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03.02.2010 21:32:00
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Equity Residential Reports 2009 Results
Equity Residential (NYSE: EQR) today reported results for the quarter and year ended December 31, 2009. All per share results are reported on a fully-diluted basis.
"2009 was a difficult year for our national economy, the apartment business and for Equity Residential,” said David J. Neithercut, Equity Residential’s President and CEO. "However, despite the highest unemployment levels in recent history, our same store revenues were down only 2.9% for the year, which is a credit to our people, our properties and our platform. We are excited about our prospects as fundamentals improve in the year ahead.”
Fourth Quarter 2009
For the fourth quarter of 2009, the company reported earnings of $0.15 per share compared to a loss of $0.15 per share in the fourth quarter of 2008. The difference is primarily due to the fourth quarter 2008 impairment charge on various land parcels of $116.4 million, or $0.40 per share, partially offset by the $18.5 million, or $0.06 per share, debt extinguishment gain in the same period and the previously announced charges of approximately $24.9 million, or $0.09 per share, in the fourth quarter of 2009 related to the tender offers for certain of the company’s notes.
FFO (funds from operations) for the quarter ended December 31, 2009 was $0.43 per share compared to $0.27 per share in the same period of 2008. Excluding the tender offer related charge, the company’s fourth quarter 2009 FFO was $0.52 per share.
Excluding the one-time items discussed above, the difference between the company’s fourth quarter 2009 FFO of $0.52 per share and the fourth quarter 2008 FFO of $0.61 per share is primarily due to the negative impact of:
- approximately $0.06 per share from lower net operating income (NOI) from the company’s same store portfolio; and
- approximately $0.04 per share from dilution from the company’s 2008 and 2009 transaction activity, partially offset by the positive impact of NOI from lease-up activity.
Year Ended December 31, 2009
For the year ended December 31, 2009, the company reported earnings of $1.27 per share compared to $1.46 per share for 2008.
FFO for the year ended December 31, 2009 was $2.12 per share compared to $2.13 per share in the same period of 2008.
Same Store Results
On a same store fourth quarter to fourth quarter comparison, which includes 117,683 apartment units, revenues decreased 4.7%, expenses decreased 1.9% and NOI decreased 6.3%. The decrease in same store revenues was primarily driven by a 4.5% decrease in average rental rates. The decrease in same store expenses was primarily driven by decreases in real estate taxes and payroll.
On a same store year over year comparison, which includes 113,598 apartment units, revenues decreased 2.9%, expenses decreased 0.1% and NOI decreased 4.6%. The decrease in same store revenues was due to a 2.2% decrease in average rental rates and a 0.7% decrease in average occupancy to 93.8%.
Acquisitions/Dispositions
During the fourth quarter and for the full year 2009, the company acquired two properties, consisting of 566 units, for an aggregate purchase price of $145.0 million at a weighted average capitalization (cap) rate of 5.9%, as well as a long-term leasehold interest in a land parcel located in Manhattan for a purchase price of $11.5 million.
Since the end of 2009, the company acquired five properties, consisting of 1,174 units, for an aggregate purchase price of $495.6 million at a weighted average cap rate of 5.7%. This includes the acquisition of the two properties located in Manhattan which was previously announced on February 1, 2010.
"We have been very patient for the last several years, waiting for the right opportunities to acquire assets and grow our portfolio in core markets,” said Mr. Neithercut. "We have recently been presented with such opportunities and are delighted to have acquired several extremely well located, premier assets at significant discounts to replacement cost. Our access to capital and our ability to execute large, complex transactions will be competitive advantages in 2010.”
During the fourth quarter of 2009, the company sold seven consolidated properties, consisting of 2,236 apartment units, for an aggregate sale price of $170.7 million at a weighted average cap rate of 7.8% generating an unlevered internal rate of return (IRR) of 10.6%.
During 2009, the company sold 54 consolidated properties, consisting of 11,055 apartment units, for an aggregate sale price of $905.2 million at a weighted average cap rate of 7.6% generating an unlevered IRR of 9.9%.
Debt Tender Offer Results
During the fourth quarter of 2009, the company purchased approximately $344.3 million of certain of its non-exchangeable and exchangeable notes in a debt tender offer. The aggregate consideration for the notes accepted for purchase was approximately $366.2 million. These purchases are described in more detail in the supplemental information on page 17 of this press release.
At-The-Market (ATM) Share Offering Program
During the fourth quarter of 2009, the company issued approximately 3.5 million common shares at an average price of $35.38 per share for total consideration of approximately $123.7 million. In addition, during the first quarter of 2010, the company has issued approximately 1.1 million common shares at an average price of $33.87 per share for total consideration of approximately $35.8 million. Cumulative to date, the company has issued approximately 4.6 million common shares at an average price of $35.03 per share for total consideration of approximately $159.5 million under this program.
First Quarter and Full Year 2010 Guidance
The company has established an FFO guidance range of $0.48 to $0.52 per share for the first quarter of 2010. The difference between the company’s fourth-quarter 2009 FFO of $0.52 per share, excluding the tender offer related charge, and the midpoint of the first quarter 2010 FFO guidance range is primarily the result of the following:
- the negative impact from lower same store NOI of approximately $0.03 per share sequentially from the fourth quarter to the first quarter; and
- the positive impact of lower interest expense of approximately $0.01 per share.
The company has established an FFO guidance range of $1.95 to $2.15 per share for the full year 2010. The assumptions underlying this guidance can be found on page 25 of this release. The difference between the company’s full-year 2009 FFO of $2.21 per share, excluding the tender offer related charge, and the midpoint of the company’s guidance range for full year 2010 FFO is primarily the result of:
- the negative impact of lower same store NOI of approximately $0.16 per share year over year;
- the negative impact of net dilution from 2009 and 2010 transaction activity of approximately $0.11 per share;
- the positive impact of approximately $0.09 per share from the lease up of development properties; and
- the positive impact of approximately $0.03 per share from lower interest expense.
First Quarter 2010 Conference Call
Equity Residential expects to announce first quarter 2010 results on Wednesday, April 28, 2010 and host a conference call to discuss those results at 10:00 a.m. CT on Thursday, April 29, 2010.
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 495 properties located in 23 states and the District of Columbia, consisting of 137,007 apartment units. For more information on Equity Residential, please visit our website at www.equityresidential.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.equityresidential.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 and outlook for 2010 will take place tomorrow, Thursday, February 4, at 10:00 a.m. Central. Please visit the Investor Information section of the company’s web site at www.equityresidential.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) | ||||||||||||
| Year Ended December 31, | Quarter Ended December 31, | |||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||
| REVENUES | ||||||||||||
| Rental income | $ 1,933,365 | $ 1,964,954 | $ 480,569 | $ 497,801 | ||||||||
| Fee and asset management | 10,346 | 10,715 | 2,418 | 3,318 | ||||||||
| Total revenues | 1,943,711 | 1,975,669 | 482,987 | 501,119 | ||||||||
| EXPENSES | ||||||||||||
| Property and maintenance | 487,216 | 508,048 | 118,542 | 124,363 | ||||||||
| Real estate taxes and insurance | 215,250 | 203,582 | 55,190 | 52,010 | ||||||||
| Property management | 71,938 | 77,063 | 15,481 | 17,476 | ||||||||
| Fee and asset management | 7,519 | 7,981 | 1,603 | 1,827 | ||||||||
| Depreciation | 582,280 | 559,468 | 148,383 | 146,718 | ||||||||
| General and administrative | 38,994 | 44,951 | 8,518 | 10,911 | ||||||||
| Impairment | 11,124 | 116,418 | - | 116,418 | ||||||||
| Total expenses | 1,414,321 | 1,517,511 | 347,717 | 469,723 | ||||||||
| Operating income | 529,390 | 458,158 | 135,270 | 31,396 | ||||||||
| Interest and other income | 16,684 | 33,515 | 830 | 22,477 | ||||||||
