FORM 10-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended DECEMBER 31, 2004
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 1-12252
EQUITY RESIDENTIAL
(Exact Name of Registrant as Specified in Its Charter)
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Maryland |
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13-3675988 |
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(State or Other Jurisdiction of Incorporation or Organization) |
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(I.R.S. Employer Identification No.) |
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|
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Two North Riverside Plaza, Chicago, Illinois |
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60606 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
(312) 474-1300
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
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Common Shares of Beneficial Interest, $0.01 Par Value |
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New York Stock Exchange |
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(Title of Class) |
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(Name of Each Exchange on Which Registered) |
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|
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Preferred Shares of Beneficial Interest, $0.01 Par Value |
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New York Stock Exchange |
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(Title of Class) |
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(Name of Each Exchange on Which Registered) |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).
Yes ý No o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o
The aggregate market value of Common Shares held by non-affiliates of the Registrant was approximately $8.3 billion based upon the closing price on June 30, 2004 of $29.73 using beneficial ownership of shares rules adopted pursuant to Section 13 of the Securities Exchange Act of 1934 to exclude voting shares owned by Trustees and Executive Officers, some of who may not be held to be affiliates upon judicial determination.
The number of Common Shares of Beneficial Interest, $0.01 par value, outstanding on February 3, 2005 was 286,055,990.
DOCUMENTS INCORPORATED BY REFERENCE
Part III incorporates by reference certain information to be contained in the Company’s definitive proxy statement, which the Company anticipates will be filed no later than April 15, 2005, and thus these items have been omitted in accordance with General Instruction G (3) to Form 10-K.
2
EQUITY RESIDENTIAL
TABLE OF CONTENTS
3
General
Equity Residential (“EQR”), formed in March 1993, is a fully integrated real estate company engaged in the acquisition, development, ownership, management and operation of multifamily properties. EQR has elected to be taxed as a real estate investment trust (“REIT”).
The Company is one of the largest publicly traded real estate companies and is the largest publicly traded owner of multifamily properties (based on the aggregate market value of its outstanding Common Shares, the number of apartment units wholly owned and total revenues earned). The Company’s corporate headquarters are located in Chicago, Illinois and the Company also leases (under operating leases) approximately thirty-five divisional, regional and area property management offices throughout the United States.
EQR is the general partner of, and as of December 31, 2004 owned an approximate 93.3% ownership interest in ERP Operating Limited Partnership, an Illinois limited partnership (the “Operating Partnership”). The Company is structured as an umbrella partnership REIT (“UPREIT”), under which all property ownership and business operations are conducted through the Operating Partnership and its various subsidiaries. References to the “Company” include EQR, the Operating Partnership and each of the partnerships, limited liability companies and corporations controlled by the Operating Partnership or EQR.
As of December 31, 2004, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 939 properties in 32 states and the District of Columbia consisting of 200,149 units. The ownership breakdown includes:
|
|
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Properties |
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Units |
|
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Wholly Owned Properties |
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842 |
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176,711 |
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Partially Owned Properties (Consolidated) |
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39 |
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7,220 |
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Unconsolidated Properties |
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58 |
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16,218 |
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|
|
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939 |
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200,149 |
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As of March 1, 2005, the Company has approximately 6,000 employees who provide real estate operations, leasing, legal, financial, accounting, acquisition, disposition, development and other support functions.
Certain capitalized terms as used herein are defined in the Notes to Consolidated Financial Statements.
Available Information
You may access our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and any amendments to any of those reports we file with the SEC free of charge at our website, www.equityresidential.com. These reports are made available at our website as soon as reasonably practicable after we file them with the SEC.
Business Objectives and Operating Strategies
The Company seeks to maximize both current income and long-term growth in income, thereby increasing:
• the value of the properties;
• distributions on a per Common Share basis; and
• shareholders’ value.
4
The Company’s strategy for accomplishing these objectives include:
• Leveraging our size and scale in four critical ways:
• Investing or “recycling” capital investments in apartment communities located in strategically targeted markets, to maximize our total return on an enterprise level;
• Meeting the needs of our customers by offering a wide array of product choices and a commitment to service;
• Engaging, retaining, and attracting the best people by providing them with the education, resources and opportunities to succeed; and
• Sharing resources, customers and best practices in property management and across the enterprise.
• Owning a highly diversified portfolio by investing in target markets defined by a combination of the following criteria:
• High barrier-to-entry (low supply);
• Strong economic predictors (high demand); and
• Attractive quality of life (high demand and retention).
• Giving customers reasons to stay with Equity by providing a range of product options available in our diversified portfolio and by enhancing their experience through our employees and our services.
• Being open and responsive to market realities to take advantage of investment opportunities that align with our long-term vision.
Acquisition and Development Strategies
The Company anticipates that future property acquisitions and developments will occur within the United States. Acquisitions and developments may be financed from various sources of capital, which may include retained cash flow, issuance of additional equity and debt securities, sales of properties, joint venture agreements and collateralized and uncollateralized borrowings. In addition, the Company may acquire additional properties in transactions that include the issuance of limited partnership interests in the Operating Partnership (“OP Units”) as consideration for the acquired properties. Such transactions may, in certain circumstances, enable the sellers to defer, in part, the recognition of taxable income or gain, which might otherwise result from the sales.
When evaluating potential acquisitions and developments, the Company generally considers the following factors:
• the geographic area and type of community;
• the location, construction quality, condition and design of the property;
• the current and projected cash flow of the property and the ability to increase cash flow;
• the potential for capital appreciation of the property;
• the terms of resident leases, including the potential for rent increases;
• income levels and employment growth trends in the relevant market;
• employment and household growth and net migration of the relevant market’s population;
• the potential for economic growth and the tax and regulatory environment of the community in which the property is located;
• the occupancy and demand by residents for properties of a similar type in the vicinity (the overall market and submarket);
5
• the prospects for liquidity through sale, financing or refinancing of the property;
• the benefits of integration into existing operations;
• barriers to entry that would limit competition (zoning laws, building permit availability, supply of undeveloped or developable real estate, local building costs and construction labor costs among other factors);
• purchase prices and yields of available existing stabilized communities, if any; and
• competition from existing multifamily properties, residential properties under development and the potential for the construction of new multifamily properties in the area.
Disposition Strategies
When evaluating potential dispositions, the Company generally considers the following factors:
• low barrier-to-entry (high supply);
• weak economic predictors (low demand);
• markets where the Company does not intend to establish long-term concentrations;
• age or location of a particular property; and
• opportunistic selling based on demand and price of high quality assets, including condominium conversions.
The Company generally reinvests the proceeds received from property dispositions primarily to achieve its acquisition and development strategies. In addition, when feasible, the Company may structure these transactions as tax deferred exchanges.
Financing Strategies
The Company’s “Consolidated Debt-to-Total Market Capitalization Ratio” as of December 31, 2004 is presented in the following table. The Company calculates the equity component of its market capitalization as the sum of (i) the total outstanding Common Shares and assumed conversion of all OP Units at the equivalent market value of the closing price of the Company’s Common Shares on the New York Stock Exchange; (ii) the “Common Share Equivalent” of all convertible preferred shares and preference interests/units; and (iii) the liquidation value of all perpetual preferred shares and preference interests outstanding.
6
Capitalization as of December 31, 2004
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Total Debt |
|
|
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$ |
6,459,806,228 |
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares & OP Units |
|
305,629,855 |
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|
|
||
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Common Share Equivalents (see below) |
|
1,968,453 |
|
|
|
||
|
Total Outstanding at year-end |
|
307,598,308 |
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|
|
||
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Common Share Price at December 31, 2004 |
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$ |
36.18 |
|
|
|
|
|
|
|
|
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11,128,906,783 |
|
||
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Perpetual Preferred Shares Liquidation Value |
|
|
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615,000,000 |
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||
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Perpetual Preference Interests Liquidation Value |
|
|
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171,500,000 |
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||
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|
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|
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||
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Total Market Capitalization |
|
|
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$ |
18,375,213,011 |
|
|
|
|
|
|
|
|
|
||
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Total Debt/Total Market Capitalization |
|
|
|
35 |
% |
||
Convertible Preferred Shares, Preference Interests
and Junior Preference Units
as of December 31, 2004
|
|
|
Shares/Units |
|
Conversion Ratio |
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Common |
|
|
Preferred Shares: |
|
|
|
|
|
|
|
|
Series E |
|
811,724 |
|
1.1128 |
|
903,286 |
|
|
Series H |
|
36,934 |
|
1.4480 |
|
53,480 |
|
|
Preference Interests: |
|
|
|
|
|
|
|
|
Series H |
|
190,000 |
|
1.5108 |
|
287,052 |
|
|
Series I |
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270,000 |
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1.4542 |
|
392,634 |
|
|
Series J |
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230,000 |
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1.4108 |
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324,484 |
|
|
Junior Preference Units: |
|
|
|
|
|
|
|
|
Series B |
|
7,367 |
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1.020408 |
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7,517 |
|
|
|
|
|
|
|
|
|
|
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Total |
|
|
|
|
|
1,968,453 |
|
The Company’s policy is to maintain a ratio of consolidated debt-to-total market capitalization of less than 50% and not incur indebtedness other than short-term trade, employee compensation or similar indebtedness that will be paid in the ordinary course of business.
Equity Offerings For the Years Ended December 31, 2004, 2003 and 2002
During 2004, the Company:
• Issued 3,350,759 Common Shares pursuant to its Share Incentive Plans and received net proceeds of approximately $79.0 million.
• Issued 275,616 Common Shares pursuant to its Employee Share Purchase Plan and received net proceeds of approximately $6.9 million.
During 2003, the Company:
• Issued 600,000 Series N Cumulative Redeemable Preferred Shares with a liquidation value of $150.0 million and received net proceeds of approximately $145.3 million.
7
• Issued 3,249,555 Common Shares pursuant to its Share Incentive Plans and received net proceeds of approximately $68.4 million.
• Issued 289,274 Common Shares pursuant to its Employee Share Purchase Plan and received net proceeds of approximately $6.3 million.
During 2002, the Company:
• Issued 1,435,115 Common Shares pursuant to its Share Incentive Plans and received net proceeds of approximately $29.6 million.
• Issued 324,238 Common Shares pursuant to its Employee Share Purchase Plan and received net proceeds of approximately $7.4 million.
• Issued 31,354 Common Shares pursuant to its Share Purchase – DRIP Plan and received net proceeds of approximately $0.9 million.
• Issued 41,407 Common Shares pursuant to its Dividend Reinvestment – DRIP Plan and received net proceeds of approximately $1.2 million.
• Repurchased 5,092,300 of its Common Shares on the open market at an average price of $22.58 per share. The purchases were made between October 1 and October 22, 2002. The Company paid approximately $115.0 million in connection therewith. These shares were subsequently retired.
In February 1998, the Company filed and the SEC declared effective a Form S-3 Registration Statement to register $1.0 billion of equity securities. In addition, the Company carried over $272.4 million related to a prior registration statement. As of February 2, 2005, $956.5 million in equity securities remained available for issuance under this registration statement.
In May 2002, the Company’s shareholders approved the Company’s 2002 Share Incentive Plan. In January 2003, the Company filed a Form S-8 registration statement to register 23,125,828 Common Shares under this plan. As of January 1, 2005, 23,069,873 shares are available for issuance under this plan.
Cumulative through December 31, 2004, the Company, through a subsidiary of the Operating Partnership, issued and has outstanding various series of Preference Interests (the “Preference Interests”) with an equity value of $206.0 million receiving net proceeds of $200.9 million.
Debt Offerings For the Years Ended December 31, 2004, 2003 and 2002
During 2004:
• The Operating Partnership issued $300.0 million of five-year 4.75% redeemable unsecured fixed rate notes (the “June 2009 Notes”) in a public debt offering in June 2004. The June 2009 Notes were issued at a discount, which is being amortized over the life of the notes on a straight-line basis. The June 2009 Notes are due June 15, 2009 with interest payable semiannually in arrears on June 1 and December 1, commencing December 1, 2004. The Operating Partnership received net proceeds of approximately $296.8 million in connection with this issuance.
• The Operating Partnership issued $500.0 million of ten-year 5.25% redeemable unsecured fixed rate notes (the “September 2014 Notes”) in a public debt offering in September 2004. The September 2014 Notes were issued at a discount, which is being amortized over the life of the notes on a straight-line basis. The September 2014 Notes are due September 15, 2014 with interest payable semiannually in arrears on September 1 and March 1, commencing March 1, 2005. The Operating Partnership received net proceeds of approximately $496.1 million in connection with this issuance.
• The Operating Partnership received $100.0 million as an initial draw on a $300.0 million floating rate loan in July 2004. The loan was paid off in full and terminated in September 2004.
During 2003:
• The Operating Partnership issued $400.0 million of ten-year 5.20% redeemable unsecured fixed rate
8
notes (the “April 2013 Notes”) in a public debt offering in March 2003. The April 2013 Notes were issued at a discount, which is being amortized over the life of the notes on a straight-line basis. The April 2013 Notes are due April 1, 2013 with interest payable semiannually in arrears on April 1 and October 1, commencing October 1, 2003. The Operating Partnership received net proceeds of approximately $397.5 million in connection with this issuance.
During 2002:
• The Operating Partnership issued $400.0 million of ten-year 6.625% redeemable unsecured fixed rate notes (the “March 2012 Notes”) in a public debt offering in March 2002. The March 2012 Notes were issued at a discount, which is being amortized over the life of the notes on a straight-line basis. The March 2012 Notes are due March 15, 2012 with interest payable semiannually in arrears on September 15 and March 15, commencing September 15, 2002. The Operating Partnership received net proceeds of approximately $394.5 million in connection with this issuance.
• The Operating Partnership issued $50.0 million of five-year 4.861% redeemable unsecured fixed rate notes (the “November 2007 Notes”) in a public debt offering in November 2002. The November 2007 Notes are due November 30, 2007 with interest payable semiannually in arrears on May 30 and November 30, commencing May 30, 2003. The Operating Partnership received net proceeds of approximately $49.9 million in connection with this issuance.
In June 2003, the Operating Partnership filed and the SEC declared effective a Form S-3 registration statement to register $2.0 billion of debt securities. In addition, the Operating Partnership carried over $280.0 million related to a prior registration statement. As of February 2, 2005, $1.48 billion in debt securities remained available for issuance under this registration statement.
Credit Facilities
In May 2002, the Operating Partnership obtained a three-year $700.0 million unsecured revolving credit facility maturing May 29, 2005. Advances under the credit facility bear interest at variable rates based upon LIBOR at various interest periods, plus a spread dependent upon the Operating Partnership’s credit rating, or based upon bids received from the lending group. As of December 31, 2004, $150.0 million was outstanding and $65.4 million was restricted (dedicated to support letters of credit and not available for borrowing) on the credit facility. During the year ended December 31, 2004, the weighted average interest rate on borrowings under the line of credit was 1.73%.
The Operating Partnership is currently negotiating a new credit facility to replace or expand its existing facility and fully expects to obtain this at current or improved terms in March or April 2005.
Business Combinations
In January 2002, the Company sold the former Globe Business Resources, Inc. (“Globe”) furniture rental business it acquired in July 2000 for approximately $30.0 million in cash, which approximated the net book value at the sale date. The Company has retained ownership of the former Globe short-term furnished housing business, which is now known as Equity Corporate Housing (“ECH”).
For the year ended December 31, 2002, the Company recorded approximately $17.1 million of asset impairment charges related to ECH. Following the guidance in SFAS No. 142, these charges were the result of the Company’s decision to reduce the carrying value of ECH to $30.0 million, given the weakness in the economy and management’s expectations for near-term performance and were determined based upon a discounted cash flow analysis of the business. This impairment loss is reflected on the consolidated statements of operations as impairment on corporate housing business and on the consolidated balance sheets as a reduction in goodwill, net.
9
Competition
All of the Company’s properties are located in developed areas that include other multifamily properties. The number of competitive multifamily properties in a particular area could have a material effect on the Company’s ability to lease units at the properties or at any newly acquired properties and on the rents charged. The Company may be competing with other entities that have greater resources than the Company and whose managers have more experience than the Company’s managers. In addition, other forms of rental properties and single-family housing provide housing alternatives to potential residents of multifamily properties. Throughout 2003 and 2004, historically low mortgage interest rates coupled with increased residential construction and single-family home sales have had an adverse competitive effect on the Company.
Risk Factors
The following Risk Factors may contain defined terms that are different from those used in the other sections of this report. Unless otherwise indicated, when used in this section, the terms “we” and “us” refer to Equity Residential and its subsidiaries, including ERP Operating Limited Partnership.
Set forth below are the risks that we believe are important to investors who purchase or own our common shares of beneficial interest or preferred shares of beneficial interest (which we refer to collectively as “Shares”); preference interests (“Interests”) of a subsidiary of ERP Operating Limited Partnership; preference units (“Units”); or units of limited partnership interest (“OP Units”) of ERP Operating Limited Partnership, our operating partnership, which are redeemable on a one-for-one basis for common shares or their cash equivalent. In this section, we refer to the Shares, Interests, Units and the OP Units together as our “securities,” and the investors who own Shares, Interests, Units and/or OP Units as our “security holders.”
Real property investments are subject to varying degrees of risk and are relatively illiquid. Several factors may adversely affect the economic performance and value of our properties. These factors include changes in the national, regional and local economic climate, local conditions such as an oversupply of multifamily properties or a reduction in demand for our multifamily properties, the attractiveness of our properties to residents, competition from other available multifamily property owners and changes in market rental rates. Our performance also depends on our ability to collect rent from residents and to pay for adequate maintenance, insurance and other operating costs, including real estate taxes, which could increase over time. Also, the expenses of owning and operating a property are not necessarily reduced when circumstances such as market factors and competition cause a reduction in income from the property.
We May be Unable to Renew Leases or Relet Units as Leases Expire
When our residents decide not to renew their leases upon expiration, we may not be able to relet their units. Even if the residents do renew or we can relet the units, the terms of renewal or reletting may be less favorable than current lease terms. Because virtually all of our leases are for apartments, they are generally for terms of no more than one year. If we are unable to promptly renew the leases or relet the units, or if the rental rates upon renewal or reletting are significantly lower than expected rates, then our results of operations and financial condition will be adversely affected. Consequently, our cash flow and ability to service debt and make distributions to security holders would be reduced.
10
New Acquisitions, Developments and/or Condominium Conversion Projects May Fail to Perform as Expected and Competition for Acquisitions May Result in Increased Prices for Properties
We intend to actively acquire and develop multifamily properties for rental operations and/or specifically to convert directly into condominiums as well as upgrade and sell existing properties as individual condominiums. We may underestimate the costs necessary to bring an acquired or condominium conversion property up to standards established for its intended market position or to develop a property. Additionally, we expect that other major real estate investors with significant capital will compete with us for attractive investment opportunities or may also develop properties in markets where we focus our development efforts. This competition may increase prices for multifamily properties or decrease the price we expect to sell individual condominiums. We may not be in a position or have the opportunity in the future to make suitable property acquisitions on favorable terms. We also plan to develop more properties ourselves over the next few years in addition to co-investing with our development partners for either the rental or condominium market, depending on opportunities in each sub-market. This may increase the overall level of risk associated with developments. The total number of development units, cost of development and estimated completion dates are subject to uncertainties arising from changing economic conditions (such as the cost of labor and construction materials), competition and local government regulation.
Because Real Estate Investments Are Illiquid, We May Not Be Able To Sell Properties When Appropriate
Real estate investments generally cannot be sold quickly. We may not be able to change our portfolio promptly in response to economic or other conditions. This inability to respond promptly to changes in the performance of our investments could adversely affect our financial condition and ability to make distributions to our security holders.
Changes in Laws and Litigation Risk Could Affect Our Business
We are generally not able to pass through to our residents under existing leases real estate taxes, income taxes or other taxes. Consequently, any such tax increases may adversely affect our financial condition and limit our ability to make distributions to our security holders. Similarly, changes that increase our potential liability under environmental laws or our expenditures on environmental compliance would adversely affect our cash flow and ability to make distributions on our securities.
As the largest publicly traded owner of multifamily properties, we may become involved in legal proceedings, including but not limited to, consumer, employment, tort and commercial, that if decided adversely to or settled by us, could result in liability material to our financial condition or results of operations.
Environmental Problems are Possible and can be Costly
Federal, state and local laws and regulations relating to the protection of the environment may require a current or previous owner or operator of real estate to investigate and clean up hazardous or toxic substances or petroleum product releases at such property. The owner or operator may have to pay a governmental entity or third parties for property damage and for investigation and clean-up costs incurred by such parties in connection with the contamination. These laws typically impose clean-up responsibility and liability without regard to whether the owner or operator knew of or caused the presence of the contaminants. Even if more than one person may have been responsible for the contamination each person covered by the environmental laws may be held responsible for all of the clean-up costs incurred. In addition, third parties may sue the owner or operator of a site for damages and costs resulting from environmental contamination emanating from that site.
Substantially all of our properties have been the subject of environmental assessments completed by qualified independent environmental consultant companies. These environmental assessments have not revealed, nor are we aware of, any environmental liability that our management believes would have a material adverse effect on our business, results of operations, financial condition or liquidity.
Over the past four years, there have been an increasing number of lawsuits against owners and managers of multifamily properties other than the Company alleging personal injury and property damage caused by the presence of mold in residential real estate. Some of these lawsuits have resulted in
11
substantial monetary judgments or settlements. Insurance carriers have reacted to these liability awards by excluding mold related claims from standard policies and pricing mold endorsements at prohibitively high rates. We have adopted programs designed to minimize the existence of mold in any of our properties as well as guidelines for promptly addressing and resolving reports of mold to minimize any impact mold might have on residents or the property.
We cannot be assured that existing environmental assessments of our properties reveal all environmental liabilities, that any prior owner of any of our properties did not create a material environmental condition not known to us, or that a material environmental condition does not otherwise exist as to any one or more of our properties.
Insurance Policy Deductibles and Exclusions
In order to partially mitigate the substantial increase in insurance costs in recent years, management has determined to gradually increase deductible and self-insured retention amounts. As of December 31, 2004, the Company’s property insurance policy (for Wholly Owned Properties) provides for a per occurrence deductible of $250,000 and self insured retention of $5.0 million per occurrence, subject to a maximum annual aggregate self insured retention of $7.5 million. The Company’s liability and worker’s compensation policies at December 31, 2004, provide for a $1.0 million per occurrence deductible. These higher deductible and self-insured retention amounts do expose the Company to greater potential uninsured losses, such as the property damage caused by Hurricanes Charley, Frances, Ivan and Jeanne, but management believes the savings in insurance premium expense justifies this increased exposure over the long-term.
As a result of the terrorist attacks of September 11, 2001, property insurance carriers have created exclusions for losses from terrorism from our “all risk” insurance policies. While separate terrorism insurance coverage is available in certain instances, premiums for such coverage are generally very expensive and deductibles are very high. Additionally, the terrorism insurance coverage that is available typically excludes coverage for losses from nuclear, biological and chemical attacks. At the present time, the Company has determined that it is not economically prudent to obtain property terrorism insurance for its entire portfolio to the extent otherwise available, especially given the significant risks that are not covered by such insurance. As of December 31, 2004, the Company’s high-rise properties were insured for $125 million in terrorism insurance coverage, with a $5 million deductible. In the event of a terrorist attack impacting one or more of the properties, we could lose the revenues from the property, our capital investment in the property and possibly face liability claims from residents or others suffering injuries or losses. The Company believes, however, that the number and geographic diversity of its portfolio and its high-rise terrorism insurance coverage help to mitigate its exposure to the risks associated with potential terrorist attacks.
12
General
Debt Summary
|
|
|
$ Millions * |
|
Weighted |
|
|
|
Secured |
|
$ |
3,167 |
|
5.46 |
% |
|
Unsecured |
|
3,293 |
|
5.81 |
% |
|
|
Total |
|
$ |
6,460 |
|
5.63 |
% |
|
|
|
|
|
|
|
|
|
Fixed Rate |
|
$ |
5,071 |
|
6.45 |
% |
|
Floating Rate |
|
1,389 |
|
2.51 |
% |
|
|
Total |
|
$ |
6,460 |
|
5.63 |
% |
|
|
|
|
|
|
|
|
|
Above Totals Include: |
|
|
|
|
|
|
|
Tax Exempt: |
|
|
|
|
|
|
|
Fixed |
|
$ |
287 |
|
4.30 |
% |
|
Floating |
|
562 |
|
1.79 |
% |
|
|
Total |
|
$ |
849 |
|
2.70 |
% |
|
|
|
|
|
|
|
|
|
Unsecured Revolving Credit Facility |
|
$ |
150 |
|
1.73 |
% |
|
* Net of the effect of any derivative instruments. |
|
|
|
|
|
|
In addition to debt, we have $842.4 million of combined liquidation value of outstanding preferred shares of beneficial interest and preference interests and units, with a weighted average dividend preference of 8.23% per annum, as of December 31, 2004. Our use of debt and preferred equity financing creates certain risks, including the following:
Scheduled Debt Payments Could Adversely Affect Our Financial Condition
In the future, our cash flow could be insufficient to meet required payments of principal and interest or to pay distributions on our securities at expected levels.
We may not be able to refinance existing debt (which in virtually all cases requires substantial principal payments at maturity) and, if we can, the terms of such refinancing might not be as favorable as the terms of existing indebtedness. If principal payments due at maturity cannot be refinanced, extended or paid with proceeds of other capital transactions, such as new equity capital, our cash flow will not be sufficient in all years to repay all maturing debt. As a result, we may be forced to postpone capital expenditures necessary for the maintenance of our properties and may have to dispose of one or more properties on terms that would otherwise be unacceptable to us. The Company’s debt maturity schedule as of December 31, 2004 is as follows:
13
Debt Maturity Schedule
|
Year |
|
$ Millions |
|
% of Total |
|
|
|
2005(1)(2) |
|
$ |
818 |
|
12.7 |
% |
|
2006(3) |
|
492 |
|
7.6 |
% |
|
|
2007 |
|
449 |
|
7.0 |
% |
|
|
2008 |
|
627 |
|
9.7 |
% |
|
|
2009 |
|
838 |
|
13.0 |
% |
|
|
2010 |
|
232 |
|
3.6 |
% |
|
|
2011 |
|
718 |
|
11.1 |
% |
|
|
2012 |
|
454 |
|
7.0 |
% |
|
|
2013 |
|
415 |
|
6.4 |
% |
|
|
2014+ |
|
1,417 |
|
21.9 |
% |
|
|
Total |
|
$ |
6,460 |
|
100.0 |
% |
(1) Includes $300 million of unsecured debt with a final maturity of 2015 that is putable/callable in 2005.
(2) Includes $150 million outstanding on the Company’s unsecured revolving credit facility.
(3) Includes $150 million of unsecured debt with a final maturity of 2026 that is putable in 2006.
Financial Covenants Could Adversely Affect the Company’s Financial Condition
If a property we own is mortgaged to secure payment of indebtedness and we are unable to meet the mortgage payments, the holder of the mortgage could foreclose on the property, resulting in loss of income and asset value. Foreclosure on mortgaged properties or an inability to refinance existing indebtedness would likely have a negative impact on our financial condition and results of operations.
The mortgages on our properties may contain customary negative covenants that, among other things, limit our ability, without the prior consent of the lender, to further mortgage the property and to reduce or change insurance coverage. In addition, our unsecured credit facilities contain certain customary restrictions, requirements and other limitations on our ability to incur indebtedness. The indentures under which a substantial portion of our debt was issued also contain certain financial and operating covenants including, among other things, maintenance of certain financial ratios, as well as limitations on our ability to incur secured and unsecured indebtedness (including acquisition financing), and to sell all or substantially all of our assets. Our credit facility and indentures are cross-defaulted and also contain cross default provisions with other material indebtedness. Our unsecured public debt covenants as of December 31, 2004 and 2003, respectively, are (terms are defined in the indentures):
14
Unsecured Public Debt Covenants
|
|
|
As of |
|
As of |
|
|
Total Debt to Adjusted Total Assets (not to exceed 60%) |
|
42.5 |
% |
39.1 |
% |
|
|
|
|
|
|
|
|
Secured Debt to Adjusted Total Assets (not to exceed 40%) |
|
20.8 |
% |
19.6 |
% |
|
|
|
|
|
|
|
|
Consolidated Income Available For Debt Service To Maximum Annual Service Charges (must be at least 1.5 to 1) |
|
2.88 |
|
2.90 |
|
|
|
|
|
|
|
|
|
Total Unsecured Assets to Unsecured Debt (must be at least 150%) |
|
278.1 |
% |
330.2 |
% |
Some of the properties were financed with tax-exempt bonds that contain certain restrictive covenants or deed restrictions. We have retained an independent outside consultant to monitor compliance with the restrictive covenants and deed restrictions that affect these properties. If these bond compliance requirements restrict our ability to increase our rental rates to attract low or moderate-income residents, or eligible/qualified residents, then our income from these properties may be limited.
Our Degree of Leverage Could Limit Our Ability to Obtain Additional Financing
Our Consolidated Debt-to-Total Market Capitalization Ratio was 35% as of December 31, 2004. We have a policy of incurring indebtedness for borrowed money only through the Operating Partnership and its subsidiaries and only if upon such incurrence our debt to market capitalization ratio would be approximately 50% or less. Our degree of leverage could have important consequences to security holders. For example, the degree of leverage could affect our ability to obtain additional financing in the future for working capital, capital expenditures, acquisitions, development or other general corporate purposes, making us more vulnerable to a downturn in business or the economy in general.
Rising Interest Rates Could Adversely Affect Cash Flow
Advances under our credit facility bear interest at variable rates based upon LIBOR at various interest periods, plus a spread dependent upon the Operating Partnership’s credit rating, or based upon bids received from the lending group. Certain public issuances of our senior unsecured debt instruments may also, from time to time, bear interest at floating rates. We may also borrow additional money with variable interest rates in the future. Increases in interest rates would increase our interest expenses under these debt instruments and would increase the costs of refinancing existing indebtedness and of issuing new debt. Accordingly, higher interest rates could adversely affect cash flow and our ability to service our debt and to make distributions to security holders.
15
We Depend on Our Key Personnel
We depend on the efforts of the Chairman of our Board of Trustees, Samuel Zell, and our executive officers, particularly Bruce W. Duncan, our President and Chief Executive Officer and Gerald A. Spector, our Chief Operating Officer. If they resign, our operations could be temporarily adversely affected. Mr. Zell has entered into executive compensation and retirement benefit agreements with the Company. Mr. Duncan and Mr. Spector have entered into Deferred Compensation Agreements with the Company that under certain conditions could provide both with a salary benefit after their respective termination of employment with the Company. In addition, Mr. Zell and Mr. Spector have entered into Noncompetition Agreements with the Company and Mr. Duncan’s Employment Agreement contains covenants not to compete in favor of the Company.
In the event the Chairman of the Board and/or CEO are unable to serve, (i) the Lead Trustee shall automatically be appointed to serve as the interim successor to the Chairman, (ii) the Chairman shall automatically be appointed to serve as the interim successor to the CEO and (iii) the Chair of the Compensation Committee of the Board will immediately call a meeting of the Committee to recommend to the full Board the selection of a permanent replacement for either or both positions, as necessary.
Control and Influence by Significant Shareholders Could be Exercised in a Manner Adverse to Other Shareholders
As of December 31, 2004, Samuel Zell, the Chairman of the Board of the Company, and certain of the current holders of OP Units issued to affiliates of Mr. Zell, and our executive officers and trustees, owned some of our common shares. In addition, the consent of certain affiliates of Mr. Zell is required for certain amendments to the Fifth Amended and Restated Agreement of Limited Partnership of ERP Operating Limited Partnership (the “Partnership Agreement”). As a result of their security ownership and rights concerning amendments to the Partnership Agreement, the Zell affiliates may have influence over the Company. Although these security holders have not agreed to act together on any matter, they would be in a position to exercise even more influence over the Company’s affairs if they were to act together in the future. This influence could conceivably be exercised in a manner that is inconsistent with the interests of other security holders. For additional information regarding the security ownership of Mr. Zell and our executive officers and trustees, see the Company’s definitive proxy statement.
Shareholders’ Ability to Effect Changes in Control of the Company is Limited
Provisions of Our Declaration of Trust and Bylaws Could Inhibit Changes in Control
Certain provisions of our Declaration of Trust and Bylaws may delay or prevent a change in control of the Company or other transactions that could provide the security holders with a premium over the then-prevailing market price of their securities or which might otherwise be in the best interest of our security holders. This includes the 5% Ownership Limit described below. See “We Have a Share Ownership Limit for REIT Tax Purposes.” Also, any future series of preferred shares of beneficial interest may have certain voting provisions that could delay or prevent a change of control or other transactions that might otherwise be in the interest of our security holders.
We Have a Share Ownership Limit for REIT Tax Purposes
To remain qualified as a REIT for federal income tax purposes, not more than 50% in value of our outstanding Shares may be owned, directly or indirectly, by five or fewer individuals at any time during the last half of any year. To facilitate maintenance of our REIT qualification, our Declaration of Trust, subject to certain exceptions, prohibits ownership by any single shareholder of more than 5% of the lesser of the number or value of the outstanding class of common or preferred shares. We refer to this restriction as the “Ownership Limit.” Absent any exemption or waiver granted by our Board of Trustees, securities acquired or held in violation of the Ownership Limit will be transferred to a trust for the exclusive benefit of a designated charitable beneficiary, and the security holder’s rights to distributions and to vote would terminate. A transfer of Shares may be void if it causes a person to violate the Ownership Limit. The Ownership Limit could delay or prevent a change in control and, therefore, could adversely affect our security holders’ ability to realize a premium over the then-prevailing market price for their Shares. To reduce the ability of the Board to use the Ownership Limit as an anti-takeover device, on May 28, 2004 the Company amended the Ownership Limit to require, rather than permit, the Board to grant a waiver of the
16
Ownership Limit if the individual seeking a waiver demonstrates that such ownership would not jeopardize the Company’s status as a REIT.
Our Preferred Shares of Beneficial Interest May Affect Changes in Control
Our Declaration of Trust authorizes the Board of Trustees to issue up to 100 million preferred shares of beneficial interest, and to establish the preferences and rights (including the right to vote and the right to convert into common shares) of any preferred shares issued. The Board of Trustees may use its powers to issue preferred shares and to set the terms of such securities to delay or prevent a change in control of the Company, even if a change in control were in the interest of security holders. As of December 31, 2004, 4,108,658 preferred shares were issued and outstanding.
Inapplicability of Maryland Law Limiting Certain Changes in Control
Certain provisions of Maryland law applicable to real estate investment trusts prohibit “business combinations” (including certain issuances of equity securities) with any person who beneficially owns ten percent or more of the voting power of outstanding securities, or with an affiliate who, at any time within the two-year period prior to the date in question, was the beneficial owner of ten percent or more of the voting power of the trust’s outstanding voting securities (an “Interested Shareholder”), or with an affiliate of an Interested Shareholder. These prohibitions last for five years after the most recent date on which the Interested Shareholder became an Interested Shareholder. After the five-year period, a business combination with an Interested Shareholder must be approved by two super-majority shareholder votes unless, among other conditions, holders of common shares receive a minimum price for their shares and the consideration is received in cash or in the same form as previously paid by the Interested Shareholder for its common shares. As permitted by Maryland law, however, the Board of Trustees of the Company has opted out of these restrictions with respect to any business combination involving the Zell Original Owners and persons acting in concert with any of the Zell Original Owners. Consequently, the five-year prohibition and the super-majority vote requirements will not apply to a business combination involving us and/or any of them. Such business combinations may not be in the best interest of our security holders.
Our Success as a REIT is Dependent on Compliance with Federal Income Tax Requirements
Our Failure to Qualify as a REIT Would Have Serious Adverse Consequences to Our Security Holders
We believe that we have qualified for taxation as a REIT for federal income tax purposes since our taxable year ended December 31, 1992 based, in part, upon opinions of tax counsel received whenever we have issued equity securities or engaged in significant merger transactions. We plan to continue to meet the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. We cannot, therefore, guarantee that we have qualified or will qualify in the future as a REIT. The determination that we are a REIT requires an analysis of various factual matters that may not be totally within our control. For example, to qualify as a REIT, at least 95% of our gross income must come from sources that are itemized in the REIT tax laws. We are also required to distribute to security holders at least 90% of our REIT taxable income excluding capital gains. The fact that we hold our assets through ERP Operating Limited Partnership and its subsidiaries further complicates the application of the REIT requirements. Even a technical or inadvertent mistake could jeopardize our REIT status. Furthermore, Congress and the IRS might make changes to the tax laws and regulations, and the courts might issue new rulings that make it more difficult, or impossible, for us to remain qualified as a REIT. We do not believe, however, that any pending or proposed tax law changes would jeopardize our REIT status.
If we fail to qualify as a REIT, we would be subject to federal income tax at regular corporate rates. Also, unless the IRS granted us relief under certain statutory provisions, we would remain disqualified as a REIT for four years following the year we first failed to qualify. If we fail to qualify as a REIT, we would have to pay significant income taxes. We, therefore, would have less money available for
17
investments or for distributions to security holders. This would likely have a significant adverse affect on the value of our securities. In addition, we would no longer be required to make any distributions to security holders.
We could be Disqualified as a REIT or Have to Pay Taxes if Our Merger Partners Did Not Qualify as REITs
If any of our recent merger partners had failed to qualify as a REIT throughout the duration of their existence, then they might have had undistributed “C corporation earnings and profits” at the time of their merger with us. If that was the case and we did not distribute those earnings and profits prior to the end of the year in which the merger took place, we might not qualify as a REIT. We believe based, in part, upon opinions of legal counsel received pursuant to the terms of our merger agreements as well as our own investigations, among other things, that each of our merger partners qualified as a REIT and that, in any event, none of them had any undistributed “C corporation earnings and profits” at the time of their merger with us. If any of our merger partners failed to qualify as a REIT, an additional concern would be that they would have recognized taxable gain at the time they were merged with us. We would be liable for the tax on such gain. In this event, we would have to pay corporate income tax on any gain existing at the time of the applicable merger on assets acquired in the merger if the assets are sold within ten years of the merger. Finally, we could be precluded from electing REIT status for up to four years after the year in which the predecessor entity failed to qualify for REIT status.
Other Tax Liabilities
Even if we qualify as a REIT, we will be subject to certain federal, state and local taxes on our income and property. In addition, our third-party management operations, corporate housing business and condominium conversion business, which are conducted through subsidiaries, generally will be subject to federal income tax at regular corporate rates.
Compliance with REIT Distribution Requirements May Affect Our Financial Condition
Distribution Requirements May Increase the Indebtedness of the Company
We may be required from time to time, under certain circumstances, to accrue as income for tax purposes interest and rent earned but not yet received. In such event, or upon our repayment of principal on debt, we could have taxable income without sufficient cash to enable us to meet the distribution requirements of a REIT. Accordingly, we could be required to borrow funds or liquidate investments on adverse terms in order to meet these distribution requirements.
General
The following discussion summarizes the federal income tax considerations material to a holder of common shares. It is not exhaustive of all possible tax considerations. For example, it does not give a detailed discussion of any state, local or foreign tax considerations. The following discussion also does not address all tax matters that may be relevant to prospective shareholders in light of their particular circumstances. Moreover, it does not address all tax matters that may be relevant to shareholders who are subject to special treatment under the tax laws, such as insurance companies, tax-exempt entities, financial institutions or broker-dealers, foreign corporations and persons who are not citizens or residents of the United States.
The specific tax attributes of a particular shareholder could have a material impact on the tax considerations associated with the purchase, ownership and disposition of common shares. Therefore, it is essential that each prospective shareholder consult with his or her own tax advisors with regard to the
18
application of the federal income tax laws to the shareholder’s personal tax situation, as well as any tax consequences arising under the laws of any state, local or foreign taxing jurisdiction.
The information in this section is based on the current Internal Revenue Code, current, temporary and proposed Treasury regulations, the legislative history of the Internal Revenue Code, current administrative interpretations and practices of the Internal Revenue Service, including its practices and policies as set forth in private letter rulings, which are not binding on the Internal Revenue Service, and existing court decisions. Future legislation, regulations, administrative interpretations and court decisions could change current law or adversely affect existing interpretations of current law. Any change could apply retroactively. Thus, it is possible that the Internal Revenue Service could challenge the statements in this discussion, which do not bind the Internal Revenue Service or the courts, and that a court could agree with the Internal Revenue Service.
Our Taxation
We elected REIT status beginning with the year that ended December 31, 1992. In any year in which we qualify as a REIT, we generally will not be subject to federal income tax on the portion of our REIT taxable income or capital gain that we distribute to our shareholders. This treatment substantially eliminates the double taxation that applies to most corporations, which pay a tax on their income and then distribute dividends to shareholders who are in turn taxed on the amount they receive.
We will be subject to federal income tax at regular corporate rates upon our REIT taxable income or capital gain that we do not distribute to our shareholders. In addition, we will be subject to a 4% excise tax if we do not satisfy specific REIT distribution requirements. We could also be subject to the “alternative minimum tax” on our items of tax preference. In addition, any net income from “prohibited transactions” (i.e., dispositions of property, other than property held by a taxable REIT subsidiary, held primarily for sale to customers in the ordinary course of business) will be subject to a 100% tax. We could also be subject to a 100% penalty tax on certain payments received from or on certain expenses deducted by a taxable REIT subsidiary if any such transaction is not respected by the Internal Revenue Service. If we fail to satisfy the 75% gross income test or the 95% gross income test (described below) but have maintained our qualification as a REIT because we satisfied certain other requirements, we will still generally be subject to a 100% penalty tax on the amount by which we fail such gross income test. If we fail to satisfy any of the REIT asset tests (described below) by more than a de minimis amount, due to reasonable cause, and we nonetheless maintain our REIT qualification because of specified cure provisions, we will be required to pay a tax equal to the greater of $50,000 or the highest corporate tax rate multiplied by the net income generated by the nonqualifying assets (this relief provision is generally applicable only for our taxable years commencing on or after January 1, 2005). If we fail to satisfy any provision of the Internal Revenue Code that would result in our failure to qualify as a REIT (other than a violation of the REIT gross income or asset tests described below) and the violation is due to reasonable cause, we may retain our REIT qualification but we will be required to pay a penalty of $50,000 for each such failure (this relief provision is generally applicable only for our taxable years commencing on or after January 1, 2005). Moreover, we may be subject to taxes in certain situations and on certain transactions that we do not presently contemplate.
We believe that we have qualified as a REIT for all of our taxable years beginning with 1992. We also believe that our current structure and method of operation is such that we will continue to qualify as a REIT. However, given the complexity of the REIT qualification requirements, we cannot provide any assurance that the actual results of our operations have satisfied or will satisfy the requirements under the Internal Revenue Code for a particular year.
If we fail to qualify for taxation as a REIT in any taxable year and the relief provisions described herein do not apply, we will be subject to tax on our taxable income at regular corporate rates. We also may be subject to the corporate “alternative minimum tax.” As a result, our failure to qualify as a REIT would significantly reduce the cash we have available to distribute to our shareholders. Unless entitled to statutory relief, we would be disqualified as a REIT for the four taxable years following the year during which qualification was lost. It is not possible to state whether we would be entitled to statutory relief.
19
Our qualification and taxation as a REIT depend on our ability to satisfy various requirements under the Internal Revenue Code. We are required to satisfy these requirements on a continuing basis through actual annual operating and other results. Accordingly, there can be no assurance that we will be able to continue to operate in a manner so as to remain qualified as a REIT.
Share Ownership Test and Organizational Requirement. In order to qualify as a REIT, our shares of beneficial interest must be held by a minimum of 100 persons for at least 335 days of a taxable year that is 12 months, or during a proportionate part of a taxable year of less than 12 months. Also, not more than 50% in value of our shares of beneficial interest may be owned directly or indirectly by applying certain constructive ownership rules, by five or fewer individuals during the last half of each taxable year. In addition, we must meet certain other organizational requirements, including, but not limited to, that (i) the beneficial ownership in us is evidenced by transferable shares and (ii) we are managed by one or more trustees. We believe that we have satisfied all of these tests and all other organizational requirements and that we will continue to do so in the future. In order to ensure compliance with the 100 person test and the 50% share ownership test discussed above, we have placed certain restrictions on the transfer of our shares that are intended to prevent further concentration of share ownership. However, such restrictions may not prevent us from failing these requirements, and thereby failing to qualify as a REIT.
Gross Income Tests. To qualify as a REIT, we must satisfy two gross income tests. First, at least 75% of our gross income for each taxable year must be derived directly or indirectly from rents from real property, investments in real estate and/or real estate mortgages, dividends paid by another REIT and from some types of temporary investments. Second, at least 95% of our gross income for each taxable year must be derived from any combination of income qualifying under the 75% test and dividends, non-real estate mortgage interest, some payments under hedging instruments and gain from the sale or disposition of stock or securities. To qualify as rents from real property for the purpose of satisfying the gross income tests, rental payments must generally be received from unrelated persons and not be based on the net income of the resident. Also, the rent attributable to personal property must not exceed 15% of the total rent. We may generally provide services to residents without “tainting” our rental income only if such services are “usually or customarily rendered” in connection with the rental of real property and not otherwise considered “impermissible services”. If such services are impermissible, then we may generally provide them only if they are considered de minimis in amount, or are provided through an independent contractor from whom we derive no revenue and that meets other requirements, or through a taxable REIT subsidiary. We believe that services provided to residents by us either are usually or customarily rendered in connection with the rental of real property and not otherwise considered impermissible, or, if considered impermissible services, will meet the de minimis test or will be provided by an independent contractor or taxable REIT subsidiary. However, we cannot provide any assurance that the Internal Revenue Service will agree with these positions.
If we fail to satisfy one or both of the gross income tests for any taxable year, we may nevertheless qualify as a REIT for the year if we are entitled to relief under certain provisions of the Internal Revenue Code. In this case, a penalty tax would still be applicable as discussed above. Generally, it is not possible to state whether in all circumstances we would be entitled to the benefit of these relief provisions and in the event these relief provisions do not apply, we will not qualify as a REIT.
Asset Tests. In general, at the close of each quarter of our taxable year, we must satisfy four tests relating to the nature of our assets: (1) at least 75% of the value of our total assets must be represented by real estate assets (which include for this purpose shares in other real estate investment trusts) and certain cash related items; (2) not more than 25% of our total assets may be represented by securities other than those in the 75% asset class; (3) except for equity investments in other REITs, qualified REIT subsidiaries (i.e., corporations owned 100% by a REIT that are not TRSs or REITs), or taxable REIT subsidiaries: (a) the value of any one issuer’s securities owned by us may not exceed 5% of the value of our total assets and (b) we may not own more than 10% of the value of or the voting securities of any one issuer; and (4) not more than 20% of our total assets may be represented by securities of one or more taxable REIT subsidiaries. Securities for purposes of the asset tests described in (3) above may include debt securities other than those qualifying as "straight debt". We currently own equity interests in certain entities that have elected to be taxed as REITs for federal income tax purposes and are not publicly traded. If any such entity were to fail to qualify as a REIT, we would not meet the
20
10% voting stock limitation and the 10% value limitation and we would fail to qualify as a REIT. We believe that we and each of the REITs we own an interest in have and will comply with the foregoing asset tests for REIT qualification. However, we cannot provide any assurance that the Internal Revenue Service might not disagree with our determinations.
For taxable years commencing on or after January 1, 2005, if we fail to satisfy the 5% or 10% asset tests described above after a 30-day cure period provided in the Internal Revenue Code, we will be deemed to have met such tests if the value of our non-qualifying assets is de minimis (i.e., does not exceed the lesser of 1% of the total value of our assets at the end of the applicable quarter or $10,000,000) and we dispose of the non-qualifying assets within six months after the last day of the quarter in which the failure to satisfy the asset tests is discovered. For violations due to reasonable cause and not willful neglect that are in excess of the de minimis exception described above, we may avoid disqualification as a REIT under any of the asset tests, after the 30-day cure period, by disposing of sufficient assets to meet the asset test within such six month period, paying a tax equal to the greater of $50,000 or the highest corporate tax rate multiplied by the net income generated by the non-qualifying assets and disclosing certain information to the Internal Revenue Service. If we cannot avail ourselves of these relief provisions, or if we fail to timely cure any noncompliance with the asset tests, we would cease to qualify as a REIT.
Annual Distribution Requirements. To qualify as a REIT, we are generally required to distribute dividends, other than capital gain dividends, to our shareholders each year in an amount at least equal to 90% of our REIT taxable income. These distributions must be paid either in the taxable year to which they relate, or in the following taxable year if declared before we timely file our tax return for the prior year and if paid with or before the first regular dividend payment date after the declaration is made. We intend to make timely distributions sufficient to satisfy our annual distribution requirements. To the extent that we do not distribute all of our net capital gain or distribute at least 90%, but less than 100% of our REIT taxable income, as adjusted, we are subject to tax on these amounts at regular corporate rates. We will be subject to a 4% excise tax on the excess of the required distribution over the sum of amounts actually distributed and amounts retained for which federal income tax was paid, if we fail to distribute during each calendar year at least the sum of: (1) 85% of our REIT ordinary income for the year; (2) 95% of our REIT capital gain net income for the year; and (3) any undistributed taxable income from prior taxable years. A REIT may elect to retain rather than distribute all or a portion of its net capital gains and pay the tax on the gains. In that case, a REIT may elect to have its shareholders include their proportionate share of the undistributed net capital gains in income as long-term capital gains and receive a credit for their share of the tax paid by the REIT. For purposes of the 4% excise tax described above, any retained amounts would be treated as having been distributed.
Ownership of Partnership Interests By Us. As a result of our ownership of the Operating Partnership, we will be considered to own and derive our proportionate share of the assets and items of income of the Operating Partnership, respectively, for purposes of the REIT asset and income tests, including its share of assets and items of income of any subsidiaries that are partnerships or limited liability companies.
Ownership of Taxable REIT Subsidiaries By Us. The Internal Revenue Code provides that for taxable years beginning after December 31, 2000, REITs may own greater than ten percent of the voting power and value of the securities of "taxable REIT subsidiaries" or "TRSs", which are corporations subject to tax as a regular "C" corporation that have elected, jointly with a REIT, to be a TRS. Generally, a taxable REIT subsidiary may own assets that cannot otherwise be owned by a REIT and can perform impermissible tenant services (discussed above), which would otherwise taint our rental income under the REIT income tests. In certain circumstances, assets owned by us are sold to our TRSs. In any such sale, the price paid by the TRS to us is determined on an arms length basis and is supported by third party valuation reports. In enacting the taxable REIT subsidiary rules, Congress intended that the arrangements between a REIT and its taxable REIT subsidiaries be structured to ensure that a taxable REIT subsidiary will be subject to an appropriate level of federal income taxation. As a result, the Internal Revenue Code imposes certain limits on the ability of a taxable REIT subsidiary to deduct interest payments made to us. In addition as discussed above, we will be obligated to pay a 100% penalty tax on some payments that we receive or on certain expenses deducted by our TRSs if the economic arrangements between us, our tenants and the TRS are not comparable to similar arrangements among unrelated parties.
Our Management Company and Other Subsidiaries. A small portion of the cash to be used by the Operating Partnership to fund distributions to us is expected to come from payments of dividends from management companies and other subsidiaries of the Company that have elected TRS status. These companies pay federal and state income tax at the full applicable corporate rates. They will attempt to minimize the amount of these taxes, but we cannot guarantee whether or the extent to which, measures taken to minimize these taxes will be successful. To the extent that these companies are required to pay taxes, the cash available for distribution from these management companies by us to shareholders will be reduced accordingly.
State and Local Taxes. We may be subject to state or local taxation in various jurisdictions, including those in which we transact business or reside. Our state and local tax treatment may not conform to the federal income tax treatment discussed above. Consequently, prospective shareholders should consult their own tax advisors regarding the effect of state and local tax laws on an investment in common shares.
Taxation of Domestic Shareholders Subject to U.S. Tax
General. If we qualify as a REIT, distributions made to our taxable domestic shareholders with respect to their common shares, other than capital gain distributions and distributions attributable to taxable REIT subsidiaries, will be treated as ordinary income to the extent that the distributions come out of earnings and profits. These distributions will not be eligible for the dividends received deduction for shareholders that are corporations nor will they constitute “qualified dividend income” under the Internal Revenue Code, meaning that such dividends will be taxed at marginal rates applicable to ordinary income rather than the special capital gain rates applicable to qualified dividend income distributed to shareholders who satisfy applicable holding period requirements. In determining whether
21
distributions are out of earnings and profits, we will allocate our earnings and profits first to preferred shares and second to the common shares. The portion of ordinary dividends, made after December 31, 2002, which represent ordinary dividends we receive from a TRS, will be designated as “qualified dividend income” to REIT shareholders and are eligible for preferential tax rates if paid to our non-corporate shareholders.
To the extent we make distributions to our taxable domestic shareholders in excess of our earnings and profits, such distributions will be considered a return of capital. Such distributions will be treated as a tax-free distribution and will reduce the tax basis of a shareholder’s common shares by the amount of the distribution so treated. To the extent such distributions cumulatively exceed a taxable domestic shareholder’s tax basis; such distributions are taxable as a gain from the sale of shares. Shareholders may not include in their individual income tax returns any of our net operating losses or capital losses.
Distributions made by us that we properly designate as capital gain dividends will be taxable to taxable domestic shareholders as gain from the sale or exchange of a capital asset held for more than one year. This treatment applies only to the extent that the designated distributions do not exceed our actual net capital gain for the taxable year. It applies regardless of the period for which a domestic shareholder has held his or her common shares. Despite this general rule, corporate shareholders may be required to treat up to 20% of certain capital gain dividends as ordinary income.
Generally, we will classify a portion of our designated capital gain dividends as a 15% rate gain distribution and the remaining portion as an unrecaptured Section 1250 gain distribution. A 15% rate gain distribution would be taxable to taxable domestic shareholders that are individuals, estates or trusts at a maximum rate of 15%. An unrecaptured Section 1250 gain distribution would be taxable to taxable domestic shareholders that are individuals, estates or trusts at a maximum rate of 25%.
If, for any taxable year, we elect to designate as capital gain dividends any portion of the dividends paid or made available for the year to holders of all classes of shares of beneficial interest, then the portion of the capital gains dividends that will be allocable to the holders of common shares will be the total capital gain dividends multiplied by a fraction. The numerator of the fraction will be the total dividends paid or made available to the holders of the common shares for the year. The denominator of the fraction will be the total dividends paid or made available to holders of all classes of shares of beneficial interest.
We may elect to retain (rather than distribute as is generally required) net capital gain for a taxable year and pay the income tax on that gain. If we make this election, shareholders must include in income, as long-term capital gain, their proportionate share of the undistributed net capital gain. Shareholders will be treated as having paid their proportionate share of the tax paid by us on these gains. Accordingly, they will receive a tax credit or refund for the amount. Shareholders will increase the basis in their common shares by the difference between the amount of capital gain included in their income and the amount of the tax they are treated as having paid. Our earnings and profits will be adjusted appropriately.
In general, a shareholder will recognize gain or loss for federal income tax purposes on the sale or other disposition of common shares in an amount equal to the difference between:
(a) the amount of cash and the fair market value of any property received in the sale or other disposition; and
(b) the shareholder’s adjusted tax basis in the common shares.
The gain or loss will be capital gain or loss if the common shares were held as a capital asset. Generally, the capital gain or loss will be long-term capital gain or loss if the common shares were held for more than one year.
In general, a loss recognized by a shareholder upon the sale of common shares that were held for six months or less, determined after applying certain holding period rules, will be treated as long-term capital loss to the extent that the shareholder received distributions that were treated as long-term capital gains. For shareholders who are individuals, trusts and estates, the long-term capital loss will be apportioned among the applicable long-term capital gain rates to the extent that distributions received by the shareholder were previously so treated.
22
Taxation of Domestic Tax-Exempt Shareholders
Most tax-exempt organizations are not subject to federal income tax except to the extent of their unrelated business taxable income, which is often referred to as UBTI. Unless a tax-exempt shareholder holds its common shares as debt financed property or uses the common shares in an unrelated trade or business, distributions to the shareholder should not constitute UBTI. Similarly, if a tax-exempt shareholder sells common shares, the income from the sale should not constitute UBTI unless the shareholder held the shares as debt financed property or used the shares in a trade or business.
However, for tax-exempt shareholders that are social clubs, voluntary employee benefit associations, supplemental unemployment benefit trusts, and qualified group legal services plans, income from owning or selling common shares will constitute UBTI unless the organization is able to properly deduct amounts set aside or placed in reserve so as to offset the income generated by its investment in common shares. These shareholders should consult their own tax advisors concerning these set aside and reserve requirements which are set forth in the Internal Revenue Code.
In addition, certain pension trusts that own more than 10% of a “pension-held REIT” must report a portion of the distributions that they receive from the REIT as UBTI. We have not been and do not expect to be treated as a pension-held REIT for purposes of this rule.
Taxation of Foreign Shareholders
The following is a discussion of certain anticipated United States federal income tax consequences of the ownership and disposition of common shares applicable to a foreign shareholder. For purposes of this discussion, a “foreign shareholder” is any person other than:
(a) a citizen or resident of the United States;
(b) a corporation or partnership created or organized in the United States or under the laws of the United States or of any state thereof; or
(c) an estate or trust whose income is includable in gross income for United States federal income tax purposes regardless of its source.
Distributions by Us. Distributions by us to a foreign shareholder that are neither attributable to gain from sales or exchanges by us of United States real property interests nor designated by us as capital gains dividends will be treated as dividends of ordinary income to the extent that they are made out of our earnings and profits. These distributions ordinarily will be subject to withholding of United States federal income tax on a gross basis at a 30% rate, or a lower treaty rate, unless the dividends are treated as effectively connected with the conduct by the foreign shareholder of a United States trade or business. Please note that under certain treaties lower withholding rates generally applicable to dividends do not apply to dividends from REITs. Dividends that are effectively connected with a United States trade or business will be subject to tax on a net basis at graduated rates, and are generally not subject to withholding. Certification and disclosure requirements must be satisfied before a dividend is exempt from withholding under this exemption. A foreign shareholder that is a corporation also may be subject to an additional branch profits tax at a 30% rate or a lower treaty rate.
23
We expect to withhold United States income tax at the rate of 30% on any distributions made to a foreign shareholder unless:
(a) a lower treaty rate applies and any required form or certification evidencing eligibility for that reduced rate is filed with us; or
(b) the foreign shareholder files an IRS Form W-8ECI with us claiming that the distribution is effectively connected income.
A distribution in excess of our current or accumulated earnings and profits will not be taxable to a foreign shareholder to the extent that the distribution does not exceed the adjusted basis of the shareholder’s common shares. Instead, the distribution will reduce the adjusted basis of the common shares. To the extent that the distribution exceeds the adjusted basis of the common shares, it will give rise to gain from the sale or exchange of the shareholder’s common shares. The tax treatment of this gain is described below.
We intend to withhold at a rate of 30%, or a lower applicable treaty rate, on the entire amount of any distribution not designated as a capital gain distribution. In such event, a foreign shareholder may seek a refund of the withheld amount from the IRS if it subsequently determined that the distribution was, in fact, in excess of our earnings and profits, and the amount withheld exceeded the foreign shareholder’s United States tax liability with respect to the distribution.
Distributions to a foreign shareholder that we designate at the time of the distributions as capital gain dividends, other than those arising from the disposition of a United States real property interest, generally will not be subject to United States federal income taxation unless:
(a) the investment in the common shares is effectively connected with the foreign shareholder’s United States trade or business, in which case the foreign shareholder will be subject to the same treatment as domestic shareholders, except that a shareholder that is a foreign corporation may also be subject to the branch profits tax, as discussed above; or
(b) the foreign shareholder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and has a “tax home” in the United States, in which case the nonresident alien individual will be subject to a 30% tax on the individual’s capital gains.
Under the Foreign Investment in Real Property Tax Act, which is known as FIRPTA, distributions to a foreign shareholder that are attributable to gain from sales or exchanges of United States real property interests will cause the foreign shareholder to be treated as recognizing the gain as income effectively connected with a United States trade or business. This rule applies whether or not a distribution is designated as a capital gain dividend. Accordingly, foreign shareholders generally would be taxed on these distributions at the same rates applicable to U.S. shareholders, subject to a special alternative minimum tax in the case of nonresident alien individuals. In addition, a foreign corporate shareholder might be subject to the branch profits tax discussed above. We are required to withhold 35% of these distributions. The withheld amount can be credited against the foreign shareholder’s United States federal income tax liability.
Although the law is not entirely clear on the matter, it appears that amounts we designate as undistributed capital gains in respect of the common shares held by U.S. shareholders would be treated with respect to foreign shareholders in the same manner as actual distributions of capital gain dividends. Under that approach, foreign shareholders would be able to offset as a credit against the United States
24
federal income tax liability their proportionate share of the tax paid by us on these undistributed capital gains. In addition, foreign shareholders would be able to receive from the IRS a refund to the extent their proportionate share of the tax paid by us were to exceed their actual United States federal income tax liability.
Foreign Shareholders' Sales of Common Shares. Gain recognized by a foreign shareholder upon the sale or exchange of common shares generally will not be subject to United States taxation unless the shares constitute a “United States real property interest” within the meaning of FIRPTA. The common shares will not constitute a United States real property interest so long as we are a domestically controlled REIT. A domestically controlled REIT is a REIT in which at all times during a specified testing period less than 50% in value of its stock is held directly or indirectly by foreign shareholders. We believe that we are a domestically controlled REIT. Therefore, we believe that the sale of common shares will not be subject to taxation under FIRPTA. However, because common shares and preferred shares are publicly traded, we cannot guarantee that we will continue to be a domestically controlled REIT. In any event, gain from the sale or exchange of common shares not otherwise subject to FIRPTA will be subject to U.S. tax, if either:
(a) the investment in the common shares is effectively connected with the foreign shareholder’s United States trade or business, in which case the foreign shareholder will be subject to the same treatment as domestic shareholders with respect to the gain; or
(b) the foreign shareholder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and has a tax home in the United States, in which case the nonresident alien individual will be subject to a 30% tax on the individual’s capital gains.
Even if we do not qualify as or cease to be a domestically controlled REIT, gain arising from the sale or exchange by a foreign shareholder of common shares still would not be subject to United States taxation under FIRPTA as a sale of a United States real property interest if:
(a) the class or series of shares being sold is “regularly traded,” as defined by applicable IRS regulations, on an established securities market such as the New York Stock Exchange; and
(b) the selling foreign shareholder owned 5% or less of the value of the outstanding class or series of shares being sold throughout the five-year period ending on the date of the sale or exchange.
If gain on the sale or exchange of common shares were subject to taxation under FIRPTA, the foreign shareholder would be subject to regular United States income tax with respect to the gain in the same manner as a taxable U.S. shareholder, subject to any applicable alternative minimum tax, a special alternative minimum tax in the case of nonresident alien individuals and the possible application of the branch profits tax in the case of foreign corporations. The purchaser of the common shares would be required to withhold and remit to the IRS 10% of the purchase price.
Information Reporting Requirement and Backup Withholding
We will report to our domestic shareholders and the Internal Revenue Service the amount of distributions paid during each calendar year and the amount of tax withheld, if any. Under certain circumstances, domestic shareholders may be subject to backup withholding. Backup withholding will apply only if such domestic shareholder fails to furnish certain information to us or the Internal Revenue Service. Backup withholding will not apply with respect to payments made to certain exempt recipients, such as corporations and tax-exempt organizations. Domestic shareholders should consult their own tax advisors regarding their qualification for exemption from backup withholding and the procedure for obtaining such an exemption. Backup withholding is not an additional tax. Rather, the amount of any backup withholding with respect to a payment to a domestic shareholder will be allowed as a credit against such person's United States federal income tax liability and may entitle such person to a refund, provided that the required information is furnished to the Internal Revenue Service.
25
As of December 31, 2004, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 939 properties in 32 states and the District of Columbia consisting of 200,149 units. The Company’s properties are more fully described as follows:
|
Type |
|
Properties |
|
Units |
|
Average |
|
December 31, 2004 |
|
|
Garden |
|
584 |
|
154,230 |
|
264 |
|
93.5 |
% |
|
Mid/High-Rise |
|
52 |
|
14,409 |
|
277 |
|
90.3 |
% |
|
Ranch |
|
302 |
|
27,709 |
|
92 |
|
91.6 |
% |
|
Military Housing |
|
1 |
|
3,801 |
|
3,801 |
|
95.3 |
% |
|
Total |
|
939 |
|
200,149 |
|
|
|
|
|
Resident leases are generally for twelve months in length and typically require security deposits. The garden-style properties are generally defined as properties with two and/or three story buildings while the mid-rise/high-rise are defined as properties with greater than three story buildings. These two property types typically provide residents with amenities, which may include a clubhouse, swimming pool, laundry facilities and cable television access. Certain of these properties offer additional amenities such as saunas, whirlpools, spas, sports courts and exercise rooms or other amenities. The ranch-style properties are defined as single story properties, which do not provide additional amenities for residents other than laundry facilities and cable television access. The military housing properties are defined as those properties located on military bases.
It is management’s role to monitor compliance with property policies and to provide preventive maintenance of the properties including common areas, facilities and amenities. The Company has a dedicated training and education department that creates and coordinates training and strategic implementation for the Company’s property management personnel. The Company believes that, due in part to its emphasis on training and employee quality, the properties historically have had high occupancy rates.
The distribution of the properties throughout the United States reflects the Company’s belief that geographic diversification helps insulate the portfolio from regional and economic influences. At the same time, the Company has sought to create clusters of properties within each of its primary markets in order to achieve economies of scale in management and operation. The Company may nevertheless acquire additional multifamily properties located anywhere in the continental United States.
The following tables set forth certain information by type and state relating to the Company’s properties (includes development and condominium conversion properties) at December 31, 2004:
26
GARDEN-STYLE PROPERTIES
|
State |
|
Properties |
|
Units |
|
Percentage of |
|
December 31, 2004 |
|
|
Alabama |
|
4 |
|
800 |
|
0.40 |
% |
94.0 |
% |
|
Arizona |
|
42 |
|
11,869 |
|
5.93 |
|
93.0 |
|
|
California |
|
95 |
|
24,064 |
|
12.02 |
|
94.1 |
|
|
Colorado |
|
29 |
|
8,433 |
|
4.21 |
|
92.6 |
|
|
Connecticut |
|
22 |
|
2,637 |
|
1.32 |
|
93.1 |
|
|
Florida |
|
69 |
|
20,980 |
|
10.48 |
|
94.9 |
|
|
Georgia |
|
33 |
|
10,495 |
|
5.24 |
|
93.7 |
|
|
Illinois |
|
7 |
|
2,360 |
|
1.18 |
|
91.3 |
|
|
Maine |
|
5 |
|
672 |
|
0.34 |
|
91.1 |
|
|
Maryland |
|
22 |
|
5,203 |
|
2.60 |
|
92.7 |
|
|
Massachusetts |
|
35 |
|
4,829 |
|
2.41 |
|
93.2 |
|
|
Michigan |
|
6 |
|
1,948 |
|
0.97 |
|
91.3 |
|
|
Minnesota |
|
17 |
|
3,819 |
|
1.91 |
|
88.0 |
|
|
Missouri |
|
6 |
|
1,272 |
|
0.64 |
|
89.8 |
|
|
New Hampshire |
|
1 |
|
390 |
|
0.19 |
|
90.2 |
|
|
New Jersey |
|
2 |
|
980 |
|
0.49 |
|
95.6 |
|
|
New Mexico |
|
2 |
|
369 |
|
0.18 |
|
91.4 |
|
|
New York |
|
1 |
|
300 |
|
0.15 |
|
88.3 |
|
|
North Carolina |
|
29 |
|
7,902 |
|
3.95 |
|
94.2 |
|
|
Oklahoma |
|
8 |
|
2,036 |
|
1.02 |
|
95.1 |
|
|
Oregon |
|
10 |
|
3,604 |
|
1.80 |
|
93.2 |
|
|
Rhode Island |
|
5 |
|
778 |
|
0.39 |
|
93.2 |
|
|
Tennessee |
|
10 |
|
3,171 |
|
1.58 |
|
94.2 |
|
|
Texas |
|
69 |
|
21,341 |
|
10.66 |
|
93.7 |
|
|
Virginia |
|
11 |
|
3,774 |
|
1.89 |
|
93.0 |
|
|
Washington |
|
41 |
|
9,518 |
|
4.76 |
|
94.6 |
|
|
Wisconsin |
|
3 |
|
686 |
|
0.34 |
|
86.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Garden-Style |
|
584 |
|
154,230 |
|
77.06 |
% |
|
|
|
Average Garden-Style |
|
|
|
264 |
|
|
|
93.5 |
% |
27
MID-RISE/HIGH RISE PROPERTIES
|
State |
|
Properties |
|
Units |
|
Percentage of |
|
December 31, 2004 |
|
|
California |
|
5 |
|
1,622 |
|
0.81 |
% |
87.7 |
% |
|
Colorado |
|
1 |
|
339 |
|
0.17 |
|
90.8 |
|
|
Connecticut |
|
2 |
|
407 |
|
0.20 |
|
92.6 |
|
|
Florida |
|
3 |
|
653 |
|
0.33 |
|
96.2 |
|
|
Georgia |
|
1 |
|
322 |
|
0.16 |
|
98.4 |
|
|
Illinois |
|
2 |
|
1,176 |
|
0.59 |
|
85.3 |
|
|
Massachusetts |
|
13 |
|
3,338 |
|
1.67 |
|
90.5 |
|
|
Minnesota |
|
1 |
|
163 |
|
0.08 |
|
88.3 |
|
|
New Jersey |
|
5 |
|
1,366 |
|
0.68 |
|
93.8 |
|
|
New York |
|
2 |
|
497 |
|
0.25 |
|
98.6 |
|
|
Ohio |
|
1 |
|
748 |
|
0.37 |
|
79.2 |
|
|
Oregon |
|
1 |
|
525 |
|
0.26 |
|
93.1 |
|
|
Texas |
|
3 |
|
596 |
|
0.30 |
|
92.5 |
|
|
Virginia |
|
5 |
|
1,660 |
|
0.83 |
|
92.9 |
|
|
Washington |
|
5 |
|
801 |
|
0.40 |
|
92.5 |
|
|
Washington, D.C |
|
2 |
|
196 |
|
0.10 |
|
26.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Mid-Rise/High-Rise |
|
52 |
|
14,409 |
|
7.20 |
% |
|
|
|
Average Mid-Rise/High-Rise |
|
|
|
277 |
|
|
|
90.3 |
% |
RANCH-STYLE PROPERTIES
|
Florida |
|
86 |
|
8,112 |
|
4.05 |
% |
95.1 |
% |
|
Georgia |
|
53 |
|
4,413 |
|
2.20 |
|
90.5 |
|
|
Indiana |
|
40 |
|
3,877 |
|
1.94 |
|
91.1 |
|
|
Kentucky |
|
19 |
|
1,533 |
|
0.77 |
|
89.3 |
|
|
Maryland |
|
4 |
|
414 |
|
0.21 |
|
98.2 |
|
|
Michigan |
|
17 |
|
1,536 |
|
0.77 |
|
93.4 |
|
|
Ohio |
|
74 |
|
7,022 |
|
3.51 |
|
89.2 |
|
|
Pennsylvania |
|
5 |
|
469 |
|
0.23 |
|
86.8 |
|
|
South Carolina |
|
2 |
|
187 |
|
0.09 |
|
88.2 |
|
|
Tennessee |
|
2 |
|
146 |
|
0.07 |
|
95.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Ranch-Style |
|
302 |
|
27,709 |
|
13.84 |
% |
|
|
|
Average Ranch-Style |
|
|
|
92 |
|
|
|
91.6 |
% |
MILITARY HOUSING PROPERTIES
|
Washington (Ft. Lewis) |
|
1 |
|
3,801 |
|
1.90 |
% |
95.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Total Military Housing |
|
1 |
|
3,801 |
|
1.90 |
% |
|
|
|
Average Military Housing |
|
|
|
3,801 |
|
|
|
95.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Total Residential Portfolio |
|
939 |
|
200,149 |
|
100 |
% |
|
|
28
The properties currently in various stages of development at December 31, 2004 are included in the following table.
CONSOLIDATED DEVELOPMENT PROJECTS as of December 31, 2004
(Amounts in thousands except for project and unit amounts)
|
Projects |
|
Location |
|
Units |
|
Total |
|
Total Book |
|
Percentage |
|
Percentage |
|
Percentage |
|
Estimated |
|
Estimated |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Projects Under Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
2400 M Street (Sovereign at 2400) |
|
Washington, DC |
|
359 |
|
$ |
111,947 |
|
$ |
63,774 |
|
57 |
% |
— |
|
— |
|
1Q 2006 |
|
3Q 2007 |
|
|
Union Station |
|
Los Angeles, CA |
|
278 |
|
57,222 |
|
21,780 |
|
38 |
% |
— |
|
— |
|
4Q 2005 |
|
4Q 2006 |
|
||
|
Indian Ridge |
|
Waltham, MA |
|
264 |
|
47,032 |
|
24,904 |
|
53 |
% |
— |
|
— |
|
4Q 2005 |
|
4Q 2006 |
|
||
|
1111 25th Street (Sovereign House) (3) |
|
Washington, DC |
|
141 |
|
40,329 |
|
38,425 |
|
95 |
% |
— |
|
— |
|
1Q 2005 |
|
4Q 2005 |
|
||
|
Bella Vista III (4) |
|
Woodland Hills, CA |
|
264 |
|
70,179 |
|
20,293 |
|
3 |
% |
— |
|
— |
|
3Q 2006 |
|
2Q 2007 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Total Projects Under Development (6) |
|
|
|
1,306 |
|
326,709 |
|
169,176 |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Completed Not Stabilized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
1210 Massachusetts Ave. (Sovereign Park) |
|
Washington, DC |
|
144 |
|
39,702 |
|
39,365 |
|
100 |
% |
31 |
% |
26 |
% |
Completed |
|
4Q 2005 |
|
||
|
Water Terrace I (Regatta I) (4) (5) |
|
Marina Del Rey, CA |
|
450 |
|
226,175 |
|
226,175 |
|
100 |
% |
77 |
% |
74 |
% |
Completed |
|
3Q 2005 |
|
||
|
Bella Vista I&II (Warner Ridge) (4) |
|
Woodland Hills, CA |
|
315 |
|
80,112 |
|
77,186 |
|
100 |
% |
90 |
% |
90 |
% |
Completed |
|
1Q 2005 |
|
||
|
City View at the Highlands (4) |
|
Lombard, IL |
|
403 |
|
65,539 |
|
65,279 |
|
100 |
% |
74 |
% |
74 |
% |
Completed |
|
2Q 2005 |
|
||
|
City Place (Westport) (4) |
|
Kansas City, MO |
|
288 |
|
33,760 |
|
33,760 |
|
100 |
% |
73 |
% |
72 |
% |
Completed |
|
3Q 2005 |
|
||
|
Marina Bay II (4) |
|
Quincy, MA |
|
108 |
|
23,480 |
|
23,230 |
|
100 |
% |
56 |
% |
56 |
% |
Completed |
|
3Q 2005 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Total Projects Completed Not Stabilized |
|
|
|
1,708 |
|
468,768 |
|
464,995 |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Completed And Stabilized During the Fourth Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Legacy Park Central |
|
Concord, CA |
|
259 |
|
52,337 |
|
51,035 |
|
100 |
% |
98 |
% |
96 |
% |
Completed |
|
4Q 2004 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Total Projects Completed And Stabilized During the Fourth Quarter |
|
|
|
259 |
|
52,337 |
|
51,035 |
|
|
|
|
|
|
|
|
|
|
|
||
|
Total Projects |
|
12 |
|
3,273 |
|
$ |
847,814 |
|
$ |
685,206 |
|
|
|
|
|
|
|
|
|
|
|
(1) Total capital cost represents estimated development cost for projects under development and all capitalized costs incurred to date plus any estimates of costs remaining to be funded for all completed projects. Total capital cost and total book value to date exclude purchase consideration paid to the development partner of $1.8 million and $1.0 million on Water Terrace I and Bella Vista I & II, respectively.
