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EQR » Topics » F-42

This excerpt taken from the EQR 8-K filed Dec 15, 2008.

F-42

(3) Other includes ECH, development, condominium conversion overhead of $3.1 million and other corporate operations. Also reflects a $13.4 million elimination of rental income recorded in Northeast, South and West operating segments related to ECH and $11.1 million of hurricane insurance losses.
(4) Properties sold in 2007 reflects discontinued operations for properties sold during 2007.
(5) Properties sold – September YTD 2008 reflects discontinued operations for properties sold during the first nine months of 2008.

Note: Markets included in the above geographic segments are as follows:

 

(a) Northeast – New England (excluding Boston), Boston, New York Metro, DC Northern Virginia, Suburban Maryland, Chicago, Milwaukee and Minneapolis/St. Paul.

 

(b) South – Charlotte, Raleigh/Durham, Atlanta, Jacksonville, Orlando, Tampa/Ft. Myers, South Florida, Nashville, Tulsa, Austin, Houston, Dallas/Ft. Worth, Albuquerque and Phoenix.

 

(c) West – Seattle/Tacoma, Portland, Central Valley, San Francisco Bay Area, Inland Empire, Los Angeles, Orange County, San Diego and Denver.

The following table presents a reconciliation of NOI from our rental real estate specific to continuing operations for the years ended December 31, 2007, 2006 and 2005, respectively:

 

     Year Ended December 31,  
     2007     2006     2005  
     (Amounts in thousands)  

Rental income

    $ 1,944,255     $ 1,700,405     $ 1,410,173  

Property and maintenance expense

      (507,352 )     (446,323 )     (373,028 )

Real estate taxes and insurance expense

      (196,196 )     (161,212 )     (154,964 )

Property management expense

      (87,442 )     (96,178 )     (86,873 )
                        

Total operating expenses

      (790,990 )     (703,713 )     (614,865 )
                        

Net operating income

    $ 1,153,265     $ 996,692     $ 795,308  
                        

 

21. Subsequent Events/Other

Subsequent Events

Subsequent to December 31, 2007 and through February 6, 2008, the Company:

 

  •  

Acquired the remaining equity interest it did not previously own of a 144 unit partially-owned property for $5.9 million;

 

  •  

Sold seven apartment properties consisting of 1,420 units for $107.3 million (excluding condominium units);

 

  •  

Terminated three forward-starting swaps paying $13.2 million in conjunction with locking the interest rate on a $500.0 million secured mortgage loan pool scheduled to close in March 2008; and

 

  •  

Repaid $17.9 million of mortgage loans.

Subsequent to December 31, 2007 and through February 22, 2008, the Company repurchased 170,956 Common Shares at an average price of $36.78 per share for total consideration of $6.3 million, leaving $469.3 million remaining available for share repurchases.

Other

The Company recorded a reduction to general and administrative expense of approximately $1.7 million during the year ended December 31, 2007 due to the successful resolution of a certain lawsuit in Florida, resulting in the reversal of the majority of a previously established litigation reserve. The Company had previously recorded a reduction to general and administrative expense of approximately $2.8 million during the year ended December 31, 2006 due to the recovery of insurance proceeds related to the same

 

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