-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MEARRiQIsK+aW0M20fwZuw9ZRHbmUtx/4Bja4iak9sYGa3rCJCwXaxIGdE/ToE0u FRMW5RfaxhucCEChEt3Rcw== 0000950131-97-002395.txt : 19970404 0000950131-97-002395.hdr.sgml : 19970404 ACCESSION NUMBER: 0000950131-97-002395 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970403 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970403 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: EQUITY RESIDENTIAL PROPERTIES TRUST CENTRAL INDEX KEY: 0000906107 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 363877868 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-12252 FILM NUMBER: 97574491 BUSINESS ADDRESS: STREET 1: TWO N RIVERSIDE PLZ STREET 2: STE 400 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3124741300 MAIL ADDRESS: STREET 1: TWO N RIVERSIDE PLAZA STREET 2: SUITE 450 CITY: CHICAGO STATE: IL ZIP: 60606 8-K/A 1 FORM 8-K/A FOR EQUITY RESIDENTIAL SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A Amendment to Application of Report Filed Pursuant to Section 12, 13 or 15(d) of The Securities Exchange Act of 1934 EQUITY RESIDENTIAL PROPERTIES TRUST (Exact Name of Registrant As Specified In Its Charter) 1-12252 (Commission File No.) AMENDMENT NO. 1 The undersigned registrant hereby amends the following items, financial statements, exhibits or other portions of its Current Report on Form 8-K dated November 15, 1996 as set forth in the pages attached hereto: Filing of amended information under Item 7 (b). Pursuant to the requirements of Securities Exchange Act of 1934, the Registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized. Equity Residential Properties Trust Date: November 15, 1996 By: /s/ Michael J. McHugh -------------------------------- Michael J. McHugh Senior Vice President, Chief Accounting Officer and Treasurer EQUITY RESIDENTIAL PROPERTIES TRUST PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Capitalized terms not defined herein are used as defined in the Company's Annual Report on Form 10-K for the year ended December 31, 1995, as amended by Form 10-K/A, and the Company's Quarterly Report on Form 10-Q for the three months ended September 30, 1996. The following unaudited Pro Forma Condensed Balance Sheet as of September 30, 1996 and Statement of Operations for the nine months ended September 30, 1996 have been presented as if the January 1996 Common Share Offering, the February 1996 Common Share Offering, the May 1996 Common Share Offerings, the Third Public Debt Offering, the Series C Preferred Share Offering, the September 1996 Common Share Offering, the refinancing of certain tax-exempt bonds, the acquisition of 41 multifamily residential properties (10 from January 1, 1996 through May 30, 1996 and 31 from May 31, 1996 through the date of this Form 8-K) and disposition of two multifamily residential properties had occurred on January 1, 1996 (or September 30, 1996 for balance sheet purposes). Thirty-eight of the acquired properties are included in the Historical Balance Sheet as of September 30, 1996 and three of the properties which were acquired subsequent to September 30, 1996 are included on a Pro Forma basis as described in Note A of the Pro Forma Condensed Consolidated Balance Sheet as of September 30, 1996. The following unaudited Pro Forma Statement of Operations for the year ended December 31, 1995 has been presented as if the January 1996 Common Share Offering, the February 1996 Common Share Offering, the May 1996 Common Share Offerings, the Second Public Debt Offering, the Series A Preferred Share Offering, the Series B Preferred Share Offering, the Third Public Debt Offering, the Series C Preferred Share Offering, the September 1996 Common Share Offering, the refinancing of certain tax-exempt bonds, the acquisition of 58 multifamily residential properties, the disposition of eight multifamily residential properties and the investment in partnership interests and subordinated mortgages collateralized by 21 multifamily residential properties had occurred on January 1, 1995. The unaudited Pro Forma Condensed Consolidated Financial Statements are not necessarily indicative of the results of future operations, nor the results of historical operations, had all the transactions occurred as described above on either January 1, 1995 or January 1, 1996. The Pro Forma Condensed Consolidated Financial Statements should be read in conjunction with the accompanying Notes to Pro Forma Condensed Consolidated Financial Statements, Quarterly Report on Form 10-Q for the three months ended September 30, 1996 and Combined Statements of Revenue and Certain Expenses (included elsewhere herein). 2 EQUITY RESIDENTIAL PROPERTIES TRUST PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 1996 (UNAUDITED) (Amounts in thousands)
