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Equity Residential Reports Strong Results| Reuters

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Equity Residential Reports Strong Results| Reuters Wed Oct 30, 2013 4:29pm EDT * Reuters isn't responsible for that content material in this press release. Equity Residential Studies Strong Results Same Retailer Revenues Boost 4.1% within 3Q and 4.7% YTD Same Shop NOI increases 4.5% inside 3Q and also 5.4% YTD Equity Residential (NYSE: EQR) today reported results for that quarter and also nine months ended September 30, 2013. Just About All for each discuss results are reported as available to common shares on the diluted basis. "For 2013, we at present anticipate to supply exact same store revenue growth associated with 4.5%, very much in line using our original expectations," stated David J. Neithercut, Equity Residential's President as well as CEO. "In the actual extended term, favorable demographics will produce need for housing inside our markets that is not really heading to end up being achieved along with new provide so we should enjoy strong growth for most years. in the particular brief term, new provide will generate modest negative revenue development in Washington, D.C., partially offsetting continued strong growth across many of our other markets along with leading to expected portfolio wide exact same shop revenue growth associated with 3% to become able to 4% inside 2014." Third Quarter 2013
FFO (Funds from Operations), as defined by the National Association of Real-estate Investment Trusts (NAREIT), for your third quarter of 2013 ended up being $0.71 per reveal compared in order to $0.92 per share inside the third quarter involving 2012. The Particular distinction is due primarily to the $70.0 million Archstone termination charge that the company recognized within the third quarter involving 2012. For the particular third quarter involving 2013, the organization reported Normalized FFO of $0.73 for each reveal in contrast in order to $0.73 per talk about in the exact same time period of 2012. The subsequent products impacted Normalized FFO per reveal within the quarter: the positive impact involving approximately $0.04 per discuss from higher identical shop net operating income (NOI); the positive impact of approximately $0.28 per share from your Archstone properties, offset by the negative impact regarding approximately $0.28 for each discuss via 2012 as well as 2013 disposition activity and typical share issuance within link with just about all the company's purchase involving Archstone; and the negative impact associated with approximately $0.04 per share coming from higher interest expense, general as well as administrative expenses and other items. Normalized FFO begins with FFO along with eliminates particular items which by their particular nature are not comparable from period in order to period associated with time or perhaps in which have a propensity to obscure the particular company's real operating performance. Merger expenses and also prepayment penalties are not included inside the company's Normalized FFO. Any reconciliation as well as definition of Normalized FFO are given about pages 26 as well as 29 regarding this release as well as the business has included guidance for Normalized FFO about page 27 involving this release. For the particular third quarter involving 2013, the company reported earnings involving $1.05 for each talk about in contrast for you to $0.72 per discuss within the third quarter of 2012. The Particular difference arrives primarily to be able to higher gains through property revenue inside the third quarter of 2013, partially offset by simply higher depreciation as a consequence of the particular Archstone acquisition, as well as the termination charge as well as other objects discussed above. Nine Weeks Ended September 30, 2013 FFO for that nine several weeks ended September 30, 2013 was $1.68 per discuss in contrast to become able to $2.16 per share in the exact same period regarding time associated with 2012. The Actual distinction is due primarily to merger-related expenses and also prepayment penalties incurred within the first nine weeks of 2013 within connection with the company's acquisition regarding Archstone, also because the termination charge described above. For your nine weeks ended September 30, 2013, the organization reported Normalized FFO regarding $2.08 for each discuss in comparison to $2.02 for each discuss within the identical time period regarding 2012. For the actual nine a couple of months ended September 30, 2013, the business reported earnings involving $4.87 for each reveal in comparison in order to $1.52 for each share inside the exact same period of 2012. The Actual distinction is due primarily for you to higher gains coming from property
sales throughout 2013, partially offset through higher depreciation as a result of the actual Archstone acquisition, too since the termination fee as well as other products described above. Same store Results On a same retailer third quarter to third quarter comparison, including 82,553 apartment units, revenues increased 4.1%, expenses increased 3.1% and also NOI elevated 4.5%. On a new identical retailer sequential third quarter in order to 2nd quarter comparison, which includes 101,820 apartment units, revenues elevated 1.5%, expenses elevated 2.2% as well as NOI elevated 1.2%. Your company's sequential exact same retailer pool associated with assets includes 18,448 apartment units the company acquired within the Archstone transaction. the acquired Archstone properties performed throughout range along with both your company's underwriting anticipations and its comparable properties within the same markets. On the same store nine-month for you to nine-month comparison, which include 81,099 apartment units, revenues elevated 4.7%, expenses increased 3.3% along with NOI increased 5.4%. Acquisitions/Dispositions The organization didn't acquire any kind of properties or even property web sites within the third quarter. During the first nine several weeks associated with 2013, the business acquired 77 properties, consisting of 22,103 apartment units. The Particular organization will not expect you'll acquire any kind of operating assets within the fourth quarter. During the third quarter, the organization offered 10 apartment properties, consisting associated with 4,131 apartment units, for an aggregate sale cost of $657.6 million in a weighted average cap rate of 5.9%. These kind of sales, excluding 1 Archstone asset that provides been sold throughout the quarter, generated an unlevered internal charge involving return (IRR), inclusive regarding management costs, associated with 11.1%. Also throughout the quarter, the business marketed 2 territory parcels for an aggregate sale price of $44.3 million. During the really first nine weeks involving 2013, the business sold 92 apartment properties, consisting involving 28,328 apartment units, with an aggregate sale price of $4.36 billion in a weighted average cap rate of 6.0%. These kinds of sales, excluding 3 Archstone assets that were offered shortly after his or her acquisition, generated an unlevered IRR, inclusive involving management costs, involving 10.0%. Please notice web page nine associated with this release for comparative portfolio summaries for that finish of the fourth quarter 2012 as well as the finish with the third quarter 2013. Capital Markets Activities On October 1, 2013, the organization employed cash hand via dispositions for you to repay a $963.5 million secured loan in which it assumed throughout conjunction using the Archstone acquisition. This kind of loan ended up being set in order to mature in November 2014 as well as carried a cash interest rate associated with 5.88% and a GAAP fascination rate of 3.45% credited to the
amortization with the Archstone-related financial debt premium. The organization anticipates closing a new $800 million secured loan through a large insurance company inside the fourth quarter involving 2013. the loan, which may be dedicated to by the business and the lender, includes a ten 12 months term, will be curiosity only along with carries a fixed interest price regarding 4.21%. Your company expects in order to simultaneously use the loan proceeds in order to repay $825 million of the $1.27 billion secured loan that the business assumed as part of the particular Archstone transaction. The Actual approximately $440 million balance will remain outstanding, continue to mature in November 2017 and always bring a cash fascination rate of 6.26% and a GAAP interest price associated with 3.58% thanks for the amortization in the Archstone-related debt premium. The company expects for you to incur cash prepayment expenses associated with approximately $150 million and a charge for you to earnings as well as FFO associated with approximately $43 million inside the fourth quarter, which is reflected within our revised guidance below. The Actual distinction is due towards the compose from Archstone-related financial debt premiums. Normalized FFO is not heading to become impacted by this charge. Assuming which these transactions occur as expected, the business will have locked throughout a stylish piece of long lasting debt along with substantially extended your duration of its debt maturities also as reduced its 2017 maturities as a portion regarding outstanding debt. Fourth Quarter 2013 Guidance The organization provides set up a Normalized FFO guidance range of $0.75 in order to $0.77 for each reveal for the fourth quarter of 2013. The Actual distinction between the company's third quarter 2013 Normalized FFO of $0.73 for each reveal as well as the midpoint of the fourth quarter guidance selection of $0.76 per share is born primarily to: a positive impact of approximately $0.02 for each talk about through higher identical shop NOI offset by approximately $0.02 through dilution from 2013 transaction activity and other items; and a positive impact regarding approximately $0.03 per discuss from lower total financing costs. Full Yr 2013 Guidance The organization offers revised its guidance for its total yr 2013 identical store operating performance, transactions and also Normalized FFO outcomes too as other items detailed upon web page 27 involving this release. Revised complete 12 months same store, transactions and Normalized FFO guidance are outlined below: Â Â Previous Revised Same store:
Physical occupancy 95.3% 95.4% Revenue change 4.4% to 4.6% 4.5% Expense change 3.0% to 3.5% 3.3% NOI change 5.0% to 5.25% 5.1%  Acquisitions (excluding Archstone): $100 million $100 million Dispositions: $4.1 billion $4.4 billion Cap rate Spread: 110 basis points 110 basis points  Normalized FFO for each share: $2.80 in order to $2.85
$2.83 for you to $2.85 Â Fourth Quarter 2013 Earnings and Conference Call Equity Residential expects to announce fourth quarter and also full yr 2013 outcomes in Tuesday, February 4, 2014 and host any conference contact in order to discuss individuals results with 10:00 a.m. CT upon Wednesday, February 5, 2014. Equity Residential is surely an S&P 500 organization targeted on the acquisition, development and management regarding high quality apartment properties in top U.S. growth markets. Equity Residential owns or perhaps features investments throughout 389 properties consisting regarding 109,795 apartment units. for more information on Equity Residential, please visit our website with www.equityapartments.com. Forward-Looking Statements In supplement to be able to historical information, this press release contains forward-looking statements and data within madness of the federal securities laws. These kind of statements tend to be according to current expectations, estimates, projections and assumptions produced by management. Although Equity Residential's management believes the assumptions underlying its forward-looking statements are usually reasonable, such details are inherently subject for you to uncertainties and may involve particular risks, including, without limitation, modifications in general industry conditions, including the charge involving occupation growth and value regarding labor as well as construction material, your amount of new multifamily construction as well as development, competition along with neighborhood government regulation. Some Other risks and also uncertainties are described below the heading "Risk Factors" in our Annual Record in Form 10-K and also subsequent periodic studies filed with the Securities and Exchange Commission (SEC) along with obtainable upon our website, www.equityapartments.com. Several of those uncertainties along with risks are usually hard to predict and also beyond management's control. Forward-looking statements aren't ensures of long term performance, results or even events. Equity Residential assumes absolutely no obligation for you to update or supplement forward-looking statements in which grow for you to be untrue because associated with subsequent events. A live web cast of the company's conference call discussing these results will just take location tomorrow, Thursday, October 31, with 10:00 a.m. Central. Please visit the particular Investor portion associated with the company's internet site with www.equityapartments.com for that link. The replay involving the internet cast is planning to be available for two weeks only at that site. Â Â Â Â Equity Residential Consolidated Statements of Operations
(Amounts in thousands except per reveal data) (Unaudited)  Nine A Number Of Months Ended September 30, Quarter Ended September 30, 2013 2012 2013 2012 REVENUES Rental income $ 1,749,374 $ 1,295,431 $ 626,880 $ 448,647 Fee as well as asset management  7,399   7,328 Â
 2,566   3,052  Total revenues  1,756,773   1,302,759   629,446   451,699   EXPENSES Property and also maintenance 333,202 254,009 119,632 86,682
Real estate taxes along with insurance 218,777 154,633 76,255 53,064 Property management 63,395 62,769 18,875 18,493 Fee along with asset management 4,739 3,595 1,516 1,108 Depreciation 798,121 422,148 277,336 139,337 General and administrative  47,018   37,162
  14,438   10,083  Total expenses  1,465,252   934,316   508,052   308,767   Operating income 291,521 368,443 121,394 142,932
 Interest and other income 1,320 70,514 816 70,087 Other expenses (7,530 ) (18,587 ) (3,986 ) (3,984 ) Merger expenses (19,741 ) (1,921 ) (182 ) (87 ) Interest: Expense incurred, net
(437,452 ) (345,476 ) (120,035 ) (113,222 ) Amortization associated with deferred financing costs  (15,636 )  (10,265 )  (4,335 )  (3,320 ) (Loss) earnings before income as well as other taxes, (loss) from investments throughout unconsolidated entities, net acquire (loss) in revenue regarding unconsolidated entities and terrain parcels and also discontinued operations (187,518 ) 62,708
(6,328 ) 92,406 Income and other tax (expense) benefit (1,326 ) (602 ) (493 ) (222 ) (Loss) coming from investments inside unconsolidated entities thanks for you to operations (2,984 ) (3 ) (1,454 ) (3 ) (Loss) through investments throughout unconsolidated entities due to always be able to merger expenses (54,781 ) --
(1,771 ) -- Net gain on sales regarding unconsolidated entities 16 -- 16 -- Net acquire (loss) on revenue regarding property parcels  12,179   --   (2,437 )  --  (Loss) earnings coming from continuing operations (234,414 ) 62,103 (12,467
) 92,181 Discontinued operations, net  2,023,897   434,702   404,184   144,142  Net income 1,789,483 496,805 391,717 236,323 Net (income) loss attributable to Noncontrolling Interests: Operating Partnership (70,947 ) (21,646 )
(14,836 ) (10,496 ) Partially Owned Properties  1,101   (457 )  311   312  Net earnings attributable to always be able to controlling interests 1,719,637 474,702 377,192 226,139 Preferred distributions (3,109 ) (9,319
) (1,037 ) (2,386 ) Premium in redemption regarding Preferred Shares  --   (5,150 )  --   (5,150 ) Net income available to Typical Shares $ 1,716,528  $ 460,233  $
376,155 Â $ 218,603 Â Â Earnings for each share - basic: (Loss) income via continuing operations accessible to Typical Shares $ (0.64 ) $ 0.15 Â $ (0.04 ) $ 0.27 Â Net earnings available to Typical Shares $ 4.87 Â $ 1.53
 $ 1.05  $ 0.73  Weighted typical Typical Shares outstanding  352,414   300,116   359,811   301,336   Earnings for each talk about - diluted: (Loss) income from continuing operations accessible to Widespread Shares $ (0.64 )
$ 0.15  $ (0.04 ) $ 0.27  Net earnings available to Typical Shares $ 4.87  $ 1.52  $ 1.05  $ 0.72  Weighted typical Typical Shares outstanding  352,414 Â
 317,265   359,811   318,773   Distributions declared for each common share outstanding $ 1.20  $ 1.0125  $ 0.40  $ 0.3375    Â
 Equity Residential Consolidated Statements associated with Funds Via Operations and also Normalized Funds Coming From Operations (Amounts within thousands except per reveal data) (Unaudited)  Nine Several Weeks Ended September 30, Quarter Ended September 30, 2013 2012 2013 2012 Net income $ 1,789,483 $ 496,805 $ 391,717 $ 236,323 Net loss (income) attributable for you to Noncontrolling Pursuits - Partially Owned Properties 1,101 (457
) 311 312 Preferred distributions (3,109 ) (9,319 ) (1,037 ) (2,386 ) Premium upon redemption associated with Preferred Shares  --   (5,150 )  --   (5,150 ) Net earnings accessible to Widespread Shares and also Units
1,787,475 481,879 390,991 229,099 Â Adjustments: Depreciation 798,121 422,148 277,336 139,337 Depreciation - Non-real estate additions (3,626 ) (4,211 ) (1,153 ) (1,430 ) Depreciation - Partially Owned along with Unconsolidated Properties (3,074 ) (2,395 ) (566
) (798 ) Net (gain) on sales involving unconsolidated entities (16 ) -- (16 ) -- Discontinued operations: Depreciation 31,976 94,792 2,273 29,497 Net (gain) in revenue of discontinued operations (1,990,577 ) (307,447 ) (401,703 ) (103,394 ) Net incremental gain in revenue regarding condominium units
7 49 -- -- Gain on sale regarding Equity Corporate Housing (ECH) Â 709 Â Â 350 Â Â 108 Â Â -- Â FFO accessible to Typical Shares along with Units (1) (3) (4) 620,995 685,165 267,270 292,311 Â Adjustments (see page 26 for additional detail): Asset impairment and also valuation allowances --
-- -- -- Property acquisition expenses as well as write-off regarding pursuit costs 78,694 14,898 2,578 4,004 Debt extinguishment (gains) losses, such as prepayment penalties, preferred share redemptions along with non-cash convertible credit card debt discounts 78,820 7,491 -- 6,114 (Gains) losses about revenue involving non-operating assets, net associated with earnings as well as other tax expense (benefit) (13,725 ) (491 ) 1,499 -- Other miscellaneous non-comparable items  3,361
  (67,687 )  3,361   (69,910 ) Normalized FFO open to common Shares as well as Units (2) (3) (4) $ 768,145  $ 639,376  $ 274,708  $ 232,519   FFO (1) (3) $
624,104 $ 699,634 $ 268,307 $ 299,847 Preferred distributions (3,109 ) (9,319 ) (1,037 ) (2,386 ) Premium about redemption associated with Preferred Shares  --   (5,150 )  -- Â
 (5,150 ) FFO open to Typical Shares and Units - fundamental as well as diluted (1) (3) (4) $ 620,995  $ 685,165  $ 267,270  $ 292,311  FFO for each reveal and Unit - basic $ 1.70  $ 2.18  $ 0.72 Â
$ 0.93 Â FFO for each discuss and Unit - diluted $ 1.68 Â $ 2.16 Â $ 0.71 Â $ 0.92 Â Â Normalized FFO (2) (3) $ 771,254 $ 648,695 $ 275,745 $ 234,905
Preferred distributions  (3,109 )  (9,319 )  (1,037 )  (2,386 ) Normalized FFO accessible to common Shares and also Units - basic and also diluted (2) (3) (4) $ 768,145  $ 639,376  $ 274,708  $ 232,519 Â
Normalized FFO per reveal and also Unit - basic $ 2.10 Â $ 2.04 Â $ 0.74 Â $ 0.74 Â Normalized FFO per share and also Unit - diluted $ 2.08 Â $ 2.02 Â $ 0.73 Â $ 0.73 Â
 Weighted typical Widespread Shares and also Units outstanding - basic  366,150   313,932   373,547   315,513  Weighted average Typical Shares and also Units outstanding - diluted  368,611   317,265   375,883   318,773
