Statement Of Financial Position
| Statement Of Financial Position Unclassified - Real Estate Operations (USD $) | ||
| In Thousands | Dec. 31, 2009
| Dec. 31, 2008
|
| Investment in real estate | ||
| Land | $3,650,324 | $3,671,299 |
| Depreciable property | 13,893,521 | 13,908,594 |
| Projects under development | 668,979 | 855,473 |
| Land held for development | 252,320 | 254,873 |
| Investment in real estate | 18,465,144 | 18,690,239 |
| Accumulated depreciation | (3,877,564) | (3,561,300) |
| Investment in real estate, net | 14,587,580 | 15,128,939 |
| Cash and cash equivalents | 193,288 | 890,794 |
| Investments in unconsolidated entities | 6,995 | 5,795 |
| Deposits - restricted | 352,008 | 152,732 |
| Escrow deposits - mortgage | 17,292 | 19,729 |
| Deferred financing costs, net | 46,396 | 53,817 |
| Other assets | 213,956 | 283,304 |
| Total assets | 15,417,515 | 16,535,110 |
| Liabilities: | ||
| Mortgage notes payable | 4,783,446 | 5,036,930 |
| Notes, net | 4,609,124 | 5,447,012 |
| Lines of credit | 0 | 0 |
| Accounts payable and accrued expenses | 58,537 | 108,463 |
| Accrued interest payable | 101,849 | 113,846 |
| Other liabilities | 272,236 | 289,562 |
| Security deposits | 59,264 | 64,355 |
| Distributions payable | 100,266 | 141,843 |
| Total liabilities | 9,984,722 | 11,202,011 |
| Commitments and contingencies | ||
| Redeemable Noncontrolling Interests - Operating Partnership | 258,280 | 264,394 |
| Shareholders' equity: | ||
| Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 1,950,925 shares issued and outstanding as of December 31, 2009 and 1,951,475 shares issued and outstanding as of December 31, 2008 | 208,773 | 208,786 |
| Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 279,959,048 shares issued and outstanding as of December 31, 2009 and 272,786,760 shares issued and outstanding as of December 31, 2008 | 2,800 | 2,728 |
| Paid in capital | 4,477,426 | 4,273,489 |
| Retained earnings | 353,659 | 456,152 |
| Accumulated other comprehensive income (loss) | 4,681 | (35,799) |
| Total shareholders' equity | 5,047,339 | 4,905,356 |
| Noncontrolling Interests: | ||
| Operating Partnership | 116,120 | 137,645 |
| Preference Interests and Units | 0 | 184 |
| Partially Owned Properties | 11,054 | 25,520 |
| Total Noncontrolling Interests | 127,174 | 163,349 |
| Total equity | 5,174,513 | 5,068,705 |
| Total liabilities and equity | $15,417,515 | $16,535,110 |
1_Statement Of Financial Positi
| Statement Of Financial Position Unclassified - Real Estate Operations (Parenthetical) (USD $) | ||
| Dec. 31, 2009
| Dec. 31, 2008
| |
| Preferred Shares of beneficial interest, par value | 0.01 | 0.01 |
| Preferred Shares of beneficial interest, shares authorized | 100,000,000 | 100,000,000 |
| Preferred Shares of beneficial interest, shares issued | 1,950,925 | 1,951,475 |
| Preferred Shares of beneficial interest, shares outstanding | 1,950,925 | 1,951,475 |
| 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 | 279,959,048 | 272,786,760 |
| Common Shares of beneficial interest, shares outstanding | 279,959,048 | 272,786,760 |
Statement Of Income Real Estate
| Statement Of Income Real Estate Investment Trusts (USD $) | |||
| In Thousands, except Per Share data | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 |
| REVENUES | |||
| Rental income | $1,933,365 | $1,964,954 | $1,814,863 |
| Fee and asset management | 10,346 | 10,715 | 9,183 |
| Total revenues | 1,943,711 | 1,975,669 | 1,824,046 |
| EXPENSES | |||
| Property and maintenance | 487,216 | 508,048 | 472,899 |
| Real estate taxes and insurance | 215,250 | 203,582 | 181,887 |
| Property management | 71,938 | 77,063 | 87,476 |
| Fee and asset management | 7,519 | 7,981 | 8,412 |
| Depreciation | 582,280 | 559,468 | 531,178 |
| General and administrative | 38,994 | 44,951 | 46,767 |
| Impairment | 11,124 | 116,418 | 0 |
| Total expenses | 1,414,321 | 1,517,511 | 1,328,619 |
| Operating income | 529,390 | 458,158 | 495,427 |
| Interest and other income | 16,684 | 33,515 | 20,037 |
| Other expenses | (6,487) | (5,760) | (1,827) |
| Interest: | |||
| Expense incurred, net | (503,828) | (489,513) | (489,310) |
| Amortization of deferred financing costs | (12,794) | (9,684) | (10,077) |
| Income (loss) before income and other taxes, (loss) income from investments in unconsolidated entities, net gain on sales of unconsolidated entities and land parcels and discontinued operations | 22,965 | (13,284) | 14,250 |
| Income and other tax (expense) benefit | (2,808) | (5,284) | (2,518) |
| (Loss) income from investments in unconsolidated entities | (2,815) | (107) | 332 |
| Net gain on sales of unconsolidated entities | 10,689 | 2,876 | 2,629 |
| Net gain on sales of land parcels | 0 | 2,976 | 6,360 |
| Income (loss) from continuing operations | 28,031 | (12,823) | 21,053 |
| Discontinued operations, net | 353,998 | 449,236 | 1,026,303 |
| Net income | 382,029 | 436,413 | 1,047,356 |
| Net (income) loss attributable to Noncontrolling Interests: | |||
| Operating Partnership | (20,305) | (26,126) | (64,527) |
| Preference Interests and Units | (9) | (15) | (441) |
| Partially Owned Properties | 558 | (2,650) | (2,200) |
| Net income attributable to controlling interests | 362,273 | 407,622 | 980,188 |
| Preferred distributions | (14,479) | (14,507) | (22,792) |
| Premium on redemption of Preferred Shares | 0 | 0 | (6,154) |
| Net income available to Common Shares | $347,794 | $393,115 | $951,242 |
| Earnings per share - basic: | |||
| Income (loss) from continuing operations available to Common Shares | 0.05 | -0.1 | -0.04 |
| Net income available to Common Shares | 1.27 | 1.46 | 3.4 |
| Weighted average Common Shares outstanding | 273,609 | 270,012 | 279,406 |
| Earnings per share - diluted: | |||
| Income (loss) from continuing operations available to Common Shares | 0.05 | -0.1 | -0.04 |
| Net income available to Common Shares | 1.27 | 1.46 | 3.4 |
| Weighted average Common Shares outstanding | 290,105 | 270,012 | 279,406 |
| Distributions declared per Common Share outstanding | 1.64 | 1.93 | 1.87 |
Statement Of Other Comprehensiv
| Statement Of Other Comprehensive Income (USD $) | |||
| In Thousands | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 |
| Comprehensive income: | |||
| Net income | $382,029 | $436,413 | $1,047,356 |
| Other comprehensive income (loss) - derivative instruments: | |||
| Unrealized holding gains (losses) arising during the year | 37,676 | (23,815) | (3,853) |
| Losses reclassified into earnings from other comprehensive income | 3,724 | 2,696 | 1,954 |
| Other | 449 | 0 | 0 |
| Other comprehensive income (loss) - other instruments: | |||
| Unrealized holding gains arising during the year | 3,574 | 1,202 | 27 |
| (Gains) realized during the year | (4,943) | 0 | 0 |
| Comprehensive income | 422,509 | 416,496 | 1,045,484 |
| Comprehensive (income) attributable to Noncontrolling Interests | (19,756) | (28,791) | (67,168) |
| Comprehensive income attributable to controlling interests | $402,753 | $387,705 | $978,316 |
Statement Of Cash Flows Indirec
| Statement Of Cash Flows Indirect Real Estate (USD $) | |||
| In Thousands | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $382,029 | $436,413 | $1,047,356 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 600,375 | 602,908 | 616,414 |
| Amortization of deferred financing costs | 13,127 | 9,701 | 11,849 |
| Amortization of discounts on investment securities | (1,661) | (365) | 0 |
| Amortization of discounts and premiums on debt | 5,857 | 9,730 | 5,082 |
| Amortization of deferred settlements on derivative instruments | 2,228 | 1,317 | 575 |
| Impairment | 11,124 | 116,418 | 0 |
| Write-off of pursuit costs | 4,838 | 5,535 | 1,726 |
| Transaction costs | 1,650 | 225 | 104 |
| Loss (income) from investments in unconsolidated entities | 2,815 | 107 | (332) |
| Distributions from unconsolidated entities - return on capital | 153 | 116 | 102 |
| Net (gain) on sales of investment securities | (4,943) | 0 | 0 |
| Net (gain) on sales of unconsolidated entities | (10,689) | (2,876) | (2,629) |
| Net (gain) on sales of land parcels | 0 | (2,976) | (6,360) |
| Net (gain) on sales of discontinued operations | (335,299) | (392,857) | (933,013) |
| Loss (gain) on debt extinguishments | 17,525 | (18,656) | 3,339 |
| Unrealized (gain) loss on derivative instruments | (3) | 500 | (1) |
| Compensation paid with Company Common Shares | 17,843 | 22,311 | 21,631 |
| Other operating activities, net | 0 | 0 | (19) |
| Changes in assets and liabilities: | |||
| Decrease (increase) in deposits - restricted | 3,117 | (1,903) | 2,927 |
| Decrease (increase) in other assets | 11,768 | (1,488) | (4,873) |
| (Decrease) in accounts payable and accrued expenses | (34,524) | (821) | (9,760) |
| (Decrease) increase in accrued interest payable | (11,997) | (10,871) | 33,545 |
| Increase (decrease) in other liabilities | 2,220 | (19,412) | 1,482 |
| (Decrease) increase in security deposits | (5,091) | 2,196 | 4,087 |
| Net cash provided by operating activities | 672,462 | 755,252 | 793,232 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Investment in real estate - acquisitions | (175,531) | (388,083) | (1,680,074) |
| Investment in real estate - development/other | (330,623) | (521,546) | (480,184) |
| Improvements to real estate | (123,937) | (169,838) | (252,675) |
| Additions to non-real estate property | (2,028) | (2,327) | (7,696) |
| Interest capitalized for real estate under development | (34,859) | (60,072) | (45,107) |
| Proceeds from disposition of real estate, net | 887,055 | 887,576 | 2,012,939 |
