable And Accrued Liabilities Current And Noncurrent Other Than Interest And Dividend Payable | 3,188,000 | 3,188,000 | ||||
Accrued interest payable | 1,283,000 | 1,283,000 | ||||
Other liabilities | 576,000 | 576,000 | ||||
Security deposits | 1,976,000 | 1,976,000 | ||||
Total liabilities | 367,590,000 | 367,590,000 | ||||
Noncontrolling Interests - Partially Owned Properties/Partners' equity | 5,311,000 | 5,311,000 | ||||
Company equity/General and Limited Partners' Capital | 205,510,000 | 205,510,000 | ||||
Total equity/capital | 210,821,000 | 210,821,000 | ||||
Total liabilities and equity | 578,411,000 | 578,411,000 | ||||
Partially Owned Property Income Statement Schedule | ||||||
Operating revenue | 22,688,000 | |||||
Operating expenses | 6,875,000 | |||||
Net operating (loss) income | 15,813,000 | |||||
Depreciation | 5,520,000 | |||||
General and administrative/other | 15,000 | |||||
Operating Income | 10,278,000 | |||||
Interest and other income | 4,000 | |||||
Other expenses | -50,000 | |||||
Interest: | ||||||
Expense incurred, net | -3,884,000 | |||||
Amortization of deferred financing costs | -89,000 | |||||
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations | 6,259,000 | |||||
Income and other tax (expense) benefit | -35,000 | |||||
Income (loss) from investments in unconsolidated entities | -377,000 | |||||
Net income | 5,847,000 | |||||
Consolidated Total [Domain] | ||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||
Investments in unconsolidated entities | 51,363,000 | 51,363,000 | ||||
Secured Debt | 360,567,000 | 360,567,000 | ||||
Noncontrolling Interests - Partially Owned Properties/Partners' equity | 122,661,000 | 122,661,000 | ||||
Partially Owned Property Balance Sheet Schedule | ||||||
Number of Real Estate Properties | 19 | 19 | ||||
Number of Units in Real Estate Property | 3,771 | 3,771 | ||||
ASSETS | ||||||
Investment in real estate | 1,032,495,000 | 1,032,495,000 | ||||
Real Estate Investment Property, Accumulated Depreciation | -200,993,000 | -200,993,000 | ||||
Investment in real estate, net | 831,502,000 | 831,502,000 | ||||
Cash and cash equivalents | 13,775,000 | 13,775,000 | ||||
Investments in unconsolidated entities | 51,363,000 | 51,363,000 | ||||
Deposits - restricted | 15,950,000 | 15,950,000 | ||||
Deferred financing costs, net | 2,052,000 | 2,052,000 | ||||
Other Assets | 32,924,000 | 32,924,000 | ||||
Total assets | 947,566,000 | 947,566,000 | ||||
LIABILITIES AND EQUITY | ||||||
Secured Debt | 360,567,000 | 360,567,000 | ||||
Accounts Payable And Accrued Liabilities Current And Noncurrent Other Than Interest And Dividend Payable | 11,919,000 | 11,919,000 | ||||
Accrued interest payable | 1,283,000 | 1,283,000 | ||||
Other liabilities | 833,000 | 833,000 | ||||
Security deposits | 2,126,000 | 2,126,000 | ||||
Total liabilities | 376,728,000 | 376,728,000 | ||||
Noncontrolling Interests - Partially Owned Properties/Partners' equity | 122,661,000 | 122,661,000 | ||||
Company equity/General and Limited Partners' Capital | 448,177,000 | 448,177,000 | ||||
Total equity/capital | 570,838,000 | 570,838,000 | ||||
Total liabilities and equity | 947,566,000 | 947,566,000 | ||||
Partially Owned Property Income Statement Schedule | ||||||
Operating revenue | 22,938,000 | |||||
Operating expenses | 7,293,000 | |||||
Net operating (loss) income | 15,645,000 | |||||
Depreciation | 6,511,000 | |||||
General and administrative/other | 15,000 | |||||
Operating Income | 9,119,000 | |||||
Interest and other income | 4,000 | |||||
Other expenses | -50,000 | |||||
Interest: | ||||||
Expense incurred, net | -3,884,000 | |||||
Amortization of deferred financing costs | -89,000 | |||||
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations | 5,100,000 | |||||
Income and other tax (expense) benefit | -35,000 | |||||
Income (loss) from investments in unconsolidated entities | -377,000 | |||||
Net income | 4,688,000 | |||||
Unconsolidated Operating [Domain] | ||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||
Investments in unconsolidated entities | 0 | 0 | ||||
Secured Debt | 175,276,000 | 175,276,000 | ||||
Noncontrolling Interests - Partially Owned Properties/Partners' equity | 90,878,000 | 90,878,000 | ||||