| Other expenses | (6,487 | ) | (5,760 | ) | (4,259 | ) | (2,874 | ) | ||||
| Interest: | ||||||||||||
| Expense incurred, net | (503,828 | ) | (489,513 | ) | (143,331 | ) | (129,099 | ) | ||||
| Amortization of deferred financing costs | (12,794 | ) | (9,684 | ) | (3,477 | ) | (2,946 | ) | ||||
| Income (loss) before income and other taxes, (loss) | ||||||||||||
| from investments in unconsolidated entities, net | ||||||||||||
| gain on sales of unconsolidated entities and land | ||||||||||||
| parcels and discontinued operations | 22,965 | (13,284 | ) | (14,967 | ) | (81,046 | ) | |||||
| Income and other tax (expense) benefit | (2,808 | ) | (5,284 | ) | 38 | 653 | ||||||
| (Loss) from investments in unconsolidated entities | (2,815 | ) | (107 | ) | (443 | ) | (167 | ) | ||||
| Net gain on sales of unconsolidated entities | 10,689 | 2,876 | 3,971 | 2,876 | ||||||||
| Net gain on sales of land parcels | - | 2,976 | - | - | ||||||||
| Income (loss) from continuing operations | 28,031 | (12,823 | ) | (11,401 | ) | (77,684 | ) | |||||
| Discontinued operations, net | 353,998 | 449,236 | 58,712 | 39,451 | ||||||||
| Net income (loss) | 382,029 | 436,413 | 47,311 | (38,233 | ) | |||||||
| Net (income) loss attributable to Noncontrolling Interests: | ||||||||||||
| Operating Partnership | (20,305 | ) | (26,126 | ) | (2,186 | ) | 2,496 | |||||
| Preference Interests and Units | (9 | ) | (15 | ) | - | (4 | ) | |||||
| Partially Owned Properties | 558 | (2,650 | ) | 167 | (885 | ) | ||||||
| Net income (loss) attributable to controlling interests | 362,273 | 407,622 | 45,292 | (36,626 | ) | |||||||
| Preferred distributions | (14,479 | ) | (14,507 | ) | (3,620 | ) | (3,620 | ) | ||||
| Net income (loss) available to Common Shares | $ 347,794 | $ 393,115 | $ 41,672 | $ (40,246 | ) | |||||||
| Earnings per share – basic: | ||||||||||||
| Income (loss) from continuing operations available to Common Shares | $ 0.05 | $ (0.10 | ) | $ (0.05 | ) | $ (0.29 | ) | |||||
| Net income (loss) available to Common Shares | $ 1.27 | $ 1.46 | $ 0.15 | $ (0.15 | ) | |||||||
| Weighted average Common Shares outstanding | 273,609 | 270,012 | 275,519 | 271,293 | ||||||||
| Earnings per share – diluted: | ||||||||||||
| Income (loss) from continuing operations available to Common Shares | $ 0.05 | $ (0.10 | ) | $ (0.05 | ) | $ (0.29 | ) | |||||
| Net income (loss) available to Common Shares | $ 1.27 | $ 1.46 | $ 0.15 | $ (0.15 | ) | |||||||
| Weighted average Common Shares outstanding | 290,105 | 270,012 | 275,519 | 271,293 | ||||||||
| Distributions declared per Common Share outstanding | $ 1.64 | $ 1.93 | $ 0.3375 | $ 0.4825 | ||||||||
| Equity Residential | ||||||||||||||
| Consolidated Statements of Funds From Operations | ||||||||||||||
| (Amounts in thousands except per share data) | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Year Ended December 31, | Quarter Ended December 31, | |||||||||||||
| 2009 (3) | 2008 (3) | 2009 (3) | 2008 (3) | |||||||||||
| Net income (loss) | $ 382,029 | $ 436,413 | $ 47,311 | $ (38,233 | ) | |||||||||
| Adjustments: | ||||||||||||||
| Net (income) loss attributable to Noncontrolling Interests: | ||||||||||||||
| Preference Interests and Units | (9 | ) | (15 | ) | - | (4 | ) | |||||||
| Partially Owned Properties | 558 | (2,650 | ) | 167 | (885 | ) | ||||||||
| Depreciation | 582,280 | 559,468 | 148,383 | 146,718 | ||||||||||
| Depreciation – Non-real estate additions | (7,355 | ) | (8,269 | ) | (1,786 | ) | (2,212 | ) | ||||||
| Depreciation – Partially Owned and Unconsolidated Properties | 759 | 4,157 | 103 | 1,054 | ||||||||||
| Net (gain) on sales of unconsolidated entities | (10,689 | ) | (2,876 | ) | (3,971 | ) | (2,876 | ) | ||||||
| Discontinued operations: | ||||||||||||||
| Depreciation | 18,095 | 43,440 | 505 | 8,254 | ||||||||||
| Net (gain) on sales of discontinued operations | (335,299 | ) | (392,857 | ) | (60,366 | ) | (27,805 | ) | ||||||
| Net incremental (loss) gain on sales of condominium units | (385 | ) | (3,932 | ) | 65 | (1,289 | ) | |||||||
| FFO (1) (2) | 629,984 | 632,879 | 130,411 | 82,722 | ||||||||||
| Preferred distributions | (14,479 | ) | (14,507 | ) | (3,620 | ) | (3,620 | ) | ||||||
| FFO available to Common Shares and Units – basic (1) (2) | $ 615,505 | $ 618,372 | $ 126,791 | $ 79,102 | ||||||||||
| FFO available to Common Shares and Units – diluted (1) (2) | $ 616,128 | $ 619,020 | $ 126,945 | $ 79,102 | ||||||||||
| FFO per share and Unit – basic | $ 2.13 | $ 2.15 | $ 0.44 | $ 0.27 | ||||||||||
| FFO per share and Unit – diluted | $ 2.12 | $ 2.13 | $ 0.43 | $ 0.27 | ||||||||||
| Weighted average Common Shares and | ||||||||||||||
| Units outstanding – basic | 289,167 | 287,630 | 289,693 | 288,251 | ||||||||||
| Weighted average Common Shares and | ||||||||||||||
| Units outstanding – diluted | 290,508 | 290,479 | 291,984 | 289,511 | ||||||||||
| (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. FFO available to Common Shares and Units is 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. |
|
| (2) |
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. FFO and 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 and 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 and 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. |
|
| (3) |
Effective January 1, 2009, companies are required to retrospectively expense certain implied costs of the option value related to convertible debt. As a result, net income, FFO and FFO available to Common Shares and Units – basic and diluted have all been reduced by approximately $10.6 million and $13.3 million for the years ended December 31, 2009 and 2008, respectively, and by approximately $3.4 million and $5.7 million for the quarters ended December 31, 2009 and 2008, respectively. |
| Equity Residential | |||||||||
| Consolidated Balance Sheets | |||||||||
| (Amounts in thousands except for share amounts) | |||||||||
| (Unaudited) | |||||||||
| December 31, | December 31, | ||||||||
| 2009 | 2008 | ||||||||
| ASSETS | |||||||||
| Investment in real estate | |||||||||
| Land | $ 3,650,324 | $ 3,671,299 | |||||||
| Depreciable property | 13,893,521 | 13,908,594 | |||||||
| Projects under development | 668,979 | 855,473 | |||||||
| Land held for development | 252,320 | 254,873 | |||||||
| Investment in real estate | 18,465,144 | 18,690,239 | |||||||
| Accumulated depreciation | (3,877,564 | ) | (3,561,300 | ) | |||||
| Investment in real estate, net | 14,587,580 | 15,128,939 | |||||||
| Cash and cash equivalents | 193,288 | 890,794 | |||||||
| Investments in unconsolidated entities | 6,995 | 5,795 | |||||||
| Deposits – restricted | 352,008 | 152,732 | |||||||
| Escrow deposits – mortgage | 17,292 | 19,729 | |||||||
| Deferred financing costs, net | 46,396 | 53,817 | |||||||
| Other assets | 213,956 | 283,304 | |||||||
| Total assets | $ 15,417,515 | $ 16,535,110 | |||||||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities: | |||||||||
| Mortgage notes payable | $ 4,783,446 | $ 5,036,930 | |||||||
| Notes, net | 4,609,124 | 5,447,012 | |||||||
| Lines of credit | - | - | |||||||
| Accounts payable and accrued expenses | 58,537 | 108,463 | |||||||
| Accrued interest payable | 101,849 | 113,846 | |||||||
| Other liabilities | 272,236 | 289,562 | |||||||
| Security deposits | 59,264 | 64,355 | |||||||
| Distributions payable | 100,266 | 141,843 | |||||||
| Total liabilities | 9,984,722 | 11,202,011 | |||||||
| Commitments and contingencies | |||||||||
| Redeemable Noncontrolling Interests – Operating Partnership | 258,280 | 264,394 | |||||||
| Equity: | |||||||||
| Shareholders' equity: | |||||||||
| Preferred Shares of beneficial interest, $0.01 par value; | |||||||||
| 100,000,000 shares authorized; 1,950,925 | |||||||||
| shares issued and outstanding as of December | |||||||||
| 31, 2009 and 1,951,475 shares issued and | |||||||||
| outstanding as of December 31, 2008 | 208,773 | 208,786 | |||||||
| Common Shares of beneficial interest, $0.01 par value; | |||||||||
| 1,000,000,000 shares authorized; 279,959,048 | |||||||||
| shares issued and outstanding as of December | |||||||||
| 31, 2009 and 272,786,760 shares issued and | |||||||||
| outstanding as of December 31, 2008 | 2,800 | 2,728 | |||||||
| Paid in capital | 4,477,426 | 4,273,489 | |||||||
| Retained earnings | 353,659 | 456,152 | |||||||
| Accumulated other comprehensive income (loss) | 4,681 | (35,799 | ) | ||||||
| Total shareholders' equity | 5,047,339 | 4,905,356 | |||||||
| Noncontrolling Interests: | |||||||||
| Operating Partnership | 116,120 | 137,645 | |||||||
| Preference Interests and Units | - | 184 | |||||||
| Partially Owned Properties | 11,054 | 25,520 | |||||||
| Total Noncontrolling Interests | 127,174 | 163,349 | |||||||
| Total equity | 5,174,513 | 5,068,705 | |||||||
| Total liabilities and equity | $ 15,417,515 | $ 16,535,110 | |||||||
| Equity Residential | ||||||||||||||
| Portfolio Summary | ||||||||||||||
| As of December 31, 2009 | ||||||||||||||
| % of 2010 | Average | |||||||||||||
| % of | Stabilized | Rental | ||||||||||||
