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Subsequent Events/Other | 6 Months Ended
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Jun. 30, 2016
Subsequent Events Other [Abstract] |
Subsequent Events/Other |
14. | Subsequent Events/Other
Subsequent Events Subsequent to June 30, 2016, the Company:
• | Sold one wholly-owned property consisting of 44 apartment units for $22.0 million;
• | Sold one land parcel for approximately $30.0 million;
• | Sold one unconsolidated partially owned property (Waterton Tenside) consisting of 336 apartment units for $74.5 million, paid off $29.1 million of mortgage debt at closing and the Company received approximately $11.9 million for its share of the net sales proceeds; and
• | Repaid $8.6 million of mortgage debt.
Other During the six months ended June 30, 2016, the Company purchased all of the issued and outstanding 3.00% Series P Cumulative Redeemable Preference Units at a par value of $18.4 million and retired these units in conjunction with the purchase. The Operating Partnership had previously issued these units to its partner as part of the buyout of its partner’s 95% interest in a previously unconsolidated development property. In conjunction with this transaction, the Company reduced other liabilities by $18.4 million as the units had been classified as a liability due in part to the fact that the holder could put the units to EQR for cash. During the six months ended June 30, 2016, the Company sold its entire interest in the management contracts and related rights associated with the military housing ventures at Joint Base Lewis McChord consisting of 5,161 apartment units for approximately $63.3 million and recognized a gain on sale of approximately $52.4 million, which is included in interest and other income in the accompanying consolidated statements of operations and comprehensive income. During the six months ended June 30, 2016 and 2015, the Company received $1.4 million and $5.8 million, respectively, for the settlement of various litigation/insurance claims, which are included in interest and other income in the accompanying consolidated statements of operations and comprehensive income. During the six months ended June 30, 2016 and 2015, the Company incurred charges of $1.4 million and $0.2 million, respectively, related to property acquisition costs, such as survey, title and legal fees, on the acquisition of operating properties and $2.6 million and $1.6 million, respectively, related to the write-off of various pursuit and out-of-pocket costs for terminated acquisition, disposition and development transactions. These costs, totaling $4.0 million and $1.8 million, respectively, are included in other expenses in the accompanying consolidated statements of operations and comprehensive income.

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- Definition Describes disclosed significant events or transactions that occurred after the balance sheet date, but before the issuance of the financial statements. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, changes in authorized or issued debt (SEC), substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business. Also describes significant other events that took place during the reporting period that were not otherwise disclosed in other footnotes. + References No definition available. + Details
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- Definition Subsequent events other. + References No definition available. + Details
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