Investments in Partially Owned Entities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2017 (amounts in thousands except for project 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 12/31/17 (at 100%):
ASSETS
Investment in real estate	$	649,777		$	236,749		$	172,995		$	409,744
Accumulated depreciation		(236,543	)		(43,512	)		(50,045	)		(93,557	)
Investment in real estate, net		413,234			193,237			122,950			316,187
Cash and cash equivalents		34,954			5,245			60			5,305
Investments in unconsolidated entities		44,451			—			—			—
Restricted deposits		393			258			—			258
Other assets		25,851			323			395			718
Total assets	$	518,883		$	199,063		$	123,405		$	322,468
LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable, net (2)	$	302,347		$	145,424		$	—		$	145,424
Accounts payable & accrued expenses		1,110			181			295			476
Accrued interest payable		1,037			691			—			691
Other liabilities		465			291			6			297
Security deposits		2,053			485			—			485
Total liabilities		307,012			147,072			301			147,373
Noncontrolling Interests – Partially Owned    Properties/Partners’ equity		4,708			52,850			84,302			137,152
Company equity/General and Limited Partners’ Capital		207,163			(859	)		38,802			37,943
Total equity/capital		211,871			51,991			123,104			175,095
Total liabilities and equity/capital	$	518,883		$	199,063		$	123,405		$	322,468

Partially Owned Property Income Statement Schedule

	Consolidated			Unconsolidated
	(VIE)			(Non-VIE)			(VIE) (1)			Total
Operating information for the year ended 12/31/17 (at 100%):
Operating revenue	$	93,472		$	26,898		$	5,243		$	32,141
Operating expenses		22,412			8,936			2,463			11,399
Net operating income		71,060			17,962			2,780			20,742
Property management		3,401			784			75			859
General and administrative		279			3			—			3
Depreciation		25,505			10,633			5,501			16,134
Operating income (loss)		41,875			6,542			(2,796	)		3,746
Interest and other income		77			—			—			—
Interest:
Expense incurred, net		(13,316	)		(8,289	)		—			(8,289	)
Amortization of deferred financing costs		(270	)		(1	)		—			(1	)
Income (loss) before income and other taxes and income     (loss) from investments in unconsolidated entities		28,366			(1,748	)		(2,796	)		(4,544	)
Income and other tax (expense) benefit		(27	)		(13	)		—			(13	)
Income (loss) from investments in unconsolidated entities		(1,549	)		—			—			—
Net income (loss)	$	26,790		$	(1,761	)	$	(2,796	)	$	(4,557	)

(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 $37.3 million at December 31, 2017.  The ventures are owned 60% by the Company.  See below for further discussion.