(2) Of the total book value to date, $516.0 million has been transferred to land and depreciable property and $169.2 million is currently reflected as construction in progress (“CIP”). The remaining $148.7 million of CIP represents land held for future development and related costs. Of the $162.6 million remaining to be invested, $107.6 million will be funded through third party construction mortgages.
(3) Project will be converted to condominiums.
(4) Projects are wholly owned. All others are partially owned.
(5) Project sold on January 31, 2005.
(6) Projects and units excluded from total Company property and unit count.
29
In August 2004, the Company tried a class action lawsuit in Palm Beach County, Florida regarding certain charges made to residents who terminated their leases early or failed to provide sufficient notice of intent to vacate. In December 2004, the Court issued a Findings of Fact and Conclusions of Law holding those fees legally uncollectible under Florida law. In recognition of the Findings of Fact and Conclusions of Law, which awarded damages and interest to the class in the amount of approximately $1.6 million, the Company established a reserve of approximately $1.6 million and correspondingly recorded this as a general and administrative expense. Due to pending appeals, the award is neither final nor enforceable. Accordingly, it is not possible to determine or predict the ultimate outcome of the case. While no assurances can be given, the Company does not believe that this lawsuit, if the ultimate outcome is unfavorable, will have a material adverse effect on the Company.
The Company does not believe there is any other litigation pending or threatened against the Company which, individually or in the aggregate, reasonably may be expected to have a material adverse effect on the Company.
Item 4. Submission of Matters to a Vote of Security Holders
None.
30
Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
The following table sets forth, for the years indicated, the high, low and closing sales prices for and the distributions paid on the Company’s Common Shares, which trade on the New York Stock Exchange under the trading symbol EQR.
|
|
|
Sales Price |
|
|
|
||||||||
|
|
|
High |
|
Low |
|
Closing |
|
Distributions |
|
||||
|
2004 |
|
|
|
|
|
|
|
|
|
||||
|
Fourth Quarter Ended December 31, 2004 |
|
$ |
36.75 |
|
$ |
30.86 |
|
$ |
36.18 |
|
$ |
0.4325 |
|
|
Third Quarter Ended September 30, 2004 |
|
$ |
33.21 |
|
$ |
28.74 |
|
$ |
31.00 |
|
$ |
0.4325 |
|
|
Second Quarter Ended June 30, 2004 |
|
$ |
31.11 |
|
$ |
26.65 |
|
$ |
29.73 |
|
$ |
0.4325 |
|
|
First Quarter Ended March 31, 2004 |
|
$ |
31.10 |
|
$ |
28.31 |
|
$ |
29.85 |
|
$ |
0.4325 |
|
|
|
|
Sales Price |
|
|
|
||||||||
|
|
|
High |
|
Low |
|
Closing |
|
Distributions |
|
||||
|
2003 |
|
|
|
|
|
|
|
|
|
||||
|
Fourth Quarter Ended December 31, 2003 |
|
$ |
30.30 |
|
$ |
28.03 |
|
$ |
29.51 |
|
$ |
0.4325 |
|
|
Third Quarter Ended September 30, 2003 |
|
$ |
29.79 |
|
$ |
25.69 |
|
$ |
29.28 |
|
$ |
0.4325 |
|
|
Second Quarter Ended June 30, 2003 |
|
$ |
27.95 |
|
$ |
24.05 |
|
$ |
25.95 |
|
$ |
0.4325 |
|
|
First Quarter Ended March 31, 2003 |
|
$ |
25.99 |
|
$ |
23.12 |
|
$ |
24.07 |
|
$ |
0.4325 |
|
The number of beneficial holders of Common Shares at February 3, 2005, was approximately 47,000. The number of outstanding Common Shares as of February 3, 2005 was 286,055,990.
Item 6. Selected Financial Data
The following table sets forth selected financial and operating information on a historical basis for the Company. The following information should be read in conjunction with all of the financial statements and notes thereto included elsewhere in this Form 10-K. The historical operating and balance sheet data have been derived from the historical financial statements of the Company. All amounts have also been restated in accordance with the discontinued operations provisions of SFAS No. 144. Certain capitalized terms as used herein are defined in the Notes to Consolidated Financial Statements.
31
CONSOLIDATED HISTORICAL FINANCIAL INFORMATION
(Financial information in thousands except for per share and property data)
|
|
|
Year Ended December 31, |
|
|||||||||||||
|
|
|
2004 |
|
2003 |
|
2002 |
|
2001 |
|
2000 |
|
|||||
|
OPERATING DATA: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total revenues from continuing operations |
|
$ |
1,889,501 |
|
$ |
1,706,020 |
|
$ |
1,687,041 |
|
$ |
1,715,440 |
|
$ |
1,607,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Income from continuing operations |
|
$ |
135,276 |
|
$ |
157,867 |
|
$ |
188,114 |
|
$ |
242,238 |
|
$ |
207,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net income |
|
$ |
472,329 |
|
$ |
523,311 |
|
$ |
400,777 |
|
$ |
455,408 |
|
$ |
538,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net income available to Common Shares |
|
$ |
418,583 |
|
$ |
426,639 |
|
$ |
324,162 |
|
$ |
362,580 |
|
$ |
437,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Earnings per share – basic: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Income from continuing operations available to CommonShares |
|
$ |
0.38 |
|
$ |
0.33 |
|
$ |
0.47 |
|
$ |
0.62 |
|
$ |
0.52 |
|
|
Net income available to Common Shares |
|
$ |
1.50 |
|
$ |
1.57 |
|
$ |
1.19 |
|
$ |
1.36 |
|
$ |
1.69 |
|
|
Weighted average Common Shares outstanding |
|
279,744 |
|
272,337 |
|
271,974 |
|
267,349 |
|
259,015 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Earnings per share – diluted: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Income from continuing operations available to CommonShares |
|
$ |
0.37 |
|
$ |
0.32 |
|
$ |
0.46 |
|
$ |
0.61 |
|
$ |
0.52 |
|
|
Net income available to Common Shares |
|
$ |
1.48 |
|
$ |
1.55 |
|
$ |
1.18 |
|
$ |
1.34 |
|
$ |
1.67 |
|
|
Weighted average Common Shares outstanding |
|
303,871 |
|
297,041 |
|
297,969 |
|
295,213 |
|
286,503 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Distributions declared per Common Share outstanding |
|
$ |
1.73 |
|
$ |
1.73 |
|
$ |
1.73 |
|
$ |
1.68 |
|
$ |
1.575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
BALANCE SHEET DATA (at end of period): |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Real estate, before accumulated depreciation |
|
$ |
14,852,621 |
|
$ |
12,874,379 |
|
$ |
13,046,263 |
|
$ |
13,016,183 |
|
$ |
12,591,539 |
|
|
Real estate, after accumulated depreciation |
|
$ |
12,252,794 |
|
$ |
10,578,366 |
|
$ |
10,934,246 |
|
$ |
11,297,338 |
|
$ |
11,239,303 |
|
|
Total assets |
|
$ |
12,645,275 |
|
$ |
11,466,893 |
|
$ |
11,810,917 |
|
$ |
12,235,625 |
|
$ |
12,263,966 |
|
|
Total debt |
|
$ |
6,459,806 |
|
$ |
5,360,489 |
|
$ |
5,523,699 |
|
$ |
5,742,758 |
|
$ |
5,706,152 |
|
|
Minority Interests |
|
$ |
535,582 |
|
$ |
600,929 |
|
$ |
611,303 |
|
$ |
635,822 |
|
$ |
612,618 |
|
|
Shareholders’ equity |
|
$ |
5,072,528 |
|
$ |
5,015,441 |
|
$ |
5,197,123 |
|
$ |
5,413,950 |
|
$ |
5,619,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
OTHER DATA: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total properties (at end of period) |
|
939 |
|
968 |
|
1,039 |
|
1,076 |
|
1,104 |
|
|||||
|
Total apartment units (at end of period) |
|
200,149 |
|
207,506 |
|
223,591 |
|
224,801 |
|
227,704 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Funds from operations available to Common Shares and OP Units (1)(2) |
|
$ |
651,741 |
|
$ |
640,390 |
|
$ |
719,265 |
|
$ |
706,294 |
|
$ |
719,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Cash flow provided by (used for): |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Operating activities |
|
$ |
717,750 |
|
$ |
744,319 |
|
$ |
888,263 |
|
$ |
889,668 |
|
$ |
836,417 |
|
|
Investing activities |
|
$ |
(565,968 |
) |
$ |
334,028 |
|
$ |
(48,622 |
) |
$ |
57,429 |
|
$ |
(557,766 |
) |
|
Financing activities |
|
$ |
(117,856 |
) |
$ |
(1,058,643 |
) |
$ |
(861,369 |
) |
$ |
(919,266 |
) |
$ |
(283,996 |
) |
(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. See Item 7 for a reconciliation of net income to FFO.
(2) The Company believes that FFO is helpful to investors as a supplemental measure of the operating performance of a real estate company, because it is a recognized measure of performance by the real estate industry and by excluding gains or losses related
32
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 can help compare the operating performance of a company’s real estate between periods or as compared to different companies. FFO in and of itself does not represent net income or net cash flows from operating activities in accordance with GAAP. Therefore, FFO should not be exclusively considered as an alternative to net income or to net cash flows from operating activities as determined by GAAP or as a measure of liquidity. The Company’s calculation of FFO 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.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
The following discussion and analysis of the results of operations and financial condition of the Company should be read in connection with the Consolidated Financial Statements and Notes thereto. Due to the Company’s ability to control the Operating Partnership and its subsidiaries other than entities owning interests in the Unconsolidated Properties and certain other entities in which the Company has investments, the Operating Partnership and each such subsidiary entity has been consolidated with the Company for financial reporting purposes. Capitalized terms used herein and not defined are as defined elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2004.
Forward-looking statements in this Item 7 as well as Item 1 of this Annual Report on Form 10-K are intended to be made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believes”, “estimates”, “expects” and “anticipates” and other similar expressions that are predictions of or indicate future events and trends and which do not relate solely to historical matters identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results, performance, or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause such differences include, but are not limited to, the following:
• The total number of development units, cost of development and completion dates as well as anticipated capital expenditures for replacements and building improvements all reflect the Company’s best estimates and are subject to uncertainties arising from changing economic conditions (such as the cost of labor and construction materials), competition and local government regulation;
• Sources of capital to the Company or labor and materials required for maintenance, repair, capital expenditure or development are more expensive than anticipated;
• Occupancy levels and market rents may be adversely affected by national and local economic and market conditions including, without limitation, new construction of multifamily housing, slow employment growth, availability of low interest mortgages for single-family home buyers and the potential for geopolitical instability, all of which are beyond the Company’s control; and
• Additional factors as discussed in Part I of this Annual Report on Form 10-K, particularly those under “Risk Factors”.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Forward-looking statements and related uncertainties are also included in Note 5 and 11 to the Notes to Consolidated Financial Statements in this report.
33
Results of Operations
The following table summarizes the number of properties and related units for the periods presented:
|
|
|
Properties |
|
Units |
|
Purchase / |
|
|
|
At December 31, 2002 |
|
1,039 |
|
223,591 |
|
|
|
|
|
2003 Acquisitions |
|
17 |
|
5,200 |
|
$ |
684.1 |
|
|
2003 Dispositions: |
|
|
|
|
|
|
|
|
|
Rental Properties |
|
(95 |
) |
(23,075 |
) |
$ |
(1,162.6 |
) |
|
Condominium Units |
|
(1 |
) |
(411 |
) |
$ |
(54.8 |
) |
|
Vacant Land |
|
— |
|
— |
|
$ |
(0.6 |
) |
|
2003 Completed Developments |
|
8 |
|
2,112 |
|
|
|
|
|
2003 Unit Configuration Changes |
|
— |
|
89 |
|
|
|
|
|
At December 31, 2003 |
|
968 |
|
207,506 |
|
|
|
|
|
2004 Acquisitions: |
|
|
|
|
|
|
|
|
|
Rental Properties |
|
24 |
|
6,182 |
|
$ |
900.8 |
|
|
Vacant Land |
|
— |
|
— |
|
$ |
12.4 |
|
|
2004 Dispositions: |
|
|
|
|
|
|
|
|
|
Rental Properties |
|
(56 |
) |
(14,159 |
) |
$ |
(787.8 |
) |
|
Condominium Units |
|
(2 |
) |
(977 |
) |
$ |
(177.3 |
) |
|
Vacant Land |
|
— |
|
— |
|
$ |
(27.9 |
) |
|
2004 Completed Developments |
|
5 |
|
1,565 |
|
|
|
|
|
2004Unit Configuration Changes |
|
— |
|
32 |
|
|
|
|
|
At December 31, 2004 |
|
939 |
|
200,149 |
|
|
|
|
The Company’s primary financial measure for evaluating each of its apartment communities is net operating income (“NOI”). 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.
Properties that the Company owned for all of both 2004 and 2003 (the “2004 Same Store Properties”), which represented 162,201 units, impacted the Company’s results of operations. Properties that the Company owned for all of both 2003 and 2002 (the “2003 Same Store Properties”), which represented 171,841 units, also impacted the Company’s results of operations. Both the 2004 Same Store Properties and 2003 Same Store Properties are discussed in the following paragraphs.
The Company’s acquisition, disposition, completed development and consolidation of previously unconsolidated property and variable interest entity activities also impacted overall results of operations for the years ended December 31, 2004 and 2003. The impacts of these activities are also discussed in greater detail in the following paragraphs.
Comparison of the year ended December 31, 2004 to the year ended December 31, 2003
For the year ended December 31, 2004, income from continuing operations decreased by approximately $22.6 million when compared to the year ended December 31, 2003. During the year ended December 31, 2004, the Company established a reserve and recorded a corresponding expense of $15.2 million in estimated uninsured property damage at certain of its properties primarily located in Florida caused by Hurricanes Charley, Frances, Ivan and Jeanne. Of this amount, approximately $9.4 million had been spent for hurricane related repairs through December 31, 2004.
34
Revenues from the 2004 Same Store Properties increased $14.1 million primarily as a result of lower concessions provided residents and a slight increase in occupancy rates. Expenses from the 2004 Same Store Properties increased $22.5 million primarily due to higher payroll, utility costs and real estate taxes. The following tables provide comparative revenue, expense, NOI and weighted average occupancy for the 2004 Same Store Properties:
|
2004 vs. 2003 |
|
|||||||||
|
$ in Millions – 162,201 Same-Store Units |
|
|||||||||
|
|
|
|
|
|
|
|
|
|||
|
Description |
|
Revenues |
|
Expenses (1) |
|
NOI |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
2004 |
|
$ |
1,613.5 |
|
$ |
653.5 |
|
$ |
960.0 |
|
|
2003 |
|
$ |
1,599.4 |
|
$ |
631.0 |
|
$ |
968.4 |
|
|
Change |
|
$ |
14.1 |
|
$ |
22.5 |
|
$ |
(8.4 |
) |
|
Change |
|
0.9 |
% |
3.6 |
% |
(0.9% |
) |
|||
(1) December 2004 expenses exclude the uninsured property damage caused by Hurricanes Charley, Frances, Ivan & Jeanne.
|
Same-Store Occupancy Statistics |
|
|
Year 2004 |
|
93.3% |
|
|
Year 2003 |
|
93.0% |
|
|
Change |
|
0.3% |
|
The following table presents a reconciliation of operating income per the consolidated statements of operations to NOI for the 2004 Same Store Properties.
|
|
|
Year Ended December 31, |
|
||||
|
|
|
2004 |
|
2003 |
|
||
|
|
|
(Amounts in millions) |
|
||||
|
|
|
|
|
|
|
||
|
Operating income |
|
$ |
526.7 |
|
$ |
530.3 |
|
|
Adjustments: |
|
|
|
|
|
||
|
Insurance (hurricane property damage) |
|
15.2 |
|
— |
|
||
|
Non-same store operating results |
|
(114.7 |
) |
(10.3 |
) |
||
|
Fee and asset management revenue |
|
(11.2 |
) |
(14.4 |
) |
||
|
Fee and asset management expense |
|
8.6 |
|
7.8 |
|
||
|
Depreciation |
|
484.2 |
|
415.0 |
|
||
|
General and administrative |
|
51.2 |
|
38.8 |
|
||
|
Impairment on technology investments |
|
— |
|
1.2 |
|
||
|
Same store NOI |
|
$ |
960.0 |
|
$ |
968.4 |
|
For properties that the Company acquired prior to January 1, 2004 and expects to continue to own through December 31, 2005, the Company anticipates the following same store results for the full year ending December 31, 2005:
35
2005 Same-Store Assumptions
|
Physical Occupancy |
|
94.0% |
|
|
Revenue Change |
|
2.00% to 3.25% |
|
|
Expense Change |
|
3.6% to 5.0% |
|
|
NOI Change |
|
0.0% to 3.0% |
|
These 2005 assumptions are based on current expectations and are forward-looking.
Rental income from properties other than 2004 Same Store Properties increased by approximately $172.6 million primarily as a result of revenue from newly acquired properties not yet included as 2004 Same Store Properties and the consolidation of all previously unconsolidated development projects.
Fee and asset management revenues, net of fee and asset management expenses, decreased by $3.9 million primarily as a result of lower income earned from Ft. Lewis and managing fewer properties for third parties and unconsolidated entities. As of December 31, 2004 and 2003, the Company managed 17,988 units and 18,475 units, respectively, for third parties and unconsolidated entities.
Property management expenses include off-site expenses associated with the self-management of the Company’s properties as well as management fees paid to any third party management companies. These expenses increased by approximately $7.8 million or 11.5%. This increase is primarily attributable to higher payroll costs, including bonuses and long-term compensation costs as well as severance costs for certain employees. In addition, the property management company experienced slightly higher costs for travel, temporary help, internal conferences and legal and professional fees.
Depreciation expense, which includes depreciation on non-real estate assets, increased $69.2 million primarily as a result of the consolidation of previously unconsolidated projects and properties acquired after December 31, 2003, many of which had significantly higher per unit acquisition costs than properties previously acquired, and also due to additional depreciation on capital expenditures for all properties owned.
General and administrative expenses, which include corporate operating expenses, increased approximately $12.4 million or 32.0% between the periods under comparison. This increase was primarily due to the costs of consulting services rendered to increase operating efficiencies and increased litigation and internal control costs. This increase was partially offset by $1.4 million of immediate expense recognition related to options granted in the first quarter of 2003 to the Company’s former chief executive officer. Consulting services were contracted to enhance resident satisfaction/retention, unit pricing and expense procurement/reduction. The Company believes that these additional expenditures may be more than offset by increased rental revenues and/or reduced operating expenses in future years. The Company also anticipates that general and administrative expenses will approximate $43.0 million for the year ended December 31, 2005. The above assumptions are based on current expectations and are forward-looking.
The Company recorded impairment charges on its technology investments of approximately $1.2 million for the year ended December 31, 2003. See Note 19 in the Notes to Consolidated Financial Statements for further discussion.
Interest and other income decreased approximately $5.5 million, primarily as a result of lower balances available for investments including deposits in tax deferred exchange accounts and collateral agreements related to development projects.
Interest expense, including amortization of deferred financing costs, increased approximately $20.8 million. This increase was primarily attributable to increases in mortgage and unsecured note balances and lower capitalized interest. During the year ended December 31, 2004, the Company capitalized interest costs of approximately $14.0 million as compared to $20.6 million for the year ended December 31, 2003. This capitalization of interest primarily related to equity investments in Partially Owned Properties (consolidated)
36
engaged in development activities. The effective interest cost on all indebtedness for the year ended December 31, 2004 was 5.87% as compared to 6.36% for the year ended December 31, 2003.
Loss from investments in unconsolidated entities decreased approximately $2.8 million between the periods under comparison. This decrease is primarily the result of consolidation of properties that were previously unconsolidated, partially offset by an increase in realized losses on the settlement of derivative instruments.
Net gain on sales of discontinued operations increased approximately $13.2 million between the periods under comparison. This increase is primarily the result of an increase in the number of condominium units sold.
Discontinued operations, net, decreased approximately $41.6 million between the periods under comparison. See Note 13 in the Notes to Consolidated Financial Statements for further discussion.
Comparison of the year ended December 31, 2003 to the year ended December 31, 2002
For the year ended December 31, 2003, income from continuing operations decreased by approximately $30.2 million when compared to the year ended December 31, 2002. This decrease was primarily attributable to increased operating expenses incurred including property management costs and depreciation.
Revenues from the 2003 Same Store Properties decreased by $38.2 million primarily as a result of lower overall physical occupancy, increased concessions and lower rental rates charged to both new and renewal residents. Property operating expenses from the 2003 Same Store Properties increased by $36.3 million primarily due to higher payroll, maintenance, utility, real estate taxes, insurance, leasing and advertising and building costs. The following tables provide comparative revenue, expense, NOI and weighted average occupancy for the 2003 Same Store Properties:
|
2003 vs. 2002 |
|
|
$in Millions – 171,841 Same-Store Units |
|
|
Description |
|
Revenues |
|
Expenses |
|
NOI |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
2003 |
|
$ |
1,650.8 |
|
$ |
659.0 |
|
$ |
991.8 |
|
|
2002 |
|
$ |
1,689.0 |
|
$ |
622.7 |
|
$ |
1,066.3 |
|
|
Change |
|
$ |
(38.2 |
) |
$ |
36.3 |
|
$ |
(74.5 |
) |
|
Change |
|
(2.3% |
) |
5.8 |
% |
(7.0% |
) |
|||
|
Same-Store Occupancy Statistics |
|
Year 2003 |
|
93.0% |
|
|
Year 2002 |
|
93.7% |
|
|
Change |
|
(0.7%) |
|
Rental income from properties other than 2003 Same Store Properties increased by approximately $47.5 million primarily as a result of revenue from newly acquired properties not yet included as 2003 Same Store Properties and additional Partially Owned Properties consolidated in the fourth quarter of 2002 and during the year ended December 31, 2003.
Fee and asset management revenues, net of fee and asset management expenses, increased by $4.9 million primarily as a result of additional income allocated from Ft. Lewis. As of December 31, 2003 and
37
2002, the Company managed 18,475 units and 18,965 units, respectively, for third parties and unconsolidated entities.
Property management expenses include off-site expenses associated with the self-management of the Company’s properties as well as management fees paid to any third party management companies. These expenses decreased by approximately $4.4 million or 6.0%. This decrease is primarily attributable to a reversal of a profit sharing accrual in the first quarter of 2003 related to the 2002 calendar year as the Company didn’t achieve its stated goals and management elected not to make a discretionary contribution to the plan. In addition, the Company recorded lower expense in connection with granting less restricted shares and reducing the expense associated with the Company’s matched funding of its 401(k) plan during 2003 and not incurring an expense for 2003 discretionary profit sharing contributions.
Depreciation expense, which includes depreciation on non-real estate assets, increased $25.4 million primarily as a result of properties acquired after December 31, 2002, many of which had significantly higher per unit acquisition costs than properties previously acquired, and additional depreciation on capital expenditures for all properties owned.
General and administrative expenses, which include corporate operating expenses, decreased approximately $7.7 million between the periods under comparison. This decrease was primarily due to lower expenses recorded in connection with granting less restricted shares to employees during 2003, partially offset by approximately a $2.6 million increase related to the Company’s decision to begin to expense its stock based compensation in accordance with SFAS No. 123 and its amendment (SFAS No. 148). In addition, lower state income and franchise taxes also contributed to this decrease.
The Company recorded impairment charges on its technology investments and its corporate housing business of approximately $1.2 million and $18.3 million for the years ended December 31, 2003 and 2002, respectively. See Note 19 in the Notes to Consolidated Financial Statements for further discussion.
Interest and other income increased by approximately $1.4 million, primarily as a result of higher cash balances available for short-term investments throughout 2003.
Interest expense, including amortization of deferred financing costs, decreased approximately $4.6 million primarily due to lower variable interest rates and lower overall levels of debt. During the year ended December 31, 2003, the Company capitalized interest costs of approximately $20.6 million as compared to $27.2 million for the year ended December 31, 2002. This capitalization of interest primarily related to equity investments in unconsolidated entities engaged in development activities. The effective interest cost on all indebtedness for the year ended December 31, 2003 was 6.36% as compared to 6.54% for the year ended December 31, 2002.
Loss from investments in unconsolidated entities increased approximately $6.4 million between the periods under comparison. This increase is primarily the result of increased operating losses from equity investments partially offset by unrealized gains on derivative instruments.
Net gain on sales of discontinued operations increased approximately $206.4 million between the periods under comparison. This increase is primarily the result of a greater number of properties sold during the year ended December 31, 2003, as well as the fact that several properties had lower net carrying values at sale.
Discontinued operations, net, decreased approximately $53.6 million between the periods under comparison. See Note 13 in the Notes to Consolidated Financial Statements for further discussion.
38
Liquidity and Capital Resources
For the Year Ended December 31, 2004
As of January 1, 2004, the Company had approximately $49.6 million of cash and cash equivalents and $633.3 million available under its line of credit (net of $56.7 million which was restricted/dedicated to support letters of credit and not available for borrowing). After taking into effect the various transactions discussed in the following paragraphs and the net cash provided by operating activities, the Company’s cash and cash equivalents balance at December 31, 2004 was approximately $83.5 million and the amount available on the Company’s line of credit was $484.6 million (net of $65.4 million which was restricted/dedicated to support letters of credit and not available for borrowing).
During the year ended December 31, 2004, the Company generated proceeds from various transactions, which included the following:
• Disposed of fifty-eight properties (including four Unconsolidated Properties and various individual condominium units) and received net proceeds of approximately $945.6 million;
• Issued $300.0 million of 4.75% fixed rate unsecured debt receiving net proceeds of $296.8 million;
• Issued $500.0 million of 5.25% fixed rate unsecured debt receiving net proceeds of $496.1 million;
• Obtained $100.0 million from an unsecured floating rate loan;
• Obtained $467.5 million in new mortgage financing; and
• Issued approximately 3.6 million Common Shares and received net proceeds of $85.9 million.
During the year ended December 31, 2004, the above proceeds were primarily utilized to:
• Acquire twenty-four properties including a vacant land parcel, and four additional units at two existing properties, utilizing cash of $820.0 million;
• Repay $494.9 million of mortgage loans;
• Repay $535.7 million of unsecured notes;
• Redeem the Series A Preference Interests at a liquidation value of $40.0 million;
• Invest $406.5 million primarily in previously unconsolidated development projects prior to their consolidation (inclusive of $339.7 million in mortgage debt paid off prior to consolidation); and
• Acquire the minority interests in fifteen previously unconsolidated development properties, two vacant land parcels and four other properties for $53.4 million in cash (prior to consideration of cash acquired of $4.2 million).
Depending on its analysis of market prices, economic conditions, and other opportunities for the investment of available capital, the Company may repurchase up to an additional $85.0 million of its Common Shares pursuant to its existing share buyback program authorized by the Board of Trustees. The Company did not repurchase any of its Common Shares during the year ended December 31, 2004.
The Company’s total debt summary and debt maturity schedule as of December 31, 2004, are as follows:
39
|
Debt Summary |
|
|||||
|
|
|
$ Millions * |
|
Weighted |
|
|
|
Secured |
|
$ |
3,167 |
|
5.46 |
% |
|
Unsecured |
|
3,293 |
|
5.81 |
% |
|
|
Total |
|
$ |
6,460 |
|
5.63 |
% |
|
|
|
|
|
|
|
|
|
Fixed Rate |
|
$ |
5,071 |
|
6.45 |
% |
|
Floating Rate |
|
1,389 |
|
2.51 |
% |
|
|
Total |
|
$ |
6,460 |
|
5.63 |
% |
|
|
|
|
|
|
|
|
|
Above Totals Include: |
|
|
|
|
|
|
|
Tax Exempt |
|
|
|
|
|
|
|
Fixed |
|
$ |
287 |
|
4.30 |
% |
|
Floating |
|
562 |
|
1.79 |
% |
|
|
Total |
|
$ |
849 |
|
2.70 |
% |
|
|
|
|
|
|
|
|
|
Unsecured Revolving Credit Facility |
|
$ |
150 |
|
1.73 |
% |
* Net of the effect of any derivative instruments.
Debt Maturity Schedule
|
Year |
|
$ Millions |
|
% of Total |
|
|
|
2005 (1)(2) |
|
$ |
818 |
|
12.7 |
% |
|
2006 (3) |
|
492 |
|
7.6 |
% |
|
|
2007 |
|
449 |
|
7.0 |
% |
|
|
2008 |
|
627 |
|
9.7 |
% |
|
|
2009 |
|
838 |
|
13.0 |
% |
|
|
2010 |
|
232 |
|
3.6 |
% |
|
|
2011 |
|
718 |
|
11.1 |
% |
|
|
2012 |
|
454 |
|
7.0 |
% |
|
|
2013 |
|
415 |
|
6.4 |
% |
|
|
2014+ |
|
1,417 |
|
21.9 |
% |
|
|
Total |
|
$ |
6,460 |
|
100.0 |
% |
(1) Includes $300 million of unsecured debt with a final maturity of 2015 that is putable/callable in 2005.
(2) Includes $150 million outstanding on the Company’s unsecured revolving credit facility.
(3) Includes $150 million of unsecured debt with a final maturity of 2026 that is putable in 2006.
In June 2003, the Operating Partnership filed and the SEC declared effective a Form S-3 registration statement to register $2.0 billion of debt securities. In addition, the Operating Partnership carried over $280.0 million related to a prior registration statement. As of February 2, 2005, $1.48 billion in debt securities remained available for issuance under this registration statement.
In February 1998, the Company filed and the SEC declared effective a Form S-3 Registration Statement to register $1.0 billion of equity securities. In addition, the Company carried over $272.4 million related to a prior registration statement. As of February 2, 2005, $956.5 million in equity securities
40
remained available for issuance under this registration statement.
The Company’s “Consolidated Debt-to-Total Market Capitalization Ratio” as of December 31, 2004 is presented in the following table. The Company calculates the equity component of its market capitalization as the sum of (i) the total outstanding Common Shares and assumed conversion of all OP Units at the equivalent market value of the closing price of the Company’s Common Shares on the New York Stock Exchange; (ii) the “Common Share Equivalent” of all convertible preferred shares and preference interests/units; and (iii) the liquidation value of all perpetual preferred shares and preference interests outstanding.
|
Capitalization as of December 31, 2004 |
|
||||||
|
|
|
||||||
|
Total Debt |
|
|
|
$ |
6,459,806,228 |
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares & OP Units |
|
305,629,855 |
|
|
|
||
|
Common Share Equivalents (see below) |
|
1,968,453 |
|
|
|
||
|
Total Outstanding at year-end |
|
307,598,308 |
|
|
|
||
|
Common Share Price at December 31, 2004 |
|
$ |
36.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,128,906,783 |
|
||
|
Perpetual Preferred Shares Liquidation Value |
|
|
|
615,000,000 |
|
||
|
Perpetual Preference Interests Liquidation Value |
|
|
|
171,500,000 |
|
||
|
Total Market Capitalization |
|
|
|
$ |
18,375,213,011 |
|
|
|
|
|
|
|
|
|
||
|
Total Debt/Total Market Capitalization |
|
|
|
35 |
% |
||
|
Convertible
Preferred Shares, Preference Interests |
|
||||||
|
|
|
Shares/Units |
|
Conversion |
|
Common |
|
|
Preferred Shares: |
|
|
|
|
|
|
|
|
Series E |
|
811,724 |
|
1.1128 |
|
903,286 |
|
|
Series H |
|
36,934 |
|
1.4480 |
|
53,480 |
|
|
Preference Interests: |
|
|
|
|
|
|
|
|
Series H |
|
190,000 |
|
1.5108 |
|
287,052 |
|
|
Series I |
|
270,000 |
|
1.4542 |
|
392,634 |
|
|
Series J |
|
230,000 |
|
1.4108 |
|
324,484 |
|
|
Junior Preference Units: |
|
|
|
|
|
|
|
|
Series B |
|
7,367 |
|
1.020408 |
|
7,517 |
|
|
Total |
|
|
|
|
|
1,968,453 |
|
The Company’s policy is to maintain a ratio of consolidated debt-to-total market capitalization of less than 50%.
From January 1, 2005 through February 7, 2005, the Company:
• Acquired four properties consisting of 734 units and one parcel of vacant land for approximately $144.1 million;
• Disposed of one property consisting of 450 units and a vacant land parcel (excluding condominium units) for approximately $340.9 million;
41
• Assumed $47.6 million of mortgage debt on two properties in connection with their acquisitions;
• Executed an amended compensation agreement with its Chairman of the Board of Trustees extending his current agreement on the same terms and conditions for two more years through 2006 and providing him with a $3.25 million per year long-term compensation grant of options and restricted shares; and
• Issued irrevocable notices to redeem for cash during March 2005 all 1,320,000 units of its 8.50% Series B and C Preference Interests with a cumulative liquidation value of $66.0 million.
On February 24, 2005, the Company received $57.1 million in cash for its ownership interest in Rent.com in connection with the acquisition of Rent.com by eBay, Inc.
Capitalization of Fixed Assets and Improvements to Real Estate
Our policy with respect to capital expenditures is generally to capitalize expenditures that improve the value of the property or extend the useful life of the component asset of the property. We track improvements to real estate in two major categories and several subcategories:
• Replacements (inside the unit). These include:
• carpets and hardwood floors;
• appliances;
• mechanical equipment such as individual furnace/air units, hot water heaters, etc;
• furniture and fixtures such as kitchen/bath cabinets, light fixtures, ceiling fans, sinks, tubs, toilets, mirrors, countertops, etc;
• flooring such as vinyl, linoleum or tile; and
• blinds/shades.
All replacements are depreciated over a five-year estimated useful life. We expense as incurred all maintenance and turnover costs such as cleaning, interior painting of individual units and the repair of any replacement item noted above.
• Building improvements (outside the unit). These include:
• roof replacement and major repairs;
• paving or major resurfacing of parking lots, curbs and sidewalks;
• amenities and common areas such as pools, exterior sports and playground equipment, lobbies, clubhouses, laundry rooms, alarm and security systems and offices;
• major building mechanical equipment systems;
• interior and exterior structural repair and exterior painting and siding;
• major landscaping and grounds improvement; and
• vehicles and office and maintenance equipment.
All building improvements are depreciated over a five to ten-year estimated useful life. We expense as incurred all recurring expenditures that do not improve the value of the asset or extend its useful life.
For the year ended December 31, 2004, our actual improvements to real estate totaled approximately $212.2 million. This includes the following detail (amounts in thousands except for unit and per unit amounts):
42
|
Capitalized Improvements to Real Estate For the Year Ended December 31, 2004 |
|
||||||||||||||||||||
|
|
|
Total
Units |
|
Replacements |
|
Avg. |
|
Building |
|
Avg. |
|
Total |
|
Avg. |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Established Properties (2) |
|
153,442 |
|
$ |
57,300 |
|
$ |
373 |
|
$ |
95,715 |
|
$ |
624 |
|
$ |
153,015 |
|
$ |
997 |
|
|
New Acquisition Properties (3) |
|
21,762 |
|
4,026 |
|
229 |
|
10,127 |
|
576 |
|
14,153 |
|
805 |
|
||||||
|
Other (4) |
|
8,727 |
|
17,868 |
|
|
|
27,135 |
|
|
|
45,003 |
|
|
|
||||||
|
Total |
|
183,931 |
|
$ |
79,194 |
|
|
|
$ |
132,977 |
|
|
|
$ |
212,171 |
|
|
|
|||
(1) Total units exclude 16,218 unconsolidated units.
(2) Wholly Owned Properties acquired prior to January 1, 2002.
(3) Wholly Owned Properties acquired during 2002, 2003 and 2004. Per unit amounts are based on a weighted average of 17,577 units.
(4) Includes properties either Partially Owned or sold during the period, commercial space, condominium conversions and $6.6 million included in building improvements spent on fifteen specific assets related to major renovations and repositioning of these assets.
For the year ended December 31, 2003, our actual improvements to real estate totaled approximately $181.9 million. This includes the following detail (amounts in thousands except for unit and per unit amounts):
|
Capitalized Improvements to Real Estate For the Year Ended December 31, 2003 |
|
||||||||||||||||||||
|
|
|
Total
Units |
|
Replacements |
|
Avg. |
|
Building |
|
Avg. |
|
Total |
|
Avg. |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Established Properties (2) |
|
162,477 |
|
$ |
57,931 |
|
$ |
356 |
|
$ |
77,607 |
|
$ |
478 |
|
$ |
135,538 |
|
$ |
834 |
|
|
New Acquisition Properties (3) |
|
14,457 |
|
2,653 |
|
252 |
|
5,250 |
|
498 |
|
7,903 |
|
750 |
|
||||||
|
Other (4) |
|
7,994 |
|
13,417 |
|
|
|
25,090 |
|
|
|
38,507 |
|
|
|
||||||
|
Total |
|
184,928 |
|
$ |
74,001 |
|
|
|
$ |
107,947 |
|
|
|
$ |
181,948 |
|
|
|
|||
(1) Total units exclude 22,578 unconsolidated units.
(2) Wholly Owned Properties acquired prior to January 1, 2001.
(3) Wholly Owned Properties acquired during 2001, 2002 and 2003. Per unit amounts are based on a weighted average of 10,533 units.
(4) Includes properties either Partially Owned or sold during the period, commercial space, condominium conversions and $6.5 million included in building improvements spent on seven specific assets related to major renovations and repositioning of these assets.
The Company expects to fund approximately $160.0 million for capital expenditures for replacements and building improvements for all consolidated properties, exclusive of condominium conversion properties, in 2005.
During the year ended December 31, 2004, the Company’s total non-real estate capital additions, such as computer software, computer equipment, and furniture and fixtures and leasehold improvements to the Company’s property management offices and its corporate offices, was approximately $6.6 million. The
43
Company expects to fund approximately $12.8 million in total additions to non-real estate property in 2005.
Improvements to real estate and additions to non-real estate property were funded from net cash provided by operating activities.
Derivative Instruments
In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company limits these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments.
The Company has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from those instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives.
See Note 11 in the Notes to Consolidated Financial Statements for additional discussion of derivative instruments at December 31, 2004.
Other
Minority Interests as of December 31, 2004 decreased by $65.3 million when compared to December 31, 2003. The primary factors that impacted this account in the Company’s consolidated statements of operations and balance sheets during the year ended December 31, 2004 were:
• Distributions declared to Minority Interests, which amounted to $35.9 million (excluding Junior Preference Unit and Preference Interest distributions);
• The allocation of income from operations to holders of OP Units in the amount of $31.2 million;
• The issuance of 306,694 OP Units to various limited partners at an average price of $29.63 per unit;
• The redemption of 800,000 Series A Cumulative Redeemable Preference Interests with a liquidation value of $40.0 million and a premium on redemption of $1.1 million (see Note 3 in the Notes to Consolidated Financial Statements for further discussion);
• The issuance of Common Shares; and
• The conversion of 1.7 million OP Units into Common Shares valued at $36.9 million at an average price of $21.16 per unit.
Total distributions paid in January 2005 amounted to $144.1 million (excluding distributions on Partially Owned Properties), which included certain distributions declared during the fourth quarter ended December 31, 2004.
The Company expects to meet its short-term liquidity requirements, including capital expenditures related to maintaining its existing properties and certain scheduled unsecured note and mortgage note repayments, generally through its working capital, net cash provided by operating activities and borrowings under its line of credit. The Company considers its cash provided by operating activities to be adequate to meet operating requirements and payments of distributions. The Company also expects to meet its long-term liquidity requirements, such as scheduled unsecured note and mortgage debt maturities, property acquisitions, financing of construction and development activities and capital improvements through the issuance of unsecured notes and equity securities, including additional OP Units, and proceeds received from the disposition of certain properties. In addition, the Company has significant unencumbered properties available to secure additional mortgage borrowings in the event that the public capital markets are unavailable or the cost of alternative sources of capital is too high. The fair value of and cash flow from these unencumbered properties are in excess of the requirements the Company must maintain in order to comply with covenants
44
under its unsecured notes and line of credit. Of the $14.9 billion in investment in real estate on the Company’s balance sheet at December 31, 2004, $9.5 billion or 63.8%, was unencumbered.
The Operating Partnership has a revolving credit facility with potential borrowings of up to $700.0 million. This facility matures in May 2005 and may, among other potential uses, be used to fund property acquisitions, costs for certain properties under development and short term liquidity requirements. As of March 1, 2005, $135.0 million was outstanding under this facility (and $51.0 million was restricted and dedicated to support letters of credit).
The Operating Partnership is currently negotiating a new credit facility to replace or expand its existing facility and fully expects to obtain this at current or improved terms in March or April 2005.
Off-Balance Sheet Arrangements and Contractual Obligations
The Company has co-invested in various properties that are unconsolidated and accounted for under the equity method of accounting. Management does not believe these investments have a materially different impact upon the Company’s liquidity, capital resources, credit or market risk than its property management and ownership activities. The nature and business purpose of these ventures are as follows:
• Institutional Ventures – During 2000 and 2001, the Company entered into ventures with an unaffiliated partner. At the respective closing dates, the Company sold and/or contributed 45 properties containing 10,846 units to these ventures and retained a 25% ownership interest in the ventures. The Company’s joint venture partner contributed cash equal to 75% of the agreed-upon equity value of the properties comprising the ventures, which was then distributed to the Company. The Company’s strategy with respect to these ventures was to reduce its concentration of properties in a variety of markets.
• Lexford/Other – As of December 31, 2004, the Company has ownership interests in twelve properties containing 1,571 units acquired in a prior merger. The current weighted average ownership percentage is 11.0%. The Company’s strategy with respect to these interests is either to acquire a majority ownership or sell the Company’s interest.
As of December 31, 2004, the Company has five projects totaling 1,306 units in various stages of development with estimated completion dates ranging through September 30, 2006. The three development agreements currently in place have the following key terms:
• The first development partner has the right, at any time following completion of a project subject to the agreement, to stipulate a value for such project and offer to sell its interest in the project to the Company based on such value. If the Company chooses not to purchase the interest, the Company must agree to a sale of the project to an unrelated third party at such value. The Company’s partner must exercise this right as to all projects subject to the agreement within five years after the receipt of the final certificate of occupancy on the last developed property. In connection with this development partner, the Company has an obligation to provide up to $40.0 million in credit enhancements to guarantee a portion of the third party construction financing. As of February 2, 2005, the Company had set-aside $5.0 million towards this credit enhancement. The Company would be required to perform under this agreement only if there was a material default under a third party construction mortgage agreement. This agreement expires no later than December 31, 2018. Notwithstanding the termination of the agreement, the Company shall have recourse against its development partner for any losses incurred.
• The second development partner has the right, at any time following completion of a project subject to the agreement, to require the Company to purchase the partners’ interest in that project at a mutually agreeable price. If the Company and the partner are unable to agree on a price, both parties will obtain appraisals. If the appraised values vary by more than 10%, both the Company and its
45
partner will agree on a third appraiser to determine which original appraisal is closest to its determination of value. The Company may elect at that time not to purchase the property and instead, authorize its partner to sell the project at or above the agreed-upon value to an unrelated third party. Five years following the receipt of the final certificate of occupancy on the last developed property, the Company must purchase, at the agreed-upon price, any projects remaining unsold.
• The third development partner has the exclusive right for six months following stabilization, as defined, to market a subject project for sale. Thereafter, either the Company or its development partner may market a subject project for sale. If the Company’s development partner proposes the sale, the Company may elect to purchase the project at the price proposed by its partner or defer the sale until two independent appraisers appraise the project. If the two appraised values vary by more than 5%, a third appraiser will be chosen to determine the fair market value of the property. Once a value has been determined, the Company may elect to purchase the property or authorize its development partner to sell the project at the agreed-upon value.
See Note 6 in the Notes to Consolidated Financial Statements for additional discussion regarding the Company’s investments in unconsolidated entities.
In connection with one of its mergers, the Company provided a guaranty of a credit enhancement agreement with respect to certain tax-exempt bonds issued to finance certain public improvements at a multifamily development project. The Company has the obligation to provide this guaranty for a period of eight years from the consummation of the merger or through May 2005. The Company would be required to perform under this guaranty only if there was a draw on the letter of credit issued by the credit enhancement party. The counterparty has also indemnified the Company for any losses suffered. As of February 2, 2005, this guaranty was still in effect at a commitment amount of $10.4 million and no current outstanding liability.
The following table summarizes the Company’s contractual obligations for the next five years and thereafter as of December 31, 2004:
|
|
|
Payments Due by Year (in thousands) |
|
|||||||||||||||||||
|
Contractual Obligations |
|
2005 |
|
2006 |
|
2007 |
|
2008 |
|
2009 |
|
Thereafter |
|
Total |
|
|||||||
|
Debt (a) |
|
$ |
817,897 |
|
$ |
491,617 |
|
$ |
449,090 |
|
$ |
626,939 |
|
$ |
838,015 |
|
$ |
3,236,248 |
|
$ |
6,459,806 |
|
|
Operating Leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Minimum Rent Payments (b) |
|
4,816 |
|
4,205 |
|
3,464 |
|
3,335 |
|
3,233 |
|
7,369 |
|
26,422 |
|
|||||||
|
Other Long-Term Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Deferred Compensation (c) |
|
813 |
|
1,807 |
|
2,211 |
|
2,211 |
|
2,211 |
|
11,230 |
|
20,483 |
|
|||||||
|
Other (d) |
|
1,000 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
1,000 |
|
|||||||
|
Total |
|
$ |
824,526 |
|
$ |
497,629 |
|
$ |
454,765 |
|
$ |
632,485 |
|
$ |
843,459 |
|
$ |
3,254,847 |
|
$ |
6,507,711 |
|
(a) Amounts include aggregate principal payments only. The Company paid $348,574, $352,391 and $365,782 for interest on debt, inclusive of derivative instruments, for the years ended December 31, 2004, 2003 and 2002, respectively.
(b) Minimum basic rent due for various office space the Company leases and fixed base rent due on a ground lease for one property.
(c) Estimated payments to the Company’s Chairman, former CEO and two other executive officers based on planned retirement dates.
(d) Promissory note due on one property, repaid in January 2005.
Critical Accounting Policies and Estimates
The Company’s significant accounting policies are described in Note 2 in the Notes to Consolidated Financial Statements. These policies were followed in preparing the consolidated financial statements at and
46
for the year ended December 31, 2004.
The Company has identified six significant accounting policies as critical accounting policies. These critical accounting policies are those that have the most impact on the reporting of our financial condition and those requiring significant judgments and estimates. With respect to these critical accounting policies, management believes that the application of judgments and assessments is consistently applied and produces financial information that fairly presents the results of operations for all periods presented. The six critical accounting policies are:
Impairment of Long-Lived Assets, Including Goodwill
The Company periodically evaluates its long-lived assets, including its investments in real estate and goodwill, for indicators of permanent impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each asset and legal and environmental concerns. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted.
Depreciation of Investment in Real Estate
The Company depreciates the building component of its investment in real estate over a 30-year estimated useful life, building improvements over a 5-year to 10-year estimated useful life and both the furniture, fixtures and equipment and replacements components over a 5-year estimated useful life, all of which are judgmental determinations.
Cost Capitalization
See the Capitalization of Fixed Assets and Improvements to Real Estate section for discussion of the policy with respect to capitalization vs. expensing of fixed asset/repair and maintenance costs. In addition, the Company capitalizes the payroll and associated costs of employees directly responsible for and who spend all of their time on the supervision of major capital and/or renovation projects. These costs are reflected on the balance sheet as an increase to depreciable property.
The Company follows the guidance in SFAS No. 67, Accounting for Costs and Initial Rental Operations of Real Estate Projects, for all development projects and uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Company capitalizes, through the date the certificates of occupancy ("CO") are issued (CO's are deemed final within 90 days of issuance), interest, real estate taxes and insurance and payroll and associated costs for those individuals directly responsible for and who spend all of their time on development activities. These costs are reflected on the balance sheet as construction in progress for each specific property. The Company expenses as incurred all payroll costs of on-site employees working directly at our properties, except as noted above on our development properties prior to certificate of occupancy issuance and on specific major rennovation at selected properties when additional incremental employees are hired.
Fair Value of Financial Instruments, Including Derivative Instruments
The valuation of financial instruments under SFAS No. 107 and SFAS No. 133 and its amendments (SFAS Nos. 137/138/149) requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on other factors relevant to the financial instruments.
47
Revenue Recognition
Rental income attributable to leases is recorded when due from residents and is recognized monthly as it is earned, which is not materially different than on a straight-line basis. Leases entered into between a resident and a property for the rental of an apartment unit are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis. Fee and asset management revenue and interest income are recorded on an accrual basis.
Stock-Based Compensation
Prior to 2003, the Company had chosen to account for its stock-based compensation in accordance with APB No. 25, Accounting for Stock Issued to Employees, which resulted in no compensation expense for options issued with an exercise price equal to or exceeding the market value of the Company’s Common Shares on the date of grant (intrinsic method). The Company elected to account for its stock-based compensation in accordance with SFAS No. 123 and its amendment (SFAS No. 148), Accounting for Stock Based Compensation, effective in the first quarter of 2003, which resulted in compensation expense being recorded based on the fair value of the stock compensation granted.
SFAS No. 148 provides three transition methods for entities that adopt the fair value recognition provisions of SFAS No. 123. The Company elected the “Prospective Method” which requires expensing of employee awards granted or modified after January 1, 2003. Compensation expense under all of the Company’s plans is generally recognized over periods ranging from three months to five years. See Note 2 in the Notes to Consolidated Financial Statements for further discussion and comparative information regarding application of the fair value method to all outstanding employee awards.
Funds From Operations
For the year ended December 31, 2004, Funds From Operations (“FFO”) available to Common Shares and OP Units increased $11.4 million, or 1.8%, as compared to the year ended December 31, 2003. For the year ended December 31, 2003, FFO available to Common Shares and OP Units decreased $78.9 million, or 11.0%, as compared to the year ended December 31, 2002.
The following is a reconciliation of net income to FFO available to Common Shares and OP Units for the years ended December 31, 2004, 2003 and 2002:
48
Funds From Operations
(Amounts in thousands)
|
|
|
Year Ended December 31, |
|
|||||||
|
|
|
2004 |
|
2003 |
|
2002 |
|
|||
|
Net income |
|
$ |
472,329 |
|
$ |
523,311 |
|
$ |
400,777 |
|
|
Net income allocation to Minority Interests – Operating Partnership |
|
31,228 |
|
34,658 |
|
26,862 |
|
|||
|
Adjustments: |
|
|
|
|
|
|
|
|||
|
Depreciation |
|
484,209 |
|
414,998 |
|
389,580 |
|
|||
|
Depreciation – Non-real estate additions |
|
(5,574 |
) |
(7,019 |
) |
(9,213 |
) |
|||
|
Depreciation – Partially Owned Properties |
|
(8,256 |
) |
(8,390 |
) |
(7,706 |
) |
|||
|
Depreciation – Unconsolidated Properties |
|
10,159 |
|
28,301 |
|
19,872 |
|
|||
|
Net (gain) on sales of unconsolidated entities |
|
(4,593 |
) |
(4,942 |
) |
(5,054 |
) |
|||
|
Discontinued Operations: |
|
|
|
|
|
|
|
|||
|
Depreciation |
|
12,374 |
|
56,571 |
|
83,376 |
|
|||
|
Net (gain) on sales of discontinued operations |
|
(323,925 |
) |
(310,706 |
) |
(104,296 |
) |
|||
|
Net incremental gain on sales of condominium units |
|
32,054 |
|
10,280 |
|
1,682 |
|
|||
|
Net gain on sales of vacant land |
|
5,482 |
|
— |
|
— |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
FFO (1)(2) |
|
705,487 |
|
737,062 |
|
795,880 |
|
|||
|
Preferred distributions |
|
(53,746 |
) |
(76,435 |
) |
(76,615 |
) |
|||
|
Premium on redemption of Preferred Shares |
|
— |
|
(20,237 |
) |
— |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
FFO available to Common Shares and OP Units |
|
$ |
651,741 |
|
$ |
640,390 |
|
$ |
719,265 |
|
(1) The National Association of Real Estate Investment Trusts (“NAREIT”) defines funds from operations (“FFO”) (April 2002 White Paper) as net income (computed in accordance with accounting principles generally accepted in the United States (GAAP)), excluding gains (or losses) from sales of depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis. The April 2002 White Paper states that gain or loss on sales of property is excluded from FFO for previously depreciated operating properties only. Once the Company commences the conversion of units to condominiums, it simultaneously discontinues depreciation of such property.
(2) The Company believes that FFO is helpful to investors as a supplemental measure of the operating performance of a real estate company, because it is a recognized measure 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 can help compare the operating performance of a company’s real estate between periods or as compared to different companies. FFO in and of itself does not represent net income or net cash flows from operating activities in accordance with GAAP. Therefore, FFO should not be exclusively considered as an alternative to net income or to net cash flows from operating activities as determined by GAAP or as a measure of liquidity. The Company’s calculation of FFO 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.
49
Item 7A. Quantitative and Qualitative Disclosure about Market Risk
Market risks relating to the Company’s operations result primarily from changes in short-term LIBOR interest rates. The Company does not have any direct foreign exchange or other significant market risk.
The Company’s exposure to market risk for changes in interest rates relates primarily to the unsecured line of credit. The Company typically incurs fixed rate debt obligations to finance acquisitions and capital expenditures, while it typically incurs floating rate debt obligations to finance working capital needs and as a temporary measure in advance of securing long-term fixed rate financing. The Company continuously evaluates its level of floating rate debt with respect to total debt and other factors, including its assessment of the current and future economic environment.
The Company also utilizes certain derivative financial instruments to limit market risk. Interest rate protection agreements are used to convert floating rate debt to a fixed rate basis or vice versa. Derivatives are used for hedging purposes rather than speculation. The Company does not enter into financial instruments for trading purposes. See also Note 11 to the Notes to Consolidated Financial Statements for additional discussion of derivative instruments.
The fair values of the Company’s financial instruments (including such items in the financial statement captions as cash and cash equivalents, other assets, line of credit, accounts payable and accrued expenses, rents received in advance and other liabilities) approximate their carrying or contract values based on their nature, terms and interest rates that approximate current market rates. The fair value of the Company’s mortgage notes payable and unsecured notes approximates their carrying value at December 31, 2004.
The Company had total outstanding floating rate debt of approximately $1,389.0 million, or 21.5% of total debt at December 31, 2004, net of the effects of any derivative instruments. If market rates of interest on all of the floating rate debt permanently increased by 25 basis points (a 10% increase from the Company’s existing weighted average interest rates), the increase in interest expense on the floating rate debt would decrease future earnings and cash flows by approximately $3.5 million. If market rates of interest on all of the floating rate debt permanently decreased by 25 basis points (a 10% decrease from the Company’s existing weighted average interest rates), the decrease in interest expense on the floating rate debt would increase future earnings and cash flows by approximately $3.5 million.
At December 31, 2004, the Company had total outstanding fixed rate debt of approximately $5.1 billion, net of the effects of any derivative instruments. If market rates of interest permanently increased by 65 basis points (a 10% increase from the Company’s existing weighted average interest rates), the estimated fair value of the Company’s fixed rate debt would be approximately $4.6 billion. If market rates of interest permanently decreased by 65 basis points (a 10% decrease from the Company’s existing weighted average interest rates), the estimated fair value of the Company’s fixed rate debt would be approximately $5.6 billion.
At December 31, 2004, the Company’s derivative instruments had a net liability fair value of approximately $7.9 million. If market rates of interest permanently increased by 40 basis points (a 10% increase from the Company’s existing weighted average interest rates), the net liability fair value of the Company’s derivative instruments would be approximately $13.9 million. If market rates of interest permanently decreased by 40 basis points (a 10% decrease from the Company’s existing weighted average interest rates), the net liability fair value of the Company’s derivative instruments would be approximately $2.2 million.
These amounts were determined by considering the impact of hypothetical interest rates on the Company’s financial instruments. The foregoing assumptions apply to the entire amount of the Company’s debt and derivative instruments and do not differentiate among maturities. These analyses do not consider the effects of the changes in overall economic activity that could exist in such an environment. Further, in the event of changes of such magnitude, management would likely take actions to further mitigate its exposure to
50
the changes. However, due to the uncertainty of the specific actions that would be taken and their possible effects, this analysis assumes no changes in the Company’s financial structure or results.
The Company cannot predict the effect of adverse changes in interest rates on its debt and derivative instruments and, therefore, its exposure to market risk, nor can there be any assurance that long term debt will be available at advantageous pricing. Consequently, future results may differ materially from the estimated adverse changes discussed above.
Item 8. Financial Statements and Supplementary Data
See Index to Consolidated Financial Statements on page F-1 of this Form 10-K.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
(a) Evaluation of Disclosure Controls and Procedures:
Effective as of December 31, 2004, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15 and 15d-15. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures are effective in timely alerting them to material information. During the fiscal year ended December 31, 2004, there were no changes to the internal controls over financial reporting of the Company identified in connection with the Company’s evaluation or otherwise that has materially affected, or is reasonably likely to materially affect, the Company’s internal controls over financial reporting.
(b) Management’s Report on Internal Control over Financial Reporting:
Equity Residential’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) under the Securities Exchange Act of 1934. Under the supervision and with the participation of management, including the Company’s Chief Executive Officer and Chief Financial Officer, management conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can only provide reasonable assurance with respect to financial statement preparation and presentation.
Based on the Company’s evaluation under the framework in Internal Control — Integrated Framework, management concluded that its internal control over financial reporting was effective as of December 31, 2004. Management’s assessment of the effectiveness of internal control over financial reporting as of December 31, 2004 has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report which is included herein at Item 8, page F-3.
Item 9B. Other Information
None.
51
Trustees and Executive Officers of the Registrant, Executive Compensation, Security Ownership of Certain Beneficial Owners and Management, Certain Relationships and Related Transactions and Principal Accountant Fees and Services.
The information required by Item 10, Item 11, Item 12, Item 13 and Item 14 is incorporated by reference to, and will be contained in, the Company’s definitive proxy statement, which the Company anticipates will be filed no later than April 15, 2005, and thus these items have been omitted in accordance with General Instruction G(3) to Form 10-K.
52
Item 15. Exhibits and Financial Statement Schedules.
(a)
(1) See Index to Financial Statements and Schedules on page F-1 of this Form 10-K.
(2 & 3) See Items (b) and (c) below.
(b) Exhibits:
|
3.1 |
|
Articles of Restatement of Declaration of Trust of Equity Residential dated December 9, 2004. |
|
|
3.2+ |
|
Fifth Amended and Restated Bylaws of Equity Residential dated December 9, 2004. |
|
|
4.1* |
|
Indenture, dated October 1, 1994, between the Operating Partnership, as obligor and The First National Bank of Chicago, as trustee (“Indenture”). |
|
|
4.2** |
|
First Supplemental Indenture to Indenture, dated as of September 9, 2004. |
|
|
4.3++ |
|
Form of 7 ¼% Note due June 15, 2005. |
|
|
4.4+++ |
|
Form of 7 3/4% Note due August 15, 2005. |
|
|
4.5++++ |
|
Form of 6.69% Note due October 30, 2006. |
|
|
4.6+++++ |
|
Description of 7 5/8% Notes due April 15, 2007. |
|
|
4.7@ |
|
Form of 6.9% Note due August 1, 2007. |
|
|
4.8@@ |
|
Form of 4.861% Note due November 30, 2007. |
|
|
4.9@@@ |
|
Form of 4.75% Note due June 15, 2009. |
|
|
4.10@@@@ |
|
Terms Agreement regarding 6.95% Notes due March 2, 2011. |
|
|
4.11§ |
|
Terms Agreement regarding 6.625% Notes due March 15, 2012. |
|
|
4.12§§ |
|
Form of 5.2% Note due April 1, 2013. |
|
|
4.13§§§ |
|
Form of 5.25% Note due September 15, 2014. |
|
|
4.14§§§§ |
|
Terms Agreement regarding 6.63% Notes due April 13, 2015. |
|
|
4.15§§§§§ |
|
Terms Agreement regarding 7 1/8% Notes due October 15, 2017. |
|
|
4.16§§§§§§ |
|
Terms Agreement regarding 7.57% Notes due August 15, 2026. |
|
|
10.1^ |
|
Fifth Amended and Restated Agreement of Limited Partnership of ERP Operating Limited Partnership. |
|
|
10.2^^ |
|
Master Amendment to Other Securities Term Sheets and Joinders to Operating Partnership Agreement of ERP Operating Limited Partnership dated December 19, 2003. |
|
|
10.3^^ |
|
Assignment and Assumption Agreement between the Company and ERP Operating Limited Partnership dated December 19, 2003. |
|
|
10.4*** |
|
Noncompetition Agreement (Zell). |
|
|
10.5*** |
|
Noncompetition Agreement (Spector). |
|
|
10.6*** |
|
Form of Noncompetition Agreement (other officers). |
|
|
10.7*** |
|
Amended and Restated Master Reimbursement Agreement, dated as of November 1, 1996 by and between Federal National Mortgage Association and EQR-Bond Partnership. |
|
|
10.8•• |
|
Revolving Credit Agreement dated as of May 29, 2002 among the Operating Partnership, Bank of America, National Association, as administrative agent, JP Morgan Chase Bank, as syndication agent, and the banks named therein. |
|
|
10.9•• |
|
Guaranty of Payment, dated as of May 29, 2002, between the Company and Bank of America, N.A., as administrative agent. |
|
|
10.10**** |
|
Amended and Restated Limited Partnership Agreement of Lexford Properties, L.P. |
|
|
10.11• |
|
Amended and Restated Equity Residential Advantage Retirement Savings Plan, effective January 1, 2001. |
|
|
10.12^^ |
|
First Amendment to the Equity Residential Advantage Retirement Savings Plan, effective December 2002. |
|
|
10.13^^ |
|
Second Amendment to the Equity Residential Advantage Retirement Savings Plan, effective December 2002. |
|
|
10.14^^ |
|
Third Amendment to the Equity Residential Advantage Retirement Savings Plan, effective May 2003. |
|
|
10.15••• |
|
Equity Residential 2002 Share Incentive Plan. |
|
53
|
10.16 |
|
First Amendment to Equity Residential 2002 Share Incentive Plan. |
|
|
10.17 |
|
Second Amendment to Equity Residential 2002 Share Incentive Plan. |
|
|
10.18 |
|
Form of 2005 Equity Residential Performance Based Unit Award Grant Agreement. |
|
|
10.19• |
|
Form of Change in Control Agreement between the Company and other executive officers. |
|
|
10.20^^ |
|
Form of Indemnification Agreement between the Company and each trustee and executive officer. |
|
|
10.21# |
|
Amended and Restated Executive Compensation Agreement between the Company and Samuel Zell dated March 5, 2003, but effective as of January 1, 2003. |
|
|
10.22 |
|
First Amendment to Amended and Restated Executive Compensation Agreement between the Company and Samuel Zell dated February 3, 2005. |
|
|
10.23• |
|
Amended and Restated Deferred Compensation Agreement between the Company and Douglas Crocker II dated as of January 21, 2002. |
|
|
10.24• |
|
Amended and Restated Deferred Compensation Agreement between the Company and Gerald A. Spector dated January 1, 2002. |
|
|
10.25• |
|
Retirement Benefits Agreement between Samuel Zell and the Company dated October 18, 2001. |
|
|
10.26# |
|
Employment Agreement between the Company and Bruce W. Duncan dated as of January 20, 2003. |
|
|
10.27# |
|
Deferred Compensation Agreement between the Company and Bruce W. Duncan dated as of January 20, 2003. |
|
|
12 |
|
Computation of Ratio of Earnings to Combined Fixed Charges. |
|
|
21 |
|
List of Subsidiaries of Equity Residential. |
|
|
23.1 |
|
Consent of Ernst & Young LLP. |
|
|
24.1 |
|
Power of Attorney for John W. Alexander dated March 9, 2005. |
|
|
24.2 |
|
Power of Attorney for Stephen O. Evans dated March 1, 2005. |
|
|
24.3 |
|
Power of Attorney for Charles L. Atwood dated March 7, 2005. |
|
|
24.4 |
|
Power of Attorney for Desiree G. Rogers dated March 7, 2005. |
|
|
24.5 |
|
Power of Attorney for B. Joseph White dated March 4, 2005. |
|
|
24.6 |
|
Power of Attorney for Sheli Z. Rosenberg dated March 8, 2005. |
|
|
24.7 |
|
Power of Attorney for James D. Harper, Jr. dated March 4, 2005. |
|
|
24.8 |
|
Power of Attorney for Boone A. Knox dated March 2, 2005. |
|
|
24.9 |
|
Power of Attorney for Samuel Zell dated March 9, 2005. |
|
|
24.10 |
|
Power of Attorney for Gerald A. Spector dated March 1, 2005. |
|
|
31.1 |
|
Certification of Bruce W. Duncan, Chief Executive Officer. |
|
|
31.2 |
|
Certification of Donna Brandin, Chief Financial Officer. |
|
|
32.1 |
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to Section 906 of the Sarbanes–Oxley Act of 2002, of Bruce W. Duncan, Chief Executive Officer of the Company. |
|
|
32.2 |
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to Section 906 of the Sarbanes–Oxley Act of 2002, of Donna Brandin, Chief Financial Officer of the Company. |
|
|
+ |
|
Included as an exhibit to the Company’s Form 8-K dated December 9, 2004, filed on December 10, 2004. |
|
|
++ |
|
Included as an exhibit to Form 8-K of Merry Land & Investment Company, Inc., filed on June 20, 1995. |
|
|
+++ |
|
Included as an exhibit to Form 10-K of Wellsford Residential Property Trust for the year ended December 31, 1995. |
|
|
++++ |
|
Included as an exhibit to Form 8-K of Merry Land & Investment Company, Inc., filed on October 31, 1997. |
|
|
+++++ |
|
Contained in 424B2 Prospectus Filing of Evans Withycombe Residential, Inc. dated March 28, 1997. |
|
|
@ |
|
Included as an exhibit to Form 8-K of Merry Land & Investment Company, Inc., filed on July 29, 1997. |
|
|
@@ |
|
Included as an exhibit to the Operating Partnership’s Form 8-K, filed on November 20, 2002. |
|
|
@@@ |
|
Included as an exhibit to the Operating Partnership’s Form 8-K, filed on June 4, 2004. |
|
|
@@@@ |
|
Included as an exhibit to the Operating Partnership’s Form 8-K, filed on March 2, 2001. |
|
54
|
§ |
|
Included as an exhibit to the Operating Partnership’s Form 8-K, filed on March 14, 2002. |
|
|
§§ |
|
Included as an exhibit to the Operating Partnership’s Form 8-K, filed on March 19, 2003. |
|
|
§§§ |
|
Included as an exhibit to the Operating Partnership’s Form 8-K, filed on September 10, 2004. |
|
|
§§§§ |
|
Included as an exhibit to the Operating Partnership’s Form 8-K, filed on April 13, 1998. |
|
|
§§§§§ |
|
Included as an exhibit to the Operating Partnership’s Form 8-K, filed on October 9, 1997. |
|
|
§§§§§§ |
|
Included as an exhibit to the Operating Partnership’s Form 8-K, filed on August 13, 1996. |
|
|
* |
|
Included as an exhibit to the Operating Partnership’s Form 10/A, dated December 12, 1994, File No. 0-24920, and incorporated herein by reference. |
|
|
** |
|
Included as an exhibit to the Operating Partnership’s Form 8-K, filed on September 10, 2004. |
|
|
^ |
|
Included as an exhibit to the Operating Partnership’s Form 8-K/A dated July 23, 1998, filed on August 18, 1998. |
|
|
^^ |
|
Included as an exhibit to the Company’s Form 10-K for the year ended December 31, 2003. |
|
|
*** |
|
Included as an exhibit to the Company’s Form S-11 Registration Statement, File No. 33-63158, and incorporated herein by reference. |
|
|
**** |
|
Included as an exhibit to the Company’s Form 10-K for the year ended December 31, 1999. |
|
|
• |
|
Included as an exhibit to the Company’s Form 10-K for the year ended December 31, 2001. |
|
|
•• |
|
Included as an exhibit to the Company’s Form 10-Q for the quarterly period ended June 30, 2002. |
|
|
••• |
|
Included as an exhibit to the Company’s Form S-8 filed on January 21, 2003. |
|
|
# |
|
Included as an exhibit to the Company’s Form 10-K for the year ended December 31, 2002. |
|
(c) Financial Statement Schedules: See Index to Financial Statements attached hereto on page F-1 of this Form 10-K.
55
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf by the undersigned thereunto duly authorized.
EQUITY RESIDENTIAL
|
Date: |
March 14, 2005 |
|
|
By: |
/s/ |
Bruce W. Duncan |
|
|
|
|
|
Bruce W. Duncan |
||||
|
|
|
President, Chief Executive Officer, |
|||||
|
|
|
and Trustee |
|||||
|
Date: |
March 14, 2005 |
|
|
By: |
/s/ |
Donna Brandin |
|
|
|
|
|
Donna Brandin |
||||
|
|
|
Executive Vice President and |
|||||
|
|
|
Chief Financial Officer |
|||||
|
Date: |
March 14, 2005 |
|
|
By: |
/s/ |
Michael J. McHugh |
|
|
|
|
|
Michael J. McHugh |
||||
|
|
|
Executive Vice President, Chief Accounting |
|||||
|
|
|
Officer, Treasurer and *Attorney-in-fact |
|||||
Pursuant to the requirements of the Securities Exchange Act of 1934, the following persons on behalf of the registrant and in the capacities and on the dates indicated have signed this report below.
|
Date: |
March 14, 2005 |
|
|
By: |
/s/ |
Samuel Zell* |
|
|
|
|
|
Samuel Zell |
||||
|
|
|
Chairman of the Board of Trustees |
|||||
|
Date: |
March 14, 2005 |
|
|
By: |
/s/ |
Gerald A. Spector* |
|
|
|
|
|
Gerald A. Spector |
||||
|
|
|
Executive Vice President, Chief |
|||||
|
|
|
Operating Officer and Trustee |
|||||
|
Date: |
March 14, 2005 |
|
|
By: |
/s/ |
Sheli Z. Rosenberg* |
|
|
|
|
|
Sheli Z. Rosenberg |
||||
|
|
|
Trustee |
|||||
|
Date: |
March 14, 2005 |
|
|
By: |
/s/ |
James D. Harper* |
|
|
|
|
|
James D. Harper |
||||
|
|
|
Trustee |
|||||
|
Date: |
March 14, 2005 |
|
|
By: |
/s/ |
John W. Alexander* |
|
|
|
|
|
John W. Alexander |
||||
|
|
|
Trustee |
|||||
56
SIGNATURES-CONTINUED
|
Date: |
March 14, 2005 |
|
|
By: |
/s/ |
B. Joseph White* |
|
|
|
|
|
B. Joseph White |
||||
|
|
|
Trustee |
|||||
|
Date: |
March 14, 2005 |
|
|
By: |
/s/ |
Charles L. Atwood* |
|
|
|
|
|
Charles L. Atwood |
||||
|
|
|
Trustee |
|||||
|
Date: |
March 14, 2005 |
|
|
By: |
/s/ |
Desiree G. Rogers* |
|
|
|
|
|
Desiree G. Rogers |
||||
|
|
|
Trustee |
|||||
|
Date: |
March 14, 2005 |
|
|
By: |
/s/ |
Stephen O. Evans* |
|
|
|
|
|
Stephen O. Evans |
||||
|
|
|
Trustee |
|||||
|
Date: |
March 14, 2005 |
|
|
By: |
/s/ |
Boone A. Knox* |
|
|
|
|
|
Boone A. Knox |
||||
|
|
|
Trustee |
|||||
|
* By: |
/s/ Michael J. McHugh |
|
|
|
Michael J. McHugh |
|
|
|
as Attorney-in-fact |
|
57
INDEX TO FINANCIAL STATEMENTS AND SCHEDULE
EQUITY RESIDENTIAL
|
|
|
PAGE |
|
|
|
FINANCIAL STATEMENTS FILED AS PART OF THIS REPORT |
|
|
||
|
|
|
|
||
|
|
||||
|
|
|
|
||
|
|
|
|||
|
|
||||
|
|
|
|
||
|
|
|
|||
|
|
||||
|
|
|
|
||
|
|
|
|||
|
|
||||
|
|
|
|
||
|
|
|
|||
|
|
||||
|
|
|
|
||
|
|
|
|||
|
|
||||
|
|
|
|
||
|
|
||||
|
|
|
|
||
|
SCHEDULE FILED AS PART OF THIS REPORT |
|
|
||
|
|
|
|
||
|
|
||||
All other schedules have been omitted because they are inapplicable, not required or the information is included elsewhere in the consolidated financial statements or notes thereto.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees and Shareholders
Equity Residential
We have audited the accompanying consolidated balance sheets of Equity Residential (the “Company”) as of December 31, 2004 and 2003 and the related consolidated statements of operations, changes in shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2004. Our audits also included the financial statement schedule listed in the accompanying index to the financial statements and schedule. These financial statements and schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Equity Residential at December 31, 2004 and 2003, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2004, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly in all material respects the information set forth therein.
