XML 28 R12.htm IDEA: XBRL DOCUMENT v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 60,364 $ 332,671
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 199,962 212,422
Amortization of deferred financing costs 2,185 2,041
Amortization of above/below market lease intangibles (18) (18)
Amortization of discounts and premiums on debt 1,294 1,276
Amortization of deferred settlements on derivative instruments 2,301 5,631
Amortization of right-of-use assets 2,980 3,007
Write-off of pursuit costs 1,331 1,627
(Income) loss from investments in unconsolidated entities 1,611 1,157
Distributions from unconsolidated entities – return on capital   100
Net (gain) loss on sales of real estate properties 43 (207,977)
Net (gain) loss on sales of land parcels (5)  
Realized/unrealized (gain) loss on derivative instruments   25
Compensation paid with Company Common Shares 8,678 7,844
Other operating activities, net 133 1,805
Changes in assets and liabilities:    
(Increase) decrease in other assets 20,746 (18,386)
Increase (decrease) in accounts payable and accrued expenses 59,116 62,573
Increase (decrease) in accrued interest payable (10,407) (927)
Increase (decrease) in lease liabilities (868) (621)
Increase (decrease) in other liabilities (3,852) (20,811)
Increase (decrease) in security deposits 459 (988)
Net cash provided by operating activities 346,053 382,451
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment in real estate – development/other (64,599) (52,204)
Capital expenditures to real estate (28,679) (38,342)
Non-real estate capital additions (589) (4,516)
Interest capitalized for real estate under development (3,769) (1,834)
Proceeds from disposition of real estate, net   368,364
Investments in unconsolidated entities (2,378) (5,458)
Distributions from unconsolidated entities – return of capital 4  
Other investing activities, net (26,335) (1)
Net cash provided by (used for) investing activities (126,345) 266,009
CASH FLOWS FROM FINANCING ACTIVITIES:    
Debt financing costs (318) (181)
Mortgage notes payable, net:    
Proceeds 37,492 78
Lump sum payoffs (59,880)  
Scheduled principal repayments (1,871) (1,941)
Line of credit and commercial paper:    
Line of credit proceeds   720,000
Line of credit repayments   (740,000)
Commercial paper proceeds 1,184,923 1,905,818
Commercial paper repayments (1,170,000) (2,291,000)
Proceeds from (payments on) settlement of derivative instruments   (25)
Finance ground lease principal payments (116)  
Proceeds from Employee Share Purchase Plan (ESPP) 1,731 869
Proceeds from exercise of EQR options 22,882 11,151
Contributions – Noncontrolling Interests – Partially Owned Properties   341
Contributions – Limited Partners   12
Distributions:    
OP Units – General Partner (224,308) (211,239)
Preference Units (773) (773)
OP Units – Limited Partners (8,479) (8,484)
Noncontrolling Interests – Partially Owned Properties (2,883) (9,315)
Net cash provided by (used for) financing activities (221,600) (624,689)
Net increase (decrease) in cash and cash equivalents and restricted deposits (1,892) 23,771
Cash and cash equivalents and restricted deposits, beginning of period 99,728 116,999
Cash and cash equivalents and restricted deposits, end of period 97,836 140,770
Cash and cash equivalents 35,453 82,335
Restricted deposits 62,383 58,435
SUPPLEMENTAL INFORMATION:    
Cash paid for interest, net of amounts capitalized 74,058 75,561
Net cash paid (received) for income and other taxes 752 266
Amortization of deferred financing costs:    
Investment in real estate, net (60) (60)
Other assets 585 584
Mortgage notes payable, net 703 403
Notes, net 957 1,114
Amortization of discounts and premiums on debt:    
Mortgage notes payable, net 684 595
Notes, net 610 681
Amortization of deferred settlements on derivative instruments:    
Other liabilities (2) (3)
Accumulated other comprehensive income 2,303 5,634
Write-off of pursuit costs:    
Investment in real estate, net 1,209 1,586
Other assets 114 33
Accounts payable and accrued expenses 8 8
(Income) loss from investments in unconsolidated entities:    
Investments in unconsolidated entities 1,282 830
Other liabilities 329 327
Realized/unrealized (gain) loss on derivative instruments:    
Other liabilities   992
Accumulated other comprehensive income   (967)
Investments in unconsolidated entities:    
Investments in unconsolidated entities (1,778) (4,558)
Other liabilities (600) (900)
Debt financing costs:    
Other assets   (181)
Mortgage notes payable, net (318)  
Right-of-use assets and lease liabilities initial measurement and reclassifications:    
Right-of-use assets 11,308  
Lease liabilities (11,308)  
