Attached files
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| 8-K - EQUITY RESIDENTIAL 8-K - EQUITY RESIDENTIAL | a50252763.htm |
Exhibit 99.1
Equity Residential Reports First Quarter Results
Same Store Revenues Increase 5.5%; Same Store NOI Increases 7.8%
CHICAGO--(BUSINESS WIRE)--April 25, 2012--Equity Residential (NYSE: EQR) today reported results for the quarter ended March 31, 2012. All per share results are reported on a fully-diluted basis.
"As we expected, and as demonstrated by our first quarter operating results, fundamentals continue to be strong across all of our core markets,” said David J. Neithercut, Equity Residential’s President and CEO. “As we enter our primary leasing season, we continue to expect that we will achieve same store revenue growth for the year around the mid-point of our previously provided range of 5% to 6%.”
First Quarter 2012
FFO (Funds from Operations), as defined by the National Association of Real Estate Investment Trusts (NAREIT), for the first quarter of 2012 was $0.60 per share compared to $0.56 per share in the first quarter of 2011.
For the first quarter of 2012, the company reported Normalized FFO of $0.61 per share compared to $0.56 per share in the same period of 2011. The difference is due primarily to:
- the positive impact of $0.07 per share from higher same store net operating income (NOI) and $0.02 per share from higher NOI from properties in lease-up;
- the negative impact of $0.03 per share from 2011 and 2012 transaction activity; and
- the negative impact of $0.01 per share from other items.
Normalized FFO begins with FFO and eliminates certain items that by their nature are not comparable from period to period or that tend to obscure the company’s actual operating performance. A reconciliation and definition of Normalized FFO are provided on pages 6 and 25 of this release and the company has included guidance for Normalized FFO on page 24 of this release.
For the first quarter of 2012, the company reported earnings of $0.47 per share compared to $0.42 per share in the first quarter of 2011. The difference is due primarily to higher gains from property sales as well as the items discussed above.
Same Store Results
On a same store first quarter to first quarter comparison, which includes 105,612 apartment units, revenues increased 5.5%, expenses increased 1.8% and NOI increased 7.8%.
Acquisitions/Dispositions
During the first quarter of 2012, the company acquired three properties with a total of 544 apartment units for an aggregate purchase price of $159.1 million at a weighted average capitalization (cap) rate of 4.4%. Also during the quarter, the company acquired two land parcels, one in Seattle and one in South Florida, for an aggregate purchase price of $23.7 million.
During the quarter, the company sold three consolidated properties, consisting of 1,522 apartment units, for an aggregate sale price of $206.4 million at a weighted average cap rate of 6.2% generating an unlevered internal rate of return (IRR), inclusive of management costs, of 12.6%.
Archstone
As previously disclosed, on December 2, 2011 the company entered into a contract with affiliates of Bank of America and Barclays PLC (“the Sellers”) to acquire, for $1.325 billion, half of their interests - an approximately 26.5% interest overall - in Archstone, a privately-held owner, operator and developer of multifamily apartment properties. On January 20, 2012, Lehman Brothers, the other owner of Archstone, acquired this 26.5% interest pursuant to a right of first offer and the company’s contract with the Sellers was terminated.
Equity Residential then had an exclusive 30-day right to contract to purchase the remaining 26.5% interest in Archstone owned by the Sellers for a price, determined by Equity Residential, equal to $1.325 billion or higher. During the first quarter of 2012, Equity Residential and the Sellers agreed to a 60-day extension of this purchase right at an increased minimum price of $1.485 billion. On April 18, 2012, the parties agreed to an additional extension and increase in the minimum purchase price. Equity Residential now has, until May 21, 2012, the exclusive right to contract to purchase this remaining interest at a price, to be determined by the company, equal to $1.5 billion or higher. Any offer to purchase the remaining interest would also be subject to Lehman’s right of first offer. If Lehman were to exercise such right, the company would be entitled to a break-up fee of $80 million.
Financing Activities
On January 6, 2012, the company amended its $1.25 billion unsecured revolving credit facility to increase the available borrowings by $500 million to $1.75 billion. The expansion was intended to fund a portion of an Archstone acquisition until repaid from property disposition proceeds, but may be used for any corporate purpose. The terms of the facility did not change, including the July 13, 2014 maturity date.
Also on January 6, 2012, the company entered into a new senior unsecured $500 million delayed draw term loan facility with an interest rate of LIBOR plus a spread (currently 1.25%) which is dependent on the credit rating of the company’s long-term debt. The maturity date of the facility is January 4, 2013, subject to two one-year extension options exercisable by the company. The facility provides for a single draw anytime on or before July 4, 2012 and may be used for any corporate purpose including to finance an Archstone acquisition or to repay the company’s existing $500 million term loan that matures in October 2012.
With the completion of these financing activities, the company terminated the $1 billion bridge loan facility that it obtained contemporaneously with entering into the original Archstone contract.
During the first quarter of 2012, utilizing the company’s At-the-Market (ATM) share offering program, the company issued approximately 2.1 million common shares at an average price of $59.47 per share for total consideration of approximately $123.6 million. The company will use the proceeds from these share sales primarily to fund its normal, ongoing investment activity, including development, and for general corporate purposes. The company has approximately 7.1 million common shares available for future issuance under this program. No additional ATM issuances are included in the company’s 2012 guidance.
As of April 24, 2012, the company had cash on hand of approximately $54 million, approximately $1.7 billion available on its revolving credit facility and $500 million available on its delayed draw term loan.
Second Quarter 2012 Guidance
The company has established a Normalized FFO guidance range of $0.65 to $0.69 per share for the second quarter of 2012. The difference between the company’s first quarter 2012 Normalized FFO of $0.61 per share and the midpoint of the second quarter guidance range of $0.67 per share is primarily due to:
- the positive impact of $0.04 per share from same store and lease-up property NOI in the second quarter of 2012;
- the positive impact of $0.01 per share from 2011 and 2012 transaction activity; and
- the positive impact of $0.01 per share from lower total interest expense.
Second Quarter 2012 Earnings and Conference Call
Equity Residential expects to announce second quarter 2012 results on Wednesday, July 25, 2012 and host a conference call to discuss those results at 10:00 a.m. CT on Thursday, July 26, 2012.
Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top U.S. growth markets. Equity Residential owns or has investments in 427 properties located in 14 states and the District of Columbia, consisting of 121,011 apartment units. For more information on Equity Residential, please visit our website at www.equityapartments.com.
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.
A live web cast of the company’s conference call discussing these results will take place tomorrow, Thursday, April 26, at 10:00 a.m. Central. Please visit the Investor section of the company’s web site at www.equityapartments.com for the link. A replay of the web cast will be available for two weeks at this site.