As discussed in Note 2 to the consolidated financial statements, the Company changed its method of accounting for variable interest entities in 2004 and changed its method of accounting for stock-based compensation in 2003.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the effectiveness of Equity Residential’s internal control over financial reporting as of December 31, 2004, based on the criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 28, 2005 expressed an unqualified opinion thereon.
|
|
/s/ ERNST & YOUNG LLP |
|
|
|
ERNST & YOUNG LLP |
|
Chicago, Illinois
February 28, 2005
F-2
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON
INTERNAL CONTROL OVER FINANCIAL REPORTING
To the Board of Trustees and Shareholders
Equity Residential
We have audited management’s assessment, included in the accompanying Management’s Report on Internal Control over Financial Reporting at Item 9A, that Equity Residential (the “Company”) maintained effective internal control over financial reporting as of December 31, 2004, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO Criteria”). The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting. Our responsibility is to express an opinion on management’s assessment and an opinion on the effectiveness of the Company’s internal control over financial reporting based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, evaluating management’s assessment, testing and evaluating the design and operating effectiveness of internal control, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
In our opinion, management’s assessment that Equity Residential maintained effective internal control over financial reporting as of December 31, 2004, is fairly stated, in all material respects, based on the COSO Criteria. Also, in our opinion, Equity Residential maintained, in all material respects, effective internal control over financial reporting as of December 31, 2004, based on the COSO Criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Equity Residential as of December 31, 2004 and 2003 and the related consolidated statements of operations, changes in shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2004 and our report dated February 28, 2005 expressed an unqualified opinion thereon.
|
|
/s/ Ernst & Young LLP |
|
|
|
Ernst & Young LLP |
|
Chicago, Illinois
February 28, 2005
F-3
EQUITY RESIDENTIAL
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands except for share amounts)
|
|
|
December 31, |
|
December 31, |
|
||
|
ASSETS |
|
|
|
|
|
||
|
Investment in real estate |
|
|
|
|
|
||
|
Land |
|
$ |
2,183,818 |
|
$ |
1,845,547 |
|
|
Depreciable property |
|
12,350,900 |
|
11,018,326 |
|
||
|
Construction in progress (including land) |
|
317,903 |
|
10,506 |
|
||
|
Investment in real estate |
|
14,852,621 |
|
12,874,379 |
|
||
|
Accumulated depreciation |
|
(2,599,827 |
) |
(2,296,013 |
) |
||
|
Investment in real estate, net |
|
12,252,794 |
|
10,578,366 |
|
||
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
83,505 |
|
49,579 |
|
||
|
Investments in unconsolidated entities |
|
11,461 |
|
473,977 |
|
||
|
Rents receivable |
|
1,681 |
|
426 |
|
||
|
Deposits – restricted |
|
82,194 |
|
133,752 |
|
||
|
Escrow deposits – mortgage |
|
35,800 |
|
41,104 |
|
||
|
Deferred financing costs, net |
|
34,986 |
|
31,135 |
|
||
|
Goodwill, net |
|
30,000 |
|
30,000 |
|
||
|
Other assets |
|
112,854 |
|
128,554 |
|
||
|
Total assets |
|
$ |
12,645,275 |
|
$ |
11,466,893 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
||
|
Liabilities: |
|
|
|
|
|
||
|
Mortgage notes payable |
|
$ |
3,166,739 |
|
$ |
2,693,815 |
|
|
Notes, net |
|
3,143,067 |
|
2,656,674 |
|
||
|
Line of credit |
|
150,000 |
|
10,000 |
|
||
|
Accounts payable and accrued expenses |
|
87,422 |
|
55,463 |
|
||
|
Accrued interest payable |
|
70,411 |
|
60,334 |
|
||
|
Rents received in advance and other liabilities |
|
227,588 |
|
189,372 |
|
||
|
Security deposits |
|
49,501 |
|
44,670 |
|
||
|
Distributions payable |
|
142,437 |
|
140,195 |
|
||
|
Total liabilities |
|
7,037,165 |
|
5,850,523 |
|
||
|
|
|
|
|
|
|
||
|
Commitments and contingencies |
|
|
|
|
|
||
|
Minority Interests: |
|
|
|
|
|
||
|
Operating Partnership |
|
319,841 |
|
342,809 |
|
||
|
Preference Interests |
|
206,000 |
|
246,000 |
|
||
|
Junior Preference Units |
|
184 |
|
2,217 |
|
||
|
Partially Owned Properties |
|
9,557 |
|
9,903 |
|
||
|
Total Minority Interests |
|
535,582 |
|
600,929 |
|
||
|
|
|
|
|
|
|
||
|
Shareholders’ equity: |
|
|
|
|
|
||
|
Preferred Shares
of beneficial interest, $0.01 par value; |
|
636,216 |
|
670,913 |
|
||
|
Common Shares of
beneficial interest, $0.01 par value; |
|
2,851 |
|
2,776 |
|
||
|
Paid in capital |
|
5,112,311 |
|
4,956,712 |
|
||
|
Deferred compensation |
|
(18 |
) |
(3,554 |
) |
||
|
Distributions in excess of accumulated earnings |
|
(657,462 |
) |
(588,005 |
) |
||
|
Accumulated other comprehensive loss |
|
(21,370 |
) |
(23,401 |
) |
||
|
Total shareholders’ equity |
|
5,072,528 |
|
5,015,441 |
|
||
|
Total liabilities and shareholders’ equity |
|
$ |
12,645,275 |
|
$ |
11,466,893 |
|
See accompanying notes
F-4
EQUITY RESIDENTIAL
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands except per share data)
|
|
|
Year Ended December 31, |
|
|||||||
|
|
|
2004 |
|
2003 |
|
2002 |
|
|||
|
REVENUES |
|
|
|
|
|
|
|
|||
|
Rental income |
|
$ |
1,878,262 |
|
$ |
1,691,647 |
|
$ |
1,677,459 |
|
|
Fee and asset management |
|
11,239 |
|
14,373 |
|
9,582 |
|
|||
|
Total revenues |
|
1,889,501 |
|
1,706,020 |
|
1,687,041 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
EXPENSES |
|
|
|
|
|
|
|
|||
|
Property and maintenance |
|
520,412 |
|
460,426 |
|
427,960 |
|
|||
|
Real estate taxes and insurance |
|
222,448 |
|
184,483 |
|
170,029 |
|
|||
|
Property management |
|
75,888 |
|
68,058 |
|
72,416 |
|
|||
|
Fee and asset management |
|
8,623 |
|
7,819 |
|
7,885 |
|
|||
|
Depreciation |
|
484,209 |
|
414,998 |
|
389,580 |
|
|||
|
General and administrative |
|
51,236 |
|
38,810 |
|
46,492 |
|
|||
|
Impairment on technology investments |
|
— |
|
1,162 |
|
1,162 |
|
|||
|
Impairment on corporate housing business |
|
— |
|
— |
|
17,122 |
|
|||
|
Total expenses |
|
1,362,816 |
|
1,175,756 |
|
1,132,646 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Operating income |
|
526,685 |
|
530,264 |
|
554,395 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Interest and other income |
|
10,685 |
|
16,217 |
|
14,792 |
|
|||
|
Interest: |
|
|
|
|
|
|
|
|||
|
Expense incurred, net |
|
(342,591 |
) |
(322,903 |
) |
(327,662 |
) |
|||
|
Amortization of deferred financing costs |
|
(6,723 |
) |
(5,612 |
) |
(5,502 |
) |
|||
|
|
|
|
|
|
|
|
|
|||
|
Income before
allocation to Minority Interests, loss from |
|
188,056 |
|
217,966 |
|
236,023 |
|
|||
|
Allocation to Minority Interests: |
|
|
|
|
|
|
|
|||
|
Operating Partnership |
|
(31,228 |
) |
(34,658 |
) |
(26,862 |
) |
|||
|
Preference Interests |
|
(19,420 |
) |
(20,211 |
) |
(20,211 |
) |
|||
|
Junior Preference Units |
|
(70 |
) |
(325 |
) |
(325 |
) |
|||
|
Partially Owned Properties |
|
1,787 |
|
271 |
|
(1,867 |
) |
|||
|
Premium on redemption of Preference Interests |
|
(1,117 |
) |
— |
|
— |
|
|||
|
Loss from investments in unconsolidated entities |
|
(7,325 |
) |
(10,118 |
) |
(3,698 |
) |
|||
|
Net gain on sales of unconsolidated entities |
|
4,593 |
|
4,942 |
|
5,054 |
|
|||
|
Income from continuing operations |
|
135,276 |
|
157,867 |
|
188,114 |
|
|||
|
Net gain on sales of discontinued operations |
|
323,925 |
|
310,706 |
|
104,296 |
|
|||
|
Discontinued operations, net |
|
13,128 |
|
54,738 |
|
108,367 |
|
|||
|
Net income |
|
472,329 |
|
523,311 |
|
400,777 |
|
|||
|
Preferred distributions |
|
(53,746 |
) |
(76,435 |
) |
(76,615 |
) |
|||
|
Premium on redemption of Preferred Shares |
|
— |
|
(20,237 |
) |
— |
|
|||
|
Net income available to Common Shares |
|
$ |
418,583 |
|
$ |
426,639 |
|
$ |
324,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share – basic: |
|
|
|
|
|
|
|
|||
|
Income from continuing operations available to Common Shares |
|
$ |
0.38 |
|
$ |
0.33 |
|
$ |
0.47 |
|
|
Net income available to Common Shares |
|
$ |
1.50 |
|
$ |
1.57 |
|
$ |
1.19 |
|
|
Weighted average Common Shares outstanding |
|
279,744 |
|
272,337 |
|
271,974 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Earnings per share – diluted: |
|
|
|
|
|
|
|
|||
|
Income from continuing operations available to Common Shares |
|
$ |
0.37 |
|
$ |
0.32 |
|
$ |
0.46 |
|
|
Net income available to Common Shares |
|
$ |
1.48 |
|
$ |
1.55 |
|
$ |
1.18 |
|
|
Weighted average Common Shares outstanding |
|
303,871 |
|
297,041 |
|
297,969 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Distributions declared per Common Share outstanding |
|
$ |
1.73 |
|
$ |
1.73 |
|
$ |
1.73 |
|
See accompanying notes
F-5
EQUITY RESIDENTIAL
CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)
(Amounts in thousands except per share data)
|
|
|
Year Ended December 31, |
|
|||||||
|
|
|
2004 |
|
2003 |
|
2002 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Comprehensive income: |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Net income |
|
$ |
472,329 |
|
$ |
523,311 |
|
$ |
400,777 |
|
|
Other comprehensive income (loss) – derivative and other instruments: |
|
|
|
|
|
|
|
|||
|
Unrealized holding (losses) gains arising during the year |
|
(3,707 |
) |
11,467 |
|
(10,905 |
) |
|||
|
Equity in unrealized holding gains (losses) arising during the year – unconsolidated entities |
|
3,667 |
|
7,268 |
|
(689 |
) |
|||
|
Losses reclassified into earnings from other comprehensive income |
|
2,071 |
|
1,653 |
|
845 |
|
|||
|
Comprehensive income |
|
$ |
474,360 |
|
$ |
543,699 |
|
$ |
390,028 |
|
See accompanying notes
F-6
EQUITY RESIDENTIAL
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
|
|
|
Year Ended December 31, |
|
|||||||
|
|
|
2004 |
|
2003 |
|
2002 |
|
|||
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|||
|
Net income |
|
$ |
472,329 |
|
$ |
523,311 |
|
$ |
400,777 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|||
|
Allocation to Minority Interests: |
|
|
|
|
|
|
|
|||
|
Operating Partnership |
|
31,228 |
|
34,658 |
|
26,862 |
|
|||
|
Preference Interests |
|
19,420 |
|
20,211 |
|
20,211 |
|
|||
|
Junior Preference Units |
|
70 |
|
325 |
|
325 |
|
|||
|
Partially Owned Properties |
|
(1,787 |
) |
(271 |
) |
1,867 |
|
|||
|
Premium on redemption of Preference Interests |
|
1,117 |
|
— |
|
— |
|
|||
|
Depreciation |
|
496,583 |
|
471,569 |
|
472,956 |
|
|||
|
Amortization of deferred financing costs |
|
7,276 |
|
6,702 |
|
5,754 |
|
|||
|
Amortization of discounts and premiums on debt |
|
(784 |
) |
(991 |
) |
(822 |
) |
|||
|
Amortization of deferred settlements on derivative instruments |
|
1,001 |
|
710 |
|
(306 |
) |
|||
|
Impairment on technology investments |
|
— |
|
1,162 |
|
1,162 |
|
|||
|
Impairment on corporate housing business |
|
— |
|
— |
|
17,122 |
|
|||
|
Loss from investments in unconsolidated entities |
|
7,325 |
|
10,118 |
|
3,698 |
|
|||
|
Net (gain) on sales of unconsolidated entities |
|
(4,593 |
) |
(4,942 |
) |
(5,054 |
) |
|||
|
Net (gain) on sales of discontinued operations |
|
(323,925 |
) |
(310,706 |
) |
(104,296 |
) |
|||
|
Loss on debt extinguishments |
|
113 |
|
2,095 |
|
792 |
|
|||
|
Unrealized loss (gain) on derivative instruments |
|
249 |
|
(118 |
) |
328 |
|
|||
|
Compensation paid with Company Common Shares |
|
16,826 |
|
14,883 |
|
25,796 |
|
|||
|
Other operating activities, net |
|
(178 |
) |
(3,147 |
) |
2 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|||
|
(Increase) decrease in rents receivable |
|
(628 |
) |
2,234 |
|
(570 |
) |
|||
|
(Increase) decrease in deposits – restricted |
|
(6,037 |
) |
4,406 |
|
9,896 |
|
|||
|
(Increase) decrease in other assets |
|
(20,341 |
) |
(18,940 |
) |
14,531 |
|
|||
|
Increase (decrease) in accounts payable and accrued expenses |
|
2,844 |
|
(4,682 |
) |
(3,392 |
) |
|||
|
Increase (decrease) in accrued interest payable |
|
9,176 |
|
(2,851 |
) |
406 |
|
|||
|
Increase (decrease) in rents received in advance and other liabilities |
|
7,655 |
|
(170 |
) |
2,369 |
|
|||
|
Increase (decrease) in security deposits |
|
2,811 |
|
(1,247 |
) |
(2,151 |
) |
|||
|
Net cash provided by operating activities |
|
717,750 |
|
744,319 |
|
888,263 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|||
|
Investment in real estate – acquisitions |
|
(820,029 |
) |
(595,077 |
) |
(258,269 |
) |
|||
|
Investment in real estate – development/other |
|
(117,940 |
) |
(8,386 |
) |
(109,077 |
) |
|||
|
Improvements to real estate |
|
(212,171 |
) |
(181,948 |
) |
(156,776 |
) |
|||
|
Additions to non-real estate property |
|
(6,552 |
) |
(2,928 |
) |
(7,301 |
) |
|||
|
Interest capitalized for real estate under development |
|
(11,687 |
) |
— |
|
(10,006 |
) |
|||
|
Interest capitalized for unconsolidated entities under development |
|
(2,282 |
) |
(20,647 |
) |
(17,161 |
) |
|||
|
Proceeds from disposition of real estate, net |
|
937,690 |
|
1,130,925 |
|
478,675 |
|
|||
|
Proceeds from disposition of unconsolidated entities |
|
7,940 |
|
14,136 |
|
49,862 |
|
|||
|
Proceeds from refinancing of unconsolidated entities |
|
— |
|
6,708 |
|
4,375 |
|
|||
|
Proceeds from disposition of furniture rental business |
|
— |
|
— |
|
28,741 |
|
|||
|
Investments in unconsolidated entities |
|
(406,524 |
) |
(14,038 |
) |
(105,758 |
) |
|||
|
Distributions from unconsolidated entities |
|
26,553 |
|
20,515 |
|
41,656 |
|
|||
|
Decrease (increase) in deposits on real estate acquisitions, net |
|
58,715 |
|
(22,656 |
) |
24,845 |
|
|||
|
Decrease in mortgage deposits |
|
9,144 |
|
11,298 |
|
27,425 |
|
|||
See accompanying notes
F-7
EQUITY RESIDENTIAL
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Amounts in thousands)
|
|
|
Year Ended December 31, |
|
|||||||
|
|
|
2004 |
|
2003 |
|
2002 |
|
|||
|
CASH FLOWS FROM INVESTING ACTIVITIES (continued): |
|
|
|
|
|
|
|
|||
|
Consolidation of previously Unconsolidated Properties: |
|
|
|
|
|
|
|
|||
|
Via acquisition (net of cash acquired) |
|
$ |
(49,183 |
) |
$ |
6,879 |
|
$ |
(40,113 |
) |
|
Via FIN 46 (cash consolidated) |
|
3,628 |
|
— |
|
— |
|
|||
|
Acquisition of Minority Interests – Partially Owned Properties |
|
(72 |
) |
(125 |
) |
— |
|
|||
|
Other investing activities, net |
|
16,802 |
|
(10,628 |
) |
260 |
|
|||
|
Net cash (used for) provided by investing activities |
|
(565,968 |
) |
334,028 |
|
(48,622 |
) |
|||
|
|
|
|
|
|
|
|
|
|||
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|||
|
Loan and bond acquisition costs |
|
(9,696 |
) |
(6,127 |
) |
(11,233 |
) |
|||
|
Mortgage notes payable: |
|
|
|
|
|
|
|
|||
|
Proceeds |
|
467,541 |
|
111,150 |
|
126,144 |
|
|||
|
Lump sum payoffs |
|
(469,333 |
) |
(401,951 |
) |
(374,983 |
) |
|||
|
Scheduled principal repayments |
|
(25,607 |
) |
(30,919 |
) |
(32,731 |
) |
|||
|
Prepayment premiums/fees |
|
(450 |
) |
(2,187 |
) |
(792 |
) |
|||
|
Notes, net: |
|
|
|
|
|
|
|
|||
|
Proceeds |
|
898,014 |
|
398,816 |
|
447,064 |
|
|||
|
Lump sum payoffs |
|
(531,390 |
) |
(190,000 |
) |
(265,000 |
) |
|||
|
Scheduled principal repayments |
|
(4,286 |
) |
(4,480 |
) |
(4,669 |
) |
|||
|
Line of credit: |
|
|
|
|
|
|
|
|||
|
Proceeds |
|
1,742,000 |
|
182,000 |
|
776,500 |
|
|||
|
Repayments |
|
(1,602,000 |
) |
(312,000 |
) |
(831,500 |
) |
|||
|
(Payments on) proceeds from settlement of derivative instruments |
|
(7,346 |
) |
(12,999 |
) |
5,757 |
|
|||
|
Proceeds from sale of Common Shares |
|
6,853 |
|
6,324 |
|
9,411 |
|
|||
|
Proceeds from sale of Preferred Shares |
|
— |
|
150,000 |
|
— |
|
|||
|
Proceeds from exercise of options |
|
79,043 |
|
68,400 |
|
29,578 |
|
|||
|
Common Shares repurchased and retired |
|
— |
|
— |
|
(115,004 |
) |
|||
|
Redemption of Preferred Shares |
|
— |
|
(386,989 |
) |
— |
|
|||
|
Redemption of Preference Interests |
|
(40,000 |
) |
— |
|
— |
|
|||
|
Premium on redemption of Preferred Shares |
|
— |
|
(8,345 |
) |
— |
|
|||
|
Payment of offering costs |
|
(24 |
) |
(5,304 |
) |
(207 |
) |
|||
|
Contributions – Minority Interests – Partially Owned Properties |
|
100 |
|
— |
|
— |
|
|||
|
Distributions: |
|
|
|
|
|
|
|
|||
|
Common Shares |
|
(484,540 |
) |
(472,211 |
) |
(473,996 |
) |
|||
|
Preferred Shares |
|
(54,350 |
) |
(79,341 |
) |
(76,973 |
) |
|||
|
Preference Interests |
|
(19,464 |
) |
(20,211 |
) |
(20,238 |
) |
|||
|
Junior Preference Units |
|
(148 |
) |
(324 |
) |
(325 |
) |
|||
|
Minority Interests – Operating Partnership |
|
(36,446 |
) |
(38,472 |
) |
(39,607 |
) |
|||
|
Minority Interests – Partially Owned Properties |
|
(26,327 |
) |
(3,473 |
) |
(12,608 |
) |
|||
|
Principal receipts on employee notes, net |
|
— |
|
— |
|
4,043 |
|
|||
|
Net cash (used for) financing activities |
|
(117,856 |
) |
(1,058,643 |
) |
(861,369 |
) |
|||
|
Net increase (decrease) in cash and cash equivalents |
|
33,926 |
|
19,704 |
|
(21,728 |
) |
|||
|
Cash and cash equivalents, beginning of year |
|
49,579 |
|
29,875 |
|
51,603 |
|
|||
|
Cash and cash equivalents, end of year |
|
$ |
83,505 |
|
$ |
49,579 |
|
$ |
29,875 |
|
See accompanying notes
F-8
EQUITY RESIDENTIAL
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Amounts in thousands)
|
|
|
Year Ended December 31, |
|
|||||||
|
|
|
2004 |
|
2003 |
|
2002 |
|
|||
|
SUPPLEMENTAL INFORMATION: |
|
|
|
|
|
|
|
|||
|
Cash paid during the year for interest |
|
$ |
348,574 |
|
$ |
352,391 |
|
$ |
365,782 |
|
|
|
|
|
|
|
|
|
|
|||
|
Valuation of OP Units issued – Other transactions |
|
$ |
9,087 |
|
$ |
226 |
|
$ |
1,046 |
|
|
|
|
|
|
|
|
|
|
|||
|
Real estate acquisitions/dispositions: |
|
|
|
|
|
|
|
|||
|
Mortgage loans assumed |
|
$ |
95,901 |
|
$ |
89,446 |
|
$ |
32,355 |
|
|
|
|
|
|
|
|
|
|
|||
|
Valuation of OP Units issued |
|
$ |
— |
|
$ |
105 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|||
|
Mortgage loans (assumed) by purchaser |
|
$ |
(29,470 |
) |
$ |
(53,250 |
) |
$ |
(9,924 |
) |
|
|
|
|
|
|
|
|
|
|||
|
Consolidation of previously Unconsolidated Properties – Via acquisition: |
|
|
|
|
|
|
|
|||
|
Investment in real estate |
|
$ |
(960,331 |
) |
$ |
(111,113 |
) |
$ |
(102,110 |
) |
|
|
|
|
|
|
|
|
|
|||
|
Mortgage loans assumed |
|
$ |
274,818 |
|
$ |
51,625 |
|
$ |
18,100 |
|
|
|
|
|
|
|
|
|
|
|||
|
Valuation of OP Units issued |
|
$ |
— |
|
$ |
4,231 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|||
|
Minority Interests – Partially Owned Properties |
|
$ |
445 |
|
$ |
42 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|||
|
Investments in unconsolidated entities |
|
$ |
608,681 |
|
$ |
34,942 |
|
$ |
(312 |
) |
|
|
|
|
|
|
|
|
|
|||
|
Net other liabilities recorded |
|
$ |
27,204 |
|
$ |
27,152 |
|
$ |
44,209 |
|
|
|
|
|
|
|
|
|
|
|||
|
Consolidation of previously unconsolidated properties – Via FIN 46: |
|
|
|
|
|
|
|
|||
|
Investment in real estate |
|
$ |
(548,342 |
) |
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|||
|
Mortgage loans consolidated |
|
$ |
294,722 |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|||
|
Minority interests – Partially Owned Properties |
|
$ |
3,074 |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|||
|
Investments in unconsolidated entities |
|
$ |
234,984 |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|||
|
Net other liabilities recorded |
|
$ |
19,190 |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|||
|
Deconsolidation of previously Wholly Owned Properties: |
|
|
|
|
|
|
|
|||
|
Mortgage loans contributed |
|
$ |
— |
|
$ |
— |
|
$ |
(118,376 |
) |
|
|
|
|
|
|
|
|
|
|||
|
Refinancing of mortgage notes payable into notes, net |
|
$ |
130,000 |
|
$ |
— |
|
$ |
— |
|
See accompanying notes
F-9
EQUITY RESIDENTIAL
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Amounts in thousands)
|
|
|
Year Ended December 31, |
|
|||||||
|
|
|
2004 |
|
2003 |
|
2002 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
PREFERRED SHARES |
|
|
|
|
|
|
|
|||
|
Balance, beginning of year |
|
$ |
670,913 |
|
$ |
946,157 |
|
$ |
966,671 |
|
|
Conversion of 7.00% Series E Cumulative Convertible |
|
(34,519 |
) |
(8,891 |
) |
(20,442 |
) |
|||
|
Conversion of 7.25% Series G Convertible Cumulative |
|
— |
|
(29,184 |
) |
(2 |
) |
|||
|
Redemption of 7.25% Series G Convertible Cumulative |
|
— |
|
(286,989 |
) |
— |
|
|||
|
Conversion of 7.00% Series H Cumulative Convertible |
|
(178 |
) |
(180 |
) |
(70 |
) |
|||
|
Redemption of 7.625% Series L Cumulative Redeemable |
|
— |
|
(100,000 |
) |
— |
|
|||
|
Issuance of 6.48% Series N Cumulative Redeemable |
|
— |
|
150,000 |
|
— |
|
|||
|
Balance, end of year |
|
$ |
636,216 |
|
$ |
670,913 |
|
$ |
946,157 |
|
|
|
|
|
|
|
|
|
|
|||
|
COMMON SHARES, $0.01 PAR VALUE |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Balance, beginning of year |
|
$ |
2,776 |
|
$ |
2,711 |
|
$ |
2,716 |
|
|
Issuance through conversion of Preferred Shares into Common Shares |
|
16 |
|
14 |
|
9 |
|
|||
|
Issuance through conversion of OP Units into Common Shares |
|
17 |
|
7 |
|
9 |
|
|||
|
Issuance through exercise of share options |
|
34 |
|
32 |
|
15 |
|
|||
|
Issuance through Employee Share Purchase Plan |
|
3 |
|
3 |
|
3 |
|
|||
|
Issuance through Share Purchase – DRIP Plan and Dividend Reinvestment –DRIP Plan |
|
— |
|
— |
|
1 |
|
|||
|
Stock-based employee compensation expense: |
|
|
|
|
|
|
|
|||
|
Restricted/performance shares |
|
5 |
|
9 |
|
9 |
|
|||
|
Common Shares repurchased and retired |
|
— |
|
— |
|
(51 |
) |
|||
|
Balance, end of year |
|
$ |
2,851 |
|
$ |
2,776 |
|
$ |
2,711 |
|
|
|
|
|
|
|
|
|
|
|||
|
PAID IN CAPITAL |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Balance, beginning of year |
|
$ |
4,956,712 |
|
$ |
4,844,104 |
|
$ |
4,897,630 |
|
|
Issuance through conversion of Preferred Shares into Common Shares |
|
34,681 |
|
38,241 |
|
20,505 |
|
|||
|
Issuance through conversion of OP Units into Common Shares |
|
36,903 |
|
10,896 |
|
14,759 |
|
|||
|
Issuance of Common Shares through exercise of share options |
|
79,009 |
|
68,368 |
|
29,563 |
|
|||
|
Issuance of Common Shares through Employee Share Purchase Plan |
|
6,850 |
|
6,321 |
|
7,374 |
|
|||
|
Issuance of Common Shares through Share Purchase – DRIP Plan |
|
— |
|
— |
|
861 |
|
|||
|
Issuance of Common Shares through Dividend Reinvestment – DRIP Plan |
|
— |
|
— |
|
1,172 |
|
|||
|
Stock-based employee compensation expense: |
|
|
|
|
|
|
|
|||
|
Restricted/performance shares |
|
9,013 |
|
2,488 |
|
12,127 |
|
|||
|
Share options |
|
2,982 |
|
2,626 |
|
— |
|
|||
|
ESPP discount |
|
1,290 |
|
1,196 |
|
— |
|
|||
|
Common Shares repurchased and retired |
|
— |
|
— |
|
(114,953 |
) |
|||
|
Offering costs |
|
(24 |
) |
(5,304 |
) |
(207 |
) |
|||
|
Premium on redemption of Preferred Shares – original issuance costs |
|
— |
|
11,892 |
|
— |
|
|||
|
Premium on redemption of Preference Interests – original issuance costs |
|
1,117 |
|
— |
|
— |
|
|||
|
Other |
|
(8,705 |
) |
(24,661 |
) |
(29,017 |
) |
|||
|
Adjustment for Minority Interests ownership in Operating Partnership |
|
(7,517 |
) |
545 |
|
4,290 |
|
|||
|
Balance, end of year |
|
$ |
5,112,311 |
|
$ |
4,956,712 |
|
$ |
4,844,104 |
|
See accompanying notes
F-10
EQUITY RESIDENTIAL
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Continued)
(Amounts in thousands)
|
|
|
Year Ended December 31, |
|
|||||||
|
|
|
2004 |
|
2003 |
|
2002 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
DEFERRED COMPENSATION |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Balance, beginning of year |
|
$ |
(3,554 |
) |
$ |
(12,118 |
) |
$ |
(25,778 |
) |
|
Restricted/performance shares granted, net of cancellations |
|
— |
|
— |
|
(12,136 |
) |
|||
|
Amortization to compensation expense – restricted/performance shares |
|
3,536 |
|
8,564 |
|
25,796 |
|
|||
|
Balance, end of year |
|
$ |
(18 |
) |
$ |
(3,554 |
) |
$ |
(12,118 |
) |
|
|
|
|
|
|
|
|
|
|||
|
DISTRIBUTIONS IN EXCESS OF ACCUMULATED EARNINGS |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Balance, beginning of year |
|
$ |
(588,005 |
) |
$ |
(539,942 |
) |
$ |
(390,206 |
) |
|
Net income |
|
472,329 |
|
523,311 |
|
400,777 |
|
|||
|
Common Share distributions |
|
(488,040 |
) |
(474,702 |
) |
(473,898 |
) |
|||
|
Preferred Share distributions |
|
(53,746 |
) |
(76,435 |
) |
(76,615 |
) |
|||
|
Premium on redemption of Preferred Shares – cash charge |
|
— |
|
(8,345 |
) |
— |
|
|||
|
Premium on redemption of Preferred Shares – original issuance costs |
|
— |
|
(11,892 |
) |
— |
|
|||
|
Balance, end of year |
|
$ |
(657,462 |
) |
$ |
(588,005 |
) |
$ |
(539,942 |
) |
|
|
|
|
|
|
|
|
|
|||
|
ACCUMULATED OTHER COMPREHENSIVE LOSS |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Balance, beginning of year |
|
$ |
(23,401 |
) |
$ |
(43,789 |
) |
$ |
(33,040 |
) |
|
Accumulated other comprehensive loss – derivative and other instruments: |
|
|
|
|
|
|
|
|||
|
Unrealized holding (losses) gains arising during the year |
|
(3,707 |
) |
11,467 |
|
(10,905 |
) |
|||
|
Equity in unrealized holding gains (losses) arising during the year – unconsolidated entities |
|
3,667 |
|
7,268 |
|
(689 |
) |
|||
|
Losses reclassified into earnings from other comprehensive income |
|
2,071 |
|
1,653 |
|
845 |
|
|||
|
Balance, end of year |
|
$ |
(21,370 |
) |
$ |
(23,401 |
) |
$ |
(43,789 |
) |
See accompanying notes
F-11
EQUITY RESIDENTIAL
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Business
Equity Residential (“EQR”), formed in March 1993, is a fully integrated real estate company engaged in the acquisition, development, ownership, management and operation of multifamily properties. EQR has elected to be taxed as a real estate investment trust (“REIT”).
EQR is the general partner of, and as of December 31, 2004 owned an approximate 93.3% ownership interest in ERP Operating Limited Partnership, an Illinois limited partnership (the “Operating Partnership”). The Company is structured as an umbrella partnership REIT (“UPREIT”), under which all property ownership and business operations are conducted through the Operating Partnership and its subsidiaries. References to the “Company” include EQR, the Operating Partnership and each of the partnerships, limited liability companies and corporations controlled by the Operating Partnership and/or EQR.
As of December 31, 2004, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 939 properties in 32 states and the District of Columbia consisting of 200,149 units. The ownership breakdown includes:
|
|
|
Properties |
|
Units |
|
|
Wholly Owned Properties |
|
842 |
|
176,711 |
|
|
Partially Owned Properties (Consolidated) |
|
39 |
|
7,220 |
|
|
Unconsolidated Properties |
|
58 |
|
16,218 |
|
|
|
|
939 |
|
200,149 |
|
The “Wholly Owned Properties” are accounted for under the consolidation method of accounting. The Company beneficially owns 100% fee simple title to 841 of the 842 Wholly Owned Properties. The Company owns the building and improvements and leases the land underlying the improvements under a long-term ground lease that expires in 2026 for one property. This one property is consolidated and reflected as a real estate asset while the ground lease is accounted for as an operating lease in accordance with Statement of Financial Accounting Standards (“SFAS”) No. 13, Accounting for Leases.
The “Partially Owned Properties” are controlled by the Company but have partners with minority interests and are accounted for under the consolidation method of accounting. The “Unconsolidated Properties” are partially owned but not controlled by the Company. With the exception of one property, the Unconsolidated Properties consist of investments in partnership interests and/or subordinated mortgages that are accounted for under the equity method of accounting. The remaining one property consists of an investment in a limited liability company that, as a result of the terms of the operating agreement, is accounted for as a management contract right with all fees recognized as fee and asset management revenue. The above table does not include various uncompleted development properties.
2. Summary of Significant Accounting Policies
Basis of Presentation
Due to the Company’s ability as general partner to control either through ownership or by contract the Operating Partnership and its subsidiaries, other than entities that own controlling interests in the Unconsolidated Properties and certain other entities in which the Company has investments, the Operating Partnership and each such subsidiary has been consolidated with the Company for financial reporting purposes. Effective March 31, 2004, the consolidated financial statements also include all variable interest entities for which the Company is the primary beneficiary.
F-12
The Company’s mergers and acquisitions were accounted for as purchases in accordance with either Accounting Principles Board (“APB”) Opinion No. 16, Business Combinations, or SFAS No. 141, Business Combinations. SFAS No. 141 requires all business combinations initiated after June 30, 2001 be accounted for under the purchase method of accounting. The fair value of the consideration given by the Company in the mergers were used as the valuation basis for each of the combinations. The accompanying consolidated statements of operations and cash flows include the results of the properties purchased through the mergers and through acquisitions from their respective closing dates.
Real Estate Assets and Depreciation of Investment in Real Estate
The Company allocates the purchase price of properties to net tangible and identified intangible assets acquired based on their fair values in accordance with the provisions of SFAS No. 141. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio, and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Company allocates the purchase price of acquired real estate to various components as follows:
• Land – Based on actual purchase price if acquired separately or market research/comparables if acquired with an operating property.
• Furniture, Fixtures and Equipment – Ranges between $1,500 and $3,000 per apartment unit acquired as an estimate of the fair value of the appliances & fixtures inside a unit. The per-unit amount applied depends on the type of apartment building acquired. Depreciation is calculated on the straight-line method over an estimated useful life of five years.
• In-Place Leases – The Company considers the value of acquired in-place leases that meet the definition outlined in SFAS No. 141, paragraph 37. The amortization period is the average remaining term of each respective in-place acquired lease.
• Other Intangible Assets – The Company considers whether it has acquired other intangible assets that meet the definition outlined in SFAS No. 141, paragraph 39, including any customer relationship intangibles. The amortization period is the estimated useful life of the acquired intangible asset.
• Building – Based on the fair value determined on an “as-if vacant” basis. Depreciation is calculated on the straight-line method over an estimated useful life of thirty years.
Replacements inside a unit such as appliances and carpeting are depreciated over a five-year estimated useful life. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and significant renovations and improvements that improve and/or extend the useful life of the asset are capitalized over their estimated useful life, generally five to ten years. Initial direct leasing costs are expensed as incurred as such expense approximates the deferral and amortization of initial direct leasing costs over the lease terms. Property sales or dispositions are recorded when title transfers and sufficient consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with accounting principles generally accepted in the United States.
The Company classifies real estate assets as real estate held for disposition when it is certain a property will be disposed of in accordance with SFAS No. 144 (see further discussion below).
The Company classifies properties under development and/or expansion and properties in the lease up phase (including land) as construction in progress until construction has been completed and all certificates of occupancy permits have been obtained.
F-13
Impairment of Long-Lived Assets, Including Goodwill
In June 2001, the Financial Accounting Standards Board (“FASB”) issued SFAS No. 142, Goodwill and Other Intangible Assets. SFAS No. 142 prohibits the amortization of goodwill and requires that goodwill be reviewed for impairment at least annually. In August 2001, the FASB issued SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. SFAS Nos. 142 and 144 were effective for fiscal years beginning after December 15, 2001. The Company adopted these standards effective January 1, 2002. See Notes 13 and 19 for further discussion.
The Company periodically evaluates its long-lived assets, including its investments in real estate and goodwill, for indicators of permanent impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each asset and legal and environmental concerns. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted.
For long-lived assets to be held and used, the Company compares the expected future undiscounted cash flows for the long-lived asset against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company further analyzes each individual asset for other temporary or permanent indicators of impairment. An impairment loss would be recorded for the difference between the estimated fair value and the carrying amount of the asset if the Company deems this difference to be permanent.
For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset measured at the time that the Company has determined it will sell the asset. Long-lived assets held for disposition and the related liabilities are separately reported at the lower of their carrying amounts or their estimated fair values, less their costs to sell, and are not depreciated after reclassification to real estate held for disposition.
Cost Capitalization
See the Real Estate Assets and Depreciation of Investment in Real Estate section for discussion of the policy with respect to capitalization vs. expensing of fixed asset/repair and maintenance costs. In addition, the Company capitalizes the payroll and associated costs of employees directly responsible for and who spend all of their time on the supervision of major capital and/or renovation projects. These costs are reflected on the balance sheet as an increase to depreciable property.
The Company follows the guidance in SFAS No. 67, Accounting for Costs and Initial Rental Operations of Real Estate Projects, for all development projects and uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Company capitalizes, through the date the certificates of occupancy ("CO") are issued (CO's are deemed final within 90 days of issuance), interest, real estate taxes and insurance and payroll and associated costs for those individuals directly responsible for and who spend all of their time on development activities. These costs are reflected on the balance sheet as construction in progress for each specific property. The Company expenses as incurred all payroll costs of on-site employees working directly at our properties, except as noted above on our development properties prior to certificate of occupancy issuance and on specific major rennovation at selected properties when additional incremental employees are hired.
F-14
Cash and Cash Equivalents
The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation (“FDIC”) insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance.
Deferred Financing Costs
Deferred financing costs include fees and costs incurred to obtain the Company’s line of credit and long-term financings. These costs are amortized over the terms of the related debt. Unamortized financing costs are written-off when debt is retired before the maturity date. The accumulated amortization of such deferred financing costs was $18.1 million and $16.0 million at December 31, 2004 and 2003, respectively.
Fair Value of Financial Instruments, Including Derivative Instruments
The valuation of financial instruments under SFAS No. 107, Disclosures about Fair Value of Financial Instruments, and SFAS No. 133 and its amendments (SFAS Nos. 137/138/149), Accounting for Derivative Instruments and Hedging Activities, requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on other factors relevant to the financial instruments.
In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company limits these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments.
The Company has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from those instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives.
On January 1, 2001, the Company adopted SFAS No. 133 and its amendments (SFAS Nos. 137/138/149), which requires an entity to recognize all derivatives as either assets or liabilities in the statement of financial position and to measure those instruments at fair value. Additionally, the fair value adjustments will affect either shareholders’ equity or net income depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. When the terms of an underlying transaction are modified, or when the underlying transaction is terminated or completed, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until the instrument matures. Any derivative instrument used for risk management that does not meet the hedging criteria of SFAS No. 133 is marked-to-market each period. The Company does not use derivatives for trading or speculative purposes.
The fair values of the Company’s financial instruments, other than derivative instruments, including cash and cash equivalents, mortgage notes payable, other notes payable, line of credit and other financial instruments, approximate their carrying or contract values.
F-15
Revenue Recognition
Rental income attributable to leases is recorded when due from residents and is recognized monthly as it is earned, which is not materially different than on a straight-line basis. Leases entered into between a resident and a property, for the rental of an apartment unit, are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis. Fee and asset management revenue and interest income are recorded on an accrual basis.
Stock-Based Compensation
Prior to 2003, the Company had chosen to account for its stock-based compensation in accordance with APB No. 25, Accounting for Stock Issued to Employees, which resulted in no compensation expense for options issued with an exercise price equal to or exceeding the market value of the Company’s Common Shares on the date of grant (intrinsic method). The Company elected to account for its stock-based compensation in accordance with SFAS No. 123 and its amendment (SFAS No. 148), Accounting for Stock Based Compensation, effective in the first quarter of 2003, which resulted in compensation expense being recorded based on the fair value of the stock compensation granted.
The Company elected the “Prospective Method” which requires expensing of employee awards granted or modified after January 1, 2003. Compensation expense under all of the Company’s plans is generally recognized over periods ranging from three months to five years. The cost related to stock-based employee compensation included in the determination of net income for the years ended December 31, 2004 and 2003 is less than that which would have been recognized if the fair value based method had been applied to all awards since the original effective date of SFAS No. 123.
The Company will adopt SFAS No. 123(R), Share-Based Payment, as required effective July 1, 2005. The Company does not anticipate that the adoption of SFAS No. 123(R) will have a material effect on its consolidated statements of operations or financial position.
The following table illustrates the effect on net income and earnings per share if the fair value based method had been applied to all outstanding and unvested awards in each period presented:
F-16
|
|
|
Year Ended December 31, |
|
|||||||
|
|
|
2004 |
|
2003 |
|
2002 |
|
|||
|
|
|
(Amounts in thousands except per share amounts) |
|
|||||||
|
|
|
|
|
|
|
|
|
|||
|
Net income available to Common Shares – as reported |
|
$ |
418,583 |
|
$ |
426,639 |
|
$ |
324,162 |
|
|
Add: Stock-based employee compensation expense included in reported net income: |
|
|
|
|
|
|
|
|||
|
Restricted/performance shares |
|
12,554 |
|
11,043 |
|
25,839 |
|
|||
|
Share options (1) |
|
2,982 |
|
2,626 |
|
— |
|
|||
|
ESPP discount |
|
1,290 |
|
1,196 |
|
— |
|
|||
|
Deduct: Stock-based employee compensation expense determined under fair value based method for all awards: |
|
|
|
|
|
|
|
|||
|
Restricted/performance shares |
|
(12,554 |
) |
(11,043 |
) |
(25,839 |
) |
|||
|
Share options (1) |
|
(5,385 |
) |
(6,784 |
) |
(6,249 |
) |
|||
|
ESPP discount |
|
(1,290 |
) |
(1,196 |
) |
(1,379 |
) |
|||
|
Net income available to Common Shares – pro forma |
|
$ |
416,180 |
|
$ |
422,481 |
|
$ |
316,534 |
|
|
Earnings per share: |
|
|
|
|
|
|
|
|||
|
Basic – as reported |
|
$ |
1.50 |
|
$ |
1.57 |
|
$ |
1.19 |
|
|
Basic – pro forma |
|
$ |
1.49 |
|
$ |
1.55 |
|
$ |
1.16 |
|
|
|
|
|
|
|
|
|
|
|||
|
Diluted – as reported |
|
$ |
1.48 |
|
$ |
1.55 |
|
$ |
1.18 |
|
|
Diluted – pro forma |
|
$ |
1.47 |
|
$ |
1.54 |
|
$ |
1.15 |
|
(1) Share options for the year ended December 31, 2003 included $1.4 million of expense recognition related to options granted in the first quarter of 2003 to the Company’s former chief executive officer. These options vested immediately upon grant.
The fair value of the option grants as computed under SFAS No. 123 would be recognized over the vesting period of the options. The fair value for the Company’s share options was estimated at the time the share options were granted using the Black Scholes option pricing model with the following weighted-average assumptions:
|
|
|
2004 |
|
2003 |
|
2002 |
|
|
Risk-free interest rate |
|
3.03% |
|
3.02% |
|
4.55% |
|
|
Expected dividend yield |
|
6.52% |
|
6.46% |
|
6.46% |
|
|
Volatility |
|
20.0% |
|
20.8% |
|
20.8% |
|
|
Expected life of the options |
|
5 years |
|
5 years |
|
7 years |
|
|
Fair value of options granted |
|
$2.26 |
|
$1.90 |
|
$2.69 |
|
The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because the Company’s share options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its share options.
F-17
Income Taxes
Due to the structure of the Company as a REIT and the nature of the operations of the properties and management business, the results of operations do not contain a provision for federal income taxes. The Company is subject to certain state and local income, excise and franchise taxes. The aggregate cost of land and depreciable property for federal income tax purposes as of December 31, 2004 and 2003 was approximately $9.3 billion and $8.5 billion, respectively.
The Company has elected Taxable REIT Subsidiary (“TRS”) status for certain of its corporate subsidiaries. The federal income taxes for these TRS entities were not material during 2004, 2003 or 2002 and were recognized as general and administrative expenses in the consolidated statements of operations.
During the years ended December 31, 2004, 2003 and 2002, the Company’s tax treatment of dividends and distributions were as follows:
|
|
|
Year Ended December 31, |
|
|||||||
|
|
|
2004 |
|
2003 |
|
2002 |
|
|||
|
Tax treatment of dividends and distributions: |
|
|
|
|
|
|
|
|||
|
Ordinary dividends |
|
$ |
1.104 |
|
$ |
0.799 |
|
$ |
1.398 |
|
|
Qualified dividends |
|
0.003 |
|
0.009 |
|
— |
|
|||
|
Pre-May 6, 2003 long-term capital gain |
|
— |
|
0.150 |
|
0.212 |
|
|||
|
Post-May 5, 2003 long-term capital gain |
|
0.432 |
|
0.315 |
|
— |
|
|||
|
Unrecaptured section 1250 gain |
|
0.151 |
|
0.251 |
|
0.120 |
|
|||
|
Nontaxable distributions |
|
0.040 |
|
0.206 |
|
— |
|
|||
|
Dividends and distributions declared per Common Share outstanding |
|
$ |
1.730 |
|
$ |
1.730 |
|
$ |
1.730 |
|
Minority Interests
Operating Partnership: Net income is allocated to minority interests based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of units of limited partnership interest (“OP Units”) held by the minority interests by the total OP Units held by the minority interests and EQR. Issuance of additional common shares of beneficial interest, $0.01 par value per share (the “Common Shares”), and OP Units changes the ownership interests of both the minority interests and EQR. Such transactions and the proceeds therefrom are treated as capital transactions.
Partially Owned Properties: The Company reflects minority interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Company that are not wholly owned by the Company. The earnings or losses from those properties attributable to the minority interests are reflected as minority interests in partially owned properties in the consolidated statements of operations.
Use of Estimates
In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
F-18
Reclassifications
Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations or shareholders’ equity.
Other
The Company adopted FASB Interpretation (“FIN”) No. 46, Consolidation of Variable Interest Entities, as required, effective March 31, 2004. The adoption required the consolidation of all previously unconsolidated development projects. FIN No. 46 requires the Company to consolidate the assets, liabilities and results of operations of the activities of a variable interest entity, which for the Company includes only its development partnerships, if the Company is entitled to receive a majority of the entity’s residual returns and/or is subject to a majority of the risk of loss from such entity’s activities. As of the original formation of the respective joint ventures, the Company is considered to be the primary beneficiary and the fair value of the assets, liabilities and non-controlling interests of these development projects approximates carryover basis. Due to the March 31, 2004 effective date, the Company has only consolidated the results of operations beginning April 1, 2004. The adoption of FIN No. 46 did not have any effect on net income as the aggregate results of operations of these development properties were previously included in loss from investments in unconsolidated entities. See Note 4 for additional discussion.
The Company generally contributes between 25% and 35% of the project cost of the joint venture projects under development (constituting 100% of the equity), with the remaining cost financed through third-party construction mortgages. Voting rights are shared equally between the Company and its respective development partners and accordingly, these projects were accounted for under the equity method prior to the adoption of FIN No. 46.
In May 2003, the FASB issued SFAS No. 150, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity. SFAS No. 150 establishes standards for classifying and measuring as liabilities certain financial instruments that embody obligations of the issuer and have characteristics of both liabilities and equity. On November 7, 2003, the FASB issued FSP No. FAS 150-3, which deferred for an indefinite period the classification and measurement provisions, but not the disclosure provisions (see discussion below), of SFAS No. 150 as it relates to noncontrolling interests that are classified as equity in the financial statements of a subsidiary but would be classified as a liability in the parent’s financial statements under SFAS No. 150 (e.g., minority interests in consolidated limited-life subsidiaries). The Company does not have any mandatorily redeemable preferred shares/units that fall within the scope of SFAS No. 150.
With regards to the aforementioned disclosure provisions, the Company is presently the controlling partner in various consolidated partnerships consisting of 39 properties and 7,220 units having a minority interest book value of $9.6 million at December 31, 2004. These partnerships contain provisions that require the partnerships to be liquidated through the sale of its assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute proceeds of liquidation to the Minority Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of its assets warrant a distribution based on the partnership agreements. As of December 31, 2004, the Company estimates the value of Minority Interest distributions would have been approximately $111.3 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third party consideration realized by the partnerships upon disposition of the Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on December 31, 2004 had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Minority Interests in the Company’s
F-19
Partially Owned Properties is subject to change. To the extent that the partnerships’ underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Minority Interests in Partially Owned Properties.
On July 31, 2003, the SEC clarified its position with respect to Emerging Issues Task Force (“EITF”) Topic D-42, The Effect on the Calculation of Earnings per Share for the Redemption or Induced Conversion of Preferred Stock. Under the SEC’s revised interpretation, in connection with the redemption of preferred shares/units, the original issuance costs of these shares/units must be treated in a manner similar to preferred distributions and deducted from net income in arriving at net income available to Common Shares. The clarification of EITF Topic D-42 was required to be adopted effective July 1, 2003 on a retroactive basis by restating prior periods included in the current financial statements. The Company recorded an $8.3 million cash premium and $11.9 million in original issuance costs as a premium on the redemption of its Series G Preferred Shares in December 2003. In addition, the Company recorded $1.1 million in original issuance costs as a premium on the redemption of its Series A Preference Interests in September 2004. The Company had no recorded original issuance costs associated with, nor did it incur any cash redemption premium upon redemption of, its Series L Preferred Shares redeemed in 2003.
In April 2002, the FASB issued SFAS No. 145, Rescission of FASB Statements No. 4, 44 and 64, Amendment of FASB Statement No. 13, and Technical Corrections. SFAS No. 145, among other items, rescinds the automatic classification of costs incurred on debt extinguishment as extraordinary charges. Instead, gains and losses from debt extinguishment should only be classified as extraordinary if they meet the “unusual and infrequently occurring” criteria outlined in APB No. 30. SFAS No. 145 is effective for fiscal years beginning after May 15, 2002. The Company adopted the standard effective January 1, 2003. Prior period gains/losses have been reclassified to a component of interest expense.
|
|
|
2004 |
|
2003 |
|
2002 |
|
|
Common Shares outstanding at January 1, |
|
277,643,885 |
|
271,095,481 |
|
271,621,374 |
|
|
|
|
|
|
|
|
|
|
|
Common Shares Issued: |
|
|
|
|
|
|
|
|
Conversion of Series E Preferred Shares |
|
1,536,501 |
|
395,723 |
|
909,873 |
|
|
Conversion of Series G Preferred Shares |
|
— |
|
996,459 |
|
70 |
|
|
Conversion of Series H Preferred Shares |
|
10,268 |
|
10,424 |
|
4,050 |
|
|
Employee Share Purchase Plan |
|
275,616 |
|
289,274 |
|
324,238 |
|
|
Dividend Reinvestment – DRIP Plan |
|
— |
|
— |
|
41,407 |
|
|
Share Purchase – DRIP Plan |
|
— |
|
— |
|
31,354 |
|
|
Exercise of options |
|
3,350,759 |
|
3,249,555 |
|
1,435,115 |
|
|
Restricted share grants, net |
|
515,622 |
|
900,555 |
|
885,967 |
|
|
Conversion of OP Units |
|
1,744,463 |
|
706,631 |
|
933,937 |
|
|
|
|
|
|
|
|
|
|
|
Common Shares Other: |
|
|
|
|
|
|
|
|
Common Shares repurchased and retired |
|
— |
|
— |
|
(5,092,300 |
) |
|
Common Shares other |
|
(199 |
) |
(217 |
) |
396 |
|
|
Common Shares outstanding at December 31, |
|
285,076,915 |
|
277,643,885 |
|
271,095,481 |
|
F-20
|
|
|
2004 |
|
2003 |
|
2002 |
|
|||
|
OP Units outstanding at January 1, |
|
21,907,732 |
|
22,300,643 |
|
23,197,192 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
OP Units Issued: |
|
|
|
|
|
|
|
|||
|
Other transactions |
|
306,694 |
|
165,628 |
|
37,388 |
|
|||
|
Conversion of Series A Junior Preference Units |
|
82,977 |
|
148,092 |
|
— |
|
|||
|
Conversion of OP Units to Common Shares |
|
(1,744,463 |
) |
(706,631 |
) |
(933,937 |
) |
|||
|
OP Units Outstanding at December 31, |
|
20,552,940 |
|
21,907,732 |
|
22,300,643 |
|
|||
|
Total Common Shares and OP Units Outstanding at December 31, |
|
305,629,855 |
|
299,551,617 |
|
293,396,124 |
|
|||
|
OP Units Ownership Interest in Operating Partnership |
|
6.7 |
% |
7.3 |
% |
7.6 |
% |
|||
|
|
|
|
|
|
|
|
|
|||
|
OP Units Issued: |
|
|
|
|
|
|
|
|||
|
Other transactions – per unit |
|
$ |
29.63 |
|
$ |
27.55 |
|
$ |
27.98 |
|
|
Other transactions – valuation |
|
$ |
9.1 million |
|
$ |
4.6 million |
|
$ |
1.0 million |
|
|
Conversion of Series A Junior Preference Units – per unit |
|
$ |
24.50 |
|
$ |
24.50 |
|
— |
|
|
|
Conversion of Series A Junior Preference Units – valuation |
|
$ |
2.0 million |
|
$ |
3.6 million |
|
— |
|
|
In February 1998, the Company filed and the SEC declared effective a Form S-3 Registration Statement to register $1.0 billion of equity securities. In addition, the Company carried over $272.4 million related to a prior registration statement. As of December 31, 2004, $956.5 million in equity securities remained available for issuance under this registration statement.
During October 2002, the Company repurchased 5,092,300 of its Common Shares on the open market at an average price of $22.58 per share. The Company paid approximately $115.0 million for these shares, which were retired subsequent to the repurchase.
The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for a partnership interest are collectively referred to as the “Minority Interests — Operating Partnership”. Subject to certain restrictions, the Minority Interests – Operating Partnership may exchange their OP Units for EQR Common Shares on a one-for-one basis. These OP Units are classified as Minority Interests – Operating Partnership in the accompanying consolidated balance sheets.
Net proceeds from the Company’s Common Share and Preferred Share (see definition below) offerings are contributed by the Company to the Operating Partnership. In return for those contributions, EQR receives a number of OP Units in the Operating Partnership equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in the Operating Partnership equal in number and having the same terms as the Preferred Shares issued in the equity offering). As a result, the net offering proceeds from Common Shares are allocated between shareholders’ equity and Minority Interests – Operating Partnership to account for the change in their respective percentage ownership of the underlying equity of the Operating Partnership.
The Company’s declaration of trust authorizes the Company to issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share (the “Preferred Shares”), with specific rights, preferences and other attributes as the Board of Trustees may determine, which may include preferences, powers and rights that are senior to the rights of holders of the Company’s Common Shares.
The following table presents the Company’s issued and outstanding Preferred Shares as of December 31, 2004 and 2003:
F-21
|
|
|
|
|
|
|
Annual |
|
|
|
|||||
|
|
|
|
|
|
|
Dividend |
|
Amounts in thousands |
|
|||||
|
|
|
Redemption |
|
Conversion |
|
Rate per |
|
December |
|
December |
|
|||
|
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized: |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
9 1/8% Series B Cumulative Redeemable Preferred; liquidation value $250 per share; 500,000 shares issued and outstanding at December 31, 2004 and December 31, 2003 |
|
10/15/05 |
|
N/A |
|
$ |
22.81252 |
|
$ |
125,000 |
|
$ |
125,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
9 1/8% Series C Cumulative Redeemable Preferred; liquidation value $250 per share; 460,000 shares issued and outstanding at December 31, 2004 and December 31, 2003 |
|
9/9/06 |
|
N/A |
|
$ |
22.81252 |
|
115,000 |
|
115,000 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
8.60% Series D Cumulative Redeemable Preferred; liquidation value $250 per share; 700,000 shares issued and outstanding at December 31, 2004 and December 31, 2003 |
|
7/15/07 |
|
N/A |
|
$ |
21.50 |
|
175,000 |
|
175,000 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
7.00% Series E Cumulative Convertible Preferred; liquidation value $25 per share; 811,724 and 2,192,490 shares issued and outstanding at December 31, 2004 and December 31, 2003, respectively |
|
11/1/98 |
|
1.1128 |
|
$ |
1.75 |
|
20,293 |
|
54,812 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
7.00% Series H Cumulative Convertible Preferred; liquidation value $25 per share; 36,934 and 44,028 shares issued and outstanding at December 31, 2004 and December 31, 2003, respectively |
|
6/30/98 |
|
1.4480 |
|
$ |
1.75 |
|
923 |
|
1,101 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 1,000,000 shares issued and outstanding at December 31, 2004 and December 31, 2003 |
|
12/10/26 |
|
N/A |
|
$ |
4.145 |
|
50,000 |
|
50,000 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
6.48% Series N Cumulative Redeemable Preferred; liquidation value $250 per share; 600,000 shares issued and outstanding at December 31, 2004 and December 31, 2003 |
|
6/19/08 |
|
N/A |
|
$ |
16.20 |
|
150,000 |
|
150,000 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
$ |
636,216 |
|
$ |
670,913 |
|
|
(1) On or after the redemption date, redeemable preferred shares (Series B, C, D, K and N) may be redeemed for cash at the option of the Company, in whole or in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any.
(2) On or after the redemption date, convertible preferred shares (Series E & H) may be redeemed under certain circumstances at the option of the Company for cash or Common Shares, in whole or in part, at various redemption prices per share based upon the contractual conversion rate, plus accrued and unpaid distributions, if any.
(3) Dividends on all series of Preferred Shares are payable quarterly at various pay dates. Dividend rates listed for Series B, C, D and N are Preferred Share rates and the equivalent Depositary Share annual dividend rates are $2.281252, $2.281252, $2.15 and $1.62, respectively.
On June 19, 2003. the Company redeemed all of its outstanding Series L Cumulative Redeemable Preferred Shares at liquidation value for total cash consideration of $100.0 million. The Company did not incur any original issuance costs as these shares were issued by Merry Land & Investment Company, Inc. prior to its merger with the Company.
On June 19, 2003, the Company issued 600,000 Series N Cumulative Redeemable Preferred Shares in a public offering. The Company received $145.3 million in net proceeds from this offering after payment of the underwriters’ fee.
F-22
On December 26, 2003, the Company redeemed the remaining outstanding Series G Convertible Cumulative Preferred Shares for cash consideration of $295.3 million, which included the liquidation value of $287.0 million and a cash redemption premium of $8.3 million. The Company recorded the $8.3 million cash redemption premium along with the write-off of $11.9 million in original issuance costs as a premium on redemption of Preferred Shares in the accompanying consolidated statements of operations.
The following table presents the issued and outstanding Preference Interests as of December 31, 2004 and December 31, 2003:
|
|
|
|
|
|
|
Annual |
|
|
|
|||||
|
|
|
Redemption |
|
Conversion |
|
Dividend |
|
Amounts in thousands |
|
|||||
|
December |
|
December |
||||||||||||
|
Preference Interests: |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
8.00% Series A Cumulative Redeemable Preference Interests; liquidation value $50 per unit; 0 and 800,000 units issued and outstanding at December 31, 2004 and December 31, 2003, respectively |
|
10/01/04 |
|
N/A |
|
(4) |
|
$ |
— |
|
$ |
40,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
8.50% Series B Cumulative Redeemable Preference Units; liquidation value $50 per unit; 1,100,000 units issued and outstanding at December 31, 2004 and December 31, 2003 (5) |
|
03/03/05 |
|
N/A |
|
$ |
4.25 |
|
55,000 |
|
55,000 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
8.50% Series C Cumulative Redeemable Preference Units; liquidation value $50 per unit; 220,000 units issued and outstanding at December 31, 2004 and December 31, 2003 (6) |
|
03/23/05 |
|
N/A |
|
$ |
4.25 |
|
11,000 |
|
11,000 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
8.375% Series D Cumulative Redeemable Preference Units; liquidation value $50 per unit; 420,000 units issued and outstanding at December 31, 2004 and December 31, 2003 |
|
05/01/05 |
|
N/A |
|
$ |
4.1875 |
|
21,000 |
|
21,000 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
8.50% Series E Cumulative Redeemable Preference Units; liquidation value $50 per unit; 1,000,000 units issued and outstanding at December 31, 2004 and December 31, 2003 |
|
08/11/05 |
|
N/A |
|
$ |
4.25 |
|
50,000 |
|
50,000 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
8.375% Series F Cumulative Redeemable Preference Units; liquidation value $50 per unit; 180,000 units issued and outstanding at December 31, 2004 and December 31, 2003 |
|
05/01/05 |
|
N/A |
|
$ |
4.1875 |
|
9,000 |
|
9,000 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
7.875% Series G Cumulative Redeemable Preference Units; liquidation value $50 per unit; 510,000 units issued and outstanding at December 31, 2004 and December 31, 2003 |
|
03/21/06 |
|
N/A |
|
$ |
3.9375 |
|
25,500 |
|
25,500 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
7.625% Series H Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 190,000 units issued and outstanding at December 31, 2004 and December 31, 2003 |
|
03/23/06 |
|
1.5108 |
|
$ |
3.8125 |
|
9,500 |
|
9,500 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
7.625% Series I Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 270,000 units issued and outstanding at December 31, 2004 and December 31, 2003 |
|
06/22/06 |
|
1.4542 |
|
$ |
3.8125 |
|
13,500 |
|
13,500 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
7.625% Series J Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 230,000 units issued and outstanding at December 31, 2004 and December 31, 2003 |
|
12/14/06 |
|
1.4108 |
|
$ |
3.8125 |
|
11,500 |
|
11,500 |
|
||
|
|
|
|
|
|
|
|
|
$ |
206,000 |
|
$ |
246,000 |
|
|
(1) On or after the fifth anniversary of the respective issuance (the “Redemption Date”), all of the Preference Interests may be redeemed for cash at the option of the Company, in whole or in part, at any time or from time to time, at a redemption price equal to the liquidation preference of $50.00 per unit plus the cumulative amount of accrued and unpaid distributions, if any.
F-23
(2) On or after the tenth anniversary of the respective issuance (the “Conversion Date”), all of the Preference Interests are exchangeable at the option of the holder (in whole but not in part) on a one-for-one basis for a respective reserved series of EQR Preferred Shares. In addition, on or after the Conversion Date, the convertible Preference Interests (Series H, I & J) may be converted under certain circumstances at the option of the holder (in whole but not in part) to Common Shares based upon the contractual conversion rate, plus accrued and unpaid distributions, if any.
(3) Dividends on all series of Preference Interests are payable quarterly on March 25th, June 25th, September 25th, and December 25th of each year.
(4) On September 1, 2004, the Company issued an irrevocable notice to redeem for cash on October 1, 2004 all 800,000 units of its 8.00% Series A Cumulative Redeemable Preference Interests. The liquidation value of the preference interests was $40.0 million. The Company recorded a write-off of $1.1 million in original issuance costs as a premium on redemption of Preference Interests (Minority Interests) in the accompanying consolidated statements of operations.
(5) On February 1, 2005, the Company issued an irrevocable notice to redeem for cash on March 3, 2005 all 1.1 million units of its 8.50% Series B Cumulative Redeemable Preference Interests with a liquidation value of $55.0 million. The Company will record a write-off of approximately $1.4 million in original issuance costs as a premium on redemption of Preference Interests (Minority Interests) in the first quarter of 2005.
(6) On February 7, 2005, the Company issued an irrevocable notice to redeem for cash on March 23, 2005 all 220,000 units of its 8.50% Series C Cumulative Redeemable Preference Interests with a liquidation value of $11.0 million. The Company will record a write-off of approximately $275,000 in original issuance costs as a premium on redemption of Preference Interests (Minority Interests) in the first quarter of 2005.
The following table presents the Operating Partnership’s issued and outstanding Junior Convertible Preference Units (the “Junior Preference Units”) as of December 31, 2004 and December 31, 2003:
|
|
|
|
|
|
|
Annual |
|
|
|
|||||
|
|
|
Redemption |
|
Conversion |
|
Dividend |
|
Amounts in thousands |
|
|||||
|
December |
|
December |
||||||||||||
|
Junior Preference Units: |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Series A Junior Convertible Preference Units; liquidation value $100 per unit; 0 and 20,333 units issued andoutstanding at December 31, 2004 and December 31, 2003, respectively |
|
(1)(4) |
|
4.0816 |
|
$ |
5.469344 |
|
$ |
— |
|
$ |
2,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Series B Junior Convertible Preference Units; liquidation value $25 per unit; 7,367 units issued and outstanding at December 31, 2004 and December 31, 2003 |
|
(2) |
|
(2) |
|
$ |
2.000000 |
|
184 |
|
184 |
|
||
|
|
|
|
|
|
|
|
|
$ |
184 |
|
$ |
2,217 |
|
|
(1) On the fifth anniversary of the respective issuance (the “Redemption Date”), the Series A Junior Preference Units shall be automatically converted into OP Units based upon the conversion rate. Prior to the Redemption Date, the Operating Partnership or the holders may elect to convert the Series A Junior Preference Units to OP Units under certain circumstances based upon the conversion rate.
(2) On or after the tenth anniversary of the issuance (the “Redemption Date”), the Series B Junior Preference Units may be converted into OP Units at the option of the Operating Partnership based on the contractual conversion rate. Prior to the Redemption Date, the holders may elect to convert the Series B Junior Preference Units to OP Units under certain circumstances based on the contractual conversion rate. The contractual conversion rate is based upon
F-24
a ratio dependent upon the closing price of EQR’s Common Shares.
(3) Dividends on both series of Junior Preference Units are payable quarterly at various pay dates.
(4) On December 22, 2003, 36,283 Series A Junior Preference Units with a liquidation value of $3.6 million issued on December 22, 1998 automatically converted to 148,092 OP Units. On June 29, 2004, 20,333 Series A Junior Preference Units with a liquidation value of $2.0 million issued on June 29, 1999 automatically converted to 82,977 OP Units.
4. Real Estate
The following table summarizes the carrying amounts for investment in real estate (at cost) as of December 31, 2004 and 2003 (Amounts are in thousands):
|
|
|
2004 |
|
2003 |
|
||
|
Land |
|
$ |
2,183,818 |
|
$ |
1,845,547 |
|
|
Buildings and Improvements |
|
11,667,787 |
|
10,415,679 |
|
||
|
Furniture, Fixtures and Equipment |
|
683,113 |
|
602,647 |
|
||
|
Construction in Progress (excluding land) |
|
160,986 |
|
2,960 |
|
||
|
Construction in Progress (land) |
|
156,917 |
|
7,546 |
|
||
|
Real Estate |
|
14,852,621 |
|
12,874,379 |
|
||
|
Accumulated Depreciation |
|
(2,599,827 |
) |
(2,296,013 |
) |
||
|
Real Estate, net |
|
$ |
12,252,794 |
|
$ |
10,578,366 |
|
During the year ended December 31, 2004, the Company acquired the entire equity interest in twenty-four properties containing 6,182 units from unaffiliated parties, inclusive of four additional units at two existing properties and a vacant land parcel, for a total purchase price of $913.2 million.
During the year ended December 31, 2004, the Company also acquired the majority of the remaining third party equity interests it did not previously own in nineteen properties and two vacant land parcels. These properties were previously accounted for under the equity method of accounting and subsequent to each purchase were consolidated. The Company recorded $960.3 million in investment in real estate and the following:
• Assumed $274.8 million in mortgage debt;
• Recorded $0.4 million of minority interests in partially owned properties;
• Reduced investments in unconsolidated entities by $608.7 million (inclusive of $339.7 million in mortgage debt paid off prior to closing);
• Assumed $27.2 million of other liabilities net of other assets acquired; and
• Paid cash of $49.2 million (net of cash acquired).
As previously noted, the Company adopted FIN No. 46, as required, effective March 31, 2004. The adoption required the consolidation of all previously unconsolidated development projects. Accordingly, the Company consolidated five completed properties, six projects which were under development at the time and various other vacant land parcels held for future development. The Company recorded $548.3 million in investment in real estate and the following:
• Consolidated $294.7 million in mortgage debt;
• Recorded $3.0 million of minority interests in partially owned properties;
• Reduced investments in unconsolidated entities by $235.0 million;
• Consolidated $19.2 million of other liabilities net of other assets acquired; and
• Consolidated $3.6 million of cash.
F-25
During the year ended December 31, 2003, the Company acquired the entire equity interest in seventeen properties containing 5,200 units from unaffiliated parties, inclusive of two additional units at an existing property, for a total purchase price of $684.1 million.
During the year ended December 31, 2003, the Company also acquired the majority of the remaining third party equity interests it did not previously own in eleven properties. These properties were previously accounted for under the equity method of accounting and subsequent to each purchase were consolidated. The Company recorded $111.1 million in investment in real estate and the following:
• Assumed $51.6 million in mortgage debt;
• Issued 153,851 OP Units having a value of $4.2 million;
• Recorded $42,000 of minority interests in partially owned properties;
• Reduced investments in unconsolidated entities by $34.9 million;
• Assumed $27.2 million of other liabilities net of other assets acquired; and
• Consolidated and/or received net cash of $6.9 million.
During the year ended December 31, 2004, the Company disposed of the following to unaffiliated parties (including two vacant land parcels and various individual condominium units) (sales price in thousands):
|
|
|
Properties |
|
Units |
|
Sales Price |
|
|
|
Wholly Owned Properties |
|
48 |
|
12,984 |
|
$ |
847.5 |
|
|
Partially Owned Properties (Consolidated) |
|
6 |
|
1,655 |
|
138.6 |
|
|
|
Unconsolidated Properties |
|
4 |
|
497 |
|
6.9 |
|
|
|
|
|
58 |
|
15,136 |
|
$ |
993.0 |
|
The Company recognized a net gain on sales of discontinued operations of approximately $323.9 million and a net gain on sales of unconsolidated entities of approximately $4.6 million on the above sales.
During the year ended December 31, 2003, the Company disposed of the following to unaffiliated parties (including various individual condominium units) (sales price in thousands):
|
|
|
Properties |
|
Units |
|
Sales Price |
|
|
|
Wholly Owned Properties |
|
91 |
|
22,698 |
|
$ |
1,190.5 |
|
|
Partially Owned Properties (Consolidated) |
|
3 |
|
465 |
|
13.6 |
|
|
|
Unconsolidated Properties |
|
2 |
|
323 |
|
13.9 |
|
|
|
|
|
96 |
|
23,486 |
|
$ |
1,218.0 |
|
The Company recognized a net gain on sales of discontinued operations of approximately $310.7 million and a net gain on sales of unconsolidated entities of approximately $4.9 million on the above sales.
5. Commitments to Acquire/Dispose of Real Estate
As of February 2, 2005, in addition to the properties that were subsequently acquired as discussed in Note 21, the Company had entered into separate agreements to acquire three multifamily properties containing 827 units from unaffiliated parties. The Company expects a combined purchase price of approximately $90.0 million.
As of February 2, 2005, in addition to the properties that were subsequently disposed of as discussed in Note 21, the Company had entered into separate agreements to dispose of seventeen multifamily properties containing 4,638 units and two vacant land parcels to unaffiliated parties. The
F-26
Company expects a combined disposition price of approximately $324.7 million.
The closings of these pending transactions are subject to certain contingencies and conditions, therefore, there can be no assurance that these transactions will be consummated or that the final terms thereof will not differ in material respects from those summarized in the preceding paragraphs.
6. Investments in Unconsolidated Entities
The Company has co-invested in various properties with unrelated third parties which are accounted for under the equity method of accounting. The following table summarizes the Company’s investments in unconsolidated entities as of December 31, 2004 (amounts in thousands except for project and unit amounts):
|
|
|
Institutional |
|
Lexford/ |
|
Totals |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Total projects |
|
45 |
|
12 |
|
57 |
(1) |
|||
|
|
|
|
|
|
|
|
|
|||
|
Total units |
|
10,846 |
|
1,571 |
|
12,417 |
(1) |
|||
|
|
|
|
|
|
|
|
|
|||
|
Company’s ownership percentage of outstanding debt |
|
25.0 |
% |
11.0 |
% |
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Company’s share of outstanding debt (2) |
|
$ |
121,200 |
|
$ |
3,179 |
|
$ |
124,379 |
|
(1) Totals exclude Fort Lewis Military Housing consisting of one property and 3,801 units, which is not accounted for under the equity method of accounting, but is included in the Company’s property/unit counts at December 31, 2004.
(2) All debt is non-recourse to the Company.
7. Deposits - Restricted
The following table presents the deposits – restricted as of December 31, 2004 and 2003 (amounts in thousands):
|
|
|
2004 |
|
2003 |
|
||
|
|
|
|
|
|
|
||
|
Collateral enhancement for partially owned development loans |
|
$ |
12,000 |
|
$ |
44,000 |
|
|
Tax–deferred (1031) exchange proceeds |
|
— |
|
27,731 |
|
||
|
Resident security, utility and other |
|
70,194 |
|
62,021 |
|
||
|
|
|
|
|
|
|
||
|
Totals |
|
$ |
82,194 |
|
$ |
133,752 |
|
8. Mortgage Notes Payable
As of December 31, 2004, the Company had outstanding mortgage indebtedness of approximately $3.2 billion.
During the year ended December 31, 2004, the Company:
• Repaid $494.9 million of mortgage loans;
F-27
• Assumed/consolidated $665.4 million of mortgage debt on certain properties in connection with their acquisitions and/or consolidations;
• Obtained $467.5 million of mortgage loans on certain properties;
• Was released from $29.5 million of mortgage debt assumed by the purchaser on disposed properties; and
• Refinanced $130.0 million of mortgage notes and obtained the release of the property as collateral for the loan; therefore the loan was reclassified to notes, net.
As of December 31, 2004, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through January 1, 2035. At December 31, 2004, the interest rate range on the Company’s mortgage debt was 1.89% to 12.465%. During the year ended December 31, 2004, the weighted average interest rate on the Company’s mortgage debt was 5.46%.
The historical cost, net of accumulated depreciation, of encumbered properties was $4.4 billion and $3.8 billion at December 31, 2004 and 2003, respectively.
Aggregate payments of principal on mortgage notes payable for each of the next five years and thereafter are as follows (amounts in thousands):
|
Year |
|
Total |
|
|
|
|
|
|
|
|
|
2005 |
|
$ |
173,303 |
|
|
2006 |
|
287,427 |
|
|
|
2007 |
|
294,470 |
|
|
|
2008 |
|
496,939 |
|
|
|
2009 |
|
540,251 |
|
|
|
Thereafter |
|
1,374,349 |
|
|
|
Total |
|
$ |
3,166,739 |
|
As of December 31, 2003, the Company had outstanding mortgage indebtedness of approximately $2.7 billion.
