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Section 1: 10-Q (10-Q)

eqr-10q_20200630.htm
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us-gaap:SubsequentEventMember eqr:FourPointSevenFourZeroMortgageMember 2020-07-01 2020-07-01

 

Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from        to

Commission File Number: 1-12252 (Equity Residential)

Commission File Number: 0-24920 (ERP Operating Limited Partnership)

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

(Exact name of registrant as specified in its charter)

 

Maryland (Equity Residential)

 

13-3675988 (Equity Residential)

Illinois (ERP Operating Limited Partnership)

 

36-3894853 (ERP Operating Limited Partnership)

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

Two North Riverside Plaza, Chicago, Illinois 60606

 

(312) 474-1300

(Address of principal executive offices) (Zip Code)

 

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Shares of Beneficial Interest,
$0.01 Par Value (Equity Residential)

 

EQR

 

New York Stock Exchange

7.57% Notes due August 15, 2026
(ERP Operating Limited Partnership)

 

N/A

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Equity Residential  Yes   No

ERP Operating Limited Partnership  Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Equity Residential  Yes   No

ERP Operating Limited Partnership  Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Equity Residential:

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Small reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

l

ERP Operating Limited Partnership:

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Small reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Equity Residential  

ERP Operating Limited Partnership  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Equity Residential  Yes   No

ERP Operating Limited Partnership  Yes   No

 

The number of EQR Common Shares of Beneficial Interest, $0.01 par value, outstanding on July 28, 2020 was 372,210,138.

 

 


 

Table of Contents

 

EXPLANATORY NOTE

This report combines the reports on Form 10-Q for the quarterly period ended June 30, 2020 of Equity Residential and ERP Operating Limited Partnership.  Unless stated otherwise or the context otherwise requires, references to “EQR” mean Equity Residential, a Maryland real estate investment trust (“REIT”), and references to “ERPOP” mean ERP Operating Limited Partnership, an Illinois limited partnership.  References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP.  References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP.  The following chart illustrates the Company’s and the Operating Partnership’s corporate structure:

EQR is the general partner of, and as of June 30, 2020 owned an approximate 96.4% ownership interest in, ERPOP.  The remaining 3.6% interest is owned by limited partners.  As the sole general partner of ERPOP, EQR has exclusive control of ERPOP’s day-to-day management.  Management operates the Company and the Operating Partnership as one business.  The management of EQR consists of the same members as the management of ERPOP.

The Company is structured as an umbrella partnership REIT (“UPREIT”) and EQR contributes all net proceeds from its various equity offerings to ERPOP.  In return for those contributions, EQR receives a number of OP Units (see definition below) in ERPOP equal to the number of Common Shares it has issued in the equity offering.  The Company may acquire properties in transactions that include the issuance of OP Units as consideration for the acquired properties.  Such transactions may, in certain circumstances, enable the sellers to defer in whole or in part, the recognition of taxable income or gain that might otherwise result from the sales.  This is one of the reasons why the Company is structured in the manner shown above.  Based on the terms of ERPOP’s partnership agreement, OP Units can be exchanged with Common Shares on a one-for-one basis because the Company maintains a one-for-one relationship between the OP Units of ERPOP issued to EQR and the outstanding Common Shares.

The Company believes that combining the reports on Form 10-Q of EQR and ERPOP into this single report provides the following benefits:

 

enhances investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

 

eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and

 

creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.


 

Table of Contents

 

The Company believes it is important to understand the few differences between EQR and ERPOP in the context of how EQR and ERPOP operate as a consolidated company.  All of the Companys property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP.  EQRs primary function is acting as the general partner of ERPOP.  EQR also issues equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP.  EQR does not have any indebtedness as all debt is incurred by the Operating Partnership.  The Operating Partnership holds substantially all of the assets of the Company, including the Companys ownership interests in its joint ventures.  The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity.  Except for the net proceeds from equity offerings by EQR (which are contributed to the capital of ERPOP in exchange for additional partnership interests in ERPOP (“OP Units”) (on a one-for-one Common Share per OP Unit basis) or additional preference units in ERPOP (on a one-for-one preferred share per preference unit basis)), the Operating Partnership generates all remaining capital required by the Company’s business.  These sources include the Operating Partnerships working capital, net cash provided by operating activities, borrowings under its revolving credit facility and/or commercial paper program, the issuance of secured and unsecured debt and partnership interests, and proceeds received from disposition of certain properties and joint venture interests.