| Equity Residential | ||||||||
| Consolidated Statements of Operations | ||||||||
| (Amounts in thousands except per share data) | ||||||||
| (Unaudited) | ||||||||
| Quarter Ended March 31, | ||||||||
| 2012 | 2011 | |||||||
| REVENUES | ||||||||
| Rental income | $ | 525,595 | $ | 464,550 | ||||
| Fee and asset management | 2,064 | 1,806 | ||||||
| Total revenues | 527,659 | 466,356 | ||||||
| EXPENSES | ||||||||
| Property and maintenance | 112,379 | 105,047 | ||||||
| Real estate taxes and insurance | 55,987 | 52,139 | ||||||
| Property management | 23,409 | 22,381 | ||||||
| Fee and asset management | 1,307 | 948 | ||||||
| Depreciation | 174,737 | 158,455 | ||||||
| General and administrative | 13,688 | 11,433 | ||||||
| Total expenses | 381,507 | 350,403 | ||||||
| Operating income | 146,152 | 115,953 | ||||||
| Interest and other income | 172 | 1,011 | ||||||
| Other expenses | (7,067 | ) | (2,160 | ) | ||||
| Interest: | ||||||||
| Expense incurred, net | (118,703 | ) | (120,528 | ) | ||||
| Amortization of deferred financing costs | (2,974 | ) | (3,005 | ) | ||||
|
Income (loss) before income and other taxes and discontinued operations |
17,580 | (8,729 | ) | |||||
| Income and other tax (expense) benefit | (191 | ) | (184 | ) | ||||
| Income (loss) from continuing operations | 17,389 | (8,913 | ) | |||||
| Discontinued operations, net | 134,778 | 141,979 | ||||||
| Net income | 152,167 | 133,066 | ||||||
| Net (income) loss attributable to Noncontrolling Interests: | ||||||||
| Operating Partnership | (6,418 | ) | (5,775 | ) | ||||
| Partially Owned Properties | (450 | ) | 40 | |||||
| Net income attributable to controlling interests | 145,299 | 127,331 | ||||||
| Preferred distributions | (3,466 | ) | (3,466 | ) | ||||
| Net income available to Common Shares | $ | 141,833 | $ | 123,865 | ||||
| Earnings per share – basic: | ||||||||
| Income (loss) from continuing operations available to Common Shares | $ | 0.04 | $ | (0.04 | ) | |||
| Net income available to Common Shares | $ | 0.47 | $ | 0.42 | ||||
| Weighted average Common Shares outstanding | 298,805 | 292,895 | ||||||
| Earnings per share – diluted: | ||||||||
| Income (loss) from continuing operations available to Common Shares | $ | 0.04 | $ | (0.04 | ) | |||
| Net income available to Common Shares | $ | 0.47 | $ | 0.42 | ||||
| Weighted average Common Shares outstanding | 315,230 | 292,895 | ||||||
| Distributions declared per Common Share outstanding | $ | 0.3375 | $ | 0.3375 | ||||
|
Equity Residential |
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|
Consolidated Statements of Funds From Operations and Normalized Funds From Operations |
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|
(Amounts in thousands except per share data) |
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|
(Unaudited) |
||||||||
|
Quarter Ended March 31, |
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|
2012 |
2011 |
|||||||
| Net income | $ | 152,167 | $ | 133,066 | ||||
| Adjustments: | ||||||||
| Net (income) loss attributable to Noncontrolling Interests – | ||||||||
| Partially Owned Properties | (450 | ) | 40 | |||||
| Depreciation | 174,737 | 158,455 | ||||||
| Depreciation – Non-real estate additions | (1,354 | ) | (1,385 | ) | ||||
| Depreciation – Partially Owned and Unconsolidated Properties | (800 | ) | (750 | ) | ||||
| Discontinued operations: | ||||||||
| Depreciation | 371 | 10,855 | ||||||
| Net (gain) on sales of discontinued operations | (132,956 | ) | (123,754 | ) | ||||
| Net incremental gain on sales of condominium units | 49 | 395 | ||||||
| FFO (1) (3) | 191,764 | 176,922 | ||||||
| Adjustments (see page 23 for additional detail): | ||||||||
| Asset impairment and valuation allowances | - | - | ||||||
| Property acquisition costs and write-off of pursuit costs (other expenses) | 2,626 | 2,164 | ||||||
| Debt extinguishment (gains) losses, including prepayment penalties, preferred | ||||||||
| share redemptions and non-cash convertible debt discounts | (41 | ) | 2,063 | |||||
| (Gains) losses on sales of non-operating assets, net of income and other | ||||||||
| tax expense (benefit) | (4 | ) | (376 | ) | ||||
| Other miscellaneous non-comparable items | 974 | (2,100 | ) | |||||
| Normalized FFO (2) (3) | $ | 195,319 | $ | 178,673 | ||||
| FFO (1) (3) | $ | 191,764 | $ | 176,922 | ||||
| Preferred distributions | (3,466 | ) | (3,466 | ) | ||||
| FFO available to Common Shares and Units - basic and diluted (1) (3) (4) | $ | 188,298 | $ | 173,456 | ||||
| FFO per share and Unit - basic | $ | 0.60 | $ | 0.57 | ||||
| FFO per share and Unit - diluted | $ | 0.60 | $ | 0.56 | ||||
| Normalized FFO (2) (3) | $ | 195,319 | $ | 178,673 | ||||
| Preferred distributions | (3,466 | ) | (3,466 | ) | ||||
| Normalized FFO available to Common Shares and Units - basic and diluted (2) (3) (4) | $ | 191,853 | $ | 175,207 | ||||
| Normalized FFO per share and Unit - basic | $ | 0.61 | $ | 0.57 | ||||
| Normalized FFO per share and Unit - diluted | $ | 0.61 | $ | 0.56 | ||||
| Weighted average Common Shares and Units outstanding - basic | 312,011 | 306,248 | ||||||
| Weighted average Common Shares and Units outstanding - diluted | 315,230 | 310,467 | ||||||
|
Note: |
See page 23 for additional detail regarding the adjustments from FFO to Normalized FFO. See page 25 for the definitions, the footnotes referenced above and the reconciliations of EPS to FFO and Normalized FFO. |
||
| Equity Residential | ||||||||
| Consolidated Balance Sheets | ||||||||
| (Amounts in thousands except for share amounts) | ||||||||
| (Unaudited) | ||||||||
| March 31, | December 31, | |||||||
| 2012 | 2011 | |||||||
| ASSETS | ||||||||
| Investment in real estate | ||||||||
| Land | $ | 4,384,200 | $ | 4,367,816 | ||||
| Depreciable property | 15,606,315 | 15,554,740 | ||||||
| Projects under development | 185,621 | 160,190 | ||||||
| Land held for development | 360,955 | 325,200 | ||||||
| Investment in real estate | 20,537,091 | 20,407,946 | ||||||
| Accumulated depreciation | (4,658,994 | ) | (4,539,583 | ) | ||||
| Investment in real estate, net | 15,878,097 | 15,868,363 | ||||||
| Cash and cash equivalents | 219,628 | 383,921 | ||||||
| Investments in unconsolidated entities | 14,803 | 12,327 | ||||||
| Deposits – restricted | 182,182 | 152,237 | ||||||
| Escrow deposits – mortgage | 11,428 | 10,692 | ||||||
| Deferred financing costs, net | 45,861 | 44,608 | ||||||
| Other assets | 129,248 | 187,155 | ||||||
| Total assets | $ | 16,481,247 | $ | 16,659,303 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Liabilities: | ||||||||
| Mortgage notes payable | $ | 4,056,976 | $ | 4,111,487 | ||||
| Notes, net | 5,355,590 | 5,609,574 | ||||||
| Lines of credit | - | - | ||||||
| Accounts payable and accrued expenses | 77,055 | 35,206 | ||||||
| Accrued interest payable | 79,489 | 88,121 | ||||||
| Other liabilities | 261,448 | 291,289 | ||||||
| Security deposits | 65,468 | 65,286 | ||||||
| Distributions payable | 109,043 | 179,079 | ||||||
| Total liabilities | 10,005,069 | 10,380,042 | ||||||
| Commitments and contingencies | ||||||||
| Redeemable Noncontrolling Interests – Operating Partnership | 457,224 | 416,404 | ||||||