During the year ended December 31, 2003, the Company:
• Repaid $432.9 million of mortgage loans;
• Assumed $141.1 million of mortgage debt on certain properties in connection with their acquisitions and/or consolidations;
• Obtained $111.2 million of mortgage loans on certain properties; and
• Was released from $53.3 million of mortgage debt assumed by the purchaser on disposed properties.
As of December 31, 2003, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through November 1, 2033. At December 31, 2003, the interest rate range on the Company’s mortgage debt was 1.06% to 12.465%. During the year ended December 31, 2003, the weighted average interest rate on the Company’s mortgage debt was 5.80%.
9. Notes
The following tables summarize the Company’s unsecured note balances and certain interest rate and maturity date information as of and for the years ended December 31, 2004 and 2003, respectively:
F-28
|
December
31, 2004 |
|
Net Principal |
|
Interest Rate |
|
Weighted |
|
Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate Public Notes |
|
$ |
3,031,677 |
|
4.75% - 7.75% |
|
6.25 |
% |
2005 - 2026 |
|
|
Fixed Rate Tax-Exempt Bonds |
|
111,390 |
|
4.75% - 5.20% |
|
5.07 |
% |
2028 - 2029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals |
|
$ |
3,143,067 |
|
|
|
|
|
|
|
|
December
31, 2003 |
|
Net Principal |
|
Interest Rate |
|
Weighted |
|
Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate Public Notes |
|
$ |
2,528,894 |
|
4.86% - 7.75% |
|
6.63 |
% |
2004 - 2026 |
|
|
Fixed Rate Tax-Exempt Bonds |
|
127,780 |
|
4.75% - 5.20% |
|
5.07 |
% |
2028 - 2029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals |
|
$ |
2,656,674 |
|
|
|
|
|
|
|
The Company’s unsecured public debt contains certain financial and operating covenants including,
among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for both the years ended December 31, 2004 and 2003.
In June 2003, the Operating Partnership filed and the SEC declared effective a Form S-3 registration statement to register $2.0 billion of debt securities. In addition, the Operating Partnership carried over $280.0 million related to a prior registration statement. As of December 31, 2004, $1.48 billion in debt securities remained available for issuance under this registration statement.
During the year ended December 31, 2004, the Company:
• Issued $300.0 million of five-year 4.75% fixed-rate public notes, receiving net proceeds of $296.8 million;
• Issued $500.0 million of ten-year 5.25% fixed rate public notes, receiving net proceeds of $496.1 million;
• Repaid $415.0 million of fixed rate public notes at maturity;
• Repaid $20.7 million of other unsecured notes; and
• Obtained an unsecured floating rate loan with a total commitment of $300.0 million and an initial borrowing of $100.0 million on July 15, 2004. This loan was paid off in full and terminated on September 14, 2004.
During the year ended December 31, 2003, the Company:
• Issued $400.0 million of ten-year 5.20% fixed-rate public notes, receiving net proceeds of $397.5 million;
• Repaid $100.0 million of floating rate public notes at maturity;
• Repaid $50.0 million and $40.0 million of 6.65% and 6.875%, respectively, fixed rate public notes at maturity; and
• Repaid $4.5 million of other unsecured notes.
Aggregate payments of principal on unsecured notes payable for each of the next five years and thereafter are as follows (amounts in thousands):
F-29
|
Year |
|
Total |
|
|
|
|
|
|
|
|
|
2005 (1) |
|
$ |
494,594 |
|
|
2006 (2) |
|
204,190 |
|
|
|
2007 |
|
154,620 |
|
|
|
2008 |
|
130,000 |
|
|
|
2009 |
|
297,764 |
|
|
|
Thereafter |
|
1,861,899 |
|
|
|
Total |
|
$ |
3,143,067 |
|
(1) Includes $300.0 million with a final maturity of 2015 that is putable/callable in 2005.
(2) Includes $150.0 million with a final maturity of 2026 that is putable in 2006.
10. Line of Credit
On May 30, 2002, the Operating Partnership obtained a three-year $700.0 million unsecured revolving credit facility maturing May 29, 2005. Advances under the credit facility bear interest at variable rates based upon LIBOR at various interest periods, plus a spread dependent upon the Operating Partnership’s credit rating, or based upon bids received from the lending group. EQR has guaranteed the Operating Partnership’s line of credit up to the maximum amount and for the full term of the facility.
As of December 31, 2004 and 2003, $150.0 million and $10.0 million, respectively, was outstanding and $65.4 million and $56.7 million, respectively, was restricted (dedicated to support letters of credit and not available for borrowing) on the credit facility. During the years ended December 31, 2004 and 2003, the weighted average interest rate was 1.73% and 1.85%, respectively.
11. Derivative Instruments
The following table summarizes the consolidated derivative instruments at December 31, 2004 (dollar amounts are in thousands):
|
|
|
Cash Flow |
|
Fair Value |
|
Offsetting |
|
Offsetting |
|
Development |
|
|||||
|
Current Notional Balance |
|
$ |
150,000 |
|
$ |
490,000 |
|
$ |
255,069 |
|
$ |
255,069 |
|
$ |
4,682 |
|
|
Lowest Possible Notional |
|
$ |
150,000 |
|
$ |
490,000 |
|
$ |
91,052 |
|
$ |
91,052 |
|
$ |
6,700 |
|
|
Highest Possible Notional |
|
$ |
150,000 |
|
$ |
490,000 |
|
$ |
255,069 |
|
$ |
255,069 |
|
$ |
34,625 |
|
|
Lowest Interest Rate |
|
3.683 |
% |
3.245 |
% |
6.000 |
% |
6.000 |
% |
3.310 |
% |
|||||
|
Highest Interest Rate |
|
3.683 |
% |
7.250 |
% |
6.000 |
% |
6.000 |
% |
3.500 |
% |
|||||
|
Earliest Maturity Date |
|
2005 |
|
2005 |
|
2007 |
|
2007 |
|
2005 |
|
|||||
|
Latest Maturity Date |
|
2005 |
|
2009 |
|
2007 |
|
2007 |
|
2006 |
|
|||||
|
Estimated Asset (Liability) Fair Value |
|
$ |
(1,780 |
) |
$ |
(6,137 |
) |
$ |
28 |
|
$ |
(28 |
) |
$ |
(15 |
) |
During the year ended December 31, 2004, the Company paid approximately $3.3 million to terminate five interest rate swaps in conjunction with the repayment of the underlying mortgage loans. The Company recognized a $1.9 million loss in connection with these terminations (included in loss from investments in unconsolidated entities as the losses occurred prior to the acquisition and/or consolidation of the respective properties – see further discussion in Notes 2 and 4). The Company also paid approximately $0.5 million to terminate two forward starting swaps in conjunction with the issuance of $300.0 million of five-year unsecured notes. The $0.5 million cost has been deferred and will be recognized as additional interest expense over the five-year life of the unsecured notes. The Company also paid approximately $3.5 million to terminate ten forward starting swaps in conjunction with the issuance of $500.0 million of ten-year unsecured notes. Approximately $3.3 million of the $3.5 million cost has been deferred and will be recognized as additional interest expense over the ten-year life of the
F-30
unsecured notes.
On December 31, 2004, the net derivative instruments were reported at their fair value as other assets of approximately $1.3 million and as other liabilities of approximately $9.2 million. As of December 31, 2004, there were approximately $21.0 million in deferred losses, net, included in accumulated other comprehensive loss. Based on the estimated fair values of the net derivative instruments at December 31, 2004, the Company may recognize an estimated $4.5 million of accumulated other comprehensive loss as additional interest expense during the twelve months ending December 31, 2005.
12. Earnings Per Share
The following tables set forth the computation of net income per share – basic and net income per share – diluted:
|
|
|
Year Ended December 31, |
|
|||||||
|
|
|
2004 |
|
2003 |
|
2002 |
|
|||
|
|
|
(Amounts in thousands except per share amounts) |
|
|||||||
|
Numerator for net income per share – basic: |
|
|
|
|
|
|
|
|||
|
Income from continuing operations |
|
$ |
135,276 |
|
$ |
157,867 |
|
$ |
188,114 |
|
|
Preferred distributions |
|
(53,746 |
) |
(76,435 |
) |
(76,615 |
) |
|||
|
Premium on redemption of Preferred Shares |
|
— |
|
(20,237 |
) |
— |
|
|||
|
Allocation of Minority Interests – Operating Partnership to discontinued operations |
|
23,391 |
|
27,445 |
|
16,269 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Income from continuing operations available to Common Shares, net of allocation of Minority Interests – Operating Partnership |
|
104,921 |
|
88,640 |
|
127,768 |
|
|||
|
Net gain on sales of discontinued operations, net of allocation of Minority Interests – Operating Partnership |
|
301,445 |
|
287,372 |
|
96,317 |
|
|||
|
Discontinued operations, net of allocation of Minority Interests – Operating Partnership |
|
12,217 |
|
50,627 |
|
100,077 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Numerator for net income per share – basic |
|
$ |
418,583 |
|
$ |
426,639 |
|
$ |
324,162 |
|
F-31
|
|
|
Year Ended December 31, |
|
|||||||
|
|
|
2004 |
|
2003 |
|
2002 |
|
|||
|
|
|
(Amounts in thousands except per share amounts) |
|
|||||||
|
|
|
|
|
|
|
|
|
|||
|
Numerator for net income per share – diluted: |
|
|
|
|
|
|
|
|||
|
Income from continuing operations |
|
$ |
135,276 |
|
$ |
157,867 |
|
$ |
188,114 |
|
|
Preferred distributions |
|
(53,746 |
) |
(76,435 |
) |
(76,615 |
) |
|||
|
Premium on redemption of Preferred Shares |
|
— |
|
(20,237 |
) |
— |
|
|||
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|||
|
Allocation to Minority Interests – Operating Partnership |
|
31,228 |
|
34,658 |
|
26,862 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Income from continuing operations available to Common Shares |
|
112,758 |
|
95,853 |
|
138,361 |
|
|||
|
Net gain on sales of discontinued operations |
|
323,925 |
|
310,706 |
|
104,296 |
|
|||
|
Discontinued operations, net |
|
13,128 |
|
54,738 |
|
108,367 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Numerator for net income per share – diluted |
|
$ |
449,811 |
|
$ |
461,297 |
|
$ |
351,024 |
|
|
|
|
|
|
|
|
|
|
|||
|
Denominator for net income per share – basic and diluted: |
|
|
|
|
|
|
|
|||
|
Denominator for net income per share – basic |
|
279,744 |
|
272,337 |
|
271,974 |
|
|||
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|||
|
OP Units |
|
20,939 |
|
22,186 |
|
22,663 |
|
|||
|
Share options/restricted shares |
|
3,188 |
|
2,518 |
|
3,332 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Denominator for net income per share – diluted |
|
303,871 |
|
297,041 |
|
297,969 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Net income per share – basic |
|
$ |
1.50 |
|
$ |
1.57 |
|
$ |
1.19 |
|
|
Net income per share – diluted |
|
$ |
1.48 |
|
$ |
1.55 |
|
$ |
1.18 |
|
|
|
|
|
|
|
|
|
|
|||
|
Net income per share – basic: |
|
|
|
|
|
|
|
|||
|
Income from continuing operations available to Common Shares |
|
$ |
0.38 |
|
$ |
0.33 |
|
$ |
0.47 |
|
|
Net gain on sales of discontinued operations |
|
1.08 |
|
1.05 |
|
0.35 |
|
|||
|
Discontinued operations, net |
|
0.04 |
|
0.19 |
|
0.37 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Net income per share – basic |
|
$ |
1.50 |
|
$ |
1.57 |
|
$ |
1.19 |
|
|
|
|
|
|
|
|
|
|
|||
|
Net income per share – diluted: |
|
|
|
|
|
|
|
|||
|
Income from continuing operations available to Common shares |
|
$ |
0.37 |
|
$ |
0.32 |
|
$ |
0.46 |
|
|
Net gain on sales of discontinued operations |
|
1.07 |
|
1.05 |
|
0.35 |
|
|||
|
Discontinued operations, net |
|
0.04 |
|
0.18 |
|
0.37 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Net income per share – diluted |
|
$ |
1.48 |
|
$ |
1.55 |
|
$ |
1.18 |
|
Convertible preferred shares/units that could be converted into 3,215,472, 14,745,904 and 15,335,977 weighted average Common Shares for the years ended December 31, 2004, 2003 and 2002, respectively, were outstanding but were not included in the computation of diluted earnings per share because the effects would be anti-dilutive.
For additional disclosures regarding the employee share options and restricted shares, see Notes 2 and 14.
F-32
13. Discontinued Operations
The Company has presented separately as discontinued operations in all periods the results of operations for all consolidated assets disposed of on or after January 1, 2002 (the date of adoption of SFAS No. 144).
The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets during each of the years ended December 31, 2004, 2003, and 2002.
|
|
|
Year Ended December 31, |
|
|||||||
|
|
|
2004 |
|
2003 |
|
2002 |
|
|||
|
|
|
(Amounts in thousands) |
|
|||||||
|
REVENUES |
|
|
|
|
|
|
|
|||
|
Rental income |
|
$ |
61,790 |
|
$ |
219,370 |
|
$ |
338,729 |
|
|
Furniture income |
|
— |
|
— |
|
1,361 |
|
|||
|
Total revenues |
|
61,790 |
|
219,370 |
|
340,090 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
EXPENSES (1) |
|
|
|
|
|
|
|
|||
|
Property and maintenance |
|
27,977 |
|
77,233 |
|
101,097 |
|
|||
|
Real estate taxes and insurance |
|
7,009 |
|
23,611 |
|
34,016 |
|
|||
|
Property management |
|
111 |
|
103 |
|
162 |
|
|||
|
Depreciation |
|
12,374 |
|
56,571 |
|
83,376 |
|
|||
|
Furniture expenses |
|
— |
|
— |
|
1,303 |
|
|||
|
Total expenses |
|
47,471 |
|
157,518 |
|
219,954 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Discontinued operating income |
|
14,319 |
|
61,852 |
|
120,136 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Interest and other income |
|
260 |
|
322 |
|
83 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Interest (2): |
|
|
|
|
|
|
|
|||
|
Expense incurred, net |
|
(898 |
) |
(6,346 |
) |
(11,600 |
) |
|||
|
Amortization of deferred financing costs |
|
(553 |
) |
(1,090 |
) |
(252 |
) |
|||
|
|
|
|
|
|
|
|
|
|||
|
Discontinued operations, net |
|
$ |
13,128 |
|
$ |
54,738 |
|
$ |
108,367 |
|
(1) Includes expenses paid in the current period for properties sold in prior periods related to the Company’s period of ownership.
(2) Interest includes only specific amounts from each property sold.
For the properties sold during 2004 (excluding condominium conversion properties), the investment in real estate, net of accumulated depreciation, and the mortgage notes payable balances at December 31, 2003 were $500.0 million and $94.9 million, respectively.
On January 11, 2002, the Company disposed of its furniture rental business for $30.0 million in cash and received net proceeds of $28.7 million. After giving effect to a previously recorded impairment loss, no gain/loss on sale was recognized as the net book value at the sale date approximated the sales price.
14. Share Incentive Plans
On May 15, 2002, the shareholders of EQR approved the Company’s 2002 Share Incentive Plan. The maximum aggregate number of awards that may be granted under this plan may not exceed 7.5% of the Company’s outstanding Common Shares calculated on a “fully diluted” basis and determined annually on
F-33
the first day of each calendar year. As of January 1, 2005, this amount equaled 23,069,873, of which 17,683,625 is available for future issuance. No awards may be granted under the 2002 Share Incentive Plan after February 20, 2012.
Pursuant to the 2002 Share Incentive Plan and the Fifth Amended and Restated 1993 Share Option and Share Award Plan (collectively the “Share Incentive Plans”), officers, trustees, key employees and consultants of the Company may be offered the opportunity to acquire Common Shares through the grant of share options (“Options”) including non-qualified share options (“NQSOs”), incentive share options (“ISOs”) and share appreciation rights (“SARs”), or may be granted restricted or non-restricted shares. Additionally, officers and key employees of the Company may be awarded Common Shares, subject to conditions and restrictions as described in the Share Incentive Plans. Finally, certain executive officers of the Company are subject to the Company’s performance based restricted share plan. Options, SARs, restricted shares and performance shares are sometimes collectively referred to herein as “Awards”.
The Options generally are granted at the fair market value of the Company’s Common Shares at the date of grant, vest over a three year period, are exercisable upon vesting and expire ten years from the date of grant. The exercise price for all Options under the Share Incentive Plans shall not be less than the fair market value of the underlying Common Shares at the time the Option is granted. The Fifth Amended and Restated 1993 Share Option and Share Award Plan will terminate at such time as all outstanding Awards have expired or have been exercised/vested. The Board of Trustees may at any time amend or terminate the Share Incentive Plans, but termination will not affect Awards previously granted. Any Options which had vested prior to such a termination would remain exercisable by the holder thereof.
As to the Options that have been granted through December 31, 2004, generally, one-third are exercisable one year after the initial grant, one-third are exercisable two years following the date such Options were granted and the remaining one-third are exercisable three years following the date such Options were granted.
As to the restricted shares that have been awarded through December 31, 2004, these shares generally vest three years from the award date. During the three-year period of restriction, the employee receives quarterly dividend payments on their shares. The Company’s unvested restricted shareholders receive dividends at the same rate and on the same date as any other Common Share holder. In addition, the Company’s unvested restricted shareholders have the same voting rights as any other Common Share holder. As a result, dividends paid on unvested restricted shares are included as a distribution in excess of accumulated earnings and have not been considered in reducing net income available to Common Shares in a manner similar to the Company’s preferred share dividends for the earnings per share calculation. If employment is terminated prior to the lapsing of the restriction, the shares are canceled.
In addition, each year the Company’s executive officers receive performance-based awards. The executive officers have the opportunity to earn in Common Shares an amount as little as 0% to as much as 225% of the target number of performance-based awards. The owners of performance-based awards have no right to vote, receive dividends or transfer the awards until Common Shares are issued in exchange for the awards. The number of Common Shares the executive officer actually receives on the third anniversary of the grant date will depend on the excess, if any, by which the Company’s Average Annual Return (i.e., the average of the Common Share dividends declared during each year as a percentage of the Common Share price as of the first business day of the first performance year and the average percentage increase in funds from operations (“FFO”) for each calendar year on a per share basis over the prior year) for the three performance years exceeds the average of the 10-year Treasury Note interest rate as of the first business day in January of each performance year (the “T-Note Rate”).
F-34
|
If the Company’s Average |
|
Less |
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater |
|
|
Annual Return exceeds |
|
than |
|
|
|
|
|
|
|
|
|
|
|
|
|
than |
|
|
the T-Note Rate by: |
|
0.99 |
% |
1-1.99 |
% |
2 |
% |
3 |
% |
4 |
% |
5 |
% |
6 |
% |
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Then the executive officer will receive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares equal to the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
target number of awards times the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
following %: |
|
0 |
% |
50 |
% |
100 |
% |
115 |
% |
135 |
% |
165 |
% |
190 |
% |
225 |
% |
Fifty percent of the Common Shares to which an executive officer may be entitled under the performance share grants will vest, subject to the executive’s continued employment with the Company, on the third anniversary of the award (which will be the date the Common Shares are issued); twenty-five percent will vest on the fourth anniversary and the remaining twenty-five percent will vest on the fifth anniversary. The Common Shares will also fully vest upon the executive’s death, retirement at or after age 62, disability or upon a change in control of the Company.
The following table summarizes information regarding both the restricted and performance-based share plans for the three years ended December 31, 2004, 2003 and 2002:
|
|
|
Restricted/ |
|
Weighted |
|
Compensation Expense |
|
|
|
||||||
|
Year |
|
Granted, Net of |
|
Grant |
|
General and |
|
Property |
|
Dividends |
|
||||
|
2004 |
|
515,622 |
|
$ |
29.28 |
|
$ |
6.3 million |
|
$ |
6.2 million |
|
$ |
2.5 million |
|
|
2003 |
|
900,555 |
|
$ |
23.58 |
|
$ |
5.5 million |
|
$ |
5.6 million |
|
$ |
2.5 million |
|
|
2002 |
|
885,967 |
|
$ |
27.22 |
|
$ |
16.2 million |
|
$ |
9.6 million |
|
$ |
2.9 million |
|
Prior to 2003, the Company had chosen to account for its stock-based compensation in accordance with APB No. 25, Accounting for Stock Issued to Employees, which resulted in no compensation expense for options issued with an exercise price equal to or exceeding the market value of the Company’s Common Shares on the date of grant (intrinsic method). The Company has elected to account for its stock-based compensation in accordance with SFAS No. 123 and its amendment (SFAS No. 148), Accounting for Stock Based Compensation, effective in the first quarter of 2003, which resulted in compensation expense being recorded based on the fair value of the stock compensation granted.
Compensation expense related to restricted and performance-based share grants was previously recognized in accordance with APB No. 25. The adoption of SFAS No. 123 does not significantly change the amount of compensation expense recognized for these grants.
See Note 2 for additional information regarding the Company’s stock-based compensation.
The table below summarizes the Option activity of the Share Incentive Plans and options assumed in connection with mergers (the “Merger Options”) for the three years ended December 31, 2004, 2003 and 2002:
F-35
|
|
|
Common Shares |
|
Weighted Average |
|
|
|
Balance at December 31, 2001 |
|
12,165,247 |
|
$ |
22.59 |
|
|
Options granted |
|
2,270,220 |
|
$ |
27.24 |
|
|
Options exercised |
|
(1,425,494 |
) |
$ |
20.36 |
|
|
Merger Options exercised |
|
(13,621 |
) |
$ |
19.66 |
|
|
Options canceled |
|
(177,536 |
) |
$ |
24.90 |
|
|
Balance at December 31, 2002 |
|
12,818,816 |
|
$ |
23.63 |
|
|
Options granted (1993 plan) |
|
665,304 |
|
$ |
23.55 |
|
|
Options granted (2002 plan) |
|
2,217,124 |
|
$ |
23.59 |
|
|
Options exercised (1993 plan) |
|
(2,696,110 |
) |
$ |
20.61 |
|
|
Options exercised (2002 plan) |
|
(500,000 |
) |
$ |
23.55 |
|
|
Merger Options exercised |
|
(52,995 |
) |
$ |
19.55 |
|
|
Options canceled (1993 plan) |
|
(324,298 |
) |
$ |
25.08 |
|
|
Options canceled (2002 plan) |
|
(42,242 |
) |
$ |
23.55 |
|
|
Balance at December 31, 2003 |
|
12,085,599 |
|
$ |
24.27 |
|
|
Options granted (2002 plan) |
|
2,254,570 |
|
$ |
29.33 |
|
|
Options exercised (1993 plan) |
|
(2,920,057 |
) |
$ |
23.75 |
|
|
Options exercised (2002 plan) |
|
(423,866 |
) |
$ |
23.55 |
|
|
Merger Options exercised |
|
(6,836 |
) |
$ |
20.14 |
|
|
Options canceled (1993 plan) |
|
(90,436 |
) |
$ |
23.44 |
|
|
Options canceled (2002 plan) |
|
(79,751 |
) |
$ |
28.02 |
|
|
Balance at December 31, 2004 |
|
10,819,223 |
|
$ |
25.48 |
|
|
|
|
|
|
|
|
|
The following table summarizes information regarding options outstanding at December 31, 2004:
|
|
|
Options Outstanding |
|
|
|
||||||||
|
Range of Exercise Prices |
|
Options |
|
Weighted |
|
Weighted |
|
Options Exercisable |
|
||||
|
Options |
|
Weighted |
|||||||||||
|
$6.68 to $10.01 |
|
92 |
|
2.0 |
|
$ |
9.55 |
|
92 |
|
$ |
9.55 |
|
|
$10.01 to $13.35 |
|
1,892 |
|
1.1 |
|
$ |
12.12 |
|
1,892 |
|
$ |
12.12 |
|
|
$13.35 to $16.69 |
|
305,634 |
|
1.1 |
|
$ |
15.33 |
|
305,634 |
|
$ |
15.33 |
|
|
$16.69 to $20.03 |
|
6,018 |
|
4.2 |
|
$ |
18.63 |
|
6,018 |
|
$ |
18.63 |
|
|
$20.03 to $23.37 |
|
1,554,006 |
|
4.1 |
|
$ |
20.76 |
|
1,554,006 |
|
$ |
20.76 |
|
|
$23.37 to $26.70 |
|
3,998,492 |
|
5.8 |
|
$ |
24.67 |
|
2,739,319 |
|
$ |
25.18 |
|
|
$26.70 to $30.04 |
|
4,864,462 |
|
7.8 |
|
$ |
28.19 |
|
2,244,481 |
|
$ |
27.45 |
|
|
$30.04 to $33.38 |
|
88,627 |
|
9.6 |
|
$ |
31.38 |
|
— |
|
— |
|
|
|
$6.68 to $33.38 |
|
10,819,223 |
|
6.4 |
|
$ |
25.48 |
|
6,851,442 |
|
$ |
24.47 |
|
As of December 31, 2003 and 2002, 8,274,915 Options (with a weighted average exercise price of $23.86) and 8,252,203 Options (with a weighted average exercise price of $22.25) were exercisable, respectively.
F-36
15. Employee Plans
The Company established an Employee Share Purchase Plan (the “ESPP”) to provide employees and trustees the ability to annually acquire up to $100,000 of Common Shares of the Company. In 2003, the Company’s shareholders approved an increase in the aggregate number of Common Shares available under the ESPP to 7,000,000 (from 2,000,000). The Company has 4,770,937 Common Shares available for purchase under the ESPP at December 31, 2004. The Common Shares may be purchased quarterly at a price equal to 85% of the lesser of: (a) the closing price for a share on the last day of such quarter; and (b) the greater of: (i) the closing price for a share on the first day of such quarter, and (ii) the average closing price for a share for all the business days in the quarter. The following table summarizes information regarding the Common Shares issued under the ESPP:
|
|
|
Year Ended December 31, |
|
||||
|
|
|
2004 |
|
2003 |
|
2002 |
|
|
|
|
(amounts in thousands except share and per share amounts) |
|
||||
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
275,616 |
|
289,274 |
|
324,238 |
|
|
Issuance price ranges |
|
$23.35 – $27.39 |
|
$20.64 – $24.74 |
|
$21.65 – $24.43 |
|
|
Issuance proceeds |
|
$6,853 |
|
$6,324 |
|
$7,377 |
|
The Company established a defined contribution plan (the “401(k) Plan”) to provide retirement benefits for employees that meet minimum employment criteria. The Company matches dollar for dollar up to the first 2% of eligible compensation that a participant contributes to the 401(k) Plan (4% for 2002 and prior years). Participants are vested in the Company’s contributions over five years. The Company made contributions in the amount of $1.5 million and $3.5 million for the years ended December 31, 2003 and 2002, respectively, and expects to make contributions in the amount of approximately $2.0 million for the year ended December 31, 2004.
The Company may also elect to make an annual discretionary profit-sharing contribution as a percentage of each individual employee’s eligible compensation under the 401(k) Plan. The Company did not make a contribution for the years ended December 31, 2004, 2003 or 2002.
The Company established a supplemental executive retirement savings plan (the “SERP”) to provide certain officers and trustees an opportunity to defer a portion of their eligible compensation in order to save for retirement. The SERP is restricted to investments in Company Common Shares, certain marketable securities that have been specifically approved, and cash equivalents. The deferred compensation liability represented in the SERP and the securities issued to fund such deferred compensation liability are consolidated by the Company and carried on the Company’s balance sheet, and the Company’s Common Shares held in the SERP are accounted for as a reduction to paid in capital.
16. Distribution Reinvestment and Share Purchase Plan
On November 3, 1997, the Company filed with the SEC a Form S-3 Registration Statement to register 14,000,000 Common Shares pursuant to a Distribution Reinvestment and Share Purchase Plan (the “DRIP Plan”). The registration statement was declared effective on November 25, 1997. The Company has 11,571,446 Common Shares available for issuance under the DRIP Plan at December 31, 2004.
The DRIP Plan provides holders of record and beneficial owners of Common Shares and Preferred Shares with a simple and convenient method of investing cash distributions in additional Common Shares (which is referred to herein as the “Dividend Reinvestment – DRIP Plan”). Common Shares may also be purchased on a monthly basis with optional cash payments made by participants in the DRIP Plan and interested new investors, not currently shareholders of the Company, at the market price of the Common Shares less a discount ranging between 0% and 5%, as determined in accordance with the DRIP Plan (which
F-37
is referred to herein as the “Share Purchase – DRIP Plan”). Common Shares purchased under the DRIP Plan may, at the option of the Company, be directly issued by the Company or purchased by the Company’s transfer agent in the open market using participants’ funds.
17. Transactions with Related Parties
The Company provided asset and property management services to certain related entities for properties not owned by the Company. Fees received for providing such services were approximately $0.2 million, $0.3 million and $0.7 million for the years ended December 31, 2004, 2003 and 2002, respectively.
The Company reimbursed its Chief Operating Officer for the actual operating costs (excluding acquisition costs) of operating his personal aircraft for himself and other employees on Company business. Amounts incurred were approximately $0.3 million, $0.2 million and $0.5 million for the years ended December 31, 2004, 2003 and 2002, respectively.
The Company leases its corporate headquarters from an entity controlled by EQR’s Chairman of the Board of Trustees. Amounts incurred for such office space for the years ended December 31, 2004, 2003 and 2002, respectively, were approximately $1.9 million, $1.7 million and $1.6 million. The Company believes these amounts equal market rates for such space.
The Company had the following additional non-continuing related party transactions:
• The Company leased space in an office building in Augusta, Georgia indirectly owned by one of EQR’s trustees since May 2003 and directly owned by an entity affiliated with the same EQR trustee from 1998 to 2003 (individual was a trustee through May 2004). Amounts incurred for such office space were approximately $0.2 million, $0.2 million and $0.1 million for the years ended December 31, 2004, 2003 and 2002, respectively;
• Certain executive officers of the Company purchased Common Shares which were financed with loans made by the Company, all of which were repaid in full in 2002;
• The Company made consulting payments to two former trustees (individuals were trustees through May 2003) of approximately $0.2 million during the year ended December 31, 2002; and
• The Company paid legal fees to a law firm of which one of EQR’s former trustees (individual was a trustee through May 2002) is a partner of approximately $0.3 million during the year ended December 31, 2002.
18. Commitments and Contingencies
The Company, as an owner of real estate, is subject to various Federal, state and local environmental laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future.
In August 2004, the Company tried a class action lawsuit in Palm Beach County, Florida regarding certain charges made to residents who terminated their leases early or failed to provide sufficient notice of intent to vacate. In December 2004, the Court issued a Findings of Fact and Conclusions of Law holding those fees legally uncollectible under Florida law. In recognition of the Findings of Fact and Conclusions of Law, which awarded damages and interest to the class in the amount of approximately $1.6 million, the Company established a reserve of approximately $1.6 million and correspondingly recorded this as a general and administrative expense. Due to pending appeals, the award is neither final nor enforceable. Accordingly, it is not possible to determine or predict the ultimate outcome of the case. While no assurances can be given, the Company does not believe that this lawsuit,
F-38
if the ultimate outcome is unfavorable, will have a material adverse effect on the Company.
The Company does not believe there is any other litigation pending or threatened against the Company which, individually or in the aggregate, reasonably may be expected to have a material adverse effect on the Company.
During the year ended December 31, 2004, the Company established a reserve and recorded a corresponding expense of $15.2 million in estimated uninsured property damage at certain of its properties primarily located in Florida caused by Hurricanes Charley, Frances, Ivan and Jeanne (included in rents received in advance and other liabilities and real estate taxes and insurance expense on the consolidated balance sheets and statements of operations, respectively). Of this amount, approximately $9.4 million had been spent for hurricane related repairs through December 31, 2004.
As of December 31, 2004 the Company has five projects totaling 1,306 units in various stages of development with estimated completion dates ranging through September 30, 2006. The three development agreements currently in place have the following key terms:
• The first development partner has the right, at any time following completion of a project subject to the agreement, to stipulate a value for such project and offer to sell its interest in the project to the Company based on such value. If the Company chooses not to purchase the interest, the Company must agree to a sale of the project to an unrelated third party at such value. The Company’s partner must exercise this right as to all projects subject to the agreement within five years after the receipt of the final certificate of occupancy on the last developed property. In connection with this development agreement, the Company has an obligation to provide up to $40.0 million in credit enhancements to guarantee a portion of the third party construction financing. As of February 2, 2005, the Company had set-aside $5.0 million towards this credit enhancement. The Company would be required to perform under this agreement only if there was a material default under a third party construction mortgage agreement. This agreement expires no later than December 31, 2018. Notwithstanding the termination of the agreement, the Company shall have recourse against its development partner for any losses incurred.
• The second development partner has the right, at any time following completion of a project subject to the agreement, to require the Company to purchase the partners’ interest in that project at a mutually agreeable price. If the Company and the partner are unable to agree on a price, both parties will obtain appraisals. If the appraised values vary by more than 10%, both the Company and its partner will agree on a third appraiser to determine which original appraisal is closest to its determination of value. The Company may elect at that time not to purchase the property and instead, authorize its partner to sell the project at or above the agreed-upon value to an unrelated third party. Five years following the receipt of the final certificate of occupancy on the last developed property, the Company must purchase, at the agreed-upon price, any projects remaining unsold.
• The third development partner has the exclusive right for six months following stabilization, as defined, to market a subject project for sale. Thereafter, either the Company or its development partner may market a subject project for sale. If the Company’s development partner proposes the sale, the Company may elect to purchase the project at the price proposed by its partner or defer the sale until two independent appraisers appraise the project. If the two appraised values vary by more than 5%, a third appraiser will be chosen to determine the fair market value of the property. Once a value has been determined, the Company may elect to purchase the property or authorize its development partner to sell the project at the agreed-upon value.
In connection with one of its mergers, the Company provided a guaranty of a credit enhancement agreement with respect to certain tax-exempt bonds issued to finance certain public improvements at a multifamily development project. The Company has the obligation to provide this guaranty for a period of eight years from the consummation of the merger or through May 2005. The Company would be required
F-39
to perform under this agreement only if there was a draw on the letter of credit issued by the credit enhancement party. The counterparty has also agreed to indemnify the Company for any losses suffered. As of December 31, 2004, this guaranty was still in effect at a commitment amount of $12.7 million (reduced to $10.4 million effective in January 2005) and no current outstanding liability.
During the years ended December 31, 2004, 2003 and 2002, total operating lease payments incurred for office space, including a portion of real estate taxes, insurance, repairs and utilities, aggregated $5.8 million, $5.7 million and $5.8 million, respectively.
The Company has entered into a retirement benefits agreement with its Chairman of the Board of Trustees and deferred compensation agreements with two of its executive officers and its former chief executive officer. During the years ended December 31, 2004, 2003 and 2002, the Company recognized compensation expense of $39,000, $3.0 million and $5.1 million, respectively, related to these agreements.
The following table summarizes the Company’s contractual obligations for minimum rent payments under operating leases and deferred compensation for the next five years and thereafter as of December 31, 2004:
|
|
|
Payments Due by Year (in thousands) |
|
|||||||||||||||||||
|
|
|
2005 |
|
2006 |
|
2007 |
|
2008 |
|
2009 |
|
Thereafter |
|
Total |
|
|||||||
|
Operating Leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Minimum Rent Payments (a) |
|
$ |
4,816 |
|
$ |
4,205 |
|
$ |
3,464 |
|
$ |
3,335 |
|
$ |
3,233 |
|
$ |
7,369 |
|
$ |
26,422 |
|
|
Other Long-Term Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Deferred Compensation (b) |
|
813 |
|
1,807 |
|
2,211 |
|
2,211 |
|
2,211 |
|
11,230 |
|
20,483 |
|
|||||||
(a) Minimum basic rent due for various office space the Company leases and fixed base rent due on a ground lease for one property.
(b) Estimated payments to the Company’s Chairman, former CEO and two other executive officers based on planned retirement dates.
19. Asset Impairment
The Company recorded approximately $1.2 million of asset impairment charges related to its technology investments in each of the years ending December 31, 2003 and 2002. These charges were the result of a review of the existing investments reflected on the consolidated balance sheet. These impairment losses are reflected on the consolidated statements of operations in total expenses and include the write-down of assets classified as other assets.
For the year ended December 31, 2002, the Company recorded approximately $17.1 million of asset impairment charges related to its corporate housing business. Following the guidance in SFAS No. 142, these charges were the result of the Company’s decision to reduce the carrying value of its corporate housing business to $30.0 million, given the weakness in the economy and management’s expectations for near-term performance. This impairment loss is reflected on the consolidated statements of operations as impairment on corporate housing business and on the consolidated balance sheets as a reduction in goodwill, net.
20. Reportable Segments
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by senior management. Senior management decides how resources are allocated and assesses performance on a monthly basis.
The Company’s primary business is owning, managing, and operating multifamily residential properties, which includes the generation of rental and other related income through the leasing of
F-40
apartment units to residents and includes Equity Corporate Housing (“ECH”). Senior management evaluates the performance of each of our apartment communities on an individual basis; however, each of our apartment communities has similar economic characteristics, residents, and products and services so they have been aggregated into one reportable segment. The Company’s rental real estate segment comprises approximately 99.4%, 99.2% and 99.4% of total revenues for the years ended December 31, 2004, 2003 and 2002, respectively. The Company’s rental real estate segment comprises approximately 99.8% and 99.7% of total assets at December 31, 2004 and 2003, respectively.
The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense; 2) real estate taxes and insurance expense; and 3) property management expense (all as reflected in the accompanying statements of operations). The Company believes that NOI is helpful to investors as a supplemental measure of the operating performance of a real estate company because it is a direct measure of the actual operating results of the Company’s apartment communities. Current year NOI is compared to prior year NOI and current year budgeted NOI as a measure of financial performance. The following table presents the NOI from our rental real estate specific to continuing operations for the years ended December 31, 2004, 2003 and 2002, respectively:
|
|
|
Year Ended December 31, |
|
||||||||
|
|
|
2004 |
|
2003 |
|
2002 |
|
||||
|
|
|
(Amounts in thousands) |
|
||||||||
|
|
|
|
|
|
|
|
|
||||
|
Rental income |
|
$ |
1,878,262 |
|
$ |
1,691,647 |
|
$ |
1,677,459 |
|
|
|
Property and maintenance expense |
|
(520,412 |
) |
(460,426 |
) |
(427,960 |
) |
||||
|
Real estate taxes and insurance expense |
|
(222,448 |
) |
(184,483 |
) |
(170,029 |
) |
||||
|
Property management expense |
|
(75,888 |
) |
(68,058 |
) |
(72,416 |
) |
||||
|
Net operating income |
|
$ |
1,059,514 |
|
$ |
978,680 |
|
$ |
1,007,054 |
|
|
The Company’s fee and asset management activity is immaterial and does not meet the threshold requirements of a reportable segment as provided for in SFAS No. 131.
All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the three years ended December 31, 2004, 2003 or 2002.
21. Subsequent Events/Other
Subsequent to December 31, 2004 and through February 7, 2005, the Company:
• Acquired four properties consisting of 734 units and one parcel of vacant land for approximately $144.1 million;
• Disposed of one property consisting of 450 units (excluding condominium units) and a vacant land parcel for approximately $340.9 million;
• Assumed $47.6 million of mortgage debt on two properties in connection with their acquisitions;
• Executed an amended compensation agreement with its Chairman of the Board of Trustees extending his current agreement on the same terms and conditions for two more years through 2006 and providing him with a $3.25 million per year long-term compensation grant of options and restricted shares; and
• Issued irrevocable notices to redeem for cash during March 2005 all 1,320,000 units of its 8.50% Series B and C Preference Interests with a cumulative liquidation value of $66.0 million.
On February 24, 2005, the Company received $57.1 million in cash for its ownership interest in Rent.com in connection with the acquisition of Rent.com by eBay, Inc.
F-41
22. Quarterly Financial Data (Unaudited)
The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. All amounts have also been restated in accordance with the discontinued operations provisions of SFAS No 144. Amounts are in thousands, except for per share amounts.
|
2004 |
|
Fourth |
|
Third |
|
Second |
|
First |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total revenues (1) |
|
$ |
487,366 |
|
$ |
483,481 |
|
$ |
474,727 |
|
$ |
443,927 |
|
|
Operating income (1) |
|
135,952 |
|
121,612 |
|
136,148 |
|
132,973 |
|
||||
|
Income from continuing operations (1) |
|
33,303 |
|
26,185 |
|
39,483 |
|
36,305 |
|
||||
|
Net gain on sales of discontinued operations |
|
116,272 |
|
58,394 |
|
77,760 |
|
71,499 |
|
||||
|
Discontinued operations, net (1) |
|
1,058 |
|
2,930 |
|
4,963 |
|
4,177 |
|
||||
|
Net income (1)* |
|
150,633 |
|
87,509 |
|
122,206 |
|
111,981 |
|
||||
|
Net income available to Common Shares |
|
137,558 |
|
74,163 |
|
108,553 |
|
98,309 |
|
||||
|
Earnings per share – basic: |
|
|
|
|
|
|
|
|
|
||||
|
Net income available to Common Shares |
|
$ |
0.49 |
|
$ |
0.26 |
|
$ |
0.39 |
|
$ |
0.35 |
|
|
Weighted average Common Shares outstanding |
|
282,329 |
|
280,167 |
|
278,949 |
|
277,498 |
|
||||
|
Earnings per share – diluted: |
|
|
|
|
|
|
|
|
|
||||
|
Net income available to Common Shares |
|
$ |
0.48 |
|
$ |
0.26 |
|
$ |
0.39 |
|
$ |
0.35 |
|
|
Weighted average Common Shares outstanding |
|
306,841 |
|
304,028 |
|
302,201 |
|
301,781 |
|
||||
(1) The amounts presented for the first three quarters of 2004 are not equal to the same amounts previously reported in the respective Form 10-Q’s filed with the SEC for each period as a result of changes in discontinued operations due to additional property sales which occurred throughout 2004 and the Company’s reclassification of its Minority Interest distributions on Preference Interests and Junior Preference Units. Below is a reconciliation to the amounts previously reported in the respective Form 10-Q’s:
F-42
|
2004 |
|
Third |
|
Second |
|
First |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Total revenues previously reported in Form 10-Q |
|
$ |
491,485 |
|
$ |
488,596 |
|
$ |
462,661 |
|
|
Total revenues subsequently reclassified to discontinued operations |
|
(8,004 |
) |
(13,869 |
) |
(18,734 |
) |
|||
|
|
|
|
|
|
|
|
|
|||
|
Total revenues disclosed in Form 10-K |
|
$ |
483,481 |
|
$ |
474,727 |
|
$ |
443,927 |
|
|
|
|
|
|
|
|
|
|
|||
|
Operating income previously reported in Form 10-Q |
|
$ |
124,371 |
|
$ |
140,786 |
|
$ |
139,316 |
|
|
Operating income subsequently reclassified to discontinued operations |
|
(2,759 |
) |
(4,638 |
) |
(6,343 |
) |
|||
|
|
|
|
|
|
|
|
|
|||
|
Operating income disclosed in Form 10-K |
|
$ |
121,612 |
|
$ |
136,148 |
|
$ |
132,973 |
|
|
|
|
|
|
|
|
|
|
|||
|
Income from continuing operations previously reported in Form 10-Q |
|
$ |
29,003 |
|
$ |
49,363 |
|
$ |
47,381 |
|
|
Income from continuing operations subsequently reclassified to discontinued operations |
|
(2,818 |
) |
(4,796 |
) |
(5,992 |
) |
|||
|
Preference Interest distributions reclassified to Minority Interests |
|
— |
|
(5,053 |
) |
(5,053 |
) |
|||
|
Junior Preference Unit distributions reclassified to Minority Interests |
|
— |
|
(31 |
) |
(31 |
) |
|||
|
|
|
|
|
|
|
|
|
|||
|
Income from continuing operations disclosed in Form 10-K |
|
$ |
26,185 |
|
$ |
39,483 |
|
$ |
36,305 |
|
|
|
|
|
|
|
|
|
|
|||
|
Discontinued operations, net previously reported in Form 10-Q |
|
$ |
112 |
|
$ |
167 |
|
$ |
(1,815 |
) |
|
Discontinued operations, net from properties sold subsequent to the respective reporting period |
|
2,818 |
|
4,796 |
|
5,992 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Discontinued operations, net disclosed in Form 10-K |
|
$ |
2,930 |
|
$ |
4,963 |
|
$ |
4,177 |
|
|
|
|
|
|
|
|
|
|
|||
|
Net income previously reported in Form 10-Q |
|
$ |
87,509 |
|
$ |
127,290 |
|
$ |
117,065 |
|
|
Preference Interest distributions reclassified to Minority Interests |
|
— |
|
(5,053 |
) |
(5,053 |
) |
|||
|
Junior Preference Unit distributions reclassified to Minority Interests |
|
— |
|
(31 |
) |
(31 |
) |
|||
|
Net income disclosed in Form 10-K |
|
$ |
87,509 |
|
$ |
122,206 |
|
$ |
111,981 |
|
|
2003 |
|
Fourth |
|
Third |
|
Second |
|
First |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total revenues (2) |
|
$ |
430,692 |
|
$ |
430,248 |
|
$ |
426,229 |
|
$ |
418,851 |
|
|
Operating income (2) |
|
126,992 |
|
134,351 |
|
138,414 |
|
130,507 |
|
||||
|
Income from continuing operations (2) |
|
29,765 |
|
42,093 |
|
45,086 |
|
40,923 |
|
||||
|
Net gain on sales of discontinued operations |
|
91,731 |
|
77,983 |
|
70,320 |
|
70,672 |
|
||||
|
Discontinued operations, net (2) |
|
8,206 |
|
12,063 |
|
15,851 |
|
18,618 |
|
||||
|
Net income (2)* |
|
129,702 |
|
132,139 |
|
131,257 |
|
130,213 |
|
||||
|
Net income available to Common Shares |
|
90,743 |
|
112,575 |
|
112,154 |
|
111,167 |
|
||||
|
Earnings per share – basic: |
|
|
|
|
|
|
|
|
|
||||
|
Net income available to Common Shares |
|
$ |
0.33 |
|
$ |
0.41 |
|
$ |
0.41 |
|
$ |
0.41 |
|
|
Weighted average Common Shares outstanding |
|
274,457 |
|
272,787 |
|
271,380 |
|
270,678 |
|
||||
|
Earnings per share – diluted: |
|
|
|
|
|
|
|
|
|
||||
|
Net income available to Common Shares |
|
$ |
0.33 |
|
$ |
0.41 |
|
$ |
0.41 |
|
$ |
0.41 |
|
|
Weighted average Common Shares outstanding |
|
299,516 |
|
297,941 |
|
296,084 |
|
294,508 |
|
||||
(2) The amounts presented for the four quarters of 2003 are not equal to the same amounts previously reported in the respective Form 10-Q’s/10-K filed with the SEC for each period as a result of changes in discontinued operations due to additional property sales which occurred throughout 2004 and 2003 and the Company’s reclassification of
F-43
its Minority Interest distributions on Preference Interests and Junior Preference Units. Below is a reconciliation to the amounts previously reported in the respective Form 10-Q’s/10-K:
|
2003 |
|
Fourth |
|
Third |
|
Second |
|
First |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total revenues previously reported in Form 10-Q/10-K |
|
$ |
459,521 |
|
$ |
472,976 |
|
$ |
479,357 |
|
$ |
482,707 |
|
|
Total revenues subsequently reclassified to discontinued operations |
|
(28,829 |
) |
(42,728 |
) |
(53,128 |
) |
(63,856 |
) |
||||
|
Total revenues disclosed in Form 10-K |
|
$ |
430,692 |
|
$ |
430,248 |
|
$ |
426,229 |
|
$ |
418,851 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating income previously reported in Form 10-Q/10-K |
|
$ |
136,057 |
|
$ |
147,635 |
|
$ |
155,638 |
|
$ |
151,039 |
|
|
Operating income subsequently reclassified to discontinued operations |
|
(9,065 |
) |
(13,284 |
) |
(17,224 |
) |
(20,532 |
) |
||||
|
Operating income disclosed in Form 10-K |
|
$ |
126,992 |
|
$ |
134,351 |
|
$ |
138,414 |
|
$ |
130,507 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income from continuing operations previously reported in Form 10-Q/10-K |
