XML 55 R12.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 332,671 $ 109,257
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 212,422 204,215
Amortization of deferred financing costs 2,041 2,136
Amortization of above/below market lease intangibles (18) (18)
Amortization of discounts and premiums on debt 1,276 1,418
Amortization of deferred settlements on derivative instruments 5,631 4,390
Amortization of right-of-use assets 3,007 4,022
Write-off of pursuit costs 1,627 1,448
(Income) loss from investments in unconsolidated entities 1,157 707
Distributions from unconsolidated entities – return on capital 100 693
Net (gain) loss on sales of real estate properties (207,977) 21
Net (gain) loss on sales of land parcels   (1)
Realized/unrealized (gain) loss on derivative instruments 25  
Compensation paid with Company Common Shares 7,844 9,806
Other operating activities, net 1,805  
Changes in assets and liabilities:    
(Increase) decrease in other assets (18,386) (14,325)
Increase (decrease) in accounts payable and accrued expenses 62,573 63,789
Increase (decrease) in accrued interest payable (927) 11,406
Increase (decrease) in lease liabilities (621) (554)
Increase (decrease) in other liabilities (20,811) (25,942)
Increase (decrease) in security deposits (988) 1,077
Net cash provided by operating activities 382,451 373,545
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment in real estate – acquisitions   (258,938)
Investment in real estate – development/other (52,204) (45,327)
Capital expenditures to real estate (38,342) (34,018)
Non-real estate capital additions (4,516) (1,018)
Interest capitalized for real estate under development (1,834) (1,202)
Proceeds from disposition of real estate, net 368,364  
Investments in unconsolidated entities (5,458) (6,281)
Purchase of investment securities and other investments (1) (251)
Net cash provided by (used for) investing activities 266,009 (347,035)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Debt financing costs (181) (1,492)
Mortgage notes payable, net:    
Proceeds 78 288,120
Scheduled principal repayments (1,941) (1,619)
Line of credit and commercial paper:    
Line of credit proceeds 720,000 1,995,000
Line of credit repayments (740,000) (1,995,000)
Commercial paper proceeds 1,905,818 3,985,661
Commercial paper repayments (2,291,000) (4,140,000)
Proceeds from (payments on) settlement of derivative instruments (25)  
Proceeds from Employee Share Purchase Plan (ESPP) 869 1,126
Proceeds from exercise of EQR options 11,151 29,860
Contributions – Noncontrolling Interests – Partially Owned Properties 341  
Contributions – Limited Partners 12  
Distributions:    
OP Units – General Partner (211,239) (199,749)
Preference Units (773)  
OP Units – Limited Partners (8,484) (7,256)
Noncontrolling Interests – Partially Owned Properties (9,315) (3,968)
Net cash provided by (used for) financing activities (624,689) (49,317)
Net increase (decrease) in cash and cash equivalents and restricted deposits 23,771 (22,807)
Cash and cash equivalents and restricted deposits, beginning of period 116,999 116,313
Cash and cash equivalents and restricted deposits, end of period 140,770 93,506
Cash and cash equivalents 82,335 29,391
Restricted deposits 58,435 64,115
SUPPLEMENTAL INFORMATION:    
Cash paid for interest, net of amounts capitalized 75,561 74,777
Net cash paid (received) for income and other taxes 266 531
Amortization of deferred financing costs:    
Investment in real estate, net 60  
Other assets 584 603
Mortgage notes payable, net 403 416
Notes, net 1,114 1,117
Amortization of discounts and premiums on debt:    
Mortgage notes payable, net 595 736
Notes, net 681 682
Amortization of deferred settlements on derivative instruments:    
Other liabilities (3) (3)
Accumulated other comprehensive income 5,634 4,393
Write-off of pursuit costs:    
Investment in real estate, net 1,586 1,437
Other assets 33 11
Accounts payable and accrued expenses 8  
(Income) loss from investments in unconsolidated entities:    
Investments in unconsolidated entities 830 364
Other liabilities 327 343
Realized/unrealized (gain) loss on derivative instruments:    
Other assets   1,337
Notes, net   1,255
Other liabilities 992 11,828
Accumulated other comprehensive income (967) (14,420)
Investments in unconsolidated entities:    
Investments in unconsolidated entities (4,558) (5,561)
Other liabilities (900) (720)
Debt financing costs:    
Other assets (181) 145
Mortgage notes payable, net   (1,632)
Notes, net   (5)
Right-of-use assets and lease liabilities initial measurement and reclassifications:    
Right-of-use assets   (438,705)
Other assets   184,116
Lease liabilities   282,791
Other liabilities   28,202