Partially Owned Property Balance Sheet Schedule | ||||||
Number of Real Estate Properties | 3 | 3 | ||||
Number of Units in Real Estate Property | 1,281 | 1,281 | ||||
ASSETS | ||||||
Investment in real estate | 290,077,000 | 290,077,000 | ||||
Real Estate Investment Property, Accumulated Depreciation | -21,388,000 | -21,388,000 | ||||
Investment in real estate, net | 268,689,000 | 268,689,000 | ||||
Cash and cash equivalents | 7,598,000 | 7,598,000 | ||||
Investments in unconsolidated entities | 0 | 0 | ||||
Deposits - restricted | 246,000 | 246,000 | ||||
Deferred financing costs, net | 7,000 | 7,000 | ||||
Other Assets | 1,327,000 | 1,327,000 | ||||
Total assets | 277,867,000 | 277,867,000 | ||||
LIABILITIES AND EQUITY | ||||||
Secured Debt | 175,276,000 | 175,276,000 | ||||
Accounts Payable And Accrued Liabilities Current And Noncurrent Other Than Interest And Dividend Payable | 389,000 | 389,000 | ||||
Accrued interest payable | 691,000 | 691,000 | ||||
Other liabilities | 834,000 | 834,000 | ||||
Security deposits | 531,000 | 531,000 | ||||
Total liabilities | 177,721,000 | 177,721,000 | ||||
Noncontrolling Interests - Partially Owned Properties/Partners' equity | 90,878,000 | 90,878,000 | ||||
Company equity/General and Limited Partners' Capital | 9,268,000 | 9,268,000 | ||||
Total equity/capital | 100,146,000 | 100,146,000 | ||||
Total liabilities and equity | 277,867,000 | 277,867,000 | ||||
Partially Owned Property Income Statement Schedule | ||||||
Operating revenue | 7,813,000 | |||||
Operating expenses | 2,443,000 | |||||
Net operating (loss) income | 5,370,000 | |||||
Depreciation | 3,076,000 | |||||
General and administrative/other | 56,000 | |||||
Operating Income | 2,238,000 | |||||
Interest and other income | 0 | |||||
Other expenses | 0 | |||||
Interest: | ||||||
Expense incurred, net | -2,346,000 | |||||
Amortization of deferred financing costs | -1,000 | |||||
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations | -109,000 | |||||
Income and other tax (expense) benefit | -18,000 | |||||
Income (loss) from investments in unconsolidated entities | 0 | |||||
Net income | -127,000 | |||||
Unconsolidated Total [Domain] | ||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||
Investments in unconsolidated entities | 0 | 0 | ||||
Secured Debt | 175,276,000 | 175,276,000 | ||||
Noncontrolling Interests - Partially Owned Properties/Partners' equity | 90,878,000 | 90,878,000 | ||||
Partially Owned Property Balance Sheet Schedule | ||||||
Number of Real Estate Properties | 3 | 3 | ||||
Number of Units in Real Estate Property | 1,281 | 1,281 | ||||
ASSETS | ||||||
Investment in real estate | 290,077,000 | 290,077,000 | ||||
Real Estate Investment Property, Accumulated Depreciation | -21,388,000 | -21,388,000 | ||||
Investment in real estate, net | 268,689,000 | 268,689,000 | ||||
Cash and cash equivalents | 7,598,000 | 7,598,000 | ||||
Investments in unconsolidated entities | 0 | 0 | ||||
Deposits - restricted | 246,000 | 246,000 | ||||
Deferred financing costs, net | 7,000 | 7,000 | ||||
Other Assets | 1,327,000 | 1,327,000 | ||||
Total assets | 277,867,000 | 277,867,000 | ||||
LIABILITIES AND EQUITY | ||||||
Secured Debt | 175,276,000 | 175,276,000 | ||||
Accounts Payable And Accrued Liabilities Current And Noncurrent Other Than Interest And Dividend Payable | 389,000 | 389,000 | ||||
Accrued interest payable | 691,000 | 691,000 | ||||
Other liabilities | 834,000 | 834,000 | ||||
Security deposits | 531,000 | 531,000 | ||||
Total liabilities | 177,721,000 | 177,721,000 | ||||
Noncontrolling Interests - Partially Owned Properties/Partners' equity | 90,878,000 | 90,878,000 | ||||
Company equity/General and Limited Partners' Capital | 9,268,000 | 9,268,000 | ||||
Total equity/capital | 100,146,000 | 100,146,000 | ||||
Total liabilities and equity | 277,867,000 | 277,867,000 | ||||
Partially Owned Property Income Statement Schedule | ||||||
Operating revenue | 7,813,000 | |||||
Operating expenses | 2,443,000 | |||||
Net operating (loss) income | 5,370,000 | |||||
Depreciation | 3,076,000 | |||||
General and administrative/other | 56,000 | |||||
Operating Income | 2,238,000 | |||||