|
$ |
43,049 |
|
$ |
59,297 |
|
$ |
65,934 |
|
$ |
64,259 |
|
|
Income from continuing operations subsequently reclassified to discontinued operations |
|
(8,150 |
) |
(12,070 |
) |
(15,714 |
) |
(18,202 |
) |
||||
|
Preference Interest distributions reclassified to Minority Interests |
|
(5,052 |
) |
(5,053 |
) |
(5,053 |
) |
(5,053 |
) |
||||
|
Junior Preference Unit distributions reclassified to Minority Interests |
|
(82 |
) |
(81 |
) |
(81 |
) |
(81 |
) |
||||
|
Income from continuing operations disclosed in Form 10-K |
|
$ |
29,765 |
|
$ |
42,093 |
|
$ |
45,086 |
|
$ |
40,923 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Discontinued operations, net previously reported in Form 10-Q/10-K |
|
$ |
56 |
|
$ |
(7 |
) |
$ |
137 |
|
$ |
416 |
|
|
Discontinued operations, net from properties sold subsequent to the respective reporting period |
|
8,150 |
|
12,070 |
|
15,714 |
|
18,202 |
|
||||
|
Discontinued operations, net disclosed in Form 10-K |
|
$ |
8,206 |
|
$ |
12,063 |
|
$ |
15,851 |
|
$ |
18,618 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net income previously reported in Form 10-Q/10-K |
|
$ |
134,836 |
|
$ |
137,273 |
|
$ |
136,391 |
|
$ |
135,347 |
|
|
Preference Interest distributions reclassified to Minority Interests |
|
(5,052 |
) |
(5,053 |
) |
(5,053 |
) |
(5,053 |
) |
||||
|
Junior Preference Unit distributions reclassified to Minority Interests |
|
(82 |
) |
(81 |
) |
(81 |
) |
(81 |
) |
||||
|
Net income disclosed in Form 10-K |
|
$ |
129,702 |
|
$ |
132,139 |
|
$ |
131,257 |
|
$ |
130,213 |
|
* The Company did not have any extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2004 and 2003. Therefore, income before extraordinary items and cumulative effect of change in accounting principle is not shown as it was equal to the net income amounts disclosed above.
F-44
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Capitalized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent to |
|
Gross Amount Carried |
|
|
|
|
|
|
|
Life Used to |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
Initial Cost to |
|
Acquisition |
|
at Close of |
|
|
|
|
|
|
|
Compute |
|
|||||||||||||||
|
Description |
|
|
|
|
|
Company |
|
(Improvements, net) (E) |
|
Period 12/31/04 |
|
|
|
|
|
|
|
Depreciation in |
|
|||||||||||||||||
|
Apartment |
|
|
|
|
|
|
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Accumulated |
|
Date of |
|
Latest Income |
|
|||||||||
|
Name |
|
Location |
|
Units (J) |
|
Encumbrances |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures (A) |
|
Total (B) |
|
Depreciation |
|
Construction |
|
Statement (C) |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1111 25th St |
|
Washington, D.C. |
|
— |
|
$ |
23,535,059 |
|
$ |
12,454,899 |
|
$ |
25,970,177 |
|
$ |
— |
|
$ |
— |
|
$ |
12,454,899 |
|
$ |
25,970,177 |
|
$ |
38,425,076 |
|
$ |
— |
|
(F) |
|
30 Years |
|
|
1210 Mass |
|
Washington, D.C. |
|
142 |
|
27,821,158 |
|
9,213,512 |
|
30,151,143 |
|
— |
|
— |
|
9,213,512 |
|
30,151,143 |
|
39,364,655 |
|
(274,191 |
) |
2004 |
|
30 Years |
|
|||||||||
|
13th and N |
|
Washington, D.C. |
|
54 |
|
— |
|
2,657,016 |
|
11,034,942 |
|
— |
|
— |
|
2,657,016 |
|
11,034,942 |
|
13,691,958 |
|
— |
|
2004 |
|
30 Years |
|
|||||||||
|
1660 Peachtree |
|
Atlanta, GA |
|
355 |
|
23,000,000 |
|
7,987,511 |
|
23,910,026 |
|
— |
|
1,060,358 |
|
7,987,511 |
|
24,970,384 |
|
32,957,896 |
|
(872,937 |
) |
1999 |
|
30 Years |
|
|||||||||
|
2300 Elliott |
|
Seattle, WA |
|
92 |
|
— |
|
796,800 |
|
7,173,725 |
|
— |
|
4,306,534 |
|
796,800 |
|
11,480,259 |
|
12,277,059 |
|
(4,630,990 |
) |
1992 |
|
30 Years |
|
|||||||||
|
2400 M St |
|
Washington, D.C. |
|
— |
|
25,167,232 |
|
30,006,593 |
|
33,767,467 |
|
— |
|
— |
|
30,006,593 |
|
33,767,467 |
|
63,774,060 |
|
— |
|
(F) |
|
30 Years |
|
|||||||||
|
2900 on First |
|
Seattle, WA (G) |
|
135 |
|
— |
|
1,177,700 |
|
10,600,360 |
|
— |
|
3,252,630 |
|
1,177,700 |
|
13,852,990 |
|
15,030,690 |
|
(4,858,274 |
) |
1989-91 |
|
30 Years |
|
|||||||||
|
71 Broadway |
|
New York, NY (G) |
|
238 |
|
— |
|
22,611,600 |
|
77,491,059 |
|
— |
|
17,666 |
|
22,611,600 |
|
77,508,725 |
|
100,120,325 |
|
(640,139 |
) |
1997 |
|
30 Years |
|
|||||||||
|
740 River Drive |
|
St. Paul, MN |
|
163 |
|
5,620,888 |
|
1,626,700 |
|
11,234,943 |
|
— |
|
2,934,678 |
|
1,626,700 |
|
14,169,620 |
|
15,796,320 |
|
(4,278,110 |
) |
1962 |
|
30 Years |
|
|||||||||
|
929 House |
|
Cambridge, MA (G) |
|
127 |
|
4,433,715 |
|
3,252,993 |
|
21,745,595 |
|
— |
|
1,019,069 |
|
3,252,993 |
|
22,764,664 |
|
26,017,657 |
|
(3,421,089 |
) |
1975 |
|
30 Years |
|
|||||||||
|
Abington Glen |
|
Abington, MA |
|
90 |
|
— |
|
553,105 |
|
3,697,396 |
|
— |
|
1,147,519 |
|
553,105 |
|
4,844,915 |
|
5,398,020 |
|
(675,611 |
) |
1968 |
|
30 Years |
|
|||||||||
|
Acacia Creek |
|
Scottsdale, AZ |
|
304 |
|
— |
|
3,663,473 |
|
21,172,386 |
|
— |
|
1,436,601 |
|
3,663,473 |
|
22,608,988 |
|
26,272,461 |
|
(5,982,340 |
) |
1988-1994 |
|
30 Years |
|
|||||||||
|
Acadia Court |
|
Bloomington, IN |
|
96 |
|
1,922,423 |
|
257,484 |
|
2,268,653 |
|
— |
|
440,915 |
|
257,484 |
|
2,709,568 |
|
2,967,051 |
|
(655,602 |
) |
1985 |
|
30 Years |
|
|||||||||
|
Acadia Court II |
|
Bloomington, IN |
|
104 |
|
— |
|
253,636 |
|
2,234,632 |
|
— |
|
246,388 |
|
253,636 |
|
2,481,019 |
|
2,734,655 |
|
(549,827 |
) |
1986 |
|
30 Years |
|
|||||||||
|
Alborada |
|
Fremont, CA |
|
442 |
|
— |
|
24,310,000 |
|
59,214,129 |
|
— |
|
953,928 |
|
24,310,000 |
|
60,168,056 |
|
84,478,056 |
|
(10,051,379 |
) |
1999 |
|
30 Years |
|
|||||||||
|
Ambergate (FL) |
|
W. Palm Beach, FL |
|
72 |
|
— |
|
730,000 |
|
1,687,743 |
|
— |
|
196,417 |
|
730,000 |
|
1,884,160 |
|
2,614,160 |
|
(348,290 |
) |
1987 |
|
30 Years |
|
|||||||||
|
Amberidge |
|
Roseville, MI |
|
45 |
|
— |
|
130,844 |
|
1,152,880 |
|
— |
|
196,508 |
|
130,844 |
|
1,349,387 |
|
1,480,232 |
|
(293,306 |
) |
1985 |
|
30 Years |
|
|||||||||
|
Amberton |
|
Manassas, VA |
|
190 |
|
10,705,000 |
|
900,600 |
|
11,921,650 |
|
— |
|
1,441,752 |
|
900,600 |
|
13,363,402 |
|
14,264,002 |
|
(3,800,871 |
) |
1986 |
|
30 Years |
|
|||||||||
|
Amberwood (OH) |
|
Massillon, OH |
|
63 |
|
813,763 |
|
126,227 |
|
1,112,289 |
|
— |
|
245,157 |
|
126,227 |
|
1,357,446 |
|
1,483,673 |
|
(315,859 |
) |
1987 |
|
30 Years |
|
|||||||||
|
Amberwood I (GA) (REIT) |
|
Cartersville, GA |
|
56 |
|
1,332,606 |
|
140,598 |
|
1,265,995 |
|
— |
|
34,031 |
|
140,598 |
|
1,300,026 |
|
1,440,624 |
|
(44,553 |
) |
1985 |
|
30 Years |
|
|||||||||
|
Amesbury I |
|
Reynoldsburg, OH |
|
68 |
|
1,194,940 |
|
143,039 |
|
1,260,233 |
|
— |
|
268,395 |
|
143,039 |
|
1,528,628 |
|
1,671,668 |
|
(343,664 |
) |
1986 |
|
30 Years |
|
|||||||||
|
Amesbury II |
|
Reynoldsburg, OH |
|
81 |
|
— |
|
180,588 |
|
1,591,229 |
|
— |
|
209,862 |
|
180,588 |
|
1,801,091 |
|
1,981,679 |
|
(394,432 |
) |
1987 |
|
30 Years |
|
|||||||||
|
Amhurst (Tol) |
|
Toledo, OH |
|
58 |
|
— |
|
161,854 |
|
1,426,108 |
|
— |
|
140,650 |
|
161,854 |
|
1,566,757 |
|
1,728,611 |
|
(323,647 |
) |
1983 |
|
30 Years |
|
|||||||||
|
Amhurst I (OH) |
|
Dayton, OH |
|
73 |
|
— |
|
152,574 |
|
1,344,353 |
|
— |
|
287,773 |
|
152,574 |
|
1,632,126 |
|
1,784,699 |
|
(406,291 |
) |
1979 |
|
30 Years |
|
|||||||||
|
Amhurst II (OH) |
|
Dayton, OH |
|
74 |
|
— |
|
159,416 |
|
1,404,632 |
|
— |
|
170,307 |
|
159,416 |
|
1,574,939 |
|
1,734,356 |
|
(355,554 |
) |
1981 |
|
30 Years |
|
|||||||||
|
Andover Court |
|
Mt. Vernon, OH |
|
51 |
|
— |
|
123,875 |
|
1,091,272 |
|
— |
|
205,529 |
|
123,875 |
|
1,296,801 |
|
1,420,676 |
|
(308,418 |
) |
1982 |
|
30 Years |
|
|||||||||
|
Annhurst (IN) |
|
Indianapolis, IN |
|
83 |
|
1,182,819 |
|
189,235 |
|
1,667,469 |
|
— |
|
371,544 |
|
189,235 |
|
2,039,013 |
|
2,228,248 |
|
(469,658 |
) |
1985 |
|
30 Years |
|
|||||||||
|
Annhurst (MD) (REIT) |
|
Belcamp, MD |
|
67 |
|
1,206,889 |
|
232,575 |
|
2,093,165 |
|
— |
|
191,819 |
|
232,575 |
|
2,284,984 |
|
2,517,559 |
|
(351,881 |
) |
1984 |
|
30 Years |
|
|||||||||
|
Annhurst (PA) |
|
Clairton, PA |
|
97 |
|
— |
|
307,952 |
|
2,713,397 |
|
— |
|
424,751 |
|
307,952 |
|
3,138,148 |
|
3,446,101 |
|
(672,123 |
) |
1984 |
|
30 Years |
|
|||||||||
|
Annhurst II (OH) |
|
Gahanna, OH |
|
56 |
|
— |
|
116,739 |
|
1,028,595 |
|
— |
|
207,364 |
|
116,739 |
|
1,235,958 |
|
1,352,697 |
|
(298,899 |
) |
1986 |
|
30 Years |
|
|||||||||
|
Annhurst III (OH) |
|
Gahanna, OH |
|
52 |
|
— |
|
134,788 |
|
1,187,629 |
|
— |
|
141,148 |
|
134,788 |
|
1,328,777 |
|
1,463,565 |
|
(289,201 |
) |
1988 |
|
30 Years |
|
|||||||||
|
Apple Ridge I |
|
Circleville, OH |
|
59 |
|
1,008,377 |
|
139,300 |
|
1,227,582 |
|
— |
|
304,085 |
|
139,300 |
|
1,531,667 |
|
1,670,967 |
|
(327,884 |
) |
1987 |
|
30 Years |
|
|||||||||
|
Apple Ridge III |
|
Circleville, OH |
|
30 |
|
— |
|
72,585 |
|
639,356 |
|
— |
|
90,856 |
|
72,585 |
|
730,211 |
|
802,797 |
|
(151,772 |
) |
1982 |
|
30 Years |
|
|||||||||
|
Applegate (Col) |
|
Columbus, IN |
|
58 |
|
— |
|
171,829 |
|
1,514,002 |
|
— |
|
194,147 |
|
171,829 |
|
1,708,148 |
|
1,879,977 |
|
(352,980 |
) |
1982 |
|
30 Years |
|
|||||||||
|
Applegate I (IN) |
|
Muncie, IN |
|
53 |
|
862,233 |
|
138,506 |
|
1,220,386 |
|
— |
|
229,500 |
|
138,506 |
|
1,449,886 |
|
1,588,391 |
|
(328,383 |
) |
1984 |
|
30 Years |
|
|||||||||
|
Applegate II (IN) |
|
Muncie, IN |
|
80 |
|
1,202,296 |
|
180,017 |
|
1,586,143 |
|
— |
|
277,758 |
|
180,017 |
|
1,863,901 |
|
2,043,918 |
|
(404,571 |
) |
1987 |
|
30 Years |
|
|||||||||
|
Applewood I |
|
Deland, FL |
|
161 |
|
2,015,004 |
|
235,230 |
|
2,072,994 |
|
— |
|
660,149 |
|
235,230 |
|
2,733,143 |
|
2,968,373 |
|
(733,680 |
) |
1982 |
|
30 Years |
|
|||||||||
|
Aragon Woods |
|
Indianapolis, IN |
|
67 |
|
— |
|
157,791 |
|
1,390,010 |
|
— |
|
120,902 |
|
157,791 |
|
1,510,913 |
|
1,668,704 |
|
(331,816 |
) |
1986 |
|
30 Years |
|
|||||||||
|
Arbor Glen |
|
Ypsilanti, MI |
|
220 |
|
6,405,314 |
|
1,096,064 |
|
9,887,635 |
|
— |
|
1,596,261 |
|
1,096,064 |
|
11,483,896 |
|
12,579,960 |
|
(3,177,003 |
) |
1990 |
|
30 Years |
|
|||||||||
|
Arbor Terrace |
|
Sunnyvale, CA |
|
174 |
|
(R |
) |
9,057,300 |
|
18,483,642 |
|
— |
|
729,285 |
|
9,057,300 |
|
19,212,927 |
|
28,270,227 |
|
(4,539,215 |
) |
1979 |
|
30 Years |
|
|||||||||
|
Arboretum (GA) |
|
Atlanta, GA |
|
312 |
|
— |
|
4,682,300 |
|
15,913,018 |
|
— |
|
1,567,064 |
|
4,682,300 |
|
17,480,082 |
|
22,162,382 |
|
(4,883,367 |
) |
1970 |
|
30 Years |
|
|||||||||
|
Arboretum (MA) |
|
Canton, MA |
|
156 |
|
(M |
) |
4,685,900 |
|
10,992,751 |
|
— |
|
765,831 |
|
4,685,900 |
|
11,758,582 |
|
16,444,482 |
|
(2,907,630 |
) |
1989 |
|
30 Years |
|
|||||||||
|
Arboretum at Stonelake |
|
Austin, TX |
|
408 |
|
— |
|
6,120,000 |
|
24,069,023 |
|
— |
|
662,567 |
|
6,120,000 |
|
24,731,590 |
|
30,851,590 |
|
(1,201,491 |
) |
1996 |
|
30 Years |
|
|||||||||
|
Arbors of Brentwood |
|
Nashville, TN |
|
346 |
|
— |
|
404,670 |
|
13,536,367 |
|
— |
|
3,042,879 |
|
404,670 |
|
16,579,246 |
|
16,983,916 |
|
(6,783,064 |
) |
1986 |
|
30 Years |
|
|||||||||
|
Arbors of Hickory Hollow |
|
Antioch, TN |
|
336 |
|
(K |
) |
202,985 |
|
6,937,209 |
|
— |
|
3,114,261 |
|
202,985 |
|
10,051,470 |
|
10,254,455 |
|
(4,861,939 |
) |
1986 |
|
30 Years |
|
|||||||||
|
Arbors of Las Colinas |
|
Irving, TX |
|
408 |
|
— |
|
1,663,900 |
|
14,977,080 |
|
— |
|
2,797,860 |
|
1,663,900 |
|
17,774,940 |
|
19,438,840 |
|
(7,486,985 |
) |
1984/85 |
|
30 Years |
|
|||||||||
|
Artisan Square |
|
Northridge, CA |
|
140 |
|
(U |
) |
7,000,000 |
|
20,537,359 |
|
— |
|
110,519 |
|
7,000,000 |
|
20,647,878 |
|
27,647,878 |
|
(1,550,633 |
) |
2002 |
|
30 Years |
|
|||||||||
|
Ashford Hill |
|
Reynoldsburg, OH |
|
77 |
|
1,310,022 |
|
184,985 |
|
1,630,021 |
|
— |
|
301,951 |
|
184,985 |
|
1,931,972 |
|
2,116,958 |
|
(452,700 |
) |
1986 |
|
30 Years |
|
|||||||||
|
Ashgrove (IN) |
|
Indianapolis, IN |
|
57 |
|
— |
|
172,924 |
|
1,523,549 |
|
— |
|
150,346 |
|
172,924 |
|
1,673,895 |
|
1,846,819 |
|
(349,833 |
) |
1983 |
|
30 Years |
|
|||||||||
|
Ashgrove (KY) |
|
Louisville, KY |
|
60 |
|
— |
|
171,816 |
|
1,514,034 |
|
— |
|
231,024 |
|
171,816 |
|
1,745,058 |
|
1,916,874 |
|
(376,722 |
) |
1984 |
|
30 Years |
|
|||||||||
|
Ashgrove (OH) |
|
Franklin, OH |
|
63 |
|
1,173,996 |
|
157,535 |
|
1,387,687 |
|
— |
|
227,802 |
|
157,535 |
|
1,615,489 |
|
1,773,023 |
|
(362,621 |
) |
1983 |
|
30 Years |
|
|||||||||
|
Ashgrove I (MI) |
|
Sterling Hts, MI |
|
114 |
|
3,017,060 |
|
403,580 |
|
3,555,988 |
|
— |
|
547,558 |
|
403,580 |
|
4,103,545 |
|
4,507,125 |
|
(843,274 |
) |
1985 |
|
30 Years |
|
|||||||||
|
Ashgrove II (MI) |
|
Sterling Hts, MI |
|
90 |
|
2,139,345 |
|
311,912 |
|
2,748,287 |
|
— |
|
260,649 |
|
311,912 |
|
3,008,936 |
|
3,320,849 |
|
(605,253 |
) |
1987 |
|
30 Years |
|
|||||||||
|
Ashton, The |
|
Corona Hills, CA |
|
492 |
|
— |
|
2,594,264 |
|
33,042,398 |
|
— |
|
2,326,776 |
|
2,594,264 |
|
35,369,174 |
|
37,963,438 |
|
(9,219,254 |
) |
1986 |
|
30 Years |
|
|||||||||
|
Aspen Crossing |
|
Silver Spring, MD |
|
192 |
|
— |
|
2,880,000 |
|
8,551,377 |
|
— |
|
1,355,018 |
|
2,880,000 |
|
9,906,395 |
|
12,786,395 |
|
(2,393,226 |
) |
1979 |
|
30 Years |
|
|||||||||
|
Astorwood (REIT) |
|
Stuart, FL |
|
75 |
|
1,533,179 |
|
233,150 |
|
2,098,338 |
|
— |
|
311,998 |
|
233,150 |
|
2,410,337 |
|
2,643,487 |
|
(385,241 |
) |
1983 |
|
30 Years |
|
|||||||||
|
Audubon Village |
|
Tampa, FL |
|
447 |
|
— |
|
3,576,000 |
|
26,121,909 |
|
— |
|
1,338,267 |
|
3,576,000 |
|
27,460,176 |
|
31,036,176 |
|
(6,430,700 |
) |
1990 |
|
30 Years |
|
|||||||||
|
Autumn Cove |
|
Lithonia, GA |
|
48 |
|
— |
|
187,220 |
|
1,649,515 |
|
— |
|
216,463 |
|
187,220 |
|
1,865,978 |
|
2,053,198 |
|
(368,513 |
) |
1985 |
|
30 Years |
|
|||||||||
|
Autumn River |
|
Raleigh, NC |
|
284 |
|
(U |
) |
3,408,000 |
|
20,890,457 |
|
— |
|
209,845 |
|
3,408,000 |
|
21,100,302 |
|
24,508,302 |
|
(872,440 |
) |
2002 |
|
30 Years |
|
|||||||||
|
Auvers Village |
|
Orlando, FL |
|
480 |
|
— |
|
3,840,000 |
|
29,322,243 |
|
— |
|
2,129,770 |
|
3,840,000 |
|
31,452,013 |
|
35,292,013 |
|
(7,372,646 |
) |
1991 |
|
30 Years |
|
|||||||||
|
Avon Place |
|
Avon, CT |
|
163 |
|
(P |
) |
1,788,943 |
|
12,440,003 |
|
— |
|
471,838 |
|
1,788,943 |
|
12,911,841 |
|
14,700,784 |
|
(1,926,168 |
) |
1973 |
|
30 Years |
|
|||||||||
|
Balcones Club |
|
Austin, TX |
|
312 |
|
— |
|
2,185,500 |
|
10,119,232 |
|
— |
|
2,085,533 |
|
2,185,500 |
|
12,204,764 |
|
14,390,264 |
|
(3,537,040 |
) |
1984 |
|
30 Years |
|
|||||||||
|
Ball Park Lofts |
|
Denver, CO |
|
339 |
|
— |
|
7,291,498 |
|
53,214,462 |
|
— |
|
145,268 |
|
7,291,498 |
|
53,359,730 |
|
60,651,228 |
|
(1,373,322 |
) |
2003 |
|
30 Years |
|
|||||||||
|
Barrington |
|
Clarkston, GA |
|
47 |
|
949,547 |
|
144,459 |
|
1,272,842 |
|
— |
|
248,949 |
|
144,459 |
|
1,521,791 |
|
1,666,250 |
|
(326,352 |
) |
1984 |
|
30 Years |
|
|||||||||
|
Bay Hill |
|
Long Beach, CA |
|
160 |
|
13,998,000 |
|
7,600,000 |
|
27,437,239 |
|
— |
|
66,388 |
|
7,600,000 |
|
27,503,628 |
|
35,103,628 |
|
(859,890 |
) |
2002 |
|
30 Years |
|
|||||||||
|
Bay Ridge |
|
San Pedro, CA |
|
60 |
|
— |
|
2,401,300 |
|
2,176,963 |
|
— |
|
457,613 |
|
2,401,300 |
|
2,634,576 |
|
5,035,876 |
|
(780,068 |
) |
1987 |
|
30 Years |
|
|||||||||
|
Bayside at the Islands |
|
Gilbert, AZ |
|
272 |
|
— |
|
3,306,484 |
|
15,573,006 |
|
— |
|
1,345,534 |
|
3,306,484 |
|
16,918,540 |
|
20,225,024 |
|
(4,580,003 |
) |
1989 |
|
30 Years |
|
|||||||||
|
Beckford Place (IN) |
|
New Castle, IN |
|
41 |
|
667,349 |
|
99,046 |
|
872,702 |
|
— |
|
181,053 |
|
99,046 |
|
1,053,756 |
|
1,152,802 |
|
(225,924 |
) |
1984 |
|
30 Years |
|
|||||||||
|
Beckford Place (Pla) |
|
The Plains, OH |
|
60 |
|
— |
|
161,161 |
|
1,420,002 |
|
— |
|
225,339 |
|
161,161 |
|
1,645,341 |
|
1,806,502 |
|
(340,479 |
) |
1982 |
|
30 Years |
|
|||||||||
|
Beckford Place I (OH) |
|
N Canton, OH |
|
60 |
|
— |
|
168,426 |
|
1,484,248 |
|
— |
|
245,703 |
|
168,426 |
|
1,729,952 |
|
1,898,377 |
|
(368,923 |
) |
1983 |
|
30 Years |
|
|||||||||
|
Beckford Place II (OH) |
|
N Canton, OH |
|
60 |
|
— |
|
172,134 |
|
1,516,691 |
|
— |
|
133,866 |
|
172,134 |
|
1,650,557 |
|
1,822,691 |
|
(340,550 |
) |
1985 |
|
30 Years |
|
|||||||||
|
Bel Aire I |
|
Miami, FL |
|
70 |
|
— |
|
188,343 |
|
1,658,995 |
|
— |
|
270,140 |
|
188,343 |
|
1,929,135 |
|
2,117,478 |
|
(407,020 |
) |
1985 |
|
30 Years |
|
|||||||||
|
Bel Aire II |
|
Miami, FL |
|
51 |
|
— |
|
136,416 |
|
1,201,075 |
|
— |
|
190,740 |
|
136,416 |
|
1,391,816 |
|
1,528,232 |
|
(296,675 |
) |
1986 |
|
30 Years |
|
|||||||||
|
Bell Road I & II |
|
Nashville, TN |
|
— |
|
— |
|
3,100,000 |
|
1,120,214 |
|
— |
|
— |
|
3,100,000 |
|
1,120,214 |
|
4,220,214 |
|
— |
|
(F) |
|
30 Years |
|
|||||||||
|
Bella Terra I |
|
Mukilteo, WA |
|
235 |
|
22,964,012 |
|
5,686,861 |
|
26,092,729 |
|
— |
|
200,930 |
|
5,686,861 |
|
26,293,659 |
|
31,980,520 |
|
(843,624 |
) |
2002 |
|
30 Years |
|
|||||||||
|
Bella Vista I & II |
|
Los Angeles, CA |
|
315 |
|
— |
|
16,883,410 |
|
61,318,586 |
|
— |
|
81,589 |
|
16,883,410 |
|
61,400,175 |
|
78,283,585 |
|
(1,855,990 |
) |
2003 |
|
30 Years |
|
|||||||||
|
Bella Vista III |
|
Los Angeles, CA |
|
— |
|
— |
|
14,799,344 |
|
5,493,814 |
|
— |
|
— |
|
14,799,344 |
|
5,493,814 |
|
20,293,159 |
|
— |
|
(F) |
|
30 Years |
|
|||||||||
|
Bellagio Apartment Homes |
|
Scottsdale, AZ |
|
202 |
|
— |
|
2,626,000 |
|
16,024,404 |
|
— |
|
17,355 |
|
2,626,000 |
|
16,041,759 |
|
18,667,759 |
|
(128,840 |
) |
1995 |
|
30 Years |
|
|||||||||
S-1
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Capitalized |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent to |
|
Gross Amount Carried |
|
|
|
|
|
|
|
Life Used to |
|
||||
|
|
|
|
|
|
|
|
|
Initial Cost to |
|
Acquisition |
|
at Close of |
|
|
|
|
|
|
|
Compute |
|
||||||
|
Description |
|
|
|
|
|
Company |
|
(Improvements, net) (E) |
|
Period 12/31/04 |
|
|
|
|
|
|
|
Depreciation in |
|
||||||||
|
Apartment |
|
|
|
|
|
|
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Accumulated |
|
Date of |
|
Latest Income |
|
|
Name |
|
Location |
|
Units (J) |
|
Encumbrances |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures (A) |
|
Total (B) |
|
Depreciation |
|
Construction |
|
Statement (C) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bellevue Meadows |
|
Bellevue, WA |
|
180 |
|
— |
|
4,507,100 |
|
12,574,814 |
|
— |
|
599,067 |
|
4,507,100 |
|
13,173,881 |
|
17,680,981 |
|
(3,152,450 |
) |
1983 |
|
30 Years |
|
|
Beneva Place |
|
Sarasota, FL |
|
192 |
|
8,700,000 |
|
1,344,000 |
|
9,665,447 |
|
— |
|
650,248 |
|
1,344,000 |
|
10,315,695 |
|
11,659,695 |
|
(2,436,445 |
) |
1986 |
|
30 Years |
|
|
Bermuda Cove |
|
Jacksonville, FL |
|
350 |
|
— |
|
1,503,000 |
|
19,561,896 |
|
— |
|
2,415,261 |
|
1,503,000 |
|
21,977,157 |
|
23,480,157 |
|
(4,912,044 |
) |
1989 |
|
30 Years |
|
|
Berry Pines |
|
Milton, FL |
|
64 |
|
— |
|
154,086 |
|
1,299,939 |
|
— |
|
357,191 |
|
154,086 |
|
1,657,130 |
|
1,811,216 |
|
(415,843 |
) |
1985 |
|
30 Years |
|
|
Bishop Park |
|
Winter Park, FL |
|
324 |
|
— |
|
2,592,000 |
|
17,990,436 |
|
— |
|
2,380,130 |
|
2,592,000 |
|
20,370,566 |
|
22,962,566 |
|
(5,003,920 |
) |
1991 |
|
30 Years |
|
|
Blueberry Hill I |
|
Leesburg, FL |
|
68 |
|
— |
|
140,370 |
|
1,236,710 |
|
— |
|
163,814 |
|
140,370 |
|
1,400,524 |
|
1,540,894 |
|
(324,509 |
) |
1986 |
|
30 Years |
|
|
Bourbon Square |
|
Palatine, IL |
|
612 |
|
— |
|
3,899,744 |
|
35,113,276 |
|
— |
|
7,956,499 |
|
3,899,744 |
|
43,069,774 |
|
46,969,519 |
|
(18,507,618 |
) |
1984-87 |
|
30 Years |
|
|
Bradford Apartments |
|
Newington, CT |
|
64 |
|
(P |
) |
401,091 |
|
2,681,210 |
|
— |
|
181,438 |
|
401,091 |
|
2,862,648 |
|
3,263,739 |
|
(469,961 |
) |
1964 |
|
30 Years |
|
|
Bramblewood |
|
San Jose, CA |
|
108 |
|
— |
|
5,190,700 |
|
9,659,184 |
|
— |
|
407,525 |
|
5,190,700 |
|
10,066,709 |
|
15,257,409 |
|
(2,413,571 |
) |
1986 |
|
30 Years |
|
|
Branchwood |
|
Winter Park, FL |
|
117 |
|
— |
|
324,069 |
|
2,855,397 |
|
— |
|
479,492 |
|
324,069 |
|
3,334,889 |
|
3,658,957 |
|
(732,950 |
) |
1981 |
|
30 Years |
|
|
Brandon Court |
|
Bloomington, IN |
|
78 |
|
— |
|
170,636 |
|
1,503,487 |
|
— |
|
365,218 |
|
170,636 |
|
1,868,705 |
|
2,039,340 |
|
(446,457 |
) |
1984 |
|
30 Years |
|
|
Brentwood |
|
Vancouver, WA |
|
296 |
|
— |
|
1,357,221 |
|
12,202,521 |
|
— |
|
1,737,216 |
|
1,357,221 |
|
13,939,737 |
|
15,296,959 |
|
(5,183,593 |
) |
1990 |
|
30 Years |
|
|
Breton Mill |
|
Houston, TX |
|
392 |
|
— |
|
212,820 |
|
8,547,263 |
|
— |
|
1,668,545 |
|
212,820 |
|
10,215,807 |
|
10,428,627 |
|
(4,301,152 |
) |
1986 |
|
30 Years |
|
|
Briar Knoll Apts |
|
Vernon, CT |
|
150 |
|
5,758,402 |
|
928,972 |
|
6,209,988 |
|
— |
|
383,179 |
|
928,972 |
|
6,593,167 |
|
7,522,139 |
|
(1,095,483 |
) |
1986 |
|
30 Years |
|
|
Briarwood (CA) |
|
Sunnyvale, CA |
|
192 |
|
13,263,646 |
|
9,991,500 |
|
22,247,278 |
|
— |
|
594,893 |
|
9,991,500 |
|
22,842,171 |
|
32,833,671 |
|
(5,155,417 |
) |
1985 |
|
30 Years |
|
|
Bridford Lakes II |
|
Greensboro, NC |
|
— |
|
— |
|
1,100,564 |
|
792,509 |
|
— |
|
— |
|
1,100,564 |
|
792,509 |
|
1,893,073 |
|
— |
|
(F) |
|
30 Years |
|
|
Bridgepoint I (REIT) |
|
Jacksonville, FL |
|
71 |
|
1,814,896 |
|
212,724 |
|
1,915,381 |
|
— |
|
43,676 |
|
212,724 |
|
1,959,056 |
|
2,171,780 |
|
(56,636 |
) |
1986 |
|
30 Years |
|
|
Bridgeport |
|
Raleigh, NC |
|
276 |
|
— |
|
1,296,700 |
|
11,666,278 |
|
— |
|
1,278,526 |
|
1,296,700 |
|
12,944,805 |
|
14,241,505 |
|
(5,421,078 |
) |
1990 |
|
30 Years |
|
|
Bridgewater at Wells Crossing |
|
Orange Park, FL |
|
288 |
|
— |
|
2,160,000 |
|
13,347,549 |
|
— |
|
969,382 |
|
2,160,000 |
|
14,316,930 |
|
16,476,930 |
|
(2,877,614 |
) |
1986 |
|
30 Years |
|
|
Brittany Square |
|
Tulsa, OK |
|
212 |
|
— |
|
625,000 |
|
4,050,961 |
|
— |
|
1,826,134 |
|
625,000 |
|
5,877,095 |
|
6,502,095 |
|
(4,013,888 |
) |
1982 |
|
30 Years |
|
|
Broadview Oaks (REIT) |
|
Pensacola, FL |
|
90 |
|
— |
|
201,000 |
|
1,809,185 |
|
— |
|
291,633 |
|
201,000 |
|
2,100,817 |
|
2,301,817 |
|
(350,598 |
) |
1985 |
|
30 Years |
|
|
Broadway |
|
Garland, TX |
|
288 |
|
5,716,428 |
|
1,443,700 |
|
7,790,989 |
|
— |
|
1,750,628 |
|
1,443,700 |
|
9,541,617 |
|
10,985,317 |
|
(2,716,685 |
) |
1983 |
|
30 Years |
|
|
Brookdale Village |
|
Naperville, IL |
|
252 |
|
10,820,000 |
|
3,276,000 |
|
16,293,471 |
|
— |
|
1,547,553 |
|
3,276,000 |
|
17,841,024 |
|
21,117,024 |
|
(3,741,886 |
) |
1986 |
|
30 Years |
|
|
Brookridge |
|
Centreville, VA |
|
252 |
|
— |
|
2,521,500 |
|
16,003,839 |
|
— |
|
1,587,175 |
|
2,521,500 |
|
17,591,014 |
|
20,112,514 |
|
(4,717,255 |
) |
1989 |
|
30 Years |
|
|
Brookside (CO) |
|
Boulder, CO |
|
144 |
|
— |
|
3,600,400 |
|
10,211,159 |
|
— |
|
417,446 |
|
3,600,400 |
|
10,628,605 |
|
14,229,005 |
|
(2,542,403 |
) |
1993 |
|
30 Years |
|
|
Brookside (MD) |
|
Frederick, MD |
|
228 |
|
8,170,000 |
|
2,736,000 |
|
7,934,517 |
|
— |
|
1,106,474 |
|
2,736,000 |
|
9,040,990 |
|
11,776,990 |
|
(2,098,051 |
) |
1993 |
|
30 Years |
|
|
Brookside Crossing I |
|
Stockton, CA |
|
90 |
|
4,658,000 |
|
625,000 |
|
4,656,691 |
|
— |
|
690,452 |
|
625,000 |
|
5,347,143 |
|
5,972,143 |
|
(838,009 |
) |
1981 |
|
30 Years |
|
|
Brookside Crossing II |
|
Stockton, CA |
|
128 |
|
4,867,000 |
|
770,000 |
|
4,415,388 |
|
— |
|
804,612 |
|
770,000 |
|
5,219,999 |
|
5,989,999 |
|
(883,001 |
) |
1981 |
|
30 Years |
|
|
Brookside II (MD) |
|
Frederick, MD |
|
204 |
|
— |
|
2,450,800 |
|
6,913,202 |
|
— |
|
1,189,290 |
|
2,450,800 |
|
8,102,492 |
|
10,553,292 |
|
(2,269,377 |
) |
1979 |
|
30 Years |
|
|
Brooksyde Apts |
|
West Hartford, CT |
|
80 |
|
(P |
) |
594,711 |
|
3,975,523 |
|
— |
|
300,442 |
|
594,711 |
|
4,275,965 |
|
4,870,676 |
|
(703,140 |
) |
1945 |
|
30 Years |
|
|
Burgundy Studios |
|
Middletown, CT |
|
102 |
|
(P |
) |
395,238 |
|
2,642,087 |
|
— |
|
188,643 |
|
395,238 |
|
2,830,729 |
|
3,225,967 |
|
(503,710 |
) |
1973 |
|
30 Years |
|
|
Burwick Farms |
|
Howell, MI |
|
264 |
|
— |
|
1,104,600 |
|
9,932,207 |
|
— |
|
929,402 |
|
1,104,600 |
|
10,861,609 |
|
11,966,209 |
|
(3,097,175 |
) |
1991 |
|
30 Years |
|
|
Cambridge at Hickory Hollow |
|
Antioch, TN |
|
360 |
|
(I |
) |
3,240,800 |
|
17,900,033 |
|
— |
|
1,077,868 |
|
3,240,800 |
|
18,977,901 |
|
22,218,701 |
|
(5,170,223 |
) |
1997 |
|
30 Years |
|
|
Cambridge Commons I |
|
Indianapolis, IN |
|
86 |
|
— |
|
179,139 |
|
1,578,077 |
|
— |
|
573,977 |
|
179,139 |
|
2,152,055 |
|
2,331,194 |
|
(550,758 |
) |
1986 |
|
30 Years |
|
|
Cambridge Commons II |
|
Indianapolis, IN |
|
75 |
|
807,847 |
|
141,845 |
|
1,249,511 |
|
— |
|
402,208 |
|
141,845 |
|
1,651,719 |
|
1,793,564 |
|
(416,058 |
) |
1987 |
|
30 Years |
|
|
Cambridge Commons III |
|
Indianapolis, IN |
|
75 |
|
— |
|
98,125 |
|
864,738 |
|
— |
|
342,646 |
|
98,125 |
|
1,207,384 |
|
1,305,509 |
|
(328,594 |
) |
1988 |
|
30 Years |
|
|
Cambridge Estates |
|
Norwich, CT |
|
92 |
|
— |
|
590,185 |
|
3,945,265 |
|
— |
|
222,821 |
|
590,185 |
|
4,168,086 |
|
4,758,271 |
|
(682,555 |
) |
1977 |
|
30 Years |
|
|
Camellero |
|
Scottsdale, AZ |
|
348 |
|
— |
|
1,924,900 |
|
17,324,593 |
|
— |
|
4,020,403 |
|
1,924,900 |
|
21,344,996 |
|
23,269,896 |
|
(8,727,272 |
) |
1979 |
|
30 Years |
|
|
Camellia Court I (Col) |
|
Columbus, OH |
|
64 |
|
— |
|
133,059 |
|
1,172,393 |
|
— |
|
248,182 |
|
133,059 |
|
1,420,574 |
|
1,553,633 |
|
(324,921 |
) |
1981 |
|
30 Years |
|
|
Camellia Court I (Day) |
|
Dayton, OH |
|
57 |
|
1,021,676 |
|
131,858 |
|
1,162,066 |
|
— |
|
252,681 |
|
131,858 |
|
1,414,746 |
|
1,546,605 |
|
(337,348 |
) |
1981 |
|
30 Years |
|
|
Camellia Court II (Col) |
|
Columbus, OH |
|
40 |
|
881,303 |
|
118,421 |
|
1,043,417 |
|
— |
|
266,806 |
|
118,421 |
|
1,310,223 |
|
1,428,644 |
|
(284,686 |
) |
1984 |
|
30 Years |
|
|
Camellia Court II (Day) |
|
Dayton, OH |
|
53 |
|
— |
|
131,571 |
|
1,159,283 |
|
— |
|
149,013 |
|
131,571 |
|
1,308,296 |
|
1,439,867 |
|
(286,029 |
) |
1982 |
|
30 Years |
|
|
Candlelight I |
|
Brooksville, FL |
|
51 |
|
563,330 |
|
105,000 |
|
925,167 |
|
— |
|
294,927 |
|
105,000 |
|
1,220,093 |
|
1,325,094 |
|
(255,934 |
) |
1982 |
|
30 Years |
|
|
Candlelight II |
|
Brooksville, FL |
|
60 |
|
554,895 |
|
95,061 |
|
837,593 |
|
— |
|
304,274 |
|
95,061 |
|
1,141,867 |
|
1,236,929 |
|
(258,852 |
) |
1985 |
|
30 Years |
|
|
Canterbury |
|
Germantown, MD |
|
544 |
|
31,680,000 |
|
2,781,300 |
|
32,942,366 |
|
— |
|
3,758,157 |
|
2,781,300 |
|
36,700,524 |
|
39,481,824 |
|
(11,471,469 |
) |
1986 |
|
30 Years |
|
|
Canterbury Crossings |
|
Lake Mary, FL |
|
71 |
|
— |
|
273,671 |
|
2,411,538 |
|
— |
|
352,465 |
|
273,671 |
|
2,764,002 |
|
3,037,673 |
|
(542,467 |
) |
1983 |
|
30 Years |
|
|
Canyon Creek (CA) |
|
San Ramon, CA |
|
268 |
|
28,000,000 |
|
5,425,000 |
|
17,652,986 |
|
— |
|
723,767 |
|
5,425,000 |
|
18,376,752 |
|
23,801,752 |
|
(2,623,658 |
) |
1984 |
|
30 Years |
|
|
Canyon Crest |
|
Santa Clarita, CA |
|
158 |
|
— |
|
2,370,000 |
|
10,141,878 |
|
— |
|
758,919 |
|
2,370,000 |
|
10,900,797 |
|
13,270,797 |
|
(2,411,558 |
) |
1993 |
|
30 Years |
|
|
Canyon Ridge |
|
San Diego, CA |
|
162 |
|
— |
|
4,869,448 |
|
11,955,064 |
|
— |
|
844,230 |
|
4,869,448 |
|
12,799,294 |
|
17,668,742 |
|
(3,306,043 |
) |
1989 |
|
30 Years |
|
|
Capital Ridge (REIT) |
|
Tallahassee, FL |
|
70 |
|
— |
|
177,900 |
|
1,601,157 |
|
— |
|
241,492 |
|
177,900 |
|
1,842,649 |
|
2,020,549 |
|
(291,527 |
) |
1983 |
|
30 Years |
|
|
Carleton Court (MI) (REIT) |
|
Ann Arbor, MI |
|
104 |
|
2,855,199 |
|
323,554 |
|
2,911,982 |
|
— |
|
55,711 |
|
323,554 |
|
2,967,693 |
|
3,291,246 |
|
(106,225 |
) |
1985 |
|
30 Years |
|
|
Carlyle |
|
Dallas, TX |
|
180 |
|
8,265,766 |
|
1,890,000 |
|
14,155,000 |
|
— |
|
311,450 |
|
1,890,000 |
|
14,466,450 |
|
16,356,450 |
|
(815,665 |
) |
1993 |
|
30 Years |
|
|
Carlyle Mill |
|
Alexandria, VA |
|
317 |
|
— |
|
10,000,000 |
|
51,368,058 |
|
— |
|
182,716 |
|
10,000,000 |
|
51,550,775 |
|
61,550,775 |
|
(2,977,551 |
) |
2002 |
|
30 Years |
|
|
Carmel Terrace |
|
San Diego, CA |
|
384 |
|
— |
|
2,288,300 |
|
20,596,281 |
|
— |
|
1,592,508 |
|
2,288,300 |
|
22,188,789 |
|
24,477,089 |
|
(8,060,779 |
) |
1988-89 |
|
30 Years |
|
|
Carriage Hill |
|
Dublin, GA |
|
60 |
|
— |
|
131,911 |
|
1,162,577 |
|
— |
|
106,253 |
|
131,911 |
|
1,268,830 |
|
1,400,740 |
|
(273,197 |
) |
1985 |
|
30 Years |
|
|
Casa Capricorn |
|
San Diego, CA |
|
192 |
|
— |
|
1,262,700 |
|
11,365,093 |
|
— |
|
1,908,617 |
|
1,262,700 |
|
13,273,710 |
|
14,536,410 |
|
(3,972,832 |
) |
1981 |
|
30 Years |
|
|
Casa Ruiz |
|
San Diego, CA |
|
196 |
|
— |
|
3,922,400 |
|
9,389,153 |
|
— |
|
1,810,002 |
|
3,922,400 |
|
11,199,155 |
|
15,121,555 |
|
(3,057,705 |
) |
1976-1986 |
|
30 Years |
|
|
Cascade at Landmark |
|
Alexandria, VA |
|
277 |
|
— |
|
3,603,400 |
|
19,657,554 |
|
— |
|
2,193,053 |
|
3,603,400 |
|
21,850,607 |
|
25,454,007 |
|
(6,182,270 |
) |
1990 |
|
30 Years |
|
|
Cedar Glen |
|
Reading, MA |
|
114 |
|
3,304,158 |
|
1,248,505 |
|
8,346,003 |
|
— |
|
510,282 |
|
1,248,505 |
|
8,856,285 |
|
10,104,791 |
|
(1,329,944 |
) |
1980 |
|
30 Years |
|
|
Cedar Hill |
|
Knoxville, TN |
|
74 |
|
1,413,125 |
|
204,792 |
|
1,804,444 |
|
— |
|
183,756 |
|
204,792 |
|
1,988,200 |
|
2,192,992 |
|
(434,131 |
) |
1986 |
|
30 Years |
|
|
Cedargate (GA) |
|
Lawrenceville, GA |
|
55 |
|
— |
|
205,043 |
|
1,806,656 |
|
— |
|
132,326 |
|
205,043 |
|
1,938,982 |
|
2,144,026 |
|
(380,606 |
) |
1983 |
|
30 Years |
|
|
Cedargate (MI) |
|
Michigan City, IN |
|
53 |
|
743,910 |
|
120,378 |
|
1,060,663 |
|
— |
|
133,735 |
|
120,378 |
|
1,194,398 |
|
1,314,776 |
|
(254,379 |
) |
1983 |
|
30 Years |
|
|
Cedargate (She) |
|
Shelbyville, KY |
|
58 |
|
1,096,017 |
|
158,685 |
|
1,398,041 |
|
— |
|
241,291 |
|
158,685 |
|
1,639,332 |
|
1,798,017 |
|
(351,944 |
) |
1984 |
|
30 Years |
|
|
Cedargate I (Cla) |
|
Clayton, OH |
|
61 |
|
1,150,203 |
|
159,599 |
|
1,406,493 |
|
— |
|
235,157 |
|
159,599 |
|
1,641,650 |
|
1,801,249 |
|
(366,246 |
) |
1984 |
|
30 Years |
|
|
Cedargate I (IN) |
|
Bloomington, IN |
|
68 |
|
— |
|
191,650 |
|
1,688,648 |
|
— |
|
334,428 |
|
191,650 |
|
2,023,076 |
|
2,214,726 |
|
(433,978 |
) |
1983 |
|
30 Years |
|
|
Cedargate I (OH) |
|
Lancaster, OH |
|
110 |
|
2,156,949 |
|
240,587 |
|
2,119,432 |
|
— |
|
440,553 |
|
240,587 |
|
2,559,985 |
|
2,800,572 |
|
(570,850 |
) |
1982 |
|
30 Years |
|
|
Cedargate II (IN) |
|
Bloomington, IN |
|
58 |
|
— |
|
165,041 |
|
1,454,189 |
|
— |
|
133,663 |
|
165,041 |
|
1,587,851 |
|
1,752,892 |
|
(348,128 |
) |
1985 |
|
30 Years |
|
|
Cedargate II (OH) |
|
Lancaster, OH |
|
47 |
|
670,395 |
|
87,618 |
|
771,912 |
|
— |
|
128,098 |
|
87,618 |
|
900,010 |
|
987,628 |
|
(208,948 |
) |
1983 |
|
30 Years |
|
|
Cedarwood I (FL) |
|
Ocala, FL |
|
55 |
|
104,000 |
|
119,470 |
|
1,052,657 |
|
— |
|
245,669 |
|
119,470 |
|
1,298,326 |
|
1,417,796 |
|
(295,626 |
) |
1978 |
|
30 Years |
|
|
Cedarwood I (IN) |
|
Goshen, IN |
|
90 |
|
1,777,307 |
|
251,745 |
|
2,218,126 |
|
— |
|
371,028 |
|
251,745 |
|
2,589,154 |
|
2,840,899 |
|
(573,685 |
) |
1983/84 |
|
30 Years |
|
|
Cedarwood I (KY) |
|
Lexington, KY |
|
50 |
|
— |
|
106,681 |
|
939,874 |
|
— |
|
264,110 |
|
106,681 |
|
1,203,984 |
|
1,310,665 |
|
(282,314 |
) |
1984 |
|
30 Years |
|
|
Cedarwood II (FL) |
|
Ocala, FL |
|
39 |
|
— |
|
98,372 |
|
866,769 |
|
— |
|
97,663 |
|
98,372 |
|
964,432 |
|
1,062,804 |
|
(211,271 |
) |
1980 |
|
30 Years |
|
|
Cedarwood II (KY) |
|
Lexington, KY |
|
48 |
|
969,000 |
|
106,724 |
|
940,357 |
|
— |
|
229,822 |
|
106,724 |
|
1,170,179 |
|
1,276,903 |
|
(275,230 |
) |
1986 |
|
30 Years |
|
|
Cedarwood III (KY) |
|
Lexington, KY |
|
48 |
|
— |
|
102,491 |
|
902,659 |
|
— |
|
163,951 |
|
102,491 |
|
1,066,611 |
|
1,169,102 |
|
(237,986 |
) |
1986 |
|
30 Years |
|
|
CenterPointe |
|
Beaverton, OR |
|
264 |
|
— |
|
3,432,000 |
|
15,708,853 |
|
— |
|
1,869,580 |
|
3,432,000 |
|
17,578,433 |
|
21,010,433 |
|
(2,164,146 |
) |
1996 |
|
30 Years |
|
|
Centre Club |
|
Ontario, CA |
|
312 |
|
— |
|
5,616,000 |
|
23,485,891 |
|
— |
|
1,075,219 |
|
5,616,000 |
|
24,561,110 |
|
30,177,110 |
|
(3,901,036 |
) |
1994 |
|
30 Years |
|
|
Centre Club II |
|
Ontario, CA |
|
100 |
|
— |
|
1,820,000 |
|
9,528,898 |
|
— |
|
17,424 |
|
1,820,000 |
|
9,546,322 |
|
11,366,322 |
|
(915,546 |
) |
2002 |
|
30 Years |
|
|
Centre Lake III |
|
Miami, FL |
|
234 |
|
— |
|
685,601 |
|
6,039,979 |
|
— |
|
914,071 |
|
685,601 |
|
6,954,050 |
|
7,639,651 |
|
(1,462,651 |
) |
1986 |
|
30 Years |
|
|
Champion Oaks |
|
Houston, TX |
|
252 |
|
— |
|
931,900 |
|
8,389,394 |
|
— |
|
1,340,278 |
|
931,900 |
|
9,729,672 |
|
10,661,572 |
|
(3,886,855 |
) |
1984 |
|
30 Years |
|
S-2
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Capitalized |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent to |
|
Gross Amount Carried |
|
|
|
|
|
|
|
Life Used to |
|
||||
|
|
|
|
|
|
|
|
|
Initial Cost to |
|
Acquisition |
|
at Close of |
|
|
|
|
|
|
|
Compute |
|
||||||
|
Description |
|
|
|
|
|
Company |
|
(Improvements, net) (E) |
|
Period 12/31/04 |
|
|
|
|
|
|
|
Depreciation in |
|
||||||||
|
Apartment |
|
|
|
|
|
|
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Accumulated |
|
Date of |
|
Latest Income |
|
|
Name |
|
Location |
|
Units (J) |
|
Encumbrances |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures (A) |
|
Total (B) |
|
Depreciation |
|
Construction |
|
Statement (C) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chandler Court |
|
Chandler, AZ |
|
312 |
|
— |
|
1,353,100 |
|
12,175,173 |
|
— |
|
2,572,316 |
|
1,353,100 |
|
14,747,489 |
|
16,100,589 |
|
(5,450,143 |
) |
1987 |
|
30 Years |
|
|
Chantecleer Lakes |
|
Naperville, IL |
|
304 |
|
— |
|
6,689,400 |
|
16,332,279 |
|
— |
|
1,854,202 |
|
6,689,400 |
|
18,186,481 |
|
24,875,881 |
|
(5,011,429 |
) |
1986 |
|
30 Years |
|
|
Charing Cross |
|
Bowling Green, OH |
|
67 |
|
— |
|
154,584 |
|
1,362,057 |
|
— |
|
214,373 |
|
154,584 |
|
1,576,430 |
|
1,731,015 |
|
(347,720 |
) |
1978 |
|
30 Years |
|
|
Chatelaine Park |
|
Duluth, GA |
|
303 |
|
— |
|
1,818,000 |
|
24,489,671 |
|
— |
|
754,704 |
|
1,818,000 |
|
25,244,375 |
|
27,062,375 |
|
(5,661,992 |
) |
1995 |
|
30 Years |
|
|
Chelsea Square |
|
Redmond, WA |
|
113 |
|
— |
|
3,397,100 |
|
9,289,074 |
|
— |
|
403,187 |
|
3,397,100 |
|
9,692,261 |
|
13,089,361 |
|
(2,312,051 |
) |
1991 |
|
30 Years |
|
|
Cherry Creek I,II,&III (TN) |
|
Hermitage, TN |
|
627 |
|
— |
|
2,942,345 |
|
45,725,245 |
|
— |
|
1,347,501 |
|
2,942,345 |
|
47,072,746 |
|
50,015,091 |
|
(9,819,177 |
) |
1986/96 |
|
30 Years |
|
|
Cherry Creek IV |
|
Hermitage, TN |
|
— |
|
— |
|
— |
|
1,593 |
|
— |
|
— |
|
— |
|
1,593 |
|
1,593 |
|
— |
|
(F) |
|
30 Years |
|
|
Cherry Glen I |
|
Indianapolis, IN |
|
138 |
|
2,916,607 |
|
335,596 |
|
2,957,360 |
|
— |
|
408,700 |
|
335,596 |
|
3,366,060 |
|
3,701,656 |
|
(778,335 |
) |
1986/87 |
|
30 Years |
|
|
Cherry Tree |
|
Rosedale, MD |
|
100 |
|
— |
|
352,003 |
|
3,101,017 |
|
— |
|
294,562 |
|
352,003 |
|
3,395,578 |
|
3,747,581 |
|
(713,195 |
) |
1986 |
|
30 Years |
|
|
Chestnut Glen |
|
Abington, MA |
|
130 |
|
5,072,859 |
|
1,178,965 |
|
7,881,139 |
|
— |
|
348,378 |
|
1,178,965 |
|
8,229,517 |
|
9,408,482 |
|
(1,292,495 |
) |
1983 |
|
30 Years |
|
|
Chestnut Hills |
|
Puyallup, WA |
|
157 |
|
— |
|
756,300 |
|
6,806,635 |
|
— |
|
827,211 |
|
756,300 |
|
7,633,845 |
|
8,390,145 |
|
(2,259,009 |
) |
1991 |
|
30 Years |
|
|
Chickasaw Crossing |
|
Orlando, FL |
|
292 |
|
11,665,370 |
|
2,044,000 |
|
12,366,832 |
|
— |
|
913,804 |
|
2,044,000 |
|
13,280,637 |
|
15,324,637 |
|
(3,144,749 |
) |
1986 |
|
30 Years |
|
|
Chinatown Gateway (Land) |
|
Los Angeles, CA |
|
— |
|
— |
|
13,191,887 |
|
228,021 |
|
— |
|
— |
|
13,191,887 |
|
228,021 |
|
13,419,908 |
|
— |
|
(F) |
|
30 Years |
|
|
Church Corner |
|
Cambridge, MA (G) |
|
85 |
|
12,000,000 |
|
5,220,000 |
|
16,743,280 |
|
— |
|
16,728 |
|
5,220,000 |
|
16,760,008 |
|
21,980,008 |
|
(285,168 |
) |
1987 |
|
30 Years |
|
|
Cierra Crest |
|
Denver, CO |
|
480 |
|
(R |
) |
4,803,100 |
|
34,894,898 |
|
— |
|
1,579,244 |
|
4,803,100 |
|
36,474,141 |
|
41,277,241 |
|
(9,214,934 |
) |
1996 |
|
30 Years |
|
|
Cimarron Ridge |
|
Aurora, CO |
|
296 |
|
— |
|
1,591,100 |
|
14,320,031 |
|
— |
|
2,196,184 |
|
1,591,100 |
|
16,516,215 |
|
18,107,315 |
|
(5,203,033 |
) |
1984 |
|
30 Years |
|
|
City Place at West Port |
|
Kansas City, MO |
|
288 |
|
— |
|
6,650,536 |
|
27,109,941 |
|
— |
|
17,106 |
|
6,650,536 |
|
27,127,046 |
|
33,777,582 |
|
(903,936 |
) |
2003 |
|
30 Years |
|
|
City View at Highlands |
|
Lombard, IL |
|
403 |
|
— |
|
4,636,653 |
|
60,642,751 |
|
— |
|
30,382 |
|
4,636,653 |
|
60,673,132 |
|
65,309,785 |
|
(1,465,753 |
) |
2003 |
|
30 Years |
|
|
Claire Point |
|
Jacksonville, FL |
|
256 |
|
— |
|
2,048,000 |
|
14,649,393 |
|
— |
|
1,065,479 |
|
2,048,000 |
|
15,714,872 |
|
17,762,872 |
|
(3,781,827 |
) |
1986 |
|
30 Years |
|
|
Clarion |
|
Decatur, GA |
|
217 |
|
— |
|
1,504,300 |
|
13,537,919 |
|
— |
|
965,629 |
|
1,504,300 |
|
14,503,548 |
|
16,007,848 |
|
(3,803,752 |
) |
1990 |
|
30 Years |
|
|
Clarys Crossing |
|
Columbia, MD |
|
198 |
|
— |
|
891,000 |
|
15,489,721 |
|
— |
|
1,085,643 |
|
891,000 |
|
16,575,363 |
|
17,466,363 |
|
(3,803,088 |
) |
1984 |
|
30 Years |
|
|
Classic, The |
|
Stamford, CT |
|
144 |
|
— |
|
2,883,500 |
|
20,336,721 |
|
— |
|
2,135,298 |
|
2,883,500 |
|
22,472,019 |
|
25,355,519 |
|
(6,046,488 |
) |
1990 |
|
30 Years |
|
|
Clearview I |
|
Greenwood, IN |
|
70 |
|
12,735 |
|
182,206 |
|
1,605,429 |
|
— |
|
261,613 |
|
182,206 |
|
1,867,042 |
|
2,049,248 |
|
(427,270 |
) |
1986 |
|
30 Years |
|
|
Clearview II |
|
Greenwood, IN |
|
80 |
|
— |
|
226,963 |
|
1,999,792 |
|
— |
|
176,908 |
|
226,963 |
|
2,176,700 |
|
2,403,663 |
|
(467,904 |
) |
1987 |
|
30 Years |
|
|
Clearwater |
|
Eastlake, OH |
|
42 |
|
1,008,377 |
|
128,303 |
|
1,130,691 |
|
— |
|
168,914 |
|
128,303 |
|
1,299,605 |
|
1,427,908 |
|
(271,246 |
) |
1986 |
|
30 Years |
|
|
Club at Tanasbourne |
|
Hillsboro, OR |
|
352 |
|
(Q |
) |
3,521,300 |
|
16,257,934 |
|
— |
|
1,709,353 |
|
3,521,300 |
|
17,967,287 |
|
21,488,587 |
|
(5,478,165 |
) |
1990 |
|
30 Years |
|
|
Club at the Green |
|
Beaverton, OR |
|
254 |
|
— |
|
2,030,950 |
|
12,616,747 |
|
— |
|
1,730,465 |
|
2,030,950 |
|
14,347,212 |
|
16,378,162 |
|
(4,282,616 |
) |
1991 |
|
30 Years |
|
|
Coach Lantern |
|
Scarborough, ME |
|
90 |
|
— |
|
452,900 |
|
4,405,723 |
|
— |
|
507,048 |
|
452,900 |
|
4,912,771 |
|
5,365,671 |
|
(1,324,668 |
) |
1971/1981 |
|
30 Years |
|
|
Coachlight Village |
|
Agawam, MA |
|
88 |
|
(P |
) |
501,726 |
|
3,353,933 |
|
— |
|
207,677 |
|
501,726 |
|
3,561,610 |
|
4,063,335 |
|
(566,897 |
) |
1967 |
|
30 Years |
|
|
Coachman Trails |
|
Plymouth, MN |
|
154 |
|
6,093,167 |
|
1,227,000 |
|
9,517,381 |
|
— |
|
891,763 |
|
1,227,000 |
|
10,409,144 |
|
11,636,144 |
|
(2,611,133 |
) |
1987 |
|
30 Years |
|
|
Cobblestone Village |
|
Fresno, CA |
|
162 |
|
6,000,000 |
|
315,000 |
|
5,336,557 |
|
— |
|
798,127 |
|
315,000 |
|
6,134,684 |
|
6,449,684 |
|
(1,016,643 |
) |
1983 |
|
30 Years |
|
|
Coconut Palm Club |
|
Coconut Creek, GA |
|
300 |
|
— |
|
3,001,700 |
|
17,678,928 |
|
— |
|
1,109,364 |
|
3,001,700 |
|
18,788,293 |
|
21,789,993 |
|
(4,667,609 |
) |
1992 |
|
30 Years |
|
|
Colinas Pointe |
|
Denver, CO |
|
272 |
|
— |
|
1,587,400 |
|
14,285,902 |
|
— |
|
1,062,435 |
|
1,587,400 |
|
15,348,337 |
|
16,935,737 |
|
(4,333,187 |
) |
1986 |
|
30 Years |
|
|
Collier Ridge |
|
Atlanta, GA |
|
300 |
|
— |
|
5,100,000 |
|
20,425,822 |
|
— |
|
2,766,290 |
|
5,100,000 |
|
23,192,112 |
|
28,292,112 |
|
(5,218,742 |
) |
1980 |
|
30 Years |
|
|
Colonial Village |
|
Plainville, CT |
|
104 |
|
(P |
) |
693,575 |
|
4,636,410 |
|
— |
|
394,526 |
|
693,575 |
|
5,030,935 |
|
5,724,511 |
|
(835,410 |
) |
1968 |
|
30 Years |
|
|
Concord Square (IN) |
|
Kokomo, IN |
|
49 |
|
— |
|
123,247 |
|
1,085,962 |
|
— |
|
153,908 |
|
123,247 |
|
1,239,870 |
|
1,363,117 |
|
(270,319 |
) |
1983 |
|
30 Years |
|
|
Concord Square I (OH) |
|
Mansfield, OH |
|
72 |
|
— |
|
164,124 |
|
1,446,313 |
|
— |
|
249,055 |
|
164,124 |
|
1,695,368 |
|
1,859,492 |
|
(365,692 |
) |
1981/83 |
|
30 Years |
|
|
Conway Court |
|
Roslindale, MA |
|
28 |
|
417,473 |
|
101,451 |
|
710,524 |
|
— |
|
61,578 |
|
101,451 |
|
772,101 |
|
873,552 |
|
(133,587 |
) |
1920 |
|
30 Years |
|
|
Conway Station |
|
Orlando, FL |
|
242 |
|
— |
|
1,936,000 |
|
10,852,858 |
|
— |
|
825,291 |
|
1,936,000 |
|
11,678,149 |
|
13,614,149 |
|
(2,809,253 |
) |
1987 |
|
30 Years |
|
|
Copper Canyon |
|
Highlands Ranch, CO |
|
222 |
|
(O |
) |
1,443,000 |
|
16,251,114 |
|
— |
|
475,131 |
|
1,443,000 |
|
16,726,244 |
|
18,169,244 |
|
(3,449,162 |
) |
1999 |
|
30 Years |
|
|
Copper Creek |
|
Tempe, AZ |
|
144 |
|
— |
|
1,017,400 |
|
9,148,068 |
|
— |
|
899,289 |
|
1,017,400 |
|
10,047,356 |
|
11,064,756 |
|
(2,933,574 |
) |
1984 |
|
30 Years |
|
|
Copper Terrace |
|
Orlando, FL |
|
300 |
|
— |
|
1,200,000 |
|
17,887,868 |
|
— |
|
1,605,321 |
|
1,200,000 |
|
19,493,190 |
|
20,693,190 |
|
(4,637,789 |
) |
1989 |
|
30 Years |
|
|
Cortona at Dana Park |
|
Mesa, AZ |
|
222 |
|
— |
|
2,028,939 |
|
12,466,128 |
|
— |
|
1,248,041 |
|
2,028,939 |
|
13,714,169 |
|
15,743,108 |
|
(3,767,643 |
) |
1986 |
|
30 Years |
|
|
Country Brook |
|
Chandler, AZ |
|
396 |
|
— |
|
1,505,219 |
|
29,542,535 |
|
— |
|
1,408,211 |
|
1,505,219 |
|
30,950,746 |
|
32,455,965 |
|
(7,959,627 |
) |
1986-1996 |
|
30 Years |
|
|
Country Club Condominium, LLC |
|
Mill Creek, WA |
|
86 |
|
— |
|
646,108 |
|
5,985,305 |
|
— |
|
1,342,996 |
|
646,108 |
|
7,328,301 |
|
7,974,409 |
|
(1,645,413 |
) |
1991 |
|
30 Years |
|
|
Country Club Place (FL) |
|
Pembroke Pines, FL |
|
152 |
|
— |
|
912,000 |
|
10,016,543 |
|
— |
|
980,151 |
|
912,000 |
|
10,996,694 |
|
11,908,694 |
|
(2,695,202 |
) |
1987 |
|
30 Years |
|
|
Country Club Woods |
|
Mobile, AL (T) |
|
256 |
|
4,156,457 |
|
230,091 |
|
5,561,464 |
|
— |
|
718,267 |
|
230,091 |
|
6,279,731 |
|
6,509,822 |
|
(1,475,802 |
) |
1975 |
|
30 Years |
|
|
Country Gables |
|
Beaverton, OR |
|
288 |
|
— |
|
1,580,500 |
|
14,215,444 |
|
— |
|
2,393,228 |
|
1,580,500 |
|
16,608,671 |
|
18,189,171 |
|
(5,077,043 |
) |
1991 |
|
30 Years |
|
|
Country Gables II |
|
Beaverton, OR |
|
— |
|
— |
|
1,200,000 |
|
4,006 |
|
— |
|
— |
|
1,200,000 |
|
4,006 |
|
1,204,006 |
|
— |
|
(F) |
|
30 Years |
|
|
Country Oaks |
|
Agoura Hills, CA |
|
256 |
|
29,412,000 |
|
6,105,000 |
|
20,902,294 |
|
— |
|
754,966 |
|
6,105,000 |
|
21,657,261 |
|
27,762,261 |
|
(2,941,821 |
) |
1985 |
|
30 Years |
|
|
Country Ridge |
|
Farmington Hills, MI |
|
252 |
|
— |
|
1,621,950 |
|
14,596,964 |
|
— |
|
2,107,915 |
|
1,621,950 |
|
16,704,879 |
|
18,326,829 |
|
(5,449,859 |
) |
1986 |
|
30 Years |
|
|
Countryside I |
|
Daytona Beach, FL |
|
59 |
|
— |
|
136,665 |
|
1,204,164 |
|
— |
|
392,156 |
|
136,665 |
|
1,596,320 |
|
1,732,984 |
|
(376,866 |
) |
1982 |
|
30 Years |
|
|
Countryside II |
|
Daytona Beach, FL |
|
97 |
|
— |
|
234,633 |
|
2,067,376 |
|
— |
|
308,009 |
|
234,633 |
|
2,375,384 |
|
2,610,018 |
|
(509,739 |
) |
1982 |
|
30 Years |
|
|
Countryside III (REIT) |
|
Daytona Beach, FL |
|
34 |
|
— |
|
80,000 |
|
719,868 |
|
— |
|
105,958 |
|
80,000 |
|
825,826 |
|
905,826 |
|
(135,167 |
) |
1983 |
|
30 Years |
|
|
Countryside Manor |
|
Douglasville, GA |
|
82 |
|
— |
|
298,186 |
|
2,627,348 |
|
— |
|
291,381 |
|
298,186 |
|
2,918,728 |
|
3,216,915 |
|
(629,258 |
) |
1985 |
|
30 Years |
|
|
Cove at Fishers Landing |
|
Vancouver, WA |
|
253 |
|
— |
|
2,277,000 |
|
15,656,887 |
|
— |
|
399,121 |
|
2,277,000 |
|
16,056,008 |
|
18,333,008 |
|
(1,664,475 |
) |
1993 |
|
30 Years |
|
|
Coventry at Cityview |
|
Fort Worth, TX |
|
360 |
|
(U |
) |
2,160,000 |
|
23,072,847 |
|
— |
|
1,117,286 |
|
2,160,000 |
|
24,190,133 |
|
26,350,133 |
|
(5,515,625 |
) |
1996 |
|
30 Years |
|
|
Creekside (San Mateo) |
|
San Mateo, CA |
|
192 |
|
(R |
) |
9,606,600 |
|
21,193,232 |
|
— |
|
632,515 |
|
9,606,600 |
|
21,825,746 |
|
31,432,346 |
|
(5,093,503 |
) |
1985 |
|
30 Years |
|
|
Creekside Homes at Legacy |
|
Plano. TX |
|
380 |
|
— |
|
4,560,000 |
|
32,275,748 |
|
— |
|
905,140 |
|
4,560,000 |
|
33,180,888 |
|
37,740,888 |
|
(7,390,494 |
) |
1998 |
|
30 Years |
|
|
Creekside Village |
|
Mountlake Terrace, WA |
|
512 |
|
— |
|
2,807,600 |
|
25,270,594 |
|
— |
|
2,821,193 |
|
2,807,600 |
|
28,091,787 |
|
30,899,387 |
|
(10,628,817 |
) |
1987 |
|
30 Years |
|
|
Creekwood |
|
Charlotte, NC |
|
384 |
|
— |
|
1,861,700 |
|
16,740,569 |
|
— |
|
1,764,067 |
|
1,861,700 |
|
18,504,635 |
|
20,366,335 |
|
(5,152,952 |
) |
1987-1990 |
|
30 Years |
|
|
Crescent at Cherry Creek |
|
Denver, CO |
|
216 |
|
(O |
) |
2,594,000 |
|
15,149,470 |
|
— |
|
856,813 |
|
2,594,000 |
|
16,006,282 |
|
18,600,282 |
|
(4,193,715 |
) |
1994 |
|
30 Years |
|
|
Cross Creek |
|
Matthews, NC |
|
420 |
|
(R |
) |
3,151,600 |
|
20,295,925 |
|
— |
|
1,374,687 |
|
3,151,600 |
|
21,670,612 |
|
24,822,212 |
|
(5,343,662 |
) |
1989 |
|
30 Years |
|
|
Crosswinds |
|
St. Petersburg, FL |
|
208 |
|
— |
|
1,561,200 |
|
5,756,822 |
|
— |
|
1,192,049 |
|
1,561,200 |
|
6,948,871 |
|
8,510,071 |
|
(2,254,517 |
) |
1986 |
|
30 Years |
|
|
Crown Court |
|
Scottsdale, AZ |
|
416 |
|
(S |
) |
3,156,600 |
|
28,414,599 |
|
— |
|
2,452,734 |
|
3,156,600 |
|
30,867,333 |
|
34,023,933 |
|
(8,953,508 |
) |
1987 |
|
30 Years |
|
|
Crystal Village |
|
Attleboro, MA |
|
91 |
|
— |
|
1,369,000 |
|
4,989,028 |
|
— |
|
1,554,613 |
|
1,369,000 |
|
6,543,641 |
|
7,912,641 |
|
(1,729,715 |
) |
1974 |
|
30 Years |
|
|
Cypress |
|
Panama City, FL |
|
70 |
|
1,305,670 |
|
171,882 |
|
1,514,636 |
|
— |
|
343,108 |
|
171,882 |
|
1,857,744 |
|
2,029,626 |
|
(419,547 |
) |
1985 |
|
30 Years |
|
|
Cypress Lake at Waterford |
|
Orlando, Fl |
|
316 |
|
— |
|
7,000,000 |
|
27,654,816 |
|
— |
|
55,926 |
|
7,000,000 |
|
27,710,742 |
|
34,710,742 |
|
(914,728 |
) |
2001 |
|
30 Years |
|
|
Daniel Court |
|
Cincinnati, OH |
|
114 |
|
2,163,506 |
|
334,101 |
|
2,943,516 |
|
— |
|
593,050 |
|
334,101 |
|
3,536,567 |
|
3,870,667 |
|
(853,366 |
) |
1985 |
|
30 Years |
|
|
Dartmouth Place I |
|
Kent, OH |
|
53 |
|
— |
|
151,771 |
|
1,337,422 |
|
— |
|
295,742 |
|
151,771 |
|
1,633,164 |
|
1,784,935 |
|
(368,806 |
) |
1982 |
|
30 Years |
|
|
Dartmouth Place II |
|
Kent, OH |
|
49 |
|
— |
|
130,102 |
|
1,146,337 |
|
— |
|
185,559 |
|
130,102 |
|
1,331,896 |
|
1,461,997 |
|
(288,280 |
) |
1986 |
|
30 Years |
|
|
Dartmouth Woods |
|
Lakewood, CO |
|
201 |
|
— |
|
1,609,800 |
|
10,832,754 |
|
— |
|
916,193 |
|
1,609,800 |
|
11,748,947 |
|
13,358,747 |
|
(3,380,891 |
) |
1990 |
|
30 Years |
|
|
Dean Estates |
|
Taunton, MA |
|
58 |
|
— |
|
498,080 |
|
3,329,560 |
|
— |
|
212,040 |
|
498,080 |
|
3,541,601 |
|
4,039,680 |
|
(564,615 |
) |
1984 |
|
30 Years |
|
|
Dean Estates II |
|
Cranston, RI |
|
48 |
|
(P |
) |
308,457 |
|
2,061,971 |
|
— |
|
215,598 |
|
308,457 |
|
2,277,569 |
|
2,586,026 |
|
(388,860 |
) |
1970 |
|
30 Years |
|
|
Deerbrook |
|
Jacksonville, FL |
|
144 |
|
— |
|
1,008,000 |
|
8,845,716 |
|
— |
|
871,313 |
|
1,008,000 |
|
9,717,029 |
|
10,725,029 |
|
(2,362,246 |
) |
1983 |
|
30 Years |
|
|
Deerfield |
|
Denver, CO |
|
158 |
|
9,100,000 |
|
1,260,000 |
|
7,869,511 |
|
— |
|
972,466 |
|
1,260,000 |
|
8,841,977 |
|
10,101,977 |
|
(1,359,690 |
) |
1983 |
|
30 Years |
|
|
Deerwood (Corona) |
|
Corona, CA |
|
316 |
|
(U |
) |
4,742,200 |
|
20,272,892 |
|
— |
|
1,964,944 |
|
4,742,200 |
|
22,237,836 |
|
26,980,036 |
|
(6,021,965 |
) |
1992 |
|
30 Years |
|
|
Deerwood (FL) |
|
Eustis, FL |
|
50 |
|
802,868 |
|
114,948 |
|
1,012,819 |
|
— |
|
179,658 |
|
114,948 |
|
1,192,477 |
|
1,307,425 |
|
(278,938 |
) |
1982 |
|
30 Years |
|
|
Deerwood (SD) |
|
San Diego, CA |
|
316 |
|
— |
|
2,082,095 |
|
18,739,815 |
|
— |
|
4,711,729 |
|
2,082,095 |
|
23,451,545 |
|
25,533,640 |
|
(10,161,685 |
) |
1990 |
|
30 Years |
|
S-3
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Capitalized |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent to |
|
Gross Amount Carried |
|
|
|
|
|
|
|
Life Used to |
|
||||
|
|
|
|
|
|
|
|
|
Initial Cost to |
|
Acquisition |
|
at Close of |
|
|
|
|
|
|
|
Compute |
|
||||||
|
Description |
|
|
|
|
|
Company |
|
(Improvements, net) (E) |
|
Period 12/31/04 |
|
|
|
|
|
|
|
Depreciation in |
|
||||||||
|
Apartment |
|
|
|
|
|
|
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Accumulated |
|
Date of |
|
Latest Income |
|
|
Name |
|
Location |
|
Units (J) |
|
Encumbrances |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures (A) |
|
Total (B) |
|
Depreciation |
|
Construction |
|
Statement (C) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defoor Village |
|
Atlanta, GA |
|
156 |
|
— |
|
2,966,400 |
|
10,570,210 |
|
— |
|
1,481,209 |
|
2,966,400 |
|
12,051,419 |
|
15,017,819 |
|
(2,630,269 |
) |
1997 |
|
30 Years |
|
|
Desert Homes |
|
Phoenix, AZ |
|
412 |
|
— |
|
1,481,050 |
|
13,390,249 |
|
— |
|
2,999,004 |
|
1,481,050 |
|
16,389,253 |
|
17,870,303 |
|
(5,637,666 |
) |
1982 |
|
30 Years |
|
|
Dogwood Glen I |
|
Indianapolis, IN |
|
83 |
|
1,702,607 |
|
240,855 |
|
2,122,193 |
|
— |
|
315,647 |
|
240,855 |
|
2,437,840 |
|
2,678,695 |
|
(529,046 |
) |
1986 |
|
30 Years |
|
|
Dogwood Glen II |
|
Indianapolis, IN |
|
77 |
|
1,233,044 |
|
202,397 |
|
1,783,336 |
|
— |
|
236,718 |
|
202,397 |
|
2,020,054 |
|
2,222,451 |
|
(444,418 |
) |
1987 |
|
30 Years |
|
|
Dover Place I |
|
Eastlake, OH |
|
64 |
|
— |
|
244,294 |
|
2,152,494 |
|
— |
|
280,600 |
|
244,294 |
|
2,433,094 |
|
2,677,388 |
|
(515,881 |
) |
1982 |
|
30 Years |
|
|
Dover Place II |
|
Eastlake, OH |
|
63 |
|
1,513,570 |
|
230,895 |
|
2,034,242 |
|
— |
|
203,705 |
|
230,895 |
|
2,237,947 |
|
2,468,842 |
|
(445,730 |
) |
1983 |
|
30 Years |
|
|
Dover Place III |
|
Eastlake, OH |
|
30 |
|
717,129 |
|
119,835 |
|
1,055,878 |
|
— |
|
69,260 |
|
119,835 |
|
1,125,138 |
|
1,244,973 |
|
(217,537 |
) |
1983 |
|
30 Years |
|
|
Dover Place IV |
|
Eastlake, OH |
|
72 |
|
1,741,599 |
|
261,912 |
|
2,307,730 |
|
— |
|
192,941 |
|
261,912 |
|
2,500,671 |
|
2,762,583 |
|
(485,582 |
) |
1986 |
|
30 Years |
|
|
Driftwood |
|
Atlantic Beach, FL |
|
63 |
|
346,206 |
|
126,357 |
|
1,113,430 |
|
— |
|
292,159 |
|
126,357 |
|
1,405,590 |
|
1,531,947 |
|
(332,920 |
) |
1985 |
|
30 Years |
|
|
Duraleigh Woods |
|
Raleigh, NC |
|
362 |
|
— |
|
1,629,000 |
|
19,917,750 |
|
— |
|
2,603,288 |
|
1,629,000 |
|
22,521,038 |
|
24,150,038 |
|
(5,454,738 |
) |
1987 |
|
30 Years |
|
|
Eagle Canyon |
|
Chino Hills, CA |
|
252 |
|
— |
