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CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP
$ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 1,009,708 $ 685,192 $ 628,381
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 831,083 785,725 743,749
Amortization of deferred financing costs 11,670 11,310 8,526
Amortization of above/below market lease intangibles (71) 4,392 3,828
Amortization of discounts and premiums on debt 11,780 22,781 3,536
Amortization of deferred settlements on derivative instruments 21,176 18,440 18,847
Amortization of right-of-use assets 11,764    
Impairment   702 1,693
Write-off of pursuit costs 5,529 4,450 3,106
(Income) loss from investments in unconsolidated entities (65,945) 3,667 3,370
Distributions from unconsolidated entities – return on capital 2,621 2,492 2,632
Net (gain) loss on sales of real estate properties (447,637) (256,810) (157,057)
Net (gain) loss on sales of land parcels (2,044) (987) (19,167)
Net (gain) loss on debt extinguishment 13,647 22,110 12,258
Realized/unrealized (gain) loss on derivative instruments   50  
Compensation paid with Company Common Shares 24,449 27,132 24,997
Other operating activities, net 287    
Changes in assets and liabilities:      
(Increase) decrease in other assets 6,278 4,097 (449)
Increase (decrease) in accounts payable and accrued expenses 5,116 (1,862) 11,532
Increase (decrease) in accrued interest payable 4,230 4,587 (2,911)
Increase (decrease) in lease liabilities (2,269)    
Increase (decrease) in other liabilities 13,382 16,578 (23,468)
Increase (decrease) in security deposits 2,804 2,249 2,385
Net cash provided by operating activities 1,456,984 1,356,295 1,265,788
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment in real estate – acquisitions (1,518,878) (708,092) (466,394)
Investment in real estate – development/other (195,692) (154,431) (276,382)
Capital expenditures to real estate (178,423) (188,501) (202,607)
Non-real estate capital additions (4,955) (4,505) (1,506)
Interest capitalized for real estate under development (6,884) (6,260) (26,290)
Proceeds from disposition of real estate, net 1,064,619 691,526 384,583
Investments in unconsolidated entities (9,604) (6,571) (6,034)
Distributions from unconsolidated entities – return of capital 78,262   334
Purchase of investment securities and other investments (269)    
Net cash provided by (used for) investing activities (771,824) (376,834) (594,296)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Debt financing costs (19,812) (8,583) (6,289)
Mortgage notes payable, net:      
Proceeds 295,771 96,935  
Lump sum payoffs (743,021) (1,347,939) (493,420)
Scheduled principal repayments (6,808) (6,629) (10,704)
Notes, net:      
Proceeds 1,194,468 896,294 692,466
Lump sum payoffs (1,050,000)   (497,975)
Line of credit and commercial paper:      
Line of credit proceeds 6,010,000 3,805,000 1,845,000
Line of credit repayments (5,990,000) (3,805,000) (1,845,000)
Commercial paper proceeds 15,944,800 14,030,926 5,066,509
Commercial paper repayments (15,446,150) (13,831,500) (4,786,750)
Proceeds from (payments on) settlement of derivative instruments (41,616) 18,118 1,295
Prepaid finance ground lease (34,734)    
Proceeds from Employee Share Purchase Plan (ESPP) 3,116 3,879 3,744
Proceeds from exercise of EQR options 77,785 30,655 31,596
Payment of offering costs (991) (27) (51)
Other financing activities, net (80) (78) (63)
Acquisition of Noncontrolling Interests – Partially Owned Properties   (13)  
Contributions – Noncontrolling Interests – Partially Owned Properties 7,337 125 125
Contributions – Limited Partners 2 1  
Distributions:      
OP Units – General Partner (831,111) (782,122) (739,375)
Preference Units (3,090) (3,863) (3,091)
OP Units – Limited Partners (29,615) (28,226) (27,291)
Noncontrolling Interests – Partially Owned Properties (7,078) (9,753) (8,286)
Net cash provided by (used for) financing activities (684,474) (963,910) (789,818)
Net increase (decrease) in cash and cash equivalents and restricted deposits 686 15,551 (118,326)
Cash and cash equivalents and restricted deposits, beginning of year 116,313 100,762 219,088