| Investments in unconsolidated entities | 0 | 0 | (191) |
| Distributions from unconsolidated entities - return of capital | 6,521 | 3,034 | 122 |
| Purchase of investment securities | (77,822) | (158,367) | 0 |
| Proceeds from sale of investment securities | 215,753 | 0 | 0 |
| Transaction costs | (1,650) | (225) | (104) |
| (Increase) decrease in deposits on real estate acquisitions, net | (250,257) | 65,395 | 245,667 |
| Decrease in mortgage deposits | 2,437 | 445 | 5,354 |
| Acquisition of Noncontrolling Interests - Partially Owned Properties | (11,480) | (20) | 0 |
| Other investing activities, net | 0 | 0 | 1,200 |
| Net cash provided by (used for) investing activities | 103,579 | (344,028) | (200,749) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Loan and bond acquisition costs | (9,291) | (9,233) | (26,257) |
| Mortgage notes payable: | |||
| Proceeds | 738,798 | 1,841,453 | 827,831 |
| Restricted cash | 46,664 | 37,262 | (113,318) |
| Lump sum payoffs | (939,022) | (411,391) | (523,299) |
| Scheduled principal repayments | (17,763) | (24,034) | (24,732) |
| Gain (loss) on debt extinguishments | 2,400 | (81) | (3,339) |
| Notes, net: | |||
| Proceeds | 0 | 0 | 1,493,030 |
| Lump sum payoffs | (850,115) | (304,043) | (150,000) |
| Scheduled principal repayments | 0 | 0 | (4,286) |
| (Loss) gain on debt extinguishments | (19,925) | 18,737 | 0 |
| Lines of credit: | |||
| Proceeds | 0 | 841,000 | 17,536,000 |
| Repayments | 0 | (980,000) | (17,857,000) |
| Proceeds from (payments on) settlement of derivative instruments | 11,253 | (26,781) | 2,370 |
| Proceeds from sale of Common Shares | 86,184 | 0 | 0 |
| Proceeds from Employee Share Purchase Plan (ESPP) | 5,292 | 6,170 | 7,165 |
| Proceeds from exercise of options | 9,136 | 24,634 | 28,760 |
| Common Shares repurchased and retired | (1,124) | (12,548) | (1,221,680) |
| Redemption of Preferred Shares | 0 | 0 | (175,000) |
| Premium on redemption of Preferred Shares | 0 | 0 | (24) |
| Payment of offering costs | (2,536) | (102) | (175) |
| Other financing activities, net | (16) | (16) | (14) |
| Contributions - Noncontrolling Interests - Partially Owned Properties | 893 | 2,083 | 10,267 |
| Contributions - Noncontrolling Interests - Operating Partnership | 78 | 0 | 0 |
| Distributions: | |||
| Common Shares | (488,604) | (522,195) | (526,281) |
| Preferred Shares | (14,479) | (14,521) | (27,008) |
| Preference Interests and Units | (12) | (15) | (453) |
| Noncontrolling Interests - Operating Partnership | (28,935) | (34,584) | (35,543) |
| Noncontrolling Interests - Partially Owned Properties | (2,423) | (3,056) | (18,943) |
| Net cash (used for) provided by financing activities | (1,473,547) | 428,739 | (801,929) |
| Net (decrease) increase in cash and cash equivalents | (697,506) | 839,963 | (209,446) |
| Cash and cash equivalents, beginning of year | 890,794 | 50,831 | 260,277 |
| Cash and cash equivalents, end of year | 193,288 | 890,794 | 50,831 |
| SUPPLEMENTAL INFORMATION: | |||
| Cash paid for interest, net of amounts capitalized | 508,847 | 491,803 | 457,700 |
| Net cash paid (received) for income and other taxes | 3,968 | (1,252) | (1,587) |
| Real estate acquisitions/dispositions/other: | |||
| Mortgage loans assumed | 0 | 24,946 | 226,196 |
| Valuation of OP Units issued | 1,034 | 849 | 0 |
| Mortgage loans (assumed) by purchaser | (17,313) | 0 | (76,744) |
| Amortization of deferred financing costs: | |||
| Investment in real estate, net | (3,585) | (1,986) | (1,521) |
| Deferred financing costs, net | 16,712 | 11,687 | 13,370 |
| Amortization of discounts and premiums on debt: | |||
| Investment in real estate, net | (3) | (6) | 0 |
| Mortgage notes payable | (6,097) | (6,287) | (6,252) |
| Notes, net | 11,957 | 16,023 | 11,334 |
| Amortization of deferred settlements on derivative instruments: | |||
| Other liabilities | (1,496) | (1,379) | (1,379) |
| Accumulated other comprehensive income (loss) | 3,724 | 2,696 | 1,954 |
| Unrealized (gain) loss on derivative instruments: | |||
| Other assets | (33,261) | (6,680) | (2,347) |
| Mortgage notes payable | (1,887) | 6,272 | 7,492 |
| Notes, net | 719 | 1,846 | 4,323 |
| Other liabilities | (3,250) | 22,877 | (5,616) |
| Accumulated other comprehensive income (loss) | 37,676 | (23,815) | (3,853) |
| Proceeds from (payments on) settlement of derivative instruments: | |||
| Other assets | 11,253 | (98) | 2,375 |
| Other liabilities | $0 | ($26,683) | ($5) |
Statement Of Shareholders Equit
| Statement Of Shareholders Equity And Other Comprehensive Income (USD $) | |||||||||
| In Thousands | PAID IN CAPITAL
| RETAINED EARNINGS
| ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
| OPERATING PARTNERSHIP
| PREFERENCE INTERESTS AND UNITS
| PARTIALLY OWNED PROPERTIES
| Total
| ||
| Balance, beginning of year at Dec. 31, 2006 | $386,574 | $2,936 | $5,070,593 | $156,143 | ($14,010) | $186,285 | $11,684 | $26,814 | |
| Conversion of Preferred Shares into Common Shares | 1 | 1,911 | |||||||
| Issuance of OP Units to Noncontrolling Interests | 0 | ||||||||
| Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
| Unrealized holding gains (losses) arising during the year | (3,853) | (3,853) | |||||||
| Losses reclassified into earnings from other comprehensive income | 1,954 | 1,954 | |||||||
| Other | 0 | 0 | |||||||
| Redemption of 8.60% Series D Cumulative Redeemable | (175,000) | ||||||||
| Conversion of 7.625% Series J Preference Interests | (11,500) | ||||||||
| Conversion of Preference Interests into Common Shares | 3 | 11,497 | |||||||
| Issuance of LTIP Units to Noncontrolling Interests | 0 | ||||||||
| Accumulated other comprehensive income (loss) - other instruments: | |||||||||
| Unrealized holding gains arising during the year | 27 | 27 | |||||||
| (Gains) realized during the year | 0 | 0 | |||||||
| Conversion of 7.00% Series E Cumulative Convertible | (1,818) | ||||||||
| Conversion of Series B Junior Preference Units | 0 | ||||||||
| Conversion of OP Units into Common Shares | 15 | 32,430 | |||||||
| Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (32,445) | ||||||||
| Conversion of 7.00% Series H Cumulative Convertible | (94) | ||||||||
| Issuance of Common Shares | 0 | 0 | |||||||
| Equity compensation associated with Noncontrolling Interests | 0 | ||||||||
| Exercise of share options | 10 | 28,750 | |||||||
| Net (loss) income attributable to Noncontrolling Interests | 980,188 | 64,527 | 2,200 | 1,047,356 | |||||
| Employee Share Purchase Plan (ESPP) | 2 | 7,163 | |||||||
| Contributions by Noncontrolling Interests | 10,267 | ||||||||
| Common Share distributions | (520,700) | ||||||||
| Share-based employee compensation expense: | |||||||||
| Performance shares | 1,278 | ||||||||
| Restricted/performance shares | 4 | ||||||||
| Restricted shares | 15,226 | ||||||||
| Share options | 5,345 | ||||||||
| ESPP discount | 1,701 | ||||||||
| Distributions to Noncontrolling Interests | (35,213) | (18,957) | |||||||
| Preferred Share distributions | (22,792) | ||||||||
| Common Shares repurchased and retired | (275) | (1,226,045) | |||||||
| Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | 17,861 | ||||||||
| Other | 5,912 | ||||||||
| Premium on redemption of Preferred Shares - cash charge | (24) | ||||||||
| Offering costs | (175) | ||||||||
| Acquisition of additional ownership interest by Operating Partnership | 0 | ||||||||
| Premium on redemption of Preferred Shares - original issuance costs | 6,130 | (6,130) | |||||||
| Supplemental Executive Retirement Plan (SERP) | (6,709) | ||||||||
| Acquisition of Noncontrolling Interests - Partially Owned Properties | 0 | ||||||||
| Change in market value of Redeemable Noncontrolling Interests - Operating Partnership | 146,284 | ||||||||
| Adjustment for Noncontrolling Interests ownership in Operating Partnership | 38,830 | (38,830) | |||||||
| Balance, end of year at Dec. 31, 2007 | 209,662 | 2,696 | 4,134,209 | 586,685 | (15,882) | 162,185 | 184 | 26,236 | |
| Conversion of Preferred Shares into Common Shares | 0 | 876 | |||||||
| Issuance of OP Units to Noncontrolling Interests | 849 | ||||||||
| Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
| Unrealized holding gains (losses) arising during the year | (23,815) | (23,815) | |||||||
| Losses reclassified into earnings from other comprehensive income | 2,696 | 2,696 | |||||||
| Other | 0 | 0 | |||||||
| Redemption of 8.60% Series D Cumulative Redeemable | 0 | ||||||||
| Conversion of 7.625% Series J Preference Interests | 0 | ||||||||
| Conversion of Preference Interests into Common Shares | 0 | 0 | |||||||
| Issuance of LTIP Units to Noncontrolling Interests | 0 | ||||||||
| Accumulated other comprehensive income (loss) - other instruments: | |||||||||
| Unrealized holding gains arising during the year | 1,202 | 1,202 | |||||||
| (Gains) realized during the year | 0 | 0 | |||||||
| Conversion of 7.00% Series E Cumulative Convertible | (828) | ||||||||
| Conversion of Series B Junior Preference Units | 0 | ||||||||
| Conversion of OP Units into Common Shares | 17 | 49,884 | |||||||
| Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (49,901) | ||||||||
| Conversion of 7.00% Series H Cumulative Convertible | (48) | ||||||||
| Issuance of Common Shares | 0 | 0 | |||||||
| Equity compensation associated with Noncontrolling Interests | 0 | ||||||||
| Exercise of share options | 10 | 24,624 | |||||||
| Net (loss) income attributable to Noncontrolling Interests | 407,622 | 26,126 | 2,650 | 436,413 | |||||
| Employee Share Purchase Plan (ESPP) | 2 | 6,168 | |||||||