|
1,808,900 |
|
16,426,168 |
|
— |
|
1,185,487 |
|
1,808,900 |
|
17,611,655 |
|
19,420,555 |
|
(5,351,042 |
) |
1985 |
|
30 Years |
|
|
East Pointe |
|
Charlotte, NC |
|
310 |
|
— |
|
1,365,900 |
|
12,295,246 |
|
— |
|
1,957,169 |
|
1,365,900 |
|
14,252,415 |
|
15,618,315 |
|
(6,001,904 |
) |
1987 |
|
30 Years |
|
|
Eastbridge |
|
Dallas, TX |
|
169 |
|
8,547,271 |
|
3,380,000 |
|
11,860,382 |
|
— |
|
386,610 |
|
3,380,000 |
|
12,246,992 |
|
15,626,992 |
|
(1,627,418 |
) |
1998 |
|
30 Years |
|
|
Edgewater |
|
Bakersfield, CA |
|
258 |
|
11,988,000 |
|
580,000 |
|
11,119,979 |
|
— |
|
1,013,042 |
|
580,000 |
|
12,133,021 |
|
12,713,021 |
|
(1,932,602 |
) |
1984 |
|
30 Years |
|
|
Edgewood |
|
Woodinville, WA |
|
203 |
|
— |
|
1,070,100 |
|
9,632,980 |
|
— |
|
1,245,739 |
|
1,070,100 |
|
10,878,719 |
|
11,948,819 |
|
(4,187,897 |
) |
1986 |
|
30 Years |
|
|
Elmtree Park I |
|
Indianapolis, IN |
|
72 |
|
1,367,159 |
|
157,687 |
|
1,389,621 |
|
— |
|
266,267 |
|
157,687 |
|
1,655,888 |
|
1,813,575 |
|
(397,263 |
) |
1986 |
|
30 Years |
|
|
Elmtree Park II |
|
Indianapolis, IN |
|
53 |
|
859,729 |
|
114,114 |
|
1,005,455 |
|
— |
|
193,057 |
|
114,114 |
|
1,198,512 |
|
1,312,626 |
|
(289,067 |
) |
1987 |
|
30 Years |
|
|
Elmwood (GA) |
|
Marietta, GA |
|
48 |
|
— |
|
183,756 |
|
1,619,095 |
|
— |
|
241,915 |
|
183,756 |
|
1,861,010 |
|
2,044,766 |
|
(387,936 |
) |
1984 |
|
30 Years |
|
|
Elmwood I (FL) |
|
W. Palm Beach, FL |
|
52 |
|
316,202 |
|
163,389 |
|
1,439,632 |
|
— |
|
156,874 |
|
163,389 |
|
1,596,506 |
|
1,759,895 |
|
(334,863 |
) |
1984 |
|
30 Years |
|
|
Elmwood II (FL) |
|
W. Palm Beach, FL |
|
50 |
|
1,230,468 |
|
179,743 |
|
1,582,960 |
|
— |
|
133,228 |
|
179,743 |
|
1,716,188 |
|
1,895,932 |
|
(356,091 |
) |
1984 |
|
30 Years |
|
|
Emerson Place |
|
Boston, MA (G) |
|
462 |
|
— |
|
14,855,000 |
|
57,566,636 |
|
— |
|
11,994,873 |
|
14,855,000 |
|
69,561,509 |
|
84,416,509 |
|
(18,275,154 |
) |
1962 |
|
30 Years |
|
|
Emerson Place/CRP II |
|
Boston, MA |
|
— |
|
— |
|
— |
|
1,716,729 |
|
— |
|
— |
|
— |
|
1,716,729 |
|
1,716,729 |
|
— |
|
(F) |
|
30 Years |
|
|
Enclave at Winston Park |
|
Coconut Creek, FL |
|
278 |
|
— |
|
5,560,000 |
|
19,939,324 |
|
— |
|
417,836 |
|
5,560,000 |
|
20,357,160 |
|
25,917,160 |
|
(2,169,693 |
) |
1995 |
|
30 Years |
|
|
Enclave, The |
|
Tempe, AZ |
|
204 |
|
(O |
) |
1,500,192 |
|
19,281,399 |
|
— |
|
662,156 |
|
1,500,192 |
|
19,943,555 |
|
21,443,747 |
|
(4,967,574 |
) |
1994 |
|
30 Years |
|
|
EOP Orange |
|
Orange, CA |
|
— |
|
— |
|
— |
|
275,099 |
|
— |
|
— |
|
— |
|
275,099 |
|
275,099 |
|
— |
|
(F) |
|
30 Years |
|
|
Esprit Del Sol |
|
Solana Beach, CA |
|
146 |
|
— |
|
5,111,200 |
|
11,910,438 |
|
— |
|
741,504 |
|
5,111,200 |
|
12,651,942 |
|
17,763,142 |
|
(3,049,533 |
) |
1986 |
|
30 Years |
|
|
Fairfield |
|
Stamford, CT (G) |
|
263 |
|
— |
|
6,510,200 |
|
39,690,120 |
|
— |
|
1,224,464 |
|
6,510,200 |
|
40,914,584 |
|
47,424,784 |
|
(9,550,541 |
) |
1996 |
|
30 Years |
|
|
Fairland Gardens |
|
Silver Spring, MD |
|
400 |
|
— |
|
6,000,000 |
|
19,972,183 |
|
— |
|
2,159,568 |
|
6,000,000 |
|
22,131,751 |
|
28,131,751 |
|
(5,088,578 |
) |
1981 |
|
30 Years |
|
|
Farnham Park |
|
Houston, TX |
|
216 |
|
— |
|
1,512,600 |
|
14,233,760 |
|
— |
|
706,986 |
|
1,512,600 |
|
14,940,746 |
|
16,453,346 |
|
(3,785,389 |
) |
1996 |
|
30 Years |
|
|
Fernbrook Townhomes |
|
Plymouth, MN |
|
72 |
|
4,970,424 |
|
580,100 |
|
6,683,693 |
|
— |
|
372,578 |
|
580,100 |
|
7,056,271 |
|
7,636,371 |
|
(1,640,103 |
) |
1993 |
|
30 Years |
|
|
Fireside Park |
|
Rockville, MD |
|
236 |
|
8,095,000 |
|
4,248,000 |
|
9,977,101 |
|
— |
|
1,348,752 |
|
4,248,000 |
|
11,325,853 |
|
15,573,853 |
|
(2,652,665 |
) |
1961 |
|
30 Years |
|
|
Forest Glen |
|
Pensacola, FL |
|
73 |
|
— |
|
161,548 |
|
1,423,618 |
|
— |
|
274,455 |
|
161,548 |
|
1,698,074 |
|
1,859,622 |
|
(411,570 |
) |
1986 |
|
30 Years |
|
|
Forest Ridge I & II |
|
Arlington, TX |
|
660 |
|
(S |
) |
2,362,700 |
|
21,263,295 |
|
— |
|
3,402,487 |
|
2,362,700 |
|
24,665,782 |
|
27,028,482 |
|
(8,505,590 |
) |
1984/85 |
|
30 Years |
|
|
Forest Village |
|
Macon, GA |
|
83 |
|
— |
|
224,022 |
|
1,973,876 |
|
— |
|
301,419 |
|
224,022 |
|
2,275,295 |
|
2,499,317 |
|
(465,343 |
) |
1983 |
|
30 Years |
|
|
Forsythia Court (KY) |
|
Louisville, KY |
|
98 |
|
1,769,936 |
|
279,450 |
|
2,462,187 |
|
— |
|
364,708 |
|
279,450 |
|
2,826,895 |
|
3,106,345 |
|
(611,355 |
) |
1985 |
|
30 Years |
|
|
Forsythia Court (MD) |
|
Abingdon, MD |
|
76 |
|
1,945,272 |
|
251,955 |
|
2,220,100 |
|
— |
|
393,106 |
|
251,955 |
|
2,613,206 |
|
2,865,161 |
|
(577,125 |
) |
1986 |
|
30 Years |
|
|
Forsythia Court II (MD) |
|
Abingdon, MD |
|
76 |
|
— |
|
239,834 |
|
2,113,339 |
|
— |
|
279,078 |
|
239,834 |
|
2,392,417 |
|
2,632,250 |
|
(522,113 |
) |
1987 |
|
30 Years |
|
|
Fountain Place I |
|
Eden Prairie, MN |
|
332 |
|
24,653,106 |
|
2,405,068 |
|
21,694,117 |
|
— |
|
1,699,062 |
|
2,405,068 |
|
23,393,179 |
|
25,798,247 |
|
(6,168,758 |
) |
1989 |
|
30 Years |
|
|
Fountain Place II |
|
Eden Prairie, MN |
|
158 |
|
12,600,000 |
|
1,231,350 |
|
11,095,333 |
|
— |
|
689,599 |
|
1,231,350 |
|
11,784,933 |
|
13,016,282 |
|
(3,041,287 |
) |
1989 |
|
30 Years |
|
|
Fountainhead I |
|
San Antonio, TX |
|
240 |
|
(M |
) |
1,205,816 |
|
5,200,241 |
|
— |
|
774,764 |
|
1,205,816 |
|
5,975,004 |
|
7,180,820 |
|
(3,809,231 |
) |
1985/1987 |
|
30 Years |
|
|
Fountainhead II |
|
San Antonio, TX |
|
224 |
|
(M |
) |
1,205,817 |
|
4,529,801 |
|
— |
|
1,381,419 |
|
1,205,817 |
|
5,911,220 |
|
7,117,037 |
|
(3,586,800 |
) |
1985/1987 |
|
30 Years |
|
|
Fountainhead III |
|
San Antonio, TX |
|
224 |
|
(M |
) |
1,205,816 |
|
4,399,093 |
|
— |
|
1,382,063 |
|
1,205,816 |
|
5,781,155 |
|
6,986,971 |
|
(3,298,924 |
) |
1985/1987 |
|
30 Years |
|
|
Four Lakes |
|
Lisle, IL |
|
168 |
|
— |
|
439,605 |
|
2,567,975 |
|
— |
|
3,898,126 |
|
439,605 |
|
6,466,101 |
|
6,905,706 |
|
(4,298,527 |
) |
1968/1988 |
|
30 Years |
|
|
Four Lakes 5 |
|
Lisle, IL |
|
478 |
|
(M |
) |
600,000 |
|
19,186,686 |
|
— |
|
2,415,140 |
|
600,000 |
|
21,601,826 |
|
22,201,826 |
|
(12,121,234 |
) |
1968/1988 |
|
30 Years |
|
|
Four Lakes Athletic Club |
|
Lisle, IL (G) |
|
— |
|
— |
|
50,000 |
|
153,489 |
|
— |
|
95,111 |
|
50,000 |
|
248,600 |
|
298,600 |
|
(30,118 |
) |
N/A |
|
30 Years |
|
|
Four Lakes Condo, LLC Phase V |
|
Lisle, IL |
|
3 |
|
— |
|
9,076 |
|
46,327 |
|
— |
|
30,155 |
|
9,076 |
|
76,482 |
|
85,557 |
|
(53,561 |
) |
1968/1988 |
|
30 Years |
|
|
Four Lakes Condo, LLC Phase VI |
|
Lisle, IL |
|
64 |
|
— |
|
145,787 |
|
866,188 |
|
— |
|
2,733,361 |
|
145,787 |
|
3,599,549 |
|
3,745,337 |
|
(1,424,945 |
) |
1970/1988 |
|
30 Years |
|
|
Four Lakes Condo, LLC Phase VII |
|
Lisle, IL |
|
60 |
|
— |
|
157,002 |
|
924,495 |
|
— |
|
1,605,395 |
|
157,002 |
|
2,529,890 |
|
2,686,892 |
|
(1,535,188 |
) |
1970/1988 |
|
30 Years |
|
|
Four Lakes Leasing Center |
|
Lisle, IL (G) |
|
— |
|
— |
|
50,000 |
|
152,815 |
|
— |
|
41,649 |
|
50,000 |
|
194,464 |
|
244,464 |
|
(56,982 |
) |
N/A |
|
30 Years |
|
|
Four Winds |
|
Fall River, MA |
|
168 |
|
(P |
) |
1,370,843 |
|
9,163,804 |
|
— |
|
396,532 |
|
1,370,843 |
|
9,560,337 |
|
10,931,179 |
|
(1,532,287 |
) |
1987 |
|
30 Years |
|
|
Fox Hill Apartments |
|
Enfield, CT |
|
168 |
|
(P |
) |
1,129,018 |
|
7,547,256 |
|
— |
|
325,187 |
|
1,129,018 |
|
7,872,443 |
|
9,001,461 |
|
(1,289,474 |
) |
1974 |
|
30 Years |
|
|
Fox Ridge |
|
Englewood, CO |
|
300 |
|
20,300,000 |
|
2,490,000 |
|
17,509,781 |
|
— |
|
1,038,933 |
|
2,490,000 |
|
18,548,715 |
|
21,038,715 |
|
(2,863,047 |
) |
1984 |
|
30 Years |
|
|
Fox Run (WA) |
|
Federal Way, WA |
|
144 |
|
— |
|
639,700 |
|
5,765,018 |
|
— |
|
1,019,284 |
|
639,700 |
|
6,784,302 |
|
7,424,002 |
|
(2,743,915 |
) |
1988 |
|
30 Years |
|
|
Fox Run II (WA) |
|
Federal Way, WA |
|
18 |
|
— |
|
80,000 |
|
1,286,139 |
|
— |
|
53,086 |
|
80,000 |
|
1,339,225 |
|
1,419,225 |
|
(68,614 |
) |
1988 |
|
30 Years |
|
|
Foxcroft |
|
Scarborough, ME |
|
104 |
|
— |
|
523,400 |
|
4,527,409 |
|
— |
|
459,910 |
|
523,400 |
|
4,987,319 |
|
5,510,719 |
|
(1,373,480 |
) |
1977/1979 |
|
30 Years |
|
|
Foxhaven |
|
Canton, OH |
|
107 |
|
— |
|
256,821 |
|
2,263,172 |
|
— |
|
468,520 |
|
256,821 |
|
2,731,692 |
|
2,988,513 |
|
(615,192 |
) |
1986 |
|
30 Years |
|
|
Foxton (MI) |
|
Monroe, MI |
|
51 |
|
— |
|
156,363 |
|
1,377,824 |
|
— |
|
227,956 |
|
156,363 |
|
1,605,780 |
|
1,762,142 |
|
(329,340 |
) |
1983 |
|
30 Years |
|
|
Foxton II (OH) |
|
Dayton, OH |
|
80 |
|
— |
|
165,806 |
|
1,460,832 |
|
— |
|
165,610 |
|
165,806 |
|
1,626,443 |
|
1,792,248 |
|
(353,852 |
) |
1983 |
|
30 Years |
|
|
Gables Grand Plaza |
|
Coral Gables, FL (G) |
|
195 |
|
— |
|
— |
|
44,600,668 |
|
— |
|
456,040 |
|
— |
|
45,056,708 |
|
45,056,708 |
|
(1,828,219 |
) |
1998 |
|
30 Years |
|
|
Garden Court |
|
Detroit, MI |
|
102 |
|
1,961,858 |
|
351,532 |
|
3,096,890 |
|
— |
|
249,743 |
|
351,532 |
|
3,346,633 |
|
3,698,165 |
|
(670,813 |
) |
1988 |
|
30 Years |
|
|
Garden Lake |
|
Riverdale, GA |
|
278 |
|
— |
|
1,466,900 |
|
13,186,716 |
|
— |
|
1,072,858 |
|
1,466,900 |
|
14,259,574 |
|
15,726,474 |
|
(3,954,381 |
) |
1991 |
|
30 Years |
|
|
Garden Terrace I |
|
Tampa, FL |
|
59 |
|
— |
|
93,144 |
|
820,699 |
|
— |
|
358,439 |
|
93,144 |
|
1,179,138 |
|
1,272,282 |
|
(294,510 |
) |
1981 |
|
30 Years |
|
|
Garden Terrace II |
|
Tampa, FL |
|
65 |
|
— |
|
97,120 |
|
855,730 |
|
— |
|
351,388 |
|
97,120 |
|
1,207,118 |
|
1,304,238 |
|
(296,126 |
) |
1982 |
|
30 Years |
|
|
Gatehouse at Pine Lake |
|
Pembroke Pines, FL |
|
296 |
|
— |
|
1,896,600 |
|
17,070,795 |
|
— |
|
1,394,788 |
|
1,896,600 |
|
18,465,582 |
|
20,362,182 |
|
(5,626,720 |
) |
1990 |
|
30 Years |
|
|
Gatehouse on the Green |
|
Plantation, FL |
|
312 |
|
— |
|
2,228,200 |
|
20,056,270 |
|
— |
|
1,710,816 |
|
2,228,200 |
|
21,767,086 |
|
23,995,286 |
|
(6,657,158 |
) |
1990 |
|
30 Years |
|
|
Gates at Carlson Center |
|
Minnetonka, MN |
|
435 |
|
(N |
) |
4,355,200 |
|
23,802,817 |
|
— |
|
5,306,365 |
|
4,355,200 |
|
29,109,182 |
|
33,464,382 |
|
(7,368,735 |
) |
1989 |
|
30 Years |
|
|
Gates of Redmond |
|
Redmond, WA |
|
180 |
|
— |
|
2,306,100 |
|
12,064,015 |
|
— |
|
957,415 |
|
2,306,100 |
|
13,021,430 |
|
15,327,530 |
|
(3,557,459 |
) |
1979 |
|
30 Years |
|
|
Gateway at Malden Center |
|
Malden, MA (G) |
|
203 |
|
— |
|
9,209,780 |
|
25,722,666 |
|
— |
|
650,065 |
|
9,209,780 |
|
26,372,731 |
|
35,582,511 |
|
(1,825,363 |
) |
1988 |
|
30 Years |
|
|
Gatewood |
|
Pleasanton, CA |
|
200 |
|
— |
|
6,796,511 |
|
20,249,392 |
|
— |
|
759,788 |
|
6,796,511 |
|
21,009,179 |
|
27,805,690 |
|
(1,240,343 |
) |
1985 |
|
30 Years |
|
|
Geary Court Yard |
|
San Francisco, CA |
|
164 |
|
17,693,865 |
|
1,722,400 |
|
15,471,429 |
|
— |
|
806,073 |
|
1,722,400 |
|
16,277,502 |
|
17,999,902 |
|
(4,216,747 |
) |
1990 |
|
30 Years |
|
|
Georgian Woods Combined (REIT) |
|
Wheaton, MD |
|
570 |
|
17,470,313 |
|
5,038,400 |
|
28,837,369 |
|
— |
|
5,326,738 |
|
5,038,400 |
|
34,164,107 |
|
39,202,507 |
|
(11,659,269 |
) |
1967 |
|
30 Years |
|
|
Glastonbury Center |
|
Glastonbury, CT |
|
105 |
|
— |
|
852,606 |
|
5,699,497 |
|
— |
|
449,953 |
|
852,606 |
|
6,149,451 |
|
7,002,057 |
|
(1,003,526 |
) |
1962 |
|
30 Years |
|
|
Glen Arm Manor |
|
Albany, GA |
|
70 |
|
1,060,185 |
|
166,498 |
|
1,466,883 |
|
— |
|
274,374 |
|
166,498 |
|
1,741,257 |
|
1,907,756 |
|
(378,507 |
) |
1986 |
|
30 Years |
|
|
Glen Grove |
|
Wellesley, MA |
|
125 |
|
3,795,038 |
|
1,344,601 |
|
8,988,383 |
|
— |
|
513,431 |
|
1,344,601 |
|
9,501,814 |
|
10,846,415 |
|
(1,435,190 |
) |
1979 |
|
30 Years |
|
|
Glen Meadow |
|
Franklin, MA |
|
288 |
|
1,939,125 |
|
2,339,330 |
|
15,796,431 |
|
— |
|
1,381,905 |
|
2,339,330 |
|
17,178,337 |
|
19,517,667 |
|
(2,901,375 |
) |
1971 |
|
30 Years |
|
|
GlenGarry Club |
|
Bloomingdale, IL |
|
250 |
|
(N |
) |
3,129,700 |
|
15,807,889 |
|
— |
|
1,815,423 |
|
3,129,700 |
|
17,623,311 |
|
20,753,011 |
|
(4,657,682 |
) |
1989 |
|
30 Years |
|
|
Glenlake |
|
Glendale Heights. IL |
|
336 |
|
14,845,000 |
|
5,041,700 |
|
16,671,970 |
|
— |
|
4,137,392 |
|
5,041,700 |
|
20,809,362 |
|
25,851,062 |
|
(5,898,252 |
) |
1988 |
|
30 Years |
|
|
Glenwood Village |
|
Macon, GA |
|
80 |
|
1,007,502 |
|
167,779 |
|
1,478,614 |
|
— |
|
229,809 |
|
167,779 |
|
1,708,423 |
|
1,876,202 |
|
(381,714 |
) |
1986 |
|
30 Years |
|
|
Gore Meadows |
|
Watertown, MA |
|
— |
|
— |
|
— |
|
163,697 |
|
— |
|
— |
|
— |
|
163,697 |
|
163,697 |
|
— |
|
(F) |
|
30 Years |
|
S-4
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Capitalized |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent to |
|
Gross Amount Carried |
|
|
|
|
|
|
|
Life Used to |
|
||||
|
|
|
|
|
|
|
|
|
Initial Cost to |
|
Acquisition |
|
at Close of |
|
|
|
|
|
|
|
Compute |
|
||||||
|
Description |
|
|
|
|
|
Company |
|
(Improvements, net) (E) |
|
Period 12/31/04 |
|
|
|
|
|
|
|
Depreciation in |
|
||||||||
|
Apartment |
|
|
|
|
|
|
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Accumulated |
|
Date of |
|
Latest Income |
|
|
Name |
|
Location |
|
Units (J) |
|
Encumbrances |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures (A) |
|
Total (B) |
|
Depreciation |
|
Construction |
|
Statement (C) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gosnold Grove |
|
East Falmouth, MA |
|
33 |
|
595,899 |
|
124,296 |
|
830,891 |
|
— |
|
105,169 |
|
124,296 |
|
936,060 |
|
1,060,355 |
|
(182,029 |
) |
1978 |
|
30 Years |
|
|
Gramercy Park |
|
Houston, TX |
|
384 |
|
— |
|
3,957,000 |
|
22,075,243 |
|
— |
|
1,272,760 |
|
3,957,000 |
|
23,348,002 |
|
27,305,002 |
|
(2,672,377 |
) |
1998 |
|
30 Years |
|
|
Granada Highlands |
|
Malden, MA (G) |
|
919 |
|
— |
|
28,210,000 |
|
99,944,576 |
|
— |
|
7,634,865 |
|
28,210,000 |
|
107,579,441 |
|
135,789,441 |
|
(20,617,153 |
) |
1972 |
|
30 Years |
|
|
Grand Marquis Condominium, LLC |
|
Plantation, FL |
|
198 |
|
— |
|
917,800 |
|
9,140,076 |
|
— |
|
1,371,969 |
|
917,800 |
|
10,512,046 |
|
11,429,846 |
|
(4,110,023 |
) |
1987 |
|
30 Years |
|
|
Grand Oasis Condominium, LLC |
|
Coral Springs, FL |
|
89 |
|
— |
|
358,896 |
|
3,588,802 |
|
— |
|
969,136 |
|
358,896 |
|
4,557,938 |
|
4,916,834 |
|
(1,522,680 |
) |
1987 |
|
30 Years |
|
|
Grand Reserve |
|
Woodbury, MN |
|
394 |
|
— |
|
4,728,000 |
|
49,541,642 |
|
— |
|
4,318,206 |
|
4,728,000 |
|
53,859,848 |
|
58,587,848 |
|
(7,364,568 |
) |
2000 |
|
30 Years |
|
|
Grandeville at River Place |
|
Oviedo, FL |
|
280 |
|
— |
|
6,000,000 |
|
23,110,997 |
|
— |
|
92,980 |
|
6,000,000 |
|
23,203,977 |
|
29,203,977 |
|
(1,013,863 |
) |
2002 |
|
30 Years |
|
|
Greenbriar Glen |
|
Atlanta, GA |
|
74 |
|
1,391,109 |
|
227,701 |
|
2,006,246 |
|
— |
|
305,529 |
|
227,701 |
|
2,311,775 |
|
2,539,477 |
|
(445,174 |
) |
1988 |
|
30 Years |
|
|
Greenfield Village |
|
Rocky Hill, CT |
|
151 |
|
— |
|
911,534 |
|
6,093,418 |
|
— |
|
171,645 |
|
911,534 |
|
6,265,064 |
|
7,176,598 |
|
(1,012,392 |
) |
1965 |
|
30 Years |
|
|
Greengate (FL) |
|
W. Palm Beach, FL |
|
120 |
|
— |
|
2,500,000 |
|
1,615,859 |
|
— |
|
299,694 |
|
2,500,000 |
|
1,915,553 |
|
4,415,553 |
|
(391,409 |
) |
1987 |
|
30 Years |
|
|
Greenglen (Day) |
|
Dayton, OH |
|
76 |
|
— |
|
204,289 |
|
1,800,172 |
|
— |
|
298,289 |
|
204,289 |
|
2,098,461 |
|
2,302,750 |
|
(459,706 |
) |
1983 |
|
30 Years |
|
|
Greenglen II (Tol) |
|
Toledo, OH |
|
58 |
|
— |
|
162,264 |
|
1,429,719 |
|
— |
|
202,224 |
|
162,264 |
|
1,631,943 |
|
1,794,207 |
|
(332,135 |
) |
1982 |
|
30 Years |
|
|
Greenhaven |
|
Union City, CA |
|
250 |
|
10,975,000 |
|
7,507,000 |
|
15,210,399 |
|
— |
|
1,391,472 |
|
7,507,000 |
|
16,601,871 |
|
24,108,871 |
|
(4,034,011 |
) |
1983 |
|
30 Years |
|
|
Greenhouse - Frey Road |
|
Kennesaw, GA |
|
489 |
|
(M |
) |
2,467,200 |
|
22,187,443 |
|
— |
|
3,009,883 |
|
2,467,200 |
|
25,197,326 |
|
27,664,526 |
|
(9,938,727 |
) |
1985 |
|
30 Years |
|
|
Greenhouse - Holcomb Bridge |
|
Alpharetta, GA |
|
437 |
|
(M |
) |
2,143,300 |
|
19,291,427 |
|
— |
|
3,021,223 |
|
2,143,300 |
|
22,312,650 |
|
24,455,950 |
|
(8,897,741 |
) |
1985 |
|
30 Years |
|
|
Greenhouse - Roswell |
|
Roswell, GA |
|
236 |
|
(M |
) |
1,220,000 |
|
10,974,727 |
|
— |
|
1,894,090 |
|
1,220,000 |
|
12,868,818 |
|
14,088,818 |
|
(5,214,467 |
) |
1985 |
|
30 Years |
|
|
Greentree 1 |
|
Glen Burnie, MD |
|
350 |
|
11,000,000 |
|
3,912,968 |
|
11,784,021 |
|
— |
|
2,097,434 |
|
3,912,968 |
|
13,881,455 |
|
17,794,423 |
|
(3,376,484 |
) |
1973 |
|
30 Years |
|
|
Greentree 2 |
|
Glen Burnie, MD |
|
239 |
|
— |
|
2,700,000 |
|
8,246,737 |
|
— |
|
990,411 |
|
2,700,000 |
|
9,237,148 |
|
11,937,148 |
|
(2,133,855 |
) |
1973 |
|
30 Years |
|
|
Greentree 3 |
|
Glen Burnie, MD |
|
207 |
|
— |
|
2,380,443 |
|
7,270,294 |
|
— |
|
789,707 |
|
2,380,443 |
|
8,060,001 |
|
10,440,444 |
|
(1,872,059 |
) |
1973 |
|
30 Years |
|
|
Greentree I (GA) (REIT) |
|
Thomasville, GA |
|
43 |
|
629,393 |
|
84,750 |
|
762,659 |
|
— |
|
178,917 |
|
84,750 |
|
941,577 |
|
1,026,327 |
|
(148,053 |
) |
1983 |
|
30 Years |
|
|
Greentree II (GA) (REIT) |
|
Thomasville, GA |
|
32 |
|
473,348 |
|
81,000 |
|
729,283 |
|
— |
|
111,455 |
|
81,000 |
|
840,738 |
|
921,738 |
|
(131,091 |
) |
1984 |
|
30 Years |
|
|
Greenwood Villas |
|
Lake Mary, FL |
|
56 |
|
— |
|
450,000 |
|
2,465,447 |
|
— |
|
1,448 |
|
450,000 |
|
2,466,894 |
|
2,916,894 |
|
(47,049 |
) |
1984 |
|
30 Years |
|
|
Hall Place |
|
Quincy, MA |
|
90 |
|
— |
|
3,150,800 |
|
5,121,950 |
|
— |
|
511,811 |
|
3,150,800 |
|
5,633,760 |
|
8,784,560 |
|
(1,327,211 |
) |
1998 |
|
30 Years |
|
|
Hammocks Place |
|
Miami, FL |
|
296 |
|
(L |
) |
319,180 |
|
12,513,467 |
|
— |
|
1,592,031 |
|
319,180 |
|
14,105,497 |
|
14,424,677 |
|
(5,886,184 |
) |
1986 |
|
30 Years |
|
|
Hampshire II |
|
Elyria, OH |
|
56 |
|
797,823 |
|
126,231 |
|
1,112,036 |
|
— |
|
184,881 |
|
126,231 |
|
1,296,917 |
|
1,423,148 |
|
(267,287 |
) |
1981 |
|
30 Years |
|
|
Hampshire Place |
|
Los Angeles, CA |
|
259 |
|
19,958,653 |
|
10,806,000 |
|
30,331,904 |
|
— |
|
4,735 |
|
10,806,000 |
|
30,336,638 |
|
41,142,638 |
|
(95,031 |
) |
1989 |
|
30 Years |
|
|
Hamptons |
|
Puyallup, WA |
|
230 |
|
— |
|
1,119,200 |
|
10,075,844 |
|
— |
|
976,491 |
|
1,119,200 |
|
11,052,335 |
|
12,171,535 |
|
(3,208,047 |
) |
1991 |
|
30 Years |
|
|
Harbinwood |
|
Norcross, GA |
|
72 |
|
— |
|
236,761 |
|
2,086,122 |
|
— |
|
274,307 |
|
236,761 |
|
2,360,429 |
|
2,597,190 |
|
(511,234 |
) |
1985 |
|
30 Years |
|
|
Harborview |
|
San Pedro, CA |
|
160 |
|
— |
|
6,402,500 |
|
12,627,347 |
|
— |
|
1,181,453 |
|
6,402,500 |
|
13,808,800 |
|
20,211,300 |
|
(3,970,184 |
) |
1985 |
|
30 Years |
|
|
Harbour Town |
|
Boca Raton, FL |
|
392 |
|
— |
|
11,760,000 |
|
20,190,252 |
|
— |
|
3,359,619 |
|
11,760,000 |
|
23,549,871 |
|
35,309,871 |
|
(4,567,867 |
) |
1985 |
|
30 Years |
|
|
Hartwick |
|
Tipton, IN |
|
44 |
|
— |
|
123,791 |
|
1,090,729 |
|
— |
|
171,410 |
|
123,791 |
|
1,262,140 |
|
1,385,930 |
|
(282,053 |
) |
1982 |
|
30 Years |
|
|
Harvest Grove I |
|
Gahanna, OH |
|
73 |
|
1,504,592 |
|
170,334 |
|
1,500,232 |
|
— |
|
307,743 |
|
170,334 |
|
1,807,974 |
|
1,978,309 |
|
(401,278 |
) |
1986 |
|
30 Years |
|
|
Harvest Grove II |
|
Gahanna, OH |
|
57 |
|
— |
|
148,792 |
|
1,310,818 |
|
— |
|
190,011 |
|
148,792 |
|
1,500,829 |
|
1,649,620 |
|
(301,890 |
) |
1987 |
|
30 Years |
|
|
Hatcherway |
|
Waycross, GA |
|
64 |
|
684,375 |
|
96,885 |
|
853,716 |
|
— |
|
239,832 |
|
96,885 |
|
1,093,549 |
|
1,190,434 |
|
(275,038 |
) |
1986 |
|
30 Years |
|
|
Hathaway |
|
Long Beach, CA |
|
385 |
|
— |
|
2,512,500 |
|
22,611,912 |
|
— |
|
3,076,704 |
|
2,512,500 |
|
25,688,615 |
|
28,201,115 |
|
(8,610,848 |
) |
1987 |
|
30 Years |
|
|
Hayfield Park |
|
Burlington, KY |
|
86 |
|
1,534,250 |
|
261,457 |
|
2,303,394 |
|
— |
|
227,323 |
|
261,457 |
|
2,530,718 |
|
2,792,174 |
|
(528,945 |
) |
1986 |
|
30 Years |
|
|
Heathmoore (Eva) |
|
Evansville, IN |
|
73 |
|
1,039,481 |
|
162,375 |
|
1,430,747 |
|
— |
|
265,042 |
|
162,375 |
|
1,695,788 |
|
1,858,163 |
|
(377,669 |
) |
1984 |
|
30 Years |
|
|
Heathmoore (KY) |
|
Louisville, KY |
|
62 |
|
— |
|
156,840 |
|
1,381,730 |
|
— |
|
246,181 |
|
156,840 |
|
1,627,910 |
|
1,784,750 |
|
(352,193 |
) |
1983 |
|
30 Years |
|
|
Heathmoore (MI) |
|
Clinton Twp., MI |
|
72 |
|
1,584,774 |
|
227,105 |
|
2,001,243 |
|
— |
|
320,616 |
|
227,105 |
|
2,321,859 |
|
2,548,964 |
|
(487,239 |
) |
1983 |
|
30 Years |
|
|
Heathmoore I (IN) |
|
Indianapolis, IN |
|
55 |
|
1,145,909 |
|
144,557 |
|
1,273,702 |
|
— |
|
231,132 |
|
144,557 |
|
1,504,834 |
|
1,649,391 |
|
(354,737 |
) |
1983 |
|
30 Years |
|
|
Heathmoore I (MI) |
|
Canton, MI |
|
60 |
|
1,521,755 |
|
232,064 |
|
2,044,227 |
|
— |
|
265,673 |
|
232,064 |
|
2,309,900 |
|
2,541,963 |
|
(486,486 |
) |
1986 |
|
30 Years |
|
|
Heathmoore II (MI) |
|
Canton, MI |
|
51 |
|
— |
|
170,433 |
|
1,501,697 |
|
— |
|
168,207 |
|
170,433 |
|
1,669,903 |
|
1,840,336 |
|
(343,539 |
) |
1986 |
|
30 Years |
|
|
Heritage Green |
|
Sturbridge, MA |
|
130 |
|
2,703,422 |
|
835,313 |
|
5,583,898 |
|
— |
|
531,188 |
|
835,313 |
|
6,115,086 |
|
6,950,399 |
|
(973,901 |
) |
1974 |
|
30 Years |
|
|
Heritage, The |
|
Phoenix, AZ |
|
204 |
|
— |
|
1,211,205 |
|
13,136,903 |
|
— |
|
667,629 |
|
1,211,205 |
|
13,804,533 |
|
15,015,738 |
|
(3,532,830 |
) |
1995 |
|
30 Years |
|
|
Heron Pointe |
|
Boynton Beach, FL |
|
192 |
|
— |
|
1,546,700 |
|
7,774,676 |
|
— |
|
956,899 |
|
1,546,700 |
|
8,731,575 |
|
10,278,275 |
|
(2,744,634 |
) |
1989 |
|
30 Years |
|
|
Heron Pointe (Atl) |
|
Atlantic Beach, FL |
|
99 |
|
1,566,550 |
|
214,332 |
|
1,888,814 |
|
— |
|
378,016 |
|
214,332 |
|
2,266,830 |
|
2,481,162 |
|
(534,992 |
) |
1986 |
|
30 Years |
|
|
Heronwood (REIT) |
|
Ft. Myers, FL |
|
59 |
|
1,157,161 |
|
146,100 |
|
1,315,211 |
|
— |
|
238,372 |
|
146,100 |
|
1,553,583 |
|
1,699,683 |
|
(229,006 |
) |
1982 |
|
30 Years |
|
|
Hickory Mill |
|
Hilliard, OH |
|
60 |
|
— |
|
161,714 |
|
1,424,682 |
|
— |
|
347,037 |
|
161,714 |
|
1,771,719 |
|
1,933,433 |
|
(388,013 |
) |
1980 |
|
30 Years |
|
|
Hickory Place |
|
Gainesville, FL |
|
70 |
|
1,246,264 |
|
192,453 |
|
1,695,454 |
|
— |
|
292,252 |
|
192,453 |
|
1,987,706 |
|
2,180,160 |
|
(455,358 |
) |
1983 |
|
30 Years |
|
|
Hidden Acres |
|
Sarasota, FL |
|
94 |
|
1,601,965 |
|
253,139 |
|
2,230,579 |
|
— |
|
355,532 |
|
253,139 |
|
2,586,110 |
|
2,839,249 |
|
(553,524 |
) |
1987 |
|
30 Years |
|
|
Hidden Lake |
|
Sacramento, CA |
|
272 |
|
15,165,000 |
|
1,715,000 |
|
12,263,475 |
|
— |
|
1,029,490 |
|
1,715,000 |
|
13,292,965 |
|
15,007,965 |
|
(2,043,036 |
) |
1985 |
|
30 Years |
|
|
Hidden Lakes |
|
Haltom City, TX |
|
312 |
|
— |
|
1,872,000 |
|
20,242,109 |
|
— |
|
953,464 |
|
1,872,000 |
|
21,195,573 |
|
23,067,573 |
|
(4,880,561 |
) |
1996 |
|
30 Years |
|
|
Hidden Oaks |
|
Cary, NC |
|
216 |
|
— |
|
1,178,600 |
|
10,614,135 |
|
— |
|
1,597,072 |
|
1,178,600 |
|
12,211,208 |
|
13,389,808 |
|
(3,604,260 |
) |
1988 |
|
30 Years |
|
|
Hidden Palms |
|
Tampa, FL |
|
256 |
|
— |
|
2,049,600 |
|
6,345,885 |
|
— |
|
1,628,333 |
|
2,049,600 |
|
7,974,218 |
|
10,023,818 |
|
(2,502,051 |
) |
1986 |
|
30 Years |
|
|
Hidden Pines |
|
Casselberry, FL |
|
56 |
|
19,562 |
|
176,308 |
|
1,553,565 |
|
— |
|
440,840 |
|
176,308 |
|
1,994,406 |
|
2,170,713 |
|
(455,713 |
) |
1981 |
|
30 Years |
|
|
Hidden Valley Club |
|
Ann Arbor, MI |
|
324 |
|
— |
|
915,000 |
|
6,667,098 |
|
— |
|
3,482,805 |
|
915,000 |
|
10,149,903 |
|
11,064,903 |
|
(7,326,836 |
) |
1973 |
|
30 Years |
|
|
High Meadow |
|
Ellington, CT |
|
100 |
|
4,115,841 |
|
583,679 |
|
3,901,774 |
|
— |
|
217,220 |
|
583,679 |
|
4,118,994 |
|
4,702,673 |
|
(670,431 |
) |
1975 |
|
30 Years |
|
|
High Points |
|
New Port Richey, FL |
|
95 |
|
— |
|
222,308 |
|
1,958,772 |
|
— |
|
475,690 |
|
222,308 |
|
2,434,463 |
|
2,656,771 |
|
(566,044 |
) |
1986 |
|
30 Years |
|
|
High River |
|
Tuscaloosa, AL (T) |
|
152 |
|
3,569,223 |
|
208,108 |
|
3,663,221 |
|
— |
|
689,898 |
|
208,108 |
|
4,353,119 |
|
4,561,226 |
|
(1,028,666 |
) |
1978 |
|
30 Years |
|
|
Highland Creste |
|
Kent, WA |
|
198 |
|
— |
|
935,200 |
|
8,415,391 |
|
— |
|
1,038,433 |
|
935,200 |
|
9,453,825 |
|
10,389,025 |
|
(2,897,831 |
) |
1989 |
|
30 Years |
|
|
Highland Glen |
|
Westwood, MA |
|
180 |
|
— |
|
2,229,095 |
|
16,828,153 |
|
— |
|
365,953 |
|
2,229,095 |
|
17,194,106 |
|
19,423,202 |
|
(2,472,591 |
) |
1979 |
|
30 Years |
|
|
Highland Glen II |
|
Westwood, MA |
|
— |
|
— |
|
603,508 |
|
400,524 |
|
— |
|
— |
|
603,508 |
|
400,524 |
|
1,004,032 |
|
— |
|
(F) |
|
30 Years |
|
|
Highland Point |
|
Aurora, CO |
|
319 |
|
(Q |
) |
1,631,900 |
|
14,684,439 |
|
— |
|
1,432,664 |
|
1,631,900 |
|
16,117,102 |
|
17,749,002 |
|
(4,668,312 |
) |
1984 |
|
30 Years |
|
|
Highline Oaks |
|
Denver, CO |
|
220 |
|
(M |
) |
1,057,400 |
|
9,340,249 |
|
— |
|
1,340,899 |
|
1,057,400 |
|
10,681,148 |
|
11,738,548 |
|
(3,316,917 |
) |
1986 |
|
30 Years |
|
|
Hillcrest Villas |
|
Crestview, FL |
|
65 |
|
912,418 |
|
141,603 |
|
1,247,677 |
|
— |
|
194,103 |
|
141,603 |
|
1,441,780 |
|
1,583,383 |
|
(325,706 |
) |
1985 |
|
30 Years |
|
|
Hillside Manor |
|
Americus, GA |
|
60 |
|
— |
|
102,632 |
|
904,111 |
|
— |
|
380,601 |
|
102,632 |
|
1,284,712 |
|
1,387,344 |
|
(316,348 |
) |
1985 |
|
30 Years |
|
|
Holly Ridge |
|
Pembroke Park, FL |
|
98 |
|
— |
|
295,596 |
|
2,603,985 |
|
— |
|
366,302 |
|
295,596 |
|
2,970,287 |
|
3,265,883 |
|
(638,237 |
) |
1986 |
|
30 Years |
|
|
Holly Sands I |
|
Ft. Walton Bch., FL |
|
72 |
|
— |
|
190,942 |
|
1,682,524 |
|
— |
|
303,321 |
|
190,942 |
|
1,985,845 |
|
2,176,787 |
|
(458,903 |
) |
1985 |
|
30 Years |
|
|
Holly Sands II |
|
Ft. Walton Bch., FL |
|
52 |
|
1,009,375 |
|
124,578 |
|
1,098,074 |
|
— |
|
171,993 |
|
124,578 |
|
1,270,067 |
|
1,394,645 |
|
(292,134 |
) |
1986 |
|
30 Years |
|
|
Hudson Crossing |
|
New York, NY (G) |
|
259 |
|
— |
|
23,420,000 |
|
70,069,263 |
|
— |
|
2,334 |
|
23,420,000 |
|
70,071,597 |
|
93,491,597 |
|
(1,135,506 |
) |
2003 |
|
30 Years |
|
|
Hudson Pointe |
|
Jersey City, NJ |
|
182 |
|
— |
|
5,148,500 |
|
41,596,476 |
|
— |
|
96,488 |
|
5,148,500 |
|
41,692,964 |
|
46,841,463 |
|
(1,261,380 |
) |
2003 |
|
30 Years |
|
|
Hunt Club |
|
Charlotte, NC |
|
300 |
|
— |
|
990,000 |
|
17,992,887 |
|
— |
|
941,935 |
|
990,000 |
|
18,934,823 |
|
19,924,823 |
|
(4,396,636 |
) |
1990 |
|
30 Years |
|
|
Hunt Club II |
|
Charlotte, NC |
|
— |
|
— |
|
100,000 |
|
— |
|
— |
|
— |
|
100,000 |
|
— |
|
100,000 |
|
— |
|
(F) |
|
30 Years |
|
|
Hunters Green |
|
Fort Worth, TX |
|
248 |
|
— |
|
524,300 |
|
3,653,481 |
|
— |
|
1,335,663 |
|
524,300 |
|
4,989,143 |
|
5,513,443 |
|
(2,362,518 |
) |
1981 |
|
30 Years |
|
|
Hunters Ridge |
|
St. Louis, MO |
|
198 |
|
10,680,000 |
|
994,500 |
|
8,913,997 |
|
— |
|
1,488,157 |
|
994,500 |
|
10,402,154 |
|
11,396,654 |
|
(3,196,673 |
) |
1986-1987 |
|
30 Years |
|
|
Huntington Park |
|
Everett, WA |
|
381 |
|
— |
|
1,597,500 |
|
14,367,864 |
|
— |
|
1,590,150 |
|
1,597,500 |
|
15,958,014 |
|
17,555,514 |
|
(6,503,313 |
) |
1991 |
|
30 Years |
|
|
Independence Village |
|
Reynoldsburg, OH |
|
124 |
|
— |
|
226,988 |
|
2,000,011 |
|
— |
|
400,858 |
|
226,988 |
|
2,400,869 |
|
2,627,856 |
|
(556,417 |
) |
1978 |
|
30 Years |
|
|
Indian Bend |
|
Scottsdale, AZ |
|
276 |
|
— |
|
1,075,700 |
|
9,675,133 |
|
— |
|
1,992,973 |
|
1,075,700 |
|
11,668,106 |
|
12,743,806 |
|
(5,069,961 |
) |
1973 |
|
30 Years |
|
|
Indian Lake I |
|
Morrow, GA |
|
244 |
|
— |
|
839,669 |
|
7,398,395 |
|
— |
|
627,815 |
|
839,669 |
|
8,026,210 |
|
8,865,879 |
|
(1,617,767 |
) |
1987 |
|
30 Years |
|
S-5
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Capitalized |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent to |
|
Gross Amount Carried |
|
|
|
|
|
|
|
Life Used to |
|
||||
|
|
|
|
|
|
|
|
|
Initial Cost to |
|
Acquisition |
|
at Close of |
|
|
|
|
|
|
|
Compute |
|
||||||
|
Description |
|
|
|
|
|
Company |
|
(Improvements, net) (E) |
|
Period 12/31/04 |
|
|
|
|
|
|
|
Depreciation in |
|
||||||||
|
Apartment |
|
|
|
|
|
|
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Accumulated |
|
Date of |
|
Latest Income |
|
|
Name |
|
Location |
|
Units (J) |
|
Encumbrances |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures (A) |
|
Total (B) |
|
Depreciation |
|
Construction |
|
Statement (C) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indian Ridge |
|
Waltham, MA |
|
— |
|
9,240,826 |
|
5,878,374 |
|
19,025,500 |
|
— |
|
— |
|
5,878,374 |
|
19,025,500 |
|
24,903,875 |
|
— |
|
(F) |
|
30 Years |
|
|
Indian Ridge I (REIT) |
|
Tallahassee, FL |
|
57 |
|
— |
|
135,500 |
|
1,218,598 |
|
— |
|
209,525 |
|
135,500 |
|
1,428,123 |
|
1,563,623 |
|
(228,546 |
) |
1981 |
|
30 Years |
|
|
Indian Ridge II (REIT) |
|
Tallahassee, FL |
|
39 |
|
— |
|
94,300 |
|
849,192 |
|
— |
|
97,914 |
|
94,300 |
|
947,106 |
|
1,041,406 |
|
(145,511 |
) |
1982 |
|
30 Years |
|
|
Indian Tree |
|
Arvada, CO |
|
168 |
|
— |
|
881,225 |
|
4,552,815 |
|
— |
|
1,574,849 |
|
881,225 |
|
6,127,664 |
|
7,008,889 |
|
(2,805,735 |
) |
1983 |
|
30 Years |
|
|
Indigo Springs |
|
Kent, WA |
|
278 |
|
— |
|
1,270,500 |
|
11,446,902 |
|
— |
|
1,902,334 |
|
1,270,500 |
|
13,349,236 |
|
14,619,736 |
|
(4,268,149 |
) |
1991 |
|
30 Years |
|
|
Iris Glen |
|
Conyers, GA |
|
79 |
|
1,661,685 |
|
270,458 |
|
2,383,030 |
|
— |
|
269,213 |
|
270,458 |
|
2,652,242 |
|
2,922,700 |
|
(525,978 |
) |
1984 |
|
30 Years |
|
|
Ironwood at the Ranch |
|
Westminster, CO |
|
226 |
|
— |
|
1,493,300 |
|
13,439,305 |
|
— |
|
1,127,418 |
|
1,493,300 |
|
14,566,722 |
|
16,060,022 |
|
(4,142,728 |
) |
1986 |
|
30 Years |
|
|
Isle at Arrowhead Ranch |
|
Glendale, AZ |
|
256 |
|
— |
|
1,650,237 |
|
19,593,123 |
|
— |
|
689,680 |
|
1,650,237 |
|
20,282,804 |
|
21,933,041 |
|
(5,089,909 |
) |
1996 |
|
30 Years |
|
|
Isles at Sawgrass |
|
Sunrise, FL |
|
368 |
|
— |
|
7,360,000 |
|
18,750,693 |
|
— |
|
836,610 |
|
7,360,000 |
|
19,587,303 |
|
26,947,303 |
|
(2,417,186 |
) |
1991-1995 |
|
30 Years |
|
|
Ivory Wood |
|
Bothell, WA |
|
144 |
|
— |
|
2,732,800 |
|
13,888,282 |
|
— |
|
109,805 |
|
2,732,800 |
|
13,998,087 |
|
16,730,887 |
|
(397,217 |
) |
2000 |
|
30 Years |
|
|
Ivy Place |
|
Atlanta, GA |
|
122 |
|
— |
|
802,950 |
|
7,228,257 |
|
— |
|
1,108,006 |
|
802,950 |
|
8,336,262 |
|
9,139,212 |
|
(2,793,461 |
) |
1978 |
|
30 Years |
|
|
Jaclen Towers |
|
Beverly, NJ |
|
100 |
|
1,846,425 |
|
437,072 |
|
2,921,735 |
|
— |
|
481,757 |
|
437,072 |
|
3,403,492 |
|
3,840,564 |
|
(589,283 |
) |
1976 |
|
30 Years |
|
|
James Street Crossing |
|
Kent, WA |
|
300 |
|
16,379,123 |
|
2,081,254 |
|
18,748,337 |
|
— |
|
1,004,928 |
|
2,081,254 |
|
19,753,265 |
|
21,834,519 |
|
(5,271,007 |
) |
1989 |
|
30 Years |
|
|
Jefferson Way I |
|
Orange Park, FL |
|
56 |
|
1,000,621 |
|
147,799 |
|
1,302,268 |
|
— |
|
320,768 |
|
147,799 |
|
1,623,036 |
|
1,770,835 |
|
(352,958 |
) |
1987 |
|
30 Years |
|
|
Junipers at Yarmouth |
|
Yarmouth, ME |
|
225 |
|
— |
|
1,355,700 |
|
7,860,135 |
|
— |
|
1,358,073 |
|
1,355,700 |
|
9,218,208 |
|
10,573,908 |
|
(2,911,277 |
) |
1970 |
|
30 Years |
|
|
Jupiter Cove I |
|
Jupiter, FL |
|
63 |
|
1,504,253 |
|
233,932 |
|
2,060,900 |
|
— |
|
411,275 |
|
233,932 |
|
2,472,174 |
|
2,706,107 |
|
(562,196 |
) |
1987 |
|
30 Years |
|
|
Jupiter Cove II |
|
Jupiter, FL |
|
61 |
|
1,485,940 |
|
1,220,000 |
|
483,833 |
|
— |
|
256,117 |
|
1,220,000 |
|
739,950 |
|
1,959,950 |
|
(174,000 |
) |
1987 |
|
30 Years |
|
|
Jupiter Cove III |
|
Jupiter, FL |
|
63 |
|
1,582,555 |
|
242,010 |
|
2,131,722 |
|
— |
|
251,001 |
|
242,010 |
|
2,382,723 |
|
2,624,733 |
|
(482,176 |
) |
1987 |
|
30 Years |
|
|
Kempton Downs |
|
Gresham, OR |
|
278 |
|
— |
|
1,217,349 |
|
10,943,372 |
|
— |
|
1,935,825 |
|
1,217,349 |
|
12,879,197 |
|
14,096,545 |
|
(4,894,670 |
) |
1990 |
|
30 Years |
|
|
Ketwood |
|
Kettering, OH |
|
93 |
|
— |
|
266,443 |
|
2,347,655 |
|
— |
|
363,454 |
|
266,443 |
|
2,711,109 |
|
2,977,552 |
|
(608,337 |
) |
1979 |
|
30 Years |
|
|
Keystone |
|
Austin, TX |
|
166 |
|
— |
|
498,500 |
|
4,487,295 |
|
— |
|
1,305,265 |
|
498,500 |
|
5,792,560 |
|
6,291,060 |
|
(2,440,621 |
) |
1981 |
|
30 Years |
|
|
Kings Colony |
|
Savannah, GA |
|
89 |
|
1,914,070 |
|
230,149 |
|
2,027,865 |
|
— |
|
269,045 |
|
230,149 |
|
2,296,910 |
|
2,527,059 |
|
(511,926 |
) |
1987 |
|
30 Years |
|
|
Kingsport |
|
Alexandria, VA |
|
415 |
|
|
|
1,262,250 |
|
12,198,024 |
|
— |
|
3,249,132 |
|
1,262,250 |
|
15,447,156 |
|
16,709,406 |
|
(5,868,986 |
) |
1986 |
|
30 Years |
|
|
Kirby Place |
|
Houston, TX |
|
362 |
|
— |
|
3,621,600 |
|
25,896,774 |
|
— |
|
1,279,979 |
|
3,621,600 |
|
27,176,753 |
|
30,798,353 |
|
(7,145,671 |
) |
1994 |
|
30 Years |
|
|
La Mirage |
|
San Diego, CA |
|
1,070 |
|
— |
|
28,895,200 |
|
95,567,943 |
|
— |
|
5,398,766 |
|
28,895,200 |
|
100,966,709 |
|
129,861,909 |
|
(27,009,669 |
) |
1988/1992 |
|
30 Years |
|
|
La Mirage IV |
|
San Diego, CA |
|
340 |
|
— |
|
6,000,000 |
|
47,449,353 |
|
— |
|
31,426 |
|
6,000,000 |
|
47,480,779 |
|
53,480,779 |
|
(5,207,446 |
) |
2001 |
|
30 Years |
|
|
La Tour Fontaine |
|
Houston, TX |
|
162 |
|
— |
|
2,916,000 |
|
15,917,178 |
|
— |
|
892,412 |
|
2,916,000 |
|
16,809,591 |
|
19,725,591 |
|
(3,800,140 |
) |
1994 |
|
30 Years |
|
|
Ladera |
|
Phoenix, AZ |
|
248 |
|
(Q |
) |
2,978,879 |
|
20,640,453 |
|
— |
|
676,946 |
|
2,978,879 |
|
21,317,400 |
|
24,296,279 |
|
(5,342,405 |
) |
1995 |
|
30 Years |
|
|
Laguna Clara |
|
Santa Clara, CA |
|
264 |
|
16,980,452 |
|
13,642,420 |
|
29,707,475 |
|
— |
|
139,451 |
|
13,642,420 |
|
29,846,926 |
|
43,489,346 |
|
(1,129,028 |
) |
1972 |
|
30 Years |
|
|
Lakes at Vinings |
|
Atlanta, GA |
|
464 |
|
20,928,154 |
|
6,498,000 |
|
21,832,252 |
|
— |
|
2,133,971 |
|
6,498,000 |
|
23,966,223 |
|
30,464,223 |
|
(6,102,433 |
) |
1972/1975 |
|
30 Years |
|
|
Lakeshore at Preston |
|
Plano, TX |
|
302 |
|
— |
|
3,325,800 |
|
15,208,348 |
|
— |
|
962,054 |
|
3,325,800 |
|
16,170,401 |
|
19,496,201 |
|
(3,938,455 |
) |
1992 |
|
30 Years |
|
|
Lakeshore I (GA) |
|
Ft. Oglethorpe, GA |
|
79 |
|
1,202,296 |
|
169,375 |
|
1,492,378 |
|
— |
|
349,287 |
|
169,375 |
|
1,841,665 |
|
2,011,040 |
|
(453,172 |
) |
1986 |
|
30 Years |
|
|
Lakeview |
|
Lodi, CA |
|
138 |
|
7,286,000 |
|
950,000 |
|
5,750,629 |
|
— |
|
988,476 |
|
950,000 |
|
6,739,105 |
|
7,689,105 |
|
(1,030,871 |
) |
1983 |
|
30 Years |
|
|
Lakeville Resort |
|
Petaluma, CA |
|
492 |
|
— |
|
2,736,500 |
|
24,610,651 |
|
— |
|
3,030,474 |
|
2,736,500 |
|
27,641,124 |
|
30,377,624 |
|
(8,675,873 |
) |
1984 |
|
30 Years |
|
|
Lakewood |
|
Tulsa, OK |
|
152 |
|
5,600,000 |
|
855,000 |
|
6,480,729 |
|
— |
|
662,558 |
|
855,000 |
|
7,143,287 |
|
7,998,287 |
|
(1,180,057 |
) |
1985 |
|
30 Years |
|
|
Lakewood Greens |
|
Dallas, TX |
|
252 |
|
7,766,087 |
|
2,019,600 |
|
9,026,907 |
|
— |
|
662,722 |
|
2,019,600 |
|
9,689,628 |
|
11,709,228 |
|
(2,491,710 |
) |
1986 |
|
30 Years |
|
|
Lakewood Oaks |
|
Dallas, TX |
|
352 |
|
— |
|
1,631,600 |
|
14,686,192 |
|
— |
|
2,133,304 |
|
1,631,600 |
|
16,819,495 |
|
18,451,095 |
|
(6,532,548 |
) |
1987 |
|
30 Years |
|
|
Landera |
|
San Antonio, TX |
|
184 |
|
— |
|
766,300 |
|
6,896,811 |
|
— |
|
1,108,443 |
|
766,300 |
|
8,005,255 |
|
8,771,555 |
|
(2,533,836 |
) |
1983 |
|
30 Years |
|
|
Landings at Port Imperial |
|
W. New York, NJ |
|
276 |
|
— |
|
27,246,045 |
|
37,741,050 |
|
— |
|
509,265 |
|
27,246,045 |
|
38,250,315 |
|
65,496,360 |
|
(5,428,415 |
) |
1999 |
|
30 Years |
|
|
Landings of Lake Zurich |
|
Lake Zurich, IL |
|
206 |
|
16,800,000 |
|
2,250,338 |
|
17,668,851 |
|
— |
|
279,231 |
|
2,250,338 |
|
17,948,082 |
|
20,198,421 |
|
(571,857 |
) |
2000 |
|
30 Years |
|
|
Lantern Cove |
|
Foster City, CA |
|
232 |
|
36,403,000 |
|
6,945,000 |
|
21,945,503 |
|
— |
|
846,634 |
|
6,945,000 |
|
22,792,136 |
|
29,737,136 |
|
(3,026,656 |
) |
1985 |
|
30 Years |
|
|
Larkspur I (Hil) |
|
Hilliard, OH |
|
60 |
|
— |
|
179,628 |
|
1,582,519 |
|
— |
|
311,026 |
|
179,628 |
|
1,893,545 |
|
2,073,173 |
|
(416,014 |
) |
1983 |
|
30 Years |
|
|
Larkspur Shores |
|
Hilliard, OH |
|
342 |
|
— |
|
17,107,300 |
|
31,399,237 |
|
— |
|
3,629,618 |
|
17,107,300 |
|
35,028,855 |
|
52,136,155 |
|
(9,052,654 |
) |
1983 |
|
30 Years |
|
|
Larkspur Woods |
|
Sacramento, CA |
|
232 |
|
— |
|
5,802,900 |
|
14,576,106 |
|
— |
|
1,207,348 |
|
5,802,900 |
|
15,783,454 |
|
21,586,354 |
|
(4,291,619 |
) |
1989/1993 |
|
30 Years |
|
|
LaSalle |
|
Beaverton, OR (G) |
|
554 |
|
33,793,865 |
|
7,202,000 |
|
35,877,612 |
|
— |
|
956,081 |
|
7,202,000 |
|
36,833,692 |
|
44,035,692 |
|
(3,023,189 |
) |
1998 |
|
30 Years |
|
|
Laurel Bay |
|
Ypsilanti, MI |
|
68 |
|
— |
|
186,004 |
|
1,639,366 |
|
— |
|
281,881 |
|
186,004 |
|
1,921,247 |
|
2,107,251 |
|
(391,457 |
) |
1989 |
|
30 Years |
|
|
Laurel Glen |
|
Acworth, GA |
|
81 |
|
1,655,375 |
|
289,509 |
|
2,550,891 |
|
— |
|
244,329 |
|
289,509 |
|
2,795,220 |
|
3,084,729 |
|
(555,275 |
) |
1986 |
|
30 Years |
|
|
Laurel Ridge |
|
Chapel Hill, NC |
|
160 |
|
— |
|
160,000 |
|
3,206,076 |
|
— |
|
3,522,787 |
|
160,000 |
|
6,728,863 |
|
6,888,863 |
|
(4,255,349 |
) |
1975 |
|
30 Years |
|
|
Laurel Ridge II |
|
Chapel Hill, NC |
|
— |
|
— |
|
22,551 |
|
— |
|
— |
|
— |
|
22,551 |
|
— |
|
22,551 |
|
— |
|
(F) |
|
30 Years |
|
|
Legacy at Highlands Ranch |
|
Highlands Ranch, CO |
|
422 |
|
24,830,208 |
|
6,330,000 |
|
37,556,449 |
|
— |
|
27,300 |
|
6,330,000 |
|
37,583,749 |
|
43,913,749 |
|
(337,167 |
) |
1999 |
|
30 Years |
|
|
Legacy Park Central |
|
Concord, CA |
|
259 |
|
36,210,339 |
|
6,469,230 |
|
44,565,469 |
|
— |
|
14,786 |
|
6,469,230 |
|
44,580,255 |
|
51,049,485 |
|
(1,142,450 |
) |
2003 |
|
30 Years |
|
|
Legends at Preston |
|
Morrisville, NC |
|
382 |
|
(U |
) |
3,056,000 |
|
27,150,721 |
|
— |
|
454,700 |
|
3,056,000 |
|
27,605,420 |
|
30,661,420 |
|
(4,217,275 |
) |
2000 |
|
30 Years |
|
|
Lexford Apartment Homes |
|
Miami, FL |
|
72 |
|
1,251,771 |
|
191,986 |
|
1,691,254 |
|
— |
|
249,229 |
|
191,986 |
|
1,940,482 |
|
2,132,468 |
|
(379,834 |
) |
1987 |
|
30 Years |
|
|
Lexington Farm |
|
Alpharetta, GA |
|
352 |
|
— |
|
3,521,900 |
|
22,888,305 |
|
— |
|
937,216 |
|
3,521,900 |
|
23,825,522 |
|
27,347,422 |
|
(5,376,439 |
) |
1995 |
|
30 Years |
|
|
Lexington Glen |
|
Atlanta, GA |
|
480 |
|
— |
|
5,760,000 |
|
40,190,507 |
|
— |
|
2,444,677 |
|
5,760,000 |
|
42,635,184 |
|
48,395,184 |
|
(9,549,983 |
) |
1990 |
|
30 Years |
|
|
Lexington Park |
|
Orlando, FL |
|
252 |
|
— |
|
2,016,000 |
|
12,346,726 |
|
— |
|
1,302,812 |
|
2,016,000 |
|
13,649,537 |
|
15,665,537 |
|
(3,353,117 |
) |
1988 |
|
30 Years |
|
|
Liberty Park |
|
Brain Tree, MA |
|
202 |
|
26,500,000 |
|
5,977,504 |
|
26,748,835 |
|
— |
|
245,445 |
|
5,977,504 |
|
26,994,280 |
|
32,971,784 |
|
(1,678,470 |
) |
2000 |
|
30 Years |
|
|
Lincoln Heights |
|
Quincy, MA |
|
336 |
|
(R |
) |
5,928,400 |
|
33,595,262 |
|
— |
|
1,124,674 |
|
5,928,400 |
|
34,719,936 |
|
40,648,336 |
|
(8,698,107 |
) |
1991 |
|
30 Years |
|
|
Lindendale |
|
Columbus, OH |
|
77 |
|
1,246,157 |
|
209,159 |
|
1,842,816 |
|
— |
|
316,167 |
|
209,159 |
|
2,158,982 |
|
2,368,141 |
|
(473,320 |
) |
1987 |
|
30 Years |
|
|
Link Terrace |
|
Hinesville, GA |
|
54 |
|
— |
|
121,839 |
|
1,073,581 |
|
— |
|
206,261 |
|
121,839 |
|
1,279,841 |
|
1,401,680 |
|
(275,218 |
) |
1984 |
|
30 Years |
|
|
Little Cottonwoods |
|
Tempe, AZ |
|
379 |
|
— |
|
3,050,133 |
|
26,991,689 |
|
— |
|
1,491,773 |
|
3,050,133 |
|
28,483,462 |
|
31,533,595 |
|
(7,464,295 |
) |
1984 |
|
30 Years |
|
|
Lodge (OK), The |
|
Tulsa, OK |
|
208 |
|
— |
|
313,371 |
|
2,750,936 |
|
— |
|
2,020,555 |
|
313,371 |
|
4,771,491 |
|
5,084,862 |
|
(3,672,328 |
) |
1979 |
|
30 Years |
|
|
Lodge (TX), The |
|
San Antonio, TX |
|
384 |
|
— |
|
1,363,636 |
|
7,464,586 |
|
— |
|
3,174,967 |
|
1,363,636 |
|
10,639,553 |
|
12,003,189 |
|
(6,053,471 |
) |
1989/1990 |
|
30 Years |
|
|
Lofton Place |
|
Tampa, FL |
|
280 |
|
— |
|
2,240,000 |
|
16,679,214 |
|
— |
|
1,479,566 |
|
2,240,000 |
|
18,158,780 |
|
20,398,780 |
|
(4,319,588 |
) |
1988 |
|
30 Years |
|
|
Longfellow Glen |
|
Sudbury, MA |
|
120 |
|
4,215,246 |
|
1,094,273 |
|
7,314,994 |
|
— |
|
1,530,341 |
|
1,094,273 |
|
8,845,335 |
|
9,939,609 |
|
(1,361,991 |
) |
1984 |
|
30 Years |
|
|
Longfellow Place |
|
Boston, MA (G) |
|
710 |
|
— |
|
53,164,160 |
|
183,940,619 |
|
— |
|
21,372,867 |
|
53,164,160 |
|
205,313,486 |
|
258,477,646 |
|
(41,568,834 |
) |
1975 |
|
30 Years |
|
|
Longwood |
|
Decatur, GA |
|
268 |
|
— |
|
1,454,048 |
|
13,087,837 |
|
— |
|
1,082,842 |
|
1,454,048 |
|
14,170,679 |
|
15,624,727 |
|
(5,533,304 |
) |
1992 |
|
30 Years |
|
|
Longwood (KY) |
|
Lexington, KY |
|
60 |
|
— |
|
146,309 |
|
1,289,042 |
|
— |
|
247,496 |
|
146,309 |
|
1,536,538 |
|
1,682,847 |
|
(348,197 |
) |
1985 |
|
30 Years |
|
|
Loomis Manor |
|
West Hartford, CT |
|
43 |
|
(P |
) |
422,350 |
|
2,823,326 |
|
— |
|
249,410 |
|
422,350 |
|
3,072,735 |
|
3,495,086 |
|
(503,715 |
) |
1948 |
|
30 Years |
|
|
Madison at Cedar Springs |
|
Dallas, TX |
|
380 |
|
(R |
) |
2,470,000 |
|
33,194,620 |
|
— |
|
798,402 |
|
2,470,000 |
|
33,993,023 |
|
36,463,023 |
|
(7,487,590 |
) |
1995 |
|
30 Years |
|
|
Madison at Chase Oaks |
|
Plano, TX |
|
470 |
|
(R |
) |
3,055,000 |
|
28,932,885 |
|
— |
|
1,319,755 |
|
3,055,000 |
|
30,252,640 |
|
33,307,640 |
|
(6,895,431 |
) |
1995 |
|
30 Years |
|
|
Madison at River Sound |
|
Lawrenceville, GA |
|
586 |
|
(U |
) |
3,666,999 |
|
47,387,106 |
|
— |
|
1,109,283 |
|
3,666,999 |
|
48,496,389 |
|
52,163,388 |
|
(10,688,084 |
) |
1996 |
|
30 Years |
|
|
Madison at Round Grove |
|
Lewisville, TX |
|
404 |
|
(Q |
) |
2,626,000 |
|
25,682,373 |
|
— |
|
1,105,771 |
|
2,626,000 |
|
26,788,144 |
|
29,414,144 |
|
(6,134,751 |
) |
1995 |
|
30 Years |
|
|
Madison at Scofield Farms |
|
Austin, TX |
|
260 |
|
12,228,292 |
|
2,080,000 |
|
14,597,971 |
|
— |
|
912,614 |
|
2,080,000 |
|
15,510,585 |
|
17,590,585 |
|
(2,659,953 |
) |
1996 |
|
30 Years |
|
|
Madison at Stone Creek |
|
Austin, TX |
|
390 |
|
— |
|
2,535,000 |
|
22,611,700 |
|
— |
|
1,076,877 |
|
2,535,000 |
|
23,688,576 |
|
26,223,576 |
|
(5,565,233 |
) |
1995 |
|
30 Years |
|
|
Madison at the Arboretum |
|
Austin, TX |
|
161 |
|
— |
|
1,046,500 |
|
9,638,269 |
|
— |
|
745,152 |
|
1,046,500 |
|
10,383,421 |
|
11,429,921 |
|
(2,512,190 |
) |
1995 |
|
30 Years |
|
|
Madison at Walnut Creek |
|
Austin, TX |
|
342 |
|
— |
|
2,737,600 |
|
14,623,574 |
|
— |
|
1,293,096 |
|
2,737,600 |
|
15,916,669 |
|
18,654,269 |
|
(4,460,782 |
) |
1994 |
|
30 Years |
|
|
Madison at Wells Branch |
|
Austin, TX |
|
300 |
|
— |
|
2,377,344 |
|
16,370,879 |
|
— |
|
1,172,821 |
|
2,377,344 |
|
17,543,699 |
|
19,921,044 |
|
(3,059,418 |
) |
1995 |
|
30 Years |
|
|
Madison on Melrose |
|
Richardson, TX |
|
200 |
|
— |
|
1,300,000 |
|
15,096,551 |
|
— |
|
465,462 |
|
1,300,000 |
|
15,562,013 |
|
16,862,013 |
|
(3,500,152 |
) |
1995 |
|
30 Years |
|
S-6
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Capitalized |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent to |
|
Gross Amount Carried |
|
|
|
|
|
|
|
Life Used to |
|
||||
|
|
|
|
|
|
|
|
|
Initial Cost to |
|
Acquisition |
|
at Close of |
|
|
|
|
|
|
|
Compute |
|
||||||
|
Description |
|
|
|
|
|
Company |
|
(Improvements, net) (E) |
|
Period 12/31/04 |
|
|
|
|
|
|
|
Depreciation in |
|
||||||||
|
Apartment |
|
|
|
|
|
|
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Accumulated |
|
Date of |
|
Latest Income |
|
|
Name |
|
Location |
|
Units (J) |
|
Encumbrances |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures (A) |
|
Total (B) |
|
Depreciation |
|
Construction |
|
Statement (C) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Madison on the Parkway |
|
Dallas, TX |
|
376 |
|
— |
|
2,444,000 |
|
22,505,043 |
|
— |
|
998,686 |
|
2,444,000 |
|
23,503,729 |
|
25,947,729 |
|
(5,438,721 |
) |
1995 |
|
30 Years |
|
|
Magnolia at Whitlock |
|
Marietta, GA |
|
152 |
|
— |
|
132,979 |
|
1,526,005 |
|
— |
|
3,543,532 |
|
132,979 |
|
5,069,537 |
|
5,202,516 |
|
(2,887,149 |
) |
1971 |
|
30 Years |
|
|
Manchester (REIT) |
|
Jacksonville, FL |
|
78 |
|
1,203,850 |
|
184,100 |
|
1,657,194 |
|
— |
|
270,348 |
|
184,100 |
|
1,927,541 |
|
2,111,641 |
|
(304,856 |
) |
1985 |
|
30 Years |
|
|
Marabou Mills I |
|
Indianapolis, IN |
|
86 |
|
1,277,316 |
|
224,178 |
|
1,974,952 |
|
— |
|
262,450 |
|
224,178 |
|
2,237,402 |
|
2,461,580 |
|
(504,740 |
) |
1986 |
|
30 Years |
|
|
Marabou Mills II |
|
Indianapolis, IN |
|
63 |
|
— |
|
192,186 |
|
1,693,220 |
|
— |
|
135,414 |
|
192,186 |
|
1,828,634 |
|
2,020,821 |
|
(385,310 |
) |
1987 |
|
30 Years |
|
|
Marabou Mills III |
|
Indianapolis, IN |
|
59 |
|
1,140,520 |
|
171,557 |
|
1,511,602 |
|
— |
|
114,701 |
|
171,557 |
|
1,626,303 |
|
1,797,860 |
|
(338,114 |
) |
1987 |
|
30 Years |
|
|
Mariner Club (FL) |
|
Pembroke Pines, FL |
|
304 |
|
— |
|
1,824,500 |
|
20,771,566 |
|
— |
|
2,136,280 |
|
1,824,500 |
|
22,907,846 |
|
24,732,346 |
|
(5,052,355 |
) |
1988 |
|
30 Years |
|
|
Mariners Wharf |
|
Orange Park, FL |
|
272 |
|
— |
|
1,861,200 |
|
16,744,951 |
|
— |
|
1,128,478 |
|
1,861,200 |
|
17,873,429 |
|
19,734,629 |
|
(4,770,601 |
) |
1989 |
|
30 Years |
|
|
Marks |
|
Englewood, CO (G) |
|
616 |
|
19,195,000 |
|
4,928,500 |
|
44,621,814 |
|
— |
|
3,039,690 |
|
4,928,500 |
|
47,661,503 |
|
52,590,003 |
|
(13,362,054 |
) |
1987 |
|
30 Years |
|
|
Marquessa |
|
Corona Hills, CA |
|
336 |
|
— |
|
6,888,500 |
|
21,604,584 |
|
— |
|
1,750,384 |
|
6,888,500 |
|
23,354,968 |
|
30,243,468 |
|
(6,245,286 |
) |
1992 |
|
30 Years |
|
|
Marsh Landing I |
|
Brunswick, GA |
|
57 |
|
— |
|
133,193 |
|
1,173,573 |
|
— |
|
329,630 |
|
133,193 |
|
1,503,203 |
|
1,636,396 |
|
(353,922 |
) |
1984 |
|
30 Years |
|
|
Marshlanding II |
|
Brunswick, GA |
|
48 |
|
— |
|
111,187 |
|
979,679 |
|
— |
|
178,555 |
|
111,187 |
|
1,158,234 |
|
1,269,422 |
|
(261,647 |
) |
1986 |
|
30 Years |
|
|
Martha Lake |
|
Lynnwood, WA |
|
155 |
|
— |
|
821,200 |
|
7,405,070 |
|
— |
|
1,182,229 |
|
821,200 |
|
8,587,299 |
|
9,408,499 |
|
(2,550,229 |
) |
1991 |
|
30 Years |
|
|
Martins Landing |
|
Roswell, GA |
|
300 |
|
11,840,996 |
|
4,802,000 |
|
12,899,972 |
|
— |
|
1,464,149 |
|
4,802,000 |
|
14,364,121 |
|
19,166,121 |
|
(3,762,920 |
) |
1972 |
|
30 Years |
|
|
McDowell Place |
|
Naperville, IL |
|
400 |
|
(R |
) |
2,580,400 |
|
23,209,629 |
|
— |
|
2,444,503 |
|
2,580,400 |
|
25,654,132 |
|
28,234,532 |
|
(7,943,825 |
) |
1988 |
|
30 Years |
|
|
Meadow Ridge |
|
Norwich, CT |
|
120 |
|
4,314,082 |
|
747,957 |
|
4,999,937 |
|
— |
|
171,799 |
|
747,957 |
|
5,171,737 |
|
5,919,693 |
|
(844,335 |
) |
1987 |
|
30 Years |
|
|
Meadowland |
|
Bogart, GA |
|
60 |
|
— |
|
152,395 |
|
1,342,663 |
|
— |
|
85,687 |
|
152,395 |
|
1,428,350 |
|
1,580,745 |
|
(303,395 |
) |
1984 |
|
30 Years |
|
|
Meadowood (Cin) |
|
Cincinnati, OH |
|
106 |
|
— |
|
330,734 |
|
2,913,731 |
|
— |
|
472,251 |
|
330,734 |
|
3,385,982 |
|
3,716,717 |
|
(717,874 |
) |
1985 |
|
30 Years |
|
|
Meadowood (Cuy) |
|
Cuyahoga Falls, OH |
|
59 |
|
— |
|
201,407 |
|
1,774,784 |
|
— |
|
259,350 |
|
201,407 |
|
2,034,134 |
|
2,235,540 |
|
(411,178 |
) |
1985 |
|
30 Years |
|
|
Meadowood (Fra) |
|
Franklin, IN |
|
51 |
|
923,896 |
|
129,252 |
|
1,138,733 |
|
— |
|
206,312 |
|
129,252 |
|
1,345,045 |
|
1,474,297 |
|
(316,357 |
) |
1983 |
|
30 Years |
|
|
Meadowood (New) |
|
Newburgh, IN |
|
65 |
|
901,306 |
|
131,546 |
|
1,159,064 |
|
— |
|
183,765 |
|
131,546 |
|
1,342,829 |
|
1,474,375 |
|
(297,143 |
) |
1984 |
|
30 Years |
|
|
Meadowood (Nic) |
|
Nicholasville, KY |
|
67 |
|
1,306,284 |
|
173,223 |
|
1,526,283 |
|
— |
|
275,486 |
|
173,223 |
|
1,801,769 |
|
1,974,992 |
|
(406,242 |
) |
1983 |
|
30 Years |
|
|
Meadowood (Tem) |
|
Temperance, MI |
|
57 |
|
1,259,217 |
|
173,675 |
|
1,530,262 |
|
— |
|
164,710 |
|
173,675 |
|
1,694,972 |
|
1,868,647 |
|
(343,340 |
) |
1984 |
|
30 Years |
|
|
Meadowood Apts. (Man) |
|
Mansfield, OH |
|
50 |
|
— |
|
118,504 |
|
1,044,002 |
|
— |
|
170,785 |
|
118,504 |
|
1,214,787 |
|
1,333,291 |
|
(272,630 |
) |
1983 |
|
30 Years |
|
|
Meadowood I (GA) |
|
Norcross, GA |
|
61 |
|
— |
|
205,468 |
|
1,810,393 |
|
— |
|
270,600 |
|
205,468 |
|
2,080,993 |
|
2,286,460 |
|
(443,539 |
) |
1982 |
|
30 Years |
|
|
Meadowood I (OH) |
|
Columbus, OH |
|
60 |
|
— |
|
146,912 |
|
1,294,458 |
|
— |
|
365,004 |
|
146,912 |
|
1,659,462 |
|
1,806,374 |
|
(397,148 |
) |
1984 |
|
30 Years |
|
|
Meadowood II (GA) |
|
Norcross, GA |
|
51 |
|
— |
|
176,968 |
|
1,559,544 |
|
— |
|
161,838 |
|
176,968 |
|
1,721,383 |
|
1,898,351 |
|
(366,655 |
) |
1984 |
|
30 Years |
|
|
Meadowood II (OH) |
|
Columbus, OH |
|
23 |
|
451,232 |
|
57,802 |
|
509,199 |
|
— |
|
131,106 |
|
57,802 |
|
640,305 |
|
698,106 |
|
(147,229 |
) |
1985 |
|
30 Years |
|
|
Meadows I (OH), The |
|
Columbus, OH |
|
60 |
|
— |
|
150,800 |
|
1,328,616 |
|
— |
|
246,697 |
|
150,800 |
|
1,575,313 |
|
1,726,113 |
|
(362,183 |
) |
1985 |
|
30 Years |
|
|
Meadows II (OH), The |
|
Columbus, OH |
|
60 |
|
1,111,775 |
|
186,636 |
|
1,644,521 |
|
— |
|
226,121 |
|
186,636 |
|
1,870,642 |
|
2,057,278 |
|
(411,956 |
) |
1987 |
|
30 Years |
|
|
Meldon Place |
|
Toledo, OH |
|
127 |
|
2,204,599 |
|
288,434 |
|
2,541,701 |
|
— |
|
592,118 |
|
288,434 |
|
3,133,819 |
|
3,422,253 |
|
(817,209 |
) |
1978 |
|
30 Years |
|
|
Merrifield |
|
Salisbury, MD |
|
95 |
|
1,850,593 |
|
268,712 |
|
2,367,645 |
|
— |
|
322,539 |
|
268,712 |
|
2,690,183 |
|
2,958,895 |
|
(555,614 |
) |
1988 |
|
30 Years |
|
|
Merrill Creek |
|
Lakewood, WA |
|
149 |
|
— |
|
814,200 |
|
7,330,606 |
|
— |
|
455,885 |
|
814,200 |
|
7,786,491 |
|
8,600,691 |
|
(2,205,184 |
) |
1994 |
|
30 Years |
|
|
Merritt at Satellite Place |
|
Duluth, GA |
|
424 |
|
(S |
) |
3,400,000 |
|
30,115,674 |
|
— |
|
640,803 |
|
3,400,000 |
|
30,756,478 |
|
34,156,478 |
|
(5,799,699 |
) |
1999 |
|
30 Years |
|
|
Mesa Del Oso |
|
Albuquerque, NM |
|
221 |
|
10,575,735 |
|
4,305,000 |
|
12,112,957 |
|
— |
|
550,912 |
|
4,305,000 |
|
12,663,869 |
|
16,968,869 |
|
(1,941,777 |
) |
1983 |
|
30 Years |
|
|
Miguel Place |
|
Port Richey, FL |
|
91 |
|
1,403,066 |
|
199,349 |
|
1,756,482 |
|
— |
|
465,526 |
|
199,349 |
|
2,222,009 |
|
2,421,358 |
|
(515,996 |
) |
1987 |
|
30 Years |
|
|
Mill Creek |
|
Milpitas, CA |
|
516 |
|
— |
|
12,858,693 |
|
57,168,503 |
|
— |
|
944,669 |
|
12,858,693 |
|
58,113,172 |
|
70,971,865 |
|
(3,592,125 |
) |
1991 |
|
30 Years |
|
|
Mill Pond |
|
Millersville, MD |
|
240 |
|
7,300,000 |
|
2,880,000 |
|
8,468,462 |
|
— |
|
1,225,792 |
|
2,880,000 |
|
9,694,254 |
