Attached files
| file | filename |
|---|---|
| 8-K - EQUITY RESIDENTIAL 8-K - EQUITY RESIDENTIAL | a6596261.htm |
| EX-99.1 - EXHIBIT 99.1 - EQUITY RESIDENTIAL | a6596261ex99-1.htm |
Exhibit 99.2
On February 2, 2011, Equity Residential reported results for the year ended December 31, 2010. All per share results are reported on a fully-diluted basis.
Year Ended December 31, 2010
For the year ended December 31,
2010, the company reported earnings of $0.95 per share compared to $1.27
per share in the same period of 2009.
Same Store Results
On a same store year over year comparison,
which includes 112,042 apartment units, revenues decreased 0.1%,
expenses increased 0.9% and NOI decreased 0.8%.
Acquisitions/Dispositions
During 2010, the company acquired 16
properties, consisting of 4,445 apartment units, for an aggregate
purchase price of $1.5 billion. Included in this total are the
acquisitions of 425 Mass in Washington, D.C. and Vantage Pointe in San
Diego, both of which are currently in lease up.
During 2010, the company sold 35 consolidated properties, consisting of 7,171 apartment units, for an aggregate sale price of $718.4 million.
At-The-Market (ATM) Share Offering Program
During the fourth
quarter of 2010, the company issued approximately 5.1 million common
shares at an average price of $50.27 per share for total consideration
of approximately $256.1 million. During the first quarter of 2011, the
company has issued approximately 3.0 million common shares at an average
price of $50.84 per share for total consideration of approximately
$154.5 million. The company will use the proceeds from these share
sales primarily to fund its investment activity, including development,
and to fund debt repayment. The company’s Board of Trustees has
authorized an increase in the amount of shares available for future
issuance under this program by approximately 5.7 million to bring the
total available for future issuance to 10 million shares.
Forward-Looking Statements
In addition to historical
information, this press release contains forward-looking statements and
information within the meaning of the federal securities laws. These
statements are based on current expectations, estimates, projections and
assumptions made by management. While Equity Residential’s management
believes the assumptions underlying its forward-looking statements are
reasonable, such information is inherently subject to uncertainties and
may involve certain risks, including, without limitation, changes in
general market conditions, including the rate of job growth and cost of
labor and construction material, the level of new multifamily
construction and development, competition and local government
regulation. Other risks and uncertainties are described under the
heading “Risk Factors” in our Annual Report on Form 10-K and subsequent
periodic reports filed with the Securities and Exchange Commission (SEC)
and available on our website, www.equityapartments.com. Many of these
uncertainties and risks are difficult to predict and beyond management’s
control. Forward-looking statements are not guarantees of future
performance, results or events. Equity Residential assumes no
obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.
| Equity Residential | ||||||||
| Consolidated Statements of Operations | ||||||||
| (Amounts in thousands except per share data) | ||||||||
| (Unaudited) | ||||||||
| Year Ended December 31, | ||||||||
| 2010 | 2009 | |||||||
| REVENUES | ||||||||
| Rental income | $ | 1,986,043 | $ | 1,846,157 | ||||
| Fee and asset management | 9,476 | 10,346 | ||||||
| Total revenues | 1,995,519 | 1,856,503 | ||||||
| EXPENSES | ||||||||
| Property and maintenance | 498,634 | 464,809 | ||||||
| Real estate taxes and insurance | 226,718 | 206,247 | ||||||
| Property management | 81,126 | 71,938 | ||||||
| Fee and asset management | 5,140 | 7,519 | ||||||
| Depreciation | 656,633 | 559,271 | ||||||
| General and administrative | 39,887 | 38,994 | ||||||
| Impairment | 45,380 | 11,124 | ||||||
| Total expenses | 1,553,518 | 1,359,902 | ||||||
| Operating income | 442,001 | 496,601 | ||||||
| Interest and other income | 5,469 | 16,585 | ||||||
| Other expenses | (11,928 | ) | (6,487 | ) | ||||
| Interest: | ||||||||
| Expense incurred, net | (470,654 | ) | (496,272 | ) | ||||
| Amortization of deferred financing costs | (10,369 | ) | (12,566 | ) | ||||
| (Loss) before income and other taxes, (loss) from investments | ||||||||
| in unconsolidated entities, net gain (loss) on sales of unconsolidated entities | ||||||||
| and land parcels and discontinued operations | (45,481 | ) | (2,139 | ) | ||||
| Income and other tax (expense) benefit | (334 | ) | (2,804 | ) | ||||
| (Loss) from investments in unconsolidated entities | (735 | ) | (2,815 | ) | ||||
| Net gain on sales of unconsolidated entities | 28,101 | 10,689 | ||||||
| Net (loss) on sales of land parcels | (1,395 | ) | - | |||||
| (Loss) income from continuing operations | (19,844 | ) | 2,931 | |||||
| Discontinued operations, net | 315,827 | 379,098 | ||||||
| Net income | 295,983 | 382,029 | ||||||
| Net (income) loss attributable to Noncontrolling Interests: | ||||||||
| Operating Partnership | (13,099 | ) | (20,305 | ) | ||||
| Preference Interests and Units | - | (9 | ) | |||||
| Partially Owned Properties | 726 | 558 | ||||||
| Net income attributable to controlling interests | 283,610 | 362,273 | ||||||
| Preferred distributions | (14,368 | ) | (14,479 | ) | ||||
| Net income available to Common Shares | $ | 269,242 | $ | 347,794 | ||||
| Earnings per share – basic: | ||||||||
| (Loss) from continuing operations available to Common Shares | $ | (0.11 | ) | $ | (0.04 | ) | ||
