Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Entity Registrant Name | EQUITY RESIDENTIAL | |
Entity Central Index Key | 906,107 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 364,261,854 | |
OPERATING PARTNERSHIP | ||
Entity Registrant Name | ERP OPERATING LIMITED PARTNERSHIP | |
Entity Central Index Key | 931,182 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investment in real estate | ||
Land | $ 6,424,887 | $ 6,295,404 |
Depreciable property | 20,540,247 | 19,851,504 |
Projects under development | 1,039,657 | 1,343,919 |
Land held for development | 154,690 | 184,556 |
Investment in real estate | 28,159,481 | 27,675,383 |
Accumulated depreciation | (5,914,695) | (5,432,805) |
Investment in real estate, net | 22,244,786 | 22,242,578 |
Cash and cash equivalents | 37,366 | 40,080 |
Investments in unconsolidated entities | 74,108 | 105,434 |
Deposits – restricted | 135,674 | 72,303 |
Escrow deposits – mortgage | 54,071 | 48,085 |
Deferred financing costs, net | 57,001 | 58,380 |
Other assets | 405,798 | 383,754 |
Total assets | 23,008,804 | 22,950,614 |
Liabilities: | ||
Mortgage notes payable | 4,891,529 | 5,086,515 |
Notes, net | 5,881,794 | 5,425,346 |
Line of credit and commercial paper | 29,996 | 333,000 |
Accounts payable and accrued expenses | 253,027 | 153,590 |
Accrued interest payable | 86,083 | 89,540 |
Other liabilities | 353,106 | 389,915 |
Security deposits | 76,934 | 75,633 |
Distributions payable | 209,086 | 188,566 |
Total liabilities | 11,781,555 | 11,742,105 |
Redeemable Noncontrolling Interests | 522,585 | 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 September 30, 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; 364,140,040 shares issued and outstanding as of September 30, 2015 and 362,855,454 shares issued and outstanding as of December 31, 2014 | 3,641 | 3,629 |
Paid in capital | 8,584,143 | 8,536,340 |
Retained earnings | 2,007,590 | 1,950,639 |
Accumulated other comprehensive (loss) | (157,020) | (172,152) |
Total shareholders’ equity | 10,478,534 | 10,368,456 |
Noncontrolling Interests: | ||
Operating Partnership | 221,487 | 214,411 |
Noncontrolling Interests – Partially Owned Properties | 4,643 | 124,909 |
Total Noncontrolling Interests | 226,130 | 339,320 |
Total equity | 10,704,664 | 10,707,776 |
Total liabilities and equity | $ 23,008,804 | $ 22,950,614 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares | Sep. 30, 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 | 364,140,040 | 362,855,454 |
Common Shares of beneficial interest, shares outstanding | 364,140,040 | 362,855,454 |
CONSOLIDATED BALANCE SHEETS OF
CONSOLIDATED BALANCE SHEETS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investment in real estate | ||
Land | $ 6,424,887 | $ 6,295,404 |
Depreciable property | 20,540,247 | 19,851,504 |
Projects under development | 1,039,657 | 1,343,919 |
Land held for development | 154,690 | 184,556 |
Investment in real estate | 28,159,481 | 27,675,383 |
Accumulated depreciation | (5,914,695) | (5,432,805) |
Investment in real estate, net | 22,244,786 | 22,242,578 |
Cash and cash equivalents | 37,366 | 40,080 |
Investments in unconsolidated entities | 74,108 | 105,434 |
Deposits – restricted | 135,674 | 72,303 |
Escrow deposits – mortgage | 54,071 | 48,085 |
Deferred financing costs, net | 57,001 | 58,380 |
Other assets | 405,798 | 383,754 |
Total assets | 23,008,804 | 22,950,614 |
Liabilities: | ||
Mortgage notes payable | 4,891,529 | 5,086,515 |
Notes, net | 5,881,794 | 5,425,346 |
Line of credit and commercial paper | 29,996 | 333,000 |
Accounts payable and accrued expenses | 253,027 | 153,590 |
Accrued interest payable | 86,083 | 89,540 |
Other liabilities | 353,106 | 389,915 |
Security deposits | 76,934 | 75,633 |
Distributions payable | 209,086 | 188,566 |
Total liabilities | 11,781,555 | 11,742,105 |
Redeemable Noncontrolling Interests | 522,585 | 500,733 |
Partners' Capital: | ||
Accumulated other comprehensive (loss) | (157,020) | (172,152) |
Noncontrolling Interests – Partially Owned Properties | 4,643 | 124,909 |
Total liabilities and equity | 23,008,804 | 22,950,614 |
ERPOP [Member] | ||
Investment in real estate | ||
Land | 6,424,887 | 6,295,404 |
Depreciable property | 20,540,247 | 19,851,504 |
Projects under development | 1,039,657 | 1,343,919 |
Land held for development | 154,690 | 184,556 |
Investment in real estate | 28,159,481 | 27,675,383 |
Accumulated depreciation | (5,914,695) | (5,432,805) |
Investment in real estate, net | 22,244,786 | 22,242,578 |
Cash and cash equivalents | 37,366 | 40,080 |
Investments in unconsolidated entities | 74,108 | 105,434 |
Deposits – restricted | 135,674 | 72,303 |
Escrow deposits – mortgage | 54,071 | 48,085 |
Deferred financing costs, net | 57,001 | 58,380 |
Other assets | 405,798 | 383,754 |
Total assets | 23,008,804 | 22,950,614 |
Liabilities: | ||
Mortgage notes payable | 4,891,529 | 5,086,515 |
Notes, net | 5,881,794 | 5,425,346 |
Line of credit and commercial paper | 29,996 | 333,000 |
Accounts payable and accrued expenses | 253,027 | 153,590 |
Accrued interest payable | 86,083 | 89,540 |
Other liabilities | 353,106 | 389,915 |
Security deposits | 76,934 | 75,633 |
Distributions payable | 209,086 | 188,566 |
Total liabilities | $ 11,781,555 | $ 11,742,105 |
Commitments and contingencies | ||
Partners' Capital: | ||
Preference Units | $ 40,180 | $ 50,000 |
General Partner | 10,595,374 | 10,490,608 |
Limited Partners | 221,487 | 214,411 |
Accumulated other comprehensive (loss) | (157,020) | (172,152) |
Total partners' capital | 10,700,021 | 10,582,867 |
Noncontrolling Interests – Partially Owned Properties | 4,643 | 124,909 |
Total capital | 10,704,664 | 10,707,776 |
Total liabilities and equity | $ 23,008,804 | $ 22,950,614 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
REVENUES | ||||
Rental income | $ 694,245 | $ 662,001 | $ 2,035,359 | $ 1,942,492 |
Fee and asset management | 2,044 | 2,077 | 6,413 | 7,596 |
Total revenues | 696,289 | 664,078 | 2,041,772 | 1,950,088 |
EXPENSES | ||||
Property and maintenance | 122,383 | 120,139 | 364,948 | 361,087 |
Real estate taxes and insurance | 84,962 | 80,568 | 254,513 | 245,717 |
Property management | 18,925 | 18,407 | 60,887 | 61,080 |
Fee and asset management | 1,169 | 1,253 | 3,764 | 4,293 |
Depreciation | 196,059 | 190,469 | 584,862 | 565,772 |
General and administrative | 15,290 | 9,968 | 50,942 | 41,296 |
Total expenses | 438,788 | 420,804 | 1,319,916 | 1,279,245 |
Operating income | 257,501 | 243,274 | 721,856 | 670,843 |
Interest and other income | 256 | 576 | 6,906 | 3,213 |
Other expenses | (1,139) | (4,976) | (2,839) | (7,179) |
Interest: | ||||
Expense incurred, net | (114,205) | (118,251) | (333,622) | (347,224) |
Amortization of deferred financing costs | (2,607) | (2,628) | (7,734) | (8,554) |
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 | 139,806 | 117,995 | 384,567 | 311,099 |
Income and other tax (expense) benefit | (329) | (260) | (698) | (1,146) |
Income (loss) from investments in unconsolidated entities | (1,041) | (1,176) | 14,388 | (10,201) |
Net gain on sales of real estate properties | 66,939 | 113,641 | 295,692 | 128,544 |
Net (loss) gain on sales of land parcels | 0 | 1,052 | (1) | 1,846 |
Income from continuing operations | 205,375 | 231,252 | 693,948 | 430,142 |
Discontinued operations, net | 81 | (62) | 350 | 1,500 |
Net income | 205,456 | 231,190 | 694,298 | 431,642 |
Net (income) attributable to Noncontrolling Interests: | ||||
Net income attributable to Noncontrolling Interests | (7,778) | (8,738) | (26,191) | (16,273) |
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties | (986) | (708) | (2,473) | (1,800) |
Net income attributable to controlling interests | 196,692 | 221,744 | 665,634 | 413,569 |
Preferred distributions | (833) | (1,037) | (2,557) | (3,109) |
Premium on redemption of Preferred Shares | 0 | 0 | (2,789) | 0 |
Net income available to Common Shares | $ 195,859 | $ 220,707 | $ 660,288 | $ 410,460 |
Earnings per share – basic: | ||||
Income from continuing operations available to Common Shares | $ 0.54 | $ 0.61 | $ 1.82 | $ 1.13 |
Net income available to Common Shares | $ 0.54 | $ 0.61 | $ 1.82 | $ 1.14 |
Weighted average Common Shares outstanding | 363,579 | 361,409 | 363,386 | 360,900 |
Earnings per share – diluted: | ||||
Income from continuing operations available to Common Shares | $ 0.53 | $ 0.61 | $ 1.80 | $ 1.13 |
Net income available to Common Shares | $ 0.53 | $ 0.61 | $ 1.80 | $ 1.13 |
Weighted Average Number of Shares/Units Outstanding, Diluted | 380,663 | 377,954 | 380,423 | 377,228 |
Distributions declared per Common Share outstanding | $ 0.5525 | $ 0.50 | $ 1.6575 | $ 1.50 |
CONSOLIDATED STATEMENTS OF OPE6
CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
REVENUES | ||||
Rental income | $ 694,245 | $ 662,001 | $ 2,035,359 | $ 1,942,492 |
Fee and asset management | 2,044 | 2,077 | 6,413 | 7,596 |
Total revenues | 696,289 | 664,078 | 2,041,772 | 1,950,088 |
EXPENSES | ||||
Property and maintenance | 122,383 | 120,139 | 364,948 | 361,087 |
Real estate taxes and insurance | 84,962 | 80,568 | 254,513 | 245,717 |
Property management | 18,925 | 18,407 | 60,887 | 61,080 |
Fee and asset management | 1,169 | 1,253 | 3,764 | 4,293 |
Depreciation | 196,059 | 190,469 | 584,862 | 565,772 |
General and administrative | 15,290 | 9,968 | 50,942 | 41,296 |
Total expenses | 438,788 | 420,804 | 1,319,916 | 1,279,245 |
Operating income | 257,501 | 243,274 | 721,856 | 670,843 |
Interest and other income | 256 | 576 | 6,906 | 3,213 |
Other expenses | (1,139) | (4,976) | (2,839) | (7,179) |
Interest: | ||||
Expense incurred, net | (114,205) | (118,251) | (333,622) | (347,224) |
Amortization of deferred financing costs | (2,607) | (2,628) | (7,734) | (8,554) |
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 | 139,806 | 117,995 | 384,567 | 311,099 |
Income and other tax (expense) benefit | (329) | (260) | (698) | (1,146) |
Income (loss) from investments in unconsolidated entities | (1,041) | (1,176) | 14,388 | (10,201) |
Net gain on sales of real estate properties | 66,939 | 113,641 | 295,692 | 128,544 |
Net (loss) gain on sales of land parcels | 0 | 1,052 | (1) | 1,846 |
Income from continuing operations | 205,375 | 231,252 | 693,948 | 430,142 |
Discontinued operations, net | 81 | (62) | 350 | 1,500 |
Net income | 205,456 | 231,190 | 694,298 | 431,642 |
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties | (986) | (708) | (2,473) | (1,800) |
Net income attributable to controlling interests | 196,692 | 221,744 | 665,634 | 413,569 |
ALLOCATION OF NET INCOME: | ||||
Premium on redemption of Preference Units | $ 0 | $ 0 | $ (2,789) | $ 0 |
Earnings per Unit – basic: | ||||
Income from continuing operations available to Units | $ 0.54 | $ 0.61 | $ 1.82 | $ 1.13 |
Net income available to Units | 0.54 | 0.61 | 1.82 | 1.14 |
Earnings per Unit – diluted: | ||||
Income from continuing operations available to Units | 0.53 | 0.61 | 1.80 | 1.13 |
Net income available to Units | $ 0.53 | $ 0.61 | $ 1.80 | $ 1.13 |
Weighted Average Number of Shares/Units Outstanding, Diluted | 380,663 | 377,954 | 380,423 | 377,228 |
ERPOP [Member] | ||||
REVENUES | ||||
Rental income | $ 694,245 | $ 662,001 | $ 2,035,359 | $ 1,942,492 |
Fee and asset management | 2,044 | 2,077 | 6,413 | 7,596 |
Total revenues | 696,289 | 664,078 | 2,041,772 | 1,950,088 |
EXPENSES | ||||
Property and maintenance | 122,383 | 120,139 | 364,948 | 361,087 |
Real estate taxes and insurance | 84,962 | 80,568 | 254,513 | 245,717 |
Property management | 18,925 | 18,407 | 60,887 | 61,080 |
Fee and asset management | 1,169 | 1,253 | 3,764 | 4,293 |
Depreciation | 196,059 | 190,469 | 584,862 | 565,772 |
General and administrative | 15,290 | 9,968 | 50,942 | 41,296 |
Total expenses | 438,788 | 420,804 | 1,319,916 | 1,279,245 |
Operating income | 257,501 | 243,274 | 721,856 | 670,843 |
Interest and other income | 256 | 576 | 6,906 | 3,213 |
Other expenses | (1,139) | (4,976) | (2,839) | (7,179) |
Interest: | ||||
Expense incurred, net | (114,205) | (118,251) | (333,622) | (347,224) |
Amortization of deferred financing costs | (2,607) | (2,628) | (7,734) | (8,554) |
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 | 139,806 | 117,995 | 384,567 | 311,099 |
Income and other tax (expense) benefit | (329) | (260) | (698) | (1,146) |
Income (loss) from investments in unconsolidated entities | (1,041) | (1,176) | 14,388 | (10,201) |
Net gain on sales of real estate properties | 66,939 | 113,641 | 295,692 | 128,544 |
Net (loss) gain on sales of land parcels | 0 | 1,052 | (1) | 1,846 |
Income from continuing operations | 205,375 | 231,252 | 693,948 | 430,142 |
Discontinued operations, net | 81 | (62) | 350 | 1,500 |
Net income | 205,456 | 231,190 | 694,298 | 431,642 |
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties | (986) | (708) | (2,473) | (1,800) |
Net income attributable to controlling interests | 204,470 | 230,482 | 691,825 | 429,842 |
ALLOCATION OF NET INCOME: | ||||
Preference Units | 833 | 1,037 | 2,557 | 3,109 |
Premium on redemption of Preference Units | 0 | 0 | 2,789 | 0 |
General Partner | 195,859 | 220,707 | 660,288 | 410,460 |
Limited Partners | 7,778 | 8,738 | 26,191 | 16,273 |
Net income available to Units | $ 203,637 | $ 229,445 | $ 686,479 | $ 426,733 |
Earnings per Unit – basic: | ||||
Income from continuing operations available to Units | $ 0.54 | $ 0.61 | $ 1.82 | $ 1.13 |
Net income available to Units | $ 0.54 | $ 0.61 | $ 1.82 | $ 1.14 |
Weighted average Units outstanding | 377,147 | 375,116 | 376,970 | 374,626 |
Earnings per Unit – diluted: | ||||
Income from continuing operations available to Units | $ 0.53 | $ 0.61 | $ 1.80 | $ 1.13 |
Net income available to Units | $ 0.53 | $ 0.61 | $ 1.80 | $ 1.13 |
Weighted Average Number of Shares/Units Outstanding, Diluted | 380,663 | 377,954 | 380,423 | 377,228 |
Distributions declared per Unit outstanding | $ 0.5525 | $ 0.50 | $ 1.6575 | $ 1.50 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Comprehensive income: | ||||
Net income | $ 205,456 | $ 231,190 | $ 694,298 | $ 431,642 |
Other comprehensive income (loss) – derivative instruments: | ||||
Unrealized holding gains (losses) arising during the period | 1,908 | 97 | 1,796 | (21,784) |
Losses reclassified into earnings from other comprehensive income | 4,736 | 4,271 | 13,647 | 12,606 |
Other comprehensive (loss) income – foreign currency: | ||||
Currency translation adjustments arising during the period | 191 | (2,184) | (311) | (466) |
Other comprehensive income (loss) | 6,835 | 2,184 | 15,132 | (9,644) |
Comprehensive income | 212,291 | 233,374 | 709,430 | 421,998 |
Comprehensive (income) attributable to Noncontrolling Interests | (9,025) | (9,530) | (29,244) | (17,705) |
Comprehensive income attributable to controlling interests | $ 203,266 | $ 223,844 | $ 680,186 | $ 404,293 |
CONSOLIDATED STATEMENTS OF COM8
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Comprehensive income: | ||||
Net income | $ 205,456 | $ 231,190 | $ 694,298 | $ 431,642 |
Other comprehensive income (loss) – derivative instruments: | ||||
Unrealized holding gains (losses) arising during the period | 1,908 | 97 | 1,796 | (21,784) |
Losses reclassified into earnings from other comprehensive income | 4,736 | 4,271 | 13,647 | 12,606 |
Other comprehensive (loss) income – foreign currency: | ||||
Currency translation adjustments arising during the period | 191 | (2,184) | (311) | (466) |
Other comprehensive income (loss) | 6,835 | 2,184 | 15,132 | (9,644) |
Comprehensive income | 212,291 | 233,374 | 709,430 | 421,998 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (9,025) | (9,530) | (29,244) | (17,705) |
Comprehensive income attributable to controlling interests | 203,266 | 223,844 | 680,186 | 404,293 |
ERPOP [Member] | ||||
Comprehensive income: | ||||
Net income | 205,456 | 231,190 | 694,298 | 431,642 |
Other comprehensive income (loss) – derivative instruments: | ||||
Unrealized holding gains (losses) arising during the period | 1,908 | 97 | 1,796 | (21,784) |
Losses reclassified into earnings from other comprehensive income | 4,736 | 4,271 | 13,647 | 12,606 |
Other comprehensive (loss) income – foreign currency: | ||||
Currency translation adjustments arising during the period | 191 | (2,184) | (311) | (466) |
Other comprehensive income (loss) | 6,835 | 2,184 | 15,132 | (9,644) |
Comprehensive income | 212,291 | 233,374 | 709,430 | 421,998 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (986) | (708) | (2,473) | (1,800) |
Comprehensive income attributable to controlling interests | $ 211,305 | $ 232,666 | $ 706,957 | $ 420,198 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 694,298 | $ 431,642 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 584,862 | 565,772 |
Amortization of deferred financing costs | 7,734 | 8,554 |
Amortization of above/below market leases | 2,534 | 2,376 |
Amortization of discounts and premiums on debt | (7,718) | (8,750) |
Amortization of deferred settlements on derivative instruments | 13,483 | 12,205 |
Write-off of pursuit costs | 2,322 | 2,067 |
(Income) loss from investments in unconsolidated entities | (14,388) | 10,201 |
Distributions from unconsolidated entities – return on capital | 3,564 | 4,557 |
Net (gain) on sale of investment securities | (387) | (57) |
Net (gain) on sales of real estate properties | (295,692) | (128,544) |
Net loss (gain) on sales of land parcels | 1 | (1,846) |
Net (gain) on sales of discontinued operations | 0 | (223) |
Realized/unrealized loss (gain) on derivative instruments | 3,055 | (66) |
Compensation paid with Company Common Shares | 29,269 | 24,647 |
Changes in assets and liabilities: | ||
(Increase) in deposits – restricted | (1,268) | (2,223) |
Decrease in mortgage deposits | 756 | 1,638 |
(Increase) decrease in other assets | (25,428) | 3,854 |
Increase in accounts payable and accrued expenses | 63,385 | 76,331 |
(Decrease) increase in accrued interest payable | (3,457) | 8,163 |
Increase (decrease) in other liabilities | 5,120 | (173) |
Increase in security deposits | 1,301 | 4,146 |
Net cash provided by operating activities | 1,063,346 | 1,014,271 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in real estate – acquisitions | (159,575) | (404,658) |
Investment in real estate – development/other | (485,758) | (380,691) |
Capital expenditures to real estate | (134,438) | (133,181) |
Non-real estate capital additions | (2,384) | (2,446) |
Interest capitalized for real estate and unconsolidated entities under development | (45,850) | (38,140) |
Proceeds from disposition of real estate, net | 457,499 | 224,538 |
Investments in unconsolidated entities | (22,998) | (14,568) |
Distributions from unconsolidated entities – return of capital | 45,245 | 77,042 |
Proceeds from sale of investment securities | 387 | 57 |
(Increase) decrease in deposits on real estate acquisitions and investments, net | (62,433) | 20,845 |
(Increase) decrease in mortgage deposits | (407) | 560 |
Net cash (used for) investing activities | (410,712) | (650,642) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt financing costs | (6,355) | (10,598) |