Interest and other income | 0 | |||||
Other expenses | 0 | |||||
Interest: | ||||||
Expense incurred, net | -2,346,000 | |||||
Amortization of deferred financing costs | -1,000 | |||||
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations | -109,000 | |||||
Income and other tax (expense) benefit | -18,000 | |||||
Income (loss) from investments in unconsolidated entities | 0 | |||||
Net income | -127,000 | |||||
Archstone Transaction [Member] | ||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||
Liquidation Value Preferred Interests | 72,600,000 | 72,600,000 | ||||
Germany [Domain] | ||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||
Distributions from unconsolidated entities - return of capital | 2,000,000 | 100,500,000 | ||||
Residual JV [Domain] | ||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 60.00% | 60.00% | ||||
Joint Venture Partner Ownership Percentage | 40.00% | 40.00% | ||||
Investments in unconsolidated entities | 147,600,000 | 147,600,000 | ||||
Distributions from unconsolidated entities - return of capital | 19,000,000 | |||||
ASSETS | ||||||
Investments in unconsolidated entities | 147,600,000 | 147,600,000 | ||||
Residual JV [Domain] | Rental Properties Disposed of [Member] | ||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||
Distributions from unconsolidated entities - return of capital | 10,400,000 | |||||
Residual JV [Domain] | Settled Litigation [Member] | ||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||
Distributions from unconsolidated entities - return of capital | 6,600,000 | |||||
Wisconsin Place [Domain] | ||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 75.00% | 75.00% | ||||
Initial Basis of Real Estate, Consolidated | 198,500,000 | 198,500,000 | ||||
Investments in unconsolidated entities | 56,500,000 | 56,500,000 | ||||
Partially Owned Property Balance Sheet Schedule | ||||||
Number of Units in Real Estate Property | 432 | 432 | ||||
ASSETS | ||||||
Investments in unconsolidated entities | 56,500,000 | 56,500,000 | ||||
Waterton Tenside [Domain] | ||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | ||||
Initial Basis of Real Estate, Unconsolidated | 5,100,000 | 5,100,000 | ||||
Secured Debt | 29,800,000 | 29,800,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.66% | 3.66% | ||||
Debt Instrument, Maturity Date | 1-Dec-18 | |||||
Partially Owned Property Balance Sheet Schedule | ||||||
Number of Units in Real Estate Property | 336 | 336 | ||||
LIABILITIES AND EQUITY | ||||||
Secured Debt | 29,800,000 | 29,800,000 | ||||
Joint Venture Partner [Member] | ||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||
Land purchase price | 57,900,000 | 57,900,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 75,700,000 | 75,700,000 | ||||
Noncontrolling Interests - Partially Owned Properties/Partners' equity | 117,400,000 | 117,400,000 | ||||
LIABILITIES AND EQUITY | ||||||
Noncontrolling Interests - Partially Owned Properties/Partners' equity | 117,400,000 | 117,400,000 | ||||
Company's Portion [Member] | ||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||
Land purchase price | 76,100,000 | 76,100,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 102,500,000 | 102,500,000 | ||||
Nexus Sawgrass [Member] | ||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||
Secured Debt | 48,600,000 | 48,600,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | 5.60% | ||||
Debt Instrument, Maturity Date | 1-Jan-21 | |||||
Project Cost | 78,600,000 | 78,600,000 | ||||
Maximum Debt Commitment | 48,700,000 | 48,700,000 | ||||
LIABILITIES AND EQUITY | ||||||
Secured Debt | 48,600,000 | 48,600,000 | ||||
Domain [Member] | ||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||
Secured Debt | 96,800,000 | 96,800,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | ||||
Debt Instrument, Maturity Date | 1-Jan-22 | |||||
Project Cost | 155,800,000 | 155,800,000 | ||||
Maximum Debt Commitment | 98,600,000 | 98,600,000 | ||||
LIABILITIES AND EQUITY | ||||||
Secured Debt | $96,800,000 | $96,800,000 |
Deposits_Restricted_Details
Deposits - Restricted (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Tax-deferred (1031) exchange proceeds | $136,602 | $0 |
