Investments in Partially Owned Entities (Tables)

6 Months Ended

Jun. 30, 2017

Investments In Partially Owned Entities [Abstract]

Partially Owned Property Balance Sheet Schedule

The following tables and information summarize the Company’s investments in partially owned entities as of June 30, 2017 (amounts in thousands except for property and apartment unit amounts):

	Consolidated			Unconsolidated
	(VIE)			(Non-VIE)			(VIE) (1)			Total
Total properties		17			2			—			2
Total apartment units		3,215			945			—			945
Balance sheet information at 6/30/2017 (at 100%):
ASSETS
Investment in real estate	$	648,047		$	236,332		$	172,995		$	409,327
Accumulated depreciation		(221,433	)		(38,177	)		(47,295	)		(85,472	)
Investment in real estate, net		426,614			198,155			125,700			323,855
Cash and cash equivalents		17,431			5,886			176			6,062
Investments in unconsolidated entities		45,688			—			—			—
Deposits – restricted		361			258			—			258
Other assets		25,300			576			176			752
Total assets	$	515,394		$	204,875		$	126,052		$	330,927

LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable, net (2)	$	301,728		$	145,424		$	—		$	145,424
Accounts payable & accrued expenses		1,550			1,382			107			1,489
Accrued interest payable		1,024			691			—			691
Other liabilities		922			333			55			388
Security deposits		2,010			480			—			480
Total liabilities		307,234			148,310			162			148,472
Noncontrolling Interests – Partially Owned Properties/Partners' equity		6,303			55,881			85,202			141,083
Company equity/General and Limited Partners' Capital		201,857			684			40,688			41,372
Total equity/capital		208,160			56,565			125,890			182,455
Total liabilities and equity/capital	$	515,394		$	204,875		$	126,052		$	330,927

Partially Owned Property Income Statement Schedule

	Consolidated			Unconsolidated
	(VIE)			(Non-VIE)			(VIE) (1)			Total
Operating information for the six months ended 6/30/2017 (at 100%):
Operating revenue	$	46,278		$	13,293		$	2,595		$	15,888
Operating expenses		11,365			4,425			1,076			5,501
Net operating income		34,913			8,868			1,519			10,387
Property management		1,630			387			38			425
General and administrative/other		29			1			89			90
Depreciation		10,395			5,298			2,750			8,048
Operating income (loss)		22,859			3,182			(1,358	)		1,824
Interest and other income		24			—			—			—
Interest:
Expense incurred, net		(6,638	)		(4,145	)		—			(4,145	)
Amortization of deferred financing costs		(135	)		—			—			—
Income (loss) before income and other taxes and (loss) from investments in unconsolidated entities		16,110			(963	)		(1,358	)		(2,321	)
Income and other tax (expense) benefit		(34	)		(13	)		—			(13	)
(Loss) from investments in unconsolidated entities		(761	)		—			—			—
Net income (loss)	$	15,315		$	(976	)	$	(1,358	)	$	(2,334	)

(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, private equity fund investments, 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 ("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 $39.5 million at June 30, 2017. The ventures are owned 60% by the Company. See below for further discussion.