Shareholders equity, partners capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership.  The limited partners of the Operating Partnership are accounted for as partners capital in the Operating Partnerships financial statements and as noncontrolling interests in the Companys financial statements.  The noncontrolling interests in the Operating Partnerships financial statements include the interests of unaffiliated partners in various consolidated partnerships.  The noncontrolling interests in the Companys financial statements include the same noncontrolling interests at the Operating Partnership level and limited partner OP Unit holders of the Operating Partnership.  The differences between shareholders equity and partners capital result from differences in the equity issued at the Company and Operating Partnership levels.

To help investors understand the differences between the Company and the Operating Partnership, this report provides separate consolidated financial statements for the Company and the Operating Partnership; a single set of consolidated notes to such financial statements that includes separate discussions of each entitys debt, noncontrolling interests and shareholders equity or partners capital, as applicable; and a combined Managements Discussion and Analysis of Financial Condition and Results of Operations section that includes discrete information related to each entity.

This report also includes separate Part I, Item 4, Controls and Procedures, sections and separate Exhibits 31 and 32 certifications for each of the Company and the Operating Partnership in order to establish that the requisite certifications have been made and that the Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. §1350.

In order to highlight the differences between the Company and the Operating Partnership, the separate sections in this report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership.  In the sections that combine disclosure of the Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company.  Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the Company is one business and the Company operates that business through the Operating Partnership.

As general partner with control of ERPOP, EQR consolidates ERPOP for financial reporting purposes, and EQR essentially has no assets or liabilities other than its investment in ERPOP.  Therefore, the assets and liabilities of the Company and the Operating Partnership are the same on their respective financial statements.  The separate discussions of the Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

 

 


 

Table of Contents

 

TABLE OF CONTENTS

 

 

PAGE

 

 

PART I.

 

 

 

Item 1. Financial Statements of Equity Residential:

 

 

 

Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

2

 

 

Consolidated Statements of Operations and Comprehensive Income for the six months and quarters ended June 30, 2020 and 2019

3

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

5

 

 

Consolidated Statements of Changes in Equity for the six months and quarters ended June 30, 2020 and 2019

8

 

 

Financial Statements of ERP Operating Limited Partnership:

 

 

 

Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

10

 

 

Consolidated Statements of Operations and Comprehensive Income for the six months and quarters ended June 30, 2020 and 2019

11

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

13

 

 

Consolidated Statements of Changes in Capital for the six months and quarters ended June 30, 2020 and 2019

16

 

 

Notes to Consolidated Financial Statements of Equity Residential and ERP Operating Limited Partnership

18

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

36

 

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

52

 

 

Item 4. Controls and Procedures

52

 

 

PART II.

 

 

Item 1. Legal Proceedings

53

 

Item 1A. Risk Factors

53

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

54

 

Item 3. Defaults Upon Senior Securities

55

 

Item 4. Mine Safety Disclosures

55

 

Item 5. Other Information

55

 

 

Item 6. Exhibits

55

 

 


 

Table of Contents

 

EQUITY RESIDENTIAL

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands except for share amounts)

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Land

 

$

5,789,307

 

 

$

5,936,188

 

Depreciable property

 

 

20,997,903

 

 

 

21,319,101

 

Projects under development

 

 

274,825

 

 

 

181,630

 

Land held for development

 

 

102,361

 

 

 

96,688

 

Investment in real estate

 

 

27,164,396

 

 

 

27,533,607

 

Accumulated depreciation

 

 

(7,537,713

)

 

 

(7,276,786

)

Investment in real estate, net

 

 

19,626,683

 

 

 

20,256,821

 

Investments in unconsolidated entities

 

 

55,310

 

 

 

52,238

 

Cash and cash equivalents

 

 

187,416

 

 

 

45,753

 

Restricted deposits

 

 

58,117

 

 

 

71,246

 

Right-of-use assets

 

 

505,077

 

 

 

512,774

 

Other assets

 

 

282,348

 

 

 

233,937

 

Total assets

 

$

20,714,951

 

 

$

21,172,769

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Mortgage notes payable, net

 

$

2,340,757

 

 

$

1,941,610

 

Notes, net

 

 

6,081,102

 

 

 

6,077,513

 

Line of credit and commercial paper

 

 

 

 

 

1,017,833

 

Accounts payable and accrued expenses

 

 

109,776

 

 

 

94,350

 

Accrued interest payable

 

 

67,589

 

 

 

66,852

 

Lease liabilities

 

 

330,135

 

 

 

331,334

 

Other liabilities

 

 

315,208

 

 

 

346,963

 

Security deposits

 

 

64,005

 

 

 

70,062

 

Distributions payable

 

 

232,208

 

 

