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CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $)
Share data in Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
REVENUES        
Rental income $ 649,766,000 $ 614,544,000 $ 1,280,491,000 $ 1,117,106,000
Fee and asset management 2,802,000 2,673,000 5,519,000 4,833,000
Total revenues 652,568,000 617,217,000 1,286,010,000 1,121,939,000
EXPENSES        
Property and maintenance 115,388,000 113,501,000 240,961,000 212,030,000
Real estate taxes and insurance 83,055,000 76,742,000 165,149,000 141,837,000
Property management 20,555,000 22,031,000 42,673,000 44,520,000
Fee and asset management 1,378,000 1,577,000 3,040,000 3,223,000
Depreciation 190,136,000 323,304,000 375,303,000 519,526,000
General and administrative 13,752,000 16,085,000 31,328,000 32,580,000
Total expenses 424,264,000 553,240,000 858,454,000 953,716,000
Operating Income 228,304,000 63,977,000 427,556,000 168,223,000
Interest and other income 2,032,000 432,000 2,637,000 752,000
Other expenses (1,533,000) (1,631,000) (2,190,000) (23,350,000)
Interest:        
Expense incurred, net (115,924,000) (122,950,000) (228,973,000) (317,417,000)
Amortization of deferred financing costs (3,134,000) (4,353,000) (5,926,000) (11,301,000)
Income (loss) before income and other taxes, (loss) from investments in unconsolidated entities, net gain on sales of land parcels, discontinued operations and net gain on sales of real estate properties 109,745,000 (64,525,000) 193,104,000 (183,093,000)
Income and other tax (expense) benefit (646,000) (428,000) (886,000) (833,000)
(Loss) from investments in unconsolidated entities (7,616,000) (8,174,000) (9,025,000) (54,540,000)
Net gain on sales of land parcels 824,000 14,616,000 794,000 14,616,000
Income (loss) from continuing operations 102,307,000 (58,511,000) 183,987,000 (223,850,000)
Discontinued operations, net 510,000 395,243,000 1,562,000 1,621,616,000
Income before net gain on sales of real estate properties 102,817,000 336,732,000 185,549,000 1,397,766,000
Net gain on sales of real estate properties 14,903,000 0 14,903,000 0
Net income 117,720,000 336,732,000 200,452,000 1,397,766,000
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (588,000) 815,000 (1,092,000) 790,000
Net income attributable to controlling interests 112,690,000 324,759,000 191,825,000 1,342,445,000
Earnings per Unit - basic:        
Income (loss) from continuing operations available to Units $ 0.308 $ (0.157) $ 0.522 $ (0.620)
Net income available to Units $ 0.309 $ 0.900 $ 0.526 $ 3.844
Earnings per Unit - diluted:        
Income (loss) from continuing operations available to Units $ 0.307 $ (0.157) $ 0.520 $ (0.620)
Net income available to Units $ 0.308 $ 0.900 $ 0.524 $ 3.844
OPERATING PARTNERSHIP
       
REVENUES        
Rental income 649,766,000 614,544,000 1,280,491,000 1,117,106,000
Fee and asset management 2,802,000 2,673,000 5,519,000 4,833,000
Total revenues 652,568,000 617,217,000 1,286,010,000 1,121,939,000
EXPENSES        
Property and maintenance 115,388,000 113,501,000 240,961,000 212,030,000
Real estate taxes and insurance 83,055,000 76,742,000 165,149,000 141,837,000
Property management 20,555,000 22,031,000 42,673,000 44,520,000
Fee and asset management 1,378,000 1,577,000 3,040,000 3,223,000
Depreciation 190,136,000 323,304,000 375,303,000 519,526,000
General and administrative 13,752,000 16,085,000 31,328,000 32,580,000
Total expenses 424,264,000 553,240,000 858,454,000 953,716,000
Operating Income 228,304,000 63,977,000 427,556,000 168,223,000
Interest and other income 2,032,000 432,000 2,637,000 752,000
Other expenses (1,533,000) (1,631,000) (2,190,000) (23,350,000)
Interest:        
Expense incurred, net (115,924,000) (122,950,000) (228,973,000) (317,417,000)
Amortization of deferred financing costs (3,134,000) (4,353,000) (5,926,000) (11,301,000)
Income (loss) before income and other taxes, (loss) from investments in unconsolidated entities, net gain on sales of land parcels, discontinued operations and net gain on sales of real estate properties 109,745,000 (64,525,000) 193,104,000 (183,093,000)
Income and other tax (expense) benefit (646,000) (428,000) (886,000) (833,000)
(Loss) from investments in unconsolidated entities (7,616,000) (8,174,000) (9,025,000) (54,540,000)
Net gain on sales of land parcels 824,000 14,616,000 794,000 14,616,000
Income (loss) from continuing operations 102,307,000 (58,511,000) 183,987,000 (223,850,000)
Discontinued operations, net 510,000 395,243,000 1,562,000 1,621,616,000
Income before net gain on sales of real estate properties 102,817,000 336,732,000 185,549,000 1,397,766,000
Net gain on sales of real estate properties 14,903,000 0 14,903,000 0
Net income 117,720,000 336,732,000 200,452,000 1,397,766,000
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (588,000) 815,000 (1,092,000) 790,000
Net income attributable to controlling interests 117,132,000 337,547,000 199,360,000 1,398,556,000
ALLOCATION OF NET INCOME:        
Preference Units 1,036,000 1,036,000 2,072,000 2,072,000
General Partner 111,654,000 323,723,000 189,753,000 1,340,373,000
Limited Partners 4,442,000 12,788,000 7,535,000 56,111,000
Net income available to Units $ 116,096,000 $ 336,511,000 $ 197,288,000 $ 1,396,484,000
Earnings per Unit - basic:        
Income (loss) from continuing operations available to Units $ 0.308 $ (0.157) $ 0.522 $ (0.620)
Net income available to Units $ 0.309 $ 0.900 $ 0.526 $ 3.844
Weighted average Units outstanding 374,551 373,403 374,377 362,390
Earnings per Unit - diluted:        
Income (loss) from continuing operations available to Units $ 0.307 $ (0.157) $ 0.520 $ (0.620)
Net income available to Units $ 0.308 $ 0.900 $ 0.524 $ 3.844
Weighted average Units outstanding 377,118 373,403 376,780 362,390
Distributions declared per Unit outstanding $ 0.50 $ 0.40 $ 1.00 $ 0.80