| Markets | Properties | Units | Total Units | NOI | Rate (1) | |||||||||
| 1 | DC Northern Virginia | 27 | 9,107 | 6.6 | % | 10.1 | % | $ 1,643 | ||||||
| 2 | New York Metro Area | 23 | 6,410 | 4.7 | % | 9.5 | % | 2,493 | ||||||
| 3 | South Florida | 39 | 13,013 | 9.5 | % | 9.2 | % | 1,262 | ||||||
| 4 | Boston | 36 | 6,503 | 4.7 | % | 8.4 | % | 2,057 | ||||||
| 5 | Los Angeles | 36 | 7,463 | 5.4 | % | 7.9 | % | 1,666 | ||||||
| 6 | Seattle/Tacoma | 47 | 10,645 | 7.8 | % | 6.6 | % | 1,234 | ||||||
| 7 | San Francisco Bay Area | 33 | 6,239 | 4.6 | % | 5.7 | % | 1,611 | ||||||
| 8 | Phoenix | 41 | 11,769 | 8.6 | % | 5.2 | % | 840 | ||||||
| 9 | San Diego | 14 | 4,491 | 3.3 | % | 5.0 | % | 1,610 | ||||||
| 10 | Denver | 23 | 7,963 | 5.8 | % | 4.9 | % | 1,002 | ||||||
| 11 | Suburban Maryland | 22 | 6,088 | 4.4 | % | 4.8 | % | 1,283 | ||||||
| 12 | Orlando | 26 | 8,042 | 5.9 | % | 4.4 | % | 968 | ||||||
| 13 | Inland Empire, CA | 14 | 4,519 | 3.3 | % | 3.6 | % | 1,301 | ||||||
| 14 | Orange County, CA | 10 | 3,307 | 2.4 | % | 3.3 | % | 1,482 | ||||||
| 15 | Atlanta | 23 | 7,157 | 5.2 | % | 3.1 | % | 904 | ||||||
| 16 | New England (excluding Boston) | 19 | 3,477 | 2.5 | % | 2.0 | % | 1,120 | ||||||
| 17 | Jacksonville | 12 | 3,951 | 2.9 | % | 1.8 | % | 851 | ||||||
| 18 | Portland, OR | 10 | 3,417 | 2.5 | % | 1.6 | % | 924 | ||||||
| 19 | Tampa | 9 | 2,878 | 2.1 | % | 1.2 | % | 893 | ||||||
| 20 | Raleigh/Durham | 6 | 1,584 | 1.2 | % | 0.6 | % | 734 | ||||||
| Top 20 Total | 470 | 128,023 | 93.4 | % | 98.9 | % | 1,316 | |||||||
| 21 | Central Valley, CA | 5 | 804 | 0.6 | % | 0.4 | % | 984 | ||||||
| 22 | Dallas/Ft. Worth | 4 | 843 | 0.6 | % | 0.1 | % | 722 | ||||||
| 23 | Other EQR | 12 | 2,739 | 2.0 | % | 0.6 | % | 873 | ||||||
| Total | 491 | 132,409 | 96.6 | % | 100.0 | % | 1,301 | |||||||
| Condominium Conversion | 2 | 3 | - | - | - | |||||||||
| Military Housing | 2 | 4,595 | 3.4 | % | - | - | ||||||||
| Grand Total | 495 | 137,007 | 100.0 | % | 100.0 | % | $ 1,301 | |||||||
| (1) Average rental rate is defined as total rental revenues divided by the weighted average occupied units for the month of December 2009. | ||||||||||||||
| Equity Residential | ||||||||||||||||
| Portfolio as of December 31, 2009 | ||||||||||||||||
| Properties | Units | |||||||||||||||
| Wholly Owned Properties | 432 | 118,796 | ||||||||||||||
| Partially Owned Properties: | ||||||||||||||||
| Consolidated | 27 | 5,530 | ||||||||||||||
| Unconsolidated | 34 | 8,086 | ||||||||||||||
| Military Housing | 2 | 4,595 | ||||||||||||||
| 495 | 137,007 | |||||||||||||||
| Portfolio Rollforward Q4 2009 | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||
| Purchase/ | ||||||||||||||||
| Properties | Units | (Sale) Price | Cap Rate | |||||||||||||
| 9/30/2009 | 501 | 138,887 | ||||||||||||||
| Acquisitions: | ||||||||||||||||
| Rental Properties | 2 | 566 | $ 145,036 | 5.9 | % | |||||||||||
| Land Parcel (one) | - | - | $ 11,500 | |||||||||||||
| Dispositions: | ||||||||||||||||
| Rental Properties: | ||||||||||||||||
| Consolidated | (7 | ) | (2,236 | ) | $ (170,710 | ) | 7.8 | % | ||||||||
| Unconsolidated (1) | (3 | ) | (702 | ) | $ (38,318 | ) | 7.5 | % | ||||||||
| Condominium Conversion Properties | - | (12 | ) | $ (2,235 | ) | |||||||||||
| Completed Developments | 2 | 504 | ||||||||||||||
| 12/31/2009 | 495 | 137,007 | ||||||||||||||
| Portfolio Rollforward 2009 | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||
| Purchase/ | ||||||||||||||||
| Properties | Units | (Sale) Price | Cap Rate | |||||||||||||
| 12/31/2008 | 548 | 147,244 | ||||||||||||||
| Acquisitions: | ||||||||||||||||
| Rental Properties (2) | 2 | 566 | $ 145,036 | 5.9 | % | |||||||||||
| Land Parcel (one) | - | - | $ 11,500 | |||||||||||||
| Dispositions: | ||||||||||||||||
| Rental Properties: | ||||||||||||||||
| Consolidated | (54 | ) | (11,055 | ) | $ (905,219 | ) | 7.6 | % | ||||||||
| Unconsolidated (1) (2) | (6 | ) | (1,434 | ) | $ (96,018 | ) | 7.5 | % | ||||||||
| Condominium Conversion Properties | (1 | ) | (62 | ) | $ (12,021 | ) | ||||||||||
| Completed Developments | 6 | 1,866 | ||||||||||||||
| Configuration Changes | - | (118 | ) | |||||||||||||
| 12/31/2009 | 495 | 137,007 | ||||||||||||||
| (1) | EQR owned a 25% interest in these unconsolidated rental properties. Sale price listed is the gross sale price. | |
| (2) | Both the acquisition and disposition amounts do not include the Company's buyout of its partner's interest in one previously unconsolidated property. See the Partially Owned Entities schedule for additional discussion. |
| Equity Residential | |||||||||||||||||||
| Fourth Quarter 2009 vs. Fourth Quarter 2008 | |||||||||||||||||||
| Same Store Results/Statistics | |||||||||||||||||||
| $ in thousands (except for Average Rental Rate) - 117,683 Same Store Units | |||||||||||||||||||
| Results | Statistics | ||||||||||||||||||
| Average | |||||||||||||||||||
| Rental | |||||||||||||||||||
| Description | Revenues | Expenses | NOI (1) | Rate (2) | Occupancy | Turnover | |||||||||||||
| Q4 2009 | $ 440,421 | $ 162,232 | $ 278,189 | $ 1,329 | 94.0 | % | 14.1 | % | |||||||||||
| Q4 2008 | $ 462,183 | $ 165,403 | $ 296,780 | $ 1,392 | 94.2 | % | 15.4 | % | |||||||||||
| Change | $ (21,762 | ) | $ (3,171 | ) | $ (18,591 | ) | $ (63 | ) | (0.2 | %) | (1.3 | %) | |||||||
| Change | (4.7 | %) | (1.9 | %) | (6.3 | %) | (4.5 | %) | |||||||||||
| Fourth Quarter 2009 vs. Third Quarter 2009 | |||||||||||||||||||
| Same Store Results/Statistics | |||||||||||||||||||
| $ in thousands (except for Average Rental Rate) - 119,870 Same Store Units | |||||||||||||||||||
| Results | Statistics | ||||||||||||||||||
| Average | |||||||||||||||||||
| Rental | |||||||||||||||||||
| Description | Revenues | Expenses | NOI (1) | Rate (2) | Occupancy | Turnover | |||||||||||||
| Q4 2009 | $ 450,182 | $ 166,801 | $ 283,381 | $ 1,334 | 94.0 | % | 14.1 | % | |||||||||||
| Q3 2009 | $ 456,243 | $ 173,054 | $ 283,189 | $ 1,356 | 93.7 | % | 18.4 | % | |||||||||||
| Change | $ (6,061 | ) | $ (6,253 | ) | $ 192 | $ (22 | ) | 0.3 | % | (4.3 | %) | ||||||||
| Change | (1.3 | %) | (3.6 | %) | 0.1 | % | (1.6 | %) | |||||||||||
| 2009 vs. 2008 | |||||||||||||||||||
| Same Store Results/Statistics | |||||||||||||||||||
| $ in thousands (except for Average Rental Rate) - 113,598 Same Store Units | |||||||||||||||||||
| Results | Statistics | ||||||||||||||||||
| Average | |||||||||||||||||||
| Rental | |||||||||||||||||||
| Description | Revenues | Expenses | NOI (1) | Rate (2) | Occupancy | Turnover | |||||||||||||
| 2009 | $ 1,725,774 | $ 644,294 | $ 1,081,480 | $ 1,352 | 93.8 | % | 61.0 | % | |||||||||||
| 2008 | $ 1,778,183 | $ 645,123 | $ 1,133,060 | $ 1,383 | 94.5 | % | 63.7 | % | |||||||||||
| Change | $ (52,409 | ) | $ (829 | ) | $ (51,580 | ) | $ (31 | ) | (0.7 | %) | (2.7 | %) | |||||||
| Change | (2.9 | %) | (0.1 | %) | (4.6 | %) | (2.2 | %) | |||||||||||
| (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 the operating performance of a real estate company 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 | ||||||||||||||||||||||||||||
| Fourth Quarter 2009 vs. Fourth Quarter 2008 | ||||||||||||||||||||||||||||
| Same Store Results/Statistics by Market | ||||||||||||||||||||||||||||
| Increase (Decrease) from Prior Year's Quarter | ||||||||||||||||||||||||||||
| Q4 2009 | Q4 2009 | Q4 2009 | ||||||||||||||||||||||||||
| % of | Average | Weighted | Average | |||||||||||||||||||||||||
| Actual | Rental | Average | Rental | |||||||||||||||||||||||||
| Markets | Units | NOI | Rate (1) | Occupancy % | Revenues | Expenses | NOI | Rate (1) | Occupancy | |||||||||||||||||||
| 1 | New York Metro Area | 6,247 | 9.9 | % | $ 2,534 | 95.7 | % | (8.7 | %) | 2.0 | % | (14.5 | %) | (8.5 | %) | (0.3 | %) | |||||||||||
| 2 | DC Northern Virginia | 8,781 | 9.9 | % | 1,629 | 94.5 | % | (2.0 | %) | (1.0 | %) | (2.5 | %) | (1.6 | %) | (0.4 | %) | |||||||||||
| 3 | South Florida | 12,465 | 9.7 | % | 1,269 | 93.5 | % | (1.4 | %) | (7.2 | %) | 2.7 | % | (2.0 | %) | 0.6 | % | |||||||||||
| 4 | Los Angeles | 7,064 | 7.8 | % | 1,682 | 94.3 | % | (6.2 | %) | 1.5 | % | (9.9 | %) | (6.4 | %) | 0.3 | % | |||||||||||
| 5 | Boston | 5,609 | 7.2 | % | 1,949 | 95.4 | % | 1.4 | % | (1.4 | %) | 3.0 | % | 0.9 | % | 0.5 | % | |||||||||||
| 6 | Seattle/Tacoma | 8,115 | 6.4 | % | 1,303 | 90.9 | % | (11.7 | %) | 0.5 | % | (17.9 | %) | (8.5 | %) | (3.3 | %) | |||||||||||
| 7 | San Francisco Bay Area | 5,708 | 6.3 | % | 1,646 | 94.3 | % | (7.1 | %) | (2.0 | %) | (9.5 | %) | (6.2 | %) | (0.9 | %) | |||||||||||
| 8 | Phoenix | 10,647 | 5.4 | % | 843 | 92.5 | % | (8.3 | %) | (3.4 | %) | (11.2 | %) | (7.0 | %) | (1.3 | %) | |||||||||||
| 9 | San Diego | 4,491 | 5.1 | % | 1,625 | 95.2 | % | (0.9 | %) | (4.9 | %) | 1.1 | % | (3.1 | %) | 2.1 | % | |||||||||||
| 10 | Denver | 7,416 | 4.9 | % | 1,006 | 94.0 | % | (3.8 | %) | 2.7 | % | (6.9 | %) | (3.9 | %) | 0.0 | % | |||||||||||
| 11 | Orlando | 7,525 | 4.6 | % | 960 | 94.0 | % | (5.3 | %) | (5.9 | %) | (5.0 | %) | (5.9 | %) | 0.6 | % | |||||||||||
