This excerpt taken from the EQR 10-Q filed Aug 7, 2006.
Minority Interests as of June 30, 2006 decreased by $23.3 million when compared to December 31, 2005. The primary factors that impacted this account in the Companys consolidated statements of operations and balance sheets during the six months ended June 30, 2006 were:
· The redemption or conversion of 1.0 million Series G, H and I Preference Interests with a combined liquidation value of $48.5 million and a premium on redemption of $0.7 million (see Note 3 in the Notes to Consolidated Financial Statements for further discussion);
· Distributions declared to Minority Interests, which amounted to $17.9 million (excluding Junior Preference Unit and Preference Interest distributions);
· The allocation of income from operations to holders of OP Units in the amount of $36.5 million;
· The issuance of 1,079,001 OP Units for the acquisition of two properties with a valuation of $46.5 million; and
· The conversion of 0.8 million OP Units into Common Shares.