filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
The following tables set forth selected financial and operating information on a historical basis for the Company and the Operating Partnership. The following information should be read in conjunction with all of the financial statements and notes thereto included elsewhere in this Form 10-K. The historical operating and balance sheet data have been derived from the historical financial statements of the Company and the Operating Partnership. Selected cash flow amounts have also been restated in accordance with the Company’s early adoption of the new statement of cash flows guidance effective October 1, 2017 (see Note 2 in the Notes to Consolidated Financial Statements for further discussion). Certain capitalized terms as used herein are defined in the Notes to Consolidated Financial Statements.
EQUITY RESIDENTIAL
CONSOLIDATED HISTORICAL FINANCIAL INFORMATION
(Financial information in thousands except for per share and property data)
| Year Ended December 31, | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
| OPERATING DATA: | ||||||||||||||||||||
| Total revenues from continuing operations | $ | 2,471,406 | $ | 2,425,800 | $ | 2,744,965 | $ | 2,614,748 | $ | 2,387,702 | ||||||||||
| Interest and other income | $ | 6,136 | $ | 65,773 | $ | 7,372 | $ | 4,462 | $ | 5,283 | ||||||||||
| Net gain (loss) on sales of real estate properties | $ | 157,057 | $ | 4,044,055 | $ | 335,134 | $ | 212,685 | $ | — | ||||||||||
| Income (loss) from continuing operations | $ | 628,381 | $ | 4,479,586 | $ | 907,621 | $ | 657,101 | $ | (168,174 | ) | |||||||||
| Discontinued operations, net | $ | — | $ | 518 | $ | 397 | $ | 1,582 | $ | 2,073,527 | ||||||||||
| Net income | $ | 628,381 | $ | 4,480,104 | $ | 908,018 | $ | 658,683 | $ | 1,905,353 | ||||||||||
| Net income available to Common Shares | $ | 600,363 | $ | 4,289,072 | $ | 863,277 | $ | 627,163 | $ | 1,826,468 | ||||||||||
| Earnings per share – basic: | ||||||||||||||||||||
| Income (loss) from continuing operations available to Common Shares | $ | 1.64 | $ | 11.75 | $ | 2.37 | $ | 1.73 | $ | (0.47 | ) | |||||||||
| Net income available to Common Shares | $ | 1.64 | $ | 11.75 | $ | 2.37 | $ | 1.74 | $ | 5.16 | ||||||||||
| Weighted average Common Shares outstanding | 366,968 | 365,002 | 363,498 | 361,181 | 354,305 | |||||||||||||||
| Earnings per share – diluted: | ||||||||||||||||||||
| Income (loss) from continuing operations available to Common Shares | $ | 1.63 | $ | 11.68 | $ | 2.36 | $ | 1.72 | $ | (0.47 | ) | |||||||||
| Net income available to Common Shares | $ | 1.63 | $ | 11.68 | $ | 2.36 | $ | 1.73 | $ | 5.16 | ||||||||||
| Weighted average Common Shares outstanding | 382,678 | 381,992 | 380,620 | 377,735 | 354,305 | |||||||||||||||
| Distributions declared per Common Share outstanding | $ | 2.015 | $ | 13.015 | $ | 2.21 | $ | 2.00 | $ | 1.85 | ||||||||||
| BALANCE SHEET DATA (at end of period): | ||||||||||||||||||||
| Real estate, before accumulated depreciation | $ | 26,026,896 | $ | 25,386,425 | $ | 25,182,352 | $ | 27,675,383 | $ | 26,800,948 | ||||||||||
