CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $200,452 | $1,397,766 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 375,303 | 550,488 |
Amortization of deferred financing costs | 5,926 | 11,529 |
Amortization of Intangible Assets | 1,530 | 1,216 |
Amortization of discounts and premiums on debt | -5,876 | -23,031 |
Amortization of deferred settlements on derivative instruments | 8,068 | 11,830 |
Write-off of pursuit costs | 1,492 | 3,365 |
Income Loss from Investments in Unconsolidated Entities Adjustment | 9,025 | 54,540 |
Distributions from unconsolidated entities - return on capital | 2,390 | 588 |
Net (gain) on sales of discontinued operations | -224 | -1,588,874 |
Net (gain) on sales of real estate properties | -14,903 | 0 |
Unrealized (gain) loss on derivative instruments | -90 | 24 |
Compensation paid with Company Common Shares | 21,905 | 22,089 |
Changes in assets and liabilities: | ' | ' |
(Increase) in deposits b restricted | -1,820 | -12,220 |
Decrease in mortgage deposits | 187 | 789 |
(Increase) in other assets | -7,745 | -4,695 |
Increase in accounts payable and accrued expenses | 38,951 | 25,956 |
Increase (decrease) in accrued interest payable | 80 | -1,396 |
(Decrease) in other liabilities | -17,237 | -11,449 |
Increase (decrease) in security deposits | 2,916 | -6,080 |
Net cash provided by operating activities | 619,536 | 417,819 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -4,000,875 |
Investment in real estate - acquisitions | -265,466 | -108,308 |
Investment in real estate - development/other | -245,657 | -154,576 |
Improvements to real estate | -76,912 | -57,253 |
Additions to non-real estate property | -1,818 | -2,801 |
Interest capitalized for real estate and unconsolidated entities under development | -25,037 | -20,006 |
Proceeds from disposition of real estate, net | 48,359 | 3,764,000 |
Investments in unconsolidated entities | -9,554 | -53,687 |
Proceeds From Distributions Received From Unconsolidated Subsidiaries | 64,669 | 0 |
Decrease in deposits on real estate acquisitions and investments, net | 20,979 | 65,869 |
Decrease in mortgage deposits | 760 | 5,089 |
Acquisition of Noncontrolling Interests b Partially Owned Properties | -5,501 | 0 |
Net cash (used for) investing activities | -495,178 | -562,548 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Loan and bond acquisition costs | -10,881 | -18,006 |
Mortgage Deposits | -3,580 | -2,208 |
Mortgage notes payable: | ' | ' |
Proceeds from Issuance of Long-term Debt | 0 | 683 |
Scheduled principal repayments | -6,000 | -6,336 |
Notes, net: | ' | ' |
Proceeds from Notes Payable | 1,194,277 | 1,245,550 |
Lump sum payoffs | -750,000 | -400,000 |
Line of Credit Facility: | ' | ' |
Proceeds | 3,374,000 | 8,413,000 |
Repayments | -3,489,000 | -8,413,000 |
(Payments on) settlement of derivative instruments | -733 | -44,013 |
Proceeds from exercise of options | 25,685 | 13,885 |
Payment of offering costs | 0 | -744 |
Other financing activities, net | -33 | -33 |
Contributions - Noncontrolling Interests - Partially Owned Properties | 5,684 | 6,769 |
Contributions - Noncontrolling Interests - Operating Partnership | 3 | 5 |
Distributions: | ' | ' |
Noncontrolling Interests b Partially Owned Properties | -5,239 | -4,404 |
Net cash (used for) financing activities | -101,760 | -315,297 |
Net increase (decrease) in cash and cash equivalents | 22,598 | -460,026 |
Cash and cash equivalents, beginning of period | 53,534 | 612,590 |
Cash and cash equivalents, end of period | 76,132 | 152,564 |
SUPPLEMENTAL INFORMATION: | ' | ' |
Cash paid for interest, net of amounts capitalized | 226,785 | 319,992 |
Net cash paid for income and other taxes | 843 | 1,028 |
AmortizationOfDeferredFinancingCosts [Abstract] | ' | ' |
Amortization Of Deferred Financing Costs Investment In Real Estate Net | 0 | 1 |
Amortization Of Deferred Financing Costs Deferred Financing Costs Net | 5,926 | 11,530 |
Amortization of discounts and premiums on debt: | ' | ' |
Mortgage notes payable | 7,011 | 24,083 |
Notes, net | 1,135 | 1,052 |
Amortization of deferred settlements on derivative instruments: | ' | ' |
Other liabilities | -267 | -268 |
Losses reclassified into earnings from other comprehensive income | 8,335 | 12,098 |
Loss From Investments In Unconsolidated Entities [Abstract] | ' | ' |
Income Loss From Equity Method Investments Merger | 7,354 | 49,507 |