| Net income available to Common Shares | $ | 0.95 | $ | 1.27 | ||||
| Weighted average Common Shares outstanding | 282,888 | 273,609 | ||||||
| Earnings per share – diluted: | ||||||||
| (Loss) from continuing operations available to Common Shares | $ | (0.11 | ) | $ | (0.04 | ) | ||
| Net income available to Common Shares | $ | 0.95 | $ | 1.27 | ||||
| Weighted average Common Shares outstanding | 282,888 | 273,609 | ||||||
| Distributions declared per Common Share outstanding | $ | 1.47 | $ | 1.64 | ||||
| Equity Residential | ||||||||
| Consolidated Statements of Funds From Operations and Normalized Funds From Operations | ||||||||
| (Amounts in thousands except per share data) | ||||||||
| (Unaudited) | ||||||||
| Year Ended December 31, | ||||||||
| 2010 | 2009 | |||||||
| Net income | $ | 295,983 |
|
$ | 382,029 | |||
| Adjustments: | ||||||||
| Net (income) loss attributable to Noncontrolling Interests: | ||||||||
| Preference Interests and Units | - | (9 | ) | |||||
| Partially Owned Properties | 726 | 558 | ||||||
| Depreciation | 656,633 | 559,271 | ||||||
| Depreciation – Non-real estate additions | (6,788 | ) | (7,355 | ) | ||||
| Depreciation – Partially Owned and Unconsolidated Properties | (1,619 | ) | 759 | |||||
| Net (gain) on sales of unconsolidated entities | (28,101 | ) | (10,689 | ) | ||||
| Discontinued operations: | ||||||||
| Depreciation | 16,770 | 41,104 | ||||||
| Net (gain) on sales of discontinued operations | (297,956 | ) | (335,299 | ) | ||||
| Net incremental gain (loss) on sales of condominium units | 1,506 | (385 | ) | |||||
| FFO (1) (3) | 637,154 | 629,984 | ||||||
| Adjustments: | ||||||||
| Asset impairment and valuation allowances | 45,380 | 11,124 | ||||||
| Property acquisition costs and write-off of pursuit costs (other expenses) | 11,928 | 6,488 | ||||||
| Debt extinguishment (gains) losses, including prepayment penalties, preferred | ||||||||
| share redemptions and non-cash convertible debt discounts | 8,594 | 34,333 | ||||||
| (Gains) losses on sales of non-operating assets, net of income and other | ||||||||
| tax expense (benefit) | (80 | ) | (5,737 | ) | ||||
| Other miscellaneous non-comparable items | (6,186 | ) | (171 | ) | ||||
| Normalized FFO (2) (3) | $ | 696,790 | $ | 676,021 | ||||
| FFO (1) (3) | $ | 637,154 | $ | 629,984 | ||||
| Preferred distributions | (14,368 | ) | (14,479 | ) | ||||
| FFO available to Common Shares and Units - basic (1) (3) (4) | $ | 622,786 | $ | 615,505 | ||||
| Normalized FFO (2) (3) | $ | 696,790 | $ | 676,021 | ||||
| Preferred distributions | (14,368 | ) | (14,479 | ) | ||||
| Normalized FFO available to Common Shares and Units - basic (2) (3) (4) | $ | 682,422 | $ | 661,542 | ||||
| (1) | The National Association of Real Estate Investment Trusts ("NAREIT") defines funds from operations ("FFO") (April 2002 White Paper) as net income (computed in accordance with accounting principles generally accepted in the United States ("GAAP")), excluding gains (or losses) from sales of depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis. The April 2002 White Paper states that gain or loss on sales of property is excluded from FFO for previously depreciated operating properties only. Once the Company commences the conversion of units to condominiums, it simultaneously discontinues depreciation of such property. | |
| (2) | Normalized funds from operations ("Normalized FFO") begins with FFO and excludes: | |
| • the impact of any expenses relating to asset impairment and valuation allowances; | ||
| • property acquisition and other transaction costs related to mergers and acquisitions and pursuit cost write-offs (other expenses); | ||
| • gains and losses from early debt extinguishment, including prepayment penalties, preferred share redemptions and the cost related to the implied option value of non-cash convertible debt discounts; | ||
| • gains and losses on the sales of non-operating assets, including gains and losses from land parcel and condominium sales, net of the effect of income tax benefits or expenses; and | ||
| • other miscellaneous non-comparable items. | ||
| (3) |
The Company believes that FFO and FFO available to Common Shares and Units are helpful to investors as supplemental measures of the operating performance of a real estate company, because they are recognized measures of performance by the real estate industry and by excluding gains or losses related to dispositions of depreciable property and excluding real estate depreciation (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO available to Common Shares and Units can help compare the operating performance of a company's real estate between periods or as compared to different companies. The company also believes that Normalized FFO and Normalized FFO available to Common Shares and Units are helpful to investors as supplemental measures of the operating performance of a real estate company because they allow investors to compare the company's operating performance to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company's actual operating results. FFO, FFO available to Common Shares and Units, Normalized FFO and Normalized FFO available to Common Shares and Units do not represent net income, net income available to Common Shares or net cash flows from operating activities in accordance with GAAP. Therefore, FFO, FFO available to Common Shares and Units, Normalized FFO and Normalized FFO available to Common Shares and Units should not be exclusively considered as alternatives to net income, net income available to Common Shares or net cash flows from operating activities as determined by GAAP or as a measure of liquidity. The Company's calculation of FFO, FFO available to Common Shares and Units, Normalized FFO and Normalized FFO available to Common Shares and Units may differ from other real estate companies due to, among other items, variations in cost capitalization policies for capital expenditures and, accordingly, may not be comparable to such other real estate companies. |
