Investments in Partially Owned Entities (Tables)

3 Months Ended

Mar. 31, 2017

Investments In Partially Owned Entities [Abstract]

Partially Owned Property Balance Sheet Schedule

The following tables and information summarize the Company’s investmentsinpartiallyownedentitiesasofMarch31,2017(amountsinthousandsexceptforpropertyandapartmentunitamounts):

	Consolidated			Unconsolidated
	(VIE)			(Non-VIE)			(VIE) (1)			Total
Total properties		17			2			—			2
Total apartment units		3,215			945			—			945
Balance sheet information at 3/31/17 (at 100%):
ASSETS
Investment in real estate	$	647,134		$	236,023		$	172,995		$	409,018
Accumulated depreciation		(216,239	)		(35,524	)		(45,920	)		(81,444	)
Investment in real estate, net		430,895			200,499			127,075			327,574
Cash and cash equivalents		13,260			6,441			140			6,581
Investments in unconsolidated entities		46,310			—			—			—
Deposits – restricted		340			268			—			268
Other assets		25,721			233			257			490
Total assets	$	516,526		$	207,441		$	127,472		$	334,913
LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable, net (2)	$	301,419		$	145,424		$	—		$	145,424
Accounts payable & accrued expenses		2,712			1,556			133			1,689
Accrued interest payable		1,037			691			—			691
Other liabilities		823			349			48			397
Security deposits		1,908			471			—			471
Total liabilities		307,899			148,491			181			148,672
Noncontrolling Interests – Partially Owned    Properties/Partners' equity		6,388			57,429			85,744			143,173
Company equity/General and Limited Partners' Capital		202,239			1,521			41,547			43,068
Total equity/capital		208,627			58,950			127,291			186,241
Total liabilities and equity/capital	$	516,526		$	207,441		$	127,472		$	334,913

Partially Owned Property Income Statement Schedule

	Consolidated			Unconsolidated
	(VIE)			(Non-VIE)			(VIE) (1)			Total
Operating information for the quarter ended 3/31/17    (at 100%):
Operating revenue	$	23,028		$	6,602		$	1,385		$	7,987
Operating expenses		5,676			2,205			736			2,941
Net operating income		17,352			4,397			649			5,046
Property management		813			194			19			213
General and administrative/other		16			—			25			25
Depreciation		5,201			2,645			1,375			4,020
Operating income (loss)		11,322			1,558			(770	)		788
Interest and other income		13			—			—			—
Interest:
Expense incurred, net		(3,312	)		(2,072	)		—			(2,072	)
Amortization of deferred financing costs		(68	)		—			—			—
Income (loss) before income and other taxes and (loss)    from investments in unconsolidated entities		7,955			(514	)		(770	)		(1,284	)
Income and other tax (expense) benefit		(34	)		(12	)		—			(12	)
(Loss) from investments in unconsolidated entities		(411	)		—			—			—
Net income (loss)	$	7,510		$	(526	)	$	(770	)	$	(1,296	)

(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 $39.9 million at March 31, 2017.  The ventures are owned 60% by the Company.  See below for further discussion.