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This excerpt taken from the EQR 10-Q filed Nov 6, 2006. Interest and other income from continuing operations
increased by approximately $4.7 million, primarily as a result of $3.7 million
in additional proceeds received during the quarter ended September 30, 2006
related to the Company’s ownership interest in Rent.com, which was acquired by
eBay, Inc.
Interest expense from continuing operations, including amortization of deferred financing costs, increased approximately $18.2 million primarily as a result of higher variable interest rates and overall debt levels outstanding. During the quarter ended September 30, 2006, the Company capitalized interest costs of approximately $5.4 million as compared to $3.3 million for the quarter ended September 30, 2005. This capitalization of interest primarily relates to projects under development. The effective interest cost on all indebtedness for the quarter ended September 30, 2006 was 6.03% as compared to 6.28% for the quarter ended September 30, 2005. Loss from investments in unconsolidated entities was consistent between the periods under comparison. See Note 4 in the Notes to Consolidated Financial Statements for further discussion. Net gain on sales of land parcels increased $2.9 million between the periods under comparison as the Company recognized a deferred gain on a collected note receivable related to a parcel sold in 2005. Discontinued operations, net of minority interests, decreased approximately $219.3 million between the periods under comparison. This decrease is due to disposing of only two properties during the quarter ended September 30, 2006 in anticipation of the fourth quarter disposition of the Lexford Portfolio. See Note 4 in the Notes to Consolidated Financial Statements for further discussion. |
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