Investments in Partially Owned Entities (Tables)

9 Months Ended

Sep. 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 September 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 9/30/2017 (at 100%):
ASSETS
Investment in real estate	$	648,839		$	236,630		$	172,995		$	409,625
Accumulated depreciation		(226,607	)		(40,840	)		(48,670	)		(89,510	)
Investment in real estate, net		422,232			195,790			124,325			320,115
Cash and cash equivalents		22,914			7,194			139			7,333
Investments in unconsolidated entities		45,035			—			—			—
Deposits – restricted		385			258			—			258
Other assets		26,246			450			105			555
Total assets	$	516,812		$	203,692		$	124,569		$	328,261

LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable, net (2)	$	302,037		$	145,424		$	—		$	145,424
Accounts payable & accrued expenses		2,975			2,644			150			2,794
Accrued interest payable		1,024			691			—			691
Other liabilities		453			308			27			335
Security deposits		2,037			488			—			488
Total liabilities		308,526			149,555			177			149,732
Noncontrolling Interests – Partially Owned Properties/Partners' equity		6,175			54,336			84,682			139,018
Company equity/General and Limited Partners' Capital		202,111			(199	)		39,710			39,511
Total equity/capital		208,286			54,137			124,392			178,529
Total liabilities and equity/capital	$	516,812		$	203,692		$	124,569		$	328,261

Partially Owned Property Income Statement Schedule

	Consolidated			Unconsolidated
	(VIE)			(Non-VIE)			(VIE) (1)			Total
Operating information for the nine months ended 9/30/2017 (at 100%):
Operating revenue	$	69,917		$	20,050		$	3,805		$	23,855
Operating expenses		17,056			6,746			1,573			8,319
Net operating income		52,861			13,304			2,232			15,536
Property management		2,463			584			56			640
General and administrative/other		239			1			127			128
Depreciation		15,569			7,960			4,126			12,086
Operating income (loss)		34,590			4,759			(2,077	)		2,682
Interest and other income		45			—			—			—
Interest:
Expense incurred, net		(9,977	)		(6,217	)		—			(6,217	)
Amortization of deferred financing costs		(203	)		(1	)		—			(1	)
Income (loss) before income and other taxes and (loss) from investments in unconsolidated entities		24,455			(1,459	)		(2,077	)		(3,536	)
Income and other tax (expense) benefit		(34	)		(13	)		—			(13	)
(Loss) from investments in unconsolidated entities		(1,155	)		—			—			—
Net income (loss)	$	23,266		$	(1,472	)	$	(2,077	)	$	(3,549	)

(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 $37.4 million at September 30, 2017. The ventures are owned 60% by the Company. See below for further discussion.