Send us Feedback

EQUITY RESIDENTIAL (EQR)
Analysis
SUMMARY
BULLS
BEARS
TOPICS
Data
DATA CENTRAL
STOCK CHART
Financials
SEC FILINGS
BALANCE
INCOME
CASH FLOW

EQR » Topics » Funds From Operations

These excerpts taken from the EQR 10-Q filed May 7, 2009.

Funds From Operations

For the quarter ended March 31, 2009, Funds From Operations (“FFO”) available to Common Shares and Units decreased by $2.1 million or 1.2%, as compared to the quarter ended March 31, 2008.

The following is a reconciliation of net income to FFO available to Common Shares and Units for the quarters ended March 31, 2009 and 2008:

Funds From Operations

(Amounts in thousands)

(Unaudited)

 

     Quarter Ended March 31,
     2009    2008 (3)

Net income

    $ 85,421     $ 147,528 

Adjustments:

      

Net (income) loss attributable to Noncontrolling Interests:

      

Preference Interests and Units

      (4)      (4)

Partially Owned Properties

      69       (268)

Depreciation

      150,045       141,195 

Depreciation – Non-real estate additions

      (1,898)      (2,051)

Depreciation – Partially Owned and Unconsolidated Properties

      183       1,034 

Net gain on sales of unconsolidated entities

      (2,765)      - 

Discontinued operations:

      

Depreciation

      443       6,385 

Net gain on sales of discontinued operations

      (61,871)      (122,517)

Net incremental (loss) gain on sales of condominium units

      (64)      366 
             

FFO (1) (2)

      169,559       171,668 

Preferred distributions

      (3,620)      (3,633)
             

FFO available to Common Shares and Units (1) (2)

    $ 165,939     $ 168,035 
             

 

(1)

The National Association of Real Estate Investment Trusts (“NAREIT”) defines funds from operations (“FFO”) (April 2002 White Paper) as net income (computed in accordance with accounting principles generally accepted in the United States (“GAAP”)), excluding gains (or losses) from sales of depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis. The April 2002 White Paper states that gain or loss on sales of property is excluded from FFO for previously depreciated operating properties only. Once the Company commences the conversion of units to condominiums, it simultaneously discontinues depreciation of such property. FFO available to Common Shares and Units is calculated on a basis consistent with net income available to Common Shares and reflects adjustments to net income for preferred distributions and premiums on redemption of preferred shares in accordance with accounting principles generally accepted in the United States. The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units are collectively referred to as the “Noncontrolling Interests – Operating Partnership”. Subject to certain restrictions, the Noncontrolling Interests – Operating Partnership may exchange their OP Units for EQR Common Shares on a one-for-one basis.

(2)

The Company believes that FFO and FFO available to Common Shares and Units are helpful to investors as supplemental measures of the operating performance of a real estate company, because they are recognized measures of performance by the real estate industry and by excluding gains or losses related to dispositions of depreciable property and excluding real estate depreciation (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO available to Common Shares and Units can help compare the operating performance of a company’s real estate between periods or as compared to different companies. FFO and FFO available to Common Shares and Units do not represent net income, net income available to Common Shares or net cash flows from operating activities in accordance with GAAP. Therefore, FFO and FFO available to Common Shares and Units should not be exclusively considered as alternatives to net income, net income available to Common Shares or net cash flows from operating activities as determined by GAAP or as measures of liquidity. The Company’s calculation of FFO and FFO available to Common Shares and Units may differ from other real estate companies due to, among other items, variations in cost capitalization policies for capital expenditures and, accordingly, may not be comparable to such other real estate companies.

 

40

(3)

Net income, FFO and FFO available to Common Shares and Units have all been reduced by approximately $2.5 million in the first quarter of 2008 for the retrospective application of FSP APB 14-1 on convertible debt, which the Company adopted as required on January 1, 2009.

These excerpts taken from the EQR 10-K filed Feb 26, 2009.

Funds From Operations

For the year ended December 31, 2008, Funds From Operations (“FFO”) available to Common Shares and OP Units decreased $91.8 million, or 12.7%, as compared to the year ended December 31, 2007. For the year ended December 31, 2007, FFO available to Common Shares and OP Units increased $7.3 million, or 1.0%, as compared to the year ended December 31, 2006.