Mortgage deposits | (6,335) | (5,557) |
Mortgage notes payable: | ||
Lump sum payoffs | (177,564) | (63,772) |
Scheduled principal repayments | (7,161) | (8,919) |
Notes, net: | ||
Proceeds | 746,391 | 1,194,278 |
Lump sum payoffs | (300,000) | (1,250,000) |
Line of credit and commercial paper: | ||
Line of credit proceeds | 3,569,000 | 5,324,000 |
Line of credit repayments | (3,902,000) | (4,993,000) |
Commercial paper proceeds | 2,491,848 | 0 |
Commercial paper repayments | (2,462,500) | 0 |
(Payments on) settlement of derivative instruments | (13,938) | (758) |
Proceeds from Employee Share Purchase Plan (ESPP) | 3,376 | 2,728 |
Proceeds from exercise of options | 37,047 | 56,554 |
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 |
Payment of offering costs | (69) | 0 |
Other financing activities, net | (33) | (33) |
Acquisition of Noncontrolling Interests – Partially Owned Properties | 0 | (5,501) |
Contributions – Noncontrolling Interests – Partially Owned Properties | 0 | 5,684 |
Contributions – Noncontrolling Interests – Operating Partnership | 3 | 3 |
Distributions: | ||
Common Shares | (583,568) | (595,564) |
Preferred Shares | (2,557) | (3,109) |
Noncontrolling Interests – Operating Partnership | (22,968) | (23,582) |
Noncontrolling Interests – Partially Owned Properties | (5,356) | (6,762) |
Net cash (used for) financing activities | (655,348) | (385,685) |
Net (decrease) in cash and cash equivalents | (2,714) | (22,056) |
Cash and cash equivalents, beginning of period | 40,080 | 53,534 |
Cash and cash equivalents, end of period | 37,366 | 31,478 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 328,400 | 335,646 |
Net cash paid for income and other taxes | 1,052 | 866 |
Amortization of discounts and premiums on debt: | ||
Mortgage notes payable | (10,261) | (10,515) |
Notes, net | 1,895 | 1,765 |
Line of credit and commercial paper | 648 | 0 |
Amortization of deferred settlements on derivative instruments: | ||
Other liabilities | (164) | (401) |
Accumulated other comprehensive income | 13,647 | 12,606 |
Write-off of pursuit costs: | ||
Investment in real estate, net | 1,929 | 1,965 |
Other assets | 63 | 102 |
(Income) loss from investments in unconsolidated entities: | ||
Investments in unconsolidated entities | (16,309) | 7,684 |
Other liabilities | 1,921 | 2,517 |
Distributions from unconsolidated entities – return on capital: | ||
Investments in unconsolidated entities | 3,462 | 4,399 |
Other liabilities | 102 | 158 |
Realized/unrealized loss (gain) on derivative instruments: | ||
Other assets | (9,677) | 11,409 |
Notes, net | 8,162 | (2,485) |
Other liabilities | 2,774 | 12,794 |
Unrealized holding gains (losses) arising during the period | 1,796 | (21,784) |
Interest capitalized for real estate and unconsolidated entities under development: | ||
Investment in real estate, net | (45,850) | (38,086) |
Investments in unconsolidated entities | 0 | (54) |
Investments in unconsolidated entities: | ||
Investments in unconsolidated entities | (1,383) | (5,118) |
Other liabilities | (21,615) | (9,450) |
Other: | ||
Foreign currency translation adjustments | 311 | 466 |
Land [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Write-off of pursuit costs | $ 330 | $ 0 |
CONSOLIDATED STATEMENTS OF CA10
CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 694,298 | $ 431,642 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 584,862 | 565,772 |
Amortization of deferred financing costs | 7,734 | 8,554 |
Amortization of above/below market leases | 2,534 | 2,376 |
Amortization of discounts and premiums on debt | (7,718) | (8,750) |
Amortization of deferred settlements on derivative instruments | 13,483 | 12,205 |
Write-off of pursuit costs | 2,322 | 2,067 |
(Income) loss from investments in unconsolidated entities | (14,388) | 10,201 |
Distributions from unconsolidated entities – return on capital | 3,564 | 4,557 |
Net (gain) on sale of investment securities | (387) | (57) |
Net (gain) on sales of real estate properties | (295,692) | (128,544) |
Net loss (gain) on sales of land parcels | 1 | (1,846) |
Net (gain) on sales of discontinued operations | 0 | (223) |
Realized/unrealized loss (gain) on derivative instruments | 3,055 | (66) |
Compensation paid with Company Common Shares | 29,269 | 24,647 |
Changes in assets and liabilities: | ||
(Increase) in deposits – restricted | (1,268) | (2,223) |
Decrease in mortgage deposits | 756 | 1,638 |
(Increase) decrease in other assets | (25,428) | 3,854 |
Increase in accounts payable and accrued expenses | 63,385 | 76,331 |
(Decrease) increase in accrued interest payable | (3,457) | 8,163 |
Increase (decrease) in other liabilities | 5,120 | (173) |
Increase in security deposits | 1,301 | 4,146 |
Net cash provided by operating activities | 1,063,346 | 1,014,271 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in real estate – acquisitions | (159,575) | (404,658) |
Investment in real estate – development/other | (485,758) | (380,691) |
Capital expenditures to real estate | (134,438) | (133,181) |
Non-real estate capital additions | (2,384) | (2,446) |
Interest capitalized for real estate and unconsolidated entities under development | (45,850) | (38,140) |
Proceeds from disposition of real estate, net | 457,499 | 224,538 |
Investments in unconsolidated entities | (22,998) | (14,568) |
Distributions from unconsolidated entities – return of capital | 45,245 | 77,042 |
Proceeds from sale of investment securities | 387 | 57 |
(Increase) decrease in deposits on real estate acquisitions and investments, net | (62,433) | 20,845 |
(Increase) decrease in mortgage deposits | (407) | 560 |
Net cash (used for) investing activities | (410,712) | (650,642) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt financing costs | (6,355) | (10,598) |
Mortgage deposits | (6,335) | (5,557) |
Mortgage notes payable: | ||
Lump sum payoffs | (177,564) | (63,772) |
Scheduled principal repayments | (7,161) | (8,919) |
Notes, net: | ||
Proceeds | 746,391 | 1,194,278 |
Lump sum payoffs | (300,000) | (1,250,000) |
Line of credit and commercial paper: | ||
Line of credit proceeds | 3,569,000 | 5,324,000 |
Line of credit repayments | (3,902,000) | (4,993,000) |
Commercial paper proceeds | 2,491,848 | 0 |
Commercial paper repayments | (2,462,500) | 0 |
(Payments on) settlement of derivative instruments | (13,938) | (758) |
Proceeds from exercise of options | 37,047 | 56,554 |
Partial redemption of 8.29% Series K Cumulative Redeemable | (9,820) | 0 |
Premium on redemption of Preference Units | (2,789) | 0 |
Payment of offering costs | (69) | 0 |
Other financing activities, net | (33) | (33) |
Acquisition of Noncontrolling Interests – Partially Owned Properties | 0 | (5,501) |
Contributions – Noncontrolling Interests – Partially Owned Properties | 0 | 5,684 |
Contributions – Limited Partners | 3 | 3 |
Distributions: | ||
Noncontrolling Interests – Partially Owned Properties | (5,356) | (6,762) |
Net cash (used for) financing activities | (655,348) | (385,685) |
Net (decrease) in cash and cash equivalents | (2,714) | (22,056) |
Cash and cash equivalents, beginning of period | 40,080 | 53,534 |
Cash and cash equivalents, end of period | 37,366 | 31,478 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 328,400 | 335,646 |
Net cash paid for income and other taxes | 1,052 | 866 |
Amortization of discounts and premiums on debt: | ||
Mortgage notes payable | (10,261) | (10,515) |
Notes, net | 1,895 | 1,765 |
Line of credit and commercial paper | 648 | 0 |
Amortization of deferred settlements on derivative instruments: | ||
Other liabilities | (164) | (401) |
Accumulated other comprehensive income | 13,647 | 12,606 |
Write-off of pursuit costs: | ||
Investment in real estate, net | 1,929 | 1,965 |
Other assets | 63 | 102 |
(Income) loss from investments in unconsolidated entities: | ||
Investments in unconsolidated entities | (16,309) | 7,684 |
Other liabilities | 1,921 | 2,517 |
Distributions from unconsolidated entities – return on capital: | ||
Investments in unconsolidated entities | 3,462 | 4,399 |
Other liabilities | 102 | 158 |
Realized/unrealized loss (gain) on derivative instruments: | ||
Other assets | (9,677) | 11,409 |
Notes, net | 8,162 | (2,485) |
Other liabilities | 2,774 | 12,794 |
Unrealized holding gains (losses) arising during the period | 1,796 | (21,784) |
Interest capitalized for real estate and unconsolidated entities under development: | ||
Investment in real estate, net | (45,850) | (38,086) |
Investments in unconsolidated entities | 0 | (54) |
Investments in unconsolidated entities: | ||
Investments in unconsolidated entities | (1,383) | (5,118) |
Other liabilities | (21,615) | (9,450) |
Other: | ||
Foreign currency translation adjustments | 311 | 466 |
ERPOP [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | 694,298 | 431,642 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 584,862 | 565,772 |
Amortization of deferred financing costs | 7,734 | 8,554 |
Amortization of above/below market leases | 2,534 | 2,376 |
Amortization of discounts and premiums on debt | (7,718) | (8,750) |
Amortization of deferred settlements on derivative instruments | 13,483 | 12,205 |
Write-off of pursuit costs | 2,322 | 2,067 |
(Income) loss from investments in unconsolidated entities | (14,388) | 10,201 |
Distributions from unconsolidated entities – return on capital | 3,564 | 4,557 |
Net (gain) on sale of investment securities | (387) | (57) |
Net (gain) on sales of real estate properties | (295,692) | (128,544) |
Net loss (gain) on sales of land parcels | 1 | (1,846) |
Net (gain) on sales of discontinued operations | 0 | (223) |
Realized/unrealized loss (gain) on derivative instruments | 3,055 | (66) |
Compensation paid with Company Common Shares | 29,269 | 24,647 |
Changes in assets and liabilities: | ||
(Increase) in deposits – restricted | (1,268) | (2,223) |
Decrease in mortgage deposits | 756 | 1,638 |
(Increase) decrease in other assets | (25,428) | 3,854 |
Increase in accounts payable and accrued expenses | 63,385 | 76,331 |
(Decrease) increase in accrued interest payable | (3,457) | 8,163 |
Increase (decrease) in other liabilities | 5,120 | (173) |
Increase in security deposits | 1,301 | 4,146 |
Net cash provided by operating activities | 1,063,346 | 1,014,271 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in real estate – acquisitions | (159,575) | (404,658) |
Investment in real estate – development/other | (485,758) | (380,691) |
Capital expenditures to real estate | (134,438) | (133,181) |
Non-real estate capital additions | (2,384) | (2,446) |
Interest capitalized for real estate and unconsolidated entities under development | (45,850) | (38,140) |
Proceeds from disposition of real estate, net | 457,499 | 224,538 |
Investments in unconsolidated entities | (22,998) | (14,568) |
Distributions from unconsolidated entities – return of capital | 45,245 | 77,042 |
Proceeds from sale of investment securities | 387 | 57 |
(Increase) decrease in deposits on real estate acquisitions and investments, net | (62,433) | 20,845 |
(Increase) decrease in mortgage deposits | (407) | 560 |
Net cash (used for) investing activities | (410,712) | (650,642) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt financing costs | (6,355) | (10,598) |
Mortgage deposits | (6,335) | (5,557) |
Mortgage notes payable: | ||
Lump sum payoffs | (177,564) | (63,772) |
Scheduled principal repayments | (7,161) | (8,919) |
Notes, net: | ||
Proceeds | 746,391 | 1,194,278 |
Lump sum payoffs | (300,000) | (1,250,000) |
Line of credit and commercial paper: | ||
Line of credit proceeds | 3,569,000 | 5,324,000 |
Line of credit repayments | (3,902,000) | (4,993,000) |
Commercial paper proceeds | 2,491,848 | 0 |
Commercial paper repayments | (2,462,500) | 0 |
(Payments on) settlement of derivative instruments | (13,938) | (758) |
Proceeds from EQR's Employee Share Purchase Plan (ESPP) | 3,376 | 2,728 |
Proceeds from exercise of options | 37,047 | 56,554 |
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 |
Payment of offering costs | (69) | 0 |
Other financing activities, net | (33) | (33) |
Acquisition of Noncontrolling Interests – Partially Owned Properties | 0 | (5,501) |
Contributions – Noncontrolling Interests – Partially Owned Properties | 0 | 5,684 |
Contributions – Limited Partners | 3 | 3 |
Distributions: | ||
OP Units – General Partner | (583,568) | (595,564) |
Preference Units | (2,557) | (3,109) |
OP Units – Limited Partners | (22,968) | (23,582) |
Noncontrolling Interests – Partially Owned Properties | (5,356) | (6,762) |
Net cash (used for) financing activities | (655,348) | (385,685) |
Net (decrease) in cash and cash equivalents | (2,714) | (22,056) |
Cash and cash equivalents, beginning of period | 40,080 | 53,534 |
Cash and cash equivalents, end of period | 37,366 | 31,478 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 328,400 | 335,646 |
Net cash paid for income and other taxes | 1,052 | 866 |
Amortization of discounts and premiums on debt: | ||
Mortgage notes payable | (10,261) | (10,515) |
Notes, net | 1,895 | 1,765 |
Line of credit and commercial paper | 648 | 0 |
Amortization of deferred settlements on derivative instruments: | ||
Other liabilities | (164) | (401) |
Accumulated other comprehensive income | 13,647 | 12,606 |
Write-off of pursuit costs: | ||
Investment in real estate, net | 1,929 | 1,965 |
Other assets | 63 | 102 |
(Income) loss from investments in unconsolidated entities: | ||
Investments in unconsolidated entities | (16,309) | 7,684 |
Other liabilities | 1,921 | 2,517 |
Distributions from unconsolidated entities – return on capital: | ||
Investments in unconsolidated entities | 3,462 | 4,399 |
Other liabilities | 102 | 158 |
Realized/unrealized loss (gain) on derivative instruments: | ||
Other assets | (9,677) | 11,409 |
Notes, net | 8,162 | (2,485) |
Other liabilities | 2,774 | 12,794 |
Unrealized holding gains (losses) arising during the period | 1,796 | (21,784) |
Interest capitalized for real estate and unconsolidated entities under development: | ||
Investment in real estate, net | (45,850) | (38,086) |
Investments in unconsolidated entities | 0 | (54) |
Investments in unconsolidated entities: | ||
Investments in unconsolidated entities | (1,383) | (5,118) |
Other liabilities | (21,615) | (9,450) |
Other: | ||
Foreign currency translation adjustments | 311 | 466 |
Land [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Write-off of pursuit costs | 330 | 0 |
Land [Member] | ERPOP [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Write-off of pursuit costs | $ 330 | $ 0 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Total | PREFERRED SHARES | COMMON SHARES, $0.01 PAR VALUE | Additional Paid-in Capital [Member] | RETAINED EARNINGS | Accumulated Other Comprehensive (Loss) | Noncontrolling Interest [Member] | Partially Owned [Domain] |
Balance, beginning of year at Dec. 31, 2014 | $ 10,368,456 | $ 50,000 | $ 3,629 | $ 8,536,340 | $ 1,950,639 | $ (172,152) | ||
Balance, beginning of year at Dec. 31, 2014 | 339,320 | $ 214,411 | $ 124,909 | |||||
PREFERRED SHARES | ||||||||
Partial redemption of 8.29% Series K Cumulative Redeemable | 9,820 | (9,820) | ||||||
Common Share Issuance: | ||||||||
Conversion of OP Units into Common Shares | 2 | 4,376 | (4,378) | |||||
Exercise of share options | 8 | 37,039 | ||||||
PAID IN CAPITAL | ||||||||
EQR's Employee Share Purchase Plan (ESPP) | 3,376 | |||||||
Conversion of restricted shares to restricted units | (70) | 70 | ||||||
Share-based employee compensation expense: | ||||||||
Restricted shares | 2 | 12,689 | ||||||
Share options | 2,887 | |||||||
ESPP discount | 692 | |||||||
Offering costs | (69) | |||||||
Supplemental Executive Retirement Plan (SERP) | (1,325) | |||||||
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership | 20,262 | (20,262) | ||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 8,470 | (8,470) | ||||||
Net income attributable to controlling interests | 665,634 | 665,634 | ||||||
Common Share distributions | (603,337) | |||||||
Preferred Share distributions | (2,557) | |||||||
Premium on redemption of Preferred Shares | (2,789) | (2,789) | ||||||
Other comprehensive income (loss) – derivative instruments: | ||||||||
Unrealized holding gains arising during the period | 1,796 | 1,796 | ||||||
Losses reclassified into earnings from other comprehensive income | (13,647) | 13,647 | ||||||
Currency translation adjustments arising during the period | (311) | (311) | ||||||
Issuance of restricted units to Noncontrolling Interests | 3 | |||||||
Equity compensation associated with Noncontrolling Interests | 18,969 | |||||||
Net income attributable to Noncontrolling Interests | (26,191) | 26,191 | ||||||
Distributions to Noncontrolling Interests | (23,719) | (5,389) | ||||||
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership | 1,590 | (1,590) | ||||||
Net income attributable to Noncontrolling Interests | 2,473 | 2,473 | ||||||
Deconsolidation of previously consolidated Noncontrolling Interests | (117,350) | |||||||
Balance, end of period at Sep. 30, 2015 | 10,478,534 | $ 40,180 | $ 3,641 | $ 8,584,143 | $ 2,007,590 | $ (157,020) | ||
Balance, end of period at Sep. 30, 2015 | $ 226,130 | $ 221,487 | $ 4,643 |
CONSOLIDATED STATEMENT OF CHA12
CONSOLIDATED STATEMENT OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Total | ERPOP [Member] | ERPOP [Member]Accumulated Other Comprehensive (Loss) | ERPOP [Member]Preferred Partner [Member] | ERPOP [Member]General Partner [Member] | ERPOP [Member]Limited Partner [Member] | ERPOP [Member]Noncontrolling Interest [Member] |
Balance, beginning of year at Dec. 31, 2014 | $ (172,152) | $ 50,000 | $ 10,490,608 | $ 214,411 | |||
Balance, beginning of year at Dec. 31, 2014 | $ 124,909 | ||||||
Partial redemption of 8.29% Series K Cumulative Redeemable | $ 9,820 | $ 9,820 | (9,820) | ||||
OP Unit Issuance: | |||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 4,378 | (4,378) | |||||
Exercise of EQR share options | 37,047 | ||||||
EQR's Employee Share Purchase Plan (ESPP) | (3,376) | 3,376 | |||||
Conversion of EQR restricted shares to restricted units | (70) | 70 | |||||
Share-based employee compensation expense: | |||||||
EQR restricted shares | 12,691 | ||||||
EQR share options | 2,887 | ||||||
EQR ESPP discount | 692 | ||||||
Net income available to Units – General Partner | 660,288 | 660,288 | |||||
OP Units – General Partner distributions | (603,337) | ||||||
Offering costs | (69) | ||||||
Supplemental Executive Retirement Plan (SERP) | (1,325) | ||||||
Change in market value of Redeemable Limited Partners | (20,262) | (20,262) | |||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 8,470 | (8,470) | |||||
Issuance of restricted units to Noncontrolling Interests | 3 | ||||||
Equity compensation associated with Units – Limited Partners | 18,969 | ||||||
Net income available to Units – Limited Partners | 26,191 | 26,191 | |||||
Units – Limited Partners distributions | (23,719) | ||||||
Change in carrying value of Redeemable Limited Partners | (1,590) | (1,590) | |||||