| 12 | Suburban Maryland | 4,823 | 3.7 | % | 1,193 | 94.3 | % | 2.0 | % | (2.0 | %) | 4.5 | % | 0.5 | % | 1.4 | % | |||||||||||
| 13 | Inland Empire, CA | 4,219 | 3.7 | % | 1,309 | 94.8 | % | (5.2 | %) | (2.8 | %) | (6.4 | %) | (5.4 | %) | 0.2 | % | |||||||||||
| 14 | Atlanta | 5,979 | 3.5 | % | 955 | 95.0 | % | (6.0 | %) | (5.5 | %) | (6.3 | %) | (6.3 | %) | 0.4 | % | |||||||||||
| 15 | Orange County, CA | 3,175 | 3.3 | % | 1,512 | 94.6 | % | (7.2 | %) | 0.7 | % | (10.6 | %) | (6.4 | %) | (0.8 | %) | |||||||||||
| 16 | New England (excluding Boston) | 3,477 | 2.1 | % | 1,121 | 94.0 | % | (1.4 | %) | (0.2 | %) | (2.4 | %) | (1.3 | %) | (0.1 | %) | |||||||||||
| 17 | Jacksonville | 3,711 | 2.0 | % | 867 | 93.5 | % | (2.8 | %) | (7.1 | %) | 0.2 | % | (3.1 | %) | 0.4 | % | |||||||||||
| 18 | Portland, OR | 3,113 | 1.8 | % | 955 | 94.6 | % | (5.2 | %) | 3.3 | % | (10.2 | %) | (4.1 | %) | (1.0 | %) | |||||||||||
| 19 | Tampa | 2,318 | 1.3 | % | 932 | 94.0 | % | (1.6 | %) | (5.5 | %) | 1.3 | % | (1.9 | %) | 0.2 | % | |||||||||||
| 20 | Raleigh/Durham | 1,368 | 0.6 | % | 754 | 95.0 | % | (4.6 | %) | (2.0 | %) | (6.4 | %) | (5.1 | %) | 0.4 | % | |||||||||||
| Top 20 Markets | 116,251 | 99.2 | % | 1,334 | 94.0 | % | (4.7 | %) | (1.9 | %) | (6.2 | %) | (4.5 | %) | (0.2 | %) | ||||||||||||
| All Other Markets | 1,432 | 0.8 | % | 935 | 94.6 | % | (5.2 | %) | 1.3 | % | (9.1 | %) | (5.6 | %) | 0.5 | % | ||||||||||||
| Total | 117,683 | 100.0 | % | $ 1,329 | 94.0 | % | (4.7 | %) | (1.9 | %) | (6.3 | %) | (4.5 | %) | (0.2 | %) | ||||||||||||
| (1) | Average rental rate is defined as total rental revenues divided by the weighted average occupied units for the period. | |||||||||||||||||||||||||||
| Equity Residential | ||||||||||||||||||||||||||||
| Fourth Quarter 2009 vs. Third Quarter 2009 | ||||||||||||||||||||||||||||
| Same Store Results/Statistics by Market | ||||||||||||||||||||||||||||
| Increase (Decrease) from Prior Quarter | ||||||||||||||||||||||||||||
| Q4 2009 | Q4 2009 | Q4 2009 | ||||||||||||||||||||||||||
| % of | Average | Weighted | Average | |||||||||||||||||||||||||
| Actual | Rental | Average | Rental | |||||||||||||||||||||||||
| Markets | Units | NOI | Rate (1) | Occupancy % | Revenues | Expenses | NOI | Rate (1) | Occupancy | |||||||||||||||||||
| 1 | New York Metro Area | 6,247 | 9.7 | % | $ 2,534 | 95.7 | % | (2.2 | %) | (0.8 | %) | (3.0 | %) | (2.4 | %) | 0.3 | % | |||||||||||
| 2 | DC Northern Virginia | 8,781 | 9.7 | % | 1,629 | 94.5 | % | (1.3 | %) | (2.3 | %) | (0.8 | %) | (0.8 | %) | (0.5 | %) | |||||||||||
| 3 | South Florida | 12,465 | 9.6 | % | 1,269 | 93.5 | % | (0.5 | %) | (9.1 | %) | 5.9 | % | (1.0 | %) | 0.5 | % | |||||||||||
| 4 | Boston | 6,021 | 7.7 | % | 2,012 | 95.3 | % | 0.9 | % | 1.0 | % | 0.8 | % | 1.2 | % | (0.3 | %) | |||||||||||
| 5 | Los Angeles | 7,191 | 7.7 | % | 1,684 | 94.2 | % | (1.0 | %) | (0.5 | %) | (1.3 | %) | (1.9 | %) | 0.9 | % | |||||||||||
| 6 | San Francisco Bay Area | 6,075 | 6.6 | % | 1,639 | 94.2 | % | (1.5 | %) | (8.3 | %) | 2.4 | % | (2.6 | %) | 1.1 | % | |||||||||||
| 7 | Seattle/Tacoma | 8,540 | 6.5 | % | 1,298 | 91.1 | % | (4.0 | %) | (3.8 | %) | (4.2 | %) | (3.9 | %) | (0.1 | %) | |||||||||||
| 8 | Phoenix | 10,647 | 5.2 | % | 843 | 92.5 | % | (0.9 | %) | (7.0 | %) | 3.7 | % | (2.3 | %) | 1.3 | % | |||||||||||
| 9 | Denver | 7,755 | 5.1 | % | 1,017 | 94.0 | % | (1.4 | %) | (5.0 | %) | 0.5 | % | (1.2 | %) | (0.2 | %) | |||||||||||
| 10 | San Diego | 4,491 | 5.0 | % | 1,625 | 95.2 | % | (0.3 | %) | (0.7 | %) | (0.2 | %) | (0.9 | %) | 0.5 | % | |||||||||||
| 11 | Orlando | 8,042 | 4.8 | % | 969 | 94.0 | % | (2.2 | %) | (7.7 | %) | 1.5 | % | (2.3 | %) | 0.1 | % | |||||||||||
| 12 | Suburban Maryland | 4,823 | 3.6 | % | 1,193 | 94.3 | % | (0.3 | %) | 2.1 | % | (1.7 | %) | 0.3 | % | (0.5 | %) | |||||||||||
| 13 | Inland Empire, CA | 4,219 | 3.6 | % | 1,309 | 94.8 | % | (1.6 | %) | (1.0 | %) | (1.9 | %) | (1.7 | %) | 0.1 | % | |||||||||||
| 14 | Atlanta | 5,979 | 3.4 | % | 955 | 95.0 | % | (2.0 | %) | (9.5 | %) | 4.0 | % | (2.3 | %) | 0.3 | % | |||||||||||
| 15 | Orange County, CA | 3,175 | 3.2 | % | 1,512 | 94.6 | % | (2.1 | %) | 0.2 | % | (3.2 | %) | (2.8 | %) | 0.7 | % | |||||||||||
| 16 | New England (excluding Boston) | 3,477 | 2.1 | % | 1,121 | 94.0 | % | (0.4 | %) | (0.5 | %) | (0.2 | %) | (0.2 | %) | (0.2 | %) | |||||||||||
| 17 | Jacksonville | 3,711 | 2.0 | % | 867 | 93.5 | % | (1.9 | %) | (2.6 | %) | (1.5 | %) | (1.8 | %) | (0.1 | %) | |||||||||||
| 18 | Portland, OR | 3,113 | 1.8 | % | 955 | 94.6 | % | (2.4 | %) | (1.2 | %) | (3.2 | %) | (3.3 | %) | 0.9 | % | |||||||||||
| 19 | Tampa | 2,318 | 1.3 | % | 932 | 94.0 | % | (0.6 | %) | (1.6 | %) | 0.0 | % | (0.6 | %) | (0.1 | %) | |||||||||||
| 20 | Raleigh/Durham | 1,368 | 0.6 | % | 754 | 95.0 | % | 1.1 | % | (4.9 | %) | 5.8 | % | (1.3 | %) | 2.2 | % | |||||||||||
| Top 20 Markets | 118,438 | 99.2 | % | 1,338 | 94.0 | % | (1.3 | %) | (3.7 | %) | 0.1 | % | (1.6 | %) | 0.3 | % | ||||||||||||
| All Other Markets | 1,432 | 0.8 | % | 935 | 94.6 | % | (1.3 | %) | 1.2 | % | (2.8 | %) | (0.9 | %) | (0.4 | %) | ||||||||||||
| Total | 119,870 | 100.0 | % | $ 1,334 | 94.0 | % | (1.3 | %) | (3.6 | %) | 0.1 | % | (1.6 | %) | 0.3 | % | ||||||||||||
| (1) | Average rental rate is defined as total rental revenues divided by the weighted average occupied units for the period. | |||||||||||||||||||||||||||
| Equity Residential | ||||||||||||||||||||||||||||
| 2009 vs. 2008 | ||||||||||||||||||||||||||||
| Same Store Results/Statistics by Market | ||||||||||||||||||||||||||||
| Increase (Decrease) from Prior Year | ||||||||||||||||||||||||||||
| 2009 | 2009 | 2009 | ||||||||||||||||||||||||||
| % of | Average | Weighted | Average | |||||||||||||||||||||||||
| Actual | Rental | Average | Rental | |||||||||||||||||||||||||
| Markets | Units | NOI | Rate (1) | Occupancy % | Revenues | Expenses | NOI | Rate (1) | Occupancy | |||||||||||||||||||
| 1 | New York Metro Area | 6,247 | 10.6 | % | $ 2,631 | 94.9 | % | (4.8 | %) | 3.9 | % | (9.5 | %) | (4.7 | %) | (0.1 | %) | |||||||||||
| 2 | South Florida | 11,761 | 9.1 | % | 1,278 | 93.3 | % | (2.1 | %) | (0.5 | %) | (3.2 | %) | (1.9 | %) | (0.2 | %) | |||||||||||
| 3 | DC Northern Virginia | 7,661 | 8.9 | % | 1,652 | 94.6 | % | (1.2 | %) | 1.0 | % | (2.3 | %) | (0.3 | %) | (1.0 | %) | |||||||||||
| 4 | Los Angeles | 6,485 | 7.7 | % | 1,709 | 93.5 | % | (3.8 | %) | (1.7 | %) | (4.8 | %) | (3.1 | %) | (0.6 | %) | |||||||||||
| 5 | Boston | 5,609 | 7.2 | % | 1,933 | 95.1 | % | 1.1 | % | (1.4 | %) | 2.7 | % | 1.7 | % | (0.6 | %) | |||||||||||
| 6 | Seattle/Tacoma | 8,115 | 7.0 | % | 1,355 | 92.0 | % | (6.0 | %) | 1.2 | % | (9.9 | %) | (3.4 | %) | (2.5 | %) | |||||||||||
| 7 | San Francisco Bay Area | 5,708 | 6.6 | % | 1,700 | 93.6 | % | (2.7 | %) | (0.4 | %) | (3.9 | %) | (0.7 | %) | (1.9 | %) | |||||||||||
| 8 | Phoenix | 10,239 | 5.4 | % | 865 | 92.6 | % | (7.5 | %) | (0.7 | %) | (11.6 | %) | (6.0 | %) | (1.5 | %) | |||||||||||
| 9 | Denver | 7,416 | 5.2 | % | 1,018 | 93.9 | % | (1.8 | %) | (0.4 | %) | (2.5 | %) | (1.0 | %) | (0.8 | %) | |||||||||||
| 10 | San Diego | 4,491 | 5.2 | % | 1,640 | 94.3 | % | (0.1 | %) | (2.4 | %) | 1.0 | % | (0.4 | %) | 0.3 | % | |||||||||||
| 11 | Orlando | 7,525 | 4.6 | % | 986 | 93.4 | % | (4.7 | %) | (2.4 | %) | (6.2 | %) | (4.5 | %) | (0.2 | %) | |||||||||||
| 12 | Inland Empire, CA | 4,219 | 3.9 | % | 1,333 | 94.5 | % | (2.6 | %) | (2.6 | %) | (2.6 | %) | (3.1 | %) | 0.5 | % | |||||||||||
| 13 | Orange County, CA | 3,175 | 3.6 | % | 1,560 | 94.1 | % | (3.6 | %) | (1.2 | %) | (4.7 | %) | (3.2 | %) | (0.5 | %) | |||||||||||
| 14 | Atlanta | 5,979 | 3.5 | % | 989 | 94.4 | % | (3.6 | %) | (0.3 | %) | (5.9 | %) | (3.0 | %) | (0.6 | %) | |||||||||||
| 15 | Suburban Maryland | 3,549 | 2.7 | % | 1,164 | 94.3 | % | 1.5 | % | 1.5 | % | 1.4 | % | 1.4 | % | 0.0 | % | |||||||||||
| 16 | New England (excluding Boston) | 3,477 | 2.1 | % | 1,120 | 94.1 | % | (1.1 | %) | 2.0 | % | (3.8 | %) | (0.9 | %) | (0.3 | %) | |||||||||||
| 17 | Jacksonville | 3,711 | 2.0 | % | 881 | 93.4 | % | (3.5 | %) | (3.3 | %) | (3.7 | %) | (3.4 | %) | (0.1 | %) | |||||||||||
| 18 | Portland, OR | 3,113 | 1.9 | % | 979 | 94.2 | % | (1.6 | %) | 1.9 | % | (3.8 | %) | (0.6 | %) | (1.0 | %) | |||||||||||
| 19 | Tampa | 2,318 | 1.3 | % | 943 | 94.1 | % | (2.9 | %) | (2.3 | %) | (3.3 | %) | (3.0 | %) | 0.1 | % | |||||||||||
| 20 | Raleigh/Durham | 1,368 | 0.6 | % | 764 | 94.1 | % | (3.1 | %) | (0.9 | %) | (4.6 | %) | (2.1 | %) | (1.0 | %) | |||||||||||
| Top 20 Markets | 112,166 | 99.1 | % | 1,357 | 93.8 | % | (2.9 | %) | (0.1 | %) | (4.5 | %) | (2.2 | %) | (0.7 | %) | ||||||||||||
| All Other Markets | 1,432 | 0.9 | % | 948 | 94.5 | % | (3.3 | %) | 0.6 | % | (5.6 | %) | (3.3 | %) | 0.0 | % | ||||||||||||
| Total | 113,598 | 100.0 | % | $ 1,352 | 93.8 | % | (2.9 | %) | (0.1 | %) | (4.6 | %) | (2.2 | %) | (0.7 | %) | ||||||||||||
| (1) | Average rental rate is defined as total rental revenues divided by the weighted average occupied units for the period. | |||||||||||||||||||||||||||
| Equity Residential | ||||||||||||||