|
| (4) | FFO available to Common Shares and Units and Normalized FFO available to Common Shares and Units are calculated on a basis consistent with net income available to Common Shares and reflects adjustments to net income for preferred distributions and premiums on redemption of preferred shares in accordance with accounting principles generally accepted in the United States. The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units are collectively referred to as the "Noncontrolling Interests - Operating Partnership". Subject to certain restrictions, the Noncontrolling Interests - Operating Partnership may exchange their OP Units for EQR Common Shares on a one-for-one basis. |
| Equity Residential | ||||||||
| Consolidated Balance Sheets | ||||||||
| (Amounts in thousands except for share amounts) | ||||||||
| (Unaudited) | ||||||||
| December 31, | December 31, | |||||||
| 2010 | 2009 | |||||||
| ASSETS | ||||||||
| Investment in real estate | ||||||||
| Land | $ | 4,110,275 | $ | 3,650,324 | ||||
| Depreciable property | 15,226,512 | 13,893,521 | ||||||
| Projects under development | 130,337 | 668,979 | ||||||
| Land held for development | 235,247 | 252,320 | ||||||
| Investment in real estate | 19,702,371 | 18,465,144 | ||||||
| Accumulated depreciation | (4,337,357 | ) | (3,877,564 | ) | ||||
| Investment in real estate, net | 15,365,014 | 14,587,580 | ||||||
| Cash and cash equivalents | 431,408 | 193,288 | ||||||
| Investments in unconsolidated entities | 3,167 | 6,995 | ||||||
| Deposits – restricted | 180,987 | 352,008 | ||||||
| Escrow deposits – mortgage | 12,593 | 17,292 | ||||||
| Deferred financing costs, net | 42,033 | 46,396 | ||||||
| Other assets | 148,992 | 213,956 | ||||||
| Total assets | $ | 16,184,194 | $ | 15,417,515 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Liabilities: | ||||||||
| Mortgage notes payable | $ | 4,762,896 | $ | 4,783,446 | ||||
| Notes, net | 5,185,180 | 4,609,124 | ||||||
| Lines of credit | - | - | ||||||
| Accounts payable and accrued expenses | 39,452 | 58,537 | ||||||
| Accrued interest payable | 98,631 | 101,849 | ||||||
| Other liabilities | 304,202 | 272,236 | ||||||
| Security deposits | 60,812 | 59,264 | ||||||
| Distributions payable | 140,905 | 100,266 | ||||||
| Total liabilities | 10,592,078 | 9,984,722 | ||||||
| Commitments and contingencies | ||||||||
| Redeemable Noncontrolling Interests – Operating Partnership | 383,540 | 258,280 | ||||||
| Equity: | ||||||||
| Shareholders' equity: | ||||||||
| Preferred Shares of beneficial interest, $0.01 par value; | ||||||||
| 100,000,000 shares authorized; 1,600,000 shares issued | ||||||||
| and outstanding as of December 31, 2010 and 1,950,925 | ||||||||
| shares issued and outstanding as of December 31, 2009 | 200,000 | 208,773 | ||||||
| Common Shares of beneficial interest, $0.01 par value; | ||||||||
| 1,000,000,000 shares authorized; 290,197,242 shares issued | ||||||||
| and outstanding as of December 31, 2010 and 279,959,048 | ||||||||
| shares issued and outstanding as of December 31, 2009 | 2,902 | 2,800 | ||||||
| Paid in capital | 4,741,521 | 4,477,426 | ||||||
| Retained earnings | 203,581 | 353,659 | ||||||
| Accumulated other comprehensive (loss) income | (57,818 | ) | 4,681 | |||||
| Total shareholders' equity | 5,090,186 | 5,047,339 | ||||||
| Noncontrolling Interests: | ||||||||
| Operating Partnership | 110,399 | 116,120 | ||||||
| Partially Owned Properties | 7,991 | 11,054 | ||||||
| Total Noncontrolling Interests | 118,390 | 127,174 | ||||||
| Total equity | 5,208,576 | 5,174,513 | ||||||
| Total liabilities and equity | $ | 16,184,194 | $ | 15,417,515 | ||||
| Equity Residential | |||||||||||||
| Portfolio Summary | |||||||||||||
| As of December 31, 2010 | |||||||||||||
| % of | Average | ||||||||||||
| % of | Stabilized | Rental | |||||||||||
| Markets | Properties | Units | Total Units | NOI | Rate (1) | ||||||||
| 1 | New York Metro Area | 28 | 8,290 | 6.4% | 12.7% |
$ |
2,843 |
||||||
| 2 | DC Northern Virginia | 31 | 10,393 | 8.0% | 12.1% | 1,869 | |||||||
| 3 | South Florida | 38 | 12,869 | 9.9% | 9.1% | 1,313 | |||||||
| 4 | Los Angeles | 39 | 8,311 | 6.4% | 8.1% | 1,717 | |||||||
| 5 | Boston | 28 | 5,711 | 4.4% | 7.1% | 2,204 | |||||||
| 6 | Seattle/Tacoma | 43 | 9,748 | 7.5% | 6.7% | 1,293 | |||||||
| 7 | San Francisco Bay Area | 35 | 6,606 | 5.1% | 6.0% | 1,683 | |||||||
| 8 | San Diego | 14 | 4,963 | 3.8% | 5.2% | 1,789 | |||||||
| 9 | Phoenix | 36 | 10,769 | 8.3% | 4.8% | 848 | |||||||
| 10 | Denver | 23 | 7,967 | 6.2% | 4.7% | 1,044 | |||||||
| 11 | Suburban Maryland | 21 | 5,782 | 4.5% | 4.5% | 1,346 | |||||||
| 12 | Orlando | 26 | 8,042 | 6.2% | 4.2% | 961 | |||||||
| 13 | Orange County, CA | 11 | 3,490 | 2.7% | 3.2% | 1,518 | |||||||
| 14 | Atlanta | 20 | 6,183 | 4.8% | 3.0% | 961 | |||||||
| 15 | Inland Empire, CA | 11 | 3,639 | 2.8% | 2.8% | 1,352 | |||||||
| 16 | All Other Markets (2) | 45 | 12,103 | 9.3% | 5.8% | 975 | |||||||
| Total | 449 | 124,866 | 96.3% | 100.0% | 1,444 | ||||||||
| Military Housing | 2 | 4,738 | 3.7% | - | - | ||||||||
| Grand Total | 451 | 129,604 | 100.0% | 100.0% |
$ |
1,444 |
|||||||
(1) Average rental rate is defined as total rental revenues divided by the weighted average occupied units for the month of December 2010.
(2) All Other Markets - Each individual market is less than 2.0% of stabilized NOI.