| Contributions by Noncontrolling Interests | 2,083 | ||||||||
| Common Share distributions | (523,648) | ||||||||
| Share-based employee compensation expense: | |||||||||
| Performance shares | (8) | ||||||||
| Restricted/performance shares | 5 | ||||||||
| Restricted shares | 17,273 | ||||||||
| Share options | 5,846 | ||||||||
| ESPP discount | 1,289 | ||||||||
| Distributions to Noncontrolling Interests | (33,745) | (3,072) | |||||||
| Preferred Share distributions | (14,507) | ||||||||
| Common Shares repurchased and retired | (2) | (7,906) | |||||||
| Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | 15,247 | ||||||||
| Other | (500) | ||||||||
| Premium on redemption of Preferred Shares - cash charge | 0 | ||||||||
| Offering costs | (102) | ||||||||
| Acquisition of additional ownership interest by Operating Partnership | (1,877) | ||||||||
| Premium on redemption of Preferred Shares - original issuance costs | 0 | 0 | |||||||
| Supplemental Executive Retirement Plan (SERP) | (7,304) | ||||||||
| Acquisition of Noncontrolling Interests - Partially Owned Properties | 0 | ||||||||
| Change in market value of Redeemable Noncontrolling Interests - Operating Partnership | 65,524 | ||||||||
| Adjustment for Noncontrolling Interests ownership in Operating Partnership | (16,884) | 16,884 | |||||||
| Balance, end of year at Dec. 31, 2008 | 208,786 | 2,728 | 4,273,489 | 456,152 | (35,799) | 137,645 | 184 | 25,520 | 5,068,705 |
| Conversion of Preferred Shares into Common Shares | 0 | 13 | |||||||
| Issuance of OP Units to Noncontrolling Interests | 1,034 | ||||||||
| Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
| Unrealized holding gains (losses) arising during the year | 37,676 | 37,676 | |||||||
| Losses reclassified into earnings from other comprehensive income | 3,724 | 3,724 | |||||||
| Other | 449 | 449 | |||||||
| Redemption of 8.60% Series D Cumulative Redeemable | 0 | ||||||||
| Conversion of 7.625% Series J Preference Interests | 0 | ||||||||
| Conversion of Preference Interests into Common Shares | 0 | 0 | |||||||
| Issuance of LTIP Units to Noncontrolling Interests | 78 | ||||||||
| Accumulated other comprehensive income (loss) - other instruments: | |||||||||
| Unrealized holding gains arising during the year | 3,574 | 3,574 | |||||||
| (Gains) realized during the year | (4,943) | (4,943) | |||||||
| Conversion of 7.00% Series E Cumulative Convertible | (13) | ||||||||
| Conversion of Series B Junior Preference Units | (184) | ||||||||
| Conversion of OP Units into Common Shares | 27 | 48,776 | |||||||
| Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (48,803) | ||||||||
| Conversion of 7.00% Series H Cumulative Convertible | 0 | ||||||||
| Issuance of Common Shares | 35 | 123,699 | |||||||
| Equity compensation associated with Noncontrolling Interests | 1,194 | ||||||||
| Exercise of share options | 4 | 9,132 | |||||||
| Net (loss) income attributable to Noncontrolling Interests | 362,273 | 20,305 | (558) | 382,029 | |||||
| Employee Share Purchase Plan (ESPP) | 3 | 5,289 | |||||||
| Contributions by Noncontrolling Interests | 893 | ||||||||
| Common Share distributions | (450,287) | ||||||||
| Share-based employee compensation expense: | |||||||||
| Performance shares | 179 | ||||||||
| Restricted/performance shares | 3 | ||||||||
| Restricted shares | 11,129 | ||||||||
| Share options | 5,996 | ||||||||
| ESPP discount | 1,303 | ||||||||
| Distributions to Noncontrolling Interests | (25,679) | (2,439) | |||||||
| Preferred Share distributions | (14,479) | ||||||||
| Common Shares repurchased and retired | 0 | (1,124) | |||||||
| Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | 20,658 | ||||||||
| Other | (657) | ||||||||
| Premium on redemption of Preferred Shares - cash charge | 0 | ||||||||
| Offering costs | (2,536) | ||||||||
| Acquisition of additional ownership interest by Operating Partnership | (11,705) | ||||||||
| Premium on redemption of Preferred Shares - original issuance costs | 0 | 0 | |||||||
| Supplemental Executive Retirement Plan (SERP) | 27,809 | ||||||||
| Acquisition of Noncontrolling Interests - Partially Owned Properties | (1,496) | ||||||||
| Change in market value of Redeemable Noncontrolling Interests - Operating Partnership | (14,544) | ||||||||
| Adjustment for Noncontrolling Interests ownership in Operating Partnership | (9,688) | 9,688 | |||||||
| Balance, end of year at Dec. 31, 2009 | $208,773 | $2,800 | $4,477,426 | $353,659 | $4,681 | $116,120 | $0 | $11,054 | $5,174,513 |
Business
| Business | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Business | 1. Business Equity Residential (EQR), a Maryland real estate investment trust (REIT) formed in March 1993, is an SP 500 company focused on the acquisition, development and management of high quality apartment properties in top United States growth markets. EQR has elected to be taxed as a REIT. EQR is the general partner of, and as of December31, 2009 owned an approximate 95.2% ownership interest in, ERP Operating Limited Partnership, an Illinois limited partnership (the Operating Partnership). The Company is structured as an umbrella partnership REIT (UPREIT) under which all property ownership and related business operations are conducted through the Operating Partnership and its subsidiaries. References to the Company include EQR, the Operating Partnership and those entities owned or controlled by the Operating Partnership and/or EQR. As of December31, 2009, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 495 properties in 23 states and the District of Columbia consisting of 137,007 units. The ownership breakdown includes (table does not include various uncompleted development properties): Properties Units Wholly Owned Properties 432 118,796 Partially Owned Properties: Consolidated 27 5,530 Unconsolidated 34 8,086 Military Housing 2 4,595 495 137,007 The Wholly Owned Properties are accounted for under the consolidation method of accounting. The Company beneficially owns 100% fee simple title to 429 of the 432 Wholly Owned Properties and all but one of its wholly owned development properties and land parcels. The Company owns the building and improvements and leases the land underlying the improvements under long-term ground leases that expire in 2026, 2077 and 2101 for the three operating properties, respectively, and 2104 for one land parcel. These properties are consolidated and reflected as real estate assets while the ground leases are accounted for as operating leases. The Partially Owned Properties Consolidated are controlled by the Company but have partners with noncontrolling interests and are accounted for under the consolidation method of accounting. The Partially Owned Properties Unconsolidated are partially owned but not controlled by the Company and consist of investments in partnership interests that are accounted for under the equity method of accounting. The Military Housing properties consist of investments in limited liability companies that, as a result of the terms of the operating agreements, are accounted for as management contract rights with all fees recognized as fee and asset management revenue. |
Summary of Significant Accounti
| Summary of Significant Accounting Policies | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation Due to the Companys ability as general partner to control either through ownership or by contract the Operating Partnership and its subsidiaries, other than entities that own controlling interests in the Partially Owned Properties Unconsolidated and certain other entities in which the Company has investments, the Operating Partnership and each such subsidiary has been consolidated with the Company for financial reporting purposes. The consolidated financial statements also include all variable interest entities for which the Company is the primary beneficiary. Real Estate Assets and Depreciation of Investment in Real Estate Effective for business combinations on or after January1, 2009, an acquiring entity is required to recognize all assets acquired and liabilities assumed in a transaction at the acquisition-date fair value with limited exceptions. In addition, an acquiring entity is required to expense acquisition-related costs as incurred (amounts are included in the other expenses line item in the consolidated statements of operations), value noncontrolling interests at fair value at the acquisition date and expense restructuring costs associated with an acquired business. Due to the Companys limited acquisition activities in 2009, this has not had a material effect on the Companys consolidated results of operations or financial position. Should the Company increase its acquisition activities, the effect could become material. The Company allocates the purchase price of properties to net tangible and identified intangible assets acquired based on their fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Company allocates the purchase price of acquired real estate to various components as follows: Land Based on actual purchase price if acquired separately or market research/comparables if acquired with an operating property. Furniture, Fixtures and Equipment Ranges between $8,000 and $13,000 per apartment unit acquired as an estimate of the fair value of the appliances and fixtures inside a unit. The per-unit amount applied depends on the type of apartment building acquired. Depreciation is calculated on the straight-line method over an estimated useful life of five years. In-Place Leases The Company considers the value of acquired in-place leases and the amortization period is the average remaining term of each respective in-place acquired lease. Other Intangible Assets The Company considers whether it has acquired other intangible assets, including any custom |