| 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 March 31, 2012 and December 31, 2011 | 200,000 | 200,000 | ||||||
| Common Shares of beneficial interest, $0.01 par value; | ||||||||
| 1,000,000,000 shares authorized; 300,522,169 shares issued | ||||||||
| and outstanding as of March 31, 2012 and 297,508,185 | ||||||||
| shares issued and outstanding as of December 31, 2011 | 3,005 | 2,975 | ||||||
| Paid in capital | 5,152,975 | 5,047,186 | ||||||
| Retained earnings | 656,001 | 615,572 | ||||||
| Accumulated other comprehensive (loss) | (189,973 | ) | (196,718 | ) | ||||
| Total shareholders' equity | 5,822,008 | 5,669,015 | ||||||
| Noncontrolling Interests: | ||||||||
| Operating Partnership | 123,031 | 119,536 | ||||||
| Partially Owned Properties | 73,915 | 74,306 | ||||||
| Total Noncontrolling Interests | 196,946 | 193,842 | ||||||
| Total equity | 6,018,954 | 5,862,857 | ||||||
| Total liabilities and equity | $ | 16,481,247 | $ | 16,659,303 | ||||
| Equity Residential | ||||||||||||
| Portfolio Summary | ||||||||||||
| As of March 31, 2012 | ||||||||||||
| % of Total | % of | Average | ||||||||||
| Apartment | Apartment | Stabilized | Rental | |||||||||
| Markets | Properties | Units | Units | NOI (1) | Rate (2) | |||||||
| 1 | New York Metro Area | 29 | 7,810 | 6.5% | 12.9% | $ 3,257 | ||||||
| 2 | DC Northern Virginia | 26 | 9,381 | 7.8% | 11.4% | 2,069 | ||||||
| 3 | Los Angeles | 47 | 9,716 | 8.0% | 9.7% | 1,807 | ||||||
| 4 | South Florida | 39 | 12,990 | 10.7% | 9.5% | 1,410 | ||||||
| 5 | Boston | 30 | 6,183 | 5.1% | 8.2% | 2,398 | ||||||
| 6 | San Francisco Bay Area | 38 | 8,751 | 7.2% | 7.5% | 1,728 | ||||||
| 7 | Seattle/Tacoma | 44 | 9,901 | 8.2% | 7.4% | 1,426 | ||||||
| 8 | San Diego | 14 | 4,963 | 4.1% | 5.1% | 1,823 | ||||||
| 9 | Denver | 23 | 7,970 | 6.6% | 5.0% | 1,140 | ||||||
| 10 | Phoenix | 31 | 8,880 | 7.3% | 4.2% | 927 | ||||||
| 11 | Suburban Maryland | 16 | 4,584 | 3.8% | 3.9% | 1,504 | ||||||
| 12 | Orlando | 24 | 7,265 | 6.0% | 3.8% | 1,010 | ||||||
| 13 | Orange County, CA | 11 | 3,490 | 2.9% | 3.2% | 1,598 | ||||||
| 14 | Atlanta | 16 | 4,800 | 4.0% | 2.5% | 1,054 | ||||||
| 15 | Inland Empire, CA | 10 | 3,081 | 2.5% | 2.4% | 1,460 | ||||||
| 16 | All Other Markets (3) | 27 | 6,332 | 5.2% | 3.3% | 1,086 | ||||||
| Total | 425 | 116,097 | 95.9% | 100.0% | 1,614 | |||||||
| Military Housing | 2 | 4,914 | 4.1% | - | - | |||||||
| Grand Total | 427 | 121,011 | 100.0% | 100.0% | $ 1,614 | |||||||
| Note: | Projects under development are not included in the Portfolio Summary until construction has been completed. | |
| (1) | % of Stabilized NOI includes budgeted 2012 NOI for properties that are stabilized and projected annual NOI at stabilization (defined as having achieved 90% occupancy for three consecutive months) for properties that are in lease-up. | |
| (2) | Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment units for the month of March 2012. | |
| (3) | All Other Markets - Each individual market is less than 1.5% of stabilized NOI. | |
| Equity Residential | |||||||||||||||||
| Portfolio as of March 31, 2012 | |||||||||||||||||
| Apartment | |||||||||||||||||
| Properties | Units | ||||||||||||||||
| Wholly Owned Properties | 404 | 112,181 | |||||||||||||||
| Partially Owned Properties - Consolidated | 21 | 3,916 | |||||||||||||||
| Military Housing | 2 | 4,914 | |||||||||||||||
| 427 | 121,011 | ||||||||||||||||
| Portfolio Rollforward Q1 2012 | |||||||||||||||||
| ($ in thousands) | |||||||||||||||||
| Apartment | Purchase/ | ||||||||||||||||
| Properties | Units | (Sale) Price | Cap Rate | ||||||||||||||
| 12/31/2011 | 427 | 121,974 | |||||||||||||||
| Acquisitions: | |||||||||||||||||
| Rental Properties - Consolidated | 3 | 544 | $ | 159,100 | 4.4 | % | |||||||||||
| Land Parcels (two) | - | - | $ | 23,740 | |||||||||||||
| Dispositions: | |||||||||||||||||
| Rental Properties - Consolidated | (3 | ) | (1,522 | ) | $ | (206,350 | ) | 6.2 | % | ||||||||
| Configuration Changes | - | 15 | |||||||||||||||
| 3/31/2012 | 427 | 121,011 | |||||||||||||||
| Equity Residential | |||||||||||||||||||||||
| First Quarter 2012 vs. First Quarter 2011 | |||||||||||||||||||||||
| Same Store Results/Statistics | |||||||||||||||||||||||
| $ in thousands (except for Average Rental Rate) - 105,612 Same Store Apartment Units | |||||||||||||||||||||||
| Results | Statistics | ||||||||||||||||||||||
| Average | |||||||||||||||||||||||
| Rental | |||||||||||||||||||||||
| Description | Revenues | Expenses | NOI (1) | Rate (2) | Occupancy | Turnover | |||||||||||||||||
| Q1 2012 | $ | 473,957 | $ | 173,054 | $ | 300,903 | $ | 1,578 | 94.9 | % | 12.5 | % | |||||||||||
| Q1 2011 | $ | 449,232 | $ | 170,017 | $ | 279,215 | $ | 1,496 | 94.9 | % | 11.5 | % | |||||||||||
| Change | $ | 24,725 | $ | 3,037 | $ | 21,688 | $ | 82 | 0.0 | % | 1.0 | % | |||||||||||
| Change | 5.5 | % | 1.8 | % | 7.8 | % | 5.5 | % | |||||||||||||||
| First Quarter 2012 vs. Fourth Quarter 2011 | |||||||||||||||||||||||
| Same Store Results/Statistics | |||||||||||||||||||||||
| $ in thousands (except for Average Rental Rate) - 110,557 Same Store Apartment Units | |||||||||||||||||||||||
| Results | Statistics | ||||||||||||||||||||||
| Average | |||||||||||||||||||||||
| Rental | |||||||||||||||||||||||
| Description | Revenues | Expenses | NOI (1) | Rate (2) | Occupancy | Turnover | |||||||||||||||||
| Q1 2012 | $ | 503,074 | $ | 182,778 | $ | 320,296 | $ | 1,600 | 94.9 | % | 12.4 | % | |||||||||||
| Q4 2011 | $ | 498,856 | $ | 174,909 | $ | 323,947 | $ | 1,585 | 95.0 | % | 13.2 | % | |||||||||||
| Change | $ | 4,218 | $ | 7,869 | $ | (3,651 | ) | $ | 15 | (0.1 | %) | (0.8 | %) | ||||||||||
| Change | 0.8 | % | 4.5 | % | (1.1 | %) | 0.9 | % | |||||||||||||||
| (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. See page 25 for reconciliations from operating income. | |
| (2) | Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment units for the period. | |
| Equity Residential | ||||||||||||||||||||||||||||
| First Quarter 2012 vs. First Quarter 2011 | ||||||||||||||||||||||||||||
| Same Store Results/Statistics by Market | ||||||||||||||||||||||||||||
| Increase (Decrease) from Prior Year's Quarter | ||||||||||||||||||||||||||||
| Q1 2012 | Q1 2012 | Q1 2012 | ||||||||||||||||||||||||||
| % of | Average | Weighted | Average | |||||||||||||||||||||||||
| Apartment | Actual | Rental | Average | Rental | ||||||||||||||||||||||||
| Markets | Units | NOI | Rate (1) | Occupancy % | Revenues | Expenses | NOI | Rate (1) | Occupancy | |||||||||||||||||||
| 1 | New York Metro Area | 7,063 | 12.5 | % | $ | 3,261 | 95.3 | % | 7.1 | % | 2.6 | % | 10.6 | % | 6.7 | % | 0.3 | % | ||||||||||
| 2 | DC Northern Virginia | 7,974 | 10.2 | % | 2,022 | 94.6 | % | 4.8 | % | 4.8 | % | 4.8 | % | 5.4 | % | (0.6 | %) | |||||||||||
| 3 | South Florida | 12,114 | 9.6 | % | 1,374 | 95.0 | % | 4.2 | % | 4.7 | % | 3.8 | % | 3.9 | % | 0.2 | % | |||||||||||
| 4 | Los Angeles | 7,832 | 8.8 | % | 1,764 | 95.0 | % | 4.3 | % | (0.6 | %) | 6.8 | % | 3.8 | % | 0.4 | % | |||||||||||
| 5 | Boston | 5,526 | 8.2 | % | 2,405 | 94.7 | % | 6.3 | % | (3.6 | %) | 12.4 | % | 6.7 | % | (0.4 | %) | |||||||||||
| 6 | San Francisco Bay Area | 6,194 | 7.4 | % | 1,910 | 95.1 | % | 11.0 | % | 3.7 | % | 15.2 | % | 11.4 | % | (0.4 | %) | |||||||||||