Other comprehensive income (loss) – derivative instruments: | |||||||
Unrealized holding gains arising during the period | 1,796 | 1,796 | 1,796 | ||||
Losses reclassified into earnings from other comprehensive income | (13,647) | (13,647) | 13,647 | ||||
Currency translation adjustments arising during the period | (311) | (311) | (311) | ||||
Net income attributable to Noncontrolling Interests | $ 2,473 | $ 2,473 | 2,473 | ||||
Distributions to Noncontrolling Interests | (5,389) | ||||||
Deconsolidation of previously consolidated Noncontrolling Interests | (117,350) | ||||||
Balance, end of period at Sep. 30, 2015 | $ (157,020) | $ 40,180 | $ 10,595,374 | $ 221,487 | |||
Balance, end of period at Sep. 30, 2015 | $ 4,643 |
Business
Business | 9 Months Ended |
Sep. 30, 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 September 30, 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 September 30, 2015 , the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 392 properties located in 12 states and the District of Columbia consisting of 109,347 apartment units. The ownership breakdown includes (table does not include various uncompleted development properties): Properties Apartment Wholly Owned Properties 365 98,331 Master-Leased Properties – Consolidated 3 853 Partially Owned Properties – Consolidated 19 3,771 Partially Owned Properties – Unconsolidated 3 1,281 Military Housing 2 5,111 392 109,347 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 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 September 30, 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. Recent Accounting Pronouncements 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, 2018 and early adoption will be permitted beginning on January 1, 2017. 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 and for interim periods thereafter. 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. Other The Company is the controlling partner in various consolidated partnerships owning 19 properties and 3,771 apartment units having a noncontrolling interest book value of $4.6 million at September 30, 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 September 30, 2015 , the Company estimates the value of Noncontrolling Interest distributions for these six properties would have been approximately $71.8 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 September 30, 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. |
Equity, Capital and Other Inter
Equity, Capital and Other Interests | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2015 : 2015 Common Shares Common Shares outstanding at January 1, 362,855,454 Common Shares Issued: Conversion of OP Units 181,753 Exercise of share options 882,764 Employee Share Purchase Plan (ESPP) 52,869 Restricted share grants, net 168,484 Common Shares Other: Conversion of restricted shares to restricted units (1,284 ) Common Shares outstanding at September 30, 364,140,040 Units Units outstanding at January 1, 14,298,691 Restricted units, net 337,505 Conversion of restricted shares to restricted units 1,284 Conversion of OP Units to Common Shares (181,753 ) Units outstanding at September 30, 14,455,727 Total Common Shares and Units outstanding at September 30, 378,595,767 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 September 30, 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 September 30, 2015 , the Redeemable Noncontrolling Interests – Operating Partnership have a redemption value of approximately $522.6 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 nine months ended September 30, 2015 (amounts in thousands): 2015 Balance at January 1, $ 500,733 Change in market value 20,262 Change in carrying value 1,590 Balance at September 30, $ 522,585 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 September 30, 2015 and December 31, 2014: Amounts in thousands Redemption Annual September 30, December 31, Preferred Shares of beneficial interest, $0.01 par value; 8.29% Series K Cumulative Redeemable Preferred; liquidation 12/10/26 $4.145 $ 40,180 $ 50,000 $ 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 nine months ended September 30, 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 882,764 EQR’s Employee Share Purchase Plan (ESPP) 52,869 EQR's restricted share grants, net 168,484 Issued to Limited Partners: Restricted units, net 337,505 General and Limited Partner Units outstanding at September 30, 378,595,767 Limited Partner Units Limited Partner Units outstanding at January 1, 14,298,691 Limited Partner restricted units, net 337,505 Conversion of EQR restricted shares to restricted units 1,284 Conversion of Limited Partner OP Units to EQR Common Shares (181,753 ) Limited Partner Units outstanding at September 30, 14,455,727 Limited Partner Units Ownership Interest in Operating Partnership 3.8 % The Limited Partners of the Operating Partnership as of September 30, 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 September 30, 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 September 30, 2015 , the Redeemable Limited Partner Units have a redemption value of approximately $522.6 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 nine months ended September 30, 2015 (amounts in thousands): 2015 Balance at January 1, $ 500,733 Change in market value 20,262 Change in carrying value 1,590 Balance at September 30, $ 522,585 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 September 30, 2015 and December 31, 2014 : Amounts in thousands Redemption Date (1) Annual September 30, December 31, Preference Units: 8.29% Series K Cumulative Redeemable Preference Units; 12/10/26 $4.145 $ 40,180 $ 50,000 $ 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 nine months ended September 30, 2015 . As of September 30, 2015 , EQR has remaining authorization to repurchase an additional 12,968,760 of its shares. |
Real Estate
Real Estate | 9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 2014 (amounts in thousands): September 30, December 31, Land $ 6,424,887 $ 6,295,404 Depreciable property: Buildings and improvements 18,527,779 17,974,337 Furniture, fixtures and equipment 1,497,314 1,365,276 In-Place lease intangibles 515,154 511,891 Projects under development: Land 295,798 466,764 Construction-in-progress 743,859 877,155 Land held for development: Land 120,007 145,366 Construction-in-progress 34,683 39,190 Investment in real estate 28,159,481 27,675,383 Accumulated depreciation (5,914,695 ) (5,432,805 ) Investment in real estate, net $ 22,244,786 $ 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 September 30, 2015 and December 31, 2014 (amounts in thousands): Description Balance Sheet Location September 30, December 31, 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 (12,318 ) (8,913 ) Lease intangible assets, net $ 167,193 $ 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 (3,129 ) (2,258 ) Lease intangible liabilities, net $ 4,541 $ 5,412 During the nine months ended September 30, 2015 and 2014, the Company amortized approximately $3.2 million and $3.2 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 $0.7 million and $0.9 million , respectively, of above and below market retail lease intangibles which is included (net increase) in rental income in the accompanying consolidated statements of operations and comprehensive income. During the quarters ended September 30, 2015 and 2014, the Company amortized approximately $1.0 million and $1.0 million , respectively, of above and below market ground lease intangibles which is included (net increase) in property and maintenance expense in the accompanying consolidated statements of operations and comprehensive income and approximately $0.2 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 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 $ 1,080 $ 4,321 $ 4,321 $ 4,321 $ 4,321 $ 4,321 Retail lease intangibles (232 ) (896 ) (540 ) (71 ) (71 ) (71 ) Total $ 848 $ 3,425 $ 3,781 $ 4,250 $ 4,250 $ 4,250 During the nine months ended September 30, 2015 , the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties 1 202 $ 130,275 Land Parcels (1) — — 27,800 Total 1 202 $ 158,075 (1) During the third quarter of 2015, the Company acquired two land parcels in San Francisco which will be combined with an additional land parcel acquired earlier in the year for future development. During the nine months ended September 30, 2015 , the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties (1) 7 1,707 $ 464,812 Total 7 1,707 $ 464,812 (1) Includes a 193,230 square foot medical office building adjacent to our Longfellow Place property in Boston with a sales price of approximately $123.3 million which is not included in the Company's property and apartment unit counts. The Company recognized a net gain on sales of real estate properties of approximately $295.7 million on the above sales. Other In December 2011, the Company and Toll Brothers (NYSE: TOL) jointly acquired a vacant land parcel at 400 Park Avenue South in New York City. The Company's and Toll Brothers' allocated portions of the purchase price were approximately $76.1 million and $57.9 million , respectively. The 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. Until the core and shell of the building were complete, the building and land were owned jointly and were required to be consolidated on the Company's balance sheet as the Company was the managing member and Toll Brothers did not have substantive kick-out or participating rights. In July 2015, the Company recorded the master condominium declaration for this development project and as a result, the Toll Brothers’ portion of the property was deconsolidated from the Company's balance sheet. The Company now solely owns the rental portion of the building (floors 2-22) and the ground floor retail and Toll Brothers solely owns the for sale portion of the building (floors 23-40). The joint venture no longer owns any real property. In conjunction with this transaction, the Company reduced investment in real estate by $116.7 million , noncontrolling interest by $117.3 million and accrued retainage by $1.1 million and increased other liabilities by $1.7 million (to account for Toll Brothers' restricted cash still held by the Company). The deconsolidation of the Toll Brothers' portion of the project had no impact on the consolidated results of operations and comprehensive income. |
Commitments to Acquire_Dispose
Commitments to Acquire/Dispose of Real Estate | 9 Months Ended |
Sep. 30, 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 properties that were subsequently acquired as discussed in Note 14, the Company has entered into a separate agreement to acquire the following (purchase price in thousands): Properties Apartment Units Purchase Price Other — 2 $ 6,000 Total — 2 $ 6,000 In addition to the property that was 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 (1) 77 23,961 $ 5,830,203 Land Parcels (three) — — 29,900 Total 77 23,961 $ 5,860,103 (1) Includes the agreement to sell 72 properties consisting of 23,262 apartment units to a controlled affiliate of Starwood Capital Group for $5.365 billion . See Note 14 for further discussion. 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2015 (amounts in thousands except for project and apartment unit amounts): Consolidated Unconsolidated Operating Operating Total projects 19 3 Total apartment units 3,771 1,281 Balance sheet information at 9/30/15 (at 100%): ASSETS Investment in real estate $ 687,814 $ 290,733 Accumulated depreciation (211,120 ) (27,563 ) Investment in real estate, net 476,694 263,170 Cash and cash equivalents 19,242 8,912 Investments in unconsolidated entities 50,140 — Deposits – restricted 335 284 Deferred financing costs, net 1,875 6 Other assets 26,816 882 Total assets $ 575,102 $ 273,254 LIABILITIES AND EQUITY/CAPITAL Mortgage notes payable (1) $ 343,341 $ 174,992 Accounts payable & accrued expenses 3,318 3,227 Accrued interest payable 1,206 691 Other liabilities 709 513 Security deposits 2,017 614 Total liabilities 350,591 180,037 Noncontrolling Interests – Partially Owned Properties/Partners' equity 4,643 90,878 Company equity/General and Limited Partners' Capital 219,868 2,339 Total equity/capital 224,511 93,217 Total liabilities and equity/capital $ 575,102 $ 273,254 Consolidated Unconsolidated Operating Operating Operating information for the nine months ended 9/30/15 (at 100%): Operating revenue $ 70,142 $ 24,125 Operating expenses 20,208 8,949 Net operating income 49,934 15,176 Depreciation 16,638 9,251 General and administrative/other 44 178 Operating income 33,252 5,747 Interest and other income 8 2 Other expenses (50 ) — Interest: Expense incurred, net (11,704 ) (7,047 ) Amortization of deferred financing costs (266 ) (1 ) Income (loss) before income and other taxes and (loss) from 21,240 (1,299 ) Income and other tax (expense) benefit (35 ) (18 ) (Loss) from investments in unconsolidated entities (1,104 ) — Net income (loss) $ 20,101 $ (1,317 ) (1) 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 $42.8 million at September 30, 2015 . The ventures are owned 60% by the Company and 40% by AVB. The Company is the controlling partner in various consolidated partnership properties having an aggregate noncontrolling interest book value of $4.6 million at September 30, 2015 . The Company does not have any variable interest entities. Operating Properties The Company has a 75% equity interest in the Wisconsin Place joint venture. The project contains a mixed-use site located in Chevy Chase, Maryland consisting of residential, retail, office and accessory uses, including underground parking facilities. The joint venture owns the 432 unit residential component, but has no ownership interest in the retail and office components. At September 30, 2015 , the residential component had a net book value of $176.8 million . The Company is the managing member and its partner does not have substantive kick-out or participating rights. As a result, the entity that owns the residential component is required to be consolidated on the Company's balance sheet. The joint venture also retains an unconsolidated interest in an entity that owns the land underlying the entire project and owns and operates the parking facility. At September 30, 2015 , the basis of this investment was $50.1 million . The Company has a 20% equity interest in the Waterton Tenside joint venture which owns a 336 unit apartment property located in Atlanta, Georgia and had a basis of $4.0 million at September 30, 2015 . 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 $29.6 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 has a 20% equity interest in each of the Nexus Sawgrass and Domain joint ventures. The Nexus Sawgrass joint venture owns a 501 unit apartment property located in Sunrise, Florida and had a basis of $5.3 million at September 30, 2015 . The Domain joint venture owns a 444 unit apartment property located in San Jose, California and had a basis of $10.2 million at September 30, 2015 . Nexus Sawgrass and Domain were completed and stabilized during the quarters ended September 30, 2014 and March 31, 2015 , respectively. Construction on both projects was predominantly funded with long-term, non-recourse secured loans from the partner. The mortgage loan on Nexus Sawgrass has a current unconsolidated outstanding balance of $48.6 million , bears interest at 5.60% and matures January 1, 2021 . The mortgage loan on Domain has a current unconsolidated outstanding balance of $96.8 million , 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. As a result, the entities are unconsolidated and recorded using the equity method of accounting. The Company currently has no further funding obligations related to these projects. 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 two 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. The Company's initial investment was $147.6 million and the Company's basis at September 30, 2015 was $4.5 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 nine months ended September 30, 2015 , the Company received approximately $45.1 million in distributions from the Residual JV as a result of the winddown/sale of remaining assets owned by the Residual JV and litigation settlements 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 $3.5 million during the nine months ended September 30, 2015 and $102.0 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 litigation settlements received by the Residual JV were approximately $24.8 million and $16.8 million , respectively, during the nine months ended September 30, 2015 . 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. During the nine months ended September 30, 2015 , the Legacy JV distributed $27.9 million to its preferred interests holders for accrued and unpaid dividends, of which the Company's pro rata share was approximately $16.7 million . At September 30, 2015 , the remaining preferred interests had an aggregate liquidation value of $42.8 million , our share of which is included in other liabilities in the accompanying consolidated balance sheets. Obligations of the Legacy JV are borne 60% by the Company and 40% by AVB. The Legacy JV is managed by a Management Committee consisting of two members from each of the Company and AVB. Both partners have equal participation in the Management Committee and all significant participating rights are shared by both partners. As a result, the Legacy JV is unconsolidated and recorded using the equity method of accounting. |
Deposits - Restricted
Deposits - Restricted | 9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 2014 (amounts in thousands): September 30, December 31, Tax-deferred (1031) exchange proceeds $ 77,636 $ — Earnest money on pending acquisitions 2,210 580 Restricted deposits on real estate investments 7,538 24,701 Resident security and utility deposits 47,932 46,516 Other 358 506 Totals $ 135,674 $ 72,303 The following table presents the Company’s escrow deposits as of September 30, 2015 and December 31, 2014 (amounts in thousands): September 30, December 31, Real estate taxes and insurance $ 1,479 $ 2,235 Replacement reserves 3,838 3,431 Mortgage principal reserves/sinking funds 47,902 41,567 Other 852 852 Totals $ 54,071 $ 48,085 |
Debt
Debt | 9 Months Ended |
