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EQR » Topics » Rental income from properties other than Third Quarter 2005 Same Store Properties increased by approximately $29.3This excerpt taken from the EQR 10-Q filed Nov 7, 2005. Rental income from properties
other than Third Quarter 2005 Same Store Properties increased by approximately
$29.3 million
primarily as a result of new properties acquired/consolidated in 2004 and the
first nine months of 2005.
Fee and asset management revenues, net of fee and asset management expenses, decreased by $0.3 million primarily as a result of lower income earned from Ft. Lewis and managing fewer properties for third parties and unconsolidated entities.
Property management expenses include off-site expenses associated with the self-management of the Company’s properties as well as management fees paid to third party management companies. These expenses increased by approximately $3.1 million. This increase is primarily attributable to higher payroll costs, including long-term compensation costs.
Depreciation expense, which includes depreciation on non-real estate assets, increased $13.5 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
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approximately $2.3 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 Company’s 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 third quarter of 2005 as compared to the third quarter of 2004.
This excerpt taken from the EQR 10-Q filed Aug 8, 2005. Rental
income from properties other than Second Quarter 2005 Same Store Properties
increased by approximately $26.4 million primarily as a result of new
properties acquired/consolidated in 2004 and the first six months of 2005.
Fee and asset management revenues, net of fee and asset management expenses, decreased by $0.5 million primarily as a result of lower income earned from Ft. Lewis and managing fewer properties for third parties and unconsolidated entities.
This excerpt taken from the EQR 10-Q filed May 9, 2005. Rental income from properties
other than First Quarter 2005 Same Store Properties increased by approximately
$40.0 million
primarily as a result of new properties acquired/consolidated in 2004 and the
first quarter of 2005.
Fee and asset management revenues, net of fee and asset management expenses, decreased by $1.0 million primarily as a result of lower income earned from Ft. Lewis and managing fewer properties for third parties and unconsolidated entities. As of March 31, 2005 and 2004, the Company managed 17,928 units and 18,040 units, respectively, for third parties and unconsolidated entities.
Property management expenses include off-site expenses associated with the self-management of the Company’s properties as well as management fees paid to third party management companies. These expenses increased by approximately $3.7 million. This increase is primarily attributable to higher payroll costs, including bonus and long-term compensation costs.
Depreciation expense, which includes depreciation on non-real estate assets, increased $17.5 million primarily as a result of additional depreciation expense on newly acquired properties and capital expenditures
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for all properties owned.
General and administrative expenses, which include corporate operating expenses, increased approximately $6.9 million between the periods under comparison. This increase is primarily attributable to higher executive compensation expense due to the previously announced January 2006 planned retirement of Bruce W. Duncan, the Company’s President and Chief Executive Officer, and the March 2005 resignation of Edward Geraghty, the Company’s former Eastern Division President, and additional accruals for certain management incentive programs as a result of the Rent.com gain (see discussion below). The Company anticipates that general and administrative expenses will approximate $53.0 million for the year ending December 31, 2005. This above assumption is based on current expectations and is forward-looking.
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