| 7 | Seattle/Tacoma | 9,081 | 7.4 | % | 1,402 | 94.4 | % | 6.1 | % | 3.9 | % | 7.5 | % | 5.4 | % | 0.6 | % | |||||||||||
| 8 | Denver | 7,970 | 6.0 | % | 1,141 | 95.3 | % | 9.3 | % | 3.3 | % | 12.2 | % | 8.9 | % | 0.3 | % | |||||||||||
| 9 | Phoenix | 8,880 | 4.9 | % | 931 | 95.1 | % | 4.7 | % | (3.2 | %) | 9.9 | % | 5.0 | % | (0.3 | %) | |||||||||||
| 10 | San Diego | 4,284 | 4.7 | % | 1,722 | 94.0 | % | 2.0 | % | (0.4 | %) | 3.2 | % | 2.7 | % | (0.7 | %) | |||||||||||
| 11 | Orlando | 7,265 | 4.2 | % | 1,019 | 95.2 | % | 3.2 | % | 2.5 | % | 3.7 | % | 2.9 | % | 0.2 | % | |||||||||||
| 12 | Orange County, CA | 3,490 | 3.6 | % | 1,598 | 95.1 | % | 4.3 | % | 4.2 | % | 4.4 | % | 4.4 | % | (0.1 | %) | |||||||||||
| 13 | Suburban Maryland | 4,005 | 3.5 | % | 1,404 | 94.3 | % | 2.5 | % | (1.4 | %) | 4.7 | % | 2.6 | % | (0.1 | %) | |||||||||||
| 14 | Atlanta | 4,800 | 2.9 | % | 1,054 | 95.5 | % | 5.5 | % | 0.0 | % | 9.6 | % | 5.7 | % | (0.2 | %) | |||||||||||
| 15 | Inland Empire, CA | 3,081 | 2.8 | % | 1,451 | 94.0 | % | 2.5 | % | 2.1 | % | 2.8 | % | 3.4 | % | (0.9 | %) | |||||||||||
| 16 | All Other Markets | 6,053 | 3.3 | % | 1,048 | 94.5 | % | 4.1 | % | 1.0 | % | 6.8 | % | 4.4 | % | (0.3 | %) | |||||||||||
| Total | 105,612 | 100.0 | % | $ | 1,578 | 94.9 | % | 5.5 | % | 1.8 | % | 7.8 | % | 5.5 | % | 0.0 | % | |||||||||||
|
(1) |
Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment units for the period. | |
| Equity Residential | |||||||||||||||||||||||||||||
| First Quarter 2012 vs. Fourth Quarter 2011 | |||||||||||||||||||||||||||||
| Same Store Results/Statistics by Market | |||||||||||||||||||||||||||||
| Increase (Decrease) from Prior Quarter | |||||||||||||||||||||||||||||
| Q1 2012 | Q1 2012 | Q1 2012 | |||||||||||||||||||||||||||
| % of | Average | Weighted | Average | ||||||||||||||||||||||||||
| Apartment | Actual | Rental | Average | Rental | |||||||||||||||||||||||||
| Markets | Units | NOI | Rate (1) | Occupancy % | Revenues | Expenses | NOI | Rate (1) | Occupancy | ||||||||||||||||||||
| 1 | New York Metro Area | 7,423 | 12.1 | % | $ | 3,207 | 95.3 | % | 0.7 | % | 6.9 | % | (3.5 | %) | 1.6 | % | (0.9 | %) | |||||||||||
| 2 | DC Northern Virginia | 9,381 | 11.6 | % | 2,066 | 94.7 | % | 0.2 | % | 8.6 | % | (3.3 | %) | 0.6 | % | (0.3 | %) | ||||||||||||
| 3 | South Florida | 12,990 | 10.0 | % | 1,410 | 95.0 | % | 1.6 | % | 3.4 | % | 0.5 | % | 0.9 | % | 0.6 | % | ||||||||||||
| 4 | Los Angeles | 8,881 | 9.5 | % | 1,797 | 95.0 | % | 0.1 | % | (1.4 | %) | 0.9 | % | 0.8 | % | (0.7 | %) | ||||||||||||
| 5 | Boston | 5,821 | 8.1 | % | 2,410 | 94.7 | % | 1.3 | % | 6.8 | % | (1.3 | %) | 2.8 | % | (1.3 | %) | ||||||||||||
| 6 | Seattle/Tacoma | 9,582 | 7.4 | % | 1,404 | 94.4 | % | 1.5 | % | 6.9 | % | (1.5 | %) | 1.1 | % | 0.4 | % | ||||||||||||
| 7 | San Francisco Bay Area | 6,194 | 6.9 | % | 1,910 | 95.1 | % | 2.2 | % | 7.0 | % | (0.1 | %) | 2.0 | % | 0.1 | % | ||||||||||||
| 8 | Denver | 7,970 | 5.6 | % | 1,141 | 95.3 | % | 0.7 | % | (0.3 | %) | 1.1 | % | 0.4 | % | 0.2 | % | ||||||||||||
| 9 | Phoenix | 8,880 | 4.7 | % | 931 | 95.1 | % | 0.5 | % | 2.8 | % | (0.9 | %) | 0.2 | % | 0.1 | % | ||||||||||||
| 10 | San Diego | 4,284 | 4.4 | % | 1,722 | 94.0 | % | (0.6 | %) | (0.6 | %) | (0.6 | %) | (0.1 | %) | (0.4 | %) | ||||||||||||
| 11 | Orlando | 7,265 | 4.0 | % | 1,019 | 95.2 | % | 1.2 | % | 7.8 | % | (2.7 | %) | 0.7 | % | 0.5 | % | ||||||||||||
| 12 | Suburban Maryland | 4,462 | 3.9 | % | 1,469 | 94.3 | % | 0.9 | % | 0.7 | % | 1.0 | % | 1.2 | % | (0.3 | %) | ||||||||||||
| 13 | Orange County, CA | 3,490 | 3.4 | % | 1,598 | 95.1 | % | 0.1 | % | 1.7 | % | (0.6 | %) | 0.8 | % | (0.7 | %) | ||||||||||||
| 14 | Atlanta | 4,800 | 2.7 | % | 1,054 | 95.5 | % | 0.8 | % | 3.6 | % | (0.9 | %) | 1.3 | % | (0.5 | %) | ||||||||||||
| 15 | Inland Empire, CA | 3,081 | 2.6 | % | 1,451 | 94.0 | % | 0.8 | % | 0.7 | % | 0.9 | % | 1.3 | % | (0.5 | %) | ||||||||||||
| 16 | All Other Markets | 6,053 | 3.1 | % | 1,048 | 94.5 | % | 0.4 | % | 5.7 | % | (3.6 | %) | 0.5 | % | (0.1 | %) | ||||||||||||
| Total | 110,557 | 100.0 | % | $ | 1,600 | 94.9 | % | 0.8 | % | 4.5 | % | (1.1 | %) | 0.9 | % | (0.1 | %) | ||||||||||||
| (1) | Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment units for the period. | |
| Equity Residential | ||||||||||||||||
| First Quarter 2012 vs. First Quarter 2011 | ||||||||||||||||
| Same Store Operating Expenses | ||||||||||||||||
| $ in thousands - 105,612 Same Store Apartment Units | ||||||||||||||||
| % of Actual | ||||||||||||||||
| Q1 2012 | ||||||||||||||||
| Actual | Actual | $ | % | Operating | ||||||||||||
| Q1 2012 | Q1 2011 | Change | Change | Expenses | ||||||||||||
| Real estate taxes | $ | 50,167 | $ | 47,730 | $ | 2,437 | 5.1 | % | 29.0 | % | ||||||
| On-site payroll (1) | 39,913 | 39,168 | 745 | 1.9 | % | 23.1 | % | |||||||||
| Utilities (2) | 27,160 | 28,531 | (1,371 | ) | (4.8 | %) | 15.7 | % | ||||||||
| Repairs and maintenance (3) | 23,129 | 22,638 | 491 | 2.2 | % | 13.4 | % | |||||||||
| Property management costs (4) | 18,247 | 17,969 | 278 | 1.5 | % | 10.5 | % | |||||||||
| Insurance | 5,436 | 5,095 | 341 | 6.7 | % | 3.1 | % | |||||||||
| Leasing and advertising | 2,700 | 3,354 | (654 | ) | (19.5 | %) | 1.6 | % | ||||||||
| Other on-site operating expenses (5) | 6,302 | 5,532 | 770 | 13.9 | % | 3.6 | % | |||||||||
| Same store operating expenses | $ | 173,054 | $ | 170,017 | $ | 3,037 | 1.8 | % | 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, apartment 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 March 31, 2012 |
|||||||||||
|
(Amounts in thousands) |
|||||||||||
| Weighted | |||||||||||
| Weighted | Average | ||||||||||
| Average | Maturities | ||||||||||
| Amounts (1) | % of Total | Rates (1) | (years) | ||||||||
| Secured | $ | 4,056,976 | 43.1 | % | 4.88 | % | 8.1 | ||||
| Unsecured | 5,355,590 | 56.9 | % | 5.14 | % | 5.1 | |||||
| Total | $ | 9,412,566 | 100.0 | % | 5.03 | % | 6.4 | ||||
| Fixed Rate Debt: | |||||||||||
| Secured - Conventional | $ | 3,527,819 | 37.5 | % | 5.53 | % | 6.7 | ||||
| Unsecured - Public/Private | 4,549,919 | 48.3 | % | 5.73 | % | 5.9 | |||||
| Fixed Rate Debt | 8,077,738 | 85.8 | % | 5.64 | % | 6.3 | |||||
| Floating Rate Debt: | |||||||||||
| Secured - Conventional | 64,061 | 0.7 | % | 3.33 | % | 1.2 | |||||
| Secured - Tax Exempt | 465,096 | 4.9 | % | 0.15 | % | 20.6 | |||||
| Unsecured - Public/Private | 805,671 | 8.6 | % | 1.68 | % | 0.7 | |||||
| Unsecured - Revolving Credit Facility | - | - | - | 2.3 | |||||||
| Floating Rate Debt | 1,334,828 | 14.2 | % | 1.23 | % | 7.3 | |||||
| Total | $ | 9,412,566 | 100.0 | % | 5.03 | % | 6.4 | ||||
| (1) | Net of the effect of any derivative instruments. Weighted average rates are for the quarter ended March 31, 2012. | |
| Note: The Company capitalized interest of approximately $5.0 million and $1.7 million during the quarters ended March 31, 2012 and 2011, respectively. | ||
| Debt Maturity Schedule as of March 31, 2012 | ||||||||||||||||||||
| (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) | ||||||||||||||
| 2012 | $ | 315,756 | $ | 535,546 | (2) | $ | 851,302 | 9.0 | % | 5.62 | % | 2.69 | % | |||||||
| 2013 | 267,869 | 306,182 | 574,051 | 6.1 | % | 6.70 | % | 4.86 | % | |||||||||||