Equity and Redeemable Noncontro
| Equity and Redeemable Noncontrolling Interests | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Equity and Redeemable Noncontrolling Interests | 3. Equity and Redeemable Noncontrolling Interests The following tables present the changes in the Companys issued and outstanding Common Shares and Units (which includes OP Units and Long-Term Incentive Plan (LTIP) Units) for the years ended December31, 2009, 2008 and 2007: 2009 2008 2007 Common Shares Common Shares outstanding at January1, 272,786,760 269,554,661 293,551,633 Common Shares Issued: Conversion of Series E Preferred Shares 612 36,830 80,895 Conversion of Series H Preferred Shares 2,750 5,463 Conversion of Preference Interests 324,484 Conversion of OP Units 2,676,002 1,759,560 1,494,263 Issuance of Common Shares 3,497,300 Exercise of share options 422,713 995,129 1,040,765 Employee Share Purchase Plan (ESPP) 324,394 195,961 189,071 Restricted share grants, net 298,717 461,954 352,433 Common Shares Other: Repurchased and retired (47,450 ) (220,085 ) (27,484,346 ) Common Shares outstanding at December31, 279,959,048 272,786,760 269,554,661 Units Units outstanding at January1, 16,679,777 18,420,320 19,914,583 LTIP Units, net 154,616 OP Units issued through acquisitions/consolidations 32,061 19,017 Conversion of Series B Junior Preference Units 7,517 Conversion of OP Units to Common Shares (2,676,002 ) (1,759,560 ) (1,494,263 ) Units outstanding at December31, 14,197,969 16,679,777 18,420,320 Total Common Shares and Units outstanding at December31, 294,157,017 289,466,537 287,974,981 Units Ownership Interest in Operating Partnership 4.8 % 5.8 % 6.4 % LTIP Units Issued: Issuance per unit $ 0.50 Issuance contribution valuation $ 0.1 million OP Units Issued: Acquisitions/consolidations per unit $ 26.50 $ 44.64 Acquisitions/consolidations valuation $ 0.8 million $ 0.8 million Conversion of Series B Junior Preference Units per unit $ 24.50 Conversion of Series B Junior Preference Units valuation $ 0.2 million As of December31, 2009, an unlimited amount of equity securities remains available for issuance by the Company under a registration statement the SEC declared effective in December 2008 (under SEC regulations enacted in 2005, the registration statement automatically expires on December15, 2011 and does not contain a maximum issuance amount). In September 2009, the Company announced the creation of an At-The-Market (ATM) share offering program which would allow the Company to sell up to 17.0million Common Shares from time to time over the next three years into the existing trading market a |
Real Estate
| Real Estate | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Real Estate | 4. Real Estate The following table summarizes the carrying amounts for the Companys investment in real estate (at cost) as of December31, 2009 and 2008 (amounts in thousands): 2009 2008 Land $ 3,650,324 $ 3,671,299 Depreciable property: Buildings and improvements 12,781,543 12,836,310 Furniture, fixtures and equipment 1,111,978 1,072,284 Projects under development: Land 106,716 175,355 Construction-in-progress 562,263 680,118 Land held for development: Land 181,430 205,757 Construction-in-progress 70,890 49,116 Investment in real estate 18,465,144 18,690,239 Accumulated depreciation (3,877,564 ) (3,561,300 ) Investment in real estate, net $ 14,587,580 $ 15,128,939 During the year ended December31, 2009, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands): Properties Units Purchase Price Rental Properties 2 566 $ 145,036 Land Parcel (one) 11,500 Total 2 566 $ 156,536 The Company also acquired the 75% equity interest in one previously unconsolidated property it did not already own consisting of 250 units with a gross sales price of $18.5 million from its institutional joint venture partner. During the year ended December31, 2008, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands): Properties Units Purchase Price Rental Properties 7 2,141 $ 380,683 Uncompleted Developments 31,705 Military Housing (1) 1 978 Total 8 3,119 $ 412,388 (1) The Company assumed management of 978 housing units (828 units as of December31, 2009) at McChord Air Force Base in Washington state and invested $2.4 million towards its redevelopment. McChord AFB adjoins Ft. Lewis, a U.S. Army base at which the Company already manages 3,731 units (3,767 units as of December31, 2009). During the year ended December31, 2009, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Units SalesPrice Rental Properties: Consolidated 54 11,055 $ 905,219 Unconsolidated (1) 6 1,434 96,018 Condominium Conversion Properties 1 62 12,021 Total 61 12,551 $ 1,013,258 (1) The Company owned a 25% interest in these unconsolidated rental properties. Sales price listed is the gross sales price. The Companys buyout of its partners interest in one previously unconsolidated property is not included in the above totals. The Company recognized a net gain on sales of discontinued operations of approximately $335.3 million and a net gain on sales of unconsolidated entities of approximately $10.7 million on the above sales. During the year ended Decemb |
Dispose of Real Estate
| Dispose of Real Estate | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Commitments to Acquire/Dispose of Real Estate | 5. Commitments to Acquire/Dispose of Real Estate As of the date of this filing, in addition to the properties that were subsequently acquired as discussed in Note 21, the Company had entered into separate agreements to acquire two rental properties consisting of 852 units for $309.7 million. As of the date of this filing, in addition to the properties that were subsequently disposed of as discussed in Note 21, the Company had entered into separate agreements to dispose of the following (sales price in thousands): Properties Units SalesPrice Rental Properties: Consolidated 18 2,268 $ 191,501 Unconsolidated 1 216 10,700 Total 19 2,484 $ 202,201 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 | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| 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 table summarizes the Companys investments in partially owned entities as of December31, 2009 (amounts in thousands except for project and unit amounts): Consolidated Unconsolidated Development Projects Held for and/or Under Development Completed, Not Stabilized(4) Completed and Stabilized Other Total Institutional Joint Ventures (5) Total projects (1) 3 3 21 27 34 Total units (1) 1,024 710 3,796 5,530 8,086 Debt Secured (2): EQR Ownership (3) $ 303,253 $ 218,965 $ 113,385 $ 219,136 $ 854,739 $ 101,809 Noncontrolling Ownership 82,732 82,732 305,426 Total (at 100%) $ 303,253 $ 218,965 $ 113,385 $ 301,868 $ 937,471 $ 407,235 (1) Project and unit counts exclude all uncompleted development projects until those projects are completed. (2) All debt is non-recourse to the Company with the exception of $42.2 million in mortgage debt on various development projects. In addition, $66.0 million in mortgage debt on one development project will become recourse to the Company upon completion of that project. (3) Represents the Companys current economic ownership interest. (4) Projects included here are substantially complete. However, they may still require additional exterior and interior work for all units to be available for leasing. (5) Unconsolidated debt maturities and rates for institutional joint ventures are as follows: $112.6 million, May1, 2010, 8.33%; $121.0 million, December1, 2010, 7.54%; $143.8 million, March1, 2011, 6.95%; and $29.8 million, July1, 2019, 5.305%. A portion of this mortgage debt is also partially collateralized by $42.6 million in unconsolidated restricted cash set aside from the net proceeds of property sales. During the third quarter of 2009, the Company acquired its partners interest in one of the previously unconsolidated properties containing 250 units for $18.5 million and as a result, the project is now consolidated and wholly owned. |
Deposits - Restricted
| Deposits - Restricted | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Deposits - Restricted | 7. Deposits Restricted The following table presents the Companys restricted deposits as of December31, 2009 and 2008 (amounts in thousands): December31, 2009 December31, 2008 Taxdeferred (1031)exchange proceeds $ 244,257 $ Earnest money on pending acquisitions 6,000 1,200 Restricted deposits on debt (1) 49,565 96,229 Resident security and utility deposits 39,361 41,478 Other 12,825 13,825 Totals $ 352,008 $ 152,732 (1) Primarily represents amounts held in escrow by the lender and released as draw requests are made on fully funded development mortgage loans. |
Mortgage Notes Payable