ERPOP [Member]    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income 60,364 332,671
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 199,962 212,422
Amortization of deferred financing costs 2,185 2,041
Amortization of above/below market lease intangibles (18) (18)
Amortization of discounts and premiums on debt 1,294 1,276
Amortization of deferred settlements on derivative instruments 2,301 5,631
Amortization of right-of-use assets 2,980 3,007
Write-off of pursuit costs 1,331 1,627
(Income) loss from investments in unconsolidated entities 1,611 1,157
Distributions from unconsolidated entities – return on capital   100
Net (gain) loss on sales of real estate properties 43 (207,977)
Net (gain) loss on sales of land parcels (5)  
Realized/unrealized (gain) loss on derivative instruments   25
Compensation paid with Company Common Shares 8,678 7,844
Other operating activities, net 133 1,805
Changes in assets and liabilities:    
(Increase) decrease in other assets 20,746 (18,386)
Increase (decrease) in accounts payable and accrued expenses 59,116 62,573
Increase (decrease) in accrued interest payable (10,407) (927)
Increase (decrease) in lease liabilities (868) (621)
Increase (decrease) in other liabilities (3,852) (20,811)
Increase (decrease) in security deposits 459 (988)
Net cash provided by operating activities 346,053 382,451
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment in real estate – development/other (64,599) (52,204)
Capital expenditures to real estate (28,679) (38,342)
Non-real estate capital additions (589) (4,516)
Interest capitalized for real estate under development (3,769) (1,834)
Proceeds from disposition of real estate, net   368,364
Investments in unconsolidated entities (2,378) (5,458)
Distributions from unconsolidated entities – return of capital 4  
Other investing activities, net (26,335) (1)
Net cash provided by (used for) investing activities (126,345) 266,009
CASH FLOWS FROM FINANCING ACTIVITIES:    
Debt financing costs (318) (181)
Mortgage notes payable, net:    
Proceeds 37,492 78
Lump sum payoffs (59,880)  
Scheduled principal repayments (1,871) (1,941)
Line of credit and commercial paper:    
Line of credit proceeds   720,000
Line of credit repayments   (740,000)
Commercial paper proceeds 1,184,923 1,905,818
Commercial paper repayments (1,170,000) (2,291,000)
Proceeds from (payments on) settlement of derivative instruments   (25)
Finance ground lease principal payments (116)  
Proceeds from Employee Share Purchase Plan (ESPP) 1,731 869
Proceeds from exercise of EQR options 22,882 11,151
Contributions – Noncontrolling Interests – Partially Owned Properties   341
Contributions – Limited Partners   12
Distributions:    
OP Units – General Partner (224,308) (211,239)
Preference Units (773) (773)
OP Units – Limited Partners (8,479) (8,484)
Noncontrolling Interests – Partially Owned Properties (2,883) (9,315)
Net cash provided by (used for) financing activities (221,600) (624,689)
Net increase (decrease) in cash and cash equivalents and restricted deposits (1,892) 23,771
Cash and cash equivalents and restricted deposits, beginning of period 99,728 116,999
Cash and cash equivalents and restricted deposits, end of period 97,836 140,770
Cash and cash equivalents 35,453 82,335
Restricted deposits 62,383 58,435
SUPPLEMENTAL INFORMATION:    
Cash paid for interest, net of amounts capitalized 74,058 75,561
Net cash paid (received) for income and other taxes 752 266
Amortization of deferred financing costs:    
Investment in real estate, net (60) (60)
Other assets 585 584
Mortgage notes payable, net 703 403
Notes, net 957 1,114
Amortization of discounts and premiums on debt:    
Mortgage notes payable, net 684 595
Notes, net 610 681
Amortization of deferred settlements on derivative instruments:    
Other liabilities (2) (3)
Accumulated other comprehensive income 2,303 5,634
Write-off of pursuit costs:    
Investment in real estate, net 1,209 1,586
Other assets 114 33
Accounts payable and accrued expenses 8 8
(Income) loss from investments in unconsolidated entities:    
Investments in unconsolidated entities 1,282 830
Other liabilities 329 327
Realized/unrealized (gain) loss on derivative instruments:    
Other liabilities   992
Accumulated other comprehensive income   (967)
Investments in unconsolidated entities:    
Investments in unconsolidated entities (1,778) (4,558)
Other liabilities (600) (900)
Debt financing costs:    
Other assets   $ (181)
Mortgage notes payable, net (318)  
Right-of-use assets and lease liabilities initial measurement and reclassifications:    
Right-of-use assets 11,308  
Lease liabilities $ (11,308)