| 2014 | 564,477 | 22,019 | 586,496 | 6.2 | % | 5.31 | % | 5.24 | % | |||||||||||
| 2015 | 418,012 | - | 418,012 | 4.4 | % | 6.31 | % | 6.31 | % | |||||||||||
| 2016 | 1,190,610 | - | 1,190,610 | 12.7 | % | 5.34 | % | 5.34 | % | |||||||||||
| 2017 | 1,355,806 | 456 | 1,356,262 | 14.4 | % | 5.87 | % | 5.87 | % | |||||||||||
| 2018 | 80,901 | 18,419 | 99,320 | 1.1 | % | 5.71 | % | 4.82 | % | |||||||||||
| 2019 | 802,043 | 20,766 | 822,809 | 8.7 | % | 5.49 | % | 5.36 | % | |||||||||||
| 2020 | 1,671,868 | 809 | 1,672,677 | 17.8 | % | 5.50 | % | 5.50 | % | |||||||||||
| 2021 | 1,165,475 | 856 | 1,166,331 | 12.4 | % | 4.64 | % | 4.64 | % | |||||||||||
| 2022+ | 233,860 | 435,539 | 669,399 | 7.1 | % | 6.75 | % | 2.88 | % | |||||||||||
| Premium/(Discount) | 11,061 | (5,764 | ) | 5,297 | 0.1 | % | N/A | N/A | ||||||||||||
| Total | $ | 8,077,738 | $ | 1,334,828 | $ | 9,412,566 | 100.0 | % | 5.52 | % | 4.95 | % | ||||||||
| (1) | Net of the effect of any derivative instruments. Weighted average rates are as of March 31, 2012. | |
| (2) | Effective April 5, 2011, the Company exercised the second of its two one-year extension options for its $500.0 million term loan facility and as a result, the maturity date is now October 5, 2012. | |
|
Equity Residential |
|||||||||||||||||||
|
Unsecured Debt Summary as of March 31, 2012 |
|||||||||||||||||||
|
(Amounts in thousands) |
|||||||||||||||||||
| Unamortized | |||||||||||||||||||
| Coupon | Due | Face | Premium/ | Net | |||||||||||||||
| Rate | Date | Amount | (Discount) | Balance | |||||||||||||||
| Fixed Rate Notes: | |||||||||||||||||||
| 5.500 | % | 10/01/12 | $ | 222,133 | $ | (109 | ) | $ | 222,024 | ||||||||||
| 5.200 | % | 04/01/13 | (1) | 400,000 | (118 | ) | 399,882 | ||||||||||||
| Fair Value Derivative Adjustments | (1) | (300,000 | ) | - | (300,000 | ) | |||||||||||||
| 5.250 | % | 09/15/14 | 500,000 | (151 | ) | 499,849 | |||||||||||||
| 6.584 | % | 04/13/15 | 300,000 | (331 | ) | 299,669 | |||||||||||||
| 5.125 | % | 03/15/16 | 500,000 | (211 | ) | 499,789 | |||||||||||||
| 5.375 | % | 08/01/16 | 400,000 | (804 | ) | 399,196 | |||||||||||||
| 5.750 | % | 06/15/17 | 650,000 | (2,670 | ) | 647,330 | |||||||||||||
| 7.125 | % | 10/15/17 | 150,000 | (360 | ) | 149,640 | |||||||||||||
| 4.750 | % | 07/15/20 | 600,000 | (3,777 | ) | 596,223 | |||||||||||||
| 4.625 | % | 12/15/21 | 1,000,000 | (3,683 | ) | 996,317 | |||||||||||||
| 7.570 | % | 08/15/26 | 140,000 | - | 140,000 | ||||||||||||||
| 4,562,133 | (12,214 | ) | 4,549,919 | ||||||||||||||||
| Floating Rate Notes: | |||||||||||||||||||
| 04/01/13 | (1) | 300,000 | - | 300,000 | |||||||||||||||
| Fair Value Derivative Adjustments | (1) | 5,671 | - | 5,671 | |||||||||||||||
| Term Loan Facility | LIBOR+0.50% | 10/05/12 | (2)(3) | 500,000 | - | 500,000 | |||||||||||||
| Delayed Draw Term Loan Facility | LIBOR+1.25% | 01/04/13 | (2)(4) | - | - | - | |||||||||||||
| 805,671 | - | 805,671 | |||||||||||||||||
| Revolving Credit Facility: | LIBOR+1.15% | 07/13/14 | (2)(5) | - | - | - | |||||||||||||
| Total Unsecured Debt | $ | 5,367,804 | $ | (12,214 | ) | $ | 5,355,590 | ||||||||||||
| (1) | Fair value interest rate swaps convert $300.0 million of the 5.200% notes due April 1, 2013 to a floating interest rate. | |
| (2) | Facilities are private. All other unsecured debt is public. | |
| (3) | Effective April 5, 2011, the Company exercised the second of its two one-year extension options for its $500.0 million term loan facility and as a result, the maturity date is now October 5, 2012. | |
| (4) |
On January 6, 2012, the Company entered into a new senior unsecured $500.0 million delayed draw term loan facility that may be drawn anytime on or before July 4, 2012 and is currently undrawn. If the Company elects to draw on this facility, up to the full amount of the principal will be funded in a single borrowing and the maturity date will be January 4, 2013, subject to two one-year extension options exercisable by the Company. The interest rate on advances under the new term loan facility will generally be LIBOR plus a spread (currently 1.25%), which is dependent on the credit rating of the Company's long term debt. |
|
| (5) | As of March 31, 2012, there was approximately $1.72 billion available on the Company's unsecured revolving credit facility. | |
|
Equity Residential |
||||||
| Selected Unsecured Public Debt Covenants | ||||||
| March 31, | December 31, | |||||
| 2012 | 2011 | |||||
| Total Debt to Adjusted Total Assets (not to exceed 60%) | 44.6 | % | 46.0 | % | ||
| Secured Debt to Adjusted Total Assets (not to exceed 40%) | 19.2 | % | 19.4 | % | ||
| Consolidated Income Available for Debt Service to | ||||||
| Maximum Annual Service Charges | ||||||
| (must be at least 1.5 to 1) | 2.76 | 2.59 | ||||
| Total Unsecured Assets to Unsecured Debt | 273.5 | % | 259.9 | % | ||
| (must be at least 150%) | ||||||
|
|
||||||
| These selected covenants relate to ERP Operating Limited Partnership's ("ERPOP") outstanding unsecured public debt. Equity Residential is the general partner of ERPOP. |
|
Equity Residential |
|||||||||||||||||||||||
| Capital Structure as of March 31, 2012 | |||||||||||||||||||||||
| (Amounts in thousands except for share/unit and per share amounts) | |||||||||||||||||||||||
| Secured Debt | $ | 4,056,976 | 43.1 | % | |||||||||||||||||||
| Unsecured Debt | 5,355,590 | 56.9 | % | ||||||||||||||||||||
| Total Debt | 9,412,566 | 100.0 | % | 32.1 | % | ||||||||||||||||||
| Common Shares (includes Restricted Shares) | 300,522,169 | 95.7 | % | ||||||||||||||||||||
| Units (includes OP Units and LTIP Units) | 13,531,417 | 4.3 | % | ||||||||||||||||||||
| Total Shares and Units | 314,053,586 | 100.0 | % | ||||||||||||||||||||
| Common Share Price at March 31, 2012 | $ | 62.62 | |||||||||||||||||||||
| 19,666,036 | 99.0 | % | |||||||||||||||||||||
| Perpetual Preferred Equity (see below) | 200,000 | 1.0 | % | ||||||||||||||||||||
| Total Equity | 19,866,036 | 100.0 | % | 67.9 | % | ||||||||||||||||||
| Total Market Capitalization | $ | 29,278,602 | 100.0 | % | |||||||||||||||||||
| Perpetual Preferred Equity as of March 31, 2012 | |||||||||||||||||||||||
| (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 | % | ||||||||||||||||
| Equity Residential | ||||
|
Common Share and Unit |
||||
|
Weighted Average Amounts Outstanding |
||||
| Q112 | Q111 | |||
| Weighted Average Amounts Outstanding for Net Income Purposes: | ||||
| Common Shares - basic | 298,805,362 | 292,895,122 | ||
| Shares issuable from assumed conversion/vesting of (1): | ||||
| - OP Units | 13,205,300 | - | ||
| - long-term compensation shares/units | 3,219,011 | - | ||
| Total Common Shares and Units - diluted (1) | 315,229,673 | 292,895,122 | ||
| Weighted Average Amounts Outstanding for FFO and Normalized | ||||
| FFO Purposes: | ||||
| Common Shares - basic | 298,805,362 | 292,895,122 | ||
| OP Units - basic | 13,205,300 | 13,353,331 | ||
| Total Common Shares and OP Units - basic | 312,010,662 | 306,248,453 | ||
| Shares issuable from assumed conversion/vesting of: | ||||
| - long-term compensation shares/units | 3,219,011 | 4,218,062 | ||
| Total Common Shares and Units - diluted | 315,229,673 | 310,466,515 | ||
| Period Ending Amounts Outstanding: | ||||