  Note: See web page 26 for additional detail regarding the particular adjustments through FFO to Normalized FFO. see page 29 for the definitions, the particular footnotes referenced above and also the reconciliations of EPS for you to FFO along with Normalized FFO.  Equity Residential Consolidated balance Sheets (Amounts in 1000's except regarding reveal amounts) (Unaudited)   September 30, December 31, 2013 2012 ASSETS Investment in real estate Land $ 6,201,333 $ 4,554,912 Depreciable property 19,254,957 15,711,944
Projects under development 779,053 387,750 Land held for development  505,494   353,823  Investment throughout real estate 26,740,837 21,008,429 Accumulated depreciation  (4,654,594 )  (4,912,221 ) Investment within real estate, net 22,086,243 16,096,208 Cash and funds equivalents 972,761 612,590
Investments inside unconsolidated entities 165,898 17,877 Deposits - restricted 98,874 250,442 Escrow deposits - mortgage 40,901 9,129 Deferred financing costs, net 66,775 44,382 Other assets  379,979   170,372  Total assets $ 23,811,431  $ 17,201,000 Â
 LIABILITIES AND EQUITY Liabilities: Mortgage notes payable $ 6,230,675 $ 3,898,369 Notes, net 5,476,522 4,630,875 Lines associated with credit -- -- Accounts payable along with accrued expenses 166,939 38,372 Accrued fascination payable 85,353 76,223 Other liabilities 331,797 304,518 Security deposits 71,462 66,988
Distributions payable  149,836   260,176  Total liabilities  12,512,584   9,275,521   Commitments and also contingencies  Redeemable Noncontrolling Pursuits - Operating Partnership  376,057   398,372  Equity: Shareholders' equity:
Preferred Shares of advantageous interest, $0.01 par value; 100,000,000 shares authorized; 1,000,000 shares issued and outstanding as associated with September 30, 2013 and December 31, 2012 50,000 50,000 Common Shares involving advantageous interest, $0.01 par value; 1,000,000,000 shares authorized; 360,395,959 shares issued and outstanding as involving September 30, 2013 along with 325,054,654 shares issued and also outstanding as associated with December 31, 2012 3,604 3,251 Paid in capital 8,542,822 6,542,355 Retained earnings 2,171,603 887,355 Accumulated some other comprehensive (loss) Â (169,392 ) Â (193,148 ) Total shareholders' equity 10,598,637
7,289,813 Noncontrolling Interests: Operating Partnership 213,518 159,606 Partially Owned Properties  110,635   77,688  Total Noncontrolling Interests  324,153   237,294  Total equity  10,922,790   7,527,107 Â
Total liabilities as well as equity $ 23,811,431  $ 17,201,000           Equity Residential         Portfolio Summary as involving December 31, 2012
Portfolio Summary as involving September 30, 2013 % of Average % of Average Apartment Stabilized Rental Apartment Stabilized Rental Markets/Metro Areas Properties Units NOI (1) Rate (2) Properties Units NOI (1) Rate (2) Â Core: Washington DC 43 14,425 15.9 %
$ 1,992 56 18,275 19.9 % $ 2,249 New York 30 8,047 13.9 % 3,433 38 10,330 17.3 % 3,720 San Francisco 40 9,094 8.6 % 1,902 50 12,766 12.0 % 2,170 Los Angeles
48 9,815 9.9 % 1,879 57 11,960 11.5 % 2,071 Boston 26 5,832 8.2 % 2,560 34 7,816 10.5 % 2,780 South Florida 36 12,253 9.0 % 1,463 34 11,334 7.2 % 1,543
Seattle 38 7,563 6.4 % 1,627 38 7,734 6.0 % 1,741 Denver 24 8,144 5.5 % 1,226 19 6,935 4.2 % 1,309 San Diego 14 4,963 5.0 % 1,851 13 3,505 3.2 %
1,943 Orange County, CA 11 3,490 3.3 % Â 1,660 11 3,490 2.9 % Â 1,710 Subtotal - Core 310 83,626 85.7 % 1,941 350 94,145 94.7 % 2,195 Â Non-Core: Inland Empire, CA 10 3,081
2.4 % 1,491 10 3,081 2.1 % 1,498 Orlando 21 6,413 3.5 % 1,086 10 3,383 1.7 % 1,131 New England (excluding Boston) 14 2,611 1.3 % 1,174 11 1,965 0.9 % 1,233 Phoenix 25
7,400 3.4 % 946 3 872 0.2 % 898 Atlanta 12 3,616 2.0 % 1,157 2 666 0.2 % 1,339 Tacoma, WA 3 1,467 0.6 % 951 1 522 0.2 % 1,016 Jacksonville
6 2,117 1.1 % Â 1,005 -- -- --% Â -- Subtotal - Non-Core 91 26,705 14.3 % Â 1,099 37 10,489 5.3 % Â 1,247 Total 401 110,331 100.0 % Â
1,737 387 104,634 100.0 % Â 2,099 Â Military Housing 2 5,039 -- Â -- 2 5,161 -- Â -- Â Grand Total 403 115,370 100.0 % $ 1,737 389
109,795 100.0 % $ 2,099  Note: Tasks below development usually are usually not included inside the Portfolio Summary until construction may be completed.  (1) % of Stabilized NOI consists of budgeted 2013 NOI with regard to stabilized properties, budgeted year 1 (March 2013 for you to February 2014) NOI for your Archstone properties and projected annual NOI from stabilization (defined as having achieved 90% occupancy for three consecutive months) pertaining to properties that have been in lease-up.  (2) Typical rental rate is defined as total rental revenues divided through the weighted typical occupied apartment units for your last month in the time period presented.  Equity Residential      Portfolio as of September 30, 2013  Apartment Properties Units Wholly Owned Properties
363 99,192 Master-Leased Properties - Consolidated 3 853 Partially Owned Properties - Consolidated 19 3,752 Partially Owned Properties - Unconsolidated 2 837 Military Housing 2 Â Â 5,161 Â Â 389 Â Â 109,795 Â Â Â Â
         Portfolio Rollforward Q3 2013 ($ within thousands)  Apartment Purchase/ Properties Units (Sale) Price Cap Rate 6/30/2013 398 113,388 Dispositions: Consolidated: Rental Properties (10 )
(4,131 ) $ (657,607 ) 5.9 % Land Parcel (one) -- -- $ (17,900 ) Unconsolidated: Land Parcel (one) (1) -- -- $ (26,350 ) Completed Developments - Unconsolidated 1 501 Configuration Changes -- Â
37 Â Â 9/30/2013 389 Â 109,795 Â Â Â Â Â Â Â Â Â Â Â Â Â Portfolio Rollforward 2013 ($ within thousands) Â Apartment Purchase/ Properties
Units (Sale) Price Cap Rate 12/31/2012 403 115,370 Acquisitions: Consolidated: Rental Properties (2) 73 20,914 $ 8,519,895 4.9 % Master-Leased Properties (2) 3 853 $ 251,828 5.6 % Uncompleted Developments (two) -- -- $
36,583 Land Parcels (fourteen) (2) -- -- $ 256,398 Unconsolidated (3): Rental Properties 1 336 $ 5,113 5.8 % Uncompleted Developments (two) (2) -- -- $ 14,854 Land Parcel (one) (2) -- -- $ 6,572 Dispositions: Consolidated:
Rental Properties (92 ) (28,328 ) $ (4,362,689 ) 6.0 % Land Parcels (six) -- -- $ (77,650 ) Other (4) -- -- $ (30,734 ) Unconsolidated: Land Parcel (one) (1) -- --
$ (26,350 ) Completed Developments - Unconsolidated 1 501 Configuration Changes -- Â 149 Â Â 9/30/2013 389 Â 109,795 Â Â (1) Sales cost outlined may always be the gross revenue price. EQR's discuss with the net sales proceeds approximated 25%. Â (2) Amounts have been adjusted to always be able to reflect Q2/Q3 2013 changes towards the buy cost allocation for many assets that possess been acquired in the Archstone transaction. Â (3)
EQR owns a variety of equity hobbies over these unconsolidated rental properties, uncompleted developments as well as land parcels. purchase value outlined is actually EQR's net investment price.  (4) Represents a 97,000 square foot commercial constructing adjacent to our Harbor steps apartment property within downtown Seattle that was acquired in 2011.   Equity Residential       Third Quarter 2013 vs. Third Quarter 2012 Same store Results/Statistics for 82,553 Identical store Apartment Units $ in thousands (except pertaining to Typical Rental Rate)  Results Statistics Average Rental Description Revenues Expenses
NOI (1) Rate (2) Occupancy Turnover  Q3 2013 $ 463,607 $ 159,302 $ 304,305 $ 1,957 95.7 % 16.9 % Q3 2012 $ 445,521 $ 154,450 $ 291,071 $ 1,878 95.9 %
17.2 % Â Change $ 18,086 $ 4,852 $ 13,234 $ 79 (0.2)% (0.3)% Â Change 4.1 % 3.1 % 4.5 % 4.2 % Â Â Â Â Â Â Â
       Third Quarter 2013 vs. 2nd Quarter 2013 Same Retailer Results/Statistics for 101,820 same Retailer Apartment Units $ throughout thousands (except regarding average Rental Rate)  Results Statistics Average Rental Description Revenues Expenses NOI (1) Rate (2) Occupancy Turnover  Q3 2013 $ 615,239
$ 211,724 $ 403,515 $ 2,106 95.7 % 17.1 % Q2 2013 $ 605,869 $ 207,252 $ 398,617 $ 2,077 95.6 % 14.5 % Â Change $ 9,370 $ 4,472 $
4,898 $ 29 0.1 % 2.6 % Â Change 1.5 % 2.2 % 1.2 % 1.4 % Â Note: Sequential exact same retailer results/statistics include 18,448 apartment units acquired inside the Archstone acquisition. Â Â Â Â Â Â Â Â Â Â Â Â
  September YTD 2013 vs. September YTD 2012 Same Retailer Results/Statistics with regard to 81,099 Identical Retailer Apartment Units $ inside thousands (except with regard to Typical Rental Rate)  Results Statistics Average Rental Description Revenues Expenses NOI (1) Rate (2) Occupancy Turnover  YTD 2013 $ 1,329,326 $ 462,509 $ 866,817 $
1,910 95.4 % 43.8 % YTD 2012 $ 1,269,876 $ 447,600 $ 822,276 $ 1,827 95.3 % 44.0 % Â Change $ 59,450 $ 14,909 $ 44,541 $ 83 0.1 % (0.2)%
 Change 4.7 % 3.3 % 5.4 % 4.5 %  (1) The Company's primary monetary measure pertaining to evaluating each of its apartment communities is net operating income ("NOI"). NOI represents rental income much less property and maintenance expense, real-estate tax and also insurance expense and property management expense. The Business believes that will NOI can be beneficial to be able to investors like a supplemental measure associated with its operating performance since it is a immediate measure of the real operating results in the Company's apartment communities. Observe page 29 pertaining to reconciliations through operating income.  (2) Average rental rate is thought as total rental revenues divided from the weighted average occupied apartment units for that period.          Â
         Equity Residential Third Quarter 2013 vs. Third Quarter 2012 Same Retailer Results/Statistics by Market          Increase (Decrease) through Prior Year's Quarter Q3 2013 Q3 2013 Q3 2013 % of
Average Weighted Average Apartment Actual Rental Average Rental Markets/Metro Areas Units NOI Rate (1) Occupancy % Revenues Expenses NOI Rate (1) Occupancy  Core: Washington DC 11,077 15.6 % $ 2,155 95.6 % 1.6 %
1.6 % 1.6 % 2.1 % (0.5)% New York 7,478 15.4 % 3,554 96.4 % 3.6 % 4.8 % 2.9 % 4.2 % (0.5)% Los Angeles 8,996 11.1 % 1,957 96.0 % 3.7 % 3.2 % 4.0 % 4.0 % (0.2)% San Francisco 8,039
9.9 % 1,981 95.4 % 8.4 % 3.1 % 11.4 % 8.9 % (0.5)% Boston (2) 5,832 9.8 % 2,637 96.0 % 3.8 % 2.0 % 4.6 % 3.5 % 0.3 % South Florida 10,637 9.5 % 1,544 95.1 % 4.2 % 3.7 % 4.5 %
4.0 % 0.2 % Seattle 6,867 7.5 % 1,751 96.1 % 5.4 % 6.4 % 4.8 % 5.1 % 0.2 % Denver 6,767 5.8 % 1,314 96.0 % 6.7 % 5.7 % 7.2 % 6.8 % (0.1)% San Diego 3,217 4.0 % 1,889
96.1 % 3.4 % 2.2 % 3.9 % 3.2 % 0.2 % Orange County, CA 3,490 3.9 % 1,712 95.9 % 3.5 % (0.2)% 5.2 % 3.8 % (0.3)% Subtotal - Core 72,400 92.5 % 2,055 95.8 % 4.2 % 3.4 % 4.6 % 4.3 % (0.2)%
 Non-Core: Inland Empire, CA 3,081 3.0 % 1,513 95.9 % 3.0 % 0.7 % 4.1 % 3.0 % (0.1)% Orlando 3,383 2.3 % 1,138 95.4 % 2.4 % (2.3)% 5.4 % 2.8 % (0.4)% New England (excluding Boston) 1,965 1.2 % 1,231
94.4 % 1.2 % 1.2 % 1.2 % 2.4 % (1.1)% Phoenix 872 0.4 % 904 94.7 % 1.6 % (2.0)% 4.1 % 1.9 % (0.2)% Tacoma, WA 522 0.3 % 1,017 94.9 % 10.4 % 14.0 % 7.4 % 5.2 % 4.4 %
Atlanta 330 0.3 % 1,390 95.8 % 3.8 % (3.1)% 9.4 % 4.0 % (0.2)% Subtotal - Non-Core 10,153 7.5 % 1,253 95.3 % 2.7 % 0.2 % 4.3 % 2.9 % (0.2)% Â Â Â Â Â Â
   Total 82,553 100.0 % $ 1,957 95.7 % 4.1 % 3.1 % 4.5 % 4.2 % (0.2)%  (1) Typical rental minute rates are defined as total rental revenues divided through the weighted average occupied apartment units for that period.  (2) Quarter more than quarter same store revenues in Boston had been negatively impacted through non-residential associated income. Residential-only same retailer revenues increased inside Boston 4.4% quarter more than quarter.       Â
            Equity Residential Third Quarter 2013 vs. second Quarter 2013 Same store Results/Statistics simply by Market          Increase (Decrease) from Prior Quarter Â
 Q3 2013 Q3 2013 Q3 2013 % of Average Weighted Average Apartment Actual Rental Average Rental Markets/Metro Areas Units NOI Rate (1) Occupancy % Revenues Expenses NOI Rate (1) Occupancy  Core: Washington DC
17,536 19.2 % $ 2,256 95.6 % 0.6 % 1.4 % 0.2 % 0.2 % 0.3 % New York 10,330 17.2 % 3,721 96.2 % 1.2 % 1.5 % 1.0 % 1.1 % 0.1 % San Francisco 12,766 13.0 % 2,177 95.5 % 2.7 % 4.5 %
1.8 % 2.8 % (0.2)% Los Angeles 11,139 10.6 % 2,059 96.0 % 2.6 % 2.2 % 2.8 % 2.1 % 0.5 % Boston (2) 7,722 10.3 % 2,785 95.7 % 0.5 % 2.7 % (0.6)% 0.1 % 0.3 % South Florida 10,833 7.2 %
1,541 95.1 % 1.2 % 3.2 % (0.1)% 1.6 % (0.4)% Seattle 7,411 6.1 % 1,742 96.2 % 2.9 % 2.8 % 3.0 % 2.2 % 0.7 % Denver 6,935 4.5 % 1,317 96.0 % 3.1 % 0.7 % 4.1 % 2.8 %
0.2 % San Diego 3,505 3.3 % 1,904 96.1 % 1.7 % (0.2)% 2.5 % 1.5 % 0.1 % Orange County, CA 3,490 3.0 % 1,712 95.9 % 1.7 % 3.3 % 1.0 % 1.4 % 0.3 % Subtotal - Core 91,667 94.4 % 2,200 95.8 %
1.6 % 2.3 % 1.2 % 1.4 % 0.2 % Â Non-Core: Inland Empire, CA 3,081 2.3 % 1,513 95.9 % 0.9 % 0.1 % 1.3 % 0.3 % 0.5 % Orlando 3,383 1.7 % 1,138 95.4 % 1.2 % 2.2 % 0.6 % 1.3 %
(0.2)% New England (excluding Boston) 1,965 0.9 % 1,231 94.4 % --% (4.4)% 4.0 % 0.8 % (0.7)% Phoenix 872 0.3 % 904 94.7 % 2.8 % 5.7 % 1.0 % 2.8 % --% Tacoma, WA 522 0.2 % 1,017 94.9 %
3.6 % 6.4 % 1.2 % 2.5 % 1.0 % Atlanta 330 0.2 % 1,390 95.8 % 3.8 % 4.0 % 3.6 % 2.7 % 1.1 % Subtotal - Non-Core 10,153 5.6 % 1,253 95.3 % 1.1 % 0.4 % 1.6 % 1.1 % 0.1 % Â
        Total 101,820 100.0 % $ 2,106 95.7 % 1.5 % 2.2 % 1.2 % 1.4 % 0.1 %  Note: Sequential identical shop results/statistics consist of 18,448 apartment units acquired within the Archstone acquisition.  (1) Typical rental rate is understood in order to be total rental revenues divided by the weighted average occupied apartment units for the period.  (2) Sequential same retailer revenues throughout Boston were negatively impacted by non-residential related income. Residential-only same shop revenues elevated within Boston 1.9% sequentially.
                   Equity Residential September YTD 2013 vs. September YTD 2012 Same Shop Results/Statistics by simply Market    Â
     Increase (Decrease) from Prior Year Sept. YTD 13 Sept. YTD 13 Sept. YTD 13 % of Average Weighted Average Apartment Actual Rental Average Rental Markets/Metro Areas Units NOI Rate (1) Occupancy % Revenues Expenses NOI
Rate (1) Occupancy  Core: Washington DC 10,564 15.2 % $ 2,101 95.2 % 2.6 % 0.8 % 3.4 % 2.8 % (0.3)% New York 7,176 14.7 % 3,468 95.9 % 4.7 % 5.6 % 4.0 % 4.9 % (0.3)% Los Angeles 8,894
11.3 % 1,916 95.7 % 4.3 % 4.0 % 4.5 % 3.8 % 0.3 % Boston (2) 5,832 10.0 % 2,612 95.2 % 3.9 % 4.5 % 3.6 % 3.9 % --% South Florida 10,637 9.9 % 1,521 95.2 % 4.5 % 2.5 % 5.8 %
4.2 % 0.2 % San Francisco 7,821 9.7 % 1,918 95.1 % 8.8 % 2.3 % 12.6 % 8.7 % 0.1 % Seattle 6,548 7.3 % 1,711 95.5 % 5.4 % 4.6 % 5.9 % 5.4 % 0.1 % Denver 6,767 6.0 % 1,281
95.9 % 7.7 % 5.3 % 8.7 % 7.3 % 0.3 % San Diego 3,217 4.1 % 1,866 95.4 % 3.9 % 2.7 % 4.4 % 3.0 % 0.6 % Orange County, CA 3,490 4.1 % 1,688 95.7 % 3.9 % 2.4 % 4.6 % 3.7 % 0.1 %
Subtotal - Core 70,946 92.3 % 2,006 95.5 % 4.8 % 3.6 % 5.4 % 4.6 % 0.1 % Â Non-Core: Inland Empire, CA 3,081 3.1 % 1,502 95.3 % 3.4 % 1.0 % 4.5 % 2.9 % 0.4 % Orlando 3,383 2.4 % 1,122
95.7 % 4.3 % (0.6)% 7.4 % 3.9 % 0.3 % New England (excluding Boston) 1,965 1.2 % 1,220 94.8 % 2.3 % 4.9 % --% 2.8 % (0.4)% Phoenix 872 0.5 % 887 94.7 % 1.2 % (3.8)% 4.6 % 0.9 % 0.2 %
Tacoma, WA 522 0.3 % 997 94.3 % 8.6 % 4.8 % 12.4 % 2.8 % 4.9 % Atlanta 330 0.2 % 1,353 95.0 % 3.1 % (4.9)% 10.0 % 4.4 % (1.2)% Subtotal - Non-Core 10,153 7.7 % 1,238 95.2 % 3.5 %
1.0 % 5.1 % 3.2 % 0.4 % Â Â Â Â Â Â Â Â Â Total 81,099 100.0 % $ 1,910 95.4 % 4.7 % 3.3 % 5.4 % 4.5 % 0.1 % Â (1) Typical rental rate is thought as total rental revenues divided by the weighted typical occupied apartment units for the period.
 (2) September year-to-date identical retailer revenues within Boston had been negatively impacted by non-residential associated income. Residential-only identical shop revenues elevated throughout Boston 5.3% September year-to-date.  Equity Residential      Third Quarter 2013 vs. Third Quarter 2012 Same Shop Operating Expenses pertaining to 82,553 same Shop Apartment Units $ throughout thousands  % associated with Actual Q3 2013 Actual Actual $ % Operating Q3 2013 Q3 2012 Change Change Expenses
 Real estate taxes $ 51,834 $ 47,551 $ 4,283 9.0 % 32.5 % On-site payroll (1) 34,266 33,351 915 2.7 % 21.5 % Utilities (2) 23,658 23,058 600 2.6 %
14.9 % Repairs and maintenance (3) 22,595 21,976 619 2.8 % 14.2 % Property management expenses (4) 15,067 16,707 (1,640 ) (9.8 )% 9.5 % Insurance 5,012 4,717 295 6.3 % 3.1
% Leasing along with advertising 2,462 2,536 (74 ) (2.9 )% 1.5 % Other on-site operating expenses (5) Â 4,408 Â 4,554 Â (146 ) (3.2 )% 2.8 % Â Same shop operating expenses $ 159,302
$ 154,450 $ 4,852  3.1 % 100.0 %             September YTD 2013 vs. September YTD 2012 Same Shop Operating Expenses pertaining to 81,099 Exact Same Retailer Apartment Units $ throughout thousands  % involving Actual
YTD 2013 Actual Actual $ % Operating YTD 2013 YTD 2012 Change Change Expenses  Real estate taxes $ 150,852 $ 140,089 $ 10,763 7.7 % 32.6 % On-site payroll (1) 99,109 97,775
1,334 1.4 % 21.4 % Utilities (2) 69,474 66,885 2,589 3.9 % 15.0 % Repairs and maintenance (3) 63,099 60,332 2,767 4.6 % 13.7 % Property management expenses (4) 44,532 47,620 (3,088 )
(6.5 )% 9.6 % Insurance 14,779 13,904 875 6.3 % 3.2 % Leasing and advertising 7,150 6,952 198 2.8 % 1.6 % Other on-site operating expenses (5) Â 13,514 Â 14,043 Â
(529 ) (3.8 )% 2.9 % Â Same retailer operating expenses $ 462,509 $ 447,600 $ 14,909 Â 3.3 % 100.0 % Â (1) On-site payroll - Consists Of payroll and associated expenses with regard to on-site personnel which includes property managers, leasing consultants and also maintenance staff. Â (2) Utilities - Represents gross expenses prior to any kind of recoveries under your Resident Utility Billing System ("RUBS"). Recoveries tend to be reflected throughout rental income.
 (3) Repairs along with maintenance - Consists Of general maintenance costs, apartment unit turnover costs such as interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof along with parking area repairs as well as other miscellaneous building repair costs.  (4) Property management expenses - Consists Of payroll and also related expenses regarding departments, or perhaps portions regarding departments, which immediately support on-site management. These contain such departments as regional and corporate property management, property accounting, human resources, training, advertising along with income management, procurement, real-estate tax, property legal services and knowledge technology.  (5) Other on-site operating expenses - includes ground lease expenses and administrative expenses such as workplace supplies, phone and also data costs along with association along with business licensing fees.            Â
Equity Residential        Debt Summary as associated with September 30, 2013 (Amounts within thousands)  Weighted Weighted Average Average Maturities Amounts (1) % regarding Total Rates (1) (years)  Secured $ 6,230,675 53.2 % 4.25 %
6.6 Unsecured  5,476,522 46.8 % 4.93 % 4.8  Total $ 11,707,197 100.0 % 4.58 % 5.7  Fixed Charge Debt: Secured - Conventional $ 5,547,506 47.4 % 4.67 % 5.0 Unsecured - Public/Private  4,726,522 40.4 %
5.57 % 5.3  Fixed Charge Debt  10,274,028 87.8 % 5.09 % 5.2  Floating Charge Debt: Secured - Conventional 57,133 0.5 % 2.33 % 1.0 Secured - Tax Exempt 626,036 5.3 % 0.60 % 19.4 Unsecured - Public/Private 750,000 6.4 % 1.66 % 1.3
Unsecured - Revolving Credit Score Facility  -- 0.0% 1.28 % 4.5  Floating rate Debt  1,433,169 12.2 % 1.23 % 9.4  Total $ 11,707,197 100.0 % 4.58 % 5.7  (1) Net of the effect associated with virtually any derivative instruments. Weighted typical rates are for that nine several weeks ended September 30, 2013.  Note: The Organization capitalized interest regarding approximately $32.9 million as well as $15.8 million during the nine a handful of months ended September 30, 2013 along with 2012, respectively. The Business capitalized interest involving approximately $12.9 million and also $5.7 million throughout the quarters ended September 30, 2013 and 2012, respectively.