Other Liabilities Loss From Investments in unconsolidated entities | 1,671 | 5,033 |
Distributions from unconsolidated entities return on capital [Abstract] | ' | ' |
Distributions from unconsolidated entities investments in unconsolidated entities | 2,285 | 588 |
Distributions from unconsolidated entities other liabilities | 105 | 0 |
Unrealized (gain) loss on derivative instruments: | ' | ' |
Other assets | 10,611 | -10,753 |
Notes, net | 1,452 | -1,523 |
Other liabilities | 9,728 | -37 |
Unrealized holding (losses) gains arising during the period | -21,881 | 12,337 |
Acquisition of Archstone, net of cash acquired [Abstract] | ' | ' |
Acquisition of Archstone Investment in Real Estate Net | 39,929 | -8,713,217 |
Acquisition of Archstone Investments in Unconsolidated Entities | -33,993 | -214,677 |
Acquisition of Archstone Deposits Restricted | 0 | -474 |
Acquisition of Archstone Escrow Deposits Mortgage | 0 | -35,898 |
Acquisition of Archstone Deferred Financing Costs | 0 | -25,780 |
Acquisition of Archstone Other Assets | -2,586 | -203,008 |
Acquisition of Archstone Mortgage Notes Payable | 0 | 3,076,876 |
Acquisition of Archstone Accounts Payable And Accrued Liabilities | -146 | 17,576 |
Acqusition of Archstone Interest Payable | 0 | 11,256 |
Acquisition of Archstone Other Liabilities | -3,204 | 117,391 |
Acquisition of Archstone Security Deposits | 0 | 10,949 |
Acquisition of Archstone Common Shares Issued | 0 | 1,929,868 |
Acquisition of Archstone Noncontrolling Interests Partially Owned Properties | 0 | 28,263 |
Interest capitalized for real estate and unconsolidated entities under development: | ' | ' |
Investment in real estate, net | -25,002 | -19,195 |
Investments in unconsolidated entities | -35 | -811 |
Investments in unconsolidated entities [Abstract] | ' | ' |
Investments in unconsolidated entities | 2,354 | 4,371 |
Investments in unconsolidated entities other liabilities | 7,200 | 49,316 |
Other: | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | -1,718 | -941 |
OPERATING PARTNERSHIP | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | 200,452 | 1,397,766 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 375,303 | 550,488 |
Amortization of deferred financing costs | 5,926 | 11,529 |
Amortization of Intangible Assets | 1,530 | 1,216 |
Amortization of discounts and premiums on debt | -5,876 | -23,031 |
Amortization of deferred settlements on derivative instruments | 8,068 | 11,830 |
Write-off of pursuit costs | 1,492 | 3,365 |
Income Loss from Investments in Unconsolidated Entities Adjustment | 9,025 | 54,540 |
Distributions from unconsolidated entities - return on capital | 2,390 | 588 |
Net (gain) on sales of land parcels | -794 | -14,616 |
Net (gain) on sales of discontinued operations | -224 | -1,588,874 |
Net (gain) on sales of real estate properties | -14,903 | 0 |
Unrealized (gain) loss on derivative instruments | -90 | 24 |
Compensation paid with Company Common Shares | 21,905 | 22,089 |
Changes in assets and liabilities: | ' | ' |
(Increase) in deposits b restricted | -1,820 | -12,220 |
Decrease in mortgage deposits | 187 | 789 |
(Increase) in other assets | -7,745 | -4,695 |
Increase in accounts payable and accrued expenses | 38,951 | 25,956 |
Increase (decrease) in accrued interest payable | 80 | -1,396 |
(Decrease) in other liabilities | -17,237 | -11,449 |
Increase (decrease) in security deposits | 2,916 | -6,080 |
Net cash provided by operating activities | 619,536 | 417,819 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -4,000,875 |
Investment in real estate - acquisitions | -265,466 | -108,308 |
Investment in real estate - development/other | -245,657 | -154,576 |
Improvements to real estate | -76,912 | -57,253 |
Additions to non-real estate property | -1,818 | -2,801 |
Interest capitalized for real estate and unconsolidated entities under development | -25,037 | -20,006 |
Proceeds from disposition of real estate, net | 48,359 | 3,764,000 |
Investments in unconsolidated entities | -9,554 | -53,687 |
Proceeds From Distributions Received From Unconsolidated Subsidiaries | 64,669 | 0 |
Decrease in deposits on real estate acquisitions and investments, net | 20,979 | 65,869 |
Decrease in mortgage deposits | 760 | 5,089 |
Acquisition of Noncontrolling Interests b Partially Owned Properties | -5,501 | 0 |
Net cash (used for) investing activities | -495,178 | -562,548 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Loan and bond acquisition costs | -10,881 | -18,006 |