| Mortgage Notes Payable | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Mortgage Notes Payable | 8. Mortgage Notes Payable As of December31, 2009, the Company had outstanding mortgage debt of approximately $4.8 billion. During the year ended December31, 2009, the Company: Repaid $956.8 million of mortgage loans; Obtained $500.0 million of mortgage loan proceeds through the issuance of an 11-year cross-collateralized loan with an all-in fixed interest rate for 10 years at approximately 5.6% secured by 13 properties; Obtained $40.0 million of new mortgage loans to accommodate the delayed sale of two properties that closed in January 2010; Obtained $198.8 million of new mortgage loans on development properties; Recognized a gain on early debt extinguishment of $2.4 million and wrote-off approximately $1.1 million of unamortized deferred financing costs; and Was released from $17.3 million of mortgage debt assumed by the purchaser on two disposed properties. As of December31, 2009, scheduled maturities for the Companys outstanding mortgage indebtedness were at various dates through September1, 2048. At December31, 2009, the interest rate range on the Companys mortgage debt was 0.20% to 12.465%. During the year ended December31, 2009, the weighted average interest rate on the Companys mortgage debt was 4.89%. The historical cost, net of accumulated depreciation, of encumbered properties was $5.8 billion and $6.5 billion at December31, 2009 and 2008, respectively. Aggregate payments of principal on mortgage notes payable for each of the next five years and thereafter are as follows (amounts in thousands): Year Total 2010 $ 110,817 2011 758,850 2012 268,146 2013 167,361 2014 18,409 Thereafter 3,459,863 Total $ 4,783,446 As of December31, 2008, the Company had outstanding mortgage debt of approximately $5.0 billion. During the year ended December31, 2008, the Company: Repaid $435.4 million of mortgage loans; Assumed $24.9 million of mortgage debt on an uncompleted development property in connection with its acquisition; Obtained $500.0 million of mortgage loan proceeds through the issuance of an 11.5 year cross-collateralized loan with a fixed stated interest rate for 10.5 years at 5.19% secured by 13 properties; Obtained $550.0 million of mortgage loan proceeds through the issuance of an 11.5 year cross-collateralized loan with a fixed stated interest rate for 10.5 years at approximately 6% secured by 15 properties; Obtained $543.0 million of mortgage loan proceeds through the issuance of an 8 year cross-collateralized loan with a fixed stated interest rate for 7 years at approximately 6% secured by 18 properties; and Obtained an additional $248.5 million of new mortgage loans primarily on development properties. The Company recorded approximately $81,000 and $131,000 of prepayment penalties and write-offs of unamortized deferred financing costs, respectively, as additional interest related to debt extinguishment of mortgages during the year ended December31, 2008. |
Notes
| Notes | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Notes | 9. Notes The following tables summarize the Companys unsecured note balances and certain interest rate and maturity date information as of and for the years ended December31, 2009 and 2008, respectively: December31, 2009 (Amounts are in thousands) Net Principal Balance Interest Rate Ranges Weighted Average InterestRate Maturity Date Ranges Fixed Rate Public/Private Notes (1) $ 3,771,700 3.85%-7.57% 5.93% 2011-2026 Floating Rate Public/Private Notes (1) 801,824 (1) 1.37% 2010-2013 Floating Rate Tax-Exempt Bonds 35,600 (2) 0.37% 2028 Totals $ 4,609,124 December31, 2008 (Amounts are in thousands) Net Principal Balance Interest Rate Ranges Weighted Average InterestRate Maturity Date Ranges Fixed Rate Public/Private Notes (1) $ 4,684,068 3.85%-7.57% 5.69% 2009-2026 Floating Rate Public/Private Notes (1) 651,554 (1) 3.89% 2009-2010 Fixed Rate Tax-Exempt Bonds 75,790 5.20% 5.07% 2029 Floating Rate Tax-Exempt Bonds 35,600 (2) 1.05% 2028 Totals $ 5,447,012 (1) At December31, 2009, $300.0 million in fair value interest rate swaps converts a portion of the $400.0 million face value 5.200% notes due April1, 2013 to a floating interest rate. At December31, 2008, $150.0 million in fair value interest rate swaps converted a portion of the $227.4 million face value 4.750% notes due June15, 2009 to a floating interest rate. (2) The floating interest rate is based on the 7-Day Securities Industry and Financial Markets Association (SIFMA) rate, which is the tax-exempt index equivalent of LIBOR. The interest rate is 0.27% and 0.75% at December31, 2009 and 2008, respectively. The Companys unsecured public debt contains certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for both the years ended December31, 2009 and 2008. As of December31, 2009, an unlimited amount of debt securities remains available for issuance by the Operating Partnership under a registration statement that became automatically effective upon filing with the SEC in December 2008 (under SEC regulations enacted in 2005, the registration statement automatically expires on December21, 2011 and does not contain a maximum issuance amount). During the year ended December31, 2009, the Company: Repurchased at par $105.2 million of its 4.75% fixed rate public notes due June15, 2009 pursuant to a cash tender offer announced on January16, 2009 and wrote-off approximately $79,000 of unamortized deferred financing costs and approximately $46,000 of unamortized discounts on notes payable; Repaid the remaining $122.2 million of its 4.75% fixed rate public notes at maturity; Repurchased at par $185.2 million of its 6.95% fixed rate public notes due March2, 2011 pursuant to a cash tender offer announced on January16, 2009 and wrote-off approximately $0.4 mi |
Lines of Credit
| Lines of Credit | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Lines of Credit | 10. Lines of Credit The Operating Partnership has a $1.5 billion unsecured revolving credit facility maturing on February28, 2012, with 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. Advances under the credit facility bear interest at variable rates based upon LIBOR at various interest periods plus a spread (currently 0.50%) dependent upon the Operating Partnerships credit rating or based on bids received from the lending group. EQR has guaranteed the Operating Partnerships credit facility up to the maximum amount and for the full term of the facility. During the year ended December31, 2008, one of the providers of the Operating Partnerships unsecured revolving credit facility declared bankruptcy. Under the existing terms of the credit facility, the providers share is up to $75.0 million of potential borrowings. As a result, the Operating Partnerships borrowing capacity under the unsecured revolving credit facility has, in essence, been permanently reduced to $1.425 billion of potential borrowings. The obligation to fund by all of the other providers has not changed. As of December31, 2009, the amount available on the credit facility was $1.37 billion (net of $56.7 million which was restricted/dedicated to support letters of credit and net of the $75.0 million discussed above). The Company did not draw and had no balance outstanding on its revolving credit facility at any time during the year ended December31, 2009. As of December31, 2008, the amount available on the credit facility was $1.29 billion (net of $130.0 million which was restricted/dedicated to support letters of credit and net of the $75.0 million discussed above). During the year ended December31, 2008, the weighted average interest rate was 4.31%. |
Derivative and Other Fair Value
| Derivative and Other Fair Value Instruments | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Derivative and Other Fair Value Instruments | 11. Derivative and Other Fair Value Instruments The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. The carrying values of the Companys mortgage notes payable and unsecured notes were approximately $4.8 billion and $4.6 billion, respectively, at December31, 2009. The fair values of the Companys mortgage notes payable and unsecured notes were approximately $4.6 billion and $4.7 billion, respectively, at December31, 2009. The carrying values of the Companys mortgage notes payable and unsecured notes were approximately $5.0 billion and $5.4 billion, respectively, at December31, 2008. The fair values of the Companys mortgage notes payable and unsecured notes were approximately $5.0 billion and $4.7 billion, respectively, at December31, 2008. The fair values of the Companys financial instruments, other than mortgage notes payable, unsecured notes, derivative instruments and investment securities, including cash and cash equivalents, lines of credit and other financial instruments, approximate their carrying or contract values. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to limit these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The following table summarizes the Companys consolidated derivative instruments at December31, 2009 (dollar amounts are in thousands): FairValue Hedges(1) Forward Starting Swaps(2) Development CashFlow Hedges (3) Current Notional Balance $ 315,693 $ 700,000 $ 58,367 Lowest Possible Notional $ 315,693 $ 700,000 $ 3,020 Highest Possible Notional $ 317,694 $ 700,000 $ 91,343 Lowest Interest Rate 2.009 % 4.005 % 4.059 % Highest Interest Rate 4.800 % 4.695 % 4.059 % Earliest Maturity Date 2012 2021 2011 Latest Maturity Date 2013 2023 2011 (1) Fair Value Hedges Convert outstanding fixed rate debt to a floating interest rate. (2) Forward Starting Swaps Designed to partially fix the interest rate in advance of a planned future debt issuance. These swaps have mandatory counterparty terminations in 2012, 2013 and 2014. (3) Development Cash Flow Hedges Convert outstanding floating rate debt to a fixed interest rate. The following tables provide the location of the Companys derivative instruments within the accompanying Consolidated Balance Sheets and their fair market values as of December31, 2009 and 2008, respectively (amounts in thousands): AssetDerivatives LiabilityDerivatives December31, 2009 |