Cash and cash equivalents and restricted deposits, end of year 116,999 116,313 100,762
Cash and cash equivalents 45,753 47,442 50,647
Restricted deposits 71,246 68,871 50,115
SUPPLEMENTAL INFORMATION:      
Cash paid for interest, net of amounts capitalized 342,048 358,156 360,273
Net cash paid (received) for income and other taxes (585) 853 640
Amortization of deferred financing costs:      
Investment in real estate, net 120    
Other assets 2,987 2,412 2,412
Mortgage notes payable, net 3,934 4,792 2,493
Notes, net 4,869 4,106 3,621
Amortization of discounts and premiums on debt:      
Mortgage notes payable, net 8,618 20,144 1,172
Notes, net 3,162 2,637 2,364
Amortization of deferred settlements on derivative instruments:      
Other liabilities (12) (12) (11)
Accumulated other comprehensive income 21,188 18,452 18,858
Write-off of pursuit costs:      
Investment in real estate, net 5,451 4,364 2,965
Other assets 62 53 17
Accounts payable and accrued expenses 16 33 124
(Income) loss from investments in unconsolidated entities:      
Investments in unconsolidated entities (67,268) 2,304 1,955
Other liabilities 1,323 1,363 1,415
Realized/unrealized (gain) loss on derivative instruments:      
Other assets 2,002 (14,977) (4,582)
Notes, net 2,277 (680) (3,454)
Other liabilities 29,486 10,533 1,597
Accumulated other comprehensive income (33,765) 5,174 6,439
Investments in unconsolidated entities:      
Investments in unconsolidated entities (7,504) (4,891) (3,034)
Other liabilities (2,100) (1,680) (3,000)
Debt financing costs:      
Other assets (6,909) (145)  
Mortgage notes payable, net 2,354 555  
Notes, net (10,549) (7,883) (6,289)
Right-of-use assets and lease liabilities initial measurement and reclassifications:      
Right-of-use assets (489,517)    
Other assets 184,116    
Lease liabilities 333,603    
Other liabilities 28,202    
Proceeds from (payments on) settlement of derivative instruments:      
Other assets   18,118 1,295
Other liabilities 41,616    
Mortgage Notes Payable, Net [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net gain (loss) on debt extinguishment (3,381) (22,110) (12,258)
ERPOP [Member]      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income 1,009,708 685,192 628,381
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 831,083 785,725 743,749
Amortization of deferred financing costs 11,670 11,310 8,526
Amortization of above/below market lease intangibles (71) 4,392 3,828
Amortization of discounts and premiums on debt 11,780 22,781 3,536
Amortization of deferred settlements on derivative instruments 21,176 18,440 18,847
Amortization of right-of-use assets 11,764    
Impairment   702 1,693
Write-off of pursuit costs 5,529 4,450 3,106
(Income) loss from investments in unconsolidated entities (65,945) 3,667 3,370
Distributions from unconsolidated entities – return on capital 2,621 2,492 2,632
Net (gain) loss on sales of real estate properties (447,637) (256,810) (157,057)
Net (gain) loss on sales of land parcels (2,044) (987) (19,167)
Net (gain) loss on debt extinguishment 13,647 22,110 12,258
Realized/unrealized (gain) loss on derivative instruments   50  
Compensation paid with Company Common Shares 24,449 27,132 24,997
Other operating activities, net 287    
Changes in assets and liabilities:      
(Increase) decrease in other assets 6,278 4,097 (449)
Increase (decrease) in accounts payable and accrued expenses 5,116 (1,862) 11,532
Increase (decrease) in accrued interest payable 4,230 4,587 (2,911)
Increase (decrease) in lease liabilities (2,269)    
Increase (decrease) in other liabilities 13,382 16,578 (23,468)
Increase (decrease) in security deposits 2,804 2,249 2,385
Net cash provided by operating activities 1,456,984 1,356,295 1,265,788
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment in real estate – acquisitions (1,518,878) (708,092) (466,394)
Investment in real estate – development/other (195,692) (154,431) (276,382)
Capital expenditures to real estate (178,423) (188,501) (202,607)
Non-real estate capital additions (4,955) (4,505) (1,506)
Interest capitalized for real estate under development (6,884) (6,260) (26,290)
Proceeds from disposition of real estate, net 1,064,619 691,526 384,583
