Attached files
| file | filename |
|---|---|
| 8-K - EQUITY RESIDENTIAL 8-K - EQUITY RESIDENTIAL | a6486138.htm |
| EX-99.1 - EXHIBIT 99.1 - EQUITY RESIDENTIAL | a6486138ex99-1.htm |
Exhibit 99.2
On October 27, 2010, Equity Residential reported results for the nine months and quarter ended September 30, 2010. All per share results are reported on a fully-diluted basis.
Third Quarter 2010
For the third quarter of 2010, the company
reported earnings of $0.09 per share compared to $0.48 per share in the
third quarter of 2009. The difference is due primarily to lower gains
from property sales in 2010.
Nine Months Ended September 30, 2010
For the nine months ended
September 30, 2010, the company reported earnings of $0.29 per share
compared to $1.12 per share in the same period of 2009.
Same Store Results
On a same store third quarter to third
quarter comparison, which includes 117,286 apartment units, revenues
increased 1.3%, expenses increased 1.9% and NOI increased 0.9%.
On a same store nine-month to nine-month comparison, which includes 116,775 apartment units, revenues decreased 1.0%, expenses increased 1.7% and NOI decreased 2.6%.
Acquisitions/Dispositions
During the third quarter of 2010,
the company acquired six properties: one located in Los Angeles, one in
San Diego, two in the San Francisco Bay Area and two in the Washington,
D.C. Metro Area. The properties have a total of 1,955 apartment units,
and the aggregate purchase price was $548.9 million.
Also during the third quarter, the company acquired three land parcels, located in the Washington, D.C. Metro Area, San Francisco Bay Area and Southeast Florida, for an aggregate purchase price of $42.3 million.
During the quarter, the company sold three consolidated properties, consisting of 426 apartment units, for an aggregate sale price of $26.1 million.
Also during the quarter, the company sold the last of its interests in an institutional joint venture which held 24 unconsolidated properties consisting of 5,635 apartment units. The portfolio was valued in its entirety at $375.1 million. The company sold its 25% equity interest to its partner and received, net of debt repayments, $25.4 million, of which $22.5 million was recorded as a gain on the sale of unconsolidated entities.
During the first nine months of 2010, the company acquired 14 properties, consisting of 4,164 apartment units, for an aggregate purchase price of $1.4 billion.
During the first nine months of 2010, the company sold 11 consolidated properties, consisting of 2,437 apartment units, for an aggregate sale price of $172.0 million.
At-The-Market (ATM) Share Offering Program
During the third
quarter of 2010, the company did not issue any common shares under its
ATM Share Offering Program. The company has approximately 12.4 million
shares available for issuance under this program and has not issued any
such shares since January 14, 2010.
Debt Offering
On July 15, 2010, the company closed on a $600.0
million unsecured notes offering maturing July 15, 2020 with a coupon
rate of 4.75% and an all-in effective interest rate of 5.09% including
the effect of fees and the termination of certain interest rate hedges.
Forward-Looking Statements
In addition to historical
information, this press release contains forward-looking statements and
information within the meaning of the federal securities laws. These
statements are based on current expectations, estimates, projections and
assumptions made by management. While Equity Residential’s management
believes the assumptions underlying its forward-looking statements are
reasonable, such information is inherently subject to uncertainties and
may involve certain risks, including, without limitation, changes in
general market conditions, including the rate of job growth and cost of
labor and construction material, the level of new multifamily
construction and development, competition and local government
regulation. Other risks and uncertainties are described under the
heading “Risk Factors” in our Annual Report on Form 10-K and subsequent
periodic reports filed with the Securities and Exchange Commission (SEC)
and available on our website, www.equityapartments.com. Many of these
uncertainties and risks are difficult to predict and beyond management’s
control. Forward-looking statements are not guarantees of future
performance, results or events. Equity Residential assumes no
obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.
| Equity Residential | ||||||||||||||||
| Consolidated Statements of Operations | ||||||||||||||||
| (Amounts in thousands except per share data) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Nine Months Ended September 30, | Quarter Ended September 30, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
| REVENUES | ||||||||||||||||
| Rental income | $ | 1,517,302 | $ | 1,433,865 | $ | 525,228 | $ | 477,588 | ||||||||
| Fee and asset management | 7,596 | 7,928 | 2,128 | 2,653 | ||||||||||||
| Total revenues | 1,524,898 | 1,441,793 | 527,356 | 480,241 | ||||||||||||
| EXPENSES | ||||||||||||||||
| Property and maintenance | 386,518 | 363,354 | 135,000 | 122,305 | ||||||||||||
| Real estate taxes and insurance | 175,491 | 158,306 | 61,189 | 54,579 | ||||||||||||
| Property management | 60,548 | 56,457 | 19,401 | 18,725 | ||||||||||||
| Fee and asset management | 4,364 | 5,916 | 704 | 1,931 | ||||||||||||
| Depreciation | 500,173 | 428,751 | 173,642 | 144,165 | ||||||||||||
| General and administrative | 31,035 | 30,476 | 10,224 | 9,881 | ||||||||||||