| Fourth Quarter 2009 vs. Fourth Quarter 2008 | ||||||||||||||
| Same Store Operating Expenses | ||||||||||||||
| $ in thousands - 117,683 Same Store Units | ||||||||||||||
| % of Actual | ||||||||||||||
| Q4 2009 | ||||||||||||||
| Actual | Actual | $ | % | Operating | ||||||||||
| Q4 2009 | Q4 2008 | Change | Change | Expenses | ||||||||||
| Real estate taxes | $ 43,599 | $ 44,684 | $ (1,085 | ) | (2.4 | %) | 26.9 | % | ||||||
| On-site payroll (1) | 39,261 | 40,258 | (997 | ) | (2.5 | %) | 24.2 | % | ||||||
| Utilities (2) | 25,162 | 24,496 | 666 | 2.7 | % | 15.5 | % | |||||||
| Repairs and maintenance (3) | 23,674 | 24,270 | (596 | ) | (2.5 | %) | 14.6 | % | ||||||
| Property management costs (4) | 15,965 | 17,447 | (1,482 | ) | (8.5 | %) | 9.8 | % | ||||||
| Insurance | 5,658 | 5,412 | 246 | 4.5 | % | 3.5 | % | |||||||
| Leasing and advertising | 4,224 | 3,754 | 470 | 12.5 | % | 2.6 | % | |||||||
| Other operating expenses (5) | 4,689 | 5,082 | (393 | ) | (7.7 | %) | 2.9 | % | ||||||
| Same store operating expenses | $ 162,232 | $ 165,403 | $ (3,171 | ) | (1.9 | %) | 100.0 | % | ||||||
| 2009 vs. 2008 | ||||||||||||||
| Same Store Operating Expenses | ||||||||||||||
| $ in thousands - 113,598 Same Store Units | ||||||||||||||
| % of Actual | ||||||||||||||
| 2009 | ||||||||||||||
| Actual | Actual | $ | % | Operating | ||||||||||
| 2009 | 2008 | Change | Change | Expenses | ||||||||||
| Real estate taxes | $ 173,113 | $ 171,234 | $ 1,879 | 1.1 | % | 26.9 | % | |||||||
| On-site payroll (1) | 155,912 | 156,601 | (689 | ) | (0.4 | %) | 24.2 | % | ||||||
| Utilities (2) | 100,184 | 99,045 | 1,139 | 1.1 | % | 15.5 | % | |||||||
| Repairs and maintenance (3) | 94,556 | 95,142 | (586 | ) | (0.6 | %) | 14.7 | % | ||||||
| Property management costs (4) | 63,854 | 67,126 | (3,272 | ) | (4.9 | %) | 9.9 | % | ||||||
| Insurance | 21,689 | 20,890 | 799 | 3.8 | % | 3.4 | % | |||||||
| Leasing and advertising | 15,664 | 15,043 | 621 | 4.1 | % | 2.4 | % | |||||||
| Other operating expenses (5) | 19,322 | 20,042 | (720 | ) | (3.6 | %) | 3.0 | % | ||||||
| Same store operating expenses | $ 644,294 | $ 645,123 | $ (829 | ) | (0.1 | %) | 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 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, 2009 | ||||||||||||||||
| (Amounts in thousands) | ||||||||||||||||
| Weighted | ||||||||||||||||
| Weighted | Average | |||||||||||||||
| Average | Maturities | |||||||||||||||
| Amounts (1) | % of Total | Rates (1) | (years) | |||||||||||||
| Secured | $ 4,783,446 | 50.9 | % | 4.89 | % | 8.9 | ||||||||||
| Unsecured | 4,609,124 | 49.1 | % | 5.31 | % | 4.9 | ||||||||||
| Total | $ 9,392,570 | 100.0 | % | 5.11 | % | 6.9 | ||||||||||
| Fixed Rate Debt: | ||||||||||||||||
| Secured - Conventional | $ 3,773,008 | 40.2 | % | 5.89 | % | 7.6 | ||||||||||
| Unsecured - Public/Private | 3,771,700 | 40.1 | % | 5.93 | % | 5.4 | ||||||||||
| Fixed Rate Debt | 7,544,708 | 80.3 | % | 5.91 | % | 6.5 | ||||||||||
| Floating Rate Debt: | ||||||||||||||||
| Secured - Conventional | 382,939 | 4.0 | % | 2.18 | % | 4.2 | ||||||||||
| Secured - Tax Exempt | 627,499 | 6.7 | % | 0.65 | % | 20.5 | ||||||||||
|
Unsecured - Public/Private
|
801,824 | 8.6 | % | 1.37 | % | 1.7 | ||||||||||
| Unsecured - Tax Exempt | 35,600 | 0.4 | % | 0.37 | % | 19.0 | ||||||||||
| Unsecured - Revolving Credit Facility | - | - | - | 2.2 | ||||||||||||
| Floating Rate Debt | 1,847,862 | 19.7 | % | 1.28 | % | 8.7 | ||||||||||
| Total | $ 9,392,570 | 100.0 | % | 5.11 | % | 6.9 | ||||||||||
| (1) | Net of the effect of any derivative instruments. Weighted average rates are for the | |||||||||||||||
| year ended December 31, 2009. | ||||||||||||||||
| Note: The Company capitalized interest of approximately $34.9 million and $60.1 | ||||||||||||||||
| million during the years ended December 31, 2009 and 2008, respectively. The | ||||||||||||||||
| Company capitalized interest of approximately $6.2 million and $15.0 million during | ||||||||||||||||
| the quarters ended December 31, 2009 and 2008, respectively. | ||||||||||||||||
| Debt Maturity Schedule as of December 31, 2009 | ||||||||||||||||
| (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) | ||||||||||
| 2010 | $ 34,123 | $ 568,310 | (2) | $ 602,433 | 6.4 | % | 7.61 | % | 1.36 | % | ||||||
| 2011 | 1,066,274 | (3) | 261,805 | 1,328,079 | 14.1 | % | 5.52 | % | 4.83 | % | ||||||
| 2012 | 739,469 | 3,362 | 742,831 | 7.9 | % | 5.48 | % | 5.48 | % | |||||||
| 2013 | 266,347 | 301,824 | 568,171 | 6.1 | % | 6.76 | % | 4.89 | % | |||||||
| 2014 | 517,443 | - | 517,443 | 5.5 | % | 5.28 | % | 5.28 | % | |||||||
| 2015 | 355,632 | - | 355,632 | 3.8 | % | 6.41 | % | 6.41 | % | |||||||
| 2016 | 1,089,236 | 39,999 | 1,129,235 | 12.0 | % | 5.32 | % | 5.25 | % | |||||||
| 2017 | 1,346,553 | 456 | 1,347,009 | 14.3 | % | 5.87 | % | 5.87 | % | |||||||
| 2018 | 336,086 | 44,677 | 380,763 | 4.1 | % | 5.95 | % | 5.57 | % | |||||||
| 2019 | 502,244 | 20,766 | 523,010 | 5.6 | % | 5.19 | % | 5.01 | % | |||||||
| 2020+ | 1,291,301 | 606,663 | 1,897,964 | 20.2 | % | 6.11 | % | 5.07 | % | |||||||
| Total | $ 7,544,708 | $ 1,847,862 | $ 9,392,570 | 100.0 | % | 5.85 | % | 5.03 | % | |||||||
| (1) | Net of the effect of any derivative instruments. Weighted average rates are as of December 31, 2009. | |
| (2) | Includes the Company's $500.0 million floating rate term loan facility, which matures on October 5, 2010, subject to two one-year extension options exercisable by the Company. | |
| (3) | 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. |
| Equity Residential | |||||||||||||||||
| Unsecured Debt Summary as of December 31, 2009 | |||||||||||||||||
| (Amounts in thousands) | |||||||||||||||||
| Unamortized | |||||||||||||||||
| Coupon | Due | Face | Premium/ | Net | |||||||||||||
| Rate | Date | Amount | (Discount) | Balance | |||||||||||||
| Fixed Rate Notes: | |||||||||||||||||
| 6.950 | % | 03/02/11 | (1) | $ 93,096 | $ 990 | $ 94,086 | |||||||||||
| 6.625 | % | 03/15/12 | (2) | 253,858 | (412 | ) | 253,446 | ||||||||||
| 5.500 | % | 10/01/12 | (3) | 222,133 | (602 | ) | 221,531 | ||||||||||
| 5.200 | % | 04/01/13 | (4) | 400,000 | (385 | ) | 399,615 | ||||||||||
| 5.250 | % | 09/15/14 | 500,000 | (289 | ) | 499,711 | |||||||||||
| 6.584 | % | 04/13/15 | 300,000 | (590 | ) | 299,410 | |||||||||||
| 5.125 | % | 03/15/16 | 500,000 | (332 | ) | 499,668 | |||||||||||
| 5.375 | % | 08/01/16 | 400,000 | (1,221 | ) |
398,779 |
|||||||||||
| 5.750 | % | 06/15/17 | 650,000 | (3,815 | ) | 646,185 | |||||||||||
| 7.125 | % | 10/15/17 | 150,000 | (505 | ) | 149,495 | |||||||||||
| 7.570 | % | 08/15/26 | 140,000 | - | 140,000 | ||||||||||||
| 3.850 | % | 08/15/26 | (5) | 482,545 | (12,771 | ) | 469,774 | ||||||||||
| Fair Value Derivative Adjustments | (4) | (300,000 | ) | - | (300,000 | ) | |||||||||||
| 3,791,632 | (19,932 | ) | 3,771,700 | ||||||||||||||
| Floating Rate Tax Exempt Notes: | |||||||||||||||||
| 7-Day SIFMA | 12/15/28 | (6) | 35,600 | - | 35,600 | ||||||||||||
| Floating Rate Notes: | |||||||||||||||||
| 04/01/13 | (4) | 300,000 | - | 300,000 | |||||||||||||
| Fair Value Derivative Adjustments | (4) | 1,824 | - | 1,824 | |||||||||||||
| Term Loan Facility | LIBOR+0.50% | 10/05/10 |
(6)(7) |
500,000 | - | 500,000 | |||||||||||
| 801,824 | - | 801,824 | |||||||||||||||
| Revolving Credit Facility: | LIBOR+0.50% | 02/28/12 | (8) | - | - | - | |||||||||||
| Total Unsecured Debt | $ 4,629,056 | $ (19,932 | ) | $ 4,609,124 | |||||||||||||
| Note: SIFMA stands for the Securities Industry and Financial Markets Association and is the tax- | |||||||||||||||||
| exempt index equivalent of LIBOR. | |||||||||||||||||
| (1) | On January 27, 2009, the Company repurchased $185.2 million of these notes at par pursuant to a cash tender offer announced on January 16, 2009. On December 10, 2009, the Company repurchased $21.7 million of these notes at a price of 106% of par pursuant to a cash tender offer announced on December 2, 2009. | |
| (2) | On December 10, 2009, the Company repurchased $146.1 million of these notes at a price of 108% of par pursuant to a cash tender offer announced on December 2, 2009. | |
| (3) | On December 10, 2009, the Company repurchased $127.9 million of these notes at a price of 107% of par pursuant to a cash tender offer announced on December 2, 2009. | |
| (4) | $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. | |
| (5) | 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. During the quarter ended March 31, 2009, the Company repurchased $17.5 million of these notes at a price of 88.4% of par. On December 31, 2009, the Company repurchased $48.5 million of these notes at par pursuant to a cash tender offer announced on December 2, 2009. Effective January 1, 2009, companies are required to expense the implied option value inherent in convertible debt. In conjunction with this requirement, the Company recorded an adjustment of $17.3 million to the beginning balance of the discount on its convertible notes. | |
| (6) | Notes are private. All other unsecured debt is public. | |
