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CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
REVENUES        
Rental income $ 594,939 $ 676,508 $ 1,211,104 $ 1,341,114
Fee and asset management 215 2,604 3,133 4,369
Total revenues 595,154 679,112 1,214,237 1,345,483
EXPENSES        
Property and maintenance 96,307 118,005 205,472 242,565
Real estate taxes and insurance 77,415 83,119 157,611 169,551
Property management 20,991 21,792 44,486 44,557
General and administrative 18,296 15,659 35,013 35,421
Depreciation 176,127 194,282 349,012 388,803
Total expenses 389,136 432,857 791,594 880,897
Operating income 206,018 246,255 422,643 464,586
Interest and other income 56,525 6,481 59,583 6,650
Other expenses (1,504) (1,770) (4,060) (1,700)
Interest:        
Expense incurred, net (86,472) (110,866) (299,964) (219,648)
Amortization of deferred financing costs (2,345) (2,538) (7,739) (5,127)
Income before income and other taxes, (loss) income from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations 172,222 137,562 170,463 244,761
Income and other tax (expense) benefit (413) (326) (763) (369)
(Loss) income from investments in unconsolidated entities (800) 12,466 (1,904) 15,429
Net gain on sales of real estate properties 57,356 148,802 3,780,835 228,753
Net gain (loss) on sales of land parcels 0 0 11,722 (1)
Income from continuing operations 228,365 298,504 3,960,353 488,573
Discontinued operations, net 35 114 (122) 269
Net income 228,400 298,618 3,960,231 488,842
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties (781) (844) (1,545) (1,487)
Net income attributable to controlling interests 218,839 286,420 3,806,597 468,942
ALLOCATION OF NET INCOME:        
Premium on redemption of Preference Units $ 0 $ 0 $ 0 $ (2,789)
Earnings per Unit – basic:        
Income from continuing operations available to Units $ 0.60 $ 0.79 $ 10.43 $ 1.28
Net income available to Units 0.60 0.79 10.43 1.28
Earnings per Unit – diluted:        
Income from continuing operations available to Units 0.59 0.78 10.36 1.27
Net income available to Units $ 0.59 $ 0.78 $ 10.36 $ 1.27
Weighted Average Number of Shares/Units Outstanding, Diluted 382,065 380,491 382,012 380,346
ERPOP [Member]        
REVENUES        
Rental income $ 594,939 $ 676,508 $ 1,211,104 $ 1,341,114
Fee and asset management 215 2,604 3,133 4,369
Total revenues 595,154 679,112 1,214,237 1,345,483
EXPENSES        
Property and maintenance 96,307 118,005 205,472 242,565
Real estate taxes and insurance 77,415 83,119 157,611 169,551
Property management 20,991 21,792 44,486 44,557
General and administrative 18,296 15,659 35,013 35,421
Depreciation 176,127 194,282 349,012 388,803
Total expenses 389,136 432,857 791,594 880,897
Operating income 206,018 246,255 422,643 464,586
Interest and other income 56,525 6,481 59,583 6,650
Other expenses (1,504) (1,770) (4,060) (1,700)
Interest:        
Expense incurred, net (86,472) (110,866) (299,964) (219,648)
Amortization of deferred financing costs (2,345) (2,538) (7,739) (5,127)
Income before income and other taxes, (loss) income from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations 172,222 137,562 170,463 244,761
Income and other tax (expense) benefit (413) (326) (763) (369)
(Loss) income from investments in unconsolidated entities (800) 12,466 (1,904) 15,429
Net gain on sales of real estate properties 57,356 148,802 3,780,835 228,753
Net gain (loss) on sales of land parcels 0 0 11,722 (1)
Income from continuing operations 228,365 298,504 3,960,353 488,573
Discontinued operations, net 35 114 (122) 269
Net income 228,400 298,618 3,960,231 488,842
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties (781) (844) (1,545) (1,487)
Net income attributable to controlling interests 227,619 297,774 3,958,686 487,355
ALLOCATION OF NET INCOME:        
Preference Units 772 833 1,545 1,724
Premium on redemption of Preference Units 0 0 0 2,789
General Partner 218,067 285,587 3,805,052 464,429
Limited Partners 8,780 11,354 152,089 18,413
Net income available to Units $ 226,847 $ 296,941 $ 3,957,141 $ 482,842
Earnings per Unit – basic:        
Income from continuing operations available to Units $ 0.60 $ 0.79 $ 10.43 $ 1.28
Net income available to Units $ 0.60 $ 0.79 $ 10.43 $ 1.28
Weighted average Units outstanding 378,934 377,063 378,612 376,880
Earnings per Unit – diluted:        
Income from continuing operations available to Units $ 0.59 $ 0.78 $ 10.36 $ 1.27
Net income available to Units $ 0.59 $ 0.78 $ 10.36 $ 1.27
Weighted Average Number of Shares/Units Outstanding, Diluted 382,065 380,491 382,012 380,346
Distributions declared per Unit outstanding $ 0.50375 $ 0.5525 $ 9.0075 $ 1.105