                 Debt Maturity Timetable as of September 30, 2013 (Amounts in thousands)  Weighted Weighted Average Rates Average Fixed Floating
on Fixed Rates on Year Rate (1) Rate (1) Total % regarding Total Rate debt (1) Total Financial Debt (1) Â 2013 $ 3,004 $ 131 $ 3,135 0.0% 5.41 % 5.32 % 2014 1,517,991 (2) 49,017 1,567,008 13.4 %
5.67 % 5.57 % 2015 420,449 750,000 (3) 1,170,449 10.0 % 6.28 % 3.12 % 2016 1,193,251 -- 1,193,251 10.2 % 5.34 % 5.34 % 2017 2,171,735 (4) 456 2,172,191 18.6 % 6.20 % 6.20 % 2018
84,355 724 85,079 0.7 % 5.61 % 5.61 % 2019 806,634 20,766 827,400 7.1 % 5.48 % 5.35 % 2020 1,678,601 809 1,679,410 14.3 % 5.49 % 5.49 % 2021 1,195,243 856 1,196,099 10.2 % 4.63 %
4.64 % 2022 228,933 905 229,838 2.0 % 3.17 % 3.18 % 2023+ 800,999 675,944 1,476,943 12.6 % 4.22 % 2.50 % Premium/(Discount) Â 172,833 Â (66,439) Â 106,394 0.9 % N/A N/A Â
Total $ 10,274,028 $ 1,433,169 $ 11,707,197 100.0 % 5.43 % 4.86 % Â (1) Net involving the effect involving any derivative instruments. Weighted typical prices are as regarding September 30, 2013. Â (2) On October 1, 2013, the company paid off your $963.5 million outstanding associated with 5.883% mortgage credit card debt assumed like a section of the particular Archstone transaction, prior to the November 1, 2014 maturity date. following this payoff, remaining debt maturing inside 2014 totals $603.5 million. Â (3) Includes the particular Company's senior unsecured $750.0 million delayed draw term loan facility which matures about January 11, 2015 and it is subject to some one-year extension option exercisable from the Company. Â (4) Includes $1.27 billion throughout Archstone mortgage notes payable involving which in turn $825.0 million might become paid off in the fourth quarter regarding 2013 within connection together with particular planned refinancing activities described much more fully in page three involving this
release. The Particular approximately $440.0 million stability will remain outstanding and always mature within November 2017. Next these anticipated refinancing activities, remaining credit card debt maturing in 2017 will be $1.3 billion. Â Â Â Â Â Â Â Â Â Â Â Â Equity Residential Unsecured Credit Card Debt Summary as of September 30, 2013 (Amounts within thousands) Â Â Â Â Â Â Â Unamortized Coupon
Due Face Premium/ Net Rate Date Amount (Discount) Balance  Fixed rate Notes: 5.250 % 09/15/14 $ 500,000 $ (59) $ 499,941 6.584 % 04/13/15 300,000 (165) 299,835 5.125 % 03/15/16
500,000 (130) 499,870 5.375 % 08/01/16 400,000 (526) 399,474 5.750 % 06/15/17 650,000 (1,907) 648,093 7.125 % 10/15/17 150,000 (262) 149,738 4.750 % 07/15/20 600,000 (3,090) 596,910 4.625 % 12/15/21 1,000,000
(3,112) 996,888 3.000 % 04/15/23 500,000 (4,227) 495,773 7.570 % 08/15/26 Â 140,000 Â -- Â 140,000 Â Â 4,740,000 Â (13,478) Â 4,726,522 Floating rate Notes: Delayed Draw Term Loan Facility LIBOR+1.20% 01/11/15
(1)(2) Â 750,000 Â -- Â 750,000 Â Â 750,000 Â -- Â 750,000 Â Revolving Credit Score Facility: LIBOR+1.05% 04/01/18 (1)(3) Â -- Â -- Â -- Â
Total Unsecured Debt $ 5,490,000 $ (13,478) $ 5,476,522 Â (1) Facilities are private. Just About All other unsecured financial debt can be public. Â (2) On January 11, 2013, the actual company entered in to be able to a senior unsecured $750.0 million delayed draw term loan facility which was totally drawn in February 27, 2013 inside link using the Archstone acquisition. The Particular maturity date of January 11, 2015 is actually subject into a one-year extension option exercisable by the Company. The Actual curiosity price about advances under the actual term loan facility will typically be LIBOR plus a new spread (currently 1.20%), which is dependent on the credit rating ranking with the Company's long-term debt. Â (3) On January 11, 2013, your Organization replaced its current $1.75 billion facility having a $2.5 billion unsecured revolving credit score facility maturing April 1, 2018. the curiosity rate in advances beneath the new credit facility will typically end up being LIBOR additionally the spread (currently 1.05%) plus an annual facility fee (currently 15 foundation points). both the spread and the facility fee are dependent around the credit ranking of the Company's long-term debt. While regarding September 30, 2013, there was approximately $2.47 billion available around the Company's unsecured revolving credit facility. Â Â Â Â
  Equity Residential     Selected Unsecured Public Credit Card Debt Covenants  September 30, June 30, 2013 2013  Total Financial Debt to be able to Adjusted Total Assets (not in order to exceed 60%) 42.2 % 42.9 %  Secured Credit Card Debt to always be able to Adjusted Total Assets (not to exceed 40%) 22.4 % 22.9 % Â
Consolidated income Accessible regarding Financial Debt Support to Maximum Annual service Charges (must always be at least 1.5 to 1) 2.65 2.68 Â Total Unsecured Assets to be able to Unsecured Debt 324.6 % 315.4 % (must always be at least 150%) Â These selected covenants connect with ERP Operating limited Partnership's ("ERPOP") outstanding unsecured public debt. Equity Residential is the general companion involving ERPOP. Â Â Â Â Â Â Â Â Â Â Â
    Equity Residential         Capital Construction as regarding September 30, 2013 (Amounts throughout thousands except pertaining to share/unit and for each reveal amounts)  Secured Debt $ 6,230,675 53.2 % Unsecured Debt  5,476,522 46.8 %  Total Debt
11,707,197 100.0 % 36.8 % Â Common Shares (includes Limited Shares) 360,395,959 96.2 % Units (includes OP Units and LTIP Units) Â 14,200,376 Â 3.8 % Â Total Shares and Units 374,596,335 100.0 % Common Talk About Value in September 30, 2013 $ 53.57 20,067,126 99.8 % Perpetual Preferred Equity (see below) Â 50,000 0.2 % Â
Total Equity 20,117,126 100.0 % 63.2 % Â Total market Capitalization $ 31,824,323 100.0 % Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
Perpetual Preferred Equity as of September 30, 2013 (Amounts inside 1000's except for reveal as well as per share amounts) Â Â Annual Annual Redemption Outstanding Liquidation Dividend Dividend Series Date Shares Value Per Share Amount Preferred Shares: 8.29% Series K 12/10/2026 1,000,000 $ 50,000 $ 4.145 $
4,145  Total Perpetual Preferred Equity 1,000,000 $ 50,000 $ 4,145          Equity Residential Common Discuss and also Unit Weighted average Quantities Outstanding     YTD Q313 YTD Q312
Q313 Q312 Â Weighted average amounts Outstanding with regard to Net income Purposes: Common Shares - basic 352,413,769 300,116,136 359,811,378 301,336,325 Shares issuable via assumed conversion/vesting involving (1): - OP Units -- 13,815,887 -- 14,176,635 - long-term compensation shares/units -- 3,332,695 -- 3,260,210 Â Total common Shares and Units - diluted (1) 352,413,769 317,264,718 359,811,378 318,773,170
 Weighted Typical amounts Outstanding pertaining to FFO as well as Normalized FFO Purposes: Common Shares - basic 352,413,769 300,116,136 359,811,378 301,336,325 OP Units - basic 13,736,059 13,815,887 13,735,575 14,176,635  Total common Shares and OP Units - basic 366,149,828 313,932,023 373,546,953 315,512,960 Shares issuable through assumed conversion/vesting of: - long-term compensation shares/units 2,461,479 3,332,695 2,336,330 3,260,210 Â
Total Widespread Shares and Units - diluted 368,611,307 317,264,718 375,883,283 318,773,170 Â Period Ending amounts Outstanding: Common Shares (includes restricted Shares) 360,395,959 302,674,716 Units (includes OP Units and LTIP Units) 14,200,376 14,399,790 Â Total Shares and Units 374,596,335 317,074,506 Â (1) Potential widespread shares issuable from the assumed conversion associated with OP Units and additionally the exercise/vesting regarding long-term compensation shares/units are generally automatically anti-dilutive and also as a result excluded in the diluted earnings per talk about calculation as the Organization had a loss from continuing operations throughout the nine months along with quarter ended September 30, 2013. Â Â Â Â
           Equity Residential Partially Owned Entities as regarding September 30, 2013 (Amounts in thousands except regarding project and apartment unit amounts)        Consolidated Unconsolidated Development Projects Development Projects Â
Held for Held for and/or Under and/or Under Completed, Not Development (4) Operating Total Development (5) Stabilized (6) Operating Total  Total tasks (1)  --   19   19   -- Â
 1   1   2   Total apartment units (1)  --   3,752   3,752   --   501 Â
 336   837   Operating details for the nine weeks ended 9/30/13 (at 100%): Operating revenue $ 12 $ 59,666 $ 59,678 $ 1,305 $ 1,861 $ 3,173 $ 6,339 Operating expenses  407
  18,458   18,865   1,141   1,023   1,402   3,566   Net operating (loss) income (395 ) 41,208 40,813 164
838 1,771 2,773 Depreciation -- 26,478 26,478 84 -- 4,165 4,249 General and also administrative/other  520   79   599   23   --
  141   164   Operating (loss) income (915 ) 14,651 13,736 57 838 (2,535 ) (1,640 ) Interest as well as other income 2 3 5 -- -- 10
10 Other expenses (334 ) (4 ) (338 ) -- -- -- -- Interest: Expense incurred, net (2 ) (10,615 ) (10,617 ) (152 ) (501 ) (658 )
(1,311 ) Amortization of deferred financing costs  --   (216 )  (216 )  --   --   (1 )  (1 )  (Loss) earnings just before income and other taxes, (loss) from
investments throughout unconsolidated entities, net (loss) gain about sales involving terrain parcels and discontinued operations (1,249 ) 3,819 2,570 (95 ) 337 (3,184 ) (2,942 ) Income as well as other tax (expense) benefit (11 ) (56 ) (67 ) -- -- -- -- (Loss) coming from investments throughout unconsolidated entities
-- (1,010 ) (1,010 ) -- -- -- -- Net (loss) in revenue associated with land parcels (17 ) -- (17 ) -- -- -- -- Net acquire in sales regarding discontinued operations -- 26,673 26,673 -- -- --
-- Â Â Â Â Â Â Â Net (loss) income $ (1,277 ) $ 29,426 Â $ 28,149 Â $ (95 ) $ 337 Â $ (3,184
) $ (2,942 )  Debt - Secured (2): EQR Possession (3) $ -- $ 280,671 $ 280,671 $ 42,914 $ 9,044 $ 6,110 $ 58,068 Noncontrolling Ownership  --  Â
78,059 Â Â 78,059 Â Â 75,809 Â Â 36,173 Â Â 24,440 Â Â 136,422 Â Â Total (at 100%) $ -- Â $ 358,730 Â $
358,730 Â $ 118,723 Â $ 45,217 Â $ 30,550 Â $ 194,490 Â Â (1) Project as well as apartment unit counts exclude almost all uncompleted development projects until individuals projects tend to be substantially completed. Â (2) All debt can be non-recourse to the company using the exception of 50% in the present $5.7 million outstanding debt balance on one unconsolidated development project. Â (3) Represents your Company's current equity ownership interest. Â (4)
See Tasks Beneath Development - Partially Owned in page 22 pertaining to further information. Â (5) See Tasks Below Development - Unconsolidated on page 23 for further information. Â (6) Projects included here tend to be substantially complete. However, they might nevertheless require further exterior and also interior work for most units being designed for leasing. see projects Beneath Development - Unconsolidated on web page 23 for further information. Â Note: The above table excludes the Company's interests throughout unconsolidated joint ventures entered straight into together with AvalonBay ("AVB") inside link with most the Archstone transaction. These ventures own certain non-core Archstone assets that are held pertaining to sale and also succeeded for you to certain residual Archstone liabilities, such as liability for assorted employment-related matters too as duty pertaining to tax protection arrangements and also third-party preferred hobbies in former Archstone subsidiaries. The Actual preferred interests come with an aggregate liquidation value of $88.3 million in September 30, 2013. the ventures are generally owned 60% through the Organization along with 40% through AVB. Â Â Â Â Â Â Â Â Â Â Â
            Equity Residential Consolidated Development along with Lease-Up Tasks as regarding September 30, 2013 (Amounts throughout 1000's except for project and apartment unit amounts)           Â
 Total Book No. of Total Total Value Not Estimated Estimated Apartment Capital Book Value Placed in Total Percentage Percentage Percentage Completion Stabilization Projects Location Units Cost (1) to Date Service Debt Completed
Leased Occupied Date Date  Projects Below Development - Wholly Owned: Jia (formerly Chinatown Gateway) Los Angeles, CA 280 $ 92,920 $ 79,564 $ 79,564 $ -- 85 % 3 % -- Q4 2013 Q3 2015 Oasis at Delray Beach II (2) Delray Beach, FL 128 23,739
19,669 19,669 -- 89 % 11 % -- Q1 2014 Q2 2014 Residences from Westgate I (formerly Westgate II) Pasadena, CA 252 125,293 89,319 89,319 -- 60 % -- -- Q1 2014 Q1 2015 1111 Belle Pre (formerly The Actual Madison) Alexandria, VA 360 115,072 95,437 95,437
-- 86 % 12 % -- Q1 2014 Q2 2015 Urbana (formerly market Street Landing) Seattle, WA 287 90,024 68,106 68,106 -- 76 % -- -- Q1 2014 Q3 2015 Reserve from City center III Mill Creek, WA 95 21,330 14,036 14,036 -- 60 %
-- -- Q2 2014 Q4 2014 Residences at Westgate II (formerly Westgate III) Pasadena, CA 88 54,037 28,871 28,871 -- 29 % -- -- Q2 2014 Q1 2015 170 Amsterdam (3) New York, NY 237 110,892 31,524 31,524 -- 17 % -- --
Q1 2015 Q1 2016 West Seattle Seattle, WA 206 67,112 16,233 16,233 -- 1 % -- -- Q4 2015 Q3 2016 Tallman Seattle, WA 303 84,277 20,339 20,339 -- 1 % -- -- Q4 2015 Q2 2017
Tasman San Jose, CA 554 Â 214,923 Â 32,474 Â 32,474 Â -- 1 % -- -- Q2 2016 Q2 2018 Projects Below Development - Wholly Owned 2,790 999,619 495,572 495,572 -- Â Projects Beneath Development - Partially Owned: Park Aire (formerly Enclave from Wellington) (2) Wellington, FL
268 50,000 44,616 44,616 -- 91 % 15 % 5 % Q1 2014 Q1 2015 400 Park Voie South (4) New York, NY 269 Â 251,961 Â 152,651 Â 152,651 Â -- 45 % -- -- Q2 2015 Q1 2016
Projects Beneath Development - Partially Owned 537 301,961 197,267 197,267 -- Â Â Â Â Â Projects Below Development 3,327 Â 1,301,580 Â 692,839 Â 692,839 Â -- Â Completed not Stabilized - Wholly Owned (5): Breakwater at Marina Del Rey (3) (6) (7) Marina Del Rey, CA 224
90,449 86,388 -- 27,000 66 % 64 % Completed Q2 2014 Gaithersburg Station (7) (8) Gaithersburg, MD 389 Â 93,000 Â 92,191 Â -- Â 89,653 77 % 72 % Completed Q2 2014 Projects Completed not Stabilized - Wholly Owned 613 183,449
178,579 -- 116,653 Â Â Â Â Â Projects Completed not Stabilized 613 Â 183,449 Â 178,579 Â -- Â 116,653 Â Completed and Stabilized In Your Program Of the Quarter - Wholly Owned: 2201 Pershing Drive Arlington, VA 188 Â 61,338 Â
58,660 Â -- Â -- 98 % 97 % Completed Stabilized Projects Completed along with Stabilized Throughout the particular Quarter - Wholly Owned 188 61,338 58,660 -- -- Â Â Â Â Â Projects Completed along with Stabilized during the Quarter 188 Â 61,338 Â 58,660
 --  --  Total Consolidated Projects 4,128 $ 1,546,367 $ 930,078 $ 692,839 $ 116,653  Land Held regarding Development N/A  N/A $ 505,494 $ 505,494 $ --
   Total Capital Q3 2013 NOI CONTRIBUTION FROM CONSOLIDATED DEVELOPMENT PROJECTS Cost (1) NOI Projects Below Development $ 1,301,580 $ (324) Completed Not Really Stabilized 183,449 1,245 Completed as well as Stabilized In The Actual Program Of the actual Quarter  61,338  922 Total Consolidated Development NOI Contribution $ 1,546,367 $ 1,843
 (1) Total money price represents estimated cost for tasks below development and/or developed and just about all sorts of capitalized costs incurred to date additionally any kind of estimates involving costs remaining to be funded regarding all projects, most relating along with GAAP.  (2) The Organization acquired this development project in link using the Archstone transaction and is also continuing development activities. The Organization owns 100% associated with Oasis with Delray Beach II along with features a 95.0% ownership fascination with Park Aire.  (3) The property under this development is subject into a long-term ground lease.  (4) The Organization can be jointly developing along with Toll Brothers (NYSE: TOL) a new project from 400 Park avenue South within new York Area with the Company's rental portion about floors 2-22 as well as Toll's regarding sale part upon floors 23-40. Your total capital expense along with total e-book worth for you to date represent merely the Company's portion in the project. Toll Brothers offers funded $86.2 million for their own allocated reveal in the project.  (5) Properties included here tend to be substantially complete. However, that they could nonetheless need additional exterior and also interior work with regard to almost all apartment units being available for leasing.  (6) The Organization acquired this property in connection with the Archstone transaction and contains completed renovations. Your non-recourse loan in this property has a existing outstanding stability associated with $27.0 million, bears curiosity at LIBOR in addition 1.75% along with matures September 1, 2014. Â
(7) Amounts have been adjusted to end up being able to reflect Q2/Q3 2013 changes towards the obtain value allocation for these projects which are acquired in the Archstone transaction. Â (8) The company acquired this completed development project prior to stabilization throughout connection using the Archstone transaction and is continuing lease-up activities. This particular project has a non-recourse loan with a current outstanding stability regarding $89.7 million, bears curiosity at 5.24% along with matures April 1, 2053. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
      Equity Residential Unconsolidated Development as well as Lease-Up Tasks as regarding September 30, 2013 (Amounts within thousands except with regard to project along with apartment unit amounts)              Total Book No. of Total Total
Value Not Estimated Estimated Percentage Apartment Capital Book Value Placed in Total Percentage Percentage Percentage Completion Stabilization Projects Location Ownership Units Cost (1) to Date Service Debt Completed Leased Occupied Date
Date  Projects Beneath Development - Unconsolidated: San Norterra (2) Phoenix, AZ 85.0 % 388 $ 56,250 $ 52,842 $ 52,842 $ 30,816 96 % 72 % 61 % Q4 2013 Q2 2014 Domain (3) San Jose, CA 20.0 % 444 154,570 147,433
147,433 82,168 93 % 31 % 25 % Q4 2013 Q4 2015 Parkside at Emeryville (4) (5) Emeryville, CA 5.0 % 180 Â 75,000 Â 38,528 Â 38,528 Â 5,739 38 % -- -- Q3 2014 Q4 2015 Projects under Development - Unconsolidated 1,012
285,820 238,803 238,803 118,723 Â Â Â Â Â Projects under Development 1,012 Â 285,820 Â 238,803 Â 238,803 Â 118,723 Â Completed Not Really Stabilized - Unconsolidated (6): Nexus Sawgrass (formerly Sunrise Village) (3) Sunrise, FL 20.0 % 501 Â
78,212 Â 77,290 Â -- Â 45,217 58 % 52 % Completed Q3 2014 Projects Completed not Stabilized - Unconsolidated 501 78,212 77,290 -- 45,217 Â Â Â Â Â Projects Completed not Stabilized 501 Â 78,212
 77,290  --  45,217  Total Unconsolidated Projects 1,513 $ 364,032 $ 316,093 $ 238,803 $ 163,940  (1) Total richesse cost represents estimated expense pertaining to projects below development and/or developed and many kinds of capitalized costs incurred to date plus any kind of estimates regarding costs remaining to be funded pertaining to most projects, all in accordance with GAAP.  (2) The Business acquired this development project in link using the Archstone transaction. Total project expenses are generally approximately $56.3 million as well as construction is becoming partially funded having a non-recourse construction loan. San Norterra features a maximum debt dedication associated with $34.8 million, the loan bears interest at LIBOR additionally 2.00% along with matures January 6, 2015.
