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CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
REVENUES      
Rental income $ 2,470,689 $ 2,422,233 $ 2,736,578
Fee and asset management 717 3,567 8,387
Total revenues 2,471,406 2,425,800 2,744,965
EXPENSES      
Property and maintenance 405,281 406,823 479,160
Real estate taxes and insurance 335,495 317,387 339,802
Property management 85,493 82,015 86,206
General and administrative 52,224 57,840 64,664
Depreciation 743,749 705,649 765,895
Impairment 1,693 0 0
Total expenses 1,623,935 1,569,714 1,735,727
Operating income 847,471 856,086 1,009,238
Interest and other income 6,136 65,773 7,372
Other expenses (5,186) (10,368) (2,942)
Interest:      
Expense incurred, net (383,890) (482,246) (444,487)
Amortization of deferred financing costs (8,526) (12,633) (10,801)
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations 456,005 416,612 558,380
Income and other tax (expense) benefit (478) (1,613) (917)
Income (loss) from investments in unconsolidated entities (3,370) 4,801 15,025
Net gain (loss) on sales of real estate properties 157,057 4,044,055 335,134
Net gain (loss) on sales of land parcels 19,167 15,731 (1)
Income from continuing operations 628,381 4,479,586 907,621
Discontinued operations, net 0 518 397
Net income 628,381 4,480,104 908,018
Partially Owned Properties (2,323) (16,430) (3,657)
Net income attributable to controlling interests 603,454 4,292,163 870,120
ALLOCATION OF NET INCOME:      
Premium on redemption of Preference Units $ 0 $ 0 $ 3,486
Earnings per Unit – basic:      
Income from continuing operations available to Common Shares $ 1.64 $ 11.75 $ 2.37
Net income available to Common Shares 1.64 11.75 2.37
Earnings per Unit – diluted:      
Income from continuing operations available to Common Shares 1.63 11.68 2.36
Net income available to Common Shares $ 1.63 $ 11.68 $ 2.36
Weighted average Common Shares outstanding 382,678 381,992 380,620
ERPOP [Member]      
REVENUES      
Rental income $ 2,470,689 $ 2,422,233 $ 2,736,578
Fee and asset management 717 3,567 8,387
Total revenues 2,471,406 2,425,800 2,744,965
EXPENSES      
Property and maintenance 405,281 406,823 479,160
Real estate taxes and insurance 335,495 317,387 339,802
Property management 85,493 82,015 86,206
General and administrative 52,224 57,840 64,664
Depreciation 743,749 705,649 765,895
Impairment 1,693 0 0
Total expenses 1,623,935 1,569,714 1,735,727
Operating income 847,471 856,086 1,009,238
Interest and other income 6,136 65,773 7,372
Other expenses (5,186) (10,368) (2,942)
Interest:      
Expense incurred, net (383,890) (482,246) (444,487)
Amortization of deferred financing costs (8,526) (12,633) (10,801)
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations 456,005 416,612 558,380
Income and other tax (expense) benefit (478) (1,613) (917)
Income (loss) from investments in unconsolidated entities (3,370) 4,801 15,025
Net gain (loss) on sales of real estate properties 157,057 4,044,055 335,134
Net gain (loss) on sales of land parcels 19,167 15,731 (1)
Income from continuing operations 628,381 4,479,586 907,621
Discontinued operations, net 0 518 397
Net income 628,381 4,480,104 908,018
Partially Owned Properties (2,323) (16,430) (3,657)
Net income attributable to controlling interests 626,058 4,463,674 904,361
ALLOCATION OF NET INCOME:      
Preference Units 3,091 3,091 3,357
Premium on redemption of Preference Units 0 0 3,486
General Partner 600,363 4,289,072 863,277
Limited Partners 22,604 171,511 34,241
Net income available to Units $ 622,967 $ 4,460,583 $ 897,518
Earnings per Unit – basic:      
Income from continuing operations available to Common Shares $ 1.64 $ 11.75 $ 2.37
Net income available to Common Shares $ 1.64 $ 11.75 $ 2.37
Weighted average Units outstanding 379,869 378,829 377,074
Earnings per Unit – diluted:      
Income from continuing operations available to Common Shares $ 1.63 $ 11.68 $ 2.36
Net income available to Common Shares $ 1.63 $ 11.68 $ 2.36
Weighted average Common Shares outstanding 382,678 381,992 380,620
Distributions declared per Unit outstanding $ 2.015 $ 13.015 $ 2.21