Earnings Per Share
| Earnings Per Share | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Earnings Per Share | 12. Earnings Per Share The following tables set forth the computation of net income per share basic and net income per share diluted (amounts in thousands except per share amounts): Year Ended December31, 2009 2008 2007 Numerator for net income per share basic: Income (loss) from continuing operations $ 28,031 $ (12,823 ) $ 21,053 Allocation to Noncontrolling Interests Operating Partnership, net (764 ) 1,861 643 Net loss (income) attributable to Noncontrolling Interests Partially Owned Properties 558 (2,650 ) (2,200 ) Net income attributable to Preference Interests and Units (9 ) (15 ) (441 ) Preferred distributions (14,479 ) (14,507 ) (22,792 ) Premium on redemption of Preferred Shares (6,154 ) Income (loss) from continuing operations available to Common Shares, net of Noncontrolling Interests 13,337 (28,134 ) (9,891 ) Discontinued operations, net of Noncontrolling Interests 334,457 421,249 961,133 Numerator for net income per share basic $ 347,794 $ 393,115 $ 951,242 Numerator for net income per share diluted: Income (loss) from continuing operations $ 28,031 Net loss (income) attributable to Noncontrolling Interests Partially Owned Properties 558 Net income attributable to Preference Interests and Units (9 ) Preferred distributions (14,479 ) Income (loss) from continuing operations available to Common Shares 14,101 Discontinued operations, net 353,998 Numerator for net income per share diluted $ 368,099 $ 393,115 $ 951,242 Denominator for net income per share basic and diluted: Denominator for net income per share basic 273,609 270,012 279,406 Effect of dilutive securities: OP Units 15,558 Long-term compensation award shares/units 938 Denominator for net income per share diluted 290,105 270,012 279,406 Net income per share basic $ 1.27 $ 1.46 $ 3.40 Net income per share diluted $ 1.27 $ 1.46 $ 3.40 Net income per share basic: Income (loss) from continuing operations available to Common Shares, net of Noncontrolling Interests $ 0.049 $ (0.104 ) $ (0.035 ) Discontinued operations, net of Noncontrolling Interests 1.222 1.560 3.440 Net income per share basic $ 1.271 $ 1.456 $ 3.405 Net income per share diluted: Income (loss) from continuing o |
Discontinued Operations
| Discontinued Operations | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Discontinued Operations | 13. Discontinued Operations The Company has presented separately as discontinued operations in all periods the results of operations for all consolidated assets disposed of, all operations related to active condominium conversion properties effective upon their respective transfer into a TRS and all properties held for sale, if any. The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets during each of the years ended December31, 2009, 2008 and 2007 (amounts in thousands). Year Ended December31, 2009 2008 2007 REVENUES Rental income $ 72,823 $ 173,243 $ 323,142 Total revenues 72,823 173,243 323,142 EXPENSES (1) Property and maintenance 26,681 52,785 102,287 Real estate taxes and insurance 9,062 19,853 40,317 Property management (62 ) 266 Depreciation 18,095 43,440 85,236 General and administrative 34 29 15 Total expenses 53,872 116,045 228,121 Discontinued operating income 18,951 57,198 95,021 Interest and other income 21 249 328 Other expenses (1 ) (3 ) Interest (2): Expense incurred, net (1,104 ) (2,897 ) (7,591 ) Amortization of deferred financing costs (333 ) (17 ) (1,772 ) Income and other tax benefit (expense) 1,165 1,846 7,307 Discontinued operations 18,699 56,379 93,290 Net gain on sales of discontinued operations 335,299 392,857 933,013 Discontinued operations, net $ 353,998 $ 449,236 $ 1,026,303 (1) Includes expenses paid in the current period for properties sold or held for sale in prior periods related to the Companys period of ownership. (2) Includes only interest expense specific to secured mortgage notes payable for properties sold and/or held for sale. For the properties sold during 2009 (excluding condominium conversion properties), the investment in real estate, net of accumulated depreciation, and the mortgage notes payable balances at December31, 2008 were $572.5 million and $38.9 million, respectively. The net real estate basis of the Companys active condominium conversion properties owned by the TRS and included in discontinued operations (excludes the Companys halted conversions as they are now held for use), which were included in investment in real estate, net in the consolidated balance sheets, was $0.8 million and $12.6 million at December31, 2009 and 2008, respectively. |
Share Incentive Plans
| Share Incentive Plans | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Share Incentive Plans | 14. Share Incentive Plans On May15, 2002, the shareholders of EQR approved the Companys 2002 Share Incentive Plan. The maximum aggregate number of awards that may be granted under this plan may not exceed 7.5% of the Companys outstanding Common Shares calculated on a fully diluted basis and determined annually on the first day of each calendar year. As of January1, 2010, this amount equaled 22,091,629, of which 6,295,992 shares were available for future issuance. No awards may be granted under the 2002 Share Incentive Plan, as restated, after February20, 2012. Pursuant to the 2002 Share Incentive Plan, as restated, and the Amended and Restated 1993 Share Option and Share Award Plan, as amended (collectively the Share Incentive Plans), officers, trustees and key employees of the Company may be granted share options to acquire Common Shares (Options) including non-qualified share options (NQSOs), incentive share options (ISOs) and share appreciation rights (SARs), or may be granted restricted or non-restricted shares, subject to conditions and restrictions as described in the Share Incentive Plans. In addition, each year prior to 2007, certain executive officers of the Company participated in the Companys performance-based restricted share plan. Effective January1, 2007, the Company elected to discontinue the award of new performance-based award grants. Options, SARs, restricted shares, performance shares and LTIP Units (see discussion below) are sometimes collectively referred to herein as Awards. The Options are generally granted at the fair market value of the Companys Common Shares at the date of grant, vest in three equal installments over a three-year period, are exercisable upon vesting and expire ten years from the date of grant. The exercise price for all Options under the Share Incentive Plans is equal to the fair market value of the underlying Common Shares at the time the Option is granted. Options exercised result in new Common Shares being issued on the open market. The Amended and Restated 1993 Share Option and Share Award Plan, as amended, will terminate at such time as all outstanding Awards have expired or have been exercised/vested. The Board of Trustees may at any time amend or terminate the Share Incentive Plans, but termination will not affect Awards previously granted. Any Options which had vested prior to such a termination would remain exercisable by the holder. Restricted shares that have been awarded through December31, 2009 generally vest three years from the award date. In addition, the Companys unvested restricted shareholders have the same voting rights as any other Common Share holder. During the three-year period of restriction, the Companys unvested restricted shareholders receive quarterly dividend payments on their shares at the same rate and on the same date as any other Common Share holder. As a result, dividends paid on unvested restricted shares are included as a component of retained earnings and have not been considered in reducing net income available to Common Shares in a manner similar to the Companys preferred share dividends for the earnings per share calculation. If employment is ter |
Employee Plans
| Employee Plans | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Employee Plans | 15. Employee Plans The Company established an Employee Share Purchase Plan to provide each employee and trustee the ability to annually acquire up to $100,000 of Common Shares of the Company. In 2003, the Companys shareholders approved an increase in the aggregate number of Common Shares available under the ESPP to 7,000,000 (from 2,000,000). The Company has 3,561,333 Common Shares available for purchase under the ESPP at December31, 2009. The Common Shares may be purchased quarterly at a price equal to 85% of the lesser of: (a)the closing price for a share on the last day of such quarter; and (b)the greater of: (i)the closing price for a share on the first day of such quarter, and (ii)the average closing price for a share for all the business days in the quarter. The following table summarizes information regarding the Common Shares issued under the ESPP: Year Ended December31, 2009 2008 2007 (Amountsinthousandsexceptshareandpershareamounts) Shares issued 324,394 195,961 189,071 Issuance price ranges $ 14.21$24.84 $ 23.51$37.61 $ 31.38$43.17 Issuance proceeds $ 5,292 $ 6,170 $ 7,165 The Company established a defined contribution plan (the 401(k) Plan) to provide retirement benefits for employees that meet minimum employment criteria. The Company matches dollar for dollar up to the first 3% of eligible compensation that a participant contributes to the 401(k) Plan. Participants are vested in the Companys contributions over five years. The Company recognized an expense in the amount of $3.5 million, $3.8 million and $4.2 million for the years ended December31, 2009, 2008 and 2007, respectively. The Company may also elect to make an annual discretionary profit-sharing contribution as a percentage of each individual employees eligible compensation under the 401(k) Plan. The Company did not make a contribution for the years ended December31, 2009 and 2008 and as such, no expense was recognized in either year. The Company recognized an expense of approximately $1.5 million for the year ended December31, 2007. The Company established a supplemental executive retirement plan (the SERP) to provide certain officers and trustees an opportunity to defer a portion of their eligible compensation in order to save for retirement. The SERP is restricted to investments in Company Common Shares, certain marketable securities that have been specifically approved and cash equivalents. The deferred compensation liability represented in the SERP and the securities issued to fund such deferred compensation liability are consolidated by the Company and carried on the Companys balance sheet, and the Companys Common Shares held in the SERP are accounted for as a reduction to paid in capital. |
