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CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
REVENUES        
Rental income $ 734,163 $ 717,309 $ 1,464,981 $ 1,422,397
EXPENSES        
Property and maintenance 126,498 124,771 261,128 262,350
Real estate taxes and insurance 105,571 103,080 214,498 209,749
Property management 33,511 30,679 68,969 62,145
General and administrative 18,631 18,876 34,351 35,041
Depreciation 224,398 221,355 450,093 437,185
Total expenses 508,609 498,761 1,029,039 1,006,470
Net gain (loss) on sales of real estate properties 39,809 (87) 227,994 100,122
Interest and other income 1,328 2,131 10,657 3,669
Other expenses (13,385) (6,564) (45,123) (15,559)
Interest:        
Expense incurred, net (65,828) (65,590) (133,040) (131,991)
Amortization of deferred financing costs (1,918) (2,017) (3,836) (3,996)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels 185,560 146,421 492,594 368,172
Income and other tax (expense) benefit (331) (336) (635) (634)
Income (loss) from investments in unconsolidated entities (1,674) (1,223) (3,372) (2,605)
Net income 183,555 144,862 488,587 364,933
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (1,069) (1,105) (2,039) (2,082)
Net income attributable to controlling interests $ 177,483 $ 139,203 473,270 $ 351,238
ALLOCATION OF NET INCOME:        
Premium on redemption of Preference Units     $ 1,444  
Earnings per Unit – basic:        
Net income available to Units $ 0.47 $ 0.37 $ 1.24 $ 0.92
Earnings per Unit – diluted:        
Net income available to Units $ 0.47 $ 0.37 $ 1.24 $ 0.92
Weighted average Units outstanding 390,542 391,187 390,548 391,063
ERPOP [Member]        
REVENUES        
Rental income $ 734,163 $ 717,309 $ 1,464,981 $ 1,422,397
EXPENSES        
Property and maintenance 126,498 124,771 261,128 262,350
Real estate taxes and insurance 105,571 103,080 214,498 209,749
Property management 33,511 30,679 68,969 62,145
General and administrative 18,631 18,876 34,351 35,041
Depreciation 224,398 221,355 450,093 437,185
Total expenses 508,609 498,761 1,029,039 1,006,470
Net gain (loss) on sales of real estate properties 39,809 (87) 227,994 100,122
Interest and other income 1,328 2,131 10,657 3,669
Other expenses (13,385) (6,564) (45,123) (15,559)
Interest:        
Expense incurred, net (65,828) (65,590) (133,040) (131,991)
Amortization of deferred financing costs (1,918) (2,017) (3,836) (3,996)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels 185,560 146,421 492,594 368,172
Income and other tax (expense) benefit (331) (336) (635) (634)
Income (loss) from investments in unconsolidated entities (1,674) (1,223) (3,372) (2,605)
Net income 183,555 144,862 488,587 364,933
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (1,069) (1,105) (2,039) (2,082)
Net income attributable to controlling interests 182,486 143,757 486,548 362,851
ALLOCATION OF NET INCOME:        
Preference Units 355 773 902 1,545
Premium on redemption of Preference Units     1,444  
General Partner 177,128 138,430 470,924 349,693
Limited Partners 5,003 4,554 13,278 11,613
Net income available to Units $ 182,131 $ 142,984 $ 484,202 $ 361,306
Earnings per Unit – basic:        
Net income available to Units $ 0.47 $ 0.37 $ 1.24 $ 0.92
Weighted average Units outstanding 389,271 390,032 389,380 389,942
Earnings per Unit – diluted:        
Net income available to Units $ 0.47 $ 0.37 $ 1.24 $ 0.92
Weighted average Units outstanding 390,542 391,187 390,548 391,063