 (3) These development projects are usually owned 20% by the Organization along with 80% simply by an institutional companion inside a couple of separate unconsolidated joint ventures. Total project expenses are usually approximately $232.8 million along with construction is going to be predominantly funded together with a couple of separate long-term, non-recourse secured loans in the partner. The Business will be in cost of constructing the actual tasks and has offered certain construction expense overrun assures however presently features no further funding obligations. Nexus Sawgrass has a maximum financial debt dedication involving $48.7 million, the loan bears fascination with 5.60% along with matures January 1, 2021. Domain has a maximum debt commitment regarding $98.6 million, the credit bears fascination with 5.75% and also matures January 1, 2022.  (4) The Organization acquired this development project in connection using the Archstone transaction. Total project expenses are generally approximately $75.0 million and construction can be getting partially funded using a construction loan. Parkside from Emeryville has a maximum financial debt commitment associated with $39.5 million, the credit bears curiosity from LIBOR plus 2.25% as well as matures August 14, 2015. the Company features offered the repayment guaranty around the construction loan of 50% of the outstanding balance, as much as a new maximum involving $19.7 million, and contains provided particular construction price overrun guarantees.  (5) Amounts happen to always be able to be adjusted to reflect Q2/Q3 2013 changes to the purchase cost allocation regarding this project which usually ended up being acquired inside the Archstone transaction.  (6) Properties included here are substantially complete. However, these people could nevertheless need further exterior and also interior perform for almost all apartment units to be readily accessible for leasing.    Â
                         Â
  Equity Residential Repairs along with Maintenance Expenses as well as capital Expenditures to Real Estate For the particular Nine Weeks Ended September 30, 2013 (Amounts in 1000's except pertaining to apartment unit and for each apartment unit amounts)                 Repairs and Maintenance Expenses Capital Expenditures in order to Real Estate Total Expenditures Total
Avg. Per Avg. Per Avg. Per Avg. Per Building Avg. Per Avg. Per Avg. Per Apartment Apartment Apartment Apartment Replacements Apartment Improvements Apartment Apartment Grand Apartment Units (1) Expense (2) Unit Payroll (3) Unit Total Unit
(4) Unit (5)  Unit Total Unit Total Unit  Same store Properties (6) 81,099 $ 63,099 $ 778 $ 48,658 $ 600 $ 111,757 $ 1,378 $ 36,029
$ 444 $ 34,737 $ 429 $ 70,766 $ 873 (9) $ 182,523 $ 2,251 Â Non-Same Retailer Properties (7) 22,698 15,290 830 10,846 589 26,136 1,419 11,230 610
9,758 530 20,988 1,140 47,124 2,559 Â Other (8) -- Â 6,590 Â 10,089 Â 16,679 Â 2,899 Â 2,213 Â 5,112 Â 21,791 Â Total 103,797
$ 84,979 $ 69,593 $ 154,572 $ 50,158 $ 46,708 $ 96,866 $ 251,438 Â (1) Total Apartment Units - Excludes 837 unconsolidated apartment units as well as 5,161 military housing apartment units with regard to that repairs and also maintenance expenses along with capital expenditures to end up being able to real estate are generally self-funded and also do not necessarily consolidate into the Company's results. Â (2) Repairs as well as Maintenance Expenses - Consists Of general maintenance costs, apartment unit turnover costs including interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof as well as car park repairs and other miscellaneous creating repair costs. Â (3) Maintenance Payroll - includes payroll and also associated expenses with regard to maintenance
staff. Â (4) Replacements - includes new expenditures inside your apartment units such as appliances, mechanical equipment, fixtures as well as flooring, including carpeting. Replacements with regard to identical store properties likewise incorporate $15.2 million spent throughout the nine months ended September 30, 2013 upon apartment unit renovations/rehabs (primarily kitchens and also baths) upon 2,046 apartment units (equating for you to with regards to $7,400 for each apartment unit rehabbed) built to reposition these assets pertaining to higher rental levels within their respective markets. in 2013, the company expects for you to commit approximately $30.0 million regarding most unit renovation/rehab costs, regarding which usually approximately $20.0 million will be spent on identical retailer properties, at a weighted average expense associated with $7,000 in order to $8,000 for each apartment unit rehabbed. Â (5) Building Improvements - Consists Of roof replacement, paving, amenities and widespread areas, creating mechanical equipment systems, exterior painting and siding, main landscaping, vehicles along with workplace and also maintenance equipment. Â (6) Same Retailer Properties - Primarily consists of all properties acquired as well as completed and also stabilized ahead of January 1, 2012, much less properties subsequently sold. Â (7) Non-Same store Properties - Primarily consists of most properties acquired in the program of 2012 along with 2013, additionally any properties within lease-up and never stabilized as regarding January 1, 2012. per apartment unit quantities tend to be based on a weighted average involving 18,413 apartment units. includes approximately seven weeks involving activity for that Archstone properties. Â (8) Other - Primarily consists of expenditures regarding properties sold throughout the period. Â (9)
For 2013, the actual Organization estimates that will it'll commit approximately $1,200 for each apartment unit associated with money expenditures for the approximately 80,000 apartment units the company expects to possess in its annual same shop set, inclusive regarding apartment unit renovation/rehab costs, or even $950 per apartment unit excluding apartment unit renovation/rehab costs. Â Â Â Â Â Â Â Â Â Equity Residential Discontinued Operations (Amounts inside thousands) Â Â Â Â Nine Weeks Ended Quarter Ended September 30, September 30, 2013 2012 2013
2012  REVENUES Rental income $ 110,986  $ 334,968  $ 8,418  $ 108,459   Total revenues  110,986   334,968   8,418
  108,459   EXPENSES (1) Property and also maintenance 33,181 79,482 3,272 25,608 Real estate taxes and also insurance 10,578 29,599 396 11,480 Property management 1 211 -- 70 Depreciation 31,976 94,792 2,273 29,497
General as well as administrative  76   87   3   44   Total expenses  75,812   204,171   5,944   66,699
  Discontinued operating income 35,174 130,797 2,474 41,760  Interest and other income 156 81 65 34 Other expenses (3 ) (170 ) -- (23 ) Interest (2): Expense incurred, net (1,276 ) (3,357
) (18 ) (995 ) Amortization of deferred financing costs (228 ) (119 ) -- (27 ) Income and other tax (expense) benefit  (503 )  23   (40 )  (1 )
 Discontinued operations 33,320 127,255 2,481 40,748 Net acquire about sales associated with discontinued operations  1,990,577   307,447   401,703   103,394   Discontinued operations, net $ 2,023,897  $ 434,702
 $ 404,184  $ 144,142   (1) Consists Of expenses compensated in the current period with regard to properties purchased from prior periods associated for the Company's period regarding ownership.  (2) Consists Of simply curiosity expense certain for you to secured mortgage notes payable with regard to properties sold.  Equity Residential Normalized FFO Guidance Reconciliations and also Non-Comparable Items (Amounts throughout thousands except for each share data) (All for each discuss details are diluted)        Normalized FFO Guidance Reconciliations Â
Normalized FFO Reconciliations Guidance Q3 2013 to Real Q3 2013 Amounts Per Share Guidance Q3 2013 Normalized FFO - Diluted (2) (3) $ 274,077 $ 0.729 Property NOI (primarily Archstone properties) 188 0.001 Other  443   0.001   Actual Q3 2013 Normalized FFO - Diluted (2) (3) $ 274,708 Â
$ 0.731 Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Non-Comparable items - Adjustments coming from FFO in order to Normalized FFO (2) (3) Â Nine Several Weeks Ended September 30, Quarter Ended September 30, 2013 2012
Variance 2013 2012 Variance  Impairment $ --  $ --  $ --  $ --  $ --  $ --  Asset impairment as well as valuation allowances Â
-- Â Â -- Â Â -- Â Â -- Â Â -- Â Â -- Â Â Archstone merger costs (merger expenses) 19,741 1,921 17,820 182 87 95 Archstone merger costs (loss through investments throughout unconsolidated entities due to merger
expenses) 54,781 -- 54,781 1,771 -- 1,771 Property acquisition expenses (other expenses) 203 6,836 (6,633 ) 21 1,341 (1,320 ) Write-off associated with pursuit expenses (other expenses) Â 3,969 Â Â 6,141 Â Â (2,172 )
 604   2,576   (1,972 ) Property acquisition costs and write-off of pursuit costs  78,694   14,898   63,796   2,578   4,004  Â
(1,426 ) Â Prepayment premiums/penalties (interest expense) 71,443 272 71,171 -- -- -- Write-off involving unamortized deferred financing expenses (interest expense) (A) 4,126 2,111 2,015 -- 964 (964 ) Write-off regarding unamortized (premiums)/discounts/OCI (interest expense) 3,251 (42 ) 3,293 -- -- --
Premium about redemption of Preferred Shares (B)  --   5,150   (5,150 )  --   5,150   (5,150 ) Debt extinguishment (gains) losses, which includes prepayment penalties, preferred share redemptions along with non-cash convertible credit card debt discounts  78,820   7,491
  71,329   --   6,114   (6,114 )  Net (gain) loss on revenue regarding land parcels (12,179 ) -- (12,179 ) 2,437 -- 2,437 Net incremental (gain) upon revenue associated with condominium units (7 )
(49 ) 42 -- -- -- Income and other tax expense (benefit) - Condo sales -- (92 ) 92 -- -- -- (Gain) on sale associated with Equity Corporate Housing (ECH) (709 ) (350 ) (359 ) (108 ) -- (108 )
(Gain) on sale associated with investment securities  (830 )  --   (830 )  (830 )  --   (830 ) (Gains) losses in sales of non-operating assets, net associated with income along with other tax expense (benefit)  (13,725 )  (491
) Â (13,234 ) Â 1,499 Â Â -- Â Â 1,499 Â Â Â Insurance/litigation settlement expense (other expenses) 3,361 4,714 (1,353 ) 3,361 -- 3,361 Prospect Towers garage insurance proceeds (real estate taxes and insurance) -- (3,467
) 3,467 -- -- -- Archstone termination fees (interest as well as other income) -- (70,000 ) 70,000 -- (70,000 ) 70,000 Other (other expenses) Â -- Â Â 1,066 Â Â (1,066 ) Â --
  90   (90 ) Other miscellaneous non-comparable items  3,361   (67,687 )  71,048   3,361   (69,910 )  73,271 Â
      Non-comparable objects - Adjustments through FFO to be able to Normalized FFO (2) (3) $ 147,150  $ (45,789 ) $ 192,939  $ 7,438  $ (59,792 ) $ 67,230  Â
(A) for the actual nine weeks ended September 30, 2013, includes $2.5 million involving bridge loan costs associated for the Archstone transaction.   (B) Consists Of $5.13 million regarding original issuance costs formerly deferred.  Note: Discover page 29 for that definitions, your footnotes referenced above and the reconciliations associated with EPS for you to FFO as well as Normalized FFO.  Equity Residential Normalized FFO Guidance along with Assumptions    The guidance/projections provided below are based on present expectations and consequently are forward-looking. Almost All guidance is offered on a Normalized FFO basis. Therefore, certain products excluded through Normalized FFO, such as financial debt extinguishment costs/prepayment penalties (including the $150.0 million that will might be incurred throughout Q4 2013), property acquisition costs as well as the write-off regarding pursuit costs, are not included in the estimates provided in this page. Discover web page 28 regarding estimates involving property acquisition costs, prepayment premiums/penalties and other amounts not included in 2013 Normalized FFO guidance. Discover web page 29 for that definitions, your footnotes referenced below and the reconciliations of EPS in order to FFO along with Normalized FFO.   2013 Normalized FFO Guidance (per discuss diluted)  Q4 2013 2013  Expected Normalized FFO (2) (3)
$0.75 to end up being able to $0.77 $2.83 for you to $2.85  2013 same Retailer Assumptions  Physical occupancy 95.4 % Revenue change 4.5 % Expense change 3.3 % NOI change 5.1 %  (Note: Your same retailer guidance over is computed based around the portfolio of approximately 80,000 apartment units that the company expects to have within its annual exact same store set after the conclusion involving its planned 2013 dispositions. 30 basis point change in NOI percentage = $0.01 for each reveal alternation in EPS/FFO/Normalized FFO)  2013 Transaction Assumptions  Consolidated rental acquisitions (excluding Archstone) $100.0 million Consolidated rental dispositions - EQR assets $4.4 billion Consolidated rental dispositions - Archstone assets (pre-closing) $500.0 million
Capitalization rate spread 110 schedule points  2013 debt Assumptions, includes Impact involving Archstone Credit Card Debt Premium (see Note below)  Weighted average credit card debt outstanding $11.2 billion to $11.4 billion Weighted typical curiosity rate (reduced with regard to capitalized interest) 4.22 % Interest expense $472.6 million to become able to $481.1 million  2013 Additional Guidance Assumptions  General along with administrative expense $63.0 million Interest along using other income $0.7 million Income and other tax expense $2.6 million Debt offerings $800.0 million Equity ATM talk about offerings No quantities budgeted Preferred discuss offerings
No quantities budgeted Weighted typical Widespread Shares and also Units - Diluted 370.5 million  Note: Most debt assumptions range from the impact of the mark-to-market non-cash adjustment relating in order to Archstone's financial debt that the Organization assumed. Excluding the actual impact in the Archstone net financial debt premium, your Company's financial debt assumptions will be as follows:  Weighted typical debt outstanding without Archstone net premium $11.1 billion to $11.3 billion Weighted typical fascination price (reduced pertaining to capitalized interest) without Archstone net premium 4.56 % Interest expense without Archstone net premium $506.2 million for you to $515.3 million          Equity Residential 2013 Non-Comparable items Guidance (Amounts within thousands)
    The Non-Comparable Products provided below are according to existing anticipations and are forward looking.  Midpoint involving Forecasted 2013 Non-Comparable items - Adjustments coming from FFO for you to Normalized FFO (2) (3)  Expected Q4 2013 Expected 2013  Amounts Per Share Amounts Per Share     Asset impairment and also valuation allowances $ --  $ --
 $ --  $ --   Archstone merger expenses (merger expenses) -- -- 19,741 0.05 Archstone merger expenses (loss from investments within unconsolidated entities credited in order to merger expenses) 1,269 -- 56,050 0.15 Property acquisition expenses (other expenses) 30 -- 233 -- Write-off of pursuit expenses (other expenses) Â
1,700   0.01   5,669   0.02  Property acquisition expenses as well as write-off of pursuit costs  2,999   0.01   81,693   0.22   Prepayment premiums/penalties
150,000 0.40 221,443 0.60 Write-off of unamortized deferred financing costs 5,652 0.01 9,778 0.02 Write-off of unamortized (premiums)/discounts/OCI  (112,292 )  (0.30 )  (109,041 )  (0.29 ) Debt extinguishment (gains) losses, including prepayment penalties, preferred reveal redemptions and non-cash convertible credit card debt discounts  43,360
  0.11   122,180   0.33   Net (gain) loss upon revenue regarding land parcels -- -- (12,179 ) (0.03 ) Net incremental (gain) upon revenue associated with condominium units -- -- (7 ) -- (Gain) on sale involving Equity Corporate Housing (ECH) (761
) -- (1,470 ) -- (Gain) available with regard to sale regarding investment securities  (1,292 )  --   (2,122 )  (0.01 ) (Gains) losses upon revenue regarding non-operating assets, net regarding income and other tax expense (benefit)  (2,053 )  -- Â
 (15,778 )  (0.04 )  Insurance/litigation settlement expense  --   --   3,361   0.01  Other miscellaneous non-comparable items  --   --
  3,361   0.01      Non-comparable items - Adjustments through FFO for you to Normalized FFO (2) (3) $ 44,306  $ 0.12  $ 191,456  $ 0.52   Note: Discover page 29 for the definitions, the footnotes referenced above as well as the
reconciliations regarding EPS to end up being able to FFO along with Normalized FFO. Â Equity Residential Additional Reconciliations, Definitions and also Footnotes (Amounts inside thousands except for each discuss data) (All per share information is diluted) Â Â Â Â Â Â The guidance/projections provided here are according to current expectations and consequently are forward-looking. Â Â Reconciliations associated with EPS to FFO and also Normalized FFO regarding Pages 7, 26 and 28 Â Â Expected Q3 2013 Expected Expected Q4 2013 2013 Amounts Per Share
Per Share Per Share  Expected Earnings - Diluted (5) $ 112,852 $ 0.300 $0.21 for you to $0.23 $5.03 to $5.05 Add: Expected depreciation expense 316,372 0.841 0.47 2.70 Less: Expected net gain on revenue (5)  (162,548 )  (0.432 ) (0.05 ) (5.42 )
 Expected FFO - Diluted (1) (3) 266,676 0.709 0.63 for you to 0.65 2.31 in order to 2.33  Asset impairment as well as valuation allowances -- -- -- -- Property acquisition expenses and write-off of pursuit costs 5,153 0.014 0.01 0.22 Debt extinguishment (gains) losses, such as prepayment penalties, preferred reveal redemptions along with non-cash convertible financial debt discounts -- -- 0.11 0.33 (Gains) losses on revenue involving non-operating assets, net associated with earnings as well as other tax expense (benefit)
2,248 0.006 -- (0.04 ) Other miscellaneous non-comparable items  --   --  --  0.01   Expected Normalized FFO - Diluted (2) (3) $ 274,077  $ 0.729  $0.75 in order to $0.77 $2.83 to $2.85
 Definitions as well as Footnotes for Pages 7, 26 along with 28   (1) The National Association regarding real Estate Investment Trusts ("NAREIT") defines funds from operations ("FFO") (April 2002 White Paper) as net earnings (computed in respect using accounting ideas generally accepted in the united States ("GAAP")), excluding gains (or losses) through sales along with impairment write-downs involving depreciable operating properties, plus depreciation as well as amortization, along with right after adjustments for unconsolidated partnerships and joint ventures. Adjustments with regard to unconsolidated partnerships as well as joint ventures will possibly be calculated for you to reflect funds through operations on the identical basis. Your April 2002 White Paper states which acquire or perhaps loss on revenue of property is actually excluded via FFO with regard to previously depreciated operating properties only. As soon As the company commences the particular conversion associated with apartment units to always be able to condominiums, it simultaneously discontinues depreciation regarding such property.  (2) Normalized funds from operations ("Normalized FFO") begins with FFO along with excludes: o your impact involving just about any expenses relating to be able to non-operating asset impairment and valuation allowances; o property acquisition along along with other transaction expenses associated in order to mergers along with acquisitions and pursuit expense write-offs; o gains and losses from early credit card debt extinguishment, which includes prepayment penalties, preferred reveal redemptions as well as the price related to the implied choice worth of non-cash convertible credit card debt discounts; o gains as well as losses around the revenue of non-operating assets, which includes gains and also losses through land parcel and also condominium sales, net regarding the result associated with income tax rewards as well as expenses; and o other miscellaneous non-comparable items.  (3) The company believes in which FFO as well as FFO available to Typical Shares along with Units tend to be helpful for you to investors as supplemental measures of the operating performance of a real estate company, because they're acknowledged measures of performance from the real-estate