| Impairment | - | 11,124 | - | - | ||||||||||||
| Total expenses | 1,158,129 | 1,054,384 | 400,160 | 351,586 | ||||||||||||
| Operating income | 366,769 | 387,409 | 127,196 | 128,655 | ||||||||||||
| Interest and other income | 5,325 | 15,850 | 208 | 3,214 | ||||||||||||
| Other expenses | (9,513 | ) | (2,228 | ) | (3,487 | ) | (1,922 | ) | ||||||||
| Interest: | ||||||||||||||||
| Expense incurred, net | (353,652 | ) | (360,021 | ) | (122,854 | ) | (121,166 | ) | ||||||||
| Amortization of deferred financing costs | (7,970 | ) | (9,311 | ) | (2,457 | ) | (3,101 | ) | ||||||||
|
Income (loss) before income and other taxes, (loss) income from investments |
||||||||||||||||
| in unconsolidated entities, net gain (loss) on sales of unconsolidated entities | ||||||||||||||||
| and land parcels and discontinued operations | 959 | 31,699 | (1,394 | ) | 5,680 | |||||||||||
| Income and other tax (expense) benefit | (311 | ) | (2,844 | ) | (293 | ) | (459 | ) | ||||||||
| (Loss) income from investments in unconsolidated entities | (735 | ) | (2,372 | ) | 188 | (151 | ) | |||||||||
| Net gain on sales of unconsolidated entities | 28,101 | 6,718 | 22,544 | 3,959 | ||||||||||||
| Net (loss) on sales of land parcels | (1,161 | ) | - | (1,161 | ) | - | ||||||||||
| Income from continuing operations | 26,853 | 33,201 | 19,884 | 9,029 | ||||||||||||
| Discontinued operations, net | 70,918 | 301,517 | 9,942 | 134,336 | ||||||||||||
| Net income | 97,771 | 334,718 | 29,826 | 143,365 | ||||||||||||
| Net (income) loss attributable to Noncontrolling Interests: | ||||||||||||||||
| Operating Partnership | (4,167 | ) | (18,119 | ) | (1,231 | ) | (7,699 | ) | ||||||||
| Preference Interests and Units | - | (9 | ) | - | (2 | ) | ||||||||||
| Partially Owned Properties | 623 | 391 | 188 | 317 | ||||||||||||
| Net income attributable to controlling interests | 94,227 | 316,981 | 28,783 | 135,981 | ||||||||||||
| Preferred distributions | (10,855 | ) | (10,859 | ) | (3,617 | ) | (3,619 | ) | ||||||||
| Net income available to Common Shares | $ | 83,372 | $ | 306,122 | $ | 25,166 | $ | 132,362 | ||||||||
| Earnings per share – basic: | ||||||||||||||||
| Income from continuing operations available to Common Shares | $ | 0.06 | $ | 0.08 | $ | 0.06 | $ | 0.02 | ||||||||
| Net income available to Common Shares | $ | 0.30 | $ | 1.12 | $ | 0.09 | $ | 0.48 | ||||||||
| Weighted average Common Shares outstanding | 281,867 | 272,966 | 282,717 | 273,658 | ||||||||||||
| Earnings per share – diluted: | ||||||||||||||||
| Income from continuing operations available to Common Shares | $ | 0.06 | $ | 0.08 | $ | 0.05 | $ | 0.02 | ||||||||
| Net income available to Common Shares | $ | 0.29 | $ | 1.12 | $ | 0.09 | $ | 0.48 | ||||||||
| Weighted average Common Shares outstanding | 299,031 | 289,518 | 300,379 | 290,215 | ||||||||||||
| Distributions declared per Common Share outstanding | $ | 1.0125 | $ | 1.3025 | $ | 0.3375 | $ | 0.3375 | ||||||||
| Equity Residential | ||||||||||||||||
| Consolidated Statements of Funds From Operations | ||||||||||||||||
| (Amounts in thousands except per share data) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Nine Months Ended September 30, | Quarter Ended September 30, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
| Net income | $ | 97,771 |
|
$ | 334,718 | $ | 29,826 |
|
$ | 143,365 | ||||||
| Adjustments: | ||||||||||||||||
| Net (income) loss attributable to Noncontrolling Interests: | ||||||||||||||||
| Preference Interests and Units | - | (9 | ) | - | (2 | ) | ||||||||||
| Partially Owned Properties | 623 | 391 | 188 | 317 | ||||||||||||
| Depreciation | 500,173 | 428,751 | 173,642 | 144,165 | ||||||||||||
| Depreciation – Non-real estate additions | (5,009 | ) | (5,569 | ) | (1,640 | ) | (1,777 | ) | ||||||||
| Depreciation – Partially Owned and Unconsolidated Properties | (849 | ) | 656 | (856 | ) | 225 | ||||||||||
| Net (gain) on sales of unconsolidated entities | (28,101 | ) | (6,718 | ) | (22,544 | ) | (3,959 | ) | ||||||||
| Discontinued operations: | ||||||||||||||||
| Depreciation | 1,522 | 22,736 | 377 | 5,487 | ||||||||||||
| Net (gain) on sales of discontinued operations | (69,538 | ) | (274,933 | ) | (9,285 | ) | (129,135 | ) | ||||||||
| Net incremental gain (loss) on sales of condominium units | 619 | (450 | ) | (12 | ) | (785 | ) | |||||||||
| FFO (1) (2) | 497,211 | 499,573 | 169,696 | 157,901 | ||||||||||||
| Preferred distributions | (10,855 | ) | (10,859 | ) | (3,617 | ) | (3,619 | ) | ||||||||
| FFO available to Common Shares and Units – basic (1) (2) | $ | 486,356 | $ | 488,714 | $ | 166,079 | $ | 154,282 | ||||||||
|
(1) |
The National Association of Real Estate Investment Trusts ("NAREIT") defines funds from operations ("FFO") (April 2002 White Paper) as net income (computed in accordance with accounting principles generally accepted in the United States ("GAAP")), excluding gains (or losses) from sales of depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis. The April 2002 White Paper states that gain or loss on sales of property is excluded from FFO for previously depreciated operating properties only. Once the Company commences the conversion of units to condominiums, it simultaneously discontinues depreciation of such property. FFO available to Common Shares and Units is calculated on a basis consistent with net income available to Common Shares and reflects adjustments to net income for preferred distributions and premiums on redemption of preferred shares in accordance with accounting principles generally accepted in the United States. The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units are collectively referred to as the "Noncontrolling Interests - Operating Partnership". Subject to certain restrictions, the Noncontrolling Interests - Operating Partnership may exchange their OP Units for EQR Common Shares on a one-for-one basis. |
