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This excerpt taken from the EQR 8-K filed Mar 7, 2006. 5. Parking Facility Revenue
During 2004, the Property was subject to an operating lease for the management of the Property’s parking garage. The lease required monthly payments of approximately $101,000 throughout the lease term. During the year ended December 31, 2004, $1,210,000 is recorded in rental revenue in the statement of revenue and certain expenses. In April 2005, the lease was terminated and revenue associated with operations of the garage were recorded as other revenue in the accompanying statement of revenue and certain expenses.
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Report of Independent Registered Public Accounting Firm
The Board of Trustees and
Shareholders
The Partners ERP Operating Limited Partnership
We have audited the accompanying statement of revenue and certain expenses of Northlake for the year ended December 31, 2004. This statement is the responsibility of the management of Northlake (the “Property”). Our responsibility is to express an opinion on this statement based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the statement is free of material misstatement. We were not engaged to perform an audit of the Property’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Property’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
The accompanying statement was prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission for inclusion in a Current Report on Form 8-K of Equity Residential and ERP Operating Limited Partnership, as described in Note 1, and is not intended to be a complete presentation of the Property’s revenue and expenses.
In our opinion, the statement referred to above presents fairly, in all material respects, the revenue and certain expenses of Northlake for the year ended December 31, 2004, in conformity with U.S. generally accepted accounting principles.
Chicago, Illinois January 14, 2006
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