This excerpt taken from the EQR 8-K filed Dec 15, 2008.
The Company received $1.2 million related to its 7.075% ownership interest in Wellsford Park Highlands Corporation (WPHC), an entity which owns a condominium development in Denver, Colorado. The Company recorded a gain of approximately $0.7 million as income from investments in unconsolidated entities and has no further ownership interest in WPHC.
During the year ended December 31, 2007, the Company entered into resignation/release agreements with its former Chief Financial Officer (CFO) and one other former executive vice president. The Company recorded approximately $3.4 million of additional general and administrative expense during the year ended December 31, 2007 related to cash severance and accelerated vesting of share options and restricted/performance shares.
During the years ended December 31, 2007 and 2006, the Company recognized $0.3 million and $14.7 million, respectively, of forfeited deposits for various terminated transactions, included in interest and other income. In addition, during 2007 the Company received $4.1 million for the settlement of insurance litigation claims from 2000 through 2002. This amount was recorded as interest and other income.
During the years ended December 31, 2006 and 2005, the Company received proceeds from technology and other investments of $4.0 million and $82.1 million, respectively, from the following:
During the years ended December 31, 2007 and 2006, the Company established a reserve and recorded a corresponding expense related to potential liabilities associated with certain asset sales. During the year ended December 31, 2007, the Company paid approximately $0.7 million in settlements and recorded $1.9 million in additional reserves. The balance of the reserves as of December 31, 2007 and 2006 was approximately $7.4 million and $6.2 million, respectively. While no assurances can be given, the Company does not believe that the potential issue, if adversely determined or settled, will have a material adverse effect on the Company.
The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. All amounts have also been restated in accordance with the discontinued operations provisions of SFAS No 144 and reflect dispositions and/or properties held for sale through September 30, 2008. Amounts are in thousands, except for per share amounts.