1996 Most Recent Acquired Pro Historical Properties (A) Forma ---------- -------------- ---------- ASSETS Rental property, net $2,473,686 $ 58,065 $2,531,751 Real Estate held for disposition 11,260 -- 11,260 Investment in mortgage notes, net 86,486 -- 86,486 Cash and cash equivalents 152,545 (37,269) 115,276 Rents receivable 2,126 -- 2,126 Deposits-restricted 5,501 -- 5,501 Escrows deposits-mortgage 14,953 -- 14,953 Deferred financing costs, net 13,062 -- 13,062 Other assets 25,247 -- 25,247 ---------- -------- ---------- Total assets $2,784,866 $ 20,796 $2,805,662 ========== ======== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Mortgage notes payable $ 738,862 $ 20,796 $ 759,658 Line of credit -- -- -- Notes, net 498,761 -- 498,761 Accounts payable and accrued expenses 36,063 -- 36,063 Accrued interest payable 14,682 -- 14,682 Due to affiliates 778 -- 778 Rents received in advance and other liabilities 16,813 -- 16,813 Security deposits 12,945 -- 12,945 Distributions payable 39,233 -- 39,233 ---------- -------- ---------- Total liabilities 1,358,137 20,796 1,378,933 ---------- -------- ---------- Commitments and contingencies Minority Interests 154,839 -- 154,839 ---------- -------- ---------- Shareholders' equity: Common shares 458 -- 458 Preferred shares 393,000 -- 393,000 Employee notes (5,274) -- (5,274) Paid in capital 962,647 -- 962,647 Distributions in excess of accumulated earnings (78,941) -- (78,941) ---------- -------- ---------- Total shareholders' equity 1,271,890 -- 1,271,890 ---------- -------- ---------- Total liabilities and shareholders' equity $2,784,866 $ 20,796 $2,805,662 ========== ======== ==========
(A) Reflects the most recent multifamily residential property acquisitions, which include Marbrisa, Cedar Crest and Lakeville Resort (acquired October and November, 1996) (collectively the "1996 Most Recent Acquired Properties"). In connection with such acquisitions the amounts presented include the initial purchase price as well as subsequent closing costs incurred and capital improvements required as identified in the acquisition process and the assumption of $20.8 million of mortgage indebtedness secured by one of the 1996 Most Recent Acquired Properties. 3 EQUITY RESIDENTIAL PROPERTIES TRUST PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS For the nine months ended September 30, 1996 (UNAUDITED) (Amounts in thousands except for share data)
1996 1996 Previously Most Recent 1996 Acquired Acquired Disposed Historical Properties (A) Properties (B) Properties (C) ---------- -------------- -------------- -------------- REVENUES Rental income $327,749 $41,949 $ 6,524 $ (505) Fee and asset management 4,982 -- -- -- Interest income - investment in mortgage notes 9,084 -- -- -- Interest and other income 2,232 -- -- -- ------- ------ ----- ---- Total revenues 344,047 41,949 6,524 (505) ------- ------ ----- ---- EXPENSES Property and maintenance 93,128 11,024 1,720 (226) Real estate taxes and insurance 32,301 4,421 623 (43) Property management 13,136 -- -- (22) Fee & asset management 3,037 -- -- -- Depreciation 66,759 -- -- (82) Interest: Expense incurred 58,632 -- -- (1) Amortization of deferred financing costs 2,860 -- -- -- General and administrative 6,690 -- -- -- ------- ------ ----- ---- Total expenses 276,543 15,445 2,343 (374) ------- ------ ----- ---- Income before gain on disposition of properties, extraordinary items and allocation to Minority Interests 67,504 $26,504 $4,181 (131) ====== ===== ==== Gain on disposition of properties 2,346 ------- Income before extraordinary items and allocation to Minority Interests 69,850 Write-off of unamortized costs on refinanced debt (3,134) ------- Income before allocation to Minority Interests 66,716 (Income) allocated to Minority Interests (E) (8,426) ------- Net income 58,290 Preferred distributions 19,953 ------- Net income available to Common Shares $ 38,337 ======= Net income per weighted average Common Share outstanding $ 0.94 ======= Weighted average Common Shares outstanding 40,934 =======