 

218,326

 

Total liabilities

 

 

9,540,780

 

 

 

10,164,843

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable Noncontrolling Interests – Operating Partnership

 

 

336,695

 

 

 

463,400

 

Equity:

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares

   authorized; 745,600 shares issued and outstanding as of June 30, 2020 and

   December 31, 2019

 

 

37,280

 

 

 

37,280

 

Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares

   authorized; 372,209,012 shares issued and outstanding as of June 30, 2020 and

   371,670,884 shares issued and outstanding as of December 31, 2019

 

 

3,722

 

 

 

3,717

 

Paid in capital

 

 

9,118,332

 

 

 

8,965,577

 

Retained earnings

 

 

1,505,694

 

 

 

1,386,495

 

Accumulated other comprehensive income (loss)

 

 

(67,355

)

 

 

(77,563

)

Total shareholders’ equity

 

 

10,597,673

 

 

 

10,315,506

 

Noncontrolling Interests:

 

 

 

 

 

 

 

 

Operating Partnership

 

 

235,169

 

 

 

227,837

 

Partially Owned Properties

 

 

4,634

 

 

 

1,183

 

Total Noncontrolling Interests

 

 

239,803

 

 

 

229,020

 

Total equity

 

 

10,837,476

 

 

 

10,544,526

 

Total liabilities and equity

 

$

20,714,951

 

 

$

21,172,769

 

 

See accompanying notes

 

 

2


 

Table of Contents

 

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Amounts in thousands except per share data)

(Unaudited)

 

 

 

Six Months Ended June 30,

 

 

Quarter Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

1,335,837

 

 

$

1,331,676

 

 

$

653,532

 

 

$

669,374

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property and maintenance

 

 

220,268

 

 

 

223,531

 

 

 

104,452

 

 

 

108,461

 

Real estate taxes and insurance

 

 

192,770

 

 

 

182,888

 

 

 

95,038

 

 

 

91,446

 

Property management

 

 

51,317

 

 

 

50,765

 

 

 

23,608

 

 

 

24,369

 

General and administrative

 

 

26,353

 

 

 

29,710

 

 

 

11,835

 

 

 

14,329

 

Depreciation

 

 

418,398

 

 

 

404,723

 

 

 

205,976

 

 

 

200,508

 

Total expenses

 

 

909,106

 

 

 

891,617

 

 

 

440,909

 

 

 

439,113

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss) on sales of real estate properties

 

 

352,243

 

 

 

138,835

 

 

 

144,266

 

 

 

138,856

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

778,974

 

 

 

578,894

 

 

 

356,889

 

 

 

369,117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

3,471

 

 

 

1,925

 

 

 

1,511

 

 

 

1,152

 

Other expenses

 

 

(4,227

)

 

 

(8,392

)

 

 

(1,694

)

 

 

(5,117

)

Interest:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense incurred, net

 

 

(167,475

)

 

 

(203,840

)

 

 

(81,885

)

 

 

(108,902

)

Amortization of deferred financing costs

 

 

(4,152

)

 

 

(5,783

)

 

 

(2,111

)

 

 

(3,647

)

Income before income and other taxes, income (loss) from investments in

   unconsolidated entities and net gain (loss) on sales of land parcels

 

 

606,591

 

 

 

362,804

 

 

 

272,710

 

 

 

252,603

 

Income and other tax (expense) benefit

 

 

(240

)

 

 

(484

)

 

 

(187

)

 

 

(246

)

Income (loss) from investments in unconsolidated entities

 

 

(2,199

)

 

 

68,058

 

 

 

(1,042

)

 

 

68,765

 

Net gain (loss) on sales of land parcels

 

 

 

 

 

178

 

 

 

 

 

 

177

 

Net income

 

 

604,152

 

 

 

430,556

 

 

 

271,481

 

 

 

321,299

 

Net (income) loss attributable to Noncontrolling Interests:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Partnership

 

 

(21,248

)

 

 

(15,429

)

 

 

(9,713

)

 

 

(11,510

)

Partially Owned Properties

 

 

(13,410

)

 

 

(1,620

)

 

 

(880

)

 

 

(821

)

Net income attributable to controlling interests

 

 

569,494

 

 

 

413,507

 

 

 

260,888

 

 

 

308,968

 

Preferred distributions

 

 

(1,545

)

 

 

(1,545

)

 

 

(772

)

 

 

(772

)

Net income available to Common Shares

 

$

567,949

 

 

$

411,962

 

 

$

260,116

 

 

$

308,196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share – basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to Common Shares

 

$

1.53

 

