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CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
REVENUES      
Rental income $ 2,736,578 $ 2,605,311 $ 2,378,004
Fee and asset management 8,387 9,437 9,698
Total revenues 2,744,965 2,614,748 2,387,702
EXPENSES      
Property and maintenance 479,160 473,098 449,427
Real estate taxes and insurance 339,802 325,401 293,999
Property management 81,185 79,636 84,342
Fee and asset management 5,021 5,429 6,460
Depreciation 765,895 758,861 978,973
General and administrative 65,082 50,948 62,179
Total expenses 1,736,145 1,693,373 1,875,380
Operating income 1,008,820 921,375 512,322
Interest and other income 7,372 4,462 5,283
Other expenses (2,942) (9,073) (29,630)
Interest:      
Expense incurred, net (444,069) (457,191) (586,854)
Amortization of deferred financing costs (10,801) (11,088) (22,197)
Income (loss) before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations 558,380 448,485 (121,076)
Income and other tax (expense) benefit (917) (1,394) (1,169)
Income (loss) from investments in unconsolidated entities 15,025 (7,952) (58,156)
Net gain on sales of real estate properties 335,134 212,685 0
Net (loss) gain on sales of land parcels (1) 5,277 12,227
Income (loss) from continuing operations 907,621 657,101 (168,174)
Discontinued operations, net 397 1,582 2,073,527
Net income 908,018 658,683 1,905,353
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (3,657) (2,544) 538
Net income attributable to controlling interests 870,120 631,308 1,830,613
ALLOCATION OF NET INCOME:      
Premium on redemption of Preference Units $ (3,486) $ 0 $ 0
Earnings per Unit – basic:      
Income (loss) from continuing operations available to Units $ 2.37 $ 1.73 $ (0.47)
Net income available to Units 2.37 1.74 5.16
Earnings per Unit – diluted:      
Income (loss) from continuing operations available to Units 2.36 1.72 (0.47)
Net income available to Units $ 2.36 $ 1.73 $ 5.16
Weighted average Units outstanding 380,620 377,735 354,305
ERPOP [Member]      
REVENUES      
Rental income $ 2,736,578 $ 2,605,311 $ 2,378,004
Fee and asset management 8,387 9,437 9,698
Total revenues 2,744,965 2,614,748 2,387,702
EXPENSES      
Property and maintenance 479,160 473,098 449,427
Real estate taxes and insurance 339,802 325,401 293,999
Property management 81,185 79,636 84,342
Fee and asset management 5,021 5,429 6,460
Depreciation 765,895 758,861 978,973
General and administrative 65,082 50,948 62,179
Total expenses 1,736,145 1,693,373 1,875,380
Operating income 1,008,820 921,375 512,322
Interest and other income 7,372 4,462 5,283
Other expenses (2,942) (9,073) (29,630)
Interest:      
Expense incurred, net (444,069) (457,191) (586,854)
Amortization of deferred financing costs (10,801) (11,088) (22,197)
Income (loss) before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations 558,380 448,485 (121,076)
Income and other tax (expense) benefit (917) (1,394) (1,169)
Income (loss) from investments in unconsolidated entities 15,025 (7,952) (58,156)
Net gain on sales of real estate properties 335,134 212,685 0
Net (loss) gain on sales of land parcels (1) 5,277 12,227
Income (loss) from continuing operations 907,621 657,101 (168,174)
Discontinued operations, net 397 1,582 2,073,527
Net income 908,018 658,683 1,905,353
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (3,657) (2,544) 538
Net income attributable to controlling interests 904,361 656,139 1,905,891
ALLOCATION OF NET INCOME:      
Preference Units 3,357 4,145 4,145
Premium on redemption of Preference Units 3,486 0 0
General Partner 863,277 627,163 1,826,468
Limited Partners 34,241 24,831 75,278
Net income available to Units $ 897,518 $ 651,994 $ 1,901,746
Earnings per Unit – basic:      
Income (loss) from continuing operations available to Units $ 2.37 $ 1.73 $ (0.47)
Net income available to Units $ 2.37 $ 1.74 $ 5.16
Weighted average Units outstanding 377,074 374,899 368,038
Earnings per Unit – diluted:      
Income (loss) from continuing operations available to Units $ 2.36 $ 1.72 $ (0.47)
Net income available to Units $ 2.36 $ 1.73 $ 5.16
Weighted average Units outstanding 380,620 377,735 368,038
Distributions declared per Unit outstanding $ 2.210 $ 2.000 $ 1.850