Sep. 30, 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 September 30, 2015 , the Company had outstanding mortgage debt of approximately $4.9 billion . During the nine months ended September 30, 2015 , the Company repaid $184.7 million of mortgage loans. The Company recorded $0.1 million of write-offs of unamortized deferred financing costs during the nine months ended September 30, 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 nine months ended September 30, 2015 as a reduction of interest expense related to debt extinguishment of mortgages. As of September 30, 2015 , the Company had $700.5 million of secured debt subject to third party credit enhancement. As of September 30, 2015 , scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through May 1, 2061 . At September 30, 2015 , the interest rate range on the Company’s mortgage debt was 0.01% to 7.25% . During the nine months ended September 30, 2015 , the weighted average interest rate on the Company’s mortgage debt was 4.22% . Notes As of September 30, 2015 , the Company had outstanding unsecured notes of approximately $5.9 billion . During the nine months ended September 30, 2015 , the Company: ▪ Repaid $300.0 million of 6.584% unsecured notes at maturity; ▪ Issued $450.0 million of ten-year 3.375% fixed rate public notes, receiving net proceeds of $447.5 million before underwriting fees, hedge termination costs and other expenses, at an all-in effective interest rate of 3.81% after termination of various forward starting swaps in conjunction with the issuance (see Note 9 for further discussion); and ▪ Issued $300.0 million of thirty-year 4.50% fixed rate public notes, receiving net proceeds of $298.9 million before underwriting fees and other expenses, at an all-in effective interest rate of 4.55% . As of September 30, 2015 , scheduled maturities for the Company’s outstanding notes were at various dates through June 1, 2045 . At September 30, 2015 , the interest rate range on the Company’s notes was 2.375% to 7.57% . During the nine months ended September 30, 2015 , the weighted average interest rate on the Company’s notes was 5.00% . 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 (currently 0.95% ) 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. 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 September 30, 2015 , there was a balance of $30.0 million on the commercial paper program. The notes bear interest at various floating rates with a weighted average of 0.57% for the nine months ended September 30, 2015 and a weighted average maturity of 12 days as of September 30, 2015 . As of September 30, 2015 , the amount available on the revolving credit facility was $2.42 billion (net of $45.1 million which was restricted/dedicated to support letters of credit and net of $30.0 million outstanding on the commercial paper program). During the nine months ended September 30, 2015 , the weighted average interest rate on the revolving credit facility was 1.07% . |
Derivative and Other Fair Value
Derivative and Other Fair Value Instruments | 9 Months Ended |
Sep. 30, 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 commercial paper) were approximately $4.9 billion and $5.9 billion , respectively, at September 30, 2015 . The fair values of the Company’s mortgage notes payable and unsecured debt (including its commercial paper) were approximately $4.9 billion (Level 2) and $6.2 billion (Level 2), respectively, at September 30, 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 September 30, 2015 (dollar amounts are in thousands): Fair Value Forward Current Notional Balance $ 450,000 $ 50,000 Lowest Possible Notional $ 450,000 $ 50,000 Highest Possible Notional $ 450,000 $ 50,000 Lowest Interest Rate 2.375 % 2.500 % Highest Interest Rate 2.375 % 2.500 % Earliest Maturity Date 2019 2026 Latest Maturity Date 2019 2026 (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. This swap has a mandatory counterparty termination in 2017, and is targeted to a 2016 issuance. 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 September 30, 2015 and December 31, 2014 , respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 9/30/2015 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Fair Value Hedges Other Assets $ 9,759 $ — $ 9,759 $ — Supplemental Executive Retirement Plan Other Assets 96,823 96,823 — — Total $ 106,582 $ 96,823 $ 9,759 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Liabilities $ 1,095 $ — $ 1,095 $ — Supplemental Executive Retirement Plan Other Liabilities 96,823 96,823 — — Total $ 97,918 $ 96,823 $ 1,095 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 522,585 $ — $ 522,585 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2014 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Fair Value Hedges Other Assets $ 1,597 $ — $ 1,597 $ — Forward Starting Swaps Other Assets 332 — 332 — Supplemental Executive Retirement Plan Other Assets 104,463 104,463 — — Total $ 106,392 $ 104,463 $ 1,929 $ — 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 nine months ended September 30, 2015 and 2014 , respectively (amounts in thousands): September 30, 2015 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ 8,162 Fixed rate debt Interest expense $ (8,162 ) Total $ 8,162 $ (8,162 ) September 30, 2014 Type of Fair Value Hedge Location of Derivative Amount of Derivative Hedged Item Income Statement Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ (2,485 ) Fixed rate debt Interest expense $ 2,485 Total $ (2,485 ) $ 2,485 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 nine months ended September 30, 2015 and 2014 , respectively (amounts in thousands): Effective Portion Ineffective Portion September 30, 2015 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/ (Loss) Reclassified from Accumulated OCI into Income Amount of Gain/ Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/ Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (1,237 ) Interest expense $ (13,647 ) Interest expense $ (3,033 ) Total $ (1,237 ) $ (13,647 ) $ (3,033 ) Effective Portion Ineffective Portion September 30, 2014 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/ (Loss) Reclassified from Accumulated OCI into Income Amount of Gain/ Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/ Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (21,693 ) Interest expense $ (12,606 ) Interest expense $ 91 Total $ (21,693 ) $ (12,606 ) $ 91 As of September 30, 2015 and December 31, 2014 , there were approximately $156.8 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 September 30, 2015 , the Company may recognize an estimated $24.2 million of accumulated other comprehensive (loss) as additional interest expense during the twelve months ending September 30, 2016 . In May 2015, the Company paid a net $15.1 million to settle nine forward starting ten-year swaps in conjunction with the issuance of $450.0 million of ten-year fixed rate public notes. The ineffective portion of approximately $30,000 and accrued interest of approximately $1.2 million were recorded as increases to interest expense. The remaining amount of approximately $13.9 million will be deferred as a component of accumulated other comprehensive (loss) and recognized as an increase to interest expense over the first 9 years and 10.5 months of the notes. During the quarter ended September 30, 2015, the Company recorded approximately $3.0 million of deferred accumulated other comprehensive (loss) as additional interest expense due to the ineffectiveness of certain forward starting swaps. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 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): Nine Months Ended September 30, Quarter Ended September 30, 2015 2014 2015 2014 Numerator for net income per share – basic: Income from continuing operations $ 693,948 $ 430,142 $ 205,375 $ 231,252 Allocation to Noncontrolling Interests – Operating Partnership, net (26,178 ) (16,216 ) (7,775 ) (8,740 ) Net (income) attributable to Noncontrolling Interests – Partially Owned (2,473 ) (1,800 ) (986 ) (708 ) Preferred distributions (2,557 ) (3,109 ) (833 ) (1,037 ) Premium on redemption of Preferred Shares (2,789 ) — — — Income from continuing operations available to Common Shares, net of 659,951 409,017 195,781 220,767 Discontinued operations, net of Noncontrolling Interests 337 1,443 78 (60 ) Numerator for net income per share – basic $ 660,288 $ 410,460 $ 195,859 $ 220,707 Numerator for net income per share – diluted: Income from continuing operations $ 693,948 $ 430,142 $ 205,375 $ 231,252 Net (income) attributable to Noncontrolling Interests – Partially Owned (2,473 ) (1,800 ) (986 ) (708 ) Preferred distributions (2,557 ) (3,109 ) (833 ) (1,037 ) Premium on redemption of Preferred Shares (2,789 ) — — — Income from continuing operations available to Common Shares 686,129 425,233 203,556 229,507 Discontinued operations, net 350 1,500 81 (62 ) Numerator for net income per share – diluted $ 686,479 $ 426,733 $ 203,637 $ 229,445 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 363,386 360,900 363,579 361,409 Effect of dilutive securities: OP Units 13,584 13,726 13,568 13,707 Long-term compensation shares/units 3,453 2,602 3,516 2,838 Denominator for net income per share – diluted 380,423 377,228 380,663 377,954 Net income per share – basic $ 1.82 $ 1.14 $ 0.54 $ 0.61 Net income per share – diluted $ 1.80 $ 1.13 $ 0.53 $ 0.61 Net income per share – basic: Income from continuing operations available to Common Shares, net of $ 1.82 $ 1.13 $ 0.54 $ 0.61 Discontinued operations, net of Noncontrolling Interests — 0.01 — — Net income per share – basic $ 1.82 $ 1.14 $ 0.54 $ 0.61 Net income per share – diluted: Income from continuing operations available to Common Shares $ 1.80 $ 1.13 $ 0.53 $ 0.61 Discontinued operations, net — — — — Net income per share – diluted $ 1.80 $ 1.13 $ 0.53 $ 0.61 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): Nine Months Ended September 30, Quarter Ended September 30, 2015 2014 2015 2014 Numerator for net income per Unit – basic and diluted: Income from continuing operations $ 693,948 $ 430,142 $ 205,375 $ 231,252 Net (income) attributable to Noncontrolling Interests – Partially Owned (2,473 ) (1,800 ) (986 ) (708 ) Allocation to Preference Units (2,557 ) (3,109 ) (833 ) (1,037 ) Allocation to premium on redemption of Preference Units (2,789 ) — — — Income from continuing operations available to Units 686,129 425,233 203,556 229,507 Discontinued operations, net 350 1,500 81 (62 ) Numerator for net income per Unit – basic and diluted $ 686,479 $ 426,733 $ 203,637 $ 229,445 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 376,970 374,626 377,147 375,116 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting of the 3,453 2,602 3,516 2,838 Denominator for net income per Unit – diluted 380,423 377,228 380,663 377,954 Net income per Unit – basic $ 1.82 $ 1.14 $ 0.54 $ 0.61 Net income per Unit – diluted $ 1.80 $ 1.13 $ 0.53 $ 0.61 Net income per Unit – basic: Income from continuing operations available to Units $ 1.82 $ 1.13 $ 0.54 $ 0.61 Discontinued operations, net — 0.01 — — Net income per Unit – basic $ 1.82 $ 1.14 $ 0.54 $ 0.61 Net income per Unit – diluted: Income from continuing operations available to Units $ 1.80 $ 1.13 $ 0.53 $ 0.61 Discontinued operations, net — — — — Net income per Unit – diluted $ 1.80 $ 1.13 $ 0.53 $ 0.61 |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 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 nine months and quarters ended September 30, 2015 and 2014 represent trailing activity for properties sold in 2013 and prior years. None of the properties sold during the nine months and quarters ended September 30, 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 the nine months and quarters ended September 30, 2015 and 2014 (amounts in thousands). Nine Months Ended September 30, Quarter Ended September 30, 2015 2014 2015 2014 REVENUES Rental income $ 425 $ 1,218 $ 87 $ (57 ) Total revenues 425 1,218 87 (57 ) EXPENSES (1) Property and maintenance (67 ) (125 ) — (84 ) Real estate taxes and insurance 55 146 2 152 General and administrative 75 59 4 8 Total expenses 63 80 6 76 Discontinued operating income (loss) 362 1,138 81 (133 ) Interest and other income 3 152 — 72 Income and other tax (expense) benefit (15 ) (13 ) — — Discontinued operations 350 1,277 81 (61 ) Net gain (loss) on sales of discontinued operations — 223 — (1 ) Discontinued operations, net $ 350 $ 1,500 $ 81 $ (62 ) (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 | 9 Months Ended |
Sep. 30, 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 September 30, 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 nine months ended September 30, 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 September 30, 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 September 30, 2015 , the Company has 10 wholly owned projects totaling 3,989 apartment units in various stages of development with commitments to fund of approximately $919.5 million 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. As of September 30, 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. See Note 6 for further discussion. |
Reportable Segments
Reportable Segments | 9 Months Ended |
Sep. 30, 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 and two of its non-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 – other markets that are not material have also been aggregated in the tables presented below. The Company’s fee and asset management and development 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 nine months and quarters ended September 30, 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 table presents a reconciliation of NOI from our rental real estate specific to continuing operations for the nine months and quarters ended September 30, 2015 and 2014 , respectively (amounts in thousands): Nine Months Ended September 30, Quarter Ended September 30, 2015 2014 2015 2014 Rental income $ 2,035,359 $ 1,942,492 $ 694,245 $ 662,001 Property and maintenance expense (364,948 ) (361,087 ) (122,383 ) (120,139 ) Real estate taxes and insurance expense (254,513 ) (245,717 ) (84,962 ) (80,568 ) Property management expense (60,887 ) (61,080 ) (18,925 ) (18,407 ) Total operating expenses (680,348 ) (667,884 ) (226,270 ) (219,114 ) Net operating income $ 1,355,011 $ 1,274,608 $ 467,975 $ 442,887 The following tables present NOI for each segment from our rental real estate specific to continuing operations for the nine months and quarters ended September 30, 2015 and 2014 , respectively, as well as total assets and capital expenditures at September 30, 2015 (amounts in thousands): Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Boston $ 188,091 $ 61,890 $ 126,201 $ 182,085 $ 58,769 $ 123,316 New York 354,704 133,433 221,271 340,374 129,006 211,368 San Francisco 278,514 81,469 197,045 251,812 80,087 171,725 Seattle 124,623 38,724 85,899 116,327 38,706 77,621 Southern California 322,762 102,989 219,773 305,427 101,924 203,503 Washington D.C. 341,797 113,582 228,215 339,453 110,357 229,096 Non-core – South Florida 151,115 54,961 96,154 143,000 53,188 89,812 Non-core – Denver 89,716 24,246 65,470 82,392 23,246 59,146 Non-core – other 64,405 23,829 40,576 61,857 23,249 38,608 Total same store 1,915,727 635,123 1,280,604 1,822,727 618,532 1,204,195 Non-same store/other (2) (3) Boston 6,192 1,795 4,397 2,750 633 2,117 New York 4,302 3,660 642 16 1 15 San Francisco 2,709 1,465 1,244 10 24 (14 ) Seattle 14,894 4,394 10,500 3,712 1,332 2,380 Southern California 52,833 19,377 33,456 32,949 14,068 18,881 Washington D.C. 16,370 4,855 11,515 12,610 4,683 7,927 Non-core – South Florida 5,916 2,101 3,815 3,694 2,026 1,668 Other (3) 16,416 7,578 8,838 64,024 26,585 37,439 Total non-same store/other 119,632 45,225 74,407 119,765 49,352 70,413 Total $ 2,035,359 $ 680,348 $ 1,355,011 $ 1,942,492 $ 667,884 $ 1,274,608 (1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2014, less properties subsequently sold, which represented 96,432 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 September 30, 2015 Quarter Ended September 30, 2014 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Boston $ 63,673 $ 20,159 $ 43,514 $ 61,407 $ 19,056 $ 42,351 New York 120,149 43,578 76,571 114,968 41,961 73,007 San Francisco 96,115 27,512 68,603 86,468 27,124 59,344 Seattle 43,481 13,206 30,275 40,538 13,082 27,456 Southern California 115,657 36,979 78,678 109,054 36,639 72,415 Washington D.C. 116,935 38,714 78,221 116,449 37,793 78,656 Non-core – South Florida 51,960 18,927 33,033 48,850 18,198 30,652 Non-core – Denver 30,890 8,619 22,271 28,269 8,150 20,119 Non-core – other 21,868 7,912 13,956 20,976 7,655 13,321 Total same store 660,728 215,606 445,122 626,979 209,658 417,321 Non-same store/other (2) (3) Boston 2,858 916 1,942 932 222 710 New York 3,079 2,258 821 6 — 6 San Francisco 2,216 899 1,317 4 12 (8 ) Seattle 4,692 1,523 3,169 1,722 505 1,217 Southern California 12,424 4,351 8,073 8,486 3,383 5,103 Washington D.C. 3,538 1,013 2,525 2,932 901 2,031 Non-core – South Florida 1,331 563 768 1,042 561 481 Other (3) 3,379 (859 ) 4,238 19,898 3,872 16,026 Total non-same store/other 33,517 10,664 22,853 35,022 9,456 25,566 Total $ 694,245 $ 226,270 $ 467,975 $ 662,001 $ 219,114 $ 442,887 (1) Same store primarily includes all properties acquired or completed and stabilized prior to July 1, 2014, less properties subsequently sold, which represented 97,737 apartment units. (2) Non-same store primarily includes properties acquired after July 1, 2014, plus any properties in lease-up and not stabilized as of July 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. Nine Months Ended September 30, 2015 Total Assets Capital Expenditures Same store (1) Boston $ 1,854,057 $ 12,948 New York 4,593,457 13,213 San Francisco 2,666,256 19,932 Seattle 1,072,287 9,608 Southern California 2,748,274 23,320 Washington D.C. 4,199,832 26,697 Non-core – South Florida 1,111,103 12,856 Non-core – Denver 506,436 5,888 Non-core – other 325,649 4,862 Total same store 19,077,351 129,324 Non-same store/other (2) (3) Boston 173,368 308 New York 366,978 (12 ) San Francisco 261,039 3 Seattle 368,624 70 Southern California 837,998 3,713 Washington D.C. 237,900 568 Non-core – South Florida 65,193 30 Other (3) 1,620,353 434 Total non-same store/other 3,931,453 5,114 Total $ 23,008,804 $ 134,438 (1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2014, less properties subsequently sold, which represented 96,432 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 – other segments are as follows: (a) Southern California – Los Angeles, Orange County and San Diego. (b) Non-core – other – Inland Empire, CA, New England (excluding Boston) and Phoenix. |
Subsequent Events_Other
Subsequent Events/Other | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events Other [Abstract] | |