|
Note: |
Projects under development are not included in the Portfolio Summary until construction has been completed, at which time the projects are included at their stabilized NOI. |
| Equity Residential | |||||||||||
| Portfolio as of December 31, 2010 | |||||||||||
| Properties | Units | ||||||||||
| Wholly Owned Properties | 425 | 119,634 | |||||||||
| Partially Owned Properties: | |||||||||||
| Consolidated | 24 | 5,232 | |||||||||
| Unconsolidated | - | - | |||||||||
| Military Housing | 2 | 4,738 | |||||||||
| 451 | 129,604 | ||||||||||
| Portfolio Rollforward 2010 | |||||||||||
| ($ in thousands) | |||||||||||
| Purchase/ | |||||||||||
| Properties | Units | (Sale) Price | |||||||||
| 12/31/2009 | 495 | 137,007 | |||||||||
| Acquisitions: | |||||||||||
| Rental Properties: | |||||||||||
| Consolidated - Stabilized | 14 | 3,207 | $ | 1,118,951 | |||||||
| Consolidated - Not Stabilized (1) | 2 | 1,238 | $ | 366,750 | |||||||
| Land Parcels (six) | - | - | $ | 68,869 | |||||||
| Dispositions: | |||||||||||
| Rental Properties: | |||||||||||
| Consolidated | (35 | ) | (7,171 | ) | $ | (718,352 | ) | ||||
| Unconsolidated (2) | (27 | ) | (6,275 | ) | $ | (417,779 | ) | ||||
| Land Parcel (one) | - | - | $ | (4,000 | ) | ||||||
| Condominium Conversion Properties | (1 | ) | (2 | ) | $ | (360 | ) | ||||
| Completed Developments | 3 | 1,450 | |||||||||
| Configuration Changes | - | 150 | |||||||||
| 12/31/2010 | 451 | 129,604 |
(3) |
||||||||
| (1) |
EQR acquired one property in the third quarter of 2010 (Vantage Pointe) that was in the early stages of lease up and is expected to stabilize in its third year of ownership. EQR also acquired one unoccupied property in the second quarter of 2010 (425 Mass) that is expected to stabilize in its third year of ownership. |
|
| (2) | EQR owned a 25% interest in these unconsolidated rental properties. Sale price listed is the gross sale price. | |
| (3) |
During the second quarter of 2010, EQR acquired the 75% equity interest it did not own in seven previously unconsolidated properties containing 1,811 units with a real estate value of $105.1 million. One of these properties was subsequently sold while the remaining properties continue to be included in the Company's portfolio counts above. |
|
Equity Residential |
||||||||||||||||||||||
| 2010 vs. 2009 | ||||||||||||||||||||||
| Same Store Results/Statistics | ||||||||||||||||||||||
| $ in thousands (except for Average Rental Rate) - 112,042 Same Store Units | ||||||||||||||||||||||
| Results | Statistics | |||||||||||||||||||||
| Average | ||||||||||||||||||||||
| Rental | ||||||||||||||||||||||
| Description | Revenues | Expenses | NOI (1) | Rate (2) | Occupancy | Turnover | ||||||||||||||||
|
2010 |
$ | 1,728,268 | $ | 654,663 | $ | 1,073,605 | $ | 1,358 | 94.8 | % | 56.7 | % | ||||||||||
|
2009 |
$ | 1,730,335 | $ | 648,508 | $ | 1,081,827 | $ | 1,375 | 93.7 | % | 61.5 | % | ||||||||||
| Change | $ | (2,067 | ) | $ | 6,155 | $ | (8,222 | ) | $ | (17 | ) | 1.1 | % | (4.8 | %) | |||||||
| Change | (0.1 | %) | 0.9 | % | (0.8 | %) | (1.2 | %) | ||||||||||||||
| (1) |
The Company's primary financial measure for evaluating each of its apartment communities is net operating income ("NOI"). NOI represents rental income less property and maintenance expense, real estate tax and insurance expense and property management expense. The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company's apartment communities. |
|
| (2) | Average rental rate is defined as total rental revenues divided by the weighted average occupied units for the period. |
|
Equity Residential |
||||||||||||||||
| Same Store Operating Expenses | ||||||||||||||||
| $ in thousands - 112,042 Same Store Units | ||||||||||||||||
| % of Actual | ||||||||||||||||
| 2010 | ||||||||||||||||
| Actual | Actual | $ | % | Operating | ||||||||||||
| 2010 | 2009 | Change | Change | Expenses | ||||||||||||
| Real estate taxes | $ | 174,131 | $ | 177,180 | $ | (3,049 | ) | (1.7 | %) | 26.6 | % | |||||
| On-site payroll (1) | 156,668 | 156,446 | 222 | 0.1 | % | 23.9 | % | |||||||||
| Utilities (2) | 102,553 | 100,441 | 2,112 | 2.1 | % | 15.7 | % | |||||||||
| Repairs and maintenance (3) | 97,166 | 94,223 | 2,943 | 3.1 | % | 14.8 | % | |||||||||
| Property management costs (4) | 69,995 | 64,022 | 5,973 | 9.3 | % | 10.7 | % | |||||||||
| Insurance | 21,545 | 21,525 | 20 | 0.1 | % | 3.3 | % | |||||||||
| Leasing and advertising | 14,892 | 16,029 | (1,137 | ) | (7.1 | %) | 2.3 | % | ||||||||
| Other on-site operating expenses (5) | 17,713 | 18,642 | (929 | ) | (5.0 | %) | 2.7 | % | ||||||||
| Same store operating expenses | $ | 654,663 | $ | 648,508 | $ | 6,155 | 0.9 | % | 100.0 | % | ||||||
| (1) | On-site payroll - Includes payroll and related expenses for on-site personnel including property managers, leasing consultants and maintenance staff. | |
| (2) | Utilities - Represents gross expenses prior to any recoveries under the Resident Utility Billing System ("RUBS"). Recoveries are reflected in rental income. | |
| (3) | Repairs and maintenance - Includes general maintenance costs, unit turnover costs including interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof and parking lot repairs and other miscellaneous building repair costs. | |
| (4) | Property management costs - Includes payroll and related expenses for departments, or portions of departments, that directly support on-site management. These include such departments as regional and corporate property management, property accounting, human resources, training, marketing and revenue management, procurement, real estate tax, property legal services and information technology. | |