|
|
(2) |
The Company believes that FFO and FFO available to Common Shares and Units are helpful to investors as supplemental measures of the operating performance of a real estate company, because they are recognized measures of performance by the real estate industry and by excluding gains or losses related to dispositions of depreciable property and excluding real estate depreciation (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO available to Common Shares and Units can help compare the operating performance of a company's real estate between periods or as compared to different companies. FFO and FFO available to Common Shares and Units do not represent net income, net income available to Common Shares or net cash flows from operating activities in accordance with GAAP. Therefore, FFO and FFO available to Common Shares and Units should not be exclusively considered as alternatives to net income, net income available to Common Shares or net cash flows from operating activities as determined by GAAP or as a measure of liquidity. The Company's calculation of FFO and FFO available to Common Shares and Units may differ from other real estate companies due to, among other items, variations in cost capitalization policies for capital expenditures and, accordingly, may not be comparable to such other real estate companies. |
| Equity Residential | ||||||||
| Consolidated Balance Sheets | ||||||||
| (Amounts in thousands except for share amounts) | ||||||||
| (Unaudited) | ||||||||
| September 30, | December 31, | |||||||
| 2010 | 2009 | |||||||
| ASSETS | ||||||||
| Investment in real estate | ||||||||
| Land | $ | 4,093,508 | $ | 3,650,324 | ||||
| Depreciable property | 15,161,007 | 13,893,521 | ||||||
| Projects under development | 499,037 | 668,979 | ||||||
| Land held for development | 290,819 | 252,320 | ||||||
| Investment in real estate | 20,044,371 | 18,465,144 | ||||||
| Accumulated depreciation | (4,313,502 | ) | (3,877,564 | ) | ||||
| Investment in real estate, net | 15,730,869 | 14,587,580 | ||||||
| Cash and cash equivalents | 43,660 | 193,288 | ||||||
| Investments in unconsolidated entities | - | 6,995 | ||||||
| Deposits – restricted | 109,608 | 352,008 | ||||||
| Escrow deposits – mortgage | 19,632 | 17,292 | ||||||
| Deferred financing costs, net | 44,488 | 46,396 | ||||||
| Other assets | 138,572 | 213,956 | ||||||
| Total assets | $ | 16,086,829 | $ | 15,417,515 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Liabilities: | ||||||||
| Mortgage notes payable | $ | 4,845,244 | $ | 4,783,446 | ||||
| Notes, net | 5,185,283 | 4,609,124 | ||||||
| Lines of credit | 146,000 | - | ||||||
| Accounts payable and accrued expenses | 111,121 | 58,537 | ||||||
| Accrued interest payable | 71,374 | 101,849 | ||||||
| Other liabilities | 341,209 | 272,236 | ||||||
| Security deposits | 62,549 | 59,264 | ||||||
| Distributions payable | 102,653 | 100,266 | ||||||
| Total liabilities | 10,865,433 | 9,984,722 | ||||||
| Commitments and contingencies | ||||||||
| Redeemable Noncontrolling Interests – Operating Partnership | 357,702 | 258,280 | ||||||
| Equity: | ||||||||
| Shareholders' equity: | ||||||||
| Preferred Shares of beneficial interest, $0.01 par value; | ||||||||
| 100,000,000 shares authorized; 1,946,125 shares issued | ||||||||
| and outstanding as of September 30, 2010 and 1,950,925 | ||||||||
| shares issued and outstanding as of December 31, 2009 | 208,653 | 208,773 | ||||||
| Common Shares of beneficial interest, $0.01 par value; | ||||||||
| 1,000,000,000 shares authorized; 283,971,112 shares issued | ||||||||
| and outstanding as of September 30, 2010 and 279,959,048 | ||||||||
| shares issued and outstanding as of December 31, 2009 | 2,840 | 2,800 | ||||||
| Paid in capital | 4,503,250 | 4,477,426 | ||||||
| Retained earnings | 150,344 | 353,659 | ||||||
| Accumulated other comprehensive (loss) income | (116,464 | ) | 4,681 | |||||
| Total shareholders' equity | 4,748,623 | 5,047,339 | ||||||
| Noncontrolling Interests: | ||||||||
| Operating Partnership | 106,531 | 116,120 | ||||||
| Partially Owned Properties | 8,540 | 11,054 | ||||||
| Total Noncontrolling Interests | 115,071 | 127,174 | ||||||
| Total equity | 4,863,694 | 5,174,513 | ||||||
| Total liabilities and equity | $ | 16,086,829 | $ | 15,417,515 | ||||
| Equity Residential | ||||||||||
| Portfolio as of September 30, 2010 | ||||||||||
| Properties | Units | |||||||||
| Wholly Owned Properties | 445 | 123,327 | ||||||||
| Partially Owned Properties: | ||||||||||
| Consolidated | 24 | 5,022 | ||||||||
| Unconsolidated | - | - | ||||||||
| Military Housing | 2 | 4,680 | ||||||||
| 471 | 133,029 | |||||||||
| Portfolio Rollforward Q3 2010 | ||||||||||
| ($ in thousands) | ||||||||||
| Purchase/ | ||||||||||
| Properties | Units | (Sale) Price | ||||||||
| 6/30/2010 | 492 | 137,091 | ||||||||
| Acquisitions: | ||||||||||
| Rental Properties: | ||||||||||
| Consolidated - Stabilized | 5 | 1,276 | $ | 348,900 | ||||||
| Consolidated - Not Stabilized (1) | 1 | 679 | $ | 200,000 | ||||||
| Land Parcels (three) | - | - | $ | 42,300 | ||||||