Distribution Reinvestment and S
| Distribution Reinvestment and Share Purchase Plan | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Distribution Reinvestment and Share Purchase Plan | 16. Distribution Reinvestment and Share Purchase Plan On November3, 1997, the Company filed with the SEC a Form S-3 Registration Statement to register 14,000,000 Common Shares pursuant to a Distribution Reinvestment and Share Purchase Plan (the DRIP Plan). The registration statement was declared effective on November25, 1997. The remaining shares available for issuance under the 1997 registration lapsed in December 2008. On December16, 2008, the Company filed with the SEC a Form S-3 Registration Statement to register 5,000,000 Common Shares under the DRIP Plan. The registration statement was automatically declared effective the same day and expires at the earlier of the date in which all 5,000,000 shares have been issued or December15, 2011. The Company has 4,932,533 Common Shares available for issuance under the DRIP Plan at December31, 2009. The DRIP Plan provides holders of record and beneficial owners of Common Shares and Preferred Shares with a simple and convenient method of investing cash distributions in additional Common Shares (which is referred to herein as the Dividend Reinvestment DRIP Plan). Common Shares may also be purchased on a monthly basis with optional cash payments made by participants in the DRIP Plan and interested new investors, not currently shareholders of the Company, at the market price of the Common Shares less a discount ranging between 0% and 5%, as determined in accordance with the DRIP Plan (which is referred to herein as the Share Purchase DRIP Plan). Common Shares purchased under the DRIP Plan may, at the option of the Company, be directly issued by the Company or purchased by the Companys transfer agent in the open market using participants funds. |
Transactions with Related Parti
| Transactions with Related Parties | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Transactions with Related Parties | 17. Transactions with Related Parties The Company provided asset and property management services to certain related entities for properties not owned by the Company, which terminated in December 2008. Fees received for providing such services were approximately $0.3 million for both the years ended December31, 2008 and 2007. The Company leases its corporate headquarters from an entity controlled by EQRs Chairman of the Board of Trustees. The lease terminates on July31, 2011. Amounts incurred for such office space for the years ended December31, 2009, 2008 and 2007, respectively, were approximately $3.0 million, $2.9 million and $2.9 million. The Company believes these amounts equal market rates for such rental space. |
Commitments and Contingencies
| Commitments and Contingencies | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Commitments and Contingencies | 18. 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 Companys 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 and as a result, no amounts have been accrued at December31, 2009. While no assurances can be given, the Company does not believe that the suit, if adversely determined, would have a material adverse effect on the Company. The Company does not believe there is any other litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company. The Company has established a reserve and recorded a corresponding reduction to its net gain on sales of discontinued operations related to potential liabilities associated with its condominium conversion activities. The reserve covers potential product liability related to each conversion. The Company periodically assesses the adequacy of the reserve and makes adjustments as necessary. During the year ended December31, 2009, the Company recorded additional reserves of approximately $3.3 million (primarily related to an insurance settlement), paid approximately $4.7 million in claims and released approximately $2.2 million of remaining reserves for settled claims. As a result, the Company had total reserves of approximately $6.7 million at December31, 2009. While no assurances can be given, the Company does not believe that the ultimate resolution of these potential liabilities, if adversely determined, would have a material adverse effect on the Company. As of December31, 2009, the Company has four projects totaling 1,700 units in various stages of development with estimated completion dates ranging through June30, 2011. Some of the projects are developed solely by the Company, while others are co-developed with various third party development partners. The development venture agreements with partners are primarily deal-specific, with diff |
Impairment and Other Expenses
| Impairment and Other Expenses | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Impairment and Other Expenses | 19. Impairment and Other Expenses During the year ended December31, 2009, the Company recorded an approximate $11.1 million non-cash asset impairment charge on a parcel of land held for development. During the year ended December31, 2008, the Company recorded approximately $116.4 million of non-cash asset impairment charges on land held for development related to five potential development projects that will no longer be pursued. These charges were the result of an analysis of each parcels estimated fair value (determined using internally developed models based on market assumptions and comparable sales data) compared to its current capitalized carrying value and managements decision to reduce the number of planned development projects the Company will undertake. During the years ended December31, 2009, 2008 and 2007, the Company incurred charges of $6.5 million, $5.8 million and $1.8 million, respectively, related to the write-off of various pursuit and out-of-pocket costs for terminated acquisition, disposition (including halted condominium conversions) and development transactions and related to transaction closing costs, such as survey, title and legal fees, on the acquisition of operating properties and are included in other expenses on the Consolidated Statements of Operations. |
Reportable Segments
| Reportable Segments | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Reportable Segments | 20. Reportable Segments Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by senior management. Senior management decides how resources are allocated and assesses performance on a monthly basis. The Companys primary business is owning, managing and operating multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. Senior management evaluates the performance of each of our apartment communities individually and geographically, and both on a same store and non-same store basis; however, each of our apartment communities generally has similar economic characteristics, residents, products and services. The Companys operating segments have been aggregated by geography in a manner identical to that which is provided to its chief operating decision maker. The Companys fee and asset management, development (including its partially owned properties), condominium conversion and corporate housing (Equity Corporate Housing or ECH) activities are immaterial and do not individually meet the threshold requirements of a reportable segment and as such, have been aggregated in the Other segment in the tables presented below. All revenues are from external customers and there is no customer who contributed 10% or more of the Companys total revenues during the three years ended December31, 2009, 2008, or 2007. The primary financial measure for the Companys rental real estate properties 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). The Company believes that NOI is helpful to investors as a supplemental measure of the operating performance of a real estate company because it is a direct measure of the actual operating results of the Companys apartment communities. Current year NOI is compared to prior year NOI and current year budgeted NOI as a measure of financial performance. The following tables present NOI for each segment from our rental real estate specific to continuing operations for the years ended December31, 2009, 2008 and 2007, respectively, as well as total assets for the years ended December31, 2009 and 2008, respectively (amounts in thousands): Year Ended December31, 2009 Northeast Northwest Southeast Southwest Other (3) Total Rental income: Same store (1) $ 544,166 $ 358,718 $ 395,014 $ 427,876 $ $ 1,725,774 Non-same store/other (2)(3) 63,663 18,031 13,473 26,394 86,030 207,591 Total rental income 607,829 376,749 408,487 454,270 86,030 1,933,365 Operating expenses: Same store (1) 203,061 129,144 163,473 148,616 644,294 Non-same store/other (2)(3) 26,684 8 |