The following is a reconciliation of net income to FFO available to Common Shares and OP Units for each of the five years ended December 31, 2008:

 

46

Table of Contents

Funds From Operations

For the year ended December 31, 2008, Funds From Operations (“FFO”) available to Common Shares and OP Units decreased $91.8 million, or 12.7%, as compared to the year ended December 31, 2007. For the year ended December 31, 2007, FFO available to Common Shares and OP Units increased $7.3 million, or 1.0%, as compared to the year ended December 31, 2006.

The following is a reconciliation of net income to FFO available to Common Shares and OP Units for each of the five years ended December 31, 2008:

 

46

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

Funds From Operations

For the year ended December 31, 2007, Funds From Operations (“FFO”) available to Common Shares and OP Units increased $7.3 million, or 1.0%, as compared to the year ended December 31, 2006. For the year ended December 31, 2006, FFO available to Common Shares and OP Units decreased $68.5 million, or 8.7%, as compared to the year ended December 31, 2005.

The following is a reconciliation of net income to FFO available to Common Shares and OP Units for each of the five years ended December 31, 2007:

 

23

This excerpt taken from the EQR 10-Q filed Nov 6, 2008.

Funds From Operations

For the nine months ended September 30, 2008, Funds From Operations (“FFO”) available to Common Shares and OP Units increased by $17.0 million or 3.2%, as compared to the nine months ended September 30, 2007.

For the quarter ended September 30, 2008, FFO available to Common Shares and OP Units increased by $16.8 million, or 9.7%, as compared to the quarter ended September 30, 2007.

The following is a reconciliation of net income to FFO available to Common Shares and OP Units for the nine months and quarters ended September 30, 2008 and 2007:

This excerpt taken from the EQR 10-Q filed Aug 7, 2008.

Funds From Operations

For the six months ended June 30, 2008, Funds From Operations (“FFO”) available to Common Shares and OP Units increased by $0.2 million or 0.1%, as compared to the six months ended June 30, 2007.

For the quarter ended June 30, 2008, FFO available to Common Shares and OP Units increased by $2.7 million, or 1.5%, as compared to the quarter ended June 30, 2007.

The following is a reconciliation of net income to FFO available to Common Shares and OP Units for the six months and quarters ended June 30, 2008 and 2007:

This excerpt taken from the EQR 8-K filed May 30, 2008.

Funds From Operations

 

For the year ended December 31, 2007, Funds From Operations (“FFO”) available to Common Shares and OP Units increased $7.3 million, or 1.0%, as compared to the year ended December 31, 2006.  For the year ended December 31, 2006, FFO available to Common Shares and OP Units decreased $68.5 million, or 8.7%, as compared to the year ended December 31, 2005.

 

The following is a reconciliation of net income to FFO available to Common Shares and OP Units for each of the five years ended December 31, 2007:

 

23


 

This excerpt taken from the EQR 8-K filed Aug 28, 2007.

Funds From Operations

 

For the year ended December 31, 2006, Funds From Operations (“FFO”) available to Common Shares and OP Units decreased $68.5 million, or 8.7%, as compared to the year ended December 31, 2005. For the year ended December 31, 2005, FFO available to Common Shares and OP Units increased $132.9 million, or 20.4%, as compared to the year ended December 31, 2004.

 

The following is a reconciliation of net income to FFO available to Common Shares and OP Units for each of the five years ended December 31, 2006:

 

This excerpt taken from the EQR 8-K filed May 23, 2007.

Funds From Operations

For the year ended December 31, 2006, Funds From Operations (“FFO”) available to Common Shares and OP Units decreased $68.5 million, or 8.7%, as compared to the year ended December 31, 2005. For the year ended December 31, 2005, FFO available to Common Shares and OP Units increased $132.9 million, or 20.4%, as compared to the year ended December 31, 2004.

The following is a reconciliation of net income to FFO available to Common Shares and OP Units for each of the five years ended December 31, 2006:

This excerpt taken from the EQR 10-K filed Feb 28, 2007.