| Dispositions: | ||||||||||
| Rental Properties: | ||||||||||
| Consolidated | (3 | ) | (426 | ) | $ | (26,050 | ) | |||
| Unconsolidated (2) | (24 | ) | (5,635 | ) | $ | (375,129 | ) | |||
| Land Parcel (one) | - | - | $ | (4,000 | ) | |||||
| Configuration Changes | - | 44 | ||||||||
| 9/30/2010 | 471 | 133,029 | ||||||||
| Portfolio Rollforward 2010 | ||||||||||
| ($ in thousands) | ||||||||||
| Purchase/ | ||||||||||
| Properties | Units | (Sale) Price | ||||||||
| 12/31/2009 | 495 | 137,007 | ||||||||
| Acquisitions: | ||||||||||
| Rental Properties: | ||||||||||
| Consolidated - Stabilized | 12 | 2,926 | $ | 1,031,501 | ||||||
| Consolidated - Not Stabilized (1) | 2 | 1,238 | $ | 366,750 | ||||||
| Land Parcels (four) | - | - | $ | 54,300 | ||||||
| Dispositions: | ||||||||||
| Rental Properties: | ||||||||||
| Consolidated | (11 | ) | (2,437 | ) | $ | (171,990 | ) | |||
| Unconsolidated (2) | (27 | ) | (6,275 | ) | $ | (417,779 | ) | |||
| Land Parcel (one) | - | - | $ | (4,000 | ) | |||||
| Condominium Conversion Properties | (1 | ) | (2 | ) | $ | (360 | ) | |||
| Completed Developments | 1 | 480 | ||||||||
| Configuration Changes | - | 92 | ||||||||
| 9/30/2010 | 471 | 133,029 |
(3) |
|||||||
| (1) | EQR acquired one property in the third quarter of 2010 (Vantage Pointe) that was in the early stages of lease up and is expected to stabilize in its third year of ownership and acquired one unoccupied property in the second quarter of 2010 (425 Mass) that is expected to stabilize in its third year of ownership. | |
| (2) | EQR owned a 25% interest in these unconsolidated rental properties. Sale price listed is the gross sale price. | |
| (3) | During the second quarter of 2010, EQR acquired the 75% equity interest it did not own in seven previously unconsolidated properties containing 1,811 units with a real estate value of $105.1 million. One of these properties was subsequently sold while the remaining properties continue to be included in the Company's portfolio counts above. |
| Equity Residential | ||||||||||||||||||||||
| Third Quarter 2010 vs. Third Quarter 2009 | ||||||||||||||||||||||
| Same Store Results/Statistics | ||||||||||||||||||||||
| $ in thousands (except for Average Rental Rate) - 117,286 Same Store Units | ||||||||||||||||||||||
| Results | Statistics | |||||||||||||||||||||
| Average | ||||||||||||||||||||||
| Rental | ||||||||||||||||||||||
| Description | Revenues | Expenses | NOI (1) | Rate (2) | Occupancy | Turnover | ||||||||||||||||
| Q3 2010 | $ | 454,060 | $ | 173,051 | $ | 281,009 | $ | 1,360 | 95.0 | % | 17.6 | % | ||||||||||
| Q3 2009 | $ | 448,409 | $ | 169,815 | $ | 278,594 | $ | 1,362 | 93.7 | % | 18.5 | % | ||||||||||
| Change | $ | 5,651 | $ | 3,236 | $ | 2,415 | $ | (2 | ) | 1.3 | % | (0.9 | %) | |||||||||
| Change | 1.3 | % | 1.9 | % | 0.9 | % | (0.1 | %) | ||||||||||||||
| September YTD 2010 vs. September YTD 2009 | ||||||||||||||||||||||
| Same Store Results/Statistics | ||||||||||||||||||||||
| $ in thousands (except for Average Rental Rate) - 116,775 Same Store Units | ||||||||||||||||||||||
| Results | Statistics | |||||||||||||||||||||
| Average | ||||||||||||||||||||||
| Rental | ||||||||||||||||||||||
| Description | Revenues | Expenses | NOI (1) | Rate (2) | Occupancy | Turnover | ||||||||||||||||
| YTD 2010 | $ | 1,338,659 | $ | 515,549 | $ | 823,110 | $ | 1,344 | 94.9 | % | 43.7 | % | ||||||||||
| YTD 2009 | $ | 1,351,788 | $ | 506,910 | $ | 844,878 | $ | 1,375 | 93.7 | % | 47.2 | % | ||||||||||
| Change | $ | (13,129 | ) | $ | 8,639 | $ | (21,768 | ) | $ | (31 | ) | 1.2 | % | (3.5 | %) | |||||||
| Change | (1.0 | %) | 1.7 | % | (2.6 | %) | (2.3 | %) | ||||||||||||||
| (1) | The Company's primary financial measure for evaluating each of its apartment communities is net operating income ("NOI"). NOI represents rental income less property and maintenance expense, real estate tax and insurance expense and property management expense. The Company believes that NOI is helpful to investors as a supplemental measure of the operating performance of a real estate company because it is a direct measure of the actual operating results of the Company's apartment communities. | |
| (2) | Average rental rate is defined as total rental revenues divided by the weighted average occupied units for the period. |
| Equity Residential | ||||||||||||||||
| Third Quarter 2010 vs. Third Quarter 2009 | ||||||||||||||||
| Same Store Operating Expenses | ||||||||||||||||
| $ in thousands - 117,286 Same Store Units | ||||||||||||||||
| % of Actual | ||||||||||||||||
| Q3 2010 | ||||||||||||||||
| Actual | Actual | $ | % | Operating | ||||||||||||
| Q3 2010 | Q3 2009 | Change | Change | Expenses | ||||||||||||
| Real estate taxes | $ | 43,973 | $ | 45,936 | $ | (1,963 | ) | (4.3 | %) | 25.4 | % | |||||
| On-site payroll (1) | 42,324 | 40,414 | 1,910 | 4.7 | % | 24.4 | % | |||||||||
| Utilities (2) | 26,954 | 26,050 | 904 | 3.5 | % | 15.6 | % | |||||||||
| Repairs and maintenance (3) | 26,974 | 25,866 | 1,108 | 4.3 | % | 15.6 | % | |||||||||
| Property management costs (4) | 18,253 | 16,591 | 1,662 | 10.0 | % | 10.5 | % | |||||||||
| Insurance | 5,637 | 5,634 | 3 | 0.1 | % | 3.3 | % | |||||||||
| Leasing and advertising | 4,460 | 4,694 | (234 | ) | (5.0 | %) | 2.6 | % | ||||||||
| Other operating expenses (5) | 4,476 | 4,630 | (154 | ) | (3.3 | %) | 2.6 | % | ||||||||
| Same store operating expenses | $ | 173,051 | $ | 169,815 | $ | 3,236 | 1.9 | % | 100.0 | % | ||||||