ERPOP [Member]    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income 332,671 109,257
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 212,422 204,215
Amortization of deferred financing costs 2,041 2,136
Amortization of above/below market lease intangibles (18) (18)
Amortization of discounts and premiums on debt 1,276 1,418
Amortization of deferred settlements on derivative instruments 5,631 4,390
Amortization of right-of-use assets 3,007 4,022
Write-off of pursuit costs 1,627 1,448
(Income) loss from investments in unconsolidated entities 1,157 707
Distributions from unconsolidated entities – return on capital 100 693
Net (gain) loss on sales of real estate properties (207,977) 21
Net (gain) loss on sales of land parcels   (1)
Realized/unrealized (gain) loss on derivative instruments 25  
Compensation paid with Company Common Shares 7,844 9,806
Other operating activities, net 1,805  
Changes in assets and liabilities:    
(Increase) decrease in other assets (18,386) (14,325)
Increase (decrease) in accounts payable and accrued expenses 62,573 63,789
Increase (decrease) in accrued interest payable (927) 11,406
Increase (decrease) in lease liabilities (621) (554)
Increase (decrease) in other liabilities (20,811) (25,942)
Increase (decrease) in security deposits (988) 1,077
Net cash provided by operating activities 382,451 373,545
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment in real estate – acquisitions   (258,938)
Investment in real estate – development/other (52,204) (45,327)
Capital expenditures to real estate (38,342) (34,018)
Non-real estate capital additions (4,516) (1,018)
Interest capitalized for real estate under development (1,834) (1,202)
Proceeds from disposition of real estate, net 368,364  
Investments in unconsolidated entities (5,458) (6,281)
Purchase of investment securities and other investments (1) (251)
Net cash provided by (used for) investing activities 266,009 (347,035)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Debt financing costs (181) (1,492)
Mortgage notes payable, net:    
Proceeds 78 288,120
Scheduled principal repayments (1,941) (1,619)
Line of credit and commercial paper:    
Line of credit proceeds 720,000 1,995,000
Line of credit repayments (740,000) (1,995,000)
Commercial paper proceeds 1,905,818 3,985,661
Commercial paper repayments (2,291,000) (4,140,000)
Proceeds from (payments on) settlement of derivative instruments (25)  
Proceeds from Employee Share Purchase Plan (ESPP) 869 1,126
Proceeds from exercise of EQR options 11,151 29,860
Contributions – Noncontrolling Interests – Partially Owned Properties 341  
Contributions – Limited Partners 12  
Distributions:    
OP Units – General Partner (211,239) (199,749)
Preference Units (773)  
OP Units – Limited Partners (8,484) (7,256)
Noncontrolling Interests – Partially Owned Properties (9,315) (3,968)
Net cash provided by (used for) financing activities (624,689) (49,317)
Net increase (decrease) in cash and cash equivalents and restricted deposits 23,771 (22,807)
Cash and cash equivalents and restricted deposits, beginning of period 116,999 116,313
Cash and cash equivalents and restricted deposits, end of period 140,770 93,506
Cash and cash equivalents 82,335 29,391
Restricted deposits 58,435 64,115
SUPPLEMENTAL INFORMATION:    
Cash paid for interest, net of amounts capitalized 75,561 74,777
Net cash paid (received) for income and other taxes 266 531
Amortization of deferred financing costs:    
Investment in real estate, net (60)  
Other assets 584 603
Mortgage notes payable, net 403 416
Notes, net 1,114 1,117
Amortization of discounts and premiums on debt:    
Mortgage notes payable, net 595 736
Notes, net 681 682
Amortization of deferred settlements on derivative instruments:    
Other liabilities (3) (3)
Accumulated other comprehensive income 5,634 4,393
Write-off of pursuit costs:    
Investment in real estate, net 1,586 1,437
Other assets 33 11
Accounts payable and accrued expenses 8  
(Income) loss from investments in unconsolidated entities:    
Investments in unconsolidated entities 830 364
Other liabilities 327 343
Realized/unrealized (gain) loss on derivative instruments:    
Other assets   1,337
Notes, net   1,255
Other liabilities 992 11,828
Accumulated other comprehensive income (967) (14,420)
Investments in unconsolidated entities:    
Investments in unconsolidated entities (4,558) (5,561)
Other liabilities (900) (720)
Debt financing costs:    
Other assets $ (181) 145
Mortgage notes payable, net   (1,632)
Notes, net   (5)
Right-of-use assets and lease liabilities initial measurement and reclassifications:    
Right-of-use assets   (438,705)
Other assets   184,116
Lease liabilities   282,791
Other liabilities   $ (28,202)