Earnest money on pending acquisitions | 2,830 | 580 |
Restricted deposits on real estate investments | 17,636 | 24,701 |
Resident security and utility deposits | 46,225 | 46,516 |
Other Restricted Cash | 507 | 506 |
Restricted Cash and Cash Equivalents | 203,800 | 72,303 |
Escrow deposits for real estate taxes and insurance | 2,691 | 2,235 |
Replacement reserve | 3,490 | 3,431 |
Mortgage principal reserves/sinking funds | 43,626 | 41,567 |
Escrow deposits - other | 852 | 852 |
Escrow Deposits For Mortgage And Replacement Reserves | $50,659 | $48,085 |
Debt_Mortgage_Notes_Payable_De
Debt Mortgage Notes Payable (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Mortgage notes payable | $4,957,876,000 | $5,086,515,000 |
Repayments Of Long-term Debt | 124,100,000 | |
Write Off Of Unamortized Deferred Financing Costs | 100,000 | |
Write off unamortized premium discount | 1,400,000 | |
Debt Instrument, Maturity Date | 1-May-61 | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.02% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.25% | |
Weighted Average Mortgage Debt Interest Rate | 4.13% | |
Credit enhanced debt [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | $700,500,000 |
Debt_Notes_Details
Debt Notes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Notes, net | $5,430,806 | $5,425,346 |
Debt Instrument, Maturity Date Range, End | 31-Dec-44 | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.02% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.25% | |
Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.38% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.57% | |
Weighted Average Interest Rate | 5.01% |
Debt_Line_of_Credit_and_Commer
Debt Line of Credit and Commercial Paper (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Maturity Date | 1-May-61 |
Commercial Paper | $340,900,000 |
Commercial paper, maximum borrowing capacity | 500,000,000 |
Short-term Debt, Description | 14 days |
A 175 billion LOC [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured revolving credit facility | 1,750,000,000 |
A 250 billion LOC [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured revolving credit facility | 2,500,000,000 |
Debt Instrument, Maturity Date | 1-Apr-18 |
500.0 million ability to increase | 500,000,000 |
Line Of Credit Facility Commitment Fee | 15 Basis Points |
Remaining borrowing capacity | 1,986,000,000 |
Amount restricted/dedicated to support letters of credit | 43,300,000 |
Weighted Average Interest Rate Revolving Credit Facility | 1.02% |
Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit | 130,000,000 |
Commercial Paper [Member] | |
Line of Credit Facility [Line Items] | |
Long-term Debt | 340,800,000 |
Debt Instrument, Unamortized Discount | $100,000 |
Weighted Average Interest Rate | 0.53% |
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 $) | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Derivative [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.58% | |
Debt Instrument, Maturity Date | 1-May-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% | |
Derivative, Variable Interest Rate | 0.61% | |
Debt Instrument, Maturity Date | 1-Jul-19 | |
Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Current Notional Balance | 450,000,000 | |
Lowest Possible Notional | 450,000,000 | |
Highest Possible Notional | 450,000,000 | |
Lowest Interest Rate | 2.38% | |
Highest Interest Rate | 2.38% | |
Earliest Maturity Date | P2019Y0M0D | |
Latest Maturity Date | P2019Y0M0D | |
Forward Starting Swaps [Member] | ||
Derivative [Line Items] | ||
Current Notional Balance | 450,000,000 | |
Lowest Possible Notional | 450,000,000 | |
Highest Possible Notional | 450,000,000 | |
Lowest Interest Rate | 1.94% | |
Highest Interest Rate | 3.19% | |
Earliest Maturity Date | P2025Y0M0D | |
Latest Maturity Date | P2025Y0M0D |
Derivative_and_Other_Fair_Valu3
Derivative and Other Fair Value Instruments (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Of Serp Investments | $97,391 | $104,463 |
Assets, Fair Value Disclosure | 104,283 | 106,391 |
Derivative liability, fair value | 26,014 | 14,104 |
Other Liabilities, Fair Value Disclosure | 97,391 | 104,463 |