| September YTD 2010 vs. September YTD 2009 | ||||||||||||||||
| Same Store Operating Expenses | ||||||||||||||||
| $ in thousands - 116,775 Same Store Units | ||||||||||||||||
| % of Actual | ||||||||||||||||
| YTD 2010 | ||||||||||||||||
| Actual | Actual | $ | % | Operating | ||||||||||||
| YTD 2010 | YTD 2009 | Change | Change | Expenses | ||||||||||||
| Real estate taxes | $ | 135,169 | $ | 137,170 | $ | (2,001 | ) | (1.5 | %) | 26.2 | % | |||||
| On-site payroll (1) | 125,363 | 122,276 | 3,087 | 2.5 | % | 24.3 | % | |||||||||
| Utilities (2) | 80,692 | 79,099 | 1,593 | 2.0 | % | 15.7 | % | |||||||||
| Repairs and maintenance (3) | 77,346 | 74,262 | 3,084 | 4.2 | % | 15.0 | % | |||||||||
| Property management costs (4) | 53,814 | 50,016 | 3,798 | 7.6 | % | 10.4 | % | |||||||||
| Insurance | 16,785 | 16,774 | 11 | 0.1 | % | 3.3 | % | |||||||||
| Leasing and advertising | 11,823 | 12,240 | (417 | ) | (3.4 | %) | 2.3 | % | ||||||||
| Other operating expenses (5) | 14,557 | 15,073 | (516 | ) | (3.4 | %) | 2.8 | % | ||||||||
| Same store operating expenses | $ | 515,549 | $ | 506,910 | $ | 8,639 | 1.7 | % | 100.0 | % | ||||||
| (1) | On-site payroll - Includes payroll and related expenses for on-site personnel including property managers, leasing consultants and maintenance staff. | |
| (2) | Utilities - Represents gross expenses prior to any recoveries under the Resident Utility Billing System ("RUBS"). Recoveries are reflected in rental income. | |
| (3) | Repairs and maintenance - Includes general maintenance costs, unit turnover costs including interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof and parking lot repairs and other miscellaneous building repair costs. | |
| (4) | Property management costs - Includes payroll and related expenses for departments, or portions of departments, that directly support on-site management. These include such departments as regional and corporate property management, property accounting, human resources, training, marketing and revenue management, procurement, real estate tax, property legal services and information technology. | |
|
(5) |
Other operating expenses - Includes administrative costs such as office supplies, telephone and data charges and association and business licensing fees. |
| Equity Residential | |||||||||||
| Debt Summary as of September 30, 2010 | |||||||||||
| (Amounts in thousands) | |||||||||||
| Weighted | |||||||||||
| Weighted | Average | ||||||||||
| Average | Maturities | ||||||||||
| Amounts (1) | % of Total | Rates (1) | (years) | ||||||||
| Secured | $ | 4,845,244 | 47.6 | % | 4.84 | % | 8.4 | ||||
| Unsecured | 5,331,283 | 52.4 | % | 4.95 | % | 4.7 | |||||
| Total | $ | 10,176,527 | 100.0 | % | 4.90 | % | 6.4 | ||||
| Fixed Rate Debt: | |||||||||||
| Secured - Conventional | $ | 3,885,690 | 38.2 | % | 5.75 | % | 7.0 | ||||
| Unsecured - Public/Private | 4,373,624 | 43.0 | % | 5.80 | % | 5.3 | |||||
| Fixed Rate Debt | 8,259,314 | 81.2 | % | 5.77 | % | 6.1 | |||||
| Floating Rate Debt: | |||||||||||
| Secured - Conventional | 353,892 | 3.5 | % | 2.50 | % | 3.5 | |||||
| Secured - Tax Exempt | 605,662 | 5.9 | % | 0.50 | % | 20.6 | |||||
| Unsecured - Public/Private | 811,659 | 8.0 | % | 1.73 | % | 1.6 | |||||
| Unsecured - Revolving Credit Facility | 146,000 | 1.4 | % | 0.67 | % | 1.4 | |||||
| Floating Rate Debt | 1,917,213 | 18.8 | % | 1.39 | % | 7.7 | |||||
| Total | $ | 10,176,527 | 100.0 | % | 4.90 | % | 6.4 | ||||
| (1) | Net of the effect of any derivative instruments. Weighted average rates are for the nine months ended September 30, 2010. | |
| Note: The Company capitalized interest of approximately $10.2 million and $28.7 million during the nine months ended September 30, 2010 and 2009, respectively. The Company capitalized interest of approximately $2.3 million and $7.7 million during the quarters ended September 30, 2010 and 2009, respectively. |
| Debt Maturity Schedule as of September 30, 2010 | ||||||||||||||||||
| (Amounts in thousands) | ||||||||||||||||||
| Weighted | Weighted | |||||||||||||||||
| Average Rates | Average | |||||||||||||||||
| Fixed | Floating | on Fixed | Rates on | |||||||||||||||
| Year | Rate (1) | Rate (1) | Total | % of Total | Rate Debt (1) | Total Debt (1) | ||||||||||||
| 2010 | $ | 4,087 | $ | 17,812 | $ | 21,899 | 0.2 | % | 7.35 | % | 3.39 | % | ||||||
| 2011 | 999,622 | (2) | 741,382 | (3) | 1,741,004 | 17.1 | % | 5.43 | % | 3.69 | % | |||||||
| 2012 | 774,807 | 184,537 | (4) | 959,344 | 9.4 | % | 5.68 | % | 4.85 | % | ||||||||
| 2013 | 270,415 | 312,160 | 582,575 | 5.7 | % | 6.75 | % | 4.91 | % | |||||||||
| 2014 | 562,456 | 22,054 | 584,510 | 5.8 | % | 5.32 | % | 5.25 | % | |||||||||
| 2015 | 358,167 | - | 358,167 | 3.5 | % | 6.40 | % | 6.40 | % | |||||||||
| 2016 | 1,150,352 | - | 1,150,352 | 11.3 | % | 5.35 | % | 5.35 | % | |||||||||
| 2017 | 1,355,863 | 456 | 1,356,319 | 13.4 | % | 5.87 | % | 5.87 | % | |||||||||
| 2018 | 80,782 | 44,677 | 125,459 | 1.2 | % | 5.73 | % | 4.28 | % | |||||||||
| 2019 | 801,786 | 20,766 | 822,552 | 8.1 | % | 5.49 | % | 5.37 | % | |||||||||
| 2020+ | 1,900,977 | 573,369 | 2,474,346 | 24.3 | % | 5.68 | % | 4.54 | % | |||||||||
| Total | $ | 8,259,314 | $ | 1,917,213 | $ | 10,176,527 | 100.0 | % | 5.77 | % | 4.88 | % | ||||||
| (1) | Net of the effect of any derivative instruments. Weighted average rates are as of September 30, 2010. | |
| (2) | Includes $482.5 million face value of 3.85% convertible unsecured debt with a final maturity of 2026. The notes are callable by the Company on or after August 18, 2011. The notes are putable by the holders on August 18, 2011, August 15, 2016 and August 15, 2021. | |