|
12,574,254 |
|
(2,423,456 |
) |
1984 |
|
30 Years |
|
|
Millburn |
|
Stow, OH |
|
52 |
|
— |
|
192,062 |
|
1,692,276 |
|
— |
|
243,634 |
|
192,062 |
|
1,935,910 |
|
2,127,972 |
|
(377,177 |
) |
1984 |
|
30 Years |
|
|
Millburn Court I |
|
Centerville, OH |
|
65 |
|
— |
|
260,000 |
|
1,246,757 |
|
— |
|
128,394 |
|
260,000 |
|
1,375,150 |
|
1,635,150 |
|
(235,950 |
) |
1979 |
|
30 Years |
|
|
Millburn Court II |
|
Centerville, OH |
|
51 |
|
847,143 |
|
122,870 |
|
1,082,698 |
|
— |
|
306,157 |
|
122,870 |
|
1,388,854 |
|
1,511,725 |
|
(349,669 |
) |
1981 |
|
30 Years |
|
|
Mira Flores |
|
Palm Beach Gardens, FL |
|
352 |
|
— |
|
7,040,000 |
|
22,515,299 |
|
— |
|
550,895 |
|
7,040,000 |
|
23,066,194 |
|
30,106,194 |
|
(2,592,195 |
) |
1996 |
|
30 Years |
|
|
Mission Bay |
|
Orlando, FL |
|
304 |
|
— |
|
2,432,000 |
|
21,623,560 |
|
— |
|
1,175,146 |
|
2,432,000 |
|
22,798,706 |
|
25,230,706 |
|
(5,243,256 |
) |
1991 |
|
30 Years |
|
|
Mission Hills |
|
Oceanside, CA |
|
282 |
|
9,978,164 |
|
5,640,000 |
|
21,130,732 |
|
— |
|
724,441 |
|
5,640,000 |
|
21,855,173 |
|
27,495,173 |
|
(3,431,159 |
) |
1984 |
|
30 Years |
|
|
Misty Woods |
|
Cary, NC |
|
360 |
|
— |
|
720,790 |
|
18,063,934 |
|
— |
|
2,276,854 |
|
720,790 |
|
20,340,788 |
|
21,061,578 |
|
(5,440,061 |
) |
1984 |
|
30 Years |
|
|
Montecito |
|
Valencia, CA |
|
210 |
|
— |
|
8,400,000 |
|
24,709,146 |
|
— |
|
511,649 |
|
8,400,000 |
|
25,220,795 |
|
33,620,795 |
|
(3,587,840 |
) |
1999 |
|
30 Years |
|
|
Montevista |
|
Dallas, TX |
|
350 |
|
— |
|
3,931,550 |
|
19,788,568 |
|
— |
|
680,654 |
|
3,931,550 |
|
20,469,223 |
|
24,400,773 |
|
(2,179,403 |
) |
2000 |
|
30 Years |
|
|
Montgomery Court I (MI) |
|
Haslett, MI |
|
59 |
|
1,115,312 |
|
156,298 |
|
1,377,153 |
|
— |
|
356,839 |
|
156,298 |
|
1,733,992 |
|
1,890,290 |
|
(383,878 |
) |
1984 |
|
30 Years |
|
|
Montgomery Court I (OH) |
|
Dublin, OH |
|
60 |
|
1,193,960 |
|
163,755 |
|
1,442,643 |
|
— |
|
386,489 |
|
163,755 |
|
1,829,132 |
|
1,992,887 |
|
(426,340 |
) |
1985 |
|
30 Years |
|
|
Montgomery Court II (OH) |
|
Dublin, OH |
|
57 |
|
— |
|
149,734 |
|
1,319,417 |
|
— |
|
213,328 |
|
149,734 |
|
1,532,746 |
|
1,682,479 |
|
(337,008 |
) |
1986 |
|
30 Years |
|
|
Montierra |
|
Scottsdale, AZ |
|
249 |
|
(Q |
) |
3,455,000 |
|
17,266,787 |
|
— |
|
429,480 |
|
3,455,000 |
|
17,696,266 |
|
21,151,266 |
|
(3,670,042 |
) |
1999 |
|
30 Years |
|
|
Montierra (CA) |
|
San Diego, CA |
|
272 |
|
17,613,777 |
|
8,160,000 |
|
29,360,938 |
|
— |
|
1,282,390 |
|
8,160,000 |
|
30,643,328 |
|
38,803,328 |
|
(4,791,765 |
) |
1990 |
|
30 Years |
|
|
Montrose Square |
|
Columbus, OH |
|
129 |
|
— |
|
193,266 |
|
1,703,260 |
|
— |
|
512,715 |
|
193,266 |
|
2,215,975 |
|
2,409,241 |
|
(564,131 |
) |
1987 |
|
30 Years |
|
|
Morgan Trace |
|
Union City, GA |
|
80 |
|
— |
|
239,102 |
|
2,105,728 |
|
— |
|
336,135 |
|
239,102 |
|
2,441,863 |
|
2,680,965 |
|
(507,307 |
) |
1986 |
|
30 Years |
|
|
Morningside |
|
Scottsdale, AZ |
|
160 |
|
— |
|
670,470 |
|
12,607,976 |
|
— |
|
771,645 |
|
670,470 |
|
13,379,621 |
|
14,050,091 |
|
(3,463,821 |
) |
1989 |
|
30 Years |
|
|
Mosswood I |
|
Winter Springs, FL |
|
58 |
|
— |
|
163,294 |
|
1,438,796 |
|
— |
|
393,746 |
|
163,294 |
|
1,832,541 |
|
1,995,835 |
|
(392,232 |
) |
1981 |
|
30 Years |
|
|
Mosswood II |
|
Winter Springs, FL |
|
89 |
|
1,433,020 |
|
275,330 |
|
2,426,158 |
|
— |
|
501,847 |
|
275,330 |
|
2,928,005 |
|
3,203,335 |
|
(609,524 |
) |
1982 |
|
30 Years |
|
|
Mountain Park Ranch |
|
Phoenix, AZ |
|
240 |
|
(O |
) |
1,662,332 |
|
18,260,276 |
|
— |
|
947,522 |
|
1,662,332 |
|
19,207,798 |
|
20,870,130 |
|
(5,016,400 |
) |
1994 |
|
30 Years |
|
|
Mountain Terrace |
|
Stevenson Ranch, CA |
|
510 |
|
— |
|
3,966,500 |
|
35,814,995 |
|
— |
|
1,861,843 |
|
3,966,500 |
|
37,676,838 |
|
41,643,338 |
|
(10,841,998 |
) |
1992 |
|
30 Years |
|
|
Nehoiden Glen |
|
Needham, MA |
|
61 |
|
1,579,980 |
|
634,538 |
|
4,241,755 |
|
— |
|
269,303 |
|
634,538 |
|
4,511,057 |
|
5,145,595 |
|
(696,968 |
) |
1978 |
|
30 Years |
|
|
Newberry I |
|
Lansing, MI |
|
62 |
|
— |
|
183,509 |
|
1,616,913 |
|
— |
|
294,682 |
|
183,509 |
|
1,911,596 |
|
2,095,105 |
|
(429,211 |
) |
1985 |
|
30 Years |
|
|
Newberry II |
|
Lansing, MI |
|
48 |
|
— |
|
142,292 |
|
1,253,951 |
|
— |
|
150,661 |
|
142,292 |
|
1,404,612 |
|
1,546,905 |
|
(313,508 |
) |
1986 |
|
30 Years |
|
|
Newport Heights |
|
Tukwila, WA |
|
80 |
|
— |
|
391,200 |
|
3,522,780 |
|
— |
|
668,608 |
|
391,200 |
|
4,191,388 |
|
4,582,588 |
|
(1,687,193 |
) |
1985 |
|
30 Years |
|
|
Noonan Glen |
|
Winchester, MA |
|
18 |
|
463,505 |
|
151,344 |
|
1,011,700 |
|
— |
|
140,922 |
|
151,344 |
|
1,152,623 |
|
1,303,966 |
|
(188,712 |
) |
1983 |
|
30 Years |
|
|
North Hill |
|
Atlanta, GA |
|
420 |
|
15,005,000 |
|
2,525,300 |
|
18,550,989 |
|
— |
|
5,196,592 |
|
2,525,300 |
|
23,747,581 |
|
26,272,881 |
|
(8,335,012 |
) |
1984 |
|
30 Years |
|
|
Northampton 1 |
|
Largo, MD |
|
344 |
|
19,151,947 |
|
1,843,200 |
|
17,528,381 |
|
— |
|
3,533,447 |
|
1,843,200 |
|
21,061,828 |
|
22,905,028 |
|
(8,657,186 |
) |
1977 |
|
30 Years |
|
|
Northampton 2 |
|
Largo, MD |
|
276 |
|
— |
|
1,513,500 |
|
14,246,990 |
|
— |
|
1,839,013 |
|
1,513,500 |
|
16,086,003 |
|
17,599,503 |
|
(6,068,531 |
) |
1988 |
|
30 Years |
|
|
Northglen |
|
Valencia, CA |
|
234 |
|
14,526,153 |
|
9,360,000 |
|
20,778,553 |
|
— |
|
615,241 |
|
9,360,000 |
|
21,393,794 |
|
30,753,794 |
|
(3,155,237 |
) |
1988 |
|
30 Years |
|
|
Northridge |
|
Pleasant Hill, CA |
|
221 |
|
— |
|
5,527,800 |
|
14,691,705 |
|
— |
|
1,937,959 |
|
5,527,800 |
|
16,629,664 |
|
22,157,464 |
|
(4,306,125 |
) |
1974 |
|
30 Years |
|
|
Northridge (GA) |
|
Carrolton, GA |
|
77 |
|
— |
|
238,811 |
|
2,104,181 |
|
— |
|
193,708 |
|
238,811 |
|
2,297,889 |
|
2,536,699 |
|
(480,896 |
) |
1985 |
|
30 Years |
|
|
Northrup Court I |
|
Coraopolis, PA |
|
60 |
|
1,280,579 |
|
189,246 |
|
1,667,463 |
|
— |
|
205,942 |
|
189,246 |
|
1,873,405 |
|
2,062,651 |
|
(397,996 |
) |
1985 |
|
30 Years |
|
|
Northrup Court II |
|
Coraopolis, PA |
|
49 |
|
— |
|
157,190 |
|
1,385,018 |
|
— |
|
124,810 |
|
157,190 |
|
1,509,828 |
|
1,667,018 |
|
(322,481 |
) |
1985 |
|
30 Years |
|
|
Northwoods Village |
|
Cary, NC |
|
228 |
|
— |
|
1,369,700 |
|
11,460,337 |
|
— |
|
1,682,449 |
|
1,369,700 |
|
13,142,786 |
|
14,512,486 |
|
(3,858,921 |
) |
1986 |
|
30 Years |
|
|
Norton Glen |
|
Norton, MA |
|
150 |
|
4,090,315 |
|
1,012,556 |
|
6,768,727 |
|
— |
|
1,544,561 |
|
1,012,556 |
|
8,313,288 |
|
9,325,843 |
|
(1,417,387 |
) |
1983 |
|
30 Years |
|
|
Nova Glen I |
|
Daytona Beach, FL |
|
62 |
|
— |
|
142,086 |
|
1,251,930 |
|
— |
|
476,522 |
|
142,086 |
|
1,728,452 |
|
1,870,538 |
|
(431,168 |
) |
1984 |
|
30 Years |
|
|
Nova Glen II |
|
Daytona Beach, FL |
|
81 |
|
— |
|
175,168 |
|
1,543,420 |
|
— |
|
421,224 |
|
175,168 |
|
1,964,644 |
|
2,139,811 |
|
(443,569 |
) |
1986 |
|
30 Years |
|
|
Novawood I |
|
Daytona Beach, FL |
|
58 |
|
149,213 |
|
122,311 |
|
1,077,897 |
|
— |
|
392,066 |
|
122,311 |
|
1,469,963 |
|
1,592,275 |
|
(319,923 |
) |
1980 |
|
30 Years |
|
|
Novawood II |
|
Daytona Beach, FL |
|
61 |
|
— |
|
144,401 |
|
1,272,484 |
|
— |
|
257,493 |
|
144,401 |
|
1,529,977 |
|
1,674,379 |
|
(316,622 |
) |
1980 |
|
30 Years |
|
|
Oak Gardens |
|
Hollywood, FL |
|
105 |
|
— |
|
329,968 |
|
2,907,288 |
|
— |
|
325,962 |
|
329,968 |
|
3,233,249 |
|
3,563,217 |
|
(667,609 |
) |
1988 |
|
30 Years |
|
S-7
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Capitalized |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent to |
|
Gross Amount Carried |
|
|
|
|
|
|
|
Life Used to |
|
||||
|
|
|
|
|
|
|
|
|
Initial Cost to |
|
Acquisition |
|
at Close of |
|
|
|
|
|
|
|
Compute |
|
||||||
|
Description |
|
|
|
|
|
Company |
|
(Improvements, net) (E) |
|
Period 12/31/04 |
|
|
|
|
|
|
|
Depreciation in |
|
||||||||
|
Apartment |
|
|
|
|
|
|
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Accumulated |
|
Date of |
|
Latest Income |
|
|
Name |
|
Location |
|
Units (J) |
|
Encumbrances |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures (A) |
|
Total (B) |
|
Depreciation |
|
Construction |
|
Statement (C) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oak Mill 2 |
|
Germantown, MD |
|
192 |
|
9,600,000 |
|
854,133 |
|
10,233,783 |
|
— |
|
1,343,262 |
|
854,133 |
|
11,577,045 |
|
12,431,178 |
|
(3,534,283 |
) |
1985 |
|
30 Years |
|
|
Oak Park North |
|
Agoura Hills, CA |
|
220 |
|
(I |
) |
1,706,900 |
|
15,362,666 |
|
— |
|
849,534 |
|
1,706,900 |
|
16,212,200 |
|
17,919,100 |
|
(5,308,426 |
) |
1990 |
|
30 Years |
|
|
Oak Park South |
|
Agoura Hills, CA |
|
224 |
|
(I |
) |
1,683,800 |
|
15,154,608 |
|
— |
|
934,602 |
|
1,683,800 |
|
16,089,210 |
|
17,773,010 |
|
(5,318,141 |
) |
1989 |
|
30 Years |
|
|
Oak Ridge |
|
Clermont, FL |
|
63 |
|
1,133,804 |
|
173,617 |
|
1,529,936 |
|
— |
|
337,313 |
|
173,617 |
|
1,867,250 |
|
2,040,866 |
|
(448,021 |
) |
1985 |
|
30 Years |
|
|
Oak Shade |
|
Orange City, FL |
|
82 |
|
— |
|
229,403 |
|
2,021,290 |
|
— |
|
379,036 |
|
229,403 |
|
2,400,326 |
|
2,629,729 |
|
(490,223 |
) |
1985 |
|
30 Years |
|
|
Oakland Hills |
|
Margate, FL |
|
189 |
|
— |
|
3,040,000 |
|
4,930,604 |
|
— |
|
623,229 |
|
3,040,000 |
|
5,553,832 |
|
8,593,832 |
|
(1,029,500 |
) |
1987 |
|
30 Years |
|
|
Oakley Woods |
|
Union City, GA |
|
60 |
|
1,039,270 |
|
165,449 |
|
1,457,485 |
|
— |
|
333,530 |
|
165,449 |
|
1,791,015 |
|
1,956,464 |
|
(416,167 |
) |
1984 |
|
30 Years |
|
|
Oaks |
|
Santa Clarita, CA |
|
520 |
|
45,346,636 |
|
23,400,000 |
|
61,020,438 |
|
— |
|
592,808 |
|
23,400,000 |
|
61,613,246 |
|
85,013,246 |
|
(3,397,866 |
) |
2000 |
|
30 Years |
|
|
Oaks (NC) |
|
Charlotte, NC |
|
318 |
|
— |
|
2,196,744 |
|
23,601,540 |
|
— |
|
592,535 |
|
2,196,744 |
|
24,194,075 |
|
26,390,819 |
|
(5,411,979 |
) |
1996 |
|
30 Years |
|
|
Oakwood Manor |
|
Hollywood, FL |
|
63 |
|
— |
|
173,247 |
|
1,525,973 |
|
— |
|
107,001 |
|
173,247 |
|
1,632,974 |
|
1,806,221 |
|
(341,687 |
) |
1986 |
|
30 Years |
|
|
Oakwood Village (FL) |
|
Hudson, FL |
|
75 |
|
— |
|
145,547 |
|
1,282,427 |
|
— |
|
461,832 |
|
145,547 |
|
1,744,259 |
|
1,889,806 |
|
(440,445 |
) |
1986 |
|
30 Years |
|
|
Oakwood Village (FL) II |
|
Hudson, FL |
|
— |
|
— |
|
31,734 |
|
— |
|
— |
|
— |
|
31,734 |
|
— |
|
31,734 |
|
— |
|
(F) |
|
30 Years |
|
|
Oakwood Village (GA) |
|
Augusta, GA |
|
70 |
|
— |
|
161,174 |
|
1,420,119 |
|
— |
|
200,283 |
|
161,174 |
|
1,620,402 |
|
1,781,576 |
|
(349,989 |
) |
1985 |
|
30 Years |
|
|
Ocean Walk |
|
Key West, FL |
|
297 |
|
21,079,921 |
|
2,838,749 |
|
25,545,009 |
|
— |
|
1,225,250 |
|
2,838,749 |
|
26,770,259 |
|
29,609,007 |
|
(6,908,706 |
) |
1990 |
|
30 Years |
|
|
Old Archer Court |
|
Gainesville, FL |
|
72 |
|
901,193 |
|
170,323 |
|
1,500,735 |
|
— |
|
385,311 |
|
170,323 |
|
1,886,046 |
|
2,056,370 |
|
(460,544 |
) |
1977 |
|
30 Years |
|
|
Old Mill Glen |
|
Maynard, MA |
|
50 |
|
1,724,089 |
|
396,756 |
|
2,652,233 |
|
— |
|
245,151 |
|
396,756 |
|
2,897,383 |
|
3,294,139 |
|
(461,710 |
) |
1983 |
|
30 Years |
|
|
Olde Redmond Place |
|
Redmond, WA |
|
192 |
|
(R |
) |
4,807,100 |
|
14,126,038 |
|
— |
|
1,997,525 |
|
4,807,100 |
|
16,123,563 |
|
20,930,663 |
|
(3,665,972 |
) |
1986 |
|
30 Years |
|
|
Olivewood (MI) |
|
Sterling Hts., MI |
|
150 |
|
— |
|
519,167 |
|
4,574,905 |
|
— |
|
664,845 |
|
519,167 |
|
5,239,750 |
|
5,758,917 |
|
(1,109,021 |
) |
1986 |
|
30 Years |
|
|
Olivewood I |
|
Indianapolis, IN |
|
62 |
|
— |
|
184,701 |
|
1,627,420 |
|
— |
|
432,521 |
|
184,701 |
|
2,059,941 |
|
2,244,643 |
|
(479,917 |
) |
1985 |
|
30 Years |
|
|
Olivewood II |
|
Indianapolis, IN |
|
67 |
|
1,202,744 |
|
186,235 |
|
1,640,571 |
|
— |
|
274,675 |
|
186,235 |
|
1,915,245 |
|
2,101,480 |
|
(426,409 |
) |
1986 |
|
30 Years |
|
|
Olympus Towers |
|
Seattle, WA (G) |
|
328 |
|
— |
|
14,752,034 |
|
73,376,841 |
|
— |
|
167,959 |
|
14,752,034 |
|
73,544,800 |
|
88,296,834 |
|
(2,735,326 |
) |
2000 |
|
30 Years |
|
|
One Eton Square |
|
Tulsa, OK |
|
448 |
|
— |
|
1,570,100 |
|
14,130,937 |
|
— |
|
2,845,077 |
|
1,570,100 |
|
16,976,014 |
|
18,546,114 |
|
(5,276,884 |
) |
1985 |
|
30 Years |
|
|
Orchard Ridge |
|
Lynnwood, WA |
|
104 |
|
— |
|
480,600 |
|
4,372,033 |
|
— |
|
670,847 |
|
480,600 |
|
5,042,880 |
|
5,523,480 |
|
(1,990,358 |
) |
1988 |
|
30 Years |
|
|
Overlook Manor |
|
Frederick, MD |
|
108 |
|
— |
|
1,299,100 |
|
3,930,931 |
|
— |
|
1,116,086 |
|
1,299,100 |
|
5,047,017 |
|
6,346,117 |
|
(1,307,187 |
) |
1980/1985 |
|
30 Years |
|
|
Overlook Manor II |
|
Frederick, MD |
|
182 |
|
5,235,000 |
|
2,186,300 |
|
6,262,597 |
|
— |
|
313,889 |
|
2,186,300 |
|
6,576,486 |
|
8,762,786 |
|
(1,645,955 |
) |
1980/1985 |
|
30 Years |
|
|
Overlook Manor III |
|
Frederick, MD |
|
64 |
|
— |
|
1,026,300 |
|
3,027,390 |
|
— |
|
157,356 |
|
1,026,300 |
|
3,184,746 |
|
4,211,046 |
|
(778,826 |
) |
1980/1985 |
|
30 Years |
|
|
Paces Station |
|
Atlanta, GA |
|
610 |
|
— |
|
4,801,500 |
|
32,548,053 |
|
— |
|
4,487,857 |
|
4,801,500 |
|
37,035,909 |
|
41,837,409 |
|
(11,074,115 |
) |
1984-1988/1989 |
|
30 Years |
|
|
Palladia |
|
Hillsboro, OR |
|
497 |
|
— |
|
6,461,000 |
|
44,888,156 |
|
— |
|
338,685 |
|
6,461,000 |
|
45,226,841 |
|
51,687,841 |
|
(5,760,211 |
) |
2000 |
|
30 Years |
|
|
Palm Place |
|
Sarasota. FL |
|
80 |
|
— |
|
248,315 |
|
2,188,339 |
|
— |
|
467,814 |
|
248,315 |
|
2,656,153 |
|
2,904,468 |
|
(616,666 |
) |
1984 |
|
30 Years |
|
|
Palm Side (REIT) |
|
Palm Bay, FL |
|
87 |
|
1,054,701 |
|
116,334 |
|
1,047,004 |
|
— |
|
55,317 |
|
116,334 |
|
1,102,321 |
|
1,218,655 |
|
(64,988 |
) |
1986 |
|
30 Years |
|
|
Panther Ridge |
|
Federal Way, WA |
|
260 |
|
— |
|
1,055,800 |
|
9,506,117 |
|
— |
|
1,109,293 |
|
1,055,800 |
|
10,615,410 |
|
11,671,210 |
|
(3,330,910 |
) |
1980 |
|
30 Years |
|
|
Paradise Pointe |
|
Dania, FL |
|
320 |
|
— |
|
1,913,414 |
|
17,417,956 |
|
— |
|
3,422,034 |
|
1,913,414 |
|
20,839,990 |
|
22,753,404 |
|
(7,724,137 |
) |
1987-90 |
|
30 Years |
|
|
Parc Royale |
|
Houston, TX |
|
171 |
|
— |
|
2,223,000 |
|
11,936,833 |
|
— |
|
1,381,767 |
|
2,223,000 |
|
13,318,599 |
|
15,541,599 |
|
(3,048,204 |
) |
1994 |
|
30 Years |
|
|
Park Meadow |
|
Gilbert, AZ |
|
224 |
|
— |
|
835,217 |
|
15,120,769 |
|
— |
|
1,046,479 |
|
835,217 |
|
16,167,248 |
|
17,002,465 |
|
(4,211,667 |
) |
1986 |
|
30 Years |
|
|
Park Place (MN) |
|
Plymouth, MN |
|
250 |
|
— |
|
1,219,900 |
|
10,964,119 |
|
— |
|
1,618,488 |
|
1,219,900 |
|
12,582,607 |
|
13,802,507 |
|
(4,113,558 |
) |
1986 |
|
30 Years |
|
|
Park Place (TX) |
|
Houston, TX |
|
229 |
|
— |
|
1,603,000 |
|
12,054,926 |
|
— |
|
704,991 |
|
1,603,000 |
|
12,759,917 |
|
14,362,917 |
|
(3,263,810 |
) |
1996 |
|
30 Years |
|
|
Park Place II |
|
Plymouth, MN |
|
250 |
|
— |
|
1,216,100 |
|
10,951,698 |
|
— |
|
1,427,768 |
|
1,216,100 |
|
12,379,465 |
|
13,595,565 |
|
(3,938,123 |
) |
1986 |
|
30 Years |
|
|
Park Place West (CT) |
|
West Hartford, CT |
|
63 |
|
— |
|
466,243 |
|
3,116,742 |
|
— |
|
166,607 |
|
466,243 |
|
3,283,350 |
|
3,749,593 |
|
(538,740 |
) |
1961 |
|
30 Years |
|
|
Park West (CA) |
|
Los Angeles, CA |
|
444 |
|
— |
|
3,033,500 |
|
27,302,383 |
|
— |
|
2,843,743 |
|
3,033,500 |
|
30,146,126 |
|
33,179,626 |
|
(10,352,251 |
) |
1987/90 |
|
30 Years |
|
|
Park West (TX) |
|
Austin, TX |
|
196 |
|
— |
|
648,705 |
|
4,738,542 |
|
— |
|
1,283,557 |
|
648,705 |
|
6,022,099 |
|
6,670,804 |
|
(2,641,943 |
) |
1985 |
|
30 Years |
|
|
Parkfield |
|
Denver, CO |
|
476 |
|
— |
|
8,330,000 |
|
28,667,618 |
|
— |
|
468,924 |
|
8,330,000 |
|
29,136,542 |
|
37,466,542 |
|
(4,316,037 |
) |
2000 |
|
30 Years |
|
|
Parkside |
|
Union City, CA |
|
208 |
|
— |
|
6,246,700 |
|
11,827,453 |
|
— |
|
2,673,000 |
|
6,246,700 |
|
14,500,453 |
|
20,747,153 |
|
(3,910,813 |
) |
1979 |
|
30 Years |
|
|
Parkview Terrace |
|
Redlands, CA |
|
558 |
|
— |
|
4,969,200 |
|
35,653,777 |
|
— |
|
3,230,594 |
|
4,969,200 |
|
38,884,371 |
|
43,853,571 |
|
(9,727,223 |
) |
1986 |
|
30 Years |
|
|
Parkville (Col) |
|
Columbus, OH |
|
100 |
|
1,672,484 |
|
150,433 |
|
1,325,756 |
|
— |
|
390,618 |
|
150,433 |
|
1,716,374 |
|
1,866,807 |
|
(458,705 |
) |
1978 |
|
30 Years |
|
|
Parkville (IN) |
|
Gas City, IN |
|
49 |
|
694,894 |
|
103,434 |
|
911,494 |
|
— |
|
178,785 |
|
103,434 |
|
1,090,279 |
|
1,193,713 |
|
(264,564 |
) |
1982 |
|
30 Years |
|
|
Parkville (Par) |
|
Englewood, OH |
|
48 |
|
— |
|
127,863 |
|
1,126,638 |
|
— |
|
169,572 |
|
127,863 |
|
1,296,209 |
|
1,424,072 |
|
(281,425 |
) |
1982 |
|
30 Years |
|
|
Parkway North (REIT) |
|
Ft. Meyers, FL |
|
56 |
|
1,051,070 |
|
145,350 |
|
1,308,115 |
|
— |
|
280,069 |
|
145,350 |
|
1,588,184 |
|
1,733,534 |
|
(253,581 |
) |
1984 |
|
30 Years |
|
|
Parkwood (CT) |
|
East Haven, CT |
|
102 |
|
— |
|
531,365 |
|
3,552,064 |
|
— |
|
219,030 |
|
531,365 |
|
3,771,094 |
|
4,302,459 |
|
(618,483 |
) |
1975 |
|
30 Years |
|
|
Parkwood Village I (REIT) |
|
Douglasville, GA |
|
69 |
|
1,127,305 |
|
172,878 |
|
1,555,984 |
|
— |
|
34,541 |
|
172,878 |
|
1,590,525 |
|
1,763,402 |
|
(61,392 |
) |
1985 |
|
30 Years |
|
|
Parkwood Village II (REIT) |
|
Douglasville, GA |
|
66 |
|
1,256,771 |
|
207,576 |
|
1,868,265 |
|
— |
|
49,192 |
|
207,576 |
|
1,917,457 |
|
2,125,033 |
|
(67,336 |
) |
1987 |
|
30 Years |
|
|
Phillips Park |
|
Wellesley, MA |
|
49 |
|
3,865,979 |
|
816,922 |
|
5,460,955 |
|
— |
|
276,381 |
|
816,922 |
|
5,737,336 |
|
6,554,258 |
|
(848,626 |
) |
1988 |
|
30 Years |
|
|
Pier, The |
|
Jersey City, NJ |
|
297 |
|
— |
|
4,000,159 |
|
94,650,860 |
|
— |
|
105,867 |
|
4,000,159 |
|
94,756,727 |
|
98,756,886 |
|
(2,712,478 |
) |
2003 |
|
30 Years |
|
|
Pine Barrens |
|
Jacksonville, FL |
|
104 |
|
— |
|
268,303 |
|
2,364,041 |
|
— |
|
631,257 |
|
268,303 |
|
2,995,298 |
|
3,263,601 |
|
(654,746 |
) |
1986 |
|
30 Years |
|
|
Pine Harbour |
|
Orlando, FL |
|
366 |
|
— |
|
1,664,300 |
|
14,970,915 |
|
— |
|
2,267,381 |
|
1,664,300 |
|
17,238,296 |
|
18,902,596 |
|
(6,957,680 |
) |
1991 |
|
30 Years |
|
|
Pine Knoll |
|
Jonesboro, GA |
|
46 |
|
1,121,098 |
|
138,052 |
|
1,216,391 |
|
— |
|
173,686 |
|
138,052 |
|
1,390,077 |
|
1,528,129 |
|
(290,447 |
) |
1985 |
|
30 Years |
|
|
Pine Meadows I (FL) |
|
Ft. Meyers, FL |
|
60 |
|
— |
|
152,019 |
|
1,339,596 |
|
— |
|
434,712 |
|
152,019 |
|
1,774,309 |
|
1,926,328 |
|
(458,287 |
) |
1985 |
|
30 Years |
|
|
Pine Terrace I |
|
Callaway, FL |
|
148 |
|
1,990,498 |
|
288,992 |
|
2,546,426 |
|
— |
|
838,258 |
|
288,992 |
|
3,384,685 |
|
3,673,677 |
|
(829,488 |
) |
1983 |
|
30 Years |
|
|
Pine Tree Club |
|
Wildwood, MO |
|
150 |
|
— |
|
1,125,000 |
|
7,017,082 |
|
— |
|
809,505 |
|
1,125,000 |
|
7,826,587 |
|
8,951,587 |
|
(1,745,720 |
) |
1986 |
|
30 Years |
|
|
Pinegrove I (REIT) |
|
Roseville, MI |
|
50 |
|
1,048,446 |
|
145,660 |
|
1,311,019 |
|
— |
|
43,992 |
|
145,660 |
|
1,355,011 |
|
1,500,671 |
|
(61,727 |
) |
1983 |
|
30 Years |
|
|
Pinegrove II (REIT) |
|
Roseville, MI |
|
33 |
|
— |
|
99,074 |
|
891,743 |
|
— |
|
14,584 |
|
99,074 |
|
906,327 |
|
1,005,401 |
|
(39,554 |
) |
1984 |
|
30 Years |
|
|
Pinellas Pines |
|
Pinellas Park, FL |
|
68 |
|
— |
|
174,999 |
|
1,541,934 |
|
— |
|
271,202 |
|
174,999 |
|
1,813,136 |
|
1,988,135 |
|
(399,301 |
) |
1983 |
|
30 Years |
|
|
Pines of Cloverlane |
|
Ypsilanti, MI |
|
582 |
|
— |
|
1,907,800 |
|
16,767,519 |
|
— |
|
6,152,504 |
|
1,907,800 |
|
22,920,024 |
|
24,827,824 |
|
(9,709,860 |
) |
1975-79 |
|
30 Years |
|
|
Plum Tree |
|
Hales Corners, WI |
|
332 |
|
(N |
) |
1,996,700 |
|
20,247,195 |
|
— |
|
1,187,650 |
|
1,996,700 |
|
21,434,845 |
|
23,431,545 |
|
(5,530,474 |
) |
1989 |
|
30 Years |
|
|
Plumwood I |
|
Columbus, OH |
|
109 |
|
— |
|
289,814 |
|
2,553,597 |
|
— |
|
430,973 |
|
289,814 |
|
2,984,571 |
|
3,274,385 |
|
(660,531 |
) |
1978 |
|
30 Years |
|
|
Plumwood II |
|
Columbus, OH |
|
34 |
|
— |
|
107,583 |
|
947,924 |
|
— |
|
117,040 |
|
107,583 |
|
1,064,964 |
|
1,172,547 |
|
(217,716 |
) |
1983 |
|
30 Years |
|
|
Point (NC) |
|
Charlotte, NC |
|
340 |
|
(S |
) |
1,700,000 |
|
25,417,267 |
|
— |
|
634,862 |
|
1,700,000 |
|
26,052,129 |
|
27,752,129 |
|
(5,809,724 |
) |
1996 |
|
30 Years |
|
|
Pointe at South Mountain |
|
Phoenix, AZ |
|
364 |
|
— |
|
2,228,800 |
|
20,059,311 |
|
— |
|
1,548,364 |
|
2,228,800 |
|
21,607,675 |
|
23,836,475 |
|
(6,336,652 |
) |
1988 |
|
30 Years |
|
|
Polos East |
|
Orlando, FL |
|
308 |
|
— |
|
1,386,000 |
|
19,058,620 |
|
— |
|
1,025,807 |
|
1,386,000 |
|
20,084,427 |
|
21,470,427 |
|
(4,669,386 |
) |
1991 |
|
30 Years |
|
|
Port Royale |
|
Ft. Lauderdale, FL |
|
252 |
|
— |
|
1,754,200 |
|
15,789,873 |
|
— |
|
2,379,538 |
|
1,754,200 |
|
18,169,411 |
|
19,923,611 |
|
(6,674,068 |
) |
1988 |
|
30 Years |
|
|
Port Royale II |
|
Ft. Lauderdale, FL |
|
161 |
|
— |
|
1,022,200 |
|
9,203,166 |
|
— |
|
1,502,671 |
|
1,022,200 |
|
10,705,837 |
|
11,728,037 |
|
(3,559,887 |
) |
1988 |
|
30 Years |
|
|
Port Royale III |
|
Ft. Lauderdale, FL |
|
324 |
|
— |
|
7,454,900 |
|
14,725,802 |
|
— |
|
2,496,741 |
|
7,454,900 |
|
17,222,543 |
|
24,677,443 |
|
(4,972,774 |
) |
1988 |
|
30 Years |
|
|
Port Royale IV |
|
Ft. Lauderdale, FL |
|
— |
|
— |
|
— |
|
24,645 |
|
— |
|
— |
|
— |
|
24,645 |
|
24,645 |
|
— |
|
(F) |
|
30 Years |
|
|
Portland Center |
|
Portland, OR (G) |
|
525 |
|
— |
|
6,032,900 |
|
43,554,399 |
|
— |
|
4,807,084 |
|
6,032,900 |
|
48,361,482 |
|
54,394,382 |
|
(11,826,982 |
) |
1965 |
|
30 Years |
|
|
Portofino |
|
Chino Hills, CA |
|
176 |
|
— |
|
3,572,400 |
|
14,660,994 |
|
— |
|
958,006 |
|
3,572,400 |
|
15,618,999 |
|
19,191,399 |
|
(3,942,024 |
) |
1989 |
|
30 Years |
|
|
Portofino (Val) |
|
Valencia, CA |
|
216 |
|
14,127,942 |
|
8,640,000 |
|
21,487,126 |
|
— |
|
509,337 |
|
8,640,000 |
|
21,996,463 |
|
30,636,463 |
|
(3,194,003 |
) |
1989 |
|
30 Years |
|
|
Portside Towers |
|
Jersey City, NJ (G) |
|
527 |
|
53,654,654 |
|
22,455,700 |
|
96,842,913 |
|
— |
|
4,579,315 |
|
22,455,700 |
|
101,422,228 |
|
123,877,928 |
|
(23,158,728 |
) |
1992/1997 |
|
30 Years |
|
|
Prairie Creek I |
|
Richardson, TX |
|
464 |
|
(Q |
) |
4,067,292 |
|
38,986,022 |
|
— |
|
1,065,640 |
|
4,067,292 |
|
40,051,662 |
|
44,118,954 |
|
(8,305,833 |
) |
1998/99 |
|
30 Years |
|
|
Preakness |
|
Antioch, TN |
|
260 |
|
— |
|
1,561,900 |
|
7,668,521 |
|
— |
|
1,878,288 |
|
1,561,900 |
|
9,546,808 |
|
11,108,708 |
|
(3,074,683 |
) |
1986 |
|
30 Years |
|
|
Preserve at Deer Creek |
|
Deerfield Beach, FL |
|
540 |
|
— |
|
13,500,000 |
|
60,011,208 |
|
— |
|
214,932 |
|
13,500,000 |
|
60,226,140 |
|
73,726,140 |
|
(2,388,140 |
) |
1997 |
|
30 Years |
|
S-8
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Capitalized |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent to |
|
Gross Amount Carried |
|
|
|
|
|
|
|
Life Used to |
|
||||
|
|
|
|
|
|
|
|
|
Initial Cost to |
|
Acquisition |
|
at Close of |
|
|
|
|
|
|
|
Compute |
|
||||||
|
Description |
|
|
|
|
|
Company |
|
(Improvements, net) (E) |
|
Period 12/31/04 |
|
|
|
|
|
|
|
Depreciation in |
|
||||||||
|
Apartment |
|
|
|
|
|
|
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Accumulated |
|
Date of |
|
Latest Income |
|
|
Name |
|
Location |
|
Units (J) |
|
Encumbrances |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures (A) |
|
Total (B) |
|
Depreciation |
|
Construction |
|
Statement (C) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preston at Willowbend |
|
Plano, TX |
|
229 |
|
— |
|
872,500 |
|
7,878,915 |
|
— |
|
3,842,155 |
|
872,500 |
|
11,721,070 |
|
12,593,570 |
|
(4,761,628 |
) |
1985 |
|
30 Years |
|
|
Preston Bend |
|
Dallas, TX |
|
255 |
|
(M |
) |
1,085,200 |
|
9,532,056 |
|
— |
|
890,964 |
|
1,085,200 |
|
10,423,020 |
|
11,508,220 |
|
(3,168,810 |
) |
1986 |
|
30 Years |
|
|
Princeton Court |
|
Evansville, IN |
|
62 |
|
832,324 |
|
116,696 |
|
1,028,219 |
|
— |
|
259,207 |
|
116,696 |
|
1,287,426 |
|
1,404,122 |
|
(302,131 |
) |
1985 |
|
30 Years |
|
|
Promenade (FL) |
|
St. Petersburg, FL |
|
334 |
|
— |
|
2,124,193 |
|
25,804,037 |
|
— |
|
2,598,382 |
|
2,124,193 |
|
28,402,419 |
|
30,526,612 |
|
(6,374,139 |
) |
1994 |
|
30 Years |
|
|
Promenade at Aventura |
|
Aventura, FL |
|
296 |
|
— |
|
13,320,000 |
|
30,353,748 |
|
— |
|
759,120 |
|
13,320,000 |
|
31,112,868 |
|
44,432,868 |
|
(4,416,132 |
) |
1995 |
|
30 Years |
|
|
Promenade at Peachtree |
|
Chamblee, GA |
|
406 |
|
— |
|
10,150,000 |
|
31,219,739 |
|
— |
|
118,870 |
|
10,150,000 |
|
31,338,610 |
|
41,488,610 |
|
(735,368 |
) |
2001 |
|
30 Years |
|
|
Promenade at Town Center I |
|
Valencia, CA |
|
294 |
|
— |
|
14,700,000 |
|
35,390,279 |
|
— |
|
305,092 |
|
14,700,000 |
|
35,695,370 |
|
50,395,370 |
|
(1,528,228 |
) |
2001 |
|
30 Years |
|
|
Promenade at Town Center II |
|
Valencia, CA |
|
270 |
|
36,480,700 |
|
13,500,000 |
|
34,405,636 |
|
— |
|
218,260 |
|
13,500,000 |
|
34,623,896 |
|
48,123,896 |
|
(1,337,682 |
) |
2001 |
|
30 Years |
|
|
Promenade at Wyndham Lakes |
|
Coral Springs, FL |
|
332 |
|
— |
|
6,640,000 |
|
26,743,760 |
|
— |
|
791,411 |
|
6,640,000 |
|
27,535,171 |
|
34,175,171 |
|
(4,479,900 |
) |
1998 |
|
30 Years |
|
|
Promenade Terrace |
|
Corona, CA |
|
330 |
|
13,857,293 |
|
2,282,800 |
|
20,546,289 |
|
— |
|
2,410,823 |
|
2,282,800 |
|
22,957,113 |
|
25,239,913 |
|
(6,985,404 |
) |
1990 |
|
30 Years |
|
|
Promontory Pointe I & II |
|
Phoenix, AZ |
|
424 |
|
— |
|
2,355,509 |
|
30,421,840 |
|
— |
|
1,856,078 |
|
2,355,509 |
|
32,277,917 |
|
34,633,426 |
|
(8,396,729 |
) |
1984/1996 |
|
30 Years |
|
|
Prospect Towers |
|
Hackensack, NJ |
|
157 |
|
— |
|
3,926,600 |
|
27,966,416 |
|
— |
|
2,394,922 |
|
3,926,600 |
|
30,361,339 |
|
34,287,939 |
|
(7,558,563 |
) |
1995 |
|
30 Years |
|
|
Prospect Towers II |
|
Hackensack, NJ |
|
203 |
|
— |
|
4,500,000 |
|
33,104,733 |
|
— |
|
325,131 |
|
4,500,000 |
|
33,429,863 |
|
37,929,863 |
|
(3,041,709 |
) |
2002 |
|
30 Years |
|
|
Providence |
|
Bothell, WA |
|
200 |
|
— |
|
3,573,621 |
|
19,059,505 |
|
— |
|
72,051 |
|
3,573,621 |
|
19,131,557 |
|
22,705,178 |
|
(771,677 |
) |
2000 |
|
30 Years |
|
|
Providence at Kirby |
|
Houston, TX |
|
263 |
|
17,945,369 |
|
3,945,000 |
|
20,587,782 |
|
— |
|
1,271,074 |
|
3,945,000 |
|
21,858,856 |
|
25,803,856 |
|
(1,916,148 |
) |
1999 |
|
30 Years |
|
|
Quail Call |
|
Albany, GA |
|
55 |
|
658,053 |
|
104,723 |
|
922,728 |
|
— |
|
247,805 |
|
104,723 |
|
1,170,532 |
|
1,275,256 |
|
(276,965 |
) |
1984 |
|
30 Years |
|
|
Ramblewood I (Aug) (REIT) |
|
Augusta, GA |
|
84 |
|
1,338,474 |
|
172,475 |
|
1,552,271 |
|
— |
|
47,908 |
|
172,475 |
|
1,600,179 |
|
1,772,654 |
|
(25,205 |
) |
1985 |
|
30 Years |
|
|
Ramblewood I (Val) |
|
Valdosta, GA |
|
52 |
|
— |
|
132,084 |
|
1,163,801 |
|
— |
|
230,610 |
|
132,084 |
|
1,394,412 |
|
1,526,495 |
|
(292,411 |
) |
1983 |
|
30 Years |
|
|
Ramblewood II (Aug) |
|
Augusta, GA |
|
102 |
|
— |
|
169,269 |
|
1,490,783 |
|
— |
|
358,423 |
|
169,269 |
|
1,849,206 |
|
2,018,475 |
|
(467,880 |
) |
1986 |
|
30 Years |
|
|
Ramblewood II (Val) |
|
Valdosta, GA |
|
28 |
|
— |
|
61,672 |
|
543,399 |
|
— |
|
29,870 |
|
61,672 |
|
573,269 |
|
634,941 |
|
(126,369 |
) |
1983 |
|
30 Years |
|
|
Ranch at Fossil Creek |
|
Haltom City, TX |
|
274 |
|
— |
|
1,715,435 |
|
16,829,282 |
|
— |
|
128,284 |
|
1,715,435 |
|
16,957,566 |
|
18,673,001 |
|
(841,197 |
) |
2003 |
|
30 Years |
|
|
Ranchside |
|
New Port Richey, FL |
|
76 |
|
— |
|
144,692 |
|
1,274,898 |
|
— |
|
330,093 |
|
144,692 |
|
1,604,991 |
|
1,749,683 |
|
(353,128 |
) |
1985 |
|
30 Years |
|
|
Ranchstone |
|
Houston, TX |
|
220 |
|
(S |
) |
770,000 |
|
15,371,431 |
|
— |
|
503,303 |
|
770,000 |
|
15,874,734 |
|
16,644,734 |
|
(3,590,712 |
) |
1996 |
|
30 Years |
|
|
Ravens Crest |
|
Plainsboro, NJ |
|
704 |
|
(R |
) |
4,670,850 |
|
42,080,642 |
|
— |
|
4,858,741 |
|
4,670,850 |
|
46,939,384 |
|
51,610,234 |
|
(18,200,484 |
) |
1984 |
|
30 Years |
|
|
Ravinia |
|
Greenfield, WI |
|
206 |
|
(N |
) |
1,240,100 |
|
12,055,713 |
|
— |
|
731,216 |
|
1,240,100 |
|
12,786,929 |
|
14,027,029 |
|
(3,315,764 |
) |
1991 |
|
30 Years |
|
|
Red Deer I |
|
Fairborn, OH |
|
68 |
|
— |
|
204,317 |
|
1,800,254 |
|
— |
|
293,810 |
|
204,317 |
|
2,094,064 |
|
2,298,380 |
|
(437,221 |
) |
1986 |
|
30 Years |
|
|
Red Deer II |
|
Fairborn, OH |
|
63 |
|
— |
|
193,852 |
|
1,708,044 |
|
— |
|
170,208 |
|
193,852 |
|
1,878,252 |
|
2,072,104 |
|
(395,366 |
) |
1987 |
|
30 Years |
|
|
Redan Village I |
|
Decatur, GA |
|
78 |
|
— |
|
274,294 |
|
2,416,963 |
|
— |
|
341,091 |
|
274,294 |
|
2,758,054 |
|
3,032,349 |
|
(591,108 |
) |
1984 |
|
30 Years |
|
|
Redan Village II |
|
Decatur, GA |
|
76 |
|
— |
|
240,605 |
|
2,119,855 |
|
— |
|
145,866 |
|
240,605 |
|
2,265,721 |
|
2,506,327 |
|
(462,051 |
) |
1986 |
|
30 Years |
|
|
Redlands Lawn and Tennis |
|
Redlands, CA |
|
496 |
|
— |
|
4,822,320 |
|
26,359,328 |
|
— |
|
2,220,115 |
|
4,822,320 |
|
28,579,443 |
|
33,401,763 |
|
(7,573,689 |
) |
1986 |
|
30 Years |
|
|
Redwood Hollow (REIT) |
|
Smyrna, TN |
|
72 |
|
1,187,874 |
|
129,586 |
|
1,166,522 |
|
— |
|
67,696 |
|
129,586 |
|
1,234,217 |
|
1,363,803 |
|
(70,637 |
) |
1986 |
|
30 Years |
|
|
Regency |
|
Charlotte, NC |
|
178 |
|
— |
|
890,000 |
|
11,783,920 |
|
— |
|
891,737 |
|
890,000 |
|
12,675,656 |
|
13,565,656 |
|
(2,951,836 |
) |
1986 |
|
30 Years |
|
|
Regency Palms |
|
Huntington Beach, CA |
|
310 |
|
— |
|
1,857,400 |
|
16,713,254 |
|
— |
|
2,710,700 |
|
1,857,400 |
|
19,423,953 |
|
21,281,353 |
|
(6,385,834 |
) |
1969 |
|
30 Years |
|
|
Remington Place |
|
Phoenix, AZ |
|
412 |
|
— |
|
1,492,750 |
|
13,377,478 |
|
— |
|
2,852,279 |
|
1,492,750 |
|
16,229,757 |
|
17,722,507 |
|
(5,679,494 |
) |
1983 |
|
30 Years |
|
|
Reserve at Ashley Lake |
|
Boynton Beach, FL |
|
440 |
|
24,150,000 |
|
3,520,400 |
|
23,332,494 |
|
— |
|
1,738,849 |
|
3,520,400 |
|
25,071,342 |
|
28,591,742 |
|
(6,664,216 |
) |
1990 |
|
30 Years |
|
|
Reserve at Clarendon Centre, The |
|
Arlington, VA (G) |
|
252 |
|
— |
|
10,500,000 |
|
52,957,381 |
|
— |
|
198,456 |
|
10,500,000 |
|
53,155,837 |
|
63,655,837 |
|
(2,510,300 |
) |
2003 |
|
30 Years |
|
|
Reserve at Eisenhower, The |
|
Alexandria, VA |
|
226 |
|
— |
|
6,500,000 |
|
34,585,060 |
|
— |
|
76,969 |
|
6,500,000 |
|
34,662,028 |
|
41,162,028 |
|
(2,513,414 |
) |
2002 |
|
30 Years |
|
|
Reserve at Fairfax Corners |
|
Fairfax, VA |
|
652 |
|
(U |
) |
15,804,057 |
|
63,129,051 |
|
— |
|
458,593 |
|
15,804,057 |
|
63,587,643 |
|
79,391,700 |
|
(5,344,613 |
) |
2001 |
|
30 Years |
|
|
Reserve at Marina Bay I |
|
Quincy, MA |
|
136 |
|
— |
|
3,618,844 |
|
24,123,769 |
|
— |
|
43,756 |
|
3,618,844 |
|
24,167,525 |
|
27,786,369 |
|
(758,339 |
) |
2002 |
|
30 Years |
|
|
Reserve at Marina Bay II |
|
Quincy, MA |
|
108 |
|
— |
|
3,923,754 |
|
19,306,394 |
|
— |
|
16,928 |
|
3,923,754 |
|
19,323,322 |
|
23,247,076 |
|
(569,298 |
) |
2003 |
|
30 Years |
|
|
Reserve at Potomac Yard |
|
Alexandria, VA |
|
588 |
|
— |
|
11,918,917 |
|
69,485,747 |
|
— |
|
374,099 |
|
11,918,917 |
|
69,859,847 |
|
81,778,763 |
|
(2,228,864 |
) |
2002 |
|
30 Years |
|
|
Reserve at Town Center |
|
Loudon, VA |
|
290 |
|
26,500,000 |
|
3,144,056 |
|
27,920,288 |
|
— |
|
291,751 |
|
3,144,056 |
|
28,212,039 |
|
31,356,095 |
|
(954,272 |
) |
20002 |
|
30 Years |
|
|
Reserve at Town Center (WA) |
|
Mill Creek, WA |
|
389 |
|
— |
|
10,369,400 |
|
41,172,081 |
|
— |
|
97,349 |
|
10,369,400 |
|
41,269,431 |
|
51,638,831 |
|
(1,033,039 |
) |
2001 |
|
30 Years |
|
|
Reserve at Tyson’s Corner |
|
Vienna, VA |
|
— |
|
— |
|
— |
|
513,946 |
|
— |
|
— |
|
— |
|
513,946 |
|
513,946 |
|
— |
|
(F) |
|
30 Years |
|
|
Reserve Square |
|
Cleveland, OH (G) |
|
748 |
|
— |
|
2,618,852 |
|
23,582,869 |
|
— |
|
16,653,297 |
|
2,618,852 |
|
40,236,166 |
|
42,855,018 |
|
(20,110,589 |
) |
1973 |
|
30 Years |
|
|
Residences at Little River |
|
Haverhill, MA |
|
174 |
|
— |
|
6,905,138 |
|
19,177,447 |
|
— |
|
57,791 |
|
6,905,138 |
|
19,235,238 |
|
26,140,376 |
|
(832,987 |
) |
2003 |
|
30 Years |
|
|
Retreat, The |
|
Phoenix, AZ |
|
480 |
|
(S |
) |
3,475,114 |
|
27,265,252 |
|
— |
|
734,003 |
|
3,475,114 |
|
27,999,255 |
|
31,474,369 |
|
(5,655,559 |
) |
1999 |
|
30 Years |
|
|
Ribbon Mill |
|
Manchester, CT |
|
104 |
|
4,304,635 |
|
787,929 |
|
5,267,144 |
|
— |
|
285,163 |
|
787,929 |
|
5,552,307 |
|
6,340,236 |
|
(890,987 |
) |
1908 |
|
30 Years |
|
|
Richmond Townhomes |
|
Houston, TX |
|
188 |
|
— |
|
940,000 |
|
13,906,905 |
|
— |
|
647,139 |
|
940,000 |
|
14,554,044 |
|
15,494,044 |
|
(3,346,047 |
) |
1995 |
|
30 Years |
|
|
Ridgewood (Lou) |
|
Louisville, KY |
|
61 |
|
— |
|
163,686 |
|
1,442,301 |
|
— |
|
162,005 |
|
163,686 |
|
1,604,306 |
|
1,767,992 |
|
(326,488 |
) |
1984 |
|
30 Years |
|
|
Ridgewood (MI) |
|
Westland, MI |
|
56 |
|
1,122,876 |
|
176,969 |
|
1,559,588 |
|
— |
|
295,340 |
|
176,969 |
|
1,854,928 |
|
2,031,897 |
|
(405,703 |
) |
1983 |
|
30 Years |
|
|
Ridgewood I (Bed) |
|
Bedford, IN |
|
48 |
|
792,694 |
|
107,120 |
|
943,843 |
|
— |
|
194,393 |
|
107,120 |
|
1,138,236 |
|
1,245,356 |
|
(260,896 |
) |
1984 |
|
30 Years |
|
|
Ridgewood I (Elk) |
|
Elkhart, IN |
|
70 |
|
— |
|
159,371 |
|
1,404,234 |
|
— |
|
350,215 |
|
159,371 |
|
1,754,449 |
|
1,913,820 |
|
(402,448 |
) |
1984 |
|
30 Years |
|
|
Ridgewood I (GA) |
|
Decatur, GA |
|
63 |
|
— |
|
230,574 |
|
2,031,610 |
|
— |
|
370,821 |
|
230,574 |
|
2,402,430 |
|
2,633,004 |
|
(491,193 |
) |
1984 |
|
30 Years |
|
|
Ridgewood I (Lex) |
|
Lexington, KY |
|
62 |
|
— |
|
203,720 |
|
1,794,792 |
|
— |
|
202,147 |
|
203,720 |
|
1,996,939 |
|
2,200,659 |
|
(419,770 |
) |
1984 |
|
30 Years |
|
|
Ridgewood I (OH) |
|
Columbus, OH |
|
60 |
|
1,135,727 |
|
174,066 |
|
1,534,135 |
|
— |
|
289,937 |
|
174,066 |
|
1,824,072 |
|
1,998,138 |
|
(393,255 |
) |
1984 |
|
30 Years |
|
|
Ridgewood II (Bed) |
|
Bedford, IN |
|
50 |
|
821,030 |
|
99,559 |
|
877,221 |
|
— |
|
130,858 |
|
99,559 |
|
1,008,079 |
|
1,107,637 |
|
(225,649 |
) |
1986 |
|
30 Years |
|
|
Ridgewood II (Elk) |
|
Elkhart, IN |
|
99 |
|
— |
|
215,335 |
|
1,897,333 |
|
— |
|
345,757 |
|
215,335 |
|
2,243,090 |
|
2,458,425 |
|
(532,808 |
) |
1986 |
|
30 Years |
|
|
Ridgewood II (GA) |
|
Decatur, GA |
|
52 |
|
909,920 |
|
164,999 |
|
1,453,626 |
|
— |
|
205,788 |
|
164,999 |
|
1,659,415 |
|
1,824,414 |
|
(329,833 |
) |
1986 |
|
30 Years |
|
|
Ridgewood II (OH) |
|
Columbus, OH |
|
58 |
|
1,097,870 |
|
162,914 |
|
1,435,648 |
|
— |
|
212,620 |
|
162,914 |
|
1,648,268 |
|
1,811,182 |
|
(356,197 |
) |
1985 |
|
30 Years |
|
|
Ridgewood Village |
|
San Diego, CA |
|
192 |
|
— |
|
5,761,500 |
|
14,032,511 |
|
— |
|
265,199 |
|
5,761,500 |
|
14,297,709 |
|
20,059,209 |
|
(3,544,259 |
) |
1997 |
|
30 Years |
|
|
Ridgewood Village II |
|
San Diego, CA |
|
216 |
|
— |
|
6,048,000 |
|
19,971,537 |
|
— |
|
50,210 |
|
6,048,000 |
|
20,021,747 |
|
26,069,747 |
|
(2,928,817 |
) |
1997 |
|
30 Years |
|
|
Rincon |
|
Houston, TX |
|
288 |
|
— |
|
4,401,900 |
|
16,734,746 |
|
— |
|
1,014,040 |
|
4,401,900 |
|
17,748,785 |
|
22,150,685 |
|
(5,025,547 |
) |
1996 |
|
30 Years |
|
|
River Glen I |
|
Reynoldsburg, OH |
|
60 |
|
— |
|
171,272 |
|
1,508,892 |
|
— |
|
144,495 |
|
171,272 |
|
1,653,387 |
|
1,824,659 |
|
(348,018 |
) |
1987 |
|
30 Years |
|
|
River Glen II |
|
Reynoldsburg, OH |
|
53 |
|
1,096,621 |
|
158,684 |
|
1,398,175 |
|
— |
|
218,027 |
|
158,684 |
|
1,616,202 |
|
1,774,886 |
|
(335,670 |
) |
1987 |
|
30 Years |
|
|
River Hill |
|
Grand Prairie, TX |
|
334 |
|
— |
|
2,004,000 |
|
19,272,944 |
|
— |
|
920,781 |
|
2,004,000 |
|
20,193,725 |
|
22,197,725 |
|
(4,700,454 |
) |
1996 |
|
30 Years |
|
|
River Oaks (CA) |
|
Oceanside, CA |
|
280 |
|
10,131,654 |
|
5,600,000 |
|
20,673,714 |
|
— |
|
960,332 |
|
5,600,000 |
|
21,634,045 |
|
27,234,045 |
|
(3,457,684 |
) |
1984 |
|
30 Years |
|
|
River Park |
|
Fort Worth, TX |
|
280 |
|
— |
|
2,245,400 |
|
8,811,727 |
|
— |
|
2,564,494 |
|
2,245,400 |
|
11,376,220 |
|
13,621,620 |
|
(3,251,237 |
) |
1984 |
|
30 Years |
|
|
River Pointe at Den Rock Park |
|
Lawrence, MA |
|
174 |
|
18,100,000 |
|
4,615,702 |
|
18,440,147 |
|
— |
|
241,056 |
|
4,615,702 |
|
18,681,203 |
|
23,296,905 |
|
(1,427,397 |
) |
2000 |
|
30 Years |
|
|
River Stone Ranch |
|
Austin, TX |
|
448 |
|
— |
|
5,376,000 |
|
27,004,185 |
|
— |
|
750,087 |
|
5,376,000 |
|
27,754,272 |
|
33,130,272 |
|
(1,342,879 |
) |
1998 |
|
30 Years |
|
|
Rivers Bend (CT) |
|
Windsor, CT |
|
373 |
|
(P |
) |
3,325,517 |
|
22,573,826 |
|
— |
|
756,625 |
|
3,325,517 |
|
23,330,451 |
|
26,655,967 |
|
(3,624,154 |
) |
1973 |
|
30 Years |
|
|
Rivers Edge |
|
Waterbury, CT |
|
156 |
|
— |
|
781,900 |
|
6,561,167 |
|
— |
|
516,929 |
|
781,900 |
|
7,078,097 |
|
7,859,997 |
|
(1,766,206 |
) |
1974 |
|
30 Years |
|
|
Rivers End I |
|
Jacksonville, FL |
|
66 |
|
1,291,998 |
|
171,745 |
|
1,507,065 |
|
— |
|
464,814 |
|
171,745 |
|
1,971,879 |
|
2,143,624 |
|
(427,137 |
) |
1986 |
|
30 Years |
|
|
Rivers End II |
|
Jacksonville, FL |
|
69 |
|
— |
|
190,688 |
|
1,680,171 |
|
— |
|
380,596 |
|
190,688 |
|
2,060,767 |
|
2,251,455 |
|
(441,437 |
) |
1986 |
|
30 Years |
|
|
Riverside Park |
|
Tulsa, OK |
|
288 |
|
— |
|
1,441,400 |
|
12,371,637 |
|
— |
|
821,818 |
|
1,441,400 |
|
13,193,455 |
|
14,634,855 |
|
(3,607,550 |
) |
1994 |
|
30 Years |
|
|
Riverview Condominiums |
|
Norwalk, CT |
|
92 |
|
5,957,202 |
|
2,300,000 |
|
7,406,730 |
|
— |
|
1,248,485 |
|
2,300,000 |
|
8,655,215 |
|
10,955,215 |
|
(1,563,974 |
) |
1991 |
|
30 Years |
|
|
Roanoke |
|
Rochester Hills, MI |
|
88 |
|
40,500 |
|
369,911 |
|
3,259,270 |
|
— |
|
326,572 |
|
369,911 |
|
3,585,842 |
|
3,955,753 |
|
(714,204 |
) |
1985 |
|
30 Years |
|
|
Rock Creek |
|
Carrboro, NC |
|
188 |
|
— |
|
895,700 |
|
8,062,543 |
|
— |
|
1,472,355 |
|
895,700 |
|
9,534,898 |
|
10,430,598 |
|
(2,904,686 |
) |
1986 |
|
30 Years |
|
|
Rockingham Glen |
|
West Roxbury, MA |
|
143 |
|
2,203,001 |
|
1,124,217 |
|
7,515,160 |
|
— |
|
367,160 |
|
1,124,217 |
|
7,882,320 |
|
9,006,537 |
|
(1,277,826 |
) |
1974 |
|
30 Years |
|
S-9
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Capitalized |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent to |
|
Gross Amount Carried |
|
|
|
|
|
|
|
Life Used to |
|
||||
|
|
|
|
|
|
|
|
|
Initial Cost to |
|
Acquisition |
|
at Close of |
|
|
|
|
|
|
|
Compute |
|
||||||
|
Description |
|
|
|
|
|
Company |
|
(Improvements, net) (E) |
|
Period 12/31/04 |
|
|
|
|
|
|
|
Depreciation in |
|
||||||||
|
Apartment |
|
|
|
|
|
|
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Accumulated |
|
Date of |
|
Latest Income |
|
|
Name |
|
Location |
|
Units (J) |
|
Encumbrances |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures (A) |
|
Total (B) |
|
Depreciation |
|
Construction |
|
Statement (C) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Green (Amherst) |
|
Amherst, MA |
|
204 |
|
3,575,203 |
|
1,340,702 |
|
8,962,317 |
|
— |
|
1,958,458 |
|
1,340,702 |
|
10,920,775 |
|
12,261,477 |
|
(1,792,577 |
) |
1970 |
|
30 Years |
|
|
Rolling Green (Milford) |
|
Milford, MA |
|
304 |
|
7,144,117 |
|
2,012,350 |
|
13,452,150 |
|
— |
|
1,480,825 |
|
2,012,350 |
|
14,932,975 |
|
16,945,325 |
|
(2,647,587 |
) |
1970 |
|
30 Years |
|
|
Rosecliff |
|
Quincy, MA |
|
156 |
|
— |
|
5,460,000 |
|
15,721,570 |
|
— |
|
129,854 |
|
5,460,000 |
|
15,851,424 |
|
21,311,424 |
|
(3,027,904 |
) |
1990 |
|
30 Years |
|
|
Rosecliff II |
|
Quincy, MA |
|
— |
|
— |
|
— |
|
1,379 |
|
— |
|
— |
|
— |
|
1,379 |
|
1,379 |
|
— |
|
(F) |
|
30 Years |
|
|
Rosewood (KY) |
|
Louisville, KY |
|
77 |
|
— |
|
253,453 |
|
2,233,196 |
|
— |
|
277,373 |
|
253,453 |
|
2,510,569 |
|
2,764,022 |
|
(530,876 |
) |
1984 |
|
30 Years |
|
|
Rosewood (OH) |
|
Columbus, OH |
|
90 |
|
— |
|
212,378 |
|
1,871,186 |
|
— |
|
422,686 |
|
212,378 |
|
2,293,872 |
|
2,506,250 |
|
(502,796 |
) |
1985 |
|
30 Years |
|
|
Rosewood Commons I |
|
Indianapolis, IN |
|
96 |
|
1,712,753 |
|
228,644 |
|
2,014,652 |
|
— |
|
301,649 |
|
228,644 |
|
2,316,301 |
|
2,544,946 |
|
(536,374 |
) |
1986 |
|
30 Years |
|
|
Rosewood Commons II |
|
Indianapolis, IN |
|
77 |
|
— |
|
220,463 |
|
1,942,520 |
|
— |
|
246,408 |
|
220,463 |
|
2,188,928 |
|
2,409,391 |
|
(485,177 |
) |
1987 |
|
30 Years |
|
|
Royal Oak |
|
Eagan, MN |
|
231 |
|
13,139,491 |
|
1,602,904 |
|
14,423,662 |
|
— |
|
1,510,056 |
|
1,602,904 |
|
15,933,718 |
|
17,536,621 |
|
(4,227,396 |
) |
1989 |
|
30 Years |
|
|
Royal Oaks (FL) |
|
Jacksonville, FL |
|
284 |
|
— |
|
1,988,000 |
|
13,645,117 |
|
— |
|
955,505 |
|
1,988,000 |
|
14,600,623 |
|
16,588,623 |
|
(3,473,615 |
) |
1991 |
|
30 Years |
|
|
Royale |
|
Cranston, RI |
|
76 |
|
(P |
) |
512,785 |
|
3,427,866 |
|
— |
|
372,436 |
|
512,785 |
|
3,800,301 |
|
4,313,087 |
|
(611,412 |
) |
1976 |
|
30 Years |
|
|
Sabal Palm at Boot Ranch |
|
Palm Harbor, FL |
|
432 |
|
— |
|
3,888,000 |
|
28,923,692 |
|
— |
|
1,542,166 |
|
3,888,000 |
|
30,465,858 |
|
34,353,858 |
|
(6,970,371 |
) |
1996 |
|
30 Years |
|
|
Sabal Palm at Carrollwood Place |
|
Tampa, FL |
|
432 |
|
— |
|
3,888,000 |
|
26,911,542 |
|
— |
|
1,004,942 |
|
3,888,000 |
|
27,916,484 |
|
31,804,484 |
|
(6,343,494 |
) |
1995 |
|
30 Years |
|
|
Sabal Palm at Lake Buena Vista |
|
Orlando, FL |
|
400 |
|
21,170,000 |
|
2,800,000 |
|
23,687,893 |
|
— |
|
1,166,490 |
|
2,800,000 |
|
24,854,383 |
|
27,654,383 |
|
(5,845,594 |
) |
1988 |
|
30 Years |
|
|
Sabal Palm at Metrowest |
|
Orlando, FL |
|
411 |
|
— |
|
4,110,000 |
|
38,394,865 |
|
— |
|
1,726,456 |
|
4,110,000 |
|
40,121,321 |
|
44,231,321 |
|
(9,006,054 |
) |
1998 |
|
30 Years |
|
|
Sabal Palm at Metrowest II |
|
Orlando, FL |
|
456 |
|
— |
|
4,560,000 |
|
33,907,283 |
|
— |
|
830,402 |
|
4,560,000 |
|
34,737,685 |
|
39,297,685 |
|
(7,769,914 |
) |
1997 |
|
30 Years |
|
|
Sabal Pointe |
|
Coral Springs, FL |
|
275 |
|
— |
|
1,951,600 |
|
17,570,508 |
|
— |
|
2,148,804 |
|
1,951,600 |
|
19,719,312 |
|
21,670,912 |
|
(6,284,413 |
) |
1995 |
|
30 Years |
|
|
Saddle Club |
|
Denver, CO |
|
— |
|
— |
|
— |
|
753,755 |
|
— |
|
— |
|
— |
|
753,755 |
|
753,755 |
|
— |
|
(F) |
|
30 Years |
|
|
Saddle Ridge |
|
Ashburn, VA |
|
216 |
|
— |
|
1,364,800 |
|
12,283,616 |
|
— |
|
1,258,862 |
|
1,364,800 |
|
13,542,478 |
|
14,907,278 |
|
(4,513,980 |
) |
1989 |
|
30 Years |
|
|
Sailboat Bay |
|
Raleigh, NC |
|
192 |
|
— |
|
960,000 |
|
8,797,580 |
|
— |
|
787,261 |
|
960,000 |
|
9,584,841 |
|
10,544,841 |
|
(2,291,347 |
) |
1986 |
|
30 Years |
|
|
Sandalwood |
|
Toledo, OH |
|
50 |
|
1,027,632 |
|
151,926 |
|
1,338,636 |
|
— |
|
198,882 |
|
151,926 |
|
1,537,517 |
|
1,689,443 |
|
(308,075 |
) |
1984 |
|
30 Years |
|
|
Sandpiper II |
|
Fort Pierce, FL |
|
66 |
|
— |
|
155,496 |
|
1,369,987 |
|
— |
|
349,606 |
|
155,496 |
|
1,719,593 |
|
1,875,088 |
|
(438,958 |
) |
1982 |
|
30 Years |
|
|
Sanford Court |
|
Sanford, FL |
|
106 |
|
1,617,450 |
|
238,814 |
|
2,104,212 |
|
— |
|
497,180 |
|
238,814 |
|
2,601,392 |
|
2,840,206 |
|
(605,767 |
) |
1976 |
|
30 Years |
|
|
Savannah at Park Place |
|
Atlanta, GA |
|
416 |
|
— |
|
7,696,095 |
|
34,474,837 |
|
— |
|
317,791 |
|
7,696,095 |
|
34,792,628 |
|
42,488,723 |
|
(1,147,300 |
) |
2001 |
|
30 Years |
|
|
Savannah Lakes |
|
Boynton Beach, FL |
|
466 |
|
— |
|
7,000,000 |
|
30,422,607 |
|
— |
|
944,529 |
|
7,000,000 |
|
31,367,135 |
|
38,367,135 |
|
(3,259,424 |
) |
1991 |
|
30 Years |
|
|
Savannah Midtown |
|
Atlanta, GA |
|
322 |
|
— |
|
7,209,873 |
|
29,712,389 |
|
— |
|
409,868 |
|
7,209,873 |
|
30,122,257 |
|
37,332,130 |
|
(1,020,854 |
) |
2000 |
|
30 Years |
|
|
Savoy I |
|
Aurora, CO |
|
444 |
|
— |
|
6,109,460 |
|
38,765,670 |
|
— |
|
117,013 |
|
6,109,460 |
|
38,882,684 |
|
44,992,144 |
|
(1,528,681 |
) |
2001 |
|
30 Years |
|
|
Scarborough Square |
|
Rockville, MD |
|
121 |
|
4,811,343 |
|
1,815,000 |
|
7,608,126 |
|
— |
|
1,104,289 |
|
1,815,000 |
|
8,712,414 |
|
10,527,414 |
|
(2,135,143 |
) |
1967 |
|
30 Years |
|
|
Schooner Bay I |
|
Foster City, CA |
|
168 |
|
27,000,000 |
|
5,345,000 |
|
16,947,265 |
|
— |
|
860,591 |
|
5,345,000 |
|
17,807,856 |
|
23,152,856 |
|
(2,334,379 |
) |
1985 |
|
30 Years |
|
|
Schooner Bay II |
|
Foster City, CA |
|
144 |
|
23,760,000 |
|
4,550,000 |
|
14,975,001 |
|
— |
|
760,060 |
|
4,550,000 |
|
15,735,061 |
|
20,285,061 |
|
(2,035,972 |
) |
1985 |
|
30 Years |
|
|
Scottsdale Meadows |
|
Scottsdale, AZ |
|
168 |
|
— |
|
1,512,000 |
|
11,407,699 |
|
— |
|
785,946 |
|
1,512,000 |
|
12,193,645 |
|
13,705,645 |
|
(3,228,748 |
) |
1984 |
|
30 Years |
|
|
Security Manor |
|
Westfield, MA |
|
63 |
|
(P |
) |
355,456 |
|
2,376,152 |
|
— |
|
53,336 |
|
355,456 |
|
2,429,488 |
|
2,784,944 |
|
(394,435 |
) |
1971 |
|
30 Years |
|
|
Sedona Springs |
|
Austin, TX |
|
396 |
|
(S |
) |
2,574,000 |
|
23,477,043 |
|
— |
|
1,470,834 |
|
2,574,000 |
|
24,947,876 |
|
27,521,876 |
|
(5,879,393 |
) |
1995 |
|
30 Years |
|
|
Seeley Lake |
|
Lakewood, WA |
|
522 |
|
— |
|
2,760,400 |
|
24,845,286 |
|
— |
|
2,136,658 |
|
2,760,400 |
|
26,981,945 |
|
29,742,345 |
|
(7,571,569 |
) |
1990 |
|
30 Years |
|
|
Seventh & James |
|
Seattle, WA |
|
96 |
|
— |
|
663,800 |
|
5,974,803 |
|
— |
|
1,907,503 |
|
663,800 |
|
7,882,306 |
|
8,546,106 |
|
(2,454,420 |
) |
1992 |
|
30 Years |
|
|
Shadetree |
|
West Palm Beach, FL |
|
76 |
|
— |
|
532,000 |
|
1,420,721 |
|
— |
|
337,343 |
|
532,000 |
|
1,758,064 |
|
2,290,064 |
|
(322,125 |
) |
1982 |
|
30 Years |
|
|
Shadow Bay I |
|
Jacksonville, FL |
|
53 |
|
— |
|
123,319 |
|
1,086,720 |
|
— |
|
163,688 |
|
123,319 |
|
1,250,408 |
|
1,373,727 |
|
(293,618 |
) |
1984 |
|
30 Years |
|
|
Shadow Bay II |
|
Jacksonville, FL |
|
59 |
|
923,423 |
|
139,709 |
|
1,231,134 |
|
— |
|
149,200 |
|
139,709 |
|
1,380,334 |
|
1,520,042 |
|
(321,749 |
) |
1985 |
|
30 Years |
|
|
Shadow Brook |
|
Scottsdale, AZ |
|
224 |
|
— |
|
3,065,496 |
|
18,367,686 |
|
— |
|
1,264,011 |
|
3,065,496 |
|
19,631,697 |
|
22,697,193 |
|
(5,153,874 |
) |
1984 |
|
30 Years |
|
|
Shadow Creek |
|
Winter Springs, FL |
|
280 |
|
— |
|
6,000,000 |
|
21,719,768 |
|
— |
|
61,442 |
|
6,000,000 |
|
21,781,211 |
|
27,781,211 |
|
(663,359 |
) |
2000 |
|
30 Years |
|
|
Shadow Lake |
|
Doraville, GA |
|
228 |
|
— |
|
1,140,000 |
|
13,117,277 |
|
— |
|
657,150 |
|
1,140,000 |
|
13,774,427 |
|
14,914,427 |
|
(3,180,214 |
) |
1989 |
|
30 Years |
|
|
Shadow Ridge |
|
Tallahassee, FL |
|
62 |
|
— |
|
150,327 |
|
1,324,061 |
|
— |
|
261,755 |
|
150,327 |
|
1,585,817 |
|
1,736,143 |
|
(356,374 |
) |
1983 |
|
30 Years |
|
|
Shadow Trace |
|
Stone Mountain, GA |
|
81 |
|
— |
|
244,320 |
|
2,152,729 |
|
— |
|
318,293 |
|
244,320 |
|
2,471,021 |
|
2,715,342 |
|
(530,446 |
) |
1984 |
|
30 Years |
|
|
Shadowood I |
|
Sarasota, FL |
|
69 |
|
600,000 |
|
157,661 |
|
1,389,061 |
|
— |
|
372,053 |
|
157,661 |
|
1,761,114 |
|
1,918,775 |
|
(392,701 |
) |
1982 |
|
30 Years |
|
|
Shadowood II |
|
Sarasota, FL |
|
70 |
|
1,120,960 |
|
152,031 |
|
1,339,469 |
|
— |
|
245,867 |
|
152,031 |
|
1,585,336 |
|
1,737,367 |
|
(342,470 |
) |
1983 |
|
30 Years |
|
|
Sheffield Court |
|
Arlington, VA |
|
597 |
|
— |
|
3,349,350 |
|
31,337,168 |
|
— |
|
2,970,541 |
|
3,349,350 |
|
34,307,709 |
|
37,657,059 |
|
(12,256,204 |
) |
1986 |
|
30 Years |
|
|
Sherbrook (IN) |
|
Indianapolis, IN |
|
76 |
|
1,536,953 |
|
171,920 |
|
1,514,707 |
|
— |
|
193,269 |
|
171,920 |
|
1,707,976 |
|
1,879,897 |
|
(397,596 |
) |
1986 |
|
30 Years |
|
|
Sherbrook (OH) |
|
Columbus, OH |
|
60 |
|
1,041,084 |
|
163,493 |
|
1,440,036 |
|
— |
|
330,562 |
|
163,493 |
|
1,770,598 |
|
1,934,092 |
|
(396,239 |
) |
1985 |
|
30 Years |
|
|
Sherbrook (PA) |
|
Wexford, PA |
|
74 |
|
— |
|
279,665 |
|
2,464,404 |
|
— |
|
306,980 |
|
279,665 |
|
2,771,384 |
|
3,051,049 |
|
(581,057 |
) |
1986 |
|
30 Years |
|
|
Siena Terrace |
|
Lake Forest, CA |
|
356 |
|
17,316,163 |
|
8,900,000 |
|
24,083,024 |
|
— |
|
1,342,385 |
|
8,900,000 |
|
25,425,408 |
|
34,325,408 |
|
(5,457,037 |
) |
1988 |
|
30 Years |
|
|
Silver Forest |
|
Ocala, FL |
|
51 |
|
798,844 |
|
126,536 |
|
1,114,917 |
|
— |
|
184,435 |
|
126,536 |
|
1,299,352 |
|
1,425,888 |
|
(262,537 |
) |
1985 |
|
30 Years |
|
|
Silver Springs (FL) |
|
Jacksonville, FL |
|
432 |
|
— |
|
1,831,100 |
|
16,474,735 |
|
— |
|
4,045,225 |
|
1,831,100 |
|
20,519,960 |
|
22,351,060 |
|
(6,300,272 |
) |
1985 |
|
30 Years |
|
|
Sky Ridge |
|
Woodstock, GA |
|
120 |
|
— |
|
437,373 |
|
3,853,792 |
|
— |
|
418,050 |
|
437,373 |
|
4,271,842 |
|
4,709,216 |
|
(874,855 |
) |
1987 |
|
30 Years |
|
|
Skycrest |
|
Valencia, CA |
|
264 |
|
17,582,696 |
|
10,560,000 |
|
25,574,457 |
|
— |
|
695,678 |
|
10,560,000 |
|
26,270,136 |
|
36,830,136 |
|
(3,785,956 |
) |
1999 |
|
30 Years |
|
|
Skylark |
|
Union City, CA |
|
174 |
|
— |
|
1,781,600 |
|
16,731,916 |
|
— |
|
826,785 |
|
1,781,600 |
|
17,558,701 |
|
19,340,301 |
|
(4,086,181 |
) |
1986 |
|
30 Years |
|
|
Skyview |
|
Rancho Santa Margarita, CA |
|
260 |
|
— |
|
3,380,000 |
|
21,953,151 |
|
— |
|
360,073 |
|
3,380,000 |
|
22,313,224 |
|
25,693,224 |
|
(4,471,167 |
) |
1999 |
|
30 Years |
|
|
Slate Run (Hop) |
|
Hopkinsville, KY |
|
57 |
|
— |
|
91,304 |
|
804,535 |
|
— |
|
199,255 |
|
91,304 |
|
1,003,790 |
|
1,095,094 |
|
(243,726 |
) |
1984 |
|
30 Years |
|
|
Slate Run (Ind) |
|
Indianapolis, IN |
|
90 |
|
1,890,871 |
|
295,593 |
|
2,604,497 |
|
— |
|
467,165 |
|
295,593 |
|
3,071,661 |
|
3,367,254 |
|
(672,611 |
) |
1984 |
|
30 Years |
|
|
Slate Run (Leb) |
|
Lebanon, IN |
|
61 |
|
1,147,354 |
|
154,061 |
|
1,357,445 |
|
— |
|
294,121 |
|
154,061 |
|
1,651,566 |
|
1,805,627 |
|
(367,467 |
) |
1984 |
|
30 Years |
|
|
Slate Run (Mia) |
|
Miamisburg, OH |
|
48 |
|
778,713 |
|
136,065 |
|
1,198,879 |
|
— |
|
198,060 |
|
136,065 |
|
1,396,940 |
|
1,533,004 |
|
(295,504 |
) |
1985 |
|
30 Years |
|
|
Slate Run I (Lou) |
|
Louisville, KY |
|
65 |
|
— |
|
179,766 |
|
1,583,931 |
|
— |
|
259,677 |
|
179,766 |
|
1,843,608 |
|
2,023,373 |
|
(411,898 |
) |
1984 |
|
30 Years |
|
|
Slate Run II (Lou) |
|
Louisville, KY |
|
63 |
|
1,087,384 |
|
167,723 |
|
1,477,722 |
|
— |
|
168,959 |
|
167,723 |
|
1,646,682 |
|
1,814,404 |
|
(345,039 |
) |
1985 |
|
30 Years |
|
|
Sommerset Place |
|
Raleigh, NC |
|
144 |
|
— |
|
360,000 |
|
7,800,206 |
|
— |
|
809,925 |
|
360,000 |
|
8,610,131 |
|
8,970,131 |
|
(2,043,656 |
) |
1983 |
|
30 Years |
|
|
Sonata at Cherry Creek |
|
Denver, CO |
|
183 |
|
— |
|
5,490,000 |
|
18,130,479 |
|
— |
|
333,314 |
|
5,490,000 |
|
18,463,793 |
|
23,953,793 |
|
(2,725,093 |
) |
1999 |
|
30 Years |
|
|
Sonoran |
|
Phoenix, AZ |
|
429 |
|
— |
|
2,361,922 |
|
31,841,724 |
|
— |
|
1,301,191 |
|
2,361,922 |
|
33,142,915 |
|
35,504,837 |
|
(8,470,598 |
) |
1995 |
|
30 Years |
|
|
Sonterra at Foothill Ranch |
|
Foothill Ranch, CA |
|
300 |