business and by excluding gains or perhaps losses associated to dispositions of depreciable property and excluding real estate depreciation (which can vary among those who own identical assets in similar situation according to historical price accounting and helpful lifestyle estimates), FFO and FFO open to common Shares and Units can help compare the operating performance of your company's real estate in between durations or as compared to several companies. Your company also believes that Normalized FFO as well as Normalized FFO available to Typical Shares as well as Units are beneficial in order to investors as supplemental measures in the operating performance of your real-estate business simply because they permit investors to check the company's operating performance to end up being able to its performance within prior reporting intervals as well as to the operating performance associated with additional property companies with out the effect associated with things that through their particular nature usually are Condominium For sale in Cebu usually not comparable through period regarding time to period associated with time along with tend to obscure the actual Company's actual operating results. FFO, FFO open to Widespread Shares and Units, Normalized FFO and also Normalized FFO open to Typical Shares along with Units do certainly not represent net income, net earnings open to common Shares or net money flows via operating activities relating with GAAP. Therefore, FFO, FFO available to Typical Shares as well as Units, Normalized FFO and also Normalized FFO available to common Shares and also Units shouldn't be exclusively considered as alternatives in order to net income, net earnings accessible to Widespread Shares as well as net money flows through operating activities as established through GAAP or as becoming a measure associated with liquidity. The Particular Company's calculation regarding FFO, FFO available to common Shares along with Units, Normalized FFO as well as Normalized FFO available to Typical Shares and also Units could change from various other property companies because of to, among various other items, variations in price capitalization policies with regard to money expenditures and, accordingly, might not be comparable to such various other real-estate companies. Â (4) FFO available to Typical Shares as well as Units as well as Normalized FFO available to common Shares along with Units are calculated on a basis consistent along with net earnings available to common Shares along with reflects adjustments in order to net earnings with regard to preferred distributions and premiums upon redemption of preferred shares relating along with accounting rules generally accepted inside the United States. Your equity positions of different individuals as well as entities that contributed their own properties towards the Operating Partnership in exchange regarding OP Units tend to be collectively referred for you to since the "Noncontrolling interests - Operating Partnership". Topic for you to certain restrictions, the Noncontrolling Hobbies - Operating Partnership might exchange their own OP Units for Widespread Shares on the one-for-one basis. Â (5) Earnings represents net earnings for each share calculated relating along with accounting principles generally accepted within the United States. Expected earnings is actually calculated on a time frame steady together with actual earnings. Because Of for the uncertain timing as well as extent associated with property dispositions and furthermore the resulting gains/losses upon sales, actual earnings could differ materially coming from expected earnings. Â
   Same Shop NOI Reconciliation regarding page 11  The following tables existing reconciliations associated with operating earnings for each your consolidated statements associated with operations in order to NOI for your September YTD 2013 and also the Third Quarter 2013 same Shop Properties:  Nine months Ended September 30, Quarter Ended September 30, 2013 2012 2013 2012  Operating income $ 291,521 $ 368,443 $ 121,394 $ 142,932 Adjustments: Non-same shop operating results
(267,183 ) (1,744 ) (107,813 ) 663 Fee and also asset management revenue (7,399 ) (7,328 ) (2,566 ) (3,052 ) Fee as well as asset management expense 4,739 3,595 1,516 1,108 Depreciation 798,121 422,148 277,336 139,337
General along with administrative  47,018   37,162   14,438   10,083   Same shop NOI $ 866,817  $ 822,276  $ 304,305  $ 291,071
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Equity Residential Reports Strong Results| Reuters

  • 1. Equity Residential Reports Strong Results| Reuters Wed Oct 30, 2013 4:29pm EDT * Reuters isn't responsible for that content material in this press release. Equity Residential Studies Strong Results Same Retailer Revenues Boost 4.1% within 3Q and 4.7% YTD Same Shop NOI increases 4.5% inside 3Q and also 5.4% YTD Equity Residential (NYSE: EQR) today reported results for that quarter and also nine months ended September 30, 2013. Just About All for each discuss results are reported as available to common shares on the diluted basis. "For 2013, we at present anticipate to supply exact same store revenue growth associated with 4.5%, very much in line using our original expectations," stated David J. Neithercut, Equity Residential's President as well as CEO. "In the actual extended term, favorable demographics will produce need for housing inside our markets that is not really heading to end up being achieved along with new provide so we should enjoy strong growth for most years. in the particular brief term, new provide will generate modest negative revenue development in Washington, D.C., partially offsetting continued strong growth across many of our other markets along with leading to expected portfolio wide exact same shop revenue growth associated with 3% to become able to 4% inside 2014." Third Quarter 2013
  • 2. FFO (Funds from Operations), as defined by the National Association of Real-estate Investment Trusts (NAREIT), for your third quarter of 2013 ended up being $0.71 per reveal compared in order to $0.92 per share inside the third quarter involving 2012. The Particular distinction is due primarily to the $70.0 million Archstone termination charge that the company recognized within the third quarter involving 2012. For the particular third quarter involving 2013, the organization reported Normalized FFO of $0.73 for each reveal in contrast in order to $0.73 per talk about in the exact same time period of 2012. The subsequent products impacted Normalized FFO per reveal within the quarter: the positive impact involving approximately $0.04 per discuss from higher identical shop net operating income (NOI); the positive impact of approximately $0.28 per share from your Archstone properties, offset by the negative impact regarding approximately $0.28 for each discuss via 2012 as well as 2013 disposition activity and typical share issuance within link with just about all the company's purchase involving Archstone; and the negative impact associated with approximately $0.04 per share coming from higher interest expense, general as well as administrative expenses and other items. Normalized FFO begins with FFO along with eliminates particular items which by their particular nature are not comparable from period in order to period associated with time or perhaps in which have a propensity to obscure the particular company's real operating performance. Merger expenses and also prepayment penalties are not included inside the company's Normalized FFO. Any reconciliation as well as definition of Normalized FFO are given about pages 26 as well as 29 regarding this release as well as the business has included guidance for Normalized FFO about page 27 involving this release. For the particular third quarter involving 2013, the company reported earnings involving $1.05 for each talk about in contrast for you to $0.72 per discuss within the third quarter of 2012. The Particular difference arrives primarily to be able to higher gains through property revenue inside the third quarter of 2013, partially offset by simply higher depreciation as a consequence of the particular Archstone acquisition, as well as the termination charge as well as other objects discussed above. Nine Weeks Ended September 30, 2013 FFO for that nine several weeks ended September 30, 2013 was $1.68 per discuss in contrast to become able to $2.16 per share in the exact same period regarding time associated with 2012. The Actual distinction is due primarily to merger-related expenses and also prepayment penalties incurred within the first nine weeks of 2013 within connection with the company's acquisition regarding Archstone, also because the termination charge described above. For your nine weeks ended September 30, 2013, the organization reported Normalized FFO regarding $2.08 for each discuss in comparison to $2.02 for each discuss within the identical time period regarding 2012. For the actual nine a couple of months ended September 30, 2013, the business reported earnings involving $4.87 for each reveal in comparison in order to $1.52 for each share inside the exact same period of 2012. The Actual distinction is due primarily for you to higher gains coming from property
  • 3. sales throughout 2013, partially offset through higher depreciation as a result of the actual Archstone acquisition, too since the termination fee as well as other products described above. Same store Results On a same retailer third quarter to third quarter comparison, including 82,553 apartment units, revenues increased 4.1%, expenses increased 3.1% and also NOI elevated 4.5%. On a new identical retailer sequential third quarter in order to 2nd quarter comparison, which includes 101,820 apartment units, revenues elevated 1.5%, expenses elevated 2.2% as well as NOI elevated 1.2%. Your company's sequential exact same retailer pool associated with assets includes 18,448 apartment units the company acquired within the Archstone transaction. the acquired Archstone properties performed throughout range along with both your company's underwriting anticipations and its comparable properties within the same markets. On the same store nine-month for you to nine-month comparison, which include 81,099 apartment units, revenues elevated 4.7%, expenses increased 3.3% along with NOI increased 5.4%. Acquisitions/Dispositions The organization didn't acquire any kind of properties or even property web sites within the third quarter. During the first nine several weeks associated with 2013, the business acquired 77 properties, consisting of 22,103 apartment units. The Particular organization will not expect you'll acquire any kind of operating assets within the fourth quarter. During the third quarter, the organization offered 10 apartment properties, consisting associated with 4,131 apartment units, for an aggregate sale cost of $657.6 million in a weighted average cap rate of 5.9%. These kind of sales, excluding 1 Archstone asset that provides been sold throughout the quarter, generated an unlevered internal charge involving return (IRR), inclusive regarding management costs, associated with 11.1%. Also throughout the quarter, the business marketed 2 territory parcels for an aggregate sale price of $44.3 million. During the really first nine weeks involving 2013, the business sold 92 apartment properties, consisting involving 28,328 apartment units, with an aggregate sale price of $4.36 billion in a weighted average cap rate of 6.0%. These kinds of sales, excluding 3 Archstone assets that were offered shortly after his or her acquisition, generated an unlevered IRR, inclusive involving management costs, involving 10.0%. Please notice web page nine associated with this release for comparative portfolio summaries for that finish of the fourth quarter 2012 as well as the finish with the third quarter 2013. Capital Markets Activities On October 1, 2013, the organization employed cash hand via dispositions for you to repay a $963.5 million secured loan in which it assumed throughout conjunction using the Archstone acquisition. This kind of loan ended up being set in order to mature in November 2014 as well as carried a cash interest rate associated with 5.88% and a GAAP fascination rate of 3.45% credited to the
  • 4. amortization with the Archstone-related financial debt premium. The organization anticipates closing a new $800 million secured loan through a large insurance company inside the fourth quarter involving 2013. the loan, which may be dedicated to by the business and the lender, includes a ten 12 months term, will be curiosity only along with carries a fixed interest price regarding 4.21%. Your company expects in order to simultaneously use the loan proceeds in order to repay $825 million of the $1.27 billion secured loan that the business assumed as part of the particular Archstone transaction. The Actual approximately $440 million balance will remain outstanding, continue to mature in November 2017 and always bring a cash fascination rate of 6.26% and a GAAP interest price associated with 3.58% thanks for the amortization in the Archstone-related debt premium. The company expects for you to incur cash prepayment expenses associated with approximately $150 million and a charge for you to earnings as well as FFO associated with approximately $43 million inside the fourth quarter, which is reflected within our revised guidance below. The Actual distinction is due towards the compose from Archstone-related financial debt premiums. Normalized FFO is not heading to become impacted by this charge. Assuming which these transactions occur as expected, the business will have locked throughout a stylish piece of long lasting debt along with substantially extended your duration of its debt maturities also as reduced its 2017 maturities as a portion regarding outstanding debt. Fourth Quarter 2013 Guidance The organization provides set up a Normalized FFO guidance range of $0.75 in order to $0.77 for each reveal for the fourth quarter of 2013. The Actual distinction between the company's third quarter 2013 Normalized FFO of $0.73 for each reveal as well as the midpoint of the fourth quarter guidance selection of $0.76 per share is born primarily to: a positive impact of approximately $0.02 for each talk about through higher identical shop NOI offset by approximately $0.02 through dilution from 2013 transaction activity and other items; and a positive impact regarding approximately $0.03 per discuss from lower total financing costs. Full Yr 2013 Guidance The organization offers revised its guidance for its total yr 2013 identical store operating performance, transactions and also Normalized FFO outcomes too as other items detailed upon web page 27 involving this release. Revised complete 12 months same store, transactions and Normalized FFO guidance are outlined below: Â Â Previous Revised Same store:
  • 5. Physical occupancy 95.3% 95.4% Revenue change 4.4% to 4.6% 4.5% Expense change 3.0% to 3.5% 3.3% NOI change 5.0% to 5.25% 5.1%  Acquisitions (excluding Archstone): $100 million $100 million Dispositions: $4.1 billion $4.4 billion Cap rate Spread: 110 basis points 110 basis points  Normalized FFO for each share: $2.80 in order to $2.85
  • 6. $2.83 for you to $2.85 Â Fourth Quarter 2013 Earnings and Conference Call Equity Residential expects to announce fourth quarter and also full yr 2013 outcomes in Tuesday, February 4, 2014 and host any conference contact in order to discuss individuals results with 10:00 a.m. CT upon Wednesday, February 5, 2014. Equity Residential is surely an S&P 500 organization targeted on the acquisition, development and management regarding high quality apartment properties in top U.S. growth markets. Equity Residential owns or perhaps features investments throughout 389 properties consisting regarding 109,795 apartment units. for more information on Equity Residential, please visit our website with www.equityapartments.com. Forward-Looking Statements In supplement to be able to historical information, this press release contains forward-looking statements and data within madness of the federal securities laws. These kind of statements tend to be according to current expectations, estimates, projections and assumptions produced by management. Although Equity Residential's management believes the assumptions underlying its forward-looking statements are usually reasonable, such details are inherently subject for you to uncertainties and may involve particular risks, including, without limitation, modifications in general industry conditions, including the charge involving occupation growth and value regarding labor as well as construction material, your amount of new multifamily construction as well as development, competition along with neighborhood government regulation. Some Other risks and also uncertainties are described below the heading "Risk Factors" in our Annual Record in Form 10-K and also subsequent periodic studies filed with the Securities and Exchange Commission (SEC) along with obtainable upon our website, www.equityapartments.com. Several of those uncertainties along with risks are usually hard to predict and also beyond management's control. Forward-looking statements aren't ensures of long term performance, results or even events. Equity Residential assumes absolutely no obligation for you to update or supplement forward-looking statements in which grow for you to be untrue because associated with subsequent events. A live web cast of the company's conference call discussing these results will just take location tomorrow, Thursday, October 31, with 10:00 a.m. Central. Please visit the particular Investor portion associated with the company's internet site with www.equityapartments.com for that link. The replay involving the internet cast is planning to be available for two weeks only at that site. Â Â Â Â Equity Residential Consolidated Statements of Operations
  • 7. (Amounts in thousands except per reveal data) (Unaudited)  Nine A Number Of Months Ended September 30, Quarter Ended September 30, 2013 2012 2013 2012 REVENUES Rental income $ 1,749,374 $ 1,295,431 $ 626,880 $ 448,647 Fee as well as asset management  7,399   7,328 Â
  • 8.  2,566   3,052  Total revenues  1,756,773   1,302,759   629,446   451,699   EXPENSES Property and also maintenance 333,202 254,009 119,632 86,682
  • 9. Real estate taxes along with insurance 218,777 154,633 76,255 53,064 Property management 63,395 62,769 18,875 18,493 Fee along with asset management 4,739 3,595 1,516 1,108 Depreciation 798,121 422,148 277,336 139,337 General and administrative  47,018   37,162
  • 10.   14,438   10,083  Total expenses  1,465,252   934,316   508,052   308,767   Operating income 291,521 368,443 121,394 142,932
  • 11. Â Interest and other income 1,320 70,514 816 70,087 Other expenses (7,530 ) (18,587 ) (3,986 ) (3,984 ) Merger expenses (19,741 ) (1,921 ) (182 ) (87 ) Interest: Expense incurred, net
  • 12. (437,452 ) (345,476 ) (120,035 ) (113,222 ) Amortization associated with deferred financing costs  (15,636 )  (10,265 )  (4,335 )  (3,320 ) (Loss) earnings before income as well as other taxes, (loss) from investments throughout unconsolidated entities, net acquire (loss) in revenue regarding unconsolidated entities and terrain parcels and also discontinued operations (187,518 ) 62,708
  • 13. (6,328 ) 92,406 Income and other tax (expense) benefit (1,326 ) (602 ) (493 ) (222 ) (Loss) coming from investments inside unconsolidated entities thanks for you to operations (2,984 ) (3 ) (1,454 ) (3 ) (Loss) through investments throughout unconsolidated entities due to always be able to merger expenses (54,781 ) --
  • 14. (1,771 ) -- Net gain on sales regarding unconsolidated entities 16 -- 16 -- Net acquire (loss) on revenue regarding property parcels  12,179   --   (2,437 )  --  (Loss) earnings coming from continuing operations (234,414 ) 62,103 (12,467
  • 15. ) 92,181 Discontinued operations, net  2,023,897   434,702   404,184   144,142  Net income 1,789,483 496,805 391,717 236,323 Net (income) loss attributable to Noncontrolling Interests: Operating Partnership (70,947 ) (21,646 )
  • 16. (14,836 ) (10,496 ) Partially Owned Properties  1,101   (457 )  311   312  Net earnings attributable to always be able to controlling interests 1,719,637 474,702 377,192 226,139 Preferred distributions (3,109 ) (9,319
  • 17. ) (1,037 ) (2,386 ) Premium in redemption regarding Preferred Shares  --   (5,150 )  --   (5,150 ) Net income available to Typical Shares $ 1,716,528  $ 460,233  $
  • 18. 376,155 Â $ 218,603 Â Â Earnings for each share - basic: (Loss) income via continuing operations accessible to Typical Shares $ (0.64 ) $ 0.15 Â $ (0.04 ) $ 0.27 Â Net earnings available to Typical Shares $ 4.87 Â $ 1.53
  • 19.  $ 1.05  $ 0.73  Weighted typical Typical Shares outstanding  352,414   300,116   359,811   301,336   Earnings for each talk about - diluted: (Loss) income from continuing operations accessible to Widespread Shares $ (0.64 )
  • 20. $ 0.15  $ (0.04 ) $ 0.27  Net earnings available to Typical Shares $ 4.87  $ 1.52  $ 1.05  $ 0.72  Weighted typical Typical Shares outstanding  352,414 Â
  • 21. Â 317,265 Â Â 359,811 Â Â 318,773 Â Â Distributions declared for each common share outstanding $ 1.20 Â $ 1.0125 Â $ 0.40 Â $ 0.3375 Â Â Â Â
  • 22. Â Equity Residential Consolidated Statements associated with Funds Via Operations and also Normalized Funds Coming From Operations (Amounts within thousands except per reveal data) (Unaudited) Â Nine Several Weeks Ended September 30, Quarter Ended September 30, 2013 2012 2013 2012 Net income $ 1,789,483 $ 496,805 $ 391,717 $ 236,323 Net loss (income) attributable for you to Noncontrolling Pursuits - Partially Owned Properties 1,101 (457
  • 23. ) 311 312 Preferred distributions (3,109 ) (9,319 ) (1,037 ) (2,386 ) Premium upon redemption associated with Preferred Shares  --   (5,150 )  --   (5,150 ) Net earnings accessible to Widespread Shares and also Units
  • 24. 1,787,475 481,879 390,991 229,099 Â Adjustments: Depreciation 798,121 422,148 277,336 139,337 Depreciation - Non-real estate additions (3,626 ) (4,211 ) (1,153 ) (1,430 ) Depreciation - Partially Owned along with Unconsolidated Properties (3,074 ) (2,395 ) (566
  • 25. ) (798 ) Net (gain) on sales involving unconsolidated entities (16 ) -- (16 ) -- Discontinued operations: Depreciation 31,976 94,792 2,273 29,497 Net (gain) in revenue of discontinued operations (1,990,577 ) (307,447 ) (401,703 ) (103,394 ) Net incremental gain in revenue regarding condominium units
  • 26. 7 49 -- -- Gain on sale regarding Equity Corporate Housing (ECH) Â 709 Â Â 350 Â Â 108 Â Â -- Â FFO accessible to Typical Shares along with Units (1) (3) (4) 620,995 685,165 267,270 292,311 Â Adjustments (see page 26 for additional detail): Asset impairment and also valuation allowances --
  • 27. -- -- -- Property acquisition expenses as well as write-off regarding pursuit costs 78,694 14,898 2,578 4,004 Debt extinguishment (gains) losses, such as prepayment penalties, preferred share redemptions along with non-cash convertible credit card debt discounts 78,820 7,491 -- 6,114 (Gains) losses about revenue involving non-operating assets, net associated with earnings as well as other tax expense (benefit) (13,725 ) (491 ) 1,499 -- Other miscellaneous non-comparable items  3,361
  • 28. Â Â (67,687 ) Â 3,361 Â Â (69,910 ) Normalized FFO open to common Shares as well as Units (2) (3) (4) $ 768,145 Â $ 639,376 Â $ 274,708 Â $ 232,519 Â Â FFO (1) (3) $