Liabilities, Fair Value Disclosure | 123,405 | 118,567 |
Redeemable Noncontrolling Interest Operating Partnership Fair Value Disclosure | 541,866 | 500,733 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Of Serp Investments | 97,391 | 104,463 |
Assets, Fair Value Disclosure | 97,391 | 104,463 |
Derivative liability, fair value | 0 | 0 |
Other Liabilities, Fair Value Disclosure | 97,391 | 104,463 |
Liabilities, Fair Value Disclosure | 97,391 | 104,463 |
Redeemable Noncontrolling Interest Operating Partnership Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Of Serp Investments | 0 | 0 |
Assets, Fair Value Disclosure | 6,892 | 1,928 |
Derivative liability, fair value | 26,014 | 14,104 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure | 26,014 | 14,104 |
Redeemable Noncontrolling Interest Operating Partnership Fair Value Disclosure | 541,866 | 500,733 |
Fair Value, Inputs, Level 3 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Of Serp Investments | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Derivative liability, fair value | 0 | 0 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Redeemable Noncontrolling Interest Operating Partnership Fair Value Disclosure | 0 | 0 |
Fair Value Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 6,438 | 1,596 |
Fair Value Hedging [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 0 | 0 |
Fair Value Hedging [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 6,438 | 1,596 |
Fair Value Hedging [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 0 | 0 |
Forward Starting Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 454 | 332 |
Forward Starting Swaps [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 0 | 0 |
Forward Starting Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 454 | 332 |
Forward Starting Swaps [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $0 | $0 |
Derivative_and_Other_Fair_Valu4
Derivative and Other Fair Value Instruments (Details 3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments | $4,842 | $0 |
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | -4,842 | 0 |
Effective Portion - Amount of Gain/ (Loss) Recognized in OCI on Derivative | -11,788 | -11,952 |
Effective Portion - Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income | -4,338 | -4,129 |
Ineffective Portion - Amount of Gain/ (Loss) Reclassifed from Accumulated OCI into Income | 0 | 0 |
Interest Rate Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments | 4,842 | 0 |
Derivative, Description of Hedged Item | Fixed rate debt | N/A |
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | -4,842 | 0 |
Forward Starting Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective Portion - Amount of Gain/ (Loss) Recognized in OCI on Derivative | -11,788 | -11,952 |
Effective Portion - Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income | -4,338 | -4,129 |
Ineffective Portion - Amount of Gain/ (Loss) Reclassifed from Accumulated OCI into Income | $0 | $0 |
Derivative_and_Other_Fair_Valu5
Derivative and Other Fair Value Instruments (Details Textuals) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Mortgage notes payable | $4,957,876,000 | $5,086,515,000 | |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | -179,700,000 | -172,200,000 | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 22,200,000 | ||
Unsecured Debt [Member] | |||
Derivative [Line Items] | |||
Unsecured Debt | 5,900,000,000 | 5,800,000,000 | |
Debt Instrument, Fair Value Disclosure | 6,300,000,000 | 6,100,000,000 | |
Secured Debt [Member] | |||
Derivative [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $5,000,000,000 | $5,100,000,000 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income from continuing operations | $190,020 | $81,680 |
Allocation to Noncontrolling Interests - Operating Partnership, net | -7,051 | -3,053 |
Net (income) attributable to Noncontrolling Interests - Partially Owned Properties | -643 | -504 |
Preferred distributions | -891 | -1,036 |
Premium on redemption of Preferred Shares | -2,789 | 0 |
Income from continuing operations available to Common Shares, net of Noncontrolling Interests | 178,646 | 77,087 |