| Real estate, after accumulated depreciation | $ | 19,986,518 | $ | 20,026,036 | $ | 20,276,946 | $ | 22,242,578 | $ | 21,993,239 | ||||||||||
| Real estate held for sale | $ | — | $ | — | $ | 2,181,135 | $ | — | $ | — | ||||||||||
| Total assets | $ | 20,570,599 | $ | 20,704,148 | $ | 23,110,196 | $ | 22,902,160 | $ | 22,789,040 | ||||||||||
| Total debt | $ | 8,957,291 | $ | 8,987,258 | $ | 10,921,366 | $ | 10,796,407 | $ | 10,720,749 | ||||||||||
| Redeemable Noncontrolling Interests – Operating Partnership | $ | 366,955 | $ | 442,092 | $ | 566,783 | $ | 500,733 | $ | 363,144 | ||||||||||
| Total shareholders’ equity | $ | 10,242,464 | $ | 10,229,078 | $ | 10,470,368 | $ | 10,368,456 | $ | 10,507,201 | ||||||||||
| Total Noncontrolling Interests | $ | 231,399 | $ | 231,906 | $ | 225,987 | $ | 339,320 | $ | 337,995 | ||||||||||
| OTHER DATA: | ||||||||||||||||||||
| Total properties (at end of period) | 305 | 302 | 394 | 391 | 390 | |||||||||||||||
| Total apartment units (at end of period) | 78,611 | 77,458 | 109,652 | 109,225 | 109,855 | |||||||||||||||
| Funds from operations available to Common Shares and Units – basic (1) | $ | 1,204,904 | $ | 1,123,530 | $ | 1,323,786 | $ | 1,190,915 | $ | 872,421 | ||||||||||
| Normalized funds from operations available to Common Shares and Units – basic (1) | $ | 1,199,237 | $ | 1,179,650 | $ | 1,317,802 | $ | 1,196,446 | $ | 1,057,073 | ||||||||||
| Cash flow provided by (used for): | ||||||||||||||||||||
| Operating activities | $ | 1,265,788 | $ | 1,214,123 | $ | 1,356,628 | $ | 1,324,611 | $ | 1,085,809 | ||||||||||
| Investing activities | $ | (594,296 | ) | $ | 5,903,942 | $ | (695,814 | ) | $ | (678,468 | ) | $ | (120,454 | ) | ||||||
| Financing activities | $ | (789,818 | ) | $ | (7,054,092 | ) | $ | (666,167 | ) | $ | (685,412 | ) | $ | (1,637,779 | ) |
ERP OPERATING LIMITED PARTNERSHIP
CONSOLIDATED HISTORICAL FINANCIAL INFORMATION
(Financial information in thousands except for per Unit and property data)
| Year Ended December 31, | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
| OPERATING DATA: | ||||||||||||||||||||
| Total revenues from continuing operations | $ | 2,471,406 | $ | 2,425,800 | $ | 2,744,965 | $ | 2,614,748 | $ | 2,387,702 | ||||||||||
| Interest and other income | $ | 6,136 | $ | 65,773 | $ | 7,372 | $ | 4,462 | $ | 5,283 | ||||||||||
| Net gain (loss) on sales of real estate properties | $ | 157,057 | $ | 4,044,055 | $ | 335,134 | $ | 212,685 | $ | — | ||||||||||
| Income (loss) from continuing operations | $ | 628,381 | $ | 4,479,586 | $ | 907,621 | $ | 657,101 | $ | (168,174 | ) | |||||||||
| Discontinued operations, net | $ | — | $ | 518 | $ | 397 | $ | 1,582 | $ | 2,073,527 | ||||||||||
| Net income | $ | 628,381 | $ | 4,480,104 | $ | 908,018 | $ | 658,683 | $ | 1,905,353 | ||||||||||
| Net income available to Units | $ | 622,967 | $ | 4,460,583 | $ | 897,518 | $ | 651,994 | $ | 1,901,746 | ||||||||||
| Earnings per Unit – basic: | ||||||||||||||||||||
