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EQR » Topics » During the nine months ended September 30, 2005, the Company acquired the entire equity interest in twenty-sixThis excerpt taken from the EQR 10-Q filed Nov 7, 2005. During the
nine months ended September 30, 2005, the Company acquired the entire
equity interest in twenty-six properties
containing 7,168 units and three land parcels from unaffiliated parties for a
total purchase price of $1.2 billion.
During the nine months ended September 30, 2005, the Company acquired additional ownership interests in twelve Partially Owned Properties, all of which remain partially owned. The acquisitions were funded using $20.3 million in cash and through the issuance of 570,812 OP Units valued at $19.2 million, with $37.8 million recorded as additional building basis and $1.7 million recorded as a reduction of Minority Interests – Partially Owned Properties. The Company also acquired the majority of the remaining third party equity interests it did not previously own in two properties, consisting of 120 units. The properties were previously accounted for under the equity method of accounting and subsequent to the purchase were consolidated.
During the nine months ended September 30, 2005, the Company disposed of the following to unaffiliated parties (including two land parcels and various individual condominium units) (sales price in millions):
14
The Company recognized a net gain on sales of discontinued operations of approximately $513.4 million on the above sales (amount is net of $5.8 million of income taxes incurred on condominium sales – see additional discussion in Note 13).
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