| (5) | Other on-site operating expenses - Includes administrative costs such as office supplies, telephone and data charges and association and business licensing fees. |
| Equity Residential | |||||||||||
| Debt Summary as of December 31, 2010 | |||||||||||
| (Amounts in thousands) | |||||||||||
| Weighted | |||||||||||
| Weighted | Average | ||||||||||
| Average | Maturities | ||||||||||
| Amounts (1) | % of Total | Rates (1) | (years) | ||||||||
| Secured | $ | 4,762,896 | 47.9 | % | 4.79 | % | 8.1 | ||||
| Unsecured | 5,185,180 | 52.1 | % | 4.96 | % | 4.5 | |||||
| Total | $ | 9,948,076 | 100.0 | % | 4.88 | % | 6.2 | ||||
| Fixed Rate Debt: | |||||||||||
| Secured - Conventional | $ | 3,831,393 | 38.5 | % | 5.68 | % | 6.9 | ||||
| Unsecured - Public/Private | 4,375,860 | 44.0 | % | 5.78 | % | 5.1 | |||||
| Fixed Rate Debt | 8,207,253 | 82.5 | % | 5.73 | % | 5.9 | |||||
| Floating Rate Debt: | |||||||||||
| Secured - Conventional | 326,009 | 3.3 | % | 2.56 | % | 0.7 | |||||
| Secured - Tax Exempt | 605,494 | 6.1 | % | 0.48 | % | 20.4 | |||||
| Unsecured - Public/Private | 809,320 | 8.1 | % | 1.72 | % | 1.3 | |||||
| Unsecured - Revolving Credit Facility | - | - | 0.66 | % | 1.2 | ||||||
| Floating Rate Debt | 1,740,823 | 17.5 | % | 1.39 | % | 7.5 | |||||
| Total | $ | 9,948,076 | 100.0 | % | 4.88 | % | 6.2 | ||||
| (1) | Net of the effect of any derivative instruments. Weighted average rates are for the year ended December 31, 2010. | |
|
Note: The Company capitalized interest of approximately $13.0 million and $34.9 million during the years ended December 31, 2010 and 2009, respectively. |
| Debt Maturity Schedule as of December 31, 2010 | |||||||||||||||
| (Amounts in thousands) | |||||||||||||||
| Weighted | Weighted | ||||||||||||||
| Average Rates | Average | ||||||||||||||
| Fixed | Floating | on Fixed | Rates on | ||||||||||||
| Year | Rate (1) | Rate (1) | Total | % of Total | Rate Debt (1) | Total Debt (1) | |||||||||
| 2011 | $ | 906,266 | (2) | $ | 759,725 | (3) | $ | 1,665,991 | 16.8% | 5.28% | 3.49% | ||||
| 2012 | 778,181 | 38,128 | 816,309 | 8.2% | 5.65% | 5.57% | |||||||||
| 2013 | 269,159 | 309,828 | 578,987 | 5.8% | 6.72% | 4.89% | |||||||||
| 2014 | 562,583 | 22,034 | 584,617 | 5.9% | 5.31% | 5.24% | |||||||||
| 2015 | 357,713 | - | 357,713 | 3.6% | 6.40% | 6.40% | |||||||||
| 2016 | 1,167,662 | - | 1,167,662 | 11.7% | 5.33% | 5.33% | |||||||||
| 2017 | 1,355,830 | 456 | 1,356,286 | 13.6% | 5.87% | 5.87% | |||||||||
| 2018 | 80,763 | 44,677 | 125,440 | 1.3% | 5.72% | 4.28% | |||||||||
| 2019 | 801,754 | 20,766 | 822,520 | 8.3% | 5.49% | 5.36% | |||||||||
| 2020 | 1,671,836 | 809 | 1,672,645 | 16.8% | 5.50% | 5.50% | |||||||||
| 2021+ | 255,506 | 544,400 | 799,906 | 8.0% | 6.62% | 2.67% | |||||||||
| Total | $ | 8,207,253 | $ | 1,740,823 | $ | 9,948,076 | 100.0% | 5.63% | 4.93% | ||||||
| (1) | Net of the effect of any derivative instruments. Weighted average rates are as of December 31, 2010. | |
| (2) | Includes $482.5 million face value of 3.85% convertible unsecured debt with a final maturity of 2026. The notes are callable by the Company on or after August 18, 2011. The notes are putable by the holders on August 18, 2011, August 15, 2016 and August 15, 2021. | |
| (3) | Includes the Company's $500.0 million term loan facility, which originally matured on October 5, 2010. Effective April 12, 2010, the Company exercised the first of its two one-year extension options. As a result, the maturity date is now October 5, 2011 and there is one remaining one-year extension option exercisable by the Company. |
| Equity Residential | ||||||||||||||||
| Unsecured Debt Summary as of December 31, 2010 | ||||||||||||||||
| (Amounts in thousands) | ||||||||||||||||
| Unamortized | ||||||||||||||||
| Coupon | Due | Face | Premium/ | Net | ||||||||||||
| Rate | Date | Amount | (Discount) | Balance | ||||||||||||
| Fixed Rate Notes: | ||||||||||||||||
| 6.950% | 03/02/11 | $ | 93,096 | $ | 205 | $ | 93,301 | |||||||||
| 6.625% | 03/15/12 | 253,858 | (229 | ) | 253,629 | |||||||||||
| 5.500% | 10/01/12 | 222,133 | (383 | ) | 221,750 | |||||||||||
| 5.200% | 04/01/13 | (1) | 400,000 | (266 | ) | 399,734 | ||||||||||
| Fair Value Derivative Adjustments | (1) | (300,000 | ) | - | (300,000 | ) | ||||||||||
| 5.250% | 09/15/14 | 500,000 | (228 | ) | 499,772 | |||||||||||
| 6.584% | 04/13/15 | 300,000 | (469 | ) | 299,531 | |||||||||||
| 5.125% | 03/15/16 | 500,000 | (278 | ) | 499,722 | |||||||||||
| 5.375% | 08/01/16 | 400,000 | (1,036 | ) | 398,964 | |||||||||||
| 5.750% | 06/15/17 | 650,000 | (3,306 | ) | 646,694 | |||||||||||
| 7.125% | 10/15/17 | 150,000 | (441 | ) | 149,559 | |||||||||||
| 4.750% | 07/15/20 | 600,000 | (4,349 | ) | 595,651 | |||||||||||
| 7.570% | 08/15/26 | 140,000 | - | 140,000 | ||||||||||||
| 3.850% | 08/15/26 | (2) | 482,545 | (4,992 | ) | 477,553 | ||||||||||
| 4,391,632 | (15,772 | ) | 4,375,860 | |||||||||||||
| Floating Rate Notes: | ||||||||||||||||
| 04/01/13 | (1) | 300,000 | - | 300,000 | ||||||||||||
| Fair Value Derivative Adjustments | (1) | 9,320 | - | 9,320 | ||||||||||||
| Term Loan Facility | LIBOR+0.50% | 10/05/11 | (3)(4) | 500,000 | - | 500,000 | ||||||||||
| 809,320 | - | 809,320 | ||||||||||||||
| Revolving Credit Facility: | LIBOR+0.50% | 02/28/12 | (3)(5) | - | - | - | ||||||||||
| Total Unsecured Debt | $ | 5,200,952 | $ | (15,772 | ) | $ | 5,185,180 | |||||||||
