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This excerpt taken from the EQR 10-Q filed Nov 7, 2005. costs, including bonus and long-term compensation costs, during 2005.
Depreciation expense, which includes depreciation on non-real estate assets, increased $43.8 million primarily as a result of additional depreciation expense on newly acquired properties and capital expenditures for all properties owned.
General and administrative expenses, which include corporate operating expenses, increased approximately $10.2 million between the periods under comparison. This increase is primarily attributable to higher executive compensation expense due to the previously announced December 2005 planned retirement of Bruce W. Duncan, the Company’s Chief Executive Officer, and the March 2005 resignation of Edward Geraghty, the Company’s former Eastern Division President, and additional accruals for certain management incentive programs as a result of the Rent.com gain (see discussion below). The Company anticipates that general and administrative expenses will approximate $57.1 million for the year ending December 31, 2005. This above assumption is based on current expectations and is forward-looking.
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