| (7) | Represents the Company's $500.0 million term loan facility, which matures on October 5, 2010, subject to two one-year extension options exercisable by the Company. | |
| (8) | As of December 31, 2009, there was no amount outstanding and approximately $1.37 billion available on the Company's unsecured revolving credit facility. |
| Equity Residential | |||||||||||||
| Selected Unsecured Public Debt Covenants | |||||||||||||
| December 31, | September 30, | ||||||||||||
| 2009 | 2009 | ||||||||||||
| Total Debt to Adjusted Total Assets (not to exceed 60%) | 48.8 | % | 50.3 | % | |||||||||
| Secured Debt to Adjusted Total Assets (not to exceed 40%) | 24.9 | % | 25.0 | % | |||||||||
| Consolidated Income Available for Debt Service to | |||||||||||||
| Maximum Annual Service Charges | |||||||||||||
| (must be at least 1.5 to 1) | 2.44 | 2.26 | |||||||||||
| Total Unsecured Assets to Unsecured Debt | |||||||||||||
| (must be at least 150%) | 256.5 | % | 241.3 | % | |||||||||
| These selected covenants relate to ERP Operating Limited Partnership's ("ERPOP") outstanding | |||||||||||||
| unsecured public debt. Equity Residential is the general partner of ERPOP. | |||||||||||||
| Debt Repurchases | |||||||||||||
| (Amounts in thousands) | |||||||||||||
| Fourth Quarter 2009 Activity | |||||||||||||
| Write-off of | |||||||||||||
| Bonds | Price | Price | Extinguishment | Unamortized | |||||||||
| Security | Retired | Paid | to Par | (Loss)/Gain | Costs | ||||||||
| 2011 6.95% Public Notes | $ 21,710 | $ 23,013 | 106.0 | % | $ (1,303 | ) | $ 177 | ||||||
| 2012 6.625% Public Notes | 146,142 | 157,833 | 108.0 | % | (11,691 | ) | (499 | ) | |||||
| 2012 5.50% Public Notes | 127,867 | 136,818 | 107.0 | % | (8,951 | ) | (912 | ) | |||||
| 2026 3.85% Convertible Notes (1) | 48,547 | 48,547 | 100.0 | % | - | (1,755 | ) | ||||||
| Total | $ 344,266 | $ 366,211 | 106.4 | % | $ (21,945 | ) | $ (2,989 | ) | |||||
| 2009 Activity | |||||||||||||
| Write-off of | |||||||||||||
| Bonds | Price | Price | Extinguishment | Unamortized | |||||||||
| Security | Retired | Paid | to Par | (Loss)/Gain | Costs | ||||||||
| 2009 4.75% Public Notes | $ 105,161 | $ 105,161 | 100.0 | % | $ - | $ (125 | ) | ||||||
| 2011 6.95% Public Notes | 206,904 | 208,207 | 100.6 | % | (1,303 | ) | (1,202 | ) | |||||
| 2012 6.625% Public Notes | 146,142 | 157,833 | 108.0 | % | (11,691 | ) | (499 | ) | |||||
| 2012 5.50% Public Notes | 127,867 | 136,818 | 107.0 | % | (8,951 | ) | (912 | ) | |||||
| 2026 3.85% Convertible Notes (1) | 66,012 | 63,992 | 96.9 | % | 2,020 | (2,634 | ) | ||||||
| Total | $ 652,086 | $ 672,011 | 103.1 | % | $ (19,925 | ) | $ (5,372 | ) | |||||
| (1) 2026 3.85% Convertible Notes are putable to the Company in 2011. | |||||||||||||
| Equity Residential | |||||||||||||||||||
| Capital Structure as of December 31, 2009 | |||||||||||||||||||
| (Amounts in thousands except for share/unit and per share amounts) | |||||||||||||||||||
| Secured Debt | $ 4,783,446 | 50.9 | % | ||||||||||||||||
| Unsecured Debt | 4,609,124 | 49.1 | % | ||||||||||||||||
| Total Debt | 9,392,570 | 100.0 | % | 48.1 | % | ||||||||||||||
| Common Shares (includes Restricted Shares) | 279,959,048 | 95.2 | % | ||||||||||||||||
| Units | 14,197,969 | 4.8 | % | ||||||||||||||||
| Total Shares and Units | 294,157,017 | 100.0 | % | ||||||||||||||||
| Common Share Equivalents (see below) | 398,038 | ||||||||||||||||||
| Total outstanding at quarter-end | 294,555,055 | ||||||||||||||||||
| Common Share Price at December 31, 2009 | $ 33.78 | ||||||||||||||||||
| 9,950,070 | 98.0 | % | |||||||||||||||||
| Perpetual Preferred Equity (see below) | 200,000 | 2.0 | % | ||||||||||||||||
| Total Equity | 10,150,070 | 100.0 | % | 51.9 | % | ||||||||||||||
| Total Market Capitalization | $19,542,640 | 100.0 | % | ||||||||||||||||
| Convertible Preferred Equity as of December 31, 2009 | |||||||||||||||||||
| (Amounts in thousands except for share and per share amounts) | |||||||||||||||||||
| Annual | Annual | Weighted | Common | ||||||||||||||||
| Redemption | Outstanding | Liquidation | Dividend | Dividend | Average | Conversion | Share | ||||||||||||
| Series | Date | Shares | Value | Per Share | Amount | Rate | Ratio | Equivalents | |||||||||||
| Preferred Shares: | |||||||||||||||||||
| 7.00% Series E | 11/1/98 | 328,466 | $ 8,212 | $ 1.75 | $ 575 | 1.1128 | 365,517 | ||||||||||||
| 7.00% Series H | 6/30/98 | 22,459 | 561 | 1.75 | 39 | 1.4480 | 32,521 | ||||||||||||
| Total Convertible Preferred Equity | 350,925 | $ 8,773 | $ 614 | 7.00 | % | 398,038 | |||||||||||||
| Perpetual Preferred Equity as of December 31, 2009 | |||||||||||||||||||
| (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 | |||||||||||||
| 2009 | 2008 (1) | Q409 (1) | Q408 (1) | ||||||||||
| Weighted Average Amounts Outstanding for Net Income Purposes: | |||||||||||||
| Common Shares - basic | 273,609,477 | 270,011,946 | 275,519,463 | 271,292,534 | |||||||||
| Shares issuable from assumed conversion/vesting of: | |||||||||||||
| - OP Units | 15,557,540 | - | - | - | |||||||||
| - long-term compensation award shares/units | 938,094 | - | - | - | |||||||||
| Total Common Shares and Units - diluted | 290,105,111 | 270,011,946 | 275,519,463 | 271,292,534 | |||||||||
| Weighted Average Amounts Outstanding for FFO Purposes: | |||||||||||||
| Common Shares - basic | 273,609,477 | 270,011,946 | 275,519,463 | 271,292,534 | |||||||||
| OP Units - basic | 15,557,540 | 17,618,514 | 14,173,726 | 16,958,491 | |||||||||
| Total Common Shares and OP Units - basic | 289,167,017 | 287,630,460 | 289,693,189 | 288,251,025 | |||||||||
| Shares issuable from assumed conversion/vesting of: | |||||||||||||
| - convertible preferred shares/units | 402,501 | 419,573 | 398,038 | - | |||||||||
| - long-term compensation award shares/units | 938,094 | 2,429,163 | 1,892,471 | 1,260,145 | |||||||||
| Total Common Shares and Units - diluted | 290,507,612 | 290,479,196 | 291,983,698 | 289,511,170 | |||||||||
| Period Ending Amounts Outstanding: | |||||||||||||
| Common Shares (includes Restricted Shares) | 279,959,048 | ||||||||||||
| Units | 14,197,969 | ||||||||||||
| Total Shares and Units | 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 year ended December 31, 2008 and the fourth quarters ended December 31, 2009 and 2008, respectively. |
| Equity Residential | ||||||||||||||||||||
| Partially Owned Entities as of December 31, 2009 | ||||||||||||||||||||
| (Amounts in thousands except for project and unit amounts) | ||||||||||||||||||||
| Consolidated | Unconsolidated | |||||||||||||||||||
| Development Projects | ||||||||||||||||||||
| Held for | Institutional | |||||||||||||||||||
| and/or Under | Completed, Not | Completed | Joint | |||||||||||||||||
| Development | Stabilized (4) | and Stabilized | Other | Total | Ventures (5) | |||||||||||||||
| Total projects | (1) | - | 3 | 3 | 21 | 27 | 34 | |||||||||||||
| Total units | (1) | - | 1,024 | 710 | 3,796 | 5,530 | 8,086 | |||||||||||||
| Operating information for the year | ||||||||||||||||||||
| ended 12/31/09 (at 100%): | ||||||||||||||||||||
| Operating revenue | $ 406 | $ 7,078 | $ 11,238 | $ 56,565 | $ 75,287 | $ 91,200 | ||||||||||||||
| Operating expenses | 1,506 | 4,209 | 5,484 | 19,678 | 30,877 | 42,143 | ||||||||||||||
| Net operating (loss) income | (1,100 | ) | 2,869 | 5,754 | 36,887 | 44,410 | 49,057 | |||||||||||||
| Depreciation | 370 | 2,744 | 5,927 | 15,032 | 24,073 | 19,341 | ||||||||||||||
| General and administrative/other | 128 | 446 | 5 | 78 | 657 | 423 | ||||||||||||||
| Operating (loss) income | (1,598 | ) | (321 | ) | (178 | ) | 21,777 | 19,680 | 29,293 | |||||||||||
| Interest and other income | 28 | 17 | - | 109 | 154 | 443 | ||||||||||||||
| Other expenses | (508 | ) | - | - | (17 | ) | (525 | ) | - | |||||||||||
| Interest: | ||||||||||||||||||||
| Expense incurred, net | (1,552 | ) | (3,743 | ) | (3,158 | ) | (20,135 | ) | (28,588 | ) | (41,417 | ) | ||||||||
| Amortization of deferred financing costs | (211 | ) | (176 | ) | (191 | ) | (185 | ) | (763 | ) | (1,004 | ) | ||||||||
| Income and other tax (expense) benefit | (53 | ) | - | - | (28 | ) | (81 | ) | (318 | ) | ||||||||||
| Net (loss) income | $ (3,894 | ) | $ (4,223 | ) | $ (3,527 | ) | $ 1,521 | $ (10,123 | ) | $ (13,003 | ) | |||||||||
| Debt - Secured (2): | ||||||||||||||||||||
| EQR Ownership (3) | $ 303,253 | $ 218,965 | $ 113,385 | $ 219,136 | $ 854,739 | $ 101,809 | ||||||||||||||
| Noncontrolling Ownership | - | - | - | 82,732 | 82,732 | 305,426 | ||||||||||||||
| Total (at 100%) | $ 303,253 | $ 218,965 | $ 113,385 | $ 301,868 | $ 937,471 | $ 407,235 | ||||||||||||||
| (1) | Project and unit counts exclude all uncompleted development projects until those projects are substantially completed. See the Consolidated Development Projects schedule for more detail. | |
| (2) | All debt is non-recourse to the Company with the exception of $42.2 million in mortgage debt on various development projects. In addition, $66.0 million in mortgage debt on one development project will become recourse to the Company upon completion of that project. | |
