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CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
REVENUES        
Rental income $ 623,951 $ 605,856 $ 1,840,170 $ 1,816,960
Fee and asset management 171 218 532 3,351
Total revenues 624,122 606,074 1,840,702 1,820,311
EXPENSES        
Property and maintenance 104,721 104,216 306,645 309,688
Real estate taxes and insurance 84,087 81,343 253,318 238,954
Property management 20,861 19,517 64,702 64,003
General and administrative 12,567 12,395 40,366 47,408
Depreciation 184,100 179,230 542,964 528,242
Total expenses 406,336 396,701 1,207,995 1,188,295
Operating income 217,786 209,373 632,707 632,016
Interest and other income 3,945 5,509 5,708 65,092
Other expenses (1,028) (10,420) (3,160) (14,480)
Interest:        
Expense incurred, net (91,145) (86,352) (288,579) (386,316)
Amortization of deferred financing costs (2,064) (2,261) (6,447) (10,000)
Income before income and other taxes, (loss) income from investments in unconsolidated entities, net gain on sales of real estate properties and land parcels and discontinued operations 127,494 115,849 340,229 286,312
Income and other tax (expense) benefit (228) (426) (710) (1,189)
(Loss) income from investments in unconsolidated entities (398) 7,750 (2,153) 5,846
Net gain on sales of real estate properties 17,328 90,036 141,761 3,870,871
Net gain on sales of land parcels   4,037 19,170 15,759
Income from continuing operations 144,196 217,246 498,297 4,177,599
Discontinued operations, net 0 246 0 124
Net income 144,196 217,492 498,297 4,177,723
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties (801) (823) (2,354) (2,368)
Net income attributable to controlling interests $ 138,229 $ 208,316 $ 478,012 $ 4,014,913
Earnings per Unit – basic:        
Income from continuing operations available to Units $ 0.37 $ 0.57 $ 1.30 $ 11.00
Net income available to Units 0.37 0.57 1.30 11.00
Earnings per Unit – diluted:        
Income from continuing operations available to Units 0.37 0.56 1.29 10.92
Net income available to Units $ 0.37 $ 0.56 $ 1.29 $ 10.92
Weighted average Units outstanding 382,945 382,373 382,640 382,284
ERPOP [Member]        
REVENUES        
Rental income $ 623,951 $ 605,856 $ 1,840,170 $ 1,816,960
Fee and asset management 171 218 532 3,351
Total revenues 624,122 606,074 1,840,702 1,820,311
EXPENSES        
Property and maintenance 104,721 104,216 306,645 309,688
Real estate taxes and insurance 84,087 81,343 253,318 238,954
Property management 20,861 19,517 64,702 64,003
General and administrative 12,567 12,395 40,366 47,408
Depreciation 184,100 179,230 542,964 528,242
Total expenses 406,336 396,701 1,207,995 1,188,295
Operating income 217,786 209,373 632,707 632,016
Interest and other income 3,945 5,509 5,708 65,092
Other expenses (1,028) (10,420) (3,160) (14,480)
Interest:        
Expense incurred, net (91,145) (86,352) (288,579) (386,316)
Amortization of deferred financing costs (2,064) (2,261) (6,447) (10,000)
Income before income and other taxes, (loss) income from investments in unconsolidated entities, net gain on sales of real estate properties and land parcels and discontinued operations 127,494 115,849 340,229 286,312
Income and other tax (expense) benefit (228) (426) (710) (1,189)
(Loss) income from investments in unconsolidated entities (398) 7,750 (2,153) 5,846
Net gain on sales of real estate properties 17,328 90,036 141,761 3,870,871
Net gain on sales of land parcels   4,037 19,170 15,759
Income from continuing operations 144,196 217,246 498,297 4,177,599
Discontinued operations, net 0 246 0 124
Net income 144,196 217,492 498,297 4,177,723
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties (801) (823) (2,354) (2,368)
Net income attributable to controlling interests 143,395 216,669 495,943 4,175,355
ALLOCATION OF NET INCOME:        
Preference Units 772 773 2,318 2,318
General Partner 137,457 207,543 475,694 4,012,595
Limited Partners 5,166 8,353 17,931 160,442
Net income available to Units $ 142,623 $ 215,896 $ 493,625 $ 4,173,037
Earnings per Unit – basic:        
Income from continuing operations available to Units $ 0.37 $ 0.57 $ 1.30 $ 11.00
Net income available to Units $ 0.37 $ 0.57 $ 1.30 $ 11.00
Weighted average Units outstanding 379,906 379,008 379,716 378,745
Earnings per Unit – diluted:        
Income from continuing operations available to Units $ 0.37 $ 0.56 $ 1.29 $ 10.92
Net income available to Units $ 0.37 $ 0.56 $ 1.29 $ 10.92
Weighted average Units outstanding 382,945 382,373 382,640 382,284
Distributions declared per Unit outstanding $ 0.50375 $ 3.50375 $ 1.51125 $ 12.51125