| (1) | $300.0 million in fair value interest rate swaps converts a portion of the 5.200% notes due April 1, 2013 to a floating interest rate. | |
| (2) | Convertible notes mature on August 15, 2026. The notes are callable by the Company on or after August 18, 2011. The notes are putable by the holders on August 18, 2011, August 15, 2016 and August 15, 2021. | |
| (3) | Facilities are private. All other unsecured debt is public. | |
| (4) | Represents the Company's $500.0 million term loan facility, which originally matured on October 5, 2010. Effective April 12, 2010, the Company exercised the first of its two one-year extension options. As a result, the maturity date is now October 5, 2011 and there is one remaining one-year extension option exercisable by the Company. | |
| (5) | As of December 31, 2010, there was approximately $1.28 billion available on the Company's unsecured revolving credit facility. |
| Equity Residential | ||||||||||||||||||
| Capital Structure as of December 31, 2010 | ||||||||||||||||||
| (Amounts in thousands except for share/unit and per share amounts) | ||||||||||||||||||
| Secured Debt | $ | 4,762,896 | 47.9% | |||||||||||||||
| Unsecured Debt | 5,185,180 | 52.1% | ||||||||||||||||
| Total Debt | 9,948,076 | 100.0% | 38.4% | |||||||||||||||
| Common Shares (includes Restricted Shares) | 290,197,242 | 95.5% | ||||||||||||||||
| Units (includes OP Units and LTIP Units) | 13,612,037 | 4.5% | ||||||||||||||||
| Total Shares and Units | 303,809,279 | 100.0% | ||||||||||||||||
| Common Share Price at December 31, 2010 | $ | 51.95 | ||||||||||||||||
| 15,782,892 | 98.7% | |||||||||||||||||
| Perpetual Preferred Equity (see below) | 200,000 | 1.3% | ||||||||||||||||
| Total Equity | 15,982,892 | 100.0% | 61.6% | |||||||||||||||
| Total Market Capitalization | $ | 25,930,968 | 100.0% | |||||||||||||||
| Perpetual Preferred Equity as of December 31, 2010 | ||||||||||||||||||
| (Amounts in thousands except for share and per share amounts) | ||||||||||||||||||
| Annual | Annual | Weighted | ||||||||||||||||
| Redemption | Outstanding | Liquidation | Dividend | Dividend | Average | |||||||||||||
| Series | Date | Shares | Value | Per Share | Amount | Rate | ||||||||||||
| Preferred Shares: | ||||||||||||||||||
| 8.29% Series K | 12/10/26 | 1,000,000 | $ | 50,000 | $ | 4.145 | $ | 4,145 | ||||||||||
| 6.48% Series N | 6/19/08 | 600,000 | 150,000 | 16.20 | 9,720 | |||||||||||||
| Total Perpetual Preferred Equity | 1,600,000 | $ | 200,000 | $ | 13,865 | 6.93% | ||||||||||||
Note: Both the Series E and the Series H Convertible Preferred Shares were redeemed on November 1, 2010.
| Equity Residential | ||||
| Common Share and Unit | ||||
| Weighted Average Amounts Outstanding | ||||
| 2010 | 2009 | |||
| Weighted Average Amounts Outstanding for Net Income Purposes: | ||||
| Common Shares - basic | 282,887,601 | 273,609,477 | ||
| Shares issuable from assumed conversion/vesting of (1): | ||||
| - OP Units | - | - | ||
| - long-term compensation award shares/units | - | - | ||
| Total Common Shares and Units - diluted (1) | 282,887,601 | 273,609,477 | ||
| Period Ending Amounts Outstanding: | ||||
| Common Shares (includes Restricted Shares) | 290,197,242 | 279,959,048 | ||
| Units (includes OP Units and LTIP Units) | 13,612,037 | 14,197,969 | ||
| Total Shares and Units | 303,809,279 | 294,157,017 | ||
| (1) | Potential common shares issuable from the assumed conversion of OP Units and the exercise/vesting of long-term compensation award shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per share calculation as the Company had a loss from continuing operations for the years ended December 31, 2010 and 2009, respectively. |
| Equity Residential | ||||||||||||||||||||
| Partially Owned Entities as of December 31, 2010 | ||||||||||||||||||||
| (Amounts in thousands except for project and unit amounts) | ||||||||||||||||||||
| Consolidated | ||||||||||||||||||||
| Development Projects | ||||||||||||||||||||
| Held for | ||||||||||||||||||||
| and/or Under | Completed, Not | Completed | ||||||||||||||||||
| Development | Stabilized (4) | and Stabilized | Other | Total | ||||||||||||||||
| Total projects (1) | - | 1 | 4 | 19 | 24 | |||||||||||||||
| Total units (1) | - | 490 | 1,302 | 3,440 | 5,232 | |||||||||||||||
| Operating information for the year | ||||||||||||||||||||
| ended 12/31/10 (at 100%): | ||||||||||||||||||||
| Operating revenue | $ | 4 | $ | 6,344 | $ | 25,607 | $ | 55,928 | $ | 87,883 | ||||||||||
| Operating expenses | 758 | 3,458 | 9,370 | 19,906 | 33,492 | |||||||||||||||
| Net operating (loss) income | (754 | ) | 2,886 | 16,237 | 36,022 | 54,391 | ||||||||||||||
| Depreciation | - | - | 12,239 | 14,882 | 27,121 | |||||||||||||||
| General and administrative/other | 51 | - | 127 | 92 | 270 | |||||||||||||||
| Impairment | 8,959 | - | - | - | 8,959 | |||||||||||||||
| Operating (loss) income | (9,764 | ) | 2,886 | 3,871 | 21,048 | 18,041 | ||||||||||||||
| Interest and other income | 23 | - | 10 | 30 | 63 | |||||||||||||||
| Other expenses | (493 | ) | - | - | (548 | ) | (1,041 | ) | ||||||||||||
| Interest: | ||||||||||||||||||||
| Expense incurred, net | (925 | ) | (2,872 | ) | (6,596 | ) | (20,576 | ) | (30,969 | ) | ||||||||||
| Amortization of deferred financing costs | - | - | (753 | ) | (238 | ) | (991 | ) | ||||||||||||
| (Loss) income before income and other taxes | ||||||||||||||||||||
| and discontinued operations | (11,159 | ) | 14 | (3,468 | ) | (284 | ) | (14,897 | ) | |||||||||||