| (3) | Includes the Company's $500.0 million term loan facility, which originally matured on October 5, 2010. Effective April 12, 2010, the Company exercised the first of its two one-year extension options. As a result, the maturity date is now October 5, 2011 and there is one remaining one-year extension option exercisable by the Company. | |
|
(4) |
Includes $146.0 million outstanding on the Company's unsecured revolving credit facility. As of September 30, 2010, there was approximately $1.2 billion available on this facility. |
| Equity Residential | ||||||||||||||||
| Unsecured Debt Summary as of September 30, 2010 | ||||||||||||||||
| (Amounts in thousands) | ||||||||||||||||
| Unamortized | ||||||||||||||||
| Coupon | Due | Face | Premium/ | Net | ||||||||||||
| Rate | Date | Amount | (Discount) | Balance | ||||||||||||
| Fixed Rate Notes: | ||||||||||||||||
| 6.950% | 03/02/11 | $ | 93,096 | $ | 404 | $ | 93,500 | |||||||||
| 6.625% | 03/15/12 | 253,858 | (275 | ) | 253,583 | |||||||||||
| 5.500% | 10/01/12 | 222,133 | (438 | ) | 221,695 | |||||||||||
| 5.200% | 04/01/13 | (1) | 400,000 | (296 | ) | 399,704 | ||||||||||
| Fair Value Derivative Adjustments | (1) | (300,000 | ) | - | (300,000 | ) | ||||||||||
| 5.250% | 09/15/14 | 500,000 | (244 | ) | 499,756 | |||||||||||
| 6.584% | 04/13/15 | 300,000 | (496 | ) | 299,504 | |||||||||||
| 5.125% | 03/15/16 | 500,000 | (291 | ) | 499,709 | |||||||||||
| 5.375% | 08/01/16 | 400,000 | (1,082 | ) | 398,918 | |||||||||||
| 5.750% | 06/15/17 | 650,000 | (3,433 | ) | 646,567 | |||||||||||
| 7.125% | 10/15/17 | 150,000 | (457 | ) | 149,543 | |||||||||||
| 4.750% | 07/15/20 | 600,000 | (4,464 | ) | 595,536 | |||||||||||
| 7.570% | 08/15/26 | 140,000 | - | 140,000 | ||||||||||||
| 3.850% | 08/15/26 | (2) | 482,545 | (6,936 | ) | 475,609 | ||||||||||
| 4,391,632 | (18,008 | ) | 4,373,624 | |||||||||||||
| Floating Rate Notes: | ||||||||||||||||
| 04/01/13 | (1) | 300,000 | - | 300,000 | ||||||||||||
| Fair Value Derivative Adjustments | (1) | 11,659 | - | 11,659 | ||||||||||||
| Term Loan Facility | LIBOR+0.50% | 10/05/11 | (3)(4) | 500,000 | - | 500,000 | ||||||||||
| 811,659 | - | 811,659 | ||||||||||||||
| Revolving Credit Facility: | LIBOR+0.50% | 02/28/12 | (3)(5) | 146,000 | - | 146,000 | ||||||||||
| Total Unsecured Debt | $ | 5,349,291 | $ | (18,008 | ) | $ | 5,331,283 | |||||||||
| (1) | $300.0 million in fair value interest rate swaps converts a portion of the 5.200% notes due April 1, 2013 to a floating interest rate. | |
| (2) | Convertible notes mature on August 15, 2026. The notes are callable by the Company on or after August 18, 2011. The notes are putable by the holders on August 18, 2011, August 15, 2016 and August 15, 2021. | |
| (3) | Facilities are private. All other unsecured debt is public. | |
| (4) | Represents the Company's $500.0 million term loan facility, which originally matured on October 5, 2010. Effective April 12, 2010, the Company exercised the first of its two one-year extension options. As a result, the maturity date is now October 5, 2011 and there is one remaining one-year extension option exercisable by the Company. | |
| (5) | Represents amount outstanding on the Company's unsecured revolving credit facility which matures on February 28, 2012. As of September 30, 2010, there was approximately $1.2 billion available on this facility. |
| Equity Residential | ||||||||||||||||||||||||||
| Capital Structure as of September 30, 2010 | ||||||||||||||||||||||||||
| (Amounts in thousands except for share/unit and per share amounts) | ||||||||||||||||||||||||||
| Secured Debt | $ | 4,845,244 | 47.6 | % | ||||||||||||||||||||||
| Unsecured Debt | 5,331,283 | 52.4 | % | |||||||||||||||||||||||
| Total Debt | 10,176,527 | 100.0 | % | 41.4 | % | |||||||||||||||||||||
| Common Shares (includes Restricted Shares) | 283,971,112 | 95.3 | % | |||||||||||||||||||||||
| Units (includes OP Units and LTIP Units) | 13,859,444 | 4.7 | % | |||||||||||||||||||||||
| Total Shares and Units | 297,830,556 | 100.0 | % | |||||||||||||||||||||||
| Common Share Equivalents (see below) | 392,697 | |||||||||||||||||||||||||
| Total outstanding at quarter-end | 298,223,253 | |||||||||||||||||||||||||
| Common Share Price at September 30, 2010 | $ | 47.57 | ||||||||||||||||||||||||
| 14,186,480 | 98.6 | % | ||||||||||||||||||||||||
| Perpetual Preferred Equity (see below) | 200,000 | 1.4 | % | |||||||||||||||||||||||
| Total Equity | 14,386,480 | 100.0 | % | 58.6 | % | |||||||||||||||||||||
| Total Market Capitalization | $ | 24,563,007 | 100.0 | % | ||||||||||||||||||||||
| Convertible Preferred Equity as of September 30, 2010 | ||||||||||||||||||||||||||
| (Amounts in thousands except for share and per share amounts) | ||||||||||||||||||||||||||
| Annual | Annual | Weighted | Common | |||||||||||||||||||||||
| Redemption | Outstanding | Liquidation | Dividend | Dividend | Average | Conversion | Share | |||||||||||||||||||
| Series | Date | Shares | Value | Per Share | Amount | Rate | Ratio | Equivalents | ||||||||||||||||||
| Preferred Shares: | ||||||||||||||||||||||||||
| 7.00% Series E (1) | 11/1/98 | 323,666 | $ | 8,091 | $ | 1.75 | $ | 567 | 1.1128 | 360,176 | ||||||||||||||||
| 7.00% Series H (1) | 6/30/98 | 22,459 | 562 | 1.75 | 39 | 1.4480 | 32,521 | |||||||||||||||||||
| Total Convertible Preferred Equity | 346,125 | $ | 8,653 | $ | 606 | 7.00 | % | 392,697 | ||||||||||||||||||