Mortgage Deposits | -3,580 | -2,208 |
Mortgage notes payable: | ' | ' |
Proceeds from Issuance of Long-term Debt | 0 | 683 |
Lump sum payoffs | -3,064 | -697,897 |
Scheduled principal repayments | -6,000 | -6,336 |
Notes, net: | ' | ' |
Proceeds from Notes Payable | 1,194,277 | 1,245,550 |
Lump sum payoffs | -750,000 | -400,000 |
Line of Credit Facility: | ' | ' |
Proceeds | 3,374,000 | 8,413,000 |
Repayments | -3,489,000 | -8,413,000 |
(Payments on) settlement of derivative instruments | -733 | -44,013 |
Stock Issued During Period, Value, Employee Stock Purchase Plan | 2,218 | 2,363 |
Proceeds from exercise of options | 25,685 | 13,885 |
Payments For Repurchase Of Op Units | -1,777 | 0 |
Payment of offering costs | 0 | -744 |
Other financing activities, net | -33 | -33 |
Contributions - Noncontrolling Interests - Partially Owned Properties | 5,684 | 6,769 |
Contributions - Noncontrolling Interests - Operating Partnership | 3 | 5 |
Distributions: | ' | ' |
OP Units - General Partner | -414,843 | -393,347 |
Preference Units | -2,072 | -1,036 |
OP Units - Limited Partners | -16,405 | -16,528 |
Noncontrolling Interests b Partially Owned Properties | -5,239 | -4,404 |
Net cash (used for) financing activities | -101,760 | -315,297 |
Net increase (decrease) in cash and cash equivalents | 22,598 | -460,026 |
Cash and cash equivalents, beginning of period | 53,534 | 612,590 |
Cash and cash equivalents, end of period | 76,132 | 152,564 |
SUPPLEMENTAL INFORMATION: | ' | ' |
Cash paid for interest, net of amounts capitalized | 226,785 | 319,992 |
Net cash paid for income and other taxes | 843 | 1,028 |
AmortizationOfDeferredFinancingCosts [Abstract] | ' | ' |
Amortization Of Deferred Financing Costs Investment In Real Estate Net | 0 | -1 |
Amortization Of Deferred Financing Costs Deferred Financing Costs Net | 5,926 | 11,530 |
Amortization of discounts and premiums on debt: | ' | ' |
Mortgage notes payable | -7,011 | -24,083 |
Notes, net | 1,135 | 1,052 |
Amortization of deferred settlements on derivative instruments: | ' | ' |
Other liabilities | -267 | -268 |
Losses reclassified into earnings from other comprehensive income | 8,335 | 12,098 |
Loss From Investments In Unconsolidated Entities [Abstract] | ' | ' |
Income Loss From Equity Method Investments Merger | 7,354 | 49,507 |
Other Liabilities Loss From Investments in unconsolidated entities | 1,671 | 5,033 |
Distributions from unconsolidated entities return on capital [Abstract] | ' | ' |
Distributions from unconsolidated entities investments in unconsolidated entities | 2,285 | 588 |
Distributions from unconsolidated entities other liabilities | 105 | 0 |
Unrealized (gain) loss on derivative instruments: | ' | ' |
Other assets | 10,611 | -10,753 |
Notes, net | 1,452 | -1,523 |
Other liabilities | 9,728 | -37 |
Unrealized holding (losses) gains arising during the period | -21,881 | 12,337 |
Acquisition of Archstone, net of cash acquired [Abstract] | ' | ' |
Acquisition of Archstone Investment in Real Estate Net | 39,929 | -8,713,217 |
Acquisition of Archstone Investments in Unconsolidated Entities | -33,993 | -214,677 |
Acquisition of Archstone Deposits Restricted | 0 | -474 |
Acquisition of Archstone Escrow Deposits Mortgage | 0 | -35,898 |
Acquisition of Archstone Deferred Financing Costs | 0 | -25,780 |
Acquisition of Archstone Other Assets | -2,586 | -203,008 |
Acquisition of Archstone Mortgage Notes Payable | 0 | 3,076,876 |
Acquisition of Archstone Accounts Payable And Accrued Liabilities | -146 | 17,576 |
Acqusition of Archstone Interest Payable | 0 | 11,256 |
Acquisition of Archstone Other Liabilities | -3,204 | 117,391 |
Acquisition of Archstone Security Deposits | 0 | 10,949 |
Acquisition of Archstone Common Shares Issued | 0 | 1,929,868 |
Acquisition of Archstone Noncontrolling Interests Partially Owned Properties | 0 | 28,263 |
Interest capitalized for real estate and unconsolidated entities under development: | ' | ' |
Investment in real estate, net | -25,002 | -19,195 |
Investments in unconsolidated entities | -35 | -811 |
Investments in unconsolidated entities [Abstract] | ' | ' |
Investments in unconsolidated entities | -2,354 | -4,371 |
Investments in unconsolidated entities other liabilities | -7,200 | -49,316 |
Other: | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | ($1,718) | ($941) |