This excerpt taken from the EQR 10-Q filed May 9, 2005.
Minority Interests as of March 31, 2005 decreased by $49.7 million when compared to December 31, 2004. The primary factors that impacted this account in the Companys consolidated statements of operations and balance sheets during the quarter ended March 31, 2005 were:
Distributions declared to Minority Interests, which amounted to $8.9 million (excluding Junior Preference Unit and Preference Interest distributions);
The allocation of income from operations to holders of OP Units in the amount of $15.6 million;
The redemption of 1.3 million Series B and C Preference Interests with a combined liquidation value of $66.0 million and a premium on redemption of $1.7 million; and
The issuance of 551,229 OP Units to various limited partners with a valuation of $18.2 million.