| (1 | ) |
Both the Series E and the Series H Preferred Shares have been called for redemption effective November 1, 2010. |
||||||||||||||||||||||||
| Perpetual Preferred Equity as of September 30, 2010 | ||||||||||||||||||||||||||
| (Amounts in thousands except for share and per share amounts) | ||||||||||||||||||||||||||
| Annual | Annual | Weighted | ||||||||||||||||||||||||
| Redemption | Outstanding | Liquidation | Dividend | Dividend | Average | |||||||||||||||||||||
| Series | Date | Shares | Value | Per Share | Amount | Rate | ||||||||||||||||||||
| Preferred Shares: | ||||||||||||||||||||||||||
| 8.29% Series K | 12/10/26 | 1,000,000 | $ | 50,000 | $ | 4.145 | $ | 4,145 | ||||||||||||||||||
| 6.48% Series N | 6/19/08 | 600,000 | 150,000 | 16.20 | 9,720 | |||||||||||||||||||||
| Total Perpetual Preferred Equity | 1,600,000 | $ | 200,000 | $ | 13,865 | 6.93 | % | |||||||||||||||||||
| Equity Residential | |||||||||||||||
| Common Share and Unit | |||||||||||||||
| Weighted Average Amounts Outstanding | |||||||||||||||
| YTD Q310 | YTD Q309 | Q310 | Q309 | ||||||||||||
| Weighted Average Amounts Outstanding for Net Income Purposes: | |||||||||||||||
| Common Shares - basic | 281,867,105 | 272,965,818 | 282,717,105 | 273,658,165 | |||||||||||
| Shares issuable from assumed conversion/vesting of: | |||||||||||||||
| - OP Units | 13,704,927 | 16,023,881 | 13,631,198 | 15,604,484 | |||||||||||
| - long-term compensation award shares/units | 3,458,727 | 527,805 | 4,031,120 | 952,568 | |||||||||||
| Total Common Shares and Units - diluted | 299,030,759 | 289,517,504 | 300,379,423 | 290,215,217 | |||||||||||
| Period Ending Amounts Outstanding: | |||||||||||||||
| Common Shares (includes Restricted Shares) | 283,971,112 | 276,147,420 | |||||||||||||
| Units (includes OP Units and LTIP Units) | 13,859,444 | 14,432,942 | |||||||||||||
| Total Shares and Units | 297,830,556 | 290,580,362 | |||||||||||||
| Equity Residential | ||||||||||||||||||||||
| Partially Owned Entities as of September 30, 2010 | ||||||||||||||||||||||
| (Amounts in thousands except for project and unit amounts) | ||||||||||||||||||||||
| Consolidated | Unconsolidated | |||||||||||||||||||||
| Development Projects | ||||||||||||||||||||||
| Held for | Institutional | |||||||||||||||||||||
| and/or Under | Completed | Joint | ||||||||||||||||||||
| Development | and Stabilized | Other | Total | Ventures (4) | ||||||||||||||||||
| Total projects (1) | - | 4 | 20 | 24 | - | |||||||||||||||||
| Total units (1) | - | 1,302 | 3,720 | 5,022 | - | |||||||||||||||||
| Operating information for the nine months | ||||||||||||||||||||||
| ended 9/30/10 (at 100%): | ||||||||||||||||||||||
| Operating revenue | $ | 3,507 | $ | 18,946 | $ | 41,885 | $ | 64,338 | $ | 44,179 | ||||||||||||
| Operating expenses | 3,032 | 7,069 | 14,974 | 25,075 | 22,036 | |||||||||||||||||
| Net operating income | 475 | 11,877 | 26,911 | 39,263 | 22,143 | |||||||||||||||||
| Depreciation | - | 9,174 | 11,125 | 20,299 | 11,189 | |||||||||||||||||
| General and administrative/other | 52 | 107 | 34 | 193 | 141 | |||||||||||||||||
| Operating income | 423 | 2,596 | 15,752 | 18,771 | 10,813 | |||||||||||||||||
| Interest and other income | 21 | 8 | 20 | 49 | 73 | |||||||||||||||||
| Other expenses | (342 | ) | - | (493 | ) | (835 | ) | - | ||||||||||||||
| Interest: | ||||||||||||||||||||||
| Expense incurred, net | (2,382 | ) | (4,804 | ) | (15,258 | ) | (22,444 | ) | (16,482 | ) | ||||||||||||
| Amortization of deferred financing costs | - | (566 | ) | (172 | ) | (738 | ) | (573 | ) | |||||||||||||
| (Loss) before income and other taxes | ||||||||||||||||||||||
| and discontinued operations | (2,280 | ) | (2,766 | ) | (151 | ) | (5,197 | ) | (6,169 | ) | ||||||||||||
| Income and other tax (expense) benefit | (30 | ) | - | (24 | ) | (54 | ) | (153 | ) | |||||||||||||
| Net gain on sales of discontinued operations | 711 | - | 7,997 | 8,708 | 9,967 | |||||||||||||||||
| Net (loss) income | $ | (1,599 | ) | $ | (2,766 | ) | $ | 7,822 | $ | 3,457 | $ | 3,645 | ||||||||||
| Debt - Secured (2): | ||||||||||||||||||||||
| EQR Ownership (3) | $ | 154,324 | $ | 275,600 | $ | 221,858 | $ | 651,782 | $ | - | ||||||||||||
| Noncontrolling Ownership | - | - | 80,111 | 80,111 | - | |||||||||||||||||
| Total (at 100%) | $ | 154,324 | $ | 275,600 | $ | 301,969 | $ | 731,893 | $ | - | ||||||||||||
| (1) Project and unit counts exclude all uncompleted development projects until those projects are substantially completed. | |
| (2) All debt is non-recourse to the Company with the exception of $14.0 million in mortgage debt on various development projects. | |
| (3) Represents the Company's current economic ownership interest. | |
| (4) On April 30, 2010, the Company acquired the 75% equity interest it did not own in seven previously unconsolidated properties containing 1,811 units in exchange for an approximate $30.0 million payment to its partner. In addition, the Company repaid the net $70.0 million mortgage loan, which was to mature on May 1, 2010, concurrent with closing using proceeds drawn from the Company's line of credit. During the third quarter of 2010, the Company sold its 25% equity interest in the remaining 24 unconsolidated properties containing 5,635 units in exchange for an approximate $25.4 million payment from its partner and the related $264.8 million in non-recourse mortgage debt was extinguished by the partner at closing. As of September 30, 2010, the Company no longer held an interest in these unconsolidated institutional joint ventures. | |