  • 29. 624,104 $ 699,634 $ 268,307 $ 299,847 Preferred distributions (3,109 ) (9,319 ) (1,037 ) (2,386 ) Premium about redemption associated with Preferred Shares  --   (5,150 )  -- Â
  • 30. Â (5,150 ) FFO open to Typical Shares and Units - fundamental as well as diluted (1) (3) (4) $ 620,995 Â $ 685,165 Â $ 267,270 Â $ 292,311 Â FFO for each reveal and Unit - basic $ 1.70 Â $ 2.18 Â $ 0.72 Â
  • 31. $ 0.93 Â FFO for each discuss and Unit - diluted $ 1.68 Â $ 2.16 Â $ 0.71 Â $ 0.92 Â Â Normalized FFO (2) (3) $ 771,254 $ 648,695 $ 275,745 $ 234,905
  • 32. Preferred distributions  (3,109 )  (9,319 )  (1,037 )  (2,386 ) Normalized FFO accessible to common Shares and also Units - basic and also diluted (2) (3) (4) $ 768,145  $ 639,376  $ 274,708  $ 232,519 Â
  • 33. Normalized FFO per reveal and also Unit - basic $ 2.10 Â $ 2.04 Â $ 0.74 Â $ 0.74 Â Normalized FFO per share and also Unit - diluted $ 2.08 Â $ 2.02 Â $ 0.73 Â $ 0.73 Â
  • 34.  Weighted typical Widespread Shares and also Units outstanding - basic  366,150   313,932   373,547   315,513  Weighted average Typical Shares and also Units outstanding - diluted  368,611   317,265   375,883   318,773
  • 35. Â Â Note: See web page 26 for additional detail regarding the particular adjustments through FFO to Normalized FFO. see page 29 for the definitions, the particular footnotes referenced above and also the reconciliations of EPS for you to FFO along with Normalized FFO. Â Equity Residential Consolidated balance Sheets (Amounts in 1000's except regarding reveal amounts) (Unaudited) Â Â September 30, December 31, 2013 2012 ASSETS Investment in real estate Land $ 6,201,333 $ 4,554,912 Depreciable property 19,254,957 15,711,944
  • 36. Projects under development 779,053 387,750 Land held for development  505,494   353,823  Investment throughout real estate 26,740,837 21,008,429 Accumulated depreciation  (4,654,594 )  (4,912,221 ) Investment within real estate, net 22,086,243 16,096,208 Cash and funds equivalents 972,761 612,590
  • 37. Investments inside unconsolidated entities 165,898 17,877 Deposits - restricted 98,874 250,442 Escrow deposits - mortgage 40,901 9,129 Deferred financing costs, net 66,775 44,382 Other assets  379,979   170,372  Total assets $ 23,811,431  $ 17,201,000 Â
  • 38. Â LIABILITIES AND EQUITY Liabilities: Mortgage notes payable $ 6,230,675 $ 3,898,369 Notes, net 5,476,522 4,630,875 Lines associated with credit -- -- Accounts payable along with accrued expenses 166,939 38,372 Accrued fascination payable 85,353 76,223 Other liabilities 331,797 304,518 Security deposits 71,462 66,988
  • 39. Distributions payable  149,836   260,176  Total liabilities  12,512,584   9,275,521   Commitments and also contingencies  Redeemable Noncontrolling Pursuits - Operating Partnership  376,057   398,372  Equity: Shareholders' equity:
  • 40. Preferred Shares of advantageous interest, $0.01 par value; 100,000,000 shares authorized; 1,000,000 shares issued and outstanding as associated with September 30, 2013 and December 31, 2012 50,000 50,000 Common Shares involving advantageous interest, $0.01 par value; 1,000,000,000 shares authorized; 360,395,959 shares issued and outstanding as involving September 30, 2013 along with 325,054,654 shares issued and also outstanding as associated with December 31, 2012 3,604 3,251 Paid in capital 8,542,822 6,542,355 Retained earnings 2,171,603 887,355 Accumulated some other comprehensive (loss) Â (169,392 ) Â (193,148 ) Total shareholders' equity 10,598,637
  • 41. 7,289,813 Noncontrolling Interests: Operating Partnership 213,518 159,606 Partially Owned Properties  110,635   77,688  Total Noncontrolling Interests  324,153   237,294  Total equity  10,922,790   7,527,107 Â
  • 42. Total liabilities as well as equity $ 23,811,431  $ 17,201,000           Equity Residential         Portfolio Summary as involving December 31, 2012
  • 43. Portfolio Summary as involving September 30, 2013 % of Average % of Average Apartment Stabilized Rental Apartment Stabilized Rental Markets/Metro Areas Properties Units NOI (1) Rate (2) Properties Units NOI (1) Rate (2) Â Core: Washington DC 43 14,425 15.9 %
  • 44. $ 1,992 56 18,275 19.9 % $ 2,249 New York 30 8,047 13.9 % 3,433 38 10,330 17.3 % 3,720 San Francisco 40 9,094 8.6 % 1,902 50 12,766 12.0 % 2,170 Los Angeles
  • 45. 48 9,815 9.9 % 1,879 57 11,960 11.5 % 2,071 Boston 26 5,832 8.2 % 2,560 34 7,816 10.5 % 2,780 South Florida 36 12,253 9.0 % 1,463 34 11,334 7.2 % 1,543
  • 46. Seattle 38 7,563 6.4 % 1,627 38 7,734 6.0 % 1,741 Denver 24 8,144 5.5 % 1,226 19 6,935 4.2 % 1,309 San Diego 14 4,963 5.0 % 1,851 13 3,505 3.2 %
  • 47. 1,943 Orange County, CA 11 3,490 3.3 % Â 1,660 11 3,490 2.9 % Â 1,710 Subtotal - Core 310 83,626 85.7 % 1,941 350 94,145 94.7 % 2,195 Â Non-Core: Inland Empire, CA 10 3,081
  • 48. 2.4 % 1,491 10 3,081 2.1 % 1,498 Orlando 21 6,413 3.5 % 1,086 10 3,383 1.7 % 1,131 New England (excluding Boston) 14 2,611 1.3 % 1,174 11 1,965 0.9 % 1,233 Phoenix 25
  • 49. 7,400 3.4 % 946 3 872 0.2 % 898 Atlanta 12 3,616 2.0 % 1,157 2 666 0.2 % 1,339 Tacoma, WA 3 1,467 0.6 % 951 1 522 0.2 % 1,016 Jacksonville
  • 50. 6 2,117 1.1 % Â 1,005 -- -- --% Â -- Subtotal - Non-Core 91 26,705 14.3 % Â 1,099 37 10,489 5.3 % Â 1,247 Total 401 110,331 100.0 % Â
  • 51. 1,737 387 104,634 100.0 % Â 2,099 Â Military Housing 2 5,039 -- Â -- 2 5,161 -- Â -- Â Grand Total 403 115,370 100.0 % $ 1,737 389
  • 52. 109,795 100.0 % $ 2,099  Note: Tasks below development usually are usually not included inside the Portfolio Summary until construction may be completed.  (1) % of Stabilized NOI consists of budgeted 2013 NOI with regard to stabilized properties, budgeted year 1 (March 2013 for you to February 2014) NOI for your Archstone properties and projected annual NOI from stabilization (defined as having achieved 90% occupancy for three consecutive months) pertaining to properties that have been in lease-up.  (2) Typical rental rate is defined as total rental revenues divided through the weighted typical occupied apartment units for your last month in the time period presented.  Equity Residential      Portfolio as of September 30, 2013  Apartment Properties Units Wholly Owned Properties
  • 53. 363 99,192 Master-Leased Properties - Consolidated 3 853 Partially Owned Properties - Consolidated 19 3,752 Partially Owned Properties - Unconsolidated 2 837 Military Housing 2 Â Â 5,161 Â Â 389 Â Â 109,795 Â Â Â Â
  • 54. Â Â Â Â Â Â Â Â Â Portfolio Rollforward Q3 2013 ($ within thousands) Â Apartment Purchase/ Properties Units (Sale) Price Cap Rate 6/30/2013 398 113,388 Dispositions: Consolidated: Rental Properties (10 )
  • 55. (4,131 ) $ (657,607 ) 5.9 % Land Parcel (one) -- -- $ (17,900 ) Unconsolidated: Land Parcel (one) (1) -- -- $ (26,350 ) Completed Developments - Unconsolidated 1 501 Configuration Changes -- Â
  • 56. 37 Â Â 9/30/2013 389 Â 109,795 Â Â Â Â Â Â Â Â Â Â Â Â Â Portfolio Rollforward 2013 ($ within thousands) Â Apartment Purchase/ Properties
  • 57. Units (Sale) Price Cap Rate 12/31/2012 403 115,370 Acquisitions: Consolidated: Rental Properties (2) 73 20,914 $ 8,519,895 4.9 % Master-Leased Properties (2) 3 853 $ 251,828 5.6 % Uncompleted Developments (two) -- -- $
  • 58. 36,583 Land Parcels (fourteen) (2) -- -- $ 256,398 Unconsolidated (3): Rental Properties 1 336 $ 5,113 5.8 % Uncompleted Developments (two) (2) -- -- $ 14,854 Land Parcel (one) (2) -- -- $ 6,572 Dispositions: Consolidated:
  • 59. Rental Properties (92 ) (28,328 ) $ (4,362,689 ) 6.0 % Land Parcels (six) -- -- $ (77,650 ) Other (4) -- -- $ (30,734 ) Unconsolidated: Land Parcel (one) (1) -- --
  • 60. $ (26,350 ) Completed Developments - Unconsolidated 1 501 Configuration Changes -- Â 149 Â Â 9/30/2013 389 Â 109,795 Â Â (1) Sales cost outlined may always be the gross revenue price. EQR's discuss with the net sales proceeds approximated 25%. Â (2) Amounts have been adjusted to always be able to reflect Q2/Q3 2013 changes towards the buy cost allocation for many assets that possess been acquired in the Archstone transaction. Â (3)
  • 61. EQR owns a variety of equity hobbies over these unconsolidated rental properties, uncompleted developments as well as land parcels. purchase value outlined is actually EQR's net investment price.  (4) Represents a 97,000 square foot commercial constructing adjacent to our Harbor steps apartment property within downtown Seattle that was acquired in 2011.   Equity Residential       Third Quarter 2013 vs. Third Quarter 2012 Same store Results/Statistics for 82,553 Identical store Apartment Units $ in thousands (except pertaining to Typical Rental Rate)  Results Statistics Average Rental Description Revenues Expenses
  • 62. NOI (1) Rate (2) Occupancy Turnover  Q3 2013 $ 463,607 $ 159,302 $ 304,305 $ 1,957 95.7 % 16.9 % Q3 2012 $ 445,521 $ 154,450 $ 291,071 $ 1,878 95.9 %
  • 63. 17.2 % Â Change $ 18,086 $ 4,852 $ 13,234 $ 79 (0.2)% (0.3)% Â Change 4.1 % 3.1 % 4.5 % 4.2 % Â Â Â Â Â Â Â
  • 64.        Third Quarter 2013 vs. 2nd Quarter 2013 Same Retailer Results/Statistics for 101,820 same Retailer Apartment Units $ throughout thousands (except regarding average Rental Rate)  Results Statistics Average Rental Description Revenues Expenses NOI (1) Rate (2) Occupancy Turnover  Q3 2013 $ 615,239
  • 65. $ 211,724 $ 403,515 $ 2,106 95.7 % 17.1 % Q2 2013 $ 605,869 $ 207,252 $ 398,617 $ 2,077 95.6 % 14.5 % Â Change $ 9,370 $ 4,472 $
  • 66. 4,898 $ 29 0.1 % 2.6 % Â Change 1.5 % 2.2 % 1.2 % 1.4 % Â Note: Sequential exact same retailer results/statistics include 18,448 apartment units acquired inside the Archstone acquisition. Â Â Â Â Â Â Â Â Â Â Â Â
  • 67.   September YTD 2013 vs. September YTD 2012 Same Retailer Results/Statistics with regard to 81,099 Identical Retailer Apartment Units $ inside thousands (except with regard to Typical Rental Rate)  Results Statistics Average Rental Description Revenues Expenses NOI (1) Rate (2) Occupancy Turnover  YTD 2013 $ 1,329,326 $ 462,509 $ 866,817 $
  • 68. 1,910 95.4 % 43.8 % YTD 2012 $ 1,269,876 $ 447,600 $ 822,276 $ 1,827 95.3 % 44.0 % Â Change $ 59,450 $ 14,909 $ 44,541 $ 83 0.1 % (0.2)%
  • 69. Â Change 4.7 % 3.3 % 5.4 % 4.5 % Â (1) The Company's primary monetary measure pertaining to evaluating each of its apartment communities is net operating income ("NOI"). NOI represents rental income much less property and maintenance expense, real-estate tax and also insurance expense and property management expense. The Business believes that will NOI can be beneficial to be able to investors like a supplemental measure associated with its operating performance since it is a immediate measure of the real operating results in the Company's apartment communities. Observe page 29 pertaining to reconciliations through operating income. Â (2) Average rental rate is thought as total rental revenues divided from the weighted average occupied apartment units for that period. Â Â Â Â Â Â Â Â Â Â
  • 70.          Equity Residential Third Quarter 2013 vs. Third Quarter 2012 Same Retailer Results/Statistics by Market          Increase (Decrease) through Prior Year's Quarter Q3 2013 Q3 2013 Q3 2013 % of
  • 71. Average Weighted Average Apartment Actual Rental Average Rental Markets/Metro Areas Units NOI Rate (1) Occupancy % Revenues Expenses NOI Rate (1) Occupancy  Core: Washington DC 11,077 15.6 % $ 2,155 95.6 % 1.6 %
  • 72. 1.6 % 1.6 % 2.1 % (0.5)% New York 7,478 15.4 % 3,554 96.4 % 3.6 % 4.8 % 2.9 % 4.2 % (0.5)% Los Angeles 8,996 11.1 % 1,957 96.0 % 3.7 % 3.2 % 4.0 % 4.0 % (0.2)% San Francisco 8,039
  • 73. 9.9 % 1,981 95.4 % 8.4 % 3.1 % 11.4 % 8.9 % (0.5)% Boston (2) 5,832 9.8 % 2,637 96.0 % 3.8 % 2.0 % 4.6 % 3.5 % 0.3 % South Florida 10,637 9.5 % 1,544 95.1 % 4.2 % 3.7 % 4.5 %
  • 74. 4.0 % 0.2 % Seattle 6,867 7.5 % 1,751 96.1 % 5.4 % 6.4 % 4.8 % 5.1 % 0.2 % Denver 6,767 5.8 % 1,314 96.0 % 6.7 % 5.7 % 7.2 % 6.8 % (0.1)% San Diego 3,217 4.0 % 1,889
  • 75. 96.1 % 3.4 % 2.2 % 3.9 % 3.2 % 0.2 % Orange County, CA 3,490 3.9 % 1,712 95.9 % 3.5 % (0.2)% 5.2 % 3.8 % (0.3)% Subtotal - Core 72,400 92.5 % 2,055 95.8 % 4.2 % 3.4 % 4.6 % 4.3 % (0.2)%
  • 76. Â Non-Core: Inland Empire, CA 3,081 3.0 % 1,513 95.9 % 3.0 % 0.7 % 4.1 % 3.0 % (0.1)% Orlando 3,383 2.3 % 1,138 95.4 % 2.4 % (2.3)% 5.4 % 2.8 % (0.4)% New England (excluding Boston) 1,965 1.2 % 1,231
  • 77. 94.4 % 1.2 % 1.2 % 1.2 % 2.4 % (1.1)% Phoenix 872 0.4 % 904 94.7 % 1.6 % (2.0)% 4.1 % 1.9 % (0.2)% Tacoma, WA 522 0.3 % 1,017 94.9 % 10.4 % 14.0 % 7.4 % 5.2 % 4.4 %
  • 78. Atlanta 330 0.3 % 1,390 95.8 % 3.8 % (3.1)% 9.4 % 4.0 % (0.2)% Subtotal - Non-Core 10,153 7.5 % 1,253 95.3 % 2.7 % 0.2 % 4.3 % 2.9 % (0.2)% Â Â Â Â Â Â
  • 79. Â Â Â Total 82,553 100.0 % $ 1,957 95.7 % 4.1 % 3.1 % 4.5 % 4.2 % (0.2)% Â (1) Typical rental minute rates are defined as total rental revenues divided through the weighted average occupied apartment units for that period. Â (2) Quarter more than quarter same store revenues in Boston had been negatively impacted through non-residential associated income. Residential-only same retailer revenues increased inside Boston 4.4% quarter more than quarter. Â Â Â Â Â Â Â
  • 80.             Equity Residential Third Quarter 2013 vs. second Quarter 2013 Same store Results/Statistics simply by Market          Increase (Decrease) from Prior Quarter Â
  • 81.  Q3 2013 Q3 2013 Q3 2013 % of Average Weighted Average Apartment Actual Rental Average Rental Markets/Metro Areas Units NOI Rate (1) Occupancy % Revenues Expenses NOI Rate (1) Occupancy  Core: Washington DC
  • 82. 17,536 19.2 % $ 2,256 95.6 % 0.6 % 1.4 % 0.2 % 0.2 % 0.3 % New York 10,330 17.2 % 3,721 96.2 % 1.2 % 1.5 % 1.0 % 1.1 % 0.1 % San Francisco 12,766 13.0 % 2,177 95.5 % 2.7 % 4.5 %
  • 83. 1.8 % 2.8 % (0.2)% Los Angeles 11,139 10.6 % 2,059 96.0 % 2.6 % 2.2 % 2.8 % 2.1 % 0.5 % Boston (2) 7,722 10.3 % 2,785 95.7 % 0.5 % 2.7 % (0.6)% 0.1 % 0.3 % South Florida 10,833 7.2 %
  • 84. 1,541 95.1 % 1.2 % 3.2 % (0.1)% 1.6 % (0.4)% Seattle 7,411 6.1 % 1,742 96.2 % 2.9 % 2.8 % 3.0 % 2.2 % 0.7 % Denver 6,935 4.5 % 1,317 96.0 % 3.1 % 0.7 % 4.1 % 2.8 %
  • 85. 0.2 % San Diego 3,505 3.3 % 1,904 96.1 % 1.7 % (0.2)% 2.5 % 1.5 % 0.1 % Orange County, CA 3,490 3.0 % 1,712 95.9 % 1.7 % 3.3 % 1.0 % 1.4 % 0.3 % Subtotal - Core 91,667 94.4 % 2,200 95.8 %
  • 86. 1.6 % 2.3 % 1.2 % 1.4 % 0.2 % Â Non-Core: Inland Empire, CA 3,081 2.3 % 1,513 95.9 % 0.9 % 0.1 % 1.3 % 0.3 % 0.5 % Orlando 3,383 1.7 % 1,138 95.4 % 1.2 % 2.2 % 0.6 % 1.3 %
  • 87. (0.2)% New England (excluding Boston) 1,965 0.9 % 1,231 94.4 % --% (4.4)% 4.0 % 0.8 % (0.7)% Phoenix 872 0.3 % 904 94.7 % 2.8 % 5.7 % 1.0 % 2.8 % --% Tacoma, WA 522 0.2 % 1,017 94.9 %
  • 88. 3.6 % 6.4 % 1.2 % 2.5 % 1.0 % Atlanta 330 0.2 % 1,390 95.8 % 3.8 % 4.0 % 3.6 % 2.7 % 1.1 % Subtotal - Non-Core 10,153 5.6 % 1,253 95.3 % 1.1 % 0.4 % 1.6 % 1.1 % 0.1 % Â
  • 89. Â Â Â Â Â Â Â Â Total 101,820 100.0 % $ 2,106 95.7 % 1.5 % 2.2 % 1.2 % 1.4 % 0.1 % Â Note: Sequential identical shop results/statistics consist of 18,448 apartment units acquired within the Archstone acquisition. Â (1) Typical rental rate is understood in order to be total rental revenues divided by the weighted average occupied apartment units for the period. Â (2) Sequential same retailer revenues throughout Boston were negatively impacted by non-residential related income. Residential-only same shop revenues elevated within Boston 1.9% sequentially.
  • 90.                    Equity Residential September YTD 2013 vs. September YTD 2012 Same Shop Results/Statistics by simply Market    Â
  • 91. Â Â Â Â Â Increase (Decrease) from Prior Year Sept. YTD 13 Sept. YTD 13 Sept. YTD 13 % of Average Weighted Average Apartment Actual Rental Average Rental Markets/Metro Areas Units NOI Rate (1) Occupancy % Revenues Expenses NOI
  • 92. Rate (1) Occupancy  Core: Washington DC 10,564 15.2 % $ 2,101 95.2 % 2.6 % 0.8 % 3.4 % 2.8 % (0.3)% New York 7,176 14.7 % 3,468 95.9 % 4.7 % 5.6 % 4.0 % 4.9 % (0.3)% Los Angeles 8,894
  • 93. 11.3 % 1,916 95.7 % 4.3 % 4.0 % 4.5 % 3.8 % 0.3 % Boston (2) 5,832 10.0 % 2,612 95.2 % 3.9 % 4.5 % 3.6 % 3.9 % --% South Florida 10,637 9.9 % 1,521 95.2 % 4.5 % 2.5 % 5.8 %
  • 94. 4.2 % 0.2 % San Francisco 7,821 9.7 % 1,918 95.1 % 8.8 % 2.3 % 12.6 % 8.7 % 0.1 % Seattle 6,548 7.3 % 1,711 95.5 % 5.4 % 4.6 % 5.9 % 5.4 % 0.1 % Denver 6,767 6.0 % 1,281
  • 95. 95.9 % 7.7 % 5.3 % 8.7 % 7.3 % 0.3 % San Diego 3,217 4.1 % 1,866 95.4 % 3.9 % 2.7 % 4.4 % 3.0 % 0.6 % Orange County, CA 3,490 4.1 % 1,688 95.7 % 3.9 % 2.4 % 4.6 % 3.7 % 0.1 %
  • 96. Subtotal - Core 70,946 92.3 % 2,006 95.5 % 4.8 % 3.6 % 5.4 % 4.6 % 0.1 % Â Non-Core: Inland Empire, CA 3,081 3.1 % 1,502 95.3 % 3.4 % 1.0 % 4.5 % 2.9 % 0.4 % Orlando 3,383 2.4 % 1,122
  • 97. 95.7 % 4.3 % (0.6)% 7.4 % 3.9 % 0.3 % New England (excluding Boston) 1,965 1.2 % 1,220 94.8 % 2.3 % 4.9 % --% 2.8 % (0.4)% Phoenix 872 0.5 % 887 94.7 % 1.2 % (3.8)% 4.6 % 0.9 % 0.2 %
  • 98. Tacoma, WA 522 0.3 % 997 94.3 % 8.6 % 4.8 % 12.4 % 2.8 % 4.9 % Atlanta 330 0.2 % 1,353 95.0 % 3.1 % (4.9)% 10.0 % 4.4 % (1.2)% Subtotal - Non-Core 10,153 7.7 % 1,238 95.2 % 3.5 %
  • 99. 1.0 % 5.1 % 3.2 % 0.4 % Â Â Â Â Â Â Â Â Â Total 81,099 100.0 % $ 1,910 95.4 % 4.7 % 3.3 % 5.4 % 4.5 % 0.1 % Â (1) Typical rental rate is thought as total rental revenues divided by the weighted typical occupied apartment units for the period.
  • 100.  (2) September year-to-date identical retailer revenues within Boston had been negatively impacted by non-residential associated income. Residential-only identical shop revenues elevated throughout Boston 5.3% September year-to-date.  Equity Residential      Third Quarter 2013 vs. Third Quarter 2012 Same Shop Operating Expenses pertaining to 82,553 same Shop Apartment Units $ throughout thousands  % associated with Actual Q3 2013 Actual Actual $ % Operating Q3 2013 Q3 2012 Change Change Expenses
  • 101. Â Real estate taxes $ 51,834 $ 47,551 $ 4,283 9.0 % 32.5 % On-site payroll (1) 34,266 33,351 915 2.7 % 21.5 % Utilities (2) 23,658 23,058 600 2.6 %
  • 102. 14.9 % Repairs and maintenance (3) 22,595 21,976 619 2.8 % 14.2 % Property management expenses (4) 15,067 16,707 (1,640 ) (9.8 )% 9.5 % Insurance 5,012 4,717 295 6.3 % 3.1
  • 103. % Leasing along with advertising 2,462 2,536 (74 ) (2.9 )% 1.5 % Other on-site operating expenses (5) Â 4,408 Â 4,554 Â (146 ) (3.2 )% 2.8 % Â Same shop operating expenses $ 159,302
  • 104. $ 154,450 $ 4,852  3.1 % 100.0 %             September YTD 2013 vs. September YTD 2012 Same Shop Operating Expenses pertaining to 81,099 Exact Same Retailer Apartment Units $ throughout thousands  % involving Actual
  • 105. YTD 2013 Actual Actual $ % Operating YTD 2013 YTD 2012 Change Change Expenses  Real estate taxes $ 150,852 $ 140,089 $ 10,763 7.7 % 32.6 % On-site payroll (1) 99,109 97,775
  • 106. 1,334 1.4 % 21.4 % Utilities (2) 69,474 66,885 2,589 3.9 % 15.0 % Repairs and maintenance (3) 63,099 60,332 2,767 4.6 % 13.7 % Property management expenses (4) 44,532 47,620 (3,088 )
  • 107. (6.5 )% 9.6 % Insurance 14,779 13,904 875 6.3 % 3.2 % Leasing and advertising 7,150 6,952 198 2.8 % 1.6 % Other on-site operating expenses (5) Â 13,514 Â 14,043 Â
  • 108. (529 ) (3.8 )% 2.9 % Â Same retailer operating expenses $ 462,509 $ 447,600 $ 14,909 Â 3.3 % 100.0 % Â (1) On-site payroll - Consists Of payroll and associated expenses with regard to on-site personnel which includes property managers, leasing consultants and also maintenance staff. Â (2) Utilities - Represents gross expenses prior to any kind of recoveries under your Resident Utility Billing System ("RUBS"). Recoveries tend to be reflected throughout rental income.
  • 109. Â (3) Repairs along with maintenance - Consists Of general maintenance costs, apartment unit turnover costs such as interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof along with parking area repairs as well as other miscellaneous building repair costs. Â (4) Property management expenses - Consists Of payroll and also related expenses regarding departments, or perhaps portions regarding departments, which immediately support on-site management. These contain such departments as regional and corporate property management, property accounting, human resources, training, advertising along with income management, procurement, real-estate tax, property legal services and knowledge technology. Â (5) Other on-site operating expenses - includes ground lease expenses and administrative expenses such as workplace supplies, phone and also data costs along with association along with business licensing fees. Â Â Â Â Â Â Â Â Â Â Â Â
  • 110. Equity Residential        Debt Summary as associated with September 30, 2013 (Amounts within thousands)  Weighted Weighted Average Average Maturities Amounts (1) % regarding Total Rates (1) (years)  Secured $ 6,230,675 53.2 % 4.25 %
  • 111. 6.6 Unsecured  5,476,522 46.8 % 4.93 % 4.8  Total $ 11,707,197 100.0 % 4.58 % 5.7  Fixed Charge Debt: Secured - Conventional $ 5,547,506 47.4 % 4.67 % 5.0 Unsecured - Public/Private  4,726,522 40.4 %
  • 112. 5.57 % 5.3  Fixed Charge Debt  10,274,028 87.8 % 5.09 % 5.2  Floating Charge Debt: Secured - Conventional 57,133 0.5 % 2.33 % 1.0 Secured - Tax Exempt 626,036 5.3 % 0.60 % 19.4 Unsecured - Public/Private 750,000 6.4 % 1.66 % 1.3
  • 113. Unsecured - Revolving Credit Score Facility  -- 0.0% 1.28 % 4.5  Floating rate Debt  1,433,169 12.2 % 1.23 % 9.4  Total $ 11,707,197 100.0 % 4.58 % 5.7  (1) Net of the effect associated with virtually any derivative instruments. Weighted typical rates are for that nine several weeks ended September 30, 2013.  Note: The Organization capitalized interest regarding approximately $32.9 million as well as $15.8 million during the nine a handful of months ended September 30, 2013 along with 2012, respectively. The Business capitalized interest involving approximately $12.9 million and also $5.7 million throughout the quarters ended September 30, 2013 and 2012, respectively.