| Common Shares (includes Restricted Shares) | 300,522,169 | 294,522,273 | ||
| Units (includes OP Units and LTIP Units) | 13,531,417 | 13,749,066 | ||
| Total Shares and Units | 314,053,586 | 308,271,339 | ||
| (1) | Potential common shares issuable from the assumed conversion of OP Units and the exercise/vesting of long-term compensation 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 quarter ended March 31, 2011. | |
| Equity Residential | ||||||||||||||||
|
Partially Owned Entities as of March 31, 2012 |
||||||||||||||||
|
(Amounts in thousands except for project and apartment unit amounts) |
||||||||||||||||
| Consolidated | ||||||||||||||||
| Development Projects | ||||||||||||||||
| Held for | ||||||||||||||||
| and/or Under | Completed | |||||||||||||||
| Development | and Stabilized | Other | Total | |||||||||||||
| Total projects (1) | - | 2 | 19 | 21 | ||||||||||||
| Total apartment units (1) | - | 441 | 3,475 | 3,916 | ||||||||||||
| Operating information for the quarter ended 3/31/12 (at 100%): | ||||||||||||||||
| Operating revenue | $ | - | $ | 2,349 | $ | 15,045 | $ | 17,394 | ||||||||
| Operating expenses | (18 | ) | 375 | 4,871 | 5,228 | |||||||||||
| Net operating income | 18 | 1,974 | 10,174 | 12,166 | ||||||||||||
| Depreciation | - | 1,042 | 3,872 | 4,914 | ||||||||||||
| General and administrative/other | 4 | 2 | 13 | 19 | ||||||||||||
| Operating income | 14 | 930 | 6,289 | 7,233 | ||||||||||||
| Interest and other income | 1 | 1 | - | 2 | ||||||||||||
| Other expenses | (61 | ) | - | - | (61 | ) | ||||||||||
| Interest: | ||||||||||||||||
| Expense incurred, net | - | (337 | ) | (2,346 | ) | (2,683 | ) | |||||||||
| Amortization of deferred financing costs | - | (107 | ) | (54 | ) | (161 | ) | |||||||||
| (Loss) income before income and other taxes | (46 | ) | 487 | 3,889 | 4,330 | |||||||||||
| Income and other tax (expense) benefit | (26 | ) | - | (21 | ) | (47 | ) | |||||||||
| Net (loss) income | $ | (72 | ) | $ | 487 | $ | 3,868 | $ | 4,283 | |||||||
| Debt - Secured (2): | ||||||||||||||||
| EQR Ownership (3) | $ | - | $ | 33,175 | $ | 159,068 | $ | 192,243 | ||||||||
| Noncontrolling Ownership | - | - | 41,269 | 41,269 | ||||||||||||
| Total (at 100%) | $ | - | $ | 33,175 | $ | 200,337 | $ | 233,512 | ||||||||
| (1) Project and apartment unit counts exclude all uncompleted development projects until those projects are substantially completed. | |
| (2) All debt is non-recourse to the Company. | |
| (3) Represents the Company's current economic ownership interest. | |
| Note: See page 20 for the discussion of the Company's unconsolidated Nexus Sawgrass and Domain developments. | |
| Equity Residential | |||||||||||||||||||||||||||||||
|
Development and Lease-Up Projects as of March 31, 2012 |
|||||||||||||||||||||||||||||||
|
(Amounts in thousands except for project and apartment unit amounts) |
|||||||||||||||||||||||||||||||
|
Total Book |
|||||||||||||||||||||||||||||||
| No. of | Total | Total | Value Not | Estimated | Estimated | ||||||||||||||||||||||||||
| Apartment | 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 | ||||||||||||||||||||
| Consolidated | |||||||||||||||||||||||||||||||
|
Projects Under Development - Wholly Owned: |
|||||||||||||||||||||||||||||||
| The Savoy at Dayton Station III (formerly Savoy III) | Aurora, CO | 168 | $ | 23,856 | $ | 19,793 | $ | 19,793 | $ | - | 90 | % | 26 | % | 17 | % | Q2 2012 | Q2 2013 | |||||||||||||
| 2201 Pershing Drive | Arlington, VA | 188 | 64,242 | 38,943 | 38,943 | - | 62 | % | 4 | % | - | Q3 2012 | Q3 2013 | ||||||||||||||||||
| Chinatown Gateway | Los Angeles, CA | 280 | 92,920 | 38,374 | 38,374 | - | 17 | % | - | - | Q3 2013 | Q2 2015 | |||||||||||||||||||
| Westgate Block 2 | Pasadena, CA | 252 | 125,293 | 37,139 | 37,139 | - | 4 | % | - | - | Q1 2014 | Q1 2015 | |||||||||||||||||||
| The Madison | Alexandria, VA | 360 | 115,072 | 30,990 | 30,990 | - | 4 | % | - | - | Q1 2014 | Q2 2015 | |||||||||||||||||||
| Market Street Landing | Seattle, WA | 287 | 90,024 | 20,382 | 20,382 | - | 6 | % | - | - | Q1 2014 | Q3 2015 | |||||||||||||||||||
| Projects Under Development - Wholly Owned | 1,535 | 511,407 | 185,621 | 185,621 | - | ||||||||||||||||||||||||||
| Projects Under Development | 1,535 | 511,407 | 185,621 | 185,621 | - | ||||||||||||||||||||||||||
|
Completed Not Stabilized - Wholly Owned (2): |
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| 88 Hillside (3) | Daly City, CA | 95 | 39,374 | 39,374 | - | - | 89 | % | 85 | % | Completed | Q3 2012 | |||||||||||||||||||
| Ten23 (formerly 500 West 23rd Street) (4) | New York, NY | 111 | 55,555 | 54,431 | - | - | 44 | % | 29 | % | Completed | Q4 2012 | |||||||||||||||||||
| Projects Completed Not Stabilized - Wholly Owned | 206 | 94,929 | 93,805 | - | - | ||||||||||||||||||||||||||
| Projects Completed Not Stabilized | 206 | 94,929 | 93,805 | - | - | ||||||||||||||||||||||||||
| Total Consolidated Projects | 1,741 | $ | 606,336 | $ | 279,426 | $ | 185,621 | $ | - | ||||||||||||||||||||||
| Land Held for Development (5) | N/A | N/A | $ | 360,955 | $ | 360,955 | $ | - | |||||||||||||||||||||||
| Unconsolidated | |||||||||||||||||||||||||||||||
|
Projects Under Development - Unconsolidated: |
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| Nexus Sawgrass (formerly Sunrise Village) (6) | Sunrise, FL | 501 | $ | 78,212 | $ | 28,267 | $ | 28,267 | $ | - | 22 | % | - | - | Q3 2013 | Q3 2014 | |||||||||||||||
| Domain (6) | San Jose, CA | 444 | 154,570 | 45,696 | 45,696 | - | 10 | % | - | - | Q4 2013 | Q4 2015 | |||||||||||||||||||
| Projects Under Development - Unconsolidated | 945 | 232,782 | 73,963 | 73,963 | - | ||||||||||||||||||||||||||
| Projects Under Development | 945 | 232,782 | 73,963 | 73,963 | - | ||||||||||||||||||||||||||
| Total Unconsolidated Projects | 945 | $ | 232,782 | $ | 73,963 | $ | 73,963 | $ | - | ||||||||||||||||||||||
| Total Capital | Q1 2012 | ||||||||||||||||||||||||||||||
| NOI CONTRIBUTION FROM CONSOLIDATED DEVELOPMENT PROJECTS | Cost (1) | NOI | |||||||||||||||||||||||||||||
| Projects Under Development | $ | 511,407 | $ | (5 | ) | ||||||||||||||||||||||||||
| Completed Not Stabilized | 94,929 | (391 | ) | ||||||||||||||||||||||||||||
| Total Consolidated Development NOI Contribution | $ | 606,336 | $ | (396 | ) | ||||||||||||||||||||||||||
| (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) | Properties included here are substantially complete. However, they may still require additional exterior and interior work for all apartment units to be available for leasing. | |
| (3) | The Company acquired this project prior to stabilization and is completing lease-up activities. | |
| (4) | Ten23 - The land under this development is subject to a long term ground lease. | |
| (5) | Includes $58.6 million funded by Toll Brothers (NYSE: TOL) for their allocated share of a vacant land parcel at 400 Park Avenue South in New York City. | |
| (6) | These development projects are owned 20% by the Company and 80% by an institutional partner in two separate unconsolidated joint ventures. Total project costs are approximately $232.8 million and construction will be predominantly funded with two separate long-term, non-recourse secured loans from the partner. The Company is responsible for constructing the projects and has given certain construction cost overrun guarantees. The Company's remaining funding obligations are currently estimated at $3.0 million. | |