Pro Adjustments (D) Forma --------------- -------- REVENUES Rental income $ -- $375,717 Fee and asset management -- 4,982 Interest income - investment in mortgage notes -- 9,084 Interest and other income (1,168) 1,064 ------ ------- Total revenues (1,168) 390,847 ------ ------- EXPENSES Property and maintenance (324) 105,322 Real estate taxes and insurance -- 37,302 Property management 922 14,036 Fee & asset management -- 3,037 Depreciation 8,915 75,592 Interest: Expense incurred 12,963 71,594 Amortization of 86 2,946 General and administrative -- 6,690 ------ ------- Total expenses 22,562 316,519 ------ ------- Income before gain on disposition of properties, extraordinary items and allocations to Minority Interests $(23,730) 74,328 ======= Gain on disposition on disposition of properties -- ------- Income before extraordinary items and allocation to Minority Interests 74,328 Write-off of unamortized costs on refinanced debt -- ------- Income before allocation to Minority Interests 74,328 (Income) allocated to Minority Interests (E) (7,548) ------- Net income 66,780 Preferred distributions (F) 27,183 ------- Net income available to Common Shares $ 39,597 ======= Net income per weighted average Common Share outstanding $ 0.87 ======= Weighted average Common Shares outstanding (G) 45,775 ======= (A) Reflects the results of operations for Desert Park, 7979 Westheimer, Sabal Pointe (fka: Vinings at Coral Springs), Woodbridge (fka: The Plantations), Heron Landing (fka: Oxford & Sussex), The Pines of Cloverlane, Regency Palms, Port Royale II, 2900 on First, Woodland Hills, Ivy Place (fka: Post Place), Ridgetree, Country Ridge, Rosehill Pointe, Forest Ridge, Canyon Sands Village, Desert Sands Village, Chandler Court, Lands End, Mallard Cove, Sunny Oak Village, Pine Meadow, Summer Ridge, Promenade Terrace, South Creek, Pueblo Villas, Brixworth, Brierwood, Woodscape, Park Place, Canterchase, Eagle Canyon, Summerset Village, Songbird, Willowglen, Merrimac Woods, Casa Capricorn and Hunter's Glen (acquired from February through September, 1996) (collectively the "1996 Previously Acquired Properties"). The amounts presented represent the historical amounts for certain revenues and expenses for the periods from January 1, 1996 through the respective acquisition dates for each property. (B) Reflects the results of operations for the 1996 Most Recent Acquired Properties. The amounts presented for rental revenues, property and maintenance and real estate taxes and insurance are based on the revenues and certain expenses of the 1996 Most Recent Acquired Properties for the nine months ended September 30, 1996 as contained in the Combined Statement of Revenues and Certain Expenses included elsewhere herein. (C) Reflects the elimination of the results of operations for Sanddollar and Deer Run (the "1996 Disposed Properties") for the period from January 1, 1996 through the respective disposition dates for each property. (D) Reflects the following adjustments to the 1996 Previously Acquired Properties and the 1996 Most Recent Acquired Properties results of operations as follows: Interest and other income: Reduction of interest income due to the use of working capital for property acquisitions $(-1,168) =======
4
Property and maintenance: The elimination of third-party management fees where the Company is providing onsite property management services $ (324) ======== Property management: Incremental cost associated with self management of the 1996 Most Recent Acquired Properties for the nine months ended September 30, 1996 and the 1996 Previously Acquired Properties for the period from January 1, 1996 through the respective acquisition dates for each property. $ 922 ======== Depreciation: Reflects depreciation based on the expected total investment of $58.1 million for the 1996 Most Recent Acquired Properties and the expected total investment of $570.9 million for the 1996 Previously Acquired Properties less 10% allocated to land and depreciated over a 30-year life for real property. Depreciation for the 1996 Previously Acquired Properties reflect amounts from January 1, 1996 through the respective acquisition dates for each property. $ 8,915 ======== Interest: Expense incurred: Interest on mortgage indebtedness for certain of the 1996 Previously Acquired Properties and the 1996 Most Recent Acquired Properties (I) $ 5,352 Interest on refinancing $138.4 million of tax-exempt bonds at an average interest cost of 4.4% for the nine months ended September 30, 1996 4,567 Interest on refinancing $77.1 million of tax-exempt bonds at a blended average interest cost of 6.88% for the nine months ended September 30, 1996 3,977 Non-usage fee on the Company's unused portion of its line of credit equal to 20 basis points on $250 