| (3) | Represents the 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. | |
| (5) | Unconsolidated debt maturities and rates for institutional joint ventures are as follows: $112.6 million, May 1, 2010, 8.33%; $121.0 million, December 1, 2010, 7.54%; $143.8 million, March 1, 2011, 6.95%; and $29.8 million, July 1, 2019, 5.305%. A portion of this mortgage debt is also partially collateralized by $42.6 million in unconsolidated restricted cash set aside from the net proceeds of property sales. During the third quarter of 2009, the Company acquired its partner's interest in one of the previously unconsolidated properties containing 250 units for $18.5 million and as a result, the project is now consolidated and wholly owned. |
| Equity Residential | |||||||||||||||||||||||||||
| Consolidated Development Projects as of December 31, 2009 | |||||||||||||||||||||||||||
| (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: | |||||||||||||||||||||||||||
| 70 Greene (a.k.a. 77 Hudson) | Jersey City, NJ | 480 | $ 269,958 | $ 264,663 | $ 264,663 | $ - | 98 | % | 57 | % | 53 | % | Q1 2010 | Q1 2011 | |||||||||||||
| Red 160 (a.k.a. Redmond Way) | Redmond, WA | 250 | 84,382 | 51,920 | 51,920 | - | 62 | % | - | - | Q1 2011 | Q1 2012 | |||||||||||||||
| Projects Under Development - Wholly Owned | 730 | 354,340 | 316,583 | 316,583 | - | ||||||||||||||||||||||
| Projects Under Development - Partially Owned: | |||||||||||||||||||||||||||
| The Brooklyner (a.k.a. 111 Lawrence Street) | Brooklyn, NY | 490 | 283,968 | 227,882 | 227,882 | 105,217 | 85 | % | 13 | % | 2 | % | Q3 2010 | Q3 2011 | |||||||||||||
| Westgate | Pasadena, CA | 480 | 170,558 | 124,514 | 124,514 | 163,160 | (2 | ) | 70 | % | 11 | % | 5 | % | Q2 2011 | Q2 2012 | |||||||||||
| Projects Under Development - Partially Owned | 970 | 454,526 | 352,396 | 352,396 | 268,377 | ||||||||||||||||||||||
| Projects Under Development | 1,700 | 808,866 | 668,979 | 668,979 | 268,377 | (3 | ) | ||||||||||||||||||||
| Completed Not Stabilized - Wholly Owned (4): | |||||||||||||||||||||||||||
| Third Square (a.k.a. 303 Third) (5) | Cambridge, MA | 482 | 257,457 | 256,263 | - | - | 81 | % | 78 | % | Completed | Q3 2010 | |||||||||||||||
| Reserve at Town Center II | Mill Creek, WA | 100 | 24,464 | 20,591 | - | - | 69 | % | 60 | % | Completed | Q3 2010 | |||||||||||||||
| Reunion at Redmond Ridge | Redmond, WA | 321 | 53,175 | 53,151 | - | - | 54 | % | 52 | % | Completed | Q1 2011 | |||||||||||||||
| Projects Completed Not Stabilized - Wholly Owned | 903 | 335,096 | 330,005 | - | - | ||||||||||||||||||||||
| Completed Not Stabilized - Partially Owned (4): | |||||||||||||||||||||||||||
| Veridian (a.k.a. Silver Spring) | Silver Spring, MD | 457 | 149,962 | 149,289 | - | 113,282 | 97 | % | 95 | % | Completed | Q1 2010 | |||||||||||||||
| Montclair Metro | Montclair, NJ | 163 | 48,730 | 45,076 | - | 33,434 | 49 | % | 40 | % | Completed | Q3 2010 | |||||||||||||||
| Red Road Commons | South Miami, FL | 404 | 128,816 | 125,460 | - | 72,249 | 82 | % | 78 | % | Completed | Q4 2010 | |||||||||||||||
| Projects Completed Not Stabilized - Partially Owned | 1,024 | 327,508 | 319,825 | - | 218,965 | ||||||||||||||||||||||
| Projects Completed Not Stabilized | 1,927 | 662,604 | 649,830 | - | 218,965 | ||||||||||||||||||||||
| Completed and Stabilized During the Quarter - Wholly Owned: | |||||||||||||||||||||||||||
| Mosaic at Metro | Hyattsville, MD | 260 | 59,733 | 59,643 | - | 45,418 | 96 | % | 95 | % | Completed | Stabilized | |||||||||||||||
| Projects Completed and Stabilized During the Quarter - Wholly Owned | 260 | 59,733 | 59,643 | - | 45,418 | ||||||||||||||||||||||
| Completed and Stabilized During the Quarter - Partially Owned: | |||||||||||||||||||||||||||
| 1401 South State (a.k.a. City Lofts) | Chicago, IL | 278 | 68,923 | 68,455 | - | 52,125 | 93 | % | 91 | % | Completed | Stabilized | |||||||||||||||
| Projects Completed and Stabilized During the Quarter - Partially Owned | 278 | 68,923 | 68,455 | - | 52,125 | ||||||||||||||||||||||
| Projects Completed and Stabilized During the Quarter | 538 | 128,656 | 128,098 | - | 97,543 | ||||||||||||||||||||||
| Total Projects | 4,165 | $ 1,600,126 | $ 1,446,907 | $ 668,979 | $ 584,885 | ||||||||||||||||||||||
| Land Held for Development | N/A | N/A | $ 252,320 | $ 252,320 | $ 34,876 | ||||||||||||||||||||||
| NOI CONTRIBUTION FROM DEVELOPMENT PROJECTS |
Total Capital |
Q4 2009 |
|||||||||||||||||||||||||
| Projects Under Development | $ 808,866 | $ (177 | ) | ||||||||||||||||||||||||
| Completed Not Stabilized | 662,604 | 3,991 | |||||||||||||||||||||||||
| Completed and Stabilized During the Quarter | 128,656 | 1,680 | |||||||||||||||||||||||||
| Total Development NOI Contribution | $ 1,600,126 | $ 5,494 | |||||||||||||||||||||||||
| (1) Total capital cost represents estimated development 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) Debt is primarily tax-exempt bonds that are entirely outstanding with $47.4 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 December 31, 2009. | |
| (3) Of the approximately $139.9 million of capital cost remaining to be funded at 12/31/09 for projects under development, $102.1 million will be funded by fully committed third party bank loans and the remaining $37.8 million will be funded by cash on hand. | |
| (4) Properties included here are substantially complete. However, they may still require additional exterior and interior work for all units to be available for leasing. | |
| (5) Third Square - Both the percentage leased and percentage occupied reflect the full 482 units included in phases I & II. Phase I is 96% leased and 94% occupied. Phase II is 58% leased and 53% occupied. | |
| Equity Residential | ||||||||||||||||||||||||||||||||||
| Repairs and Maintenance Expenses and Capital Expenditures to Real Estate | ||||||||||||||||||||||||||||||||||
| For the Year Ended December 31, 2009 | ||||||||||||||||||||||||||||||||||
| (Amounts in thousands except for unit and per unit amounts) | ||||||||||||||||||||||||||||||||||
| Repairs and Maintenance Expenses | Capital Expenditures to Real Estate | Total Expenditures | ||||||||||||||||||||||||||||||||
| Building | ||||||||||||||||||||||||||||||||||
| Total | Avg. | Avg. | Avg. | Replacements | Avg. | Improvements | Avg. | Avg. | Grand | Avg. | ||||||||||||||||||||||||
| Units (1) | Expense (2) | Per Unit | Payroll (3) | Per Unit | Total | Per Unit | (4) | Per Unit | (5) | Per Unit | Total | Per Unit | Total | Per Unit | ||||||||||||||||||||
| Same Store Properties (6) | 113,598 | $ 94,556 | $ 832 | $ 77,121 | $ 679 | $ 171,677 | $ 1,511 | $ 69,808 | $ 614 | $ 44,611 | $ 393 | $ 114,419 | $ 1,007 | (9 | ) | $ 286,096 | $ 2,518 | |||||||||||||||||
| Non-Same Store Properties (7) | 10,728 | 8,649 | 880 | 5,596 | 570 | 14,245 | 1,450 | 2,361 | 240 | 3,675 | 374 | 6,036 | 614 | 20,281 | 2,064 | |||||||||||||||||||
| Other (8) | - | 2,645 | 8,776 | 11,421 | 2,130 | 1,352 | 3,482 | 14,903 | ||||||||||||||||||||||||||
| Total | 124,326 | $ 105,850 | $ 91,493 | $ 197,343 | $ 74,299 | $ 49,638 | $ 123,937 | $ 321,280 | ||||||||||||||||||||||||||
| (1) | Total Units - Excludes 8,086 unconsolidated units and 4,595 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) | Repairs and Maintenance Expenses - 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. | |
| (3) | Maintenance Payroll - Includes payroll and related expenses for maintenance staff. | |
| (4) | Replacements - Includes new expenditures inside the units such as appliances, mechanical equipment, fixtures and flooring, including carpeting. Replacements for same store properties also include $28.0 million spent on various assets related to unit renovations/rehabs (primarily kitchens and baths) designed to reposition these assets for higher rental levels in their respective markets. | |
| (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, 2008, less properties subsequently sold. | |
| (7) | Non-Same Store Properties - Primarily includes all properties acquired during 2008 and 2009, plus any properties in lease-up and not stabilized as of January 1, 2008. Per unit amounts are based on a weighted average of 9,823 units. | |
| (8) | Other - Primarily includes expenditures for properties sold during the period. | |
| (9) | For 2010, the Company estimates that it will spend approximately $1,075 per unit of capital expenditures for its same store properties inclusive of unit renovation/rehab costs, or $825 per unit excluding unit renovation/rehab costs. |
| Equity Residential | |||||||||||||
| Discontinued Operations | |||||||||||||
| (Amounts in thousands) | |||||||||||||
| Year Ended | Quarter Ended | ||||||||||||
| December 31, | December 31, | ||||||||||||
| 2009 | 2008 | 2009 | 2008 | ||||||||||
| REVENUES | |||||||||||||
| Rental income | $ 72,823 | $ 173,243 | $ 1,641 | $ 33,853 | |||||||||
| Total revenues | 72,823 | 173,243 | 1,641 | 33,853 | |||||||||
| EXPENSES (1) | |||||||||||||
| Property and maintenance | 26,681 | 52,785 | 2,581 | 10,456 | |||||||||