| Equity Residential | |||||||||||||||||||||||||||||||||||||||||||||||
|
Repairs and Maintenance Expenses and Capital Expenditures to Real Estate |
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For the Quarter Ended March 31, 2012 |
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(Amounts in thousands except for apartment unit and per apartment unit amounts) |
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| Repairs and Maintenance Expenses | Capital Expenditures to Real Estate | Total Expenditures | |||||||||||||||||||||||||||||||||||||||||||||
| Total | Avg. Per | Avg. Per | Avg. Per | Avg. Per | Building | Avg. Per | Avg. Per | Avg. Per | |||||||||||||||||||||||||||||||||||||||
| Apartment | Apartment | Apartment | Apartment | Replacements | Apartment | Improvements | Apartment | Apartment | Grand | Apartment | |||||||||||||||||||||||||||||||||||||
| Units (1) | Expense (2) | Unit | Payroll (3) | Unit | Total | Unit | (4) | Unit | (5) | Unit | Total | Unit | Total | Unit | |||||||||||||||||||||||||||||||||
| Same Store Properties (6) | 105,612 | $ | 23,129 | $ | 219 | $ | 22,647 | $ | 214 | $ | 45,776 | $ | 433 | $ | 15,185 | $ | 144 | $ | 9,949 | $ | 94 | $ | 25,134 | $ | 238 | (9 | ) | $ | 70,910 | $ | 671 | ||||||||||||||||
| Non-Same Store Properties (7) | 10,485 | 2,777 | 278 | 1,808 | 181 | 4,585 | 459 | 1,299 | 130 | 3,682 | 369 | 4,981 | 499 | 9,566 | 958 | ||||||||||||||||||||||||||||||||
| Other (8) | - | 34 | 502 | 536 | 83 | 27 | 110 | 646 | |||||||||||||||||||||||||||||||||||||||
| Total | 116,097 | $ | 25,940 | $ | 24,957 | $ | 50,897 | $ | 16,567 | $ | 13,658 | $ | 30,225 | $ | 81,122 | ||||||||||||||||||||||||||||||||
| (1) | Total Apartment Units - Excludes 4,914 military housing apartment 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) | Repairs and Maintenance Expenses - Includes general maintenance costs, apartment 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. | |
| (3) | Maintenance Payroll - Includes payroll and related expenses for maintenance staff. | |
| (4) | Replacements - Includes new expenditures inside the apartment units such as appliances, mechanical equipment, fixtures and flooring, including carpeting. Replacements for same store properties also include $7.3 million spent in Q1 2012 on apartment unit renovations/rehabs (primarily kitchens and baths) on 1,027 apartment units (equating to about $7,100 per apartment unit rehabbed) designed to reposition these assets for higher rental levels in their respective markets. In 2012, the Company expects to spend approximately $39.2 million rehabbing 4,700 apartment units (equating to about $8,300 per apartment unit rehabbed). | |
| (5) | 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. | |
| (6) | Same Store Properties - Primarily includes all properties acquired or completed and stabilized prior to January 1, 2011, less properties subsequently sold. | |
| (7) | Non-Same Store Properties - Primarily includes all properties acquired during 2011 and 2012, plus any properties in lease-up and not stabilized as of January 1, 2011. Per apartment unit amounts are based on a weighted average of 9,988 apartment units. | |
| (8) | Other - Primarily includes expenditures for properties sold during the period. | |
| (9) | For 2012, the Company estimates that it will spend approximately $1,225 per apartment unit of capital expenditures for its same store properties inclusive of apartment unit renovation/rehab costs, or $850 per apartment unit excluding apartment unit renovation/rehab costs. | |
| Equity Residential | ||||||||
|
Discontinued Operations |
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| (Amounts in thousands) | ||||||||
| Quarter Ended | ||||||||
| March 31, | ||||||||
| 2012 | 2011 | |||||||
| REVENUES | ||||||||
| Rental income | $ | 2,931 | $ | 60,157 | ||||
| Total revenues | 2,931 | 60,157 | ||||||
| EXPENSES (1) | ||||||||
| Property and maintenance | 422 | 26,019 | ||||||
| Real estate taxes and insurance | 250 | 4,362 | ||||||
| Depreciation | 371 | 10,908 | ||||||
| General and administrative | 4 | 11 | ||||||
| Total expenses | 1,047 | 41,300 | ||||||
| Discontinued operating income | 1,884 | 18,857 | ||||||
| Interest and other income | 25 | 5 | ||||||
| Other expenses | - | (4 | ) | |||||
| Interest (2): | ||||||||
| Expense incurred, net | (7 | ) | (522 | ) | ||||
| Amortization of deferred financing costs | - | (69 | ) | |||||
| Income and other tax (expense) benefit | (80 | ) | (42 | ) | ||||
| Discontinued operations | 1,822 | 18,225 | ||||||
| Net gain on sales of discontinued operations | 132,956 | 123,754 | ||||||
| Discontinued operations, net | $ | 134,778 | $ | 141,979 | ||||
| (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 |
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|
Normalized FFO Guidance Reconciliations and Non-Comparable Items |
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|
(Amounts in thousands except per share data) |
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|
(All per share data is diluted) |
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|
Normalized FFO Guidance Reconciliations |
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| Normalized | ||||||||||||||||||
| FFO Reconciliations | ||||||||||||||||||
| Guidance Q1 2012 | ||||||||||||||||||
| to Actual Q1 2012 | ||||||||||||||||||
| Amounts | Per Share | |||||||||||||||||
| Guidance Q1 2012 Normalized FFO - Diluted (2) (3) | $ | 188,993 | $ | 0.600 | ||||||||||||||
| Property NOI | 2,656 | 0.008 | ||||||||||||||||
| Other | 204 | 0.001 | ||||||||||||||||
| Actual Q1 2012 Normalized FFO - Diluted (2) (3) | $ | 191,853 | $ | 0.609 | ||||||||||||||
| Non-Comparable Items – Adjustments from FFO to Normalized FFO (2) (3) | ||||||||||||||||||
| Quarter Ended March 31, | ||||||||||||||||||
| 2012 | 2011 | Variance | ||||||||||||||||
| Impairment | $ | - | $ | - | $ | - | ||||||||||||
| Asset impairment and valuation allowances | - | - | - | |||||||||||||||
| Property acquisition costs (other expenses) (A) | 1,592 | 481 | 1,111 | |||||||||||||||
| Write-off of pursuit costs (other expenses) | 1,034 | 1,683 | (649 | ) | ||||||||||||||
| Property acquisition costs and write-off of pursuit costs (other expenses) | 2,626 | 2,164 | 462 | |||||||||||||||
| Write-off of unamortized deferred financing costs (interest expense) | 1 | 118 | (117 | ) | ||||||||||||||
| Write-off of unamortized (premiums)/discounts/OCI (interest expense) | (42 | ) | - | (42 | ) | |||||||||||||
| Non-cash convertible debt discount (interest expense) | - | 1,945 | (1,945 | ) | ||||||||||||||
| Debt extinguishment (gains) losses, including prepayment penalties, preferred | ||||||||||||||||||
| share redemptions and non-cash convertible debt discounts | (41 | ) | 2,063 | (2,104 | ) | |||||||||||||
| Net incremental (gain) on sales of condominium units | (49 | ) | (395 | ) | 346 | |||||||||||||
| Income and other tax expense (benefit) - Condo sales | 45 | 19 | 26 | |||||||||||||||
| (Gains) losses on sales of non-operating assets, net of income and other | ||||||||||||||||||