Discontinued operations, net of Noncontrolling Interests | 196 | 1,012 |
Numerator for net income per share - basic | 178,842 | 78,099 |
Income from continuing operations available to Common Shares | 185,697 | 80,140 |
Discontinued operations, net | 204 | 1,052 |
Numerator for net income per share - diluted | 185,901 | 81,192 |
Denominator for net income per share - basic | 363,098 | 360,470 |
Effect of dilutive securities - OP Units | 13,598 | 13,731 |
Effect of dilutive securities - Long-term compensation shares/units | 3,631 | 2,183 |
Denominator for net income per share - diluted | 380,327 | 376,384 |
Net income per share - basic | $0.49 | $0.22 |
Net income per share - diluted | $0.49 | $0.22 |
Income from continuing operations available to Common Shares | $0.49 | $0.21 |
Net income per share - basic - Discontinued operations, net of Noncontrolling Interests | $0.00 | $0.00 |
Income from continuing operations available to Common Shares | $0.49 | $0.21 |
Net income per share - diluted - discontinued operations, net | $0.00 | $0.00 |
OPERATING PARTNERSHIP | ||
Income from continuing operations | 190,020 | 81,680 |
Net (income) attributable to Noncontrolling Interests - Partially Owned Properties | -643 | -504 |
Premium on redemption of Preferred Shares | -2,789 | 0 |
Discontinued operations, net | 204 | 1,052 |
Effect of dilutive securities - Long-term compensation shares/units | 3,631 | 2,183 |
Net income per share - basic | $0.49 | $0.22 |
Net income per share - diluted | $0.49 | $0.22 |
Income from continuing operations available to Common Shares | $0.49 | $0.21 |
Income from continuing operations available to Common Shares | $0.49 | $0.21 |
Dividend preference units | -891 | -1,036 |
Income from continuing operations available to Units | 185,697 | 80,140 |
Numerator for net income per Unit - basic and diluted | $185,901 | $81,192 |
Denominator for net income per Unit - basic | 376,696 | 374,201 |
Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Diluted | 380,327 | 376,384 |
Net income per Unit - basic - Discontinued operations, net | $0.00 | $0.00 |
Net income per Unit - diluted - Discontinued operations, net | $0.00 | $0.00 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
REVENUES | ||||
Discontinued Operations - Rental income | $161 | $1,023 | ||
Discontinued Operations - Total revenue | 161 | 1,023 | ||
EXPENSES (1) | ||||
Discontinued Operations - Property and maintenance | -67 | [1] | 48 | [1] |
Discontinued Operations - Real estate taxes and insurance | 52 | [1] | 13 | [1] |
Discontinued Operations - General and administrative | 6 | [1] | 5 | [1] |
Discontinued Operations - Total expenses | -9 | [1] | 66 | [1] |
Discontinued operating income | 170 | 957 | ||
Discontinued Operations - Interest and other income | 49 | 35 | ||
Discontinued Operations - Income and other tax (expense) benefit | -15 | -11 | ||
Income Loss From Discontinued Operations | 204 | 981 | ||
Discontinued Operation - Net gain on sales of discontinued operations | 0 | 71 | ||
Discontinued operations, net | $204 | $1,052 | ||
[1] | Includes expenses paid in the current period for properties sold in prior periods related to the Companybs period of ownership. |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Apr. 30, 2015 | Dec. 31, 2014 | |
300 properties designed and built in violation of accessibility requirements | 300 | ||
Loss Contingency Accrual, Period Increase (Decrease) | $1,000,000 | ||
Loss Contingency Accrual | 5,000,000 | ||
Projects in various stages of development | 15 | ||
Units in various stages of development | 5,273 | ||
Consolidated Project Under Development Commitment Fund | 1,300,000,000 | ||
Various stages of development with estimated completion dates ranging through September 30, 2017 | 30-Sep-17 | ||
Number Of Unconsolidated Projects | 2 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 5,968,000 | 130,300,000 | |
Investment in Joint Venture | 339,400,000 | ||
Noncontrolling Interests - Partially Owned Properties | 122,661,000 | 124,909,000 | |
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 |
Reportable_Segments_Details
Reportable Segments (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Reportable Segments | |||
