Investments in Partially Owned Entities (Tables)

9 Months Ended

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

	Consolidated			Unconsolidated
	(VIE)			(Non-VIE)			(VIE) (1)			Total
Total properties	18			2			—			2
Total apartment units	3,471			945			—			945
Balance sheet information at 9/30/16 (at 100%):
ASSETS
Investment in real estate	$	668,656		$	235,025		$	172,995		$	408,020
Accumulated depreciation	(220,216		)	(30,246		)	(43,169		)	(73,415		)
Investment in real estate, net	448,440			204,779			129,826			334,605
Cash and cash equivalents	19,499			8,203			17			8,220
Investments in unconsolidated entities	47,521			—			—			—
Deposits – restricted	336			262			—			262
Other assets	26,655			344			299			643
Total assets	$	542,451		$	213,588		$	130,142		$	343,730
LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable, net (2)	$	318,427		$	145,423		$	—		$	145,423
Accounts payable & accrued expenses	2,944			2,674			133			2,807
Accrued interest payable	1,085			691			—			691
Other liabilities	625			255			8			263
Security deposits	1,913			485			—			485
Total liabilities	324,994			149,528			141			149,669
Noncontrolling Interests – Partially Owned Properties/Partners' equity	4,194			60,689			86,650			147,339
Company equity/General and Limited Partners' Capital	213,263			3,371			43,351			46,722
Total equity/capital	217,457			64,060			130,001			194,061
Total liabilities and equity/capital	$	542,451		$	213,588		$	130,142		$	343,730

Partially Owned Property Income Statement Schedule [Table Text Block]

	Consolidated			Unconsolidated
	(VIE)			(Non-VIE)			(VIE) (1)			Total
Operating information for the nine months ended 9/30/16 (at 100%):
Operating revenue	$	70,123		$	19,917		$	3,927		$	23,844
Operating expenses	17,183			6,785			1,583			8,368
Net operating income	52,940			13,132			2,344			15,476
Property management	2,476			580			56			636
General and administrative/other	50			1			48			49
Depreciation	16,161			7,876			4,125			12,001
Operating income (loss)	34,253			4,675			(1,885		)	2,790
Interest and other income	47			—			—			—
Other expenses	(7		)	—			—			—
Interest:
Expense incurred, net	(11,073		)	(6,217		)	—			(6,217		)
Amortization of deferred financing costs	(289		)	—			—			—
Income (loss) before income and other taxes and (loss) from investments in unconsolidated entities	22,931			(1,542		)	(1,885		)	(3,427		)
Income and other tax (expense) benefit	(44		)	(13		)	—			(13		)
(Loss) from investments in unconsolidated entities	(1,091		)	—			—			—
Net income (loss)	$	21,796		$	(1,555	)	$	(1,885	)	$	(3,440	)

(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 established 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 $41.3 million at September 30, 2016. The ventures are owned 60% by the Company.