Other
| Other | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Subsequent Events/Other | 21. Subsequent Events/Other Subsequent Events Subsequent to December31, 2009 and up until the time of this filing, the Company: Acquired five apartment properties consisting of 1,174 units for $495.6 million; Sold four consolidated apartment properties consisting of 1,025 units for $94.9 million (excluding condominium units) and one unconsolidated apartment property consisting of 268 units for $13.4 million (sales price listed is the gross sales price); Assumed $10.4 million of mortgage debt in conjunction with the acquisition of one property; Was released from $40.0 million of mortgage debt assumed by the purchaser on two disposed properties; Repaid $24.2 million of mortgage loans; Entered into $200.0 million of forward starting swaps to hedge changes in interest rates related to future secured or unsecured debt issuances; Repurchased and retired 58,130 of its Common Shares at an average price of $32.46 per share for total consideration of $1.9 million from employees to cover the minimum statutory tax withholding obligations related to the vesting of employees restricted shares; and Issued 1.1million Common Shares at an average price of $33.87 per share for total consideration of $35.8 million under the Companys ATM share offering program. Other During the years ended December31, 2008 and 2007, the Company recognized $0.7 million and $0.3 million, respectively, of forfeited deposits for various terminated transactions, which are included in interest and other income. In addition, during 2009, 2008 and 2007, the Company received $0.2 million, $1.7 million and $4.1 million, respectively, for the settlement of litigation/insurance claims, which are included in interest and other income in the accompanying consolidated statements of operations. During the years ended December31, 2009, 2008 and 2007, in addition to the amounts discussed below for its former Chief Financial Officer (CFO) and one other former executive vice president, the Company recorded approximately $1.4 million, $4.3 million and $0.5 million of additional general and administrative expense, respectively, and $1.6 million, $0.8 million and $1.6 million of additional property management expense, respectively, related primarily to cash severance for various employees. During the year ended December31, 2007, the Company entered into resignation/release agreements with its former CFO and one other former executive vice president. The Company recorded approximately $3.4 million of additional general and administrative expense during the year ended December31, 2007 related to cash severance and accelerated vesting of share options and restricted/performance shares. The Company recorded a reduction to general and administrative expense of approximately $1.7 million during the year ended December31, 2007 due to the successful resolution of a certain lawsuit in Florida, resulting in the reversal of the majority of a previously established litigation reserve. The Company had previously recorded a reduction to general and administrative expense of approximately $2.8 milli |
Quarterly Financial Data
| Quarterly Financial Data (Unaudited) | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Quarterly Financial Data (Unaudited) | 22. Quarterly Financial Data (Unaudited) The following unaudited quarterly data has been prepared on the basis of a December31 year-end. All amounts have also been restated in accordance with the guidance on discontinued operations, noncontrolling interests and convertible debt, and reflect dispositions and/or properties held for sale through December31, 2009. Amounts are in thousands, except for per share amounts. 2009 First Quarter 3/31 Second Quarter 6/30 Third Quarter 9/30 Fourth Quarter 12/31 Total revenues (1) $ 488,238 $ 485,954 $ 486,532 $ 482,987 Operating income (1) 134,320 129,002 130,798 135,270 Income (loss) from continuing operations (1) 14,023 14,397 11,012 (11,401 ) Discontinued operations, net (1) 71,398 91,535 132,353 58,712 Net income * 85,421 105,932 143,365 47,311 Net income available to Common Shares 77,175 96,585 132,362 41,672 Earnings per share basic: Net income available to Common Shares $ 0.28 $ 0.35 $ 0.48 $ 0.15 Weighted average Common Shares outstanding 272,324 272,901 273,658 275,519 Earnings per share diluted: Net income available to Common Shares $ 0.28 $ 0.35 $ 0.48 $ 0.15 Weighted average Common Shares outstanding 288,853 289,338 290,215 275,519 (1) The amounts presented for the first three quarters of 2009 are not equal to the same amounts previously reported in the respective Form 10-Qs filed with the SEC for each period as a result of changes in discontinued operations due to additional property sales which occurred throughout 2009. Below is a reconciliation to the amounts previously reported: 2009 First Quarter 3/31 Second Quarter 6/30 Third Quarter 9/30 Total revenues previously reported in Form 10-Q $ 515,144 $ 505,150 $ 492,757 Total revenues subsequently reclassified to discontinued operations (26,906 ) (19,196 ) (6,225 ) Total revenues disclosed in Form 10-K $ 488,238 $ 485,954 $ 486,532 Operating income previously reported in Form 10-Q $ 144,181 $ 135,962 $ 133,096 Operating income subsequently reclassified to discontinued operations (9,861 ) (6,960 ) (2,298 ) Operating income disclosed in Form 10-K $ 134,320 $ 129,002 $ 130,798 Income from continuing operations previously reported in Form 10-Q $ 23,487 $ 21,158 $ 12,824 Income from continuing operations subsequently reclassified to discontinued operations (9,464 ) (6,761 ) (1,812 ) Income from continuing operations disclosed in Form 10-K $ 14,023 $ 14,397 $ 11,012 Discontinued operations, net previously reported in Form 10-Q $ 61,934 $ 84,774 $ 130,541 Discontinued operations, net fr |
Schedule III - Real Estate and
| Schedule III - Real Estate and Accumulated Depreciation | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Schedule III - Real Estate and Accumulated Depreciation | EQUITY RESIDENTIAL Schedule III - Real Estate and Accumulated Depreciation Overall Summary December 31, 2009 Properties (H) Units (H) InvestmentinReal Estate, Gross Accumulated Depreciation InvestmentinReal Estate, Net Encumbrances Wholly Owned Unencumbered 281 76,487 $ 11,112,317,728 $ (2,477,548,347 ) $ 8,634,769,381 $ Wholly Owned Encumbered 151 42,309 5,903,435,223 (1,272,390,073 ) 4,631,045,150 2,441,648,706 Portfolio/Entity Encumbrances (1) 1,404,327,000 Wholly Owned Properties 432 118,796 17,015,752,951 (3,749,938,420 ) 13,265,814,531 3,845,975,706 Partially Owned Unencumbered 125,900,815 (740,000 ) 125,160,815 Partially Owned Encumbered 27 5,530 1,323,490,147 (126,885,454 ) 1,196,604,693 937,470,654 Partially Owned Properties 27 5,530 1,449,390,962 (127,625,454 ) 1,321,765,508 937,470,654 Total Unencumbered Properties 281 76,487 11,238,218,543 (2,478,288,347 ) 8,759,930,196 Total Encumbered Properties 178 47,839 7,226,925,370 (1,399,275,527 ) 5,827,649,843 4,783,446,360 Total Consolidated Investment in Real Estate 459 124,326 $ 18,465,143,913 $ (3,877,563,874 ) $ 14,587,580,039 $ 4,783,446,360 (1) See attached Encumbrances Reconciliation. Portfolio/Entity Encumbrances Numberof Properties Encumberedby SeeProperties WithNote: Amount EQR-Bond Partnership 10 I $ 88,189,000 EQR-Fanwell 2007 LP 7 J 223,138,000 EQR-Wellfan 2008 LP (R) 15 K 550,000,000 EQR-SOMBRA 2008 LP 19 L 543,000,000 Portfolio/Entity Encumbrances 51 1,404,327,000 Individual Property Encumbrances 3,379,119,360 Total Encumbrances per Financial Statements $ 4,783,446,360 EQUITY RESIDENTIAL Schedule III - Real Estate and Accumulated Depreciation (Amounts in thousands) The changes in total real estate for the years ended December 31, 2009, 2008 and 2007 are as follows: 2009 2008 2007 Balance, beginning of year $ 18,690,239 $ 18,333,350 $ 17,235,175 Acquisitions and development 512,977 995,026 2,456,495 Improvements 125,965 172,165 260,371 Dispositions and other (864,037 ) (810,302 ) (1,618,691 ) Balance, end of year $ 18,465,144 $ 18,690,239 $ 18,333,350 The changes in accumulated depreciation for the years ended December 31, 2009, 2008, and 2007 are as follows: 2009 2008 2007 Balance, beginning of year $ 3,561,300 $ 3,170,125 $ 3,022,480 Depreciation 600,375 602,908 616,414 Dispositions and o |
Document Information
| Document Information | |
| 12 Months Ended
Dec. 31, 2009 USD / shares | |
| Document Type | 10-K |
| Amendment Flag | false |
| Document Period End Date | 2009-12-31 |
Entity Information
| Entity Information (USD $) | |||
| 12 Months Ended
Dec. 31, 2009 | Feb. 19, 2010
| Jun. 30, 2009
| |
| Trading Symbol | EQR | ||
| Entity Registrant Name | EQUITY RESIDENTIAL | ||
| Entity Central Index Key | 0000906107 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Current Reporting Status | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Common Stock, Shares Outstanding | 281,884,878 | ||
| Entity Public Float | $5,900,000,000 |