| Real estate taxes and insurance | 9,062 | 19,853 | 1,251 | 3,643 | |||||||||
| Property management | - | (62 | ) | - | - | ||||||||
| Depreciation | 18,095 | 43,440 | 505 | 8,254 | |||||||||
| General and administrative | 34 | 29 | 5 | 5 | |||||||||
| Total expenses | 53,872 | 116,045 | 4,342 | 22,358 | |||||||||
| Discontinued operating income (loss) | 18,951 | 57,198 | (2,701 | ) | 11,495 | ||||||||
| Interest and other income | 21 | 249 | 9 | 16 | |||||||||
| Other expenses | (1 | ) | - | (1 | ) | - | |||||||
| Interest (2): | |||||||||||||
| Expense incurred, net | (1,104 | ) | (2,897 | ) | (208 | ) | (693 | ) | |||||
| Amortization of deferred financing costs | (333 | ) | (17 | ) | (4 | ) | (4 | ) | |||||
| Income and other tax (expense) benefit | 1,165 | 1,846 | 1,251 | 832 | |||||||||
| Discontinued operations | 18,699 | 56,379 | (1,654 | ) | 11,646 | ||||||||
| Net gain on sales of discontinued operations | 335,299 | 392,857 | 60,366 | 27,805 | |||||||||
| Discontinued operations, net | $ 353,998 | $ 449,236 | $ 58,712 | $ 39,451 | |||||||||
| (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 | |||||||||||||||||||
| FFO Midpoint Reconciliations and Non-Comparable Items | |||||||||||||||||||
| (Amounts in thousands except per share data) | |||||||||||||||||||
| (All per share data is diluted) | |||||||||||||||||||
| FFO Midpoint Reconciliations | |||||||||||||||||||
| FFO Reconciliations | |||||||||||||||||||
| Guidance Midpoint Q4 | |||||||||||||||||||
| 2009 to Actual Q4 2009 | |||||||||||||||||||
| Amounts | Per Share | ||||||||||||||||||
| Guidance midpoint Q4 2009 FFO - Diluted (1) (2) | $ 147,085 | $ 0.506 | |||||||||||||||||
| Property NOI | 3,906 | 0.013 | |||||||||||||||||
| Debt extinguishment costs related to tender offers | (24,934 | ) | (0.085 | ) | |||||||||||||||
| Income and other taxes | 1,676 | 0.006 | |||||||||||||||||
| Other expenses | (2,702 | ) | (0.009 | ) | |||||||||||||||
| Other | 1,914 | 0.004 | |||||||||||||||||
| Actual Q4 2009 FFO - Diluted (1) (2) | $ 126,945 | $ 0.435 | |||||||||||||||||
| Non-Comparable Items (3) | |||||||||||||||||||
| Year Ended December 31, | Quarter Ended December 31, | ||||||||||||||||||
| 2009 | 2008 | Variance | 2009 | 2008 | Variance | ||||||||||||||
| Impairment | $ (11,124 | ) | $ (116,418 | ) | $ 105,294 | $ - | $ (116,418 | ) | $ 116,418 | ||||||||||
| Debt extinguishment gains (interest and other income) | 4,455 | 18,737 | (14,282 | ) | - | 18,471 | (18,471 | ) | |||||||||||
| Gain on sale of investment securities (interest and other income) | 4,943 | - | 4,943 | - | - | - | |||||||||||||
| Write-off of pursuit costs (other expenses) | (4,838 | ) | (5,535 | ) | 697 | (2,865 | ) | (2,679 | ) | (186 | ) | ||||||||
| Transaction costs (other expenses) | (1,650 | ) | (225 | ) | (1,425 | ) | (1,395 | ) | (195 | ) | (1,200 | ) | |||||||
| Non-cash convertible debt discount (includes extinguishment write-offs) | (10,590 | ) | (13,272 | ) | 2,682 | (3,425 | ) | (5,718 | ) | 2,293 | |||||||||
| Debt extinguishment costs (interest): | |||||||||||||||||||
| Prepayment premiums/penalties | (21,980 | ) | (81 | ) | (21,899 | ) | (21,945 | ) | (40 | ) | (21,905 | ) | |||||||
| Write-off of unamortized deferred financing costs | (3,536 | ) | (1,020 | ) | (2,516 | ) | (1,208 | ) | (851 | ) | (357 | ) | |||||||
| Write-off of unamortized premiums/(discounts)/(OCI) | (907 | ) | (53 | ) | (854 | ) | (149 | ) | (28 | ) | (121 | ) | |||||||
| EQR 25% share of unconsolidated defeasance costs | |||||||||||||||||||
| ((loss) from investments in unconsolidated entities) | (1,775 | ) | - | (1,775 | ) | - | - | - | |||||||||||
| Net gain on sales of land parcels | - | 2,976 | (2,976 | ) | - | - | - | ||||||||||||
| Net incremental (loss) gain on sales of condominium units | (385 | ) | (3,932 | ) | 3,547 | 65 | (1,289 | ) | 1,354 | ||||||||||
| Other | (1,600 | ) | 83 | (1,683 | ) | 827 | (1,159 | ) | 1,986 | ||||||||||
| Net non-comparable items (3) | $ (48,987 | ) | $ (118,740 | ) | $ 69,753 | $ (30,095 | ) | $ (109,906 | ) | $ 79,811 | |||||||||
| Note: See page 26 for definitions, footnotes and reconciliations of EPS to FFO. | |||||||||||||||||||
| Equity Residential | |||||||
| Earnings Guidance and Assumptions | |||||||
| The earnings guidance/projections provided below are based on current expectations and are forward-looking. | |||||||
|
2010 Earnings Guidance (per share diluted) |
|||||||
| Q1 2010 | 2010 | ||||||
| Expected FFO (1) (2) | $0.48 to $0.52 | $1.95 to $2.15 | |||||
|
2010 Same Store Assumptions |
|||||||
| Physical occupancy | 94.3% | ||||||
| Revenue change | (3.0%) to (1.0%) | ||||||
| Expense change | 1.0% to 2.0% | ||||||
| NOI change | (6.0%) to (2.0%) | ||||||
| (Note: 25 basis point change in NOI percentage = $0.01 per share change in EPS/FFO) | |||||||
|
2010 Transaction Assumptions |
|||||||
| Consolidated rental acquisitions | $1.0 billion | ||||||
| Consolidated rental dispositions | $600.0 million | ||||||
| Capitalization rate spread | 150 basis points | ||||||
|
2010 Debt Assumptions |
|||||||
| Weighted average debt outstanding | $9.4 billion to $9.6 billion | ||||||
|
Weighted average interest rate (reduced for capitalized interest and including prepayment penalties) |
4.96% | ||||||
| Interest expense | $466.0 million to $476.0 million | ||||||
|
Note: Debt guidance assumes no additional debt offerings and no additional debt extinguishments, but does include approximately $7.8 million of interest expense for the requirement to expense the implied option value inherent in convertible debt. The terms of the Company's debt covenants do not include this charge as interest expense. |
|||||||
|
2010 Other Guidance Assumptions |
|||||||
| General and administrative expense | $38.0 million to $40.0 million | ||||||
| Interest and other income | $1.0 million to $3.0 million | ||||||
| Other expenses (write-off of pursuit and transaction costs) | $9.0 million to $12.0 million | ||||||
| Income and other tax expense | $1.0 million to $2.0 million | ||||||
| Net gain on sales of land parcels | No amounts budgeted | ||||||
| Preferred share redemptions | No amounts budgeted | ||||||
| Equity ATM share offerings | No additional amounts budgeted | ||||||
| Weighted average Common Shares and Units - Diluted | 297.0 million | ||||||
| Note: See page 26 for definitions, footnotes and reconciliations of EPS to FFO. | |||||||
| Equity Residential | |||||||||||||
| Additional Reconciliations | |||||||||||||
| (Amounts in thousands except per share data) | |||||||||||||
| (All per share data is diluted) | |||||||||||||
| The earnings guidance/projections provided below are based on current expectations and are forward-looking. | |||||||||||||
| Reconciliations of EPS to FFO for Pages 24 and 25 | |||||||||||||
| Expected | Expected | ||||||||||||
| Expected Q4 2009 | Q1 2010 | 2010 | |||||||||||
| Amounts | Per Share | Per Share | Per Share | ||||||||||
| Expected Earnings - Diluted (4) | $ 75,251 | $ 0.259 | $0.17 to $0.21 | $0.67 to $0.87 | |||||||||
| Add: Expected depreciation expense | 147,495 | 0.508 | 0.50 | 2.03 | |||||||||
| Less: Expected net gain on sales (4) | (75,661 | ) | (0.261 | ) | (0.19 | ) | (0.75 | ) | |||||
| Expected FFO - Diluted (1) (2) | $ 147,085 | $ 0.506 | $0.48 to $0.52 | $1.95 to $2.15 | |||||||||
| Definitions and Footnotes for Pages 24 and 25 | ||
| (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. FFO available to Common Shares and Units is 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. |
|
| (2) |
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. FFO and 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 and 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 and 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. |
|
| (3) |
Non-comparable items are those items included in FFO that by their nature are not comparable from period to period, such as net incremental gain on sales of condominium units, impairment charges, debt extinguishment costs and redemption premiums on Preferred Shares/Preference Interests. |
|
| (4) |
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. |
|
| 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 2009 and Fourth Quarter 2009 Same Store Properties: | |||||||||||||
| Year Ended December 31, | Quarter Ended December 31, | ||||||||||||
| 2009 | 2008 | 2009 | 2008 | ||||||||||
| Operating income | $ 529,390 | $ 458,158 | $ 135,270 | $ 31,396 | |||||||||
| Adjustments: | |||||||||||||
| Non-same store operating results | (77,481 | ) | (43,201 | ) | (13,167 | ) | (7,172 | ) | |||||
| Fee and asset management revenue | (10,346 | ) | (10,715 | ) | (2,418 | ) | (3,318 | ) | |||||
| Fee and asset management expense | 7,519 | 7,981 | 1,603 | 1,827 | |||||||||
| Depreciation | 582,280 | 559,468 | 148,383 | 146,718 | |||||||||
| General and administrative | 38,994 | 44,951 | 8,518 | 10,911 | |||||||||
| Impairment | 11,124 | 116,418 | - | 116,418 | |||||||||
| Same store NOI | $ 1,081,480 | $ 1,133,060 | $ 278,189 | $ 296,780 | |||||||||
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