Investments in unconsolidated entities (9,604) (6,571) (6,034)
Distributions from unconsolidated entities – return of capital 78,262   334
Purchase of investment securities and other investments (269)    
Net cash provided by (used for) investing activities (771,824) (376,834) (594,296)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Debt financing costs (19,812) (8,583) (6,289)
Net gain (loss) on debt extinguishment (10,266)    
Mortgage notes payable, net:      
Proceeds 295,771 96,935  
Lump sum payoffs (743,021) (1,347,939) (493,420)
Scheduled principal repayments (6,808) (6,629) (10,704)
Notes, net:      
Proceeds 1,194,468 896,294 692,466
Lump sum payoffs (1,050,000)   (497,975)
Line of credit and commercial paper:      
Line of credit proceeds 6,010,000 3,805,000 1,845,000
Line of credit repayments (5,990,000) (3,805,000) (1,845,000)
Commercial paper proceeds 15,944,800 14,030,926 5,066,509
Commercial paper repayments (15,446,150) (13,831,500) (4,786,750)
Proceeds from (payments on) settlement of derivative instruments (41,616) 18,118 1,295
Prepaid finance ground lease (34,734)    
Proceeds from Employee Share Purchase Plan (ESPP) 3,116 3,879 3,744
Proceeds from exercise of EQR options 77,785 30,655 31,596
Payment of offering costs (991) (27) (51)
Other financing activities, net (80) (78) (63)
Acquisition of Noncontrolling Interests – Partially Owned Properties   (13)  
Contributions – Noncontrolling Interests – Partially Owned Properties 7,337 125 125
Contributions – Limited Partners 2 1  
Distributions:      
OP Units – General Partner (831,111) (782,122) (739,375)
Preference Units (3,090) (3,863) (3,091)
OP Units – Limited Partners (29,615) (28,226) (27,291)
Noncontrolling Interests – Partially Owned Properties (7,078) (9,753) (8,286)
Net cash provided by (used for) financing activities (684,474) (963,910) (789,818)
Net increase (decrease) in cash and cash equivalents and restricted deposits 686 15,551 (118,326)
Cash and cash equivalents and restricted deposits, beginning of year 116,313 100,762 219,088
Cash and cash equivalents and restricted deposits, end of year 116,999 116,313 100,762
Cash and cash equivalents 45,753 47,442 50,647
Restricted deposits 71,246 68,871 50,115
SUPPLEMENTAL INFORMATION:      
Cash paid for interest, net of amounts capitalized 342,048 358,156 360,273
Net cash paid (received) for income and other taxes (585) 853 640
Amortization of deferred financing costs:      
Investment in real estate, net (120)    
Other assets 2,987 2,412 2,412
Mortgage notes payable, net 3,934 4,792 2,493
Notes, net 4,869 4,106 3,621
Amortization of discounts and premiums on debt:      
Mortgage notes payable, net 8,618 20,144 1,172
Notes, net 3,162 2,637 2,364
Amortization of deferred settlements on derivative instruments:      
Other liabilities (12) (12) (11)
Accumulated other comprehensive income 21,188 18,452 18,858
Write-off of pursuit costs:      
Investment in real estate, net 5,451 4,364 2,965
Other assets 62 53 17
Accounts payable and accrued expenses 16 33 124
(Income) loss from investments in unconsolidated entities:      
Investments in unconsolidated entities (67,268) 2,304 1,955
Other liabilities 1,323 1,363 1,415
Realized/unrealized (gain) loss on derivative instruments:      
Other assets 2,002 (14,977) (4,582)
Notes, net 2,277 (680) (3,454)
Other liabilities 29,486 10,533 1,597
Accumulated other comprehensive income (33,765) 5,174 6,439
Investments in unconsolidated entities:      
Investments in unconsolidated entities (7,504) (4,891) (3,034)
Other liabilities (2,100) (1,680) (3,000)
Debt financing costs:      
Other assets (6,909) (145)  
Mortgage notes payable, net (2,354) (555)  
Notes, net (10,549) (7,883) (6,289)
Right-of-use assets and lease liabilities initial measurement and reclassifications:      
Right-of-use assets (489,517)    
Other assets 184,116    
Lease liabilities 333,603    
Other liabilities (28,202)    
Proceeds from (payments on) settlement of derivative instruments:      
Other assets   18,118 1,295
Other liabilities (41,616)    
ERPOP [Member] | Mortgage Notes Payable, Net [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net gain (loss) on debt extinguishment $ (3,381) $ (22,110) $ (12,258)