  • 114. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Debt Maturity Timetable as of September 30, 2013 (Amounts in thousands) Â Weighted Weighted Average Rates Average Fixed Floating
  • 115. on Fixed Rates on Year Rate (1) Rate (1) Total % regarding Total Rate debt (1) Total Financial Debt (1) Â 2013 $ 3,004 $ 131 $ 3,135 0.0% 5.41 % 5.32 % 2014 1,517,991 (2) 49,017 1,567,008 13.4 %
  • 116. 5.67 % 5.57 % 2015 420,449 750,000 (3) 1,170,449 10.0 % 6.28 % 3.12 % 2016 1,193,251 -- 1,193,251 10.2 % 5.34 % 5.34 % 2017 2,171,735 (4) 456 2,172,191 18.6 % 6.20 % 6.20 % 2018
  • 117. 84,355 724 85,079 0.7 % 5.61 % 5.61 % 2019 806,634 20,766 827,400 7.1 % 5.48 % 5.35 % 2020 1,678,601 809 1,679,410 14.3 % 5.49 % 5.49 % 2021 1,195,243 856 1,196,099 10.2 % 4.63 %
  • 118. 4.64 % 2022 228,933 905 229,838 2.0 % 3.17 % 3.18 % 2023+ 800,999 675,944 1,476,943 12.6 % 4.22 % 2.50 % Premium/(Discount) Â 172,833 Â (66,439) Â 106,394 0.9 % N/A N/A Â
  • 119. Total $ 10,274,028 $ 1,433,169 $ 11,707,197 100.0 % 5.43 % 4.86 % Â (1) Net involving the effect involving any derivative instruments. Weighted typical prices are as regarding September 30, 2013. Â (2) On October 1, 2013, the company paid off your $963.5 million outstanding associated with 5.883% mortgage credit card debt assumed like a section of the particular Archstone transaction, prior to the November 1, 2014 maturity date. following this payoff, remaining debt maturing inside 2014 totals $603.5 million. Â (3) Includes the particular Company's senior unsecured $750.0 million delayed draw term loan facility which matures about January 11, 2015 and it is subject to some one-year extension option exercisable from the Company. Â (4) Includes $1.27 billion throughout Archstone mortgage notes payable involving which in turn $825.0 million might become paid off in the fourth quarter regarding 2013 within connection together with particular planned refinancing activities described much more fully in page three involving this
  • 120. release. The Particular approximately $440.0 million stability will remain outstanding and always mature within November 2017. Next these anticipated refinancing activities, remaining credit card debt maturing in 2017 will be $1.3 billion. Â Â Â Â Â Â Â Â Â Â Â Â Equity Residential Unsecured Credit Card Debt Summary as of September 30, 2013 (Amounts within thousands) Â Â Â Â Â Â Â Unamortized Coupon
  • 121. Due Face Premium/ Net Rate Date Amount (Discount) Balance  Fixed rate Notes: 5.250 % 09/15/14 $ 500,000 $ (59) $ 499,941 6.584 % 04/13/15 300,000 (165) 299,835 5.125 % 03/15/16
  • 122. 500,000 (130) 499,870 5.375 % 08/01/16 400,000 (526) 399,474 5.750 % 06/15/17 650,000 (1,907) 648,093 7.125 % 10/15/17 150,000 (262) 149,738 4.750 % 07/15/20 600,000 (3,090) 596,910 4.625 % 12/15/21 1,000,000
  • 123. (3,112) 996,888 3.000 % 04/15/23 500,000 (4,227) 495,773 7.570 % 08/15/26 Â 140,000 Â -- Â 140,000 Â Â 4,740,000 Â (13,478) Â 4,726,522 Floating rate Notes: Delayed Draw Term Loan Facility LIBOR+1.20% 01/11/15
  • 124. (1)(2) Â 750,000 Â -- Â 750,000 Â Â 750,000 Â -- Â 750,000 Â Revolving Credit Score Facility: LIBOR+1.05% 04/01/18 (1)(3) Â -- Â -- Â -- Â
  • 125. Total Unsecured Debt $ 5,490,000 $ (13,478) $ 5,476,522 Â (1) Facilities are private. Just About All other unsecured financial debt can be public. Â (2) On January 11, 2013, the actual company entered in to be able to a senior unsecured $750.0 million delayed draw term loan facility which was totally drawn in February 27, 2013 inside link using the Archstone acquisition. The Particular maturity date of January 11, 2015 is actually subject into a one-year extension option exercisable by the Company. The Actual curiosity price about advances under the actual term loan facility will typically be LIBOR plus a new spread (currently 1.20%), which is dependent on the credit rating ranking with the Company's long-term debt. Â (3) On January 11, 2013, your Organization replaced its current $1.75 billion facility having a $2.5 billion unsecured revolving credit score facility maturing April 1, 2018. the curiosity rate in advances beneath the new credit facility will typically end up being LIBOR additionally the spread (currently 1.05%) plus an annual facility fee (currently 15 foundation points). both the spread and the facility fee are dependent around the credit ranking of the Company's long-term debt. While regarding September 30, 2013, there was approximately $2.47 billion available around the Company's unsecured revolving credit facility. Â Â Â Â
  • 126.   Equity Residential     Selected Unsecured Public Credit Card Debt Covenants  September 30, June 30, 2013 2013  Total Financial Debt to be able to Adjusted Total Assets (not in order to exceed 60%) 42.2 % 42.9 %  Secured Credit Card Debt to always be able to Adjusted Total Assets (not to exceed 40%) 22.4 % 22.9 % Â
  • 127. Consolidated income Accessible regarding Financial Debt Support to Maximum Annual service Charges (must always be at least 1.5 to 1) 2.65 2.68 Â Total Unsecured Assets to be able to Unsecured Debt 324.6 % 315.4 % (must always be at least 150%) Â These selected covenants connect with ERP Operating limited Partnership's ("ERPOP") outstanding unsecured public debt. Equity Residential is the general companion involving ERPOP. Â Â Â Â Â Â Â Â Â Â Â
  • 128.     Equity Residential         Capital Construction as regarding September 30, 2013 (Amounts throughout thousands except pertaining to share/unit and for each reveal amounts)  Secured Debt $ 6,230,675 53.2 % Unsecured Debt  5,476,522 46.8 %  Total Debt
  • 129. 11,707,197 100.0 % 36.8 % Â Common Shares (includes Limited Shares) 360,395,959 96.2 % Units (includes OP Units and LTIP Units) Â 14,200,376 Â 3.8 % Â Total Shares and Units 374,596,335 100.0 % Common Talk About Value in September 30, 2013 $ 53.57 20,067,126 99.8 % Perpetual Preferred Equity (see below) Â 50,000 0.2 % Â
  • 130. Total Equity 20,117,126 100.0 % 63.2 % Â Total market Capitalization $ 31,824,323 100.0 % Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
  • 131. Perpetual Preferred Equity as of September 30, 2013 (Amounts inside 1000's except for reveal as well as per share amounts) Â Â Annual Annual Redemption Outstanding Liquidation Dividend Dividend Series Date Shares Value Per Share Amount Preferred Shares: 8.29% Series K 12/10/2026 1,000,000 $ 50,000 $ 4.145 $
  • 132. 4,145  Total Perpetual Preferred Equity 1,000,000 $ 50,000 $ 4,145          Equity Residential Common Discuss and also Unit Weighted average Quantities Outstanding     YTD Q313 YTD Q312
  • 133. Q313 Q312 Â Weighted average amounts Outstanding with regard to Net income Purposes: Common Shares - basic 352,413,769 300,116,136 359,811,378 301,336,325 Shares issuable via assumed conversion/vesting involving (1): - OP Units -- 13,815,887 -- 14,176,635 - long-term compensation shares/units -- 3,332,695 -- 3,260,210 Â Total common Shares and Units - diluted (1) 352,413,769 317,264,718 359,811,378 318,773,170
  • 134. Â Weighted Typical amounts Outstanding pertaining to FFO as well as Normalized FFO Purposes: Common Shares - basic 352,413,769 300,116,136 359,811,378 301,336,325 OP Units - basic 13,736,059 13,815,887 13,735,575 14,176,635 Â Total common Shares and OP Units - basic 366,149,828 313,932,023 373,546,953 315,512,960 Shares issuable through assumed conversion/vesting of: - long-term compensation shares/units 2,461,479 3,332,695 2,336,330 3,260,210 Â
  • 135. Total Widespread Shares and Units - diluted 368,611,307 317,264,718 375,883,283 318,773,170 Â Period Ending amounts Outstanding: Common Shares (includes restricted Shares) 360,395,959 302,674,716 Units (includes OP Units and LTIP Units) 14,200,376 14,399,790 Â Total Shares and Units 374,596,335 317,074,506 Â (1) Potential widespread shares issuable from the assumed conversion associated with OP Units and additionally the exercise/vesting regarding long-term compensation shares/units are generally automatically anti-dilutive and also as a result excluded in the diluted earnings per talk about calculation as the Organization had a loss from continuing operations throughout the nine months along with quarter ended September 30, 2013. Â Â Â Â
  • 136. Â Â Â Â Â Â Â Â Â Â Â Equity Residential Partially Owned Entities as regarding September 30, 2013 (Amounts in thousands except regarding project and apartment unit amounts) Â Â Â Â Â Â Â Consolidated Unconsolidated Development Projects Development Projects Â
  • 137. Held for Held for and/or Under and/or Under Completed, Not Development (4) Operating Total Development (5) Stabilized (6) Operating Total  Total tasks (1)  --   19   19   -- Â
  • 138. Â 1 Â Â 1 Â Â 2 Â Â Total apartment units (1) Â -- Â Â 3,752 Â Â 3,752 Â Â -- Â Â 501 Â
  • 139.  336   837   Operating details for the nine weeks ended 9/30/13 (at 100%): Operating revenue $ 12 $ 59,666 $ 59,678 $ 1,305 $ 1,861 $ 3,173 $ 6,339 Operating expenses  407
  • 140. Â Â 18,458 Â Â 18,865 Â Â 1,141 Â Â 1,023 Â Â 1,402 Â Â 3,566 Â Â Net operating (loss) income (395 ) 41,208 40,813 164
  • 141. 838 1,771 2,773 Depreciation -- 26,478 26,478 84 -- 4,165 4,249 General and also administrative/other  520   79   599   23   --
  • 142. Â Â 141 Â Â 164 Â Â Operating (loss) income (915 ) 14,651 13,736 57 838 (2,535 ) (1,640 ) Interest as well as other income 2 3 5 -- -- 10
  • 143. 10 Other expenses (334 ) (4 ) (338 ) -- -- -- -- Interest: Expense incurred, net (2 ) (10,615 ) (10,617 ) (152 ) (501 ) (658 )
  • 144. (1,311 ) Amortization of deferred financing costs  --   (216 )  (216 )  --   --   (1 )  (1 )  (Loss) earnings just before income and other taxes, (loss) from
  • 145. investments throughout unconsolidated entities, net (loss) gain about sales involving terrain parcels and discontinued operations (1,249 ) 3,819 2,570 (95 ) 337 (3,184 ) (2,942 ) Income as well as other tax (expense) benefit (11 ) (56 ) (67 ) -- -- -- -- (Loss) coming from investments throughout unconsolidated entities
  • 146. -- (1,010 ) (1,010 ) -- -- -- -- Net (loss) in revenue associated with land parcels (17 ) -- (17 ) -- -- -- -- Net acquire in sales regarding discontinued operations -- 26,673 26,673 -- -- --
  • 147. -- Â Â Â Â Â Â Â Net (loss) income $ (1,277 ) $ 29,426 Â $ 28,149 Â $ (95 ) $ 337 Â $ (3,184
  • 148. ) $ (2,942 )  Debt - Secured (2): EQR Possession (3) $ -- $ 280,671 $ 280,671 $ 42,914 $ 9,044 $ 6,110 $ 58,068 Noncontrolling Ownership  --  Â
  • 149. 78,059 Â Â 78,059 Â Â 75,809 Â Â 36,173 Â Â 24,440 Â Â 136,422 Â Â Total (at 100%) $ -- Â $ 358,730 Â $
  • 150. 358,730 Â $ 118,723 Â $ 45,217 Â $ 30,550 Â $ 194,490 Â Â (1) Project as well as apartment unit counts exclude almost all uncompleted development projects until individuals projects tend to be substantially completed. Â (2) All debt can be non-recourse to the company using the exception of 50% in the present $5.7 million outstanding debt balance on one unconsolidated development project. Â (3) Represents your Company's current equity ownership interest. Â (4)
  • 151. See Tasks Beneath Development - Partially Owned in page 22 pertaining to further information. Â (5) See Tasks Below Development - Unconsolidated on page 23 for further information. Â (6) Projects included here tend to be substantially complete. However, they might nevertheless require further exterior and also interior work for most units being designed for leasing. see projects Beneath Development - Unconsolidated on web page 23 for further information. Â Note: The above table excludes the Company's interests throughout unconsolidated joint ventures entered straight into together with AvalonBay ("AVB") inside link with most the Archstone transaction. These ventures own certain non-core Archstone assets that are held pertaining to sale and also succeeded for you to certain residual Archstone liabilities, such as liability for assorted employment-related matters too as duty pertaining to tax protection arrangements and also third-party preferred hobbies in former Archstone subsidiaries. The Actual preferred interests come with an aggregate liquidation value of $88.3 million in September 30, 2013. the ventures are generally owned 60% through the Organization along with 40% through AVB. Â Â Â Â Â Â Â Â Â Â Â
  • 152. Â Â Â Â Â Â Â Â Â Â Â Â Equity Residential Consolidated Development along with Lease-Up Tasks as regarding September 30, 2013 (Amounts throughout 1000's except for project and apartment unit amounts) Â Â Â Â Â Â Â Â Â Â Â
  • 153. Â Total Book No. of Total Total Value Not Estimated Estimated Apartment Capital Book Value Placed in Total Percentage Percentage Percentage Completion Stabilization Projects Location Units Cost (1) to Date Service Debt Completed
  • 154. Leased Occupied Date Date  Projects Below Development - Wholly Owned: Jia (formerly Chinatown Gateway) Los Angeles, CA 280 $ 92,920 $ 79,564 $ 79,564 $ -- 85 % 3 % -- Q4 2013 Q3 2015 Oasis at Delray Beach II (2) Delray Beach, FL 128 23,739
  • 155. 19,669 19,669 -- 89 % 11 % -- Q1 2014 Q2 2014 Residences from Westgate I (formerly Westgate II) Pasadena, CA 252 125,293 89,319 89,319 -- 60 % -- -- Q1 2014 Q1 2015 1111 Belle Pre (formerly The Actual Madison) Alexandria, VA 360 115,072 95,437 95,437
  • 156. -- 86 % 12 % -- Q1 2014 Q2 2015 Urbana (formerly market Street Landing) Seattle, WA 287 90,024 68,106 68,106 -- 76 % -- -- Q1 2014 Q3 2015 Reserve from City center III Mill Creek, WA 95 21,330 14,036 14,036 -- 60 %
  • 157. -- -- Q2 2014 Q4 2014 Residences at Westgate II (formerly Westgate III) Pasadena, CA 88 54,037 28,871 28,871 -- 29 % -- -- Q2 2014 Q1 2015 170 Amsterdam (3) New York, NY 237 110,892 31,524 31,524 -- 17 % -- --
  • 158. Q1 2015 Q1 2016 West Seattle Seattle, WA 206 67,112 16,233 16,233 -- 1 % -- -- Q4 2015 Q3 2016 Tallman Seattle, WA 303 84,277 20,339 20,339 -- 1 % -- -- Q4 2015 Q2 2017
  • 159. Tasman San Jose, CA 554 Â 214,923 Â 32,474 Â 32,474 Â -- 1 % -- -- Q2 2016 Q2 2018 Projects Below Development - Wholly Owned 2,790 999,619 495,572 495,572 -- Â Projects Beneath Development - Partially Owned: Park Aire (formerly Enclave from Wellington) (2) Wellington, FL
  • 160. 268 50,000 44,616 44,616 -- 91 % 15 % 5 % Q1 2014 Q1 2015 400 Park Voie South (4) New York, NY 269 Â 251,961 Â 152,651 Â 152,651 Â -- 45 % -- -- Q2 2015 Q1 2016
  • 161. Projects Beneath Development - Partially Owned 537 301,961 197,267 197,267 -- Â Â Â Â Â Projects Below Development 3,327 Â 1,301,580 Â 692,839 Â 692,839 Â -- Â Completed not Stabilized - Wholly Owned (5): Breakwater at Marina Del Rey (3) (6) (7) Marina Del Rey, CA 224
  • 162. 90,449 86,388 -- 27,000 66 % 64 % Completed Q2 2014 Gaithersburg Station (7) (8) Gaithersburg, MD 389 Â 93,000 Â 92,191 Â -- Â 89,653 77 % 72 % Completed Q2 2014 Projects Completed not Stabilized - Wholly Owned 613 183,449
  • 163. 178,579 -- 116,653 Â Â Â Â Â Projects Completed not Stabilized 613 Â 183,449 Â 178,579 Â -- Â 116,653 Â Completed and Stabilized In Your Program Of the Quarter - Wholly Owned: 2201 Pershing Drive Arlington, VA 188 Â 61,338 Â
  • 164. 58,660 Â -- Â -- 98 % 97 % Completed Stabilized Projects Completed along with Stabilized Throughout the particular Quarter - Wholly Owned 188 61,338 58,660 -- -- Â Â Â Â Â Projects Completed along with Stabilized during the Quarter 188 Â 61,338 Â 58,660
  • 165. Â -- Â -- Â Total Consolidated Projects 4,128 $ 1,546,367 $ 930,078 $ 692,839 $ 116,653 Â Land Held regarding Development N/A Â N/A $ 505,494 $ 505,494 $ --
  • 166.    Total Capital Q3 2013 NOI CONTRIBUTION FROM CONSOLIDATED DEVELOPMENT PROJECTS Cost (1) NOI Projects Below Development $ 1,301,580 $ (324) Completed Not Really Stabilized 183,449 1,245 Completed as well as Stabilized In The Actual Program Of the actual Quarter  61,338  922 Total Consolidated Development NOI Contribution $ 1,546,367 $ 1,843
  • 167. Â (1) Total money price represents estimated cost for tasks below development and/or developed and just about all sorts of capitalized costs incurred to date additionally any kind of estimates involving costs remaining to be funded regarding all projects, most relating along with GAAP. Â (2) The Organization acquired this development project in link using the Archstone transaction and is also continuing development activities. The Organization owns 100% associated with Oasis with Delray Beach II along with features a 95.0% ownership fascination with Park Aire. Â (3) The property under this development is subject into a long-term ground lease. Â (4) The Organization can be jointly developing along with Toll Brothers (NYSE: TOL) a new project from 400 Park avenue South within new York Area with the Company's rental portion about floors 2-22 as well as Toll's regarding sale part upon floors 23-40. Your total capital expense along with total e-book worth for you to date represent merely the Company's portion in the project. Toll Brothers offers funded $86.2 million for their own allocated reveal in the project. Â (5) Properties included here tend to be substantially complete. However, that they could nonetheless need additional exterior and also interior work with regard to almost all apartment units being available for leasing. Â (6) The Organization acquired this property in connection with the Archstone transaction and contains completed renovations. Your non-recourse loan in this property has a existing outstanding stability associated with $27.0 million, bears curiosity at LIBOR in addition 1.75% along with matures September 1, 2014. Â
  • 168. (7) Amounts have been adjusted to end up being able to reflect Q2/Q3 2013 changes towards the obtain value allocation for these projects which are acquired in the Archstone transaction. Â (8) The company acquired this completed development project prior to stabilization throughout connection using the Archstone transaction and is continuing lease-up activities. This particular project has a non-recourse loan with a current outstanding stability regarding $89.7 million, bears curiosity at 5.24% along with matures April 1, 2053. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
  • 169. Â Â Â Â Â Â Equity Residential Unconsolidated Development as well as Lease-Up Tasks as regarding September 30, 2013 (Amounts within thousands except with regard to project along with apartment unit amounts) Â Â Â Â Â Â Â Â Â Â Â Â Â Total Book No. of Total Total
  • 170. Value Not Estimated Estimated Percentage Apartment Capital Book Value Placed in Total Percentage Percentage Percentage Completion Stabilization Projects Location Ownership Units Cost (1) to Date Service Debt Completed Leased Occupied Date
  • 171. Date  Projects Beneath Development - Unconsolidated: San Norterra (2) Phoenix, AZ 85.0 % 388 $ 56,250 $ 52,842 $ 52,842 $ 30,816 96 % 72 % 61 % Q4 2013 Q2 2014 Domain (3) San Jose, CA 20.0 % 444 154,570 147,433
  • 172. 147,433 82,168 93 % 31 % 25 % Q4 2013 Q4 2015 Parkside at Emeryville (4) (5) Emeryville, CA 5.0 % 180 Â 75,000 Â 38,528 Â 38,528 Â 5,739 38 % -- -- Q3 2014 Q4 2015 Projects under Development - Unconsolidated 1,012
  • 173. 285,820 238,803 238,803 118,723 Â Â Â Â Â Projects under Development 1,012 Â 285,820 Â 238,803 Â 238,803 Â 118,723 Â Completed Not Really Stabilized - Unconsolidated (6): Nexus Sawgrass (formerly Sunrise Village) (3) Sunrise, FL 20.0 % 501 Â
  • 174. 78,212 Â 77,290 Â -- Â 45,217 58 % 52 % Completed Q3 2014 Projects Completed not Stabilized - Unconsolidated 501 78,212 77,290 -- 45,217 Â Â Â Â Â Projects Completed not Stabilized 501 Â 78,212
  • 175. Â 77,290 Â -- Â 45,217 Â Total Unconsolidated Projects 1,513 $ 364,032 $ 316,093 $ 238,803 $ 163,940 Â (1) Total richesse cost represents estimated expense pertaining to projects below development and/or developed and many kinds of capitalized costs incurred to date plus any kind of estimates regarding costs remaining to be funded pertaining to most projects, all in accordance with GAAP. Â (2) The Business acquired this development project in link using the Archstone transaction. Total project expenses are generally approximately $56.3 million as well as construction is becoming partially funded having a non-recourse construction loan. San Norterra features a maximum debt dedication associated with $34.8 million, the loan bears interest at LIBOR additionally 2.00% along with matures January 6, 2015.
