Investments in Partially Owned Entities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2016 (amounts in thousands except for property and apartment unit amounts):

	Consolidated			Unconsolidated
	(VIE)			(Non-VIE)			(VIE) (1)			Total
Total properties	18			2			1			3
Total apartment units	3,471			945			336			1,281
Balance sheet information at 6/30/16 (at 100%):
ASSETS
Investment in real estate	$	667,414		$	234,807		$	229,685		$	464,492
Accumulated depreciation	(214,810		)	(27,615		)	(51,053		)	(78,668		)
Investment in real estate, net	452,604			207,192			178,632			385,824
Cash and cash equivalents	17,860			6,860			1,068			7,928
Investments in unconsolidated entities	48,127			—			—			—
Deposits – restricted	353			262			47			309
Other assets	25,658			448			913			1,361
Total assets	$	544,602		$	214,762		$	180,660		$	395,422
LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable, net (2)	$	318,114		$	145,423		$	29,123		$	174,546
Accounts payable & accrued expenses	1,966			1,239			351			1,590
Accrued interest payable	1,085			691			—			691
Other liabilities	754			312			541			853
Security deposits	1,959			488			155			643
Total liabilities	323,878			148,153			30,170			178,323
Noncontrolling Interests – Partially Owned Properties/Partners' equity	4,278			62,282			104,272			166,554
Company equity/General and Limited Partners' Capital	216,446			4,327			46,218			50,545
Total equity/capital	220,724			66,609			150,490			217,099
Total liabilities and equity/capital	$	544,602		$	214,762		$	180,660		$	395,422

Partially Owned Property Income Statement Schedule [Table Text Block]

	Consolidated			Unconsolidated
	(VIE)			(Non-VIE)			(VIE) (1)			Total
Operating information for the six months ended 6/30/16 (at 100%):
Operating revenue	$	46,331		$	13,139		$	5,794		$	18,933
Operating expenses	11,319			4,348			2,337			6,685
Net operating income	35,012			8,791			3,457			12,248
Property management	1,633			383			38			421
General and administrative/other	40			1			165			166
Depreciation	10,755			5,246			3,716			8,962
Operating income (loss)	22,584			3,161			(462		)	2,699
Interest and other income	37			—			—			—
Interest:
Expense incurred, net	(7,549		)	(4,145		)	(545		)	(4,690		)
Amortization of deferred financing costs	(218		)	—			—			—
Income (loss) before income and other taxes and (loss) from investments in unconsolidated entities	14,854			(984		)	(1,007		)	(1,991		)
Income and other tax (expense) benefit	(44		)	(13		)	—			(13		)
(Loss) from investments in unconsolidated entities	(731		)	—			—			—
Net income (loss)	$	14,079		$	(997	)	$	(1,007	)	$	(2,004	)

(1) Includes the company's unconsolidated interest in an entity that owns the land underlying our Wisconsin Place apartment property and owns and operates the parking facility. This entity is excluded from the property and apartment unit count.

(2) 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 $42.1 million at June 30, 2016. The ventures are owned 60% by the Company and 40% by AVB.