Assets | $23,029,048 | $22,950,614 | |
Payments to Acquire Other Property, Plant, and Equipment | 38,170 | ||
Rental income: | |||
Total Rental Income | 664,606 | 630,725 | |
Operating expenses: | |||
Total Operating Expenses | 232,436 | 229,778 | |
NOI: | |||
Total NOI | 432,170 | 400,947 | |
Reportable Segments (Textuals) [Abstract] | |||
Units in same store properties | 97,586 | ||
Rental income | 664,606 | 630,725 | |
Property and maintenance expense | -124,560 | -125,566 | |
Real estate taxes and insurance expense | -86,432 | -82,094 | |
Property management expense | -21,444 | -22,118 | |
Total Operating Expenses | -232,436 | -229,778 | |
Non-same store [Domain] | |||
Reportable Segments | |||
Assets | 3,609,209 | ||
Payments to Acquire Other Property, Plant, and Equipment | 2,862 | ||
Same Store [Domain] | |||
Rental income: | |||
Same store - Rental Income | 632,034 | 601,794 | |
Operating expenses: | |||
Same store - Operating Expenses | 216,544 | 213,460 | |
NOI: | |||
Same store - NOI | 415,490 | 388,334 | |
Same Store [Domain] | Boston [Domain] | |||
Reportable Segments | |||
Assets | 1,908,859 | ||
Payments to Acquire Other Property, Plant, and Equipment | 3,505 | ||
Rental income: | |||
Same store - Rental Income | 64,033 | 61,907 | |
Operating expenses: | |||
Same store - Operating Expenses | 22,541 | 22,129 | |
NOI: | |||
Same store - NOI | 41,492 | 39,778 | |
Same Store [Domain] | Denver [Domain] | |||
Reportable Segments | |||
Assets | 514,958 | ||
Payments to Acquire Other Property, Plant, and Equipment | 1,120 | ||
Rental income: | |||
Same store - Rental Income | 28,997 | 26,612 | |
Operating expenses: | |||
Same store - Operating Expenses | 7,460 | 7,461 | |
NOI: | |||
Same store - NOI | 21,537 | 19,151 | |
Same Store [Domain] | New York [Domain] | |||
Reportable Segments | |||
Assets | 4,637,217 | ||
Payments to Acquire Other Property, Plant, and Equipment | 3,797 | ||
Rental income: | |||
Same store - Rental Income | 116,070 | 111,186 | |
Operating expenses: | |||
Same store - Operating Expenses | 46,113 | 45,834 | |
NOI: | |||
Same store - NOI | 69,957 | 65,352 | |
Same Store [Domain] | San Francisco [Domain] | |||
Reportable Segments | |||
Assets | 2,700,366 | ||
Payments to Acquire Other Property, Plant, and Equipment | 5,638 | ||
Rental income: | |||
Same store - Rental Income | 89,850 | 81,261 | |
Operating expenses: | |||
Same store - Operating Expenses | 27,103 | 26,609 | |
NOI: | |||
Same store - NOI | 62,747 | 54,652 | |
Same Store [Domain] | Seattle [Domain] | |||
Reportable Segments | |||
Assets | 1,088,728 | ||
Payments to Acquire Other Property, Plant, and Equipment | 3,524 | ||
Rental income: | |||
Same store - Rental Income | 40,390 | 37,621 | |
Operating expenses: | |||
Same store - Operating Expenses | 12,667 | 12,734 | |
NOI: | |||
Same store - NOI | 27,723 | 24,887 | |
Same Store [Domain] | South Florida [Domain] | |||
Reportable Segments | |||
Assets | 1,126,085 | ||
Payments to Acquire Other Property, Plant, and Equipment | 2,942 | ||
Rental income: | |||
Same store - Rental Income | 49,302 | 46,896 | |
Operating expenses: | |||
Same store - Operating Expenses | 17,968 | 17,525 | |
NOI: | |||
Same store - NOI | 31,334 | 29,371 | |
Same Store [Domain] | Southern California [Domain] | |||
Reportable Segments | |||
Assets | 2,787,871 | ||
Payments to Acquire Other Property, Plant, and Equipment | 6,020 | ||
Rental income: | |||
Same store - Rental Income | 105,193 | 99,776 | |
Operating expenses: | |||
Same store - Operating Expenses | 34,126 | 33,545 | |
NOI: | |||
Same store - NOI | 71,067 | 66,231 | |
Same Store [Domain] | Washington DC [Domain] | |||
Reportable Segments | |||
Assets | 4,250,738 | ||
Payments to Acquire Other Property, Plant, and Equipment | 7,113 | ||
Rental income: | |||
Same store - Rental Income | 112,627 | 111,804 | |
Operating expenses: | |||
Same store - Operating Expenses | 38,539 | 37,809 | |
NOI: | |||
Same store - NOI | 74,088 | 73,995 | |
Same Store [Domain] | Non-Core [Domain] | |||
Reportable Segments | |||
Assets | 405,017 | ||
Payments to Acquire Other Property, Plant, and Equipment | 1,649 | ||
Rental income: | |||
Same store - Rental Income | 25,572 | 24,731 | |