Subsequent Events/Other | 14. Subsequent Events/Other Subsequent Events Subsequent to September 30, 2015 , the Company: • Acquired two properties consisting of 343 apartment units for $132.3 million ; • Sold one property consisting of 150 apartment units for $48.5 million ; and • Repaid $150.0 million of mortgage loans. On October 23, 2015, the Company executed an agreement with a controlled affiliate of Starwood Capital Group to sell a portfolio of 72 operating properties consisting of 23,262 apartment units located in five markets across the United States for $5.365 billion . On October 22, 2015, the Company's Board of Trustees approved the sale of this portfolio. The sale, which is subject to certain closing conditions, is expected to close in the first quarter of 2016. The Company intends to use the majority of the proceeds to pay a special dividend to its shareholders and holders of OP Units of between $9.00 and $11.00 per share/unit and anticipates that dividend being paid in the second quarter of 2016. The Company expects to use the majority of the remaining proceeds to reduce aggregate indebtedness in order to make the transaction leverage neutral. All future dividends remain subject to the discretion of the Board of Trustees. Other During the nine months ended September 30, 2015 and 2014 , the Company incurred charges of $0.2 million and $0.3 million , respectively, related to property acquisition costs, such as survey, title and legal fees, on the acquisition of operating properties and $2.3 million and $2.1 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 $2.5 million and $2.4 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 nine months ended September 30, 2015 , the Company expensed approximately $7.0 million under the long-term incentive portion of the revised program, of which $1.0 million and $6.0 million was recorded to property management expense and general and administrative expense, respectively. During the nine months ended September 30, 2015 and 2014 , the Company received $5.8 million and $2.8 million , respectively, for the settlement of various litigation/insurance claims, which are included in interest and other income in the accompanying consolidated statements of operations and comprehensive income. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 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 September 30, 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. |
New Accounting Pronouncements | Recent Accounting Pronouncements 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, 2018 and early adoption will be permitted beginning on January 1, 2017. 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 and for interim periods thereafter. 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. |
Other [Table Text Block] | Other The Company is the controlling partner in various consolidated partnerships owning 19 properties and 3,771 apartment units having a noncontrolling interest book value of $4.6 million at September 30, 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 September 30, 2015 , the Company estimates the value of Noncontrolling Interest distributions for these six properties would have been approximately $71.8 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 September 30, 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. |
Business (Tables)
Business (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business [Abstract] | |
Schedule of Real Estate Properties | The ownership breakdown includes (table does not include various uncompleted development properties): Properties Apartment Wholly Owned Properties 365 98,331 Master-Leased Properties – Consolidated 3 853 Partially Owned Properties – Consolidated 19 3,771 Partially Owned Properties – Unconsolidated 3 1,281 Military Housing 2 5,111 392 109,347 |
Equity, Capital and Other Int29
Equity, Capital and Other Interests (Tables) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2015 : 2015 Common Shares Common Shares outstanding at January 1, 362,855,454 Common Shares Issued: Conversion of OP Units 181,753 Exercise of share options 882,764 Employee Share Purchase Plan (ESPP) 52,869 Restricted share grants, net 168,484 Common Shares Other: Conversion of restricted shares to restricted units (1,284 ) Common Shares outstanding at September 30, 364,140,040 Units Units outstanding at January 1, 14,298,691 Restricted units, net 337,505 Conversion of restricted shares to restricted units 1,284 Conversion of OP Units to Common Shares (181,753 ) Units outstanding at September 30, 14,455,727 Total Common Shares and Units outstanding at September 30, 378,595,767 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 nine months ended September 30, 2015 (amounts in thousands): 2015 Balance at January 1, $ 500,733 Change in market value 20,262 Change in carrying value 1,590 Balance at September 30, $ 522,585 |
Schedule Of Preferred Stock [Table Text Block] | The following table presents the Company’s issued and outstanding Preferred Shares as of September 30, 2015 and December 31, 2014: Amounts in thousands Redemption Annual September 30, December 31, Preferred Shares of beneficial interest, $0.01 par value; 8.29% Series K Cumulative Redeemable Preferred; liquidation 12/10/26 $4.145 $ 40,180 $ 50,000 $ 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. |
ERPOP [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 nine months ended September 30, 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 882,764 EQR’s Employee Share Purchase Plan (ESPP) 52,869 EQR's restricted share grants, net 168,484 Issued to Limited Partners: Restricted units, net 337,505 General and Limited Partner Units outstanding at September 30, 378,595,767 Limited Partner Units Limited Partner Units outstanding at January 1, 14,298,691 Limited Partner restricted units, net 337,505 Conversion of EQR restricted shares to restricted units 1,284 Conversion of Limited Partner OP Units to EQR Common Shares (181,753 ) Limited Partner Units outstanding at September 30, 14,455,727 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 nine months ended September 30, 2015 (amounts in thousands): 2015 Balance at January 1, $ 500,733 Change in market value 20,262 Change in carrying value 1,590 Balance at September 30, $ 522,585 |
Schedule Of Preferred Stock [Table Text Block] | The following table presents the Operating Partnership’s issued and outstanding “Preference Units” as of September 30, 2015 and December 31, 2014 : Amounts in thousands Redemption Date (1) Annual September 30, December 31, Preference Units: 8.29% Series K Cumulative Redeemable Preference Units; 12/10/26 $4.145 $ 40,180 $ 50,000 $ 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) | 9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 2014 (amounts in thousands): September 30, December 31, Land $ 6,424,887 $ 6,295,404 Depreciable property: Buildings and improvements 18,527,779 17,974,337 Furniture, fixtures and equipment 1,497,314 1,365,276 In-Place lease intangibles 515,154 511,891 Projects under development: Land 295,798 466,764 Construction-in-progress 743,859 877,155 Land held for development: Land 120,007 145,366 Construction-in-progress 34,683 39,190 Investment in real estate 28,159,481 27,675,383 Accumulated depreciation (5,914,695 ) (5,432,805 ) Investment in real estate, net $ 22,244,786 $ 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 September 30, 2015 and December 31, 2014 (amounts in thousands): Description Balance Sheet Location September 30, December 31, 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 (12,318 ) (8,913 ) Lease intangible assets, net $ 167,193 $ 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 (3,129 ) (2,258 ) Lease intangible liabilities, net $ 4,541 $ 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 $ 1,080 $ 4,321 $ 4,321 $ 4,321 $ 4,321 $ 4,321 Retail lease intangibles (232 ) (896 ) (540 ) (71 ) (71 ) (71 ) Total $ 848 $ 3,425 $ 3,781 $ 4,250 $ 4,250 $ 4,250 |
Acquired and Disposed Properties [Table Text Block] | During the nine months ended September 30, 2015 , the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties 1 202 $ 130,275 Land Parcels (1) — — 27,800 Total 1 202 $ 158,075 (1) During the third quarter of 2015, the Company acquired two land parcels in San Francisco which will be combined with an additional land parcel acquired earlier in the year for future development. During the nine months ended September 30, 2015 , the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties (1) 7 1,707 $ 464,812 Total 7 1,707 $ 464,812 (1) Includes a 193,230 square foot medical office building adjacent to our Longfellow Place property in Boston with a sales price of approximately $123.3 million which is not included in the Company's property and apartment unit counts. |
Commitments to Acquire_Dispos31
Commitments to Acquire/Dispose of Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments to Acquire Dispose of Real Estate [Abstract] | |
Real Estate to be Acquired Table Text Block | In addition to the properties that were subsequently acquired as discussed in Note 14, the Company has entered into a separate agreement to acquire the following (purchase price in thousands): Properties Apartment Units Purchase Price Other — 2 $ 6,000 Total — 2 $ 6,000 |
Real Estate To Be Disposed Of Text Block | In addition to the property that was 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 (1) 77 23,961 $ 5,830,203 Land Parcels (three) — — 29,900 Total 77 23,961 $ 5,860,103 (1) Includes the agreement to sell 72 properties consisting of 23,262 apartment units to a controlled affiliate of Starwood Capital Group for $5.365 billion . See Note 14 for further discussion. |
Investments in Partially Owne32
Investments in Partially Owned Entities (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2015 (amounts in thousands except for project and apartment unit amounts): Consolidated Unconsolidated Operating Operating Total projects 19 3 Total apartment units 3,771 1,281 Balance sheet information at 9/30/15 (at 100%): ASSETS Investment in real estate $ 687,814 $ 290,733 Accumulated depreciation (211,120 ) (27,563 ) Investment in real estate, net 476,694 263,170 Cash and cash equivalents 19,242 8,912 Investments in unconsolidated entities 50,140 — Deposits – restricted 335 284 Deferred financing costs, net 1,875 6 Other assets 26,816 882 Total assets $ 575,102 $ 273,254 LIABILITIES AND EQUITY/CAPITAL Mortgage notes payable (1) $ 343,341 $ 174,992 Accounts payable & accrued expenses 3,318 3,227 Accrued interest payable 1,206 691 Other liabilities 709 513 Security deposits 2,017 614 Total liabilities 350,591 180,037 Noncontrolling Interests – Partially Owned Properties/Partners' equity 4,643 90,878 Company equity/General and Limited Partners' Capital 219,868 2,339 Total equity/capital 224,511 93,217 Total liabilities and equity/capital $ 575,102 $ 273,254 |
Partially Owned Property Income Statement Schedule [Table Text Block] | Consolidated Unconsolidated Operating Operating Operating information for the nine months ended 9/30/15 (at 100%): Operating revenue $ 70,142 $ 24,125 Operating expenses 20,208 8,949 Net operating income 49,934 15,176 Depreciation 16,638 9,251 General and administrative/other 44 178 Operating income 33,252 5,747 Interest and other income 8 2 Other expenses (50 ) — Interest: Expense incurred, net (11,704 ) (7,047 ) Amortization of deferred financing costs (266 ) (1 ) Income (loss) before income and other taxes and (loss) from 21,240 (1,299 ) Income and other tax (expense) benefit (35 ) (18 ) (Loss) from investments in unconsolidated entities (1,104 ) — Net income (loss) $ 20,101 $ (1,317 ) (1) 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 $42.8 million at September 30, 2015 . The ventures are owned 60% by the Company and 40% by AVB. |
Deposits - Restricted (Tables)
Deposits - Restricted (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 2014 (amounts in thousands): September 30, December 31, Tax-deferred (1031) exchange proceeds $ 77,636 $ — Earnest money on pending acquisitions 2,210 580 Restricted deposits on real estate investments 7,538 24,701 Resident security and utility deposits 47,932 46,516 Other 358 506 Totals $ 135,674 $ 72,303 |
Escrow Deposits [Text Block] | The following table presents the Company’s escrow deposits as of September 30, 2015 and December 31, 2014 (amounts in thousands): September 30, December 31, Real estate taxes and insurance $ 1,479 $ 2,235 Replacement reserves 3,838 3,431 Mortgage principal reserves/sinking funds 47,902 41,567 Other 852 852 Totals $ 54,071 $ 48,085 |
Derivative and Other Fair Val34
Derivative and Other Fair Value Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Derivative Instrument Table | The following table summarizes the Company’s consolidated derivative instruments at September 30, 2015 (dollar amounts are in thousands): Fair Value Forward Current Notional Balance $ 450,000 $ 50,000 Lowest Possible Notional $ 450,000 $ 50,000 Highest Possible Notional $ 450,000 $ 50,000 Lowest Interest Rate 2.375 % 2.500 % Highest Interest Rate 2.375 % 2.500 % Earliest Maturity Date 2019 2026 Latest Maturity Date 2019 2026 (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. This swap has a mandatory counterparty termination in 2017, and is targeted to a 2016 issuance. |
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 September 30, 2015 and December 31, 2014 , respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 9/30/2015 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Fair Value Hedges Other Assets $ 9,759 $ — $ 9,759 $ — Supplemental Executive Retirement Plan Other Assets 96,823 96,823 — — Total $ 106,582 $ 96,823 $ 9,759 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Liabilities $ 1,095 $ — $ 1,095 $ — Supplemental Executive Retirement Plan Other Liabilities 96,823 96,823 — — Total $ 97,918 $ 96,823 $ 1,095 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 522,585 $ — $ 522,585 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2014 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Fair Value Hedges Other Assets $ 1,597 $ — $ 1,597 $ — Forward Starting Swaps Other Assets 332 — 332 — Supplemental Executive Retirement Plan Other Assets 104,463 104,463 — — Total $ 106,392 $ 104,463 $ 1,929 $ — 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 nine months ended September 30, 2015 and 2014 , respectively (amounts in thousands): September 30, 2015 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ 8,162 Fixed rate debt Interest expense $ (8,162 ) Total $ 8,162 $ (8,162 ) September 30, 2014 Type of Fair Value Hedge Location of Derivative Amount of Derivative Hedged Item Income Statement Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ (2,485 ) Fixed rate debt Interest expense $ 2,485 Total $ (2,485 ) $ 2,485 |
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 nine months ended September 30, 2015 and 2014 , respectively (amounts in thousands): Effective Portion Ineffective Portion September 30, 2015 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/ (Loss) Reclassified from Accumulated OCI into Income Amount of Gain/ Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/ Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (1,237 ) Interest expense $ (13,647 ) Interest expense $ (3,033 ) Total $ (1,237 ) $ (13,647 ) $ (3,033 ) Effective Portion Ineffective Portion September 30, 2014 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/ (Loss) Reclassified from Accumulated OCI into Income Amount of Gain/ Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/ Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (21,693 ) Interest expense $ (12,606 ) Interest expense $ 91 Total $ (21,693 ) $ (12,606 ) $ 91 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 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): Nine Months Ended September 30, Quarter Ended September 30, 2015 2014 2015 2014 Numerator for net income per share – basic: Income from continuing operations $ 693,948 $ 430,142 $ 205,375 $ 231,252 Allocation to Noncontrolling Interests – Operating Partnership, net (26,178 ) (16,216 ) (7,775 ) (8,740 ) Net (income) attributable to Noncontrolling Interests – Partially Owned (2,473 ) (1,800 ) (986 ) (708 ) Preferred distributions (2,557 ) (3,109 ) (833 ) (1,037 ) Premium on redemption of Preferred Shares (2,789 ) — — — Income from continuing operations available to Common Shares, net of 659,951 409,017 195,781 220,767 Discontinued operations, net of Noncontrolling Interests 337 1,443 78 (60 ) Numerator for net income per share – basic $ 660,288 $ 410,460 $ 195,859 $ 220,707 Numerator for net income per share – diluted: Income from continuing operations $ 693,948 $ 430,142 $ 205,375 $ 231,252 Net (income) attributable to Noncontrolling Interests – Partially Owned (2,473 ) (1,800 ) (986 ) (708 ) Preferred distributions (2,557 ) (3,109 ) (833 ) (1,037 ) Premium on redemption of Preferred Shares (2,789 ) — — — Income from continuing operations available to Common Shares 686,129 425,233 203,556 229,507 Discontinued operations, net 350 1,500 81 (62 ) Numerator for net income per share – diluted $ 686,479 $ 426,733 $ 203,637 $ 229,445 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 363,386 360,900 363,579 361,409 Effect of dilutive securities: OP Units 13,584 13,726 13,568 13,707 Long-term compensation shares/units 3,453 2,602 3,516 2,838 Denominator for net income per share – diluted 380,423 377,228 380,663 377,954 Net income per share – basic $ 1.82 $ 1.14 $ 0.54 $ 0.61 Net income per share – diluted $ 1.80 $ 1.13 $ 0.53 $ 0.61 Net income per share – basic: Income from continuing operations available to Common Shares, net of $ 1.82 $ 1.13 $ 0.54 $ 0.61 Discontinued operations, net of Noncontrolling Interests — 0.01 — — Net income per share – basic $ 1.82 $ 1.14 $ 0.54 $ 0.61 Net income per share – diluted: Income from continuing operations available to Common Shares $ 1.80 $ 1.13 $ 0.53 $ 0.61 Discontinued operations, net — — — — Net income per share – diluted $ 1.80 $ 1.13 $ 0.53 $ 0.61 |