| Income and other tax (expense) benefit | (31 | ) | - | - | (5 | ) | (36 | ) | ||||||||||||
| Net loss on sales of land parcels | (234 | ) | - | - | - | (234 | ) | |||||||||||||
| Net gain on sales of discontinued operations | 711 | - | - | 34,842 | 35,553 | |||||||||||||||
| Net (loss) income | $ | (10,713 | ) | $ | 14 | $ | (3,468 | ) | $ | 34,553 | $ | 20,386 | ||||||||
| Debt - Secured (2): | ||||||||||||||||||||
| EQR Ownership (3) | $ | 18,342 | $ | 141,741 | $ | 275,348 | $ | 252,857 | $ | 688,288 | ||||||||||
| Noncontrolling Ownership | - | - | - | 61,678 | 61,678 | |||||||||||||||
| Total (at 100%) | $ | 18,342 | $ | 141,741 | $ | 275,348 | $ | 314,535 | $ | 749,966 | ||||||||||
| (1) Project and unit counts exclude all uncompleted development projects until those projects are substantially completed. | |
| (2) All debt is non-recourse to the Company with the exception of $14.0 million in mortgage debt on one development project. | |
| (3) Represents the Company's 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. | |
| Note: On December 29, 2010, the Company admitted an 80% institutional partner to an entity owning a developable land parcel in Florida in exchange for $11.7 million in cash and retained a 20% equity interest. This land parcel is now unconsolidated. Total project cost is approximately $76.1 million and construction is expected to start in the first quarter of 2011. The Company is responsible for constructing the project and has given certain construction cost overun guarantees. The Company's remaining funding obligation is currently estimated at approximately $2.5 million. | |
| Equity Residential | ||||||||||||||||||||||||||
| Consolidated Development and Lease-Up Projects as of December 31, 2010 | ||||||||||||||||||||||||||
| (Amounts in thousands except for project and unit amounts) | ||||||||||||||||||||||||||
| Total Book | ||||||||||||||||||||||||||
| Total | Total | Value Not | Estimated | Estimated | ||||||||||||||||||||||
| No. of | Capital | Book Value | Placed in | Total | Percentage | Percentage | Percentage | Completion | Stabilization | |||||||||||||||||
| Projects | Location | Units | Cost (1) | to Date | Service | Debt | Completed | Leased | Occupied | Date | Date | |||||||||||||||
|
Projects Under Development - Wholly Owned: |
||||||||||||||||||||||||||
| Red 160 (formerly Redmond Way) | Redmond, WA | 250 | $ | 84,382 | $ | 76,964 | $ | 76,964 | $ | - | 97% | 86% | 68% | Q1 2011 | Q1 2012 | |||||||||||
| 500 West 23rd Street (formerly 10 Chelsea) (2) | New York, NY | 111 | 55,555 | 27,382 | 27,382 | - | 33% | - | - | Q4 2011 | Q4 2012 | |||||||||||||||
| Savoy III | Aurora, CO | 168 | 23,856 | 5,409 | 5,409 | - | 7% | - | - | Q3 2012 | Q2 2013 | |||||||||||||||
| 2201 Pershing Drive | Arlington, VA | 188 | 64,242 | 14,707 | 14,707 | - | 1% | - | - | Q3 2012 | Q3 2013 | |||||||||||||||
| Projects Under Development - Wholly Owned | 717 | 228,035 | 124,462 | 124,462 | - | |||||||||||||||||||||
| Projects Under Development | 717 | 228,035 | 124,462 | 124,462 | - | |||||||||||||||||||||
|
Completed Not Stabilized - Wholly Owned (3): |
||||||||||||||||||||||||||
| Reunion at Redmond Ridge | Redmond, WA | 321 | 53,175 | 53,151 | - | - | 94% | 93% | Completed | Q1 2011 | ||||||||||||||||
| Westgate | Pasadena, CA | 480 | 165,558 | 154,886 | - | 135,000 |
(4) |
80% | 76% | Completed | Q3 2011 | |||||||||||||||
| 425 Mass (5) | Washington, D.C. | 559 | 166,750 | 166,750 | - | - | 61% | 58% | Completed | Q1 2012 | ||||||||||||||||
| Vantage Pointe (5) | San Diego, CA | 679 | 200,000 | 200,000 | - | - | 42% | 41% | Completed | Q3 2012 | ||||||||||||||||
| Projects Completed Not Stabilized - Wholly Owned | 2,039 | 585,483 | 574,787 | - | 135,000 | |||||||||||||||||||||
|
Completed Not Stabilized - Partially Owned (3): |
||||||||||||||||||||||||||
| The Brooklyner (formerly 111 Lawrence Street) | Brooklyn, NY | 490 | 272,368 | 257,748 | - | 141,741 | 93% | 89% | Completed | Q2 2011 | ||||||||||||||||
| Projects Completed Not Stabilized - Partially Owned | 490 | 272,368 | 257,748 | - | 141,741 | |||||||||||||||||||||
| Projects Completed Not Stabilized | 2,529 | 857,851 | 832,535 | - | 276,741 | |||||||||||||||||||||
|
Completed and Stabilized During the Quarter - Wholly Owned: |
||||||||||||||||||||||||||
| 70 Greene (formerly 77 Hudson) | Jersey City, NJ | 480 | 268,458 | 267,403 | - | - | 93% | 91% | Completed | Stabilized | ||||||||||||||||
| Third Square (formerly 303 Third) | Cambridge, MA | 482 | 257,457 | 256,546 | - | - | 94% | 92% | Completed | Stabilized | ||||||||||||||||
| Projects Completed and Stabilized During the Quarter - Wholly Owned | 962 | 525,915 | 523,949 | - | - | |||||||||||||||||||||
| Projects Completed and Stabilized During the Quarter | 962 | 525,915 | 523,949 | - | - | |||||||||||||||||||||
| Total Projects | 4,208 | $ | 1,611,801 | $ | 1,480,946 | $ | 124,462 | (6) | $ | 276,741 | ||||||||||||||||
| Land Held for Development | N/A | N/A | $ | 235,247 | $ | 235,247 | $ | 18,342 | ||||||||||||||||||
| (1) | Total capital cost represents estimated cost for projects under development and/or developed and all capitalized costs incurred to date plus any estimates of costs remaining to be funded for all projects, all in accordance with GAAP. | |
| (2) | 500 West 23rd Street - The land under this development is subject to a long term ground lease. | |
| (3) | Properties included here are substantially complete. However, they may still require additional exterior and interior work for all units to be available for leasing. | |