million 375 Interest on the Third Public Debt Offering in the amount $150 million at 7.57% for the nine months ended September 30, 1996 8,516 Amortization of a swap settlement amount associated with the Third Public Debt Offering for the nine months ended September 30, 1996 (43) Reduction of interest associated with refinancing $138.4 million of tax- exempt bonds to the extent amounts are already included in the Company's historical financial results (4,164) Reduction of interest associated with refinancing $77.1 million of tax- exempt bonds to the extent amounts are already included in the Company's historical financial results (1,332) Reduction of interest associated with amounts borrowed on the Company's line of credit and the Third Public Debt Offering to the extent amounts are already included in the Company's historical financial results (4,285) -------- $12,963 ======== Amortization of financing costs: Amortization of financing costs on the Third Public Debt Offering of $1,275,000 over 10 years for the nine months ended September 30, 1996 96 Reduction of amortization associated with the Third Public Debt Offering to the extent amounts are already included in the Company's historical financial results (10) -------- $ 86 ========
(E) A portion of income was allocated to Minority Interests representing interests in the Operating Partnership not owned by the Company. The pro forma allocation to Minority Interests (represented by OP Units) is based upon the percentage owned by such Minority Interests as a result of the pro forma transactions. (F) Preferred distributions represents amounts payable on the Series A Preferred Shares, Series B Preferred Shares and Series C Preferred Shares at the rates of 9.375%, 9.125% and 9.125%, respectively, of the liquidation preference thereof per annum. (G) Pro Forma weighted average Common Shares outstanding for the nine months ended September 30, 1996 was 45.8 million, which includes 45.8 million Common Shares outstanding as of September 30, 1996. The Common Shares outstanding does not include any shares issued in a private or public offering that have not been used or are not intended to be used for acquisitions or repayment of debt directly incurred in an acquisition. (H) Detail of interest expense on mortgage indebtedness for certain of the 1996 Previously Acquired Properties and the 1996 Most Recent Acquired Properties:
Mortgage Interest Interest Property Indebtedness Rate Expense ------------------------------------- ------------ -------- -------- Woodbridge (fka: The Plantations) (1) $ 4,862 8.25% $ 68 Desert Sands Village (1) 8,957 6.50% 262 Canyon Sands Village (1) 8,952 6.50% 260 Pine Meadow (1) 4,948 8.33% 223 Promenade Terrace (1) 16,588 7.70% 703 South Creek (1) 16,651 8.00% 733 Park Place I (1) 8,996 8.50% 515 Park Place II (1) 8,996 8.70% 528 Canterchase (1) 5,838 7.66% 320 Songbird (1) 7,015 7.63% 383 Lakeville Resort 20,796 8.70% 1,357 ------------ -------- Totals $ 112,599 $ 5,352 ============ ========
(1) The amounts presented for these properties represent the historical amounts for the periods from January 1, 1996 through the respective acquisition dates for each property. 5 EQUITY RESIDENTIAL PROPERTIES TRUST PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS For the year ended December 31, 1995 (UNAUDITED) (Amounts in thousands except for share data)
1995 1996 1995 & 1996 Acquired Acquired Disposed Pro Historical Properties (A) Properties (B) Properties (C) Adjustments (D) Forma ---------- -------------- -------------- -------------- --------------- -------- REVENUES Rental income $372,447 $23,598 $95,679 $(12,608) $ -- $479,116 Fee and asset management 7,030 -- -- -- -- 7,030 Interest income - investment in mortgage notes 4,862 5,404 -- -- -- 10,266 Interest and other income 4,573 (28) -- (347) (1,243) 2,955 ---------- -------------- -------------- -------------- --------------- -------- Total revenues 388,912 28,974 95,679 (12,955) (1,243) 499,367 ---------- -------------- -------------- -------------- --------------- -------- EXPENSES Property and maintenance 110,714 5,595 33,058 (4,324) (4,304) 140,739 Real estate taxes and insurance 37,002 2,386 10,629 (1,057) -- 48,960 Property management 15,213 -- -- (602) 2,860 17,471 Fee & asset management 3,887 -- -- -- -- 3,887 Depreciation 72,410 -- -- (1,923) 23,379 93,866 Interest: Expense incurred 78,375 -- -- (823) 20,062 97,614 Amortization of deferred financing costs 3,444 -- -- -- (19) 3,425 General and administrative 8,129 -- -- -- -- 8,129 ---------- -------------- -------------- -------------- --------------- -------- Total expenses 329,174 7,981 43,687 (8,729) 41,978 414,091 ---------- -------------- -------------- -------------- --------------- -------- Income before gain on disposition of properties 59,738 $20,993 $51,992 $ (4,226) (43,221) 85,276 Gain on disposition of properties 21,617 ============== ============== ============== =============== -- ---------- -------- Income before extraordinary items 81,355 85,276 Extraordinary item: Gain on early extinguishment of debt 2,000 -- ---------- -------- Income before allocation to Minority Interests 83,355 85,276 (Income) allocated to Minority Interests (E) (15,636) (7,850) ---------- -------- Net income 67,719 77,426 Preferred distributions 10,109 (1) 36,244 ---------- -------- Net income available to Common Shares $ 57,610 41,182 ========== ======== Net income per weighted average Common Share outstanding $ 1.68 0.94 ========== ======== Weighted average Common Shares outstanding 34,358 (G) 43,774 ========== ========
(A)Reflects the results of operations for the 1995 Acquired Properties. The amounts presented represent the historical amounts for certain revenues and expenses for the periods from January 1, 1995 through the respective acquisition dates for each property. (B)Reflects the results of operations of the 1996 Previously Acquired Properties and the 1996 Most Recent Acquired Properties (collectively the "1996 Acquired Properties"). The amounts presented for rental revenues, property and maintenance and real estate taxes and insurance are based on the revenues and certain expenses of the 1996 Acquired Properties for the year ended December 31, 1995 as contained in the Combined Statement of Revenue and Certain Expenses included elsewhere herein. (C)Reflects the elimination of the results of operations for the 1995 Disposed Properties and the 1996 Disposed Properties for the year ended December 31, 1995.
(D) Reflects the following adjustments: Interest and other income: Reduction of interest income due to the use of working capital for property acquisitions $ (1,313) Interest income earned on loans made to the Company's Chief Executive Officer and other officers 70 -------- $ (1,243) Property and maintenance: ======== The elimination of third-party management fees where the Company is providing onsite property management services $ (4,304) ======== Property management: Incremental cost associated with self management of the 1996 Acquired Properties for the year ended December 31, 1995 and the 1995 Acquired Properties for the period from January 1, 1995 through the respective acquisition dates for each property. $ 2,860 ======== Depreciation: Reflects depreciation based on the expected total investment of $629 million for the 1996 Acquired Properties and the expected total investment of $265.7 million for the 1995 Acquired Properties less 10% allocated to land and depreciated over a 30-year life for real property. Depreciation for the 1995 Acquired Properties reflect amounts from January 1, 1995 through the respective acquisition dates for each property. $ 23,379 ======== Interest: Expense incurred: Interest on mortgage indebtedness for certain of the 1995 and 1996 Acquired Properties (H) $ 10,174 Interest on refinancing $138.4 million of tax-exempt bonds at an average interest cost of 4.4% 6,090 Interest on refinancing $77.1 million of tax-exempt bonds at a blended average interest cost of 6.88% 5,302 Reduction of interest associated with refinancing $138.4 million of tax- exempt bonds to the extent amounts are already included in the Company's historical financial results (6,171) Reduction of interest associated with refinancing $77.1 million of tax- exempt bonds to the extent amounts are already included in the Company's historical financial results (167) Interest associated with the Second Public Debt Offering in the amount of $125 million at an interest rate of 7.95% per annum 9,937 Interest associated with the Public Debt Offering in the amount of $100 million at an interest rate of 7.075% per annum 7,075 Interest associated with the Third Public Debt Offering in the amount of $150 million at an interest rate of 7.57% per annum 11,355 Reflects amortization of discounts associated with the Second Public Debt Offering and the treasury rate lock costs associated with the Second Public Debt Offering 253 Reflects amortization of a swap settlement amount associated with the Third Public Debt Offering (58) Reduction of interest and