ERPOP [Member] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): Nine Months Ended September 30, Quarter Ended September 30, 2015 2014 2015 2014 Numerator for net income per Unit – basic and diluted: Income from continuing operations $ 693,948 $ 430,142 $ 205,375 $ 231,252 Net (income) attributable to Noncontrolling Interests – Partially Owned (2,473 ) (1,800 ) (986 ) (708 ) Allocation to Preference Units (2,557 ) (3,109 ) (833 ) (1,037 ) Allocation to premium on redemption of Preference Units (2,789 ) — — — Income from continuing operations available to Units 686,129 425,233 203,556 229,507 Discontinued operations, net 350 1,500 81 (62 ) Numerator for net income per Unit – basic and diluted $ 686,479 $ 426,733 $ 203,637 $ 229,445 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 376,970 374,626 377,147 375,116 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting of the 3,453 2,602 3,516 2,838 Denominator for net income per Unit – diluted 380,423 377,228 380,663 377,954 Net income per Unit – basic $ 1.82 $ 1.14 $ 0.54 $ 0.61 Net income per Unit – diluted $ 1.80 $ 1.13 $ 0.53 $ 0.61 Net income per Unit – basic: Income from continuing operations available to Units $ 1.82 $ 1.13 $ 0.54 $ 0.61 Discontinued operations, net — 0.01 — — Net income per Unit – basic $ 1.82 $ 1.14 $ 0.54 $ 0.61 Net income per Unit – diluted: Income from continuing operations available to Units $ 1.80 $ 1.13 $ 0.53 $ 0.61 Discontinued operations, net — — — — Net income per Unit – diluted $ 1.80 $ 1.13 $ 0.53 $ 0.61 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 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 the nine months and quarters ended September 30, 2015 and 2014 (amounts in thousands). Nine Months Ended September 30, Quarter Ended September 30, 2015 2014 2015 2014 REVENUES Rental income $ 425 $ 1,218 $ 87 $ (57 ) Total revenues 425 1,218 87 (57 ) EXPENSES (1) Property and maintenance (67 ) (125 ) — (84 ) Real estate taxes and insurance 55 146 2 152 General and administrative 75 59 4 8 Total expenses 63 80 6 76 Discontinued operating income (loss) 362 1,138 81 (133 ) Interest and other income 3 152 — 72 Income and other tax (expense) benefit (15 ) (13 ) — — Discontinued operations 350 1,277 81 (61 ) Net gain (loss) on sales of discontinued operations — 223 — (1 ) Discontinued operations, net $ 350 $ 1,500 $ 81 $ (62 ) (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) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Reconciliation of NOI | The following table presents a reconciliation of NOI from our rental real estate specific to continuing operations for the nine months and quarters ended September 30, 2015 and 2014 , respectively (amounts in thousands): Nine Months Ended September 30, Quarter Ended September 30, 2015 2014 2015 2014 Rental income $ 2,035,359 $ 1,942,492 $ 694,245 $ 662,001 Property and maintenance expense (364,948 ) (361,087 ) (122,383 ) (120,139 ) Real estate taxes and insurance expense (254,513 ) (245,717 ) (84,962 ) (80,568 ) Property management expense (60,887 ) (61,080 ) (18,925 ) (18,407 ) Total operating expenses (680,348 ) (667,884 ) (226,270 ) (219,114 ) Net operating income $ 1,355,011 $ 1,274,608 $ 467,975 $ 442,887 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables present NOI for each segment from our rental real estate specific to continuing operations for the nine months and quarters ended September 30, 2015 and 2014 , respectively, as well as total assets and capital expenditures at September 30, 2015 (amounts in thousands): Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Boston $ 188,091 $ 61,890 $ 126,201 $ 182,085 $ 58,769 $ 123,316 New York 354,704 133,433 221,271 340,374 129,006 211,368 San Francisco 278,514 81,469 197,045 251,812 80,087 171,725 Seattle 124,623 38,724 85,899 116,327 38,706 77,621 Southern California 322,762 102,989 219,773 305,427 101,924 203,503 Washington D.C. 341,797 113,582 228,215 339,453 110,357 229,096 Non-core – South Florida 151,115 54,961 96,154 143,000 53,188 89,812 Non-core – Denver 89,716 24,246 65,470 82,392 23,246 59,146 Non-core – other 64,405 23,829 40,576 61,857 23,249 38,608 Total same store 1,915,727 635,123 1,280,604 1,822,727 618,532 1,204,195 Non-same store/other (2) (3) Boston 6,192 1,795 4,397 2,750 633 2,117 New York 4,302 3,660 642 16 1 15 San Francisco 2,709 1,465 1,244 10 24 (14 ) Seattle 14,894 4,394 10,500 3,712 1,332 2,380 Southern California 52,833 19,377 33,456 32,949 14,068 18,881 Washington D.C. 16,370 4,855 11,515 12,610 4,683 7,927 Non-core – South Florida 5,916 2,101 3,815 3,694 2,026 1,668 Other (3) 16,416 7,578 8,838 64,024 26,585 37,439 Total non-same store/other 119,632 45,225 74,407 119,765 49,352 70,413 Total $ 2,035,359 $ 680,348 $ 1,355,011 $ 1,942,492 $ 667,884 $ 1,274,608 (1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2014, less properties subsequently sold, which represented 96,432 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 September 30, 2015 Quarter Ended September 30, 2014 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Boston $ 63,673 $ 20,159 $ 43,514 $ 61,407 $ 19,056 $ 42,351 New York 120,149 43,578 76,571 114,968 41,961 73,007 San Francisco 96,115 27,512 68,603 86,468 27,124 59,344 Seattle 43,481 13,206 30,275 40,538 13,082 27,456 Southern California 115,657 36,979 78,678 109,054 36,639 72,415 Washington D.C. 116,935 38,714 78,221 116,449 37,793 78,656 Non-core – South Florida 51,960 18,927 33,033 48,850 18,198 30,652 Non-core – Denver 30,890 8,619 22,271 28,269 8,150 20,119 Non-core – other 21,868 7,912 13,956 20,976 7,655 13,321 Total same store 660,728 215,606 445,122 626,979 209,658 417,321 Non-same store/other (2) (3) Boston 2,858 916 1,942 932 222 710 New York 3,079 2,258 821 6 — 6 San Francisco 2,216 899 1,317 4 12 (8 ) Seattle 4,692 1,523 3,169 1,722 505 1,217 Southern California 12,424 4,351 8,073 8,486 3,383 5,103 Washington D.C. 3,538 1,013 2,525 2,932 901 2,031 Non-core – South Florida 1,331 563 768 1,042 561 481 Other (3) 3,379 (859 ) 4,238 19,898 3,872 16,026 Total non-same store/other 33,517 10,664 22,853 35,022 9,456 25,566 Total $ 694,245 $ 226,270 $ 467,975 $ 662,001 $ 219,114 $ 442,887 (1) Same store primarily includes all properties acquired or completed and stabilized prior to July 1, 2014, less properties subsequently sold, which represented 97,737 apartment units. (2) Non-same store primarily includes properties acquired after July 1, 2014, plus any properties in lease-up and not stabilized as of July 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. Nine Months Ended September 30, 2015 Total Assets Capital Expenditures Same store (1) Boston $ 1,854,057 $ 12,948 New York 4,593,457 13,213 San Francisco 2,666,256 19,932 Seattle 1,072,287 9,608 Southern California 2,748,274 23,320 Washington D.C. 4,199,832 26,697 Non-core – South Florida 1,111,103 12,856 Non-core – Denver 506,436 5,888 Non-core – other 325,649 4,862 Total same store 19,077,351 129,324 Non-same store/other (2) (3) Boston 173,368 308 New York 366,978 (12 ) San Francisco 261,039 3 Seattle 368,624 70 Southern California 837,998 3,713 Washington D.C. 237,900 568 Non-core – South Florida 65,193 30 Other (3) 1,620,353 434 Total non-same store/other 3,931,453 5,114 Total $ 23,008,804 $ 134,438 (1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2014, less properties subsequently sold, which represented 96,432 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 – other segments are as follows: (a) Southern California – Los Angeles, Orange County and San Diego. (b) Non-core – other – Inland Empire, CA, New England (excluding Boston) and Phoenix |
Business (Details)
Business (Details) | Sep. 30, 2015 |
Noncontrolling Interest, Ownership Percentage by Parent | 96.20% |
Number of Real Estate Properties | 392 |
Number of States in which Entity Operates | 12 |
Number of Units in Real Estate Property | 109,347 |
Wholly Owned Properties [Member] | |
Number of Real Estate Properties | 365 |
Number of Units in Real Estate Property | 98,331 |
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 | 5,111 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Details) $ in Thousands | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Number of Real Estate Properties | 392 | |
Number of Units in Real Estate Property | 109,347 | |
Noncontrolling Interests – Partially Owned Properties | $ 4,643 | $ 124,909 |
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 | $ 10,997 | |
Noncontrolling Interests Settlement Value | $ 71,800 |
Equity, Capital and Other Int40
Equity, Capital and Other Interests EQR Common Shares (Details) - shares | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Common Shares of beneficial interest, shares outstanding | 364,140,040 | 362,855,454 |
Common Shares Issued: | ||
Conversion of OP Units | 181,753 | |
Exercise of share options | 882,764 | |
Employee Share Purchase Plan (ESPP) | 52,869 | |
Restricted share grants, net | 168,484 | |
Conversion of restricted shares to restricted units | (1,284) | |
Units | ||
Common Shares And Units Outstanding | 378,595,767 | |
Units Ownership Interest in Operating Partnership | 3.80% | |
ERPOP [Member] | ||
Limited Partners' Capital Account, Units Outstanding | 14,455,727 | 14,298,691 |
Common Shares Issued: | ||
Conversion of OP Units | (181,753) | |
Exercise of share options | 882,764 | |
Employee Share Purchase Plan (ESPP) | 52,869 | |
Restricted share grants, net | 168,484 | |
Conversion of restricted shares to restricted units | 1,284 | |
Units | ||
Restricted units, net | 337,505 | |
Common Shares And Units Outstanding | 378,595,767 | 377,154,145 |
Units Ownership Interest in Operating Partnership | 3.80% |
Equity, Capital and Other Int41
Equity, Capital and Other Interests Redeemable (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Redeemable Noncontrolling Interests Operating Partnership | $ 522,585 | $ 500,733 |
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership | 20,262 | |
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership | 1,590 | |
ERPOP [Member] | ||
Redeemable Limited Partners | 522,585 | $ 500,733 |
Limited Partners Change In Redemption Value | 20,262 | |
Limited Partners Change In Carrying Value | $ 1,590 |
Equity, Capital and Other Int42
Equity, Capital and Other Interests Preferred (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 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 September 30, 2015 and 1,000,000 shares issued and outstanding as of December 31, 2014 | $ 40,180 | $ 40,180 | $ 50,000 | ||
Partial redemption of 8.29% Series K Cumulative Redeemable | (9,820) | $ 0 | |||
Premium on redemption of Preference Units | 0 | $ 0 | (2,789) | 0 | |
ERPOP [Member] | |||||
Class of Stock [Line Items] | |||||
Partial redemption of 8.29% Series K Cumulative Redeemable | (9,820) | 0 | |||
Premium on redemption of Preference Units | 0 | $ 0 | 2,789 | $ 0 | |
Preference Units | $ 40,180 | $ 40,180 | $ 50,000 | ||
Series K Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred Stock Preference Units Issued | 803,600 | 803,600 | 1,000,000 | ||
Preferred Stock Preference Units Outstanding | 803,600 | 803,600 | 1,000,000 | ||
Preferred Stock Preference Units Redemption Price Per Share Unit | $ 50 | $ 50 | $ 50 | ||
Preferred Stock Preference Units Dividend Rate Percentage | 8.29% | 8.29% | |||
Preferred Stocks Preference Units Redemption Date | Dec. 10, 2026 | ||||
Annual Dividend Per Preferred Share Preference Unit | $ 4.145 | ||||
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 803,600 shares issued and outstanding as of September 30, 2015 and 1,000,000 shares issued and outstanding as of December 31, 2014 | $ 40,180 | $ 40,180 | $ 50,000 | ||
Preferred Stock Preference Units Repurchased and Retired | 196,400 | ||||
Partial redemption of 8.29% Series K Cumulative Redeemable | $ 9,820 | ||||
Treasury Stock Retired, Cash Consideration | 12,700 | ||||
Premium on redemption of Preference Units | $ 2,789 | ||||
Series K Preferred Stock [Member] | ERPOP [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred Stock Preference Units Issued | 803,600 | 803,600 | 1,000,000 | ||
Preferred Stock Preference Units Outstanding | 803,600 | 803,600 | 1,000,000 | ||
Preferred Stock Preference Units Redemption Price Per Share Unit | $ 50 | $ 50 | $ 50 | ||
Preferred Stock Preference Units Dividend Rate Percentage | 8.29% | 8.29% | |||
Preferred Stocks Preference Units Redemption Date | Dec. 10, 2026 | ||||
Annual Dividend Per Preferred Share Preference Unit | $ 4.145 | ||||
Preference Units | $ 40,180 | $ 40,180 | $ 50,000 |
Equity, Capital and Other Int43
Equity, Capital and Other Interests ERP Units (Details) - shares | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Capital Unit [Line Items] | ||
Common Shares And Units Outstanding | 378,595,767 | |
Exercise of EQR share options | 882,764 | |
EQR’s Employee Share Purchase Plan (ESPP) | 52,869 | |
Restricted share grants, net | 168,484 | |
Conversion of restricted shares to restricted units | (1,284) | |
Conversion of Limited Partner OP Units to EQR Common Shares | 181,753 | |
Units Ownership Interest in Operating Partnership | 3.80% | |
ERPOP [Member] | ||
Capital Unit [Line Items] | ||
Common Shares And Units Outstanding | 378,595,767 | 377,154,145 |
Limited Partners' Capital Account, Units Outstanding | 14,455,727 | 14,298,691 |
Exercise of EQR share options | 882,764 | |
EQR’s Employee Share Purchase Plan (ESPP) | 52,869 | |
Restricted share grants, net | 168,484 | |
Restricted units, net | 337,505 | |
Conversion of restricted shares to restricted units | 1,284 | |
Conversion of Limited Partner OP Units to EQR Common Shares | (181,753) | |
Units Ownership Interest in Operating Partnership | 3.80% |
Equity, Capital and Other Int44
Equity, Capital and Other Interests Text (Details) - $ / shares | Sep. 30, 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 ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Land | $ 6,424,887 | $ 6,424,887 | $ 6,295,404 | ||
Depreciable property: | |||||
Buildings and improvements | 18,527,779 | 18,527,779 | 17,974,337 | ||
Furniture, fixtures and equipment | 1,497,314 | 1,497,314 | 1,365,276 | ||
In-Place lease intangibles | 515,154 | 515,154 | 511,891 | ||
Construction-in-progress | 1,039,657 | 1,039,657 | 1,343,919 | ||
Land Available for Development | 154,690 | 154,690 | 184,556 | ||
Investment in real estate | 28,159,481 | 28,159,481 | 27,675,383 | ||
Accumulated depreciation | (5,914,695) | (5,914,695) | (5,432,805) | ||
Investment in real estate, net | 22,244,786 | 22,244,786 | 22,242,578 | ||
Lease intangible assets | 179,511 | 179,511 | 179,511 | ||
Accumulated amortization | (12,318) | (12,318) | (8,913) | ||
Lease intangible assets, net | 167,193 | 167,193 | 170,598 | ||
Lease intangible liabilities | 7,670 | 7,670 | 7,670 | ||
Accumulated amortization | (3,129) | (3,129) | (2,258) | ||
Lease intangible liabilities, net | 4,541 | 4,541 | 5,412 | ||
Amortization of above/below market leases | 2,534 | $ 2,376 | |||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 848 | 848 | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 3,425 | 3,425 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,781 | 3,781 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 4,250 | 4,250 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 4,250 | 4,250 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 4,250 | 4,250 | |||
Projects under development [Member] | |||||
Depreciable property: | |||||
Land | 295,798 | 295,798 | 466,764 | ||
Construction-in-progress | 743,859 | 743,859 | 877,155 | ||
Land held for development [Member] | |||||
Depreciable property: | |||||
Construction-in-progress | 34,683 | 34,683 | 39,190 | ||
Land Available for Development | 120,007 | 120,007 | 145,366 | ||
Joint Venture Partner [Member] | |||||
Depreciable property: | |||||
Investment in real estate, net | 116,700 | 116,700 | |||
Assets [Member] | |||||
Depreciable property: | |||||
Lease intangibles – below market | 178,251 | 178,251 | 178,251 | ||
Retail lease intangibles – above market | 1,260 | 1,260 | 1,260 | ||
Ground Lease [Member] | |||||
Depreciable property: | |||||
Amortization of above/below market leases | 1,000 | $ 1,000 | 3,200 | 3,200 | |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 1,080 | 1,080 | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 4,321 | 4,321 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 4,321 | 4,321 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 4,321 | 4,321 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 4,321 | 4,321 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 4,321 | 4,321 | |||
Retail Site [Member] | |||||
Depreciable property: | |||||
Amortization of above/below market leases | 200 | $ 300 | 700 | $ 900 | |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | (232) | (232) | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | (896) | (896) | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | (540) | (540) | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | (71) | (71) | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | (71) | (71) | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | (71) | (71) | |||
Liability [Member] | |||||
Depreciable property: | |||||
Lease intangibles – below market | 5,270 | 5,270 | 5,270 | ||
Ground lease intangibles – above market | $ 2,400 | $ 2,400 | $ 2,400 |
Real Estate (Details 2)
Real Estate (Details 2) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)property | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Acquired Properties | property | 1 | ||||
Apartment Units | 202 | ||||
Purchase Price | $ 158,075 | $ 158,075 | |||
Disposed Properties | property | 7 | ||||
Apartment Units | 1,707 | ||||
Sales Price | $ 464,812 | ||||
Net gain on sales of real estate properties | 66,939 | $ 113,641 | 295,692 | $ 128,544 | |
Real Estate Investment Property, Net | 22,244,786 | 22,244,786 | $ 22,242,578 | ||
Noncontrolling Interests – Partially Owned Properties/Partners' equity | 4,643 | 4,643 | 124,909 | ||
Deposits – restricted | 135,674 | 135,674 | $ 72,303 | ||
Joint Venture Partner [Member] | |||||
Purchase Price | 75,700 | 75,700 | |||
Land purchase price | 57,900 | 57,900 | |||
Real Estate Investment Property, Net | 116,700 | 116,700 | |||
Noncontrolling Interests – Partially Owned Properties/Partners' equity | 117,300 | 117,300 | |||
Accrued Liabilities | (1,100) | (1,100) | |||
Deposits – restricted | 1,700 | 1,700 | |||
Company's Portion [Member] | |||||
Purchase Price | 102,500 | 102,500 | |||
Land purchase price | 76,100 | $ 76,100 | |||
Rental Properties | |||||
Acquired Properties | property | 1 | ||||
Apartment Units | 202 | ||||
Purchase Price | 130,275 | $ 130,275 | |||
Disposed Properties | property | 7 | ||||
Apartment Units | 1,707 | ||||
Sales Price | $ 464,812 | ||||
Land [Member] | |||||
Land Parcels Acquired | property | 3 | ||||
Purchase Price | $ 27,800 | $ 27,800 | |||
Commercial Real Estate [Member] | |||||
Sales Price | $ 123,300 |
Commitments to Acquire_Dispos47
Commitments to Acquire/Dispose of Real Estate (Details) $ in Thousands | Oct. 30, 2015USD ($)property |
Starwood Portfolio [Member] | |
Commitments to Dispose of Real Estate | |
Properties Disposed - Total | property | 72 |
Rental Units Disposed-Total | 23,262 |
Sales Price For Commitments To Dispose | $ 5,365,000 |
Commitments [Member] | |
Commitments to Acquire Real Estate | |
Properties Acquired-Total | property | 0 |
Rental Units Acquired - Total | 2 |
Purchase Price - Total | $ 6,000 |
Commitments to Dispose of Real Estate | |
Properties Disposed - Total | property | 77 |
Rental Units Disposed-Total | 23,961 |
Sales Price For Commitments To Dispose | $ 5,860,103 |
Commitments [Member] | Rental Properties Disposed of [Member] | |
Commitments to Dispose of Real Estate | |
Properties Disposed - Total | property | 77 |
Rental Units Disposed-Total | 23,961 |
Sales Price For Commitments To Dispose | $ 5,830,203 |
Commitments [Member] | Land [Member] | |
Commitments to Dispose of Real Estate | |
Sales Price For Commitments To Dispose | $ 29,900 |
Land Parcels Contracted To Be Disposed | 3 |
Commitments [Member] | Consolidated Rental Properties [Member] | |
Commitments to Acquire Real Estate | |
Purchase Price - Total | $ 6,000 |
Investments in Partially Owne48
Investments in Partially Owned Entities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 31 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 27, 2013 | |
Partially Owned Property Balance Sheet Schedule | ||||||||
Number of Real Estate Properties | 392 | 392 | 392 | |||||
Number of Units in Real Estate Property | 109,347 | 109,347 | 109,347 | |||||
ASSETS | ||||||||
Investment in real estate | $ 28,159,481,000 | $ 28,159,481,000 | $ 28,159,481,000 | $ 27,675,383,000 | ||||
Accumulated depreciation | (5,914,695,000) | (5,914,695,000) | (5,914,695,000) | (5,432,805,000) | ||||
Investment in real estate, net | 22,244,786,000 | 22,244,786,000 | 22,244,786,000 | 22,242,578,000 | ||||