Funds From Operations

 

For the year ended December 31, 2006, Funds From Operations (“FFO”) available to Common Shares and OP Units decreased $68.5 million, or 8.7%, as compared to the year ended December 31, 2005. For the year ended December 31, 2005, FFO available to Common Shares and OP Units increased $132.9 million, or 20.4%, as compared to the year ended December 31, 2004.

 

The following is a reconciliation of net income to FFO available to Common Shares and OP Units for each of the five years ended December 31, 2006:

 

This excerpt taken from the EQR 10-Q filed Nov 6, 2006.

Funds From Operations

For the nine months ended September 30, 2006, Funds From Operations (“FFO”) available to Common Shares and OP Units decreased $16.6 million, or 2.9%, as compared to the nine months ended September 30, 2005.  For the quarter ended September 30, 2006, FFO available to Common Shares and OP Units increased $20.2 million, or 11.5%, as compared to the quarter ended September 30, 2005.

The following is a reconciliation of net income to FFO available to Common Shares and OP Units for the nine months and quarters ended September 30, 2006 and 2005:

This excerpt taken from the EQR 8-K filed Aug 15, 2006.

Funds From Operations

For the year ended December 31, 2005, Funds From Operations (“FFO”) available to Common Shares and OP Units increased $132.9 million, or 20.4%, as compared to the year ended December 31, 2004. For the year ended December 31, 2004, FFO available to Common Shares and OP Units increased $11.4 million, or 1.8%, as compared to the year ended December 31, 2003.

The following is a reconciliation of net income to FFO available to Common Shares and OP Units for the years ended December 31, 2005, 2004 and 2003:

22



This excerpt taken from the EQR 10-Q filed Aug 7, 2006.

Funds From Operations

For the six months ended June 30, 2006, Funds From Operations (“FFO”) available to Common Shares and OP Units decreased $36.9 million, or 9.1%, as compared to the six months ended June 30, 2005.  This decrease is primarily attributable to approximately $57.1 million of other income recognized in 2005 related to eBay, Inc’s acquisition of the Company’s interest in Rent.com.

This excerpt taken from the EQR 8-K filed Dec 2, 2005.

Funds From Operations

 

For the year ended December 31, 2004, Funds From Operations (“FFO”) available to Common Shares and OP Units increased $11.4 million, or 1.8%, as compared to the year ended December 31, 2003. For the year ended December 31, 2003, FFO available to Common Shares and OP Units decreased $78.9 million, or 11.0%, as compared to the year ended December 31, 2002.

 

The following is a reconciliation of net income to FFO available to Common Shares and OP Units for the years ended December 31, 2004, 2003 and 2002:

 

23


 

This excerpt taken from the EQR 10-K filed Mar 14, 2005.

Funds From Operations

 

For the year ended December 31, 2004, Funds From Operations (“FFO”) available to Common Shares and OP Units increased $11.4 million, or 1.8%, as compared to the year ended December 31, 2003. For the year ended December 31, 2003, FFO available to Common Shares and OP Units decreased $78.9 million, or 11.0%, as compared to the year ended December 31, 2002.

 

The following is a reconciliation of net income to FFO available to Common Shares and OP Units for the years ended December 31, 2004, 2003 and 2002:

 

48


 

EXCERPTS ON THIS PAGE:

10-Q (2 sections)
May 7, 2009
10-K (2 sections)
Feb 26, 2009
8-K
Dec 15, 2008
10-Q
Nov 6, 2008
10-Q
Aug 7, 2008
8-K
May 30, 2008
8-K
Aug 28, 2007
8-K
May 23, 2007
10-K
Feb 28, 2007
10-Q
Nov 6, 2006
8-K
Aug 15, 2006
10-Q
Aug 7, 2006
8-K
Dec 2, 2005
10-K
Mar 14, 2005

RELATED TOPICS for EQR:

"Funds From Operations" elsewhere:

BRE Properties (BRE)
Equity Lifestyle Properties (ELS)
Mid-America Apartment Communities (MAA)
Senior Housing Properties Trust (SNH)
VORNADO REALTY LP (VNO)
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki