This excerpt taken from the EQR 10-Q filed Aug 8, 2005.
Property management expenses include off-site expenses associated with the self-management of the Companys properties as well as management fees paid to third party management companies. These expenses were comparable for the periods presented.
Depreciation expense, which includes depreciation on non-real estate assets, increased $13.1 million primarily as a result of additional depreciation expense on newly acquired properties and capital expenditures for all properties owned.
General and administrative expenses, which include corporate operating expenses, increased approximately $1.3 million between the periods under comparison. This increase is primarily attributable to higher executive compensation expense due to the previously announced December 2005 planned
retirement of Bruce W. Duncan, the Companys Chief Executive Officer, and additional accruals for certain management incentive programs as a result of the Rent.com gain (see discussion above), offset by reduced consulting services incurred in the second quarter of 2005.