
14.	Subsequent Events/Other

Subsequent Events

Subsequent to September 30, 2016, the Company:


•	Sold one wholly-owned property consisting of 143 apartment units for $29.0 million and repaid $0.3 million of mortgage debt at closing;


•	Issued $500.0 million of ten-year 2.85% fixed rate public notes, receiving net proceeds of $496.7 million before underwriting fees, at an all-in effective interest rate of approximately 3.10%;


•	Paid approximately $4.7 million to settle one forward starting swap in conjunction with the issuance of the $500.0 million fixed rate public notes discussed above; and


•	Paid a special dividend of $3.00 per share/unit (approximately $1.1 billion) on October 14, 2016 to shareholders/unitholders of record on September 26, 2016.

Other

During the nine months ended September 30, 2016, the Company purchased all of the issued and outstanding 3.00% Series P Cumulative Redeemable Preference Units at a par value of $18.4 million and retired these units in conjunction with the purchase. The Operating Partnership had previously issued these units to its partner as part of the buyout of its partner’s 95% interest in a previously unconsolidated development property. In conjunction with this transaction, the Company reduced other liabilities by $18.4 million as the units had been classified as a liability due in part to the fact that the holder could put the units to EQR for cash.

During the nine months ended September 30, 2016, the Company sold its entire interest in the management contracts and related rights associated with the military housing ventures at Joint Base Lewis McChord consisting of 5,161 apartment units for approximately $63.3 million and recognized a gain on sale of approximately $52.4 million, which is included in interest and other income in the accompanying consolidated statements of operations and comprehensive income.

During the nine months ended September 30, 2016 and 2015, the Company received $2.9 million and $5.8 million, respectively, for the settlement of various litigation/insurance claims, which are included in interest and other income in the accompanying consolidated statements of operations and comprehensive income.

During the nine months ended September 30, 2016 and 2015, the Company incurred charges of $1.4 million and $0.2 million, respectively, related to property acquisition costs, such as survey, title and legal fees, on the acquisition of operating properties and $3.4 million and $2.3 million, respectively, related to the write-off of various pursuit and out-of-pocket costs for terminated acquisition, disposition and development transactions. These costs, totaling $4.8 million and $2.5 million, respectively, are included in other expenses in the accompanying consolidated statements of operations and comprehensive income.