Investments in Partially Owned Entities (Tables)

3 Months Ended

Mar. 31, 2016

Investments in Partially Owned Entities [Abstract]

Partially Owned Property Balance Sheet Schedule [Table Text Block]

The following tables and information summarize the Company’s investments in partially owned entities as of March 31, 2016 (amounts in thousands except for property and apartment unit amounts):

	Consolidated			Unconsolidated
	(VIE)			(Non-VIE)			(VIE)			Total
Total properties	18			2			1			3
Total apartment units	3,471			945			336			1,281
Balance sheet information at 3/31/16 (at 100%):
ASSETS
Investment in real estate	$	665,996		$	234,383		$	229,599		$	463,982
Accumulated depreciation	(209,424		)	(24,991		)	(49,194		)	(74,185		)
Investment in real estate, net	456,572			209,392			180,405			389,797
Cash and cash equivalents	15,051			7,836			1,201			9,037
Investments in unconsolidated entities	48,797			—			—			—
Deposits – restricted	351			242			47			289
Other assets	25,948			103			786			889
Total assets	$	546,719		$	217,573		$	182,439		$	400,012
LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable, net (1)	$	317,801		$	145,423		$	29,269		$	174,692
Accounts payable & accrued expenses	2,786			1,729			351			2,080
Accrued interest payable	1,099			691			—			691
Other liabilities	521			258			216			474
Security deposits	1,939			510			159			669
Total liabilities	324,146			148,611			29,995			178,606
Noncontrolling Interests – Partially Owned Properties/Partners' equity	4,399			63,809			108,968			172,777
Company equity/General and Limited Partners' Capital	218,174			5,153			43,476			48,629
Total equity/capital	222,573			68,962			152,444			221,406
Total liabilities and equity/capital	$	546,719		$	217,573		$	182,439		$	400,012

Partially Owned Property Income Statement Schedule [Table Text Block]

	Consolidated			Unconsolidated
	(VIE)			(Non-VIE)			(VIE)			Total
Operating information for the quarter ended 3/31/16 (at 100%):
Operating revenue	$	22,997		$	6,528		$	2,913		$	9,441
Operating expenses	5,598			2,196			1,153			3,349
Net operating income	17,399			4,332			1,760			6,092
Property management	811			190			19			209
General and administrative/other	15			—			86			86
Depreciation	5,369			2,621			1,858			4,479
Operating income (loss)	11,204			1,521			(203		)	1,318
Interest and other income	20			—			—			—
Interest:
Expense incurred, net	(4,038		)	(2,072		)	(272		)	(2,344		)
Amortization of deferred financing costs	(147		)	—			—			—
Income (loss) before income and other taxes and (loss) from investments in unconsolidated entities	7,039			(551		)	(475		)	(1,026		)
Income and other tax (expense) benefit	(12		)	—			—			—
(Loss) from investments in unconsolidated entities	(369		)	—			—			—
Net income (loss)	$	6,658		$	(551	)	$	(475	)	$	(1,026	)

(1) All debt is non-recourse to the Company.

Note: The above tables exclude EQR's ownership interest in ERPOP and the Company's interests in unconsolidated joint ventures entered into with AvalonBay Communities, Inc. (“AVB”) in connection with the acquisition of certain real estate related assets from Archstone Enterprise LP (such assets are referred to herein as "Archstone"). These ventures owned certain Archstone assets and succeeded to certain residual Archstone liabilities/litigation, as well as responsibility for tax protection arrangements and third-party preferred interests in former Archstone subsidiaries. The preferred interests had an aggregate liquidation value of $42.2 million at March 31, 2016. The ventures are owned 60% by the Company and 40% by AVB.