|
(R |
) |
7,503,400 |
|
24,048,507 |
|
— |
|
825,168 |
|
7,503,400 |
|
24,873,674 |
|
32,377,074 |
|
(5,929,481 |
) |
1997 |
|
30 Years |
|
|
South Pointe |
|
St. Louis, MO |
|
192 |
|
7,110,250 |
|
961,100 |
|
8,651,150 |
|
— |
|
1,699,666 |
|
961,100 |
|
10,350,816 |
|
11,311,916 |
|
(3,160,472 |
) |
1986 |
|
30 Years |
|
|
South Shore |
|
Stockton, CA |
|
129 |
|
6,833,000 |
|
840,000 |
|
6,826,626 |
|
— |
|
556,688 |
|
840,000 |
|
7,383,314 |
|
8,223,314 |
|
(1,141,569 |
) |
1979 |
|
30 Years |
|
|
South Winds |
|
Fall River, MA |
|
404 |
|
7,123,908 |
|
2,481,821 |
|
16,780,359 |
|
— |
|
1,503,262 |
|
2,481,821 |
|
18,283,621 |
|
20,765,442 |
|
(3,165,723 |
) |
1971 |
|
30 Years |
|
|
Southwood |
|
Palo Alto, CA |
|
99 |
|
— |
|
6,936,600 |
|
14,324,069 |
|
— |
|
1,227,705 |
|
6,936,600 |
|
15,551,774 |
|
22,488,374 |
|
(3,896,233 |
) |
1985 |
|
30 Years |
|
|
Spicewood |
|
Indianapolis, IN |
|
50 |
|
984,566 |
|
128,355 |
|
1,131,044 |
|
— |
|
131,274 |
|
128,355 |
|
1,262,318 |
|
1,390,673 |
|
(273,232 |
) |
1986 |
|
30 Years |
|
|
Spinnaker Cove |
|
Hermitage, TN |
|
278 |
|
(M |
) |
1,461,731 |
|
12,770,421 |
|
— |
|
2,375,670 |
|
1,461,731 |
|
15,146,091 |
|
16,607,822 |
|
(4,414,455 |
) |
1986 |
|
30 Years |
|
|
Spring Gate |
|
Springfield, FL |
|
66 |
|
— |
|
132,951 |
|
1,171,447 |
|
— |
|
294,672 |
|
132,951 |
|
1,466,118 |
|
1,599,070 |
|
(394,965 |
) |
1983 |
|
30 Years |
|
|
Spring Hill Commons |
|
Acton, MA |
|
105 |
|
— |
|
1,107,436 |
|
7,402,980 |
|
— |
|
362,840 |
|
1,107,436 |
|
7,765,820 |
|
8,873,256 |
|
(1,221,705 |
) |
1973 |
|
30 Years |
|
|
Spring Lake Manor |
|
Birmingham, AL (T) |
|
240 |
|
3,696,601 |
|
199,992 |
|
4,512,048 |
|
— |
|
1,175,058 |
|
199,992 |
|
5,687,106 |
|
5,887,098 |
|
(1,441,914 |
) |
1972 |
|
30 Years |
|
|
Springbrook |
|
Anderson, SC |
|
92 |
|
1,575,700 |
|
150,209 |
|
1,488,611 |
|
— |
|
308,655 |
|
150,209 |
|
1,797,266 |
|
1,947,475 |
|
(404,389 |
) |
1986 |
|
30 Years |
|
|
Springs Colony |
|
Altamonte Springs, FL |
|
188 |
|
(M |
) |
630,411 |
|
5,852,157 |
|
— |
|
1,378,442 |
|
630,411 |
|
7,230,598 |
|
7,861,009 |
|
(3,122,431 |
) |
1986 |
|
30 Years |
|
|
Springtree (REIT) |
|
W. Palm Beach, FL |
|
72 |
|
1,121,825 |
|
183,100 |
|
1,648,301 |
|
— |
|
179,965 |
|
183,100 |
|
1,828,266 |
|
2,011,366 |
|
(288,426 |
) |
1982 |
|
30 Years |
|
|
Springwood (Col) |
|
Columbus, OH |
|
64 |
|
994,795 |
|
189,948 |
|
1,672,889 |
|
— |
|
293,483 |
|
189,948 |
|
1,966,372 |
|
2,156,320 |
|
(430,356 |
) |
1983 |
|
30 Years |
|
S-10
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Capitalized |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent to |
|
Gross Amount Carried |
|
|
|
|
|
|
|
Life Used to |
|
||||
|
|
|
|
|
|
|
|
|
Initial Cost to |
|
Acquisition |
|
at Close of |
|
|
|
|
|
|
|
Compute |
|
||||||
|
Description |
|
|
|
|
|
Company |
|
(Improvements, net) (E) |
|
Period 12/31/04 |
|
|
|
|
|
|
|
Depreciation in |
|
||||||||
|
Apartment |
|
|
|
|
|
|
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Accumulated |
|
Date of |
|
Latest Income |
|
|
Name |
|
Location |
|
Units (J) |
|
Encumbrances |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures (A) |
|
Total (B) |
|
Depreciation |
|
Construction |
|
Statement (C) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
St. Andrews at Winston Park |
|
Coconut Creek, FL |
|
284 |
|
— |
|
5,680,000 |
|
19,812,090 |
|
— |
|
695,344 |
|
5,680,000 |
|
20,507,434 |
|
26,187,434 |
|
(2,226,160 |
) |
1997 |
|
30 Years |
|
|
Steeplechase |
|
Charlotte, NC |
|
247 |
|
— |
|
1,111,500 |
|
10,180,750 |
|
— |
|
698,720 |
|
1,111,500 |
|
10,879,470 |
|
11,990,970 |
|
(2,720,640 |
) |
1986 |
|
30 Years |
|
|
Sterling Heights Condominium, LLC |
|
Bellevue, WA |
|
76 |
|
— |
|
1,928,071 |
|
8,363,070 |
|
— |
|
386,210 |
|
1,928,071 |
|
8,749,280 |
|
10,677,351 |
|
— |
|
1988 |
|
30 Years |
|
|
Sterling Point |
|
Littleton, CO |
|
143 |
|
— |
|
935,500 |
|
8,419,200 |
|
— |
|
835,218 |
|
935,500 |
|
9,254,418 |
|
10,189,918 |
|
(2,697,580 |
) |
1979 |
|
30 Years |
|
|
Stewart Way I |
|
Hinesville, GA |
|
132 |
|
2,019,543 |
|
290,773 |
|
2,562,373 |
|
— |
|
511,434 |
|
290,773 |
|
3,073,807 |
|
3,364,580 |
|
(664,709 |
) |
1986 |
|
30 Years |
|
|
Stewart Way III |
|
Hinesville, GA |
|
59 |
|
— |
|
100,500 |
|
1,530,464 |
|
— |
|
64,663 |
|
100,500 |
|
1,595,127 |
|
1,695,627 |
|
(61,285 |
) |
1986 |
|
30 Years |
|
|
Stillwater |
|
Savannah, GA |
|
53 |
|
— |
|
151,198 |
|
1,332,417 |
|
— |
|
209,501 |
|
151,198 |
|
1,541,918 |
|
1,693,116 |
|
(311,929 |
) |
1983 |
|
30 Years |
|
|
Stone Crossing |
|
Montgomery, AL (T) |
|
152 |
|
1,866,400 |
|
103,186 |
|
2,716,316 |
|
— |
|
462,829 |
|
103,186 |
|
3,179,145 |
|
3,282,331 |
|
(812,006 |
) |
1973 |
|
30 Years |
|
|
Stone Oak |
|
Houston, TX |
|
318 |
|
— |
|
2,544,000 |
|
17,513,496 |
|
— |
|
274,935 |
|
2,544,000 |
|
17,788,431 |
|
20,332,431 |
|
(1,692,755 |
) |
1998 |
|
30 Years |
|
|
Stonehenge (Day) |
|
Dayton, OH |
|
69 |
|
— |
|
202,294 |
|
1,782,140 |
|
— |
|
236,420 |
|
202,294 |
|
2,018,560 |
|
2,220,854 |
|
(444,399 |
) |
1985 |
|
30 Years |
|
|
Stonehenge (Ind) |
|
Indianapolis, IN |
|
60 |
|
1,117,603 |
|
146,810 |
|
1,293,559 |
|
— |
|
309,073 |
|
146,810 |
|
1,602,632 |
|
1,749,442 |
|
(395,830 |
) |
1984 |
|
30 Years |
|
|
Stonehenge (KY) |
|
Glasgow, KY |
|
54 |
|
739,227 |
|
111,632 |
|
983,596 |
|
— |
|
185,422 |
|
111,632 |
|
1,169,018 |
|
1,280,650 |
|
(255,824 |
) |
1983 |
|
30 Years |
|
|
Stonehenge (Mas) |
|
Massillon, OH |
|
60 |
|
— |
|
145,386 |
|
1,281,012 |
|
— |
|
280,585 |
|
145,386 |
|
1,561,596 |
|
1,706,983 |
|
(355,926 |
) |
1984 |
|
30 Years |
|
|
Stonehenge I (Ric) |
|
Richmond, IN |
|
59 |
|
1,046,236 |
|
156,343 |
|
1,377,552 |
|
— |
|
246,405 |
|
156,343 |
|
1,623,957 |
|
1,780,300 |
|
(389,281 |
) |
1984 |
|
30 Years |
|
|
Stoneleigh at Deerfield |
|
Alpharetta, GA |
|
370 |
|
— |
|
4,810,000 |
|
29,997,224 |
|
— |
|
— |
|
4,810,000 |
|
29,997,224 |
|
34,807,224 |
|
(137,684 |
) |
2003 |
|
30 Years |
|
|
Stoney Creek |
|
Lakewood, WA |
|
231 |
|
— |
|
1,215,200 |
|
10,938,134 |
|
— |
|
1,078,955 |
|
1,215,200 |
|
12,017,089 |
|
13,232,289 |
|
(3,432,437 |
) |
1990 |
|
30 Years |
|
|
Stratford Square |
|
Winter Park, FL (T) |
|
204 |
|
4,814,693 |
|
391,300 |
|
3,176,441 |
|
— |
|
503,490 |
|
391,300 |
|
3,679,932 |
|
4,071,232 |
|
(926,019 |
) |
1972 |
|
30 Years |
|
|
Sturbridge Meadows |
|
Sturbridge, MA |
|
104 |
|
2,133,569 |
|
702,447 |
|
4,695,714 |
|
— |
|
187,448 |
|
702,447 |
|
4,883,162 |
|
5,585,609 |
|
(790,018 |
) |
1985 |
|
30 Years |
|
|
Suffolk Grove I |
|
Grove City, OH |
|
71 |
|
— |
|
214,107 |
|
1,886,415 |
|
— |
|
419,166 |
|
214,107 |
|
2,305,581 |
|
2,519,687 |
|
(482,138 |
) |
1985 |
|
30 Years |
|
|
Suffolk Grove II |
|
Grove City, OH |
|
49 |
|
— |
|
167,683 |
|
1,477,569 |
|
— |
|
234,035 |
|
167,683 |
|
1,711,603 |
|
1,879,286 |
|
(364,925 |
) |
1987 |
|
30 Years |
|
|
Sugartree I |
|
New Smyrna Beach, FL |
|
61 |
|
890,931 |
|
155,018 |
|
1,453,696 |
|
— |
|
337,939 |
|
155,018 |
|
1,791,635 |
|
1,946,653 |
|
(382,325 |
) |
1984 |
|
30 Years |
|
|
Sugartree II (REIT) |
|
New Smyrna Beach, FL |
|
60 |
|
1,444,026 |
|
178,416 |
|
1,599,476 |
|
— |
|
23,597 |
|
178,416 |
|
1,623,072 |
|
1,801,488 |
|
(76,817 |
) |
1985 |
|
30 Years |
|
|
Summer Chase |
|
Denver, CO |
|
384 |
|
(Q |
) |
1,709,200 |
|
15,375,008 |
|
— |
|
2,492,547 |
|
1,709,200 |
|
17,867,555 |
|
19,576,755 |
|
(6,233,072 |
) |
1983 |
|
30 Years |
|
|
Summer Creek |
|
Plymouth, MN |
|
72 |
|
— |
|
579,600 |
|
3,815,800 |
|
— |
|
497,446 |
|
579,600 |
|
4,313,246 |
|
4,892,846 |
|
(1,162,281 |
) |
1985 |
|
30 Years |
|
|
Summer Ridge |
|
Riverside, CA |
|
136 |
|
— |
|
602,400 |
|
5,422,807 |
|
— |
|
1,657,058 |
|
602,400 |
|
7,079,866 |
|
7,682,266 |
|
(2,036,002 |
) |
1985 |
|
30 Years |
|
|
Summerhill Glen |
|
Maynard, MA |
|
120 |
|
1,795,295.76 |
|
415,812 |
|
3,000,816 |
|
— |
|
408,057 |
|
415,812 |
|
3,408,873 |
|
3,824,685 |
|
(610,591 |
) |
1980 |
|
30 Years |
|
|
Summerset Village |
|
Chatsworth, CA |
|
280 |
|
(Q |
) |
2,630,700 |
|
23,670,889 |
|
— |
|
1,173,531 |
|
2,630,700 |
|
24,844,420 |
|
27,475,120 |
|
(7,312,315 |
) |
1985 |
|
30 Years |
|
|
Summerset Village II |
|
Chatsworth, CA |
|
— |
|
— |
|
260,646 |
|
31,577 |
|
— |
|
— |
|
260,646 |
|
31,577 |
|
292,223 |
|
— |
|
(F) |
|
30 Years |
|
|
Summerwood |
|
Hayward, CA |
|
162 |
|
— |
|
4,866,600 |
|
6,942,743 |
|
— |
|
783,586 |
|
4,866,600 |
|
7,726,329 |
|
12,592,929 |
|
(2,014,676 |
) |
1982 |
|
30 Years |
|
|
Summit & Birch Hill |
|
Farmington, CT |
|
186 |
|
(P |
) |
1,757,438 |
|
11,748,112 |
|
— |
|
866,789 |
|
1,757,438 |
|
12,614,902 |
|
14,372,340 |
|
(1,921,101 |
) |
1967 |
|
30 Years |
|
|
Summit at Lake Union |
|
Seattle, WA |
|
150 |
|
— |
|
1,424,700 |
|
12,852,461 |
|
— |
|
1,179,999 |
|
1,424,700 |
|
14,032,460 |
|
15,457,160 |
|
(3,995,450 |
) |
1995 - 1997 |
|
30 Years |
|
|
Summit Center (FL) |
|
W. Palm Beach, FL |
|
87 |
|
2,119,290 |
|
670,000 |
|
1,733,312 |
|
— |
|
390,548 |
|
670,000 |
|
2,123,860 |
|
2,793,860 |
|
(445,064 |
) |
1987 |
|
30 Years |
|
|
Sunforest |
|
Davie, FL |
|
494 |
|
— |
|
10,000,000 |
|
32,124,850 |
|
— |
|
593,340 |
|
10,000,000 |
|
32,718,189 |
|
42,718,189 |
|
(1,667,412 |
) |
1989 |
|
30 Years |
|
|
Sunnyside |
|
Tifton, GA |
|
72 |
|
1,223,638 |
|
166,887 |
|
1,470,612 |
|
— |
|
240,478 |
|
166,887 |
|
1,711,091 |
|
1,877,978 |
|
(389,425 |
) |
1984 |
|
30 Years |
|
|
Sunset Way I |
|
Miami, FL |
|
100 |
|
— |
|
258,568 |
|
2,278,539 |
|
— |
|
386,942 |
|
258,568 |
|
2,665,481 |
|
2,924,049 |
|
(592,006 |
) |
1987 |
|
30 Years |
|
|
Sunset Way II |
|
Miami, FL |
|
100 |
|
— |
|
274,903 |
|
2,422,546 |
|
— |
|
292,675 |
|
274,903 |
|
2,715,221 |
|
2,990,125 |
|
(582,451 |
) |
1988 |
|
30 Years |
|
|
Suntree |
|
West Palm Beach, FL |
|
67 |
|
— |
|
469,000 |
|
1,479,589 |
|
— |
|
93,509 |
|
469,000 |
|
1,573,097 |
|
2,042,097 |
|
(245,608 |
) |
1982 |
|
30 Years |
|
|
Surrey Downs |
|
Bellevue, WA |
|
122 |
|
— |
|
3,057,100 |
|
7,848,618 |
|
— |
|
677,314 |
|
3,057,100 |
|
8,525,933 |
|
11,583,033 |
|
(2,097,612 |
) |
1986 |
|
30 Years |
|
|
Sutton Place |
|
Dallas, TX |
|
456 |
|
— |
|
1,306,335 |
|
12,227,725 |
|
— |
|
4,461,706 |
|
1,306,335 |
|
16,689,431 |
|
17,995,766 |
|
(7,559,599 |
) |
1985 |
|
30 Years |
|
|
Sutton Place (FL) |
|
Lakeland, FL |
|
55 |
|
777,468 |
|
120,887 |
|
1,065,150 |
|
— |
|
315,354 |
|
120,887 |
|
1,380,504 |
|
1,501,392 |
|
(323,419 |
) |
1984 |
|
30 Years |
|
|
Sycamore Creek |
|
Scottsdale, AZ |
|
350 |
|
— |
|
3,152,000 |
|
19,083,727 |
|
— |
|
1,501,078 |
|
3,152,000 |
|
20,584,805 |
|
23,736,805 |
|
(5,655,884 |
) |
1984 |
|
30 Years |
|
|
Tabor Ridge |
|
Berea, OH |
|
97 |
|
— |
|
235,940 |
|
2,079,290 |
|
— |
|
431,301 |
|
235,940 |
|
2,510,591 |
|
2,746,531 |
|
(571,404 |
) |
1986 |
|
30 Years |
|
|
Talleyrand |
|
Tarrytown, NY (M) |
|
300 |
|
35,000,000 |
|
12,000,000 |
|
49,838,160 |
|
— |
|
545,143 |
|
12,000,000 |
|
50,383,303 |
|
62,383,303 |
|
(5,827,652 |
) |
1997-98 |
|
30 Years |
|
|
Tamarlane |
|
Portland, ME |
|
115 |
|
— |
|
690,900 |
|
5,153,633 |
|
— |
|
432,109 |
|
690,900 |
|
5,585,741 |
|
6,276,641 |
|
(1,615,692 |
) |
1986 |
|
30 Years |
|
|
Tanasbourne Terrace |
|
Hillsboro, OR |
|
373 |
|
(Q |
) |
1,876,700 |
|
16,891,205 |
|
— |
|
2,548,661 |
|
1,876,700 |
|
19,439,865 |
|
21,316,565 |
|
(7,672,952 |
) |
1986-89 |
|
30 Years |
|
|
Tanglewood (RI) |
|
West Warwick, RI |
|
176 |
|
6,305,957 |
|
1,141,415 |
|
7,630,129 |
|
— |
|
292,946 |
|
1,141,415 |
|
7,923,074 |
|
9,064,490 |
|
(1,264,960 |
) |
1973 |
|
30 Years |
|
|
Tanglewood (VA) |
|
Manassas, VA |
|
432 |
|
25,110,000 |
|
2,108,295 |
|
24,619,176 |
|
— |
|
3,179,192 |
|
2,108,295 |
|
27,798,367 |
|
29,906,662 |
|
(8,705,290 |
) |
1987 |
|
30 Years |
|
|
Terrace Trace |
|
Tampa, FL |
|
87 |
|
1,503,913 |
|
193,916 |
|
1,708,615 |
|
— |
|
307,346 |
|
193,916 |
|
2,015,961 |
|
2,209,877 |
|
(452,793 |
) |
1985 |
|
30 Years |
|
|
Thymewood II |
|
Miami, FL |
|
70 |
|
— |
|
219,661 |
|
1,936,463 |
|
— |
|
189,773 |
|
219,661 |
|
2,126,236 |
|
2,345,897 |
|
(434,930 |
) |
1986 |
|
30 Years |
|
|
Tierra Antigua |
|
Albuquerque, NM |
|
148 |
|
6,249,298 |
|
1,825,000 |
|
7,792,856 |
|
— |
|
370,058 |
|
1,825,000 |
|
8,162,915 |
|
9,987,915 |
|
(1,254,029 |
) |
1985 |
|
30 Years |
|
|
Timber Hollow |
|
Chapel Hill, NC |
|
198 |
|
— |
|
800,000 |
|
11,219,537 |
|
— |
|
1,106,214 |
|
800,000 |
|
12,325,751 |
|
13,125,751 |
|
(2,898,612 |
) |
1986 |
|
30 Years |
|
|
Timbercreek |
|
Toledo, OH |
|
77 |
|
1,416,857 |
|
203,420 |
|
1,792,350 |
|
— |
|
310,580 |
|
203,420 |
|
2,102,930 |
|
2,306,350 |
|
(446,629 |
) |
1987 |
|
30 Years |
|
|
Timberwalk |
|
Jacksonville, FL |
|
284 |
|
— |
|
1,988,000 |
|
13,204,219 |
|
— |
|
1,045,529 |
|
1,988,000 |
|
14,249,748 |
|
16,237,748 |
|
(3,450,151 |
) |
1987 |
|
30 Years |
|
|
Timberwood (GA) |
|
Perry, GA |
|
60 |
|
— |
|
144,299 |
|
1,271,305 |
|
— |
|
202,840 |
|
144,299 |
|
1,474,145 |
|
1,618,444 |
|
(298,729 |
) |
1985 |
|
30 Years |
|
|
Toscana |
|
Irvine, CA |
|
563 |
|
— |
|
39,410,000 |
|
50,806,072 |
|
— |
|
2,411,627 |
|
39,410,000 |
|
53,217,699 |
|
92,627,699 |
|
(8,060,818 |
) |
1991/1993 |
|
30 Years |
|
|
Town Center (TX) |
|
Kingwood, TX |
|
258 |
|
— |
|
1,291,300 |
|
11,530,216 |
|
— |
|
1,330,686 |
|
1,291,300 |
|
12,860,903 |
|
14,152,203 |
|
(3,633,662 |
) |
1994 |
|
30 Years |
|
|
Town Center II (TX) |
|
Kingwood, TX |
|
260 |
|
— |
|
1,375,000 |
|
14,169,656 |
|
— |
|
92,683 |
|
1,375,000 |
|
14,262,339 |
|
15,637,339 |
|
(2,661,766 |
) |
1994 |
|
30 Years |
|
|
Trails (CO), The |
|
Aurora, CO |
|
351 |
|
(Q |
) |
1,217,900 |
|
8,877,205 |
|
— |
|
3,148,290 |
|
1,217,900 |
|
12,025,495 |
|
13,243,395 |
|
(5,539,307 |
) |
1986 |
|
30 Years |
|
|
Trails at Briar Forest |
|
Houston, TX |
|
476 |
|
12,481,969 |
|
2,380,000 |
|
24,911,561 |
|
— |
|
1,546,286 |
|
2,380,000 |
|
26,457,847 |
|
28,837,847 |
|
(6,218,539 |
) |
1990 |
|
30 Years |
|
|
Trails at Dominion Park |
|
Houston, TX |
|
843 |
|
— |
|
2,531,800 |
|
35,699,589 |
|
— |
|
3,981,877 |
|
2,531,800 |
|
39,681,466 |
|
42,213,266 |
|
(11,864,870 |
) |
1992 |
|
30 Years |
|
|
Trailway Pond I |
|
Burnsville, MN |
|
75 |
|
4,909,210 |
|
479,284 |
|
4,312,144 |
|
— |
|
643,234 |
|
479,284 |
|
4,955,378 |
|
5,434,662 |
|
(1,341,515 |
) |
1988 |
|
30 Years |
|
|
Trailway Pond II |
|
Burnsville, MN |
|
165 |
|
11,354,755 |
|
1,107,288 |
|
9,961,409 |
|
— |
|
1,183,825 |
|
1,107,288 |
|
11,145,233 |
|
12,252,521 |
|
(2,881,743 |
) |
1988 |
|
30 Years |
|
|
Turf Club |
|
Littleton, CO |
|
324 |
|
(S |
) |
2,107,300 |
|
15,478,040 |
|
— |
|
2,112,217 |
|
2,107,300 |
|
17,590,257 |
|
19,697,557 |
|
(4,847,167 |
) |
1986 |
|
30 Years |
|
|
Turkscap I |
|
Brandon, FL |
|
49 |
|
— |
|
125,766 |
|
1,108,139 |
|
— |
|
429,342 |
|
125,766 |
|
1,537,482 |
|
1,663,248 |
|
(395,058 |
) |
1977 |
|
30 Years |
|
|
Turkscap III |
|
Brandon, FL |
|
50 |
|
716,655 |
|
135,850 |
|
1,196,987 |
|
— |
|
328,064 |
|
135,850 |
|
1,525,051 |
|
1,660,901 |
|
(329,895 |
) |
1982 |
|
30 Years |
|
|
Tuscany Villas, LLC |
|
Los Angeles, CA |
|
180 |
|
— |
|
1,431,048 |
|
14,928,007 |
|
— |
|
495,570 |
|
1,431,048 |
|
15,423,577 |
|
16,854,625 |
|
(3,857,158 |
) |
1995 |
|
30 Years |
|
|
Tyrone Gardens |
|
Randolph, MA |
|
165 |
|
— |
|
4,953,000 |
|
5,799,572 |
|
— |
|
915,287 |
|
4,953,000 |
|
6,714,859 |
|
11,667,859 |
|
(1,787,956 |
) |
1961/1965 |
|
30 Years |
|
|
Union Station |
|
Los Angeles, CA |
|
— |
|
6,663,301 |
|
8,500,000 |
|
13,280,094 |
|
— |
|
— |
|
8,500,000 |
|
13,280,094 |
|
21,780,094 |
|
— |
|
(F) |
|
30 Years |
|
|
University Square I |
|
Tampa, FL |
|
81 |
|
— |
|
197,457 |
|
1,739,807 |
|
— |
|
303,136 |
|
197,457 |
|
2,042,944 |
|
2,240,400 |
|
(442,158 |
) |
1979 |
|
30 Years |
|
|
Valencia Plantation |
|
Orlando, FL |
|
194 |
|
— |
|
873,000 |
|
12,819,377 |
|
— |
|
507,665 |
|
873,000 |
|
13,327,043 |
|
14,200,043 |
|
(2,979,093 |
) |
1990 |
|
30 Years |
|
|
Valley Creek I |
|
Woodbury, MN |
|
225 |
|
12,815,000 |
|
1,626,715 |
|
14,634,831 |
|
— |
|
2,043,340 |
|
1,626,715 |
|
16,678,171 |
|
18,304,887 |
|
(4,466,314 |
) |
1989 |
|
30 Years |
|
|
Valley Creek II |
|
Woodbury, MN |
|
177 |
|
10,100,000 |
|
1,232,659 |
|
11,097,830 |
|
— |
|
1,177,876 |
|
1,232,659 |
|
12,275,706 |
|
13,508,366 |
|
(3,166,646 |
) |
1990 |
|
30 Years |
|
|
Valleybrook |
|
Newnan, GA |
|
71 |
|
1,379,854 |
|
254,490 |
|
2,242,463 |
|
— |
|
309,335 |
|
254,490 |
|
2,551,798 |
|
2,806,288 |
|
(496,689 |
) |
1986 |
|
30 Years |
|
|
Valleyfield (KY) |
|
Lexington, KY |
|
83 |
|
1,711,251 |
|
252,329 |
|
2,223,757 |
|
— |
|
346,771 |
|
252,329 |
|
2,570,528 |
|
2,822,856 |
|
(562,103 |
) |
1985 |
|
30 Years |
|
|
Valleyfield (PA) |
|
Bridgeville, PA |
|
77 |
|
— |
|
274,317 |
|
2,417,029 |
|
— |
|
355,949 |
|
274,317 |
|
2,772,978 |
|
3,047,295 |
|
(588,533 |
) |
1985 |
|
30 Years |
|
|
Valleyfield I |
|
Decatur, GA |
|
66 |
|
1,479,328 |
|
252,413 |
|
2,224,134 |
|
— |
|
256,536 |
|
252,413 |
|
2,480,670 |
|
2,733,083 |
|
(529,218 |
) |
1984 |
|
30 Years |
|
|
Valleyfield II |
|
Decatur, GA |
|
66 |
|
— |
|
258,320 |
|
2,276,084 |
|
— |
|
163,332 |
|
258,320 |
|
2,439,416 |
|
2,697,737 |
|
(492,502 |
) |
1985 |
|
30 Years |
|
|
Van Deene Manor |
|
West Springfield, MA |
|
111 |
|
(P |
) |
744,491 |
|
4,976,771 |
|
— |
|
299,545 |
|
744,491 |
|
5,276,315 |
|
6,020,806 |
|
(823,599 |
) |
1970 |
|
30 Years |
|
|
Venetian Condominium Phase II, LLC |
|
Phoenix, AZ |
|
160 |
|
— |
|
1,047,212 |
|
9,436,170 |
|
— |
|
1,261,715 |
|
1,047,212 |
|
10,697,885 |
|
11,745,097 |
|
(2,992,991 |
) |
1983 |
|
30 Years |
|
S-11
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Capitalized |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent to |
|
Gross Amount Carried |
|
|
|
|
|
|
|
Life Used to |
|
||||
|
|
|
|
|
|
|
|
|
Initial Cost to |
|
Acquisition |
|
at Close of |
|
|
|
|
|
|
|
Compute |
|
||||||
|
Description |
|
|
|
|
|
Company |
|
(Improvements, net) (E) |
|
Period 12/31/04 |
|
|
|
|
|
|
|
Depreciation in |
|
||||||||
|
Apartment |
|
|
|
|
|
|
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Accumulated |
|
Date of |
|
Latest Income |
|
|
Name |
|
Location |
|
Units (J) |
|
Encumbrances |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures (A) |
|
Total (B) |
|
Depreciation |
|
Construction |
|
Statement (C) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Venetian Condominium, LLC |
|
Phoenix, AZ |
|
11 |
|
— |
|
71,939 |
|
648,237 |
|
— |
|
304,817 |
|
71,939 |
|
953,055 |
|
1,024,994 |
|
(183,429 |
) |
1983 |
|
30 Years |
|
|
Verona Condominium, LLC |
|
Scottsdale, AZ |
|
108 |
|
— |
|
1,301,497 |
|
7,522,719 |
|
— |
|
1,513,642 |
|
1,301,497 |
|
9,036,361 |
|
10,337,858 |
|
(1,897,725 |
) |
1994 |
|
30 Years |
|
|
Versailles |
|
Woodland Hills, CA |
|
253 |
|
— |
|
12,650,000 |
|
33,656,521 |
|
— |
|
860,376 |
|
12,650,000 |
|
34,516,897 |
|
47,166,897 |
|
(1,560,730 |
) |
1991 |
|
30 Years |
|
|
Via Ventura |
|
Scottsdale, AZ |
|
328 |
|
— |
|
1,486,600 |
|
13,382,006 |
|
— |
|
6,510,868 |
|
1,486,600 |
|
19,892,874 |
|
21,379,474 |
|
(9,453,807 |
) |
1980 |
|
30 Years |
|
|
Villa Encanto |
|
Phoenix, AZ |
|
383 |
|
(S |
) |
2,884,447 |
|
22,197,363 |
|
— |
|
2,090,906 |
|
2,884,447 |
|
24,288,269 |
|
27,172,716 |
|
(6,810,494 |
) |
1983 |
|
30 Years |
|
|
Villa Solana |
|
Laguna Hills, CA |
|
272 |
|
— |
|
1,665,100 |
|
14,985,678 |
|
— |
|
3,256,161 |
|
1,665,100 |
|
18,241,838 |
|
19,906,938 |
|
(7,289,293 |
) |
1984 |
|
30 Years |
|
|
Village at Bear Creek |
|
Lakewood, CO |
|
472 |
|
(R |
) |
4,519,700 |
|
40,676,390 |
|
— |
|
1,481,137 |
|
4,519,700 |
|
42,157,527 |
|
46,677,227 |
|
(11,347,171 |
) |
1987 |
|
30 Years |
|
|
Village at Lakewood |
|
Phoenix, AZ |
|
240 |
|
(O |
) |
3,166,411 |
|
13,859,090 |
|
— |
|
1,215,500 |
|
3,166,411 |
|
15,074,590 |
|
18,241,001 |
|
(4,135,239 |
) |
1988 |
|
30 Years |
|
|
Village Oaks |
|
Austin, TX |
|
280 |
|
— |
|
1,186,000 |
|
10,663,736 |
|
— |
|
1,372,381 |
|
1,186,000 |
|
12,036,117 |
|
13,222,117 |
|
(3,907,815 |
) |
1984 |
|
30 Years |
|
|
Village of Newport |
|
Kent, WA |
|
100 |
|
— |
|
416,300 |
|
3,756,582 |
|
— |
|
512,035 |
|
416,300 |
|
4,268,618 |
|
4,684,918 |
|
(1,723,977 |
) |
1987 |
|
30 Years |
|
|
Villas at Josey Ranch |
|
Carrollton, TX |
|
198 |
|
6,312,554 |
|
1,587,700 |
|
7,254,727 |
|
— |
|
1,450,139 |
|
1,587,700 |
|
8,704,866 |
|
10,292,566 |
|
(2,218,515 |
) |
1986 |
|
30 Years |
|
|
Vintage |
|
Ontario, CA |
|
— |
|
— |
|
7,059,230 |
|
3,274,995 |
|
— |
|
— |
|
7,059,230 |
|
3,274,995 |
|
10,334,225 |
|
— |
|
(F) |
|
30 Years |
|
|
Vista Del Lago |
|
Mission Viejo, CA |
|
608 |
|
— |
|
4,525,800 |
|
40,736,293 |
|
— |
|
5,942,086 |
|
4,525,800 |
|
46,678,379 |
|
51,204,179 |
|
(17,950,833 |
) |
1986-88 |
|
30 Years |
|
|
Vista Del Lago (TX) |
|
Dallas, TX |
|
296 |
|
— |
|
3,552,000 |
|
20,066,912 |
|
— |
|
564,041 |
|
3,552,000 |
|
20,630,953 |
|
24,182,953 |
|
(2,801,110 |
) |
1992 |
|
30 Years |
|
|
Vista Grove |
|
Mesa, AZ |
|
224 |
|
— |
|
1,341,796 |
|
12,157,045 |
|
— |
|
623,388 |
|
1,341,796 |
|
12,780,434 |
|
14,122,230 |
|
(3,155,650 |
) |
1997 - 1998 |
|
30 Years |
|
|
Warwick Station |
|
Westminster, CO |
|
332 |
|
8,355,000 |
|
2,282,000 |
|
21,113,974 |
|
— |
|
1,051,234 |
|
2,282,000 |
|
22,165,209 |
|
24,447,209 |
|
(5,962,103 |
) |
1986 |
|
30 Years |
|
|
Water Terrace |
|
Marina Del Rey, CA |
|
450 |
|
— |
|
63,207,814 |
|
164,804,953 |
|
— |
|
175,898 |
|
63,207,814 |
|
164,980,852 |
|
228,188,666 |
|
(5,235,538 |
) |
2003 |
|
30 Years |
|
|
Waterbury (GA) |
|
Athens, GA |
|
53 |
|
— |
|
147,450 |
|
1,299,195 |
|
— |
|
78,711 |
|
147,450 |
|
1,377,906 |
|
1,525,356 |
|
(282,354 |
) |
1985 |
|
30 Years |
|
|
Waterbury (IN) |
|
Greenwood, IN |
|
44 |
|
768,352 |
|
105,245 |
|
927,324 |
|
— |
|
123,476 |
|
105,245 |
|
1,050,801 |
|
1,156,046 |
|
(233,827 |
) |
1984 |
|
30 Years |
|
|
Waterbury (MI) |
|
Westland, MI |
|
101 |
|
— |
|
331,739 |
|
2,922,589 |
|
— |
|
434,288 |
|
331,739 |
|
3,356,876 |
|
3,688,615 |
|
(710,942 |
) |
1985 |
|
30 Years |
|
|
Waterbury (OH) |
|
Cincinnati, OH |
|
70 |
|
— |
|
193,167 |
|
1,701,834 |
|
— |
|
311,022 |
|
193,167 |
|
2,012,856 |
|
2,206,023 |
|
(464,444 |
) |
1985 |
|
30 Years |
|
|
Waterfield Square I |
|
Stockton, CA |
|
170 |
|
6,923,000 |
|
950,000 |
|
6,627,805 |
|
— |
|
1,129,880 |
|
950,000 |
|
7,757,684 |
|
8,707,684 |
|
(1,215,015 |
) |
1984 |
|
30 Years |
|
|
Waterfield Square II |
|
Stockton, CA |
|
158 |
|
6,595,000 |
|
845,000 |
|
6,147,280 |
|
— |
|
873,520 |
|
845,000 |
|
7,020,801 |
|
7,865,801 |
|
(1,108,953 |
) |
1984 |
|
30 Years |
|
|
Waterford (Jax) |
|
Jacksonville, FL |
|
432 |
|
— |
|
3,024,000 |
|
23,662,293 |
|
— |
|
1,594,230 |
|
3,024,000 |
|
25,256,523 |
|
28,280,523 |
|
(6,122,910 |
) |
1988 |
|
30 Years |
|
|
Waterford (Jax) II |
|
Jacksonville, FL |
|
— |
|
— |
|
566,923 |
|
62,373 |
|
— |
|
— |
|
566,923 |
|
62,373 |
|
629,296 |
|
— |
|
(F) |
|
30 Years |
|
|
Waterford at Deerwood |
|
Jacksonville, FL |
|
248 |
|
10,290,623 |
|
1,696,000 |
|
10,659,702 |
|
— |
|
1,707,551 |
|
1,696,000 |
|
12,367,253 |
|
14,063,253 |
|
(3,066,038 |
) |
1985 |
|
30 Years |
|
|
Waterford at Orange Park |
|
Orange Park, FL |
|
280 |
|
9,540,000 |
|
1,960,000 |
|
12,098,784 |
|
— |
|
1,844,952 |
|
1,960,000 |
|
13,943,736 |
|
15,903,736 |
|
(3,820,997 |
) |
1986 |
|
30 Years |
|
|
Waterford at the Lakes |
|
Kent, WA |
|
344 |
|
(U |
) |
3,100,200 |
|
16,140,924 |
|
— |
|
1,352,381 |
|
3,100,200 |
|
17,493,305 |
|
20,593,505 |
|
(5,239,745 |
) |
1990 |
|
30 Years |
|
|
Waterford Village (Palm Beach) |
|
Delray Beach, FL |
|
236 |
|
— |
|
1,888,000 |
|
15,358,635 |
|
— |
|
2,100,469 |
|
1,888,000 |
|
17,459,104 |
|
19,347,104 |
|
(4,653,998 |
) |
1989 |
|
30 Years |
|
|
Watermarke |
|
Irvine, CA |
|
490 |
|
84,279,474 |
|
19,283,234 |
|
98,197,941 |
|
— |
|
1,949 |
|
19,283,234 |
|
98,199,890 |
|
117,483,124 |
|
— |
|
2004 |
|
30 Years |
|
|
Webster Green |
|
Needham, MA |
|
77 |
|
6,029,612 |
|
1,418,893 |
|
9,485,006 |
|
— |
|
262,757 |
|
1,418,893 |
|
9,747,763 |
|
11,166,656 |
|
(1,464,694 |
) |
1985 |
|
30 Years |
|
|
Welleby Lake Club |
|
Sunrise, FL |
|
304 |
|
— |
|
3,648,000 |
|
17,620,879 |
|
— |
|
1,083,776 |
|
3,648,000 |
|
18,704,656 |
|
22,352,656 |
|
(4,373,892 |
) |
1991 |
|
30 Years |
|
|
Wellington Hill |
|
Manchester, NH |
|
390 |
|
(M |
) |
1,890,200 |
|
17,120,662 |
|
— |
|
3,781,412 |
|
1,890,200 |
|
20,902,074 |
|
22,792,274 |
|
(8,398,986 |
) |
1987 |
|
30 Years |
|
|
Wellsford Oaks |
|
Tulsa, OK |
|
300 |
|
— |
|
1,310,500 |
|
11,794,290 |
|
— |
|
996,034 |
|
1,310,500 |
|
12,790,324 |
|
14,100,824 |
|
(3,709,767 |
) |
1991 |
|
30 Years |
|
|
Wentworth |
|
Roseville, MI |
|
75 |
|
— |
|
217,502 |
|
1,916,232 |
|
— |
|
329,122 |
|
217,502 |
|
2,245,353 |
|
2,462,856 |
|
(490,008 |
) |
1985 |
|
30 Years |
|
|
West Of Eastland |
|
Columbus, OH |
|
124 |
|
1,870,795 |
|
234,544 |
|
2,066,675 |
|
— |
|
430,909 |
|
234,544 |
|
2,497,584 |
|
2,732,128 |
|
(583,432 |
) |
1977 |
|
30 Years |
|
|
Westbrooke Village |
|
Manchester, MO |
|
252 |
|
— |
|
1,890,000 |
|
10,606,343 |
|
— |
|
1,293,112 |
|
1,890,000 |
|
11,899,454 |
|
13,789,454 |
|
(2,640,147 |
) |
1984 |
|
30 Years |
|
|
Westbrooke Village II |
|
Manchester, MO |
|
— |
|
— |
|
420,000 |
|
— |
|
— |
|
— |
|
420,000 |
|
— |
|
420,000 |
|
— |
|
(F) |
|
30 Years |
|
|
Westfield Village |
|
Centerville, VA |
|
228 |
|
— |
|
7,000,000 |
|
23,245,834 |
|
— |
|
94,805 |
|
7,000,000 |
|
23,340,639 |
|
30,340,639 |
|
(338,393 |
) |
1988 |
|
30 Years |
|
|
Westgate |
|
Pasadena, CA |
|
— |
|
21,372,556 |
|
46,168,848 |
|
2,874,125 |
|
— |
|
— |
|
46,168,848 |
|
2,874,125 |
|
49,042,973 |
|
— |
|
(F) |
|
30 Years |
|
|
Westridge |
|
Tacoma, WA |
|
714 |
|
— |
|
3,501,900 |
|
31,506,082 |
|
— |
|
2,916,311 |
|
3,501,900 |
|
34,422,394 |
|
37,924,294 |
|
(10,092,237 |
) |
1987/1991 |
|
30 Years |
|
|
Westside Villas I |
|
Los Angeles, CA |
|
21 |
|
— |
|
1,785,000 |
|
3,233,254 |
|
— |
|
261,994 |
|
1,785,000 |
|
3,495,248 |
|
5,280,248 |
|
(545,501 |
) |
1999 |
|
30 Years |
|
|
Westside Villas II |
|
Los Angeles, CA |
|
23 |
|
— |
|
1,955,000 |
|
3,541,435 |
|
— |
|
11,214 |
|
1,955,000 |
|
3,552,649 |
|
5,507,649 |
|
(531,845 |
) |
1999 |
|
30 Years |
|
|
Westside Villas III |
|
Los Angeles, CA |
|
36 |
|
— |
|
3,060,000 |
|
5,538,871 |
|
— |
|
28,120 |
|
3,060,000 |
|
5,566,991 |
|
8,626,991 |
|
(838,273 |
) |
1999 |
|
30 Years |
|
|
Westside Villas IV |
|
Los Angeles, CA |
|
36 |
|
— |
|
3,060,000 |
|
5,539,390 |
|
— |
|
23,784 |
|
3,060,000 |
|
5,563,175 |
|
8,623,175 |
|
(829,700 |
) |
1999 |
|
30 Years |
|
|
Westside Villas V |
|
Los Angeles, CA |
|
60 |
|
— |
|
5,100,000 |
|
9,224,485 |
|
— |
|
39,009 |
|
5,100,000 |
|
9,263,494 |
|
14,363,494 |
|
(1,383,856 |
) |
1999 |
|
30 Years |
|
|
Westside Villas VI |
|
Los Angeles, CA |
|
18 |
|
— |
|
1,530,000 |
|
3,024,001 |
|
— |
|
79,714 |
|
1,530,000 |
|
3,103,715 |
|
4,633,715 |
|
(449,993 |
) |
1989 |
|
30 Years |
|
|
Westside Villas VII |
|
Los Angeles, CA |
|
53 |
|
— |
|
4,505,000 |
|
10,758,900 |
|
— |
|
36,373 |
|
4,505,000 |
|
10,795,273 |
|
15,300,273 |
|
(984,501 |
) |
2001 |
|
30 Years |
|
|
Westway |
|
Brunswick, GA |
|
70 |
|
— |
|
168,323 |
|
1,483,106 |
|
— |
|
379,127 |
|
168,323 |
|
1,862,233 |
|
2,030,556 |
|
(404,086 |
) |
1984 |
|
30 Years |
|
|
Westwood Glen |
|
Westwood, MA |
|
156 |
|
1,230,385 |
|
1,616,505 |
|
10,806,004 |
|
— |
|
277,864 |
|
1,616,505 |
|
11,083,868 |
|
12,700,372 |
|
(1,705,235 |
) |
1972 |
|
30 Years |
|
|
Westwood Pines |
|
Tamarac, FL |
|
208 |
|
— |
|
1,528,600 |
|
13,739,616 |
|
— |
|
1,137,305 |
|
1,528,600 |
|
14,876,921 |
|
16,405,521 |
|
(4,006,465 |
) |
1991 |
|
30 Years |
|
|
Westwynd Apts |
|
West Hartford, CT |
|
46 |
|
— |
|
308,543 |
|
2,062,548 |
|
— |
|
193,591 |
|
308,543 |
|
2,256,138 |
|
2,564,681 |
|
(375,647 |
) |
1969 |
|
30 Years |
|
|
Whisper Creek |
|
Denver, CO |
|
272 |
|
— |
|
5,310,000 |
|
22,997,972 |
|
— |
|
5,509 |
|
5,310,000 |
|
23,003,481 |
|
28,313,481 |
|
(178,754 |
) |
2002 |
|
30 Years |
|
|
Whispering Oaks |
|
Walnut Creek, CA |
|
316 |
|
— |
|
2,170,800 |
|
19,539,586 |
|
— |
|
2,485,240 |
|
2,170,800 |
|
22,024,826 |
|
24,195,626 |
|
(7,008,176 |
) |
1974 |
|
30 Years |
|
|
Whispering Pines |
|
Fr. Pierce, FL |
|
64 |
|
— |
|
384,000 |
|
621,367 |
|
— |
|
246,359 |
|
384,000 |
|
867,726 |
|
1,251,726 |
|
(209,879 |
) |
1986 |
|
30 Years |
|
|
Whispering Pines II |
|
Fr. Pierce, FL |
|
44 |
|
— |
|
105,172 |
|
926,476 |
|
— |
|
182,873 |
|
105,172 |
|
1,109,349 |
|
1,214,520 |
|
(246,751 |
) |
1986 |
|
30 Years |
|
|
Whisperwood |
|
Cordele, GA |
|
50 |
|
— |
|
84,240 |
|
742,374 |
|
— |
|
224,275 |
|
84,240 |
|
966,649 |
|
1,050,889 |
|
(234,883 |
) |
1985 |
|
30 Years |
|
|
White Bear Woods |
|
White Bear Lake, MN |
|
225 |
|
14,172,876 |
|
1,624,741 |
|
14,618,490 |
|
— |
|
1,629,783 |
|
1,624,741 |
|
16,248,273 |
|
17,873,013 |
|
(4,214,473 |
) |
1989 |
|
30 Years |
|
|
Wilcrest Woods |
|
Savannah, GA |
|
68 |
|
1,238,956 |
|
187,306 |
|
1,650,373 |
|
— |
|
247,499 |
|
187,306 |
|
1,897,872 |
|
2,085,178 |
|
(391,930 |
) |
1986 |
|
30 Years |
|
|
Wilkins Glen |
|
Medfield, MA |
|
102 |
|
1,602,924 |
|
538,483 |
|
3,629,943 |
|
— |
|
372,779 |
|
538,483 |
|
4,002,722 |
|
4,541,205 |
|
(688,709 |
) |
1975 |
|
30 Years |
|
|
Willow Brook (CA) |
|
Pleasant Hill, CA |
|
228 |
|
29,000,000 |
|
5,055,000 |
|
19,797,344 |
|
— |
|
590,007 |
|
5,055,000 |
|
20,387,351 |
|
25,442,351 |
|
(2,776,411 |
) |
1985 |
|
30 Years |
|
|
Willow Creek |
|
Fresno, CA |
|
116 |
|
5,112,000 |
|
275,000 |
|
5,270,767 |
|
— |
|
494,009 |
|
275,000 |
|
5,764,776 |
|
6,039,776 |
|
(888,452 |
) |
1984 |
|
30 Years |
|
|
Willow Creek I (GA) |
|
Griffin, GA |
|
53 |
|
— |
|
145,769 |
|
1,298,973 |
|
— |
|
273,348 |
|
145,769 |
|
1,572,322 |
|
1,718,090 |
|
(302,602 |
) |
1985 |
|
30 Years |
|
|
Willow Lakes |
|
Spartanburg, SC |
|
95 |
|
1,922,871 |
|
200,990 |
|
1,770,937 |
|
— |
|
258,215 |
|
200,990 |
|
2,029,152 |
|
2,230,142 |
|
(444,564 |
) |
1986 |
|
30 Years |
|
|
Willow Run (GA) |
|
Stone Mountain, GA |
|
73 |
|
1,611,355 |
|
197,965 |
|
1,744,287 |
|
— |
|
319,574 |
|
197,965 |
|
2,063,861 |
|
2,261,826 |
|
(464,366 |
) |
1983 |
|
30 Years |
|
|
Willow Run (IN) |
|
New Albany, IN |
|
64 |
|
1,054,106 |
|
183,873 |
|
1,620,119 |
|
— |
|
179,497 |
|
183,873 |
|
1,799,616 |
|
1,983,489 |
|
(392,364 |
) |
1984 |
|
30 Years |
|
|
Willow Run (KY) |
|
Madisonville, KY |
|
72 |
|
1,050,359 |
|
141,016 |
|
1,242,352 |
|
— |
|
241,821 |
|
141,016 |
|
1,484,172 |
|
1,625,188 |
|
(324,146 |
) |
1984 |
|
30 Years |
|
|
Willow Trail |
|
Norcross, GA |
|
224 |
|
— |
|
1,120,000 |
|
11,412,982 |
|
— |
|
776,798 |
|
1,120,000 |
|
12,189,780 |
|
13,309,780 |
|
(2,880,398 |
) |
1985 |
|
30 Years |
|
|
Willowood East II |
|
Indianapolis, IN |
|
60 |
|
— |
|
104,918 |
|
924,590 |
|
— |
|
197,856 |
|
104,918 |
|
1,122,445 |
|
1,227,363 |
|
(285,281 |
) |
1985 |
|
30 Years |
|
|
Willowood I (Gro) |
|
Grove City, OH |
|
46 |
|
882,762 |
|
126,045 |
|
1,110,558 |
|
— |
|
239,948 |
|
126,045 |
|
1,350,506 |
|
1,476,551 |
|
(291,455 |
) |
1984 |
|
30 Years |
|
|
Willowood I (IN) |
|
Columbus, IN |
|
51 |
|
1,072,450 |
|
163,896 |
|
1,444,104 |
|
— |
|
156,205 |
|
163,896 |
|
1,600,309 |
|
1,764,205 |
|
(335,584 |
) |
1983 |
|
30 Years |
|
|
Willowood I (KY) |
|
Frankfort, KY |
|
57 |
|
944,597 |
|
138,822 |
|
1,223,176 |
|
— |
|
249,300 |
|
138,822 |
|
1,472,476 |
|
1,611,299 |
|
(315,236 |
) |
1984 |
|
30 Years |
|
|
Willowood I (Tro) (REIT) |
|
Trotwood, OH |
|
60 |
|
805,606 |
|
84,566 |
|
755,859 |
|
— |
|
22,958 |
|
84,566 |
|
778,817 |
|
863,383 |
|
(41,741 |
) |
1985 |
|
30 Years |
|
|
Willowood I (Woo) |
|
Wooster, OH |
|
51 |
|
— |
|
117,254 |
|
1,033,137 |
|
— |
|
193,690 |
|
117,254 |
|
1,226,827 |
|
1,344,081 |
|
(260,765 |
) |
1984 |
|
30 Years |
|
|
Willowood II (Gro) |
|
Grove City, OH |
|
26 |
|
514,563 |
|
70,924 |
|
624,814 |
|
— |
|
122,629 |
|
70,924 |
|
747,444 |
|
818,367 |
|
(165,515 |
) |
1985 |
|
30 Years |
|
|
Willowood II (IN) |
|
Columbus, IN |
|
58 |
|
1,080,479 |
|
161,306 |
|
1,421,284 |
|
— |
|
150,077 |
|
161,306 |
|
1,571,361 |
|
1,732,668 |
|
(335,740 |
) |
1986 |
|
30 Years |
|
|
Willowood II (KY) |
|
Frankfort, KY |
|
53 |
|
— |
|
120,375 |
|
1,060,639 |
|
— |
|
139,638 |
|
120,375 |
|
1,200,277 |
|
1,320,653 |
|
(252,309 |
) |
1985 |
|
30 Years |
|
|
Willowood II (Tro) |
|
Trotwood, OH |
|
65 |
|
— |
|
142,623 |
|
1,256,667 |
|
— |
|
184,930 |
|
142,623 |
|
1,441,597 |
|
1,584,221 |
|
(316,459 |
) |
1987 |
|
30 Years |
|
|
Willowood II (Woo) |
|
Wooster, OH |
|
53 |
|
809,548 |
|
103,199 |
|
909,398 |
|
— |
|
218,760 |
|
103,199 |
|
1,128,158 |
|
1,231,357 |
|
(259,895 |
) |
1986 |
|
30 Years |
|
S-12
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Capitalized |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Subsequent to |
|
Gross Amount Carried |
|
|
|
|
|
|
|
Life Used to |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
Initial Cost to |
|
Acquisition |
|
at Close of |
|
|
|
|
|
|
|
Compute |
|
|||||||||||||||
|
Description |
|
|
|
|
|
Company |
|
(Improvements, net) (E) |
|
Period 12/31/04 |
|
|
|
|
|
|
|
Depreciation in |
|
|||||||||||||||||
|
Apartment |
|
|
|
|
|
|
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Building & |
|
|
|
Accumulated |
|
Date of |
|
Latest Income |
|
|||||||||
|
Name |
|
Location |
|
Units (J) |
|
Encumbrances |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures |
|
Land |
|
Fixtures (A) |
|
Total (B) |
|
Depreciation |
|
Construction |
|
Statement (C) |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Willows I (OH), The |
|
Columbus, OH |
|
50 |
|
— |
|
76,283 |
|
672,340 |
|
— |
|
176,413 |
|
76,283 |
|
848,753 |
|
925,036 |
|
(194,487 |
) |
1987 |
|
30 Years |
|
|||||||||
|
Willows II (OH), The |
|
Columbus, OH |
|
41 |
|
— |
|
96,679 |
|
851,845 |
|
— |
|
121,476 |
|
96,679 |
|
973,321 |
|
1,070,000 |
|
(209,652 |
) |
1981 |
|
30 Years |
|
|||||||||
|
Willows III (OH), The |
|
Columbus, OH |
|
43 |
|
839,800 |
|
129,221 |
|
1,137,783 |
|
— |
|
163,894 |
|
129,221 |
|
1,301,677 |
|
1,430,899 |
|
(274,708 |
) |
1987 |
|
30 Years |
|
|||||||||
|
Wimberly |
|
Dallas, TX |
|
372 |
|
— |
|
2,232,000 |
|
27,685,923 |
|
— |
|
999,023 |
|
2,232,000 |
|
28,684,946 |
|
30,916,946 |
|
(6,456,451 |
) |
1996 |
|
30 Years |
|
|||||||||
|
Wimbledon Oaks |
|
Arlington, TX |
|
248 |
|
6,946,816 |
|
1,491,700 |
|
8,843,716 |
|
— |
|
1,113,301 |
|
1,491,700 |
|
9,957,017 |
|
11,448,717 |
|
(2,623,126 |
) |
1985 |
|
30 Years |
|
|||||||||
|
Winchester Park |
|
Riverside, RI |
|
416 |
|
— |
|
2,822,618 |
|
18,868,626 |
|
— |
|
2,045,354 |
|
2,822,618 |
|
20,913,980 |
|
23,736,599 |
|
(3,737,756 |
) |
1972 |
|
30 Years |
|
|||||||||
|
Winchester Wood |
|
Riverside, RI |
|
62 |
|
2,100,842 |
|
683,215 |
|
4,567,154 |
|
— |
|
155,033 |
|
683,215 |
|
4,722,187 |
|
5,405,403 |
|
(718,119 |
) |
1989 |
|
30 Years |
|
|||||||||
|
Windemere |
|
Mesa, AZ |
|
224 |
|
— |
|
940,450 |
|
8,659,280 |
|
— |
|
1,612,387 |
|
940,450 |
|
10,271,667 |
|
11,212,117 |
|
(3,256,731 |
) |
1986 |
|
30 Years |
|
|||||||||
|
Windmont |
|
Atlanta, GA |
|
178 |
|
— |
|
3,204,000 |
|
7,128,448 |
|
— |
|
538,649 |
|
3,204,000 |
|
7,667,097 |
|
10,871,097 |
|
(1,497,777 |
) |
1988 |
|
30 Years |
|
|||||||||
|
Windridge (CA) |
|
Laguna Niguel, CA |
|
344 |
|
(I |
) |
2,662,900 |
|
23,985,497 |
|
— |
|
2,441,510 |
|
2,662,900 |
|
26,427,007 |
|
29,089,907 |
|
(9,705,615 |
) |
1989 |
|
30 Years |
|
|||||||||
|
Windsor at Fair Lakes |
|
Fairfax, VA |
|
250 |
|
— |
|
10,000,000 |
|
28,587,109 |
|
— |
|
111,646 |
|
10,000,000 |
|
28,698,755 |
|
38,698,755 |
|
(409,217 |
) |
1988 |
|
30 Years |
|
|||||||||
|
Windwood I (FL) |
|
Palm Bay, FL |
|
64 |
|
— |
|
113,913 |
|
1,003,498 |
|
— |
|
243,657 |
|
113,913 |
|
1,247,155 |
|
1,361,068 |
|
(314,435 |
) |
1988 |
|
30 Years |
|
|||||||||
|
Windwood II (FL) |
|
Palm Bay, FL |
|
64 |
|
190,000 |
|
118,915 |
|
1,047,598 |
|
— |
|
329,282 |
|
118,915 |
|
1,376,881 |
|
1,495,796 |
|
(355,743 |
) |
1987 |
|
30 Years |
|
|||||||||
|
Wingwood (Orl) |
|
Orlando, FL |
|
86 |
|
1,355,993 |
|
236,884 |
|
2,086,402 |
|
— |
|
1,024,156 |
|
236,884 |
|
3,110,558 |
|
3,347,442 |
|
(721,426 |
) |
1980 |
|
30 Years |
|
|||||||||
|
Winter Woods I (FL) |
|
Winter Garden, FL |
|
57 |
|
— |
|
144,921 |
|
1,276,965 |
|
— |
|
431,417 |
|
144,921 |
|
1,708,382 |
|
1,853,304 |
|
(385,927 |
) |
1985 |
|
30 Years |
|
|||||||||
|
Winter Woods II (FL) (REIT) |
|
Winter Garden, FL |
|
44 |
|
785,888 |
|
95,404 |
|
858,637 |
|
— |
|
122,045 |
|
95,404 |
|
980,682 |
|
1,076,086 |
|
(69,566 |
) |
1986 |
|
30 Years |
|
|||||||||
|
Winterwood |
|
Charlotte, NC |
|
384 |
|
— |
|
1,722,000 |
|
15,501,142 |
|
— |
|
3,165,741 |
|
1,722,000 |
|
18,666,882 |
|
20,388,882 |
|
(7,859,879 |
) |
1986 |
|
30 Years |
|
|||||||||
|
Winthrop Court (KY) |
|
Frankfort, KY |
|
77 |
|
1,367,193 |
|
184,709 |
|
1,627,191 |
|
— |
|
287,071 |
|
184,709 |
|
1,914,261 |
|
2,098,971 |
|
(421,968 |
) |
1985 |
|
30 Years |
|
|||||||||
|
Winthrop Court II (OH) |
|
Columbus, OH |
|
38 |
|
722,000 |
|
102,381 |
|
896,576 |
|
— |
|
180,774 |
|
102,381 |
|
1,077,350 |
|
1,179,731 |
|
(225,559 |
) |
1986 |
|
30 Years |
|
|||||||||
|
Wood Creek (CA) |
|
Pleasant Hill, CA |
|
256 |
|
— |
|
9,729,900 |
|
23,009,768 |
|
— |
|
1,339,346 |
|
9,729,900 |
|
24,349,115 |
|
34,079,015 |
|
(6,643,373 |
) |
1987 |
|
30 Years |
|
|||||||||
|
Woodbine (Cuy) |
|
Cuyahoga Falls, OH |
|
55 |
|
— |
|
185,868 |
|
1,637,701 |
|
— |
|
172,540 |
|
185,868 |
|
1,810,240 |
|
1,996,108 |
|
(360,274 |
) |
1982 |
|
30 Years |
|
|||||||||
|
Woodbridge |
|
Cary, GA |
|
128 |
|
4,345,133 |
|
737,400 |
|
6,636,870 |
|
— |
|
687,123 |
|
737,400 |
|
7,323,993 |
|
8,061,393 |
|
(2,452,538 |
) |
1993-95 |
|
30 Years |
|
|||||||||
|
Woodbridge (CT) |
|
Newington, CT |
|
73 |
|
(P |
) |
498,377 |
|
3,331,548 |
|
— |
|
178,190 |
|
498,377 |
|
3,509,738 |
|
4,008,114 |
|
(557,686 |
) |
1968 |
|
30 Years |
|
|||||||||
|
Woodbridge II |
|
Cary, GA |
|
216 |
|
— |
|
1,244,600 |
|
11,243,364 |
|
— |
|
813,985 |
|
1,244,600 |
|
12,057,349 |
|
13,301,949 |
|
(3,824,157 |
) |
1993-95 |
|
30 Years |
|
|||||||||
|
Woodcliff I |
|
Lilburn, GA |
|
71 |
|
— |
|
276,659 |
|
2,437,667 |
|
— |
|
312,468 |
|
276,659 |
|
2,750,135 |
|
3,026,794 |
|
(585,599 |
) |
1984 |
|
30 Years |
|
|||||||||
|
Woodcliff II |
|
Lilburn, GA |
|
72 |
|
1,567,439 |
|
266,449 |
|
2,347,769 |
|
— |
|
181,406 |
|
266,449 |
|
2,529,176 |
|
2,795,625 |
|
(512,045 |
) |
1986 |
|
30 Years |
|
|||||||||
|
Woodcreek |
|
Beaverton, OR |
|
440 |
|
— |
|
1,755,800 |
|
15,816,455 |
|
— |
|
3,196,899 |
|
1,755,800 |
|
19,013,354 |
|
20,769,154 |
|
(7,936,119 |
) |
1982-84 |
|
30 Years |
|
|||||||||
|
Woodcrest I |
|
Warner Robins, GA |
|
66 |
|
— |
|
115,739 |
|
1,028,353 |
|
— |
|
210,895 |
|
115,739 |
|
1,239,248 |
|
1,354,987 |
|
(253,998 |
) |
1984 |
|
30 Years |
|
|||||||||
|
Woodlake (WA) |
|
Kirkland, WA |
|
288 |
|
(R |
) |
6,631,400 |
|
16,735,484 |
|
— |
|
1,263,513 |
|
6,631,400 |
|
17,998,998 |
|
24,630,398 |
|
(4,480,114 |
) |
1984 |
|
30 Years |
|
|||||||||
|
Woodland Hills |
|
Decatur, GA |
|
228 |
|
— |
|
1,224,600 |
|
11,010,681 |
|
— |
|
1,917,051 |
|
1,224,600 |
|
12,927,732 |
|
14,152,332 |
|
(4,335,302 |
) |
1985 |
|
30 Years |
|
|||||||||
|
Woodland Meadows |
|
Ann Arbor, MI |
|
306 |
|
(S |
) |
2,006,000 |
|
18,049,552 |
|
— |
|
1,681,341 |
|
2,006,000 |
|
19,730,893 |
|
21,736,893 |
|
(5,423,498 |
) |
1987-1989 |
|
30 Years |
|
|||||||||
|
Woodlands I (Col) |
|
Columbus, OH |
|
88 |
|
1,655,571 |
|
231,996 |
|
2,044,233 |
|
— |
|
440,687 |
|
231,996 |
|
2,484,920 |
|
2,716,915 |
|
(541,088 |
) |
1983 |
|
30 Years |
|
|||||||||
|
Woodlands I (PA) |
|
Zelienople, PA |
|
50 |
|
969,754 |
|
163,192 |
|
1,437,897 |
|
— |
|
232,903 |
|
163,192 |
|
1,670,799 |
|
1,833,991 |
|
(348,646 |
) |
1983 |
|
30 Years |
|
|||||||||
|
Woodlands I (Str) |
|
Streetsboro, OH |
|
60 |
|
— |
|
197,378 |
|
1,739,112 |
|
— |
|
260,478 |
|
197,378 |
|
1,999,590 |
|
2,196,967 |
|
(441,936 |
) |
1984 |
|
30 Years |
|
|||||||||
|
Woodlands II (Col) |
|
Columbus, OH |
|
70 |
|
1,435,552 |
|
192,633 |
|
1,697,310 |
|
— |
|
333,778 |
|
192,633 |
|
2,031,088 |
|
2,223,721 |
|
(439,645 |
) |
1984 |
|
30 Years |
|
|||||||||
|
Woodlands II (PA) |
|
Zelienople, PA |
|
62 |
|
— |
|
192,972 |
|
1,700,297 |
|
— |
|
159,745 |
|
192,972 |
|
1,860,042 |
|
2,053,014 |
|
(376,857 |
) |
1987 |
|
30 Years |
|
|||||||||
|
Woodlands II (Str) |
|
Streetsboro, OH |
|
60 |
|
1,480,825 |
|
183,996 |
|
1,621,205 |
|
— |
|
217,784 |
|
183,996 |
|
1,838,989 |
|
2,022,985 |
|
(404,901 |
) |
1985 |
|
30 Years |
|
|||||||||
|
Woodlands III (Col) |
|
Columbus, OH |
|
93 |
|
— |
|
230,536 |
|
2,031,249 |
|
— |
|
500,391 |
|
230,536 |
|
2,531,639 |
|
2,762,175 |
|
(554,892 |
) |
1987 |
|
30 Years |
|
|||||||||
|
Woodlands of Brookfield |
|
Brookfield, WI |
|
148 |
|
(N |
) |
1,484,600 |
|
13,961,081 |
|
— |
|
1,031,015 |
|
1,484,600 |
|
14,992,095 |
|
16,476,695 |
|
(3,698,131 |
) |
1990 |
|
30 Years |
|
|||||||||
|
Woodlands of Minnetonka |
|
Minnetonka, MN |
|
248 |
|
— |
|
2,394,500 |
|
13,543,076 |
|
— |
|
1,722,736 |
|
2,394,500 |
|
15,265,812 |
|
17,660,312 |
|
(4,112,003 |
) |
1988 |
|
30 Years |
|
|||||||||
|
Woodleaf |
|
Campbell, CA |
|
178 |
|
(R |
) |
8,550,600 |
|
16,988,183 |
|
— |
|
675,416 |
|
8,550,600 |
|
17,663,599 |
|
26,214,199 |
|
(4,138,418 |
) |
1984 |
|
30 Years |
|
|||||||||
|
Woodmoor |
|
Austin, TX |
|
208 |
|
— |
|
653,800 |
|
5,875,968 |
|
— |
|
2,177,019 |
|
653,800 |
|
8,052,987 |
|
8,706,787 |
|
(3,562,078 |
) |
1981 |
|
30 Years |
|
|||||||||
|
Woodridge (CO) |
|
Aurora, CO |
|
212 |
|
— |
|
2,780,700 |
|
7,576,972 |
|
— |
|
1,188,477 |
|
2,780,700 |
|
8,765,449 |
|
11,546,149 |
|
(2,364,676 |
) |
1980-82 |
|
30 Years |
|
|||||||||
|
Woodridge (MN) |
|
Eagan, MN |
|
200 |
|
7,276,603 |
|
1,602,300 |
|
10,449,579 |
|
— |
|
1,153,497 |
|
1,602,300 |
|
11,603,076 |
|
13,205,376 |
|
(3,041,176 |
) |
1986 |
|
30 Years |
|
|||||||||
|
Woodridge II (CO) |
|
Aurora, CO |
|
116 |
|
— |
|
— |
|
4,148,517 |
|
— |
|
619,130 |
|
— |
|
4,767,647 |
|
4,767,647 |
|
(1,290,865 |
) |
1980-82 |
|
30 Years |
|
|||||||||
|
Woodridge III (CO) |
|
Aurora, CO |
|
256 |
|
— |
|
— |
|
9,130,764 |
|
— |
|
1,365,767 |
|
— |
|
10,496,531 |
|
10,496,531 |
|
(2,842,985 |
) |
1980-82 |
|
30 Years |
|
|||||||||
|
Woods of Elm Creek |
|
San Antonio, TX |
|
185 |
|
— |
|
590,000 |
|
5,310,328 |
|
— |
|
914,515 |
|
590,000 |
|
6,224,843 |
|
6,814,843 |
|
(1,986,445 |
) |
1983 |
|
30 Years |
|
|||||||||
|
Woods of North Bend |
|
Raleigh, NC |
|
235 |
|
(S |
) |
1,039,500 |
|
9,305,319 |
|
— |
|
1,964,177 |
|
1,039,500 |
|
11,269,496 |
|
12,308,996 |
|
(4,362,921 |
) |
1983 |
|
30 Years |
|
|||||||||
|
Woodscape |
|
Raleigh, NC |
|
240 |
|
— |
|
957,300 |
|
8,607,940 |
|
— |
|
1,166,997 |
|
957,300 |
|
9,774,937 |
|
10,732,237 |
|
(3,139,609 |
) |
1979 |
|
30 Years |
|
|||||||||
|
Woodside |
|
Lorton, VA |
|
252 |
|
— |
|
1,326,000 |
|
12,510,903 |
|
— |
|
1,825,800 |
|
1,326,000 |
|
14,336,702 |
|
15,662,702 |
|
(5,133,619 |
) |
1987 |
|
30 Years |
|
|||||||||
|
Woodtrail |
|
Newnan, GA |
|
61 |
|
— |
|
250,895 |
|
2,210,658 |
|
— |
|
261,610 |
|
250,895 |
|
2,472,268 |
|
2,723,163 |
|
(497,786 |
) |
1984 |
|
30 Years |
|
|||||||||
|
Wyndridge 2 |
|
Memphis, TN |
|
284 |
|
14,135,000 |
|
1,488,000 |
|
13,607,636 |
|
— |
|
1,957,097 |
|
1,488,000 |
|
15,564,733 |
|
17,052,733 |
|
(4,700,357 |
) |
1988 |
|
30 Years |
|
|||||||||
|
Wyndridge 3 |
|
Memphis, TN |
|
284 |
|
10,855,000 |
|
1,502,500 |
|
13,531,741 |
|
— |
|
1,176,297 |
|
1,502,500 |
|
14,708,038 |
|
16,210,538 |
|
(4,300,010 |
) |
1988 |
|
30 Years |
|
|||||||||
|
Yarmouth Woods |
|
Yarmouth, ME |
|
138 |
|
— |
|
692,800 |
|
6,096,155 |
|
— |
|
843,517 |
|
692,800 |
|
6,939,672 |
|
7,632,472 |
|
(1,825,054 |
) |
1971/1978 |
|
30 Years |
|
|||||||||
|
Management Business |
|
Chicago, IL |
|
— |
|
— |
|
— |
|
— |
|
— |
|
40,949,836 |
|
— |
|
40,949,836 |
|
40,949,836 |
|
(21,825,823 |
) |
(D) |
|
30 Years |
|
|||||||||
|
Operating Partnership |
|
Chicago, IL (H) |
|
— |
|
106,081 |
|
— |
|
43,447 |
|
— |
|
— |
|
— |
|
43,447 |
|
43,447 |
|
— |
|
(F) |
|
30 Years |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Total Investment in Real Estate |
|
|
|
183,931 |
|
$ |
2,111,416,752 |
|
$ |
2,340,734,919 |
|
$ |
11,555,979,825 |
|
$ |
— |
|
$ |
955,905,915 |
|
$ |
2,340,734,919 |
|
$ |
12,511,885,740 |
|
$ |
14,852,620,659 |
|
$ |
(2,599,826,521 |
) |
|
|
|
|
S-13
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2004
NOTES:
(A) The balance of furniture & fixtures included in the total investment in real estate amount was $683,112,290 as of December 31, 2004.
(B) The aggregate cost for Federal Income Tax purposes as of December 31, 2004 was approximately $9.3 billion.
(C) The life to compute depreciation for furniture & fixtures is 5 years.
(D) This asset consists of various acquisition dates and largely represents furniture, fixtures and equipment owned by the Management Business.
(E) Improvements are net of write-off of fully depreciated assets which are no longer in service.
(F) Represents land, construction-in-progress and/or miscellaneous pursuit costs on projects either held for future development or projects currently under development.
(G) A portion or all of these properties includes commercial space (retail, parking and/or office space).
(H) The mortgage debt is the balance for two properties that were sold, which balance was not collateralized by the respective properties. The amounts were transferred to ERPOP.
(I) These four properties are pledged as additional collateral in connection with various tax-exempt bond financings.
(J) Total units exclude 16,218 unconsolidated units.
S-14
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
Encumbrances Reconciliation
December 31, 2004
|
Entity Encumbrances |
|
Number of |
|
See Properties |
|
Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
EQR Arbors Financing LP |
|
1 |
|
(K) |
|
$ |
13,265,000 |
|
|
EQR Breton Hammocks Financing LP |
|
1 |
|
(L) |
|
15,310,708 |
|
|
|
EQR-Bond Partnership |
|
12 |
|
(M) |
|
181,994,000 |
|
|
|
EQR Flatlands LLC |
|
5 |
|
(N) |
|
50,000,000 |
|
|
|
EWR, LP |
|
5 |
|
(O) |
|
44,239,899 |
|
|
|
GPT-Windsor, LLC |
|
16* |
|
(P) |
|
63,000,000 |
|
|
|
EQR-Codelle, LP |
|
10 |
|
(Q) |
|
118,422,038 |
|
|
|
EQR-Conner, LP |
|
14 |
|
(R) |
|
206,516,196 |
|
|
|
EQR-FANCAP 2000A LP |
|
11 |
|
(S) |
|
148,333,000 |
|
|
|
GC Southeast Partners (SEP) |
|
5 |
|
(T) |
|
700,000 |
|
|
|
EQR-Fankey 2004 Ltd. Pship |
|
8 |
|
(U) |
|
213,541,577 |
|
|
|
Entity Encumbrances |
|
|
|
|
|
1,055,322,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Individual Property Encumbrances |
|
|
|
|
|
2,111,416,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Encumbrances per Financial Statements |
|
|
|
|
|
$ |
3,166,739,170 |
|
* Collateral also includes $3.0 million invested in U.S. Treasury Securities which is included in Deposits - - Restricted in the accompanying consolidated balance sheets at December 31, 2004.
S-15
EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
(Amounts in thousands)
The changes in total real estate for the years ended December 31, 2004, 2003 and 2002 are as follows:
|
|
|
2004 |
|
2003 |
|
2002 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Balance, beginning of year |
|
$ |
12,874,379 |
|
$ |
13,046,263 |
|
$ |
13,019,841 |
|
|
Acquisitions and development |
|
2,563,612 |
|
800,143 |
|
528,302 |
|
|||
|
Improvements |
|
218,724 |
|
184,876 |
|
164,077 |
|
|||
|
Write-off of fully depreciated assets which are no longer in service |
|
— |
|
(31,590 |
) |
— |
|
|||
|
Dispositions and other |
|
(804,094 |
) |
(1,125,313 |
) |
(665,957 |
) |
|||
|
Balance, end of year |
|
$ |
14,852,621 |
|
$ |
12,874,379 |
|
$ |
13,046,263 |
|
The changes in accumulated depreciation for the years ended December 31, 2004, 2003, and 2002 are as follows:
|
|
|
2004 |
|
2003 |
|
2002 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Balance, beginning of year |
|
$ |
2,296,013 |
|
$ |
2,112,017 |
|
$ |
1,719,131 |
|
|
Depreciation |
|
496,422 |
|
470,908 |
|
471,295 |
|
|||
|
Write-off of fully depreciated assets which are no longer in service |
|
— |
|
(31,590 |
) |
— |
|
|||
|
Dispositions and other |
|
(192,608 |
) |
(255,322 |
) |
(78,409 |
) |
|||
|
Balance, end of year |
|
$ |
2,599,827 |
|
$ |
2,296,013 |
|
$ |
2,112,017 |
|
S-16
|
Exhibit |
|
Document |
|
|
|
|
|
3.1 |
|
Articles of Restatement of Declaration of Trust of Equity Residential dated December 9, 2004 |
|
|
|
|
|
10.16 |
|
First Amendment to Equity Residential 2002 Share Incentive Plan. |
|
10.17 |
|
Second Amendment to Equity Residential 2002 Share Incentive Plan. |
|
10.18 |
|
Form of 2005 Equity Residential Performance Based Unit Award Grant Agreement. |
|
10.22 |
|
First Amendment to Amended and Restated Executive Compensation Agreement between the Company and Samuel Zell dated February 3, 2005. |
|
|
|
|
|
12 |
|
Computation of Ratio of Earnings to Combined Fixed Charges. |
|
|
|
|
|
21 |
|
List of Subsidiaries of Equity Residential. |
|
|
|
|
|
23.1 |
|
Consent of Ernst & Young LLP. |
|
|
|
|
|
24.1 |
|
Power of Attorney for John W. Alexander dated March 9, 2005. |
|
24.2 |
|
Power of Attorney for Stephen O. Evans dated March 1, 2005. |
|
24.3 |
|
Power of Attorney for Charles L. Atwood dated March 7, 2005. |
|
24.4 |
|
Power of Attorney for Desiree G. Rogers dated March 7, 2005. |
|
24.5 |
|
Power of Attorney for B. Joseph White dated March 4, 2005. |
|
24.6 |
|
Power of Attorney for Sheli Z. Rosenberg dated March 8, 2005. |
|
24.7 |
|
Power of Attorney for James D. Harper, Jr. dated March 4, 2005. |
|
24.8 |
|
Power of Attorney for Boone A. Knox dated March 2, 2005. |
|
24.9 |
|
Power of Attorney for Samuel Zell dated March 9, 2005. |
|
24.10 |
|
Power of Attorney for Gerald A. Spector dated March 1, 2005. |
|
|
|
|
|
31.1 |
|
Certification of Bruce W. Duncan, Chief Executive Officer. |
|
31.2 |
|
Certification of Donna Brandin, Chief Financial Officer. |
|
32.1 |
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Bruce W. Duncan, Chief Executive Officer of the Company. |
|
32.2 |
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Donna Brandin, Chief Financial Officer of the Company. |