| (4) | Debt is tax-exempt bonds that are entirely outstanding, with $16.8 million held in escrow by the lender and released as draw requests are made. This escrowed amount is classified as "Deposits – restricted" in the consolidated balance sheets at 12/31/10. The Company paid off the $28.2 million in taxable bonds during the fourth quarter of 2010. | |
| (5) | The Company acquired these completed development projects prior to stabilization and has begun/continued lease-up activities. | |
| (6) | Total book value not placed in service excludes $5.9 million of construction-in-progress related to the reconstruction of the Prospect Towers garage. |
| Equity Residential | |||||||||||||||||||||
| Capital Expenditures to Real Estate | |||||||||||||||||||||
| For the Year Ended December 31, 2010 | |||||||||||||||||||||
| (Amounts in thousands except for unit and per unit amounts) | |||||||||||||||||||||
| Capital Expenditures to Real Estate | |||||||||||||||||||||
| Building | |||||||||||||||||||||
| Total | Replacements | Avg. | Improvements | Avg. | Avg. | ||||||||||||||||
| Units (1) | (2) | Per Unit | (3) | Per Unit | Total | Per Unit | |||||||||||||||
| Same Store Properties (4) | 112,042 | $ | 70,620 | $ | 630 | $ | 54,118 | $ | 483 | $ | 124,738 | $ | 1,113 |
(7) |
|||||||
| Non-Same Store Properties (5) | 12,824 | 4,180 | 457 | 5,547 | 607 | 9,727 | 1,064 | ||||||||||||||
| Other (6) | - | 1,509 | 2,234 | 3,743 | |||||||||||||||||
| Total | 124,866 | $ | 76,309 | $ | 61,899 | $ | 138,208 | ||||||||||||||
| (1) | Total Units - Excludes 4,738 military housing units for which repairs and maintenance expenses and capital expenditures to real estate are self-funded and do not consolidate into the Company's results. | |
| (2) | Replacements - Includes new expenditures inside the units such as appliances, mechanical equipment, fixtures and flooring, including carpeting. Replacements for same store properties also include $31.7 million spent in 2010 on unit renovations/rehabs (primarily kitchens and baths) on 4,331 units (equating to about $7,300 per unit rehabbed) designed to reposition these assets for higher rental levels in their respective markets. In 2011, the Company expects to spend approximately $41.0 million rehabbing 5,500 units (equating to about $7,500 per unit rehabbed). | |
| (3) | Building Improvements - Includes roof replacement, paving, amenities and common areas, building mechanical equipment systems, exterior painting and siding, major landscaping, vehicles and office and maintenance equipment. | |
| (4) | Same Store Properties - Primarily includes all properties acquired or completed and stabilized prior to January 1, 2009, less properties subsequently sold. | |
| (5) | Non-Same Store Properties - Primarily includes all properties acquired during 2009 and 2010, plus any properties in lease-up and not stabilized as of January 1, 2009. Per unit amounts are based on a weighted average of 9,141 units. | |
| (6) | Other - Primarily includes expenditures for properties sold during the period. | |
| (7) | For 2011, the Company estimates that it will spend approximately $1,200 per unit of capital expenditures for its same store properties inclusive of unit renovation/rehab costs, or $850 per unit excluding unit renovation/rehab costs. |
| Equity Residential | ||||||||
| Discontinued Operations | ||||||||
| (Amounts in thousands) | ||||||||
| Year Ended | ||||||||
| December 31, | ||||||||
| 2010 | 2009 | |||||||
| REVENUES | ||||||||
| Rental income | $ | 67,670 | $ | 160,031 | ||||
| Total revenues | 67,670 | 160,031 | ||||||
| EXPENSES (1) | ||||||||
| Property and maintenance | 18,659 | 49,088 | ||||||
| Real estate taxes and insurance | 7,028 | 18,065 | ||||||
| Depreciation | 16,770 | 41,104 | ||||||
| General and administrative | 36 | 34 | ||||||
| Total expenses | 42,493 | 108,291 | ||||||
| Discontinued operating income | 25,177 | 51,740 | ||||||
| Interest and other income | 497 | 120 | ||||||
| Other expenses | - | (1 | ) | |||||
| Interest (2): | ||||||||
| Expense incurred, net | (7,722 | ) | (8,660 | ) | ||||
| Amortization of deferred financing costs | (37 | ) | (561 | ) | ||||
| Income and other tax (expense) benefit | (44 | ) | 1,161 | |||||
| Discontinued operations | 17,871 | 43,799 | ||||||
| Net gain on sales of discontinued operations | 297,956 | 335,299 | ||||||
| Discontinued operations, net | $ | 315,827 | $ | 379,098 | ||||
| (1) | Includes expenses paid in the current period for properties sold or held for sale in prior periods related to the Company’s period of ownership. | |
| (2) | Includes only interest expense specific to secured mortgage notes payable for properties sold and/or held for sale. |
| Equity Residential | ||||||||
| Additional Reconciliations | ||||||||
| (Amounts in thousands) | ||||||||
| Same Store NOI Reconciliation | ||||||||
| The following table presents reconciliations of operating income per the consolidated statements of operations to NOI for 2010 Same Store Properties: | ||||||||
| Year Ended December 31, | ||||||||
| 2010 | 2009 | |||||||
| Operating income | $ | 442,001 | $ | 496,601 | ||||
| Adjustments: | ||||||||
| Non-same store operating results | (105,960 | ) | (21,336 | ) | ||||
| Fee and asset management revenue | (9,476 | ) | (10,346 | ) | ||||
| Fee and asset management expense | 5,140 | 7,519 | ||||||
| Depreciation | 656,633 | 559,271 | ||||||
| General and administrative | 39,887 | 38,994 | ||||||
| Impairment | 45,380 | 11,124 | ||||||
| Same store NOI | $ | 1,073,605 | $ | 1,081,827 | ||||
17