Operating expenses: | |||
Same store - Operating Expenses | 10,027 | 9,814 | |
NOI: | |||
Same store - NOI | 15,545 | 14,917 | |
Same Store [Domain] | Same Store [Domain] | |||
Reportable Segments | |||
Assets | 19,419,839 | ||
Payments to Acquire Other Property, Plant, and Equipment | 35,308 | ||
Non-same store [Domain] | Boston [Domain] | |||
Reportable Segments | |||
Assets | 47,996 | ||
Payments to Acquire Other Property, Plant, and Equipment | 34 | ||
Rental income: | |||
Non-same store - Rental Income | 922 | 1,028 | |
Operating expenses: | |||
Non-same store - Operating Expenses | 229 | 210 | |
NOI: | |||
Non-same store - NOI | 693 | 818 | |
Non-same store [Domain] | Seattle [Domain] | |||
Reportable Segments | |||
Assets | 231,258 | ||
Payments to Acquire Other Property, Plant, and Equipment | 466 | ||
Rental income: | |||
Non-same store - Rental Income | 4,579 | 107 | |
Operating expenses: | |||
Non-same store - Operating Expenses | 1,298 | 146 | |
NOI: | |||
Non-same store - NOI | 3,281 | -39 | |
Non-same store [Domain] | South Florida [Domain] | |||
Reportable Segments | |||
Assets | 66,906 | ||
Payments to Acquire Other Property, Plant, and Equipment | 14 | ||
Rental income: | |||
Non-same store - Rental Income | 1,932 | 803 | |
Operating expenses: | |||
Non-same store - Operating Expenses | 675 | 454 | |
NOI: | |||
Non-same store - NOI | 1,257 | 349 | |
Non-same store [Domain] | Southern California [Domain] | |||
Reportable Segments | |||
Assets | 845,902 | ||
Payments to Acquire Other Property, Plant, and Equipment | 1,163 | ||
Rental income: | |||
Non-same store - Rental Income | 17,777 | 8,905 | |
Operating expenses: | |||
Non-same store - Operating Expenses | 6,528 | 3,690 | |
NOI: | |||
Non-same store - NOI | 11,249 | 5,215 | |
Non-same store [Domain] | Washington DC [Domain] | |||
Reportable Segments | |||
Assets | 242,360 | ||
Payments to Acquire Other Property, Plant, and Equipment | 1,143 | ||
Rental income: | |||
Non-same store - Rental Income | 5,408 | 3,507 | |
Operating expenses: | |||
Non-same store - Operating Expenses | 1,653 | 1,441 | |
NOI: | |||
Non-same store - NOI | 3,755 | 2,066 | |
Non-same store [Domain] | Other (3) [Domain] | |||
Reportable Segments | |||
Assets | 2,174,787 | ||
Payments to Acquire Other Property, Plant, and Equipment | 42 | ||
Rental income: | |||
Non-same store - Rental Income | 1,954 | 14,581 | |
Operating expenses: | |||
Non-same store - Operating Expenses | 5,509 | 10,377 | |
NOI: | |||
Non-same store - NOI | -3,555 | 4,204 | |
Non-same store [Domain] | Non-same store [Domain] | |||
Rental income: | |||
Non-same store - Rental Income | 32,572 | 28,931 | |
Operating expenses: | |||
Non-same store - Operating Expenses | 15,892 | 16,318 | |
NOI: | |||
Non-same store - NOI | $16,680 | $12,613 |
Subsequent_EventsOther_Details
Subsequent Events/Other (Details) (USD $) | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | |
Subsequent Event [Line Items] | |||
Properties acquired | 1 | 0 | |
Property Units Acquired | 202 | 0 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $130,300,000 | $5,968,000 | |
Disposed Properties | 1 | 3 | |
Disposed Units | 314 | 550 | |
Proceeds From Sale Of Property | 49,600,000 | 145,400,000 | |
Repayments of Notes Payable | 300,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.58% | ||
Business Combination, Acquisition Related Costs | 100,000 | ||
Noncash Project Abandonment Costs | 493,000 | 452,000 | |
Other Expenses | 600,000 | 500,000 | |
Employee Benefits and Share-based Compensation | 2,300,000 | ||
Owned Property Management Costs | 21,444,000 | 22,118,000 | |
General and administrative/other | 19,922,000 | 17,576,000 | |
Litigation Settlement, Amount | 500,000 | ||
Consolidated Rental Properties [Member] | |||
Subsequent Event [Line Items] | |||
Disposed Properties | 3 | ||
Disposed Units | 550 | ||
Proceeds From Sale Of Property | 145,400,000 | ||
Retail Site [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds From Sale Of Property | 123,300,000 | ||
Stock Compensation Plan [Member] | |||
Subsequent Event [Line Items] | |||
Owned Property Management Costs | 300,000 | ||
General and administrative/other | $2,000,000 |