Cash and cash equivalents | 37,366,000 | $ 31,478,000 | 37,366,000 | $ 31,478,000 | 37,366,000 | 40,080,000 | $ 53,534,000 | |
Investments in unconsolidated entities | 74,108,000 | 74,108,000 | 74,108,000 | 105,434,000 | ||||
Deposits – restricted | 135,674,000 | 135,674,000 | 135,674,000 | 72,303,000 | ||||
Deferred financing costs, net | 57,001,000 | 57,001,000 | 57,001,000 | 58,380,000 | ||||
Other assets | 405,798,000 | 405,798,000 | 405,798,000 | 383,754,000 | ||||
Total assets | 23,008,804,000 | 23,008,804,000 | 23,008,804,000 | 22,950,614,000 | ||||
LIABILITIES AND EQUITY | ||||||||
Secured Debt | 4,891,529,000 | 4,891,529,000 | 4,891,529,000 | 5,086,515,000 | ||||
Accounts payable & accrued expenses | 253,027,000 | 253,027,000 | 253,027,000 | 153,590,000 | ||||
Accrued interest payable | 86,083,000 | 86,083,000 | 86,083,000 | 89,540,000 | ||||
Other Liabilities | 353,106,000 | 353,106,000 | 353,106,000 | 389,915,000 | ||||
Security deposits | 76,934,000 | 76,934,000 | 76,934,000 | 75,633,000 | ||||
Total liabilities | 11,781,555,000 | 11,781,555,000 | 11,781,555,000 | 11,742,105,000 | ||||
Noncontrolling Interests – Partially Owned Properties/Partners' equity | 4,643,000 | 4,643,000 | 4,643,000 | 124,909,000 | ||||
Liabilities and Equity | 23,008,804,000 | 23,008,804,000 | 23,008,804,000 | 22,950,614,000 | ||||
Partially Owned Property Income Statement Schedule | ||||||||
Operating revenue | 696,289,000 | 664,078,000 | 2,041,772,000 | 1,950,088,000 | ||||
Depreciation | 196,059,000 | 190,469,000 | 584,862,000 | 565,772,000 | ||||
General and administrative/other | 15,290,000 | 9,968,000 | 50,942,000 | 41,296,000 | ||||
Operating income | 257,501,000 | 243,274,000 | 721,856,000 | 670,843,000 | ||||
Interest and other income | 256,000 | 576,000 | 6,906,000 | 3,213,000 | ||||
Interest: | ||||||||
Expense incurred, net | (114,205,000) | (118,251,000) | (333,622,000) | (347,224,000) | ||||
Amortization of deferred financing costs | (2,607,000) | (2,628,000) | (7,734,000) | (8,554,000) | ||||
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 | 139,806,000 | 117,995,000 | 384,567,000 | 311,099,000 | ||||
Income and other tax (expense) benefit | (329,000) | (260,000) | (698,000) | (1,146,000) | ||||
Income (loss) from investments in unconsolidated entities | (1,041,000) | (1,176,000) | 14,388,000 | (10,201,000) | ||||
Net income | 205,456,000 | $ 231,190,000 | 694,298,000 | 431,642,000 | ||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||||
Noncontrolling Interests – Partially Owned Properties/Partners' equity | 4,643,000 | 4,643,000 | 4,643,000 | 124,909,000 | ||||
Investments in unconsolidated entities | 74,108,000 | 74,108,000 | 74,108,000 | 105,434,000 | ||||
Secured Debt | $ 4,891,529,000 | 4,891,529,000 | $ 4,891,529,000 | $ 5,086,515,000 | ||||
Distributions from unconsolidated entities – return of capital | $ 45,245,000 | $ 77,042,000 | ||||||
Consolidated Properties [Member] | ||||||||
Partially Owned Property Balance Sheet Schedule | ||||||||
Number of Real Estate Properties | 19 | 19 | 19 | |||||
Number of Units in Real Estate Property | 3,771 | 3,771 | 3,771 | |||||
ASSETS | ||||||||
Investment in real estate | $ 687,814,000 | $ 687,814,000 | $ 687,814,000 | |||||
Accumulated depreciation | (211,120,000) | (211,120,000) | (211,120,000) | |||||
Investment in real estate, net | 476,694,000 | 476,694,000 | 476,694,000 | |||||
Cash and cash equivalents | 19,242,000 | 19,242,000 | 19,242,000 | |||||
Investments in unconsolidated entities | 50,140,000 | 50,140,000 | 50,140,000 | |||||
Deposits – restricted | 335,000 | 335,000 | 335,000 | |||||
Deferred financing costs, net | 1,875,000 | 1,875,000 | 1,875,000 | |||||
Other assets | 26,816,000 | 26,816,000 | 26,816,000 | |||||
Total assets | 575,102,000 | 575,102,000 | 575,102,000 | |||||
LIABILITIES AND EQUITY | ||||||||
Secured Debt | 343,341,000 | 343,341,000 | 343,341,000 | |||||
Accounts payable & accrued expenses | 3,318,000 | 3,318,000 | 3,318,000 | |||||
Accrued interest payable | 1,206,000 | 1,206,000 | 1,206,000 | |||||
Other Liabilities | 709,000 | 709,000 | 709,000 | |||||
Security deposits | 2,017,000 | 2,017,000 | 2,017,000 | |||||
Total liabilities | 350,591,000 | 350,591,000 | 350,591,000 | |||||
Noncontrolling Interests – Partially Owned Properties/Partners' equity | 4,643,000 | 4,643,000 | 4,643,000 | |||||
Company equity/General and Limited Partners' Capital | 219,868,000 | 219,868,000 | 219,868,000 | |||||
Total equity/capital | 224,511,000 | 224,511,000 | 224,511,000 | |||||
Liabilities and Equity | 575,102,000 | 575,102,000 | 575,102,000 | |||||
Partially Owned Property Income Statement Schedule | ||||||||
Operating revenue | 70,142,000 | |||||||
Operating expenses | 20,208,000 | |||||||
Net operating income | 49,934,000 | |||||||
Depreciation | 16,638,000 | |||||||
General and administrative/other | 44,000 | |||||||
Operating income | 33,252,000 | |||||||
Interest and other income | 8,000 | |||||||
Other expenses | (50,000) | |||||||
Interest: | ||||||||
Expense incurred, net | (11,704,000) | |||||||
Amortization of deferred financing costs | (266,000) | |||||||
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 | 21,240,000 | |||||||
Income and other tax (expense) benefit | (35,000) | |||||||
Income (loss) from investments in unconsolidated entities | (1,104,000) | |||||||
Net income | 20,101,000 | |||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||||
Noncontrolling Interests – Partially Owned Properties/Partners' equity | 4,643,000 | 4,643,000 | 4,643,000 | |||||
Investments in unconsolidated entities | 50,140,000 | 50,140,000 | 50,140,000 | |||||
Secured Debt | $ 343,341,000 | $ 343,341,000 | $ 343,341,000 | |||||
Unconsolidated Properties [Member] | ||||||||
Partially Owned Property Balance Sheet Schedule | ||||||||
Number of Real Estate Properties | 3 | 3 | 3 | |||||
Number of Units in Real Estate Property | 1,281 | 1,281 | 1,281 | |||||
ASSETS | ||||||||
Investment in real estate | $ 290,733,000 | $ 290,733,000 | $ 290,733,000 | |||||
Accumulated depreciation | (27,563,000) | (27,563,000) | (27,563,000) | |||||
Investment in real estate, net | 263,170,000 | 263,170,000 | 263,170,000 | |||||
Cash and cash equivalents | 8,912,000 | 8,912,000 | 8,912,000 | |||||
Investments in unconsolidated entities | 0 | 0 | 0 | |||||
Deposits – restricted | 284,000 | 284,000 | 284,000 | |||||
Deferred financing costs, net | 6,000 | 6,000 | 6,000 | |||||
Other assets | 882,000 | 882,000 | 882,000 | |||||
Total assets | 273,254,000 | 273,254,000 | 273,254,000 | |||||
LIABILITIES AND EQUITY | ||||||||
Secured Debt | 174,992,000 | 174,992,000 | 174,992,000 | |||||
Accounts payable & accrued expenses | 3,227,000 | 3,227,000 | 3,227,000 | |||||
Accrued interest payable | 691,000 | 691,000 | 691,000 | |||||
Other Liabilities | 513,000 | 513,000 | 513,000 | |||||
Security deposits | 614,000 | 614,000 | 614,000 | |||||
Total liabilities | 180,037,000 | 180,037,000 | 180,037,000 | |||||
Noncontrolling Interests – Partially Owned Properties/Partners' equity | 90,878,000 | 90,878,000 | 90,878,000 | |||||
Company equity/General and Limited Partners' Capital | 2,339,000 | 2,339,000 | 2,339,000 | |||||
Total equity/capital | 93,217,000 | 93,217,000 | 93,217,000 | |||||
Liabilities and Equity | 273,254,000 | 273,254,000 | 273,254,000 | |||||
Partially Owned Property Income Statement Schedule | ||||||||
Operating revenue | 24,125,000 | |||||||
Operating expenses | 8,949,000 | |||||||
Net operating income | 15,176,000 | |||||||
Depreciation | 9,251,000 | |||||||
General and administrative/other | 178,000 | |||||||
Operating income | 5,747,000 | |||||||
Interest and other income | 2,000 | |||||||
Other expenses | 0 | |||||||
Interest: | ||||||||
Expense incurred, net | (7,047,000) | |||||||
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 | (1,299,000) | |||||||
Income and other tax (expense) benefit | (18,000) | |||||||
Income (loss) from investments in unconsolidated entities | 0 | |||||||
Net income | (1,317,000) | |||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||||
Noncontrolling Interests – Partially Owned Properties/Partners' equity | 90,878,000 | 90,878,000 | 90,878,000 | |||||
Investments in unconsolidated entities | 0 | 0 | 0 | |||||
Secured Debt | 174,992,000 | 174,992,000 | 174,992,000 | |||||
Residual JV [Domain] | ||||||||
ASSETS | ||||||||
Investments in unconsolidated entities | $ 4,500,000 | $ 4,500,000 | $ 4,500,000 | $ 147,600,000 | ||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 60.00% | 60.00% | 60.00% | |||||
Joint Venture Partner Ownership Percentage | 40.00% | 40.00% | 40.00% | |||||
Investments in unconsolidated entities | $ 4,500,000 | $ 4,500,000 | $ 4,500,000 | $ 147,600,000 | ||||
Distributions from unconsolidated entities – return of capital | 45,100,000 | |||||||
Residual JV [Domain] | Settled Litigation [Member] | ||||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||||
Distributions from unconsolidated entities – return of capital | 16,800,000 | |||||||
Residual JV [Domain] | Property, Plant and Equipment [Member] | ||||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||||
Distributions from unconsolidated entities – return of capital | 24,800,000 | |||||||
Legacy JV [Domain] | ||||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||||
Liquidation Value Preferred Interests | $ 42,800,000 | $ 42,800,000 | $ 42,800,000 | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 60.00% | 60.00% | 60.00% | |||||
Joint Venture Partner Ownership Percentage | 40.00% | 40.00% | 40.00% | |||||
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid | $ 27,900,000 | |||||||
Wisconsin Place [Domain] | ||||||||
Partially Owned Property Balance Sheet Schedule | ||||||||
Number of Units in Real Estate Property | 432 | 432 | 432 | |||||
ASSETS | ||||||||
Investments in unconsolidated entities | $ 50,100,000 | $ 50,100,000 | $ 50,100,000 | |||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 75.00% | 75.00% | 75.00% | |||||
Investments in unconsolidated entities | $ 50,100,000 | $ 50,100,000 | $ 50,100,000 | |||||
Basis of joint venture | $ 176,800,000 | $ 176,800,000 | $ 176,800,000 | |||||
Waterton Tenside [Domain] | ||||||||
Partially Owned Property Balance Sheet Schedule | ||||||||
Number of Units in Real Estate Property | 336 | 336 | 336 | |||||
ASSETS | ||||||||
Investments in unconsolidated entities | $ 4,000,000 | $ 4,000,000 | $ 4,000,000 | |||||
LIABILITIES AND EQUITY | ||||||||
Secured Debt | 29,600,000 | 29,600,000 | 29,600,000 | |||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||||
Investments in unconsolidated entities | $ 4,000,000 | $ 4,000,000 | $ 4,000,000 | |||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | 20.00% | |||||
Secured Debt | $ 29,600,000 | $ 29,600,000 | $ 29,600,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.66% | 3.66% | 3.66% | |||||
Debt Instrument, Maturity Date | Dec. 1, 2018 | |||||||
Nexus Sawgrass [Member] | ||||||||
Partially Owned Property Balance Sheet Schedule | ||||||||
Number of Units in Real Estate Property | 501 | 501 | 501 | |||||
ASSETS | ||||||||
Investments in unconsolidated entities | $ 5,300,000 | $ 5,300,000 | $ 5,300,000 | |||||
LIABILITIES AND EQUITY | ||||||||
Secured Debt | 48,600,000 | 48,600,000 | 48,600,000 | |||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||||
Investments in unconsolidated entities | $ 5,300,000 | $ 5,300,000 | $ 5,300,000 | |||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | 20.00% | |||||
Secured Debt | $ 48,600,000 | $ 48,600,000 | $ 48,600,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | 5.60% | 5.60% | |||||
Debt Instrument, Maturity Date | Jan. 1, 2021 | |||||||
Domain [Member] | ||||||||
Partially Owned Property Balance Sheet Schedule | ||||||||
Number of Units in Real Estate Property | 444 | 444 | 444 | |||||
ASSETS | ||||||||
Investments in unconsolidated entities | $ 10,200,000 | $ 10,200,000 | $ 10,200,000 | |||||
LIABILITIES AND EQUITY | ||||||||
Secured Debt | 96,800,000 | 96,800,000 | 96,800,000 | |||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||||
Investments in unconsolidated entities | $ 10,200,000 | $ 10,200,000 | $ 10,200,000 | |||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | 20.00% | |||||
Secured Debt | $ 96,800,000 | $ 96,800,000 | $ 96,800,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | 5.75% | |||||
Debt Instrument, Maturity Date | Jan. 1, 2022 | |||||||
Germany [Domain] | ||||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||||
Distributions from unconsolidated entities – return of capital | $ 3,500,000 | $ 102,000,000 | ||||||
Company's Portion [Member] | Legacy JV [Domain] | ||||||||
Investments In Partially Owned Entities (Textuals) [Abstract] | ||||||||
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid | $ 16,700,000 |
Deposits - Restricted (Details)
Deposits - Restricted (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Tax-deferred (1031) exchange proceeds | $ 77,636 | $ 0 |
Earnest money on pending acquisitions | 2,210 | 580 |
Restricted deposits on real estate investments | 7,538 | 24,701 |
Resident security and utility deposits | 47,932 | 46,516 |
Other | 358 | 506 |
Totals | 135,674 | 72,303 |
Real estate taxes and insurance | 1,479 | 2,235 |
Replacement reserves | 3,838 | 3,431 |
Mortgage principal reserves/sinking funds | 47,902 | 41,567 |
Other | 852 | 852 |
Totals | $ 54,071 | $ 48,085 |
Debt Mortgage Notes Payable (De
Debt Mortgage Notes Payable (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 4,891,529 | $ 5,086,515 |
Repayments Of Long-term Debt | 184,700 | |
Write Off Of Unamortized Deferred Financing Costs | 100 | |
Write off unamortized premium discount | 1,400 | |
Credit enhanced debt [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 700,500 | |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | May 1, 2061 | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.01% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.25% | |
Weighted Average Mortgage Debt Interest Rate | 4.22% |
Debt Notes (Details)
Debt Notes (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Notes, net | $ 5,881,794 | $ 5,425,346 | |
Repayments of Notes Payable | $ 300,000 | $ 1,250,000 | |
Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Jun. 1, 2045 | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.375% | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.57% | ||
Weighted Average Interest Rate | 5.00% | ||
6.584% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Notes Payable | $ 300,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.584% | ||
3.375% Notes [Member] [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.375% | ||
Proceeds from Issuance of Unsecured Debt | $ 450,000 | ||
Proceeds from Debt, Net of Issuance Costs | $ 447,500 | ||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 3.81% | ||
4.50% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||
Proceeds from Issuance of Unsecured Debt | $ 300,000 | ||
Proceeds from Debt, Net of Issuance Costs | $ 298,900 | ||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 4.55% |
Debt Line of Credit and Commerc
Debt Line of Credit and Commercial Paper (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
A 175 billion LOC [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured revolving credit facility | $ 1,750 |
A 250 billion LOC [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured revolving credit facility | $ 2,500 |
Debt Instrument, Maturity Date | Apr. 1, 2018 |
500.0 million ability to increase | $ 500 |
Debt Instrument, Basis Spread on Variable Rate | 0.95% |
Line Of Credit Facility Commitment Fee | 15 Basis Points |
Remaining borrowing capacity | $ 2,420 |
Amount restricted/dedicated to support letters of credit | $ 45.1 |
Weighted Average Interest Rate Revolving Credit Facility | 1.07% |
Commercial Paper [Member] | |
Line of Credit Facility [Line Items] | |
Commercial Paper | $ 30 |
Weighted Average Interest Rate Commercial Paper | 0.57% |
Commercial paper, maximum borrowing capacity | $ 500 |
Weighted Average Maturity, Commercial Paper | 12 days |
Commercial Paper [Member] | A 250 billion LOC [Member] | |
Line of Credit Facility [Line Items] | |
Commercial Paper | $ 30 |
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 0.95% |
Derivative and Other Fair Val53
Derivative and Other Fair Value Instruments (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
2.375% Notes [Member] | |
Derivative [Line Items] | |
Proceeds from Issuance of Unsecured Debt | $ 450,000 |
Debt Instrument, Interest Rate, Stated Percentage | 2.375% |
Debt Instrument, Maturity Date | Jul. 1, 2019 |
Debt Instrument, Basis Spread on Variable Rate | 0.61% |
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 0.61% |
Fair Value Hedges | |
Derivative [Line Items] | |
Current Notional Balance | $ 450,000 |
Lowest Possible Notional | 450,000 |
Highest Possible Notional | $ 450,000 |
Lowest Interest Rate | 2.375% |
Highest Interest Rate | 2.375% |
Earliest Maturity Date | P2019Y0M0D |
Latest Maturity Date | P2019Y0M0D |
Forward Starting Swaps | |
Derivative [Line Items] | |
Current Notional Balance | $ 50,000 |
Lowest Possible Notional | 50,000 |
Highest Possible Notional | $ 50,000 |
Lowest Interest Rate | 2.50% |
Highest Interest Rate | 2.50% |
Earliest Maturity Date | P2026Y0M0D |
Latest Maturity Date | P2026Y0M0D |
Derivative and Other Fair Val54
Derivative and Other Fair Value Instruments (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Supplemental Executive Retirement Plan | $ 96,823 | $ 104,463 |
Total derivative assets designated as hedging instruments | 106,582 | 106,392 |
Supplemental Executive Retirement Plan | 96,823 | 104,463 |
Total derivative liabilities designated as hedging instruments | 97,918 | 118,567 |
Redeemable Noncontrolling Interests Operating Partnership | 522,585 | 500,733 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | ||
Derivatives, Fair Value [Line Items] | ||
Supplemental Executive Retirement Plan | 96,823 | 104,463 |
Total derivative assets designated as hedging instruments | 96,823 | 104,463 |
Supplemental Executive Retirement Plan | 96,823 | 104,463 |
Total derivative liabilities designated as hedging instruments | 96,823 | 104,463 |
Redeemable Noncontrolling Interests Operating Partnership | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Derivatives, Fair Value [Line Items] | ||
Supplemental Executive Retirement Plan | 0 | 0 |
Total derivative assets designated as hedging instruments | 9,759 | 1,929 |
Supplemental Executive Retirement Plan | 0 | 0 |
Total derivative liabilities designated as hedging instruments | 1,095 | 14,104 |
Redeemable Noncontrolling Interests Operating Partnership | 522,585 | 500,733 |
Significant Unobservable Inputs (Level 3) | ||
Derivatives, Fair Value [Line Items] | ||
Supplemental Executive Retirement Plan | 0 | 0 |
Total derivative assets designated as hedging instruments | 0 | 0 |
Supplemental Executive Retirement Plan | 0 | 0 |
Total derivative liabilities designated as hedging instruments | 0 | 0 |