  • 176. Â (3) These development projects are usually owned 20% by the Organization along with 80% simply by an institutional companion inside a couple of separate unconsolidated joint ventures. Total project expenses are usually approximately $232.8 million along with construction is going to be predominantly funded together with a couple of separate long-term, non-recourse secured loans in the partner. The Business will be in cost of constructing the actual tasks and has offered certain construction expense overrun assures however presently features no further funding obligations. Nexus Sawgrass has a maximum financial debt dedication involving $48.7 million, the loan bears fascination with 5.60% along with matures January 1, 2021. Domain has a maximum debt commitment regarding $98.6 million, the credit bears fascination with 5.75% and also matures January 1, 2022. Â (4) The Organization acquired this development project in connection using the Archstone transaction. Total project expenses are generally approximately $75.0 million and construction can be getting partially funded using a construction loan. Parkside from Emeryville has a maximum financial debt commitment associated with $39.5 million, the credit bears curiosity from LIBOR plus 2.25% as well as matures August 14, 2015. the Company features offered the repayment guaranty around the construction loan of 50% of the outstanding balance, as much as a new maximum involving $19.7 million, and contains provided particular construction price overrun guarantees. Â (5) Amounts happen to always be able to be adjusted to reflect Q2/Q3 2013 changes to the purchase cost allocation regarding this project which usually ended up being acquired inside the Archstone transaction. Â (6) Properties included here are substantially complete. However, these people could nevertheless need further exterior and also interior perform for almost all apartment units to be readily accessible for leasing. Â Â Â Â
  • 177. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
  • 178. Â Â Equity Residential Repairs along with Maintenance Expenses as well as capital Expenditures to Real Estate For the particular Nine Weeks Ended September 30, 2013 (Amounts in 1000's except pertaining to apartment unit and for each apartment unit amounts) Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Repairs and Maintenance Expenses Capital Expenditures in order to Real Estate Total Expenditures Total
  • 179. Avg. Per Avg. Per Avg. Per Avg. Per Building Avg. Per Avg. Per Avg. Per Apartment Apartment Apartment Apartment Replacements Apartment Improvements Apartment Apartment Grand Apartment Units (1) Expense (2) Unit Payroll (3) Unit Total Unit
  • 180. (4) Unit (5)  Unit Total Unit Total Unit  Same store Properties (6) 81,099 $ 63,099 $ 778 $ 48,658 $ 600 $ 111,757 $ 1,378 $ 36,029
  • 181. $ 444 $ 34,737 $ 429 $ 70,766 $ 873 (9) $ 182,523 $ 2,251 Â Non-Same Retailer Properties (7) 22,698 15,290 830 10,846 589 26,136 1,419 11,230 610
  • 182. 9,758 530 20,988 1,140 47,124 2,559 Â Other (8) -- Â 6,590 Â 10,089 Â 16,679 Â 2,899 Â 2,213 Â 5,112 Â 21,791 Â Total 103,797
  • 183. $ 84,979 $ 69,593 $ 154,572 $ 50,158 $ 46,708 $ 96,866 $ 251,438 Â (1) Total Apartment Units - Excludes 837 unconsolidated apartment units as well as 5,161 military housing apartment units with regard to that repairs and also maintenance expenses along with capital expenditures to end up being able to real estate are generally self-funded and also do not necessarily consolidate into the Company's results. Â (2) Repairs as well as Maintenance Expenses - Consists Of general maintenance costs, apartment unit turnover costs including interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof as well as car park repairs and other miscellaneous creating repair costs. Â (3) Maintenance Payroll - includes payroll and also associated expenses with regard to maintenance
  • 184. staff. Â (4) Replacements - includes new expenditures inside your apartment units such as appliances, mechanical equipment, fixtures as well as flooring, including carpeting. Replacements with regard to identical store properties likewise incorporate $15.2 million spent throughout the nine months ended September 30, 2013 upon apartment unit renovations/rehabs (primarily kitchens and also baths) upon 2,046 apartment units (equating for you to with regards to $7,400 for each apartment unit rehabbed) built to reposition these assets pertaining to higher rental levels within their respective markets. in 2013, the company expects for you to commit approximately $30.0 million regarding most unit renovation/rehab costs, regarding which usually approximately $20.0 million will be spent on identical retailer properties, at a weighted average expense associated with $7,000 in order to $8,000 for each apartment unit rehabbed. Â (5) Building Improvements - Consists Of roof replacement, paving, amenities and widespread areas, creating mechanical equipment systems, exterior painting and siding, main landscaping, vehicles along with workplace and also maintenance equipment. Â (6) Same Retailer Properties - Primarily consists of all properties acquired as well as completed and also stabilized ahead of January 1, 2012, much less properties subsequently sold. Â (7) Non-Same store Properties - Primarily consists of most properties acquired in the program of 2012 along with 2013, additionally any properties within lease-up and never stabilized as regarding January 1, 2012. per apartment unit quantities tend to be based on a weighted average involving 18,413 apartment units. includes approximately seven weeks involving activity for that Archstone properties. Â (8) Other - Primarily consists of expenditures regarding properties sold throughout the period. Â (9)
  • 185. For 2013, the actual Organization estimates that will it'll commit approximately $1,200 for each apartment unit associated with money expenditures for the approximately 80,000 apartment units the company expects to possess in its annual same shop set, inclusive regarding apartment unit renovation/rehab costs, or even $950 per apartment unit excluding apartment unit renovation/rehab costs. Â Â Â Â Â Â Â Â Â Equity Residential Discontinued Operations (Amounts inside thousands) Â Â Â Â Nine Weeks Ended Quarter Ended September 30, September 30, 2013 2012 2013
  • 186. 2012  REVENUES Rental income $ 110,986  $ 334,968  $ 8,418  $ 108,459   Total revenues  110,986   334,968   8,418
  • 187. Â Â 108,459 Â Â EXPENSES (1) Property and also maintenance 33,181 79,482 3,272 25,608 Real estate taxes and also insurance 10,578 29,599 396 11,480 Property management 1 211 -- 70 Depreciation 31,976 94,792 2,273 29,497
  • 188. General as well as administrative  76   87   3   44   Total expenses  75,812   204,171   5,944   66,699
  • 189. Â Â Discontinued operating income 35,174 130,797 2,474 41,760 Â Interest and other income 156 81 65 34 Other expenses (3 ) (170 ) -- (23 ) Interest (2): Expense incurred, net (1,276 ) (3,357
  • 190. ) (18 ) (995 ) Amortization of deferred financing costs (228 ) (119 ) -- (27 ) Income and other tax (expense) benefit  (503 )  23   (40 )  (1 )
  • 191.  Discontinued operations 33,320 127,255 2,481 40,748 Net acquire about sales associated with discontinued operations  1,990,577   307,447   401,703   103,394   Discontinued operations, net $ 2,023,897  $ 434,702
  • 192. Â $ 404,184 Â $ 144,142 Â Â (1) Consists Of expenses compensated in the current period with regard to properties purchased from prior periods associated for the Company's period regarding ownership. Â (2) Consists Of simply curiosity expense certain for you to secured mortgage notes payable with regard to properties sold. Â Equity Residential Normalized FFO Guidance Reconciliations and also Non-Comparable Items (Amounts throughout thousands except for each share data) (All for each discuss details are diluted) Â Â Â Â Â Â Â Normalized FFO Guidance Reconciliations Â
  • 193. Normalized FFO Reconciliations Guidance Q3 2013 to Real Q3 2013 Amounts Per Share Guidance Q3 2013 Normalized FFO - Diluted (2) (3) $ 274,077 $ 0.729 Property NOI (primarily Archstone properties) 188 0.001 Other  443   0.001   Actual Q3 2013 Normalized FFO - Diluted (2) (3) $ 274,708 Â
  • 194. $ 0.731 Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Non-Comparable items - Adjustments coming from FFO in order to Normalized FFO (2) (3) Â Nine Several Weeks Ended September 30, Quarter Ended September 30, 2013 2012
  • 195. Variance 2013 2012 Variance  Impairment $ --  $ --  $ --  $ --  $ --  $ --  Asset impairment as well as valuation allowances Â
  • 196. -- Â Â -- Â Â -- Â Â -- Â Â -- Â Â -- Â Â Archstone merger costs (merger expenses) 19,741 1,921 17,820 182 87 95 Archstone merger costs (loss through investments throughout unconsolidated entities due to merger
  • 197. expenses) 54,781 -- 54,781 1,771 -- 1,771 Property acquisition expenses (other expenses) 203 6,836 (6,633 ) 21 1,341 (1,320 ) Write-off associated with pursuit expenses (other expenses) Â 3,969 Â Â 6,141 Â Â (2,172 )
  • 198.  604   2,576   (1,972 ) Property acquisition costs and write-off of pursuit costs  78,694   14,898   63,796   2,578   4,004  Â
  • 199. (1,426 ) Â Prepayment premiums/penalties (interest expense) 71,443 272 71,171 -- -- -- Write-off involving unamortized deferred financing expenses (interest expense) (A) 4,126 2,111 2,015 -- 964 (964 ) Write-off regarding unamortized (premiums)/discounts/OCI (interest expense) 3,251 (42 ) 3,293 -- -- --
  • 200. Premium about redemption of Preferred Shares (B)  --   5,150   (5,150 )  --   5,150   (5,150 ) Debt extinguishment (gains) losses, which includes prepayment penalties, preferred share redemptions along with non-cash convertible credit card debt discounts  78,820   7,491
  • 201. Â Â 71,329 Â Â -- Â Â 6,114 Â Â (6,114 ) Â Net (gain) loss on revenue regarding land parcels (12,179 ) -- (12,179 ) 2,437 -- 2,437 Net incremental (gain) upon revenue associated with condominium units (7 )
  • 202. (49 ) 42 -- -- -- Income and other tax expense (benefit) - Condo sales -- (92 ) 92 -- -- -- (Gain) on sale associated with Equity Corporate Housing (ECH) (709 ) (350 ) (359 ) (108 ) -- (108 )
  • 203. (Gain) on sale associated with investment securities  (830 )  --   (830 )  (830 )  --   (830 ) (Gains) losses in sales of non-operating assets, net associated with income along with other tax expense (benefit)  (13,725 )  (491
  • 204. ) Â (13,234 ) Â 1,499 Â Â -- Â Â 1,499 Â Â Â Insurance/litigation settlement expense (other expenses) 3,361 4,714 (1,353 ) 3,361 -- 3,361 Prospect Towers garage insurance proceeds (real estate taxes and insurance) -- (3,467
  • 205. ) 3,467 -- -- -- Archstone termination fees (interest as well as other income) -- (70,000 ) 70,000 -- (70,000 ) 70,000 Other (other expenses) Â -- Â Â 1,066 Â Â (1,066 ) Â --
  • 206.   90   (90 ) Other miscellaneous non-comparable items  3,361   (67,687 )  71,048   3,361   (69,910 )  73,271 Â
  • 207. Â Â Â Â Â Â Non-comparable objects - Adjustments through FFO to be able to Normalized FFO (2) (3) $ 147,150 Â $ (45,789 ) $ 192,939 Â $ 7,438 Â $ (59,792 ) $ 67,230 Â Â
  • 208. (A) for the actual nine weeks ended September 30, 2013, includes $2.5 million involving bridge loan costs associated for the Archstone transaction.   (B) Consists Of $5.13 million regarding original issuance costs formerly deferred.  Note: Discover page 29 for that definitions, your footnotes referenced above and the reconciliations associated with EPS for you to FFO as well as Normalized FFO.  Equity Residential Normalized FFO Guidance along with Assumptions    The guidance/projections provided below are based on present expectations and consequently are forward-looking. Almost All guidance is offered on a Normalized FFO basis. Therefore, certain products excluded through Normalized FFO, such as financial debt extinguishment costs/prepayment penalties (including the $150.0 million that will might be incurred throughout Q4 2013), property acquisition costs as well as the write-off regarding pursuit costs, are not included in the estimates provided in this page. Discover web page 28 regarding estimates involving property acquisition costs, prepayment premiums/penalties and other amounts not included in 2013 Normalized FFO guidance. Discover web page 29 for that definitions, your footnotes referenced below and the reconciliations of EPS in order to FFO along with Normalized FFO.   2013 Normalized FFO Guidance (per discuss diluted)  Q4 2013 2013  Expected Normalized FFO (2) (3)
  • 209. $0.75 to end up being able to $0.77 $2.83 for you to $2.85  2013 same Retailer Assumptions  Physical occupancy 95.4 % Revenue change 4.5 % Expense change 3.3 % NOI change 5.1 %  (Note: Your same retailer guidance over is computed based around the portfolio of approximately 80,000 apartment units that the company expects to have within its annual exact same store set after the conclusion involving its planned 2013 dispositions. 30 basis point change in NOI percentage = $0.01 for each reveal alternation in EPS/FFO/Normalized FFO)  2013 Transaction Assumptions  Consolidated rental acquisitions (excluding Archstone) $100.0 million Consolidated rental dispositions - EQR assets $4.4 billion Consolidated rental dispositions - Archstone assets (pre-closing) $500.0 million
  • 210. Capitalization rate spread 110 schedule points  2013 debt Assumptions, includes Impact involving Archstone Credit Card Debt Premium (see Note below)  Weighted average credit card debt outstanding $11.2 billion to $11.4 billion Weighted typical curiosity rate (reduced with regard to capitalized interest) 4.22 % Interest expense $472.6 million to become able to $481.1 million  2013 Additional Guidance Assumptions  General along with administrative expense $63.0 million Interest along using other income $0.7 million Income and other tax expense $2.6 million Debt offerings $800.0 million Equity ATM talk about offerings No quantities budgeted Preferred discuss offerings
  • 211. No quantities budgeted Weighted typical Widespread Shares and also Units - Diluted 370.5 million  Note: Most debt assumptions range from the impact of the mark-to-market non-cash adjustment relating in order to Archstone's financial debt that the Organization assumed. Excluding the actual impact in the Archstone net financial debt premium, your Company's financial debt assumptions will be as follows:  Weighted typical debt outstanding without Archstone net premium $11.1 billion to $11.3 billion Weighted typical fascination price (reduced pertaining to capitalized interest) without Archstone net premium 4.56 % Interest expense without Archstone net premium $506.2 million for you to $515.3 million          Equity Residential 2013 Non-Comparable items Guidance (Amounts within thousands)
  • 212.     The Non-Comparable Products provided below are according to existing anticipations and are forward looking.  Midpoint involving Forecasted 2013 Non-Comparable items - Adjustments coming from FFO for you to Normalized FFO (2) (3)  Expected Q4 2013 Expected 2013  Amounts Per Share Amounts Per Share     Asset impairment and also valuation allowances $ --  $ --
  • 213. Â $ -- Â $ -- Â Â Archstone merger expenses (merger expenses) -- -- 19,741 0.05 Archstone merger expenses (loss from investments within unconsolidated entities credited in order to merger expenses) 1,269 -- 56,050 0.15 Property acquisition expenses (other expenses) 30 -- 233 -- Write-off of pursuit expenses (other expenses) Â
  • 214. 1,700   0.01   5,669   0.02  Property acquisition expenses as well as write-off of pursuit costs  2,999   0.01   81,693   0.22   Prepayment premiums/penalties
  • 215. 150,000 0.40 221,443 0.60 Write-off of unamortized deferred financing costs 5,652 0.01 9,778 0.02 Write-off of unamortized (premiums)/discounts/OCI  (112,292 )  (0.30 )  (109,041 )  (0.29 ) Debt extinguishment (gains) losses, including prepayment penalties, preferred reveal redemptions and non-cash convertible credit card debt discounts  43,360
  • 216. Â Â 0.11 Â Â 122,180 Â Â 0.33 Â Â Net (gain) loss upon revenue regarding land parcels -- -- (12,179 ) (0.03 ) Net incremental (gain) upon revenue associated with condominium units -- -- (7 ) -- (Gain) on sale involving Equity Corporate Housing (ECH) (761
  • 217. ) -- (1,470 ) -- (Gain) available with regard to sale regarding investment securities  (1,292 )  --   (2,122 )  (0.01 ) (Gains) losses upon revenue regarding non-operating assets, net regarding income and other tax expense (benefit)  (2,053 )  -- Â
  • 218.  (15,778 )  (0.04 )  Insurance/litigation settlement expense  --   --   3,361   0.01  Other miscellaneous non-comparable items  --   --
  • 219. Â Â 3,361 Â Â 0.01 Â Â Â Â Â Non-comparable items - Adjustments through FFO for you to Normalized FFO (2) (3) $ 44,306 Â $ 0.12 Â $ 191,456 Â $ 0.52 Â Â Note: Discover page 29 for the definitions, the footnotes referenced above as well as the
  • 220. reconciliations regarding EPS to end up being able to FFO along with Normalized FFO. Â Equity Residential Additional Reconciliations, Definitions and also Footnotes (Amounts inside thousands except for each discuss data) (All per share information is diluted) Â Â Â Â Â Â The guidance/projections provided here are according to current expectations and consequently are forward-looking. Â Â Reconciliations associated with EPS to FFO and also Normalized FFO regarding Pages 7, 26 and 28 Â Â Expected Q3 2013 Expected Expected Q4 2013 2013 Amounts Per Share
  • 221. Per Share Per Share  Expected Earnings - Diluted (5) $ 112,852 $ 0.300 $0.21 for you to $0.23 $5.03 to $5.05 Add: Expected depreciation expense 316,372 0.841 0.47 2.70 Less: Expected net gain on revenue (5)  (162,548 )  (0.432 ) (0.05 ) (5.42 )
  • 222. Â Expected FFO - Diluted (1) (3) 266,676 0.709 0.63 for you to 0.65 2.31 in order to 2.33 Â Asset impairment as well as valuation allowances -- -- -- -- Property acquisition expenses and write-off of pursuit costs 5,153 0.014 0.01 0.22 Debt extinguishment (gains) losses, such as prepayment penalties, preferred reveal redemptions along with non-cash convertible financial debt discounts -- -- 0.11 0.33 (Gains) losses on revenue involving non-operating assets, net associated with earnings as well as other tax expense (benefit)
  • 223. 2,248 0.006 -- (0.04 ) Other miscellaneous non-comparable items  --   --  --  0.01   Expected Normalized FFO - Diluted (2) (3) $ 274,077  $ 0.729  $0.75 in order to $0.77 $2.83 to $2.85
  • 224. Â Definitions as well as Footnotes for Pages 7, 26 along with 28 Â Â (1) The National Association regarding real Estate Investment Trusts ("NAREIT") defines funds from operations ("FFO") (April 2002 White Paper) as net earnings (computed in respect using accounting ideas generally accepted in the united States ("GAAP")), excluding gains (or losses) through sales along with impairment write-downs involving depreciable operating properties, plus depreciation as well as amortization, along with right after adjustments for unconsolidated partnerships and joint ventures. Adjustments with regard to unconsolidated partnerships as well as joint ventures will possibly be calculated for you to reflect funds through operations on the identical basis. Your April 2002 White Paper states which acquire or perhaps loss on revenue of property is actually excluded via FFO with regard to previously depreciated operating properties only. As soon As the company commences the particular conversion associated with apartment units to always be able to condominiums, it simultaneously discontinues depreciation regarding such property. Â (2) Normalized funds from operations ("Normalized FFO") begins with FFO along with excludes: o your impact involving just about any expenses relating to be able to non-operating asset impairment and valuation allowances; o property acquisition along along with other transaction expenses associated in order to mergers along with acquisitions and pursuit expense write-offs; o gains and losses from early credit card debt extinguishment, which includes prepayment penalties, preferred reveal redemptions as well as the price related to the implied choice worth of non-cash convertible credit card debt discounts; o gains as well as losses around the revenue of non-operating assets, which includes gains and also losses through land parcel and also condominium sales, net regarding the result associated with income tax rewards as well as expenses; and o other miscellaneous non-comparable items. Â (3) The company believes in which FFO as well as FFO available to Typical Shares along with Units tend to be helpful for you to investors as supplemental measures of the operating performance of a real estate company, because they're acknowledged measures of performance from the real-estate
  • 225. business and by excluding gains or perhaps losses associated to dispositions of depreciable property and excluding real estate depreciation (which can vary among those who own identical assets in similar situation according to historical price accounting and helpful lifestyle estimates), FFO and FFO open to common Shares and Units can help compare the operating performance of your company's real estate in between durations or as compared to several companies. Your company also believes that Normalized FFO as well as Normalized FFO available to Typical Shares as well as Units are beneficial in order to investors as supplemental measures in the operating performance of your real-estate business simply because they permit investors to check the company's operating performance to end up being able to its performance within prior reporting intervals as well as to the operating performance associated with additional property companies with out the effect associated with things that through their particular nature usually are Condominium For sale in Cebu usually not comparable through period regarding time to period associated with time along with tend to obscure the actual Company's actual operating results. FFO, FFO open to Widespread Shares and Units, Normalized FFO and also Normalized FFO open to Typical Shares along with Units do certainly not represent net income, net earnings open to common Shares or net money flows via operating activities relating with GAAP. Therefore, FFO, FFO available to Typical Shares as well as Units, Normalized FFO and also Normalized FFO available to common Shares and also Units shouldn't be exclusively considered as alternatives in order to net income, net earnings accessible to Widespread Shares as well as net money flows through operating activities as established through GAAP or as becoming a measure associated with liquidity. The Particular Company's calculation regarding FFO, FFO available to common Shares along with Units, Normalized FFO as well as Normalized FFO available to Typical Shares and also Units could change from various other property companies because of to, among various other items, variations in price capitalization policies with regard to money expenditures and, accordingly, might not be comparable to such various other real-estate companies. Â (4) FFO available to Typical Shares as well as Units as well as Normalized FFO available to common Shares along with Units are calculated on a basis consistent along with net earnings available to common Shares along with reflects adjustments in order to net earnings with regard to preferred distributions and premiums upon redemption of preferred shares relating along with accounting rules generally accepted inside the United States. Your equity positions of different individuals as well as entities that contributed their own properties towards the Operating Partnership in exchange regarding OP Units tend to be collectively referred for you to since the "Noncontrolling interests - Operating Partnership". Topic for you to certain restrictions, the Noncontrolling Hobbies - Operating Partnership might exchange their own OP Units for Widespread Shares on the one-for-one basis. Â (5) Earnings represents net earnings for each share calculated relating along with accounting principles generally accepted within the United States. Expected earnings is actually calculated on a time frame steady together with actual earnings. Because Of for the uncertain timing as well as extent associated with property dispositions and furthermore the resulting gains/losses upon sales, actual earnings could differ materially coming from expected earnings. Â
  • 226. Â Â Â Same Shop NOI Reconciliation regarding page 11 Â The following tables existing reconciliations associated with operating earnings for each your consolidated statements associated with operations in order to NOI for your September YTD 2013 and also the Third Quarter 2013 same Shop Properties: Â Nine months Ended September 30, Quarter Ended September 30, 2013 2012 2013 2012 Â Operating income $ 291,521 $ 368,443 $ 121,394 $ 142,932 Adjustments: Non-same shop operating results
  • 227. (267,183 ) (1,744 ) (107,813 ) 663 Fee and also asset management revenue (7,399 ) (7,328 ) (2,566 ) (3,052 ) Fee as well as asset management expense 4,739 3,595 1,516 1,108 Depreciation 798,121 422,148 277,336 139,337
  • 228. General along with administrative  47,018   37,162   14,438   10,083   Same shop NOI $ 866,817  $ 822,276  $ 304,305  $ 291,071