| Income (loss) from continuing operations available to Units | $ | 1.64 | $ | 11.75 | $ | 2.37 | $ | 1.73 | $ | (0.47 | ) | |||||||||
| Net income available to Units | $ | 1.64 | $ | 11.75 | $ | 2.37 | $ | 1.74 | $ | 5.16 | ||||||||||
| Weighted average Units outstanding | 379,869 | 378,829 | 377,074 | 374,899 | 368,038 | |||||||||||||||
| Earnings per Unit – diluted: | ||||||||||||||||||||
| Income (loss) from continuing operations available to Units | $ | 1.63 | $ | 11.68 | $ | 2.36 | $ | 1.72 | $ | (0.47 | ) | |||||||||
| Net income available to Units | $ | 1.63 | $ | 11.68 | $ | 2.36 | $ | 1.73 | $ | 5.16 | ||||||||||
| Weighted average Units outstanding | 382,678 | 381,992 | 380,620 | 377,735 | 368,038 | |||||||||||||||
| Distributions declared per Unit outstanding | $ | 2.015 | $ | 13.015 | $ | 2.21 | $ | 2.00 | $ | 1.85 | ||||||||||
| BALANCE SHEET DATA (at end of period): | ||||||||||||||||||||
| Real estate, before accumulated depreciation | $ | 26,026,896 | $ | 25,386,425 | $ | 25,182,352 | $ | 27,675,383 | $ | 26,800,948 | ||||||||||
| Real estate, after accumulated depreciation | $ | 19,986,518 | $ | 20,026,036 | $ | 20,276,946 | $ | 22,242,578 | $ | 21,993,239 | ||||||||||
| Real estate held for sale | $ | — | $ | — | $ | 2,181,135 | $ | — | $ | — | ||||||||||
| Total assets | $ | 20,570,599 | $ | 20,704,148 | $ | 23,110,196 | $ | 22,902,160 | $ | 22,789,040 | ||||||||||
| Total debt | $ | 8,957,291 | $ | 8,987,258 | $ | 10,921,366 | $ | 10,796,407 | $ | 10,720,749 | ||||||||||
| Redeemable Limited Partners | $ | 366,955 | $ | 442,092 | $ | 566,783 | $ | 500,733 | $ | 363,144 | ||||||||||
| Total partners’ capital | $ | 10,469,155 | $ | 10,450,375 | $ | 10,691,747 | $ | 10,582,867 | $ | 10,718,613 | ||||||||||
| Noncontrolling Interests – Partially Owned Properties | $ | 4,708 | $ | 10,609 | $ | 4,608 | $ | 124,909 | $ | 126,583 | ||||||||||
| OTHER DATA: | ||||||||||||||||||||
| Total properties (at end of period) | 305 | 302 | 394 | 391 | 390 | |||||||||||||||
| Total apartment units (at end of period) | 78,611 | 77,458 | 109,652 | 109,225 | 109,855 | |||||||||||||||
| Funds from operations available to Units – basic (1) | $ | 1,204,904 | $ | 1,123,530 | $ | 1,323,786 | $ | 1,190,915 | $ | 872,421 | ||||||||||
| Normalized funds from operations available to Units – basic (1) | $ | 1,199,237 | $ | 1,179,650 | $ | 1,317,802 | $ | 1,196,446 | $ | 1,057,073 | ||||||||||
| Cash flow provided by (used for): | ||||||||||||||||||||
| Operating activities | $ | 1,265,788 | $ | 1,214,123 | $ | 1,356,628 | $ | 1,324,611 | $ | 1,085,809 | ||||||||||
| Investing activities | $ | (594,296 | ) | $ | 5,903,942 | $ | (695,814 | ) | $ | (678,468 | ) | $ | (120,454 | ) | ||||||
| Financing activities | $ | (789,818 | ) | $ | (7,054,092 | ) | $ | (666,167 | ) | $ | (685,412 | ) | $ | (1,637,779 | ) |
| (1) | See Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, for a reconciliation of net income to FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units and the definitions of these non-GAAP financial measures. |
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