Redeemable Noncontrolling Interests Operating Partnership | 0 | 0 |
Fair Value Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 9,759 | 1,597 |
Fair Value Hedges | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 0 | 0 |
Fair Value Hedges | Significant Other Observable Inputs (Level 2) | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 9,759 | 1,597 |
Fair Value Hedges | Significant Unobservable Inputs (Level 3) | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 0 | 0 |
Forward Starting Swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 332 | |
Derivative Liability | 1,095 | 14,104 |
Forward Starting Swaps | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 0 | |
Derivative Liability | 0 | 0 |
Forward Starting Swaps | Significant Other Observable Inputs (Level 2) | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 332 | |
Derivative Liability | 1,095 | 14,104 |
Forward Starting Swaps | Significant Unobservable Inputs (Level 3) | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 0 | |
Derivative Liability | $ 0 | $ 0 |
Derivative and Other Fair Val55
Derivative and Other Fair Value Instruments (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivatives designated as hedging instruments: | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (1,237) | $ (21,693) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (13,647) | (12,606) | |
Ineffective Portion - Amount of Gain/ (Loss) Reclassifed from Accumulated OCI into Income | $ (3,003) | (3,033) | 91 |
Amount of Gain/(Loss) Recognized in Income on Derivative | 8,162 | (2,485) | |
Amount of Gain/(Loss) Recognized in Income on Hedged Item | (8,162) | 2,485 | |
Interest Rate Swaps | |||
Derivatives designated as hedging instruments: | |||
Amount of Gain/(Loss) Recognized in Income on Derivative | $ 8,162 | $ (2,485) | |
Hedged Item | Fixed rate debt | Fixed rate debt | |
Amount of Gain/(Loss) Recognized in Income on Hedged Item | $ (8,162) | $ 2,485 | |
Forward Starting Swaps | |||
Derivatives designated as hedging instruments: | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (1,237) | (21,693) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (13,647) | (12,606) | |
Ineffective Portion - Amount of Gain/ (Loss) Reclassifed from Accumulated OCI into Income | $ (3,033) | $ 91 |
Derivative and Other Fair Val56
Derivative and Other Fair Value Instruments (Details Textuals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2016 | |
Derivative [Line Items] | |||||
Mortgage notes payable | $ 4,891,529 | $ 4,891,529 | $ 5,086,515 | ||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | (156,800) | (172,200) | |||
Ineffective Portion - Amount of Gain/ (Loss) Reclassifed from Accumulated OCI into Income | (3,003) | (3,033) | $ 91 | ||
Secured Debt [Member] | |||||
Derivative [Line Items] | |||||
Mortgage notes payable | 4,891,529 | 4,891,529 | 5,086,515 | ||
Debt Instrument, Fair Value Disclosure | 4,900,000 | 4,900,000 | 5,100,000 | ||
Unsecured Debt [Member] | |||||
Derivative [Line Items] | |||||
Unsecured Debt | 5,900,000 | 5,900,000 | 5,800,000 | ||
Debt Instrument, Fair Value Disclosure | $ 6,200,000 | 6,200,000 | $ 6,100,000 | ||
3.375% Notes [Member] [Member] | |||||
Derivative [Line Items] | |||||
Payments for (Proceeds from) Hedge, Investing Activities | 15,100 | ||||
Proceeds from Issuance of Unsecured Debt | 450,000 | ||||
Ineffective Portion - Amount of Gain/ (Loss) Reclassifed from Accumulated OCI into Income | (30) | ||||
Interest Expense | 1,200 | ||||
ChargesHedgeTerminationActivities | $ 13,900 | ||||
Scenario, Forecast [Member] | |||||
Derivative [Line Items] | |||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 24,200 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income from continuing operations | $ 205,375 | $ 231,252 | $ 693,948 | $ 430,142 |
Allocation to Noncontrolling Interests – Operating Partnership, net | (7,775) | (8,740) | (26,178) | (16,216) |
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties | (986) | (708) | (2,473) | (1,800) |
Preferred distributions | (833) | (1,037) | (2,557) | (3,109) |
Premium on redemption of Preferred Shares | 0 | 0 | (2,789) | 0 |
Income from continuing operations available to Common Shares, net of Noncontrolling Interests | 195,781 | 220,767 | 659,951 | 409,017 |
Discontinued operations, net of Noncontrolling Interests | 78 | (60) | 337 | 1,443 |
Numerator for net income per share – basic | 195,859 | 220,707 | 660,288 | 410,460 |
Income from continuing operations available to Common Shares | 203,556 | 229,507 | 686,129 | 425,233 |
Discontinued operations, net | 81 | (62) | 350 | 1,500 |
Numerator for net income per share – diluted | $ 203,637 | $ 229,445 | $ 686,479 | $ 426,733 |
Denominator for net income per share – basic | 363,579 | 361,409 | 363,386 | 360,900 |
Effect of dilutive securities - OP Units | 13,568 | 13,707 | 13,584 | 13,726 |
Effect of dilutive securities - Long-term compensation shares/units | 3,516 | 2,838 | 3,453 | 2,602 |
Denominator for net income per share – diluted | 380,663 | 377,954 | 380,423 | 377,228 |
Net income per share – basic | $ 0.54 | $ 0.61 | $ 1.82 | $ 1.14 |
Net income per share – diluted | 0.53 | 0.61 | 1.80 | 1.13 |
Income from continuing operations available to Common Shares | 0.54 | 0.61 | 1.82 | 1.13 |
Net income per share - basic - Discontinued operations, net of Noncontrolling Interests | 0 | 0 | 0 | 0.01 |
Income from continuing operations available to Common Shares | 0.53 | 0.61 | 1.80 | 1.13 |
Net income per share - diluted - discontinued operations, net | $ 0 | $ 0 | $ 0 | $ 0 |
ERPOP [Member] | ||||
Income from continuing operations | $ 205,375 | $ 231,252 | $ 693,948 | $ 430,142 |
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties | (986) | (708) | (2,473) | (1,800) |
Allocation to Preference Units | (833) | (1,037) | (2,557) | (3,109) |
Premium on redemption of Preferred Shares | 0 | 0 | (2,789) | 0 |
Discontinued operations, net | $ 81 | $ (62) | $ 350 | $ 1,500 |
Effect of dilutive securities - Long-term compensation shares/units | 3,516 | 2,838 | 3,453 | 2,602 |
Denominator for net income per share – diluted | 380,663 | 377,954 | 380,423 | 377,228 |
Net income per share – basic | $ 0.54 | $ 0.61 | $ 1.82 | $ 1.14 |
Net income per share – diluted | 0.53 | 0.61 | 1.80 | 1.13 |
Income from continuing operations available to Common Shares | 0.54 | 0.61 | 1.82 | 1.13 |
Income from continuing operations available to Common Shares | $ 0.53 | $ 0.61 | $ 1.80 | $ 1.13 |
Income from continuing operations available to Units | $ 203,556 | $ 229,507 | $ 686,129 | $ 425,233 |
Numerator for net income per Unit – basic and diluted | $ 203,637 | $ 229,445 | $ 686,479 | $ 426,733 |
Denominator for net income per Unit – basic | 377,147 | 375,116 | 376,970 | 374,626 |
Net income per Unit - basic - Discontinued operations, net | $ 0 | $ 0 | $ 0 | $ 0.01 |
Net income per Unit - diluted - Discontinued operations, net | $ 0 | $ 0 | $ 0 | $ 0 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
REVENUES | |||||
Discontinued Operations - Rental income | $ 87 | $ (57) | $ 425 | $ 1,218 | |
Discontinued Operations - Total revenue | 87 | (57) | 425 | 1,218 | |
EXPENSES (1) | |||||
Discontinued Operations - Property and maintenance | [1] | 0 | (84) | (67) | (125) |
Discontinued Operations - Real estate taxes and insurance | [1] | 2 | 152 | 55 | 146 |
Discontinued Operations - General and administrative | [1] | 4 | 8 | 75 | 59 |
Discontinued Operations - Total expenses | [1] | 6 | 76 | 63 | 80 |
Discontinued operating income | 81 | (133) | 362 | 1,138 | |
Discontinued Operations - Interest and other income | 0 | 72 | 3 | 152 | |
Discontinued Operations - Income and other tax (expense) benefit | 0 | 0 | (15) | (13) | |
Income Loss From Discontinued Operations | 81 | (61) | 350 | 1,277 | |
Discontinued Operation - Net gain on sales of discontinued operations | 0 | (1) | 0 | 223 | |
Discontinued operations, net | $ 81 | $ (62) | $ 350 | $ 1,500 | |
[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 (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
300 properties designed and built in violation of accessibility requirements | 300 |
Loss Contingency Accrual, Period Increase (Decrease) | $ 1 |
Loss Contingency Accrual | $ 5 |
Projects in various stages of development | 10 |
Units in various stages of development | 3,989 |
Consolidated Project Under Development Commitment Fund | $ 919.5 |
Various stages of development with estimated completion dates ranging through September 30, 2017 | Sep. 30, 2017 |
Number Of Unconsolidated Projects | 2 |
Reportable Segments (Details)
Reportable Segments (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Reportable Segments - Reconciliation of NOI | |||||
Rental income | $ 694,245 | $ 662,001 | $ 2,035,359 | $ 1,942,492 | |
Property and maintenance expense | (122,383) | (120,139) | (364,948) | (361,087) | |
Real estate taxes and insurance expense | (84,962) | (80,568) | (254,513) | (245,717) | |
Property management expense | (18,925) | (18,407) | (60,887) | (61,080) | |
Total operating expenses | (226,270) | (219,114) | (680,348) | (667,884) | |
Net operating income | 467,975 | 442,887 | 1,355,011 | 1,274,608 | |
Rental income: | |||||
Rental Income - Same Store | 660,728 | 626,979 | 1,915,727 | 1,822,727 | |
Rental Income - Non-same store/other | 33,517 | 35,022 | 119,632 | 119,765 | |
Total Rental Income | 694,245 | 662,001 | 2,035,359 | 1,942,492 | |
Operating expenses: | |||||
Operating Expenses - Same Store | 215,606 | 209,658 | 635,123 | 618,532 | |
Operating Expenses - Non-same store/other | 10,664 | 9,456 | 45,225 | 49,352 | |
Total operating expenses | 226,270 | 219,114 | 680,348 | 667,884 | |
NOI: | |||||
Net operating income - Same Store | 445,122 | 417,321 | 1,280,604 | 1,204,195 | |
Net operating income - Non-same store/other | 22,853 | 25,566 | 74,407 | 70,413 | |
Net operating income | 467,975 | 442,887 | 1,355,011 | 1,274,608 | |
Total Assets | $ 23,008,804 | 23,008,804 | $ 22,950,614 | ||
Capital Expenditures | $ 134,438 | ||||
Units in same store properties | 97,737 | 96,432 | |||
Boston [Member] | Same Store [Member] | |||||
Rental income: | |||||
Rental Income - Same Store | $ 63,673 | 61,407 | $ 188,091 | 182,085 | |
Operating expenses: | |||||
Operating Expenses - Same Store | 20,159 | 19,056 | 61,890 | 58,769 | |
NOI: | |||||
Net operating income - Same Store | 43,514 | 42,351 | 126,201 | 123,316 | |
Total Assets | 1,854,057 | 1,854,057 | |||
Capital Expenditures | 12,948 | ||||
Boston [Member] | Non-same store [Member] | |||||
Rental income: | |||||
Rental Income - Non-same store/other | 2,858 | 932 | 6,192 | 2,750 | |
Operating expenses: | |||||
Operating Expenses - Non-same store/other | 916 | 222 | 1,795 | 633 | |
NOI: | |||||
Net operating income - Non-same store/other | 1,942 | 710 | 4,397 | 2,117 | |
Total Assets | 173,368 | 173,368 | |||
Capital Expenditures | 308 | ||||
New York [Domain] | Same Store [Member] | |||||
Rental income: | |||||
Rental Income - Same Store | 120,149 | 114,968 | 354,704 | 340,374 | |
Operating expenses: | |||||
Operating Expenses - Same Store | 43,578 | 41,961 | 133,433 | 129,006 | |
NOI: | |||||
Net operating income - Same Store | 76,571 | 73,007 | 221,271 | 211,368 | |
Total Assets | 4,593,457 | 4,593,457 | |||
Capital Expenditures | 13,213 | ||||
New York [Domain] | Non-same store [Member] | |||||
Rental income: | |||||
Rental Income - Non-same store/other | 3,079 | 6 | 4,302 | 16 | |
Operating expenses: | |||||
Operating Expenses - Non-same store/other | 2,258 | 0 | 3,660 | 1 | |
NOI: | |||||
Net operating income - Non-same store/other | 821 | 6 | 642 | 15 | |
Total Assets | 366,978 | 366,978 | |||
Capital Expenditures | (12) | ||||
San Francisco [Member] | Same Store [Member] | |||||
Rental income: | |||||
Rental Income - Same Store | 96,115 | 86,468 | 278,514 | 251,812 | |
Operating expenses: | |||||
Operating Expenses - Same Store | 27,512 | 27,124 | 81,469 | 80,087 | |
NOI: | |||||
Net operating income - Same Store | 68,603 | 59,344 | 197,045 | 171,725 | |
Total Assets | 2,666,256 | 2,666,256 | |||
Capital Expenditures | 19,932 | ||||
San Francisco [Member] | Non-same store [Member] | |||||
Rental income: | |||||
Rental Income - Non-same store/other | 2,216 | 4 | 2,709 | 10 | |
Operating expenses: | |||||
Operating Expenses - Non-same store/other | 899 | 12 | 1,465 | 24 | |
NOI: | |||||
Net operating income - Non-same store/other | 1,317 | (8) | 1,244 | (14) | |
Total Assets | 261,039 | 261,039 | |||
Capital Expenditures | 3 | ||||
Seattle [Member] | Same Store [Member] | |||||
Rental income: | |||||
Rental Income - Same Store | 43,481 | 40,538 | 124,623 | 116,327 | |
Operating expenses: | |||||
Operating Expenses - Same Store | 13,206 | 13,082 | 38,724 | 38,706 | |
NOI: | |||||
Net operating income - Same Store | 30,275 | 27,456 | 85,899 | 77,621 | |
Total Assets | 1,072,287 | 1,072,287 | |||
Capital Expenditures | 9,608 | ||||
Seattle [Member] | Non-same store [Member] | |||||
Rental income: | |||||
Rental Income - Non-same store/other | 4,692 | 1,722 | 14,894 | 3,712 | |
Operating expenses: | |||||
Operating Expenses - Non-same store/other | 1,523 | 505 | 4,394 | 1,332 | |
NOI: | |||||
Net operating income - Non-same store/other | 3,169 | 1,217 | 10,500 | 2,380 | |
Total Assets | 368,624 | 368,624 | |||
Capital Expenditures | 70 | ||||
Southern California [Member] | Same Store [Member] | |||||
Rental income: | |||||
Rental Income - Same Store | 115,657 | 109,054 | 322,762 | 305,427 | |
Operating expenses: | |||||
Operating Expenses - Same Store | 36,979 | 36,639 | 102,989 | 101,924 | |
NOI: | |||||
Net operating income - Same Store | 78,678 | 72,415 | 219,773 | 203,503 | |
Total Assets | 2,748,274 | 2,748,274 | |||
Capital Expenditures | 23,320 | ||||
Southern California [Member] | Non-same store [Member] | |||||
Rental income: | |||||
Rental Income - Non-same store/other | 12,424 | 8,486 | 52,833 | 32,949 | |
Operating expenses: | |||||
Operating Expenses - Non-same store/other | 4,351 | 3,383 | 19,377 | 14,068 | |
NOI: | |||||
Net operating income - Non-same store/other | 8,073 | 5,103 | 33,456 | 18,881 | |
Total Assets | 837,998 | 837,998 | |||
Capital Expenditures | 3,713 | ||||
Washington DC [Member] | Same Store [Member] | |||||
Rental income: | |||||
Rental Income - Same Store | 116,935 | 116,449 | 341,797 | 339,453 | |
Operating expenses: | |||||
Operating Expenses - Same Store | 38,714 | 37,793 | 113,582 | 110,357 | |
NOI: | |||||
Net operating income - Same Store | 78,221 | 78,656 | 228,215 | 229,096 | |
Total Assets | 4,199,832 | 4,199,832 | |||
Capital Expenditures | 26,697 | ||||
Washington DC [Member] | Non-same store [Member] | |||||
Rental income: | |||||
Rental Income - Non-same store/other | 3,538 | 2,932 | 16,370 | 12,610 | |
Operating expenses: | |||||
Operating Expenses - Non-same store/other | 1,013 | 901 | 4,855 | 4,683 | |
NOI: | |||||
Net operating income - Non-same store/other | 2,525 | 2,031 | 11,515 | 7,927 | |
Total Assets | 237,900 | 237,900 | |||
Capital Expenditures | 568 | ||||
Non-core – South Florida | Same Store [Member] | |||||
Rental income: | |||||
Rental Income - Same Store | 51,960 | 48,850 | 151,115 | 143,000 | |
Operating expenses: | |||||
Operating Expenses - Same Store | 18,927 | 18,198 | 54,961 | 53,188 | |
NOI: | |||||
Net operating income - Same Store | 33,033 | 30,652 | 96,154 | 89,812 | |
Total Assets | 1,111,103 | 1,111,103 | |||
Capital Expenditures | 12,856 | ||||
Non-core – South Florida | Non-same store [Member] | |||||
Rental income: | |||||
Rental Income - Non-same store/other | 1,331 | 1,042 | 5,916 | 3,694 | |
Operating expenses: | |||||
Operating Expenses - Non-same store/other | 563 | 561 | 2,101 | 2,026 | |
NOI: | |||||
Net operating income - Non-same store/other | 768 | 481 | 3,815 | 1,668 | |
Total Assets | 65,193 | 65,193 | |||
Capital Expenditures | 30 | ||||
Non-core – Denver | Same Store [Member] | |||||
Rental income: | |||||
Rental Income - Same Store | 30,890 | 28,269 | 89,716 | 82,392 | |
Operating expenses: | |||||
Operating Expenses - Same Store | 8,619 | 8,150 | 24,246 | 23,246 | |
NOI: | |||||
Net operating income - Same Store | 22,271 | 20,119 | 65,470 | 59,146 | |
Total Assets | 506,436 | 506,436 | |||
Capital Expenditures | 5,888 | ||||
Non-core – other | Same Store [Member] | |||||
Rental income: | |||||
Rental Income - Same Store | 21,868 | 20,976 | 64,405 | 61,857 | |
Operating expenses: | |||||
Operating Expenses - Same Store | 7,912 | 7,655 | 23,829 | 23,249 | |
NOI: | |||||
Net operating income - Same Store | 13,956 | 13,321 | 40,576 | 38,608 | |
Total Assets | 325,649 | 325,649 | |||
Capital Expenditures | 4,862 | ||||
Other [Member] | Non-same store [Member] | |||||
Rental income: | |||||
Rental Income - Non-same store/other | 3,379 | 19,898 | 16,416 | 64,024 | |
Operating expenses: | |||||
Operating Expenses - Non-same store/other | (859) | 3,872 | 7,578 | 26,585 | |
NOI: | |||||
Net operating income - Non-same store/other | 4,238 | $ 16,026 | 8,838 | $ 37,439 | |
Total Assets | 1,620,353 | 1,620,353 | |||
Capital Expenditures | 434 | ||||
Same Store [Member] | |||||
NOI: | |||||
Total Assets | 19,077,351 | 19,077,351 | |||
Capital Expenditures | 129,324 | ||||
Non-same store [Member] | |||||
NOI: | |||||
Total Assets | $ 3,931,453 | 3,931,453 | |||
Capital Expenditures | $ 5,114 |
Subsequent Events_Other (Detail
Subsequent Events/Other (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | |
Oct. 30, 2015USD ($)property$ / shares | Sep. 30, 2015USD ($)property | Sep. 30, 2014USD ($) | |
Other [Line Items] | |||
Acquired Properties | property | 1 | ||
Apartment Units | 202 | ||
Purchase Price | $ 158,075 | ||
Disposed Properties | property | 7 | ||
Apartment Units | 1,707 | ||
Sales Price | $ 464,812 | ||
Repayments Of Long-term Debt | 184,700 | ||
Business Combination, Acquisition Related Costs | 200 | $ 300 | |
Noncash Project Abandonment Costs | 2,322 | 2,067 | |
Other Expenses | 2,500 | 2,400 | |
Employee Benefits and Share-based Compensation | 7,000 | ||
Litigation Settlement, Amount | 5,800 | $ 2,800 | |
Owned Property Management Costs [Member] | |||
Other [Line Items] | |||
Employee Benefits and Share-based Compensation | 1,000 | ||
General and Administrative Expense [Member] | |||
Other [Line Items] | |||
Employee Benefits and Share-based Compensation | $ 6,000 | ||
Subsequent Event [Member] | |||
Other [Line Items] | |||
Acquired Properties | property | 2 | ||
Apartment Units | 343 | ||
Purchase Price | $ 132,300 | ||
Disposed Properties | property | 1 | ||
Apartment Units | 150 | ||
Sales Price | $ 48,500 | ||
Repayments Of Long-term Debt | $ 150,000 | ||
Starwood Portfolio [Member] | |||
Other [Line Items] | |||
Properties Contracted To Be Disposed | property | 72 | ||
Units Contracted To Be Disposed | 23,262 | ||
Sales Price For Commitments To Dispose | $ 5,365,000 | ||
Minimum [Member] | Subsequent Event [Member] | |||
Other [Line Items] | |||
Expected dividend | $ / shares | $ 9 | ||
Maximum [Member] | Subsequent Event [Member] | |||
Other [Line Items] | |||
Expected dividend | $ / shares | $ 11 |