 

$

1.11

 

 

$

0.70

 

 

$

0.83

 

Weighted average Common Shares outstanding

 

 

371,689

 

 

 

369,952

 

 

 

371,795

 

 

 

370,342

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share – diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to Common Shares

 

$

1.53

 

 

$

1.11

 

 

$

0.70

 

 

$

0.83

 

Weighted average Common Shares outstanding

 

 

386,272

 

 

 

385,644

 

 

 

385,913

 

 

 

386,107

 

 

See accompanying notes

3


 

Table of Contents

 

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Continued)

(Amounts in thousands except per share data)

(Unaudited)

 

 

 

Six Months Ended June 30,

 

 

Quarter Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

604,152

 

 

$

430,556

 

 

$

271,481

 

 

$

321,299

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) – derivative instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period

 

 

(1,190

)

 

 

(33,765

)

 

 

(223

)

 

 

(19,345

)

Losses reclassified into earnings from other comprehensive

   income

 

 

11,398

 

 

 

8,902

 

 

 

5,764

 

 

 

4,509

 

Other comprehensive income (loss)

 

 

10,208

 

 

 

(24,863

)

 

 

5,541

 

 

 

(14,836

)

Comprehensive income

 

 

614,360

 

 

 

405,693

 

 

 

277,022

 

 

 

306,463

 

Comprehensive (income) attributable to Noncontrolling Interests

 

 

(35,026

)

 

 

(16,150

)

 

 

(10,792

)

 

 

(11,797

)

Comprehensive income attributable to controlling interests

 

$

579,334

 

 

$

389,543

 

 

$

266,230

 

 

$

294,666

 

 

See accompanying notes

4


 

Table of Contents

 

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

604,152

 

 

$

430,556

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

418,398

 

 

 

404,723

 

Amortization of deferred financing costs

 

 

4,152

 

 

 

5,783

 

Amortization of above/below market lease intangibles

 

 

(35

)

 

 

(35

)

Amortization of discounts and premiums on debt

 

 

2,553

 

 

 

17,795

 

Amortization of deferred settlements on derivative instruments

 

 

11,392

 

 

 

8,896

 

Amortization of right-of-use assets

 

 

5,892

 

 

 

6,952

 

Write-off of pursuit costs

 

 

3,278

 

 

 

2,987

 

(Income) loss from investments in unconsolidated entities

 

 

2,199

 

 

 

(68,058

)

Distributions from unconsolidated entities – return on capital

 

 

100

 

 

 

2,387

 

Net (gain) loss on sales of real estate properties

 

 

(352,243

)

 

 

(138,835

)

Net (gain) loss on sales of land parcels

 

 

 

 

 

(178

)

Realized/unrealized (gain) loss on derivative instruments

 

 

25

 

 

 

 

Compensation paid with Company Common Shares

 

 

13,475

 

 

 

16,782

 

Other operating activities, net

 

 

1,805

 

 

 

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

(Increase) decrease in other assets

 

 

(61,422

)

 

 

1,610

 

Increase (decrease) in accounts payable and accrued expenses

 

 

5,954

 

 

 

22,435

 

Increase (decrease) in accrued interest payable

 

 

737

 

 

 

1,536

 

Increase (decrease) in lease liabilities

 

 

(1,199

)

 

 

(1,171

)

Increase (decrease) in other liabilities

 

 

(18,070

)

 

 

(25,161

)

Increase (decrease) in security deposits

 

 

(6,057

)

 

 

1,769

 

Net cash provided by operating activities

 

 

635,086

 

 

 

690,773

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Investment in real estate – acquisitions

 

 

 

 

 

(653,132

)

Investment in real estate – development/other

 

 

(95,215

)

 

 

(93,210

)

Capital expenditures to real estate

 

 

(61,265

)

 

 

(81,528

)

Non-real estate capital additions

 

 

(15,536

)

 

 

(1,466

)

Interest capitalized for real estate under development

 

 

(4,102

)

 

 

(2,679

)

Proceeds from disposition of real estate, net

 

 

747,600

 

 

 

393,439

 

Investments in unconsolidated entities

 

 

(5,626

)

 

 

(8,572

)

Distributions from unconsolidated entities – return of capital

 

 

 

 

 

78,262

 

Purchase of investment securities and other investments

 

 

(509

)

 

 

(269

)

Net cash provided by (used for) investing activities

 

 

565,347

 

 

 

(369,155

)

 

See accompanying notes

5


 

Table of Contents

 

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Amounts in thousands)

(Unaudited)

 

 

 

Six Months Ended June 30,