This excerpt taken from the EQR 8-K filed Aug 15, 2006.
Comparison of the year ended December 31, 2004 to the year ended December 31, 2003
For the year ended December 31, 2004, income from continuing operations, net of minority interests decreased by approximately $9.9 million when compared to the year ended December 31, 2003 due to the reasons noted below.
Revenues from the 2004 Same Store Properties increased by $14.1 million primarily as a result of lower concessions provided residents and a slight increase in occupancy rates. Expenses from the 2004 Same Store Properties increased $22.5 million primarily due to higher payroll, utility costs and real estate taxes. The following tables provide comparative revenue, expense, NOI and weighted average occupancy for the 2004 Same Store Properties:
Year 2004 vs. Year 2003