Investments in Partially Owned Entities (Tables)

3 Months Ended

Mar. 31, 2018

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 March 31, 2018 (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		3,535			945			—			945
Balance sheet information at 3/31/2018 (at 100%):
ASSETS
Investment in real estate	$	875,187		$	236,854		$	172,995		$	409,849
Accumulated depreciation		(235,426	)		(46,190	)		(51,420	)		(97,610	)
Investment in real estate, net		639,761			190,664			121,575			312,239
Cash and cash equivalents		13,061			6,587			225			6,812
Investments in unconsolidated entities		43,926			—			—			—
Restricted deposits		381			258			—			258
Other assets		25,879			243			320			563
Total assets	$	723,008		$	197,752		$	122,120		$	319,872

LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable, net (2)	$	302,656		$	145,424		$	—		$	145,424
Accounts payable & accrued expenses		3,344			1,361			115			1,476
Accrued interest payable		1,037			691			—			691
Other liabilities		3,683			261			15			276
Security deposits		2,470			525			—			525
Total liabilities		313,190			148,262			130			148,392
Noncontrolling Interests – Partially Owned Properties/Partners’ equity		1,293			51,079			84,038			135,117
Company equity/General and Limited Partners’ Capital		408,525			(1,589	)		37,952			36,363
Total equity/capital		409,818			49,490			121,990			171,480
Total liabilities and equity/capital	$	723,008		$	197,752		$	122,120		$	319,872

Partially Owned Property Income Statement Schedule

	Consolidated			Unconsolidated
	(VIE)			(Non-VIE)			(VIE) (1)			Total
Operating information for the quarter ended 3/31/2018 (at 100%):
Operating revenue	$	26,447		$	6,942		$	1,258		$	8,200
Operating expenses		6,637			2,268			581			2,849
Net operating income		19,810			4,674			677			5,351
Property management		955			199			19			218
General and administrative		17			—			—			—
Depreciation		10,479			2,677			1,375			4,052
Operating income (loss)		8,359			1,798			(717	)		1,081
Interest and other income		27			—			—			—
Interest:
Expense incurred, net		(3,312	)		(2,072	)		—			(2,072	)
Amortization of deferred financing costs		(68	)		—			—			—
Income (loss) before income and other taxes and income (loss) from investments in unconsolidated entities		5,006			(274	)		(717	)		(991	)
Income and other tax (expense) benefit		(18	)		(13	)		—			(13	)
Income (loss) from investments in unconsolidated entities		(393	)		—			—			—
Net income (loss)	$	4,595		$	(287	)	$	(717	)	$	(1,004	)

(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 March 31, 2018. The ventures are owned 60% by the Company. See below for further discussion.