| tax expense (benefit) | (4 | ) | (376 | ) | 372 | |||||||||||||
| Insurance/litigation settlement expense (other expenses) | 4,186 | - | 4,186 | |||||||||||||||
| Prospect Towers garage insurance proceeds (real estate taxes and insurance) | (3,467 | ) | (1,600 | ) | (1,867 | ) | ||||||||||||
| Forfeited deposits (interest and other income) | - | (500 | ) | 500 | ||||||||||||||
| Other (other expenses) | 255 | - | 255 | |||||||||||||||
| Other miscellaneous non-comparable items | 974 | (2,100 | ) | 3,074 | ||||||||||||||
| Non-comparable items – Adjustments from FFO to Normalized FFO (2) (3) | $ | 3,555 | $ | 1,751 | $ | 1,804 | ||||||||||||
| (A) | For the quarter ended March 31, 2012, includes $1.1 million of transaction costs related to the potential Archstone transaction. | |
| Note: See page 25 for the definitions, the footnotes referenced above and the reconciliations of EPS to FFO and Normalized FFO. | ||
|
Equity Residential |
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|
Normalized FFO Guidance and Assumptions |
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| The guidance/projections provided below are based on current expectations and are forward-looking. All guidance is given on a Normalized FFO basis. | ||||
|
2012 Normalized FFO Guidance (per share diluted) |
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|
Q2 2012 |
2012 |
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| Expected Normalized FFO (2) (3) | $0.65 to $0.69 | $2.68 to $2.78 | ||
|
2012 Same Store Assumptions |
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| Physical occupancy | 95.2% | |||
| Revenue change | 5.0% to 6.0% | |||
| Expense change | 1.5% to 2.5% | |||
| NOI change | 6.5% to 8.5% | |||
| (Note: 30 basis point change in NOI percentage = $0.01 per share change in EPS/FFO/Normalized FFO) | ||||
|
2012 Transaction Assumptions |
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| Consolidated rental acquisitions | $1.25 billion | |||
| Consolidated rental dispositions | $1.25 billion | |||
| Capitalization rate spread | 125 basis points | |||
|
2012 Debt Assumptions (see Note) |
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| Weighted average debt outstanding | $9.4 billion to $9.6 billion | |||
| Weighted average interest rate (reduced for capitalized interest) | 4.88% | |||
| Interest expense | $458.0 million to $468.0 million | |||
| (Note: Debt guidance assumes the delayed draw term loan is drawn in July 2012 and assumes no other debt offerings during 2012) | ||||
|
2012 Other Guidance Assumptions (see Note) |
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| General and administrative expense | $47.0 million to $48.0 million | |||
| Interest and other income | $0.5 million to $1.0 million | |||
| Income and other tax expense | $0.5 million to $1.5 million | |||
| Equity ATM share offerings | No additional amounts budgeted | |||
| Weighted average Common Shares and Units - Diluted | 317.7 million | |||
|
Note: All guidance is given on a Normalized FFO basis. Therefore, certain items excluded from Normalized FFO, such as debt extinguishment costs/prepayment penalties and the write-off of pursuit and property acquisition costs, are not included in the estimates provided on this page. See page 25 for the definitions, the footnotes referenced above and the reconciliations of EPS to FFO and Normalized FFO. |
| Equity Residential | |||||||||||||||
| Additional Reconciliations, Definitions and Footnotes | |||||||||||||||
| (Amounts in thousands except per share data) | |||||||||||||||
| (All per share data is diluted) | |||||||||||||||
| The guidance/projections provided below are based on current expectations and are forward-looking. | |||||||||||||||
| Reconciliations of EPS to FFO and Normalized FFO for Pages 6, 23 and 24 | |||||||||||||||
| Expected | Expected | ||||||||||||||
| Expected Q1 2012 | Q2 2012 | 2012 | |||||||||||||
| Amounts | Per Share | Per Share | Per Share | ||||||||||||
| Expected Earnings - Diluted (5) | $ | 180,378 | $ | 0.572 | $0.22 to $0.26 | $2.53 to $2.63 | |||||||||
| Add: Expected depreciation expense | 179,550 | 0.570 | 0.57 | 2.37 | |||||||||||
| Less: Expected net gain on sales (5) | (173,828 | ) | (0.551 | ) | (0.16) | (2.25) | |||||||||
| Expected FFO - Diluted (1) (3) | 186,100 | 0.591 | 0.63 to 0.67 | 2.65 to 2.75 | |||||||||||
| Asset impairment and valuation allowances | - | - | - | - | |||||||||||
| Property acquisition costs and write-off of pursuit costs (other expenses) | 3,398 | 0.010 | 0.02 | 0.04 | |||||||||||
| Debt extinguishment (gains) losses, including prepayment penalties, preferred | |||||||||||||||
| share redemptions and non-cash convertible debt discounts | (41 | ) | - | - | - | ||||||||||
| (Gains) losses on sales of non-operating assets, net of income and other | |||||||||||||||
| tax expense (benefit) | - | - | - | (0.01) | |||||||||||
| Other miscellaneous non-comparable items | (464 | ) | (0.001 | ) | - | - | |||||||||
| Expected Normalized FFO - Diluted (2) (3) | $ | 188,993 | $ | 0.600 | $0.65 to $0.69 | $2.68 to $2.78 | |||||||||
| Definitions and Footnotes for Pages 6, 23 and 24 | |||||||||||||||
| (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 and impairment write-downs of depreciable operating properties, 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 apartment units to condominiums, it simultaneously discontinues depreciation of such property. |
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| (2) | Normalized funds from operations ("Normalized FFO") begins with FFO and excludes: | ||||||||||||||
| • the impact of any expenses relating to non-operating 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. |
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|
(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 Common Shares on a one-for-one basis. |
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|
(5) |
Earnings represents net income per share calculated in accordance with accounting principles generally accepted in the United States. Expected earnings is calculated on a basis consistent with actual earnings. Due to the uncertain timing and extent of property dispositions and the resulting gains/losses on sales, actual earnings could differ materially from expected earnings. |
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| Same Store NOI Reconciliation for Page 10 | |||||||||||||||
| The following tables present reconciliations of operating income per the consolidated statements of operations to NOI for the First Quarter 2012 Same Store Properties: | |||||||||||||||
| Quarter Ended March 31, | |||||||||||||||
| 2012 | 2011 | ||||||||||||||
| Operating income | $ | 146,152 | $ | 115,953 | |||||||||||
| Adjustments: | |||||||||||||||
| Non-same store operating results | (32,917 | ) | (5,768 | ) | |||||||||||
| Fee and asset management revenue | (2,064 | ) | (1,806 | ) | |||||||||||
| Fee and asset management expense | 1,307 | 948 | |||||||||||||
| Depreciation | 174,737 | 158,455 | |||||||||||||
| General and administrative | 13,688 | 11,433 | |||||||||||||
| Same store NOI | $ | 300,903 | $ | 279,215 | |||||||||||
CONTACT:
Equity Residential
Marty McKenna, (312) 928-1901