| Equity Residential | ||||||||||||||||||||||
| Capital Expenditures to Real Estate | ||||||||||||||||||||||
| For the Nine Months Ended September 30, 2010 | ||||||||||||||||||||||
| (Amounts in thousands except for unit and per unit amounts) | ||||||||||||||||||||||
| Capital Expenditures to Real Estate | ||||||||||||||||||||||
| Building | ||||||||||||||||||||||
| Total | Replacements | Avg. | Improvements | Avg. | Avg. | |||||||||||||||||
| Units (1) | (2) | Per Unit | (3) | Per Unit | Total | Per Unit | ||||||||||||||||
| Same Store Properties (4) | 116,775 | $ | 54,840 | $ | 469 | $ | 37,577 | $ | 322 | $ | 92,417 | $ | 791 | (7) | ||||||||
| Non-Same Store Properties (5) | 11,574 | 2,409 | 289 | 3,595 | 431 | 6,004 | 720 | |||||||||||||||
| Other (6) | - | 292 | 246 | 538 | ||||||||||||||||||
| Total | 128,349 | $ | 57,541 | $ | 41,418 | $ | 98,959 | |||||||||||||||
| (1) | Total Units - Excludes 4,680 military housing units for which repairs and maintenance expenses and capital expenditures | |
| to real estate are self-funded and do not consolidate into the Company's results. | ||
| (2) | Replacements - Includes new expenditures inside the units such as appliances, mechanical equipment, fixtures and flooring, including carpeting. Replacements for same store properties also include $23.0 million spent on various assets related to unit renovations/rehabs (primarily kitchens and baths) designed to reposition these assets for higher rental levels in their respective markets. | |
| (3) | Building Improvements - Includes roof replacement, paving, amenities and common areas, building mechanical equipment systems, exterior painting and siding, major landscaping, vehicles and office and maintenance equipment. | |
| (4) |
Same Store Properties - Primarily includes all properties acquired or completed and stabilized prior to January 1, 2009, less properties subsequently sold. |
|
| (5) | Non-Same Store Properties - Primarily includes all properties acquired during 2009 and 2010, plus any properties in lease-up and not stabilized as of January 1, 2009. Per unit amounts are based on a weighted average of 8,336 units. | |
|
(6) |
Other - Primarily includes expenditures for properties sold during the period. |
|
|
(7) |
For 2010, the Company estimates that it will spend approximately $1,075 per unit of capital expenditures for its same store properties inclusive of unit renovation/rehab costs, or $825 per unit excluding unit renovation/rehab costs. |
| Equity Residential | ||||||||||||||||
| Discontinued Operations | ||||||||||||||||
| (Amounts in thousands) | ||||||||||||||||
| Nine Months Ended | Quarter Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
| REVENUES | ||||||||||||||||
| Rental income | $ | 7,296 | $ | 90,113 | $ | 1,914 | $ | 21,018 | ||||||||
| Total revenues | 7,296 | 90,113 | 1,914 | 21,018 | ||||||||||||
| EXPENSES (1) | ||||||||||||||||
| Property and maintenance | 2,942 | 29,420 | 310 | 7,456 | ||||||||||||
| Real estate taxes and insurance | 1,078 | 9,565 | 223 | 2,209 | ||||||||||||
| Depreciation | 1,522 | 22,736 | 377 | 5,487 | ||||||||||||
| General and administrative | 26 | 29 | 10 | 4 | ||||||||||||
| Total expenses | 5,568 | 61,750 | 920 | 15,156 | ||||||||||||
| Discontinued operating income | 1,728 | 28,363 | 994 | 5,862 | ||||||||||||
| Interest and other income | 360 | 16 | - | 3 | ||||||||||||
| Interest (2): | ||||||||||||||||
| Expense incurred, net | (659 | ) | (1,372 | ) | (318 | ) | (352 | ) | ||||||||
| Amortization of deferred financing costs | (11 | ) | (335 | ) | (8 | ) | (293 | ) | ||||||||
| Income and other tax (expense) benefit | (38 | ) | (88 | ) | (11 | ) | (19 | ) | ||||||||
| Discontinued operations | 1,380 | 26,584 | 657 | 5,201 | ||||||||||||
| Net gain on sales of discontinued operations | 69,538 | 274,933 | 9,285 | 129,135 | ||||||||||||
| Discontinued operations, net | $ | 70,918 | $ | 301,517 | $ | 9,942 | $ | 134,336 | ||||||||
| (1) | Includes expenses paid in the current period for properties sold or held for sale in prior periods related to the Company’s period of ownership. | |
| (2) | Includes only interest expense specific to secured mortgage notes payable for properties sold and/or held for sale. |
| Equity Residential | ||||||||||||||||
| Additional Reconciliations | ||||||||||||||||
| (Amounts in thousands) | ||||||||||||||||
| Same Store NOI Reconciliation | ||||||||||||||||
| The following tables present reconciliations of operating income per the consolidated statements of operations to NOI for the September YTD 2010 and Third Quarter 2010 Same Store Properties: | ||||||||||||||||
| Nine Months Ended September 30, | Quarter Ended September 30, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
| Operating income | $ | 366,769 | $ | 387,409 | $ | 127,196 | $ | 128,655 | ||||||||
| Adjustments: | ||||||||||||||||
| Non-same store operating results | (71,635 | ) | (10,870 | ) | (28,629 | ) | (3,385 | ) | ||||||||
| Fee and asset management revenue | (7,596 | ) | (7,928 | ) | (2,128 | ) | (2,653 | ) | ||||||||
| Fee and asset management expense | 4,364 | 5,916 | 704 | 1,931 | ||||||||||||
| Depreciation | 500,173 | 428,751 | 173,642 | 144,165 | ||||||||||||
| General and administrative | 31,035 | 30,476 | 10,224 | 9,881 | ||||||||||||
| Impairment | - | 11,124 | - | - | ||||||||||||
| Same store NOI | $ | 823,110 | $ | 844,878 | $ | 281,009 | $ | 278,594 | ||||||||
16