amortization associated with the Public Debt Offering and the Second Public Debt Offering to the extent the amounts are already included in the Company's historical financial results (14,350) Non-usage fee on the Company's unused portion of its line of credit equal to 20 basis points on $250 million 500 Reduction of interest associated with amounts borrowed on the Company's line of credit to the extent amounts are already included in the Company's historical financial results (9,878) ------- $ 20,062 ======== Amortization of deferred financing costs: Reduction of amortization of deferred financing costs on twelve properties for which the loans were repaid during 1995 and 1996 to the extent the amounts are already included in the Company's historical financial results $ (349) Reflects amortization of deferred financing costs associated with the Public Debt Offering and the investment in mortgage notes 405 Reflects amortization of deferred financing costs associated with the Third Public Debt Offering 127 Reduction of amortization of deferred financing costs associated with the Public Debt Offering and the investment in mortgage notes to the extent amounts are already included in the Company's historical financial results (202) -------- $ (19) ========
(E) A portion of income/loss was allocated to Minority Interests representing interests in the Operating Partnership not owned by the Company. The pro forma allocation to Minority Interests (represented by OP Units) is based upon the percentage owned by such Minority Interests as a result of the pro forma transactions. (F) Preferred distributions represents amounts payable on the Series A Preferred Shares, Series B Preferred Shares and Series C Preferred Shares at the rates of 9.375%, 9.125% and 9.125%, respectively, of the liquidation preference thereof per annum. 7 (G) Pro Forma weighted average Common Shares outstanding for the year ended December 31, 1995 was 43.8 million, which includes 34 million Common Shares outstanding as of December 31, 1994 and reflects the following transactions as if they had been completed on January 1, 1995: the issuance of 4,025,000 Common Shares related to the January and February 1996 Common Share Offerings, the issuance of 3,476,390 Common Shares in connection with the May 1996 Common Share Offerings and the issuance of 2,272,728 Common Shares in connection with September 1996 Common Share Offering. The Common Shares outstanding does not include any shares issued in a private or public offering that have not been used or are not intended to be used for acquisitions or repayment of debt directly incurred in an acquisition. (H) Detail of interest expense on mortgage indebtedness for certain of the 1995 Acquired Properties and the 1996 Acquired Properties:
Mortgage Interest Interest Property Indebtedness Rate Expense --------------------------------- ------------ -------- -------- Camellero (1) $ 12,086 8.96% $ 642 Keystone (1) 3,023 8.00% 152 Wellington (1) 8,453 8.33% 455 Woodbridge (fka: The Plantations) 4,862 8.25% 401 Desert Sands Village 8,957 6.50% 582 Canyon Sands Village 8,952 6.50% 582 Pine Meadow 4,948 8.33% 412 Promenade Terrace 16,588 7.70% 1,277 South Creek 16,651 8.00% 1,332 Park Place I 8,996 8.50% 765 Park Place II 8,996 8.70% 783 Canterchase 5,838 7.66% 447 Songbird 7,015 7.63% 535 Lakeville Resort 20,796 8.70% 1,809 ------- ------ Totals $136,161 $10,174 ======= ======
(1) The amounts presented for these properties represent the historical amounts for the periods from January 1, 1995 through the respective acquisition dates for each property. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. EQUITY RESIDENTIAL PROPERTIES TRUST April 3, 1997 By: /s/ Michael J. McHugh - ------------------ ----------------------------------------------- (Date) Michael J. McHugh Senior Vice President, Chief Accounting Officer and Treasurer EX-23.1 2 CONSENT OF INDEPENDENT AUDITORS CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in the Registration Statements of Equity Residential Properties Trust on Form S-3, as amended (File No. 333-12211), and the related Prospectus, of our report dated November 7, 1996 with respect to the Combined Statement of Revenue and Certain Expenses of the 1996 Acquired Properties for the year ended December 31, 1995, in the Current Report of Equity Residential Properties Trust on this Form 8-K/A, which amends the previously filed Form 8-K, dated November 15, 1996. Ernst & Young LLP Chicago, Illinois April 3, 1997 -----END PRIVACY-ENHANCED MESSAGE-----